Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Financial Instruments Measured on Recurring Basis

The following table sets forth the Company’s financial assets by level within the fair value hierarchy that were measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023.


			Fair Value Measurements Using
(In thousands)	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
June 30, 2024
Available-for-sale securities
U.S. Treasury	$	1,275	$	1,275	$	—	$	—
U.S. Government agencies	66,563		—		66,563		—
Mortgage-backed securities	1,730,842		—		1,730,842		—
State and political subdivisions	864,190		—		864,190		—
Other securities	223,034		—		223,034		—
Mortgage loans held for sale	13,053		—		—		13,053
Derivative asset	143,139		—		143,139		—
Derivative liability	(26,713)		—		(26,713)		—

December 31, 2023
Available-for-sale securities
U.S. Treasury	$	2,254	$	2,254	$	—	$	—
U.S. Government agencies	72,502		—		72,502		—
Mortgage-backed securities	1,940,307		—		1,940,307		—
States and political subdivisions	902,793		—		902,793		—
Other securities	234,297		—		234,297		—
Mortgage loans held for sale	9,373		—		—		9,373
Derivative asset	130,271		—		130,271		—
Derivative liability	(27,584)		—		(27,584)		—

Financial Assets Measure on Nonrecurring Basis

The following table sets forth the Company’s assets by level within the fair value hierarchy that were measured at fair value on a nonrecurring basis as of June 30, 2024 and December 31, 2023.


			Fair Value Measurements Using
(In thousands)	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
June 30, 2024
Individually assessed loans (1) (2) (collateral-dependent)	$	110,613	$	—	$	—	$	110,613
Foreclosed assets and other real estate owned (1)	2,018		—		—		2,018

December 31, 2023
Individually assessed loans (1) (2) (collateral-dependent)	$	144,604	$	—	$	—	$	144,604
Foreclosed assets and other real estate owned (1)	3,646		—		—		3,646

________________________

(1)These amounts represent the resulting carrying amounts on the consolidated balance sheets for collateral-dependent loans and foreclosed assets and other real estate owned for which fair value re-measurements took place during the period.

(2)Identified reserves of $27.7 million and $18.7 million were related to collateral-dependent loans for which fair value re-measurements took place during the periods ended June 30, 2024 and December 31, 2023, respectively.

Estimated Fair Values and Related Carrying Amounts

The estimated fair values, and related carrying amounts, of the Company’s financial instruments are as follows:


	Carrying		Fair Value Measurements
(In thousands)	Amount		Level 1		Level 2		Level 3		Total
June 30, 2024
Financial assets:
Cash and cash equivalents	$	574,333	$	574,333	$	—	$	—	$	574,333
Interest bearing balances due from banks - time	100		—		100		—		100
Held-to-maturity securities, net	3,685,450		—		3,005,524		—		3,005,524
Interest receivable	126,625		—		126,625		—		126,625
Loans, net	16,962,048		—		—		16,097,415		16,097,415

Financial liabilities:
Noninterest bearing transaction accounts	4,624,186		—		4,624,186		—		4,624,186
Interest bearing transaction accounts and savings deposits	10,925,179		—		10,925,179		—		10,925,179
Time deposits	6,291,518		—		—		6,260,878		6,260,878
Federal funds purchased and securities sold under agreements to repurchase	52,705		—		52,705		—		52,705
Other borrowings	1,346,378		—		1,344,710		—		1,344,710
Subordinated notes and debentures	366,217		—		352,714		—		352,714
Interest payable	56,071		—		56,071		—		56,071

December 31, 2023
Financial assets:
Cash and cash equivalents	$	614,092	$	614,092	$	—	$	—	$	614,092
Interest bearing balances due from banks - time	100		—		100		—		100
Held-to-maturity securities, net	3,726,288		—		3,135,370		—		3,135,370
Interest receivable	122,430		—		122,430		—		122,430
Loans, net	16,620,439		—		—		15,734,766		15,734,766

Financial liabilities:
Noninterest bearing transaction accounts	4,800,880		—		4,800,880		—		4,800,880
Interest bearing transaction accounts and savings deposits	10,997,425		—		10,997,425		—		10,997,425
Time deposits	6,446,673		—		—		6,414,222		6,414,222
Federal funds purchased and securities sold under agreements to repurchase	67,969		—		67,969		—		67,969
Other borrowings	972,366		—		970,846		—		970,846
Subordinated notes and debentures	366,141		—		349,424		—		349,424
Interest payable	35,618		—		35,618		—		35,618