Assets and Liabilities Measured at Fair Value on Recurring Basis |
31
The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of March 31, 2022 and December 31, 2021 (in thousands):
|
|
Fair Value Measurements Using |
|
|
|
|
|
|
|
Quoted Prices in
Active Markets
for Identical
Assets |
|
|
Significant
Other
Observable
Inputs |
|
|
Significant
Unobservable
Inputs |
|
|
|
Fair Value |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
March 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities and obligations of U.S. government corporations and agencies |
|
$ |
247,976 |
|
|
$ |
— |
|
|
$ |
247,976 |
|
|
$ |
— |
|
Obligations of states and political subdivisions |
|
|
358,679 |
|
|
|
— |
|
|
|
358,679 |
|
|
|
— |
|
Mortgage-backed securities |
|
|
761,527 |
|
|
|
— |
|
|
|
761,527 |
|
|
|
— |
|
Other securities |
|
|
98,768 |
|
|
|
— |
|
|
|
98,768 |
|
|
|
— |
|
Total available-for-sale securities |
|
|
1,466,950 |
|
|
|
— |
|
|
|
1,466,950 |
|
|
|
— |
|
Equity securities |
|
|
369 |
|
|
|
369 |
|
|
|
— |
|
|
|
— |
|
Derivative assets: interest rate swaps |
|
|
2,286 |
|
|
|
— |
|
|
|
2,286 |
|
|
|
— |
|
Total assets |
|
$ |
1,469,605 |
|
|
$ |
369 |
|
|
$ |
1,469,236 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liabilities: interest rate swaps |
|
$ |
2,167 |
|
|
$ |
— |
|
|
$ |
2,167 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities and obligations of U.S. government corporations and agencies |
|
$ |
203,815 |
|
|
$ |
— |
|
|
$ |
203,815 |
|
|
$ |
— |
|
Obligations of states and political subdivisions |
|
|
395,457 |
|
|
|
— |
|
|
|
395,358 |
|
|
|
99 |
|
Mortgage-backed securities |
|
|
791,038 |
|
|
|
— |
|
|
|
791,038 |
|
|
|
— |
|
Other securities |
|
|
31,112 |
|
|
|
— |
|
|
|
31,112 |
|
|
|
— |
|
Total available-for-sale securities |
|
|
1,421,422 |
|
|
|
— |
|
|
|
1,421,323 |
|
|
|
99 |
|
Equity securities |
|
|
397 |
|
|
|
397 |
|
|
|
— |
|
|
|
— |
|
Derivative assets: interest rate swaps |
|
|
809 |
|
|
|
— |
|
|
|
809 |
|
|
|
— |
|
Total assets |
|
$ |
1,422,628 |
|
|
$ |
397 |
|
|
$ |
1,422,132 |
|
|
$ |
99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liabilities: interest rate swaps |
|
$ |
1,476 |
|
|
$ |
— |
|
|
$ |
1,476 |
|
|
$ |
— |
|
|
Summary of Estimated Fair Values of Company Financial Instruments |
The following tables present estimated fair values of the Company’s financial instruments at March 31, 2022 and December 31, 2021 in accordance with ASC 825 (in thousands):
|
|
Carrying
Amount |
|
|
Fair
Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
March 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
218,072 |
|
|
$ |
218,072 |
|
|
$ |
218,072 |
|
|
$ |
— |
|
|
$ |
— |
|
Federal funds sold |
|
|
5,908 |
|
|
|
5,908 |
|
|
|
5,908 |
|
|
|
— |
|
|
|
— |
|
Certificates of deposit investments |
|
|
1,960 |
|
|
|
1,960 |
|
|
|
— |
|
|
|
1,960 |
|
|
|
— |
|
Available-for-sale securities |
|
|
1,466,950 |
|
|
|
1,466,950 |
|
|
|
— |
|
|
|
1,466,950 |
|
|
|
— |
|
Held-to-maturity securities |
|
|
2,998 |
|
|
|
2,998 |
|
|
|
2,998 |
|
|
|
— |
|
|
|
— |
|
Equity securities |
|
|
369 |
|
|
|
369 |
|
|
|
369 |
|
|
|
— |
|
|
|
— |
|
Loans held for sale |
|
|
2,037 |
|
|
|
2,037 |
|
|
|
— |
|
|
|
2,037 |
|
|
|
— |
|
Loans net of allowance for credit losses |
|
|
4,394,050 |
|
|
|
4,280,190 |
|
|
|
— |
|
|
|
— |
|
|
|
4,280,190 |
|
Interest receivable |
|
|
22,365 |
|
|
|
22,365 |
|
|
|
— |
|
|
|
22,365 |
|
|
|
— |
|
Federal Reserve Bank stock |
|
|
13,845 |
|
|
|
13,845 |
|
|
|
— |
|
|
|
13,845 |
|
|
|
— |
|
Federal Home Loan Bank stock |
|
|
6,484 |
|
|
|
6,484 |
|
|
|
— |
|
|
|
6,484 |
|
|
|
— |
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
$ |
5,487,305 |
|
|
$ |
5,482,217 |
|
|
$ |
— |
|
|
$ |
4,821,794 |
|
|
$ |
660,423 |
|
Securities sold under agreements to repurchase |
|
|
187,326 |
|
|
|
152,086 |
|
|
|
— |
|
|
|
152,086 |
|
|
|
— |
|
Interest payable |
|
|
2,466 |
|
|
|
2,466 |
|
|
|
— |
|
|
|
2,466 |
|
|
|
— |
|
Federal Home Loan Bank borrowings |
|
|
126,396 |
|
|
|
123,295 |
|
|
|
— |
|
|
|
123,295 |
|
|
|
— |
|
Subordinated debt, net |
|
|
94,438 |
|
|
|
94,438 |
|
|
|
|
|
|
|
94,438 |
|
|
|
|
|
Junior subordinated debentures, net |
|
|
19,237 |
|
|
|
15,458 |
|
|
|
— |
|
|
|
15,458 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
167,242 |
|
|
$ |
167,242 |
|
|
$ |
167,242 |
|
|
$ |
— |
|
|
$ |
— |
|
Federal funds sold |
|
|
1,360 |
|
|
|
1,360 |
|
|
|
1,360 |
|
|
|
— |
|
|
|
— |
|
Certificates of deposit investments |
|
|
2,450 |
|
|
|
2,450 |
|
|
|
— |
|
|
|
2,450 |
|
|
|
— |
|
Available-for-sale securities |
|
|
1,421,422 |
|
|
|
1,421,422 |
|
|
|
— |
|
|
|
1,421,323 |
|
|
|
99 |
|
Held-to-maturity securities |
|
|
7,030 |
|
|
|
7,034 |
|
|
|
2,029 |
|
|
|
5,005 |
|
|
|
— |
|
Equity securities |
|
|
397 |
|
|
|
397 |
|
|
|
397 |
|
|
|
— |
|
|
|
— |
|
Loans held for sale |
|
|
2,748 |
|
|
|
2,748 |
|
|
|
— |
|
|
|
2,748 |
|
|
|
— |
|
Loans net of allowance for credit losses |
|
|
3,938,120 |
|
|
|
3,889,870 |
|
|
|
— |
|
|
|
— |
|
|
|
3,889,870 |
|
Interest receivable |
|
|
19,868 |
|
|
|
19,868 |
|
|
|
— |
|
|
|
19,868 |
|
|
|
— |
|
Federal Reserve Bank stock |
|
|
13,845 |
|
|
|
13,845 |
|
|
|
— |
|
|
|
13,845 |
|
|
|
— |
|
Federal Home Loan Bank stock |
|
|
6,484 |
|
|
|
6,484 |
|
|
|
— |
|
|
|
6,484 |
|
|
|
— |
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
$ |
4,956,486 |
|
|
$ |
4,956,738 |
|
|
$ |
— |
|
|
$ |
4,394,434 |
|
|
$ |
562,304 |
|
Securities sold under agreements to repurchase |
|
|
146,268 |
|
|
|
146,274 |
|
|
|
— |
|
|
|
146,274 |
|
|
|
— |
|
Interest payable |
|
|
1,346 |
|
|
|
1,346 |
|
|
|
— |
|
|
|
1,346 |
|
|
|
— |
|
Federal Home Loan Bank borrowings |
|
|
86,446 |
|
|
|
86,248 |
|
|
|
— |
|
|
|
86,248 |
|
|
|
— |
|
Subordinated debt, net |
|
|
94,400 |
|
|
|
94,400 |
|
|
|
— |
|
|
|
94,400 |
|
|
|
— |
|
Junior subordinated debentures, net |
|
|
19,195 |
|
|
|
15,012 |
|
|
|
— |
|
|
|
15,012 |
|
|
|
— |
|
|