| Assets and liabilities measured at fair value on a recurring basis |
The following table represents assets and liabilities reported on the consolidated balance sheets at their fair value on a recurring basis as of June 30, 2025 by level within the fair value measurement hierarchy: | | | | | | | | | | | | | | | | | | | Fair Value Measurements at | | | | | | | Reporting Date Using | | | | | | | (in Thousands) | | | | | | | Quoted | | | | | | | | | | | | | Prices in | | | | | | | | | | | | | Active | | Significant | | | | | | | Assets/Liabilities | | Markets for | | Other | | Significant | | | | Measured at | | Identical | | Observable | | Unobservable | | | | Fair Value | | Assets | | Inputs | | Inputs | | | | June 30, 2025 | | (Level 1) | | (Level 2) | | (Level 3) | | Measured on a recurring basis: | | | | | | | | | | | | | | Assets: | | | | | | | | | | | | | | Available for sale debt securities | | | | | | | | | | | | | | Residential mortgage-backed securities | | $ | 4,869,078 | | $ | — | | $ | 4,869,078 | | $ | — | | States and political subdivisions | | | 140,765 | | | — | | | 140,765 | | | — | | Equity Securities | | | 5,483 | | | 5,483 | | | — | | | — | | | | $ | 5,015,326 | | $ | 5,483 | | $ | 5,009,843 | | $ | — | |
The following table represents assets and liabilities reported on the consolidated balance sheets at their fair value on a recurring basis as of December 31, 2024 by level within the fair value measurement hierarchy: | | | | | | | | | | | | | | | | | | | Fair Value Measurements at | | | | | | | Reporting Date Using | | | | | | | (in Thousands) | | | | | | | Quoted | | | | | | | | | | | | | Prices in | | | | | | | | | | | | | Active | | Significant | | | | | | | Assets/Liabilities | | Markets for | | Other | | Significant | | | | Measured at | | Identical | | Observable | | Unobservable | | | | Fair Value | | Assets | | Inputs | | Inputs | | | | December 31, 2024 | | (Level 1) | | (Level 2) | | (Level 3) | | Measured on a recurring basis: | | | | | | | | | | | | | | Assets: | | | | | | | | | | | | | | Available for sale securities | | | | | | | | | | | | | | Residential mortgage-backed securities | | $ | 4,835,176 | | $ | — | | $ | 4,835,176 | | $ | — | | States and political subdivisions | | | 152,740 | | | — | | | 152,740 | | | — | | Equity Securities | | | 5,394 | | | 5,394 | | | — | | | — | | | | $ | 4,993,310 | | $ | 5,394 | | $ | 4,987,916 | | $ | — | |
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| Assets measured at fair value on a non-recurring basis |
The following table represents financial instruments measured at fair value on a non-recurring basis as of and for the period ended June 30, 2025 by level within the fair value measurement hierarchy: | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at Reporting | | | | | | | | | Date Using | | | | | | | | | (in thousands) | | | | | | | | | Quoted | | | | | | | | | | | | Assets/Liabilities | | Prices in | | | | | | | | | | | | Measured at | | Active | | Significant | | | | | | | | | Fair Value | | Markets for | | Other | | Significant | | Net | | | Period ended | | Identical | | Observable | | Unobservable | | Provision | | | June 30, | | Assets | | Inputs | | Inputs | | During | | | 2025 | | (Level 1) | | (Level 2) | | (Level 3) | | Period | Measured on a non-recurring basis: | | | | | | | | | | | | | | | | Assets: | | | | | | | | | | | | | | | | Watch List—Doubtful loans | | $ | 25,064 | | $ | — | | $ | — | | $ | 25,064 | | $ | 2,378 | Other real estate owned | | | 225 | | | — | | | — | | | 225 | | | 20 |
The following table represents financial instruments measured at fair value on a non-recurring basis as of and for the period ended December 31, 2024 by level within the fair value measurement hierarchy: | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at Reporting | | | | | | | | | Date Using | | | | | | | | | (in thousands) | | | | | | | | | Quoted | | | | | | | | | | | | Assets/Liabilities | | Prices in | | | | | | | | | | | | Measured at | | Active | | Significant | | | | | | | | | Fair Value | | Markets | | Other | | Significant | | Net | | | Year ended | | for Identical | | Observable | | Unobservable | | Provision | | | December 31, | | Assets | | Inputs | | Inputs | | During | | | 2024 | | (Level 1) | | (Level 2) | | (Level 3) | | Period | Measured on a non-recurring basis: | | | | | | | | | | | | | | | | Assets: | | | | | | | | | | | | | | | | Watch List—Doubtful loans | | $ | 169,246 | | $ | — | | $ | — | | $ | 169,246 | | $ | 14,662 | Other real estate owned | | | 11,537 | | | — | | | — | | | 11,537 | | | 632 |
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