Fair Value Disclosures (Tables)

12 Months Ended

Dec. 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 as of December 31, 2023 and 2022 segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands):

December 31, 2023	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	482,234	$	—		$	—	$	482,234
Obligations of state and political subdivisions		—		1,497,157			—		1,497,157
Corporate bonds		—		100,471			—		100,471
Residential mortgage-backed securities		—		2,364,092			—		2,364,092
Commercial mortgage-backed securities		—		284,324			—		284,324
Other securities		4,484		—			—		4,484
Total	$	486,718	$	4,246,044		$	—	$	4,732,762
Loans held-for-sale	$	—	$	11,077		$	—	$	11,077
IRLCs	$	—	$	427		$	—	$	427
Forward mortgage-backed securities traded	$	—	$	(288	)	$	—	$	(288	)

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 traded	$	—	$	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 (in thousands):

	December 31,
	2023		2022
Unpaid principal balance on loans held-for-sale	$	10,757	$	10,226
Net unrealized gains on loans held-for-sale		320		271
Loans held-for-sale at fair value	$	11,077	$	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 years ended December 31, 2023, 2022 and 2021 (in thousands):

	Years ended December 31,
	2023			2022			2021
Realized gain on sale and fees on mortgage loans*	$	12,116		$	20,357		$	37,091
Change in fair value on loans held-for-sale and IRLCs		147			(1,554	)		(5,259	)
Change in forward mortgage-backed securities trades		(373	)		232			1,413
Total gain on sale of mortgage loans	$	11,890		$	19,035		$	33,245

* This includes gain on loans held-for-sale carried under the fair value method and lower of cost or market.

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 at December 31, 2023 and 2022, were as follows (in thousands):

	2023						2022
	Carrying			Estimated			Carrying		Estimated		Fair Value
	Value			Fair Value			Value		Fair Value		Hierarchy
Cash and due from banks	$	281,354		$	281,354		$	293,286	$	293,286	Level 1
Interest-bearing demand deposits in banks		255,237			255,237			37,392		37,392	Level 1
Available-for-sale securities		4,732,762			4,732,762			5,474,359		5,474,359	Levels 1 and 2
Loans held-for-investment, net of allowance for    credit losses		7,060,057			7,036,722			6,366,034		6,372,859	Level 3
Loans held-for-sale		14,253			14,378			11,965		11,965	Level 2
Accrued interest receivable		58,544			58,544			58,162		58,162	Level 2
Deposits with stated maturities		938,980			938,534			524,666		518,811	Level 2
Deposits with no stated maturities		10,199,320			10,199,320			10,480,841		10,480,841	Level 1
Repurchase Agreements		381,928			381,928			618,829		618,829	Level 2
Borrowings		22,153			22,153			23,678		23,678	Level 2
Accrued interest payable		10,215			10,215			1,121		1,121	Level 2
IRLCs		427			427			400		400	Level 2
Forward mortgage-backed securities trades		(288	)		(288	)		85		85	Level 2