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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Assets and Liabilities Carried at Fair Value on Recurring Basis | The following tables present information on the assets and liabilities measured and recorded at fair value on a recurring basis as of the dates indicated:
| Fair Value Measurements as of
| December 31, 2024
Measured on a Recurring Basis | Total |  | Level 1 |  | Level 2 |  | Level 3
| (In thousands)
Securities available‑for‑sale: |  |  |  |  |  |  |
Agency residential MBS | $ | 861,840 |  |  | $ | — |  |  | $ | 861,840 |  |  | $ | — |
Agency commercial MBS | 51,564 |  |  | — |  |  | 51,564 |  |  | — |
Agency residential CMOs | 446,631 |  |  | — |  |  | 446,631 |  |  | — |
Municipal securities | 594 |  |  | — |  |  | 594 |  |  | — |
Corporate debt securities | 257,712 |  |  | — |  |  | 255,582 |  |  | 2,130 |
Private label residential CMOs | 316,910 |  |  | — |  |  | 316,910 |  |  | — |
Collateralized loan obligations | 279,416 |  |  | — |  |  | 279,416 |  |  | — |
Private label commercial MBS | 12,372 |  |  | — |  |  | 12,372 |  |  | — |
Asset-backed securities | 15,600 |  |  | — |  |  | 15,600 |  |  | — |
SBA securities | 4,200 |  |  | — |  |  | 4,200 |  |  | — |
Total securities available-for-sale | $ | 2,246,839 |  |  | $ | — |  |  | $ | 2,244,709 |  |  | $ | 2,130 |
Equity investments with readily determinable fair values | $ | 3 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |
Derivatives (1): |  |  |  |  |  |  |
Derivative assets: |  |  |  |  |  |  |
Cash flow hedges | 1,442 |  |  | — |  |  | 1,442 |  |  | — |
Interest rate and foreign exchange contracts | 7,031 |  |  | — |  |  | 7,031 |  |  | — |
Equity warrants | 3,763 |  |  | — |  |  | — |  |  | 3,763 |
Derivative liabilities: |  |  |  |  |  |  |
Interest rate and foreign exchange contracts | 7,562 |  |  | — |  |  | 7,562 |  |  | — |
Credit-linked notes | 118,838 |  |  | — |  |  | — |  |  | 118,838 |
____________________ (1) For information regarding derivative instruments, see Not e 12. Derivatives.
| Fair Value Measurements as of
| December 31, 2023
Measured on a Recurring Basis | Total |  | Level 1 |  | Level 2 |  | Level 3
| (In thousands)
Securities available‑for‑sale: |  |  |  |  |  |  |
Agency residential MBS | $ | 1,187,609 |  |  | $ | — |  |  | $ | 1,187,609 |  |  | $ | — |
Municipal securities | 28,083 |  |  | — |  |  | 28,083 |  |  | — |
Agency commercial MBS | 253,306 |  |  | — |  |  | 253,306 |  |  | — |
Agency residential CMOs | 284,334 |  |  | — |  |  | 284,334 |  |  | — |
U.S. Treasury securities | 4,968 |  |  | 4,968 |  |  | — |  |  | — |
Corporate debt securities | 267,232 |  |  | — |  |  | 226,983 |  |  | 40,249 |
Private label commercial MBS | 20,813 |  |  | — |  |  | 20,813 |  |  | — |
Collateralized loan obligations | 108,416 |  |  | — |  |  | 108,416 |  |  | — |
Private label residential CMOs | 158,412 |  |  | — |  |  | 158,412 |  |  | — |
Asset-backed securities | 19,952 |  |  | — |  |  | 19,952 |  |  | — |
SBA securities | 13,739 |  |  | — |  |  | 13,739 |  |  | — |
Total securities available-for-sale | $ | 2,346,864 |  |  | $ | 4,968 |  |  | $ | 2,301,647 |  |  | $ | 40,249 |
Equity investments with readily determinable fair values | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
Derivatives (1): |  |  |  |  |  |  |
Derivative assets: |  |  |  |  |  |  |
Interest rate and foreign exchange contracts | 8,309 |  |  | — |  |  | 8,309 |  |  | — |
Equity warrants | 3,689 |  |  | — |  |  | — |  |  | 3,689 |
Derivative liabilities: |  |  |  |  |  |  |
Cash flow hedges | 4,090 |  |  | — |  |  | 4,090 |  |  | — |
Interest rate and foreign exchange contracts | 6,459 |  |  | — |  |  | 6,459 |  |  | — |
Credit-linked notes | 123,116 |  |  | — |  |  | — |  |  | 123,116 |
____________________ (1) For information regarding derivative instruments, see Not e 12. Derivatives. The following table summarizes activity for our Level 3 corporate debt securities available-for-sale measured at fair value on a recurring basis for the years indicated:
| Year Ended December 31,
Level 3 Corporate Debt Securities | 2024 |  | 2023
| (In thousands)
Balance, beginning of year | $ | 40,249 |  |  | $ | — |
Total included in other comprehensive income | 30 |  |  | (11,501) |
Transfer from Level 2 | — |  |  | 51,750 |
Transfer to Level 2 | (38,149) |  |  | — |
Balance, end of year | $ | 2,130 |  |  | $ | 40,249 |
Unrealized net gains (losses) for the period included in other |  |  |
comprehensive income for securities held at quarter-end | $ | (870) |  |  | $ | (11,501) |
Fair Value Inputs, Assets, Quantitative Information | The following table presents information about quantitative inputs and assumptions used to determine the fair values provided by our third-party pricing service for our Level 3 corporate debt securities available-for-sale measured at fair value on a recurring basis as of the date indicated:
| December 31, 2024
| Corporate Debt Securities
| Input or |  | Weighted
| Range |  | Average
Unobservable Inputs | of Inputs |  | Input (1)
Spread to 10 Year Treasury | 6.4% - 9.5% |  | 7.9%
Discount rates | 11.0% - 14.1% |  | 12.5%
____________________ (1) Unobservable inputs for corporate debt securities were weighted by the relative fair values of the instruments. The following table presents information about the quantitative inputs and assumptions used in the modified Black-Scholes option pricing model to determine the fair value for our Level 3 equity warrants measured at fair value on a recurring basis as of the date indicated:
| December 31, 2024
| Equity Warrants
|  |  | Weighted
| Range |  | Average
Unobservable Inputs | of Inputs |  | Input (1)
Volatility | 22.7% - 169.0% |  | 25.4%
Risk-free interest rate | 4.2% - 4.4% |  | 4.3%
Remaining life assumption (in years) | 0.08 - 5.00 |  | 3.29
__________________ (1) Unobservable inputs for equity warrants were weighted by the relative fair values of the instruments.
Schedule of Stockholders' Equity Note, Warrants or Rights | The following table summarizes activity for our Level 3 equity warrants measured at fair value on a recurring basis for the years indicated:
| Year Ended December 31,
Level 3 Equity Warrants | 2024 |  | 2023 |  | 2022
| (In thousands)
Balance, beginning of year | $ | 3,689 |  |  | $ | 4,048 |  |  | $ | 3,555 |
Total included in earnings | 408 |  |  | (718) |  |  | 2,490 |
Exercises and settlements (1) | (829) |  |  | (218) |  |  | (2,675) |
Issuances | 516 |  |  | 613 |  |  | 696 |
Transfers to Level 1 (equity investments with readily |  |  |  |  |
determinable fair values) | (21) |  |  | (36) |  |  | (18) |
Balance, end of year | $ | 3,763 |  |  | $ | 3,689 |  |  | $ | 4,048 |
______________________ (1) Includes the exercise of warrants that upon exercise become equity securities in public companies. These are often subject to lock-up restrictions that must be met before the equity security can be sold, during which time they are reported as equity investments with readily determinable fair values.
Assets carried at fair value on a nonrecurring basis | The following tables present assets measured at fair value on a non‑recurring basis as of the dates indicated:
| Fair Value Measurement as of
| December 31, 2024
Measured on a Non‑Recurring Basis | Total |  | Level 1 |  | Level 2 |  | Level 3
| (In thousands)
Individually evaluated loans and leases | $ | 58,948 |  |  | $ | — |  |  | $ | 45,962 |  |  | $ | 12,986 |
OREO | 3,372 |  |  | — |  |  | 3,372 |  |  | — |
Total non-recurring | $ | 62,320 |  |  | $ | — |  |  | $ | 49,334 |  |  | $ | 12,986 |
| Fair Value Measurement as of
| December 31, 2023
Measured on a Non‑Recurring Basis | Total |  | Level 1 |  | Level 2 |  | Level 3
| (In thousands)
Individually evaluated loans and leases | $ | 6,402 |  |  | $ | — |  |  | $ | 4,051 |  |  | $ | 2,351 |
OREO | 3,422 |  |  | — |  |  | 3,422 |  |  | — |
Total non-recurring | $ | 9,824 |  |  | $ | — |  |  | $ | 7,473 |  |  | $ | 2,351 |
Net Losses (Gains) on Nonrecurring Assets | The following table presents losses recognized on assets measured on a nonrecurring basis for the years indicated:
| Year Ended December 31,
Loss on Assets Measured on a Non‑Recurring Basis | 2024 |  | 2023 |  | 2022
| (In thousands)
Individually evaluated loans and leases | $ | 35,699 |  |  | $ | 4,403 |  |  | $ | 6,532 |
OREO | 983 |  |  | 1,307 |  |  | 29 |
Total net loss | $ | 36,682 |  |  | $ | 5,710 |  |  | $ | 6,561 |
Fair Value Measurement Inputs and Valuations | The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis as of the date indicated:
| December 31, 2024
|  |  | Valuation |  | Unobservable |  | Input or |  | Weighted
Asset | Fair Value |  | Technique |  | Inputs |  | Range |  | Average
| (Dollars in thousands)
Individually evaluated |  |  |  |  |  |  |  |  |
loans and leases | $ | 5,815 |  | Discounted cash flows |  | Discount rates |  | 8.00% - 8.25% |  | 8.03%
Individually evaluated |  |  |  |  |  |  |  |  |
loans and leases | 7,171 |  | Third-party appraisals |  | No discounts |  |  |  |
Total non-recurring Level 3 | $ | 12,986 |  |  |  |  |  |  |  |
Fair Value, by Balance Sheet Grouping | The following tables present carrying amounts and estimated fair values of certain financial instruments as of the dates indicated:
| December 31, 2024
| Carrying |  | Estimated Fair Value
| Amount |  | Total |  | Level 1 |  | Level 2 |  | Level 3
| (In thousands)
Financial Assets: |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 192,006 |  |  | $ | 192,006 |  |  | $ | 192,006 |  |  | $ | — |  |  | $ | — |
Interest‑earning deposits in financial institutions | 2,310,206 |  |  | 2,310,206 |  |  | 2,310,206 |  |  | — |  |  | — |
Securities available‑for‑sale | 2,246,839 |  |  | 2,246,839 |  |  | — |  |  | 2,244,709 |  |  | 2,130 |
Securities held-to-maturity | 2,306,149 |  |  | 2,156,694 |  |  | 173,283 |  |  | 1,976,265 |  |  | 7,146 |
Investment in FRB and FHLB stock | 147,773 |  |  | 147,773 |  |  | — |  |  | 147,773 |  |  | — |
Loans held for sale | 26,331 |  |  | 26,562 |  |  | — |  |  | 26,562 |  |  | — |
Loans and leases held for investment, net | 23,542,303 |  |  | 22,412,073 |  |  | — |  |  | 45,962 |  |  | 22,366,111 |
Equity investments with readily determinable fair values | 3 |  |  | 3 |  |  | 3 |  |  | — |  |  | — |
Equity warrants | 3,763 |  |  | 3,763 |  |  | — |  |  | — |  |  | 3,763 |
Cash flow hedges | 1,442 |  |  | 1,442 |  |  | — |  |  | 1,442 |  |  | — |
Interest rate and foreign exchange contracts | 7,031 |  |  | 7,031 |  |  | — |  |  | 7,031 |  |  | — |
Servicing rights | 19,623 |  |  | 21,040 |  |  | — |  |  | — |  |  | 21,040 |
Financial Liabilities: |  |  |  |  |  |  |  |  |
Demand, checking, savings and money market deposits | 22,625,485 |  |  | 22,625,485 |  |  | — |  |  | 22,625,485 |  |  | — |
Time deposits | 4,566,424 |  |  | 4,556,575 |  |  | — |  |  | 4,556,575 |  |  | — |
Borrowings | 1,391,814 |  |  | 1,382,742 |  |  | — |  |  | 1,263,904 |  |  | 118,838 |
Subordinated debt | 941,923 |  |  | 901,532 |  |  | — |  |  | 901,532 |  |  | — |
Interest rate and foreign exchange contracts | 7,562 |  |  | 7,562 |  |  | — |  |  | 7,562 |  |  | — |
| December 31, 2023
| Carrying |  | Estimated Fair Value
| Amount |  | Total |  | Level 1 |  | Level 2 |  | Level 3
| (In thousands)
Financial Assets: |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 202,427 |  |  | $ | 202,427 |  |  | $ | 202,427 |  |  | $ | — |  |  | $ | — |
Interest‑earning deposits in financial institutions | 5,175,149 |  |  | 5,175,149 |  |  | 5,175,149 |  |  | — |  |  | — |
Securities available‑for‑sale | 2,346,864 |  |  | 2,346,864 |  |  | 4,968 |  |  | 2,301,647 |  |  | 40,249 |
Securities held-to-maturity | 2,287,291 |  |  | 2,168,316 |  |  | 175,579 |  |  | 1,976,015 |  |  | 16,722 |
Investment in FHLB stock | 126,346 |  |  | 126,346 |  |  | — |  |  | 126,346 |  |  | — |
Loans held for sale | 122,757 |  |  | 126,646 |  |  | — |  |  | 126,646 |  |  | — |
Loans and leases held for investment, net | 25,208,000 |  |  | 23,551,725 |  |  | — |  |  | 4,051 |  |  | 23,547,674 |
Equity investments with readily determinable fair values | 1 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |
Equity warrants | 3,689 |  |  | 3,689 |  |  | — |  |  | — |  |  | 3,689 |
Interest rate and foreign exchange contracts | 8,309 |  |  | 8,309 |  |  | — |  |  | 8,309 |  |  | — |
Servicing rights | 22,174 |  |  | 22,174 |  |  | — |  |  | — |  |  | 22,174 |
Financial Liabilities: |  |  |  |  |  |  |  |  |
Demand, checking, savings and money market deposits | 23,768,896 |  |  | 23,768,896 |  |  | — |  |  | 23,768,896 |  |  | — |
Time deposits | 6,632,873 |  |  | 6,732,246 |  |  | — |  |  | 6,732,246 |  |  | — |
Borrowings | 2,911,322 |  |  | 2,908,527 |  |  | — |  |  | 2,785,411 |  |  | 123,116 |
Subordinated debt | 936,599 |  |  | 851,625 |  |  | — |  |  | 851,625 |  |  | — |
Cash flow hedges | 4,090 |  |  | 4,090 |  |  | — |  |  | 4,090 |  |  | — |
Interest rate and foreign exchange contracts | 6,459 |  |  | 6,459 |  |  | — |  |  | 6,459 |  |  | — |
Fair Value, Assets Measured on Recurring Basis | The following table summarizes activity for our Level 3 credit-linked notes measured at fair value on a recurring basis for the year indicated:
| Year Ended December 31,
Level 3 Credit-Linked Notes | 2024 |  | 2023 |  | 2022
| (In thousands)
Balance, beginning of year | $ | 123,116 |  |  | $ | 132,030 |  |  | $ | — |
Total included in earnings | (1,411) |  |  | 5,404 |  |  | 911 |
Total included in other comprehensive income | 2,589 |  |  | (7,794) |  |  | — |
Issuances | — |  |  | — |  |  | 132,815 |
Principal payments | (5,456) |  |  | (6,524) |  |  | (1,696) |
Balance, end of year | $ | 118,838 |  |  | $ | 123,116 |  |  | $ | 132,030 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -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 + 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/2003/role/disclosureRef -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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -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 + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-1 + Details
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