Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023 (in thousands):

	Fair Value Measurement at March 31, 2024
Description	March 31, 2024		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	$	1,574	$	1,574	$	—	$	—
U.S. Agencies		3,318		—		3,318		—
Mortgage-backed		—		—		—		—
State and political subdivisions		28,349		—		28,349		—
Corporates		6,092		6,092		—		—
Trading – other		854		854		—		—
Trading securities		40,187		8,520		31,667		—
U.S. Treasury		802,500		802,500		—		—
U.S. Agencies		159,022		—		159,022		—
Mortgage-backed		3,674,183		—		3,674,183		—
State and political subdivisions		1,233,920		—		1,233,920		—
Corporates		330,037		330,037		—		—
Collateralized loan obligations		341,729				341,729		—
Available-for-sale securities		6,541,391		1,132,537		5,408,854		—
Equity securities with readily determinable fair values		11,292		11,292		—		—
Company-owned life insurance		73,419		—		73,419		—
Bank-owned life insurance		527,897		—		527,897		—
Derivatives		220,913		—		220,913		—
Total	$	7,415,099	$	1,152,349	$	6,262,750	$	—
Liabilities
Derivatives	$	119,529	$	—	$	119,529	$	—
Securities sold not yet purchased		11,680		—		11,680		—
Total	$	131,209	$	—	$	131,209	$	—

	Fair Value Measurement at December 31, 2023
Description	December 31, 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	$	881	$	881	$	—	$	—
U.S. Agencies		—		—		—		—
Mortgage-backed		1,738		—		1,738		—
State and political subdivisions		13,482		—		13,482		—
Corporates		1,974		1,974		—		—
Trading – other		18		18		—		—
Trading securities		18,093		2,873		15,220		—
U.S. Treasury		1,298,742		1,298,742		—		—
U.S. Agencies		159,721		—		159,721		—
Mortgage-backed		3,620,785		—		3,620,785		—
State and political subdivisions		1,286,975		—		1,286,975		—
Corporates		351,275		351,275		—		—
Collateralized loan obligations		351,115		—		351,115		—
Available for sale securities		7,068,613		1,650,017		5,418,596		—
Equity securities with readily determinable fair values		11,228		11,228		—		—
Company-owned life insurance		69,727		—		69,727		—
Bank-owned life insurance		523,960		—		523,960		—
Derivatives		161,496		—		161,496		—
Total	$	7,853,117	$	1,664,118	$	6,188,999	$	—
Liabilities
Derivatives	$	105,083	$	—	$	105,083	$	—
Securities sold not yet purchased		8,018		—		8,018		—
Total	$	113,101	$	—	$	113,101	$	—

Assets Measured at Fair Value on Non-Recurring Basis

Assets measured at fair value on a non-recurring basis as of March 31, 2024 and December 31, 2023 (in thousands):

	Fair Value Measurement at March 31, 2024 Using
Description	March 31, 2024		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 Three Months Ended March 31
Collateral dependent assets	$	50	$	—	$	—	$	50	$	(234	)
Other real estate owned		793		—		—		793		—
Total	$	843	$	—	$	—	$	843	$	(234	)

	Fair Value Measurement at December 31, 2023 Using
Description	December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gains Recognized During the Twelve Months Ended December 31
Collateral dependent assets	$	2,796	$	—	$	—	$	2,796	$	141
Other real estate owned		1,738		—		—		1,738		66
Total	$	4,534	$	—	$	—	$	4,534	$	207

Estimated Fair Value of Financial Instruments

The estimated fair value of the Company’s financial instruments at March 31, 2024 and December 31, 2023 are as follows (in thousands):

	Fair Value Measurement at March 31, 2024 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	$	7,210,342	$	7,030,067	$	180,275	$	—	$	7,210,342
Securities available for sale		6,541,391		1,132,537		5,408,854		—		6,541,391
Securities held to maturity (exclusive of allowance for credit losses)		5,626,437		—		5,025,138		—		5,025,138
Trading securities		40,187		8,520		31,667		—		40,187
Other securities		473,434		11,292		462,142		—		473,434
Loans (exclusive of allowance for credit losses)		23,642,064		—		23,505,767		—		23,505,767
Derivatives		220,913		—		220,913		—		220,913
FINANCIAL LIABILITIES
Demand and savings deposits		34,270,001		34,270,001		—		—		34,270,001
Time deposits		2,643,609		—		2,643,609		—		2,643,609
Other borrowings		4,025,474		47,908		3,977,566		—		4,025,474
Long-term debt		383,742		—		414,919		—		414,919
Derivatives		119,529		—		119,529		—		119,529
OFF-BALANCE SHEET ARRANGEMENTS
Commitments to extend credit for loans										2,908
Commitments to extend resell agreements										125
Commercial letters of credit										32
Standby letters of credit										1,024

	Fair Value Measurement at December 31, 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	$	5,852,347	$	5,612,003	$	240,344	$	—	$	5,852,347
Securities available for sale		7,068,613		1,650,017		5,418,596		—		7,068,613
Securities held to maturity (exclusive of allowance for credit losses)		5,691,868		—		5,183,367		—		5,183,367
Trading securities		18,093		2,873		15,220		—		18,093
Other securities		492,935		11,228		481,707		—		492,935
Loans (exclusive of allowance for credit losses)		23,176,904		—		22,969,788		—		22,969,788
Derivatives		161,496		—		161,496		—		161,496
FINANCIAL LIABILITIES
Demand and savings deposits		32,719,268		32,719,268		—		—		32,719,268
Time deposits		3,073,591		—		3,073,591		—		3,073,591
Other borrowings		3,919,644		13,813		3,905,831		—		3,919,644
Long-term debt		383,247		—		413,896		—		413,896
Derivatives		105,083		—		105,083		—		105,083
OFF-BALANCE SHEET ARRANGEMENTS
Commitments to extend credit for loans										11,523
Commitments to extend resell agreements										208
Commercial letters of credit										138
Standby letters of credit										4,047