Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2023

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):

March 31, 2023	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	488,242	$	—		$	—	$	488,242
Obligations of state and political subdivisions		—		1,773,612			—		1,773,612
Corporate bonds		—		99,620			—		99,620
Residential mortgage-backed securities		—		2,583,170			—		2,583,170
Commercial mortgage-backed securities		—		349,936			—		349,936
Other securities		3,977		—			—		3,977
Total	$	492,219	$	4,806,338		$	—	$	5,298,557
Loans held-for-sale	$	—	$	11,766		$	—	$	11,766
IRLCs	$	—	$	827		$	—	$	827
Forward mortgage-backed securities trades	$	—	$	(334	)	$	—	$	(334	)

March 31, 2022	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	301,344	$	—	$	—	$	301,344
Obligations of states and political subdivisions		—		2,529,481		—		2,529,481
Corporate bonds		—		64,581		—		64,581
Residential mortgage-backed securities		—		3,265,191		—		3,265,191
Commercial mortgage-backed securities		—		337,678		—		337,678
Other securities		4,220		—		—		4,220
Total	$	305,564	$	6,196,931	$	—	$	6,502,495
Loans held-for-sale	$	—	$	22,382	$	—	$	22,382
IRLCs	$	—	$	276	$	—	$	276
Forward mortgage-backed securities trades	$	—	$	2,103	$	—	$	2,103

December 31, 2022	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	482,549	$	—	$	—	$	482,549
Obligations of state and political subdivisions		—		1,898,611		—		1,898,611
Corporate bonds		—		97,850		—		97,850
Residential mortgage-backed securities		—		2,616,566		—		2,616,566
Commercial mortgage-backed securities		—		374,869		—		374,869
Other securities		3,914		—		—		3,914
Total	$	486,463	$	4,987,896	$	—	$	5,474,359
Loans held-for-sale	$	—	$	10,497	$	—	$	10,497
IRLCs	$	—	$	400	$	—	$	400
Forward mortgage-backed securities trades	$	—	$	85	$	—	$	85

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):

	March 31,				December 31,
	2023		2022		2022
Unpaid principal balance on loans held-for-sale	$	11,416	$	22,233	$	10,226
Net unrealized gains on loans held-for-sale		350		149		271
Loans held-for-sale at fair value	$	11,766	$	22,382	$	10,497

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-months ended March 31, 2023 and 2022 (dollars in thousand):

	Three-Months Ended March 31,
	2023			2022
Realized gain on sale and fees on mortgage loans*	$	2,859		$	5,998
Change in fair value on loans held-for-sale and IRLCs		534			(1,915	)
Change in forward mortgage-backed securities trades		(419	)		2,250
Total gain on sale of mortgage loans	$	2,974		$	6,333

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).

	March 31,										December 31,
	2023						2022				2022
	Carrying Value			Estimated Fair Value			Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value		Fair Value Hierarchy
Cash and due from banks	$	224,875		$	224,875		$	203,187	$	203,187	$	293,286	$	293,286	Level 1
Interest-bearing demand deposits    in banks		221,336			221,336			394,566		394,566		37,392		37,392	Level 1
Available-for-sale securities		5,298,557			5,298,557			6,502,495		6,502,495		5,474,359		5,474,359	Levels 1 and 2
Loans held-for-investment, net of    allowance for credit losses		6,495,397			6,464,027			5,499,256		5,522,778		6,366,034		6,372,859	Level 3
Loans held-for-sale		11,996			12,018			27,670		26,985		11,965		11,965	Level 2
Accrued interest receivable		50,658			50,658			48,066		48,066		58,162		58,162	Level 2
Deposits with stated maturities		739,498			736,434			449,130		449,987		524,666		518,811	Level 2
Deposits with no stated maturities		10,196,920			10,196,920			10,550,695		10,550,695		10,480,841		10,480,841	Level 1
Borrowings		632,927			632,927			758,595		758,595		642,507		642,507	Level 2
Accrued interest payable		3,617			3,617			268		268		1,121		1,121	Level 2
IRLCs		827			827			276		276		400		400	Level 2
Forward mortgage-backed securities    trades asset (liability)		(334	)		(334	)		2,103		2,103		85		85	Level 2