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FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis as of December 31, (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair Value Measurements at 2024 using

​

    

​

​

    

Significant

    

​

​

    

​

​

​

​

Quoted Prices in

​

Other

​

Significant

​

​

​

​

​

Active Markets for

​

Observable

​

Unobservable

​

​

​

​

​

Identical Assets

​

Inputs

​

Inputs

​

​

​

​

​

Level 1

​

Level 2

​

Level 3

​

Balance

ASSETS

​

​

  

 

​

  

 

​

  

 

​

  

AFS securities:

​

​

  

 

​

  

 

​

  

 

​

  

U.S. government and agency securities

​

$

62,199

​

$

3,814

​

$

—

​

$

66,013

Obligations of states and political subdivisions

​

 

—

​

 

468,337

​

 

—

​

 

468,337

Corporate and other bonds(1)

​

 

—

​

 

244,712

​

 

—

​

 

244,712

MBS

​

 

—

​

 

1,661,244

​

 

—

​

 

1,661,244

Other securities

​

 

—

​

 

1,860

​

 

—

​

 

1,860

LHFS

​

 

—

​

 

9,420

​

 

—

​

 

9,420

Financial Derivatives(2)

​

 

—

​

 

97,445

​

 

—

​

 

97,445

​

​

​

​

​

​

​

​

​

​

​

​

​

LIABILITIES

​

​

​

​

​

​

​

​

​

​

​

​

Financial Derivatives(2)

​

$

—

​

$

199,548

​

$

—

​

$

199,548

(1) Other bonds include asset-backed securities.

(2) Includes hedged and non-hedged derivatives.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair Value Measurements at 2023 using

​

    

​

​

    

Significant

    

​

​

    

​

​

​

​

Quoted Prices in

​

Other

​

Significant

​

​

​

​

​

Active Markets for

​

Observable

​

Unobservable

​

​

​

​

​

Identical Assets

​

Inputs

​

Inputs

​

​

​

​

​

Level 1

​

Level 2

​

Level 3

​

Balance

ASSETS

​

​

  

 

​

  

 

​

  

 

​

  

AFS securities:

​

​

  

 

​

  

 

​

  

 

​

  

U.S. government and agency securities

​

$

61,311

​

$

2,045

​

$

—

​

$

63,356

Obligations of states and political subdivisions

​

 

—

​

 

475,447

​

 

—

​

 

475,447

Corporate and other bonds(1)

​

 

—

​

 

241,889

​

 

—

​

 

241,889

MBS

​

 

—

​

 

1,448,817

​

 

—

​

 

1,448,817

Other securities

​

 

—

​

 

1,752

​

 

—

​

 

1,752

LHFS

​

 

—

​

 

6,710

​

 

—

​

 

6,710

Financial Derivatives(2)

​

 

—

​

 

93,027

​

 

—

​

 

93,027

​

​

​

​

​

​

​

​

​

​

​

​

​

LIABILITIES

​

​

​

​

​

​

​

​

​

​

​

​

Financial Derivatives(2)

​

$

—

​

$

206,561

​

$

—

​

$

206,561

(1) Other bonds include asset-backed securities.

(2) Includes hedged and non-hedged derivatives.

​

Carrying Values and Estimated Fair Values of the Company's Financial Instruments

​

The carrying values and estimated fair values of the Company’s financial instruments as of December 31, are as follows (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at 2024 using

​

    

​

​

    

Quoted Prices

    

Significant

    

​

​

    

​

​

​

​

​

​

​

in Active

​

Other

​

Significant

​

​

​

​

​

​

​

​

Markets for

​

Observable

​

Unobservable

​

Total Fair

​

​

​

​

​

Identical Assets

​

Inputs

​

Inputs

​

Value

​

​

Carrying

​

​

​

​

​

​

​

​

​

​

​

​

​

 

Value

​

Level 1

​

Level 2

​

Level 3

​

Balance

ASSETS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

354,074

​

$

354,074

​

$

—

​

$

—

​

$

354,074

AFS securities

​

 

2,442,166

​

 

62,199

​

 

2,379,967

​

 

—

​

 

2,442,166

HTM securities

​

 

803,851

​

 

—

​

 

758,400

​

 

935

​

 

759,335

Restricted stock

​

 

102,954

​

 

—

​

 

102,954

​

 

—

​

 

102,954

LHFS

​

 

9,420

​

 

—

​

 

9,420

​

 

—

​

 

9,420

LHFI, net of deferred fees and costs

​

 

18,470,621

​

 

—

​

 

—

​

 

17,896,688

​

 

17,896,688

Financial Derivatives (1)

​

 

97,445

​

 

—

​

 

97,445

​

 

—

​

 

97,445

Accrued interest receivable

​

 

92,541

​

 

—

​

 

92,541

​

 

—

​

 

92,541

BOLI

​

 

493,396

​

 

—

​

 

493,396

​

 

—

​

 

493,396

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

LIABILITIES

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Deposits

​

$

20,397,619

​

$

—

​

$

20,393,673

​

$

—

​

$

20,393,673

Borrowings

​

 

534,578

​

 

—

​

 

471,671

​

 

—

​

 

471,671

Accrued interest payable

​

 

26,214

​

 

—

​

 

26,214

​

 

—

​

 

26,214

Financial Derivatives (1)

​

 

199,548

​

 

—

​

 

199,548

​

 

—

​

 

199,548

(1) Includes hedged and non-hedged derivatives.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair Value Measurements at 2023 using

​

​

​

​

​

Quoted Prices

​

Significant

​

​

​

​

​

​

​

​

​

​

​

in Active

​

Other

​

Significant

​

​

​

​

​

​

​

​

Markets for

​

Observable

​

Unobservable

​

Total Fair

​

​

​

​

​

Identical Assets

​

Inputs

​

Inputs

​

Value

​

​

Carrying

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Value

​

Level 1

​

Level 2

​

Level 3

​

Balance

ASSETS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

378,131

​

$

378,131

​

$

—

​

$

—

​

$

378,131

AFS securities

​

 

2,231,261

​

 

61,311

​

 

2,169,950

​

 

—

​

 

2,231,261

HTM securities

​

 

837,378

​

 

—

​

 

806,834

​

 

1,240

​

 

808,074

Restricted stock

​

 

115,472

​

 

—

​

 

115,472

​

 

—

​

 

115,472

LHFS

​

 

6,710

​

 

—

​

 

6,710

​

 

—

​

 

6,710

LHFI, net of deferred fees and costs

​

 

15,635,043

​

 

—

​

 

—

​

 

15,148,256

​

 

15,148,256

Financial Derivatives (1)

​

 

93,027

​

 

—

​

 

93,027

​

 

—

​

 

93,027

Accrued interest receivable

​

 

91,370

​

 

—

​

 

91,370

​

 

—

​

 

91,370

BOLI

​

 

452,565

​

 

—

​

 

452,565

​

 

—

​

 

452,565

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

LIABILITIES

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Deposits

​

$

16,818,129

​

$

—

​

$

16,799,791

​

$

—

​

$

16,799,791

Borrowings

​

 

1,311,858

​

 

—

​

 

1,154,694

​

 

—

​

 

1,154,694

Accrued interest payable

​

 

20,528

​

 

—

​

 

20,528

​

 

—

​

 

20,528

Financial Derivatives (1)

​

 

206,561

​

 

—

​

 

206,561

​

 

—

​

 

206,561

(1) Includes hedged and non-hedged derivatives.