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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table sets forth our assets and liabilities measured at fair value on a recurring basis:

			Level 1						Level 2						Level 3
			Quoted prices in active markets for identical assets						Significant other observable inputs						Significant unobservable inputs						Total Estimated Fair Value
As of December 31, 2022
Available-for-sale securities			$	56,649					$	480,324					$	—					$	536,973
Loans held-for-sale			—						57,323						—						57,323
Mortgage servicing rights			—						—						74,097						74,097
Derivative financial instruments - assets			—						40,287						—						40,287
Derivative financial instruments - liabilities			—						(24,527)						—						(24,527)
Total			$	56,649					$	553,407					$	74,097					$	684,153
As of December 31, 2021
Available-for-sale securities			$	35,185					$	537,316					$	—					$	572,501
Loans held-for-sale			—						103,939						—						103,939
Mortgage servicing rights			—						—						47,392						47,392
Derivative financial instruments - assets			—						10,815						—						10,815
Derivative financial instruments - liabilities			—						(14,525)						—						(14,525)
Total			$	35,185					$	637,545					$	47,392					$	720,122

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

The following table presents a reconciliation for our Level 3 assets measured at fair value on a recurring basis as of and for the years ended December 31,:

			2022						2021						2020
Balance, beginning of year			$	47,392					$	29,144					$	29,003
Total gains (losses) included in earnings			12,418						(5,606)						(22,280)
Purchases, issuances, sales and settlements:
Issuances			14,287						23,854						22,421
Balance, end of year			$	74,097					$	47,392					$	29,144

Schedule of Fair Value Measurements, Nonrecurring

The following table sets forth our assets and liabilities that were measured at fair value on a non-recurring basis as of December 31,:

			Level 3
			2022						2021
Impaired loans:
Commercial			$	5,229					$	961
Commercial real estate			607						63
Residential real estate			802						632
Consumer			3						—
Total impaired loans			$	6,641					$	1,656
Other real estate owned and foreclosed assets, net:
Commercial real estate			$	5,391					$	5,067
Residential real estate			967						420
Total other real estate owned and foreclosed assets, net:			$	6,358					$	5,487

Schedule of Fair Value, by Balance Sheet Grouping

The carrying amounts and estimated fair values of financial instruments not carried at fair value are as follows as of December 31,:

									Estimated Fair Value
			Carrying Value						Total						Level 1						Level 2						Level 3
2022
Assets:
Cash and cash equivalents			$	343,526					$	343,526					$	343,526					$	—					$	—
Securities held-to-maturity			38,901						33,218						—						33,218						—
Loans (excluding impaired loans)			5,871,274						5,756,197						—						—						5,756,197
Restricted equity securities			50,215						50,215						—						50,215						—
Accrued interest receivable			28,543						28,543						—						2,049						26,494
Liabilities:
Deposits (excluding demand deposits)			$	3,732,215					$	3,696,438					$	—					$	3,696,438					$	—
Securities sold under agreements to repurchase			36,721						36,721						—						36,721						—
FHLB advances			643,885						643,885						—						643,885						—
Convertible notes payable, net			5,355						5,329						—						5,329						—
Subordinated debt, net			74,880						71,618						—						71,618						—
Accrued interest payable			5,798						5,798						—						5,798						—
2021
Assets:
Cash and cash equivalents			$	668,462					$	668,462					$	668,462					$	—					$	—
Securities held-to-maturity			18,007						18,599						—						18,599						—
Loans (excluding impaired loans)			4,003,712						3,949,719						—						—						3,949,719
Restricted equity securities			16,239						16,239						—						16,239						—
Accrued interest receivable			14,761						14,761						—						1,131						13,630
Liabilities:
Deposits (excluding demand deposits)			$	3,101,123					$	3,106,464					$	—					$	3,106,464					$	—
Securities sold under agreements to repurchase			92,093						92,093						—						92,093						—
FHLB advances			40,000						41,514						—						41,514						—
Convertible notes payable, net			19,442						21,564						—						21,564						—
Subordinated debt, net			50,016						52,264						—						52,264						—
Accrued interest payable			2,369						2,369						—						2,369						—

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- 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

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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.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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

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