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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

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)
September 30, 2025
Debt securities available for sale:
U.S. Treasury		$	984,117			$	—			$	—			$	984,117
U.S. federal agencies			—				6,805				—				6,805
Mortgage-backed securities			—				12,168				—				12,168
States and political subdivisions			—				5,013				120				5,133
Other debt securities			—				7,157				—				7,157
Derivative assets			—				15,881				—				15,881
Derivative liabilities			—				14,396				—				14,396
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

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:

		Nine Months Ended September 30,				Twelve Months Ended December 31,
		2025				2024
		(Dollars in thousands)
Balance at the beginning of the year		$	150			$	180
Settlements			(30	)			(30	)
Balance at the end of the period		$	120			$	150

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 September 30, 2025
Equity securities		$	8,342
Collateral dependent loans			2,855
Repossessed assets			644
Other real estate owned			21,095
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

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:

		September 30, 2025								December 31, 2024
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
		(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents		$	4,054,638			$	4,054,638			$	3,553,772			$	3,553,772
Federal funds sold			—				—			$	715				715
Debt securities held for investment			1				1				2				2
Loans held for sale			8,920				8,920				8,073				8,073
Level 3 inputs:
Debt securities held for investment			560				560				835				835
Loans, net of allowance for credit losses			8,178,736				9,032,951				7,925,613				8,643,418
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits			12,118,387				11,428,081				11,718,546				10,966,958
Short-term borrowings			11,675				11,675				—				—
Subordinated debt			86,200				81,176				86,157				77,998
OFF-BALANCE-SHEET FINANCIAL INSTRUMENTS
Loan commitments							4,030								4,313
Letters of credit							630								769

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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- 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

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-Topic 820
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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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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
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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