Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value

Schedule of financial assets and liabilities measured on a recurring basis

			Fair Value Measurements Using
					Significant
			Quoted Prices in		Other		Significant
			Active Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Balance		(Level 1)		(Level 2)		(Level 3)
	(Dollars in thousands)
Assets at March 31, 2024
Available-for-sale securities:
U.S. Treasury	$	347,453	$	347,453	$	—	$	—
Agency mortgage-backed securities		57,021		—		57,021		—
I/O strip receivables		110		—		110		—
Assets at December 31, 2023
Available-for-sale securities:
U.S. Treasury	$	382,369	$	382,369	$	—	$	—
Agency mortgage-backed securities		60,267		—		60,267		—
I/O strip receivables		117		—		117		—

Schedule of carrying amounts and estimated fair values of financial instruments

The carrying amounts and estimated fair values of financial instruments at March 31, 2024 are as follows:

				Estimated Fair Value
						Significant
				Quoted Prices in		Other		Significant
				Active Markets for		Observable		Unobservable
	Carrying			Identical Assets		Inputs		Inputs
	Amounts			(Level 1)		(Level 2)		(Level 3)		Total
	(Dollars in thousands)
Assets:
Cash and cash equivalents	$	541,359		$	541,359	$	—	$	—	$	541,359
Securities available-for-sale		404,474			347,453		57,021		—		404,474
Securities held-to-maturity		636,249			—		542,858		—		542,858
Loans (including loans held-for-sale)		3,338,048	(1)		—		1,946		3,142,873		3,144,819
FHLB stock, FRB stock, and other
investments		32,544			—		—		—		N/A
Accrued interest receivable		16,246			1,592		2,482		12,172		16,246
I/O strips receivables		110			—		110		—		110
Liabilities:
Time deposits	$	488,112		$	—	$	491,943	$	—	$	491,943
Other deposits		3,956,548			—		3,956,548		—		3,956,548
Subordinated debt		39,539			—		32,339		—		32,339
Accrued interest payable		5,296			—		5,296		—		5,296

(1) Before allowance for credit losses on loans of $47,888,000.

The carrying amounts and estimated fair values of the Company’s financial instruments at December 31, 2023:

				Estimated Fair Value
						Significant
				Quoted Prices in		Other		Significant
				Active Markets for		Observable		Unobservable
	Carrying			Identical Assets		Inputs		Inputs
	Amounts			(Level 1)		(Level 2)		(Level 3)		Total
	(Dollars in thousands)
Assets:
Cash and cash equivalents	$	408,129		$	408,129	$	—	$	—	$	408,129
Securities available-for-sale		442,636			382,369		60,267		—		442,636
Securities held-to-maturity		650,565			—		564,127		—		564,127
Loans (including loans held-for-sale)		3,352,583	(1)		—		2,205		3,172,512		3,174,717
FHLB stock, FRB stock, and other
investments		32,540			—		—		—		N/A
Accrued interest receivable		14,959			1,255		1,764		11,940		14,959
I/O strips receivables		117			—		117		—		117
Liabilities:
Time deposits	$	469,472		$	—	$	471,693	$	—	$	471,693
Other deposits		3,908,986			—		3,908,986		—		3,908,986
Subordinated debt		39,502			—		31,902		—		31,902
Accrued interest payable		4,688			—		4,698		—		4,698

(1) Before allowance for credit losses on loans of $47,958,000.