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Fair Values of Assets and Liabilities (Tables) | 3 Months Ended
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Mar. 31, 2025
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:
| March 31, 2025
(In thousands) | Total |  | Level 1 |  | Level 2 |  | Level 3
Available-for-sale securities |  |  |  |  |  |  |
U.S. Treasury | $ | 12,994 |  |  | $ | 12,994 |  |  | $ | — |  |  | $ | — |
U.S. government agencies | 45,944 |  |  | — |  |  | 45,944 |  |  | — |
Municipal | 188,149 |  |  | — |  |  | 66,305 |  |  | 121,844 |
Corporate notes | 81,435 |  |  | — |  |  | 81,435 |  |  | — |
Mortgage-backed | 3,891,783 |  |  | — |  |  | 3,891,783 |  |  | — |
Equity securities with readily determinable fair value | 270,442 |  |  | 262,376 |  |  | 8,066 |  |  | — |
Mortgage loans held-for-sale | 316,804 |  |  | — |  |  | 260,480 |  |  | 56,324 |
Loans held-for-investment | 126,521 |  |  | — |  |  | 92,519 |  |  | 34,002 |
MSRs | 196,307 |  |  | — |  |  | — |  |  | 196,307 |
Nonqualified deferred compensation assets | 16,396 |  |  | — |  |  | 16,396 |  |  | — |
Derivative assets | 204,257 |  |  | — |  |  | 198,764 |  |  | 5,493 |
Total | $ | 5,351,032 |  |  | $ | 275,370 |  |  | $ | 4,661,692 |  |  | $ | 413,970 |
Derivative liabilities | $ | 181,198 |  |  | $ | — |  |  | $ | 181,198 |  |  | $ | — |
|  | December 31, 2024
(In thousands) |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Available-for-sale securities |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 37,907 |  |  | $ | 37,907 |  |  | $ | — |  |  | $ | — |
U.S. government agencies |  | 44,945 |  |  | — |  |  | 44,945 |  |  | — |
Municipal |  | 184,593 |  |  | — |  |  | 62,986 |  |  | 121,607 |
Corporate notes |  | 81,162 |  |  | — |  |  | 81,162 |  |  | — |
Mortgage-backed |  | 3,792,875 |  |  | — |  |  | 3,792,875 |  |  | — |
Trading account securities |  | 4,072 |  |  | — |  |  | 4,072 |  |  | — |
Equity securities with readily determinable fair value |  | 215,412 |  |  | 207,346 |  |  | 8,066 |  |  | — |
Mortgage loans held-for-sale |  | 331,261 |  |  | — |  |  | 270,862 |  |  | 60,399 |
Loans held-for-investment |  | 158,795 |  |  | — |  |  | 123,899 |  |  | 34,896 |
MSRs |  | 203,788 |  |  | — |  |  | — |  |  | 203,788 |
Nonqualified deferred compensation assets |  | 16,653 |  |  | — |  |  | 16,653 |  |  | — |
Derivative assets |  | 200,027 |  |  | — |  |  | 198,077 |  |  | 1,950 |
Total |  | $ | 5,271,490 |  |  | $ | 245,253 |  |  | $ | 4,603,597 |  |  | $ | 422,640 |
Derivative liabilities |  | $ | 241,750 |  |  | $ | — |  |  | $ | 241,750 |  |  | $ | — |
| March 31, 2024
(In thousands) | Total |  | Level 1 |  | Level 2 |  | Level 3
Available-for-sale securities |  |  |  |  |  |  |
U.S. Treasury | $ | 61,175 |  |  | $ | 61,175 |  |  | $ | — |  |  | $ | — |
U.S. government agencies | 45,715 |  |  | — |  |  | 45,715 |  |  | — |
Municipal | 140,590 |  |  | — |  |  | 52,371 |  |  | 88,219 |
Corporate notes | 76,725 |  |  | — |  |  | 76,725 |  |  | — |
Mortgage-backed | 4,063,393 |  |  | — |  |  | 4,063,393 |  |  | — |
Trading account securities | 2,184 |  |  | — |  |  | 2,184 |  |  | — |
Equity securities with readily determinable fair value | 119,777 |  |  | 111,711 |  |  | 8,066 |  |  | — |
Mortgage loans held-for-sale | 339,884 |  |  | — |  |  | 306,158 |  |  | 33,726 |
Loans held-for-investment | 144,371 |  |  | — |  |  | 95,054 |  |  | 49,317 |
MSRs | 201,044 |  |  | — |  |  | — |  |  | 201,044 |
Nonqualified deferred compensation assets | 15,953 |  |  | — |  |  | 15,953 |  |  | — |
Derivative assets | 259,264 |  |  | — |  |  | 253,052 |  |  | 6,212 |
Total | $ | 5,470,075 |  |  | $ | 172,886 |  |  | $ | 4,918,671 |  |  | $ | 378,518 |
Derivative liabilities | $ | 324,364 |  |  | $ | — |  |  | $ | 324,364 |  |  | $ | — |
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 months ended March 31, 2025 and 2024 are summarized as follows:
|  |  | Mortgage loans held-for-sale |  |  |  | Loans held-for- investment |  | Mortgage servicing rights |  | Derivative assets
(In thousands) | Municipal |  |  |  |  |
Balance at January 1, 2025 | $ | 121,607 |  |  | $ | 60,399 |  |  |  |  | $ | 34,896 |  |  | $ | 203,788 |  |  | $ | 1,950 |
Total net (losses) gains included in: |  |  |  |  |  |  |  |  |  |  |
Net income (1) | — |  |  | 973 |  |  |  |  | 271 |  |  | (7,481) |  |  | 3,543 |
Other comprehensive income or loss | (5,078) |  |  | — |  |  |  |  | — |  |  | — |  |  | — |
Purchases | 15,282 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |
Settlements | (9,967) |  |  | (24,601) |  |  |  |  | (4,947) |  |  | — |  |  | — |
Net transfers into Level 3 | — |  |  | 19,553 |  |  |  |  | 3,782 |  |  | — |  |  | — |
Balance at March 31, 2025 | $ | 121,844 |  |  | $ | 56,324 |  |  |  |  | $ | 34,002 |  |  | $ | 196,307 |  |  | $ | 5,493 |
|  |  | 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) | — |  |  | 67 |  |  |  |  | (317) |  |  | 8,588 |  |  | 1,702 |
Other comprehensive income or loss | (1,988) |  |  | — |  |  |  |  | — |  |  | — |  |  | — |
Purchases | 8,384 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |
Settlements | (4,414) |  |  | (10,340) |  |  |  |  | (15,803) |  |  | — |  |  | — |
Net transfers into Level 3 | — |  |  | 17,164 |  |  |  |  | 4,767 |  |  | — |  |  | — |
Balance at March 31, 2024 | $ | 88,219 |  |  | $ | 33,726 |  |  |  |  | $ | 49,317 |  |  | $ | 201,044 |  |  | $ | 6,212 |
(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 March 31, 2025:
| March 31, 2025 |  | Three Months Ended March 31, 2025 Fair Value Losses Recognized, net |  |
(In thousands) | Total |  | Level 1 |  | Level 2 |  | Level 3 |  |
Individually assessed loans - foreclosure probable and collateral-dependent | $ | 121,269 |  |  | $ | — |  |  | $ | — |  |  | $ | 121,269 |  |  | $ | 10,080 |  |  |
Other real estate owned (1) | 22,625 |  |  | — |  |  | — |  |  | 22,625 |  |  | 491 |  |  |
Total | $ | 143,894 |  |  | $ | — |  |  | $ | — |  |  | $ | 143,894 |  |  | $ | 10,571 |  |  |
(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 March 31, 2025 were as follows:
(Dollars in thousands) | Fair Value |  | Valuation Methodology |  | Significant Unobservable Input |  | 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 | $ | 121,844 |  |  | Bond pricing |  | Equivalent rating |  | BBB-AA+ |  | N/A |  | Increase
Mortgage loans held-for-sale | 56,324 |  |  | Discounted cash flows |  | Discount rate |  | 5.43% |  | 5.43% |  | Decrease
|  |  |  |  | Credit discount |  | 0% - 18% |  | 0.71% |  | Decrease
Loans held-for-investment | 34,002 |  |  | Discounted cash flows |  | Discount rate |  | 5.43% - 6.38% |  | 5.50% |  | Decrease
|  |  |  |  | Credit discount |  | 0% - 10% |  | 1.12% |  | Decrease
|  |  |  |  | Constant prepayment rate (CPR) - current loans |  | 8.92% |  | 8.92% |  | Decrease
|  |  |  |  | Average life - delinquent loans (in years) |  | 1.8 years - 11.2 years |  | 6.5 years |  | Decrease
MSRs | 196,307 |  |  | Discounted cash flows |  | Discount rate |  | 7% - 18% |  | 10.94% |  | Decrease
|  |  |  |  | Constant prepayment rate (CPR) |  | 1% - 91% |  | 8.92% |  | Decrease
|  |  |  |  | Cost of servicing |  | $70 - $200 |  | $ | 76 |  |  | Decrease
|  |  |  |  | Cost of servicing - delinquent |  | $200 - 1,000 |  | $ | 402 |  |  | Decrease
Derivatives | 5,493 |  |  | Discounted cash flows |  | Pull-through rate |  | 4% - 100% |  | 83.8 | % |  | Increase
Measured at fair value on a non-recurring basis:
Individually assessed loans - foreclosure probable and collateral-dependent | 121,269 |  |  | Appraisal value |  | Appraisal adjustment - cost of sale |  | 10% |  | 10.00% |  | Decrease
Other real estate owned | 22,625 |  |  | 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 March 31, 2025 |  | At December 31, 2024 |  | At March 31, 2024
| Carrying |  | Fair |  | Carrying |  | Fair |  | Carrying |  | Fair
(In thousands) | Value |  | Value |  | Value |  | Value |  | Value |  | Value
Financial Assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 616,279 |  |  | $ | 616,279 |  |  | $ | 458,536 |  |  | $ | 458,536 |  |  | $ | 379,886 |  |  | $ | 379,886 |
Interest-bearing deposits with banks | 4,238,237 |  |  | 4,238,237 |  |  | 4,409,753 |  |  | 4,409,753 |  |  | 2,131,077 |  |  | 2,131,077 |
Available-for-sale securities | 4,220,305 |  |  | 4,220,305 |  |  | 4,141,482 |  |  | 4,141,482 |  |  | 4,387,598 |  |  | 4,387,598 |
Held-to-maturity securities | 3,564,490 |  |  | 2,922,813 |  |  | 3,613,263 |  |  | 2,910,550 |  |  | 3,810,015 |  |  | 3,111,954 |
Trading account securities | — |  |  | — |  |  | 4,072 |  |  | 4,072 |  |  | 2,184 |  |  | 2,184 |
Equity securities with readily determinable fair value | 270,442 |  |  | 270,442 |  |  | 215,412 |  |  | 215,412 |  |  | 119,777 |  |  | 119,777 |
FHLB and FRB stock, at cost | 281,893 |  |  | 281,893 |  |  | 281,407 |  |  | 281,407 |  |  | 224,657 |  |  | 224,657 |
Brokerage customer receivables | — |  |  | — |  |  | 18,102 |  |  | 18,102 |  |  | 13,382 |  |  | 13,382 |
Mortgage loans held-for-sale, at fair value | 316,804 |  |  | 316,804 |  |  | 331,261 |  |  | 331,261 |  |  | 339,884 |  |  | 339,884 |
Loans held-for-investment, at fair value | 126,521 |  |  | 126,521 |  |  | 158,795 |  |  | 158,795 |  |  | 144,371 |  |  | 144,371 |
Loans held-for-investment, at amortized cost | 48,581,869 |  |  | 47,744,657 |  |  | 47,896,242 |  |  | 47,070,249 |  |  | 43,086,335 |  |  | 42,068,619 |
Nonqualified deferred compensation assets | 16,396 |  |  | 16,396 |  |  | 16,653 |  |  | 16,653 |  |  | 15,953 |  |  | 15,953 |
Derivative assets | 204,257 |  |  | 204,257 |  |  | 200,027 |  |  | 200,027 |  |  | 259,264 |  |  | 259,264 |
Accrued interest receivable and other | 573,254 |  |  | 573,254 |  |  | 563,625 |  |  | 563,625 |  |  | 487,933 |  |  | 487,933 |
Total financial assets | $ | 63,010,747 |  |  | $ | 61,531,858 |  |  | $ | 62,308,630 |  |  | $ | 60,779,924 |  |  | $ | 55,402,316 |  |  | $ | 53,686,539 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |
Non-maturity deposits | $ | 43,601,801 |  |  | $ | 43,601,801 |  |  | $ | 43,092,318 |  |  | $ | 43,092,318 |  |  | $ | 38,554,438 |  |  | $ | 38,554,438 |
Deposits with stated maturities | 9,968,237 |  |  | 9,964,441 |  |  | 9,420,031 |  |  | 9,423,976 |  |  | 7,894,420 |  |  | 7,872,870 |
FHLB advances | 3,151,309 |  |  | 3,164,174 |  |  | 3,151,309 |  |  | 3,153,524 |  |  | 2,676,751 |  |  | 2,669,780 |
Other borrowings | 529,269 |  |  | 529,297 |  |  | 534,803 |  |  | 534,406 |  |  | 575,408 |  |  | 573,752 |
Subordinated notes | 298,360 |  |  | 294,495 |  |  | 298,283 |  |  | 286,683 |  |  | 437,965 |  |  | 413,003 |
Junior subordinated debentures | 253,566 |  |  | 253,571 |  |  | 253,566 |  |  | 253,588 |  |  | 253,566 |  |  | 253,574 |
Derivative liabilities | 181,198 |  |  | 181,198 |  |  | 241,750 |  |  | 241,750 |  |  | 324,364 |  |  | 324,364 |
Accrued interest payable | 60,127 |  |  | 60,127 |  |  | 48,364 |  |  | 48,364 |  |  | 64,943 |  |  | 64,943 |
Total financial liabilities | $ | 58,043,867 |  |  | $ | 58,049,104 |  |  | $ | 57,040,424 |  |  | $ | 57,034,609 |  |  | $ | 50,781,855 |  |  | $ | 50,726,724 |

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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 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition 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 + Details
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