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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Financial Instruments Measured at Fair Value on a Recurring and Nonrecurring Basis

The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring and nonrecurring basis at December 31, 2023.

Description of Financial Instruments ($ in thousands)						Fair 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)
Recurring
Securities available for sale:
US Treasury securities						$	172,570					—						172,570						—
Government-sponsored enterprise securities						60,266						—						60,266						—
Mortgage-backed securities						1,937,784						—						1,937,784						—
Corporate bonds						18,759						—						18,759						—
Total available for sale securities						2,189,379						—						2,189,379						—
Derivative financial assets						295						—						295						—
Presold mortgages in process of settlement						2,667						—						2,667						—
Derivative financial liabilities						349						—						349						—
Nonrecurring
Individually evaluated loans						1,953						—						—						1,953

The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring and nonrecurring basis at December 31, 2022.

Description of Financial Instruments ($ in thousands)						Fair 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)
Recurring
Securities available for sale:
US Treasury securities						$	168,758					—						168,758						—
Government-sponsored enterprise securities						57,456						—						57,456						—
Mortgage-backed securities						2,045,000						—						2,045,000						—
Corporate bonds						43,279						—						43,279						—
Total available for sale securities						2,314,493						—						2,314,493						—
Presold Mortgages in process of settlement						1,282						—						1,282						—
Nonrecurring
Impaired loans						9,590						—						—						9,590
Foreclosed real estate						38						—						—						38

Schedule of Significant Unobservable Inputs

For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2023, the significant unobservable inputs used in the fair value measurements were as presented in the tables below.

($ in thousands)

Fair Value at December 31, 2023

Valuation Technique

Significant Unobservable Inputs

Range (Weighted Average)

Individually evaluated loans - collateral-dependent

$

1,953

Appraised value

Discounts applied for estimated costs to sell

10%

For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2022, the significant unobservable inputs used in the fair value measurements were as follows:

($ in thousands)

Fair Value at December 31, 2022

Valuation Technique

Significant Unobservable Inputs

Range (Weighted Average)

Individually evaluated loans - collateral-dependent

$

5,680

Appraised value

Discounts applied for estimated costs to sell

10%

Individually evaluated loans - valued at PV of expected cash flows

3,910

PV of expected cash flows

Discount rates used in the calculation of PV of expected cash flows

5.5% - 11.1% (6.76%)

Foreclosed real estate

38

Appraised value

Discounts applied for estimated costs to sell

10%

Schedule of the Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments not carried at fair value as of December 31, 2023 and 2022 are as follows:

												December 31, 2023												December 31, 2022
($ in thousands)						Level in Fair Value Hierarchy						Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
Cash and due from banks, noninterest-bearing						Level 1						$	100,891					100,891						101,133						101,133
Due from banks, interest-bearing						Level 1						136,964						136,964						169,185						169,185
Securities held to maturity						Level 2						533,678						449,623						541,700						432,528
Total loans, net of allowance						Level 3						8,040,249						7,379,079						6,574,178						6,240,870
Accrued interest receivable						Level 1						37,351						37,351						29,710						29,710
Bank-owned life insurance						Level 1						183,897						183,897						164,592						164,592
SBA servicing asset						Level 3						3,351						4,049						4,004						4,721
Demand deposits, money market and savings						Level 1						9,052,905						9,052,905						8,224,956						8,224,956
Time deposits						Level 2						978,694						972,513						1,002,573						993,989
Borrowings						Level 2						630,158						615,614						287,507						277,146
Accrued interest payable						Level 1						5,699						5,699						2,738						2,738

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2C
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C

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-Name Accounting Standards Codification
-Topic 820
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-Name Accounting Standards Codification
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-Name Accounting Standards Codification
-Section 50
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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

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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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