Disclosures about Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Disclosures about Fair Value of Financial Instruments [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following list presents the assets and liabilities recognized in the accompanying Consolidated Balance Sheets measured at

fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30,

2021 and December 31, 2020:

Fair Value Description

Valuation

Hierarchy

Level

Where Fair

Value Balance

Can Be Found

Available-for-

Sale Securities

Where quoted market prices are available in an active market, securities are

classified within Level 1 of the valuation hierarchy. If quoted market prices

are not available, then fair values are estimated by using quoted prices of

securities with similar characteristics or independent asset pricing services

and pricing models, the inputs of which are market-based or independently

sourced market parameters, including, but not limited to, yield curves,

interest rates, volatilities, prepayments, defaults, cumulative loss projections

and cash flows. 

Level 2

Note 3:

Securities 

Derivatives

Fair value of the interest rate swaps is obtained from independent pricing

services based on quoted market prices for similar derivative contracts.

Level 2

Note 5:

Derivatives and

Hedging

Fair Value Measurements, Nonrecurring

The following tables present assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in

which the fair value measurements fall at September 30, 2021 and December 31, 2020:

September 30, 2021

Fair Value Measurements Using

Fair Value

Quoted Prices in Active

Markets for Identical Assets

(Level 1)

Significant Other

Observable Inputs

(Level 2)

Unobservable

Inputs

(Level 3)

(Dollars in thousands)

Collateral-dependent impaired loans

$

45,244

$

-

$

-

$

45,244

Equity security

$

4,989

$

-

$

-

$

4,989

Foreclosed assets held-for-sale

$

1,148

$

-

$

-

$

1,148

December 31, 2020

Fair Value Measurements Using

Fair Value

Quoted Prices in Active

Markets for Identical Assets

(Level 1)

Significant Other

Observable Inputs

(Level 2)

Unobservable

Inputs

(Level 3)

(Dollars in thousands)

Collateral-dependent impaired loans

$

55,454

$

-

$

-

$

55,454

Foreclosed assets held-for-sale

$

2,347

$

-

$

-

$

2,347

Fair Value, Assets Measured on Nonrecurring Basis, Unobservable Input Reconciliation

The following tables present quantitative information about unobservable inputs used in nonrecurring Level 3 fair value

measurements at September 30, 2021 and December 31, 2020:

September 30, 2021

Fair Value

Valuation Techniques

Unobservable

Inputs

Range

(Weighted Average)

(Dollars in thousands)

$

Market comparable

properties

Marketability

discount

7

%

-

100

%

Collateral-dependent impaired loans

45,244

(

30

)%

Market comparable

transactions

Marketability

discount

Equity security

4,989

(

55

)%

$

Market comparable

properties

Marketability

discount

Foreclosed assets held-for-sale

1,148

(

10

)%

December 31, 2020

Fair Value

Valuation Techniques

Unobservable

Inputs

Range

(Weighted Average)

(Dollars in thousands)

$

Market comparable

properties

Marketability

discount

1

%

-

98

%

Collateral-dependent impaired loans

55,454

(

24

)%

$

Market comparable

properties

Marketability

discount

7

%

-

10

%

Foreclosed assets held-for-sale

2,347

(

9

)%

Fair Value, by Balance Sheet Grouping

The following tables present the estimated fair values of the Company’s financial instruments at September 30, 2021 and

December 31, 2020:

September 30, 2021

Carrying

Fair Value Measurements

Amount

Level 1

Level 2

Level 3

Total

(Dollars in thousands)

Financial Assets

Cash and cash equivalents

$

316,722

$

316,722

$

-

$

-

$

316,722

Available-for-sale securities

708,106

-

708,106

-

708,106

Loans, net of allowance for loan losses

4,168,965

-

-

4,154,406

4,154,406

Restricted equity securities

12,885

-

-

12,885

12,885

Interest receivable

15,928

-

15,928

-

15,928

Equity securities

7,521

-

2,224

5,297

7,521

Derivative assets

15,424

-

15,424

-

15,424

$

5,245,551

$

316,722

$

741,682

$

4,172,588

$

5,230,992

Financial Liabilities

Deposits

$

4,436,597

$

960,999

$

-

$

3,504,449

$

4,465,448

Federal Home Loan Bank advances

276,600

-

285,876

-

285,876

Other borrowings

997

-

2,326

-

2,326

Interest payable

1,463

-

1,463

-

1,463

Derivative liabilities

15,628

-

15,628

-

15,628

$

4,731,285

$

960,999

$

305,293

$

3,504,449

$

4,770,741

December 31, 2020

Carrying

Fair Value Measurements

Amount

Level 1

Level 2

Level 3

Total

(Dollars in thousands)

Financial Assets

Cash and cash equivalents

$

408,810

$

408,810

$

-

$

-

$

408,810

Available-for-sale securities

654,588

-

654,588

-

654,588

Loans, net of allowance for loan losses

4,366,602

-

-

4,351,970

4,351,970

Restricted equity securities

15,543

-

-

15,543

15,543

Interest receivable

17,236

-

17,236

-

17,236

Equity securities

13,436

-

2,247

11,189

13,436

Derivative assets

24,094

-

24,094

-

24,094

$

5,500,309

$

408,810

$

698,165

$

4,378,702

$

5,485,677

Financial Liabilities

Deposits

$

4,694,740

$

718,459

$

-

$

4,015,792

$

4,734,251

Federal funds purchased and repurchase agreements

2,306

-

2,306

-

2,306

Federal Home Loan Bank advances

293,100

-

309,020

-

309,020

Other borrowings

963

-

2,024

-

2,024

Interest payable

2,163

-

2,163

-

2,163

Derivative liabilities

24,454

-

24,454

-

24,454

$

5,017,726

$

718,459

$

339,967

$

4,015,792

$

5,074,218