Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 (in thousands):

	Fair Value Measurement at March 31, 2025
Description	March 31, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
U.S. Treasury	$	629	$	629	$	—	$	—
U.S. Agencies		6,980		—		6,980		—
State and political subdivisions		13,228		—		13,228		—
Corporates		12,494		12,494		—		—
Trading – other		2,130		2,130		—		—
Trading securities		35,461		15,253		20,208		—
U.S. Treasury		1,585,179		1,585,179		—		—
U.S. Agencies		107,664		—		107,664		—
Mortgage-backed		5,960,927		—		5,960,927		—
State and political subdivisions		2,430,300		—		2,430,300		—
Corporates		298,461		298,461		—		—
Collateralized loan obligations		513,128		—		513,128		—
Available-for-sale securities		10,895,659		1,883,640		9,012,019		—
Equity securities with readily determinable fair values		12,032		12,032		—		—
Derivatives		294,003		—		294,003		—
Total	$	11,237,155	$	1,910,925	$	9,326,230	$	—
Liabilities
Derivatives	$	145,962	$	—	$	145,962	$	—
Securities sold not yet purchased		11,925		—		11,925		—
Total	$	157,887	$	—	$	157,887	$	—

	Fair Value Measurement at December 31, 2024
Description	December 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
U.S. Treasury	$	1,620	$	1,620	$	—	$	—
U.S. Agencies		8,369		—		8,369		—
State and political subdivisions		11,469		—		11,469		—
Corporates		6,935		6,935		—		—
Trading – other		140		140		—		—
Trading securities		28,533		8,695		19,838		—
U.S. Treasury		1,326,073		1,326,073		—		—
U.S. Agencies		129,047		—		129,047		—
Mortgage-backed		4,420,930		—		4,420,930		—
State and political subdivisions		1,218,569		—		1,218,569		—
Corporates		317,170		317,170		—		—
Collateralized loan obligations		362,545		—		362,545		—
Available for sale securities		7,774,334		1,643,243		6,131,091		—
Equity securities with readily determinable fair values		11,596		11,596		—		—
Derivatives		234,443		—		234,443		—
Total	$	8,048,906	$	1,663,534	$	6,385,372	$	—
Liabilities
Derivatives	$	107,442	$	—	$	107,442	$	—
Securities sold not yet purchased		7,100		—		7,100		—
Total	$	114,542	$	—	$	114,542	$	—

Assets Measured at Fair Value on Non-Recurring Basis

Assets measured at fair value on a non-recurring basis as of March 31, 2025 and December 31, 2024 (in thousands):

	Fair Value Measurement at March 31, 2025 Using
Description	March 31, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Losses Recognized During the Three Months Ended March 31
Collateral dependent assets	$	4,068	$	—	$	—	$	4,068	$	(3,073	)
Other real estate owned		2,613		—		—		2,613		—
Other repossessed assets		10		—		—		10		—
Total	$	6,691	$	—	$	—	$	6,691	$	(3,073	)

	Fair Value Measurement at December 31, 2024 Using
Description	December 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Losses Recognized During the Twelve Months Ended December 31
Collateral dependent assets	$	2,405	$	—	$	—	$	2,405	$	(256	)
Other real estate owned		—		—		—		—		—
Other repossessed assets		26,779		—		—		26,779		—
Total	$	29,184	$	—	$	—	$	29,184	$	(256	)

Estimated Fair Value of Financial Instruments

The estimated fair value of the Company’s financial instruments at March 31, 2025 and December 31, 2024 are as follows (in thousands):

	Fair Value Measurement at March 31, 2025 Using
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Estimated Fair Value
FINANCIAL ASSETS
Cash and short-term investments	$	11,365,386	$	10,729,327	$	636,059	$	—	$	11,365,386
Securities available for sale		10,895,659		1,883,640		9,012,019		—		10,895,659
Securities held to maturity (exclusive of allowance for credit losses)		5,717,330		—		4,666,893		440,166		5,107,059
Trading securities		35,461		15,253		20,208		—		35,461
Other securities		647,152		12,032		635,120		—		647,152
Loans (exclusive of allowance for credit losses)		35,941,380		—		35,873,391		—		35,873,391
Derivatives		294,003		—		294,003		—		294,003
FINANCIAL LIABILITIES
Demand and savings deposits		55,330,752		55,330,752		—		—		55,330,752
Time deposits		3,190,426		—		3,191,202		—		3,191,202
Other borrowings		2,559,983		105,115		2,454,868		—		2,559,983
Long-term debt		654,380		—		712,396		—		712,396
Derivatives		145,962		—		145,962		—		145,962
OFF-BALANCE SHEET ARRANGEMENTS
Commitments to extend credit for loans										3,292
Commitments to extend resell agreements										—
Commercial letters of credit										39
Standby letters of credit										1,050

	Fair Value Measurement at December 31, 2024 Using
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Estimated Fair Value
FINANCIAL ASSETS
Cash and short-term investments	$	9,104,445	$	8,559,445	$	545,000	$	—	$	9,104,445
Securities available for sale		7,774,334		1,643,243		6,131,091		—		7,774,334
Securities held to maturity (exclusive of allowance for credit losses)		5,378,912		—		4,748,938		—		4,748,938
Trading securities		28,533		8,695		19,838		—		28,533
Other securities		471,018		11,596		459,422		—		471,018
Loans (exclusive of allowance for credit losses)		25,645,057		—		25,665,211		—		25,665,211
Derivatives		234,443		—		234,443		—		234,443
FINANCIAL LIABILITIES
Demand and savings deposits		41,014,362		41,014,362		—		—		41,014,362
Time deposits		2,127,667		—		2,127,667		—		2,127,667
Other borrowings		2,609,715		70,405		2,539,310		—		2,609,715
Long-term debt		385,292		—		417,217		—		417,217
Derivatives		107,442		—		107,442		—		107,442
OFF-BALANCE SHEET ARRANGEMENTS
Commitments to extend credit for loans										12,515
Commitments to extend resell agreements										292
Commercial letters of credit										135
Standby letters of credit										4,375