Fair Value Measurements (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Assets and Liabilities Measured at Fair Value on Recurring Basis |
Assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 (in thousands):
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Fair Value Measurement at June 30, 2026 |
|
Description |
|
June 30, 2026 |
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1) |
|
|
Significant Other Observable Inputs (Level 2) |
|
|
Significant Unobservable Inputs (Level 3) |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
U.S. Agencies |
|
|
18,407 |
|
|
|
— |
|
|
|
18,407 |
|
|
|
— |
|
Mortgage-backed |
|
|
2,493 |
|
|
|
— |
|
|
|
2,493 |
|
|
|
— |
|
State and political subdivisions |
|
|
13,584 |
|
|
|
— |
|
|
|
13,584 |
|
|
|
— |
|
Corporates |
|
|
11,022 |
|
|
|
11,022 |
|
|
|
— |
|
|
|
— |
|
Trading – other |
|
|
333 |
|
|
|
333 |
|
|
|
— |
|
|
|
— |
|
Trading securities |
|
|
45,839 |
|
|
|
11,355 |
|
|
|
34,484 |
|
|
|
— |
|
U.S. Treasury |
|
|
2,204,917 |
|
|
|
2,204,917 |
|
|
|
— |
|
|
|
— |
|
U.S. Agencies |
|
|
48,785 |
|
|
|
— |
|
|
|
48,785 |
|
|
|
— |
|
Mortgage-backed |
|
|
8,223,615 |
|
|
|
— |
|
|
|
8,223,615 |
|
|
|
— |
|
State and political subdivisions |
|
|
2,372,497 |
|
|
|
— |
|
|
|
2,372,497 |
|
|
|
— |
|
Corporates |
|
|
87,309 |
|
|
|
87,309 |
|
|
|
— |
|
|
|
— |
|
Collateralized loan obligations |
|
|
551,036 |
|
|
|
— |
|
|
|
551,036 |
|
|
|
— |
|
Available-for-sale securities |
|
|
13,488,159 |
|
|
|
2,292,226 |
|
|
|
11,195,933 |
|
|
|
— |
|
Equity securities with readily determinable fair values |
|
|
12,610 |
|
|
|
12,610 |
|
|
|
— |
|
|
|
— |
|
Derivatives |
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|
236,420 |
|
|
|
— |
|
|
|
236,420 |
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|
|
— |
|
Total |
|
$ |
13,783,028 |
|
|
$ |
2,316,191 |
|
|
$ |
11,466,837 |
|
|
$ |
— |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives |
|
$ |
148,337 |
|
|
$ |
— |
|
|
$ |
148,337 |
|
|
$ |
— |
|
Securities sold not yet purchased |
|
|
14,027 |
|
|
|
— |
|
|
|
14,027 |
|
|
|
— |
|
Total |
|
$ |
162,364 |
|
|
$ |
— |
|
|
$ |
162,364 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
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|
Fair Value Measurement at December 31, 2025 |
|
Description |
|
December 31, 2025 |
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1) |
|
|
Significant Other Observable Inputs (Level 2) |
|
|
Significant Unobservable Inputs (Level 3) |
|
Assets |
|
|
|
|
|
|
|
|
|
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|
U.S. Treasury |
|
$ |
2,636 |
|
|
$ |
2,636 |
|
|
$ |
— |
|
|
$ |
— |
|
U.S. Agencies |
|
|
13,489 |
|
|
|
— |
|
|
|
13,489 |
|
|
|
— |
|
State and political subdivisions |
|
|
3,697 |
|
|
|
— |
|
|
|
3,697 |
|
|
|
— |
|
Corporates |
|
|
2,192 |
|
|
|
2,192 |
|
|
|
— |
|
|
|
— |
|
Trading – other |
|
|
317 |
|
|
|
317 |
|
|
|
— |
|
|
|
— |
|
Trading securities |
|
|
22,331 |
|
|
|
5,145 |
|
|
|
17,186 |
|
|
|
— |
|
U.S. Treasury |
|
|
2,320,815 |
|
|
|
2,320,815 |
|
|
|
— |
|
|
|
— |
|
U.S. Agencies |
|
|
62,370 |
|
|
|
— |
|
|
|
62,370 |
|
|
|
— |
|
Mortgage-backed |
|
|
8,167,873 |
|
|
|
— |
|
|
|
8,167,873 |
|
|
|
— |
|
State and political subdivisions |
|
|
2,446,588 |
|
|
|
— |
|
|
|
2,446,588 |
|
|
|
— |
|
Corporates |
|
|
177,115 |
|
|
|
177,115 |
|
|
|
— |
|
|
|
— |
|
Collateralized loan obligations |
|
|
534,380 |
|
|
|
— |
|
|
|
534,380 |
|
|
|
— |
|
Available for sale securities |
|
|
13,709,141 |
|
|
|
2,497,930 |
|
|
|
11,211,211 |
|
|
|
— |
|
Equity securities with readily determinable fair values |
|
|
14,690 |
|
|
|
14,690 |
|
|
|
— |
|
|
|
— |
|
Derivatives |
|
|
281,329 |
|
|
|
— |
|
|
|
281,329 |
|
|
|
— |
|
Total |
|
$ |
14,027,491 |
|
|
$ |
2,517,765 |
|
|
$ |
11,509,726 |
|
|
$ |
— |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives |
|
$ |
136,452 |
|
|
$ |
— |
|
|
$ |
136,452 |
|
|
$ |
— |
|
Securities sold not yet purchased |
|
|
4,052 |
|
|
|
— |
|
|
|
4,052 |
|
|
|
— |
|
Total |
|
$ |
140,504 |
|
|
$ |
— |
|
|
$ |
140,504 |
|
|
$ |
— |
|
|
| Assets Measured at Fair Value on Non-Recurring Basis |
Assets measured at fair value on a non-recurring basis as of June 30, 2026 and December 31, 2025 (in thousands):
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|
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|
|
|
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|
|
Fair Value Measurement at June 30, 2026 Using |
|
Description |
|
June 30, 2026 |
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1) |
|
|
Significant Other Observable Inputs (Level 2) |
|
|
Significant Unobservable Inputs (Level 3) |
|
|
Total Losses Recognized During the Six Months Ended June 30 |
|
Collateral dependent assets |
|
$ |
32,037 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
32,037 |
|
|
$ |
(4,161 |
) |
Other real estate owned |
|
|
1,489 |
|
|
|
— |
|
|
|
— |
|
|
|
1,489 |
|
|
|
— |
|
Total |
|
$ |
33,526 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
33,526 |
|
|
$ |
(4,161 |
) |
|
|
|
|
|
|
|
|
|
|
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|
|
Fair Value Measurement at December 31, 2025 Using |
|
Description |
|
December 31, 2025 |
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1) |
|
|
Significant Other Observable Inputs (Level 2) |
|
|
Significant Unobservable Inputs (Level 3) |
|
|
Total (Losses) Gains Recognized During the Twelve Months Ended December 31 |
|
Collateral dependent assets |
|
$ |
70,012 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
70,012 |
|
|
$ |
(29,420 |
) |
Other real estate owned |
|
|
3,009 |
|
|
|
— |
|
|
|
— |
|
|
|
3,009 |
|
|
|
178 |
|
Total |
|
$ |
73,021 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
73,021 |
|
|
$ |
(29,242 |
) |
|
| Estimated Fair Value of Financial Instruments |
The estimated fair value of the Company’s financial instruments at June 30, 2026 and December 31, 2025 are as follows (in thousands):
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|
|
|
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|
Fair Value Measurement at June 30, 2026 Using |
|
|
|
Carrying Amount |
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1) |
|
|
Significant Other Observable Inputs (Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
|
Total
Estimated
Fair Value |
|
FINANCIAL ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and short-term investments |
|
$ |
6,659,324 |
|
|
$ |
5,730,886 |
|
|
$ |
928,438 |
|
|
$ |
— |
|
|
$ |
6,659,324 |
|
Securities available for sale |
|
|
13,488,159 |
|
|
|
2,292,226 |
|
|
|
11,195,933 |
|
|
|
— |
|
|
|
13,488,159 |
|
Securities held to maturity (exclusive of allowance for credit losses) |
|
|
5,716,426 |
|
|
|
— |
|
|
|
5,239,447 |
|
|
|
— |
|
|
|
5,239,447 |
|
Trading securities |
|
|
45,839 |
|
|
|
11,355 |
|
|
|
34,484 |
|
|
|
— |
|
|
|
45,839 |
|
Other securities |
|
|
693,502 |
|
|
|
12,610 |
|
|
|
680,892 |
|
|
|
— |
|
|
|
693,502 |
|
Loans (exclusive of allowance for credit losses) |
|
|
41,156,526 |
|
|
|
— |
|
|
|
40,602,007 |
|
|
|
— |
|
|
|
40,602,007 |
|
Derivatives |
|
|
236,420 |
|
|
|
— |
|
|
|
236,420 |
|
|
|
— |
|
|
|
236,420 |
|
FINANCIAL LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits |
|
|
3,207,902 |
|
|
|
— |
|
|
|
3,223,265 |
|
|
|
— |
|
|
|
3,223,265 |
|
Other borrowings |
|
|
3,083,600 |
|
|
|
24,520 |
|
|
|
3,059,080 |
|
|
|
— |
|
|
|
3,083,600 |
|
Long-term debt |
|
|
480,126 |
|
|
|
— |
|
|
|
489,896 |
|
|
|
— |
|
|
|
489,896 |
|
Derivatives |
|
|
148,337 |
|
|
|
— |
|
|
|
148,337 |
|
|
|
— |
|
|
|
148,337 |
|
OFF-BALANCE SHEET ARRANGEMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments to extend credit for loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,411 |
|
Commitments to extend resell agreements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
435 |
|
Commercial letters of credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32 |
|
Standby letters of credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,851 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurement at December 31, 2025 Using |
|
|
|
Carrying Amount |
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1) |
|
|
Significant Other Observable Inputs (Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
|
Total
Estimated
Fair Value |
|
FINANCIAL ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and short-term investments |
|
$ |
9,441,175 |
|
|
$ |
7,893,082 |
|
|
$ |
1,548,093 |
|
|
$ |
— |
|
|
$ |
9,441,175 |
|
Securities available for sale |
|
|
13,709,141 |
|
|
|
2,497,930 |
|
|
|
11,211,211 |
|
|
|
— |
|
|
|
13,709,141 |
|
Securities held to maturity (exclusive of allowance for credit losses) |
|
|
5,724,227 |
|
|
|
— |
|
|
|
5,250,465 |
|
|
|
— |
|
|
|
5,250,465 |
|
Trading securities |
|
|
22,331 |
|
|
|
5,145 |
|
|
|
17,186 |
|
|
|
— |
|
|
|
22,331 |
|
Other securities |
|
|
676,300 |
|
|
|
14,690 |
|
|
|
661,610 |
|
|
|
— |
|
|
|
676,300 |
|
Loans (exclusive of allowance for credit losses) |
|
|
38,781,438 |
|
|
|
— |
|
|
|
39,041,201 |
|
|
|
— |
|
|
|
39,041,201 |
|
Derivatives |
|
|
281,329 |
|
|
|
— |
|
|
|
281,329 |
|
|
|
— |
|
|
|
281,329 |
|
FINANCIAL LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits |
|
|
3,760,862 |
|
|
|
— |
|
|
|
3,760,862 |
|
|
|
— |
|
|
|
3,760,862 |
|
Other borrowings |
|
|
3,324,938 |
|
|
|
32,133 |
|
|
|
3,292,805 |
|
|
|
— |
|
|
|
3,324,938 |
|
Long-term debt |
|
|
474,229 |
|
|
|
— |
|
|
|
523,545 |
|
|
|
— |
|
|
|
523,545 |
|
Derivatives |
|
|
136,452 |
|
|
|
— |
|
|
|
136,452 |
|
|
|
— |
|
|
|
136,452 |
|
OFF-BALANCE SHEET ARRANGEMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments to extend credit for loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,972 |
|
Commitments to extend resell agreements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
106 |
|
Commercial letters of credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
130 |
|
Standby letters of credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,483 |
|
|