Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

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 June 30, 2025 and December 31, 2024.


			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)
June 30, 2025
Available-for-sale securities
U.S. Treasury	$	400	$	400	$	—	$	—
U.S. Government agencies	49,498		—		49,498		—
Mortgage-backed securities	1,349,991		—		1,349,991		—
State and political subdivisions	807,842		—		807,842		—
Other securities	197,589		—		197,589		—
Mortgage loans held for sale	16,972		—		—		16,972
Derivative asset	98,887		—		98,887		—
Derivative liability	(28,076)		—		(28,076)		—

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		—
States 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)		—

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 June 30, 2025 and December 31, 2024.


			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)
June 30, 2025
Individually assessed loans (1) (2) (collateral-dependent)	$	114,131	$	—	$	—	$	114,131
Foreclosed assets and other real estate owned (1)	498		—		—		498

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

________________________

(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 $38.9 million and $30.1 million were related to collateral-dependent loans for which fair value re-measurements took place during the periods ended June 30, 2025 and December 31, 2024, 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
June 30, 2025
Financial assets:
Cash and cash equivalents	$	644,462	$	644,462	$	—	$	—	$	644,462
Interest bearing balances due from banks - time	100		—		100		—		100
Held-to-maturity securities, net	3,591,531		—		2,891,974		—		2,891,974
Interest receivable	120,443		—		120,443		—		120,443
Loans, net	16,857,559		—		—		16,401,301		16,401,301

Financial liabilities:
Noninterest bearing transaction accounts	4,468,237		—		4,468,237		—		4,468,237
Interest bearing transaction accounts and savings deposits	11,176,791		—		11,176,791		—		11,176,791
Time deposits	6,179,962		—		—		6,164,076		6,164,076
Federal funds purchased and securities sold under agreements to repurchase	31,306		—		31,306		—		31,306
Other borrowings	634,349		—		633,418		—		633,418
Subordinated notes and debentures	366,369		—		364,323		—		364,323
Interest payable	53,212		—		53,212		—		53,212

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