Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 (in thousands):

	Fair Value Measurement at September 30, 2023
Description	September 30, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
U.S. Treasury	$	878	$	878	$	—	$	—
U.S. Agencies		4,582		—		4,582		—
Mortgage-backed		480		—		480		—
State and political subdivisions		10,256		—		10,256		—
Corporates		8,046		8,046		—		—
Trading – other		267		267		—		—
Trading securities		24,509		9,191		15,318		—
U.S. Treasury		779,375		779,375		—		—
U.S. Agencies		173,350		—		173,350		—
Mortgage-backed		3,479,951		—		3,479,951		—
State and political subdivisions		1,206,656		—		1,206,656		—
Corporates		344,901		344,901		—		—
Collateralized loan obligations		346,466		—		346,466		—
Available-for-sale securities		6,330,699		1,124,276		5,206,423		—
Equity securities with readily determinable fair values		10,780		10,780		—		—
Company-owned life insurance		63,428		—		63,428		—
Bank-owned life insurance		520,344		—		520,344		—
Derivatives		144,310		—		144,310		—
Total	$	7,094,070	$	1,144,247	$	5,949,823	$	—
Liabilities
Derivatives	$	151,527	$	—	$	151,527	$	—
Securities sold not yet purchased		9,731		—		9,731		—
Total	$	161,258	$	—	$	161,258	$	—

	Fair Value Measurement at December 31, 2022
Description	December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
U.S. Treasury	$	580	$	580	$	—	$	—
U.S. Agencies		7,558		—		7,558		—
State and political subdivisions		8,038		—		8,038		—
Corporates		1,024		1,024		—		—
Trading – other		780		780		—		—
Trading securities		17,980		2,384		15,596		—
U.S. Treasury		777,070		777,070		—		—
U.S. Agencies		171,296		—		171,296		—
Mortgage-backed		3,982,122		—		3,982,122		—
State and political subdivisions		1,362,407		—		1,362,407		—
Corporates		367,500		367,500		—		—
Collateralized loan obligations		345,952		—		345,952		—
Available for sale securities		7,006,347		1,144,570		5,861,777		—
Equity securities with readily determinable fair values		10,782		10,782		—		—
Company-owned life insurance		56,769		—		56,769		—
Bank-owned life insurance		510,293		—		510,293		—
Derivatives		48,121		—		48,121		—
Total	$	7,650,292	$	1,157,736	$	6,492,556	$	—
Liabilities
Derivatives	$	126,334	$	—	$	126,334	$	—
Securities sold not yet purchased		3,503		—		3,503		—
Total	$	129,837	$	—	$	129,837	$	—

Assets Measured at Fair Value on Non-Recurring Basis

Assets measured at fair value on a non-recurring basis as of September 30, 2023 and December 31, 2022 (in thousands):

	Fair Value Measurement at September 30, 2023 Using
Description	September 30, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Losses Recognized During the Nine Months Ended September 30
Collateral dependent assets	$	5,347	$	—	$	—	$	5,347	$	(2,126	)
Other real estate owned		—		—		—		—		—
Total	$	5,347	$	—	$	—	$	5,347	$	(2,126	)

	Fair Value Measurement at December 31, 2022 Using
Description	December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Losses Recognized During the Twelve Months Ended December 31
Collateral dependent assets	$	4,373	$	—	$	—	$	4,373	$	(2,998	)
Other real estate owned		68		—		—		68		—
Total	$	4,441	$	—	$	—	$	4,441	$	(2,998	)

Estimated Fair Value of Financial Instruments

The estimated fair value of the Company’s financial instruments at September 30, 2023 and December 31, 2022 are as follows (in thousands):

	Fair Value Measurement at September 30, 2023 Using
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Estimated Fair Value
FINANCIAL ASSETS
Cash and short-term investments	$	4,258,984	$	4,012,781	$	246,203	$	—	$	4,258,984
Securities available for sale		6,330,699		1,124,276		5,206,423		—		6,330,699
Securities held to maturity (exclusive of allowance for credit losses)		5,732,583		—		4,856,466		—		4,856,466
Trading securities		24,509		9,191		15,318		—		24,509
Other securities		473,255		10,780		462,475		—		473,255
Loans (exclusive of allowance for credit losses)		22,884,513		—		22,631,666		—		22,631,666
Derivatives		144,310		—		144,310		—		144,310
FINANCIAL LIABILITIES
Demand and savings deposits		30,088,499		30,088,499		—		—		30,088,499
Time deposits		3,343,253		—		3,343,253		—		3,343,253
Other borrowings		4,057,602		49,213		4,008,389		—		4,057,602
Long-term debt		382,768		—		411,792		—		411,792
Derivatives		151,527		—		151,527		—		151,527
OFF-BALANCE SHEET ARRANGEMENTS
Commitments to extend credit for loans										8,250
Commitments to extend resell agreements										83
Commercial letters of credit										83
Standby letters of credit										3,112

	Fair Value Measurement at December 31, 2022 Using
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Estimated Fair Value
FINANCIAL ASSETS
Cash and short-term investments	$	2,638,384	$	1,686,787	$	951,597	$	—	$	2,638,384
Securities available for sale		7,006,347		1,144,570		5,861,777		—		7,006,347
Securities held to maturity (exclusive of allowance for credit losses)		5,861,599		—		5,280,659		—		5,280,659
Trading securities		17,980		2,384		15,596		—		17,980
Other securities		349,758		10,782		338,976		—		349,758
Loans (exclusive of allowance for credit losses)		21,033,167		—		20,816,899		—		20,816,899
Derivatives		48,121		—		48,121		—		48,121
FINANCIAL LIABILITIES
Demand and savings deposits		31,721,995		31,721,995		—		—		31,721,995
Time deposits		917,138		—		917,138		—		917,138
Other borrowings		2,222,167		62,480		2,159,687		—		2,222,167
Long-term debt		381,311		—		418,737		—		418,737
Derivatives		126,334		—		126,334		—		126,334
OFF-BALANCE SHEET ARRANGEMENTS
Commitments to extend credit for loans										9,260
Commercial letters of credit										185
Standby letters of credit										3,982