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Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Schedule of Estimated Fair Values and Carrying Values of Financial Instruments
The following table contains the estimated fair values and the related carrying values of the Company's financial instruments. Items which are not financial instruments are not included.
 
 Fair Value
September 30, 2022Carrying amount Level 1Level 2Level 3Total
Financial assets:     
Cash and cash equivalents$618,290 $618,290 $— $— $618,290 
Investment securities1,485,133 — 1,485,133 — 1,485,133 
Loans, net8,970,540 — — 8,859,226 8,859,226 
Loans held for sale130,733 — 97,011 33,722 130,733 
Interest receivable39,034 107 6,546 32,381 39,034 
Mortgage servicing rights171,427 — — 171,427 171,427 
Derivatives53,990 — 53,990 — 53,990 
Financial liabilities: 
Deposits: 
Without stated maturities$8,843,012 $8,843,012 $— $— $8,843,012 
With stated maturities1,163,070 — 1,158,686 — 1,158,686 
Securities sold under agreement to
repurchase and federal funds sold
29,008 29,008 — — 29,008 
Federal Home Loan Bank advances540,000 — 540,000 — 540,000 
Subordinated debt126,004 — — 117,263 117,263 
Interest payable3,927 730 2,822 375 3,927 
Derivatives63,532 — 63,532 — 63,532 
 
 Fair Value
December 31, 2021Carrying amount Level 1Level 2Level 3Total
Financial assets:     
Cash and cash equivalents$1,797,740 $1,797,740 $— $— $1,797,740 
Investment securities1,681,892 — 1,681,892 — 1,681,892 
Loans, net7,479,103 — — 7,566,717 7,566,717 
Loans held for sale752,223 — 672,924 79,299 752,223 
Interest receivable38,528 36 6,461 32,031 38,528 
Mortgage servicing rights115,512 — — 115,512 115,512 
Derivatives27,384 — 27,384 — 27,384 
Financial liabilities: 
Deposits: 
Without stated maturities$9,705,816 $9,705,816 $— $— $9,705,816 
With stated maturities1,131,081 — 1,137,647 — 1,137,647 
Securities sold under agreement to
repurchase and federal funds sold
40,716 40,716 — — 40,716 
Subordinated debt129,544 — — 133,021 133,021 
Interest payable3,162 140 1,510 1,512 3,162 
Derivatives21,000 — 21,000 — 21,000 
Schedule of Balances and Levels of Assets Measured at Fair Value on Recurring Basis
The balances and levels of the assets measured at fair value on a recurring basis at September 30, 2022 are presented in the following table:
At September 30, 2022Quoted prices
in active
markets for
identical assets
(liabilities)
(level 1)
Significant
other
observable
inputs
(level 2)
Significant unobservable
inputs
(level 3)
Total
Recurring valuations:    
Financial assets:     
Available-for-sale securities:    
U.S. government agency securities$— $39,831 $— $39,831 
Mortgage-backed securities - residential— 1,057,763 — 1,057,763 
Mortgage-backed securities - commercial— 17,847 — 17,847 
Municipal securities— 252,143 — 252,143 
Treasury securities— 107,297 — 107,297 
Corporate securities— 7,290 — 7,290 
Equity securities, at fair value— 2,962 — 2,962 
Total securities$— $1,485,133 $— $1,485,133 
Loans held for sale$— $97,011 $33,722 $130,733 
Mortgage servicing rights— — 171,427 171,427 
Derivatives— 53,990 — 53,990 
Financial Liabilities:
Derivatives— 63,532 — 63,532 
The balances and levels of the assets measured at fair value on a recurring basis at December 31, 2021 are presented in the following table: 
At December 31, 2021Quoted prices
in active
markets for
identical assets
(liabilities)
(level 1)
Significant
other
observable
inputs
(level 2)
Significant unobservable
inputs
(level 3)
Total
Recurring valuations:    
Financial assets:     
Available-for-sale securities:    
U.S. government agency securities$— $33,870 $— $33,870 
Mortgage-backed securities - residential— 1,269,372 — 1,269,372 
Mortgage-backed securities - commercial— 15,250 — 15,250 
Municipal securities — 338,610 — 338,610 
Treasury securities— 14,908 — 14,908 
Corporate securities— 6,515 — 6,515 
Equity securities, at fair value— 3,367 — 3,367 
Total securities$— $1,681,892 $— $1,681,892 
Loans held for sale$— $672,924 $79,299 $752,223 
Mortgage servicing rights— — 115,512 115,512 
Derivatives— 27,384 — 27,384 
Financial Liabilities:
Derivatives— 21,000 — 21,000 
Schedule of Balances and Levels of Assets Measured at Fair Value on Non-recurring Basis
The balances and levels of the assets measured at fair value on a non-recurring basis at September 30, 2022 are presented in the following table: 
At September 30, 2022Quoted prices
in active
markets for
identical assets
(liabilities
(level 1)
Significant
other
observable
inputs
(level 2)
Significant unobservable
inputs
(level 3)
Total
Non-recurring valuations:    
Financial assets:    
Other real estate owned$— $— $2,193 $2,193 
Collateral dependent loans:
Commercial and industrial$— $— $12 $12 
Residential real estate:
1-4 family mortgage— — 362 362 
Total collateral dependent loans$— $— $374 $374 
The balances and levels of the assets measured at fair value on a non-recurring basis at December 31, 2021 are presented in the following table: 
At December 31, 2021Quoted prices
in active
markets for
identical assets
(liabilities)
(level 1)
Significant
other
observable
inputs
(level 2)
Significant unobservable
inputs
(level 3)
Total
Non-recurring valuations:    
Financial assets:    
Other real estate owned$— $— $6,308 $6,308 
Collateral dependent loans:
Construction— — 606 606 
Residential real estate:
Residential line of credit— — 592 592 
Commercial real estate: 
Owner occupied— — 729 729 
Non-owner occupied— — 3,526 3,526 
Consumer and other— — 24 24 
Total collateral dependent loans$— $— $5,477 $5,477 
Schedule of Information About Significant Unobservable Inputs (Level 3) Used in Valuation of Assets Measured at Fair Value on Nonrecurring Basis
The following tables present information as of September 30, 2022 and December 31, 2021 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:
As of September 30, 2022
Financial instrumentFair ValueValuation techniqueSignificant 
unobservable inputs
Range of
inputs
Collateral dependent loans$374 Valuation of collateralDiscount for comparable sales
10%-35%
Other real estate owned$2,193 Appraised value of property less costs to sellDiscount for costs to sell
0%-15%
As of December 31, 2021
Financial instrumentFair ValueValuation techniqueSignificant 
unobservable inputs
Range of
inputs
Collateral dependent loans$5,477 Valuation of collateralDiscount for comparable sales
10%-35%
Other real estate owned$6,308 Appraised value of property less costs to sellDiscount for costs to sell
0%-15%
Schedule of Loans Held For Sale at Fair Value
The following table summarizes the Company's loans held for sale as of the dates presented:
September 30,December 31,
20222021
Commercial loans held for sale, at fair value$33,722 $79,299 
Mortgage loans held for sale:
Mortgage loans held for sale, at fair value70,526 672,924 
Mortgage loans held for sale - guaranteed GNMA repurchase option26,485 — 
Total loans held for sale$130,733 $752,223 
Schedule of Changes in Associated with Commercial Loans Held For Sale The following tables sets forth the changes in fair value associated with this portfolio for the three and nine months ended September 30, 2022 and 2021.
Three Months Ended September 30, 2022
Principal BalanceFair Value DiscountFair Value
Carrying value at beginning of period$47,462 $(9,647)$37,815 
Change in fair value:
  Pay-downs and pay-offs(3,706)— (3,706)
  Write-offs to discount(8,729)8,729 — 
  Changes in valuation included in other noninterest income— (387)(387)
      Carrying value at end of period$35,027 $(1,305)$33,722 
Nine Months Ended September 30, 2022
Principal BalanceFair Value DiscountFair Value
Carrying value at beginning of period$86,762 $(7,463)$79,299 
Change in fair value:
Pay-downs and pay-offs(43,006)(43,006)
Write-offs to discount(8,729)8,729 — 
Changes in valuation included in other noninterest income— (2,571)(2,571)
     Carrying value at end of period$35,027 $(1,305)$33,722 
Three Months Ended September 30, 2021
Principal balanceFair Value discountFair Value
Carrying value at beginning of period$135,972 $(11,850)$124,122 
Change in fair value:
  Pay-downs and pay-offs(24,366)— (24,366)
  Changes in valuation included in other noninterest income— 740 740 
    Carrying value at end of period$111,606 $(11,110)$100,496 
Nine Months Ended September 30, 2021
Principal balanceFair Value discountFair Value
Carrying value at beginning of period$239,063 $(23,660)$215,403 
Change in fair value:
   Pay-downs and pay-offs(116,158)— (116,158)
   Write-offs to discount(11,299)11,299 — 
   Changes in valuation included in other noninterest income— 1,251 1,251 
      Carrying value at end of period$111,606 $(11,110)$100,496 
Schedule of Differences between Fair Value and Principal Balance for Loans Held for Sale Measured at Fair Value
The following table summarizes the differences between the fair value and the principal balance for loans held for sale and nonaccrual loans measured at fair value as of September 30, 2022 and December 31, 2021: 
September 30, 2022Aggregate
fair value
Aggregate Unpaid Principal BalanceDifference
Mortgage loans held for sale measured at fair value$70,526 $72,098 $(1,572)
Commercial loans held for sale measured at fair value33,722 35,027 (1,305)
Nonaccrual commercial loans held for sale— — — 
December 31, 2021Aggregate
fair value
Aggregate Unpaid Principal BalanceDifference
Mortgage loans held for sale measured at fair value$672,924 $658,017 $14,907 
Commercial loans held for sale measured at fair value74,082 76,863 (2,781)
Nonaccrual commercial loans held for sale5,217 9,899 (4,682)