Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

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)
June 30, 2024
Debt securities available for sale:
U.S. Treasury	$	1,390,782	$	—	$	—	$	1,390,782
U.S. federal agencies		—		9,683		—		9,683
Mortgage-backed securities		—		13,908		—		13,908
States and political subdivisions		—		9,801		150		9,951
Asset backed securities		—		9,381		—		9,381
Other debt securities		—		6,822		—		6,822
Derivative assets		—		15,239		—		15,239
Derivative liabilities		—		13,420		—		13,420
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

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:

	Six Months Ended June 30,			Twelve Months Ended December 31,
	2024			2023
	(Dollars in thousands)
Balance at the beginning of the year	$	180		$	454
Transfers to level 2		—			(244	)
Settlements		(30	)		(30	)
Balance at the end of the period	$	150		$	180

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. These nonrecurring fair values do not represent all assets, only those assets that have been adjusted during the reporting period:

	Total Fair Value
	Level 3
	(Dollars in thousands)
As of and for the Year-to-date Period Ended June 30, 2024
Equity securities	$	13,331
Collateral dependent loans		230
Repossessed assets		657
Other real estate owned		6,838
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

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:

	June 30, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents	$	2,493,292	$	2,493,292	$	2,397,463	$	2,397,463
Federal funds sold		1,102		1,102	$	1,316		1,316
Debt securities held for investment		3		3		5		5
Loans held for sale		7,408		7,408		3,489		3,489
Level 3 inputs:
Debt securities held for investment		835		835		1,185		1,185
Loans, net of allowance for credit losses		7,947,822		8,692,589		7,559,845		7,356,768
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits		11,015,602		10,511,836		10,700,122		10,413,348
Short-term borrowings		4,264		4,264		3,351		3,351
Subordinated debt		86,129		77,459		86,101		79,271
OFF-BALANCE-SHEET FINANCIAL INSTRUMENTS
Loan commitments				4,510				4,875
Letters of credit				671				637