Fair Value Measurements (Tables)

9 Months Ended

Sep. 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:


	September 30, 2024
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Loans held for sale	$	—	$	17,678	$	—	$	17,678
Available for sale investment securities:


State and municipal securities	—		851,333		—		851,333
Corporate debt securities	—		296,580		—		296,580
Collateralized mortgage obligations	—		749,468		—		749,468
Residential mortgage-backed securities	—		895,635		—		895,635
Commercial mortgage-backed securities	—		520,280		—		520,280
Total available for sale investment securities	—		3,313,296		—		3,313,296
Other assets:
Investments held in Rabbi Trust	35,077		—		—		35,077
Derivative assets	748		136,815		—		137,563
Total assets	$	35,825	$	3,467,789	$	—	$	3,503,614
Other liabilities:
Deferred compensation liabilities	$	35,077	$	—	$	—	$	35,077
Derivative liabilities	482		202,865		—		203,347
Total liabilities	$	35,559	$	202,865	$	—	$	238,424


	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:


	September 30, 2024		December 31, 2023
	(dollars in thousands)
Loans, net	$	150,529	$	102,135
OREO	2,844		896
MSRs(1)	48,971		49,696
Total assets	$	202,344	$	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:


	September 30, 2024
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
	(dollars in thousands)
FINANCIAL ASSETS
Cash and cash equivalents	$	1,440,680	$	1,440,680	$	—	$	—	$	1,440,680
FRB and FHLB stock	143,212		—		143,212		—		143,212

Loans held for sale	17,678		—		17,678		—		17,678
AFS securities	3,313,296		—		3,313,296		—		3,313,296
HTM securities	1,231,982		—		1,064,304		—		1,064,304
Loans, net	23,800,114		—		—		22,681,492		22,681,492
Accrued interest receivable	115,903		115,903		—		—		115,903
Other assets	705,318		537,530		136,815		51,815		726,160
FINANCIAL LIABILITIES
Demand and savings deposits	$	21,021,766	$	21,021,766	$	—	$	—	$	21,021,766
Brokered deposits	843,473		137,879		705,871		—		843,750
Time deposits	4,286,905		—		4,298,383		—		4,298,383
Accrued interest payable	36,723		36,723		—		—		36,723

Federal Home Loan Bank advances	950,000		941,539		—		—		941,539
Senior debt and subordinated debt	535,917		—		435,761		—		435,761
Other borrowings	566,310		565,285		1,011		—		566,296
Other liabilities	394,068		177,160		202,865		14,188		394,213


	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