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FAIR VALUE | 3 Months Ended
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Mar. 31, 2026
Fair Value Disclosures [Abstract] |
FAIR VALUE | FAIR VALUE The Company uses fair value measurements to record fair value adjustments to certain assets and to determine fair value disclosures. Fair value represents the estimated exchange price that would be received from selling an asset or paid to transfer a liability, otherwise known as an “exit price,” in the principal or most advantageous market available to the entity in an orderly transaction between market participants on the measurement date. Fair Value Hierarchy Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company groups financial assets and financial liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: •Level 1—Quoted prices for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. •Level 2—Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. •Level 3—Significant unobservable inputs that reflect management’s judgment and assumptions that market participants would use in pricing an asset or liability that are supported by little or no market activity. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and our creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. Our valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes our valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Furthermore, the reported fair value amounts have not been comprehensively revalued since the presentation dates, and therefore, estimates of fair value after the balance sheet date may differ significantly from the amounts presented herein. A more detailed description of the valuation methodologies used for certain assets and liabilities measured at fair value is set forth below. The carrying amounts and estimated fair values of financial instruments that are reported on the balance sheet were as follows:
| March 31, 2026
Carrying Amount |  | Estimated Fair Value
| Level 1 |  | Level 2 |  | Level 3 |  | Total
(In thousands)
Financial assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 549,570 |  |  | $ | 549,570 |  |  | $ | — |  |  | $ | — |  |  | $ | 549,570 |
Available for sale securities | 1,864,710 |  |  | — |  |  | 1,864,710 |  |  | — |  |  | 1,864,710 |
Loans held for investment, net of allowance | 7,502,521 |  |  | — |  |  | — |  |  | 7,471,807 |  |  | 7,471,807 |
Accrued interest receivable | 36,589 |  |  | 499 |  |  | 7,687 |  |  | 28,403 |  |  | 36,589 |
Financial liabilities |  |  |  |  |  |  |  |  |
Deposits | $ | 8,982,010 |  |  | $ | — |  |  | $ | 8,979,347 |  |  | $ | — |  |  | $ | 8,979,347 |
Accrued interest payable | 5,240 |  |  | — |  |  | 5,240 |  |  | — |  |  | 5,240 |
Borrowed funds | 135,000 |  |  | — |  |  | 135,000 |  |  | — |  |  | 135,000 |
Subordinated debt | 40,256 |  |  | — |  |  | 40,239 |  |  | — |  |  | 40,239 |
| December 31, 2025
Carrying Amount |  | Estimated Fair Value
| Level 1 |  | Level 2 |  | Level 3 |  | Total
(In thousands)
Financial assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 419,453 |  |  | $ | 419,453 |  |  | $ | — |  |  | $ | — |  |  | $ | 419,453 |
Available for sale securities | 2,198,459 |  |  | — |  |  | 2,198,459 |  |  | — |  |  | 2,198,459 |
Loans held for investment, net of allowance | 7,216,962 |  |  | — |  |  | — |  |  | 7,203,747 |  |  | 7,203,747 |
Accrued interest receivable | 35,869 |  |  | 294 |  |  | 7,950 |  |  | 27,625 |  |  | 35,869 |
Financial liabilities |  |  |  |  |  |  |  |  |
Deposits | $ | 9,021,466 |  |  | $ | — |  |  | $ | 9,019,219 |  |  | $ | — |  |  | $ | 9,019,219 |
Accrued interest payable | 5,508 |  |  | — |  |  | 5,508 |  |  | — |  |  | 5,508 |
Subordinated debt | 40,226 |  |  | — |  |  | 40,473 |  |  | — |  |  | 40,473 |
The following tables present fair values for assets and liabilities measured on a recurring basis:
| March 31, 2026
Level 1 |  | Level 2 |  | Level 3 |  | Total
(In thousands)
Financial assets |  |  |  |  |  |  |
Available for sale securities: |  |  |  |  |  |  |
U.S. government and agency securities | $ | — |  |  | $ | 87,645 |  |  | $ | — |  |  | $ | 87,645 |
Municipal securities | — |  |  | 193,619 |  |  | — |  |  | 193,619 |
Agency mortgage-backed pass-through securities | — |  |  | 805,887 |  |  | — |  |  | 805,887 |
Agency collateralized mortgage obligations | — |  |  | 673,985 |  |  | — |  |  | 673,985 |
Corporate bonds and other | — |  |  | 103,574 |  |  | — |  |  | 103,574 |
Interest rate swaps and caps | — |  |  | 4,114 |  |  | — |  |  | 4,114 |
Credit risk participation agreements | — |  |  | — |  |  | 6 |  |  | 6 |
Total fair value of financial assets | $ | — |  |  | $ | 1,868,824 |  |  | $ | 6 |  |  | $ | 1,868,830 |
Financial liabilities |  |  |  |  |  |  |
Interest rate swaps and caps | $ | — |  |  | $ | 4,114 |  |  | $ | — |  |  | $ | 4,114 |
Total fair value of financial liabilities | $ | — |  |  | $ | 4,114 |  |  | $ | — |  |  | $ | 4,114 |
| December 31, 2025
Level 1 |  | Level 2 |  | Level 3 |  | Total
(In thousands)
Financial assets |  |  |  |  |  |  |
Available for sale securities: |  |  |  |  |  |  |
U.S. government and agency securities | $ | — |  |  | $ | 392,475 |  |  | $ | — |  |  | $ | 392,475 |
Municipal securities | — |  |  | 196,201 |  |  | — |  |  | 196,201 |
Agency mortgage-backed pass-through securities | — |  |  | 807,986 |  |  | — |  |  | 807,986 |
Agency collateralized mortgage obligations | — |  |  | 697,065 |  |  | — |  |  | 697,065 |
Corporate bonds and other | — |  |  | 104,732 |  |  | — |  |  | 104,732 |
Interest rate swaps and caps | — |  |  | 4,252 |  |  | — |  |  | 4,252 |
Credit risk participation agreements | — |  |  | — |  |  | 6 |  |  | 6 |
Total fair value of financial assets | $ | — |  |  | $ | 2,202,711 |  |  | $ | 6 |  |  | $ | 2,202,717 |
Financial liabilities |  |  |  |  |  |  |
Interest rate swaps and caps | $ | — |  |  | $ | 4,252 |  |  | $ | — |  |  | $ | 4,252 |
Total fair value of financial liabilities | $ | — |  |  | $ | 4,252 |  |  | $ | — |  |  | $ | 4,252 |
There were no transfers between levels during the three months ended March 31, 2026 or 2025. Certain assets, including purchase credit deteriorated and individually evaluated loans with allowances for credit losses and foreclosed assets and branch assets held for sale, are measured at fair value on a nonrecurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances such as impairment. There were no liabilities measured at fair value on a nonrecurring basis at March 31, 2026 and December 31, 2025. Assets measured on a nonrecurring basis for the periods noted are summarized in the table below:
| March 31, 2026
Level 1 |  | Level 2 |  | Level 3
(In thousands)
Loans: |  |  |  |  |
Commercial and industrial | $ | — |  |  | $ | — |  |  | $ | 11,242 |
Commercial real estate construction and land development | — |  |  | — |  |  | 12,505 |
Residential construction | — |  |  | — |  |  | 5,139 |
Foreclosed assets | — |  |  | — |  |  | 9,454 |
Total | $ | — |  |  | $ | — |  |  | $ | 38,340 |
| December 31, 2025
Level 1 |  | Level 2 |  | Level 3
(In thousands)
Loans: |  |  |  |  |
Commercial and industrial | $ | — |  |  | $ | — |  |  | $ | 10,528 |
Commercial real estate construction and land development | — |  |  | — |  |  | 10,377 |
Consumer and other | — |  |  | — |  |  | 6,203 |
Foreclosed assets | — |  |  | — |  |  | 7,492 |
Total | $ | — |  |  | $ | — |  |  | $ | 34,600 |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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