FAIR VALUE DISCLOSURES (Tables)

3 Months Ended

Mar. 31, 2025

FAIR VALUE DISCLOSURES [Abstract]

Assets (Liabilities) Measured at Fair Value on Recurring and Non-Recurring Basis

The following table summarizes fair value measurements as of the dates indicated below (dollars in thousands):

	Level 1		Level 2			Level 3		Total
March 31, 2025
Assets (liabilities) measured at fair value on a recurring basis:
Securities available for sale:
State and municipal	$	—	$	169,018		$	—	$	169,018
Residential mortgage-backed securities		—		263,917			—		263,917
Commercial mortgage-backed securities		—		41,033			—		41,033
Commercial collateralized mortgage obligations		—		71,430			—		71,430
Asset-backed and other amortizing securities		—		14,493			—		14,493
Other securities		—		11,636			—		11,636
Loans held for sale (mandatory)		—		11,127			—		11,127
Mortgage servicing rights		—		—			24,906		24,906
Asset derivatives		—		13,662			—		13,662
Liability derivatives		—		(88	)		—		(88	)
Assets measured at fair value on a non-recurring basis:
Loans held for investment		—		—			477		477
December 31, 2024
Assets (liabilities) measured at fair value on a recurring basis:
Securities available for sale:
State and municipal	$	—	$	173,297		$	—	$	173,297
Residential mortgage-backed securities		—		264,096			—		264,096
Commercial mortgage-backed securities		—		40,360			—		40,360
Commercial collateralized mortgage obligations		—		73,483			—		73,483
Asset-backed and other amortizing securities		—		14,581			—		14,581
Other securities		—		11,423			—		11,423
Loans held for sale (mandatory)		—		13,791			—		13,791
Mortgage servicing rights		—		—			26,292		26,292
Asset derivatives		—		15,998			—		15,998
Liability derivatives		—		(12	)		—		(12	)
Assets measured at fair value on a non-recurring basis:
Loans held for investment		—		—			20,566		20,566

Quantitative Information about Recurring and Non-Recurring Level 3 Fair Value Measurements

The following table presents quantitative information about recurring and non-recurring Level 3 fair value measurements at the dates indicated (dollars in thousands):

	Fair Value		Valuation Techniques	Unobservable Inputs	Range of Discounts
March 31, 2025
Non-recurring:
Loans held for investment	$	477	Third party appraisals or inspections	Collateral discounts and selling costs		20	%
Recurring:
Mortgage servicing rights		24,906	Discounted cash flows	Constant prepayment rate		7.52	%
				Discount rate		10.18	%
December 31, 2024
Non-recurring:
Loans held for investment	$	20,566	Third party appraisals or inspections	Collateral discounts and selling costs		20	%
Recurring:
Mortgage servicing rights		26,292	Discounted cash flows	Constant prepayment rate		7.16	%
				Discount rate		10.17	%

Estimated Fair Values, and Related Carrying Amounts of Financial Instruments

The estimated fair values, and related carrying amounts, of the Company’s financial instruments that are not previously disclosed in the recurring fair values section are as follows (dollars in thousands):

	Carrying Amount		Level 1		Level 2		Level 3		Total Fair Value
March 31, 2025
Financial assets:
Cash and cash equivalents	$	536,300	$	536,300	$	—	$	—	$	536,300
Loans held for investment, net		3,032,892		—		—		2,991,407		2,991,407
Loans held for sale (best efforts)		2,804		—		2,851		—		2,851
Accrued interest receivable		17,743		—		17,743		—		17,743
Financial liabilities:
Deposits		3,792,519		—		3,792,307		—		3,792,307
Accrued interest payable		5,018		—		5,018		—		5,018
Junior subordinated deferrable interest debentures		46,393		—		34,182		—		34,182
Subordinated debt		64,007		—		62,579		—		62,579

December 31, 2024
Financial assets:
Cash and cash equivalents	$	359,082	$	359,082	$	—	$	—	$	359,082
Loans held for investment, net		3,011,817		—		—		2,937,678		2,937,678
Loans held for sale (best efforts)		6,751		—		6,875		—		6,875
Accrued interest receivable		21,687		—		21,687		—		21,687
Financial liabilities:
Deposits		3,620,876		—		3,621,106		—		3,621,106
Accrued interest payable		6,108		—		6,108		—		6,108
Junior subordinated deferrable interest debentures		46,393		—		34,285		—		34,285
Subordinated debt		63,961		—		60,969		—		60,969