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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis | Financial assets and financial liabilities measured at fair value on a recurring basis are as follows:
|  | Fair Value Measurements at Reporting Date Using
As of March 31, 2025 | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
Investment debt securities available-for-sale: |  |  |  |  |  |
U.S. Treasury notes | $ | 231.2 |  | $ | — | $ | 231.2 |  | $ | —
State, county, and municipal securities | 213.7 |  |  | — | 213.7 |  |  | —
Obligations of U.S. government agencies | 207.5 |  |  | — | 207.5 |  |  | —
U.S. agency commercial mortgage-backed securities | 986.7 |  |  | — | 986.7 |  |  | —
U.S. agency residential mortgage-backed securities | 1,149.3 |  |  | — | 1,149.3 |  |  | —
U.S. agency collateralized mortgage obligations | 1,028.6 |  |  | — | 1,028.6 |  |  | —
Private mortgage-backed securities | 187.6 |  |  | — | 187.6 |  |  | —
Collateralized loan obligations | 633.9 |  |  | — | 633.9 |  |  | —
Corporate securities | 225.8 |  |  | — | 225.8 |  |  | —
Loans held for sale | 0.4 |  |  | — | 0.4 |  |  | —
Derivative assets: |  |  |  |  |  |
Interest rate swap contracts | 35.2 |  |  | — | 35.2 |  |  | —
Derivative liabilities: |  |  |  |  |  |
Interest rate collars | 0.6 |  |  | — | 0.6 |  |  | —
Interest rate swap contracts | 106.7 |  |  | — | 106.7 |  |  | —
Deferred compensation plan assets | 21.4 |  |  | 21.4 | — |  |  | —
|  | Fair Value Measurements at Reporting Date Using
As of December 31, 2024 | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
Investment debt securities available-for-sale: |  |  |  |  |  |
U.S. Treasury notes | $ | 226.9 |  | $ | — | $ | 226.9 |  | $ | —
State, county and municipal securities | 212.0 |  |  | — | 212.0 |  |  | —
Obligations of U.S. government agencies | 213.3 |  |  | — | 213.3 |  |  | —
U.S. agency commercial mortgage-backed securities | 982.8 |  |  | — | 982.8 |  |  | —
U.S. agency residential mortgage-backed securities | 1,175.8 |  |  | — | 1,175.8 |  |  | —
U.S. agency collateralized mortgage obligations | 1,050.9 |  |  | — | 1,050.9 |  |  | —
Private mortgage-backed securities | 190.5 |  |  | — | 190.5 |  |  | —
Collateralized loan obligations | 772.0 |  |  | — | 772.0 |  |  | —
Corporate securities | 232.9 |  |  | — | 232.9 |  |  | —
Loans held for sale | 0.9 |  |  | — | 0.9 |  |  | —
Derivative assets: |  |  |  |  |  |
Interest rate swap contracts | 44.9 |  |  | — | 44.9 |  |  | —
Derivative liabilities |  |  |  |  |  |
Interest rate collars | 1.0 |  |  | — | 1.0 |  |  | —
Interest rate swap contracts | 132.8 |  |  | — | 132.8 |  |  | —
Deferred compensation plan assets | 22.7 |  |  | 22.7 | — |  |  | —
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Non-Recurring Basis | The following table presents information about the Company’s assets and liabilities measured at fair value on a non-recurring basis with an adjustment during the period presented. The fair values may not be current as of the reporting date but represent fair values as of the most recent fair value change that occurred with the reporting period. Accordingly, carrying values may not equal the current fair value:
As of March 31, 2025 | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
Collateral-dependent loans | $ | 26.9 |  | $ | — | $ | — | $ | 26.9 |
As of December 31, 2024 |  |  |  |
Collateral-dependent loans | $ | 97.6 |  | $ | — | $ | — | $ | 97.6 |
Fair Value Inputs, Assets, Quantitative Information | The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized Level 3 inputs to determine fair values:
As of March 31, 2025 | Fair Value | Valuation Technique | Unobservable Inputs | Range (Weighted Average)
Collateral-dependent loans | $ | 26.9 |  | Appraisal | Appraisal adjustment | 15% | - | 100% | (29%)
As of December 31, 2024 |  |  |  |
Collateral-dependent loans | $ | 97.6 |  | Appraisal | Appraisal adjustment | —% | - | 87% | (40%)
Fair Value, by Balance Sheet Grouping | The estimated fair values of financial instruments that are reported in the Company’s consolidated balance sheets, and are segregated by the level of the valuation inputs within the fair value hierarchy that are utilized to measure fair value, are as follows:
|  |  | Fair Value Measurements at Reporting Date Using
As of March 31, 2025 | Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
Financial assets: |  |  |  |  |
Cash and cash equivalents | $ | 871.4 |  | $ | 871.4 |  | $ | 871.4 |  | $ | — |  | $ | — |
Investment debt securities held-to-maturity | 2,639.5 |  | 2,361.2 |  | — |  | 2,361.2 |  | — |
Accrued interest receivable | 107.9 |  | 107.9 |  | — |  | 107.9 |  | — |
Mortgage servicing rights, net | 24.9 |  | 36.0 |  | — |  | 36.0 |  | — |
Net loans held for investment | 17,162.0 |  | 16,697.9 |  | — |  | — |  | 16,697.9 |
Total financial assets | $ | 20,805.7 |  | $ | 20,074.4 |  | $ | 871.4 |  | $ | 2,505.1 |  | $ | 16,697.9 |
Financial liabilities: |  |  |  |  |
Total deposits, excluding time deposits | $ | 19,905.8 |  | $ | 19,905.8 |  | $ | 19,905.8 |  | $ | — |  | $ | — |
Time deposits | 2,827.0 |  | 2,811.5 |  | — |  | 2,811.5 |  | — |
Securities sold under repurchase agreements | 528.0 |  | 528.0 |  | — |  | 528.0 |  | — |
Other borrowed funds | 960.0 |  | 960.0 |  | — |  | 960.0 |  | — |
Accrued interest payable | 40.8 |  | 40.8 |  | — |  | 40.8 |  | — |
Long-term debt | 130.2 |  | 130.5 |  | — |  | 130.5 |  | — |
Subordinated debentures held by subsidiary trusts | 163.1 |  | 152.1 |  | — |  | 152.1 |  | — |
Total financial liabilities | $ | 24,554.9 |  | $ | 24,528.7 |  | $ | 19,905.8 |  | $ | 4,622.9 |  | $ | — |
|  |  | Fair Value Measurements at Reporting Date Using
As of December 31, 2024 | Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
Financial assets: |  |  |  |  |
Cash and cash equivalents | $ | 896.6 |  | $ | 896.6 |  | $ | 896.6 |  | $ | — |  | $ | — |
Investment debt securities held-to-maturity | 2,687.5 |  | 2,358.6 |  | — |  | 2,358.6 |  | — |
Accrued interest receivable | 116.8 |  | 116.8 |  | — |  | 116.8 |  | — |
Mortgage servicing rights, net | 25.7 |  | 35.4 |  | — |  | 35.4 |  | — |
Net loans held for investment | 17,640.8 |  | 17,154.7 |  | — |  | — |  | 17,154.7 |
Total financial assets | $ | 21,367.4 |  | $ | 20,562.1 |  | $ | 896.6 |  | $ | 2,510.8 |  | $ | 17,154.7 |
Financial liabilities: |  |  |  |  |
Total deposits, excluding time deposits | $ | 20,125.1 |  | $ | 20,125.1 |  | $ | 20,125.1 |  | $ | — |  | $ | — |
Time deposits | 2,890.5 |  | 2,875.5 |  | — |  | 2,875.5 |  | — |
Securities sold under repurchase agreements | 523.9 |  | 523.9 |  | — |  | 523.9 |  | — |
Other borrowed funds | 1,567.5 |  | 1,567.5 |  | — |  | 1,567.5 |  | — |
Accrued interest payable | 47.0 |  | 47.0 |  | — |  | 47.0 |  | — |
Long-term debt | 132.2 |  | 131.9 |  | — |  | 131.9 |  | — |
Subordinated debentures held by subsidiary trusts | 163.1 |  | 152.3 |  | — |  | 152.3 |  | — |
Total financial liabilities | $ | 25,449.3 |  | $ | 25,423.2 |  | $ | 20,125.1 |  | $ | 5,298.1 |  | $ | — |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 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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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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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