XML 69 R53.htm IDEA: XBRL DOCUMENT v3.25.0.1

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below:

									Fair Value Measurements at the End of the Reporting Period Using
			December 31, 2024						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(Dollars in thousands)
Assets:
Investment securities AFS:
U.S. Government agency and U.S. Government sponsored enterprises:
Agency securities			$	3,957					$	—					$	3,957					$	—
Collateralized mortgage obligations			721,906						—						721,906						—
Mortgage-backed securities:
Residential			387,060						—						387,060						—
Commercial			410,851						—						410,851						—
Asset-backed securities			103,224						—						103,224						—
Corporate securities			20,694						—						20,694						—
Municipal securities			175,551						—						174,739						812
Equity investments with readily determinable fair value			4,321						4,321						—						—
Interest rate contracts			47,694						—						47,694						—
Mortgage banking derivatives			—						—						—						—
Other derivatives			900						—						900						—
Liabilities:
Interest rate contracts			48,784						—						48,784						—
Mortgage banking derivatives			1						—						1						—
Other derivatives			5,047						—						5,032						15

									Fair Value Measurements at the End of the Reporting Period Using
			December 31, 2023						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(Dollars in thousands)
Assets:
Investment securities AFS:
U.S. Treasury securities			$	103,677					$	103,677					$	—					$	—
U.S. Government agency and U.S. Government sponsored enterprises:
Agency securities			3,900						—						3,900						—
Collateralized mortgage obligations			747,719						—						747,719						—
Mortgage-backed securities:
Residential			420,298						—						420,298						—
Commercial			391,888						—						391,888						—
Asset-backed securities			149,670						—						149,670						—
Corporate securities			19,434						—						19,434						—
Municipal securities			308,473						—						307,615						858
Equity investments with readily determinable fair value			4,363						4,363						—						—
Interest rate contracts			54,302						—						54,302						—
Mortgage banking derivatives			7						—						7						—
Other derivatives			11,021						—						11,021						—
Liabilities:
Interest rate contracts			55,622						—						55,622						—
Mortgage banking derivatives			17						—						17						—
Other derivatives			1,379						—						1,351						28

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The table below presents a reconciliation and income statement classification of gains (losses) for the municipal security and risk participation agreements measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2024 and 2023:

			Year Ended December 31,
			2024						2023
			(Dollars in thousands)
Municipal securities:
Beginning Balance			$	858					$	943
Change in fair value included in other comprehensive income			(46)						(85)
Ending Balance			$	812					$	858
Risk participation agreements:
Beginning Balance			$	28					$	32
Change in fair value included in expense			(13)						(4)
Ending Balance			$	15					$	28

Assets Measured at Fair Value on a Non-recurring Basis

Assets measured at fair value on a non-recurring basis at December 31, 2024 and 2023, are summarized below:

									Fair Value Measurements at the End of the Reporting Period Using
			December 31, 2024						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(Dollars in thousands)
Assets:
Collateral dependent loans receivable at fair value:
CRE loans			$	2,985					$	—					$	—					$	2,985
C&I loans			38,993						—						—						38,993
Loans held for sale, net			11,611						—						11,611						—

									Fair Value Measurements at the End of the Reporting Period Using
			December 31, 2023						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(Dollars in thousands)
Assets:
Collateral dependent loans receivable at fair value:
CRE loans			$	3,475					$	—					$	—					$	3,475
C&I loans			2,701						—						—						2,701
Loans held for sale, net			2,287						—						2,287						—
OREO			63						—						—						63

For assets measured at fair value on a non-recurring basis, the total net losses, which include charge offs, recoveries, recorded ACL, valuations, and recognized gains and losses on sales in 2024 and 2023 are summarized below:

			Year Ended December 31,
			2024						2023
			(Dollars in thousands)
Assets:
Collateral dependent loans receivable at fair value:
CRE loans			$	(613)					$	(1,511)
C&I loans			(11,075)						(1,968)
Loans held for sale, net			(4,406)						(798)
OREO			—						(315)

The following table presents the quantitative information about the significant unobservable inputs used in the valuation of Level 3 fair value measurements that are measured on a nonrecurring basis as of December 31, 2024 and 2023:

						Fair Value Measurements (Level 3)						Valuation Techniques						Unobservable Inputs						Range of Inputs												Weighted-Average of Inputs
						(Dollars in thousands)
December 31, 2024
Collateral dependent loans						$	7,963					Collateral fair value						Selling cost						8.5%												8.5%
						2,359						Enterprise value						EBITDA(1) multiple						5.2												5.2
						10,336						Enterprise value						Revenue multiple						1.0												1.0
																		EBITDA(1) multiple						8.0												8.0
						21,320						Asset fair value						Discount						10.1		%	-			91.2%						38.8%
December 31, 2023
Collateral dependent loans						$	4,468					Collateral fair value						Selling cost						4.5		%	-			8.5%						7.6%
						1,708						Asset fair value						Discount rate						48%												48%
OREO						63						Property fair value						Selling cost						8.5%												8.5%

(1) EBITDA = earnings before interest, tax, depreciation, and amortization

Carrying Amounts and Estimated Fair Values of Financial Instruments

Carrying amounts and estimated fair values of financial instruments, not previously presented, at December 31, 2024 and 2023, were as follows:

			December 31, 2024
			Carrying Amount						Estimated Fair Value						Fair Value Measurement Using
			(Dollars in thousands)
Financial Assets:
Cash and cash equivalents			$	458,199					$	458,199					Level 1
Investment securities HTM			252,385						231,124						Level 2
Equity investments without readily determinable fair values			35,625						35,625						Level 2
Loans held for sale			14,491						14,504						Level 2
Loans receivable, net			13,467,745						13,179,753						Level 3
Accrued interest receivable			51,169						51,169						Level 2/3
Servicing assets, net			10,051						19,113						Level 3
Customers’ liabilities on acceptances			484						484						Level 2
Financial Liabilities:
Noninterest bearing deposits			$	3,377,950					$	3,377,950					Level 2
Money market, interest bearing demand and savings deposits			5,175,735						5,175,735						Level 2
Time deposits			5,773,804						5,782,223						Level 2
FHLB and FRB borrowings			239,000						239,358						Level 2
Convertible notes			444						438						Level 1
Subordinated debentures			109,140						105,729						Level 3
Accrued interest payable			93,784						93,784						Level 2
Acceptances outstanding			484						484						Level 2
			December 31, 2023
			Carrying Amount						Estimated Fair Value						Fair Value Measurement Using
			(Dollars in thousands)
Financial Assets:
Cash and cash equivalents			$	1,928,967					$	1,928,967					Level 1
Investment securities HTM			263,912						250,518						Level 2
Equity investments without readily determinable fair values			39,387						39,387						Level 2
Loans held for sale			3,408						3,419						Level 2
Loans receivable, net			13,694,925						13,270,444						Level 3
Accrued interest receivable			61,720						61,720						Level 2/3
Servicing assets, net			9,631						14,853						Level 3
Customers’ liabilities on acceptances			471						471						Level 2
Financial Liabilities:
Noninterest bearing deposits			$	3,914,967					$	3,914,967					Level 2
Money market, interest bearing demand and savings deposits			4,872,029						4,872,029						Level 2
Time deposits			5,966,757						5,974,125						Level 2
FHLB and FRB borrowings			1,795,726						1,795,820						Level 2
Convertible notes, net			444						451						Level 1
Subordinated debentures			107,825						99,358						Level 3
Accrued interest payable			168,174						168,174						Level 2
Acceptances outstanding			471						471						Level 2

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ 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

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 101
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-101

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ 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

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration