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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

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 September 30, 2025 and December 31, 2024 (in thousands):

		Fair Value Measurement at September 30, 2025
Description		September 30, 2025				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		$	1,634			$	1,634			$	—			$	—
U.S. Agencies			3,417				—				3,417				—
State and political subdivisions			20,569				—				20,569				—
Corporates			10,095				10,095				—				—
Trading – other			96				96				—				—
Trading securities			35,811				11,825				23,986				—
U.S. Treasury			2,197,751				2,197,751				—				—
U.S. Agencies			81,426				—				81,426				—
Mortgage-backed			7,842,275				—				7,842,275				—
State and political subdivisions			2,479,502				—				2,479,502				—
Corporates			222,536				222,536				—				—
Collateralized loan obligations			554,790				—				554,790				—
Available-for-sale securities			13,378,280				2,420,287				10,957,993				—
Equity securities with readily determinable fair values			41,150				41,150				—				—
Derivatives			299,164				—				299,164				—
Total		$	13,754,405			$	2,473,262			$	11,281,143			$	—
Liabilities
Derivatives		$	144,029			$	—			$	144,029			$	—
Securities sold not yet purchased			12,997				—				12,997				—
Total		$	157,026			$	—			$	157,026			$	—

		Fair Value Measurement at December 31, 2024
Description		December 31, 2024				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		$	1,620			$	1,620			$	—			$	—
U.S. Agencies			8,369				—				8,369				—
State and political subdivisions			11,469				—				11,469				—
Corporates			6,935				6,935				—				—
Trading – other			140				140				—				—
Trading securities			28,533				8,695				19,838				—
U.S. Treasury			1,326,073				1,326,073				—				—
U.S. Agencies			129,047				—				129,047				—
Mortgage-backed			4,420,930				—				4,420,930				—
State and political subdivisions			1,218,569				—				1,218,569				—
Corporates			317,170				317,170				—				—
Collateralized loan obligations			362,545				—				362,545				—
Available for sale securities			7,774,334				1,643,243				6,131,091				—
Equity securities with readily determinable fair values			11,596				11,596				—				—
Derivatives			234,443				—				234,443				—
Total		$	8,048,906			$	1,663,534			$	6,385,372			$	—
Liabilities
Derivatives		$	107,442			$	—			$	107,442			$	—
Securities sold not yet purchased			7,100				—				7,100				—
Total		$	114,542			$	—			$	114,542			$	—

Assets Measured at Fair Value on Non-Recurring Basis

Assets measured at fair value on a non-recurring basis as of September 30, 2025 and December 31, 2024 (in thousands):

		Fair Value Measurement at September 30, 2025 Using
Description		September 30, 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 Nine Months Ended September 30
Collateral dependent assets		$	73,336			$	—			$	—			$	73,336			$	(34,283	)
Other real estate owned			2,901				—				—				2,901				136
Total		$	76,237			$	—			$	—			$	76,237			$	(34,147	)

		Fair Value Measurement at December 31, 2024 Using
Description		December 31, 2024				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 Twelve Months Ended December 31
Collateral dependent assets		$	2,405			$	—			$	—			$	2,405			$	(256	)
Other real estate owned			—				—				—				—				—
Other repossessed assets			26,779				—				—				26,779				—
Total		$	29,184			$	—			$	—			$	29,184			$	(256	)

Estimated Fair Value of Financial Instruments

The estimated fair value of the Company’s financial instruments at September 30, 2025 and December 31, 2024 are as follows (in thousands):

		Fair Value Measurement at September 30, 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		$	9,730,510			$	8,965,397			$	765,113			$	—			$	9,730,510
Securities available for sale			13,378,280				2,420,287				10,957,993				—				13,378,280
Securities held to maturity (exclusive of allowance for credit losses)			5,654,232				—				5,119,701				—				5,119,701
Trading securities			35,811				11,825				23,986				—				35,811
Other securities			719,575				41,150				678,425				—				719,575
Loans (exclusive of allowance for credit losses)			37,709,677				—				37,996,031				—				37,996,031
Derivatives			299,164				—				299,164				—				299,164
FINANCIAL LIABILITIES
Demand and savings deposits			56,737,950				56,737,950				—				—				56,737,950
Time deposits			3,397,893				—				3,404,797				—				3,404,797
Other borrowings			2,838,597				72,502				2,766,095				—				2,838,597
Long-term debt			471,331				—				527,524				—				527,524
Derivatives			144,029				—				144,029				—				144,029
OFF-BALANCE SHEET ARRANGEMENTS
Commitments to extend credit for loans																			10,340
Commitments to extend resell agreements																			57
Commercial letters of credit																			116
Standby letters of credit																			3,430

		Fair Value Measurement at December 31, 2024 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		$	9,104,445			$	8,559,445			$	545,000			$	—			$	9,104,445
Securities available for sale			7,774,334				1,643,243				6,131,091				—				7,774,334
Securities held to maturity (exclusive of allowance for credit losses)			5,378,912				—				4,748,938				—				4,748,938
Trading securities			28,533				8,695				19,838				—				28,533
Other securities			471,018				11,596				459,422				—				471,018
Loans (exclusive of allowance for credit losses)			25,645,057				—				25,665,211				—				25,665,211
Derivatives			234,443				—				234,443				—				234,443
FINANCIAL LIABILITIES
Demand and savings deposits			41,014,362				41,014,362				—				—				41,014,362
Time deposits			2,127,667				—				2,127,667				—				2,127,667
Other borrowings			2,609,715				70,405				2,539,310				—				2,609,715
Long-term debt			385,292				—				417,217				—				417,217
Derivatives			107,442				—				107,442				—				107,442
OFF-BALANCE SHEET ARRANGEMENTS
Commitments to extend credit for loans																			12,515
Commitments to extend resell agreements																			292
Commercial letters of credit																			135
Standby letters of credit																			4,375

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- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
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-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-Topic 820
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-Publisher FASB
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