v3.26.1
Fair Value of Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
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:
June 30, 2026
(In thousands)TotalLevel 1Level 2Level 3
Available-for-sale securities
U.S. Treasury$5,005 $5,005 $— $— 
U.S. government agencies46,502 — 46,502 — 
Municipal171,148 — 47,445 123,703 
Corporate notes 74,045 — 74,045 — 
Mortgage-backed7,290,845 — 7,290,845 — 
Equity securities with readily determinable fair value65,815 57,749 8,066 — 
Mortgage loans held-for-sale407,495 — 359,906 47,589 
Loans held-for-investment137,673 — 81,672 56,001 
MSRs201,903 — — 201,903 
Nonqualified deferred compensation assets19,043 — 19,043 — 
Derivative assets129,736 — 124,633 5,103 
Total$8,549,210 $62,754 $8,052,157 $434,299 
Derivative liabilities$140,111 $— $140,111 $— 

December 31, 2025
(In thousands)TotalLevel 1Level 2Level 3
Available-for-sale securities
U.S. Treasury$7,035 $7,035 $— $— 
U.S. government agencies47,471 — 47,471 — 
Municipal162,166 — 62,563 99,603 
Corporate notes 77,295 — 77,295 — 
Mortgage-backed5,942,296 — 5,942,296 — 
Equity securities with readily determinable fair value63,770 55,704 8,066 — 
Mortgage loans held-for-sale340,745 — 286,931 53,814 
Loans held-for-investment151,590 — 95,390 56,200 
MSRs195,023 — — 195,023 
Nonqualified deferred compensation assets18,112 — 18,112 — 
Derivative assets179,667 — 176,251 3,416 
Total$7,185,170 $62,739 $6,714,375 $408,056 
Derivative liabilities$123,774 $— $123,774 $— 

June 30, 2025
(In thousands)TotalLevel 1Level 2Level 3
Available-for-sale securities
U.S. Treasury$13,018 $13,018 $— $— 
U.S. government agencies45,824 — 45,824 — 
Municipal180,644 — 64,569 116,075 
Corporate notes 79,799 — 79,799 — 
Mortgage-backed4,566,430 — 4,566,430 — 
Equity securities with readily determinable fair value273,722 265,656 8,066 — 
Mortgage loans held-for-sale299,606 — 272,438 27,168 
Loans held-for-investment136,884 — 83,847 53,037 
MSRs193,061 — — 193,061 
Nonqualified deferred compensation assets17,283 — 17,283 — 
Derivative assets221,106 — 215,558 5,548 
Total$6,027,377 $278,674 $5,353,814 $394,889 
Derivative liabilities$161,402 $— $161,402 $— 
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 and six months ended June 30, 2026 and 2025 are summarized as follows:
Mortgage loans held-for-saleLoans held-for- investmentMortgage
servicing rights		Derivative assets
(In thousands)Municipal
Balance at April 1, 2026$114,185 $52,473 $55,357 $195,276 $4,525 
Total net (losses) gains included in:
Net income (1)
— (106)75 6,627 578 
Other comprehensive income or loss(543)— — — — 
Purchases13,219 — — — — 
Settlements(3,158)(21,133)(13,083)— — 
Net transfers into Level 3
— 16,355 13,652 — — 
Balance at June 30, 2026$123,703 $47,589 $56,001 $201,903 $5,103 
Mortgage loans held-for-saleLoans held-for- investmentMortgage
servicing rights		Derivative assets
(In thousands)Municipal
Balance at April 1, 2025$121,844 $56,324 $34,002 $196,307 $5,493 
Total net gains (losses) included in:
Net income (1)
— 479 565 (3,246)55 
Other comprehensive income or loss(2,353)— — — — 
Purchases— — — — — 
Settlements(3,416)(44,819)(7,778)— — 
Net transfers into Level 3— 15,184 26,248 — — 
Balance at June 30, 2025$116,075 $27,168 $53,037 $193,061 $5,548 
Mortgage loans held-for-saleLoans held-for- investmentMortgage
servicing rights		Derivative Assets
(In thousands)Municipal
Balance at January 1, 2026
$99,603 $53,814 $56,200 $195,023 $3,416 
Total net (losses) gains included in:
Net income (1)
— (228)150 6,880 1,687 
Other comprehensive income or loss(4,561)— — — — 
Purchases37,361 — — — — 
Settlements(8,700)(34,538)(27,330)— — 
Net transfers into Level 3
— 28,541 26,981 — — 
Balance at June 30, 2026$123,703 $47,589 $56,001 $201,903 $5,103 
(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.
Mortgage loans held-for-saleLoans held-for- investmentMortgage
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)
— 1,452 836 (10,727)3,598 
Other comprehensive income or loss(7,431)— — — — 
Purchases15,282 — — — — 
Settlements(13,383)(69,420)(12,725)— — 
Net transfers into Level 3— 34,737 30,030 — — 
Balance at June 30, 2025$116,075 $27,168 $53,037 $193,061 $5,548 
(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 June 30, 2026:
June 30, 2026
Three Months Ended June 30, 2026
Fair Value Losses Recognized, net
Six Months Ended June 30, 2026
Fair Value Losses Recognized, net
(In thousands)TotalLevel 1Level 2Level 3
Individually assessed loans - foreclosure probable and collateral-dependent$134,955 $— $— $134,955 $11,730 $27,738 
Other real estate owned (1)
15,940 — — 15,940 — — 
Total$150,895 $— $— $150,895 $11,730 $27,738 
(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 June 30, 2026 were as follows:
(Dollars in thousands)Fair ValueValuation MethodologySignificant Unobservable InputInput / Range of InputsWeighted
Average
of Inputs		Impact to valuation
from an increased or
higher input value
Measured at fair value on a recurring basis:
Municipal securities$123,703 Bond pricingEquivalent ratingBBB-AA+N/AIncrease
Mortgage loans held-for-sale47,589 Discounted cash flowsDiscount rate
5.28%
5.28%Decrease
Credit discount
0.00% - 28.75%
0.74%Decrease
Loans held-for-investment56,001 Discounted cash flowsDiscount rate
5.28% - 6.00%
5.36%Decrease
Credit discount
0.00% - 36.06%
1.64%Decrease
Constant prepayment rate (CPR) - current loans
10.32%
10.32%Decrease
Average life - delinquent loans (in years)
1.4 years - 12.0 years
5.4 yearsDecrease
MSRs201,903 Discounted cash flowsDiscount rate
8.50% - 12.00%
9.83%Decrease
Constant prepayment rate (CPR)
5.84% - 83.74%
10.32%Decrease
Cost of servicing
$70 - $90
$76 Decrease
Cost of servicing - delinquent
$200 - $1,000
$371 Decrease
Derivatives5,103 Discounted cash flowsPull-through rate
18.52% - 100%
87.14 %Increase
Measured at fair value on a non-recurring basis:
Individually assessed loans - foreclosure probable and collateral-dependent134,955 Appraisal valueAppraisal adjustment - cost of sale10.00%10.00%Decrease
Other real estate owned15,940 Appraisal valueAppraisal adjustment - cost of sale10.00%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 June 30, 2026At December 31, 2025At June 30, 2025
CarryingFairCarryingFairCarryingFair
(In thousands)ValueValueValueValueValueValue
Financial Assets:
Cash and cash equivalents$595,855 $595,855 $467,938 $467,938 $695,564 $695,564 
Interest-bearing deposits with banks3,573,915 3,573,915 3,180,553 3,180,553 4,569,618 4,569,618 
Available-for-sale securities7,587,545 7,587,545 6,236,263 6,236,263 4,885,715 4,885,715 
Held-to-maturity securities3,196,452 2,634,961 3,343,905 2,785,147 3,502,186 2,869,415 
Equity securities with readily determinable fair value65,815 65,815 63,770 63,770 273,722 273,722 
FHLB and FRB stock, at cost294,629 294,629 291,881 291,881 282,087 282,087 
Mortgage loans held-for-sale, at fair value407,495 407,495 340,745 340,745 299,606 299,606 
Loans held-for-investment, at fair value137,673 137,673 151,590 151,590 136,884 136,884 
Loans held-for-investment, at amortized cost55,517,274 54,792,928 52,953,511 52,383,501 50,904,795 50,121,351 
Nonqualified deferred compensation assets19,043 19,043 18,112 18,112 17,283 17,283 
Derivative assets129,736 129,736 179,667 179,667 221,106 221,106 
Accrued interest receivable and other579,494 579,494 552,197 552,197 576,813 576,813 
Total financial assets$72,104,926 $70,819,089 $67,780,132 $66,651,364 $66,365,379 $64,949,164 
Financial Liabilities:
Non-maturity deposits$49,569,695 $49,569,695 $47,839,241 $47,839,241 $45,484,115 $45,484,115 
Deposits with stated maturities11,571,580 11,562,542 9,877,950 9,890,485 10,332,696 10,319,942 
FHLB advances3,450,680 3,452,714 3,451,309 3,472,538 3,151,309 3,185,868 
Other borrowings370,736 370,736 477,966 478,072 625,392 625,402 
Subordinated notes298,820 298,923 298,636 296,487 298,458 292,668 
Junior subordinated debentures253,566 253,548 253,566 253,591 253,566 253,573 
Derivative liabilities140,111 140,111 123,774 123,774 161,402 161,402 
Accrued interest payable53,561 53,561 62,884 62,884 57,470 57,470 
Total financial liabilities$65,708,749 $65,701,830 $62,385,326 $62,417,072 $60,364,408 $60,380,440