Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities Measured on Recurring Basis

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of the periods presented, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(Dollars in thousands)
March 31, 2022
Debt securities available for sale:
U.S. Treasury	$	1,146,298	$	—	$	—	$	1,146,298
U.S. federal agencies		—		20,534		—		20,534
Mortgage-backed securities		—		20,961		—		20,961
States and political subdivisions		—		4,612		240		4,852
Asset backed securities		—		13,280		—		13,280
Other debt securities		—		2,826		—		2,826
Derivative assets		—		62,701		—		62,701
Derivative liabilities		—		61,651		—		61,651
December 31, 2021
Debt securities available for sale:
U.S. Treasury	$	457,628	$	—	$	—	$	457,628
U.S. federal agencies		—		21,942		—		21,942
Mortgage-backed securities		—		29,283		—		29,283
States and political subdivisions		—		5,999		320		6,319
Asset backed securities		—		13,357		—		13,357
Other debt securities				2,994				2,994
Derivative assets		—		8,946		—		8,946
Derivative liabilities		—		8,237		—		8,237

Changes in Level 3 Assets Measured at Estimated Fair Value on Recurring Basis

The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods presented were as follows:

	Three Months Ended March 31,			Twelve Months Ended December 31,
	2022			2021
	(Dollars in thousands)
Balance at the beginning of the year	$	320		$	12,869
Transfers to level 2		—			(12,714	)
Purchases		—			240
Settlements		(80	)		(75	)
Balance at the end of the period	$	240		$	320

Assets Measured at Fair Value on Nonrecurring Basis

The following table summarizes assets measured at fair value on a nonrecurring basis during the period presented. The fair value represents end of period values, which approximate fair value measurements that occurred on various measurement dates throughout the period:

	Total Fair Value
	Level 3
	(Dollars in thousands)
As of and for the Year-to-date Period Ended March 31, 2022
Equity securities	$	10,187
Collateral dependent loans		642
Repossessed assets		96
Other real estate owned		279
As of and for the Year-to-date Period Ended December 31, 2021
Equity securities	$	10,590
Collateral dependent loans		13,195
Repossessed assets		78
Other real estate owned		7,496

Estimated Fair Values of Financial Instruments

The estimated fair values of the Company’s financial instruments that are reported at amortized cost in the Company’s consolidated balance sheets, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows:

	March 31,				December 31,
	2022				2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents	$	4,091,404	$	4,091,404	$	2,050,022	$	2,050,022
Federal funds sold		3,489		3,489		800		800
Debt securities held for investment		27		27		32		33
Loans held for sale		10,137		10,137		24,776		24,776
Level 3 inputs:
Debt securities held for investment		2,890		2,890		2,945		2,945
Loans, net of allowance for credit losses		6,407,101		6,276,465		6,085,506		6,059,716
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits		11,250,971		11,258,118		8,091,914		8,161,553
Short-term borrowings		3,300		3,300		—		—
Subordinated debt		86,001		85,736		85,987		90,391
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
Loan commitments				3,958				3,648
Letters of credit				522				621