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Fair Value of Assets and Liabilities (Tables)
3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair value measurement of assets 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
March 31, 2025
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$472,122 — 472,122 — 
U.S. government sponsored enterprises313,508 — 313,508 — 
State and local governments67,917 — 67,917 — 
Corporate bonds14,652 — 14,652 — 
Residential mortgage-backed securities2,278,421 — 2,278,421 — 
Commercial mortgage-backed securities1,025,692 — 1,025,692 — 
Loans held for sale, at fair value40,523 — 40,523 — 
Interest rate locks1,057 — 1,057 — 
Interest rate swap5,130 — 5,130 — 
Total assets measured at fair value
  on a recurring basis
$4,219,022 — 4,219,022 — 
TBA hedge$377 — 377 — 
Total liabilities measured at fair value on a recurring basis
$377 — 377 — 
  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)
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 value
33,060 — 33,060 — 
Interest rate caps720 — 720 — 
Interest rate locks
410 — 410 — 
TBA hedge169 — 169 — 
Interest rate swap9,287 — 9,287 — 
Total assets measured at fair value on a recurring basis
$4,288,851 — 4,288,851 — 
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
March 31, 2025
Quoted 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 ACL$1,504 — — 1,504 
Total assets measured at fair value
  on a non-recurring basis
$1,504 — — 1,504 

  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 
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 Value
March 31, 2025
Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands)Valuation TechniqueUnobservable Input
Range
(Weighted-Average) 1
Collateral-dependent
  impaired loans, net of ACL
$272 Cost approachSelling costs
10.0% - 10.0% (10.0%)
285 Sales comparison approachSelling costs
10.0% - 20.0% (12.7%)
947 Combined approachSelling costs
10.0% - 10.0% (10.0%)
$1,504 

 Fair Value December 31, 2024Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands)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 
______________________________
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 not carried at fair value 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
March 31, 2025
Quoted 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$981,485 981,485 — — 
Debt securities, held-to-maturity3,261,575 — 2,953,423 — 
Loans receivable, net of ACL17,008,118 — — 17,030,076 
Total financial assets$21,251,178 981,485 2,953,423 17,030,076 
Financial liabilities
Term deposits$3,140,333 — 3,172,931 — 
FHLB advances1,520,000 — 1,520,969 — 
Repurchase agreements and
  other borrowed funds
1,931,513 — 1,931,513 — 
Subordinated debentures133,145 — 122,646 — 
Total financial liabilities$6,724,991 — 6,748,059 — 

  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 —