| Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis |
The following tables present assets and liabilities measured at fair value on a recurring basis at the dates indicated (in thousands): | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | | Level 1 | | Level 2 | | Total | | Investment securities available for sale: | | | | | | | U.S. Treasury securities | $ | 189,835 | | | $ | — | | | $ | 189,835 | | | U.S. Government agency and sponsored enterprise residential MBS | — | | | 2,391,027 | | | 2,391,027 | | | U.S. Government agency and sponsored enterprise commercial MBS | — | | | 500,314 | | | 500,314 | | | Private label residential MBS and CMOs | — | | | 2,296,245 | | | 2,296,245 | | | Private label commercial MBS | — | | | 2,003,670 | | | 2,003,670 | | | Single family real estate-backed securities | — | | | 345,786 | | | 345,786 | | | Collateralized loan obligations | — | | | 1,070,322 | | | 1,070,322 | | | Non-mortgage asset-backed securities | — | | | 96,513 | | | 96,513 | | | State and municipal obligations | — | | | 106,084 | | | 106,084 | | | SBA securities | — | | | 81,296 | | | 81,296 | | | | | | | | | Marketable equity securities | 28,768 | | | — | | | 28,768 | | | Derivative assets | — | | | 96,478 | | | 96,478 | | | Total assets at fair value | $ | 218,603 | | | $ | 8,987,735 | | | $ | 9,206,338 | | | Derivative liabilities | $ | — | | | $ | (91,580) | | | $ | (91,580) | | | Total liabilities at fair value | $ | — | | | $ | (91,580) | | | $ | (91,580) | |
| | | | | | | | | | | | | | | | | | | | December 31, 2023 | | | | | Level 1 | | Level 2 | | Total | | Investment securities available for sale: | | | | | | U.S. Treasury securities | $ | 130,592 | | | $ | — | | | $ | 130,592 | | | U.S. Government agency and sponsored enterprise residential MBS | — | | | 1,924,207 | | | 1,924,207 | | | U.S. Government agency and sponsored enterprise commercial MBS | — | | | 497,859 | | | 497,859 | | | Private label residential MBS and CMOs | — | | | 2,295,730 | | | 2,295,730 | | | Private label commercial MBS | — | | | 2,198,743 | | | 2,198,743 | | | Single family real estate-backed securities | — | | | 366,255 | | | 366,255 | | | Collateralized loan obligations | — | | | 1,112,824 | | | 1,112,824 | | | Non-mortgage asset-backed securities | — | | | 102,780 | | | 102,780 | | | State and municipal obligations | — | | | 102,618 | | | 102,618 | | | SBA securities | — | | | 103,024 | | | 103,024 | | | | | | | | Marketable equity securities | 32,722 | | | — | | | 32,722 | | | Derivative assets | — | | | 105,678 | | | 105,678 | | | Total assets at fair value | $ | 163,314 | | | $ | 8,809,718 | | | $ | 8,973,032 | | | Derivative liabilities | $ | — | | | $ | (97,166) | | | $ | (97,166) | | | Total liabilities at fair value | $ | — | | | $ | (97,166) | | | $ | (97,166) | |
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| Schedule of the Carrying Value and Fair Value of Financial Instruments |
The following table presents the carrying value and fair value of financial instruments and the level within the fair value hierarchy in which those measurements are classified at the dates indicated (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | | | | | | | Level | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | | Assets: | | | | | | | | | | | Cash and cash equivalents | 1 | | $ | 889,868 | | | $ | 889,868 | | | $ | 588,283 | | | $ | 588,283 | | | Investment securities | 1/2 | | $ | 9,119,860 | | | $ | 9,119,860 | | | $ | 8,877,354 | | | $ | 8,877,281 | | | Non-marketable equity securities | 2 | | $ | 237,172 | | | $ | 237,172 | | | $ | 310,084 | | | $ | 310,084 | | | | | | | | | | | | | Loans, net | 3 | | $ | 24,170,454 | | | $ | 23,155,229 | | | $ | 24,430,995 | | | $ | 23,075,192 | | | Derivative assets | 2 | | $ | 96,478 | | | $ | 96,478 | | | $ | 105,678 | | | $ | 105,678 | | | Liabilities: | | | | | | | | | | | Demand, savings and money market deposits | 2 | | $ | 23,131,989 | | | $ | 23,131,989 | | | $ | 21,374,483 | | | $ | 21,374,483 | | | Time deposits | 2 | | $ | 4,724,236 | | | $ | 4,702,971 | | | $ | 5,163,995 | | | $ | 5,133,119 | | | | | | | | | | | | | FHLB advances | 2 | | $ | 3,580,000 | | | $ | 3,580,092 | | | $ | 5,115,000 | | | $ | 5,115,637 | | | Notes and other borrowings | 2 | | $ | 708,694 | | | $ | 701,632 | | | $ | 708,973 | | | $ | 676,077 | | | Derivative liabilities | 2 | | $ | 91,580 | | | $ | 91,580 | | | $ | 97,166 | | | $ | 97,166 | |
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