| 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 at September 30, 2023 and December 31, 2022 (dollars in thousands):
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Fair Value Measurements at September 30, 2023 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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|
|
|
|
|
|
|
|
|
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U.S. government and agency securities |
|
$ |
59,568 |
|
$ |
2,270 |
|
$ |
— |
|
$ |
61,838 |
Obligations of states and political subdivisions |
|
|
— |
|
|
417,460 |
|
|
— |
|
|
417,460 |
Corporate and other bonds(1) |
|
|
— |
|
|
242,818 |
|
|
— |
|
|
242,818 |
MBS |
|
|
— |
|
|
1,361,085 |
|
|
— |
|
|
1,361,085 |
Other securities |
|
|
— |
|
|
1,727 |
|
|
— |
|
|
1,727 |
LHFS |
|
|
— |
|
|
6,608 |
|
|
— |
|
|
6,608 |
Financial Derivatives(2) |
|
|
— |
|
|
123,019 |
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|
— |
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|
123,019 |
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LIABILITIES |
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|
|
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|
|
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|
|
|
|
Financial Derivatives(2) |
|
$ |
— |
|
$ |
291,769 |
|
$ |
— |
|
$ |
291,769 |
(1) Other bonds include asset-backed securities.
(2) Includes hedged and non-hedged derivatives.
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|
|
|
Fair Value Measurements at December 31, 2022 using |
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|
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|
Significant |
|
|
|
|
|
|
|
|
Quoted Prices in |
|
Other |
|
Significant |
|
|
|
|
|
Active Markets for |
|
Observable |
|
Unobservable |
|
|
|
|
|
Identical Assets |
|
Inputs |
|
Inputs |
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Balance |
ASSETS |
|
|
|
|
|
|
|
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|
|
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|
AFS securities: |
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U.S. government and agency securities |
|
$ |
56,606 |
|
$ |
5,337 |
|
$ |
— |
|
$ |
61,943 |
Obligations of states and political subdivisions |
|
|
— |
|
|
807,435 |
|
|
— |
|
|
807,435 |
Corporate and other bonds(1) |
|
|
— |
|
|
226,380 |
|
|
— |
|
|
226,380 |
MBS |
|
|
— |
|
|
1,644,394 |
|
|
— |
|
|
1,644,394 |
Other securities |
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|
— |
|
|
1,664 |
|
|
— |
|
|
1,664 |
LHFS |
|
|
— |
|
|
3,936 |
|
|
— |
|
|
3,936 |
Financial Derivatives(2) |
|
|
— |
|
|
80,310 |
|
|
— |
|
|
80,310 |
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|
|
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|
|
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|
|
|
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LIABILITIES |
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|
|
|
|
|
|
|
|
|
|
Financial Derivatives(2) |
|
$ |
— |
|
$ |
236,000 |
|
$ |
— |
|
$ |
236,000 |
(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 at September 30, 2023 and December 31, 2022 are as follows (dollars in thousands):
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|
|
|
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|
Fair Value Measurements at September 30, 2023 using |
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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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|
|
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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 |
|
Level 2 |
|
Level 3 |
|
Balance |
ASSETS |
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|
|
|
|
|
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|
|
|
|
|
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|
Cash and cash equivalents |
|
$ |
398,945 |
|
$ |
398,945 |
|
$ |
— |
|
$ |
— |
|
$ |
398,945 |
AFS securities |
|
|
2,084,928 |
|
|
59,568 |
|
|
2,025,360 |
|
|
— |
|
|
2,084,928 |
HTM securities |
|
|
843,269 |
|
|
— |
|
|
760,786 |
|
|
1,260 |
|
|
762,046 |
Restricted stock |
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|
104,785 |
|
|
— |
|
|
104,785 |
|
|
— |
|
|
104,785 |
LHFS |
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|
6,608 |
|
|
— |
|
|
6,608 |
|
|
— |
|
|
6,608 |
LHFI, net of deferred fees and costs |
|
|
15,283,620 |
|
|
— |
|
|
— |
|
|
14,712,224 |
|
|
14,712,224 |
Financial Derivatives(1) |
|
|
123,019 |
|
|
— |
|
|
123,019 |
|
|
— |
|
|
123,019 |
Accrued interest receivable |
|
|
85,663 |
|
|
— |
|
|
85,663 |
|
|
— |
|
|
85,663 |
BOLI |
|
|
449,452 |
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|
— |
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|
449,452 |
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|
— |
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|
449,452 |
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LIABILITIES |
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Deposits |
|
$ |
16,786,505 |
|
$ |
— |
|
$ |
16,758,971 |
|
$ |
— |
|
$ |
16,758,971 |
Borrowings |
|
|
1,020,669 |
|
|
— |
|
|
947,640 |
|
|
— |
|
|
947,640 |
Accrued interest payable |
|
|
17,046 |
|
|
— |
|
|
17,046 |
|
|
— |
|
|
17,046 |
Financial Derivatives(1) |
|
|
291,769 |
|
|
— |
|
|
291,769 |
|
|
— |
|
|
291,769 |
(1) Includes hedged and non-hedged derivatives.
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|
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|
|
|
|
|
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|
|
Fair Value Measurements at December 31, 2022 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 |
|
$ |
319,948 |
|
$ |
319,948 |
|
$ |
— |
|
$ |
— |
|
$ |
319,948 |
AFS securities |
|
|
2,741,816 |
|
|
56,606 |
|
|
2,685,210 |
|
|
— |
|
|
2,741,816 |
HTM securities |
|
|
847,732 |
|
|
— |
|
|
798,778 |
|
|
3,109 |
|
|
801,887 |
Restricted stock |
|
|
120,213 |
|
|
— |
|
|
120,213 |
|
|
— |
|
|
120,213 |
LHFS |
|
|
3,936 |
|
|
— |
|
|
3,936 |
|
|
— |
|
|
3,936 |
LHFI, net of deferred fees and costs |
|
|
14,449,142 |
|
|
— |
|
|
— |
|
|
13,974,926 |
|
|
13,974,926 |
Financial Derivatives(1) |
|
|
80,310 |
|
|
— |
|
|
80,310 |
|
|
— |
|
|
80,310 |
Accrued interest receivable |
|
|
81,953 |
|
|
— |
|
|
81,953 |
|
|
— |
|
|
81,953 |
BOLI |
|
|
440,656 |
|
|
— |
|
|
440,656 |
|
|
— |
|
|
440,656 |
|
|
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|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
$ |
15,931,677 |
|
$ |
— |
|
$ |
15,927,361 |
|
$ |
— |
|
$ |
15,927,361 |
Borrowings |
|
|
1,708,700 |
|
|
— |
|
|
1,645,095 |
|
|
— |
|
|
1,645,095 |
Accrued interest payable |
|
|
5,268 |
|
|
— |
|
|
5,268 |
|
|
— |
|
|
5,268 |
Financial Derivatives(1) |
|
|
236,000 |
|
|
— |
|
|
236,000 |
|
|
— |
|
|
236,000 |
(1) Includes hedged and non-hedged derivatives.
|