Fair Value Disclosures (Tables)

9 Months Ended

Sep. 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):

September 30, 2022	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	477,176	$	—		$	—	$	477,176
Obligations of state and political subdivisions		—		2,083,812			—		2,083,812
Corporate bonds		—		96,322			—		96,322
Residential mortgage-backed securities		—		2,696,881			—		2,696,881
Commercial mortgage-backed securities		—		387,346			—		387,346
Other securities		3,906		—			—		3,906
Total	$	481,082	$	5,264,361		$	—	$	5,745,443
Loans held-for-sale	$	—	$	15,892		$	—	$	15,892
IRLCs	$	—	$	(251	)	$	—	$	(251	)
Forward mortgage-backed securities trades	$	—	$	1,897		$	—	$	1,897

September 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	$	—	$	2,665,367	$	—	$	2,665,367
Corporate bonds		—		32,984		—		32,984
Residential mortgage-backed securities		—		3,028,149		—		3,028,149
Commercial mortgage-backed securities		—		389,016		—		389,016
Other securities		4,468		—		—		4,468
Total	$	4,468	$	6,115,516	$	—	$	6,119,984
Loans held-for-sale	$	—	$	46,081	$	—	$	46,081
IRLCs	$	—	$	1,701	$	—	$	1,701
Forward mortgage-backed securities trades	$	—	$	828	$	—	$	828

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):

	September 30,					December 31,
	2022			2021		2021
Unpaid principal balance on loans held-for-sale	$	15,998		$	44,784	$	33,200
Net unrealized gains (losses) on loans held-for-sale		(106	)		1,297		922
Loans held-for-sale at fair value	$	15,892		$	46,081	$	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 nine-months ended September 30, 2022 and 2021 (dollars in thousand):

	Three-Months Ended September 30,						Nine-Months Ended September 30,
	2022			2021			2022			2021
Realized gain on sale and fees on mortgage loans*	$	4,664		$	9,050		$	16,973		$	29,245
Change in fair value on loans held-for-sale and IRLCs		(2,433	)		(1,466	)		(2,886	)		(4,659	)
Change in forward mortgage-backed securities trades		1,839			1,204			2,044			2,387
Total gain on sale of mortgage loans	$	4,070		$	8,788		$	16,131		$	26,973

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).

	September 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	$	227,298		$	227,298		$	201,901	$	201,901	$	205,053		$	205,053		Level 1
Interest-bearing demand deposits    in banks		138,484			138,484			359,241		359,241		323,535			323,535		Level 1
Available-for-sale securities		5,745,443			5,745,443			6,119,984		6,119,984		6,573,179			6,573,179		Levels 1 and 2
Loans held-for-investment, net of    allowance for credit losses		6,181,380			6,215,441			5,223,124		5,236,471		5,325,507			5,335,791		Level 3
Loans held-for-sale		18,815			18,815			47,721		47,748		37,810			37,844		Level 2
Accrued interest receivable		49,416			49,416			43,516		43,516		57,169			57,169		Level 2
Deposits with stated maturities		418,102			416,400			469,867		470,985		461,415			462,312		Level 2
Deposits with no stated maturities		10,724,016			10,724,016			9,423,250		9,423,250		10,105,073			10,105,073		Level 1
Borrowings		774,581			774,581			648,679		648,679		671,152			671,152		Level 2
Accrued interest payable		494			494			294		294		221			221		Level 2
IRLCs		(251	)		(251	)		1,701		1,701		1,279			1,279		Level 2
Forward mortgage-backed securities    trades asset (liability)		1,897			1,897			828		828		(147	)		(147	)	Level 2