Disclosures about Fair Value of Financial Instruments (Tables) |
9 Months Ended |
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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 |