FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2025

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 the periods ended (dollars in thousands):

Fair Value Measurements at June 30, 2025 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

$

137,093

$

18,116

$

—

$

155,209

Obligations of states and political subdivisions

—

466,863

—

466,863

Corporate and other bonds⁽¹⁾

—

261,235

—

261,235

MBS

—

2,924,065

—

2,924,065

Other securities

—

1,909

—

1,909

LHFS

—

32,987

—

32,987

Financial Derivatives⁽²⁾

—

109,673

—

109,673

LIABILITIES

Financial Derivatives⁽²⁾

$

—

$

177,059

$

—

$

177,059

⁽¹⁾ Other bonds include asset-backed securities.

⁽²⁾ Includes hedged and non-hedged derivatives.


		Fair Value Measurements at December 31, 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.

Schedule of Financial Assets Measured at Fair Value on Nonrecurring Basis

The following tables summarize the Company’s financial assets that were measured on a nonrecurring basis as of the periods ended (dollars in thousands):

Fair Value Measurements at June 30, 2025 using

Significant

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

Identical Assets

Inputs

Inputs

Level 1

Level 2

Level 3

Balance

ASSETS

Individually assessed loans⁽¹⁾

$

—

$

—

$

19,150

$

19,150

⁽¹⁾ Net of reserves of $19.7 million related to collateral dependent loans as of June 30, 2025.

Fair Value Measurements at December 31, 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

Individually assessed loans⁽¹⁾

$

—

$

—

$

14,636

$

14,636

⁽¹⁾ Net of reserves of $13.1 million related to collateral dependent loans as of December 31, 2024.

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 the periods ended are as follows (dollars in thousands):

Fair Value Measurements at June 30, 2025 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

$

1,588,648

$

1,588,648

$

—

$

—

$

1,588,648

AFS securities

3,809,281

137,093

3,672,188

—

3,809,281

HTM securities

827,135

—

777,015

910

777,925

Restricted stock

140,606

—

140,606

—

140,606

LHFS

32,987

—

32,987

—

32,987

LHFI, net of deferred fees and costs

27,328,333

—

—

26,928,260

26,928,260

Financial Derivatives ⁽¹⁾

109,673

—

109,673

—

109,673

Accrued interest receivable

130,853,997

—

130,853,997

—

130,853,997

BOLI

665,477

—

665,477

—

665,477

LIABILITIES

Deposits

$

30,972,175

$

—

$

30,956,133

$

—

$

30,956,133

Borrowings

892,767

—

807,087

—

807,087

Accrued interest payable

24,293,811

—

24,293,811

—

24,293,811

Financial Derivatives ⁽¹⁾

177,059

—

177,059

—

177,059

⁽¹⁾ Includes hedged and non-hedged derivatives.


		Fair Value Measurements at December 31, 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.