Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Financial Instruments Measured on Recurring Basis

The following table sets forth the Company’s financial assets by level within the fair value hierarchy that were measured at fair value on a recurring basis as of December 31, 2024 and 2023.


			Fair Value Measurements
(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)
December 31, 2024
Available-for-sale securities
U.S. Treasury	$	996	$	996	$	—	$	—
U.S. Government agencies	54,547		—		54,547		—
Mortgage-backed securities	1,392,759		—		1,392,759		—
State and political subdivisions	858,182		—		858,182		—
Other securities	222,942		—		222,942		—
Mortgage loans held for sale	11,417		—		—		11,417
Derivative asset	127,474		—		127,474		—
Derivative liability	(24,032)		—		(24,032)		—

December 31, 2023
Available-for-sale securities
U.S. Treasury	$	2,254	$	2,254	$	—	$	—
U.S. Government agencies	72,502		—		72,502		—
Mortgage-backed securities	1,940,307		—		1,940,307		—
State and political subdivisions	902,793		—		902,793		—
Other securities	234,297		—		234,297		—
Mortgage loans held for sale	9,373		—		—		9,373
Derivative asset	130,271		—		130,271		—
Derivative liability	(27,584)		—		(27,584)		—

Schedule of Financial Assets Measure on Nonrecurring Basis

The following table sets forth the Company’s assets by level within the fair value hierarchy that were measured at fair value on a nonrecurring basis as of December 31, 2024 and 2023.


			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)
December 31, 2024
Individually assessed loans (1) (2) (collateral-dependent)	$	102,580	$	—	$	—	$	102,580
Foreclosed assets and other real estate owned (1)	881		—		—		881

December 31, 2023
Individually assessed loans (1) (2) (collateral-dependent)	$	144,604	$	—	$	—	$	144,604
Foreclosed assets and other real estate owned (1)	1,166		—		—		1,166

______________________

(1) These amounts represent the resulting carrying amounts on the consolidated balance sheets for collateral-dependent loans and foreclosed assets and other real estate owned for which fair value re-measurements took place during the period.

(2) Identified reserves of $30.1 million and $18.7 million were related to collateral-dependent loans for which fair value re-measurements took place during the years ended December 31, 2024 and 2023, respectively.

Schedule of Estimated Fair Values and Related Carrying Amounts

The estimated fair values, and related carrying amounts, of the Company’s financial instruments are as follows:


	Carrying		Fair Value Measurements
(In thousands)	Amount		Level 1		Level 2		Level 3		Total
December 31, 2024
Financial assets:
Cash and cash equivalents	$	687,377	$	687,377	$	—	$	—	$	687,377
Interest bearing balances due from banks - time	100		—		100		—		100
Held-to-maturity securities, net	3,636,636		—		2,949,951		—		2,949,951
Interest receivable	123,243		—		123,243		—		123,243
Loans, net	16,770,918		—		—		16,153,128		16,153,128

Financial liabilities:
Noninterest bearing transaction accounts	4,460,517		—		4,460,517		—		4,460,517
Interest bearing transaction accounts and savings deposits	10,982,022		—		10,982,022		—		10,982,022
Time deposits	6,443,211		—		—		6,429,309		6,429,309
Federal funds purchased and securities sold under agreements to repurchase	37,109		—		37,109		—		37,109
Other borrowings	745,372		—		743,940		—		743,940
Subordinated notes and debentures	366,293		—		361,332		—		361,332
Interest payable	67,111		—		67,111		—		67,111

December 31, 2023
Financial assets:
Cash and cash equivalents	$	614,092	$	614,092	$	—	$	—	$	614,092
Interest bearing balances due from banks - time	100		—		100		—		100
Held-to-maturity securities, net	3,726,288		—		3,135,370		—		3,135,370
Interest receivable	122,430		—		122,430		—		122,430
Loans, net	16,620,439		—		—		15,734,766		15,734,766

Financial liabilities:
Noninterest bearing transaction accounts	4,800,880		—		4,800,880		—		4,800,880
Interest bearing transaction accounts and savings deposits	10,997,425		—		10,997,425		—		10,997,425
Time deposits	6,446,673		—		—		6,414,222		6,414,222
Federal funds purchased and securities sold under agreements to repurchase	67,969		—		67,969		—		67,969
Other borrowings	972,366		—		970,846		—		970,846
Subordinated notes and debentures	366,141		—		349,424		—		349,424
Interest payable	35,618		—		35,618		—		35,618