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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Fair Value of Financial Assets and Liabilities Measured on Recurring Basis | The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of the periods presented, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:
|  | Level 1 Inputs |  |  | Level 2 Inputs |  |  | Level 3 Inputs |  |  | Total Fair Value |
|  | (Dollars in thousands) |
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 1,390,782 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,390,782 |
U.S. federal agencies |  |  | — |  |  |  | 9,683 |  |  |  | — |  |  |  | 9,683 |
Mortgage-backed securities |  |  | — |  |  |  | 13,908 |  |  |  | — |  |  |  | 13,908 |
States and political subdivisions |  |  | — |  |  |  | 9,801 |  |  |  | 150 |  |  |  | 9,951 |
Asset backed securities |  |  | — |  |  |  | 9,381 |  |  |  | — |  |  |  | 9,381 |
Other debt securities |  |  | — |  |  |  | 6,822 |  |  |  | — |  |  |  | 6,822 |
Derivative assets |  |  | — |  |  |  | 15,239 |  |  |  | — |  |  |  | 15,239 |
Derivative liabilities |  |  | — |  |  |  | 13,420 |  |  |  | — |  |  |  | 13,420 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 1,498,045 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,498,045 |
U.S. federal agencies |  |  | — |  |  |  | 11,770 |  |  |  | — |  |  |  | 11,770 |
Mortgage-backed securities |  |  | — |  |  |  | 14,795 |  |  |  | — |  |  |  | 14,795 |
States and political subdivisions |  |  | — |  |  |  | 9,830 |  |  |  | 180 |  |  |  | 10,010 |
Asset backed securities |  |  | — |  |  |  | 12,512 |  |  |  | — |  |  |  | 12,512 |
Other debt securities |  |  |  |  |  | 6,773 |  |  |  |  |  |  | 6,773 |
Derivative assets |  |  | — |  |  |  | 41,099 |  |  |  | — |  |  |  | 41,099 |
Derivative liabilities |  |  | — |  |  |  | 39,176 |  |  |  | — |  |  |  | 39,176 |
Changes in Level 3 Assets Measured at Estimated Fair Value on Recurring Basis | The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods presented were as follows:
|  | Six Months Ended June 30, |  |  | Twelve Months Ended December 31, |
|  | 2024 |  |  | 2023 |
|  | (Dollars in thousands) |
Balance at the beginning of the year |  | $ | 180 |  |  | $ | 454 |
Transfers to level 2 |  |  | — |  |  |  | (244 | )
Settlements |  |  | (30 | ) |  |  | (30 | )
Balance at the end of the period |  | $ | 150 |  |  | $ | 180 |
Assets Measured at Fair Value on Nonrecurring Basis | The following table summarizes assets measured at fair value on a nonrecurring basis during the period presented. These nonrecurring fair values do not represent all assets, only those assets that have been adjusted during the reporting period:
| Total Fair Value |
| Level 3 |
| (Dollars in thousands) |
As of and for the Year-to-date Period Ended June 30, 2024 |  |
Equity securities | $ | 13,331 |
Collateral dependent loans |  | 230 |
Repossessed assets |  | 657 |
Other real estate owned |  | 6,838 |
As of and for the Year-to-date Period Ended December 31, 2023 |  |
Equity securities | $ | 13,144 |
Collateral dependent loans |  | 1,894 |
Repossessed assets |  | 474 |
Other real estate owned |  | 31,773 |
Estimated Fair Values of Financial Instruments | The estimated fair values of the Company’s financial instruments that are reported at amortized cost in the Company’s consolidated balance sheets, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows:
|  | June 30, 2024 |  |  | December 31, 2023 |
|  | Carrying Amount |  |  | Fair Value |  |  | Carrying Amount |  |  | Fair Value |
|  | (Dollars in thousands) |
FINANCIAL ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Level 2 inputs: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2,493,292 |  |  | $ | 2,493,292 |  |  | $ | 2,397,463 |  |  | $ | 2,397,463 |
Federal funds sold |  |  | 1,102 |  |  |  | 1,102 |  |  | $ | 1,316 |  |  |  | 1,316 |
Debt securities held for investment |  |  | 3 |  |  |  | 3 |  |  |  | 5 |  |  |  | 5 |
Loans held for sale |  |  | 7,408 |  |  |  | 7,408 |  |  |  | 3,489 |  |  |  | 3,489 |
Level 3 inputs: |  |  |  |  |  |  |  |  |  |  |  |
Debt securities held for investment |  |  | 835 |  |  |  | 835 |  |  |  | 1,185 |  |  |  | 1,185 |
Loans, net of allowance for credit losses |  |  | 7,947,822 |  |  |  | 8,692,589 |  |  |  | 7,559,845 |  |  |  | 7,356,768 |
FINANCIAL LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |
Level 2 inputs: |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 11,015,602 |  |  |  | 10,511,836 |  |  |  | 10,700,122 |  |  |  | 10,413,348 |
Short-term borrowings |  |  | 4,264 |  |  |  | 4,264 |  |  |  | 3,351 |  |  |  | 3,351 |
Subordinated debt |  |  | 86,129 |  |  |  | 77,459 |  |  |  | 86,101 |  |  |  | 79,271 |
OFF-BALANCE-SHEET FINANCIAL INSTRUMENTS |  |  |  |  |  |  |  |  |  |  |  |
Loan commitments |  |  |  |  |  | 4,510 |  |  |  |  |  |  | 4,875 |
Letters of credit |  |  |  |  |  | 671 |  |  |  |  |  |  | 637 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -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 + 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/2003/role/disclosureRef -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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -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 + Details
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