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Fair Value (Tables)
9 Months Ended
Sep. 30, 2025
Schedule of recorded amount of assets and liabilities measured at fair value on a recurring basis

 

    

    

Quoted Prices

    

    

In Active

Significant

Markets

Other

Significant

for Identical

Observable

Unobservable

Assets

Inputs

Inputs

(Dollars in thousands)

Fair Value

(Level 1)

(Level 2)

(Level 3)

September 30, 2025:

Assets

Derivative financial instruments

$

226,359

$

$

226,359

$

Mortgage loans held for sale

 

68,365

 

 

68,365

 

Trading securities

 

107,519

 

 

107,519

 

Securities available for sale:

Residential mortgage-backed securities issued by U.S. government

agencies or sponsored enterprises

1,550,365

1,550,365

Residential collateralized mortgage-obligations issued by U.S. government

agencies or sponsored enterprises

2,237,174

2,237,174

Commercial mortgage-backed securities issued by U.S. government

agencies or sponsored enterprises

675,612

675,612

State and municipal obligations

 

961,112

 

 

961,112

 

Small Business Administration loan-backed securities

 

591,560

 

 

591,560

 

Corporate securities

26,977

26,977

Total securities available for sale

 

6,042,800

 

 

6,042,800

 

Mortgage servicing rights

 

84,491

 

 

 

84,491

SBA servicing asset

5,659

5,659

$

6,535,193

$

$

6,445,043

$

90,150

Liabilities

Derivative financial instruments

$

561,708

$

$

561,708

$

December 31, 2024:

Assets

Derivative financial instruments

$

161,490

$

$

161,490

$

Mortgage loans held for sale

 

98,115

 

 

98,115

 

Trading securities

 

102,932

 

 

102,932

 

Securities available for sale:

U.S. Treasuries

10,656

10,656

U.S. Government agencies

150,418

150,418

Residential mortgage-backed securities issued by U.S. government

agencies or sponsored enterprises

1,377,525

1,377,525

Residential collateralized mortgage-obligations issued by U.S. government

agencies or sponsored enterprises

459,095

459,095

Commercial mortgage-backed securities issued by U.S. government

agencies or sponsored enterprises

1,040,555

1,040,555

State and municipal obligations

 

945,723

 

 

945,723

 

Small Business Administration loan-backed securities

 

310,112

 

 

310,112

 

Corporate securities

 

26,509

 

 

26,509

 

Total securities available for sale

 

4,320,593

 

 

4,320,593

 

Mortgage servicing rights

 

89,795

 

 

 

89,795

SBA servicing asset

6,028

6,028

$

4,778,953

$

$

4,683,130

$

95,823

Liabilities

Derivative financial instruments

$

879,855

$

$

879,855

$

Schedule of mortgage loans held for sale

    

September 30,

December 31,

(Dollars in thousands)

    

2025

 

2024

Fair value

$

68,365

$

98,115

Unpaid principal balance

66,005

95,612

Fair value less aggregated unpaid principal balance

$

2,360

$

2,503

Schedule of amounts of assets and liabilities measured at fair value on a nonrecurring basis

    

    

Quoted Prices

    

    

 

In Active

Significant

 

Markets

Other

Significant

 

for Identical

Observable

Unobservable

 

Assets

Inputs

Inputs

 

(Dollars in thousands)

Fair Value

(Level 1)

(Level 2)

(Level 3)

 

September 30, 2025:

OREO

$

18,419

$

$

$

18,419

Bank properties held for sale

8,649

 

8,649

Individually evaluated loans

 

394,861

 

 

 

394,861

December 31, 2024:

OREO

$

2,154

$

$

$

2,154

Bank properties held for sale

3,268

 

3,268

Individually evaluated loans

 

71,112

 

 

 

71,112

Schedule of quantitative information about level 3 fair value measurements

Weighted Average Discount

September 30,

December 31,

    

Valuation Technique

    

Unobservable Input

    

2025

    

2024

Nonrecurring measurements:

Individually evaluated loans

 

Discounted appraisals and discounted cash flows

 

Collateral discounts

16

%

28

%

OREO and Bank properties held for sale

 

Discounted appraisals

 

Collateral discounts and estimated costs to sell

35

%

10

%

Schedule of estimated fair value, and related carrying amount, of the Company's financial instruments

    

Carrying

    

Fair

    

    

    

 

(Dollars in thousands)

Amount

Value

Level 1

Level 2

Level 3

 

September 30, 2025

Financial assets:

Cash and cash equivalents

$

3,144,455

$

3,144,455

$

3,144,455

$

$

Trading securities

107,519

107,519

107,519

Investment securities

 

8,505,745

 

8,174,505

 

274,883

 

7,808,287

 

91,335

Loans held for sale

346,673

349,462

349,462

Loans, net of allowance for credit losses

 

47,077,778

 

46,708,056

 

 

 

46,708,056

Accrued interest receivable

 

235,522

 

235,522

 

 

35,312

 

200,210

Mortgage servicing rights

 

84,491

 

84,491

 

 

 

84,491

SBA servicing asset

5,659

5,659

5,659

Interest rate swap – non-designated hedge

 

225,142

 

225,142

 

 

225,142

 

Other derivative financial instruments (mortgage banking related)

 

1,217

 

1,217

 

 

1,217

 

Financial liabilities:

Deposits

 

Noninterest-bearing

13,430,459

 

13,430,459

 

 

13,430,459

 

Interest-bearing other than time deposits

33,011,287

33,011,287

33,011,287

Time deposits

7,631,523

7,614,181

7,614,181

Federal funds purchased and securities sold under agreements to repurchase

 

594,092

 

594,092

 

 

594,092

 

Corporate and subordinated debentures

696,429

693,140

 

693,140

 

Other borrowings

 

 

 

 

 

Accrued interest payable

 

47,788

 

47,788

 

 

47,788

 

Interest rate swap – non-designated hedge

 

560,360

 

560,360

 

 

560,360

 

Other derivative financial instruments (mortgage banking related)

 

1,348

 

1,348

 

 

1,348

 

December 31, 2024

Financial assets:

Cash and cash equivalents

$

1,392,067

$

1,392,067

$

1,392,067

$

$

Trading securities

102,932

102,932

102,932

Investment securities

 

6,798,876

 

6,378,734

 

187,266

 

6,155,120

 

36,348

Loans held for sale

279,426

281,662

281,662

Loans, net of allowance for credit losses

 

33,437,647

 

32,448,618

 

 

 

32,448,618

Accrued interest receivable

 

163,402

 

163,402

 

 

25,035

 

138,367

Mortgage servicing rights

 

89,795

 

89,795

 

 

 

89,795

SBA servicing asset

6,028

6,028

6,028

Interest rate swap – non-designated hedge

 

160,407

 

160,407

 

 

160,407

 

Other derivative financial instruments (mortgage banking related)

 

1,083

 

1,083

 

 

1,083

 

Financial liabilities:

Deposits

 

Noninterest-bearing

10,192,117

 

10,192,117

 

 

10,192,117

 

Interest-bearing other than time deposits

23,703,027

23,703,027

23,703,027

Time deposits

4,165,722

4,145,687

4,145,687

Federal funds purchased and securities sold under agreements to repurchase

 

514,912

 

514,912

 

 

514,912

 

Corporate and subordinated debentures

 

391,534

 

377,616

 

 

377,616

 

Accrued interest payable

 

40,739

 

40,739

 

 

40,739

 

Interest rate swap – non-designated hedge

 

878,046

 

878,046

 

 

878,046

 

Other derivative financial instruments (mortgage banking related)

1,809

1,809

 

 

1,809

 

Mortgage Servicing Rights  
Schedule of reconciliation of the beginning and ending balances of Level 3 assets, comprised of Mortgage Servicing Rights, SBA servicing asset and liabilities recorded at fair value on a recurring basis

(Dollars in thousands)

    

MSRs

 

Fair value, January 1, 2025

$

89,795

Servicing assets that resulted from transfers of financial assets

 

5,912

Changes in fair value due to valuation inputs or assumptions

 

(5,182)

Changes in fair value due to decay

 

(6,034)

Fair value, September 30, 2025

$

84,491

SBA servicing asset  
Schedule of reconciliation of the beginning and ending balances of Level 3 assets, comprised of Mortgage Servicing Rights, SBA servicing asset and liabilities recorded at fair value on a recurring basis

(Dollars in thousands)

    

SBA Servicing Asset

 

Fair value, January 1, 2025

$

6,028

Servicing assets that resulted from transfers of financial assets

1,088

Changes in fair value due to decay

(1,546)

Changes in fair value due to valuation inputs or assumptions

89

Fair value, September 30, 2025

$

5,659