| 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):
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|
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Fair Value Measurements at December 31, 2021 using |
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Significant |
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|
|
|
|
|
|
|
Quoted Prices in |
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Other |
|
Significant |
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|
|
|
|
Active Markets for |
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Observable |
|
Unobservable |
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|
|
|
|
Identical Assets |
|
Inputs |
|
Inputs |
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|
|
|
|
Level 1 |
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Level 2 |
|
Level 3 |
|
Balance |
ASSETS |
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|
|
|
|
|
|
|
|
|
|
|
AFS securities: |
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|
|
|
|
|
|
|
|
|
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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: |
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|
|
|
|
|
|
|
|
|
|
|
Interest rate contracts |
|
|
— |
|
|
73,696 |
|
|
— |
|
|
73,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
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|
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|
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|
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Derivatives: |
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|
|
|
|
|
|
|
|
|
|
Interest rate contracts |
|
$ |
— |
|
$ |
49,051 |
|
$ |
— |
|
$ |
49,051 |
Fair value hedges |
|
|
— |
|
|
5,387 |
|
|
— |
|
|
5,387 |
| (1) |
Other bonds include asset-backed securities. |
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|
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|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at December 31, 2020 using |
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|
|
|
|
Significant |
|
|
|
|
|
|
|
|
Quoted Prices in |
|
Other |
|
Significant |
|
|
|
|
|
Active Markets for |
|
Observable |
|
Unobservable |
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|
|
|
|
Identical Assets |
|
Inputs |
|
Inputs |
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|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Balance |
ASSETS |
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|
|
|
|
|
|
|
|
|
|
|
AFS securities: |
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|
|
|
|
|
|
|
|
|
|
|
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: |
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|
|
|
|
|
|
|
|
|
|
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Interest rate contracts |
|
|
— |
|
|
163,360 |
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|
— |
|
|
163,360 |
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|
|
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|
LIABILITIES |
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|
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|
|
|
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Derivatives: |
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|
|
|
|
|
|
|
|
|
|
|
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):
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|
|
|
|
Fair Value Measurements at December 31, 2021 using |
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|
|
|
Quoted Prices |
|
Significant |
|
|
|
|
|
|
|
|
|
|
|
in Active |
|
Other |
|
Significant |
|
|
|
|
|
|
|
|
Markets for |
|
Observable |
|
Unobservable |
|
Total Fair |
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|
|
|
|
Identical Assets |
|
Inputs |
|
Inputs |
|
Value |
|
|
Carrying |
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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 |
|
|
64,474 |
|
|
3,417,176 |
|
|
— |
|
|
3,481,650 |
HTM securities |
|
|
628,000 |
|
|
— |
|
|
686,733 |
|
|
7,041 |
|
|
693,774 |
Restricted stock |
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|
76,825 |
|
|
— |
|
|
76,825 |
|
|
— |
|
|
76,825 |
LHFS |
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|
20,861 |
|
|
— |
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|
20,861 |
|
|
— |
|
|
20,861 |
Net loans |
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|
13,096,056 |
|
|
— |
|
|
— |
|
|
12,861,274 |
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|
12,861,274 |
Derivatives: |
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|
|
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|
|
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|
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Interest rate contracts |
|
|
73,696 |
|
|
— |
|
|
73,696 |
|
|
— |
|
|
73,696 |
Accrued interest receivable |
|
|
65,015 |
|
|
— |
|
|
65,015 |
|
|
— |
|
|
65,015 |
BOLI |
|
|
431,517 |
|
|
— |
|
|
431,517 |
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|
— |
|
|
431,517 |
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|
LIABILITIES |
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|
|
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|
|
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|
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 |
|