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Fair Value (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which we have elected the fair value option, are summarized below: 

									Fair Value Measurements at March 31, 2023 Using
(dollars in thousands)			Carrying Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Financial Assets
Equity securities			$	72,158					$	72,158					$	—					$	—
Investment securities available-for-sale:
U.S. Treasury			221,872						221,872						—						—
U.S. government-sponsored entities and agencies			1,193,691						—						1,193,691						—
Mortgage-backed securities - Agency			4,308,775						—						4,308,775						—
States and political subdivisions			621,487						—						621,487						—
Pooled trust preferred securities			10,849						—						10,849						—
Other securities			330,392						—						330,392						—
Residential loans held for sale			10,584						—						10,584						—
Derivative assets			166,069						—						166,069						—
Financial Liabilities
Derivative liabilities			320,995						—						320,995						—

									Fair Value Measurements at December 31, 2022 Using
(dollars in thousands)			Carrying Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Financial Assets
Equity securities			$	52,507					$	52,507					$	—					$	—
Investment securities available-for-sale:
U.S. Treasury			200,927						200,927						—						—
U.S. government-sponsored entities and agencies			1,175,080						—						1,175,080						—
Mortgage-backed securities - Agency			4,369,902						—						4,369,902						—
States and political subdivisions			663,852						—						663,852						—
Pooled trust preferred securities			10,811						—						10,811						—
Other securities			353,140						—						353,140						—
Residential loans held for sale			11,926						—						11,926						—
Derivative assets			169,001						—						169,001						—
Financial Liabilities
Derivative liabilities			380,704						—						380,704						—

Schedule of Assets Measured at Fair Value on a Non-Recurring Basis

Assets measured at fair value at March 31, 2023 on a non-recurring basis are summarized below:

									Fair Value Measurements at March 31, 2023 Using
(dollars in thousands)			Carrying 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:
Commercial loans			$	16,686					$	—					$	—					$	16,686
Commercial real estate loans			43,924						—						—						43,924
Foreclosed Assets:
Commercial			240						—						—						240
Residential			511						—						—						511

Assets measured at fair value at December 31, 2022 on a non-recurring basis are summarized below:

									Fair Value Measurements at December 31, 2022 Using
(dollars in thousands)			Carrying 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:
Commercial loans			$	22,562					$	—					$	—					$	22,562
Commercial real estate loans			48,026						—						—						48,026

Schedule of Quantitative Information about Significant Unobservable Inputs Used in Fair Value Measurements

The table below provides quantitative information about significant unobservable inputs used in fair value measurements within Level 3 of the fair value hierarchy:

(dollars in thousands)

Fair Value

Valuation Techniques

Unobservable Input

Range (Weighted Average) (1)

March 31, 2023

Collateral Dependent Loans

Commercial loans

$

16,686

Discounted

Discount for type of property,

10% - 40% (33%)

cash flow

age of appraisal, and current status

Commercial real estate loans

43,924

Discounted

Discount for type of property,

0% - 30% (14%)

cash flow

age of appraisal, and current status

Foreclosed Assets

Commercial real estate (2)

240

Fair value of

Discount for type of property,

—%

collateral

age of appraisal, and current status

Residential (2)

511

Fair value of

Discount for type of property,

5%

collateral

age of appraisal, and current status

December 31, 2022

Collateral Dependent Loans

Commercial loans

$

22,562

Discounted

Discount for type of property,

10% - 47% (28%)

cash flow

age of appraisal, and current status

Commercial real estate loans

48,026

Discounted

Discount for type of property,

1% - 26% (11%)

cash flow

age of appraisal, and current status

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

(2)There were no writedowns on foreclosed commercial real estate and only one residential real estate property written down during the three months ended March 31, 2023, so no range or weighted average is reported.

Schedule of Difference Between the Aggregate Fair Value and the Aggregate Remaining Principal Balance

The difference between the aggregate fair value and the aggregate remaining principal balance for loans for which the fair value option has been elected was as follows: 

(dollars in thousands)			Aggregate Fair Value						Difference						Contractual Principal
March 31, 2023
Residential loans held for sale			$	10,584					$	165					$	10,419
December 31, 2022
Residential loans held for sale			$	11,926					$	221					$	11,705

The following table presents the amount of gains and losses from fair value changes included in income before income taxes for financial assets carried at fair value:

(dollars in thousands)			Other Gains and (Losses)						Interest Income						Interest (Expense)						Total Changes in Fair Values Included in Current Period Earnings
Three Months Ended March 31, 2023
Residential loans held for sale			$	(53)					$	—					$	(3)					$	(56)
Three Months Ended March 31, 2022
Residential loans held for sale			$	(1,343)					$	—					$	(3)					$	(1,346)

Carrying Amounts and Estimated Fair Values of Financial Instruments, Not Carried at Fair Value

The carrying amounts and estimated exit price fair values of financial instruments not carried at fair value were as follows: 

									Fair Value Measurements at March 31, 2023 Using
(dollars in thousands)			Carrying Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Financial Assets
Cash, due from banks, money market,    and other interest-earning investments			$	1,113,935					$	1,113,935					$	—					$	—
Investment securities held-to-maturity:
U.S. government-sponsored entities and agencies			820,849						—						663,623						—
Mortgage-backed securities - Agency			1,086,905						—						973,486						—
State and political subdivisions			1,163,436						—						1,026,265						—
Loans, net:
Commercial			9,624,779						—						—						9,477,212
Commercial real estate			12,772,044						—						—						12,477,217
Residential real estate			6,548,459						—						—						5,760,254
Consumer credit			2,578,381						—						—						2,481,269
Accrued interest receivable			188,988						1,046						43,858						144,084
Financial Liabilities
Deposits:
Noninterest-bearing demand deposits			$	10,995,083					$	10,995,083					$	—					$	—
Checking, NOW, savings, and money market    interest-bearing deposits			19,801,014						19,801,014						—						—
Time deposits			4,121,695						—						4,066,499						—
Federal funds purchased and interbank borrowings			618,955						618,955						—						—
Securities sold under agreements to repurchase			393,018						393,018						—						—
FHLB advances			4,981,612						—						4,764,172						—
Other borrowings			746,869						—						717,801						—
Accrued interest payable			28,792						—						28,792						—
Standby letters of credit			846						—						—						846
Off-Balance Sheet Financial Instruments
Commitments to extend credit			$	—					$	—					$	—					$	3,649

									Fair Value Measurements at December 31, 2022 Using
(dollars in thousands)			Carrying Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Financial Assets
Cash, due from banks, money market,    and other interest-earning investments			$	728,412					$	728,412					$	—					$	—
Investment securities held-to-maturity:
U.S. government-sponsored entities and agencies			819,168						—						656,358						—
Mortgage-backed securities - Agency			1,106,817						—						982,963						—
State and political subdivisions			1,163,162						—						1,004,361						—
Loans, net:
Commercial			9,386,862						—						—						9,066,583
Commercial real estate			12,317,825						—						—						11,867,851
Residential real estate			6,438,525						—						—						5,372,491
Consumer credit			2,676,758						—						—						2,557,115
Accrued interest receivable			190,521						758						52,081						137,682
Financial Liabilities
Deposits:
Noninterest-bearing demand deposits			$	11,930,798					$	11,930,798					$	—					$	—
Checking, NOW, savings, and money market    interest-bearing deposits			20,056,252						20,056,252						—						—
Time deposits			3,013,780						—						2,976,389						—
Federal funds purchased and interbank borrowings			581,489						581,489						—						—
Securities sold under agreements to repurchase			432,804						432,804						—						—
FHLB advances			3,829,018						—						3,739,780						—
Other borrowings			743,003						—						703,156						—
Accrued interest payable			19,547						—						19,547						—
Standby letters of credit			755						—						—						755
Off-Balance Sheet Financial Instruments
Commitments to extend credit			$	—					$	—					$	—					$	3,666

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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Tabular disclosure of information about asset and liability measured at fair value under fair value option.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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