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Financial Instruments (Tables)

6 Months Ended

Jun. 30, 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:

			June 30, 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			$	273,953					$	—					$	273,953					$	1,325					$	(10,314)					$	264,964
U.S. government-sponsored mortgage-backed securities			1,409,549						—						1,409,549						1,246						(171,466)						1,239,329
Private mortgage-backed securities			166,271						—						166,271						—						(10,689)						155,582
Non-government-sponsored asset backed securities			185,024						—						185,024						257						(1,738)						183,543
State and political subdivisions			948,086						—						948,086						246						(103,071)						845,261
Other securities			227,606						(2,195)						225,411						936						(15,058)						211,289
Total			$	3,210,489					$	(2,195)					$	3,208,294					$	4,010					$	(312,336)					$	2,899,968

			June 30, 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			$	43,699					$	—					$	43,699					$	—					$	(2,091)					$	41,608
U.S. government-sponsored mortgage-backed securities			120,541						—						120,541						6						(5,303)						115,244
State and political subdivisions			1,103,057						(2,005)						1,101,052						23						(130,927)						970,148
Total			$	1,267,297					$	(2,005)					$	1,265,292					$	29					$	(138,321)					$	1,127,000

			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 during the periods ended June 30, 2025 and December 31, 2024 (in thousands):

			June 30, 2025
									Fair Value Measurements
			Fair Value						Level 1						Level 2						Level 3
			(in thousands)
U.S. government-sponsored enterprises			$	264,964					$	—					$	264,964					$	—
U.S. government-sponsored mortgage-backed securities			1,239,329						—						1,239,329						—
Private mortgage-backed securities			155,582						—						155,582						—
Non-government-sponsored asset backed securities			183,543						—						183,543						—
State and political subdivisions			845,261						—						829,947						15,314
Other securities			211,289						—						206,419						4,870
Total			$	2,899,968					$	—					$	2,879,784					$	20,184

			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 during the periods ended June 30, 2025 and December 31, 2024 (in thousands):

									Fair Value Measurements
			Fair Value						Level 1						Level 2						Level 3
June 30, 2025			(in thousands)
Individually evaluated loans (collateral-dependent)(1)(2)			$	202,357					$	—					$	—					$	202,357
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 $19.4 million and $23.8 million were related to collateral-dependent loans for which fair value re-measurements took place during the periods ended June 30, 2025 and December 31, 2024, respectively.

(3) Remeasurements of foreclosed assets held for sale resulted in 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.

			June 30, 2025
									Fair Value Measurements
			Carrying Amount						Level 1						Level 2						Level 3						Total
			(In thousands)
Financial assets:
Cash and cash equivalents			$	1,101,073					$	1,101,073					$	—					$	—					$	1,101,073
Federal funds sold			2,600						2,600												—						2,600
Investment securities - held-to-maturity			1,265,292						—						1,127,000						—						1,127,000
Loans receivable, net of impaired loans and allowance			14,671,934						—						—						14,689,730						14,689,730
Accrued interest receivable			107,732						107,732						—						—						107,732
FHLB, Federal Reserve & FNBB stock; other equity investments			225,716						—						—						225,716						225,716
Marketable equity securities			54,157						54,157						—						—						54,157
Financial liabilities:
Deposits:
Demand and non-interest bearing			$	4,024,574					$	4,024,574					$	—					$	—					$	4,024,574
Savings and interest-bearing transaction accounts			11,571,949						11,571,949						—						—						11,571,949
Time deposits			1,891,909						—						—						1,877,390						1,877,390
Securities sold under agreements to repurchase			140,813						140,813						—						—						140,813
FHLB and other borrowed funds			550,500						—						516,042						—						516,042
Accrued interest payable			19,526						19,526						—						—						19,526
Subordinated debentures			438,957						—						—						410,064						410,064

			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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