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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 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 | $ | 69,880 |  |  | $ | 69,880 |  |  | $ | — |  |  | $ | — |
Investment securities available-for-sale: |  |  |  |  |  |  |
U.S. Treasury | 548,126 |  |  | 548,126 |  |  | — |  |  | — |
U.S. government-sponsored entities and agencies | 1,142,900 |  |  | — |  |  | 1,142,900 |  |  | — |
Mortgage-backed securities - Agency | 3,862,705 |  |  | — |  |  | 3,862,705 |  |  | — |
States and political subdivisions | 544,944 |  |  | — |  |  | 544,944 |  |  | — |
Pooled trust preferred securities | 11,125 |  |  | — |  |  | 11,125 |  |  | — |
Other securities | 304,961 |  |  | — |  |  | 304,961 |  |  | — |
Loans held-for-sale | 122,033 |  |  | — |  |  | 122,033 |  |  | — |
Derivative assets | 227,833 |  |  | — |  |  | 227,833 |  |  | — |
Financial Liabilities |  |  |  |  |  |  |
Derivative liabilities | 409,269 |  |  | — |  |  | 409,269 |  |  | — |
|  |  | 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 |  |  | — |
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 September 30, 2023 on a non-recurring basis are summarized below:
|  |  | Fair Value Measurements at September 30, 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 | $ | 10,783 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,783 |
Commercial real estate loans | 75,720 |  |  | — |  |  | — |  |  | 75,720 |
Foreclosed Assets: |  |  |  |  |  |  |
Commercial | 1,879 |  |  | — |  |  | — |  |  | 1,879 |
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)
September 30, 2023 |  |  |  |  |  |  |
Collateral Dependent Loans |  |  |  |  |  |  |
Commercial loans | $ | 10,783 |  |  | Discounted |  | Discount for type of property, |  | 10% - 40% (33%)
|  |  | cash flow |  | age of appraisal, and current status |  |
Commercial real estate loans | 75,720 |  |  | Discounted |  | Discount for type of property, |  | 1% - 38% (17%)
|  |  | cash flow |  | age of appraisal, and current status |  |
Foreclosed Assets |  |  |  |  |  |  |
Commercial real estate | 1,879 |  |  | Fair value of |  | Discount for type of property, |  | 4% - 17% (6%)
|  |  | 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.
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
September 30, 2023 |  |  |  |  |
Loans held-for-sale | $ | 122,033 |  |  | $ | 72 |  |  | $ | 121,961 |
December 31, 2022 |  |  |  |  |
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 September 30, 2023 |  |  |  |  |  |  |
Loans held-for-sale | $ | (327) |  |  | $ | 12 |  |  | $ | — |  |  | $ | (315) |
Three Months Ended September 30, 2022 |  |  |  |  |  |  |
Loans held-for-sale | $ | (710) |  |  | $ | 1 |  |  | $ | — |  |  | $ | (709) |
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |
Loans held-for-sale | $ | (151) |  |  | $ | 2 |  |  | $ | — |  |  | $ | (149) |
Nine Months Ended September 30, 2022 |  |  |  |  |  |  |
Loans held-for-sale | $ | (1,775) |  |  | $ | 7 |  |  | $ | — |  |  | $ | (1,768) |
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 September 30, 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 | $ | 1,663,430 |  |  | $ | 1,663,430 |  |  | $ | — |  |  | $ | — |
Investment securities held-to-maturity: |  |  |  |  |  |  |
U.S. government-sponsored entities and agencies | 824,223 |  |  | — |  |  | 617,010 |  |  | — |
Mortgage-backed securities - Agency | 1,043,585 |  |  | — |  |  | 847,652 |  |  | — |
State and political subdivisions | 1,160,106 |  |  | — |  |  | 928,959 |  |  | — |
Loans, net: |  |  |  |  |  |  |
Commercial | 9,207,028 |  |  | — |  |  | — |  |  | 9,078,129 |
Commercial real estate | 13,770,202 |  |  | — |  |  | — |  |  | 13,302,502 |
Residential real estate | 6,675,508 |  |  | — |  |  | — |  |  | 5,630,855 |
Consumer credit | 2,621,114 |  |  | — |  |  | — |  |  | 2,526,277 |
Accrued interest receivable | 209,503 |  |  | 1,093 |  |  | 45,597 |  |  | 162,813 |
Financial Liabilities |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |
Noninterest-bearing demand deposits | $ | 10,091,352 |  |  | $ | 10,091,352 |  |  | $ | — |  |  | $ | — |
Checking, NOW, savings, and money market interest-bearing deposits | 21,585,620 |  |  | 21,585,620 |  |  | — |  |  | — |
Time deposits | 5,575,704 |  |  | — |  |  | 5,527,361 |  |  | — |
Federal funds purchased and interbank borrowings | 918 |  |  | 918 |  |  | — |  |  | — |
Securities sold under agreements to repurchase | 279,061 |  |  | 279,061 |  |  | — |  |  | — |
FHLB advances | 4,412,576 |  |  | — |  |  | 4,167,911 |  |  | — |
Other borrowings | 863,455 |  |  | — |  |  | 843,629 |  |  | — |
Accrued interest payable | 46,934 |  |  | — |  |  | 46,934 |  |  | — |
Standby letters of credit | 1,224 |  |  | — |  |  | — |  |  | 1,224 |
Off-Balance Sheet Financial Instruments |  |  |  |  |  |  |
Commitments to extend credit | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,582 |
|  |  | 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 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). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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