Summary 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 fair value hierarchy in which the fair value measurements fall at September 30, 2024, and December 31, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using: | September 30, 2024 | 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. Government-sponsored agency securities | $ | 85,033 | | | $ | — | | | $ | 85,033 | | | $ | — | | State and municipal | 984,111 | | | — | | | 981,665 | | | 2,446 | | U.S. Government-sponsored mortgage-backed securities | 472,046 | | | — | | | 472,042 | | | 4 | | Corporate obligations | 12,306 | | | — | | | 12,275 | | | 31 | | Derivative assets | 62,270 | | | — | | | 62,270 | | | — | | Derivative liabilities | 61,386 | | | — | | | 61,386 | | | — | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using: | December 31, 2023 | 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. Government-sponsored agency securities | $ | 95,307 | | | $ | — | | | $ | 95,307 | | | $ | — | | State and municipal | 1,065,171 | | | — | | | 1,061,896 | | | 3,275 | | U.S. Government-sponsored mortgage-backed securities | 454,815 | | | — | | | 454,811 | | | 4 | | Corporate obligations | 11,819 | | | — | | | 11,788 | | | 31 | | | | | | | | | | Derivative assets | 79,379 | | | — | | | 79,379 | | | — | | Derivative liabilities | 79,008 | | | — | | | 79,008 | | | — | |
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Summary of Estimated Fair Values of Financial Instruments |
The following tables present 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 September 30, 2024 and December 31, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | | | | | | | 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 | $ | 84,719 | | | $ | 84,719 | | | $ | — | | | $ | — | | | $ | 84,719 | | Interest-bearing deposits | 359,126 | | | 359,126 | | | — | | | — | | | 359,126 | | Investment securities available for sale | 1,553,496 | | | — | | | 1,551,015 | | | 2,481 | | | 1,553,496 | | Investment securities held to maturity, net | 2,108,649 | | | — | | | 1,815,856 | | | 7,150 | | | 1,823,006 | | Loans held for sale | 40,652 | | | — | | | 40,652 | | | — | | | 40,652 | | Net loans | 12,458,980 | | | — | | | — | | | 12,251,924 | | | 12,251,924 | | Federal Home Loan Bank stock | 41,716 | | | — | | | 41,716 | | | — | | | 41,716 | | Derivative assets | 62,270 | | | — | | | 62,270 | | | — | | | 62,270 | | Interest receivable | 92,055 | | | — | | | 92,055 | | | — | | | 92,055 | | Liabilities: | | | | | | | | | | Deposits | $ | 14,365,100 | | | $ | 11,980,746 | | | $ | 2,380,600 | | | $ | — | | | 14,361,346 | | Borrowings: | | | | | | | | | | Federal funds purchased | 30,000 | | | — | | | 30,000 | | | — | | | 30,000 | | Securities sold under repurchase agreements | 124,894 | | | — | | | 124,894 | | | — | | | 124,894 | | Federal Home Loan Bank advances | 832,629 | | | — | | | 841,458 | | | — | | | 841,458 | | Subordinated debentures and other borrowings | 93,562 | | | — | | | 83,242 | | | — | | | 83,242 | | Deposits and other liabilities held for sale | 288,476 | | | — | | | 266,898 | | | — | | | 266,898 | | Derivative liabilities | 61,386 | | | — | | | 61,386 | | | — | | | 61,386 | | Interest payable | 18,089 | | | — | | | 18,089 | | | — | | | 18,089 | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 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 | $ | 112,649 | | | $ | 112,649 | | | $ | — | | | $ | — | | | $ | 112,649 | | Interest-bearing deposits | 436,080 | | | 436,080 | | | — | | | — | | | 436,080 | | Investment securities available for sale | 1,627,112 | | | — | | | 1,623,802 | | | 3,310 | | | 1,627,112 | | Investment securities held to maturity, net | 2,184,252 | | | — | | | 1,859,974 | | | 10,400 | | | 1,870,374 | | Loans held for sale | 18,934 | | | — | | | 18,934 | | | — | | | 18,934 | | Net loans | 12,281,093 | | | — | | | — | | | 11,958,301 | | | 11,958,301 | | Federal Home Loan Bank stock | 41,769 | | | — | | | 41,769 | | | — | | | 41,769 | | Derivative assets | 79,379 | | | — | | | 79,379 | | | — | | | 79,379 | | Interest receivable | 97,664 | | | — | | | 97,664 | | | — | | | 97,664 | | Liabilities: | | | | | | | | | | Deposits | $ | 14,821,453 | | | $ | 12,482,295 | | | $ | 2,329,662 | | | $ | — | | | 14,811,957 | | Borrowings: | | | | | | | | | | | | | | | | | | | | Securities sold under repurchase agreements | 157,280 | | | — | | | 157,265 | | | — | | | 157,265 | | Federal Home Loan Bank advances | 712,852 | | | — | | | 707,377 | | | — | | | 707,377 | | Subordinated debentures and other borrowings | 158,644 | | | — | | | 149,995 | | | — | | | 149,995 | | Derivative liabilities | 79,008 | | | — | | | 79,008 | | | — | | | 79,008 | | Interest payable | 18,912 | | | — | | | 18,912 | | | — | | | 18,912 | |
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