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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025
Measured on a Recurring BasisTotalLevel 1Level 2Level 3
(In thousands)
Securities available‑for‑sale:
Agency residential MBS$834,085 $— $834,085 $— 
Agency commercial MBS50,966 — 50,966 — 
Agency residential CMOs871,624 — 871,624 — 
Corporate debt securities241,596 — 239,226 2,370 
Private label residential CMOs228,975 — 228,975 — 
Collateralized loan obligations200,822 — 200,822 — 
Private label commercial MBS9,279 — 9,279 — 
Asset-backed securities13,249 — 13,249 — 
SBA securities3,462 — 3,462 — 
Total securities available-for-sale$2,454,058 $— $2,451,688 $2,370 
Equity investments with readily determinable fair values$2 $2 $— $— 
Derivatives (1):
Derivative assets:
Interest rate and foreign exchange contracts4,124 — 4,124 — 
Equity warrants 3,437 — — 3,437 
Derivative liabilities:
Cash flow hedges4,065 — 4,065 — 
Interest rate and foreign exchange contracts4,156 — 4,156 — 
Credit-linked notes113,634 — — 113,634 
____________________
(1)    For information regarding derivative instruments, see "Note 12. Derivatives."
Fair Value Measurements as of December 31, 2024
Measured on a Recurring BasisTotalLevel 1Level 2Level 3
(In thousands)
Securities available‑for‑sale:
Agency residential MBS$861,840 $— $861,840 $— 
Municipal securities594 — 594 — 
Agency commercial MBS51,564 — 51,564 — 
Agency residential CMOs446,631 — 446,631 — 
Corporate debt securities257,712 — 255,582 2,130 
Private label commercial MBS12,372 — 12,372 — 
Collateralized loan obligations279,416 — 279,416 — 
Private label residential CMOs316,910 — 316,910 — 
Asset-backed securities15,600 — 15,600 — 
SBA securities4,200 — 4,200 — 
Total securities available-for-sale$2,246,839 $— $2,244,709 $2,130 
Equity investments with readily determinable fair values$3 $3 $— $— 
Derivatives (1):
Derivative assets:
Cash flow hedges1,442 — 1,442 — 
Interest rate and foreign exchange contracts7,031 — 7,031 — 
Equity warrants 3,763 — — 3,763 
Derivative liabilities:
Interest rate and foreign exchange contracts7,562 — 7,562 — 
Credit-linked notes118,838 — — 118,838 
____________________
(1)    For information regarding derivative instruments, see "Note 12. Derivatives."
The following table summarizes activity for our Level 3 corporate debt securities AFS measured at fair value on a recurring basis for the years indicated:
Year Ended December 31,
Level 3 Corporate Debt Securities202520242023
(In thousands)
Balance, beginning of year$2,130 $40,249 $— 
Total included in other comprehensive income 240 30 (11,501)
Transfer from Level 2— — 51,750 
Transfer to Level 2— (38,149)— 
Balance, end of year$2,370 $2,130 $40,249 
Unrealized net gains (losses) for the period included in other
comprehensive income for securities held at quarter-end$(630)$(870)$(11,501)
Fair Value Inputs, Assets, Quantitative Information
The following table presents information about quantitative inputs and assumptions used to determine the fair values provided by our third-party pricing service for our Level 3 corporate debt securities AFS measured at fair value on a recurring basis as of the date indicated:
Corporate Debt Securities December 31, 2025
Input or
Weighted Average
Unobservable InputsRange of Inputs
Input (1)
Spread to 10 Year Treasury
2.9% - 8.5%
4.5%
Discount rates
7.1% - 12.7%
8.7%
____________________
(1)    Unobservable inputs for corporate debt securities were weighted by the relative fair values of the instruments.
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:
Equity Warrants December 31, 2025
Weighted
RangeAverage
Unobservable Inputsof Inputs
Input (1)
Volatility
19.6% - 965.6%
27.2%
Risk-free interest rate
3.5% - 3.7%
3.6%
Remaining life assumption (in years)
0.08 - 4.99
3.15
__________________
(1)    Unobservable inputs for equity warrants were weighted by the relative fair values of the instruments.
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 Warrants202520242023
(In thousands)
Balance, beginning of year $3,763 $3,689 $4,048 
Total included in earnings1,726 408 (718)
Exercises and settlements (1)
(2,355)(829)(218)
Issuances306 516 613 
Transfers to Level 1 (equity investments with readily determinable fair values)(3)(21)(36)
Balance, end of year$3,437 $3,763 $3,689 
______________________
(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, 2025
Measured on a Non‑Recurring BasisTotalLevel 1Level 2Level 3
(In thousands)
Individually evaluated loans and leases $52,443 $— $48,401 $4,042 
OREO, net
248 — 248 — 
Total non-recurring$52,691 $— $48,649 $4,042 
Fair Value Measurement as of December 31, 2024
Measured on a Non‑Recurring BasisTotalLevel 1Level 2Level 3
(In thousands)
Individually evaluated loans and leases $58,948 $— $45,962 $12,986 
OREO, net
3,372 — 3,372 — 
Total non-recurring$62,320 $— $49,334 $12,986 
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 Basis202520242023
(In thousands)
Individually evaluated loans and leases $7,650 $35,699 $4,403 
OREO, net
96 983 1,307 
Total net loss$7,746 $36,682 $5,710 
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, 2025
ValuationUnobservableInput or
Weighted
Asset
Fair Value
TechniqueInputsRange
Average
Individually evaluated loans and leases4,042Third-party appraisalsNo discounts
Total non-recurring Level 3$4,042
Fair Value, by Balance Sheet Grouping
The following tables present carrying amounts and estimated fair values of certain financial instruments as of the dates indicated:
December 31, 2025
Carrying
Estimated Fair Value
AmountTotalLevel 1Level 2Level 3
(In thousands)
Financial Assets:
Cash and due from banks$181,103 $181,103 $181,103 $— $— 
Interest‑earning deposits in financial institutions2,126,862 2,126,862 2,126,862 — — 
Securities available‑for‑sale2,454,058 2,454,058 — 2,451,688 2,370 
Securities held-to-maturity2,308,636 2,246,526 185,088 2,057,189 4,249 
Investment in FRB and FHLB stock160,442 160,442 — 160,442 — 
Loans HFS182,936 183,083 — 183,083 — 
Loans and leases HFI, net24,787,067 23,871,794 — 48,401 23,823,393 
Equity investments with readily determinable fair values2 2 2 — — 
Equity warrants3,437 3,437 — — 3,437 
Interest rate and foreign exchange contracts4,124 4,124 — 4,124 — 
Servicing rights17,480 19,427 — — 19,427 
Financial Liabilities:
Demand, checking, savings and money market deposits23,156,094 23,156,094 — 23,156,094 — 
Time deposits4,687,263 4,684,099 — 4,684,099 — 
Borrowings2,063,819 2,069,076 275,185 1,680,257 113,634 
Subordinated debt952,740 934,819 — 934,819 — 
Cash flow hedges4,065 4,065 — 4,065 — 
Interest rate and foreign exchange contracts4,156 4,156 — 4,156 — 

December 31, 2024
Carrying
Estimated Fair Value
AmountTotalLevel 1Level 2Level 3
(In thousands)
Financial Assets:
Cash and due from banks$192,006 $192,006 $192,006 $— $— 
Interest‑earning deposits in financial institutions2,310,206 2,310,206 2,310,206 — — 
Securities available‑for‑sale2,246,839 2,246,839 — 2,244,709 2,130 
Securities held-to-maturity2,306,149 2,156,694 173,283 1,976,265 7,146 
Investment in FHLB stock147,773 147,773 — 147,773 — 
Loans HFS26,331 26,562 — 26,562 — 
Loans and leases HFI, net23,542,303 22,412,073 — 45,962 22,366,111 
Equity investments with readily determinable fair values3 3 3 — — 
Equity warrants3,763 3,763 — — 3,763 
Cash flow hedges1,442 1,442 — 1,442 — 
Interest rate and foreign exchange contracts7,031 7,031 — 7,031 — 
Servicing rights19,623 21,040 — — 21,040 
Financial Liabilities:
Demand, checking, savings and money market deposits22,625,485 22,625,485 — 22,625,485 — 
Time deposits4,566,424 4,556,575 — 4,556,575 — 
Borrowings1,391,814 1,382,742 — 1,263,904 118,838 
Subordinated debt941,923 901,532 — 901,532 — 
Interest rate and foreign exchange contracts7,562 7,562 — 7,562 — 
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 December 31,
Level 3 Credit-Linked Notes202520242023
(In thousands)
Balance, beginning of year $118,838 $123,116 $132,030 
Total included in earnings(51)(1,411)5,404 
Total included in other comprehensive income(868)2,589 (7,794)
Principal payments(4,285)(5,456)(6,524)
Balance, end of year$113,634 $118,838 $123,116