v3.25.2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured and Recorded at Fair Value
Assets and liabilities measured and recorded at fair value, including financial assets for which the Company has elected the fair value option, on a recurring and nonrecurring basis at March 31, 2025 and December 31, 2024, are summarized below:
March 31, 2025
(dollars in thousands)Carrying
amount		Quoted prices
in active
markets
for identical
assets
(Level 1)		Significant
other
observable
inputs
(Level 2)		Significant unobservable
inputs
(Level 3)
Assets and liabilities measured at fair value on a recurring basis:
Assets
Investment securities available for sale:
U.S. Treasury securities$1,000 $1,000 $— $— 
U.S. government sponsored entities and U.S. agency securities25,100 — 25,100 — 
Mortgage-backed securities - agency1,006,339 — 1,006,339 — 
Mortgage-backed securities - non-agency95,188 — 95,188 — 
Asset-backed student loans47,401 — 47,401 — 
State and municipal securities69,111 — 69,111 — 
Collateralized loan obligations39,212 — 39,212 — 
Corporate securities80,850 — 80,850 — 
Equity securities4,204 4,204 — — 
Residential loans held for sale7,510 — 7,510 — 
Credit enhancement asset5,615 — — 5,615 
Derivative assets5,260 — 5,260 — 
Total$1,386,790 $5,204 $1,375,971 $5,615 
Liabilities
Derivative liabilities$6,125 $— $6,125 $— 
Total$6,125 $— $6,125 $— 
Assets measured at fair value on a non-recurring basis:
Nonperforming loans$106,354 $— $— $106,354 
Consumer loans held for sale280,311 — — 280,311 
Other real estate owned4,183 — — 4,183 
December 31, 2024
(dollars in thousands)Carrying
amount		Quoted prices
in active
markets
for identical
assets
(Level 1)		Significant
other
observable
inputs
(Level 2)		Significant unobservable
inputs
(Level 3)
Assets and liabilities measured at fair value on a recurring basis:
Assets
Investment securities available for sale:
U.S. government sponsored entities and U.S. agency securities$20,141 $— $20,141 $— 
Mortgage-backed securities - agency847,056 — 847,056 — 
Mortgage-backed securities - non-agency101,012 — 101,012 — 
Asset-backed student loans49,973 — 49,973 — 
State and municipal securities69,061 — 69,061 — 
Collateralized loan obligations40,450 — 40,450 — 
Corporate securities79,881 — 79,881 — 
Equity securities4,792 4,792 — — 
Loans held for sale8,228 — 8,228 — 
Credit enhancement asset16,804 — — 16,804 
Derivative assets3,837 — 3,837 — 
Total$1,241,235 $4,792 $1,219,639 $16,804 
Liabilities
Derivative liabilities$5,655 $— $5,655 $— 
Total$5,655 $— $5,655 $— 
Assets measured at fair value on a non-recurring basis:
Nonperforming loans$120,222 $— $— $120,222 
Consumer loans held for sale336,719 — — 336,719 
Other real estate owned4,941 — — 4,941 
Schedule of Losses Recognized on Assets Measured on a Non-recurring Basis The following table presents losses recognized on assets measured on a nonrecurring basis for the three months ended March 31, 2025 and 2024:
Three Months Ended March 31,
(dollars in thousands)20252024
Nonperforming loans$2,012 $4,834 
Total losses on assets measured on a nonrecurring basis$2,012 $4,834 
Schedule Presents Quantitative Information about Significant Unobservable Inputs used in Fair Value Measurements of Non-recurring Assets (Level 3) The following tables present quantitative information about significant unobservable inputs used in fair value measurements of Level 3 assets measured on a nonrecurring basis at March 31, 2025 and December 31, 2024:
(dollars in thousands)Fair valueValuation
technique		Unobservable
input / assumptions
Range (weighted average)(1)
March 31, 2025
Nonperforming loans$106,354 Fair value of collateralDiscount for type of property, age of appraisal, and/or current status
0.00% - 99.89% (11.48%)
Other real estate loans4,183 Fair value of collateralDiscount for type of property, age of appraisal, and/or current status
0.00% - 97.00% (50.68%)
Consumer loans held for sale(2)
280,311 Discounted cash flowDiscount rate11.09%
December 31, 2024
Nonperforming loans$120,222 Fair value of collateralDiscount for type of property, age of appraisal, and/or current status
0.00% - 34.15% (0.67%)
Other real estate loans4,941 Fair value of collateralDiscount for type of property, age of appraisal, and/or current status
0.00% - 43.54% (10.68%.)
Consumer loans held for sale(2)
336,719 Discounted cash flowDiscount rate8.98%
(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)There was one pool of loans at December 31, 2024 with write-downs during 2024, so no range or weighted average is reported.
Schedule of the Fair Value Option for Newly Originated Residential and Commercial Loans Held for Sale
The following table presents the difference between the aggregate fair value and the aggregate remaining principal balance for loans for which the fair value option has been elected as of March 31, 2025 and December 31, 2024:
March 31, 2025December 31, 2024
(dollars in thousands)Aggregate
fair value		DifferenceContractual
principal		Aggregate
fair value		DifferenceContractual
principal
Residential loans held for sale$7,510 $359 $7,151 $8,228 $282 $7,946 
The following table presents the amount of gains (losses) from fair value changes included in income before income taxes for financial assets carried at fair value for the three months ended March 31, 2025 and 2024:
Three Months Ended March 31,
(dollars in thousands)20252024
Residential loans held for sale$87 $18 
Schedule Presentation of Summary of the Carrying Values and Fair Value Estimates of Certain Financial Instruments The carrying values and estimated fair value of certain financial instruments not carried at fair value at March 31, 2025 and December 31, 2024 were as follows:
March 31, 2025
(dollars in thousands)Carrying
amount		Fair valueQuoted 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$101,272 $101,272 $101,272 $— $— 
Federal funds sold734 734 734 — — 
Loans5,018,053 4,946,836 — — 4,946,836 
Accrued interest receivable24,269 24,269 — 24,269 — 
Liabilities
Deposits$5,936,434 $5,922,941 $— $5,922,941 $— 
Short-term borrowings40,224 40,224 — 40,224 — 
FHLB and other borrowings498,000 496,592 — 496,592 — 
Subordinated debt77,754 71,462 — 71,462 — 
Trust preferred debentures51,358 50,470 — 50,470 — 
December 31, 2024
(dollars in thousands)Carrying
amount		Fair valueQuoted 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$114,055 $114,055 $114,055 $— $— 
Federal funds sold711 711 711 — — 
Loans5,167,574 4,979,885 — — 4,979,885 
Accrued interest receivable25,329 25,329 — 25,329 — 
Liabilities
Deposits$6,197,243 $6,183,807 $— $6,183,807 $— 
Short-term borrowings87,499 87,499 75,000 12,499 — 
FHLB and other borrowings258,000 253,520 — 253,520 — 
Subordinated debt77,749 69,827 — 69,827 — 
Trust preferred debentures51,205 49,056 — 49,056 —