Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024 and December 31, 2023 (in thousands):

	Fair Value Measurement at June 30, 2024
Description	June 30, 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	$	2,570	$	2,570	$	—	$	—
U.S. Agencies		652		—		652		—
Mortgage-backed		—		—		—		—
State and political subdivisions		19,177		—		19,177		—
Corporates		6,470		6,470		—		—
Trading – other		112		112		—		—
Trading securities		28,981		9,152		19,829		—
U.S. Treasury		803,070		803,070		—		—
U.S. Agencies		659,086		—		659,086		—
Mortgage-backed		3,771,195		—		3,771,195		—
State and political subdivisions		1,214,727		—		1,214,727		—
Corporates		320,355		320,355		—		—
Collateralized loan obligations		338,940		—		338,940		—
Available-for-sale securities		7,107,373		1,123,425		5,983,948		—
Equity securities with readily determinable fair values		11,355		11,355		—		—
Company-owned life insurance		74,270		—		74,270		—
Bank-owned life insurance		531,912		—		531,912		—
Derivatives		211,971		—		211,971		—
Total	$	7,965,862	$	1,143,932	$	6,821,930	$	—
Liabilities
Derivatives	$	119,943	$	—	$	119,943	$	—
Securities sold not yet purchased		10,808		—		10,808		—
Total	$	130,751	$	—	$	130,751	$	—

	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 June 30, 2024 and December 31, 2023 (in thousands):

	Fair Value Measurement at June 30, 2024 Using
Description	June 30, 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 Six Months Ended June 30
Collateral dependent assets	$	422	$	—	$	—	$	422	$	(235	)
Other real estate owned		276		—		—		276		(42	)
Total	$	698	$	—	$	—	$	698	$	(277	)

	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 June 30, 2024 and December 31, 2023 are as follows (in thousands):

	Fair Value Measurement at June 30, 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	$	5,352,599	$	5,105,137	$	247,462	$	—	$	5,352,599
Securities available for sale		7,107,373		1,123,425		5,983,948		—		7,107,373
Securities held to maturity (exclusive of allowance for credit losses)		5,549,590		—		4,913,408		—		4,913,408
Trading securities		28,981		9,152		19,829		—		28,981
Other securities		447,650		11,355		436,295		—		447,650
Loans (exclusive of allowance for credit losses)		24,201,673		—		24,082,288		—		24,082,288
Derivatives		211,971		—		211,971		—		211,971
FINANCIAL LIABILITIES
Demand and savings deposits		34,434,861		34,434,861		—		—		34,434,861
Time deposits		2,082,709		—		2,082,709		—		2,082,709
Other borrowings		3,517,033		25,740		3,491,293		—		3,517,033
Long-term debt		384,245		—		414,417		—		414,417
Derivatives		119,943		—		119,943		—		119,943
OFF-BALANCE SHEET ARRANGEMENTS
Commitments to extend credit for loans										5,666
Commitments to extend resell agreements										250
Commercial letters of credit										69
Standby letters of credit										2,097

	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