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Fair Value (Tables) | 3 Months Ended
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Mar. 31, 2024
Fair Value |
Schedule of assets and liabilities measured at fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Fair Value Measurements as of March 31, 2024
​ | ​ | 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 | ​ | $ | — | ​ | $ | 12,821 | ​ | $ | — | ​ | $ | 12,821
Government-sponsored enterprises debt securities | ​ | ​ | — | ​ | ​ | 19,629 | ​ | ​ | — | ​ | ​ | 19,629
Mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential - Government agency(1) | ​ | ​ | — | ​ | ​ | 9,609 | ​ | ​ | — | ​ | ​ | 9,609
Residential - Government-sponsored enterprises(1) | ​ | ​ | — | ​ | ​ | 753,385 | ​ | ​ | — | ​ | ​ | 753,385
Commercial - Government agency | ​ | ​ | — | ​ | ​ | 213,394 | ​ | ​ | — | ​ | ​ | 213,394
Commercial - Government-sponsored enterprises | ​ | ​ | — | ​ | ​ | 83,490 | ​ | ​ | — | ​ | ​ | 83,490
Commercial - Non-agency | ​ | ​ | — | ​ | ​ | 22,110 | ​ | ​ | — | ​ | ​ | 22,110
Collateralized mortgage obligations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Government agency | ​ | ​ | — | ​ | ​ | 452,163 | ​ | ​ | — | ​ | ​ | 452,163
Government-sponsored enterprises | ​ | ​ | — | ​ | ​ | 353,061 | ​ | ​ | — | ​ | ​ | 353,061
Collateralized loan obligations | ​ | ​ | — | ​ | ​ | 239,676 | ​ | ​ | — | ​ | ​ | 239,676
Total available-for-sale securities | ​ | ​ | — | ​ | ​ | 2,159,338 | ​ | ​ | — | ​ | ​ | 2,159,338
Other assets(2) | ​ | ​ | 216 | ​ | ​ | 13,021 | ​ | ​ | — | ​ | ​ | 13,237
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other liabilities(3) | ​ | ​ | — | ​ | ​ | (4,746) | ​ | ​ | (2,300) | ​ | ​ | (7,046)
Total | ​ | $ | 216 | ​ | $ | 2,167,613 | ​ | $ | (2,300) | ​ | $ | 2,165,529
(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, 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 | ​ | $ | — | ​ | $ | 32,503 | ​ | $ | — | ​ | $ | 32,503
Government-sponsored enterprises debt securities | ​ | ​ | — | ​ | ​ | 19,592 | ​ | ​ | — | ​ | ​ | 19,592
Mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential - Government agency(1) | ​ | ​ | — | ​ | ​ | 10,182 | ​ | ​ | — | ​ | ​ | 10,182
Residential - Government-sponsored enterprises(1) | ​ | ​ | — | ​ | ​ | 783,297 | ​ | ​ | — | ​ | ​ | 783,297
Commercial - Government agency | ​ | ​ | — | ​ | ​ | 218,674 | ​ | ​ | — | ​ | ​ | 218,674
Commercial - Government-sponsored enterprises | ​ | ​ | — | ​ | ​ | 86,431 | ​ | ​ | — | ​ | ​ | 86,431
Commercial - Non-agency | ​ | ​ | — | ​ | ​ | 21,683 | ​ | ​ | — | ​ | ​ | 21,683
Collateralized mortgage obligations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Government agency | ​ | ​ | — | ​ | ​ | 471,150 | ​ | ​ | — | ​ | ​ | 471,150
Government-sponsored enterprises | ​ | ​ | — | ​ | ​ | 363,970 | ​ | ​ | — | ​ | ​ | 363,970
Collateralized loan obligations | ​ | ​ | — | ​ | ​ | 247,854 | ​ | ​ | — | ​ | ​ | 247,854
Total available-for-sale securities | ​ | ​ | — | ​ | ​ | 2,255,336 | ​ | ​ | — | ​ | ​ | 2,255,336
Other assets(2) | ​ | ​ | 517 | ​ | ​ | 12,768 | ​ | ​ | — | ​ | ​ | 13,285
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other liabilities(3) | ​ | ​ | — | ​ | ​ | (2,320) | ​ | ​ | (2,300) | ​ | ​ | (4,620)
Total | ​ | $ | 517 | ​ | $ | 2,265,784 | ​ | $ | (2,300) | ​ | $ | 2,264,001
(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.
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 March 31, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | Significant | ​ | ​
(dollars in thousands) | ​ | Fair value |  | Valuation Technique |  | Unobservable Input |  | Range
Collateral-dependent loans | ​ | $ | 14,623 | ​ | Financial Statement Values | ​ | Discounts to reflect estimated selling costs | ​ | 0% - 50%
Visa derivative | ​ | $ | (2,300) | ​ | Discounted Cash Flow | ​ | Expected Conversion Rate - 1.5875(1) | ​ | 1.5289-1.5875
​ | ​ | ​ | ​ | ​ | ​ | ​ | Expected Term - 6 months(2) | ​ | n/m(2)
​ | ​ | ​ | ​ | ​ | ​ | ​ | Growth Rate - 9%(3) | ​ | -7% - 22%
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Quantitative Information about Level 3 Fair Value Measurements at December 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | Significant | ​ | ​
(dollars in thousands) | ​ | Fair value |  | Valuation Technique |  | Unobservable Input |  | Range
Visa derivative | ​ | $ | (2,300) | ​ | Discounted Cash Flow | ​ | Expected Conversion Rate - 1.5875(1) | ​ | 1.5289-1.5875
​ | ​ | ​ | ​ | ​ | ​ | ​ | Expected Term - 5 months(2) | ​ | n/m(2)
​ | ​ | ​ | ​ | ​ | ​ | ​ | Growth Rate - 10%(3) | ​ | -6% - 25%
(1) | Due to the uncertainty in the movement of the conversion rate, the current conversion rate as of the respective consolidated balance sheet dates was utilized in the fair value calculation.
(2) | The expected terms are based on a May 2024 claim filing deadline and subsequent period for claims to be processed. As such, a range is not meaningful to disclose.
(3) | The growth rate was based on the arithmetic average of analyst price targets.
Summary of changes in Level 3 liabilities measured at fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Visa Derivative
(dollars in thousands) | ​ | 2024 |  | 2023
Three Months Ended March 31, | ​ | ​ | ​ | ​ | ​ | ​
Balance as of January 1, | ​ | $ | (2,300) | ​ | $ | (851)
Total net losses included in other noninterest income | ​ | ​ | (1,476) | ​ | ​ | (1,963)
Settlements | ​ | ​ | 1,476 | ​ | ​ | 1,614
Balance as of March 31, | ​ | $ | (2,300) | ​ | $ | (1,200)
Total net losses included in net income attributable to the change in unrealized losses related to liabilities still held as of March 31, | ​ | $ | (1,476) | ​ | $ | (1,963)
Summary of estimated fair value of financial instruments not required to be carried at fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2024
​ | ​ | ​ | ​ | ​ | 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 | ​ | $ | 1,274,266 | ​ | $ | 202,121 | ​ | $ | 1,072,145 | ​ | $ | — | ​ | $ | 1,274,266
Investment securities held-to-maturity | ​ | ​ | 3,988,011 | ​ | ​ | — | ​ | ​ | 3,470,710 | ​ | ​ | — | ​ | ​ | 3,470,710
Loans(1) | ​ | ​ | 13,926,199 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 13,250,470 | ​ | ​ | 13,250,470
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Time deposits(2) | ​ | $ | 3,284,045 | ​ | $ | — | ​ | $ | 3,259,350 | ​ | $ | — | ​ | $ | 3,259,350
Short-term borrowings | ​ | ​ | 500,000 | ​ | ​ | — | ​ | ​ | 498,175 | ​ | ​ | — | ​ | ​ | 498,175
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 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 | ​ | $ | 1,739,897 | ​ | $ | 185,015 | ​ | $ | 1,554,882 | ​ | $ | — | ​ | $ | 1,739,897
Investment securities held-to-maturity | ​ | ​ | 4,041,449 | ​ | ​ | — | ​ | ​ | 3,574,856 | ​ | ​ | — | ​ | ​ | 3,574,856
Loans held for sale | ​ | ​ | 190 | ​ | ​ | — | ​ | ​ | 192 | ​ | ​ | — | ​ | ​ | 192
Loans(1) | ​ | ​ | 13,973,688 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 13,385,683 | ​ | ​ | 13,385,683
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Time deposits(2) | ​ | $ | 3,456,158 | ​ | $ | — | ​ | $ | 3,432,330 | ​ | $ | — | ​ | $ | 3,432,330
Short-term borrowings | ​ | ​ | 500,000 | ​ | ​ | — | ​ | ​ | 495,306 | ​ | ​ | — | ​ | ​ | 495,306
(1) | Excludes financing leases of $394.0 million at March 31, 2024 and $379.8 million at December 31, 2023.
(2) | Excludes deposit liabilities with no defined or contractual maturity of $17.4 billion as of March 31, 2024 and $17.9 billion as of December 31, 2023.
​
Schedule of assets with fair value adjustments on a nonrecurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3
March 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Collateral-dependent loans | ​ | $ | — | ​ | $ | — | ​ | $ | 14,623

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