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v3.23.1

Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2023
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:
| March 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (dollars in thousands)
Loans held for sale | $ | — |  |  | $ | 6,507 |  |  | $ | — |  |  | $ | 6,507 |
Available for sale investment securities: |  |  |  |  |  |  |
U.S. Government securities | 220,053 |  |  | — |  |  | — |  |  | 220,053 |
U.S. Government-sponsored agency securities | — |  |  | 1,017 |  |  | — |  |  | 1,017 |
State and municipal securities | — |  |  | 1,067,598 |  |  | — |  |  | 1,067,598 |
Corporate debt securities | — |  |  | 439,034 |  |  | — |  |  | 439,034 |
Collateralized mortgage obligations | — |  |  | 130,450 |  |  | — |  |  | 130,450 |
Residential mortgage-backed securities | — |  |  | 212,574 |  |  | — |  |  | 212,574 |
Commercial mortgage-backed securities | — |  |  | 571,663 |  |  | — |  |  | 571,663 |
Total available for sale investment securities | 220,053 |  |  | 2,422,336 |  |  | — |  |  | 2,642,389 |
Other assets: |  |  |  |  |  |  |
Investments held in Rabbi Trust | 26,211 |  |  | — |  |  | — |  |  | 26,211 |
Derivative assets | 615 |  |  | 142,322 |  |  | — |  |  | 142,937 |
Total assets | $ | 246,879 |  |  | $ | 2,571,165 |  |  | $ | — |  |  | $ | 2,818,044 |
Other liabilities: |  |  |  |  |  |  |
Deferred compensation liabilities | $ | 26,211 |  |  | $ | — |  |  | $ | — |  |  | $ | 26,211 |
Derivative liabilities | 436 |  |  | 231,074 |  |  | — |  |  | 231,510 |
Total liabilities | $ | 26,647 |  |  | $ | 231,074 |  |  | $ | — |  |  | $ | 257,721 |
| December 31, 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 |
Schedule of Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis using Level 3 Inputs |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | The following table presents Level 3 financial assets measured at fair value on a nonrecurring basis:
| March 31, 2023 |  | December 31, 2022
| (dollars in thousands)
Loans, net | $ | 113,799 |  |  | $ | 121,115 |
OREO | 3,304 |  |  | 5,790 |
MSRs(1) | 47,223 |  |  | 50,044 |
Total assets | $ | 164,326 |  |  | $ | 176,949 |
(1) Amounts shown are estimated fair value. MSRs are recorded on the Corporation's consolidated balance sheets at the lower of amortized cost or fair value. See "Note 6 - Mortgage Servicing Rights" for additional information.
Details of Book Value and Fair Value of Financial Instruments | The following tables detail the book values and the estimated fair values of the Corporation's financial instruments as of March 31, 2023 and December 31, 2022.
| March 31, 2023
|  | Estimated Fair Value
| Carrying Amount | Level 1 | Level 2 | Level 3 | Total
| (dollars in thousands)
FINANCIAL ASSETS |  |  |  |  |
Cash and cash equivalents | $ | 566,753 |  | $ | 566,753 |  | $ | — |  | $ | — |  | $ | 566,753 |
FRB and FHLB stock | 107,605 |  | — |  | 107,605 |  | — |  | 107,605 |
Loans held for sale | 6,507 |  | — |  | 6,507 |  | — |  | 6,507 |
AFS securities | 2,642,389 |  | 220,053 |  | 2,422,336 |  | — |  | 2,642,389 |
HTM securities | 1,307,712 |  | — |  | 1,125,027 |  | — |  | 1,125,027 |
Loans, net | 20,391,493 |  | — |  | — |  | 19,132,951 |  | 19,132,951 |
Accrued interest receivable | 90,267 |  | 90,267 |  | — |  | — |  | 90,267 |
Other assets | 619,022 |  | 426,173 |  | 142,322 |  | 50,527 |  | 619,022 |
FINANCIAL LIABILITIES |  |  |  |  |
Demand and savings deposits | $ | 18,461,527 |  | $ | 18,461,527 |  | $ | — |  | $ | — |  | $ | 18,461,527 |
Brokered deposits | 960,919 |  | 161,395 |  | 798,376 |  | — |  | 959,771 |
Time deposits | 1,894,138 |  | — |  | 1,858,982 |  | — |  | 1,858,982 |
Accrued interest payable | 11,892 |  | 11,892 |  | — |  | — |  | 11,892 |
Federal funds purchased | 525,000 |  | 525,000 |  | — |  | — |  | 525,000 |
Federal Home Loan Bank advances | 747,000 |  | 747,000 |  | — |  | — |  | 747,000 |
Senior debt and subordinated debt | 539,814 |  | — |  | 468,896 |  | — |  | 468,896 |
Other borrowings | 634,956 |  | 633,815 |  | 1,095 |  | — |  | 634,910 |
Other liabilities | 409,353 |  | 160,740 |  | 231,074 |  | 17,539 |  | 409,353 |
| December 31, 2022
|  | Estimated Fair Value
| Carrying Amount | Level 1 | Level 2 | Level 3 | Total
| (dollars in thousands)
FINANCIAL ASSETS |  |  |  |  |
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 |
AFS securities | 2,646,767 |  | 218,485 |  | 2,428,282 |  | — |  | 2,646,767 |
HTM securities | 1,321,256 |  | — |  | 1,125,049 |  | — |  | 1,125,049 |
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 |

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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 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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -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 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + 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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