Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

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)
December 31, 2023
Debt securities available for sale:
U.S. Treasury	$	1,498,045	$	—	$	—	$	1,498,045
U.S. federal agencies		—		11,770		—		11,770
Mortgage-backed securities		—		14,795		—		14,795
States and political subdivisions		—		9,830		180		10,010
Asset backed securities		—		12,512		—		12,512
Other debt securities		—		6,773		—		6,773
Derivative assets		—		41,099		—		41,099
Derivative liabilities		—		39,176		—		39,176
December 31, 2022
Debt securities available for sale:
U.S. Treasury	$	1,477,864	$	—	$	—	$	1,477,864
U.S. federal agencies		—		15,222		—		15,222
Mortgage-backed securities		—		16,586		—		16,586
States and political subdivisions		—		7,680		454		8,134
Asset backed securities		—		13,010		—		13,010
Other debt securities		—		7,405		—		7,405
Derivative assets		—		20,745		—		20,745
Derivative liabilities		—		19,683		—		19,683

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:

	Twelve Months Ended December 31,
	2023			2022
	(Dollars in thousands)
Balance at the beginning of the year	$	454		$	320
Transfers to level 2		(244	)		—
Purchases		—			255
Settlements		(30	)		(110	)
Total unrealized losses		—			(11	)
Balance at the end of the period	$	180		$	454

Assets Measured at Fair Value on Nonrecurring Basis

	Total Fair Value Level 3
	(Dollars in thousands)
As of and for the Year-to-date Period Ended December 31, 2023
Equity securities	$	13,144
Collateral dependent loans		1,894
Repossessed assets		474
Other real estate owned		31,773
As of and for the Year-to-date Period Ended December 31, 2022
Equity securities	$	15,512
Collateral dependent loans		1,618
Repossessed assets		180
Other real estate owned		34,999

Estimated Fair Values of Financial Instruments

he 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:

	December 31,
	2023				2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents	$	2,397,463	$	2,397,463	$	3,168,910	$	3,168,910
Federal funds sold		1,316		1,316		2,850		2,850
Debt securities held for investment		5		5		13		13
Loans held for sale		3,489		3,489		6,232		6,232
Level 3 inputs:
Debt securities held for investment		1,185		1,185		2,370		2,370
Loans held for investment, net of allowance for credit losses		7,559,845		7,356,768		6,850,835		6,563,755
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits		10,700,122		10,413,348		10,974,228		10,614,840
Short-term borrowings		3,351		3,351		300		300
Subordinated debt		86,101		79,271		86,044		82,385
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
Loan commitments				4,875				4,598
Letters of credit				637				542