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FAIR VALUE (Tables)
9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Hierarchy and Fair Value of Financial Instruments
The estimated fair value hierarchy level and estimated fair value of financial instruments at September 30, 2024 and December 31, 2023, is summarized as follows:
September 30, 2024December 31, 2023
EstimatedEstimated
Fair ValueCarryingFairCarryingFair
(dollars in thousands)HierarchyValueValue ValueValue
Financial assets:
Cash and due from banksLevel 1$115,165 $115,165 $33,008 $33,008 
Fed funds and interest-bearing balancesLevel 1499,258 499,258 53,785 53,785 
Debt securities available for saleLevel 1/2159,330 159,330 130,035 130,035 
Debt securities held to maturityLevel 253,364 49,487 53,616 50,432 
Loans held for saleLevel 233,704 34,508 7,349 7,834 
Loans held for investment, netLevel 33,146,162 3,144,451 1,934,873 1,883,154 
Restricted stock, at costLevel 227,394 27,394 16,055 16,055 
Other equity securitiesLevel 214,712 14,712 9,187 9,187 
Accrued interest receivableLevel 215,632 15,632 7,301 7,301 
Financial liabilities:
DepositsLevel 23,740,915 3,740,963 1,943,556 1,943,007 
BorrowingsLevel 269,142 69,053 102,865 102,447 
Accrued interest payableLevel 24,976 4,976 477 477 
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis
The following table provides the hierarchy and fair value for each major category of assets and liabilities measured at fair value on a recurring basis at the periods indicated:
Recurring Fair Value Measurements
(dollars in thousands)Level 1Level 2Level 3Total
September 30, 2024
Securities available for sale:
U.S. government and agency and government sponsored enterprise securities:
Mortgage-backed securities$— $92,259 $— $92,259 
SBA securities— 5,684 — 5,684 
U.S. Treasury17,321 — — 17,321 
U.S. Agency— 1,743 — 1,743 
Collateralized mortgage obligations— 40,573 — 40,573 
Taxable municipals— 923 — 923 
Tax exempt bank-qualified municipals— 827 — 827 
$17,321 $142,009 $— $159,330 
December 31, 2023
Securities available for sale:
U.S. government and agency and government sponsored enterprise securities:
Mortgage-backed securities$— $74,434 $— $74,434 
SBA securities— 5,782 — 5,782 
U.S. Treasury2,417 — — 2,417 
U.S. Agency— 1,670 — 1,670 
Collateralized mortgage obligations— 43,501 — 43,501 
Taxable municipals— 1,421 — 1,421 
Tax exempt bank-qualified municipals— 810 — 810 
$2,417 $127,618 $— $130,035 
Schedule of Fair Value Measurements, Nonrecurring
The following tables summarize the fair value of assets and liabilities measured at fair value on a nonrecurring basis as of September 30, 2024 and December 31, 2023.


Fair Value Measurement Level
Quoted Prices in
Active Markets forSignificant OtherSignificant
FairIdentical AssetsObservable InputsUnobservable Inputs
(dollars in thousands)Value(Level 1)(Level 2)(Level 3)
September 30, 2024
Collateral dependent loans (1):
Construction and Land
$10,000 $— $— $10,000 
1-4 Family Residential
4,600 — — 4,600 
Foreclosed assets:
Other real estate owned, net$4,083 $— $— $4,083 
December 31, 2023
Collateral dependent loans (1):
Multifamily Residential$13,000 $— $— $13,000 
(1) Collateral-dependent loans whose fair value is based upon appraisals.
Schedule of Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques
Quantitative information about Level 3 fair value measurements measured on a non-recurring basis are summarized below as of September 30, 2024 and December 31, 2023.
Asset FairValuationUnobservable% or Range %
(dollars in thousands)ValueTechniqueInput(Weighted Average)
September 30, 2024
Construction and Land
$10,000 Market approachLand valueN/A
1-4 Family Residential
4,600 Market approachCost to sell
7.50%-7.50% (7.50%)
Other real estate owned, net$4,083 Market approachCost to sell
5.75%-5.75% (5.75%)
December 31, 2023
Multifamily Residential$13,000 Income approachCapitalization rate
3.84%-4.94% (4.50%)