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FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)
3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of 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 March 31, 2023, and December 31, 2022.

  Fair Value Measurements Using:
March 31, 2023Fair 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$2,082 $2,082 $— $— 
U.S. Government-sponsored agency securities102,598 — 102,598 — 
State and municipal1,183,736 — 1,180,309 3,427 
U.S. Government-sponsored mortgage-backed securities493,605 — 493,601 
Corporate obligations12,187 — 12,156 31 
Derivative assets74,345 — 74,345 — 
Derivative liabilities73,914 — 73,914 — 
  Fair Value Measurements Using:
December 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$2,459 $2,459 $— $— 
U.S. Government-sponsored agency securities101,962 — 101,962 — 
State and municipal1,351,760 — 1,348,356 3,404 
U.S. Government-sponsored mortgage-backed securities508,273 — 508,269 
Corporate obligations12,207 — 12,176 31 
Derivative assets93,036 — 93,036 — 
Derivative liabilities92,770 — 92,770 — 
Schedule of 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, 2023 and 2022.
 Available for Sale Securities
Three Months Ended
 March 31, 2023March 31, 2022
Balance at beginning of the period$3,439 $5,491 
Included in other comprehensive income114 (493)
Purchases, issuances and settlements— 4,100 
Principal payments(91)(186)
Ending balance $3,462 $8,912 
Schedule of 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, 2023, and December 31, 2022.
  Fair Value Measurements Using
March 31, 2023Fair ValueQuoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant Unobservable
Inputs
(Level 3)
Collateral dependent loans$51,757 $— $— $51,757 
  Fair Value Measurements Using
December 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$55,290 $— $— $55,290 
Schedule of 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, 2023 and December 31, 2022.

March 31, 2023Fair ValueValuation TechniqueUnobservable InputsRange (Weighted-Average)
State and municipal securities$3,427 Discounted cash flowMaturity/Call date
1 month to 15 years
   US Muni BQ curve
A- to BBB
   Discount rate
3.1% - 4.4%
Weighted-average coupon
3.4%
Corporate obligations and U.S. Government-sponsored mortgage-backed securities$35 Discounted cash flowRisk free rate
3 month LIBOR
   plus premium for illiquidity (basis points)
plus 200bps
Weighted-average coupon
0%
Collateral dependent loans$51,757 Collateral based measurementsDiscount to reflect current market conditions and ultimate collectability
0% - 10%
  Weighted-average discount by loan balance
1.5%
December 31, 2022Fair ValueValuation TechniqueUnobservable InputsRange (Weighted-Average)
State and municipal securities$3,404 Discounted cash flowMaturity/Call date
1 month to 15 years
   US Muni BQ curve
A- to BBB
   Discount rate
0.4% - 4%
Weighted-average coupon
3.4%
Corporate obligations and U.S. Government-sponsored mortgage-backed securities$35 Discounted cash flowRisk free rate
3 month LIBOR
   plus premium for illiquidity (basis points)
plus 200bps
Weighted-average coupon
0%
Collateral dependent loans$55,290 Collateral based measurementsDiscount to reflect current market conditions and ultimate collectability
0% - 10%
Weighted-average discount by loan balance
1.1%
Schedule of 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, 2023 and December 31, 2022.
March 31, 2023
 Quoted Prices in Active Markets
for Identical
Assets
Significant
Other
Observable
Inputs
Significant Unobservable
Inputs
 Carrying Amount(Level 1)(Level 2)(Level 3)Total Fair Value
Assets:    
Cash and due from banks$125,818 $125,818 $— $— $125,818 
Interest-bearing deposits352,695 352,695 — — 352,695 
Investment securities available for sale1,794,208 2,082 1,788,664 3,462 1,794,208 
Investment securities held to maturity2,263,181 — 1,920,038 14,563 1,934,601 
Loans held for sale9,408 — 9,408 — 9,408 
Loans, net12,018,409 — — 11,573,561 11,573,561 
Federal Home Loan Bank stock41,878 — 41,878 — 41,878 
Derivative assets74,345 — 74,345 — 74,345 
Interest receivable85,515 — 85,515 — 85,515 
Liabilities:    
Deposits$14,703,287 $12,921,842 $1,759,938 $— 14,681,780 
Borrowings:  
Federal funds purchased20 — 20 — 20 
Securities sold under repurchase agreements179,067 — 179,051 — 179,051 
Federal Home Loan Bank advances823,577 — 819,690 — 819,690 
Subordinated debentures and other borrowings151,312 — 121,402 — 121,402 
Derivative liabilities73,914 — 73,914 — 73,914 
Interest payable11,979 — 11,979 — 11,979 

December 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)Total Fair Value
Assets:    
Cash and due from banks$122,594 $122,594 $— $— $122,594 
Interest-bearing deposits126,061 126,061 — — 126,061 
Investment securities available for sale1,976,661 2,459 1,970,763 3,439 1,976,661 
Investment securities held to maturity2,287,127 — 1,893,271 14,594 1,907,865 
Loans held for sale9,094 — 9,094 — 9,094 
Loans, net11,780,617 — — 11,156,217 11,156,217 
Federal Home Loan Bank stock38,525 — 38,525 — 38,525 
Derivative assets93,036 — 93,036 — 93,036 
Interest receivable85,070 — 85,070 — 85,070 
Liabilities:
Deposits$14,382,745 $13,105,936 $1,251,017 $— 14,356,953 
Borrowings:
Federal funds purchased171,560 — 171,560 — 171,560 
Securities sold under repurchase agreements167,413 — 167,396 — 167,396 
Federal Home Loan Bank advances823,674 — 615,211 — 615,211 
Subordinated debentures and other borrowings151,298 — 122,102 — 122,102 
Derivative liabilities92,770 — 92,770 — 92,770 
Interest payable7,530 — 7,530 — 7,530