Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Summary of Carrying Amounts and Estimated Fair Values of Financial Instruments

The following tables present the carrying amounts and estimated fair values of the Company’s financial instruments as of March 31, 2025 and December 31, 2024. Fair values for March 31, 2025 and December 31, 2024 were estimated using an exit price notion.


March 31, 2025	Carrying Amount		Fair Value		Fair Value Measurements
($ in thousands)					Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	389,006	$	389,006	$	389,006	$	—	$	—
Available for sale securities	179,148		179,148		—		179,148		—
Held to maturity securities	469,572		421,428		—		421,428		—
Equity securities	5,945		5,945		—		5,945		—
Restricted securities	20,411		20,411		—		20,411		—
Loans held for sale	15,717		15,717		—		15,717		—
TBA securities	12		12		—		12		—

Loans held for investment, at amortized cost, net	4,719,447		4,599,414		—		—		4,599,414
Mortgage servicing rights	5,535		5,535		—		5,535		—
Accrued interest receivable	20,555		20,555		—		20,555		—
IRLCs	392		392		—		—		392

Liabilities
Deposits:
Noninterest-bearing	$	1,565,017	$	1,565,017	$	—	$	1,565,017	$	—
Interest-bearing checking	852,480		852,480		—		852,480		—
Money market and savings	1,800,529		1,800,529		—		1,800,529		—
Time deposits	1,242,319		1,241,089		—		1,241,089		—
FHLB advances	50,000		50,152		—		50,152		—
TRUPS	29,926		28,044		—		28,044		—
Subordinated debt	44,053		43,928		—		43,928		—
TBA Securities	78		78		—		78		—
Accrued interest payable	3,359		3,359		—		3,359		—


December 31, 2024	Carrying Amount		Fair Value		Fair Value Measurements
($ in thousands)					Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	459,851	$	459,851	$	459,851	$	—	$	—
Available for sale securities	149,212		149,212		—		149,212		—
Held to maturity securities	481,077		424,734		—		424,734		—
Equity securities	5,814		5,814		—		5,814		—
Restricted securities	20,253		20,253		—		20,253		—
Loans held for sale	19,606		19,606		—		19,606		—
TBA securities	164		164		—		164		—

Loans held for investment, at amortized cost, net	4,714,078		4,561,449		—		—		4,561,449
Mortgage servicing rights	5,874		5,874		—		5,874		—
Accrued interest receivable	19,570		19,570		—		19,570		—
IRLCs	113		113		—		—		113

Liabilities
Deposits:
Noninterest-bearing	$	1,562,815	$	1,562,815	$	—	$	1,562,815	$	—
Interest bearing checking	978,076		978,076		—		978,076		—
Money market and savings	1,805,884		1,805,884		—		1,805,884		—
Time deposits	1,181,561		1,179,716		—		1,179,716		—
FHLB advances	50,000		50,201		—		50,201		—
TRUPS	29,847		27,952		—		27,952		—
Subordinated debt	43,870		43,669		—		43,669		—
TBA securities	23		23		—		23		—
Accrued interest payable	3,398		3,398		—		3,398		—