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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2022
Fair Value Disclosures [Abstract] |
Schedule of Estimated Fair Values and Carrying Values of Financial Instruments | The following table contains the estimated fair values and the related carrying values of the Company's financial instruments. Items which are not financial instruments are not included.
|  |  |  | Fair Value
March 31, 2022 |  | Carrying amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,743,311 |  |  | $ | 1,743,311 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,743,311 |
Investment securities |  | 1,686,738 |  |  | — |  |  | 1,686,738 |  |  | — |  |  | 1,686,738 |
Loans, net |  | 7,884,927 |  |  | — |  |  | — |  |  | 7,872,659 |  |  | 7,872,659 |
Loans held for sale |  | 396,728 |  |  | — |  |  | 318,549 |  |  | 78,179 |  |  | 396,728 |
Interest receivable |  | 39,069 |  |  | 101 |  |  | 6,806 |  |  | 32,162 |  |  | 39,069 |
Mortgage servicing rights |  | 144,675 |  |  | — |  |  | — |  |  | 144,675 |  |  | 144,675 |
Derivatives |  | 38,180 |  |  | — |  |  | 38,180 |  |  | — |  |  | 38,180 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |
Without stated maturities |  | $ | 9,940,962 |  |  | $ | 9,940,962 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,940,962 |
With stated maturities |  | 1,055,316 |  |  | — |  |  | 1,060,935 |  |  | — |  |  | 1,060,935 |
Securities sold under agreement to repurchase and federal funds sold |  | 25,937 |  |  | 25,937 |  |  | — |  |  | — |  |  | 25,937 |
Subordinated debt |  | 128,308 |  |  | — |  |  | — |  |  | 129,742 |  |  | 129,742 |
Interest payable |  | 1,476 |  |  | 124 |  |  | 960 |  |  | 392 |  |  | 1,476 |
Derivatives |  | 33,029 |  |  | — |  |  | 33,029 |  |  | — |  |  | 33,029 |
|  | Fair Value
December 31, 2021 |  | Carrying amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,797,740 |  |  | $ | 1,797,740 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,797,740 |
Investment securities |  | 1,681,892 |  |  | — |  |  | 1,681,892 |  |  | — |  |  | 1,681,892 |
Loans, net |  | 7,479,103 |  |  | — |  |  | — |  |  | 7,566,717 |  |  | 7,566,717 |
Loans held for sale |  | 752,223 |  |  | — |  |  | 672,924 |  |  | 79,299 |  |  | 752,223 |
Interest receivable |  | 38,528 |  |  | 36 |  |  | 6,461 |  |  | 32,031 |  |  | 38,528 |
Mortgage servicing rights |  | 115,512 |  |  | — |  |  | — |  |  | 115,512 |  |  | 115,512 |
Derivatives |  | 27,384 |  |  | — |  |  | 27,384 |  |  | — |  |  | 27,384 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |
Without stated maturities |  | $ | 9,705,816 |  |  | $ | 9,705,816 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,705,816 |
With stated maturities |  | 1,131,081 |  |  | — |  |  | 1,137,647 |  |  | — |  |  | 1,137,647 |
Securities sold under agreement to repurchase and federal funds sold |  | 40,716 |  |  | 40,716 |  |  | — |  |  | — |  |  | 40,716 |
Subordinated debt |  | 129,544 |  |  | — |  |  | — |  |  | 133,021 |  |  | 133,021 |
Interest payable |  | 3,162 |  |  | 140 |  |  | 1,510 |  |  | 1,512 |  |  | 3,162 |
Derivatives |  | 21,000 |  |  | — |  |  | 21,000 |  |  | — |  |  | 21,000 |
Schedule of Balances and Levels of Assets Measured at Fair Value on Recurring Basis | The balances and levels of the assets measured at fair value on a recurring basis at March 31, 2022 are presented in the following table:
At March 31, 2022 |  | Quoted prices in active markets for identical assets (liabilities) (level 1) |  | Significant other observable inputs (level 2) |  | Significant unobservable inputs (level 3) |  | Total
Recurring valuations: |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | — |  |  | $ | 38,882 |  |  | $ | — |  |  | $ | 38,882 |
Mortgage-backed securities - residential |  | — |  |  | 1,232,256 |  |  | — |  |  | 1,232,256 |
Mortgage-backed securities - commercial |  | — |  |  | 14,307 |  |  | — |  |  | 14,307 |
Municipal securities |  | — |  |  | 310,138 |  |  | — |  |  | 310,138 |
Treasury securities |  | — |  |  | 80,173 |  |  | — |  |  | 80,173 |
Corporate securities |  | — |  |  | 7,769 |  |  | — |  |  | 7,769 |
Equity securities |  | — |  |  | 3,213 |  |  | — |  |  | 3,213 |
Total securities |  | $ | — |  |  | $ | 1,686,738 |  |  | $ | — |  |  | $ | 1,686,738 |
Loans held for sale |  | $ | — |  |  | $ | 318,549 |  |  | $ | 78,179 |  |  | $ | 396,728 |
Mortgage servicing rights |  | — |  |  | — |  |  | 144,675 |  |  | 144,675 |
Derivatives |  | — |  |  | 38,180 |  |  | — |  |  | 38,180 |
Financial Liabilities: |  |  |  |  |  |  |  |
Derivatives |  | — |  |  | 33,029 |  |  | — |  |  | 33,029 |
The balances and levels of the assets measured at fair value on a recurring basis at December 31, 2021 are presented in the following table:
At December 31, 2021 |  | Quoted prices in active markets for identical assets (liabilities) (level 1) |  | Significant other observable inputs (level 2) |  | Significant unobservable inputs (level 3) |  | Total
Recurring valuations: |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | — |  |  | $ | 33,870 |  |  | $ | — |  |  | $ | 33,870 |
Mortgage-backed securities - residential |  | — |  |  | 1,269,372 |  |  | — |  |  | 1,269,372 |
Mortgage-backed securities - commercial |  | — |  |  | 15,250 |  |  | — |  |  | 15,250 |
Municipal securities |  | — |  |  | 338,610 |  |  | — |  |  | 338,610 |
Treasury securities |  | — |  |  | 14,908 |  |  | — |  |  | 14,908 |
Corporate securities |  | — |  |  | 6,515 |  |  | — |  |  | 6,515 |
Equity securities |  | — |  |  | 3,367 |  |  | — |  |  | 3,367 |
Total securities |  | $ | — |  |  | $ | 1,681,892 |  |  | $ | — |  |  | $ | 1,681,892 |
Loans held for sale |  | $ | — |  |  | $ | 672,924 |  |  | $ | 79,299 |  |  | $ | 752,223 |
Mortgage servicing rights |  | — |  |  | — |  |  | 115,512 |  |  | 115,512 |
Derivatives |  | — |  |  | 27,384 |  |  | — |  |  | 27,384 |
Financial Liabilities: |  |  |  |  |  |  |  |
Derivatives |  | — |  |  | 21,000 |  |  | — |  |  | 21,000 |
Schedule of Balances and Levels of Assets Measured at Fair Value on Non-recurring Basis | The balances and levels of the assets measured at fair value on a non-recurring basis at March 31, 2022 are presented in the following table:
At March 31, 2022 |  | Quoted prices in active markets for identical assets (liabilities (level 1) |  | Significant other observable inputs (level 2) |  | Significant unobservable inputs (level 3) |  | Total |  |  |  |
Non-recurring valuations: |  |  |  |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
Other real estate owned |  | $ | — |  |  | $ | — |  |  | $ | 1,836 |  |  | $ | 1,836 |  |  |  |  |
Collateral dependent loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | — |  |  | $ | — |  |  | $ | 11 |  |  | $ | 11 |  |  |  |  |
Construction |  | — |  |  | — |  |  | 601 |  |  | 601 |  |  |  |  |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |
Residential line of credit |  | — |  |  | — |  |  | 311 |  |  | 311 |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied |  | — |  |  | — |  |  | 2,140 |  |  | 2,140 |  |  |  |  |
Consumer and other |  | — |  |  | — |  |  | 24 |  |  | 24 |  |  |  |  |
Total collateral dependent loans |  | $ | — |  |  | $ | — |  |  | $ | 3,087 |  |  | $ | 3,087 |  |  |  |  |
The balances and levels of the assets measured at fair value on a non-recurring basis at December 31, 2021 are presented in the following table:
At December 31, 2021 |  | Quoted prices in active markets for identical assets (liabilities) (level 1) |  | Significant other observable inputs (level 2) |  | Significant unobservable inputs (level 3) |  | Total
Non-recurring valuations: |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |
Other real estate owned |  | $ | — |  |  | $ | — |  |  | $ | 6,308 |  |  | $ | 6,308 |
Collateral dependent loans: |  |  |  |  |  |  |  |
Construction |  | — |  |  | — |  |  | 606 |  |  | 606 |
Residential real estate: |  |  |  |  |  |  |  |
Residential line of credit |  | — |  |  | — |  |  | 592 |  |  | 592 |
Commercial real estate: |  |  |  |  |  |  |  |
Owner occupied |  | — |  |  | — |  |  | 729 |  |  | 729 |
Non-owner occupied |  | — |  |  | — |  |  | 3,526 |  |  | 3,526 |
Consumer and other |  | — |  |  | — |  |  | 24 |  |  | 24 |
Total collateral dependent loans |  | $ | — |  |  | $ | — |  |  | $ | 5,477 |  |  | $ | 5,477 |
Schedule of Information About Significant Unobservable Inputs (Level 3) Used in Valuation of Assets Measured at Fair Value on Nonrecurring Basis | The following tables present information as of March 31, 2022 and December 31, 2021 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:
As of March 31, 2022 |  |  |  |  |  |  |  |  |
Financial instrument |  | Fair Value |  | Valuation technique |  | Significant unobservable inputs |  | Range of inputs |
Collateral dependent loans |  | $ | 3,087 |  |  | Valuation of collateral |  | Discount for comparable sales |  | 10%-35% |
Other real estate owned |  | $ | 1,836 |  |  | Appraised value of property less costs to sell |  | Discount for costs to sell |  | 0%-15% |
As of December 31, 2021 |  |  |  |  |  |  |  |  |
Financial instrument |  | Fair Value |  | Valuation technique |  | Significant unobservable inputs |  | Range of inputs |
Collateral dependent loans |  | $ | 5,477 |  |  | Valuation of collateral |  | Discount for comparable sales |  | 10%-35% |
Other real estate owned |  | $ | 6,308 |  |  | Appraised value of property less costs to sell |  | Discount for costs to sell |  | 0%-15% |
Schedule of Loans Held For Sale at Fair Value | The following table summarizes the Company's loans held for sale, at fair value, as of the dates presented:
|  | March 31, |  | December 31,
|  | 2022 |  | 2021
Commercial and industrial |  | $ | 78,179 |  |  | $ | 79,299 |
Residential real estate: |  |  |  |
1-4 family mortgage |  | 318,549 |  |  | 672,924 |
Total loans held for sale |  | $ | 396,728 |  |  | $ | 752,223 |
Schedule of Changes in Associated with Commercial Loans Held For Sale | The following tables sets forth the changes in fair value associated with this portfolio for the three months ended March 31, 2022 and 2021.
|  | Three Months Ended March 31, 2022 |
|  | Principal Balance |  | Fair Value Discount |  | Fair Value |
Carrying value at beginning of period |  | $ | 86,762 |  |  | $ | (7,463) |  |  | $ | 79,299 |  |
Change in fair value: |  |  |  |  |  |  |
Pay-downs and pay-offs |  | (946) |  |  | — |  |  | (946) |  |
Write-offs to discount |  | — |  |  | — |  |  | — |  |
Changes in valuation included in other noninterest income |  | — |  |  | (174) |  |  | (174) |  |
Carrying value at end of period |  | $ | 85,816 |  |  | $ | (7,637) |  |  | $ | 78,179 |  |
|  | Three Months Ended March 31, 2021
|  | Principal balance |  | Fair Value discount |  | Fair Value
Carrying value at beginning of period |  | $ | 239,063 |  |  | $ | (23,660) |  |  | $ | 215,403 |
Change in fair value: |  |  |  |  |  |
Pay-downs and pay-offs |  | (39,566) |  |  | — |  |  | (39,566) |
Write-offs to discount |  | (2,007) |  |  | 2,007 |  |  | — |
Changes in valuation included in other noninterest income |  | — |  |  | (853) |  |  | (853) |
Carrying value at end of period |  | $ | 197,490 |  |  | $ | (22,506) |  |  | $ | 174,984 |
Schedule of Differences between Fair Value and Principal Balance for Loans Held for Sale Measured at Fair Value | The following table summarizes the differences between the fair value and the principal balance for loans held for sale and nonaccrual loans measured at fair value as of March 31, 2022 and December 31, 2021:
March 31, 2022 |  | Aggregate fair value |  | Aggregate Unpaid Principal Balance |  | Difference
Mortgage loans held for sale measured at fair value |  | $ | 318,549 |  |  | $ | 320,516 |  |  | $ | (1,967) |
Commercial loans held for sale measured at fair value |  | 73,092 |  |  | 76,028 |  |  | (2,936) |
Nonaccrual commercial loans held for sale |  | 5,087 |  |  | 9,788 |  |  | (4,701) |
December 31, 2021 |  |  |  |  |  |
Mortgage loans held for sale measured at fair value |  | $ | 672,924 |  |  | $ | 658,017 |  |  | $ | 14,907 |
Commercial loans held for sale measured at fair value |  | 74,082 |  |  | 76,863 |  |  | (2,781) |
Nonaccrual commercial loans held for sale |  | 5,217 |  |  | 9,899 |  |  | (4,682) |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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