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Fair Value of Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2023
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
March 31, 2023Carrying amount Level 1Level 2Level 3Total
Financial assets:     
Cash and cash equivalents$1,319,951 $1,319,951 $— $— $1,319,951 
Investment securities1,474,064 — 1,474,064 — 1,474,064 
Net loans held for investment9,227,187 — — 9,090,899 9,090,899 
Loans held for sale, at fair value61,987 — 52,477 9,510 61,987 
Interest receivable44,737 1,027 6,705 37,005 44,737 
Mortgage servicing rights164,879 — — 164,879 164,879 
Derivatives39,799 — 39,799 — 39,799 
Financial liabilities: 
Deposits: 
Without stated maturities$9,686,045 $9,686,045 $— $— $9,686,045 
With stated maturities1,496,870 — 1,485,091 — 1,485,091 
Securities sold under agreements to
repurchase and federal funds purchased
38,130 38,130 — — 38,130 
Federal Home Loan Bank advances125,000 — 125,000 — 125,000 
Subordinated debt, net127,076 — — 120,584 120,584 
Interest payable11,834 3,731 7,704 399 11,834 
Derivatives48,461 — 48,461 — 48,461 
 
 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 $— $— $9,433,860 
With stated maturities1,421,974 — 1,422,544 — 1,422,544 
Securities sold under agreements to
repurchase and federal funds purchased
86,945 86,945 — — 86,945 
Federal Home Loan Bank advances175,000 — 175,000 — 175,000 
Subordinated debt, net126,101 — — 118,817 118,817 
Interest payable8,648 2,571 4,559 1,518 8,648 
Derivatives63,229 — 63,229 — 63,229 
Schedule of Balances and Levels of Assets Measured at Fair Value on Recurring Basis
The balances and levels of the assets measured at fair value on a recurring basis at March 31, 2023 are presented in the following table:
At March 31, 2023Quoted prices
in active
markets for
identical assets
(liabilities)
(level 1)
Significant
other
observable
inputs
(level 2)
Significant unobservable
inputs
(level 3)
Total
Recurring valuations:    
Financial assets:     
Available-for-sale securities:    
U.S. government agency securities$— $40,928 $— $40,928 
Mortgage-backed securities - residential— 1,025,388 — 1,025,388 
Mortgage-backed securities - commercial— 17,723 — 17,723 
Municipal securities— 270,994 — 270,994 
U.S. Treasury securities— 108,823 — 108,823 
Corporate securities— 7,149 — 7,149 
Equity securities, at fair value— 3,059 — 3,059 
Total securities$— $1,474,064 $— $1,474,064 
Loans held for sale, at fair value$— $52,477 $9,510 $61,987 
Mortgage servicing rights— — 164,879 164,879 
Derivatives— 39,799 — 39,799 
Financial Liabilities:
Derivatives— 48,461 — 48,461 
The balances and levels of the assets measured at fair value on a recurring basis at December 31, 2022 are presented in the following table: 
At December 31, 2022Quoted prices
in active
markets for
identical assets
(liabilities)
(level 1)
Significant
other
observable
inputs
(level 2)
Significant unobservable
inputs
(level 3)
Total
Recurring valuations:    
Financial assets:     
Available-for-sale securities:    
U.S. government agency securities$— $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 $— $1,474,176 
Loans held for sale, at fair value$— $82,750 $30,490 $113,240 
Mortgage servicing rights— — 168,365 168,365 
Derivatives— 48,769 — 48,769 
Financial Liabilities:
Derivatives— 63,229 — 63,229 
Schedule of Balances and Levels of Assets Measured at Fair Value on Non-recurring Basis
The balances and levels of the assets measured at fair value on a non-recurring basis at March 31, 2023 are presented in the following table: 
At March 31, 2023Quoted prices
in active
markets for
identical assets
(liabilities
(level 1)
Significant
other
observable
inputs
(level 2)
Significant unobservable
inputs
(level 3)
Total
Non-recurring valuations:    
Financial assets:    
Other real estate owned$— $— $224 $224 
Collateral dependent net loans held for
   investment:
Residential real estate:
1-4 family mortgage$— $— $389 $389 
Total collateral dependent loans$— $— $389 $389 
The balances and levels of the assets measured at fair value on a non-recurring basis at December 31, 2022 are presented in the following table: 
At December 31, 2022Quoted prices
in active
markets for
identical assets
(liabilities)
(level 1)
Significant
other
observable
inputs
(level 2)
Significant unobservable
inputs
(level 3)
Total
Non-recurring valuations:    
Financial assets:    
Other real estate owned$— $— $2,497 $2,497 
Residential real estate:
1-4 family mortgage$— $— $366 $366 
Commercial real estate: 
Non-owner occupied— — 2,494 2,494 
Total collateral dependent loans$— $— $2,860 $2,860 
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 March 31, 2023 and December 31, 2022 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:
As of March 31, 2023
Financial instrumentFair ValueValuation techniqueSignificant 
unobservable inputs
Range of
inputs
Collateral dependent net loans
   held for investment
$389 Valuation of collateralDiscount for comparable sales
10%-35%
Other real estate owned$224 Appraised value of property less costs to sellDiscount for costs to sell
0%-15%
As of December 31, 2022
Financial instrumentFair ValueValuation techniqueSignificant 
unobservable inputs
Range of
inputs
Collateral dependent 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%
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:
March 31,December 31,
20232022
Loans held for sale under a fair value option:
    Commercial loans held for sale$9,510 $30,490 
  Mortgage loans held for sale52,477 82,750 
         Total loans held for sale, at fair value61,987 113,240 
Loans held for sale not accounted for under a fair value option:
  Mortgage loans held for sale - guaranteed GNMA repurchase option20,528 26,211 
Total loans held for sale$82,515 $139,451 
Schedule of Changes in Associated with Commercial Loans Held For Sale The following tables set forth the changes in fair value associated with this portfolio for the three months ended March 31, 2023 and 2022.
Three Months Ended March 31, 2023
Principal BalanceFair Value DiscountFair Value
Carrying value at beginning of period$34,357 $(3,867)$30,490 
Change in fair value:
Pay-downs and pay-offs(21,890)— (21,890)
Changes in valuation included in other noninterest income— 910 910 
     Carrying value at end of period$12,467 $(2,957)$9,510 
Three Months Ended March 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(946)— (946)
   Changes in valuation included in other noninterest income— (174)(174)
      Carrying value at end of period$85,816 $(7,637)$78,179 
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 March 31, 2023 and December 31, 2022: 
March 31, 2023Aggregate
fair value
Aggregate Unpaid Principal BalanceDifference
Mortgage loans held for sale measured at fair value$52,477 $51,298 $1,179 
Commercial loans held for sale measured at fair value232 236 (4)
Nonaccrual commercial loans held for sale9,278 12,231 (2,953)
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)