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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

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 (level 2)

Observable market prices of identical or similar securities are used where available.

Level 2 recurring fair value measurement.

Investment securities AFS (level 3)

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 9, “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:

			March 31, 2026
(in thousands)			Fair Value						Level 1						Level 2						Level 3
Assets:
Trading securities - U.S. Treasury securities			$	49,463					$	49,463					$	—					$	—
Securities available-for-sale:
Obligations of states and political subdivisions			459,869						—						459,869						—
Mortgage backed securities - residential			2,807,719						—						2,806,170						1,549
Mortgage backed securities - commercial			357,981						—						357,981						—
Collateralized loan obligations			229,708						—						229,708						—
Corporate bonds			51,135						—						51,090						45
U.S. Treasury securities			20,536						20,536						—						—
Agency debentures			6,757						—						6,757						—
Total securities available-for-sale			3,933,705						20,536						3,911,575						1,594
Single family LHFS			4,692						—						4,692						—
Single family mortgage servicing rights			57,630						—						—						57,630
Equity securities			15,012						—						15,012						—
Derivatives:
Forward loan sale commitments			241						—						241						—
Interest rate lock commitments			130						—						—						130
Interest rate swaps			8,927						—						8,927						—
Futures			2						2						—						—
Total assets			$	4,069,802					$	70,001					$	3,940,447					$	59,354
Liabilities:
Derivatives:
Forward loan sale commitments			$	482					$	—					$	482					$	—
Interest rate lock commitments			10						—						—						10
Interest rate swaps			8,279						—						8,279						—
Total liabilities			$	8,771					$	—					$	8,761					$	10

			December 31, 2025
(in thousands)			Fair Value						Level 1						Level 2						Level 3
Assets:
Trading securities - U.S. Treasury securities			$	49,518					$	49,518					$	—					$	—
Securities available-for-sale:
Obligations of states and political subdivisions			471,159						—						471,159						—
Mortgage backed securities - residential			2,884,289						—						2,882,704						1,585
Mortgage backed securities - commercial			371,806						—						371,806						—
Collateralized loan obligations			188,316						—						188,316						—
Corporate bonds			49,915						—						49,870						45
U.S. Treasury securities			20,669						20,669						—						—
Agency debentures			7,231						—						7,231						—
Total securities available-for-sale			3,993,385						20,669						3,971,086						1,630
Single family LHFS			5,967						—						5,967						—
Single family mortgage servicing rights			58,095						—						—						58,095
Equity securities			15,567						—						15,567						—
Derivatives:
Forward loan sale commitments			148						—						148						—
Interest rate lock commitments			75						—						—						75
Interest rate swaps			9,406						—						9,406						—
Total assets			$	4,132,161					$	70,187					$	4,002,174					$	59,800
Liabilities:
Derivatives:
Forward loan sale commitments			$	28					$	—					$	28					$	—
Interest rate swaps			8,543						—						8,543						—
Futures			2						2						—						—
Total liabilities			$	8,573					$	2					$	8,571					$	—

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 March 31, 2026 and December 31, 2025. Balances and activity from these Level 3 assets are reported beginning on the Merger date of September 2, 2025. Therefore, there were no balances or activity for the quarter ended March 31, 2025.

			At March 31, 2026
(dollars in thousands)			Fair Value						Valuation Technique						Significant Unobservable Inputs						Low						High						Weighted Average
March 31, 2026
Investment securities AFS			$	1,594					Income approach						Implied spread to benchmark interest rate curve						2.25%						2.25%						2.25%
Interest rate lock commitments, net			120						Income approach						Fall-out factor						1.10%						20.60%						11.94%
															Value of servicing						0.93%						1.56%						1.25%
December 31, 2025
Investment securities AFS			$	1,630					Income approach						Implied spread to benchmark interest rate curve						2.25%						2.25%						2.25%
Interest rate lock commitments, net			75						Income approach						Fall-out factor						0.60%						20.65%						10.11%
															Value of servicing						1.04%						1.43%						1.15%

Fair Value Changes and Activity for Level 3

The following table presents fair value changes and activity for Level 3 investment securities AFS:

			Quarter Ended March 31,
(in thousands)			2026						2025
Beginning balance			$	1,630					$	—
Additions			—						—
Transfers			—						—
Payoffs/sales			6						—
Change in mark to market			(42)						—
Ending balance			$	1,594					$	—

The following table presents fair value changes and activity for Level 3 interest rate lock commitments:

			Quarter Ended March 31,
(in thousands)			2026						2025
Beginning balance, net			$	75					$	—
Total realized/unrealized gains			433						—
Settlements			(388)						—
Ending balance, net			$	120					$	—

Fair Value Measurements, Nonrecurring

The following tables present collateral dependent loans that were measured at fair value on a nonrecurring basis, and still held on the consolidated balance sheets, as well as the valuation methodology and unobservable inputs, and the net gains or losses resulting from those fair value adjustments for the periods indicated.

			March 31, 2026
(in thousands)			Fair Value						Valuation Technique						Unobservable Input						Input or Range						Weighted Average
Commercial and industrial loans			$	3,290					Third party appraisal						Discount for market conditions						10% - 20%						17%
															Estimated selling costs						7% - 10%						10%
									Third party evaluation						Estimated selling costs						7%						7%
Commercial real estate loans			$	23,015					Third party appraisal						Discount for market conditions						10% - 52%						40%
															Estimated selling costs						8% - 10%						10%
									Income approach						Vacancy, collection loss, concessions						15%						15%
															Capitalization rate						7%						7%

			December 31, 2025
(in thousands)			Fair Value						Valuation Technique						Unobservable Input						Input or Range						Weighted Average
Commercial and industrial loans			$	2,955					Third party appraisal						Discount for market conditions						10% - 20%						18%
															Estimated selling costs						10%						10%
									Third party evaluation						Estimated selling costs						7%						7%
Commercial real estate loans			$	23,006					Third party appraisal						Discount for market conditions						6% - 36%						24%
															Estimated selling costs						8% - 10%						10%
									Income approach						Vacancy, collection loss, concessions						15%						15%
															Capitalization rate						6%						6%

			Quarter Ended March 31,
(in thousands)			2026						2025
Net (gain) loss: (1)
Commercial and industrial loans			$	(79)					$	—
Commercial real estate loans			(77)						—
Total			$	(156)					$	—

(1)The net (gain) loss represents re-measurements of collateral-dependent impaired loans with specific allowance for credit loss allocations.

The following tables present other real estate owned that were measured at fair value on a nonrecurring basis and still held on the consolidated balance sheets, as well as the valuation methodology, unobservable inputs and losses resulting from those fair value adjustments for the periods indicated.

March 31, 2026

(in thousands)

Fair Value

Valuation Technique

Unobservable Inputs

Input or Range

Weighted Average

Other real estate owned-commercial real estate

$

3,535

Third party appraisal

Estimated selling costs

6%

6%

Purchase and sale agreement

Estimated selling costs

7%

7%

December 31, 2025

(in thousands)

Fair Value

Valuation Technique

Unobservable Inputs

Input

Weighted Average

Other real estate owned-commercial real estate

$

1,675

Income approach

Estimated selling costs

10%

10%

			Quarter Ended March 31,
(in thousands)			2026						2025
Losses due to write downs:
Other real estate owned-commercial real estate (1)			$	332					$	—

(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 March 31, 2026 and December 31, 2025:

			March 31, 2026
									Fair Value
(in thousands)			Carrying Value						Total						Level 1						Level 2						Level 3
Assets:
Cash and cash equivalents			$	483,513					$	483,513					$	483,513					$	—					$	—
Securities held-to-maturity			1,313,520						1,149,969						—						1,146,969						3,000
Loan receivables, net			13,695,413						13,193,078						—												13,193,078
Mortgage servicing rights – multifamily and SBA			26,370						27,282						—						27,282						—
Liabilities:
Time deposits			$	2,144,670					$	2,132,552					$	—					$	2,132,552					$	—
Long-term debt			128,815						140,594						—						140,594						—

			December 31, 2025
			Carrying Value						Fair Value
(in thousands)									Total						Level 1						Level 2						Level 3
Assets:
Cash and cash equivalents			$	1,029,983					$	1,029,983					$	1,029,983					$	—					$	—
Securities held-to-maturity			1,336,632						1,170,818						—						1,167,818						3,000
Loan receivables, net			14,023,617						13,665,520						—						—						13,665,520
Mortgage servicing rights – multifamily and SBA			27,737						28,276						—						28,276						—
Liabilities:
Time deposits			$	2,784,608					$	2,768,873					$	—					$	2,768,873					$	—
Long-term debt			192,014						203,272						—						203,272						—

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 March 31, 2026 and December 31, 2025:

			March 31, 2026																		December 31, 2025
(in thousands)			Fair Value						Aggregate Unpaid Principal Balance						Fair Value Less Aggregated Unpaid Principal Balance						Fair Value						Aggregate Unpaid Principal Balance						Fair Value Less Aggregated Unpaid Principal Balance
Single family LHFS			$	4,692					$	4,648					$	44					$	5,967					$	5,883					$	84

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