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Fair Values of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented:


	March 31, 2025
(In thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities
U.S. Treasury	$	12,994	$	12,994	$	—	$	—
U.S. government agencies	45,944		—		45,944		—
Municipal	188,149		—		66,305		121,844
Corporate notes	81,435		—		81,435		—
Mortgage-backed	3,891,783		—		3,891,783		—

Equity securities with readily determinable fair value	270,442		262,376		8,066		—
Mortgage loans held-for-sale	316,804		—		260,480		56,324
Loans held-for-investment	126,521		—		92,519		34,002
MSRs	196,307		—		—		196,307
Nonqualified deferred compensation assets	16,396		—		16,396		—
Derivative assets	204,257		—		198,764		5,493
Total	$	5,351,032	$	275,370	$	4,661,692	$	413,970
Derivative liabilities	$	181,198	$	—	$	181,198	$	—


	December 31, 2024
(In thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities
U.S. Treasury	$	37,907	$	37,907	$	—	$	—
U.S. government agencies	44,945		—		44,945		—
Municipal	184,593		—		62,986		121,607
Corporate notes	81,162		—		81,162		—
Mortgage-backed	3,792,875		—		3,792,875		—
Trading account securities	4,072		—		4,072		—
Equity securities with readily determinable fair value	215,412		207,346		8,066		—
Mortgage loans held-for-sale	331,261		—		270,862		60,399
Loans held-for-investment	158,795		—		123,899		34,896
MSRs	203,788		—		—		203,788
Nonqualified deferred compensation assets	16,653		—		16,653		—
Derivative assets	200,027		—		198,077		1,950
Total	$	5,271,490	$	245,253	$	4,603,597	$	422,640
Derivative liabilities	$	241,750	$	—	$	241,750	$	—


	March 31, 2024
(In thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities
U.S. Treasury	$	61,175	$	61,175	$	—	$	—
U.S. government agencies	45,715		—		45,715		—
Municipal	140,590		—		52,371		88,219
Corporate notes	76,725		—		76,725		—
Mortgage-backed	4,063,393		—		4,063,393		—
Trading account securities	2,184		—		2,184		—
Equity securities with readily determinable fair value	119,777		111,711		8,066		—
Mortgage loans held-for-sale	339,884		—		306,158		33,726
Loans held-for-investment	144,371		—		95,054		49,317
MSRs	201,044		—		—		201,044
Nonqualified deferred compensation assets	15,953		—		15,953		—
Derivative assets	259,264		—		253,052		6,212
Total	$	5,470,075	$	172,886	$	4,918,671	$	378,518
Derivative liabilities	$	324,364	$	—	$	324,364	$	—

Schedule of Changes In Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

The changes in Level 3 assets measured at fair value on a recurring basis during the three months ended March 31, 2025 and 2024 are summarized as follows:


			Mortgage loans held-for-sale		Loans held-for- investment		Mortgage servicing rights		Derivative assets
(In thousands)	Municipal
Balance at January 1, 2025	$	121,607	$	60,399	$	34,896	$	203,788	$	1,950
Total net (losses) gains included in:
Net income (1)	—		973		271		(7,481)		3,543
Other comprehensive income or loss	(5,078)		—		—		—		—
Purchases	15,282		—		—		—		—


Settlements	(9,967)		(24,601)		(4,947)		—		—
Net transfers into Level 3	—		19,553		3,782		—		—
Balance at March 31, 2025	$	121,844	$	56,324	$	34,002	$	196,307	$	5,493


			Mortgage loans held-for-sale		Loans held-for- investment		Mortgage servicing rights		Derivative assets
(In thousands)	Municipal
Balance at January 1, 2024	$	86,237	$	26,835	$	60,670	$	192,456	$	4,510
Total net (losses) gains included in:
Net income (1)	—		67		(317)		8,588		1,702
Other comprehensive income or loss	(1,988)		—		—		—		—
Purchases	8,384		—		—		—		—


Settlements	(4,414)		(10,340)		(15,803)		—		—
Net transfers into Level 3	—		17,164		4,767		—		—
Balance at March 31, 2024	$	88,219	$	33,726	$	49,317	$	201,044	$	6,212

(1)Changes in the balance of mortgage loans held-for-sale, MSRs, and derivative assets related to fair value adjustments are recorded as components of mortgage banking revenue. Changes in the balance of loans held-for-investment related to fair value adjustments are recorded as other non-interest income.

Schedule of Assets Measured at Fair Value on a Nonrecurring Basis

For assets measured at fair value on a non-recurring basis that were still held in the balance sheet at the end of the period, the following table provides the carrying value of the related individual assets or portfolios at March 31, 2025:


	March 31, 2025								Three Months Ended March 31, 2025 Fair Value Losses Recognized, net
(In thousands)	Total		Level 1		Level 2		Level 3
Individually assessed loans - foreclosure probable and collateral-dependent	$	121,269	$	—	$	—	$	121,269	$	10,080
Other real estate owned (1)	22,625		—		—		22,625		491
Total	$	143,894	$	—	$	—	$	143,894	$	10,571

(1)Net fair value losses recognized on other real estate owned include valuation adjustments and charge-offs during the respective period.

Schedule of Valuation Techniques and Significant Unobservable Inputs Used to Measure Both Recurring and Non Recurring

The valuation techniques and significant unobservable inputs used to measure both recurring and non-recurring Level 3 fair value measurements at March 31, 2025 were as follows:

(Dollars in thousands)

Fair Value

Valuation Methodology

Significant Unobservable Input

Input / Range of Inputs

Weighted
Average
of Inputs

Impact to valuation
from an increased or
higher input value

Measured at fair value on a recurring basis:

Municipal securities

121,844

Bond pricing

Equivalent rating

BBB-AA+

N/A

Increase

Mortgage loans held-for-sale

56,324

Discounted cash flows

Discount rate

5.43%

Decrease

Credit discount

0% - 18%

0.71%

Decrease

Loans held-for-investment

34,002

Discounted cash flows

Discount rate

5.43% - 6.38%

5.50%

Decrease

Credit discount

0% - 10%

1.12%

Decrease

Constant prepayment rate (CPR) - current loans

8.92%

Decrease

Average life - delinquent loans (in years)

1.8 years - 11.2 years

6.5 years

Decrease

MSRs

196,307

Discounted cash flows

Discount rate

7% - 18%

10.94%

Decrease

Constant prepayment rate (CPR)

1% - 91%

8.92%

Decrease

Cost of servicing

$70 - $200

Decrease

Cost of servicing - delinquent

$200 - 1,000

402

Decrease

Derivatives

5,493

Discounted cash flows

Pull-through rate

4% - 100%

83.8

Increase

Measured at fair value on a non-recurring basis:

Individually assessed loans - foreclosure probable and collateral-dependent

121,269

Appraisal value

Appraisal adjustment - cost of sale

10%

10.00%

Decrease

Other real estate owned

22,625

Appraisal value

Appraisal adjustment - cost of sale

10%

10.00%

Decrease

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments

The table below presents the carrying amounts and estimated fair values of the Company’s financial instruments as of the dates shown:


	At March 31, 2025				At December 31, 2024				At March 31, 2024
	Carrying		Fair		Carrying		Fair		Carrying		Fair
(In thousands)	Value		Value		Value		Value		Value		Value
Financial Assets:
Cash and cash equivalents	$	616,279	$	616,279	$	458,536	$	458,536	$	379,886	$	379,886

Interest-bearing deposits with banks	4,238,237		4,238,237		4,409,753		4,409,753		2,131,077		2,131,077
Available-for-sale securities	4,220,305		4,220,305		4,141,482		4,141,482		4,387,598		4,387,598
Held-to-maturity securities	3,564,490		2,922,813		3,613,263		2,910,550		3,810,015		3,111,954
Trading account securities	—		—		4,072		4,072		2,184		2,184
Equity securities with readily determinable fair value	270,442		270,442		215,412		215,412		119,777		119,777
FHLB and FRB stock, at cost	281,893		281,893		281,407		281,407		224,657		224,657
Brokerage customer receivables	—		—		18,102		18,102		13,382		13,382
Mortgage loans held-for-sale, at fair value	316,804		316,804		331,261		331,261		339,884		339,884
Loans held-for-investment, at fair value	126,521		126,521		158,795		158,795		144,371		144,371
Loans held-for-investment, at amortized cost	48,581,869		47,744,657		47,896,242		47,070,249		43,086,335		42,068,619
Nonqualified deferred compensation assets	16,396		16,396		16,653		16,653		15,953		15,953
Derivative assets	204,257		204,257		200,027		200,027		259,264		259,264
Accrued interest receivable and other	573,254		573,254		563,625		563,625		487,933		487,933
Total financial assets	$	63,010,747	$	61,531,858	$	62,308,630	$	60,779,924	$	55,402,316	$	53,686,539
Financial Liabilities:
Non-maturity deposits	$	43,601,801	$	43,601,801	$	43,092,318	$	43,092,318	$	38,554,438	$	38,554,438
Deposits with stated maturities	9,968,237		9,964,441		9,420,031		9,423,976		7,894,420		7,872,870
FHLB advances	3,151,309		3,164,174		3,151,309		3,153,524		2,676,751		2,669,780
Other borrowings	529,269		529,297		534,803		534,406		575,408		573,752
Subordinated notes	298,360		294,495		298,283		286,683		437,965		413,003
Junior subordinated debentures	253,566		253,571		253,566		253,588		253,566		253,574
Derivative liabilities	181,198		181,198		241,750		241,750		324,364		324,364
Accrued interest payable	60,127		60,127		48,364		48,364		64,943		64,943
Total financial liabilities	$	58,043,867	$	58,049,104	$	57,040,424	$	57,034,609	$	50,781,855	$	50,726,724

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details