Disclosures About Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 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 September 30, 2026 (in thousands):


	Carrying amount		Estimated fair value	Level 1	Level 2	Level 3	Netting Adjustments (1)
Financial assets:
Cash and cash equivalents	$	223,310	223,310	223,310	—	—	—
Securities available-for-sale	1,751,568		1,751,568	—	1,751,568	—	—
Securities held-to-maturity	612,731		518,383	—	518,383	—	—
Loans receivable, net	13,243,670		12,637,708	—	—	12,637,708	—
Loans held-for-sale	8,374		8,374	—	—	8,374	—
Accrued interest receivable	59,783		59,783	59,783	—	—	—
Interest rate lock commitments	444		444	—	—	444	—
Forward commitments	6		6	—	6	—	—


Interest rate swaps not designated as hedging instruments	1,779		1,779	—	33,934	—	(32,155)
FHLB stock	51,439		51,439	—	—	—	—
Total financial assets	$	15,953,104	15,252,794	283,093	2,303,891	12,646,526	(32,155)

Financial liabilities:
Savings and checking deposits	$	11,477,068	11,477,068	11,477,068	—	—	—


Time deposits	2,797,970		2,804,048	—	—	2,804,048	—

Borrowed funds	786,715		784,393	816,493	—	—	(32,100)

Junior subordinated debentures	130,288		128,071	—	—	128,071	—


Interest rate swaps designated as hedging instruments	134		134	—	134	—	—
Interest rate swaps not designated as hedging instruments	33,880		33,880	—	33,935	—	(55)
Risk participation agreements	33		33	—	33	—	—
Accrued interest payable	7,616		7,616	7,616	—	—	—
Total financial liabilities	$	15,233,704	15,235,243	12,301,177	34,102	2,932,119	(32,155)

(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 September 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	$	—	30,527	—	—	30,527

States and political subdivisions	—		62,018	—	—	62,018
Corporate	—		111,248	—	—	111,248
Total debt securities	—		203,793	—	—	203,793

Mortgage-backed securities:
GNMA	—		128,280	—	—	128,280
FNMA	—		146,267	—	—	146,267
FHLMC	—		206,206	—	—	206,206
Non-agency	—		2	—	—	2
Collateralized mortgage obligations:
GNMA	—		676,903	—	—	676,903
FNMA	—		93,748	—	—	93,748
FHLMC	—		296,369	—	—	296,369


Total mortgage-backed securities	—		1,547,775	—	—	1,547,775

Interest rate lock commitments	—		—	444	—	444
Forward commitments	—		6	—	—	6


Interest rate swaps not designated as hedging instruments	—		33,934	—	(32,155)	1,779
Total assets	$	—	1,785,508	444	(32,155)	1,753,797



Interest rate swaps designated as hedging instruments	$	—	134	—	—	134
Interest rate swaps not designated as hedging instruments	—		33,935	—	(55)	33,880
Risk participation agreements	—		33	—	—	33
Total liabilities	$	—	34,102	—	(55)	34,047

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 September 30,			For the nine months ended September 30,
	2026		2025	2026	2025
Beginning balance	$	673	933	617	342




Interest rate lock commitments:

Net activity	(229)		97	(173)	688
Transfers from Level 3	—		—	—	—
Transfers into Level 3	—		—	—	—

Ending balance	$	444	1,030	444	1,030

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 September 30, 2026 (in thousands):


	Level 1		Level 2	Level 3	Total assets at fair value
Loans individually assessed	$	—	—	36,713	36,713

Real estate owned, net	—		—	2,772	2,772
Total assets	$	—	—	39,485	39,485

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 September 30, 2026 (in thousands):

Fair value

Valuation techniques

Significant
unobservable inputs

Range (weighted average)

Loans individually assessed

36,713

Appraisal value (1)

Estimated cost to sell

10%

Real estate owned, net

2,772

Appraisal value (1)

Estimated cost to sell

15%

Interest rate lock commitment

444

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

Estimated pull-through rate

93%

(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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