Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets:


	June 30, 2024
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Loans held for sale	$	—	$	26,822	$	—	$	26,822
Available for sale investment securities:


State and municipal securities	—		820,109		—		820,109
Corporate debt securities	—		337,398		—		337,398
Collateralized mortgage obligations	—		713,769		—		713,769
Residential mortgage-backed securities	—		557,191		—		557,191
Commercial mortgage-backed securities	—		511,127		—		511,127
Total available for sale investment securities	—		2,939,594		—		2,939,594
Other assets:
Investments held in Rabbi Trust	34,339		—		—		34,339
Derivative assets	766		175,762		—		176,528
Total assets	$	35,105	$	3,142,178	$	—	$	3,177,283
Other liabilities:
Deferred compensation liabilities	$	34,339	$	—	$	—	$	34,339
Derivative liabilities	548		280,130		—		280,678
Total liabilities	$	34,887	$	280,130	$	—	$	315,017


	December 31, 2023
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Loans held for sale	$	—	$	15,158	$	—	$	15,158
Available for sale investment securities:

U.S. Government securities	42,161		—		—		42,161
U.S. Government sponsored agency securities	—		1,010		—		1,010
State and municipal securities	—		1,072,013		—		1,072,013
Corporate debt securities	—		440,551		—		440,551
Collateralized mortgage obligations	—		111,434		—		111,434
Residential mortgage-backed securities	—		196,795		—		196,795
Commercial mortgage-backed securities	—		534,388		—		534,388

Total available for sale investment securities	42,161		2,356,191		—		2,398,352
Other assets:
Investments held in Rabbi Trust	29,819		—		—		29,819
Derivative assets	572		157,540		—		158,112
Total assets	$	72,552	$	2,528,889	$	—	$	2,601,441
Other liabilities:
Deferred compensation liabilities	$	29,819	$	—	$	—	$	29,819
Derivative liabilities	477		246,157		—		246,634
Total liabilities	$	30,296	$	246,157	$	—	$	276,453

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

The following table presents Level 3 financial assets measured at fair value on a nonrecurring basis:


	June 30, 2024		December 31, 2023
	(dollars in thousands)
Loans, net	$	121,942	$	102,135
OREO	1,444		896
MSRs(1)	51,724		49,696
Total assets	$	175,110	$	152,727

(1) Amounts shown are estimated fair value. MSRs are recorded on the Corporation's consolidated balance sheets at the lower of amortized cost or fair value.

See "Note 6 - Mortgage Servicing Rights" for additional information.

Details of Book Value and Fair Value of Financial Instruments

The following tables detail the book values and the estimated fair values of the Corporation's financial instruments:


	June 30, 2024
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
	(dollars in thousands)
FINANCIAL ASSETS
Cash and cash equivalents	$	1,396,282	$	1,396,282	$	—	$	—	$	1,396,282
FRB and FHLB stock	125,297		—		125,297		—		125,297

Loans held for sale	26,822		—		26,822		—		26,822
AFS securities	2,939,594		—		2,939,594		—		2,939,594
HTM securities	1,244,433		—		1,033,439		—		1,033,439
Loans, net	23,730,356		—		—		22,391,497		22,391,497
Accrued interest receivable	120,752		120,752		—		—		120,752
Other assets	731,849		524,312		175,762		53,168		753,242
FINANCIAL LIABILITIES
Demand and savings deposits	$	20,650,955	$	20,650,955	$	—	$	—	$	20,650,955
Brokered deposits	995,975		139,166		856,809		—		995,975
Time deposits	3,912,724		—		3,912,608		—		3,912,608
Accrued interest payable	48,757		48,757		—		—		48,757

Federal Home Loan Bank advances	750,000		754,414		—		—		754,414
Senior debt and subordinated debt	535,741		—		419,072		—		419,072
Other borrowings	892,856		891,851		1,119		—		892,970
Other liabilities	467,810		173,140		280,130		14,540		467,810


	December 31, 2023
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
	(dollars in thousands)
FINANCIAL ASSETS
Cash and cash equivalents	$	549,710	$	549,710	$	—	$	—	$	549,710
FRB and FHLB stock	124,405		—		124,405		—		124,405
Loans held for sale	15,158		—		15,158		—		15,158
AFS securities	2,398,352		42,161		2,356,191		—		2,398,352
HTM securities	1,267,922		—		1,072,207		—		1,072,207
Loans, net	21,057,690		—		—		19,930,560		19,930,560
Accrued interest receivable	107,972		107,972		—		—		107,972
Other assets	661,067		452,935		157,540		50,592		661,067
FINANCIAL LIABILITIES
Demand and savings deposits	$	17,653,690	$	17,653,690	$	—	$	—	$	17,653,690
Brokered deposits	1,144,692		145,987		999,392		—		1,145,379
Time deposits	2,739,241		—		2,714,709		—		2,714,709
Accrued interest payable	35,083		35,083		—		—		35,083
Federal funds purchased	240,000		240,000		—		—		240,000
Federal Home Loan Bank advances	1,100,000		1,094,013		—		—		1,094,013
Senior debt and subordinated debt	535,384		—		463,270		—		463,270
Other borrowings	612,142		611,269		837		—		612,106
Other liabilities	429,046		165,635		246,157		17,254		429,046