XML 61 R32.htm IDEA: XBRL DOCUMENT v3.23.1
Fair Value Measurement (Tables)
 3 Months Ended
Mar. 31, 2023
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 March 31, 2023 and December 31, 2022, whether or not recognized or recorded at fair value in the Condensed Consolidated Balance Sheets:  
March 31, 2023December 31, 2022
 (in thousands)LevelCarrying ValueFair ValueCarrying ValueFair Value
Financial assets:    
Cash and cash equivalents1$3,635,185 $3,635,185 $1,294,643 $1,294,643 
Equity and other investment securities1,276,532 76,532 72,959 72,959 
Investment securities available for sale1,29,249,600 9,249,600 3,196,166 3,196,166 
Investment securities held to maturity32,432 3,175 2,476 3,197 
Loans held for sale249,338 49,338 71,647 71,647 
Loans and leases, net
2,336,673,816 36,049,025 25,854,846 24,399,370 
Restricted equity securities1246,525 246,525 47,144 47,144 
Residential mortgage servicing rights3178,800 178,800 185,017 185,017 
Bank owned life insurance1641,922 641,922 331,759 331,759 
Derivatives2,339,446 39,446 15,444 15,444 
Financial liabilities:    
Demand, money market, and savings deposits1$37,266,777 $37,266,777 $24,355,381 $24,355,381 
Time deposits24,319,570 4,271,184 2,710,231 2,667,535 
Securities sold under agreements to repurchase2271,047 271,047 308,769 308,769 
Borrowings25,950,000 5,949,865 906,175 905,591 
Junior subordinated debentures, at fair value3297,721 297,721 323,639 323,639 
Junior and other subordinated debentures, at amortized cost3108,066 88,823 87,813 80,922 
Derivatives2,3261,845 261,845 271,205 271,205 
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 March 31, 2023 and December 31, 2022: 
(in thousands) 
March 31, 2023
DescriptionTotalLevel 1Level 2Level 3
Financial assets:
Equity and other investment securities    
Investments in mutual funds and other securities$63,469 $45,010 $18,459 $— 
Equity securities held in rabbi trusts13,063 13,063 — — 
Investment securities available for sale    
U.S. Treasury and agencies1,502,362 401,300 1,101,062 — 
Obligations of states and political subdivisions1,086,185 — 1,086,185 — 
Mortgage-backed securities and collateralized mortgage obligations6,661,053 — 6,661,053 — 
Loans held for sale, at fair value49,338 — 49,338 — 
Loans and leases, at fair value294,012 — 294,012 — 
Residential mortgage servicing rights, at fair value 178,800 — — 178,800 
Derivatives    
Interest rate lock commitments176 — — 176 
Interest rate futures4,584 — 4,584 — 
Interest rate forward sales commitments161 — 161 — 
Interest rate swaps34,205 — 34,205 — 
Foreign currency derivatives320 — 320 — 
Total assets measured at fair value$9,887,728 $459,373 $9,249,379 $178,976 
Financial liabilities:
Junior subordinated debentures, at fair value$297,721 $— $— $297,721 
Derivatives    
Interest rate lock commitments39 — — 39 
Interest rate forward sales commitments422 — 422 — 
Interest rate swaps261,144 — 261,144 — 
Foreign currency derivatives240 — 240 — 
Total liabilities measured at fair value$559,566 $— $261,806 $297,760 
(in thousands) December 31, 2022
DescriptionTotalLevel 1Level 2Level 3
Financial assets:
Equity and other investment securities    
Investments in mutual funds and other securities$61,593 $44,256 $17,337 $— 
Equity securities held in rabbi trusts
11,366 11,366 — — 
Investment securities available for sale
U.S. Treasury and agencies936,174 225,853 710,321 — 
Obligations of states and political subdivisions269,800 — 269,800 — 
Mortgage-backed securities and collateralized mortgage obligations1,990,192 — 1,990,192 — 
Loans held for sale, at fair value71,647 — 71,647 — 
Loans and leases, at fair value285,581 — 285,581 — 
Residential mortgage servicing rights, at fair value185,017 — — 185,017 
Derivatives    
Interest rate lock commitments50 — — 50 
Interest rate forward sales commitments512 — 512 — 
Interest rate swaps14,657 — 14,657 — 
Foreign currency derivatives225 — 225 — 
Total assets measured at fair value$3,826,814 $281,475 $3,360,272 $185,067 
Financial liabilities:
Junior subordinated debentures, at fair value$323,639 $— $— $323,639 
Derivatives    
Interest rate lock commitments18 — — 18 
Interest rate futures392 — 392 — 
Interest rate forward sales commitments601 — 601 — 
Interest rate swaps270,009 — 270,009 — 
Foreign currency derivatives185 — 185 — 
Total liabilities measured at fair value$594,844 $— $271,187 $323,657 
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 at March 31, 2023: 
Financial InstrumentFair Value
(in thousands)		Valuation TechniqueUnobservable InputRange of InputsWeighted Average
Assets:
Residential mortgage servicing rights$178,800 Discounted cash flow  
  Constant prepayment rate
5.92% - 44.13%
6.53%
  Discount rate
9.50% - 15.98%
10.06%
Interest rate lock commitments, net$137 Internal pricing model
Pull-through rate
12.00% - 100.00%
85.15%
Liabilities:
Junior subordinated debentures$297,721 Discounted cash flow  
  Credit spread
2.53% - 6.91%
4.05%
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 during the three months ended March 31, 2023 and 2022: 
Three Months EndedThree Months Ended
March 31, 2023March 31, 2022
(in thousands)Residential mortgage servicing rightsInterest rate lock commitments, netJunior subordinated debentures, at fair valueResidential mortgage servicing rightsInterest rate lock commitments, netJunior subordinated debentures, at fair value
Beginning balance$185,017 $32 $(323,639)$123,615 $4,641 $(293,081)
Change included in earnings(7,818)(32)(6,679)34,802 (4,270)(2,456)
Change in fair values included in comprehensive income/loss— — 25,812 — — (12,703)
Purchases and issuances1,601 338 — 7,390 4,651 — 
Sales and settlements— (201)6,785 — (5,875)2,521 
Ending balance$178,800 $137 $(297,721)$165,807 $(853)$(305,719)
Change in unrealized gains or losses for the period included in earnings for assets held at end of period$(2,937)$137 $(6,679)$40,149 $(853)$(2,456)
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at end of period$— $— $25,812 $— $— $(12,703)
Fair Value Measurements, Nonrecurring The following table presents information about the Company's assets and liabilities measured at fair value on a nonrecurring basis for which a nonrecurring change in fair value has been recorded during the reporting period. There were no assets or liabilities measured at fair value on a nonrecurring basis as of March 31, 2023, as the loans and leases charged-off either were not collateral dependent or had a net realizable value of zero. 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. 
December 31, 2022
 (in thousands) 
TotalLevel 1Level 2Level 3
Loans and leases$3,216 $— $— $3,216 
Total assets measured at fair value on a nonrecurring basis$3,216 $— $— $3,216 
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 three months ended March 31, 2023 and 2022:  

Three Months Ended
  (in thousands) 
March 31, 2023March 31, 2022
Loans and leases$18,734 $7,791 
Total losses from nonrecurring measurements$18,734 $7,791 
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 March 31, 2023 and December 31, 2022:
March 31, 2023December 31, 2022
(in thousands)Fair Value Aggregate Unpaid Principal BalanceFair Value Less Aggregate Unpaid Principal BalanceFair ValueAggregate Unpaid Principal BalanceFair Value Less Aggregate Unpaid Principal Balance
  Loans held for sale$49,338 $47,829 $1,509 $71,647 $70,219 $1,428 
  Loans $294,012 $332,412 $(38,400)$285,581 $333,469 $(47,888)