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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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:

			September 30, 2023
			Level 1						Level 2						Level 3						Total
			(dollars in thousands)
Loans held for sale			$	—					$	20,368					$	—					$	20,368
Available for sale investment securities:
U.S. Government securities			222,446						—						—						222,446
U.S. Government-sponsored agency securities			—						987						—						987
State and municipal securities			—						949,146						—						949,146
Corporate debt securities			—						428,484						—						428,484
Collateralized mortgage obligations			—						112,217						—						112,217
Residential mortgage-backed securities			—						189,275						—						189,275
Commercial mortgage-backed securities			—						516,313						—						516,313
Total available for sale investment securities			222,446						2,196,422						—						2,418,868
Other assets:
Investments held in Rabbi Trust			27,116						—						—						27,116
Derivative assets			1,295						228,782						—						230,077
Total assets			$	250,857					$	2,445,572					$	—					$	2,696,429
Other liabilities:
Deferred compensation liabilities			$	27,116					$	—					$	—					$	27,116
Derivative liabilities			1,080						372,529						—						373,609
Total liabilities			$	28,196					$	372,529					$	—					$	400,725

			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

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:

			September 30, 2023						December 31, 2022
			(dollars in thousands)
Loans, net			$	90,359					$	121,115
OREO			2,549						5,790
MSRs(1)			51,523						50,044
Total assets			$	144,431					$	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 September 30, 2023 and December 31, 2022:

			September 30, 2023
						Estimated Fair Value
			Carrying Amount			Level 1			Level 2			Level 3			Total
			(dollars in thousands)
FINANCIAL ASSETS
Cash and cash equivalents			$	420,460		$	420,460		$	—		$	—		$	420,460
FRB and FHLB stock			106,363			—			106,363			—			106,363
Loans held for sale			20,368			—			20,368			—			20,368
AFS securities			2,418,868			222,446			2,196,422			—			2,418,868
HTM securities			1,279,733			—			1,019,844			—			1,019,844
Loans, net			20,884,769			—			—			19,508,510			19,508,510
Accrued interest receivable			101,624			101,624			—			—			101,624
Other assets			734,736			451,882			228,782			54,072			734,736
FINANCIAL LIABILITIES
Demand and savings deposits			$	18,040,590		$	18,040,590		$	—		$	—		$	18,040,590
Brokered deposits			941,059			143,238			795,500			—			938,738
Time deposits			2,439,940			—			2,421,009			—			2,421,009
Accrued interest payable			26,848			26,848			—			—			26,848
Federal funds purchased			544,000			543,995			—			—			543,995
Federal Home Loan Bank advances			730,000			736,030			—			—			736,030
Senior debt and subordinated debt			540,174			—			449,078			—			449,078
Other borrowings			555,938			554,986			924			—			555,910
Other liabilities			560,431			171,792			372,529			16,110			560,431

			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).

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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).

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