XML 35 R25.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Fair Value Of Financial Instruments
 6 Months Ended
Jun. 30, 2024
Fair Value Of Financial Instruments [Abstract]  
Fair Value Of Financial Instruments Fair Value of Financial Instruments
The carrying amounts and estimated fair values of financial instruments held by the Company are set forth below. Fair value estimates are made at a specific point in time based on relevant market information. They do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for many of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, risk characteristics and economic conditions. These estimates are subjective, involve uncertainties, and cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

The estimated fair values of the Company’s financial instruments and the classification of their fair value measurement within the valuation hierarchy are as follows at June 30, 2024 and December 31, 2023:

Carrying Amount
Estimated Fair Value at June 30, 2024

(In thousands)

Level 1Level 2Level 3Total
Financial Assets
Loans:
Business$6,090,724 $— $— $5,949,560 $5,949,560 
Real estate - construction and land
1,396,515 — — 1,369,734 1,369,734 
Real estate - business
3,572,539 — — 3,449,075 3,449,075 
Real estate - personal
3,055,182 — — 2,588,478 2,588,478 
Consumer
2,145,609 — — 2,096,790 2,096,790 
Revolving home equity331,381 — — 328,442 328,442 
Consumer credit card566,925 — — 523,830 523,830 
Overdrafts
4,190 — — 4,077 4,077 
Total loans17,163,065 — — 16,309,986 16,309,986 
Loans held for sale2,930 — 2,930 — 2,930 
Investment securities8,851,372 1,685,631 6,940,990 224,751 8,851,372 
Securities purchased under agreements to resell475,000 — — 471,259 471,259 
Interest earning deposits with banks2,215,057 2,215,057 — — 2,215,057 
Cash and due from banks329,692 329,692 — — 329,692 
Derivative instruments86,709 — 86,511 198 86,709 
Assets held in trust for deferred compensation plan21,550 21,550 — — 21,550 
       Total$29,145,375 $4,251,930 $7,030,431 $17,006,194 $28,288,555 
Financial Liabilities
Non-interest bearing deposits$7,492,751 $7,492,751 $— $— $7,492,751 
Savings, interest checking and money market deposits14,367,710 14,367,710 — — 14,367,710 
Certificates of deposit2,418,799 — — 2,454,596 2,454,596 
Federal funds purchased254,720 254,720 — — 254,720 
Securities sold under agreements to repurchase2,296,679 — — 2,299,857 2,299,857 
Other borrowings3,956 — 3,956 — 3,956 
Derivative instruments36,915 — 36,832 83 36,915 
Liabilities held in trust for deferred compensation plan21,550 21,550 — — 21,550 
       Total$26,893,080 $22,136,731 $40,788 $4,754,536 $26,932,055 
Carrying Amount
Estimated Fair Value at December 31, 2023

(In thousands)
Level 1Level 2Level 3Total
Financial Assets
Loans:
Business$6,019,036 $— $— $5,873,549 $5,873,549 
Real estate - construction and land
1,446,764 — — 1,420,522 1,420,522 
Real estate - business
3,719,306 — — 3,594,834 3,594,834 
Real estate - personal
3,026,041 — — 2,568,026 2,568,026 
Consumer
2,077,723 — — 2,016,334 2,016,334 
Revolving home equity319,894 — — 317,013 317,013 
Consumer credit card589,913 — — 550,464 550,464 
Overdrafts
6,802 — — 6,649 6,649 
Total loans17,205,479 — — 16,347,391 16,347,391 
Loans held for sale4,177 — 4,177 — 4,177 
Investment securities9,941,786 822,237 8,896,129 223,420 9,941,786 
Federal funds sold5,025 5,025 — — 5,025 
Securities purchased under agreements to resell450,000 — — 444,448 444,448 
Interest earning deposits with banks2,239,010 2,239,010 — — 2,239,010 
Cash and due from banks443,147 443,147 — — 443,147 
Derivative instruments116,876 — 116,710 166 116,876 
Assets held in trust for deferred compensation plan20,538 20,538 — — 20,538 
       Total$30,426,038 $3,529,957 $9,017,016 $17,015,425 $29,562,398 
Financial Liabilities
Non-interest bearing deposits$7,975,935 $7,975,935 $— $— $7,975,935 
Savings, interest checking and money market deposits14,512,273 14,512,273 — — 14,512,273 
Certificates of deposit2,875,690 — — 2,916,627 2,916,627 
Federal funds purchased261,305 261,305 — — 261,305 
Securities sold under agreements to repurchase2,647,510 — — 2,650,951 2,650,951 
Other borrowings1,366 — 1,366 — 1,366 
Derivative instruments37,899 — 37,704 195 37,899 
Liabilities held in trust for deferred compensation plan20,538 20,538 — — 20,538 
       Total$28,332,516 $22,770,051 $39,070 $5,567,773 $28,376,894