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Fair Value of Financial Instruments (Tables)

9 Months Ended

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

X

- 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

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- 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 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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