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Fair Value Measurements (Tables)

12 Months Ended

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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