Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2024 |
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| Fair Value Measurements [Abstract] |
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| Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis |
The table below presents the June 30, 2024 and December 31, 2023 carrying values of assets and liabilities measured at fair value on a recurring basis. There were no transfers among levels during the first six months of 2024 or the year ended December 31, 2023.
| | | | | | | | | | | | | | | | | Fair Value Measurements Using | | (In thousands) | Total Fair Value | Quoted Prices in Active Markets for Identical Assets
(Level 1) | Significant Other Observable Inputs
(Level 2) | Significant Unobservable Inputs
(Level 3) | | June 30, 2024 | | | | | | Assets: | | | | | | Residential mortgage loans held for sale | $ | 2,186 | | $ | — | | $ | 2,186 | | $ | — | | | Available for sale debt securities: | | | | | | U.S. government and federal agency obligations | 1,637,827 | | 1,637,827 | | — | | — | | | Government-sponsored enterprise obligations | 43,139 | | — | | 43,139 | | — | | | State and municipal obligations | 775,983 | | — | | 775,030 | | 953 | | | Agency mortgage-backed securities | 3,630,296 | | — | | 3,630,296 | | — | | | Non-agency mortgage-backed securities | 646,357 | | — | | 646,357 | | — | | | Asset-backed securities | 1,583,747 | | — | | 1,583,747 | | — | | | Other debt securities | 216,922 | | — | | 216,922 | | — | | | Trading debt securities | 45,499 | | — | | 45,499 | | — | | | Equity securities | 47,804 | | 47,804 | | — | | — | | | Private equity investments | 178,321 | | — | | — | | 178,321 | | | Derivatives * | 86,709 | | — | | 86,511 | | 198 | | | Assets held in trust for deferred compensation plan | 21,550 | | 21,550 | | — | | — | | | Total assets | 8,916,340 | | 1,707,181 | | 7,029,687 | | 179,472 | | | Liabilities: | | | | | Derivatives * | 36,915 | | — | | 36,832 | | 83 | | Liabilities held in trust for deferred compensation plan | 21,550 | | 21,550 | | — | | — | | | Total liabilities | $ | 58,465 | | $ | 21,550 | | $ | 36,832 | | $ | 83 | | | December 31, 2023 | | | | | | Assets: | | | | | | Residential mortgage loans held for sale | $ | 1,585 | | $ | — | | $ | 1,585 | | $ | — | | | Available for sale debt securities: | | | | | | U.S. government and federal agency obligations | 816,514 | | 816,514 | | — | | — | | | Government-sponsored enterprise obligations | 43,962 | | — | | 43,962 | | — | | | State and municipal obligations | 1,197,419 | | — | | 1,196,472 | | 947 | | | Agency mortgage-backed securities | 3,901,346 | | — | | 3,901,346 | | — | | | Non-agency mortgage-backed securities | 1,157,898 | | — | | 1,157,898 | | — | | | Asset-backed securities | 2,107,485 | | — | | 2,107,485 | | — | | | Other debt securities | 460,136 | | — | | 460,136 | | — | | | Trading debt securities | 28,830 | | — | | 28,830 | | — | | | Equity securities | 5,723 | | 5,723 | | — | | — | | | Private equity investments | 176,667 | | — | | — | | 176,667 | | | Derivatives * | 116,876 | | — | | 116,710 | | 166 | | | Assets held in trust for deferred compensation plan | 20,538 | | 20,538 | | — | | — | | | Total assets | 10,034,979 | | 842,775 | | 9,014,424 | | 177,780 | | | Liabilities: | | | | | Derivatives * | 37,899 | | — | | 37,704 | | 195 | | Liabilities held in trust for deferred compensation plan | 20,538 | | 20,538 | | — | | — | | | Total liabilities | $ | 58,437 | | $ | 20,538 | | $ | 37,704 | | $ | 195 | |
* The fair value of each class of derivative is shown in Note 11.
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| Summary Of Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis |
The changes in the Company's Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:
| | | | | | | | | | | | | | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) |
(In thousands) | State and Municipal Obligations | Private Equity Investments | | Total | | For the three months ended June 30, 2024 | | | | | | Balance March 31, 2024 | $ | 956 | | $ | 183,706 | | | $ | 184,662 | | | Total gains or losses (realized/unrealized): | | | | | | Included in earnings | — | | 5,677 | | | 5,677 | | | Included in other comprehensive income * | (4) | | — | | | (4) | | | | | | | | Discount accretion | 1 | | — | | | 1 | | | Purchases of private equity investments | — | | 1,470 | | | 1,470 | | | Sale/pay down of private equity investments | — | | (12,564) | | | (12,564) | | | Capitalized interest/dividends | — | | 32 | | | 32 | | | | | | | | | | | | | Balance at June 30, 2024 | $ | 953 | | $ | 178,321 | | | $ | 179,274 | | Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2024 | $ | — | | $ | 5,677 | | | $ | 5,677 | | *Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2024 | $ | (4) | | $ | — | | | $ | (4) | | | For the six months ended June 30, 2024 | | | | | Balance January 1, 2024 | $ | 947 | | $ | 176,667 | | | $ | 177,614 | | | Total gains or losses (realized/unrealized): | | | | | | Included in earnings | — | | 12,777 | | | 12,777 | | | Included in other comprehensive income * | 5 | | — | | | 5 | | | | | | | | Discount accretion | 1 | | — | | | 1 | | | Purchases of private equity investments | — | | 10,947 | | | 10,947 | | | Sale/pay down of private equity investments | — | | (21,964) | | | (21,964) | | | Capitalized interest/dividends | — | | (106) | | | (106) | | | | | | | | | | | | | Balance at June 30, 2024 | $ | 953 | | $ | 178,321 | | | $ | 179,274 | | Total gains or losses for the six months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2024 | $ | — | | $ | 11,002 | | | $ | 11,002 | | *Total gains or losses for the six months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2024 | $ | 5 | | $ | — | | | $ | 5 | |
| | | | | | | | | | | | | | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) |
(In thousands) | State and Municipal Obligations | Private Equity Investments | | Total | | For the three months ended June 30, 2023 | | | | | Balance at March 31, 2023 | $ | 914 | | $ | 163,418 | | | $ | 164,332 | | | Total gains or losses (realized/unrealized): | | | | | | Included in earnings | — | | 9,090 | | | 9,090 | | | Included in other comprehensive income * | 5 | | — | | | 5 | | | | | | | | Discount accretion | 1 | | — | | | 1 | | | Purchases of private equity investments | — | | 224 | | | 224 | | | | | | | | | | | | | | | | | | | | | | | Balance at June 30, 2023 | $ | 920 | | $ | 172,732 | | | $ | 173,652 | | Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2023 | $ | — | | $ | 9,090 | | | $ | 9,090 | | *Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2023 | $ | 5 | | $ | — | | | $ | 5 | | | For the six months ended June 30, 2023 | | | | | Balance January 1, 2023 | $ | 1,841 | | $ | 178,127 | | | $ | 179,968 | | | Total gains or losses (realized/unrealized): | | | | | | Included in earnings | — | | 11,341 | | | 11,341 | | | Included in other comprehensive income * | 31 | | — | | | 31 | | | Investment securities called | (1,000) | | — | | | (1,000) | | | Discount accretion | 48 | | — | | | 48 | | | Purchases of private equity investments | — | | 10,756 | | | 10,756 | | | Sale/pay down of private equity investments | — | | (27,492) | | | (27,492) | | | | | | | | | | | | | | | | | | Balance at June 30, 2023 | $ | 920 | | $ | 172,732 | | | $ | 173,652 | | Total gains or losses for the six months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2023 | $ | — | | $ | 11,341 | | | $ | 11,341 | | *Total gains or losses for the six months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2023 | $ | 10 | | $ | — | | | $ | 10 | |
* Included in "net unrealized gains (losses) on available for sale debt securities" in the consolidated statements of comprehensive income.
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| Summary Of Gains And Losses On Level 3 Assets And Liabilities |
Gains and losses included in earnings for the Company's Level 3 assets and liabilities in the previous table are reported in the following line items in the consolidated statements of income:
| | | | | | | | | | (In thousands) | | | Investment Securities Gains (Losses), Net | | For the three months ended June 30, 2024 | | | | | | Total gains or losses included in earnings | | | $ | 5,677 | | | Change in unrealized gains or losses relating to assets still held at June 30, 2024 | | | $ | 5,677 | | | For the six months ended June 30, 2024 | | | | | | Total gains or losses included in earnings | | | $ | 12,777 | | | Change in unrealized gains or losses relating to assets still held at June 30, 2024 | | | $ | 11,002 | | | For the three months ended June 30, 2023 | | | | | | Total gains or losses included in earnings | | | $ | 9,090 | | | Change in unrealized gains or losses relating to assets still held at June 30, 2023 | | | $ | 9,090 | | | For the six months ended June 30, 2023 | | | | | | Total gains or losses included in earnings | | | $ | 11,341 | | | Change in unrealized gains or losses relating to assets still held at June 30, 2023 | | | $ | 11,341 | | |
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| Summary Of Quantitative Information About Level 3 Fair Value Measurements |
The Company's Level 3 measurements at June 30, 2024, which employ unobservable inputs that are readily quantifiable, pertain to investments in portfolio concerns held by the Company's private equity subsidiaries. Information about these inputs is presented in the table below.
| | | | | | | | | | | | | | | | | | | | | | | | | Quantitative Information about Level 3 Fair Value Measurements | | | | Weighted | | Valuation Technique | Unobservable Input | Range | | Average* | | | | | | | | | | | | | | | | | | Private equity investments | Market comparable companies | EBITDA multiple | 3.5 | - | 7.5 | | 5.2 | | | | | | | | | | | | | | | | |
* Unobservable inputs were weighted by the relative fair value of the instruments.
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| Schedule Of Fair Value Disclosures Measured On Nonrecurring Basis [Table Text Block] |
For assets measured at fair value on a nonrecurring basis during the first six months of 2024 and 2023, and still held as of June 30, 2024 and 2023, the following table provides the adjustments to fair value recognized during the respective periods, the level of valuation inputs used to determine each adjustment, and the carrying value of the related individual assets or portfolios at June 30, 2024 and 2023.
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Fair Value | Quoted Prices in Active Markets for Identical Assets
(Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) Recognized During the Six Months Ended June 30 | | June 30, 2024 | | | | | | | Collateral dependent loans | $ | 15,081 | | $ | — | | $ | — | | $ | 15,081 | | $ | (2,850) | | | Equity securities | 58,376 | | — | | 57,185 | | 1,191 | | 58,241 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2023 | | | | | | | Collateral dependent loans | $ | 1,647 | | $ | — | | $ | — | | $ | 1,647 | | $ | 588 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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