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Fair Value (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value

Schedule of assets and liabilities measured at fair value on a recurring basis

Fair Value Measurements as of December 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

$

—

$

8,147

$

—

$

8,147

Mortgage-backed securities:

Residential - Government agency⁽¹⁾

—

35,859

—

35,859

Residential - Government-sponsored enterprises⁽¹⁾

—

738,113

—

738,113

Commercial - Government agency

—

196,125

—

196,125

Commercial - Government-sponsored enterprises

—

44,908

—

44,908

Commercial - Non-agency

—

22,083

—

22,083

Collateralized mortgage obligations:

Government agency

—

397,124

—

397,124

Government-sponsored enterprises

—

310,682

—

310,682

Collateralized loan obligations

—

173,475

—

173,475

Total available-for-sale securities

—

1,926,516

—

1,926,516

Other assets⁽²⁾

179

13,598

—

13,777

Liabilities

Other liabilities⁽³⁾

—

(6,105)

(2,300)

(8,405)

Total

$

179

$

1,934,009

$

(2,300)

$

1,931,888


		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 December 31, 2024
							Significant
(dollars in thousands)		Fair value			Valuation Technique		Unobservable Input		Range
Collateral-dependent loans		$	20,734		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 - 6 months⁽²⁾		n/m⁽²⁾
							Growth Rate - 7%⁽³⁾		-21% - 19%


		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
Year Ended December 31,
Balance as of January 1,		$	(2,300)		$	(851)
Total net losses included in other noninterest income			(6,270)			(7,738)
Settlements			6,270			6,289
Balance as of December 31,		$	(2,300)		$	(2,300)
Total net losses included in net income attributable to the change in unrealized losses related to liabilities still held as of December 31,		$	(6,270)		$	(7,738)

Summary of estimated fair value of financial instruments not required to be carried at fair value on a recurring basis

December 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

$

1,170,190

$

258,057

$

912,133

$

—

$

1,170,190

Investment securities held-to-maturity

3,790,650

—

3,262,509

—

3,262,509

Loans⁽¹⁾

13,973,608

—

—

13,373,785

13,373,785

Financial liabilities:

Time deposits⁽²⁾

$

3,298,370

$

—

$

3,280,119

$

—

$

3,280,119

Short-term borrowings

250,000

—

249,312

—

249,312


		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 $434.7 million at December 31, 2024 and $379.8 million at December 31, 2023.

(2)	Excludes deposit liabilities with no defined or contractual maturity of $17.0 billion at December 31, 2024 and $17.9 billion at December 31, 2023.

Schedule of assets with fair value adjustments on a nonrecurring basis


(dollars in thousands)		Level 1			Level 2			Level 3
December 31, 2024
Collateral-dependent loans		$	—		$	—		$	20,734