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Fair Value of Assets and Liabilities (Tables)
9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule 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, 2024 and December 31, 2023:
Fair Value Measurements at Reporting Date Using
Balance as of September 30, 2024Quoted 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$2,621,870 $— $2,621,870 $— 
Government-sponsored commercial mortgage-backed securities1,118,463 — 1,118,463 — 
U.S. Agency bonds134,842 — 134,842 — 
U.S. Treasury securities97,350 97,350 — — 
State and municipal bonds and obligations190,827 — 190,827 — 
Rabbi trust investments101,816 94,112 7,704 — 
Loans held for sale1,9931,993
Interest rate swap contracts:
Cash flow hedges - interest rate positions395 — 395 — 
Customer-related positions50,476 — 50,476 — 
Risk participation agreements13 — 13 — 
Foreign currency forward contracts:
Matched customer book591 — 591 — 
Mortgage derivatives80 — 80 — 
Total$4,318,716 $191,462 $4,127,254 $— 
Liabilities
Interest rate swap contracts:
Cash flow hedges - interest rate positions$$— $$— 
Customer-related positions78,260 — 78,260 — 
Risk participation agreements11 11 
Foreign currency forward contracts:
Matched customer book520 520 
Foreign currency loan64 64 
Mortgage derivatives110 — 110 — 
Total$78,968 $— $78,968 $— 
Fair Value Measurements at Reporting Date Using
DescriptionBalance as of December 31, 2023Quoted 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$2,780,638 $— $2,780,638 $— 
Government-sponsored commercial mortgage-backed securities1,124,376 — 1,124,376 — 
U.S. Agency bonds216,011 — 216,011 — 
U.S. Treasury securities95,152 95,152 — — 
State and municipal bonds and obligations191,344 — 191,344 — 
Rabbi trust investments87,435 81,278 6,157 — 
Loans held for sale1,1241,124
Interest rate swap contracts:
Cash flow hedges - interest rate positions10 — 10 — 
Customer-related positions19,535 — 19,535 — 
Risk participation agreements151 — 151 — 
Foreign currency forward contracts:
Matched customer book760 — 760 — 
Mortgage derivatives69 — 69 — 
Total$4,516,605 $176,430 $4,340,175 $— 
Liabilities
Interest rate swap contracts:
Cash flow hedges - interest rate positions$893 $— $893 $— 
Customer-related positions61,217 — 61,217 — 
Risk participation agreements106 — 106 — 
Foreign currency forward contracts:
Matched customer book672 — 672 — 
Foreign currency loan187 — 187 — 
Mortgage derivatives36 — 36 — 
Total$63,111 $— $63,111 $— 
Schedule 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, 2024 and December 31, 2023.
Fair Value Measurements at Reporting Date Using
DescriptionBalance as of September 30, 2024Quoted 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$59,643 $— $— $59,643 
Fair Value Measurements at Reporting Date Using
DescriptionBalance as of December 31, 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$27,874 $— $— $27,874 
Schedule of 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, 2024Fair Value as of September 30, 2024Quoted 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$237,582 $218,784 $— $218,784 $— 
Government-sponsored commercial mortgage-backed securities189,877 174,304 — 174,304 — 
Loans, net of allowance for loan losses17,502,062 16,972,325 — — 16,972,325 
FHLB stock5,865 5,865 — 5,865 — 
Bank-owned life insurance203,635 203,635 — 203,635 — 
Liabilities
Deposits$21,216,854 $21,219,376 $— $21,219,376 $— 
FHLB advances17,342 15,350 — 15,350 — 
Escrow deposits of borrowers29,405 29,405 — 29,405 — 
Interest rate swap collateral funds24,070 24,070 — 24,070 — 
Fair Value Measurements at Reporting Date Using
DescriptionCarrying Value as of December 31, 2023Fair Value as of December 31, 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$254,752 $230,319 $— $230,319 $— 
Government-sponsored commercial mortgage-backed securities194,969 174,503 — 174,503 — 
Loans, net of allowance for loan losses13,799,367 13,145,455 — — 13,145,455 
FHLB stock5,904 5,904 — 5,904 — 
Bank-owned life insurance164,702 164,702 — 164,702 — 
Liabilities
Deposits$17,596,217 $17,593,214 $— $17,593,214 $— 
FHLB advances17,738 15,366 — 15,366 — 
Escrow deposits of borrowers21,978 21,978 — 21,978 — 
Interest rate swap collateral funds8,500 8,500 — 8,500 —