XML 46 R36.htm IDEA: XBRL DOCUMENT v3.25.1
Fair Value of Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Balances and Levels of Assets Measured at Fair Value on Recurring Basis
The balances and levels of the assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 are presented in the following tables:
At March 31, 2025Quoted prices
in active
markets for
identical assets
(liabilities)
(level 1)
Significant
other
observable
inputs
(level 2)
Significant unobservable
inputs
(level 3)
Total
Recurring valuations:    
Financial assets:     
AFS debt securities:    
U.S. government agency securities$— $602,942 $— $602,942 
Mortgage-backed securities - residential— 816,556 — 816,556 
Mortgage-backed securities - commercial— 14,828 — 14,828 
Municipal securities— 145,396 — 145,396 
Corporate securities— 998 — 998 
Total securities$— $1,580,720 $— $1,580,720 
Loans held for sale, at fair value$— $145,618 $— $145,618 
Mortgage servicing rights— — 156,379 156,379 
Derivatives— 26,150 — 26,150 
Financial Liabilities:
Derivatives— 24,621 — 24,621 
At December 31, 2024Quoted prices
in active
markets for
identical assets
(liabilities)
(level 1)
Significant
other
observable
inputs
(level 2)
Significant unobservable
inputs
(level 3)
Total
Recurring valuations:    
Financial assets:     
AFS debt securities:    
U.S. government agency securities$— $563,007 $— $563,007 
Mortgage-backed securities - residential— 810,999 — 810,999 
Mortgage-backed securities - commercial— 14,857 — 14,857 
Municipal securities — 147,857 — 147,857 
U.S. Treasury securities— 299 — 299 
Corporate securities— 989 — 989 
Total securities$— $1,538,008 $— $1,538,008 
Loans held for sale, at fair value$— $95,403 $— $95,403 
Mortgage servicing rights— — 162,038 162,038 
Derivatives— 29,951 — 29,951 
Financial Liabilities:
Derivatives— 32,383 — 32,383 
Schedule of Balances and Levels of Assets Measured at Fair Value on Non-recurring Basis
The balances and levels of the assets measured at fair value on a nonrecurring basis as of March 31, 2025 and December 31, 2024 are presented in the following tables: 
At March 31, 2025Quoted prices
in active
markets for
identical assets
(liabilities
(level 1)
Significant
other
observable
inputs
(level 2)
Significant unobservable
inputs
(level 3)
Total
Nonrecurring valuations:    
Financial assets:    
Other real estate owned$— $— $231 $231 
Collateral-dependent net loans held for
   investment:
Commercial and industrial— — 348 348 
Construction— — 24,373 24,373 
Residential real estate:
1-to-4 family mortgage— — 277 277 
   Multifamily— — 8,987 8,987 
Commercial real estate:
Non-owner occupied— — 2,810 2,810 
Total collateral-dependent loans$— $— $36,795 $36,795 
 
At December 31, 2024Quoted prices
in active
markets for
identical assets
(liabilities)
(level 1)
Significant
other
observable
inputs
(level 2)
Significant unobservable
inputs
(level 3)
Total
Nonrecurring valuations:    
Financial assets:    
Other real estate owned$— $— $2,873 $2,873 
Collateral-dependent net loans held for
    investment:
Commercial and industrial$— $— $694 $694 
Construction— — 20,818 20,818 
Residential real estate:
   Multifamily— — 9,000 9,000 
Total collateral-dependent loans$— $— $30,512 $30,512 
Schedule of Information About Significant Unobservable Inputs (Level 3) Used in Valuation of Assets Measured at Fair Value on Nonrecurring Basis
The following tables present information as of March 31, 2025 and December 31, 2024 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:
March 31, 2025
Financial instrumentFair ValueValuation techniqueSignificant 
unobservable inputs
Range of
inputs
Collateral-dependent net loans
   held for investment
$36,795 Valuation of collateralDiscount for comparable sales
10%
Other real estate owned$231 Appraised value of property less costs to sellDiscount for costs to sell
0%-10%
December 31, 2024
Financial instrumentFair ValueValuation techniqueSignificant 
unobservable inputs
Range of
inputs
Collateral-dependent net loans
    held for investment
$30,512 Valuation of collateralDiscount for comparable sales
10%-40%
Other real estate owned$2,873 Appraised value of property less costs to sellDiscount for costs to sell
0%-10%
Schedule of Loans Held For Sale at Fair Value
The following table summarizes the Company’s loans held for sale as of the dates presented:
March 31,December 31,
20252024
Loans held for sale under a fair value option:
  Mortgage loans held for sale145,618 95,403 
Loans held for sale not accounted for under a fair value option:
  Mortgage loans held for sale - guaranteed GNMA repurchase option27,152 31,357 
               Total loans held for sale$172,770 $126,760 
Schedule of Differences between Fair Value and Principal Balance for Loans Held for Sale Measured at Fair Value
The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of March 31, 2025 and December 31, 2024: 
March 31,December 31,
20252024
Aggregate fair value$145,618 $95,403 
Aggregate unpaid principal balance141,932 93,918 
     Difference$3,686 $1,485 
Schedule of Estimated Fair Values and Carrying Values of Financial Instruments
The following table contains the estimated fair values and the related carrying values of the Company’s financial instruments. Non-financial instruments are excluded from the table below.
 
 Fair Value
March 31, 2025Carrying amount Level 1Level 2Level 3Total
Financial assets:     
Cash and cash equivalents$794,706 $794,706 $— $— $794,706 
Investment securities1,580,720 — 1,580,720 — 1,580,720 
Net loans held for investment9,621,005 — — 9,443,311 9,443,311 
Loans held for sale, at fair value145,618 — 145,618 — 145,618 
Interest receivable51,268 879 7,009 43,380 51,268 
Mortgage servicing rights156,379 — — 156,379 156,379 
Derivatives26,150 — 26,150 — 26,150 
Financial liabilities: 
Deposits: 
Without stated maturities$9,423,800 $9,423,800 $— $— $9,423,800 
With stated maturities1,778,198 — 1,774,652 — 1,774,652 
Securities sold under agreements to
repurchase and federal funds purchased
9,787 9,787 — — 9,787 
Subordinated debt, net130,801 — — 127,531 127,531 
Interest payable18,813 3,640 14,798 375 18,813 
Derivatives24,621 — 24,621 — 24,621 
 
 Fair Value
December 31, 2024Carrying amount Level 1Level 2Level 3Total
Financial assets:     
Cash and cash equivalents$1,042,488 $1,042,488 $— $— $1,042,488 
Investment securities1,538,008 — 1,538,008 — 1,538,008 
Net loans held for investment9,450,442 — — 9,221,311 9,221,311 
Loans held for sale, at fair value95,403 — 95,403 — 95,403 
Interest receivable49,611 629 8,012 40,970 49,611 
Mortgage servicing rights162,038 — — 162,038 162,038 
Derivatives29,951 — 29,951 — 29,951 
Financial liabilities: 
Deposits: 
Without stated maturities$9,361,140 $9,361,140 $— $— $9,361,140 
With stated maturities1,849,294 — 1,846,989 — 1,846,989 
Securities sold under agreements to
repurchase and federal funds purchased
13,499 13,499 — — 13,499 
Subordinated debt, net130,704 — — 126,684 126,684 
Interest payable24,182 3,759 18,923 1,500 24,182 
Derivatives32,383 — 32,383 — 32,383