Disclosures about fair value of assets and liabilities (Tables)

12 Months Ended

Dec. 31, 2020

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Fair Value Measurements of Assets and Liabilities Recognized on a Recurring Basis

The following table presents the fair value measurements of assets and liabilities recognized in the accompanying financial statements measured at fair value on a recurring basis and the level within the FASB ASC fair value hierarchy in which the fair value measurements fall at the following:

	December 31, 2020
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Available for sale securities
U.S. Treasury and federal agencies	$	19,715	$	—	$	19,715	$	—
State and municipal	837,843		—		837,843		—
Federal agency collateralized mortgage obligations	147,453		—		147,453		—
Federal agency mortgage–backed pools	118,799		—		118,799		—
Corporate notes	10,215		—		10,215		—
Total available for sale securities	1,134,025		—		1,134,025		—
Interest rate swap agreements asset	35,388		—		35,388		—
Forward sale commitments	1,045		—		1,045		—
Interest rate swap agreements liability	(43,631)		—		(43,631)		—

	December 31, 2019
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Available for sale securities
U.S. Treasury and federal agencies	$	1,413	$	—	$	1,413	$	—
State and municipal	405,768		—		405,768		—
Federal agency collateralized mortgage obligations	269,252		—		269,252		—
Federal agency mortgage–backed pools	146,572		—		146,572		—
Corporate notes	11,771		—		11,771		—
Total available for sale securities	834,776		—		834,776		—
Interest rate swap agreements asset	11,422		—		11,422		—
Forward sale commitments	264		—		264		—
Interest rate swap agreements liability	(15,861)		—		(15,861)		—
Commitments to originate loans	(38)		—		(38)		—

Realized Gains and Losses Included in Net Income for Periods in Consolidated Statements of Income

Realized gains and losses included in net income for the periods are reported in the consolidated statements of income as follows:

	Years Ended December 31
Non–interest Income	2020		2019		2018
Total gains and losses from:
Hedged loans	$	(22,503)	$	(11,380)	$	(852)
Fair value interest rate swap agreements	22,503		11,380		852
Derivative loan commitments	819		91		(5)
	$	819	$	91	$	(5)

Other Assets Measured at Fair Value on Nonrecurring Basis

Certain other assets are measured at fair value on a nonrecurring basis in the ordinary course of business and are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment):

	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2020
Collateral dependent loans	$	13,123	$	—	$	—	$	13,123
Mortgage servicing rights	12,472		—		—		12,472
December 31, 2019
Collateral dependent loans	$	6,806	$	—	$	—	$	6,806
Mortgage servicing rights	14,327		—		—		14,327

Qualitative Information About Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements, Other than Goodwill

The following table presents qualitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements, other than goodwill, at December 31, 2020 and 2019.

	December 31, 2020
	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Collateral dependent loans	$	13,123	Collateral based measurement	Discount to reflect current market conditions and ultimate collectability	0.0%–72.0% (12.4%)
Mortgage servicing rights	12,472		Discounted cash flows	Discount rate, Constant prepayment rate, Probability of default	7.8%–7.8% (7.8%), 11.5%–20.9% (17.5%), 0.0%–1.0%(0.8%)

	December 31, 2019
	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Collateral dependent loans	$	6,806	Collateral based measurement	Discount to reflect current market conditions and ultimate collectability	0.0%–100.0% (7.4%)
Mortgage servicing rights	14,327		Discounted cash flows	Discount rate, Constant prepayment rate, Probability of default	8.7%–9.0% (8.7%), 10.2%–19.8% (12.2%), 0.1%–2.9%(0.7%)