Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis

The Table below presents the balances of assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024.

	Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Other Observable Inputs		Significant Unobservable Inputs
(dollars in thousands)	(Level 1)		(Level 2)		(Level 3)		Total
March 31, 2025
Assets:
Investment Securities Available-for-Sale
Debt Securities Issued by the U.S. Treasury and Government Agencies	$	132,509	$	94,887	$	—	$	227,396
Debt Securities Issued by States and Political Subdivisions		—		64,996		—		64,996
Debt Securities Issued by U.S. Government-Sponsored Enterprises		—		1,336		—		1,336
Debt Securities Issued by Corporations		—		700,472		—		700,472
Collateralized Mortgage Obligations Issued by:
Residential - Government Agencies or Sponsored Enterprises		—		1,008,504		—		1,008,504
Commercial - Government Agencies or Sponsored Agencies		—		309,050		—		309,050
Total Collateralized Mortgage Obligations		—		1,317,554		—		1,317,554
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises		—		575,265		—		575,265
Total Investment Securities Available-for-Sale		132,509		2,754,510		—		2,887,019
Loans Held for Sale		—		2,640		—		2,640
Mortgage Servicing Rights		—		—		628		628
Other Assets		15,287		—		—		15,287
Derivatives 1		—		125,625		58		125,683
Total Assets Measured at Fair Value on a Recurring Basis as of March 31, 2025	$	147,796	$	2,882,775	$	686	$	3,031,257
Liabilities:
Derivatives 1	$	—	$	132,325	$	—	$	132,325
Total Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2025	$	—	$	132,325	$	—	$	132,325
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 Agencies		—		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
Other 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 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 March 31, 2025 and December 31, 2024.

(dollars in thousands)	Aggregate Fair Value		Aggregate Unpaid Principal		Aggregate Fair Value Less Aggregate Unpaid Principal
March 31, 2025
Loans Held for Sale	$	2,640	$	2,586	$	54
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 March 31, 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)
March 31, 2025
Financial Instruments - Assets
Investment Securities Held-to-Maturity	$	4,535,108	$	3,823,655	$	119,571	$	3,704,084	$	—
Loans		13,815,211		13,111,245		—		—		13,111,245
Financial Instruments - Liabilities
Time Deposits		3,038,894		3,029,831		—		3,029,831		—
Securities Sold Under Agreements to Repurchase		50,000		51,407		—		51,407		—
Other Debt 1		550,000		543,692		—		543,692		—
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