Disclosures about Fair Value of Assets and Liabilities - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Financial assets:
Securities held to maturity	$ 1,547,525	$ 1,664,674
Loans held for sale	91,930	78,170
Carrying value per balance sheet
Financial assets:
Cash and cash equivalents	647,165	476,610
Securities purchased under agreements to resell	1,539	1,559
Securities held to maturity	1,548,211	1,664,686
FHLB stock and other equity securities	217,850	217,804
Loans held for sale	4,013,835	3,693,340
Loans receivable, net	10,432,117	10,354,002
Interest receivable	82,391	83,409
Financial liabilities:
Deposits	12,686,835	11,919,976
Subordinated debt	71,800	71,800
FHLB advances	3,680,588	4,172,030
Other borrowing	182,934	57,934
Credit linked notes	74,152	84,358
Interest payable	30,225	34,475
Estimated fair value
Financial assets:
Cash and cash equivalents	647,165	476,610
Securities purchased under agreements to resell	1,539	1,559
Securities held to maturity	1,547,525	1,664,674
FHLB stock and other equity securities	217,850	217,804
Loans held for sale	4,013,835	3,693,340
Loans receivable, net	10,361,673	10,297,439
Interest receivable	82,391	83,409
Financial liabilities:
Deposits	12,689,577	11,923,961
Subordinated debt	71,800	71,800
FHLB advances	3,680,257	4,171,843
Other borrowing	182,934	57,934
Credit linked notes	74,151	84,357
Interest payable	30,225	34,475
Level 1 \| Estimated fair value
Financial assets:
Cash and cash equivalents	647,165	476,610
Financial liabilities:
Deposits	10,336,084	8,001,487
Level 2 \| Estimated fair value
Financial assets:
Securities purchased under agreements to resell	1,539	1,559
Securities held to maturity	503,650	538,871
FHLB stock and other equity securities	187,850	187,804
Loans held for sale	4,013,835	3,693,340
Interest receivable	82,391	83,409
Financial liabilities:
Deposits	2,353,493	3,922,474
Subordinated debt	71,800	71,800
FHLB advances	3,680,257	4,171,843
Other borrowing	182,934	57,934
Credit linked notes	74,151	84,357
Interest payable	30,225	34,475
Level 3 \| Estimated fair value
Financial assets:
Securities held to maturity	1,043,875	1,125,803
FHLB stock and other equity securities	30,000	30,000
Loans receivable, net	$ 10,361,673	$ 10,297,439

Merchants Bancorp 10-Q