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Fair Value (Tables)

3 Months Ended

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

X

- 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 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: 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

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X

- References

No definition available.

+ Details

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X

- 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

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