Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of assets and liabilities measured at fair value

Assets and liabilities measured at fair value are as follows:


	Fair Value Measurements Using
(in thousands)	Level 1		Level 2		Level 3
June 30, 2025
Available-for-sale debt securities:(1)


Residential mortgage-backed securities	$	—	$	3,519,520	$	—


Commercial mortgage-backed securities	—		243,254		—
CRT securities	—		—		11,367
Equity securities(1)(2)	52,561		16,131		—
Trading securities(1)	—		3,888		—

Loans held for investment(3)	—		—		16,154

Derivative assets(4)	—		50,129		—
Securities sold not yet purchased(5)	26,551		—		—
Derivative liabilities(4)	—		40,217		—
Non-qualified deferred compensation plan liabilities(6)	19,533		—		—
December 31, 2024
Available-for-sale debt securities:(1)
U.S. Treasury securities	$	277,285	$	—	$	—

Residential mortgage-backed securities	—		3,034,043		—


Commercial mortgage-backed securities	—		201,432		—
CRT securities	—		—		11,926
Equity securities(1)(2)	59,235		16,026		—

Loans held for investment(3)	—		—		35,318
Derivative assets(4)	—		23,202		—
Securities sold not yet purchased(5)	33,705		—		—
Derivative liabilities(4)	—		57,906		—
Non-qualified deferred compensation plan liabilities(6)	19,109		—		—

(1)Available-for-sale debt securities, equity securities and trading securities are measured at fair value on a recurring basis, generally monthly.

(2)Equity securities consist of investments that qualify for consideration under the regulations implementing the Community Reinvestment Act and investments in exchange traded funds.

(3)Includes certain collateral-dependent loans held for investment for which a specific allocation of the allowance for credit losses is based upon the fair value of the loan’s underlying collateral. These loans held for investment are measured on a nonrecurring basis, generally annually or more often as warranted by market and economic conditions.

(4)Derivative assets and liabilities are measured at fair value on a recurring basis, generally quarterly.

(5)Securities sold not yet purchased are measured at fair value on a recurring basis, generally monthly.

(6)Non-qualified deferred compensation plan liabilities represent the fair value of the obligation to the employee, which generally corresponds to the fair value of the invested assets, and are measured at fair value on a recurring basis, generally monthly.

Level 3 Fair Value Assets Measured on a Recurring Basis

The following table presents a reconciliation of the level 3 fair value category measured at fair value on a recurring basis:


							Net Gains/(Losses)
(in thousands)	Balance at Beginning of Period		Purchases / Additions		Sales / Reductions		Realized		Unrealized		Balance at End of Period
Three Months Ended June 30, 2025
Available-for-sale debt securities:(1)

CRT securities	$	11,594	$	—	$	(337)	$	—	$	110	$	11,367

Three Months Ended June 30, 2024
Available-for-sale debt securities:(1)

CRT securities	$	12,261	$	—	$	(291)	$	—	$	358	$	12,328

Six Months Ended June 30, 2025
Available-for-sale debt securities:(1)

CRT securities	$	11,926	$	—	$	(638)	$	—	$	79	$	11,367

Six Months Ended June 30, 2024
Available-for-sale debt securities:(1)

CRT securities	$	11,995	$	—	$	(500)	$	—	$	833	$	12,328

(1)Unrealized gains/(losses) on available-for-sale debt securities are recorded in AOCI. Realized gains/(losses) are recorded in other non-interest income on the consolidated statements of income and other comprehensive income/(loss).

Summary of the carrying amounts and estimated fair values of financial instruments

A summary of the carrying amounts and estimated fair values of financial instruments is as follows:


	Carrying Amount		Estimated Fair Value
(in thousands)			Total		Level 1		Level 2		Level 3
June 30, 2025
Financial assets:
Cash and cash equivalents	$	2,690,142	$	2,690,142	$	2,690,142	$	—	$	—
Available-for-sale debt securities	3,774,141		3,774,141		—		3,762,774		11,367
Held-to-maturity debt securities	761,907		674,663		—		674,663		—
Equity securities	68,692		68,692		52,561		16,131		—
Trading securities	3,888		3,888		—		3,888		—

Loans held for investment, net	23,647,886		23,597,536		—		—		23,597,536
Derivative assets	50,129		50,129		—		50,129		—
Financial liabilities:
Total deposits	26,064,309		26,065,518		—		—		26,065,518
Short-term borrowings	1,250,000		1,250,000		—		1,250,000		—
Long-term debt	620,256		590,131		—		590,131		—
Securities sold not yet purchased	26,551		26,551		26,551		—		—
Derivative liabilities	40,217		40,217		—		40,217		—
December 31, 2024
Financial assets:
Cash and cash equivalents	$	3,188,808	$	3,188,808	$	3,188,808	$	—	$	—
Available-for-sale debt securities	3,524,686		3,524,686		277,285		3,235,475		11,926
Held-to-maturity debt securities	796,168		678,174		—		678,174		—
Equity securities	75,261		75,261		59,235		16,026		—

Loans held for investment, net	22,178,357		22,115,585		—		—		22,115,585
Derivative assets	23,202		23,202		—		23,202		—
Financial liabilities:
Total deposits	25,238,599		25,245,009		—		—		25,245,009
Short-term borrowings	885,000		885,000		—		885,000		—
Long-term debt	660,346		622,713		—		622,713		—
Securities sold not yet purchased	33,705		33,705		33,705		—		—
Derivative liabilities	57,906		57,906		—		57,906		—

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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