FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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

$

89,077

$

12,035

$

—

$

101,112

Obligations of states and political subdivisions

—

491,271

—

491,271

Corporate and other bonds ⁽¹⁾

—

194,584

—

194,584

MBS

—

3,087,750

—

3,087,750

Other securities

—

2,000

—

2,000

LHFS

—

23,074

—

23,074

Financial Derivatives ⁽²⁾

—

92,957

—

92,957

LIABILITIES

Financial Derivatives ⁽²⁾

$

—

$

152,093

$

—

$

152,093

⁽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 June 30, 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⁾

$

—

$

—

$

5,376

$

5,376

⁽¹⁾ Net of reserves of $858 thousand related to collateral dependent loans as of June 30, 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 June 30, 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

$

990,297

$

990,297

$

—

$

—

$

990,297

AFS securities

3,876,717

89,077

3,787,640

—

3,876,717

HTM securities

860,906

—

830,883

881

831,764

Restricted stock

204,351

—

204,351

—

204,351

LHFS

23,074

—

23,074

—

23,074

LHFI, net of unearned income

28,673,271

—

—

28,419,826

28,419,826

Financial Derivatives ⁽¹⁾

92,957

—

92,957

—

92,957

Accrued interest receivable

127,556

—

127,556

—

127,556

BOLI

679,507

—

679,507

—

679,507

LIABILITIES

Deposits

$

30,468,257

$

—

$

30,453,081

$

—

$

30,453,081

Borrowings

1,881,340

—

1,857,026

—

1,857,026

Accrued interest payable

17,454

—

17,454

—

17,454

Financial Derivatives ⁽¹⁾

152,093

—

152,093

—

152,093

⁽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.