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Financial Instruments (Tables)

3 Months Ended

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

X

- Definition

Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

+ 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

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

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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

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Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

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