Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.24.3
FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
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):

    

Fair Value Measurements at September 30, 2024 using

    

    

Significant

    

    

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

Identical Assets

Inputs

Inputs

Level 1

Level 2

Level 3

Balance

ASSETS

  

 

  

 

  

 

  

AFS securities:

  

 

  

 

  

 

  

U.S. government and agency securities

$

62,683

$

3,988

$

$

66,671

Obligations of states and political subdivisions

 

 

488,527

 

 

488,527

Corporate and other bonds(1)

 

 

271,975

 

 

271,975

MBS

 

 

1,779,177

 

 

1,779,177

Other securities

 

 

1,832

 

 

1,832

LHFS

 

 

11,078

 

 

11,078

Financial Derivatives(2)

 

 

91,418

 

 

91,418

LIABILITIES

Financial Derivatives(2)

$

$

170,118

$

$

170,118

(1) Other bonds include asset-backed securities.

(2) Includes hedged and non-hedged derivatives.

    

Fair Value Measurements at December 31, 2023 using

    

    

Significant

    

    

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

Identical Assets

Inputs

Inputs

Level 1

Level 2

Level 3

Balance

ASSETS

  

 

  

 

  

 

  

AFS securities:

  

 

  

 

  

 

  

U.S. government and agency securities

$

61,311

$

2,045

$

$

63,356

Obligations of states and political subdivisions

 

 

475,447

 

 

475,447

Corporate and other bonds(1)

 

 

241,889

 

 

241,889

MBS

 

 

1,448,817

 

 

1,448,817

Other securities

 

 

1,752

 

 

1,752

LHFS

 

 

6,710

 

 

6,710

Financial Derivatives(2)

 

 

93,027

 

 

93,027

LIABILITIES

Financial Derivatives(2)

$

$

206,561

$

$

206,561

(1) Other bonds include asset-backed securities.

(2) Includes hedged and non-hedged derivatives.

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):

Fair Value Measurements at September 30, 2024 using

    

    

Quoted Prices

    

Significant

    

    

in Active

Other

Significant

Markets for

Observable

Unobservable

Total Fair

Identical Assets

Inputs

Inputs

Value

Carrying

 

Value

Level 1

Level 2

Level 3

Balance

ASSETS

Cash and cash equivalents

$

528,070

$

528,070

$

$

$

528,070

AFS securities

 

2,608,182

 

62,683

 

2,545,499

 

 

2,608,182

HTM securities

 

807,080

 

 

775,630

 

1,197

 

776,827

Restricted stock

 

117,881

 

 

117,881

 

 

117,881

LHFS

 

11,078

 

 

11,078

 

 

11,078

LHFI, net of deferred fees and costs

 

18,337,299

 

 

 

17,721,302

 

17,721,302

Financial Derivatives (1)

 

91,418

 

 

91,418

 

 

91,418

Accrued interest receivable

 

93,603

 

 

93,603

 

 

93,603

BOLI

 

489,759

 

 

489,759

 

 

489,759

LIABILITIES

 

  

 

  

 

  

 

  

 

  

Deposits

$

20,305,287

$

$

20,310,505

$

$

20,310,505

Borrowings

 

852,164

 

 

787,333

 

 

787,333

Accrued interest payable

 

26,751

 

 

26,751

 

 

26,751

Financial Derivatives (1)

 

170,118

 

 

170,118

 

 

170,118

(1) Includes hedged and non-hedged derivatives.

    

Fair Value Measurements at December 31, 2023 using

Quoted Prices

Significant

in Active

Other

Significant

Markets for

Observable

Unobservable

Total Fair

Identical Assets

Inputs

Inputs

Value

Carrying

Value

Level 1

Level 2

Level 3

Balance

ASSETS

Cash and cash equivalents

$

378,131

$

378,131

$

$

$

378,131

AFS securities

 

2,231,261

 

61,311

 

2,169,950

 

 

2,231,261

HTM securities

 

837,378

 

 

806,834

 

1,240

 

808,074

Restricted stock

 

115,472

 

 

115,472

 

 

115,472

LHFS

 

6,710

 

 

6,710

 

 

6,710

LHFI, net of deferred fees and costs

 

15,635,043

 

 

 

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

 

 

452,565

 

 

452,565

LIABILITIES

 

  

 

  

 

  

 

  

 

  

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.