Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis

Financial assets and financial liabilities measured at fair value on a recurring basis are as follows:


			Fair Value Measurements at Reporting Date Using
As of September 30, 2024	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Investment debt securities available-for-sale:
U.S. Treasury notes	$	231.0	$	—	$	231.0	$	—
State, county, and municipal securities	220.9			—	220.9			—
Obligations of U.S. government agencies	165.4			—	165.4			—
U.S. agency commercial mortgage-backed securities	1,105.3			—	1,105.3			—
U.S. agency residential mortgage-backed securities	1,262.4			—	1,262.4			—
Collateralized mortgage obligations	1,116.6			—	1,116.6			—
Private mortgage-backed securities	199.6			—	199.6			—
Collateralized loan obligations	988.0			—	988.0			—
Corporate securities	245.1			—	245.1			—

Loans held for sale	2.1			—	2.1			—
Derivative assets:

Interest rate swap contracts	28.6			—	28.6			—


Derivative liabilities:
Interest rate collars	1.2			—	1.2			—
Interest rate swap contracts	93.0			—	93.0			—



Deferred compensation plan assets	21.8			21.8	—			—
Deferred compensation plan liabilities	21.8			21.8	—			—


			Fair Value Measurements at Reporting Date Using
As of December 31, 2023	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Investment debt securities available-for-sale:
U.S. Treasury notes	$	224.7	$	—	$	224.7	$	—
State, county and municipal securities	219.8			—	219.8			—
Obligations of U.S. government agencies	168.5			—	168.5			—
U.S. agency commercial mortgage-backed securities	1,105.6			—	1,105.6			—
U.S. agency residential mortgage-backed securities	1,366.9			—	1,366.9			—
Collateralized mortgage obligations	1,189.5			—	1,189.5			—
Private mortgage-backed securities	210.4			—	210.4			—
Collateralized loan obligations	1,119.7			—	1,119.7			—
Corporate securities	236.4			—	236.4			—

Loans held for sale	0.5			—	0.5			—
Derivative assets:
Interest rate swap contracts	37.3			—	37.3			—

Forward loan sales contracts	0.1			—	0.1			—
Derivative liabilities
Interest rate collars	3.6			—	3.6			—
Interest rate swap contracts	123.5			—	123.5			—
Risk participation agreements	0.1			—	0.1			—
Forward loan sales contracts	0.1			—	0.1			—
Deferred compensation plan assets	19.2			19.2	—			—
Deferred compensation plan liabilities	19.2			19.2	—			—

Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Non-Recurring Basis

The following table presents information about the Company’s assets and liabilities measured at fair value on a non-recurring basis:


				Fair Value Measurements at Reporting Date Using
As of September 30, 2024	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Collateral-dependent loans	$	109.6	$	—	$	—	$	109.6
Loans held for sale	18.8			—		—	18.8
Other real estate owned	4.4			—		—	4.4
Long-lived assets to be disposed of by sale	1.0			—		—	1.0

				Fair Value Measurements at Reporting Date Using
As of December 31, 2023	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Collateral-dependent loans	$	52.6	$	—	$	—	$	52.6
Loans held for sale	46.9			—		—	46.9
Other real estate owned	16.5			—		—	16.5
Long-lived assets to be disposed of by sale	1.0			—		—	1.0

Fair Value Inputs, Assets, Quantitative Information

The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized Level 3 inputs to determine fair values:


	Fair Value As of
	September 30, 2024		December 31, 2023		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Collateral-dependent loans	$	109.6	$	52.6	Appraisal	Appraisal adjustment	0%	-	71%	(41%)
Loans held for sale	18.8		46.9		Fair value of collateral	Discount for type of property, age of appraisal, and current status	0	-	28	(24)
Other real estate owned	4.4		16.5		Appraisal	Appraisal adjustment	17	-	40	(23)
Long-lived assets to be disposed of by sale	1.0		1.0		Appraisal	Appraisal adjustment	0	-	0	0

Fair Value, by Balance Sheet Grouping

The estimated fair values of financial instruments that are reported in the Company’s consolidated balance sheets, and are segregated by the level of the valuation inputs within the fair value hierarchy that are utilized to measure fair value, are as follows:


					Fair Value Measurements at Reporting Date Using
As of September 30, 2024	Carrying Amount		Estimated Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents	$	698.6	$	698.6	$	698.6	$	—	$	—

Investment debt securities held-to-maturity	2,741.3		2,480.5		—		2,480.5		—
Accrued interest receivable	127.3		127.3		—		127.3		—
Mortgage servicing rights, net	26.3		37.2		—		37.2		—
Loans held for sale	20.9		20.9		—		2.1		18.8
Net loans held for investment	17,801.7		17,257.5		—		17,147.9		109.6
Total financial assets	$	21,416.1	$	20,622.0	$	698.6	$	19,795.0	$	128.4

Financial liabilities:
Total deposits, excluding time deposits	$	19,985.9	$	19,985.9	$	19,985.9	$	—	$	—
Time deposits	2,878.2		2,864.3		—		2,864.3		—
Securities sold under repurchase agreements	557.2		557.2		—		557.2		—
Other borrowed funds	2,080.0		2,080.0		—		2,080.0		—
Accrued interest payable	87.7		87.7		—		87.7		—
Long-term debt	137.3		132.1		—		132.1		—
Subordinated debentures held by subsidiary trusts	163.1		151.0		—		151.0		—
Total financial liabilities	$	25,889.4	$	25,858.2	$	19,985.9	$	5,872.3	$	—


					Fair Value Measurements at Reporting Date Using
As of December 31, 2023	Carrying Amount		Estimated Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents	$	578.0	$	578.0	$	578.0	$	—	$	—
Investment debt securities held-to-maturity	3,207.9		2,874.0		—		2,874.0		—
Accrued interest receivable	129.1		129.1		—		129.1		—
Mortgage servicing rights, net	28.3		38.8		—		38.8		—
Loans held for sale	47.4		47.4		—		0.5		46.9
Net loans held for investment	18,051.9		17,334.4		—		17,281.8		52.6
Total financial assets	$	22,042.6	$	21,001.7	$	578.0	$	20,324.2	$	99.5

Financial liabilities:
Total deposits, excluding time deposits	$	20,313.2	$	20,313.2	$	20,313.2	$	—	$	—
Time deposits	3,009.9		2,981.7		—		2,981.7		—
Securities sold under repurchase agreements	782.7		782.7		—		782.7		—
Other borrowed funds	2,603.0		2,603.0		—		2,603.0		—
Accrued interest payable	52.2		52.2		—		52.2		—
Long-term debt	120.8		115.6		—		115.6		—
Subordinated debentures held by subsidiary trusts	163.1		151.1		—		151.1		—
Total financial liabilities	$	27,044.9	$	26,999.5	$	20,313.2	$	6,686.3	$	—