Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2025

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, 2025	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	153,835	$	—		$	—	$	153,835
Obligations of state and political subdivisions		—		1,521,364			—		1,521,364
Corporate bonds		—		87,949			—		87,949
Residential mortgage-backed securities		—		2,411,874			—		2,411,874
Commercial mortgage-backed securities		—		707,018			—		707,018
Other securities		4,508		—			—		4,508
Total	$	158,343	$	4,728,205		$	—	$	4,886,548
Loans held-for-sale	$	—	$	31,611		$	—	$	31,611
IRLCs	$	—	$	—		$	955	$	955
Forward mortgage-backed securities trades	$	—	$	(584	)	$	—	$	(584	)

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 states 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	)

December 31, 2024	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	273,562	$	—	$	—	$	273,562
Obligations of state and political subdivisions		—		1,440,245		—		1,440,245
Corporate bonds		—		101,238		—		101,238
Residential mortgage-backed securities		—		2,350,534		—		2,350,534
Commercial mortgage-backed securities		—		447,752		—		447,752
Other securities		4,428		—		—		4,428
Total	$	277,990	$	4,339,769	$	—	$	4,617,759
Loans held-for-sale	$	—	$	7,793	$	—	$	7,793
IRLCs	$	—	$	—	$	238	$	238
Forward mortgage-backed securities trades	$	—	$	84	$	—	$	84

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,
	2025		2024		2024
Unpaid principal balance on loans held-for-sale	$	30,656	$	18,929	$	7,636
Net unrealized gains on loans held-for-sale		955		464		157
Loans held-for-sale at fair value	$	31,611	$	19,393	$	7,793

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, 2025 and 2024 (dollars in thousands):

	Three-Months Ended June 30,						Six-Months Ended June 30,
	2025			2024			2025			2024
Realized gain on sale and fees on mortgage loans*	$	3,587		$	3,779		$	6,140		$	6,359
Change in fair value on loans held-for-sale and IRLCs		921			(179	)		1,486			172
Change in forward mortgage-backed securities trades		(382	)		87			(668	)		284
Total gain on sale of mortgage loans	$	4,126		$	3,687		$	6,958		$	6,815

* 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,
	2025						2024						2024
	Carrying Value			Estimated Fair Value			Carrying Value			Estimated Fair Value			Carrying Value		Estimated Fair Value		Fair Value Hierarchy
Cash and due from banks	$	264,000		$	264,000		$	263,262		$	263,262		$	259,996	$	259,996	Level 1
Federal funds sold		8,750			8,750			2,800			2,800			—		—	Level 1
Interest-bearing demand deposits    in banks		435,612			435,612			103,315			103,315			503,417		503,417	Level 1
Available-for-sale securities		4,886,548			4,886,548			4,573,024			4,573,024			4,617,759		4,617,759	Levels 1 and 2
Loans held-for-investment, net of    allowance for credit losses		7,972,152			8,004,275			7,424,563			7,438,802			7,814,773		7,806,258	Level 3
Loans held-for-sale		33,233			33,368			19,668			19,686			8,235		8,276	Level 2
Accrued interest receivable		63,310			63,310			61,847			61,847			60,749		60,749	Level 2
Deposits with stated maturities		880,400			881,740			969,802			969,750			917,276		919,774	Level 2
Deposits with no stated maturities		11,568,016			11,568,016			10,439,355			10,439,355			11,181,898		11,181,898	Level 1
Repurchase Agreements		48,026			48,026			138,950			138,950			61,416		61,416	Level 2
Borrowings		22,153			22,153			23,703			23,703			135,603		135,603	Level 2
Accrued interest payable		5,608			5,608			10,092			10,092			6,909		6,909	Level 2
IRLCs		955			955			518			518			238		238	Level 3
Forward mortgage-backed securities    trades asset (liability)		(584	)		(584	)		(4	)		(4	)		84		84	Level 2