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Fair Value (Tables)

9 Months Ended

Sep. 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 September 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			$	89,249					$	89,249					$	—					$	—
Investment securities available-for-sale:
U.S. Treasury			210,278						210,278						—						—
U.S. government-sponsored entities and agencies			1,294,278						—						1,294,278						—
Mortgage-backed securities - Agency			5,101,056						—						5,101,056						—
States and political subdivisions			511,565						—						511,565						—
Pooled trust preferred securities			11,157						—						11,157						—
Other securities			304,106						—						304,106						—
Loans held-for-sale			62,376						—						62,376						—
Derivative assets			163,586						—						163,586						—
Financial Liabilities
Derivative liabilities			212,042						—						212,042						—

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

									Fair Value Measurements at September 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			$	32,051					$	—					$	—					$	32,051
Commercial real estate loans			147,158						—						—						147,158
Foreclosed Assets:
Commercial			1,075						—						—						1,075
Residential			244						—						—						244

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)

September 30, 2024

Collateral Dependent Loans

Commercial loans

$

32,051

Discounted

Discount for type of property,

9% - 50% (26%)

cash flow

age of appraisal, and current status

Commercial real estate loans

147,158

Discounted

Discount for type of property,

0% - 32% (15%)

cash flow

age of appraisal, and current status

Foreclosed Assets

Commercial real estate

1,075

Fair value of

Discount for type of property,

28% - 56% (32%)

collateral

age of appraisal, and current status

Residential (2)

244

Fair value of

Discount for type of property,

24%

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 residential real estate property at September 30, 2024 with write-downs during the nine months ended September 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
September 30, 2024
Loans held-for-sale			$	62,376					$	1,343					$	61,033
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 September 30, 2024
Loans held-for-sale			$	809					$	7					$	—					$	816
Three Months Ended September 30, 2023
Loans held-for-sale			$	(327)					$	12					$	—					$	(315)
Nine Months Ended September 30, 2024
Loans held-for-sale			$	712					$	13					$	(5)					$	720
Nine Months Ended September 30, 2023
Loans held-for-sale			$	(151)					$	2					$	—					$	(149)

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 September 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			$	1,191,570					$	1,191,570					$	—					$	—
Investment securities held-to-maturity:
U.S. government-sponsored entities and agencies			831,160						—						700,473						—
Mortgage-backed securities - Agency			984,770						—						854,316						—
State and political subdivisions			1,153,413						—						1,049,266						—
Loans, net:
Commercial			10,269,767						—						—						10,126,433
Commercial real estate			16,150,111						—						—						15,781,629
Residential real estate			6,736,408						—						—						6,170,208
Consumer credit			2,863,517						—						—						2,888,346
Accrued interest receivable			225,624						1,161						49,628						174,835
Financial Liabilities
Deposits:
Noninterest-bearing demand deposits			$	9,429,285					$	9,429,285					$	—					$	—
Checking, NOW, savings, and money market    interest-bearing deposits			24,260,467						24,260,467						—						—
Time deposits			7,155,994						—						7,112,642						—
Federal funds purchased and interbank borrowings			135,263						135,263						—						—
Securities sold under agreements to repurchase			244,626						244,626						—						—
FHLB advances			4,471,153						—						4,502,601						—
Other borrowings			598,054						—						599,539						—
Accrued interest payable			65,836						—						65,836						—
Standby letters of credit			1,727						—						—						1,727
Off-Balance Sheet Financial Instruments
Commitments to extend credit			$	—					$	—					$	—					$	4,105

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

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