XML 57 R44.htm IDEA: XBRL DOCUMENT v3.22.0.1
Fair Values of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements of Assets and Liabilities Recognized in the Balance Sheets Measured at Fair Value on Recurring Basis
The following table presents the fair value measurements of assets and liabilities recognized in the accompanying balance sheets measured at fair value on a recurring basis and the level within the ASC 820-10 fair value hierarchy in which the fair value measurements fall at December 31, 2021 and 2020.
  Fair Value Measurements Using:
  Quoted Prices in Active
Markets for Identical Assets		Significant Other Observable InputsSignificant
Unobservable Inputs
December 31, 2021Fair Value(Level 1)(Level 2)(Level 3)
Available for sale securities:
U.S. Government-sponsored agency securities$95,136 $— $95,136 $— 
U.S. Treasury 999 999 — — 
State and municipal1,576,532 — 1,571,076 5,456 
U.S. Government-sponsored mortgage-backed securities667,605 — 667,601 4 
Corporate obligations4,279 — 4,248 31 
Interest rate swap asset41,133 — 41,133 — 
Interest rate swap liability41,968 — 41,968 — 


  Fair Value Measurements Using:
  Quoted Prices in Active
Markets for Identical Assets		Significant Other Observable InputsSignificant
Unobservable Inputs
December 31, 2020Fair Value(Level 1)(Level 2)(Level 3)
Available for sale securities:
U.S. Government-sponsored agency securities$2,430 $— $2,430 $— 
State and municipal1,257,885 — 1,255,441 2,444 
U.S. Government-sponsored mortgage-backed securities654,669 — 654,665 4 
Corporate obligations4,135 — 4,104 31 
Interest rate swap asset74,335 — 74,335 — 
Interest rate swap liability76,353 — 76,353 — 
Reconciliation of Beginning and Ending Balances of Recurring Fair Value Measurements Recognized in the Balance Sheets using Significant Unobservable Level 3 Inputs
The following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the accompanying balance sheets using significant unobservable Level 3 inputs for year ended December 31, 2021 and 2020.
Available for Sale Securities
For The Year Ended
 December 31, 2021December 31, 2020
Beginning Balance$2,479 $2,893 
Included in other comprehensive income227 16 
Purchases, issuances, and settlements3,241 — 
Principal payments(456)(430)
Ending balance$5,491 $2,479 
Description of Valuation Methodologies Used for Instruments Measured at Fair Value on a Non-Recurring Basis and Recognized in the Balance Sheets
Following is a description of valuation methodologies used for instruments measured at fair value on a non-recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such instruments pursuant to the valuation hierarchy for year ended December 31, 2021 and 2020.
  Fair Value Measurements Using
  Quoted Prices in Active
Markets for Identical Assets		Significant Other Observable InputsSignificant
Unobservable Inputs
December 31, 2021Fair Value(Level 1)(Level 2)(Level 3)
Collateral dependent loans$24,491 — — $24,491 
Other real estate owned $96 — — $96 


  Fair Value Measurements Using
  Quoted Prices in Active
Markets for Identical Assets		Significant Other Observable InputsSignificant
Unobservable Inputs
December 31, 2020Fair Value(Level 1)(Level 2)(Level 3)
Collateral dependent loans$37,250 — — $37,250 
Other real estate owned$544 — — $544 
Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements Other than Goodwill
The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements, other than goodwill, at December 31, 2021 and 2020.
December 31, 2021Fair ValueValuation TechniqueUnobservable InputsRange (Weighted-Average)
State and municipal securities$5,456 Discounted cash flowMaturity Call Date
US Muni BQ curve
Discount rate
Weighted-average coupon
1 month to 15 years
A- to BBB-
0.75% - 4%
3.7%
Corporate obligations and U.S. Government-sponsored mortgage backed securities$35 Discounted cash flowRisk free rate
plus Premium for illiquidity
Weighted-average coupon
3 month LIBOR
plus 200bps
0%
Collateral dependent loans$24,491 Collateral based measurementsDiscount to reflect current market conditions and ultimate collectability
Weighted-average discount by loan balance
0% - 10% 5.5%
Other real estate owned$96 AppraisalsDiscount to reflect current market conditions
Weighted-average discount of other real estate owned balance
0% - 44% 43.5%
December 31, 2020Fair ValueValuation TechniqueUnobservable InputsRange (Weighted-Average)
State and municipal securities$2,444 Discounted cash flowMaturity Call Date
US Muni BQ curve
Discount rate
Weighted-average coupon
1 month to 15 years
A- to BBB-
1.5% - 4%
3.9%

Corporate obligations and U.S. Government-sponsored mortgage backed securities$35 Discounted cash flowRisk free rate
plus Premium for illiquidity
Weighted-average coupon
3 month LIBOR
plus 200bps
0%
Collateral dependent loans$37,250 Collateral based measurementsDiscount to reflect current market conditions and ultimate collectability
Weighted-average discount by loan balance
0% - 10% 6.0%
Other real estate owned$544 AppraisalsDiscount to reflect current market conditions
Weighted-average discount of other real estate owned balance
0% - 30% 26.2%
Estimated Fair Values of Financial Instruments
The following table presents estimated fair values of the Corporation's financial instruments and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2021 and 2020.
 2021
 Carrying
Amount		Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets at December 31:   
Cash and cash equivalents$167,146 $167,146 $— $— 
Interest-bearing deposits474,154 474,154 — — 
Investment securities available for sale2,344,551 999 2,338,061 5,491 
Investment securities held to maturity2,179,802 — 2,188,600 13,903 
Loans held for sale11,187 — 11,187 — 
Loans9,046,464 — — 9,068,319 
Federal Home Loan Bank stock28,736 — 28,736 — 
Interest rate swap asset41,133 — 41,133 — 
Interest receivable57,187 — 57,187 — 
Liabilities at December 31:
Deposits$12,732,577 $12,038,992 $690,089 $— 
Borrowings:
Securities sold under repurchase agreements181,577 — 181,572 — 
Federal Home Loan Bank advances334,055 — 337,005 — 
Subordinated debentures and term loans118,618 — 107,892 — 
Interest rate swap liability41,968 — 41,968 — 
Interest payable2,762 — 2,762 — 


 2020
 Carrying
Amount		Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets at December 31:   
Cash and cash equivalents$192,896 $192,896 $— $— 
Interest-bearing deposits392,305 392,305 — — 
Investment securities available for sale1,919,119 — 1,916,640 2,479 
Investment securities held to maturity1,227,668 — 1,260,815 19,478 
Loans held for sale3,966 — 3,966 — 
Loans9,112,526 — — 9,191,628 
Federal Home Loan Bank stock28,736 — 28,736 — 
Interest rate swap asset74,335 — 74,335 — 
Interest receivable53,948 — 53,948 — 
Liabilities at December 31:
Deposits$11,361,610 $10,482,865 $878,257 $— 
Borrowings:
Securities sold under repurchase agreements177,102 — 177,097 — 
Federal Home Loan Bank advances389,430 — 399,991 — 
Subordinated debentures and term loans118,380 — 108,439 — 
Interest rate swap liability76,353 — 76,353 — 
Interest payable3,287 — 3,287 —