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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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)
December 31, 2024
Debt securities available for sale:
U.S. Treasury		$	1,176,009			$	—			$	—			$	1,176,009
U.S. federal agencies			—				8,232				—				8,232
Mortgage-backed securities			—				13,044				—				13,044
States and political subdivisions			—				6,286				150				6,436
Other debt securities			—				7,196				—				7,196
Derivative assets			—				10,479				—				10,479
Derivative liabilities			—				9,105				—				9,105
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:

		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 December 31, 2024
Equity securities		$	13,014
Collateral dependent loans			7,337
Repossessed assets			614
Other real estate owned			32,868
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:

		December 31,
		2024								2023
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
		(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents		$	3,553,772			$	3,553,772			$	2,397,463			$	2,397,463
Federal funds sold			715				715				1,316				1,316
Debt securities held for investment			2				2				5				5
Loans held for sale			8,073				8,073				3,489				3,489
Level 3 inputs:
Debt securities held for investment			835				835				1,185				1,185
Loans held for investment, net of allowance for credit losses			7,925,613				8,643,418				7,559,845				7,356,768
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits			11,718,546				10,966,958				10,700,122				10,413,348
Short-term borrowings			—				—				3,351				3,351
Subordinated debt			86,157				77,998				86,101				79,271
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
Loan commitments							4,313								4,875
Letters of credit							769								637

X

- 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

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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
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X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 101
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-101

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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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-Name Accounting Standards Codification
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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

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