v3.26.1
Fair Value (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Assets and Liabilities Measured on Recurring Basis

The following tables present fair values for assets and liabilities measured at fair value on a recurring basis:

 

 

 

As of June 30, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(Dollars in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Available for sale securities:

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

$

—

 

 

$

10,685

 

 

$

—

 

 

$

10,685

 

Collateralized mortgage obligations

 

 

—

 

 

 

202,475

 

 

 

—

 

 

 

202,475

 

Mortgage-backed securities

 

 

—

 

 

 

132,863

 

 

 

—

 

 

 

132,863

 

Derivative financial instruments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate lock commitments

 

$

—

 

 

$

250

 

 

$

—

 

 

$

250

 

Forward mortgage-backed securities trades

 

 

—

 

 

 

35

 

 

 

—

 

 

 

35

 

Loan customer counterparty

 

 

—

 

 

 

216

 

 

 

—

 

 

 

216

 

Financial institution counterparty

 

 

—

 

 

 

208

 

 

 

—

 

 

 

208

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate lock commitments

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Forward mortgage-backed securities trades

 

 

—

 

 

 

43

 

 

 

—

 

 

 

43

 

Loan customer counterparty

 

 

—

 

 

 

223

 

 

 

—

 

 

 

223

 

Financial institution counterparty

 

 

—

 

 

 

203

 

 

 

—

 

 

 

203

 

 

 

 

As of December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(Dollars in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

Available for sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

$

—

 

 

$

10,453

 

 

$

—

 

 

$

10,453

 

Collateralized mortgage obligations

 

 

—

 

 

 

207,444

 

 

 

—

 

 

 

207,444

 

Mortgage-backed securities

 

 

—

 

 

 

120,300

 

 

 

—

 

 

 

120,300

 

Derivative financial instruments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate lock commitments

 

$

—

 

 

$

192

 

 

$

—

 

 

$

192

 

Forward mortgage-backed securities trades

 

 

—

 

 

 

6

 

 

 

—

 

 

 

6

 

Loan customer counterparty

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Financial institution counterparty

 

 

—

 

 

 

778

 

 

 

—

 

 

 

778

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate lock commitments

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Forward mortgage-backed securities trades

 

 

—

 

 

 

50

 

 

 

—

 

 

 

50

 

Loan customer counterparty

 

 

—

 

 

 

782

 

 

 

—

 

 

 

782

 

Financial institution counterparty

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Summary of Carrying and Fair Value Information of Financial Instruments

The following tables present carrying and fair value information of financial instruments as of the dates indicated:

 

 

 

As of June 30, 2026

 

 

 

Carrying

 

 

Estimated Fair Value

 

 

 

Amount

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(Dollars in thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

1,683,062

 

 

$

1,683,062

 

 

$

—

 

 

$

—

 

 

$

1,683,062

 

Federal funds sold

 

 

194

 

 

 

194

 

 

 

—

 

 

 

—

 

 

 

194

 

Held to maturity securities

 

 

11,993,057

 

 

 

—

 

 

 

11,101,302

 

 

 

—

 

 

 

11,101,302

 

Loans held for sale

 

 

18,656

 

 

 

—

 

 

 

18,656

 

 

 

—

 

 

 

18,656

 

Loans held for investment, net of allowance

 

 

23,336,345

 

 

 

—

 

 

 

—

 

 

 

22,722,420

 

 

 

22,722,420

 

Loans held for investment - Warehouse Purchase Program

 

 

1,290,156

 

 

 

—

 

 

 

1,290,156

 

 

 

—

 

 

 

1,290,156

 

Other real estate owned

 

 

11,296

 

 

 

—

 

 

 

11,296

 

 

 

—

 

 

 

11,296

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

10,739,937

 

 

$

—

 

 

$

10,739,937

 

 

$

—

 

 

$

10,739,937

 

Interest-bearing

 

 

21,859,750

 

 

 

—

 

 

 

21,841,062

 

 

 

—

 

 

 

21,841,062

 

Other borrowings

 

 

2,400,000

 

 

 

—

 

 

 

2,400,000

 

 

 

—

 

 

 

2,400,000

 

Securities sold under repurchase agreements

 

 

199,576

 

 

 

—

 

 

 

199,576

 

 

 

—

 

 

 

199,576

 

Subordinated notes

 

 

70,000

 

 

 

—

 

 

 

70,000

 

 

 

—

 

 

 

70,000

 

 

 

 

As of December 31, 2025

 

 

 

Carrying

 

 

Estimated Fair Value

 

 

 

Amount

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(Dollars in thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

1,747,511

 

 

$

1,747,511

 

 

$

—

 

 

$

—

 

 

$

1,747,511

 

Federal funds sold

 

 

217

 

 

 

217

 

 

 

—

 

 

 

—

 

 

 

217

 

Held to maturity securities

 

 

10,275,228

 

 

 

—

 

 

 

9,433,365

 

 

 

—

 

 

 

9,433,365

 

Loans held for sale

 

 

14,155

 

 

 

—

 

 

 

14,155

 

 

 

—

 

 

 

14,155

 

Loans held for investment, net of allowance

 

 

20,152,673

 

 

 

—

 

 

 

—

 

 

 

19,342,602

 

 

 

19,342,602

 

Loans held for investment - Warehouse Purchase Program

 

 

1,304,798

 

 

 

—

 

 

 

1,304,798

 

 

 

—

 

 

 

1,304,798

 

Other real estate owned

 

 

13,296

 

 

 

—

 

 

 

13,296

 

 

 

—

 

 

 

13,296

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

9,467,911

 

 

$

—

 

 

$

9,467,911

 

 

$

—

 

 

$

9,467,911

 

Interest-bearing

 

 

19,014,573

 

 

 

—

 

 

 

19,001,946

 

 

 

—

 

 

 

19,001,946

 

Other borrowings

 

 

1,950,000

 

 

 

—

 

 

 

1,950,000

 

 

 

—

 

 

 

1,950,000

 

Securities sold under repurchase agreements

 

 

201,216

 

 

 

—

 

 

 

201,216

 

 

 

—

 

 

 

201,216