Assets Measured at Fair Value on a Recurring and Non-Recurring Basis |
The following tables present for each of the fair-value hierarchy levels the Company’s assets that are measured at fair value on a recurring and nonrecurring basis as of the dates indicated (in thousands).
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Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) |
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Significant Other Observable Inputs (Level 2) |
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Significant Unobservable Inputs (Level 3) |
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Total |
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March 31, 2022 |
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Measured on a recurring basis: |
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|
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Securities available for sale: |
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|
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|
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U.S. Government agency and government sponsored enterprises |
|
$ |
— |
|
|
$ |
29,305 |
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|
$ |
— |
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|
$ |
29,305 |
|
Mortgage-backed securities |
|
|
— |
|
|
|
1,090,057 |
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|
|
— |
|
|
|
1,090,057 |
|
Other assets: |
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|
|
|
|
|
|
|
|
|
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Hedging derivative instruments |
|
|
— |
|
|
|
4,031 |
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|
|
— |
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|
4,031 |
|
Fair value adjusted through comprehensive income |
|
$ |
— |
|
|
$ |
1,123,393 |
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|
$ |
— |
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|
$ |
1,123,393 |
|
Other assets: |
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|
|
|
|
|
|
|
|
|
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Derivative instruments - interest rate swaps |
|
|
— |
|
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|
21,010 |
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|
|
— |
|
|
|
21,010 |
|
Derivative instruments - credit contracts |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
- |
|
Derivative instruments - mortgage banking |
|
|
— |
|
|
|
151 |
|
|
|
— |
|
|
|
151 |
|
Other liabilities: |
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|
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|
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|
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|
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Derivative instruments - interest rate swaps |
|
|
— |
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|
(21,015 |
) |
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|
— |
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|
(21,015 |
) |
Derivative instruments - credit contracts |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
- |
|
Derivative instruments - mortgage banking |
|
|
— |
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|
|
(155 |
) |
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|
— |
|
|
|
(155 |
) |
Fair value adjusted through net income |
|
$ |
— |
|
|
$ |
(9 |
) |
|
$ |
— |
|
|
$ |
(9 |
) |
Measured on a nonrecurring basis: |
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Loans: |
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Loans held for sale |
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$ |
— |
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|
$ |
5,544 |
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|
$ |
— |
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|
$ |
5,544 |
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Collateral dependent loans |
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|
— |
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|
|
— |
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31,746 |
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|
31,746 |
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Other assets: |
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Long-lived assets held for sale |
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— |
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|
— |
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2,560 |
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|
2,560 |
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Loan servicing rights |
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|
— |
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|
— |
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1,504 |
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|
1,504 |
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Total |
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$ |
— |
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|
$ |
5,544 |
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|
$ |
35,810 |
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|
$ |
41,354 |
|
There were no transfers between Levels 1 and 2 during the three months ended March 31, 2022. There were no liabilities measured at fair value on a nonrecurring basis during the three months ended March 31, 2022.
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Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) |
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Significant Other Observable Inputs (Level 2) |
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Significant Unobservable Inputs (Level 3) |
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Total |
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December 31, 2021 |
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Measured on a recurring basis: |
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Securities available for sale: |
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|
|
|
|
|
|
|
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|
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U.S. Government agencies and government sponsored enterprises |
|
$ |
— |
|
|
$ |
15,891 |
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|
$ |
— |
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|
$ |
15,891 |
|
Mortgage-backed securities |
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|
— |
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|
1,162,624 |
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|
— |
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|
1,162,624 |
|
Other assets: |
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Hedging derivative instruments |
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|
— |
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|
1,559 |
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|
— |
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|
1,559 |
|
Fair value adjusted through comprehensive income |
|
$ |
— |
|
|
$ |
1,180,074 |
|
|
$ |
— |
|
|
$ |
1,180,074 |
|
Other assets: |
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Derivative instruments – interest rate products |
|
$ |
— |
|
|
$ |
14,702 |
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|
$ |
— |
|
|
$ |
14,702 |
|
Derivative instruments – credit contracts |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Derivative instruments – mortgage banking |
|
|
— |
|
|
|
243 |
|
|
|
— |
|
|
|
243 |
|
Other liabilities: |
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Derivative instruments – interest rate products |
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|
— |
|
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|
(14,708 |
) |
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|
— |
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|
(14,708 |
) |
Derivative instruments – credit contracts |
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|
— |
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|
(1 |
) |
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|
— |
|
|
|
(1 |
) |
Derivative instruments – mortgage banking |
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|
— |
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|
(4 |
) |
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|
— |
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|
(4 |
) |
Fair value adjusted through net income |
|
$ |
— |
|
|
$ |
232 |
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|
$ |
— |
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|
$ |
232 |
|
Measured on a nonrecurring basis: |
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Loans: |
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Loans held for sale |
|
$ |
— |
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|
$ |
6,202 |
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|
$ |
— |
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|
$ |
6,202 |
|
Collateral dependent loans |
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|
— |
|
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|
— |
|
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|
33,484 |
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|
33,484 |
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Other assets: |
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Long-lived assets held for sale |
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|
— |
|
|
|
— |
|
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|
2,560 |
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|
2,560 |
|
Loan servicing rights |
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|
— |
|
|
|
— |
|
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|
1,517 |
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|
1,517 |
|
Other real estate owned |
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|
— |
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|
— |
|
|
|
— |
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|
|
— |
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Total |
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$ |
— |
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|
$ |
6,202 |
|
|
$ |
37,561 |
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|
$ |
43,763 |
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|
Carrying Amount, Estimated Fair Value, and Placement in Fair Value Hierarchy of Financial Instruments |
The following presents (in thousands) the carrying amount, estimated fair value, and placement in the fair value measurement hierarchy of the Company’s financial instruments as of the dates indicated.
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Level in |
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March 31, 2022 |
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December 31, 2021 |
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Fair Value |
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Estimated |
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Estimated |
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|
Measurement |
|
Carrying |
|
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Fair |
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Carrying |
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Fair |
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Hierarchy |
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Amount |
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Value |
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Amount |
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Value |
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Financial assets: |
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Cash and cash equivalents |
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Level 1 |
|
$ |
170,404 |
|
|
$ |
170,404 |
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|
$ |
79,112 |
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$ |
79,112 |
|
Securities available for sale |
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Level 2 |
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1,119,362 |
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|
1,119,362 |
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1,178,515 |
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|
1,178,515 |
|
Securities held to maturity, net |
|
Level 2 |
|
|
211,173 |
|
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|
206,367 |
|
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|
205,581 |
|
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|
209,820 |
|
Loans held for sale |
|
Level 2 |
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|
5,544 |
|
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|
5,544 |
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|
6,202 |
|
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|
6,202 |
|
Loans |
|
Level 2 |
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|
3,660,936 |
|
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|
3,661,983 |
|
|
|
3,606,276 |
|
|
|
3,642,351 |
|
Loans (1) |
|
Level 3 |
|
|
31,746 |
|
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|
31,746 |
|
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|
33,484 |
|
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|
33,484 |
|
Long-lived assets held for sale |
|
Level 3 |
|
|
2,560 |
|
|
|
2,560 |
|
|
|
2,560 |
|
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|
2,560 |
|
Accrued interest receivable |
|
Level 1 |
|
|
16,004 |
|
|
|
16,004 |
|
|
|
15,482 |
|
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|
15,482 |
|
Derivative instruments – cash flow hedges |
|
Level 2 |
|
|
4,031 |
|
|
|
4,031 |
|
|
|
1,559 |
|
|
|
1,559 |
|
Derivative instruments – interest rate products |
|
Level 2 |
|
|
21,010 |
|
|
|
21,010 |
|
|
|
14,702 |
|
|
|
14,702 |
|
Derivative instruments – credit contracts |
|
Level 2 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Derivative instruments – mortgage banking |
|
Level 2 |
|
|
151 |
|
|
|
151 |
|
|
|
243 |
|
|
|
243 |
|
FHLB and FRB stock |
|
Level 2 |
|
|
9,457 |
|
|
|
9,457 |
|
|
|
10,770 |
|
|
|
10,770 |
|
Financial liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
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|
Non-maturity deposits |
|
Level 1 |
|
|
4,085,737 |
|
|
|
4,085,737 |
|
|
|
3,905,136 |
|
|
|
3,905,136 |
|
Time deposits |
|
Level 2 |
|
|
917,195 |
|
|
|
912,674 |
|
|
|
921,954 |
|
|
|
920,699 |
|
Short-term borrowings |
|
Level 1 |
|
|
— |
|
|
|
— |
|
|
|
30,000 |
|
|
|
30,000 |
|
Long-term borrowings |
|
Level 2 |
|
|
73,989 |
|
|
|
73,535 |
|
|
|
73,911 |
|
|
|
77,792 |
|
Accrued interest payable |
|
Level 1 |
|
|
2,794 |
|
|
|
2,794 |
|
|
|
2,147 |
|
|
|
2,147 |
|
Derivative instruments – cash flow hedges |
|
Level 2 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Derivative instruments – interest rate products |
|
Level 2 |
|
|
21,016 |
|
|
|
21,016 |
|
|
|
14,708 |
|
|
|
14,708 |
|
Derivative instruments – credit contracts |
|
Level 2 |
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
Derivative instruments – mortgage banking |
|
Level 2 |
|
|
155 |
|
|
|
155 |
|
|
|
4 |
|
|
|
4 |
|
(1) Comprised of collateral dependent loans.
|