FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2023

FAIR VALUE MEASUREMENTS

Recorded Amounts of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables show the recorded amounts of assets and liabilities measured at fair value on a recurring basis as of:

			Fair Value Measurement Level
(dollars in thousands)	Total		Level 1		Level 2		Level 3
September 30, 2023:
Investment securities available for sale:
Collateralized mortgage obligations	$	7,541	$	—	$	7,541	$	—
Agency mortgage-backed securities		232,848		—		232,848		—
Municipal bonds		44,152		—		44,152		—
SBA securities		14,696		—		14,696		—
Beneficial interests in FHLMC securitization		7,351		—		—		7,351
Corporate bonds		121,462		—		121,462		—
U.S. Treasury		393,651		393,651		—		—
Investment in equity securities		9,774		—		—		9,774
Total assets at fair value on a recurring basis	$	831,475	$	393,651	$	420,699	$	17,125
December 31, 2022:
Investment securities available for sale:
Collateralized mortgage obligations	$	8,615	$	—	$	8,615	$	—
Agency mortgage-backed securities		7,576		—		7,576		—
Municipal bonds		46,790		—		46,790		—
SBA securities		18,955		—		18,955		—
Beneficial interests in FHLMC securitization		7,981		—		—		7,981
Corporate bonds		135,013		—		135,013		—
U.S. Treasury		1,228		1,228		—		—
Investment in equity securities		9,767		—		—		9,767
Total assets at fair value on a recurring basis	$	235,925	$	1,228	$	216,949	$	17,748

Carrying Amounts and Estimated Fair Value of Financial Instruments

The carrying amounts and estimated fair values of financial instruments are as follows as of:

	Carrying		Fair Value Measurement Level
(dollars in thousands)	Value		1		2		3		Total
September 30, 2023:
Assets:
Cash and cash equivalents	$	818,501	$	818,501	$	—	$	—	$	818,501
Securities AFS, net		821,701		393,651		420,699		7,351		821,701
Securities HTM		800,742		—		694,496		—		694,496
Loans, net		10,254,158		—		—		9,818,852		9,818,852
Investment in FHLB stock		24,610		—		24,610		—		24,610
Investment in equity securities		9,774		—		—		9,774		9,774
Accrued interest receivable		51,303		51,303		—		—		51,303
Liabilities:
Deposits	$	10,812,194	$	7,833,509	$	2,949,392	$	—	$	10,782,901
Borrowings		984,289		84,289		900,000		—		984,289
Subordinated debt		173,382		—		—		132,928		132,928
Accrued interest payable		43,616		43,616		—		—		43,616
December 31, 2022:
Assets:
Cash and cash equivalents	$	656,494	$	656,494	$	—	$	—	$	656,494
Securities AFS, net		226,158		1,228		216,949		7,981		226,158
Securities HTM		862,544		—		773,061		—		773,061
Loans, net		10,692,462		—		—		10,354,052		10,354,052
Investment in FHLB stock		25,358		—		25,358		—		25,358
Investment in equity securities		9,767		—		—		9,767		9,767
Accrued interest receivable		51,359		51,359		—		—		51,359
Liabilities:
Deposits	$	10,362,612	$	8,483,770	$	1,865,502	$	—	$	10,349,272
Borrowings		1,196,601		1,176,601		—		—		1,176,601
Subordinated debt		173,335		—		—		153,121		153,121
Accrued interest payable		9,997		9,997		—		—		9,997