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Fair Value (Tables) | 12 Months Ended
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Dec. 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 December 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 | $ | 91,996 |  | $ | 91,996 |  | $ | — |  | $ | — |
Investment securities available-for-sale: |  |  |  |
U.S. Treasury | 199,013 |  | 199,013 |  | — |  | — |
U.S. government-sponsored entities and agencies | 1,257,906 |  | — |  | 1,257,906 |  | — |
Mortgage-backed securities - Agency | 5,204,891 |  | — |  | 5,204,891 |  | — |
States and political subdivisions | 485,544 |  | — |  | 485,544 |  | — |
Pooled trust preferred securities | 11,322 |  | — |  | 11,322 |  | — |
Other securities | 299,783 |  | — |  | 299,783 |  | — |
Loans held-for-sale | 34,483 |  | — |  | 34,483 |  | — |
Derivative assets | 146,478 |  | — |  | 146,478 |  | — |
Financial Liabilities |  |  |  |
Derivative liabilities | 244,313 |  | — |  | 244,313 |  | — |
|  | 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 on a non-recurring basis at December 31, 2024 are summarized below:
|  | Fair Value Measurements at December 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 | $ | 33,658 |  | $ | — |  | $ | — |  | $ | 33,658 |
Commercial real estate loans | 121,393 |  | — |  | — |  | 121,393 |
Foreclosed Assets: |  |  |  |
Commercial real estate | 975 |  | — |  | — |  | 975 |
Residential | 244 |  | — |  | — |  | 244 |
Assets measured at fair value on a non-recurring basis at December 31, 2023 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)
December 31, 2024 |  |  |  |
Collateral Dependent Loans |  |  |  |
Commercial loans | $ | 33,658 |  | Discounted cash flow | Discount for type of property, age of appraisal, and current status | 9% - 49% (31%)
Commercial real estate loans | 121,393 |  | Discounted cash flow | Discount for type of property, age of appraisal, and current status | 3% - 46% (18%)
Foreclosed Assets |  |  |  |
Commercial real estate (2) | 975 |  | Fair value of collateral | Discount for type of property, age of appraisal, and current status | 28%
Residential (2) | 244 |  | Fair value of collateral | Discount for type of property, age of appraisal, and current status | 24%
December 31, 2023 |  |  |  |
Collateral Dependent Loans |  |  |  |
Commercial loans | $ | 11,017 |  | Discounted cash flow | Discount for type of property, age of appraisal, and current status | 5% - 37% (27%)
Commercial real estate loans | 95,457 |  | Discounted cash flow | Discount for type of property, age of appraisal, and current status | 2% - 38% (16%)
Foreclosed Assets |  |  |  |
Commercial real estate | 1,669 |  | Fair value of collateral | Discount for type of property, age of appraisal, and current status | 4% - 8% (4%)
(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 December 31, 2024 with write-downs during 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
December 31, 2024 |  |  |
Loans held-for-sale | $ | 34,483 |  | $ | 271 |  | $ | 34,212 |
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
Year Ended December 31, 2024 |  |  |  |
Loans held-for-sale | $ | (377) |  | $ | 32 |  | $ | (5) |  | $ | (350) |
Year Ended December 31, 2023 |  |  |  |
Loans held-for-sale | $ | 402 |  | $ | 12 |  | $ | (14) |  | $ | 400 |
Schedule of 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 December 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 | $ | 1,227,968 |  | $ | 1,227,968 |  | $ | — |  | $ | — |
Investment securities held-to-maturity: |  |  |  |
U.S. government-sponsored entities and agencies | 832,984 |  | — |  | 664,331 |  | — |
Mortgage-backed securities - Agency | 970,212 |  | — |  | 800,666 |  | — |
State and political subdivisions | 1,151,685 |  | — |  | 1,006,141 |  | — |
Loans, net: |  |  |  |
Commercial | 10,138,241 |  | — |  | — |  | 10,158,299 |
Commercial real estate | 16,105,961 |  | — |  | — |  | 15,961,968 |
Residential real estate | 6,774,664 |  | — |  | — |  | 6,080,709 |
Consumer | 2,874,499 |  | — |  | — |  | 2,800,060 |
Accrued interest receivable | 233,010 |  | 912 |  | 60,459 |  | 171,639 |
Financial Liabilities |  |  |  |
Deposits: |  |  |  |
Noninterest-bearing demand deposits | $ | 9,399,019 |  | $ | 9,399,019 |  | $ | — |  | $ | — |
Checking, NOW, savings, and money market interest-bearing deposits | 24,668,802 |  | 24,668,802 |  | — |  | — |
Time deposits | 6,755,739 |  | — |  | 6,727,453 |  | — |
Federal funds purchased and interbank borrowings | 385 |  | 385 |  | — | — |
Securities sold under agreements to repurchase | 268,975 |  | 268,975 |  | — | — |
FHLB advances | 4,452,559 |  | — |  | 4,340,188 |  | — |
Other borrowings | 689,618 |  | — |  | 689,246 |  | — |
Accrued interest payable | 65,057 |  | — |  | 65,057 |  | — |
Standby letters of credit | 1,742 |  | — |  | — |  | 1,742 |
Off-Balance Sheet Financial Instruments |  |  |  |
Commitments to extend credit | $ | — |  | $ | — |  | $ | — |  | $ | 3,403 |
|  | 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 |  |  |  |
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 | 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 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://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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- Definition 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). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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