| 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, 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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$ |
113,159 |
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$ |
16,122 |
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$ |
— |
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$ |
129,281 |
Obligations of states and political subdivisions |
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|
— |
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481,515 |
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— |
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|
481,515 |
Corporate and other bonds(1) |
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— |
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246,155 |
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— |
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246,155 |
MBS |
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— |
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3,408,640 |
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— |
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3,408,640 |
Other securities |
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— |
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1,932 |
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— |
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1,932 |
LHFS |
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— |
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24,772 |
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— |
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24,772 |
Financial Derivatives(2) |
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— |
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110,293 |
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— |
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110,293 |
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LIABILITIES |
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Financial Derivatives(2) |
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$ |
— |
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$ |
170,694 |
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$ |
— |
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$ |
170,694 |
(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 |
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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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$ |
62,199 |
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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 September 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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$ |
794,665 |
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$ |
794,665 |
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$ |
— |
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$ |
— |
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$ |
794,665 |
AFS securities |
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4,267,523 |
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113,159 |
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4,154,364 |
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— |
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|
4,267,523 |
HTM securities |
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883,786 |
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— |
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847,198 |
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|
901 |
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|
848,099 |
Restricted stock |
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159,320 |
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— |
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159,320 |
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— |
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159,320 |
LHFS |
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24,772 |
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— |
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24,772 |
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— |
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|
24,772 |
LHFI, net of deferred fees and costs |
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27,361,173 |
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— |
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— |
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27,055,519 |
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|
27,055,519 |
Financial Derivatives (1) |
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110,293 |
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— |
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110,293 |
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— |
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|
110,293 |
Accrued interest receivable |
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127,788 |
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— |
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127,788 |
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— |
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127,788 |
BOLI |
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669,102 |
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— |
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669,102 |
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— |
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669,102 |
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LIABILITIES |
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Deposits |
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$ |
30,665,324 |
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$ |
— |
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$ |
30,658,640 |
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$ |
— |
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$ |
30,658,640 |
Borrowings |
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860,312 |
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— |
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780,165 |
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— |
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|
780,165 |
Accrued interest payable |
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22,128 |
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— |
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22,128 |
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— |
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|
22,128 |
Financial Derivatives (1) |
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|
170,694 |
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— |
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|
170,694 |
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|
— |
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|
170,694 |
(1) Includes hedged and non-hedged derivatives.
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|
Fair Value Measurements at December 31, 2024 using |
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|
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|
|
Quoted Prices |
|
Significant |
|
|
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|
|
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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 |
|
Unobservable |
|
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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$ |
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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|
— |
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|
97,445 |
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|
— |
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|
97,445 |
Accrued interest receivable |
|
|
92,541 |
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|
— |
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|
92,541 |
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— |
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|
92,541 |
BOLI |
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|
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 |
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$ |
— |
|
$ |
20,393,673 |
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$ |
— |
|
$ |
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.
|