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Fair Value Measurement of Assets and Liabilities (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring and Non-Recurring Basis
The following tables present the assets and liabilities that are measured at fair value on a recurring and non-recurring basis by level within the fair value hierarchy as reported on the consolidated statements of financial condition at December 31, 2025 and 2024. The assets presented under “non-recurring fair value measurements” in the table below are not measured at fair value on an ongoing basis but are subject to fair value adjustments under certain circumstances (e.g., when an impairment loss is recognized).
  Fair Value Measurements at Reporting Date Using:
 2025Quoted Prices
in Active Markets
for Identical Assets (Level 1)
Significant Other
Observable  Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
 (in thousands)
Recurring fair value measurements:
Assets
Investment securities:
Equity securities
$23,293 $23,293 $— $— 
Equity securities at net asset value (NAV)
10,110 — — — 
Available for sale debt securities:
U.S. Treasury securities 228,487 228,487 — — 
U.S. government agency securities39,944 — 39,944 — 
Obligations of states and political subdivisions
193,380 — 193,380 — 
Residential mortgage-backed securities3,514,078 — 3,514,078 — 
Corporate and other debt securities226,329 — 226,329 — 
Total available for sale debt securities4,202,218 228,487 3,973,731 — 
Loans held for sale (1)
8,212 — 8,212 — 
Other assets (2)
182,673 — 182,673 — 
Total assets$4,426,506 $251,780 $4,164,616 $— 
Liabilities
Other liabilities (2)
$184,162 $— $184,162 $— 
Total liabilities$184,162 $— $184,162 $— 
Non-recurring fair value measurements:
Collateral dependent loans (3)
$105,107 $— $— $105,107 
Foreclosed assets 5,680 — — 5,680 
Total$110,787 $— $— $110,787 
  Fair Value Measurements at Reporting Date Using:
 2024Quoted Prices
in Active Markets
for Identical Assets (Level 1)
Significant Other
Observable  Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
 (in thousands)
Recurring fair value measurements:
Assets
Investment securities:
Equity securities
$23,642 $23,642 $— $— 
Equity securities at net asset value (NAV)
11,000 — — — 
Available for sale debt securities:
U.S. Treasury securities291,549 291,549 — — 
U.S. government agency securities22,543 — 22,543 — 
Obligations of states and political subdivisions
192,509 — 192,509 — 
Residential mortgage-backed securities2,681,076 — 2,681,076 — 
Corporate and other debt securities182,047 — 182,047 — 
Total available for sale debt securities3,369,724 291,549 3,078,175 — 
Loans held for sale (1)
16,931 — 16,931 — 
Other assets (2)
444,263 — 444,263 — 
Total assets$3,865,560 $315,191 $3,539,369 $— 
Liabilities
Other liabilities (2)
$454,200 $— $454,200 $— 
Total liabilities$454,200 $— $454,200 $— 
Non-recurring fair value measurements:
Non-performing loans held for sale
$8,750 $— $8,750 $— 
Collateral dependent loans (3)
139,424 — — 139,424 
Foreclosed assets13,852 — — 13,852 
Total$162,026 $— $8,750 $153,276 
(1)Represents residential mortgage loans originated for sale that are carried at fair value and had contractual unpaid principal balances totaling $8.1 million and $16.8 million at December 31, 2025 and 2024, respectively.
(2)Derivative financial instruments are included in this category.
(3)Net of specific reserve allocations reported within the allowance for loan losses totaling $82.0 million and $75.8 million at December 31, 2025 and 2024, respectively.
Carrying Amounts and Estimated Fair Values of Financial Instruments
The carrying amounts and estimated fair values of financial instruments not measured and not reported at fair value on the consolidated statements of financial condition at December 31, 2025 and 2024 were as follows:
  20252024
 Fair Value
Hierarchy
Carrying
Amount
Fair ValueCarrying
Amount
Fair Value
  (in thousands)
Financial assets
Cash and due from banksLevel 1$315,166 $315,166 $411,412 $411,412 
Interest bearing deposits with banksLevel 11,268,399 1,268,399 1,478,713 1,478,713 
Equity securities (1)
Level 349,371 49,371 36,871 36,871 
Held to maturity debt securities:
U.S. Treasury securitiesLevel 1— — 25,480 25,461 
U.S. government agency securitiesLevel 2292,269 253,062 301,315 252,302 
Obligations of states and political subdivisionsLevel 2353,875 333,834 372,489 346,361 
Residential mortgage-backed securitiesLevel 22,732,752 2,431,987 2,710,642 2,292,148 
Trust preferred securitiesLevel 236,103 30,689 36,081 29,145 
Corporate and other debt securitiesLevel 281,572 80,031 86,213 82,867 
Total held to maturity debt securities (2)
3,496,571 3,129,603 3,532,220 3,028,284 
Net loans (3)
Level 349,571,352 47,868,967 48,240,861 46,634,654 
Accrued interest receivableLevel 1243,897 243,897 239,941 239,941 
FRB and FHLB stock (4)
Level 2339,484 339,484 328,497 328,497 
Financial liabilities
Deposits without stated maturitiesLevel 140,758,970 40,758,970 37,733,313 37,733,313 
Deposits with stated maturitiesLevel 211,424,123 11,465,247 12,342,544 12,363,365 
Short-term borrowingsLevel 291,475 88,468 72,718 68,032 
Long-term borrowingsLevel 22,908,579 2,916,674 3,174,155 3,109,622 
Junior subordinated debentures issued to capital trustsLevel 257,803 53,050 57,455 54,957 
Accrued interest payable (5)
Level 189,683 89,683 150,564 150,564 
(1)Represents equity securities without a readily determinable fair value, which are measured based on the price at which the investment was acquired plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments. Total changes in the valuation of equity securities for the year ended December 31, 2025 and 2024, respectively, were immaterial.
(2)The carrying amount is presented gross without the allowance for credit losses.
(3)Includes non-performing loans held for sale carried at lower of cost (or market) of $18.0 million at December 31, 2025.
(4)Included in other assets.
(5)Included in accrued expenses and other liabilities.