| Schedule of Financial Assets and Financial Liabilities Measured at Fair Value |
The following table summarizes financial assets and financial liabilities measured at fair value as of June 30, 2025 and December 31, 2024, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at Reporting Date Using: | | Total Fair
Value | | Level 1
Inputs | | Level 2
Inputs | | Level 3
Inputs | | June 30, 2025 | | | | | | | | | Items measured on a recurring basis: | | | | | | | | Debt securities available-for-sale | $ | 735,561 | | | $ | 47,403 | | | $ | 688,158 | | | $ | — | | Equity investments | 42,076 | | | — | | | 42,076 | | | — | | | Interest rate derivative asset | 61,103 | | | — | | | 61,103 | | | — | | | Interest rate derivative liability | (61,213) | | | — | | | (61,213) | | | — | | | | | | | | | | | Items measured on a non-recurring basis: | | | | | | | | Equity investments (1) (2) | 45,732 | | | — | | | — | | | 40,163 | | Other real estate owned | 7,680 | | | — | | | — | | | 7,680 | | Loans measured for impairment based on the fair value of the underlying collateral (3) | 24,092 | | | — | | | — | | | 24,092 | | | December 31, 2024 | | | | | | | | | Items measured on a recurring basis: | | | | | | | | Debt securities available-for-sale | $ | 827,500 | | | $ | 49,466 | | | $ | 778,034 | | | $ | — | | Equity investments | 40,447 | | | — | | | 40,447 | | | — | | | Interest rate derivative asset | 91,352 | | | — | | | 91,352 | | | — | | | Interest rate derivative liability | (91,483) | | | — | | | (91,483) | | | — | | | Items measured on a non-recurring basis: | | | | | | | | Equity investments (1) (2) | 43,657 | | | — | | | — | | | 39,676 | | | Other real estate owned | 1,811 | | | — | | | — | | | 1,811 | | Loans measured for impairment based on the fair value of the underlying collateral (3) | 25,148 | | | — | | | — | | | 25,148 | |
(1) As of June 30, 2025 and December 31, 2024, equity investments included $40.2 million and $39.7 million, respectively, of equity investments measured under the measurement alternative. There were no unrealized gains or losses for the six months ended June 30, 2025 or the year ended December 31, 2024. (2) As of June 30, 2025 and December 31, 2024, equity investments included $5.6 million and $4.0 million, respectively, of certain equity investment funds measured at NAV per share (or its equivalent) as a practical expedient to fair value and these equity investments have not been classified in the fair value hierarchy levels. (3) Primarily consists of commercial loans, which are collateral dependent. The range of fair value adjustments may vary but is generally 0% to 8% on the discount for costs to sell and 0% to 10% on appraisal adjustments.
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| Schedule of Book Value and Estimated Fair Value of Significant Financial Instruments Not Recorded at Fair Value |
The book value and estimated fair value of the Company’s significant financial instruments not recorded at fair value as of June 30, 2025 and December 31, 2024 are presented in the following tables (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at Reporting Date Using: | | Book
Value | | Level 1
Inputs | | Level 2
Inputs | | Level 3
Inputs | | June 30, 2025 | | | | | | | | | Financial Assets: | | | | | | | | | Cash and due from banks | $ | 170,599 | | | $ | 170,599 | | | $ | — | | | $ | — | | | Debt securities held-to-maturity | 968,969 | | | — | | | 896,090 | | | — | | | Restricted equity investments | 106,538 | | | — | | | — | | | 106,538 | | | Loans receivable, net and loans held-for-sale | 10,135,525 | | | — | | | — | | | 9,676,888 | | | Financial Liabilities: | | | | | | | | Deposits other than time deposits (1) | 7,933,146 | | | — | | | 7,933,146 | | | — | | | Time deposits | 2,299,296 | | | — | | | 2,290,436 | | | — | | | FHLB advances and other borrowings | 1,136,706 | | | — | | | 1,151,601 | | | — | | | Securities sold under agreements to repurchase with customers | 61,490 | | | 61,490 | | | — | | | — | | | December 31, 2024 | | | | | | | | | Financial Assets: | | | | | | | | | Cash and due from banks | $ | 123,615 | | | $ | 123,615 | | | $ | — | | | $ | — | | | Debt securities held-to-maturity | 1,045,875 | | | — | | | 952,917 | | | — | | | Restricted equity investments | 108,634 | | | — | | | — | | | 108,634 | | | Loans receivable, net and loans held-for-sale | 10,076,640 | | | — | | | — | | | 9,551,156 | | | Financial Liabilities: | | | | | | | | Deposits other than time deposits (1) | 7,985,370 | | | — | | | 7,985,370 | | | — | | | Time deposits | 2,080,972 | | | — | | | 2,074,698 | | | — | | | FHLB advances and other borrowings | 1,270,157 | | | — | | | 1,264,260 | | | — | | | Securities sold under agreements to repurchase with customers | 60,567 | | | 60,567 | | | — | | | — | |
(1) The estimated fair value of non-maturity deposits does not consider any inherent value and represents the amount payable on demand. However, non-maturity deposits do contain significant inherent value to the Company, particularly when overnight funding costs are greater than the deposit costs.
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