| Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis as of the periods ended (dollars in thousands):
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Fair Value Measurements at June 30, 2024 using |
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Significant |
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Quoted Prices in |
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Other |
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Significant |
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Active Markets for |
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Observable |
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Unobservable |
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Identical Assets |
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Inputs |
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Inputs |
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Level 1 |
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Level 2 |
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Level 3 |
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Balance |
ASSETS |
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AFS securities: |
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U.S. government and agency securities |
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$ |
60,996 |
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$ |
4,254 |
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$ |
— |
|
$ |
65,250 |
Obligations of states and political subdivisions |
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|
— |
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469,385 |
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— |
|
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469,385 |
Corporate and other bonds(1) |
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— |
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271,804 |
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— |
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271,804 |
MBS |
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|
— |
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1,747,479 |
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— |
|
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1,747,479 |
Other securities |
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— |
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1,805 |
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— |
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1,805 |
LHFS |
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— |
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12,906 |
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— |
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|
12,906 |
Financial Derivatives(2) |
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— |
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102,611 |
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— |
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102,611 |
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LIABILITIES |
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Financial Derivatives(2) |
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$ |
— |
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$ |
227,024 |
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$ |
— |
|
$ |
227,024 |
(1) Other bonds include asset-backed securities.
(2) Includes hedged and non-hedged derivatives.
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Fair Value Measurements at December 31, 2023 using |
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Significant |
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Quoted Prices in |
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Other |
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Significant |
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Active Markets for |
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Observable |
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Unobservable |
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Identical Assets |
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Inputs |
|
Inputs |
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Level 1 |
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Level 2 |
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Level 3 |
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Balance |
ASSETS |
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AFS securities: |
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U.S. government and agency securities |
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$ |
61,311 |
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$ |
2,045 |
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$ |
— |
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$ |
63,356 |
Obligations of states and political subdivisions |
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— |
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475,447 |
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— |
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|
475,447 |
Corporate and other bonds(1) |
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— |
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241,889 |
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— |
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241,889 |
MBS |
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— |
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1,448,817 |
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— |
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1,448,817 |
Other securities |
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— |
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1,752 |
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— |
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|
1,752 |
LHFS |
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— |
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6,710 |
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— |
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|
6,710 |
Financial Derivatives(2) |
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— |
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|
93,027 |
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— |
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93,027 |
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LIABILITIES |
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Financial Derivatives(2) |
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$ |
— |
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$ |
206,561 |
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$ |
— |
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$ |
206,561 |
(1) Other bonds include asset-backed securities.
(2) Includes hedged and non-hedged derivatives.
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| Carrying Values and Estimated Fair Values of the Company's Financial Instruments |
The carrying values and estimated fair values of the Company’s financial instruments as of the periods ended are as follows (dollars in thousands):
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Fair Value Measurements at June 30, 2024 using |
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Quoted Prices |
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Significant |
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in Active |
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Other |
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Significant |
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Markets for |
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Observable |
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Unobservable |
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Total Fair |
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Identical Assets |
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Inputs |
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Inputs |
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Value |
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Carrying |
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Value |
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Level 1 |
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Level 2 |
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Level 3 |
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Balance |
ASSETS |
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Cash and cash equivalents |
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$ |
446,014 |
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$ |
446,014 |
|
$ |
— |
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$ |
— |
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$ |
446,014 |
AFS securities |
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2,555,723 |
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60,996 |
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2,494,727 |
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— |
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2,555,723 |
HTM securities |
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810,450 |
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— |
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765,265 |
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|
1,207 |
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|
766,472 |
Restricted stock |
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125,308 |
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— |
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125,308 |
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— |
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125,308 |
LHFS |
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|
12,906 |
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— |
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12,906 |
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— |
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|
12,906 |
LHFI, net of deferred fees and costs |
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18,347,190 |
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— |
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— |
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17,668,481 |
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|
17,668,481 |
Financial Derivatives (1) |
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|
102,611 |
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— |
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102,611 |
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— |
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|
102,611 |
Accrued interest receivable |
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|
101,138 |
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— |
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|
101,138 |
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— |
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|
101,138 |
BOLI |
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489,550 |
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— |
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489,550 |
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— |
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489,550 |
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LIABILITIES |
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Deposits |
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$ |
20,000,877 |
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$ |
— |
|
$ |
19,975,792 |
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$ |
— |
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$ |
19,975,792 |
Borrowings |
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1,206,734 |
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— |
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1,136,737 |
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— |
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1,136,737 |
Accrued interest payable |
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24,704 |
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— |
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24,704 |
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— |
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|
24,704 |
Financial Derivatives (1) |
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|
227,023 |
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— |
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|
227,023 |
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|
— |
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|
227,023 |
(1) Includes hedged and non-hedged derivatives.
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|
Fair Value Measurements at December 31, 2023 using |
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|
|
|
|
Quoted Prices |
|
Significant |
|
|
|
|
|
|
|
|
|
|
|
in Active |
|
Other |
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Significant |
|
|
|
|
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|
Markets for |
|
Observable |
|
Unobservable |
|
Total Fair |
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|
Identical Assets |
|
Inputs |
|
Inputs |
|
Value |
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|
Carrying |
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|
|
|
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|
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|
|
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|
Value |
|
Level 1 |
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Level 2 |
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Level 3 |
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Balance |
ASSETS |
|
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|
|
|
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Cash and cash equivalents |
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$ |
378,131 |
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$ |
378,131 |
|
$ |
— |
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$ |
— |
|
$ |
378,131 |
AFS securities |
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|
2,231,261 |
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|
61,311 |
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2,169,950 |
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— |
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|
2,231,261 |
HTM securities |
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|
837,378 |
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— |
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|
806,834 |
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|
1,240 |
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|
808,074 |
Restricted stock |
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|
115,472 |
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— |
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|
115,472 |
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— |
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|
115,472 |
LHFS |
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|
6,710 |
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|
— |
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|
6,710 |
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|
— |
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|
6,710 |
LHFI, net of deferred fees and costs |
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|
15,635,043 |
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|
— |
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|
— |
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|
15,148,256 |
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|
15,148,256 |
Financial Derivatives (1) |
|
|
93,027 |
|
|
— |
|
|
93,027 |
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|
— |
|
|
93,027 |
Accrued interest receivable |
|
|
91,370 |
|
|
— |
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|
91,370 |
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|
— |
|
|
91,370 |
BOLI |
|
|
452,565 |
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— |
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|
452,565 |
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— |
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|
452,565 |
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LIABILITIES |
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Deposits |
|
$ |
16,818,129 |
|
$ |
— |
|
$ |
16,799,791 |
|
$ |
— |
|
$ |
16,799,791 |
Borrowings |
|
|
1,311,858 |
|
|
— |
|
|
1,154,694 |
|
|
— |
|
|
1,154,694 |
Accrued interest payable |
|
|
20,528 |
|
|
— |
|
|
20,528 |
|
|
— |
|
|
20,528 |
Financial Derivatives (1) |
|
|
206,561 |
|
|
— |
|
|
206,561 |
|
|
— |
|
|
206,561 |
(1) Includes hedged and non-hedged derivatives.
|