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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2022
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets:
| 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (dollars in thousands)
Loans held for sale | $ | — |  |  | $ | 7,264 |  |  | $ | — |  |  | $ | 7,264 |
Available for sale investment securities: |  |  |  |  |  |  |
U.S. Government securities | 218,485 |  |  | — |  |  | — |  |  | 218,485 |
U.S. Government sponsored agency securities | — |  |  | 1,008 |  |  | — |  |  | 1,008 |
State and municipal securities | — |  |  | 1,105,712 |  |  | — |  |  | 1,105,712 |
Corporate debt securities | — |  |  | 422,309 |  |  | — |  |  | 422,309 |
Collateralized mortgage obligations | — |  |  | 134,033 |  |  | — |  |  | 134,033 |
Residential mortgage-backed securities | — |  |  | 212,698 |  |  | — |  |  | 212,698 |
Commercial mortgage-backed securities | — |  |  | 552,522 |  |  | — |  |  | 552,522 |
Total available for sale investment securities | 218,485 |  |  | 2,428,282 |  |  | — |  |  | 2,646,767 |
Other assets: |  |  |  |  |  |  |
Investments held in Rabbi Trust | 23,435 |  |  | — |  |  | — |  |  | 23,435 |
Derivative assets | 672 |  |  | 166,796 |  |  | — |  |  | 167,468 |
Total assets | $ | 242,592 |  |  | $ | 2,602,342 |  |  | $ | — |  |  | $ | 2,844,934 |
Other liabilities: |  |  |  |  |  |  |
Deferred compensation liabilities | $ | 23,435 |  |  | $ | — |  |  | $ | — |  |  | $ | 23,435 |
Derivative liabilities | 584 |  |  | 296,465 |  |  | — |  |  | 297,049 |
Total liabilities | $ | 24,019 |  |  | $ | 296,465 |  |  | $ | — |  |  | $ | 320,484 |
| 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (dollars in thousands)
Loans held for sale | $ | — |  |  | $ | 35,768 |  |  | $ | — |  |  | $ | 35,768 |
Available for sale investment securities: |  |  |  |  |  |  |
U.S. Government securities | 127,618 |  |  | — |  |  | — |  |  | 127,618 |
State and municipal securities | — |  |  | 1,188,670 |  |  | — |  |  | 1,188,670 |
Corporate debt securities | — |  |  | 386,133 |  |  | — |  |  | 386,133 |
Collateralized mortgage obligations | — |  |  | 209,359 |  |  | — |  |  | 209,359 |
Residential mortgage-backed securities | — |  |  | 229,795 |  |  | — |  |  | 229,795 |
Commercial mortgage-backed securities | — |  |  | 971,148 |  |  | — |  |  | 971,148 |
Auction rate securities | — |  |  | — |  |  | 74,667 |  |  | 74,667 |
Total available for sale investment securities | 127,618 |  |  | 2,985,105 |  |  | 74,667 |  |  | 3,187,390 |
Other assets: |  |  |  |  |  |  |
Investments held in Rabbi Trust | 28,619 |  |  | — |  |  | — |  |  | 28,619 |
Derivative assets | 298 |  |  | 160,945 |  |  | — |  |  | 161,243 |
Total assets | $ | 156,535 |  |  | $ | 3,181,818 |  |  | $ | 74,667 |  |  | $ | 3,413,020 |
Other liabilities: |  |  |  |  |  |  |
Deferred compensation liabilities | $ | 28,619 |  |  | $ | — |  |  | $ | — |  |  | $ | 28,619 |
Derivative liabilities | 291 |  |  | 86,110 |  |  | — |  |  | 86,401 |
Total liabilities | $ | 28,910 |  |  | $ | 86,110 |  |  | $ | — |  |  | $ | 115,020 |
Schedule of Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis using Level 3 Inputs | The following table presents the changes in AFS investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3) for the years ended December 31:
|  |  |  |  | ARCs
|  | (dollars in thousands)
Balance at December 31, 2020 |  |  |  |  | $ | 98,206 |
Sales |  |  |  |  | (24,619) |
Unrealized adjustment to fair value(1) |  |  |  |  | 1,080 |
Balance at December 31, 2021 |  |  |  |  | $ | 74,667 |
Sales |  |  |  |  | (74,823) |
Unrealized adjustment to fair value(1) |  |  |  |  | 156 |
Balance at December 31, 2022 |  |  |  |  | $ | — |
(1) ARCs are classified as AFS investment securities; as such, the unrealized adjustment to fair value was recorded as an unrealized holding gain (loss) and included as a component of "AFS at estimated fair value" on the consolidated balance sheets.
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | The following table presents Level 3 financial instruments measured at fair value on a nonrecurring basis:
| 2022 |  | 2021
| (dollars in thousands)
Loans, net | $ | 121,115 |  |  | $ | 118,458 |
OREO | 5,790 |  |  | 1,817 |
MSRs(1) | 50,044 |  |  | 35,393 |
Total assets | $ | 176,949 |  |  | $ | 155,668 |
(1) Amounts shown are estimated fair value. MSRs are recorded on the Corporation's consolidated balance sheets at lower of amortized cost or fair value. See "Note 8 - Mortgage Servicing Rights" for additional information.
Fair Value Measurement Inputs and Valuation Techniques | Changes in any of those inputs, in isolation, could result in a significantly different fair value measurement, as depicted in the table below:
Significant Input |  | Scenario Shock |  | % Change in Valuation
Prepayment Rate |  | + 15% |  | (5)%
Prepayment Rate |  | - 15% |  | 5%
Discount Rate |  | - 200 bps |  | 10%
Discount Rate |  | + 200 bps |  | (8)%
Details of Book Value and Fair Value of Financial Instruments | The following table details the book values and the estimated fair values of the Corporation's financial instruments as of December 31, 2022 and 2021. A general description of the methods and assumptions used to estimate such fair values is also provided.
| 2022
|  |  | Estimated Fair Value
| Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
FINANCIAL ASSETS | (dollars in thousands)
Cash and cash equivalents | $ | 681,921 |  |  | $ | 681,921 |  |  | $ | — |  |  | $ | — |  |  | $ | 681,921 |
FRB and FHLB stock | 130,186 |  |  | — |  |  | 130,186 |  |  | — |  |  | 130,186 |
Loans held for sale | 7,264 |  |  | — |  |  | 7,264 |  |  | — |  |  | 7,264 |
HTM securities | 1,321,256 |  |  | — |  |  | 1,125,049 |  |  | — |  |  | 1,125,049 |
AFS securities | 2,646,767 |  |  | 218,485 |  |  | 2,428,282 |  |  | — |  |  | 2,646,767 |
Loans, net | 20,010,181 |  |  | — |  |  | — |  |  | 18,862,701 |  |  | 18,862,701 |
Accrued interest receivable | 91,579 |  |  | 91,579 |  |  | — |  |  | — |  |  | 91,579 |
Other assets | 642,049 |  |  | 419,419 |  |  | 166,796 |  |  | 55,834 |  |  | 642,049 |
FINANCIAL LIABILITIES |  |  |  |  |  |  |  |  |
Demand and savings deposits | $ | 18,851,912 |  |  | $ | 18,851,912 |  |  | $ | — |  |  | $ | — |  |  | $ | 18,851,912 |
Brokered deposits | 208,416 |  |  | 188,416 |  |  | 25,085 |  |  | — |  |  | 213,501 |
Time deposits | 1,589,210 |  |  | — |  |  | 1,574,747 |  |  | — |  |  | 1,574,747 |
Accrued interest payable | 10,185 |  |  | 10,185 |  |  | — |  |  | — |  |  | 10,185 |
Federal funds purchased | 191,000 |  |  | 190,998 |  |  | — |  |  | — |  |  | 190,998 |
Federal Home Loan Bank advances | 1,250,000 |  |  | 1,249,629 |  |  | — |  |  | — |  |  | 1,249,629 |
Senior debt and subordinated debt | 539,634 |  |  | — |  |  | 456,867 |  |  | — |  |  | 456,867 |
Other borrowings | 890,573 |  |  | 889,393 |  |  | 1,180 |  |  | — |  |  | 890,573 |
Other liabilities | 467,705 |  |  | 154,912 |  |  | 296,465 |  |  | 16,328 |  |  | 467,705 |
| 2021
|  |  | Estimated Fair Value
| Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
FINANCIAL ASSETS | (dollars in thousands)
Cash and cash equivalents | $ | 1,638,614 |  |  | $ | 1,638,614 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,638,614 |
FRB and FHLB stock | 57,635 |  |  | — |  |  | 57,635 |  |  | — |  |  | 57,635 |
Loans held for sale | 35,768 |  |  | — |  |  | 35,768 |  |  | — |  |  | 35,768 |
HTM securities | 980,384 |  |  | — |  |  | 965,867 |  |  | — |  |  | 965,867 |
AFS securities | 3,187,390 |  |  | 127,618 |  |  | 2,985,105 |  |  | 74,667 |  |  | 3,187,390 |
Loans, net | 18,076,349 |  |  | — |  |  | — |  |  | 17,519,497 |  |  | 17,519,497 |
Accrued interest receivable | 57,451 |  |  | 57,451 |  |  | — |  |  | — |  |  | 57,451 |
Other assets | 565,491 |  |  | 367,336 |  |  | 160,945 |  |  | 37,210 |  |  | 565,491 |
FINANCIAL LIABILITIES |  |  |  |  |  |  |  |  |
Demand and savings deposits | $ | 19,594,497 |  |  | $ | 19,594,497 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,594,497 |
Brokered deposits | 251,526 |  |  | 231,526 |  |  | 20,603 |  |  | — |  |  | 252,129 |
Time deposits | 1,727,476 |  |  | — |  |  | 1,730,673 |  |  | — |  |  | 1,730,673 |
Accrued interest payable | 7,000 |  |  | 7,000 |  |  | — |  |  | — |  |  | 7,000 |
Senior debt and subordinated debt | 620,406 |  |  | — |  |  | 604,780 |  |  | — |  |  | 604,780 |
Other borrowings | 417,703 |  |  | 416,764 |  |  | 939 |  |  | — |  |  | 417,703 |
Other liabilities | 288,862 |  |  | 188,219 |  |  | 86,110 |  |  | 14,533 |  |  | 288,862 |

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