0000712534-21-000153 | 10-Q | XBRL Viewer

9,318,228

9,243,174

^[1]

(201,082)

(130,648)

Federal Home Loan Bank stock

9,117,146

9,112,526

Premises and equipment

109,432

111,062

28,736

Interest receivable

54,662

53,948

Goodwill

543,918

Other intangibles

27,618

28,975

Cash surrender value of life insurance

293,766

292,745

Other real estate owned

604

940

Securities sold under repurchase agreements

40,163

12,340

Other assets

127,027

146,066

TOTAL ASSETS

14,629,066

14,067,210

Deposits:

Noninterest-bearing

2,494,891

2,298,138

Interest-bearing

9,456,889

9,063,472

Total Deposits

11,951,780

11,361,610

Borrowings:

185,721

177,102

Federal Home Loan Bank advances

359,337

389,430

Subordinated debentures and other borrowings

118,439

118,380

Total Borrowings

663,497

684,912

Interest payable

4,020

3,287

Other liabilities

203,913

141,756

Total Liabilities

12,823,210

12,191,565

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

Common Stock, $0.125 stated value: Authorized - 100,000,000 shares Issued and outstanding - 53,953,723 and 53,922,359 shares

6,744

6,740

Additional paid-in capital

1,007,300

1,005,366

Accumulated other comprehensive income

755,877

788,578

35,810

74,836

Total Stockholders' Equity

1,805,856

1,875,645

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$ 14,629,066

$ 14,067,210

[1]	Beginning January 1, 2021, the calculation is based on the current expected credit loss methodology. Prior to January 1, 2021, the calculation is based on the incurred loss methodology. See additional details in NOTE 1. GENERAL of these Notes to Consolidated Condensed Financial Statement.

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for Credit Losses	$ 245	$ 0
Investment securities held to maturity - fair value	$ 1,318,780	$ 1,280,293
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)	53,953,723	53,922,359
Common Stock, outstanding (in shares)	53,953,723	53,922,359

CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Loans receivable:
Taxable	$ 85,105	$ 96,652
Tax exempt	5,339	5,315
Investment securities:
Taxable	6,695	7,631
Tax exempt	12,385	9,335
Deposits with financial institutions	114	575
Federal Home Loan Bank stock	178	299
Total Interest Income	109,816	119,807
INTEREST EXPENSE
Deposits	6,200	21,748
Federal funds purchased	2	111
Securities sold under repurchase agreements	87	352
Federal Home Loan Bank advances	1,442	1,774
Subordinated debentures and other borrowings	1,657	1,945
Total Interest Expense	9,388	25,930
NET INTEREST INCOME	100,428	93,877
Provision for credit losses - loans	0	19,752
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	100,428	74,125
OTHER INCOME
Net gains and fees on sales of loans	3,986	3,363
Increase in cash surrender value of life insurance	1,189	1,360
Gains on life insurance benefits	147	0
Net realized gains on sales of available for sale securities	1,799	4,612
Other income	232	265
Total Other Income	24,091	29,799
OTHER EXPENSES
Salaries and employee benefits	38,811	39,243
Net occupancy	6,491	5,801
Equipment	5,030	4,344
Marketing	1,124	1,443
Outside data processing fees	4,244	4,199
Printing and office supplies	283	387
Intangible asset amortization	1,357	1,514
FDIC assessments	1,368	1,523
Other real estate owned and foreclosure expenses	734	505
Professional and other outside services	2,543	2,258
Other expenses	4,113	4,954
Total Other Expenses	66,098	66,171
INCOME BEFORE INCOME TAX	58,421	37,753
Income tax expense	8,952	3,490
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$ 49,469	$ 34,263
Per Share Data:
Basic Net Income Available to Common Stockholders (in dollars per share)	$ 0.92	$ 0.63
Diluted Net Income Available to Common Stockholders (in dollars per share)	0.91	0.62
Cash Dividends Paid (in dollars per share)	$ 0.26	$ 0.26
Average Diluted Shares Outstanding (in shares)	54,133,622	54,917,760
Service charges on deposit accounts
OTHER INCOME
Other income	$ 5,264	$ 5,970
Fiduciary and wealth management fees
OTHER INCOME
Other income	6,422	5,985
Card payment fees
OTHER INCOME
Other income	4,367	5,907
Derivative hedge fees
OTHER INCOME
Other income	317	1,939
Other customer fees
OTHER INCOME
Other income	$ 368	$ 398

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 49,469	$ 34,263
Unrealized gains/losses on securities available-for-sale:
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax	(47,911)	38,435
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax	(1,799)	(4,612)
Tax effect	10,439	(7,102)
Net of tax	(39,271)	26,721
Unrealized gain/loss on cash flow hedges:
Unrealized holding gain (loss) arising during the period	58	(1,314)
Reclassification adjustment for losses (gains) included in net income	252	125
Tax effect	(65)	250
Net of tax	245	(939)
Other comprehensive income (loss), net of tax	(39,026)	25,782
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total	$ 10,443	$ 60,045

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Cumulative effect of ASC 326 adoption	Adjusted balance	Preferred	Preferred Adjusted balance	Common Stock	Common Stock Adjusted balance	Additional Paid in Capital	Additional Paid in Capital Adjusted balance	Retained Earnings	Retained Earnings Cumulative effect of ASC 326 adoption	Retained Earnings Adjusted balance	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Adjusted balance
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	34,263									34,263
Other comprehensive income (loss), net of tax	25,782												25,782
Cash dividends on common stock	(14,265)									(14,265)
Repurchase of common stock (in shares)						(1,634,437)
Repurchases of common stock	(55,912)					$ (204)		(55,708)
Share-based compensation (in shares)						3,332
Share-based compensation	1,220							1,220
Stock issued under dividend reinvestment and stock purchase plan (in shares)						15,710
Stock issued under dividend reinvestment and stock purchase plan	428					$ 2		426
Stock options exercised (in shares)						1,050
Stock options exercised	7							7
Ending balance (in shares) at Mar. 31, 2020				125		53,754,137
Ending balance at Mar. 31, 2020	1,777,960			$ 125		$ 6,719		1,000,942		716,518			53,656
Beginning balance (in shares) at Dec. 31, 2020				125	125	53,922,359	53,922,359
Beginning balance at Dec. 31, 2020	1,875,645	$ (68,040)	$ 1,807,605	$ 125	$ 125	$ 6,740	$ 6,740	1,005,366	$ 1,005,366	788,578	$ (68,040)	$ 720,538	74,836	$ 74,836
Comprehensive income:
Net income	49,469									49,469
Other comprehensive income (loss), net of tax	(39,026)												(39,026)
Cash dividends on common stock	(14,130)									(14,130)
Share-based compensation (in shares)						4,285
Share-based compensation	1,190					$ 1		1,189
Stock issued under employee benefit plans (in shares)						3,929
Stock issued under employee benefit plans	144							144
Stock issued under dividend reinvestment and stock purchase plan (in shares)						9,117
Stock issued under dividend reinvestment and stock purchase plan	$ 443					$ 1		442
Stock options exercised (in shares)	14,300					14,300
Stock options exercised	$ 171					$ 2		169
Restricted shares withheld for taxes (in shares)						(267)
Restricted shares withheld for taxes	(10)							(10)
Ending balance (in shares) at Mar. 31, 2021				125		53,953,723
Ending balance at Mar. 31, 2021	$ 1,805,856			$ 125		$ 6,744		$ 1,007,300		$ 755,877			$ 35,810

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) (Parenthetical)	12 Months Ended
	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Indicates amendment to accounting standards.

+ References

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+ Details

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flow From Operating Activities:
Net income	$ 49,469	$ 34,263
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses	0	19,752
Depreciation and amortization	2,748	2,674
Change in deferred taxes	(3,079)	(7,662)
Share-based compensation	1,190	1,220
Loans originated for sale	(111,558)	(163,378)
Proceeds from sales of loans held for sale	114,383	170,307
Gains on sales of loans held for sale	(3,289)	(2,931)
Gains on sales of securities available for sale	(1,799)	(4,612)
Increase in cash surrender of life insurance	(1,189)	(1,360)
Gains on life insurance benefits	(147)	0
Change in interest receivable	(714)	1,412
Change in interest payable	733	992
Other adjustments	6,062	20,816
Net cash provided by operating activities	52,810	71,493
Cash Flows from Investing Activities:
Net change in interest-bearing deposits	(501)	(14,681)
Purchases of:
Securities available for sale	(597,901)	(87,499)
Securities held to maturity	(135,098)	(126,759)
Proceeds from sales of securities available for sale	48,016	96,558
Proceeds from maturities of:
Securities available for sale	80,114	45,621
Securities held to maturity	66,361	49,912
Net change in loans	(72,704)	(148,882)
Proceeds from the sale of other real estate owned	495	303
Proceeds from life insurance benefits	315	0
Other adjustments	(2,285)	(3,672)
Net cash used in investing activities	(613,188)	(189,099)
Net change in :
Demand and savings deposits	620,609	109,276
Certificates of deposit and other time deposits	(30,439)	(78,748)
Borrowings	8,678	180,060
Repayment of borrowings	(30,093)	(72,710)
Cash dividends on common stock	(14,130)	(14,265)
Stock issued under employee benefit plans	144	0
Stock issued under dividend reinvestment and stock purchase plans	443	428
Stock options exercised	171	7
Repurchase of common stock	0	(55,912)
Net cash provided by financing activities	555,383	68,136
Net Change in Cash and Cash Equivalents	(4,995)	(49,470)
Cash and Cash Equivalents, January 1	192,896	177,201
Cash and Cash Equivalents, March 31	187,901	127,731
Additional cash flow information:
Interest paid	8,655	24,938
Loans transferred to other real estate owned	44	761
Fixed assets transferred to other real estate owned	1,167	0
Non-cash investing activities using trade date accounting	66,558	44,362
ROU assets obtained in exchange for new operating lease liabilities	$ 386	$ 79

General

3 Months Ended

Mar. 31, 2021

General

GENERAL

Financial Statement Preparation

The Consolidated Condensed Balance Sheet of the Corporation as of December 31, 2020, 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, 2020 filed with the Securities and Exchange Commission. The results of operations for the three months ended March 31, 2021, 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 credit 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.

Significant Accounting Policies

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, with the exception of the Corporation's adoption of ASC 326 as described below under the heading "Recent Accounting Changes Adopted In 2021." The Corporation revised certain accounting policies and implemented certain accounting policy elections, related to the adoption of ASC 326 which are described below. 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 Corporation adopted FASB Accounting Standards Update (ASU) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("CECL") on January 1, 2021. CECL replaces the previous "incurred loss" model for measuring credit losses, which encompassed allowances for current known and inherent losses within the portfolio, with an "expected loss" model for measuring credit losses, which encompasses allowances for losses expected to be incurred over the life of the portfolio. The new CECL model requires the measurement of all expected credit losses for financial assets measured at amortized cost and certain off-balance sheet credit exposures based on historical experiences, current conditions, and reasonable and supportable forecasts. CECL also requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as credit quality and underwriting standards of an organization's portfolio. In addition, CECL includes certain changes to the accounting for investment securities available for sale depending on whether management intends to sell the securities or believes that it is more likely than not they will be required to sell.

As of the adoption and day one measurement date of January 1, 2021, the Corporation recorded a one-time cumulative-effect adjustment to retained earnings, net of income taxes, on the consolidated balance sheet of $68.0 million. The allowance increased 57 percent from December 31, 2020, or $74.1 million, because it covered expected credit losses over the life of the loan portfolio, which approximates four years, and it included an allowance on 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 was approximately $20.5 million. An allowance for credit losses of $245,000 was recorded on the state and municipal securities classified as held to maturity based on applying the long-term historical credit loss rate, as published by Moody’s, for similarly rated securities. The following table details the impact of the adoption of CECL on the Corporation's balance sheet as of January 1, 2021.


	December 31, 2020	Impact of CECL Adoption	January 1, 2021 Post-CECL Adoption
Assets:
Held to maturity securities	1,227,668	(245)	1,227,423
Loans	9,243,174	4,776	9,247,950
Allowance for credit losses - Loans	(130,648)	(74,055)	(204,703)
Net loans	9,112,526	(69,279)	9,043,247
Tax asset, deferred and receivable	12,340	21,984	34,324

Liabilities:
Allowance for credit losses on unfunded loan commitments	—	20,500	20,500

Stockholder's Equity:
Retained Earnings	788,578	(68,040)	720,538
		—

Allowance for credit losses on investment securities available for sale – for investment securities available for sale in an unrealized loss position, the Corporation first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For investment securities available for sale that do not meet the aforementioned criteria, the Corporation evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Corporation considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Unrealized losses that have not been recorded through an allowance for credit losses are recognized in other comprehensive income. Adjustments to the allowance for credit losses are reported in the income statement as a component of the provision for credit loss. The Corporation has made the accounting policy election to exclude accrued interest receivable on investment securities available for sale from the estimate of credit losses. Investment securities available for sale are charged off against the allowance or, in the absence of any allowance, written down through the income statement when deemed uncollectible or when either of the aforementioned criteria regarding intent or requirement to sell is met. The Corporation did not record an allowance for credit losses on its investment securities available for sale as the unrealized losses were attributable to changes in interest rates, not credit quality.

Allowance for credit losses on investment securities held to maturity ("ACL - Investments") – the ACL - Investments is a contra asset-valuation account that is deducted from the amortized cost basis of investment securities held to maturity to present the net amount expected to be collected. Investment securities held to maturity are charged off against the ACL - Investments when deemed uncollectible. Adjustments to the ACL - Investments are reported in the income statement as a component of the provision for credit loss. The Corporation measures expected credit losses on held to maturity debt securities on a collective basis by major security type with each type sharing similar risk characteristics, and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The Corporation has made the accounting policy election to exclude accrued interest receivable on investment securities held to maturity from the estimate of credit losses. With regard to U.S. Government-sponsored agency and mortgage-backed securities, all these securities are issued by a U.S. government-sponsored entity and have an implicit or explicit government guarantee. With regard to securities issued by states and municipalities and other investment securities held to maturity, management considers (1) issuer bond ratings, (2) the financial condition of the issuer, (3) historical loss rates for given bond ratings, and (4) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities. Historical loss rates associated with securities having similar grades as those in the Corporation's portfolio have generally not been significant. Furthermore, as of March 31, 2021, there were no past due principal and interest payments associated with these securities. An allowance for credit losses of $245,000 was recorded on the state and municipal securities classified as held to maturity based on applying the long-term historical credit loss rate, as published by Moody’s, for similarly rated securities.

Purchased Credit Deteriorated (“PCD”) – the Corporation has purchased loans, some of which have experienced more than insignificant credit deterioration since origination. PCD loans are recorded at the amount paid. An allowance for credit losses is determined using the same methodology as other loans held for investment. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The sum of the loan’s purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is the noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through the provision for credit losses.

Allowance for Credit Losses - Loans ("ACL - Loans") - the ACL - Loans is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on loans over the contractual term. Loans are charged off against the allowance when the uncollectibility of the loan is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged off and expected to be charged off. Adjustments to the ACL- Loans are reported in the income statement as a component of provision for credit loss. The Corporation has made the accounting policy election to exclude accrued interest receivable on loans from the estimate of credit losses. Further information regarding the policies and methodology used to estimate the ACL - Loans is detailed in NOTE 3. LOANS AND ALLOWANCE of these Notes to Consolidated Condensed Financial Statements.

Allowance for Credit Losses – Off-Balance Sheet Credit Exposures – the allowance for credit losses on off-balance sheet credit exposures is a liability account representing expected credit losses over the contractual period for which the Corporation is exposed to credit risk resulting from a contractual obligation to extend credit. No allowance is recognized if the Corporation has the unconditional right to cancel the obligation. Off-balance sheet credit exposures primarily consist of amounts available under outstanding lines of credit and letters of credit. For the period of exposure, the estimate of expected credit losses considers both the likelihood that funding will occur and the amount expected to be funded over the estimated remaining life of the commitment or other off-balance sheet exposure. The likelihood and expected amount of funding are based on historical utilization rates. The amount of the allowance represents management’s best estimate of expected credit losses on commitments expected to be funded over the contractual life of the commitment. The allowance for off-balance sheet credit exposures is adjusted through the income statement as a component of provision for credit loss.

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 beginning early in the second quarter of 2020, commercial activity throughout our geographic footprint, as well as nationally, decreased significantly during 2020 and 2021. These containment measures have significantly contributed to rising unemployment and negatively impacted consumer and business spending. Although most states have reopened, albeit under limited capacities and under other social distancing restrictions, commercial activity has not returned to the levels existing prior to the outbreak of the pandemic. While multiple COVID-19 vaccines are now broadly available and vaccination rates are steadily increasing, it is too early to know how effective vaccinations will be in mitigating the adverse social and economic effects of the pandemic. Moreover, certain states and localities have recently experienced significant increases in the number of individuals diagnosed with COVID-19, which, in certain cases, is causing government officials to reinstitute activity restrictions. In addition, variant strains of the COVID-19 virus have appeared, further complicating efforts of the medical community and federal, state and local governments in response to the pandemic.

The continued impact of COVID-19 on the Corporation will depend on numerous factors and future developments that are highly uncertain and cannot be predicted with confidence. It is unknown how long the COVID-19 pandemic will last, or when restrictions on individuals and businesses will be fully lifted and businesses and their employees will be able to resume normal activities. Additional information may emerge regarding new developments with COVID-19 and additional actions may be taken by federal, state and local governments to contain COVID-19 or treat its impact. Changes in the behavior of customers, businesses and their employees as a result of COVID-19 pandemic, including social distancing practices, even after formal restrictions have been lifted and vaccination rates have increased, are also unknown. As a result of COVID-19 and the actions taken to contain it or reduce its impact, we may experience changes in the demand for our products and services, changes in the value of collateral securing outstanding loans, reductions in the credit quality of borrowers and the inability of borrowers to repay loans in accordance with their terms. Our commercial and consumer customers are experiencing varying degrees of financial distress, which is expected to continue in 2021, especially if positive cases increase and economic shutdowns continue. These and similar factors and events may have substantial negative effects on the business, financial condition and results of operations of the Corporation and its customers.

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. The CAA, as described above, extended the expiration date for COVID-related loan modifications exempt from troubled debt restructuring classification until the earlier of January 1, 2022, or 60 days after the termination of the national emergency. Details of the Corporation's modifications are included in the "LOAN QUALITY" section of Management’s Discussion and Analysis of Financial Condition and Results of Operations included on this Form 10-Q.

Recent Accounting Changes Adopted In 2021

The Corporation continually monitors potential accounting pronouncements and the following pronouncements have been deemed to have the most applicability to the Corporation's financial statements:

FASB Accounting Standards Updates 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 replaces the previous "incurred loss" model for measuring credit losses with an "expected life of loan loss" model, referred to as the 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 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 takes 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, which delayed recognition until it is probable a loss had been incurred.

The Corporation developed models that satisfy the requirements of the new standard which are 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 was applied. The Corporation utilized a one-year economic forecast period then reverted to historical macroeconomic levels for the remaining life of the portfolio. A baseline macroeconomic scenario, along with other scenarios, were used to develop a range of estimated credit losses for which to determine the best estimate within.

The ASU was 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 elected to delay implementation of ASU No. 2016-13, which was set to expire on December 31, 2020. However, the CAA (as discussed above) extended the temporary relief from CECL compliance to the earlier of the first day of the fiscal year that begins after the date on which the national emergency concerning COVID-19 terminates, or January 1, 2022. The Corporation elected to delay implementation of CECL following the approval of the CARES Act and, with the enactment of the CAA, the Corporation elected to adopt CECL on January 1, 2021. This allows the Corporation to utilize the CECL standard for the entire year of 2021, while its 2020 financial statements were prepared under the incurred loss model.

FASB Accounting Standards Updates 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. Additionally, the 2021 Consolidated Appropriations Act ("CAA"), signed into law on December 27, 2020, amended the CARES Act by extending the temporary relief from CECL compliance to the earlier of the first day of the fiscal year that begins after the date on which the national emergency concerning COVID-19 terminates, or January 1, 2022. The Corporation elected to delay implementation of CECL following the approval of the CARES Act and, with the enactment of the CAA, the Corporation elected to adopt CECL on January 1, 2021. The adoption of this standard did not have a significant effect on the Corporation’s consolidated financial statements or disclosures.

Accounting Standards Update No. 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

Summary - The FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is expected to reduce cost and complexity related to the accounting for income taxes.

The ASU removes specific exceptions to the general principles in Topic 740 in Generally Accepted Accounting Principles (GAAP). It eliminates the need for an organization to analyze whether the following apply in a given period:

• Exception to the incremental approach for intraperiod tax allocation;

• Exceptions to accounting for basis differences when there are ownership changes in foreign investments; and

• Exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses.

The ASU also improves financial statement preparers’ application of income tax-related guidance and simplifies GAAP for:

• Franchise taxes that are partially based on income;

• Transactions with a government that result in a step up in the tax basis of goodwill

• Separate financial statements of legal entities that are not subject to tax; and

• Enacted changes in tax laws in interim periods.

The ASU is part of the FASB’s simplification initiative to make narrow-scope simplifications and improvements to accounting standards through a series of short-term projects. For public business entities, the ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the ASU was permitted. The Corporation adopted this standard on January 1, 2021 and adoption of this standard did not have a significant effect on the Corporation's consolidated financial statements or disclosures.

New Accounting Pronouncements Not Yet Adopted

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.

FASB Accounting Standards Updates - Accounting Standards Update No. 2021-01 - Reference Rate Reform (Topic 848): Scope

Summary - The FASB has published ASU 2021-01, Reference Rate Reform. ASU 2021-01 clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The ASU also amends the expedients and exceptions in Topic 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition.

An entity may elect to apply the amendments in this Update on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final Update, up to the date that financial statements are available to be issued.

If an entity elects to apply any of the amendments in this Update for an eligible hedging relationship, any adjustments as a result of those elections must be reflected as of the date the entity applies the election.

The amendments in this Update do not apply to contract modifications made after December 31, 2022, new hedging relationships entered into after December 31, 2022, and existing hedging relationships evaluated for effectiveness in periods after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that apply certain optional expedients in which the accounting effects are recorded through the end of the hedging relationship (including periods after December 31, 2022). The Corporation is assessing ASU 2021-01 and its impact on the Corporation's transition away from LIBOR for its loans and other financial instruments.

Investment Securities

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Investment Securities

INVESTMENT SECURITIES

The following table summarizes the amortized cost, gross unrealized gains and losses and approximate fair value of investment securities available for sale as of March 31, 2021 and December 31, 2020.


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale at March 31, 2021
U.S. Treasury	$	1,000	$	—	$	—	$	1,000
U.S. Government-sponsored agency securities	11,504		40		163		11,381
State and municipal	1,301,378		67,438		2,654		1,366,162
U.S. Government-sponsored mortgage-backed securities	1,025,660		13,550		16,347		1,022,863
Corporate obligations	4,031		153		22		4,162

Total available for sale	$	2,343,573	$	81,181	$	19,186	$	2,405,568


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale at December 31, 2020
U.S. Government-sponsored agency securities	$	2,380	$	50	$	—	$	2,430
State and municipal	1,168,711		89,420		246		1,257,885
U.S. Government-sponsored mortgage-backed securities	632,267		22,505		103		654,669
Corporate obligations	4,031		104		—		4,135

Total available for sale	$	1,807,389	$	112,079	$	349	$	1,919,119

The following table summarizes the amortized cost, gross unrealized gains and losses, approximate fair value and allowance for credit losses on investment securities held to maturity as of March 31, 2021 and December 31, 2020.


	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Held to maturity at March 31, 2021
U.S. Government-sponsored agency securities	$	60,676	$	—	$	60,676	$	1	$	1,553	59,124
State and municipal	624,553		245		624,308		23,154		3,389		644,318
U.S. Government-sponsored mortgage-backed securities	608,805		—		608,805		11,849		6,816		613,838
Foreign investment	1,500		—		1,500		—		—		1,500
Total held to maturity	$	1,295,534	$	245	$	1,295,289	$	35,004	$	11,758	$	1,318,780


	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Held to maturity at December 31, 2020
U.S. Government-sponsored agency securities	$	31,087	$	—	$	31,087	$	10	$	113	$	30,984
State and municipal	619,927		—		619,927		34,978		32		654,873
U.S. Government-sponsored mortgage-backed securities	575,154		—		575,154		17,889		107		592,936
Foreign investment	1,500		—		1,500		—		—		1,500
Total held to maturity	$	1,227,668	$	—	$	1,227,668	$	52,877	$	252	$	1,280,293

Accrued interest on investment securities available for sale and held to maturity of $20.6 million are included in the Interest Receivable line on the Corporation's Consolidated Condensed Balance Sheets. The total amount of accrued interest is excluded from the amortized cost of available for sale and held to maturity securities presented above.

In determining the allowance for credit losses on investment securities available for sale that are in an unrealized loss position, the Corporation first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through the income statement. For investment securities available for sale that do not meet the aforementioned criteria, the Corporation evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Corporation considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Unrealized losses that have not been recorded through an allowance for credit losses is recognized in other comprehensive income. Adjustments to the allowance are reported in the income statement as a component of the provision for credit loss. The Corporation has made the accounting policy election to exclude accrued interest receivable on investment securities available for sale from the estimate of credit losses. Investment securities available for sale are charged off against the allowance or, in the absence of any allowance, written down through the income statement when deemed uncollectible or when either of the aforementioned criteria regarding intent or requirement to sell is met. The Corporation did not record an allowance for credit losses on its investment securities available for sale as the unrealized losses were attributable to changes in interest rates, not credit quality.

The allowance for credit losses on investment securities held to maturity is a contra asset-valuation account that is deducted from the amortized cost basis of investment securities held to maturity to present the net amount expected to be collected. Investment securities held to maturity are charged off against the allowance when deemed uncollectible. Adjustments to the allowance are reported in the income statement as a component of the provision for credit loss. The Corporation measures expected credit losses on investment securities held to maturity on a collective basis by major security type with each type sharing similar risk characteristics, and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The Corporation has made the accounting policy election to exclude accrued interest receivable on investment securities held to maturity from the estimate of credit losses. With regard to U.S. Government-sponsored agency and mortgage-backed securities, all these securities are issued by a U.S. government-sponsored entity and have an implicit or explicit government guarantee; therefore, no allowance for credit losses has been recorded for these securities.. With regard to securities issued by states and municipalities and other investment securities held to maturity, management considers (1) issuer bond ratings, (2) historical loss rates for given bond ratings, (3) the financial condition of the issuer, and (4) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities. Historical loss rates associated with securities having similar grades as those in the Corporation's portfolio have been insignificant. Furthermore, as of March 31, 2021, there were no past due principal and interest payments associated with these securities. An allowance for credit losses of $245,000 was recorded on the state and municipal securities classified as held to maturity based on applying the long-term historical credit loss rate, as published by Moody’s, for similarly rated securities.

On a quarterly basis, the Corporation monitors the credit quality of investment securities held to maturity through the use of credit ratings. The following table summarizes the amortized cost of investment securities held to maturity at March 31, 2021, aggregated by credit quality indicator.


	Held to Maturity
	State and municipal		Other		Total
Credit Rating:
Aaa	$	48,689	$	60,676	$	109,365
Aa1	84,954		—		84,954
Aa2	107,436		—		107,436
Aa3	72,969		—		72,969
A1	65,578		—		65,578
A2	19,074		—		19,074
A3	1,065		—		1,065
Baa2	528		—		528
Non-rated	224,260		610,305		834,565
Total	$	624,553	$	670,981	$	1,295,534

The following table details activity in the allowance for credit losses on investment securities held to maturity during the three months ended March 31, 2021.


	State and municipal
Allowance for Credit Losses:
Balance, December 31, 2020	$	—
Impact of adopting ASC 326	245
Provision for credit loss	—
Securities charged off	—
Recoveries on securities	—
Balance, March 31, 2021	$	245

The following tables summarize, as of March 31, 2021 and December 31, 2020, investment securities available for sale in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by security type and length of time 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
Investment securities available for sale at March 31, 2021
U.S. Government-sponsored agency securities	$	9,837	$	163	$	—	$	—	$	9,837	$	163
State and municipal	172,655		2,654		—		—		172,655		2,654
U.S. Government-sponsored mortgage-backed securities	606,498		16,347		—		—		606,498		16,347
Corporate obligations	978		22		—		—		978		22
Total investment securities available for sale	$	789,968	$	19,186	$	—	$	—	$	789,968	$	19,186


	Less than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Investment securities available for sale at December 31, 2020

State and municipal	$	5,368	$	246	$	—	$	—	$	5,368	$	246
U.S. Government-sponsored mortgage-backed securities	9,651		103		—		—		9,651		103

Total investment securities available for sale	$	15,019	$	349	$	—	$	—	$	15,019	$	349

Certain investment securities available for sale are reported in the financial statements at an amount less than their historical cost as indicated in the table below.


	March 31, 2021			December 31, 2020
Investments available for sale reported at less than historical cost:
Historical cost	$	809,154		$	15,368
Fair value	789,968			15,019
Gross unrealized losses	$	19,186		$	349
Percent of the Corporation's investments available for sale	21.4		%	0.5		%

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 I and Level II 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.

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. As noted in the table above, the mortgage-backed securities portfolio contains unrealized losses of $16.3 million on fifty-five securities in the available for sale portfolio. All these securities are issued by a government-sponsored entity.

State and Municipal Securities, U.S. Government-Sponsored Agency Securities and Corporate Obligation Securities

The unrealized losses on the Corporation's investments in securities of state and political subdivisions, U.S. Government-Sponsored Agency securities and corporate obligations were caused by interest rate increases. 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. 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. As noted in the table above, the state and municipal securities portfolio contains unrealized losses of $2.7 million on one hundred eight securities in the available for sale portfolio. The U.S. government-sponsored agency securities portfolio contains unrealized losses of $163,000 on two securities in the available for sale portfolio. The corporate obligation securities portfolio contains unrealized losses of $22,000 on one security in the available for sale portfolio.

The amortized cost and fair value of investment securities available for sale and held to maturity at March 31, 2021 and December 31, 2020, 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. Securities not due at a single maturity are shown separately.


	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturity Distribution at March 31, 2021
Due in one year or less	$	2,062	$	2,071	$	9,056	$	9,068
Due after one through five years	4,781		4,960		23,116		24,084
Due after five through ten years	92,598		96,882		151,103		154,819
Due after ten years	1,218,472		1,278,792		503,454		516,971
	1,317,913		1,382,705		686,729		704,942
U.S. Government-sponsored mortgage-backed securities	1,025,660		1,022,863		608,805		613,838

Total investment securities	$	2,343,573	$	2,405,568	$	1,295,534	$	1,318,780


	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturity Distribution at December 31, 2020
Due in one year or less	$	1,349	$	1,353	$	9,712	$	9,755
Due after one through five years	5,545		5,764		22,241		23,190
Due after five through ten years	70,777		75,223		115,408		121,333
Due after ten years	1,097,451		1,182,110		505,153		533,079
	1,175,122		1,264,450		652,514		687,357
U.S. Government-sponsored mortgage-backed securities	632,267		654,669		575,154		592,936

Total investment securities	$	1,807,389	$	1,919,119	$	1,227,668	$	1,280,293

Securities with a carrying value of approximately $999.2 million and $890.0 million were pledged at March 31, 2021 and December 31, 2020, respectively, to secure certain deposits and securities sold under repurchase agreements, and for other purposes as permitted or required by law.

The book value of securities sold under agreements to repurchase amounted to $178.2 million at March 31, 2021 and $167.3 million at

December 31, 2020.

Gross gains on the sales and redemptions of investment securities available for sale for the three months ended March 31, 2021 and 2020 are shown below.


	Three Months Ended March 31,
	2021		2020
Sales and redemptions of investment securities available for sale:
Gross gains	$	2,076	$	4,612
Gross losses	277		—

Net gains on sales and redemptions of investment securities available for sale	$	1,799	$	4,612

Loans and Allowance

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Loans and Allowance

LOANS AND ALLOWANCE

Loan Portfolio and Credit Quality

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 and credit quality characteristics by collateral classification, excluding loans held for sale. Loans held for sale at March 31, 2021 and December 31, 2020, were $4.4 million and $4.0 million, respectively.

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


	March 31, 2021		December 31, 2020

Commercial and industrial loans	$	2,876,212	$	2,776,699
Agricultural land, production and other loans to farmers	245,631		281,884
Real estate loans:
Construction	541,224		484,723
Commercial real estate, non-owner occupied	2,178,832		2,220,949
Commercial real estate, owner occupied	950,038		958,501
Residential	1,239,925		1,234,741
Home equity	482,229		508,259
Individuals' loans for household and other personal expenditures	126,387		129,479
Public finance and other commercial loans	677,750		647,939
Loans	$	9,318,228	$	9,243,174

As of March 31, 2021, the Corporation had $741.7 million of Paycheck Protection Program ("PPP") loans compared to the December 31, 2020 balance of $667.1 million. PPP loans are included in the commercial and industrial loan class. Additional details of the PPP are included in The CARES Act and the Paycheck Protection Program section of the "COVID-19 UPDATE" section of Management’s Discussion and Analysis of Financial Condition and Results of Operations included on this Form 10-Q.

Credit Quality

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.

•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.

•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.

•Loss – Loans that are considered uncollectible 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 or 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 risk grading of the Corporation’s loan portfolio by loan class and by year of origination for the years indicated. Consumer loans are not risk graded. For the purposes of this disclosure the consumer loans are classified in the following manner: loans that are less than 30 days past due are Pass, loans 30-89 days past due are Special Mention and loans greater than 89 days past due are Substandard. The entire balance of a loan is considered delinquent if the minimum payment contractually required to be made is not received by the specified due 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. Outstanding loan balances as of March 31, 2021 with an origination year of 2021 and 2020 include PPP loans of $293.1 million and $448.6 million, respectively.


	Term Loans (amortized cost basis by origination year)
	2021		2020		2019		2018		2017		Prior		Revolving loans amortized cost basis		Total
Commercial and industrial loans
Pass	$	451,747	$	1,101,622	$	265,685	$	121,416	$	47,101	$	64,093	$	634,146	$	2,685,810
Special Mention	7,735		50,704		1,421		7,435		2,306		2,326		29,255		101,182
Substandard	1,891		4,946		6,319		606		469		1,394		73,595		89,220


Total Commercial and industrial loans	$	461,373	$	1,157,272	$	273,425	$	129,457	$	49,876	$	67,813	$	736,996	$	2,876,212
Agricultural land, production and other loans to farmers
Pass	22,570		58,620		26,146		11,864		8,821		49,646		45,626		223,293
Special Mention	151		621		186		2,151		—		3,347		8,824		15,280
Substandard	—		4,116		64		125		717		877		1,159		7,058


Total Agricultural land, production and other loans to farmers	$	22,721	$	63,357	$	26,396	$	14,140	$	9,538	$	53,870	$	55,609	$	245,631
Real estate loans:
Construction
Pass	60,800		208,852		165,903		68,816		3,104		1,945		17,184		526,604
Special Mention	—		10,118		—		63		—		—		30		10,211
Substandard	4,391		—		—		—		—		18		—		4,409


Total Construction	$	65,191	$	218,970	$	165,903	$	68,879	$	3,104	$	1,963	$	17,214	$	541,224
Commercial real estate, non-owner occupied
Pass	93,726		933,226		275,343		225,971		141,947		196,284		25,454		1,891,951
Special Mention	9,544		169,291		13,242		990		—		112		1,250		194,429
Substandard	238		38,545		24,741		11,585		7,840		9,503		—		92,452


Total Commercial real estate, non-owner occupied	$	103,508	$	1,141,062	$	313,326	$	238,546	$	149,787	$	205,899	$	26,704	$	2,178,832
Commercial real estate, owner occupied
Pass	51,710		481,355		122,017		57,531		60,587		89,802		39,729		902,731
Special Mention	45		10,174		2,606		1,646		2,242		1,178		149		18,040
Substandard	5,079		19,107		154		2,179		723		1,979		—		29,221

Loss	46		—		—		—		—		—		—		46
Total Commercial real estate, owner occupied	$	56,880	$	510,636	$	124,777	$	61,356	$	63,552	$	92,959	$	39,878	$	950,038
Residential
Pass	171,109		398,112		148,457		101,627		88,700		314,130		3,873		1,226,008
Special Mention	349		982		—		588		82		1,313		93		3,407
Substandard	485		3,152		518		1,355		372		4,628		—		10,510


Total Residential	$	171,943	$	402,246	$	148,975	$	103,570	$	89,154	$	320,071	$	3,966	$	1,239,925
Home equity
Pass	2,673		20,032		2,577		2,930		1,786		5,085		442,166		477,249
Special Mention	—		91		—		—		—		59		2,588		2,738
Substandard	403		151		—		13		129		195		1,351		2,242


Total Home Equity	$	3,076	$	20,274	$	2,577	$	2,943	$	1,915	$	5,339	$	446,105	$	482,229
Individuals' loans for household and other personal expenditures
Pass	16,786		38,678		24,201		18,482		4,383		7,550		15,996		126,076
Special Mention	—		68		75		35		8		33		4		223
Substandard	—		1		87		—		—		—		—		88


Total Individuals' loans for household and other personal expenditures	$	16,786	$	38,747	$	24,363	$	18,517	$	4,391	$	7,583	$	16,000	$	126,387
Public finance and other commercial loans
Pass	21,613		191,808		128,844		39,837		130,856		151,403		13,389		677,750




Total Public finance and other commercial loans	$	21,613	$	191,808	$	128,844	$	39,837	$	130,856	$	151,403	$	13,389	$	677,750
Loans	$	923,091	$	3,744,372	$	1,208,586	$	677,245	$	502,173	$	906,900	$	1,355,861	$	9,318,228


	December 31, 2020
	Commercial Pass		Commercial Special Mention		Commercial Substandard		Commercial Doubtful		Commercial Loss		Consumer Performing			Consumer Non-Performing		Total
Commercial and industrial loans	$	2,562,077	$	117,503	$	97,119	$	—	$	—	$	—		$	—	$	2,776,699
Agricultural production financing and other loans to farmers	243,991		26,835		9,885		—		—		1,173			—		281,884
Real estate Loans:
Construction	446,846		10,445		5,549		—		—		21,763			120		484,723
Commercial real estate, non-owner occupied	1,979,827		160,304		80,818		—		—		—			—		2,220,949
Commercial real estate, owner occupied	907,566		17,641		33,294						—			—		958,501
Residential	199,338		2,261		7,058		—		—		1,020,687			5,397		1,234,741
Home equity	12,714		—		989		—		—		492,999			1,557		508,259
Individuals' loans for household and other personal expenditures	—		—		—		—		—		129,440			39		129,479

Public finance and other commercial loans	647,939		—		—		—		—		—			—		647,939
Loans	$	7,000,298	$	334,989	$	234,712	$	—	$	—	$	1,666,062	1666062	$	7,113	$	9,243,174

At March 31, 2021, 30-59 Days Past Due loans totaled $55.6 million, an increase of $36.0 million from December 31, 2020. The primary increase was in the commercial real estate, non-owner occupied segment and is related to four relationships. Three of the relationships are multi-family units totaling $24.1 million and the fourth relationship is a hotel totaling $21.0 million. At March 31, 2021, the 60-89 Days Past Due category totaled $3.0 million, a decrease of $8.2 million from December 31, 2020. The primary decrease was related to a $5.0 million commercial and industrial loan that was current as of March 31, 2021. The 90 Days or More Past Due bucket totaled $47.4 million at March 31, 2021, an increase of $5.4 million from December 31, 2020. The primary increase was related to a $13.0 million nursing home loan within the commercial real estate, non-owner occupied segment, that was current at December 31, 2020, but has moved into the 90+ Days Past Due bucket. This was offset by a $3.7 million loan within the same segment that was 90+ Days Past Due at December 31, 2020, but has since paid off. The tables below show a past due aging of the Corporation’s loan portfolio, by loan class, for the years indicated:


	March 31, 2021
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total		Loans > 90 Days or More Past Due And Accruing
Commercial and industrial loans	$	2,870,436	$	4,545	$	19	$	1,212	$	2,876,212	$	—
Agricultural land, production and other loans to farmers	244,403		114		—		1,114		245,631		—
Real estate loans:
Construction	540,648		560		—		16		541,224		—
Commercial real estate, non-owner occupied	2,094,103		45,942		434		38,353		2,178,832		—
Commercial real estate, owner occupied	946,423		792		1,096		1,727		950,038		1,032
Residential	1,234,473		1,582		377		3,493		1,239,925		—
Home equity	477,927		1,906		1,010		1,386		482,229		60
Individuals' loans for household and other personal expenditures	126,075		181		42		89		126,387		1

Public finance and other commercial loans	677,750		—		—		—		677,750		—
Loans	$	9,212,238	$	55,622	$	2,978	$	47,390	$	9,318,228	$	1,093


	December 31, 2020
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total		Loans > 90 Days or More Past Due And Accruing
Commercial and industrial loans	$	2,761,473	$	5,866	$	6,571	$	2,789	$	2,776,699	$	594
Agricultural land, production and other loans to farmers	280,615		146		226		897		281,884		—
Real estate loans:									—
Construction	484,706		—		17		—		484,723		—
Commercial real estate, non-owner occupied	2,184,681		2,525		2,109		31,634		2,220,949		—
Commercial real estate, owner occupied	951,561		4,854		180		1,906		958,501		—
Residential	1,226,779		3,269		1,429		3,264		1,234,741		133
Home equity	503,596		2,644		559		1,460		508,259		19
Individuals' loans for household and other personal expenditures	129,049		334		96		—		129,479		—

Public finance and other commercial loans	647,939		—		—		—		647,939		—
Loans	$	9,170,399	$	19,638	$	11,187	$	41,950	$	9,243,174	$	746

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. All unpaid accrued interest is reversed against earnings when considered uncollectible and at the time accrual is discontinued. 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.

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


	March 31, 2021				December 31, 2020
	Non-Accrual Loans		Non-Accrual Loans with no Allowance for Credit Losses		Non-Accrual Loans
Commercial and industrial loans	$	1,671	$	786	$	2,329
Agricultural land, production and other loans to farmers	1,220		561		1,012
Real estate loans:
Construction	18		—		123
Commercial real estate, non-owner occupied	44,143		1,853		46,316
Commercial real estate, owner occupied	1,760		1,513		3,040
Residential	6,336		835		6,517
Home equity	2,650		—		2,095
Individuals' loans for household and other personal expenditures	125		—		39

Loans	$	57,923	$	5,548	$	61,471

There was no interest income recognized on non-accrual loans for the three months ended March 31, 2021 and 2020, respectively.

Determining fair value for collateral dependent loans 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 table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses:


	March 31, 2021
	Commercial Real Estate		Residential Real Estate		Other		Total		Allowance on Collateral Dependent Loans
Commercial and industrial loans	$	—	$	—	$	2,202	$	2,202	$	—
Agricultural land, production and other loans to farmers	780		—		—		780		—
Real estate loans:

Commercial real estate, non-owner occupied	45,188		—		—		45,188		5,561
Commercial real estate, owner occupied	3,539		—		—		3,539		—
Residential	—		3,113		—		3,113		356
Home equity	—		452		—		452		77
Individuals' loans for household and other personal expenditures	—		—		2		2		—

Loans	$	49,507	$	3,565	$	2,204	$	55,276	$	5,994

As detailed in NOTE 1. GENERAL of these Notes to Consolidated Condensed Financial Statements, the Bank's banking regulators issued guidance in March 2020 encouraging 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 had further provided 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. In accordance with that 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. The Consolidated Appropriations Act, 2021 extended the expiration date for COVID-related loan modifications exempt from troubled debt restructuring classification until the earlier of January 1, 2022, or 60 days after the termination of the national emergency. Details of the Corporation's modifications are included in the "LOAN QUALITY" section of Management’s Discussion and Analysis of Financial Condition and Results of Operations included on 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 in the Corporation's loan portfolio that occurred during the three months ended March 31, 2021. No troubled debt restructures in the Corporation's loan portfolio occurred in the three months ended March 31, 2020.


			Three Months Ended March 31, 2021
	Pre- Modification Recorded Balance		Term Modification		Rate Modification		Combination		Post - Modification Recorded Balance		Number of Loans
Commercial and industrial	$	348	$	348	$	—	$	—	$	348	2
Real estate loans:


Residential	625		383		126		118		627		7


Total	$	973	$	731	$	126	$	118	$	975	9

Loans secured by 1- 4 family residential real estate made up 64 percent of the post-modification balances of the troubled debt restructured loans that occurred during the three months ending March 31, 2021.

The following tables summarize troubled debt restructures that occurred during the twelve months ended March 31, 2021 and 2020, that subsequently defaulted during the period indicated and remained in default at period end. For purposes of this schedule, a loan is considered in default if it is 30-days or more past due.


	Three Months Ended March 31, 2021
	Number of Loans	Recorded Balance

Real estate loans:

Residential	5	$	197
Home equity	1	91
Individuals' loans for household and other personal expenditures	1	2
Total	7	$	290


	Three Months Ended March 31, 2020
	Number of Loans	Recorded Balance

Real estate loans:

Residential	1	$	22


Total	1	$	22

Commercial troubled debt restructured loans risk graded special mention, substandard, doubtful and loss are individually evaluated for apparent loss and may result in a specific reserve allocation in the allowance for credit loss. Commercial troubled debt restructures that aren't individually evaluated for a specific reserve are included in the calculation of allowance for credit losses through the loan segment loss analysis.

For all consumer loan modifications, an evaluation to identify if a troubled debt restructure has occurred is performed prior to making the modification. Any subsequent deterioration is addressed through the charge-off process or through a specific reserve allocation included in the allowance for credit loss. Consumer troubled debt restructures that are not individually evaluated for a specific reserve are included in the calculation of the allowance for credit losses through the loan segment loss analysis. Consumer loans secured by residential real estate properties for which formal foreclosure proceedings are in process totaled $3.3 million and $507,000 at March 31, 2021 and March 31, 2020, respectively.

Allowance for Credit Losses on Loans

The Allowance for Credit Losses on Loans ("ACL - Loans") is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected on loans over the contractual term. The ACL - Loans is adjusted by the provision for credit losses, which is reported in earnings, and reduced by charge offs for loans, net or recoveries. Provision for credit losses on loans reflects the totality of actions taken on all loans for a particular period including any necessary increases or decreases in the allowance related to changes in credit loss expectations associated with specific loans or pools of loans. Loans are charged off against the allowance when the uncollectibility of the loan is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged off and expected to be charged off.

The allowance represents the Corporation’s best estimate of current expected credit losses on loans using relevant available information, from internal and external sources, related to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. The current expected credit loss ("CECL") calculation is performed and evaluated quarterly and losses are estimated over the expected life of the loan. The level of the allowance for credit losses is believed to be adequate to absorb all expected future losses inherent in the loan portfolio at the measurement date.

In calculating the allowance for credit losses, the loan portfolio was pooled into ten loan segments with similar risk characteristics. Common characteristics include the type or purpose of the loan, underlying collateral and historical/expected credit loss patterns. In developing the loan segments, the Corporation analyzed the degree of correlation in how loans within each portfolio respond when subjected to varying economic conditions and scenarios as well as other portfolio stress factors.

The expected credit losses are measured over the life of each loan segment utilizing the Probability of Default / Loss Given Default methodology combined with economic forecast models to estimate the current expected credit loss inherent in the loan portfolio. This approach is also leveraged to estimate the expected credit losses associated with unfunded loan commitments incorporating expected utilization rates.

The Corporation sub-segmented certain commercial portfolios by risk level and certain consumer portfolios by delinquency status where appropriate. The Corporation utilized a four-quarter reasonable and supportable economic forecast period followed by a six-quarter, straight-line reversion period to the historical macroeconomic mean for the remaining life of the loans. Econometric modeling was performed using historical default rates and a selection of economic forecast scenarios published by Moody’s to develop a range of estimated credit losses for which to determine the best credit loss estimate within. Macroeconomic factors utilized in the modeling process include the national unemployment rate, BBB US corporate index, CRE price index and the home price index.

The Corporation qualitatively adjusts model results for risk factors that are not inherently considered in the quantitative modeling process, but are nonetheless relevant in assessing the expected credit losses within the loan portfolio. These adjustments may increase or decrease the estimate of expected credit losses based upon the assessed level of risk for each qualitative factor. The various risks that may be considered in making qualitative adjustments include, among other things, the impact of (i) changes in the nature and volume of the loan portfolio, (ii) changes in the existence, growth and effect of any concentrations in credit, (iii) changes in lending policies and procedures, including changes in underwriting standards and practices for collections, write-offs, and recoveries, (iv) changes in the quality of the credit review function, (v) changes in the experience, ability and depth of lending management and staff, and (vi) other environmental factors such as regulatory, legal and technological considerations, as well as competition.

In some cases, management may determine that an individual loan exhibits unique risk characteristics which differentiate the loan from other loans within the loan segments. In such cases, the loans are evaluated for expected credit losses on an individual basis and excluded from the collective evaluation. Specific reserve allocations of the allowance for credit losses are determined by analyzing the borrower’s ability to repay amounts owed, collateral deficiencies, the relative risk grade of the loan and economic conditions affecting the borrower’s industry, among other things. A loan is considered to be collateral dependent when, based upon management's assessment, the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. In such cases, expected credit losses are based on the fair value of the collateral at the measurement date, adjusted for estimated selling costs if satisfaction of the loan depends on the sale of the collateral. The fair value of collateral supporting collateral dependent loans is evaluated on a quarterly basis.

No allowance for credit losses has been recognized for PPP loans as such loans are fully guaranteed by the Small Business Administration ("SBA").

The risk characteristics of the Corporation’s 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

Commercial real estate 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. The Corporation monitors commercial real estate loans based on collateral and risk grade criteria, as well as the levels of owner-occupied versus non-owner occupied loans.

Construction

Construction loans are underwritten utilizing a combination of tools and techniques including feasibility and market studies, independent appraisals and appraisal reviews, absorption and interest rate sensitivity analysis as well as the financial analysis of the developer and all guarantors. Construction loans are monitored by either in house or third party inspectors limiting advances to a percentage of costs or stabilized project value. These loans frequently involve the disbursement of significant funds with the repayment dependent upon the successful completion and, where necessary, the future stabilization of the project. The predominant inherent risk of this portfolio is associated with the borrower's ability to successfully complete a project on time, within budget and stabilize the projected as originally projected.

Consumer and Residential

With respect to residential loans that are secured by 1-4 family residences, which 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, such as small installment loans and certain lines of credit, are unsecured. Repayment of these loans is primarily dependent on the personal income and credit rating of the borrowers and can also 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.

The following tables summarize changes in the allowance for credit losses by loan segment for the three months ended March 31, 2021:


	Three Months Ended March 31, 2021
	Commercial		Commercial Real Estate		Construction		Consumer		Residential		Consumer & Residential		Total
Allowance for credit losses
Balances, December 31, 2020	$	47,115	$	51,070	$	—	$	9,648	$	22,815	$	—	$	130,648
Credit risk reclassifications	—		(10,284)		10,284		(9,648)		(22,815)		32,463		—
Balances, December 31, 2020 after reclassifications	47,115		40,786		10,284		—		—		32,463		130,648
Impact of adopting ASC 326	20,024		34,925		8,805		—		—		10,301		74,055
Balances, January 1, 2021 Post-ASC 326 adoption	67,139		75,711		19,089		—		—		42,764		204,703
Provision for credit losses	(932)		(1,701)		1,095		—		—		1,538		—

Recoveries on loans	188		164		—		—		—		342		694
Loans charged off	(673)		(3,313)		(2)		—		—		(327)		(4,315)
Balances, March 31, 2021	$	65,722	$	70,861	$	20,182	$	—	$	—	$	44,317	$	201,082

Allowance for Loan Losses under prior GAAP ("Incurred Loss Model")

Prior to the adoption of ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments on January 1, 2021, the Corporation maintained an allowance for loan losses in accordance with the incurred loss model as disclosed in the Corporation's 2020 Annual Report on Form 10-K.

The following tables summarize changes in the allowance for loan losses by loan segment for the three months ended March 31, 2020:


	Three Months Ended March 31, 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	5,701		9,194		1,924		2,933		19,752
Recoveries on loans	443		118		42		70		673
Loans charged off	(615)		(183)		(249)		(208)		(1,255)
Balances, March 31, 2020	$	38,431	$	37,907	$	5,752	$	17,364	$	99,454

The table below shows the Corporation’s allowance for loan losses under the incurred loss model and loan portfolio by loan segment as of the periods indicated.


	December 31, 2020
	Commercial		Commercial Real Estate		Consumer		Residential		Total
Allowance Balances:
Individually evaluated for impairment	$	223	$	12,246	$	—	$	432	$	12,901
Collectively evaluated for impairment	46,892		38,824		9,648		22,383		117,747

Total Allowance for Loan Losses	$	47,115	$	51,070	$	9,648	$	22,815	$	130,648
Loan Balances:
Individually evaluated for impairment	$	1,258	$	51,605	$	2	$	3,291	$	56,156
Collectively evaluated for impairment	3,505,863		3,805,808		129,477		1,739,709		9,180,857
Loans acquired with deteriorated credit quality	577		5,584		—		—		6,161
Loans	$	3,507,698	$	3,862,997	$	129,479	$	1,743,000	$	9,243,174

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


	December 31, 2020
	Unpaid Principal Balance		Recorded Investment		Related Allowance
Impaired loans with no related allowance:
Commercial and industrial loans	$	1,059	$	991	$	—

Real estate Loans:
Commercial real estate, non-owner occupied	4,958		4,694		—
Commercial real estate, owner occupied	2,125		1,310		—
Residential	957		816		—

Individuals' loans for household and other personal expenditures	2		2		—

Total	$	9,101	$	7,813	$	—
Impaired loans with related allowance:
Commercial and industrial loans	$	268	$	268	$	223
Agricultural land, production and other loans to farmers	640		562		3
Real estate Loans:
Commercial real estate, non-owner occupied	44,016		43,715		11,686
Commercial real estate, owner occupied	2,061		1,323		557
Residential	2,041		2,014		352
Home equity	487		461		80


Total	$	49,513	$	48,343	$	12,901
Total Impaired Loans	$	58,614	$	56,156	$	12,901


	Three Months Ended March 31, 2020
	Average Recorded Investment		Interest Income Recognized
Impaired loans with no related allowance:
Commercial and industrial loans	$	905	$	—

Real estate Loans:
Construction	1,015		—
Commercial and farmland	6,852		37
Residential	59		1

Individuals' loans for household and other personal expenditures	3		—

Total	$	8,834	$	38
Impaired loans with related allowance:


Real estate Loans:

Commercial and farmland	$	2,400	$	—
Residential	2,180		19
Home equity	393		3


Total	$	4,973	$	22
Total Impaired Loans	$	13,807	$	60

Off-Balance Sheet Arrangements, Commitments And Contingencies

In the normal course of business, the Corporation has entered into off-balance sheet financial instruments which include commitments to extend credit and standby letters of credit. Commitments to extend credit are usually the result of lines of credit granted to existing borrowers under agreements that the total outstanding indebtedness will not exceed a specific amount during the term of the indebtedness. Typical borrowers are commercial concerns that use lines of credit to supplement their treasury management functions, and thus their total outstanding indebtedness may fluctuate during any time period based on the seasonality of their business and the resultant timing for their cash flows. Other typical lines of credit are related to home equity loans granted to customers. Commitments to extend credit generally have fixed expiration dates or other termination clauses that may require a fee.

Standby letters of credit are generally issued on behalf of an applicant (the Corporation’s customer) to a specifically named beneficiary and are the result of a particular business arrangement that exists between the applicant and the beneficiary. Standby letters of credit have fixed expiration dates and are usually for terms of two years or less unless terminated beforehand due to criteria specified in the standby letter of credit. The standby letter of credit would permit the beneficiary to obtain payment from the Corporation under certain prescribed circumstances. Subsequently, the Corporation would seek reimbursement from the applicant pursuant to the terms of the standby letter of credit.

The Corporation typically follows the same credit policies and underwriting practices when making these commitments as it does for on-balance sheet instruments. Each customer’s creditworthiness is typically evaluated on a case-by-case basis, and the amount of collateral obtained, if any, is based on management’s credit evaluation of the customer. Collateral held varies but may include cash, real estate, marketable securities, accounts receivable, inventory, equipment and personal property.

The contractual amounts of these commitments are not reflected in the consolidated financial statements and only amounts drawn upon would be reflected in the future. Since many of the commitments are expected to expire without being drawn upon, the contractual amounts do not necessarily represent future cash requirements. However, should the commitments be drawn upon and should the Corporation’s customers default on their resulting obligation to the Corporation, the maximum exposure to credit loss, without consideration of collateral, is represented by the contractual amount of those commitments.

Financial instruments with off-balance sheet risk were as follows:


	March 31, 2021		December 31, 2020
Amounts of commitments:
Loan commitments to extend credit	$	3,657,931	$	3,443,514
Standby letters of credit	$	33,610	$	29,555

The adoption of the CECL methodology for measuring credit losses, as discussed more fully in the Allowance for Credit Loss on Loans section of this Note, and in NOTE 1. GENERAL of these Notes to Consolidated Condensed Financial Statements, increased the opening balance of our accrual for off-balance sheet commitments at adoption by $20.5 million, which is reported in Other Liabilities as of March 31, 2021 in the CONSOLIDATED CONDENSED BALANCE SHEETS.

The following table details activity in the allowance for credit losses on off-balance sheet commitments:


	Three Months Ended March 31, 2021
Balances, December 31, 2020	$	—
Impact of adopting ASC 326	20,500
Provision for credit losses	—
Balances, March 31, 2021	$	20,500

Other Intangibles

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Other Intangibles

OTHER INTANGIBLES

Core deposit intangibles are recorded on the acquisition date of an entity. The carrying basis and accumulated amortization of recognized core deposit intangibles are noted below.


	March 31, 2021		December 31, 2020
Gross carrying amount	$	102,396	$	102,396



Accumulated amortization	(74,778)		(73,421)

Total core deposit intangibles	$	27,618	$	28,975

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 months ended March 31, 2021 was $1.4 million compared to $1.5 million for the three months ended March 31, 2020. Estimated future amortization expense is summarized as follows:


	Amortization Expense
2021	$	4,072
2022	5,027
2023	4,827
2024	4,241
2025	3,526
After 2025	5,925
	$	27,618

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2021

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 March 31, 2021 and December 31, 2020, the Corporation had four interest rate swaps with a notional amount of $60.0 million that were designated as cash flow hedges.

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 the first quarter of 2021, $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 2012. In addition, $10.0 million of interest rate swaps were used to hedge the variable cash outflows (LIBOR-based) associated with one Federal Home Loan Bank advances. Finally, the remaining $24.0 million of interest rate swaps were used to hedge the variable cash outflows (Ameribor-based) associated with a brokered deposit originated in December 2020. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three months ended March 31, 2021 and 2020, 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 $1.0 million 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 March 31, 2021 and December 31, 2020, the notional amount of customer-facing swaps was approximately $972.7 million and $985.0 million, 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 March 31, 2021, and December 31, 2020.

Asset Derivatives

Liability Derivatives

March 31, 2021

December 31, 2020

March 31, 2021

December 31, 2020

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

1,708

Other Liabilities

2,018

Derivatives not designated as hedging instruments:

Interest rate contracts

Other Assets

48,576

Other Assets

74,335

Other Liabilities

48,576

Other Liabilities

74,335

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
	March 31, 2021		March 31, 2020
Interest Rate Products	$	58	$	(1,314)

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 months ended March 31, 2021 and 2020.

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
March 31, 2021

Three Months Ended
March 31, 2020

Interest rate contracts

Interest Expense

(252)

(125)

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 March 31, 2021, the termination value of derivatives in a net liability position related to these agreements was $36.7 million. As of March 31, 2021, the Corporation has minimum collateral posting thresholds with certain of its derivative counterparties and has posted collateral of $62.8 million. While the Corporation did not breach any of these provisions as of March 31, 2021, 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

3 Months Ended

Mar. 31, 2021

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 5. 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 March 31, 2021, and December 31, 2020.


			Fair Value Measurements Using:
March 31, 2021	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	$	1,000	$	—	$	1,000	$	—
U.S. Government-sponsored agency securities	11,381		—		11,381		—
State and municipal	1,366,162		—		1,364,051		2,111
U.S. Government-sponsored mortgage-backed securities	1,022,863		—		1,022,859		4
Corporate obligations	4,162		—		4,131		31
Interest rate swap asset	48,576		—		48,576		—
Interest rate swap liability	50,284		—		50,284		—


			Fair Value Measurements Using:
December 31, 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. Government-sponsored agency securities	$	2,430	$	—	$	2,430	$	—
State and municipal	1,257,885		—		1,255,441		2,444
U.S. Government-sponsored mortgage-backed securities	654,669		—		654,665		4

Corporate obligations	4,135		—		4,104		31

Interest rate swap asset	74,335		—		74,335		—
Interest rate swap liability	76,353		—		76,353		—

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 March 31, 2021 or December 31, 2020.

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 months ended March 31, 2021 and 2020.


	Available for Sale Securities
	Three Months Ended
	March 31, 2021		March 31, 2020
Balance at beginning of the period	$	2,479	$	2,893


Included in other comprehensive income	(60)		(20)


Principal payments	(273)		(344)
Ending balance	$	2,146	$	2,529

Transfers Between Levels

There were no transfers in or out of Level 3 for the three months ended March 31, 2021 and 2020.

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 March 31, 2021, and December 31, 2020.


			Fair Value Measurements Using
March 31, 2021	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Collateral dependent loans	$	40,698	$	—	$	—	$	40,698
Other real estate owned	185		—		—		185


			Fair Value Measurements Using
December 31, 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)	$	37,250	$	—	$	—	$	37,250
Other real estate owned	544		—		—		544

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 2020 and 2021, 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 March 31, 2021 and December 31, 2020.

March 31, 2021

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted-Average)

State and municipal securities

2,111

Discounted cash flow

Maturity/Call date

1 month to 15 years

US Muni BQ curve

A- to BBB-

Discount rate

2% - 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

—%

Collateral dependent loans

40,698

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

0% - 10%

Weighted-average discount by loan balance

Other real estate owned

185

Appraisals

Discount to reflect current market conditions

0% - 72%

Weighted-average discount of other real estate owned balance

39%

December 31, 2020

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted-Average)

State and municipal securities

2,444

Discounted cash flow

Maturity/Call date

1 month to 15 years

US Muni BQ curve

A- to BBB-

Discount rate

2% - 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)

37,250

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

0% - 10%

Weighted-average discount by loan balance

Other real estate owned

544

Appraisals

Discount to reflect current market conditions

0% - 30%

Weighted-average discount of other real estate owned balance

26%

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 March 31, 2021, and December 31, 2020.


			March 31, 2021
			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	$	187,901	$	187,901	$	—	$	—
Interest-bearing deposits	392,806		392,806		—		—
Investment securities available for sale	2,405,568		—		2,403,422		2,146
Investment securities held to maturity	1,295,289		—		1,299,944		18,836
Loans held for sale	4,430		—		4,430		—
Loans	9,117,146		—		—		9,168,023
Federal Home Loan Bank stock	28,736		—		28,736		—
Interest rate swap asset	48,576		—		48,576		—
Interest receivable	54,662		—		54,662		—
Liabilities:
Deposits	$	11,951,780	$	11,103,474	$	847,398	$	—
Borrowings:

Securities sold under repurchase agreements	185,721		—		185,716		—
Federal Home Loan Bank advances	359,337		—		366,179		—
Subordinated debentures and other borrowings	118,439		—		108,124		—
Interest rate swap liability	50,284		—		50,284		—
Interest payable	4,020		—		4,020		—


			December 31, 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	$	192,896	$	192,896	$	—	$	—
Interest-bearing deposits	392,305		392,305		—		—
Investment securities available for sale	1,919,119		—		1,916,640		2,479
Investment securities held to maturity	1,227,668		—		1,260,815		19,478
Loans held for sale	3,966		—		3,966		—
Loans	9,112,526		—		—		9,191,628
Federal Home Loan Bank stock	28,736		—		28,736		—
Interest rate swap asset	74,335		—		74,335		—
Interest receivable	53,948		—		53,948		—
Liabilities:
Deposits	$	11,361,610	$	10,482,865	$	878,257	$	—
Borrowings:

Securities sold under repurchase agreements	177,102		—		177,097		—
Federal Home Loan Bank advances	389,430		—		399,991		—
Subordinated debentures and other borrowings	118,380		—		108,439		—
Interest rate swap liability	76,353		—		76,353		—
Interest payable	3,287		—		3,287		—

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.

Transfers Accounted for as Secured Borrowings

Transfers Accounted for as Secured Borrowings

3 Months Ended

Mar. 31, 2021

Transfers and Servicing [Abstract]

TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

The collateral pledged for all repurchase agreements that are accounted for as secured borrowings as of March 31, 2021 and December 31, 2020 were:


	March 31, 2021
	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	$	184,067	$	—	$	1,654	$	—	$	185,721


	December 31, 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	$	175,449	$	—	$	1,653	$	—	$	177,102

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021 and 2020:


	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, 2020	$	87,988	$	(1,594)	$	(11,558)	$	74,836
Other comprehensive income (loss) before reclassifications	(37,850)		46		—		(37,804)
Amounts reclassified from accumulated other comprehensive income	(1,421)		199		—		(1,222)
Period change	(39,271)		245		—		(39,026)

Balance at March 31, 2021	$	48,717	$	(1,349)	$	(11,558)	$	35,810


Balance at December 31, 2019	$	38,872	$	(1,141)	$	(9,857)	$	27,874
Other comprehensive income (loss) before reclassifications	30,364		(1,038)		—		29,326
Amounts reclassified from accumulated other comprehensive income	(3,643)		99		—		(3,544)
Period change	26,721		(939)		—		25,782

Balance at March 31, 2020	$	65,593	$	(2,080)	$	(9,857)	$	53,656

The following table presents 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 months ended March 31, 2021 and 2020.


	Amount Reclassified from Accumulated Other Comprehensive Income (Loss) For the Three Months Ended March 31,
Details about Accumulated Other Comprehensive Income (Loss) Components	2021		2020		Affected Line Item in the Statements of Income
Unrealized gains (losses) on available for sale securities (1)
Realized securities gains reclassified into income	$	1,799	$	4,612	Other income - net realized gains on sales of available for sale securities
Related income tax expense	(378)		(969)		Income tax expense
	$	1,421	$	3,643

Unrealized gains (losses) on cash flow hedges (2)
Interest rate contracts	$	(252)	$	(125)	Interest expense - subordinated debentures and term loans
Related income tax benefit	53		26		Income tax expense
	$	(199)	$	(99)






Total reclassifications for the period, net of tax	$	1,222	$	3,544

(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 2. 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 5. DERIVATIVE FINANCIAL INSTRUMENTS of these Notes to Consolidated Condensed Financial Statements.

Share-Based Compensation

3 Months Ended

Mar. 31, 2021

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 2019 ESPP provides 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.

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 months ended March 31, 2021 was $1,190,000 compared to $1,220,000 for the three months ended March 31, 2020. 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 0.5 percent for the three months ended March 31, 2021, 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 March 31,
	2021		2020
Stock and ESPP Options
Pre-tax compensation expense	$	75	$	41
Income tax expense (benefit)	(72)		—
Stock and ESPP option expense, net of income taxes	$	3	$	41
Restricted Stock Awards
Pre-tax compensation expense	$	1,115	$	1,179
Income tax expense (benefit)	(237)		(257)
Restricted stock awards expense, net of income taxes	$	878	$	922
Total Share-Based Compensation
Pre-tax compensation expense	$	1,190	$	1,220
Income tax expense (benefit)	(309)		(257)
Total share-based compensation expense, net of income taxes	$	881	$	963

As of March 31, 2021, unrecognized compensation expense related to RSAs was $8.4 million and is expected to be recognized over a weighted-average period of 2.01 years. The Corporation did not have any unrecognized compensation expense related to stock options as of March 31, 2021.

Stock option activity under the Corporation's stock option plans as of March 31, 2021 and changes during the three months ended March 31, 2021, were as follows:


	Number of Shares	Weighted-Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2021	45,800	$	15.00

Exercised	(14,300)	$	11.97

Outstanding March 31, 2021	31,500	$	16.37	2.06	$	949,155
Vested and Expected to Vest at March 31, 2021	31,500	$	16.37	2.06	$	949,155
Exercisable at March 31, 2021	31,500	$	16.37	2.06	$	949,155

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 three months of 2021 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 March 31, 2021. 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 three months ended March 31, 2021 and 2020 was $453,000 and $36,000, respectively. Cash receipts of stock options exercised during this same period were $171,000 and $7,000, respectively.

The following table summarizes information on unvested RSAs outstanding as of March 31, 2021:


	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested RSAs at January 1, 2021	357,883	$	36.30
Granted	66,913	$	42.39
Vested	(4,285)	$	42.15
Forfeited	(1,650)	$	32.21
Unvested RSAs at March 31, 2021	418,861	$	37.23

The grant date fair value of ESPP options was estimated to be approximately $75,000 at the beginning of the January 1, 2021 quarterly offering period. The ESPP options vested during the three months ending March 31, 2021, leaving no unrecognized compensation expense related to unvested ESPP options at March 31, 2021.

Income Tax

3 Months Ended

Mar. 31, 2021

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 months ended March 31, 2021 and 2020:


	Three Months Ended March 31,
	2021			2020








Reconciliation of Federal Statutory to Actual Tax Expense:
Federal statutory income tax at 21%	$	12,268		$	7,928
Tax-exempt interest income	(3,706)			(3,022)

Share-based compensation	(59)			—
Tax-exempt earnings and gains on life insurance	(281)			(286)
Tax credits	(73)			(61)
CARES Act - NOL carryback rate differential	—			(1,178)
State Income Tax	702			86
Other	101			23
Actual Tax Expense	$	8,952		$	3,490

Effective Tax Rate	15.3		%	9.2		%

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.

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Net Income Per Share

3 Months Ended

Mar. 31, 2021

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 months ended March 31, 2021 and 2020.


	Three Months Ended March 31,
	2021					2020
	Net Income		Weighted-Average Shares	Per Share Amount		Net Income		Weighted-Average Shares	Per Share Amount
Net income available to common stockholders	$	49,469	53,930,200	$	0.92	$	34,263	54,732,073	$	0.63
Effect of potentially dilutive stock options and restricted stock awards			203,422					185,687
Diluted net income per share	$	49,469	54,133,622	$	0.91	$	34,263	54,917,760	$	0.62

For the three months ended March 31, 2021 and 2020, there were no stock options with an option price greater than the average market price of the common shares.

General Litigation and Regulatory Examinations	3 Months Ended
General Litigation and Regulatory Examinations	Mar. 31, 2021
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	3 Months Ended
Subsequent Event	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENTOn April 1, 2021, the Bank closed its acquisition of Hoosier Trust Company, an Indiana trust company (“Hoosier”), pursuant to which Hoosier merged with and into the Bank. The consideration paid to the shareholders of Hoosier at closing was $3,225,000 in cash.

General (Policies)	3 Months Ended
General (Policies)	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Changes Adopted in 2021 and New Accounting Pronouncements Not Yet Adopted	Recent Accounting Changes Adopted In 2021 The Corporation continually monitors potential accounting pronouncements and the following pronouncements have been deemed to have the most applicability to the Corporation's financial statements: FASB Accounting Standards Updates 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 replaces the previous "incurred loss" model for measuring credit losses with an "expected life of loan loss" model, referred to as the 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 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 takes 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, which delayed recognition until it is probable a loss had been incurred. The Corporation developed models that satisfy the requirements of the new standard which are 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 was applied. The Corporation utilized a one-year economic forecast period then reverted to historical macroeconomic levels for the remaining life of the portfolio. A baseline macroeconomic scenario, along with other scenarios, were used to develop a range of estimated credit losses for which to determine the best estimate within. The ASU was 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 elected to delay implementation of ASU No. 2016-13, which was set to expire on December 31, 2020. However, the CAA (as discussed above) extended the temporary relief from CECL compliance to the earlier of the first day of the fiscal year that begins after the date on which the national emergency concerning COVID-19 terminates, or January 1, 2022. The Corporation elected to delay implementation of CECL following the approval of the CARES Act and, with the enactment of the CAA, the Corporation elected to adopt CECL on January 1, 2021. This allows the Corporation to utilize the CECL standard for the entire year of 2021, while its 2020 financial statements were prepared under the incurred loss model. As of the adoption and day one measurement date of January 1, 2021, the Corporation recorded a one-time cumulative-effect adjustment to retained earnings, net of income taxes, on the consolidated balance sheet of $68.0 million. The allowance increased 57 percent from December 31, 2020, or $74.1 million, because it covered expected credit losses over the life of the loan portfolio, which approximates four years, and it included an allowance on 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 was approximately $20.5 million. An allowance for credit losses of $245,000 was recorded on the state and municipal securities classified as held to maturity based on applying the long-term historical credit loss rate, as published by Moody’s, for similarly rated securities. FASB Accounting Standards Updates 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. Additionally, the 2021 Consolidated Appropriations Act ("CAA"), signed into law on December 27, 2020, amended the CARES Act by extending the temporary relief from CECL compliance to the earlier of the first day of the fiscal year that begins after the date on which the national emergency concerning COVID-19 terminates, or January 1, 2022. The Corporation elected to delay implementation of CECL following the approval of the CARES Act and, with the enactment of the CAA, the Corporation elected to adopt CECL on January 1, 2021. The adoption of this standard did not have a significant effect on the Corporation’s consolidated financial statements or disclosures. Accounting Standards Update No. 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Summary - The FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is expected to reduce cost and complexity related to the accounting for income taxes. The ASU removes specific exceptions to the general principles in Topic 740 in Generally Accepted Accounting Principles (GAAP). It eliminates the need for an organization to analyze whether the following apply in a given period: • Exception to the incremental approach for intraperiod tax allocation; • Exceptions to accounting for basis differences when there are ownership changes in foreign investments; and • Exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The ASU also improves financial statement preparers’ application of income tax-related guidance and simplifies GAAP for: • Franchise taxes that are partially based on income; • Transactions with a government that result in a step up in the tax basis of goodwill • Separate financial statements of legal entities that are not subject to tax; and • Enacted changes in tax laws in interim periods. The ASU is part of the FASB’s simplification initiative to make narrow-scope simplifications and improvements to accounting standards through a series of short-term projects. For public business entities, the ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the ASU was permitted. The Corporation adopted this standard on January 1, 2021 and adoption of this standard did not have a significant effect on the Corporation's consolidated financial statements or disclosures. New Accounting Pronouncements Not Yet Adopted 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. FASB Accounting Standards Updates - Accounting Standards Update No. 2021-01 - Reference Rate Reform (Topic 848): Scope Summary - The FASB has published ASU 2021-01, Reference Rate Reform. ASU 2021-01 clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The ASU also amends the expedients and exceptions in Topic 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. An entity may elect to apply the amendments in this Update on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final Update, up to the date that financial statements are available to be issued. If an entity elects to apply any of the amendments in this Update for an eligible hedging relationship, any adjustments as a result of those elections must be reflected as of the date the entity applies the election. The amendments in this Update do not apply to contract modifications made after December 31, 2022, new hedging relationships entered into after December 31, 2022, and existing hedging relationships evaluated for effectiveness in periods after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that apply certain optional expedients in which the accounting effects are recorded through the end of the hedging relationship (including periods after December 31, 2022). The Corporation is assessing ASU 2021-01 and its impact on the Corporation's transition away from LIBOR for its loans and other financial instruments.

General (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of changes in accounting principles

The following table details the impact of the adoption of CECL on the Corporation's balance sheet as of January 1, 2021.


	December 31, 2020	Impact of CECL Adoption	January 1, 2021 Post-CECL Adoption
Assets:
Held to maturity securities	1,227,668	(245)	1,227,423
Loans	9,243,174	4,776	9,247,950
Allowance for credit losses - Loans	(130,648)	(74,055)	(204,703)
Net loans	9,112,526	(69,279)	9,043,247
Tax asset, deferred and receivable	12,340	21,984	34,324

Liabilities:
Allowance for credit losses on unfunded loan commitments	—	20,500	20,500

Stockholder's Equity:
Retained Earnings	788,578	(68,040)	720,538
		—

Investment Securities (Tables)

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

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

The following table summarizes the amortized cost, gross unrealized gains and losses and approximate fair value of investment securities available for sale as of March 31, 2021 and December 31, 2020.


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale at March 31, 2021
U.S. Treasury	$	1,000	$	—	$	—	$	1,000
U.S. Government-sponsored agency securities	11,504		40		163		11,381
State and municipal	1,301,378		67,438		2,654		1,366,162
U.S. Government-sponsored mortgage-backed securities	1,025,660		13,550		16,347		1,022,863
Corporate obligations	4,031		153		22		4,162

Total available for sale	$	2,343,573	$	81,181	$	19,186	$	2,405,568


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale at December 31, 2020
U.S. Government-sponsored agency securities	$	2,380	$	50	$	—	$	2,430
State and municipal	1,168,711		89,420		246		1,257,885
U.S. Government-sponsored mortgage-backed securities	632,267		22,505		103		654,669
Corporate obligations	4,031		104		—		4,135

Total available for sale	$	1,807,389	$	112,079	$	349	$	1,919,119


	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Held to maturity at March 31, 2021
U.S. Government-sponsored agency securities	$	60,676	$	—	$	60,676	$	1	$	1,553	59,124
State and municipal	624,553		245		624,308		23,154		3,389		644,318
U.S. Government-sponsored mortgage-backed securities	608,805		—		608,805		11,849		6,816		613,838
Foreign investment	1,500		—		1,500		—		—		1,500
Total held to maturity	$	1,295,534	$	245	$	1,295,289	$	35,004	$	11,758	$	1,318,780


	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Held to maturity at December 31, 2020
U.S. Government-sponsored agency securities	$	31,087	$	—	$	31,087	$	10	$	113	$	30,984
State and municipal	619,927		—		619,927		34,978		32		654,873
U.S. Government-sponsored mortgage-backed securities	575,154		—		575,154		17,889		107		592,936
Foreign investment	1,500		—		1,500		—		—		1,500
Total held to maturity	$	1,227,668	$	—	$	1,227,668	$	52,877	$	252	$	1,280,293

Schedule of amortized cost of investment securities held to maturity aggregated by credit quality indicator

The following table summarizes the amortized cost of investment securities held to maturity at March 31, 2021, aggregated by credit quality indicator.


	Held to Maturity
	State and municipal		Other		Total
Credit Rating:
Aaa	$	48,689	$	60,676	$	109,365
Aa1	84,954		—		84,954
Aa2	107,436		—		107,436
Aa3	72,969		—		72,969
A1	65,578		—		65,578
A2	19,074		—		19,074
A3	1,065		—		1,065
Baa2	528		—		528
Non-rated	224,260		610,305		834,565
Total	$	624,553	$	670,981	$	1,295,534

Schedule of allowance for credit losses on investment securities held to maturity

The following table details activity in the allowance for credit losses on investment securities held to maturity during the three months ended March 31, 2021.


	State and municipal
Allowance for Credit Losses:
Balance, December 31, 2020	$	—
Impact of adopting ASC 326	245
Provision for credit loss	—
Securities charged off	—
Recoveries on securities	—
Balance, March 31, 2021	$	245

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
Investment securities available for sale at March 31, 2021
U.S. Government-sponsored agency securities	$	9,837	$	163	$	—	$	—	$	9,837	$	163
State and municipal	172,655		2,654		—		—		172,655		2,654
U.S. Government-sponsored mortgage-backed securities	606,498		16,347		—		—		606,498		16,347
Corporate obligations	978		22		—		—		978		22
Total investment securities available for sale	$	789,968	$	19,186	$	—	$	—	$	789,968	$	19,186


	Less than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Investment securities available for sale at December 31, 2020

State and municipal	$	5,368	$	246	$	—	$	—	$	5,368	$	246
U.S. Government-sponsored mortgage-backed securities	9,651		103		—		—		9,651		103

Total investment securities available for sale	$	15,019	$	349	$	—	$	—	$	15,019	$	349

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

Certain investment securities available for sale are reported in the financial statements at an amount less than their historical cost as indicated in the table below.


	March 31, 2021			December 31, 2020
Investments available for sale reported at less than historical cost:
Historical cost	$	809,154		$	15,368
Fair value	789,968			15,019
Gross unrealized losses	$	19,186		$	349
Percent of the Corporation's investments available for sale	21.4		%	0.5		%

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 March 31, 2021
Due in one year or less	$	2,062	$	2,071	$	9,056	$	9,068
Due after one through five years	4,781		4,960		23,116		24,084
Due after five through ten years	92,598		96,882		151,103		154,819
Due after ten years	1,218,472		1,278,792		503,454		516,971
	1,317,913		1,382,705		686,729		704,942
U.S. Government-sponsored mortgage-backed securities	1,025,660		1,022,863		608,805		613,838

Total investment securities	$	2,343,573	$	2,405,568	$	1,295,534	$	1,318,780


	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturity Distribution at December 31, 2020
Due in one year or less	$	1,349	$	1,353	$	9,712	$	9,755
Due after one through five years	5,545		5,764		22,241		23,190
Due after five through ten years	70,777		75,223		115,408		121,333
Due after ten years	1,097,451		1,182,110		505,153		533,079
	1,175,122		1,264,450		652,514		687,357
U.S. Government-sponsored mortgage-backed securities	632,267		654,669		575,154		592,936

Total investment securities	$	1,807,389	$	1,919,119	$	1,227,668	$	1,280,293

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

Gross gains on the sales and redemptions of investment securities available for sale for the three months ended March 31, 2021 and 2020 are shown below.


	Three Months Ended March 31,
	2021		2020
Sales and redemptions of investment securities available for sale:
Gross gains	$	2,076	$	4,612
Gross losses	277		—

Net gains on sales and redemptions of investment securities available for sale	$	1,799	$	4,612

Loans and Allowance (Tables)

3 Months Ended

Mar. 31, 2021

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:


	March 31, 2021		December 31, 2020

Commercial and industrial loans	$	2,876,212	$	2,776,699
Agricultural land, production and other loans to farmers	245,631		281,884
Real estate loans:
Construction	541,224		484,723
Commercial real estate, non-owner occupied	2,178,832		2,220,949
Commercial real estate, owner occupied	950,038		958,501
Residential	1,239,925		1,234,741
Home equity	482,229		508,259
Individuals' loans for household and other personal expenditures	126,387		129,479
Public finance and other commercial loans	677,750		647,939
Loans	$	9,318,228	$	9,243,174

Schedule of credit quality of loan portfolio by loan class


	Term Loans (amortized cost basis by origination year)
	2021		2020		2019		2018		2017		Prior		Revolving loans amortized cost basis		Total
Commercial and industrial loans
Pass	$	451,747	$	1,101,622	$	265,685	$	121,416	$	47,101	$	64,093	$	634,146	$	2,685,810
Special Mention	7,735		50,704		1,421		7,435		2,306		2,326		29,255		101,182
Substandard	1,891		4,946		6,319		606		469		1,394		73,595		89,220


Total Commercial and industrial loans	$	461,373	$	1,157,272	$	273,425	$	129,457	$	49,876	$	67,813	$	736,996	$	2,876,212
Agricultural land, production and other loans to farmers
Pass	22,570		58,620		26,146		11,864		8,821		49,646		45,626		223,293
Special Mention	151		621		186		2,151		—		3,347		8,824		15,280
Substandard	—		4,116		64		125		717		877		1,159		7,058


Total Agricultural land, production and other loans to farmers	$	22,721	$	63,357	$	26,396	$	14,140	$	9,538	$	53,870	$	55,609	$	245,631
Real estate loans:
Construction
Pass	60,800		208,852		165,903		68,816		3,104		1,945		17,184		526,604
Special Mention	—		10,118		—		63		—		—		30		10,211
Substandard	4,391		—		—		—		—		18		—		4,409


Total Construction	$	65,191	$	218,970	$	165,903	$	68,879	$	3,104	$	1,963	$	17,214	$	541,224
Commercial real estate, non-owner occupied
Pass	93,726		933,226		275,343		225,971		141,947		196,284		25,454		1,891,951
Special Mention	9,544		169,291		13,242		990		—		112		1,250		194,429
Substandard	238		38,545		24,741		11,585		7,840		9,503		—		92,452


Total Commercial real estate, non-owner occupied	$	103,508	$	1,141,062	$	313,326	$	238,546	$	149,787	$	205,899	$	26,704	$	2,178,832
Commercial real estate, owner occupied
Pass	51,710		481,355		122,017		57,531		60,587		89,802		39,729		902,731
Special Mention	45		10,174		2,606		1,646		2,242		1,178		149		18,040
Substandard	5,079		19,107		154		2,179		723		1,979		—		29,221

Loss	46		—		—		—		—		—		—		46
Total Commercial real estate, owner occupied	$	56,880	$	510,636	$	124,777	$	61,356	$	63,552	$	92,959	$	39,878	$	950,038
Residential
Pass	171,109		398,112		148,457		101,627		88,700		314,130		3,873		1,226,008
Special Mention	349		982		—		588		82		1,313		93		3,407
Substandard	485		3,152		518		1,355		372		4,628		—		10,510


Total Residential	$	171,943	$	402,246	$	148,975	$	103,570	$	89,154	$	320,071	$	3,966	$	1,239,925
Home equity
Pass	2,673		20,032		2,577		2,930		1,786		5,085		442,166		477,249
Special Mention	—		91		—		—		—		59		2,588		2,738
Substandard	403		151		—		13		129		195		1,351		2,242


Total Home Equity	$	3,076	$	20,274	$	2,577	$	2,943	$	1,915	$	5,339	$	446,105	$	482,229
Individuals' loans for household and other personal expenditures
Pass	16,786		38,678		24,201		18,482		4,383		7,550		15,996		126,076
Special Mention	—		68		75		35		8		33		4		223
Substandard	—		1		87		—		—		—		—		88


Total Individuals' loans for household and other personal expenditures	$	16,786	$	38,747	$	24,363	$	18,517	$	4,391	$	7,583	$	16,000	$	126,387
Public finance and other commercial loans
Pass	21,613		191,808		128,844		39,837		130,856		151,403		13,389		677,750




Total Public finance and other commercial loans	$	21,613	$	191,808	$	128,844	$	39,837	$	130,856	$	151,403	$	13,389	$	677,750
Loans	$	923,091	$	3,744,372	$	1,208,586	$	677,245	$	502,173	$	906,900	$	1,355,861	$	9,318,228


	December 31, 2020
	Commercial Pass		Commercial Special Mention		Commercial Substandard		Commercial Doubtful		Commercial Loss		Consumer Performing			Consumer Non-Performing		Total
Commercial and industrial loans	$	2,562,077	$	117,503	$	97,119	$	—	$	—	$	—		$	—	$	2,776,699
Agricultural production financing and other loans to farmers	243,991		26,835		9,885		—		—		1,173			—		281,884
Real estate Loans:
Construction	446,846		10,445		5,549		—		—		21,763			120		484,723
Commercial real estate, non-owner occupied	1,979,827		160,304		80,818		—		—		—			—		2,220,949
Commercial real estate, owner occupied	907,566		17,641		33,294						—			—		958,501
Residential	199,338		2,261		7,058		—		—		1,020,687			5,397		1,234,741
Home equity	12,714		—		989		—		—		492,999			1,557		508,259
Individuals' loans for household and other personal expenditures	—		—		—		—		—		129,440			39		129,479

Public finance and other commercial loans	647,939		—		—		—		—		—			—		647,939
Loans	$	7,000,298	$	334,989	$	234,712	$	—	$	—	$	1,666,062	1666062	$	7,113	$	9,243,174

Schedule of changes in allowance for loan losses

The following tables summarize changes in the allowance for credit losses by loan segment for the three months ended March 31, 2021:


	Three Months Ended March 31, 2021
	Commercial		Commercial Real Estate		Construction		Consumer		Residential		Consumer & Residential		Total
Allowance for credit losses
Balances, December 31, 2020	$	47,115	$	51,070	$	—	$	9,648	$	22,815	$	—	$	130,648
Credit risk reclassifications	—		(10,284)		10,284		(9,648)		(22,815)		32,463		—
Balances, December 31, 2020 after reclassifications	47,115		40,786		10,284		—		—		32,463		130,648
Impact of adopting ASC 326	20,024		34,925		8,805		—		—		10,301		74,055
Balances, January 1, 2021 Post-ASC 326 adoption	67,139		75,711		19,089		—		—		42,764		204,703
Provision for credit losses	(932)		(1,701)		1,095		—		—		1,538		—

Recoveries on loans	188		164		—		—		—		342		694
Loans charged off	(673)		(3,313)		(2)		—		—		(327)		(4,315)
Balances, March 31, 2021	$	65,722	$	70,861	$	20,182	$	—	$	—	$	44,317	$	201,082

Allowance for Loan Losses under prior GAAP ("Incurred Loss Model")

The following tables summarize changes in the allowance for loan losses by loan segment for the three months ended March 31, 2020:


	Three Months Ended March 31, 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	5,701		9,194		1,924		2,933		19,752
Recoveries on loans	443		118		42		70		673
Loans charged off	(615)		(183)		(249)		(208)		(1,255)
Balances, March 31, 2020	$	38,431	$	37,907	$	5,752	$	17,364	$	99,454

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, for the years indicated:


	March 31, 2021
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total		Loans > 90 Days or More Past Due And Accruing
Commercial and industrial loans	$	2,870,436	$	4,545	$	19	$	1,212	$	2,876,212	$	—
Agricultural land, production and other loans to farmers	244,403		114		—		1,114		245,631		—
Real estate loans:
Construction	540,648		560		—		16		541,224		—
Commercial real estate, non-owner occupied	2,094,103		45,942		434		38,353		2,178,832		—
Commercial real estate, owner occupied	946,423		792		1,096		1,727		950,038		1,032
Residential	1,234,473		1,582		377		3,493		1,239,925		—
Home equity	477,927		1,906		1,010		1,386		482,229		60
Individuals' loans for household and other personal expenditures	126,075		181		42		89		126,387		1

Public finance and other commercial loans	677,750		—		—		—		677,750		—
Loans	$	9,212,238	$	55,622	$	2,978	$	47,390	$	9,318,228	$	1,093


	December 31, 2020
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total		Loans > 90 Days or More Past Due And Accruing
Commercial and industrial loans	$	2,761,473	$	5,866	$	6,571	$	2,789	$	2,776,699	$	594
Agricultural land, production and other loans to farmers	280,615		146		226		897		281,884		—
Real estate loans:									—
Construction	484,706		—		17		—		484,723		—
Commercial real estate, non-owner occupied	2,184,681		2,525		2,109		31,634		2,220,949		—
Commercial real estate, owner occupied	951,561		4,854		180		1,906		958,501		—
Residential	1,226,779		3,269		1,429		3,264		1,234,741		133
Home equity	503,596		2,644		559		1,460		508,259		19
Individuals' loans for household and other personal expenditures	129,049		334		96		—		129,479		—

Public finance and other commercial loans	647,939		—		—		—		647,939		—
Loans	$	9,170,399	$	19,638	$	11,187	$	41,950	$	9,243,174	$	746

Schedule of non-accrual loans by loan class

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


	March 31, 2021				December 31, 2020
	Non-Accrual Loans		Non-Accrual Loans with no Allowance for Credit Losses		Non-Accrual Loans
Commercial and industrial loans	$	1,671	$	786	$	2,329
Agricultural land, production and other loans to farmers	1,220		561		1,012
Real estate loans:
Construction	18		—		123
Commercial real estate, non-owner occupied	44,143		1,853		46,316
Commercial real estate, owner occupied	1,760		1,513		3,040
Residential	6,336		835		6,517
Home equity	2,650		—		2,095
Individuals' loans for household and other personal expenditures	125		—		39

Loans	$	57,923	$	5,548	$	61,471

Schedule of amortized cost basis of collateral dependent loans

The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses:


	March 31, 2021
	Commercial Real Estate		Residential Real Estate		Other		Total		Allowance on Collateral Dependent Loans
Commercial and industrial loans	$	—	$	—	$	2,202	$	2,202	$	—
Agricultural land, production and other loans to farmers	780		—		—		780		—
Real estate loans:

Commercial real estate, non-owner occupied	45,188		—		—		45,188		5,561
Commercial real estate, owner occupied	3,539		—		—		3,539		—
Residential	—		3,113		—		3,113		356
Home equity	—		452		—		452		77
Individuals' loans for household and other personal expenditures	—		—		2		2		—

Loans	$	49,507	$	3,565	$	2,204	$	55,276	$	5,994

Schedules of troubled debt restructurings


			Three Months Ended March 31, 2021
	Pre- Modification Recorded Balance		Term Modification		Rate Modification		Combination		Post - Modification Recorded Balance		Number of Loans
Commercial and industrial	$	348	$	348	$	—	$	—	$	348	2
Real estate loans:


Residential	625		383		126		118		627		7


Total	$	973	$	731	$	126	$	118	$	975	9


	Three Months Ended March 31, 2021
	Number of Loans	Recorded Balance

Real estate loans:

Residential	5	$	197
Home equity	1	91
Individuals' loans for household and other personal expenditures	1	2
Total	7	$	290


	Three Months Ended March 31, 2020
	Number of Loans	Recorded Balance

Real estate loans:

Residential	1	$	22


Total	1	$	22

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

The table below shows the Corporation’s allowance for loan losses under the incurred loss model and loan portfolio by loan segment as of the periods indicated.


	December 31, 2020
	Commercial		Commercial Real Estate		Consumer		Residential		Total
Allowance Balances:
Individually evaluated for impairment	$	223	$	12,246	$	—	$	432	$	12,901
Collectively evaluated for impairment	46,892		38,824		9,648		22,383		117,747

Total Allowance for Loan Losses	$	47,115	$	51,070	$	9,648	$	22,815	$	130,648
Loan Balances:
Individually evaluated for impairment	$	1,258	$	51,605	$	2	$	3,291	$	56,156
Collectively evaluated for impairment	3,505,863		3,805,808		129,477		1,739,709		9,180,857
Loans acquired with deteriorated credit quality	577		5,584		—		—		6,161
Loans	$	3,507,698	$	3,862,997	$	129,479	$	1,743,000	$	9,243,174

Schedule of composition of impaired loans by loan class


	December 31, 2020
	Unpaid Principal Balance		Recorded Investment		Related Allowance
Impaired loans with no related allowance:
Commercial and industrial loans	$	1,059	$	991	$	—

Real estate Loans:
Commercial real estate, non-owner occupied	4,958		4,694		—
Commercial real estate, owner occupied	2,125		1,310		—
Residential	957		816		—

Individuals' loans for household and other personal expenditures	2		2		—

Total	$	9,101	$	7,813	$	—
Impaired loans with related allowance:
Commercial and industrial loans	$	268	$	268	$	223
Agricultural land, production and other loans to farmers	640		562		3
Real estate Loans:
Commercial real estate, non-owner occupied	44,016		43,715		11,686
Commercial real estate, owner occupied	2,061		1,323		557
Residential	2,041		2,014		352
Home equity	487		461		80


Total	$	49,513	$	48,343	$	12,901
Total Impaired Loans	$	58,614	$	56,156	$	12,901


	Three Months Ended March 31, 2020
	Average Recorded Investment		Interest Income Recognized
Impaired loans with no related allowance:
Commercial and industrial loans	$	905	$	—

Real estate Loans:
Construction	1,015		—
Commercial and farmland	6,852		37
Residential	59		1

Individuals' loans for household and other personal expenditures	3		—

Total	$	8,834	$	38
Impaired loans with related allowance:


Real estate Loans:

Commercial and farmland	$	2,400	$	—
Residential	2,180		19
Home equity	393		3


Total	$	4,973	$	22
Total Impaired Loans	$	13,807	$	60

Schedule of financial instruments with off-balance sheet risk

Financial instruments with off-balance sheet risk were as follows:


	March 31, 2021		December 31, 2020
Amounts of commitments:
Loan commitments to extend credit	$	3,657,931	$	3,443,514
Standby letters of credit	$	33,610	$	29,555

Schedule of allowance for credit losses, off-balance sheet

The following table details activity in the allowance for credit losses on off-balance sheet commitments:


	Three Months Ended March 31, 2021
Balances, December 31, 2020	$	—
Impact of adopting ASC 326	20,500
Provision for credit losses	—
Balances, March 31, 2021	$	20,500

Other Intangibles (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of core deposit intangibles

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


	March 31, 2021		December 31, 2020
Gross carrying amount	$	102,396	$	102,396



Accumulated amortization	(74,778)		(73,421)

Total core deposit intangibles	$	27,618	$	28,975

Schedule of estimated future amortization expense

Estimated future amortization expense is summarized as follows:


	Amortization Expense
2021	$	4,072
2022	5,027
2023	4,827
2024	4,241
2025	3,526
After 2025	5,925
	$	27,618

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021, and December 31, 2020.

Asset Derivatives

Liability Derivatives

March 31, 2021

December 31, 2020

March 31, 2021

December 31, 2020

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

1,708

Other Liabilities

2,018

Derivatives not designated as hedging instruments:

Interest rate contracts

Other Assets

48,576

Other Assets

74,335

Other Liabilities

48,576

Other Liabilities

74,335

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
	March 31, 2021		March 31, 2020
Interest Rate Products	$	58	$	(1,314)

Schedule of amount of gain (loss) reclassified from other comprehensive income

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
March 31, 2021

Three Months Ended
March 31, 2020

Interest rate contracts

Interest Expense

(252)

(125)

Disclosures About Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

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:
March 31, 2021	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	$	1,000	$	—	$	1,000	$	—
U.S. Government-sponsored agency securities	11,381		—		11,381		—
State and municipal	1,366,162		—		1,364,051		2,111
U.S. Government-sponsored mortgage-backed securities	1,022,863		—		1,022,859		4
Corporate obligations	4,162		—		4,131		31
Interest rate swap asset	48,576		—		48,576		—
Interest rate swap liability	50,284		—		50,284		—


			Fair Value Measurements Using:
December 31, 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. Government-sponsored agency securities	$	2,430	$	—	$	2,430	$	—
State and municipal	1,257,885		—		1,255,441		2,444
U.S. Government-sponsored mortgage-backed securities	654,669		—		654,665		4

Corporate obligations	4,135		—		4,104		31

Interest rate swap asset	74,335		—		74,335		—
Interest rate swap liability	76,353		—		76,353		—

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 months ended March 31, 2021 and 2020.


	Available for Sale Securities
	Three Months Ended
	March 31, 2021		March 31, 2020
Balance at beginning of the period	$	2,479	$	2,893


Included in other comprehensive income	(60)		(20)


Principal payments	(273)		(344)
Ending balance	$	2,146	$	2,529

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
March 31, 2021	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Collateral dependent loans	$	40,698	$	—	$	—	$	40,698
Other real estate owned	185		—		—		185


			Fair Value Measurements Using
December 31, 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)	$	37,250	$	—	$	—	$	37,250
Other real estate owned	544		—		—		544

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

March 31, 2021

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted-Average)

State and municipal securities

2,111

Discounted cash flow

Maturity/Call date

1 month to 15 years

US Muni BQ curve

A- to BBB-

Discount rate

2% - 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

—%

Collateral dependent loans

40,698

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

0% - 10%

Weighted-average discount by loan balance

Other real estate owned

185

Appraisals

Discount to reflect current market conditions

0% - 72%

Weighted-average discount of other real estate owned balance

39%

December 31, 2020

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted-Average)

State and municipal securities

2,444

Discounted cash flow

Maturity/Call date

1 month to 15 years

US Muni BQ curve

A- to BBB-

Discount rate

2% - 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)

37,250

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

0% - 10%

Weighted-average discount by loan balance

Other real estate owned

544

Appraisals

Discount to reflect current market conditions

0% - 30%

Weighted-average discount of other real estate owned balance

26%

Schedule of estimated fair values of financial instruments


			March 31, 2021
			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	$	187,901	$	187,901	$	—	$	—
Interest-bearing deposits	392,806		392,806		—		—
Investment securities available for sale	2,405,568		—		2,403,422		2,146
Investment securities held to maturity	1,295,289		—		1,299,944		18,836
Loans held for sale	4,430		—		4,430		—
Loans	9,117,146		—		—		9,168,023
Federal Home Loan Bank stock	28,736		—		28,736		—
Interest rate swap asset	48,576		—		48,576		—
Interest receivable	54,662		—		54,662		—
Liabilities:
Deposits	$	11,951,780	$	11,103,474	$	847,398	$	—
Borrowings:

Securities sold under repurchase agreements	185,721		—		185,716		—
Federal Home Loan Bank advances	359,337		—		366,179		—
Subordinated debentures and other borrowings	118,439		—		108,124		—
Interest rate swap liability	50,284		—		50,284		—
Interest payable	4,020		—		4,020		—


			December 31, 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	$	192,896	$	192,896	$	—	$	—
Interest-bearing deposits	392,305		392,305		—		—
Investment securities available for sale	1,919,119		—		1,916,640		2,479
Investment securities held to maturity	1,227,668		—		1,260,815		19,478
Loans held for sale	3,966		—		3,966		—
Loans	9,112,526		—		—		9,191,628
Federal Home Loan Bank stock	28,736		—		28,736		—
Interest rate swap asset	74,335		—		74,335		—
Interest receivable	53,948		—		53,948		—
Liabilities:
Deposits	$	11,361,610	$	10,482,865	$	878,257	$	—
Borrowings:

Securities sold under repurchase agreements	177,102		—		177,097		—
Federal Home Loan Bank advances	389,430		—		399,991		—
Subordinated debentures and other borrowings	118,380		—		108,439		—
Interest rate swap liability	76,353		—		76,353		—
Interest payable	3,287		—		3,287		—

Transfers Accounted for as Secured Borrowings (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021 and December 31, 2020 were:


	March 31, 2021
	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	$	184,067	$	—	$	1,654	$	—	$	185,721


	December 31, 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	$	175,449	$	—	$	1,653	$	—	$	177,102

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021 and 2020:


	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, 2020	$	87,988	$	(1,594)	$	(11,558)	$	74,836
Other comprehensive income (loss) before reclassifications	(37,850)		46		—		(37,804)
Amounts reclassified from accumulated other comprehensive income	(1,421)		199		—		(1,222)
Period change	(39,271)		245		—		(39,026)

Balance at March 31, 2021	$	48,717	$	(1,349)	$	(11,558)	$	35,810


Balance at December 31, 2019	$	38,872	$	(1,141)	$	(9,857)	$	27,874
Other comprehensive income (loss) before reclassifications	30,364		(1,038)		—		29,326
Amounts reclassified from accumulated other comprehensive income	(3,643)		99		—		(3,544)
Period change	26,721		(939)		—		25,782

Balance at March 31, 2020	$	65,593	$	(2,080)	$	(9,857)	$	53,656

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


	Amount Reclassified from Accumulated Other Comprehensive Income (Loss) For the Three Months Ended March 31,
Details about Accumulated Other Comprehensive Income (Loss) Components	2021		2020		Affected Line Item in the Statements of Income
Unrealized gains (losses) on available for sale securities (1)
Realized securities gains reclassified into income	$	1,799	$	4,612	Other income - net realized gains on sales of available for sale securities
Related income tax expense	(378)		(969)		Income tax expense
	$	1,421	$	3,643

Unrealized gains (losses) on cash flow hedges (2)
Interest rate contracts	$	(252)	$	(125)	Interest expense - subordinated debentures and term loans
Related income tax benefit	53		26		Income tax expense
	$	(199)	$	(99)






Total reclassifications for the period, net of tax	$	1,222	$	3,544

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31,
	2021		2020
Stock and ESPP Options
Pre-tax compensation expense	$	75	$	41
Income tax expense (benefit)	(72)		—
Stock and ESPP option expense, net of income taxes	$	3	$	41
Restricted Stock Awards
Pre-tax compensation expense	$	1,115	$	1,179
Income tax expense (benefit)	(237)		(257)
Restricted stock awards expense, net of income taxes	$	878	$	922
Total Share-Based Compensation
Pre-tax compensation expense	$	1,190	$	1,220
Income tax expense (benefit)	(309)		(257)
Total share-based compensation expense, net of income taxes	$	881	$	963

Schedule of stock option activity under stock option plans

Stock option activity under the Corporation's stock option plans as of March 31, 2021 and changes during the three months ended March 31, 2021, were as follows:


	Number of Shares	Weighted-Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2021	45,800	$	15.00

Exercised	(14,300)	$	11.97

Outstanding March 31, 2021	31,500	$	16.37	2.06	$	949,155
Vested and Expected to Vest at March 31, 2021	31,500	$	16.37	2.06	$	949,155
Exercisable at March 31, 2021	31,500	$	16.37	2.06	$	949,155

Schedule of unvested RSAs outstanding

The following table summarizes information on unvested RSAs outstanding as of March 31, 2021:


	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested RSAs at January 1, 2021	357,883	$	36.30
Granted	66,913	$	42.39
Vested	(4,285)	$	42.15
Forfeited	(1,650)	$	32.21
Unvested RSAs at March 31, 2021	418,861	$	37.23

Income Tax (Tables)

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of reconciliation of Federal Statutory to actual tax expense


	Three Months Ended March 31,
	2021			2020








Reconciliation of Federal Statutory to Actual Tax Expense:
Federal statutory income tax at 21%	$	12,268		$	7,928
Tax-exempt interest income	(3,706)			(3,022)

Share-based compensation	(59)			—
Tax-exempt earnings and gains on life insurance	(281)			(286)
Tax credits	(73)			(61)
CARES Act - NOL carryback rate differential	—			(1,178)
State Income Tax	702			86
Other	101			23
Actual Tax Expense	$	8,952		$	3,490

Effective Tax Rate	15.3		%	9.2		%

Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2021

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 months ended March 31, 2021 and 2020.


	Three Months Ended March 31,
	2021					2020
	Net Income		Weighted-Average Shares	Per Share Amount		Net Income		Weighted-Average Shares	Per Share Amount
Net income available to common stockholders	$	49,469	53,930,200	$	0.92	$	34,263	54,732,073	$	0.63
Effect of potentially dilutive stock options and restricted stock awards			203,422					185,687
Diluted net income per share	$	49,469	54,133,622	$	0.91	$	34,263	54,917,760	$	0.62

General - Narrative (Details) - USD ($)
$ in Thousands

Jan. 01, 2021

Mar. 31, 2021

Dec. 31, 2020

Mar. 31, 2020

Dec. 31, 2019

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Allowance for credit losses - Loans

$ 755,877

$ 788,578

201,082

^[1]

130,648

^[1]

$ 99,454

$ 80,284

Allowance for credit losses on unfunded loan commitments

20,500

Allowance for credit losses

245

State and municipal

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Allowance for credit losses

245

Cumulative effect of ASC 326 adoption

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Percent of increase in allowance

$ (68,040)

57.00%

Allowance for credit losses - Loans

$ 74,055

74,055

Life of loan portfolio

4 years

Allowance for credit losses on unfunded loan commitments

$ 20,500

20,500

Cumulative effect of ASC 326 adoption | State and municipal

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Allowance for credit losses

$ 245

[1]	Beginning January 1, 2021, the calculation is based on the current expected credit loss methodology. Prior to January 1, 2021, the calculation is based on the incurred loss methodology. See additional details in NOTE 1. GENERAL of these Notes to Consolidated Condensed Financial Statement.

General - Schedule of Changes in Accounting Principles (Details) - USD ($)
$ in Thousands

Mar. 31, 2021

Jan. 01, 2021

Dec. 31, 2020

Mar. 31, 2020

Dec. 31, 2019

Assets:

Held to maturity securities

$ 1,295,534

$ 1,227,668

9,318,228

9,243,174

(201,082)

^[1]

(130,648)

^[1]

$ (99,454)

$ (80,284)

9,117,146

9,112,526

Allowance for credit losses on unfunded loan commitments

40,163

12,340

Liabilities:

20,500

Stockholder's Equity:

Held to maturity securities

755,877

788,578

Impact of CECL Adoption

Assets:

$ (245)

4,776

(74,055)

(69,279)

Allowance for credit losses on unfunded loan commitments

21,984

Liabilities:

$ 20,500

20,500

Stockholder's Equity:

January 1, 2021 Post-CECL Adoption

(68,040)

Assets:

Held to maturity securities

1,227,423

9,247,950

(204,703)

$ (204,703)

9,043,247

Allowance for credit losses on unfunded loan commitments

34,324

Liabilities:

20,500

Stockholder's Equity:

Financing Receivable, Allowance for Credit Loss [Line Items]

$ 720,538

[1]	Beginning January 1, 2021, the calculation is based on the current expected credit loss methodology. Prior to January 1, 2021, the calculation is based on the incurred loss methodology. See additional details in NOTE 1. GENERAL of these Notes to Consolidated Condensed Financial Statement.

Investment Securities - Amortized Cost and Approximate Fair Value of Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Available for sale securities
Amortized Cost	$ 2,343,573	$ 1,807,389
Gross Unrealized Gains	81,181	112,079
Gross Unrealized Losses	19,186	349
Fair Value	2,405,568	1,919,119
Held to maturity securities
Amortized Cost	1,295,534	1,227,668
Allowance for Credit Losses	245	0
Net Carrying Amount	1,295,289	1,227,668
Gross Unrealized Gains	35,004	52,877
Gross Unrealized Losses	11,758	252
Fair Value	1,318,780	1,280,293
U.S. Treasury
Available for sale securities
Amortized Cost	1,000
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Fair Value	1,000
U.S. Government-sponsored agency securities
Available for sale securities
Amortized Cost	11,504	2,380
Gross Unrealized Gains	40	50
Gross Unrealized Losses	163	0
Fair Value	11,381	2,430
Held to maturity securities
Amortized Cost	60,676	31,087
Allowance for Credit Losses	0	0
Net Carrying Amount	60,676	31,087
Gross Unrealized Gains	1	10
Gross Unrealized Losses	1,553	113
Fair Value	59,124	30,984
State and municipal
Available for sale securities
Amortized Cost	1,301,378	1,168,711
Gross Unrealized Gains	67,438	89,420
Gross Unrealized Losses	2,654	246
Fair Value	1,366,162	1,257,885
Held to maturity securities
Amortized Cost	624,553	619,927
Allowance for Credit Losses	245	0
Net Carrying Amount	624,308	619,927
Gross Unrealized Gains	23,154	34,978
Gross Unrealized Losses	3,389	32
Fair Value	644,318	654,873
U.S. Government-sponsored mortgage-backed securities
Available for sale securities
Amortized Cost	1,025,660	632,267
Gross Unrealized Gains	13,550	22,505
Gross Unrealized Losses	16,347	103
Fair Value	1,022,863	654,669
Held to maturity securities
Amortized Cost	608,805	575,154
Allowance for Credit Losses	0	0
Net Carrying Amount	608,805	575,154
Gross Unrealized Gains	11,849	17,889
Gross Unrealized Losses	6,816	107
Fair Value	613,838	592,936
Corporate obligations
Available for sale securities
Amortized Cost	4,031	4,031
Gross Unrealized Gains	153	104
Gross Unrealized Losses	22	0
Fair Value	4,162	4,135
Foreign investment
Held to maturity securities
Amortized Cost	1,500	1,500
Allowance for Credit Losses	0	0
Net Carrying Amount	1,500	1,500
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	$ 1,500	$ 1,500

Investment Securities - Narrative (Details) $ in Thousands	Mar. 31, 2021 USD ($) instrument	Dec. 31, 2020 USD ($)
Schedule of Available for sale Securities and Held to maturity Securities [Line Items]
Accrued interest on investment securities	$ 20,600
Allowance for credit losses	245	$ 0
Gross unrealized losses	19,186	349
Carrying value of securities pledged as collateral	999,200	890,000
Securities sold under repurchase agreements	178,200	167,300
State and municipal
Schedule of Available for sale Securities and Held to maturity Securities [Line Items]
Allowance for credit losses	245	0
Gross unrealized losses	$ 2,654	246
Number of securities in unrealized loss positions \| instrument	108
U.S. Government-sponsored mortgage-backed securities
Schedule of Available for sale Securities and Held to maturity Securities [Line Items]
Allowance for credit losses	$ 0	0
Gross unrealized losses	$ 16,347	103
Number of securities in unrealized loss positions \| instrument	55
U.S. Government-sponsored agency securities
Schedule of Available for sale Securities and Held to maturity Securities [Line Items]
Allowance for credit losses	$ 0	0
Gross unrealized losses	$ 163	0
Number of securities in unrealized loss positions \| instrument	2
Corporate obligations
Schedule of Available for sale Securities and Held to maturity Securities [Line Items]
Gross unrealized losses	$ 22	$ 0
Number of securities in unrealized loss positions \| instrument	1

Investment Securities - Amortized Cost of Investment Securities Held to Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	$ 1,295,534	$ 1,227,668
Aaa
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	109,365
Aa1
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	84,954
Aa2
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	107,436
Aa3
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	72,969
A1
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	65,578
A2
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	19,074
A3
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	1,065
Baa2
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	528
Non-rated
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	834,565
State and municipal
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	624,553	$ 619,927
State and municipal \| Aaa
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	48,689
State and municipal \| Aa1
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	84,954
State and municipal \| Aa2
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	107,436
State and municipal \| Aa3
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	72,969
State and municipal \| A1
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	65,578
State and municipal \| A2
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	19,074
State and municipal \| A3
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	1,065
State and municipal \| Baa2
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	528
State and municipal \| Non-rated
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	224,260
Other
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	670,981
Other \| Aaa
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	60,676
Other \| Aa1
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	0
Other \| Aa2
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	0
Other \| Aa3
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	0
Other \| A1
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	0
Other \| A2
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	0
Other \| A3
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	0
Other \| Baa2
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	0
Other \| Non-rated
Schedule of Held-to-maturity Securities [Line Items]
Held to maturity securities	$ 610,305

Investment Securities - Allowance for Credit Losses on Investment Securities Held to Maturity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 0
Ending balance	245
State and municipal
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Beginning balance	0
Provision for credit loss	0
Securities charged off	0
Recoveries on securities	0
Ending balance	245
State and municipal \| Cumulative effect of ASC 326 adoption
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Beginning balance	245
Ending balance	$ 245

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	Mar. 31, 2021	Dec. 31, 2020
Fair Value
Less than 12 Months	$ 789,968	$ 15,019
12 Months or Longer	0	0
Total	789,968	15,019
Gross Unrealized Losses
Less than 12 Months	19,186	349
12 Months or Longer	0	0
Total	19,186	349
U.S. Government-sponsored agency securities
Fair Value
Less than 12 Months	9,837
12 Months or Longer	0
Total	9,837
Gross Unrealized Losses
Less than 12 Months	163
12 Months or Longer	0
Total	163
State and municipal
Fair Value
Less than 12 Months	172,655	5,368
12 Months or Longer	0	0
Total	172,655	5,368
Gross Unrealized Losses
Less than 12 Months	2,654	246
12 Months or Longer	0	0
Total	2,654	246
U.S. Government-sponsored mortgage-backed securities
Fair Value
Less than 12 Months	606,498	9,651
12 Months or Longer	0	0
Total	606,498	9,651
Gross Unrealized Losses
Less than 12 Months	16,347	103
12 Months or Longer	0	0
Total	16,347	$ 103
Corporate obligations
Fair Value
Less than 12 Months	978
12 Months or Longer	0
Total	978
Gross Unrealized Losses
Less than 12 Months	22
12 Months or Longer	0
Total	$ 22

Investment Securities - Investments in Debt and Equity Securities Reported Less than Historical Cost (Details) - Investments reported at less than historical cost - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Historical cost	$ 809,154	$ 15,368
Fair value	789,968	15,019
Gross unrealized losses	$ 19,186	$ 349
Percent of the Corporation's investments available for sale	21.40%	0.50%

Investment Securities - Amortized Cost and Fair Value of Available for Sale Securities and Held to Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Amortized Cost
Due in one year or less	$ 2,062	$ 1,349
Due after one through five years	4,781	5,545
Due after five through ten years	92,598	70,777
Due after ten years	1,218,472	1,097,451
Total debt securities with a single maturity date	1,317,913	1,175,122
Total investment securities	2,343,573	1,807,389
Fair Value
Due in one year or less	2,071	1,353
Due after one through five years	4,960	5,764
Due after five through ten years	96,882	75,223
Due after ten years	1,278,792	1,182,110
Total debt securities with a single maturity date	1,382,705	1,264,450
Total investment securities	2,405,568	1,919,119
Amortized Cost
Due in one year or less	9,056	9,712
Due after one through five years	23,116	22,241
Due after five through ten years	151,103	115,408
Due after ten years	503,454	505,153
Total debt securities with a single maturity date	686,729	652,514
Total investment securities	1,295,534	1,227,668
Fair Value
Due in one year or less	9,068	9,755
Due after one through five years	24,084	23,190
Due after five through ten years	154,819	121,333
Due after ten years	516,971	533,079
Total debt securities with a single maturity date	704,942	687,357
Investment securities held to maturity	1,318,780	1,280,293
U.S. Government-sponsored mortgage-backed securities
Amortized Cost
Without single maturity date	1,025,660	632,267
Total investment securities	1,025,660	632,267
Fair Value
Without single maturity date	1,022,863	654,669
Total investment securities	1,022,863	654,669
Amortized Cost
Without single maturity date	608,805	575,154
Total investment securities	608,805	575,154
Fair Value
Without single maturity date	613,838	592,936
Investment securities held to maturity	$ 613,838	$ 592,936

Investment Securities - Gross Gains on Sales and Redemptions of Available for Sale Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Sales and redemptions of investment securities available for sale:
Gross gains	$ 2,076	$ 4,612
Gross losses	277	0
Net gains on sales and redemptions of investment securities available for sale	$ 1,799	$ 4,612

Loans and Allowance - Narrative (Details) - USD ($)	3 Months Ended
Loans and Allowance - Narrative (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Jan. 01, 2021	Dec. 31, 2020
Receivables [Abstract]
Loans held for sale	$ 4,430,000			$ 3,966,000
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	9,318,228,000			9,243,174,000
Interest income recognized on non-accrual loans	0	$ 0
Allowance for credit losses on unfunded loan commitments	20,500,000			0
Cumulative effect of ASC 326 adoption
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans			$ 4,776,000
Allowance for credit losses on unfunded loan commitments	20,500,000		$ 20,500,000	20,500,000
Commercial real estate, non-owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,178,832,000			2,220,949,000
Commercial and industrial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,876,212,000			2,776,699,000
Residential Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 1,239,925,000			1,234,741,000
Percentage of troubled debt restructured loans	6400.00%
Mortgage loans with formal foreclosure proceedings	$ 3,300,000	$ 507,000
PPP loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	741,700,000			667,100,000
30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past due	55,622,000			19,638,000
Increase (decrease) in past due loans	(36,000,000.0)
30-59 Days Past Due \| Commercial real estate, non-owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past due	45,942,000			2,525,000
30-59 Days Past Due \| Commercial and industrial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past due	4,545,000			5,866,000
30-59 Days Past Due \| Residential Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past due	1,582,000			3,269,000
30-59 Days Past Due \| Multifamily \| Commercial real estate, non-owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past due	24,100,000
30-59 Days Past Due \| Hotel \| Commercial real estate, non-owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past due	21,000,000.0
60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past due	2,978,000			11,187,000
Increase (decrease) in past due loans	8,200,000
60-89 Days Past Due \| Commercial real estate, non-owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past due	434,000			2,109,000
60-89 Days Past Due \| Commercial and industrial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past due	19,000			6,571,000
Increase (decrease) in past due loans	(5,000,000.0)
60-89 Days Past Due \| Residential Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past due	377,000			1,429,000
90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past due	47,390,000			41,950,000
Increase (decrease) in past due loans	(5,400,000)
90 Days or More Past Due \| Commercial real estate, non-owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past due	38,353,000			31,634,000
Increase (decrease) in past due loans	3,700,000
90 Days or More Past Due \| Commercial and industrial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past due	1,212,000			2,789,000
90 Days or More Past Due \| Residential Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past due	3,493,000			$ 3,264,000
90 Days or More Past Due \| Nursing Home \| Commercial real estate, non-owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase (decrease) in past due loans	$ (13,000,000.0)

Loans and Allowance - Composition of Loan Portfolio by Loan Class (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	$ 9,318,228	$ 9,243,174
Commercial and industrial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	2,876,212	2,776,699
Agricultural land, production and other loans to farmers
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	245,631	281,884
Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	541,224	484,723
Commercial real estate, non-owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	2,178,832	2,220,949
Commercial real estate, owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	950,038	958,501
Residential Real Estate
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	1,239,925	1,234,741
Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	482,229	508,259
Individuals' loans for household and other personal expenditures
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	126,387	129,479
Public finance and other commercial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	$ 677,750	$ 647,939

Loans and Allowance - Past Due Aging of Loan Portfolio by Loan Class (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Current	$ 9,212,238	$ 9,170,399
Loans	9,318,228	9,243,174
Commercial and industrial loans
Financing Receivable, Past Due [Line Items]
Current	2,870,436	2,761,473
Loans	2,876,212	2,776,699
Agricultural land, production and other loans to farmers
Financing Receivable, Past Due [Line Items]
Current	244,403	280,615
Loans	245,631	281,884
Construction
Financing Receivable, Past Due [Line Items]
Current	540,648	484,706
Loans	541,224	484,723
Commercial real estate, non-owner occupied
Financing Receivable, Past Due [Line Items]
Current	2,094,103	2,184,681
Loans	2,178,832	2,220,949
Commercial real estate, owner occupied
Financing Receivable, Past Due [Line Items]
Current	946,423	951,561
Loans	950,038	958,501
Residential Real Estate
Financing Receivable, Past Due [Line Items]
Current	1,234,473	1,226,779
Loans	1,239,925	1,234,741
Home equity
Financing Receivable, Past Due [Line Items]
Current	477,927	503,596
Loans	482,229	508,259
Individuals' loans for household and other personal expenditures
Financing Receivable, Past Due [Line Items]
Current	126,075	129,049
Loans	126,387	129,479
Public finance and other commercial loans
Financing Receivable, Past Due [Line Items]
Current	677,750	647,939
Loans	677,750	647,939
30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Past Due	55,622	19,638
30-59 Days Past Due \| Commercial and industrial loans
Financing Receivable, Past Due [Line Items]
Past Due	4,545	5,866
30-59 Days Past Due \| Agricultural land, production and other loans to farmers
Financing Receivable, Past Due [Line Items]
Past Due	114	146
30-59 Days Past Due \| Construction
Financing Receivable, Past Due [Line Items]
Past Due	560	0
30-59 Days Past Due \| Commercial real estate, non-owner occupied
Financing Receivable, Past Due [Line Items]
Past Due	45,942	2,525
30-59 Days Past Due \| Commercial real estate, owner occupied
Financing Receivable, Past Due [Line Items]
Past Due	792	4,854
30-59 Days Past Due \| Residential Real Estate
Financing Receivable, Past Due [Line Items]
Past Due	1,582	3,269
30-59 Days Past Due \| Home equity
Financing Receivable, Past Due [Line Items]
Past Due	1,906	2,644
30-59 Days Past Due \| Individuals' loans for household and other personal expenditures
Financing Receivable, Past Due [Line Items]
Past Due	181	334
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	2,978	11,187
60-89 Days Past Due \| Commercial and industrial loans
Financing Receivable, Past Due [Line Items]
Past Due	19	6,571
60-89 Days Past Due \| Agricultural land, production and other loans to farmers
Financing Receivable, Past Due [Line Items]
Past Due	0	226
60-89 Days Past Due \| Construction
Financing Receivable, Past Due [Line Items]
Past Due	0	17
60-89 Days Past Due \| Commercial real estate, non-owner occupied
Financing Receivable, Past Due [Line Items]
Past Due	434	2,109
60-89 Days Past Due \| Commercial real estate, owner occupied
Financing Receivable, Past Due [Line Items]
Past Due	1,096	180
60-89 Days Past Due \| Residential Real Estate
Financing Receivable, Past Due [Line Items]
Past Due	377	1,429
60-89 Days Past Due \| Home equity
Financing Receivable, Past Due [Line Items]
Past Due	1,010	559
60-89 Days Past Due \| Individuals' loans for household and other personal expenditures
Financing Receivable, Past Due [Line Items]
Past Due	42	96
60-89 Days Past Due \| Public finance and other commercial loans
Financing Receivable, Past Due [Line Items]
Past Due	0	0
90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Past Due	47,390	41,950
Loans > 90 Days or More Past Due And Accruing	1,093	746
90 Days or More Past Due \| Commercial and industrial loans
Financing Receivable, Past Due [Line Items]
Past Due	1,212	2,789
Loans > 90 Days or More Past Due And Accruing	0	594
90 Days or More Past Due \| Agricultural land, production and other loans to farmers
Financing Receivable, Past Due [Line Items]
Past Due	1,114	897
Loans > 90 Days or More Past Due And Accruing	0	0
90 Days or More Past Due \| Construction
Financing Receivable, Past Due [Line Items]
Past Due	16	0
Loans > 90 Days or More Past Due And Accruing	0	0
90 Days or More Past Due \| Commercial real estate, non-owner occupied
Financing Receivable, Past Due [Line Items]
Past Due	38,353	31,634
Loans > 90 Days or More Past Due And Accruing	0	0
90 Days or More Past Due \| Commercial real estate, owner occupied
Financing Receivable, Past Due [Line Items]
Past Due	1,727	1,906
Loans > 90 Days or More Past Due And Accruing	1,032	0
90 Days or More Past Due \| Residential Real Estate
Financing Receivable, Past Due [Line Items]
Past Due	3,493	3,264
Loans > 90 Days or More Past Due And Accruing	0	133
90 Days or More Past Due \| Home equity
Financing Receivable, Past Due [Line Items]
Past Due	1,386	1,460
Loans > 90 Days or More Past Due And Accruing	60	19
90 Days or More Past Due \| Individuals' loans for household and other personal expenditures
Financing Receivable, Past Due [Line Items]
Past Due	89	0
Loans > 90 Days or More Past Due And Accruing	1	0
90 Days or More 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	$ 0	$ 0

Loans and Allowance - Summary of Non-Accrual Loans by Loan Class (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	$ 57,923	$ 61,471
Non-Accrual Loans with no Allowance for Credit Losses	5,548
Commercial and industrial loans
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	1,671	2,329
Non-Accrual Loans with no Allowance for Credit Losses	786
Agricultural land, production and other loans to farmers
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	1,220	1,012
Non-Accrual Loans with no Allowance for Credit Losses	561
Construction
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	18	123
Non-Accrual Loans with no Allowance for Credit Losses	0
Commercial real estate, non-owner occupied
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	44,143	46,316
Non-Accrual Loans with no Allowance for Credit Losses	1,853
Commercial real estate, owner occupied
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	1,760	3,040
Non-Accrual Loans with no Allowance for Credit Losses	1,513
Residential Real Estate
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	6,336	6,517
Non-Accrual Loans with no Allowance for Credit Losses	835
Home equity
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	2,650	2,095
Non-Accrual Loans with no Allowance for Credit Losses	0
Individuals' loans for household and other personal expenditures
Financing Receivable, Past Due [Line Items]
Non-Accrual Loans	125	$ 39
Non-Accrual Loans with no Allowance for Credit Losses	$ 0

Loans and Allowance - Amortized Cost Basis Of Collateral Dependent Loans (Details) - USD ($)
$ in Thousands

Mar. 31, 2021

Dec. 31, 2020

Mar. 31, 2020

Dec. 31, 2019

$ 55,276

Commercial and industrial loans

201,082

^[1]

$ 130,648

^[1]

$ 99,454

$ 80,284

Financing Receivable, Allowance for Credit Loss [Line Items]

Agricultural land, production and other loans to farmers

2,202

Financing Receivable, Allowance for Credit Loss [Line Items]

Commercial real estate, non-owner occupied

780

Financing Receivable, Allowance for Credit Loss [Line Items]

Commercial real estate, owner occupied

45,188

Financing Receivable, Allowance for Credit Loss [Line Items]

Financing Receivable, Allowance for Credit Loss [Line Items]

3,539

Residential Real Estate

3,113

Financing Receivable, Allowance for Credit Loss [Line Items]

17,364

14,569

Home equity

Individuals' loans for household and other personal expenditures

452

Financing Receivable, Allowance for Credit Loss [Line Items]

Financing Receivable, Allowance for Credit Loss [Line Items]

$ 0

$ 5,752

$ 4,035

Commercial Real Estate

Commercial Real Estate | Commercial and industrial loans

49,507

Financing Receivable, Allowance for Credit Loss [Line Items]

Commercial Real Estate | Agricultural land, production and other loans to farmers

Financing Receivable, Allowance for Credit Loss [Line Items]

Commercial Real Estate | Commercial real estate, non-owner occupied

780

Financing Receivable, Allowance for Credit Loss [Line Items]

Commercial Real Estate | Commercial real estate, owner occupied

45,188

Financing Receivable, Allowance for Credit Loss [Line Items]

Commercial Real Estate | Residential Real Estate

3,539

Financing Receivable, Allowance for Credit Loss [Line Items]

Commercial Real Estate | Home equity

Financing Receivable, Allowance for Credit Loss [Line Items]

Commercial Real Estate | Individuals' loans for household and other personal expenditures

Financing Receivable, Allowance for Credit Loss [Line Items]

Financing Receivable, Allowance for Credit Loss [Line Items]

Residential Real Estate

Residential Real Estate | Commercial and industrial loans

3,565

Financing Receivable, Allowance for Credit Loss [Line Items]

Residential Real Estate | Agricultural land, production and other loans to farmers

Financing Receivable, Allowance for Credit Loss [Line Items]

Residential Real Estate | Commercial real estate, non-owner occupied

Financing Receivable, Allowance for Credit Loss [Line Items]

Residential Real Estate | Commercial real estate, owner occupied

Financing Receivable, Allowance for Credit Loss [Line Items]

Residential Real Estate | Residential Real Estate

Financing Receivable, Allowance for Credit Loss [Line Items]

Residential Real Estate | Home equity

3,113

Financing Receivable, Allowance for Credit Loss [Line Items]

Residential Real Estate | Individuals' loans for household and other personal expenditures

452

Financing Receivable, Allowance for Credit Loss [Line Items]

Financing Receivable, Allowance for Credit Loss [Line Items]

Other

Other | Commercial and industrial loans

2,204

Financing Receivable, Allowance for Credit Loss [Line Items]

Other | Agricultural land, production and other loans to farmers

2,202

Financing Receivable, Allowance for Credit Loss [Line Items]

Other | Commercial real estate, non-owner occupied

Financing Receivable, Allowance for Credit Loss [Line Items]

Other | Commercial real estate, owner occupied

Financing Receivable, Allowance for Credit Loss [Line Items]

Other | Residential Real Estate

Financing Receivable, Allowance for Credit Loss [Line Items]

Financing Receivable, Allowance for Credit Loss [Line Items]

Other | Home equity

Other | Individuals' loans for household and other personal expenditures

Financing Receivable, Allowance for Credit Loss [Line Items]

Financing Receivable, Allowance for Credit Loss [Line Items]

Collateral Dependent

Collateral Dependent | Commercial and industrial loans

5,994

Financing Receivable, Allowance for Credit Loss [Line Items]

Collateral Dependent | Agricultural land, production and other loans to farmers

Financing Receivable, Allowance for Credit Loss [Line Items]

Collateral Dependent | Commercial real estate, non-owner occupied

Financing Receivable, Allowance for Credit Loss [Line Items]

Collateral Dependent | Commercial real estate, owner occupied

5,561

Financing Receivable, Allowance for Credit Loss [Line Items]

Collateral Dependent | Residential Real Estate

Financing Receivable, Allowance for Credit Loss [Line Items]

Collateral Dependent | Home equity

356

Financing Receivable, Allowance for Credit Loss [Line Items]

Collateral Dependent | Individuals' loans for household and other personal expenditures

Financing Receivable, Allowance for Credit Loss [Line Items]

Allowance for Loan and Lease Losses [Roll Forward]

$ 0

[1]	Beginning January 1, 2021, the calculation is based on the current expected credit loss methodology. Prior to January 1, 2021, the calculation is based on the incurred loss methodology. See additional details in NOTE 1. GENERAL of these Notes to Consolidated Condensed Financial Statement.

Loans and Allowance - Summary of Troubled Debt Restructurings by Modification Type (Details)	3 Months Ended
	Mar. 31, 2021 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Pre- Modification Recorded Balance	$ 973,000
Post - Modification Recorded Balance	$ 975,000
Number of Loans	9
Commercial and industrial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Pre- Modification Recorded Balance	$ 348,000
Post - Modification Recorded Balance	$ 348,000
Number of Loans	2
Residential Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Pre- Modification Recorded Balance	$ 625,000
Post - Modification Recorded Balance	$ 627,000
Number of Loans	7
Term Modification
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modification Recorded Balance	$ 731,000
Term Modification \| Commercial and industrial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modification Recorded Balance	348,000
Term Modification \| Residential Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modification Recorded Balance	383,000
Rate Modification
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modification Recorded Balance	126,000
Rate Modification \| Commercial and industrial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modification Recorded Balance	0
Rate Modification \| Residential Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modification Recorded Balance	126,000
Combination
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modification Recorded Balance	118,000
Combination \| Commercial and industrial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modification Recorded Balance	0
Combination \| Residential Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modification Recorded Balance	$ 118,000

Loans and Allowance - Schedule of Modified Loans (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) loan	Mar. 31, 2020 USD ($) loan
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans \| loan	7	1
Recorded Balance \| $	$ 290	$ 22
Residential Real Estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans \| loan	5	1
Recorded Balance \| $	$ 197	$ 22
Residential
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans \| loan	1
Recorded Balance \| $	$ 2
Home equity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans \| loan	1
Recorded Balance \| $	$ 91

Loans and Allowance - Changes in Allowance for Loan Losses by Loan Segment (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2021

Mar. 31, 2020

$ 130,648

^[1]

$ 80,284

19,752

694

673

(4,315)

(1,255)

Allowance for Loan and Lease Losses [Roll Forward]

201,082

^[1]

99,454

Previously reported

Credit risk reclassifications

130,648

Allowance for Loan and Lease Losses [Roll Forward]

Cumulative effect of ASC 326 adoption

Allowance for Loan and Lease Losses [Roll Forward]

Allowance for Loan and Lease Losses [Roll Forward]

74,055

Adjusted balance

Allowance for Loan and Lease Losses [Roll Forward]

204,703

Commercial

47,115

32,902

(932)

5,701

188

443

(673)

(615)

Commercial | Previously reported

65,722

38,431

Allowance for Loan and Lease Losses [Roll Forward]

Commercial | Credit risk reclassifications

47,115

Allowance for Loan and Lease Losses [Roll Forward]

Commercial | Cumulative effect of ASC 326 adoption

Allowance for Loan and Lease Losses [Roll Forward]

Commercial | Adjusted balance

20,024

Allowance for Loan and Lease Losses [Roll Forward]

Allowance for Loan and Lease Losses [Roll Forward]

67,139

Commercial Real Estate

40,786

28,778

(1,701)

9,194

164

118

(3,313)

(183)

Commercial Real Estate | Previously reported

70,861

37,907

Allowance for Loan and Lease Losses [Roll Forward]

Commercial Real Estate | Credit risk reclassifications

51,070

Allowance for Loan and Lease Losses [Roll Forward]

Commercial Real Estate | Cumulative effect of ASC 326 adoption

(10,284)

Allowance for Loan and Lease Losses [Roll Forward]

Commercial Real Estate | Adjusted balance

34,925

Allowance for Loan and Lease Losses [Roll Forward]

Allowance for Loan and Lease Losses [Roll Forward]

75,711

Construction

10,284

1,095

(2)

Construction | Previously reported

20,182

Allowance for Loan and Lease Losses [Roll Forward]

Construction | Credit risk reclassifications

Allowance for Loan and Lease Losses [Roll Forward]

Construction | Cumulative effect of ASC 326 adoption

10,284

Allowance for Loan and Lease Losses [Roll Forward]

Construction | Adjusted balance

8,805

Allowance for Loan and Lease Losses [Roll Forward]

Allowance for Loan and Lease Losses [Roll Forward]

19,089

Consumer

4,035

1,924

(249)

Consumer | Previously reported

5,752

Allowance for Loan and Lease Losses [Roll Forward]

Consumer | Credit risk reclassifications

9,648

Allowance for Loan and Lease Losses [Roll Forward]

Consumer | Cumulative effect of ASC 326 adoption

(9,648)

Allowance for Loan and Lease Losses [Roll Forward]

Consumer | Adjusted balance

Allowance for Loan and Lease Losses [Roll Forward]

Allowance for Loan and Lease Losses [Roll Forward]

Residential Real Estate

14,569

2,933

(208)

Residential Real Estate | Previously reported

$ 17,364

Allowance for Loan and Lease Losses [Roll Forward]

Residential Real Estate | Credit risk reclassifications

22,815

Allowance for Loan and Lease Losses [Roll Forward]

Residential Real Estate | Cumulative effect of ASC 326 adoption

(22,815)

Allowance for Loan and Lease Losses [Roll Forward]

Residential Real Estate | Adjusted balance

Allowance for Loan and Lease Losses [Roll Forward]

Allowance for Loan and Lease Losses [Roll Forward]

Consumer & Residential

32,463

1,538

342

(327)

Consumer & Residential | Previously reported

44,317

Allowance for Loan and Lease Losses [Roll Forward]

Consumer & Residential | Credit risk reclassifications

Allowance for Loan and Lease Losses [Roll Forward]

Consumer & Residential | Cumulative effect of ASC 326 adoption

32,463

Allowance for Loan and Lease Losses [Roll Forward]

Consumer & Residential | Adjusted balance

10,301

Allowance for Loan and Lease Losses [Roll Forward]

$ 42,764

[1]	Beginning January 1, 2021, the calculation is based on the current expected credit loss methodology. Prior to January 1, 2021, the calculation is based on the incurred loss methodology. See additional details in NOTE 1. GENERAL of these Notes to Consolidated Condensed Financial Statement.

Loans and Allowance - Allowance for Credit Losses and Loan Portfolio by Loan Segment (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Allowance Balances:
Individually evaluated for impairment	$ 12,901
Collectively evaluated for impairment	117,747
Total Allowance for Loan Losses	130,648
Loan Balances:
Individually evaluated for impairment	56,156
Collectively evaluated for impairment	9,180,857
Financing Receivable, Evaluated for Impairment	9,243,174
Loans acquired with deteriorated credit quality
Loan Balances:
Financing Receivable, Evaluated for Impairment	6,161
Commercial
Allowance Balances:
Individually evaluated for impairment	223
Collectively evaluated for impairment	46,892
Total Allowance for Loan Losses	47,115
Loan Balances:
Individually evaluated for impairment	1,258
Collectively evaluated for impairment	3,505,863
Financing Receivable, Evaluated for Impairment	3,507,698
Commercial \| Loans acquired with deteriorated credit quality
Loan Balances:
Financing Receivable, Evaluated for Impairment	577
Commercial Real Estate
Allowance Balances:
Individually evaluated for impairment	12,246
Collectively evaluated for impairment	38,824
Total Allowance for Loan Losses	51,070
Loan Balances:
Individually evaluated for impairment	51,605
Collectively evaluated for impairment	3,805,808
Financing Receivable, Evaluated for Impairment	3,862,997
Commercial Real Estate \| Loans acquired with deteriorated credit quality
Loan Balances:
Financing Receivable, Evaluated for Impairment	5,584
Consumer
Allowance Balances:
Individually evaluated for impairment	0
Collectively evaluated for impairment	9,648
Total Allowance for Loan Losses	9,648
Loan Balances:
Individually evaluated for impairment	2
Collectively evaluated for impairment	129,477
Financing Receivable, Evaluated for Impairment	129,479
Residential
Allowance Balances:
Individually evaluated for impairment	432
Collectively evaluated for impairment	22,383
Total Allowance for Loan Losses	22,815
Loan Balances:
Individually evaluated for impairment	3,291
Collectively evaluated for impairment	1,739,709
Financing Receivable, Evaluated for Impairment	1,743,000
Residential \| Loans acquired with deteriorated credit quality
Loan Balances:
Financing Receivable, Evaluated for Impairment	$ 0

Loans and Allowance - Incurred loss model and interest income recognized while impaired by loan class (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2020
Unpaid Principal Balance
Impaired loans with no related allowance		$ 9,101
Impaired loans with related allowance		49,513
Total Impaired Loans		58,614
Recorded Investment
Impaired loans with no related allowance		7,813
Impaired loans with related allowance		48,343
Total Impaired Loans		56,156
Related Allowance		12,901
Average Recorded Investment
Impaired loans with no related allowance	$ 8,834
Impaired loans with related allowance	4,973
Total Impaired Loans	13,807
Interest Income Recognized
Impaired loans with no related allowance	38
Impaired loans with related allowance	22
Total Impaired Loans	60
Commercial and industrial loans
Unpaid Principal Balance
Impaired loans with no related allowance		1,059
Impaired loans with related allowance		268
Recorded Investment
Impaired loans with no related allowance		991
Impaired loans with related allowance		268
Related Allowance		223
Average Recorded Investment
Impaired loans with no related allowance	905
Interest Income Recognized
Impaired loans with no related allowance	0
Agricultural land, production and other loans to farmers
Unpaid Principal Balance
Impaired loans with related allowance		640
Recorded Investment
Impaired loans with related allowance		562
Related Allowance		3
Commercial real estate, non-owner occupied
Unpaid Principal Balance
Impaired loans with no related allowance		4,958
Impaired loans with related allowance		44,016
Recorded Investment
Impaired loans with no related allowance		4,694
Impaired loans with related allowance		43,715
Related Allowance		11,686
Construction
Average Recorded Investment
Impaired loans with no related allowance	1,015
Interest Income Recognized
Impaired loans with no related allowance	0
Commercial and farmland
Unpaid Principal Balance
Impaired loans with no related allowance		2,125
Impaired loans with related allowance		2,061
Recorded Investment
Impaired loans with no related allowance		1,310
Impaired loans with related allowance		1,323
Related Allowance		557
Average Recorded Investment
Impaired loans with no related allowance	6,852
Impaired loans with related allowance	2,400
Interest Income Recognized
Impaired loans with no related allowance	37
Residential Real Estate
Unpaid Principal Balance
Impaired loans with no related allowance		957
Impaired loans with related allowance		2,041
Recorded Investment
Impaired loans with no related allowance		816
Impaired loans with related allowance		2,014
Related Allowance		352
Average Recorded Investment
Impaired loans with no related allowance	59
Impaired loans with related allowance	2,180
Interest Income Recognized
Impaired loans with no related allowance	1
Impaired loans with related allowance	19
Individuals' loans for household and other personal expenditures
Unpaid Principal Balance
Impaired loans with no related allowance		2
Recorded Investment
Impaired loans with no related allowance		2
Average Recorded Investment
Impaired loans with no related allowance	3
Interest Income Recognized
Impaired loans with no related allowance	0
Home equity
Unpaid Principal Balance
Impaired loans with related allowance		487
Recorded Investment
Impaired loans with related allowance		461
Related Allowance		$ 80
Average Recorded Investment
Impaired loans with related allowance	393
Interest Income Recognized
Impaired loans with related allowance	$ 3

Loans and Allowance - Amounts of Commitments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Loan commitments to extend credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Amounts of commitments	$ 3,657,931	$ 3,443,514
Standby letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Amounts of commitments	$ 33,610	$ 29,555

Loans and Allowance - Allowance for Credit Losses, Off-balance Sheet (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Balances, December 31, 2020	$ 0
Provision for credit losses	0
Balances, March 31, 2021	20,500
Cumulative effect of ASC 326 adoption
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Balances, December 31, 2020	20,500
Balances, March 31, 2021	$ 20,500

Other Intangibles- Schedule of Core Deposit Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Gross carrying amount	$ 102,396	$ 102,396
Accumulated amortization	(74,778)	(73,421)
Total core deposit intangibles	$ 27,618	$ 28,975

Other Intangibles - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Useful life of core deposit intangibles and other intangibles	10 years
Intangible asset amortization	$ 1,357	$ 1,514

Other Intangibles - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Amortization Expense
2021	$ 4,072
2022	5,027
2023	4,827
2024	4,241
2025	3,526
After 2025	5,925
Total core deposit intangibles	$ 27,618	$ 28,975

Derivative Financial Instruments - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) interest_rate_swap	Dec. 31, 2020 USD ($) interest_rate_swap
Derivative [Line Items]
Estimated amount to be transferred from accumulated other comprehensive income to earnings	$ 1.0
Termination value of derivatives in a net liability position	36.7
Derivative collateral posted	62.8
Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount of interest rate derivatives	$ 972.7	$ 985.0
Cash Flow Hedging \| Interest rate swap
Derivative [Line Items]
Number of interest rate derivatives held \| interest_rate_swap	4	4
Notional amount of interest rate derivatives	$ 60.0	$ 60.0
Cash Flow Hedging \| Interest rate swap \| Trust Preferred Debt
Derivative [Line Items]
Notional amount of interest rate derivatives	26.0
Cash Flow Hedging \| Interest rate swap \| Federal Home Loan Bank Advances
Derivative [Line Items]
Notional amount of interest rate derivatives	10.0
Cash Flow Hedging \| Interest rate swap \| Brokered Deposit
Derivative [Line Items]
Notional amount of interest rate derivatives	$ 24.0

Derivative Financial Instruments - Fair Value of Derivative Financial Instruments and Their Classification on Balance Sheet (Details) - Interest rate contracts - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
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	1,708	2,018
Derivatives not designated as hedging instruments \| Other Assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	48,576	74,335
Derivatives not designated as hedging instruments \| Other Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 48,576	$ 74,335

Derivative Financial Instruments - Effect of Derivative Financial Instruments on Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Unrealized holding gain (loss) arising during the period	$ 58	$ (1,314)
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest Rate Products
Derivative [Line Items]
Unrealized holding gain (loss) arising during the period	$ 58	$ (1,314)

Derivative Financial Instruments - Effect of Derivative Financial Instruments on Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Amount of Gain (Loss) Reclassed from Other Comprehensive Income into Income (Effective Portion)	$ (252)	$ (125)
Interest rate contracts \| Derivatives designated as hedging instruments \| Interest Expense
Derivative [Line Items]
Amount of Gain (Loss) Reclassed from Other Comprehensive Income into Income (Effective Portion)	$ (252)	$ (125)

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	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	$ 2,405,568	$ 1,919,119
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
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	2,403,422	1,916,640
Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	2,146	2,479
Recurring \| Interest rate swap liability
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap liability	50,284	76,353
Recurring \| U.S. Treasury
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	1,000
Recurring \| U.S. Government-sponsored agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	11,381	2,430
Recurring \| State and municipal
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	1,366,162	1,257,885
Recurring \| U.S. Government-sponsored mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	1,022,863	654,669
Recurring \| Corporate obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	4,162	4,135
Recurring \| Interest rate swap asset
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap asset	48,576	74,335
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Interest rate swap liability
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap liability	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Treasury
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Government-sponsored agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| State and municipal
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Government-sponsored mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Interest rate swap asset
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap asset	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Interest rate swap liability
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap liability	50,284	76,353
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. Treasury
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	1,000
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. Government-sponsored agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	11,381	2,430
Recurring \| Significant Other Observable Inputs (Level 2) \| State and municipal
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	1,364,051	1,255,441
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. Government-sponsored mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	1,022,859	654,665
Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	4,131	4,104
Recurring \| Significant Other Observable Inputs (Level 2) \| Interest rate swap asset
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap asset	48,576	74,335
Recurring \| Significant Unobservable Inputs (Level 3) \| Interest rate swap liability
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap liability	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. Treasury
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	0
Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. Government-sponsored agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| State and municipal
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	2,111	2,444
Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. Government-sponsored mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	4	4
Recurring \| Significant Unobservable Inputs (Level 3) \| Corporate obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	31	31
Recurring \| Significant Unobservable Inputs (Level 3) \| Interest rate swap asset
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap asset	$ 0	$ 0

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) - Recurring - Available for Sale Securities - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Available for Sale Securities
Balance at beginning of the period	$ 2,479	$ 2,893
Included in other comprehensive income	(60)	(20)
Principal payments	(273)	(344)
Ending balance	$ 2,146	$ 2,529

Disclosures About Fair Value of Assets and Liabilities - Valuation Methodologies Used for Instruments Measured at Fair Value on Non-Recurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Collateral dependent loans \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset fair value	$ 40,698	$ 37,250
Collateral dependent loans \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset fair value	0	0
Collateral dependent loans \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset fair value	0	0
Collateral dependent loans \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset fair value	40,698	37,250
Other real estate owned \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset fair value	185	544
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]
Asset 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]
Asset 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]
Asset fair value	$ 185	$ 544

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	3 Months Ended	12 Months Ended
	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Discounted cash flow \| State and municipal securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 2,111	$ 2,444
Discounted cash flow \| State and municipal securities \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Maturity/Call date	1 month	1 month
US Muni BQ curve	A-	A-
Discounted cash flow \| State and municipal securities \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Maturity/Call date	15 years	15 years
US Muni BQ curve	BBB-	BBB-
Discounted cash flow \| State and municipal securities \| Discount rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	0.02	0.02
Discounted cash flow \| State and municipal securities \| Discount rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	0.04	0.04
Discounted cash flow \| State and municipal securities \| Weighted-average coupon \| Weighted-average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	0.04	0.04
Discounted cash flow \| Corporate obligations and U.S. Government-sponsored mortgage-backed securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 35	$ 35
Discounted cash flow \| Corporate obligations and U.S. Government-sponsored mortgage-backed securities \| Weighted-average coupon \| Weighted-average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	0	0
Discounted cash flow \| Corporate obligations and U.S. Government-sponsored mortgage-backed securities \| Risk free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk free rate	3 month LIBOR	3 month LIBOR
Discounted cash flow \| Corporate obligations and U.S. Government-sponsored mortgage-backed securities \| Plus premium for illiquidity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	0.02	0.02
Collateral based measurements \| Collateral dependent loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 40,698	$ 37,250
Collateral based measurements \| Collateral dependent loans \| Discount to reflect current market conditions and ultimate collectability \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount to reflect current market conditions and ultimate collectability	0	0
Collateral based measurements \| Collateral dependent loans \| Discount to reflect current market conditions and ultimate collectability \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount to reflect current market conditions and ultimate collectability	0.10	0.10
Collateral based measurements \| Collateral dependent loans \| Discount to reflect current market conditions and ultimate collectability \| Weighted-average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount to reflect current market conditions and ultimate collectability	0.04	0.06
Appraisals \| Other real estate owned
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 185	$ 544
Appraisals \| Other real estate owned \| Discount to reflect current market conditions \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other real estate owned	0	0
Appraisals \| Other real estate owned \| Discount to reflect current market conditions \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other real estate owned	0.72	0.30
Appraisals \| Other real estate owned \| Discount to reflect current market conditions \| Weighted-average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other real estate owned	0.39	0.26

Disclosures About Fair Value of Assets and Liabilities - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets:
Investment securities available for sale	$ 2,405,568	$ 1,919,119
Investment securities held to maturity	1,318,780	1,280,293
Loans held for sale	4,430	3,966
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Cash and cash equivalents	187,901	192,896
Interest-bearing deposits	392,806	392,305
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 rate swap asset	0	0
Interest receivable	0	0
Liabilities:
Deposits	11,103,474	10,482,865
Borrowings:
Securities sold under repurchase agreements	0	0
Federal Home Loan Bank advances	0	0
Subordinated debentures and other borrowings	0	0
Interest rate swap liability	0	0
Interest payable	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	2,403,422	1,916,640
Investment securities held to maturity	1,299,944	1,260,815
Loans held for sale	4,430	3,966
Loans	0	0
Federal Home Loan Bank stock	28,736	28,736
Interest rate swap asset	48,576	74,335
Interest receivable	54,662	53,948
Liabilities:
Deposits	847,398	878,257
Borrowings:
Securities sold under repurchase agreements	185,716	177,097
Federal Home Loan Bank advances	366,179	399,991
Subordinated debentures and other borrowings	108,124	108,439
Interest rate swap liability	50,284	76,353
Interest payable	4,020	3,287
Significant Unobservable Inputs (Level 3)
Assets:
Cash and cash equivalents	0	0
Interest-bearing deposits	0	0
Investment securities available for sale	2,146	2,479
Investment securities held to maturity	18,836	19,478
Loans held for sale	0	0
Loans	9,168,023	9,191,628
Federal Home Loan Bank stock	0	0
Interest rate swap asset	0	0
Interest receivable	0	0
Liabilities:
Deposits	0	0
Borrowings:
Securities sold under repurchase agreements	0	0
Federal Home Loan Bank advances	0	0
Subordinated debentures and other borrowings	0	0
Interest rate swap liability	0	0
Interest payable	0	0
Carrying Amount
Assets:
Cash and cash equivalents	187,901	192,896
Interest-bearing deposits	392,806	392,305
Investment securities available for sale	2,405,568	1,919,119
Investment securities held to maturity	1,295,289	1,227,668
Loans held for sale	4,430	3,966
Loans	9,117,146	9,112,526
Federal Home Loan Bank stock	28,736	28,736
Interest rate swap asset	48,576	74,335
Interest receivable	54,662	53,948
Liabilities:
Deposits	11,951,780	11,361,610
Borrowings:
Securities sold under repurchase agreements	185,721	177,102
Federal Home Loan Bank advances	359,337	389,430
Subordinated debentures and other borrowings	118,439	118,380
Interest rate swap liability	50,284	76,353
Interest payable	$ 4,020	$ 3,287

Transfers Accounted for as Secured Borrowings (Details) - U.S. Government-sponsored mortgage-backed securities - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets Sold under Agreements to Repurchase [Line Items]
Collateral pledged for all repurchase agreements accounted for as secured borrowings	$ 185,721	$ 177,102
Overnight and Continuous
Assets Sold under Agreements to Repurchase [Line Items]
Collateral pledged for all repurchase agreements accounted for as secured borrowings	184,067	175,449
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	1,654	1,653
Greater Than 90 Days
Assets Sold under Agreements to Repurchase [Line Items]
Collateral pledged for all repurchase agreements accounted for as secured borrowings	$ 0	$ 0

Accumulated Other Comprehensive Income (Loss) - Summary of Changes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss)
Beginning balance	$ 1,875,645	$ 1,786,437
Other comprehensive income (loss) before reclassifications	(37,804)	29,326
Amounts reclassified from accumulated other comprehensive income	(1,222)	(3,544)
Total other comprehensive income (loss), net of tax	(39,026)	25,782
Ending balance	1,805,856	1,777,960
Total
Accumulated Other Comprehensive Income (Loss)
Beginning balance	74,836	27,874
Ending balance	35,810	53,656
Unrealized Gains (Losses) on Securities Available for Sale
Accumulated Other Comprehensive Income (Loss)
Beginning balance	87,988	38,872
Other comprehensive income (loss) before reclassifications	(37,850)	30,364
Amounts reclassified from accumulated other comprehensive income	(1,421)	(3,643)
Total other comprehensive income (loss), net of tax	(39,271)	26,721
Ending balance	48,717	65,593
Unrealized Gains (Losses) on Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(1,594)	(1,141)
Other comprehensive income (loss) before reclassifications	46	(1,038)
Amounts reclassified from accumulated other comprehensive income	199	99
Total other comprehensive income (loss), net of tax	245	(939)
Ending balance	(1,349)	(2,080)
Unrealized Gains (Losses) on Defined Benefit Plans
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(11,558)	(9,857)
Other comprehensive income (loss) 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	$ (11,558)	$ (9,857)

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.

Accumulated Other Comprehensive Income (Loss) - Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items]
Net realized gains on sales of available for sale securities	$ 1,799	$ 4,612
Income tax expense	(8,952)	(3,490)
Interest expense - subordinated debentures and term loans	1,657	1,945
Total reclassifications for the period, net of tax	49,469	34,263
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	1,222	3,544
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	1,799	4,612
Income tax expense	(378)	(969)
Total reclassifications for the period, net of tax	1,421	3,643
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	53	26
Total reclassifications for the period, net of tax	(199)	(99)
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	$ (252)	$ (125)

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