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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present assets and liabilities measured at fair value on a recurring basis at the dates indicated (in thousands):
| June 30, 2025
| Level 1 |  | Level 2 |  | Total
Investment securities available for sale: |  |  |  |  |
U.S. Treasury securities | $ | 142,569 |  |  | $ | — |  |  | $ | 142,569 |
U.S. Government agency and sponsored enterprise residential MBS | — |  |  | 2,712,538 |  |  | 2,712,538 |
U.S. Government agency and sponsored enterprise commercial MBS | — |  |  | 500,325 |  |  | 500,325 |
Private label residential MBS and CMOs | — |  |  | 2,361,504 |  |  | 2,361,504 |
Private label commercial MBS | — |  |  | 2,095,039 |  |  | 2,095,039 |
Single family real estate-backed securities | — |  |  | 203,353 |  |  | 203,353 |
Collateralized loan obligations | — |  |  | 1,118,831 |  |  | 1,118,831 |
Non-mortgage asset-backed securities | — |  |  | 89,790 |  |  | 89,790 |
State and municipal obligations | — |  |  | 103,874 |  |  | 103,874 |
SBA securities | — |  |  | 64,569 |  |  | 64,569 |
Marketable equity securities | 8,679 |  |  | — |  |  | 8,679 |
Derivative assets | — |  |  | 92,108 |  |  | 92,108 |
Total assets at fair value | $ | 151,248 |  |  | $ | 9,341,931 |  |  | $ | 9,493,179 |
Derivative liabilities | $ | — |  |  | $ | (85,573) |  |  | $ | (85,573) |
Total liabilities at fair value | $ | — |  |  | $ | (85,573) |  |  | $ | (85,573) |
| December 31, 2024
| Level 1 |  | Level 2 |  | Total
Investment securities available for sale: |  |  |  |  |
U.S. Treasury securities | $ | 202,952 |  |  | $ | — |  |  | $ | 202,952 |
U.S. Government agency and sponsored enterprise residential MBS | — |  |  | 2,649,690 |  |  | 2,649,690 |
U.S. Government agency and sponsored enterprise commercial MBS | — |  |  | 495,753 |  |  | 495,753 |
Private label residential MBS and CMOs | — |  |  | 2,238,046 |  |  | 2,238,046 |
Private label commercial MBS | — |  |  | 1,784,029 |  |  | 1,784,029 |
Single family real estate-backed securities | — |  |  | 327,081 |  |  | 327,081 |
Collateralized loan obligations | — |  |  | 1,132,699 |  |  | 1,132,699 |
Non-mortgage asset-backed securities | — |  |  | 94,454 |  |  | 94,454 |
State and municipal obligations | — |  |  | 104,010 |  |  | 104,010 |
SBA securities | — |  |  | 72,702 |  |  | 72,702 |
Marketable equity securities | 28,828 |  |  | — |  |  | 28,828 |
Derivative assets | — |  |  | 85,132 |  |  | 85,132 |
Total assets at fair value | $ | 231,780 |  |  | $ | 8,983,596 |  |  | $ | 9,215,376 |
Derivative liabilities | $ | — |  |  | $ | (85,899) |  |  | $ | (85,899) |
Total liabilities at fair value | $ | — |  |  | $ | (85,899) |  |  | $ | (85,899) |
Schedule of Assets for Which Nonrecurring Changes in Fair Value have been Recorded | The following table presents the net carrying value of assets classified within level 3 of the fair value hierarchy at the dates indicated, for which non-recurring changes in fair value were recorded during the period then ended (in thousands):
| June 30, 2025 |  | December 31, 2024
Collateral dependent loans | $ | 159,773 |  |  | $ | 165,951 |
OREO | 413 |  |  | 2,577 |
| $ | 160,186 |  |  | $ | 168,528 |
Schedule of the Carrying Value and Fair Value of Financial Instruments | The following table presents the carrying value and fair value of financial instruments and the level within the fair value hierarchy in which those measurements are classified at the dates indicated (dollars in thousands):
|  |  | June 30, 2025 |  | December 31, 2024
| Level |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 1 |  | $ | 801,294 |  |  | $ | 801,294 |  |  | $ | 491,116 |  |  | $ | 491,116 |
Investment securities | 1/2 |  | $ | 9,401,071 |  |  | $ | 9,401,071 |  |  | $ | 9,130,244 |  |  | $ | 9,130,244 |
Non-marketable equity securities | 2 |  | $ | 174,234 |  |  | $ | 174,234 |  |  | $ | 206,297 |  |  | $ | 206,297 |
Loans, net | 3 |  | $ | 23,710,797 |  |  | $ | 22,737,419 |  |  | $ | 24,074,827 |  |  | $ | 23,053,011 |
Derivative assets | 2 |  | $ | 92,108 |  |  | $ | 92,108 |  |  | $ | 85,132 |  |  | $ | 85,132 |
Liabilities: |  |  |  |  |  |  |  |  |
Demand, savings and money market deposits | 2 |  | $ | 24,867,707 |  |  | $ | 24,867,707 |  |  | $ | 23,564,414 |  |  | $ | 23,564,414 |
Time deposits | 2 |  | $ | 3,778,234 |  |  | $ | 3,764,013 |  |  | $ | 4,301,289 |  |  | $ | 4,279,475 |
FHLB advances | 2 |  | $ | 2,255,000 |  |  | $ | 2,255,007 |  |  | $ | 2,930,000 |  |  | $ | 2,929,896 |
Notes and other borrowings | 2 |  | $ | 708,937 |  |  | $ | 703,480 |  |  | $ | 708,553 |  |  | $ | 695,457 |
Derivative liabilities | 2 |  | $ | 85,573 |  |  | $ | 85,573 |  |  | $ | 85,899 |  |  | $ | 85,899 |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 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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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 10 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-10 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-13 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-12 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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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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