v3.25.2
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2025 and December 31, 2024 are presented in the following tables:
At June 30, 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$— $642,264 $— $642,264 
Mortgage-backed securities - residential— 541,343 — 541,343 
Mortgage-backed securities - commercial— 8,752 — 8,752 
Municipal securities— 144,228 — 144,228 
Corporate securities— 978 — 978 
Total securities$— $1,337,565 $— $1,337,565 
Loans held for sale, at fair value$— $123,235 $— $123,235 
Mortgage servicing rights— — 153,464 153,464 
Derivatives— 27,566 — 27,566 
Financial Liabilities:
Derivatives— 23,832 — 23,832 
At December 31, 2024Quoted prices
in active
markets for
identical assets
(liabilities)
(level 1)		Significant
other
observable
inputs
(level 2) 		Significant unobservable
inputs
(level 3) 		Total
Recurring valuations:    
Financial assets:     
AFS debt securities:    
U.S. government agency securities$— $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 $— $95,403 
Mortgage servicing rights— — 162,038 162,038 
Derivatives— 29,951 — 29,951 
Financial Liabilities:
Derivatives— 32,383 — 32,383 
Schedule of Balances and Levels of Assets Measured at Fair Value on Non-recurring Basis
The balances and levels of the assets measured at fair value on a nonrecurring basis as of June 30, 2025 and December 31, 2024 are presented in the following tables: 
At June 30, 2025Quoted prices
in active
markets for
identical assets
(liabilities
(level 1)		Significant
other
observable
inputs
(level 2) 		Significant unobservable
inputs
(level 3) 		Total
Nonrecurring valuations:    
Financial assets:    
Other real estate owned$— $— $1,602 $1,602 
Collateral-dependent net loans held for
   investment:
Construction— — 16,908 16,908 
Residential real estate:
   Multifamily— — 8,661 8,661 
Total collateral-dependent loans$— $— $25,569 $25,569 
 
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 Significant Unobservable Inputs (Level 3) Used in Valuation of Assets Measured at Fair Value on Nonrecurring Basis
The following tables present information as of June 30, 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:
June 30, 2025
Financial instrumentFair ValueValuation techniqueSignificant 
unobservable inputs		Range of
inputs
Collateral-dependent net loans
   held for investment		$25,569 Valuation of collateralDiscount for comparable sales
10%-42%
Other real estate owned$1,602 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:
June 30,December 31,
20252024
Loans held for sale under a fair value option:
  Mortgage loans held for sale123,235 95,403 
Loans held for sale not accounted for under a fair value option:
  Mortgage loans held for sale - guaranteed GNMA repurchase option20,977 31,357 
               Total loans held for sale$144,212 $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 June 30, 2025 and December 31, 2024: 
June 30,December 31,
20252024
Aggregate fair value$123,235 $95,403 
Aggregate unpaid principal balance119,922 93,918 
     Difference$3,313 $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
June 30, 2025Carrying amount Level 1Level 2Level 3Total
Financial assets:     
Cash and cash equivalents$1,165,729 $1,165,729 $— $— $1,165,729 
Investment securities1,337,565 — 1,337,565 — 1,337,565 
Net loans held for investment9,725,334 — — 9,555,265 9,555,265 
Loans held for sale, at fair value123,235 — 123,235 — 123,235 
Interest receivable50,386 304 7,325 42,757 50,386 
Mortgage servicing rights153,464 — — 153,464 153,464 
Derivatives27,566 — 27,566 — 27,566 
Financial liabilities: 
Deposits: 
Without stated maturities$9,163,006 $9,163,006 $— $— $9,163,006 
With stated maturities2,240,464 — 2,235,505 — 2,235,505 
Securities sold under agreements to
repurchase and federal funds purchased
11,431 11,431 — — 11,431 
Subordinated debt, net130,898 — — 128,021 128,021 
Interest payable21,891 3,785 16,606 1,500 21,891 
Derivatives23,832 — 23,832 — 23,832 
 
 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