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DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Estimated Fair Values of Financial Instruments | The estimated fair values of Customers’ financial instruments at March 31, 2025 and December 31, 2024 were as follows:
|  |  |  |  | Fair Value Measurements at March 31, 2025
(amounts in thousands) | Carrying Amount |  | Estimated Fair Value |  | 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 | $ | 3,428,690 |  |  | $ | 3,428,690 |  |  | $ | 3,428,690 |  |  | $ | — |  |  | $ | — |
Debt securities, available for sale | 2,024,437 |  |  | 2,024,437 |  |  | — |  |  | 1,855,962 |  |  | 168,475 |
Debt securities, held to maturity | 938,161 |  |  | 886,538 |  |  | — |  |  | 477,868 |  |  | 408,670 |
Loans held for sale | 37,529 |  |  | 37,529 |  |  | — |  |  | 1,465 |  |  | 36,064 |
Total loans and leases receivable, net of allowance for credit losses on loans and leases | 14,919,363 |  |  | 14,745,924 |  |  | — |  |  | 1,366,460 |  |  | 13,379,464 |
FHLB, Federal Reserve Bank, and other restricted stock | 96,758 |  |  | 96,758 |  |  | — |  |  | 96,758 |  |  | — |
Derivatives | 14,146 |  |  | 14,146 |  |  | — |  |  | 14,047 |  |  | 99 |
Liabilities: |  |  |  |  |  |  |  |  |
Deposits | $ | 18,932,925 |  |  | $ | 18,939,936 |  |  | $ | 16,075,878 |  |  | $ | 2,864,058 |  |  | $ | — |
FHLB advances | 1,133,456 |  |  | 1,122,779 |  |  | — |  |  | 1,122,779 |  |  | — |
Other borrowings | 99,103 |  |  | 82,500 |  |  | — |  |  | 82,500 |  |  | — |
Subordinated debt | 182,579 |  |  | 168,275 |  |  | — |  |  | 168,275 |  |  | — |
Derivatives | 20,185 |  |  | 20,185 |  |  | — |  |  | 20,185 |  |  | — |
|  |  |  |  | Fair Value Measurements at December 31, 2024
(amounts in thousands) | Carrying Amount |  | Estimated Fair Value |  | 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 |  |  | — |
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | For financial assets and liabilities measured at fair value on a recurring and nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2025 and December 31, 2024 were as follows:
| March 31, 2025
| 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 debt securities: |  |  |  |  |  |  |
Asset-backed securities | $ | — |  |  | $ | — |  |  | $ | 168,475 |  |  | $ | 168,475 |
Agency-guaranteed residential mortgage-backed securities | — |  |  | 322,884 |  |  | — |  |  | 322,884 |
Agency-guaranteed residential collateralized mortgage obligations | — |  |  | 228,343 |  |  | — |  |  | 228,343 |
Agency-guaranteed commercial collateralized mortgage obligations | — |  |  | 93,747 |  |  | — |  |  | 93,747 |
Collateralized loan obligations | — |  |  | 187,479 |  |  | — |  |  | 187,479 |
Commercial mortgage-backed securities | — |  |  | 76,008 |  |  | — |  |  | 76,008 |
Corporate notes | — |  |  | 482,361 |  |  | — |  |  | 482,361 |
Private label collateralized mortgage obligations | — |  |  | 465,140 |  |  | — |  |  | 465,140 |
Derivatives | — |  |  | 14,047 |  |  | 99 |  |  | 14,146 |
Loans held for sale – fair value option | — |  |  | 1,465 |  |  | 64 |  |  | 1,529 |
Loans receivable, mortgage finance – fair value option | — |  |  | 1,366,460 |  |  | — |  |  | 1,366,460 |
Loans receivable, installment – fair value option | — |  |  | — |  |  | 138,159 |  |  | 138,159 |
Total assets – recurring fair value measurements | $ | — |  |  | $ | 3,237,934 |  |  | $ | 306,797 |  |  | $ | 3,544,731 |
Liabilities |  |  |  |  |  |  |
Derivatives | $ | — |  |  | $ | 20,185 |  |  | $ | — |  |  | $ | 20,185 |
Measured at Fair Value on a Nonrecurring Basis: |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Collateral-dependent loans | $ | — |  |  | $ | — |  |  | $ | 21,119 |  |  | $ | 21,119 |
Total assets – nonrecurring fair value measurements | $ | — |  |  | $ | — |  |  | $ | 21,119 |  |  | $ | 21,119 |
| 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 debt 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 finance – 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 |
Statement of Changes in Level 3 Assets 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 three months ended March 31, 2025 and 2024 are summarized in the table below.
| Asset-backed securities
(amounts in thousands) | Three Months Ended March 31,
| 2025 |  | 2024
Balance at January 1 | $ | 13,236 |  |  | $ | 34,949 |
Purchases | 157,827 |  |  | — |
Principal payments and premium amortization | (3,077) |  |  | (7,114) |
Increase in allowance for credit losses | (66) |  |  | — |
Decrease in allowance for credit losses | 75 |  |  | 33 |
Change in fair value recognized in OCI | 480 |  |  | 395 |
Balance at March 31 | $ | 168,475 |  |  | $ | 28,263 |
The changes in other installment loans (Level 3 assets) classified as held for sale and held for investment, and measured at fair value on a recurring basis, based on an election made to account for the loans at fair value for the three months ended March 31, 2025 and 2024 are summarized in the table below.
| Other Installment Loans
(amounts in thousands) | Three Months Ended March 31,
| 2025 |  | 2024
Balance at January 1 | $ | 162,055 |  |  | $ | 188,062 |
Originations | 194,333 |  |  | 235,431 |
Sales | (175,564) |  |  | (158,215) |
Principal payments | (42,600) |  |  | (46,263) |
Change in fair value recognized in earnings | — |  |  | — |
Balance at March 31 | $ | 138,224 |  |  | $ | 219,015 |
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 March 31, 2025 and December 31, 2024 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)
March 31, 2025 |  |  |  |  |  |  |
Asset-backed securities | $ | 168,475 |  |  | Discounted cash flow |  | Discount rate Annualized loss rate Constant prepayment rate |  | 9% - 9% (9%) 8% - 13% (9%) 17% - 19% (19%)
| Quantitative Information about Level 3 Fair Value Measurements
(dollars in thousands) | Fair Value Estimate |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Average)
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%)

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