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Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2025

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:

									March 31, 2025												December 31, 2024
(in thousands)			Level						Carrying Value						Fair Value						Carrying Value						Fair Value
Financial assets:
Cash and cash equivalents			1						$	2,072,706					$	2,072,706					$	1,878,255					$	1,878,255
Equity and other investment securities			1,2						91,580						91,580						78,133						78,133
Investment securities available for sale			1,2						8,228,805						8,228,805						8,274,615						8,274,615
Investment securities held to maturity			3						2,057						2,645						2,101						2,703
Loans held for sale			2						64,747						64,747						71,535						71,535
Loans and leases, net (1)			2,3						37,194,606						35,757,553						37,256,272						35,689,803
Restricted equity securities			1						125,300						125,300						150,024						150,024
Residential mortgage servicing rights			3						105,663						105,663						108,358						108,358
Bank-owned life insurance			1						700,768						700,768						693,839						693,839
Derivatives			2,3						90,138						90,138						108,638						108,638
Financial liabilities:
Demand, money market, and savings deposits			1						$	36,215,932					$	36,215,932					$	35,618,693					$	35,618,693
Time deposits			2						6,001,762						5,987,109						6,102,039						6,088,430
Securities sold under agreements to repurchase			2						192,386						192,386						236,627						236,627
Borrowings			2						2,550,000						2,550,150						3,100,000						3,101,866
Junior subordinated debentures, at fair value			3						320,774						320,774						330,895						330,895
Junior and other subordinated debentures, at amortized cost			3						107,611						104,063						107,668						104,216
Derivatives			2,3						226,187						226,187						280,619						280,619

(1) Loans and leases, net are classified as level 3, with the exception of loans originated as held for sale and transferred into loans held for investment of $174.2 million and $168.8 million as of March 31, 2025 and December 31, 2024, respectively, which are classified as level 2.

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)			March 31, 2025
Description			Total						Level 1						Level 2						Level 3
Financial assets:
Equity and other investment securities
Investments in mutual funds and other securities			$	75,219					$	56,760					$	18,459					$	—
Equity securities held in rabbi trusts			16,361						16,361						—						—
Investment securities available for sale
U.S. Treasury and agencies			1,373,033						254,780						1,118,253						—
Obligations of states and political subdivisions			1,020,842						—						1,020,842						—
Mortgage-backed securities and collateralized mortgage obligations			5,834,930						—						5,834,930						—
Loans held for sale, at fair value			64,747						—						64,747						—
Loans and leases, at fair value			174,211						—						174,211						—
Residential mortgage servicing rights, at fair value			105,663						—						—						105,663
Derivatives
Interest rate lock commitments			294						—						—						294
Interest rate forward sales commitments			10						—						10						—
Interest rate swaps			89,512						—						89,512						—
Foreign currency derivatives			322						—						322						—
Total assets measured at fair value			$	8,755,144					$	327,901					$	8,321,286					$	105,957
Financial liabilities:
Junior subordinated debentures, at fair value			$	320,774					$	—					$	—					$	320,774
Derivatives
Interest rate lock commitments			16						—						—						16
Interest rate futures			135						—						135						—
Interest rate forward sales commitments			522						—						522						—
Interest rate swaps			225,335						—						225,335						—
Foreign currency derivatives			179						—						179						—
Total liabilities measured at fair value			$	546,961					$	—					$	226,171					$	320,790

(in thousands)			December 31, 2024
Description			Total						Level 1						Level 2						Level 3
Financial assets:
Equity and other investment securities
Investments in mutual funds and other securities			$	62,276					$	43,817					$	18,459					$	—
Equity securities held in rabbi trusts			15,857						15,857						—						—
Investment securities available for sale
U.S. Treasury and agencies			1,422,787						321,297						1,101,490						—
Obligations of states and political subdivisions			1,026,053						—						1,026,053						—
Mortgage-backed securities and collateralized mortgage obligations			5,825,775						—						5,825,775						—
Loans held for sale, at fair value			71,535						—						71,535						—
Loans and leases, at fair value			168,809						—						168,809						—
Residential mortgage servicing rights, at fair value			108,358						—						—						108,358
Derivatives
Interest rate lock commitments			16						—						—						16
Interest rate forward sales commitments			695						—						695						—
Interest rate swaps			107,385						—						107,385						—
Foreign currency derivatives			542						—						542						—
Total assets measured at fair value			$	8,810,088					$	380,971					$	8,320,743					$	108,374
Financial liabilities:
Junior subordinated debentures, at fair value			$	330,895					$	—					$	—					$	330,895
Derivatives
Interest rate lock commitments			32						—						—						32
Interest rate futures			3,033						—						3,033						—
Interest rate forward sales commitments			74						—						74						—
Interest rate swaps			277,042						—						277,042						—
Foreign currency derivatives			438						—						438						—
Total liabilities measured at fair value			$	611,514					$	—					$	280,587					$	330,927

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
March 31, 2025
Assets:
Residential mortgage servicing rights						$	105,663					Discounted cash flow						Constant prepayment rate						5.78% - 61.24%						7.23%
																		Discount rate						9.62% - 16.19%						10.22%
Interest rate lock commitments, net						$	278					Internal pricing model						Pull-through rate						68.92% - 100.00%						87.71%
Liabilities:
Junior subordinated debentures						$	320,774					Discounted cash flow						Credit spread						1.69% - 4.69%						3.46%
Financial Instrument						Fair Value (in thousands)						Valuation Technique						Unobservable Input						Range of Inputs						Weighted Average
December 31, 2024
Assets:
Residential mortgage servicing rights						$	108,358					Discounted cash flow						Constant prepayment rate						5.77% - 60.85%						6.92%
																		Discount rate						9.50% - 16.16%						10.23%
Liabilities:
Interest rate lock commitments, net						$	16					Internal pricing model						Pull-through rate						71.00% - 100.00%						87.54%
Junior subordinated debentures						$	330,895					Discounted cash flow						Credit spread						1.46% - 4.15%						3.06%

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 for the periods indicated: 

			Three Months Ended																		Three Months Ended
			March 31, 2025																		March 31, 2024
(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			$	108,358					$	(16)					$	(330,895)					$	109,243					$	(137)					$	(316,440)
Change included in earnings			(4,124)						40						(6,555)						(36)						(16)						(7,583)
Change in fair values included in comprehensive income/loss			—						—						9,551						—						—						6,453
Purchases and issuances			1,429						813						—						1,237						47						—
Sales and settlements			—						(559)						7,125						—						122						8,026
Ending balance			$	105,663					$	278					$	(320,774)					$	110,444					$	16					$	(309,544)
Change in unrealized gains or losses for the period included in earnings for assets and liabilities held at end of period			$	(983)					$	278					$	(6,555)					$	3,117					$	16					$	(7,583)
Change in unrealized gains or losses for the period included in other comprehensive income for assets and liabilities held at end of period			$	—					$	—					$	9,551					$	—					$	—					$	6,453

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. 

			March 31, 2025
(in thousands)			Total						Level 1						Level 2						Level 3
Loans and leases			$	13,872					$	—					$	—					$	13,872

			December 31, 2024
(in thousands)			Total						Level 1						Level 2						Level 3
Loans and leases			$	28,177					$	—					$	—					$	28,177

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
(in thousands)			March 31, 2025						March 31, 2024
Loans and leases			$	28,682					$	28,174

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:

			March 31, 2025																		December 31, 2024
(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			$	64,747					$	62,753					$	1,994					$	71,535					$	70,430					$	1,105
Loans held for investment			$	174,211					$	199,311					$	(25,100)					$	168,809					$	200,925					$	(32,116)

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