Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025	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	$	231.2	$	—	$	231.2	$	—
State, county, and municipal securities	213.7			—	213.7			—
Obligations of U.S. government agencies	207.5			—	207.5			—
U.S. agency commercial mortgage-backed securities	986.7			—	986.7			—
U.S. agency residential mortgage-backed securities	1,149.3			—	1,149.3			—
U.S. agency collateralized mortgage obligations	1,028.6			—	1,028.6			—
Private mortgage-backed securities	187.6			—	187.6			—
Collateralized loan obligations	633.9			—	633.9			—
Corporate securities	225.8			—	225.8			—

Loans held for sale	0.4			—	0.4			—
Derivative assets:

Interest rate swap contracts	35.2			—	35.2			—


Derivative liabilities:
Interest rate collars	0.6			—	0.6			—
Interest rate swap contracts	106.7			—	106.7			—



Deferred compensation plan assets	21.4			21.4	—			—


			Fair Value Measurements at Reporting Date Using
As of December 31, 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	$	226.9	$	—	$	226.9	$	—
State, county and municipal securities	212.0			—	212.0			—
Obligations of U.S. government agencies	213.3			—	213.3			—
U.S. agency commercial mortgage-backed securities	982.8			—	982.8			—
U.S. agency residential mortgage-backed securities	1,175.8			—	1,175.8			—
U.S. agency collateralized mortgage obligations	1,050.9			—	1,050.9			—
Private mortgage-backed securities	190.5			—	190.5			—
Collateralized loan obligations	772.0			—	772.0			—
Corporate securities	232.9			—	232.9			—

Loans held for sale	0.9			—	0.9			—
Derivative assets:
Interest rate swap contracts	44.9			—	44.9			—


Derivative liabilities
Interest rate collars	1.0			—	1.0			—
Interest rate swap contracts	132.8			—	132.8			—


Deferred compensation plan assets	22.7			22.7	—			—

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 with an adjustment during the period presented. The fair values may not be current as of the reporting date but represent fair values as of the most recent fair value change that occurred with the reporting period. Accordingly, carrying values may not equal the current fair value:


As of March 31, 2025	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	$	26.9	$	—	$	—	$	26.9




As of December 31, 2024
Collateral-dependent loans	$	97.6	$	—	$	—	$	97.6

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:


As of March 31, 2025	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Collateral-dependent loans	$	26.9	Appraisal	Appraisal adjustment	15%	-	100%	(29%)




As of December 31, 2024
Collateral-dependent loans	$	97.6	Appraisal	Appraisal adjustment	—%	-	87%	(40%)

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 March 31, 2025	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	$	871.4	$	871.4	$	871.4	$	—	$	—
Investment debt securities held-to-maturity	2,639.5		2,361.2		—		2,361.2		—
Accrued interest receivable	107.9		107.9		—		107.9		—
Mortgage servicing rights, net	24.9		36.0		—		36.0		—
Net loans held for investment	17,162.0		16,697.9		—		—		16,697.9
Total financial assets	$	20,805.7	$	20,074.4	$	871.4	$	2,505.1	$	16,697.9

Financial liabilities:
Total deposits, excluding time deposits	$	19,905.8	$	19,905.8	$	19,905.8	$	—	$	—
Time deposits	2,827.0		2,811.5		—		2,811.5		—
Securities sold under repurchase agreements	528.0		528.0		—		528.0		—
Other borrowed funds	960.0		960.0		—		960.0		—
Accrued interest payable	40.8		40.8		—		40.8		—
Long-term debt	130.2		130.5		—		130.5		—
Subordinated debentures held by subsidiary trusts	163.1		152.1		—		152.1		—
Total financial liabilities	$	24,554.9	$	24,528.7	$	19,905.8	$	4,622.9	$	—


					Fair Value Measurements at Reporting Date Using
As of December 31, 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	$	896.6	$	896.6	$	896.6	$	—	$	—
Investment debt securities held-to-maturity	2,687.5		2,358.6		—		2,358.6		—
Accrued interest receivable	116.8		116.8		—		116.8		—
Mortgage servicing rights, net	25.7		35.4		—		35.4		—
Net loans held for investment	17,640.8		17,154.7		—		—		17,154.7
Total financial assets	$	21,367.4	$	20,562.1	$	896.6	$	2,510.8	$	17,154.7

Financial liabilities:
Total deposits, excluding time deposits	$	20,125.1	$	20,125.1	$	20,125.1	$	—	$	—
Time deposits	2,890.5		2,875.5		—		2,875.5		—
Securities sold under repurchase agreements	523.9		523.9		—		523.9		—
Other borrowed funds	1,567.5		1,567.5		—		1,567.5		—
Accrued interest payable	47.0		47.0		—		47.0		—
Long-term debt	132.2		131.9		—		131.9		—
Subordinated debentures held by subsidiary trusts	163.1		152.3		—		152.3		—
Total financial liabilities	$	25,449.3	$	25,423.2	$	20,125.1	$	5,298.1	$	—