Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis

The table below presents the carrying values of assets and liabilities measured at fair value on a recurring basis at December 31, 2024 and 2023. There were no transfers among levels during these years.


			Fair Value Measurements Using
(In thousands)	Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2024
Assets:
Residential mortgage loans held for sale	$	2,981	$	—	$	2,981	$	—
Available for sale debt securities:
U.S. government and federal agency obligations	2,555,252		2,555,252		—		—
Government-sponsored enterprise obligations	42,849		—		42,849		—
State and municipal obligations	742,891		—		741,927		964
Agency mortgage-backed securities	3,444,891		—		3,444,891		—
Non-agency mortgage-backed securities	568,689		—		568,689		—
Asset-backed securities	1,557,015		—		1,557,015		—
Other debt securities	225,266		—		225,266		—
Trading debt securities	38,034		10,219		27,815		—
Equity securities	48,359		48,359		—		—
Private equity investments	184,386		—		—		184,386
Derivatives *	62,648		—		62,555		93
Assets held in trust for deferred compensation plan	21,849		21,849		—		—
Total assets	9,495,110		2,635,679		6,673,988		185,443
Liabilities:
Derivatives *	26,963		—		26,905		58
Liabilities held in trust for deferred compensation plan	21,849		21,849		—		—
Total liabilities	$	48,812	$	21,849	$	26,905	$	58
December 31, 2023
Assets:
Residential mortgage loans held for sale	$	1,585	$	—	$	1,585	$	—
Available for sale debt securities:
U.S. government and federal agency obligations	816,514		816,514		—		—
Government-sponsored enterprise obligations	43,962		—		43,962		—
State and municipal obligations	1,197,419		—		1,196,472		947
Agency mortgage-backed securities	3,901,346		—		3,901,346		—
Non-agency mortgage-backed securities	1,157,898		—		1,157,898		—
Asset-backed securities	2,107,485		—		2,107,485		—
Other debt securities	460,136		—		460,136		—
Trading debt securities	28,830		—		28,830		—
Equity securities	5,723		5,723		—		—
Private equity investments	176,667		—		—		176,667
Derivatives *	116,876		—		116,710		166
Assets held in trust for deferred compensation plan	20,538		20,538		—		—
Total assets	10,034,979		842,775		9,014,424		177,780
Liabilities:
Derivatives *	37,899		—		37,704		195
Liabilities held in trust for deferred compensation plan	20,538		20,538		—		—
Total liabilities	$	58,437	$	20,538	$	37,704	$	195

*The fair value of each class of derivative is shown in Note 19.

Summary Of Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis

The changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(In thousands)	State and Municipal Obligations		Private Equity Investments		Total
Year ended December 31, 2024:
Balance at January 1, 2024	$	947	$	176,667	$	177,614
Total gains or losses (realized/unrealized):
Included in earnings	—		24,134		24,134
Included in other comprehensive income *	15		—		15

Discount accretion	2		—		2
Purchases of private equity securities	—		20,800		20,800
Sale / pay down of private equity securities	—		(37,103)		(37,103)
Capitalized interest/dividends	—		(112)		(112)


Balance at December 31, 2024	$	964	$	184,386	$	185,350
Total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2024	$	—	$	14,409	$	14,409
Total gains or losses for the year included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2024	$	15	$	—	$	15
Year ended December 31, 2023:
Balance at January 1, 2023	$	1,841	$	178,127	$	179,968
Total gains or losses (realized/unrealized):
Included in earnings	—		24,299		24,299
Included in other comprehensive income *	57		—		57
Investment securities called	(1,000)		—		(1,000)
Discount accretion	49		—		49
Purchases of private equity securities	—		15,220		15,220
Sale / pay down of private equity securities	—		(41,341)		(41,341)
Capitalized interest/dividends	—		362		362


Balance at December 31, 2023	$	947	$	176,667	$	177,614
Total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2023	$	—	$	24,799	$	24,799
Total gains or losses for the year included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2023	$	35	$	—	$	35

* Included in "net unrealized gains (losses) on securities" in the consolidated statements of comprehensive income.

Summary Of Gains And Losses On Level 3 Assets And Liabilities

Gains and losses on the Level 3 assets and liabilities in the table above are reported in the following income categories:


(In thousands)	Investment Securities Gains (Losses), Net
Year ended December 31, 2024:
Total gains or losses included in earnings	$	24,134
Change in unrealized gains or losses relating to assets still held at December 31, 2024	$	14,409
Year ended December 31, 2023:
Total gains or losses included in earnings	$	24,299
Change in unrealized gains or losses relating to assets still held at December 31, 2023	$	24,799

Summary Of Quantitative Information About Level 3 Fair Value Measurements

Level 3 Inputs

The Company's significant Level 3 measurements, which employ unobservable inputs that are readily quantifiable, pertain to investments in portfolio concerns held by the Company's private equity subsidiaries. Information about these inputs as of December 31, 2024 is presented in the table below.

Quantitative Information about Level 3 Fair Value Measurements

Weighted

Valuation Technique

Unobservable Input

Range

Average*

Private equity investments

Market comparable companies

EBITDA multiple

3.8

6.0

5.1

* Unobservable inputs were weighted by the relative fair value of the instruments.

Schedule Of Fair Value Disclosures Measured On Nonrecurring Basis [Table Text Block]

Instruments Measured at Fair Value on a Nonrecurring Basis

For assets measured at fair value on a nonrecurring basis during 2024 and 2023, and still held as of December 31, 2024 and 2023, the following table provides the adjustments to fair value recognized during the respective periods, the level of valuation assumptions used to determine each adjustment, and the carrying value of the related individual assets or portfolios at December 31, 2024 and 2023.


			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)		Total Gains (Losses)
Balance at December 31, 2024
Collateral dependent loans	$	14,683	$	—	$	—	$	14,683	$	(2,382)


Foreclosed assets	20		—		—		20		(50)
Long-lived assets	393		—		—		393		(626)
Balance at December 31, 2023
Collateral dependent loans	$	1,517	$	—	$	—	$	1,517	$	(1,662)



Long-lived assets	2,662		—		—		2,662		(193)