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Fair Value (Tables)

9 Months Ended

Sep. 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 September 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			$	126,281					$	126,281					$	—					$	—
Investment securities available-for-sale:
U.S. Treasury			214,081						214,081						—						—
U.S. government-sponsored entities and agencies			1,349,759						—						1,349,759						—
Mortgage-backed securities - Agency			9,191,823						—						9,191,823						—
States and political subdivisions			433,164						—						433,164						—
Pooled trust preferred securities			11,533						—						11,533						—
Other securities			217,527						—						217,527						—
Loans held-for-sale			80,341						—						80,341						—
Derivative assets			181,799						—						181,799						—
Financial Liabilities
Derivative liabilities			277,499						—						277,499						—

									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 September 30, 2025 on a non-recurring basis are summarized below:

									Fair Value Measurements at September 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			$	29,027					$	—					$	—					$	29,027
Commercial real estate loans			159,600						—						—						159,600
Foreclosed Assets:
Commercial			1,219						—						—						1,219

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)

September 30, 2025

Collateral Dependent Loans

Commercial loans

$

29,027

Discounted

Discount for type of property,

17% - 50% (37%)

cash flow

age of appraisal, and current status

Commercial real estate loans

159,600

Discounted

Discount for type of property,

3% - 28% (12%)

cash flow

age of appraisal, and current status

Foreclosed Assets

Commercial real estate

1,219

Fair value of

Discount for type of property,

30% - 35% (31%)

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 and one foreclosed residential property at December 31, 2024 with write-downs during the year ended December 31, 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, 2025
Loans held-for-sale			$	80,341					$	1,829					$	78,512
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 September 30, 2025
Loans held-for-sale			$	152					$	—					$	(72)					$	80
Three Months Ended September 30, 2024
Loans held-for-sale			$	809					$	7					$	—					$	816
Nine Months Ended September 30, 2025
Loans held-for-sale			$	1,538					$	101					$	(81)					$	1,558
Nine Months Ended September 30, 2024
Loans held-for-sale			$	712					$	13					$	(5)					$	720

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, 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			$	1,682,617					$	1,682,617					$	—					$	—
Investment securities held-to-maturity:
U.S. government-sponsored entities and agencies			838,535						—						705,894						—
Mortgage-backed securities - Agency			925,192						—						794,313						—
State and political subdivisions			1,146,488						—						1,018,465						—
Loans, net:
Commercial			14,269,888						—						—						14,364,783
Commercial real estate			21,799,953						—						—						21,865,744
Residential real estate			8,158,696						—						—						7,333,743
Consumer credit			3,167,200						—						—						3,049,702
Accrued interest receivable			296,351						1,166						68,539						226,646
Financial Liabilities
Deposits:
Noninterest-bearing demand deposits			$	12,691,658					$	12,691,658					$	—					$	—
Checking, NOW, savings, and money market    interest-bearing deposits			33,153,122						33,153,122						—						—
Time deposits			9,161,404						—						9,131,299						—
Federal funds purchased and interbank borrowings			1						1						—						—
Securities sold under agreements to repurchase			277,594						277,594						—						—
FHLB advances			5,663,361						—						5,638,547						—
Other borrowings			825,425						—						823,929						—
Accrued interest payable			63,539						—						63,539						—
Standby letters of credit			1,643						—						—						1,643
Off-Balance Sheet Financial Instruments
Commitments to extend credit			$	—					$	—					$	—					$	5,869

									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 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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