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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Summary of Comparison to Loans Held-for-Sale | The following table compares the fair value to the UPB of originated residential mortgage loans held for sale:
| At December 31,
| 2024 |  | 2023
(In thousands) | Fair Value |  | UPB |  | Difference |  | Fair Value |  | UPB |  | Difference
Originated loans held for sale | $ | 297 |  |  | $ | 283 |  |  | $ | 14 |  |  | $ | 2,610 |  |  | $ | 2,658 |  |  | $ | (48) |
Summary of Unobservable Inputs | The following tables summarize the unobservable inputs used to derive the estimated fair value of the Company’s contingent consideration liabilities (dollars in thousands):
| At December 31, 2024
Agreement | Maximum Amount | Probability of Achievement | Payment Term (in years) | Discount Rate | Fair Value
(i) Re-sign broker dealers (1) | $ | 207 | 99.0 % | 0.88 | 6.40 % | $ | 182
(ii) Deposit program growth (2) | $ | 12,500 | 100.0 % | 0.50 | 6.40 % | $ | 11,568
| At December 31, 2023
Agreement | Maximum Amount | Probability of Achievement | Payment Term (in years) | Discount Rate | Fair Value
(i) Re-sign broker dealers | $ | 4,826 | 99.0 % | 1.88 | 6.40 % | $ | 4,232
(ii) Deposit program growth | $ | 12,500 | 100.0 % | 1.00 | 6.40 % | $ | 11,568
(1)The Company re-signed one of the existing broker dealers under contract in January 2024, which resulted in the cash payment of $4.6 million during the first quarter of 2024 to settle a portion of its contingent consideration obligation with StoneCastle Partners LLC in accordance with the purchase agreement. (2)During the fourth quarter of 2024, the Company re-evaluated its initial estimate of the forecasted achievement date (payment term) for the deposit program growth event earn-out, which resulted in a revised expected achievement date of June 30, 2025, instead of December 31, 2024. The change in fair value resulting from this change in estimate was not significant.
Summary of Fair Values of Assets and Liabilities Measured at Fair Value | The following table summarizes the fair values of assets and liabilities measured at fair value on a recurring basis:
| At December 31, 2024
(In thousands) | Level 1 | Level 2 | Level 3 | Total
Financial Assets: |  |  |  |
Available-for-sale securities: |  |  |  |
Government agency debentures | $ | — |  | $ | 186,426 |  | $ | — |  | $ | 186,426 |
Municipal bonds and notes | — |  | 110,876 |  | — |  | 110,876 |
Agency CMO | — |  | 29,043 |  | — |  | 29,043 |
Agency MBS | — |  | 4,519,785 |  | — |  | 4,519,785 |
Agency CMBS | — |  | 3,034,392 |  | — |  | 3,034,392 |
CMBS | — |  | 625,388 |  | — |  | 625,388 |
Corporate debt | — |  | 452,266 |  | — |  | 452,266 |
Private label MBS | — |  | 39,219 |  | — |  | 39,219 |
Other | — |  | 9,205 |  | — |  | 9,205 |
Total available-for-sale securities | — |  | 9,006,600 |  | — |  | 9,006,600 |
Gross derivative instruments, before netting (1) | 1,263 |  | 300,879 |  | — |  | 302,142 |
Originated loans held for sale | — |  | 297 |  | — |  | 297 |
Investments held in Rabbi Trusts | 13,438 |  | — |  | — |  | 13,438 |
Alternative investments measured at NAV (2) | — |  | — |  | — |  | 43,360 |
Total financial assets | $ | 14,701 |  | $ | 9,307,776 |  | $ | — |  | $ | 9,365,837 |
Financial Liabilities: |  |  |  |
Gross derivative instruments, before netting (1) | $ | 43 |  | $ | 311,518 |  | $ | — |  | $ | 311,561 |
Contingent consideration | — |  | — |  | 11,750 |  | 11,750 |
Total financial liabilities | $ | 43 |  | $ | 311,518 |  | $ | 11,750 |  | $ | 323,311 |
| At December 31, 2023
(In thousands) | Level 1 | Level 2 | Level 3 | Total
Financial Assets: |  |  |  |
Available-for-sale securities: |  |  |  |
Government agency debentures | $ | — |  | $ | 264,633 |  | $ | — |  | $ | 264,633 |
Municipal bonds and notes | — |  | 1,573,233 |  | — |  | 1,573,233 |
Agency CMO | — |  | 48,941 |  | — |  | 48,941 |
Agency MBS | — |  | 3,347,098 |  | — |  | 3,347,098 |
Agency CMBS | — |  | 2,288,071 |  | — |  | 2,288,071 |
CMBS | — |  | 763,749 |  | — |  | 763,749 |
Corporate debt | — |  | 622,155 |  | — |  | 622,155 |
Private label MBS | — |  | 42,808 |  | — |  | 42,808 |
Other | — |  | 9,041 |  | — |  | 9,041 |
Total available-for-sale securities | — |  | 8,959,729 |  | — |  | 8,959,729 |
Gross derivative instruments, before netting (1) | 217 |  | 330,419 |  | — |  | 330,636 |
Originated loans held for sale | — |  | 2,610 |  | — |  | 2,610 |
Investments held in Rabbi Trust | 11,900 |  | — |  | — |  | 11,900 |
Alternative investments | 959 |  | — |  | — |  | 959 |
Alternative investments measured at NAV (2) | — |  | — |  | — |  | 35,888 |
Total financial assets | $ | 13,076 |  | $ | 9,292,758 |  | $ | — |  | $ | 9,341,722 |
Financial Liabilities: |  |  |  |
Gross derivative instruments, before netting (1) | $ | 970 |  | $ | 334,840 |  | $ | — |  | $ | 335,810 |
Contingent consideration | — |  | — |  | 15,800 |  | 15,800 |
| $ | 970 |  | $ | 334,840 |  | $ | 15,800 |  | $ | 351,610 |
(1)Additional information regarding the impact of netting derivative assets and derivative liabilities, as well as the impact from offsetting cash collateral paid to the same derivative counterparties, can be found within Note 17: Derivative Financial Instruments. (2)Certain alternative investments are recorded at NAV. Assets measured at NAV are not classified within the fair value hierarchy.
Summary of Estimated Fair Values of Significant Financial Instruments | The following table summarizes the carrying amounts, estimated fair values, and classifications within the fair value hierarchy of selected financial instruments and mortgage servicing rights:
| At December 31,
| 2024 |  | 2023
(In thousands) | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Assets: |  |  |  |  |  |  |
Level 1 |  |  |  |  |  |  |
Cash and cash equivalents | $ | 2,074,434 |  |  | $ | 2,074,434 |  |  | $ | 1,715,795 |  |  | $ | 1,715,795 |
Level 2 |  |  |  |  |  |  |
Held-to-maturity investment securities, net | 8,444,191 |  |  | 7,453,123 |  |  | 7,074,588 |  |  | 6,264,623 |
Level 3 |  |  |  |  |  |  |
Loans and leases, net | 51,815,602 |  |  | 50,245,305 |  |  | 50,090,315 |  |  | 48,048,106 |
Mortgage servicing rights | 1,234 |  |  | 3,667 |  |  | 8,523 |  |  | 24,495 |
Liabilities: |  |  |  |  |  |  |
Level 2 |  |  |  |  |  |  |
Deposit liabilities | $ | 56,518,126 |  |  | $ | 56,518,126 |  |  | $ | 52,319,825 |  |  | $ | 52,319,825 |
Time deposits | 8,234,954 |  |  | 8,211,582 |  |  | 8,464,459 |  |  | 8,426,708 |
Securities sold under agreements to repurchase and federal funds purchased | 344,168 |  |  | 344,166 |  |  | 458,387 |  |  | 458,380 |
FHLB advances | 2,110,108 |  |  | 2,107,790 |  |  | 2,360,018 |  |  | 2,358,381 |
Long-term debt (1) | 909,185 |  |  | 860,200 |  |  | 1,048,820 |  |  | 999,918 |
(1)Any unamortized premiums/discounts, debt issuance costs, or basis adjustments to long-term debt, as applicable, are excluded from the determination of fair value.

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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