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 September 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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|
|
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Active Markets for |
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Observable |
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Unobservable |
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|
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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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$ |
62,683 |
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$ |
3,988 |
|
$ |
— |
|
$ |
66,671 |
Obligations of states and political subdivisions |
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|
— |
|
|
488,527 |
|
|
— |
|
|
488,527 |
Corporate and other bonds(1) |
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|
— |
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|
271,975 |
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|
— |
|
|
271,975 |
MBS |
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|
— |
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1,779,177 |
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— |
|
|
1,779,177 |
Other securities |
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— |
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1,832 |
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|
— |
|
|
1,832 |
LHFS |
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— |
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|
11,078 |
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|
— |
|
|
11,078 |
Financial Derivatives(2) |
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— |
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|
91,418 |
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— |
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91,418 |
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LIABILITIES |
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Financial Derivatives(2) |
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$ |
— |
|
$ |
170,118 |
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$ |
— |
|
$ |
170,118 |
(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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|
|
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|
Quoted Prices in |
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Other |
|
Significant |
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|
|
|
|
Active Markets for |
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Observable |
|
Unobservable |
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|
|
|
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Identical Assets |
|
Inputs |
|
Inputs |
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|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
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 |
|
$ |
— |
|
$ |
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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— |
|
|
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) |
|
$ |
— |
|
$ |
206,561 |
|
$ |
— |
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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 September 30, 2024 using |
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Quoted Prices |
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Significant |
|
|
|
|
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|
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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 |
|
Inputs |
|
Value |
|
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Carrying |
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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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Cash and cash equivalents |
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$ |
528,070 |
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$ |
528,070 |
|
$ |
— |
|
$ |
— |
|
$ |
528,070 |
AFS securities |
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|
2,608,182 |
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|
62,683 |
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|
2,545,499 |
|
|
— |
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|
2,608,182 |
HTM securities |
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|
807,080 |
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|
— |
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|
775,630 |
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|
1,197 |
|
|
776,827 |
Restricted stock |
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|
117,881 |
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|
— |
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|
117,881 |
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|
— |
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|
117,881 |
LHFS |
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|
11,078 |
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|
— |
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|
11,078 |
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|
— |
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|
11,078 |
LHFI, net of deferred fees and costs |
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|
18,337,299 |
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— |
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|
— |
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|
17,721,302 |
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|
17,721,302 |
Financial Derivatives (1) |
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|
91,418 |
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|
— |
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|
91,418 |
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|
— |
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|
91,418 |
Accrued interest receivable |
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|
93,603 |
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|
— |
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|
93,603 |
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— |
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|
93,603 |
BOLI |
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489,759 |
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— |
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|
489,759 |
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— |
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|
489,759 |
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LIABILITIES |
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Deposits |
|
$ |
20,305,287 |
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$ |
— |
|
$ |
20,310,505 |
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$ |
— |
|
$ |
20,310,505 |
Borrowings |
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|
852,164 |
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— |
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|
787,333 |
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— |
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|
787,333 |
Accrued interest payable |
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|
26,751 |
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|
— |
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|
26,751 |
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— |
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|
26,751 |
Financial Derivatives (1) |
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|
170,118 |
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|
— |
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|
170,118 |
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|
— |
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|
170,118 |
(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 |
|
Significant |
|
|
|
|
|
|
|
|
Markets for |
|
Observable |
|
Unobservable |
|
Total Fair |
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|
|
|
|
Identical Assets |
|
Inputs |
|
Inputs |
|
Value |
|
|
Carrying |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value |
|
Level 1 |
|
Level 2 |
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Level 3 |
|
Balance |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
378,131 |
|
$ |
378,131 |
|
$ |
— |
|
$ |
— |
|
$ |
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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|
— |
|
|
2,231,261 |
HTM securities |
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|
837,378 |
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|
— |
|
|
806,834 |
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|
1,240 |
|
|
808,074 |
Restricted stock |
|
|
115,472 |
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|
— |
|
|
115,472 |
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|
— |
|
|
115,472 |
LHFS |
|
|
6,710 |
|
|
— |
|
|
6,710 |
|
|
— |
|
|
6,710 |
LHFI, net of deferred fees and costs |
|
|
15,635,043 |
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|
— |
|
|
— |
|
|
15,148,256 |
|
|
15,148,256 |
Financial Derivatives (1) |
|
|
93,027 |
|
|
— |
|
|
93,027 |
|
|
— |
|
|
93,027 |
Accrued interest receivable |
|
|
91,370 |
|
|
— |
|
|
91,370 |
|
|
— |
|
|
91,370 |
BOLI |
|
|
452,565 |
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|
— |
|
|
452,565 |
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|
— |
|
|
452,565 |
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LIABILITIES |
|
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|
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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.
|