Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair value of Mortgage Loans Held for Sale

The following table presents a summary of mortgage loans held for sale accounted for under the fair value option:

(Dollars in thousands)	March 31, 2022	December 31, 2021
Aggregate fair value	$15,612	$40,196
Aggregate principal balance	15,692	39,201
Difference between fair value and principal balance	($80)	$995

Items Recorded at Fair Value on a Recurring Basis

The following tables present the balances of assets and liabilities reported at fair value on a recurring basis:

(Dollars in thousands)	Total	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
March 31, 2022
Assets:
Available for sale debt securities:
Obligations of U.S. government-sponsored enterprises	$185,432	$—	$185,432	$—
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	801,570	—	801,570	—
Individual name issuer trust preferred debt securities	9,019	—	9,019	—
Corporate bonds	12,163	—	12,163	—
Mortgage loans held for sale	15,612	—	15,612	—
Derivative assets	16,238	—	16,238	—
Total assets at fair value on a recurring basis	$1,040,034	$—	$1,040,034	$—
Liabilities:
Derivative liabilities	$33,939	$—	$33,939	$—
Total liabilities at fair value on a recurring basis	$33,939	$—	$33,939	$—

(Dollars in thousands)	Total	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
December 31, 2021
Assets:
Available for sale debt securities:
Obligations of U.S. government-sponsored enterprises	$196,454	$—	$196,454	$—
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	824,962	—	824,962	—
Individual name issuer trust preferred debt securities	9,138	—	9,138	—
Corporate bonds	12,305	—	12,305	—
Mortgage loans held for sale	40,196	—	40,196	—
Derivative assets	33,688	—	33,688	—
Total assets at fair value on a recurring basis	$1,116,743	$—	$1,116,743	$—
Liabilities:
Derivative liabilities	$38,536	$—	$38,536	$—
Total liabilities at fair value on a recurring basis	$38,536	$—	$38,536	$—

Quantitative Information About Level 3 Assets Measured at Fair Value on a Nonrecurring Basis

The following table presents valuation techniques and unobservable inputs for assets measured at fair value on a nonrecurring basis for which the Corporation has utilized Level 3 inputs to determine fair value:

(Dollars in thousands)	Fair Value	Valuation Technique	Unobservable Input	Inputs Utilized (Weighted Average)
December 31, 2021
Collateral dependent individually analyzed loans	$—	Appraisals of collateral	Discount for costs to sell	14%
			Appraisal adjustments	100%

Carrying Amounts and Estimated Fair Values of Financial Instruments

The estimated fair values and related carrying amounts for financial instruments for which fair value is only disclosed are presented below as of the periods indicated. The tables exclude financial instruments for which the carrying value approximates fair value such as cash and cash equivalents, FHLB stock, accrued interest receivable, bank-owned life insurance, non-maturity deposits and accrued interest payable. The Corporation considers cash and cash equivalents, accrued interest receivable and accrued interest payable as level 1 measurements within the fair value hierarchy. The Corporation considers FHLB stock, bank-owned life insurance and non-maturity deposits as level 2 measurements.

(Dollars in thousands)
March 31, 2022	Carrying Amount	Total Fair Value	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets:
Loans, net of allowance for credit losses on loans	$4,244,616	$4,184,223	$—	$—	$4,184,223
Financial Liabilities:
Time deposits	$1,211,643	$1,215,055	$—	$1,215,055	$—
FHLB advances	55,000	54,425	—	54,425	—
Junior subordinated debentures	22,681	18,665	—	18,665	—

(Dollars in thousands)
December 31, 2021	Carrying Amount	Total Fair Value	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets:
Loans, net of allowance for credit losses on loans	$4,233,837	$4,145,516	$—	$—	$4,145,516
Financial Liabilities:
Time deposits	$1,288,611	$1,294,053	$—	$1,294,053	$—
FHLB advances	145,000	144,862	—	144,862	—
Junior subordinated debentures	22,681	20,181	—	20,181	—