Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

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.


	June 30, 2024
	Carrying Amount		Fair Value		Level
	(In thousands)
Financial assets:
Cash and cash equivalents	$	1,058,716	$	1,058,716	1

Investment securities - available for sale	3,344,539		3,344,539		2
Investment securities - held-to-maturity	1,278,853		1,159,160		2
Loans receivable, net of impaired loans and allowance	14,393,901		14,334,637		3
Accrued interest receivable	120,984		120,984		1
FHLB, FRB & FNBB Bank stock; other equity investments	227,067		227,067		3
Marketable equity securities	50,147		50,147		1
Financial liabilities:
Deposits:
Demand and non-interest bearing	$	4,068,302	$	4,068,302	1
Savings and interest-bearing transaction accounts	11,150,516		11,150,516		1
Time deposits	1,736,985		1,718,037		3
Securities sold under agreements to repurchase	137,996		137,996		1
FHLB and other borrowed funds	1,301,050		1,281,175		2
Accrued interest payable	35,559		35,559		1
Subordinated debentures	439,542		379,572		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