Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Financial Assets and Financial Liabilities Measured at Fair Value

The following table summarizes financial assets and financial liabilities measured at fair value as of September 30, 2025 and December 31, 2024, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands):


			Fair Value Measurements at Reporting Date Using:
	Total Fair Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
September 30, 2025
Items measured on a recurring basis:
Debt securities available-for-sale	$	1,261,580	$	45,398	$	1,216,182	$	—
Equity investments	44,987		—		44,987		—
Interest rate derivative asset	56,696		—		56,696		—
Interest rate derivative liability	(56,449)		—		(56,449)		—

Items measured on a non-recurring basis:
Equity investments (1) (2)	45,744		—		—		40,163
Other real estate owned	7,498		—		—		7,498
Loans measured for impairment based on the fair value of the underlying collateral (3)	31,401		—		—		31,401
December 31, 2024
Items measured on a recurring basis:
Debt securities available-for-sale	$	827,500	$	49,466	$	778,034	$	—
Equity investments	40,447		—		40,447		—
Interest rate derivative asset	91,352		—		91,352		—
Interest rate derivative liability	(91,483)		—		(91,483)		—
Items measured on a non-recurring basis:
Equity investments (1) (2)	43,657		—		—		39,676
Other real estate owned	1,811		—		—		1,811
Loans measured for impairment based on the fair value of the underlying collateral (3)	25,148		—		—		25,148

(1) As of September 30, 2025 and December 31, 2024, equity investments included $40.2 million and $39.7 million, respectively, of equity investments measured under the measurement alternative. There were $352,000 of realized gains for the nine months ended September 30, 2025 and none for the year ended December 31, 2024.

(2) As of September 30, 2025 and December 31, 2024, equity investments included $5.6 million and $4.0 million, respectively, of certain equity investment funds measured at NAV per share (or its equivalent) as a practical expedient to fair value and these equity investments have not been classified in the fair value hierarchy levels.

(3) Primarily consists of commercial loans, which are collateral dependent. The range of fair value adjustments may vary but is generally 0% to 8% on the discount for costs to sell and 0% to 10% on appraisal adjustments.

Schedule of Book Value and Estimated Fair Value of Significant Financial Instruments Not Recorded at Fair Value

The book value and estimated fair value of the Company’s significant financial instruments not recorded at fair value as of September 30, 2025 and December 31, 2024 are presented in the following tables (in thousands):


			Fair Value Measurements at Reporting Date Using:
	Book Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
September 30, 2025
Financial Assets:
Cash and due from banks	$	274,125	$	274,125	$	—	$	—
Debt securities held-to-maturity	919,734		—		856,550		—
Restricted equity investments	142,398		—		—		142,398
Loans receivable, net and loans held-for-sale	10,507,618		—		—		10,114,619
Financial Liabilities:
Deposits other than time deposits (1)	8,220,612		—		8,220,612		—
Time deposits	2,215,382		—		2,209,693		—
FHLB advances and other borrowings	1,903,723		—		1,911,055		—
Securities sold under agreements to repurchase with customers	64,869		64,869		—		—
December 31, 2024
Financial Assets:
Cash and due from banks	$	123,615	$	123,615	$	—	$	—
Debt securities held-to-maturity	1,045,875		—		952,917		—
Restricted equity investments	108,634		—		—		108,634
Loans receivable, net and loans held-for-sale	10,076,640		—		—		9,551,156
Financial Liabilities:
Deposits other than time deposits (1)	7,985,370		—		7,985,370		—
Time deposits	2,080,972		—		2,074,698		—
FHLB advances and other borrowings	1,270,157		—		1,264,260		—
Securities sold under agreements to repurchase with customers	60,567		60,567		—		—

(1) The estimated fair value of non-maturity deposits does not consider any inherent value and represents the amount payable on demand. However, non-maturity deposits do contain significant inherent value to the Company, particularly when overnight funding costs are greater than the deposit costs.