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FAIR VALUE | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
FAIR VALUE | NOTE 11 — FAIR VALUE Fair Value Hierarchy BancShares measures certain financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP also establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three levels. Assets and liabilities are recorded at fair value according to a fair value hierarchy comprised of three levels. The levels are based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The level within the fair value hierarchy for an asset or liability is based on the lowest level of input significant to the fair value measurement with Level 1 inputs considered highest and Level 3 inputs considered lowest. A brief description of each input level follows: •Level 1 inputs are quoted prices in active markets for identical assets and liabilities. •Level 2 inputs are quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted prices observable for the assets or liabilities and market corroborated inputs. •Level 3 inputs are unobservable inputs for the asset or liability. These unobservable inputs and assumptions reflect the estimates market participants would use in pricing the asset or liability. Assets and Liabilities Measured at Fair Value - Recurring Basis The following table presents assets and liabilities measured at fair value on a recurring basis: Assets and Liabilities Measured at Fair Value - Recurring Basis
dollars in millions | March 31, 2025 |
| Total |  | Level 1 |  | Level 2 |  | Level 3 |
Assets |  |  |  |  |  |  |  |
Investment securities available for sale |  |  |  |  |  |  |  |
U.S. Treasury | $ | 13,150 |  |  | $ | — |  |  | $ | 13,150 |  |  | $ | — |  |
Government agency | 69 |  |  | — |  |  | 69 |  |  | — |  |
Residential mortgage-backed securities | 16,605 |  |  | — |  |  | 16,605 |  |  | — |  |
Commercial mortgage-backed securities | 3,594 |  |  | — |  |  | 3,594 |  |  | — |  |
Corporate bonds | 465 |  |  | — |  |  | 297 |  |  | 168 |  |
Municipal bonds | 17 |  |  | — |  |  | 17 |  |  | — |  |
Total investment securities available for sale | $ | 33,900 |  |  | $ | — |  |  | $ | 33,732 |  |  | $ | 168 |  |
Marketable equity securities | 95 |  |  | 42 |  |  | 53 |  |  | — |  |
Loans held for sale | 70 |  |  | — |  |  | 70 |  |  | — |  |
Loans | 23 |  |  | — |  |  | 23 |  |  | — |  |
Derivative assets (1) |  |  |  |  |  |  |  |
Total qualifying hedge assets | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |
Interest rate contracts — non-qualifying hedges | $ | 428 |  |  | $ | — |  |  | $ | 425 |  |  | $ | 3 |  |
Foreign exchange contracts — non-qualifying hedges | 108 |  |  | — |  |  | 108 |  |  | — |  |
Other derivative contracts — non-qualifying hedges | 16 |  |  | — |  |  | — |  |  | 16 |  |
Total non-qualifying hedge assets | $ | 552 |  |  | $ | — |  |  | $ | 533 |  |  | $ | 19 |  |
Total derivative assets | $ | 553 |  |  | $ | — |  |  | $ | 534 |  |  | $ | 19 |  |
Liabilities |  |  |  |  |  |  |  |
Derivative liabilities (1) |  |  |  |  |  |  |  |
Interest rate contracts — qualifying hedges | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
Interest rate contracts — non-qualifying hedges | $ | 433 |  |  | $ | — |  |  | $ | 433 |  |  | $ | — |  |
Foreign exchange contracts — non-qualifying hedges | 107 |  |  | — |  |  | 107 |  |  | — |  |
Other derivative contracts — non-qualifying hedges | 1 |  |  | — |  |  | — |  |  | 1 |  |
Total non-qualifying hedge liabilities | $ | 541 |  |  | $ | — |  |  | $ | 540 |  |  | $ | 1 |  |
Total derivative liabilities | $ | 541 |  |  | $ | — |  |  | $ | 540 |  |  | $ | 1 |  |
(1) Derivative fair values include accrued interest. |  |  |  |  |  |  |  |
dollars in millions | December 31, 2024 |
| Total |  | Level 1 |  | Level 2 |  | Level 3 |
Assets |  |  |  |  |  |  |  |
Investment securities available for sale |  |  |  |  |  |  |  |
U.S. Treasury | $ | 13,903 |  |  | $ | — |  |  | $ | 13,903 |  |  | $ | — |  |
Government agency | 77 |  |  | — |  |  | 77 |  |  | — |  |
Residential mortgage-backed securities | 15,620 |  |  | — |  |  | 15,620 |  |  | — |  |
Commercial mortgage-backed securities | 3,666 |  |  | — |  |  | 3,666 |  |  | — |  |
Corporate bonds | 467 |  |  | — |  |  | 299 |  |  | 168 |  |
Municipal bonds | 17 |  |  | — |  |  | 17 |  |  | — |  |
Total investment securities available for sale | $ | 33,750 |  |  | $ | — |  |  | $ | 33,582 |  |  | $ | 168 |  |
Marketable equity securities | 101 |  |  | 48 |  |  | 53 |  |  | — |  |
Loans held for sale | 55 |  |  | — |  |  | 55 |  |  | — |  |
Derivative assets (1) |  |  |  |  |  |  |  |
Total qualifying hedge assets | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |
Interest rate contracts — non-qualifying hedges | $ | 491 |  |  | $ | — |  |  | $ | 490 |  |  | $ | 1 |  |
Foreign exchange contracts — non-qualifying hedges | 152 |  |  | — |  |  | 152 |  |  | — |  |
Other derivative contracts — non-qualifying hedges | 16 |  |  | — |  |  | — |  |  | 16 |  |
Total non-qualifying hedge assets | $ | 659 |  |  | $ | — |  |  | $ | 642 |  |  | $ | 17 |  |
Total derivative assets | $ | 660 |  |  | $ | — |  |  | $ | 643 |  |  | $ | 17 |  |
Liabilities |  |  |  |  |  |  |  |
Derivative liabilities (1) |  |  |  |  |  |  |  |
Interest rate contracts — qualifying hedges | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
Interest rate contracts — non-qualifying hedges | $ | 516 |  |  | $ | — |  |  | $ | 516 |  |  | $ | — |  |
Foreign exchange contracts — non-qualifying hedges | 108 |  |  | — |  |  | 108 |  |  | — |  |
Other derivative contracts — non-qualifying hedges | 1 |  |  | — |  |  | — |  |  | 1 |  |
Total non-qualifying hedge liabilities | $ | 625 |  |  | $ | — |  |  | $ | 624 |  |  | $ | 1 |  |
Total derivative liabilities | $ | 625 |  |  | $ | — |  |  | $ | 624 |  |  | $ | 1 |  |
(1) Derivative fair values include accrued interest. The methods and assumptions used to estimate the fair value of each class of financial instruments measured at fair value on a recurring basis are as follows: Investment securities available for sale. The fair value of U.S. Treasury, government agency, mortgage-backed securities, municipal bonds, and a portion of the corporate bonds are generally estimated using a third-party pricing service. To obtain an understanding of the processes and methodologies used, management reviews correspondence from the third-party pricing service. Management also performs a price variance analysis process to corroborate the reasonableness of prices. The third-party provider evaluates securities based on comparable investments with trades and market data and will utilize pricing models which use a variety of inputs, such as benchmark yields, reported trades, issuer spreads, benchmark securities, bids and offers as needed. These securities are generally classified as Level 2. The remaining corporate bonds held are generally measured at fair value based on indicative bids from broker-dealers using inputs that are not directly observable. These securities are classified as Level 3. Marketable equity securities. Equity securities are measured at fair value using observable closing prices. The valuation also considers the amount of market activity by examining trade volume. Equity securities are classified as Level 1 if they are traded in an active market and as Level 2 if the observable closing price is from a less than active market. Loans and Loans held for sale. Certain residential real estate loans originated for sale to investors are carried at fair value based on quoted market prices for similar types of loans, which are considered Level 2 inputs. In instances when loans are not sold and subsequently transferred to portfolio, accounting at fair value is continued. Derivative Assets and Liabilities. Derivatives were valued using models that incorporate inputs depending on the type of derivative. Other than the fair value of equity warrants and credit derivatives, which were estimated using Level 3 inputs, most derivative instruments were valued using Level 2 inputs based on observed pricing for similar assets and liabilities and model-based valuation techniques for which all significant assumptions are observable in the market. Refer to Note 10—Derivative Financial Instruments for notional amounts and fair values. The following tables summarize information about significant unobservable inputs related to BancShares’ categories of Level 3 financial assets and liabilities measured on a recurring basis: Quantitative Information About Level 3 Fair Value Measurements - Recurring Basis
dollars in millions |  |  |  |  |  |  |  |  |  |  |  |
Financial Instrument |  | Estimated Fair Value |  | Valuation Technique |  | Significant Unobservable Inputs |  |  |  |
|  | March 31, 2025 |  | December 31, 2024 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 168 |  |  | $ | 168 |  |  | Indicative bid provided by broker |  | Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the issuer. |  |  |  |
Interest rate & other derivative — non-qualifying hedges |  | $ | 19 |  |  | $ | 17 |  |  | Internal valuation model |  | Multiple factors, including but not limited to, private company valuation, illiquidity discount, and estimated life of the instrument. |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Interest rate & other derivative — non-qualifying hedges |  | $ | 1 |  |  | $ | 1 |  |  | Internal valuation model |  | Not material |  |  |  |
The following table summarizes the changes in estimated fair value for all assets and liabilities measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3): Changes in Estimated Fair Value of Level 3 Financial Assets and Liabilities - Recurring Basis
dollars in millions | Three Months Ended March 31, 2025 |  | Three Months Ended March 31, 2024
| Corporate Bonds |  | Other Derivative Assets — Non-Qualifying |  | Other Derivative Liabilities — Non-Qualifying |  | Corporate Bonds |  | Other Derivative Assets — Non-Qualifying |  | Other Derivative Liabilities — Non-Qualifying
Beginning balance | $ | 168 |  |  | $ | 17 |  |  | $ | 1 |  |  | $ | 157 |  |  | $ | 7 |  |  | $ | 1 |
Purchases | — |  |  | 2 |  |  | — |  |  | — |  |  | 3 |  |  | — |
Changes in fair value included in earnings | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
Changes in fair value included in comprehensive income | — |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | — |
Maturity and settlements | — |  |  | (1) |  |  | — |  |  | — |  |  | (1) |  |  | — |
Ending balance | $ | 168 |  |  | $ | 19 |  |  | $ | 1 |  |  | $ | 161 |  |  | $ | 9 |  |  | $ | 1 |
Fair Value Option The following table summarizes the difference between the aggregate fair value and the unpaid principal balance (“UPB”) for residential mortgage loans originated for sale measured at fair value: Aggregate Fair Value and UPB - Residential Mortgage Loans
dollars in millions | March 31, 2025 |  | December 31, 2024
| Fair Value |  | Unpaid Principal Balance |  | Difference |  | Fair Value |  | Unpaid Principal Balance |  | Difference
Originated loans held for sale (1) | $ | 93 |  |  | $ | 94 |  |  | $ | (1) |  |  | $ | 55 |  |  | $ | 54 |  |  | $ | 1 |
(1) Originated loans held for sale include loans held for sale and loans originated for sale but transferred to portfolio and held for investment. BancShares has elected the fair value option for residential mortgage loans originated for sale. This election reduces certain timing differences in the Consolidated Statements of Income and better aligns with the management of the portfolio from a business perspective. The changes in fair value that were recorded as a component of other noninterest income were insignificant for the three months ended March 31, 2025 and 2024. Interest earned on originated loans held for sale is recorded within interest income on loans and leases in the Consolidated Statements of Income. No originated loans held for sale were 90 or more days past due or on nonaccrual status as of March 31, 2025 or December 31, 2024. Assets Measured at Estimated Fair Value on a Non-recurring Basis Certain assets or liabilities are required to be measured at estimated fair value on a non-recurring basis subsequent to initial recognition. Generally, these adjustments are the result of lower of cost or fair value (“LOCOM”) or other impairment accounting. The following table presents carrying value of assets measured at estimated fair value on a non-recurring basis for which gains and losses have been recorded in the periods. The gains and losses reflect amounts recorded for the respective periods, regardless of whether the asset is still held at period end. Assets Measured at Fair Value - Non-recurring Basis
dollars in millions | Fair Value Measurements |  |
| Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Gains (Losses)
March 31, 2025 |  |  |  |  |  |  |  |  |
Assets held for sale - loans | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | 23 |  |  | $ | (7) |
Loans - collateral dependent loans | 212 |  |  | — |  |  | — |  |  | 212 |  |  | (55) |
Other real estate owned | 66 |  |  | — |  |  | — |  |  | 66 |  |  | (8) |
Total | $ | 301 |  |  | $ | — |  |  | $ | — |  |  | $ | 301 |  |  | $ | (70) |
December 31, 2024 |  |  |  |  |  |  |  |  |
Assets held for sale - loans | $ | 13 |  |  | $ | — |  |  | $ | — |  |  | $ | 13 |  |  | $ | (7) |
Loans - collateral dependent loans | 388 |  |  | — |  |  | — |  |  | 388 |  |  | (171) |
Other real estate owned | 16 |  |  | — |  |  | — |  |  | 16 |  |  | 6 |
Total | $ | 417 |  |  | $ | — |  |  | $ | — |  |  | $ | 417 |  |  | $ | (172) |
Certain other assets are adjusted to their fair value on a non-recurring basis, including certain loans, OREO, and goodwill, which are periodically tested for impairment. Most loans held for investment, deposits, and borrowings are not reported at fair value. The methods and assumptions used to estimate the fair value of each class of financial instruments measured at fair value on a non-recurring basis are as follows: Assets held for sale - loans. Loans held for investment subsequently transferred to held for sale are carried at the LOCOM. When available, the fair values for the transferred loans are based on quoted prices from the purchase commitments for the individual loans being transferred and are considered Level 1 inputs. The fair value of Level 2 assets was primarily estimated based on prices of recent trades of similar assets. For other loans held for sale, the fair value of Level 3 assets was primarily measured under the income approach using the discounted cash flow model based on Level 3 inputs including discount rate or the price of committed trades. Gains and losses are recorded in noninterest income. Loans - collateral dependent loans. The population of Level 3 loans measured at fair value that are experiencing financial difficulty and measured on a non-recurring basis includes collateral-dependent loans evaluated individually. Collateral values are determined using appraisals or other third-party value estimates of the subject property discounted based on estimated selling costs, and adjustments for other external factors that may impact the marketability of the collateral. Gains and losses generally reflect the required net provision and charge-offs specific to the loans included in the population for the respective periods and are recorded in the provision for credit losses. Other real estate owned. OREO is carried at LOCOM. OREO asset valuations are determined by using appraisals or other third-party value estimates of the subject property with discounts, generally between 7% and 10%, applied for estimated selling costs and other external factors that may impact the marketability of the property. At March 31, 2025 and December 31, 2024, the weighted average discount applied was 8.76% and 9.45%, respectively. Changes to the value of the assets between scheduled valuation dates are monitored through continued communication with brokers and monthly reviews by the asset manager assigned to each asset. If there are any significant changes in the market or the subject property, valuations are adjusted or new appraisals are ordered to ensure the reported values reflect the most current information. Financial Instruments Fair Value The table below presents the carrying values and estimated fair values for financial instruments, excluding leases and certain other assets and liabilities for which these disclosures are not required. Carrying Values and Fair Values of Financial Assets and Liabilities
dollars in millions | March 31, 2025
|  |  | Estimated Fair Value
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 812 |  |  | $ | 812 |  |  | $ | — |  |  | $ | — |  |  | $ | 812 |
Interest-earning deposits at banks | 24,692 |  |  | 24,692 |  |  | — |  |  | — |  |  | 24,692 |
Securities purchased under agreements to resell | 345 |  |  | — |  |  | 345 |  |  | — |  |  | 345 |
Investment in marketable equity securities | 95 |  |  | 42 |  |  | 53 |  |  | — |  |  | 95 |
Investment securities available for sale | 33,900 |  |  | — |  |  | 33,732 |  |  | 168 |  |  | 33,900 |
Investment securities held to maturity | 10,324 |  |  | — |  |  | 8,973 |  |  | — |  |  | 8,973 |
Loans held for sale | 183 |  |  | — |  |  | 70 |  |  | 115 |  |  | 185 |
Net loans | 137,692 |  |  | — |  |  | 1,491 |  |  | 136,450 |  |  | 137,941 |
Accrued interest receivable | 920 |  |  | — |  |  | 920 |  |  | — |  |  | 920 |
Federal Home Loan Bank stock | 20 |  |  | — |  |  | 20 |  |  | — |  |  | 20 |
Mortgage servicing rights | 28 |  |  | — |  |  | — |  |  | 46 |  |  | 46 |
Derivative assets - qualifying hedges | 1 |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Derivative assets - non-qualifying hedges | 552 |  |  | — |  |  | 533 |  |  | 19 |  |  | 552 |
Financial Liabilities |  |  |  |  |  |  |  |  |
Deposits with no stated maturity | 147,330 |  |  | — |  |  | 147,330 |  |  | — |  |  | 147,330 |
Time deposits | 11,995 |  |  | — |  |  | 11,986 |  |  | — |  |  | 11,986 |
Credit balances of factoring clients | 1,145 |  |  | — |  |  | — |  |  | 1,145 |  |  | 1,145 |
Securities sold under customer repurchase agreements | 450 |  |  | — |  |  | 450 |  |  | — |  |  | 450 |
Long-term borrowings | 37,920 |  |  | — |  |  | 37,714 |  |  | — |  |  | 37,714 |
Accrued interest payable | 107 |  |  | — |  |  | 107 |  |  | — |  |  | 107 |
Derivative liabilities - qualifying hedges | — |  |  | — |  |  | — |  |  | — |  |  | — |
Derivative liabilities - non-qualifying hedges | 541 |  |  | — |  |  | 540 |  |  | 1 |  |  | 541 |
| December 31, 2024
|  |  | Estimated Fair Value
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 814 |  |  | $ | 814 |  |  | $ | — |  |  | $ | — |  |  | $ | 814 |
Interest-earning deposits at banks | 21,364 |  |  | 21,364 |  |  | — |  |  | — |  |  | 21,364 |
Securities purchased under agreements to resell | 158 |  |  | — |  |  | 158 |  |  | — |  |  | 158 |
Investment in marketable equity securities | 101 |  |  | 48 |  |  | 53 |  |  | — |  |  | 101 |
Investment securities available for sale | 33,750 |  |  | — |  |  | 33,582 |  |  | 168 |  |  | 33,750 |
Investment securities held to maturity | 10,239 |  |  | — |  |  | 8,702 |  |  | — |  |  | 8,702 |
Loans held for sale | 82 |  |  | — |  |  | 55 |  |  | 27 |  |  | 82 |
Net loans | 136,567 |  |  | — |  |  | 1,463 |  |  | 133,409 |  |  | 134,872 |
Accrued interest receivable | 902 |  |  | — |  |  | 902 |  |  | — |  |  | 902 |
Federal Home Loan Bank stock | 20 |  |  | — |  |  | 20 |  |  | — |  |  | 20 |
Mortgage servicing rights | 27 |  |  | — |  |  | — |  |  | 47 |  |  | 47 |
Derivative assets - qualifying hedges | 1 |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Derivative assets - non-qualifying hedges | 659 |  |  | — |  |  | 642 |  |  | 17 |  |  | 659 |
Financial Liabilities |  |  |  |  |  |  |  |  |
Deposits with no stated maturity | 141,976 |  |  | — |  |  | 141,976 |  |  | — |  |  | 141,976 |
Time deposits | 13,253 |  |  | — |  |  | 13,247 |  |  | — |  |  | 13,247 |
Credit balances of factoring clients | 1,016 |  |  | — |  |  | — |  |  | 1,016 |  |  | 1,016 |
Securities sold under customer repurchase agreements | 367 |  |  | — |  |  | 367 |  |  | — |  |  | 367 |
Long-term borrowings | 36,669 |  |  | — |  |  | 36,220 |  |  | — |  |  | 36,220 |
Accrued interest payable | 134 |  |  | — |  |  | 134 |  |  | — |  |  | 134 |
Derivative liabilities - qualifying hedges | — |  |  | — |  |  | — |  |  | — |  |  | — |
Derivative liabilities - non-qualifying hedges | 625 |  |  | — |  |  | 624 |  |  | 1 |  |  | 625 |
The methods and assumptions used to estimate the fair value of each class of financial instruments not discussed elsewhere are as follows: Interest-earning Deposits at Banks. The carrying value of interest-earning deposits at banks approximates its fair value due to its short-term nature and is classified on the fair value hierarchy as Level 1. The balances at March 31, 2025 and December 31, 2024 included $213 million and $211 million, respectively, as a required minimum deposit under the Purchase Money Note. Net loans. The carrying value of net loans is net of the ALLL. Loans are generally valued by discounting expected cash flows using market inputs with adjustments based on cohort level assumptions for certain loan types as well as internally developed estimates at a business segment level. Due to the significance of the unobservable market inputs and assumptions, as well as the absence of a liquid secondary market for most loans, these loans are classified as Level 3. Certain loans are measured based on observable market prices sourced from external data providers and classified as Level 2. Nonaccrual loans are written down and reported at their estimated recovery value, which approximates their fair value, and classified as Level 3. Securities Purchased Under Agreements to Resell. The fair value of securities purchased under agreements to resell equal the carrying value due to the short term nature, generally overnight, and therefore present an insignificant risk of change in fair value due to changes in market interest rate, and classified as Level 2. Investment securities held to maturity. BancShares’ portfolio of debt securities held to maturity consists of mortgage-backed securities issued by government agencies and government sponsored entities, U.S. Treasury notes, unsecured bonds issued by government agencies and government sponsored entities, and securities issued by the Supranational Entities & Multilateral Development Banks. We primarily use prices obtained from pricing services to determine the fair value of securities, which are Level 2 inputs. FHLB stock. The carrying amount of FHLB stock is a reasonable estimate of fair value, as these securities are not readily marketable and are evaluated for impairment based on the ultimate recoverability of the par value. BancShares considers positive and negative evidence, including the profitability and asset quality of the issuer, dividend payment history and recent redemption experience, when determining the ultimate recoverability of the par value. BancShares investment in FHLB stock is ultimately recoverable at par. The inputs used in the fair value measurement for the FHLB stock are considered Level 2 inputs. Mortgage servicing rights. The fair value of mortgage servicing rights (“MSRs”) is determined using a pooling methodology. Similar loans are pooled together and a model which relies on discount rates, estimates of prepayment rates and the weighted average cost to service the loans is used to determine the fair value. The inputs used in the fair value measurement for MSRs are considered Level 3 inputs. Deposits. The estimated fair value of deposits with no stated maturity, such as demand deposit accounts, money market accounts, and savings accounts was the amount payable on demand at the reporting date. The fair value of time deposits was estimated based on a discounted cash flow technique using Level 2 inputs appropriate to the contractual maturity. Credit balances of factoring clients. The impact of the time value of money from the unobservable discount rate for credit balances of factoring clients is inconsequential due to the short term nature of these balances, therefore, the fair value approximated carrying value, and the credit balances are classified as Level 3. Short-term borrowed funds. The fair value of short-term borrowed funds, which includes repurchase agreements, approximates carrying value and are classified as Level 2. Long-term borrowings. For certain long-term senior and subordinated unsecured borrowings, the fair values are sourced from a third-party pricing service. The fair values of other long-term borrowings are determined by discounting future cash flows using current interest rates for similar financial instruments. The inputs used in the fair value measurement for FHLB borrowings, senior and subordinated debentures, and other borrowings are classified as Level 2. For all other financial assets and financial liabilities, the carrying value is a reasonable estimate of the fair value as of March 31, 2025 and December 31, 2024. The carrying value and fair value for these assets and liabilities are equivalent because they are relatively short-term in nature and there is no interest rate or credit risk that would cause the fair value to differ from the carrying value. Cash and due from banks is classified as Level 1. Accrued interest receivable and accrued interest payable are classified as Level 2.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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