XML 109 R57.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Fair Value, Assets Measured on Recurring Basis

The following table set forth the carrying value of assets and liabilities measured at fair value on a recurring basis at December 31, 2025 and 2024:


	Carrying Value as of December 31, 2025
	Level 1		Level 2		Level 3		Total
	(In Thousands)
Assets:
Investment securities available-for-sale:

GSE debentures	$	—	$	173,677	$	—	$	173,677
GSE CMOs	—		496,570		—		496,570
GSE MBSs	—		325,745		—		325,745



Municipal obligations	—		221,604		18,612		240,216
Corporate debt obligations	—		36,667		3,356		40,023
U.S. Treasury bonds	—		412,037		—		412,037
Foreign government obligations	—		500		—		500



Total investment securities available-for-sale	$	—	$	1,666,800	$	21,968	$	1,688,768

Assets:


Derivatives designated as hedging instruments:
Interest rate derivatives	$	—	$	185	$	—	$	185
Loan level derivatives	—		102,237		—		102,237
Risk participation-out agreements	—		532		—		532
Foreign exchange contracts	—		274		—		274
Liabilities:
Interest rate derivatives	$	—	$	179	$	—	$	179
Loan level derivatives	—		115,937		—		115,937
Risk participation-in agreements	—		139		—		139
Foreign exchange contracts	—		258		—		258


	Carrying Value as of December 31, 2024
	Level 1		Level 2		Level 3		Total
	(In Thousands)
Assets:
Investment securities available-for-sale:

GSE debentures	$	—	$	176,294	$	—	$	176,294
GSE CMOs	—		55,543		—		55,543
GSE MBSs	—		148,285		—		148,285



Municipal obligations	—		3,198		17,056		20,254
Corporate debt obligations	—		9,853		2,434		12,287
U.S. Treasury bonds	—		481,872		—		481,872
Foreign government obligations	—		499		—		499



Total investment securities available-for-sale	$	—	$	875,544	$	19,490	$	895,034

Interest rate derivatives	—		18		—		18
Loan level derivatives	—		102,608		—		102,608
Risk participation-out agreements	—		495		—		495
Foreign exchange contracts	—		482		—		482
Liabilities:
Interest rate derivatives	$	—	$	2,051	$	—	$	2,051
Loan level derivatives	$	—	$	102,608	$	—	$	102,608
Risk participation-in agreements	—		137		—		137
Foreign exchange contracts	—		459		—		459

Schedule of Fair Value, Liabilities Measured on Recurring Basis

The following table set forth the carrying value of assets and liabilities measured at fair value on a recurring basis at December 31, 2025 and 2024:


	Carrying Value as of December 31, 2025
	Level 1		Level 2		Level 3		Total
	(In Thousands)
Assets:
Investment securities available-for-sale:

GSE debentures	$	—	$	173,677	$	—	$	173,677
GSE CMOs	—		496,570		—		496,570
GSE MBSs	—		325,745		—		325,745



Municipal obligations	—		221,604		18,612		240,216
Corporate debt obligations	—		36,667		3,356		40,023
U.S. Treasury bonds	—		412,037		—		412,037
Foreign government obligations	—		500		—		500



Total investment securities available-for-sale	$	—	$	1,666,800	$	21,968	$	1,688,768

Assets:


Derivatives designated as hedging instruments:
Interest rate derivatives	$	—	$	185	$	—	$	185
Loan level derivatives	—		102,237		—		102,237
Risk participation-out agreements	—		532		—		532
Foreign exchange contracts	—		274		—		274
Liabilities:
Interest rate derivatives	$	—	$	179	$	—	$	179
Loan level derivatives	—		115,937		—		115,937
Risk participation-in agreements	—		139		—		139
Foreign exchange contracts	—		258		—		258


	Carrying Value as of December 31, 2024
	Level 1		Level 2		Level 3		Total
	(In Thousands)
Assets:
Investment securities available-for-sale:

GSE debentures	$	—	$	176,294	$	—	$	176,294
GSE CMOs	—		55,543		—		55,543
GSE MBSs	—		148,285		—		148,285



Municipal obligations	—		3,198		17,056		20,254
Corporate debt obligations	—		9,853		2,434		12,287
U.S. Treasury bonds	—		481,872		—		481,872
Foreign government obligations	—		499		—		499



Total investment securities available-for-sale	$	—	$	875,544	$	19,490	$	895,034

Interest rate derivatives	—		18		—		18
Loan level derivatives	—		102,608		—		102,608
Risk participation-out agreements	—		495		—		495
Foreign exchange contracts	—		482		—		482
Liabilities:
Interest rate derivatives	$	—	$	2,051	$	—	$	2,051
Loan level derivatives	$	—	$	102,608	$	—	$	102,608
Risk participation-in agreements	—		137		—		137
Foreign exchange contracts	—		459		—		459

Schedule of Quantitative Information About Significant Unobservable Inputs (level 3) for Assets Measured at Fair Value on Recurring Basis

The following tables summarize information about significant unobservable inputs related to the Company's categories of Level 3 financial assets and liabilities measured on a recurring basis.

Quantitative Information About Level 3 Fair Value Measurements - Recurring Basis

Financial Instrument

Estimated Fair Value

Valuation Technique(s)

Significant Unobservable Inputs

Range of Inputs

Weighted Average

(In Thousands)

December 31, 2025

Assets

Municipal obligations

18,612

Discounted Cash Flow

Discount Rate from Bloomberg BVAL

0.00%-3.29%

1.85

Corporate debt obligations

3,356

Discounted Cash Flow

Discount Rate from Bloomberg BVAL

0.00%-5.54%

0.25

The table below presents quantitative information about significant unobservable inputs (Level 3) for assets measured at fair value on a recurring basis at the dates indicated.


	Fair Value				Valuation Technique
	At December 31, 2025		At December 31, 2024
	(Dollars in Thousands)

Collateral-dependent impaired loans and leases	$	112,142	$	28,100	Appraisal of collateral (1)
Other real estate owned	—		700		Appraisal of collateral (1)

_______________________________________________________________________________

(1) Fair value is generally determined through independent appraisals of the underlying collateral. The Company may also use another available source of collateral assessment to determine a reasonable estimate of the fair value of the collateral. Appraisals may be adjusted by management for qualitative factors such as economic factors and estimated liquidation expenses. The range of the unobservable inputs used may vary but is generally 0% - 10% on the discount for costs to sell and 0% - 15% on appraisal adjustments.

Schedule of Changes in Estimated Fair Value For All Assets and Liabilities Measured at Estimated Fair Value

The following table summarizes the changes in estimated fair value for all assets and liabilities measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3).


Changes in Estimated Fair Value of Level 3 Financial Assets and Liabilities - Recurring Basis
	Twelve Months Ended December 31, 2025
	(In Thousands)
	Municipal obligations		Corporate debt obligations
Beginning balance	$	17,056	$	2,434
Purchases	2,841		9,159

Unrealized gains (losses) included in comprehensive income	141		64
Transfer in	6,441		—
Transfers out	—		(8,347)
Sales	—		—
Maturities, calls, and paydowns (1)	(7,867)		46
Ending balance	$	18,612	$	3,356

_______________________________________________________________________________

(1) The $46 thousand includes amortization of purchase discount which exceeded maturities, calls and paydowns during the period resulting in an increase in balance.

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring and Non-Recurring Basis

Assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2025 and 2024 are summarized below:


	Carrying Value as of December 31, 2025
	Level 1		Level 2		Level 3		Total
	(In Thousands)
Assets measured at fair value on a non-recurring basis:
Collateral-dependent impaired loans and leases	$	—	$	—	$	112,142	$	112,142
OREO	—		—		—		—
Repossessed assets	—		2,591		—		2,591
Total assets measured at fair value on a non-recurring basis	$	—	$	2,591	$	112,142	$	114,733


	Carrying Value as of December 31, 2024
	Level 1		Level 2		Level 3		Total
	(In Thousands)
Assets measured at fair value on a non-recurring basis:
Collateral-dependent impaired loans and leases	$	—	$	—	$	28,100	$	28,100
OREO	$	—	$	—	$	700	$	700

Repossessed assets	—		403		—		403
Total assets measured at fair value on a non-recurring basis	$	—	$	403	$	28,800	$	29,203

Schedule of the Carrying Values and Estimated Fair Values

The following table presents the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company's financial instruments at the dates indicated. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, restricted equity securities, and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include non-maturity deposits, short-term borrowings, and accrued interest payable. There were no transfers between levels during 2025.


					Fair Value Measurements
	Carrying Value		Estimated Fair Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
	(In Thousands)
At December 31, 2025
Financial assets:






Loans and leases, net	$	17,776,713	$	17,672,269	$	—	$	—	$	17,672,269

Financial liabilities:
Certificates of deposits and brokered deposits	4,566,899		4,566,386		—		4,566,386		—
Borrowed funds	788,360		796,543		—		796,543		—
At December 31, 2024
Financial assets:






Loans and leases, net	$	9,654,205	$	9,298,057	$	—	$	—	$	9,298,057

Financial liabilities:
Certificates of deposits and brokered deposits	2,754,397		2,749,092		—		2,749,092		—
Borrowed funds	1,519,846		1,547,183		—		1,547,183		—

- 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 + Details