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Fair Value Measurements (Tables)

12 Months Ended

Dec. 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:

			2023
			Level 1						Level 2						Level 3						Total
			(dollars in thousands)
Loans held for sale			$	—					$	15,158					$	—					$	15,158
Available for sale investment securities:
U.S. Government securities			42,161						—						—						42,161
U.S. Government-sponsored agency securities			—						1,010						—						1,010
State and municipal securities			—						1,072,013						—						1,072,013
Corporate debt securities			—						440,551						—						440,551
Collateralized mortgage obligations			—						111,434						—						111,434
Residential mortgage-backed securities			—						196,795						—						196,795
Commercial mortgage-backed securities			—						534,388						—						534,388
Total available for sale investment securities			42,161						2,356,191						—						2,398,352
Other assets:
Investments held in Rabbi Trust			29,819						—						—						29,819
Derivative assets			572						157,540						—						158,112
Total assets			$	72,552					$	2,528,889					$	—					$	2,601,441
Other liabilities:
Deferred compensation liabilities			$	29,819					$	—					$	—					$	29,819
Derivative liabilities			477						246,157						—						246,634
Total liabilities			$	30,296					$	246,157					$	—					$	276,453
			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

:

			2023						2022
			(dollars in thousands)
Loans, net			$	102,135					$	121,115
OREO			896						5,790
MSRs(1)			49,696						50,044
Total assets			$	152,727					$	176,949

(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%

(4)%

Prepayment Rate

- 15%

4%

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, 2023 and 2022. A general description of the methods and assumptions used to estimate such fair values is also provided.

			2023
									Estimated Fair Value
			Carrying Amount						Level 1						Level 2						Level 3						Total
FINANCIAL ASSETS			(dollars in thousands)
Cash and cash equivalents			$	549,710					$	549,710					$	—					$	—					$	549,710
FRB and FHLB stock			124,405						—						124,405						—						124,405
Loans held for sale			15,158						—						15,158						—						15,158
AFS securities			2,398,352						42,161						2,356,191						—						2,398,352
HTM securities			1,267,922						—						1,072,207						—						1,072,207
Loans, net			21,057,690						—						—						19,930,560						19,930,560
Accrued interest receivable			107,972						107,972						—						—						107,972
Other assets			661,067						452,935						157,540						50,592						661,067
FINANCIAL LIABILITIES
Demand and savings deposits			$	17,653,690					$	17,653,690					$	—					$	—					$	17,653,690
Brokered deposits			1,144,692						145,987						999,392						—						1,145,379
Time deposits			2,739,241						—						2,714,709						—						2,714,709
Accrued interest payable			35,083						35,083						—						—						35,083
Federal funds purchased			240,000						240,000						—						—						240,000
Federal Home Loan Bank advances			1,100,000						1,094,013						—						—						1,094,013
Senior debt and subordinated debt			535,384						—						463,270						—						463,270
Other borrowings			612,142						611,269						837						—						612,106
Other liabilities			429,046						165,635						246,157						17,254						429,046
			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
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 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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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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