Fair Value of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2025

Fair value measurement of assets measured at fair value on a recurring basis

The following tables disclose the fair value measurement of assets and liabilities measured at fair value on a recurring basis:


			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Fair Value June 30, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Debt securities, available-for-sale
U.S. government and federal agency	$	425,300	—	425,300	—
U.S. government sponsored enterprises	315,982		—	315,982	—
State and local governments	70,704		—	70,704	—
Corporate bonds	14,633		—	14,633	—
Residential mortgage-backed securities	2,187,864		—	2,187,864	—
Commercial mortgage-backed securities	1,010,497		—	1,010,497	—
Loans held for sale, at fair value	47,738		—	47,738	—

Interest rate locks	1,243		—	1,243	—

Interest rate swap	4,086		—	4,086	—
Total assets measured at fair value on a recurring basis	$	4,078,047	—	4,078,047	—
TBA hedge	$	559	—	559	—

Total liabilities measured at fair value on a recurring basis	$	559	—	559	—


			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Fair Value December 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Debt securities, available-for-sale
U.S. government and federal agency	$	468,433	—	468,433	—
U.S. government sponsored enterprises	310,154		—	310,154	—
State and local governments	68,680		—	68,680	—
Corporate bonds	14,503		—	14,503	—
Residential mortgage-backed securities	2,355,516		—	2,355,516	—
Commercial mortgage-backed securities	1,027,919		—	1,027,919	—
Loans held for sale, at fair value	33,060		—	33,060	—
Interest rate caps	720		—	720	—
Interest rate locks	410		—	410	—
TBA hedge	169		—	169	—
Interest rate swap	9,287		—	9,287	—
Total assets measured at fair value on a recurring basis	$	4,288,851	—	4,288,851	—

Fair value measurement of assets measured at fair value on a non-recurring basis

The following tables disclose the fair value measurement of assets with a recorded change during the period resulting from re-measuring the assets at fair value on a non-recurring basis:


			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Fair Value June 30, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)

Collateral-dependent impaired loans, net of ACL	$	419	—	—	419

Total assets measured at fair value on a non-recurring basis	$	419	—	—	419


			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Fair Value December 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)

Collateral-dependent impaired loans, net of ACL	$	2,052	—	—	2,052
Total assets measured at fair value on a non-recurring basis	$	2,052	—	—	2,052

Quantitative information about assets measured at fair value on a non-recurring basis for which Level 3 inputs were used

The following tables present additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized Level 3 inputs to determine fair value:

Fair Value

June 30, 2025

Quantitative Information about Level 3 Fair Value Measurements

(Dollars in thousands)

Valuation Technique

Unobservable Input

Range

(Weighted-Average) 1

Collateral-dependent

impaired loans, net of ACL

316

Cost approach

Selling costs

10.0% - 20.0% (11.6%)

103

Sales comparison approach

Selling costs

10.0% - 20.0% (13.3%)

419


	Fair Value December 31, 2024		Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands)			Valuation Technique	Unobservable Input	Range (Weighted-Average) 1








Collateral-dependent impaired loans, net of ACL	$	1,605	Cost approach	Selling costs	10.0% - 10.0% (10.0%)


	192		Sales comparison approach	Selling Costs	10.0% - 20.0% (15.9%)


	255		Combined approach	Selling costs	10.0% - 10.0% (10.0%)


	$	2,052

______________________________

1 The range for selling cost inputs represents reductions to the fair value of the assets.

Carrying amounts and estimated fair values of financial instruments not carried at fair value

The fair value of unused lines of credit and letters of credit is not material; therefore, such commitments are not included in the following tables.


			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Carrying Amount June 30, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial assets
Cash and cash equivalents	$	915,507	915,507	—	—
Debt securities, held-to-maturity	3,206,133		—	2,871,520	—
Loans receivable, net of ACL	18,305,941		—	—	18,489,016
Total financial assets	$	22,427,581	915,507	2,871,520	18,489,016
Financial liabilities
Term deposits	$	3,238,576	—	3,268,762	—
FHLB advances	1,255,088		—	1,222,487	—
Repurchase agreements and other borrowed funds	2,057,999		—	2,057,999	—
Subordinated debentures	157,127		—	148,127	—
Total financial liabilities	$	6,708,790	—	6,697,375	—


			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Carrying Amount December 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial assets
Cash and cash equivalents	$	848,408	848,408	—	—
Debt securities, held-to-maturity	3,294,847		—	2,968,570	—
Loans receivable, net of ACL	17,055,808		—	—	17,017,298
Total financial assets	$	21,199,063	848,408	2,968,570	17,017,298
Financial liabilities
Term deposits	$	3,139,821	—	3,176,722	—
FHLB advances	1,800,000		—	1,797,310	—
Repurchase agreements and other borrowed funds	1,860,816		—	1,860,816	—
Subordinated debentures	133,105		—	122,785	—
Total financial liabilities	$	6,933,742	—	6,957,633	—