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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value |
Schedule of assets and liabilities measured at fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Fair Value Measurements as of September 30, 2023
​ | ​ | Quoted Prices in | ​ | Significant | ​ | ​ | ​ | ​
​ | ​ | Active Markets for | ​ | Other | ​ | Significant | ​ | ​
​ | ​ | Identical Assets | ​ | Observable | ​ | Unobservable | ​ | ​
(dollars in thousands) |  | (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3) |  | Total
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury and government agency debt securities | ​ | $ | — | ​ | $ | 114,159 | ​ | $ | — | ​ | $ | 114,159
Government-sponsored enterprises debt securities | ​ | ​ | — | ​ | ​ | 19,260 | ​ | ​ | — | ​ | ​ | 19,260
Mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential - Government agency(1) | ​ | ​ | — | ​ | ​ | 52,362 | ​ | ​ | — | ​ | ​ | 52,362
Residential - Government-sponsored enterprises(1) | ​ | ​ | — | ​ | ​ | 1,005,782 | ​ | ​ | — | ​ | ​ | 1,005,782
Commercial - Government agency | ​ | ​ | — | ​ | ​ | 211,897 | ​ | ​ | — | ​ | ​ | 211,897
Commercial - Government-sponsored enterprises | ​ | ​ | — | ​ | ​ | 84,920 | ​ | ​ | — | ​ | ​ | 84,920
Commercial - Non-agency | ​ | ​ | — | ​ | ​ | 21,602 | ​ | ​ | — | ​ | ​ | 21,602
Collateralized mortgage obligations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Government agency | ​ | ​ | — | ​ | ​ | 565,852 | ​ | ​ | — | ​ | ​ | 565,852
Government-sponsored enterprises | ​ | ​ | — | ​ | ​ | 400,748 | ​ | ​ | — | ​ | ​ | 400,748
Collateralized loan obligations | ​ | ​ | — | ​ | ​ | 246,122 | ​ | ​ | — | ​ | ​ | 246,122
Total available-for-sale securities | ​ | ​ | — | ​ | ​ | 2,722,704 | ​ | ​ | — | ​ | ​ | 2,722,704
Other assets(2) | ​ | ​ | 1,287 | ​ | ​ | 12,902 | ​ | ​ | — | ​ | ​ | 14,189
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other liabilities(3) | ​ | ​ | — | ​ | ​ | (5,880) | ​ | ​ | (1,200) | ​ | ​ | (7,080)
Total | ​ | $ | 1,287 | ​ | $ | 2,729,726 | ​ | $ | (1,200) | ​ | $ | 2,729,813
(1) | Backed by residential real estate.
(2) | Other assets classified as Level 1 include money market funds that have quoted prices in active markets and are related to the Company’s deferred compensation plans. Other assets classified as Level 2 include derivative assets.
(3) | Other liabilities include derivative liabilities.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Fair Value Measurements as of December 31, 2022
​ | ​ | Quoted Prices in | ​ | Significant | ​ | ​ | ​ | ​ | ​
​ | ​ | Active Markets for | ​ | Other | ​ | Significant | ​ | ​
​ | ​ | Identical Assets | ​ | Observable | ​ | Unobservable | ​ | ​
(dollars in thousands) |  | (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3) |  | Total
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury and government agency debt securities | ​ | $ | — | ​ | $ | 150,982 | ​ | $ | — | ​ | $ | 150,982
Government-sponsored enterprises debt securities | ​ | ​ | — | ​ | ​ | 44,301 | ​ | ​ | — | ​ | ​ | 44,301
Mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential - Government agency(1) | ​ | ​ | — | ​ | ​ | 59,723 | ​ | ​ | — | ​ | ​ | 59,723
Residential - Government-sponsored enterprises(1) | ​ | ​ | — | ​ | ​ | 1,160,455 | ​ | ​ | — | ​ | ​ | 1,160,455
Commercial - Government agency | ​ | ​ | — | ​ | ​ | 237,853 | ​ | ​ | — | ​ | ​ | 237,853
Commercial - Government-sponsored enterprises | ​ | ​ | — | ​ | ​ | 119,573 | ​ | ​ | — | ​ | ​ | 119,573
Commercial - Non-agency | ​ | ​ | — | ​ | ​ | 21,471 | ​ | ​ | — | ​ | ​ | 21,471
Collateralized mortgage obligations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Government agency | ​ | ​ | — | ​ | ​ | 653,322 | ​ | ​ | — | ​ | ​ | 653,322
Government-sponsored enterprises | ​ | ​ | — | ​ | ​ | 462,132 | ​ | ​ | — | ​ | ​ | 462,132
Collateralized loan obligations | ​ | ​ | — | ​ | ​ | 241,321 | ​ | ​ | — | ​ | ​ | 241,321
Total available-for-sale securities | ​ | ​ | — | ​ | ​ | 3,151,133 | ​ | ​ | — | ​ | ​ | 3,151,133
Other assets(2) | ​ | ​ | 5,376 | ​ | ​ | 10,945 | ​ | ​ | — | ​ | ​ | 16,321
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other liabilities(3) | ​ | ​ | — | ​ | ​ | (49,268) | ​ | ​ | (851) | ​ | ​ | (50,119)
Total | ​ | $ | 5,376 | ​ | $ | 3,112,810 | ​ | $ | (851) | ​ | $ | 3,117,335
(1) | Backed by residential real estate.
(2) | Other assets classified as Level 1 include mutual funds and money market funds that have quoted prices in active markets and are related to the Company’s deferred compensation plans. Other assets classified as Level 2 include derivative assets.
(3) | Other liabilities include derivative liabilities.
Summary of changes in Level 3 liabilities measured at fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Visa Derivative
(dollars in thousands) | ​ | 2023 |  | 2022
Three Months Ended September 30, | ​ | ​ | ​ | ​ | ​ | ​
Balance as of July 1, | ​ | $ | (1,200) | ​ | $ | (3,786)
Total net (losses) gains included in other noninterest income | ​ | ​ | (1,350) | ​ | ​ | 273
Settlements | ​ | ​ | 1,350 | ​ | ​ | 1,154
Balance as of September 30, | ​ | $ | (1,200) | ​ | $ | (2,359)
Total net (losses) gains included in net income attributable to the change in unrealized gains or losses related to liabilities still held as of September 30, | ​ | $ | (1,350) | ​ | $ | 273
​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended September 30, | ​ | ​ | ​ | ​ | ​ | ​
Balance as of January 1, | ​ | $ | (851) | ​ | $ | (5,530)
Total net losses included in other noninterest income | ​ | ​ | (5,129) | ​ | ​ | (1,084)
Settlements | ​ | ​ | 4,780 | ​ | ​ | 4,255
Balance as of September 30, | ​ | $ | (1,200) | ​ | $ | (2,359)
Total net losses included in net income attributable to the change in unrealized losses related to liabilities still held as of September 30, | ​ | $ | (5,129) | ​ | $ | (1,084)
Summary of estimated fair value of financial instruments not required to be carried at fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023
​ | ​ | ​ | ​ | ​ | Fair Value Measurements
​ | ​ | ​ | ​ | ​ | Quoted Prices in | ​ | Significant | ​ | Significant | ​ | ​
​ | ​ | ​ | ​ | ​ | Active Markets | ​ | Other | ​ | Unobservable | ​ | ​
​ | ​ | ​ | ​ | ​ | for Identical | ​ | Observable | ​ | Inputs | ​ | ​
(dollars in thousands) |  | Book Value |  | Assets (Level 1) |  | Inputs (Level 2) |  | (Level 3) |  | Total
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 1,213,428 | ​ | $ | 246,028 | ​ | $ | 967,400 | ​ | $ | — | ​ | $ | 1,213,428
Investment securities held-to-maturity | ​ | ​ | 4,104,114 | ​ | ​ | — | ​ | ​ | 3,433,029 | ​ | ​ | — | ​ | ​ | 3,433,029
Loans(1) | ​ | ​ | 13,999,820 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 13,166,377 | ​ | ​ | 13,166,377
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Time deposits(2) | ​ | $ | 3,661,131 | ​ | $ | — | ​ | $ | 3,625,116 | ​ | $ | — | ​ | $ | 3,625,116
Short-term borrowings | ​ | ​ | 500,000 | ​ | ​ | — | ​ | ​ | 495,306 | ​ | ​ | — | ​ | ​ | 495,306
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | ​ | ​ | ​ | Fair Value Measurements
​ | ​ | ​ | ​ | ​ | Quoted Prices in | ​ | Significant | ​ | Significant | ​ | ​
​ | ​ | ​ | ​ | ​ | Active Markets | ​ | Other | ​ | Unobservable | ​ | ​
​ | ​ | ​ | ​ | ​ | for Identical | ​ | Observable | ​ | Inputs | ​ | ​
(dollars in thousands) |  | Book Value |  | Assets (Level 1) |  | Inputs (Level 2) |  | (Level 3) |  | Total
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 526,624 | ​ | $ | 297,502 | ​ | $ | 229,122 | ​ | $ | — | ​ | $ | 526,624
Investment securities held-to-maturity | ​ | ​ | 4,320,639 | ​ | ​ | — | ​ | ​ | 3,814,822 | ​ | ​ | — | ​ | ​ | 3,814,822
Loans(1) | ​ | ​ | 13,793,922 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 13,138,787 | ​ | ​ | 13,138,787
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Time deposits(2) | ​ | $ | 2,476,050 | ​ | $ | — | ​ | $ | 2,423,231 | ​ | $ | — | ​ | $ | 2,423,231
Short-term borrowings | ​ | ​ | 75,000 | ​ | ​ | — | ​ | ​ | 74,991 | ​ | ​ | — | ​ | ​ | 74,991
(1) | Excludes financing leases of $332.5 million at September 30, 2023 and $298.1 million at December 31, 2022.
(2) | Excludes deposit liabilities with no defined or contractual maturity of $17.9 billion as of September 30, 2023 and $19.2 billion as of December 31, 2022.
​
Significant unobservable inputs used in fair value measurements for Level 3 assets and liabilities measured at fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Quantitative Information about Level 3 Fair Value Measurements at September 30, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | Significant | ​ | ​
(dollars in thousands) | ​ | Fair value |  | Valuation Technique |  | Unobservable Input |  | Range
Visa derivative | ​ | $ | (1,200) | ​ | Discounted Cash Flow | ​ | Expected Conversion Rate - 1.5875(1) | ​ | 1.5289-1.5875
​ | ​ | ​ | ​ | ​ | ​ | ​ | Expected Term - 3 months(2) | ​ | 0 - 6 months
​ | ​ | ​ | ​ | ​ | ​ | ​ | Growth Rate - 17%(3) | ​ | 7% - 24%
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Quantitative Information about Level 3 Fair Value Measurements at December 31, 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | Significant | ​ | ​
(dollars in thousands) | ​ | Fair value |  | Valuation Technique |  | Unobservable Input |  | Range
Visa derivative | ​ | $ | (851) | ​ | Discounted Cash Flow | ​ | Expected Conversion Rate - 1.5991(1) | ​ | 1.5514-1.5991
​ | ​ | ​ | ​ | ​ | ​ | ​ | Expected Term - 3 months(2) | ​ | 0 - 6 months
​ | ​ | ​ | ​ | ​ | ​ | ​ | Growth Rate - 26%(3) | ​ | 10% - 38%
(1) | Due to the uncertainty in the movement of the conversion rate, the current conversion rate was utilized in the fair value calculation.
(2) | The expected term of 3 months was based on the median of 0 to 6 months.
(3) | The growth rate was based on the arithmetic average of analyst price targets.

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability. + 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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