Fair Value (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value

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

	Fair Value Measurements as of March 31, 2025
	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
Mortgage-backed securities:
Residential - Government agency(1)	$	—	$	35,314	$	—	$	35,314
Residential - Government-sponsored enterprises(1)		—		727,417		—		727,417
Commercial - Government agency		—		195,766		—		195,766
Commercial - Government-sponsored enterprises		—		44,012		—		44,012
Commercial - Non-agency		—		22,005		—		22,005
Collateralized mortgage obligations:
Government agency		—		391,674		—		391,674
Government-sponsored enterprises		—		305,737		—		305,737
Collateralized loan obligations		—		136,503		—		136,503
Total available-for-sale securities		—		1,858,428		—		1,858,428
Other assets(2)		289		14,921		—		15,210
Liabilities
Other liabilities(3)		—		(6,885)		(2,300)		(9,185)
Total	$	289	$	1,866,464	$	(2,300)	$	1,864,453

(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, 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
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

(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 March 31, 2025
				Significant
(dollars in thousands)	Fair value		Valuation Technique	Unobservable Input	Range
Collateral-dependent loans	$	19,955	Financial Statement Values	Discounts to reflect estimated selling costs	0% - 50%
Visa derivative		(2,300)	Discounted Cash Flow	Expected Conversion Rate - 1.5342(1)	1.4280-1.5342
				Expected Term - 6 months(2)	n/m(2)
				Growth Rate - 16%(3)	-9% - 41%

	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%

(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.

Summary of changes in Level 3 liabilities measured at fair value on a recurring basis

	Visa Derivative
(dollars in thousands)	2025		2024
Three Months Ended March 31,
Balance as of January 1,	$	(2,300)	$	(2,300)
Total net losses included in other noninterest income		(1,292)		(1,476)
Settlements		1,292		1,476
Balance as of March 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 March 31,	$	(1,292)	$	(1,476)

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

	March 31, 2025
			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	$	1,314,579	$	240,738	$	1,073,841	$	—	$	1,314,579
Investment securities held-to-maturity		3,724,908		—		3,250,275		—		3,250,275
Loans held for sale		1,547		—		1,547		—		1,547
Loans(1)		13,855,637		—		—		13,348,446		13,348,446
Financial liabilities:
Time deposits(2)	$	3,354,266	$	—	$	3,336,034	$	—	$	3,336,034
Short-term borrowings		250,000		—		249,578		—		249,578

	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

(1) Excludes financing leases of $437.4 million at March 31, 2025 and $434.7 million at December 31, 2024.

(2) Excludes deposit liabilities with no defined or contractual maturity of $16.9 billion as of March 31, 2025 and $17.0 billion as of December 31, 2024.

Schedule of assets with fair value adjustments on a nonrecurring basis

(dollars in thousands)	Level 1		Level 2		Level 3
March 31, 2025
Collateral-dependent loans	$	—	$	—	$	19,955
December 31, 2024
Collateral-dependent loans	$	—	$	—	$	20,734