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Fair Value Measurement (Tables)

6 Months Ended

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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