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FAIR VALUE (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Fair Value Measurement Methodologies | The following table summarizes the fair value measurement methodologies, including significant inputs and assumptions and classification of the Company’s assets and liabilities valued at fair value on a recurring basis.
Asset/Liability class |  | Valuation methodology, inputs and assumptions |  | Classification
Investment securities |  |  |  |
U.S Treasury securities (Trading securities and Investment securities AFS) |  | Fair Value is based on quoted prices in an active market. |  | Level 1 recurring fair value measurement.
Investment securities AFS |  | Observable market prices of identical or similar securities are used where available. |  | Level 2 recurring fair value measurement.
|  | If market prices are not readily available, value is based on discounted cash flows using the following significant inputs: •Expected prepayment speeds •Estimated credit losses •Market liquidity adjustments |  | Level 3 recurring fair value measurement.
LHFS |  |  |  |
Single family loans |  | Fair value is based on observable market data, including: •Quoted market prices, where available •Dealer quotes for similar loans •Forward sale commitments |  | Level 2 recurring fair value measurement.
Equity securities |  | Observable market prices of identical or similar securities are used where available. |  | Level 2 recurring fair value measurement.
Mortgage servicing rights |  |  |  |
Single family MSRs |  | For information on how the Company measures the fair value of its single family MSRs, including key economic assumptions and the sensitivity of fair value to changes in those assumptions, see Note 11, “Mortgage Banking Operations.” |  | Level 3 recurring fair value measurement.
Derivatives |  |  |  |
Futures and Options |  | Fair value is based on closing exchange prices. |  | Level 1 recurring fair value measurement.
Forward sale commitments and interest rate swaps |  | Fair value is based on quoted prices for identical or similar instruments, when available. When quoted prices are not available, fair value is based on internally developed modeling techniques, which require the use of multiple observable market inputs including: •Forward interest rates •Interest rate volatilities |  | Level 2 recurring fair value measurement.
IRLC |  | The fair value considers several factors including: •Fair value of the underlying loan based on quoted prices in the secondary market, when available. •Value of servicing •Fall-out factor |  | Level 3 recurring fair value measurement.
Fair Value Hierarchy Measurement | The following tables present the levels of the fair value hierarchy for the Company’s assets and liabilities measured at fair value on a recurring basis:
| September 30, 2025
(in thousands) | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Trading securities - U.S. Treasury securities | $50,357 |  | $50,357 |  | $— |  | $—
Securities available-for-sale: |  |  |  |  |  |  |
Obligations of states and political subdivisions | 467,870 |  | — |  | 467,870 |  | —
Mortgage backed securities - residential | 2,374,155 |  | — |  | 2,372,543 |  | 1,612
Mortgage backed securities - commercial | 378,178 |  | — |  | 378,178 |  | —
Collateralized loan obligations | 188,689 |  | — |  | 188,689 |  | —
Corporate bonds | 53,484 |  | — |  | 53,437 |  | 47
U.S. Treasury securities | 20,579 |  | 20,579 |  | — |  | —
Agency debentures | 7,523 |  | — |  | 7,523 |  | —
Total securities available-for-sale | 3,490,478 |  | 20,579 |  | 3,468,240 |  | 1,659
Single family LHFS | 21,397 |  | — |  | 21,397 |  | —
Single family mortgage servicing rights | 59,536 |  | — |  | — |  | 59,536
Equity securities | 16,018 |  | — |  | 16,018 |  | —
Derivatives: |  |  |  |  |  |  |
Forward loan sale commitments | 131 |  | — |  | 131 |  | —
Interest rate lock commitments | 277 |  | — |  | — |  | 277
Interest rate swaps | 11,347 |  | — |  | 11,347 |  | —
Total assets | $3,649,541 |  | $70,936 |  | $3,517,133 |  | $61,472
Liabilities: |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |
Forward loan sale commitments | $112 |  | $— |  | $112 |  | $—
Interest rate swaps | 10,259 |  | — |  | 10,259 |  | —
Futures | 1 |  | 1 |  | — |  | —
Total liabilities | $10,372 |  | $1 |  | $10,371 |  | $—
| December 31, 2024
(in thousands) | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |
Obligations of states and political subdivisions | $91,299 |  | $— |  | $91,299 |  | $—
Mortgage backed securities - residential | 2,643,688 |  | — |  | 2,643,688 |  | —
Mortgage backed securities - commercial | 240,862 |  | — |  | 240,862 |  | —
Collateralized loan obligations | 50,000 |  | — |  | 50,000 |  | —
Corporate bonds | 39,402 |  | — |  | 39,402 |  | —
Total securities available-for-sale | 3,065,251 |  | — |  | 3,065,251 |  | —
Equity securities | 15,355 |  | — |  | 15,355 |  | —
Derivatives: |  |  |  |  |  |  |
Interest rate swaps | 12,835 |  | — |  | 12,835 |  |
Total assets | $3,093,441 |  | $— |  | $3,093,441 |  | $—
Liabilities: |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |
Interest rate swaps | $11,056 |  | $— |  | $11,056 |  | $—
Interest rate lock commitments | 7 |  | — |  | — |  | 7
Total liabilities | $11,063 |  | $— |  | $11,056 |  | $7
Unobservable Inputs Used to Measure Fair Value | T he following information presents significant Level 3 unobservable inputs used to measure fair value of certain assets as of September 30, 2025. As of December 31, 2024, there were no assets measured at fair value using Level 3 unobservable inputs.
(dollars in thousands) | Fair Value |  | Valuation Technique |  | Significant Unobservable Inputs |  | Low |  | High |  | Weighted Average
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |
Investment securities AFS | $1,659 |  | Income approach |  | Implied spread to benchmark interest rate curve |  | 2.25% |  | 2.25% |  | 2.25%
Interest rate lock commitments, net | 277 |  | Income approach |  | Fall-out factor |  | 1.10% |  | 24.54% |  | 15.04%
|  |  |  |  | Value of servicing |  | 0.64% |  | 1.49% |  | 1.18%
Fair Value Changes and Activity for Level 3 | The following table presents fair value changes and activity for certain Level 3 assets for the periods indicated:
(in thousands) | Beginning balance |  | Additions (1) |  | Transfers |  | Payoffs/Sales |  | Change in mark to market |  | Ending balance
Quarter Ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |
Investment securities AFS | $— |  | $1,649 |  | $— |  | $— |  | $10 |  | $1,659
Nine Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |
Investment securities AFS | $— |  | $1,649 |  | $— |  | $— |  | $10 |  | $1,659
(1)Includes the assets acquired from the Merger on September 2, 2025 The following table presents fair value changes and activity for Level 3 interest rate lock commitments:
| Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2025 |  | 2025
Beginning balance, net | $— |  | $—
IRLC acquired (1) | 514 |  | 514
Total realized/unrealized gains | (97) |  | (97)
Settlements | (140) |  | (140)
Ending balance, net | $277 |  | $277
(1)Represents the interest rate lock commitments acquired from the Merger on September 2, 2025.
Other Real Estate Owned Recorded at Fair Value on a Nonrecurring Basis | The following table presents other real estate owned recorded at fair value on a nonrecurring basis and still held on the consolidated balance sheet for the periods indicated. Other real estate owned of $1.7 million as of September 30, 2025 was acquired in the Merger and recorded at fair value as of the Merger date.
(in thousands) | September 30, 2025 |  | December 31, 2024
Fair value: |  |  |
Other real estate owned | $1,675 |  | $15,600
The following table presents losses due to write-downs of other real estate owned for the periods indicated and that were still held at the end of each respective reporting period.
| Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Losses due to write downs: |  |  |  |  |  |  |
Other real estate owned (1) | $— |  | $— |  | $— |  | $1,200
(1)Losses are included in other real estate owned related expense within noninterest expense on the consolidated income statements.
Estimated Fair Value and Carrying Value | The following is a summary of the estimated fair value and carrying value of the Company’s financial instruments not recorded at fair value in the consolidated financial statements as of September 30, 2025 and December 31, 2024:
| September 30, 2025
|  |  | Fair Value
(in thousands) | Carrying Value |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $1,442,647 |  | $1,442,647 |  | $1,442,647 |  | $— |  | $—
Securities held-to-maturity | 1,363,636 |  | 1,186,260 |  | — |  | 1,183,260 |  | 3,000
Loans held for sale - multifamily and other | 33,588 |  | 33,655 |  | — |  | 33,655 |  | —
Loan and lease receivables, net | 14,399,836 |  | 13,948,529 |  | — |  | — |  | 13,948,529
Mortgage servicing rights – multifamily and SBA | 29,059 |  | 29,213 |  | — |  | — |  | 29,213
Liabilities: |  |  |  |  |  |  |  |  |
Time deposits | $3,387,240 |  | $3,378,332 |  | $— |  | $3,378,332 |  | $—
Long-term debt | 190,123 |  | 198,516 |  | — |  | 198,516 |  | —
| December 31, 2024
| Carrying Value |  | Fair Value
(in thousands) |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $999,711 |  | $999,711 |  | $999,711 |  | $— |  | $—
Securities held-to-maturity | 1,440,494 |  | 1,196,000 |  | — |  | 1,193,000 |  | 3,000
Loans held for sale - single family | 543 |  | 543 |  |  |  |  |  | 543
Loan and lease receivables, net | 9,554,939 |  | 8,817,007 |  | — |  | — |  | 8,817,007
Liabilities: |  |  |  |  |  |  |  |  |
Time deposits | $970,053 |  | $960,276 |  | $— |  | $960,276 |  | $—
Aggregate Fair Value and the Aggregate Unpaid Principal Balance of Loans Held for Sale | The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale accounted for under the fair value option as of September 30, 2025. As of December 31, 2024, there were no single family loans held for sale accounted for under the fair value option, since this election was made following the Merger.
| September 30, 2025
(in thousands) | Fair Value |  | Aggregate Unpaid Principal Balance |  | Fair Value Less Aggregated Unpaid Principal Balance
Single family LHFS | $21,397 |  | $20,932 |  | $465

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- Definition Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 10 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-10 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-13 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-12 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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