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Fair Value (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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			$	85,521					$	85,521					$	—					$	—
Investment securities available-for-sale:
U.S. Treasury			205,308						205,308						—						—
U.S. government-sponsored entities and agencies			1,172,294						—						1,172,294						—
Mortgage-backed securities - Agency			4,888,456						—						4,888,456						—
States and political subdivisions			523,315						—						523,315						—
Pooled trust preferred securities			11,298						—						11,298						—
Other securities			304,807						—						304,807						—
Loans held-for-sale			66,126						—						66,126						—
Derivative assets			168,604						—						168,604						—
Financial Liabilities
Derivative liabilities			294,846						—						294,846						—

									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 June 30, 2024 on a non-recurring basis are summarized below:

									Fair Value Measurements at June 30, 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			$	20,587					$	—					$	—					$	20,587
Commercial real estate loans			111,159						—						—						111,159
Foreclosed Assets:
Commercial			975						—						—						975
Residential			65						—						—						65

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)

June 30, 2024

Collateral Dependent Loans

Commercial loans

$

20,587

Discounted

Discount for type of property,

5% - 54% (31%)

cash flow

age of appraisal, and current status

Commercial real estate loans

111,159

Discounted

Discount for type of property,

0% - 34% (11%)

cash flow

age of appraisal, and current status

Foreclosed Assets

Commercial real estate (2)

975

Fair value of

Discount for type of property,

28%

collateral

age of appraisal, and current status

Residential (2)

65

Fair value of

Discount for type of property,

11%

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.

(2)There was only one foreclosed commercial real estate property and one foreclosed residential real estate property at June 30, 2024 with write-downs during the six months ended June 30, 2024, 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
June 30, 2024
Loans held-for-sale			$	66,126					$	525					$	65,601
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 June 30, 2024
Loans held-for-sale			$	105					$	6					$	—					$	111
Three Months Ended June 30, 2023
Loans held-for-sale			$	229					$	—					$	(7)					$	222
Six Months Ended June 30, 2024
Loans held-for-sale			$	(97)					$	6					$	(5)					$	(96)
Six Months Ended June 30, 2023
Loans held-for-sale			$	176					$	—					$	(10)					$	166

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 June 30, 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			$	1,233,046					$	1,233,046					$	—					$	—
Investment securities held-to-maturity:
U.S. government-sponsored entities and agencies			829,402						—						662,331						—
Mortgage-backed securities - Agency			1,001,915						—						838,289						—
State and political subdivisions			1,155,132						—						1,011,882						—
Loans, net:
Commercial			10,192,534						—						—						10,043,917
Commercial real estate			15,825,787						—						—						15,331,416
Residential real estate			6,871,822						—						—						5,964,205
Consumer credit			2,894,035						—						—						2,861,352
Accrued interest receivable			240,806						882						57,984						181,940
Financial Liabilities
Deposits:
Noninterest-bearing demand deposits			$	9,336,042					$	9,336,042					$	—					$	—
Checking, NOW, savings, and money market    interest-bearing deposits			23,614,973						23,614,973						—						—
Time deposits			7,048,213						—						7,013,100						—
Federal funds purchased and interbank borrowings			250,154						250,154						—						—
Securities sold under agreements to repurchase			240,713						240,713						—						—
FHLB advances			4,744,560						—						4,536,762						—
Other borrowings			849,777						—						839,834						—
Accrued interest payable			63,049						—						63,049						—
Standby letters of credit			1,504						—						—						1,504
Off-Balance Sheet Financial Instruments
Commitments to extend credit			$	—					$	—					$	—					$	3,300

									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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- 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 the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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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