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Fair Value of Assets and Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024.
(dollars in thousands) | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total
September 30, 2025 |  |  |  |
Assets: |  |  |  |
Investment Securities Available-for-Sale |  |  |  |
Debt Securities Issued by the U.S. Treasury and Government Agencies | $ | 138,100 |  | $ | 103,741 |  | $ | — |  | $ | 241,841 |
Debt Securities Issued by States and Political Subdivisions | — |  | 66,041 |  | — |  | 66,041 |
Debt Securities Issued by U.S. Government-Sponsored Enterprises | — |  | 991 |  | — |  | 991 |
Debt Securities Issued by Corporations | — |  | 732,927 |  | — |  | 732,927 |
Collateralized Mortgage Obligations Issued by: |  |  |  |
Residential - Government Agencies or Sponsored Enterprises | — |  | 1,210,591 |  | — |  | 1,210,591 |
Commercial - Government Agencies or Sponsored Enterprises | — |  | 330,185 |  | — |  | 330,185 |
Commercial - Non Agency | — |  | 60,599 |  | — |  | 60,599 |
Total Collateralized Mortgage Obligations | — |  | 1,601,375 |  | — |  | 1,601,375 |
Mortgage-Backed Securities: |  |  |  |
Residential - Government Agencies or Sponsored Enterprises | — |  | 637,235 |  | — |  | 637,235 |
Total Investment Securities Available-for-Sale | 138,100 |  | 3,142,310 |  | — |  | 3,280,410 |
Loans Held for Sale | — |  | 1,236 |  | — |  | 1,236 |
Mortgage Servicing Rights | — |  | — |  | 611 |  | 611 |
Deferred Compensation Plan Assets | 15,277 |  | — |  | — |  | 15,277 |
Derivatives 1 | — |  | 104,062 |  | 49 |  | 104,111 |
Total Assets Measured at Fair Value on a Recurring Basis as of September 30, 2025 | $ | 153,377 |  | $ | 3,247,608 |  | $ | 660 |  | $ | 3,401,645 |
Liabilities: |  |  |  |
Derivatives 1 | $ | — |  | $ | 111,357 |  | $ | — |  | $ | 111,357 |
Total Liabilities Measured at Fair Value on a Recurring Basis as of September 30, 2025 | $ | — |  | $ | 111,357 |  | $ | — |  | $ | 111,357 |
December 31, 2024 |  |  |  |
Assets: |  |  |  |
Investment Securities Available-for-Sale |  |  |  |
Debt Securities Issued by the U.S. Treasury and Government Agencies | $ | 150,389 |  | $ | 98,683 |  | $ | — |  | $ | 249,072 |
Debt Securities Issued by States and Political Subdivisions | — |  | 63,859 |  | — |  | 63,859 |
Debt Securities Issued by U.S. Government-Sponsored Enterprises | — |  | 1,464 |  | — |  | 1,464 |
Debt Securities Issued by Corporations | — |  | 671,675 |  | — |  | 671,675 |
Collateralized Mortgage Obligations Issued by: |  |  |  |
Residential - Government Agencies or Sponsored Enterprises | — |  | 935,220 |  | — |  | 935,220 |
Commercial - Government Agencies or Sponsored Enterprises | — |  | 283,474 |  | — |  | 283,474 |
Total Collateralized Mortgage Obligations | — |  | 1,218,694 |  | — |  | 1,218,694 |
Mortgage-Backed Securities Issued by: |  |  |  |
Residential - Government Agencies or Sponsored Enterprises | — |  | 484,764 |  | — |  | 484,764 |
Total Investment Securities Available-for-Sale | 150,389 |  | 2,539,139 |  | — |  | 2,689,528 |
Loans Held for Sale | — |  | 2,150 |  | — |  | 2,150 |
Mortgage Servicing Rights | — |  | — |  | 647 |  | 647 |
Deferred Compensation Plan Assets | 18,155 |  | — |  | — |  | 18,155 |
Derivatives 1 | — |  | 161,439 |  | 34 |  | 161,473 |
Total Assets Measured at Fair Value on a Recurring Basis as of December 31, 2024 | $ | 168,544 |  | $ | 2,702,728 |  | $ | 681 |  | $ | 2,871,953 |
Liabilities: |  |  |  |
Derivatives 1 | $ | — |  | $ | 154,058 |  | $ | — |  | $ | 154,058 |
Total Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2024 | $ | — |  | $ | 154,058 |  | $ | — |  | $ | 154,058 |
1 The fair value of each class of derivatives is shown in Note 10. Derivative Financial Instruments.
Schedule of Assets Measured at Fair Value on Nonrecurring Basis | The Company may be required periodically to measure certain assets and liabilities at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower-of-cost-or-fair value accounting or impairment write-downs of individual assets. As of September 30, 2025 and December 31, 2024, there were no assets or liabilities with nonrecurring fair value adjustments. Additionally, there were no nonrecurring fair value adjustments during the three and nine months ended September 30, 2025 and 2024.
Schedule of Difference between Aggregate Fair Value and Aggregate Unpaid Principal Balance | The following table reflects the difference between the aggregate fair value and the aggregate unpaid principal balance of the Company’s residential mortgage loans held for sale as of September 30, 2025 and December 31, 2024.
(dollars in thousands) |  | Aggregate Fair Value |  | Aggregate Unpaid Principal |  | Aggregate Fair Value Less Aggregate Unpaid Principal
September 30, 2025 |  |  |  |  |  |
Loans Held for Sale |  | $ | 1,236 |  |  | $ | 1,219 |  |  | $ | 17 |
December 31, 2024 |  |  |  |  |  |
Loans Held for Sale |  | $ | 2,150 |  |  | $ | 2,109 |  |  | $ | 41 |
Schedule of Carrying Amount, Fair Value, and Fair Value Hierarchy of Financial Instruments | The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments not recorded at fair value on a recurring basis as of September 30, 2025 and December 31, 2024. This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. For non-marketable equity securities such as Federal Home Loan Bank of Des Moines and Federal Reserve Bank stock, the carrying amount is a reasonable estimate of fair value as these securities can only be redeemed or sold at their par value and only to the respective issuing government supported institution or to another member institution. For financial liabilities such as noninterest-bearing demand, interest-bearing demand, and savings deposits, the carrying amount is the estimate of fair value due to these products having no stated maturity.
|  |  |  |  |  | Fair Value Measurements
(dollars in thousands) |  | Carrying Amount |  | Fair Value |  | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
September 30, 2025 |  |  |  |  |  |  |  |  |  |
Financial Instruments - Assets |  |  |  |  |  |  |  |  |  |
Investment Securities Held-to-Maturity |  | $ | 4,340,032 |  |  | $ | 3,717,573 |  |  | $ | 119,767 |  |  | $ | 3,597,806 |  |  | $ | — |
Loans |  | 13,719,997 |  |  | 13,313,618 |  |  | — |  |  | — |  |  | 13,313,618 |
Financial Instruments - Liabilities |  |  |  |  |  |  |  |  |  |
Time Deposits |  | 3,051,354 |  |  | 3,043,493 |  |  | — |  |  | 3,043,493 |  |  | — |
Securities Sold Under Agreements to Repurchase |  | 50,000 |  |  | 51,516 |  |  | — |  |  | 51,516 |  |  | — |
Other Debt 1 |  | 550,000 |  |  | 545,664 |  |  | — |  |  | 545,664 |  |  | — |
December 31, 2024 |  |  |  |  |  |  |  |  |  |
Financial Instruments – Assets |  |  |  |  |  |  |  |  |  |
Investment Securities Held-to-Maturity |  | $ | 4,618,543 |  |  | $ | 3,820,882 |  |  | $ | 116,941 |  |  | $ | 3,703,941 |  |  | $ | — |
Loans |  | 13,777,756 |  |  | 12,908,626 |  |  | — |  |  | — |  |  | 12,908,626 |
Financial Instruments – Liabilities |  |  |  |  |  |  |  |  |  |
Time Deposits |  | 3,059,575 |  |  | 3,050,583 |  |  | — |  |  | 3,050,583 |  |  | — |
Securities Sold Under Agreements to Repurchase |  | 100,000 |  |  | 101,478 |  |  | — |  |  | 101,478 |  |  | — |
Other Debt 1 |  | 550,000 |  |  | 538,808 |  |  | — |  |  | 538,808 |  |  | — |
1 Excludes finance lease obligations.

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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 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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