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Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Estimated Fair Values of Financial Instruments

The following table presents the estimated fair values of the Company’s financial instruments. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

			December 31, 2023
			Carrying Amount						Fair Value						Level
			(In thousands)
Financial assets:
Cash and cash equivalents			$	1,000,213					$	1,000,213					1
Investment securities - available for sale			3,507,841						3,507,841						2
Investment securities - held-to-maturity			1,281,982						1,170,481						2
Loans receivable, net of impaired loans and allowance			14,048,002						14,071,775						3
Accrued interest receivable			118,966						118,966						1
FHLB, FRB & FNBB stock; other equity investments			223,748						223,748						3
Marketable equity securities			49,419						49,419						1
Financial liabilities:
Deposits:
Demand and non-interest bearing			$	4,085,501					$	4,085,501					1
Savings and interest-bearing transaction accounts			11,050,347						11,050,347						1
Time deposits			1,651,863						1,633,091						3
Securities sold under agreements to repurchase			142,085						142,085						1
FHLB and other borrowed funds			1,301,300						1,291,926						2
Accrued interest payable			19,124						19,124						1
Subordinated debentures			439,834						358,682						3

			December 31, 2022
			Carrying Amount						Fair Value						Level
			(In thousands)
Financial assets:
Cash and cash equivalents			$	724,790					$	724,790					1
Investment securities - available for sale			4,041,590						4,041,590						2
Investment securities - held-to-maturity			1,287,705						1,126,146						2
Loans receivable, net of impaired loans and allowance			13,929,892						13,723,865						3
Accrued interest receivable			103,199						103,199						1
FHLB, FRB & FNBB stock; other equity investments			215,952						215,952						3
Marketable equity securities			52,034						52,034						1
Financial liabilities:
Deposits:
Demand and non-interest bearing			$	5,164,997					$	5,164,997					1
Savings and interest-bearing transaction accounts			11,730,552						11,730,552						1
Time deposits			1,043,234						1,014,348						3
Securities sold under agreements to repurchase			131,146						131,146						1
FHLB and other borrowed funds			650,000						595,886						2
Accrued interest payable			10,622						10,622						1
Subordinated debentures			440,420						411,686						3

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2C
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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- References

No definition available.

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