Fair Value Disclosures (Tables)

9 Months Ended

Sep. 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):

September 30, 2024	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	293,014	$	—		$	—	$	293,014
Obligations of state and political subdivisions		—		1,471,483			—		1,471,483
Corporate bonds		—		102,471			—		102,471
Residential mortgage-backed securities		—		2,423,930			—		2,423,930
Commercial mortgage-backed securities		—		316,836			—		316,836
Other securities		4,565		—			—		4,565
Total	$	297,579	$	4,314,720		$	—	$	4,612,299
Loans held-for-sale	$	—	$	16,513		$	—	$	16,513
IRLCs	$	—	$	—		$	499	$	499
Forward mortgage-backed securities trades	$	—	$	(98	)	$	—	$	(98	)

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 states 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

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):

	September 30,				December 31,
	2024		2023		2023
Unpaid principal balance on loans held-for-sale	$	16,086	$	11,684	$	10,757
Net unrealized gains on loans held-for-sale		427		224		320
Loans held-for-sale at fair value	$	16,513	$	11,908	$	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 nine-months ended September 30, 2024 and 2023 (dollars in thousand):

	Three-Months Ended September 30,						Nine-Months Ended September 30,
	2024			2023			2024		2023
Realized gain on sale and fees on mortgage loans*	$	3,463		$	3,485		$	9,813	$	9,774
Change in fair value on loans held-for-sale and IRLCs		(10	)		(121	)		171		24
Change in forward mortgage-backed securities trades		(94	)		78			190		152
Total gain on sale of mortgage loans	$	3,359		$	3,442		$	10,174	$	9,950

* 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).

	September 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	$	296,188		$	296,188		$	208,277	$	208,277	$	281,354		$	281,354		Level 1
Interest-bearing demand deposits    in banks		287,476			287,476			180,008		180,008		255,237			255,237		Level 1
Available-for-sale securities		4,612,299			4,612,299			4,652,537		4,652,537		4,732,762			4,732,762		Levels 1 and 2
Loans held-for-investment, net of    allowance for credit losses		7,623,255			7,607,920			6,904,982		6,890,218		7,060,057			7,036,722		Level 3
Loans held-for-sale		20,114			20,293			12,229		12,266		14,253			14,378		Level 2
Accrued interest receivable		56,427			56,427			53,518		53,518		58,544			58,544		Level 2
Deposits with stated maturities		1,009,667			1,011,199			1,004,227		1,002,893		938,980			938,534		Level 2
Deposits with no stated maturities		10,746,194			10,746,194			9,712,296		9,712,296		10,199,320			10,199,320		Level 1
Repurchase Agreements		57,557			57,557			621,791		621,791		381,928			381,928		Level 2
Borrowings		25,978			25,978			129,753		129,753		22,153			22,153		Level 2
Accrued interest payable		9,502			9,502			13,557		13,557		10,215			10,215		Level 2
IRLCs		499			499			409		409		427			427		Level 3
Forward mortgage-backed securities    trades asset (liability)		(98	)		(98	)		237		237		(288	)		(288	)	Level 2