Disclosures About Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of the carrying amount and estimated fair value of the entity's financial instruments included in the consolidated statement of financial condition

The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at June 30, 2026 (in thousands):


	Carrying amount		Estimated fair value	Level 1	Level 2	Level 3	Netting Adjustments (1)
Financial assets:
Cash and cash equivalents	$	248,499	248,499	248,499	—	—	—
Securities available-for-sale	1,829,179		1,829,179	—	1,829,179	—	—
Securities held-to-maturity	630,802		550,416	—	550,416	—	—
Loans receivable, net	13,079,906		12,628,052	—	—	12,628,052	—
Loans held-for-sale	15,391		15,391	—		15,391	—
Accrued interest receivable	57,473		57,473	57,473	—	—	—
Interest rate lock commitments	673		673	—	—	673	—
Forward commitments	78		78	—	78	—	—

Interest rate swaps designated as hedging instruments	—		—	—	609	—	(609)
Interest rate swaps not designated as hedging instruments	5,112		5,112	—	20,652	—	(15,540)
FHLB stock	43,345		43,345	—	—	—	—
Total financial assets	$	15,910,458	15,378,218	305,972	2,400,934	12,644,116	(16,149)


Financial liabilities:
Savings and checking deposits	$	11,334,008	11,334,008	11,334,008	—	—	—
Time deposits	2,827,810		2,827,204	—	—	2,827,204	—

Borrowed funds	612,075		610,614	623,864	—	—	(13,250)
Subordinated debt	114,800		114,800	—	114,800	—	—
Junior subordinated debentures	130,223		126,664	—	—	126,664	—


Interest rate swaps designated as hedging instruments	—		—	—	58	—	(58)
Interest rate swaps not designated as hedging instruments	17,867		17,867	—	20,708	—	(2,841)
Risk participation agreements	14		14	—	14	—	—
Accrued interest payable	8,385		8,385	8,385	—	—	—
Total financial liabilities	$	15,045,182	15,039,556	11,966,257	135,580	2,953,868	(16,149)

(1) Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash collateral held or placed with the same counterparties.

The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the Consolidated Statement of Financial Condition at December 31, 2025 (in thousands):


	Carrying amount		Estimated fair value	Level 1	Level 2	Level 3	Netting Adjustments (1)
Financial assets:
Cash and cash equivalents	$	233,647	233,647	233,647	—	—	—
Securities available-for-sale	1,586,382		1,586,382	—	1,586,382	—	—
Securities held-to-maturity	683,369		605,929	—	605,929	—	—
Loans receivable, net	12,857,104		12,418,154	—	—	12,418,154	—
Loans held-for-sale	22,437		22,437	—	—	22,437	—
Accrued interest receivable	56,291		56,291	56,291	—	—	—
Interest rate lock commitments	617		617	—	—	617	—
Forward commitments	95		95	—	95	—	—
Forward exchange swaps	4		4	—	4	—	—
Interest rate swaps designated as hedging instruments	—		—	—	51	—	(51)
Interest rate swaps not designated as hedging instruments	11,775		11,775	—	25,155	—	(13,380)
FHLB stock	36,628		36,628	—	—	—	—
Total financial assets	$	15,488,349	14,971,959	289,938	2,217,616	12,441,208	(13,431)

Financial liabilities:
Savings and checking accounts	$	11,026,319	11,026,319	11,026,319	—	—	—
Time deposits	2,916,698		2,909,139	—	—	2,909,139	—
Borrowed funds	446,283		444,936	446,836	—	—	(1,900)
Subordinated debt	114,800		114,800	—	114,800	—	—
Junior subordinated debentures	130,093		120,237	—	—	120,237	—

Interest rate swaps designated as hedging instruments	—		—	—	1,280	—	(1,280)
Interest rate swaps not designated as hedging instruments	15,115		15,115	—	25,366	—	(10,251)
Risk participation agreements	27		27	—	27	—	—
Accrued interest payable	6,846		6,846	6,846	—	—	—
Total financial liabilities	$	14,656,181	14,637,419	11,480,001	141,473	3,029,376	(13,431)

Schedule of assets and liabilities measured at fair value on a recurring basis

The following table represents assets and liabilities measured at fair value on a recurring basis at June 30, 2026 (in thousands):


	Level 1		Level 2	Level 3	Netting Adjustments (1)	Total assets at fair value


Debt securities:
U.S. government and agencies	$	—	32,640	—	—	32,640

States and political subdivisions	—		68,030	—	—	68,030
Corporate	—		99,058	—	—	99,058
Total debt securities	—		199,728	—	—	199,728

Mortgage-backed securities:
GNMA	—		139,519	—	—	139,519
FNMA	—		157,715	—	—	157,715
FHLMC	—		221,574	—	—	221,574
Non-agency	—		3	—	—	3
Collateralized mortgage obligations:
GNMA	—		723,889	—	—	723,889
FNMA	—		85,011	—	—	85,011
FHLMC	—		301,740	—	—	301,740


Total mortgage-backed securities	—		1,629,451	—	—	1,629,451

Interest rate lock commitments	—		—	673	—	673
Forward commitments	—		78	—	—	78

Interest rate swaps designated as hedging instruments	—		609	—	(609)	—
Interest rate swaps not designated as hedging instruments	—		20,652	—	(15,540)	5,112
Total assets	$	—	1,850,518	673	(16,149)	1,835,042



Interest rate swaps designated as hedging instruments	$	—	58	—	(58)	—
Interest rate swaps not designated as hedging instruments	—		20,708	—	(2,841)	17,867
Risk participation agreements	—		14	—	—	14
Total liabilities	$	—	20,780	—	(2,899)	17,881

The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2025 (in thousands):


	Level 1		Level 2	Level 3	Netting Adjustment (1)	Total assets at fair value


Debt securities:
U.S. government and agencies	$	—	35,912	—	—	35,912
Government-sponsored enterprises	—		2,047	—	—	2,047
States and political subdivisions	—		83,268	—	—	83,268
Corporate	—		57,034	—	—	57,034
Total debt securities	—		178,261	—	—	178,261

Mortgage-backed securities:
GNMA	—		96,344	—	—	96,344
FNMA	—		139,786	—	—	139,786
FHLMC	—		167,647	—	—	167,647
Non-agency	—		3	—	—	3
Collateralized mortgage obligations:
GNMA	—		708,908	—	—	708,908
FNMA	—		97,672	—	—	97,672
FHLMC	—		197,761	—	—	197,761


Total mortgage-backed securities	—		1,408,121	—	—	1,408,121

Interest rate lock commitments	—		—	617	—	617
Forward commitments	—		95	—	—	95
Foreign exchange swaps	—		4	—	—	4
Interest rate swaps designated as hedging instruments	—		51	—	(51)	—
Interest rate swaps not designated as hedging instruments	—		25,155	—	(13,380)	11,775
Total assets	$	—	1,611,687	617	(13,431)	1,598,873


Interest rate swaps designated as hedging instruments	—		1,280	—	(1,280)	—
Interest rate swaps not designated as hedging instruments	—		25,366	—	(10,251)	15,115
Risk participation agreements	—		27	—	—	27
Total liabilities	$	—	26,673	—	(11,531)	15,142

Schedule of changes in Level 3 assets and liabilities measured at fair value on a recurring basis

The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis (in thousands):


	For the quarter ended June 30,			For the six months ended June 30,
	2026		2025	2026	2025
Beginning balance	$	541	433	617	342




Interest rate lock commitments:

Net activity	132		500	56	591
Transfers from Level 3	—		—	—	—
Transfers into Level 3	—		—	—	—

Ending balance	$	673	933	673	933

Schedule of fair value measurement for nonrecurring assets

The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of June 30, 2026 (in thousands):


	Level 1		Level 2	Level 3	Total assets at fair value
Loans individually assessed	$	—	—	23,276	23,276

Real estate owned, net	—		—	63	63
Total assets	$	—	—	23,339	23,339

The following table represents the fair market measurement for only those nonrecurring assets that had a fair market value below the carrying amount as of December 31, 2025 (in thousands):


	Level 1		Level 2	Level 3	Total assets at fair value
Loans individually assessed	$	—	—	38,698	38,698

Real estate owned, net	—		—	76	76
Total assets	$	—	—	38,774	38,774

Schedule of quantitative information about assets measured at fair value on a recurring and nonrecurring basis for Level 3 fair value measurements

The following table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at June 30, 2026 (in thousands):

Fair value

Valuation techniques

Significant
unobservable inputs

Range (weighted average)

Loans individually assessed

23,276

Appraisal value (1)

Estimated cost to sell

10%

Real estate owned, net

Appraisal value (1)

Estimated cost to sell

15%

Loans held for sale

15,391

Quoted prices for similar loans in active markets adjusted by an expected pull-through rate

Estimated pull-through rate

100%

(1)Fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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