v3.26.1
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 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:
June 30, 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$210,738 $— $210,738 $885 $(7,237)$204,386 
U.S. government-sponsored mortgage-backed securities1,302,974 — 1,302,974 1,247 (144,283)1,159,938 
Private mortgage-backed securities176,380 — 176,380 75 (8,694)167,761 
Non-government-sponsored asset backed securities97,958 — 97,958 59 (1,136)96,881 
State and political subdivisions961,342 — 961,342 1,448 (57,457)905,333 
Other securities248,023 — 248,023 1,998 (8,104)241,917 
Total$2,997,415 $— $2,997,415 $5,712 $(226,911)$2,776,216 
June 30, 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$43,984 $— $43,984 $— $(1,932)$42,052 
U.S. government-sponsored mortgage-backed securities110,969 — 110,969 37 (4,752)106,254 
State and political subdivisions1,101,854 (2,005)1,099,849 110 (99,438)1,000,521 
Total$1,256,807 $(2,005)$1,254,802 $147 $(106,122)$1,148,827 
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 June 30, 2026 and December 31, 2025 (in thousands):
June 30, 2026
Fair Value Measurements
Fair ValueLevel 1Level 2Level 3
(in thousands)
U.S. government-sponsored enterprises$204,386 $— $204,386 $— 
U.S. government-sponsored mortgage-backed securities1,159,938 — 1,159,938 — 
Private mortgage-backed securities167,761 — 167,761 — 
Non-government-sponsored asset backed securities96,881 — 96,881 — 
State and political subdivisions905,333 — 891,426 13,907 
Other securities241,917 — 221,138 20,779 
Total$2,776,216 $— $2,741,530 $34,686 
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 June 30, 2026 and December 31, 2025 (in thousands):
Fair Value Measurements
Fair ValueLevel 1Level 2Level 3
June 30, 2026
(in thousands)
Individually evaluated loans (collateral-dependent)(1)(2)
$197,198 $— $— $197,198 
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 $18.4 million and $17.0 million were related to collateral-dependent loans for which fair value re-measurements took place during the periods ended June 30, 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.
June 30, 2026
Fair Value Measurements
Carrying
Amount		Level 1Level 2Level 3Total
(In thousands)
Financial assets:
Cash and cash equivalents$1,052,519 $1,052,519 $— $— $1,052,519 
Federal funds sold5,450 5,450 — — 5,450 
Investment securities - held-to-maturity1,254,802 27,217 1,121,610 — 1,148,827 
Loans receivable, net of impaired loans and allowance16,593,768 — — 16,515,955 16,515,955 
Accrued interest receivable108,384 108,384 — — 108,384 
FHLB, Federal Reserve & FNBB stock; other equity investments
232,353 — — 232,353 232,353 
Marketable equity securities51,490 51,490 — — 51,490 
Financial liabilities:
Deposits:
Demand and non-interest bearing$4,447,710 $4,447,710 $— $— $4,447,710 
Savings and interest-bearing transaction accounts12,423,361 12,423,361 — — 12,423,361 
Time deposits2,242,034 — — 2,221,178 2,221,178 
Securities sold under agreements to repurchase158,744 158,744 — — 158,744 
FHLB and other borrowed funds450,250 — 417,768 — 417,768 
Accrued interest payable15,244 15,244 — — 15,244 
Subordinated debentures279,602 — — 270,177 270,177 
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