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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025
			Level 1						Level 2						Level 3						Total
			(dollars in thousands)
Loans held for sale			$	—					$	15,965					$	—					$	15,965
AFS investment securities:
State and municipal securities			—						791,697						—						791,697
Corporate debt securities			—						284,733						—						284,733
Collateralized mortgage obligations			—						1,006,848						—						1,006,848
Residential mortgage-backed securities			—						973,352						—						973,352
Commercial mortgage-backed securities			—						518,413						—						518,413
Total AFS investment securities			—						3,575,043						—						3,575,043
Other assets:
Investments held in Rabbi Trust			35,307						—						—						35,307
Derivative assets			773						140,313						—						141,086
Total assets			$	36,080					$	3,731,321					$	—					$	3,767,401
Other liabilities:
Deferred compensation liabilities			$	35,307					$	—					$	—					$	35,307
Derivative liabilities			575						209,865						—						210,440
Total liabilities			$	35,882					$	209,865					$	—					$	245,747

			December 31, 2024
			Level 1						Level 2						Level 3						Total
			(dollars in thousands)
Loans held for sale			$	—					$	25,618					$	—					$	25,618
AFS 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 AFS 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

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, 2025						December 31, 2024
			(dollars in thousands)
Loans, Net			$	139,481					$	168,668
OREO			2,193						2,621
MSRs(1)			51,277						53,972
SBA servicing asset			2,918						3,120
Total assets			$	195,869					$	228,381

(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:

			March 31, 2025
						Estimated Fair Value
			Carrying Amount			Level 1			Level 2			Level 3			Total
			(dollars in thousands)
FINANCIAL ASSETS
Cash and cash equivalents			$	1,030,456		$	1,030,456		$	—		$	—		$	1,030,456
FRB and FHLB stock			136,164			—			136,164			—			136,164
Loans held for sale			15,965			—			15,965			—			15,965
AFS investment securities			3,575,043			—			3,575,043			—			3,575,043
HTM investment securities			1,496,280			—			1,309,834			—			1,309,834
Loans, net			23,482,897			—			—			22,148,322			22,148,322
Accrued interest receivable			116,215			116,215			—			—			116,215
Other assets			721,350			545,629			140,313			56,590			742,532
FINANCIAL LIABILITIES
Demand and savings deposits			$	21,448,848		$	21,448,848		$	—		$	—		$	21,448,848
Brokered deposits			738,458			141,084			597,097			—			738,181
Time deposits			4,141,666			—			4,138,508			—			4,138,508
Accrued interest payable			27,014			27,014			—			—			27,014
FHLB advances			750,000			750,725			—			—			750,725
Senior debt and subordinated debt			367,396			—			355,739			—			355,739
Other borrowings			539,804			520,975			1,202			—			522,177
Other liabilities			430,949			206,158			209,865			14,947			430,970

			December 31, 2024
						Estimated Fair Value
			Carrying Amount			Level 1			Level 2			Level 3			Total
			(dollars in thousands)
FINANCIAL ASSETS
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 investment securities			3,410,899			—			3,410,899			—			3,410,899
HTM investment 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

X

- 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://www.xbrl.org/2009/role/commonPracticeRef
-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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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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/2009/role/commonPracticeRef
-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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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

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