XML 38 R28.htm IDEA: XBRL DOCUMENT v3.25.3
Fair Value Measurement of Assets and Liabilities (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring and Non-Recurring Basis
The following tables present the assets and liabilities that are measured at fair value on a recurring and non-recurring basis by level within the fair value hierarchy as reported on the consolidated statements of financial condition at September 30, 2025 and December 31, 2024. The assets presented under “non-recurring fair value measurements” in the tables below are not measured at fair value on an ongoing basis but are subject to fair value adjustments under certain circumstances (e.g., when an impairment loss is recognized). 
 September 30,
2025		Fair Value Measurements at Reporting Date Using:
 Quoted Prices
in Active Markets
for Identical
Assets (Level 1)		Significant
Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
 (in thousands)
Recurring fair value measurements:
Assets
Investment securities:
Equity securities$23,435 $23,435 $— $— 
Equity securities at net asset value (NAV)
10,272 — — — 
Available for sale debt securities:
U.S. Treasury securities326,744 326,744 — — 
U.S. government agency securities39,769 — 39,769 — 
Obligations of states and political subdivisions191,009 — 191,009 — 
Residential mortgage-backed securities3,326,099 — 3,326,099 — 
Corporate and other debt securities233,500 — 233,500 — 
Total available for sale debt securities4,117,121 326,744 3,790,377 — 
Loans held for sale (1)
5,405 — 5,405 — 
Other assets (2)
187,786 — 187,786 — 
Total assets$4,344,019 $350,179 $3,983,568 $— 
Liabilities
Other liabilities (2)
$194,604 $— $194,604 $— 
Total liabilities$194,604 $— $194,604 $— 
Non-recurring fair value measurements:
Non-performing loans held for sale (3)
$12,687 $— $12,687 $— 
Collateral dependent loans 136,544 — — 136,544 
Foreclosed assets (3)
5,664 — — 5,664 
Total$154,895 $— $12,687 $142,208 
  Fair Value Measurements at Reporting Date Using:
 December 31,
2024		Quoted Prices
in Active Markets
for Identical
Assets (Level 1)		Significant
Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
 (in thousands)
Recurring fair value measurements:
Assets
Investment securities:
Equity securities $23,642 $23,642 $— $— 
Equity securities at net asset value (NAV)
11,000 — — — 
Available for sale debt securities:
U.S. Treasury securities291,549 291,549 — — 
U.S. government agency securities22,543 — 22,543 — 
Obligations of states and political subdivisions192,509 — 192,509 — 
Residential mortgage-backed securities2,681,076 — 2,681,076 — 
Corporate and other debt securities182,047 — 182,047 — 
Total available for sale debt securities3,369,724 291,549 3,078,175 — 
Loans held for sale (1)
16,931 — 16,931 — 
Other assets (2)
444,263 — 444,263 — 
Total assets$3,865,560 $315,191 $3,539,369 $— 
Liabilities
Other liabilities (2)
$454,200 $— $454,200 $— 
Total liabilities$454,200 $— $454,200 $— 
Non-recurring fair value measurements:
Non-performing loan held for sale (3)
$8,750 $— $8,750 $— 
Collateral dependent loans 139,424 — — 139,424 
Foreclosed assets (3)
13,852 — — 13,852 
Total$162,026 $— $8,750 $153,276 
(1)Represents residential mortgage loans originated for sale that are carried at fair value and had contractual unpaid principal balances totaling $5.3 million and $16.8 million at September 30, 2025 and December 31, 2024, respectively.
(2)Derivative financial instruments are included in this category.
(3)Reported at lower of cost or fair value.
Carrying Amounts and Estimated Fair Values of Financial Instruments
The carrying amounts and estimated fair values of financial instruments not measured and not reported at fair value on the consolidated statements of financial condition at September 30, 2025 and December 31, 2024 were as follows: 
 Fair Value
Hierarchy		September 30, 2025December 31, 2024
 Carrying
Amount		Fair ValueCarrying
Amount		Fair Value
 (in thousands)
Financial assets
Cash and due from banksLevel 1$376,216 $376,216 $411,412 $411,412 
Interest bearing deposits with banksLevel 1994,224 994,224 1,478,713 1,478,713 
Equity securities (1)
Level 344,589 44,589 36,871 36,871 
Held to maturity debt securities:
U.S. Treasury securitiesLevel 1— — 25,480 25,461 
U.S. government agency securitiesLevel 2292,897 253,280 301,315 252,302 
Obligations of states and political subdivisionsLevel 2349,973 326,133 372,489 346,361 
Residential mortgage-backed securitiesLevel 22,777,381 2,457,228 2,710,642 2,292,148 
Trust preferred securitiesLevel 236,097 30,586 36,081 29,145 
Corporate and other debt securitiesLevel 285,108 83,296 86,213 82,867 
Total held to maturity debt securities (2)
3,541,456 3,150,523 3,532,220 3,028,284 
Net loans 
Level 348,687,823 46,731,393 48,240,861 46,634,654 
Accrued interest receivableLevel 1242,861 242,861 239,941 239,941 
FRB and FHLB stock (3)
Level 2339,540 339,540 328,497 328,497 
Financial liabilities
Deposits without stated maturitiesLevel 138,905,691 38,905,691 37,733,313 37,733,313 
Deposits with stated maturitiesLevel 212,270,067 12,319,465 12,342,544 12,363,365 
Short-term borrowingsLevel 251,052 48,632 72,718 68,032 
Long-term borrowingsLevel 22,905,898 2,878,563 3,174,155 3,109,622 
Junior subordinated debentures issued to capital trusts
Level 257,716 53,354 57,455 54,957 
Accrued interest payable (4)
Level 1104,477 104,477 150,564 150,564 
(1)Represents equity securities without a readily determinable fair value, which are measured based on the price at which the investment was acquired plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments. Total changes in the valuation of equity securities were immaterial for the nine months ended September 30, 2025 and the year ended December 31, 2024, respectively.
(2)The carrying amount is presented gross without the allowance for credit losses.
(3)Included in other assets.
(4)Included in accrued expenses and other liabilities.