Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Estimated Fair Values of Financial Instruments

The following tables present estimated fair values of the Company’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall.


	March 31, 2024
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Cash and due from banks	$	271,088	$	271,088	$	—	$	—
Interest–earning time deposits	1,715		—		1,704		—
Investment securities, held to maturity	1,925,725		—		1,627,853		—
Loans held for sale	922		—		—		922
Loans, net	4,567,788		—		—		4,296,425
Stock in FHLB	53,826		—		53,826		—
Interest receivable	40,008		—		40,008		—

Liabilities
Non–interest bearing deposits	$	1,093,076	$	1,093,076	$	—	$	—
Interest bearing deposits	4,486,794		3,350,673		1,129,271		—
Borrowings	1,359,121		—		1,347,385		—
Subordinated notes	55,634		—		53,374		—
Junior subordinated debentures issued to capital trusts	57,315		—		50,018		—
Interest payable	7,853		—		7,853		—


	December 31, 2023
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Cash and due from banks	$	526,515	$	526,515	$	—	$	—
Interest–earning time deposits	2,205		—		2,190		—
Investment securities, held to maturity	1,945,638		—		1,668,601		—
Loans held for sale	1,418		—		—		1,418
Loans, net	4,367,601		—		—		4,072,568
Stock in FHLB	34,509		—		34,509		—
Interest receivable	38,710		—		38,710		—

Liabilities
Non–interest bearing deposits	$	1,116,005	$	1,116,005	$	—	$	—
Interest bearing deposits	4,548,888		3,369,149		1,171,452		—
Borrowings	1,353,050		—		1,347,129		—
Subordinated notes	55,543		—		53,283		—
Junior subordinated debentures issued to capital trusts	57,258		—		50,063		—
Interest payable	22,249		—		22,249		—