v3.26.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Amortized Cost and Fair Value of Securities Available-for-Sale The following table summarizes the amortized cost and fair value of securities that are classified as available-for-sale and held-to-maturity:
March 31, 2026
Available-for-Sale
Amortized
Cost
Allowance for Credit LossesNet Carrying Amount
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Estimated
Fair Value
(In thousands)
U.S. government-sponsored enterprises$225,306 $— $225,306 $1,054 $(7,389)$218,971 
U.S. government-sponsored mortgage-backed securities1,320,400 — 1,320,400 1,293 (143,819)1,177,874 
Private mortgage-backed securities150,637 — 150,637 — (8,110)142,527 
Non-government-sponsored asset backed securities155,852 — 155,852 111 (1,137)154,826 
State and political subdivisions949,052 — 949,052 665 (70,739)878,978 
Other securities237,141 — 237,141 1,828 (8,298)230,671 
Total$3,038,388 $— $3,038,388 $4,951 $(239,492)$2,803,847 
March 31, 2026
Held-to-Maturity
Amortized
Cost
Allowance for Credit LossesNet Carrying Amount
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Estimated
Fair Value
(In thousands)
U.S. government-sponsored enterprises$43,912 $— $43,912 $— $(1,758)$42,154 
U.S. government-sponsored mortgage-backed securities112,717 — 112,717 153 (4,144)108,726 
State and political subdivisions1,102,011 (2,005)1,100,006 32 (105,924)994,114 
Total$1,258,640 $(2,005)$1,256,635 $185 $(111,826)$1,144,994 
December 31, 2025
Available-for-Sale
Amortized
Cost
Allowance for Credit LossesNet Carrying Amount
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Estimated
Fair Value
(In thousands)
U.S. government-sponsored enterprises$246,891 $— $246,891 $998 $(7,107)$240,782 
U.S. government-sponsored mortgage-backed securities1,345,469 — 1,345,469 1,478 (133,999)1,212,948 
Private mortgage-backed securities152,578 — 152,578 126 (6,984)145,720 
Non-government-sponsored asset backed securities158,446 — 158,446 325 (927)157,844 
State and political subdivisions951,822 — 951,822 1,419 (65,403)887,838 
Other securities233,614 — 233,614 2,147 (8,962)226,799 
Total$3,088,820 $— $3,088,820 $6,493 $(223,382)$2,871,931 
December 31, 2025
Held-to-Maturity
Amortized
Cost		Allowance for Credit LossesNet Carrying AmountGross
Unrealized
Gains		Gross
Unrealized
(Losses)		Estimated
Fair Value
(In thousands)
U.S. government-sponsored enterprises$43,841 $— $43,841 $— $(1,391)$42,450 
U.S. government-sponsored mortgage-backed securities114,813 — 114,813 400 (3,258)111,955 
State and political subdivisions1,102,613 (2,005)1,100,608 71 (94,032)1,006,647 
Total$1,261,267 $(2,005)$1,259,262 $471 $(98,681)$1,161,052 
The following table presents the Company's financial assets by level within the fair value hierarchy that were measured at fair value on a recurring basis during the periods ended March 31, 2026 and December 31, 2025 (in thousands):
March 31, 2026
Fair Value Measurements
Fair ValueLevel 1Level 2Level 3
(in thousands)
U.S. government-sponsored enterprises$218,971 $— $218,971 $— 
U.S. government-sponsored mortgage-backed securities1,177,874 — 1,177,874 — 
Private mortgage-backed securities142,527 — 142,527 — 
Non-government-sponsored asset backed securities154,826 — 154,826 — 
State and political subdivisions878,978 — 863,661 15,317 
Other securities230,671 — 216,450 14,221 
Total$2,803,847 $— $2,774,309 $29,538 
December 31, 2025
Fair Value Measurements
Fair ValueLevel 1Level 2Level 3
(in thousands)
U.S. government-sponsored enterprises$240,782 $— $240,782 $— 
U.S. government-sponsored mortgage-backed securities1,212,948 — 1,212,948 — 
Private mortgage-backed securities145,720 — 145,720 — 
Non-government-sponsored asset backed securities157,844 — 157,844 — 
State and political subdivisions887,838 — 872,522 15,316 
Other securities226,799 — 212,004 14,795 
Total$2,871,931 $— $2,841,820 $30,111 
Fair Value, Assets Measured on Recurring Basis
The following table presents the Company's assets by level within the fair value hierarchy that were measured at fair value on a nonrecurring basis during the periods ended March 31, 2026 and December 31, 2025 (in thousands):
Fair Value Measurements
Fair ValueLevel 1Level 2Level 3
March 31, 2026
(in thousands)
Individually evaluated loans (collateral-dependent)(1)(2)
$189,630 $— $— $189,630 
December 31, 2025
Individually evaluated loans (collateral-dependent)(1)(2)
$186,484 $— $— $186,484 
(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) Specific reserves of $17.1 million and $17.0 million were related to collateral-dependent loans for which fair value re-measurements took place during the periods ended March 31, 2026 and December 31, 2025, respectively.
Estimated Fair Values of Financial Instruments
The following table presents the estimated fair values of the Company’s financial instruments. Fair value is the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date.
March 31, 2026
Fair Value Measurements
Carrying
Amount		Level 1Level 2Level 3Total
(In thousands)
Financial assets:
Cash and cash equivalents$1,111,923 $1,111,923 $— $— $1,111,923 
Federal funds sold6,025 6,025 — — 6,025 
Investment securities - held-to-maturity1,256,635 27,255 1,117,739 — 1,144,994 
Loans receivable, net of impaired loans and allowance15,132,724 — — 15,150,428 15,150,428 
Accrued interest receivable106,628 106,628 — — 106,628 
FHLB, Federal Reserve & FNBB stock; other equity investments
224,354 — — 224,354 224,354 
Marketable equity securities52,673 52,673 — — 52,673 
Financial liabilities:
Deposits:
Demand and non-interest bearing$3,994,217 $3,994,217 $— $— $3,994,217 
Savings and interest-bearing transaction accounts11,971,866 11,971,866 — — 11,971,866 
Time deposits1,772,192 — — 1,758,751 1,758,751 
Securities sold under agreements to repurchase157,409 157,409 — — 157,409 
FHLB and other borrowed funds500,250 — 469,595 — 469,595 
Accrued interest payable12,346 12,346 — — 12,346 
Subordinated debentures279,433 — — 268,116 268,116 
December 31, 2025
Fair Value Measurements
Carrying
Amount		Level 1Level 2Level 3Total
(In thousands)
Financial assets:
Cash and cash equivalents$667,337 $667,337 $— $— $667,337 
Federal funds sold3,000 3,000 — — 3,000 
Investment securities - held-to-maturity1,259,262 27,457 1,133,595 — 1,161,052 
Loans receivable, net of impaired loans and allowance15,186,203 — — 15,205,769 15,205,769 
Accrued interest receivable108,939 108,939 — — 108,939 
FHLB, Federal Reserve & FNBB stock; other equity investments
225,288 — — 225,288 225,288 
Marketable equity securities53,921 53,921 — — 53,921 
Financial liabilities:
Deposits:
Demand and non-interest bearing$3,868,405 $3,868,405 $— $— $3,868,405 
Savings and interest-bearing transaction accounts11,792,828 11,792,828 — — 11,792,828 
Time deposits1,818,724 — — 1,807,002 1,807,002 
Securities sold under agreements to repurchase155,803 155,803 — — 155,803 
FHLB and other borrowed funds500,250 — 474,663 — 474,663 
Accrued interest payable14,868 14,868 — — 14,868 
Subordinated debentures279,265 — — 265,170 265,170