Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 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):

June 30, 2023	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	483,776	$	—	$	—	$	483,776
Obligations of state and political subdivisions		—		1,692,964		—		1,692,964
Corporate bonds		—		98,280		—		98,280
Residential mortgage-backed securities		—		2,472,941		—		2,472,941
Commercial mortgage-backed securities		—		314,387		—		314,387
Other securities		3,914		—		—		3,914
Total	$	487,690	$	4,578,572	$	—	$	5,066,262
Loans held-for-sale	$	—	$	18,089	$	—	$	18,089
IRLCs	$	—	$	455	$	—	$	455
Forward mortgage-backed securities trades	$	—	$	160	$	—	$	160

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 states 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

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):

	June 30,				December 31,
	2023		2022		2022
Unpaid principal balance on loans held-for-sale	$	17,730	$	23,312	$	10,226
Net unrealized gains on loans held-for-sale		359		536		271
Loans held-for-sale at fair value	$	18,089	$	23,848	$	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 and six-months ended June 30, 2023 and 2022 (dollars in thousand):

	Three-Months Ended June 30,						Six-Months Ended June 30,
	2023			2022			2023		2022
Realized gain on sale and fees on mortgage loans*	$	3,429		$	6,311		$	6,288	$	12,309
Change in fair value on loans held-for-sale and IRLCs		(389	)		1,462			145		(453	)
Change in forward mortgage-backed securities trades		494			(2,045	)		75		205
Total gain on sale of mortgage loans	$	3,534		$	5,728		$	6,508	$	12,061

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,
	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	$	255,018	$	255,018	$	242,665	$	242,665	$	293,286	$	293,286	Level 1
Interest-bearing demand deposits    in banks		23,839		23,839		222,899		222,899		37,392		37,392	Level 1
Available-for-sale securities		5,066,262		5,066,262		6,215,036		6,215,036		5,474,359		5,474,359	Levels 1 and 2
Loans held-for-investment, net of    allowance for credit losses		6,691,029		6,672,348		5,806,650		5,852,415		6,366,034		6,372,859	Level 3
Loans held-for-sale		19,220		19,264		26,445		26,445		11,965		11,965	Level 2
Accrued interest receivable		56,236		56,236		58,047		58,047		58,162		58,162	Level 2
Deposits with stated maturities		893,429		891,181		441,387		439,546		524,666		518,811	Level 2
Deposits with no stated maturities		9,914,131		9,914,131		10,681,596		10,681,596		10,480,841		10,480,841	Level 1
Borrowings		587,656		587,656		768,364		768,364		642,507		642,507	Level 2
Accrued interest payable		8,155		8,155		423		423		1,121		1,121	Level 2
IRLCs		455		455		1,414		1,414		400		400	Level 2
Forward mortgage-backed securities    trades asset (liability)		160		160		58		58		85		85	Level 2