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Fair Value of Assets and Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis | The table below presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023:
(dollars in thousands) |  | Quoted Prices In Active Markets for Identical Assets or Liabilities (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Investment Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |
Debt Securities Issued by the U.S. Treasury and Government Agencies |  | $ | 150,389 |  |  | $ | 98,683 |  |  | $ | — |  |  | $ | 249,072 |
Debt Securities Issued by States and Political Subdivisions |  |  | — |  |  |  | 63,859 |  |  |  | — |  |  |  | 63,859 |
Debt Securities Issued by U.S. Government-Sponsored Enterprises |  |  | — |  |  |  | 1,464 |  |  |  | — |  |  |  | 1,464 |
Debt Securities Issued by Corporations |  |  | — |  |  |  | 671,675 |  |  |  | — |  |  |  | 671,675 |
Collateralized Mortgage Obligations Issued by |  |  |  |  |  |  |  |  |  |  |  |
Residential - Government Agencies or Sponsored Enterprises |  |  | — |  |  |  | 935,220 |  |  |  | — |  |  |  | 935,220 |
Commercial - Government Agencies or Sponsored Enterprises |  |  | — |  |  |  | 283,474 |  |  |  | — |  |  |  | 283,474 |
Total Collateralized Mortgage Obligations |  |  | — |  |  |  | 1,218,694 |  |  |  | — |  |  |  | 1,218,694 |
Mortgage-Backed Securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential - Government Agencies or Sponsored Enterprises |  |  | — |  |  |  | 484,764 |  |  |  | — |  |  |  | 484,764 |
Total Investment Securities Available-for-Sale |  |  | 150,389 |  |  |  | 2,539,139 |  |  |  | — |  |  |  | 2,689,528 |
Loans Held for Sale |  |  | — |  |  |  | 2,150 |  |  |  | — |  |  |  | 2,150 |
Mortgage Servicing Rights |  |  | — |  |  |  | — |  |  |  | 647 |  |  |  | 647 |
Other Assets |  |  | 18,155 |  |  |  | — |  |  |  | — |  |  |  | 18,155 |
Derivatives 1 |  |  | — |  |  |  | 161,439 |  |  |  | 34 |  |  |  | 161,473 |
Total Assets Measured at Fair Value on a Recurring Basis as of December 31, 2024 |  | $ | 168,544 |  |  | $ | 2,702,728 |  |  | $ | 681 |  |  | $ | 2,871,953 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives 1 |  | $ | — |  |  | $ | 154,060 |  |  | $ | — |  |  | $ | 154,060 |
Total Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2024 |  | $ | — |  |  | $ | 154,060 |  |  | $ | — |  |  | $ | 154,060 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Investment Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |
Debt Securities Issued by the U.S. Treasury and Government Agencies |  | $ | 146,214 |  |  | $ | 66,359 |  |  | $ | — |  |  | $ | 212,573 |
Debt Securities Issued by States and Political Subdivisions |  |  | — |  |  |  | 63,806 |  |  |  | — |  |  |  | 63,806 |
Debt Securities Issued by U.S. Government-Sponsored Enterprises |  |  | — |  |  |  | 1,476 |  |  |  | — |  |  |  | 1,476 |
Debt Securities Issued by Corporations |  |  | — |  |  |  | 657,701 |  |  |  | — |  |  |  | 657,701 |
Collateralized Mortgage Obligations Issued by |  |  |  |  |  |  |  |  |  |  |  |
Residential - Government Agencies or Sponsored Enterprises |  |  | — |  |  |  | 774,363 |  |  |  | — |  |  |  | 774,363 |
Commercial - Government Agencies or Sponsored Enterprises |  |  | — |  |  |  | 134,923 |  |  |  | — |  |  |  | 134,923 |
Total Collateralized Mortgage Obligations |  |  | — |  |  |  | 909,286 |  |  |  | — |  |  |  | 909,286 |
Mortgage-Backed Securities Issued by: |  |  |  |  |  |  |  |  |  |  |  |
Residential - Government Agencies or Sponsored Enterprises |  |  | — |  |  |  | 564,091 |  |  |  | — |  |  |  | 564,091 |
Total Investment Securities Available-for-Sale |  |  | 146,214 |  |  |  | 2,262,719 |  |  |  | — |  |  |  | 2,408,933 |
Loans Held for Sale |  |  | — |  |  |  | 3,124 |  |  |  | — |  |  |  | 3,124 |
Mortgage Servicing Rights |  |  | — |  |  |  | — |  |  |  | 678 |  |  |  | 678 |
Other Assets |  |  | 13,448 |  |  |  | — |  |  |  | — |  |  |  | 13,448 |
Derivatives 1 |  |  | — |  |  |  | 94,921 |  |  |  | 148 |  |  |  | 95,069 |
Total Assets Measured at Fair Value on a Recurring Basis as of December 31, 2023 |  | $ | 159,662 |  |  | $ | 2,360,764 |  |  | $ | 826 |  |  | $ | 2,521,252 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives 1 |  | $ | — |  |  | $ | 143,857 |  |  | $ | — |  |  | $ | 143,857 |
Total Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2023 |  | $ | — |  |  | $ | 143,857 |  |  | $ | — |  |  | $ | 143,857 |
1. The fair value of each class of derivatives is shown in Note 17 Derivative Financial Instruments.
Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis | For the years ended December 31, 2024 and 2023, the changes in Level 3 assets and liabilities measured at fair value on a recurring basis were as follows:
(dollars in thousands) |  | Mortgage Servicing Rights 1 |  |  | Net Derivative Assets and Liabilities 2 |
Year Ended December 31, 2024 |  |  |  |  |  |
Balance as of January 1, 2024 |  | $ | 678 |  |  | $ | 148 |
Realized and Unrealized Net Gains (Losses): |  |  |  |  |  |
Included in Net Income |  |  | (31 | ) |  |  | 805 |
Transfers to Loans Held for Sale |  |  | — |  |  |  | (919 | )
Balance as of December 31, 2024 |  | $ | 647 |  |  | $ | 34 |
Total Unrealized Net Gains Included in Net Income Related to Assets Still Held as of December 31, 2024 |  | $ | — |  |  | $ | 805 |
Year Ended December 31, 2023 |  |  |  |  |  |
Balance as of January 1, 2023 |  | $ | 717 |  |  | $ | (122,072 | )
Transfer to Level 2 3 |  |  | — |  |  |  | 122,130 |
Realized and Unrealized Net Gains (Losses): |  |  |  |  |  |
Included in Net Income |  |  | (39 | ) |  |  | 828 |
Transfers to Loans Held for Sale |  |  | — |  |  |  | (738 | )
Balance as of December 31, 2023 |  | $ | 678 |  |  | $ | 148 |
Total Unrealized Net Gains Included in Net Income Related to Assets Still Held as of December 31, 2023 |  | $ | — |  |  | $ | 828 |
1. Realized and unrealized gains and losses related to mortgage servicing rights are reported as a component of Mortgage Banking in the Company’s consolidated statements of income. 2. Realized and unrealized gains and losses related to IRLCs are reported as a component of Mortgage Banking in the Company’s consolidated statements of income. 3. In 2023, the Company concluded that the impact of the credit factor adjustment, while still unobservable, is not significant to the fair value measurement of these instruments. As a result, the fair values of interest rate swaps were classified as a Level 2 measurement.
Summary of the Significant Unobservable Inputs | For Level 3 assets and liabilities measured at fair value on a recurring or nonrecurring basis as of December 31, 2024 and 2023, the significant unobservable inputs used in the fair value measurements were as follows:
|  |  |  |  |  | December 31, 2024 |  |  | December 31, 2023 |
(dollars in thousands) |  | Valuation Technique |  | Description |  | Range |  | Weighted Average 1 |  |  | Fair Value |  |  | Range |  | Weighted Average 1 |  |  | Fair Value |
Mortgage Servicing Rights |  | Discounted Cash Flow |  | Constant Prepayment Rate |  |  | 2.98 | % | - | 17.63% |  |  | 4.00 | % |  | $ | 25,636 |  |  |  | 2.98 | % | - | 21.18% |  |  | 4.06 | % |  | $ | 26,851 |
|  |  |  | Discount Rate |  |  | 9.17 | % | - | 10.03% |  |  | 9.92 | % |  |  |  |  |  | 7.65 | % | - | 10.79% |  |  | 9.48 | % |  |  |
Net Derivative Assets and Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Lock Commitments |  | Pricing Model |  | Closing Ratio |  |  | 93.10 | % | - | 99.00% |  |  | 94.17 | % |  | $ | 34 |  |  |  | 83.50 | % | - | 99.00% |  |  | 85.53 | % |  | $ | 148 |
1. Unobservable inputs for mortgage servicing rights and interest rate lock commitments were weighted by the unpaid principal balance.
Schedule of Difference between Aggregate Fair Value and Aggregate Unpaid Principal Balance | The following table reflects the difference between the aggregate fair value and the aggregate unpaid principal balance of the Company’s residential mortgage loans held for sale as of December 31, 2024 and 2023.
(dollars in thousands) |  | Aggregate Fair Value |  |  | Aggregate Unpaid Principal |  |  | Aggregate Fair Value Less Aggregate Unpaid Principal |
December 31, 2024 |  |  |  |  |  |  |  |  |
Loans Held for Sale |  | $ | 2,150 |  |  | $ | 2,109 |  |  | $ | 41 |
December 31, 2023 |  |  |  |  |  |  |  |  |
Loans Held for Sale |  | $ | 3,124 |  |  | $ | 3,051 |  |  | $ | 73 |
Schedule of Carrying Amount, Fair Value, and Fair Value Hierarchy of Financial Instruments | The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments not recorded at fair value on a recurring basis as of December 31, 2024 and 2023. This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. For non-marketable equity securities such as Federal Home Loan Bank of Des Moines and Federal Reserve Bank stock, the carrying amount is a reasonable estimate of fair value as these securities can only be redeemed or sold at their par value and only to the respective issuing government-supported institution or to another member institution. For financial liabilities such as noninterest-bearing demand, interest-bearing demand, and savings deposits, the carrying amount is a reasonable estimate of fair value due to these products having no stated maturity.
|  |  |  |  |  |  |  | Fair Value Measurements |
(dollars in thousands) |  | Carrying Amount |  |  | Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Instruments – Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Securities Held-to-Maturity |  | $ | 4,618,543 |  |  | $ | 3,820,882 |  |  | $ | 116,941 |  |  | $ | 3,703,941 |  |  | $ | — |
Loans |  |  | 13,777,756 |  |  |  | 12,908,626 |  |  |  | — |  |  |  | — |  |  |  | 12,908,626 |
Financial Instruments – Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time Deposits |  |  | 3,059,575 |  |  |  | 3,050,583 |  |  |  | — |  |  |  | 3,050,583 |  |  |  | — |
Securities Sold Under Agreements to Repurchase |  |  | 100,000 |  |  |  | 101,478 |  |  |  | — |  |  |  | 101,478 |  |  |  | — |
Other Debt 1 |  |  | 550,000 |  |  |  | 538,808 |  |  |  | — |  |  |  | 538,808 |  |  |  | — |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Instruments – Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Securities Held-to-Maturity |  | $ | 4,997,335 |  |  | $ | 4,253,637 |  |  | $ | 116,531 |  |  | $ | 4,137,106 |  |  | $ | — |
Loans |  |  | 13,698,701 |  |  |  | 12,872,260 |  |  |  | — |  |  |  | — |  |  |  | 12,872,260 |
Financial Instruments – Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time Deposits |  |  | 3,057,302 |  |  |  | 3,043,258 |  |  |  | — |  |  |  | 3,043,258 |  |  |  | — |
Securities Sold Under Agreements to Repurchase |  |  | 150,490 |  |  |  | 155,461 |  |  |  | — |  |  |  | 155,461 |  |  |  | — |
Other Debt 1 |  |  | 550,000 |  |  |  | 541,466 |  |  |  | — |  |  |  | 541,466 |  |  |  | — |
1. Excludes finance lease obligations.

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- Definition Tabular disclosure of the fair value measurement of assets and liabilities 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, 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, issuances, 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 and liability. + References No definition available. + Details
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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://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + 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/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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