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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2025
Fair Value Disclosures [Abstract] |
Summary of Comparison to Loans Held-for-Sale | The following table compares the fair value to the UPB of residential mortgage loans held for sale:
| December 31,
| 2025 |  | 2024
(In thousands) | Fair Value |  | UPB |  | Difference |  | Fair Value |  | UPB |  | Difference
Originated loans held for sale | $ | 2,142 |  |  | $ | 2,068 |  |  | $ | 74 |  |  | $ | 297 |  |  | $ | 283 |  |  | $ | 14 |
Summary of Unobservable Inputs | The following table summarizes the significant inputs used to derive the estimated fair value of the Company’s contingent consideration liability associated with the SecureSave acquisition at December 31, 2025 (dollars in thousands):
| Contractual Inputs |  | Unobservable Inputs |  |
Measurement date | Program Deposit Threshold | Earn-Out Rate | Aggregate Maximum Earn-Out |  | Projected Program Deposits | Earn-Out Metric Discount Rate | Deposit Volatility | Payout Present Value Factor |  | Fair Value
December 31, 2026 | $ | 145,000 |  | 1.0 | % | $ | 35,000 |  |  | $ | 146,700 |  | 15.1 | % | 14.0 | % | 0.94 |  | $ | 417 |
December 31, 2027 | 402,500 |  | 1.5 |  | 35,000 |  |  | 485,405 |  | 15.0 |  | 14.0 |  | 0.90 |  | 2,998 |
December 31, 2028 | 681,000 |  | 5.0 |  | 35,000 |  |  | 1,034,752 |  | 15.0 |  | 14.0 |  | 0.86 |  | 5,005 |
The following table summarizes the significant inputs used to derive the estimated fair value of the Company’s contingent consideration liability associated with the interLINK acquisition at December 31, 2024 (dollars in thousands):
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
(1)The Company re-signed the last existing broker dealer under contract in July 2025, which resulted in the cash payment of $0.2 million and an immaterial fair value adjustment. (2)During the first quarter of 2025, the Company re-evaluated its 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 April 30, 2025, instead of June 30, 2025. This change in estimate resulted in an increase in fair value of $0.9 million. The Company generated the required $2.5 billion in new broker dealer deposit programs in April 2025, which resulted in the cash payment of $12.5 million.
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:
| December 31, 2025
(In thousands) | Level 1 | Level 2 | Level 3 | Total
Financial Assets: |  |  |  |
Available-for-sale securities: |  |  |  |
Government agency debentures | $ | — |  | $ | 197,650 |  | $ | — |  | $ | 197,650 |
Municipal bonds and notes | — |  | 109,619 |  | — |  | 109,619 |
Agency CMO | — |  | 24,856 |  | — |  | 24,856 |
Agency MBS | — |  | 5,057,273 |  | — |  | 5,057,273 |
Agency CMBS | — |  | 3,526,010 |  | — |  | 3,526,010 |
CMBS | — |  | 718,412 |  | — |  | 718,412 |
Corporate debt | — |  | 328,145 |  | — |  | 328,145 |
Private label MBS | — |  | 38,052 |  | — |  | 38,052 |
Other | — |  | 9,483 |  | — |  | 9,483 |
Total available-for-sale securities | — |  | 10,009,500 |  | — |  | 10,009,500 |
Gross derivative instruments, before netting (1) | 152 |  | 230,049 |  | — |  | 230,201 |
Originated loans held for sale | — |  | 2,142 |  | — |  | 2,142 |
Investments held in Rabbi Trusts | 15,415 |  | — |  | — |  | 15,415 |
Alternative investments measured at NAV (2) | — |  | — |  | — |  | 57,549 |
Total financial assets | $ | 15,567 |  | $ | 10,241,691 |  | $ | — |  | $ | 10,314,807 |
Financial Liabilities: |  |  |  |
Gross derivative instruments, before netting (1) | $ | 417 |  | $ | 223,297 |  | $ | — |  | $ | 223,714 |
Contingent consideration | — |  | — |  | 8,420 |  | 8,420 |
Total financial liabilities | $ | 417 |  | $ | 223,297 |  | $ | 8,420 |  | $ | 232,134 |
| 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 Trust | 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 |
(1)Additional information regarding the impact of netting derivative assets and derivative liabilities, as well as the impact from offsetting cash collateral with the same derivative counterparties, can be found within Note 16: 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:
| December 31,
| 2025 |  | 2024
(In thousands) | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Assets: |  |  |  |  |  |  |
Level 1 |  |  |  |  |  |  |
Cash and cash equivalents | $ | 2,449,525 |  |  | $ | 2,449,525 |  |  | $ | 2,074,434 |  |  | $ | 2,074,434 |
Level 2 |  |  |  |  |  |  |
Held-to-maturity investment securities, net | 7,969,575 |  |  | 7,168,583 |  |  | 8,444,191 |  |  | 7,453,123 |
Level 3 |  |  |  |  |  |  |
Loans and leases, net | 55,877,699 |  |  | 54,892,526 |  |  | 51,815,602 |  |  | 50,245,305 |
Liabilities: |  |  |  |  |  |  |
Level 2 |  |  |  |  |  |  |
Deposit liabilities | $ | 60,189,495 |  |  | $ | 60,189,495 |  |  | $ | 56,518,126 |  |  | $ | 56,518,126 |
Time deposits | 8,570,318 |  |  | 8,553,998 |  |  | 8,234,954 |  |  | 8,211,582 |
Securities sold under agreements to repurchase and federal funds purchased | 596,738 |  |  | 596,872 |  |  | 344,168 |  |  | 344,166 |
FHLB advances | 2,980,718 |  |  | 2,978,201 |  |  | 2,110,108 |  |  | 2,107,790 |
Long-term debt (1) | 739,454 |  |  | 791,945 |  |  | 909,185 |  |  | 860,200 |
(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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