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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Assets Measured at Fair Value on a Recurring and Non-Recurring Basis | The following tables present for each of the fair-value hierarchy levels the Company’s assets that are measured at fair value on a recurring and nonrecurring basis as of the dates indicated (in thousands).
|  | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Measured on a recurring basis: |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | — |  |  | $ | 886,852 |  |  | $ | — |  |  | $ | 886,852 |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |
Other debt securities |  |  | — |  |  |  | 36,740 |  |  |  | — |  |  |  | 36,740 |
Hedging derivative instruments |  |  | — |  |  |  | 2,738 |  |  |  | — |  |  |  | 2,738 |
Fair value adjusted through comprehensive income |  | $ | — |  |  | $ | 926,330 |  |  | $ | — |  |  | $ | 926,330 |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments – interest rate swaps |  |  | — |  |  |  | 27,577 |  |  |  | — |  |  |  | 27,577 |
Derivative instruments – mortgage banking |  |  | — |  |  |  | 135 |  |  |  | — |  |  |  | 135 |
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments – interest rate swaps |  |  | — |  |  |  | (27,579 | ) |  |  | — |  |  |  | (27,579 | )
Derivative instruments – mortgage banking |  |  | — |  |  |  | (23 | ) |  |  | — |  |  |  | (23 | )
Fair value adjusted through net income |  | $ | — |  |  | $ | 110 |  |  | $ | — |  |  | $ | 110 |
Measured on a nonrecurring basis: |  |  |  |  |  |  |  |  |  |  |  |
Loans: |  |  |  |  |  |  |  |  |  |  |  |
Loans held for sale |  | $ | — |  |  | $ | 2,252 |  |  | $ | — |  |  | $ | 2,252 |
Collateral dependent loans |  |  | — |  |  |  | — |  |  |  | 47,993 |  |  |  | 47,993 |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |
Long-lived assets held for sale |  |  | — |  |  |  | — |  |  |  | 528 |  |  |  | 528 |
Loan servicing rights |  |  | — |  |  |  | — |  |  |  | 1,666 |  |  |  | 1,666 |
Other real estate owned |  |  | — |  |  |  | — |  |  |  | 142 |  |  |  | 142 |
Total |  | $ | — |  |  | $ | 2,252 |  |  | $ | 50,329 |  |  | $ | 52,581 |
There we re no transfers between Levels 1 and 2 during the nine months ended September 30, 2025. There were no liabilities measured a t fair value on a nonrecurring basis during the nine months ended September 30, 2025 and 2024.
|  | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Measured on a recurring basis: |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | — |  |  | $ | 902,384 |  |  | $ | — |  |  | $ | 902,384 |
Other debt securities |  |  | — |  |  |  | 8,721 |  |  |  | — |  |  |  | 8,721 |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |
Hedging derivative instruments |  |  | — |  |  |  | 4,693 |  |  |  | — |  |  |  | 4,693 |
Fair value adjusted through comprehensive income |  | $ | — |  |  | $ | 915,798 |  |  | $ | — |  |  | $ | 915,798 |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments–interest rate products |  | $ | — |  |  | $ | 41,318 |  |  | $ | — |  |  | $ | 41,318 |
Derivative instruments–mortgage banking |  |  | — |  |  |  | 122 |  |  |  | — |  |  |  | 122 |
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments–interest rate products |  |  | — |  |  |  | (41,319 | ) |  |  | — |  |  |  | (41,319 | )
Derivative instruments–mortgage banking |  |  | — |  |  |  | (91 | ) |  |  | — |  |  |  | (91 | )
Fair value adjusted through net income |  | $ | — |  |  | $ | 30 |  |  | $ | — |  |  | $ | 30 |
Measured on a nonrecurring basis: |  |  |  |  |  |  |  |  |  |  |  |
Loans: |  |  |  |  |  |  |  |  |  |  |  |
Loans held for sale |  | $ | — |  |  | $ | 2,280 |  |  | $ | — |  |  | $ | 2,280 |
Collateral dependent loans |  |  | — |  |  |  | — |  |  |  | 56,246 |  |  |  | 56,246 |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |
Long-lived assets held for sale |  |  | — |  |  |  | — |  |  |  | 596 |  |  |  | 596 |
Loan servicing rights |  |  | — |  |  |  | — |  |  |  | 1,597 |  |  |  | 1,597 |
Other real estate owned |  |  | — |  |  |  | — |  |  |  | 60 |  |  |  | 60 |
Total |  | $ | — |  |  | $ | 2,280 |  |  | $ | 58,499 |  |  | $ | 60,779 |
Additional Quantitative Information about Assets Measured at Fair Value on Recurring and Non-Recurring Basis | The following table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value as of September 30, 2025 (dollars in thousands).
Asset |  | Fair Value |  |  | Valuation Technique |  | Unobservable Input |  | Unobservable Input Value or Range
Collateral dependent loans |  | $ | 47,993 |  |  | Appraisal of collateral (1) |  | Appraisal adjustments (2) |  | 36.63% (3) / 0 - 76.4%
Loan servicing rights |  | $ | 1,666 |  |  | Discounted cash flow |  | Discount rate |  | 10.2% (3)
|  |  |  |  |  |  | Constant prepayment rate |  | 12.8% (3)
Long-lived assets held for sale |  | $ | 528 |  |  | Appraisal of collateral (1) |  | Appraisal adjustments (2) |  | 12.0%
Other real estate owned |  | $ | 142 |  |  | Appraisal of collateral (1) |  | Appraisal adjustments (2) |  | 40.0%
(1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. (3) Weighted averages.
Carrying Amount, Estimated Fair Value, and Placement in Fair Value Hierarchy of Financial Instruments | The following table presents (in thousands) the carrying amount, estimated fair value, and placement in the fair value measurement hierarchy of the Company’s financial instruments as of the dates indicated.
|  | Level in Fair Value Measurement Hierarchy |  | September 30, 2025 |  |  | December 31, 2024 |
|  |  |  | Carrying Amount |  |  | Estimated Fair Value |  |  | Carrying Amount |  |  | Estimated Fair Value |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | Level 1 |  | $ | 185,945 |  |  | $ | 185,945 |  |  | $ | 87,321 |  |  | $ | 87,321 |
Securities available for sale |  | Level 2 |  |  | 923,592 |  |  |  | 923,592 |  |  |  | 911,105 |  |  |  | 911,105 |
Securities held to maturity, net |  | Level 2 |  |  | 87,627 |  |  |  | 78,477 |  |  |  | 116,001 |  |  |  | 104,556 |
Loans held for sale |  | Level 2 |  |  | 2,252 |  |  |  | 2,252 |  |  |  | 2,280 |  |  |  | 2,280 |
Loans |  | Level 2 |  |  | 4,495,138 |  |  |  | 4,399,650 |  |  |  | 4,374,917 |  |  |  | 4,277,167 |
Loans (1) |  | Level 3 |  |  | 47,993 |  |  |  | 47,993 |  |  |  | 56,246 |  |  |  | 56,246 |
Long-lived assets held for sale |  | Level 3 |  |  | 528 |  |  |  | 528 |  |  |  | 596 |  |  |  | 596 |
Accrued interest receivable |  | Level 1 |  |  | 25,738 |  |  |  | 25,738 |  |  |  | 23,748 |  |  |  | 23,748 |
Derivative instruments–cash flow hedges |  | Level 2 |  |  | 2,738 |  |  |  | 2,738 |  |  |  | 4,693 |  |  |  | 4,693 |
Derivative instruments–interest rate products |  | Level 2 |  |  | 27,577 |  |  |  | 27,577 |  |  |  | 41,318 |  |  |  | 41,318 |
Derivative instruments–mortgage banking |  | Level 2 |  |  | 135 |  |  |  | 135 |  |  |  | 122 |  |  |  | 122 |
FHLB and FRB stock |  | Level 2 |  |  | 18,956 |  |  |  | 18,956 |  |  |  | 18,261 |  |  |  | 18,261 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-maturity deposits |  | Level 1 |  |  | 3,691,681 |  |  |  | 3,691,681 |  |  |  | 3,559,559 |  |  |  | 3,559,559 |
Time deposits |  | Level 2 |  |  | 1,666,128 |  |  |  | 1,662,780 |  |  |  | 1,545,172 |  |  |  | 1,541,013 |
Short-term borrowings |  | Level 1 |  |  | 55,000 |  |  |  | 55,000 |  |  |  | 99,000 |  |  |  | 99,000 |
Long-term borrowings |  | Level 2 |  |  | 115,000 |  |  |  | 121,496 |  |  |  | 124,842 |  |  |  | 127,402 |
Accrued interest payable |  | Level 1 |  |  | 19,757 |  |  |  | 19,757 |  |  |  | 25,856 |  |  |  | 25,856 |
Derivative instruments–cash flow hedges |  | Level 2 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Derivative instruments–interest rate products |  | Level 2 |  |  | 27,579 |  |  |  | 27,579 |  |  |  | 41,319 |  |  |  | 41,319 |
Derivative instruments–mortgage banking |  | Level 2 |  |  | 23 |  |  |  | 23 |  |  |  | 91 |  |  |  | 91 |
(1) Comprised of collateral dependent loans.

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