Fair Value Disclosures (Tables)

9 Months Ended

Sep. 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):

September 30, 2023	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	485,447	$	—	$	—	$	485,447
Obligations of state and political subdivisions		—		1,463,754		—		1,463,754
Corporate bonds		—		96,961		—		96,961
Residential mortgage-backed securities		—		2,297,235		—		2,297,235
Commercial mortgage-backed securities		—		305,348		—		305,348
Other securities		3,792		—		—		3,792
Total	$	489,239	$	4,163,298	$	—	$	4,652,537
Loans held-for-sale	$	—	$	11,908	$	—	$	11,908
IRLCs	$	—	$	409	$	—	$	409
Forward mortgage-backed securities trades	$	—	$	237	$	—	$	237

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 states 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

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):

	September 30,					December 31,
	2023		2022			2022
Unpaid principal balance on loans held-for-sale	$	11,684	$	15,998		$	10,226
Net unrealized gains on loans held-for-sale		224		(106	)		271
Loans held-for-sale at fair value	$	11,908	$	15,892		$	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 nine-months ended September 30, 2023 and 2022 (dollars in thousand):

	Three-Months Ended September 30,						Nine-Months Ended September 30,
	2023			2022			2023		2022
Realized gain on sale and fees on mortgage loans*	$	3,485		$	4,664		$	9,774	$	16,973
Change in fair value on loans held-for-sale and IRLCs		(121	)		(2,433	)		24		(2,886	)
Change in forward mortgage-backed securities trades		78			1,839			152		2,044
Total gain on sale of mortgage loans	$	3,442		$	4,070		$	9,950	$	16,131

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,
	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	$	208,277	$	208,277	$	227,298		$	227,298		$	293,286	$	293,286	Level 1
Interest-bearing demand deposits    in banks		180,008		180,008		138,484			138,484			37,392		37,392	Level 1
Available-for-sale securities		4,652,537		4,652,537		5,745,443			5,745,443			5,474,359		5,474,359	Levels 1 and 2
Loans held-for-investment, net of    allowance for credit losses		6,904,982		6,890,218		6,181,380			6,215,441			6,366,034		6,372,859	Level 3
Loans held-for-sale		12,229		12,266		18,815			18,815			11,965		11,965	Level 2
Accrued interest receivable		53,518		53,518		49,416			49,416			58,162		58,162	Level 2
Deposits with stated maturities		1,004,227		1,002,893		418,102			416,400			524,666		518,811	Level 2
Deposits with no stated maturities		9,712,296		9,712,296		10,724,016			10,724,016			10,480,841		10,480,841	Level 1
Borrowings		751,544		751,544		774,581			774,581			642,507		642,507	Level 2
Accrued interest payable		13,557		13,557		494			494			1,121		1,121	Level 2
IRLCs		409		409		(251	)		(251	)		400		400	Level 2
Forward mortgage-backed securities    trades asset (liability)		237		237		1,897			1,897			85		85	Level 2