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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value |
Schedule of assets and liabilities measured at fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Fair Value Measurements as of September 30, 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 | ​ | $ | — | ​ | $ | 13,197 | ​ | $ | — | ​ | $ | 13,197
Government-sponsored enterprises debt securities | ​ | ​ | — | ​ | ​ | 19,847 | ​ | ​ | — | ​ | ​ | 19,847
Mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential - Government agency(1) | ​ | ​ | — | ​ | ​ | 9,367 | ​ | ​ | — | ​ | ​ | 9,367
Residential - Government-sponsored enterprises(1) | ​ | ​ | — | ​ | ​ | 723,591 | ​ | ​ | — | ​ | ​ | 723,591
Commercial - Government agency | ​ | ​ | — | ​ | ​ | 216,010 | ​ | ​ | — | ​ | ​ | 216,010
Commercial - Government-sponsored enterprises | ​ | ​ | — | ​ | ​ | 69,067 | ​ | ​ | — | ​ | ​ | 69,067
Commercial - Non-agency | ​ | ​ | — | ​ | ​ | 22,069 | ​ | ​ | — | ​ | ​ | 22,069
Collateralized mortgage obligations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Government agency | ​ | ​ | — | ​ | ​ | 434,141 | ​ | ​ | — | ​ | ​ | 434,141
Government-sponsored enterprises | ​ | ​ | — | ​ | ​ | 339,726 | ​ | ​ | — | ​ | ​ | 339,726
Collateralized loan obligations | ​ | ​ | — | ​ | ​ | 208,944 | ​ | ​ | — | ​ | ​ | 208,944
Total available-for-sale securities | ​ | ​ | — | ​ | ​ | 2,055,959 | ​ | ​ | — | ​ | ​ | 2,055,959
Other assets(2) | ​ | ​ | 109 | ​ | ​ | 16,120 | ​ | ​ | — | ​ | ​ | 16,229
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other liabilities(3) | ​ | ​ | — | ​ | ​ | (8,849) | ​ | ​ | (2,300) | ​ | ​ | (11,149)
Total | ​ | $ | 109 | ​ | $ | 2,063,230 | ​ | $ | (2,300) | ​ | $ | 2,061,039
(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 September 30, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | Significant | ​ | ​
(dollars in thousands) | ​ | Fair value |  | Valuation Technique |  | Unobservable Input |  | Range
Collateral-dependent loans | ​ | $ | 14,816 | ​ | Financial Statement Values | ​ | Discounts to reflect estimated selling costs | ​ | 0% - 50%
Visa derivative | ​ | ​ | (2,300) | ​ | Discounted Cash Flow | ​ | Expected Conversion Rate - 1.5430(1) | ​ | 1.4444-1.5430
​ | ​ | ​ | ​ | ​ | ​ | ​ | Expected Term - 9 months(2) | ​ | n/m(2)
​ | ​ | ​ | ​ | ​ | ​ | ​ | Growth Rate - 7%(3) | ​ | -1% - 30%
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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(4) | ​ | n/m(4)
​ | ​ | ​ | ​ | ​ | ​ | ​ | 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 term was based on a February 2025 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.
(4) | The expected term was based on a May 2024 claim filing deadline. As such, a range is not meaningful to disclose.
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 September 30, | ​ | ​ | ​ | ​ | ​ | ​
Balance as of July 1, | ​ | $ | (2,300) | ​ | $ | (1,200)
Total net losses included in other noninterest income | ​ | ​ | (2,530) | ​ | ​ | (1,350)
Settlements | ​ | ​ | 2,530 | ​ | ​ | 1,350
Balance as of September 30, | ​ | $ | (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 September 30, | ​ | $ | (2,530) | ​ | $ | (1,350)
​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended September 30, | ​ | ​ | ​ | ​ | ​ | ​
Balance as of January 1, | ​ | $ | (2,300) | ​ | $ | (851)
Total net losses included in other noninterest income | ​ | ​ | (5,360) | ​ | ​ | (5,129)
Settlements | ​ | ​ | 5,360 | ​ | ​ | 4,780
Balance as of September 30, | ​ | $ | (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 September 30, | ​ | $ | (5,360) | ​ | $ | (5,129)
Summary of estimated fair value of financial instruments not required to be carried at fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 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 | ​ | $ | 1,072,812 | ​ | $ | 252,209 | ​ | $ | 820,603 | ​ | $ | — | ​ | $ | 1,072,812
Investment securities held-to-maturity | ​ | ​ | 3,853,697 | ​ | ​ | — | ​ | ​ | 3,475,143 | ​ | ​ | — | ​ | ​ | 3,475,143
Loans(1) | ​ | ​ | 13,808,542 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 13,293,256 | ​ | ​ | 13,293,256
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Time deposits(2) | ​ | $ | 3,402,264 | ​ | $ | — | ​ | $ | 3,388,783 | ​ | $ | — | ​ | $ | 3,388,783
Short-term borrowings | ​ | ​ | 250,000 | ​ | ​ | — | ​ | ​ | 249,951 | ​ | ​ | — | ​ | ​ | 249,951
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (continued)
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ | ​ | ​ | ​ | ​ | Fair Value Measurements
​ | ​ | ​ | ​ | ​ | Quoted Prices in | ​ | Significant | ​ | Significant | ​ | ​
​ | ​ | ​ | ​ | ​ | Active Markets | ​ | Other | ​ | Unobservable | ​ | ​
(continued) | ​ | ​ | ​ | ​ | 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 $432.8 million at September 30, 2024 and $379.8 million at December 31, 2023.
(2) | Excludes deposit liabilities with no defined or contractual maturity of $16.8 billion as of September 30, 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
September 30, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Collateral-dependent loans | ​ | $ | — | ​ | $ | — | ​ | $ | 14,816

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- 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 + Details
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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://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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