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Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 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
December 31, 2022Carrying amount Level 1Level 2Level 3Total
Financial assets:     
Cash and cash equivalents$1,027,052 $1,027,052 $— $— $1,027,052 
Investment securities1,474,176 — 1,474,176 — 1,474,176 
Net loans held for investment9,164,020 — — 9,048,943 9,048,943 
Loans held for sale, at fair value113,240 — 82,750 30,490 113,240 
Interest receivable45,684 126 6,961 38,597 45,684 
Mortgage servicing rights168,365 — — 168,365 168,365 
Derivatives48,769 — 48,769 — 48,769 
Financial liabilities: 
Deposits: 
Without stated maturities$9,433,860 $9,433,860 $— $— $9,433,860 
With stated maturities1,421,974 — 1,422,544 — 1,422,544 
Securities sold under agreement to
repurchase and federal funds purchased
86,945 86,945 — — 86,945 
Federal Home Loan Bank advances175,000 — 175,000 — 175,000 
Subordinated debt, net126,101 — — 118,817 118,817 
Interest payable8,648 2,571 4,559 1,518 8,648 
Derivatives63,229 — 63,229 — 63,229 
 
 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 
Net loans held for investment7,479,103 — — 7,566,717 7,566,717 
Loans held for sale, at fair value752,223 — 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 $— $— $9,705,816 
With stated maturities1,131,081 — 1,137,647 — 1,137,647 
Securities sold under agreement to
repurchase and federal funds purchased
40,716 40,716 — — 40,716 
Subordinated debt, net129,544 — — 133,021 133,021 
Interest payable3,162 140 1,510 1,512 3,162 
Derivatives21,000 — 21,000 — 21,000 
Schedule of Balances and Levels of Assets Measured at Fair Value on Recurring Basis
The balances and levels of the assets measured at fair value on a recurring basis at December 31, 2022 are presented in the following table:
At December 31, 2022Quoted prices
in active
markets for
identical assets
(liabilities)
(level 1)
Significant
other
observable
inputs
(level 2)
Significant unobservable
inputs
(level 3)
Total
Recurring valuations:    
Financial assets:     
Available-for-sale securities:    
U.S. government agency securities$— $40,062 $— $40,062 
Mortgage-backed securities - residential— 1,034,193 — 1,034,193 
Mortgage-backed securities - commercial— 17,644 — 17,644 
Municipal securities— 264,420 — 264,420 
U.S. Treasury securities— 107,680 — 107,680 
Corporate securities— 7,187 — 7,187 
Equity securities, at fair value— 2,990 — 2,990 
Total securities$— $1,474,176 $— $1,474,176 
Loans held for sale, at fair value$— $56,539 $30,490 $87,029 
Mortgage servicing rights— — 168,365 168,365 
Derivatives— 48,769 — 48,769 
Financial Liabilities:
Derivatives— 63,229 — 63,229 
The balances and levels of the assets measured at fair value on a recurring basis at December 31, 2021 are presented in the following table: 
At December 31, 2021Quoted prices
in active
markets for
identical assets
(liabilities)
(level 1)
Significant
other
observable
inputs
(level 2)
Significant unobservable
inputs
(level 3)
Total
Recurring valuations:    
Financial assets:     
Available-for-sale securities:    
U.S. government agency securities$— $33,870 $— $33,870 
Mortgage-backed securities - residential— 1,269,372 — 1,269,372 
Mortgage-backed securities - commercial— 15,250 — 15,250 
Municipal securities — 338,610 — 338,610 
U.S. Treasury securities— 14,908 — 14,908 
Corporate securities— 6,515 — 6,515 
Equity securities, at fair value— 3,367 — 3,367 
Total securities$— $1,681,892 $— $1,681,892 
Loans held for sale, at fair value$— $672,924 $79,299 $752,223 
Mortgage servicing rights— — 115,512 115,512 
Derivatives— 27,384 — 27,384 
Financial Liabilities:
Derivatives— 21,000 — 21,000 
Schedule of Balances and Levels of Assets Measured at Fair Value on Non-recurring Basis
The balances and levels of the assets measured at fair value on a non-recurring basis at December 31, 2022 are presented in the following table: 
At December 31, 2022Quoted prices
in active
markets for
identical assets
(liabilities
(level 1)
Significant
other
observable
inputs
(level 2)
Significant unobservable
inputs
(level 3)
Total
Non-recurring valuations:    
Financial assets:    
Other real estate owned$— $— $2,497 $2,497 
Collateral dependent net loans held for
   investment:
Residential real estate:
1-4 family mortgage$— $— $366 $366 
Commercial real estate:
Non-owner occupied— — 2,494 2,494 
Total collateral dependent loans$— $— $2,860 $2,860 
The balances and levels of the assets measured at fair value on a non-recurring basis at December 31, 2021 are presented in the following table: 
At December 31, 2021Quoted prices
in active
markets for
identical assets
(liabilities)
(level 1)
Significant
other
observable
inputs
(level 2)
Significant unobservable
inputs
(level 3)
Total
Non-recurring valuations:    
Financial assets:    
Other real estate owned$— $— $6,308 $6,308 
Collateral dependent net loans held for
    investment:
Construction$— $— $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 December 31, 2022 and 2021 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:
As of December 31, 2022
Financial instrumentFair ValueValuation techniqueSignificant 
unobservable inputs
Range of
inputs
Collateral dependent net loans
   held for investment
$2,860 Valuation of collateralDiscount for comparable sales
10%-35%
Other real estate owned$2,497 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
    held for investment
$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:
December 31,
20222021
Loans held for sale under a fair value option:
    Commercial loans held for sale$30,490 $79,299 
  Mortgage loans held for sale82,750 672,924 
         Total loans held for sale, at fair value113,240 752,223 
Loans held for sale not accounted for under a fair value option:
  Mortgage loans held for sale - guaranteed GNMA repurchase option26,211 — 
Total loans held for sale$139,451 $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 years ended December 31, 2022, 2021, and 2020.
Year Ended December 31, 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(43,676)— (43,676)
Write-offs to discount(8,729)8,729 — 
Changes in valuation included in other noninterest income— (5,133)(5,133)
     Carrying value at end of period$34,357 $(3,867)$30,490 
Year Ended December 31, 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(141,002)— (141,002)
   Write-offs to discount(8,563)8,563 — 
   Changes in valuation included in other noninterest income(2,736)7,634 4,898 
      Carrying value at end of period$86,762 $(7,463)$79,299 
In addition to the gain of $4,898 recognized on the change in fair value of the portfolio during the year ended December 31, 2021, the Company recognized an additional gain of $6,274 related to the pay-off of a loan that had been partially charged off prior to acquisition of the portfolio.
Year Ended December 31, 2020
Principal balanceFair Value discountFair Value
Carrying value at beginning of period$— $— $— 
Commercial loans held for sale acquired from Franklin
350,269 (24,063)326,206 
Change in fair value:
   Pay-downs and pay-offs(111,206)— (111,206)
   Write-offs to discount— (2,825)(2,825)
   Changes in valuation included in other noninterest income— 3,228 3,228 
      Carrying value at end of period$239,063 $(23,660)$215,403 
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 December 31, 2022 and 2021: 
December 31, 2022Aggregate
fair value
Aggregate Unpaid Principal BalanceDifference
Mortgage loans held for sale measured at fair value$82,750 $81,520 $1,230 
Commercial loans held for sale measured at fair value21,201 22,126 (925)
Nonaccrual commercial loans held for sale9,289 12,231 (2,942)
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)