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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured on Recurring Basis

The following table sets forth 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.

												Fair Value Measurements Using
(In thousands)						Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
March 31, 2025
Available-for-sale securities
U.S. Treasury						$	699					$	699					$	—					$	—
U.S. Government agencies						52,318						—						52,318						—
Mortgage-backed securities						1,380,913						—						1,380,913						—
State and political subdivisions						832,898						—						832,898						—
Other securities						225,021						—						225,021						—
Mortgage loans held for sale						8,351						—						—						8,351
Derivative asset						109,290						—						109,290						—
Derivative liability						(24,599)						—						(24,599)						—
December 31, 2024
Available-for-sale securities
U.S. Treasury						$	996					$	996					$	—					$	—
U.S. Government agencies						54,547						—						54,547						—
Mortgage-backed securities						1,392,759						—						1,392,759						—
States and political subdivisions						858,182						—						858,182						—
Other securities						222,942						—						222,942						—
Mortgage loans held for sale						11,417						—						—						11,417
Derivative asset						127,474						—						127,474						—
Derivative liability						(24,032)						—						(24,032)						—

Schedule of Financial Assets Measure on Nonrecurring Basis

The following table sets forth 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 Using
(In thousands)			Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
March 31, 2025
Individually assessed loans (1) (2) (collateral-dependent)			$	95,399					$	—					$	—					$	95,399
Foreclosed assets and other real estate owned (1)			428						—						—						428
December 31, 2024
Individually assessed loans (1) (2) (collateral-dependent)			$	102,580					$	—					$	—					$	102,580
Foreclosed assets and other real estate owned (1)			881						—						—						881

________________________

(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)Identified reserves of $42.8 million and $30.1 million were related to collateral-dependent loans for which fair value re-measurements took place during the periods ended March 31, 2025 and December 31, 2024, respectively.

Schedule of Estimated Fair Values and Related Carrying Amounts

The estimated fair values, and related carrying amounts, of the Company’s financial instruments are as follows:

			Carrying						Fair Value Measurements
(In thousands)			Amount						Level 1						Level 2						Level 3						Total
March 31, 2025
Financial assets:
Cash and cash equivalents			$	634,286					$	634,286					$	—					$	—					$	634,286
Interest bearing balances due from banks - time			100						—						100						—						100
Held-to-maturity securities, net			3,615,556						—						2,929,625						—						2,929,625
Interest receivable			117,398						—						117,398						—						117,398
Loans, net			16,841,910						—						—						16,266,425						16,266,425
Financial liabilities:
Noninterest bearing transaction accounts			4,455,255						—						4,455,255						—						4,455,255
Interest bearing transaction accounts and savings deposits			11,265,554						—						11,265,554						—						11,265,554
Time deposits			5,963,811						—						—						5,949,775						5,949,775
Federal funds purchased and securities sold under agreements to repurchase			50,133						—						50,133						—						50,133
Other borrowings			884,863						—						883,754						—						883,754
Subordinated notes and debentures			366,331						—						365,081						—						365,081
Interest payable			52,636						—						52,636						—						52,636
December 31, 2024
Financial assets:
Cash and cash equivalents			$	687,377					$	687,377					$	—					$	—					$	687,377
Interest bearing balances due from banks - time			100						—						100						—						100
Held-to-maturity securities, net			3,636,636						—						2,949,951						—						2,949,951
Interest receivable			123,243						—						123,243						—						123,243
Loans, net			16,770,918						—						—						16,153,128						16,153,128
Financial liabilities:
Noninterest bearing transaction accounts			4,460,517						—						4,460,517						—						4,460,517
Interest bearing transaction accounts and savings deposits			10,982,022						—						10,982,022						—						10,982,022
Time deposits			6,443,211						—						—						6,429,309						6,429,309
Federal funds purchased and securities sold under agreements to repurchase			37,109						—						37,109						—						37,109
Other borrowings			745,372						—						743,940						—						743,940
Subordinated notes and debentures			366,293						—						361,332						—						361,332
Interest payable			67,111						—						67,111						—						67,111

X

- 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

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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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X

- 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

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