0000712534-24-000162 | 10-Q | XBRL Viewer

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CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Allowance for credit losses	$ 245	$ 245
Investment securities held to maturity - fair value	$ 1,820,451	$ 1,870,374
Common Stock, stated value (in dollars per share)	$ 0.125	$ 0.125
Common Stock, authorized (in shares)	100,000,000	100,000,000
Common Stock, issued (in shares)	58,564,819	59,424,122
Common Stock, outstanding (in shares)	58,564,819	59,424,122
Cumulative Preferred Stock
Preferred stock, par value (in dollars per share)	$ 1,000	$ 1,000
Preferred stock, liquidation value (in dollars per share)	$ 1,000	$ 1,000
Preferred Stock, authorized (in shares)	600	600
Preferred Stock, issued (in shares)	125	125
Preferred Stock, outstanding (in shares)	125	125
Series A Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, liquidation value (in dollars per share)	$ 2,500	$ 2,500
Preferred Stock, authorized (in shares)	10,000	10,000
Preferred Stock, issued (in shares)	10,000	10,000
Preferred Stock, outstanding (in shares)	10,000	10,000

QUALIFIED AFFORDABLE HOUSING INVESTMENTS

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

QUALIFIED AFFORDABLE HOUSING INVESTMENTS

The Corporation has investments in various limited partnerships that sponsor affordable housing projects. The purpose of these investments is to earn an adequate return of capital through the receipt of low income housing tax credits and to assist the Corporation in achieving goals associated with the CRA. These investments are included in other assets on the Consolidated Balance Sheet, with any unfunded commitments included in other liabilities. The investments are amortized as a component of income tax expense.

The following table summarizes the Corporation’s affordable housing investments as of March 31, 2024 and December 31, 2023:


	March 31, 2024				December 31, 2023
Investment Type	Investment		Unfunded Commitment		Investment		Unfunded Commitment
LIHTC	$	112,728	$	88,433	$	114,514	$	96,408

The following table summarizes the amortization expense and tax credits recognized for the Corporation’s affordable housing investments for the three months ended March 31, 2024 and 2023, respectively:


	Three Months Ended March 31,
	2024		2023
Amortization expense	$	1,696	$	244
Tax credits recognized	1,644		284

DERIVATIVE FINANCIAL INSTRUMENTS - Fair Value of Derivative Financial Instruments and Their Classification on Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value
Assets Derivatives	$ 89,743	$ 79,379
Liabilities Derivatives	89,437	79,008
Other Assets \| Derivatives Not Designated as Hedging Instruments
Notional Amount
Included in other assets	1,404,105	1,393,813
Fair Value
Assets Derivatives	89,743	79,379
Other Liabilities \| Derivatives Not Designated as Hedging Instruments
Notional Amount
Included in other liabilities	1,396,231	1,382,262
Fair Value
Liabilities Derivatives	89,437	79,008
Interest rate swaps \| Other Assets \| Derivatives Not Designated as Hedging Instruments
Notional Amount
Included in other assets	1,348,270	1,355,947
Fair Value
Assets Derivatives	89,209	78,743
Interest rate swaps \| Other Liabilities \| Derivatives Not Designated as Hedging Instruments
Notional Amount
Included in other liabilities	1,348,270	1,355,947
Fair Value
Liabilities Derivatives	89,265	78,811
Forward contracts related to mortgage loans to be delivered for sale \| Other Assets \| Derivatives Not Designated as Hedging Instruments
Notional Amount
Included in other assets	25,689	15,160
Fair Value
Assets Derivatives	357	469
Forward contracts related to mortgage loans to be delivered for sale \| Other Liabilities \| Derivatives Not Designated as Hedging Instruments
Notional Amount
Included in other liabilities	32,935	25,290
Fair Value
Liabilities Derivatives	143	191
Interest rate lock commitments \| Other Assets \| Derivatives Not Designated as Hedging Instruments
Notional Amount
Included in other assets	30,146	22,706
Fair Value
Assets Derivatives	177	167
Interest rate lock commitments \| Other Liabilities \| Derivatives Not Designated as Hedging Instruments
Notional Amount
Included in other liabilities	15,026	1,025
Fair Value
Liabilities Derivatives	$ 29	$ 6

NET INCOME PER COMMON SHARE

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

NET INCOME PER COMMON SHARE

Basic net income per common share is computed by dividing net income available to common stockholders by the weighted-average common shares outstanding during the reporting period. Diluted net income per common share is computed by dividing net income available to common stockholders by the combination of the weighted-average common shares outstanding during the reporting period and all potentially dilutive common shares. Potentially dilutive common shares include stock options and RSAs issued under the Corporation's share-based compensation plans. Potentially dilutive common shares are excluded from the computation of diluted earnings per common share in the periods where the effect would be antidilutive.

The following table reconciles basic and diluted net income per common share for the three months ended March 31, 2024 and 2023.


	Three Months Ended March 31,
	2024					2023
	Net Income Available to Common Stockholders		Weighted-Average Common Shares	Per Share Amount		Net Income Available to Common Stockholders		Weighted-Average Common Shares	Per Share Amount
Net income available to common stockholders	$	47,472	59,066,789	$	0.80	$	63,610	59,216,198	$	1.07
Effect of potentially dilutive stock options and restricted stock awards			206,225					224,530
Diluted net income per common share	$	47,472	59,273,014	$	0.80	$	63,610	59,440,728	$	1.07
RSAs excluded from the diluted average common share calculation(1)			87,287					51,470

(1) Anti-dilution occurs when the unrecognized compensation cost per share of an RSA exceeds the market price of the Corporation's stock.

FAIR VALUES OF FINANCIAL INSTRUMENTS - Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements Other Than Goodwill (Details) - Significant Unobservable Inputs (Level 3) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
State and municipal securities \| Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 3,212	$ 3,275
State and municipal securities \| Discounted cash flow \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Maturity/Call date	1 month	1 month
US Muni BQ curve		A-
State and municipal securities \| Discounted cash flow \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Maturity/Call date	15 years	15 years
US Muni BQ curve	BBB	BBB
State and municipal securities \| Discounted cash flow \| Discount rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.034	0.036
State and municipal securities \| Discounted cash flow \| Discount rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.046	0.047
State and municipal securities \| Discounted cash flow \| Weighted-average coupon \| Weighted-average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.033	0.033
Corporate obligations and U.S. Government-sponsored mortgage-backed securities \| Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 35	$ 35
Corporate obligations and U.S. Government-sponsored mortgage-backed securities \| Discounted cash flow \| Weighted-average coupon \| Weighted-average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0	0
Corporate obligations and U.S. Government-sponsored mortgage-backed securities \| Discounted cash flow \| Risk free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate description		3
Measurement input	0.0026	0.0026
Corporate obligations and U.S. Government-sponsored mortgage-backed securities \| Discounted cash flow \| plus premium for illiquidity (basis points)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0200	0.0200
Collateral dependent loans \| Collateral based measurements
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 33,522	$ 55,020
Collateral dependent loans \| Collateral based measurements \| Discount to reflect current market conditions and ultimate collectability \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0	0
Collateral dependent loans \| Collateral based measurements \| Discount to reflect current market conditions and ultimate collectability \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.10	0.10
Collateral dependent loans \| Collateral based measurements \| Discount to reflect current market conditions and ultimate collectability \| Weighted-average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.042	0.041

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details)	Mar. 31, 2024 USD ($) instrument	Dec. 31, 2023 instrument
Derivative [Line Items]
Termination value of derivatives in a net liability position	$ 4,000,000
Derivative collateral posted	$ 0
Derivatives Designated as Hedges \| Derivatives in Cash Flow Hedging Relationships \| Interest rate swaps
Derivative [Line Items]
Number of interest rate derivatives held \| instrument	0	0

DERIVATIVE FINANCIAL INSTRUMENTS - Gain (Loss) Recognized Into Income Related to Non-designated Hedging Instruments (Details) - Derivatives Not Designated as Hedging Instruments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
Amount of Gain (Loss) Recognized into Income on Derivatives	$ (14)	$ 181
Net gains and fees on sales of loans \| Forward contracts related to mortgage loans to be delivered for sale
Derivative [Line Items]
Amount of Gain (Loss) Recognized into Income on Derivatives	(1)	(46)
Net gains and fees on sales of loans \| Interest rate lock commitments
Derivative [Line Items]
Amount of Gain (Loss) Recognized into Income on Derivatives	$ (13)	$ 227

QUALIFIED AFFORDABLE HOUSING INVESTMENTS - Summary of Affordable Housing Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investment	$ 112,728		$ 114,514
Unfunded Commitment	88,433		$ 96,408
Amortization expense	1,696	$ 244
Tax credits recognized	$ 1,644	$ 284

FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Fair Value Measurements of Assets and Liabilities Recognized in the Balance Sheets Measured at Fair Value on Recurring Basis

The following table presents the fair value measurements of assets and liabilities recognized in the accompanying balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2024, and December 31, 2023.


			Fair Value Measurements Using:
March 31, 2024	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Available for sale securities:

U.S. Government-sponsored agency securities	$	93,132	$	—	$	93,132	$	—
State and municipal	1,043,063		—		1,039,851		3,212
U.S. Government-sponsored mortgage-backed securities	472,044		—		472,040		4
Corporate obligations	11,974		—		11,943		31
Derivative assets	89,743		—		89,743		—
Derivative liabilities	89,437		—		89,437		—


			Fair Value Measurements Using:
December 31, 2023	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Available for sale securities:


U.S. Government-sponsored agency securities	$	95,307	$	—	$	95,307	$	—
State and municipal	1,065,171		—		1,061,896		3,275
U.S. Government-sponsored mortgage-backed securities	454,815		—		454,811		4
Corporate obligations	11,819		—		11,788		31

Derivative assets	79,379		—		79,379		—
Derivative liabilities	79,008		—		79,008		—

Summary of Reconciliation of Beginning and Ending Balances of Recurring Fair Value Measurements Recognized in the Balance Sheets using Significant Unobservable Level 3 Inputs

The following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the accompanying

balance sheets using significant unobservable Level 3 inputs for the three months ended March 31, 2024 and 2023.


	Available for Sale Securities
	Three Months Ended
	March 31, 2024		March 31, 2023
Balance at beginning of the period	$	3,310	$	3,439


Included in other comprehensive income	(95)		114


Principal payments	32		(91)
Ending balance	$	3,247	$	3,462

Summary of Description of Valuation Methodologies Used for Instruments Measured at Fair Value on a Non-Recurring Basis and Recognized in the Balance Sheets

Following is a description of valuation methodologies used for instruments measured at fair value on a nonrecurring basis and recognized in the accompanying balance sheets, as well as the general classification of such instruments pursuant to the valuation hierarchy at March 31, 2024, and December 31, 2023.


			Fair Value Measurements Using
March 31, 2024	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Collateral dependent loans	$	33,522	$	—	$	—	$	33,522


			Fair Value Measurements Using
December 31, 2023	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Collateral dependent loans	$	55,020	$	—	$	—	$	55,020

Summary of Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements Other than Goodwill

The following tables present quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements, other than goodwill, at March 31, 2024 and December 31, 2023.

March 31, 2024

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted-Average)

State and municipal securities

3,212

Discounted cash flow

Maturity/Call date

1 month to 15 years

US Muni BQ curve

BBB

Discount rate

3.4% - 4.6%

Weighted-average coupon

3.3%

Corporate obligations and U.S. Government-sponsored mortgage-backed securities

Discounted cash flow

Risk free rate

3 month CME Term SOFR plus 26bps

plus premium for illiquidity (basis points)

plus 200bps

Weighted-average coupon

Collateral dependent loans

33,522

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

0% - 10%

Weighted-average discount by loan balance

4.2%

December 31, 2023

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted-Average)

State and municipal securities

3,275

Discounted cash flow

Maturity/Call date

1 month to 15 years

US Muni BQ curve

A- to BBB

Discount rate

3.6% - 4.7%

Weighted-average coupon

3.3%

Corporate obligations and U.S. Government-sponsored mortgage-backed securities

Discounted cash flow

Risk free rate

3 month CME Term

SOFR plus 26bps

plus premium for illiquidity (basis points)

plus 200bps

Weighted-average coupon

Collateral dependent loans

55,020

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

0% - 10%

Weighted-average discount by loan balance

4.1%

Summary of Estimated Fair Values of Financial Instruments

The following tables present estimated fair values of the Corporation’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2024 and December 31, 2023.


			March 31, 2024
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Carrying Amount		(Level 1)		(Level 2)		(Level 3)		Total Fair Value
Assets:
Cash and due from banks	$	100,514	$	100,514	$	—	$	—	$	100,514
Interest-bearing deposits	410,497		410,497		—		—		410,497
Investment securities available for sale	1,620,213		—		1,616,966		3,247		1,620,213
Investment securities held to maturity, net	2,163,361		—		1,810,678		9,773		1,820,451
Loans held for sale	15,118		—		15,118		—		15,118
Loans, net	12,260,901		—		—		11,965,258		11,965,258
Federal Home Loan Bank stock	41,758		—		41,758		—		41,758
Derivative assets	89,743		—		89,743		—		89,743
Interest receivable	92,550		—		92,550		—		92,550
Liabilities:
Deposits	$	14,884,584	$	12,451,569	$	2,421,156	$	—	14,872,725
Borrowings:

Securities sold under repurchase agreements	130,264		—		130,254		—		130,254
Federal Home Loan Bank advances	612,778		—		602,913		—		602,913
Subordinated debentures and other borrowings	118,612		—		109,654		—		109,654
Derivative liabilities	89,437		—		89,437		—		89,437
Interest payable	19,262		—		19,262		—		19,262


			December 31, 2023
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Carrying Amount		(Level 1)		(Level 2)		(Level 3)		Total Fair Value
Assets:
Cash and due from banks	$	112,649	$	112,649	$	—	$	—	$	112,649
Interest-bearing deposits	436,080		436,080		—		—		436,080
Investment securities available for sale	1,627,112		—		1,623,802		3,310		1,627,112
Investment securities held to maturity, net	2,184,252		—		1,859,974		10,400		1,870,374
Loans held for sale	18,934		—		18,934		—		18,934
Loans, net	12,281,093		—		—		11,958,301		11,958,301
Federal Home Loan Bank stock	41,769		—		41,769		—		41,769
Derivative assets	79,379		—		79,379		—		79,379
Interest receivable	97,664		—		97,664		—		97,664
Liabilities:
Deposits	$	14,821,453	$	12,482,295	$	2,329,662	$	—	14,811,957
Borrowings:

Securities sold under repurchase agreements	157,280		—		157,265		—		157,265
Federal Home Loan Bank advances	712,852		—		707,377		—		707,377
Subordinated debentures and other borrowings	158,644		—		149,995		—		149,995
Derivative liabilities	79,008		—		79,008		—		79,008
Interest payable	18,912		—		18,912		—		18,912

FAIR VALUES OF FINANCIAL INSTRUMENTS - Fair Value Measurements of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	$ 1,620,213	$ 1,627,112
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	1,616,966	1,623,802
Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	3,247	3,310
Recurring \| Derivative liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities	89,437	79,008
Recurring \| U.S. Government-sponsored agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	93,132	95,307
Recurring \| State and municipal
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	1,043,063	1,065,171
Recurring \| U.S. Government-sponsored mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	472,044	454,815
Recurring \| Corporate obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	11,974	11,819
Recurring \| Derivative assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	89,743	79,379
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Derivative liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Government-sponsored agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| State and municipal
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Government-sponsored mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Derivative assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Derivative liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities	89,437	79,008
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. Government-sponsored agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	93,132	95,307
Recurring \| Significant Other Observable Inputs (Level 2) \| State and municipal
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	1,039,851	1,061,896
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. Government-sponsored mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	472,040	454,811
Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	11,943	11,788
Recurring \| Significant Other Observable Inputs (Level 2) \| Derivative assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	89,743	79,379
Recurring \| Significant Unobservable Inputs (Level 3) \| Derivative liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. Government-sponsored agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| State and municipal
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	3,212	3,275
Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. Government-sponsored mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	4	4
Recurring \| Significant Unobservable Inputs (Level 3) \| Corporate obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment securities available for sale	31	31
Recurring \| Significant Unobservable Inputs (Level 3) \| Derivative assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	$ 0	$ 0

NET INCOME PER COMMON SHARE (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Summary of Reconciliation of Basic and Diluted Net Income Per Share

The following table reconciles basic and diluted net income per common share for the three months ended March 31, 2024 and 2023.


	Three Months Ended March 31,
	2024					2023
	Net Income Available to Common Stockholders		Weighted-Average Common Shares	Per Share Amount		Net Income Available to Common Stockholders		Weighted-Average Common Shares	Per Share Amount
Net income available to common stockholders	$	47,472	59,066,789	$	0.80	$	63,610	59,216,198	$	1.07
Effect of potentially dilutive stock options and restricted stock awards			206,225					224,530
Diluted net income per common share	$	47,472	59,273,014	$	0.80	$	63,610	59,440,728	$	1.07
RSAs excluded from the diluted average common share calculation(1)			87,287					51,470

(1) Anti-dilution occurs when the unrecognized compensation cost per share of an RSA exceeds the market price of the Corporation's stock.

SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Components of Share Based Compensation Awards

The following table summarizes the components of the Corporation's share-based compensation awards recorded as an expense and the income tax benefit of such awards.


	Three Months Ended March 31,
	2024		2023
Stock and ESPP Options
Pre-tax compensation expense	$	67	$	30
Income tax expense (benefit)	—		(57)
Stock and ESPP option expense, net of income taxes	$	67	$	(27)
Restricted Stock Awards
Pre-tax compensation expense	$	1,335	$	1,167
Income tax expense (benefit)	(264)		(255)
Restricted stock awards expense, net of income taxes	$	1,071	$	912
Total Share-Based Compensation
Pre-tax compensation expense	$	1,402	$	1,197
Income tax expense (benefit)	(264)		(312)
Total share-based compensation expense, net of income taxes	$	1,138	$	885

Summary of Stock Option Activity Under Stock Option Plans

Stock option activity under the Corporation's stock option plans as of March 31, 2024 and changes during the three months ended March 31, 2024, were as follows:


	Number of Shares	Weighted-Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2024	90,075	$	20.21


Exercised	—	$	—

Outstanding March 31, 2024	90,075	$	20.21	1.68	$	1,323,548
Vested and Expected to Vest at March 31, 2024	90,075	$	20.21	1.68	$	1,323,548
Exercisable at March 31, 2024	90,075	$	20.21	1.68	$	1,323,548

Summary of Unvested RSAs Outstanding

The following table summarizes information on unvested RSAs outstanding as of March 31, 2024:


	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested RSAs at January 1, 2024	452,426	$	37.94
Granted	8,859	$	34.90
Vested	(7,413)	$	45.30
Forfeited	(275)	$	40.95
Unvested RSAs at March 31, 2024	453,597	$	37.76

INVESTMENT SECURITIES - Investments in Debt and Equity Securities Reported Less than Historical Cost (Details) - Investments reported at less than historical cost - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Historical cost	$ 1,839,685	$ 1,781,108
Fair value	1,591,663	1,560,554
Gross unrealized losses	$ 248,022	$ 220,554
Percent of the Corporation's investments available for sale	98.20%	95.90%

- 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.

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+ Details

INCOME TAX

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAX

The following table summarizes the major components creating differences between income taxes at the federal statutory and the effective tax rate recorded in the consolidated statements of income for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024			2023








Reconciliation of Federal Statutory to Actual Tax Expense:
Federal statutory income tax at 21%	$	11,501		$	15,833
Tax-exempt interest income	(4,352)			(4,867)
Non-deductible FDIC premiums	139			60
Share-based compensation	30			(61)
Tax-exempt earnings and gains on life insurance	(334)			(270)
Tax credits	(304)			(92)

State Income Tax	34			700
Other	111			14
Actual Tax Expense	$	6,825		$	11,317

Effective Tax Rate	12.5		%	15.0		%

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

BORROWINGS - Summary of Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Securities sold under repurchase agreements	$ 130,264	$ 157,280
Federal Home Loan Bank advances	612,778	712,852
Subordinated debentures and other borrowings	118,612	158,644
Total Borrowings	$ 861,654	$ 1,028,776

- Definition

Amount, after the effects of master netting arrangements, of funds outstanding borrowed in the form of a security repurchase agreement between the entity and another party for the sale and repurchase of identical or substantially the same securities at a date certain for a specified price. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(m)(1)(ii)(A)(i))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-10

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.13(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

+ Details

NET INCOME PER COMMON SHARE - Reconciliation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Income Available to Common Stockholders
Net income available to common stockholders	$ 47,472	$ 63,610
Diluted net income per common share	$ 47,472	$ 63,610
Weighted-Average Common Shares
Net income available to common stockholders (in shares)	59,066,789	59,216,198
Effect of potentially dilutive stock options and restricted stock awards (in shares)	206,225	224,530
Diluted net income per common share (in shares)	59,273,014	59,440,728
RSAs excluded from the diluted average common share calculation (in shares)	87,287	51,470
Per Share Amount
Net income available to common stockholders (in dollars per share)	$ 0.80	$ 1.07
Diluted net income per common share (in dollars per share)	$ 0.80	$ 1.07

CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Loans receivable:
Taxable	$ 198,023	$ 172,353
Tax exempt	8,190	7,709
Investment securities:
Taxable	8,748	9,087
Tax exempt	13,611	16,070
Deposits with financial institutions	6,493	637
Federal Home Loan Bank stock	835	542
Total Interest Income	235,900	206,398
INTEREST EXPENSE
Deposits	98,285	50,685
Federal funds purchased	0	1,297
Securities sold under repurchase agreements	1,032	848
Federal Home Loan Bank advances	6,773	7,064
Subordinated debentures and other borrowings	2,747	2,385
Total Interest Expense	108,837	62,279
NET INTEREST INCOME	127,063	144,119
Provision for credit losses	2,000	0
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	125,063	144,119
NONINTEREST INCOME
Net gains and fees on sales of loans	3,254	2,399
Increase in cash surrender value of life insurance	1,449	1,287
Gains on life insurance benefits	143	1
Net realized losses on sales of available for sale securities	(2)	(1,571)
Other income	497	823
Total Noninterest Income	26,638	24,997
NONINTEREST EXPENSES
Salaries and employee benefits	58,293	57,459
Net occupancy	7,312	7,259
Equipment	6,226	6,126
Marketing	1,198	1,309
Outside data processing fees	6,889	6,113
Printing and office supplies	353	383
Intangible asset amortization	1,957	2,197
FDIC assessments	4,287	1,396
Other real estate owned and foreclosure expenses	534	(18)
Professional and other outside services	3,952	3,698
Other expenses	5,934	7,798
Total Noninterest Expenses	96,935	93,720
INCOME BEFORE INCOME TAX	54,766	75,396
Income tax expense	6,825	11,317
NET INCOME	47,941	64,079
Preferred stock dividends	469	469
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$ 47,472	$ 63,610
Per Share Data:
Basic Net Income Available to Common Stockholders (in dollars per share)	$ 0.80	$ 1.07
Diluted Net Income Available to Common Stockholders (in dollars per share)	0.80	1.07
Cash Dividends Paid (in dollars per share)	$ 0.34	$ 0.32
Average Diluted Common Shares Outstanding (in shares)	59,273,014	59,440,728
Service charges on deposit accounts
NONINTEREST INCOME
Other income	$ 7,907	$ 7,359
Fiduciary and wealth management fees
NONINTEREST INCOME
Other income	8,200	7,862
Card payment fees
NONINTEREST INCOME
Other income	4,500	5,172
Derivative hedge fees
NONINTEREST INCOME
Other income	263	1,148
Other customer fees
NONINTEREST INCOME
Other income	$ 427	$ 517

INVESTMENT SECURITIES - Amortized Cost and Fair Value of Available for Sale Securities and Held to Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Amortized Cost
Due in one year or less	$ 1,865	$ 1,390
Due after one through five years	24,392	24,899
Due after five through ten years	141,962	127,948
Due after ten years	1,134,476	1,151,260
Total debt securities with a single maturity date	1,302,695	1,305,497
Total investment securities	1,867,872	1,846,840
Fair Value
Due in one year or less	1,855	1,382
Due after one through five years	22,654	23,372
Due after five through ten years	131,832	120,385
Due after ten years	991,828	1,027,158
Total debt securities with a single maturity date	1,148,169	1,172,297
Total investment securities	1,620,213	1,627,112
Amortized Cost
Due in one year or less	12,971	3,041
Due after one through five years	112,676	118,592
Due after five through ten years	137,043	135,805
Due after ten years	1,206,968	1,217,265
Total debt securities with a single maturity date	1,469,658	1,474,703
Total investment securities	2,163,606	2,184,497
Fair Value
Due in one year or less	12,831	3,043
Due after one through five years	105,283	111,723
Due after five through ten years	125,783	126,461
Due after ten years	988,923	1,018,801
Total debt securities with a single maturity date	1,232,820	1,260,028
Total investment securities	1,820,451	1,870,374
U.S. Government-sponsored mortgage-backed securities
Amortized Cost
U.S. Government-sponsored mortgage-backed securities	565,177	541,343
Fair Value
U.S. Government-sponsored mortgage-backed securities	472,044	454,815
Total investment securities	472,044	454,815
Amortized Cost
U.S. Government-sponsored mortgage-backed securities	693,948	709,794
Total investment securities	693,948	709,794
Fair Value
U.S. Government-sponsored mortgage-backed securities	587,631	610,346
Total investment securities	$ 587,631	$ 610,346

LOANS AND ALLOWANCE - Amounts of Commitments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Loan commitments to extend credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Amounts of commitments	$ 4,993,077	$ 5,025,790
Standby letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Amounts of commitments	$ 72,956	$ 65,580

BORROWINGS

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

BORROWINGS

The following table summarizes the Corporation’s borrowings as of March 31, 2024 and December 31, 2023:


	March 31, 2024		December 31, 2023
Securities sold under repurchase agreements	$	130,264	$	157,280
Federal Home Loan Bank advances	612,778		712,852
Subordinated debentures and other borrowings	118,612		158,644
Total Borrowings	$	861,654	$	1,028,776

Securities sold under repurchase agreements consist of obligations of the Bank to other parties and are secured by U.S. Government-sponsored enterprise obligations. The maximum amount of outstanding agreements at any month-end during the first three months of 2024 and 2023 totaled $194.2 million and $242.2 million, respectively, and the average of such agreements totaled $172.7 million and $208.0 million during the same period of 2024 and 2023, respectively.

The collateral pledged for all repurchase agreements that are accounted for as secured borrowings as of March 31, 2024 and December 31, 2023 were:


	March 31, 2024
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
U.S. Government-sponsored mortgage-backed securities	$	130,264	$	—	$	—	$	—	$	130,264


	December 31, 2023
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
U.S. Government-sponsored mortgage-backed securities	$	157,280	$	—	$	—	$	—	$	157,280

Contractual maturities of borrowings as of March 31, 2024, are as follows:


Maturities in Years Ending December 31:	Securities Sold Under Repurchase Agreements		Federal Home Loan Bank Advances		Subordinated Debentures and Term Loans
2024	$	130,264	$	60,000	$	1,166
2025	—		95,000		—
2026	—		75,000		—
2027	—		250,000		—
2028	—		115,000		30,000
2029 and after	—		17,778		91,029
ASC 805 fair value adjustments at acquisition	—		—		(3,583)
	$	130,264	$	612,778	$	118,612

The terms of a security agreement with the Federal Home Loan Bank ("FHLB") require the Corporation to pledge, as collateral for advances, qualifying first mortgage loans, investment securities and multi-family loans in an amount equal to at least 145 percent of these advances depending on the type of collateral pledged. At March 31, 2024, the outstanding FHLB advances had interest rates from 0.35 to 4.94 percent and are subject to restrictions or penalties in the event of prepayment. The total available remaining borrowing capacity from the FHLB at March 31, 2024, was $721.2 million. As of March 31, 2024, the Corporation had $110.0 million of putable advances with the FHLB.

Subordinated Debentures and Term Loans. As of March 31, 2024 and December 31, 2023, subordinated debentures and term loans totaled $118.6 million and $158.6 million, respectively.

•First Merchants Capital Trust II (“FMC Trust II”). At March 31, 2024 and December 31, 2023, the Corporation had $41.7 million of subordinated debentures issued to FMC Trust II, a wholly-owned statutory business trust. FMC Trust II was formed in July 2007 for purposes of issuing trust preferred securities to investors. At that time, it simultaneously issued and sold its common securities to the Corporation, which constituted all of the issued and outstanding common securities of FMC Trust II. The subordinated debentures, which were purchased with the proceeds of the sale of the trust’s capital securities, are the sole assets of FMC Trust II and are fully and unconditionally guaranteed by the Corporation. As of March 31, 2024, the subordinated debentures and trust preferred securities bear interest at a variable rate equal to the three-month CME Term Secured Overnight Financing Rate ("SOFR"), plus the 0.26161 percent spread adjustment. The interest rate at March 31, 2024 was 7.15 percent. As of December 31, 2023, the subordinated debentures and the trust preferred securities bear interest at a variable rate equal to CME Term SOFR, plus the 0.26161 percent spread adjustment. The interest rate at December 31, 2023 was 7.21 percent. The trust preferred securities are currently redeemable at par and without penalty, subject to the Corporation having first redeemed the related subordinated debentures, with the prior approval of the Federal Reserve if then required under applicable capital guidelines or policies. The trust preferred securities and the subordinated debentures of FMC Trust II will mature on September 15, 2037. The Corporation continues to hold all outstanding common securities of FMC Trust II.

•Ameriana Capital Trust I. At March 31, 2024 and December 31, 2023, the Corporation had $10.3 million of subordinated debentures issued to Ameriana Capital Trust I. On December 31, 2015, the Corporation acquired Ameriana Capital Trust I in conjunction with its acquisition of Ameriana Bancorp, Inc. With a trust preferred structure substantially similar to that described above for FMC Trust II, the subordinated debentures held by Ameriana Capital Trust I were purchased with the proceeds of the sale of the trust’s capital securities. As of March 31, 2024, the subordinated debentures and trust preferred securities bear interest at a variable rate equal to the three-month CME Term SOFR, plus the 0.26161 percent spread adjustment. The interest rate at March 31, 2024 was 7.09 percent. As of December 31, 2023, the subordinated debentures and the trust preferred securities bear interest at a variable rate equal to three-month CME Term SOFR, plus the 0.26161 percent spread adjustment. The interest rate at December 31, 2023 was 7.15 percent. The trust preferred securities of Ameriana Capital Trust I are currently redeemable at par and without penalty, subject to the Corporation having first redeemed the related subordinated debentures, with the prior approval of the Federal Reserve if then required under applicable capital guidelines or policies. The trust preferred securities and the subordinated debentures of Ameriana Capital Trust I will mature in March 2036. The Corporation continues to hold all of the outstanding common securities of Ameriana Capital Trust I.

•First Merchants Senior Notes and Subordinated Notes. On November 1, 2013, the Corporation completed the private issuance and sale to four institutional investors of an aggregate of $70 million of debt comprised of (a) 5.00 percent Fixed-to-Floating Rate Senior Notes due 2028 in the aggregate principal amount of $5 million (the “Senior Debt”) and (b) 6.75 percent Fixed-to-Floating Rate Subordinated Notes due 2028 in the aggregate principal amount of $65 million (the “Subordinated Debt”). The interest rate on the Senior Debt and Subordinated Debt remained fixed for the first ten (10) years and became floating thereafter. The rates converted to floating on October 30, 2023. As of March 31, 2024, the Senior Debt had an annual floating rate equal to the three-month CME Term SOFR, adjusted by the relevant spread adjustment (which is 0.26161 percent for a three-month tenor), plus 2.345 percent, or 7.91 percent, and the Subordinated Debt had an annual floating rate equal to the three-month CME Term SOFR, plus the 0.26161 percent spread adjustment, plus 4.095 percent, or 9.66 percent. The Corporation has an option to redeem the Subordinated Debt in whole or in part at a redemption price equal to 100 percent of the principal amount of the redeemed Subordinated Notes, plus accrued and unpaid interest to the date of the redemption. The option of redemption is subject to the approval of the Federal Reserve Board. The Corporation has an option to redeem the Senior Debt in whole or in part at a redemption price equal to 100 percent of the principal amount of the redeemed Senior Notes, plus accrued and unpaid interest to the date of the redemption; provided, however, that no Subordinated Notes (as defined in the Issuing and Paying Agency Agreement) may remain outstanding subsequent to any early redemption of Senior Notes. The Subordinated Debt and the Senior Debt options to redeem began with the interest payment date on October 30, 2023, or on any scheduled interest payment date thereafter. During the first quarter of 2024, the Corporation exercised its rights to redeem $40.0 million in principal and paid the debt on the scheduled interest payment date. Additionally, the Corporation issued notice in the first quarter of 2024 to the holders of the Subordinated Debt that it intends to exercise its rights to redeem $25.0 million in principal. This redemption occured in the second quarter of 2024 on the scheduled interest payment date. Both redemptions were permitted under the optional redemptions provisions of the Subordinated Note Certificate representing the Subordinated Debt. The Senior Debt agreement contains certain customary representations and warranties and financial and negative covenants. As of March 31, 2024 and December 31, 2023 the Corporation was in compliance with these covenants.

•Level One Subordinated Notes. On April 1, 2022, the Corporation assumed certain subordinated notes in conjunction with its acquisition of Level One. The $30.0 million of subordinated notes issued on December 18, 2019 bear a fixed interest rate of 4.75 percent per annum, payable semiannually through December 18, 2024. The notes will bear a floating interest rate equal to the of three-month CME Term SOFR plus 3.11 percent, payable quarterly, after December 18, 2024 through maturity. The notes mature on December 18, 2029, and the Corporation has the option to redeem any or all of the subordinated notes without premium or penalty any time after December 18, 2024 or upon the occurrence of a tier 2 capital event or tax event.

•Other Borrowings. During the third quarter of 2023, the Corporation acquired a secured borrowing in conjunction with the purchase of the Indianapolis regional headquarters building. The secured borrowing bears a fixed interest rate of 3.41 percent, has a maturity date of March 2035, and had a balance of $7.3 million as of March 31, 2024 and December 31, 2023. On April 1, 2022, the Corporation acquired a secured borrowing in conjunction with its acquisition of Level One. The secured borrowing related to a certain loan participation sold by Level One that did not qualify for sales treatment. The secured borrowing bears a fixed rate of 1.00 percent and had a balance of $1.2 million as of March 31, 2024 and December 31, 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 470
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

INVESTMENT SECURITIES - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Jan. 01, 2021
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items]
Accrued interest on investment securities	$ 22,600	$ 25,200
Allowance for credit losses	245	245
Carrying value of securities pledged as collateral	1,700,000	1,800,000
Securities sold under repurchase agreements	152,000	181,400
State and municipal
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items]
Allowance for credit losses	$ 245	$ 245
State and municipal \| CECL adoption
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items]
Allowance for credit losses			$ 245

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends on preferred stock (in dollars per share)	$ 46.88	$ 46.88
Cash dividends on common stock (in dollars per share)	$ 0.34	$ 0.32

LOANS AND ALLOWANCE - Non-Accrual Loans by Loan Class (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans	$ 62,478	$ 53,580
Nonaccrual Loans with no Allowance for Credit Losses	12,891	14,367
Commercial and industrial loans
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans	7,140	9,050
Nonaccrual Loans with no Allowance for Credit Losses	305	1,015
Agricultural land, production and other loans to farmers
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans	56	58
Nonaccrual Loans with no Allowance for Credit Losses	0	0
Construction
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans	0	520
Nonaccrual Loans with no Allowance for Credit Losses	0	0
Commercial real estate, non-owner occupied
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans	23,213	11,932
Nonaccrual Loans with no Allowance for Credit Losses	10,650	11,095
Commercial real estate, owner occupied
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans	2,687	3,041
Nonaccrual Loans with no Allowance for Credit Losses	1,936	2,257
Residential
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans	25,900	25,140
Nonaccrual Loans with no Allowance for Credit Losses	0	0
Home equity
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans	3,449	3,820
Nonaccrual Loans with no Allowance for Credit Losses	0	0
Individuals' loans for household and other personal expenditures
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans	33	19
Nonaccrual Loans with no Allowance for Credit Losses	$ 0	$ 0

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Total reclassifications for the period, net of tax	$ 47,941	$ 64,079

- Definition

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

+ References

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+ Details

BORROWINGS (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Summary of Borrowings

The following table summarizes the Corporation’s borrowings as of March 31, 2024 and December 31, 2023:


	March 31, 2024		December 31, 2023
Securities sold under repurchase agreements	$	130,264	$	157,280
Federal Home Loan Bank advances	612,778		712,852
Subordinated debentures and other borrowings	118,612		158,644
Total Borrowings	$	861,654	$	1,028,776

Summary of Collateral Pledged for Repurchase Agreements

The collateral pledged for all repurchase agreements that are accounted for as secured borrowings as of March 31, 2024 and December 31, 2023 were:


	March 31, 2024
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
U.S. Government-sponsored mortgage-backed securities	$	130,264	$	—	$	—	$	—	$	130,264


	December 31, 2023
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
U.S. Government-sponsored mortgage-backed securities	$	157,280	$	—	$	—	$	—	$	157,280

Schedule of Contractual Maturities of Borrowings

Contractual maturities of borrowings as of March 31, 2024, are as follows:


Maturities in Years Ending December 31:	Securities Sold Under Repurchase Agreements		Federal Home Loan Bank Advances		Subordinated Debentures and Term Loans
2024	$	130,264	$	60,000	$	1,166
2025	—		95,000		—
2026	—		75,000		—
2027	—		250,000		—
2028	—		115,000		30,000
2029 and after	—		17,778		91,029
ASC 805 fair value adjustments at acquisition	—		—		(3,583)
	$	130,264	$	612,778	$	118,612

ACCUMULATED OTHER COMPREHENSIVE LOSS - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss)
Beginning balance	$ 2,247,713	$ 2,034,770
Other comprehensive income (loss) before reclassifications	(22,061)	38,997
Amounts reclassified from accumulated other comprehensive income (loss)	2	1,240
Period change	(22,059)	40,237
Ending balance	2,224,803	2,122,448
Total
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(175,970)	(239,151)
Period change	(22,059)	40,237
Ending balance	(198,029)	(198,914)
Unrealized Gains (Losses) on Securities Available for Sale
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(173,654)	(234,495)
Other comprehensive income (loss) before reclassifications	(22,061)	39,038
Amounts reclassified from accumulated other comprehensive income (loss)	2	1,241
Period change	(22,059)	40,279
Ending balance	(195,713)	(194,216)
Unrealized Gains (Losses) on Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss)
Beginning balance	0	130
Other comprehensive income (loss) before reclassifications	0	(41)
Amounts reclassified from accumulated other comprehensive income (loss)	0	(1)
Period change	0	(42)
Ending balance	0	88
Unrealized Gains (Losses) on Defined Benefit Plans
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(2,316)	(4,786)
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	0	0
Period change	0	0
Ending balance	$ (2,316)	$ (4,786)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

GENERAL LITIGATION AND REGULATORY EXAMINATIONS	3 Months Ended
GENERAL LITIGATION AND REGULATORY EXAMINATIONS	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
GENERAL LITIGATION AND REGULATORY EXAMINATIONS	GENERAL LITIGATION AND REGULATORY EXAMINATIONS The Corporation is subject to claims and lawsuits that arise primarily in the ordinary course of business. Additionally, the Corporation is also subject to periodic examinations by various regulatory agencies. It is the general opinion of management that the disposition or ultimate resolution of any such routine litigation or regulatory examinations will not have a material adverse effect on the consolidated financial position, results of operations and cash flow of the Corporation.

GENERAL	3 Months Ended
GENERAL	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GENERAL	GENERAL Financial Statement Preparation The Consolidated Condensed Balance Sheet of the Corporation as of December 31, 2023, has been derived from the audited consolidated balance sheet of the Corporation as of that date. Certain information and note disclosures normally included in the Corporation’s annual financial statements, prepared in accordance with accounting principles generally accepted in the United States of America, have been condensed or omitted. These consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission. The results of operations for the three months ended March 31, 2024, are not necessarily indicative of the results to be expected for the year. Reclassifications have been made to prior financial statements to conform to the current financial statement presentation. These reclassifications had no effect on net income. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses and fair value of financial instruments. Significant Accounting Policies The significant accounting policies followed by the Corporation and its wholly-owned subsidiaries for interim financial reporting are consistent with the accounting policies followed for annual financial reporting. All adjustments, which are of a normal recurring nature and are in the opinion of management necessary for a fair statement of the results for the periods reported, have been included in the accompanying Consolidated Condensed Financial Statements. Recent Accounting Changes Adopted in 2024 FASB Accounting Standards Updates - No. 2023-02 - Investments - Equity Method and Joint Ventures (Topic 323) - Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method Summary - The FASB issued ASU No. 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, which is intended to improve the accounting and disclosures for investments in tax credit structures. The ASU is a consensus of the FASB’s Emerging Issues Task Force (“EITF”). The ASU allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. The ASU responds to stakeholder feedback that the proportional amortization method provides investors and other allocators of capital with a better understanding of the returns from investments that are made primarily for the purpose of receiving income tax credits and other income tax benefits. Reporting entities were previously permitted to apply the proportional amortization method only to qualifying tax equity investments in low-income housing tax credit (LIHTC) structures. In recent years, stakeholders asked the FASB to extend the application of the proportional amortization method to qualifying tax equity investments that generate tax credits through other programs, which resulted in the EITF addressing this issue. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted for all entities in any interim period. The Corporation adopted this guidance in the first quarter of 2024 and adoption did not have a significant impact on the Corporation’s financial statements or disclosures. New Accounting Pronouncements Not Yet Adopted The Corporation continually monitors potential accounting pronouncements and the following pronouncements have been deemed to have the most applicability to the Corporation's financial statements: FASB Accounting Standards Updates - No. 2023-07 - Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosure Summary - The FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosure, which is intended to improve disclosures about a public entity’s reportable segments and addresses requests from investors and other allocators of capital for additional, more detailed information about a reportable segment’s expenses. The key amendments: •Require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss. •Require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the significant expenses disclosed and each reported measure of segment profit or loss. •Require that a public entity provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by FASB ASC Topic 280, Segment Reporting, in interim periods. •Clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit or loss. However, at least one of the reported segment profit or loss measures (or the single reported measure, if only one is disclosed) should be the measure that is most consistent with the measurement principles used in measuring the corresponding amounts in the public entity’s consolidated financial statements. •Require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. •Require that a public entity that has a single reportable segment provide all the disclosures required by the amendments in the ASU and all existing segment disclosures in Topic 280. ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, applies to all public entities that are required to report segment information in accordance with Topic 280. All public entities will be required to report segment information in accordance with the new guidance starting in annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. This ASU is not expected to have a material impact on the Corporation’s financial statements and disclosures as the Corporation has one operating segment. FASB Accounting Standards Update - No. 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures Summary - The FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures in the fourth quarter of 2023. This ASU is intended to enhance income tax disclosures to address investor requests for more information about the tax risks and opportunities present in an entity’s worldwide operations. The two primary enhancements disaggregate existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. These amendments require that public business entities on an annual basis disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The amendments also require that all entities disclose on an annual basis the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received). For public business entities, the amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issue. The amendments should be applied on a prospective basis. The Corporation is assessing the terms of this guidance, but adoption of the standard is not expected to have a significant impact on the Corporation’s financial statements or disclosures.

ACCUMULATED OTHER COMPREHENSIVE LOSS

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

The following table summarizes the changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, as of March 31, 2024 and 2023:


	Accumulated Other Comprehensive Income (Loss)
	Unrealized Gains (Losses) on Securities Available for Sale		Unrealized Gains (Losses) on Cash Flow Hedges		Unrealized Gains (Losses) on Defined Benefit Plans		Total
Balance at December 31, 2023	$	(173,654)	$	—	$	(2,316)	$	(175,970)
Other comprehensive income (loss) before reclassifications	(22,061)		—		—		(22,061)
Amounts reclassified from accumulated other comprehensive income (loss)	2		—		—		2
Period change	(22,059)		—		—		(22,059)

Balance at March 31, 2024	$	(195,713)	$	—	$	(2,316)	$	(198,029)


Balance at December 31, 2022	$	(234,495)	$	130	$	(4,786)	$	(239,151)
Other comprehensive income (loss) before reclassifications	39,038		(41)		—		38,997
Amounts reclassified from accumulated other comprehensive income (loss)	1,241		(1)		—		1,240
Period change	40,279		(42)		—		40,237

Balance at March 31, 2023	$	(194,216)	$	88	$	(4,786)	$	(198,914)

The following table presents the reclassification adjustments out of accumulated other comprehensive income (loss) that were included in net income in the Consolidated Condensed Statements of Income for the three months ended March 31, 2024 and 2023.


	Amount Reclassified from Accumulated Other Comprehensive Income (Loss) For the Three Months Ended March 31,
Details about Accumulated Other Comprehensive Income (Loss) Components	2024		2023		Affected Line Item in the Statements of Income
Unrealized gains (losses) on available for sale securities (1)
Realized securities gains (losses) reclassified into income	$	(2)	$	(1,571)	Other income - net realized gains (losses) on sales of available for sale securities
Related income tax benefit (expense)	—		330		Income tax expense
	$	(2)	$	(1,241)

Unrealized gains (losses) on cash flow hedges (2)
Interest rate contracts	$	—	$	1	Interest expense - subordinated debentures and term loans
Related income tax benefit (expense)	—		—		Income tax expense
	$	—	$	1






Total reclassifications for the period, net of tax	$	(2)	$	(1,240)

(1) For additional detail related to unrealized gains (losses) on available for sale securities and related amounts reclassified from accumulated other comprehensive loss see NOTE 2. INVESTMENT SECURITIES of these Notes to Consolidated Condensed Financial Statements.

(2) For additional detail related to unrealized gains (losses) on cash flow hedges and related amounts reclassified from accumulated other comprehensive loss see NOTE 4. DERIVATIVE FINANCIAL INSTRUMENTS of these Notes to Consolidated Condensed Financial Statements.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 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

DERIVATIVE FINANCIAL INSTRUMENTS - Amount of Loss Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
Amount of Loss Recognized in Other Comprehensive Income (Loss) on Derivatives (Effective Portion)	$ 0	$ (51)
Derivatives Designated as Hedging Instruments \| Derivatives in Cash Flow Hedging Relationships \| Interest Rate Products
Derivative [Line Items]
Amount of Loss Recognized in Other Comprehensive Income (Loss) on Derivatives (Effective Portion)	$ 0	$ (51)

BORROWINGS - Narrative (Details)			3 Months Ended
BORROWINGS - Narrative (Details)	Dec. 18, 2024	Nov. 01, 2013 USD ($) investor	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 18, 2019 USD ($)
Debt Instrument [Line Items]
Required value of assets pledged as collateral as a percentage to outstanding advances (at least)			145.00%
Total available remaining borrowing capacity from FHLB			$ 721,200,000
Putable advances with the FHLB			612,778,000		$ 712,852,000
Debt face amount		$ 70,000,000
Private debt issuance, number of institutional investors \| investor		4
Senior Notes
Debt Instrument [Line Items]
Fixed interest rate term		10 years
5.00% Senior Notes Due 2028
Debt Instrument [Line Items]
Redemption price (percent)		100.00%
Putable Advances
Debt Instrument [Line Items]
Putable advances with the FHLB			$ 110,000,000
Minimum
Debt Instrument [Line Items]
Interest rate, minimum (as a percent)			0.35%
Maximum
Debt Instrument [Line Items]
Interest rate, minimum (as a percent)			4.94%
Securities Sold Under Repurchase Agreements
Debt Instrument [Line Items]
Maximum amount of outstanding agreements			$ 194,200,000	$ 242,200,000
Total of average agreements			172,700,000	$ 208,000,000
Debt outstanding			130,264,000
Subordinated Debentures and Term Loans
Debt Instrument [Line Items]
Debt outstanding			118,612,000		158,600,000
Subordinated Debenture \| 6.75% Subordinated Notes Due 2028
Debt Instrument [Line Items]
Debt face amount		$ 65,000,000
Interest rate on notes (as a percent)		6.75%
Redemption price (percent)		100.00%
Issued notice			40,000,000
Subordinated Debenture \| 6.75% Subordinated Notes Due 2028 \| Notice
Debt Instrument [Line Items]
Issued notice			$ 25,000,000
Subordinated Debenture \| Level One Subordinated Notes
Debt Instrument [Line Items]
Debt face amount						$ 30,000,000
Interest rate on notes (as a percent)						4.75%
Subordinated Debenture \| Three-Month SOFR \| 6.75% Subordinated Notes Due 2028
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.26161%
Subordinated Debenture \| SOFR \| 6.75% Subordinated Notes Due 2028
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			4.095%
Interest rate during the period			9.66%
Subordinated Debenture \| SOFR \| Level One Subordinated Notes \| Forecast
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3.11%
Subordinated Debenture \| First Merchant Capital Trust II
Debt Instrument [Line Items]
Debt face amount			$ 41,700,000		41,700,000
Interest rate during the period			7.15%	7.21%
Subordinated Debenture \| First Merchant Capital Trust II \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.26161%	0.26161%
Subordinated Debenture \| Ameriana Capital Trust I
Debt Instrument [Line Items]
Debt face amount			$ 10,300,000		10,300,000
Interest rate during the period			7.09%	7.15%
Subordinated Debenture \| Ameriana Capital Trust I \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.26161%	0.26161%
Senior Notes \| 5.00% Senior Notes Due 2028
Debt Instrument [Line Items]
Debt face amount		$ 5,000,000
Interest rate on notes (as a percent)		5.00%
Senior Notes \| Three-Month SOFR \| 5.00% Senior Notes Due 2028
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.26161%
Senior Notes \| SOFR \| 5.00% Senior Notes Due 2028
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			2.345%
Interest rate during the period			7.91%
Secured Debt
Debt Instrument [Line Items]
Debt outstanding			$ 7,300,000
Interest rate on notes (as a percent)			3.41%
Secured Debt \| Level One
Debt Instrument [Line Items]
Debt outstanding			$ 1,200,000		$ 1,200,000
Interest rate on notes (as a percent)			1.00%

DERIVATIVE FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

Risk Management Objective of Using Derivatives

The Corporation is exposed to certain risks arising from both its business operations and economic conditions. The Corporation principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Corporation manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and through the use of derivative financial instruments. Specifically, the Corporation enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Corporation’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Corporation’s known or expected cash payments principally related to certain variable-rate liabilities. The Corporation also has derivatives that are a result of a service the Corporation provides to certain qualifying customers, and, therefore, are not used to manage interest rate risk in the Corporation’s assets or liabilities. The Corporation manages a matched book with respect to its derivative instruments offered as a part of this service to its customers in order to minimize its net risk exposure resulting from such transactions.

Derivatives Designated as Hedges

The Corporation’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Corporation primarily uses interest rate swaps and interest rate caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the payment of fixed amounts to a counterparty in exchange for the Corporation receiving variable payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. As of March 31, 2024 and December 31, 2023 the Corporation had no interest rate swaps.

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss). The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three months ended March 31, 2024 and 2023, the Corporation did not recognize any ineffectiveness.

Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Corporation's variable-rate liabilities. During the next twelve months, the Corporation doesn't expect to reclassify income (loss) from accumulated other comprehensive income (loss) to interest income.

The amount of gain (loss) recognized in other comprehensive income (loss) is included in the table below for the periods indicated.


Derivatives in Cash Flow Hedging Relationships	Amount of Loss Recognized in Other Comprehensive Income (Loss) on Derivatives (Effective Portion)
	Three Months Ended
	March 31, 2024		March 31, 2023
Interest Rate Products	$	—	$	(51)

The amount of gain (loss) reclassified from other comprehensive income (loss) into income related to cash flow hedging relationships is included in the table below for the periods indicated.

Derivatives Designated as
Hedging Instruments

Location of Gain (Loss)
Recognized Income on
Derivative

Amount of Gain Reclassed from Other Comprehensive Income (Loss) into Income (Effective Portion)

Three Months Ended
March 31, 2024

Three Months Ended
March 31, 2023

Interest rate contracts

Interest Expense

—

Non-designated Hedges

The Corporation does not use derivatives for trading or speculative purposes. Derivatives not designated as hedges are not speculative and result from a service the Corporation provides to certain customers. The Corporation executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Corporation executes with a third party, such that the Corporation minimizes its net risk exposure resulting from such transactions. As the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings.

Commitments to fund certain mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of mortgage loans to third party investors are considered derivatives. It is the Corporation's practice to enter into forward commitments for the future delivery of residential mortgage loans 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. These mortgage banking derivatives are not designated in hedge relationships. Fair values were estimated based on changes in mortgage interest rates from the date of the commitments. Changes in the fair value of these mortgage banking derivatives are included in net gains and fees on sales of loans.

The table below presents the fair value of the Corporation’s non-designated hedges, as well as their classification on the Consolidated Condensed Balance Sheet, as of March 31, 2024, and December 31, 2023.


	March 31, 2024				December 31, 2023
	Notional Amount		Fair Value		Notional Amount		Fair Value
Included in other assets:
Interest rate swaps	$	1,348,270	$	89,209	$	1,355,947	$	78,743
Forward contracts related to mortgage loans to be delivered for sale	25,689		357		15,160		469
Interest rate lock commitments	30,146		177		22,706		167
Included in other assets	$	1,404,105	$	89,743	$	1,393,813	$	79,379
Included in other liabilities:
Interest rate swaps	$	1,348,270	$	89,265	$	1,355,947	$	78,811
Forward contracts related to mortgage loans to be delivered for sale	32,935		143		25,290		191
Interest rate lock commitments	15,026		29		1,025		6
Included in other liabilities	$	1,396,231	$	89,437	$	1,382,262	$	79,008

In the normal course of business, the Corporation may decide to settle a forward contract rather than fulfill the contract. Cash received or paid in this settlement manner is included in "Net gains and fees on sales of loans" in the Consolidated Condensed Statements of Income and is considered a cost of executing a forward contract. The amount of gain (loss) recognized into income related to non-designated hedging instruments is included in the table below for the periods indicated.


Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized Income on Derivative	Amount of Gain (Loss) Recognized into Income on Derivatives
		Three Months Ended March 31, 2024		Three Months Ended March 31, 2023
Forward contracts related to mortgage loans to be delivered for sale	Net gains and fees on sales of loans	$	(1)	$	(46)
Interest rate lock commitments	Net gains and fees on sales of loans	(13)		227
Total net gain (loss) recognized in income		$	(14)	$	181

The Corporation’s exposure to credit risk occurs because of nonperformance by its counterparties. The counterparties approved by the Corporation are usually financial institutions, which are well capitalized and have credit ratings through Moody’s and/or Standard & Poor’s at or above investment grade. The Corporation’s control of such risk is through quarterly financial reviews, comparing mark-to-market values with policy limitations, credit ratings and collateral pledging.

Credit-risk-related Contingent Features

The Corporation has agreements with certain of its derivative counterparties that contain a provision where if the Corporation fails to maintain its status as a well or adequately capitalized institution, then the Corporation could be required to terminate or fully collateralize all outstanding derivative contracts. Additionally, the Corporation has agreements with certain of its derivative counterparties that contain a provision where if the Corporation defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Corporation could also be declared in default on its derivative obligations. As of March 31, 2024, the termination value of derivatives in a net liability position related to these agreements was $4.0 million, which resulted in no collateral pledged to counterparties as of March 31, 2024. While the Corporation did not breach any of these provisions as of March 31, 2024, if it had, the Corporation could have been required to settle its obligations under the agreements at their termination value.

LOANS AND ALLOWANCE - Composition of Loan Portfolio by Loan Class (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	$ 12,465,582	$ 12,486,027
Commercial and industrial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	3,722,365	3,670,948
Agricultural land, production and other loans to farmers
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	234,431	263,414
Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	941,726	957,545
Commercial real estate, non-owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	2,368,360	2,400,839
Commercial real estate, owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	1,137,894	1,162,083
Residential
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	2,316,490	2,288,921
Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	618,258	617,571
Individuals' loans for household and other personal expenditures
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	161,459	168,388
Public finance and other commercial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	$ 964,599	$ 956,318

DERIVATIVE FINANCIAL INSTRUMENTS - Effect of Derivative Financial Instruments on Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
Amount of Gain Reclassed from Other Comprehensive Income (Loss) into Income (Effective Portion)	$ 0	$ 1
Derivatives Designated as Hedging Instruments \| Interest rate contracts \| Interest Expense \| Cash Flow Hedging
Derivative [Line Items]
Amount of Gain Reclassed from Other Comprehensive Income (Loss) into Income (Effective Portion)	$ 0	$ 1

BORROWINGS - Summary of Collateral Pledged for Repurchase Agreements (Details) - U.S. Government-sponsored mortgage-backed securities - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets Sold under Agreements to Repurchase [Line Items]
Remaining Contractual Maturity of the Agreements	$ 130,264	$ 157,280
Overnight and Continuous
Assets Sold under Agreements to Repurchase [Line Items]
Remaining Contractual Maturity of the Agreements	130,264	157,280
Up to 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Remaining Contractual Maturity of the Agreements	0	0
30-90 Days
Assets Sold under Agreements to Repurchase [Line Items]
Remaining Contractual Maturity of the Agreements	0	0
Greater Than 90 Days
Assets Sold under Agreements to Repurchase [Line Items]
Remaining Contractual Maturity of the Agreements	$ 0	$ 0

INVESTMENT SECURITIES - Amortized Cost of Investment Securities Held to Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Held-to-maturity Securities [Line Items]
Total	$ 2,163,606	$ 2,184,497
Aaa
Schedule of Held-to-maturity Securities [Line Items]
Total	185,036
Aa1
Schedule of Held-to-maturity Securities [Line Items]
Total	159,923
Aa2
Schedule of Held-to-maturity Securities [Line Items]
Total	169,157
Aa3
Schedule of Held-to-maturity Securities [Line Items]
Total	133,379
A1
Schedule of Held-to-maturity Securities [Line Items]
Total	131,318
A2
Schedule of Held-to-maturity Securities [Line Items]
Total	16,837
A3
Schedule of Held-to-maturity Securities [Line Items]
Total	3,468
Non-rated
Schedule of Held-to-maturity Securities [Line Items]
Total	1,364,488
State and municipal
Schedule of Held-to-maturity Securities [Line Items]
Total	1,097,848	$ 1,099,201
State and municipal \| Aaa
Schedule of Held-to-maturity Securities [Line Items]
Total	114,449
State and municipal \| Aa1
Schedule of Held-to-maturity Securities [Line Items]
Total	159,923
State and municipal \| Aa2
Schedule of Held-to-maturity Securities [Line Items]
Total	169,157
State and municipal \| Aa3
Schedule of Held-to-maturity Securities [Line Items]
Total	133,379
State and municipal \| A1
Schedule of Held-to-maturity Securities [Line Items]
Total	131,318
State and municipal \| A2
Schedule of Held-to-maturity Securities [Line Items]
Total	16,837
State and municipal \| A3
Schedule of Held-to-maturity Securities [Line Items]
Total	3,468
State and municipal \| Non-rated
Schedule of Held-to-maturity Securities [Line Items]
Total	369,317
Other
Schedule of Held-to-maturity Securities [Line Items]
Total	1,065,758
Other \| Aaa
Schedule of Held-to-maturity Securities [Line Items]
Total	70,587
Other \| Aa1
Schedule of Held-to-maturity Securities [Line Items]
Total	0
Other \| Aa2
Schedule of Held-to-maturity Securities [Line Items]
Total	0
Other \| Aa3
Schedule of Held-to-maturity Securities [Line Items]
Total	0
Other \| A1
Schedule of Held-to-maturity Securities [Line Items]
Total	0
Other \| A2
Schedule of Held-to-maturity Securities [Line Items]
Total	0
Other \| A3
Schedule of Held-to-maturity Securities [Line Items]
Total	0
Other \| Non-rated
Schedule of Held-to-maturity Securities [Line Items]
Total	$ 995,171

LOANS AND ALLOWANCE - Past Due Aging of Loan Portfolio by Loan Class (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Loans	$ 12,465,582	$ 12,486,027
Loans > 90 Days or More Past Due And Accruing	2,838	172
Current
Financing Receivable, Past Due [Line Items]
Loans	12,396,707	12,406,783
30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	17,406	34,075
60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	9,491	11,189
90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans	41,978	33,980
Commercial and industrial loans
Financing Receivable, Past Due [Line Items]
Loans	3,722,365	3,670,948
Loans > 90 Days or More Past Due And Accruing	1,585	86
Commercial and industrial loans \| Current
Financing Receivable, Past Due [Line Items]
Loans	3,712,412	3,657,447
Commercial and industrial loans \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	3,279	5,021
Commercial and industrial loans \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	267	1,622
Commercial and industrial loans \| 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans	6,407	6,858
Agricultural land, production and other loans to farmers
Financing Receivable, Past Due [Line Items]
Loans	234,431	263,414
Loans > 90 Days or More Past Due And Accruing	0	0
Agricultural land, production and other loans to farmers \| Current
Financing Receivable, Past Due [Line Items]
Loans	234,177	263,414
Agricultural land, production and other loans to farmers \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	254	0
Agricultural land, production and other loans to farmers \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	0	0
Agricultural land, production and other loans to farmers \| 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans	0	0
Construction
Financing Receivable, Past Due [Line Items]
Loans	941,726	957,545
Loans > 90 Days or More Past Due And Accruing	0	0
Construction \| Current
Financing Receivable, Past Due [Line Items]
Loans	941,726	955,588
Construction \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	0	0
Construction \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	0	1,957
Construction \| 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans	0	0
Commercial real estate, non-owner occupied
Financing Receivable, Past Due [Line Items]
Loans	2,368,360	2,400,839
Loans > 90 Days or More Past Due And Accruing	0	0
Commercial real estate, non-owner occupied \| Current
Financing Receivable, Past Due [Line Items]
Loans	2,341,845	2,376,184
Commercial real estate, non-owner occupied \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	746	12,995
Commercial real estate, non-owner occupied \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	2,988	195
Commercial real estate, non-owner occupied \| 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans	22,781	11,465
Commercial real estate, owner occupied
Financing Receivable, Past Due [Line Items]
Loans	1,137,894	1,162,083
Loans > 90 Days or More Past Due And Accruing	0	0
Commercial real estate, owner occupied \| Current
Financing Receivable, Past Due [Line Items]
Loans	1,136,405	1,161,869
Commercial real estate, owner occupied \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	939	0
Commercial real estate, owner occupied \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	6	104
Commercial real estate, owner occupied \| 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans	544	110
Residential
Financing Receivable, Past Due [Line Items]
Loans	2,316,490	2,288,921
Loans > 90 Days or More Past Due And Accruing	1,185	0
Residential \| Current
Financing Receivable, Past Due [Line Items]
Loans	2,293,704	2,259,496
Residential \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	8,741	11,810
Residential \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	4,197	5,472
Residential \| 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans	9,848	12,143
Home equity
Financing Receivable, Past Due [Line Items]
Loans	618,258	617,571
Loans > 90 Days or More Past Due And Accruing	68	52
Home equity \| Current
Financing Receivable, Past Due [Line Items]
Loans	611,309	608,948
Home equity \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	2,918	3,614
Home equity \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	1,643	1,647
Home equity \| 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans	2,388	3,362
Individuals' loans for household and other personal expenditures
Financing Receivable, Past Due [Line Items]
Loans	161,459	168,388
Loans > 90 Days or More Past Due And Accruing	0	0
Individuals' loans for household and other personal expenditures \| Current
Financing Receivable, Past Due [Line Items]
Loans	160,530	167,553
Individuals' loans for household and other personal expenditures \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	529	635
Individuals' loans for household and other personal expenditures \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	390	192
Individuals' loans for household and other personal expenditures \| 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans	10	8
Public finance and other commercial loans
Financing Receivable, Past Due [Line Items]
Loans	964,599	956,318
Loans > 90 Days or More Past Due And Accruing	0	34
Public finance and other commercial loans \| Current
Financing Receivable, Past Due [Line Items]
Loans	964,599	956,284
Public finance and other commercial loans \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	0	0
Public finance and other commercial loans \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans	0	0
Public finance and other commercial loans \| 90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans	$ 0	$ 34

QUALIFIED AFFORDABLE HOUSING INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Summary of Affordable Housing Investments

The following table summarizes the Corporation’s affordable housing investments as of March 31, 2024 and December 31, 2023:


	March 31, 2024				December 31, 2023
Investment Type	Investment		Unfunded Commitment		Investment		Unfunded Commitment
LIHTC	$	112,728	$	88,433	$	114,514	$	96,408


	Three Months Ended March 31,
	2024		2023
Amortization expense	$	1,696	$	244
Tax credits recognized	1,644		284

GENERAL (Policies)	3 Months Ended
GENERAL (Policies)	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statement Preparation	Financial Statement Preparation The Consolidated Condensed Balance Sheet of the Corporation as of December 31, 2023, has been derived from the audited consolidated balance sheet of the Corporation as of that date. Certain information and note disclosures normally included in the Corporation’s annual financial statements, prepared in accordance with accounting principles generally accepted in the United States of America, have been condensed or omitted. These consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission. The results of operations for the three months ended March 31, 2024, are not necessarily indicative of the results to be expected for the year. Reclassifications have been made to prior financial statements to conform to the current financial statement presentation. These reclassifications had no effect on net income. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses and fair value of financial instruments.
Recent Accounting Change and New Accounting Pronouncements Not Yet Adopted	Recent Accounting Changes Adopted in 2024 FASB Accounting Standards Updates - No. 2023-02 - Investments - Equity Method and Joint Ventures (Topic 323) - Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method Summary - The FASB issued ASU No. 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, which is intended to improve the accounting and disclosures for investments in tax credit structures. The ASU is a consensus of the FASB’s Emerging Issues Task Force (“EITF”). The ASU allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. The ASU responds to stakeholder feedback that the proportional amortization method provides investors and other allocators of capital with a better understanding of the returns from investments that are made primarily for the purpose of receiving income tax credits and other income tax benefits. Reporting entities were previously permitted to apply the proportional amortization method only to qualifying tax equity investments in low-income housing tax credit (LIHTC) structures. In recent years, stakeholders asked the FASB to extend the application of the proportional amortization method to qualifying tax equity investments that generate tax credits through other programs, which resulted in the EITF addressing this issue. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted for all entities in any interim period. The Corporation adopted this guidance in the first quarter of 2024 and adoption did not have a significant impact on the Corporation’s financial statements or disclosures. New Accounting Pronouncements Not Yet Adopted The Corporation continually monitors potential accounting pronouncements and the following pronouncements have been deemed to have the most applicability to the Corporation's financial statements: FASB Accounting Standards Updates - No. 2023-07 - Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosure Summary - The FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosure, which is intended to improve disclosures about a public entity’s reportable segments and addresses requests from investors and other allocators of capital for additional, more detailed information about a reportable segment’s expenses. The key amendments: •Require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss. •Require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the significant expenses disclosed and each reported measure of segment profit or loss. •Require that a public entity provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by FASB ASC Topic 280, Segment Reporting, in interim periods. •Clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit or loss. However, at least one of the reported segment profit or loss measures (or the single reported measure, if only one is disclosed) should be the measure that is most consistent with the measurement principles used in measuring the corresponding amounts in the public entity’s consolidated financial statements. •Require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. •Require that a public entity that has a single reportable segment provide all the disclosures required by the amendments in the ASU and all existing segment disclosures in Topic 280. ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, applies to all public entities that are required to report segment information in accordance with Topic 280. All public entities will be required to report segment information in accordance with the new guidance starting in annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. This ASU is not expected to have a material impact on the Corporation’s financial statements and disclosures as the Corporation has one operating segment. FASB Accounting Standards Update - No. 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures Summary - The FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures in the fourth quarter of 2023. This ASU is intended to enhance income tax disclosures to address investor requests for more information about the tax risks and opportunities present in an entity’s worldwide operations. The two primary enhancements disaggregate existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. These amendments require that public business entities on an annual basis disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The amendments also require that all entities disclose on an annual basis the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received). For public business entities, the amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issue. The amendments should be applied on a prospective basis. The Corporation is assessing the terms of this guidance, but adoption of the standard is not expected to have a significant impact on the Corporation’s financial statements or disclosures.

SUBSEQUENT EVENT	3 Months Ended
SUBSEQUENT EVENT	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENT	SUBSEQUENT EVENT In April 2024, the Corporation was informed by a borrower that, for the foreseeable future, it planned to discontinue the repayment of principal and interest because of the renegotiation and cessation of several key governmental contracts which provided material cash flow for the repayment of the borrower's loan. As of March 31, 2024, the Corporation's borrower was current, risk graded as Substandard, and had an outstanding loan balance of $38.6 million. The Corporation is evaluating the borrower’s restructuring plan and its impact on the Corporation's collateral position. At this time, the Corporation is unable to determine the extent of potential loss of principal and/or interest.

FAIR VALUES OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Cash and due from banks	$ 100,514	$ 112,649
Interest-bearing deposits	410,497	436,080
Investment securities available for sale	1,620,213	1,627,112
Investment securities held to maturity, net	1,820,451	1,870,374
Loans held for sale	15,118	18,934
Loans, net	11,965,258	11,958,301
Federal Home Loan Bank stock	41,758	41,769
Derivative assets	89,743	79,379
Interest receivable	92,550	97,664
Liabilities:
Deposits	14,872,725	14,811,957
Borrowings:
Securities sold under repurchase agreements	130,254	157,265
Federal Home Loan Bank advances	602,913	707,377
Subordinated debentures and other borrowings	109,654	149,995
Derivative liabilities	89,437	79,008
Interest payable	19,262	18,912
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Cash and due from banks	100,514	112,649
Interest-bearing deposits	410,497	436,080
Investment securities available for sale	0	0
Investment securities held to maturity, net	0	0
Loans held for sale	0	0
Loans, net	0	0
Federal Home Loan Bank stock	0	0
Derivative assets	0	0
Interest receivable	0	0
Liabilities:
Deposits	12,451,569	12,482,295
Borrowings:
Securities sold under repurchase agreements	0	0
Federal Home Loan Bank advances	0	0
Subordinated debentures and other borrowings	0	0
Derivative liabilities	0	0
Interest payable	0	0
Significant Other Observable Inputs (Level 2)
Assets:
Cash and due from banks	0	0
Interest-bearing deposits	0	0
Investment securities available for sale	1,616,966	1,623,802
Investment securities held to maturity, net	1,810,678	1,859,974
Loans held for sale	15,118	18,934
Loans, net	0	0
Federal Home Loan Bank stock	41,758	41,769
Derivative assets	89,743	79,379
Interest receivable	92,550	97,664
Liabilities:
Deposits	2,421,156	2,329,662
Borrowings:
Securities sold under repurchase agreements	130,254	157,265
Federal Home Loan Bank advances	602,913	707,377
Subordinated debentures and other borrowings	109,654	149,995
Derivative liabilities	89,437	79,008
Interest payable	19,262	18,912
Significant Unobservable Inputs (Level 3)
Assets:
Cash and due from banks	0	0
Interest-bearing deposits	0	0
Investment securities available for sale	3,247	3,310
Investment securities held to maturity, net	9,773	10,400
Loans held for sale	0	0
Loans, net	11,965,258	11,958,301
Federal Home Loan Bank stock	0	0
Derivative assets	0	0
Interest receivable	0	0
Liabilities:
Deposits	0	0
Borrowings:
Securities sold under repurchase agreements	0	0
Federal Home Loan Bank advances	0	0
Subordinated debentures and other borrowings	0	0
Derivative liabilities	0	0
Interest payable	0	0
Carrying Amount
Assets:
Cash and due from banks	100,514	112,649
Interest-bearing deposits	410,497	436,080
Investment securities available for sale	1,620,213	1,627,112
Investment securities held to maturity, net	2,163,361	2,184,252
Loans held for sale	15,118	18,934
Loans, net	12,260,901	12,281,093
Federal Home Loan Bank stock	41,758	41,769
Derivative assets	89,743	79,379
Interest receivable	92,550	97,664
Liabilities:
Deposits	14,884,584	14,821,453
Borrowings:
Securities sold under repurchase agreements	130,264	157,280
Federal Home Loan Bank advances	612,778	712,852
Subordinated debentures and other borrowings	118,612	158,644
Derivative liabilities	89,437	79,008
Interest payable	$ 19,262	$ 18,912

FAIR VALUES OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUES OF FINANCIAL INSTRUMENTS

The Corporation used fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The accounting guidance defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 applies only when other guidance requires or permits assets or liabilities to be measured at fair value; it does not expand the use of fair value in any new circumstances.

As defined in ASC 820, fair value is the price to sell an asset or transfer a liability in an orderly transaction between market participants. It represents an exit price at the measurement date. Market participants are buyers and sellers, who are independent, knowledgeable, and willing and able to transact in the principal (or most advantageous) market for the asset or liability being measured. Current market conditions, including imbalances between supply and demand, are considered in determining fair value. The Corporation values its assets and liabilities in the principal market where it sells the particular asset or transfers the liability with the greatest volume and level of activity. In the absence of a principal market, the valuation is based on the most advantageous market for the asset or liability (i.e., the market where the asset could be sold or the liability transferred at a price that maximizes the amount to be received for the asset or minimizes the amount to be paid to transfer the liability).

Valuation inputs refer to the assumptions market participants would use in pricing a given asset or liability. Inputs can be observable or unobservable. Observable inputs are those assumptions which market participants would use in pricing the particular asset or liability. These inputs are based on market data and are obtained from a source independent of the Corporation. Unobservable inputs are assumptions based on the Corporation’s own information or estimate of assumptions used by market participants in pricing the asset or liability. Unobservable inputs are based on the best and most current information available on the measurement date. All inputs, whether observable or unobservable, are ranked in accordance with a prescribed fair value hierarchy which gives the highest ranking to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest ranking to unobservable inputs for which there is little or no market activity (Level 3). Fair values for assets or liabilities classified as Level 2 are based on one or a combination of the following factors: (i) quoted prices for similar assets; (ii) observable inputs for the asset or liability, such as interest rates or yield curves; or (iii) inputs derived principally from or corroborated by observable market data. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Corporation considers an input to be significant if it drives 10 percent or more of the total fair value of a particular asset or liability.

RECURRING MEASUREMENTS

Assets and liabilities are considered to be measured at fair value on a recurring basis if fair value is measured regularly (i.e., daily, weekly, monthly or quarterly). Recurring valuation occurs at a minimum on the measurement date. Assets and liabilities are considered to be measured at fair value on a nonrecurring basis if the fair value measurement of the instrument does not necessarily result in a change in the amount recorded on the balance sheet. Generally, nonrecurring valuation is the result of the application of other accounting pronouncements which require assets or liabilities to be assessed for impairment and recorded at the lower of cost or fair value. The fair value of assets or liabilities transferred in or out of Level 3 is measured on the transfer date, with any additional changes in fair value subsequent to the transfer considered to be realized or unrealized gains or losses.

Following is a description of the valuation methodologies used for instruments measured at fair value on a recurring basis and recognized in the

accompanying balance sheets, as well as the general classification of such instruments pursuant to the valuation hierarchy.

Investment Securities

Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities include U.S. Treasury securities. Where significant observable inputs, other than Level 1 quoted prices, are available, securities are classified within Level 2 of the valuation hierarchy. Level 2 securities include U.S. Government-sponsored agency and mortgage-backed securities, state and municipal securities and corporate obligations securities. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy and include state and municipal securities, U.S. Government-sponsored mortgage-backed securities and corporate obligations securities. Level 3 fair value for securities was determined using a discounted cash flow model that incorporated market estimates of interest rates and volatility in markets that have not been active.

Third party vendors compile prices from various sources and may apply such techniques as matrix pricing to determine the value of identical or similar investment securities (Level 2). Matrix pricing is a mathematical technique widely used in the banking industry to value investment securities without relying exclusively on quoted prices for specific investment securities but rather relying on the investment securities’ relationship to other benchmark quoted investment securities. Any investment security not valued based upon the methods above are considered Level 3.

Derivative Financial Agreements

See information regarding the Corporation’s derivative financial agreements in NOTE 4. DERIVATIVE FINANCIAL INSTRUMENTS of these Notes to Consolidated Condensed Financial Statements.


			Fair Value Measurements Using:
March 31, 2024	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Available for sale securities:

U.S. Government-sponsored agency securities	$	93,132	$	—	$	93,132	$	—
State and municipal	1,043,063		—		1,039,851		3,212
U.S. Government-sponsored mortgage-backed securities	472,044		—		472,040		4
Corporate obligations	11,974		—		11,943		31
Derivative assets	89,743		—		89,743		—
Derivative liabilities	89,437		—		89,437		—


			Fair Value Measurements Using:
December 31, 2023	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Available for sale securities:


U.S. Government-sponsored agency securities	$	95,307	$	—	$	95,307	$	—
State and municipal	1,065,171		—		1,061,896		3,275
U.S. Government-sponsored mortgage-backed securities	454,815		—		454,811		4
Corporate obligations	11,819		—		11,788		31

Derivative assets	79,379		—		79,379		—
Derivative liabilities	79,008		—		79,008		—

Level 3 Reconciliation

The following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the accompanying

balance sheets using significant unobservable Level 3 inputs for the three months ended March 31, 2024 and 2023.


	Available for Sale Securities
	Three Months Ended
	March 31, 2024		March 31, 2023
Balance at beginning of the period	$	3,310	$	3,439


Included in other comprehensive income	(95)		114


Principal payments	32		(91)
Ending balance	$	3,247	$	3,462

There were no gains or losses included in earnings that were attributable to the changes in unrealized gains or losses related to assets or

liabilities held at March 31, 2024 or December 31, 2023.

Transfers Between Levels

There were no transfers in or out of Level 3 during the three months ended March 31, 2024 and 2023.

Nonrecurring Measurements


			Fair Value Measurements Using
March 31, 2024	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Collateral dependent loans	$	33,522	$	—	$	—	$	33,522


			Fair Value Measurements Using
December 31, 2023	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Collateral dependent loans	$	55,020	$	—	$	—	$	55,020

Collateral Dependent Loans and Other Real Estate Owned

Determining fair value for collateral dependent loans and other real estate requires obtaining a current independent appraisal of the collateral and applying a discount factor, which includes selling costs if applicable, to the value. The fair value of real estate is generally based on appraisals by qualified licensed appraisers. The appraisers typically determine the value of the real estate by utilizing an income or market valuation approach. If an appraisal is not available, the fair value may be determined by using a cash flow analysis. Fair value on other collateral such as business assets is typically ascertained by assessing, either singularly or some combination of, asset appraisals, accounts receivable aging reports, inventory listings and or customer financial statements. Both appraised values and values based on borrower’s financial information are discounted as considered appropriate based on age and quality of the information and current market conditions.

Unobservable (Level 3) Inputs

March 31, 2024

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted-Average)

State and municipal securities

3,212

Discounted cash flow

Maturity/Call date

1 month to 15 years

US Muni BQ curve

BBB

Discount rate

3.4% - 4.6%

Weighted-average coupon

3.3%

Corporate obligations and U.S. Government-sponsored mortgage-backed securities

Discounted cash flow

Risk free rate

3 month CME Term SOFR plus 26bps

plus premium for illiquidity (basis points)

plus 200bps

Weighted-average coupon

Collateral dependent loans

33,522

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

0% - 10%

Weighted-average discount by loan balance

4.2%

December 31, 2023

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted-Average)

State and municipal securities

3,275

Discounted cash flow

Maturity/Call date

1 month to 15 years

US Muni BQ curve

A- to BBB

Discount rate

3.6% - 4.7%

Weighted-average coupon

3.3%

Corporate obligations and U.S. Government-sponsored mortgage-backed securities

Discounted cash flow

Risk free rate

3 month CME Term

SOFR plus 26bps

plus premium for illiquidity (basis points)

plus 200bps

Weighted-average coupon

Collateral dependent loans

55,020

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

0% - 10%

Weighted-average discount by loan balance

4.1%

The following is a discussion of the sensitivity of significant unobservable inputs, the interrelationships between those inputs and other unobservable inputs used in recurring fair value measurement and how those inputs might magnify or mitigate the effect of changes in the unobservable inputs on the fair value measurement.

State and Municipal Securities, Corporate Obligations and U.S. Government-sponsored Mortgage-Backed Securities

The significant unobservable inputs used in the fair value measurement of the Corporation's state and municipal securities, corporate obligations and U.S. Government-sponsored mortgage-backed securities are premiums for unrated securities and marketability discounts. Significant increases or decreases in either of those inputs in isolation would result in a significantly lower or higher fair value measurement. Generally, changes in either of those inputs will not affect the other input.

Fair Value of Financial Instruments


			March 31, 2024
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Carrying Amount		(Level 1)		(Level 2)		(Level 3)		Total Fair Value
Assets:
Cash and due from banks	$	100,514	$	100,514	$	—	$	—	$	100,514
Interest-bearing deposits	410,497		410,497		—		—		410,497
Investment securities available for sale	1,620,213		—		1,616,966		3,247		1,620,213
Investment securities held to maturity, net	2,163,361		—		1,810,678		9,773		1,820,451
Loans held for sale	15,118		—		15,118		—		15,118
Loans, net	12,260,901		—		—		11,965,258		11,965,258
Federal Home Loan Bank stock	41,758		—		41,758		—		41,758
Derivative assets	89,743		—		89,743		—		89,743
Interest receivable	92,550		—		92,550		—		92,550
Liabilities:
Deposits	$	14,884,584	$	12,451,569	$	2,421,156	$	—	14,872,725
Borrowings:

Securities sold under repurchase agreements	130,264		—		130,254		—		130,254
Federal Home Loan Bank advances	612,778		—		602,913		—		602,913
Subordinated debentures and other borrowings	118,612		—		109,654		—		109,654
Derivative liabilities	89,437		—		89,437		—		89,437
Interest payable	19,262		—		19,262		—		19,262


			December 31, 2023
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Carrying Amount		(Level 1)		(Level 2)		(Level 3)		Total Fair Value
Assets:
Cash and due from banks	$	112,649	$	112,649	$	—	$	—	$	112,649
Interest-bearing deposits	436,080		436,080		—		—		436,080
Investment securities available for sale	1,627,112		—		1,623,802		3,310		1,627,112
Investment securities held to maturity, net	2,184,252		—		1,859,974		10,400		1,870,374
Loans held for sale	18,934		—		18,934		—		18,934
Loans, net	12,281,093		—		—		11,958,301		11,958,301
Federal Home Loan Bank stock	41,769		—		41,769		—		41,769
Derivative assets	79,379		—		79,379		—		79,379
Interest receivable	97,664		—		97,664		—		97,664
Liabilities:
Deposits	$	14,821,453	$	12,482,295	$	2,329,662	$	—	14,811,957
Borrowings:

Securities sold under repurchase agreements	157,280		—		157,265		—		157,265
Federal Home Loan Bank advances	712,852		—		707,377		—		707,377
Subordinated debentures and other borrowings	158,644		—		149,995		—		149,995
Derivative liabilities	79,008		—		79,008		—		79,008
Interest payable	18,912		—		18,912		—		18,912

- 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 + Details

SHARE-BASED COMPENSATION - Unvested RSAs Outstanding (Details) - RSAs	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Shares
Unvested RSAs, Beginning balance (in shares) \| shares	452,426
Granted (in shares) \| shares	8,859
Vested (in shares) \| shares	(7,413)
Forfeited (in shares) \| shares	(275)
Unvested RSAs, Ending balance (in shares) \| shares	453,597
Weighted-Average Grant Date Fair Value
Unvested RSAs, Beginning balance (in dollars per share) \| $ / shares	$ 37.94
Granted (in dollars per share) \| $ / shares	34.90
Vested (in dollars per share) \| $ / shares	45.30
Forfeited (in dollars per share) \| $ / shares	40.95
Unvested RSAs, Ending balance (in dollars per share) \| $ / shares	$ 37.76

BORROWINGS - Schedule of Contractual Maturities of Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Securities Sold Under Repurchase Agreements
Maturities in Years Ending December 31:
2024	$ 130,264
2025	0
2026	0
2027	0
2028	0
2029 and after	0
ASC 805 fair value adjustments at acquisition	0
Debt outstanding	130,264
Federal Home Loan Bank Advances
Maturities in Years Ending December 31:
2024	60,000
2025	95,000
2026	75,000
2027	250,000
2028	115,000
2029 and after	17,778
ASC 805 fair value adjustments at acquisition	0
Debt outstanding	612,778
Subordinated Debentures and Term Loans
Maturities in Years Ending December 31:
2024	1,166
2025	0
2026	0
2027	0
2028	30,000
2029 and after	91,029
ASC 805 fair value adjustments at acquisition	(3,583)
Debt outstanding	$ 118,612	$ 158,600

SHARE-BASED COMPENSATION - Narrative (Details) - USD ($)		3 Months Ended
	Jan. 01, 2024	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeiture rate		0.05%
Aggregate intrinsic value of stock options exercised			$ 1,400,000
Cash receipts of stock options exercised		$ 0	$ 1,010,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option term		10 years
Stock options vesting percentage		100.00%
Unrecognized compensation expense related to stock options		$ 0
Stock Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested period		1 year
Stock Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested period		2 years
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested period		3 years
Unrecognized compensation expense related to RSAs		$ 8,300,000
Unrecognized compensation expense expected recognition period		1 year 7 months 6 days
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of average closing price to be paid by employees		85.00%
Maximum common stock purchases through advance payroll deductions in a calendar year		$ 25,000
Grant date fair value	$ 67,000
Unrecognized compensation expense related to stock options		$ 0

INVESTMENT SECURITIES - Gross Gains and Losses on Sales and Redemptions of Available for Sale Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Sales and redemptions of investment securities available for sale:
Gross gains	$ 0	$ 12
Gross losses	(2)	(1,583)
Net gains (losses) on sales and redemptions of investment securities available for sale	$ (2)	$ (1,571)

INCOME TAX (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Summary of Reconciliation of Federal Statutory to Actual Tax Expense


	Three Months Ended March 31,
	2024			2023








Reconciliation of Federal Statutory to Actual Tax Expense:
Federal statutory income tax at 21%	$	11,501		$	15,833
Tax-exempt interest income	(4,352)			(4,867)
Non-deductible FDIC premiums	139			60
Share-based compensation	30			(61)
Tax-exempt earnings and gains on life insurance	(334)			(270)
Tax credits	(304)			(92)

State Income Tax	34			700
Other	111			14
Actual Tax Expense	$	6,825		$	11,317

Effective Tax Rate	12.5		%	15.0		%

SUBSEQUENT EVENT (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Loans	$ 12,465,582	$ 12,486,027
Current
Subsequent Event [Line Items]
Loans	12,396,707	$ 12,406,783
Current \| Borrower lost primary vendor contract \| Substandard
Subsequent Event [Line Items]
Loans	$ 38,600

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flow From Operating Activities:
Net income	$ 47,941	$ 64,079
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	2,000	0
Depreciation and amortization	3,194	2,964
Change in deferred taxes	(2,260)	(3,395)
Share-based compensation	1,402	1,197
Loans originated for sale	(182,793)	(74,212)
Proceeds from sales of loans held for sale	188,347	74,746
Gains on sales of loans held for sale	(1,738)	(848)
Net losses on sales and redemptions of securities available for sale	2	1,571
Increase in cash surrender value of life insurance	(1,449)	(1,287)
Gains on life insurance benefits	(143)	(1)
Change in interest receivable	5,114	(445)
Change in interest payable	350	4,449
Other adjustments	(1,119)	18,791
Net cash provided by operating activities	58,848	87,609
Cash Flows from Investing Activities:
Net change in interest-bearing deposits	25,583	(226,634)
Purchases of:
Securities available for sale	(32,231)	(1,400)
Proceeds from sales of securities available for sale	0	213,232
Proceeds from maturities and redemptions of:
Securities available for sale	9,415	17,814
Securities held to maturity	20,006	22,987
Change in Federal Home Loan Bank stock	11	(3,353)
Payment of capital calls to qualified affordable housing investments	(7,975)	(4,171)
Net change in loans	56,511	(238,872)
Proceeds from the sale of other real estate owned	78	46
Proceeds from life insurance benefits	1,865	509
Proceeds from commercial portfolio loan sale	3,273	0
Other adjustments	6,344	(7,284)
Net cash provided (used) in investing activities	82,880	(227,126)
Net change in :
Demand and savings deposits	(30,726)	(184,063)
Certificates of deposit and other time deposits	93,857	504,605
Borrowings	60	486,714
Repayment of borrowings	(167,182)	(646,683)
Cash dividends on preferred stock	(469)	(469)
Cash dividends on common stock	(20,157)	(19,086)
Stock issued under employee benefit plans	186	199
Stock issued under dividend reinvestment and stock purchase plans	542	514
Stock options exercised	0	1,010
Repurchase of common stock	(29,974)	0
Net cash provided (used) by financing activities	(153,863)	142,741
Net Change in Cash and Cash Equivalents	(12,135)	3,224
Cash and Cash Equivalents, January 1	112,649	122,594
Cash and Cash Equivalents, March 31	100,514	125,818
Additional cash flow information:
Interest paid	108,487	57,830
Income tax paid (refunded)	(1)	(1,118)
Loans transferred to other real estate owned	127	1,080
Non-cash investing activities using trade date accounting	41,719	0
ROU assets obtained in exchange for new operating lease liabilities	3,343	646
Qualified affordable housing investments obtained in exchange for funding commitments	$ 0	$ 4,700

LOANS AND ALLOWANCE

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

LOANS AND ALLOWANCE

Loan Portfolio and Credit Quality

The Corporation's primary lending focus is small business and middle market commercial, commercial real estate, public finance and residential real estate, which results in portfolio diversification. The following tables show the composition of the loan portfolio and credit quality characteristics by collateral classification, excluding loans held for sale. Loans held for sale at March 31, 2024 and December 31, 2023, were $15.1 million and $18.9 million, respectively.

The following table illustrates the composition of the Corporation’s loan portfolio by loan class as of the dates indicated:


	March 31, 2024		December 31, 2023

Commercial and industrial loans	$	3,722,365	$	3,670,948
Agricultural land, production and other loans to farmers	234,431		263,414
Real estate loans:
Construction	941,726		957,545
Commercial real estate, non-owner occupied	2,368,360		2,400,839
Commercial real estate, owner occupied	1,137,894		1,162,083
Residential	2,316,490		2,288,921
Home equity	618,258		617,571
Individuals' loans for household and other personal expenditures	161,459		168,388
Public finance and other commercial loans	964,599		956,318
Loans	$	12,465,582	$	12,486,027

Credit Quality

As part of the ongoing monitoring of the credit quality of the Corporation's loan portfolio, management tracks certain credit quality indicators including trends related to: (i) the level of criticized commercial loans, (ii) net charge-offs, (iii) nonperforming loans, (iv) covenant failures and (v) the general national and local economic conditions.

The Corporation utilizes a risk grading of pass, special mention, substandard, doubtful and loss to assess the overall credit quality of large commercial loans. All large commercial credit grades are reviewed at a minimum of once a year for pass grade loans. Loans with grades below pass are reviewed more frequently depending on the grade. A description of the general characteristics of these grades is as follows:

•Pass - Loans that are considered to be of acceptable credit quality.

•Special Mention - Loans which possess some credit deficiency or potential weakness, which deserves close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Corporation's credit position at some future date. Special mention assets are not adversely classified and do not expose the Corporation to sufficient risk to warrant adverse classification.

•Substandard - Loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified have a well-defined weakness that jeopardizes the liquidation of the debt. They are characterized by the distinct possibility that the Corporation will sustain some loss if the deficiencies are not corrected.

•Doubtful - Loans that have all of the weaknesses of those classified as Substandard. However, based on currently existing facts, conditions and values, these weaknesses make full collection of principal highly questionable and improbable.

•Loss – Loans that are considered uncollectible and of such little value that continuing to carry them as an asset is not warranted. Loans will be classified as Loss when it is neither practical or desirable to defer charging-off or reserving all or a portion of a basically worthless asset, even though partial recovery may be possible at some time in the future.

The following tables summarize the risk grading of the Corporation’s loan portfolio and gross charge-offs by loan class and by year of origination for the periods indicated. Consumer loans are not risk graded. For the purposes of this disclosure, the consumer loans are classified in the following manner: loans that are less than 30 days past due are Pass, loans 30-89 days past due are Special Mention and loans greater than 89 days past due are Substandard. The entire balance of a loan is considered delinquent if the minimum payment contractually required to be made is not received by the specified due date.


	March 31, 2024
	Term Loans (amortized cost basis by origination year)												Revolving loans amortized		Revolving loans converted
	2024		2023		2022		2021		2020		Prior		cost basis		to term		Total
Commercial and industrial loans
Pass	$	370,101	$	996,601	$	367,993	$	231,487	$	75,654	$	79,364	$	1,341,496	$	—	$	3,462,696
Special Mention	482		46,079		13,757		1,215		4,807		2,895		59,223		—		128,458
Substandard	2,834		46,434		23,731		15,038		1,157		1,915		35,069		—		126,178
Doubtful	—		805		—		—		—		—		4,228		—		5,033

Total Commercial and industrial loans	373,417		1,089,919		405,481		247,740		81,618		84,174		1,440,016		—		3,722,365
Current period gross charge-offs	740		554		45		71		345		76		—		—		1,831
Agricultural land, production and other loans to farmers
Pass	10,864		28,681		37,013		30,569		30,261		37,157		58,787		—		233,332
Special Mention	—		—		266		—		—		146		—		—		412
Substandard	—		56		143		—		454		34		—		—		687


Total Agricultural land, production and other loans to farmers	10,864		28,737		37,422		30,569		30,715		37,337		58,787		—		234,431

Real estate loans:
Construction
Pass	100,743		321,996		267,749		158,342		8,135		9,639		12,414		—		879,018
Special Mention	729		25,332		2,064		652		20,846		—		—		—		49,623
Substandard	—		2,867		4,896		5,322		—		—		—		—		13,085


Total Construction	101,472		350,195		274,709		164,316		28,981		9,639		12,414		—		941,726

Commercial real estate, non-owner occupied
Pass	113,217		345,073		449,978		497,967		409,018		329,186		15,892		—		2,160,331
Special Mention	28,438		45,237		15,281		11,039		2,757		46,235		—		—		148,987
Substandard	—		14,773		9,670		216		20,068		2,059		85		—		46,871
Doubtful	—		11,472		699		—		—		—		—		—		12,171

Total Commercial real estate, non-owner occupied	141,655		416,555		475,628		509,222		431,843		377,480		15,977		—		2,368,360
Current period gross charge-offs	—		339		3		—		—		—		—		—		342
Commercial real estate, owner occupied
Pass	32,088		176,955		193,895		241,834		235,547		168,792		27,158		—		1,076,269
Special Mention	140		6,681		10,555		6,949		2,618		2,098		—		—		29,041
Substandard	1,113		16,524		3,268		4,947		3,302		3,144		286		—		32,584


Total Commercial real estate, owner occupied	33,341		200,160		207,718		253,730		241,467		174,034		27,444		—		1,137,894
Current period gross charge-offs	—		—		—		—		9		—		—		—		9
Residential
Pass	33,315		413,735		701,242		435,538		357,126		343,918		5,108		15		2,289,997
Special Mention	58		2,354		4,340		2,468		623		4,213		200		—		14,256
Substandard	180		801		3,555		2,690		1,017		3,994		—		—		12,237


Total Residential	33,553		416,890		709,137		440,696		358,766		352,125		5,308		15		2,316,490
Current period gross charge-offs	—		39		266		28		21		24		—		—		378
Home equity
Pass	5,302		9,261		27,980		59,097		11,158		5,046		489,371		2,102		609,317
Special Mention	—		—		711		99		1,075		84		4,245		155		6,369
Substandard	63		—		—		725		—		248		1,536		—		2,572


Total Home Equity	5,365		9,261		28,691		59,921		12,233		5,378		495,152		2,257		618,258
Current period gross charge-offs	—		12		2		17		1		125		—		—		157
Individuals' loans for household and other personal expenditures
Pass	8,190		32,152		44,959		25,956		5,351		6,787		37,110		25		160,530
Special Mention	10		137		291		135		48		20		84		194		919
Substandard	—		10		—		—		—		—		—		—		10


Total Individuals' loans for household and other personal expenditures	8,200		32,299		45,250		26,091		5,399		6,807		37,194		219		161,459
Current period gross charge-offs	20		190		131		62		21		12		—		—		436
Public finance and other commercial loans
Pass	33,294		54,992		206,812		202,288		153,742		313,389		82		—		964,599




Total Public finance and other commercial loans	33,294		54,992		206,812		202,288		153,742		313,389		82		—		964,599

Loans	$	741,161	$	2,599,008	$	2,390,848	$	1,934,573	$	1,344,764	$	1,360,363	$	2,092,374	$	2,491	$	12,465,582
Total current period gross charge-offs	$	760	$	1,134	$	447	$	178	$	397	$	237	$	—	$	—	$	3,153


	December 31, 2023
	Term Loans (amortized cost basis by origination year)												Revolving loans amortized		Revolving loans converted
	2023		2022		2021		2020		2019		Prior		cost basis		to term		Total
Commercial and industrial loans
Pass	$	1,175,967	$	474,601	$	253,148	$	86,226	$	47,910	$	45,020	$	1,393,756	$	60	$	3,476,688
Special Mention	34,356		3,911		1,546		5,149		2,986		241		45,994		—		94,183
Substandard	12,311		20,245		17,733		2,479		1,507		1,512		40,449		144		96,380
Doubtful	857		—		—		—		—		—		2,840		—		3,697

Total Commercial and industrial loans	1,223,491		498,757		272,427		93,854		52,403		46,773		1,483,039		204		3,670,948
Current period gross charge-offs	13,973		2,711		576		5,665		78		261		—		—		23,264
Agricultural land, production and other loans to farmers
Pass	35,633		38,145		31,511		31,048		12,995		25,462		87,534		—		262,328
Special Mention	—		266		—		—		—		122		—		—		388
Substandard	58		150		—		454		—		36		—		—		698


Total Agricultural land, production and other loans to farmers	35,691		38,561		31,511		31,502		12,995		25,620		87,534		—		263,414

Real estate loans:
Construction
Pass	403,578		267,587		198,350		8,372		7,723		2,357		11,735		—		899,702
Special Mention	25,894		—		—		20,846		—		—		—		—		46,740
Substandard	1,451		4,330		5,322		—		—		—		—		—		11,103


Total Construction	430,923		271,917		203,672		29,218		7,723		2,357		11,735		—		957,545

Commercial real estate, non-owner occupied
Pass	373,378		504,280		535,327		418,553		141,320		200,821		16,744		—		2,190,423
Special Mention	76,382		21,145		7,005		4,531		19,479		27,941		37		—		156,520
Substandard	20,358		10,537		219		20,236		—		2,299		247		—		53,896


Total Commercial real estate, non-owner occupied	470,118		535,962		542,551		443,320		160,799		231,061		17,028		—		2,400,839
Current period gross charge-offs	—		66		—		—		—		—		—		—		66
Commercial real estate, owner occupied
Pass	176,750		199,821		256,346		263,522		99,180		77,485		27,369		—		1,100,473
Special Mention	6,712		5,034		9,319		2,460		919		2,902		514		—		27,860
Substandard	18,092		3,712		4,183		4,545		289		2,929		—		—		33,750


Total Commercial real estate, owner occupied	201,554		208,567		269,848		270,527		100,388		83,316		27,883		—		1,162,083
Current period gross charge-offs	48		—		—		—		2		—		—		—		50
Residential
Pass	395,363		695,056		442,495		365,297		98,654		254,718		4,988		83		2,256,654
Special Mention	2,167		5,591		3,202		1,924		1,065		4,837		200		81		19,067
Substandard	804		3,708		2,529		1,199		866		4,063		31		—		13,200


Total Residential	398,334		704,355		448,226		368,420		100,585		263,618		5,219		164		2,288,921
Current period gross charge-offs	101		252		208		3		3		94		—		—		661
Home equity
Pass	9,375		29,784		61,591		11,084		1,092		3,875		484,330		5,837		606,968
Special Mention	—		715		—		1,092		15		2		5,031		149		7,004
Substandard	63		—		727		—		—		123		2,589		97		3,599


Total Home Equity	9,438		30,499		62,318		12,176		1,107		4,000		491,950		6,083		617,571
Current period gross charge-offs	69		213		224		149		193		1,596		—		—		2,444
Individuals' loans for household and other personal expenditures
Pass	35,781		49,295		28,387		6,726		2,070		5,904		38,619		772		167,554
Special Mention	184		246		138		69		—		14		176		—		827
Substandard	—		6		—		—		1		—		—		—		7


Total Individuals' loans for household and other personal expenditures	35,965		49,547		28,525		6,795		2,071		5,918		38,795		772		168,388
Current period gross charge-offs	147		770		342		77		62		156		—		—		1,554
Public finance and other commercial loans
Pass	65,357		208,347		204,863		155,132		91,619		229,355		1,645		—		956,318




Total Public finance and other commercial loans	65,357		208,347		204,863		155,132		91,619		229,355		1,645		—		956,318

Loans	$	2,870,871	$	2,546,512	$	2,063,941	$	1,410,944	$	529,690	$	892,018	$	2,164,828	$	7,223	$	12,486,027
Total current period gross charge-offs	$	14,338	$	4,012	$	1,350	$	5,894	$	338	$	2,107	$	—	$	—	$	28,039

Total past due loans equaled $68.9 million as of March 31, 2024 representing a $10.3 million decrease from $79.2 million at December 31, 2023. The 30-59 days past due loans decreased $16.7 million from December 31, 2023 as commercial and industrial, commercial real estate, non-owner occupied and residential loan classes decreased $1.7 million, $12.2 million and $3.1 million, respectively. The 60-89 days past due loans decreased $1.7 million from December 31, 2023. The 90 days or more past due loans increased $8.0 million from December 31, 2023 as commercial real estate, non-owner occupied increased $11.3 million, which was partially offset by a decrease in residential of $2.3 million. The tables below show a past due aging of the Corporation’s loan portfolio, by loan class, as of the dates indicated:


	March 31, 2024
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total		Loans > 90 Days or More Past Due And Accruing
Commercial and industrial loans	$	3,712,412	$	3,279	$	267	$	6,407	$	3,722,365	$	1,585
Agricultural land, production and other loans to farmers	234,177		254		—		—		234,431		—
Real estate loans:
Construction	941,726		—		—		—		941,726		—
Commercial real estate, non-owner occupied	2,341,845		746		2,988		22,781		2,368,360		—
Commercial real estate, owner occupied	1,136,405		939		6		544		1,137,894		—
Residential	2,293,704		8,741		4,197		9,848		2,316,490		1,185
Home equity	611,309		2,918		1,643		2,388		618,258		68
Individuals' loans for household and other personal expenditures	160,530		529		390		10		161,459		—

Public finance and other commercial loans	964,599		—		—		—		964,599		—
Loans	$	12,396,707	$	17,406	$	9,491	$	41,978	$	12,465,582	$	2,838


	December 31, 2023
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total		Loans > 90 Days or More Past Due And Accruing
Commercial and industrial loans	$	3,657,447	$	5,021	$	1,622	$	6,858	$	3,670,948	$	86
Agricultural land, production and other loans to farmers	263,414		—		—		—		263,414		—
Real estate loans:
Construction	955,588		—		1,957		—		957,545		—
Commercial real estate, non-owner occupied	2,376,184		12,995		195		11,465		2,400,839		—
Commercial real estate, owner occupied	1,161,869		—		104		110		1,162,083		—
Residential	2,259,496		11,810		5,472		12,143		2,288,921		—
Home equity	608,948		3,614		1,647		3,362		617,571		52
Individuals' loans for household and other personal expenditures	167,553		635		192		8		168,388		—

Public finance and other commercial loans	956,284		—		—		34		956,318		34
Loans	$	12,406,783	$	34,075	$	11,189	$	33,980	$	12,486,027	$	172

Loans are reclassified to a nonaccruing status when, in management’s judgment, the collateral value and financial condition of the borrower do not justify accruing interest. At the time the accrual is discontinued, all unpaid accrued interest is reversed against earnings. Interest income accrued in prior years, if any, is charged to the allowance for credit losses. Payments subsequently received on nonaccrual loans are applied to principal. A loan is returned to accrual status when principal and interest are no longer past due and collectability is probable, typically after a minimum of six consecutive months of performance.

The following table summarizes the Corporation’s nonaccrual loans by loan class as of the dates indicated:


	March 31, 2024				December 31, 2023
	Nonaccrual Loans		Nonaccrual Loans with no Allowance for Credit Losses		Nonaccrual Loans		Nonaccrual Loans with no Allowance for Credit Losses
Commercial and industrial loans	$	7,140	$	305	$	9,050	$	1,015
Agricultural land, production and other loans to farmers	56		—		58		—
Real estate loans:
Construction	—		—		520		—
Commercial real estate, non-owner occupied	23,213		10,650		11,932		11,095
Commercial real estate, owner occupied	2,687		1,936		3,041		2,257
Residential	25,900		—		25,140		—
Home equity	3,449		—		3,820		—
Individuals' loans for household and other personal expenditures	33		—		19		—

Loans	$	62,478	$	12,891	$	53,580	$	14,367

Interest income on nonaccrual loans is recognized only to the extent that cash payments are received in excess of principal due. There was no interest income recognized on nonaccrual loans for the three months ended March 31, 2024 or 2023.

Determining fair value for collateral dependent loans requires obtaining a current independent appraisal of the collateral and applying a discount factor, which includes selling costs if applicable, to the value. The fair value of real estate is generally based on appraisals by qualified licensed appraisers. The appraisers typically determine the value of the real estate by utilizing an income or market valuation approach. If an appraisal is not available, the fair value may be determined by using a cash flow analysis. Fair value on other collateral such as business assets is typically ascertained by assessing, either singularly or some combination of, asset appraisals, accounts receivable aging reports, inventory listings and or customer financial statements. Both appraised values and values based on borrower’s financial information are discounted as considered appropriate based on age and quality of the information and current market conditions.

The tables below present the amortized cost basis of collateral dependent loans by loan class and their respective collateral type, which are individually evaluated to determine expected credit losses. The total collateral dependent loan balance increased $17.4 million, primarily related to increases of $8.3 million and $8.6 million in commercial and industrial and commercial real estate, non-owner occupied, respectively, for the three months ended March 31, 2024. The total related allowance balance increased $9.5 million, primarily related to increases of $6.9 million and $2.6 million in commercial and industrial and commercial real estate, non-owner occupied, respectively, for the three months ended March 31, 2024.


	March 31, 2024
	Commercial Real Estate		Residential Real Estate		Other		Total		Allowance on Collateral Dependent Loans
Commercial and industrial loans	$	—	$	—	$	40,331	$	40,331	$	18,324

Real estate loans:
Construction	—		6		—		6		—
Commercial real estate, non-owner occupied	26,097		—		—		26,097		2,672
Commercial real estate, owner occupied	10,100		—		—		10,100		—
Residential	—		1,333		—		1,333		213
Home equity	—		218		—		218		29


Loans	$	36,197	$	1,557	$	40,331	$	78,085	$	21,238


	December 31, 2023
	Commercial Real Estate		Residential Real Estate		Other		Total		Allowance on Collateral Dependent Loans
Commercial and industrial loans	$	—	$	—	$	32,029	$	32,029	$	11,474

Real estate loans:
Construction	—		7		—		7		—
Commercial real estate, non-owner occupied	17,516		—		—		17,516		35
Commercial real estate, owner occupied	9,452		—		—		9,452		—
Residential	—		1,439		—		1,439		230
Home equity	—		223		—		223		30


Loans	$	26,968	$	1,669	$	32,029	$	60,666	$	11,769

In certain situations, the Corporation may modify the terms of a loan to a debtor experiencing financial difficulty. The modifications may include principal forgiveness, interest rate reductions, payment delays, term extensions or combinations of these modifications. The following tables present the amortized cost basis of loans at March 31, 2024 and March 31, 2023 that were both experiencing financial difficulty and modified during the three months ended March 31, 2024 and 2023, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below.


	Three Months Ended March 31, 2024
	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
	Payment Delay		Term Extension		Interest Rate Reduction		Combination Payment Delay & Term Extension		% of Total Class of Financing Receivable
Commercial and industrial loans	$	1,542	$	2,798	$	250	$	14		0.12	%

Real estate loans:


Commercial real estate, owner occupied	—		190		—		—			0.02	%
Residential	1,617		—		—		—			0.07	%
Home equity	90		266		—		—			0.06	%


Total	$	3,249	$	3,254	$	250	$	14



	Three Months Ended March 31, 2023
	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
		Term Extension		Combination Interest Rate Reduction & Term Extension		% of Total Class of Financing Receivable
Commercial and industrial loans		$	9,224	$	—	0.26	%
Agricultural land, production and other loans to farmers		37		—		0.02	%
Real estate loans:
Construction		17		—		—	%
Commercial real estate, non-owner occupied		97		5,966		0.26	%
Commercial real estate, owner occupied		10,822		82		0.88	%




Total		$	20,197	$	6,048

The following tables present the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three months ended March 31, 2024 and 2023.

Three Months Ended March 31, 2024

Financial Effect of Loan Modifications

Payment Delay

Term Extension

Interest Rate Reduction

Combination Payment Delay & Term Extension

Commercial and industrial loans

Provided payment deferrals with weighted average delayed amounts of $50,000.

Extended loans by a weighted average of 15 months.

Reduced the weighted average contractual interest rate from 9.00% to 8.00%.

Provided payment deferrals with weighted average delayed amounts of $5,000. Extended loans by a weighted average of 3 months.

Real estate loans:

Commercial real estate, owner occupied

Extended loans by a weighted average of 5 months.

Residential

Provided payment deferrals with weighted average delayed amounts of $31,000.

Home equity

Provided payment deferrals with weighted average delayed amounts of $4,000.

Extended loans by a weighted average of 6 months.

Three Months Ended March 31, 2023

Financial Effect of Loan Modifications

Term Extension

Combination Interest Rate Reduction & Term Extension

Commercial and industrial loans

Added a weighted average life of 4 months to the life of the loans, which reduced monthly payment amounts for the borrowers.

Agricultural land, production and other loans to farmers

Added a weighted average life of 60 months to the life of the loans, which reduced monthly payment amounts for the borrowers.

Real estate loans:

Construction

Added a weighted average life of 24 months to the life of the loans, which reduced monthly payment amounts for the borrowers.

Commercial real estate, non-owner occupied

Added a weighted average life of 12 months to the life of the loans, which reduced monthly payment amounts for the borrowers.

Reduced the weighted average contractual interest rate from 7.81% to 7.40%. Added a weighted average 41 months to the life of loans, which reduced monthly payment amounts for the borrowers.

Commercial real estate, owner occupied

Added a weighted average life of 9 months to the life of the loans, which reduced monthly payment amounts for the borrowers.

Reduced the weighted average contractual interest rate from 10.25% to 6.61%. Added a weighted average 114 months to the life of loans, which reduced monthly payment amounts for the borrowers.

The following tables present the amortized cost basis and payment status of loans modified within the previous twelve months to borrowers experiencing financial difficulty, and that subsequently defaulted during the three months ended March 31, 2024 and 2023 and remained in default at period end.


	Three Months Ended March 31, 2024
	Payment Status
	Current		30-89 Days Past Due		90+ Days Past Due
Commercial and industrial loans	$	4,605	$	—	$	98

Real estate loans:


Commercial real estate, owner occupied	189		7		—
Residential	—		122		1,617
Home equity	356		—		—


Total	$	5,150	$	129	$	1,715



	Three Months Ended March 31, 2023
	Payment Status
	Current
Commercial and industrial loans	$	9,224
Agricultural land, production and other loans to farmers	37
Real estate loans:
Construction	17
Commercial real estate, non-owner occupied	6,063
Commercial real estate, owner occupied	10,904




Total	$	26,245

Upon the Corporation's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or portion of the loan) is charged-off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.

Allowance for Credit Losses on Loans

The Allowance for Credit Losses on Loans ("ACL - Loans") is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected on loans over the contractual term. The ACL - Loans is adjusted by the provision for credit losses, which is reported in earnings, and reduced by charge-offs for loans, net of recoveries. Provision for credit losses on loans reflects the totality of actions taken on all loans for a particular period including any necessary increases or decreases in the allowance related to changes in credit loss expectations associated with specific loans or pools of loans. Loans are charged-off against the allowance when the uncollectibility of the loan is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off.

The allowance represents the Corporation’s best estimate of current expected credit losses on loans using relevant available information, from internal and external sources, related to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. The CECL calculation is performed and evaluated quarterly and losses are estimated over the expected life of the loan. The level of the allowance for credit losses is believed to be adequate to absorb all expected future losses inherent in the loan portfolio at the measurement date.

In calculating the allowance for credit losses, the loan portfolio was pooled into ten loan segments with similar risk characteristics. Common characteristics include the type or purpose of the loan, underlying collateral and historical/expected credit loss patterns. In developing the loan segments, the Corporation analyzed the degree of correlation in how loans within each portfolio respond when subjected to varying economic conditions and scenarios as well as other portfolio stress factors.

The expected credit losses are measured over the life of each loan segment utilizing the Probability of Default / Loss Given Default methodology combined with economic forecast models to estimate the current expected credit loss inherent in the loan portfolio. This approach is also leveraged to estimate the expected credit losses associated with unfunded loan commitments incorporating expected utilization rates.

The Corporation sub-segmented certain commercial portfolios by risk level and certain consumer portfolios by delinquency status where appropriate. The Corporation utilized a four-quarter reasonable and supportable economic forecast period followed by a six-quarter, straight-line reversion period to the historical macroeconomic mean for the remaining life of the loans. Econometric modeling was performed using historical default rates and a selection of economic forecast scenarios published by Moody’s to develop a range of estimated credit losses for which to determine the best credit loss estimate within. Macroeconomic factors utilized in the modeling process include the national unemployment rate, BBB US corporate index, Commercial Real Estate ("CRE") price index and the home price index.

The Corporation qualitatively adjusts model results for risk factors that are not inherently considered in the quantitative modeling process, but are nonetheless relevant in assessing the expected credit losses within the loan portfolio. These adjustments may increase or decrease the estimate of expected credit losses based upon the assessed level of risk for each qualitative factor. The various risks that may be considered in making qualitative adjustments include, among other things, the impact of (i) changes in the nature and volume of the loan portfolio, (ii) changes in the existence, growth and effect of any concentrations in credit, (iii) changes in lending policies and procedures, including changes in underwriting standards and practices for collections, charge-offs, and recoveries, (iv) changes in the quality of the credit review function, (v) changes in the experience, ability and depth of lending, investment, collection and other relevant management staff, (vi) changes in the volume and severity of past due financial assets, the volume of the nonaccrual assets, and the volume and severity of adversely classified or graded assets, (vii) the value of underlying collateral for loans that are not collateral dependent, and (viii) other environmental factors such as regulatory, legal and technological considerations, as well as competition and changes in the economic and business conditions that affect the collectibility of financial assets. At CECL adoption, the Corporation established certain qualitative factors that were expected to correlate to losses within the loan portfolio. During a scheduled review of qualitative factors in 2023, the Corporation determined there had not been significant evidence of correlation to losses for the qualitative factors that included i) changes in experience, ability and depth of lending management and staff; ii) changes in lending policies and procedures; iii) changes in the quality of the credit review function; iv) portfolio mix and growth; and v) industry concentration. The Corporation decided to refine these qualitative factors in order to improve our ability to assess related risk and enhance our ability to correlate to losses. The Corporation’s evaluation of the qualitative approach resulted in an insignificant change to the ACL – Loans estimate.

In some cases, management may determine that an individual loan exhibits unique risk characteristics which differentiate the loan from other loans within the loan segments. In such cases, the loans are evaluated for expected credit losses on an individual basis and excluded from the collective evaluation. Specific reserve allocations of the allowance for credit losses are determined by analyzing the borrower’s ability to repay amounts owed, collateral deficiencies, the relative risk grade of the loan and economic conditions affecting the borrower’s industry, among other things. A loan is considered to be collateral dependent when, based upon management's assessment, the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. In such cases, expected credit losses are based on the fair value of the collateral at the measurement date, adjusted for estimated selling costs if satisfaction of the loan depends on the sale of the collateral. The fair value of collateral supporting collateral dependent loans is evaluated on a quarterly basis.

The risk characteristics of the Corporation’s portfolio segments are as follows:

Commercial

Commercial lending is primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the tangible assets being financed such as equipment or real estate or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee. Other loans may be unsecured, secured but under-collateralized or otherwise made on the basis of the enterprise value of an organization. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers.

Commercial real estate

Commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. The Corporation monitors commercial real estate loans based on collateral and risk grade criteria, as well as the levels of owner-occupied versus non-owner occupied loans.

Construction

Construction loans are underwritten utilizing a combination of tools and techniques including feasibility and market studies, independent appraisals and appraisal reviews, absorption and interest rate sensitivity analysis as well as the financial analysis of the developer and all guarantors. Construction loans are monitored by either in house or third party inspectors limiting advances to a percentage of costs or stabilized project value. These loans frequently involve the disbursement of significant funds with the repayment dependent upon the successful completion and, where necessary, the future stabilization of the project. The predominant inherent risk of this portfolio is associated with the borrower's ability to successfully complete a project on time, within budget and stabilize the projected as originally projected.

Consumer and Residential

With respect to residential loans that are secured by 1-4 family residences, which are typically owner occupied, the Corporation generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Home equity loans are secured by a subordinate interest in 1-4 family residences, and consumer loans are secured by consumer assets such as automobiles or recreational vehicles. Some consumer loans, such as small installment loans and certain lines of credit, are unsecured. Repayment of these loans is primarily dependent on the personal income and credit rating of the borrowers and can also be impacted by changes in property values. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers.

The allowance for credit losses decreased $253,000 during the three months ended March 31, 2024. Net charge-offs totaled $2.3 million and provision expense of $2.0 million was recorded during the three months ended March 31, 2024. The allowance for credit losses decreased $225,000 due to net charge-offs for the three months ended March 31, 2023. The following tables summarize changes in the allowance for credit losses by loan segment for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31, 2024
	Commercial		Commercial Real Estate		Construction		Consumer & Residential		Total
Allowance for credit losses
Balances, December 31, 2023	$	97,348	$	44,048	$	24,823	$	38,715	$	204,934



Provision for credit losses	3,145		1,528		(4,454)		1,781		2,000


Recoveries on loans	551		53		—		296		900
Loans charged off	(1,831)		(351)		—		(971)		(3,153)
Balances, March 31, 2024	$	99,213	$	45,278	$	20,369	$	39,821	$	204,681


	Three Months Ended March 31, 2023
	Commercial		Commercial Real Estate		Construction		Consumer & Residential		Total
Allowance for credit losses
Balances, December 31, 2022	$	102,216	$	46,839	$	28,955	$	45,267	$	223,277
Provision for credit losses	(1,199)		(583)		(384)		2,166		—


Recoveries on loans	530		56		—		258		844
Loans charged off	(243)		(4)		—		(822)		(1,069)
Balances, March 31, 2023	$	101,304	$	46,308	$	28,571	$	46,869	$	223,052

Off-Balance Sheet Arrangements, Commitments And Contingencies

In the normal course of business, the Corporation has entered into off-balance sheet financial instruments which include commitments to extend credit and standby letters of credit. Commitments to extend credit are usually the result of lines of credit granted to existing borrowers under agreements that the total outstanding indebtedness will not exceed a specific amount during the term of the indebtedness. Typical borrowers are commercial customers that use lines of credit to supplement their treasury management functions, and thus their total outstanding indebtedness may fluctuate during any time period based on the seasonality of their business and the resultant timing for their cash flows. Other typical lines of credit are related to home equity loans granted to customers. Commitments to extend credit generally have fixed expiration dates or other termination clauses that may require a fee.

Standby letters of credit are generally issued on behalf of an applicant (the Corporation’s customer) to a specifically named beneficiary and are the result of a particular business arrangement that exists between the applicant and the beneficiary. Standby letters of credit have fixed expiration dates and are usually for terms of two years or less unless terminated beforehand due to criteria specified in the standby letter of credit. The standby letter of credit would permit the beneficiary to obtain payment from the Corporation under certain prescribed circumstances. Subsequently, the Corporation would seek reimbursement from the applicant pursuant to the terms of the standby letter of credit.

The Corporation typically follows the same credit policies and underwriting practices when making these commitments as it does for on-balance sheet instruments. Each customer’s creditworthiness is typically evaluated on a case-by-case basis, and the amount of collateral obtained, if any, is based on management’s credit evaluation of the customer. Collateral held varies but may include cash, real estate, marketable securities, accounts receivable, inventory, equipment and personal property. The contractual amounts of these commitments are not reflected in the consolidated financial statements and only amounts drawn upon would be reflected in the future. Since many of the commitments are expected to expire without being drawn upon, the contractual amounts do not necessarily represent future cash requirements. However, should the commitments be drawn upon and should the Corporation’s customers default on their resulting obligation to the Corporation, the maximum exposure to credit loss, without consideration of collateral, is represented by the contractual amount of those commitments.

Financial instruments with off-balance sheet risk were as follows:


	March 31, 2024		December 31, 2023
Amounts of commitments:
Loan commitments to extend credit	$	4,993,077	$	5,025,790
Standby letters of credit	$	72,956	$	65,580

The Corporation maintains an accrual for credit losses on off-balance sheet commitments using the CECL methodology. Reserves for unfunded commitments declined by $3.8 million during the year ended December 31, 2023, due to reserve release, which decreased the reserve to $19.5 million at December 31, 2023 and March 31, 2024. This reserve level remains appropriate and is reported in Other Liabilities as of March 31, 2024 in the Consolidated Condensed Balance Sheets.

The table below reflects the total allowance for credit losses for the off-balance sheet commitment for the three months ended March 31, 2024 and 2023:


	Three Months Ended
	March 31, 2024		March 31, 2023
Balance at beginning of the period	$	19,500	$	23,300


Provision for credit losses - unfunded commitments	—		—
Ending balance	$	19,500	$	23,300

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Cumulative Preferred Stock	Preferred Stock Cumulative Preferred Stock	Preferred Stock Non-Cumulative Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2022			125	10,000
Beginning balance at Dec. 31, 2022	$ 2,034,770		$ 125	$ 25,000	$ 7,396	$ 1,228,626	$ 1,012,774	$ (239,151)
Beginning balance (in shares) at Dec. 31, 2022					59,170,583
Comprehensive income (loss):
Net income	64,079						64,079
Other comprehensive (loss) income, net of tax	40,237							40,237
Cash dividends on preferred stock	(469)						(469)
Cash dividends on common stock	(19,086)						(19,086)
Share-based compensation (in shares)					7,573
Share-based compensation	1,197				$ 1	1,196
Stock issued under employee benefit plans (in shares)					5,900
Stock issued under employee benefit plans	199				$ 1	198
Stock issued under dividend reinvestment and stock purchase plan (in shares)					14,464
Stock issued under dividend reinvestment and stock purchase plan	514				$ 2	512
Stock options exercised (in shares)					58,620
Stock options exercised	1,010				$ 7	1,003
Restricted shares withheld for taxes (in shares)					(89)
Restricted shares withheld for taxes	(3)					(3)
Ending balance (in shares) at Mar. 31, 2023			125	10,000
Ending balance at Mar. 31, 2023	2,122,448		$ 125	$ 25,000	$ 7,407	1,231,532	1,057,298	(198,914)
Ending balance (in shares) at Mar. 31, 2023					59,257,051
Beginning balance (in shares) at Dec. 31, 2023		125	125	10,000
Beginning balance at Dec. 31, 2023	$ 2,247,713		$ 125	$ 25,000	$ 7,428	1,236,506	1,154,624	(175,970)
Beginning balance (in shares) at Dec. 31, 2023	59,424,122				59,424,122
Comprehensive income (loss):
Net income	$ 47,941						47,941
Other comprehensive (loss) income, net of tax	(22,059)							(22,059)
Cash dividends on preferred stock	(469)						(469)
Cash dividends on common stock	(20,157)						(20,157)
Repurchase of common stock (in shares)					(888,442)
Repurchases of common stock	(29,974)				$ (111)	(29,863)
Excise tax on stock repurchase	(297)					(297)
Share-based compensation (in shares)					7,413
Share-based compensation	1,402				$ 1	1,401
Stock issued under employee benefit plans (in shares)					6,259
Stock issued under employee benefit plans	186				$ 1	185
Stock issued under dividend reinvestment and stock purchase plan (in shares)					16,215
Stock issued under dividend reinvestment and stock purchase plan	$ 542				$ 2	540
Stock options exercised (in shares)	0
Restricted shares withheld for taxes (in shares)					(748)
Restricted shares withheld for taxes	$ (25)					(25)
Ending balance (in shares) at Mar. 31, 2024		125	125	10,000
Ending balance at Mar. 31, 2024	$ 2,224,803		$ 125	$ 25,000	$ 7,321	$ 1,208,447	$ 1,181,939	$ (198,029)
Ending balance (in shares) at Mar. 31, 2024	58,564,819				58,564,819

LOANS AND ALLOWANCE (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Summary of Composition of Loan Portfolio by Loan Class

The following table illustrates the composition of the Corporation’s loan portfolio by loan class as of the dates indicated:


	March 31, 2024		December 31, 2023

Commercial and industrial loans	$	3,722,365	$	3,670,948
Agricultural land, production and other loans to farmers	234,431		263,414
Real estate loans:
Construction	941,726		957,545
Commercial real estate, non-owner occupied	2,368,360		2,400,839
Commercial real estate, owner occupied	1,137,894		1,162,083
Residential	2,316,490		2,288,921
Home equity	618,258		617,571
Individuals' loans for household and other personal expenditures	161,459		168,388
Public finance and other commercial loans	964,599		956,318
Loans	$	12,465,582	$	12,486,027

Summary of Credit Quality of Loan Portfolio by Loan Class


	March 31, 2024
	Term Loans (amortized cost basis by origination year)												Revolving loans amortized		Revolving loans converted
	2024		2023		2022		2021		2020		Prior		cost basis		to term		Total
Commercial and industrial loans
Pass	$	370,101	$	996,601	$	367,993	$	231,487	$	75,654	$	79,364	$	1,341,496	$	—	$	3,462,696
Special Mention	482		46,079		13,757		1,215		4,807		2,895		59,223		—		128,458
Substandard	2,834		46,434		23,731		15,038		1,157		1,915		35,069		—		126,178
Doubtful	—		805		—		—		—		—		4,228		—		5,033

Total Commercial and industrial loans	373,417		1,089,919		405,481		247,740		81,618		84,174		1,440,016		—		3,722,365
Current period gross charge-offs	740		554		45		71		345		76		—		—		1,831
Agricultural land, production and other loans to farmers
Pass	10,864		28,681		37,013		30,569		30,261		37,157		58,787		—		233,332
Special Mention	—		—		266		—		—		146		—		—		412
Substandard	—		56		143		—		454		34		—		—		687


Total Agricultural land, production and other loans to farmers	10,864		28,737		37,422		30,569		30,715		37,337		58,787		—		234,431

Real estate loans:
Construction
Pass	100,743		321,996		267,749		158,342		8,135		9,639		12,414		—		879,018
Special Mention	729		25,332		2,064		652		20,846		—		—		—		49,623
Substandard	—		2,867		4,896		5,322		—		—		—		—		13,085


Total Construction	101,472		350,195		274,709		164,316		28,981		9,639		12,414		—		941,726

Commercial real estate, non-owner occupied
Pass	113,217		345,073		449,978		497,967		409,018		329,186		15,892		—		2,160,331
Special Mention	28,438		45,237		15,281		11,039		2,757		46,235		—		—		148,987
Substandard	—		14,773		9,670		216		20,068		2,059		85		—		46,871
Doubtful	—		11,472		699		—		—		—		—		—		12,171

Total Commercial real estate, non-owner occupied	141,655		416,555		475,628		509,222		431,843		377,480		15,977		—		2,368,360
Current period gross charge-offs	—		339		3		—		—		—		—		—		342
Commercial real estate, owner occupied
Pass	32,088		176,955		193,895		241,834		235,547		168,792		27,158		—		1,076,269
Special Mention	140		6,681		10,555		6,949		2,618		2,098		—		—		29,041
Substandard	1,113		16,524		3,268		4,947		3,302		3,144		286		—		32,584


Total Commercial real estate, owner occupied	33,341		200,160		207,718		253,730		241,467		174,034		27,444		—		1,137,894
Current period gross charge-offs	—		—		—		—		9		—		—		—		9
Residential
Pass	33,315		413,735		701,242		435,538		357,126		343,918		5,108		15		2,289,997
Special Mention	58		2,354		4,340		2,468		623		4,213		200		—		14,256
Substandard	180		801		3,555		2,690		1,017		3,994		—		—		12,237


Total Residential	33,553		416,890		709,137		440,696		358,766		352,125		5,308		15		2,316,490
Current period gross charge-offs	—		39		266		28		21		24		—		—		378
Home equity
Pass	5,302		9,261		27,980		59,097		11,158		5,046		489,371		2,102		609,317
Special Mention	—		—		711		99		1,075		84		4,245		155		6,369
Substandard	63		—		—		725		—		248		1,536		—		2,572


Total Home Equity	5,365		9,261		28,691		59,921		12,233		5,378		495,152		2,257		618,258
Current period gross charge-offs	—		12		2		17		1		125		—		—		157
Individuals' loans for household and other personal expenditures
Pass	8,190		32,152		44,959		25,956		5,351		6,787		37,110		25		160,530
Special Mention	10		137		291		135		48		20		84		194		919
Substandard	—		10		—		—		—		—		—		—		10


Total Individuals' loans for household and other personal expenditures	8,200		32,299		45,250		26,091		5,399		6,807		37,194		219		161,459
Current period gross charge-offs	20		190		131		62		21		12		—		—		436
Public finance and other commercial loans
Pass	33,294		54,992		206,812		202,288		153,742		313,389		82		—		964,599




Total Public finance and other commercial loans	33,294		54,992		206,812		202,288		153,742		313,389		82		—		964,599

Loans	$	741,161	$	2,599,008	$	2,390,848	$	1,934,573	$	1,344,764	$	1,360,363	$	2,092,374	$	2,491	$	12,465,582
Total current period gross charge-offs	$	760	$	1,134	$	447	$	178	$	397	$	237	$	—	$	—	$	3,153


	December 31, 2023
	Term Loans (amortized cost basis by origination year)												Revolving loans amortized		Revolving loans converted
	2023		2022		2021		2020		2019		Prior		cost basis		to term		Total
Commercial and industrial loans
Pass	$	1,175,967	$	474,601	$	253,148	$	86,226	$	47,910	$	45,020	$	1,393,756	$	60	$	3,476,688
Special Mention	34,356		3,911		1,546		5,149		2,986		241		45,994		—		94,183
Substandard	12,311		20,245		17,733		2,479		1,507		1,512		40,449		144		96,380
Doubtful	857		—		—		—		—		—		2,840		—		3,697

Total Commercial and industrial loans	1,223,491		498,757		272,427		93,854		52,403		46,773		1,483,039		204		3,670,948
Current period gross charge-offs	13,973		2,711		576		5,665		78		261		—		—		23,264
Agricultural land, production and other loans to farmers
Pass	35,633		38,145		31,511		31,048		12,995		25,462		87,534		—		262,328
Special Mention	—		266		—		—		—		122		—		—		388
Substandard	58		150		—		454		—		36		—		—		698


Total Agricultural land, production and other loans to farmers	35,691		38,561		31,511		31,502		12,995		25,620		87,534		—		263,414

Real estate loans:
Construction
Pass	403,578		267,587		198,350		8,372		7,723		2,357		11,735		—		899,702
Special Mention	25,894		—		—		20,846		—		—		—		—		46,740
Substandard	1,451		4,330		5,322		—		—		—		—		—		11,103


Total Construction	430,923		271,917		203,672		29,218		7,723		2,357		11,735		—		957,545

Commercial real estate, non-owner occupied
Pass	373,378		504,280		535,327		418,553		141,320		200,821		16,744		—		2,190,423
Special Mention	76,382		21,145		7,005		4,531		19,479		27,941		37		—		156,520
Substandard	20,358		10,537		219		20,236		—		2,299		247		—		53,896


Total Commercial real estate, non-owner occupied	470,118		535,962		542,551		443,320		160,799		231,061		17,028		—		2,400,839
Current period gross charge-offs	—		66		—		—		—		—		—		—		66
Commercial real estate, owner occupied
Pass	176,750		199,821		256,346		263,522		99,180		77,485		27,369		—		1,100,473
Special Mention	6,712		5,034		9,319		2,460		919		2,902		514		—		27,860
Substandard	18,092		3,712		4,183		4,545		289		2,929		—		—		33,750


Total Commercial real estate, owner occupied	201,554		208,567		269,848		270,527		100,388		83,316		27,883		—		1,162,083
Current period gross charge-offs	48		—		—		—		2		—		—		—		50
Residential
Pass	395,363		695,056		442,495		365,297		98,654		254,718		4,988		83		2,256,654
Special Mention	2,167		5,591		3,202		1,924		1,065		4,837		200		81		19,067
Substandard	804		3,708		2,529		1,199		866		4,063		31		—		13,200


Total Residential	398,334		704,355		448,226		368,420		100,585		263,618		5,219		164		2,288,921
Current period gross charge-offs	101		252		208		3		3		94		—		—		661
Home equity
Pass	9,375		29,784		61,591		11,084		1,092		3,875		484,330		5,837		606,968
Special Mention	—		715		—		1,092		15		2		5,031		149		7,004
Substandard	63		—		727		—		—		123		2,589		97		3,599


Total Home Equity	9,438		30,499		62,318		12,176		1,107		4,000		491,950		6,083		617,571
Current period gross charge-offs	69		213		224		149		193		1,596		—		—		2,444
Individuals' loans for household and other personal expenditures
Pass	35,781		49,295		28,387		6,726		2,070		5,904		38,619		772		167,554
Special Mention	184		246		138		69		—		14		176		—		827
Substandard	—		6		—		—		1		—		—		—		7


Total Individuals' loans for household and other personal expenditures	35,965		49,547		28,525		6,795		2,071		5,918		38,795		772		168,388
Current period gross charge-offs	147		770		342		77		62		156		—		—		1,554
Public finance and other commercial loans
Pass	65,357		208,347		204,863		155,132		91,619		229,355		1,645		—		956,318




Total Public finance and other commercial loans	65,357		208,347		204,863		155,132		91,619		229,355		1,645		—		956,318

Loans	$	2,870,871	$	2,546,512	$	2,063,941	$	1,410,944	$	529,690	$	892,018	$	2,164,828	$	7,223	$	12,486,027
Total current period gross charge-offs	$	14,338	$	4,012	$	1,350	$	5,894	$	338	$	2,107	$	—	$	—	$	28,039


	March 31, 2024
	Commercial Real Estate		Residential Real Estate		Other		Total		Allowance on Collateral Dependent Loans
Commercial and industrial loans	$	—	$	—	$	40,331	$	40,331	$	18,324

Real estate loans:
Construction	—		6		—		6		—
Commercial real estate, non-owner occupied	26,097		—		—		26,097		2,672
Commercial real estate, owner occupied	10,100		—		—		10,100		—
Residential	—		1,333		—		1,333		213
Home equity	—		218		—		218		29


Loans	$	36,197	$	1,557	$	40,331	$	78,085	$	21,238


	December 31, 2023
	Commercial Real Estate		Residential Real Estate		Other		Total		Allowance on Collateral Dependent Loans
Commercial and industrial loans	$	—	$	—	$	32,029	$	32,029	$	11,474

Real estate loans:
Construction	—		7		—		7		—
Commercial real estate, non-owner occupied	17,516		—		—		17,516		35
Commercial real estate, owner occupied	9,452		—		—		9,452		—
Residential	—		1,439		—		1,439		230
Home equity	—		223		—		223		30


Loans	$	26,968	$	1,669	$	32,029	$	60,666	$	11,769

Summary of Past Due Aging of Loan Portfolio by Loan Class

The tables below show a past due aging of the Corporation’s loan portfolio, by loan class, as of the dates indicated:


	March 31, 2024
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total		Loans > 90 Days or More Past Due And Accruing
Commercial and industrial loans	$	3,712,412	$	3,279	$	267	$	6,407	$	3,722,365	$	1,585
Agricultural land, production and other loans to farmers	234,177		254		—		—		234,431		—
Real estate loans:
Construction	941,726		—		—		—		941,726		—
Commercial real estate, non-owner occupied	2,341,845		746		2,988		22,781		2,368,360		—
Commercial real estate, owner occupied	1,136,405		939		6		544		1,137,894		—
Residential	2,293,704		8,741		4,197		9,848		2,316,490		1,185
Home equity	611,309		2,918		1,643		2,388		618,258		68
Individuals' loans for household and other personal expenditures	160,530		529		390		10		161,459		—

Public finance and other commercial loans	964,599		—		—		—		964,599		—
Loans	$	12,396,707	$	17,406	$	9,491	$	41,978	$	12,465,582	$	2,838


	December 31, 2023
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total		Loans > 90 Days or More Past Due And Accruing
Commercial and industrial loans	$	3,657,447	$	5,021	$	1,622	$	6,858	$	3,670,948	$	86
Agricultural land, production and other loans to farmers	263,414		—		—		—		263,414		—
Real estate loans:
Construction	955,588		—		1,957		—		957,545		—
Commercial real estate, non-owner occupied	2,376,184		12,995		195		11,465		2,400,839		—
Commercial real estate, owner occupied	1,161,869		—		104		110		1,162,083		—
Residential	2,259,496		11,810		5,472		12,143		2,288,921		—
Home equity	608,948		3,614		1,647		3,362		617,571		52
Individuals' loans for household and other personal expenditures	167,553		635		192		8		168,388		—

Public finance and other commercial loans	956,284		—		—		34		956,318		34
Loans	$	12,406,783	$	34,075	$	11,189	$	33,980	$	12,486,027	$	172

Summary of Non-Accrual Loans by Loan class

The following table summarizes the Corporation’s nonaccrual loans by loan class as of the dates indicated:


	March 31, 2024				December 31, 2023
	Nonaccrual Loans		Nonaccrual Loans with no Allowance for Credit Losses		Nonaccrual Loans		Nonaccrual Loans with no Allowance for Credit Losses
Commercial and industrial loans	$	7,140	$	305	$	9,050	$	1,015
Agricultural land, production and other loans to farmers	56		—		58		—
Real estate loans:
Construction	—		—		520		—
Commercial real estate, non-owner occupied	23,213		10,650		11,932		11,095
Commercial real estate, owner occupied	2,687		1,936		3,041		2,257
Residential	25,900		—		25,140		—
Home equity	3,449		—		3,820		—
Individuals' loans for household and other personal expenditures	33		—		19		—

Loans	$	62,478	$	12,891	$	53,580	$	14,367

Summary of Modified Loans

The following tables present the amortized cost basis of loans at March 31, 2024 and March 31, 2023 that were both experiencing financial difficulty and modified during the three months ended March 31, 2024 and 2023, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below.


	Three Months Ended March 31, 2024
	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
	Payment Delay		Term Extension		Interest Rate Reduction		Combination Payment Delay & Term Extension		% of Total Class of Financing Receivable
Commercial and industrial loans	$	1,542	$	2,798	$	250	$	14		0.12	%

Real estate loans:


Commercial real estate, owner occupied	—		190		—		—			0.02	%
Residential	1,617		—		—		—			0.07	%
Home equity	90		266		—		—			0.06	%


Total	$	3,249	$	3,254	$	250	$	14



	Three Months Ended March 31, 2023
	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
		Term Extension		Combination Interest Rate Reduction & Term Extension		% of Total Class of Financing Receivable
Commercial and industrial loans		$	9,224	$	—	0.26	%
Agricultural land, production and other loans to farmers		37		—		0.02	%
Real estate loans:
Construction		17		—		—	%
Commercial real estate, non-owner occupied		97		5,966		0.26	%
Commercial real estate, owner occupied		10,822		82		0.88	%




Total		$	20,197	$	6,048

The following tables present the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three months ended March 31, 2024 and 2023.

Three Months Ended March 31, 2024

Financial Effect of Loan Modifications

Payment Delay

Term Extension

Interest Rate Reduction

Combination Payment Delay & Term Extension

Commercial and industrial loans

Provided payment deferrals with weighted average delayed amounts of $50,000.

Extended loans by a weighted average of 15 months.

Reduced the weighted average contractual interest rate from 9.00% to 8.00%.

Provided payment deferrals with weighted average delayed amounts of $5,000. Extended loans by a weighted average of 3 months.

Real estate loans:

Commercial real estate, owner occupied

Extended loans by a weighted average of 5 months.

Residential

Provided payment deferrals with weighted average delayed amounts of $31,000.

Home equity

Provided payment deferrals with weighted average delayed amounts of $4,000.

Extended loans by a weighted average of 6 months.

Three Months Ended March 31, 2023

Financial Effect of Loan Modifications

Term Extension

Combination Interest Rate Reduction & Term Extension

Commercial and industrial loans

Added a weighted average life of 4 months to the life of the loans, which reduced monthly payment amounts for the borrowers.

Agricultural land, production and other loans to farmers

Added a weighted average life of 60 months to the life of the loans, which reduced monthly payment amounts for the borrowers.

Real estate loans:

Construction

Added a weighted average life of 24 months to the life of the loans, which reduced monthly payment amounts for the borrowers.

Commercial real estate, non-owner occupied

Added a weighted average life of 12 months to the life of the loans, which reduced monthly payment amounts for the borrowers.

Reduced the weighted average contractual interest rate from 7.81% to 7.40%. Added a weighted average 41 months to the life of loans, which reduced monthly payment amounts for the borrowers.

Commercial real estate, owner occupied

Added a weighted average life of 9 months to the life of the loans, which reduced monthly payment amounts for the borrowers.

Reduced the weighted average contractual interest rate from 10.25% to 6.61%. Added a weighted average 114 months to the life of loans, which reduced monthly payment amounts for the borrowers.


	Three Months Ended March 31, 2024
	Payment Status
	Current		30-89 Days Past Due		90+ Days Past Due
Commercial and industrial loans	$	4,605	$	—	$	98

Real estate loans:


Commercial real estate, owner occupied	189		7		—
Residential	—		122		1,617
Home equity	356		—		—


Total	$	5,150	$	129	$	1,715



	Three Months Ended March 31, 2023
	Payment Status
	Current
Commercial and industrial loans	$	9,224
Agricultural land, production and other loans to farmers	37
Real estate loans:
Construction	17
Commercial real estate, non-owner occupied	6,063
Commercial real estate, owner occupied	10,904




Total	$	26,245

Summary of Changes in Allowance for Loan Losses

The following tables summarize changes in the allowance for credit losses by loan segment for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31, 2024
	Commercial		Commercial Real Estate		Construction		Consumer & Residential		Total
Allowance for credit losses
Balances, December 31, 2023	$	97,348	$	44,048	$	24,823	$	38,715	$	204,934



Provision for credit losses	3,145		1,528		(4,454)		1,781		2,000


Recoveries on loans	551		53		—		296		900
Loans charged off	(1,831)		(351)		—		(971)		(3,153)
Balances, March 31, 2024	$	99,213	$	45,278	$	20,369	$	39,821	$	204,681


	Three Months Ended March 31, 2023
	Commercial		Commercial Real Estate		Construction		Consumer & Residential		Total
Allowance for credit losses
Balances, December 31, 2022	$	102,216	$	46,839	$	28,955	$	45,267	$	223,277
Provision for credit losses	(1,199)		(583)		(384)		2,166		—


Recoveries on loans	530		56		—		258		844
Loans charged off	(243)		(4)		—		(822)		(1,069)
Balances, March 31, 2023	$	101,304	$	46,308	$	28,571	$	46,869	$	223,052

Summary of Financial Instruments with Off-balance Sheet Risk

Financial instruments with off-balance sheet risk were as follows:


	March 31, 2024		December 31, 2023
Amounts of commitments:
Loan commitments to extend credit	$	4,993,077	$	5,025,790
Standby letters of credit	$	72,956	$	65,580

Summary of Allowance for Credit Losses, Off-balance Sheet

The table below reflects the total allowance for credit losses for the off-balance sheet commitment for the three months ended March 31, 2024 and 2023:


	Three Months Ended
	March 31, 2024		March 31, 2023
Balance at beginning of the period	$	19,500	$	23,300


Provision for credit losses - unfunded commitments	—		—
Ending balance	$	19,500	$	23,300

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Fair Value of Derivative Financial Instruments and Classification on the Balance Sheet


	March 31, 2024				December 31, 2023
	Notional Amount		Fair Value		Notional Amount		Fair Value
Included in other assets:
Interest rate swaps	$	1,348,270	$	89,209	$	1,355,947	$	78,743
Forward contracts related to mortgage loans to be delivered for sale	25,689		357		15,160		469
Interest rate lock commitments	30,146		177		22,706		167
Included in other assets	$	1,404,105	$	89,743	$	1,393,813	$	79,379
Included in other liabilities:
Interest rate swaps	$	1,348,270	$	89,265	$	1,355,947	$	78,811
Forward contracts related to mortgage loans to be delivered for sale	32,935		143		25,290		191
Interest rate lock commitments	15,026		29		1,025		6
Included in other liabilities	$	1,396,231	$	89,437	$	1,382,262	$	79,008

Summary of Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss)

The amount of gain (loss) recognized in other comprehensive income (loss) is included in the table below for the periods indicated.


Derivatives in Cash Flow Hedging Relationships	Amount of Loss Recognized in Other Comprehensive Income (Loss) on Derivatives (Effective Portion)
	Three Months Ended
	March 31, 2024		March 31, 2023
Interest Rate Products	$	—	$	(51)

Summary of Effect of Derivative Financial Instruments on the Income Statement

The amount of gain (loss) reclassified from other comprehensive income (loss) into income related to cash flow hedging relationships is included in the table below for the periods indicated.

Derivatives Designated as
Hedging Instruments

Location of Gain (Loss)
Recognized Income on
Derivative

Amount of Gain Reclassed from Other Comprehensive Income (Loss) into Income (Effective Portion)

Three Months Ended
March 31, 2024

Three Months Ended
March 31, 2023

Interest rate contracts

Interest Expense

—

The amount of gain (loss) recognized into income related to non-designated hedging instruments is included in the table below for the periods indicated.


Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized Income on Derivative	Amount of Gain (Loss) Recognized into Income on Derivatives
		Three Months Ended March 31, 2024		Three Months Ended March 31, 2023
Forward contracts related to mortgage loans to be delivered for sale	Net gains and fees on sales of loans	$	(1)	$	(46)
Interest rate lock commitments	Net gains and fees on sales of loans	(13)		227
Total net gain (loss) recognized in income		$	(14)	$	181

INVESTMENT SECURITIES - Amortized Cost and Approximate Fair Value of Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Available for sale securities
Amortized Cost	$ 1,867,872	$ 1,846,840
Gross Unrealized Gains	363	826
Gross Unrealized Losses	248,022	220,554
Fair Value	1,620,213	1,627,112
Held to maturity securities
Amortized Cost	2,163,606	2,184,497
Allowance for Credit Losses	245	245
Net Carrying Amount	2,163,361	2,184,252
Gross Unrealized Gains	691	1,625
Gross Unrealized Losses	343,846	315,748
Fair Value	1,820,451	1,870,374
U.S. Government-sponsored agency securities
Available for sale securities
Amortized Cost	110,457	111,521
Gross Unrealized Gains	0	0
Gross Unrealized Losses	17,325	16,214
Fair Value	93,132	95,307
Held to maturity securities
Amortized Cost	370,310	374,002
Allowance for Credit Losses	0	0
Net Carrying Amount	370,310	374,002
Gross Unrealized Gains	0	0
Gross Unrealized Losses	66,154	64,159
Fair Value	304,156	309,843
State and municipal
Available for sale securities
Amortized Cost	1,179,288	1,181,029
Gross Unrealized Gains	27	364
Gross Unrealized Losses	136,252	116,222
Fair Value	1,043,063	1,065,171
Held to maturity securities
Amortized Cost	1,097,848	1,099,201
Allowance for Credit Losses	245	245
Net Carrying Amount	1,097,603	1,098,956
Gross Unrealized Gains	691	1,625
Gross Unrealized Losses	171,353	152,113
Fair Value	927,186	948,713
U.S. Government-sponsored mortgage-backed securities
Available for sale securities
Amortized Cost	565,177	541,343
Gross Unrealized Gains	336	462
Gross Unrealized Losses	93,469	86,990
Fair Value	472,044	454,815
Held to maturity securities
Amortized Cost	693,948	709,794
Allowance for Credit Losses	0	0
Net Carrying Amount	693,948	709,794
Gross Unrealized Gains	0	0
Gross Unrealized Losses	106,317	99,448
Fair Value	587,631	610,346
Corporate obligations
Available for sale securities
Amortized Cost	12,950	12,947
Gross Unrealized Gains	0	0
Gross Unrealized Losses	976	1,128
Fair Value	11,974	11,819
Foreign investment
Held to maturity securities
Amortized Cost	1,500	1,500
Allowance for Credit Losses	0	0
Net Carrying Amount	1,500	1,500
Gross Unrealized Gains	0	0
Gross Unrealized Losses	22	28
Fair Value	$ 1,478	$ 1,472

INVESTMENT SECURITIES - Investments' Gross Unrealized Losses and Fair Value Aggregated by Investment Category and Length of Time in Continuous Unrealized Loss Position (Details) $ in Thousands	Mar. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Fair Value
Less than 12 Months	$ 97,313	$ 67,007
12 Months or Longer	1,494,350	1,493,547
Total	1,591,663	1,560,554
Gross Unrealized Losses
Less than 12 Months	2,142	1,101
12 Months or Longer	245,880	219,453
Total	$ 248,022	$ 220,554
Number of Securities \| security	901	865
U.S. Government-sponsored agency securities
Fair Value
Less than 12 Months	$ 0	$ 0
12 Months or Longer	93,132	95,307
Total	93,132	95,307
Gross Unrealized Losses
Less than 12 Months	0	0
12 Months or Longer	17,325	16,214
Total	$ 17,325	$ 16,214
Number of Securities \| security	14	14
State and municipal
Fair Value
Less than 12 Months	$ 54,062	$ 55,514
12 Months or Longer	980,756	963,584
Total	1,034,818	1,019,098
Gross Unrealized Losses
Less than 12 Months	1,643	1,076
12 Months or Longer	134,609	115,146
Total	$ 136,252	$ 116,222
Number of Securities \| security	721	691
U.S. Government-sponsored mortgage-backed securities
Fair Value
Less than 12 Months	$ 43,251	$ 11,493
12 Months or Longer	408,518	422,868
Total	451,769	434,361
Gross Unrealized Losses
Less than 12 Months	499	25
12 Months or Longer	92,970	86,965
Total	$ 93,469	$ 86,990
Number of Securities \| security	156	150
Corporate obligations
Fair Value
Less than 12 Months	$ 0	$ 0
12 Months or Longer	11,944	11,788
Total	11,944	11,788
Gross Unrealized Losses
Less than 12 Months	0	0
12 Months or Longer	976	1,128
Total	$ 976	$ 1,128
Number of Securities \| security	10	10

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 47,941	$ 64,079
Unrealized gains (losses) on securities available-for-sale:
Unrealized holding gain (loss) arising during the period	(27,925)	49,415
Reclassification adjustment for losses (gains) included in net income	2	1,571
Tax effect	5,864	(10,707)
Net of tax	(22,059)	40,279
Unrealized gain (loss) on cash flow hedges:
Unrealized holding gain (loss) arising during the period	0	(51)
Reclassification adjustment for losses (gains) included in net income	0	(1)
Tax effect	0	10
Net of tax	0	(42)
Total other comprehensive income (loss), net of tax	(22,059)	40,237
Comprehensive income	$ 25,882	$ 104,316

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Summary of Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, as of March 31, 2024 and 2023:


	Accumulated Other Comprehensive Income (Loss)
	Unrealized Gains (Losses) on Securities Available for Sale		Unrealized Gains (Losses) on Cash Flow Hedges		Unrealized Gains (Losses) on Defined Benefit Plans		Total
Balance at December 31, 2023	$	(173,654)	$	—	$	(2,316)	$	(175,970)
Other comprehensive income (loss) before reclassifications	(22,061)		—		—		(22,061)
Amounts reclassified from accumulated other comprehensive income (loss)	2		—		—		2
Period change	(22,059)		—		—		(22,059)

Balance at March 31, 2024	$	(195,713)	$	—	$	(2,316)	$	(198,029)


Balance at December 31, 2022	$	(234,495)	$	130	$	(4,786)	$	(239,151)
Other comprehensive income (loss) before reclassifications	39,038		(41)		—		38,997
Amounts reclassified from accumulated other comprehensive income (loss)	1,241		(1)		—		1,240
Period change	40,279		(42)		—		40,237

Balance at March 31, 2023	$	(194,216)	$	88	$	(4,786)	$	(198,914)

Summary of Reclassification out of Accumulated Other Comprehensive Income (Loss)


	Amount Reclassified from Accumulated Other Comprehensive Income (Loss) For the Three Months Ended March 31,
Details about Accumulated Other Comprehensive Income (Loss) Components	2024		2023		Affected Line Item in the Statements of Income
Unrealized gains (losses) on available for sale securities (1)
Realized securities gains (losses) reclassified into income	$	(2)	$	(1,571)	Other income - net realized gains (losses) on sales of available for sale securities
Related income tax benefit (expense)	—		330		Income tax expense
	$	(2)	$	(1,241)

Unrealized gains (losses) on cash flow hedges (2)
Interest rate contracts	$	—	$	1	Interest expense - subordinated debentures and term loans
Related income tax benefit (expense)	—		—		Income tax expense
	$	—	$	1






Total reclassifications for the period, net of tax	$	(2)	$	(1,240)

SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

Stock options and Restricted Stock Awards ("RSA") have been issued to directors, officers and other management employees under the Corporation's 2009 Long-term Equity Incentive Plan, the 2019 Long-term Equity Incentive Plan, the Level One Bancorp, Inc. 2007 Stock Option Plan and the Equity Compensation Plan for Non-Employee Directors. The stock options, which have a ten year life, become 100 percent vested based on time ranging from one year to two years and are fully exercisable when vested. Option exercise prices equal the Corporation's common stock closing price on NASDAQ on the date of grant. The RSAs issued to employees and non-employee directors provide for the issuance of shares of the Corporation's common stock at no cost to the holder and generally vest after three years. The RSAs vest only if the employee is actively employed by the Corporation on the vesting date and, therefore, any unvested shares are forfeited. For non-employee directors, the RSAs vest only if the non-employee director remains as an active board member on the vesting date and, therefore, any unvested shares are forfeited. The RSAs for employees and non-employee directors are either immediately vested at retirement, disability or death, or, continue to vest after retirement, disability or death, depending on the plan under which the shares were granted.

The Corporation’s 2019 Employee Stock Purchase Plan ("ESPP") provides eligible employees of the Corporation and its subsidiaries an opportunity to purchase shares of common stock of the Corporation through quarterly offerings financed by payroll deductions. The price of the stock to be paid by the employees shall be equal to 85 percent of the average of the closing price of the Corporation’s common stock on each trading day during the offering period. However, in no event shall such purchase price be less than the lesser of an amount equal to 85 percent of the market price of the Corporation’s stock on the offering date or an amount equal to 85 percent of the market value on the date of purchase. Common stock purchases are made quarterly and are paid through advance payroll deductions up to a calendar year maximum of $25,000.

Compensation expense related to unvested share-based awards is recorded by recognizing the unamortized grant date fair value of these awards over the remaining service periods of those awards, with no change in historical reported fair values and earnings. Awards are valued at

fair value in accordance with provisions of share-based compensation guidance and are recognized on a straight-line basis over the service periods of each award. To complete the exercise of vested stock options, RSA’s and ESPP options, the Corporation generally issues new shares from its authorized but unissued share pool. Share-based compensation has been recognized as a component of salaries and benefits expense in the accompanying Consolidated Condensed Statements of Income.

Share-based compensation expense recognized in the Consolidated Condensed Statements of Income is based on awards ultimately expected to vest and is reduced for estimated forfeitures. Share-based compensation guidance requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods, if actual forfeitures differ from those estimates. Pre-vesting forfeitures were estimated to be approximately 0.05 percent for the three months ended March 31, 2024, based on historical experience.

The following table summarizes the components of the Corporation's share-based compensation awards recorded as an expense and the income tax benefit of such awards.


	Three Months Ended March 31,
	2024		2023
Stock and ESPP Options
Pre-tax compensation expense	$	67	$	30
Income tax expense (benefit)	—		(57)
Stock and ESPP option expense, net of income taxes	$	67	$	(27)
Restricted Stock Awards
Pre-tax compensation expense	$	1,335	$	1,167
Income tax expense (benefit)	(264)		(255)
Restricted stock awards expense, net of income taxes	$	1,071	$	912
Total Share-Based Compensation
Pre-tax compensation expense	$	1,402	$	1,197
Income tax expense (benefit)	(264)		(312)
Total share-based compensation expense, net of income taxes	$	1,138	$	885

The grant date fair value of ESPP options was estimated to be approximately $67,000 at the beginning of the January 1, 2024 quarterly offering period. The ESPP options vested during the three months ending March 31, 2024, leaving no unrecognized compensation expense related to unvested ESPP options at March 31, 2024.

Stock option activity under the Corporation's stock option plans as of March 31, 2024 and changes during the three months ended March 31, 2024, were as follows:


	Number of Shares	Weighted-Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2024	90,075	$	20.21


Exercised	—	$	—

Outstanding March 31, 2024	90,075	$	20.21	1.68	$	1,323,548
Vested and Expected to Vest at March 31, 2024	90,075	$	20.21	1.68	$	1,323,548
Exercisable at March 31, 2024	90,075	$	20.21	1.68	$	1,323,548

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Corporation's closing stock price on the last trading day of the first three months of 2024 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their stock options on March 31, 2024. The amount of aggregate intrinsic value will change based on the fair market value of the Corporation's common stock.

The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2023 was $1.4 million. There were no stock options exercised during the three months ended March 31, 2024. Cash receipts of stock options exercised during the three months ended March 31, 2023 was $1.0 million.

The following table summarizes information on unvested RSAs outstanding as of March 31, 2024:


	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested RSAs at January 1, 2024	452,426	$	37.94
Granted	8,859	$	34.90
Vested	(7,413)	$	45.30
Forfeited	(275)	$	40.95
Unvested RSAs at March 31, 2024	453,597	$	37.76

As of March 31, 2024, unrecognized compensation expense related to RSAs was $8.3 million and is expected to be recognized over a weighted-average period of 1.6 years. The Corporation did not have any unrecognized compensation expense related to stock options as of March 31, 2024.

FAIR VALUES OF FINANCIAL INSTRUMENTS - Valuation Methodologies Used for Instruments Measured at Fair Value on Non-Recurring Basis (Details) - Nonrecurring - Collateral dependent loans - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral dependent loans	$ 33,522	$ 55,020
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral dependent loans	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral dependent loans	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral dependent loans	$ 33,522	$ 55,020

FAIR VALUES OF FINANCIAL INSTRUMENTS - Reconciliation of Beginning and Ending Balances of Recurring Fair Value Measurements using Significant Unobservable Level 3 Inputs (Details) - Recurring - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Available for Sale Securities
Balance at beginning of the period	$ 3,310	$ 3,439
Included in other comprehensive income	(95)	114
Principal payments	32	(91)
Ending balance	$ 3,247	$ 3,462

INCOME TAX (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAX (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Reconciliation of Federal Statutory to Actual Tax Expense:
Federal statutory income tax at 21%	$ 11,501	$ 15,833
Tax-exempt interest income	(4,352)	(4,867)
Non-deductible FDIC premiums	139	60
Share-based compensation	30	(61)
Tax-exempt earnings and gains on life insurance	(334)	(270)
Tax credits	(304)	(92)
State Income Tax	34	700
Other	111	14
Actual Tax Expense	$ 6,825	$ 11,317
Effective Tax Rate	12.50%	15.00%

SHARE-BASED COMPENSATION - Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	90,075
Exercised (in shares) \| shares	0
Ending balance (in shares) \| shares	90,075
Vested and expected to vest, number of shares (in shares) \| shares	90,075
Exercisable, number of shares (in shares) \| shares	90,075
Weighted-Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares	$ 20.21
Exercised (in dollars per share) \| $ / shares	0
Ending balance (in dollars per share) \| $ / shares	20.21
Vested and expected to vest, weighted-average exercise price (in dollars per share) \| $ / shares	20.21
Exercisable, weighted-average exercise price (in dollars per share) \| $ / shares	$ 20.21
Weighted Average Remaining Contractual Term (in Years)
Outstanding	1 year 8 months 4 days
Vested and expected to vest	1 year 8 months 4 days
Exercisable	1 year 8 months 4 days
Aggregate Intrinsic Value
Outstanding \| $	$ 1,323,548
Vested and expected to vest \| $	1,323,548
Exercisable \| $	$ 1,323,548

LOANS AND ALLOWANCE - Narrative (Details)	3 Months Ended		12 Months Ended
LOANS AND ALLOWANCE - Narrative (Details)	Mar. 31, 2024 USD ($) loan_segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale	$ 15,118,000		$ 18,934,000
Loans	12,465,582,000		12,486,027,000
Interest income recognized on non-accrual loans	$ 0	$ 0
Number of loan segments \| loan_segment	10
Allowance for credit losses increase (decrease)	$ 253,000	(225,000)
Net charge-offs	2,300,000
Provision expense	$ 2,000,000	0
Standby letters of credit usual term	2 years
Increase (decrease) in provision	$ 0	0	3,800,000
Off-balance sheet commitments	19,500,000	$ 23,300,000	19,500,000	$ 23,300,000
Commercial and industrial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	3,722,365,000		3,670,948,000
Commercial real estate, non-owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,368,360,000		2,400,839,000
Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,316,490,000		2,288,921,000
Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	68,900,000		79,200,000
Increase in past due loans	10,300,000
30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	17,406,000		34,075,000
Increase in past due loans	16,700,000
30-59 Days Past Due \| Commercial and industrial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	3,279,000		5,021,000
Increase in past due loans	1,700,000
30-59 Days Past Due \| Commercial real estate, non-owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	746,000		12,995,000
Increase in past due loans	12,200,000
30-59 Days Past Due \| Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	8,741,000		11,810,000
Increase in past due loans	3,100,000
60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	9,491,000		11,189,000
Increase in past due loans	1,700,000
60-89 Days Past Due \| Commercial and industrial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	267,000		1,622,000
60-89 Days Past Due \| Commercial real estate, non-owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,988,000		195,000
60-89 Days Past Due \| Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	4,197,000		5,472,000
90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	41,978,000		33,980,000
Increase in past due loans	8,000,000
90 Days or More Past Due \| Commercial and industrial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	6,407,000		6,858,000
90 Days or More Past Due \| Commercial real estate, non-owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	22,781,000		11,465,000
Increase in past due loans	11,300,000
90 Days or More Past Due \| Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	9,848,000		$ 12,143,000
Increase in past due loans	$ 2,300,000

INVESTMENT SECURITIES

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

INVESTMENT SECURITIES

The following table summarizes the amortized cost, gross unrealized gains and losses and approximate fair value of investment securities available for sale as of March 31, 2024 and December 31, 2023.


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale at March 31, 2024

U.S. Government-sponsored agency securities	$	110,457	$	—	$	17,325	$	93,132
State and municipal	1,179,288		27		136,252		1,043,063
U.S. Government-sponsored mortgage-backed securities	565,177		336		93,469		472,044
Corporate obligations	12,950		—		976		11,974

Total available for sale	$	1,867,872	$	363	$	248,022	$	1,620,213


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale at December 31, 2023

U.S. Government-sponsored agency securities	$	111,521	$	—	$	16,214	$	95,307
State and municipal	1,181,029		364		116,222		1,065,171
U.S. Government-sponsored mortgage-backed securities	541,343		462		86,990		454,815
Corporate obligations	12,947		—		1,128		11,819

Total available for sale	$	1,846,840	$	826	$	220,554	$	1,627,112

The following table summarizes the amortized cost, gross unrealized gains and losses, approximate fair value and allowance for credit losses on investment securities held to maturity as of March 31, 2024 and December 31, 2023.


	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Held to maturity at March 31, 2024
U.S. Government-sponsored agency securities	$	370,310	$	—	$	370,310	$	—	$	66,154	$	304,156
State and municipal	1,097,848		245		1,097,603		691		171,353		927,186
U.S. Government-sponsored mortgage-backed securities	693,948		—		693,948		—		106,317		587,631
Foreign investment	1,500		—		1,500		—		22		1,478
Total held to maturity	$	2,163,606	$	245	$	2,163,361	$	691	$	343,846	$	1,820,451


	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Held to maturity at December 31, 2023
U.S. Government-sponsored agency securities	$	374,002	$	—	$	374,002	$	—	$	64,159	$	309,843
State and municipal	1,099,201		245		1,098,956		1,625		152,113		948,713
U.S. Government-sponsored mortgage-backed securities	709,794		—		709,794		—		99,448		610,346
Foreign investment	1,500		—		1,500		—		28		1,472
Total held to maturity	$	2,184,497	$	245	$	2,184,252	$	1,625	$	315,748	$	1,870,374

Accrued interest on investment securities available for sale and held to maturity at March 31, 2024 and December 31, 2023 of $22.6 million and $25.2 million, respectively, are included in the Interest Receivable line on the Corporation's Consolidated Condensed Balance Sheets. The total amount of accrued interest is excluded from the amortized cost of available for sale and held to maturity securities presented above.

In determining the allowance for credit losses on investment securities available for sale that are in an unrealized loss position, the Corporation 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 the income statement. For investment securities available for sale that do not meet the aforementioned criteria, the Corporation evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Corporation considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Unrealized losses that have not been recorded through an allowance for credit losses is recognized in other comprehensive income. Adjustments to the allowance are reported in the income statement as a component of the provision for credit loss. The Corporation has made the accounting policy election to exclude accrued interest receivable on investment securities available for sale from the estimate of credit losses. Investment securities available for sale are charged off against the allowance or, in the absence of any allowance, written down through the income statement when deemed uncollectible or when either of the aforementioned criteria regarding intent or requirement to sell is met. The Corporation did not record an allowance for credit losses on its investment securities available for sale as the unrealized losses were attributable to changes in interest rates, not credit quality.

The allowance for credit losses on investment securities held to maturity is a contra asset-valuation account that is deducted from the amortized cost basis of investment securities held to maturity to present the net amount expected to be collected. Investment securities held to maturity are charged off against the allowance when deemed uncollectible. Adjustments to the allowance are reported in the income statement as a component of the provision for credit loss. The Corporation measures expected credit losses on investment securities held to maturity on a collective basis by major security type with each type sharing similar risk characteristics, and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The Corporation has made the accounting policy election to exclude accrued interest receivable on investment securities held to maturity from the estimate of credit losses. With regard to U.S. Government-sponsored agency and mortgage-backed securities, all these securities are issued by a U.S. Government-sponsored entity and have an implicit or explicit government guarantee; therefore, no allowance for credit losses has been recorded for these securities. With regard to securities issued by states and municipalities and other investment securities held to maturity, management considers (1) issuer bond ratings, (2) historical loss rates for given bond ratings, (3) the financial condition of the issuer, and (4) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities. Historical loss rates associated with securities having similar grades as those in the Corporation's portfolio have been insignificant. Furthermore, as of March 31, 2024, there were no past due principal and interest payments associated with these securities. At current expected credit loss ("CECL") adoption, an allowance for credit losses of $245,000 was recorded on the state and municipal securities classified as held to maturity based on applying the long-term historical credit loss rate, as published by Moody’s, for similarly rated securities. The balance of the allowance for credit losses remained unchanged at $245,000 as of March 31, 2024.

On a quarterly basis, the Corporation monitors the credit quality of investment securities held to maturity through the use of credit ratings. The following table summarizes the amortized cost of investment securities held to maturity at March 31, 2024, aggregated by credit quality indicator.


	Held to Maturity
	State and municipal		Other		Total
Credit Rating:
Aaa	$	114,449	$	70,587	$	185,036
Aa1	159,923		—		159,923
Aa2	169,157		—		169,157
Aa3	133,379		—		133,379
A1	131,318		—		131,318
A2	16,837		—		16,837
A3	3,468		—		3,468

Non-rated	369,317		995,171		1,364,488
Total	$	1,097,848	$	1,065,758	$	2,163,606

The following tables summarize, as of March 31, 2024 and December 31, 2023, investment securities available for sale in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by security type and length of time in a continuous unrealized loss position.


	Less than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Investment securities available for sale at March 31, 2024

U.S. Government-sponsored agency securities	$	—	$	—	$	93,132	$	17,325	$	93,132	$	17,325
State and municipal	54,062		1,643		980,756		134,609		1,034,818		136,252
U.S. Government-sponsored mortgage-backed securities	43,251		499		408,518		92,970		451,769		93,469
Corporate obligations	—		—		11,944		976		11,944		976
Total investment securities available for sale	$	97,313	$	2,142	$	1,494,350	$	245,880	$	1,591,663	$	248,022


	Less than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Investment securities available for sale at December 31, 2023

U.S. Government-sponsored agency securities	$	—	$	—	$	95,307	$	16,214	$	95,307	$	16,214
State and municipal	55,514		1,076		963,584		115,146		1,019,098		116,222
U.S. Government-sponsored mortgage-backed securities	11,493		25		422,868		86,965		434,361		86,990
Corporate obligations	—		—		11,788		1,128		11,788		1,128
Total investment securities available for sale	$	67,007	$	1,101	$	1,493,547	$	219,453	$	1,560,554	$	220,554

The following table summarizes investment securities available for sale in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by security type and the number of securities in the portfolio as of the dates indicated.


	Gross Unrealized Losses		Number of Securities
Investment securities available for sale at March 31, 2024

U.S. Government-sponsored agency securities	$	17,325	14
State and municipal	136,252		721
U.S. Government-sponsored mortgage-backed securities	93,469		156
Corporate obligations	976		10
Total investment securities available for sale	$	248,022	901


	Gross Unrealized Losses		Number of Securities
Investment securities available for sale at December 31, 2023

U.S. Government-sponsored agency securities	$	16,214	14
State and municipal	116,222		691
U.S. Government-sponsored mortgage-backed securities	86,990		150
Corporate obligations	1,128		10
Total investment securities available for sale	$	220,554	865

The unrealized losses in the Corporation’s investment portfolio were the result of changes in interest rates and not credit quality. As a result, the Corporation expects to recover the amortized cost basis over the term of the securities. The Corporation does not intend to sell the investments and it is not more likely than not that the Corporation will be required to sell the investments before recovery of their amortized cost basis, which may be maturity.

Certain investment securities available for sale are reported in the financial statements at an amount less than their historical cost as indicated in the table below.


	March 31, 2024			December 31, 2023
Investments available for sale reported at less than historical cost:
Historical cost	$	1,839,685		$	1,781,108
Fair value	1,591,663			1,560,554
Gross unrealized losses	$	248,022		$	220,554
Percent of the Corporation's investments available for sale	98.2		%	95.9		%

In determining the fair value of the investment securities portfolio, the Corporation utilizes a third party for portfolio accounting services, including market value input, for those securities classified as Level 1 and Level 2 in the fair value hierarchy. The Corporation has obtained an understanding of what inputs are being used by the vendor in pricing the portfolio and how the vendor classified these securities based upon these inputs. From these discussions, the Corporation’s management is comfortable that the classifications are proper. The Corporation has gained trust in the data for two reasons: (a) independent spot testing of the data is conducted by the Corporation through obtaining market quotes from various brokers on a periodic basis; and (b) actual gains or losses resulting from the sale of certain securities has proven the data to be accurate over time. Fair value of securities classified as Level 3 in the valuation hierarchy was determined using a discounted cash flow model that incorporated market estimates of interest rates and volatility in markets that have not been active.

The amortized cost and fair value of investment securities available for sale and held to maturity at March 31, 2024 and December 31, 2023, by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity are shown separately.


	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturity Distribution at March 31, 2024
Due in one year or less	$	1,865	$	1,855	$	12,971	$	12,831
Due after one through five years	24,392		22,654		112,676		105,283
Due after five through ten years	141,962		131,832		137,043		125,783
Due after ten years	1,134,476		991,828		1,206,968		988,923
	1,302,695		1,148,169		1,469,658		1,232,820
U.S. Government-sponsored mortgage-backed securities	565,177		472,044		693,948		587,631

Total investment securities	$	1,867,872	$	1,620,213	$	2,163,606	$	1,820,451


	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturity Distribution at December 31, 2023
Due in one year or less	$	1,390	$	1,382	$	3,041	$	3,043
Due after one through five years	24,899		23,372		118,592		111,723
Due after five through ten years	127,948		120,385		135,805		126,461
Due after ten years	1,151,260		1,027,158		1,217,265		1,018,801
	1,305,497		1,172,297		1,474,703		1,260,028
U.S. Government-sponsored mortgage-backed securities	541,343		454,815		709,794		610,346

Total investment securities	$	1,846,840	$	1,627,112	$	2,184,497	$	1,870,374

Securities with a carrying value of approximately $1.7 billion and $1.8 billion were pledged at March 31, 2024 and December 31, 2023, respectively, to secure certain deposits and securities sold under repurchase agreements, and for other purposes as permitted or required by law.

The book value of securities pledged and available under agreements to repurchase amounted to $152.0 million at March 31, 2024 and $181.4 million at December 31, 2023.

Gross gains and losses on the sales and redemptions of investment securities available for sale for the three months ended March 31, 2024 and 2023 are shown below.


	Three Months Ended March 31,
		2024		2023
Sales and redemptions of investment securities available for sale:
Gross gains		$	—	$	12
Gross losses		(2)		(1,583)

Net gains (losses) on sales and redemptions of investment securities available for sale		$	(2)	$	(1,571)

INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost, Gross Unrealized Gains and Losses and Approximate Fair Value of Investment Securities

The following table summarizes the amortized cost, gross unrealized gains and losses and approximate fair value of investment securities available for sale as of March 31, 2024 and December 31, 2023.


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale at March 31, 2024

U.S. Government-sponsored agency securities	$	110,457	$	—	$	17,325	$	93,132
State and municipal	1,179,288		27		136,252		1,043,063
U.S. Government-sponsored mortgage-backed securities	565,177		336		93,469		472,044
Corporate obligations	12,950		—		976		11,974

Total available for sale	$	1,867,872	$	363	$	248,022	$	1,620,213


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale at December 31, 2023

U.S. Government-sponsored agency securities	$	111,521	$	—	$	16,214	$	95,307
State and municipal	1,181,029		364		116,222		1,065,171
U.S. Government-sponsored mortgage-backed securities	541,343		462		86,990		454,815
Corporate obligations	12,947		—		1,128		11,819

Total available for sale	$	1,846,840	$	826	$	220,554	$	1,627,112


	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Held to maturity at March 31, 2024
U.S. Government-sponsored agency securities	$	370,310	$	—	$	370,310	$	—	$	66,154	$	304,156
State and municipal	1,097,848		245		1,097,603		691		171,353		927,186
U.S. Government-sponsored mortgage-backed securities	693,948		—		693,948		—		106,317		587,631
Foreign investment	1,500		—		1,500		—		22		1,478
Total held to maturity	$	2,163,606	$	245	$	2,163,361	$	691	$	343,846	$	1,820,451


	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Held to maturity at December 31, 2023
U.S. Government-sponsored agency securities	$	374,002	$	—	$	374,002	$	—	$	64,159	$	309,843
State and municipal	1,099,201		245		1,098,956		1,625		152,113		948,713
U.S. Government-sponsored mortgage-backed securities	709,794		—		709,794		—		99,448		610,346
Foreign investment	1,500		—		1,500		—		28		1,472
Total held to maturity	$	2,184,497	$	245	$	2,184,252	$	1,625	$	315,748	$	1,870,374

Summary of Amortized Cost of Investment Securities Held to Maturity Aggregated by Credit Quality Indicator


	Held to Maturity
	State and municipal		Other		Total
Credit Rating:
Aaa	$	114,449	$	70,587	$	185,036
Aa1	159,923		—		159,923
Aa2	169,157		—		169,157
Aa3	133,379		—		133,379
A1	131,318		—		131,318
A2	16,837		—		16,837
A3	3,468		—		3,468

Non-rated	369,317		995,171		1,364,488
Total	$	1,097,848	$	1,065,758	$	2,163,606

Summary of Investment Securities in a Continuous Unrealized Loss Position


	Less than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Investment securities available for sale at March 31, 2024

U.S. Government-sponsored agency securities	$	—	$	—	$	93,132	$	17,325	$	93,132	$	17,325
State and municipal	54,062		1,643		980,756		134,609		1,034,818		136,252
U.S. Government-sponsored mortgage-backed securities	43,251		499		408,518		92,970		451,769		93,469
Corporate obligations	—		—		11,944		976		11,944		976
Total investment securities available for sale	$	97,313	$	2,142	$	1,494,350	$	245,880	$	1,591,663	$	248,022


	Less than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Investment securities available for sale at December 31, 2023

U.S. Government-sponsored agency securities	$	—	$	—	$	95,307	$	16,214	$	95,307	$	16,214
State and municipal	55,514		1,076		963,584		115,146		1,019,098		116,222
U.S. Government-sponsored mortgage-backed securities	11,493		25		422,868		86,965		434,361		86,990
Corporate obligations	—		—		11,788		1,128		11,788		1,128
Total investment securities available for sale	$	67,007	$	1,101	$	1,493,547	$	219,453	$	1,560,554	$	220,554


	Gross Unrealized Losses		Number of Securities
Investment securities available for sale at March 31, 2024

U.S. Government-sponsored agency securities	$	17,325	14
State and municipal	136,252		721
U.S. Government-sponsored mortgage-backed securities	93,469		156
Corporate obligations	976		10
Total investment securities available for sale	$	248,022	901


	Gross Unrealized Losses		Number of Securities
Investment securities available for sale at December 31, 2023

U.S. Government-sponsored agency securities	$	16,214	14
State and municipal	116,222		691
U.S. Government-sponsored mortgage-backed securities	86,990		150
Corporate obligations	1,128		10
Total investment securities available for sale	$	220,554	865

Summary of Investments in Debt and Equity Securities Reported in the Financial Statements at an Amount Less Than Their Historical Cost

Certain investment securities available for sale are reported in the financial statements at an amount less than their historical cost as indicated in the table below.


	March 31, 2024			December 31, 2023
Investments available for sale reported at less than historical cost:
Historical cost	$	1,839,685		$	1,781,108
Fair value	1,591,663			1,560,554
Gross unrealized losses	$	248,022		$	220,554
Percent of the Corporation's investments available for sale	98.2		%	95.9		%

Summary of Amortized Cost and Fair Value of Available for Sale Securities and Held to Maturity Securities by Contractual Maturity


	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturity Distribution at March 31, 2024
Due in one year or less	$	1,865	$	1,855	$	12,971	$	12,831
Due after one through five years	24,392		22,654		112,676		105,283
Due after five through ten years	141,962		131,832		137,043		125,783
Due after ten years	1,134,476		991,828		1,206,968		988,923
	1,302,695		1,148,169		1,469,658		1,232,820
U.S. Government-sponsored mortgage-backed securities	565,177		472,044		693,948		587,631

Total investment securities	$	1,867,872	$	1,620,213	$	2,163,606	$	1,820,451


	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturity Distribution at December 31, 2023
Due in one year or less	$	1,390	$	1,382	$	3,041	$	3,043
Due after one through five years	24,899		23,372		118,592		111,723
Due after five through ten years	127,948		120,385		135,805		126,461
Due after ten years	1,151,260		1,027,158		1,217,265		1,018,801
	1,305,497		1,172,297		1,474,703		1,260,028
U.S. Government-sponsored mortgage-backed securities	541,343		454,815		709,794		610,346

Total investment securities	$	1,846,840	$	1,627,112	$	2,184,497	$	1,870,374

Summary of Gross Gains and Losses on Sales and Redemptions of Available for Sale Securities

Gross gains and losses on the sales and redemptions of investment securities available for sale for the three months ended March 31, 2024 and 2023 are shown below.


	Three Months Ended March 31,
		2024		2023
Sales and redemptions of investment securities available for sale:
Gross gains		$	—	$	12
Gross losses		(2)		(1,583)

Net gains (losses) on sales and redemptions of investment securities available for sale		$	(2)	$	(1,571)

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	Apr. 26, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity Registrant Name	FIRST MERCHANTS CORP
Entity Incorporation, State or Country Code	IN
Entity File Number	001-41342
Entity Tax Identification Number	35-1544218
Entity Address, Address Line One	200 East Jackson Street
Entity Address, City or Town	Muncie
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	47305-2814
City Area Code	765
Local Phone Number	747-1500
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		58,585,479
Entity Central Index Key	0000712534
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock, $0.125 stated value per share
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.125 stated value per share
Trading Symbol	FRME
Security Exchange Name	NASDAQ
Depositary Shares, each representing a 1/100th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series A
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/100th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series A
Trading Symbol	FRMEP
Security Exchange Name	NASDAQ

LOANS AND ALLOWANCE - Troubled Debt Restructurings by Modification Type (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Payment Delay
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications Made to Borrowers	$ 3,249,000
Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications Made to Borrowers	3,254,000	$ 20,197,000
Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications Made to Borrowers	250,000	$ 6,048,000
Combination Payment Delay & Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications Made to Borrowers	$ 14,000
Commercial and industrial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Total Class of Financing Receivable	0.12%	0.26%
Commercial and industrial loans \| Payment Delay
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications Made to Borrowers	$ 1,542,000
Payment Delay	50,000
Commercial and industrial loans \| Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications Made to Borrowers	$ 2,798,000	$ 9,224,000
Term Extension	15 months	4 months
Commercial and industrial loans \| Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications Made to Borrowers	$ 250,000	$ 0
Commercial and industrial loans \| Interest Rate Reduction \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reduced the weighted average contractual interest rate	9.00%
Commercial and industrial loans \| Interest Rate Reduction \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reduced the weighted average contractual interest rate	8.00%
Commercial and industrial loans \| Combination Payment Delay & Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications Made to Borrowers	$ 14,000
Payment Delay	$ 5,000
Term Extension	3 months
Agricultural land, production and other loans to farmers
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Total Class of Financing Receivable		0.02%
Agricultural land, production and other loans to farmers \| Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications Made to Borrowers		$ 37,000
Term Extension		60 months
Agricultural land, production and other loans to farmers \| Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications Made to Borrowers		$ 0
Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Total Class of Financing Receivable		0.00%
Construction \| Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications Made to Borrowers		$ 17,000
Term Extension		24 months
Construction \| Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications Made to Borrowers		$ 0
Commercial real estate, non-owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Total Class of Financing Receivable		0.26%
Commercial real estate, non-owner occupied \| Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications Made to Borrowers		$ 97,000
Term Extension		12 months
Commercial real estate, non-owner occupied \| Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications Made to Borrowers		$ 5,966,000
Term Extension		41 months
Commercial real estate, non-owner occupied \| Interest Rate Reduction \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reduced the weighted average contractual interest rate		7.40%
Commercial real estate, non-owner occupied \| Interest Rate Reduction \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reduced the weighted average contractual interest rate		7.81%
Commercial real estate, owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Total Class of Financing Receivable	0.02%	0.88%
Commercial real estate, owner occupied \| Payment Delay
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications Made to Borrowers	$ 0
Commercial real estate, owner occupied \| Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications Made to Borrowers	$ 190,000	$ 10,822,000
Term Extension	5 months	9 months
Commercial real estate, owner occupied \| Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications Made to Borrowers	$ 0	$ 82,000
Term Extension		114 months
Commercial real estate, owner occupied \| Interest Rate Reduction \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reduced the weighted average contractual interest rate		6.61%
Commercial real estate, owner occupied \| Interest Rate Reduction \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reduced the weighted average contractual interest rate		10.25%
Commercial real estate, owner occupied \| Combination Payment Delay & Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications Made to Borrowers	$ 0
Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Total Class of Financing Receivable	0.07%
Residential \| Payment Delay
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications Made to Borrowers	$ 1,617,000
Payment Delay	31,000
Residential \| Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications Made to Borrowers	0
Residential \| Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications Made to Borrowers	0
Residential \| Combination Payment Delay & Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications Made to Borrowers	$ 0
Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Total Class of Financing Receivable	0.06%
Home equity \| Payment Delay
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications Made to Borrowers	$ 90,000
Payment Delay	4,000
Home equity \| Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications Made to Borrowers	$ 266,000
Term Extension	6 months
Home equity \| Interest Rate Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications Made to Borrowers	$ 0
Home equity \| Combination Payment Delay & Term Extension
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications Made to Borrowers	$ 0

SHARE-BASED COMPENSATION - Components of Awards (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax compensation expense	$ 1,402	$ 1,197
Income tax expense (benefit)	(264)	(312)
Total share-based compensation expense, net of income taxes	1,138	885
Stock and ESPP Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax compensation expense	67	30
Income tax expense (benefit)	0	(57)
Total share-based compensation expense, net of income taxes	67	(27)
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax compensation expense	1,335	1,167
Income tax expense (benefit)	(264)	(255)
Total share-based compensation expense, net of income taxes	$ 1,071	$ 912

- 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 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 3
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-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (a)(1)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

LOANS AND ALLOWANCE - Payment Status (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loan Modifications Made to Borrowers	$ 5,150	$ 26,245
30-89 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loan Modifications Made to Borrowers	129
90 Days or More Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loan Modifications Made to Borrowers	1,715
Commercial and industrial loans \| Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loan Modifications Made to Borrowers	4,605	9,224
Commercial and industrial loans \| 30-89 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loan Modifications Made to Borrowers	0
Commercial and industrial loans \| 90 Days or More Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loan Modifications Made to Borrowers	98
Agricultural land, production and other loans to farmers \| Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loan Modifications Made to Borrowers		37
Construction \| Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loan Modifications Made to Borrowers		17
Commercial real estate, non-owner occupied \| Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loan Modifications Made to Borrowers		6,063
Commercial real estate, owner occupied \| Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loan Modifications Made to Borrowers	189	$ 10,904
Commercial real estate, owner occupied \| 30-89 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loan Modifications Made to Borrowers	7
Commercial real estate, owner occupied \| 90 Days or More Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loan Modifications Made to Borrowers	0
Residential \| Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loan Modifications Made to Borrowers	0
Residential \| 30-89 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loan Modifications Made to Borrowers	122
Residential \| 90 Days or More Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loan Modifications Made to Borrowers	1,617
Home equity \| Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loan Modifications Made to Borrowers	356
Home equity \| 30-89 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loan Modifications Made to Borrowers	0
Home equity \| 90 Days or More Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loan Modifications Made to Borrowers	$ 0

LOANS AND ALLOWANCE - Allowance for Credit Losses, Off-balance Sheet (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Beginning balance	$ 19,500	$ 23,300	$ 23,300
Provision for credit losses - unfunded commitments	0	0	3,800
Ending balance	$ 19,500	$ 23,300	$ 19,500

ACCUMULATED OTHER COMPREHENSIVE LOSS - Reclassification out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items]
Other income - net realized gains (losses) on sales of available for sale securities	$ (2)	$ (1,571)
Interest expense - subordinated debentures and term loans	2,747	2,385
Income tax expense	(6,825)	(11,317)
Total reclassifications for the period, net of tax	47,941	64,079
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications for the period, net of tax	(2)	(1,240)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) \| Unrealized gains (losses) on available for sale securities
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items]
Other income - net realized gains (losses) on sales of available for sale securities	(2)	(1,571)
Income tax expense	0	330
Total reclassifications for the period, net of tax	(2)	(1,241)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) \| Unrealized gains (losses) on cash flow hedges
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense	0	0
Total reclassifications for the period, net of tax	0	1
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) \| Unrealized gains (losses) on cash flow hedges \| Interest rate contracts
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items]
Interest expense - subordinated debentures and term loans	$ 0	$ 1

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

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

+ References

+ Details

LOANS AND ALLOWANCE - Risk Grading of Loan Portfolio by Loan Class (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	$ 741,161	$ 2,870,871
Current fiscal year, charge-offs		14,338
Fiscal year before current fiscal year	2,599,008	2,546,512
Fiscal year before current fiscal year, charge-offs		4,012
Two years before current fiscal year	2,390,848	2,063,941
Two years before current fiscal year, charge-offs		1,350
Three years before current fiscal year	1,934,573	1,410,944
Three years before current fiscal year, charge-offs		5,894
Four years before current fiscal year	1,344,764	529,690
Four years before current fiscal year, charge-offs		338
Prior	1,360,363	892,018
Prior, charge-offs		2,107
Revolving loans amortized cost basis	2,092,374	2,164,828
Revolving loans amortized cost basis, charge-offs		0
Revolving loans converted to term	2,491	7,223
Revolving loans converted to term, charge-offs		0
Total	12,465,582	12,486,027
Total, charge-offs		28,039
Commercial and industrial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	373,417	1,223,491
Current fiscal year, charge-offs	740	13,973
Fiscal year before current fiscal year	1,089,919	498,757
Fiscal year before current fiscal year, charge-offs	554	2,711
Two years before current fiscal year	405,481	272,427
Two years before current fiscal year, charge-offs	45	576
Three years before current fiscal year	247,740	93,854
Three years before current fiscal year, charge-offs	71	5,665
Four years before current fiscal year	81,618	52,403
Four years before current fiscal year, charge-offs	345	78
Prior	84,174	46,773
Prior, charge-offs	76	261
Revolving loans amortized cost basis	1,440,016	1,483,039
Revolving loans amortized cost basis, charge-offs	0	0
Revolving loans converted to term	0	204
Revolving loans converted to term, charge-offs	0	0
Total	3,722,365	3,670,948
Total, charge-offs	1,831	23,264
Commercial and industrial loans \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	370,101	1,175,967
Fiscal year before current fiscal year	996,601	474,601
Two years before current fiscal year	367,993	253,148
Three years before current fiscal year	231,487	86,226
Four years before current fiscal year	75,654	47,910
Prior	79,364	45,020
Revolving loans amortized cost basis	1,341,496	1,393,756
Revolving loans converted to term	0	60
Total	3,462,696	3,476,688
Commercial and industrial loans \| Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	482	34,356
Fiscal year before current fiscal year	46,079	3,911
Two years before current fiscal year	13,757	1,546
Three years before current fiscal year	1,215	5,149
Four years before current fiscal year	4,807	2,986
Prior	2,895	241
Revolving loans amortized cost basis	59,223	45,994
Revolving loans converted to term	0	0
Total	128,458	94,183
Commercial and industrial loans \| Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	2,834	12,311
Fiscal year before current fiscal year	46,434	20,245
Two years before current fiscal year	23,731	17,733
Three years before current fiscal year	15,038	2,479
Four years before current fiscal year	1,157	1,507
Prior	1,915	1,512
Revolving loans amortized cost basis	35,069	40,449
Revolving loans converted to term	0	144
Total	126,178	96,380
Commercial and industrial loans \| Doubtful
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	0	857
Fiscal year before current fiscal year	805	0
Two years before current fiscal year	0	0
Three years before current fiscal year	0	0
Four years before current fiscal year	0	0
Prior	0	0
Revolving loans amortized cost basis	4,228	2,840
Revolving loans converted to term	0	0
Total	5,033	3,697
Agricultural land, production and other loans to farmers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	10,864	35,691
Fiscal year before current fiscal year	28,737	38,561
Two years before current fiscal year	37,422	31,511
Three years before current fiscal year	30,569	31,502
Four years before current fiscal year	30,715	12,995
Prior	37,337	25,620
Revolving loans amortized cost basis	58,787	87,534
Revolving loans converted to term	0	0
Total	234,431	263,414
Agricultural land, production and other loans to farmers \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	10,864	35,633
Fiscal year before current fiscal year	28,681	38,145
Two years before current fiscal year	37,013	31,511
Three years before current fiscal year	30,569	31,048
Four years before current fiscal year	30,261	12,995
Prior	37,157	25,462
Revolving loans amortized cost basis	58,787	87,534
Revolving loans converted to term	0	0
Total	233,332	262,328
Agricultural land, production and other loans to farmers \| Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	0	0
Fiscal year before current fiscal year	0	266
Two years before current fiscal year	266	0
Three years before current fiscal year	0	0
Four years before current fiscal year	0	0
Prior	146	122
Revolving loans amortized cost basis	0	0
Revolving loans converted to term	0	0
Total	412	388
Agricultural land, production and other loans to farmers \| Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	0	58
Fiscal year before current fiscal year	56	150
Two years before current fiscal year	143	0
Three years before current fiscal year	0	454
Four years before current fiscal year	454	0
Prior	34	36
Revolving loans amortized cost basis	0	0
Revolving loans converted to term	0	0
Total	687	698
Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	101,472	430,923
Fiscal year before current fiscal year	350,195	271,917
Two years before current fiscal year	274,709	203,672
Three years before current fiscal year	164,316	29,218
Four years before current fiscal year	28,981	7,723
Prior	9,639	2,357
Revolving loans amortized cost basis	12,414	11,735
Revolving loans converted to term	0	0
Total	941,726	957,545
Construction \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	100,743	403,578
Fiscal year before current fiscal year	321,996	267,587
Two years before current fiscal year	267,749	198,350
Three years before current fiscal year	158,342	8,372
Four years before current fiscal year	8,135	7,723
Prior	9,639	2,357
Revolving loans amortized cost basis	12,414	11,735
Revolving loans converted to term	0	0
Total	879,018	899,702
Construction \| Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	729	25,894
Fiscal year before current fiscal year	25,332	0
Two years before current fiscal year	2,064	0
Three years before current fiscal year	652	20,846
Four years before current fiscal year	20,846	0
Prior	0	0
Revolving loans amortized cost basis	0	0
Revolving loans converted to term	0	0
Total	49,623	46,740
Construction \| Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	0	1,451
Fiscal year before current fiscal year	2,867	4,330
Two years before current fiscal year	4,896	5,322
Three years before current fiscal year	5,322	0
Four years before current fiscal year	0	0
Prior	0	0
Revolving loans amortized cost basis	0	0
Revolving loans converted to term	0	0
Total	13,085	11,103
Commercial real estate, non-owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	141,655	470,118
Current fiscal year, charge-offs	0	0
Fiscal year before current fiscal year	416,555	535,962
Fiscal year before current fiscal year, charge-offs	339	66
Two years before current fiscal year	475,628	542,551
Two years before current fiscal year, charge-offs	3	0
Three years before current fiscal year	509,222	443,320
Three years before current fiscal year, charge-offs	0	0
Four years before current fiscal year	431,843	160,799
Four years before current fiscal year, charge-offs	0	0
Prior	377,480	231,061
Prior, charge-offs	0	0
Revolving loans amortized cost basis	15,977	17,028
Revolving loans amortized cost basis, charge-offs	0	0
Revolving loans converted to term	0	0
Revolving loans converted to term, charge-offs	0	0
Total	2,368,360	2,400,839
Total, charge-offs	342	66
Commercial real estate, non-owner occupied \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	113,217	373,378
Fiscal year before current fiscal year	345,073	504,280
Two years before current fiscal year	449,978	535,327
Three years before current fiscal year	497,967	418,553
Four years before current fiscal year	409,018	141,320
Prior	329,186	200,821
Revolving loans amortized cost basis	15,892	16,744
Revolving loans converted to term	0	0
Total	2,160,331	2,190,423
Commercial real estate, non-owner occupied \| Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	28,438	76,382
Fiscal year before current fiscal year	45,237	21,145
Two years before current fiscal year	15,281	7,005
Three years before current fiscal year	11,039	4,531
Four years before current fiscal year	2,757	19,479
Prior	46,235	27,941
Revolving loans amortized cost basis	0	37
Revolving loans converted to term	0	0
Total	148,987	156,520
Commercial real estate, non-owner occupied \| Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	0	20,358
Fiscal year before current fiscal year	14,773	10,537
Two years before current fiscal year	9,670	219
Three years before current fiscal year	216	20,236
Four years before current fiscal year	20,068	0
Prior	2,059	2,299
Revolving loans amortized cost basis	85	247
Revolving loans converted to term	0	0
Total	46,871	53,896
Commercial real estate, non-owner occupied \| Doubtful
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	0
Fiscal year before current fiscal year	11,472
Two years before current fiscal year	699
Three years before current fiscal year	0
Four years before current fiscal year	0
Prior	0
Revolving loans amortized cost basis	0
Revolving loans converted to term	0
Total	12,171
Commercial real estate, owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	33,341	201,554
Current fiscal year, charge-offs	0	48
Fiscal year before current fiscal year	200,160	208,567
Fiscal year before current fiscal year, charge-offs	0	0
Two years before current fiscal year	207,718	269,848
Two years before current fiscal year, charge-offs	0	0
Three years before current fiscal year	253,730	270,527
Three years before current fiscal year, charge-offs	0	0
Four years before current fiscal year	241,467	100,388
Four years before current fiscal year, charge-offs	9	2
Prior	174,034	83,316
Prior, charge-offs	0	0
Revolving loans amortized cost basis	27,444	27,883
Revolving loans amortized cost basis, charge-offs	0	0
Revolving loans converted to term	0	0
Revolving loans converted to term, charge-offs	0	0
Total	1,137,894	1,162,083
Total, charge-offs	9	50
Commercial real estate, owner occupied \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	32,088	176,750
Fiscal year before current fiscal year	176,955	199,821
Two years before current fiscal year	193,895	256,346
Three years before current fiscal year	241,834	263,522
Four years before current fiscal year	235,547	99,180
Prior	168,792	77,485
Revolving loans amortized cost basis	27,158	27,369
Revolving loans converted to term	0	0
Total	1,076,269	1,100,473
Commercial real estate, owner occupied \| Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	140	6,712
Fiscal year before current fiscal year	6,681	5,034
Two years before current fiscal year	10,555	9,319
Three years before current fiscal year	6,949	2,460
Four years before current fiscal year	2,618	919
Prior	2,098	2,902
Revolving loans amortized cost basis	0	514
Revolving loans converted to term	0	0
Total	29,041	27,860
Commercial real estate, owner occupied \| Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	1,113	18,092
Fiscal year before current fiscal year	16,524	3,712
Two years before current fiscal year	3,268	4,183
Three years before current fiscal year	4,947	4,545
Four years before current fiscal year	3,302	289
Prior	3,144	2,929
Revolving loans amortized cost basis	286	0
Revolving loans converted to term	0	0
Total	32,584	33,750
Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	33,553	398,334
Current fiscal year, charge-offs	0	101
Fiscal year before current fiscal year	416,890	704,355
Fiscal year before current fiscal year, charge-offs	39	252
Two years before current fiscal year	709,137	448,226
Two years before current fiscal year, charge-offs	266	208
Three years before current fiscal year	440,696	368,420
Three years before current fiscal year, charge-offs	28	3
Four years before current fiscal year	358,766	100,585
Four years before current fiscal year, charge-offs	21	3
Prior	352,125	263,618
Prior, charge-offs	24	94
Revolving loans amortized cost basis	5,308	5,219
Revolving loans amortized cost basis, charge-offs	0	0
Revolving loans converted to term	15	164
Revolving loans converted to term, charge-offs	0	0
Total	2,316,490	2,288,921
Total, charge-offs	378	661
Residential \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	33,315	395,363
Fiscal year before current fiscal year	413,735	695,056
Two years before current fiscal year	701,242	442,495
Three years before current fiscal year	435,538	365,297
Four years before current fiscal year	357,126	98,654
Prior	343,918	254,718
Revolving loans amortized cost basis	5,108	4,988
Revolving loans converted to term	15	83
Total	2,289,997	2,256,654
Residential \| Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	58	2,167
Fiscal year before current fiscal year	2,354	5,591
Two years before current fiscal year	4,340	3,202
Three years before current fiscal year	2,468	1,924
Four years before current fiscal year	623	1,065
Prior	4,213	4,837
Revolving loans amortized cost basis	200	200
Revolving loans converted to term	0	81
Total	14,256	19,067
Residential \| Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	180	804
Fiscal year before current fiscal year	801	3,708
Two years before current fiscal year	3,555	2,529
Three years before current fiscal year	2,690	1,199
Four years before current fiscal year	1,017	866
Prior	3,994	4,063
Revolving loans amortized cost basis	0	31
Revolving loans converted to term	0	0
Total	12,237	13,200
Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	5,365	9,438
Current fiscal year, charge-offs	0	69
Fiscal year before current fiscal year	9,261	30,499
Fiscal year before current fiscal year, charge-offs	12	213
Two years before current fiscal year	28,691	62,318
Two years before current fiscal year, charge-offs	2	224
Three years before current fiscal year	59,921	12,176
Three years before current fiscal year, charge-offs	17	149
Four years before current fiscal year	12,233	1,107
Four years before current fiscal year, charge-offs	1	193
Prior	5,378	4,000
Prior, charge-offs	125	1,596
Revolving loans amortized cost basis	495,152	491,950
Revolving loans amortized cost basis, charge-offs	0	0
Revolving loans converted to term	2,257	6,083
Revolving loans converted to term, charge-offs	0	0
Total	618,258	617,571
Total, charge-offs	157	2,444
Home equity \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	5,302	9,375
Fiscal year before current fiscal year	9,261	29,784
Two years before current fiscal year	27,980	61,591
Three years before current fiscal year	59,097	11,084
Four years before current fiscal year	11,158	1,092
Prior	5,046	3,875
Revolving loans amortized cost basis	489,371	484,330
Revolving loans converted to term	2,102	5,837
Total	609,317	606,968
Home equity \| Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	0	0
Fiscal year before current fiscal year	0	715
Two years before current fiscal year	711	0
Three years before current fiscal year	99	1,092
Four years before current fiscal year	1,075	15
Prior	84	2
Revolving loans amortized cost basis	4,245	5,031
Revolving loans converted to term	155	149
Total	6,369	7,004
Home equity \| Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	63	63
Fiscal year before current fiscal year	0	0
Two years before current fiscal year	0	727
Three years before current fiscal year	725	0
Four years before current fiscal year	0	0
Prior	248	123
Revolving loans amortized cost basis	1,536	2,589
Revolving loans converted to term	0	97
Total	2,572	3,599
Individuals' loans for household and other personal expenditures
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	8,200	35,965
Current fiscal year, charge-offs	20	147
Fiscal year before current fiscal year	32,299	49,547
Fiscal year before current fiscal year, charge-offs	190	770
Two years before current fiscal year	45,250	28,525
Two years before current fiscal year, charge-offs	131	342
Three years before current fiscal year	26,091	6,795
Three years before current fiscal year, charge-offs	62	77
Four years before current fiscal year	5,399	2,071
Four years before current fiscal year, charge-offs	21	62
Prior	6,807	5,918
Prior, charge-offs	12	156
Revolving loans amortized cost basis	37,194	38,795
Revolving loans amortized cost basis, charge-offs	0	0
Revolving loans converted to term	219	772
Revolving loans converted to term, charge-offs	0	0
Total	161,459	168,388
Total, charge-offs	436	1,554
Individuals' loans for household and other personal expenditures \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	8,190	35,781
Fiscal year before current fiscal year	32,152	49,295
Two years before current fiscal year	44,959	28,387
Three years before current fiscal year	25,956	6,726
Four years before current fiscal year	5,351	2,070
Prior	6,787	5,904
Revolving loans amortized cost basis	37,110	38,619
Revolving loans converted to term	25	772
Total	160,530	167,554
Individuals' loans for household and other personal expenditures \| Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	10	184
Fiscal year before current fiscal year	137	246
Two years before current fiscal year	291	138
Three years before current fiscal year	135	69
Four years before current fiscal year	48	0
Prior	20	14
Revolving loans amortized cost basis	84	176
Revolving loans converted to term	194	0
Total	919	827
Individuals' loans for household and other personal expenditures \| Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	0	0
Fiscal year before current fiscal year	10	6
Two years before current fiscal year	0	0
Three years before current fiscal year	0	0
Four years before current fiscal year	0	1
Prior	0	0
Revolving loans amortized cost basis	0	0
Revolving loans converted to term	0	0
Total	10	7
Public finance and other commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	33,294	65,357
Current fiscal year, charge-offs	760
Fiscal year before current fiscal year	54,992	208,347
Fiscal year before current fiscal year, charge-offs	1,134
Two years before current fiscal year	206,812	204,863
Two years before current fiscal year, charge-offs	447
Three years before current fiscal year	202,288	155,132
Three years before current fiscal year, charge-offs	178
Four years before current fiscal year	153,742	91,619
Four years before current fiscal year, charge-offs	397
Prior	313,389	229,355
Prior, charge-offs	237
Revolving loans amortized cost basis	82	1,645
Revolving loans amortized cost basis, charge-offs	0
Revolving loans converted to term	0	0
Revolving loans converted to term, charge-offs	0
Total	964,599	956,318
Total, charge-offs	3,153
Public finance and other commercial loans \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current fiscal year	33,294	65,357
Fiscal year before current fiscal year	54,992	208,347
Two years before current fiscal year	206,812	204,863
Three years before current fiscal year	202,288	155,132
Four years before current fiscal year	153,742	91,619
Prior	313,389	229,355
Revolving loans amortized cost basis	82	1,645
Revolving loans converted to term	0	0
Total	$ 964,599	$ 956,318

GENERAL - Narrative (Details)	3 Months Ended
GENERAL - Narrative (Details)	Mar. 31, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1

LOANS AND ALLOWANCE - Changes in Allowance for Loan Losses by Loan Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 204,934	$ 223,277
Provision for credit losses	2,000	0
Recoveries on loans	900	844
Loans charged off	(3,153)	(1,069)
Ending balance	204,681	223,052
Commercial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	97,348	102,216
Provision for credit losses	3,145	(1,199)
Recoveries on loans	551	530
Loans charged off	(1,831)	(243)
Ending balance	99,213	101,304
Commercial Real Estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	44,048	46,839
Provision for credit losses	1,528	(583)
Recoveries on loans	53	56
Loans charged off	(351)	(4)
Ending balance	45,278	46,308
Construction
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	24,823	28,955
Provision for credit losses	(4,454)	(384)
Recoveries on loans	0	0
Loans charged off	0	0
Ending balance	20,369	28,571
Consumer & Residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	38,715	45,267
Provision for credit losses	1,781	2,166
Recoveries on loans	296	258
Loans charged off	(971)	(822)
Ending balance	$ 39,821	$ 46,869

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and due from banks	$ 100,514	$ 112,649
Interest-bearing deposits	410,497	436,080
Investment securities available for sale	1,620,213	1,627,112
Investment securities held to maturity, net of allowance for credit losses of $245 and $245 (fair value of $1,820,451 and $1,870,374)	2,163,361	2,184,252
Loans held for sale	15,118	18,934
Loans	12,465,582	12,486,027
Less: Allowance for credit losses - loans	(204,681)	(204,934)
Net loans	12,260,901	12,281,093
Premises and equipment	132,706	133,896
Federal Home Loan Bank stock	41,758	41,769
Interest receivable	92,550	97,664
Goodwill	712,002	712,002
Other intangibles	25,142	27,099
Cash surrender value of life insurance	306,028	306,301
Other real estate owned	4,886	4,831
Tax asset, deferred and receivable	101,121	99,883
Other assets	331,006	322,322
TOTAL ASSETS	18,317,803	18,405,887
Deposits:
Noninterest-bearing	2,338,364	2,500,062
Interest-bearing	12,546,220	12,321,391
Total Deposits	14,884,584	14,821,453
Borrowings:
Securities sold under repurchase agreements	130,264	157,280
Federal Home Loan Bank advances	612,778	712,852
Subordinated debentures and other borrowings	118,612	158,644
Total Borrowings	861,654	1,028,776
Interest payable	19,262	18,912
Other liabilities	327,500	289,033
Total Liabilities	16,093,000	16,158,174
COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS' EQUITY
Common stock value	7,321	7,428
Additional paid-in capital	1,208,447	1,236,506
Retained earnings	1,181,939	1,154,624
Accumulated other comprehensive loss	(198,029)	(175,970)
Total Stockholders' Equity	2,224,803	2,247,713
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	18,317,803	18,405,887
Cumulative Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock value	125	125
Series A Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock value	$ 25,000	$ 25,000