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Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

The following table presents estimated fair values of the Company's financial instruments as of the dates presented, whether or not recognized or recorded at fair value in the Condensed Consolidated Balance Sheets:  

									June 30, 2023												December 31, 2022
(in thousands)			Level						Carrying Value						Fair Value						Carrying Value						Fair Value
Financial assets:
Cash and cash equivalents			1						$	3,407,216					$	3,407,216					$	1,294,643					$	1,294,643
Equity and other investment securities			1,2						76,361						76,361						72,959						72,959
Investment securities available for sale			1,2						8,998,428						8,998,428						3,196,166						3,196,166
Investment securities held to maturity			3						2,388						3,122						2,476						3,197
Loans held for sale			2						183,633						183,633						71,647						71,647
Loans and leases, net			2,3						36,644,696						35,456,612						25,854,846						24,399,370
Restricted equity securities			1						258,524						258,524						47,144						47,144
Residential mortgage servicing rights			2,3						172,929						172,929						185,017						185,017
Bank owned life insurance			1						643,727						643,727						331,759						331,759
Derivatives			2,3						8,479						8,479						15,444						15,444
Financial liabilities:
Demand, money market, and savings deposits			1						$	35,607,112					$	35,607,112					$	24,355,381					$	24,355,381
Time deposits			2						5,227,805						5,179,030						2,710,231						2,667,535
Securities sold under agreements to repurchase			2						294,914						294,914						308,769						308,769
Borrowings			2						6,250,000						6,248,206						906,175						905,591
Junior subordinated debentures, at fair value			3						312,872						312,872						323,639						323,639
Junior and other subordinated debentures, at amortized cost			3						108,009						88,916						87,813						80,922
Derivatives			2,3						318,780						318,780						271,205						271,205

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis as of the periods presented: 

(in thousands)			June 30, 2023
Description			Total						Level 1						Level 2						Level 3
Financial assets:
Equity and other investment securities
Investments in mutual funds and other securities			$	62,771					$	44,312					$	18,459					$	—
Equity securities held in rabbi trusts			13,590						13,590						—						—
Investment securities available for sale
U.S. Treasury and agencies			1,489,550						396,717						1,092,833						—
Obligations of states and political subdivisions			1,063,733						—						1,063,733						—
Mortgage-backed securities and collateralized mortgage obligations			6,445,145						—						6,445,145						—
Loans held for sale, at fair value			183,633						—						183,633						—
Loans and leases, at fair value			282,511						—						282,511						—
Residential mortgage servicing rights, at fair value			172,929						—						—						172,929
Derivatives
Interest rate lock commitments			293						—						—						293
Interest rate forward sales commitments			576						—						576						—
Interest rate swaps			7,368						—						7,368						—
Foreign currency derivatives			242						—						242						—
Total assets measured at fair value			$	9,722,341					$	454,619					$	9,094,500					$	173,222
Financial liabilities:
Junior subordinated debentures, at fair value			$	312,872					$	—					$	—					$	312,872
Derivatives
Interest rate lock commitments			344						—						—						344
Interest rate futures			4,324						—						4,324						—
Interest rate forward sales commitments			33						—						33						—
Interest rate swaps			313,894						—						313,894						—
Foreign currency derivatives			185						—						185						—
Total liabilities measured at fair value			$	631,652					$	—					$	318,436					$	313,216

.

(in thousands)			December 31, 2022
Description			Total						Level 1						Level 2						Level 3
Financial assets:
Equity and other investment securities
Investments in mutual funds and other securities			$	61,593					$	44,256					$	17,337					$	—
Equity securities held in rabbi trusts			11,366						11,366						—						—
Investment securities available for sale
U.S. Treasury and agencies			936,174						225,853						710,321						—
Obligations of states and political subdivisions			269,800						—						269,800						—
Mortgage-backed securities and collateralized mortgage obligations			1,990,192						—						1,990,192						—
Loans held for sale, at fair value			71,647						—						71,647						—
Loans and leases, at fair value			285,581						—						285,581						—
Residential mortgage servicing rights, at fair value			185,017						—						—						185,017
Derivatives
Interest rate lock commitments			50						—						—						50
Interest rate forward sales commitments			512						—						512						—
Interest rate swaps			14,657						—						14,657						—
Foreign currency derivatives			225						—						225						—
Total assets measured at fair value			$	3,826,814					$	281,475					$	3,360,272					$	185,067
Financial liabilities:
Junior subordinated debentures, at fair value			$	323,639					$	—					$	—					$	323,639
Derivatives
Interest rate lock commitments			18						—						—						18
Interest rate futures			392						—						392						—
Interest rate forward sales commitments			601						—						601						—
Interest rate swaps			270,009						—						270,009						—
Foreign currency derivatives			185						—						185						—
Total liabilities measured at fair value			$	594,844					$	—					$	271,187					$	323,657

Fair Value Measurement Inputs and Valuation Techniques

The following table provides a description of the valuation technique, significant unobservable inputs, and qualitative information about the unobservable inputs for the Company's assets and liabilities classified as Level 3 and measured at fair value on a recurring basis at June 30, 2023: 

Financial Instrument						Fair Value (in thousands)						Valuation Technique						Unobservable Input						Range of Inputs						Weighted Average
Assets:
Residential mortgage servicing rights						$	172,929					Discounted cash flow
																		Constant prepayment rate						6.07% - 24.79%						6.42%
																		Discount rate						9.50% - 16.00%						10.06%
Liabilities:
Interest rate lock commitments, net						$	51					Internal pricing model
																		Pull-through rate						76.03% - 101.50%						88.95%
Junior subordinated debentures						$	312,872					Discounted cash flow
																		Credit spread						2.17% - 5.61%						3.55%

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the periods indicated: 

			Three Months Ended																		Three Months Ended
			June 30, 2023																		June 30, 2022
(in thousands)			Residential mortgage servicing rights						Interest rate lock commitments, net						Junior subordinated debentures, at fair value						Residential mortgage servicing rights						Interest rate lock commitments, net						Junior subordinated debentures, at fair value
Beginning balance			$	178,800					$	137					$	(297,721)					$	165,807					$	(853)					$	(305,719)
Change included in earnings			(7,039)						(134)						(7,049)						5,938						(2,437)						(3,137)
Change in fair values included in comprehensive income/loss			—						—						(14,638)						—						—						(15,064)
Purchases and issuances			1,168						(316)						—						7,813						3,047						—
Sales and settlements			—						262						6,536						—						126						2,652
Ending balance			$	172,929					$	(51)					$	(312,872)					$	179,558					$	(117)					$	(321,268)
Change in unrealized gains or losses for the period included in earnings for assets and liabilities held at end of period			$	(2,242)					$	(51)					$	(7,049)					$	10,899					$	(117)					$	(3,137)
Change in unrealized gains or losses for the period included in other comprehensive income for assets and liabilities held at end of period			$	—					$	—					$	(14,638)					$	—					$	—					$	(15,064)

			Six Months Ended																		Six Months Ended
			June 30, 2023																		June 30, 2022
(in thousands)			Residential mortgage servicing rights						Interest rate lock commitments, net						Junior subordinated debentures, at fair value						Residential mortgage servicing rights						Interest rate lock commitments, net						Junior subordinated debentures, at fair value
Beginning balance			$	185,017					$	32					$	(323,639)					$	123,615					$	4,641					$	(293,081)
Change included in earnings			(14,857)						(166)						(13,728)						40,740						(6,707)						(5,593)
Change in fair values included in comprehensive income/loss			—						—						11,174						—						—						(27,767)
Purchases and issuances			2,769						22						—						15,203						7,698						—
Sales and settlements			—						61						13,321						—						(5,749)						5,173
Ending balance			$	172,929					$	(51)					$	(312,872)					$	179,558					$	(117)					$	(321,268)
Change in unrealized gains or losses for the period included in earnings for assets held at end of period			$	(5,179)					$	(51)					$	(13,728)					$	51,048					$	(117)					$	(5,593)
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at end of period			$	—					$	—					$	11,174					$	—					$	—					$	(27,767)

Fair Value Measurements, Nonrecurring

The following tables present information about the Company's assets and liabilities measured at fair value on a nonrecurring basis for which a nonrecurring change in fair value has been recorded during the reporting period. The amounts disclosed below represent the fair values at the time the nonrecurring fair value measurements were made, and not necessarily the fair value as of the dates reported upon. 

			June 30, 2023
(in thousands)			Total						Level 1						Level 2						Level 3
Loans and leases			$	1,809					$	—					$	—					$	1,809
Total assets measured at fair value on a nonrecurring basis			$	1,809					$	—					$	—					$	1,809

			December 31, 2022
(in thousands)			Total						Level 1						Level 2						Level 3
Loans and leases			$	3,216					$	—					$	—					$	3,216
Total assets measured at fair value on a nonrecurring basis			$	3,216					$	—					$	—					$	3,216

Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings

The following table presents the losses resulting from nonrecurring fair value adjustments for the periods indicated:  

			Three Months Ended												Six Months Ended
(in thousands)			June 30, 2023						June 30, 2022						June 30, 2023						June 30, 2022
Loans and leases			$	29,547					$	8,741					$	48,281					$	16,532
Total losses from nonrecurring measurements			$	29,547					$	8,741					$	48,281					$	16,532

Fair Value Option, Disclosures

The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale and loans held for investment accounted for under the fair value option as of the dates presented:

			June 30, 2023																		December 31, 2022
(in thousands)			Fair Value						Aggregate Unpaid Principal Balance						Fair Value Less Aggregate Unpaid Principal Balance						Fair Value						Aggregate Unpaid Principal Balance						Fair Value Less Aggregate Unpaid Principal Balance
Loans held for sale			$	65,548					$	64,641					$	907					$	71,647					$	70,219					$	1,428
Loans			$	282,511					$	327,876					$	(45,365)					$	285,581					$	333,469					$	(47,888)

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