Fair Value Disclosures (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Fair Value Disclosures [Abstract] |
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| 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):
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June 30, 2026 |
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Level 1
Inputs |
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Level 2
Inputs |
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Level 3
Inputs |
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Total Fair
Value |
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Available-for-sale investment securities: |
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Obligations of state and political subdivisions |
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$ |
— |
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|
$ |
1,753,893 |
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|
$ |
— |
|
|
$ |
1,753,893 |
|
Corporate bonds |
|
|
— |
|
|
|
63,452 |
|
|
|
— |
|
|
|
63,452 |
|
Residential mortgage-backed securities |
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|
— |
|
|
|
2,637,699 |
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|
|
— |
|
|
|
2,637,699 |
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Commercial mortgage-backed securities |
|
|
— |
|
|
|
1,192,391 |
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|
|
— |
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|
1,192,391 |
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Other securities |
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|
28,522 |
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|
|
— |
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|
|
— |
|
|
|
28,522 |
|
Total |
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$ |
28,522 |
|
|
$ |
5,647,435 |
|
|
$ |
— |
|
|
$ |
5,675,957 |
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Loans held-for-sale |
|
$ |
— |
|
|
$ |
18,932 |
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|
$ |
— |
|
|
$ |
18,932 |
|
IRLCs |
|
$ |
— |
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|
$ |
— |
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|
$ |
686 |
|
|
$ |
686 |
|
Forward mortgage-backed securities trades |
|
$ |
— |
|
|
$ |
(141 |
) |
|
$ |
— |
|
|
$ |
(141 |
) |
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December 31, 2025 |
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Level 1
Inputs |
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Level 2
Inputs |
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Level 3
Inputs |
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|
Total Fair
Value |
|
Available-for-sale investment securities: |
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U.S. Treasury securities |
|
$ |
60,813 |
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|
$ |
— |
|
|
$ |
— |
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|
$ |
60,813 |
|
Obligations of state and political subdivisions |
|
|
— |
|
|
|
1,751,373 |
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|
|
— |
|
|
|
1,751,373 |
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Corporate bonds |
|
|
— |
|
|
|
78,709 |
|
|
|
— |
|
|
|
78,709 |
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Residential mortgage-backed securities |
|
|
— |
|
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2,611,410 |
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|
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— |
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2,611,410 |
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Commercial mortgage-backed securities |
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— |
|
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|
989,238 |
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— |
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|
989,238 |
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Other securities |
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|
22,570 |
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|
— |
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— |
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|
22,570 |
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Total |
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$ |
83,383 |
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|
$ |
5,430,730 |
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|
$ |
— |
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|
$ |
5,514,113 |
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Loans held-for-sale |
|
$ |
— |
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|
$ |
25,431 |
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|
$ |
— |
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|
$ |
25,431 |
|
IRLCs |
|
$ |
— |
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|
$ |
— |
|
|
$ |
579 |
|
|
$ |
579 |
|
Forward mortgage-backed securities trades |
|
$ |
— |
|
|
$ |
(132 |
) |
|
$ |
— |
|
|
$ |
(132 |
) |
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| 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):
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June 30, |
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December 31, |
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|
2026 |
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|
2025 |
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Unpaid principal balance on loans held-for-sale |
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$ |
18,429 |
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$ |
24,654 |
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Net unrealized gains on loans held-for-sale |
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|
503 |
|
|
|
777 |
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Loans held-for-sale at fair value |
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$ |
18,932 |
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|
$ |
25,431 |
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| 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, 2026 and 2025 (dollars in thousands):
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Three-Months Ended
June 30, |
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Six-Months Ended
June 30, |
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|
2026 |
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|
2025 |
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|
2026 |
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|
2025 |
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Realized gain on sale and fees on mortgage loans* |
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$ |
5,032 |
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|
$ |
3,587 |
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|
$ |
9,167 |
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|
$ |
6,140 |
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Change in fair value on loans held-for-sale and IRLCs |
|
|
303 |
|
|
|
921 |
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(203 |
) |
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|
1,486 |
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Change in forward mortgage-backed securities trades |
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|
(656 |
) |
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|
(382 |
) |
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|
(9 |
) |
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|
(668 |
) |
Total gain on sale of mortgage loans |
|
$ |
4,679 |
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|
$ |
4,126 |
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|
$ |
8,955 |
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|
$ |
6,958 |
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* This includes gains on loans held-for-sale carried under the fair value method and lower of cost or market.
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| 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).
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June 30, |
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December 31, |
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2026 |
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2025 |
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Carrying Value |
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Estimated
Fair Value |
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Carrying
Value |
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Estimated
Fair Value |
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Fair Value
Hierarchy |
Financial assets: |
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Cash and due from banks |
|
$ |
284,759 |
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|
$ |
284,759 |
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|
$ |
249,466 |
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|
$ |
249,466 |
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Level 1 |
Federal funds sold |
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|
8,650 |
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|
8,650 |
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|
1,575 |
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|
1,575 |
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Level 1 |
Interest-bearing demand deposits
in banks |
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|
286,973 |
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|
286,973 |
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|
826,947 |
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|
826,947 |
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Level 1 |
Available-for-sale securities |
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|
5,675,957 |
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|
|
5,675,957 |
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|
|
5,514,113 |
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|
5,514,113 |
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Levels 1
and 2 |
Loans held-for-investment, net of
allowance for credit losses |
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8,234,498 |
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8,210,649 |
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8,052,740 |
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8,061,186 |
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Level 3 |
Loans held-for-sale |
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|
23,616 |
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|
23,797 |
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|
29,992 |
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|
30,163 |
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Level 2 |
Accrued interest receivable |
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|
68,543 |
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|
68,543 |
|
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|
68,470 |
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|
68,470 |
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Level 2 |
Financial liabilities: |
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Deposits with stated maturities |
|
$ |
872,699 |
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$ |
867,413 |
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$ |
900,554 |
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$ |
902,588 |
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Level 2 |
Deposits with no stated maturities |
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12,247,284 |
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|
12,247,284 |
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12,444,975 |
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|
12,444,975 |
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Level 1 |
Repurchase Agreements |
|
|
53,656 |
|
|
|
53,656 |
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|
62,956 |
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|
62,956 |
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Level 2 |
Borrowings |
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|
21,829 |
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|
21,829 |
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|
|
21,680 |
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|
21,680 |
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Level 2 |
Accrued interest payable |
|
|
5,034 |
|
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|
5,034 |
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|
|
5,673 |
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|
5,673 |
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Level 2 |
IRLCs |
|
|
686 |
|
|
|
686 |
|
|
|
579 |
|
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|
579 |
|
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Level 3 |
Forward mortgage-backed securities
trades asset (liability) |
|
|
(141 |
) |
|
|
(141 |
) |
|
|
(132 |
) |
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|
(132 |
) |
|
Level 2 |
|