XML 55 R47.htm IDEA: XBRL DOCUMENT

Fair Value (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value Recurring Basis

The following tables summarize financial assets and financial liabilities measured at fair value on a recurring basis at March 31, 2025 and December 31, 2024, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value ($ in thousands). There were no transfers between fair value levels for the three months ended March 31, 2025 and the year ended December 31, 2024.


		March 31, 2025
		Total				Level 1				Level 2				Level 3
U.S. Treasury securities		$	212,463			$	212,463			$	—			$	—
U.S. Government agency obligations			49,325				—				49,325				—
Mortgage-backed securities			1,475,674				—				1,475,674				—
Securities available for sale			1,737,462				212,463				1,524,999				—
LHFS			188,689				—				188,689				—
MSR			134,395				—				—				134,395
Other assets - derivatives			17,469				1,137				15,544				788
Other liabilities - derivatives			28,768				39				28,729				—


		December 31, 2024
		Total				Level 1				Level 2				Level 3
U.S. Treasury securities		$	202,669			$	202,669			$	—			$	—
U.S. Government agency obligations			38,807				—				38,807				—
Mortgage-backed securities			1,451,058				—				1,451,058				—
Securities available for sale			1,692,534				202,669				1,489,865				—
LHFS			200,307				—				200,307				—
MSR			139,317				—				—				139,317
Other assets - derivatives			15,397				18				15,150				229
Other liabilities - derivatives			41,355				2,183				39,172				—

Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis

The changes in Level 3 assets measured at fair value on a recurring basis for the three months ended March 31, 2025 and 2024 are summarized as follows ($ in thousands):


		MSR				Other Assets - Derivatives
Balance, January 1, 2025		$	139,317			$	229
Total net (loss) gain included in Mortgage banking, net (1)			(7,990	)			748
Additions			3,068				—
Sales			—				(189	)
Balance, March 31, 2025		$	134,395			$	788

The amount of total gains (losses) for the period included in earnings that are attributable to the change in unrealized gains or losses still held at March 31, 2025		$	(5,928	)		$	345

Balance, January 1, 2024		$	131,870			$	845
Total net (loss) gain included in Mortgage banking, net (1)			3,197				1,047
Additions			2,977				—
Sales			—				(735	)
Balance, March 31, 2024		$	138,044			$	1,157

The amount of total gains (losses) for the period included in earnings that are attributable to the change in unrealized gains or losses still held at March 31, 2024		$	5,123			$	927

(1)

Total net (loss) gain included in Mortgage banking, net relating to the MSR includes changes in fair value due to market changes and due to run-off.

Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments at March 31, 2025 and December 31, 2024, are as follows ($ in thousands):


		March 31, 2025								December 31, 2024
		Carrying Value				Estimated Fair Value				Carrying Value				Estimated Fair Value
Financial Assets:
Level 2 Inputs:
Cash and short-term investments		$	587,362			$	587,362			$	567,251			$	567,251
Securities held to maturity			1,315,053				1,259,898				1,335,385				1,259,107
Level 3 Inputs:
Net LHFI			13,074,459				13,040,321				12,929,672				12,886,168

Financial Liabilities:
Level 2 Inputs:
Deposits			15,080,704				15,070,082				15,108,175				15,098,854
Federal funds purchased and securities sold under repurchase agreements			360,080				360,080				324,008				324,008
Other borrowings			404,815				404,815				301,541				301,541
Subordinated notes			123,757				122,188				123,702				120,625
Junior subordinated debt securities			61,856				50,103				61,856				49,794

Fair Value and the Contractual Principal Outstanding of the LHFS

The following table provides information about the fair value and the contractual principal outstanding of the LHFS accounted for under the fair value option at March 31, 2025 and December 31, 2024 ($ in thousands):


		March 31, 2025				December 31, 2024
Fair value of LHFS		$	92,672			$	102,676
LHFS contractual principal outstanding			90,961				105,322
Fair value less unpaid principal		$	1,711			$	(2,646	)

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details