Fair Value (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Fair Value of Assets Measured on Recurring and Nonrecurring Basis

Under ASC Topic 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at June 30, 2025 and December 31, 2024 included:


(In thousands)	Fair Value Measurements		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
At June 30, 2025
Financial Assets
Debt securities AFS1	$	2,866,185	$	198	$	2,865,987	$	—
Derivative financial instruments2	26,804		—		26,804		—
Loans held for sale2	8,610		—		8,610		—
Loans3	5,341		—		—		5,341
OREO3	5,335		—		—		5,335
Equity securities4	13,756		13,756		—		—
Financial Liabilities
Derivative financial instruments2	$	26,817	$	—	$	26,817	$	—

At December 31, 2024
Financial Assets
Debt securities AFS1	$	2,226,543	$	196	$	2,226,347	$	—
Derivative financial instruments2	28,741		—		28,741		—
Loans held for sale2	17,277		—		17,277		—
Loans3	1,839		—		—		1,839
OREO3	6,421		—		—		6,421
Equity securities4	13,521		13,521		—		—
Financial Liabilities
Derivative financial instruments2	$	28,305	$	—	$	28,305	$	—
1See “Note 3 – Securities” for further detail of fair value of individual investment categories.
2Recurring fair value basis determined using observable market data.
3Fair value is measured on a nonrecurring basis.
4Investment in shares of mutual funds that invest primarily in CRA-qualified debt securities, reported at fair value in Other Assets. Recurring fair value basis is determined using market quotations.

Schedule of Carrying Amount and Fair Value of Other Significant Financial Instruments Not Measured on a Recurring Basis

The carrying amount and fair value of the Company’s other financial instruments that were not disclosed previously in the balance sheet and for which carrying amount is not fair value as of June 30, 2025 and December 31, 2024 is as follows:


(In thousands)	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
June 30, 2025
Financial Assets
HTM debt securities1	$	613,312	$	—	$	503,187	$	—
Time deposits with other banks	1,494		—		1,449		—
Loans, net	10,461,299		—		—		10,321,825
Financial Liabilities
Deposits	12,497,598		—		—		12,496,873
FHLB borrowings	715,000		—		712,965		—
Long-term debt	107,298		—		98,905		—

December 31, 2024

HTM debt securities1	$	635,186	$	—	$	507,594	$	—
Time deposits with other banks	3,215		—		3,194		—
Loans, net	10,160,056		—		—		10,019,964
Financial Liabilities
Deposits	12,242,427		—		—		12,242,205
FHLB borrowings	245,000		—		243,795		—
Long-term debt	106,966		—		95,563		—
1See “Note 3 – Securities” for further detail of recurring fair value basis of individual investment categories.