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Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 30, 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
September 30, 2023Carrying amount Level 1Level 2Level 3Total
Financial assets:     
Cash and cash equivalents$848,318 $848,318 $— $— $848,318 
Investment securities1,351,153 — 1,351,153 — 1,351,153 
Net loans held for investment9,141,091 — — 8,859,673 8,859,673 
Loans held for sale, at fair value81,784 — 72,524 9,260 81,784 
Interest receivable49,205 851 6,428 41,926 49,205 
Mortgage servicing rights172,710 — — 172,710 172,710 
Derivatives51,703 — 51,703 — 51,703 
Financial liabilities: 
Deposits: 
Without stated maturities$9,032,433 $9,032,433 $— $— $9,032,433 
With stated maturities1,606,635 — 1,610,908 — 1,610,908 
Securities sold under agreements to
repurchase and federal funds purchased
74,705 74,705 — — 74,705 
Federal Home Loan Bank advances— — — — — 
Subordinated debt, net128,560 — — 119,605 119,605 
Interest payable20,581 3,906 16,300 375 20,581 
Derivatives59,025 — 59,025 — 59,025 
 
 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 $— $— $9,433,860 
With stated maturities1,421,974 — 1,422,544 — 1,422,544 
Securities sold under agreements to
repurchase and federal funds purchased
86,945 86,945 — — 86,945 
Federal Home Loan Bank advances175,000 — 175,000 — 175,000 
Subordinated debt, net126,101 — — 118,817 118,817 
Interest payable8,648 2,571 4,559 1,518 8,648 
Derivatives63,229 — 63,229 — 63,229 
Schedule of Balances and Levels of Assets Measured at Fair Value on Recurring Basis
The balances and levels of the assets measured at fair value on a recurring basis as of September 30, 2023 are presented in the following table:
At September 30, 2023Quoted prices
in active
markets for
identical assets
(liabilities)
(level 1)
Significant
other
observable
inputs
(level 2)
Significant unobservable
inputs
(level 3)
Total
Recurring valuations:    
Financial assets:     
Available-for-sale securities:    
U.S. government agency securities$— $105,801 $— $105,801 
Mortgage-backed securities - residential— 871,074 — 871,074 
Mortgage-backed securities - commercial— 16,677 — 16,677 
Municipal securities— 244,611 — 244,611 
U.S. Treasury securities— 106,798 — 106,798 
Corporate securities— 3,258 — 3,258 
Equity securities, at fair value— 2,934 — 2,934 
Total securities$— $1,351,153 $— $1,351,153 
Loans held for sale, at fair value$— $72,524 $9,260 $81,784 
Mortgage servicing rights— — 172,710 172,710 
Derivatives— 51,703 — 51,703 
Financial Liabilities:
Derivatives— 59,025 — 59,025 
The balances and levels of the assets measured at fair value on a recurring basis as of December 31, 2022 are presented in the following table: 
At December 31, 2022Quoted prices
in active
markets for
identical assets
(liabilities)
(level 1)
Significant
other
observable
inputs
(level 2)
Significant unobservable
inputs
(level 3)
Total
Recurring valuations:    
Financial assets:     
Available-for-sale securities:    
U.S. government agency securities$— $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 $113,240 
Mortgage servicing rights— — 168,365 168,365 
Derivatives— 48,769 — 48,769 
Financial Liabilities:
Derivatives— 63,229 — 63,229 
Schedule of Balances and Levels of Assets Measured at Fair Value on Non-recurring Basis
The balances and levels of the assets measured at fair value on a non-recurring basis as of September 30, 2023 are presented in the following table: 
At September 30, 2023Quoted prices
in active
markets for
identical assets
(liabilities
(level 1)
Significant
other
observable
inputs
(level 2)
Significant unobservable
inputs
(level 3)
Total
Non-recurring valuations:    
Financial assets:    
Other real estate owned$— $— $550 $550 
Collateral dependent net loans held for
   investment:
Commercial and industrial— — 6,687 6,687 
Construction— — 540 540 
Residential real estate:
1-4 family mortgage$— $— $426 $426 
Consumer and other— — 74 74 
Total collateral dependent loans$— $— $7,727 $7,727 
The balances and levels of the assets measured at fair value on a non-recurring basis as of December 31, 2022 are presented in the following table: 
At December 31, 2022Quoted prices
in active
markets for
identical assets
(liabilities)
(level 1)
Significant
other
observable
inputs
(level 2)
Significant unobservable
inputs
(level 3)
Total
Non-recurring valuations:    
Financial assets:    
Other real estate owned$— $— $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 
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, 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:
September 30, 2023
Financial instrumentFair ValueValuation techniqueSignificant 
unobservable inputs
Range of
inputs
Collateral dependent net loans
   held for investment
$7,727 Valuation of collateralDiscount for comparable sales
0%-40%
Other real estate owned$550 Appraised value of property less costs to sellDiscount for costs to sell
0%-15%
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:
September 30,December 31,
20232022
Loans held for sale under a fair value option:
    Commercial loans held for sale$9,260 $30,490 
  Mortgage loans held for sale72,524 82,750 
         Total loans held for sale, at fair value81,784 113,240 
Loans held for sale not accounted for under a fair value option:
  Mortgage loans held for sale - guaranteed GNMA repurchase option22,074 26,211 
               Total loans held for sale$103,858 $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 and nine months ended September 30, 2023 and 2022:
Three Months Ended September 30, 2023
Principal BalanceFair Value DiscountFair Value
Carrying value at beginning of period$12,232 $(2,965)$9,267 
Change in fair value:
  Changes in valuation included in other noninterest income— (7)(7)
      Carrying value at end of period$12,232 $(2,972)$9,260 
Nine Months Ended September 30, 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(22,125)— (22,125)
Changes in valuation included in other noninterest income— 895 895 
     Carrying value at end of period$12,232 $(2,972)$9,260 
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 
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, 2023 and December 31, 2022: 
September 30, 2023Aggregate
fair value
Aggregate Unpaid Principal BalanceDifference
Mortgage loans held for sale measured at fair value$72,524 $71,850 $674 
Nonaccrual commercial loans held for sale9,260 12,232 (2,972)
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)