Annual report pursuant to Section 13 and 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.22.0.1
FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis at December 31, 2021 and 2020 (dollars in thousands):

    

Fair Value Measurements at December 31, 2021 using

    

    

Significant

    

    

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

Identical Assets

Inputs

Inputs

Level 1

Level 2

Level 3

Balance

ASSETS

  

 

  

 

  

 

  

AFS securities:

  

 

  

 

  

 

  

U.S. government and agency securities

$

64,474

$

9,375

$

$

73,849

Obligations of states and political subdivisions

 

 

1,008,396

 

 

1,008,396

Corporate and other bonds(1)

 

 

153,376

 

 

153,376

MBS

 

 

2,244,389

 

 

2,244,389

Other securities

 

 

1,640

 

 

1,640

LHFS

 

 

20,861

 

 

20,861

Derivatives:

 

  

 

  

 

  

 

  

Interest rate contracts

 

 

73,696

 

 

73,696

LIABILITIES

 

  

 

  

 

  

 

  

Derivatives:

 

  

 

  

 

  

 

  

Interest rate contracts

$

$

49,051

$

$

49,051

Fair value hedges

 

 

5,387

 

 

5,387

(1) Other bonds include asset-backed securities.

    

Fair Value Measurements at December 31, 2020 using

    

    

Significant

    

    

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

Identical Assets

Inputs

Inputs

Level 1

Level 2

Level 3

Balance

ASSETS

  

 

  

 

  

 

  

AFS securities:

  

 

  

 

  

 

  

U.S. government and agency securities

$

$

13,394

$

$

13,394

Obligations of states and political subdivisions

837,326

837,326

Corporate and other bonds(1)

 

 

151,078

 

 

151,078

MBS

 

 

1,536,996

 

 

1,536,996

Other securities

 

 

1,625

 

 

1,625

LHFS

96,742

96,742

Derivatives:

 

  

 

  

 

  

 

  

Interest rate contracts

 

 

163,360

 

 

163,360

LIABILITIES

 

  

 

  

 

  

 

  

Derivatives:

 

  

 

  

 

  

 

  

Interest rate contracts

$

$

163,360

$

$

163,360

Fair value hedges

 

 

12,483

 

 

12,483

(1) Other bonds include asset-backed securities.
Carrying Values and Estimated Fair Values of the Company's Financial Instruments

The carrying values and estimated fair values of the Company’s financial instruments as of December 31, 2021 and 2020 are as follows (dollars in thousands):

Fair Value Measurements at December 31, 2021 using

    

    

Quoted Prices

    

Significant

    

    

in Active

Other

Significant

Markets for

Observable

Unobservable

Total Fair

Identical Assets

Inputs

Inputs

Value

Carrying

 

Value

Level 1

Level 2

Level 3

Balance

ASSETS

Cash and cash equivalents

$

802,501

$

802,501

$

$

$

802,501

AFS securities

 

3,481,650

 

64,474

 

3,417,176

 

 

3,481,650

HTM securities

 

628,000

 

 

686,733

 

7,041

 

693,774

Restricted stock

 

76,825

 

 

76,825

 

 

76,825

LHFS

 

20,861

 

 

20,861

 

 

20,861

Net loans

 

13,096,056

 

 

 

12,861,274

 

12,861,274

Derivatives:

 

  

 

  

 

  

 

  

 

  

Interest rate contracts

 

73,696

 

 

73,696

 

 

73,696

Accrued interest receivable

 

65,015

 

 

65,015

 

 

65,015

BOLI

 

431,517

 

 

431,517

 

 

431,517

LIABILITIES

 

  

 

  

 

  

 

  

 

  

Deposits

$

16,611,068

$

$

16,630,087

$

$

16,630,087

Borrowings

 

506,594

 

 

488,796

 

 

488,796

Accrued interest payable

 

933

 

 

933

 

 

933

Derivatives:

 

  

 

  

 

  

 

  

 

  

Interest rate contracts

 

49,051

 

 

49,051

 

 

49,051

Fair value hedges

 

5,387

 

 

5,387

 

 

5,387

    

Fair Value Measurements at December 31, 2020 using

Quoted Prices

Significant

in Active

Other

Significant

Markets for

Observable

Unobservable

Total Fair

Identical Assets

Inputs

Inputs

Value

Carrying

Value

Level 1

Level 2

Level 3

Balance

ASSETS

Cash and cash equivalents

$

493,294

$

493,294

$

$

$

493,294

AFS securities

 

2,540,419

 

 

2,540,419

 

 

2,540,419

HTM securities

 

544,851

 

 

606,496

 

13,269

 

619,765

Restricted stock

 

94,782

 

 

94,782

 

 

94,782

LHFS

96,742

 

96,742

 

96,742

Net loans

 

13,860,774

 

 

 

13,710,640

 

13,710,640

Derivatives:

 

  

 

  

 

  

 

  

 

  

Interest rate contracts

 

163,360

 

 

163,360

 

 

163,360

Accrued interest receivable

 

75,757

 

 

75,757

 

 

75,757

BOLI

 

326,892

 

 

326,892

 

 

326,892

LIABILITIES

 

  

 

  

 

  

 

  

 

  

Deposits

$

15,722,765

$

$

15,763,991

$

$

15,763,991

Borrowings

 

840,717

 

 

821,516

 

 

821,516

Accrued interest payable

 

2,516

 

 

2,516

 

 

2,516

Derivatives:

 

  

 

  

 

  

 

  

 

  

Interest rate contracts

 

163,360

 

 

163,360

 

 

163,360

Fair value hedges

 

12,483

 

 

12,483

 

 

12,483