v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value to the UPB of Residential Mortgage Loans Originated for Sale
The following table compares the fair value to the UPB of residential mortgage loans originated for sale:
June 30, 2026December 31, 2025
(In thousands)Fair ValueUPBDifferenceFair ValueUPBDifference
Originated loans held for sale$444 $470 $(26)$2,142 $2,068 $74 
Schedule of Estimated Fair Value of the Company’s Contingent Consideration Liability
The following tables summarize the significant inputs used to derive the estimated fair value of the Company’s contingent consideration liabilities associated with the SecureSave acquisition (dollars in thousands):
June 30, 2026
Contractual InputsUnobservable Inputs
Measurement DateProgram Deposit ThresholdEarn-Out RateAggregate Maximum Earn-OutProjected Program DepositsDiscount Factor on Projected Program Deposits Deposit VolatilityPayout Present Value FactorFair Value
December 31, 2026$145,000 1.0 %$35,000 $64,037 0.9614.0 %0.96$— 
December 31, 2027402,500 1.5 35,000 358,851 0.8614.0 0.92410 
December 31, 2028681,000 5.0 35,000 1,011,521 0.7314.0 0.876,320 
December 31, 2025
Contractual InputsUnobservable Inputs
Measurement DateProgram Deposit ThresholdEarn-Out RateAggregate Maximum Earn-OutProjected Program DepositsDiscount Factor on Projected Program DepositsDeposit VolatilityPayout Present Value FactorFair Value
December 31, 2026$145,000 1.0 %$35,000 $146,700 0.9214.0 %0.94$417 
December 31, 2027402,500 1.5 35,000 485,405 0.7914.0 0.902,998 
December 31, 2028681,000 5.0 35,000 1,034,752 0.6814.0 0.865,005 
Schedule of Fair Values of Assets and Liabilities Measured at Fair Value
The following tables summarize the fair values of assets and liabilities measured at fair value on a recurring basis:
 June 30, 2026
(In thousands)Level 1Level 2Level 3Total
Financial Assets:
Available-for-sale securities:
Government agency debentures$— $195,171 $— $195,171 
Agency CMO— 22,492 — 22,492 
Agency MBS— 5,312,381 — 5,312,381 
Agency CMBS— 3,742,196 — 3,742,196 
Municipal bonds and notes— 109,229 — 109,229 
CMBS— 880,553 — 880,553 
Corporate debt— 292,938 — 292,938 
Private label MBS— 35,939 — 35,939 
Other— 9,429 — 9,429 
Total available-for-sale securities— 10,600,328 — 10,600,328 
Gross derivative financial instruments, before netting (1)
678 214,083 — 214,761 
Originated loans held for sale— 444 — 444 
Investments held in Rabbi Trusts16,154 — — 16,154 
Alternative investments measured at NAV (2)
— — — 69,042 
Total financial assets$16,832 $10,814,855 $— $10,900,729 
Financial Liabilities:
Gross derivative financial instruments, before netting (1)
$408 $215,385 $— $215,793 
Contingent consideration— — 6,730 6,730 
Total financial liabilities$408 $215,385 $6,730 $222,523 
 December 31, 2025
(In thousands)Level 1Level 2Level 3Total
Financial Assets:
Available-for-sale securities:
Government agency debentures$— $197,650 $— $197,650 
Agency CMO— 24,856 — 24,856 
Agency MBS— 5,057,273 — 5,057,273 
Agency CMBS— 3,526,010 — 3,526,010 
Municipal bonds and notes— 109,619 — 109,619 
CMBS— 718,412 — 718,412 
Corporate debt— 328,145 — 328,145 
Private label MBS— 38,052 — 38,052 
Other— 9,483 — 9,483 
Total available-for-sale securities— 10,009,500 — 10,009,500 
Gross derivative financial instruments, before netting (1)
152 230,049 — 230,201 
Originated loans held for sale— 2,142 — 2,142 
Investments held in Rabbi Trusts15,415 — — 15,415 
Alternative investments measured at NAV (2)
— — — 57,549 
Total financial assets$15,567 $10,241,691 $— $10,314,807 
Financial Liabilities:
Gross derivative financial instruments, before netting (1)
$417 $223,297 $— $223,714 
Contingent consideration— — 8,420 8,420 
Total financial liabilities$417 $223,297 $8,420 $232,134 
(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.
Schedule of Carrying Amounts, Estimated Fair Values, and Classifications Within the Fair Value Hierarchy
The following table summarizes the carrying amounts, estimated fair values, and classifications within the fair value hierarchy for selected financial instruments:
 June 30, 2026December 31, 2025
(In thousands)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Assets:
Level 1
Cash and cash equivalents$2,722,427 $2,722,427 $2,449,525 $2,449,525 
Level 2
Held-to-maturity securities, net7,694,979 6,809,865 7,969,575 7,168,583 
Level 3
Loans and leases, net57,144,832 55,947,509 55,877,699 54,892,526 
Liabilities:
Level 2
Deposit liabilities$61,921,204 $61,921,204 $60,189,495 $60,189,495 
Time deposits8,362,249 8,341,022 8,570,318 8,553,998 
Securities sold under agreements to repurchase 73,395 73,388 596,738 596,872 
FHLB advances3,661,246 3,655,761 2,980,718 2,978,201 
Long-term debt (1)
737,171 783,839 739,454 791,945 
(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.