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Fair Value Measurement (Tables)

9 Months Ended

Sep. 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:

									September 30, 2024												December 31, 2023
(in thousands)			Level						Carrying Value						Fair Value						Carrying Value						Fair Value
Financial assets:
Cash and cash equivalents			1						$	2,111,022					$	2,111,022					$	2,162,534					$	2,162,534
Equity and other investment securities			1,2						79,996						79,996						76,995						76,995
Investment securities available for sale			1,2						8,676,807						8,676,807						8,829,870						8,829,870
Investment securities held to maturity			3						2,159						2,795						2,300						3,025
Loans held for sale			2						66,639						66,639						30,715						30,715
Loans and leases, net			2,3						37,082,948						35,765,359						37,001,080						35,810,989
Restricted equity securities			1						116,274						116,274						179,274						179,274
Residential mortgage servicing rights			3						101,919						101,919						109,243						109,243
Bank-owned life insurance			1						691,160						691,160						680,948						680,948
Derivatives			2,3						88,218						88,218						38,085						38,085
Financial liabilities:
Demand, money market, and savings deposits			1						$	35,780,479					$	35,780,479					$	35,379,451					$	35,379,451
Time deposits			2						5,734,209						5,722,095						6,227,569						6,201,519
Securities sold under agreements to repurchase			2						183,833						183,833						252,119						252,119
Borrowings			2						3,650,000						3,653,863						3,950,000						3,950,037
Junior subordinated debentures, at fair value			3						311,896						311,896						316,440						316,440
Junior and other subordinated debentures, at amortized cost			3						107,725						98,395						107,895						97,695
Derivatives			2,3						209,996						209,996						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)			September 30, 2024
Description			Total						Level 1						Level 2						Level 3
Financial assets:
Equity and other investment securities
Investments in mutual funds and other securities			$	64,118					$	45,659					$	18,459					$	—
Equity securities held in rabbi trusts			15,878						15,878						—						—
Investment securities available for sale
U.S. Treasury and agencies			1,496,257						368,141						1,128,116						—
Obligations of states and political subdivisions			1,061,590						—						1,061,590						—
Mortgage-backed securities and collateralized mortgage obligations			6,118,960						—						6,118,960						—
Loans held for sale, at fair value			66,639						—						66,639						—
Loans and leases, at fair value			179,617						—						179,617						—
Residential mortgage servicing rights, at fair value			101,919						—						—						101,919
Derivatives
Interest rate lock commitments			86						—						—						86
Interest rate forward sales commitments			112						—						112						—
Interest rate swaps			87,809						—						87,809						—
Foreign currency derivatives			211						—						211						—
Total assets measured at fair value			$	9,193,196					$	429,678					$	8,661,513					$	102,005
Financial liabilities:
Junior subordinated debentures, at fair value			$	311,896					$	—					$	—					$	311,896
Derivatives
Interest rate lock commitments			4						—						—						4
Interest rate futures			1,570						—						1,570						—
Interest rate forward sales commitments			420						—						420						—
Interest rate swaps			207,894						—						207,894						—
Foreign currency derivatives			108						—						108						—
Total liabilities measured at fair value			$	521,892					$	—					$	209,992					$	311,900

(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 the dates presented: 

Financial Instrument						Fair Value (in thousands)						Valuation Technique						Unobservable Input						Range of Inputs						Weighted Average
September 30, 2024
Assets:
Residential mortgage servicing rights						$	101,919					Discounted cash flow						Constant prepayment rate						6.06% - 26.35%						7.24%
																		Discount rate						9.62% - 16.13%						10.24%
Interest rate lock commitments, net						$	82					Internal pricing model						Pull-through rate						66.28% - 100.00%						85.73%
Liabilities:
Junior subordinated debentures						$	311,896					Discounted cash flow						Credit spread						2.35% - 4.84%						3.67%
Financial Instrument						Fair Value (in thousands)						Valuation Technique						Unobservable Input						Range of Inputs						Weighted Average
December 31, 2023
Assets:
Residential mortgage servicing rights						$	109,243					Discounted cash flow						Constant Prepayment Rate						6.07% - 28.17%						6.78%
																		Discount Rate						9.50% - 16.05%						10.25%
Liabilities:
Interest rate lock commitments, net						$	137					Internal pricing model						Pull-through rate						67.33% - 100.00%						85.53%
Junior subordinated debentures						$	316,440					Discounted cash flow						Credit Spread						2.25% - 4.66%						3.39%

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
			September 30, 2024																		September 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			$	110,039					$	(452)					$	(310,187)					$	172,929					$	(51)					$	(312,872)
Change included in earnings			(9,667)						142						(7,588)						507						(122)						(7,603)
Change in fair values included in comprehensive income/loss			—						—						(2,061)						—						—						(19,677)
Purchases and issuances			1,547						297						—						1,658						(685)						—
Sales and settlements			—						95						7,940						(57,454)						431						8,607
Ending balance			$	101,919					$	82					$	(311,896)					$	117,640					$	(427)					$	(331,545)
Change in unrealized gains or losses for the period included in earnings for assets and liabilities held at end of period			$	(6,540)					$	82					$	(7,588)					$	5,308					$	(427)					$	(7,603)
Change in unrealized gains or losses for the period included in other comprehensive income for assets and liabilities held at end of period			$	—					$	—					$	(2,061)					$	—					$	—					$	(19,677)
			Nine Months Ended																		Nine Months Ended
			September 30, 2024																		September 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			(11,648)						56						(22,719)						(14,350)						(288)						(21,331)
Change in fair values included in comprehensive income/loss			—						—						4,008						—						—						(8,503)
Purchases and issuances			4,324						(894)						—						4,427						(663)						—
Sales and settlements			—						1,057						23,255						(57,454)						492						21,928
Ending balance			$	101,919					$	82					$	(311,896)					$	117,640					$	(427)					$	(331,545)
Change in unrealized gains or losses for the period included in earnings for assets held at end of period			$	(2,185)					$	82					$	(22,719)					$	129					$	(427)					$	(21,331)
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at end of period			$	—					$	—					$	4,008					$	—					$	—					$	(8,503)

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 was 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. 

			September 30, 2024
(in thousands)			Total						Level 1						Level 2						Level 3
Loans and leases			$	18,636					$	—					$	—					$	18,636
Total assets measured at fair value on a nonrecurring basis			$	18,636					$	—					$	—					$	18,636

			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												Nine Months Ended
(in thousands)			September 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
Loans and leases			$	24,692					$	25,729					$	83,570					$	74,010
Total losses from nonrecurring measurements			$	24,692					$	25,729					$	83,570					$	74,010

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:

			September 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			$	66,639					$	64,548					$	2,091					$	30,715					$	29,629					$	1,086
Loans			$	179,617					$	204,378					$	(24,761)					$	275,140					$	320,397					$	(45,257)

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