Annual report pursuant to Section 13 and 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.22.4
FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2022
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, 2022 and 2021 (dollars in thousands):

    

Fair Value Measurements at December 31, 2022 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

$

56,606

$

5,337

$

$

61,943

Obligations of states and political subdivisions

 

 

807,435

 

 

807,435

Corporate and other bonds(1)

 

 

226,380

 

 

226,380

MBS

 

 

1,644,394

 

 

1,644,394

Other securities

 

 

1,664

 

 

1,664

LHFS

 

 

3,936

 

 

3,936

Derivatives:

 

  

 

  

 

  

 

  

Interest rate contracts(2)

 

 

75,032

 

 

75,032

Cash flow hedges

1,163

1,163

Fair value hedges

 

 

4,117

 

 

4,117

LIABILITIES

Derivatives:

 

  

 

  

 

  

 

  

Interest rate contracts(2)

$

$

229,401

$

$

229,401

Cash flow hedges

 

 

6,599

 

 

6,599

(1) Other bonds include asset-backed securities.

(2) Includes RPAs.

    

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.

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):

Fair Value Measurements at December 31, 2022 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

$

319,948

$

319,948

$

$

$

319,948

AFS securities

 

2,741,816

 

56,606

 

2,685,210

 

 

2,741,816

HTM securities

 

847,732

 

 

798,778

 

3,109

 

801,887

Restricted stock

 

120,213

 

 

120,213

 

 

120,213

LHFS

 

3,936

 

 

3,936

 

 

3,936

Net loans

 

14,338,374

 

 

 

13,974,926

 

13,974,926

Derivatives:

 

  

 

  

 

  

 

  

 

  

Interest rate contracts(1)

 

75,032

 

 

75,032

 

 

75,032

Cash flow hedges

1,163

1,163

1,163

Fair value hedges

 

4,117

 

 

4,117

 

 

4,117

Accrued interest receivable

 

81,953

 

 

81,953

 

 

81,953

BOLI

 

440,656

 

 

440,656

 

 

440,656

LIABILITIES

 

  

 

  

 

  

 

  

 

  

Deposits

$

15,931,677

$

$

15,927,361

$

$

15,927,361

Borrowings

 

1,708,700

 

 

1,645,095

 

 

1,645,095

Accrued interest payable

 

5,268

 

 

5,268

 

 

5,268

Derivatives:

 

  

 

  

 

  

 

  

 

  

Interest rate contracts(1)

 

229,401

 

 

229,401

 

 

229,401

Cash flow hedges

 

6,599

 

 

6,599

 

 

6,599

(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

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