Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

Commitments

The following table sets forth our commitments and letters of credit as of the dates presented:

	December 31,
(dollars in thousands)	2022		2021
Commitments to extend credit	$	2,713,586	$	2,583,957
Standby letters of credit	64,356		87,335
Total	$	2,777,942	$	2,671,292

Allowance for Credit Losses on Unfunded Loan Commitments

We maintain an allowance for credit losses on unfunded commercial and consumer lending commitments and letters of credit to provide for the risk of loss in these arrangements. 

The activity in the unfunded loan commitments reserve is summarized as of the dates presented:

	December 31,
(dollars in thousands)	2022		2021
Balance at beginning of period	$	5,189	$	4,467
Provision for credit losses	3,007		722
Total	$	8,196	$	5,189

Contractual Obligations

Contractual obligations represent future cash commitments and liabilities under agreements with third parties and exclude contingent contractual liabilities for which we cannot reasonably predict future payments. We have various financial obligations, including contractual obligations and commitments that may require future cash payments. The following table presents as of December 31, 2022 significant fixed and determinable contractual obligations to third parties by payment date:

	Payments Due In
(dollars in thousands)	2023		2024-2025		2026-2027		Later Years		Total
Deposits without a stated maturity(1)	$	6,285,377	$	—	$	—	$	—	$	6,285,377
Certificates of deposit(1)	733,285		161,343		38,711		1,254		934,593
Short-term borrowings(1)	370,000		—		—		—		370,000
Long-term borrowings(1)	464		13,461		180		636		14,741
Junior subordinated debt securities(1)	—		—		—		54,453		54,453
Operating and finance leases	5,053		9,984		9,587		60,837		85,461
Purchase obligations	32,555		62,656		53,190		—		148,401
Total	$	7,426,734	$	247,444	$	101,668	$	117,180	$	7,893,026

(1)Excludes interest

Operating lease obligations represent lease arrangements as described in Note 10 Premises and Equipment, to the consolidated financial statements. Purchase obligations primarily represent obligations under agreement with our third-party data processing servicer, low income housing obligations and communications charges.

Litigation

In the normal course of business, we are subject to various legal and administrative proceedings and claims. While any type of litigation contains a level of uncertainty, we believe that the outcome of such proceedings or claims pending will not have a material adverse effect on our consolidated financial position or results of operations.