v3.25.1
Fair Value
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
The following table summarizes assets measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:
March 31, 2025
 Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Financial Assets:
AFS debt securities$— $1,284,360 $— $1,284,360 
Equity securities with a readily determinable fair value9,949 — — 9,949 
LHFS(1)
— 67,968 — 67,968 
Interest rate swap designated as hedging instruments— 8,272 — 8,272 
Correspondent interest rate swaps not designated as hedging instruments— 18,096 — 18,096 
Customer interest rate swaps not designated as hedging instruments— 3,688 — 3,688 
Financial Liabilities:
Interest rate swap designated as hedging instruments$— $35,426 $— $35,426 
Correspondent interest rate swaps not designated as hedging instruments— 3,965 — 3,965 
Customer interest rate swaps not designated as hedging instruments— 17,516 — 17,516 
1Represents LHFS elected to be carried at fair value upon origination or acquisition.
 December 31, 2024
 Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
Financial Assets:
 AFS debt securities$— $1,294,512 $— $1,294,512 
Equity securities with a readily determinable fair value9,781 — — 9,781 
LHFS(1)
— 88,405 — 88,405 
Interest rate swaps designated as hedging instruments— 7,786 — 7,786 
Correspondent interest rate swaps not designated as hedging instruments— 25,328 — 25,328 
Customer interest rate swaps not designated as hedging instruments— 1,514 — 1,514 
Financial Liabilities:
Interest rate swaps designated as hedging instruments$— $41,893 $— $41,893 
Correspondent interest rate swaps not designated as hedging instruments— 1,651 — 1,651 
Customer interest rate swaps not designated as hedging instruments— 24,817 — 24,817 
(1) Represents LHFS elected to be carried at fair value upon origination or acquisition.
There were no transfers between Level 2 and Level 3 during the three months ended March 31, 2025 and the year ended December 31, 2024.
The following table summarizes assets measured at fair value on a non-recurring basis as of March 31, 2025 and December 31, 2024, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:
 Fair Value
Measurements Using		 
 Level 1
Inputs		Level 2
Inputs		Level 3
Inputs		Total
Fair Value
As of March 31, 2025                
  Assets:    
Collateral dependent loans with an ACL$— $— $6,415 $6,415 
Servicing assets with a valuation allowance— — 3,831 3,831 
OREO— — 24,268 24,268 
As of December 31, 2024
  Assets:
Collateral dependent loans with an ACL$— $— $4,182 $4,182 
Servicing assets with a valuation allowance— — 3,356 3,356 
OREO— — 24,737 24,737 
At March 31, 2025, collateral dependent loans with an allowance had a recorded investment of $7,635, with $1,220 specific ACL allocated. At December 31, 2024, collateral dependent loans with an allowance had a carrying value of $4,798, with $616 of specific ACL allocated.
At March 31, 2025, servicing assets of $4,895 had a valuation allowance totaling $1,064. At December 31, 2024, servicing assets of $4,560 had a valuation allowance totaling $1,204.
OREO primarily consists of two properties recorded with a fair value of approximately $24,268 in total at March 31, 2025. There were four OREO properties recorded with a fair value of approximately $24,737 in total as of December 31, 2024.
There were no liabilities measured at fair value on a non-recurring basis as of March 31, 2025 or December 31, 2024.
Fair Value of Financial Instruments
    The Company’s methods of determining fair value of financial instruments in this Note are consistent with its methodologies disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Please refer to Note 16 in the Company’s Annual Report on Form 10-K for information on these methods.
The estimated fair values and carrying values of all financial instruments not measured at fair value on a recurring basis under current authoritative guidance as of March 31, 2025 and December 31, 2024 were as follows:
Fair Value
Carrying
Amount		Level 1Level 2Level 3
March 31, 2025
Financial assets:
Cash and cash equivalents$849,790 $— $849,790 $— 
HTM debt securities178,797 — 154,864 — 
LHFS(1)
1,268 — 1,268 — 
LHI(2)
9,392,812 — — 9,223,104 
Accrued interest receivable44,762 — 44,762 — 
BOLI85,424 — 85,424 — 
Servicing asset7,837 — 7,837 — 
Equity securities without a readily determinable fair value10,512 N/AN/AN/A
FHLB and FRB stock47,973 N/AN/AN/A
Financial liabilities:
Noninterest-bearing deposits$2,318,645 $— $2,318,645 $— 
Interest-bearing deposits8,346,478 — 8,154,514 — 
Accrued interest payable27,090 — 27,090 — 
Subordinated debentures and subordinated notes155,909 — 155,014 — 
December 31, 2024
Financial assets:
Cash and cash equivalents$855,200 $— $855,200 $— 
HTM debt securities184,026 — 160,560 — 
LHFS(1)
904 — 904 — 
LHI(2)
9,499,746 — — 9,409,813 
Accrued interest receivable46,328 — 46,328 — 
BOLI85,324 — 85,324 — 
Servicing asset6,565 — 6,565 — 
Equity securities without a readily determinable fair value12,272 N/AN/AN/A
FHLB and FRB stock46,567 N/AN/AN/A
Financial liabilities:
Noninterest-bearing deposits$2,191,457 $— $2,191,457 $— 
Interest-bearing deposits8,561,135 — 8,349,988 — 
Accrued interest payable38,568 — 38,568 — 
Subordinated debentures and subordinated notes230,736 — 230,736 — 
(1) LHFS primarily represent mortgage LHFS that are carried at lower of cost or market.
(2) LHI includes MW and is carried at amortized cost.