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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025:
($ in thousands) Description of Financial Instruments |  | Fair Value at March 31, 2025 |  | 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: |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 123,011 |  |  | $ | — |  |  | $ | 123,011 |  |  | $ | — |
Government-sponsored enterprise securities |  | $ | 9,938 |  |  | $ | — |  |  | $ | 9,938 |  |  | $ | — |
Mortgage-backed securities |  | 1,905,461 |  |  | — |  |  | 1,904,765 |  |  | 696 |
Corporate bonds |  | 26,106 |  |  | — |  |  | 24,356 |  |  | 1,750 |
Total available for sale securities |  | $ | 2,064,516 |  |  | $ | — |  |  | $ | 2,062,070 |  |  | $ | 2,446 |
Derivative financial assets |  | $ | 915 |  |  | $ | — |  |  | $ | 915 |  |  | $ | — |
Presold mortgages in process of settlement |  | $ | 5,166 |  |  | $ | — |  |  | $ | 5,166 |  |  | $ | — |
Derivative financial liabilities |  | $ | 917 |  |  | $ | — |  |  | $ | 917 |  |  | $ | — |
Nonrecurring |  |  |  |  |  |  |  |
Individually evaluated loans |  | $ | 2,907 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,907 |
The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring and nonrecurring basis at December 31, 2024:
($ in thousands) Description of Financial Instruments |  | Fair Value at December 31, 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: |  |  |  |  |  |  |  |
US Treasury securities |  | $ | 120,581 |  |  | $ | — |  |  | $ | 120,581 |  |  | $ | — |
Government-sponsored enterprise securities |  | 9,614 |  |  | — |  |  | 9,614 |  |  | — |
Mortgage-backed securities |  | 1,897,175 |  |  | — |  |  | 1,896,469 |  |  | 706 |
Corporate bonds |  | 15,692 |  |  | — |  |  | 13,942 |  |  | 1,750 |
Total available for sale securities |  | $ | 2,043,062 |  |  | $ | — |  |  | $ | 2,040,606 |  |  | $ | 2,456 |
Derivative financial assets |  | $ | 301 |  |  | $ | — |  |  | $ | 301 |  |  | $ | — |
Presold mortgages in process of settlement |  | $ | 5,942 |  |  | $ | — |  |  | $ | 5,942 |  |  | $ | — |
Derivative financial liabilities |  | $ | 302 |  |  | $ | — |  |  | $ | 302 |  |  | $ | — |
Nonrecurring |  |  |  |  |  |  |  |
Individually evaluated loans |  | $ | 879 |  |  | $ | — |  |  | $ | — |  |  | $ | 879 |
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 March 31, 2025 and December 31, 2024 were as follows:
|  |  |  | March 31, 2025 |  | December 31, 2024
($ 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 |  | $ | 149,781 |  |  | $ | 149,781 |  |  | $ | 78,596 |  |  | $ | 78,596 |
Due from banks, interest-bearing |  | Level 1 |  | 622,660 |  |  | 622,660 |  |  | 428,911 |  |  | 428,911 |
Securities held to maturity |  | Level 2 |  | 518,265 |  |  | 430,601 |  |  | 519,998 |  |  | 428,571 |
Total loans, net of allowance |  | Level 3 |  | 7,982,402 |  |  | 7,528,796 |  |  | 7,972,104 |  |  | 7,514,505 |
SBA Servicing Asset |  | Level 3 |  | 2,256 |  |  | 3,416 |  |  | 2,604 |  |  | 3,746 |
Demand deposits, money market and savings |  | Level 1 |  | 9,851,264 |  |  | 9,851,264 |  |  | 9,593,557 |  |  | 9,593,557 |
Time deposits |  | Level 2 |  | 893,395 |  |  | 889,419 |  |  | 936,968 |  |  | 933,523 |
Borrowings |  | Level 2 |  | 92,055 |  |  | 83,064 |  |  | 91,876 |  |  | 81,216 |

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