| 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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at September 30, 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 |
|
$ |
62,683 |
|
$ |
3,988 |
|
$ |
— |
|
$ |
66,671 |
Obligations of states and political subdivisions |
|
|
— |
|
|
488,527 |
|
|
— |
|
|
488,527 |
Corporate and other bonds(1) |
|
|
— |
|
|
271,975 |
|
|
— |
|
|
271,975 |
MBS |
|
|
— |
|
|
1,779,177 |
|
|
— |
|
|
1,779,177 |
Other securities |
|
|
— |
|
|
1,832 |
|
|
— |
|
|
1,832 |
LHFS |
|
|
— |
|
|
11,078 |
|
|
— |
|
|
11,078 |
Financial Derivatives(2) |
|
|
— |
|
|
91,418 |
|
|
— |
|
|
91,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
Financial Derivatives(2) |
|
$ |
— |
|
$ |
170,118 |
|
$ |
— |
|
$ |
170,118 |
(1) Other bonds include asset-backed securities.
(2) Includes hedged and non-hedged derivatives.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at December 31, 2023 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 |
|
$ |
61,311 |
|
$ |
2,045 |
|
$ |
— |
|
$ |
63,356 |
Obligations of states and political subdivisions |
|
|
— |
|
|
475,447 |
|
|
— |
|
|
475,447 |
Corporate and other bonds(1) |
|
|
— |
|
|
241,889 |
|
|
— |
|
|
241,889 |
MBS |
|
|
— |
|
|
1,448,817 |
|
|
— |
|
|
1,448,817 |
Other securities |
|
|
— |
|
|
1,752 |
|
|
— |
|
|
1,752 |
LHFS |
|
|
— |
|
|
6,710 |
|
|
— |
|
|
6,710 |
Financial Derivatives(2) |
|
|
— |
|
|
93,027 |
|
|
— |
|
|
93,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
Financial Derivatives(2) |
|
$ |
— |
|
$ |
206,561 |
|
$ |
— |
|
$ |
206,561 |
(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 the periods ended are as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at September 30, 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 |
|
$ |
528,070 |
|
$ |
528,070 |
|
$ |
— |
|
$ |
— |
|
$ |
528,070 |
AFS securities |
|
|
2,608,182 |
|
|
62,683 |
|
|
2,545,499 |
|
|
— |
|
|
2,608,182 |
HTM securities |
|
|
807,080 |
|
|
— |
|
|
775,630 |
|
|
1,197 |
|
|
776,827 |
Restricted stock |
|
|
117,881 |
|
|
— |
|
|
117,881 |
|
|
— |
|
|
117,881 |
LHFS |
|
|
11,078 |
|
|
— |
|
|
11,078 |
|
|
— |
|
|
11,078 |
LHFI, net of deferred fees and costs |
|
|
18,337,299 |
|
|
— |
|
|
— |
|
|
17,721,302 |
|
|
17,721,302 |
Financial Derivatives (1) |
|
|
91,418 |
|
|
— |
|
|
91,418 |
|
|
— |
|
|
91,418 |
Accrued interest receivable |
|
|
93,603 |
|
|
— |
|
|
93,603 |
|
|
— |
|
|
93,603 |
BOLI |
|
|
489,759 |
|
|
— |
|
|
489,759 |
|
|
— |
|
|
489,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
$ |
20,305,287 |
|
$ |
— |
|
$ |
20,310,505 |
|
$ |
— |
|
$ |
20,310,505 |
Borrowings |
|
|
852,164 |
|
|
— |
|
|
787,333 |
|
|
— |
|
|
787,333 |
Accrued interest payable |
|
|
26,751 |
|
|
— |
|
|
26,751 |
|
|
— |
|
|
26,751 |
Financial Derivatives (1) |
|
|
170,118 |
|
|
— |
|
|
170,118 |
|
|
— |
|
|
170,118 |
(1) Includes hedged and non-hedged derivatives.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at December 31, 2023 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 |
|
$ |
378,131 |
|
$ |
378,131 |
|
$ |
— |
|
$ |
— |
|
$ |
378,131 |
AFS securities |
|
|
2,231,261 |
|
|
61,311 |
|
|
2,169,950 |
|
|
— |
|
|
2,231,261 |
HTM securities |
|
|
837,378 |
|
|
— |
|
|
806,834 |
|
|
1,240 |
|
|
808,074 |
Restricted stock |
|
|
115,472 |
|
|
— |
|
|
115,472 |
|
|
— |
|
|
115,472 |
LHFS |
|
|
6,710 |
|
|
— |
|
|
6,710 |
|
|
— |
|
|
6,710 |
LHFI, net of deferred fees and costs |
|
|
15,635,043 |
|
|
— |
|
|
— |
|
|
15,148,256 |
|
|
15,148,256 |
Financial Derivatives (1) |
|
|
93,027 |
|
|
— |
|
|
93,027 |
|
|
— |
|
|
93,027 |
Accrued interest receivable |
|
|
91,370 |
|
|
— |
|
|
91,370 |
|
|
— |
|
|
91,370 |
BOLI |
|
|
452,565 |
|
|
— |
|
|
452,565 |
|
|
— |
|
|
452,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
$ |
16,818,129 |
|
$ |
— |
|
$ |
16,799,791 |
|
$ |
— |
|
$ |
16,799,791 |
Borrowings |
|
|
1,311,858 |
|
|
— |
|
|
1,154,694 |
|
|
— |
|
|
1,154,694 |
Accrued interest payable |
|
|
20,528 |
|
|
— |
|
|
20,528 |
|
|
— |
|
|
20,528 |
Financial Derivatives (1) |
|
|
206,561 |
|
|
— |
|
|
206,561 |
|
|
— |
|
|
206,561 |
(1) Includes hedged and non-hedged derivatives.
|