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Fair Value of Assets and Liabilities (Tables)
6 Months Ended
Jun. 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 June 30, 2023 and December 31, 2022:
Fair Value Measurements at Reporting Date Using
Balance as of June 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$2,891,064 $— $2,891,064 $— 
Government-sponsored commercial mortgage-backed securities1,140,160 — 1,140,160 — 
U.S. Agency bonds210,070 — 210,070 — 
U.S. Treasury securities93,082 93,082 — — 
State and municipal bonds and obligations185,817 — 185,817 — 
Other debt securities100 — 100 — 
Rabbi trust investments82,638 76,253 6,385 — 
Loans held for sale2,8352,835
Interest rate swap contracts
Cash flow hedges - interest rate positions1,378 — 1,378 — 
Customer-related positions20,842 — 20,842 — 
Risk participation agreements96 — 96 — 
Foreign currency forward contracts
Matched customer book118 — 118 — 
Mortgage derivatives15 — 15 — 
Total$4,628,215 $169,335 $4,458,880 $— 
Liabilities
Interest rate swap contracts
Cash flow hedges - interest rate positions$25 $— $25 $— 
Customer-related positions78,464 — 78,464 — 
Risk participation agreements119 119 
Foreign currency forward contracts
Matched customer book105 105 
Foreign currency loan243 243 
Mortgage derivatives42 — 42 — 
Total$78,998 $— $78,998 $— 
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 June 30, 2023 and December 31, 2022.
Fair Value Measurements at Reporting Date Using
DescriptionBalance as of June 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$9,368 $— $— $9,368 
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 June 30, 2023Fair Value as of June 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$266,140 $238,139 $— $238,139 $— 
Government-sponsored commercial mortgage-backed securities198,921 174,725 — 174,725 — 
Loans, net of allowance for loan losses13,798,721 13,187,441 — — 13,187,441 
FHLB stock26,894 26,894 — 26,894 — 
Bank-owned life insurance162,718 162,718 — 162,718 — 
Liabilities
Deposits$18,180,972 $18,164,826 $— $18,164,826 $— 
FHLB advances314,021 312,662 — 312,662 — 
Escrow deposits of borrowers22,980 22,980 — 22,980 — 
Interest rate swap collateral funds14,210 14,210 — 14,210 — 
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 —