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FAIR VALUE (Tables)

9 Months Ended

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

The 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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