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Disclosures about Fair Value of Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2022
Fair Value Disclosures [Abstract] |
Estimated Fair Values of Financial Instruments | The estimated fair values of Customers’ financial instruments at December 31, 2022 and 2021 were as follows:
| Carrying Amount |  | Estimated Fair Value |  | Fair Value Measurements at December 31, 2022
(amounts in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 455,806 |  |  | $ | 455,806 |  |  | $ | 455,806 |  |  | $ | — |  |  | $ | — |
Debt securities, available for sale | 2,961,015 |  |  | 2,961,015 |  |  | — |  |  | 2,887,749 |  |  | 73,266 |
Debt securities, held to maturity | 840,259 |  |  | 793,813 |  |  | — |  |  | 437,680 |  |  | 356,133 |
Loans held for sale | 328,312 |  |  | 328,312 |  |  | — |  |  | 322 |  |  | 327,990 |
Total loans and leases receivable, net of allowance for credit losses on loans and leases | 15,335,435 |  |  | 14,890,823 |  |  | — |  |  | 1,323,312 |  |  | 13,567,511 |
FHLB, Federal Reserve Bank, and other restricted stock | 74,196 |  |  | 74,196 |  |  | — |  |  | 74,196 |  |  | — |
Derivatives | 44,435 |  |  | 44,435 |  |  | — |  |  | 44,380 |  |  | 55 |
Liabilities: |  |  |  |  |  |  |  |  |
Deposits | $ | 18,156,953 |  |  | $ | 18,127,338 |  |  | $ | 13,907,087 |  |  | $ | 4,220,251 |  |  | $ | — |
FHLB advances | 800,000 |  |  | 781,113 |  |  | — |  |  | 781,113 |  |  | — |
Other borrowings | 123,580 |  |  | 108,081 |  |  | — |  |  | 108,081 |  |  | — |
Subordinated debt | 181,952 |  |  | 168,441 |  |  | — |  |  | 168,441 |  |  | — |
Derivatives | 42,106 |  |  | 42,106 |  |  | — |  |  | 42,106 |  |  | — |
| Carrying Amount |  | Estimated Fair Value |  | Fair Value Measurements at December 31, 2021
(amounts in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 518,032 |  |  | $ | 518,032 |  |  | $ | 518,032 |  |  | $ | — |  |  | $ | — |
Debt securities, available for sale | 3,791,575 |  |  | 3,791,575 |  |  | — |  |  | 3,648,690 |  |  | 142,885 |
Loans held for sale | 16,254 |  |  | 16,254 |  |  | — |  |  | 15,747 |  |  | 507 |
Total loans and leases receivable, net of allowance for credit losses on loans and leases | 14,414,827 |  |  | 14,207,811 |  |  | — |  |  | 2,284,325 |  |  | 11,923,486 |
FHLB, Federal Reserve Bank, and other restricted stock | 64,584 |  |  | 64,584 |  |  | — |  |  | 64,584 |  |  | — |
Derivatives | 27,295 |  |  | 27,295 |  |  | — |  |  | 27,116 |  |  | 179 |
Liabilities: |  |  |  |  |  |  |  |  |
Deposits | $ | 16,777,924 |  |  | $ | 16,777,236 |  |  | $ | 16,270,586 |  |  | $ | 506,650 |  |  | $ | — |
Federal funds purchased | 75,000 |  |  | 75,000 |  |  | 75,000 |  |  | — |  |  | — |
FHLB advances | 700,000 |  |  | 700,000 |  |  | — |  |  | 700,000 |  |  | — |
Other borrowings | 223,086 |  |  | 226,585 |  |  | — |  |  | 226,585 |  |  | — |
Subordinated debt | 181,673 |  |  | 204,782 |  |  | — |  |  | 204,782 |  |  | — |
Derivatives | 26,544 |  |  | 26,544 |  |  | — |  |  | 26,544 |  |  | — |
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring and Non-recurring Basis | For financial assets and liabilities measured at fair value on a recurring and non-recurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2022 and 2021 were as follows:
| December 31, 2022
| Fair Value Measurements at the End of the Reporting Period Using
(amounts in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Measured at Fair Value on a Recurring Basis: |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Available for sale securities: |  |  |  |  |  |  |
Asset-backed securities | $ | — |  |  | $ | 87,276 |  |  | $ | 73,266 |  |  | $ | 160,542 |
Agency-guaranteed residential collateralized mortgage obligations | — |  |  | 133,864 |  |  | — |  |  | 133,864 |
Collateralized loan obligations | — |  |  | 872,738 |  |  | — |  |  | 872,738 |
Commercial mortgage-backed securities | — |  |  | 136,357 |  |  | — |  |  | 136,357 |
Corporate notes | — |  |  | 595,253 |  |  | — |  |  | 595,253 |
Private label collateralized mortgage obligations | — |  |  | 1,062,261 |  |  | — |  |  | 1,062,261 |
Derivatives | — |  |  | 44,380 |  |  | 55 |  |  | 44,435 |
Loans held for sale – fair value option | — |  |  | 322 |  |  | — |  |  | 322 |
Loans receivable, mortgage warehouse – fair value option | — |  |  | 1,323,312 |  |  | — |  |  | 1,323,312 |
Total assets – recurring fair value measurements | $ | — |  |  | $ | 4,255,763 |  |  | $ | 73,321 |  |  | $ | 4,329,084 |
Liabilities |  |  |  |  |  |  |
Derivatives | $ | — |  |  | $ | 42,106 |  |  | $ | — |  |  | $ | 42,106 |
Measured at Fair Value on a Nonrecurring Basis: |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Collateral-dependent loans | $ | — |  |  | $ | — |  |  | $ | 4,819 |  |  | $ | 4,819 |
Total assets – nonrecurring fair value measurements | $ | — |  |  | $ | — |  |  | $ | 4,819 |  |  | $ | 4,819 |
| December 31, 2021
| Fair Value Measurements at the End of the Reporting Period Using
(amounts in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Measured at Fair Value on a Recurring Basis: |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Available for sale securities: |  |  |  |  |  |  |
Asset-backed securities | $ | — |  |  | $ | 154,540 |  |  | $ | 142,885 |  |  | $ | 297,425 |
Agency-guaranteed residential mortgage-backed securities | — |  |  | 9,553 |  |  | — |  |  | 9,553 |
Agency-guaranteed commercial mortgage-backed securities | — |  |  | 2,152 |  |  | — |  |  | 2,152 |
Agency-guaranteed residential collateralized mortgage obligations | — |  |  | 196,930 |  |  | — |  |  | 196,930 |
Agency-guaranteed commercial collateralized mortgage obligations | — |  |  | 238,844 |  |  | — |  |  | 238,844 |
Collateralized loan obligations | — |  |  | 1,066,802 |  |  | — |  |  | 1,066,802 |
Commercial mortgage-backed securities | — |  |  | 148,927 |  |  | — |  |  | 148,927 |
Corporate notes | — |  |  | 580,046 |  |  | — |  |  | 580,046 |
Private label collateralized mortgage obligations | — |  |  | 1,242,465 |  |  | — |  |  | 1,242,465 |
State and political subdivision debt securities | — |  |  | 8,431 |  |  | — |  |  | 8,431 |
Derivatives | — |  |  | 27,116 |  |  | 179 |  |  | 27,295 |
Loans held for sale – fair value option | — |  |  | 15,747 |  |  | — |  |  | 15,747 |
Loans receivable, mortgage warehouse – fair value option | — |  |  | 2,284,325 |  |  | — |  |  | 2,284,325 |
Total assets - recurring fair value measurements | $ | — |  |  | $ | 5,975,878 |  |  | $ | 143,064 |  |  | $ | 6,118,942 |
Liabilities |  |  |  |  |  |  |
Derivatives | $ | — |  |  | $ | 26,544 |  |  | $ | — |  |  | $ | 26,544 |
Measured at Fair Value on a Nonrecurring Basis: |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Collateral-dependent loans | $ | — |  |  | $ | — |  |  | $ | 5,121 |  |  | $ | 5,121 |
Total assets – nonrecurring fair value measurements | $ | — |  |  | $ | — |  |  | $ | 5,121 |  |  | $ | 5,121 |
Statement of Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis | The changes in residential mortgage loan commitments (Level 3 assets) measured at fair value on a recurring basis for the years ended December 31, 2022 and 2021 are summarized as follows in the table below. Additional information about residential mortgage loan commitments can be found in NOTE 21 — DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES.
|  | Residential Mortgage Loan Commitments
|  | For the Years Ended December 31,
(amounts in thousands) |  | 2022 |  | 2021
Balance at January 1, |  | $ | 179 |  |  | $ | 200 |
Issuances |  | 343 |  |  | 839 |
Settlements |  | (467) |  |  | (860) |
Balance at December 31, |  | $ | 55 |  |  | $ | 179 |
The changes in asset-backed securities (Level 3 assets) measured at fair value on a recurring basis for the years ended December 31, 2022 and 2021 are summarized in the table below.
|  | Asset-backed securities
|  | For the Years Ended December 31,
(amounts in thousands) |  | 2022 |  | 2021
Balance at January 1, |  | $ | 142,885 |  |  | $ | — |
Purchases |  | — |  |  | 142,885 |
Principal payments and premium amortization |  | (64,181) |  |  | — |
Increase in allowance for credit losses |  | (1,604) |  |  | — |
Decrease in allowance for credit losses |  | 1,026 |  |  | — |
Change in fair value recognized in OCI |  | (4,860) |  |  | — |
Balance at December 31, |  | $ | 73,266 |  |  | $ | 142,885 |
Summary of Financial Assets and Financial Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis | The following tables summarize financial assets and financial liabilities measured at fair value as of December 31, 2022 and 2021 on a recurring and nonrecurring basis for which Customers utilized Level 3 inputs to measure fair value. The unobservable Level 3 inputs noted below contain a level of uncertainty that may differ from what is realized in an immediate settlement of the assets. Therefore, Customers may realize a value higher or lower than the current estimated fair value of the assets.
| Quantitative Information about Level 3 Fair Value Measurements
(dollars in thousands) | Fair Value Estimate |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Average) (4)
December 31, 2022 |  |  |  |  |  |  |
Asset-backed securities | $ | 73,266 |  |  | Discounted cash flow |  | Discount rate Annualized loss rate Constant prepayment rate |  | 9% - 9% (9%) 4% - 5% (5%) 19% - 25% (23%)
Collateral-dependent loans – real estate | 4,730 |  |  | Collateral appraisal (1) |  | Liquidation expenses (2) |  | 7% - 13% (11%)
Collateral-dependent loans – commercial and industrial | 89 |  |  | Collateral appraisal (1) Business asset valuation (3) |  | Liquidation expenses (2) Business asset valuation adjustments (4) |  | 8% - 8% (8%) 25% - 25% (25%)
Residential mortgage loan commitments | 55 |  |  | Adjusted market bid |  | Pull-through rate |  | 84% - 100% (86%)
| Quantitative Information about Level 3 Fair Value Measurements
(dollars in thousands) | Fair Value Estimate |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Average) (4)
December 31, 2021 |  |  |  |  |  |  |
Asset-backed securities | $ | 142,885 |  |  | Discounted cash flow |  | Discount rate Annualized loss rate Constant prepayment rate |  | 4% - 5% (5%) 4% - 4% (4%) 17% - 33% (19%)
Collateral-dependent loans – real estate | 4,170 |  |  | Collateral appraisal (1) |  | Liquidation expenses (2) |  | 8% - 8% (8%)
Collateral-dependent loans – commercial and industrial | 951 |  |  | Collateral appraisal (1) Business asset valuation(3) |  | Liquidation expenses (2) Business asset valuation adjustments (4) |  | 8% - 26% (12%) 20% - 20% (20%)
Residential mortgage loan commitments | 179 |  |  | Adjusted market bid |  | Pull-through rate |  | 76% - 89% (85%)
(1)Obtained from approved independent appraisers. Appraisals are current and in compliance with credit policy. Customers does not generally discount appraisals. Fair value is also estimated based on sale agreements or letters of intent with third parties. (2)Appraisals are adjusted by management for liquidation expenses. The range and weighted average of liquidation expense adjustments are presented as a percentage of the appraisal. (3)Business asset valuation obtained from independent party. (4)Business asset valuations may be adjusted by management for qualitative factors including economic conditions and the condition of the business assets. The range and weighted average of the business asset adjustments are presented as a percent of the business asset valuation.

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI https://asc.fasb.org/extlink&oid=126976982&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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