Fair Value Information (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The tables below present the balances of assets and liabilities measured at fair value on a recurring basis as of the dates presented.


		Carrying Value at June 30, 2025				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(Dollars in thousands)
Description of assets
Investment securities - AFS:
Government agency/GSE		$	34,372			$	—			$	34,372			$	—
Mortgage-backed securities			2,080,184				—				2,080,184				—
CMO/REMIC			349,610				—				349,610				—
Municipal bonds			20,619				—				20,619				—
Other securities			1,521				—				1,521				—
Total investment securities - AFS			2,486,306				—				2,486,306				—
Derivatives not designated as hedging instruments:
Interest rate swaps			188				—				188				—
Derivatives designated as hedging instruments:
Fair value hedges: interest rate swaps			—				—				—				—
Cash flow hedges: interest rate swaps			—				—				—				—
Total assets		$	2,486,494			$	—			$	2,486,494			$	—
Description of liability
Derivatives not designated as hedging instruments:
Interest rate swaps		$	188			$	—			$	188			$	—
Derivatives designated as hedging instruments:
Fair value hedges: interest rate swaps			9,585				—				9,585				—
Cash flow hedges: interest rate swaps			2,855				—				2,855				—
Total liabilities		$	12,628			$	—			$	12,628			$	—


		Carrying Value at December 31, 2024				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(Dollars in thousands)
Description of assets
Investment securities - AFS:
Government agency/GSE		$	34,255			$	—			$	34,255			$	—
Mortgage-backed securities			2,134,534				—				2,134,534				—
CMO/REMIC			351,522				—				351,522				—
Municipal bonds			20,377				—				20,377				—
Other securities			1,427				—				1,427				—
Total investment securities - AFS			2,542,115				—				2,542,115				—
Derivatives not designated as hedging instruments:
Interest rate swaps			30				—				30				—
Derivatives designated as hedging instruments:
Fair value hedges: interest rate swaps			7,222				—				7,222				—
Cash flow hedges: interest rate swaps			—				—				—				—
Total assets		$	2,549,367			$	—			$	2,549,367			$	—
Description of liability
Derivatives not designated as hedging instruments:
Interest rate swaps		$	30			$	—			$	30			$	—
Derivatives designated as hedging instruments:
Fair value hedges: interest rate swaps			—				—				—				—
Cash flow hedges: interest rate swaps			517				—				517				—
Total liabilities		$	547			$	—			$	547			$	—

Assets and Liabilities Measured at Fair Value on Non-Recurring Basis

the following tables provide the level of valuation assumptions used to determine each adjustment and the carrying value of the related assets that had losses during the period.


		Carrying value at June 30, 2025				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total Losses For The Six Months Ended June 30, 2025
		(Dollars in thousands)
Description of assets
Loans:
Commercial real estate		$	32,248			$	—			$	—			$	32,248			$	1
Construction			—				—				—				—				—
SBA			1,268				—				—				1,268				51
SBA - PPP			—				—				—				—				—
Commercial and industrial			1,529				—				—				1,529				109
Dairy & livestock and agribusiness			455				—				—				455				10
Municipal lease finance receivables			—				—				—				—				—
SFR mortgage			—				—				—				—				—
Consumer and other loans			—				—				—				—				—
Other real estate owned			661				—				—				661				—
Total assets		$	36,161			$	—			$	—			$	36,161			$	171


		Carrying Value at December 31, 2024				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total Losses For the Year Ended December 31, 2024
		(Dollars in thousands)
Description of assets
Loans:
Commercial real estate		$	28,728			$	—			$	—			$	28,728			$	11
Construction			—				—				—				—				—
SBA			1,532				—				—				1,532				49
SBA - PPP			—				—				—				—				—
Commercial and industrial			3,144				—				—				3,144				220
Dairy & livestock and agribusiness			860				—				—				860				9
Municipal lease finance receivables			—				—				—				—				—
SFR mortgage			—				—				—				—				—
Consumer and other loans			—				—				—				—				—
Other real estate owned			10,429				—				—				10,429				2,296
Total assets		$	44,693			$	—			$	—			$	44,693			$	2,585

Estimated Fair Value of Financial Instruments

The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.


	June 30, 2025
	Carrying				Estimated Fair Value
	Amount				Level 1				Level 2				Level 3				Total
	(Dollars in thousands)
Assets
Total cash and cash equivalents	$	738,636			$	738,636			$	—			$	—			$	738,636
Interest-earning balances due from depository institutions		11,004				—				11,004				—				11,004
Investment securities available-for-sale		2,486,306				—				2,486,306				—				2,486,306
Investment securities held-to-maturity		2,327,230				—				1,934,756				—				1,934,756
Total loans, net of allowance for credit losses		8,280,498				—				—				8,100,619				8,100,619
Derivatives not designated as hedging instruments:
Interest rate swaps		188				—				188				—				188
Derivatives designated as hedging instruments:
Fair value hedges: interest rate swaps		—				—				—				—				—
Cash flow hedges: interest rate swaps		—				—				—				—				—
Liabilities
Deposits:
Interest-bearing	$	4,737,695			$	—			$	4,734,567			$	—			$	4,734,567
Borrowings		904,154				—				871,106				—				871,106
Derivatives not designated as hedging instruments:
Interest rate swaps		188				—				188				—				188
Derivatives designated as hedging instruments:
Fair value hedges: interest rate swaps		9,585				—				9,585				—				9,585
Cash flow hedges: interest rate swaps		2,855				—				2,855				—				2,855


	December 31, 2024
	Carrying				Estimated Fair Value
	Amount				Level 1				Level 2				Level 3				Total
	(Dollars in thousands)
Assets
Total cash and cash equivalents	$	204,698			$	204,698			$	—			$	—			$	204,698
Interest-earning balances due from depository institutions		480				—				480				—				480
Investment securities available-for-sale		2,542,115				—				2,542,115				—				2,542,115
Investment securities held-to-maturity		2,379,668				—				1,954,345				—				1,954,345
Total loans, net of allowance for credit losses		8,456,310				—				—				8,149,801				8,149,801
Derivatives not designated as hedging instruments:
Interest rate swaps		30				—				30				—				30
Derivatives designated as hedging instruments:
Fair value hedges: interest rate swaps		7,222				—				7,222				—				7,222
Cash flow hedges: interest rate swaps		—				—				—				—				—
Liabilities
Deposits:
Interest-bearing	$	4,911,285			$	—			$	4,908,070			$	—			$	4,908,070
Borrowings		761,887				—				716,566				—				716,566
Derivatives not designated as hedging instruments:
Interest rate swaps		30				—				30				—				30
Derivatives designated as hedging instruments:
Fair value hedges: interest rate swaps		—				—				—				—				—
Cash flow hedges: interest rate swaps		517				—				517				—				517