| 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, 2026 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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$ |
89,077 |
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$ |
12,035 |
|
$ |
— |
|
$ |
101,112 |
Obligations of states and political subdivisions |
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|
— |
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|
491,271 |
|
|
— |
|
|
491,271 |
Corporate and other bonds (1) |
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|
— |
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194,584 |
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— |
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194,584 |
MBS |
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|
— |
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3,087,750 |
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— |
|
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3,087,750 |
Other securities |
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— |
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2,000 |
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— |
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2,000 |
LHFS |
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— |
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|
23,074 |
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— |
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|
23,074 |
Financial Derivatives (2) |
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— |
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92,957 |
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— |
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92,957 |
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LIABILITIES |
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Financial Derivatives (2) |
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$ |
— |
|
$ |
152,093 |
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$ |
— |
|
$ |
152,093 |
(1) Other bonds include asset-backed securities.
(2) Includes hedged and non-hedged derivatives.
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Fair Value Measurements at December 31, 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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|
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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 |
|
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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$ |
88,946 |
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$ |
15,056 |
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$ |
— |
|
$ |
104,002 |
Obligations of states and political subdivisions |
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— |
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487,885 |
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— |
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|
487,885 |
Corporate and other bonds (1) |
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— |
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217,934 |
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— |
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217,934 |
MBS |
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— |
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3,382,524 |
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— |
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3,382,524 |
Other securities |
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— |
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1,956 |
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— |
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1,956 |
LHFS |
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— |
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18,486 |
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— |
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|
18,486 |
Financial Derivatives (2) |
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— |
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112,686 |
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— |
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|
112,686 |
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LIABILITIES |
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Financial Derivatives (2) |
|
$ |
— |
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$ |
166,690 |
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$ |
— |
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$ |
166,690 |
(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, 2026 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 |
|
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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$ |
990,297 |
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$ |
990,297 |
|
$ |
— |
|
$ |
— |
|
$ |
990,297 |
AFS securities |
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|
3,876,717 |
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|
89,077 |
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3,787,640 |
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— |
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|
3,876,717 |
HTM securities |
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|
860,906 |
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— |
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830,883 |
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|
881 |
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|
831,764 |
Restricted stock |
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|
204,351 |
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— |
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|
204,351 |
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— |
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|
204,351 |
LHFS |
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|
23,074 |
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— |
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|
23,074 |
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— |
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|
23,074 |
LHFI, net of unearned income |
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28,673,271 |
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— |
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— |
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28,419,826 |
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|
28,419,826 |
Financial Derivatives (1) |
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92,957 |
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— |
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|
92,957 |
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— |
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|
92,957 |
Accrued interest receivable |
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|
127,556 |
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— |
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|
127,556 |
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— |
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|
127,556 |
BOLI |
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679,507 |
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— |
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679,507 |
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— |
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679,507 |
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LIABILITIES |
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Deposits |
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$ |
30,468,257 |
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$ |
— |
|
$ |
30,453,081 |
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$ |
— |
|
$ |
30,453,081 |
Borrowings |
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1,881,340 |
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— |
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1,857,026 |
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— |
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|
1,857,026 |
Accrued interest payable |
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|
17,454 |
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— |
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17,454 |
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— |
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|
17,454 |
Financial Derivatives (1) |
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|
152,093 |
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|
— |
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|
152,093 |
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|
— |
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|
152,093 |
(1) Includes hedged and non-hedged derivatives.
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|
Fair Value Measurements at December 31, 2025 using |
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|
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|
|
Quoted Prices |
|
Significant |
|
|
|
|
|
|
|
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|
|
|
in Active |
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Other |
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Significant |
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|
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|
Markets for |
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Observable |
|
Unobservable |
|
Total Fair |
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|
Identical Assets |
|
Inputs |
|
Inputs |
|
Value |
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|
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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|
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Cash and cash equivalents |
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$ |
966,462 |
|
$ |
966,462 |
|
$ |
— |
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$ |
— |
|
$ |
966,462 |
AFS securities |
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|
4,194,301 |
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|
88,946 |
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4,105,355 |
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— |
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|
4,194,301 |
HTM securities |
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|
884,216 |
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|
— |
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|
855,906 |
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|
906 |
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|
856,812 |
Restricted stock |
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|
190,200 |
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|
— |
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|
190,200 |
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|
— |
|
|
190,200 |
LHFS |
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|
18,486 |
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|
— |
|
|
18,486 |
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|
— |
|
|
18,486 |
LHFI, net of unearned income |
|
|
27,796,167 |
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|
— |
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|
— |
|
|
27,517,137 |
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|
27,517,137 |
Financial Derivatives (1) |
|
|
112,686 |
|
|
— |
|
|
112,686 |
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|
— |
|
|
112,686 |
Accrued interest receivable |
|
|
131,741 |
|
|
— |
|
|
131,741 |
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|
— |
|
|
131,741 |
BOLI |
|
|
672,890 |
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— |
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|
672,890 |
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— |
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|
672,890 |
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LIABILITIES |
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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.
|