Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2026

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, 2026
Available-for-sale debt securities:(1)


Residential mortgage-backed securities	$	—	$	3,569,278	$	—


Commercial mortgage-backed securities	—		246,725		—
Credit risk transfer securities	—		—		10,281
Equity securities(1)	33,429		10,000		—
Trading debt securities(1)	—		2,539		—


Loans held for investment(2)	—		—		25,816

Derivative assets(3)	—		15,322		—
Other trading assets(4)	56		—		—
Derivative liabilities(3)	—		42,470		—
Securities sold not yet purchased(4)	11,646		—		—
Non-qualified deferred compensation plan liabilities(5)	20,333		—		—
December 31, 2025
Available-for-sale debt securities:(1)


Residential mortgage-backed securities	$	—	$	3,692,646	$	—


Commercial mortgage-backed securities	—		248,012		—
Credit risk transfer securities	—		—		10,797
Equity securities(1)	31,998		10,000		—
Trading debt securities(1)	—		3,924		—

Loans held for investment(2)	—		—		20,844
Derivative assets(3)	—		40,892		—
Derivative liabilities(3)	—		24,458		—
Securities sold not yet purchased(4)	12,026		—		—
Non-qualified deferred compensation plan liabilities(5)	18,989		—		—

(1)Available-for-sale debt securities, equity securities and trading debt 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)Other trading assets and 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 June 30, 2026
Available-for-sale debt securities:(1)

Credit risk transfer securities	$	10,574	$	—	$	(341)	$	—	$	48	$	10,281

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

Credit risk transfer securities	$	11,594	$	—	$	(337)	$	—	$	110	$	11,367

Six Months Ended June 30, 2026
Available-for-sale debt securities:(1)

Credit risk transfer securities	$	10,797	$	—	$	(576)	$	—	$	60	$	10,281

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

Credit risk transfer securities	$	11,926	$	—	$	(638)	$	—	$	79	$	11,367

(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, 2026
Financial assets:
Cash and cash equivalents	$	3,698,268	$	3,698,268	$	3,698,268	$	—	$	—
Available-for-sale debt securities	3,826,284		3,826,284		—		3,816,003		10,281
Held-to-maturity debt securities	692,332		616,820		—		616,820		—
Equity securities	43,429		43,429		33,429		10,000		—
Trading debt securities	2,539		2,539		—		2,539		—


Loans held for investment, net	24,678,958		24,398,152		—		—		24,398,152
Derivative assets	15,322		15,322		—		15,322		—
Other trading assets	56		56		56		—		—
Financial liabilities:
Total deposits	28,911,388		29,604,026		—		—		29,604,026
Short-term borrowings	350,000		350,000		—		350,000		—
Long-term debt	500,859		507,435		—		507,435		—
Derivative liabilities	42,470		42,470		—		42,470		—
Securities sold not yet purchased	11,646		11,646		11,646		—		—
December 31, 2025
Financial assets:
Cash and cash equivalents	$	2,099,118	$	2,099,118	$	2,099,118	$	—	$	—
Available-for-sale debt securities	3,951,455		3,951,455		—		3,940,658		10,797
Held-to-maturity debt securities	725,722		654,832		—		654,832		—
Equity securities	41,998		41,998		31,998		10,000		—
Trading debt securities	3,924		3,924		—		3,924		—
Loans held for sale	4,361		4,361				4,361
Loans held for investment, net	23,769,645		23,604,206		—		—		23,604,206
Derivative assets	40,892		40,892		—		40,892		—
Financial liabilities:
Total deposits	26,448,767		26,450,932		—		—		26,450,932
Short-term borrowings	330,000		330,000		—		330,000		—
Long-term debt	620,575		593,610		—		593,610		—
Derivative liabilities	24,458		24,458		—		24,458		—
Securities sold not yet purchased	12,026		12,026		12,026		—		—

- 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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