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Fair Value (Tables)

12 Months Ended

Dec. 31, 2024

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 December 31, 2024 and 2023, 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 years ended December 31, 2024 and 2023.


		December 31, 2024
		Total				Level 1				Level 2				Level 3
U.S. Treasury securities		$	202,669			$	202,669			$	—			$	—
U.S. Government agency obligations			38,807				—				38,807				—
Mortgage-backed securities			1,451,058				—				1,451,058				—
Securities available for sale			1,692,534				202,669				1,489,865				—
LHFS			200,307				—				200,307				—
MSR			139,317				—				—				139,317
Other assets - derivatives			15,397				18				15,150				229
Other liabilities - derivatives			41,355				2,183				39,172				—


		December 31, 2023
		Total				Level 1				Level 2				Level 3
U.S. Treasury securities		$	372,368			$	372,368			$	—			$	—
U.S. Government agency obligations			5,792				—				5,792				—
Obligations of states and political subdivisions			—				—				—				—
Mortgage-backed securities			1,384,718				—				1,384,718				—
Securities available for sale			1,762,878				372,368				1,390,510				—
LHFS			184,812				—				184,812				—
MSR			131,870				—				—				131,870
Other assets - derivatives			23,316				7,685				14,786				845
Other liabilities - derivatives			35,600				21				35,579				—

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 years ended December 31, 2024 and 2023 are summarized as follows ($ in thousands):


		MSR				Other Assets - Derivatives
Balance, January 1, 2024		$	131,870			$	845
Total net (loss) gain included in Mortgage banking, net (1)			(5,844	)			2,229
Additions			13,291				—
Sales			—				(2,845	)
Balance, December 31, 2024		$	139,317			$	229

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 December 31, 2024		$	5,801			$	1,681

Balance, January 1, 2023		$	129,677			$	157
Total net (loss) gain included in Mortgage banking, net (1)			(11,519	)			2,470
Additions			13,712				—
Sales			—				(1,782	)
Balance, December 31, 2023		$	131,870			$	845

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 December 31, 2023		$	(1,489	)		$	1,103

(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 December 31, 2024 and 2023 were as follows ($ in thousands):


		December 31, 2024								December 31, 2023
		Carrying Value				Estimated Fair Value				Carrying Value				Estimated Fair Value
Financial Assets:
Level 2 Inputs:
Cash and short-term investments		$	567,251			$	567,251			$	975,343			$	975,343
Securities held to maturity			1,335,385				1,259,107				1,426,279				1,355,504
Level 3 Inputs:
Net LHFI			12,929,672				12,886,168				12,811,157				12,762,505

Financial Liabilities:
Level 2 Inputs:
Deposits			15,108,175				15,098,854				15,569,763				15,553,417
Federal funds purchased and securities sold under repurchase agreements			324,008				324,008				405,745				405,745
Other borrowings			301,541				301,541				483,230				483,226
Subordinated notes			123,702				120,625				123,482				108,125
Junior subordinated debt securities			61,856				49,794				61,856				46,856

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 the LHFS accounted for under the fair value option at December 31, 2024 and 2023 ($ in thousands):


		December 31,
		2024				2023
Fair value of LHFS		$	102,676			$	105,974
LHFS contractual principal outstanding			105,322				102,994
Fair value less unpaid principal		$	(2,646	)		$	2,980

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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