Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2020

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, 2020

	Level 1 Inputs			Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	10,122		$	—	$	—	$	10,122
Obligations of states and political subdivisions		—			1,950,279		—		1,950,279
Residential mortgage-backed securities		—			1,571,673		—		1,571,673
Commercial mortgage-backed securities		—			582,220		—		582,220
Other securities		4,569			—		—		4,569
Total	$	14,691		$	4,104,172	$	—	$	4,118,863
Loans held-for-sale	$	—		$	63,293	$	—	$	63,293
IRLCs	$	—		$	5,037	$	—	$	5,037
Forward mortgage-backed securities trades	$	(1,099	)	$	—	$	—	$	(1,099	)

June 30, 2019

	Level 1 Inputs			Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	10,020		$	—	$	—	$	10,020
Obligations of states and political subdivisions		—			1,157,214		—		1,157,214
Corporate bonds		—			228		—		228
Residential mortgage-backed securities		—			1,596,175		—		1,596,175
Commercial mortgage-backed securities		—			491,389		—		491,389
Other securities		4,466			—		—		4,466
Total	$	14,486		$	3,245,006	$	—	$	3,259,492
Loans held-for-sale	$	—		$	18,981	$	—	$	18,981
IRLCs	$	—		$	1,525	$	—	$	1,525
Forward mortgage-backed securities trades	$	(254	)	$	—	$	—	$	(254	)

December 31, 2019

	Level 1 Inputs			Level 2 Inputs		Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	10,019		$	—	$	—	$	10,019
Obligations of states and political subdivisions		—			1,288,983				1,288,983
Corporate bonds		—			230		—		230
Residential mortgage-backed securities		—			1,608,863		—		1,608,863
Commercial mortgage-backed securities		—			500,744		—		500,744
Other securities		4,478			—		—		4,478
Total	$	14,497		$	3,398,820	$	—	$	3,413,317
Loans held-for-sale	$	—		$	23,076	$	—	$	23,076
IRLCs	$	—		$	886	$	—	$	886
Forward mortgage-backed securities trades	$	(152	)	$	—	$	—	$	(152	)

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 (in thousands).

	June 30,								December 31,
	2020				2019				2019
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value		Fair Value Hierarchy
Cash and due from banks	$	188,373	$	188,373	$	178,345	$	178,345	$	231,534	$	231,534	Level 1
Federal Funds Sold		—		—		700		700		3,150		3,150	Level 1
Interest-bearing demand deposits in banks		196,426		196,426		128,652		128,652		47,920		47,920	Level 1
Interest-bearing time deposits in banks		—		—		960		960		—		—	Level 2
Available-for-sale securities		4,118,863		4,118,863		3,259,492		3,259,492		3,413,317		3,413,317	Levels 1 and 2
Loans held for investment		5,184,120		5,174,126		3,989,132		4,026,543		4,142,470		4,209,826	Level 3
Loans held for sale		66,370		66,630		22,305		22,347		28,228		28,343	Level 2
Accrued interest receivable		45,801		45,801		36,954		36,954		36,894		36,894	Level 2
Deposits with stated maturities		466,122		468,819		433,511		433,811		420,013		421,397	Level 2
Deposits with no stated maturities		7,691,520		7,691,520		5,936,255		5,936,255		6,183,793		6,183,793	Level 1
Borrowings		449,224		449,224		362,005		362,005		381,356		381,356	Level 2
Accrued interest payable		541		541		694		694		628		628	Level 2
IRLCs		5,037		5,037		1,525		1,525		886		886	Level 2
Forward mortgage-backed securities trades		1,099		1,099		254		254		152		152	Level 1