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Fair Value Measurement (Tables) | 6 Months Ended
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Jun. 30, 2024
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 on a recurring basis in the Condensed Consolidated Balance Sheets:
|  |  | June 30, 2024 |  | December 31, 2023
(in thousands) | Level |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 1 |  | $ | 2,068,831 |  |  | $ | 2,068,831 |  |  | $ | 2,162,534 |  |  | $ | 2,162,534 |
Equity and other investment securities | 1,2 |  | 77,221 |  |  | 77,221 |  |  | 76,995 |  |  | 76,995 |
Investment securities available for sale | 1,2 |  | 8,503,000 |  |  | 8,503,000 |  |  | 8,829,870 |  |  | 8,829,870 |
Investment securities held to maturity | 3 |  | 2,203 |  |  | 2,885 |  |  | 2,300 |  |  | 3,025 |
Loans held for sale | 2 |  | 56,310 |  |  | 56,310 |  |  | 30,715 |  |  | 30,715 |
Loans and leases, net | 2,3 |  | 37,291,316 |  |  | 35,831,050 |  |  | 37,001,080 |  |  | 35,810,989 |
Restricted equity securities | 1 |  | 116,274 |  |  | 116,274 |  |  | 179,274 |  |  | 179,274 |
Residential mortgage servicing rights | 3 |  | 110,039 |  |  | 110,039 |  |  | 109,243 |  |  | 109,243 |
Bank-owned life insurance | 1 |  | 686,485 |  |  | 686,485 |  |  | 680,948 |  |  | 680,948 |
Derivatives | 2,3 |  | 118,288 |  |  | 118,288 |  |  | 38,085 |  |  | 38,085 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Demand, money market, and savings deposits | 1 |  | $ | 35,113,311 |  |  | $ | 35,113,311 |  |  | $ | 35,379,451 |  |  | $ | 35,379,451 |
Time deposits | 2 |  | 6,409,961 |  |  | 6,384,569 |  |  | 6,227,569 |  |  | 6,201,519 |
Securities sold under agreements to repurchase | 2 |  | 197,860 |  |  | 197,860 |  |  | 252,119 |  |  | 252,119 |
Borrowings | 2 |  | 3,900,000 |  |  | 3,892,965 |  |  | 3,950,000 |  |  | 3,950,037 |
Junior subordinated debentures, at fair value | 3 |  | 310,187 |  |  | 310,187 |  |  | 316,440 |  |  | 316,440 |
Junior and other subordinated debentures, at amortized cost | 3 |  | 107,781 |  |  | 97,551 |  |  | 107,895 |  |  | 97,695 |
Derivatives | 2,3 |  | 312,542 |  |  | 312,542 |  |  | 261,091 |  |  | 261,091 |
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, 2024
Description | Total |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |
Equity and other investment securities |  |  |  |  |  |  |
Investments in mutual funds and other securities | $ | 62,154 |  |  | $ | 43,695 |  |  | $ | 18,459 |  |  | $ | — |
Equity securities held in rabbi trusts | 15,067 |  |  | 15,067 |  |  | — |  |  | — |
Investment securities available for sale |  |  |  |  |  |  |
U.S. Treasury and agencies | 1,467,222 |  |  | 374,667 |  |  | 1,092,555 |  |  | — |
Obligations of states and political subdivisions | 1,034,523 |  |  | — |  |  | 1,034,523 |  |  | — |
Mortgage-backed securities and collateralized mortgage obligations | 6,001,255 |  |  | — |  |  | 6,001,255 |  |  | — |
Loans held for sale, at fair value | 56,310 |  |  | — |  |  | 56,310 |  |  | — |
Loans and leases, at fair value | 174,021 |  |  | — |  |  | 174,021 |  |  | — |
Residential mortgage servicing rights, at fair value | 110,039 |  |  | — |  |  | — |  |  | 110,039 |
Derivatives |  |  |  |  |  |  |
Interest rate forward sales commitments | 178 |  |  | — |  |  | 178 |  |  | — |
Interest rate swaps | 117,880 |  |  | — |  |  | 117,880 |  |  | — |
Foreign currency derivatives | 230 |  |  | — |  |  | 230 |  |  | — |
Total assets measured at fair value | $ | 9,038,879 |  |  | $ | 433,429 |  |  | $ | 8,495,411 |  |  | $ | 110,039 |
Financial liabilities: |  |  |  |  |  |  |
Junior subordinated debentures, at fair value | $ | 310,187 |  |  | $ | — |  |  | $ | — |  |  | $ | 310,187 |
Derivatives |  |  |  |  |  |  |
Interest rate lock commitments | 452 |  |  | — |  |  | — |  |  | 452 |
Interest rate futures | 500 |  |  | — |  |  | 500 |  |  | — |
Interest rate forward sales commitments | 243 |  |  | — |  |  | 243 |  |  | — |
Interest rate swaps | 311,192 |  |  | — |  |  | 311,192 |  |  | — |
Foreign currency derivatives | 155 |  |  | — |  |  | 155 |  |  | — |
Total liabilities measured at fair value | $ | 622,729 |  |  | $ | — |  |  | $ | 312,090 |  |  | $ | 310,639 |
(in thousands) | December 31, 2023
Description | Total |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |
Equity and other investment securities |  |  |  |  |  |  |
Investments in mutual funds and other securities | $ | 63,298 |  |  | $ | 44,839 |  |  | $ | 18,459 |  |  | $ | — |
Equity securities held in rabbi trusts | 13,697 |  |  | 13,697 |  |  | — |  |  | — |
Investment securities available for sale |  |  |  |  |  |  |
U.S. Treasury and agencies | 1,478,392 |  |  | 373,664 |  |  | 1,104,728 |  |  | — |
Obligations of states and political subdivisions | 1,072,105 |  |  | — |  |  | 1,072,105 |  |  | — |
Mortgage-backed securities and collateralized mortgage obligations | 6,279,373 |  |  | — |  |  | 6,279,373 |  |  | — |
Loans held for sale, at fair value | 30,715 |  |  | — |  |  | 30,715 |  |  | — |
Loans and leases, at fair value | 275,140 |  |  | — |  |  | 275,140 |  |  | — |
Residential mortgage servicing rights, at fair value | 109,243 |  |  | — |  |  | — |  |  | 109,243 |
Derivatives |  |  |  |  |  |  |
Interest rate futures | 3,745 |  |  | — |  |  | 3,745 |  |  | — |
Interest rate forward sales commitments | 9 |  |  | — |  |  | 9 |  |  | — |
Interest rate swaps | 33,874 |  |  | — |  |  | 33,874 |  |  | — |
Foreign currency derivatives | 457 |  |  | — |  |  | 457 |  |  | — |
Total assets measured at fair value | $ | 9,360,048 |  |  | $ | 432,200 |  |  | $ | 8,818,605 |  |  | $ | 109,243 |
Financial liabilities: |  |  |  |  |  |  |
Junior subordinated debentures, at fair value | $ | 316,440 |  |  | $ | — |  |  | $ | — |  |  | $ | 316,440 |
Derivatives |  |  |  |  |  |  |
Interest rate lock commitments | 137 |  |  | — |  |  | — |  |  | 137 |
Interest rate forward sales commitments | 535 |  |  | — |  |  | 535 |  |  | — |
Interest rate swaps | 260,064 |  |  | — |  |  | 260,064 |  |  | — |
Foreign currency derivatives | 355 |  |  | — |  |  | 355 |  |  | — |
Total liabilities measured at fair value | $ | 577,531 |  |  | $ | — |  |  | $ | 260,954 |  |  | $ | 316,577 |
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 as of June 30, 2024:
Financial Instrument |  | Fair Value (in thousands) |  | Valuation Technique |  | Unobservable Input |  | Range of Inputs |  | Weighted Average
Assets: |  |  |  |  |  |  |  |  |  |
Residential mortgage servicing rights |  | $ | 110,039 |  |  | Discounted cash flow |  | Constant prepayment rate |  | 6.03% - 27.36% |  | 6.76%
|  |  |  |  |  | Discount rate |  | 9.50% - 16.10% |  | 10.23%
Liabilities: |  |  |  |  |  |  |  |  |  |
Interest rate lock commitments, net |  | $ | 452 |  |  | Internal pricing model |  | Pull-through rate |  | 69.73% - 100.00% |  | 88.18%
Junior subordinated debentures |  | $ | 310,187 |  |  | Discounted cash flow |  | Credit spread |  | 2.05% - 6.20% |  | 3.83%
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, 2024 |  | June 30, 2023
(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 | $ | 110,444 |  |  | $ | 16 |  |  | $ | (309,544) |  |  | $ | 178,800 |  |  | $ | 137 |  |  | $ | (297,721) |
Change included in earnings | (1,945) |  |  | (70) |  |  | (7,548) |  |  | (7,039) |  |  | (134) |  |  | (7,049) |
Change in fair values included in comprehensive income/loss | — |  |  | — |  |  | (384) |  |  | — |  |  | — |  |  | (14,638) |
Purchases and issuances | 1,540 |  |  | (1,238) |  |  | — |  |  | 1,168 |  |  | (316) |  |  | — |
Sales and settlements | — |  |  | 840 |  |  | 7,289 |  |  | — |  |  | 262 |  |  | 6,536 |
Ending balance | $ | 110,039 |  |  | $ | (452) |  |  | $ | (310,187) |  |  | $ | 172,929 |  |  | $ | (51) |  |  | $ | (312,872) |
Change in unrealized gains or losses for the period included in earnings for assets and liabilities held at end of period | $ | 1,238 |  |  | $ | (452) |  |  | $ | (7,548) |  |  | $ | (2,242) |  |  | $ | (51) |  |  | $ | (7,049) |
Change in unrealized gains or losses for the period included in other comprehensive income for assets and liabilities held at end of period | $ | — |  |  | $ | — |  |  | $ | (384) |  |  | $ | — |  |  | $ | — |  |  | $ | (14,638) |
| Six Months Ended |  | Six Months Ended
| June 30, 2024 |  | June 30, 2023
(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 | $ | 109,243 |  |  | $ | (137) |  |  | $ | (316,440) |  |  | $ | 185,017 |  |  | $ | 32 |  |  | $ | (323,639) |
Change included in earnings | (1,981) |  |  | (86) |  |  | (15,131) |  |  | (14,857) |  |  | (166) |  |  | (13,728) |
Change in fair values included in comprehensive income/loss | — |  |  | — |  |  | 6,069 |  |  | — |  |  | — |  |  | 11,174 |
Purchases and issuances | 2,777 |  |  | (1,191) |  |  | — |  |  | 2,769 |  |  | 22 |  |  | — |
Sales and settlements | — |  |  | 962 |  |  | 15,315 |  |  | — |  |  | 61 |  |  | 13,321 |
Ending balance | $ | 110,039 |  |  | $ | (452) |  |  | $ | (310,187) |  |  | $ | 172,929 |  |  | $ | (51) |  |  | $ | (312,872) |
Change in unrealized gains or losses for the period included in earnings for assets held at end of period | $ | 4,355 |  |  | $ | (452) |  |  | $ | (15,131) |  |  | $ | (5,179) |  |  | $ | (51) |  |  | $ | (13,728) |
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at end of period | $ | — |  |  | $ | — |  |  | $ | 6,069 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,174 |
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, 2024
(in thousands) | Total |  | Level 1 |  | Level 2 |  | Level 3
Loans and leases | $ | 14,828 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,828 |
Total assets measured at fair value on a nonrecurring basis | $ | 14,828 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,828 |
| December 31, 2023
(in thousands) | Total |  | Level 1 |  | Level 2 |  | Level 3
Loans and leases | $ | 5,036 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,036 |
Total assets measured at fair value on a nonrecurring basis | $ | 5,036 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,036 |
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, 2024 |  | June 30, 2023 |  | June 30, 2024 |  | June 30, 2023 |  |
Loans and leases | $ | 30,704 |  |  | $ | 29,547 |  |  | $ | 58,878 |  |  | $ | 48,281 |  |  |
Total losses from nonrecurring measurements | $ | 30,704 |  |  | $ | 29,547 |  |  | $ | 58,878 |  |  | $ | 48,281 |  |  |
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, 2024 |  | December 31, 2023
(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 | $ | 56,310 |  |  | $ | 54,908 |  |  | $ | 1,402 |  |  | $ | 30,715 |  |  | $ | 29,629 |  |  | $ | 1,086 |
Loans | $ | 174,021 |  |  | $ | 208,147 |  |  | $ | (34,126) |  |  | $ | 275,140 |  |  | $ | 320,397 |  |  | $ | (45,257) |

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