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Fair Value Measurements (Tables)

12 Months Ended

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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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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