XML 38 R31.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 (in thousands):

 

 

Fair Value Measurement at June 30, 2024

 

Description

 

June 30, 2024

 

 

Quoted Prices in Active Markets for Identical Assets (Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs (Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

$

2,570

 

 

$

2,570

 

 

$

—

 

 

$

—

 

U.S. Agencies

 

 

652

 

 

 

—

 

 

 

652

 

 

 

—

 

Mortgage-backed

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

State and political subdivisions

 

 

19,177

 

 

 

—

 

 

 

19,177

 

 

 

—

 

Corporates

 

 

6,470

 

 

 

6,470

 

 

 

—

 

 

 

—

 

Trading – other

 

 

112

 

 

 

112

 

 

 

—

 

 

 

—

 

Trading securities

 

 

28,981

 

 

 

9,152

 

 

 

19,829

 

 

 

—

 

U.S. Treasury

 

 

803,070

 

 

 

803,070

 

 

 

—

 

 

 

—

 

U.S. Agencies

 

 

659,086

 

 

 

—

 

 

 

659,086

 

 

 

—

 

Mortgage-backed

 

 

3,771,195

 

 

 

—

 

 

 

3,771,195

 

 

 

—

 

State and political subdivisions

 

 

1,214,727

 

 

 

—

 

 

 

1,214,727

 

 

 

—

 

Corporates

 

 

320,355

 

 

 

320,355

 

 

 

—

 

 

 

—

 

Collateralized loan obligations

 

 

338,940

 

 

 

—

 

 

 

338,940

 

 

 

—

 

Available-for-sale securities

 

 

7,107,373

 

 

 

1,123,425

 

 

 

5,983,948

 

 

 

—

 

Equity securities with readily determinable fair values

 

 

11,355

 

 

 

11,355

 

 

 

—

 

 

 

—

 

Company-owned life insurance

 

 

74,270

 

 

 

—

 

 

 

74,270

 

 

 

—

 

Bank-owned life insurance

 

 

531,912

 

 

 

—

 

 

 

531,912

 

 

 

—

 

Derivatives

 

 

211,971

 

 

 

—

 

 

 

211,971

 

 

 

—

 

Total

 

$

7,965,862

 

 

$

1,143,932

 

 

$

6,821,930

 

 

$

—

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

119,943

 

 

$

—

 

 

$

119,943

 

 

$

—

 

Securities sold not yet purchased

 

 

10,808

 

 

 

—

 

 

 

10,808

 

 

 

—

 

Total

 

$

130,751

 

 

$

—

 

 

$

130,751

 

 

$

—

 

 

 

 

Fair Value Measurement at December 31, 2023

 

Description

 

December 31, 2023

 

 

Quoted Prices in Active Markets for Identical Assets (Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs (Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

$

881

 

 

$

881

 

 

$

—

 

 

$

—

 

U.S. Agencies

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Mortgage-backed

 

 

1,738

 

 

 

—

 

 

 

1,738

 

 

 

—

 

State and political subdivisions

 

 

13,482

 

 

 

—

 

 

 

13,482

 

 

 

—

 

Corporates

 

 

1,974

 

 

 

1,974

 

 

 

—

 

 

 

—

 

Trading – other

 

 

18

 

 

 

18

 

 

 

—

 

 

 

—

 

Trading securities

 

 

18,093

 

 

 

2,873

 

 

 

15,220

 

 

 

—

 

U.S. Treasury

 

 

1,298,742

 

 

 

1,298,742

 

 

 

—

 

 

 

—

 

U.S. Agencies

 

 

159,721

 

 

 

—

 

 

 

159,721

 

 

 

—

 

Mortgage-backed

 

 

3,620,785

 

 

 

—

 

 

 

3,620,785

 

 

 

—

 

State and political subdivisions

 

 

1,286,975

 

 

 

—

 

 

 

1,286,975

 

 

 

—

 

Corporates

 

 

351,275

 

 

 

351,275

 

 

 

—

 

 

 

—

 

Collateralized loan obligations

 

 

351,115

 

 

 

—

 

 

 

351,115

 

 

 

—

 

Available for sale securities

 

 

7,068,613

 

 

 

1,650,017

 

 

 

5,418,596

 

 

 

—

 

Equity securities with readily determinable fair values

 

 

11,228

 

 

 

11,228

 

 

 

—

 

 

 

—

 

Company-owned life insurance

 

 

69,727

 

 

 

—

 

 

 

69,727

 

 

 

—

 

Bank-owned life insurance

 

 

523,960

 

 

 

—

 

 

 

523,960

 

 

 

—

 

Derivatives

 

 

161,496

 

 

 

—

 

 

 

161,496

 

 

 

—

 

Total

 

$

7,853,117

 

 

$

1,664,118

 

 

$

6,188,999

 

 

$

—

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives

 

$

105,083

 

 

$

—

 

 

$

105,083

 

 

$

—

 

Securities sold not yet purchased

 

 

8,018

 

 

 

—

 

 

 

8,018

 

 

 

—

 

Total

 

$

113,101

 

 

$

—

 

 

$

113,101

 

 

$

—

 

Assets Measured at Fair Value on Non-Recurring Basis

Assets measured at fair value on a non-recurring basis as of June 30, 2024 and December 31, 2023 (in thousands):

 

 

 

Fair Value Measurement at June 30, 2024 Using

 

Description

 

June 30, 2024

 

 

Quoted Prices in Active Markets for Identical Assets (Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs (Level 3)

 

 

Total Losses Recognized During the Six Months Ended June 30

 

Collateral dependent assets

 

$

422

 

 

$

—

 

 

$

—

 

 

$

422

 

 

$

(235

)

Other real estate owned

 

 

276

 

 

 

—

 

 

 

—

 

 

 

276

 

 

 

(42

)

Total

 

$

698

 

 

$

—

 

 

$

—

 

 

$

698

 

 

$

(277

)

 

 

Fair Value Measurement at December 31, 2023 Using

 

Description

 

December 31, 2023

 

 

Quoted Prices in Active Markets for Identical Assets (Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs (Level 3)

 

 

Total Gains Recognized During the Twelve Months Ended December 31

 

Collateral dependent assets

 

$

2,796

 

 

$

—

 

 

$

—

 

 

$

2,796

 

 

$

141

 

Other real estate owned

 

 

1,738

 

 

 

—

 

 

 

—

 

 

 

1,738

 

 

 

66

 

Total

 

$

4,534

 

 

$

—

 

 

$

—

 

 

$

4,534

 

 

$

207

 

Estimated Fair Value of Financial Instruments

The estimated fair value of the Company’s financial instruments at June 30, 2024 and December 31, 2023 are as follows (in thousands):

 

 

 

Fair Value Measurement at June 30, 2024 Using

 

 

 

Carrying Amount

 

 

Quoted Prices in Active Markets for Identical Assets (Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

Total
Estimated
Fair Value

 

FINANCIAL ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and short-term investments

 

$

5,352,599

 

 

$

5,105,137

 

 

$

247,462

 

 

$

—

 

 

$

5,352,599

 

Securities available for sale

 

 

7,107,373

 

 

 

1,123,425

 

 

 

5,983,948

 

 

 

—

 

 

 

7,107,373

 

Securities held to maturity (exclusive of allowance for credit losses)

 

 

5,549,590

 

 

 

—

 

 

 

4,913,408

 

 

 

—

 

 

 

4,913,408

 

Trading securities

 

 

28,981

 

 

 

9,152

 

 

 

19,829

 

 

 

—

 

 

 

28,981

 

Other securities

 

 

447,650

 

 

 

11,355

 

 

 

436,295

 

 

 

—

 

 

 

447,650

 

Loans (exclusive of allowance for credit losses)

 

 

24,201,673

 

 

 

—

 

 

 

24,082,288

 

 

 

—

 

 

 

24,082,288

 

Derivatives

 

 

211,971

 

 

 

—

 

 

 

211,971

 

 

 

—

 

 

 

211,971

 

FINANCIAL LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand and savings deposits

 

 

34,434,861

 

 

 

34,434,861

 

 

 

—

 

 

 

—

 

 

 

34,434,861

 

Time deposits

 

 

2,082,709

 

 

 

—

 

 

 

2,082,709

 

 

 

—

 

 

 

2,082,709

 

Other borrowings

 

 

3,517,033

 

 

 

25,740

 

 

 

3,491,293

 

 

 

—

 

 

 

3,517,033

 

Long-term debt

 

 

384,245

 

 

 

—

 

 

 

414,417

 

 

 

—

 

 

 

414,417

 

Derivatives

 

 

119,943

 

 

 

—

 

 

 

119,943

 

 

 

—

 

 

 

119,943

 

OFF-BALANCE SHEET ARRANGEMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commitments to extend credit for loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,666

 

Commitments to extend resell agreements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

250

 

Commercial letters of credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

69

 

Standby letters of credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,097

 

 

 

 

Fair Value Measurement at December 31, 2023 Using

 

 

 

Carrying Amount

 

 

Quoted Prices in Active Markets for Identical Assets (Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

Total
Estimated
Fair Value

 

FINANCIAL ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and short-term investments

 

$

5,852,347

 

 

$

5,612,003

 

 

$

240,344

 

 

$

—

 

 

$

5,852,347

 

Securities available for sale

 

 

7,068,613

 

 

 

1,650,017

 

 

 

5,418,596

 

 

 

—

 

 

 

7,068,613

 

Securities held to maturity (exclusive of allowance for credit losses)

 

 

5,691,868

 

 

 

—

 

 

 

5,183,367

 

 

 

—

 

 

 

5,183,367

 

Trading securities

 

 

18,093

 

 

 

2,873

 

 

 

15,220

 

 

 

—

 

 

 

18,093

 

Other securities

 

 

492,935

 

 

 

11,228

 

 

 

481,707

 

 

 

—

 

 

 

492,935

 

Loans (exclusive of allowance for credit losses)

 

 

23,176,904

 

 

 

—

 

 

 

22,969,788

 

 

 

—

 

 

 

22,969,788

 

Derivatives

 

 

161,496

 

 

 

—

 

 

 

161,496

 

 

 

—

 

 

 

161,496

 

FINANCIAL LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand and savings deposits

 

 

32,719,268

 

 

 

32,719,268

 

 

 

—

 

 

 

—

 

 

 

32,719,268

 

Time deposits

 

 

3,073,591

 

 

 

—

 

 

 

3,073,591

 

 

 

—

 

 

 

3,073,591

 

Other borrowings

 

 

3,919,644

 

 

 

13,813

 

 

 

3,905,831

 

 

 

—

 

 

 

3,919,644

 

Long-term debt

 

 

383,247

 

 

 

—

 

 

 

413,896

 

 

 

—

 

 

 

413,896

 

Derivatives

 

 

105,083

 

 

 

—

 

 

 

105,083

 

 

 

—

 

 

 

105,083

 

OFF-BALANCE SHEET ARRANGEMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commitments to extend credit for loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,523

 

Commitments to extend resell agreements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

208

 

Commercial letters of credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

138

 

Standby letters of credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,047