FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 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

$

88,830

$

13,273

$

—

$

102,103

Obligations of states and political subdivisions

—

472,204

—

472,204

Corporate and other bonds ⁽¹⁾

—

213,010

—

213,010

MBS

—

3,222,113

—

3,222,113

Other securities

—

1,980

—

1,980

LHFS

—

20,776

—

20,776

Financial Derivatives ⁽²⁾

—

100,932

—

100,932

LIABILITIES

Financial Derivatives ⁽²⁾

$

—

$

157,130

$

—

$

157,130

⁽¹⁾ Other bonds include asset-backed securities.

⁽²⁾ Includes hedged and non-hedged derivatives.


		Fair Value Measurements at December 31, 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		$	88,946		$	15,056		$	—		$	104,002
Obligations of states and political subdivisions			—			487,885			—			487,885
Corporate and other bonds ⁽¹⁾			—			217,934			—			217,934
MBS			—			3,382,524			—			3,382,524
Other securities			—			1,956			—			1,956
LHFS			—			18,486			—			18,486
Financial Derivatives ⁽²⁾			—			112,686			—			112,686

LIABILITIES
Financial Derivatives ⁽²⁾		$	—		$	166,690		$	—		$	166,690

⁽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 March 31, 2026 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⁾

$

—

$

—

$

5,474

$

5,474

⁽¹⁾ Net of reserves of $1.2 million related to collateral dependent loans as of March 31, 2026.

Fair Value Measurements at December 31, 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⁾

$

—

$

—

$

1,330

$

1,330

⁽¹⁾ Net of reserves of $203 thousand related to collateral dependent loans as of December 31, 2025.

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 March 31, 2026 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

$

780,128

$

780,128

$

—

$

—

$

780,128

AFS securities

4,011,410

88,830

3,922,580

—

4,011,410

HTM securities

870,288

—

833,938

894

834,832

Restricted stock

177,513

—

177,513

—

177,513

LHFS

20,776

—

20,776

—

20,776

LHFI, net of unearned income

27,946,424

—

—

27,700,544

27,700,544

Financial Derivatives ⁽¹⁾

100,932

—

100,932

—

100,932

Accrued interest receivable

125,605

—

125,605

—

125,605

BOLI

675,816

—

675,816

—

675,816

LIABILITIES

Deposits

$

30,391,256

$

—

$

30,379,039

$

—

$

30,379,039

Borrowings

1,304,587

—

1,266,759

—

1,266,759

Accrued interest payable

19,660

—

19,660

—

19,660

Financial Derivatives ⁽¹⁾

157,130

—

157,130

—

157,130

⁽¹⁾ Includes hedged and non-hedged derivatives.


		Fair Value Measurements at December 31, 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		$	966,462		$	966,462		$	—		$	—		$	966,462
AFS securities			4,194,301			88,946			4,105,355			—			4,194,301
HTM securities			884,216			—			855,906			906			856,812
Restricted stock			190,200			—			190,200			—			190,200
LHFS			18,486			—			18,486			—			18,486
LHFI, net of unearned income			27,796,167			—			—			27,517,137			27,517,137
Financial Derivatives⁽¹⁾			112,686			—			112,686			—			112,686
Accrued interest receivable			131,741			—			131,741			—			131,741
BOLI			672,890			—			672,890			—			672,890

LIABILITIES
Deposits		$	30,471,636		$	—		$	30,467,372		$	—		$	30,467,372
Borrowings			1,497,292			—			1,435,699			—			1,435,699
Accrued interest payable			19,412			—			19,412			—			19,412
Financial Derivatives ⁽¹⁾			166,690			—			166,690			—			166,690

⁽¹⁾ Includes hedged and non-hedged derivatives.