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FAIR VALUE MEASURES (Tables) | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of Loans Held For Sale Fair Value | The Company's loans held for sale under the fair value option are comprised of the following:
(dollars in thousands) | March 31, 2024 |  | December 31, 2023
Mortgage loans held for sale | $ | 363,002 |  |  | $ | 281,332 |
SBA loans held for sale | 1,330 |  |  | — |
Total loans held for sale | $ | 364,332 |  |  | $ | 281,332 |
Schedule of Difference Between Fair Value and Principal Balance for Mortgage Loans Held for Sale Measured at Fair Value | The following table summarizes the difference between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of March 31, 2024 and December 31, 2023:
(dollars in thousands) | March 31, 2024 |  | December 31, 2023
Aggregate fair value of mortgage loans held for sale | $ | 363,002 |  |  | $ | 281,332 |
Aggregate unpaid principal balance of mortgage loans held for sale | 355,998 |  |  | 273,915 |
Past-due loans of 90 days or more | 463 |  |  | 781 |
Nonaccrual loans | 463 |  |  | 781 |
Unpaid principal balance of nonaccrual loans | 453 |  |  | 774 |
The following table summarizes the difference between the fair value and the principal balance for SBA loans held for sale measured at fair value as of March 31, 2024 and December 31, 2023:
(dollars in thousands) | March 31, 2024 |  | December 31, 2023
Aggregate fair value of SBA loans held for sale | $ | 1,330 |  |  | $ | — |
Aggregate unpaid principal balance of SBA loans held for sale | 1,203 |  |  | — |
Schedule of Fair Value Measurements of Assets and Liabilities Measured on Recurring Basis | The following table presents the fair value measurements of assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of March 31, 2024 and December 31, 2023:
| Recurring Basis Fair Value Measurements
| March 31, 2024
(dollars in thousands) | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |
U.S. Treasuries | $ | 701,296 |  |  | $ | 701,296 |  |  | $ | — |  |  | $ | — |
U.S. government sponsored agencies | 980 |  |  | — |  |  | 980 |  |  | — |
State, county and municipal securities | 27,004 |  |  | — |  |  | 27,004 |  |  | — |
Corporate debt securities | 10,014 |  |  | — |  |  | 9,054 |  |  | 960 |
SBA pool securities | 78,429 |  |  | — |  |  | 78,429 |  |  | — |
Mortgage-backed securities | 596,696 |  |  | — |  |  | 596,696 |  |  | — |
Loans held for sale | 364,332 |  |  | — |  |  | 364,332 |  |  | — |
Derivative financial instruments | 10,019 |  |  | — |  |  | 10,019 |  |  | — |
Mortgage banking derivative instruments | 5,752 |  |  | — |  |  | 5,752 |  |  | — |
Total recurring assets at fair value | $ | 1,794,522 |  |  | $ | 701,296 |  |  | $ | 1,092,266 |  |  | $ | 960 |
Financial liabilities: |  |  |  |  |  |  |
Derivative financial instruments | $ | 10,142 |  |  | $ | — |  |  | $ | 10,142 |  |  | $ | — |
Risk participation agreement | 32 |  |  |  |  | 32 |  |  |
Mortgage banking derivative instruments | 1,030 |  |  | — |  |  | 1,030 |  |  | — |
Total recurring liabilities at fair value | $ | 11,204 |  |  | $ | — |  |  | $ | 11,204 |  |  | $ | — |
| Recurring Basis Fair Value Measurements
| December 31, 2023
(dollars in thousands) | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |
U.S. Treasuries | $ | 720,877 |  |  | $ | 720,877 |  |  | $ | — |  |  | $ | — |
U.S. government sponsored agencies | 985 |  |  | — |  |  | 985 |  |  | — |
State, county and municipal securities | 28,051 |  |  | — |  |  | 28,051 |  |  | — |
Corporate debt securities | 10,027 |  |  | — |  |  | 9,037 |  |  | 990 |
SBA pool securities | 51,516 |  |  | — |  |  | 51,516 |  |  | — |
Mortgage-backed securities | 591,488 |  |  | — |  |  | 591,488 |  |  | — |
Loans held for sale | 281,332 |  |  | — |  |  | 281,332 |  |  | — |
Derivative financial instruments | 5,937 |  |  | — |  |  | 5,937 |  |  | — |
Mortgage banking derivative instruments | 3,636 |  |  | — |  |  | 3,636 |  |  | — |
Total recurring assets at fair value | $ | 1,693,849 |  |  | $ | 720,877 |  |  | $ | 971,982 |  |  | $ | 990 |
Financial liabilities: |  |  |  |  |  |  |
Derivative financial instruments | $ | 6,203 |  |  | $ | — |  |  | $ | 6,203 |  |  | $ | — |
Mortgage banking derivative instruments | 5,790 |  |  | — |  |  | 5,790 |  |  | — |
Total recurring liabilities at fair value | $ | 11,993 |  |  | $ | — |  |  | $ | 11,993 |  |  | $ | — |
Schedule of Fair Value Measurements of Assets Measured at Fair Value on Non-Recurring Basis | The following table presents the fair value measurements of assets measured at fair value on a non-recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy as of March 31, 2024 and December 31, 2023:
| Nonrecurring Basis Fair Value Measurements
(dollars in thousands) | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
March 31, 2024 |  |  |  |  |  |  |
Collateral-dependent loans | $ | 47,147 |  |  | $ | — |  |  | $ | — |  |  | $ | 47,147 |
Other real estate owned | 560 |  |  | — |  |  | — |  |  | 560 |
Total nonrecurring assets at fair value | $ | 47,707 |  |  | $ | — |  |  | $ | — |  |  | $ | 47,707 |
December 31, 2023 |  |  |  |  |  |  |
Collateral-dependent loans | $ | 36,978 |  |  | $ | — |  |  | $ | — |  |  | $ | 36,978 |
Other real estate owned | 5,324 |  |  | — |  |  | — |  |  | 5,324 |
Total nonrecurring assets at fair value | $ | 42,302 |  |  | $ | — |  |  | $ | — |  |  | $ | 42,302 |
Schedule of Significant Unobservable Inputs Used in Fair Value Measurement of Level 3 Assets and Liabilities | The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets:
(dollars in thousands) |  | Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Range of Discounts |  | Weighted Average Discount
March 31, 2024 |  |  |  |  |  |  |  |  |  |
Recurring: |  |  |  |  |  |  |  |  |  |
Debt securities available-for-sale |  | $ | 960 |  |  | Discounted cash flows |  | Probability of Default |  | 11% |  | 11%
Loss Given Default |  | 44% |  | 44%
Nonrecurring: |  |  |  |  |  |  |  |  |  |
Collateral-dependent loans |  | $ | 47,147 |  |  | Third-party appraisals and discounted cash flows |  | Collateral discounts and discount rates |  | 3% - 60% |  | 28%
Other real estate owned |  | $ | 560 |  |  | Third-party appraisals and sales contracts |  | Collateral discounts and estimated costs to sell |  | 15% - 27% |  | 23%
December 31, 2023 |  |  |  |  |  |  |  |  |  |
Recurring: |  |  |  |  |  |  |  |  |  |
Debt securities available-for-sale |  | $ | 990 |  |  | Discounted cash flows |  | Probability of Default |  | 11% |  | 11%
|  |  | Loss Given Default |  | 42% |  | 42%
Nonrecurring: |  |  |  |  |  |  |  |  |  |
Collateral-dependent loans |  | $ | 36,978 |  |  | Third-party appraisals and discounted cash flows |  | Collateral discounts and discount rates |  | 11% - 60% |  | 28%
Other real estate owned |  | $ | 5,324 |  |  | Third-party appraisals and sales contracts |  | Collateral discounts and estimated costs to sell |  | 15% - 33% |  | 22%
Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments | The carrying amount and estimated fair value of the Company’s financial instruments, not shown elsewhere in these financial statements, were as follows:
|  |  | Fair Value Measurements
|  |  | March 31, 2024
(dollars in thousands) | Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets: |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 235,931 |  |  | $ | 235,931 |  |  | $ | — |  |  | $ | — |  |  | $ | 235,931 |
Federal funds sold and interest-bearing accounts | 975,321 |  |  | 975,321 |  |  | — |  |  | — |  |  | 975,321 |
Debt securities held-to-maturity | 147,022 |  |  | — |  |  | 126,581 |  |  | — |  |  | 126,581 |
Loans, net | 20,233,090 |  |  | — |  |  | — |  |  | 19,662,474 |  |  | 19,662,474 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Deposits | 20,997,390 |  |  | — |  |  | 20,945,083 |  |  | — |  |  | 20,945,083 |
Other borrowings | 631,380 |  |  | — |  |  | 617,432 |  |  | — |  |  | 617,432 |
Subordinated deferrable interest debentures | 130,814 |  |  | — |  |  | 141,659 |  |  | — |  |  | 141,659 |
|  |  | Fair Value Measurements
|  |  | December 31, 2023
(dollars in thousands) | Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets: |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 230,470 |  |  | $ | 230,470 |  |  | $ | — |  |  | $ | — |  |  | $ | 230,470 |
Federal funds sold and interest-bearing accounts | 936,834 |  |  | 936,834 |  |  | — |  |  | — |  |  | 936,834 |
Debt securities held-to-maturity | 141,512 |  |  | — |  |  | 122,731 |  |  | — |  |  | 122,731 |
Loans, net | 19,925,225 |  |  | — |  |  | — |  |  | 19,332,899 |  |  | 19,332,899 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Deposits | 20,708,509 |  |  | — |  |  | 20,707,463 |  |  | — |  |  | 20,707,463 |
Other borrowings | 509,586 |  |  | — |  |  | 501,723 |  |  | — |  |  | 501,723 |
Subordinated deferrable interest debentures | 130,315 |  |  | — |  |  | 141,407 |  |  | — |  |  | 141,407 |

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