XML 32 R25.htm IDEA: XBRL DOCUMENT v3.24.1.u1

Fair Value Information (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024				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		$	32,640			$	—			$	32,640			$	—
Mortgage-backed securities			2,399,107				—				2,399,107				—
CMO/REMIC			378,894				—				378,894				—
Municipal bonds			25,144				—				25,144				—
Other securities			1,315				—				1,315				—
Total investment securities - AFS			2,837,100				—				2,837,100				—
Derivatives not designated as hedging instruments:
Interest rate swaps			38				—				38				—
Derivatives designated as hedging instruments:
Fair value hedges: interest rate swaps			10,893				—				10,893				—
Cash flow hedges: interest rate swaps			789				—				789				—
Total assets		$	2,848,820			$	—			$	2,848,820			$	—
Description of liability
Derivatives not designated as hedging instruments:
Interest rate swaps		$	38			$	—			$	38			$	—
Derivatives designated as hedging instruments:
Fair value hedges: interest rate swaps			—				—				—				—
Cash flow hedges: interest rate swaps			—				—				—				—
Total liabilities		$	38			$	—			$	38			$	—

		Carrying Value at December 31, 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		$	32,253			$	—			$	32,253			$	—
Mortgage-backed securities			2,507,679				—				2,507,679				—
CMO/REMIC			389,362				—				389,362				—
Municipal bonds			25,635				—				25,635				—
Other securities			1,196				—				1,196				—
Total investment securities - AFS			2,956,125				—				2,956,125				—
Derivatives not designated as hedging instruments:
Interest rate swaps			112				—				112				—
Derivatives designated as hedging instruments:
Interest rate swaps			—				—				—				—
Total assets		$	2,956,237			$	—				2,956,237			$	—
Description of liability
Derivatives not designated as hedging instruments:
Interest rate swaps		$	112			$	—			$	112			$	—
Derivatives designated as hedging instruments:
Interest rate swaps			6,938				—				6,938				—
Total liabilities		$	7,050			$	—			$	7,050			$	—

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 March 31, 2024				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 Three Months Ended March 31, 2024
		(Dollars in thousands)
Description of assets
Loans:
Commercial real estate		$	13,813			$	—			$	—			$	13,813			$	2,258
Construction			—				—				—				—				—
SBA			211				—				—				211				26
SBA - PPP			—				—				—				—				—
Commercial and industrial			4,612				—				—				4,612				16
Dairy & livestock and    agribusiness			5,787				—				—				5,787				—
Municipal lease finance    receivables			—				—				—				—				—
SFR mortgage			308				—				—				308				—
Consumer and other loans			—				—				—				—				—
Other real estate owned			—				—				—				—				—
Asset held-for-sale			—				—				—				—				—
Total assets		$	24,731			$	—			$	—			$	24,731			$	2,300

		Carrying Value at December 31, 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 Year Ended December 31, 2023
		(Dollars in thousands)
Description of assets
Loans:
Commercial real estate		$	18,678			$	—			$	—			$	18,678			$	2,128
Construction			—				—				—				—				—
SBA			995				—				—				995				57
SBA - PPP			—				—				—				—				—
Commercial and industrial			6,092				—				—				6,092				3,510
Dairy & livestock and    agribusiness			4,700				—				—				4,700				27
Municipal lease finance    receivables			—				—				—				—				—
SFR mortgage			—				—				—				—				—
Consumer and other loans			—				—				—				—				—
Other real estate owned			—				—				—				—				—
Asset held-for-sale			—				—				—				—				—
Total assets		$	30,465				—				—			$	30,465			$	5,722

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.

	March 31, 2024
	Carrying				Estimated Fair Value
	Amount				Level 1				Level 2				Level 3				Total
	(Dollars in thousands)
Assets
Total cash and cash equivalents	$	949,589			$	949,589			$	—			$	—			$	949,589
Interest-earning balances due from    depository institutions		12,632				—				12,632				—				12,632
Investment securities available-for-sale		2,837,100				—				2,837,100				—				2,837,100
Investment securities held-to-maturity		2,454,586				—				2,044,031				—				2,044,031
Total loans, net of allowance for credit losses		8,687,896				—				—				8,273,529				8,273,529
Derivatives not designated as hedging instruments:
Interest rate swaps		38				—				38				—				38
Derivatives designated as hedging instruments:
Fair value hedges: interest rate swaps		10,893				—				10,893				—				10,893
Cash flow hedges: interest rate swaps		789				—				789				—				789
Liabilities
Deposits:
Interest-bearing	$	4,782,132			$	—			$	4,777,393			$	—			$	4,777,393
Borrowings		2,270,720				—				2,204,434				—				2,204,434
Derivatives not designated as hedging instruments:
Interest rate swaps		38				—				38				—				38
Derivatives designated as hedging instruments:
Fair value hedges: interest rate swaps		—				—				—				—				—
Cash flow hedges: interest rate swaps		—				—				—				—				—

	December 31, 2023
	Carrying				Estimated Fair Value
	Amount				Level 1				Level 2				Level 3				Total
	(Dollars in thousands)
Assets
Total cash and cash equivalents	$	281,285			$	281,285			$	—			$	—			$	281,285
Interest-earning balances due from    depository institutions		8,216				—				8,216				—				8,216
Investment securities available-for-sale		2,956,125				—				2,956,125				—				2,956,125
Investment securities held-to-maturity		2,464,610				—				2,082,881				—				2,082,881
Total loans, net of allowance for credit losses		8,818,068				—				—				8,503,518				8,503,518
Derivatives not designated as hedging instruments:
Interest rate swaps		112				—				112				—				112
Derivatives designated as hedging instruments:
Fair value hedges: interest rate swaps		—				—				—				—				—
Liabilities
Deposits:
Interest-bearing	$	4,227,467			$	—			$	4,222,773			$	—			$	4,222,773
Borrowings		2,341,642				—				2,283,631				—				2,283,631
Derivatives not designated as hedging instruments:
Interest rate swaps		112				—				112				—				112
Derivatives designated as hedging instruments:
Fair value hedges: interest rate swaps		6,938				—				6,938				—				6,938

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)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-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

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

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 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: 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

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

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/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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-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

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration