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v3.25.1

Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present assets and liabilities that are measured at fair value on a recurring basis as of the dates presented:
| Level 1 |  | Level 2 |  | Level 3 |  | Totals
March 31, 2025 |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |
Securities available for sale | $ | — |  |  | $ | 1,002,056 |  |  | $ | — |  |  | $ | 1,002,056 |
Derivative instruments | — |  |  | 37,562 |  |  | — |  |  | 37,562 |
Mortgage loans held for sale in loans held for sale | — |  |  | 226,003 |  |  | — |  |  | 226,003 |
Total financial assets | $ | — |  |  | $ | 1,265,621 |  |  | $ | — |  |  | $ | 1,265,621 |
Financial liabilities: |  |  |  |  |  |  |
Derivative instruments: | $ | — |  |  | $ | 31,477 |  |  | $ | — |  |  | $ | 31,477 |
| Level 1 |  | Level 2 |  | Level 3 |  | Totals
December 31, 2024 |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |
Securities available for sale | $ | — |  |  | $ | 831,013 |  |  | $ | — |  |  | $ | 831,013 |
Derivative instruments | — |  |  | 38,954 |  |  | — |  |  | 38,954 |
Mortgage loans held for sale in loans held for sale | — |  |  | 246,171 |  |  | — |  |  | 246,171 |
Total financial assets | $ | — |  |  | $ | 1,116,138 |  |  | $ | — |  |  | $ | 1,116,138 |
Financial liabilities: |  |  |  |  |  |  |
Derivative instruments | $ | — |  |  | $ | 32,268 |  |  | $ | — |  |  | $ | 32,268 |
Schedule of Assets Measured at Fair Value on a Nonrecurring Basis | The following tables provide the fair value measurement for assets measured at fair value on a nonrecurring basis that were still held on the Consolidated Balance Sheets as of the dates presented and the level within the fair value hierarchy each is classified:
March 31, 2025 | Level 1 |  | Level 2 |  | Level 3 |  | Totals
Individually evaluated loans, net of allowance for credit losses | $ | — |  |  | $ | — |  |  | $ | 17,036 |  |  | $ | 17,036 |
OREO | — |  |  | — |  |  | 3,102 |  |  | 3,102 |
Total | $ | — |  |  | $ | — |  |  | $ | 20,138 |  |  | $ | 20,138 |
December 31, 2024 | Level 1 |  | Level 2 |  | Level 3 |  | Totals
Individually evaluated loans, net of allowance for credit losses | $ | — |  |  | $ | — |  |  | $ | 38,374 |  |  | $ | 38,374 |
OREO | — |  |  | — |  |  | $ | 3,666 |  |  | 3,666 |
Total | $ | — |  |  | $ | — |  |  | $ | 42,040 |  |  | $ | 42,040 |
Schedule of OREO Measured at Fair Value on a Nonrecurring Basis | The following table presents, as of the dates presented, OREO measured at fair value on a nonrecurring basis that was still held on the Consolidated Balance Sheets at period-end:
| March 31, 2025 |  | December 31, 2024
Carrying amount prior to remeasurement | $ | 3,666 |  |  | $ | 4,038 |
Impairment recognized in results of operations | (564) |  |  | (372) |
Fair value | $ | 3,102 |  |  | $ | 3,666 |
Schedule of Significant Unobservable Inputs (Level 3) Used in Valuation of Assets and Liabilities Measured at Fair Value on Non Recurring Basis | The following table presents information as of March 31, 2025 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:
Financial instrument | Fair Value |  | Valuation Technique |  | Significant Unobservable Inputs |  | Range of Inputs
Individually evaluated loans, net of allowance for credit losses | $ | 17,036 |  |  | Appraised value of collateral less estimated costs to sell |  | Estimated costs to sell |  | 4-10%
OREO | $ | 3,102 |  |  | Appraised value of property less estimated costs to sell |  | Estimated costs to sell |  | 4-10%
Schedule of Differences Between Fair Value and Principal Balance for Mortgage Loans Held for Sale Measure at Fair Value | The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of March 31, 2025 and December 31, 2024:
| Aggregate Fair Value |  | Aggregate Unpaid Principal Balance |  | Difference
March 31, 2025 |  |  |  |  |
Mortgage loans held for sale measured at fair value | $ | 226,003 |  |  | $ | 221,197 |  |  | $ | 4,806 |
December 31, 2024 |  |  |  |  |
Mortgage loans held for sale measured at fair value | $ | 246,171 |  |  | $ | 244,218 |  |  | $ | 1,953 |
Schedule of Assets and Liabilities Not Measured and Reported at Fair Value on a Recurring Basis or Nonrecurring Basis | The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented:
|  |  | Fair Value
As of March 31, 2025 | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,091,339 |  |  | $ | 1,091,339 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,091,339 |
Securities held to maturity | 1,101,901 |  |  | — |  |  | 1,003,497 |  |  | — |  |  | 1,003,497 |
Securities available for sale | 1,002,056 |  |  | — |  |  | 1,002,056 |  |  | — |  |  | 1,002,056 |
Loans held for sale | 226,003 |  |  | — |  |  | 226,003 |  |  | — |  |  | 226,003 |
Loans, net | 12,851,662 |  |  | — |  |  | — |  |  | 12,595,656 |  |  | 12,595,656 |
Mortgage servicing rights | 72,902 |  |  | — |  |  | — |  |  | 93,372 |  |  | 93,372 |
Derivative instruments | 37,562 |  |  | — |  |  | 37,562 |  |  | — |  |  | 37,562 |
Financial liabilities |  |  |  |  |  |  |  |  |
Deposits | $ | 14,772,095 |  |  | $ | 12,308,196 |  |  | $ | 2,456,050 |  |  | $ | — |  |  | $ | 14,764,246 |
Short-term borrowings | 108,015 |  |  | 108,015 |  |  | — |  |  | — |  |  | 108,015 |
Junior subordinated debentures | 114,150 |  |  | — |  |  | 101,251 |  |  | — |  |  | 101,251 |
Subordinated notes | 319,159 |  |  | — |  |  | 306,888 |  |  | — |  |  | 306,888 |
Derivative instruments | 31,477 |  |  | — |  |  | 31,477 |  |  | — |  |  | 31,477 |
|  |  | Fair Value
As of December 31, 2024 | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,092,032 |  |  | $ | 1,092,032 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,092,032 |
Securities held to maturity | 1,126,112 |  |  | — |  |  | 1,002,544 |  |  | — |  |  | 1,002,544 |
Securities available for sale | 831,013 |  |  | — |  |  | 831,013 |  |  | — |  |  | 831,013 |
Loans held for sale | 246,171 |  |  | — |  |  | 246,171 |  |  | — |  |  | 246,171 |
Loans, net | 12,683,264 |  |  | — |  |  | — |  |  | 12,340,638 |  |  | 12,340,638 |
Mortgage servicing rights | 72,991 |  |  | — |  |  | — |  |  | 96,290 |  |  | 96,290 |
Derivative instruments | 38,954 |  |  | — |  |  | 38,954 |  |  | — |  |  | 38,954 |
Financial liabilities |  |  |  |  |  |  |  |  |
Deposits | $ | 14,572,612 |  |  | $ | 12,093,327 |  |  | $ | 2,476,977 |  |  | $ | — |  |  | $ | 14,570,304 |
Short-term borrowings | 108,018 |  |  | 108,018 |  |  | — |  |  | — |  |  | 108,018 |
Junior subordinated debentures | 113,916 |  |  | — |  |  | 100,668 |  |  | — |  |  | 100,668 |
Subordinated notes | 316,698 |  |  | — |  |  | 295,868 |  |  | — |  |  | 295,868 |
Derivative instruments | 32,268 |  |  | — |  |  | 32,268 |  |  | — |  |  | 32,268 |

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- Definition Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity. + 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 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 + Details
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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/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 + Details
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