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Fair Value (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024
		Level 1				Level 2				Level 3				Total
		(Dollars in thousands)
Assets:
Available for sale securities:
Corporate debt securities		$	—			$	16,080			$	—			$	16,080
Collateralized mortgage obligations			—				193,386				—				193,386
Mortgage-backed securities			—				109,181				—				109,181
Total		$	—			$	318,647			$	—			$	318,647
Derivative financial instruments:
Interest rate lock commitments		$	—			$	171			$	—			$	171
Forward mortgage-backed securities trades			—				53				—				53
Loan customer counterparty			—				—				—				—
Financial institution counterparty			—				2,315				—				2,315
Liabilities:
Derivative financial instruments:
Interest rate lock commitments		$	—			$	24			$	—			$	24
Forward mortgage-backed securities trades			—				29				—				29
Loan customer counterparty			—				2,324				—				2,324
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 June 30, 2024
		Carrying				Estimated Fair Value
		Amount				Level 1				Level 2				Level 3				Total
		(Dollars in thousands)
Assets
Cash and due from banks		$	1,507,604			$	1,507,604			$	—			$	—			$	1,507,604
Federal funds sold			234				234				—				—				234
Held to maturity securities			11,383,492				—				9,992,366				—				9,992,366
Loans held for sale			9,951				—				9,951				—				9,951
Loans held for investment, net of allowance			20,869,609				—				—				19,288,895				19,288,895
Loans held for investment - Warehouse Purchase Program			1,081,403				—				1,081,403				—				1,081,403
Other real estate owned			4,960				—				4,960				—				4,960
Liabilities
Deposits:
Noninterest-bearing		$	9,706,505			$	—			$	9,706,505			$	—			$	9,706,505
Interest-bearing			18,226,581				—				18,189,848				—				18,189,848
Other borrowings			3,900,000				—				3,883,469				—				3,883,469
Securities sold under repurchase agreements			233,689				—				233,638				—				233,638

		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 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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Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
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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/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

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