Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes the Company’s available-for-sale securities, loans held-for-sale, and derivatives which are measured at fair value on a recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):

June 30, 2022	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	486,358	$	—	$	—	$	486,358
Obligations of state and political subdivisions		—		2,244,604		—		2,244,604
Corporate bonds		—		100,267		—		100,267
Residential mortgage-backed securities		—		2,964,904		—		2,964,904
Commercial mortgage-backed securities		—		414,825		—		414,825
Other securities		4,078		—		—		4,078
Total	$	490,436	$	5,724,600	$	—	$	6,215,036
Loans held-for-sale	$	—	$	23,848	$	—	$	23,848
IRLCs	$	—	$	1,414	$	—	$	1,414
Forward mortgage-backed securities trades	$	—	$	58	$	—	$	58

June 30, 2021	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
Obligations of states and political subdivisions	$	—	$	2,615,087		$	—	$	2,615,087
Corporate bonds		—		33,318			—		33,318
Residential mortgage-backed securities		—		2,504,186			—		2,504,186
Commercial mortgage-backed securities		—		420,968			—		420,968
Other securities		4,489		—			—		4,489
Total	$	4,489	$	5,573,559		$	—	$	5,578,048
Loans held-for-sale	$	—	$	56,257		$	—	$	56,257
IRLCs	$	—	$	2,670		$	—	$	2,670
Forward mortgage-backed securities trades	$	—	$	(376	)	$	—	$	(376	)

December 31, 2021	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	126,841	$	—		$	—	$	126,841
Obligations of state and political subdivisions		—		2,753,471			—		2,753,471
Corporate bonds		—		63,868			—		63,868
Residential mortgage-backed securities		—		3,259,449			—		3,259,449
Commercial mortgage-backed securities		—		365,120			—		365,120
Other securities		4,430		—			—		4,430
Total	$	131,271	$	6,441,908		$	—	$	6,573,179
Loans held-for-sale	$	—	$	34,122		$	—	$	34,122
IRLCs	$	—	$	1,279		$	—	$	1,279
Forward mortgage-backed securities trades	$	—	$	(147	)	$	—	$	(147	)

Summary of Loans Held-for-Sale at Fair Value

The following table summarizes the Company’s loans held-for-sale at fair value and the net unrealized gains as of the balance sheet dates shown below (dollars in thousands):

	June 30,				December 31,
	2022		2021		2021
Unpaid principal balance on loans held-for-sale	$	23,312	$	54,542	$	33,200
Net unrealized gains on loans held-for-sale		536		1,715		922
Loans held-for-sale at fair value	$	23,848	$	56,257	$	34,122

Summary of Gain Loss on Sale of Mortgage Loans

The following table summarizes the Company’s gains on sale and fees of mortgage loans for the three and six-months ended June 30, 2022 and 2021 (dollars in thousand):

	Three-Months Ended June 30,						Six-Months Ended June 30,
	2022			2021			2022			2021
Realized gain on sale and fees on mortgage loans*	$	6,311		$	9,465		$	12,309		$	20,195
Change in fair value on loans held-for-sale and IRLCs		1,462			2,008			(453	)		(3,193	)
Change in forward mortgage-backed securities trades		(2,045	)		(3,182	)		205			1,183
Total gain on sale of mortgage loans	$	5,728		$	8,291		$	12,061		$	18,185

Schedule of Estimated Fair Values and Carrying Values of All Financial Instruments

The estimated fair values and carrying values of all financial instruments under current authoritative guidance were as follows (dollars in thousands).

	June 30,										December 31,
	2022				2021						2021
	Carrying Value		Estimated Fair Value		Carrying Value			Estimated Fair Value			Carrying Value			Estimated Fair Value			Fair Value Hierarchy
Cash and due from banks	$	242,665	$	242,665	$	190,061		$	190,061		$	205,053		$	205,053		Level 1
Interest-bearing demand deposits    in banks		222,899		222,899		654,531			654,531			323,535			323,535		Level 1
Available-for-sale securities		6,215,036		6,215,036		5,578,048			5,578,048			6,573,179			6,573,179		Levels 1 and 2
Loans held-for-investment, net of    allowance for credit losses		5,806,650		5,852,415		5,242,464			5,273,264			5,325,507			5,335,791		Level 3
Loans held-for-sale		26,445		26,445		61,802			61,969			37,810			37,844		Level 2
Accrued interest receivable		58,047		58,047		54,128			54,128			57,169			57,169		Level 2
Deposits with stated maturities		441,387		439,546		470,481			471,857			461,415			462,312		Level 2
Deposits with no stated maturities		10,681,596		10,681,596		9,311,213			9,311,213			10,105,073			10,105,073		Level 1
Borrowings		768,364		768,364		549,969			549,969			671,152			671,152		Level 2
Accrued interest payable		423		423		316			316			221			221		Level 2
IRLCs		1,414		1,414		2,670			2,670			1,279			1,279		Level 2
Forward mortgage-backed securities    trades asset (liability)		58		58		(376	)		(376	)		(147	)		(147	)	Level 2