v3.26.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Instruments, by Balance Sheet Grouping
The following table presents estimated fair values of the Company’s financial instruments as of March 31, 2026 and December 31, 2025, whether or not recognized or recorded in the Consolidated Statements of Financial Condition (dollars in thousands):
 March 31, 2026December 31, 2025
 LevelCarrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Assets:    
Cash and cash equivalents1$439,239 $439,239 $422,640 $422,640 
Securities—available-for-sale22,004,707 2,004,707 1,985,990 1,985,990 
Securities—available-for-sale330,314 30,314 30,271 30,271 
Securities—held-to-maturity2938,636 786,740 955,459 808,965 
Securities—held-to-maturity35,052 5,023 5,737 5,703 
Loans held for sale233,778 33,845 42,902 43,062 
Loans receivable, net311,547,274 11,493,796 11,561,411 11,497,137 
Equity securities1510 510 406 406 
FHLB stock39,809 9,809 16,476 16,476 
Bank-owned life insurance1321,660 321,660 319,347 319,347 
Mortgage servicing rights311,321 36,095 11,498 34,862 
SBA servicing rights31,091 1,091 1,104 1,104 
Investments in limited partnerships315,881 15,881 15,566 15,566 
Derivatives:
Interest rate swaps
29,878 9,878 9,978 9,978 
Interest rate lock and forward sales commitments
2,3476 476 333 333 
Liabilities:    
Demand, interest checking and money market accounts28,516,020 8,516,020 8,486,920 8,486,920 
Regular savings23,859,530 3,859,530 3,723,922 3,723,922 
Certificates of deposit21,464,814 1,458,958 1,532,304 1,527,803 
FHLB advances2— — 150,000 150,000 
Other borrowings2115,723 115,723 107,715 107,715 
Subordinated notes, net2— — — — 
Junior subordinated debentures379,472 79,472 79,151 79,151 
Derivatives:
Interest rate swaps
219,509 19,509 19,207 19,207 
Interest rate lock and forward sales commitments
2,385 85 151 151 
Risk participation agreement26 6 5 5 
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present financial assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy of the fair value measurements for those assets and liabilities as of March 31, 2026 and December 31, 2025 (in thousands):
 March 31, 2026
 Level 1Level 2Level 3Total
Assets:    
Securities—available-for-sale    
U.S. Government and agency obligations$— $9,084 $— $9,084 
Municipal bonds— 146,437 — 146,437 
Corporate bonds— 97,306 30,314 127,620 
Mortgage-backed or related securities— 1,550,815 — 1,550,815 
Asset-backed securities— 201,065 — 201,065 
 — 2,004,707 30,314 2,035,021 
Loans held for sale(1)
— 25,215 — 25,215 
Equity securities510 — — 510 
SBA servicing rights— — 1,091 1,091 
Investment in limited partnerships— — 14,860 14,860 
Derivatives    
Interest rate swaps— 9,878 — 9,878 
Interest rate lock and forward sales commitments— 446 30 476 
$510 $2,040,246 $46,295 $2,087,051 
Liabilities:    
Junior subordinated debentures
$— $— $79,472 $79,472 
Derivatives    
Interest rate swaps— 19,509 — 19,509 
Interest rate lock and forward sales commitments— — 85 85 
Risk participation agreement— 6 — 6 
 $— $19,515 $79,557 $99,072 
 December 31, 2025
 Level 1Level 2Level 3Total
Assets:    
Securities—available-for-sale    
U.S. Government and agency obligations$— $6,143 $— $6,143 
Municipal bonds— 143,457 — 143,457 
Corporate bonds— 87,518 30,271 117,789 
Mortgage-backed or related securities— 1,596,332 — 1,596,332 
Asset-backed securities— 152,540 — 152,540 
 — 1,985,990 30,271 2,016,261 
Loans held for sale(1)
— 34,586 — 34,586 
Equity securities406 — — 406 
SBA servicing rights— — 1,104 1,104 
Investment in limited partnerships— — 14,545 14,545 
Derivatives    
Interest rate swaps— 9,978 — 9,978 
Interest rate lock and forward sales commitments— — 333 333 
 $406 $2,030,554 $46,253 $2,077,213 
Liabilities:    
Junior subordinated debentures$— $— $79,151 $79,151 
Derivatives    
Interest rate swaps— 19,207 — 19,207 
Interest rate lock and forward sales commitments— 83 68 151 
Risk participation agreement— 5 — 5 
 $— $19,295 $79,219 $98,514 
Schedule of Valuation Technique, Unobservable Input, and Qualitative Information for Unobservable Inputs
The following table provides a description of the valuation technique, unobservable inputs, and quantitative and qualitative information about the unobservable inputs for the Company’s assets and liabilities classified as Level 3 and measured at fair value on a recurring and non-recurring basis at March 31, 2026 and December 31, 2025:
Weighted Average Rate or Range
Financial InstrumentsValuation TechniqueUnobservable InputsMarch 31, 2026December 31, 2025
Corporate bonds (TPS)Discounted cash flowsDiscount rate6.94 %6.91 %
Junior subordinated debenturesDiscounted cash flowsDiscount rate6.94 %6.91 %
Loans individually evaluatedCollateral valuationsDiscount to appraised value
   8.75% to 10.00%
         0% to 8.75%
Interest rate lock commitmentsPricing modelPull-through rate88.11 %88.86 %
SBA servicing rightsDiscounted cash flowsConstant prepayment rate18.08 %18.14 %
Schedule of Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables provide a reconciliation of the assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the three months ended March 31, 2026 and 2025 (in thousands):
Three Months Ended March 31, 2026
 Level 3 Fair Value Inputs
 TPS SecuritiesBorrowings—Junior Subordinated DebenturesInterest Rate Lock and Forward Sales CommitmentsInvestments in Limited PartnershipsSBA Servicing Asset
Beginning balance$30,271 $79,151 $265 $14,545 $1,104 
Net change recognized in earnings87 — (320)116 (13)
Net change recognized in accumulated other comprehensive income (AOCI)(44)321 — — — 
Purchases, issuances and settlements— — — 199 — 
Ending balance at March 31, 2026$30,314 $79,472 $(55)$14,860 $1,091 
Three Months Ended March 31, 2025
 Level 3 Fair Value Inputs
 TPSBorrowings—Junior Subordinated DebenturesInterest Rate Lock and Forward Sales CommitmentsInvestments in Limited PartnershipsSBA Servicing Asset
Beginning balance$25,685 $67,477 $108 $13,955 $869 
Net change recognized in earnings74 — 197 280 85 
Net change recognized in AOCI(3)234 — — — 
Purchases, issuances and settlements— — — 790 — 
Ending balance at March 31, 2025$25,756 $67,711 $305 $15,025 $954 
Schedule of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
The following tables present financial assets and liabilities measured at fair value on a non-recurring basis and the level within the fair value hierarchy of the fair value measurements for those assets as of March 31, 2026 and December 31, 2025 (in thousands):
 March 31, 2026
 Level 1Level 2Level 3Total
Loans individually evaluated$— $— $3,948 $3,948 
Real estate owned (REO)— — 6,248 6,248 
 December 31, 2025
 Level 1Level 2Level 3Total
Loans individually evaluated$— $— $5,607 $5,607 
REO— — 5,578 5,578 
Fair Value, Nonrecurring Fair Value Adjustments, Gains and Losses