| 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 December 31, (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at 2025 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 |
|
$ |
88,946 |
|
$ |
15,056 |
|
$ |
— |
|
$ |
104,002 |
Obligations of states and political subdivisions |
|
|
— |
|
|
487,885 |
|
|
— |
|
|
487,885 |
Corporate and other bonds (1) |
|
|
— |
|
|
217,934 |
|
|
— |
|
|
217,934 |
MBS |
|
|
— |
|
|
3,382,524 |
|
|
— |
|
|
3,382,524 |
Other securities |
|
|
— |
|
|
1,956 |
|
|
— |
|
|
1,956 |
LHFS |
|
|
— |
|
|
18,486 |
|
|
— |
|
|
18,486 |
Financial Derivatives (2) |
|
|
— |
|
|
112,686 |
|
|
— |
|
|
112,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
Financial Derivatives (2) |
|
$ |
— |
|
$ |
166,690 |
|
$ |
— |
|
$ |
166,690 |
(1) Other bonds include asset-backed securities.
(2) Includes hedged and non-hedged derivatives.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at 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 |
|
$ |
62,199 |
|
$ |
3,814 |
|
$ |
— |
|
$ |
66,013 |
Obligations of states and political subdivisions |
|
|
— |
|
|
468,337 |
|
|
— |
|
|
468,337 |
Corporate and other bonds (1) |
|
|
— |
|
|
244,712 |
|
|
— |
|
|
244,712 |
MBS |
|
|
— |
|
|
1,661,244 |
|
|
— |
|
|
1,661,244 |
Other securities |
|
|
— |
|
|
1,860 |
|
|
— |
|
|
1,860 |
LHFS |
|
|
— |
|
|
9,420 |
|
|
— |
|
|
9,420 |
Financial Derivatives (2) |
|
|
— |
|
|
97,445 |
|
|
— |
|
|
97,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
Financial Derivatives (2) |
|
$ |
— |
|
$ |
199,548 |
|
$ |
— |
|
$ |
199,548 |
(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 December 31, are as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at 2025 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 |
|
$ |
966,462 |
|
$ |
966,462 |
|
$ |
— |
|
$ |
— |
|
$ |
966,462 |
AFS securities |
|
|
4,194,301 |
|
|
88,946 |
|
|
4,105,355 |
|
|
— |
|
|
4,194,301 |
HTM securities |
|
|
884,216 |
|
|
— |
|
|
855,906 |
|
|
906 |
|
|
856,812 |
Restricted stock |
|
|
190,200 |
|
|
— |
|
|
190,200 |
|
|
— |
|
|
190,200 |
LHFS |
|
|
18,486 |
|
|
— |
|
|
18,486 |
|
|
— |
|
|
18,486 |
LHFI, net of unearned income |
|
|
27,796,167 |
|
|
— |
|
|
— |
|
|
27,517,137 |
|
|
27,517,137 |
Financial Derivatives (1) |
|
|
112,686 |
|
|
— |
|
|
112,686 |
|
|
— |
|
|
112,686 |
Accrued interest receivable |
|
|
131,741 |
|
|
— |
|
|
131,741 |
|
|
— |
|
|
131,741 |
BOLI |
|
|
672,890 |
|
|
— |
|
|
672,890 |
|
|
— |
|
|
672,890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
$ |
30,471,636 |
|
$ |
— |
|
$ |
30,467,372 |
|
$ |
— |
|
$ |
30,467,372 |
Borrowings |
|
|
1,497,292 |
|
|
— |
|
|
1,435,699 |
|
|
— |
|
|
1,435,699 |
Accrued interest payable |
|
|
19,412 |
|
|
— |
|
|
19,412 |
|
|
— |
|
|
19,412 |
Financial Derivatives (1) |
|
|
166,690 |
|
|
— |
|
|
166,690 |
|
|
— |
|
|
166,690 |
(1) Includes hedged and non-hedged derivatives.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at 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 |
|
$ |
354,074 |
|
$ |
354,074 |
|
$ |
— |
|
$ |
— |
|
$ |
354,074 |
AFS securities |
|
|
2,442,166 |
|
|
62,199 |
|
|
2,379,967 |
|
|
— |
|
|
2,442,166 |
HTM securities |
|
|
803,851 |
|
|
— |
|
|
758,400 |
|
|
935 |
|
|
759,335 |
Restricted stock |
|
|
102,954 |
|
|
— |
|
|
102,954 |
|
|
— |
|
|
102,954 |
LHFS |
|
|
9,420 |
|
|
— |
|
|
9,420 |
|
|
— |
|
|
9,420 |
LHFI, net of unearned income |
|
|
18,470,621 |
|
|
— |
|
|
— |
|
|
17,896,688 |
|
|
17,896,688 |
Financial Derivatives (1) |
|
|
97,445 |
|
|
— |
|
|
97,445 |
|
|
— |
|
|
97,445 |
Accrued interest receivable |
|
|
92,541 |
|
|
— |
|
|
92,541 |
|
|
— |
|
|
92,541 |
BOLI |
|
|
493,396 |
|
|
— |
|
|
493,396 |
|
|
— |
|
|
493,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|