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Fair Values of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented:

			June 30, 2024
(In thousands)			Total						Level 1						Level 2						Level 3
Available-for-sale securities
U.S. Treasury			$	102,712					$	102,712					$	—					$	—
U.S. government agencies			45,192						—						45,192						—
Municipal			146,608						—						50,816						95,792
Corporate notes			77,975						—						77,975						—
Mortgage-backed			3,957,470						—						3,957,470						—
Trading account securities			4,134						—						4,134						—
Equity securities with readily determinable fair value			112,173						104,107						8,066						—
Mortgage loans held-for-sale			411,851						—						371,306						40,545
Loans held-for-investment			135,834						—						90,113						45,721
MSRs			204,610						—						—						204,610
Nonqualified deferred compensation assets			16,041						—						16,041						—
Derivative assets			243,860						—						239,065						4,795
Total			$	5,458,460					$	206,819					$	4,860,178					$	391,463
Derivative liabilities			$	317,659					$	—					$	317,659					$	—

						December 31, 2023
(In thousands)						Total						Level 1						Level 2						Level 3
Available-for-sale securities
U.S. Treasury						$	6,968					$	6,968					$	—					$	—
U.S. government agencies						45,124						—						45,124						—
Municipal						140,958						—						54,721						86,237
Corporate notes						76,531						—						76,531						—
Mortgage-backed						3,233,334						—						3,233,334						—
Trading account securities						4,707						—						4,707						—
Equity securities with readily determinable fair value						139,268						131,202						8,066						—
Mortgage loans held-for-sale						292,722						—						265,887						26,835
Loans held-for-investment						155,261						—						94,591						60,670
MSRs						192,456						—						—						192,456
Nonqualified deferred compensation assets						15,238						—						15,238						—
Derivative assets						275,726						—						271,216						4,510
Total						$	4,578,293					$	138,170					$	4,069,415					$	370,708
Derivative liabilities						$	267,255					$	—					$	267,255					$	—

			June 30, 2023
(In thousands)			Total						Level 1						Level 2						Level 3
Available-for-sale securities
U.S. Treasury			$	—					$	—					$	—					$	—
U.S. government agencies			74,275						—						74,275						—
Municipal			167,411						—						53,256						114,155
Corporate notes			72,060						—						72,060						—
Mortgage-backed			3,178,735						—						3,178,735						—
Trading account securities			3,027						—						3,027						—
Equity securities with readily determinable fair value			116,275						108,209						8,066						—
Mortgage loans held-for-sale			338,728						—						309,322						29,406
Loans held-for-investment			193,953						—						132,830						61,123
MSRs			200,692						—						—						200,692
Nonqualified deferred compensation assets			14,796						—						14,796						—
Derivative assets			294,748						—						291,261						3,487
Total			$	4,654,700					$	108,209					$	4,137,628					$	408,863
Derivative liabilities			$	391,172					$	—					$	391,172					$	—

Schedule of Changes In Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

The changes in Level 3 assets measured at fair value on a recurring basis during the three and six months ended June 30, 2024 and 2023 are summarized as follows:

									Mortgage loans held-for-sale												Loans held-for- investment						Mortgage servicing rights						Derivative assets
(In thousands)			Municipal
Balance at April 1, 2024			$	88,219					$	33,726											$	49,317					$	201,044					$	6,212
Total net (losses) gains included in:
Net income (1)			—						205												66						3,566						(1,417)
Other comprehensive income or loss			(680)						—												—						—						—
Purchases			9,682						—												—						—						—
Settlements			(1,429)						(10,269)												(7,709)						—						—
Net transfers into Level 3			—						16,883												4,047						—						—
Balance at June 30, 2024			$	95,792					$	40,545											$	45,721					$	204,610					$	4,795

									Mortgage loans held-for-sale												Loans held-for- investment						Mortgage servicing rights						Derivative assets
(In thousands)			Municipal
Balance at April 1, 2023			$	112,257					$	44,250											$	69,493					$	224,470					$	5,356
Total net (losses) gains included in:
Net income (1)			—						402												(619)						6,392						(1,869)
Other comprehensive income or loss			(3,161)						—												—						—						—
Purchases			6,978						—												—						—						—
Sales			—						—												—						(30,170)						—
Settlements			(1,919)						(23,973)												(16,593)						—						—
Net transfers into Level 3			—						8,727												8,842						—						—
Balance at June 30, 2023			$	114,155					$	29,406											$	61,123					$	200,692					$	3,487

(1)Changes in the balance of mortgage loans held-for-sale, MSRs, and derivative assets related to fair value adjustments are recorded as components of mortgage banking revenue. Changes in the balance of loans held-for-investment related to fair value adjustments are recorded as other non-interest income.

									Mortgage loans held-for-sale												Loans held-for- investment						Mortgage servicing rights						Derivative Assets
(In thousands)			Municipal
Balance at January 1, 2024			$	86,237					$	26,835											$	60,670					$	192,456					$	4,510
Total net (losses) gains included in:
Net income (1)			—						272												(251)						12,154						285
Other comprehensive income or loss			(2,668)						—												—						—						—
Purchases			18,066						—												—						—						—
Issuances			—						—												—						—						—
Sales			—						—												—						—						—
Settlements			(5,843)						(20,609)												(23,512)						—						—
Net transfers into Level 3			—						34,047												8,814						—						—
Balance at June 30, 2024			$	95,792					$	40,545											$	45,721					$	204,610					$	4,795

									Mortgage loans held-for-sale												Loans held-for- investment						Mortgage servicing rights						Derivative Assets
(In thousands)			Municipal
Balance at January 1, 2023			$	117,537					$	48,655											$	84,165					$	230,225					$	1,711
Total net (losses) gains included in:
Net income (1)			—						868												(255)						637						1,776
Other comprehensive income or loss			(4,823)						—												—						—						—
Purchases			11,396						—												—						—						—
Sales			—						—												—						(30,170)						—
Settlements			(9,955)						(42,592)												(36,915)						—						—
Net transfers into Level 3			—						22,475												14,128						—						—
Balance at June 30, 2023			$	114,155					$	29,406											$	61,123					$	200,692					$	3,487

(1)Changes in the balance of mortgage loans held-for-sale, MSRs and derivative assets related to fair value adjustments are recorded as components of mortgage banking revenue. Changes in the balance of loans held-for-investment related to fair value adjustments are recorded as other non-interest income.

Schedule of Assets Measured at Fair Value on a Nonrecurring Basis

For assets measured at fair value on a non-recurring basis that were still held in the balance sheet at the end of the period, the following table provides the carrying value of the related individual assets or portfolios at June 30, 2024:

			June 30, 2024																								Three Months Ended June 30, 2024 Fair Value Losses Recognized, net						Six Months Ended June 30, 2024 Fair Value Losses Recognized, net
(In thousands)			Total						Level 1						Level 2						Level 3
Individually assessed loans - foreclosure probable and collateral-dependent			$	118,286					$	—					$	—					$	118,286					$	25,113					$	41,839
Other real estate owned (1)			19,731						—						—						19,731						—						207
Total			$	138,017					$	—					$	—					$	138,017					$	25,113					$	42,046

(1)Net fair value losses recognized on other real estate owned include valuation adjustments and charge-offs during the respective period.

Schedule of Valuation Techniques and Significant Unobservable Inputs Used to Measure Both Recurring and Non Recurring

The valuation techniques and significant unobservable inputs used to measure both recurring and non-recurring Level 3 fair value measurements at June 30, 2024 were as follows:

(Dollars in thousands)

Fair Value

Valuation Methodology

Significant Unobservable Input

Range of Inputs

Weighted Average of Inputs

Impact to valuation from an increased or higher input value

Measured at fair value on a recurring basis:

Municipal securities

$

95,792

Bond pricing

Equivalent rating

BBB-AA+

N/A

Increase

Mortgage loans held-for-sale

40,545

Discounted cash flows

Discount rate

6.83%

6.83%

Decrease

Credit discount

0% - 13%

0.36%

Decrease

Loans held-for-investment

45,721

Discounted cash flows

Discount rate

6.75% - 6.83%

6.83%

Decrease

Credit discount

0% - 17%

1.10%

Decrease

Constant prepayment rate (CPR) - current loans

7.86%

7.86%

Decrease

Average life - delinquent loans (in years)

1.2 years - 10.6 years

5.9 years

Decrease

MSRs

204,610

Discounted cash flows

Discount rate

1% - 36%

10.98%

Decrease

Constant prepayment rate (CPR)

0% - 90%

7.86%

Decrease

Cost of servicing

$70 - $200

$

77

Decrease

Cost of servicing - delinquent

$200 - 1,000

$

361

Decrease

Derivatives

4,795

Discounted cash flows

Pull-through rate

4% - 100%

81.17

%

Increase

Measured at fair value on a non-recurring basis:

Individually assessed loans - foreclosure probable and collateral-dependent

118,286

Appraisal value

Appraisal adjustment - cost of sale

10%

10.00%

Decrease

Other real estate owned

19,731

Appraisal value

Appraisal adjustment - cost of sale

10%

10.00%

Decrease

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments

The table below presents the carrying amounts and estimated fair values of the Company’s financial instruments as of the dates shown:

			At June 30, 2024												At December 31, 2023												At June 30, 2023
			Carrying						Fair						Carrying						Fair						Carrying						Fair
(In thousands)			Value						Value						Value						Value						Value						Value
Financial Assets:
Cash and cash equivalents			$	415,524					$	415,524					$	423,464					$	423,464					$	513,917					$	513,917
Interest-bearing deposits with banks			2,824,314						2,824,314						2,084,323						2,084,323						2,163,708						2,163,708
Available-for-sale securities			4,329,957						4,329,957						3,502,915						3,502,915						3,492,481						3,492,481
Held-to-maturity securities			3,755,924						3,060,467						3,856,916						3,215,468						3,564,473						2,887,891
Trading account securities			4,134						4,134						4,707						4,707						3,027						3,027
Equity securities with readily determinable fair value			112,173						112,173						139,268						139,268						116,275						116,275
FHLB and FRB stock, at cost			256,495						256,495						205,003						205,003						195,117						195,117
Brokerage customer receivables			13,682						13,682						10,592						10,592						15,722						15,722
Mortgage loans held-for-sale, at fair value			411,851						411,851						292,722						292,722						338,728						338,728
Loans held-for-investment, at fair value			135,834						135,834						155,261						155,261						193,953						193,953
Loans held-for-investment, at amortized cost			44,539,697						43,461,319						41,976,570						41,090,010						40,829,455						40,142,976
Nonqualified deferred compensation assets			16,041						16,041						15,238						15,238						14,796						14,796
Derivative assets			243,860						243,860						275,726						275,726						294,748						294,748
Accrued interest receivable and other			505,504						505,504						477,832						477,832						434,553						434,553
Total financial assets			$	57,564,990					$	55,791,155					$	53,420,537					$	51,892,529					$	52,170,953					$	50,807,892
Financial Liabilities
Non-maturity deposits			$	38,778,256					$	38,778,256					$	38,772,098					$	38,772,098					$	37,682,437					$	37,682,437
Time certificates of deposit			9,270,770						9,248,374						6,625,072						6,603,746						6,356,270						6,300,161
FHLB advances			3,176,309						3,195,138						2,326,071						2,367,107						2,026,071						2,072,317
Other borrowings			606,579						605,305						645,813						643,755						665,219						662,156
Subordinated notes			298,113						273,666						437,866						413,501						437,628						405,762
Junior subordinated debentures			253,566						253,571						253,566						253,579						253,566						253,562
Derivative liabilities			317,659						317,659						267,255						267,255						391,172						391,172
Accrued interest payable			66,373						66,373						51,116						51,116						45,359						45,359
Total financial liabilities			$	52,767,625					$	52,738,342					$	49,378,857					$	49,372,157					$	47,857,722					$	47,812,926

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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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).

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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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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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).

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