Fair Value Disclosures (Tables)

9 Months Ended

Sep. 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
September 30, 2025
Available-for-sale debt securities:(1)


Residential mortgage-backed securities	$	—	$	3,544,015	$	—


Commercial mortgage-backed securities	—		246,253		—
Credit risk transfer securities	—		—		10,993
Equity securities(1)	45,054		10,000		—
Trading securities(1)	—		2,219		—

Loans held for investment(2)	—		—		21,057

Derivative assets(3)	—		37,297		—
Securities sold not yet purchased(4)	24,730		—		—
Derivative liabilities(3)	—		24,264		—
Non-qualified deferred compensation plan liabilities(5)	18,540		—		—
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		—
Credit risk transfer securities	—		—		11,926
Equity securities(1)	59,235		16,026		—

Loans held for investment(2)	—		—		35,318
Derivative assets(3)	—		23,202		—
Securities sold not yet purchased(4)	33,705		—		—
Derivative liabilities(3)	—		57,906		—
Non-qualified deferred compensation plan liabilities(5)	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)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.

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

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

(5)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 September 30, 2025
Available-for-sale debt securities:(1)

Credit risk transfer securities	$	11,367	$	—	$	(382)	$	—	$	8	$	10,993

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

Credit risk transfer securities	$	12,328	$	—	$	(346)	$	—	$	20	$	12,002

Nine Months Ended September 30, 2025
Available-for-sale debt securities:(1)

Credit risk transfer securities	$	11,926	$	—	$	(1,019)	$	—	$	86	$	10,993

Nine Months Ended September 30, 2024
Available-for-sale debt securities:(1)

Credit risk transfer securities	$	11,995	$	—	$	(846)	$	—	$	853	$	12,002

(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
September 30, 2025
Financial assets:
Cash and cash equivalents	$	3,064,825	$	3,064,825	$	3,064,825	$	—	$	—
Available-for-sale debt securities	3,801,261		3,801,261		—		3,790,268		10,993
Held-to-maturity debt securities	743,120		661,923		—		661,923		—
Equity securities	55,054		55,054		45,054		10,000		—
Trading securities	2,219		2,219		—		2,219		—

Loans held for investment, net	23,917,837		23,874,493		—		—		23,874,493
Derivative assets	37,297		37,297		—		37,297		—
Financial liabilities:
Total deposits	27,505,398		27,504,235		—		—		27,504,235
Short-term borrowings	275,000		275,000		—		275,000		—
Long-term debt	620,416		592,312		—		592,312		—
Securities sold not yet purchased	24,730		24,730		24,730		—		—
Derivative liabilities	24,264		24,264		—		24,264		—
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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