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Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Amortized Cost and Fair Value of Securities Available-for-Sale | The following table summarizes the amortized cost and fair value of securities that are classified as available-for-sale and held-to-maturity:
| March 31, 2025
| Available-for-Sale
| Amortized Cost |  | Allowance for Credit Losses |  | Net Carrying Amount |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Estimated Fair Value
| (In thousands)
U.S. government-sponsored enterprises | $ | 283,960 |  |  | $ | — |  |  | $ | 283,960 |  |  | $ | 1,216 |  |  | $ | (11,520) |  |  | $ | 273,656 |
U.S. government-sponsored mortgage-backed securities | 1,467,153 |  |  | — |  |  | 1,467,153 |  |  | 931 |  |  | (169,526) |  |  | 1,298,558 |
Private mortgage-backed securities | 181,859 |  |  | — |  |  | 181,859 |  |  | 19 |  |  | (10,541) |  |  | 171,337 |
Non-government-sponsored asset backed securities | 202,999 |  |  | — |  |  | 202,999 |  |  | 204 |  |  | (2,772) |  |  | 200,431 |
State and political subdivisions | 947,565 |  |  | — |  |  | 947,565 |  |  | 350 |  |  | (87,861) |  |  | 860,054 |
Other securities | 215,709 |  |  | (2,195) |  |  | 213,514 |  |  | 1,043 |  |  | (15,273) |  |  | 199,284 |
Total | $ | 3,299,245 |  |  | $ | (2,195) |  |  | $ | 3,297,050 |  |  | $ | 3,763 |  |  | $ | (297,493) |  |  | $ | 3,003,320 |
| March 31, 2025
| Held-to-Maturity
| Amortized Cost |  | Allowance for Credit Losses |  | Net Carrying Amount |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Estimated Fair Value
| (In thousands)
U.S. government-sponsored enterprises | $ | 43,629 |  |  | $ | — |  |  | $ | 43,629 |  |  | $ | — |  |  | $ | (2,249) |  |  | $ | 41,380 |
U.S. government-sponsored mortgage-backed securities | 122,617 |  |  | — |  |  | 122,617 |  |  | 66 |  |  | (4,509) |  |  | 118,174 |
State and political subdivisions | 1,105,655 |  |  | (2,005) |  |  | 1,103,650 |  |  | 26 |  |  | (109,968) |  |  | 993,708 |
Total | $ | 1,271,901 |  |  | $ | (2,005) |  |  | $ | 1,269,896 |  |  | $ | 92 |  |  | $ | (116,726) |  |  | $ | 1,153,262 |
| December 31, 2024
| Available-for-Sale
| Amortized Cost |  | Allowance for Credit Losses |  | Net Carrying Amount |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Estimated Fair Value
| (In thousands)
U.S. government-sponsored enterprises | $ | 297,698 |  |  | $ | — |  |  | $ | 297,698 |  |  | $ | 1,164 |  |  | $ | (14,072) |  |  | $ | 284,790 |
U.S. government-sponsored mortgage-backed securities | 1,527,463 |  |  | — |  |  | 1,527,463 |  |  | 760 |  |  | (203,539) |  |  | 1,324,684 |
Private mortgage-backed securities | 184,643 |  |  | — |  |  | 184,643 |  |  | — |  |  | (13,249) |  |  | 171,394 |
Non-government-sponsored asset backed securities | 228,751 |  |  |  |  | 228,751 |  |  | 331 |  |  | (3,434) |  |  | 225,648 |
State and political subdivisions | 956,055 |  |  | — |  |  | 956,055 |  |  | 335 |  |  | (86,029) |  |  | 870,361 |
Other securities | 215,662 |  |  | (2,195) |  |  | 213,467 |  |  | 576 |  |  | (18,281) |  |  | 195,762 |
Total | $ | 3,410,272 |  |  | $ | (2,195) |  |  | $ | 3,408,077 |  |  | $ | 3,166 |  |  | $ | (338,604) |  |  | $ | 3,072,639 |
| December 31, 2024
| Held-to-Maturity
| Amortized Cost |  | Allowance for Credit Losses |  | Net Carrying Amount |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Estimated Fair Value
| (In thousands)
U.S. government-sponsored enterprises | $ | 43,560 |  |  | $ | — |  |  | $ | 43,560 |  |  | $ | — |  |  | $ | (3,021) |  |  | $ | 40,539 |
U.S. government-sponsored mortgage-backed securities | 124,169 |  |  | — |  |  | 124,169 |  |  | — |  |  | (6,695) |  |  | 117,474 |
State and political subdivisions | 1,109,480 |  |  | (2,005) |  |  | 1,107,475 |  |  | 39 |  |  | (122,587) |  |  | 984,927 |
Total | $ | 1,277,209 |  |  | $ | (2,005) |  |  | $ | 1,275,204 |  |  | $ | 39 |  |  | $ | (132,303) |  |  | $ | 1,142,940 |
The following table presents the Company's financial assets by level within the fair value hierarchy that were measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 (in thousands):
| March 31, 2025
|  |  | Fair Value Measurements
| Fair Value |  | Level 1 |  | Level 2 |  | Level 3
| (in thousands)
U.S. government-sponsored enterprises | $ | 273,656 |  |  | $ | — |  |  | $ | 273,656 |  |  | $ | — |
U.S. government-sponsored mortgage-backed securities | 1,298,558 |  |  | — |  |  | 1,298,558 |  |  | — |
Private mortgage-backed securities | 171,337 |  |  | — |  |  | 171,337 |  |  | — |
Non-government-sponsored asset backed securities | 200,431 |  |  | — |  |  | 200,431 |  |  | — |
State and political subdivisions | 860,054 |  |  | — |  |  | 843,390 |  |  | 16,664 |
Other securities | 199,284 |  |  | — |  |  | 194,416 |  |  | 4,868 |
Total | $ | 3,003,320 |  |  | $ | — |  |  | $ | 2,981,788 |  |  | $ | 21,532 |
| December 31, 2024
|  |  | Fair Value Measurements
| Fair Value |  | Level 1 |  | Level 2 |  | Level 3
| (in thousands)
U.S. government-sponsored enterprises | $ | 284,790 |  |  | $ | — |  |  | $ | 284,790 |  |  | $ | — |
U.S. government-sponsored mortgage-backed securities | 1,324,684 |  |  | — |  |  | 1,324,684 |  |  | — |
Private mortgage-backed securities | 171,394 |  |  | — |  |  | 171,394 |  |  | — |
Non-government-sponsored asset backed securities | 225,648 |  |  | — |  |  | 225,648 |  |  | — |
State and political subdivisions | 870,361 |  |  | — |  |  | 853,699 |  |  | 16,662 |
Other securities | 195,762 |  |  | — |  |  | 190,895 |  |  | 4,867 |
Total | $ | 3,072,639 |  |  | $ | — |  |  | $ | 3,051,110 |  |  | $ | 21,529 |
Fair Value, Assets Measured on Recurring Basis | The following table presents the Company's assets by level within the fair value hierarchy that were measured at fair value on a nonrecurring basis as of March 31, 2025 and December 31, 2024:
|  |  | Fair Value Measurements
| Fair Value |  | Level 1 |  | Level 2 |  | Level 3
March 31, 2025 | (in thousands)
Individually evaluated loans (collateral-dependent)(1)(2) | $ | 187,720 |  |  | $ | — |  |  | $ | — |  |  | $ | 187,720 |
Foreclosed assets and other real estate owned(1)(3) | 37,324 |  |  | — |  |  | — |  |  | 37,324 |
December 31, 2024 |  |  |  |  |  |  |
Individually evaluated loans (collateral-dependent)(1)(2) | $ | 209,799 |  |  | $ | — |  |  | $ | — |  |  | $ | 209,799 |
Foreclosed assets and other real estate owned(1)(3) | 17,882 |  |  | — |  |  | — |  |  | 17,882 |
(1) These amounts represent the resulting carrying amounts on the consolidated balance sheets for collateral-dependent loans and foreclosed assets and other real estate owned for which fair value re-measurements took place during the period. (2) Specific reserves of $19.9 million and $23.8 million were related to collateral-dependent loans for which fair value re-measurements took place during the three months ended March 31, 2025 and December 31, 2024, respectively. (3) Remeasurements of foreclosed assets held for sale resulted in a $1.3 million increase in fair value for the three months ended March 31, 2025 and a $2.5 million reduction in fair value for the year ended December 31, 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.
| March 31, 2025
|  |  | Fair Value Measurements |  |
| Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
| (In thousands)
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,295,730 |  |  | $ | 1,295,730 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,295,730 |
Federal funds sold | 6,275 |  |  | 6,275 |  |  |  |  | — |  |  | 6,275 |
Investment securities - held-to-maturity | 1,269,896 |  |  | — |  |  | 1,153,262 |  |  | — |  |  | 1,153,262 |
Loans receivable, net of impaired loans and allowance | 14,451,006 |  |  | — |  |  | — |  |  | 14,487,545 |  |  | 14,487,545 |
Accrued interest receivable | 115,983 |  |  | 115,983 |  |  | — |  |  | — |  |  | 115,983 |
FHLB, Federal Reserve & FNBB stock; other equity investments | 228,621 |  |  | — |  |  | — |  |  | 228,621 |  |  | 228,621 |
Marketable equity securities | 49,395 |  |  | 49,395 |  |  | — |  |  | — |  |  | 49,395 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |
Demand and non-interest bearing | $ | 4,079,289 |  |  | $ | 4,079,289 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,079,289 |
Savings and interest-bearing transaction accounts | 11,586,106 |  |  | 11,586,106 |  |  | — |  |  | — |  |  | 11,586,106 |
Time deposits | 1,876,096 |  |  | — |  |  | — |  |  | 1,861,185 |  |  | 1,861,185 |
Securities sold under agreements to repurchase | 161,401 |  |  | 161,401 |  |  | — |  |  | — |  |  | 161,401 |
FHLB and other borrowed funds | 600,500 |  |  | — |  |  | 565,740 |  |  | — |  |  | 565,740 |
Accrued interest payable | 15,759 |  |  | 15,759 |  |  | — |  |  | — |  |  | 15,759 |
Subordinated debentures | 439,102 |  |  | — |  |  | — |  |  | 412,969 |  |  | 412,969 |
| December 31, 2024
|  |  | Fair Value Measurements |  |
| Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
| (In thousands)
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 910,347 |  |  | $ | 910,347 |  |  | $ | — |  |  | $ | — |  |  | $ | 910,347 |
Federal funds sold | 3,725 |  |  | 3,725 |  |  | — |  |  | — |  |  | 3,725 |
Investment securities - held-to-maturity | 1,275,204 |  |  | — |  |  | 1,142,940 |  |  | — |  |  | 1,142,940 |
Loans receivable, net of impaired loans and allowance | 14,244,458 |  |  | — |  |  | — |  |  | 14,207,935 |  |  | 14,207,935 |
Accrued interest receivable | 120,129 |  |  | 120,129 |  |  | — |  |  | — |  |  | 120,129 |
FHLB, Federal Reserve & FNBB stock; other equity investments | 226,910 |  |  | — |  |  | — |  |  | 226,910 |  |  | 226,910 |
Marketable equity securities | 48,954 |  |  | 48,954 |  |  | — |  |  | — |  |  | 48,954 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |
Demand and non-interest bearing | $ | 4,006,115 |  |  | $ | 4,006,115 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,006,115 |
Savings and interest-bearing transaction accounts | 11,347,850 |  |  | 11,347,850 |  |  | — |  |  | — |  |  | 11,347,850 |
Time deposits | 1,792,332 |  |  | — |  |  | — |  |  | 1,781,156 |  |  | 1,781,156 |
Securities sold under agreements to repurchase | 162,350 |  |  | 162,350 |  |  | — |  |  | — |  |  | 162,350 |
FHLB and other borrowed funds | 600,750 |  |  | — |  |  | 556,095 |  |  | — |  |  | 556,095 |
Accrued interest payable | 20,186 |  |  | 20,186 |  |  | — |  |  | — |  |  | 20,186 |
Subordinated debentures | 439,246 |  |  | — |  |  | — |  |  | 375,887 |  |  | 375,887 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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