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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2022
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, 2022
Measured on a Recurring BasisTotalLevel 1Level 2Level 3
(In thousands)
Securities available‑for‑sale:
Agency residential MBS$2,242,042 $— $2,242,042 $— 
U.S. Treasury securities670,070 670,070 — — 
Agency commercial MBS487,606 — 487,606 — 
Agency residential CMOs457,063 — 457,063 — 
Municipal securities339,326 — 339,326 — 
Corporate debt securities311,905 — 311,905 — 
Private label residential CMOs166,724 — 166,724 — 
Collateralized loan obligations102,261 — 102,261 — 
Private label commercial MBS26,827 — 26,827 — 
Asset-backed securities22,413 — 22,413 — 
SBA securities17,250 — 17,250 — 
Total securities available-for-sale$4,843,487 $670,070 $4,173,417 $— 
Equity investments with readily determinable fair values$1 $1 $— $— 
Derivatives (1):
Equity warrants 4,048 — — 4,048 
Interest rate and economic contracts7,814 — 7,814 — 
Derivative liabilities 5,906 — 5,906 — 
Credit-linked notes132,030 — — 132,030 

Fair Value Measurements as of
December 31, 2021
Measured on a Recurring BasisTotalLevel 1Level 2Level 3
(In thousands)
Securities available‑for‑sale:
Agency residential MBS$2,898,210 $— $2,898,210 $— 
Municipal securities2,315,968 — 2,315,968 — 
Agency commercial MBS1,688,967 — 1,688,967 — 
Agency residential CMOs1,038,134 — 1,038,134 — 
U.S. Treasury securities966,898 966,898 — — 
Corporate debt securities527,094 — 527,094 — 
Private label commercial MBS450,217 — 435,216 15,001 
Collateralized loan obligations385,362 — 385,362 — 
Private label residential CMOs264,417 — 264,417 — 
Asset-backed securities129,547 — 129,547 — 
SBA securities29,644 — 29,644 — 
Total securities available-for-sale$10,694,458 $966,898 $9,712,559 $15,001 
Equity investments with readily determinable fair values$28,578 $28,578 $— $— 
Derivatives (1):
Equity warrants 3,555 — — 3,555 
Interest rate and economic contracts2,509 — 2,509 — 
Derivative liabilities 931 — 931 — 
____________________
(1)    For information regarding derivative instruments, see Note 13. Derivatives.
The following table summarizes activity for our Level 3 private label commercial MBS measured at fair value on a recurring basis for the years indicated:
Year Ended December 31,
Level 3 Private Label Commercial MBS202220212020
(In thousands)
Balance, beginning of year$15,001 $25,725 $16,435 
Total included in earnings(8)(77)5 
Total unrealized gain (loss) in comprehensive income(156)(115)(41)
Transfers to Level 2(4,552)— — 
Purchases— — 20,100 
Net settlements(10,285)(10,532)(10,774)
Balance, end of year$— $15,001 $25,725 
Unrealized net gains (losses) for the period included in other
comprehensive income for securities held at year-end$— 
Fair Value Inputs, Assets, Quantitative Information
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, 2022
Equity Warrants
Weighted
RangeAverage
Unobservable Inputsof Inputs
Input (1)
Volatility
21.0% - 98.6%
28.3%
Risk-free interest rate
4.0% - 4.8%
4.2%
Remaining life assumption (in years)
0.08 - 5.00
3.15
__________________
(1)    Unobservable inputs for equity warrants were weighted by the relative fair values of the instruments.
Fair Value, Assets Measured on Recurring Basis, Significant Unobservable Inputs (Level 3) Reconciliation
The following table summarizes activity for our Level 3 private label residential CMOs measured at fair value on a recurring basis for the years indicated:
Year Ended December 31,
Level 3 Private Label Residential CMOs20212020
(In thousands)
Balance, beginning of year$4,647 $6,264 
Total included in earnings2,287 485 
Total unrealized loss in comprehensive income(1,094)(592)
Sales(2,903)— 
Net settlements(2,937)(1,510)
Balance, end of year$— $4,647 
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 Warrants202220212020
(In thousands)
Balance, beginning of year $3,555 $4,520 $3,434 
Total included in earnings2,490 49,341 10,609 
Exercises and settlements (1)
(2,675)(50,092)(9,828)
Issuances696 432 424 
Transfers to Level 1 (equity investments with readily
determinable fair values)(18)(646)(119)
Balance, end of year$4,048 $3,555 $4,520 
______________________
(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, 2022
Measured on a Non‑Recurring BasisTotalLevel 1Level 2Level 3
(In thousands)
Individually evaluated loans and leases $34,077 $— $28,065 $6,012 
OREO47 — 47 — 
Total non-recurring$34,124 $— $28,112 $6,012 
Fair Value Measurement as of
December 31, 2021
Measured on a Non‑Recurring BasisTotalLevel 1Level 2Level 3
(In thousands)
Individually evaluated loans and leases $30,882 $— $2,915 $27,967 
Total non-recurring$30,882 $— $2,915 $27,967 
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 Basis202220212020
(In thousands)
Individually evaluated loans and leases $6,532 $5,772 $24,607 
OREO29 14 267 
Total net loss$6,561 $5,786 $24,874 
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, 2022
ValuationUnobservableInput or
Weighted
Asset
Fair Value
TechniqueInputsRange
Average
(Dollars in thousands)
Individually evaluated
loans and leases$990Discounted cash flowsDiscount rates
6.50% - 9.25%
7.87%
Individually evaluated
loans and leases5,022Third party appraisalsNo discounts
Total non-recurring Level 3$6,012
Fair Value, by Balance Sheet Grouping
December 31, 2022
Carrying
Estimated Fair Value
AmountTotalLevel 1Level 2Level 3
(In thousands)
Financial Assets:
Cash and due from banks$212,273 $212,273 $212,273 $— $— 
Interest‑earning deposits in financial institutions2,027,949 2,027,949 2,027,949 — — 
Securities available‑for‑sale4,843,487 4,843,487 670,070 4,173,417 — 
Securities held-to-maturity2,269,135 2,110,472 171,700 1,938,772 — 
Investment in FHLB stock34,290 34,290 — 34,290 — 
Loans held for sale65,076 65,501 — 65,501 — 
Loans and leases held for investment, net28,408,397 26,627,985 — 28,065 26,599,920 
Equity investments with readily determinable fair values1 1 1 — — 
Equity warrants4,048 4,048 — — 4,048 
Interest rate and economic contracts7,814 7,814 — 7,814 — 
Servicing rights633 633 — — 633 
Financial Liabilities:
Core deposits26,561,129 26,561,129 — 26,561,129 — 
Wholesale non-maturity deposits2,637,362 2,637,362 — 2,637,362 — 
Time deposits4,737,843 4,700,054 — 4,700,054 — 
Borrowings1,764,030 1,764,037 882,000 750,007 132,030 
Subordinated debt867,087 870,534 — 870,534 — 
Derivative liabilities5,906 5,906 — 5,906 — 

December 31, 2021
Carrying
Estimated Fair Value
AmountTotalLevel 1Level 2Level 3
(In thousands)
Financial Assets:
Cash and due from banks$112,548 $112,548 $112,548 $— $— 
Interest‑earning deposits in financial institutions3,944,686 3,944,686 3,944,686 — — 
Securities available‑for‑sale10,694,458 10,694,458 966,898 9,712,559 15,001 
Investment in FHLB stock17,250 17,250 — 17,250 — 
Loans and leases held for investment, net22,740,984 23,461,156 — 2,915 23,458,241 
Equity investments with readily determinable fair values28,578 28,578 28,578 — — 
Equity warrants3,555 3,555 — — 3,555 
Interest rate and economic contracts2,509 2,509 — 2,509 — 
Servicing rights1,228 1,228 — — 1,228 
Financial Liabilities:
Core deposits32,734,949 32,734,949 — 32,734,949 — 
Wholesale non-maturity deposits889,976 889,976 — 889,976 — 
Time deposits1,372,832 1,371,527 — 1,371,527 — 
Subordinated debt863,283 917,342 — 917,342 — 
Derivative liabilities931 931 — 931 — 
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
Level 3 Credit-Linked NotesDecember 31, 2022
(In thousands)
Balance, beginning of year $— 
Total included in earnings911 
Issuances132,815 
Principal payments(1,696)
Balance, end of period$132,030