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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 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 March 31, 2026 and December 31, 2025 (in thousands):

		Fair Value Measurement at March 31, 2026
Description		March 31, 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			5,397				—				5,397				—
Mortgage-backed			5,172				—				5,172				—
State and political subdivisions			6,123				—				6,123				—
Corporates			7,086				7,086				—				—
Trading – other			427				427				—				—
Trading securities			24,205				7,513				16,692				—
U.S. Treasury			2,257,713				2,257,713				—				—
U.S. Agencies			49,968				—				49,968				—
Mortgage-backed			8,287,873				—				8,287,873				—
State and political subdivisions			2,371,456				—				2,371,456				—
Corporates			139,681				139,681				—				—
Collateralized loan obligations			554,195				—				554,195				—
Available-for-sale securities			13,660,886				2,397,394				11,263,492				—
Equity securities with readily determinable fair values			12,604				12,604				—				—
Derivatives			266,599				—				266,599				—
Total		$	13,964,294			$	2,417,511			$	11,546,783			$	—
Liabilities
Derivatives		$	146,429			$	—			$	146,429			$	—
Securities sold not yet purchased			8,290				—				8,290				—
Total		$	154,719			$	—			$	154,719			$	—

		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
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 March 31, 2026 and December 31, 2025 (in thousands):

		Fair Value Measurement at March 31, 2026 Using
Description		March 31, 2026				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 Three Months Ended March 31
Collateral dependent assets		$	56,390			$	—			$	—			$	56,390			$	(17,333	)
Other real estate owned			354				—				—				354				8
Total		$	56,744			$	—			$	—			$	56,744			$	(17,325	)

		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 March 31, 2026 and December 31, 2025 are as follows (in thousands):

		Fair Value Measurement at March 31, 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		$	7,915,788			$	6,391,119			$	1,524,669			$	—			$	7,915,788
Securities available for sale			13,660,886				2,397,394				11,263,492				—				13,660,886
Securities held to maturity (exclusive of allowance for credit losses)			5,703,238				—				5,172,564				—				5,172,564
Trading securities			24,205				7,513				16,692				—				24,205
Other securities			685,590				12,604				672,986				—				685,590
Loans (exclusive of allowance for credit losses)			40,138,796				—				40,652,688				—				40,652,688
Derivatives			266,599				—				266,599				—				266,599
FINANCIAL LIABILITIES
Time deposits			3,210,518				—				3,210,518				—				3,210,518
Other borrowings			3,550,738				39,082				3,511,656				—				3,550,738
Long-term debt			477,164				—				526,828				—				526,828
Derivatives			146,429				—				146,429				—				146,429
OFF-BALANCE SHEET ARRANGEMENTS
Commitments to extend credit for loans																			4,631
Commitments to extend resell agreements																			104
Commercial letters of credit																			16
Standby letters of credit																			1,330

		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

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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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-Publisher FASB
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- Definition

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
-SubTopic 10
-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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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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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

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

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