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v3.23.3

Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2023
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 as of:
| 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
September 30, 2023 |  |  |  |  |  |  |
Available-for-sale securities | $ | 52,853 |  |  | $ | 443,139 |  |  | $ | — |  |  | $ | 495,992 |
Loans held-for-sale | — |  |  | 51,465 |  |  | — |  |  | 51,465 |
Mortgage servicing rights | — |  |  | — |  |  | 81,036 |  |  | 81,036 |
Derivative financial instruments - assets | — |  |  | 50,815 |  |  | — |  |  | 50,815 |
Derivative financial instruments - liabilities | — |  |  | (31,593) |  |  | — |  |  | (31,593) |
Total | $ | 52,853 |  |  | $ | 513,826 |  |  | $ | 81,036 |  |  | $ | 647,715 |
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 |
Schedule of Reconciliation for Level 3 Assets Measured at Fair Value on a Recurring Basis | The following table presents a reconciliation for our Level 3 assets measured at fair value on a recurring basis:
| For the three months ended September 30, |  | For the nine months ended September 30, |  |  |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
Balance, beginning of period | $ | 78,390 |  |  | $ | 66,047 |  |  | $ | 74,097 |  |  | $ | 47,392 |  |  |  |  |
Total (losses) gains included in earnings | (44) |  |  | 4,314 |  |  | (695) |  |  | 14,777 |  |  |  |  |
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |  |  |  |  |
Issuances | 2,690 |  |  | 3,489 |  |  | 7,634 |  |  | 11,681 |  |  |  |  |
Balance, end of period | $ | 81,036 |  |  | $ | 73,850 |  |  | $ | 81,036 |  |  | $ | 73,850 |  |  |  |  |
Schedule of Assets and Liabilities Measured at Fair Value on a Non-recurring | The following table sets forth our assets and liabilities that were measured at fair value on a non-recurring basis as of:
| Level 3
| September 30, 2023 |  | December 31, 2022
Collateral dependent loans: |  |  |
Commercial and industrial | $ | 7,197 |  |  | $ | 5,229 |
Commercial real estate | 500 |  |  | 607 |
Residential real estate | 1,230 |  |  | 802 |
Consumer | — |  |  | 3 |
Total collateral dependent loans | $ | 8,927 |  |  | $ | 6,641 |
Other real estate owned and foreclosed assets, net: |  |  |
Commercial real estate | $ | 7,428 |  |  | $ | 5,391 |
Residential real estate | 967 |  |  | 967 |
Total other real estate owned and foreclosed assets, net: | $ | 8,395 |  |  | $ | 6,358 |
Schedule of Estimated Fair Values of Financial Instruments Not Carried at Fair Value | The carrying amounts and estimated fair values of financial instruments not carried at fair value are as follows as of:
|  |  | Estimated Fair Value
| Carrying Value |  | Total |  | Level 1 |  | Level 2 |  | Level 3
September 30, 2023 |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 443,887 |  |  | $ | 443,887 |  |  | $ | 443,887 |  |  | $ | — |  |  | $ | — |
Securities held-to-maturity | 37,410 |  |  | 30,792 |  |  | — |  |  | 30,792 |  |  | — |
Loans (excluding collateral dependent loans at fair value) | 6,170,595 |  |  | 6,036,398 |  |  | — |  |  | — |  |  | 6,036,398 |
Restricted equity securities | 35,396 |  |  | 35,396 |  |  | — |  |  | 35,396 |  |  | — |
Accrued interest receivable | 37,218 |  |  | 37,218 |  |  | — |  |  | 2,328 |  |  | 34,890 |
Liabilities: |  |  |  |  |  |  |  |  |
Deposits (excluding demand deposits) | $ | 4,288,352 |  |  | $ | 4,273,238 |  |  | $ | 2,511,783 |  |  | $ | 1,761,455 |  |  | $ | — |
Securities sold under agreements to repurchase | 25,868 |  |  | 25,868 |  |  | — |  |  | 25,868 |  |  | — |
FHLB advances | 330,000 |  |  | 330,000 |  |  | — |  |  | 330,000 |  |  | — |
Subordinated debt, net | 75,180 |  |  | 70,934 |  |  | — |  |  | 70,934 |  |  | — |
Accrued interest payable | 9,862 |  |  | 9,862 |  |  | — |  |  | 9,862 |  |  | — |
December 31, 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 |  |  | — |

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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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- 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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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- 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/2003/role/disclosureRef -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 2: http://www.xbrl.org/2003/role/disclosureRef -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 + Details
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