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Fair Value of Assets and Liabilities (Tables)
12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair value measurement of assets and liabilities measured at fair value on a recurring basis
The following tables disclose the fair value measurement of assets and liabilities measured at fair value on a recurring basis:
  
  Fair Value Measurements
At the End of the Reporting Period Using
(Dollars in thousands)
Fair Value
December 31, 2024
Quoted Prices
in Active  Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Debt securities, available-for-sale
U.S. government and federal agency$468,433 — 468,433 — 
U.S. government sponsored enterprises310,154 — 310,154 — 
State and local governments68,680 — 68,680 — 
Corporate bonds14,503 — 14,503 — 
Residential mortgage-backed securities2,355,516 — 2,355,516 — 
Commercial mortgage-backed securities1,027,919 — 1,027,919 — 
Loans held for sale, at fair value33,060 — 33,060 — 
Interest rate caps720 — 720 — 
Interest rate swap9,287 — 9,287 — 
Interest rate locks410 — 410 — 
Total assets measured at fair value
  on a recurring basis
$4,288,682 — 4,288,682 — 
 
  Fair Value Measurements
At the End of the Reporting Period Using
(Dollars in thousands)Fair Value December 31, 2023Quoted Prices
in Active
Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Debt securities, available-for-sale
U.S. government and federal agency$455,347 — 455,347 — 
U.S. government sponsored enterprises299,219 — 299,219 — 
State and local governments98,932 — 98,932 — 
Corporate bonds26,253 — 26,253 — 
Residential mortgage-backed securities2,811,263 — 2,811,263 — 
Commercial mortgage-backed securities1,094,705 — 1,094,705 — 
Loans held for sale, at fair value15,691 — 15,691 — 
Interest rate caps4,990 — 4,990 — 
Interest rate locks604 — 604 — 
Total assets measured at fair value on a recurring basis
$4,807,004 — 4,807,004 — 
TBA hedge$350 — 350 — 
Interest rate swap17,988 — 17,988 — 
Total liabilities measured at fair value on a recurring basis
$18,338 — 18,338 — 
Fair value measurement of assets measured at fair value on a non-recurring basis
The following tables disclose the fair value measurement of assets with a recorded change during the period resulting from re-measuring the assets at fair value on a non-recurring basis:
  Fair Value Measurements
At the End of the Reporting Period Using
(Dollars in thousands)Fair Value December 31, 2024Quoted Prices
in Active
Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Collateral-dependent impaired loans, net of ACL2,052 — — 2,052 
Total assets measured at fair value on a non-recurring basis
$2,052 — — 2,052 

  Fair Value Measurements
At the End of the Reporting Period Using
(Dollars in thousands)Fair Value December 31, 2023Quoted Prices
in Active
Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Other real estate owned$166 — — 166 
Collateral-dependent impaired loans, net of ACL1,332 — — 1,332 
Total assets measured at fair value on a non-recurring basis
$1,498 — — 1,498 
Quantitative information about assets measured at fair value on a non-recurring basis for which Level 3 inputs were used
The following tables present additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized Level 3 inputs to determine fair value:

 Fair ValueQuantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands)December 31,
2024
Valuation TechniqueUnobservable Input
Range (Weighted- Average) 1
Collateral-dependent
impaired loans, net of ACL
$1,605 Cost approachSelling costs
10.0% - 10.0% (10.0%)
192 Sales comparison approachSelling costs
10.0% - 20.0% (15.9%)
255 Combined approachSelling costs
10.0% - 10.0% (10.0%)
$2,052 

 Fair ValueQuantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands)December 31,
2023
Valuation TechniqueUnobservable Input
Range (Weighted- Average) 1
Collateral-dependent impaired loans, net of ACL$1,258 Cost approachSelling costs
10.0% - 10.0% (10.0%)
74 Sales comparison approachSelling Costs
10.0% - 10.0% (10.0%)
$1,332 
______________________________
1 The range for selling cost inputs represents reductions to the fair value of the assets.
Carrying amounts and estimated fair values of financial instruments The fair value of unused lines of credit and letters of credit is not material; therefore, such commitments are not included in the following tables.
  Fair Value Measurements
At the End of the Reporting Period Using
(Dollars in thousands)Carrying Amount December 31, 2024Quoted Prices
in Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Financial assets
Cash and cash equivalents$848,408 848,408 — — 
Debt securities, held-to-maturity3,294,847 — 2,968,570 — 
Loans receivable, net of ACL17,055,808 — — 17,017,298 
Total financial assets$21,199,063 848,408 2,968,570 17,017,298 
Financial liabilities
Term deposits$3,139,821 — 3,176,722 — 
FHLB advances1,800,000 — 1,797,310 — 
Repurchase agreements and other borrowed funds
1,860,816 — 1,860,816 — 
Subordinated debentures133,105 — 122,785 — 
Total financial liabilities$6,933,742 — 6,957,633 — 

  Fair Value Measurements
At the End of the Reporting Period Using
(Dollars in thousands)Carrying Amount December 31, 2023Quoted Prices
in Active  Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Financial assets
Cash and cash equivalents$1,354,342 1,354,342 — — 
Debt securities, held-to-maturity3,502,411 — 3,180,194 — 
Loans receivable, net of ACL16,005,325 — — 16,133,681 
Total financial assets$20,862,078 1,354,342 3,180,194 16,133,681 
Financial liabilities
Term deposits$2,915,393 — 2,955,521 — 
FRB Bank Term Funding2,740,000 — 2,738,031 — 
Repurchase agreements and other borrowed funds
1,568,545 — 1,568,545 — 
Subordinated debentures132,943 — 119,768 — 
Total financial liabilities$7,356,881 — 7,381,865 —