Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

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)

Schedule of Assets for Which Nonrecurring Changes in Fair Value have been Recorded

The following table presents the net carrying value of assets classified within level 3 of the fair value hierarchy at the dates indicated, for which non-recurring changes in fair value were recorded during the period then ended (in thousands):

	September 30, 2024		December 31, 2023
Collateral dependent loans	$	133,344	$	50,885
OREO	2,254		29
	$	135,598	$	50,914

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