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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

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:

			2024
			Level 1						Level 2						Level 3						Total
			(dollars in thousands)
Loans held for sale			$	—					$	25,618					$	—					$	25,618
Available for sale investment securities:
State and municipal securities			—						814,887						—						814,887
Corporate debt securities			—						300,370						—						300,370
Collateralized mortgage obligations			—						788,885						—						788,885
Residential mortgage-backed securities			—						989,875						—						989,875
Commercial mortgage-backed securities			—						516,882						—						516,882
Total available for sale investment securities			—						3,410,899						—						3,410,899
Other assets:
Investments held in Rabbi Trust			35,093						—						—						35,093
Derivative assets			1,682						159,939						—						161,621
Total assets			$	36,775					$	3,596,456					$	—					$	3,633,231
Other liabilities:
Deferred compensation liabilities			$	35,093					$	—					$	—					$	35,093
Derivative liabilities			1,596						252,821						—						254,417
Total liabilities			$	36,689					$	252,821					$	—					$	289,510
			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

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

:

			2024						2023
			(dollars in thousands)
Loans, Net			$	168,668					$	102,135
OREO			2,621						896
MSRs(1)			53,972						49,696
SBA servicing asset			3,120						—
Total assets			$	228,381					$	152,727

(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

(9)%

•SBA servicing asset – This category consists of the retained servicing rights on SBA-guaranteed loans sold to investors. The standard sale structure under the SBA Secondary Participation Guaranty Agreement provides for the Corporation to retain a portion of the cash flow from the interest payment received on the SBA guaranteed portion of the loan, which is commonly known as a servicing spread. A third-party valuation expert is utilized to perform the modeling to estimate the fair value of the SBA servicing asset. Since the valuation model uses significant unobservable inputs, the SBA servicing asset is classified within Level 3.

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, 2024 and 2023. A general description of the methods and assumptions used to estimate such fair values is also provided.

			2024
									Estimated Fair Value
			Carrying Amount						Level 1						Level 2						Level 3						Total
FINANCIAL ASSETS			(dollars in thousands)
Cash and cash equivalents			$	1,063,871					$	1,063,871					$	—					$	—					$	1,063,871
FRB and FHLB stock			139,574						—						139,574						—						139,574
Loans held for sale			25,618						—						25,618						—						25,618
AFS securities			3,410,899						—						3,410,899						—						3,410,899
HTM securities			1,395,569						—						1,183,449						—						1,183,449
Loans, net			23,665,763						—						—						22,555,687						22,555,687
Accrued interest receivable			117,029						117,029						—						—						117,029
Other assets			736,502						543,251						159,939						59,713						762,903
FINANCIAL LIABILITIES
Demand and savings deposits			$	21,135,478					$	21,135,478					$	—					$	—					$	21,135,478
Brokered deposits			843,857						145,056						698,647						—						843,703
Time deposits			4,150,098						—						4,154,726						—						4,154,726
Accrued interest payable			31,620						31,620						—						—						31,620
FHLB advances			850,000						851,470						—						—						851,470
Senior debt and subordinated debt			367,316						—						253,818						—						253,818
Other borrowings			564,732						544,908						901						—						545,809
Other liabilities			467,011						200,029						252,821						14,161						467,011
			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
FHLB 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

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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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