Fair Value (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024
Available-for-sale securities:
U.S. Treasury	$	184,162	$	184,162	$	—	$	—
Agency mortgage-backed securities		53,450		—		53,450		—
I/O strip receivables		95		—		95		—
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 the company's financial instruments

The carrying amounts and estimated fair values of the Company’s financial instruments at September 30, 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	$	956,310		$	956,310	$	—	$	—	$	956,310
Securities available-for-sale		237,612			184,162		53,450		—		237,612
Securities held-to-maturity		604,193			—		531,533		—		531,533
Loans (including loans held-for-sale)		3,411,885	(1)		—		1,649		3,246,881		3,248,530
FHLB stock, FRB stock, and other
investments		32,553			—		—		—		N/A
Accrued interest receivable		15,220			604		3,020		11,596		15,220
I/O strips receivables		95			—		95		—		95
Liabilities:
Time deposits	$	523,396		$	—	$	525,656	$	—	$	525,656
Other deposits		4,206,137			—		4,206,137		—		4,206,137
Subordinated debt		39,615			—		33,215		—		33,215
Accrued interest payable		7,037			—		7,037		—		7,037

(1) Before allowance for credit losses on loans of $47,819,000.

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