| 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 June 30, 2022 and December 31, 2021 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at June 30, 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 |
|
$ |
58,817 |
|
$ |
6,923 |
|
$ |
— |
|
$ |
65,740 |
Obligations of states and political subdivisions |
|
|
— |
|
|
822,427 |
|
|
— |
|
|
822,427 |
Corporate and other bonds(1) |
|
|
— |
|
|
177,892 |
|
|
— |
|
|
177,892 |
MBS |
|
|
— |
|
|
1,883,713 |
|
|
— |
|
|
1,883,713 |
Other securities |
|
|
— |
|
|
1,649 |
|
|
— |
|
|
1,649 |
LHFS |
|
|
— |
|
|
15,866 |
|
|
— |
|
|
15,866 |
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate contracts |
|
|
— |
|
|
34,354 |
|
|
— |
|
|
34,354 |
Fair value hedges |
|
|
— |
|
|
1,171 |
|
|
— |
|
|
1,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate contracts |
|
$ |
— |
|
$ |
146,260 |
|
$ |
— |
|
$ |
146,260 |
Fair value hedges |
|
|
— |
|
|
37 |
|
|
— |
|
|
37 |
(1) Other bonds include asset-backed securities.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 at June 30, 2022 and December 31, 2021 are as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at June 30, 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 |
|
$ |
241,376 |
|
$ |
241,376 |
|
$ |
— |
|
$ |
— |
|
$ |
241,376 |
AFS securities |
|
|
2,951,421 |
|
|
58,817 |
|
|
2,892,604 |
|
|
— |
|
|
2,951,421 |
HTM securities |
|
|
780,749 |
|
|
— |
|
|
738,397 |
|
|
4,822 |
|
|
743,219 |
Restricted stock |
|
|
87,908 |
|
|
— |
|
|
87,908 |
|
|
— |
|
|
87,908 |
LHFS |
|
|
15,866 |
|
|
— |
|
|
15,866 |
|
|
— |
|
|
15,866 |
Net loans |
|
|
13,551,224 |
|
|
— |
|
|
— |
|
|
13,058,756 |
|
|
13,058,756 |
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate contracts |
|
|
34,354 |
|
|
— |
|
|
34,354 |
|
|
— |
|
|
34,354 |
Fair value hedges |
|
|
1,171 |
|
|
— |
|
|
1,171 |
|
|
— |
|
|
1,171 |
Accrued interest receivable |
|
|
67,231 |
|
|
— |
|
|
67,231 |
|
|
— |
|
|
67,231 |
BOLI |
|
|
436,703 |
|
|
— |
|
|
436,703 |
|
|
— |
|
|
436,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
$ |
16,128,635 |
|
$ |
— |
|
$ |
16,142,580 |
|
$ |
— |
|
$ |
16,142,580 |
Borrowings |
|
|
797,948 |
|
|
— |
|
|
466,601 |
|
|
— |
|
|
466,601 |
Accrued interest payable |
|
|
1,349 |
|
|
— |
|
|
1,349 |
|
|
— |
|
|
1,349 |
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate contracts |
|
|
146,260 |
|
|
— |
|
|
146,260 |
|
|
— |
|
|
146,260 |
Fair value hedges |
|
|
37 |
|
|
— |
|
|
37 |
|
|
— |
|
|
37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|