Financial Instruments (Tables)

9 Months Ended

Sep. 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.


	September 30, 2024
	Carrying Amount		Fair Value		Level
	(In thousands)
Financial assets:
Cash and cash equivalents	$	1,017,677	$	1,017,677	1
Federal funds sold	6,425		6,425		1
Investment securities - available-for-sale	3,270,620		3,270,620		2
Investment securities - held-to-maturity	1,277,090		1,194,455		2
Loans receivable, net of impaired loans and allowance	14,397,652		14,489,849		3
Accrued interest receivable	118,871		118,871		1
FHLB, FRB & FNBB Bank stock; other equity investments	226,631		226,631		3
Marketable equity securities	51,540		51,540		1
Financial liabilities:
Deposits:
Demand and non-interest bearing	$	3,937,168	$	3,937,168	1
Savings and interest-bearing transaction accounts	10,966,426		10,966,426		1
Time deposits	1,802,116		1,792,949		3
Securities sold under agreements to repurchase	179,416		179,416		1
FHLB and other borrowed funds	1,300,750		1,277,447		2
Accrued interest payable	39,897		39,897		1
Subordinated debentures	439,394		388,048		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