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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Repurchase Agreements | The following table summarizes securities sold under agreements to repurchase and federal funds purchased:
| At December 31,
| 2024 |  | 2023
(In thousands) | Total Outstanding | Rate |  | Total Outstanding | Rate
Securities sold under agreements to repurchase (1) | $ | 344,168 |  | 2.98 | % |  | $ | 358,387 |  | 3.43 | %
Federal funds purchased | — |  | — |  |  | 100,000 |  | 5.48 |
Securities sold under agreements to repurchase and federal funds purchased | $ | 344,168 |  | 2.98 | % |  | $ | 458,387 |  | 3.88 | %
(1)At December 31, 2024, and 2023, securities sold under agreements to repurchase had an original maturity of one year or less.
Summary of Repurchase Agreement Offsetting | The following tables represent the offsetting of repurchase agreements that are subject to master netting agreements:
| At December 31, 2024
| Gross Amounts of Recognized Liabilities |  | Gross Amounts Offset in the Statement of Financial Position |  | Net Amounts of Liabilities Presented in the Statement of Financial Position |  | Gross Amounts Not Offset in the Statement of Financial position |  |
(In thousands) |  |  |  | Financial Instruments |  | Cash Collateral Pledged |  | Net Amount
Repurchase agreements | $ | 209,961 |  |  | $ | — |  |  | $ | 209,961 |  |  | $ | 220,588 |  |  | $ | — |  |  | $ | (10,627) |
| At December 31, 2023
| Gross Amounts of Recognized Liabilities |  | Gross Amounts Offset in the Statement of Financial Position |  | Net Amounts of Liabilities Presented in the Statement of Financial Position |  | Gross Amounts Not Offset in the Statement of Financial position |  |
(In thousands) |  |  |  | Financial Instruments |  | Cash Collateral Pledged |  | Net Amount
Repurchase agreements | $ | 216,251 |  |  | $ | — |  |  | $ | 216,251 |  |  | $ | 232,176 |  |  | $ | — |  |  | $ | (15,925) |
Summary of FHLB Advances | The following table summarizes information for FHLB advances:
| At December 31,
| 2024 |  | 2023
(In thousands) | Total Outstanding | Weighted-Average Contractual Coupon Rate |  | Total Outstanding | Weighted-Average Contractual Coupon Rate
Maturing within 1 year | $ | 2,100,000 |  | 4.50 | % |  | $ | 2,350,000 |  | 5.53 | %
After 1 but within 2 years | — |  | — |  |  | — |  | — |
After 2 but within 3 years | 218 |  | — |  |  | — |  | — |
After 3 but within 4 years | 215 |  | 2.75 |  |  | 235 |  | — |
After 4 but within 5 years | 642 |  | 1.75 |  |  | 228 |  | 2.75 |
After 5 years | 9,033 |  | 2.02 |  |  | 9,555 |  | 2.07 |
FHLB advances | $ | 2,110,108 |  | 4.49 | % |  | $ | 2,360,018 |  | 5.52 | %
Aggregate market value of assets pledged as collateral | $ | 16,581,133 |  |  |  | $ | 20,734,035 |  |
Remaining borrowing capacity at FHLB | 8,670,348 |  |  |  | 12,535,423 |  |
Schedule of Long-Term Debt | The following table summarizes long-term debt:
| At December 31,
(In thousands) | 2024 |  | 2023
2024 senior notes | $ | — |  |  | $ | 132,550 |
2029 senior notes (1) | 322,751 |  |  | 328,104 |
2029 subordinated notes | 274,000 |  |  | 274,000 |
2030 subordinated notes | 225,000 |  |  | 225,000 |
2033 junior subordinated notes | 77,320 |  |  | 77,320 |
Total senior and subordinated debt | 899,071 |  |  | 1,036,974 |
Discount on 2029 senior notes | (423) |  |  | (537) |
Debt issuance cost on 2029 senior notes | (1,137) |  |  | (1,419) |
Premium on 2029 subordinated notes and 2030 subordinated notes | 11,674 |  |  | 13,802 |
Long-term debt (2) | $ | 909,185 |  |  | $ | 1,048,820 |
(1)The Company de-designated its fair value hedging relationship on these senior notes in 2020. A basis adjustment of $22.8 million and $28.1 million at December 31, 2024, and 2023, respectively, is included in the carrying value and is being amortized over the remaining life of the senior fixed-rate notes. (2)The classification of debt as long-term is based on the initial terms of greater than one year as of the date of issuance.

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