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Fair Value of Assets and Liabilities (Tables)
12 Months Ended
Dec. 31, 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 December 31, 2024 and 2023:
Fair Value Measurements at Reporting Date Using
Balance as of December 31, 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$2,561,895 $— $2,561,895 $— 
Government-sponsored commercial mortgage-backed securities1,161,111 — 1,161,111 — 
U.S. Agency bonds17,672 — 17,672 — 
U.S. Treasury securities97,619 97,619 — — 
State and municipal bonds and obligations183,301 — 183,301 — 
Rabbi trust investments98,981 91,445 7,536 — 
Deferred compensation plan investments2,439 2,439 — — 
Loans held for sale372 — 372 — 
Interest rate swap contracts
Cash flow hedges - interest rate positions225 — 225 — 
Customer-related positions57,526 — 57,526 — 
Risk participation agreements— — 
Foreign currency forward contracts
Matched customer book1,990 — 1,990 — 
Foreign currency loan62 — 62 — 
Mortgage derivatives33 — 33 — 
Total$4,183,230 $191,503 $3,991,727 $— 
Liabilities
Interest rate swap contracts
Cash flow hedges - interest rate positions$$— $$— 
Customer-related positions97,594 — 97,594 — 
Risk participation agreements— — 
Foreign currency forward contracts
Matched customer book1,980 — 1,980 — 
Foreign currency loan— — — — 
Mortgage derivatives41 — 41 — 
Total$99,624 $— $99,624 $— 
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 sale1,124 — 1,124 — 
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 December 31, 2024 and 2023.
Fair Value Measurements at Reporting Date Using
DescriptionBalance as of December 31, 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$79,156 $— $— $79,156 
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 of Financial Instruments
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
Carrying Value as of December 31, 2024Fair Value as of December 31, 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$231,709 $202,271 $— $202,271 $— 
Government-sponsored commercial mortgage-backed securities189,006 169,453 — 169,453 — 
Loans, net of allowance for loan losses17,549,402 17,126,716 — — 17,126,716 
FHLB stock5,865 5,865 — 5,865 — 
Bank-owned life insurance204,704 204,704 — 204,704 — 
Liabilities
Deposits$21,291,619 $21,287,835 $— $21,287,835 $— 
FHLB advances17,589 15,310 — 15,310 — 
Escrow deposits of borrowers27,721 27,721 — 27,721 — 
Interest rate swap collateral funds48,590 48,590 — 48,590 
Fair Value Measurements at Reporting Date Using
Carrying 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 —