Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

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:


	March 31, 2026
(In thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities
U.S. Treasury	$	5,014	$	5,014	$	—	$	—
U.S. government agencies	46,969		—		46,969		—
Municipal	174,259		—		60,074		114,185
Corporate notes	77,597		—		77,597		—
Mortgage-backed	6,940,443		—		6,940,443		—

Equity securities with readily determinable fair value	63,786		55,720		8,066		—
Mortgage loans held-for-sale	383,405		—		330,932		52,473
Loans held-for-investment	150,470		—		95,113		55,357
MSRs	195,276		—		—		195,276
Nonqualified deferred compensation assets	17,630		—		17,630		—
Derivative assets	152,851		—		148,326		4,525
Total	$	8,207,700	$	60,734	$	7,725,150	$	421,816
Derivative liabilities	$	118,937	$	—	$	118,937	$	—


	December 31, 2025
(In thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities
U.S. Treasury	$	7,035	$	7,035	$	—	$	—
U.S. government agencies	47,471		—		47,471		—
Municipal	162,166		—		62,563		99,603
Corporate notes	77,295		—		77,295		—
Mortgage-backed	5,942,296		—		5,942,296		—

Equity securities with readily determinable fair value	63,770		55,704		8,066		—
Mortgage loans held-for-sale	340,745		—		286,931		53,814
Loans held-for-investment	151,590		—		95,390		56,200
MSRs	195,023		—		—		195,023
Nonqualified deferred compensation assets	18,112		—		18,112		—
Derivative assets	179,667		—		176,251		3,416
Total	$	7,185,170	$	62,739	$	6,714,375	$	408,056
Derivative liabilities	$	123,774	$	—	$	123,774	$	—


	March 31, 2025
(In thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities
U.S. Treasury	$	12,994	$	12,994	$	—	$	—
U.S. government agencies	45,944		—		45,944		—
Municipal	188,149		—		66,305		121,844
Corporate notes	81,435		—		81,435		—
Mortgage-backed	3,891,783		—		3,891,783		—

Equity securities with readily determinable fair value	270,442		262,376		8,066		—
Mortgage loans held-for-sale	316,804		—		260,480		56,324
Loans held-for-investment	126,521		—		92,519		34,002
MSRs	196,307		—		—		196,307
Nonqualified deferred compensation assets	16,396		—		16,396		—
Derivative assets	204,257		—		198,764		5,493
Total	$	5,351,032	$	275,370	$	4,661,692	$	413,970
Derivative liabilities	$	181,198	$	—	$	181,198	$	—

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 months ended March 31, 2026 and 2025 are summarized as follows:


			Mortgage loans held-for-sale		Loans held-for- investment		Mortgage servicing rights		Derivative assets
(In thousands)	Municipal
Balance at January 1, 2026	$	99,603	$	53,814	$	56,200	$	195,023	$	3,416
Total net (losses) gains included in:
Net income (1)	—		(122)		75		253		1,109
Other comprehensive income or loss	(4,018)		—		—		—		—
Purchases	24,142		—		—		—		—


Settlements	(5,542)		(13,405)		(14,247)		—		—
Net transfers into Level 3	—		12,186		13,329		—		—
Balance at March 31, 2026	$	114,185	$	52,473	$	55,357	$	195,276	$	4,525

(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 gains (losses) included in:
Net income (1)	—		973		271		(7,481)		3,543
Other comprehensive income or loss	(5,078)		—		—		—		—
Purchases	15,282		—		—		—		—


Settlements	(9,967)		(24,601)		(4,947)		—		—
Net transfers into Level 3	—		19,553		3,782		—		—
Balance at March 31, 2025	$	121,844	$	56,324	$	34,002	$	196,307	$	5,493

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 March 31, 2026:


	March 31, 2026								Three Months Ended March 31, 2026 Fair Value Losses Recognized, net
(In thousands)	Total		Level 1		Level 2		Level 3
Individually assessed loans - foreclosure probable and collateral-dependent	$	132,937	$	—	$	—	$	132,937	$	16,008
Other real estate owned (1)	17,439		—		—		17,439		—
Total	$	150,376	$	—	$	—	$	150,376	$	16,008

(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 March 31, 2026 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

114,185

Bond pricing

Equivalent rating

BBB-AA+

N/A

Increase

Mortgage loans held-for-sale

52,473

Discounted cash flows

Discount rate

5.63%

Decrease

Credit discount

0% - 37%

0.52%

Decrease

Loans held-for-investment

55,357

Discounted cash flows

Discount rate

5.63% - 5.67%

6.13%

Decrease

Credit discount

0% - 55%

1.65%

Decrease

Constant prepayment rate (CPR) - current loans

9.26%

Decrease

Average life - delinquent loans (in years)

1.5 years - 11.7 years

5.2 years

Decrease

MSRs

195,276

Discounted cash flows

Discount rate

9% - 12%

9.83%

Decrease

Constant prepayment rate (CPR)

3% - 84%

10.05%

Decrease

Cost of servicing

$70 - $90

Decrease

Cost of servicing - delinquent

$200 - $1,000

399

Decrease

Derivatives

4,525

Discounted cash flows

Pull-through rate

12% - 100%

87.31

Increase

Measured at fair value on a non-recurring basis:

Individually assessed loans - foreclosure probable and collateral-dependent

132,937

Appraisal value

Appraisal adjustment - cost of sale

10%

10.00%

Decrease

Other real estate owned

17,439

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 March 31, 2026				At December 31, 2025				At March 31, 2025
	Carrying		Fair		Carrying		Fair		Carrying		Fair
(In thousands)	Value		Value		Value		Value		Value		Value
Financial Assets:
Cash and cash equivalents	$	543,719	$	543,719	$	467,938	$	467,938	$	616,279	$	616,279

Interest-bearing deposits with banks	3,051,665		3,051,665		3,180,553		3,180,553		4,238,237		4,238,237
Available-for-sale securities	7,244,282		7,244,282		6,236,263		6,236,263		4,220,305		4,220,305
Held-to-maturity securities	3,270,207		2,702,780		3,343,905		2,785,147		3,564,490		2,922,813

Equity securities with readily determinable fair value	63,786		63,786		63,770		63,770		270,442		270,442
FHLB and FRB stock, at cost	292,044		292,044		291,881		291,881		281,893		281,893

Mortgage loans held-for-sale, at fair value	383,405		383,405		340,745		340,745		316,804		316,804
Loans held-for-investment, at fair value	150,470		150,470		151,590		151,590		126,521		126,521
Loans held-for-investment, at amortized cost	53,920,822		53,397,638		52,953,511		52,383,501		48,581,869		47,744,657
Nonqualified deferred compensation assets	17,630		17,630		18,112		18,112		16,396		16,396
Derivative assets	152,851		152,851		179,667		179,667		204,257		204,257
Accrued interest receivable and other	570,211		570,211		552,197		552,197		573,254		573,254
Total financial assets	$	69,661,092	$	68,570,481	$	67,780,132	$	66,651,364	$	63,010,747	$	61,531,858
Financial Liabilities:
Non-maturity deposits	$	48,427,601	$	48,427,601	$	47,839,241	$	47,839,241	$	43,601,801	$	43,601,801
Deposits with stated maturities	10,486,781		10,485,678		9,877,950		9,890,485		9,968,237		9,964,441
FHLB advances	3,451,309		3,471,892		3,451,309		3,472,538		3,151,309		3,164,174
Other borrowings	340,647		340,647		477,966		478,072		529,269		529,297
Subordinated notes	298,717		294,351		298,636		296,487		298,360		294,495
Junior subordinated debentures	253,566		253,568		253,566		253,591		253,566		253,571
Derivative liabilities	118,937		118,937		123,774		123,774		181,198		181,198
Accrued interest payable	59,561		59,561		62,884		62,884		60,127		60,127
Total financial liabilities	$	63,437,119	$	63,452,235	$	62,385,326	$	62,417,072	$	58,043,867	$	58,049,104

- 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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