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Fair Value (Tables) | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Fair Value Assets and Liabilities Measured on Recurring Basis | The following tables present fair values for assets and liabilities measured at fair value on a recurring basis:
|  | As of March 31, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (Dollars in thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Available for sale securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | — |  |  | $ | 15,845 |  |  | $ | — |  |  | $ | 15,845 |
Collateralized mortgage obligations |  |  | — |  |  |  | 194,806 |  |  |  | — |  |  |  | 194,806 |
Mortgage-backed securities |  |  | — |  |  |  | 104,649 |  |  |  | — |  |  |  | 104,649 |
Total |  | $ | — |  |  | $ | 315,300 |  |  | $ | — |  |  | $ | 315,300 |
Derivative financial instruments: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate lock commitments |  | $ | — |  |  | $ | 256 |  |  | $ | — |  |  | $ | 256 |
Forward mortgage-backed securities trades |  |  | — |  |  |  | 8 |  |  |  | — |  |  |  | 8 |
Loan customer counterparty |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Financial institution counterparty |  |  | — |  |  |  | 4,309 |  |  |  | — |  |  |  | 4,309 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate lock commitments |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Forward mortgage-backed securities trades |  |  | — |  |  |  | 74 |  |  |  | — |  |  |  | 74 |
Loan customer counterparty |  |  | — |  |  |  | 4,330 |  |  |  | — |  |  |  | 4,330 |
Financial institution counterparty |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  | As of December 31, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (Dollars in thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Available for sale securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | — |  |  | $ | 21,787 |  |  | $ | — |  |  | $ | 21,787 |
Collateralized mortgage obligations |  |  | — |  |  |  | 320,044 |  |  |  | — |  |  |  | 320,044 |
Mortgage-backed securities |  |  | — |  |  |  | 96,757 |  |  |  | — |  |  |  | 96,757 |
Total available for sale securities |  | $ | — |  |  | $ | 438,588 |  |  | $ | — |  |  | $ | 438,588 |
Derivative financial instruments: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate lock commitments |  | $ | — |  |  | $ | 218 |  |  | $ | — |  |  | $ | 218 |
Forward mortgage-backed securities trades |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | 1 |
Loan customer counterparty |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Financial institution counterparty |  |  | — |  |  |  | 3,876 |  |  |  | — |  |  |  | 3,876 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate lock commitments |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Forward mortgage-backed securities trades |  |  | — |  |  |  | 161 |  |  |  | — |  |  |  | 161 |
Loan customer counterparty |  |  | — |  |  |  | 3,899 |  |  |  | — |  |  |  | 3,899 |
Financial institution counterparty |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Summary of Carrying and Fair Value Information of Financial Instruments | The following tables present carrying and fair value information of financial instruments as of the dates indicated:
|  | As of March 31, 2024 |
|  | Carrying |  |  | Estimated Fair Value |
|  | Amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (Dollars in thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 1,086,444 |  |  | $ | 1,086,444 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,086,444 |
Federal funds sold |  |  | 250 |  |  |  | 250 |  |  |  | — |  |  |  | — |  |  |  | 250 |
Held to maturity securities |  |  | 11,985,838 |  |  |  | — |  |  |  | 10,478,359 |  |  |  | — |  |  |  | 10,478,359 |
Loans held for sale |  |  | 6,380 |  |  |  | — |  |  |  | 6,380 |  |  |  | — |  |  |  | 6,380 |
Loans held for investment, net of allowance |  |  | 20,063,724 |  |  |  | — |  |  |  | — |  |  |  | 18,465,513 |  |  |  | 18,465,513 |
Loans held for investment - Warehouse Purchase Program |  |  | 864,924 |  |  |  | — |  |  |  | 864,924 |  |  |  | — |  |  |  | 864,924 |
Other real estate owned |  |  | 2,204 |  |  |  | — |  |  |  | 2,204 |  |  |  | — |  |  |  | 2,204 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing |  | $ | 9,526,535 |  |  | $ | — |  |  | $ | 9,526,535 |  |  | $ | — |  |  | $ | 9,526,535 |
Interest-bearing |  |  | 17,648,983 |  |  |  | — |  |  |  | 17,611,669 |  |  |  | — |  |  |  | 17,611,669 |
Other borrowings |  |  | 3,900,000 |  |  |  | — |  |  |  | 3,876,545 |  |  |  | — |  |  |  | 3,876,545 |
Securities sold under repurchase agreements |  |  | 261,671 |  |  |  | — |  |  |  | 261,621 |  |  |  | — |  |  |  | 261,621 |
|  | As of December 31, 2023 |
|  | Carrying |  |  | Estimated Fair Value |
|  | Amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (Dollars in thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 458,153 |  |  | $ | 458,153 |  |  | $ | — |  |  | $ | — |  |  | $ | 458,153 |
Federal funds sold |  |  | 260 |  |  |  | 260 |  |  |  | — |  |  |  | — |  |  |  | 260 |
Held to maturity securities |  |  | 12,365,308 |  |  |  | — |  |  |  | 10,984,598 |  |  |  | — |  |  |  | 10,984,598 |
Loans held for sale |  |  | 5,734 |  |  |  | — |  |  |  | 5,734 |  |  |  | — |  |  |  | 5,734 |
Loans held for investment, net of allowance |  |  | 20,020,197 |  |  |  | — |  |  |  | — |  |  |  | 18,321,054 |  |  |  | 18,321,054 |
Loans held for investment - Warehouse Purchase Program |  |  | 822,245 |  |  |  | — |  |  |  | 822,245 |  |  |  | — |  |  |  | 822,245 |
Other real estate owned |  |  | 1,708 |  |  |  | — |  |  |  | 1,708 |  |  |  | — |  |  |  | 1,708 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing |  | $ | 9,776,572 |  |  | $ | — |  |  | $ | 9,776,572 |  |  | $ | — |  |  | $ | 9,776,572 |
Interest-bearing |  |  | 17,403,237 |  |  |  | — |  |  |  | 17,371,523 |  |  |  | — |  |  |  | 17,371,523 |
Other borrowings |  |  | 3,725,000 |  |  |  | — |  |  |  | 3,725,000 |  |  |  | — |  |  |  | 3,725,000 |
Securities sold under repurchase agreements |  |  | 309,277 |  |  |  | — |  |  |  | 309,245 |  |  |  | — |  |  |  | 309,245 |

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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 -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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -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 + Details
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