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Fair Value (Tables)

6 Months Ended

Jun. 30, 2025

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, 2025 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			$	121,025					$	121,025					$	—					$	—
Investment securities available-for-sale:
U.S. Treasury			261,292						261,292						—						—
U.S. government-sponsored entities and agencies			1,347,779						—						1,347,779						—
Mortgage-backed securities - Agency			8,690,742						—						8,690,742						—
States and political subdivisions			441,880						—						441,880						—
Pooled trust preferred securities			11,319						—						11,319						—
Other securities			252,184						—						252,184						—
Loans held-for-sale			77,618						—						77,618						—
Derivative assets			178,064						—						178,064						—
Financial Liabilities
Derivative liabilities			288,689						—						288,689						—

									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						—

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

Assets measured at fair value at June 30, 2025 on a non-recurring basis are summarized below:

									Fair Value Measurements at June 30, 2025 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			$	51,725					$	—					$	—					$	51,725
Commercial real estate loans			108,763						—						—						108,763
Foreclosed Assets:
Commercial			975						—						—						975
Residential			1,809						—						—						1,809

Assets measured at fair value at December 31, 2024 on a non-recurring basis 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

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, 2025

Collateral Dependent Loans

Commercial loans

$

51,725

Discounted

Discount for type of property,

11% - 50% (30%)

cash flow

age of appraisal, and current status

Commercial real estate loans

108,763

Discounted

Discount for type of property,

0% - 32% (11%)

cash flow

age of appraisal, and current status

Foreclosed Assets

Commercial real estate

975

Fair value of

Discount for type of property,

28%

collateral

age of appraisal, and current status

Residential (2)

1,809

Fair value of

Discount for type of property,

24% (24%)

collateral

age of appraisal, and current status

December 31, 2024

Collateral Dependent Loans

Commercial loans

$

33,658

Discounted

Discount for type of property,

9% - 49% (31%)

cash flow

age of appraisal, and current status

Commercial real estate loans

121,393

Discounted

Discount for type of property,

3% - 46% (18%)

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)

244

Fair value of

Discount for type of property,

24%

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 at June 30, 2025 and December 31, 2024 with write-downs during the six months ended June 30, 2025 and the year ended December 31, 2024, respectively, 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, 2025
Loans held-for-sale			$	77,618					$	1,749					$	75,869
December 31, 2024
Loans held-for-sale			$	34,483					$	271					$	34,212

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, 2025
Loans held-for-sale			$	783					$	101					$	—					$	884
Three Months Ended June 30, 2024
Loans held-for-sale			$	105					$	6					$	—					$	111
Six Months Ended June 30, 2025
Loans held-for-sale			$	1,386					$	101					$	(9)					$	1,478
Six Months Ended June 30, 2024
Loans held-for-sale			$	(97)					$	6					$	(5)					$	(96)

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, 2025 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			$	1,808,571					$	1,808,571					$	—					$	—
Investment securities held-to-maturity:
U.S. government-sponsored entities and agencies			836,662						—						694,377						—
Mortgage-backed securities - Agency			941,464						—						796,079						—
State and political subdivisions			1,148,242						—						979,891						—
Loans, net:
Commercial			14,445,657						—						—						14,450,834
Commercial real estate			21,584,336						—						—						21,549,689
Residential real estate			8,180,392						—						—						7,426,652
Consumer credit			3,127,325						—						—						2,991,794
Accrued interest receivable			270,373						898						76,033						193,442
Financial Liabilities
Deposits:
Noninterest-bearing demand deposits			$	12,652,556					$	12,652,556					$	—					$	—
Checking, NOW, savings, and money market    interest-bearing deposits			32,493,898						32,493,898						—						—
Time deposits			9,211,229						—						9,169,678						—
Federal funds purchased and interbank borrowings			340,246						340,246						—						—
Securities sold under agreements to repurchase			297,637						297,637						—						—
FHLB advances			5,835,918						—						5,796,841						—
Other borrowings			872,297						—						874,585						—
Accrued interest payable			67,275						—						67,275						—
Standby letters of credit			1,804						—						—						1,804
Off-Balance Sheet Financial Instruments
Commitments to extend credit			$	—					$	—					$	—					$	6,271

									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 credit			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

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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 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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