| 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, 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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$ |
89,383 |
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$ |
10,408 |
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$ |
— |
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$ |
99,791 |
Obligations of states and political subdivisions |
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— |
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439,216 |
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— |
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439,216 |
Corporate and other bonds (1) |
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— |
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204,545 |
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— |
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204,545 |
MBS |
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— |
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3,003,392 |
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— |
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3,003,392 |
Other securities |
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— |
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2,021 |
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— |
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2,021 |
LHFS |
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— |
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16,825 |
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— |
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16,825 |
Financial Derivatives (2) |
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— |
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177,551 |
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— |
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177,551 |
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LIABILITIES |
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Financial Derivatives (2) |
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$ |
— |
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$ |
249,758 |
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$ |
— |
|
$ |
249,758 |
(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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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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$ |
88,946 |
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$ |
15,056 |
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$ |
— |
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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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$ |
— |
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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 September 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 |
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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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$ |
700,761 |
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$ |
700,761 |
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$ |
— |
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$ |
— |
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$ |
700,761 |
AFS securities |
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3,748,965 |
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89,383 |
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3,659,582 |
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— |
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3,748,965 |
HTM securities |
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845,326 |
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— |
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761,390 |
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856 |
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|
762,246 |
Restricted stock |
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|
190,101 |
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— |
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190,101 |
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— |
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190,101 |
LHFS |
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16,825 |
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— |
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16,825 |
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— |
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16,825 |
LHFI, net of unearned income |
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29,296,616 |
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— |
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— |
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28,853,785 |
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28,853,785 |
Financial Derivatives (1) |
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177,551 |
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— |
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177,551 |
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— |
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|
177,551 |
Accrued interest receivable |
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129,229 |
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— |
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129,229 |
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— |
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129,229 |
BOLI |
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683,224 |
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— |
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683,224 |
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— |
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683,224 |
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LIABILITIES |
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Deposits |
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$ |
30,965,529 |
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$ |
— |
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$ |
30,947,823 |
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$ |
— |
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$ |
30,947,823 |
Borrowings |
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1,622,403 |
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— |
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1,592,353 |
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— |
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1,592,353 |
Accrued interest payable |
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21,128 |
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— |
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21,128 |
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— |
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|
21,128 |
Financial Derivatives (1) |
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|
249,758 |
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— |
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|
249,758 |
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|
— |
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|
249,758 |
(1) Includes hedged and non-hedged derivatives.
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|
Fair Value Measurements at December 31, 2025 using |
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|
|
Quoted Prices |
|
Significant |
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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 |
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Total Fair |
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Identical Assets |
|
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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|
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Cash and cash equivalents |
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$ |
966,462 |
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$ |
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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|
— |
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|
190,200 |
LHFS |
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|
18,486 |
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|
— |
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|
18,486 |
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|
— |
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|
18,486 |
LHFI, net of unearned income |
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|
27,796,167 |
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— |
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|
— |
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|
27,517,137 |
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|
27,517,137 |
Financial Derivatives (1) |
|
|
112,686 |
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|
— |
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|
112,686 |
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|
— |
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|
112,686 |
Accrued interest receivable |
|
|
131,741 |
|
|
— |
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|
131,741 |
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— |
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|
131,741 |
BOLI |
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|
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 |
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$ |
— |
|
$ |
30,467,372 |
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$ |
— |
|
$ |
30,467,372 |
Borrowings |
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|
1,497,292 |
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|
— |
|
|
1,435,699 |
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|
— |
|
|
1,435,699 |
Accrued interest payable |
|
|
19,412 |
|
|
— |
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|
19,412 |
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|
— |
|
|
19,412 |
Financial Derivatives (1) |
|
|
166,690 |
|
|
— |
|
|
166,690 |
|
|
— |
|
|
166,690 |
(1) Includes hedged and non-hedged derivatives.
|