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Fair Value Information (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The tables below present the balances of assets and liabilities measured at fair value on a recurring basis as of the dates presented.

		Carrying Value at September 30, 2023				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(Dollars in thousands)
Description of assets
Investment securities - AFS:
Government agency/GSE		$	34,109			$	—			$	34,109			$	—
Mortgage-backed securities			2,436,624				—				2,436,624				—
CMO/REMIC			377,498				—				377,498				—
Municipal bonds			23,813				—				23,813				—
Other securities			1,119				—				1,119				—
Total investment securities - AFS			2,873,163				—				2,873,163				—
Derivatives not designated as hedging instruments:
Interest rate swaps			—				—				—				—
Derivatives designated as hedging instruments:
Interest rate swaps			24,868				—				24,868				—
Total assets		$	2,898,031			$	—			$	2,898,031			$	—
Description of liability
Derivatives not designated as hedging instruments:
Interest rate swaps		$	—			$	—			$	—			$	—
Total liabilities		$	—			$	—			$	—			$	—

		Carrying Value at December 31, 2022				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(Dollars in thousands)
Description of assets
Investment securities - AFS:
Mortgage-backed securities		$	2,789,141			$	—			$	2,789,141			$	—
CMO/REMIC			439,303				—				439,303				—
Municipal bonds			25,687				—				25,687				—
Other securities			1,080				—				1,080				—
Total investment securities - AFS			3,255,211				—				3,255,211				—
Derivatives not designated as hedging instruments:
Interest rate swaps			82				—				82				—
Total assets		$	3,255,293			$	—			$	3,255,293			$	—
Description of liability
Derivatives not designated as hedging instruments:
Interest rate swaps		$	82			$	—			$	82			$	—
Total liabilities		$	82			$	—			$	82			$	—

Assets and Liabilities Measured at Fair Value on Non-Recurring Basis

the following tables provide the level of valuation assumptions used to determine each adjustment and the carrying value of the related assets that had losses during the period.

		Carrying Value at September 30, 2023				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total Losses For the Nine Months Ended September 30, 2023
		(Dollars in thousands)
Description of assets
Loans:
Commercial real estate		$	2,813			$	—			$	—			$	2,813			$	8
Construction			—				—				—				—				—
SBA			209				—				—				209				217
SBA - PPP			—				—				—				—				—
Commercial and industrial			3,575				—				—				3,575				3,100
Dairy & livestock and    agribusiness			4,799				—				—				4,799				57
Municipal lease finance    receivables			—				—				—				—				—
SFR mortgage			—				—				—				—				—
Consumer and other loans			—				—				—				—				—
Other real estate owned			—				—				—				—				—
Asset held-for-sale			—				—				—				—				—
Total assets		$	11,396			$	—			$	—			$	11,396			$	3,382

		Carrying Value at December 31, 2022				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total Losses For the Year Ended December 31, 2022
		(Dollars in thousands)
Description of assets
Loans:
Commercial real estate		$	2,639			$	—			$	—			$	2,639			$	1
Construction			—				—				—				—				—
SBA			323				—				—				323				182
SBA - PPP			—				—				—				—				2
Commercial and industrial			451				—				—				451				326
Dairy & livestock and    agribusiness			113				—				—				113				113
Municipal lease finance    receivables			—				—				—				—				—
SFR mortgage			—				—				—				—				—
Consumer and other loans			—				—				—				—				2
Other real estate owned			—				—				—				—				—
Asset held-for-sale			—				—				—				—				—
Total assets		$	3,526			$	—			$	—			$	3,526			$	626

Estimated Fair Value of Financial Instruments

The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.

	September 30, 2023
	Carrying				Estimated Fair Value
	Amount				Level 1				Level 2				Level 3				Total
	(Dollars in thousands)
Assets
Total cash and cash equivalents	$	240,695			$	240,695			$	—			$	—			$	240,695
Interest-earning balances due from    depository institutions		4,108				—				4,108				—				4,108
Investment securities available-for-sale		2,873,163				—				2,873,163				—				2,873,163
Investment securities held-to-maturity		2,489,441				—				1,969,318				—				1,969,318
Total loans, net of allowance for credit    losses		8,788,637				—				—				7,961,394				7,961,394
Derivatives not designated as hedging instruments:
Interest rate swaps		—				—				—				—				—
Derivatives designated as hedging instruments:
Interest rate swaps		24,868				—				24,868				—				24,868
Liabilities
Deposits:
Interest-bearing	$	4,772,137			$	—			$	4,766,447			$	—			$	4,766,447
Borrowings		1,389,552				—				1,322,699				—				1,322,699
Junior subordinated debentures		—				—				—				—				—
Derivatives not designated as hedging instruments:
Interest rate swaps		—				—				—				—				—

	December 31, 2022
	Carrying				Estimated Fair Value
	Amount				Level 1				Level 2				Level 3				Total
	(Dollars in thousands)
Assets
Total cash and cash equivalents	$	203,461			$	203,461			$	—			$	—			$	203,461
Interest-earning balances due from    depository institutions		9,553				—				9,553				—				9,553
Investment securities available-for-sale		3,255,211				—				3,255,211				—				3,255,211
Investment securities held-to-maturity		2,554,301				—				2,155,587				—				2,155,587
Total loans, net of allowance for credit    losses		8,994,275				—				—				8,074,952				8,074,952
Derivatives not designated as hedging instruments:
Interest rate swaps		82				—				82				—				82
Liabilities
Deposits:
Interest-bearing	$	4,671,881			$	—			$	4,664,657			$	—			$	4,664,657
Borrowings		1,560,431				—				1,444,659				—				1,444,659
Junior subordinated debentures		—				—				—				—				—
Derivatives not designated as hedging instruments:
Interest rate swaps		82				—				82				—				82

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
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-Topic 820
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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)
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-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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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/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

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-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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