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Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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 in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date.

			March 31, 2024
			Carrying Amount						Fair Value						Level
			(In thousands)
Financial assets:
Cash and cash equivalents			$	1,175,258					$	1,175,258					1
Federal funds sold			5,200						5,200						1
Investment securities - available for sale			3,400,884						3,400,884						2
Investment securities - held-to-maturity			1,280,586						1,159,145						2
Loans receivable, net of impaired loans and allowance			14,125,177						14,068,484						3
Accrued interest receivable			119,029						119,029						1
FHLB, FRB & FNBB Bank stock; other equity investments			226,765						226,765						3
Marketable equity securities			50,422						50,422						1
Financial liabilities:
Deposits:
Demand and non-interest bearing			$	4,115,603					$	4,115,603					1
Savings and interest-bearing transaction accounts			11,047,258						11,047,258						1
Time deposits			1,703,269						1,681,484						3
Securities sold under agreements to repurchase			176,107						176,107						1
FHLB and other borrowed funds			1,301,050						1,288,077						2
Accrued interest payable			21,860						21,860						1
Subordinated debentures			439,688						364,500						3

			December 31, 2023
			Carrying Amount						Fair Value						Level
			(In thousands)
Financial assets:
Cash and cash equivalents			$	1,000,213					$	1,000,213					1
Federal funds sold			5,100						5,100						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 Bank 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

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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X

- References

No definition available.

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