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Fair Value (Tables)

12 Months Ended

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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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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