Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

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 June 30, 2026 and December 31, 2025, 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
June 30, 2026
Items measured on a recurring basis:
Debt securities available-for-sale	$	2,067,668	$	43,490	$	1,985,644	$	38,534
Equity investments	12,535		—		12,535		—
Interest rate derivative asset	85,957		—		85,957		—
Interest rate derivative liability	(74,694)		—		(74,694)		—
Credit default swap	(844)		—		—		(844)
Items measured on a non-recurring basis:
Equity investments (1) (2)	63,430		—		—		40,163
Other real estate owned	13,453		—		—		13,453
Loans measured for impairment based on the fair value of the underlying collateral (3)	102,673		—		—		102,673
December 31, 2025
Items measured on a recurring basis:
Debt securities available-for-sale	$	1,231,827	$	43,385	$	1,188,442	$	—
Equity investments	45,207		—		45,207		—
Interest rate derivative asset	57,823		—		57,823		—
Interest rate derivative liability	(53,835)		—		(53,835)		—
Credit default swap	(234)		—		—		(234)
Items measured on a non-recurring basis:
Equity investments (1) (2)	46,675		—		—		40,163
Other real estate owned	10,266		—		—		10,266
Loans measured for impairment based on the fair value of the underlying collateral (3)	24,470		—		—		24,470

(1) As of June 30, 2026 and December 31, 2025, equity investments included $40.2 million and $40.2 million, respectively, of equity investments measured under the measurement alternative. There were no realized gains/losses for the six months ended June 30, 2026 and December 31, 2025.

(2) As of June 30, 2026 and December 31, 2025, equity investments included $23.3 million and $6.5 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 June 30, 2026 and December 31, 2025 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
June 30, 2026
Financial Assets:
Cash and due from banks	$	274,057	$	274,057	$	—	$	—
Debt securities held-to-maturity	2,862,196		—		2,803,465		—
Restricted equity investments	180,711		—		—		180,711
Loans receivable, net and loans held-for-sale	16,086,532		—		—		15,613,122
Financial Liabilities:
Deposits other than time deposits (1)	13,549,409		—		13,549,409		—
Time deposits	4,210,664		—		4,192,948		—
FHLB advances and other borrowings	2,225,589		—		2,225,263		—
Securities sold under agreements to repurchase with customers	61,329		61,329		—		—
December 31, 2025
Financial Assets:
Cash and due from banks	$	135,130	$	135,130	$	—	$	—
Debt securities held-to-maturity	881,568		—		825,790		—
Restricted equity investments	129,329		—		—		129,329
Loans receivable, net and loans held-for-sale	10,976,434		—		—		10,665,389
Financial Liabilities:
Deposits other than time deposits (1)	8,495,555		—		8,495,555		—
Time deposits	2,468,850		—		2,455,199		—
FHLB advances and other borrowings	1,652,412		—		1,662,638		—
Securities sold under agreements to repurchase with customers	54,434		54,434		—		—

(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.