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DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

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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