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Fair Value of Assets and Liabilities (Tables)
9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Summary Of The Balances Of Assets And Liabilities Measured At Fair Value On A Recurring Basis
The following tables present the balances of assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022:
Fair Value Measurements at Reporting Date Using
Balance as of September 30, 2023Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
Significant
Other
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
Description
(In thousands)
Assets
Securities available for sale
Government-sponsored residential mortgage-backed securities$2,700,630 $— $2,700,630 $— 
Government-sponsored commercial mortgage-backed securities1,089,120 — 1,089,120 — 
U.S. Agency bonds207,965 — 207,965 — 
U.S. Treasury securities93,219 93,219 — — 
State and municipal bonds and obligations170,584 — 170,584 — 
Rabbi trust investments80,238 74,080 6,158 — 
Loans held for sale23,89223,892
Interest rate swap contracts
Cash flow hedges - interest rate positions15 — 15 — 
Customer-related positions25,236 — 25,236 — 
Risk participation agreements47 — 47 — 
Foreign currency forward contracts
Matched customer book785 — 785 — 
Foreign currency loan261 — 261 — 
Mortgage derivatives68 — 68 — 
Total$4,392,060 $167,299 $4,224,761 $— 
Liabilities
Interest rate swap contracts
Cash flow hedges - interest rate positions$367 $— $367 $— 
Customer-related positions92,409 — 92,409 — 
Risk participation agreements45 45 
Foreign currency forward contracts
Matched customer book763 763 
Foreign currency loan
Mortgage derivatives118 — 118 — 
Total$93,703 $— $93,703 $— 
Fair Value Measurements at Reporting Date Using
DescriptionBalance as of December 31, 2022Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
Significant
Other
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
(In thousands)
Assets
Securities available for sale
Government-sponsored residential mortgage-backed securities$4,111,908 $— $4,111,908 $— 
Government-sponsored commercial mortgage-backed securities1,348,954 — 1,348,954 — 
U.S. Agency bonds952,482 — 952,482 — 
U.S. Treasury securities93,057 93,057 — — 
State and municipal bonds and obligations183,092 — 183,092 — 
Other debt securities1,285 — 1,285 — 
Rabbi trust investments76,286 69,257 7,029 — 
Loans held for sale4,5434,543
Interest rate swap contracts
Cash flow hedges - interest rate positions16 — 16 — 
Customer-related positions23,567 — 23,567 — 
Risk participation agreements78 — 78 — 
Foreign currency forward contracts
Matched customer book198 — 198 — 
Foreign currency loan— — 
Mortgage derivatives62 — 62 — 
Total$6,795,530 $162,314 $6,633,216 $— 
Liabilities
Interest rate swap contracts
Cash flow hedges - interest rate positions$2,417 $— $2,417 $— 
Customer-related positions78,577 — 78,577 — 
Risk participation agreements130 — 130 — 
Foreign currency forward contracts
Matched customer book205 — 205 — 
Foreign currency loan93 — 93 — 
Mortgage derivatives58 — 58 — 
Total$81,480 $— $81,480 $— 
Summary Of The Fair Value Of Assets And Liabilities Measured At Fair Value On A Nonrecurring Basis The following tables summarize the fair value of assets and liabilities measured at fair value on a nonrecurring basis, as of September 30, 2023 and December 31, 2022.
Fair Value Measurements at Reporting Date Using
DescriptionBalance as of September 30, 2023Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
(In thousands)
Assets
Individually assessed collateral-dependent loans whose fair value is based upon appraisals$18,105 $— $— $18,105 
Fair Value Measurements at Reporting Date Using
DescriptionBalance as of December 31, 2022Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
(In thousands)
Assets
Collateral-dependent impaired loans whose fair value is based upon appraisals
$16,432 $— $— $16,432 
Fair Value, by Balance Sheet Grouping
The estimated fair values and related carrying amounts for assets and liabilities for which fair value is only disclosed are shown below as of the dates indicated:
Fair Value Measurements at Reporting Date Using
DescriptionCarrying Value as of September 30, 2023Fair Value as of September 30, 2023Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
(In thousands)
Assets
Held to maturity securities:
Government-sponsored residential mortgage-backed securities$260,271 $219,548 $— $219,548 $— 
Government-sponsored commercial mortgage-backed securities195,629 168,106 — 168,106 — 
Loans, net of allowance for loan losses13,744,822 13,099,665 — — 13,099,665 
FHLB stock37,125 37,125 — 37,125 — 
Bank-owned life insurance163,700 163,700 — 163,700 — 
Liabilities
Deposits$17,424,169 $17,412,731 $— $17,412,731 $— 
FHLB advances673,525 670,747 — 670,747 — 
Escrow deposits of borrowers24,947 24,947 — 24,947 — 
Interest rate swap collateral funds16,900 16,900 — 16,900 — 
Fair Value Measurements at Reporting Date Using
DescriptionCarrying Value as of December 31, 2022Fair Value as of December 31, 2022Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
(In thousands)
Assets
Held to maturity securities:
Government-sponsored residential mortgage-backed securities$276,493 $246,343 $— $246,343 $— 
Government-sponsored commercial mortgage-backed securities200,154 176,883 — 176,883 — 
Loans, net of allowance for loan losses13,420,317 13,149,096 — — 13,149,096 
FHLB stock41,363 41,363 — 41,363 — 
Bank-owned life insurance160,790 160,790 — 160,790 — 
Liabilities
Deposits$18,974,359 $18,960,407 $— $18,960,407 $— 
FHLB advances704,084 702,954 — 702,954 — 
Escrow deposits of borrowers22,314 22,314 — 22,314 — 
Interest rate swap collateral funds14,430 14,430 — 14,430 —