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Fair Value (Tables)

9 Months Ended

Sep. 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 September 30, 2024
		Level 1				Level 2				Level 3				Total
		(Dollars in thousands)
Assets:
Available for sale securities:
Corporate debt securities		$	—			$	16,282			$	—			$	16,282
Collateralized mortgage obligations			—				206,799				—				206,799
Mortgage-backed securities			—				108,333				—				108,333
Derivative financial instruments:
Interest rate lock commitments		$	—			$	276			$	—			$	276
Forward mortgage-backed securities trades			—				27				—				27
Loan customer counterparty			—				—				—				—
Financial institution counterparty			—				1,365				—				1,365
Liabilities:
Derivative financial instruments:
Interest rate lock commitments		$	—			$	—			$	—			$	—
Forward mortgage-backed securities trades			—				80				—				80
Loan customer counterparty			—				1,375				—				1,375
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
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 September 30, 2024
		Carrying				Estimated Fair Value
		Amount				Level 1				Level 2				Level 3				Total
		(Dollars in thousands)
Assets
Cash and due from banks		$	2,209,863			$	2,209,863			$	—			$	—			$	2,209,863
Federal funds sold			208				208				—				—				208
Held to maturity securities			10,969,342				—				9,964,060				—				9,964,060
Loans held for sale			6,113				—				6,113				—				6,113
Loans held for investment, net of allowance			20,791,636				—				—				19,152,919				19,152,919
Loans held for investment - Warehouse Purchase Program			1,228,706				—				1,228,706				—				1,228,706
Other real estate owned			5,757				—				5,757				—				5,757
Liabilities
Deposits:
Noninterest-bearing		$	9,811,361			$	—			$	9,811,361			$	—			$	9,811,361
Interest-bearing			18,276,250				—				18,258,729				—				18,258,729
Other borrowings			3,900,000				—				3,896,912				—				3,896,912
Securities sold under repurchase agreements			228,896				—				228,876				—				228,876

		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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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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