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Disclosures About Fair Value of Assets and Liabilities (Tables)
6 Months Ended
Jun. 30, 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 June 30, 2022, and December 31, 2021.

  Fair Value Measurements Using:
June 30, 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$16,189 $16,189 $— $— 
U.S. Government-sponsored agency securities124,612 — 124,612 — 
State and municipal1,505,250 — 1,497,666 7,584 
U.S. Government-sponsored mortgage-backed securities636,459 — 636,455 
Corporate obligations13,841 — 12,799 1,042 
Derivative assets56,299 — 56,299 — 
Derivative liabilities55,982 — 55,982 — 
  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 and six months ended June 30, 2022 and 2021.
 Available for Sale Securities
Three Months EndedSix Months Ended
 June 30, 2022June 30, 2021June 30, 2022June 30, 2021
Balance at beginning of the period$8,912 $2,146 $5,491 $2,479 
Included in other comprehensive income(133)412 (626)353 
Purchases, issuances and settlements1,011 3,241 5,111 3,241 
Principal payments(1,160)(4)(1,346)(278)
Ending balance $8,630 $5,795 $8,630 $5,795 
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 June 30, 2022, and December 31, 2021.
  Fair Value Measurements Using
June 30, 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$61,755 $— $— $61,755 
  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 June 30, 2022 and December 31, 2021.

June 30, 2022Fair ValueValuation TechniqueUnobservable InputsRange (Weighted-Average)
State and municipal securities$7,584 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
1.8%
Corporate obligations and U.S. Government-sponsored mortgage-backed securities$1,046 Discounted cash flowRisk free rate
3 month LIBOR
   plus premium for illiquidity
plus 200bps
Weighted-average coupon
0%
Collateral dependent loans$61,755 Collateral based measurementsDiscount to reflect current market conditions and ultimate collectability
0% - 10%
  Weighted-average discount by loan balance
2.7%
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%
Collateral dependent loans$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 June 30, 2022 and December 31, 2021.
June 30, 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 due from banks$212,559 $212,559 $— $— 
Interest-bearing deposits136,702 136,702 — — 
Investment securities available for sale2,296,351 16,189 2,271,532 8,630 
Investment securities held to maturity2,333,679 — 2,014,738 10,786 
Loans held for sale9,060 — 9,060 — 
Loans, net11,171,142 — — 10,828,993 
Federal Home Loan Bank stock38,111 — 38,111 — 
Derivative assets56,299 — 56,299 — 
Interest receivable68,728 — 68,728 — 
Liabilities:    
Deposits$14,570,869 $13,661,769 $893,017 $— 
Borrowings:  
Federal funds purchased100,000 — 100,000 — 
Securities sold under repurchase agreements186,468 — 186,461 — 
Federal Home Loan Bank advances598,865 — 594,508 — 
Subordinated debentures and other borrowings151,299 — 139,830 — 
Derivative liabilities55,982 — 55,982 — 
Interest payable2,978 — 2,978 — 

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 due from banks$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 —