| Financial Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following tables present the fair value hierarchy levels for the Company’s financial assets and liabilities that are measured at fair value on a recurring basis on the consolidated balance sheets at June 30, 2026 and December 31, 2025:
|
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|
|
|
|
|
|
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|
|
|
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|
|
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June 30, 2026 |
|
($ in thousands) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Available for sale debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and government agency securities |
|
$ |
— |
|
|
$ |
289,507 |
|
|
$ |
— |
|
|
$ |
289,507 |
|
Municipal obligations |
|
|
— |
|
|
|
163,857 |
|
|
|
— |
|
|
|
163,857 |
|
Residential mortgage-backed securities |
|
|
— |
|
|
|
2,262,861 |
|
|
|
— |
|
|
|
2,262,861 |
|
Commercial mortgage-backed securities |
|
|
— |
|
|
|
3,248,699 |
|
|
|
— |
|
|
|
3,248,699 |
|
Collateralized mortgage obligations |
|
|
— |
|
|
|
21,796 |
|
|
|
— |
|
|
|
21,796 |
|
Corporate debt securities |
|
|
— |
|
|
|
19,500 |
|
|
|
— |
|
|
|
19,500 |
|
Total available for sale securities |
|
|
— |
|
|
|
6,006,220 |
|
|
|
— |
|
|
|
6,006,220 |
|
Mortgage loans held for sale |
|
|
— |
|
|
|
42,867 |
|
|
|
— |
|
|
|
42,867 |
|
Derivative assets (1) |
|
|
— |
|
|
|
49,137 |
|
|
|
— |
|
|
|
49,137 |
|
Total recurring fair value measurements - assets |
|
$ |
— |
|
|
$ |
6,098,224 |
|
|
$ |
— |
|
|
$ |
6,098,224 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liabilities (1) |
|
$ |
— |
|
|
$ |
90,695 |
|
|
$ |
986 |
|
|
$ |
91,681 |
|
Total recurring fair value measurements - liabilities |
|
$ |
— |
|
|
$ |
90,695 |
|
|
$ |
986 |
|
|
$ |
91,681 |
|
(1) For further disaggregation of derivative assets and liabilities, see Note 6 - Derivatives.
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|
|
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|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
($ in thousands) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Available for sale debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and government agency securities |
|
$ |
— |
|
|
$ |
269,332 |
|
|
$ |
— |
|
|
$ |
269,332 |
|
Municipal obligations |
|
|
— |
|
|
|
191,328 |
|
|
|
— |
|
|
|
191,328 |
|
Residential mortgage-backed securities |
|
|
— |
|
|
|
2,375,629 |
|
|
|
— |
|
|
|
2,375,629 |
|
Commercial mortgage-backed securities |
|
|
— |
|
|
|
3,083,325 |
|
|
|
— |
|
|
|
3,083,325 |
|
Collateralized mortgage obligations |
|
|
— |
|
|
|
25,946 |
|
|
|
— |
|
|
|
25,946 |
|
Corporate debt securities |
|
|
— |
|
|
|
16,357 |
|
|
|
— |
|
|
|
16,357 |
|
Total available for sale securities |
|
|
— |
|
|
|
5,961,917 |
|
|
|
— |
|
|
|
5,961,917 |
|
Mortgage loans held for sale |
|
|
— |
|
|
|
33,158 |
|
|
|
— |
|
|
|
33,158 |
|
Derivative assets (1) |
|
|
— |
|
|
|
63,126 |
|
|
|
— |
|
|
|
63,126 |
|
Total recurring fair value measurements - assets |
|
$ |
— |
|
|
$ |
6,058,201 |
|
|
$ |
— |
|
|
$ |
6,058,201 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liabilities (1) |
|
$ |
— |
|
|
$ |
94,083 |
|
|
$ |
1,284 |
|
|
$ |
95,367 |
|
Total recurring fair value measurements - liabilities |
|
$ |
— |
|
|
$ |
94,083 |
|
|
$ |
1,284 |
|
|
$ |
95,367 |
|
(1) For further disaggregation of derivative assets and liabilities, see Note 6 - Derivatives.
|
| Financial Assets Measured at Fair Value on Nonrecurring Basis |
The following tables present the Company’s financial assets that are measured at fair value on a nonrecurring basis for each of the fair value hierarchy levels.
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|
|
|
|
|
|
|
|
June 30, 2026 |
|
($ in thousands) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Collateral-dependent loans |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
29,562 |
|
|
$ |
29,562 |
|
Other real estate owned and foreclosed assets, net |
|
|
— |
|
|
|
— |
|
|
|
12,858 |
|
|
|
12,858 |
|
Total nonrecurring fair value measurements |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
42,420 |
|
|
$ |
42,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
($ in thousands) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Collateral-dependent loans |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
33,762 |
|
|
$ |
33,762 |
|
Other real estate owned and foreclosed assets, net |
|
|
— |
|
|
|
— |
|
|
|
14,788 |
|
|
|
14,788 |
|
Total nonrecurring fair value measurements |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
48,550 |
|
|
$ |
48,550 |
|
|
| Estimated Fair Values of Financial Instruments |
The following tables present the estimated fair values of the Company’s financial instruments by fair value hierarchy levels and the corresponding carrying amounts.
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|
|
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|
June 30, 2026 |
|
|
|
|
|
|
|
|
Total Fair |
|
Carrying |
|
($ in thousands) |
Level 1 |
|
Level 2 |
|
Level 3 |
|
Value |
|
Amount |
|
Financial assets: |
|
|
|
|
|
|
|
|
|
|
Cash, interest-bearing bank deposits, and federal funds sold |
$ |
1,086,926 |
|
$ |
195 |
|
$ |
— |
|
$ |
1,087,121 |
|
$ |
1,087,121 |
|
Available for sale securities |
|
— |
|
|
6,006,220 |
|
|
— |
|
|
6,006,220 |
|
|
6,006,220 |
|
Held to maturity securities |
|
— |
|
|
1,755,583 |
|
|
— |
|
|
1,755,583 |
|
|
1,885,139 |
|
Loans, net |
|
— |
|
|
— |
|
|
24,118,056 |
|
|
24,118,056 |
|
|
24,267,565 |
|
Loans held for sale |
|
— |
|
|
42,867 |
|
|
9,983 |
|
|
52,850 |
|
|
52,850 |
|
Derivative financial instruments |
|
— |
|
|
49,137 |
|
|
— |
|
|
49,137 |
|
|
49,137 |
|
Financial liabilities: |
|
|
|
|
|
|
|
|
|
|
Deposits |
$ |
— |
|
$ |
— |
|
$ |
29,617,567 |
|
$ |
29,617,567 |
|
$ |
29,629,760 |
|
Federal funds purchased |
|
|
|
325 |
|
|
— |
|
|
325 |
|
|
325 |
|
Securities sold under agreements to repurchase |
|
|
|
620,645 |
|
|
— |
|
|
620,645 |
|
|
620,645 |
|
Short-term FHLB borrowings |
|
— |
|
|
950,664 |
|
|
— |
|
|
950,664 |
|
|
950,000 |
|
Long-term debt |
|
— |
|
|
154,915 |
|
|
— |
|
|
154,915 |
|
|
193,823 |
|
Derivative financial instruments |
|
— |
|
|
90,695 |
|
|
986 |
|
|
91,681 |
|
|
91,681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
($ in thousands) |
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total Fair
Value |
|
Carrying
Amount |
|
Financial assets: |
|
|
|
|
|
|
|
|
|
|
Cash, interest-bearing bank deposits, and federal funds sold |
$ |
695,032 |
|
$ |
229 |
|
$ |
— |
|
$ |
695,261 |
|
$ |
695,261 |
|
Available for sale securities |
|
— |
|
|
5,961,917 |
|
|
— |
|
|
5,961,917 |
|
|
5,961,917 |
|
Held to maturity securities |
|
— |
|
|
2,011,026 |
|
|
— |
|
|
2,011,026 |
|
|
2,132,882 |
|
Loans, net |
|
— |
|
|
— |
|
|
23,588,681 |
|
|
23,588,681 |
|
|
23,650,709 |
|
Loans held for sale |
|
— |
|
|
33,158 |
|
|
— |
|
|
33,158 |
|
|
33,158 |
|
Derivative financial instruments |
|
— |
|
|
63,126 |
|
|
— |
|
|
63,126 |
|
|
63,126 |
|
Financial liabilities: |
|
|
|
|
|
|
|
|
|
|
Deposits |
$ |
— |
|
$ |
— |
|
$ |
29,274,190 |
|
$ |
29,274,190 |
|
$ |
29,279,774 |
|
Federal funds purchased |
|
— |
|
|
70,400 |
|
|
— |
|
|
70,400 |
|
|
70,400 |
|
Securities sold under agreements to repurchase |
|
— |
|
|
546,892 |
|
|
— |
|
|
546,892 |
|
|
546,892 |
|
Short-term FHLB borrowings |
|
— |
|
|
400,000 |
|
|
— |
|
|
400,000 |
|
|
400,000 |
|
Long-term debt |
|
— |
|
|
162,257 |
|
|
— |
|
|
162,257 |
|
|
199,407 |
|
Derivative financial instruments |
|
— |
|
|
94,083 |
|
|
1,284 |
|
|
95,367 |
|
|
95,367 |
|
|