Fair Values of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of 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 for the periods presented:


	June 30, 2025
(In thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities
U.S. Treasury	$	13,018	$	13,018	$	—	$	—
U.S. government agencies	45,824		—		45,824		—
Municipal	180,644		—		64,569		116,075
Corporate notes	79,799		—		79,799		—
Mortgage-backed	4,566,430		—		4,566,430		—
Trading account securities	—		—		—		—
Equity securities with readily determinable fair value	273,722		265,656		8,066		—
Mortgage loans held-for-sale	299,606		—		272,438		27,168
Loans held-for-investment	136,884		—		83,847		53,037
MSRs	193,061		—		—		193,061
Nonqualified deferred compensation assets	17,283		—		17,283		—
Derivative assets	221,106		—		215,558		5,548
Total	$	6,027,377	$	278,674	$	5,353,814	$	394,889
Derivative liabilities	$	161,402	$	—	$	161,402	$	—


	December 31, 2024
(In thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities
U.S. Treasury	$	37,907	$	37,907	$	—	$	—
U.S. government agencies	44,945		—		44,945		—
Municipal	184,593		—		62,986		121,607
Corporate notes	81,162		—		81,162		—
Mortgage-backed	3,792,875		—		3,792,875		—
Trading account securities	4,072		—		4,072		—
Equity securities with readily determinable fair value	215,412		207,346		8,066		—
Mortgage loans held-for-sale	331,261		—		270,862		60,399
Loans held-for-investment	158,795		—		123,899		34,896
MSRs	203,788		—		—		203,788
Nonqualified deferred compensation assets	16,653		—		16,653		—
Derivative assets	200,027		—		198,077		1,950
Total	$	5,271,490	$	245,253	$	4,603,597	$	422,640
Derivative liabilities	$	241,750	$	—	$	241,750	$	—


	June 30, 2024
(In thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities
U.S. Treasury	$	102,712	$	102,712	$	—	$	—
U.S. government agencies	45,192		—		45,192		—
Municipal	146,608		—		50,816		95,792
Corporate notes	77,975		—		77,975		—
Mortgage-backed	3,957,470		—		3,957,470		—
Trading account securities	4,134		—		4,134		—
Equity securities with readily determinable fair value	112,173		104,107		8,066		—
Mortgage loans held-for-sale	411,851		—		371,306		40,545
Loans held-for-investment	135,834		—		90,113		45,721
MSRs	204,610		—		—		204,610
Nonqualified deferred compensation assets	16,041		—		16,041		—
Derivative assets	243,860		—		239,065		4,795
Total	$	5,458,460	$	206,819	$	4,860,178	$	391,463
Derivative liabilities	$	317,659	$	—	$	317,659	$	—

Schedule of Changes In Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

The changes in Level 3 assets measured at fair value on a recurring basis during the three and six months ended June 30, 2025 and 2024 are summarized as follows:


			Mortgage loans held-for-sale		Loans held-for- investment		Mortgage servicing rights		Derivative assets
(In thousands)	Municipal
Balance at April 1, 2025	$	121,844	$	56,324	$	34,002	$	196,307	$	5,493
Total net (losses) gains included in:
Net income (1)	—		479		565		(3,246)		55
Other comprehensive income or loss	(2,353)		—		—		—		—
Purchases	—		—		—		—		—


Settlements	(3,416)		(44,819)		(7,778)		—		—
Net transfers into Level 3	—		15,184		26,248		—		—
Balance at June 30, 2025	$	116,075	$	27,168	$	53,037	$	193,061	$	5,548


			Mortgage loans held-for-sale		Loans held-for- investment		Mortgage servicing rights		Derivative assets
(In thousands)	Municipal
Balance at April 1, 2024	$	88,219	$	33,726	$	49,317	$	201,044	$	6,212
Total net (losses) gains included in:
Net income (1)	—		205		66		3,566		(1,417)
Other comprehensive income or loss	(680)		—		—		—		—
Purchases	9,682		—		—		—		—


Settlements	(1,429)		(10,269)		(7,709)		—		—
Net transfers into Level 3	—		16,883		4,047		—		—
Balance at June 30, 2024	$	95,792	$	40,545	$	45,721	$	204,610	$	4,795

(1)Changes in the balance of mortgage loans held-for-sale, MSRs, and derivative assets related to fair value adjustments are recorded as components of mortgage banking revenue. Changes in the balance of loans held-for-investment related to fair value adjustments are recorded as other non-interest income.


			Mortgage loans held-for-sale		Loans held-for- investment		Mortgage servicing rights		Derivative Assets
(In thousands)	Municipal
Balance at January 1, 2025	$	121,607	$	60,399	$	34,896	$	203,788	$	1,950
Total net (losses) gains included in:
Net income (1)	—		1,452		836		(10,727)		3,598
Other comprehensive income or loss	(7,431)		—		—		—		—
Purchases	15,282		—		—		—		—
Issuances	—		—		—		—		—
Sales	—		—		—		—		—
Settlements	(13,383)		(69,420)		(12,725)		—		—
Net transfers into Level 3	—		34,737		30,030		—		—
Balance at June 30, 2025	$	116,075	$	27,168	$	53,037	$	193,061	$	5,548


			Mortgage loans held-for-sale		Loans held-for- investment		Mortgage servicing rights		Derivative Assets
(In thousands)	Municipal
Balance at January 1, 2024	$	86,237	$	26,835	$	60,670	$	192,456	$	4,510
Total net (losses) gains included in:
Net income (1)	—		272		(251)		12,154		285
Other comprehensive income or loss	(2,668)		—		—		—		—
Purchases	18,066		—		—		—		—

Sales	—		—		—		—		—
Settlements	(5,843)		(20,609)		(23,512)		—		—
Net transfers into Level 3	—		34,047		8,814		—		—
Balance at June 30, 2024	$	95,792	$	40,545	$	45,721	$	204,610	$	4,795

(1)Changes in the balance of mortgage loans held-for-sale, MSRs and derivative assets related to fair value adjustments are recorded as components of mortgage banking revenue. Changes in the balance of loans held-for-investment related to fair value adjustments are recorded as other non-interest income.

Schedule of Assets Measured at Fair Value on a Nonrecurring Basis

For assets measured at fair value on a non-recurring basis that were still held in the balance sheet at the end of the period, the following table provides the carrying value of the related individual assets or portfolios at June 30, 2025:


	June 30, 2025								Three Months Ended June 30, 2025 Fair Value Losses Recognized, net		Six Months Ended June 30, 2025 Fair Value Losses Recognized, net
(In thousands)	Total		Level 1		Level 2		Level 3
Individually assessed loans - foreclosure probable and collateral-dependent	$	143,486	$	—	$	—	$	143,486	$	11,075	$	21,155
Other real estate owned (1)	23,615		—		—		23,615		325		816
Total	$	167,101	$	—	$	—	$	167,101	$	11,400	$	21,971

(1)Net fair value losses recognized on other real estate owned include valuation adjustments and charge-offs during the respective period.

Schedule of Valuation Techniques and Significant Unobservable Inputs Used to Measure Both Recurring and Non Recurring

The valuation techniques and significant unobservable inputs used to measure both recurring and non-recurring Level 3 fair value measurements at June 30, 2025 were as follows:

(Dollars in thousands)

Fair Value

Valuation Methodology

Significant Unobservable Input

Input / Range of Inputs

Weighted
Average
of Inputs

Impact to valuation
from an increased or
higher input value

Measured at fair value on a recurring basis:

Municipal securities

116,075

Bond pricing

Equivalent rating

BBB-AA+

N/A

Increase

Mortgage loans held-for-sale

27,168

Discounted cash flows

Discount rate

5.44%

Decrease

Credit discount

0% - 24%

0.80%

Decrease

Loans held-for-investment

53,037

Discounted cash flows

Discount rate

5.44% - 6.38%

5.49%

Decrease

Credit discount

0% - 18%

1.26%

Decrease

Constant prepayment rate (CPR) - current loans

9.34%

Decrease

Average life - delinquent loans (in years)

1.2 years - 11.5 years

5.7 years

Decrease

MSRs

193,061

Discounted cash flows

Discount rate

5% - 27%

10.43%

Decrease

Constant prepayment rate (CPR)

0% - 91%

9.34%

Decrease

Cost of servicing

$70 - $200

Decrease

Cost of servicing - delinquent

$200 - 1,000

390

Decrease

Derivatives

5,548

Discounted cash flows

Pull-through rate

3% - 100%

80.62

Increase

Measured at fair value on a non-recurring basis:

Individually assessed loans - foreclosure probable and collateral-dependent

143,486

Appraisal value

Appraisal adjustment - cost of sale

10%

10.00%

Decrease

Other real estate owned

23,615

Appraisal value

Appraisal adjustment - cost of sale

10%

10.00%

Decrease

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments

The table below presents the carrying amounts and estimated fair values of the Company’s financial instruments as of the dates shown:


	At June 30, 2025				At December 31, 2024				At June 30, 2024
	Carrying		Fair		Carrying		Fair		Carrying		Fair
(In thousands)	Value		Value		Value		Value		Value		Value
Financial Assets:
Cash and cash equivalents	$	695,564	$	695,564	$	458,536	$	458,536	$	415,524	$	415,524

Interest-bearing deposits with banks	4,569,618		4,569,618		4,409,753		4,409,753		2,824,314		2,824,314
Available-for-sale securities	4,885,715		4,885,715		4,141,482		4,141,482		4,329,957		4,329,957
Held-to-maturity securities	3,502,186		2,869,415		3,613,263		2,910,550		3,755,924		3,060,467
Trading account securities	—		—		4,072		4,072		4,134		4,134
Equity securities with readily determinable fair value	273,722		273,722		215,412		215,412		112,173		112,173
FHLB and FRB stock, at cost	282,087		282,087		281,407		281,407		256,495		256,495
Brokerage customer receivables	—		—		18,102		18,102		13,682		13,682
Mortgage loans held-for-sale, at fair value	299,606		299,606		331,261		331,261		411,851		411,851
Loans held-for-investment, at fair value	136,884		136,884		158,795		158,795		135,834		135,834
Loans held-for-investment, at amortized cost	50,904,795		50,121,351		47,896,242		47,070,249		44,539,697		43,461,319
Nonqualified deferred compensation assets	17,283		17,283		16,653		16,653		16,041		16,041
Derivative assets	221,106		221,106		200,027		200,027		243,860		243,860
Accrued interest receivable and other	576,813		576,813		563,625		563,625		505,504		505,504
Total financial assets	$	66,365,379	$	64,949,164	$	62,308,630	$	60,779,924	$	57,564,990	$	55,791,155
Financial Liabilities:
Non-maturity deposits	$	45,484,115	$	45,484,115	$	43,092,318	$	43,092,318	$	38,778,256	$	38,778,256
Deposits with stated maturities	10,332,696		10,319,942		9,420,031		9,423,976		9,270,770		9,248,374
FHLB advances	3,151,309		3,185,868		3,151,309		3,153,524		3,176,309		3,195,138
Other borrowings	625,392		625,402		534,803		534,406		606,579		605,305
Subordinated notes	298,458		292,668		298,283		286,683		298,113		273,666
Junior subordinated debentures	253,566		253,573		253,566		253,588		253,566		253,571
Derivative liabilities	161,402		161,402		241,750		241,750		317,659		317,659
Accrued interest payable	57,470		57,470		48,364		48,364		66,373		66,373
Total financial liabilities	$	60,364,408	$	60,380,440	$	57,040,424	$	57,034,609	$	52,767,625	$	52,738,342

- 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.

+ References + Details