Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

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, 2025 and 2024. 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, 2025
Assets:
Residential mortgage loans held for sale	$	4,028	$	—	$	4,028	$	—
Available for sale debt securities:
U.S. government and federal agency obligations	3,279,100		3,279,100		—		—
Government-sponsored enterprise obligations	44,712		—		44,712		—
State and municipal obligations	664,733		—		663,781		952
Agency mortgage-backed securities	3,223,105		—		3,223,105		—
Non-agency mortgage-backed securities	435,688		—		435,688		—
Asset-backed securities	1,262,045		—		1,262,045		—
Other debt securities	186,130		—		186,130		—
Trading debt securities	40,080		13,215		26,865		—
Equity securities	47,551		47,551		—		—
Private equity investments	184,343		—		—		184,343
Derivatives *	51,421		—		51,232		189
Assets held in trust for deferred compensation plan	23,276		23,276		—		—
Total assets	9,446,212		3,363,142		5,897,586		185,484
Liabilities:
Derivatives *	18,795		—		18,718		77
Liabilities held in trust for deferred compensation plan	23,276		23,276		—		—
Total liabilities	$	42,071	$	23,276	$	18,718	$	77
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

*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, 2025:
Balance at January 1, 2025	$	964	$	184,386	$	185,350
Total gains (losses) realized/unrealized:
Included in earnings	—		11,736		11,736
Included in other comprehensive income *	(14)		—		(14)

Discount accretion	2		—		2
Purchases of private equity securities	—		7,363		7,363
Sale / pay down of private equity securities	—		(19,212)		(19,212)
Capitalized interest/dividends	—		70		70


Balance at December 31, 2025	$	952	$	184,343	$	185,295
Total gains (losses) for the year included in earnings attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2025	$	—	$	12,737	$	12,737
Total gains (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, 2025	$	(14)	$	—	$	(14)
Year ended December 31, 2024:
Balance at January 1, 2024	$	947	$	176,667	$	177,614
Total gains (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 (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 (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

* 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, 2025:
Total gains or losses included in earnings	$	11,736
Change in unrealized gains or losses relating to assets still held at December 31, 2025	$	12,737
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

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, 2025 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

4.0

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 2025 and 2024, and still held as of December 31, 2025 and 2024, 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, 2025 and 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)		Total Gains (Losses)
Balance at December 31, 2025
Collateral dependent loans	$	172	$	—	$	—	$	172	$	(460)


Foreclosed assets	174		—		—		174		(40)
Long-lived assets	301		—		—		301		(99)
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)