Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 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):

March 31, 2024	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	432,168	$	—		$	—	$	432,168
Obligations of state and political subdivisions		—		1,454,035			—		1,454,035
Corporate bonds		—		99,717			—		99,717
Residential mortgage-backed securities		—		2,299,277			—		2,299,277
Commercial mortgage-backed securities		—		368,906			—		368,906
Other securities		4,423		—			—		4,423
Total	$	436,591	$	4,221,935		$	—	$	4,658,526
Loans held-for-sale	$	—	$	15,080		$	—	$	15,080
IRLCs	$	—	$	—		$	803	$	803
Forward mortgage-backed securities trades	$	—	$	(91	)	$	—	$	(91	)

March 31, 2023	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Total Fair Value
Available-for-sale investment securities:
U.S. Treasury securities	$	488,242	$	—		$	—	$	488,242
Obligations of states and political subdivisions		—		1,773,612			—		1,773,612
Corporate bonds		—		99,620			—		99,620
Residential mortgage-backed securities		—		2,583,170			—		2,583,170
Commercial mortgage-backed securities		—		349,936			—		349,936
Other securities		3,977		—			—		3,977
Total	$	492,219	$	4,806,338		$	—	$	5,298,557
Loans held-for-sale	$	—	$	11,766		$	—	$	11,766
IRLCs	$	—	$	—		$	827	$	827
Forward mortgage-backed securities trades	$	—	$	(334	)	$	—	$	(334	)

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):

	March 31,				December 31,
	2024		2023		2023
Unpaid principal balance on loans held-for-sale	$	14,701	$	11,416	$	10,757
Net unrealized gains on loans held-for-sale		379		350		320
Loans held-for-sale at fair value	$	15,080	$	11,766	$	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-months ended March 31, 2024 and 2023 (dollars in thousand):

	Three-Months Ended March 31,
	2024		2023
Realized gain on sale and fees on mortgage loans*	$	2,580	$	2,859
Change in fair value on loans held-for-sale and IRLCs		351		534
Change in forward mortgage-backed securities trades		197		(419	)
Total gain on sale of mortgage loans	$	3,128	$	2,974

* 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).

	March 31,												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	$	222,464		$	222,464		$	224,875		$	224,875		$	281,354		$	281,354		Level 1
Federal funds sold		12,300			12,300			—			—			—			—		Level 1
Interest-bearing demand deposits    in banks		365,397			365,397			221,336			221,336			255,237			255,237		Level 1
Available-for-sale securities		4,658,526			4,658,526			5,298,557			5,298,557			4,732,762			4,732,762		Levels 1 and 2
Loans held-for-investment, net of    allowance for credit losses		7,139,847			7,141,043			6,495,397			6,464,027			7,060,057			7,036,722		Level 3
Loans held-for-sale		16,109			16,109			11,996			12,018			14,253			14,378		Level 2
Accrued interest receivable		56,278			56,278			50,658			50,658			58,544			58,544		Level 2
Deposits with stated maturities		938,541			938,459			739,498			736,434			938,980			938,534		Level 2
Deposits with no stated maturities		10,351,267			10,351,267			10,196,920			10,196,920			10,199,320			10,199,320		Level 1
Repurchase Agreements		307,297			307,297			608,299			608,299			381,928			381,928		Level 2
Borrowings		26,803			26,803			24,628			24,628			22,153			22,153		Level 2
Accrued interest payable		8,362			8,362			3,617			3,617			10,215			10,215		Level 2
IRLCs		803			803			827			827			427			427		Level 3
Forward mortgage-backed securities    trades asset (liability)		(91	)		(91	)		(334	)		(334	)		(288	)		(288	)	Level 2