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Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2024
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 June 30, 2024:
($ in thousands) Description of Financial Instruments |  | Fair Value at June 30, 2024 |  | 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: |  |  |  |  |  |  |  |
Government-sponsored enterprise securities |  | $ | 60,127 |  |  | $ | — |  |  | $ | 60,127 |  |  | $ | — |
Mortgage-backed securities |  | 1,789,243 |  |  | — |  |  | 1,789,243 |  |  | — |
Corporate bonds |  | 17,841 |  |  | — |  |  | 17,841 |  |  | — |
Total available for sale securities |  | $ | 1,867,211 |  |  | $ | — |  |  | $ | 1,867,211 |  |  | $ | — |
Derivative financial assets |  | $ | 69 |  |  | $ | — |  |  | $ | 69 |  |  | $ | — |
Presold mortgages in process of settlement |  | $ | 7,247 |  |  | $ | — |  |  | $ | 7,247 |  |  | $ | — |
Derivative financial liabilities |  | $ | 70 |  |  | $ | — |  |  | $ | 70 |  |  | $ | — |
Nonrecurring |  |  |  |  |  |  |  |
Individually evaluated loans |  | $ | 4,561 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,561 |
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:
($ in thousands) Description of Financial Instruments |  | 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 |
Schedule of Significant Unobservable Inputs | For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of June 30, 2024, the significant unobservable inputs used in the fair value measurements were as presented in the tables below:
($ in thousands) |  | Fair Value at June 30, 2024 |  | Valuation Technique |  | Significant Unobservable Inputs |  | Range (Weighted Average)
Individually evaluated loans - collateral-dependent |  | $ | 4,561 |  |  | 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, 2023, the significant unobservable inputs used in the fair value measurements were as follows:
($ 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%
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 at June 30, 2024 and December 31, 2023 were as follows:
|  |  |  | June 30, 2024 |  | December 31, 2023
($ 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 |  | $ | 90,468 |  |  | $ | 90,468 |  |  | $ | 100,891 |  |  | $ | 100,891 |
Due from banks, interest-bearing |  | Level 1 |  | 517,944 |  |  | 517,944 |  |  | 136,964 |  |  | 136,964 |
Securities held to maturity |  | Level 2 |  | 523,600 |  |  | 431,442 |  |  | 533,678 |  |  | 449,623 |
Total loans, net of allowance |  | Level 3 |  | 7,959,790 |  |  | 7,250,188 |  |  | 8,040,249 |  |  | 7,379,079 |
Accrued interest receivable |  | Level 1 |  | 35,605 |  |  | 35,605 |  |  | 37,351 |  |  | 37,351 |
Bank-owned life insurance |  | Level 1 |  | 186,031 |  |  | 186,031 |  |  | 183,897 |  |  | 183,897 |
SBA Servicing Asset |  | Level 3 |  | 3,002 |  |  | 3,923 |  |  | 3,351 |  |  | 4,049 |
Demand deposits, money market and savings |  | Level 1 |  | 9,453,321 |  |  | 9,453,321 |  |  | 9,052,905 |  |  | 9,052,905 |
Time deposits |  | Level 2 |  | 1,034,508 |  |  | 1,028,372 |  |  | 978,694 |  |  | 972,513 |
Borrowings |  | Level 2 |  | 91,513 |  |  | 79,815 |  |  | 630,158 |  |  | 615,614 |
Accrued interest payable |  | Level 1 |  | 5,728 |  |  | 5,728 |  |  | 5,699 |  |  | 5,699 |

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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 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 Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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