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Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 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			$	84,954					$	84,954					$	—					$	—
Investment securities available-for-sale:
U.S. Treasury			233,051						233,051						—						—
U.S. government-sponsored entities and agencies			1,183,019						—						1,183,019						—
Mortgage-backed securities - Agency			4,550,023						—						4,550,023						—
States and political subdivisions			515,104						—						515,104						—
Pooled trust preferred securities			11,274						—						11,274						—
Other securities			299,181						—						299,181						—
Loans held-for-sale			19,418						—						19,418						—
Derivative assets			167,479						—						167,479						—
Financial Liabilities
Derivative liabilities			297,403						—						297,403						—

									Fair Value Measurements at December 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			$	80,372					$	80,372					$	—					$	—
Investment securities available-for-sale:
U.S. Treasury			396,733						396,733						—						—
U.S. government-sponsored entities and agencies			1,231,264						—						1,231,264						—
Mortgage-backed securities - Agency			4,216,560						—						4,216,560						—
States and political subdivisions			535,260						—						535,260						—
Pooled trust preferred securities			11,337						—						11,337						—
Other securities			321,901						—						321,901						—
Loans held-for-sale			32,006						—						32,006						—
Derivative assets			166,302						—						166,302						—
Financial Liabilities
Derivative liabilities			268,916						—						268,916						—

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

Assets measured at fair value at March 31, 2024 on a non-recurring basis are summarized below:

									Fair Value Measurements at March 31, 2024 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			$	26,057					$	—					$	—					$	26,057
Commercial real estate loans			83,492						—						—						83,492
Foreclosed Assets:
Commercial			1,669						—						—						1,669

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

									Fair Value Measurements at December 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			$	11,017					$	—					$	—					$	11,017
Commercial real estate loans			95,457						—						—						95,457
Foreclosed Assets:
Commercial real estate			1,669						—						—						1,669

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, 2024

Collateral Dependent Loans

Commercial loans

$

26,057

Discounted

Discount for type of property,

2% - 38% (29%)

cash flow

age of appraisal, and current status

Commercial real estate loans

83,492

Discounted

Discount for type of property,

1% - 34% (13%)

cash flow

age of appraisal, and current status

Foreclosed Assets

Commercial real estate

1,669

Fair value of

Discount for type of property,

4% - 8% (4%)

collateral

age of appraisal, and current status

December 31, 2023

Collateral Dependent Loans

Commercial loans

$

11,017

Discounted

Discount for type of property,

5% - 37% (27%)

cash flow

age of appraisal, and current status

Commercial real estate loans

95,457

Discounted

Discount for type of property,

2% - 38% (16%)

cash flow

age of appraisal, and current status

Foreclosed Assets

Commercial real estate

1,669

Fair value of

Discount for type of property,

4% - 8% (4%)

collateral

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

follows: 

(dollars in thousands)			Aggregate Fair Value						Difference						Contractual Principal
March 31, 2024
Loans held-for-sale			$	19,418					$	414					$	19,004
December 31, 2023
Loans held-for-sale			$	32,006					$	621					$	31,385

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, 2024
Loans held-for-sale			$	(202)					$	—					$	(5)					$	(207)
Three Months Ended March 31, 2023
Loans held-for-sale			$	(53)					$	—					$	(3)					$	(56)

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

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

									Fair Value Measurements at March 31, 2024 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			$	939,499					$	939,499					$	—					$	—
Investment securities held-to-maturity:
U.S. government-sponsored entities and agencies			827,684						—						662,735						—
Mortgage-backed securities - Agency			1,016,858						—						857,657						—
State and political subdivisions			1,156,807						—						1,027,184						—
Loans, net:
Commercial			9,522,947						—						—						9,357,300
Commercial real estate			14,492,040						—						—						14,005,872
Residential real estate			6,639,480						—						—						5,682,754
Consumer credit			2,649,139						—						—						2,607,831
Accrued interest receivable			219,809						1,133						47,057						171,619
Financial Liabilities
Deposits:
Noninterest-bearing demand deposits			$	9,257,709					$	9,257,709					$	—					$	—
Checking, NOW, savings, and money market    interest-bearing deposits			22,490,875						22,490,875						—						—
Time deposits			5,950,834						—						5,913,854						—
Federal funds purchased and interbank borrowings			50,416						50,416						—						—
Securities sold under agreements to repurchase			274,493						274,493						—						—
FHLB advances			4,193,039						—						3,994,880						—
Other borrowings			813,213						—						798,748						—
Accrued interest payable			54,690						—						54,690						—
Standby letters of credit			1,379						—						—						1,379
Off-Balance Sheet Financial Instruments
Commitments to extend credit			$	—					$	—					$	—					$	3,824

									Fair Value Measurements at December 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			$	1,175,058					$	1,175,058					$	—					$	—
Investment securities held-to-maturity:
U.S. government-sponsored entities and agencies			825,953						—						671,126						—
Mortgage-backed securities - Agency			1,029,131						—						881,994						—
State and political subdivisions			1,158,409						—						1,048,068						—
Loans, net:
Commercial			9,392,267						—						—						9,258,193
Commercial real estate			13,984,273						—						—						13,640,868
Residential real estate			6,678,606						—						—						5,579,999
Consumer credit			2,629,171						—						—						2,555,121
Accrued interest receivable			225,159						859						54,465						169,835
Financial Liabilities
Deposits:
Noninterest-bearing demand deposits			$	9,664,247					$	9,664,247					$	—					$	—
Checking, NOW, savings, and money market    interest-bearing deposits			21,991,789						21,991,789						—						—
Time deposits			5,579,144						—						5,552,538						—
Federal funds purchased and interbank borrowings			390						390						—						—
Securities sold under agreements to repurchase			285,206						285,206						—						—
FHLB advances			4,280,681						—						4,090,954						—
Other borrowings			764,870						—						755,592						—
Accrued interest payable			57,094						—						57,094						—
Standby letters of credit			1,318						—						—						1,318
Off-Balance Sheet Financial Instruments
Commitments to extend credit			$	—					$	—					$	—					$	3,839

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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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