| 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, 2022 and 2021 (dollars in thousands):
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Fair Value Measurements at December 31, 2022 using |
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Significant |
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|
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Quoted Prices in |
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Other |
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Significant |
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|
|
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Active Markets for |
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Observable |
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Unobservable |
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|
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Identical Assets |
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Inputs |
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Inputs |
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Level 1 |
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Level 2 |
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Level 3 |
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Balance |
ASSETS |
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AFS securities: |
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U.S. government and agency securities |
|
$ |
56,606 |
|
$ |
5,337 |
|
$ |
— |
|
$ |
61,943 |
Obligations of states and political subdivisions |
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|
— |
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|
807,435 |
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|
— |
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|
807,435 |
Corporate and other bonds(1) |
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|
— |
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|
226,380 |
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|
— |
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|
226,380 |
MBS |
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|
— |
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|
1,644,394 |
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|
— |
|
|
1,644,394 |
Other securities |
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|
— |
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1,664 |
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|
— |
|
|
1,664 |
LHFS |
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|
— |
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|
3,936 |
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|
— |
|
|
3,936 |
Derivatives: |
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|
|
|
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|
|
|
|
Interest rate contracts(2) |
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|
— |
|
|
75,032 |
|
|
— |
|
|
75,032 |
Cash flow hedges |
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|
— |
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|
1,163 |
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|
— |
|
|
1,163 |
Fair value hedges |
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|
— |
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|
4,117 |
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— |
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4,117 |
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LIABILITIES |
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Derivatives: |
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Interest rate contracts(2) |
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$ |
— |
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$ |
229,401 |
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$ |
— |
|
$ |
229,401 |
Cash flow hedges |
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|
— |
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|
6,599 |
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|
— |
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|
6,599 |
(1) Other bonds include asset-backed securities.
(2) Includes RPAs.
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Fair Value Measurements at December 31, 2021 using |
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Significant |
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|
|
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Quoted Prices in |
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Other |
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Significant |
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Active Markets for |
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Observable |
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Unobservable |
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Identical Assets |
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Inputs |
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Inputs |
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Level 1 |
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Level 2 |
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Level 3 |
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Balance |
ASSETS |
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AFS securities: |
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U.S. government and agency securities |
|
$ |
64,474 |
|
$ |
9,375 |
|
$ |
— |
|
$ |
73,849 |
Obligations of states and political subdivisions |
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|
— |
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|
1,008,396 |
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|
— |
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|
1,008,396 |
Corporate and other bonds(1) |
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|
— |
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|
153,376 |
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— |
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|
153,376 |
MBS |
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— |
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2,244,389 |
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— |
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|
2,244,389 |
Other securities |
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— |
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|
1,640 |
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— |
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|
1,640 |
LHFS |
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— |
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|
20,861 |
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— |
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|
20,861 |
Derivatives: |
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Interest rate contracts |
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— |
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73,696 |
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— |
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73,696 |
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LIABILITIES |
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Derivatives: |
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Interest rate contracts |
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$ |
— |
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$ |
49,051 |
|
$ |
— |
|
$ |
49,051 |
Fair value hedges |
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|
— |
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|
5,387 |
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— |
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|
5,387 |
(1) Other bonds include asset-backed securities.
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| 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, 2022 and 2021 are as follows (dollars in thousands):
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Fair Value Measurements at December 31, 2022 using |
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Quoted Prices |
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Significant |
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|
|
|
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in Active |
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Other |
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Significant |
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Markets for |
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Observable |
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Unobservable |
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Total Fair |
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|
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Identical Assets |
|
Inputs |
|
Inputs |
|
Value |
|
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Carrying |
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|
Value |
|
Level 1 |
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Level 2 |
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Level 3 |
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Balance |
ASSETS |
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Cash and cash equivalents |
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$ |
319,948 |
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$ |
319,948 |
|
$ |
— |
|
$ |
— |
|
$ |
319,948 |
AFS securities |
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|
2,741,816 |
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|
56,606 |
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|
2,685,210 |
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— |
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|
2,741,816 |
HTM securities |
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|
847,732 |
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— |
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|
798,778 |
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|
3,109 |
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|
801,887 |
Restricted stock |
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|
120,213 |
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— |
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|
120,213 |
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— |
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|
120,213 |
LHFS |
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3,936 |
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— |
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3,936 |
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— |
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|
3,936 |
Net loans |
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|
14,338,374 |
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— |
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— |
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|
13,974,926 |
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|
13,974,926 |
Derivatives: |
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Interest rate contracts(1) |
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|
75,032 |
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— |
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|
75,032 |
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— |
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|
75,032 |
Cash flow hedges |
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|
1,163 |
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|
— |
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|
1,163 |
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|
— |
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|
1,163 |
Fair value hedges |
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|
4,117 |
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|
— |
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|
4,117 |
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|
— |
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|
4,117 |
Accrued interest receivable |
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|
81,953 |
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|
— |
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|
81,953 |
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|
— |
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|
81,953 |
BOLI |
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|
440,656 |
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— |
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|
440,656 |
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— |
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|
440,656 |
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LIABILITIES |
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Deposits |
|
$ |
15,931,677 |
|
$ |
— |
|
$ |
15,927,361 |
|
$ |
— |
|
$ |
15,927,361 |
Borrowings |
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|
1,708,700 |
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|
— |
|
|
1,645,095 |
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|
— |
|
|
1,645,095 |
Accrued interest payable |
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|
5,268 |
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|
— |
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|
5,268 |
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— |
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|
5,268 |
Derivatives: |
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|
|
|
|
|
|
|
|
|
|
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|
|
Interest rate contracts(1) |
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|
229,401 |
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|
— |
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|
229,401 |
|
|
— |
|
|
229,401 |
Cash flow hedges |
|
|
6,599 |
|
|
— |
|
|
6,599 |
|
|
— |
|
|
6,599 |
|
|
|
|
|
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|
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(1) Includes RPAs.
|
|
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 |
|
|
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|
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|
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|
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|
Value |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Balance |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
802,501 |
|
$ |
802,501 |
|
$ |
— |
|
$ |
— |
|
$ |
802,501 |
AFS securities |
|
|
3,481,650 |
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|
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 |
|
|
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|
|
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|
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|
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|
|
|
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|
|
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 |
|