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Fair Value Accounting and Measurement (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at December 31, 2021 and 2020 by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
Fair Value at December 31, 2021Fair Value Measurements at Reporting Date Using
Level 1Level 2Level 3
(in thousands)
Assets
Debt securities available for sale:
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations$3,745,601 $— $3,745,601 $— 
Other asset-backed securities463,063 — 463,063 — 
State and municipal securities997,291 — 997,291 — 
U.S. government agency and government-sponsored enterprise securities252,576 — 252,576 — 
U.S. government securities157,536 157,536 — — 
Non-agency collateralized mortgage obligations$294,932 $— $294,932 $— 
Total debt securities available for sale$5,910,999 $157,536 $5,753,463 $— 
Loans held for sale$9,570 $— $9,570 $— 
Other assets:
Interest rate lock commitments$356 $— $— $356 
Interest rate swap contracts$24,257 $— $24,257 $— 
Liabilities
Other liabilities:
Interest rate forward loan sales contracts$27 $— $27 $— 
Interest rate swap contracts$24,257 $— $24,257 $— 
Fair Value at December 31, 2020Fair Value Measurements at Reporting Date Using
Level 1Level 2Level 3
(in thousands)
Assets
Debt securities available for sale:
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations$3,814,387 $— $3,814,387 $— 
Other asset-backed securities357,479 — 357,479 — 
State and municipal securities753,572 — 753,572 — 
U.S. government agency and government-sponsored enterprise securities284,696 — 284,696 — 
Total debt securities available for sale$5,210,134 $— $5,210,134 $— 
Loans held for sale$14,760 $— $14,760 $— 
Other assets:
Interest rate lock commitments$1,096 $— $— $1,096 
Interest rate swap contracts$46,184 $— $46,184 $— 
Liabilities
Other liabilities:
Interest rate forward loan sales contracts$165 $— $165 $— 
Interest rate swap contracts$46,637 $— $46,637 $— 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table includes a rollforward of interest rate lock commitments which utilize Level 3 inputs to determine the fair value on a recurring basis.
Years Ended December 31,
20212020
(in thousands)
Balance at the beginning of the period$1,096 $— 
Change included in earnings7,051 2,795 
Settlements(7,791)(1,699)
Balance at the end of the period$356 $1,096 
Equity Securities without Readily Determinable Fair Value
The following table presents the carrying value of equity securities, without readily determinable fair values, still held as of December 31, 2021, that are measured under the measurement alternative and related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable.
Years Ended December 31,
20212020
Equity securities without readily determinable fair valuesin thousands
Carrying value, beginning of period$13,425 $— 
Upward carrying value changes— 13,425 
Carrying value, end of period$13,425 $13,425 
Financial Assets Accounted For Fair Value On Nonrecurring Basis
The following table sets forth the Company’s assets that were measured using fair value estimates on a nonrecurring basis during the years ended December 31, 2021 and 2020:
Fair Value at December 31, 2021Fair Value Measurements at Reporting Date UsingGains (Losses) During the Year Ended December 31, 2021
Level 1Level 2Level 3
(in thousands)
Collateral dependent loans$7,615 $— $— $7,615 $(1,976)
OREO$375 $— $— $375 $(140)
Fair Value at December 31, 2020Fair Value Measurements at Reporting Date UsingGains (Losses) During the Year Ended December 31, 2020
Level 1Level 2Level 3
(in thousands)
Collateral dependent loans$15,569 $— $— $15,569 $(8,700)
OREO525 — — 525 (70)
Equity securities13,425 — 13,425 — 13,425 
Fair Value, by Balance Sheet Grouping
The following tables summarize carrying amounts and estimated fair values of selected financial instruments for the periods indicated:
December 31, 2021
Carrying
Amount		Fair
Value		Level 1Level 2Level 3
(in thousands)
Assets
Cash and due from banks$153,414 $153,414 $153,414 $— $— 
Interest-earning deposits with banks671,300 671,300 671,300 — — 
Debt securities available for sale5,910,999 5,910,999 157,536 5,753,463 — 
Debt securities held to maturity2,148,327 2,122,606 — 2,122,606 — 
FHLB stock10,280 10,280 — 10,280 — 
Loans held for sale9,774 9,774 — 9,774 — 
Loans10,486,359 10,679,349 — — 10,679,349 
Interest rate contracts24,257 24,257 — 24,257 — 
Interest rate lock commitments356 356 — — 356 
Liabilities
Time deposits$445,957 $430,682 $— $430,682 $— 
FHLB advances and FRB borrowings7,359 8,752 — 8,752 — 
Repurchase agreements86,013 86,013 — 86,013 — 
Subordinated debentures10,000 10,125 — 10,125 — 
Junior subordinated debentures10,310 9,927 — 9,927 — 
Interest rate contracts24,257 24,257 — 24,257 — 
Interest rate forward loan sales contracts27 27 — 27 — 
December 31, 2020
Carrying
Amount		Fair
Value		Level 1Level 2Level 3
(in thousands)
Assets
Cash and due from banks$218,899 $218,899 $218,899 $— $— 
Interest-earning deposits with banks434,867 434,867 434,867 — — 
Debt securities available for sale5,210,134 5,210,134 — 5,210,134 — 
FHLB stock10,280 10,280 — 10,280 — 
Loans held for sale26,481 26,481 — 26,481 — 
Loans9,278,520 9,720,592 — — 9,720,592 
Interest rate contracts46,184 46,184 — 46,184 — 
Interest rate lock commitments1,096 1,096 — — 1,096 
Liabilities
Time deposits$338,845 $338,815 $— $338,815 $— 
FHLB advances and FRB borrowings7,414 9,295 — 9,295 — 
Repurchase agreements73,859 73,859 — 73,859 — 
Subordinated debentures35,092 35,414 — 35,414 — 
Interest rate contracts46,637 46,637 — 46,637 — 
Interest rate forward loan sales contracts165 165 — 165 — 
Fair Value Option, Disclosures
The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale sold under the mandatory delivery method and accounted for under the fair value option as of December 31, 2021 and 2020:
December 31,
20212020
Fair ValueAggregate Unpaid Principal BalanceFair Value Less Aggregate Unpaid Principal BalanceFair ValueAggregate Unpaid Principal BalanceFair Value Less Aggregate Unpaid Principal Balance
(in thousands)
$9,570 $9,401 $169 $14,760 $14,252 $508 
Fair Value, Inputs, Level 3 | Fair Value, Recurring  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Assets and Liabilities Measured on recurring basis valuation technique
The following table provides a description of the valuation technique, significant unobservable inputs, and qualitative information about the unobservable inputs for the Company’s assets and liabilities classified as Level 3 and measured at fair value on a recurring basis at December 31, 2021.
Fair Value at December 31, 2021Valuation TechniqueUnobservable InputRange (Weighted Average)
(dollars in thousands)
Interest rate lock commitments$356 Internal pricing modelPull-through rate
80.22% - 96.59%
(87.84%)
Fair Value at December 31, 2020Valuation TechniqueUnobservable InputRange (Weighted Average)
(dollars in thousands)
Interest rate lock commitments$1,096 Internal pricing modelPull-through rate
75.43% - 96.63%
(88.13%)
Fair Value, Inputs, Level 3 | Fair Value, Nonrecurring  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair value assets measured on nonrecurring basis valuation technique
The range and weighted average of the significant unobservable inputs used to fair value our Level 3 nonrecurring assets during 2021 and 2020, along with the valuation techniques used, are shown in the following tables:
Fair Value at December 31, 2021Valuation TechniqueUnobservable InputRange (Weighted Average) (1)
(dollars in thousands)
Collateral dependent loans (2)$7,615 Fair Market Value of CollateralAdjustment to Stated Value
0.00% - 100.00%
(48.00%)
OREO$375 Fair Market Value of CollateralAdjustment to Appraisal ValueN/A (3)
__________
(1) Adjustment applied to appraisal value and stated value (in the case of fixed assets, accounts receivable and inventory).
(2) Collateral consists of accounts receivable, inventory, fixed assets, intangible assets and real estate.
(3) Quantitative disclosures are not provided for OREO because there were no adjustments made to the appraisal values or stated values during the period.
Fair Value at December 31, 2020Valuation TechniqueUnobservable InputRange (Weighted Average) (1)
(dollars in thousands)
Collateral dependent loans (2)$15,569 Fair Market Value of CollateralAdjustment to Stated Value
0.00% - 100.00%
(41.36%)
OREO $525 Fair Market Value of CollateralAdjustment to Appraisal ValueN/A (3)
__________
(1) Adjustment applied to appraisal value and stated value (in the case of fixed assets, accounts receivable and inventory).
(2) Collateral consists of accounts receivable, inventory, fixed assets, real estate and cash.
(3) Quantitative disclosures are not provided for OREO because there were no adjustments made to the appraisal values or stated values during the period.