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Fair Value (Tables)

9 Months Ended

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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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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