0000868671-24-000094 | 10-Q | XBRL Viewer

Variable Interest Entities

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

A VIE is a partnership, limited liability company, trust or other legal entity that meets one of the following criteria: 1) the entity’s equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support from other parties; 2) the holders of the equity investment at risk, as a group, lack the characteristics of a controlling financial interest; and 3) the voting rights of some holders of the equity investment at risk are disproportionate to their obligation to absorb losses or receive returns, and substantially all of the activities are conducted on behalf of the holder of equity investment at risk with disproportionately few voting rights. A VIE must be consolidated by the Company if it is deemed to be the primary beneficiary, which is the party involved with the VIE that has both: 1) the power to direct the activities of the VIE that most significantly affect the VIE’s economic performance; and 2) the obligation to absorb the losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.

The Company’s VIEs are regularly monitored to determine if any reconsideration events have occurred that could cause the primary beneficiary status to change. A previously unconsolidated VIE is consolidated when the Company becomes the primary beneficiary. A previously consolidated VIE is deconsolidated when the Company ceases to be the primary beneficiary or the entity is no longer a VIE.

Consolidated Variable Interest Entities

The Company has equity investments in Certified Development Entities (“CDE”) which have received allocations of New Markets Tax Credits (“NMTC”). The NMTC program provides federal tax incentives to investors to make investments in distressed communities and promotes economic improvements through the development of successful businesses in these communities. The NMTC is available to investors over seven years and is subject to recapture if certain events occur during such period. The maximum exposure to loss in the CDEs is the amount of equity invested and credit extended by the Company. However, the Company has credit protection in the form of indemnification agreements, guarantees, and collateral arrangements. The Company has evaluated the variable interests held by the Company in each CDE (NMTC) investment and determined the Company does not individually meet the characteristics of a primary beneficiary; however, the related-party group does meet the criteria as a group and substantially all of the activities of the CDEs either involve or are conducted on behalf of the Company. As a result, the Company is the primary beneficiary of the CDEs and their assets, liabilities, and results of operations are included in the Company’s consolidated financial statements. The primary activities of the CDEs are recognized in commercial loans interest income and other borrowed funds interest expense on the Company’s statements of operations and the federal income tax credit allocations from the investments are recognized in the Company’s statements of operations as a component of income tax expense. Such related cash flows are recognized in loans originated, principal collected on loans and change in other borrowed funds.

The Bank is also the sole member of certain tax credit funds that make direct investments in qualified affordable housing projects (e.g., Low-Income Housing Tax Credit [“LIHTC”] partnerships). As such, the Company is the primary beneficiary of these tax credit funds and their assets, liabilities, and results of operations are included in the Company’s consolidated financial statements.

The following table summarizes the carrying amounts of the consolidated VIEs’ assets and liabilities included in the Company’s statements of financial condition and are adjusted for intercompany eliminations. All assets presented can be used only to settle obligations of the consolidated VIEs and all liabilities presented consist of liabilities for which creditors and other beneficial interest holders therein have no recourse to the general credit of the Company.


(Dollars in thousands)	September 30, 2024		December 31, 2023
Assets
Loans receivable	$	122,938	136,527
Accrued interest receivable	761		376
Other assets	72,941		48,924
Total assets	$	196,640	185,827
Liabilities
Other borrowed funds	$	61,911	56,578
Accrued interest payable	580		242
Other liabilities	19,186		182
Total liabilities	$	81,677	57,002

Unconsolidated Variable Interest Entities

The Company has equity investments in LIHTC partnerships, both directly and through tax credit funds, with carrying values of $187,428,000 and $83,962,000 as of September 30, 2024 and December 31, 2023, respectively. The LIHTCs are indirect federal subsidies to finance low-income housing and are used in connection with both newly constructed and renovated residential rental buildings. Once a project is placed in service, it is generally eligible for the tax credit for ten years. To continue generating the tax credit and to avoid tax credit recapture, a LIHTC building must satisfy specific low-income housing compliance rules for a full fifteen years. The maximum exposure to loss in the VIEs is the amount of equity invested and credit extended by the Company. However, the Company has credit protection in the form of indemnification agreements, guarantees, and collateral arrangements. The Company has evaluated the variable interests held by the Company in each LIHTC investment and determined that the Company does not have controlling financial interests in such investments, and is not the primary beneficiary. The Company reports the investments in the unconsolidated LIHTCs as other assets on the Company’s statements of financial condition and any unfunded equity commitments in other liabilities. There were no impairment losses on the Company’s LIHTC investments during the nine months ended September 30, 2024 and 2023. Future unfunded contingent equity commitments related to the Company’s LIHTC investments at September 30, 2024 are as follows:


(Dollars in thousands)	Amount
Years ending December 31,
2024	$	25,629
2025	42,269
2026	14,040
2027	1,594
2028	649
Thereafter	2,547
Total	$	86,728

The Company has elected to use the proportional amortization method, and more specifically the practical expedient method, for the amortization of all eligible LIHTC investments and amortization expense is recognized as a component of income tax expense. The following table summarizes the amortization expense and the amount of tax credits and other tax benefits recognized for qualified affordable housing project investments during the periods presented.


	Three Months ended			Nine Months ended
(Dollars in thousands)	September 30, 2024		September 30, 2023	September 30, 2024	September 30, 2023
Amortization expense	$	5,224	3,728	15,612	11,636
Tax credits and other tax benefits recognized	6,812		4,981	20,422	15,552

The Company also owns the following trust subsidiaries, each of which issued trust preferred securities as capital instruments: Glacier Capital Trust II, Glacier Capital Trust III, Glacier Capital Trust IV, Citizens (ID) Statutory Trust I, Bank of the San Juans Bancorporation Trust I, First Company Statutory Trust 2001, First Company Statutory Trust 2003, FNB (UT) Statutory Trust I and FNB (UT) Statutory Trust II. The trust subsidiaries have no assets, operations, revenues or cash flows other than those related to the issuance, administration and repayment of the securities held by third parties. The trust subsidiaries are not included in the Company’s consolidated financial statements because the sole asset of each trust subsidiary is a receivable from the Company, even though the Company owns all of the voting equity shares of the trust subsidiaries, has fully guaranteed the obligations of the trust subsidiaries and may have the right to redeem the third party securities under certain circumstances. The Company reports the trust preferred securities issued to the trust subsidiaries as subordinated debentures on the Company’s statements of financial condition.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Loans Receivable, Net - Financial Effect of Modifications (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Residential real estate \| Interest Rate Reduction
Financing Receivable, Modified
Weighted Average Interest Rate Reduction			0.00%
Residential real estate \| Weighted Average Term Extension
Financing Receivable, Modified
Weighted Average Term Extension			1 year 8 months
Residential real estate \| Principal Forgiveness
Financing Receivable, Modified
Principal Forgiveness			$ 0
Commercial real estate \| Interest Rate Reduction
Financing Receivable, Modified
Weighted Average Interest Rate Reduction		0.17%	2.08%	0.19%
Commercial real estate \| Weighted Average Term Extension
Financing Receivable, Modified
Weighted Average Term Extension		6 months	1 year 1 month	8 months
Commercial real estate \| Principal Forgiveness
Financing Receivable, Modified
Principal Forgiveness		$ 0	$ 0	$ 0
Other commercial \| Interest Rate Reduction
Financing Receivable, Modified
Weighted Average Interest Rate Reduction	0.00%	0.04%	0.00%	0.04%
Other commercial \| Weighted Average Term Extension
Financing Receivable, Modified
Weighted Average Term Extension	7 months	7 months	3 months	1 year 7 months
Other commercial \| Principal Forgiveness
Financing Receivable, Modified
Principal Forgiveness	$ 0	$ 0	$ 0	$ 0
Home equity \| Interest Rate Reduction
Financing Receivable, Modified
Weighted Average Interest Rate Reduction		1.17%
Home equity \| Weighted Average Term Extension
Financing Receivable, Modified
Weighted Average Term Extension		1 year 10 months
Home equity \| Principal Forgiveness
Financing Receivable, Modified
Principal Forgiveness		$ 0
Other consumer \| Interest Rate Reduction
Financing Receivable, Modified
Weighted Average Interest Rate Reduction				1.17%
Other consumer \| Weighted Average Term Extension
Financing Receivable, Modified
Weighted Average Term Extension				1 year 10 months
Other consumer \| Principal Forgiveness
Financing Receivable, Modified
Principal Forgiveness				$ 10

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finance lease cost
Amortization of ROU assets	$ 1,090	$ 1,060	$ 3,281	$ 3,118
Interest on lease liabilities	207	239	647	723
Operating lease cost	1,302	1,359	3,929	4,243
Short-term lease cost	114	151	347	528
Variable lease cost	465	410	1,220	1,262
Sublease income	(10)	(9)	(30)	(32)
Total lease expense	$ 3,168	$ 3,210	$ 9,394	$ 9,842

Fair Value of Assets and Liabilities - Fair Value Measurements on a Non-Recurring Basis (Details) - Non-Recurring Measurements - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets with a recorded change resulting from re-measuring at fair value on a non-recurring basis
Other real estate owned	$ 120	$ 166
Collateral-dependent impaired loans, net of ACL	2,854	1,332
Total assets measured at fair value on a recurring basis	2,974	1,498
Level 1
Assets with a recorded change resulting from re-measuring at fair value on a non-recurring basis
Other real estate owned	0	0
Collateral-dependent impaired loans, net of ACL	0	0
Total assets measured at fair value on a recurring basis	0	0
Level 2
Assets with a recorded change resulting from re-measuring at fair value on a non-recurring basis
Other real estate owned	0	0
Collateral-dependent impaired loans, net of ACL	0	0
Total assets measured at fair value on a recurring basis	0	0
Level 3
Assets with a recorded change resulting from re-measuring at fair value on a non-recurring basis
Other real estate owned	120	166
Collateral-dependent impaired loans, net of ACL	2,854	1,332
Total assets measured at fair value on a recurring basis	$ 2,974	$ 1,498

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Paid-in Capital	Retained Earnings- Substantially Restricted	Accumulated Other Compre- hensive (Loss) Income
Balance, beginning (in shares) at Dec. 31, 2022		110,777,780
Balance, beginning at Dec. 31, 2022	$ 2,843,305	$ 1,108	$ 2,344,005	$ 966,984	$ (468,792)
Increase (Decrease) in Stockholders' Equity
Net income	168,611			168,611
Other comprehensive income (loss)	(31,575)				(31,575)
Cash dividends declared	(110,048)			(110,048)
Stock issuances under stock incentive plans (in shares)		101,585
Stock issuances under stock incentive plans	0	$ 1	(1)
Stock-based compensation and related taxes	4,301		4,301
Balance, ending (in shares) at Sep. 30, 2023		110,879,365
Balance, ending at Sep. 30, 2023	2,874,594	$ 1,109	2,348,305	1,025,547	(500,367)
Balance, beginning (in shares) at Jun. 30, 2023		110,873,887
Balance, beginning at Jun. 30, 2023	2,926,526	$ 1,109	2,346,422	1,009,782	(430,787)
Increase (Decrease) in Stockholders' Equity
Net income	52,445			52,445
Other comprehensive income (loss)	(69,580)				(69,580)
Cash dividends declared	(36,680)			(36,680)
Stock issuances under stock incentive plans (in shares)		5,478
Stock-based compensation and related taxes	1,883		1,883
Balance, ending (in shares) at Sep. 30, 2023		110,879,365
Balance, ending at Sep. 30, 2023	$ 2,874,594	$ 1,109	2,348,305	1,025,547	(500,367)
Balance, beginning (in shares) at Dec. 31, 2023	110,888,942	110,888,942
Balance, beginning at Dec. 31, 2023	$ 3,020,281	$ 1,109	2,350,104	1,043,181	(374,113)
Increase (Decrease) in Stockholders' Equity
Net income	128,390			128,390
Other comprehensive income (loss)	111,807				111,807
Cash dividends declared	(112,549)			(112,549)
Stock issued in connection with acquisitions (in shares)		2,389,684
Stock issued in connection with acquisitions	92,385	$ 24	92,361
Stock issuances under stock incentive plans (in shares)		116,160
Stock issuances under stock incentive plans	0	$ 1	(1)
Stock-based compensation and related taxes	$ 4,736		4,736
Balance, ending (in shares) at Sep. 30, 2024	113,394,786	113,394,786
Balance, ending at Sep. 30, 2024	$ 3,245,050	$ 1,134	2,447,200	1,059,022	(262,306)
Balance, beginning (in shares) at Jun. 30, 2024		113,394,092
Balance, beginning at Jun. 30, 2024	3,137,445	$ 1,134	2,445,479	1,045,483	(354,651)
Increase (Decrease) in Stockholders' Equity
Net income	51,055			51,055
Other comprehensive income (loss)	92,345				92,345
Cash dividends declared	(37,516)			(37,516)
Stock issuances under stock incentive plans (in shares)		694
Stock-based compensation and related taxes	$ 1,721		1,721
Balance, ending (in shares) at Sep. 30, 2024	113,394,786	113,394,786
Balance, ending at Sep. 30, 2024	$ 3,245,050	$ 1,134	$ 2,447,200	$ 1,059,022	$ (262,306)

Fair Value of Assets and Liabilities

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There is a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are as follows:

Level 1 Quoted prices in active markets for identical assets or liabilities

Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities

Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities

Transfers in and out of Level 1 (quoted prices in active markets), Level 2 (significant other observable inputs) and Level 3 (significant unobservable inputs) are recognized on the actual transfer date. There were no transfers between fair value hierarchy levels during the nine month periods ended September 30, 2024 and 2023.

Recurring Measurements

The following is a description of the inputs and valuation methodologies used for assets and liabilities measured at fair value on a recurring basis, as well as the general classification of such assets and liabilities pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the period ended September 30, 2024.

Debt securities, available-for-sale. The fair value for available-for-sale debt securities is estimated by obtaining quoted market prices for identical assets, where available. If such prices are not available, fair value is based on independent asset pricing services and models, the inputs of which are market-based or independently sourced market parameters, including but not limited to, yield curves, interest rates, volatilities, market spreads, prepayments, defaults, recoveries, cumulative loss projections, and cash flows. Such securities are classified in Level 2 of the valuation hierarchy. Where Level 1 or Level 2 inputs are not available, such securities are classified as Level 3 within the hierarchy.

Fair value determinations of available-for-sale debt securities are the responsibility of the Company’s corporate accounting and treasury departments. The Company obtains fair value estimates from independent third party vendors on a monthly basis. The vendors’ pricing system methodologies, procedures and system controls are reviewed to ensure they are appropriately designed and operating effectively. The Company reviews the vendors’ inputs for fair value estimates and the recommended assignments of levels within the fair value hierarchy. The review includes the extent to which markets for debt securities are determined to have limited or no activity, or are judged to be active markets. The Company reviews the extent to which observable and unobservable inputs are used as well as the appropriateness of the underlying assumptions about risk that a market participant would use in active markets, with adjustments for limited or inactive markets. In considering the inputs to the fair value estimates, the Company places less reliance on quotes that are judged to not reflect orderly transactions, or are non-binding indications. In assessing credit risk, the Company reviews payment performance, collateral adequacy, third party research and analyses, credit rating histories and issuers’ financial statements. For those markets determined to be inactive or limited, the valuation techniques used are models for which management has verified that discount rates are appropriately adjusted to reflect illiquidity and credit risk.

Loans held for sale, at fair value. Loans held for sale measured at fair value, for which an active secondary market and readily available market prices exist, are initially valued at the transaction price and are subsequently valued by using quoted prices for similar assets, adjusted for specific attributes of that loan or other observable market data, such as outstanding commitments from third party investors. Loans held for sale measured at fair value are classified within Level 2. Included in gain on sale of loans were net gains of $964,000 and $370,000 for the nine month periods ended September 30, 2024 and 2023, respectively, from the changes in fair value of loans held for sale measured at fair value. Electing to measure loans held for sale at fair value reduces certain timing differences and better matches changes in fair value of these assets with changes in the value of the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting.

Loan interest rate lock commitments. Fair value estimates for loan interest rate lock commitments were based upon the estimated sales price, origination fees, direct costs, interest rate changes, etc. and were obtained from an independent third party. The components of the valuation were observable or could be corroborated by observable market data and, therefore, were classified within Level 2 of the valuation hierarchy.

Forward commitments to sell TBA securities. Forward commitments to sell TBA securities are used to economically hedge the interest rate risk associated with certain loan commitments. The fair value estimates for the TBA commitments were based upon the estimated sale of the TBA hedge obtained from an independent third party. The components of the valuation were observable or could be corroborated by observable market data and, therefore, were classified within Level 2 of the valuation hierarchy.

Interest rate cap derivative financial instruments. Fair value estimates for interest rate cap derivative financial instruments were based upon the discounted cash flows of known payments plus the option value of each caplet which incorporates market rate forecasts and implied market volatilities. The components of the valuation were observable or could be corroborated by observable market data and, therefore, were classified within Level 2 of the valuation hierarchy. The Company also obtained and compared the reasonableness of the pricing from independent third party valuations.

Interest rate swap derivative financial instruments. Fair value estimates for interest rate swap derivative financial instruments were based upon the estimated amounts to settle the contracts considering current interest rates and were calculated using discounted cash flows. The inputs used to determine fair value included the compounded overnight SOFR rate to estimate variable rate cash inflows and the overnight SOFR swap rate to estimate the discount rate. The estimated variable rate cash inflows were compared to the fixed rate outflows and such difference was discounted to a present value to estimate the fair value of the interest rate swaps. The components of the valuation were observable or could be corroborated by observable market data and, therefore, were classified within Level 2 of the valuation hierarchy. The Company also obtained and compared the reasonableness of the pricing from independent third party valuations.

The following tables disclose the fair value measurement of assets and liabilities measured at fair value on a recurring basis:


			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Fair Value September 30, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Debt securities, available-for-sale
U.S. government and federal agency	$	467,606	—	467,606	—
U.S. government sponsored enterprises	310,069		—	310,069	—
State and local governments	72,370		—	72,370	—
Corporate bonds	14,542		—	14,542	—
Residential mortgage-backed securities	2,524,204		—	2,524,204	—
Commercial mortgage-backed securities	1,047,787		—	1,047,787	—
Loans held for sale, at fair value	46,126		—	46,126	—
Interest rate caps	1,883		—	1,883	—
Interest rate locks	985		—	985	—


Total assets measured at fair value on a recurring basis	$	4,485,572	—	4,485,572	—
TBA hedge	$	311	—	311	—
Interest rate swap	19,839		—	19,839	—
Total liabilities measured at fair value on a recurring basis	$	20,150	—	20,150	—


			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Fair Value December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Debt securities, available-for-sale
U.S. government and federal agency	$	455,347	—	455,347	—
U.S. government sponsored enterprises	299,219		—	299,219	—
State and local governments	98,932		—	98,932	—
Corporate bonds	26,253		—	26,253	—
Residential mortgage-backed securities	2,811,263		—	2,811,263	—
Commercial mortgage-backed securities	1,094,705		—	1,094,705	—
Loans held for sale, at fair value	15,691		—	15,691	—
Interest rate caps	4,990		—	4,990	—
Interest rate locks	604		—	604	—
Total assets measured at fair value on a recurring basis	$	4,807,004	—	4,807,004	—
TBA hedge	$	350	—	350	—
Interest rate swap	17,988		—	17,988	—
Total liabilities measured at fair value on a recurring basis	$	18,338	—	18,338	—

Non-recurring Measurements

The following is a description of the inputs and valuation methodologies used for assets recorded at fair value on a non-recurring basis, as well as the general classification of such assets pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the period ended September 30, 2024.

Other real estate owned. OREO is initially recorded at fair value less estimated cost to sell, establishing a new cost basis. OREO is subsequently accounted for at lower of cost or fair value less estimated cost to sell. Estimated fair value of OREO is based on appraisals or evaluations (new or updated). OREO is classified within Level 3 of the fair value hierarchy.

Collateral-dependent loans, net of ACL. Fair value estimates of collateral-dependent loans that are individually reviewed are based on the fair value of the collateral, less estimated cost to sell. Collateral-dependent individually reviewed loans are classified within Level 3 of the fair value hierarchy.

The Company’s credit department reviews appraisals for OREO and collateral-dependent loans, giving consideration to the highest and best use of the collateral. The appraisal or evaluation (new or updated) is considered the starting point for determining fair value. The valuation techniques used in preparing appraisals or evaluations (new or updated) include the cost approach, income approach, sales comparison approach, or a combination of the preceding valuation techniques. The key inputs used to determine the fair value of the collateral-dependent loans and OREO include selling costs, discounted cash flow rate or capitalization rate, and adjustment to comparables. Valuations and significant inputs obtained by independent sources are reviewed by the Company for accuracy and reasonableness. The Company also considers other factors and events in the environment that may affect the fair value. The appraisals or evaluations (new or updated) are reviewed at least quarterly and more frequently based on current market conditions, including deterioration in a borrower’s financial condition and when property values may be subject to significant volatility. After review and acceptance of the collateral appraisal or evaluation (new or updated), adjustments to the impaired loan or OREO may occur. The Company generally obtains appraisals or evaluations (new or updated) annually.

The following tables disclose the fair value measurement of assets with a recorded change during the period resulting from re-measuring the assets at fair value on a non-recurring basis:


			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Fair Value September 30, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Other real estate owned	$	120	—	—	120
Collateral-dependent impaired loans, net of ACL	$	2,854	—	—	2,854

Total assets measured at fair value on a non-recurring basis	$	2,974	—	—	2,974


			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Fair Value December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Other real estate owned	$	166	—	—	166
Collateral-dependent impaired loans, net of ACL	1,332		—	—	1,332
Total assets measured at fair value on a non-recurring basis	$	1,498	—	—	1,498

Non-recurring Measurements Using Significant Unobservable Inputs (Level 3)

The following tables present additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized Level 3 inputs to determine fair value:


	Fair Value September 30, 2024		Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands)			Valuation Technique	Unobservable Input	Range (Weighted-Average) 1


Other real estate owned	$	120	Sales comparison approach	Selling costs	10.0% - 10.0% (10.0%)





Collateral-dependent impaired loans, net of ACL	$	1,490	Cost approach	Selling costs	10.0% - 10.0% (10.0%)


	1,103		Sales comparison approach	Selling costs	10.0% - 20.0% (10.8%)

				Adjustment to comparables	0.0% - 0.0% (0.0%)
	261		Combined approach	Selling costs	10.0% - 10.0% (10.0%)


	$	2,854


	Fair Value December 31, 2023		Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands)			Valuation Technique	Unobservable Input	Range (Weighted-Average) 1

Other real estate owned	$	166	Sales comparison approach	Selling costs	0.0% - 10.0% (8.1%)






Collateral-dependent impaired loans, net of ACL	$	1,258	Cost approach	Selling costs	10.0% - 10.0% (10.0%)


	74		Sales comparison approach	Selling Costs	10.0% - 10.0% (10.0%)





	$	1,332

______________________________

1 The range for selling cost inputs represents reductions to the fair value of the assets.

Fair Value of Financial Instruments

The following tables present the carrying amounts, estimated fair values and the level within the fair value hierarchy of the Company’s financial instruments not carried at fair value. Receivables and payables due in one year or less, equity securities without readily determinable fair values and deposits with no defined or contractual maturities are excluded. There have been no significant changes in the valuation techniques during the period ended September 30, 2024.

Cash and cash equivalents: fair value is estimated at book value.

Debt securities, held-to-maturity: fair value for held-to-maturity debt securities is estimated in the same manner as available-for sale debt securities, which is described above.

Loans receivable, net of ACL: the loans were fair valued on an individual basis, with consideration given to the loans' underlying characteristics, including account types, remaining terms and balance, interest rates, past delinquencies, current market rates, etc. The model utilizes a discounted cash flow approach to estimate the fair value of the loans using various assumptions such as prepayment speeds, projected default probabilities, losses given defaults, etc. The discounted cash flow approach models the credit losses directly in the projected cash flows. The model applies various assumptions regarding credit, interest, and prepayment risks for the loans based on loan types, payment types and fixed or variable classifications.

Term Deposits: fair value of term deposits is estimated by discounting the future cash flows using rates of similar deposits with similar maturities. The market rates used were obtained from an independent third party based on current rates offered by the Company’s regional competitors.

FHLB advances: fair value of advances is estimated based on borrowing rates currently available to the Company for advances with similar terms and maturities.

FRB borrowing: fair value of borrowings through the FRB is estimated based on borrowing rates currently available to the Company through the Bank Term Funding Program (“BTFP”) with similar terms and maturities.

Repurchase agreements and other borrowed funds: fair value of term repurchase agreements and other term borrowings is estimated based on current repurchase rates and borrowing rates currently available to the Company for repurchases and borrowings with similar terms and maturities. The estimated fair value for overnight repurchase agreements and other borrowings is book value.

Subordinated debentures: fair value of the subordinated debt is estimated by discounting the estimated future cash flows using current estimated market rates obtained from an independent third party.

Off-balance sheet financial instruments: unused lines of credit and letters of credit represent the principal categories of off-balance sheet financial instruments. The fair value of commitments is based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The fair value of unused lines of credit and letters of credit is not material; therefore, such commitments are not included in the following tables.


			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Carrying Amount September 30, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial assets
Cash and cash equivalents	$	987,833	987,833	—	—
Debt securities, held-to-maturity	3,348,698		—	3,080,549	—
Loans receivable, net of ACL	16,976,017		—	—	17,089,754
Total financial assets	$	21,312,548	987,833	3,080,549	17,089,754
Financial liabilities
Term deposits	$	3,284,609	—	3,329,142	—
FHLB advances	1,800,000		—	1,796,520	—

Repurchase agreements and other borrowed funds	1,915,669		—	1,915,669	—
Subordinated debentures	133,065		—	121,219	—
Total financial liabilities	$	7,133,343	—	7,162,550	—


			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Carrying Amount December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial assets
Cash and cash equivalents	$	1,354,342	1,354,342	—	—
Debt securities, held-to-maturity	3,502,411		—	3,180,194	—
Loans receivable, net of ACL	16,005,325		—	—	16,133,681
Total financial assets	$	20,862,078	1,354,342	3,180,194	16,133,681
Financial liabilities
Term deposits	$	2,915,393	—	2,955,521	—

FRB Bank Term Funding	2,740,000		—	2,738,031	—
Repurchase agreements and other borrowed funds	1,568,545		—	1,568,545	—
Subordinated debentures	132,943		—	119,768	—
Total financial liabilities	$	7,356,881	—	7,381,865	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Loans Receivable, Net - Performance of Loans Modified in Last Twelve Months (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Financing Receivable, Modified
Total	$ 53,638	$ 53,744
Non-Accrual	1,901	2,169
Current
Financing Receivable, Modified
Total	50,269	50,624
30-89 Days Past Due
Financing Receivable, Modified
Total	907	926
90 Days or More Past Due
Financing Receivable, Modified
Total	561	25
Residential real estate
Financing Receivable, Modified
Total	204	679
Non-Accrual	0	0
Residential real estate \| Current
Financing Receivable, Modified
Total	204	679
Residential real estate \| 30-89 Days Past Due
Financing Receivable, Modified
Total	0	0
Residential real estate \| 90 Days or More Past Due
Financing Receivable, Modified
Total	0	0
Commercial real estate
Financing Receivable, Modified
Total	39,706	40,749
Non-Accrual	1,901	1,553
Commercial real estate \| Current
Financing Receivable, Modified
Total	37,143	39,196
Commercial real estate \| 30-89 Days Past Due
Financing Receivable, Modified
Total	101	0
Commercial real estate \| 90 Days or More Past Due
Financing Receivable, Modified
Total	561	0
Other commercial
Financing Receivable, Modified
Total	13,728	11,597
Non-Accrual	0	565
Other commercial \| Current
Financing Receivable, Modified
Total	12,922	10,081
Other commercial \| 30-89 Days Past Due
Financing Receivable, Modified
Total	806	926
Other commercial \| 90 Days or More Past Due
Financing Receivable, Modified
Total	$ 0	25
Home equity
Financing Receivable, Modified
Total		51
Non-Accrual		51
Home equity \| Current
Financing Receivable, Modified
Total		0
Home equity \| 30-89 Days Past Due
Financing Receivable, Modified
Total		0
Home equity \| 90 Days or More Past Due
Financing Receivable, Modified
Total		0
Other consumer
Financing Receivable, Modified
Total		668
Non-Accrual		0
Other consumer \| Current
Financing Receivable, Modified
Total		668
Other consumer \| 30-89 Days Past Due
Financing Receivable, Modified
Total		0
Other consumer \| 90 Days or More Past Due
Financing Receivable, Modified
Total		$ 0

Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of pre-tax gains or losses

The effect of cash flow hedge accounting on OCI for the periods ending September 30, 2024 and 2023 was as follows:


	Three Months ended			Nine Months ended
(Dollars in thousands)	September 30, 2024		September 30, 2023	September 30, 2024	September 30, 2023
Amount of (loss) gain recognized in OCI	$	(57)	654	870	2,540
Amount of gain reclassified from OCI to net income	1,304		1,244	3,852	3,331

Summary of derivative instruments

The following tables present the notional and estimated fair value amount of derivative positions outstanding:


	September 30, 2024
							Weighted Average
(Dollars in thousands)	Notional Amount		Asset Derivative		Liability Derivative		Remaining Maturity	Receive Rate	Pay Rate
Interest rate swap - securities	$	1,630,500	$	—	$	19,839	1.4 years	SOFR	4.56	%


	December 31, 2023
							Weighted Average
(Dollars in thousands)	Notional Amount		Asset Derivative		Liability Derivative		Remaining Maturity	Receive Rate	Pay Rate
Interest rate swap - securities	$	1,500,000	$	—	$	17,988	2.1 years	SOFR	4.63	%

The following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges:


(Dollars in thousands)	Amortized cost of the Hedged Assets				Amortized Cost of Fair Value Hedging Included in the Carrying Amount of the Hedged Assets
Line item on the balance sheet	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Investment securities available-for-sale	$	3,354,388	$	3,807,239	$	19,839	$	17,988

The effects of the fair value hedge relationships on the income statement were as follows:


		Three Months Ended				Nine Months ended
(Dollars in thousands)	Location of Gain (Loss)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Interest rate swap	Interest income on investment securities	$	(18,935)	$	—	$	7,023	—
AFS debt securities	Interest income on investment securities	22,148		—		1,851		—

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Variable Interest Entities - Amortization Expense and Tax Credits and Other Tax Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Amortization expense	$ 5,224	$ 3,728	$ 15,612	$ 11,636
Tax credits and other tax benefits recognized	$ 6,812	$ 4,981	$ 20,422	$ 15,552

Loan Servicing - Changes in Carrying Value (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Carrying value at beginning of period	$ 12,534	$ 13,488
Additions	565	434
Amortization	(1,031)	(1,388)
Carrying value at end of period	12,068	12,534
Principal balances of loans serviced for others	1,522,822	1,570,834
Fair value of servicing rights	$ 17,317	$ 18,000

Other Expenses

9 Months Ended

Sep. 30, 2024

Other Expenses [Abstract]

Other Expenses

Other expenses consists of the following:


	Three Months ended			Nine Months ended
(Dollars in thousands)	September 30, 2024		September 30, 2023	September 30, 2024		September 30, 2023
Consulting and outside services	$	6,440	3,697	$	16,452	12,863
Debit card expenses	3,959		2,955	10,841		8,682
Mergers and acquisition expenses	1,916		279	9,424		842
Loan expenses	1,922		2,032	5,856		5,513
VIE amortization and other expenses	1,131		1,603	5,293		5,349
Employee expenses	1,617		1,480	4,651		4,727
Telephone	1,482		1,545	4,534		4,599
Checking and operating expenses	1,039		713	4,374		2,429
Business development	1,526		1,399	4,258		3,929
Postage	1,206		1,097	3,639		3,223
Printing and supplies	867		798	2,357		2,334
Legal fees	357		276	1,314		1,163
Accounting and audit fees	309		131	1,308		1,157
(Gain) loss on dispositions of fixed assets	(586)		37	(3,124)		23
Other	2,663		2,309	7,770		6,773
Total other expenses	$	25,848	20,351	$	78,947	63,606

Nature of Operations and Summary of Significant Accounting Policies - Schedule of Provision for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Provision for credit loss loans	$ 6,981	$ 5,095	$ 21,138	$ 16,609
Provision for credit loss unfunded	1,024	(1,556)	(1,366)	(4,827)
Total provision for credit losses	$ 8,005	$ 3,539	$ 19,772	$ 11,782

Variable Interest Entities - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Variable Interest Entities
Carrying value of equity investments in LIHTCs	$ 187,428,000		$ 83,962,000
Impairment losses	$ 0	$ 0
CDE
Variable Interest Entities
Tax credit period	7 years
LIHTC
Variable Interest Entities
Tax credit period	10 years
Tax credit compliance period	15 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Loan Servicing

9 Months Ended

Sep. 30, 2024

Mortgage Banking [Abstract]

Loan Servicing

Mortgage loans that are serviced for others are not reported as assets, only the servicing rights are recorded and included in other assets. The following schedules disclose the change in the carrying value of mortgage servicing rights that is included in other assets, principal balances of loans serviced and the fair value of mortgage servicing rights:


(Dollars in thousands)	September 30, 2024		December 31, 2023
Carrying value at beginning of period	$	12,534	13,488

Additions	565		434
Amortization	(1,031)		(1,388)
Carrying value at end of period	$	12,068	12,534
Principal balances of loans serviced for others	$	1,522,822	1,570,834
Fair value of servicing rights	$	17,317	18,000

Securities Sold Under Agreements to Repurchase

The following table summarizes the carrying value of the Company’s securities sold under agreements to repurchase (“repurchase agreements”) by remaining contractual maturity of the agreements and category of collateral:


	Overnight and Continuous
(Dollars in thousands)	September 30, 2024		December 31, 2023
U.S. government and federal agency	$	—		$	113,509



Residential mortgage-backed securities	1,831,501			1,306,047
Commercial mortgage-backed securities	—			67,294
Total	$	1,831,501		1,486,850

The repurchase agreements are secured by debt securities with carrying values of $2,161,361,000 and $1,800,829,000 at September 30, 2024 and December 31, 2023, respectively. Securities are pledged to customers at the time of the transaction in an amount at least equal to the outstanding balance and are held in custody accounts by third parties. The fair value of collateral is continually monitored and additional collateral is provided as deemed appropriate.

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-4

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(4)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/860/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (cc)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(5)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-7

Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-4

+ Details

Loans Receivable, Net - Amortized Cost Basis for Loans Modified (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Financing Receivable, Modified
Amortized Cost Basis	$ 5,702	$ 42,200	$ 53,638	$ 53,744
Term Extension and Payment Deferral
Financing Receivable, Modified
Amortized Cost Basis	5,702	37,940	25,659	49,126
Combination - Term Extension and Interest Rate Reduction
Financing Receivable, Modified
Amortized Cost Basis	0	4,260	27,979	4,618
Residential real estate
Financing Receivable, Modified
Amortized Cost Basis		679	204	679
Residential real estate \| Term Extension and Payment Deferral
Financing Receivable, Modified
Amortized Cost Basis		$ 679	$ 204	$ 679
% of Total Class		0.00%	0.00%	0.00%
Residential real estate \| Combination - Term Extension and Interest Rate Reduction
Financing Receivable, Modified
Amortized Cost Basis		$ 0	$ 0	$ 0
% of Total Class		0.00%	0.00%	0.00%
Commercial real estate
Financing Receivable, Modified
Amortized Cost Basis	1,509	$ 34,624	$ 39,706	$ 40,749
Commercial real estate \| Term Extension and Payment Deferral
Financing Receivable, Modified
Amortized Cost Basis	$ 1,509	$ 32,090	$ 11,727	$ 37,880
% of Total Class	0.00%	0.30%	0.10%	0.40%
Commercial real estate \| Combination - Term Extension and Interest Rate Reduction
Financing Receivable, Modified
Amortized Cost Basis	$ 0	$ 2,534	$ 27,979	$ 2,869
% of Total Class	0.00%	0.00%	0.30%	0.00%
Other commercial
Financing Receivable, Modified
Amortized Cost Basis	$ 4,193	$ 6,245	$ 13,728	$ 11,597
Other commercial \| Term Extension and Payment Deferral
Financing Receivable, Modified
Amortized Cost Basis	$ 4,193	$ 5,069	$ 13,728	$ 10,398
% of Total Class	0.10%	0.20%	0.40%	0.40%
Other commercial \| Combination - Term Extension and Interest Rate Reduction
Financing Receivable, Modified
Amortized Cost Basis	$ 0	$ 1,176	$ 0	$ 1,199
% of Total Class	0.00%	0.00%	0.00%	0.00%
Home equity
Financing Receivable, Modified
Amortized Cost Basis				$ 51
Home equity \| Term Extension and Payment Deferral
Financing Receivable, Modified
Amortized Cost Basis				$ 51
% of Total Class				0.00%
Home equity \| Combination - Term Extension and Interest Rate Reduction
Financing Receivable, Modified
Amortized Cost Basis				$ 0
% of Total Class				0.00%
Other consumer
Financing Receivable, Modified
Amortized Cost Basis		$ 652		$ 668
Other consumer \| Term Extension and Payment Deferral
Financing Receivable, Modified
Amortized Cost Basis		$ 102		$ 118
% of Total Class		0.00%		0.00%
Other consumer \| Combination - Term Extension and Interest Rate Reduction
Financing Receivable, Modified
Amortized Cost Basis		$ 550		$ 550
% of Total Class		0.10%		0.10%

Goodwill (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

The following schedule discloses the changes in the carrying value of goodwill:


	Three Months ended			Nine Months ended
(Dollars in thousands)	September 30, 2024		September 30, 2023	September 30, 2024	September 30, 2023
Net carrying value at beginning of period	$	1,023,762	985,393	985,393	985,393
Acquisitions and adjustments	29,794		—	68,163	—

Net carrying value at end of period	$	1,053,556	985,393	1,053,556	985,393

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Debt Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Amortized cost, gross unrealized gains and losses and fair value of debt securities

The following tables present the amortized cost, the gross unrealized gains and losses and the fair value of the Company’s debt securities:


	September 30, 2024
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains	Gross Unrealized Losses	Fair Value
Available-for-sale
U.S. government and federal agency	$	484,314	17	(16,725)	467,606
U.S. government sponsored enterprises	323,387		—	(13,318)	310,069
State and local governments	74,691		340	(2,661)	72,370
Corporate bonds	14,838		—	(296)	14,542
Residential mortgage-backed securities	2,780,411		18	(256,225)	2,524,204
Commercial mortgage-backed securities	1,107,531		664	(60,408)	1,047,787
Total available-for-sale	$	4,785,172	1,039	(349,633)	4,436,578
Held-to-maturity
U.S. government and federal agency	857,858		—	(43,408)	814,450
State and local governments	1,630,264		1,874	(172,903)	1,459,235
Residential mortgage-backed securities	860,576		—	(53,712)	806,864
Total held-to-maturity	3,348,698		1,874	(270,023)	3,080,549
Total debt securities	$	8,133,870	2,913	(619,656)	7,517,127


	December 31, 2023
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains	Gross Unrealized Losses	Fair Value
Available-for-sale
U.S. government and federal agency	$	485,005	11	(29,669)	455,347
U.S. government sponsored enterprises	321,993		—	(22,774)	299,219
State and local governments	101,903		302	(3,273)	98,932
Corporate bonds	27,007		2	(756)	26,253
Residential mortgage-backed securities	3,166,589		7	(355,333)	2,811,263
Commercial mortgage-backed securities	1,180,756		519	(86,570)	1,094,705
Total available-for-sale	$	5,283,253	841	(498,375)	4,785,719
Held-to-maturity
U.S. government and federal agency	853,273		—	(65,472)	787,801
State and local governments	1,650,000		2,843	(181,192)	1,471,651
Residential mortgage-backed securities	999,138		—	(78,396)	920,742
Total held-to-maturity	3,502,411		2,843	(325,060)	3,180,194
Total debt securities	$	8,785,664	3,684	(823,435)	7,965,913

Amortized cost and fair value of securities by contractual maturity

The following table presents the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by contractual maturity at September 30, 2024. Actual maturities may differ from expected or contractual maturities since some issuers have the right to prepay obligations with or without prepayment penalties.


	September 30, 2024
	Available-for-Sale			Held-to-Maturity
(Dollars in thousands)	Amortized Cost		Fair Value	Amortized Cost	Fair Value
Due within one year	$	56,222	55,073	9,139	9,133
Due after one year through five years	787,336		758,562	938,197	894,304
Due after five years through ten years	16,296		15,732	189,027	183,962
Due after ten years	37,376		35,220	1,351,759	1,186,286
	897,230		864,587	2,488,122	2,273,685
Mortgage-backed securities 1	3,887,942		3,571,991	860,576	806,864
Total	$	4,785,172	4,436,578	3,348,698	3,080,549

______________________________

1 Mortgage-backed securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds.

Proceeds from sales and calls of debt securities and the associated gains and losses

Proceeds from sales and calls of debt securities and the associated gains and losses that have been included in earnings are listed below for the periods shown:


	Three Months ended			Nine Months ended
(Dollars in thousands)	September 30, 2024		September 30, 2023	September 30, 2024	September 30, 2023
Available-for-sale
Proceeds from sales and calls of debt securities	$	77,099	410	250,818	31,695
Gross realized gains 1	753		—	782	145
Gross realized losses 1	(725)		—	(725)	(176)
Held-to-maturity
Proceeds from calls of debt securities	2,310		4,735	8,495	15,205
Gross realized gains 1	—		1	—	10
Gross realized losses 1	(2)		(66)	(27)	(181)

______________________________

1 The gain or loss on the sale or call of each debt security is determined by the specific identification method.

AFS debt securities in an unrealized loss position with no ACL recorded

The following tables summarize available-for-sale debt securities that were in an unrealized loss position for which an ACL has not been recorded, based on the length of time the individual securities have been in an unrealized loss position. The number of available-for-sale debt securities in an unrealized position is also disclosed.


	September 30, 2024
	Number of Securities	Less than 12 Months			12 Months or More		Total
(Dollars in thousands)		Fair Value		Unrealized Loss	Fair Value	Unrealized Loss	Fair Value	Unrealized Loss
Available-for-sale
U.S. government and federal agency	51	$	2,772	(32)	461,815	(16,693)	464,587	(16,725)
U.S. government sponsored enterprises	14	—		—	310,068	(13,318)	310,068	(13,318)
State and local governments	47	—		—	52,048	(2,661)	52,048	(2,661)
Corporate bonds	2	—		—	13,731	(296)	13,731	(296)
Residential mortgage-backed securities	378	25		(1)	2,521,798	(256,224)	2,521,823	(256,225)
Commercial mortgage-backed securities	140	18,248		(375)	989,901	(60,033)	1,008,149	(60,408)
Total available-for-sale	632	$	21,045	(408)	4,349,361	(349,225)	4,370,406	(349,633)


	December 31, 2023
	Number of Securities	Less than 12 Months			12 Months or More		Total
(Dollars in thousands)		Fair Value		Unrealized Loss	Fair Value	Unrealized Loss	Fair Value	Unrealized Loss
Available-for-sale
U.S. government and federal agency	57	$	3,702	(56)	448,909	(29,613)	452,611	(29,669)
U.S. government sponsored enterprises	14	—		—	299,220	(22,774)	299,220	(22,774)
State and local governments	85	3,039		(2)	64,645	(3,271)	67,684	(3,273)
Corporate bonds	4	—		—	23,262	(756)	23,262	(756)
Residential mortgage-backed securities	402	1,430		(44)	2,809,482	(355,289)	2,810,912	(355,333)
Commercial mortgage-backed securities	151	21,232		(268)	1,034,183	(86,302)	1,055,415	(86,570)
Total available-for-sale	713	$	29,403	(370)	4,679,701	(498,005)	4,709,104	(498,375)

Credit quality indictors for HTM debt securities

The following table summarizes the amortized cost of held-to-maturity municipal bonds aggregated by NRSRO credit rating:


(Dollars in thousands)	September 30, 2024		December 31, 2023
Municipal bonds held-to-maturity
S&P: AAA / Moody’s: Aaa	$	419,314	427,918
S&P: AA+, AA, AA- / Moody’s: Aa1, Aa2, Aa3	1,173,331		1,182,894
S&P: A+, A, A- / Moody’s: A1, A2, A3	33,984		37,742

Not rated by either entity	3,635		1,446

Total municipal bonds held-to-maturity	$	1,630,264	1,650,000

Nature of Operations and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations and Summary of Significant Accounting Policies

General

Glacier Bancorp, Inc. (“Company”) is a Montana corporation headquartered in Kalispell, Montana. The Company provides a full range of banking services to individuals and businesses in Montana, Idaho, Utah, Washington, Wyoming, Colorado, Arizona and Nevada through its wholly-owned bank subsidiary, Glacier Bank (“Bank”). The Company offers a wide range of banking products and services, including: 1) retail banking; 2) business banking; 3) real estate, commercial, agriculture and consumer loans; and 4) mortgage origination and loan servicing. The Company serves individuals, small to medium-sized businesses, community organizations and public entities.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of the results for the interim periods. All such adjustments are of a normal recurring nature. These interim financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements and they should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Operating results for the nine months ended September 30, 2024 are not necessarily indicative of the results anticipated for the year ending December 31, 2024. The condensed consolidated statement of financial condition of the Company as of December 31, 2023 has been derived from the audited consolidated statements of the Company as of that date.

The Company is a defendant in legal proceedings arising in the normal course of business. In the opinion of management, the disposition of pending litigation will not have a material affect on the Company’s consolidated financial position, results of operations or liquidity.

Material estimates that are particularly susceptible to significant change include: 1) the determination of the allowance for credit losses (“ACL” or “allowance”) on loans; 2) the valuation of debt securities; 3) the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans; and 4) the evaluation of goodwill impairment. For the determination of the ACL on loans and real estate valuation estimates, management obtains independent appraisals (new or updated) for significant items. Estimates relating to the investment valuations are obtained from independent third parties. Estimates relating to the evaluation of goodwill for impairment are determined based on internal calculations using independent party inputs.

Principles of Consolidation

The consolidated financial statements of the Company include the parent holding company and the Bank, which consists of seventeen bank divisions and a corporate division. The corporate division includes the Bank’s investment portfolio, wholesale borrowings and other centralized functions. The Bank divisions operate under separate names, management teams and advisory directors. The Company considers the Bank to be its sole operating segment as the Bank 1) engages in similar bank business activity from which it earns revenues and incurs expenses; 2) the operating results of the Bank are regularly reviewed by the Chief Executive Officer (“CEO”) (i.e., the chief operating decision maker) who makes decisions about resources to be allocated to the Bank; and 3) financial information is available for the Bank. All significant inter-company transactions have been eliminated in consolidation.

The Bank has subsidiary interests in variable interest entities (“VIE”) for which the Bank has both the power to direct the VIE’s significant activities and the obligation to absorb losses or right to receive benefits of the VIE that could potentially be significant to the VIE. These subsidiary interests are included in the Company’s consolidated financial statements. The Bank also has subsidiary interests in VIEs for which the Bank does not have a controlling financial interest and is not the primary beneficiary. These subsidiary interests are not included in the Company’s consolidated financial statements. For additional information on the Bank’s interest in VIEs, see Note 7.

The parent holding company owns non-bank subsidiaries that have issued trust preferred securities. The trust subsidiaries are not included in the Company’s consolidated financial statements. The Company's investments in the trust subsidiaries are included in other assets on the Company's statements of financial condition.

On January 31, 2024, the Company completed the acquisition of Community Financial Group, Inc. and its wholly-owned subsidiary, Wheatland Bank (“Wheatland”), a community bank based in Spokane, Washington. The business combination was accounted for using the acquisition method, with the results of operations included in the Company’s consolidated financial statements as of the acquisition date.

For additional information relating to mergers and acquisitions, see Note 14.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include cash on hand, cash held as demand deposits at various banks and the Federal Reserve Bank (“FRB”), interest bearing deposits, federal funds sold, and liquid investments with original maturities of three months or less. Interest bearing deposits are maintained at other financial institutions as collateral for certain derivative contracts and are considered restricted cash. The Company had $21,650,000 and $17,440,000 of restricted cash held as collateral for derivative contracts as of September 30, 2024 and December 31, 2023, respectively. The Bank is required to maintain an average reserve balance with either the FRB or in the form of cash on hand at a reserve rate determined by the FRB. Effective March 26, 2020, the FRB Board reduced the reserve requirement ratio to zero percent. The required reserve balance at September 30, 2024 was $0.

Debt Securities

Debt securities for which the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Debt securities held primarily for the purpose of selling in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses included in income. Debt securities not classified as held-to-maturity or trading are classified as available-for-sale and are reported at fair value with unrealized gains and losses, net of income taxes, as a separate component of other comprehensive income (“OCI”). Premiums and discounts on debt securities are amortized or accreted into income using a method that approximates the interest method. The objective of the interest method is to calculate periodic interest income at a constant effective yield. The Company does not have any debt securities classified as trading securities. When the Company acquires another entity, it records the debt securities at fair value.

The Company reviews and analyzes the various risks that may be present within the investment portfolio on an ongoing basis, including market risk, credit risk and liquidity risk. Market risk is the risk to an entity’s financial condition resulting from adverse changes in the value of its holdings arising from movements in interest rates, foreign exchange rates, equity prices or commodity prices. The Company assesses the market risk of individual debt securities as well as the investment portfolio as a whole. Credit risk, broadly defined, is the risk that an issuer or counterparty will fail to perform on an obligation. The credit rating of a security is considered the primary credit quality indicator for debt securities. Liquidity risk refers to the risk that a security will not have an active and efficient market in which the security can be sold.

A debt security is investment grade if the issuer has adequate capacity to meet its commitment over the expected life of the investment, i.e., the risk of default is low and full and timely repayment of interest and principal is expected. To determine investment grade status for debt securities, the Company conducts due diligence of the creditworthiness of the issuer or counterparty prior to acquisition and ongoing thereafter consistent with the risk characteristics of the security and the overall risk of the investment portfolio. Credit quality due diligence takes into account the extent to which a security is guaranteed by the U.S. government and other agencies of the U.S. government. The depth of the due diligence is based on the complexity of the structure, the size of the security, and takes into account material positions and specific groups of securities or stratifications for analysis and review of similar risk positions. The due diligence includes consideration of payment performance, collateral adequacy, internal analyses, third party research and analytics, external credit ratings and default statistics.

The Company has acquired debt securities through acquisitions and if the securities have more than insignificant credit deterioration since origination, they are designated as purchased credit-deteriorated (“PCD”) securities. An ACL is determined using the same methodology as with other debt securities. The sum of a PCD security’s fair value and associated ACL becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the debt security is a noncredit discount or premium, which is amortized into interest income over the life of the security. Subsequent changes to the ACL are recorded through provision for credit losses.

For additional information relating to debt securities, see Note 2.

Allowance for Credit Losses - Available-for-Sale Debt Securities

For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more-likely-than-not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through loss on sale of securities. For the available-for-sale securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In such assessment, the Company considers the extent to which fair value is less than amortized cost, if there are any changes to the investment grade of the security by a rating agency, and if there are any adverse conditions that impact the security. If this assessment indicates a credit loss exists, the present value of the cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a potential credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost. Any estimated credit losses that have not been recorded through an ACL are recognized in OCI.

The Company has elected to exclude accrued interest from the estimate of credit losses for available-for-sale debt securities. As part of its non-accrual policy, the Company charges-off uncollectable interest at the time it is determined to be uncollectable.

Allowance for Credit Losses - Held-to-Maturity Debt Securities

For estimating the allowance for held-to-maturity (“HTM”) debt securities that share similar risk characteristics with other securities, such securities are pooled based on major security type. For pools of such securities with similar risk characteristics, the historical lifetime probability of default and severity of loss in the event of default is derived or obtained from external sources and adjusted for the expected effects of reasonable and supportable forecasts over the expected lives of the securities on those historical credit losses. Expected credit losses on securities in the held-to-maturity portfolio that do not share similar risk characteristics with any of the pools of debt securities are individually measured based on net realizable value, or the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the recorded amortized cost basis of the securities.

The Company has elected to exclude accrued interest from the estimate of credit losses for held-to-maturity debt securities. As part of its non-accrual policy, the Company charges off uncollectable interest at the time it is determined to be uncollectable.

Loans Held for Sale

Loans held for sale generally consist of long-term, fixed rate, conforming, single-family residential real estate loans intended to be sold on the secondary market. Loans held for sale are recorded at fair value and may or may not be sold with servicing rights released. Changes in fair value are recognized in non-interest income. Fair value elections are made at the time of origination based on the Company’s fair value election policy.

Loans Receivable

The Company’s loan segments or classes are based on the purpose of the loan and consist of residential real estate, commercial real estate, other commercial, home equity, and other consumer loans. Loans that are intended at origination to be held-to-maturity are reported at the unpaid principal balance less net charge-offs and adjusted for deferred fees and costs on originated loans and unamortized premiums or discounts on acquired loans. Interest income is accrued on the unpaid principal balance. Fees and costs on originated loans and premiums or discounts on acquired loans are deferred and subsequently amortized or accreted as a yield adjustment over the expected life of the loan utilizing the interest or straight-line methods. The interest method is utilized for loans with scheduled payment terms and the objective is to calculate periodic interest income at a constant effective yield. The straight-line method is utilized for revolving lines of credit or loans with no scheduled payment terms. When a loan is paid off prior to maturity, the remaining unamortized fees and costs on originated loans and unamortized premiums or discounts on acquired loans are immediately recognized as interest income.

Loans that are 30 days or more past due based on payments received and applied to the loan are considered delinquent. Loans are designated non-accrual and the accrual of interest is discontinued when the collection of the contractual principal or interest is unlikely. A loan is typically placed on non-accrual when principal or interest is due and has remained unpaid for 90 days or more, unless the loan is in active collection and is adequately secured. When a loan is placed on non-accrual status, interest previously accrued but not collected is reversed against current period interest income. Subsequent payments on non-accrual loans are applied to the outstanding principal balance if doubt remains as to the ultimate collectability of the loan. Interest accruals are not resumed on partially charged-off impaired loans. For other loans on non-accrual, interest accruals are resumed on such loans only when they are brought fully current with respect to interest and principal and when, in the judgment of management, the loans are estimated to be fully collectible as to both principal and interest.

The Company has acquired loans through acquisitions, some of which have experienced more than insignificant credit deterioration since origination. The Company considers all acquired non-accrual loans to be PCD loans. In addition, the Company considers loans accruing 90 days or more past due or substandard loans to be PCD loans. An ACL is determined using the same methodology as other loans held for investment. The ACL determined on a collective basis is allocated to individual loans. The sum of a loan’s fair value and ACL becomes the initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the ACL are recorded through provision for credit losses.

For additional information relating to loans, see Note 3.

Allowance for Credit Losses - Loans Receivable

The ACL for loans receivable represents management’s estimate of credit losses over the expected contractual life of the loan portfolio. The estimate is determined based on the amortized cost of the loan portfolio including the loan balance adjusted for charge-offs, recoveries, deferred fees and costs, and loan discount and premiums. Recoveries are included only to the extent that such amounts were previously charged-off. The Company has elected to exclude accrued interest from the estimate of credit losses for loans. Determining the adequacy of the allowance is complex and requires a high degree of judgment by management about the effect of matters that are inherently uncertain. Subsequent evaluations of the then-existing loan portfolio, in light of the factors then prevailing, may result in significant changes in the allowance in those future periods.

The allowance is increased for estimated credit losses which are recorded as expense. The portion of loans and overdraft balances determined by management to be uncollectable are charged-off as a reduction to the allowance and recoveries of amounts previously charged-off increase the allowance. The Company’s charge-off policy is consistent with bank regulatory standards. Consumer loans generally are charged-off when the loan becomes over 120 days delinquent. Real estate acquired as a result of foreclosure or by deed-in-lieu of foreclosure is classified as other real estate owned (“OREO”) until such time as it is sold.

The expected credit loss estimate process involves procedures to consider the unique characteristics of each of the Company’s loan portfolio segments, which consist of residential real estate, commercial real estate, other commercial, home equity, and other consumer loans. When computing the allowance levels, credit loss assumptions are estimated using a model that categorizes loan pools based on loss history, credit and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. The Company has determined a four consecutive quarter forecasting period is a reasonable and supportable period. Expected credit loss for periods beyond reasonable and supportable forecast periods are determined based on a reversion method which reverts back to historical loss estimates over a four consecutive quarter period on a straight-line basis.

Credit quality is assessed and monitored by evaluating various attributes and the results of those evaluations are utilized in underwriting new loans and the process for estimating the expected credit losses. The following paragraphs describe the risk characteristics relevant to each portfolio segment.

Residential Real Estate. Residential real estate loans are secured by owner-occupied 1-4 family residences. Repayment of these loans is primarily dependent on the personal income and credit rating of the borrowers. Credit risk in these loans is impacted by economic conditions within the Company’s market areas that affect the value of the residential property securing the loans and affect the borrowers' personal incomes. Mitigating risk factors for this loan segment include a large number of borrowers, geographic dispersion of market areas and the loans are originated for relatively smaller amounts.

Commercial Real Estate. Commercial real estate loans typically involve larger principal amounts, and repayment of these loans is generally dependent on the successful operation of the property securing the loan and/or the business conducted on the property securing the loan. Credit risk in these loans is impacted by the creditworthiness of a borrower, valuation of the property securing the loan and conditions within the local economies in the Company’s diverse geographic market areas.

Commercial. Commercial loans consist of loans to commercial customers for use in financing working capital needs, equipment purchases and business expansions. The loans in this category are repaid primarily from the cash flow of a borrower’s principal business operation. Credit risk in these loans is driven by creditworthiness of a borrower and the economic conditions that impact the cash flow stability from business operations across the Company’s diverse geographic market areas.

Home Equity. Home equity loans consist of junior lien mortgages and first and junior lien lines of credit (revolving open-end and amortizing closed-end) secured by owner-occupied 1-4 family residences. Repayment of these loans is primarily dependent on the personal income and credit rating of the borrowers. Credit risk in these loans is impacted by economic conditions within the Company’s market areas that affect the value of the residential property securing the loans and affect the borrowers' personal incomes. Mitigating risk factors for this loan segment are a large number of borrowers, geographic dispersion of market areas and the loans are originated for terms that range from 10 to 15 years.

Other Consumer. The other consumer loan portfolio consists of various short-term loans such as automobile loans and loans for other personal purposes. Repayment of these loans is primarily dependent on the personal income of the borrowers. Credit risk is driven by consumer economic factors (such as unemployment and general economic conditions in the Company’s diverse geographic market areas) and the creditworthiness of a borrower.

The allowance is impacted by loan volumes, delinquency status, credit ratings, historical loss experiences, estimated prepayment speeds, weighted average lives and other conditions influencing loss expectations, such as reasonable and supportable forecasts of economic conditions. The methodology for estimating the amount of expected credit losses reported in the allowance has two basic components: 1) individual loans that do not share similar risk characteristics with other loans and the measurement of expected credit losses for such individual loans; and 2) the expected credit losses for pools of loans that share similar risk characteristics.

Loans that do not Share Similar Risk Characteristics with Other Loans. For a loan that does not share similar risk characteristics with other loans, expected credit loss is measured based on the net realizable value, that is, the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the amortized cost basis of the loan. For these loans, the expected credit loss is equal to the amount by which the net realizable value of the loan is less than the amortized cost basis of the loan (which is net of previous charge-offs and deferred loan fees and costs), except when the loan is collateral-dependent, that is, when foreclosure is probable or the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. In these cases, expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral. The fair value of the collateral is adjusted for the estimated cost to sell if repayment or satisfaction of a loan is dependent on the sale (rather than only on the operation) of the collateral. The Company has determined that non-accrual loans do not share similar risk characteristics with other loans and these loans are individually evaluated for estimated allowance for credit losses. The Company, through its credit monitoring process, may also identify other loans that do not share similar risk characteristics and individually evaluate such loans. The starting point for determining the fair value of collateral is to obtain external appraisals or evaluations (new or updated). The valuation techniques used in preparing appraisals or evaluations (new or updated) include the cost approach, income approach, sales comparison approach, or a combination of the preceding valuation techniques. The Company’s credit department reviews appraisals, giving consideration to the highest and best use of the collateral. The appraisals or evaluations (new or updated) are reviewed at least quarterly and more frequently based on current market conditions, including deterioration in a borrower’s financial condition and when property values may be subject to significant volatility. Adjustments may be made to the fair value of the collateral after review and acceptance of the collateral appraisal or evaluation (new or updated).

Loans that Share Similar Risk Characteristics with other Loans. For estimating the allowance for loans that share similar risk characteristics with other loans, such loans are segregated into loan segments. Loans are designated into loan segments based on loans pooled by product types and similar risk characteristics or areas of risk concentration. In determining the ACL, the Company derives an estimated credit loss assumption from a model that categorizes loan pools based on loan type. This model calculates an expected loss percentage for each loan segment by considering the non-discounted simple annual average historical loss rate of each loan segment (calculated through an “open pool” method), multiplying the loss rate by the amortized loan balance and incorporating that segment’s internally generated prepayment speed assumption and contractually scheduled remaining principal pay downs on a loan level basis. The annual historical loss rates are adjusted over a reasonable economic forecast period by a multiplier that is calculated based upon current national economic forecasts as a proportion of each segment’s historical average loss levels. The Company will then revert from the economic forecast period back to the historical average loss rate in a straight-line basis. After the reversion period, the loans will be assumed to experience their historical loss rate for the remainder of their contractual lives. The model applies the expected loss rate over the projected cash flows at the individual loan level and then aggregates the losses by loan segment in determining their quantitative allowance. The Company will also include qualitative adjustments to adjust the ACL on loan segments to the extent the current or future market conditions are believed to vary substantially from historical conditions in regards to:

•lending policies and procedures;

•international, national, regional and local economic business conditions, developments, or environmental conditions that affect the collectability of the portfolio, including the condition of various markets;

•the nature and volume of the loan portfolio including the terms of the loans;

•the experience, ability, and depth of the lending management and other relevant staff;

•the volume and severity of past due and adversely classified or graded loans and the volume of non-accrual loans;

•the quality of our loan review system;

•the value of underlying collateral for collateralized loans;

•the existence and effect of any concentrations of credit, and changes in the level of concentrations; and

•the effect of external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the existing portfolio.

The Company regularly reviews loans in the portfolio to assess credit quality indicators and to determine the appropriate loan classification and grading in accordance with applicable bank regulations. The primary credit quality indicator for residential, home equity and other consumer loans is the days past due status, which consists of the following categories: 1) performing loans; 2) 30 to 89 days past due loans; and 3) non-accrual and 90 days or more past due loans. The primary credit quality indicator for commercial real estate and commercial loans is the Company’s internal risk rating system, which includes the following categories: 1) pass loans; 2) special mention loans; 3) substandard loans; and 4) doubtful or loss loans. Such credit quality indicators are regularly monitored and incorporated into the Company’s allowance estimate. The following paragraphs further define the internal risk ratings for commercial real estate and commercial loans.

Pass Loans. These ratings represent loans that are of acceptable, good or excellent quality with very limited to no risk. Loans that do not have one of the following ratings are considered pass loans.

Special Mention Loans. These ratings represent loans that are designated as special mention per the regulatory definition. Special mention loans are currently protected but are potentially weak. The credit risk may be relatively minor yet constitute an undue and unwarranted risk in light of the circumstances surrounding a specific loan. The rating may be used to identify credit with potential weaknesses that if not corrected may weaken the loan to the point of inadequately protecting the Bank’s credit position. Examples include a lack of supervision, inadequate loan agreement, condition, or control of collateral, incomplete, or improper documentation, deviations from lending policy, and adverse trends in operations or economic conditions.

Substandard Loans. This rating represents loans that are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged. A loan so classified must have a well-defined weakness that jeopardizes the liquidation of the debt. These loans are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregated amount of substandard loans, does not have to exist in an individual loan classified substandard.

Doubtful/Loss Loans. A loan classified as doubtful has the characteristics that make collection in full, on the basis of currently existing facts, conditions, and values, highly improbable. The possibility of loss is extremely high, but because of pending factors, which may work to the advantage and strengthening of the loan, its classification as loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral and refinancing plans. Loans are classified as loss when they are deemed to be not collectible and of such little value that continuance as an active asset of the Bank is not warranted. Loans classified as loss must be charged-off. Assignment of this classification does not mean that an asset has absolutely no recovery or salvage value, but that it is not practical or desirable to defer writing off a basically worthless asset, even though partial recovery may be attained in the future.

Modifications

The Company identifies modifications to borrowers experiencing financial difficulty (“MBFD”) as a loan that has been modified for the borrower that is experiencing financial difficulties. The Company considers some of the indicators that a borrower is experiencing financial difficulty to be: currently in payment default on any of their debt, declaring bankruptcy, going concern, borrower’s securities have been delisted, and other indicators of inability to meet obligations. This list does not include all potential indicators of a borrower’s financial difficulties. Each debt modification is separately negotiated with the borrower and includes terms and conditions that reflect the borrower’s prospective ability to service their obligations as modified. The allowance for credit losses on loans that are considered MBFD’s are measured using the same method as all other loans held for investment.

Allowance for Credit Losses - Off-Balance Sheet Credit Exposures

The Company maintains a separate allowance for credit losses for off-balance sheet credit exposures, including unfunded loan commitments. Such ACL is included in other liabilities on the Company’s statements of financial condition. The Company estimates the amount of expected losses by calculating a commitment usage factor over the contractual period for exposures and applying the loss factors used in the allowance for credit loss methodology to the results of the usage calculation to estimate the liability for credit losses related to unfunded commitments for each loan segment. No credit loss estimate is reported for off-balance sheet credit exposures that are unconditionally cancellable by the Bank or for unfunded amounts under such arrangements that may be drawn prior to the cancellation of the arrangement.

Provision for Credit Losses

The Company recognizes provision for credit losses on the allowance for off-balance sheet credit exposures (e.g., unfunded loan commitments) together with provision for credit losses on the loan portfolio in the income statement line item provision for credit losses.

The following table presents the provision for credit losses on the loan portfolio and off-balance sheet exposures:


	Three Months ended			Nine Months ended
(Dollars in thousands)	September 30, 2024		September 30, 2023	September 30, 2024	September 30, 2023
Provision for credit loss loans	$	6,981	5,095	21,138	16,609
Provision for credit loss unfunded	1,024		(1,556)	(1,366)	(4,827)
Total provision for credit losses	$	8,005	3,539	19,772	11,782

There was no provision for credit losses on debt securities for the nine months ended September 30, 2024, and 2023, respectively.

Premises and Equipment

Premises and equipment are accounted for at cost less depreciation. Depreciation is computed on a straight-line method over the estimated useful lives or the term of the related lease. The estimated useful life for office buildings is 15 to 40 years and the estimated useful life for furniture, fixtures, and equipment is 3 to 10 years. Interest is capitalized for any significant building projects.

Leases

The Company leases certain land, premises and equipment from third parties. A lessee lease is classified as an operating lease unless it meets certain criteria (e.g., lease contains option to purchase that Company is reasonably certain to exercise), in which case it is classified as a finance lease. These leases are included in net premises and equipment as right-of-use (“ROU”) assets. The operating leases have other liabilities on the Company’s statements of financial condition and lease expense for lease payments is recognized on a straight-line basis over the lease term. The finance leases have liabilities that are included in other borrowed funds on the Company’s statements of financial condition. ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. An ROU asset represents the right to use the underlying asset for the lease term and also includes any direct costs and payments made prior to lease commencement and excludes lease incentives. When an implicit rate is not available, an incremental borrowing rate based on the information available at commencement date is used in determining the present value of the lease payments. A lease term may include an option to extend or terminate the lease when it is reasonably certain the option will be exercised. The Company accounts for lease and non-lease components (e.g., common-area maintenance) together as a single combined lease component for all asset classes. The Company has elected to recognize payments for short-term leases of 12 months or less on a straight-line basis over the lease term, and exclude such leases from the Company’s statements of financial condition. Renewal and termination options are considered when determining short-term leases. Leases are accounted for on an individual lease level.

Lease improvements incurred at the inception of the lease are recorded as an asset and depreciated over the initial term of the lease and lease improvements incurred subsequently are depreciated over the remaining term of the lease.

The Company also leases certain premises and equipment to third parties. A lessor lease is classified as an operating lease unless it meets certain criteria that would classify it as either a sales-type lease or a direct financing lease. For additional information relating to leases, see Note 4.

Other Real Estate Owned

Property acquired by foreclosure or deed-in-lieu of foreclosure is initially recorded at fair value, less estimated selling cost, at acquisition date (i.e., cost of the property). The Company is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan upon the occurrence of either the Company obtaining legal title to the property or the borrower conveying all interest in the property through a deed-in-lieu or similar agreement. Fair value is determined as the amount that could be reasonably expected in a current sale between a willing buyer and a willing seller in an orderly transaction between market participants at the measurement date. Subsequent to the initial acquisition, if the fair value of the asset, less estimated selling cost, is less than the cost of the property, a loss is recognized in other expense and the asset carrying value is reduced. Gain or loss on disposition of OREO is recorded in non-interest income or non-interest expense, respectively. In determining the fair value of the properties on the date of transfer and any subsequent estimated losses of net realizable value, the fair value of other real estate acquired by foreclosure or deed-in-lieu of foreclosure is determined primarily based upon appraisal or evaluation of the underlying property value.

Business Combinations and Intangible Assets

Acquisition accounting requires the total purchase price to be allocated to the estimated fair values of assets acquired and liabilities assumed, including certain intangible assets. Goodwill is recorded if the purchase price exceeds the net fair value of assets acquired and a bargain purchase gain is recorded in other income if the net fair value of assets acquired exceeds the purchase price.

Adjustment of the allocated purchase price may be related to fair value estimates for which all information has not been obtained of the acquired entity known or discovered during the allocation period, the period of time required to identify and measure the fair values of the assets and liabilities acquired in the business combination. The allocation period is generally limited to one year following consummation of a business combination.

Core deposit intangible represents the intangible value of depositor relationships resulting from deposit liabilities assumed in acquisitions and is amortized using an accelerated method based on an estimated runoff of the related deposits. The core deposit intangible is evaluated for impairment and recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable, with any changes in estimated useful life accounted for prospectively over the revised remaining life.

The Company tests goodwill for impairment at the reporting unit level annually during the third quarter. The Company has identified that each of the Bank divisions are reporting units (i.e., components of the Glacier Bank operating segment) given that each division has a separate management team that regularly reviews its respective division financial information; however, the reporting units are aggregated into a single reporting unit due to the reporting units having similar economic characteristics.

The goodwill of a reporting unit is tested for impairment between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. Examples of events and circumstances that could trigger the need for interim impairment testing include:

•a significant change in legal factors or in the business climate;

•an adverse action or assessment by a regulator;

•unanticipated competition;

•a loss of key personnel;

•a more-likely-than-not expectation that a reporting unit or a significant portion of a reporting unit will be sold or otherwise disposed of; and

•the testing for recoverability of a significant asset group within a reporting unit.

For the goodwill impairment assessment, the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value. The Company elected to bypass the qualitative assessment for its 2024 and 2023 annual goodwill impairment testing and proceed directly to the goodwill impairment assessment. The goodwill impairment process requires the Company to make assumptions and judgments regarding fair value. The Company calculates an implied fair value and if the implied fair value is less than the carrying value, an impairment loss is recognized for the difference. For additional information relating to goodwill, see Note 5.

Loan Servicing Rights

For residential real estate loans that are sold with servicing retained, servicing rights are initially recorded at fair value in other assets and gain on sale of loans. Fair value is based on market prices for comparable mortgage servicing contracts. The

servicing asset is subsequently measured using the amortization method which requires the servicing rights to be amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans.

Loan servicing rights are evaluated for impairment based upon the fair value of the servicing rights compared to the carrying value. Impairment is recognized through a valuation allowance, to the extent that fair value is less than the carrying value. If the Company later determines that all or a portion of the impairment no longer exists, a reduction in the valuation allowance may be recorded. Changes in the valuation allowance are recorded in other income. The fair value of the servicing assets are subject to significant fluctuations as a result of changes in estimated actual prepayment speeds and default rates and losses.

Servicing fee income is recognized in other income for fees earned for servicing loans. The fees are based on contractual percentage of the outstanding principal; or a fixed amount per loan and is recorded when earned. The amortization of loan servicing fees is netted against loan servicing fee income. For additional information relating to loan servicing rights, see Note 6.

Equity Securities

Non-marketable equity securities primarily consist of Federal Home Loan Bank (“FHLB”) stock. FHLB stock is restricted because such stock may only be sold to FHLB at its par value. Due to restrictive terms, and the lack of a readily determinable fair value, FHLB stock is carried at cost and evaluated for impairment. The investments in FHLB stock are required investments related to the Company’s borrowings from FHLB. FHLB obtains its funding primarily through issuance of consolidated obligations of the FHLB system. The U.S. government does not guarantee these obligations, and each of the regional FHLBs is jointly and severally liable for repayment of each other’s debt.

The Company also has an insignificant amount of equity securities that are included in other assets on the Company’s statements of financial condition. Equity securities with readily determinable fair values are measured at fair value and changes in fair value are recognized in other income. Equity securities without readily determinable fair values are carried at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment.

Federal Reserve Bank Term Funding Program

During the first quarter 2023, the FRB offered a new Bank Term Funding Program (“BTFP”) for eligible depository institutions. The BTFP offered loans of up to one year in length to institutions pledging collateral eligible for purchase by the FRB in open market operations such as U.S. Treasuries, U.S. Agency securities, and U.S. agency mortgage-backed securities. The assets were valued at par for pledging purposes. The Company paid off the BTFP loans in the first quarter of 2024.

Other Borrowings

Borrowings of the Company’s consolidated variable interest entities and finance lease arrangements are included in other borrowings. For additional information relating to VIE’s, see Note 7.

Bank-Owned Life Insurance

The Company maintains bank-owned life insurance policies on certain current and former employees and directors, which are recorded at their cash surrender values as determined by the insurance carriers. The appreciation in the cash surrender value of the policies is recognized as a component of other non-interest income in the Company’s statements of operations.

Derivatives and Hedging Activities

The Company is exposed to certain risks relating to its ongoing operations. The primary risk managed by using derivative instruments is interest rate risk. Interest rate cap contracts have been entered into to manage interest rate risk associated with variable rate borrowings and were designated as cash flow hedges. Interest rate swap contracts have been entered into to manage interest rate risk associated with fixed rate debt securities and were designated as fair value hedges. The Company does not enter into derivative instruments for trading or speculative purposes.

The fair value hedges and cash flow hedges were recognized as other assets or other liabilities on the Company’s statements of financial condition and were measured at fair value. For the fair value hedges, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in current earnings as fair values change. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. Cash flows resulting from the fair value hedges and cash flow hedges were classified in the Company’s cash flow statement in the same category as the cash flows of the items being hedged.

The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are designated are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company has elected not to offset the fair value amounts recognized for derivative instruments and the fair value amounts recognized for the right to reclaim cash collateral arising from derivative instruments recognized at fair value executed with the same counterparty under a master netting arrangement.

For additional information relating to the derivatives and hedging activity, see Note 9.

Revenue Recognition

The Company recognizes revenue when services or products are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled. The Company’s principal source of revenue is interest income from debt securities and loans. Revenue from contracts with customers within the scope of ASC Topic 606 was $69,973,000 and $65,938,000 for the nine months ended September 30, 2024 and 2023, respectively, and largely consisted of revenue from service charges and other fees from deposits (e.g., overdraft fees, ATM fees, debit card fees). Due to the short-term nature of the Company’s contracts with customers, an insignificant amount of receivables related to such revenue was recorded at September 30, 2024 and December 31, 2023 and there were no impairment losses recognized. Policies specific to revenue from contracts with customers include the following:

Service Charges. Revenue from service charges consists of service charges and fees on deposit accounts under depository agreements with customers to provide access to deposited funds and, when applicable, pay interest on deposits. Service charges on deposit accounts may be transactional or non-transactional in nature. Transactional service charges occur in the form of a service or penalty and are charged upon the occurrence of an event (e.g., overdraft fees, ATM fees, wire transfer fees). Transactional service charges are recognized as services are delivered to and consumed by the customer, or as penalty fees are charged. Non-transactional service charges are charges that are based on a broader service, such as account maintenance fees and dormancy fees, and are recognized on a monthly basis.

Debit Card Fees. Revenue from debit card fees includes interchange fee income from debit cards processed through card association networks. Interchange fees represent a portion of a transaction amount that the Company and other involved parties retain to compensate themselves for giving the cardholder immediate access to funds. Interchange rates are generally set by the card association networks and are based on purchase volumes and other factors. The Company records interchange fees as services are provided.

Accounting Guidance Adopted in 2024

The ASC is the Financial Accounting Standards Board (“FASB”) officially recognized source of authoritative GAAP applicable to all public and non-public non-governmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under the authority of the federal securities laws are also sources of authoritative GAAP for the Company as an SEC registrant. All other accounting literature is non-authoritative. The following provides a description of a recently adopted Accounting Standards Updates (“ASU”) that could have a material effect on the Company’s financial position or results of operations.

ASU 2023-02 - Investments Equity Method and Joint Ventures. In March 2023, FASB amended Topic ASC 323 relating to accounting for investments in tax credit structures using the proportional amortization method. The amendments in this Update allow reporting entities to consistently account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits. Previously, the accounting standards limited the proportional amortization method to account for qualifying investment in low-income-housing tax credit structures. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the tax credits being presented net in the income statement as a component of income tax expense (benefit). The amendments in this Update permit an entity to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. The amendments are effective for public business entities beginning with the first interim and annual reporting periods after December 15, 2023. The Company adopted the amendments beginning January 1, 2024 for each tax credit program. The Company adjusted its processes and procedures related to the amendments and there was no material impact to the Company’s financial position and results of operations.

Accounting Guidance Pending Adoption in 2024

The following provides a description of a recently issued but not yet effective ASU that could have a material effect on the Company’s financial position or results of operations.

ASU 2023-09 - Income Tax Disclosures. In December 2023, FASB amended topic 740 related to certain income tax disclosures (the “Update”). The amendments provide updates related to the rate reconciliation and income taxes paid disclosures to improve transparency of income disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. Other amendments in the Update improve the effectiveness and comparability of disclosures and remove disclosures that are no longer considered cost beneficial or relevant. The amendments are effective for public business entities beginning with the first annual reporting period after December 15, 2024 with early adoption permitted in any annual period. The amendments in this Update should be applied on a prospective basis and retrospective application is permitted. The Company is currently evaluating the impact of this Update, but does not expect the adoption of this guidance to have a material impact to the financial statements, including related disclosures, or significant impact on its current processes.

Fair Value of Assets and Liabilities - Carrying Amount and Estimated Fair Value of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Carrying Amount
Financial assets
Cash and cash equivalents	$ 987,833	$ 1,354,342
Debt securities, held-to-maturity	3,348,698	3,502,411
Loans receivable, net of ACL	16,976,017	16,005,325
Total financial assets	21,312,548	20,862,078
Financial liabilities
Term deposits	3,284,609	2,915,393
FHLB advances	1,800,000
FRB Bank Term Funding		2,740,000
Repurchase agreements and other borrowed funds	1,915,669	1,568,545
Subordinated debentures	133,065	132,943
Total financial liabilities	7,133,343	7,356,881
Estimated Fair Value \| Level 1
Financial assets
Cash and cash equivalents	987,833	1,354,342
Debt securities, held-to-maturity	0	0
Loans receivable, net of ACL	0	0
Total financial assets	987,833	1,354,342
Financial liabilities
Term deposits	0	0
FHLB advances	0
FRB Bank Term Funding		0
Repurchase agreements and other borrowed funds	0	0
Subordinated debentures	0	0
Total financial liabilities	0	0
Estimated Fair Value \| Level 2
Financial assets
Cash and cash equivalents	0	0
Debt securities, held-to-maturity	3,080,549	3,180,194
Loans receivable, net of ACL	0	0
Total financial assets	3,080,549	3,180,194
Financial liabilities
Term deposits	3,329,142	2,955,521
FHLB advances	1,796,520
FRB Bank Term Funding		2,738,031
Repurchase agreements and other borrowed funds	1,915,669	1,568,545
Subordinated debentures	121,219	119,768
Total financial liabilities	7,162,550	7,381,865
Estimated Fair Value \| Level 3
Financial assets
Cash and cash equivalents	0	0
Debt securities, held-to-maturity	0	0
Loans receivable, net of ACL	17,089,754	16,133,681
Total financial assets	17,089,754	16,133,681
Financial liabilities
Term deposits	0	0
FHLB advances	0
FRB Bank Term Funding		0
Repurchase agreements and other borrowed funds	0	0
Subordinated debentures	0	0
Total financial liabilities	$ 0	$ 0

Debt Securities - Proceeds From Sales and Calls of Debt Securities and Associates Gains or Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Available-for-sale
Proceeds from sales and calls of debt securities	$ 77,099	$ 410	$ 250,818	$ 31,695
Gross realized gains	753	0	782	145
Gross realized losses	(725)	0	(725)	(176)
Held-to-maturity
Proceeds from calls of debt securities	2,310	4,735	8,495	15,205
Gross realized gains	0	1	0	10
Gross realized losses	$ (2)	$ (66)	$ (27)	$ (181)

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Finance Leases, Operating cash flows	$ 207	$ 239	$ 647	$ 723
Finance Leases, Financing cash flows	967	892	2,883	2,633
Operating Leases, Operating cash flows	$ 874	$ 892	$ 2,564	$ 2,714

Other Expenses (Tables)

9 Months Ended

Sep. 30, 2024

Other Expenses [Abstract]

Schedule of other expenses

Other expenses consists of the following:


	Three Months ended			Nine Months ended
(Dollars in thousands)	September 30, 2024		September 30, 2023	September 30, 2024		September 30, 2023
Consulting and outside services	$	6,440	3,697	$	16,452	12,863
Debit card expenses	3,959		2,955	10,841		8,682
Mergers and acquisition expenses	1,916		279	9,424		842
Loan expenses	1,922		2,032	5,856		5,513
VIE amortization and other expenses	1,131		1,603	5,293		5,349
Employee expenses	1,617		1,480	4,651		4,727
Telephone	1,482		1,545	4,534		4,599
Checking and operating expenses	1,039		713	4,374		2,429
Business development	1,526		1,399	4,258		3,929
Postage	1,206		1,097	3,639		3,223
Printing and supplies	867		798	2,357		2,334
Legal fees	357		276	1,314		1,163
Accounting and audit fees	309		131	1,308		1,157
(Gain) loss on dispositions of fixed assets	(586)		37	(3,124)		23
Other	2,663		2,309	7,770		6,773
Total other expenses	$	25,848	20,351	$	78,947	63,606

Debt Securities - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Investment Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Available-for-sale
Amortized Cost	$ 4,785,172	$ 5,283,253
Gross Unrealized Gains	1,039	841
Gross Unrealized Losses	(349,633)	(498,375)
Fair Value	4,436,578	4,785,719
Held-to-maturity
Amortized Cost	3,348,698	3,502,411
Gross Unrealized Gains	1,874	2,843
Gross Unrealized Losses	(270,023)	(325,060)
Fair Value	3,080,549	3,180,194
Total debt securities
Amortized Cost	8,133,870	8,785,664
Gross Unrealized Gains	2,913	3,684
Gross Unrealized Losses	(619,656)	(823,435)
Fair Value	7,517,127	7,965,913
U.S. government and federal agency
Available-for-sale
Amortized Cost	484,314	485,005
Gross Unrealized Gains	17	11
Gross Unrealized Losses	(16,725)	(29,669)
Fair Value	467,606	455,347
Held-to-maturity
Amortized Cost	857,858	853,273
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(43,408)	(65,472)
Fair Value	814,450	787,801
U.S. government sponsored enterprises
Available-for-sale
Amortized Cost	323,387	321,993
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(13,318)	(22,774)
Fair Value	310,069	299,219
State and local governments
Available-for-sale
Amortized Cost	74,691	101,903
Gross Unrealized Gains	340	302
Gross Unrealized Losses	(2,661)	(3,273)
Fair Value	72,370	98,932
Held-to-maturity
Amortized Cost	1,630,264	1,650,000
Gross Unrealized Gains	1,874	2,843
Gross Unrealized Losses	(172,903)	(181,192)
Fair Value	1,459,235	1,471,651
Corporate bonds
Available-for-sale
Amortized Cost	14,838	27,007
Gross Unrealized Gains	0	2
Gross Unrealized Losses	(296)	(756)
Fair Value	14,542	26,253
Residential mortgage-backed securities
Available-for-sale
Amortized Cost	2,780,411	3,166,589
Gross Unrealized Gains	18	7
Gross Unrealized Losses	(256,225)	(355,333)
Fair Value	2,524,204	2,811,263
Held-to-maturity
Amortized Cost	860,576	999,138
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(53,712)	(78,396)
Fair Value	806,864	920,742
Commercial mortgage-backed securities
Available-for-sale
Amortized Cost	1,107,531	1,180,756
Gross Unrealized Gains	664	519
Gross Unrealized Losses	(60,408)	(86,570)
Fair Value	$ 1,047,787	$ 1,094,705

Loans Receivable, Net (Tables)

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Summary of loans receivable

The following table presents loans receivable for each portfolio segment of loans:


(Dollars in thousands)	September 30, 2024		December 31, 2023
Residential real estate	$	1,837,697	1,704,544
Commercial real estate	10,833,841		10,303,306
Other commercial	3,177,051		2,901,863
Home equity	931,440		888,013
Other consumer	401,158		400,356
Loans receivable	17,181,187		16,198,082
Allowance for credit losses	(205,170)		(192,757)
Loans receivable, net	$	16,976,017	16,005,325
Net deferred origination (fees) costs included in loans receivable	$	(27,749)	(25,577)
Net purchase accounting (discounts) premiums included in loans receivable	$	(36,722)	(13,802)
Accrued interest receivable on loans	$	85,533	67,362

Summary of the activity in the ACL

The following table presents the provision for credit losses on the loan portfolio and off-balance sheet exposures:


	Three Months ended			Nine Months ended
(Dollars in thousands)	September 30, 2024		September 30, 2023	September 30, 2024	September 30, 2023
Provision for credit loss loans	$	6,981	5,095	21,138	16,609
Provision for credit loss unfunded	1,024		(1,556)	(1,366)	(4,827)
Total provision for credit losses	$	8,005	3,539	19,772	11,782

The following tables summarize the activity in the ACL:


	Three Months ended September 30, 2024
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Balance at beginning of period	$	200,955	24,653	136,346	22,219	11,261	6,476

Provision for credit losses	6,981		626	2,176	1,947	145	2,087
Charge-offs	(3,976)		—	—	(1,456)	(2)	(2,518)
Recoveries	1,210		10	25	459	54	662
Balance at end of period	$	205,170	25,289	138,547	23,169	11,458	6,707


	Three Months ended September 30, 2023
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Balance at beginning of period	$	189,385	20,847	129,598	21,797	11,053	6,090

Provision for credit losses	5,095		848	1,415	306	534	1,992
Charge-offs	(3,201)		—	(203)	(654)	—	(2,344)
Recoveries	992		2	42	322	37	589
Balance at end of period	$	192,271	21,697	130,852	21,771	11,624	6,327


	Nine Months ended September 30, 2024
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Balance at beginning of period	$	192,757	22,325	130,924	21,194	11,766	6,548
Acquisitions	3		—	3	—	—	—
Provision for credit losses	21,138		2,934	7,965	5,321	(409)	5,327
Charge-offs	(12,406)		—	(395)	(4,849)	(27)	(7,135)
Recoveries	3,678		30	50	1,503	128	1,967
Balance at end of period	$	205,170	25,289	138,547	23,169	11,458	6,707


	Nine Months ended September 30, 2023
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Balance at beginning of period	$	182,283	19,683	125,816	21,454	10,759	4,571

Provision for credit losses	16,609		2,021	5,369	1,845	881	6,493
Charge-offs	(10,284)		(20)	(619)	(2,895)	(102)	(6,648)
Recoveries	3,663		13	286	1,367	86	1,911
Balance at end of period	$	192,271	21,697	130,852	21,771	11,624	6,327

Loan portfolio aging analysis

The following tables present an aging analysis of the recorded investment in loans:


	September 30, 2024
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Accruing loans 30-59 days past due	$	32,973	133	10,608	15,680	3,142	3,410
Accruing loans 60-89 days past due	23,240		2,621	4,685	13,371	1,556	1,007
Accruing loans 90 days or more past due	11,551		2,003	5,415	2,698	971	464
Non-accrual loans with no ACL	13,669		3,319	5,715	1,839	1,995	801
Non-accrual loans with ACL	2,268		—	2,145	20	—	103
Total past due and non-accrual loans	83,701		8,076	28,568	33,608	7,664	5,785
Current loans receivable	17,097,486		1,829,621	10,805,273	3,143,443	923,776	395,373
Total loans receivable	$	17,181,187	1,837,697	10,833,841	3,177,051	931,440	401,158


	December 31, 2023
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Accruing loans 30-59 days past due	$	43,455	5,342	18,134	12,745	3,006	4,228
Accruing loans 60-89 days past due	6,512		729	2,439	774	1,527	1,043
Accruing loans 90 days or more past due	3,312		107	2,161	530	283	231
Non-accrual loans with no ACL	20,722		2,562	13,680	1,869	1,966	645
Non-accrual loans with ACL	94		—	—	7	—	87
Total past due and non-accrual loans	74,095		8,740	36,414	15,925	6,782	6,234
Current loans receivable	16,123,987		1,695,804	10,266,892	2,885,938	881,231	394,122
Total loans receivable	$	16,198,082	1,704,544	10,303,306	2,901,863	888,013	400,356

Collateral-dependent loans

The following table presents the amortized cost basis of collateral-dependent loans by collateral type:


	September 30, 2024
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Business assets	$	11,901	—	—	11,901	—	—
Residential real estate	13,725		3,316	7,676	516	1,976	241
Other real estate	29,401		3	27,807	1,198	19	374
Other	831		—	—	238	—	593
Total	$	55,858	3,319	35,483	13,853	1,995	1,208


	December 31, 2023
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Business assets	$	3,236	—	6	3,230	—	—
Residential real estate	17,578		11,099	4,317	98	1,968	96
Other real estate	21,635		35	20,598	620	25	357
Other	595		—	—	15	—	580
Total	$	43,044	11,134	24,921	3,963	1,993	1,033

Summary of loan modifications

The following tables show the amortized cost basis at the end of the period of the loans modified to borrowers experiencing financial difficulty by segment:


		At or for the Three Months ended September 30, 2024
	Term Extension and Payment Deferral					Combination - Term Extension and Interest Rate Reduction
(Dollars in thousands)		Amortized Cost Basis		% of Total Class			Amortized Cost Basis		% of Total Class		Total

Commercial real estate		$	1,509	—	%		$	—	—	%	$	1,509
Other commercial		4,193		0.1	%		—		—	%	4,193


Total		$	5,702				$	—			$	5,702


		At or for the Three Months ended September 30, 2023
	Term Extension and Payment Deferral					Combination - Term Extension and Interest Rate Reduction
(Dollars in thousands)		Amortized Cost Basis		% of Total Class			Amortized Cost Basis		% of Total Class		Total
Residential real estate		$	679	—	%		$	—	—	%	$	679
Commercial real estate		32,090		0.3	%		2,534		—	%	34,624
Other commercial		5,069		0.2	%		1,176		—	%	6,245

Other consumer		102		—	%		550		0.1	%	652
Total		$	37,940				$	4,260			$	42,200


		At or for the Nine Months ended September 30, 2024
	Term Extension and Payment Deferral					Combination - Term Extension and Interest Rate Reduction
(Dollars in thousands)		Amortized Cost Basis		% of Total Class			Amortized Cost Basis		% of Total Class		Total
Residential real estate		$	204	—	%		$	—	—	%	$	204
Commercial real estate		11,727		0.1	%		27,979		0.3	%	39,706
Other commercial		13,728		0.4	%		—		—	%	13,728


Total		$	25,659				$	27,979			$	53,638


		At or for the Nine Months ended September 30, 2023
	Term Extension and Payment Deferral					Combination - Term Extension and Interest Rate Reduction
(Dollars in thousands)		Amortized Cost Basis		% of Total Class			Amortized Cost Basis		% of Total Class		Total
Residential real estate		$	679	—	%		$	—	—	%	$	679
Commercial real estate		37,880		0.4	%		2,869		—	%	40,749
Other commercial		10,398		0.4	%		1,199		—	%	11,597
Home equity		51		—	%		—		—	%	51
Other consumer		118		—	%		550		0.1	%	668
Total		$	49,126				$	4,618			$	53,744

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty by segment:

At or for the Three Months ended September 30, 2024

Weighted Average Interest Rate Reduction

Weighted Average Term Extension

Principal Forgiveness

Other commercial

—%

7 months

—

At or for the Three Months ended September 30, 2023

Weighted Average Interest Rate Reduction

Weighted Average Term Extension

Principal Forgiveness

Commercial real estate

0.17%

6 months

—

Other commercial

0.04%

7 months

—

Home equity

1.17%

1 year, 10 months

—

At or for the Nine Months ended September 30, 2024

Weighted Average Interest Rate Reduction

Weighted Average Term Extension

Principal Forgiveness

Residential real estate

—%

1 year, 8 months

—

Commercial real estate

2.08%

1 year, 1 month

—

Other commercial

—%

3 months

—

At or for the Nine Months ended September 30, 2023

Weighted Average Interest Rate Reduction

Weighted Average Term Extension

Principal Forgiveness

Commercial real estate

0.19%

8 months

—

Other commercial

0.04%

1 year, 7 months

—

Other consumer

1.17%

1 year, 10 months

$10 thousand

The following tables depict the performance of loans that have been modified in the last twelve months by segment:


	September 30, 2024
(Dollars in thousands)	Total		Current	30-89 Days Past Due	90 Days or More Past Due	Non-Accrual
Residential real estate	$	204	204	—	—	—
Commercial real estate	39,706		37,143	101	561	1,901
Other commercial	13,728		12,922	806	—	—


Total	$	53,638	50,269	907	561	1,901


	September 30, 2023
(Dollars in thousands)	Total		Current	30-89 Days Past Due	90 Days or More Past Due	Non-Accrual
Residential real estate	$	679	679	—	—	—
Commercial real estate	40,749		39,196	—	—	1,553
Other commercial	11,597		10,081	926	25	565
Home equity	51		—	—	—	51
Other consumer	668		668	—	—	—
Total	$	53,744	50,624	926	25	2,169

Credit quality indicators for commercial loans

The following tables present the amortized cost in commercial real estate and other commercial loans based on the Company’s internal risk rating. The date of a modification, renewal or extension of a loan is considered for the year of origination if the terms of the loan are as favorable to the Company as the terms are for a comparable loan to other borrowers with similar credit risk.


	September 30, 2024
(Dollars in thousands)	Gross Charge-Offs		Total	Pass	Special Mention	Substandard	Doubtful/ Loss
Commercial real estate loans
Term loans by origination year
2024 (year-to-date)	$	—	961,105	929,837	3,288	27,980	—
2023	—		1,347,109	1,324,359	20,171	2,579	—
2022	72		2,436,334	2,367,328	42,098	26,908	—
2021	—		2,118,399	2,082,746	22,744	12,909	—
2020	5		1,076,187	1,068,940	—	7,247	—
Prior	318		2,580,465	2,509,239	28,535	42,691	—
Revolving loans	—		314,242	310,004	3,100	1,137	1

Total	$	395	10,833,841	10,592,453	119,936	121,451	1
Other commercial loans
Term loans by origination year
2024 (year-to-date)	$	3,526	284,596	283,831	566	156	43
2023	73		358,204	354,798	635	2,771	—
2022	298		546,601	534,151	1,259	11,143	48
2021	422		495,113	475,194	10,294	9,615	10
2020	284		222,404	218,060	268	4,075	1
Prior	246		534,047	507,283	—	26,764	—
Revolving loans	—		736,086	703,921	19,031	13,120	14

Total	$	4,849	3,177,051	3,077,238	32,053	67,644	116


	December 31, 2023
(Dollars in thousands)	Gross Charge-Offs		Total		Pass	Special Mention	Substandard	Doubtful/ Loss
Commercial real estate loans
Term loans by origination year
2023	$	889	$	1,316,100	1,313,446	97	2,557	—
2022	430		2,547,939		2,520,484	12,855	14,600	—
2021	145		2,200,677		2,178,153	19,782	2,742	—
2020	—		1,130,117		1,124,525	—	5,592	—
2019	—		691,810		656,203	1,104	34,503	—
Prior	616		2,129,808		2,053,011	18,818	57,948	31
Revolving loans	—		286,855		285,432	1	1,421	1

Total	$	2,080	$	10,303,306	10,131,254	52,657	119,363	32
Other commercial loans
Term loans by origination year
2023	$	3,080	$	369,059	367,337	—	1,603	119
2022	406		566,295		561,567	3,319	1,408	1
2021	—		531,558		519,151	10,187	2,218	2
2020	92		245,962		240,613	—	5,347	2
2019	—		145,828		141,336	—	4,490	2
Prior	313		448,619		443,400	—	5,219	—
Revolving loans	—		594,542		577,953	11,977	4,612	—

Total	$	3,891	$	2,901,863	2,851,357	25,483	24,897	126

Credit quality indicators for RRE and consumer loans

The following tables present the amortized cost in residential real estate, home equity and other consumer loans based on payment performance:


	September 30, 2024
(Dollars in thousands)	Gross Charge-Offs		Total	Performing	30-89 Days Past Due	Non-Accrual and 90 Days or More Past Due
Residential real estate loans
Term loans by origination year
2024 (year-to-date)	$	—	134,710	134,389	321	—
2023	—		292,783	292,088	174	521
2022	—		664,274	663,051	467	756
2021	—		467,136	466,558	—	578
2020	—		93,073	93,073	—	—
Prior	—		185,721	180,462	1,792	3,467
Revolving loans	—		—	—	—	—

Total	$	—	1,837,697	1,829,621	2,754	5,322
Home equity loans
Term loans by origination year
2024 (year-to-date)	$	—	211	211	—	—
2023	17		1,165	1,165	—	—
2022	—		2,102	2,102	—	—
2021	—		893	893	—	—
2020	—		83	83	—	—
Prior	10		4,558	4,439	33	86
Revolving loans	—		922,428	914,883	4,665	2,880

Total	$	27	931,440	923,776	4,698	2,966
Other consumer loans
Term loans by origination year
2024 (year-to-date)	$	6,156	96,566	94,696	1,804	66
2023	325		99,808	98,939	542	327
2022	323		71,791	70,439	1,133	219
2021	209		43,649	42,851	325	473
2020	24		20,749	20,681	22	46
Prior	98		22,138	21,862	72	204
Revolving loans	—		46,457	45,905	519	33

Total	$	7,135	401,158	395,373	4,417	1,368


	December 31, 2023
(Dollars in thousands)	Gross Charge-Offs		Total		Performing	30-89 Days Past Due	Non-Accrual and 90 Days or More Past Due
Residential real estate loans
Term loans by origination year
2023	$	—	$	234,568	233,753	815	—
2022	5		673,782		671,196	2,586	—
2021	—		495,645		495,645	—	—
2020	—		99,199		99,199	—	—
2019	—		42,054		42,054	—	—
Prior	15		158,828		153,489	2,670	2,669
Revolving loans	—		468		468	—	—

Total	$	20	$	1,704,544	1,695,804	6,071	2,669
Home equity loans
Term loans by origination year
2023	$	—	$	—	—	—	—
2022	—		20		20	—	—
2021	48		—		—	—	—
2020	50		21		21	—	—
2019	—		178		178	—	—
Prior	31		5,492		5,277	11	204
Revolving loans	—		882,302		875,735	4,522	2,045

Total	$	129	$	888,013	881,231	4,533	2,249
Other consumer loans
Term loans by origination year
2023	$	7,801	$	139,295	137,035	2,079	181
2022	715		98,630		97,536	870	224
2021	170		62,961		62,107	805	49
2020	85		29,143		29,012	119	12
2019	73		12,335		12,279	43	13
Prior	131		17,314		16,664	173	477
Revolving loans	—		40,678		39,489	1,182	7

Total	$	8,975	$	400,356	394,122	5,271	963

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

The Company leases certain land, premises and equipment from third parties. ROU assets for operating and finance leases are included in net premises and equipment and lease liabilities are included in other liabilities and other borrowed funds, respectively, on the Company’s statements of financial condition. The following table summarizes the Company’s leases:


	September 30, 2024					December 31, 2023
(Dollars in thousands)	Finance Leases			Operating Leases		Finance Leases		Operating Leases
ROU assets	$	31,077				31,222
Accumulated depreciation	(10,020)					(6,940)
Net ROU assets	$	21,057		37,111		24,282		40,781
Lease liabilities	$	22,257		40,642		25,116		44,319
Weighted-average remaining lease term	11 years			16 years		11 years		16 years
Weighted-average discount rate	3.6		%	3.7	%	3.6	%	3.7	%

Maturities of lease liabilities consist of the following:


	September 30, 2024
(Dollars in thousands)	Finance Leases		Operating Leases
Maturing within one year	$	4,665	4,560
Maturing one year through two years	4,679		4,690
Maturing two years through three years	4,688		4,494
Maturing three years through four years	1,614		3,932
Maturing four years through five years	596		3,526
Thereafter	10,697		34,507
Total lease payments	26,939		55,709
Present value of lease payments
Short-term	3,943		3,128
Long-term	18,314		37,514
Total present value of lease payments	22,257		40,642
Difference between lease payments and present value of lease payments	$	4,682	15,067

The components of lease expense consist of the following:


	Three Months ended			Nine Months ended
(Dollars in thousands)	September 30, 2024		September 30, 2023	September 30, 2024	September 30, 2023
Finance lease cost
Amortization of ROU assets	$	1,090	1,060	3,281	3,118
Interest on lease liabilities	207		239	647	723
Operating lease cost	1,302		1,359	3,929	4,243
Short-term lease cost	114		151	347	528
Variable lease cost	465		410	1,220	1,262
Sublease income	(10)		(9)	(30)	(32)
Total lease expense	$	3,168	3,210	9,394	9,842

Supplemental cash flow information related to leases is as follows:

Three Months ended

September 30, 2024

September 30, 2023

(Dollars in thousands)

Finance
Leases

Operating
Leases

Finance
Leases

Operating
Leases

Cash paid for amounts included in the measurement of lease liabilities

Operating cash flows

207

874

239

892

Financing cash flows

967

N/A

892

N/A

Nine Months ended

September 30, 2024

September 30, 2023

(Dollars in thousands)

Finance
Leases

Operating
Leases

Finance
Leases

Operating
Leases

Cash paid for amounts included in the measurement of lease liabilities

Operating cash flows

647

2,564

723

2,714

Financing cash flows

2,883

N/A

2,633

N/A

The Company also leases office space to third parties through operating leases. Rent income from these leases for the nine months ended September 30, 2024 and 2023 was not significant.

Leases


	September 30, 2024					December 31, 2023
(Dollars in thousands)	Finance Leases			Operating Leases		Finance Leases		Operating Leases
ROU assets	$	31,077				31,222
Accumulated depreciation	(10,020)					(6,940)
Net ROU assets	$	21,057		37,111		24,282		40,781
Lease liabilities	$	22,257		40,642		25,116		44,319
Weighted-average remaining lease term	11 years			16 years		11 years		16 years
Weighted-average discount rate	3.6		%	3.7	%	3.6	%	3.7	%

Maturities of lease liabilities consist of the following:


	September 30, 2024
(Dollars in thousands)	Finance Leases		Operating Leases
Maturing within one year	$	4,665	4,560
Maturing one year through two years	4,679		4,690
Maturing two years through three years	4,688		4,494
Maturing three years through four years	1,614		3,932
Maturing four years through five years	596		3,526
Thereafter	10,697		34,507
Total lease payments	26,939		55,709
Present value of lease payments
Short-term	3,943		3,128
Long-term	18,314		37,514
Total present value of lease payments	22,257		40,642
Difference between lease payments and present value of lease payments	$	4,682	15,067

The components of lease expense consist of the following:


	Three Months ended			Nine Months ended
(Dollars in thousands)	September 30, 2024		September 30, 2023	September 30, 2024	September 30, 2023
Finance lease cost
Amortization of ROU assets	$	1,090	1,060	3,281	3,118
Interest on lease liabilities	207		239	647	723
Operating lease cost	1,302		1,359	3,929	4,243
Short-term lease cost	114		151	347	528
Variable lease cost	465		410	1,220	1,262
Sublease income	(10)		(9)	(30)	(32)
Total lease expense	$	3,168	3,210	9,394	9,842

Supplemental cash flow information related to leases is as follows:

Three Months ended

September 30, 2024

September 30, 2023

(Dollars in thousands)

Finance
Leases

Operating
Leases

Finance
Leases

Operating
Leases

Cash paid for amounts included in the measurement of lease liabilities

Operating cash flows

207

874

239

892

Financing cash flows

967

N/A

892

N/A

Nine Months ended

September 30, 2024

September 30, 2023

(Dollars in thousands)

Finance
Leases

Operating
Leases

Finance
Leases

Operating
Leases

Cash paid for amounts included in the measurement of lease liabilities

Operating cash flows

647

2,564

723

2,714

Financing cash flows

2,883

N/A

2,633

N/A

The Company also leases office space to third parties through operating leases. Rent income from these leases for the nine months ended September 30, 2024 and 2023 was not significant.

Loan Servicing (Tables)

9 Months Ended

Sep. 30, 2024

Mortgage Banking [Abstract]

Servicing asset at amortized cost

The following schedules disclose the change in the carrying value of mortgage servicing rights that is included in other assets, principal balances of loans serviced and the fair value of mortgage servicing rights:


(Dollars in thousands)	September 30, 2024		December 31, 2023
Carrying value at beginning of period	$	12,534	13,488

Additions	565		434
Amortization	(1,031)		(1,388)
Carrying value at end of period	$	12,068	12,534
Principal balances of loans serviced for others	$	1,522,822	1,570,834
Fair value of servicing rights	$	17,317	18,000

Loans Receivable, Net - Summary of Loans Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Summary of Loans Receivable
Loans receivable	$ 17,181,187		$ 16,198,082
Allowance for credit losses	(205,170)	$ (200,955)	(192,757)	$ (192,271)	$ (189,385)	$ (182,283)
Loans receivable, net	16,976,017		16,005,325
Net deferred origination (fees) costs included in loans receivable	(27,749)		(25,577)
Net purchase accounting (discounts) premiums included in loans receivable	(36,722)		(13,802)
Accrued interest receivable on loans	85,533		67,362
Residential real estate
Summary of Loans Receivable
Loans receivable	1,837,697		1,704,544
Allowance for credit losses	(25,289)	(24,653)	(22,325)	(21,697)	(20,847)	(19,683)
Commercial real estate
Summary of Loans Receivable
Loans receivable	10,833,841		10,303,306
Allowance for credit losses	(138,547)	(136,346)	(130,924)	(130,852)	(129,598)	(125,816)
Other commercial
Summary of Loans Receivable
Loans receivable	3,177,051		2,901,863
Allowance for credit losses	(23,169)	(22,219)	(21,194)	(21,771)	(21,797)	(21,454)
Home equity
Summary of Loans Receivable
Loans receivable	931,440		888,013
Allowance for credit losses	(11,458)	(11,261)	(11,766)	(11,624)	(11,053)	(10,759)
Other consumer
Summary of Loans Receivable
Loans receivable	401,158		400,356
Allowance for credit losses	$ (6,707)	$ (6,476)	$ (6,548)	$ (6,327)	$ (6,090)	$ (4,571)

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finance Leases
Maturing within one year	$ 4,665
Maturing one year through two years	4,679
Maturing two years through three years	4,688
Maturing three years through four years	1,614
Maturing four years through five years	596
Thereafter	10,697
Total lease payments	26,939
Present value of lease payments
Short-term	3,943
Long-term	18,314
Total present value of lease payments	22,257	$ 25,116
Difference between lease payments and present value of lease payments	4,682
Operating Leases
Maturing within one year	4,560
Maturing one year through two years	4,690
Maturing two years through three years	4,494
Maturing three years through four years	3,932
Maturing four years through five years	3,526
Thereafter	34,507
Total lease payments	55,709
Present value of lease payments
Short-term	3,128
Long-term	37,514
Total present value of lease payments	40,642	$ 44,319
Difference between lease payments and present value of lease payments	$ 15,067

Mergers and Acquisitions

9 Months Ended

Sep. 30, 2024

Business Combinations [Abstract]

Mergers and Acquisitions

On January 31, 2024, the Company acquired 100% percent of the outstanding common stock of Community Financial Group, Inc. (“CFGW”) and its wholly-owned subsidiary, Wheatland Bank (“Wheatland”), a community bank based in Spokane, Washington. Wheatland provides banking services to individuals and businesses in Washington with locations in Chelan, Wenatchee, Ellensburg, Yakima, Quincy, Moses Lake, Pasco, Odessa, Davenport, Ritzville, and Spokane. Wheatland merged into the Bank and became a new bank division headquartered in Spokane and the Bank’s existing Washington-based division, North Cascades Bank, combined with the new Wheatland division. The preliminary value of the Wheatland acquisition was $93,156,000 and as part of the transaction, the Company issued 2,389,684 shares of its common stock and paid $771,000 in cash in exchange for all of Wheatland’s outstanding shares of common stock and options to purchase common stock. The fair value of the Company shares issued was determined on the basis of the closing market price of the Company’s common stock on the January 31, 2024 acquisition date. The excess of the preliminary fair value of consideration transferred over total identifiable net assets was recorded as goodwill. The goodwill arising from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of the Bank and Wheatland. None of the goodwill is deductible for income tax purposes as the acquisition was accounted for as a tax-free exchange.

On July 19, 2024, the Bank completed its acquisition of six Montana branch banking offices of Rocky Mountain Bank (“RMB”) from HTLF Bank (”HTLF”), a wholly owned subsidiary of Heartland Financial USA, Inc. The RMB branches are located in Billings, Bozeman, Plentywood, Stevensville, and Whitehall. The RMB branches have joined Glacier Bank divisions operating in Montana. The Bank paid a premium of $25,238,000 for deposit relationships with balances of $396,690,000 and loans with balances of $271,569,000, and received cash of $102,019,000 from HTLF. The excess of the fair value of consideration transferred over total identified net assets was recorded as goodwill. The goodwill arising from the acquisition consist largely of the synergies and economies of scale expected from combining the operations of the Company and the acquired branches. The goodwill is deductible for income tax purposes because the acquisition was accounted for as a purchase of assets and assumption of liabilities for tax purposes.

The assets and liabilities of Wheatland and RMB were recorded on the Company’s consolidated statements of financial condition at their preliminary estimated fair values as of the respective acquisition dates and the results of operations have been included in the Company’s consolidated statements of operations since that date.

The following table discloses the preliminary fair value estimates of the consideration transferred, the total identifiable net assets acquired and the resulting goodwill arising from the Wheatland and RMB branch acquisitions. The Company is continuing to obtain information to determine the fair values of assets acquired and liabilities assumed.


(Dollars in thousands)	Wheatland January 31, 2024		RMB Branches July 19, 2024
Fair value of consideration transferred
Fair value of Company shares issued	$	92,385	$	—
Cash consideration or deposit premium paid	771		25,238

Total fair value of consideration transferred	93,156		25,238
Recognized amounts of identifiable assets acquired and liabilities assumed
Identifiable assets acquired
Cash and cash equivalents	31,674		102,019
Debt securities	187,183		—
Loans receivable, net of ACL	452,737		271,569
Core deposit intangible 1	16,936		9,794
Accrued income and other assets	50,760		15,114
Total identifiable assets acquired	739,290		398,496
Liabilities assumed
Deposits	616,955		396,690
Borrowings	58,500		4,305
Accrued expenses and other liabilities	9,048		2,057
Total liabilities assumed	684,503		403,052
Total identifiable net assets (liabilities)	54,787		(4,556)
Goodwill recognized	$	38,369	$	29,794

______________________________

1 The core deposit intangible for the acquisition was determined to have an estimated life of 10 years.

The preliminary fair values of the Wheatland and the RMB branch assets acquired include loans with preliminary fair values of $452,740,000 and $271,569,000, respectively. The gross principal and contractual interest due under the loans acquired in Wheatland and RMB transactions were $468,882,000 and $288,920,000, respectively. The Company evaluated the loans at each respective acquisition date and determined there were PCD loans of $1,655,000 with an ACL of $3,000 related to the Wheatland acquisition, and no PCD loans from the RMB branch acquisition.

The Company incurred $7,664,000 and $1,744,000 of expenses in connection with the Wheatland and RMB branch acquisitions during the nine months ended September 30, 2024, respectively. Mergers and acquisition expenses are included in other expense in the Company's consolidated statements of operations and consist of third-party costs and employee severance expenses.

Total income consisting of net interest income and non-interest income of the acquired operations of Wheatland was approximately $22,111,000 and net loss was approximately $6,416,000 from January 31, 2024 to September 30, 2024. Total income consisting of net interest income and non-interest income of the acquired branches of RMB was approximately $3,072,000 and net loss was approximately $2,606,000 from July 19, 2024 to September 30, 2024. The following unaudited pro forma summary presents consolidated information of the Company as if the Wheatland and RMB branch acquisitions had occurred on January 1, 2023:


	Three Months ended			Nine Months ended
(Dollars in thousands)	September 30, 2024		September 30, 2023	September 30, 2024	September 30, 2023
Net interest income and non-interest income	$	215,420	208,217	618,039	644,285
Net income	51,512		56,755	131,407	181,103

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, authorized (in shares)	1,000,000	1,000,000
Preferred shares, issued (in shares)	0	0
Preferred shares, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	234,000,000	234,000,000

Loans Receivable, Net - Narrative (Details) - USD ($)	9 Months Ended
Loans Receivable, Net - Narrative (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Financing Receivable, Allowance for Credit Losses [Line Items]
Interest reversed on non-accrual loans	$ 163,000	$ 108,000
Modified in period, amount	0
Modified, commitment to lend	638,000		$ 5,361,000
Consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process	76,000		98,000
Residential real estate
Financing Receivable, Allowance for Credit Losses [Line Items]
OREO secured by residential real estate	$ 0		$ 15,000

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest Income
Investment securities	$ 46,371	$ 53,397	$ 144,754	$ 144,697
Residential real estate loans	23,118	18,594	65,636	51,508
Commercial loans	196,901	173,437	566,699	493,706
Consumer and other loans	23,188	19,478	65,725	54,248
Total interest income	289,578	264,906	842,814	744,159
Interest Expense
Deposits	70,607	54,697	205,655	98,942
Securities sold under agreements to repurchase	14,737	10,972	40,901	24,185
Federal Home Loan Bank advances	22,344	0	50,772	26,910
FRB Bank Term Funding	0	30,229	27,097	63,160
Other borrowed funds	252	489	949	1,428
Subordinated debentures	1,407	1,465	4,251	4,308
Total interest expense	109,347	97,852	329,625	218,933
Net Interest Income	180,231	167,054	513,189	525,226
Provision for credit losses	8,005	3,539	19,772	11,782
Net interest income after provision for credit losses	172,226	163,515	493,417	513,444
Non-Interest Income
Service charges and other fees	20,587	19,304	58,572	56,042
Miscellaneous loan fees and charges	4,970	4,322	14,153	12,451
Gain on sale of loans	4,898	4,046	12,929	9,974
Gain (loss) on sale of securities	26	(65)	30	(202)
Other income	4,223	2,633	11,213	8,949
Total non-interest income	34,704	30,240	96,897	87,214
Non-Interest Expense
Compensation and employee benefits	85,083	77,387	255,306	237,628
Occupancy and equipment	11,989	10,553	35,466	33,045
Advertising and promotions	4,062	4,052	12,407	12,020
Data processing	9,196	8,730	27,742	25,241
Other real estate owned and foreclosed assets	13	15	187	41
Regulatory assessments and insurance	5,150	6,060	18,304	16,277
Intangibles amortization	3,367	2,428	9,144	7,304
Other expenses	25,848	20,351	78,947	63,606
Total non-interest expense	144,708	129,576	437,503	395,162
Income Before Income Taxes	62,222	64,179	152,811	205,496
Federal and state income tax expense	11,167	11,734	24,421	36,885
Net Income	$ 51,055	$ 52,445	$ 128,390	$ 168,611
Basic earnings per share (in dollars per share)	$ 0.45	$ 0.47	$ 1.14	$ 1.52
Diluted earnings per share (in dollars per share)	0.45	0.47	1.13	1.52
Dividends declared per share (in dollars per share)	$ 0.33	$ 0.33	$ 0.99	$ 0.99
Average outstanding shares - basic (in shares)	113,394,758	110,877,534	113,093,583	110,857,788
Average outstanding shares - diluted (in shares)	113,473,107	110,886,959	113,137,861	110,882,718

Debt Securities - Credit Quality Indictors for HTM Debt Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Total municipal bonds held-to-maturity	$ 3,348,698	$ 3,502,411
Municipal Bonds
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Total municipal bonds held-to-maturity	1,630,264	1,650,000
Investment Grade \| S&P: AAA \| Moody's: Aaa \| Municipal Bonds
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Total municipal bonds held-to-maturity	419,314	427,918
Investment Grade \| S&P: AA+, AA, AA- \| Moody's: Aa1, Aa2, Aa3 \| Municipal Bonds
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Total municipal bonds held-to-maturity	1,173,331	1,182,894
Investment Grade \| S&P: A+, A, A- \| Moody's: A1, A2, A3 \| Municipal Bonds
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Total municipal bonds held-to-maturity	33,984	37,742
Investment Grade \| S&P: Not Rated \| Moody's: Not Rated \| Municipal Bonds
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Total municipal bonds held-to-maturity	$ 3,635	$ 1,446

Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Carrying amounts of consolidated VIEs' assets and liabilities


(Dollars in thousands)	September 30, 2024		December 31, 2023
Assets
Loans receivable	$	122,938	136,527
Accrued interest receivable	761		376
Other assets	72,941		48,924
Total assets	$	196,640	185,827
Liabilities
Other borrowed funds	$	61,911	56,578
Accrued interest payable	580		242
Other liabilities	19,186		182
Total liabilities	$	81,677	57,002

Future unfunded contingent commitments

Future unfunded contingent equity commitments related to the Company’s LIHTC investments at September 30, 2024 are as follows:


(Dollars in thousands)	Amount
Years ending December 31,
2024	$	25,629
2025	42,269
2026	14,040
2027	1,594
2028	649
Thereafter	2,547
Total	$	86,728

Amortization expense and tax credits and other tax benefits recognized for qualified affordable housing project investments

The following table summarizes the amortization expense and the amount of tax credits and other tax benefits recognized for qualified affordable housing project investments during the periods presented.


	Three Months ended			Nine Months ended
(Dollars in thousands)	September 30, 2024		September 30, 2023	September 30, 2024	September 30, 2023
Amortization expense	$	5,224	3,728	15,612	11,636
Tax credits and other tax benefits recognized	6,812		4,981	20,422	15,552

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Goodwill - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Accumulated impairment charge	$ 40,159	$ 40,159

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Basic and diluted earnings per share

Basic and diluted earnings per share has been computed based on the following:


	Three Months ended			Nine Months ended
(Dollars in thousands, except per share data)	September 30, 2024		September 30, 2023	September 30, 2024		September 30, 2023
Net income available to common stockholders, basic and diluted	$	51,055	52,445	$	128,390	168,611
Average outstanding shares - basic	113,394,758		110,877,534	113,093,583		110,857,788
Add: dilutive restricted stock units and stock options	78,349		9,425	44,278		24,930
Average outstanding shares - diluted	113,473,107		110,886,959	113,137,861		110,882,718
Basic earnings per share	$	0.45	0.47	$	1.14	1.52
Diluted earnings per share	$	0.45	0.47	$	1.13	1.52
Restricted stock units and stock options excluded from the diluted average outstanding share calculation 1	817		247,104	95,198		222,710

______________________________

1 Anti-dilution occurs when the unrecognized compensation cost per share of a restricted stock unit or the exercise price of a stock option exceeds the market price of the Company’s stock.

Securities Sold Under Agreements to Repurchase - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial Instruments Owned and Pledged as Collateral [Line Items]
Debt securities, available-for-sale	$ 4,436,578	$ 4,785,719
Assets pledged as collateral
Financial Instruments Owned and Pledged as Collateral [Line Items]
Debt securities, available-for-sale	$ 2,161,361	$ 1,800,829

Other Expenses - Components of Other Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Expenses
Consulting and outside services	$ 6,440	$ 3,697	$ 16,452	$ 12,863
Mergers and acquisition expenses	1,916	279	9,424	842
Debit card expenses	3,959	2,955	10,841	8,682
VIE amortization and other expenses	1,131	1,603	5,293	5,349
Loan expenses	1,922	2,032	5,856	5,513
Checking and operating expenses	1,039	713	4,374	2,429
Telephone	1,482	1,545	4,534	4,599
Employee expenses	1,617	1,480	4,651	4,727
Business development	1,526	1,399	4,258	3,929
Postage	1,206	1,097	3,639	3,223
Printing and supplies	867	798	2,357	2,334
Accounting and audit fees	309	131	1,308	1,157
Legal fees	357	276	1,314	1,163
(Gain) loss on dispositions of fixed assets	(586)	37	(3,124)	23
Other	2,663	2,309	7,770	6,773
Total other expenses	$ 25,848	$ 20,351	$ 78,947	$ 63,606

Loans Receivable, Net - Aging Analysis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	$ 17,181,187	$ 16,198,082
Accruing loans 30-59 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	32,973	43,455
Accruing loans 60-89 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	23,240	6,512
Accruing loans 90 days or more past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	11,551	3,312
Past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	83,701	74,095
Non-accrual loans with no ACL	13,669	20,722
Non-accrual loans with ACL	2,268	94
Current loans receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	17,097,486	16,123,987
Residential real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	1,837,697	1,704,544
Residential real estate \| Accruing loans 30-59 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	133	5,342
Residential real estate \| Accruing loans 60-89 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	2,621	729
Residential real estate \| Accruing loans 90 days or more past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	2,003	107
Residential real estate \| Past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	8,076	8,740
Non-accrual loans with no ACL	3,319	2,562
Non-accrual loans with ACL	0	0
Residential real estate \| Current loans receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	1,829,621	1,695,804
Commercial real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	10,833,841	10,303,306
Commercial real estate \| Accruing loans 30-59 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	10,608	18,134
Commercial real estate \| Accruing loans 60-89 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	4,685	2,439
Commercial real estate \| Accruing loans 90 days or more past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	5,415	2,161
Commercial real estate \| Past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	28,568	36,414
Non-accrual loans with no ACL	5,715	13,680
Non-accrual loans with ACL	2,145	0
Commercial real estate \| Current loans receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	10,805,273	10,266,892
Other commercial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	3,177,051	2,901,863
Other commercial \| Accruing loans 30-59 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	15,680	12,745
Other commercial \| Accruing loans 60-89 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	13,371	774
Other commercial \| Accruing loans 90 days or more past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	2,698	530
Other commercial \| Past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	33,608	15,925
Non-accrual loans with no ACL	1,839	1,869
Non-accrual loans with ACL	20	7
Other commercial \| Current loans receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	3,143,443	2,885,938
Home equity
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	931,440	888,013
Home equity \| Accruing loans 30-59 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	3,142	3,006
Home equity \| Accruing loans 60-89 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	1,556	1,527
Home equity \| Accruing loans 90 days or more past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	971	283
Home equity \| Past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	7,664	6,782
Non-accrual loans with no ACL	1,995	1,966
Non-accrual loans with ACL	0	0
Home equity \| Current loans receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	923,776	881,231
Other consumer
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	401,158	400,356
Other consumer \| Accruing loans 30-59 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	3,410	4,228
Other consumer \| Accruing loans 60-89 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	1,007	1,043
Other consumer \| Accruing loans 90 days or more past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	464	231
Other consumer \| Past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	5,785	6,234
Non-accrual loans with no ACL	801	645
Non-accrual loans with ACL	103	87
Other consumer \| Current loans receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable	$ 395,373	$ 394,122

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 22, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	000-18911
Entity Registrant Name	GLACIER BANCORP, INC.
Entity Incorporation, State or Country Code	MT
Entity Tax Identification Number	81-0519541
Entity Address, Address Line One	49 Commons Loop
Entity Address, City or Town	Kalispell,
Entity Address, State or Province	MT
Entity Address, Postal Zip Code	59901
City Area Code	(406)
Local Phone Number	756-4200
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	GBCI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		113,397,845
Entity Central Index Key	0000868671
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period presented. Diluted earnings per share is computed by including the net increase in shares as if dilutive outstanding restricted stock units were vested and stock options were exercised, using the treasury stock method.

Basic and diluted earnings per share has been computed based on the following:


	Three Months ended			Nine Months ended
(Dollars in thousands, except per share data)	September 30, 2024		September 30, 2023	September 30, 2024		September 30, 2023
Net income available to common stockholders, basic and diluted	$	51,055	52,445	$	128,390	168,611
Average outstanding shares - basic	113,394,758		110,877,534	113,093,583		110,857,788
Add: dilutive restricted stock units and stock options	78,349		9,425	44,278		24,930
Average outstanding shares - diluted	113,473,107		110,886,959	113,137,861		110,882,718
Basic earnings per share	$	0.45	0.47	$	1.14	1.52
Diluted earnings per share	$	0.45	0.47	$	1.13	1.52
Restricted stock units and stock options excluded from the diluted average outstanding share calculation 1	817		247,104	95,198		222,710

______________________________

1 Anti-dilution occurs when the unrecognized compensation cost per share of a restricted stock unit or the exercise price of a stock option exceeds the market price of the Company’s stock.

Derivatives and Hedging Activities - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Interest rate locks
Interest rate swap derivative financial instruments
Off-balance sheet commitments	$ 53,743		$ 22,738
Interest rate locks \| Other Assets
Interest rate swap derivative financial instruments
Gross amounts of recognized assets	985		604
Interest rate caps
Interest rate swap derivative financial instruments
Forecasted notional amount	$ 130,500
Derivative, term of contract	5 years
Derivative, basis spread on variable rate	0.26161%
Gross amounts of recognized assets	$ 1,883		4,990
Interest rate expense recorded on interest rate swap	$ 126	$ 126
Interest rate caps \| Minimum
Interest rate swap derivative financial instruments
Derivative, cap interest rate	1.50%
Interest rate caps \| Maximum
Interest rate swap derivative financial instruments
Derivative, cap interest rate	2.00%
Forward commitments to sell TBA securities
Interest rate swap derivative financial instruments
Forecasted notional amount	$ 52,250		22,000
Forward commitments to sell TBA securities \| Other Liabilities
Interest rate swap derivative financial instruments
Derivative asset, fair value, gross liability	$ 311		$ 350

Securities Sold Under Agreements to Repurchase

9 Months Ended

Sep. 30, 2024

Transfers and Servicing [Abstract]

Securities Sold Under Agreements to Repurchase

Loan Servicing


(Dollars in thousands)	September 30, 2024		December 31, 2023
Carrying value at beginning of period	$	12,534	13,488

Additions	565		434
Amortization	(1,031)		(1,388)
Carrying value at end of period	$	12,068	12,534
Principal balances of loans serviced for others	$	1,522,822	1,570,834
Fair value of servicing rights	$	17,317	18,000

Securities Sold Under Agreements to Repurchase


	Overnight and Continuous
(Dollars in thousands)	September 30, 2024		December 31, 2023
U.S. government and federal agency	$	—		$	113,509



Residential mortgage-backed securities	1,831,501			1,306,047
Commercial mortgage-backed securities	—			67,294
Total	$	1,831,501		1,486,850

- Definition

+ References

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 51,055	$ 52,445	$ 128,390	$ 168,611

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Fair Value of Assets and Liabilities - Fair Value Measurements on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial Assets
Debt securities, available-for-sale	$ 4,436,578	$ 4,785,719
Recurring Measurements
Financial Assets
Loans held for sale, at fair value	46,126	15,691
Total assets measured at fair value on a recurring basis	4,485,572	4,807,004
Total financial liabilities	20,150	18,338
U.S. government and federal agency
Financial Assets
Debt securities, available-for-sale	467,606	455,347
U.S. government and federal agency \| Recurring Measurements
Financial Assets
Debt securities, available-for-sale	467,606	455,347
U.S. government sponsored enterprises
Financial Assets
Debt securities, available-for-sale	310,069	299,219
U.S. government sponsored enterprises \| Recurring Measurements
Financial Assets
Debt securities, available-for-sale	310,069	299,219
State and local governments
Financial Assets
Debt securities, available-for-sale	72,370	98,932
State and local governments \| Recurring Measurements
Financial Assets
Debt securities, available-for-sale	72,370	98,932
Corporate bonds
Financial Assets
Debt securities, available-for-sale	14,542	26,253
Corporate bonds \| Recurring Measurements
Financial Assets
Debt securities, available-for-sale	14,542	26,253
Residential mortgage-backed securities
Financial Assets
Debt securities, available-for-sale	2,524,204	2,811,263
Residential mortgage-backed securities \| Recurring Measurements
Financial Assets
Debt securities, available-for-sale	2,524,204	2,811,263
Commercial mortgage-backed securities
Financial Assets
Debt securities, available-for-sale	1,047,787	1,094,705
Commercial mortgage-backed securities \| Recurring Measurements
Financial Assets
Debt securities, available-for-sale	1,047,787	1,094,705
Interest rate caps \| Recurring Measurements
Financial Assets
Derivative assets	1,883	4,990
Interest rate locks \| Recurring Measurements
Financial Assets
Derivative assets	985	604
TBA hedge \| Recurring Measurements
Financial Assets
Derivative liabilities	311	350
Interest rate swap \| Recurring Measurements
Financial Assets
Derivative liabilities	19,839	17,988
Level 1 \| Recurring Measurements
Financial Assets
Loans held for sale, at fair value	0	0
Total assets measured at fair value on a recurring basis	0	0
Total financial liabilities	0	0
Level 1 \| U.S. government and federal agency \| Recurring Measurements
Financial Assets
Debt securities, available-for-sale	0	0
Level 1 \| U.S. government sponsored enterprises \| Recurring Measurements
Financial Assets
Debt securities, available-for-sale	0	0
Level 1 \| State and local governments \| Recurring Measurements
Financial Assets
Debt securities, available-for-sale	0	0
Level 1 \| Corporate bonds \| Recurring Measurements
Financial Assets
Debt securities, available-for-sale	0	0
Level 1 \| Residential mortgage-backed securities \| Recurring Measurements
Financial Assets
Debt securities, available-for-sale	0	0
Level 1 \| Commercial mortgage-backed securities \| Recurring Measurements
Financial Assets
Debt securities, available-for-sale	0	0
Level 1 \| Interest rate caps \| Recurring Measurements
Financial Assets
Derivative assets	0	0
Level 1 \| Interest rate locks \| Recurring Measurements
Financial Assets
Derivative assets	0	0
Level 1 \| TBA hedge \| Recurring Measurements
Financial Assets
Derivative liabilities	0	0
Level 1 \| Interest rate swap \| Recurring Measurements
Financial Assets
Derivative liabilities	0	0
Level 2 \| Recurring Measurements
Financial Assets
Loans held for sale, at fair value	46,126	15,691
Total assets measured at fair value on a recurring basis	4,485,572	4,807,004
Total financial liabilities	20,150	18,338
Level 2 \| U.S. government and federal agency \| Recurring Measurements
Financial Assets
Debt securities, available-for-sale	467,606	455,347
Level 2 \| U.S. government sponsored enterprises \| Recurring Measurements
Financial Assets
Debt securities, available-for-sale	310,069	299,219
Level 2 \| State and local governments \| Recurring Measurements
Financial Assets
Debt securities, available-for-sale	72,370	98,932
Level 2 \| Corporate bonds \| Recurring Measurements
Financial Assets
Debt securities, available-for-sale	14,542	26,253
Level 2 \| Residential mortgage-backed securities \| Recurring Measurements
Financial Assets
Debt securities, available-for-sale	2,524,204	2,811,263
Level 2 \| Commercial mortgage-backed securities \| Recurring Measurements
Financial Assets
Debt securities, available-for-sale	1,047,787	1,094,705
Level 2 \| Interest rate caps \| Recurring Measurements
Financial Assets
Derivative assets	1,883	4,990
Level 2 \| Interest rate locks \| Recurring Measurements
Financial Assets
Derivative assets	985	604
Level 2 \| TBA hedge \| Recurring Measurements
Financial Assets
Derivative liabilities	311	350
Level 2 \| Interest rate swap \| Recurring Measurements
Financial Assets
Derivative liabilities	19,839	17,988
Level 3 \| Recurring Measurements
Financial Assets
Loans held for sale, at fair value	0	0
Total assets measured at fair value on a recurring basis	0	0
Total financial liabilities	0	0
Level 3 \| U.S. government and federal agency \| Recurring Measurements
Financial Assets
Debt securities, available-for-sale	0	0
Level 3 \| U.S. government sponsored enterprises \| Recurring Measurements
Financial Assets
Debt securities, available-for-sale	0	0
Level 3 \| State and local governments \| Recurring Measurements
Financial Assets
Debt securities, available-for-sale	0	0
Level 3 \| Corporate bonds \| Recurring Measurements
Financial Assets
Debt securities, available-for-sale	0	0
Level 3 \| Residential mortgage-backed securities \| Recurring Measurements
Financial Assets
Debt securities, available-for-sale	0	0
Level 3 \| Commercial mortgage-backed securities \| Recurring Measurements
Financial Assets
Debt securities, available-for-sale	0	0
Level 3 \| Interest rate caps \| Recurring Measurements
Financial Assets
Derivative assets	0	0
Level 3 \| Interest rate locks \| Recurring Measurements
Financial Assets
Derivative assets	0	0
Level 3 \| TBA hedge \| Recurring Measurements
Financial Assets
Derivative liabilities	0	0
Level 3 \| Interest rate swap \| Recurring Measurements
Financial Assets
Derivative liabilities	$ 0	$ 0

Loans Receivable, Net - Credit Quality Indicators for Commercial Loans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Credit Quality Indicators By Origination
Gross Charge-Offs	$ 3,976	$ 3,201	$ 12,406	$ 10,284
Total	17,181,187		17,181,187		$ 16,198,082
Commercial real estate
Credit Quality Indicators By Origination
Gross Charge-Offs, originated current fiscal year			0		889
Gross Charge-Offs, originated fiscal year before current fiscal year			0		430
Gross Charge-Offs, originated two years before current fiscal year			72		145
Gross Charge-Offs, originated three years before current fiscal year			0		0
Gross Charge-Offs, originated four years before current fiscal year			5		0
Gross Charge-Offs, Prior			318		616
Gross Charge-Offs, Revolving loans			0		0
Gross Charge-Offs	0	203	395	619	2,080
Term loans originated current fiscal year	961,105		961,105		1,316,100
Term loans originated fiscal year before current fiscal year	1,347,109		1,347,109		2,547,939
Term loans originated two years before current fiscal year	2,436,334		2,436,334		2,200,677
Term loans originated three years before current fiscal year	2,118,399		2,118,399		1,130,117
Term loans originated four years before current fiscal year	1,076,187		1,076,187		691,810
Term loans originated five years before current fiscal year	2,580,465		2,580,465		2,129,808
Revolving loans	314,242		314,242		286,855
Total	10,833,841		10,833,841		10,303,306
Commercial real estate \| Pass
Credit Quality Indicators By Origination
Term loans originated current fiscal year	929,837		929,837		1,313,446
Term loans originated fiscal year before current fiscal year	1,324,359		1,324,359		2,520,484
Term loans originated two years before current fiscal year	2,367,328		2,367,328		2,178,153
Term loans originated three years before current fiscal year	2,082,746		2,082,746		1,124,525
Term loans originated four years before current fiscal year	1,068,940		1,068,940		656,203
Term loans originated five years before current fiscal year	2,509,239		2,509,239		2,053,011
Revolving loans	310,004		310,004		285,432
Total	10,592,453		10,592,453		10,131,254
Commercial real estate \| Special Mention
Credit Quality Indicators By Origination
Term loans originated current fiscal year	3,288		3,288		97
Term loans originated fiscal year before current fiscal year	20,171		20,171		12,855
Term loans originated two years before current fiscal year	42,098		42,098		19,782
Term loans originated three years before current fiscal year	22,744		22,744		0
Term loans originated four years before current fiscal year	0		0		1,104
Term loans originated five years before current fiscal year	28,535		28,535		18,818
Revolving loans	3,100		3,100		1
Total	119,936		119,936		52,657
Commercial real estate \| Substandard
Credit Quality Indicators By Origination
Term loans originated current fiscal year	27,980		27,980		2,557
Term loans originated fiscal year before current fiscal year	2,579		2,579		14,600
Term loans originated two years before current fiscal year	26,908		26,908		2,742
Term loans originated three years before current fiscal year	12,909		12,909		5,592
Term loans originated four years before current fiscal year	7,247		7,247		34,503
Term loans originated five years before current fiscal year	42,691		42,691		57,948
Revolving loans	1,137		1,137		1,421
Total	121,451		121,451		119,363
Commercial real estate \| Doubtful/ Loss
Credit Quality Indicators By Origination
Term loans originated current fiscal year	0		0		0
Term loans originated fiscal year before current fiscal year	0		0		0
Term loans originated two years before current fiscal year	0		0		0
Term loans originated three years before current fiscal year	0		0		0
Term loans originated four years before current fiscal year	0		0		0
Term loans originated five years before current fiscal year	0		0		31
Revolving loans	1		1		1
Total	1		1		32
Other commercial
Credit Quality Indicators By Origination
Gross Charge-Offs, originated current fiscal year			3,526		3,080
Gross Charge-Offs, originated fiscal year before current fiscal year			73		406
Gross Charge-Offs, originated two years before current fiscal year			298		0
Gross Charge-Offs, originated three years before current fiscal year			422		92
Gross Charge-Offs, originated four years before current fiscal year			284		0
Gross Charge-Offs, Prior			246		313
Gross Charge-Offs, Revolving loans			0		0
Gross Charge-Offs	1,456	$ 654	4,849	$ 2,895	3,891
Term loans originated current fiscal year	284,596		284,596		369,059
Term loans originated fiscal year before current fiscal year	358,204		358,204		566,295
Term loans originated two years before current fiscal year	546,601		546,601		531,558
Term loans originated three years before current fiscal year	495,113		495,113		245,962
Term loans originated four years before current fiscal year	222,404		222,404		145,828
Term loans originated five years before current fiscal year	534,047		534,047		448,619
Revolving loans	736,086		736,086		594,542
Total	3,177,051		3,177,051		2,901,863
Other commercial \| Pass
Credit Quality Indicators By Origination
Term loans originated current fiscal year	283,831		283,831		367,337
Term loans originated fiscal year before current fiscal year	354,798		354,798		561,567
Term loans originated two years before current fiscal year	534,151		534,151		519,151
Term loans originated three years before current fiscal year	475,194		475,194		240,613
Term loans originated four years before current fiscal year	218,060		218,060		141,336
Term loans originated five years before current fiscal year	507,283		507,283		443,400
Revolving loans	703,921		703,921		577,953
Total	3,077,238		3,077,238		2,851,357
Other commercial \| Special Mention
Credit Quality Indicators By Origination
Term loans originated current fiscal year	566		566		0
Term loans originated fiscal year before current fiscal year	635		635		3,319
Term loans originated two years before current fiscal year	1,259		1,259		10,187
Term loans originated three years before current fiscal year	10,294		10,294		0
Term loans originated four years before current fiscal year	268		268		0
Term loans originated five years before current fiscal year	0		0		0
Revolving loans	19,031		19,031		11,977
Total	32,053		32,053		25,483
Other commercial \| Substandard
Credit Quality Indicators By Origination
Term loans originated current fiscal year	156		156		1,603
Term loans originated fiscal year before current fiscal year	2,771		2,771		1,408
Term loans originated two years before current fiscal year	11,143		11,143		2,218
Term loans originated three years before current fiscal year	9,615		9,615		5,347
Term loans originated four years before current fiscal year	4,075		4,075		4,490
Term loans originated five years before current fiscal year	26,764		26,764		5,219
Revolving loans	13,120		13,120		4,612
Total	67,644		67,644		24,897
Other commercial \| Doubtful/ Loss
Credit Quality Indicators By Origination
Term loans originated current fiscal year	43		43		119
Term loans originated fiscal year before current fiscal year	0		0		1
Term loans originated two years before current fiscal year	48		48		2
Term loans originated three years before current fiscal year	10		10		2
Term loans originated four years before current fiscal year	1		1		2
Term loans originated five years before current fiscal year	0		0		0
Revolving loans	14		14		0
Total	$ 116		$ 116		$ 126

Variable Interest Entities - VIE Carrying Amounts Included in Financial Statements (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Loans receivable	$ 16,976,017	$ 16,005,325
Accrued interest receivable	114,121	94,526
Other assets	309,762	201,132
Total assets	28,205,769	27,742,629
Liabilities
Other borrowed funds	84,168	81,695
Accrued interest payable	35,382	125,907
Other liabilities	361,839	225,786
Total liabilities	24,960,719	24,722,348
Consolidated VIEs
Assets
Loans receivable	122,938	136,527
Accrued interest receivable	761	376
Other assets	72,941	48,924
Total assets	196,640	185,827
Liabilities
Other borrowed funds	61,911	56,578
Accrued interest payable	580	242
Other liabilities	19,186	182
Total liabilities	$ 81,677	$ 57,002

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (in dollars per share)	$ 0.33	$ 0.33	$ 0.99	$ 0.99

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic and Diluted Earnings Per Share
Net income available to common stockholders, basic	$ 51,055	$ 52,445	$ 128,390	$ 168,611
Net income available to common stockholders, diluted	$ 51,055	$ 52,445	$ 128,390	$ 168,611
Average outstanding shares - basic (in shares)	113,394,758	110,877,534	113,093,583	110,857,788
Add: dilutive restricted stock units and stock options (in shares)	78,349	9,425	44,278	24,930
Average outstanding shares - diluted (in shares)	113,473,107	110,886,959	113,137,861	110,882,718
Basic earnings per share (in dollars per share)	$ 0.45	$ 0.47	$ 1.14	$ 1.52
Diluted earnings per share (in dollars per share)	$ 0.45	$ 0.47	$ 1.13	$ 1.52
Restricted stock units and stock options excluded from the diluted average outstanding share calculation (in shares)	817	247,104	95,198	222,710

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 6.B)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-11

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Loans Receivable, Net - ACL Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Allowance for credit losses
Balance at beginning of period	$ 200,955	$ 189,385	$ 192,757	$ 182,283	$ 182,283
Acquisitions			3
Provision for credit losses	6,981	5,095	21,138	16,609
Charge-offs	(3,976)	(3,201)	(12,406)	(10,284)
Recoveries	1,210	992	3,678	3,663
Balance at end of period	205,170	192,271	205,170	192,271	192,757
Residential real estate
Allowance for credit losses
Balance at beginning of period	24,653	20,847	22,325	19,683	19,683
Acquisitions			0
Provision for credit losses	626	848	2,934	2,021
Charge-offs	0	0	0	(20)	(20)
Recoveries	10	2	30	13
Balance at end of period	25,289	21,697	25,289	21,697	22,325
Commercial real estate
Allowance for credit losses
Balance at beginning of period	136,346	129,598	130,924	125,816	125,816
Acquisitions			3
Provision for credit losses	2,176	1,415	7,965	5,369
Charge-offs	0	(203)	(395)	(619)	(2,080)
Recoveries	25	42	50	286
Balance at end of period	138,547	130,852	138,547	130,852	130,924
Other commercial
Allowance for credit losses
Balance at beginning of period	22,219	21,797	21,194	21,454	21,454
Acquisitions			0
Provision for credit losses	1,947	306	5,321	1,845
Charge-offs	(1,456)	(654)	(4,849)	(2,895)	(3,891)
Recoveries	459	322	1,503	1,367
Balance at end of period	23,169	21,771	23,169	21,771	21,194
Home equity
Allowance for credit losses
Balance at beginning of period	11,261	11,053	11,766	10,759	10,759
Acquisitions			0
Provision for credit losses	145	534	(409)	881
Charge-offs	(2)	0	(27)	(102)	(129)
Recoveries	54	37	128	86
Balance at end of period	11,458	11,624	11,458	11,624	11,766
Other consumer
Allowance for credit losses
Balance at beginning of period	6,476	6,090	6,548	4,571	4,571
Acquisitions			0
Provision for credit losses	2,087	1,992	5,327	6,493
Charge-offs	(2,518)	(2,344)	(7,135)	(6,648)	(8,975)
Recoveries	662	589	1,967	1,911
Balance at end of period	$ 6,707	$ 6,327	$ 6,707	$ 6,327	$ 6,548

Loans Receivable, Net - Credit Quality Indicators for RRE and Consumer Loans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Credit Quality Indicators By Origination
Gross Charge-Offs	$ 3,976	$ 3,201	$ 12,406	$ 10,284
Total	17,181,187		17,181,187		$ 16,198,082
Residential real estate
Credit Quality Indicators By Origination
Gross Charge-Offs, originated current fiscal year			0		0
Gross Charge-Offs, originated fiscal year before current fiscal year			0		5
Gross Charge-Offs, originated two years before current fiscal year			0		0
Gross Charge-Offs, originated three years before current fiscal year			0		0
Gross Charge-Offs, originated four years before current fiscal year			0		0
Gross Charge-Offs, Prior			0		15
Gross Charge-Offs, Revolving loans			0		0
Gross Charge-Offs	0	0	0	20	20
Term loans originated current fiscal year	134,710		134,710		234,568
Term loans originated fiscal year before current fiscal year	292,783		292,783		673,782
Term loans originated two years before current fiscal year	664,274		664,274		495,645
Term loans originated three years before current fiscal year	467,136		467,136		99,199
Term loans originated four years before current fiscal year	93,073		93,073		42,054
Term loans originated five years before current fiscal year	185,721		185,721		158,828
Revolving loans	0		0		468
Total	1,837,697		1,837,697		1,704,544
Residential real estate \| Performing
Credit Quality Indicators By Origination
Term loans originated current fiscal year	134,389		134,389		233,753
Term loans originated fiscal year before current fiscal year	292,088		292,088		671,196
Term loans originated two years before current fiscal year	663,051		663,051		495,645
Term loans originated three years before current fiscal year	466,558		466,558		99,199
Term loans originated four years before current fiscal year	93,073		93,073		42,054
Term loans originated five years before current fiscal year	180,462		180,462		153,489
Revolving loans	0		0		468
Total	1,829,621		1,829,621		1,695,804
Residential real estate \| 30-89 Days Past Due
Credit Quality Indicators By Origination
Term loans originated current fiscal year	321		321		815
Term loans originated fiscal year before current fiscal year	174		174		2,586
Term loans originated two years before current fiscal year	467		467		0
Term loans originated three years before current fiscal year	0		0		0
Term loans originated four years before current fiscal year	0		0		0
Term loans originated five years before current fiscal year	1,792		1,792		2,670
Revolving loans	0		0		0
Total	2,754		2,754		6,071
Residential real estate \| Non-Accrual and 90 Days or More Past Due
Credit Quality Indicators By Origination
Term loans originated current fiscal year	0		0		0
Term loans originated fiscal year before current fiscal year	521		521		0
Term loans originated two years before current fiscal year	756		756		0
Term loans originated three years before current fiscal year	578		578		0
Term loans originated four years before current fiscal year	0		0		0
Term loans originated five years before current fiscal year	3,467		3,467		2,669
Revolving loans	0		0		0
Total	5,322		5,322		2,669
Home equity
Credit Quality Indicators By Origination
Gross Charge-Offs, originated current fiscal year			0		0
Gross Charge-Offs, originated fiscal year before current fiscal year			17		0
Gross Charge-Offs, originated two years before current fiscal year			0		48
Gross Charge-Offs, originated three years before current fiscal year			0		50
Gross Charge-Offs, originated four years before current fiscal year			0		0
Gross Charge-Offs, Prior			10		31
Gross Charge-Offs, Revolving loans			0		0
Gross Charge-Offs	2	0	27	102	129
Term loans originated current fiscal year	211		211		0
Term loans originated fiscal year before current fiscal year	1,165		1,165		20
Term loans originated two years before current fiscal year	2,102		2,102		0
Term loans originated three years before current fiscal year	893		893		21
Term loans originated four years before current fiscal year	83		83		178
Term loans originated five years before current fiscal year	4,558		4,558		5,492
Revolving loans	922,428		922,428		882,302
Total	931,440		931,440		888,013
Home equity \| Performing
Credit Quality Indicators By Origination
Term loans originated current fiscal year	211		211		0
Term loans originated fiscal year before current fiscal year	1,165		1,165		20
Term loans originated two years before current fiscal year	2,102		2,102		0
Term loans originated three years before current fiscal year	893		893		21
Term loans originated four years before current fiscal year	83		83		178
Term loans originated five years before current fiscal year	4,439		4,439		5,277
Revolving loans	914,883		914,883		875,735
Total	923,776		923,776		881,231
Home equity \| 30-89 Days Past Due
Credit Quality Indicators By Origination
Term loans originated current fiscal year	0		0		0
Term loans originated fiscal year before current fiscal year	0		0		0
Term loans originated two years before current fiscal year	0		0		0
Term loans originated three years before current fiscal year	0		0		0
Term loans originated four years before current fiscal year	0		0		0
Term loans originated five years before current fiscal year	33		33		11
Revolving loans	4,665		4,665		4,522
Total	4,698		4,698		4,533
Home equity \| Non-Accrual and 90 Days or More Past Due
Credit Quality Indicators By Origination
Term loans originated current fiscal year	0		0		0
Term loans originated fiscal year before current fiscal year	0		0		0
Term loans originated two years before current fiscal year	0		0		0
Term loans originated three years before current fiscal year	0		0		0
Term loans originated four years before current fiscal year	0		0		0
Term loans originated five years before current fiscal year	86		86		204
Revolving loans	2,880		2,880		2,045
Total	2,966		2,966		2,249
Other consumer
Credit Quality Indicators By Origination
Gross Charge-Offs, originated current fiscal year			6,156		7,801
Gross Charge-Offs, originated fiscal year before current fiscal year			325		715
Gross Charge-Offs, originated two years before current fiscal year			323		170
Gross Charge-Offs, originated three years before current fiscal year			209		85
Gross Charge-Offs, originated four years before current fiscal year			24		73
Gross Charge-Offs, Prior			98		131
Gross Charge-Offs, Revolving loans			0		0
Gross Charge-Offs	2,518	$ 2,344	7,135	$ 6,648	8,975
Term loans originated current fiscal year	96,566		96,566		139,295
Term loans originated fiscal year before current fiscal year	99,808		99,808		98,630
Term loans originated two years before current fiscal year	71,791		71,791		62,961
Term loans originated three years before current fiscal year	43,649		43,649		29,143
Term loans originated four years before current fiscal year	20,749		20,749		12,335
Term loans originated five years before current fiscal year	22,138		22,138		17,314
Revolving loans	46,457		46,457		40,678
Total	401,158		401,158		400,356
Other consumer \| Performing
Credit Quality Indicators By Origination
Term loans originated current fiscal year	94,696		94,696		137,035
Term loans originated fiscal year before current fiscal year	98,939		98,939		97,536
Term loans originated two years before current fiscal year	70,439		70,439		62,107
Term loans originated three years before current fiscal year	42,851		42,851		29,012
Term loans originated four years before current fiscal year	20,681		20,681		12,279
Term loans originated five years before current fiscal year	21,862		21,862		16,664
Revolving loans	45,905		45,905		39,489
Total	395,373		395,373		394,122
Other consumer \| 30-89 Days Past Due
Credit Quality Indicators By Origination
Term loans originated current fiscal year	1,804		1,804		2,079
Term loans originated fiscal year before current fiscal year	542		542		870
Term loans originated two years before current fiscal year	1,133		1,133		805
Term loans originated three years before current fiscal year	325		325		119
Term loans originated four years before current fiscal year	22		22		43
Term loans originated five years before current fiscal year	72		72		173
Revolving loans	519		519		1,182
Total	4,417		4,417		5,271
Other consumer \| Non-Accrual and 90 Days or More Past Due
Credit Quality Indicators By Origination
Term loans originated current fiscal year	66		66		181
Term loans originated fiscal year before current fiscal year	327		327		224
Term loans originated two years before current fiscal year	219		219		49
Term loans originated three years before current fiscal year	473		473		12
Term loans originated four years before current fiscal year	46		46		13
Term loans originated five years before current fiscal year	204		204		477
Revolving loans	33		33		7
Total	$ 1,368		$ 1,368		$ 963

Debt Securities - Debt Securities in an Unrealized Loss Position (Details) $ in Thousands	Sep. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Available-for-sale
Number of Securities \| security	632	713
Less than 12 Months, Fair Value	$ 21,045	$ 29,403
Less than 12 Months, Unrealized Loss	(408)	(370)
12 Months or More, Fair Value	4,349,361	4,679,701
12 Months or More, Unrealized Loss	(349,225)	(498,005)
Total, Fair Value	4,370,406	4,709,104
Total, Unrealized Loss	$ (349,633)	$ (498,375)
U.S. government and federal agency
Available-for-sale
Number of Securities \| security	51	57
Less than 12 Months, Fair Value	$ 2,772	$ 3,702
Less than 12 Months, Unrealized Loss	(32)	(56)
12 Months or More, Fair Value	461,815	448,909
12 Months or More, Unrealized Loss	(16,693)	(29,613)
Total, Fair Value	464,587	452,611
Total, Unrealized Loss	$ (16,725)	$ (29,669)
U.S. government sponsored enterprises
Available-for-sale
Number of Securities \| security	14	14
Less than 12 Months, Fair Value	$ 0	$ 0
Less than 12 Months, Unrealized Loss	0	0
12 Months or More, Fair Value	310,068	299,220
12 Months or More, Unrealized Loss	(13,318)	(22,774)
Total, Fair Value	310,068	299,220
Total, Unrealized Loss	$ (13,318)	$ (22,774)
State and local governments
Available-for-sale
Number of Securities \| security	47	85
Less than 12 Months, Fair Value	$ 0	$ 3,039
Less than 12 Months, Unrealized Loss	0	(2)
12 Months or More, Fair Value	52,048	64,645
12 Months or More, Unrealized Loss	(2,661)	(3,271)
Total, Fair Value	52,048	67,684
Total, Unrealized Loss	$ (2,661)	$ (3,273)
Corporate bonds
Available-for-sale
Number of Securities \| security	2	4
Less than 12 Months, Fair Value	$ 0	$ 0
Less than 12 Months, Unrealized Loss	0	0
12 Months or More, Fair Value	13,731	23,262
12 Months or More, Unrealized Loss	(296)	(756)
Total, Fair Value	13,731	23,262
Total, Unrealized Loss	$ (296)	$ (756)
Residential mortgage-backed securities
Available-for-sale
Number of Securities \| security	378	402
Less than 12 Months, Fair Value	$ 25	$ 1,430
Less than 12 Months, Unrealized Loss	(1)	(44)
12 Months or More, Fair Value	2,521,798	2,809,482
12 Months or More, Unrealized Loss	(256,224)	(355,289)
Total, Fair Value	2,521,823	2,810,912
Total, Unrealized Loss	$ (256,225)	$ (355,333)
Commercial mortgage-backed securities
Available-for-sale
Number of Securities \| security	140	151
Less than 12 Months, Fair Value	$ 18,248	$ 21,232
Less than 12 Months, Unrealized Loss	(375)	(268)
12 Months or More, Fair Value	989,901	1,034,183
12 Months or More, Unrealized Loss	(60,033)	(86,302)
Total, Fair Value	1,008,149	1,055,415
Total, Unrealized Loss	$ (60,408)	$ (86,570)

Accumulated Other Comprehensive (Loss) Income (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Activity within accumulated other comprehensive (loss) income, net of tax

The following table illustrates the activity within accumulated other comprehensive (loss) income by component, net of tax:


(Dollars in thousands)	(Losses) Gains on Available-For-Sale and Transferred Debt Securities		(Losses) Gains on Derivatives Used for Cash Flow Hedges	Total
Balance at January 1, 2023	$	(474,338)	5,546	(468,792)
Other comprehensive (losses) income before reclassifications	(34,364)		1,898	(32,466)
Reclassification adjustments for gains (losses) and transfers included in net income	24		(2,490)	(2,466)
Reclassification adjustments for amortization included in net income for transferred securities	3,357		—	3,357
Net current period other comprehensive income (loss)	(30,983)		(592)	(31,575)
Balance at September 30, 2023	$	(505,321)	4,954	(500,367)
Balance at January 1, 2024	$	(377,728)	3,615	(374,113)
Other comprehensive income before reclassifications	111,704		652	112,356
Reclassification adjustments for losses and transfers included in net income	(42)		(2,888)	(2,930)
Reclassification adjustments for amortization included in net income for transferred securities	2,381		—	2,381
Net current period other comprehensive income (loss)	114,043		(2,236)	111,807
Balance at September 30, 2024	$	(263,685)	1,379	(262,306)

Securities Sold Under Agreements to Repurchase (Tables)

9 Months Ended

Sep. 30, 2024

Transfers and Servicing [Abstract]

Carrying value of repurchase agreements


	Overnight and Continuous
(Dollars in thousands)	September 30, 2024		December 31, 2023
U.S. government and federal agency	$	—		$	113,509



Residential mortgage-backed securities	1,831,501			1,306,047
Commercial mortgage-backed securities	—			67,294
Total	$	1,831,501		1,486,850

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash on hand and in banks	$ 342,105	$ 246,525
Interest bearing cash deposits	645,728	1,107,817
Cash and cash equivalents	987,833	1,354,342
Debt securities, available-for-sale	4,436,578	4,785,719
Debt securities, held-to-maturity	3,348,698	3,502,411
Total debt securities	7,785,276	8,288,130
Loans held for sale, at fair value	46,126	15,691
Loans receivable	17,181,187	16,198,082
Allowance for credit losses	(205,170)	(192,757)
Loans receivable, net	16,976,017	16,005,325
Premises and equipment, net	466,977	421,791
Other real estate owned and foreclosed assets	633	1,503
Accrued interest receivable	114,121	94,526
Deferred tax asset	125,432	159,070
Intangibles, net	52,780	31,870
Goodwill	1,053,556	985,393
Non-marketable equity securities	98,285	12,755
Bank-owned life insurance	188,971	171,101
Other assets	309,762	201,132
Total assets	28,205,769	27,742,629
Liabilities
Non-interest bearing deposits	6,407,728	6,022,980
Interest bearing deposits	14,307,036	13,906,187
Securities sold under agreements to repurchase	1,831,501	1,486,850
Federal Home Loan Bank advances	1,800,000	0
FRB Bank Term Funding	0	2,740,000
Other borrowed funds	84,168	81,695
Subordinated debentures	133,065	132,943
Accrued interest payable	35,382	125,907
Other liabilities	361,839	225,786
Total liabilities	24,960,719	24,722,348
Commitments and Contingent Liabilities	0	0
Stockholders’ Equity
Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding	0	0
Common stock, $0.01 par value per share, 234,000,000 shares authorized at September 30, 2024 and December 31, 2023, respectively	1,134	1,109
Paid-in capital	2,447,200	2,350,104
Retained earnings - substantially restricted	1,059,022	1,043,181
Accumulated other comprehensive loss	(262,306)	(374,113)
Total stockholders’ equity	3,245,050	3,020,281
Total liabilities and stockholders’ equity	$ 28,205,769	$ 27,742,629
Number of common stock shares issued (in shares)	113,394,786	110,888,942
Number of common stock shares outstanding (in shares)	113,394,786	110,888,942

Debt Securities - Maturity Schedule (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Available-for-Sale, Amortized Cost
Due within one year	$ 56,222
Due after one year through five years	787,336
Due after five years through ten years	16,296
Due after ten years	37,376
Total before mortgage-backed securities	897,230
Mortgage-backed securities	3,887,942
Amortized Cost	4,785,172	$ 5,283,253
Available-for-Sale, Fair Value
Due within one year	55,073
Due after one year through five years	758,562
Due after five years through ten years	15,732
Due after ten years	35,220
Total before mortgage-backed securities	864,587
Mortgage-backed securities	3,571,991
Debt securities, available-for-sale	4,436,578	4,785,719
Held-to-Maturity, Amortized Cost
Due within one year	9,139
Due after one year through five years	938,197
Due after five years through ten years	189,027
Due after ten years	1,351,759
Total before mortgage-backed securities	2,488,122
Mortgage-backed securities	860,576
Amortized Cost	3,348,698	3,502,411
Held-to-Maturity, Fair Value
Due within one year	9,133
Due after one year through five years	894,304
Due after five years through ten years	183,962
Due after ten years	1,186,286
Total before mortgage-backed securities	2,273,685
Mortgage-backed securities	806,864
Total	$ 3,080,549	$ 3,180,194

Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair value measurement of assets measured at fair value on a recurring basis

The following tables disclose the fair value measurement of assets and liabilities measured at fair value on a recurring basis:


			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Fair Value September 30, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Debt securities, available-for-sale
U.S. government and federal agency	$	467,606	—	467,606	—
U.S. government sponsored enterprises	310,069		—	310,069	—
State and local governments	72,370		—	72,370	—
Corporate bonds	14,542		—	14,542	—
Residential mortgage-backed securities	2,524,204		—	2,524,204	—
Commercial mortgage-backed securities	1,047,787		—	1,047,787	—
Loans held for sale, at fair value	46,126		—	46,126	—
Interest rate caps	1,883		—	1,883	—
Interest rate locks	985		—	985	—


Total assets measured at fair value on a recurring basis	$	4,485,572	—	4,485,572	—
TBA hedge	$	311	—	311	—
Interest rate swap	19,839		—	19,839	—
Total liabilities measured at fair value on a recurring basis	$	20,150	—	20,150	—


			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Fair Value December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Debt securities, available-for-sale
U.S. government and federal agency	$	455,347	—	455,347	—
U.S. government sponsored enterprises	299,219		—	299,219	—
State and local governments	98,932		—	98,932	—
Corporate bonds	26,253		—	26,253	—
Residential mortgage-backed securities	2,811,263		—	2,811,263	—
Commercial mortgage-backed securities	1,094,705		—	1,094,705	—
Loans held for sale, at fair value	15,691		—	15,691	—
Interest rate caps	4,990		—	4,990	—
Interest rate locks	604		—	604	—
Total assets measured at fair value on a recurring basis	$	4,807,004	—	4,807,004	—
TBA hedge	$	350	—	350	—
Interest rate swap	17,988		—	17,988	—
Total liabilities measured at fair value on a recurring basis	$	18,338	—	18,338	—

Fair value measurement of assets measured at fair value on a non-recurring basis

The following tables disclose the fair value measurement of assets with a recorded change during the period resulting from re-measuring the assets at fair value on a non-recurring basis:


			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Fair Value September 30, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Other real estate owned	$	120	—	—	120
Collateral-dependent impaired loans, net of ACL	$	2,854	—	—	2,854

Total assets measured at fair value on a non-recurring basis	$	2,974	—	—	2,974


			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Fair Value December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Other real estate owned	$	166	—	—	166
Collateral-dependent impaired loans, net of ACL	1,332		—	—	1,332
Total assets measured at fair value on a non-recurring basis	$	1,498	—	—	1,498

Quantitative information about assets measured at fair value on a non-recurring basis for which Level 3 inputs were used


	Fair Value September 30, 2024		Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands)			Valuation Technique	Unobservable Input	Range (Weighted-Average) 1


Other real estate owned	$	120	Sales comparison approach	Selling costs	10.0% - 10.0% (10.0%)





Collateral-dependent impaired loans, net of ACL	$	1,490	Cost approach	Selling costs	10.0% - 10.0% (10.0%)


	1,103		Sales comparison approach	Selling costs	10.0% - 20.0% (10.8%)

				Adjustment to comparables	0.0% - 0.0% (0.0%)
	261		Combined approach	Selling costs	10.0% - 10.0% (10.0%)


	$	2,854


	Fair Value December 31, 2023		Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands)			Valuation Technique	Unobservable Input	Range (Weighted-Average) 1

Other real estate owned	$	166	Sales comparison approach	Selling costs	0.0% - 10.0% (8.1%)






Collateral-dependent impaired loans, net of ACL	$	1,258	Cost approach	Selling costs	10.0% - 10.0% (10.0%)


	74		Sales comparison approach	Selling Costs	10.0% - 10.0% (10.0%)





	$	1,332

______________________________

1 The range for selling cost inputs represents reductions to the fair value of the assets.

Carrying amounts and estimated fair values of financial instruments not carried at fair value

The fair value of unused lines of credit and letters of credit is not material; therefore, such commitments are not included in the following tables.


			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Carrying Amount September 30, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial assets
Cash and cash equivalents	$	987,833	987,833	—	—
Debt securities, held-to-maturity	3,348,698		—	3,080,549	—
Loans receivable, net of ACL	16,976,017		—	—	17,089,754
Total financial assets	$	21,312,548	987,833	3,080,549	17,089,754
Financial liabilities
Term deposits	$	3,284,609	—	3,329,142	—
FHLB advances	1,800,000		—	1,796,520	—

Repurchase agreements and other borrowed funds	1,915,669		—	1,915,669	—
Subordinated debentures	133,065		—	121,219	—
Total financial liabilities	$	7,133,343	—	7,162,550	—


			Fair Value Measurements At the End of the Reporting Period Using
(Dollars in thousands)	Carrying Amount December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial assets
Cash and cash equivalents	$	1,354,342	1,354,342	—	—
Debt securities, held-to-maturity	3,502,411		—	3,180,194	—
Loans receivable, net of ACL	16,005,325		—	—	16,133,681
Total financial assets	$	20,862,078	1,354,342	3,180,194	16,133,681
Financial liabilities
Term deposits	$	2,915,393	—	2,955,521	—

FRB Bank Term Funding	2,740,000		—	2,738,031	—
Repurchase agreements and other borrowed funds	1,568,545		—	1,568,545	—
Subordinated debentures	132,943		—	119,768	—
Total financial liabilities	$	7,356,881	—	7,381,865	—

Fair Value of Assets and Liabilities - Quantitative Information about Level 3 Fair Value Measurements (Details) - Non-Recurring Measurements $ in Thousands	Sep. 30, 2024 USD ($) Input	Dec. 31, 2023 USD ($)
Quantitative Information About Level 3 Fair Value Measurements
Other real estate owned	$ 120	$ 166
Collateral-dependent impaired loans, net of ACL	2,854	1,332
Level 3
Quantitative Information About Level 3 Fair Value Measurements
Other real estate owned	120	166
Collateral-dependent impaired loans, net of ACL	2,854	1,332
Level 3 \| Sales comparison approach \| Selling costs
Quantitative Information About Level 3 Fair Value Measurements
Other real estate owned	120	166
Collateral-dependent impaired loans, net of ACL	1,103	74
Level 3 \| Cost approach \| Selling costs
Quantitative Information About Level 3 Fair Value Measurements
Collateral-dependent impaired loans, net of ACL	1,490	$ 1,258
Level 3 \| Combined approach \| Selling costs
Quantitative Information About Level 3 Fair Value Measurements
Collateral-dependent impaired loans, net of ACL	$ 261
Level 3 \| Minimum \| Sales comparison approach \| Selling costs
Quantitative Information About Level 3 Fair Value Measurements
Other real estate owned, measurement input	0.100	0.000
Collateral-dependent impaired loans, net of ACL, measurement input	0.100	0.100
Level 3 \| Minimum \| Sales comparison approach \| Adjustments to comparables
Quantitative Information About Level 3 Fair Value Measurements
Collateral-dependent impaired loans, net of ACL, measurement input	0.000
Level 3 \| Minimum \| Cost approach \| Selling costs
Quantitative Information About Level 3 Fair Value Measurements
Collateral-dependent impaired loans, net of ACL, measurement input	0.100	0.100
Level 3 \| Minimum \| Combined approach \| Selling costs
Quantitative Information About Level 3 Fair Value Measurements
Collateral-dependent impaired loans, net of ACL, measurement input \| Input	0.100
Level 3 \| Maximum \| Sales comparison approach \| Selling costs
Quantitative Information About Level 3 Fair Value Measurements
Other real estate owned, measurement input	0.100	0.100
Collateral-dependent impaired loans, net of ACL, measurement input	0.200	0.100
Level 3 \| Maximum \| Sales comparison approach \| Adjustments to comparables
Quantitative Information About Level 3 Fair Value Measurements
Collateral-dependent impaired loans, net of ACL, measurement input	0.000
Level 3 \| Maximum \| Cost approach \| Selling costs
Quantitative Information About Level 3 Fair Value Measurements
Collateral-dependent impaired loans, net of ACL, measurement input	0.100	0.100
Level 3 \| Maximum \| Combined approach \| Selling costs
Quantitative Information About Level 3 Fair Value Measurements
Collateral-dependent impaired loans, net of ACL, measurement input \| Input	0.100
Level 3 \| Weighted Average Range \| Sales comparison approach \| Selling costs
Quantitative Information About Level 3 Fair Value Measurements
Other real estate owned, measurement input	0.100	0.081
Collateral-dependent impaired loans, net of ACL, measurement input	0.108	0.100
Level 3 \| Weighted Average Range \| Sales comparison approach \| Adjustments to comparables
Quantitative Information About Level 3 Fair Value Measurements
Collateral-dependent impaired loans, net of ACL, measurement input	0.000
Level 3 \| Weighted Average Range \| Cost approach \| Selling costs
Quantitative Information About Level 3 Fair Value Measurements
Collateral-dependent impaired loans, net of ACL, measurement input	0.100	0.100
Level 3 \| Weighted Average Range \| Combined approach \| Selling costs
Quantitative Information About Level 3 Fair Value Measurements
Collateral-dependent impaired loans, net of ACL, measurement input \| Input	0.100

Variable Interest Entities - Future Unfunded Contingent Commitments (Details) - Qualified Affordable Housing Project Investments $ in Thousands	Sep. 30, 2024 USD ($)
Other Commitments
2024	$ 25,629
2025	42,269
2026	14,040
2027	1,594
2028	649
Thereafter	2,547
Total	$ 86,728

Debt Securities - Narrative (Details)	Sep. 30, 2024 USD ($) creditRatingCategory	Dec. 31, 2023 USD ($)
Schedule of Held-to-maturity Securities [Line Items]
Number of credit rating categories, highest \| creditRatingCategory	4
Debt securities, available-for-sale	$ 4,436,578,000	$ 4,785,719,000
Interest receivable, available-for-sale debt securities	8,364,000	9,319,000
ACL on available-for-sale debt securities	0
Debt securities, held-to-maturity	3,348,698,000	3,502,411,000
Interest receivable, held-to-maturity debt securities	19,303,000	16,990,000
ACL on held-to-maturity debt securities	0	0
Past due
Schedule of Held-to-maturity Securities [Line Items]
Debt securities, available-for-sale	0	0
Debt securities, held-to-maturity	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

+ Details

Goodwill

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The following schedule discloses the changes in the carrying value of goodwill:


	Three Months ended			Nine Months ended
(Dollars in thousands)	September 30, 2024		September 30, 2023	September 30, 2024	September 30, 2023
Net carrying value at beginning of period	$	1,023,762	985,393	985,393	985,393
Acquisitions and adjustments	29,794		—	68,163	—

Net carrying value at end of period	$	1,053,556	985,393	1,053,556	985,393

The Company performed its annual goodwill impairment test during the third quarter of 2024 and determined the fair value of the aggregated reporting units exceeded the carrying value, such that the Company’s goodwill was not considered impaired. Changes in the economic environment, operations of the aggregated reporting units, or other factors could result in the decline in the fair value of the aggregated reporting units which could result in a goodwill impairment in the future. Accumulated impairment charges were $40,159,000 as of September 30, 2024 and December 31, 2023. For additional information relating to current year acquisitions, see Note 14.

Mergers and Acquisitions - Pro Forma Summary (Details) - Community Financial Group, Inc. and Rocky Mountain Bank - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pro Forma Information
Net interest income and non-interest income	$ 215,420	$ 208,217	$ 618,039	$ 644,285
Net income	$ 51,512	$ 56,755	$ 131,407	$ 181,103

Mergers and Acquisitions - Consideration Transferred, Identifiable Net Assets Acquired and Goodwill Recognized (Details) - USD ($) $ in Thousands	Jul. 19, 2024	Jan. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Liabilities assumed
Goodwill recognized			$ 1,053,556	$ 1,023,762	$ 985,393	$ 985,393	$ 985,393	$ 985,393
Community Financial Group, Inc.
Fair value of consideration transferred
Fair value of Company shares issued		$ 92,385
Cash consideration		771
Total fair value of consideration transferred		93,156
Identifiable assets acquired
Cash and cash equivalents		31,674
Debt securities		187,183
Loans receivable, net of ACL		452,737
Core deposit intangible		16,936
Accrued income and other assets		50,760
Total identifiable assets acquired		739,290
Liabilities assumed
Deposits		616,955
Borrowings		58,500
Accrued expenses and other liabilities		9,048
Total liabilities assumed		684,503
Total identifiable net assets (liabilities)		54,787
Goodwill recognized		$ 38,369
Core deposit intangible, estimated life		10 years
Rocky Mountain Bank
Fair value of consideration transferred
Fair value of Company shares issued	$ 0
Deposit premium paid	25,238
Total fair value of consideration transferred	25,238
Identifiable assets acquired
Cash and cash equivalents	102,019
Debt securities	0
Loans receivable, net of ACL	271,569
Core deposit intangible	9,794
Accrued income and other assets	15,114
Total identifiable assets acquired	398,496
Liabilities assumed
Deposits	396,690
Borrowings	4,305
Accrued expenses and other liabilities	2,057
Total liabilities assumed	403,052
Total identifiable net assets (liabilities)	(4,556)
Goodwill recognized	$ 29,794

Loans Receivable, Net - Collateral-Dependent Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Collateral Dependent Loans
Total	$ 17,181,187	$ 16,198,082
Collateral Pledged
Collateral Dependent Loans
Total	55,858	43,044
Business assets
Collateral Dependent Loans
Total	11,901	3,236
Residential real estate
Collateral Dependent Loans
Total	13,725	17,578
Other real estate
Collateral Dependent Loans
Total	29,401	21,635
Other
Collateral Dependent Loans
Total	831	595
Residential real estate
Collateral Dependent Loans
Total	1,837,697	1,704,544
Residential real estate \| Collateral Pledged
Collateral Dependent Loans
Total	3,319	11,134
Residential real estate \| Business assets
Collateral Dependent Loans
Total	0	0
Residential real estate \| Residential real estate
Collateral Dependent Loans
Total	3,316	11,099
Residential real estate \| Other real estate
Collateral Dependent Loans
Total	3	35
Residential real estate \| Other
Collateral Dependent Loans
Total	0	0
Commercial real estate
Collateral Dependent Loans
Total	10,833,841	10,303,306
Commercial real estate \| Collateral Pledged
Collateral Dependent Loans
Total	35,483	24,921
Commercial real estate \| Business assets
Collateral Dependent Loans
Total	0	6
Commercial real estate \| Residential real estate
Collateral Dependent Loans
Total	7,676	4,317
Commercial real estate \| Other real estate
Collateral Dependent Loans
Total	27,807	20,598
Commercial real estate \| Other
Collateral Dependent Loans
Total	0	0
Other commercial
Collateral Dependent Loans
Total	3,177,051	2,901,863
Other commercial \| Collateral Pledged
Collateral Dependent Loans
Total	13,853	3,963
Other commercial \| Business assets
Collateral Dependent Loans
Total	11,901	3,230
Other commercial \| Residential real estate
Collateral Dependent Loans
Total	516	98
Other commercial \| Other real estate
Collateral Dependent Loans
Total	1,198	620
Other commercial \| Other
Collateral Dependent Loans
Total	238	15
Home equity
Collateral Dependent Loans
Total	931,440	888,013
Home equity \| Collateral Pledged
Collateral Dependent Loans
Total	1,995	1,993
Home equity \| Business assets
Collateral Dependent Loans
Total	0	0
Home equity \| Residential real estate
Collateral Dependent Loans
Total	1,976	1,968
Home equity \| Other real estate
Collateral Dependent Loans
Total	19	25
Home equity \| Other
Collateral Dependent Loans
Total	0	0
Other consumer
Collateral Dependent Loans
Total	401,158	400,356
Other consumer \| Collateral Pledged
Collateral Dependent Loans
Total	1,208	1,033
Other consumer \| Business assets
Collateral Dependent Loans
Total	0	0
Other consumer \| Residential real estate
Collateral Dependent Loans
Total	241	96
Other consumer \| Other real estate
Collateral Dependent Loans
Total	374	357
Other consumer \| Other
Collateral Dependent Loans
Total	$ 593	$ 580

Leases - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finance Leases
ROU assets	$ 31,077	$ 31,222
Accumulated depreciation	$ (10,020)	$ (6,940)
Net ROU assets location	Property, Plant, And Equipment And Lease Right Of Use Asset, After Accumulated Depreciation And Amortization	Property, Plant, And Equipment And Lease Right Of Use Asset, After Accumulated Depreciation And Amortization
Net ROU assets	$ 21,057	$ 24,282
Lease liabilities location	Other Borrowings	Other Borrowings
Lease liabilities	$ 22,257	$ 25,116
Operating Leases
Net ROU assets location	Property, Plant, And Equipment And Lease Right Of Use Asset, After Accumulated Depreciation And Amortization	Property, Plant, And Equipment And Lease Right Of Use Asset, After Accumulated Depreciation And Amortization
Net ROU assets	$ 37,111	$ 40,781
Lease liabilities location	Other Liabilities	Other Liabilities
Lease liabilities	$ 40,642	$ 44,319
Finance Leases, Weighted-average remaining lease term	11 years	11 years
Finance Leases, Weighted-average discount rate	3.60%	3.60%
Operating Leases, Weighted-average remaining lease term	16 years	16 years
Operating Leases, Weighted-average discount rate	3.70%	3.70%

Nature of Operations and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Provision for credit losses and off-balance sheet exposures

The following table presents the provision for credit losses on the loan portfolio and off-balance sheet exposures:


	Three Months ended			Nine Months ended
(Dollars in thousands)	September 30, 2024		September 30, 2023	September 30, 2024	September 30, 2023
Provision for credit loss loans	$	6,981	5,095	21,138	16,609
Provision for credit loss unfunded	1,024		(1,556)	(1,366)	(4,827)
Total provision for credit losses	$	8,005	3,539	19,772	11,782

The following tables summarize the activity in the ACL:


	Three Months ended September 30, 2024
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Balance at beginning of period	$	200,955	24,653	136,346	22,219	11,261	6,476

Provision for credit losses	6,981		626	2,176	1,947	145	2,087
Charge-offs	(3,976)		—	—	(1,456)	(2)	(2,518)
Recoveries	1,210		10	25	459	54	662
Balance at end of period	$	205,170	25,289	138,547	23,169	11,458	6,707


	Three Months ended September 30, 2023
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Balance at beginning of period	$	189,385	20,847	129,598	21,797	11,053	6,090

Provision for credit losses	5,095		848	1,415	306	534	1,992
Charge-offs	(3,201)		—	(203)	(654)	—	(2,344)
Recoveries	992		2	42	322	37	589
Balance at end of period	$	192,271	21,697	130,852	21,771	11,624	6,327


	Nine Months ended September 30, 2024
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Balance at beginning of period	$	192,757	22,325	130,924	21,194	11,766	6,548
Acquisitions	3		—	3	—	—	—
Provision for credit losses	21,138		2,934	7,965	5,321	(409)	5,327
Charge-offs	(12,406)		—	(395)	(4,849)	(27)	(7,135)
Recoveries	3,678		30	50	1,503	128	1,967
Balance at end of period	$	205,170	25,289	138,547	23,169	11,458	6,707


	Nine Months ended September 30, 2023
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Balance at beginning of period	$	182,283	19,683	125,816	21,454	10,759	4,571

Provision for credit losses	16,609		2,021	5,369	1,845	881	6,493
Charge-offs	(10,284)		(20)	(619)	(2,895)	(102)	(6,648)
Recoveries	3,663		13	286	1,367	86	1,911
Balance at end of period	$	192,271	21,697	130,852	21,771	11,624	6,327

Mergers and Acquisitions (Tables)

9 Months Ended

Sep. 30, 2024

Business Combinations [Abstract]

Consideration transferred, identifiable net assets acquired and resulting goodwill


(Dollars in thousands)	Wheatland January 31, 2024		RMB Branches July 19, 2024
Fair value of consideration transferred
Fair value of Company shares issued	$	92,385	$	—
Cash consideration or deposit premium paid	771		25,238

Total fair value of consideration transferred	93,156		25,238
Recognized amounts of identifiable assets acquired and liabilities assumed
Identifiable assets acquired
Cash and cash equivalents	31,674		102,019
Debt securities	187,183		—
Loans receivable, net of ACL	452,737		271,569
Core deposit intangible 1	16,936		9,794
Accrued income and other assets	50,760		15,114
Total identifiable assets acquired	739,290		398,496
Liabilities assumed
Deposits	616,955		396,690
Borrowings	58,500		4,305
Accrued expenses and other liabilities	9,048		2,057
Total liabilities assumed	684,503		403,052
Total identifiable net assets (liabilities)	54,787		(4,556)
Goodwill recognized	$	38,369	$	29,794

______________________________

1 The core deposit intangible for the acquisition was determined to have an estimated life of 10 years.

Unaudited pro forma summary of the company as if the acquisitions had occurred at the beginning of the period

The following unaudited pro forma summary presents consolidated information of the Company as if the Wheatland and RMB branch acquisitions had occurred on January 1, 2023:


	Three Months ended			Nine Months ended
(Dollars in thousands)	September 30, 2024		September 30, 2023	September 30, 2024	September 30, 2023
Net interest income and non-interest income	$	215,420	208,217	618,039	644,285
Net income	51,512		56,755	131,407	181,103

Nature of Operations and Summary of Significant Accounting Policies - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 USD ($) bankDivision quarter component operatingSegment	Sep. 30, 2023 USD ($)	Jul. 19, 2024 branch	Dec. 31, 2023 USD ($)
Property, Plant and Equipment
Number of bank divisions \| bankDivision	17
Number of operating segments \| operatingSegment	1
Maximum period of original maturity to be included in cash and cash equivalents	3 months
Restricted cash	$ 21,650,000			$ 17,440,000
Federal reserve balance or cash on hand required	$ 0
Minimum period past due to consider loans as delinquent	30 days
Minimum period past due to consider loans as non accrual	90 days
Forecasting period used to determine ACL \| quarter	4
Number of components used in methodology in determining ACL \| component	2
Provision for credit losses on debt securities	$ 0	$ 0
Maximum term leases will be considered short-term	12 months
Maximum period up to which purchase price of business is allocated to assets acquired and liabilities assumed	1 year
Revenue from contracts with customers	$ 69,973,000	$ 65,938,000
Impairment losses on receivables related to contracts with customers	$ 0			$ 0
Rocky Mountain Bank
Property, Plant and Equipment
Number of branch locations acquired \| branch			6
Minimum
Property, Plant and Equipment
Period past due to consider loan as purchased credit-deteriorated loan	90 days
Number of days delinquent to charge off loans	120 days
Number of years for home equity loan origination term	10 years
Period past due to consider loan as delinquent	30 days
Minimum \| Building
Property, Plant and Equipment
Useful life of premises and equipment	15 years
Minimum \| Furniture and Fixtures
Property, Plant and Equipment
Useful life of premises and equipment	3 years
Maximum
Property, Plant and Equipment
Number of years for home equity loan origination term	15 years
Period past due to consider loan as delinquent	89 days
Maximum \| Building
Property, Plant and Equipment
Useful life of premises and equipment	40 years
Maximum \| Furniture and Fixtures
Property, Plant and Equipment
Useful life of premises and equipment	10 years

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities
Net income	$ 128,390	$ 168,611
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	19,772	11,782
Net amortization of debt securities	9,609	11,745
Net amortization of purchase accounting adjustments and deferred loan fees and costs	(4,980)	(2,879)
Origination of loans held for sale	(483,494)	(332,582)
Proceeds from loans held for sale	551,051	395,216
Gain on sale of loans	(12,929)	(9,974)
(Gain) loss on sale of securities	(30)	202
Bank-owned life insurance income, net	(3,391)	(2,915)
Stock-based compensation, net of tax benefits	4,376	4,577
Depreciation and amortization of premises and equipment	21,557	20,322
Gain on sale and write-downs of other real estate owned, net	(1,147)	(118)
Amortization of core deposit intangibles	9,144	7,304
Amortization of investments in variable interest entities	18,955	15,418
Net increase in accrued interest receivable	(13,982)	(20,939)
Net increase in other assets	(1,632)	(1,764)
Net (decrease) increase in accrued interest payable	(91,936)	87,543
Net increase (decrease) in other liabilities	6,707	(2,038)
Net cash provided by operating activities	156,040	349,511
Investing Activities
Sales of available-for-sale debt securities	237,502	29,972
Maturities, prepayments and calls of available-for-sale debt securities	464,028	479,442
Purchases of available-for-sale debt securities	(21,252)	0
Maturities, prepayments and calls of held-to-maturity debt securities	150,973	159,502
Principal collected on loans	2,816,803	2,167,746
Loan originations	(3,174,085)	(3,133,352)
Net additions to premises and equipment	(27,340)	(36,492)
Proceeds from sale of other real estate owned	2,183	179
Proceeds from redemption of non-marketable equity securities	149,488	628,801
Purchases of non-marketable equity securities	(231,075)	(558,117)
Proceeds from bank-owned life insurance	193	1,787
Investments in variable interest entities	(37,798)	(22,342)
Net cash received from acquisitions	107,684	0
Net cash provided by (used in) investing activities	437,304	(282,874)
Financing Activities
Net decrease in deposits	(227,255)	(210,838)
Net increase in securities sold under agreements to repurchase	340,346	553,780
Net decrease in short-term Federal Home Loan Bank advances	(58,500)	(1,800,000)
Proceeds from short-term FRB Bank Term Funding advances	0	2,740,000
Repayments of short-term FRB Bank Term Funding	(2,740,000)	0
Proceeds from long-term Federal Home Loan Bank advances	1,800,000	0
Net increase (decrease) in other borrowed funds	2,180	(4,196)
Cash dividends paid	(75,166)	(73,485)
Tax withholding payments for stock-based compensation	(1,458)	(1,799)
Net cash (used in) provided by financing activities	(959,853)	1,203,462
Net (decrease) increase in cash, cash equivalents and restricted cash	(366,509)	1,270,099
Cash, cash equivalents and restricted cash at beginning of period	1,354,342	401,995
Cash, cash equivalents and restricted cash at end of period	987,833	1,672,094
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest	421,560	131,390
Cash paid during the period for income taxes	14,012	17,841
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Sale and refinancing of other real estate owned	6	23
Transfer of loans to other real estate owned	171	100
Right-of-use assets obtained in exchange for new lease liabilities	339	1,096
Equity investments obtained in exchange for delayed equity contributions	15,148	34,712
Dividends declared during the period but not paid	37,711	36,873
Acquisitions
Fair value of common stock shares issued	92,385	0
Cash consideration	26,009	0
Fair value of assets acquired	1,180,710	0
Liabilities assumed	$ 1,087,555	$ 0

Derivatives and Hedging Activities - Interest Rate Swap Gains or Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pre-Tax Gains or Losses
Amount of (loss) gain recognized in OCI	$ (57)	$ 654	$ 870	$ 2,540
Interest rate Swap
Pre-Tax Gains or Losses
Amount of (loss) gain recognized in OCI	(57)	654	870	2,540
Amount of gain reclassified from OCI to interest expense	$ 1,304	$ 1,244	$ 3,852	$ 3,331

Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill Roll Forward
Net carrying value at beginning of period	$ 1,023,762	$ 985,393	$ 985,393	$ 985,393
Acquisitions and adjustments	29,794	0	68,163	0
Net carrying value at end of period	$ 1,053,556	$ 985,393	$ 1,053,556	$ 985,393

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Accumulated Other Comprehensive (Loss) Income - Schedule of Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax
Balance, beginning	$ 3,020,281	$ 2,843,305
Other comprehensive (losses) income before reclassifications	112,356	(32,466)
Net current period other comprehensive income (loss)	111,807	(31,575)
Balance, ending	3,245,050	2,874,594
Accumulated Other Compre- hensive (Loss) Income
AOCI Attributable to Parent, Net of Tax
Balance, beginning	(374,113)	(468,792)
Balance, ending	(262,306)	(500,367)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-For-Sale, Gains and Transfers Included in Net Income, and Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Attributable to Parent, Net of Tax
Reclassification adjustments	(2,930)	(2,466)
(Losses) Gains on Available-For-Sale and Transferred Debt Securities
AOCI Attributable to Parent, Net of Tax
Balance, beginning	(377,728)	(474,338)
Other comprehensive (losses) income before reclassifications	111,704	(34,364)
Net current period other comprehensive income (loss)	114,043	(30,983)
Balance, ending	(263,685)	(505,321)
Reclassification adjustments for gains (losses) and transfers included in net income
AOCI Attributable to Parent, Net of Tax
Reclassification adjustments	(42)	24
Reclassification adjustments for amortization included in net income for transferred securities
AOCI Attributable to Parent, Net of Tax
Reclassification adjustments	2,381	3,357
(Losses) Gains on Derivatives Used for Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax
Balance, beginning	3,615	5,546
Other comprehensive (losses) income before reclassifications	652	1,898
Reclassification adjustments	(2,888)	(2,490)
Net current period other comprehensive income (loss)	(2,236)	(592)
Balance, ending	$ 1,379	$ 4,954

Securities Sold Under Agreements to Repurchase - Carrying Value of Repurchase Agreements (Details) - Overnight and Continuous - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Securities Sold Under Agreements to Repurchase
Total	$ 1,831,501	$ 1,486,850
U.S. government and federal agency
Securities Sold Under Agreements to Repurchase
Total	0	113,509
Residential mortgage-backed securities
Securities Sold Under Agreements to Repurchase
Total	1,831,501	1,306,047
Commercial mortgage-backed securities
Securities Sold Under Agreements to Repurchase
Total	$ 0	$ 67,294

Mergers and Acquisitions - Narrative (Details)			2 Months Ended	8 Months Ended	9 Months Ended
Mergers and Acquisitions - Narrative (Details)	Jul. 19, 2024 USD ($) branch	Jan. 31, 2024 USD ($) shares	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)
Community Financial Group, Inc.
Business Acquisition
Percentage of outstanding common stock acquired		100.00%
Value of acquisition		$ 93,156,000
Number of shares issued for acquisition (in shares) \| shares		2,389,684
Cash paid for acquisition		$ 771,000
Goodwill, expected tax deductible amount		0
Deposits acquired		616,955,000
Loans acquired		452,737,000
Cash received from acquisition		31,674,000
Loans, fair value		452,740,000
Loans receivable acquired, gross principal and contractual interest due		468,882,000
PCD loans acquired		1,655,000
PCD loans acquired, allowance for credit loss		$ 3,000
Acquisition related costs					$ 7,664,000
Net interest income and non-interest income				$ 22,111,000
Net income (loss)				$ (6,416,000)
Rocky Mountain Bank
Business Acquisition
Value of acquisition	$ 25,238,000
Number of branch locations acquired \| branch	6
Deposit premium paid	$ 25,238,000
Deposits acquired	396,690,000
Loans acquired	271,569,000
Cash received from acquisition	102,019,000
Loans, fair value	271,569,000
Loans receivable acquired, gross principal and contractual interest due	288,920,000
PCD loans acquired	$ 0
Acquisition related costs					$ 1,744,000
Net interest income and non-interest income			$ 3,072,000
Net income (loss)			$ (2,606,000)

Nature of Operations and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of the results for the interim periods. All such adjustments are of a normal recurring nature. These interim financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements and they should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Operating results for the nine months ended September 30, 2024 are not necessarily indicative of the results anticipated for the year ending December 31, 2024. The condensed consolidated statement of financial condition of the Company as of December 31, 2023 has been derived from the audited consolidated statements of the Company as of that date. The Company is a defendant in legal proceedings arising in the normal course of business. In the opinion of management, the disposition of pending litigation will not have a material affect on the Company’s consolidated financial position, results of operations or liquidity.
Use of Estimates	Material estimates that are particularly susceptible to significant change include: 1) the determination of the allowance for credit losses (“ACL” or “allowance”) on loans; 2) the valuation of debt securities; 3) the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans; and 4) the evaluation of goodwill impairment. For the determination of the ACL on loans and real estate valuation estimates, management obtains independent appraisals (new or updated) for significant items. Estimates relating to the investment valuations are obtained from independent third parties. Estimates relating to the evaluation of goodwill for impairment are determined based on internal calculations using independent party inputs.
Principles of Consolidation	The consolidated financial statements of the Company include the parent holding company and the Bank, which consists of seventeen bank divisions and a corporate division. The corporate division includes the Bank’s investment portfolio, wholesale borrowings and other centralized functions. The Bank divisions operate under separate names, management teams and advisory directors. The Company considers the Bank to be its sole operating segment as the Bank 1) engages in similar bank business activity from which it earns revenues and incurs expenses; 2) the operating results of the Bank are regularly reviewed by the Chief Executive Officer (“CEO”) (i.e., the chief operating decision maker) who makes decisions about resources to be allocated to the Bank; and 3) financial information is available for the Bank. All significant inter-company transactions have been eliminated in consolidation. The Bank has subsidiary interests in variable interest entities (“VIE”) for which the Bank has both the power to direct the VIE’s significant activities and the obligation to absorb losses or right to receive benefits of the VIE that could potentially be significant to the VIE. These subsidiary interests are included in the Company’s consolidated financial statements. The Bank also has subsidiary interests in VIEs for which the Bank does not have a controlling financial interest and is not the primary beneficiary. These subsidiary interests are not included in the Company’s consolidated financial statements. For additional information on the Bank’s interest in VIEs, see Note 7. The parent holding company owns non-bank subsidiaries that have issued trust preferred securities. The trust subsidiaries are not included in the Company’s consolidated financial statements. The Company's investments in the trust subsidiaries are included in other assets on the Company's statements of financial condition.
Cash, Cash Equivalents and Restricted Cash	Cash and cash equivalents include cash on hand, cash held as demand deposits at various banks and the Federal Reserve Bank (“FRB”), interest bearing deposits, federal funds sold, and liquid investments with original maturities of three months or less. Interest bearing deposits are maintained at other financial institutions as collateral for certain derivative contracts and are considered restricted cash.
Debt Securities	Debt securities for which the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Debt securities held primarily for the purpose of selling in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses included in income. Debt securities not classified as held-to-maturity or trading are classified as available-for-sale and are reported at fair value with unrealized gains and losses, net of income taxes, as a separate component of other comprehensive income (“OCI”). Premiums and discounts on debt securities are amortized or accreted into income using a method that approximates the interest method. The objective of the interest method is to calculate periodic interest income at a constant effective yield. The Company does not have any debt securities classified as trading securities. When the Company acquires another entity, it records the debt securities at fair value. The Company reviews and analyzes the various risks that may be present within the investment portfolio on an ongoing basis, including market risk, credit risk and liquidity risk. Market risk is the risk to an entity’s financial condition resulting from adverse changes in the value of its holdings arising from movements in interest rates, foreign exchange rates, equity prices or commodity prices. The Company assesses the market risk of individual debt securities as well as the investment portfolio as a whole. Credit risk, broadly defined, is the risk that an issuer or counterparty will fail to perform on an obligation. The credit rating of a security is considered the primary credit quality indicator for debt securities. Liquidity risk refers to the risk that a security will not have an active and efficient market in which the security can be sold. A debt security is investment grade if the issuer has adequate capacity to meet its commitment over the expected life of the investment, i.e., the risk of default is low and full and timely repayment of interest and principal is expected. To determine investment grade status for debt securities, the Company conducts due diligence of the creditworthiness of the issuer or counterparty prior to acquisition and ongoing thereafter consistent with the risk characteristics of the security and the overall risk of the investment portfolio. Credit quality due diligence takes into account the extent to which a security is guaranteed by the U.S. government and other agencies of the U.S. government. The depth of the due diligence is based on the complexity of the structure, the size of the security, and takes into account material positions and specific groups of securities or stratifications for analysis and review of similar risk positions. The due diligence includes consideration of payment performance, collateral adequacy, internal analyses, third party research and analytics, external credit ratings and default statistics. The Company has acquired debt securities through acquisitions and if the securities have more than insignificant credit deterioration since origination, they are designated as purchased credit-deteriorated (“PCD”) securities. An ACL is determined using the same methodology as with other debt securities. The sum of a PCD security’s fair value and associated ACL becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the debt security is a noncredit discount or premium, which is amortized into interest income over the life of the security. Subsequent changes to the ACL are recorded through provision for credit losses. The fair value for available-for-sale debt securities is estimated by obtaining quoted market prices for identical assets, where available. If such prices are not available, fair value is based on independent asset pricing services and models, the inputs of which are market-based or independently sourced market parameters, including but not limited to, yield curves, interest rates, volatilities, market spreads, prepayments, defaults, recoveries, cumulative loss projections, and cash flows. Such securities are classified in Level 2 of the valuation hierarchy. Where Level 1 or Level 2 inputs are not available, such securities are classified as Level 3 within the hierarchy.Fair value determinations of available-for-sale debt securities are the responsibility of the Company’s corporate accounting and treasury departments. The Company obtains fair value estimates from independent third party vendors on a monthly basis. The vendors’ pricing system methodologies, procedures and system controls are reviewed to ensure they are appropriately designed and operating effectively. The Company reviews the vendors’ inputs for fair value estimates and the recommended assignments of levels within the fair value hierarchy. The review includes the extent to which markets for debt securities are determined to have limited or no activity, or are judged to be active markets. The Company reviews the extent to which observable and unobservable inputs are used as well as the appropriateness of the underlying assumptions about risk that a market participant would use in active markets, with adjustments for limited or inactive markets. In considering the inputs to the fair value estimates, the Company places less reliance on quotes that are judged to not reflect orderly transactions, or are non-binding indications. In assessing credit risk, the Company reviews payment performance, collateral adequacy, third party research and analyses, credit rating histories and issuers’ financial statements. For those markets determined to be inactive or limited, the valuation techniques used are models for which management has verified that discount rates are appropriately adjusted to reflect illiquidity and credit risk.
Allowance for Credit Losses - Available-for-Sale Debt Securities, Held-to-Maturity Debt Securities and Loans Receivable	For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more-likely-than-not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through loss on sale of securities. For the available-for-sale securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In such assessment, the Company considers the extent to which fair value is less than amortized cost, if there are any changes to the investment grade of the security by a rating agency, and if there are any adverse conditions that impact the security. If this assessment indicates a credit loss exists, the present value of the cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a potential credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost. Any estimated credit losses that have not been recorded through an ACL are recognized in OCI. The Company has elected to exclude accrued interest from the estimate of credit losses for available-for-sale debt securities. As part of its non-accrual policy, the Company charges-off uncollectable interest at the time it is determined to be uncollectable. Allowance for Credit Losses - Held-to-Maturity Debt Securities For estimating the allowance for held-to-maturity (“HTM”) debt securities that share similar risk characteristics with other securities, such securities are pooled based on major security type. For pools of such securities with similar risk characteristics, the historical lifetime probability of default and severity of loss in the event of default is derived or obtained from external sources and adjusted for the expected effects of reasonable and supportable forecasts over the expected lives of the securities on those historical credit losses. Expected credit losses on securities in the held-to-maturity portfolio that do not share similar risk characteristics with any of the pools of debt securities are individually measured based on net realizable value, or the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the recorded amortized cost basis of the securities. The ACL for loans receivable represents management’s estimate of credit losses over the expected contractual life of the loan portfolio. The estimate is determined based on the amortized cost of the loan portfolio including the loan balance adjusted for charge-offs, recoveries, deferred fees and costs, and loan discount and premiums. Recoveries are included only to the extent that such amounts were previously charged-off. The Company has elected to exclude accrued interest from the estimate of credit losses for loans. Determining the adequacy of the allowance is complex and requires a high degree of judgment by management about the effect of matters that are inherently uncertain. Subsequent evaluations of the then-existing loan portfolio, in light of the factors then prevailing, may result in significant changes in the allowance in those future periods. The allowance is increased for estimated credit losses which are recorded as expense. The portion of loans and overdraft balances determined by management to be uncollectable are charged-off as a reduction to the allowance and recoveries of amounts previously charged-off increase the allowance. The Company’s charge-off policy is consistent with bank regulatory standards. Consumer loans generally are charged-off when the loan becomes over 120 days delinquent. Real estate acquired as a result of foreclosure or by deed-in-lieu of foreclosure is classified as other real estate owned (“OREO”) until such time as it is sold. The expected credit loss estimate process involves procedures to consider the unique characteristics of each of the Company’s loan portfolio segments, which consist of residential real estate, commercial real estate, other commercial, home equity, and other consumer loans. When computing the allowance levels, credit loss assumptions are estimated using a model that categorizes loan pools based on loss history, credit and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. The Company has determined a four consecutive quarter forecasting period is a reasonable and supportable period. Expected credit loss for periods beyond reasonable and supportable forecast periods are determined based on a reversion method which reverts back to historical loss estimates over a four consecutive quarter period on a straight-line basis. Credit quality is assessed and monitored by evaluating various attributes and the results of those evaluations are utilized in underwriting new loans and the process for estimating the expected credit losses. The following paragraphs describe the risk characteristics relevant to each portfolio segment. Residential Real Estate. Residential real estate loans are secured by owner-occupied 1-4 family residences. Repayment of these loans is primarily dependent on the personal income and credit rating of the borrowers. Credit risk in these loans is impacted by economic conditions within the Company’s market areas that affect the value of the residential property securing the loans and affect the borrowers' personal incomes. Mitigating risk factors for this loan segment include a large number of borrowers, geographic dispersion of market areas and the loans are originated for relatively smaller amounts. Commercial Real Estate. Commercial real estate loans typically involve larger principal amounts, and repayment of these loans is generally dependent on the successful operation of the property securing the loan and/or the business conducted on the property securing the loan. Credit risk in these loans is impacted by the creditworthiness of a borrower, valuation of the property securing the loan and conditions within the local economies in the Company’s diverse geographic market areas. Commercial. Commercial loans consist of loans to commercial customers for use in financing working capital needs, equipment purchases and business expansions. The loans in this category are repaid primarily from the cash flow of a borrower’s principal business operation. Credit risk in these loans is driven by creditworthiness of a borrower and the economic conditions that impact the cash flow stability from business operations across the Company’s diverse geographic market areas. Home Equity. Home equity loans consist of junior lien mortgages and first and junior lien lines of credit (revolving open-end and amortizing closed-end) secured by owner-occupied 1-4 family residences. Repayment of these loans is primarily dependent on the personal income and credit rating of the borrowers. Credit risk in these loans is impacted by economic conditions within the Company’s market areas that affect the value of the residential property securing the loans and affect the borrowers' personal incomes. Mitigating risk factors for this loan segment are a large number of borrowers, geographic dispersion of market areas and the loans are originated for terms that range from 10 to 15 years. Other Consumer. The other consumer loan portfolio consists of various short-term loans such as automobile loans and loans for other personal purposes. Repayment of these loans is primarily dependent on the personal income of the borrowers. Credit risk is driven by consumer economic factors (such as unemployment and general economic conditions in the Company’s diverse geographic market areas) and the creditworthiness of a borrower. The allowance is impacted by loan volumes, delinquency status, credit ratings, historical loss experiences, estimated prepayment speeds, weighted average lives and other conditions influencing loss expectations, such as reasonable and supportable forecasts of economic conditions. The methodology for estimating the amount of expected credit losses reported in the allowance has two basic components: 1) individual loans that do not share similar risk characteristics with other loans and the measurement of expected credit losses for such individual loans; and 2) the expected credit losses for pools of loans that share similar risk characteristics. Loans that do not Share Similar Risk Characteristics with Other Loans. For a loan that does not share similar risk characteristics with other loans, expected credit loss is measured based on the net realizable value, that is, the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the amortized cost basis of the loan. For these loans, the expected credit loss is equal to the amount by which the net realizable value of the loan is less than the amortized cost basis of the loan (which is net of previous charge-offs and deferred loan fees and costs), except when the loan is collateral-dependent, that is, when foreclosure is probable or the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. In these cases, expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral. The fair value of the collateral is adjusted for the estimated cost to sell if repayment or satisfaction of a loan is dependent on the sale (rather than only on the operation) of the collateral. The Company has determined that non-accrual loans do not share similar risk characteristics with other loans and these loans are individually evaluated for estimated allowance for credit losses. The Company, through its credit monitoring process, may also identify other loans that do not share similar risk characteristics and individually evaluate such loans. The starting point for determining the fair value of collateral is to obtain external appraisals or evaluations (new or updated). The valuation techniques used in preparing appraisals or evaluations (new or updated) include the cost approach, income approach, sales comparison approach, or a combination of the preceding valuation techniques. The Company’s credit department reviews appraisals, giving consideration to the highest and best use of the collateral. The appraisals or evaluations (new or updated) are reviewed at least quarterly and more frequently based on current market conditions, including deterioration in a borrower’s financial condition and when property values may be subject to significant volatility. Adjustments may be made to the fair value of the collateral after review and acceptance of the collateral appraisal or evaluation (new or updated). Loans that Share Similar Risk Characteristics with other Loans. For estimating the allowance for loans that share similar risk characteristics with other loans, such loans are segregated into loan segments. Loans are designated into loan segments based on loans pooled by product types and similar risk characteristics or areas of risk concentration. In determining the ACL, the Company derives an estimated credit loss assumption from a model that categorizes loan pools based on loan type. This model calculates an expected loss percentage for each loan segment by considering the non-discounted simple annual average historical loss rate of each loan segment (calculated through an “open pool” method), multiplying the loss rate by the amortized loan balance and incorporating that segment’s internally generated prepayment speed assumption and contractually scheduled remaining principal pay downs on a loan level basis. The annual historical loss rates are adjusted over a reasonable economic forecast period by a multiplier that is calculated based upon current national economic forecasts as a proportion of each segment’s historical average loss levels. The Company will then revert from the economic forecast period back to the historical average loss rate in a straight-line basis. After the reversion period, the loans will be assumed to experience their historical loss rate for the remainder of their contractual lives. The model applies the expected loss rate over the projected cash flows at the individual loan level and then aggregates the losses by loan segment in determining their quantitative allowance. The Company will also include qualitative adjustments to adjust the ACL on loan segments to the extent the current or future market conditions are believed to vary substantially from historical conditions in regards to: •lending policies and procedures; •international, national, regional and local economic business conditions, developments, or environmental conditions that affect the collectability of the portfolio, including the condition of various markets; •the nature and volume of the loan portfolio including the terms of the loans; •the experience, ability, and depth of the lending management and other relevant staff; •the volume and severity of past due and adversely classified or graded loans and the volume of non-accrual loans; •the quality of our loan review system; •the value of underlying collateral for collateralized loans; •the existence and effect of any concentrations of credit, and changes in the level of concentrations; and •the effect of external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the existing portfolio. The Company regularly reviews loans in the portfolio to assess credit quality indicators and to determine the appropriate loan classification and grading in accordance with applicable bank regulations. The primary credit quality indicator for residential, home equity and other consumer loans is the days past due status, which consists of the following categories: 1) performing loans; 2) 30 to 89 days past due loans; and 3) non-accrual and 90 days or more past due loans. The primary credit quality indicator for commercial real estate and commercial loans is the Company’s internal risk rating system, which includes the following categories: 1) pass loans; 2) special mention loans; 3) substandard loans; and 4) doubtful or loss loans. Such credit quality indicators are regularly monitored and incorporated into the Company’s allowance estimate. The following paragraphs further define the internal risk ratings for commercial real estate and commercial loans. Pass Loans. These ratings represent loans that are of acceptable, good or excellent quality with very limited to no risk. Loans that do not have one of the following ratings are considered pass loans. Special Mention Loans. These ratings represent loans that are designated as special mention per the regulatory definition. Special mention loans are currently protected but are potentially weak. The credit risk may be relatively minor yet constitute an undue and unwarranted risk in light of the circumstances surrounding a specific loan. The rating may be used to identify credit with potential weaknesses that if not corrected may weaken the loan to the point of inadequately protecting the Bank’s credit position. Examples include a lack of supervision, inadequate loan agreement, condition, or control of collateral, incomplete, or improper documentation, deviations from lending policy, and adverse trends in operations or economic conditions. Substandard Loans. This rating represents loans that are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged. A loan so classified must have a well-defined weakness that jeopardizes the liquidation of the debt. These loans are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregated amount of substandard loans, does not have to exist in an individual loan classified substandard. Doubtful/Loss Loans. A loan classified as doubtful has the characteristics that make collection in full, on the basis of currently existing facts, conditions, and values, highly improbable. The possibility of loss is extremely high, but because of pending factors, which may work to the advantage and strengthening of the loan, its classification as loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral and refinancing plans. Loans are classified as loss when they are deemed to be not collectible and of such little value that continuance as an active asset of the Bank is not warranted. Loans classified as loss must be charged-off. Assignment of this classification does not mean that an asset has absolutely no recovery or salvage value, but that it is not practical or desirable to defer writing off a basically worthless asset, even though partial recovery may be attained in the future. Modifications The Company identifies modifications to borrowers experiencing financial difficulty (“MBFD”) as a loan that has been modified for the borrower that is experiencing financial difficulties. The Company considers some of the indicators that a borrower is experiencing financial difficulty to be: currently in payment default on any of their debt, declaring bankruptcy, going concern, borrower’s securities have been delisted, and other indicators of inability to meet obligations. This list does not include all potential indicators of a borrower’s financial difficulties. Each debt modification is separately negotiated with the borrower and includes terms and conditions that reflect the borrower’s prospective ability to service their obligations as modified. The allowance for credit losses on loans that are considered MBFD’s are measured using the same method as all other loans held for investment. Allowance for Credit Losses - Off-Balance Sheet Credit Exposures The Company maintains a separate allowance for credit losses for off-balance sheet credit exposures, including unfunded loan commitments. Such ACL is included in other liabilities on the Company’s statements of financial condition. The Company estimates the amount of expected losses by calculating a commitment usage factor over the contractual period for exposures and applying the loss factors used in the allowance for credit loss methodology to the results of the usage calculation to estimate the liability for credit losses related to unfunded commitments for each loan segment. No credit loss estimate is reported for off-balance sheet credit exposures that are unconditionally cancellable by the Bank or for unfunded amounts under such arrangements that may be drawn prior to the cancellation of the arrangement. Provision for Credit Losses The Company recognizes provision for credit losses on the allowance for off-balance sheet credit exposures (e.g., unfunded loan commitments) together with provision for credit losses on the loan portfolio in the income statement line item provision for credit losses.
Loans Held for Sale	Loans held for sale generally consist of long-term, fixed rate, conforming, single-family residential real estate loans intended to be sold on the secondary market. Loans held for sale are recorded at fair value and may or may not be sold with servicing rights released. Changes in fair value are recognized in non-interest income. Fair value elections are made at the time of origination based on the Company’s fair value election policy. Loans held for sale measured at fair value, for which an active secondary market and readily available market prices exist, are initially valued at the transaction price and are subsequently valued by using quoted prices for similar assets, adjusted for specific attributes of that loan or other observable market data, such as outstanding commitments from third party investors. Loans held for sale measured at fair value are classified within Level 2. Included in gain on sale of loans were net gains of $964,000 and $370,000 for the nine month periods ended September 30, 2024 and 2023, respectively, from the changes in fair value of loans held for sale measured at fair value. Electing to measure loans held for sale at fair value reduces certain timing differences and better matches changes in fair value of these assets with changes in the value of the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting.
Loans Receivable	The Company’s loan segments or classes are based on the purpose of the loan and consist of residential real estate, commercial real estate, other commercial, home equity, and other consumer loans. Loans that are intended at origination to be held-to-maturity are reported at the unpaid principal balance less net charge-offs and adjusted for deferred fees and costs on originated loans and unamortized premiums or discounts on acquired loans. Interest income is accrued on the unpaid principal balance. Fees and costs on originated loans and premiums or discounts on acquired loans are deferred and subsequently amortized or accreted as a yield adjustment over the expected life of the loan utilizing the interest or straight-line methods. The interest method is utilized for loans with scheduled payment terms and the objective is to calculate periodic interest income at a constant effective yield. The straight-line method is utilized for revolving lines of credit or loans with no scheduled payment terms. When a loan is paid off prior to maturity, the remaining unamortized fees and costs on originated loans and unamortized premiums or discounts on acquired loans are immediately recognized as interest income. Loans that are 30 days or more past due based on payments received and applied to the loan are considered delinquent. Loans are designated non-accrual and the accrual of interest is discontinued when the collection of the contractual principal or interest is unlikely. A loan is typically placed on non-accrual when principal or interest is due and has remained unpaid for 90 days or more, unless the loan is in active collection and is adequately secured. When a loan is placed on non-accrual status, interest previously accrued but not collected is reversed against current period interest income. Subsequent payments on non-accrual loans are applied to the outstanding principal balance if doubt remains as to the ultimate collectability of the loan. Interest accruals are not resumed on partially charged-off impaired loans. For other loans on non-accrual, interest accruals are resumed on such loans only when they are brought fully current with respect to interest and principal and when, in the judgment of management, the loans are estimated to be fully collectible as to both principal and interest. The Company has acquired loans through acquisitions, some of which have experienced more than insignificant credit deterioration since origination. The Company considers all acquired non-accrual loans to be PCD loans. In addition, the Company considers loans accruing 90 days or more past due or substandard loans to be PCD loans. An ACL is determined using the same methodology as other loans held for investment. The ACL determined on a collective basis is allocated to individual loans. The sum of a loan’s fair value and ACL becomes the initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the ACL are recorded through provision for credit losses.
Premises and Equipment	Premises and equipment are accounted for at cost less depreciation. Depreciation is computed on a straight-line method over the estimated useful lives or the term of the related lease. The estimated useful life for office buildings is 15 to 40 years and the estimated useful life for furniture, fixtures, and equipment is 3 to 10 years. Interest is capitalized for any significant building projects.
Lessee Leases	The Company leases certain land, premises and equipment from third parties. A lessee lease is classified as an operating lease unless it meets certain criteria (e.g., lease contains option to purchase that Company is reasonably certain to exercise), in which case it is classified as a finance lease. These leases are included in net premises and equipment as right-of-use (“ROU”) assets. The operating leases have other liabilities on the Company’s statements of financial condition and lease expense for lease payments is recognized on a straight-line basis over the lease term. The finance leases have liabilities that are included in other borrowed funds on the Company’s statements of financial condition. ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. An ROU asset represents the right to use the underlying asset for the lease term and also includes any direct costs and payments made prior to lease commencement and excludes lease incentives. When an implicit rate is not available, an incremental borrowing rate based on the information available at commencement date is used in determining the present value of the lease payments. A lease term may include an option to extend or terminate the lease when it is reasonably certain the option will be exercised. The Company accounts for lease and non-lease components (e.g., common-area maintenance) together as a single combined lease component for all asset classes. The Company has elected to recognize payments for short-term leases of 12 months or less on a straight-line basis over the lease term, and exclude such leases from the Company’s statements of financial condition. Renewal and termination options are considered when determining short-term leases. Leases are accounted for on an individual lease level. Lease improvements incurred at the inception of the lease are recorded as an asset and depreciated over the initial term of the lease and lease improvements incurred subsequently are depreciated over the remaining term of the lease.
Lessor Leases	The Company also leases certain premises and equipment to third parties. A lessor lease is classified as an operating lease unless it meets certain criteria that would classify it as either a sales-type lease or a direct financing lease.
Other Real Estate Owned	Property acquired by foreclosure or deed-in-lieu of foreclosure is initially recorded at fair value, less estimated selling cost, at acquisition date (i.e., cost of the property). The Company is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan upon the occurrence of either the Company obtaining legal title to the property or the borrower conveying all interest in the property through a deed-in-lieu or similar agreement. Fair value is determined as the amount that could be reasonably expected in a current sale between a willing buyer and a willing seller in an orderly transaction between market participants at the measurement date. Subsequent to the initial acquisition, if the fair value of the asset, less estimated selling cost, is less than the cost of the property, a loss is recognized in other expense and the asset carrying value is reduced. Gain or loss on disposition of OREO is recorded in non-interest income or non-interest expense, respectively. In determining the fair value of the properties on the date of transfer and any subsequent estimated losses of net realizable value, the fair value of other real estate acquired by foreclosure or deed-in-lieu of foreclosure is determined primarily based upon appraisal or evaluation of the underlying property value.
Business Combinations	Acquisition accounting requires the total purchase price to be allocated to the estimated fair values of assets acquired and liabilities assumed, including certain intangible assets. Goodwill is recorded if the purchase price exceeds the net fair value of assets acquired and a bargain purchase gain is recorded in other income if the net fair value of assets acquired exceeds the purchase price. Adjustment of the allocated purchase price may be related to fair value estimates for which all information has not been obtained of the acquired entity known or discovered during the allocation period, the period of time required to identify and measure the fair values of the assets and liabilities acquired in the business combination. The allocation period is generally limited to one year following consummation of a business combination.
Intangible Assets	Core deposit intangible represents the intangible value of depositor relationships resulting from deposit liabilities assumed in acquisitions and is amortized using an accelerated method based on an estimated runoff of the related deposits. The core deposit intangible is evaluated for impairment and recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable, with any changes in estimated useful life accounted for prospectively over the revised remaining life. The Company tests goodwill for impairment at the reporting unit level annually during the third quarter. The Company has identified that each of the Bank divisions are reporting units (i.e., components of the Glacier Bank operating segment) given that each division has a separate management team that regularly reviews its respective division financial information; however, the reporting units are aggregated into a single reporting unit due to the reporting units having similar economic characteristics. The goodwill of a reporting unit is tested for impairment between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. Examples of events and circumstances that could trigger the need for interim impairment testing include: •a significant change in legal factors or in the business climate; •an adverse action or assessment by a regulator; •unanticipated competition; •a loss of key personnel; •a more-likely-than-not expectation that a reporting unit or a significant portion of a reporting unit will be sold or otherwise disposed of; and •the testing for recoverability of a significant asset group within a reporting unit. For the goodwill impairment assessment, the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value. The Company elected to bypass the qualitative assessment for its 2024 and 2023 annual goodwill impairment testing and proceed directly to the goodwill impairment assessment. The goodwill impairment process requires the Company to make assumptions and judgments regarding fair value. The Company calculates an implied fair value and if the implied fair value is less than the carrying value, an impairment loss is recognized for the difference.
Loan Servicing Rights	For residential real estate loans that are sold with servicing retained, servicing rights are initially recorded at fair value in other assets and gain on sale of loans. Fair value is based on market prices for comparable mortgage servicing contracts. The servicing asset is subsequently measured using the amortization method which requires the servicing rights to be amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Loan servicing rights are evaluated for impairment based upon the fair value of the servicing rights compared to the carrying value. Impairment is recognized through a valuation allowance, to the extent that fair value is less than the carrying value. If the Company later determines that all or a portion of the impairment no longer exists, a reduction in the valuation allowance may be recorded. Changes in the valuation allowance are recorded in other income. The fair value of the servicing assets are subject to significant fluctuations as a result of changes in estimated actual prepayment speeds and default rates and losses. Servicing fee income is recognized in other income for fees earned for servicing loans. The fees are based on contractual percentage of the outstanding principal; or a fixed amount per loan and is recorded when earned. The amortization of loan servicing fees is netted against loan servicing fee income.
Equity Securities	Non-marketable equity securities primarily consist of Federal Home Loan Bank (“FHLB”) stock. FHLB stock is restricted because such stock may only be sold to FHLB at its par value. Due to restrictive terms, and the lack of a readily determinable fair value, FHLB stock is carried at cost and evaluated for impairment. The investments in FHLB stock are required investments related to the Company’s borrowings from FHLB. FHLB obtains its funding primarily through issuance of consolidated obligations of the FHLB system. The U.S. government does not guarantee these obligations, and each of the regional FHLBs is jointly and severally liable for repayment of each other’s debt.
Marketable Securities	The Company also has an insignificant amount of equity securities that are included in other assets on the Company’s statements of financial condition. Equity securities with readily determinable fair values are measured at fair value and changes in fair value are recognized in other income. Equity securities without readily determinable fair values are carried at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment.
Other Borrowings	Borrowings of the Company’s consolidated variable interest entities and finance lease arrangements are included in other borrowings.
Bank-Owned Life Insurance	The Company maintains bank-owned life insurance policies on certain current and former employees and directors, which are recorded at their cash surrender values as determined by the insurance carriers. The appreciation in the cash surrender value of the policies is recognized as a component of other non-interest income in the Company’s statements of operations.
Derivatives and Hedging Activities	The Company is exposed to certain risks relating to its ongoing operations. The primary risk managed by using derivative instruments is interest rate risk. Interest rate cap contracts have been entered into to manage interest rate risk associated with variable rate borrowings and were designated as cash flow hedges. Interest rate swap contracts have been entered into to manage interest rate risk associated with fixed rate debt securities and were designated as fair value hedges. The Company does not enter into derivative instruments for trading or speculative purposes. The fair value hedges and cash flow hedges were recognized as other assets or other liabilities on the Company’s statements of financial condition and were measured at fair value. For the fair value hedges, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in current earnings as fair values change. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. Cash flows resulting from the fair value hedges and cash flow hedges were classified in the Company’s cash flow statement in the same category as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are designated are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company has elected not to offset the fair value amounts recognized for derivative instruments and the fair value amounts recognized for the right to reclaim cash collateral arising from derivative instruments recognized at fair value executed with the same counterparty under a master netting arrangement. Loan interest rate lock commitments. Fair value estimates for loan interest rate lock commitments were based upon the estimated sales price, origination fees, direct costs, interest rate changes, etc. and were obtained from an independent third party. The components of the valuation were observable or could be corroborated by observable market data and, therefore, were classified within Level 2 of the valuation hierarchy. Forward commitments to sell TBA securities. Forward commitments to sell TBA securities are used to economically hedge the interest rate risk associated with certain loan commitments. The fair value estimates for the TBA commitments were based upon the estimated sale of the TBA hedge obtained from an independent third party. The components of the valuation were observable or could be corroborated by observable market data and, therefore, were classified within Level 2 of the valuation hierarchy. Interest rate cap derivative financial instruments. Fair value estimates for interest rate cap derivative financial instruments were based upon the discounted cash flows of known payments plus the option value of each caplet which incorporates market rate forecasts and implied market volatilities. The components of the valuation were observable or could be corroborated by observable market data and, therefore, were classified within Level 2 of the valuation hierarchy. The Company also obtained and compared the reasonableness of the pricing from independent third party valuations. Interest rate swap derivative financial instruments. Fair value estimates for interest rate swap derivative financial instruments were based upon the estimated amounts to settle the contracts considering current interest rates and were calculated using discounted cash flows. The inputs used to determine fair value included the compounded overnight SOFR rate to estimate variable rate cash inflows and the overnight SOFR swap rate to estimate the discount rate. The estimated variable rate cash inflows were compared to the fixed rate outflows and such difference was discounted to a present value to estimate the fair value of the interest rate swaps. The components of the valuation were observable or could be corroborated by observable market data and, therefore, were classified within Level 2 of the valuation hierarchy. The Company also obtained and compared the reasonableness of the pricing from independent third party valuations.
Revenue Recognition	The Company recognizes revenue when services or products are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled. The Company’s principal source of revenue is interest income from debt securities and loans. Revenue from contracts with customers within the scope of ASC Topic 606 was $69,973,000 and $65,938,000 for the nine months ended September 30, 2024 and 2023, respectively, and largely consisted of revenue from service charges and other fees from deposits (e.g., overdraft fees, ATM fees, debit card fees). Due to the short-term nature of the Company’s contracts with customers, an insignificant amount of receivables related to such revenue was recorded at September 30, 2024 and December 31, 2023 and there were no impairment losses recognized. Policies specific to revenue from contracts with customers include the following: Service Charges. Revenue from service charges consists of service charges and fees on deposit accounts under depository agreements with customers to provide access to deposited funds and, when applicable, pay interest on deposits. Service charges on deposit accounts may be transactional or non-transactional in nature. Transactional service charges occur in the form of a service or penalty and are charged upon the occurrence of an event (e.g., overdraft fees, ATM fees, wire transfer fees). Transactional service charges are recognized as services are delivered to and consumed by the customer, or as penalty fees are charged. Non-transactional service charges are charges that are based on a broader service, such as account maintenance fees and dormancy fees, and are recognized on a monthly basis. Debit Card Fees. Revenue from debit card fees includes interchange fee income from debit cards processed through card association networks. Interchange fees represent a portion of a transaction amount that the Company and other involved parties retain to compensate themselves for giving the cardholder immediate access to funds. Interchange rates are generally set by the card association networks and are based on purchase volumes and other factors. The Company records interchange fees as services are provided.
Accounting Guidance Adopted in 2024 and Accounting Guidance Pending Adoption in 2024	The ASC is the Financial Accounting Standards Board (“FASB”) officially recognized source of authoritative GAAP applicable to all public and non-public non-governmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under the authority of the federal securities laws are also sources of authoritative GAAP for the Company as an SEC registrant. All other accounting literature is non-authoritative. The following provides a description of a recently adopted Accounting Standards Updates (“ASU”) that could have a material effect on the Company’s financial position or results of operations. ASU 2023-02 - Investments Equity Method and Joint Ventures. In March 2023, FASB amended Topic ASC 323 relating to accounting for investments in tax credit structures using the proportional amortization method. The amendments in this Update allow reporting entities to consistently account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits. Previously, the accounting standards limited the proportional amortization method to account for qualifying investment in low-income-housing tax credit structures. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the tax credits being presented net in the income statement as a component of income tax expense (benefit). The amendments in this Update permit an entity to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. The amendments are effective for public business entities beginning with the first interim and annual reporting periods after December 15, 2023. The Company adopted the amendments beginning January 1, 2024 for each tax credit program. The Company adjusted its processes and procedures related to the amendments and there was no material impact to the Company’s financial position and results of operations. Accounting Guidance Pending Adoption in 2024 The following provides a description of a recently issued but not yet effective ASU that could have a material effect on the Company’s financial position or results of operations. ASU 2023-09 - Income Tax Disclosures. In December 2023, FASB amended topic 740 related to certain income tax disclosures (the “Update”). The amendments provide updates related to the rate reconciliation and income taxes paid disclosures to improve transparency of income disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. Other amendments in the Update improve the effectiveness and comparability of disclosures and remove disclosures that are no longer considered cost beneficial or relevant. The amendments are effective for public business entities beginning with the first annual reporting period after December 15, 2024 with early adoption permitted in any annual period. The amendments in this Update should be applied on a prospective basis and retrospective application is permitted. The Company is currently evaluating the impact of this Update, but does not expect the adoption of this guidance to have a material impact to the financial statements, including related disclosures, or significant impact on its current processes.
Fair Value Measurements	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There is a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are as follows: Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities Transfers in and out of Level 1 (quoted prices in active markets), Level 2 (significant other observable inputs) and Level 3 (significant unobservable inputs) are recognized on the actual transfer date. Non-recurring Measurements The following is a description of the inputs and valuation methodologies used for assets recorded at fair value on a non-recurring basis, as well as the general classification of such assets pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the period ended September 30, 2024. Other real estate owned. OREO is initially recorded at fair value less estimated cost to sell, establishing a new cost basis. OREO is subsequently accounted for at lower of cost or fair value less estimated cost to sell. Estimated fair value of OREO is based on appraisals or evaluations (new or updated). OREO is classified within Level 3 of the fair value hierarchy. Collateral-dependent loans, net of ACL. Fair value estimates of collateral-dependent loans that are individually reviewed are based on the fair value of the collateral, less estimated cost to sell. Collateral-dependent individually reviewed loans are classified within Level 3 of the fair value hierarchy. The Company’s credit department reviews appraisals for OREO and collateral-dependent loans, giving consideration to the highest and best use of the collateral. The appraisal or evaluation (new or updated) is considered the starting point for determining fair value. The valuation techniques used in preparing appraisals or evaluations (new or updated) include the cost approach, income approach, sales comparison approach, or a combination of the preceding valuation techniques. The key inputs used to determine the fair value of the collateral-dependent loans and OREO include selling costs, discounted cash flow rate or capitalization rate, and adjustment to comparables. Valuations and significant inputs obtained by independent sources are reviewed by the Company for accuracy and reasonableness. The Company also considers other factors and events in the environment that may affect the fair value. The appraisals or evaluations (new or updated) are reviewed at least quarterly and more frequently based on current market conditions, including deterioration in a borrower’s financial condition and when property values may be subject to significant volatility. After review and acceptance of the collateral appraisal or evaluation (new or updated), adjustments to the impaired loan or OREO may occur. The Company generally obtains appraisals or evaluations (new or updated) annually.

Derivatives and Hedging Activities - Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Cumulative basis adjustments for fair value hedges
Amortized cost of the Hedged Assets	$ 3,354,388		$ 3,354,388		$ 3,807,239
Hedged Asset, Statement of Financial Position [Extensible Enumeration]	Fair Value		Fair Value		Fair Value
Amortized Cost of Fair Value Hedging Included in the Carrying Amount of the Hedged Assets	$ 19,839		$ 19,839		$ 17,988
Interest rate swap
Notional and estimated fair value amount of derivative positions
Notional Amount	1,630,500		1,630,500		1,500,000
Asset Derivative	0		0		0
Liability Derivative	$ 19,839		$ 19,839		$ 17,988
Remaining Maturity			1 year 4 months 24 days		2 years 1 month 6 days
Pay Rate	4.56%		4.56%		4.63%
Interest rate swap \| Interest income on investment securities
Fair value hedge relationships on the income statement
Gain (loss) on fair value hedges recognized in earnings	$ (18,935)	$ 0	$ 7,023	$ 0
AFS debt securities \| Interest income on investment securities
Fair value hedge relationships on the income statement
Gain (loss) on fair value hedges recognized in earnings	$ 22,148	$ 0	$ 1,851	$ 0

Fair Value of Assets and Liabilities - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Option, Quantitative Disclosures
Fair value measurement transfers from one level to another	$ 0	$ 0
Loans Held For Sale \| Gain (loss) on sale of loans
Fair Value, Option, Quantitative Disclosures
Changes in fair value, gains	$ 964,000	$ 370,000

Accumulated Other Comprehensive (Loss) Income

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Accumulated Other Comprehensive (Loss) Income

The following table illustrates the activity within accumulated other comprehensive (loss) income by component, net of tax:


(Dollars in thousands)	(Losses) Gains on Available-For-Sale and Transferred Debt Securities		(Losses) Gains on Derivatives Used for Cash Flow Hedges	Total
Balance at January 1, 2023	$	(474,338)	5,546	(468,792)
Other comprehensive (losses) income before reclassifications	(34,364)		1,898	(32,466)
Reclassification adjustments for gains (losses) and transfers included in net income	24		(2,490)	(2,466)
Reclassification adjustments for amortization included in net income for transferred securities	3,357		—	3,357
Net current period other comprehensive income (loss)	(30,983)		(592)	(31,575)
Balance at September 30, 2023	$	(505,321)	4,954	(500,367)
Balance at January 1, 2024	$	(377,728)	3,615	(374,113)
Other comprehensive income before reclassifications	111,704		652	112,356
Reclassification adjustments for losses and transfers included in net income	(42)		(2,888)	(2,930)
Reclassification adjustments for amortization included in net income for transferred securities	2,381		—	2,381
Net current period other comprehensive income (loss)	114,043		(2,236)	111,807
Balance at September 30, 2024	$	(263,685)	1,379	(262,306)

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Summary of leases

The following table summarizes the Company’s leases:


	September 30, 2024					December 31, 2023
(Dollars in thousands)	Finance Leases			Operating Leases		Finance Leases		Operating Leases
ROU assets	$	31,077				31,222
Accumulated depreciation	(10,020)					(6,940)
Net ROU assets	$	21,057		37,111		24,282		40,781
Lease liabilities	$	22,257		40,642		25,116		44,319
Weighted-average remaining lease term	11 years			16 years		11 years		16 years
Weighted-average discount rate	3.6		%	3.7	%	3.6	%	3.7	%

Operating lease liability maturity

Maturities of lease liabilities consist of the following:


	September 30, 2024
(Dollars in thousands)	Finance Leases		Operating Leases
Maturing within one year	$	4,665	4,560
Maturing one year through two years	4,679		4,690
Maturing two years through three years	4,688		4,494
Maturing three years through four years	1,614		3,932
Maturing four years through five years	596		3,526
Thereafter	10,697		34,507
Total lease payments	26,939		55,709
Present value of lease payments
Short-term	3,943		3,128
Long-term	18,314		37,514
Total present value of lease payments	22,257		40,642
Difference between lease payments and present value of lease payments	$	4,682	15,067

Finance lease liability maturity

Maturities of lease liabilities consist of the following:


	September 30, 2024
(Dollars in thousands)	Finance Leases		Operating Leases
Maturing within one year	$	4,665	4,560
Maturing one year through two years	4,679		4,690
Maturing two years through three years	4,688		4,494
Maturing three years through four years	1,614		3,932
Maturing four years through five years	596		3,526
Thereafter	10,697		34,507
Total lease payments	26,939		55,709
Present value of lease payments
Short-term	3,943		3,128
Long-term	18,314		37,514
Total present value of lease payments	22,257		40,642
Difference between lease payments and present value of lease payments	$	4,682	15,067

Components of lease expense and supplemental cash flow information

The components of lease expense consist of the following:


	Three Months ended			Nine Months ended
(Dollars in thousands)	September 30, 2024		September 30, 2023	September 30, 2024	September 30, 2023
Finance lease cost
Amortization of ROU assets	$	1,090	1,060	3,281	3,118
Interest on lease liabilities	207		239	647	723
Operating lease cost	1,302		1,359	3,929	4,243
Short-term lease cost	114		151	347	528
Variable lease cost	465		410	1,220	1,262
Sublease income	(10)		(9)	(30)	(32)
Total lease expense	$	3,168	3,210	9,394	9,842

Supplemental cash flow information related to leases is as follows:

Three Months ended

September 30, 2024

September 30, 2023

(Dollars in thousands)

Finance
Leases

Operating
Leases

Finance
Leases

Operating
Leases

Cash paid for amounts included in the measurement of lease liabilities

Operating cash flows

207

874

239

892

Financing cash flows

967

N/A

892

N/A

Nine Months ended

September 30, 2024

September 30, 2023

(Dollars in thousands)

Finance
Leases

Operating
Leases

Finance
Leases

Operating
Leases

Cash paid for amounts included in the measurement of lease liabilities

Operating cash flows

647

2,564

723

2,714

Financing cash flows

2,883

N/A

2,633

N/A

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 51,055	$ 52,445	$ 128,390	$ 168,611
Available-For-Sale and Transferred Securities:
Unrealized gains (losses) on available-for-sale securities	123,403	(93,822)	148,998	(45,984)
Reclassification adjustment for (gains) losses included in net income	(27)	0	(56)	31
Reclassification adjustment for securities transferred from available-for-sale to held-to-maturity	1,161	1,304	3,198	4,492
Tax effect	(31,171)	23,380	(38,097)	10,478
Net of tax amount	93,366	(69,138)	114,043	(30,983)
Cash Flow Hedge:
Unrealized (losses) gains on derivatives used for cash flow hedges	(57)	654	870	2,540
Reclassification adjustment for gains included in net income	(1,304)	(1,244)	(3,852)	(3,331)
Tax effect	340	148	746	199
Net of tax amount	(1,021)	(442)	(2,236)	(592)
Total other comprehensive income (loss), net of tax	92,345	(69,580)	111,807	(31,575)
Total Comprehensive Income (Loss)	$ 143,400	$ (17,135)	$ 240,197	$ 137,036

Debt Securities

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Debt Securities

The following tables present the amortized cost, the gross unrealized gains and losses and the fair value of the Company’s debt securities:


	September 30, 2024
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains	Gross Unrealized Losses	Fair Value
Available-for-sale
U.S. government and federal agency	$	484,314	17	(16,725)	467,606
U.S. government sponsored enterprises	323,387		—	(13,318)	310,069
State and local governments	74,691		340	(2,661)	72,370
Corporate bonds	14,838		—	(296)	14,542
Residential mortgage-backed securities	2,780,411		18	(256,225)	2,524,204
Commercial mortgage-backed securities	1,107,531		664	(60,408)	1,047,787
Total available-for-sale	$	4,785,172	1,039	(349,633)	4,436,578
Held-to-maturity
U.S. government and federal agency	857,858		—	(43,408)	814,450
State and local governments	1,630,264		1,874	(172,903)	1,459,235
Residential mortgage-backed securities	860,576		—	(53,712)	806,864
Total held-to-maturity	3,348,698		1,874	(270,023)	3,080,549
Total debt securities	$	8,133,870	2,913	(619,656)	7,517,127


	December 31, 2023
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains	Gross Unrealized Losses	Fair Value
Available-for-sale
U.S. government and federal agency	$	485,005	11	(29,669)	455,347
U.S. government sponsored enterprises	321,993		—	(22,774)	299,219
State and local governments	101,903		302	(3,273)	98,932
Corporate bonds	27,007		2	(756)	26,253
Residential mortgage-backed securities	3,166,589		7	(355,333)	2,811,263
Commercial mortgage-backed securities	1,180,756		519	(86,570)	1,094,705
Total available-for-sale	$	5,283,253	841	(498,375)	4,785,719
Held-to-maturity
U.S. government and federal agency	853,273		—	(65,472)	787,801
State and local governments	1,650,000		2,843	(181,192)	1,471,651
Residential mortgage-backed securities	999,138		—	(78,396)	920,742
Total held-to-maturity	3,502,411		2,843	(325,060)	3,180,194
Total debt securities	$	8,785,664	3,684	(823,435)	7,965,913

Maturity Analysis


	September 30, 2024
	Available-for-Sale			Held-to-Maturity
(Dollars in thousands)	Amortized Cost		Fair Value	Amortized Cost	Fair Value
Due within one year	$	56,222	55,073	9,139	9,133
Due after one year through five years	787,336		758,562	938,197	894,304
Due after five years through ten years	16,296		15,732	189,027	183,962
Due after ten years	37,376		35,220	1,351,759	1,186,286
	897,230		864,587	2,488,122	2,273,685
Mortgage-backed securities 1	3,887,942		3,571,991	860,576	806,864
Total	$	4,785,172	4,436,578	3,348,698	3,080,549

______________________________

1 Mortgage-backed securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds.

Sales and Calls of Debt Securities

Proceeds from sales and calls of debt securities and the associated gains and losses that have been included in earnings are listed below for the periods shown:


	Three Months ended			Nine Months ended
(Dollars in thousands)	September 30, 2024		September 30, 2023	September 30, 2024	September 30, 2023
Available-for-sale
Proceeds from sales and calls of debt securities	$	77,099	410	250,818	31,695
Gross realized gains 1	753		—	782	145
Gross realized losses 1	(725)		—	(725)	(176)
Held-to-maturity
Proceeds from calls of debt securities	2,310		4,735	8,495	15,205
Gross realized gains 1	—		1	—	10
Gross realized losses 1	(2)		(66)	(27)	(181)

______________________________

1 The gain or loss on the sale or call of each debt security is determined by the specific identification method.

Allowance for Credit Losses - Available-for-Sale Debt Securities

In assessing whether a credit loss existed on available-for-sale debt securities with unrealized losses, the Company compared the present value of cash flows expected to be collected from the debt securities with the amortized cost basis of the debt securities. In addition, the following factors were evaluated individually and collectively in determining the existence of expected credit losses:

•credit ratings from Nationally Recognized Statistical Rating Organizations (“NRSRO” entities such as Standard and Poor’s [“S&P”] and Moody’s);

•extent to which the fair value is less than cost;

•adverse conditions, if any, specifically related to the impaired securities, including the industry and geographic area;

•the overall deal and payment structure of the debt securities, including the investor entity’s position within the structure, underlying obligors, financial condition and near-term prospects of the issuer, including specific events that may affect the issuer’s operations or future earnings, and credit support or enhancements; and

•failure of the issuer and underlying obligors, if any, to make scheduled payments of interest and principal.


	September 30, 2024
	Number of Securities	Less than 12 Months			12 Months or More		Total
(Dollars in thousands)		Fair Value		Unrealized Loss	Fair Value	Unrealized Loss	Fair Value	Unrealized Loss
Available-for-sale
U.S. government and federal agency	51	$	2,772	(32)	461,815	(16,693)	464,587	(16,725)
U.S. government sponsored enterprises	14	—		—	310,068	(13,318)	310,068	(13,318)
State and local governments	47	—		—	52,048	(2,661)	52,048	(2,661)
Corporate bonds	2	—		—	13,731	(296)	13,731	(296)
Residential mortgage-backed securities	378	25		(1)	2,521,798	(256,224)	2,521,823	(256,225)
Commercial mortgage-backed securities	140	18,248		(375)	989,901	(60,033)	1,008,149	(60,408)
Total available-for-sale	632	$	21,045	(408)	4,349,361	(349,225)	4,370,406	(349,633)


	December 31, 2023
	Number of Securities	Less than 12 Months			12 Months or More		Total
(Dollars in thousands)		Fair Value		Unrealized Loss	Fair Value	Unrealized Loss	Fair Value	Unrealized Loss
Available-for-sale
U.S. government and federal agency	57	$	3,702	(56)	448,909	(29,613)	452,611	(29,669)
U.S. government sponsored enterprises	14	—		—	299,220	(22,774)	299,220	(22,774)
State and local governments	85	3,039		(2)	64,645	(3,271)	67,684	(3,273)
Corporate bonds	4	—		—	23,262	(756)	23,262	(756)
Residential mortgage-backed securities	402	1,430		(44)	2,809,482	(355,289)	2,810,912	(355,333)
Commercial mortgage-backed securities	151	21,232		(268)	1,034,183	(86,302)	1,055,415	(86,570)
Total available-for-sale	713	$	29,403	(370)	4,679,701	(498,005)	4,709,104	(498,375)

With respect to severity, the majority of available-for-sale debt securities with unrealized loss positions at September 30, 2024 were issued by Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”), Government National Mortgage Association (“Ginnie Mae”) and other agencies of the U.S. government or have credit ratings issued by one or more of the NRSRO entities in the four highest credit rating categories. All of the Company’s available-for-sale debt securities with unrealized loss positions at September 30, 2024 have been determined to be investment grade.

The Company did not have any past due available-for-sale debt securities as of September 30, 2024 and December 31, 2023, respectively. Accrued interest receivable on available-for-sale debt securities totaled $8,364,000 and $9,319,000 at September 30, 2024, and December 31, 2023, respectively, and was excluded from the estimate of credit losses.

Based on an analysis of its available-for-sale debt securities with unrealized losses as of September 30, 2024, the Company determined the decline in value was unrelated to credit losses and was primarily the result of changes in interest rates and market spreads subsequent to acquisition. The fair value of the debt securities is expected to recover as payments are received and the debt securities approach maturity. In addition, as of September 30, 2024, management determined it did not intend to sell available-for-sale debt securities with unrealized losses, and there was no expected requirement to sell such securities before recovery of their amortized cost. As a result, no ACL was recorded on available-for-sale debt securities at September 30, 2024. As part of this determination, the Company considered contractual obligations, regulatory constraints, liquidity, capital, asset/liability management and securities portfolio objectives and whether or not any of the Company’s investment securities were managed by third-party investment funds.

Allowance for Credit Losses - Held-to-Maturity Debt Securities

The Company measured expected credit losses on held-to-maturity debt securities on a collective basis by major security type and NRSRO credit ratings, which is the Company’s primary credit quality indicator for state and local government securities. The estimate of expected credit losses considered historical credit loss information that was adjusted for current conditions as well as reasonable and supportable forecasts. The following table summarizes the amortized cost of held-to-maturity municipal bonds aggregated by NRSRO credit rating:


(Dollars in thousands)	September 30, 2024		December 31, 2023
Municipal bonds held-to-maturity
S&P: AAA / Moody’s: Aaa	$	419,314	427,918
S&P: AA+, AA, AA- / Moody’s: Aa1, Aa2, Aa3	1,173,331		1,182,894
S&P: A+, A, A- / Moody’s: A1, A2, A3	33,984		37,742

Not rated by either entity	3,635		1,446

Total municipal bonds held-to-maturity	$	1,630,264	1,650,000

The Company’s municipal bonds in the held-to-maturity debt securities portfolio is primarily comprised of general obligation and revenue bonds with NRSRO ratings in the four highest credit rating categories. All of the Company’s municipal bonds that are classified as held-to-maturity debt securities at September 30, 2024 have been determined to be investment grade. Held-to-maturity debt securities included in the Company’s U.S. government and federal agency and residential mortgage-backed security categories are issued and guaranteed by the U.S. Treasury, Fannie Mae, Freddie Mac, Ginnie Mae and other agencies of the U.S. government are considered to be zero-loss securities. This determination is in consideration of the explicit and implicit guarantees by the US Government, the US Government’s ability to print its own currency, a history of no credit losses by the US Government and noted agencies and the current economic and financial condition of the United States and US Government providing no indication the zero-loss determination is unjustified.

As of September 30, 2024 and December 31, 2023, the Company did not have any held-to-maturity debt securities past due. Accrued interest receivable on held-to-maturity debt securities totaled $19,303,000 and $16,990,000 at September 30, 2024 and December 31, 2023, respectively, and were excluded from the estimate of credit losses.

Based on the Company’s evaluation, an insignificant amount of credit losses is expected on the held-to-maturity debt securities portfolio; therefore, no ACL was recorded at September 30, 2024 or December 31, 2023.

Derivatives and Hedging Activities

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Activities

Cash Flow Hedges

Interest Rate Cap Derivatives. The Company has purchased interest rate caps designated as cash flow hedges with notional amounts totaling $130,500,000 on its variable rate subordinated debentures and were determined to be fully effective during the nine months ended September 30, 2024. The interest rate caps require receipt of variable amounts from the counterparty when interest rates rise above the strike price in the contracts. The strike prices in the five year term contracts range from 1.5 percent to 2 percent. The variable rate is based on 90 days of compounded overnight SOFR plus a spread of 0.26161 percent. At September 30, 2024 and December 31, 2023, the interest rate caps had a fair value of $1,883,000 and $4,990,000, respectively, and were reported as other assets on the Company’s statements of financial condition. Amortization recorded on the interest rate caps totaled $126,000 for the nine months ended September 30, 2024 and 2023, respectively, and was reported as a component of interest expense on subordinated debentures.

The effect of cash flow hedge accounting on OCI for the periods ending September 30, 2024 and 2023 was as follows:


	Three Months ended			Nine Months ended
(Dollars in thousands)	September 30, 2024		September 30, 2023	September 30, 2024	September 30, 2023
Amount of (loss) gain recognized in OCI	$	(57)	654	870	2,540
Amount of gain reclassified from OCI to net income	1,304		1,244	3,852	3,331

Fair Value Hedges

Interest Rate Swap Agreements. The Company entered into fair value hedges for a closed pool of fixed rate debt securities. The instruments are designated as fair value hedges as the changes in the fair value of the interest rate swap are expected to offset changes in the fair value of the hedged item attributable to changes in the compounded overnight secured overnight financing (“SOFR”) rate, the designated benchmark interest rate. These derivative contracts involve the receipt of floating rate interest from a counterparty in exchange for the Company making fixed-rate payments over the life of the contract, without the exchange of the underlying notional value.

The following tables present the notional and estimated fair value amount of derivative positions outstanding:


	September 30, 2024
							Weighted Average
(Dollars in thousands)	Notional Amount		Asset Derivative		Liability Derivative		Remaining Maturity	Receive Rate	Pay Rate
Interest rate swap - securities	$	1,630,500	$	—	$	19,839	1.4 years	SOFR	4.56	%


	December 31, 2023
							Weighted Average
(Dollars in thousands)	Notional Amount		Asset Derivative		Liability Derivative		Remaining Maturity	Receive Rate	Pay Rate
Interest rate swap - securities	$	1,500,000	$	—	$	17,988	2.1 years	SOFR	4.63	%

The following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges:


(Dollars in thousands)	Amortized cost of the Hedged Assets				Amortized Cost of Fair Value Hedging Included in the Carrying Amount of the Hedged Assets
Line item on the balance sheet	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Investment securities available-for-sale	$	3,354,388	$	3,807,239	$	19,839	$	17,988

The effects of the fair value hedge relationships on the income statement were as follows:


		Three Months Ended				Nine Months ended
(Dollars in thousands)	Location of Gain (Loss)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Interest rate swap	Interest income on investment securities	$	(18,935)	$	—	$	7,023	—
AFS debt securities	Interest income on investment securities	22,148		—		1,851		—

Residential Real Estate Derivatives

The Company enters into residential real estate derivatives for commitments (“interest rate locks”) to fund certain residential real estate loans to be sold into the secondary market. At September 30, 2024 and December 31, 2023, loan commitments with interest rate lock commitments totaled $53,743,000 and $22,738,000, respectively. At September 30, 2024 and December 31, 2023, the fair value of the related derivatives on the interest rate lock commitments was $985,000 and $604,000, respectively, and was included in other assets with corresponding changes recorded in gain on sale of loans. The Company enters into free-standing derivatives to mitigate interest rate risk for most residential real estate loans to be sold. These derivatives include forward commitments to sell to-be-announced (“TBA”) securities which are used to economically hedge the interest rate risk associated with such loans and unfunded commitments. At September 30, 2024 and December 31, 2023, TBA commitments were $52,250,000 and $22,000,000, respectively. At September 30, 2024 and December 31, 2023, the fair value of the related derivatives on the TBA securities was $311,000 and $350,000, respectively, and was included in other liabilities with corresponding changes recorded in gain on sale of loans. The Company does not enter into a commitment to sell these loans to an investor until the loan is funded and is ready to be delivered to the investor. Due to the forward sales commitments being short-term in nature, the corresponding derivatives are not significant. For all other residential real estate loans to be sold, the Company enters into “best efforts” forward sales commitments for the future delivery of loans to third party investors when interest rate lock commitments are entered into in order to economically hedge the effect of changes in interest rates resulting from its commitments to fund the loans. Forward sales commitments on a “best efforts” basis are not designated in hedge relationships until the loan is funded.

Loans Receivable, Net

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Loans Receivable, Net

The following table presents loans receivable for each portfolio segment of loans:


(Dollars in thousands)	September 30, 2024		December 31, 2023
Residential real estate	$	1,837,697	1,704,544
Commercial real estate	10,833,841		10,303,306
Other commercial	3,177,051		2,901,863
Home equity	931,440		888,013
Other consumer	401,158		400,356
Loans receivable	17,181,187		16,198,082
Allowance for credit losses	(205,170)		(192,757)
Loans receivable, net	$	16,976,017	16,005,325
Net deferred origination (fees) costs included in loans receivable	$	(27,749)	(25,577)
Net purchase accounting (discounts) premiums included in loans receivable	$	(36,722)	(13,802)
Accrued interest receivable on loans	$	85,533	67,362

Substantially all of the Company’s loans receivable are with borrowers in the Company’s geographic market areas. Although the Company has a diversified loan portfolio, a substantial portion of borrowers’ ability to service their obligations is dependent upon the economic performance in the Company’s markets.

The Company had no significant purchases or sales of portfolio loans or reclassification of loans held for investment to loans held for sale during the nine months ended September 30, 2024.

Allowance for Credit Losses - Loans Receivable

The ACL is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on loans. The following tables summarize the activity in the ACL:


	Three Months ended September 30, 2024
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Balance at beginning of period	$	200,955	24,653	136,346	22,219	11,261	6,476

Provision for credit losses	6,981		626	2,176	1,947	145	2,087
Charge-offs	(3,976)		—	—	(1,456)	(2)	(2,518)
Recoveries	1,210		10	25	459	54	662
Balance at end of period	$	205,170	25,289	138,547	23,169	11,458	6,707


	Three Months ended September 30, 2023
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Balance at beginning of period	$	189,385	20,847	129,598	21,797	11,053	6,090

Provision for credit losses	5,095		848	1,415	306	534	1,992
Charge-offs	(3,201)		—	(203)	(654)	—	(2,344)
Recoveries	992		2	42	322	37	589
Balance at end of period	$	192,271	21,697	130,852	21,771	11,624	6,327


	Nine Months ended September 30, 2024
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Balance at beginning of period	$	192,757	22,325	130,924	21,194	11,766	6,548
Acquisitions	3		—	3	—	—	—
Provision for credit losses	21,138		2,934	7,965	5,321	(409)	5,327
Charge-offs	(12,406)		—	(395)	(4,849)	(27)	(7,135)
Recoveries	3,678		30	50	1,503	128	1,967
Balance at end of period	$	205,170	25,289	138,547	23,169	11,458	6,707


	Nine Months ended September 30, 2023
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Balance at beginning of period	$	182,283	19,683	125,816	21,454	10,759	4,571

Provision for credit losses	16,609		2,021	5,369	1,845	881	6,493
Charge-offs	(10,284)		(20)	(619)	(2,895)	(102)	(6,648)
Recoveries	3,663		13	286	1,367	86	1,911
Balance at end of period	$	192,271	21,697	130,852	21,771	11,624	6,327

During the nine months ended September 30, 2024, the ACL increased primarily as a result of loan portfolio growth.

The sizeable charge-offs in the other consumer loan segment was driven by deposit overdraft charge-offs which typically experience high charge-off rates and the amounts were comparable to historical trends. The other segments generally experience routine charge-offs and recoveries, with occasional large credit relationships charge-offs and recoveries that cause fluctuations from prior periods. During the nine months ended September 30, 2024, there have been no significant changes to the types of collateral securing collateral-dependent loans.

Aging Analysis

The following tables present an aging analysis of the recorded investment in loans:


	September 30, 2024
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Accruing loans 30-59 days past due	$	32,973	133	10,608	15,680	3,142	3,410
Accruing loans 60-89 days past due	23,240		2,621	4,685	13,371	1,556	1,007
Accruing loans 90 days or more past due	11,551		2,003	5,415	2,698	971	464
Non-accrual loans with no ACL	13,669		3,319	5,715	1,839	1,995	801
Non-accrual loans with ACL	2,268		—	2,145	20	—	103
Total past due and non-accrual loans	83,701		8,076	28,568	33,608	7,664	5,785
Current loans receivable	17,097,486		1,829,621	10,805,273	3,143,443	923,776	395,373
Total loans receivable	$	17,181,187	1,837,697	10,833,841	3,177,051	931,440	401,158


	December 31, 2023
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Accruing loans 30-59 days past due	$	43,455	5,342	18,134	12,745	3,006	4,228
Accruing loans 60-89 days past due	6,512		729	2,439	774	1,527	1,043
Accruing loans 90 days or more past due	3,312		107	2,161	530	283	231
Non-accrual loans with no ACL	20,722		2,562	13,680	1,869	1,966	645
Non-accrual loans with ACL	94		—	—	7	—	87
Total past due and non-accrual loans	74,095		8,740	36,414	15,925	6,782	6,234
Current loans receivable	16,123,987		1,695,804	10,266,892	2,885,938	881,231	394,122
Total loans receivable	$	16,198,082	1,704,544	10,303,306	2,901,863	888,013	400,356

The Company had $163,000 and $108,000 of interest reversed on non-accrual loans during the nine months ended September 30, 2024 and September 30, 2023, respectively.

Collateral-Dependent Loans

A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. The collateral on the loans is a significant portion of what secures the collateral-dependent loans and significant changes to the fair value of the collateral can impact the ACL. During the nine months ended September 30, 2024, there were no significant changes to collateral which secures the collateral-dependent loans, whether due to general deterioration or other reasons. The following table presents the amortized cost basis of collateral-dependent loans by collateral type:


	September 30, 2024
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Business assets	$	11,901	—	—	11,901	—	—
Residential real estate	13,725		3,316	7,676	516	1,976	241
Other real estate	29,401		3	27,807	1,198	19	374
Other	831		—	—	238	—	593
Total	$	55,858	3,319	35,483	13,853	1,995	1,208


	December 31, 2023
(Dollars in thousands)	Total		Residential Real Estate	Commercial Real Estate	Other Commercial	Home Equity	Other Consumer
Business assets	$	3,236	—	6	3,230	—	—
Residential real estate	17,578		11,099	4,317	98	1,968	96
Other real estate	21,635		35	20,598	620	25	357
Other	595		—	—	15	—	580
Total	$	43,044	11,134	24,921	3,963	1,993	1,033

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

The following disclosures for loan modifications made to borrowers experiencing financial difficulty (“MBFD”) are presented in accordance with ASC Topic 310. The following tables show the amortized cost basis at the end of the period of the loans modified to borrowers experiencing financial difficulty by segment:


		At or for the Three Months ended September 30, 2024
	Term Extension and Payment Deferral					Combination - Term Extension and Interest Rate Reduction
(Dollars in thousands)		Amortized Cost Basis		% of Total Class			Amortized Cost Basis		% of Total Class		Total

Commercial real estate		$	1,509	—	%		$	—	—	%	$	1,509
Other commercial		4,193		0.1	%		—		—	%	4,193


Total		$	5,702				$	—			$	5,702


		At or for the Three Months ended September 30, 2023
	Term Extension and Payment Deferral					Combination - Term Extension and Interest Rate Reduction
(Dollars in thousands)		Amortized Cost Basis		% of Total Class			Amortized Cost Basis		% of Total Class		Total
Residential real estate		$	679	—	%		$	—	—	%	$	679
Commercial real estate		32,090		0.3	%		2,534		—	%	34,624
Other commercial		5,069		0.2	%		1,176		—	%	6,245

Other consumer		102		—	%		550		0.1	%	652
Total		$	37,940				$	4,260			$	42,200


		At or for the Nine Months ended September 30, 2024
	Term Extension and Payment Deferral					Combination - Term Extension and Interest Rate Reduction
(Dollars in thousands)		Amortized Cost Basis		% of Total Class			Amortized Cost Basis		% of Total Class		Total
Residential real estate		$	204	—	%		$	—	—	%	$	204
Commercial real estate		11,727		0.1	%		27,979		0.3	%	39,706
Other commercial		13,728		0.4	%		—		—	%	13,728


Total		$	25,659				$	27,979			$	53,638


		At or for the Nine Months ended September 30, 2023
	Term Extension and Payment Deferral					Combination - Term Extension and Interest Rate Reduction
(Dollars in thousands)		Amortized Cost Basis		% of Total Class			Amortized Cost Basis		% of Total Class		Total
Residential real estate		$	679	—	%		$	—	—	%	$	679
Commercial real estate		37,880		0.4	%		2,869		—	%	40,749
Other commercial		10,398		0.4	%		1,199		—	%	11,597
Home equity		51		—	%		—		—	%	51
Other consumer		118		—	%		550		0.1	%	668
Total		$	49,126				$	4,618			$	53,744

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty by segment:

At or for the Three Months ended September 30, 2024

Weighted Average Interest Rate Reduction

Weighted Average Term Extension

Principal Forgiveness

Other commercial

—%

7 months

—

At or for the Three Months ended September 30, 2023

Weighted Average Interest Rate Reduction

Weighted Average Term Extension

Principal Forgiveness

Commercial real estate

0.17%

6 months

—

Other commercial

0.04%

7 months

—

Home equity

1.17%

1 year, 10 months

—

At or for the Nine Months ended September 30, 2024

Weighted Average Interest Rate Reduction

Weighted Average Term Extension

Principal Forgiveness

Residential real estate

—%

1 year, 8 months

—

Commercial real estate

2.08%

1 year, 1 month

—

Other commercial

—%

3 months

—

At or for the Nine Months ended September 30, 2023

Weighted Average Interest Rate Reduction

Weighted Average Term Extension

Principal Forgiveness

Commercial real estate

0.19%

8 months

—

Other commercial

0.04%

1 year, 7 months

—

Other consumer

1.17%

1 year, 10 months

$10 thousand

There were no loans modified in the twelve months that had a payment default during the period at September 30, 2024. There were $638,000 and $5,361,000 of additional unfunded commitments on MBFDs outstanding at September 30, 2024 and December 31, 2023, respectively. At September 30, 2024 and December 31, 2023, the Company had $76,000 and $98,000, respectively, of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process. At September 30, 2024 and December 31, 2023, the Company had $0 and $15,000, respectively, of OREO secured by residential real estate properties.

The following tables depict the performance of loans that have been modified in the last twelve months by segment:


	September 30, 2024
(Dollars in thousands)	Total		Current	30-89 Days Past Due	90 Days or More Past Due	Non-Accrual
Residential real estate	$	204	204	—	—	—
Commercial real estate	39,706		37,143	101	561	1,901
Other commercial	13,728		12,922	806	—	—


Total	$	53,638	50,269	907	561	1,901


	September 30, 2023
(Dollars in thousands)	Total		Current	30-89 Days Past Due	90 Days or More Past Due	Non-Accrual
Residential real estate	$	679	679	—	—	—
Commercial real estate	40,749		39,196	—	—	1,553
Other commercial	11,597		10,081	926	25	565
Home equity	51		—	—	—	51
Other consumer	668		668	—	—	—
Total	$	53,744	50,624	926	25	2,169

Credit Quality Indicators

The Company categorizes commercial real estate and other commercial loans into risk categories based on relevant information about the ability of borrowers to service their obligations. The following tables present the amortized cost in commercial real estate and other commercial loans based on the Company’s internal risk rating. The date of a modification, renewal or extension of a loan is considered for the year of origination if the terms of the loan are as favorable to the Company as the terms are for a comparable loan to other borrowers with similar credit risk.


	September 30, 2024
(Dollars in thousands)	Gross Charge-Offs		Total	Pass	Special Mention	Substandard	Doubtful/ Loss
Commercial real estate loans
Term loans by origination year
2024 (year-to-date)	$	—	961,105	929,837	3,288	27,980	—
2023	—		1,347,109	1,324,359	20,171	2,579	—
2022	72		2,436,334	2,367,328	42,098	26,908	—
2021	—		2,118,399	2,082,746	22,744	12,909	—
2020	5		1,076,187	1,068,940	—	7,247	—
Prior	318		2,580,465	2,509,239	28,535	42,691	—
Revolving loans	—		314,242	310,004	3,100	1,137	1

Total	$	395	10,833,841	10,592,453	119,936	121,451	1
Other commercial loans
Term loans by origination year
2024 (year-to-date)	$	3,526	284,596	283,831	566	156	43
2023	73		358,204	354,798	635	2,771	—
2022	298		546,601	534,151	1,259	11,143	48
2021	422		495,113	475,194	10,294	9,615	10
2020	284		222,404	218,060	268	4,075	1
Prior	246		534,047	507,283	—	26,764	—
Revolving loans	—		736,086	703,921	19,031	13,120	14

Total	$	4,849	3,177,051	3,077,238	32,053	67,644	116


	December 31, 2023
(Dollars in thousands)	Gross Charge-Offs		Total		Pass	Special Mention	Substandard	Doubtful/ Loss
Commercial real estate loans
Term loans by origination year
2023	$	889	$	1,316,100	1,313,446	97	2,557	—
2022	430		2,547,939		2,520,484	12,855	14,600	—
2021	145		2,200,677		2,178,153	19,782	2,742	—
2020	—		1,130,117		1,124,525	—	5,592	—
2019	—		691,810		656,203	1,104	34,503	—
Prior	616		2,129,808		2,053,011	18,818	57,948	31
Revolving loans	—		286,855		285,432	1	1,421	1

Total	$	2,080	$	10,303,306	10,131,254	52,657	119,363	32
Other commercial loans
Term loans by origination year
2023	$	3,080	$	369,059	367,337	—	1,603	119
2022	406		566,295		561,567	3,319	1,408	1
2021	—		531,558		519,151	10,187	2,218	2
2020	92		245,962		240,613	—	5,347	2
2019	—		145,828		141,336	—	4,490	2
Prior	313		448,619		443,400	—	5,219	—
Revolving loans	—		594,542		577,953	11,977	4,612	—

Total	$	3,891	$	2,901,863	2,851,357	25,483	24,897	126

For residential real estate, home equity and other consumer loan segments, the Company evaluates credit quality primarily on the aging status of the loan. The following tables present the amortized cost in residential real estate, home equity and other consumer loans based on payment performance:


	September 30, 2024
(Dollars in thousands)	Gross Charge-Offs		Total	Performing	30-89 Days Past Due	Non-Accrual and 90 Days or More Past Due
Residential real estate loans
Term loans by origination year
2024 (year-to-date)	$	—	134,710	134,389	321	—
2023	—		292,783	292,088	174	521
2022	—		664,274	663,051	467	756
2021	—		467,136	466,558	—	578
2020	—		93,073	93,073	—	—
Prior	—		185,721	180,462	1,792	3,467
Revolving loans	—		—	—	—	—

Total	$	—	1,837,697	1,829,621	2,754	5,322
Home equity loans
Term loans by origination year
2024 (year-to-date)	$	—	211	211	—	—
2023	17		1,165	1,165	—	—
2022	—		2,102	2,102	—	—
2021	—		893	893	—	—
2020	—		83	83	—	—
Prior	10		4,558	4,439	33	86
Revolving loans	—		922,428	914,883	4,665	2,880

Total	$	27	931,440	923,776	4,698	2,966
Other consumer loans
Term loans by origination year
2024 (year-to-date)	$	6,156	96,566	94,696	1,804	66
2023	325		99,808	98,939	542	327
2022	323		71,791	70,439	1,133	219
2021	209		43,649	42,851	325	473
2020	24		20,749	20,681	22	46
Prior	98		22,138	21,862	72	204
Revolving loans	—		46,457	45,905	519	33

Total	$	7,135	401,158	395,373	4,417	1,368


	December 31, 2023
(Dollars in thousands)	Gross Charge-Offs		Total		Performing	30-89 Days Past Due	Non-Accrual and 90 Days or More Past Due
Residential real estate loans
Term loans by origination year
2023	$	—	$	234,568	233,753	815	—
2022	5		673,782		671,196	2,586	—
2021	—		495,645		495,645	—	—
2020	—		99,199		99,199	—	—
2019	—		42,054		42,054	—	—
Prior	15		158,828		153,489	2,670	2,669
Revolving loans	—		468		468	—	—

Total	$	20	$	1,704,544	1,695,804	6,071	2,669
Home equity loans
Term loans by origination year
2023	$	—	$	—	—	—	—
2022	—		20		20	—	—
2021	48		—		—	—	—
2020	50		21		21	—	—
2019	—		178		178	—	—
Prior	31		5,492		5,277	11	204
Revolving loans	—		882,302		875,735	4,522	2,045

Total	$	129	$	888,013	881,231	4,533	2,249
Other consumer loans
Term loans by origination year
2023	$	7,801	$	139,295	137,035	2,079	181
2022	715		98,630		97,536	870	224
2021	170		62,961		62,107	805	49
2020	85		29,143		29,012	119	12
2019	73		12,335		12,279	43	13
Prior	131		17,314		16,664	173	477
Revolving loans	—		40,678		39,489	1,182	7

Total	$	8,975	$	400,356	394,122	5,271	963