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Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 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 September 30, 2024:
($ in thousands) Description of Financial Instruments |  | Fair Value at September 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 |  | $ | 62,872 |  |  | $ | — |  |  | $ | 62,872 |  |  | $ | — |
Mortgage-backed securities |  | 1,828,802 |  |  | — |  |  | 1,828,802 |  |  | — |
Corporate bonds |  | 15,784 |  |  | — |  |  | 15,784 |  |  | — |
Total available for sale securities |  | $ | 1,907,458 |  |  | $ | — |  |  | $ | 1,907,458 |  |  | $ | — |
Derivative financial assets |  | $ | 551 |  |  | $ | — |  |  | $ | 551 |  |  | $ | — |
Presold mortgages in process of settlement |  | $ | 9,888 |  |  | $ | — |  |  | $ | 9,888 |  |  | $ | — |
Derivative financial liabilities |  | $ | 553 |  |  | $ | — |  |  | $ | 553 |  |  | $ | — |
Nonrecurring |  |  |  |  |  |  |  |
Individually evaluated loans |  | $ | 4,746 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,746 |
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 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 September 30, 2024 and December 31, 2023 were as follows:
|  |  |  | September 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 |  | $ | 74,034 |  |  | $ | 74,034 |  |  | $ | 100,891 |  |  | $ | 100,891 |
Due from banks, interest-bearing |  | Level 1 |  | 670,407 |  |  | 670,407 |  |  | 136,964 |  |  | 136,964 |
Securities held to maturity |  | Level 2 |  | 521,801 |  |  | 448,300 |  |  | 533,678 |  |  | 449,623 |
Total loans, net of allowance |  | Level 3 |  | 7,890,820 |  |  | 7,232,306 |  |  | 8,040,249 |  |  | 7,379,079 |
SBA Servicing Asset |  | Level 3 |  | 2,960 |  |  | 3,946 |  |  | 3,351 |  |  | 4,049 |
Demand deposits, money market and savings |  | Level 1 |  | 9,507,268 |  |  | 9,507,268 |  |  | 9,052,905 |  |  | 9,052,905 |
Time deposits |  | Level 2 |  | 997,661 |  |  | 994,002 |  |  | 978,694 |  |  | 972,513 |
Borrowings |  | Level 2 |  | 91,694 |  |  | 80,268 |  |  | 630,158 |  |  | 615,614 |

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