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Disclosures About Fair Value of Assets and Liabilities (Tables)
3 Months Ended
Mar. 31, 2022
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 fair value hierarchy in which the fair value measurements fall at March 31, 2022, and December 31, 2021.
  Fair Value Measurements Using:
March 31, 2022Fair ValueQuoted 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$1,959 $1,959 $— $— 
U.S. Government-sponsored agency securities79,098 — 79,098 — 
State and municipal1,496,533 — 1,487,656 8,877 
U.S. Government-sponsored mortgage-backed securities582,524 — 582,520 
Corporate obligations4,083 — 4,052 31 
Interest rate swap asset34,995 — 34,995 — 
Interest rate swap liability35,287 — 35,287 — 

  Fair Value Measurements Using:
December 31, 2021Fair ValueQuoted 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$999 $999 $— $— 
U.S. Government-sponsored agency securities95,136 — 95,136 — 
State and municipal1,576,532 — 1,571,076 5,456 
U.S. Government-sponsored mortgage-backed securities667,605 — 667,601 
Corporate obligations4,279 — 4,248 31 
Interest rate swap asset41,133 — 41,133 — 
Interest rate swap liability41,968 — 41,968 — 
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 the three months ended March 31, 2022 and 2021.
 Available for Sale Securities
Three Months Ended
 March 31, 2022March 31, 2021
Balance at beginning of the period$5,491 $2,479 
Included in other comprehensive income(493)(60)
Purchases, issuances and settlements4,100 — 
Principal payments(186)(273)
Ending balance $8,912 $2,146 
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 at March 31, 2022, and December 31, 2021.
  Fair Value Measurements Using
March 31, 2022Fair ValueQuoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant Unobservable
Inputs
(Level 3)
Collateral dependent loans$24,657 $— $— $24,657 
  Fair Value Measurements Using
December 31, 2021Fair ValueQuoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable
 Inputs
(Level 2)
Significant Unobservable
Inputs
(Level 3)
Collateral dependent loans$24,491 $— $— $24,491 
Other real estate owned96 — — 96 
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 March 31, 2022 and December 31, 2021.

March 31, 2022Fair ValueValuation TechniqueUnobservable InputsRange (Weighted-Average)
State and municipal securities$8,877 Discounted cash flowMaturity/Call date
1 month to 15 years
   US Muni BQ curve
A- to BBB--
   Discount rate
0.4% - 4.0%
Weighted-average coupon
2.2%
Corporate obligations and U.S. Government-sponsored mortgage-backed securities$35 Discounted cash flowRisk free rate
3 month LIBOR
   plus premium for illiquidity
plus 200bps
Weighted-average coupon
0%
Impaired loans (collateral dependent)$24,657 Collateral based measurementsDiscount to reflect current market conditions and ultimate collectability
0% - 10%
  Weighted-average discount by loan balance
3.6%
December 31, 2021Fair ValueValuation TechniqueUnobservable InputsRange (Weighted-Average)
State and municipal securities$5,456 Discounted cash flowMaturity/Call date
1 month to 15 years
   US Muni BQ curve
A- to BBB-
   Discount rate
0.75% - 4%
Weighted-average coupon
3.7%
Corporate obligations and U.S Government-sponsored mortgage-backed securities$35 Discounted cash flowRisk free rate
3 month LIBOR
   plus premium for illiquidity
plus 200bps
Weighted-average coupon
0%
Impaired loans (collateral dependent)$24,491 Collateral based measurementsDiscount to reflect current market conditions and ultimate collectability
0% - 10%
Weighted-average discount by loan balance
5.5%
   
Other real estate owned$96 AppraisalsDiscount to reflect current market conditions
0% - 44%
Weighted-average discount of other real estate owned balance
43.5%
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 March 31, 2022, and December 31, 2021.
March 31, 2022
 Quoted Prices in Active Markets
for Identical
Assets
Significant
Other
Observable
Inputs
Significant Unobservable
Inputs
 Carrying Amount(Level 1)(Level 2)(Level 3)
Assets:    
Cash and cash equivalents$148,277 $148,277 $— $— 
Interest-bearing deposits395,262 395,262 — — 
Investment securities available for sale2,164,197 1,959 2,153,326 8,912 
Investment securities held to maturity2,325,066 — 2,132,711 13,283 
Loans held for sale3,938 — 3,938 — 
Loans, net9,160,257 — — 8,969,530 
Federal Home Loan Bank stock26,422 — 26,422 — 
Interest rate swap asset34,995 — 34,995 — 
Interest receivable56,081 — 56,081 — 
Liabilities:    
Deposits$12,905,953 $12,250,450 $646,951 $— 
Borrowings:  
Securities sold under repurchase agreements169,697 — 169,679 — 
Federal Home Loan Bank advances308,960 — 307,288 — 
Subordinated debentures and other borrowings118,677 — 111,691 — 
Interest rate swap liability35,287 — 35,287 — 
Interest payable3,589 — 3,589 — 

December 31, 2021
 Quoted Prices in Active Markets
for Identical
Assets
Significant
Other
Observable
Inputs
Significant Unobservable
Inputs
 Carrying Amount(Level 1)(Level 2)(Level 3)
Assets:    
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 — 
Loans, net9,046,464 — — 9,068,319 
Federal Home Loan Bank stock28,736 — 28,736 — 
Interest rate swap asset41,133 — 41,133 — 
Interest receivable57,187 — 57,187 — 
Liabilities:
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 other borrowings118,618 — 107,892 — 
Interest rate swap liability41,968 — 41,968 — 
Interest payable2,762 — 2,762 —