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Fair Value Measurement (Tables) | 9 Months Ended
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Sep. 30, 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:
|  |  | September 30, 2025 |  | December 31, 2024
(in millions) | Level |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 1 |  | $ | 2,343 |  |  | $ | 2,343 |  |  | $ | 1,879 |  |  | $ | 1,879 |
Equity and other investment securities | 1,2 |  | 112 |  |  | 112 |  |  | 78 |  |  | 78 |
Investment securities available for sale | 1,2 |  | 11,013 |  |  | 11,013 |  |  | 8,275 |  |  | 8,275 |
Investment securities held to maturity | 3 |  | 18 |  |  | 18 |  |  | 2 |  |  | 3 |
Loans held for sale | 2 |  | 340 |  |  | 340 |  |  | 72 |  |  | 72 |
Loans and leases, net (1) | 2,3 |  | 47,989 |  |  | 46,715 |  |  | 37,256 |  |  | 35,690 |
Restricted equity securities | 1 |  | 119 |  |  | 119 |  |  | 150 |  |  | 150 |
Residential mortgage servicing rights | 3 |  | 101 |  |  | 101 |  |  | 108 |  |  | 108 |
Derivatives | 2,3 |  | 88 |  |  | 88 |  |  | 109 |  |  | 109 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Deposits | 2 |  | 55,771 |  |  | 55,759 |  |  | 41,721 |  |  | 41,707 |
Securities sold under agreements to repurchase | 2 |  | 167 |  |  | 167 |  |  | 237 |  |  | 237 |
Borrowings | 2 |  | 2,300 |  |  | 2,300 |  |  | 3,100 |  |  | 3,102 |
Junior subordinated debentures, at fair value | 3 |  | 331 |  |  | 331 |  |  | 331 |  |  | 331 |
Junior and other subordinated debentures, at amortized cost | 3 |  | 107 |  |  | 108 |  |  | 108 |  |  | 104 |
Derivatives | 1,2,3 |  | 194 |  |  | 194 |  |  | 281 |  |  | 281 |
(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 $76 million and $169 million as of September 30, 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 millions) | September 30, 2025
Description | Total |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |
Equity and other investment securities |  |  |  |  |  |  |
Investments in mutual funds and other securities | $ | 92 |  |  | $ | 61 |  |  | $ | 31 |  |  | $ | — |
Equity securities held in rabbi trusts | 20 |  |  | 20 |  |  | — |  |  | — |
Investment securities available for sale |  |  |  |  |  |  |
U.S. Treasury and agencies | 1,295 |  |  | 208 |  |  | 1,087 |  |  | — |
Obligations of states and political subdivisions | 1,637 |  |  | — |  |  | 1,637 |  |  | — |
Mortgage-backed securities and collateralized mortgage obligations | 8,081 |  |  | — |  |  | 8,081 |  |  | — |
Loans held for sale, at fair value | 340 |  |  | — |  |  | 340 |  |  | — |
Loans and leases, at fair value | 76 |  |  | — |  |  | 76 |  |  | — |
Residential mortgage servicing rights, at fair value | 101 |  |  | — |  |  | — |  |  | 101 |
Derivatives |  |  |  |  |  |  |
Interest rate swaps | 88 |  |  | — |  |  | 88 |  |  | — |
Total assets measured at fair value | $ | 11,730 |  |  | $ | 289 |  |  | $ | 11,340 |  |  | $ | 101 |
Financial liabilities: |  |  |  |  |  |  |
Junior subordinated debentures, at fair value | $ | 331 |  |  | $ | — |  |  | $ | — |  |  | $ | 331 |
Derivatives |  |  |  |  |  |  |
Interest rate futures | 1 |  |  | 1 |  |  | — |  |  | — |
Interest rate swaps | 193 |  |  | — |  |  | 193 |  |  | — |
Total liabilities measured at fair value | $ | 525 |  |  | $ | 1 |  |  | $ | 193 |  |  | $ | 331 |
(in millions) | 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 |  |  | $ | 44 |  |  | $ | 18 |  |  | $ | — |
Equity securities held in rabbi trusts | 16 |  |  | 16 |  |  | — |  |  | — |
Investment securities available for sale |  |  |  |  |  |  |
U.S. Treasury and agencies | 1,423 |  |  | 321 |  |  | 1,102 |  |  | — |
Obligations of states and political subdivisions | 1,026 |  |  | — |  |  | 1,026 |  |  | — |
Mortgage-backed securities and collateralized mortgage obligations | 5,826 |  |  | — |  |  | 5,826 |  |  | — |
Loans held for sale, at fair value | 72 |  |  | — |  |  | 72 |  |  | — |
Loans and leases, at fair value | 169 |  |  | — |  |  | 169 |  |  | — |
Residential mortgage servicing rights, at fair value | 108 |  |  | — |  |  | — |  |  | 108 |
Derivatives |  |  |  |  |  |  |
Interest rate forward sales commitments | 1 |  |  | — |  |  | 1 |  |  | — |
Interest rate swaps | 107 |  |  | — |  |  | 107 |  |  | — |
Foreign currency derivatives | 1 |  |  | — |  |  | 1 |  |  | — |
Total assets measured at fair value | $ | 8,811 |  |  | $ | 381 |  |  | $ | 8,322 |  |  | $ | 108 |
Financial liabilities: |  |  |  |  |  |  |
Junior subordinated debentures, at fair value | $ | 331 |  |  | $ | — |  |  | $ | — |  |  | $ | 331 |
Derivatives |  |  |  |  |  |  |
Interest rate futures | 3 |  |  | — |  |  | 3 |  |  | — |
Interest rate swaps | 277 |  |  | — |  |  | 277 |  |  | — |
Foreign currency derivatives | 1 |  |  | — |  |  | 1 |  |  | — |
Total liabilities measured at fair value | $ | 612 |  |  | $ | — |  |  | $ | 281 |  |  | $ | 331 |
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 millions) |  | Valuation Technique |  | Unobservable Input |  | Range of Inputs |  | Weighted Average
September 30, 2025 |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |
Residential mortgage servicing rights |  | $ | 101 |  |  | Discounted cash flow |  | Constant prepayment rate |  | 5.77% - 31.32% |  | 7.94%
|  |  |  |  |  | Discount rate |  | 9.50% - 16.26% |  | 10.20%
Liabilities: |  |  |  |  |  |  |  |  |  |
Junior subordinated debentures |  | $ | 331 |  |  | Discounted cash flow |  | Credit spread |  | 2.12% - 4.28% |  | 3.08%
Financial Instrument |  | Fair Value (in millions) |  | Valuation Technique |  | Unobservable Input |  | Range of Inputs |  | Weighted Average
December 31, 2024 |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |
Residential mortgage servicing rights |  | $ | 108 |  |  | Discounted cash flow |  | Constant prepayment rate |  | 5.77% - 60.85% |  | 6.92%
|  |  |  |  |  | Discount rate |  | 9.50% - 16.16% |  | 10.23%
Liabilities: |  |  |  |  |  |  |  |  |  |
Junior subordinated debentures |  | $ | 331 |  |  | 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
| September 30, 2025 |  | September 30, 2024
(in millions) | Residential Mortgage Servicing Rights |  |  |  | Junior Subordinated Debentures, at Fair Value |  | Residential Mortgage Servicing Rights |  |  |  | Junior Subordinated Debentures, at Fair Value
Beginning balance | $ | 103 |  |  |  |  | $ | (323) |  |  | $ | 110 |  |  |  |  | $ | (310) |
Change included in earnings | (3) |  |  |  |  | (7) |  |  | (9) |  |  |  |  | (8) |
Change in fair values included in comprehensive income/loss | — |  |  |  |  | (8) |  |  | — |  |  |  |  | (2) |
Purchases and issuances | 1 |  |  |  |  | — |  |  | 1 |  |  |  |  | — |
Sales and settlements | — |  |  |  |  | 7 |  |  | — |  |  |  |  | 8 |
Ending balance | $ | 101 |  |  |  |  | $ | (331) |  |  | $ | 102 |  |  |  |  | $ | (312) |
Change in unrealized gains or losses for the period included in earnings for assets and liabilities held at end of period | $ | — |  |  |  |  | $ | (7) |  |  | $ | (6) |  |  |  |  | $ | (8) |
Change in unrealized gains or losses for the period included in other comprehensive income for assets and liabilities held at end of period | $ | — |  |  |  |  | $ | (8) |  |  | $ | — |  |  |  |  | $ | (2) |
| Nine Months Ended
| September 30, 2025 |  | September 30, 2024
(in millions) | Residential Mortgage Servicing Rights |  |  |  | Junior Subordinated Debentures, at Fair Value |  | Residential Mortgage Servicing Rights |  |  |  | Junior Subordinated Debentures, at Fair Value
Beginning balance | $ | 108 |  |  |  |  | $ | (331) |  |  | $ | 109 |  |  |  |  | $ | (316) |
Change included in earnings | (12) |  |  |  |  | (20) |  |  | (11) |  |  |  |  | (23) |
Change in fair values included in comprehensive income/loss | — |  |  |  |  | — |  |  | — |  |  |  |  | 4 |
Purchases and issuances | 5 |  |  |  |  | — |  |  | 4 |  |  |  |  | — |
Sales and settlements | — |  |  |  |  | 20 |  |  | — |  |  |  |  | 23 |
Ending balance | $ | 101 |  |  |  |  | $ | (331) |  |  | $ | 102 |  |  |  |  | $ | (312) |
Change in unrealized gains or losses for the period included in earnings for assets held at end of period | $ | (3) |  |  |  |  | $ | (20) |  |  | $ | (2) |  |  |  |  | $ | (23) |
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at end of period | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 4 |
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, 2025
(in millions) | Total |  | Level 1 |  | Level 2 |  | Level 3
Loans and leases | $ | 17 |  |  | $ | — |  |  | $ | — |  |  | $ | 17 |
| December 31, 2024
(in millions) | Total |  | Level 1 |  | Level 2 |  | Level 3
Loans and leases | $ | 28 |  |  | $ | — |  |  | $ | — |  |  | $ | 28 |
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 millions) | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024 |  |
Loans and leases | $ | 17 |  |  | $ | 25 |  |  | $ | 72 |  |  | $ | 84 |  |  |
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, 2025 |  | December 31, 2024
(in millions) | 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 | $ | 340 |  |  | $ | 357 |  |  | $ | (17) |  |  | $ | 72 |  |  | $ | 71 |  |  | $ | 1 |
Loans held for investment | $ | 76 |  |  | $ | 81 |  |  | $ | (5) |  |  | $ | 169 |  |  | $ | 201 |  |  | $ | (32) |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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