0000712534-20-000313 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2020	Nov. 02, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	0-17071
Entity Registrant Name	FIRST MERCHANTS CORP
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	35-1544218
Entity Address, Address Line One	200 East Jackson Street
Entity Address, City or Town	Muncie
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	47305-2814
City Area Code	765
Local Phone Number	747-1500
Title of 12(b) Security	Common Stock, $0.125 stated value per share
Trading Symbol	FRME
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		54,257,996
Entity Central Index Key	0000712534
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 164,632	$ 177,201
Interest-bearing deposits	273,936	118,263
Investment securities available for sale	1,824,160	1,790,025
Investment securities held to maturity (fair value of $1,152,518 and $827,566)	1,109,126	806,038
Loans held for sale	3,183	9,037
Loans, net of allowance for loan losses of $126,726 and $80,284	9,117,107	8,379,026
Premises and equipment	112,959	113,055
Federal Home Loan Bank stock	28,736	28,736
Interest receivable	52,992	48,901
Goodwill	543,918	543,918
Other intangibles	30,451	34,962
Cash surrender value of life insurance	291,543	288,206
Other real estate owned	6,942	7,527
Tax asset, deferred and receivable	21,762	12,165
Other assets	155,903	100,194
TOTAL ASSETS	13,737,350	12,457,254
Deposits:
Noninterest-bearing	2,187,607	1,736,396
Interest-bearing	8,718,546	8,103,560
Total Deposits	10,906,153	9,839,956
Borrowings:
Federal funds purchased	80,000	55,000
Securities sold under repurchase agreements	187,732	187,946
Federal Home Loan Bank advances	399,522	351,072
Subordinated debentures and other borrowings	118,320	138,685
Total Borrowings	785,574	732,703
Interest payable	5,038	6,754
Other liabilities	206,929	91,404
Total Liabilities	11,903,694	10,670,817
COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS' EQUITY
Cumulative Preferred Stock, $1,000 par value, $1,000 liquidation value: Authorized - 600 shares; Issued and outstanding - 125 shares	125	125
Common Stock, $.125 stated value: Authorized - 100,000,000 shares; Issued and outstanding - 53,795,000 and 55,368,482 shares	6,736	6,921
Additional paid-in capital	1,003,777	1,054,997
Retained earnings	757,550	696,520
Accumulated other comprehensive income	65,468	27,874
Total Stockholders' Equity	1,833,656	1,786,437
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 13,737,350	$ 12,457,254

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Investment securities held to maturity - fair value	$ 1,152,518	$ 827,566
Loans - allowance for loan losses	$ 126,726	$ 80,284
Preferred Stock, par value (in dollars per share)	$ 1,000	$ 1,000
Preferred Stock, liquidation value per share (in dollars per share)	$ 1,000	$ 1,000
Preferred Stock, authorized (in shares)	600	600
Preferred Stock, issued (in shares)	125	125
Preferred Stock, outstanding (in shares)	125	125
Common Stock, stated value (in dollars per share)	$ 0.125	$ 0.125
Common Stock, authorized (in shares)	100,000,000	100,000,000
Common Stock, issued (in shares)	53,891,733	55,368,482
Common Stock, outstanding (in shares)	53,891,733	55,368,482

CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Loans receivable:
Taxable	$ 84,162	$ 96,850	$ 268,126	$ 280,155
Tax exempt	5,395	4,500	16,069	12,897
Investment securities:
Taxable	5,399	6,729	19,177	19,822
Tax exempt	10,931	8,335	30,285	22,660
Deposits with financial institutions	90	1,363	799	3,022
Federal Home Loan Bank stock	248	355	828	1,028
Total Interest Income	106,225	118,132	335,284	339,584
INTEREST EXPENSE
Deposits	9,776	24,830	44,231	67,511
Federal funds purchased	5	15	118	225
Securities sold under repurchase agreements	83	385	527	1,057
Federal Home Loan Bank advances	1,749	1,894	5,317	5,400
Subordinated debentures and other borrowings	1,691	2,076	5,275	6,315
Total Interest Expense	13,304	29,200	55,468	80,508
NET INTEREST INCOME	92,921	88,932	279,816	259,076
Provision for loan losses	12,544	600	54,191	2,300
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES	80,377	88,332	225,625	256,776
OTHER INCOME
Net gains and fees on sales of loans	5,841	2,227	12,878	5,258
Increase in cash surrender value of life insurance	1,170	1,144	3,761	3,060
Gains on life insurance benefits	1	0	96	19
Net realized gains on sales of available for sale securities	1,817	393	9,497	3,376
Other income	132	524	1,425	1,918
Total Other Income	26,163	22,116	82,443	62,443
OTHER EXPENSES
Salaries and employee benefits	39,187	38,942	114,128	104,679
Net occupancy	5,855	4,777	17,103	14,273
Equipment	4,956	4,030	13,789	11,789
Marketing	1,311	1,332	4,846	5,158
Outside data processing fees	3,776	4,435	10,593	12,048
Printing and office supplies	331	312	997	961
Intangible asset amortization	1,486	1,356	4,511	4,404
FDIC assessments	1,249	(668)	4,244	717
Other real estate owned and foreclosure expenses	717	294	1,906	2,362
Professional and other outside services	2,254	8,251	6,065	12,511
Other expenses	3,587	4,293	12,687	12,660
Total Other Expenses	64,709	67,354	190,869	181,562
INCOME BEFORE INCOME TAX	41,831	43,094	117,199	137,657
Income tax expense	5,621	6,337	13,734	21,027
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$ 36,210	$ 36,757	$ 103,465	$ 116,630
Per Share Data:
Basic Net Income Available to Common Stockholders (in dollars per share)	$ 0.67	$ 0.71	$ 1.91	$ 2.33
Diluted Net Income Available to Common Stockholders (in dollars per share)	0.67	0.71	1.91	2.32
Cash Dividends Paid (in dollars per share)	$ 0.26	$ 0.26	$ 0.78	$ 0.74
Average Diluted Shares Outstanding (in shares)	53,970,598	51,569,557	54,277,882	50,227,380
Commercial and industrial loans
Per Share Data:
Increase in non-accrual loans			$ 4,700
Service charges on deposit accounts
OTHER INCOME
Other income	$ 5,209	$ 6,107	15,491	$ 16,639
Fiduciary and wealth management fees
OTHER INCOME
Other income	5,910	4,429	17,496	12,178
Card payment fees
OTHER INCOME
Other income	3,996	5,158	16,000	14,813
Derivative hedge fees
OTHER INCOME
Other income	1,715	1,684	4,696	3,952
Other customer fees
OTHER INCOME
Other income	$ 372	$ 450	$ 1,103	$ 1,230

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 36,210	$ 36,757	$ 103,465	$ 116,630
Other comprehensive income (loss), net of tax:
Unrealized holding gain (loss) on securities available for sale arising during the period, net of tax of $749, $3,034, $12,156, and $13,436	2,819	11,415	45,729	50,545
Unrealized gain (loss) on cash flow hedges arising during the period, net of tax of $1, $37, $305, and $267	7	(141)	(1,146)	(1,003)
Reclassification adjustment for net gains included in net income, net of tax of $320, $61, $1,857, and $657	(1,203)	(228)	(6,989)	(2,472)
Total other comprehensive income, net of tax	1,623	11,046	37,594	47,070
Comprehensive income	$ 37,833	$ 47,803	$ 141,059	$ 163,700

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Unrealized holding gain (loss) on securities available for sale arising during the period, tax	$ 749	$ 3,034	$ 12,156	$ 13,436
Unrealized gain (loss) on cash flow hedges arising during the period, tax	1	(37)	(305)	(267)
Reclassification adjustment for net losses (gains) included in net income, tax	$ 320	$ 61	$ 1,857	$ 657

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Preferred	Common Stock	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2018		125	49,349,800
Beginning balance at Dec. 31, 2018	$ 1,408,260	$ 125	$ 6,169	$ 840,052	$ 583,336	$ (21,422)
Comprehensive income:
Net income	116,630				116,630
Other comprehensive income (loss), net of tax	47,070					47,070
Cash dividends on common stock	(36,793)				(36,793)
Issuance of common stock related to acquisition (in shares)			6,383,806
Issuance of common stock related to acquisition	229,926		$ 798	229,128
Repurchase of common stock (in shares)			(516,016)
Repurchases of common stock	(19,041)		$ (65)	(18,976)
Share-based compensation (in shares)			113,043
Share-based compensation	2,887		$ 14	2,873
Stock issued under employee benefit plans (in shares)			16,117
Stock issued under employee benefit plans	518		$ 2	516
Stock issued under dividend reinvestment and stock purchase plan (in shares)			28,949
Stock issued under dividend reinvestment and stock purchase plan	1,109		$ 3	1,106
Stock options exercised (in shares)			12,950
Stock options exercised	121		$ 2	119
Stock redeemed (in shares)			(42,977)
Restricted shares withheld for taxes	(1,675)		$ (5)	(1,670)
Ending balance (in shares) at Sep. 30, 2019		125	55,345,672
Ending balance at Sep. 30, 2019	1,749,012	$ 125	$ 6,918	1,053,148	663,173	25,648
Beginning balance (in shares) at Jun. 30, 2019		125	49,456,594
Beginning balance at Jun. 30, 2019	1,501,636	$ 125	$ 6,182	841,365	639,362	14,602
Comprehensive income:
Net income	36,757				36,757
Other comprehensive income (loss), net of tax	11,046					11,046
Cash dividends on common stock	(12,946)				(12,946)
Issuance of common stock related to acquisition (in shares)			6,383,806
Issuance of common stock related to acquisition	229,926		$ 798	229,128
Repurchase of common stock (in shares)			(516,016)
Repurchases of common stock	(19,041)		$ (65)	(18,976)
Share-based compensation (in shares)			4,405
Share-based compensation	1,062		$ 0	1,062
Stock issued under employee benefit plans (in shares)			4,870
Stock issued under employee benefit plans	156		$ 1	155
Stock issued under dividend reinvestment and stock purchase plan (in shares)			10,263
Stock issued under dividend reinvestment and stock purchase plan	400		$ 1	399
Stock options exercised (in shares)			1,750
Stock options exercised	16		$ 1	15
Ending balance (in shares) at Sep. 30, 2019		125	55,345,672
Ending balance at Sep. 30, 2019	1,749,012	$ 125	$ 6,918	1,053,148	663,173	25,648
Beginning balance (in shares) at Dec. 31, 2019		125	55,368,482
Beginning balance at Dec. 31, 2019	1,786,437	$ 125	$ 6,921	1,054,997	696,520	27,874
Comprehensive income:
Net income	103,465				103,465
Other comprehensive income (loss), net of tax	37,594					37,594
Cash dividends on common stock	(42,435)				(42,435)
Repurchase of common stock (in shares)			(1,634,437)
Repurchases of common stock	(55,912)		$ (204)	(55,708)
Share-based compensation (in shares)			116,520
Share-based compensation	3,568		$ 15	3,553
Stock issued under employee benefit plans (in shares)			18,639
Stock issued under employee benefit plans	460		$ 2	458
Stock issued under dividend reinvestment and stock purchase plan (in shares)			49,148
Stock issued under dividend reinvestment and stock purchase plan	$ 1,293		$ 6	1,287
Stock options exercised (in shares)	10,050		10,050
Stock options exercised	$ 83		$ 1	82
Stock redeemed (in shares)			(36,669)
Restricted shares withheld for taxes	(897)		$ (5)	(892)
Ending balance (in shares) at Sep. 30, 2020		125	53,891,733
Ending balance at Sep. 30, 2020	1,833,656	$ 125	$ 6,736	1,003,777	757,550	65,468
Beginning balance (in shares) at Jun. 30, 2020		125	53,795,500
Beginning balance at Jun. 30, 2020	1,809,095	$ 125	$ 6,724	1,002,962	735,439	63,845
Comprehensive income:
Net income	36,210				36,210
Other comprehensive income (loss), net of tax	1,623					1,623
Cash dividends on common stock	(14,099)				(14,099)
Share-based compensation (in shares)			107,929
Share-based compensation	1,135		$ 14	1,121
Stock issued under employee benefit plans (in shares)			7,128
Stock issued under employee benefit plans	151		$ 1	150
Stock issued under dividend reinvestment and stock purchase plan (in shares)			17,541
Stock issued under dividend reinvestment and stock purchase plan	430		$ 2	428
Stock redeemed (in shares)			(36,365)
Restricted shares withheld for taxes	(889)		$ (5)	(884)
Ending balance (in shares) at Sep. 30, 2020		125	53,891,733
Ending balance at Sep. 30, 2020	$ 1,833,656	$ 125	$ 6,736	$ 1,003,777	$ 757,550	$ 65,468

CONSOLIDATED CONDENSED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends on common stock (in dollars per share)	$ 0.26	$ 0.26	$ 0.78	$ 0.74

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flow From Operating Activities:
Net income	$ 103,465	$ 116,630
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses	54,191	2,300
Depreciation and amortization	8,214	6,737
Change in deferred taxes	(17,015)	(1,097)
Share-based compensation	3,568	2,887
Loans originated for sale	(477,877)	(361,054)
Proceeds from sales of loans held for sale	494,945	362,084
Gains on sales of loans held for sale	(11,214)	(4,162)
Gains on sales of securities available for sale	(9,497)	(3,376)
Increase in cash surrender of life insurance	(3,761)	(3,060)
Gains on life insurance benefits	(96)	(19)
Change in interest receivable	(4,091)	(1,681)
Change in interest payable	(1,716)	2,191
Other adjustments	6,111	18,149
Net cash provided by operating activities	145,227	136,529
Cash Flows from Investing Activities:
Net change in interest-bearing deposits	(155,673)	88,090
Purchases of:
Securities available for sale	(355,407)	(435,804)
Securities held to maturity	(507,091)	(397,166)
Proceeds from sales of securities available for sale	206,704	102,840
Proceeds from maturities of:
Securities available for sale	230,673	89,603
Securities held to maturity	201,272	67,791
Net change in loans	(793,033)	(352,716)
Net cash and cash equivalents received in acquisition	0	10,207
Proceeds from the sale of other real estate owned	959	1,571
Proceeds from life insurance benefits	520	816
Other adjustments	(8,380)	(6,064)
Net cash used in investing activities	(1,179,456)	(830,832)
Net change in :
Demand and savings deposits	1,651,095	729,495
Certificates of deposit and other time deposits	(584,898)	175,437
Borrowings	563,697	535,239
Repayment of borrowings	(510,826)	(626,971)
Cash dividends on common stock	(42,435)	(36,793)
Stock issued under employee benefit plans	460	518
Stock issued under dividend reinvestment and stock purchase plans	1,293	1,109
Stock options exercised	83	121
Restricted shares withheld for taxes	(897)	(1,675)
Repurchase of common stock	(55,912)	(19,041)
Net cash provided by financing activities	1,021,660	757,439
Net Change in Cash and Cash Equivalents	(12,569)	63,136
Cash and Cash Equivalents, January 1	177,201	139,247
Cash and Cash Equivalents, September 30	164,632	202,383
Additional cash flow information:
Interest paid	57,184	78,260
Income tax paid (refunded)	32,367	19,335
Loans transferred to other real estate owned	761	6,902
Fixed assets transferred to other real estate owned	262	965
Non-cash investing activities using trade date accounting	66,205	13,893
ROU assets obtained in exchange for new operating lease liabilities	1,406	23,496
In conjunction with the acquisitions, liabilities were assumed as follows:
Fair value of assets acquired	0	1,450,741
Cash paid in acquisition	0	(15)
Less: Common stock issued	0	229,926
Liabilities assumed	$ 0	$ 1,220,800

General	9 Months Ended
General	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	GENERAL Financial Statement Preparation The significant accounting policies followed by the Corporation and its wholly-owned subsidiaries for interim financial reporting are consistent with the accounting policies followed for annual financial reporting. All adjustments, which are of a normal recurring nature and are in the opinion of management necessary for a fair statement of the results for the periods reported, have been included in the accompanying Consolidated Condensed Financial Statements. The Consolidated Condensed Balance Sheet of the Corporation as of December 31, 2019, has been derived from the audited consolidated balance sheet of the Corporation as of that date. Certain information and note disclosures normally included in the Corporation’s annual financial statements, prepared in accordance with accounting principles generally accepted in the United States of America, have been condensed or omitted. These consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission. The results of operations for the three and nine months ended September 30, 2020, are not necessarily indicative of the results to be expected for the year. Reclassifications have been made to prior financial statements to conform to the current financial statement presentation. These reclassifications had no effect on net income. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and fair value of financial instruments. The uncertainties related to the coronavirus disease 2019 ("COVID-19") could cause significant changes to these estimates compared to what was known at the time these financial statements were prepared. Impact of COVID-19 On January 30, 2020, the World Health Organization (“WHO”) announced that the outbreak of COVID-19 constituted a public health emergency of international concern. On March 11, 2020, WHO declared COVID-19 to be a global pandemic and, on March 13, 2020, the President of the United States declared the COVID-19 outbreak a national emergency. The health concerns relating to the COVID-19 outbreak and related governmental actions taken to reduce the spread of the virus have significantly impacted the global economy (including the states and local economies in which the Corporation operates), disrupted supply chains, lowered equity market valuations, and created significant volatility and disruption in financial markets. The outbreak has resulted in authorities implementing numerous measures to try to contain the virus, such as travel bans and restrictions, quarantines, shelter in place or total lock-down orders and business limitations and shutdowns. As a result of the shelter in place mandates in effect early in the second quarter of 2020, commercial activity throughout our geographic footprint, as well as nationally, decreased significantly during 2020. Most states have reopened, albeit under limited capacities and under other social distancing restrictions; however, commercial activity has not returned to the levels existing prior to the outbreak of the pandemic. Such measures have significantly contributed to rising unemployment and negatively impacted consumer and business spending. As a result, the demand for the Corporation’s products and services has been, and will continue to be, significantly impacted. Recent Accounting Changes Adopted in 2020 FASB Accounting Standards Updates No. 2018-15 - Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract Summary - The FASB issued Accounting Standards Update (ASU) No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which reduces complexity for the accounting for costs of implementing a cloud computing service arrangement. This standard aligns the accounting for implementation costs of hosting arrangements, regardless of whether they convey a license to the hosted software. The ASU aligns the following requirements for capitalizing implementation costs: •Those incurred in a hosting arrangement that is a service contract, and •Those incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). For calendar-year public companies, the changes were effective for fiscal years beginning after December 15, 2019. The Corporation adopted the standard in the first quarter of 2020 and adoption of the standard did not have a significant effect on the Corporation’s consolidated financial statements. FASB Accounting Standards Updates No. 2018-14 - Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans Summary - The FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans, that applies to all employers that sponsor defined benefit pension or other postretirement plans. The amendments modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Disclosure Requirements Deleted •The amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year. •The amount and timing of plan assets expected to be returned to the employer. •Related party disclosures about the amount of future annual benefits covered by insurance and annuity contracts and significant transactions between the employer or related parties and the plan. •For public entities, the effects of a one-percentage-point change in assumed health care cost trend rates on the (a) aggregate of the service and interest cost components of net periodic benefit costs and (b) benefit obligation for postretirement health care benefits. Disclosure Requirements Added •An explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. The amendments also clarify the disclosure requirements in paragraph 715-20-50-3, which state that the following information for defined benefit pension plans should be disclosed: •The projected benefit obligation (PBO) and fair value of plan assets for plans with PBOs in excess of plan assets, and •The accumulated benefit obligation (ABO) and fair value of plan assets for plans with ABOs in excess of plan assets. ASU No. 2018-14 is effective for fiscal years ending after December 15, 2020, for public business entities and for fiscal years ending after December 15, 2021, for all other entities. Early adoption is permitted for all entities. The Corporation adopted the standard in the first quarter of 2020 and adoption of the standard did not have a significant effect on the Corporation’s consolidated financial statements. FASB Accounting Standards Updates No. 2018-13 - Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement Summary - The FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. ASU No. 2018-13 modifies the disclosure requirements on fair value measurements in Topic 820. Certain disclosure requirements related to transfers between Level 1 and Level 2 of the fair value hierarchy and Level 3 valuation process were removed from Topic 820. Disclosures were also added to Topic 820 for changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. In addition, the amendments eliminate "at a minimum" from the phrase “an entity shall disclose at a minimum” to promote the appropriate exercise of discretion by entities when considering fair value measurement disclosures and to clarify that materiality is an appropriate consideration of entities and their auditors when evaluating disclosure requirements. The amendments in ASU No. 2018-13 were effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty were applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments were applied retrospectively to all periods presented upon their effective date. Early adoption was permitted. An entity was permitted to early adopt any removed or modified disclosures upon issuance of ASU No. 2018-13 and delay adoption of the additional disclosures until their effective date. The Corporation adopted the standard in the first quarter of 2020 and adoption of the standard did not have a significant effect on the Corporation’s disclosures. FASB Accounting Standards Updates No. 2017-04 - Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. Summary - The FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill, which simplifies how an entity is required to test goodwill for impairment. To simplify the subsequent measurement of goodwill, the ASU eliminates Step 2 from the goodwill impairment test. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, the income tax effects of tax deductible goodwill on the carrying amount of the reporting unit should be considered when measuring the goodwill impairment loss, if applicable. The amendments also eliminate the requirements for any reporting unit with a zero or negative carrying amount to perform Step 2 of the goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the qualitative impairment test is necessary. The amendments were applied on a prospective basis. The Corporation adopted ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill, January 1, 2020 and assessed the recent economic impact and market conditions from the COVID-19 pandemic. At September 30, 2020, the Corporation performed a goodwill impairment test which included various valuation considerations including comparable peer data, precedent transaction comparables, discounted cash flow analysis, overall financial performance, share price of the Corporation's common stock and other factors. The testing resulted in a conclusion that it was not more likely than not that the fair value of the Corporation had declined below its carrying value; therefore, goodwill was not impaired at September 30, 2020. Goodwill assessments are highly sensitive to economic projections and the related assumptions used by management. In the event of a prolonged economic downturn or further deterioration in the economic outlook, continued assessments of our goodwill balance will likely be required in future periods. Details of the goodwill impairment test are included in NOTE 6. GOODWILL of these Notes to Consolidated Condensed Financial Statements. Guidance on Non-TDR Loan Modifications due to COVID-19 On March 22, 2020, a statement was issued by the Bank's banking regulators and titled the “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus” (the "Interagency Statement") that encourages financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations due to the effects of COVID-19. Additionally, Section 4013 of the CARES Act further provides that a qualified loan modification is exempt by law from classification as a troubled debt restructure as defined by GAAP, from the period beginning March 1, 2020 until the earlier of December 31, 2020 or the date that is 60 days after the date on which the national emergency concerning the COVID-19 outbreak under the National Emergencies Act (50 U.S.C. 1601 et seq.) terminates. The Interagency Statement was subsequently revised on April 7, 2020 to clarify the interaction of the original guidance with Section 4013 of the CARES Act, as well as setting forth the banking regulators’ views on consumer protection considerations. In accordance with such guidance, the Bank has offered short-term modifications made in response to COVID-19 to borrowers who were current and otherwise not past due. These included short-term, 180 days or less, modifications in the form of payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. As of September 30, 2020, approximately $176 million of loan balances remained in deferral. Details of the Corporation's modifications are included in the "LOAN QUALITY/PROVISION FOR LOAN LOSSES" section of Management's Discussion and Analysis of Financial Condition and Results of Operations of this Form 10-Q. New Accounting Pronouncements Not Yet Adopted The Corporation continually monitors potential accounting changes and pronouncements. The following pronouncements have been deemed to have the most applicability to the Corporation's financial statements: FASB Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Summary - The FASB issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This new guidance was issued to address concerns that current generally accepted accounting principles (GAAP) restricts the ability to record credit losses that are expected, but do not yet meet the “probable” threshold by replacing the current “incurred loss” model for recognizing credit losses with an “expected life of loan loss” model referred to as the Current Expected Credit Loss (CECL) model. Under the CECL model, certain financial assets carried at amortized cost, such as loans held for investment and held-to-maturity debt securities, are required to be presented at the net amount expected to be collected. The measurement of expected credit losses is to be based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. This measurement will take place at the time the financial asset is first added to the balance sheet and periodically thereafter. This differs significantly from the “incurred loss” model required under current GAAP, which delays recognition until it is probable a loss has been incurred. The change could materially affect how the allowance for loan losses is determined and cause a charge/credit to earnings through the provision for loan losses. Such could create volatility in earnings and could adversely affect the financial condition of the Corporation. The ASU is effective for SEC filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Pursuant to the CARES Act and the related joint statement of federal banking regulators (which also became effective as of March 27, 2020), and consistent with guidance from the SEC and FASB, the Corporation has elected to delay implementation of ASU No. 2016-13, which would have become effective for the Corporation as of January 1, 2020. As discussed above, ASU No. 2016-13 provides for the replacement of the incurred loss model for recording the allowance for loan losses with CECL. However, as a result of the Corporation’s election, its first, second and third quarter 2020 financial statements have been prepared under the existing incurred loss model. As the temporary relief applicable to the Corporation’s compliance with CECL will end no later than December 31, 2020, the Corporation will implement CECL during the fourth quarter of 2020. The Corporation has developed models that satisfy the requirements of the new standard which will be governed by a system of internal controls and a cross-functional working group consisting of accounting, finance, and credit administration personnel. The loan portfolio was pooled into ten loan segments with similar risk characteristics for which the probability of default/loss given default methodology will be applied. The Corporation intends to utilize a one-year economic forecast period then revert to historical macroeconomic levels for the remaining life of the portfolio. A baseline macroeconomic scenario, along with other scenarios, will be used to develop a range of estimated credit losses for which to determine the best estimate within. The Corporation will record a one-time cumulative-effect adjustment to retained earnings, net of income taxes, on the consolidated balance sheet as of the beginning of the adoption period. If adopted with retrospective measurement to January 1, 2020, the allowance will increase by 55-65 percent from December 31, 2019 because it will cover expected credit losses over the life of the loan portfolio, which approximates four years, and it includes all purchased loans that were previously excluded from the allowance for loan losses calculation. CECL also requires the establishment of a reserve for potential losses from unfunded commitments that is recorded in other liabilities, separate from allowance for credit losses, which is estimated to be approximately $18 million. FASB Accounting Standards Update No. 2019-11 - Codification Improvements to (Topic 326): Financial Instruments - Credit Losses Summary - The FASB issued ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments - Credit Losses in order to address issues raised by stakeholders during the implementation of ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments. Among other narrow-scope improvements, the new ASU clarifies guidance around how to report expected recoveries. “Expected recoveries” describes a situation in which an organization recognizes a full or partial write-off of the amortized cost basis of a financial asset, but then later determines that the amount written off, or a portion of that amount, will in fact be recovered. While applying the credit losses standard, stakeholders questioned whether expected recoveries were permitted on assets that had already shown credit deterioration at the time of purchase (also known as PCD assets). In response to this question, the ASU permits organizations to record expected recoveries on PCD assets. In addition to other narrow technical improvements, the ASU also reinforces existing guidance that prohibits organizations from recording negative allowances for available-for-sale debt securities. The ASU includes effective dates and transition requirements that vary depending on whether or not an entity has already adopted ASU No. 2016-13. As discussed above, pursuant to the CARES Act, the Corporation elected to defer the adoption of CECL. As the temporary relief applicable to the Corporation’s compliance with CECL will end no later than December 31, 2020, the Corporation will implement CECL during the fourth quarter of 2020. FASB Accounting Standards Updates - No. 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Summary - The FASB issued ASU No. 2020-04 to provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. LIBOR and other interbank offered rates are widely used benchmarks or reference rates in the United States and globally. Trillions of dollars in loans, derivatives, and other financial contracts reference LIBOR, the benchmark interest rate banks use to make short-term loans to each other. With global capital markets expected to move away from LIBOR and other interbank offered rates and move toward rates that are more observable or transaction based and less susceptible to manipulation, the FASB launched a broad project in late 2018 to address potential accounting challenges expected to arise from the transition. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. Entities may apply this ASU as of the beginning of an interim period that includes the March 12, 2020 issuance date of the ASU, through December 31, 2022. The Corporation expects to adopt the practical expedients included in the ASU prior to December 31, 2022. The Corporation is implementing a transition plan to identify and modify its loans and other financial instruments with attributes that are either directly or indirectly influenced by LIBOR. The Corporation is assessing ASU 2020-04 and its impact on the Corporation's transition away from LIBOR for its loans and other financial instruments.

Acquisition

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Acquisition

ACQUISITION

MBT Financial Corp.

On September 1, 2019, the Corporation acquired 100 percent of MBT. MBT, a Michigan corporation, merged with and into the Corporation, whereupon the separate corporate existence of MBT ceased and the Corporation survived. Immediately following the merger, MBT's wholly-owned subsidiary, Monroe Bank & Trust, merged with and into the Bank, with the Bank continuing as the surviving bank.

MBT was headquartered in Monroe, Michigan and had 20 banking centers serving the Monroe market. Pursuant to the merger agreement, each MBT shareholder received 0.275 shares of the Corporation's common stock for each outstanding share of MBT common stock held. The Corporation issued approximately 6.4 million shares of common stock, which was valued at approximately $229.9 million. The Corporation engaged in this transaction with the expectation that it would be accretive to income and add a new market area in Michigan that has a demographic profile consistent with many of the current Indiana and Ohio markets served by the Bank. Goodwill resulted from this transaction due to the expected synergies and economies of scale.

Under the acquisition method of accounting, the total purchase price is allocated to net tangible and intangible assets based on their current estimated fair values on the date of the acquisition. Based on valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on assumptions that are subject to change based on the timing of the transaction, the purchase price for the MBT acquisition is detailed in the following table.


	Fair Value
Cash and cash equivalents	$	10,222
Interest-bearing time deposits	281,228
Investment securities	212,235

Loans	732,578
Premises and equipment	21,664
Federal Home Loan Bank stock	4,148
Interest receivable	3,361
Cash surrender value of life insurance	59,545
Tax asset, deferred and receivable	5,205
Other assets	6,011
Deposits	(1,105,926)
Securities sold under repurchase agreements	(94,760)
Federal Home Loan Bank advances	(10,853)
Other liabilities	(9,807)
Net tangible assets acquired	114,851
Core deposit intangible	16,527
Goodwill	98,563
Purchase price	$	229,941

Of the total purchase price, $16,527,000 was allocated to a core deposit intangible, which will be amortized over its estimated life of 10 years. The remaining purchase price was allocated to goodwill, which is not deductible for tax purposes.

Acquired loan data for MBT is included in the following table:


	Fair Value of Acquired Loans at Acquisition Date		Gross Contractual Amounts Receivable at Acquisition Date		Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected
Acquired receivables subject to ASC 310-30	$	3,531	$	6,840	$	2,733
Acquired receivables not subject to ASC 310-30	$	729,047	$	907,210	$	14,722

Purchased loans with evidence of credit deterioration since origination and for which it is probable at the date of acquisition that the acquirer will not collect all contractually required principal and interest payments are accounted for under ASC 310-30, Loans Acquired with Deteriorated Credit Quality. The difference between contractually required payments and the cash flows expected to be collected at acquisition is referred to as the nonaccretable difference. The accretable portion of the fair value discount or premium is the difference between the expected cash flows and the net present value of expected cash flows, with such difference accreted into earnings over the term of the loans.

Pro Forma Financial Information

The results of operations of MBT have been included in the Corporation's consolidated financial statements since the acquisition date. The following table includes pro forma results for the year ended December 31, 2019 as if the MBT acquisition occurred as of the beginning of the period presented.


	2019
Total revenue (net interest income plus other income)	$	474,891
Net income available to common shareholders	$	161,228
Earnings per share:
Basic	$	2.89
Diluted	$	2.88

The pro forma information includes adjustments for interest income on loans and investments, interest expense on deposits and borrowings, premises expense for banking centers acquired and amortization of intangibles arising from the transaction and the related income tax effects. The pro forma information for the year ended December 31, 2019 includes operating revenue from MBT of $19.7 million since the date of acquisition. Additionally $19.7 million, net of tax, of non-recurring expenses directly attributable to the MBT acquisition were included in the year ended December 31, 2019 pro forma information.

The pro forma information is presented for informational purposes only and is not indicative of the results of operations that actually would have been achieved had the acquisition been consummated as of that time, or intended to be a projection of future results.

Investment Securities

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Investment Securities

INVESTMENT SECURITIES

The amortized cost, gross unrealized gains, gross unrealized losses and approximate market value of the Corporation's investment securities at the dates indicated were:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale at September 30, 2020
U.S. Treasury	$	300	$	—	$	—	$	300
U.S. Government-sponsored agency securities	2,384		60		—		2,444
State and municipal	1,074,381		72,752		187		1,146,946
U.S. Government-sponsored mortgage-backed securities	645,089		25,306		—		670,395
Corporate obligations	4,031		44		—		4,075

Total available for sale	1,726,185		98,162		187		1,824,160
Held to maturity at September 30, 2020
U.S. Government-sponsored agency securities	21,094		2		33		21,063
State and municipal	573,538		25,880		1,240		598,178
U.S. Government-sponsored mortgage-backed securities	512,994		18,788		3		531,779
Foreign investment	1,500		—		2		1,498
Total held to maturity	1,109,126		44,670		1,278		1,152,518
Total Investment Securities	$	2,835,311	$	142,832	$	1,465	$	2,976,678


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale at December 31, 2019
U.S. Government-sponsored agency securities	$	38,529	$	346	$	—	$	38,875
State and municipal	859,511		41,092		807		899,796
U.S. Government-sponsored mortgage-backed securities	842,349		10,378		1,404		851,323
Corporate obligations	31		—		—		31

Total available for sale	1,740,420		51,816		2,211		1,790,025
Held to maturity at December 31, 2019
U.S. Government-sponsored agency securities	15,619		1		37		15,583
State and municipal	354,115		15,151		107		369,159
U.S. Government-sponsored mortgage-backed securities	434,804		6,921		401		441,324
Foreign investment	1,500		—		—		1,500
Total held to maturity	806,038		22,073		545		827,566
Total Investment Securities	$	2,546,458	$	73,889	$	2,756	$	2,617,591

The increase in unrealized gains from December 31, 2019 to September 30, 2020 is primarily due to interest rate declines. The longer term points on the yield curve have declined since year-end which increases the fair value of securities in the portfolio.

The amortized cost and fair value of available for sale and held to maturity securities at September 30, 2020 and December 31, 2019, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturity Distribution at September 30, 2020:
Due in one year or less	$	1,649	$	1,659	$	9,677	$	9,758
Due after one through five years	4,571		4,728		25,872		26,925
Due after five through ten years	58,644		61,968		106,342		112,055
Due after ten years	1,016,232		1,085,410		454,241		472,001
	1,081,096		1,153,765		596,132		620,739
U.S. Government-sponsored mortgage-backed securities	645,089		670,395		512,994		531,779

Total Investment Securities	$	1,726,185	$	1,824,160	$	1,109,126	$	1,152,518


	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturity Distribution at December 31, 2019
Due in one year or less	$	1,134	$	1,136	$	9,920	$	10,105
Due after one through five years	5,031		5,141		45,197		45,654
Due after five through ten years	74,745		76,920		84,153		88,844
Due after ten years	817,161		855,505		231,964		241,639
	898,071		938,702		371,234		386,242
U.S. Government-sponsored mortgage-backed securities	842,349		851,323		434,804		441,324

Total Investment Securities	$	1,740,420	$	1,790,025	$	806,038	$	827,566

The carrying value of securities pledged as collateral, to secure borrowings and for other purposes, was $989,906,000 at September 30, 2020, and $503,427,000 at December 31, 2019. In order to facilitate the funding of PPP loans, the Bank pledged securities to the Discount Window at the Federal Reserve Bank resulting in the increase in pledged securities at September 30, 2020 compared to December 31, 2019.

The book value of securities sold under agreements to repurchase amounted to $177,543,000 at September 30, 2020, and $182,856,000 at December 31, 2019.

Gross gains on the sales and redemptions of available for sale securities for the three and nine months ended September 30, 2020 and 2019 are shown below.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Sales and Redemptions of Available for Sale Securities:
Gross gains	$	1,836	$	393	$	9,516	$	3,376
Gross losses	19		—		19		—

The following tables show the Corporation’s gross unrealized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position at September 30, 2020, and December 31, 2019:


	Less than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Temporarily Impaired Available for Sale Securities at September 30, 2020

State and municipal	$	22,515	$	187	$	—	$	—	$	22,515	$	187

Total Temporarily Impaired Available for Sale Securities	22,515		187		—		—		22,515		187
Temporarily Impaired Held to Maturity Securities at September 30,2020
U.S. Government-sponsored agency securities	20,961		33		—		—		20,961		33
State and municipal	101,136		1,240		—		—		101,136		1,240
U.S. Government-sponsored mortgage-backed securities	10,284		3		—		—		10,284		3

Foreign investment	1,498		2		—		—		1,498		2
Total Temporarily Impaired Held to Maturity Securities	133,879		1,278		—		—		133,879		1,278
Total Temporarily Impaired Investment Securities	$	156,394	$	1,465	$	—	$	—	$	156,394	$	1,465


	Less than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Temporarily Impaired Available for Sale Securities at December 31, 2019

State and municipal	$	76,273	$	807	$	—	$	—	$	76,273	$	807
U.S. Government-sponsored mortgage-backed securities	127,673		1,326		20,796		78		148,469		1,404

Total Temporarily Impaired Available for Sale Securities	203,946		2,133		20,796		78		224,742		2,211
Temporarily Impaired Held to Maturity Securities at December 31, 2019
U.S. Government-sponsored agency securities	3,016		4		12,467		33		15,483		37
State and municipal	22,947		107		—		—		22,947		107
U.S. Government-sponsored mortgage-backed securities	124,253		364		7,991		37		132,244		401

Total Temporarily Impaired Held to Maturity Securities	150,216		475		20,458		70		170,674		545
Total Temporarily Impaired Investment Securities	$	354,162	$	2,608	$	41,254	$	148	$	395,416	$	2,756

Certain investments in debt and equity securities are reported in the financial statements at an amount less than their historical cost as indicated in the table below.


	September 30, 2020			December 31, 2019
Investments reported at less than historical cost:
Historical cost	$	157,859		$	398,172
Fair value	156,394			395,416
Gross unrealized losses	$	1,465		$	2,756
Percent of the Corporation's investment portfolio	9.4		%	15.2		%

The Corporation's management believes the decline in fair value for these securities was temporary. Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income during the period the other-than-temporary-impairment ("OTTI") is identified. The Corporation’s management has evaluated all securities with unrealized losses for OTTI and concluded no OTTI existed at September 30, 2020.

In determining the fair value of the investment securities portfolio, the Corporation utilizes a third party for portfolio accounting services, including market value input, for those securities classified as Level 1 and Level 2 in the fair value hierarchy. The Corporation has obtained an understanding of what inputs are being used by the vendor in pricing the portfolio and how the vendor classified these securities based upon these inputs. From these discussions, the Corporation’s management is comfortable that the classifications are proper. The Corporation has gained trust in the data for two reasons: (a) independent spot testing of the data is conducted by the Corporation through obtaining market quotes from various brokers on a periodic basis; and (b) actual gains or loss resulting from the sale of certain securities has proven the data to be accurate over time. Fair value of securities classified as Level 3 in the valuation hierarchy was determined using a discounted cash flow model that incorporated market estimates of interest rates and volatility in markets that have not been active.

State and Municipal Securities, U.S. Government-Sponsored Agency Securities and Foreign Investment Securities

The unrealized losses on the Corporation's investments in securities of state and political subdivisions, U.S. Government-Sponsored Agency securities and foreign investment securities were caused by interest rate changes. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. Because the Corporation does not intend to sell the investments and it is not more likely than not that the Corporation will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Corporation does not consider those investments to be other-than-temporarily impaired at September 30, 2020. The state and municipal securities portfolio contains unrealized losses of $187,000 on thirteen securities and $1,240,000 on seventy-one securities in the available for sale and held to maturity portfolios, respectively. At September 30, 2020, the Corporation had little to no exposure to municipal bonds related to entertainment receipts, student housing, parking facilities, airports, nursing homes or public transit. The U.S. Government-Sponsored Agency securities portfolio contains no unrealized losses in the available for sale portfolio, and unrealized losses of $33,000 on two securities in the held to maturity portfolio. The foreign investment securities portfolio contains no unrealized losses in the available for sale portfolio, and an unrealized loss of $2,000 on one security in the held to maturity portfolio.

U.S. Government-Sponsored Mortgage-Backed Securities

The unrealized losses on the Corporation's investment in mortgage-backed securities were a result of interest rate changes. The Corporation expects to recover the amortized cost basis over the term of the securities. Because the decline in market value is attributable to changes in interest rates and not credit quality, and because the Corporation does not intend to sell the investments and it is not more likely than not that the Corporation will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Corporation does not consider those investments to be other-than-temporarily impaired at September 30, 2020. The mortgage-backed securities portfolio contains no unrealized losses in the available for sale portfolio, and an unrealized loss of $3,000 on one security in the held to maturity portfolio. All these securities are issued by a U.S. government-sponsored entity and have an implicit or explicit government guarantee. The slowing of prepayments and the forbearance programs resulting from the financial impacts of COVID-19 could increase bond duration and potentially improve market values on these securities.

Loans and Allowance

9 Months Ended

Sep. 30, 2020

Receivables [Abstract]

Loans and Allowance

LOANS AND ALLOWANCE

Loans are stated at the amount of unpaid principal, reduced by deferred income (net of costs). Interest on loans is recognized using the simple interest method on the daily balances of the principal amounts outstanding. Loan origination fees, net of direct loan origination costs, and commitment fees are deferred and amortized as an adjustment to yield over the life of the loan, or over the commitment period, as applicable. The Corporation’s primary lending focus is small business and middle market commercial, commercial real estate and residential real estate, which results in portfolio diversification. The following tables show the composition of the loan portfolio, the allowance for loan losses and credit quality characteristics by collateral classification, excluding loans held for sale. Loans held for sale as of September 30, 2020, and December 31, 2019, were $3,183,000 and $9,037,000, respectively.

The following table illustrates the composition of the Corporation’s loan portfolio by loan class for the periods indicated:


	September 30, 2020		December 31, 2019
Commercial and industrial loans	$	2,875,331	$	2,109,879
Agricultural production financing and other loans to farmers	83,090		93,861
Real estate loans:
Construction	622,084		787,568
Commercial and farmland	3,248,506		3,052,698
Residential	1,146,406		1,143,217
Home equity	527,458		588,984
Individuals' loans for household and other personal expenditures	125,411		135,989

Public finance and other commercial loans	615,547		547,114
Loans	9,243,833		8,459,310
Allowance for loan losses	(126,726)		(80,284)
Net Loans	$	9,117,107	$	8,379,026

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) was signed into law, providing an approximately $2 trillion stimulus package that includes direct payments to individual taxpayers, economic stimulus to significantly impacted industry sectors, emergency funding for hospitals and providers, small business loans, increased unemployment benefits, and a variety of tax incentives. For small businesses, eligible nonprofits and certain others, the CARES Act established a Paycheck Protection Program (“PPP”), which is administered by the Small Business Administration (“SBA”). On April 24, 2020, the Paycheck Protection Program and Health Care Enhancement Act was enacted. Among other things, this legislation amends the initial CARES Act program by raising the appropriation level for PPP loans from $349 billion to $670 billion. The PPP was further modified on June 5, 2020 with the adoption of the Paycheck Protection Program Flexibility Act ("the Flexibility Act"), which extended the maturity date for PPP loans from two years to five years for loans disbursed on or after the date of enactment of the Flexibility Act. For PPP loans disbursed prior to such enactment, the Flexibility Act permits the borrower and lender to mutually agree to extend the term of the loan to five years. The Bank has actively participated in assisting its customers with applications for resources through the program. PPP loans earn interest at a fixed rate of 1 percent and primarily have a two year term. The Bank anticipates that the majority of these loans will ultimately be forgiven, in whole or in part, by the SBA as, in accordance with the terms of the PPP, the loans are fully guaranteed by the SBA. As of September 30, 2020, the Bank had funded over 5,200 PPP loans, primarily in the commercial and industrial loan class, totaling $901.4 million, net of deferred processing fees and costs of $21.5 million. The Bank borrowed from the Paycheck Protection Program Liquidity Facility ("PPPL Facility") to supplement liquidity to fund the PPP loans in the second quarter 2020. At September 30, 2020, the Corporation did not have an outstanding balance with the PPPL Facility.

Allowance, Credit Quality and Loan Portfolio

The original implementation date of the Current Expected Credit Loss (CECL) model for calculating the Allowance for Credit Losses guided by FASB Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit losses on Financial Instruments was January 1, 2020. Pursuant to the CARES Act and the related joint statement of federal banking regulators (which also became effective as of March 27, 2020), and consistent with guidance from the SEC and FASB, the Corporation elected to delay implementation of ASU No. 2016-13. As discussed below, ASU No. 2016-13, provides for the replacement of the incurred loss model for recording the allowance for loan losses with CECL. However, as a result of the Corporation’s election, its 2020 financial statements have been prepared under the existing incurred loss model. As the temporary relief applicable to the Corporation’s compliance with CECL will end no later than December 31, 2020, the Corporation will implement CECL during the fourth quarter of 2020.

The Corporation maintains an allowance for loan losses to cover probable credit losses identified during its loan review process. Management believes the allowance for loan losses is adequate to cover probable losses inherent in the loan portfolio at September 30, 2020. The process for determining the adequacy of the allowance for loan losses is critical to the Corporation’s financial results. It requires management to make difficult, subjective and complex judgments to estimate the effect of uncertain matters. The allowance for loan losses considers current factors, including economic conditions and ongoing internal and external examinations, and will increase or decrease as deemed necessary to ensure it remains adequate. In addition, the allowance as a percentage of charge-offs and nonperforming loans will change at different points in time based on credit performance, portfolio mix and collateral values.

The allowance for loan losses is maintained through the provision for loan losses, which is a charge against earnings. The allowance is increased by provision expense and decreased by charge-offs less recoveries. All charge-offs are approved by the Bank's senior credit officers and in accordance with established policies. The Bank charges off a loan when a determination is made that all or a portion of the loan is uncollectable. The amount provided for loan losses in a given period may be greater than or less than net loan losses experienced during the period, and is based on management’s judgment as to the appropriate level of the allowance for loan losses. The determination of the provision amount is based on management’s ongoing review and evaluation of the loan portfolio, including an internally administered loan "watch" list and independent loan reviews. The evaluation takes into consideration identified credit problems, the possibility of losses inherent in the loan portfolio that are not specifically identified and management’s judgment as to the impact of the current environment and economic conditions on the portfolio.

The allowance consists of specific impairment reserves as required by ASC 310-10-35, a component for historical losses in accordance with ASC 450 and the consideration of current environmental factors in accordance with ASC 450. A loan is deemed impaired when, based on current information or events, it is probable that all amounts due of principal and interest according to the contractual terms of the loan agreement will not be collected.

The historical loss allocation for loans not deemed impaired according to ASC 450 is the product of the volume of loans within the non-impaired criticized and non-criticized risk grade classifications, each segmented by call code, and the historical loss factor for each respective classification and call code segment. The historical loss factors are based upon actual loss experience within each risk and call code classification. The historical look back period for non-criticized loans looks to the most recent rolling-four-quarter average and aligns with the look back period for non-impaired criticized loans. Each of the rolling four quarter periods used to obtain the average, include all charge-offs for the previous twelve-month period, therefore the historical look back period includes seven quarters. The resulting allocation is reflective of current conditions. Criticized loans are grouped based on the risk grade assigned to the loan. Loans with a special mention grade but not impaired are assigned a loss factor, and loans with a classified grade but not impaired are assigned a separate loss factor. The loss factor computation for this allocation includes a segmented historical loss migration analysis of risk grades to charge-off.

In addition to the specific reserves and historical loss components of the allowance, consideration is given to various environmental factors to ensure that losses inherent in the portfolio are reflected in the allowance for loan losses. The environmental component adjusts the historical loss allocations for non-impaired loans to reflect relevant current conditions that, in management's opinion, have an impact on loss recognition. Environmental factors that management reviews in the analysis include: national and local economic trends and conditions; trends in growth in the loan portfolio and growth in higher risk areas; levels of, and trends in, delinquencies and non-accruals; experience and depth of lending management and staff; adequacy of, and adherence to, lending policies and procedures including those for underwriting; industry concentrations of credit; and adequacy of risk identification systems and controls through the internal loan review and internal audit processes.

In conformance with ASC 805 and ASC 820, purchased loans are recorded at the acquisition date fair value. Such loans are included in the allowance to the extent a specific impairment is identified that exceeds the fair value adjustment on an impaired loan or the historical loss and environmental factor analysis indicates losses inherent in a purchased portfolio exceeds the fair value adjustment on the portion of the purchased portfolio not deemed impaired.

The following tables summarize changes in the allowance for loan losses by loan segment for the three and nine months ended September 30, 2020 and September 30, 2019:


	Three Months Ended September 30, 2020
	Commercial		Commercial Real Estate		Consumer		Residential		Total
Allowance for loan losses:
Balances, June 30, 2020	$	44,678	$	46,918	$	8,445	$	21,078	$	121,119
Provision for losses	7,299		2,990		971		1,284		12,544
Recoveries on loans	197		46		54		130		427
Loans charged off	(6,827)		—		(92)		(445)		(7,364)
Balances, September 30, 2020	$	45,347	$	49,954	$	9,378	$	22,047	$	126,726


	Nine Months Ended September 30, 2020
	Commercial		Commercial Real Estate		Consumer		Residential		Total
Allowance for loan losses:
Balances, December 31, 2019	$	32,902	$	28,778	$	4,035	$	14,569	$	80,284
Provision for losses	19,240		21,129		5,678		8,144		54,191
Recoveries on loans	746		271		152		248		1,417
Loans charged off	(7,541)		(224)		(487)		(914)		(9,166)
Balances, September 30, 2020	$	45,347	$	49,954	$	9,378	$	22,047	$	126,726


	Three Months Ended September 30, 2019
	Commercial		Commercial Real Estate		Consumer		Residential		Total
Allowance for loan losses:
Balances, June 30, 2019	$	33,202	$	29,531	$	4,070	$	14,471	$	81,274
Provision for losses	130		370		40		60		600
Recoveries on loans	149		143		105		199		596
Loans charged off	(480)		(1,078)		(109)		(232)		(1,899)
Balances, September 30, 2019	$	33,001	$	28,966	$	4,106	$	14,498	$	80,571


	Nine Months Ended September 30, 2019
	Commercial		Commercial Real Estate		Consumer		Residential		Total
Allowance for loan losses:
Balances, December 31, 2018	$	32,657	$	29,609	$	3,964	$	14,322	$	80,552
Provision for losses	466		1,459		181		194		2,300
Recoveries on loans	1,035		1,166		323		511		3,035
Loans charged off	(1,157)		(3,268)		(362)		(529)		(5,316)
Balances, September 30, 2019	$	33,001	$	28,966	$	4,106	$	14,498	$	80,571

The tables below show the Corporation’s allowance for loan losses and loan portfolio by loan segment as of the periods indicated.


	September 30, 2020
	Commercial		Commercial Real Estate		Consumer		Residential		Total
Allowance Balances:
Individually evaluated for impairment	$	601	$	7,981	$	—	$	557	$	9,139
Collectively evaluated for impairment	44,746		41,973		9,378		21,490		117,587

Total Allowance for Loan Losses	$	45,347	$	49,954	$	9,378	$	22,047	$	126,726
Loan Balances:
Individually evaluated for impairment	$	4,837	$	44,203	$	3	$	3,441	$	52,484
Collectively evaluated for impairment	3,568,432		3,819,629		125,408		1,670,423		9,183,892
Loans acquired with deteriorated credit quality	699		6,758		—		—		7,457
Loans	$	3,573,968	$	3,870,590	$	125,411	$	1,673,864	$	9,243,833


	December 31, 2019
	Commercial		Commercial Real Estate		Consumer		Residential		Total
Allowance Balances:
Individually evaluated for impairment	$	—	$	231	$	—	$	458	$	689
Collectively evaluated for impairment	32,902		28,547		4,035		14,111		79,595

Total Allowance for Loan Losses	$	32,902	$	28,778	$	4,035	$	14,569	$	80,284
Loan Balances:
Individually evaluated for impairment	$	457	$	8,728	$	4	$	2,520	$	11,709
Collectively evaluated for impairment	2,748,681		3,821,660		135,985		1,727,966		8,434,292
Loans acquired with deteriorated credit quality	1,716		9,878		—		1,715		13,309
Loans	$	2,750,854	$	3,840,266	$	135,989	$	1,732,201	$	8,459,310

Loans individually evaluated for impairment are comprised of commercial and consumer loans deemed impaired in accordance with ASC 310-10. This includes loans acquired with deteriorated credit quality totaling $3,738,000 with $116,000 of related allowance for loan losses at September 30, 2020 and $2,819,000 with $124,000 related allowance for loan losses at December 31, 2019.

The risk characteristics of the Corporation’s material portfolio segments are as follows:

Commercial

Commercial lending is primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the tangible assets being financed such as equipment or real estate or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee. Other loans may be unsecured, secured but under-collateralized or otherwise made on the basis of the enterprise value of an organization. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers.

Commercial real estate

These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. Management monitors and evaluates commercial real estate loans based on collateral and risk grade criteria. In addition, management tracks the level of owner-occupied commercial real estate loans versus non-owner occupied loans.

Consumer and Residential

With respect to residential loans that are secured by 1-4 family residences and are typically owner occupied, the Corporation generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Home equity loans are secured by a subordinate interest in 1-4 family residences, and consumer loans are secured by consumer assets such as automobiles or recreational vehicles. Some consumer loans are unsecured such as small installment loans and certain lines of credit. Repayment of these loans is primarily dependent on the personal income and credit rating of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Repayment on loans secured by 1-4 family residences can be impacted by changes in property values. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers.

Loans are reclassified to a non-accruing status when, in management’s judgment, the collateral value and financial condition of the borrower do not justify accruing interest. When the interest accrual is discontinued, all unpaid accrued interest is reversed against earnings when considered uncollectable. Payments subsequently received on non-accrual loans are applied to principal. A loan is returned to accrual status when principal and interest are no longer past due and collectability is probable, typically after a minimum of six consecutive months of performance. Payments received on impaired accruing or delinquent loans are applied to interest income as accrued.

The following table summarizes the Corporation’s non-accrual loans by loan class as of the periods indicated:


	September 30, 2020		December 31, 2019
Commercial and industrial loans	$	5,947	$	1,255
Agriculture production financing and other loans to farmers	—		183
Real estate loans:
Construction	126		977
Commercial and farmland	43,030		7,007
Residential	4,914		5,062
Home equity	2,674		1,421
Individuals' loans for household and other personal expenditures	48		44

Public finance and other commercial loans	—		—
Total	$	56,739	$	15,949

Non-accrual loans increased $40.8 million from December 31, 2019. An increase of $36.0 million was attributed to the commercial and farmland segment, specifically non-owner occupied commercial real estate, as three relationships were moved to non-accrual during the second and third quarters of 2020. These three relationships involve four properties, three of which total $31.2 million in the senior living sector and the fourth totaled $3.4 million in the self-storage sector. Additionally, $4.7 million of the increase in non-accrual loans was in the commercial and industrial loans segment. This largest portion of this increase was due to the addition of a $2.8 million loan in the university logo apparel sports industry.

Impaired loans include loans deemed impaired according to the guidance set forth in ASC 310-10. Commercial loans under $500,000 and consumer loans, with the exception of troubled debt restructures, are not individually evaluated for impairment.

Allowable methods for determining the amount of impairment include estimating fair value using the fair value of the collateral for collateral dependent loans. If the impaired loan is identified as collateral dependent, then the fair value method for measuring the amount of impairment is utilized. This method requires obtaining a current independent appraisal of the collateral and applying a discount factor, which includes selling costs if applicable, to the value. The fair value of real estate is generally based on appraisals by qualified licensed appraisers. The appraisers typically determine the value of the real estate by utilizing an income or market valuation approach. If an appraisal is not available, the fair value may be determined by using a cash flow analysis. Fair value on other collateral such as business assets is typically ascertained by assessing, either singularly or some combination of, asset appraisals, accounts receivable aging reports, inventory listings and or customer financial statements. Both appraised values and values based on borrower’s financial information are discounted as considered appropriate based on age and quality of the information and current market conditions.

The following tables show the composition of the Corporation’s impaired loans, related allowance and interest income recognized while impaired by loan class as of the periods indicated:


	September 30, 2020
	Unpaid Principal Balance		Recorded Investment		Related Allowance
Impaired loans with no related allowance:
Commercial and industrial loans	$	10,975	$	3,819	$	—
Agriculture production financing and other loans to farmers	63		—		—
Real estate Loans:

Commercial and farmland	12,385		10,782		—
Residential	74		58		—

Individuals' loans for household and other personal expenditures	3		3		—

Total	$	23,500	$	14,662	$	—
Impaired loans with related allowance:
Commercial and industrial loans	$	1,019	$	1,018	$	601

Real estate Loans:

Commercial and farmland	34,207		33,421		7,981
Residential	3,045		2,908		475
Home equity	501		475		82


Total	$	38,772	$	37,822	$	9,139
Total Impaired Loans	$	62,272	$	52,484	$	9,139


	December 31, 2019
	Unpaid Principal Balance		Recorded Investment		Related Allowance
Impaired loans with no related allowance:
Commercial and industrial loans	$	320	$	320	$	—
Agriculture production financing and other loans to farmers	299		137		—
Real estate Loans:
Construction	1,206		970		—
Commercial and farmland	8,037		5,849		—
Residential	93		76		—



Total	$	9,955	$	7,352	$	—
Impaired loans with related allowance:


Real estate Loans:

Commercial and farmland	$	2,648	$	1,909	$	231
Residential	2,070		2,044		383
Home equity	417		400		75
Individuals' loans for household and other personal expenditures	4		4		—

Total	$	5,139	$	4,357	$	689
Total Impaired Loans	$	15,094	$	11,709	$	689


	Three Months Ended September 30, 2020				Nine Months Ended September 30, 2020
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Impaired loans with no related allowance:
Commercial and industrial loans	$	8,625	$	—	$	9,225	$	—

Real estate Loans:

Commercial and farmland	10,812		37		11,059		113
Residential	58		1		59		2

Individuals' loans for household and other personal expenditures	3		—		3		—

Total	$	19,498	$	38	$	20,346	$	115
Impaired loans with related allowance:
Commercial and industrial loans	$	1,018	$	—	$	1,018	$	—

Real estate Loans:

Commercial and farmland	33,390		—		33,543		—
Residential	2,921		18		2,951		53
Home equity	482		4		488		11


Total	$	37,811	$	22	$	38,000	$	64
Total Impaired Loans	$	57,309	$	60	$	58,346	$	179


	Three Months Ended September 30, 2019				Nine Months Ended September 30, 2019
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Impaired loans with no related allowance:
Commercial and industrial loans	$	877	$	—	$	881	$	—
Agriculture production financing and other loans to farmers	1,012		—		1,014		—
Real estate Loans:
Construction	—		—		339		—
Commercial and farmland	8,075		39		8,651		117
Residential	189		—		190		2



Total	$	10,153	$	39	$	11,075	$	119
Impaired loans with related allowance:
Commercial and industrial loans	$	329	$	—	$	329	$	—
Agriculture production financing and other loans to farmers	2,100		—		2,123		—
Real estate Loans:

Commercial and farmland	1,324		—		1,324		—
Residential	2,072		15		2,095		47
Home equity	346		3		350		9
Individuals' loans for household and other personal expenditures	4		—		5		—

Total	$	6,175	$	18	$	6,226	$	56
Total Impaired Loans	$	16,328	$	57	$	17,301	$	175

Impaired loans in the above tables do not include loans accounted for under ASC 310-30, or any other loan, unless deemed impaired in accordance with ASC 310-10.

As part of the ongoing monitoring of the credit quality of the Corporation's loan portfolio, management tracks certain credit quality indicators including trends related to: (i) the level of criticized commercial loans, (ii) net charge-offs, (iii) non-performing loans, (iv) covenant failures and (v) the general national and local economic conditions.

The Corporation utilizes a risk grading of pass, special mention, substandard, doubtful and loss to assess the overall credit quality of large commercial loans. All large commercial credit grades are reviewed at a minimum of once a year for pass grade loans. Loans with grades below pass are reviewed more frequently depending on the grade. A description of the general characteristics of these grades is as follows:

•Pass - Loans that are considered to be of acceptable credit quality.

•Special Mention - Loans which possess some credit deficiency or potential weakness, which deserves close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Corporation's credit position at some future date. Special mention assets are not adversely classified and do not expose the Corporation to sufficient risk to warrant adverse classification. The key distinctions of this category's classification are that it is indicative of an unwarranted level of risk; and weaknesses are considered “potential”, not “defined”, impairments to the primary source of repayment. Examples include businesses that may be suffering from inadequate management, loss of key personnel or significant customer or litigation.

•Substandard - A substandard loan is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified have a well-defined weakness that jeopardizes the liquidation of the debt. They are characterized by the distinct possibility that the Corporation will sustain some loss if the deficiencies are not corrected. Other characteristics may include:


			o			the likelihood that a loan will be paid from the primary source of repayment is uncertain or financial deterioration is underway and very close attention is warranted to ensure that the loan is collected without loss,


			o			the primary source of repayment is gone, and the Corporation is forced to rely on a secondary source of repayment, such as collateral liquidation or guarantees,


			o			loans have a distinct possibility that the Corporation will sustain some loss if deficiencies are not corrected,


			o			unusual courses of action are needed to maintain a high probability of repayment,


			o			the borrower is not generating enough cash flow to repay loan principal; however, it continues to make interest payments,


			o			the Corporation is forced into a subordinated or unsecured position due to flaws in documentation,


			o			loans have been restructured so that payment schedules, terms and collateral represent concessions to the borrower when compared to the normal loan terms,


			o			the Corporation is seriously contemplating foreclosure or legal action due to the apparent deterioration of the loan, and


			o			there is significant deterioration in market conditions to which the borrower is highly vulnerable.

•Doubtful - Loans that have all of the weaknesses of those classified as Substandard. However, based on currently existing facts, conditions and values, these weaknesses make full collection of principal highly questionable and improbable. Other credit characteristics may include considerable doubt as to the quality of the secondary sources of repayment. The possibility of loss is high, but because of certain important pending factors that may strengthen the loan, loss classification is deferred until the exact status of repayment is known.

•Loss – Loans that are considered uncollectable and of such little value that continuing to carry them as an asset is not warranted. Loans will be classified as Loss when it is neither practical not desirable to defer writing off or reserving all or a portion of a basically worthless asset, even though partial recovery may be possible at some time in the future.

The following tables summarize the credit quality of the Corporation’s loan portfolio, by loan class for the periods indicated. Consumer non-performing loans include accruing consumer loans 90-days or more delinquent and consumer non-accrual loans. The entire balance of a loan is considered delinquent if the minimum payment contractually required to be made is not received by the specified date. Loans that evidenced deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected are included in the applicable categories below.


	September 30, 2020
	Commercial Pass		Commercial Special Mention		Commercial Substandard		Commercial Doubtful		Commercial Loss		Consumer Performing		Consumer Non-Performing		Total
Commercial and industrial loans	$	2,651,863	$	130,786	$	92,682	$	—	$	—	$	—	$	—	$	2,875,331
Agriculture production financing and other loans to farmers	70,380		4,810		7,900		—		—		—		—		83,090
Real estate Loans:
Construction	570,635		10,830		14,362		—		—		26,135		122		622,084
Commercial and farmland	3,018,791		109,661		118,721		—		—		1,333		—		3,248,506
Residential	195,916		1,522		6,337		—		—		938,731		3,900		1,146,406
Home equity	14,218		57		929		—		—		509,676		2,578		527,458
Individuals' loans for household and other personal expenditures	—		—		—		—		—		125,363		48		125,411

Public finance and other commercial loans	615,473		74		—		—		—		—		—		615,547
Loans	$	7,137,276	$	257,740	$	240,931	$	—	$	—	$	1,601,238	$	6,648	$	9,243,833


	December 31, 2019
	Commercial Pass		Commercial Special Mention		Commercial Substandard		Commercial Doubtful		Commercial Loss		Consumer Performing		Consumer Non-Performing		Total
Commercial and industrial loans	$	1,956,985	$	81,179	$	71,715	$	—	$	—	$	—	$	—	$	2,109,879
Agriculture production financing and other loans to farmers	78,558		5,626		9,677		—		—		—		—		93,861
Real estate Loans:
Construction	749,249		1,613		1,634		—		—		35,072		—		787,568
Commercial and farmland	2,894,366		57,776		98,575		—		—		1,981		—		3,052,698
Residential	196,710		877		8,075		—		—		932,743		4,812		1,143,217
Home equity	24,211		257		682		—		—		562,507		1,327		588,984
Individuals' loans for household and other personal expenditures	—		—		—		—		—		135,944		45		135,989

Public finance and other commercial loans	547,114		—		—		—		—		—		—		547,114
Loans	$	6,447,193	$	147,328	$	190,358	$	—	$	—	$	1,668,247	$	6,184	$	8,459,310

The tables below show a past due aging of the Corporation’s loan portfolio, by loan class, as of September 30, 2020, and December 31, 2019:


	September 30, 2020
	Current		30-59 Days Past Due		60-89 Days Past Due		Loans 90 Days or More Past Due And Accruing		Non-Accrual		Total Past Due & Non-Accrual		Total
Commercial and industrial loans	$	2,864,852	$	4,529	$	—	$	3	$	5,947	$	10,479	$	2,875,331
Agriculture production financing and other loans to farmers	81,990		—		—		1,100		—		1,100		83,090
Real estate loans:
Construction	614,383		7,575		—		—		126		7,701		622,084
Commercial and farmland	3,194,394		964		9,978		140		43,030		54,112		3,248,506
Residential	1,137,688		2,743		1,000		61		4,914		8,718		1,146,406
Home equity	522,680		1,467		611		26		2,674		4,778		527,458
Individuals' loans for household and other personal expenditures	124,926		249		188		—		48		485		125,411

Public finance and other commercial loans	615,547		—		—		—		—		—		615,547
Loans	$	9,156,460	$	17,527	$	11,777	$	1,330	$	56,739	$	87,373	$	9,243,833


	December 31, 2019
	Current		30-59 Days Past Due		60-89 Days Past Due		Loans 90 Days or More Past Due And Accruing		Non-Accrual		Total Past Due & Non-Accrual		Total
Commercial and industrial loans	$	2,105,445	$	3,039	$	136	$	4	$	1,255	$	4,434	$	2,109,879
Agriculture production financing and other loans to farmers	93,678		—		—		—		183		183		93,861
Real estate loans:
Construction	784,961		1,630		—		—		977		2,607		787,568
Commercial and farmland	3,043,318		2,324		49		—		7,007		9,380		3,052,698
Residential	1,133,476		4,290		367		22		5,062		9,741		1,143,217
Home equity	584,023		2,960		538		42		1,421		4,961		588,984
Individuals' loans for household and other personal expenditures	135,399		440		105		1		44		590		135,989

Public finance and other commercial loans	547,114		—		—		—		—		—		547,114
Loans	$	8,427,414	$	14,683	$	1,195	$	69	$	15,949	$	31,896	$	8,459,310

As shown in the tables above, the level of total loan delinquencies has increased $14.7 million during the first nine months of 2020. The increases were primarily related to the 60-89 days past due commercial and farmland category, which increased $9.9 million due to one relationship, and the 30-59 days past due construction category, which increased $5.9 million due primarily to one $7.5 million relationship.

On occasion, borrowers experience declines in income and cash flow. As a result, these borrowers seek to reduce contractual cash outlays including debt payments. Concurrently, in an effort to preserve and protect its earning assets, specifically troubled loans, the Corporation works to maintain its relationship with certain customers who are experiencing financial difficulty by contractually modifying the borrower's debt agreement with the Corporation.

On March 22, 2020, a statement was issued by the Bank's banking regulators and titled the “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus” (the "Interagency Statement") that encourages financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations due to the effects of COVID-19. Additionally, Section 4013 of the CARES Act further provides that a qualified loan modification is exempt by law from classification as a troubled debt restructure as defined by GAAP, from the period beginning March 1, 2020 until the earlier of December 31, 2020 or the date that is 60 days after the date on which the national emergency concerning the COVID-19 outbreak under the National Emergencies Act (50 U.S.C. 1601 et seq.) terminates. The Interagency Statement was subsequently revised on April 7, 2020 to clarify the interaction of the original guidance with Section 4013 of the CARES Act, as well as setting forth the banking regulators’ views on consumer protection considerations. In accordance with such guidance, the Bank has offered short-term modifications made in response to COVID-19 to borrowers who were current and otherwise not past due. These included short-term, typically 180 days or less, modifications in the form of payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. These loans are not considered troubled debt restructures under the applicable guidance at September 30, 2020. Details of the Corporation's modifications are included in the "LOAN QUALITY/PROVISION FOR LOAN LOSSES" section of Management's Discussion and Analysis of Financial Condition and Results of Operations of this Form 10-Q.

In certain loan restructuring situations, the Corporation may grant a concession to a debtor experiencing financial difficulty, resulting in a troubled debt restructuring. A concession is deemed to be granted when, as a result of the restructuring, the Corporation does not expect to collect all original amounts due, including interest accrued at the original contract rate. If the payment of principal at original maturity is primarily dependent on the value of collateral, the current value of the collateral is considered in determining whether the principal will be repaid.

The following tables summarize troubled debt restructures at the time of modification that occurred during the periods indicated:


	Three Months Ended September 30, 2020					Nine Months Ended September 30, 2020
	Pre-Modification Recorded Balance		Post-Modification Recorded Balance		Number of Loans	Pre-Modification Recorded Balance		Post-Modification Recorded Balance		Number of Loans
Commercial and industrial loans	$	—	$	—	—	$	654	$	654	3

Real estate loans:

Commercial and farmland	—		—		—	565		565		2
Residential	2,314		2,326		30	2,614		2,663		36
Home equity	307		307		2	307		307		2
Individuals' loans for household and other personal expenditures	19		19		2	19		19		2
Total	$	2,640	$	2,652	34	$	4,159	$	4,208	45


	Three Months Ended September 30, 2019					Nine Months Ended September 30, 2019
	Pre-Modification Recorded Balance		Post-Modification Recorded Balance		Number of Loans	Pre-Modification Recorded Balance		Post-Modification Recorded Balance		Number of Loans


Real estate loans:


Residential	$	195	$	185	3	$	456	$	439	8


Total	$	195	$	185	3	$	456	$	439	8

Loans secured by residential real estate made up 88 percent and 63 percent of the post-modification balance of troubled debt restructured loans made in the three and nine months ended September 30, 2020, respectively. Loans secured by residential real estate made up 100 percent of the post-modification balance of troubled debt restructured loans made in the three and nine months ended September 30, 2019.

The following tables summarize by modification type, the recorded investment of troubled debt restructures as of September 30, 2020 and 2019, that occurred during the periods indicated:


	Three Months Ended September 30, 2020
	Term Modification		Rate Modification		Combination		Total Modification


Real estate loans:


Residential	$	2,266	$	51	$	—	$	2,317
Home equity	212		95		—		307
Individuals' loans for household and other personal expenditures	17		—		—		17
Total	$	2,495	$	146	$	—	$	2,641


	Nine Months Ended September 30, 2020
	Term Modification		Rate Modification		Combination		Total Modification
Commercial and industrial loans	$	585	$	—	$	—	$	585

Real estate loans:

Commercial and farmland	106		—		—		106
Residential	2,266		161		221		2,648
Home Equity	212		95		—		307
Individuals' loans for household and other personal expenditures	17		—		—		17
Total	$	3,186	$	256	$	221	$	3,663


	Three Months Ended September 30, 2019
	Term Modification		Rate Modification		Combination		Total Modification


Real estate loans:


Residential	$	—	$	—	$	184	$	184


Total	$	—	$	—	$	184	$	184


	Nine Months Ended September 30, 2019
	Term Modification		Rate Modification		Combination		Total Modification


Real estate loans:


Residential	$	—	$	88	$	345	$	433


Total	$	—	$	88	$	345	$	433

The following tables summarize troubled debt restructures that occurred during the twelve months ended September 30, 2020 and 2019, that subsequently defaulted during the period indicated and remained in default at period end. A loan is considered in default if it is 30-days or more past due.


	Three Months Ended September 30, 2020			Nine Months Ended September 30, 2020
	Number of Loans	Recorded Balance		Number of Loans	Recorded Balance
Commercial and industrial loans	1	$	317	2	$	585
Real estate loans:
Commercial and farmland	1	106		1	106



Total	2	$	423	3	$	691


	Three Months Ended September 30, 2019			Nine Months Ended September 30, 2019
	Number of Loans	Recorded Balance		Number of Loans	Recorded Balance

Real estate loans:
Commercial and farmland	1	$	85	1	$	85



Total	1	$	85	1	$	85

For potential consumer loan restructures, impairment evaluation occurs prior to modification. Any subsequent impairment is typically addressed through the charge-off process, or may be addressed through a specific reserve. Consumer troubled debt loan restructures are generally included in the general historical allowance for loan loss at the post modification balance. Consumer non-accrual and delinquent troubled debt loan restructures are also considered in the calculation of the non-accrual and delinquency trend environmental allowance allocation. Consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process totaled $5,059,000 and $1,033,000 at September 30, 2020 and December 31, 2019, respectively.

Commercial troubled debt restructured loans that are risk graded special mention, substandard, doubtful or loss are individually evaluated for impairment under ASC 310. Any resulting specific reserves are included in the allowance for loan losses. Commercial troubled debt loan restructures 30-89 days delinquent are included in the calculation of the delinquency trend environmental allocation in the allowance for loan losses. With the exception of the acquired loans excluded from the allowance for loan losses, all commercial non-impaired loans, including non-accrual and 90-days or more delinquent, are included in the ASC 450 loss estimate.

Purchased Credit Impaired Loans

9 Months Ended

Sep. 30, 2020

Receivables [Abstract]

Purchased Credit Impaired Loans

PURCHASED CREDIT IMPAIRED LOANS

Purchased Credit Impaired Loans are included in NOTE 4. LOANS AND ALLOWANCE of these Notes to Consolidated Condensed Financial Statements. As described in NOTE 4, purchased loans are recorded at the acquisition date fair value, which could result in a fair value discount or premium. Purchased loans with evidence of credit deterioration since origination and for which it is probable at the date of acquisition that the acquirer will not collect all contractually required principal and interest payments are accounted for under ASC 310-30, Loans Acquired with Deteriorated Credit Quality. The difference between contractually required payments and the cash flows expected to be collected at acquisition is referred to as the nonaccretable difference. The accretable portion of the fair value discount or premium is the difference between the expected cash flows and the net present value of expected cash flows, with such difference accreted into earnings over the term of the loans.

The carrying amount of Purchased Credit Impaired Loans as of September 30, 2020 was $11.2 million with allowance for loan loss of $116,000. The carrying amount of Purchased Credit Impaired Loans as of December 31, 2019 was $16.1 million with $124,000 of related allowance for loan losses. As customer cash flow expectations improve, nonaccretable yield can be reclassified to accretable yield. The accretable yield, or income expected to be collected, and reclassifications from nonaccretable, are identified in the table below.


	Three Months Ended September 30, 2020		Nine Months Ended September 30, 2020
Accretable yield beginning balance	$	1,546	$	2,132
Additions	—		$	—
Accretion	(793)		(2,211)
Reclassification from nonaccretable	511		1,350
Disposals	—		(7)
Accretable yield ending balance	$	1,264	$	1,264


	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Accretable yield beginning balance	$	1,914	$	2,143
Additions	576		576
Accretion	(420)		(1,638)
Reclassification from nonaccretable	374		1,363
Disposals	(165)		(165)
Accretable yield ending balance	$	2,279	$	2,279

The following table presents loans acquired, as of the acquisition date, during the nine months ended September 30, 2019, for which it was probable that all contractually required payments would not be collected. There were no loans acquired during the nine months ended September 30, 2020.


	MBT
Contractually required payments receivable at acquisition date	$	6,840
Nonaccretable difference	2,733
Expected cash flows at acquisition date	4,107
Accretable difference	576
Basis in loans at acquisition date	$	3,531

Goodwill

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

GOODWILL

Goodwill is recorded on the acquisition date of an entity. During the one-year measurement period, the Corporation may record subsequent adjustments to goodwill for provisional amounts recorded at the acquisition date. The MBT acquisition on September, 1, 2019 resulted in $98,563,000 of goodwill, which includes a measurement period adjustment of $719,000. Details regarding the MBT acquisition are discussed in NOTE 2. ACQUISITION of these Notes to Consolidated Condensed Financial Statements. There have been no changes in goodwill since December 31, 2019, resulting in a goodwill balance of $543,918,000 as of September 30, 2020.










	2019
Balance, January 1	$	445,355
Goodwill acquired	97,844

Measurement period adjustment	719
Balance, December 31	$	543,918

The Corporation reviews goodwill annually for impairment, or more frequently if events or circumstances indicate the carrying value might be impaired. The impairment analysis compares the estimated fair value of the Corporation (the reporting unit) with the Corporation's net book value. The Corporation performed its annual impairment test of goodwill as of October 1, 2019. On January 1, 2020, the Corporation adopted ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill. Subsequent to the October 1, 2019 impairment test and adoption of ASU 2017-04, the Corporation experienced a decline in market capitalization as a result of a decline in the share price of the Corporation's common stock. At March 31, 2020 and June 30, 2020, the Corporation assessed the economic impact and market conditions from the COVID-19 pandemic. Additionally, the Corporation assessed the general uncertainty as to the full extent of the COVID-19 pandemic and its effect on economic recovery and concluded goodwill was not impaired in either period.

At September 30, 2020, the Corporation performed an additional goodwill impairment test which included various valuation considerations including comparable peer data, precedent transaction comparables, discounted cash flow analysis, overall financial performance, share price of the Corporation's common stock and other factors. The testing resulted in a conclusion that it was not more likely than not that the fair value of the Corporation had declined below its carrying value; therefore, goodwill was not impaired at September 30, 2020. Goodwill assessments are highly sensitive to economic projections and the related assumptions used by management. In the event of a prolonged economic downturn or further deterioration in the economic outlook, continued assessments of our goodwill balance will likely be required in future periods.

Core Deposit Intangibles

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Core Deposit Intangibles

CORE DEPOSIT INTANGIBLES

Core deposit intangibles are recorded on the acquisition date of an entity. During the one-year measurement period, the Corporation may record subsequent adjustments to these intangibles for provisional amounts recorded at the acquisition date. The MBT acquisition on September 1, 2019 resulted in a core deposit intangible of $16,527,000. Details regarding the MBT acquisition are discussed in NOTE 2. ACQUISITION of these Notes to Consolidated Condensed Financial Statements.

The carrying basis and accumulated amortization of recognized core deposit intangibles are noted below.


	September 30, 2020		December 31, 2019
Gross carrying amount	$	102,396	$	85,869
Core deposit intangibles acquired	—		16,527


Accumulated amortization	(71,945)		(67,434)

Total core deposit intangibles	$	30,451	$	34,962

The core deposit intangibles are being amortized primarily on an accelerated basis over their estimated useful lives, generally over a period of ten years. Intangible asset amortization expense for the three and nine months ended September 30, 2020 was $1,486,000 and $4,511,000, respectively, compared to $1,356,000 and $4,404,000, respectively, for the three and nine months ended September 30, 2019. Estimated future amortization expense is summarized as follows:


	Amortization Expense
2020	$	1,476
2021	5,429
2022	5,027
2023	4,827
2024	4,241
After 2024	9,451
	$	30,451

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

DERIVATIVE FINANCIAL INSTRUMENTS

Risk Management Objective of Using Derivatives

The Corporation is exposed to certain risks arising from both its business operations and economic conditions. The Corporation principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Corporation manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and through the use of derivative financial instruments. Specifically, the Corporation enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Corporation’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Corporation’s known or expected cash payments principally related to certain variable-rate liabilities. The Corporation also has derivatives that are a result of a service the Corporation provides to certain qualifying customers, and, therefore, are not used to manage interest rate risk in the Corporation’s assets or liabilities. The Corporation manages a matched book with respect to its derivative instruments offered as a part of this service to its customers in order to minimize its net risk exposure resulting from such transactions.

Cash Flow Hedges of Interest Rate Risk

The Corporation’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Corporation primarily uses interest rate swaps and interest rate caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the payment of fixed amounts to a counterparty in exchange for the Corporation receiving variable payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. As of September 30, 2020, the Corporation had three interest rate swaps with a notional amount of $36.0 million that were designated as cash flow hedges. As of December 31, 2019, the Corporation had four interest rate swaps with a notional amount of $46.0 million that were designated as cash flow hedges. A $10.0 million interest rate swap used to hedge the variable cash outflows associated with a Federal Home Loan Bank advance matured in the third quarter of 2020.

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.

During 2020, $26.0 million of the interest rate swaps were used to hedge the variable cash outflows (LIBOR-based) associated with existing trust preferred securities when the outflows converted from a fixed rate to variable rate in September of 2012. In addition, the remaining $10.0 million of interest rate swaps were used to hedge the variable cash outflows (LIBOR-based) associated with one Federal Home Loan Bank advance. During the three and nine months ended September 30, 2020 and 2019, the Corporation did not recognize any ineffectiveness.

Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Corporation's variable-rate liabilities. During the next twelve months, the Corporation expects to reclassify $1,016,000 from accumulated other comprehensive income to interest expense.

Non-designated Hedges

The Corporation does not use derivatives for trading or speculative purposes. Derivatives not designated as hedges are not speculative and result from a service the Corporation provides to certain customers. The Corporation executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Corporation executes with a third party, such that the Corporation minimizes its net risk exposure resulting from such transactions. As the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. As of September 30, 2020 and December 31, 2019, the notional amount of customer-facing swaps was approximately $878,640,000 and $692,287,000, respectively. These amounts are offset with third party counterparties, as described above.

Fair Values of Derivative Instruments on the Balance Sheet

The table below presents the fair value of the Corporation’s derivative financial instruments, as well as their classification on the Balance Sheet, as of September 30, 2020, and December 31, 2019.

Asset Derivatives

Liability Derivatives

September 30, 2020

December 31, 2019

September 30, 2020

December 31, 2019

Balance
Sheet
Location

Fair
Value

Balance
Sheet
Location

Fair
Value

Balance
Sheet
Location

Fair
Value

Balance
Sheet
Location

Fair
Value

Derivatives designated as hedging instruments:

Interest rate contracts

Other Assets

—

Other Assets

—

Other Liabilities

2,244

Other Liabilities

1,444

Derivatives not designated as hedging instruments:

Interest rate contracts

Other Assets

82,010

Other Assets

27,855

Other Liabilities

82,010

Other Liabilities

27,855

The Corporation's derivative asset and derivative liability relating to interest rate contracts increased $54.2 million and $55.0 million, respectively, from December 31, 2019. The increases are primarily due to a $176.4 million increase in the related outstanding notional balance. Additionally, yield curve rates used for valuation purposes were lower at each term point as of September 30, 2020 compared to December 31, 2019. This was primarily the result of investors seeking the safety of U.S. Treasuries, coupled with Federal Reserve purchases of U.S. Treasuries, as containment efforts related to the COVID-19 outbreak began to significantly reduce economic activity.

The amount of gain (loss) recognized in other comprehensive income is included in the table below for the periods indicated.


Derivatives in Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative (Effective Portion)
	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Interest Rate Products	$	8	$	(178)	$	(1,451)	$	(1,270)

Effect of Derivative Instruments on the Income Statement

The Corporation did not recognize any gains or losses from derivative financial instruments in the Consolidated Condensed Statements of Income for the three and nine months ended September 30, 2020 and 2019.

The amount of gain (loss) reclassified from other comprehensive income into income is included in the table below for the periods indicated.

Derivatives Designated as
Hedging Instruments under
FASB ASC 815-10

Location of Gain (Loss)
Recognized Income on
Derivative

Amount of Gain (Loss) Reclassed from Other Comprehensive Income into Income (Effective Portion)

Three Months Ended
September 30, 2020

Three Months Ended
September 30, 2019

Interest rate contracts

Interest Expense

(294)

(104)

Derivatives Designated as
Hedging Instruments under
FASB ASC 815-10

Location of Gain (Loss)
Recognized Income on
Derivative

Amount of Gain (Loss) Reclassed from Other Comprehensive Income into Income (Effective Portion)

Nine Months Ended
September 30, 2020

Nine Months Ended
September 30, 2019

Interest rate contracts

Interest Expense

(651)

(247)

The Corporation’s exposure to credit risk occurs because of nonperformance by its counterparties. The counterparties approved by the Corporation are usually financial institutions, which are well capitalized and have credit ratings through Moody’s and/or Standard & Poor’s at or above investment grade. The Corporation’s control of such risk is through quarterly financial reviews, comparing mark-to-market values with policy limitations, credit ratings and collateral pledging.

Credit-risk-related Contingent Features

The Corporation has agreements with certain of its derivative counterparties that contain a provision where if the Corporation fails to maintain its status as a well or adequately capitalized institution, then the Corporation could be required to terminate or fully collateralize all outstanding derivative contracts. Additionally, the Corporation has agreements with certain of its derivative counterparties that contain a provision where if the Corporation defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Corporation could also be declared in default on its derivative obligations. As of September 30, 2020, the termination value of derivatives in a net liability position related to these agreements was $81,962,000. As of September 30, 2020, the Corporation has minimum collateral posting thresholds with certain of its derivative counterparties and has posted collateral of $75,415,000. While the Corporation did not breach any of these provisions as of September 30, 2020, if it had, the Corporation could have been required to settle its obligations under the agreements at their termination value.

Disclosures About Fair Value of Assets and Liabilities

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Disclosures About Fair Value of Assets and Liabilities

DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES

The Corporation used fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The accounting guidance defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 applies only when other guidance requires or permits assets or liabilities to be measured at fair value; it does not expand the use of fair value in any new circumstances.

As defined in ASC 820, fair value is the price to sell an asset or transfer a liability in an orderly transaction between market participants. It represents an exit price at the measurement date. Market participants are buyers and sellers, who are independent, knowledgeable, and willing and able to transact in the principal (or most advantageous) market for the asset or liability being measured. Current market conditions, including imbalances between supply and demand, are considered in determining fair value. The Corporation values its assets and liabilities in the principal market where it sells the particular asset or transfers the liability with the greatest volume and level of activity. In the absence of a principal market, the valuation is based on the most advantageous market for the asset or liability (i.e., the market where the asset could be sold or the liability transferred at a price that maximizes the amount to be received for the asset or minimizes the amount to be paid to transfer the liability).

Valuation inputs refer to the assumptions market participants would use in pricing a given asset or liability. Inputs can be observable or unobservable. Observable inputs are those assumptions which market participants would use in pricing the particular asset or liability. These inputs are based on market data and are obtained from a source independent of the Corporation. Unobservable inputs are assumptions based on the Corporation’s own information or estimate of assumptions used by market participants in pricing the asset or liability. Unobservable inputs are based on the best and most current information available on the measurement date. All inputs, whether observable or unobservable, are ranked in accordance with a prescribed fair value hierarchy which gives the highest ranking to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest ranking to unobservable inputs for which there is little or no market activity (Level 3). Fair values for assets or liabilities classified as Level 2 are based on one or a combination of the following factors: (i) quoted prices for similar assets; (ii) observable inputs for the asset or liability, such as interest rates or yield curves; or (iii) inputs derived principally from or corroborated by observable market data. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Corporation considers an input to be significant if it drives 10 percent or more of the total fair value of a particular asset or liability.

RECURRING MEASUREMENTS

Assets and liabilities are considered to be measured at fair value on a recurring basis if fair value is measured regularly (i.e., daily, weekly, monthly or quarterly). Recurring valuation occurs at a minimum on the measurement date. Assets and liabilities are considered to be measured at fair value on a nonrecurring basis if the fair value measurement of the instrument does not necessarily result in a change in the amount recorded on the balance sheet. Generally, nonrecurring valuation is the result of the application of other accounting pronouncements which require assets or liabilities to be assessed for impairment or recorded at the lower of cost or fair value. The fair value of assets or liabilities transferred in or out of Level 3 is measured on the transfer date, with any additional changes in fair value subsequent to the transfer considered to be realized or unrealized gains or losses.

Following is a description of the valuation methodologies used for instruments measured at fair value on a recurring basis and recognized in the

accompanying balance sheets, as well as the general classification of such instruments pursuant to the valuation hierarchy.

Investment Securities

Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. The Corporation currently has no securities classified within Level 1 of the hierarchy. Where significant observable inputs, other than Level 1 quoted prices, are available, securities are classified within Level 2 of the valuation hierarchy. Level 2 securities include U.S. treasury securities, government-sponsored agency and mortgage-backed securities, state and municipal securities and corporate obligations securities. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy and include state and municipal securities, government-sponsored mortgage-backed securities and corporate obligations securities. Level 3 fair value for securities was determined using a discounted cash flow model that incorporated market estimates of interest rates and volatility in markets that have not been active.

Third party vendors compile prices from various sources and may apply such techniques as matrix pricing to determine the value of identical or similar investment securities (Level 2). Matrix pricing is a mathematical technique widely used in the banking industry to value investment securities without relying exclusively on quoted prices for specific investment securities but rather relying on the investment securities’ relationship to other benchmark quoted investment securities. Any investment security not valued based upon the methods above are considered Level 3.

Interest Rate Derivative Agreements

See information regarding the Corporation’s interest rate derivative products in NOTE 8. DERIVATIVE FINANCIAL INSTRUMENTS of these Notes to Consolidated Condensed Financial Statements.

The following table presents the fair value measurements of assets and liabilities recognized in the accompanying balance sheets measured at fair value on a recurring basis and the level within the ASC 820 fair value hierarchy in which the fair value measurements fall at September 30, 2020, and December 31, 2019.


			Fair Value Measurements Using:
September 30, 2020	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Available for sale securities:
U.S. Treasury	$	300	$	—	$	300	$	—
U.S. Government-sponsored agency securities	2,444		—		2,444		—
State and municipal	1,146,946		—		1,144,494		2,452
U.S. Government-sponsored mortgage-backed securities	670,395		—		670,391		4
Corporate obligations	4,075		—		4,044		31
Interest rate swap asset	82,010		—		82,010		—
Interest rate swap liability	84,254		—		84,254		—


			Fair Value Measurements Using:
December 31, 2019	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Available for sale securities:

U.S. Government-sponsored agency securities	$	38,875	$	—	$	38,875	$	—
State and municipal	899,796		—		896,938		2,858
U.S. Government-sponsored mortgage-backed securities	851,323		—		851,319		4

Corporate obligations	31		—		—		31

Interest rate swap asset	27,855		—		27,855		—
Interest rate swap liability	29,299		—		29,299		—

There were no gains or losses included in earnings that were attributable to the changes in unrealized gains or losses related to assets or

liabilities held at September 30, 2020 or December 31, 2019.

Level 3 Reconciliation

The following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the accompanying

balance sheets using significant unobservable Level 3 inputs for the three and nine months ended September 30, 2020 and 2019.


	Available for Sale Securities
	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Balance at beginning of the period	$	2,500	$	2,975	$	2,892	$	3,328


Included in other comprehensive income	75		6		25		85


Principal payments	(88)		(85)		(430)		(517)
Ending balance	$	2,487	$	2,896	$	2,487	$	2,896

Transfers Between Levels

There were no transfers in or out of Level 3 for the three and nine months ended September 30, 2020 and 2019.

Nonrecurring Measurements

Following is a description of valuation methodologies used for instruments measured at fair value on a non-recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such instruments pursuant to the valuation hierarchy for September 30, 2020, and December 31, 2019.


			Fair Value Measurements Using
September 30, 2020	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Impaired loans (collateral dependent)	$	34,418	$	—	$	—	$	34,418
Other real estate owned	464		—		—		464


			Fair Value Measurements Using
December 31, 2019	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Impaired loans (collateral dependent)	$	5,653	$	—	$	—	$	5,653
Other real estate owned	194		—		—		194

Impaired Loans (collateral dependent)

Loans for which it is probable that the Corporation will not collect all principal and interest due according to contractual terms are measured for impairment. Allowable methods for determining the amount of impairment include estimating fair value of the collateral for collateral dependent loans. If the impaired loan is identified as collateral dependent, then the fair value method of measuring the amount of impairment is utilized. This method requires obtaining a current independent appraisal of the collateral and applying a discount factor to the value. A portion of the allowance for loan losses is allocated to impaired loans if the value of such loans is deemed to be less than the unpaid balance. If these allocations cause the allowance for loan losses to increase, such increase is reported as a component of the provision for loan losses. Loan losses are charged against the allowance when management believes the uncollectability of the loan is confirmed. During 2019 and 2020, certain impaired loans were partially charged off or re-evaluated. Impaired loans that are collateral dependent are classified within Level 3 of the fair value hierarchy when impairment is determined using the fair value method.

Other Real Estate Owned

The fair value for impaired loans and other real estate owned is measured based on the value of the collateral securing those loans or real estate and is determined using several methods. The fair value of real estate is generally determined based on appraisals by qualified licensed appraisers. The appraisers typically determine the value of the real estate by utilizing an income or market valuation approach. If an appraisal is not available, the fair value may be determined by using a discounted cash flow analysis. Fair value on other collateral such as business assets is typically ascertained by assessing, either singularly or some combination of, asset appraisals, accounts receivable aging reports, inventory listings and/or customer financial statements. Both appraised values and values based on borrower’s financial information are discounted as considered appropriate based on age and quality of the information and current market conditions.

Unobservable (Level 3) Inputs

The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements, other than goodwill, at September 30, 2020 and December 31, 2019.

September 30, 2020

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted-Average)

State and municipal securities

2,452

Discounted cash flow

Maturity/Call date

1 month to 15 years

US Muni BQ curve

A- to BBB-

Discount rate

1.5% - 4%

Weighted-average coupon

Corporate obligations and U.S. Government-sponsored mortgage-backed securities

Discounted cash flow

Risk free rate

3 month LIBOR

plus premium for illiquidity

plus 200bps

Weighted-average coupon

—

Impaired loans (collateral dependent)

34,418

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

0% - 10%

Weighted-average discount by loan balance

Other real estate owned

464

Appraisals

Discount to reflect current market conditions

0% - 72%

Weighted-average discount of other real estate owned balance


December 31, 2019	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted-Average)
State and municipal securities	$	2,858	Discounted cash flow	Maturity/Call date	1 month to 15 years
				US Muni BQ curve	A- to BBB-
				Discount rate	2% - 5%
				Weighted-average coupon	4	%

Corporate obligations and U.S Government-sponsored mortgage-backed securities	$	35	Discounted cash flow	Risk free rate	3 month LIBOR
				plus premium for illiquidity	plus 200bps
				Weighted-average coupon	—	%

Impaired loans (collateral dependent)	$	5,653	Collateral based measurements	Discount to reflect current market conditions and ultimate collectability	0% - 10%
				Weighted-average discount by loan balance	1	%

Other real estate owned	$	194	Appraisals	Discount to reflect current market conditions	0% - 37%
				Weighted-average discount of other real estate owned balance	37	%

The following is a discussion of the sensitivity of significant unobservable inputs, the interrelationships between those inputs and other unobservable inputs used in recurring fair value measurement and how those inputs might magnify or mitigate the effect of changes in the unobservable inputs on the fair value measurement.

State and Municipal Securities, Corporate Obligations and U.S. Government-sponsored Mortgage-Backed Securities

The significant unobservable inputs used in the fair value measurement of the Corporation's state and municipal securities, corporate obligations and U.S. Government-sponsored mortgage-backed securities are premiums for unrated securities and marketability discounts. Significant increases or decreases in either of those inputs in isolation would result in a significantly lower or higher fair value measurement. Generally, changes in either of those inputs will not affect the other input.

Fair Value of Financial Instruments

The following table presents estimated fair values of the Corporation’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2020, and December 31, 2019.


			September 30, 2020
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Carrying Amount		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and cash equivalents	$	164,632	$	164,632	$	—	$	—
Interest-bearing deposits	273,936		273,936		—		—
Investment securities available for sale	1,824,160		—		1,821,673		2,487
Investment securities held to maturity	1,109,126		—		1,131,014		21,504
Loans held for sale	3,183		—		3,183		—
Loans	9,117,107		—		—		9,198,466
Federal Home Loan Bank stock	28,736		—		28,736		—
Interest rate swap asset	82,010		—		82,010		—
Interest receivable	52,992		—		52,992		—
Liabilities:
Deposits	$	10,906,153	$	9,797,840	$	1,108,656	$	—
Borrowings:
Federal funds purchased	80,000		—		80,000		—
Securities sold under repurchase agreements	187,732		—		187,732		—
Federal Home Loan Bank advances	399,522		—		413,532		—
Subordinated debentures and other borrowings	118,320		—		108,427		—
Interest rate swap liability	84,254		—		84,254		—
Interest payable	5,038		—		5,038		—


			December 31, 2019
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Carrying Amount		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and cash equivalents	$	177,201	$	177,201	$	—	$	—
Interest-bearing deposits	118,263		118,263		—		—
Investment securities available for sale	1,790,025		—		1,787,132		2,893
Investment securities held to maturity	806,038		—		799,884		27,682
Loans held for sale	9,037		—		9,037		—
Loans	8,379,026		—		—		8,335,340
Federal Home Loan Bank stock	28,736		—		28,736		—
Interest rate swap asset	27,855		—		27,855		—
Interest receivable	48,901		—		48,901		—
Liabilities:
Deposits	$	9,839,956	$	8,146,745	$	1,675,202	$	—
Borrowings:
Federal funds purchased	55,000		—		55,000		—
Securities sold under repurchase agreements	187,946		—		187,801		—
Federal Home Loan Bank advances	351,072		—		352,581		—
Subordinated debentures and other borrowings	138,685		—		123,571		—
Interest rate swap liability	29,299		—		29,299		—
Interest payable	6,754		—		6,754		—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Transfers Accounted for as Secured Borrowings

9 Months Ended

Sep. 30, 2020

Transfers and Servicing [Abstract]

Transfers Accounted for as Secured Borrowings

TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

The collateral pledged for all repurchase agreements that are accounted for as secured borrowings as of September 30, 2020 and December 31, 2019 were:


	September 30, 2020
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
U.S. Government-sponsored mortgage-backed securities	$	186,081	$	—	$	1,651	$	—	$	187,732


	December 31, 2019
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
U.S. Government-sponsored mortgage-backed securities	$	178,732	$	—	$	7,672	$	1,542	$	187,946

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes the changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, as of September 30, 2020 and 2019:


	Accumulated Other Comprehensive Income (Loss)
	Unrealized Gains (Losses) on Securities Available for Sale		Unrealized Gains (Losses) on Cash Flow Hedges		Unrealized Gains (Losses) on Defined Benefit Plans		Total
Balance at December 31, 2019	$	38,872	$	(1,141)	$	(9,857)	$	27,874
Other comprehensive income before reclassifications	45,729		(1,146)		—		44,583
Amounts reclassified from accumulated other comprehensive income	(7,503)		514		—		(6,989)
Period change	38,226		(632)		—		37,594

Balance at September 30, 2020	$	77,098	$	(1,773)	$	(9,857)	$	65,468


Balance at December 31, 2018	$	(6,343)	$	(559)	$	(14,520)	$	(21,422)
Other comprehensive income before reclassifications	50,545		(1,003)		—		49,542
Amounts reclassified from accumulated other comprehensive income	(2,667)		195		—		(2,472)
Period change	47,878		(808)		—		47,070

Balance at September 30, 2019	$	41,535	$	(1,367)	$	(14,520)	$	25,648

The following tables present the reclassification adjustments out of accumulated other comprehensive income (loss) that were included in net income in the Consolidated Condensed Statements of Income for the three and nine months ended September 30, 2020 and 2019.


	Amount Reclassified from Accumulated Other Comprehensive Income (Loss) For the Three Months Ended September 30,
Details about Accumulated Other Comprehensive Income (Loss) Components	2020		2019		Affected Line Item in the Statements of Income
Unrealized gains (losses) on available for sale securities (1)
Realized securities gains reclassified into income	$	1,817	$	393	Other income - net realized gains on sales of available for sale securities
Related income tax expense	(382)		(83)		Income tax expense
	$	1,435	$	310

Unrealized gains (losses) on cash flow hedges (2)
Interest rate contracts	$	(294)	$	(104)	Interest expense - subordinated debentures and term loans
Related income tax benefit	62		22		Income tax expense
	$	(232)	$	(82)






Total reclassifications for the period, net of tax	$	1,203	$	228



	Amount Reclassified from Accumulated Other Comprehensive Income (Loss) For the Nine Months Ended September 30,
Details about Accumulated Other Comprehensive Income (Loss) Components	2020		2019		Affected Line Item in the Statements of Income
Unrealized gains (losses) on available for sale securities (1)
Realized securities gains reclassified into income	$	9,497	$	3,376	Other income - net realized gains on sales of available for sale securities
Related income tax expense	(1,994)		(709)		Income tax expense
	$	7,503	$	2,667

Unrealized gains (losses) on cash flow hedges (2)
Interest rate contracts	$	(651)	$	(247)	Interest expense - subordinated debentures and term loans
Related income tax benefit	137		52		Income tax expense
	$	(514)	$	(195)






Total reclassifications for the period, net of tax	$	6,989	$	2,472

(1) For additional detail related to unrealized gains (losses) on available for sale securities and related amounts reclassified from accumulated other comprehensive income see NOTE 3. INVESTMENT SECURITIES of these Notes to Consolidated Condensed Financial Statements.

(2) For additional detail related to unrealized gains (losses) on cash flow hedges and related amounts reclassified from accumulated other comprehensive income see NOTE 8. DERIVATIVE FINANCIAL INSTRUMENTS of these Notes to Consolidated Condensed Financial Statements.

Share-Based Compensation

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

SHARE-BASED COMPENSATION

Stock options and RSAs have been issued to directors, officers and other management employees under the Corporation's 2009 Long-term Equity Incentive Plan, the 2019 Long-term Equity Incentive Plan, and the Equity Compensation Plan for Non-Employee Directors. The stock options, which have a ten year life, become 100 percent vested based on time ranging from one year to two years and are fully exercisable when vested. Option exercise prices equal the Corporation's common stock closing price on NASDAQ on the date of grant. The RSAs issued to employees and non-employee directors provide for the issuance of shares of the Corporation's common stock at no cost to the holder and generally vest after 3 years. The RSAs vest only if the employee is actively employed by the Corporation on the vesting date and, therefore, any unvested shares are forfeited. For non-employee directors, the RSAs vest only if the non-employee director remains as an active board member on the vesting date and, therefore, any unvested shares are forfeited. The RSAs for employees and non-employee directors are either immediately vested at retirement, disability or death, or, continue to vest after retirement, disability or death, depending on the plan under which the shares were granted.

The Corporation’s 2009 ESPP and 2019 ESPP provide eligible employees of the Corporation and its subsidiaries an opportunity to purchase shares of common stock of the Corporation through quarterly offerings financed by payroll deductions. The price of the stock to be paid by the employees shall be equal to 85 percent of the average of the closing price of the Corporation’s common stock on each trading day during the offering period. However, in no event shall such purchase price be less than the lesser of an amount equal to 85 percent of the market price of the Corporation’s stock on the offering date or an amount equal to 85 percent of the market value on the date of purchase. Common stock purchases are made quarterly and are paid through advance payroll deductions up to a calendar year maximum of $25,000. The 2009 ESPP expired on June 30, 2019.

Compensation expense related to unvested share-based awards is recorded by recognizing the unamortized grant date fair value of these awards over the remaining service periods of those awards, with no change in historical reported fair values and earnings. Awards are valued at fair value in accordance with provisions of share-based compensation guidance and are recognized on a straight-line basis over the service periods of each award. To complete the exercise of vested stock options, RSA’s and ESPP options, the Corporation generally issues new shares from its authorized but unissued share pool. Share-based compensation for the three and nine months ended September 30, 2020 was $1,135,000 and $3,568,000, respectively, compared to $1,062,000 and $2,887,000, respectively, for the three and nine months ended September 30, 2019. Share-based compensation has been recognized as a component of salaries and benefits expense in the accompanying Consolidated Condensed Statements of Income.

Share-based compensation expense recognized in the Consolidated Condensed Statements of Income is based on awards ultimately expected to vest and is reduced for estimated forfeitures. Share-based compensation guidance requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods, if actual forfeitures differ from those estimates. Pre-vesting forfeitures were estimated to be approximately 0.4 percent for the nine months ended September 30, 2020, based on historical experience.

The following table summarizes the components of the Corporation's share-based compensation awards recorded as an expense and the income tax benefit of such awards.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Stock and ESPP Options
Pre-tax compensation expense	$	23	$	36	$	76	$	72
Income tax expense (benefit)	—		—		(29)		(57)
Stock and ESPP option expense, net of income taxes	$	23	$	36	$	47	$	15
Restricted Stock Awards
Pre-tax compensation expense	$	1,112	$	1,026	$	3,492	$	2,815
Income tax expense (benefit)	149		(226)		(344)		(951)
Restricted stock awards expense, net of income taxes	$	1,261	$	800	$	3,148	$	1,864
Total Share-Based Compensation
Pre-tax compensation expense	$	1,135	$	1,062	$	3,568	$	2,887
Income tax expense (benefit)	149		(226)		(373)		(1,008)
Total share-based compensation expense, net of income taxes	$	1,284	$	836	$	3,195	$	1,879

As of September 30, 2020, unrecognized compensation expense related to RSAs was $7,726,000 and is expected to be recognized over a weighted-average period of 1.91 years. The Corporation did not have any unrecognized compensation expense related to stock options as of September 30, 2020.

Stock option activity under the Corporation's stock option plans as of September 30, 2020 and changes during the nine months ended September 30, 2020, were as follows:


	Number of Shares	Weighted-Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2020	59,350	$	13.51

Exercised	(10,050)	$	8.29

Outstanding September 30, 2020	49,300	$	14.57	2.06	$	423,463
Vested and Expected to Vest at September 30,2020	49,300	$	14.57	2.06	$	423,463
Exercisable at September 30, 2020	49,300	$	14.57	2.06	$	423,463

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Corporation's closing stock price on the last trading day of the first nine months of 2020 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their stock options on September 30, 2020. The amount of aggregate intrinsic value will change based on the fair market value of the Corporation's common stock.

The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2020 and 2019 was $197,000 and $355,000, respectively. Cash receipts of stock options exercised during this same period were $83,000 and $121,000, respectively.

The following table summarizes information on unvested RSAs outstanding as of September 30, 2020:


	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested RSAs at January 1, 2020	351,048	$	40.67
Granted	135,292	$	26.89
Vested	(116,520)	$	40.46
Forfeited	(525)	$	40.44
Unvested RSAs at September 30, 2020	369,295	$	36.17

The grant date fair value of ESPP options was estimated to be approximately $23,000 at the beginning of the July 1, 2020 quarterly offering period. The ESPP options vested during the three months ending September 30, 2020, leaving no unrecognized compensation expense related to unvested ESPP options at September 30, 2020.

Income Tax

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Income Tax

INCOME TAX

The following table summarizes the major components creating differences between income taxes at the federal statutory and the effective tax rate recorded in the consolidated statements of income for the three and nine months ended September 30, 2020 and 2019:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019








Reconciliation of Federal Statutory to Actual Tax Expense:
Federal statutory income tax at 21%	$	8,785		$	9,050		$	24,612		$	28,908
Tax-exempt interest income	(3,403)			(2,637)			(9,624)			(7,307)

Share-based compensation	382			(11)			376			(402)
Tax-exempt earnings and gains on life insurance	(246)			(241)			(810)			(647)
Tax credits	(55)			(61)			(205)			(202)
CARES Act - NOL carryback rate differential	—			—			(1,178)			—
Other	158			237			563			677
Actual Tax Expense	$	5,621		$	6,337		$	13,734		$	21,027

Effective Tax Rate	13.4		%	14.7		%	11.7		%	15.3		%

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Net Income Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Net Income Per Share

NET INCOME PER SHARE

Basic net income per share is computed by dividing net income by the weighted-average shares outstanding during the reporting period. Diluted net income per share is computed by dividing net income by the combination of the weighted-average shares outstanding during the reporting period and all potentially dilutive common shares. Potentially dilutive common shares include stock options and RSAs issued under the Corporation's share-based compensation plans. Potentially dilutive common shares are excluded from the computation of diluted earnings per share in the periods where the effect would be antidilutive.

The following table reconciles basic and diluted net income per share for the three and nine months ended September 30, 2020 and 2019.


	Three Months Ended September 30,
	2020					2019
	Net Income		Weighted-Average Shares	Per Share Amount		Net Income		Weighted-Average Shares	Per Share Amount
Net income available to common stockholders	$	36,210	53,843,508	$	0.67	$	36,757	51,433,227	$	0.71
Effect of potentially dilutive stock options and restricted stock awards			127,090					136,330
Diluted net income per share	$	36,210	53,970,598	$	0.67	$	36,757	51,569,557	$	0.71


	Nine Months Ended September 30,
	2020					2019
	Net Income		Weighted-Average Shares	Per Share Amount		Net Income		Weighted-Average Shares	Per Share Amount
Net income available to common stockholders	$	103,465	54,111,848	$	1.91	$	116,630	50,085,701	$	2.33
Effect of potentially dilutive stock options and restricted stock awards			166,034					141,679
Diluted net income per share	$	103,465	54,277,882	$	1.91	$	116,630	50,227,380	$	2.32

For the three and nine months ended September 30, 2020 and 2019, there were no stock options with an option price greater than the average market price of the common shares.

General Litigation and Regulatory Examinations	9 Months Ended
General Litigation and Regulatory Examinations	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
General Litigation and Regulatory Examinations	GENERAL LITIGATION AND REGULATORY EXAMINATIONS The Corporation is subject to claims and lawsuits that arise primarily in the ordinary course of business. Additionally, the Corporation is subject to periodic examinations by various regulatory agencies. It is the general opinion of management that the disposition or ultimate resolution of such claims, lawsuits, and examinations will not have a material adverse effect on the consolidated financial position, results of operations and cash flow of the Corporation.

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENT On November 6, 2020, the Bank entered into a definitive agreement with Hoosier Trust Company, an Indiana trust company (“Hoosier”), pursuant to which Hoosier will merge with and into the Bank. The consideration to be paid to the shareholders of Hoosier at closing is $3,225,000 in cash. The merger, which remains subject to required regulatory approvals, is expected to close in the first quarter of 2021.

General (Policies)	9 Months Ended
General (Policies)	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Changes Adopted in 2020 and New Accounting Pronouncements Not Yet Adopted	Recent Accounting Changes Adopted in 2020 FASB Accounting Standards Updates No. 2018-15 - Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract Summary - The FASB issued Accounting Standards Update (ASU) No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which reduces complexity for the accounting for costs of implementing a cloud computing service arrangement. This standard aligns the accounting for implementation costs of hosting arrangements, regardless of whether they convey a license to the hosted software. The ASU aligns the following requirements for capitalizing implementation costs: •Those incurred in a hosting arrangement that is a service contract, and •Those incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). For calendar-year public companies, the changes were effective for fiscal years beginning after December 15, 2019. The Corporation adopted the standard in the first quarter of 2020 and adoption of the standard did not have a significant effect on the Corporation’s consolidated financial statements. FASB Accounting Standards Updates No. 2018-14 - Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans Summary - The FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans, that applies to all employers that sponsor defined benefit pension or other postretirement plans. The amendments modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Disclosure Requirements Deleted •The amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year. •The amount and timing of plan assets expected to be returned to the employer. •Related party disclosures about the amount of future annual benefits covered by insurance and annuity contracts and significant transactions between the employer or related parties and the plan. •For public entities, the effects of a one-percentage-point change in assumed health care cost trend rates on the (a) aggregate of the service and interest cost components of net periodic benefit costs and (b) benefit obligation for postretirement health care benefits. Disclosure Requirements Added •An explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. The amendments also clarify the disclosure requirements in paragraph 715-20-50-3, which state that the following information for defined benefit pension plans should be disclosed: •The projected benefit obligation (PBO) and fair value of plan assets for plans with PBOs in excess of plan assets, and •The accumulated benefit obligation (ABO) and fair value of plan assets for plans with ABOs in excess of plan assets. ASU No. 2018-14 is effective for fiscal years ending after December 15, 2020, for public business entities and for fiscal years ending after December 15, 2021, for all other entities. Early adoption is permitted for all entities. The Corporation adopted the standard in the first quarter of 2020 and adoption of the standard did not have a significant effect on the Corporation’s consolidated financial statements. FASB Accounting Standards Updates No. 2018-13 - Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement Summary - The FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. ASU No. 2018-13 modifies the disclosure requirements on fair value measurements in Topic 820. Certain disclosure requirements related to transfers between Level 1 and Level 2 of the fair value hierarchy and Level 3 valuation process were removed from Topic 820. Disclosures were also added to Topic 820 for changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. In addition, the amendments eliminate "at a minimum" from the phrase “an entity shall disclose at a minimum” to promote the appropriate exercise of discretion by entities when considering fair value measurement disclosures and to clarify that materiality is an appropriate consideration of entities and their auditors when evaluating disclosure requirements. The amendments in ASU No. 2018-13 were effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty were applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments were applied retrospectively to all periods presented upon their effective date. Early adoption was permitted. An entity was permitted to early adopt any removed or modified disclosures upon issuance of ASU No. 2018-13 and delay adoption of the additional disclosures until their effective date. The Corporation adopted the standard in the first quarter of 2020 and adoption of the standard did not have a significant effect on the Corporation’s disclosures. FASB Accounting Standards Updates No. 2017-04 - Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. Summary - The FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill, which simplifies how an entity is required to test goodwill for impairment. To simplify the subsequent measurement of goodwill, the ASU eliminates Step 2 from the goodwill impairment test. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, the income tax effects of tax deductible goodwill on the carrying amount of the reporting unit should be considered when measuring the goodwill impairment loss, if applicable. The amendments also eliminate the requirements for any reporting unit with a zero or negative carrying amount to perform Step 2 of the goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the qualitative impairment test is necessary. The amendments were applied on a prospective basis. The Corporation adopted ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill, January 1, 2020 and assessed the recent economic impact and market conditions from the COVID-19 pandemic. At September 30, 2020, the Corporation performed a goodwill impairment test which included various valuation considerations including comparable peer data, precedent transaction comparables, discounted cash flow analysis, overall financial performance, share price of the Corporation's common stock and other factors. The testing resulted in a conclusion that it was not more likely than not that the fair value of the Corporation had declined below its carrying value; therefore, goodwill was not impaired at September 30, 2020. Goodwill assessments are highly sensitive to economic projections and the related assumptions used by management. In the event of a prolonged economic downturn or further deterioration in the economic outlook, continued assessments of our goodwill balance will likely be required in future periods. Details of the goodwill impairment test are included in NOTE 6. GOODWILL of these Notes to Consolidated Condensed Financial Statements. Guidance on Non-TDR Loan Modifications due to COVID-19 On March 22, 2020, a statement was issued by the Bank's banking regulators and titled the “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus” (the "Interagency Statement") that encourages financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations due to the effects of COVID-19. Additionally, Section 4013 of the CARES Act further provides that a qualified loan modification is exempt by law from classification as a troubled debt restructure as defined by GAAP, from the period beginning March 1, 2020 until the earlier of December 31, 2020 or the date that is 60 days after the date on which the national emergency concerning the COVID-19 outbreak under the National Emergencies Act (50 U.S.C. 1601 et seq.) terminates. The Interagency Statement was subsequently revised on April 7, 2020 to clarify the interaction of the original guidance with Section 4013 of the CARES Act, as well as setting forth the banking regulators’ views on consumer protection considerations. In accordance with such guidance, the Bank has offered short-term modifications made in response to COVID-19 to borrowers who were current and otherwise not past due. These included short-term, 180 days or less, modifications in the form of payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. As of September 30, 2020, approximately $176 million of loan balances remained in deferral. Details of the Corporation's modifications are included in the "LOAN QUALITY/PROVISION FOR LOAN LOSSES" section of Management's Discussion and Analysis of Financial Condition and Results of Operations of this Form 10-Q. New Accounting Pronouncements Not Yet Adopted The Corporation continually monitors potential accounting changes and pronouncements. The following pronouncements have been deemed to have the most applicability to the Corporation's financial statements: FASB Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Summary - The FASB issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This new guidance was issued to address concerns that current generally accepted accounting principles (GAAP) restricts the ability to record credit losses that are expected, but do not yet meet the “probable” threshold by replacing the current “incurred loss” model for recognizing credit losses with an “expected life of loan loss” model referred to as the Current Expected Credit Loss (CECL) model. Under the CECL model, certain financial assets carried at amortized cost, such as loans held for investment and held-to-maturity debt securities, are required to be presented at the net amount expected to be collected. The measurement of expected credit losses is to be based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. This measurement will take place at the time the financial asset is first added to the balance sheet and periodically thereafter. This differs significantly from the “incurred loss” model required under current GAAP, which delays recognition until it is probable a loss has been incurred. The change could materially affect how the allowance for loan losses is determined and cause a charge/credit to earnings through the provision for loan losses. Such could create volatility in earnings and could adversely affect the financial condition of the Corporation. The ASU is effective for SEC filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Pursuant to the CARES Act and the related joint statement of federal banking regulators (which also became effective as of March 27, 2020), and consistent with guidance from the SEC and FASB, the Corporation has elected to delay implementation of ASU No. 2016-13, which would have become effective for the Corporation as of January 1, 2020. As discussed above, ASU No. 2016-13 provides for the replacement of the incurred loss model for recording the allowance for loan losses with CECL. However, as a result of the Corporation’s election, its first, second and third quarter 2020 financial statements have been prepared under the existing incurred loss model. As the temporary relief applicable to the Corporation’s compliance with CECL will end no later than December 31, 2020, the Corporation will implement CECL during the fourth quarter of 2020. The Corporation has developed models that satisfy the requirements of the new standard which will be governed by a system of internal controls and a cross-functional working group consisting of accounting, finance, and credit administration personnel. The loan portfolio was pooled into ten loan segments with similar risk characteristics for which the probability of default/loss given default methodology will be applied. The Corporation intends to utilize a one-year economic forecast period then revert to historical macroeconomic levels for the remaining life of the portfolio. A baseline macroeconomic scenario, along with other scenarios, will be used to develop a range of estimated credit losses for which to determine the best estimate within. The Corporation will record a one-time cumulative-effect adjustment to retained earnings, net of income taxes, on the consolidated balance sheet as of the beginning of the adoption period. If adopted with retrospective measurement to January 1, 2020, the allowance will increase by 55-65 percent from December 31, 2019 because it will cover expected credit losses over the life of the loan portfolio, which approximates four years, and it includes all purchased loans that were previously excluded from the allowance for loan losses calculation. CECL also requires the establishment of a reserve for potential losses from unfunded commitments that is recorded in other liabilities, separate from allowance for credit losses, which is estimated to be approximately $18 million. FASB Accounting Standards Update No. 2019-11 - Codification Improvements to (Topic 326): Financial Instruments - Credit Losses Summary - The FASB issued ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments - Credit Losses in order to address issues raised by stakeholders during the implementation of ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments. Among other narrow-scope improvements, the new ASU clarifies guidance around how to report expected recoveries. “Expected recoveries” describes a situation in which an organization recognizes a full or partial write-off of the amortized cost basis of a financial asset, but then later determines that the amount written off, or a portion of that amount, will in fact be recovered. While applying the credit losses standard, stakeholders questioned whether expected recoveries were permitted on assets that had already shown credit deterioration at the time of purchase (also known as PCD assets). In response to this question, the ASU permits organizations to record expected recoveries on PCD assets. In addition to other narrow technical improvements, the ASU also reinforces existing guidance that prohibits organizations from recording negative allowances for available-for-sale debt securities. The ASU includes effective dates and transition requirements that vary depending on whether or not an entity has already adopted ASU No. 2016-13. As discussed above, pursuant to the CARES Act, the Corporation elected to defer the adoption of CECL. As the temporary relief applicable to the Corporation’s compliance with CECL will end no later than December 31, 2020, the Corporation will implement CECL during the fourth quarter of 2020. FASB Accounting Standards Updates - No. 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Summary - The FASB issued ASU No. 2020-04 to provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. LIBOR and other interbank offered rates are widely used benchmarks or reference rates in the United States and globally. Trillions of dollars in loans, derivatives, and other financial contracts reference LIBOR, the benchmark interest rate banks use to make short-term loans to each other. With global capital markets expected to move away from LIBOR and other interbank offered rates and move toward rates that are more observable or transaction based and less susceptible to manipulation, the FASB launched a broad project in late 2018 to address potential accounting challenges expected to arise from the transition. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. Entities may apply this ASU as of the beginning of an interim period that includes the March 12, 2020 issuance date of the ASU, through December 31, 2022. The Corporation expects to adopt the practical expedients included in the ASU prior to December 31, 2022. The Corporation is implementing a transition plan to identify and modify its loans and other financial instruments with attributes that are either directly or indirectly influenced by LIBOR. The Corporation is assessing ASU 2020-04 and its impact on the Corporation's transition away from LIBOR for its loans and other financial instruments.

Acquisition (Tables)

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Schedule of preliminary valuations of the fair value of assets acquired and liabilities assumed

Based on valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on assumptions that are subject to change based on the timing of the transaction, the purchase price for the MBT acquisition is detailed in the following table.


	Fair Value
Cash and cash equivalents	$	10,222
Interest-bearing time deposits	281,228
Investment securities	212,235

Loans	732,578
Premises and equipment	21,664
Federal Home Loan Bank stock	4,148
Interest receivable	3,361
Cash surrender value of life insurance	59,545
Tax asset, deferred and receivable	5,205
Other assets	6,011
Deposits	(1,105,926)
Securities sold under repurchase agreements	(94,760)
Federal Home Loan Bank advances	(10,853)
Other liabilities	(9,807)
Net tangible assets acquired	114,851
Core deposit intangible	16,527
Goodwill	98,563
Purchase price	$	229,941

Schedule of acquired loan data

Acquired loan data for MBT is included in the following table:


	Fair Value of Acquired Loans at Acquisition Date		Gross Contractual Amounts Receivable at Acquisition Date		Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected
Acquired receivables subject to ASC 310-30	$	3,531	$	6,840	$	2,733
Acquired receivables not subject to ASC 310-30	$	729,047	$	907,210	$	14,722


	MBT
Contractually required payments receivable at acquisition date	$	6,840
Nonaccretable difference	2,733
Expected cash flows at acquisition date	4,107
Accretable difference	576
Basis in loans at acquisition date	$	3,531

Schedule of pro forma financial information


	2019
Total revenue (net interest income plus other income)	$	474,891
Net income available to common shareholders	$	161,228
Earnings per share:
Basic	$	2.89
Diluted	$	2.88

Investment Securities (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of amortized cost, gross unrealized gains, gross unrealized losses and approximate fair value of investment securities

The amortized cost, gross unrealized gains, gross unrealized losses and approximate market value of the Corporation's investment securities at the dates indicated were:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale at September 30, 2020
U.S. Treasury	$	300	$	—	$	—	$	300
U.S. Government-sponsored agency securities	2,384		60		—		2,444
State and municipal	1,074,381		72,752		187		1,146,946
U.S. Government-sponsored mortgage-backed securities	645,089		25,306		—		670,395
Corporate obligations	4,031		44		—		4,075

Total available for sale	1,726,185		98,162		187		1,824,160
Held to maturity at September 30, 2020
U.S. Government-sponsored agency securities	21,094		2		33		21,063
State and municipal	573,538		25,880		1,240		598,178
U.S. Government-sponsored mortgage-backed securities	512,994		18,788		3		531,779
Foreign investment	1,500		—		2		1,498
Total held to maturity	1,109,126		44,670		1,278		1,152,518
Total Investment Securities	$	2,835,311	$	142,832	$	1,465	$	2,976,678


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale at December 31, 2019
U.S. Government-sponsored agency securities	$	38,529	$	346	$	—	$	38,875
State and municipal	859,511		41,092		807		899,796
U.S. Government-sponsored mortgage-backed securities	842,349		10,378		1,404		851,323
Corporate obligations	31		—		—		31

Total available for sale	1,740,420		51,816		2,211		1,790,025
Held to maturity at December 31, 2019
U.S. Government-sponsored agency securities	15,619		1		37		15,583
State and municipal	354,115		15,151		107		369,159
U.S. Government-sponsored mortgage-backed securities	434,804		6,921		401		441,324
Foreign investment	1,500		—		—		1,500
Total held to maturity	806,038		22,073		545		827,566
Total Investment Securities	$	2,546,458	$	73,889	$	2,756	$	2,617,591

Schedule of amortized cost and fair value of available for sale securities and held to maturity securities


	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturity Distribution at September 30, 2020:
Due in one year or less	$	1,649	$	1,659	$	9,677	$	9,758
Due after one through five years	4,571		4,728		25,872		26,925
Due after five through ten years	58,644		61,968		106,342		112,055
Due after ten years	1,016,232		1,085,410		454,241		472,001
	1,081,096		1,153,765		596,132		620,739
U.S. Government-sponsored mortgage-backed securities	645,089		670,395		512,994		531,779

Total Investment Securities	$	1,726,185	$	1,824,160	$	1,109,126	$	1,152,518


	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturity Distribution at December 31, 2019
Due in one year or less	$	1,134	$	1,136	$	9,920	$	10,105
Due after one through five years	5,031		5,141		45,197		45,654
Due after five through ten years	74,745		76,920		84,153		88,844
Due after ten years	817,161		855,505		231,964		241,639
	898,071		938,702		371,234		386,242
U.S. Government-sponsored mortgage-backed securities	842,349		851,323		434,804		441,324

Total Investment Securities	$	1,740,420	$	1,790,025	$	806,038	$	827,566

Schedule of gross gains on sales and redemptions of available for sale securities

Gross gains on the sales and redemptions of available for sale securities for the three and nine months ended September 30, 2020 and 2019 are shown below.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Sales and Redemptions of Available for Sale Securities:
Gross gains	$	1,836	$	393	$	9,516	$	3,376
Gross losses	19		—		19		—

Schedule of investment securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position


	Less than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Temporarily Impaired Available for Sale Securities at September 30, 2020

State and municipal	$	22,515	$	187	$	—	$	—	$	22,515	$	187

Total Temporarily Impaired Available for Sale Securities	22,515		187		—		—		22,515		187
Temporarily Impaired Held to Maturity Securities at September 30,2020
U.S. Government-sponsored agency securities	20,961		33		—		—		20,961		33
State and municipal	101,136		1,240		—		—		101,136		1,240
U.S. Government-sponsored mortgage-backed securities	10,284		3		—		—		10,284		3

Foreign investment	1,498		2		—		—		1,498		2
Total Temporarily Impaired Held to Maturity Securities	133,879		1,278		—		—		133,879		1,278
Total Temporarily Impaired Investment Securities	$	156,394	$	1,465	$	—	$	—	$	156,394	$	1,465


	Less than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Temporarily Impaired Available for Sale Securities at December 31, 2019

State and municipal	$	76,273	$	807	$	—	$	—	$	76,273	$	807
U.S. Government-sponsored mortgage-backed securities	127,673		1,326		20,796		78		148,469		1,404

Total Temporarily Impaired Available for Sale Securities	203,946		2,133		20,796		78		224,742		2,211
Temporarily Impaired Held to Maturity Securities at December 31, 2019
U.S. Government-sponsored agency securities	3,016		4		12,467		33		15,483		37
State and municipal	22,947		107		—		—		22,947		107
U.S. Government-sponsored mortgage-backed securities	124,253		364		7,991		37		132,244		401

Total Temporarily Impaired Held to Maturity Securities	150,216		475		20,458		70		170,674		545
Total Temporarily Impaired Investment Securities	$	354,162	$	2,608	$	41,254	$	148	$	395,416	$	2,756

Schedule of investments in debt and equity securities reported in the financial statements at an amount less than their historical cost

Certain investments in debt and equity securities are reported in the financial statements at an amount less than their historical cost as indicated in the table below.


	September 30, 2020			December 31, 2019
Investments reported at less than historical cost:
Historical cost	$	157,859		$	398,172
Fair value	156,394			395,416
Gross unrealized losses	$	1,465		$	2,756
Percent of the Corporation's investment portfolio	9.4		%	15.2		%

Loans and Allowance (Tables)

9 Months Ended

Sep. 30, 2020

Receivables [Abstract]

Schedule of composition of loan portfolio by loan class

The following table illustrates the composition of the Corporation’s loan portfolio by loan class for the periods indicated:


	September 30, 2020		December 31, 2019
Commercial and industrial loans	$	2,875,331	$	2,109,879
Agricultural production financing and other loans to farmers	83,090		93,861
Real estate loans:
Construction	622,084		787,568
Commercial and farmland	3,248,506		3,052,698
Residential	1,146,406		1,143,217
Home equity	527,458		588,984
Individuals' loans for household and other personal expenditures	125,411		135,989

Public finance and other commercial loans	615,547		547,114
Loans	9,243,833		8,459,310
Allowance for loan losses	(126,726)		(80,284)
Net Loans	$	9,117,107	$	8,379,026

Schedule of changes in allowance for loan losses

The following tables summarize changes in the allowance for loan losses by loan segment for the three and nine months ended September 30, 2020 and September 30, 2019:


	Three Months Ended September 30, 2020
	Commercial		Commercial Real Estate		Consumer		Residential		Total
Allowance for loan losses:
Balances, June 30, 2020	$	44,678	$	46,918	$	8,445	$	21,078	$	121,119
Provision for losses	7,299		2,990		971		1,284		12,544
Recoveries on loans	197		46		54		130		427
Loans charged off	(6,827)		—		(92)		(445)		(7,364)
Balances, September 30, 2020	$	45,347	$	49,954	$	9,378	$	22,047	$	126,726


	Nine Months Ended September 30, 2020
	Commercial		Commercial Real Estate		Consumer		Residential		Total
Allowance for loan losses:
Balances, December 31, 2019	$	32,902	$	28,778	$	4,035	$	14,569	$	80,284
Provision for losses	19,240		21,129		5,678		8,144		54,191
Recoveries on loans	746		271		152		248		1,417
Loans charged off	(7,541)		(224)		(487)		(914)		(9,166)
Balances, September 30, 2020	$	45,347	$	49,954	$	9,378	$	22,047	$	126,726


	Three Months Ended September 30, 2019
	Commercial		Commercial Real Estate		Consumer		Residential		Total
Allowance for loan losses:
Balances, June 30, 2019	$	33,202	$	29,531	$	4,070	$	14,471	$	81,274
Provision for losses	130		370		40		60		600
Recoveries on loans	149		143		105		199		596
Loans charged off	(480)		(1,078)		(109)		(232)		(1,899)
Balances, September 30, 2019	$	33,001	$	28,966	$	4,106	$	14,498	$	80,571


	Nine Months Ended September 30, 2019
	Commercial		Commercial Real Estate		Consumer		Residential		Total
Allowance for loan losses:
Balances, December 31, 2018	$	32,657	$	29,609	$	3,964	$	14,322	$	80,552
Provision for losses	466		1,459		181		194		2,300
Recoveries on loans	1,035		1,166		323		511		3,035
Loans charged off	(1,157)		(3,268)		(362)		(529)		(5,316)
Balances, September 30, 2019	$	33,001	$	28,966	$	4,106	$	14,498	$	80,571

Schedule of allowance for credit losses and loan portfolio by loan segment

The tables below show the Corporation’s allowance for loan losses and loan portfolio by loan segment as of the periods indicated.


	September 30, 2020
	Commercial		Commercial Real Estate		Consumer		Residential		Total
Allowance Balances:
Individually evaluated for impairment	$	601	$	7,981	$	—	$	557	$	9,139
Collectively evaluated for impairment	44,746		41,973		9,378		21,490		117,587

Total Allowance for Loan Losses	$	45,347	$	49,954	$	9,378	$	22,047	$	126,726
Loan Balances:
Individually evaluated for impairment	$	4,837	$	44,203	$	3	$	3,441	$	52,484
Collectively evaluated for impairment	3,568,432		3,819,629		125,408		1,670,423		9,183,892
Loans acquired with deteriorated credit quality	699		6,758		—		—		7,457
Loans	$	3,573,968	$	3,870,590	$	125,411	$	1,673,864	$	9,243,833


	December 31, 2019
	Commercial		Commercial Real Estate		Consumer		Residential		Total
Allowance Balances:
Individually evaluated for impairment	$	—	$	231	$	—	$	458	$	689
Collectively evaluated for impairment	32,902		28,547		4,035		14,111		79,595

Total Allowance for Loan Losses	$	32,902	$	28,778	$	4,035	$	14,569	$	80,284
Loan Balances:
Individually evaluated for impairment	$	457	$	8,728	$	4	$	2,520	$	11,709
Collectively evaluated for impairment	2,748,681		3,821,660		135,985		1,727,966		8,434,292
Loans acquired with deteriorated credit quality	1,716		9,878		—		1,715		13,309
Loans	$	2,750,854	$	3,840,266	$	135,989	$	1,732,201	$	8,459,310

Schedule of non-accrual loans by loan class

The following table summarizes the Corporation’s non-accrual loans by loan class as of the periods indicated:


	September 30, 2020		December 31, 2019
Commercial and industrial loans	$	5,947	$	1,255
Agriculture production financing and other loans to farmers	—		183
Real estate loans:
Construction	126		977
Commercial and farmland	43,030		7,007
Residential	4,914		5,062
Home equity	2,674		1,421
Individuals' loans for household and other personal expenditures	48		44

Public finance and other commercial loans	—		—
Total	$	56,739	$	15,949

Schedule of composition of impaired loans by loan class

The following tables show the composition of the Corporation’s impaired loans, related allowance and interest income recognized while impaired by loan class as of the periods indicated:


	September 30, 2020
	Unpaid Principal Balance		Recorded Investment		Related Allowance
Impaired loans with no related allowance:
Commercial and industrial loans	$	10,975	$	3,819	$	—
Agriculture production financing and other loans to farmers	63		—		—
Real estate Loans:

Commercial and farmland	12,385		10,782		—
Residential	74		58		—

Individuals' loans for household and other personal expenditures	3		3		—

Total	$	23,500	$	14,662	$	—
Impaired loans with related allowance:
Commercial and industrial loans	$	1,019	$	1,018	$	601

Real estate Loans:

Commercial and farmland	34,207		33,421		7,981
Residential	3,045		2,908		475
Home equity	501		475		82


Total	$	38,772	$	37,822	$	9,139
Total Impaired Loans	$	62,272	$	52,484	$	9,139


	December 31, 2019
	Unpaid Principal Balance		Recorded Investment		Related Allowance
Impaired loans with no related allowance:
Commercial and industrial loans	$	320	$	320	$	—
Agriculture production financing and other loans to farmers	299		137		—
Real estate Loans:
Construction	1,206		970		—
Commercial and farmland	8,037		5,849		—
Residential	93		76		—



Total	$	9,955	$	7,352	$	—
Impaired loans with related allowance:


Real estate Loans:

Commercial and farmland	$	2,648	$	1,909	$	231
Residential	2,070		2,044		383
Home equity	417		400		75
Individuals' loans for household and other personal expenditures	4		4		—

Total	$	5,139	$	4,357	$	689
Total Impaired Loans	$	15,094	$	11,709	$	689


	Three Months Ended September 30, 2020				Nine Months Ended September 30, 2020
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Impaired loans with no related allowance:
Commercial and industrial loans	$	8,625	$	—	$	9,225	$	—

Real estate Loans:

Commercial and farmland	10,812		37		11,059		113
Residential	58		1		59		2

Individuals' loans for household and other personal expenditures	3		—		3		—

Total	$	19,498	$	38	$	20,346	$	115
Impaired loans with related allowance:
Commercial and industrial loans	$	1,018	$	—	$	1,018	$	—

Real estate Loans:

Commercial and farmland	33,390		—		33,543		—
Residential	2,921		18		2,951		53
Home equity	482		4		488		11


Total	$	37,811	$	22	$	38,000	$	64
Total Impaired Loans	$	57,309	$	60	$	58,346	$	179


	Three Months Ended September 30, 2019				Nine Months Ended September 30, 2019
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Impaired loans with no related allowance:
Commercial and industrial loans	$	877	$	—	$	881	$	—
Agriculture production financing and other loans to farmers	1,012		—		1,014		—
Real estate Loans:
Construction	—		—		339		—
Commercial and farmland	8,075		39		8,651		117
Residential	189		—		190		2



Total	$	10,153	$	39	$	11,075	$	119
Impaired loans with related allowance:
Commercial and industrial loans	$	329	$	—	$	329	$	—
Agriculture production financing and other loans to farmers	2,100		—		2,123		—
Real estate Loans:

Commercial and farmland	1,324		—		1,324		—
Residential	2,072		15		2,095		47
Home equity	346		3		350		9
Individuals' loans for household and other personal expenditures	4		—		5		—

Total	$	6,175	$	18	$	6,226	$	56
Total Impaired Loans	$	16,328	$	57	$	17,301	$	175

Schedule of credit quality of loan portfolio by loan class


	September 30, 2020
	Commercial Pass		Commercial Special Mention		Commercial Substandard		Commercial Doubtful		Commercial Loss		Consumer Performing		Consumer Non-Performing		Total
Commercial and industrial loans	$	2,651,863	$	130,786	$	92,682	$	—	$	—	$	—	$	—	$	2,875,331
Agriculture production financing and other loans to farmers	70,380		4,810		7,900		—		—		—		—		83,090
Real estate Loans:
Construction	570,635		10,830		14,362		—		—		26,135		122		622,084
Commercial and farmland	3,018,791		109,661		118,721		—		—		1,333		—		3,248,506
Residential	195,916		1,522		6,337		—		—		938,731		3,900		1,146,406
Home equity	14,218		57		929		—		—		509,676		2,578		527,458
Individuals' loans for household and other personal expenditures	—		—		—		—		—		125,363		48		125,411

Public finance and other commercial loans	615,473		74		—		—		—		—		—		615,547
Loans	$	7,137,276	$	257,740	$	240,931	$	—	$	—	$	1,601,238	$	6,648	$	9,243,833


	December 31, 2019
	Commercial Pass		Commercial Special Mention		Commercial Substandard		Commercial Doubtful		Commercial Loss		Consumer Performing		Consumer Non-Performing		Total
Commercial and industrial loans	$	1,956,985	$	81,179	$	71,715	$	—	$	—	$	—	$	—	$	2,109,879
Agriculture production financing and other loans to farmers	78,558		5,626		9,677		—		—		—		—		93,861
Real estate Loans:
Construction	749,249		1,613		1,634		—		—		35,072		—		787,568
Commercial and farmland	2,894,366		57,776		98,575		—		—		1,981		—		3,052,698
Residential	196,710		877		8,075		—		—		932,743		4,812		1,143,217
Home equity	24,211		257		682		—		—		562,507		1,327		588,984
Individuals' loans for household and other personal expenditures	—		—		—		—		—		135,944		45		135,989

Public finance and other commercial loans	547,114		—		—		—		—		—		—		547,114
Loans	$	6,447,193	$	147,328	$	190,358	$	—	$	—	$	1,668,247	$	6,184	$	8,459,310

Schedule of past due aging of loan portfolio by loan class

The tables below show a past due aging of the Corporation’s loan portfolio, by loan class, as of September 30, 2020, and December 31, 2019:


	September 30, 2020
	Current		30-59 Days Past Due		60-89 Days Past Due		Loans 90 Days or More Past Due And Accruing		Non-Accrual		Total Past Due & Non-Accrual		Total
Commercial and industrial loans	$	2,864,852	$	4,529	$	—	$	3	$	5,947	$	10,479	$	2,875,331
Agriculture production financing and other loans to farmers	81,990		—		—		1,100		—		1,100		83,090
Real estate loans:
Construction	614,383		7,575		—		—		126		7,701		622,084
Commercial and farmland	3,194,394		964		9,978		140		43,030		54,112		3,248,506
Residential	1,137,688		2,743		1,000		61		4,914		8,718		1,146,406
Home equity	522,680		1,467		611		26		2,674		4,778		527,458
Individuals' loans for household and other personal expenditures	124,926		249		188		—		48		485		125,411

Public finance and other commercial loans	615,547		—		—		—		—		—		615,547
Loans	$	9,156,460	$	17,527	$	11,777	$	1,330	$	56,739	$	87,373	$	9,243,833


	December 31, 2019
	Current		30-59 Days Past Due		60-89 Days Past Due		Loans 90 Days or More Past Due And Accruing		Non-Accrual		Total Past Due & Non-Accrual		Total
Commercial and industrial loans	$	2,105,445	$	3,039	$	136	$	4	$	1,255	$	4,434	$	2,109,879
Agriculture production financing and other loans to farmers	93,678		—		—		—		183		183		93,861
Real estate loans:
Construction	784,961		1,630		—		—		977		2,607		787,568
Commercial and farmland	3,043,318		2,324		49		—		7,007		9,380		3,052,698
Residential	1,133,476		4,290		367		22		5,062		9,741		1,143,217
Home equity	584,023		2,960		538		42		1,421		4,961		588,984
Individuals' loans for household and other personal expenditures	135,399		440		105		1		44		590		135,989

Public finance and other commercial loans	547,114		—		—		—		—		—		547,114
Loans	$	8,427,414	$	14,683	$	1,195	$	69	$	15,949	$	31,896	$	8,459,310

Schedules of troubled debt restructurings

The following tables summarize troubled debt restructures at the time of modification that occurred during the periods indicated:


	Three Months Ended September 30, 2020					Nine Months Ended September 30, 2020
	Pre-Modification Recorded Balance		Post-Modification Recorded Balance		Number of Loans	Pre-Modification Recorded Balance		Post-Modification Recorded Balance		Number of Loans
Commercial and industrial loans	$	—	$	—	—	$	654	$	654	3

Real estate loans:

Commercial and farmland	—		—		—	565		565		2
Residential	2,314		2,326		30	2,614		2,663		36
Home equity	307		307		2	307		307		2
Individuals' loans for household and other personal expenditures	19		19		2	19		19		2
Total	$	2,640	$	2,652	34	$	4,159	$	4,208	45


	Three Months Ended September 30, 2019					Nine Months Ended September 30, 2019
	Pre-Modification Recorded Balance		Post-Modification Recorded Balance		Number of Loans	Pre-Modification Recorded Balance		Post-Modification Recorded Balance		Number of Loans


Real estate loans:


Residential	$	195	$	185	3	$	456	$	439	8


Total	$	195	$	185	3	$	456	$	439	8

The following tables summarize by modification type, the recorded investment of troubled debt restructures as of September 30, 2020 and 2019, that occurred during the periods indicated:


	Three Months Ended September 30, 2020
	Term Modification		Rate Modification		Combination		Total Modification


Real estate loans:


Residential	$	2,266	$	51	$	—	$	2,317
Home equity	212		95		—		307
Individuals' loans for household and other personal expenditures	17		—		—		17
Total	$	2,495	$	146	$	—	$	2,641


	Nine Months Ended September 30, 2020
	Term Modification		Rate Modification		Combination		Total Modification
Commercial and industrial loans	$	585	$	—	$	—	$	585

Real estate loans:

Commercial and farmland	106		—		—		106
Residential	2,266		161		221		2,648
Home Equity	212		95		—		307
Individuals' loans for household and other personal expenditures	17		—		—		17
Total	$	3,186	$	256	$	221	$	3,663


	Three Months Ended September 30, 2019
	Term Modification		Rate Modification		Combination		Total Modification


Real estate loans:


Residential	$	—	$	—	$	184	$	184


Total	$	—	$	—	$	184	$	184


	Nine Months Ended September 30, 2019
	Term Modification		Rate Modification		Combination		Total Modification


Real estate loans:


Residential	$	—	$	88	$	345	$	433


Total	$	—	$	88	$	345	$	433

Schedule of troubled debt restructurings that subsequently defaulted

A loan is considered in default if it is 30-days or more past due.


	Three Months Ended September 30, 2020			Nine Months Ended September 30, 2020
	Number of Loans	Recorded Balance		Number of Loans	Recorded Balance
Commercial and industrial loans	1	$	317	2	$	585
Real estate loans:
Commercial and farmland	1	106		1	106



Total	2	$	423	3	$	691


	Three Months Ended September 30, 2019			Nine Months Ended September 30, 2019
	Number of Loans	Recorded Balance		Number of Loans	Recorded Balance

Real estate loans:
Commercial and farmland	1	$	85	1	$	85



Total	1	$	85	1	$	85

Purchased Credit Impaired Loans (Tables)

9 Months Ended

Sep. 30, 2020

Receivables [Abstract]

Schedule of accretable yield, or income expected to be collected, and reclassifications from nonaccretable yield

The accretable yield, or income expected to be collected, and reclassifications from nonaccretable, are identified in the table below.


	Three Months Ended September 30, 2020		Nine Months Ended September 30, 2020
Accretable yield beginning balance	$	1,546	$	2,132
Additions	—		$	—
Accretion	(793)		(2,211)
Reclassification from nonaccretable	511		1,350
Disposals	—		(7)
Accretable yield ending balance	$	1,264	$	1,264


	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Accretable yield beginning balance	$	1,914	$	2,143
Additions	576		576
Accretion	(420)		(1,638)
Reclassification from nonaccretable	374		1,363
Disposals	(165)		(165)
Accretable yield ending balance	$	2,279	$	2,279

Schedule of acquired loan data

Acquired loan data for MBT is included in the following table:


	Fair Value of Acquired Loans at Acquisition Date		Gross Contractual Amounts Receivable at Acquisition Date		Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected
Acquired receivables subject to ASC 310-30	$	3,531	$	6,840	$	2,733
Acquired receivables not subject to ASC 310-30	$	729,047	$	907,210	$	14,722


	MBT
Contractually required payments receivable at acquisition date	$	6,840
Nonaccretable difference	2,733
Expected cash flows at acquisition date	4,107
Accretable difference	576
Basis in loans at acquisition date	$	3,531

Goodwill (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill










	2019
Balance, January 1	$	445,355
Goodwill acquired	97,844

Measurement period adjustment	719
Balance, December 31	$	543,918

Core Deposit Intangibles (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of core deposit

The carrying basis and accumulated amortization of recognized core deposit intangibles are noted below.


	September 30, 2020		December 31, 2019
Gross carrying amount	$	102,396	$	85,869
Core deposit intangibles acquired	—		16,527


Accumulated amortization	(71,945)		(67,434)

Total core deposit intangibles	$	30,451	$	34,962

Schedule of estimated future amortization expense

Estimated future amortization expense is summarized as follows:


	Amortization Expense
2020	$	1,476
2021	5,429
2022	5,027
2023	4,827
2024	4,241
After 2024	9,451
	$	30,451

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value of derivative financial instruments and their classification on Balance Sheet

The table below presents the fair value of the Corporation’s derivative financial instruments, as well as their classification on the Balance Sheet, as of September 30, 2020, and December 31, 2019.

Asset Derivatives

Liability Derivatives

September 30, 2020

December 31, 2019

September 30, 2020

December 31, 2019

Balance
Sheet
Location

Fair
Value

Balance
Sheet
Location

Fair
Value

Balance
Sheet
Location

Fair
Value

Balance
Sheet
Location

Fair
Value

Derivatives designated as hedging instruments:

Interest rate contracts

Other Assets

—

Other Assets

—

Other Liabilities

2,244

Other Liabilities

1,444

Derivatives not designated as hedging instruments:

Interest rate contracts

Other Assets

82,010

Other Assets

27,855

Other Liabilities

82,010

Other Liabilities

27,855

Schedule of amount of gain (loss) recognized in other comprehensive income

The amount of gain (loss) recognized in other comprehensive income is included in the table below for the periods indicated.


Derivatives in Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative (Effective Portion)
	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Interest Rate Products	$	8	$	(178)	$	(1,451)	$	(1,270)

Schedule of derivative instruments, gain (loss) in Income Statement

The amount of gain (loss) reclassified from other comprehensive income into income is included in the table below for the periods indicated.

Derivatives Designated as
Hedging Instruments under
FASB ASC 815-10

Location of Gain (Loss)
Recognized Income on
Derivative

Amount of Gain (Loss) Reclassed from Other Comprehensive Income into Income (Effective Portion)

Three Months Ended
September 30, 2020

Three Months Ended
September 30, 2019

Interest rate contracts

Interest Expense

(294)

(104)

Derivatives Designated as
Hedging Instruments under
FASB ASC 815-10

Location of Gain (Loss)
Recognized Income on
Derivative

Amount of Gain (Loss) Reclassed from Other Comprehensive Income into Income (Effective Portion)

Nine Months Ended
September 30, 2020

Nine Months Ended
September 30, 2019

Interest rate contracts

Interest Expense

(651)

(247)

Disclosures About Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of fair value measurements of assets and liabilities recognized in Consolidated Condensed Balance Sheets measured at fair value


			Fair Value Measurements Using:
September 30, 2020	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Available for sale securities:
U.S. Treasury	$	300	$	—	$	300	$	—
U.S. Government-sponsored agency securities	2,444		—		2,444		—
State and municipal	1,146,946		—		1,144,494		2,452
U.S. Government-sponsored mortgage-backed securities	670,395		—		670,391		4
Corporate obligations	4,075		—		4,044		31
Interest rate swap asset	82,010		—		82,010		—
Interest rate swap liability	84,254		—		84,254		—


			Fair Value Measurements Using:
December 31, 2019	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Available for sale securities:

U.S. Government-sponsored agency securities	$	38,875	$	—	$	38,875	$	—
State and municipal	899,796		—		896,938		2,858
U.S. Government-sponsored mortgage-backed securities	851,323		—		851,319		4

Corporate obligations	31		—		—		31

Interest rate swap asset	27,855		—		27,855		—
Interest rate swap liability	29,299		—		29,299		—

Schedule of reconciliation of beginning and ending balances of recurring fair value measurements recognized in Consolidated Condensed Balance Sheets using significant unobservable Level 3 inputs

The following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the accompanying

balance sheets using significant unobservable Level 3 inputs for the three and nine months ended September 30, 2020 and 2019.


	Available for Sale Securities
	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Balance at beginning of the period	$	2,500	$	2,975	$	2,892	$	3,328


Included in other comprehensive income	75		6		25		85


Principal payments	(88)		(85)		(430)		(517)
Ending balance	$	2,487	$	2,896	$	2,487	$	2,896

Schedule of description of valuation methodologies used for instruments measured at fair value on a non-recurring basis and recognized in Consolidated Condensed Balance Sheets


			Fair Value Measurements Using
September 30, 2020	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Impaired loans (collateral dependent)	$	34,418	$	—	$	—	$	34,418
Other real estate owned	464		—		—		464


			Fair Value Measurements Using
December 31, 2019	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Impaired loans (collateral dependent)	$	5,653	$	—	$	—	$	5,653
Other real estate owned	194		—		—		194

Schedule of unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements other than goodwill

September 30, 2020

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted-Average)

State and municipal securities

2,452

Discounted cash flow

Maturity/Call date

1 month to 15 years

US Muni BQ curve

A- to BBB-

Discount rate

1.5% - 4%

Weighted-average coupon

Corporate obligations and U.S. Government-sponsored mortgage-backed securities

Discounted cash flow

Risk free rate

3 month LIBOR

plus premium for illiquidity

plus 200bps

Weighted-average coupon

—

Impaired loans (collateral dependent)

34,418

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

0% - 10%

Weighted-average discount by loan balance

Other real estate owned

464

Appraisals

Discount to reflect current market conditions

0% - 72%

Weighted-average discount of other real estate owned balance


December 31, 2019	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted-Average)
State and municipal securities	$	2,858	Discounted cash flow	Maturity/Call date	1 month to 15 years
				US Muni BQ curve	A- to BBB-
				Discount rate	2% - 5%
				Weighted-average coupon	4	%

Corporate obligations and U.S Government-sponsored mortgage-backed securities	$	35	Discounted cash flow	Risk free rate	3 month LIBOR
				plus premium for illiquidity	plus 200bps
				Weighted-average coupon	—	%

Impaired loans (collateral dependent)	$	5,653	Collateral based measurements	Discount to reflect current market conditions and ultimate collectability	0% - 10%
				Weighted-average discount by loan balance	1	%

Other real estate owned	$	194	Appraisals	Discount to reflect current market conditions	0% - 37%
				Weighted-average discount of other real estate owned balance	37	%

Schedule of estimated fair values of financial instruments


			September 30, 2020
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Carrying Amount		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and cash equivalents	$	164,632	$	164,632	$	—	$	—
Interest-bearing deposits	273,936		273,936		—		—
Investment securities available for sale	1,824,160		—		1,821,673		2,487
Investment securities held to maturity	1,109,126		—		1,131,014		21,504
Loans held for sale	3,183		—		3,183		—
Loans	9,117,107		—		—		9,198,466
Federal Home Loan Bank stock	28,736		—		28,736		—
Interest rate swap asset	82,010		—		82,010		—
Interest receivable	52,992		—		52,992		—
Liabilities:
Deposits	$	10,906,153	$	9,797,840	$	1,108,656	$	—
Borrowings:
Federal funds purchased	80,000		—		80,000		—
Securities sold under repurchase agreements	187,732		—		187,732		—
Federal Home Loan Bank advances	399,522		—		413,532		—
Subordinated debentures and other borrowings	118,320		—		108,427		—
Interest rate swap liability	84,254		—		84,254		—
Interest payable	5,038		—		5,038		—


			December 31, 2019
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Carrying Amount		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and cash equivalents	$	177,201	$	177,201	$	—	$	—
Interest-bearing deposits	118,263		118,263		—		—
Investment securities available for sale	1,790,025		—		1,787,132		2,893
Investment securities held to maturity	806,038		—		799,884		27,682
Loans held for sale	9,037		—		9,037		—
Loans	8,379,026		—		—		8,335,340
Federal Home Loan Bank stock	28,736		—		28,736		—
Interest rate swap asset	27,855		—		27,855		—
Interest receivable	48,901		—		48,901		—
Liabilities:
Deposits	$	9,839,956	$	8,146,745	$	1,675,202	$	—
Borrowings:
Federal funds purchased	55,000		—		55,000		—
Securities sold under repurchase agreements	187,946		—		187,801		—
Federal Home Loan Bank advances	351,072		—		352,581		—
Subordinated debentures and other borrowings	138,685		—		123,571		—
Interest rate swap liability	29,299		—		29,299		—
Interest payable	6,754		—		6,754		—

Transfers Accounted for as Secured Borrowings (Tables)

9 Months Ended

Sep. 30, 2020

Transfers and Servicing [Abstract]

Schedule of collateral pledged for all repurchase agreements accounted for as secured borrowings

The collateral pledged for all repurchase agreements that are accounted for as secured borrowings as of September 30, 2020 and December 31, 2019 were:


	September 30, 2020
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
U.S. Government-sponsored mortgage-backed securities	$	186,081	$	—	$	1,651	$	—	$	187,732


	December 31, 2019
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
U.S. Government-sponsored mortgage-backed securities	$	178,732	$	—	$	7,672	$	1,542	$	187,946

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Schedule of accumulated other comprehensive income (loss)

The following table summarizes the changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, as of September 30, 2020 and 2019:


	Accumulated Other Comprehensive Income (Loss)
	Unrealized Gains (Losses) on Securities Available for Sale		Unrealized Gains (Losses) on Cash Flow Hedges		Unrealized Gains (Losses) on Defined Benefit Plans		Total
Balance at December 31, 2019	$	38,872	$	(1,141)	$	(9,857)	$	27,874
Other comprehensive income before reclassifications	45,729		(1,146)		—		44,583
Amounts reclassified from accumulated other comprehensive income	(7,503)		514		—		(6,989)
Period change	38,226		(632)		—		37,594

Balance at September 30, 2020	$	77,098	$	(1,773)	$	(9,857)	$	65,468


Balance at December 31, 2018	$	(6,343)	$	(559)	$	(14,520)	$	(21,422)
Other comprehensive income before reclassifications	50,545		(1,003)		—		49,542
Amounts reclassified from accumulated other comprehensive income	(2,667)		195		—		(2,472)
Period change	47,878		(808)		—		47,070

Balance at September 30, 2019	$	41,535	$	(1,367)	$	(14,520)	$	25,648

Schedule of reclassification out of accumulated other comprehensive income (loss)


	Amount Reclassified from Accumulated Other Comprehensive Income (Loss) For the Three Months Ended September 30,
Details about Accumulated Other Comprehensive Income (Loss) Components	2020		2019		Affected Line Item in the Statements of Income
Unrealized gains (losses) on available for sale securities (1)
Realized securities gains reclassified into income	$	1,817	$	393	Other income - net realized gains on sales of available for sale securities
Related income tax expense	(382)		(83)		Income tax expense
	$	1,435	$	310

Unrealized gains (losses) on cash flow hedges (2)
Interest rate contracts	$	(294)	$	(104)	Interest expense - subordinated debentures and term loans
Related income tax benefit	62		22		Income tax expense
	$	(232)	$	(82)






Total reclassifications for the period, net of tax	$	1,203	$	228



	Amount Reclassified from Accumulated Other Comprehensive Income (Loss) For the Nine Months Ended September 30,
Details about Accumulated Other Comprehensive Income (Loss) Components	2020		2019		Affected Line Item in the Statements of Income
Unrealized gains (losses) on available for sale securities (1)
Realized securities gains reclassified into income	$	9,497	$	3,376	Other income - net realized gains on sales of available for sale securities
Related income tax expense	(1,994)		(709)		Income tax expense
	$	7,503	$	2,667

Unrealized gains (losses) on cash flow hedges (2)
Interest rate contracts	$	(651)	$	(247)	Interest expense - subordinated debentures and term loans
Related income tax benefit	137		52		Income tax expense
	$	(514)	$	(195)






Total reclassifications for the period, net of tax	$	6,989	$	2,472

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Schedule of components of share-based compensation awards

The following table summarizes the components of the Corporation's share-based compensation awards recorded as an expense and the income tax benefit of such awards.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Stock and ESPP Options
Pre-tax compensation expense	$	23	$	36	$	76	$	72
Income tax expense (benefit)	—		—		(29)		(57)
Stock and ESPP option expense, net of income taxes	$	23	$	36	$	47	$	15
Restricted Stock Awards
Pre-tax compensation expense	$	1,112	$	1,026	$	3,492	$	2,815
Income tax expense (benefit)	149		(226)		(344)		(951)
Restricted stock awards expense, net of income taxes	$	1,261	$	800	$	3,148	$	1,864
Total Share-Based Compensation
Pre-tax compensation expense	$	1,135	$	1,062	$	3,568	$	2,887
Income tax expense (benefit)	149		(226)		(373)		(1,008)
Total share-based compensation expense, net of income taxes	$	1,284	$	836	$	3,195	$	1,879

Schedule of stock option activity under stock option plans

Stock option activity under the Corporation's stock option plans as of September 30, 2020 and changes during the nine months ended September 30, 2020, were as follows:


	Number of Shares	Weighted-Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2020	59,350	$	13.51

Exercised	(10,050)	$	8.29

Outstanding September 30, 2020	49,300	$	14.57	2.06	$	423,463
Vested and Expected to Vest at September 30,2020	49,300	$	14.57	2.06	$	423,463
Exercisable at September 30, 2020	49,300	$	14.57	2.06	$	423,463

Schedule of unvested RSAs outstanding

The following table summarizes information on unvested RSAs outstanding as of September 30, 2020:


	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested RSAs at January 1, 2020	351,048	$	40.67
Granted	135,292	$	26.89
Vested	(116,520)	$	40.46
Forfeited	(525)	$	40.44
Unvested RSAs at September 30, 2020	369,295	$	36.17

Income Tax (Tables)

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of differences between income taxes at federal statutory tax rate and effective tax rate


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019








Reconciliation of Federal Statutory to Actual Tax Expense:
Federal statutory income tax at 21%	$	8,785		$	9,050		$	24,612		$	28,908
Tax-exempt interest income	(3,403)			(2,637)			(9,624)			(7,307)

Share-based compensation	382			(11)			376			(402)
Tax-exempt earnings and gains on life insurance	(246)			(241)			(810)			(647)
Tax credits	(55)			(61)			(205)			(202)
CARES Act - NOL carryback rate differential	—			—			(1,178)			—
Other	158			237			563			677
Actual Tax Expense	$	5,621		$	6,337		$	13,734		$	21,027

Effective Tax Rate	13.4		%	14.7		%	11.7		%	15.3		%

Net Income Per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Schedule of basic and diluted net income per share

The following table reconciles basic and diluted net income per share for the three and nine months ended September 30, 2020 and 2019.


	Three Months Ended September 30,
	2020					2019
	Net Income		Weighted-Average Shares	Per Share Amount		Net Income		Weighted-Average Shares	Per Share Amount
Net income available to common stockholders	$	36,210	53,843,508	$	0.67	$	36,757	51,433,227	$	0.71
Effect of potentially dilutive stock options and restricted stock awards			127,090					136,330
Diluted net income per share	$	36,210	53,970,598	$	0.67	$	36,757	51,569,557	$	0.71


	Nine Months Ended September 30,
	2020					2019
	Net Income		Weighted-Average Shares	Per Share Amount		Net Income		Weighted-Average Shares	Per Share Amount
Net income available to common stockholders	$	103,465	54,111,848	$	1.91	$	116,630	50,085,701	$	2.33
Effect of potentially dilutive stock options and restricted stock awards			166,034					141,679
Diluted net income per share	$	103,465	54,277,882	$	1.91	$	116,630	50,227,380	$	2.32

General (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Sep. 30, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Loans		$ 9,243,833	$ 8,459,310
Estimated \| One-time cumulative-effect adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Life of loan portfolio	4 years
Reserve for potential losses from unfunded commitments	$ 18,000
Estimated \| One-time cumulative-effect adjustment \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in allowance	55.00%
Estimated \| One-time cumulative-effect adjustment \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in allowance	65.00%
Remaining in deferral
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Loans		$ 176,000

Acquisition - Narrative (Details) $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended
Acquisition - Narrative (Details) $ in Thousands	Sep. 01, 2019 USD ($) bank_branch shares	Sep. 30, 2019 USD ($) shares	Sep. 30, 2019 USD ($) shares	Dec. 31, 2019 USD ($)
Business Acquisition [Line Items]
Stock issued as part of acquisition, value		$ 229,926	$ 229,926
Common Stock
Business Acquisition [Line Items]
Issuance of common stock related to acquisition (in shares) \| shares		6,383,806	6,383,806
Stock issued as part of acquisition, value		$ 798	$ 798
MBT
Business Acquisition [Line Items]
Percentage of interest acquired	100.00%
Number of banking centers acquired \| bank_branch	20
Stock issued as part of acquisition, value	$ 229,900
Core deposit intangible	16,527
Operating revenue				$ 19,700
Non-recurring expenses				$ 19,700
MBT \| Core deposit intangibles acquired
Business Acquisition [Line Items]
Core deposit intangible	$ 16,527
Acquired intangible asset, expected useful life	10 years
MBT \| Common Stock
Business Acquisition [Line Items]
Number of shares of common stock	0.275
Issuance of common stock related to acquisition (in shares) \| shares	6,400,000

Acquisition - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 01, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill	$ 543,918	$ 543,918		$ 445,355
MBT
Business Acquisition [Line Items]
Cash and cash equivalents			$ 10,222
Interest-bearing time deposits			281,228
Investment securities			212,235
Loans			732,578
Premises and equipment			21,664
Federal Home Loan Bank stock			4,148
Interest receivable			3,361
Cash surrender value of life insurance			59,545
Tax asset, deferred and receivable			5,205
Other assets			6,011
Deposits			(1,105,926)
Securities sold under repurchase agreements			(94,760)
Federal Home Loan Bank advances			(10,853)
Other liabilities			(9,807)
Net tangible assets acquired			114,851
Core deposit intangible			16,527
Goodwill			98,563
Purchase price			$ 229,941

Acquisition - Schedule of Acquired Loan Data (Details) - MBT - USD ($) $ in Thousands	Sep. 30, 2019	Sep. 01, 2019
Business Acquisition [Line Items]
Fair Value of Acquired Loans at Acquisition Date, Acquired receivables subject to ASC 310-30	$ 3,531	$ 3,531
Gross Contractual Amounts Receivable at Acquisition Date, Acquired receivables subject to ASC 310-30	$ 6,840	6,840
Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected, Acquired receivables subject to ASC 310-30		2,733
Fair Value of Acquired Loans at Acquisition Date, Acquired receivables not subject to ASC 310-30		729,047
Gross Contractual Amounts Receivable at Acquisition Date, Acquired receivables not subject to ASC 310-30		907,210
Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected, Acquired receivables not subject to ASC 310-30		$ 14,722

Acquisition - Pro Forma Financial Information (Details) - MBT $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) $ / shares
Business Acquisition [Line Items]
Total revenue (net interest income plus other income) \| $	$ 474,891
Net income \| $	$ 161,228
Earnings per share: Basic (in dollars per share) \| $ / shares	$ 2.89
Earnings per share: Diluted (in dollars per share) \| $ / shares	$ 2.88

Investment Securities - Amortized Cost and Approximate Fair Value of Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Available for sale securities
Total Investment Securities	$ 1,726,185	$ 1,740,420
Gross Unrealized Gains	98,162	51,816
Gross Unrealized Losses	187	2,211
Fair Value	1,824,160	1,790,025
Held to maturity securities
Total Investment Securities	1,109,126	806,038
Gross Unrealized Gains	44,670	22,073
Gross Unrealized Losses	1,278	545
Fair Value	1,152,518	827,566
Amortized Cost	2,835,311	2,546,458
Gross Unrealized Gains	142,832	73,889
Gross Unrealized Losses	1,465	2,756
Fair Value	2,976,678	2,617,591
U.S. Treasury
Available for sale securities
Total Investment Securities	300
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Fair Value	300
U.S. Government-sponsored agency securities
Available for sale securities
Total Investment Securities	2,384	38,529
Gross Unrealized Gains	60	346
Gross Unrealized Losses	0	0
Fair Value	2,444	38,875
Held to maturity securities
Total Investment Securities	21,094	15,619
Gross Unrealized Gains	2	1
Gross Unrealized Losses	33	37
Fair Value	21,063	15,583
State and municipal
Available for sale securities
Total Investment Securities	1,074,381	859,511
Gross Unrealized Gains	72,752	41,092
Gross Unrealized Losses	187	807
Fair Value	1,146,946	899,796
Held to maturity securities
Total Investment Securities	573,538	354,115
Gross Unrealized Gains	25,880	15,151
Gross Unrealized Losses	1,240	107
Fair Value	598,178	369,159
U.S. Government-sponsored mortgage-backed securities
Available for sale securities
Total Investment Securities	645,089	842,349
Gross Unrealized Gains	25,306	10,378
Gross Unrealized Losses	0	1,404
Fair Value	670,395	851,323
Held to maturity securities
Total Investment Securities	512,994	434,804
Gross Unrealized Gains	18,788	6,921
Gross Unrealized Losses	3	401
Fair Value	531,779	441,324
Corporate obligations
Available for sale securities
Total Investment Securities	4,031	31
Gross Unrealized Gains	44	0
Gross Unrealized Losses	0	0
Fair Value	4,075	31
Foreign investment
Held to maturity securities
Total Investment Securities	1,500	1,500
Gross Unrealized Gains	0	0
Gross Unrealized Losses	2	0
Fair Value	$ 1,498	$ 1,500

Investment Securities - Amortized Cost and Fair Value of Available for Sale Securities and Held to Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Amortized Cost
Due in one year or less	$ 1,649	$ 1,134
Due after one through five years	4,571	5,031
Due after five through ten years	58,644	74,745
Due after ten years	1,016,232	817,161
Total debt securities with a single maturity date	1,081,096	898,071
Total Investment Securities	1,726,185	1,740,420
Fair Value
Due in one year or less	1,659	1,136
Due after one through five years	4,728	5,141
Due after five through ten years	61,968	76,920
Due after ten years	1,085,410	855,505
Total debt securities with a single maturity date	1,153,765	938,702
Total Investment Securities	1,824,160	1,790,025
Amortized Cost
Due in one year or less	9,677	9,920
Due after one through five years	25,872	45,197
Due after five through ten years	106,342	84,153
Due after ten years	454,241	231,964
Total debt securities with a single maturity date	596,132	371,234
Total Investment Securities	1,109,126	806,038
Fair Value
Due in one year or less	9,758	10,105
Due after one through five years	26,925	45,654
Due after five through ten years	112,055	88,844
Due after ten years	472,001	241,639
Total debt securities with a single maturity date	620,739	386,242
Investment securities held to maturity	1,152,518	827,566
U.S. Government-sponsored mortgage-backed securities
Amortized Cost
Without single maturity date	645,089	842,349
Total Investment Securities	645,089	842,349
Fair Value
Without single maturity date	670,395	851,323
Total Investment Securities	670,395	851,323
Amortized Cost
Without single maturity date	512,994	434,804
Total Investment Securities	512,994	434,804
Fair Value
Without single maturity date	531,779	441,324
Investment securities held to maturity	$ 531,779	$ 441,324

Investment Securities - Narrative (Details) $ in Thousands	Sep. 30, 2020 USD ($) instrument	Dec. 31, 2019 USD ($)
Investments, Debt and Equity Securities [Abstract]
Carrying value of securities pledged as collateral	$ 989,906	$ 503,427
Book value of securities sold under agreements to repurchase	177,543	182,856
Schedule of Available for sale Securities and Held to maturity Securities [Line Items]
Gross unrealized losses	187	2,211
Held-to-maturity unrealized losses	1,278	545
State and municipal
Schedule of Available for sale Securities and Held to maturity Securities [Line Items]
Gross unrealized losses	$ 187	807
Number of securities in unrealized loss positions \| instrument	13
Held-to-maturity unrealized losses	$ 1,240	107
Held-to-maturity, number of securities in unrealized loss positions \| instrument	71
U.S. Government-sponsored agency securities
Schedule of Available for sale Securities and Held to maturity Securities [Line Items]
Gross unrealized losses	$ 0	0
Held-to-maturity unrealized losses	$ 33	37
Held-to-maturity, number of securities in unrealized loss positions \| instrument	2
Foreign investment
Schedule of Available for sale Securities and Held to maturity Securities [Line Items]
Held-to-maturity unrealized losses	$ 2	0
Held-to-maturity, number of securities in unrealized loss positions \| instrument	1
U.S. Government-sponsored mortgage-backed securities
Schedule of Available for sale Securities and Held to maturity Securities [Line Items]
Gross unrealized losses	$ 0	1,404
Held-to-maturity unrealized losses	$ 3	$ 401
Held-to-maturity, number of securities in unrealized loss positions \| instrument	1

Investment Securities - Gross Gains on Sales and Redemptions of Available for Sale Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Sales and Redemptions of Available for Sale Securities:
Gross gains	$ 1,836	$ 393	$ 9,516	$ 3,376
Gross losses	$ 19	$ 0	$ 19	$ 0

Investment Securities - Investments' Gross Unrealized Losses and Fair Value Aggregated by Investment Category and Length of Time in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value
Less than 12 Months	$ 22,515	$ 203,946
12 Months or Longer	0	20,796
Total	22,515	224,742
Gross Unrealized Losses
Less than 12 Months	187	2,133
12 Months or Longer	0	78
Total	187	2,211
Fair Value
Less than 12 Months	133,879	150,216
12 Months or Longer	0	20,458
Total	133,879	170,674
Gross Unrealized Losses
Less than 12 Months	1,278	475
12 Months or Longer	0	70
Total	1,278	545
Less than 12 Months, Fair Value	156,394	354,162
12 Months or Longer, Fair Value	0	41,254
Total, Fair Value	156,394	395,416
Less than 12 Months, Gross Unrealized Losses	1,465	2,608
12 Months or Longer, Gross Unrealized Losses	0	148
Total, Gross Unrealized Losses	1,465	2,756
U.S. Government-sponsored agency securities
Fair Value
Less than 12 Months	20,961	3,016
12 Months or Longer	0	12,467
Total	20,961	15,483
Gross Unrealized Losses
Less than 12 Months	33	4
12 Months or Longer	0	33
Total	33	37
State and municipal
Fair Value
Less than 12 Months	22,515	76,273
12 Months or Longer	0	0
Total	22,515	76,273
Gross Unrealized Losses
Less than 12 Months	187	807
12 Months or Longer	0	0
Total	187	807
Fair Value
Less than 12 Months	101,136	22,947
12 Months or Longer	0	0
Total	101,136	22,947
Gross Unrealized Losses
Less than 12 Months	1,240	107
12 Months or Longer	0	0
Total	1,240	107
U.S. Government-sponsored mortgage-backed securities
Fair Value
Less than 12 Months		127,673
12 Months or Longer		20,796
Total		148,469
Gross Unrealized Losses
Less than 12 Months		1,326
12 Months or Longer		78
Total		1,404
Fair Value
Less than 12 Months	10,284	124,253
12 Months or Longer	0	7,991
Total	10,284	132,244
Gross Unrealized Losses
Less than 12 Months	3	364
12 Months or Longer	0	37
Total	3	$ 401
Foreign investment
Fair Value
Less than 12 Months	1,498
12 Months or Longer	0
Total	1,498
Gross Unrealized Losses
Less than 12 Months	2
12 Months or Longer	0
Total	$ 2

Investment Securities - Investments in Debt and Equity Securities Reported Less than Historical Cost (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Schedule of Investments [Line Items]
Fair value	$ 156,394	$ 395,416
Investments reported at less than historical cost
Schedule of Investments [Line Items]
Historical cost	157,859	398,172
Fair value	156,394	395,416
Gross unrealized losses	$ 1,465	$ 2,756
Percent of the Corporation's investment portfolio	9.40%	15.20%

Loans and Allowance - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
Loans and Allowance - Narrative (Details) $ in Thousands	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) loan	Sep. 30, 2019 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jun. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)
Receivables [Abstract]
Loans held for sale	$ 3,183		$ 3,183			$ 9,037
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of funded loans \| loan			5,200
Loans	9,243,833		$ 9,243,833			8,459,310
Loans - allowance for loan losses	126,726	$ 80,571	126,726	$ 80,571	$ 121,119	80,284	$ 81,274	$ 80,552
Increase in past due loans			14,700
60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	11,777		11,777			1,195
30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	17,527		17,527			14,683
PPP, CARES Act
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans net of deferred fees	901,400		901,400
Deferred fees	21,500		21,500
University logo apparel sports
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in non-accrual loans			2,800
Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,673,864		1,673,864			1,732,201
Loans - allowance for loan losses	$ 22,047	$ 14,498	$ 22,047	$ 14,498	$ 21,078	14,569	$ 14,471	$ 14,322
Percentage of troubled debt restructured loans	88.00%	100.00%	63.00%	100.00%
Mortgage loans with formal foreclosure proceedings	$ 5,059		$ 5,059			1,033
Residential \| 60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	1,000		1,000			367
Residential \| 30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	2,743		2,743			4,290
Commercial and farmland \| 60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in past due loans			9,900
Past Due	9,978		9,978			49
Commercial and farmland \| 30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	964		964			2,324
Commercial and industrial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in non-accrual loans			4,700
Commercial and industrial loans \| 60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	0		0			136
Commercial and industrial loans \| 30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	4,529		4,529			3,039
Construction \| 60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	0		0			0
Construction \| 30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in past due loans			5,900
Past Due	7,575		7,575			1,630
Loans acquired with deteriorated credit quality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	7,457		7,457			13,309
Loans acquired with deteriorated credit quality \| Commercial and consumer loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	3,738		3,738			2,819
Loans - allowance for loan losses	116		116			124
Loans acquired with deteriorated credit quality \| Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0		0			$ 1,715
Three relationships
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in non-accrual loans			40,800
Three relationships \| Senior living sector
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in non-accrual loans			31,200
Three relationships \| Commercial and farmland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in non-accrual loans			36,000
Three relationships \| Self-storage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in non-accrual loans			3,400
One relationship \| Construction \| 30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	$ 7,500		$ 7,500

Loans and Allowance - Composition of Loan Portfolio by Loan Class (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 9,243,833		$ 8,459,310
Allowance for loan losses	(126,726)	$ (121,119)	(80,284)	$ (80,571)	$ (81,274)	$ (80,552)
Net Loans	9,117,107		8,379,026
Commercial and industrial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,875,331		2,109,879
Agricultural production financing and other loans to farmers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	83,090		93,861
Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	622,084		787,568
Commercial and farmland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	3,248,506		3,052,698
Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,146,406		1,143,217
Allowance for loan losses	(22,047)	(21,078)	(14,569)	(14,498)	(14,471)	(14,322)
Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	527,458		588,984
Individuals' loans for household and other personal expenditures
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	125,411		135,989
Allowance for loan losses	(9,378)	$ (8,445)	(4,035)	$ (4,106)	$ (4,070)	$ (3,964)
Public finance and other commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 615,547		$ 547,114

Loans and Allowance - Changes in Allowance for Loan Losses by Loan Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Allowance for loan losses:
Beginning balance	$ 121,119	$ 81,274	$ 80,284	$ 80,552
Provision for losses	12,544	600	54,191	2,300
Recoveries on loans	427	596	1,417	3,035
Loans charged off	(7,364)	(1,899)	(9,166)	(5,316)
Ending balance	126,726	80,571	126,726	80,571
Commercial
Allowance for loan losses:
Beginning balance	44,678	33,202	32,902	32,657
Provision for losses	7,299	130	19,240	466
Recoveries on loans	197	149	746	1,035
Loans charged off	(6,827)	(480)	(7,541)	(1,157)
Ending balance	45,347	33,001	45,347	33,001
Commercial Real Estate
Allowance for loan losses:
Beginning balance	46,918	29,531	28,778	29,609
Provision for losses	2,990	370	21,129	1,459
Recoveries on loans	46	143	271	1,166
Loans charged off	0	(1,078)	(224)	(3,268)
Ending balance	49,954	28,966	49,954	28,966
Consumer
Allowance for loan losses:
Beginning balance	8,445	4,070	4,035	3,964
Provision for losses	971	40	5,678	181
Recoveries on loans	54	105	152	323
Loans charged off	(92)	(109)	(487)	(362)
Ending balance	9,378	4,106	9,378	4,106
Residential
Allowance for loan losses:
Beginning balance	21,078	14,471	14,569	14,322
Provision for losses	1,284	60	8,144	194
Recoveries on loans	130	199	248	511
Loans charged off	(445)	(232)	(914)	(529)
Ending balance	$ 22,047	$ 14,498	$ 22,047	$ 14,498

Loans and Allowance - Allowance for Credit Losses and Loan Portfolio by Loan Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Allowance Balances:
Individually evaluated for impairment	$ 9,139		$ 689
Collectively evaluated for impairment	117,587		79,595
Total Allowance for Loan Losses	126,726	$ 121,119	80,284	$ 80,571	$ 81,274	$ 80,552
Loan Balance [Abstract]
Individually evaluated for impairment	52,484		11,709
Collectively evaluated for impairment	9,183,892		8,434,292
Loans	9,243,833		8,459,310
Loans acquired with deteriorated credit quality
Loan Balance [Abstract]
Loans	7,457		13,309
Commercial
Allowance Balances:
Individually evaluated for impairment	601		0
Collectively evaluated for impairment	44,746		32,902
Total Allowance for Loan Losses	45,347	44,678	32,902	33,001	33,202	32,657
Loan Balance [Abstract]
Individually evaluated for impairment	4,837		457
Collectively evaluated for impairment	3,568,432		2,748,681
Loans	3,573,968		2,750,854
Commercial \| Loans acquired with deteriorated credit quality
Loan Balance [Abstract]
Loans	699		1,716
Commercial Real Estate
Allowance Balances:
Individually evaluated for impairment	7,981		231
Collectively evaluated for impairment	41,973		28,547
Total Allowance for Loan Losses	49,954	46,918	28,778	28,966	29,531	29,609
Loan Balance [Abstract]
Individually evaluated for impairment	44,203		8,728
Collectively evaluated for impairment	3,819,629		3,821,660
Loans	3,870,590		3,840,266
Commercial Real Estate \| Loans acquired with deteriorated credit quality
Loan Balance [Abstract]
Loans	6,758		9,878
Consumer
Allowance Balances:
Individually evaluated for impairment	0		0
Collectively evaluated for impairment	9,378		4,035
Total Allowance for Loan Losses	9,378	8,445	4,035	4,106	4,070	3,964
Loan Balance [Abstract]
Individually evaluated for impairment	3		4
Collectively evaluated for impairment	125,408		135,985
Loans	125,411		135,989
Residential
Allowance Balances:
Individually evaluated for impairment	557		458
Collectively evaluated for impairment	21,490		14,111
Total Allowance for Loan Losses	22,047	$ 21,078	14,569	$ 14,498	$ 14,471	$ 14,322
Loan Balance [Abstract]
Individually evaluated for impairment	3,441		2,520
Collectively evaluated for impairment	1,670,423		1,727,966
Loans	1,673,864		1,732,201
Residential \| Loans acquired with deteriorated credit quality
Loan Balance [Abstract]
Loans	$ 0		$ 1,715

Loans and Allowance - Summary of Non-Accrual Loans by Loan Class (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loans	$ 56,739	$ 15,949
Commercial and industrial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loans	5,947	1,255
Agricultural production financing and other loans to farmers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loans	0	183
Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loans	126	977
Commercial and farmland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loans	43,030	7,007
Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loans	4,914	5,062
Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loans	2,674	1,421
Individuals' loans for household and other personal expenditures
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loans	$ 48	$ 44

Loans and Allowance - Composition of Impaired Loans by Loan Class (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Unpaid Principal Balance
Impaired loans with no related allowance	$ 23,500		$ 23,500		$ 9,955
Impaired loans with related allowance	38,772		38,772		5,139
Total Impaired Loans	62,272		62,272		15,094
Recorded Investment
Impaired loans with no related allowance	14,662		14,662		7,352
Impaired loans with related allowance	37,822		37,822		4,357
Total Impaired Loans	52,484		52,484		11,709
Related Allowance	9,139		9,139		689
Average Recorded Investment
Impaired loans with no related allowance	19,498	$ 10,153	20,346	$ 11,075
Impaired loans with related allowance	37,811	6,175	38,000	6,226
Total Impaired Loans	57,309	16,328	58,346	17,301
Interest Income Recognized
Impaired loans with no related allowance	38	39	115	119
Impaired loans with related allowance	22	18	64	56
Total Impaired Loans	60	57	179	175
Commercial and industrial loans
Unpaid Principal Balance
Impaired loans with no related allowance	10,975		10,975		320
Impaired loans with related allowance	1,019		1,019
Recorded Investment
Impaired loans with no related allowance	3,819		3,819		320
Impaired loans with related allowance	1,018		1,018
Related Allowance	601		601
Average Recorded Investment
Impaired loans with no related allowance	8,625	877	9,225	881
Impaired loans with related allowance	1,018	329	1,018	329
Interest Income Recognized
Impaired loans with no related allowance	0	0	0	0
Impaired loans with related allowance	0		0	0
Agricultural production financing and other loans to farmers
Unpaid Principal Balance
Impaired loans with no related allowance	63		63		299
Recorded Investment
Impaired loans with no related allowance	0		0		137
Average Recorded Investment
Impaired loans with no related allowance		1,012		1,014
Impaired loans with related allowance		2,100		2,123
Interest Income Recognized
Impaired loans with no related allowance		0		0
Construction
Unpaid Principal Balance
Impaired loans with no related allowance					1,206
Recorded Investment
Impaired loans with no related allowance					970
Average Recorded Investment
Impaired loans with no related allowance		0		339
Interest Income Recognized
Impaired loans with no related allowance		0		0
Commercial and farmland
Unpaid Principal Balance
Impaired loans with no related allowance	12,385		12,385		8,037
Impaired loans with related allowance	34,207		34,207		2,648
Recorded Investment
Impaired loans with no related allowance	10,782		10,782		5,849
Impaired loans with related allowance	33,421		33,421		1,909
Related Allowance	7,981		7,981		231
Average Recorded Investment
Impaired loans with no related allowance	10,812	8,075	11,059	8,651
Impaired loans with related allowance	33,390	1,324	33,543	1,324
Interest Income Recognized
Impaired loans with no related allowance	37	39	113	117
Impaired loans with related allowance				0
Residential
Unpaid Principal Balance
Impaired loans with no related allowance	74		74		93
Impaired loans with related allowance	3,045		3,045		2,070
Recorded Investment
Impaired loans with no related allowance	58		58		76
Impaired loans with related allowance	2,908		2,908		2,044
Related Allowance	475		475		383
Average Recorded Investment
Impaired loans with no related allowance	58	189	59	190
Impaired loans with related allowance	2,921	2,072	2,951	2,095
Interest Income Recognized
Impaired loans with no related allowance	1	0	2	2
Impaired loans with related allowance	18	15	53	47
Home equity
Unpaid Principal Balance
Impaired loans with related allowance	501		501		417
Recorded Investment
Impaired loans with related allowance	475		475		400
Related Allowance	82		82		75
Average Recorded Investment
Impaired loans with related allowance	482	346	488	350
Interest Income Recognized
Impaired loans with related allowance	4	3	11	9
Individuals' loans for household and other personal expenditures
Unpaid Principal Balance
Impaired loans with no related allowance	3		3
Impaired loans with related allowance					4
Recorded Investment
Impaired loans with no related allowance	3		3
Impaired loans with related allowance					4
Related Allowance					$ 0
Average Recorded Investment
Impaired loans with no related allowance	$ 3		3
Impaired loans with related allowance		$ 4		5
Interest Income Recognized
Impaired loans with no related allowance			$ 0
Impaired loans with related allowance				$ 0

Loans and Allowance - Past Due Aging of Loan Portfolio by Loan Class (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Current	$ 9,156,460	$ 8,427,414
Non-Accrual	56,739	15,949
Total Past Due & Non-Accrual	87,373	31,896
Total	9,243,833	8,459,310
Commercial and industrial loans
Financing Receivable, Past Due [Line Items]
Current	2,864,852	2,105,445
Non-Accrual	5,947	1,255
Total Past Due & Non-Accrual	10,479	4,434
Total	2,875,331	2,109,879
Agricultural production financing and other loans to farmers
Financing Receivable, Past Due [Line Items]
Current	81,990	93,678
Non-Accrual	0	183
Total Past Due & Non-Accrual	1,100	183
Total	83,090	93,861
Construction
Financing Receivable, Past Due [Line Items]
Current	614,383	784,961
Non-Accrual	126	977
Total Past Due & Non-Accrual	7,701	2,607
Total	622,084	787,568
Commercial and farmland
Financing Receivable, Past Due [Line Items]
Current	3,194,394	3,043,318
Non-Accrual	43,030	7,007
Total Past Due & Non-Accrual	54,112	9,380
Total	3,248,506	3,052,698
Residential
Financing Receivable, Past Due [Line Items]
Current	1,137,688	1,133,476
Non-Accrual	4,914	5,062
Total Past Due & Non-Accrual	8,718	9,741
Total	1,146,406	1,143,217
Home equity
Financing Receivable, Past Due [Line Items]
Current	522,680	584,023
Non-Accrual	2,674	1,421
Total Past Due & Non-Accrual	4,778	4,961
Total	527,458	588,984
Individuals' loans for household and other personal expenditures
Financing Receivable, Past Due [Line Items]
Current	124,926	135,399
Non-Accrual	48	44
Total Past Due & Non-Accrual	485	590
Total	125,411	135,989
Public finance and other commercial loans
Financing Receivable, Past Due [Line Items]
Current	615,547	547,114
Non-Accrual	0	0
Total Past Due & Non-Accrual	0
Total	615,547	547,114
30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Past Due	17,527	14,683
30-59 Days Past Due \| Commercial and industrial loans
Financing Receivable, Past Due [Line Items]
Past Due	4,529	3,039
30-59 Days Past Due \| Agricultural production financing and other loans to farmers
Financing Receivable, Past Due [Line Items]
Past Due	0	0
30-59 Days Past Due \| Construction
Financing Receivable, Past Due [Line Items]
Past Due	7,575	1,630
30-59 Days Past Due \| Commercial and farmland
Financing Receivable, Past Due [Line Items]
Past Due	964	2,324
30-59 Days Past Due \| Residential
Financing Receivable, Past Due [Line Items]
Past Due	2,743	4,290
30-59 Days Past Due \| Home equity
Financing Receivable, Past Due [Line Items]
Past Due	1,467	2,960
30-59 Days Past Due \| Individuals' loans for household and other personal expenditures
Financing Receivable, Past Due [Line Items]
Past Due	249	440
30-59 Days Past Due \| Public finance and other commercial loans
Financing Receivable, Past Due [Line Items]
Past Due	0	0
60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Past Due	11,777	1,195
60-89 Days Past Due \| Commercial and industrial loans
Financing Receivable, Past Due [Line Items]
Past Due	0	136
60-89 Days Past Due \| Agricultural production financing and other loans to farmers
Financing Receivable, Past Due [Line Items]
Past Due	0	0
60-89 Days Past Due \| Construction
Financing Receivable, Past Due [Line Items]
Past Due	0	0
60-89 Days Past Due \| Commercial and farmland
Financing Receivable, Past Due [Line Items]
Past Due	9,978	49
60-89 Days Past Due \| Residential
Financing Receivable, Past Due [Line Items]
Past Due	1,000	367
60-89 Days Past Due \| Home equity
Financing Receivable, Past Due [Line Items]
Past Due	611	538
60-89 Days Past Due \| Individuals' loans for household and other personal expenditures
Financing Receivable, Past Due [Line Items]
Past Due	188	105
60-89 Days Past Due \| Public finance and other commercial loans
Financing Receivable, Past Due [Line Items]
Past Due	0	0
Loans 90 Days or More Past Due And Accruing
Financing Receivable, Past Due [Line Items]
Past Due	1,330	69
Loans 90 Days or More Past Due And Accruing \| Commercial and industrial loans
Financing Receivable, Past Due [Line Items]
Past Due	3	4
Loans 90 Days or More Past Due And Accruing \| Agricultural production financing and other loans to farmers
Financing Receivable, Past Due [Line Items]
Past Due	1,100	0
Loans 90 Days or More Past Due And Accruing \| Construction
Financing Receivable, Past Due [Line Items]
Past Due	0	0
Loans 90 Days or More Past Due And Accruing \| Commercial and farmland
Financing Receivable, Past Due [Line Items]
Past Due	140	0
Loans 90 Days or More Past Due And Accruing \| Residential
Financing Receivable, Past Due [Line Items]
Past Due	61	22
Loans 90 Days or More Past Due And Accruing \| Home equity
Financing Receivable, Past Due [Line Items]
Past Due	26	42
Loans 90 Days or More Past Due And Accruing \| Individuals' loans for household and other personal expenditures
Financing Receivable, Past Due [Line Items]
Past Due	0	1
Loans 90 Days or More Past Due And Accruing \| Public finance and other commercial loans
Financing Receivable, Past Due [Line Items]
Past Due	$ 0	$ 0

Loans and Allowance - Summary of Troubled Debt Restructurings (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020 USD ($) loan	Sep. 30, 2019 USD ($) loan	Sep. 30, 2020 USD ($) loan	Sep. 30, 2019 USD ($) loan
Financing Receivable, Troubled Debt Restructuring [Line Items]
Pre-Modification Recorded Balance	$ 2,640	$ 195	$ 4,159	$ 456
Post-Modification Recorded Balance	$ 2,652	$ 185	$ 4,208	$ 439
Number of Loans \| loan	34	3	45	8
Commercial and industrial loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Pre-Modification Recorded Balance	$ 0		$ 654
Post-Modification Recorded Balance	$ 0		$ 654
Number of Loans \| loan	0		3
Commercial and farmland
Financing Receivable, Troubled Debt Restructuring [Line Items]
Pre-Modification Recorded Balance	$ 0		$ 565
Post-Modification Recorded Balance	$ 0		$ 565
Number of Loans \| loan	0		2
Residential
Financing Receivable, Troubled Debt Restructuring [Line Items]
Pre-Modification Recorded Balance	$ 2,314	$ 195	$ 2,614	$ 456
Post-Modification Recorded Balance	$ 2,326	$ 185	$ 2,663	$ 439
Number of Loans \| loan	30	3	36	8
Home equity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Pre-Modification Recorded Balance	$ 307		$ 307
Post-Modification Recorded Balance	$ 307		$ 307
Number of Loans \| loan	2		2
Individuals' loans for household and other personal expenditures
Financing Receivable, Troubled Debt Restructuring [Line Items]
Pre-Modification Recorded Balance	$ 19		$ 19
Post-Modification Recorded Balance	$ 19		$ 19
Number of Loans \| loan	2		2

Loans and Allowance - Summary of Troubled Debt Restructurings by Modification Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Financing Receivable, Troubled Debt Restructuring [Line Items]
Modification	$ 2,641	$ 184	$ 3,663	$ 433
Term Modification
Financing Receivable, Troubled Debt Restructuring [Line Items]
Modification	2,495		3,186	0
Rate Modification
Financing Receivable, Troubled Debt Restructuring [Line Items]
Modification	146		256	88
Combination
Financing Receivable, Troubled Debt Restructuring [Line Items]
Modification	0	184	221	345
Commercial and industrial loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Modification			585
Commercial and industrial loans \| Term Modification
Financing Receivable, Troubled Debt Restructuring [Line Items]
Modification			585
Commercial and industrial loans \| Combination
Financing Receivable, Troubled Debt Restructuring [Line Items]
Modification			0
Commercial and farmland
Financing Receivable, Troubled Debt Restructuring [Line Items]
Modification			106
Commercial and farmland \| Term Modification
Financing Receivable, Troubled Debt Restructuring [Line Items]
Modification			106
Commercial and farmland \| Combination
Financing Receivable, Troubled Debt Restructuring [Line Items]
Modification			0
Residential
Financing Receivable, Troubled Debt Restructuring [Line Items]
Modification	2,317	184	2,648	433
Residential \| Term Modification
Financing Receivable, Troubled Debt Restructuring [Line Items]
Modification	2,266		2,266
Residential \| Rate Modification
Financing Receivable, Troubled Debt Restructuring [Line Items]
Modification	51		161	88
Residential \| Combination
Financing Receivable, Troubled Debt Restructuring [Line Items]
Modification		$ 184	221	$ 345
Home equity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Modification	307		307
Home equity \| Term Modification
Financing Receivable, Troubled Debt Restructuring [Line Items]
Modification	212		212
Home equity \| Rate Modification
Financing Receivable, Troubled Debt Restructuring [Line Items]
Modification	95		95
Individuals' loans for household and other personal expenditures
Financing Receivable, Troubled Debt Restructuring [Line Items]
Modification	17		17
Individuals' loans for household and other personal expenditures \| Term Modification
Financing Receivable, Troubled Debt Restructuring [Line Items]
Modification	17		17
Individuals' loans for household and other personal expenditures \| Rate Modification
Financing Receivable, Troubled Debt Restructuring [Line Items]
Modification	$ 0		$ 0

Loans and Allowance - Subsequent Default (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020 USD ($) loan	Sep. 30, 2019 USD ($) loan	Sep. 30, 2020 USD ($) loan	Sep. 30, 2019 USD ($) loan
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans \| loan	2	1	3	1
Recorded Balance \| $	$ 423	$ 85	$ 691	$ 85
Commercial and industrial loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans \| loan	1		2
Recorded Balance \| $	$ 317		$ 585
Commercial and farmland
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans \| loan	1	1	1	1
Recorded Balance \| $	$ 106	$ 85	$ 106	$ 85

Purchased Credit Impaired Loans - Accretable Yield or Income Expected to be Collected (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Accretable yield beginning balance	$ 1,546	$ 1,914	$ 2,132	$ 2,143
Additions	0	576	0	576
Accretion	(793)	(420)	(2,211)	(1,638)
Reclassification from nonaccretable	511	374	1,350	1,363
Disposals	0	(165)	(7)	(165)
Accretable yield ending balance	1,264	$ 2,279	1,264	$ 2,279
Loans acquired with deteriorated credit quality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans acquired and accounted for under ASC 310-30, carrying amount	11,200		11,200		$ 16,100
Loans acquired and accounted for under ASC 310-30, allowance amount	$ 116		$ 116		$ 124

Purchased Credit Impaired Loans - Loans Acquired for Which Contractually Required Payments Would not be Collected (Details) - MBT - USD ($) $ in Thousands	Sep. 30, 2019	Sep. 01, 2019
Business Combination, Separately Recognized Transactions [Line Items]
Contractually required payments receivable at acquisition date	$ 6,840	$ 6,840
Nonaccretable difference	2,733
Expected cash flows at acquisition date	4,107
Accretable difference	576
Basis in loans at acquisition date	$ 3,531	$ 3,531

Goodwill - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Goodwill - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Sep. 30, 2020	Sep. 01, 2019	Dec. 31, 2018
Goodwill [Line Items]
Goodwill	$ 543,918	$ 543,918		$ 445,355
Measurement period adjustment	719
MBT
Goodwill [Line Items]
Goodwill			$ 98,563
Measurement period adjustment	$ 719

Goodwill - Schedule of Goodwill (Details) $ in Thousands	12 Months Ended
Goodwill - Schedule of Goodwill (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Goodwill [Roll Forward]
Balance, January 1	$ 445,355
Goodwill acquired	97,844
Measurement period adjustment	719
Balance, Period end	$ 543,918

Core Deposit Intangibles - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 01, 2019
Finite-Lived Intangible Assets [Line Items]
Intangible asset amortization	$ 1,486	$ 1,356	$ 4,511	$ 4,404
Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life of core deposit intangibles and other intangibles			10 years
MBT
Finite-Lived Intangible Assets [Line Items]
Core deposit intangible					$ 16,527

Core Deposit Intangibles - Schedule of Core Deposit and Other Intangibles (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 102,396	$ 85,869
Accumulated amortization	(71,945)	(67,434)
Total core deposit intangibles	30,451	34,962
Core deposit intangibles acquired
Finite-Lived Intangible Assets [Line Items]
Core deposit intangibles acquired	$ 0	$ 16,527

Core Deposit Intangibles - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Amortization Expense
2020	$ 1,476
2021	5,429
2022	5,027
2023	4,827
2024	4,241
After 2024	9,451
Total core deposit intangibles	$ 30,451	$ 34,962

Derivative Financial Instruments - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020 USD ($) instrument interest_rate_swap	Dec. 31, 2019 USD ($) interest_rate_swap
Derivative [Line Items]
Estimated amount to be transferred from accumulated other comprehensive income to earnings	$ 1,016
Termination value of derivatives in a net liability position	81,962
Derivative collateral posted	75,415
Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount of interest rate derivatives	$ 878,640	$ 692,287
Federal Home Loan Bank Advances
Derivative [Line Items]
Number of debt instruments held \| instrument	1
Interest rate contracts \| Not Designated as Hedging Instrument
Derivative [Line Items]
Increase in derivative assets	$ 54,200
Increase in derivative liabilities	55,000
Increase in outstanding notional balance	$ 176,400
Cash Flow Hedging \| Interest rate swap
Derivative [Line Items]
Number of interest rate derivatives held \| interest_rate_swap	3	4
Notional amount of interest rate derivatives	$ 36,000	$ 46,000
Cash Flow Hedging \| Interest rate swap \| Trust Preferred Debt
Derivative [Line Items]
Notional amount of interest rate derivatives	26,000
Cash Flow Hedging \| Interest rate swap \| Federal Home Loan Bank Advances
Derivative [Line Items]
Notional amount of interest rate derivatives	$ 10,000

Derivative Financial Instruments - Fair Value of Derivative Financial Instruments and Their Classification on Balance Sheet (Details) - Interest rate contracts - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivatives designated as hedging instruments \| Other Assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 0	$ 0
Derivatives designated as hedging instruments \| Other Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	2,244	1,444
Derivatives not designated as hedging instruments \| Other Assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	82,010	27,855
Derivatives not designated as hedging instruments \| Other Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 82,010	$ 27,855

Derivative Financial Instruments - Effect of Derivative Financial Instruments on Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest Rate Products
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative (Effective Portion)	$ 8	$ (178)	$ (1,451)	$ (1,270)

Derivative Financial Instruments - Effect of Derivative Financial Instruments on Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Interest rate contracts \| Derivatives designated as hedging instruments \| Interest Expense
Derivative [Line Items]
Amount of Gain (Loss) Reclassified from Other Comprehensive Income into Income (Effective Portion)	$ (294)	$ (104)	$ (651)	$ (247)

Disclosures About Fair Value of Assets and Liabilities - Reconciliation of Beginning and Ending Balances of Recurring Fair Value Measurements using Significant Unobservable Level 3 Inputs (Details) - Fair Value, Measurements, Recurring - Available for Sale Securities - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Available for Sale Securities
Balance at beginning of the period	$ 2,500	$ 2,975	$ 2,892	$ 3,328
Included in other comprehensive income	75	6	25	85
Principal payments	(88)	(85)	(430)	(517)
Ending balance	$ 2,487	$ 2,896	$ 2,487	$ 2,896

Disclosures About Fair Value of Assets and Liabilities - Transfers Between Levels (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Transfers in or out of Level 3	$ 0	$ 0	$ 0	$ 0

Disclosures About Fair Value of Assets and Liabilities - Valuation Methodologies Used for Instruments Measured at Fair Value on Non-Recurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Impaired loans (collateral dependent)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 34,418	$ 5,653
Impaired loans (collateral dependent) \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Impaired loans (collateral dependent) \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Impaired loans (collateral dependent) \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	34,418	5,653
Other real estate owned
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	464	194
Other real estate owned \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Other real estate owned \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Other real estate owned \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 464	$ 194

Disclosures About Fair Value of Assets and Liabilities - Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements Other Than Goodwill (Details) - Significant Unobservable Inputs (Level 3) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)
State and municipal securities \| Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 2,452	$ 2,858
State and municipal securities \| Discounted cash flow \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Maturity/Call date	1 month	1 month
US Muni BQ curve	A-	A-
State and municipal securities \| Discounted cash flow \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Maturity/Call date	15 years	15 years
US Muni BQ curve	BBB-	BBB-
Corporate obligations and U.S. Government-sponsored mortgage-backed securities \| Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 35	$ 35
Impaired loans (collateral dependent) \| Collateral based measurements
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	34,418	5,653
Other real estate owned \| Appraisals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 464	$ 194
Discount rate \| State and municipal securities \| Discounted cash flow \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	0.015	0.02
Discount rate \| State and municipal securities \| Discounted cash flow \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	0.04	0.05
Weighted-average coupon \| State and municipal securities \| Discounted cash flow \| Weighted-average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	0.04	0.04
Weighted-average coupon \| Corporate obligations and U.S. Government-sponsored mortgage-backed securities \| Discounted cash flow \| Weighted-average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	0	0
Risk free rate \| Corporate obligations and U.S. Government-sponsored mortgage-backed securities \| Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk free rate	3 month LIBOR	3 month LIBOR
Plus premium for illiquidity \| Corporate obligations and U.S. Government-sponsored mortgage-backed securities \| Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	0.02	0.02
Discount to reflect current market conditions and ultimate collectability \| Impaired loans (collateral dependent) \| Collateral based measurements \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount to reflect current market conditions and ultimate collectability	0	0
Discount to reflect current market conditions and ultimate collectability \| Impaired loans (collateral dependent) \| Collateral based measurements \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount to reflect current market conditions and ultimate collectability	0.10	0.10
Discount to reflect current market conditions and ultimate collectability \| Impaired loans (collateral dependent) \| Collateral based measurements \| Weighted-average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount to reflect current market conditions and ultimate collectability	7	0.01
Discount to reflect current market conditions \| Other real estate owned \| Appraisals \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other real estate owned	0	0
Discount to reflect current market conditions \| Other real estate owned \| Appraisals \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other real estate owned	0.72	0.37
Discount to reflect current market conditions \| Other real estate owned \| Appraisals \| Weighted-average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other real estate owned	0.32	0.37

Disclosures About Fair Value of Assets and Liabilities - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets:
Investment securities available for sale	$ 1,824,160	$ 1,790,025
Investment securities held to maturity	1,152,518	827,566
Loans held for sale	3,183	9,037
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Cash and cash equivalents	164,632	177,201
Interest-bearing deposits	273,936	118,263
Investment securities available for sale	0	0
Investment securities held to maturity	0	0
Loans held for sale	0	0
Loans	0	0
Federal Home Loan Bank stock	0	0
Interest receivable	0	0
Liabilities:
Deposits	9,797,840	8,146,745
Borrowings:
Federal funds purchased	0	0
Securities sold under repurchase agreements	0	0
Federal Home Loan Bank advances	0	0
Subordinated debentures and other borrowings	0	0
Interest payable	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Interest rate swap
Assets:
Interest rate swap asset	0	0
Borrowings:
Interest rate swap liability	0	0
Significant Other Observable Inputs (Level 2)
Assets:
Cash and cash equivalents	0	0
Interest-bearing deposits	0	0
Investment securities available for sale	1,821,673	1,787,132
Investment securities held to maturity	1,131,014	799,884
Loans held for sale	3,183	9,037
Loans	0	0
Federal Home Loan Bank stock	28,736	28,736
Interest receivable	52,992	48,901
Liabilities:
Deposits	1,108,656	1,675,202
Borrowings:
Federal funds purchased	80,000	55,000
Securities sold under repurchase agreements	187,732	187,801
Federal Home Loan Bank advances	413,532	352,581
Subordinated debentures and other borrowings	108,427	123,571
Interest payable	5,038	6,754
Significant Other Observable Inputs (Level 2) \| Interest rate swap
Assets:
Interest rate swap asset	82,010	27,855
Borrowings:
Interest rate swap liability	84,254	29,299
Significant Unobservable Inputs (Level 3)
Assets:
Cash and cash equivalents	0	0
Interest-bearing deposits	0	0
Investment securities available for sale	2,487	2,893
Investment securities held to maturity	21,504	27,682
Loans held for sale	0	0
Loans	9,198,466	8,335,340
Federal Home Loan Bank stock	0	0
Interest receivable	0	0
Liabilities:
Deposits	0	0
Borrowings:
Federal funds purchased	0	0
Securities sold under repurchase agreements	0	0
Federal Home Loan Bank advances	0	0
Subordinated debentures and other borrowings	0	0
Interest payable	0	0
Significant Unobservable Inputs (Level 3) \| Interest rate swap
Assets:
Interest rate swap asset	0	0
Borrowings:
Interest rate swap liability	0	0
Carrying Amount
Assets:
Cash and cash equivalents	164,632	177,201
Interest-bearing deposits	273,936	118,263
Investment securities available for sale	1,824,160	1,790,025
Investment securities held to maturity	1,109,126	806,038
Loans held for sale	3,183	9,037
Loans	9,117,107	8,379,026
Federal Home Loan Bank stock	28,736	28,736
Interest receivable	52,992	48,901
Liabilities:
Deposits	10,906,153	9,839,956
Borrowings:
Federal funds purchased	80,000	55,000
Securities sold under repurchase agreements	187,732	187,946
Federal Home Loan Bank advances	399,522	351,072
Subordinated debentures and other borrowings	118,320	138,685
Interest payable	5,038	6,754
Carrying Amount \| Interest rate swap
Assets:
Interest rate swap asset	82,010	27,855
Borrowings:
Interest rate swap liability	$ 84,254	$ 29,299

Transfers Accounted for as Secured Borrowings (Details) - U.S. Government-sponsored mortgage-backed securities - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets Sold under Agreements to Repurchase [Line Items]
Collateral pledged for all repurchase agreements accounted for as secured borrowings	$ 187,732	$ 187,946
Overnight and Continuous
Assets Sold under Agreements to Repurchase [Line Items]
Collateral pledged for all repurchase agreements accounted for as secured borrowings	186,081	178,732
Up to 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Collateral pledged for all repurchase agreements accounted for as secured borrowings	0	0
30-90 Days
Assets Sold under Agreements to Repurchase [Line Items]
Collateral pledged for all repurchase agreements accounted for as secured borrowings	1,651	7,672
Greater Than 90 Days
Assets Sold under Agreements to Repurchase [Line Items]
Collateral pledged for all repurchase agreements accounted for as secured borrowings	$ 0	$ 1,542

Accumulated Other Comprehensive Income (Loss) - Changes in Balances of Each Component (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Accumulated Other Comprehensive Income (Loss)
Beginning balance	$ 1,809,095	$ 1,501,636	$ 1,786,437	$ 1,408,260
Other comprehensive income before reclassifications			44,583	49,542
Amounts reclassified from accumulated other comprehensive income	(1,203)	(228)	(6,989)	(2,472)
Total other comprehensive income (loss), net of tax			37,594	47,070
Ending balance	1,833,656	1,749,012	1,833,656	1,749,012
Total
Accumulated Other Comprehensive Income (Loss)
Beginning balance	63,845	14,602	27,874	(21,422)
Ending balance	65,468	25,648	65,468	25,648
Unrealized Gains (Losses) on Securities Available for Sale
Accumulated Other Comprehensive Income (Loss)
Beginning balance			38,872	(6,343)
Other comprehensive income before reclassifications			45,729	50,545
Amounts reclassified from accumulated other comprehensive income			(7,503)	(2,667)
Total other comprehensive income (loss), net of tax			38,226	47,878
Ending balance	77,098	41,535	77,098	41,535
Unrealized Gains (Losses) on Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss)
Beginning balance			(1,141)	(559)
Other comprehensive income before reclassifications			(1,146)	(1,003)
Amounts reclassified from accumulated other comprehensive income			514	195
Total other comprehensive income (loss), net of tax			(632)	(808)
Ending balance	(1,773)	(1,367)	(1,773)	(1,367)
Unrealized Gains (Losses) on Defined Benefit Plans
Accumulated Other Comprehensive Income (Loss)
Beginning balance			(9,857)	(14,520)
Other comprehensive income before reclassifications			0	0
Amounts reclassified from accumulated other comprehensive income			0	0
Total other comprehensive income (loss), net of tax			0	0
Ending balance	$ (9,857)	$ (14,520)	$ (9,857)	$ (14,520)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Accumulated Other Comprehensive Income (Loss) - Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items]
Net realized gains on sales of available for sale securities	$ 1,817	$ 393	$ 9,497	$ 3,376
Interest expense - subordinated debentures and term loans	1,691	2,076	5,275	6,315
Income tax expense	(5,621)	(6,337)	(13,734)	(21,027)
Total reclassifications for the period, net of tax	36,210	36,757	103,465	116,630
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) for the Period
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications for the period, net of tax	1,203	228	6,989	2,472
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) for the Period \| Unrealized gains (losses) on available for sale securities
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items]
Net realized gains on sales of available for sale securities	1,817	393	9,497	3,376
Income tax expense	(382)	(83)	(1,994)	(709)
Total reclassifications for the period, net of tax	1,435	310	7,503	2,667
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) for the Period \| Unrealized gains (losses) on cash flow hedges
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense	62	22	137	52
Total reclassifications for the period, net of tax	(232)	(82)	(514)	(195)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) for the Period \| Unrealized gains (losses) on cash flow hedges \| Interest rate contracts
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items]
Interest expense - subordinated debentures and term loans	$ (294)	$ (104)	$ (651)	$ (247)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Share-Based Compensation - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of average closing price to be paid by employees			85.00%
Maximum common stock purchases through advance payroll deductions in a calendar year			$ 25,000
Share-based compensation	$ 1,135,000	$ 1,062,000	$ 3,568,000	$ 2,887,000
Forfeiture rate			0.40%
Unrecognized compensation expense related to stock options	0		$ 0
Aggregate intrinsic value of stock options exercised			197,000	355,000
Cash receipts of stock options exercised			$ 83,000	$ 121,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option term			10 years
Stock options vesting percentage			100.00%
Stock Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested period			1 year
Stock Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested period			2 years
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested period			3 years
Unrecognized compensation expense related to RSAs	7,726,000		$ 7,726,000
Unrecognized compensation expense expected recognition period			1 year 10 months 28 days
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to stock options	0		$ 0
Grant date fair value of ESPP options	$ 23,000

Share-Based Compensation - Components of Share-Based Compensation Awards (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax compensation expense	$ 1,135	$ 1,062	$ 3,568	$ 2,887
Income tax expense (benefit)	149	(226)	(373)	(1,008)
Total share-based compensation expense, net of income taxes	1,284	836	3,195	1,879
Stock and ESPP Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax compensation expense	23	36	76	72
Income tax expense (benefit)	0	0	(29)	(57)
Total share-based compensation expense, net of income taxes	23	36	47	15
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax compensation expense	1,112	1,026	3,492	2,815
Income tax expense (benefit)	149	(226)	(344)	(951)
Total share-based compensation expense, net of income taxes	$ 1,261	$ 800	$ 3,148	$ 1,864

Share-Based Compensation - Stock Option Activity under Stock Option Plans (Details)	9 Months Ended
	Sep. 30, 2020 USD ($) $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	59,350
Exercised (in shares) \| shares	(10,050)
Ending balance (in shares) \| shares	49,300
Vested and Expected to Vest (in shares) \| shares	49,300
Exercisable (in shares) \| shares	49,300
Weighted-Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares	$ 13.51
Exercised (in dollars per share) \| $ / shares	8.29
Ending balance (in dollars per share) \| $ / shares	14.57
Vested and Expected to Vest (in dollars per share) \| $ / shares	14.57
Exercisable (in dollars per share) \| $ / shares	$ 14.57
Weighted Average Remaining Contractual Term (in Years)
Outstanding (term)	2 years 21 days
Vested and Expected to Vest (term)	2 years 21 days
Exercisable (term)	2 years 21 days
Aggregate Intrinsic Value
Outstanding \| $	$ 423,463
Vested and Expected to Vest \| $	423,463
Exercisable \| $	$ 423,463

Share-Based Compensation - Unvested RSAs Outstanding (Details) - RSAs	9 Months Ended
	Sep. 30, 2020 $ / shares shares
Number of Shares
Unvested RSAs, Beginning Balance (in shares) \| shares	351,048
Granted (in shares) \| shares	135,292
Vested (in shares) \| shares	(116,520)
Forfeited (in shares) \| shares	(525)
Unvested RSAs, Ending Balance (in shares) \| shares	369,295
Weighted-Average Grant Date Fair Value
Unvested RSAs, Beginning Balance (in dollars per share) \| $ / shares	$ 40.67
Granted (in dollars per share) \| $ / shares	26.89
Vested (in dollars per share) \| $ / shares	40.46
Forfeited (in dollars per share) \| $ / shares	40.44
Unvested RSAs, Ending Balance (in dollars per share) \| $ / shares	$ 36.17

Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Tax (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Reconciliation of Federal Statutory to Actual Tax Expense:
Federal statutory income tax at 21%	$ 8,785	$ 9,050	$ 24,612	$ 28,908
Tax-exempt interest income	(3,403)	(2,637)	(9,624)	(7,307)
Share-based compensation	382	(11)	376	(402)
Tax-exempt earnings and gains on life insurance	(246)	(241)	(810)	(647)
Tax credits	(55)	(61)	(205)	(202)
CARES Act - NOL carryback rate differential	0	0	(1,178)	0
Other	158	237	563	677
Actual Tax Expense	$ 5,621	$ 6,337	$ 13,734	$ 21,027
Effective Tax Rate	13.40%	14.70%	11.70%	15.30%

Net Income Per Share - Reconciliation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net Income
Net income available to common stockholders	$ 36,210	$ 36,757	$ 103,465	$ 116,630
Diluted net income per share	$ 36,210	$ 36,757	$ 103,465	$ 116,630
Weighted-Average Shares
Net income available to common stockholders (in shares)	53,843,508	51,433,227	54,111,848	50,085,701
Effect of potentially dilutive stock options and restricted stock awards (in shares)	127,090	136,330	166,034	141,679
Diluted net income per share (in shares)	53,970,598	51,569,557	54,277,882	50,227,380
Per Share Amount
Net income available to common stockholders (in dollars per share)	$ 0.67	$ 0.71	$ 1.91	$ 2.33
Diluted net income per share (in dollars per share)	$ 0.67	$ 0.71	$ 1.91	$ 2.32

Net Income Per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
Net Income Per Share - Narrative (Details) - shares	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options not included in the earnings per share calculation (in shares)	0	0	0	0

Subsequent Events (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2019
Subsequent Event [Line Items]
Cash paid in acquisition		$ 0	$ 15
Subsequent event \| Hoosier \| Forecast
Subsequent Event [Line Items]
Cash paid in acquisition	$ 3,225

Loans and Allowance - Credit Quality of Loan Portfolio by Loan Class (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	$ 9,243,833	$ 8,459,310
Commercial and industrial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	2,875,331	2,109,879
Agricultural production financing and other loans to farmers
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	83,090	93,861
Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	622,084	787,568
Commercial and farmland
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	3,248,506	3,052,698
Residential
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	1,146,406	1,143,217
Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	527,458	588,984
Individuals' loans for household and other personal expenditures
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	125,411	135,989
Public finance and other commercial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	615,547	547,114
Commercial Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	7,137,276	6,447,193
Commercial Pass \| Commercial and industrial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	2,651,863	1,956,985
Commercial Pass \| Agricultural production financing and other loans to farmers
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	70,380	78,558
Commercial Pass \| Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	570,635	749,249
Commercial Pass \| Commercial and farmland
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	3,018,791	2,894,366
Commercial Pass \| Residential
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	195,916	196,710
Commercial Pass \| Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	14,218	24,211
Commercial Pass \| Individuals' loans for household and other personal expenditures
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	0	0
Commercial Pass \| Public finance and other commercial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	615,473	547,114
Commercial Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	257,740	147,328
Commercial Special Mention \| Commercial and industrial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	130,786	81,179
Commercial Special Mention \| Agricultural production financing and other loans to farmers
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	4,810	5,626
Commercial Special Mention \| Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	10,830	1,613
Commercial Special Mention \| Commercial and farmland
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	109,661	57,776
Commercial Special Mention \| Residential
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	1,522	877
Commercial Special Mention \| Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	57	257
Commercial Special Mention \| Individuals' loans for household and other personal expenditures
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	0	0
Commercial Special Mention \| Public finance and other commercial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	74	0
Commercial Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	240,931	190,358
Commercial Substandard \| Commercial and industrial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	92,682	71,715
Commercial Substandard \| Agricultural production financing and other loans to farmers
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	7,900	9,677
Commercial Substandard \| Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	14,362	1,634
Commercial Substandard \| Commercial and farmland
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	118,721	98,575
Commercial Substandard \| Residential
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	6,337	8,075
Commercial Substandard \| Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	929	682
Commercial Substandard \| Individuals' loans for household and other personal expenditures
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	0	0
Commercial Substandard \| Public finance and other commercial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	0	0
Commercial Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	0	0
Commercial Doubtful \| Commercial and industrial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	0	0
Commercial Doubtful \| Agricultural production financing and other loans to farmers
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	0	0
Commercial Doubtful \| Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	0	0
Commercial Doubtful \| Commercial and farmland
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	0	0
Commercial Doubtful \| Residential
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	0	0
Commercial Doubtful \| Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	0	0
Commercial Doubtful \| Individuals' loans for household and other personal expenditures
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	0	0
Commercial Doubtful \| Public finance and other commercial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	0	0
Commercial Loss
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	0	0
Commercial Loss \| Commercial and industrial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	0	0
Commercial Loss \| Agricultural production financing and other loans to farmers
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	0	0
Commercial Loss \| Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	0	0
Commercial Loss \| Commercial and farmland
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	0	0
Commercial Loss \| Residential
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	0	0
Commercial Loss \| Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	0	0
Commercial Loss \| Individuals' loans for household and other personal expenditures
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	0	0
Commercial Loss \| Public finance and other commercial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	0	0
Consumer Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	1,601,238	1,668,247
Consumer Performing \| Commercial and industrial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	0	0
Consumer Performing \| Agricultural production financing and other loans to farmers
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	0	0
Consumer Performing \| Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	26,135	35,072
Consumer Performing \| Commercial and farmland
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	1,333	1,981
Consumer Performing \| Residential
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	938,731	932,743
Consumer Performing \| Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	509,676	562,507
Consumer Performing \| Individuals' loans for household and other personal expenditures
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	125,363	135,944
Consumer Performing \| Public finance and other commercial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	0	0
Consumer Non-Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	6,648	6,184
Consumer Non-Performing \| Commercial and industrial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	0	0
Consumer Non-Performing \| Agricultural production financing and other loans to farmers
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	0	0
Consumer Non-Performing \| Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	122	0
Consumer Non-Performing \| Commercial and farmland
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	0	0
Consumer Non-Performing \| Residential
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	3,900	4,812
Consumer Non-Performing \| Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	2,578	1,327
Consumer Non-Performing \| Individuals' loans for household and other personal expenditures
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	48	45
Consumer Non-Performing \| Public finance and other commercial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	$ 0	$ 0

Disclosures About Fair Value of Assets and Liabilities - Fair Value Measurements of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	$ 1,824,160	$ 1,790,025
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap asset	0	0
Interest rate swap liability	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	1,821,673	1,787,132
Significant Other Observable Inputs (Level 2) \| Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap asset	82,010	27,855
Interest rate swap liability	84,254	29,299
Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	2,487	2,893
Significant Unobservable Inputs (Level 3) \| Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap asset	0	0
Interest rate swap liability	0	0
U.S. Treasury
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	300
U.S. Treasury \| Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	0
U.S. Treasury \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	300
U.S. Treasury \| Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	0
U.S. Treasury \| Fair Value, Measurements, Recurring \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	300
U.S. Government-sponsored agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	2,444	38,875
U.S. Government-sponsored agency securities \| Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	0	0
U.S. Government-sponsored agency securities \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	2,444	38,875
U.S. Government-sponsored agency securities \| Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	0	0
U.S. Government-sponsored agency securities \| Fair Value, Measurements, Recurring \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	2,444	38,875
State and municipal
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	1,146,946	899,796
State and municipal \| Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	0	0
State and municipal \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	1,144,494	896,938
State and municipal \| Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	2,452	2,858
State and municipal \| Fair Value, Measurements, Recurring \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	1,146,946	899,796
U.S. Government-sponsored mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	670,395	851,323
U.S. Government-sponsored mortgage-backed securities \| Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	0	0
U.S. Government-sponsored mortgage-backed securities \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	670,391	851,319
U.S. Government-sponsored mortgage-backed securities \| Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	4	4
U.S. Government-sponsored mortgage-backed securities \| Fair Value, Measurements, Recurring \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	670,395	851,323
Corporate obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	4,075	31
Corporate obligations \| Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	0	0
Corporate obligations \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	4,044	0
Corporate obligations \| Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	31	31
Corporate obligations \| Fair Value, Measurements, Recurring \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	4,075	31
Interest rate swap asset \| Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap asset	0	0
Interest rate swap liability	0	0
Interest rate swap asset \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap asset	82,010	27,855
Interest rate swap liability	84,254	29,299
Interest rate swap asset \| Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap asset	0	0
Interest rate swap liability	0	0
Interest rate swap asset \| Fair Value, Measurements, Recurring \| Fair Value \| Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap asset	82,010	27,855
Interest rate swap liability	$ 84,254	$ 29,299