Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Summary of Comparison to Loans Held-for-Sale

The following table compares the fair value to the UPB of residential mortgage loans originated for sale:


	June 30, 2025						December 31, 2024
(In thousands)	Fair Value		UPB		Difference		Fair Value		UPB		Difference
Originated loans held for sale	$	75	$	75	$	—	$	297	$	283	$	14

Summary of Unobservable Inputs

The following tables summarize the unobservable inputs used to derive the estimated fair value of the Company’s contingent consideration liabilities (dollars in thousands):

June 30, 2025

Agreement

Maximum Amount

Probability of Achievement

Payment Term
(in years)

Discount Rate

Fair Value

(i) Re-sign broker dealers

207

99.0 %

0.38

6.40 %

182

(ii) Deposit program growth (1) (2)

n/a


	December 31, 2024
Agreement	Maximum Amount		Probability of Achievement	Payment Term (in years)	Discount Rate	Fair Value
(i) Re-sign broker dealers	$	207	99.0 %	0.88	6.40 %	$	182
(ii) Deposit program growth (1) (2)	$	12,500	100.0 %	0.50	6.40 %	$	11,568

(1)During the first quarter of 2025, the Company re-evaluated its estimate of the forecasted achievement date (payment term) for the deposit program growth event earn-out, which resulted in a revised expected achievement date of April 30, 2025, instead of June 30, 2025. This change in estimate resulted in an increase in fair value of $0.9 million.

(2)The Company generated the required $2.5 billion in new broker dealer deposit programs in April 2025, which resulted in the cash payment of $12.5 million on April 22, 2025, to settle its contingent consideration obligation with StoneCastle Partners LLC in accordance with the purchase agreement.

Summary of Fair Values of Assets and Liabilities Measured at Fair Value

The following tables summarize the fair values of assets and liabilities measured at fair value on a recurring basis:


	June 30, 2025
(In thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Available-for-sale securities:

Government agency debentures	$	—	$	192,436	$	—	$	192,436
Municipal bonds and notes	—		103,808		—		103,808
Agency CMO	—		27,113		—		27,113
Agency MBS	—		4,831,605		—		4,831,605
Agency CMBS	—		3,224,198		—		3,224,198
CMBS	—		790,132		—		790,132

Corporate debt	—		403,373		—		403,373
Private label MBS	—		38,364		—		38,364
Other	—		9,325		—		9,325
Total available-for-sale securities	—		9,620,354		—		9,620,354
Gross derivative instruments, before netting (1)	535		247,020		—		247,555
Originated loans held for sale	—		75		—		75
Investments held in Rabbi Trusts	12,900		—		—		12,900

Alternative investments measured at NAV (2)	—		—		—		50,453
Total financial assets	$	13,435	$	9,867,449	$	—	$	9,931,337
Financial Liabilities:
Gross derivative instruments, before netting (1)	$	1,515	$	242,272	$	—	$	243,787
Contingent consideration	—		—		182		182
Total financial liabilities	$	1,515	$	242,272	$	182	$	243,969


	December 31, 2024
(In thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Available-for-sale securities:

Government agency debentures	$	—	$	186,426	$	—	$	186,426
Municipal bonds and notes	—		110,876		—		110,876
Agency CMO	—		29,043		—		29,043
Agency MBS	—		4,519,785		—		4,519,785
Agency CMBS	—		3,034,392		—		3,034,392
CMBS	—		625,388		—		625,388

Corporate debt	—		452,266		—		452,266
Private label MBS	—		39,219		—		39,219
Other	—		9,205		—		9,205
Total available-for-sale securities	—		9,006,600		—		9,006,600
Gross derivative instruments, before netting (1)	1,263		300,879		—		302,142
Originated loans held for sale	—		297		—		297
Investments held in Rabbi Trusts	13,438		—		—		13,438

Alternative investments measured at NAV (2)	—		—		—		43,360
Total financial assets	$	14,701	$	9,307,776	$	—	$	9,365,837
Financial Liabilities:
Gross derivative instruments, before netting (1)	$	43	$	311,518	$	—	$	311,561
Contingent consideration	—		—		11,750		11,750
Total financial liabilities	$	43	$	311,518	$	11,750	$	323,311

(1)Additional information regarding the impact of netting derivative assets and derivative liabilities, as well as the impact from offsetting cash collateral with the same derivative counterparties, can be found within Note 13: Derivative Financial Instruments.

(2)Certain alternative investments are recorded at NAV. Assets measured at NAV are not classified within the fair value hierarchy.

Summary of Estimated Fair Values of Significant Financial Instruments

The following table summarizes the carrying amounts, estimated fair values, and classifications within the fair value hierarchy of selected financial instruments:


	June 30, 2025				December 31, 2024
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Level 1
Cash and cash equivalents	$	2,993,919	$	2,993,919	$	2,074,434	$	2,074,434
Level 2
Held-to-maturity investment securities, net	8,192,720		7,291,244		8,444,191		7,453,123
Level 3
Loans and leases, net	52,949,913		51,416,732		51,815,602		50,245,305

Liabilities:
Level 2
Deposit liabilities	$	58,394,540	$	58,394,540	$	56,518,126	$	56,518,126
Time deposits	7,919,885		7,895,161		8,234,954		8,211,582
Securities sold under agreements to repurchase and federal funds purchased	372,806		372,858		344,168		344,166
FHLB advances	3,339,914		3,337,057		2,110,108		2,107,790
Long-term debt (1)	905,634		909,945		909,185		860,200

(1)Any unamortized premiums/discounts, debt issuance costs, or basis adjustments to long-term debt, as applicable, are excluded from the determination of fair value.