| 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, 2025 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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$ |
137,093 |
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$ |
18,116 |
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$ |
— |
|
$ |
155,209 |
Obligations of states and political subdivisions |
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|
— |
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466,863 |
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|
— |
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466,863 |
Corporate and other bonds(1) |
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— |
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261,235 |
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— |
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261,235 |
MBS |
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— |
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2,924,065 |
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— |
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2,924,065 |
Other securities |
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— |
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1,909 |
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— |
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1,909 |
LHFS |
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— |
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32,987 |
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— |
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32,987 |
Financial Derivatives(2) |
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— |
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109,673 |
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— |
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109,673 |
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LIABILITIES |
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Financial Derivatives(2) |
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$ |
— |
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$ |
177,059 |
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$ |
— |
|
$ |
177,059 |
(1) Other bonds include asset-backed securities.
(2) Includes hedged and non-hedged derivatives.
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Fair Value Measurements at December 31, 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 |
|
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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$ |
62,199 |
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$ |
3,814 |
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$ |
— |
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$ |
66,013 |
Obligations of states and political subdivisions |
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— |
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468,337 |
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— |
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|
468,337 |
Corporate and other bonds(1) |
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— |
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244,712 |
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— |
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244,712 |
MBS |
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— |
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1,661,244 |
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— |
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1,661,244 |
Other securities |
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— |
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1,860 |
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— |
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|
1,860 |
LHFS |
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— |
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|
9,420 |
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— |
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|
9,420 |
Financial Derivatives(2) |
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— |
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97,445 |
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— |
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97,445 |
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LIABILITIES |
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Financial Derivatives(2) |
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$ |
— |
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$ |
199,548 |
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$ |
— |
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$ |
199,548 |
(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, 2025 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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$ |
1,588,648 |
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$ |
1,588,648 |
|
$ |
— |
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$ |
— |
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$ |
1,588,648 |
AFS securities |
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3,809,281 |
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137,093 |
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3,672,188 |
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— |
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3,809,281 |
HTM securities |
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827,135 |
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— |
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|
777,015 |
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|
910 |
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|
777,925 |
Restricted stock |
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|
140,606 |
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— |
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140,606 |
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— |
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140,606 |
LHFS |
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|
32,987 |
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— |
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32,987 |
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— |
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|
32,987 |
LHFI, net of deferred fees and costs |
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27,328,333 |
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— |
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— |
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26,928,260 |
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|
26,928,260 |
Financial Derivatives (1) |
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|
109,673 |
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— |
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|
109,673 |
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— |
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|
109,673 |
Accrued interest receivable |
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130,853,997 |
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— |
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130,853,997 |
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— |
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130,853,997 |
BOLI |
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665,477 |
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— |
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665,477 |
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— |
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665,477 |
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LIABILITIES |
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Deposits |
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$ |
30,972,175 |
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$ |
— |
|
$ |
30,956,133 |
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$ |
— |
|
$ |
30,956,133 |
Borrowings |
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892,767 |
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— |
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|
807,087 |
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— |
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|
807,087 |
Accrued interest payable |
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|
24,293,811 |
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— |
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24,293,811 |
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— |
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|
24,293,811 |
Financial Derivatives (1) |
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|
177,059 |
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|
— |
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|
177,059 |
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|
— |
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|
177,059 |
(1) Includes hedged and non-hedged derivatives.
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|
Fair Value Measurements at December 31, 2024 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 |
|
|
Carrying |
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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 |
|
$ |
354,074 |
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$ |
354,074 |
|
$ |
— |
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$ |
— |
|
$ |
354,074 |
AFS securities |
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|
2,442,166 |
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|
62,199 |
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|
2,379,967 |
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— |
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|
2,442,166 |
HTM securities |
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|
803,851 |
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— |
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|
758,400 |
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|
935 |
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|
759,335 |
Restricted stock |
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|
102,954 |
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— |
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|
102,954 |
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|
— |
|
|
102,954 |
LHFS |
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|
9,420 |
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|
— |
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|
9,420 |
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|
— |
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|
9,420 |
LHFI, net of deferred fees and costs |
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|
18,470,621 |
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— |
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|
— |
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|
17,896,688 |
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|
17,896,688 |
Financial Derivatives (1) |
|
|
97,445 |
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|
— |
|
|
97,445 |
|
|
— |
|
|
97,445 |
Accrued interest receivable |
|
|
92,541 |
|
|
— |
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|
92,541 |
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|
— |
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|
92,541 |
BOLI |
|
|
493,396 |
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— |
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|
493,396 |
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— |
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|
493,396 |
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LIABILITIES |
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Deposits |
|
$ |
20,397,619 |
|
$ |
— |
|
$ |
20,393,673 |
|
$ |
— |
|
$ |
20,393,673 |
Borrowings |
|
|
534,578 |
|
|
— |
|
|
471,671 |
|
|
— |
|
|
471,671 |
Accrued interest payable |
|
|
26,214 |
|
|
— |
|
|
26,214 |
|
|
— |
|
|
26,214 |
Financial Derivatives (1) |
|
|
199,548 |
|
|
— |
|
|
199,548 |
|
|
— |
|
|
199,548 |
(1) Includes hedged and non-hedged derivatives.
|