Fair Value (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value Recurring Basis

The following tables summarize financial assets and financial liabilities measured at fair value on a recurring basis at September 30, 2023 and December 31, 2022, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value ($ in thousands). There were no transfers between fair value levels for the nine months ended September 30, 2023 and the year ended December 31, 2022.

	September 30, 2023
	Total		Level 1		Level 2		Level 3
U.S. Treasury securities	$	363,476	$	363,476	$	—	$	—
U.S. Government agency obligations		6,780		—		6,780		—
Obligations of states and political subdivisions		4,642		—		4,642		—
Mortgage-backed securities		1,391,276		—		1,391,276		—
Securities available for sale		1,766,174		363,476		1,402,698		—
LHFS		169,244		—		169,244		—
MSR		142,379		—		—		142,379
Other assets - derivatives		16,846		8		16,641		197
Other liabilities - derivatives		56,135		3,327		52,808		—

	December 31, 2022
	Total		Level 1		Level 2		Level 3
U.S. Treasury securities	$	391,513	$	391,513	$	—	$	—
U.S. Government agency obligations		7,766		—		7,766		—
Obligations of states and political subdivisions		4,862		—		4,862		—
Mortgage-backed securities		1,619,941		—		1,619,941		—
Securities available for sale		2,024,082		391,513		1,632,569		—
LHFS		135,226		—		135,226		—
MSR		129,677		—		—		129,677
Other assets - derivatives		8,871		54		8,660		157
Other liabilities - derivatives		45,379		474		44,905		—

Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis

The changes in Level 3 assets measured at fair value on a recurring basis for the nine months ended September 30, 2023 and 2022 are summarized as follows ($ in thousands):

	MSR		Other Assets - Derivatives
Balance, January 1, 2023	$	129,677	$	157
Total net (loss) gain included in Mortgage banking, net (1)		1,677		1,672
Additions		11,025		—
Sales		—		(1,632	)
Balance, September 30, 2023	$	142,379	$	197
The amount of total gains (losses) for the period included in earnings    that are attributable to the change in unrealized gains or    losses still held at September 30, 2023	$	8,734	$	559
Balance, January 1, 2022	$	87,687	$	1,859
Total net (loss) gain included in Mortgage banking, net (1)		30,476		(401	)
Additions		14,452		—
Sales		—		(2,326	)
Balance, September 30, 2022	$	132,615	$	(868	)
The amount of total gains (losses) for the period included in    earnings that are attributable to the change in unrealized    gains or losses still held at September 30, 2022	$	41,530	$	(1,181	)

(1)Total net (loss) gain included in Mortgage banking, net relating to the MSR includes changes in fair value due to market changes and due to run-off.

Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments at September 30, 2023 and December 31, 2022, are as follows ($ in thousands):

	September 30, 2023				December 31, 2022
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial Assets:
Level 2 Inputs:
Cash and short-term investments	$	750,492	$	750,492	$	738,787	$	738,787
Securities held to maturity		1,438,287		1,312,871		1,494,514		1,406,589
Level 3 Inputs:
Net LHFI		12,676,228		12,505,990		12,083,825		11,850,318
Financial Liabilities:
Level 2 Inputs:
Deposits		15,101,923		15,076,677		14,437,648		14,404,661
Federal funds purchased and securities sold under    repurchase agreements		321,799		321,799		449,331		449,331
Other borrowings		793,193		793,188		1,050,938		1,050,932
Subordinated notes		123,427		103,750		123,262		113,125
Junior subordinated debt securities		61,856		45,928		61,856		46,392

Fair Value and the Contractual Principal Outstanding of the LHFS

The following table provides information about the fair value and the contractual principal outstanding of LHFS accounted for under the fair value option at September 30, 2023 and December 31, 2022 ($ in thousands):

	September 30, 2023			December 31, 2022
Fair value of LHFS	$	105,542		$	64,421
LHFS contractual principal outstanding		105,618			63,427
Fair value less unpaid principal	$	(76	)	$	994