Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

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, 2025
Debt securities available for sale:
U.S. Treasury	$	1,071,025	$	—	$	—	$	1,071,025
U.S. federal agencies		—		7,501		—		7,501
Mortgage-backed securities		—		12,570		—		12,570
States and political subdivisions		—		5,629		120		5,749
Other debt securities		—		7,198		—		7,198
Derivative assets		—		16,144		—		16,144
Derivative liabilities		—		14,582		—		14,582
December 31, 2024
Debt securities available for sale:
U.S. Treasury	$	1,176,009	$	—	$	—	$	1,176,009
U.S. federal agencies		—		8,232		—		8,232
Mortgage-backed securities		—		13,044		—		13,044
States and political subdivisions		—		6,286		150		6,436
Other debt securities		—		7,196		—		7,196
Derivative assets		—		10,479		—		10,479
Derivative liabilities		—		9,105		—		9,105

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,
	2025			2024
	(Dollars in thousands)
Balance at the beginning of the year	$	150		$	180
Settlements		(30	)		(30	)
Balance at the end of the period	$	120		$	150

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, 2025
Equity securities	$	7,851
Collateral dependent loans		1,896
Repossessed assets		788
Other real estate owned		23,526
As of and for the Year-to-date Period Ended December 31, 2024
Equity securities	$	13,014
Collateral dependent loans		7,337
Repossessed assets		614
Other real estate owned		32,868

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, 2025				December 31, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents	$	3,997,350	$	3,997,350	$	3,553,772	$	3,553,772
Federal funds sold		—		—	$	715		715
Debt securities held for investment		1		1		2		2
Loans held for sale		10,009		10,009		8,073		8,073
Level 3 inputs:
Debt securities held for investment		560		560		835		835
Loans, net of allowance for credit losses		8,017,500		8,845,583		7,925,613		8,643,418
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits		12,056,192		11,347,850		11,718,546		10,966,958
Short-term borrowings		5,860		5,860		—		—
Subordinated debt		86,185		80,644		86,157		77,998
OFF-BALANCE-SHEET FINANCIAL INSTRUMENTS
Loan commitments				4,148				4,313
Letters of credit				667				769