Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	341,976	$	—		$	—	$	341,976
Obligations of state and political subdivisions		—		1,445,373			—		1,445,373
Corporate bonds		—		99,627			—		99,627
Residential mortgage-backed securities		—		2,316,085			—		2,316,085
Commercial mortgage-backed securities		—		350,022			—		350,022
Other securities		19,941		—			—		19,941
Total	$	361,917	$	4,211,107		$	—	$	4,573,024
Loans held-for-sale	$	—	$	19,393		$	—	$	19,393
IRLCs	$	—	$	—		$	518	$	518
Forward mortgage-backed securities trades	$	—	$	(4	)	$	—	$	(4	)

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 states 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

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 trades	$	—	$	(288	)	$	—	$	(288	)

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,
	2024		2023		2023
Unpaid principal balance on loans held-for-sale	$	18,929	$	17,730	$	10,757
Net unrealized gains on loans held-for-sale		464		359		320
Loans held-for-sale at fair value	$	19,393	$	18,089	$	11,077

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, 2024 and 2023 (dollars in thousand):

	Three-Months Ended June 30,						Six-Months Ended June 30,
	2024			2023			2024		2023
Realized gain on sale and fees on mortgage loans*	$	3,779		$	3,429		$	6,359	$	6,288
Change in fair value on loans held-for-sale and IRLCs		(179	)		(389	)		172		145
Change in forward mortgage-backed securities trades		87			494			284		75
Total gain on sale of mortgage loans	$	3,687		$	3,534		$	6,815	$	6,508

* This includes gains 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 were as follows (dollars in thousands).

	June 30,										December 31,
	2024						2023				2023
	Carrying Value			Estimated Fair Value			Carrying Value		Estimated Fair Value		Carrying Value			Estimated Fair Value			Fair Value Hierarchy
Cash and due from banks	$	263,262		$	263,262		$	255,018	$	255,018	$	281,354		$	281,354		Level 1
Federal funds sold		2,800			2,800			—		—		—			—		Level 1
Interest-bearing demand deposits    in banks		103,315			103,315			23,839		23,839		255,237			255,237		Level 1
Available-for-sale securities		4,573,024			4,573,024			5,066,262		5,066,262		4,732,762			4,732,762		Levels 1 and 2
Loans held-for-investment, net of    allowance for credit losses		7,424,563			7,438,802			6,691,029		6,672,348		7,060,057			7,036,722		Level 3
Loans held-for-sale		19,668			19,686			19,220		19,264		14,253			14,378		Level 2
Accrued interest receivable		61,847			61,847			56,236		56,236		58,544			58,544		Level 2
Deposits with stated maturities		969,802			969,750			893,429		891,181		938,980			938,534		Level 2
Deposits with no stated maturities		10,439,355			10,439,355			9,914,131		9,914,131		10,199,320			10,199,320		Level 1
Repurchase Agreements		138,950			138,950			559,479		559,479		381,928			381,928		Level 2
Borrowings		23,703			23,703			28,177		28,177		22,153			22,153		Level 2
Accrued interest payable		10,092			10,092			8,155		8,155		10,215			10,215		Level 2
IRLCs		518			518			455		455		427			427		Level 3
Forward mortgage-backed securities    trades asset (liability)		(4	)		(4	)		160		160		(288	)		(288	)	Level 2