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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Recorded Amount of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024:

(dollars in thousands)						Quoted Prices (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Other Unobservable Inputs (Level 3)						Total (Fair Value)
March 31, 2025
Assets:
Investment securities available-for-sale:
U.S. agency securities						—						537,909						—						537,909
Residential mortgage-backed securities						—						617,394						—						617,394
Commercial mortgage-backed securities						—						49,206						—						49,206
Municipal bonds						—						7,888						—						7,888
Corporate bonds						—						1,840						—						1,840
Loans held for sale						—						15,251						—						15,251
Interest rate product						—						29,165						—						29,165
Total assets measured at fair value on a recurring basis as of March 31, 2025						$	—					$	1,258,653					$	—					$	1,258,653
Liabilities:
Interest rate product						$	—					$	26,447					$	—					$	26,447
Total liabilities measured at fair value on a recurring basis as of March 31, 2025						$	—					$	26,447					$	—					$	26,447
December 31, 2024
Assets:
Investment securities available-for-sale:
U.S. treasury bonds						$	—					$	24,776					$	—					$	24,776
U.S. agency securities						—						558,535						—						558,535
Residential mortgage-backed securities						—						625,316						—						625,316
Commercial mortgage-backed securities						—						48,945						—						48,945
Municipal bonds						—						8,014						—						8,014
Corporate bonds						—						1,818						—						1,818
Interest rate product						—						31,592						—						31,592
Total assets measured at fair value on a recurring basis as of December 31, 2024						$	—					$	1,298,996					$	—					$	1,298,996
Liabilities:
Interest rate product						$	—					$	29,110					$	—					$	29,110
Total liabilities measured at fair value on a recurring basis as of December 31, 2024						$	—					$	29,110					$	—					$	29,110

Schedule of Assets Measured at Fair Value on Nonrecurring Basis

Assets measured at fair value on a nonrecurring basis are included in the table below. There were no liabilities measured at fair value on a non-recurring basis as of March 31, 2025 and December 31, 2024.

(dollars in thousands)						Quoted Prices  (Level 1)						Significant Other Observable Inputs  (Level 2)						Significant Other  Unobservable Inputs  (Level 3)						Total  (Fair Value)
March 31, 2025
Individually assessed loans:
Commercial						$	—					$	—					$	5,092					$	5,092
Income producing - commercial real estate						—						—						150,988						150,988
Owner occupied - commercial real estate						—						—						27,721						27,721
Construction - commercial and residential						—						—						298						298
Other real estate owned						—						—						2,459						2,459
Total assets measured at fair value on a nonrecurring basis as of March 31, 2025						$	—					$	—					$	186,558					$	186,558

(dollars in thousands)						Quoted Prices  (Level 1)						Significant Other Observable Inputs  (Level 2)						Significant Other  Unobservable Inputs  (Level 3)						Total  (Fair Value)
December 31, 2024
Individually assessed loans:
Commercial						$	—					$	—					$	2,551					$	2,551
Income producing - commercial real estate						—						—						158,956						158,956
Owner occupied - commercial real estate						—						—						30,384						30,384
Construction - commercial and residential						—						—						303						303
Other real estate owned						—						—						2,743						2,743
Total assets measured at fair value on a nonrecurring basis as of December 31, 2024						$	—					$	—					$	194,937					$	194,937

Schedule of Estimated Fair Values of Financial Instruments

The estimated fair values of the Company’s financial instruments as of March 31, 2025 and December 31, 2024 are as follows:

																		Fair Value Measurements
(dollars in thousands)						Carrying Value						Fair Value						Quoted Prices (Level 1)						Significant Other  Observable Inputs (Level 2)						Significant Other Unobservable  Inputs (Level 3)
March 31, 2025
Assets
Cash and due from banks						$	12,516					$	12,516					$	12,516					$	—					$	—
Federal funds sold						2,968						2,968						—						2,968						—
Interest bearing deposits with other banks						661,173						661,173						—						661,173						—
Investment securities available-for-sale						1,214,237						1,214,237						—						1,214,237						—
Investment securities held-to-maturity						924,473						820,530						—						820,530						—
Federal Reserve and Federal Home Loan Bank stock						51,467						N/A						—						—						—
Loans held for sale						15,251						15,251						—						15,251						—
Loans held for investment						7,943,306						7,713,251						—						—						7,713,251
Bank owned life insurance						320,055						320,055						—						320,055						—
Annuity investment						12,486						12,486						—						12,486						—
Interest rate product						29,165						29,165						—						29,165						—
Accrued interest receivable						48,563						48,563						—						48,563						—
Liabilities
Noninterest bearing deposits						1,607,826						1,607,826						—						1,607,826						—
Interest bearing deposits						4,485,641						4,485,641						—						4,485,641						—
Time deposits						3,183,801						3,193,860						—						3,193,860						—
Customer repurchase agreements						32,357						32,357						—						32,357						—
Other short-term borrowings						490,000						490,000						—						490,000						—
Long-term borrowings						76,181						83,935						—						83,935						—
Interest rate product						26,447						26,447						—						26,447						—
Accrued interest payable						16,957						16,957						—						16,957						—
December 31, 2024
Assets
Cash and due from banks						$	11,882					$	11,882					$	11,882					$	—					$	—
Federal funds sold						2,581						2,581						—						2,581						—
Interest bearing deposits with other banks						619,017						619,017						—						619,017						—
Investment securities available-for-sale						1,267,404						1,267,404						—						1,267,404						—
Investment securities held-to-maturity						938,647						820,382						—						820,382						—
Federal Reserve and Federal Home Loan Bank stock						51,763						N/A						—						—						—
Loans held for investment						7,934,888						7,707,424						—						—						7,707,424
Bank owned life insurance						115,806						115,806						—						115,806						—
Annuity investment						12,656						12,656						—						12,656						—
Interest rate product						31,592						31,592						—						31,592						—
Accrued interest receivable						49,479						49,479						—						49,479						—
Liabilities
Noninterest bearing deposits						1,544,403						1,544,403						—						1,544,403						—
Interest bearing deposits						4,811,012						4,811,012						—						4,811,012						—
Time deposits						2,775,663						2,785,891						—						2,785,891						—
Customer repurchase agreements						33,157						33,157						—						33,157						—
Other short-term borrowings						490,000						490,000						—						490,000						—
Long-term borrowings						76,108						82,916						—						82,916						—
Interest rate product						29,110						29,110						—						29,110						—
Accrued interest payable						17,844						17,844						—						17,844						—

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

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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

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- References

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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

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