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Disclosures about Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Estimated Fair Values of Financial Instruments

The estimated fair values of Customers’ financial instruments at December 31, 2024 and 2023 were as follows:

			Carrying Amount						Estimated Fair Value						Fair Value Measurements at December 31, 2024
(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			$	3,785,931					$	3,785,931					$	3,785,931					$	—					$	—
Debt securities, available for sale			1,985,438						1,985,438						—						1,972,202						13,236
Debt securities, held to maturity			991,937						934,677						—						461,307						473,370
Loans held for sale			204,794						204,794						—						1,836						202,958
Total loans and leases receivable, net of allowance for credit losses on loans and leases			14,311,987						14,104,884						—						1,321,128						12,783,756
FHLB, Federal Reserve Bank, and other restricted stock			96,214						96,214						—						96,214						—
Derivatives			15,263						15,263						—						15,223						40
Liabilities:
Deposits			$	18,846,461					$	18,842,810					$	16,138,256					$	2,704,554					$	—
FHLB advances			1,128,352						1,103,324						—						1,103,324						—
Other borrowings			99,068						88,000						—						88,000						—
Subordinated debt			182,509						167,601						—						167,601						—
Derivatives			22,570						22,570						—						22,570						—

			Carrying Amount						Estimated Fair Value						Fair Value Measurements at December 31, 2023
(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			$	3,846,346					$	3,846,346					$	3,846,346					$	—					$	—
Debt securities, available for sale			2,376,860						2,376,860						—						2,341,911						34,949
Debt securities, held to maturity			1,103,170						1,046,439						—						472,311						574,128
Loans held for sale			340,317						340,317						—						1,215						339,102
Total loans and leases receivable, net of allowance for credit losses on loans and leases			12,726,456						12,513,386						—						897,912						11,615,474
FHLB, Federal Reserve Bank, and other restricted stock			109,548						109,548						—						109,548						—
Derivatives			17,931						17,931						—						17,906						25
Liabilities:
Deposits			$	17,920,236					$	17,922,005					$	14,632,357					$	3,289,648					$	—
FHLB advances			1,203,207						1,188,517						—						1,188,517						—
Other borrowings			123,840						103,674						—						103,674						—
Subordinated debt			182,230						164,233						—						164,233						—
Derivatives			27,110						27,110						—						27,110						—

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, 2024 and 2023 were as follows:

			December 31, 2024
			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			$	—					$	—					$	13,236					$	13,236
Agency-guaranteed residential mortgage-backed securities			—						327,038						—						327,038
Agency-guaranteed residential collateralized mortgage obligations			—						226,746						—						226,746
Agency-guaranteed commercial collateralized mortgage obligations			—						93,075						—						93,075
Collateralized loan obligations			—						255,407						—						255,407
Commercial mortgage-backed securities			—						77,708						—						77,708
Corporate notes			—						516,330						—						516,330
Private label collateralized mortgage obligations			—						475,898						—						475,898
Derivatives			—						15,223						40						15,263
Loans held for sale – fair value option			—						1,836						162,055						163,891
Loans receivable, mortgage warehouse – fair value option			—						1,321,128						—						1,321,128
Total assets – recurring fair value measurements			$	—					$	3,310,389					$	175,331					$	3,485,720
Liabilities
Derivatives			$	—					$	22,570					$	—					$	22,570
Measured at Fair Value on a Nonrecurring Basis:
Assets
Collateral-dependent loans			$	—					$	—					$	18,048					$	18,048
Total assets – nonrecurring fair value measurements			$	—					$	—					$	18,048					$	18,048

			December 31, 2023
			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			$	—					$	57,680					$	34,949					$	92,629
Agency-guaranteed residential collateralized mortgage obligations			—						116,908						—						116,908
Collateralized loan obligations			—						489,092						—						489,092
Commercial mortgage-backed securities			—						121,636						—						121,636
Corporate notes			—						583,034						—						583,034
Private label collateralized mortgage obligations			—						973,561						—						973,561
Derivatives			—						17,906						25						17,931
Loans held for sale – fair value option			—						1,215						188,062						189,277
Loans receivable, mortgage warehouse – fair value option			—						897,912						—						897,912
Total assets - recurring fair value measurements			$	—					$	3,258,944					$	223,036					$	3,481,980
Liabilities
Derivatives			$	—					$	27,110					$	—					$	27,110
Measured at Fair Value on a Nonrecurring Basis:
Assets
Collateral-dependent loans			$	—					$	—					$	2,373					$	2,373
Total assets – nonrecurring fair value measurements			$	—					$	—					$	2,373					$	2,373

Statement of Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

The changes in asset-backed securities (Level 3 assets) measured at fair value on a recurring basis for the years ended December 31, 2024, 2023 and 2022 are summarized in the table below.

						Asset-backed securities
						For the Years Ended December 31,
(amounts in thousands)						2024						2023						2022
Balance at January 1						$	34,949					$	73,266					$	142,885
Principal payments and premium amortization						(23,867)						(40,041)						(64,181)
Increase in allowance for credit losses						(224)						(1,487)						(1,604)
Decrease in allowance for credit losses						345						1,582						1,026
Change in fair value recognized in OCI						2,033						1,629						(4,860)
Balance at December 31						$	13,236					$	34,949					$	73,266

The changes in other installment loans (Level 3 assets) measured at fair value on a recurring basis, based on an election made to account for the loans at fair value for the years ended December 31, 2024 and 2023 are summarized in the table below.

						Other Installment Loans
						For the Years Ended December 31,
(amounts in thousands)						2024						2023
Balance at January 1						$	188,062					$	—
Originations						924,183						218,794
Sales						(743,682)						—
Principal payments						(206,508)						(30,732)
Change in fair value recognized in earnings						—						—
Balance at December 31						$	162,055					$	188,062

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, 2024 and 2023 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, 2024

Asset-backed securities

$

13,236

Discounted cash flow

Discount rate Annualized loss rate Constant prepayment rate

9% - 10% (10%) 5% - 10% (7%) 19% - 20% (19%)

Quantitative Information about Level 3 Fair Value Measurements

(dollars in thousands)

Fair Value Estimate

Valuation Technique

Unobservable Input

Range (Weighted Average) (4)

December 31, 2023

Asset-backed securities

$

34,949

Discounted cash flow

Discount rate Annualized loss rate Constant prepayment rate

12% - 14% (13%) 3% - 13% (5%) 11% - 30% (26%)

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Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

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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.

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