Fair Value Measurements (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis |
Assets and liabilities measured at fair value on a recurring basis are summarized below: | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | (in thousands) | Quoted
Prices in
Active
Markets
for Identical
Assets
(Level 1) | | Third-Party
Models with
Observable
Market
Inputs
(Level 2) | | Internal
Models
with
Unobservable
Market
Inputs
(Level 3) | | Total
Carrying
Value in the
Consolidated
Balance
Sheet | | Assets | | | | | | | | | | | | | | | | | | | | | | | | Securities | | | | | | | | | | | | | | | | Debt securities available for sale | | | | | | | | | U.S Treasury Securities | — | | | 19,642 | | | — | | | 19,642 | | U.S. Government agency and sponsored enterprise residential MBS | — | | | 1,927,613 | | | — | | | 1,927,613 | | U.S. government agency and sponsored enterprise commercial MBS | — | | | 138,391 | | | — | | | 138,391 | | | U.S. Government agency and sponsored enterprise obligations | — | | | 78,914 | | | — | | | 78,914 | | | | | | | | | | Municipal Bonds | — | | | 1,481 | | | — | | | 1,481 | | | — | | | 2,166,041 | | | — | | | 2,166,041 | | | | | | | | | | | Equity securities with readily determinable fair values not held for trading | 2,435 | | | — | | | — | | | 2,435 | | | 2,435 | | | 2,166,041 | | | — | | | 2,168,476 | | | Mortgage loans held for sale (at fair value) | — | | | 737 | | | — | | | 737 | | | | | | | | | | | Bank owned life insurance | — | | | 268,052 | | | — | | | 268,052 | | | Other assets | | | | | | | | | Mortgage servicing rights (MSRs) | — | | | — | | | — | | | — | | | Derivative instruments | — | | | 47,678 | | | — | | | 47,678 | | | $ | 2,435 | | | $ | 2,482,508 | | | $ | — | | | $ | 2,484,943 | | | Liabilities | | | | | | | | | Other liabilities | | | | | | | | | Derivative instruments | $ | — | | | $ | 47,783 | | | $ | — | | | $ | 47,783 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | (in thousands) | Quoted
Prices in
Active
Markets
for Identical
Assets
(Level 1) | | Third-Party
Models with
Observable
Market
Inputs
(Level 2) | | Internal
Models
with
Unobservable
Market
Inputs
(Level 3) | | Total
Carrying
Value in the
Consolidated
Balance
Sheet | | Assets | | | | | | | | Cash and Cash equivalents | | | | | | | | Other short-term investments | $ | — | | | $ | 7,233 | | | $ | — | | | $ | 7,233 | | Securities | | | | | | | | Debt Securities available for sale | | | | | | | | | U.S Treasury Securities | — | | | 1,000 | | | — | | | 1,000 | | U.S. Government agency and sponsored enterprise residential MBS | — | | | 1,824,510 | | | — | | | 1,824,510 | | U.S. Government agency and sponsored enterprise commercial MBS | — | | | 152,249 | | | — | | | 152,249 | | | U.S. Government agency and sponsored enterprise obligations | — | | | 45,455 | | | — | | | 45,455 | | Non-agency commercial MBS | — | | | — | | | — | | | — | | | Municipal Bonds | — | | | 1,669 | | | — | | | 1,669 | | | — | | | 2,024,883 | | | — | | | 2,024,883 | | | Equity securities with readily determinable fair values not held for trading | 2,548 | | | — | | | — | | | 2,548 | | | 2,548 | | | 2,024,883 | | | — | | | 2,027,431 | | | Mortgage loans held for sale (at fair value) | — | | | 2,932 | | | — | | | 2,932 | | | Bank owned life insurance | — | | | 260,644 | | | — | | | 260,644 | | | Other assets | | | | | | | | | Mortgage servicing rights (MSRs) | — | | | — | | | 1,314 | | | 1,314 | | | Derivative instruments | — | | | 36,539 | | | — | | | 36,539 | | | $ | 2,548 | | | $ | 2,332,231 | | | $ | 1,314 | | | $ | 2,336,093 | | | Liabilities | | | | | | | | | Other liabilities | | | | | | | | | Derivative instruments | $ | — | | | $ | 36,053 | | | $ | — | | | $ | 36,053 | |
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| Schedule of Major Categories of Assets Measured at Fair Value on a Nonrecurring Basis |
The following tables present the major categories of assets measured at fair value on a non-recurring basis at September 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | (in thousands) | Carrying Amount | | Quoted
Prices in
Active
Markets
for Identical
Assets
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Total Write Downs | | Description | | | | | | | | | | | Loans held for sale, at lower of cost or fair value | $ | 95,847 | | | $ | — | | | $ | — | | | $ | 95,847 | | | $ | 2,385 | | | Loans held for investment measured for credit deterioration using the fair value of the collateral (1) | 11,957 | | | — | | | — | | | 11,957 | | | — | | Other Real Estate Owned (2) | 10,044 | | | — | | | — | | | 10,044 | | | — | | | Cash flow dependent loans measured for expected credit losses (3) | 63,870 | | | — | | | — | | | 63,870 | | | 18,398 | | | $ | 181,718 | | | $ | — | | | $ | — | | | $ | 181,718 | | | $ | 20,783 | |
_______________ (1)Includes commercial loans totaling $12.0 million. The specific reserves on these loans were $3.4 million. There were no write downs on these loans at September 30, 2026. (2)Includes approximately $8.5 million and $1.6 million in commercial and residential real estate property, respectively. (3)Consists entirely of commercial and owner-occupied loans with a carrying amount of approximately $61.8 million and $2.1 million, respectively. The specific reserves on these commercial loans were $15.0 million at September 30, 2026. There were no specific reserves on these owner-occupied loans at September 30, 2026. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | (in thousands) | Carrying Amount | | Quoted
Prices in
Active
Markets
for Identical
Assets
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Total Write Downs | | Description | | | | | | | | | | | Loans held for sale, at lower of cost or fair value | $ | 80,912 | | | $ | — | | | $ | — | | | $ | 80,912 | | | $ | 13,752 | | | Loans held for investment measured for credit deterioration using the fair value of the collateral (1)(2) | 7,497 | | | — | | | — | | | 7,497 | | | 3,328 | | | Other Real Estate Owned (3) | 15,542 | | | — | | | — | | | 15,542 | | | 1,114 | | | Cash flow dependent loans measured for expected credit losses (4) | 60,397 | | | — | | | — | | | 60,397 | | | 15,989 | | | $ | 164,348 | | | $ | — | | | $ | — | | | $ | 164,348 | | | $ | 34,183 | |
_______________ (1)Consists entirely of commercial loans with a carrying amount of $7.5 million, at December 31, 2025. (2)Includes loans with specific reserves of $0.3 million and total write downs of $3.3 million at December 31, 2025. (3)Includes $14.0 million and $1.6 million in commercial real estate and residential real estate property, respectively. (4)Consists entirely of commercial loans with a carrying amount of $60.4 million and specific reserves of $2.3 million at December 31, 2025.
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| Schedule of Fair Value Measurement Inputs and Valuation Techniques |
The following table presents the significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis.
| | | | | | | | | | | | | | | | Financial Instrument | Unobservable Inputs | Valuation Methods | Discount Range | Typical Discount | | Collateral dependent loans | Discount to fair value | Appraisal value, as adjusted | 0-30% | 6-7% | | | Inventory | 0-100% | 30-50% | | | Accounts receivables | 0-100% | 20-30% | | | Equipment | 0-100% | 20-30% | Other Real Estate Owned | Discount to fair value | Appraisal value, as adjusted | N/A | 6-7% |
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| Schedule of Estimated Fair Value of Financial Instruments where Fair Value Differs from Carrying Value |
The estimated fair value of financial instruments where fair value differs from carrying value are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | (in thousands) | Carrying
Value | | Estimated
Fair
Value | | Carrying
Value | | Estimated
Fair
Value | | Financial assets: | | | | | | | | | | | | | | | | | Loans | $ | 2,788,831 | | | $ | 2,744,303 | | | $ | 2,432,890 | | | $ | 2,412,723 | | | Financial liabilities: | | | | | | | | | Time deposits | 1,429,825 | | | 1,425,014 | | | 1,560,429 | | | 1,559,565 | | | Advances from the FHLB | 715,000 | | | 710,634 | | | 711,984 | | | 729,053 | | | Senior notes | 48,366 | | | 49,594 | | | — | | | — | | | Subordinated notes | 29,922 | | | 27,914 | | | 29,795 | | | 26,530 | | | Junior subordinated debentures | 64,178 | | | 62,960 | | | 64,178 | | | 64,690 | |
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