Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities measured at fair value on a recurring basis

The following table presents the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented.

(in thousands)			Fair Value Measurements Using
Measured at Fair Value on a Recurring Basis:	Total		Level 1		Level 2		Level 3
September 30, 2021
U.S. government agency securities	$	174,826	$	—	$	174,826	$	—
State, county and municipals	238,664		—		238,498		166
Mortgage-backed securities	197,290		—		197,290		—
Corporate debt securities	105,162		—		101,532		3,630
Securities AFS	$	715,942	$	—	$	712,146	$	3,796
Other investments (equity securities)	$	8,077	$	8,077	$	—	$	—
December 31, 2020
U.S. government agency securities	$	63,451	$	—	$	63,451	$	—
State, county and municipals	231,868		—		231,868		—
Mortgage-backed securities	162,495		—		162,495		—
Corporate debt securities	81,523		—		78,393		3,130
Securities AFS	$	539,337	$	—	$	536,207	$	3,130
Other investments (equity securities)	$	3,567	$	3,567	$	—	$	—

Schedule of assets measured at fair value on a nonrecurring basis

The following table presents the Company’s assets measured at fair value on a nonrecurring basis, aggregated by level in the fair value hierarchy within which those measurements fall.

(in thousands)			Fair Value Measurements Using
Measured at Fair Value on a Nonrecurring Basis:	Total		Level 1		Level 2		Level 3
September 30, 2021
Collateral dependent loans	$	11,459	$	—	$	—	$	11,459
Other real estate owned (“OREO”)	4,469		—		—		4,469
MSR asset	11,963		—		—		11,963
December 31, 2020
Collateral dependent loans	$	7,633	$	—	$	—	$	7,633
OREO	3,608		—		—		3,608
MSR asset	9,230		—		—		9,230

Schedule of estimated fair values of financial instruments

The carrying amounts and estimated fair values of the Company’s financial instruments are shown below.

September 30, 2021
(in thousands)	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	1,350,605	$	1,350,605	$	1,350,605	$	—	$	—
Certificates of deposit in other banks	24,079		26,653		—		26,653		—
Securities AFS	715,942		715,942		—		712,146		3,796
Securities HTM	49,063		48,946		—		48,946		—
Other investments, including equity securities	38,602		38,602		8,078		24,634		5,890
Loans held for sale	16,784		17,153		—		17,153		—
Loans, net	3,494,799		3,539,968		—		—		3,539,968
MSR asset	11,963		14,482		—		—		14,482
Financial liabilities:
Deposits	$	5,428,774	$	5,459,453	$	—	$	—	$	5,459,453
Long-term borrowings	144,233		144,566		—		20,199		124,367

December 31, 2020
(in thousands)	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	802,859	$	802,859	$	802,859	$	—	$	—
Certificates of deposit in other banks	29,521		31,053		—		31,053		—
Securities AFS	539,337		539,337		—		536,207		3,130
Other investments, including equity securities	27,619		27,619		3,567		20,155		3,897
Loans held for sale	21,450		22,329		—		22,329		—
Loans, net	2,756,928		2,834,452		—		—		2,834,452
MSR asset	9,230		9,276		—		—		9,276
Financial liabilities:
Deposits	$	3,910,399	$	3,917,121	$	—	$	—	$	3,917,121
Long-term borrowings	53,869		53,859		—		29,488		24,371

Changes in Level 3 assets measured at fair value on a recurring basis

	Nine Months Ended		Year Ended
Level 3 Fair Value Measurements:	September 30, 2021		December 31, 2020
Balance at beginning of year	$	3,130	$	3,130
Acquired balance	666		—
Balance at end of period	$	3,796	$	3,130