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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis
Financial assets and financial liabilities measured at fair value on a recurring basis are as follows:
 Fair Value Measurements at Reporting Date Using
As of June 30, 2023Fair ValueQuoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Investment debt securities available-for-sale:    
U.S. Treasury notes$219.1 $$219.1 $
State, county, and municipal securities214.9 214.9 
Obligations of U.S. government agencies172.0 172.0 
U.S. agency commercial mortgage-backed securities1,102.4 1,102.4 
U.S. agency residential mortgage-backed securities1,375.4 1,375.4 
Collateralized mortgage obligations1,205.2 1,205.2 
Private mortgage-backed securities217.1 217.1 
Collateralized loan obligations1,124.3 1,124.3 
Corporate securities227.5 227.5 
Loans held for sale18.4 11.0 7.4
Derivative assets:
Interest rate swap contracts40.2 40.2 
Derivative liabilities:
Interest rate collars7.0 7.0 
Interest rate swap contracts156.0 156.0 
Interest rate lock commitments0.1 0.1 
Deferred compensation plan assets18.4 18.4 
Deferred compensation plan liabilities18.4 18.4 
 Fair Value Measurements at Reporting Date Using
As of December 31, 2022Fair ValueQuoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Investment debt securities available-for-sale:    
U.S. Treasury notes$642.7 $$642.7 $
State, county and municipal securities263.7 263.7 
Obligations of U.S. government agencies198.9 198.9 
U.S. agency commercial mortgage-backed securities1,351.2 1,351.2 
U.S. agency residential mortgage-backed securities1,558.3 1,558.3 
Collateralized mortgage obligations1,350.2 1,350.2 
Private mortgage-backed securities228.0 228.0 
Collateralized loan obligations1,111.6 1,111.6 
Corporate securities241.5 241.5 
Loans held for sale12.4 6.9 5.5
Derivative assets:
Interest rate swap contracts45.1 45.1 
Forward loan sales contracts0.1 0.1 
Derivative liabilities
Interest rate collars5.4 5.4 
Interest rate swap contracts154.2 154.2 
Deferred compensation plan assets18.7 18.7 
Deferred compensation plan liabilities18.7 18.7 
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Non-Recurring Basis The following table presents information about the Company’s assets and liabilities measured at fair value on a non-recurring basis:
 Fair Value Measurements at Reporting Date Using
As of June 30, 2023Fair ValueQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Collateral-dependent loans$63.5 $$$63.5 
Loans held for sale58.1 58.1 
Other real estate owned14.4 14.4 
Long-lived assets to be disposed of by sale4.6 4.6 
 Fair Value Measurements at Reporting Date Using
As of December 31, 2022Fair ValueQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Collateral-dependent loans$39.1 $$$39.1 
Loans held for sale67.5 67.5 
Other real estate owned12.7 12.7 
Long-lived assets to be disposed of by sale5.5 5.5 
Fair Value Inputs, Assets, Quantitative Information
The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized Level 3 inputs to determine fair values:
Fair Value As of
June 30, 2023December 31, 2022Valuation
Technique
Unobservable
Inputs
Range
(Weighted Average)
Collateral-dependent loans$63.5 $39.1 AppraisalAppraisal adjustment0%-45%(7%)
Loans held for sale58.1 67.5 Fair value of collateralDiscount for type of property, age of appraisal, and current status11%-23%(17%)
Other real estate owned14.4 12.7 AppraisalAppraisal adjustment15%-36%(22%)
Long-lived assets to be disposed of by sale4.6 5.5 AppraisalAppraisal adjustment0%-6%(3%)
Fair Value, by Balance Sheet Grouping
The estimated fair values of financial instruments that are reported in the Company’s consolidated balance sheets, and are segregated by the level of the valuation inputs within the fair value hierarchy that are utilized to measure fair value, are as follows:
 Fair Value Measurements at Reporting Date Using
As of June 30, 2023Carrying AmountEstimated
Fair Value
Quoted Prices in Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Financial assets:
Cash and cash equivalents$680.5 $680.5 $680.5 $— $— 
Investment debt securities available-for-sale5,857.9 5,857.9 — 5,857.9 — 
Investment debt securities held-to-maturity3,317.7 2,924.7 — 2,924.7 — 
Accrued interest receivable119.1 119.1 — 119.1 — 
Mortgage servicing rights, net29.8 38.2 — 38.2 — 
Loans held for sale76.5 76.5 — 11.0 65.5 
Net loans held for investment18,038.8 17,519.5 — 17,456.0 63.5 
Derivative assets40.2 40.2 — 40.2 — 
Deferred compensation plan assets18.4 18.4 — 18.4 — 
Total financial assets$28,178.9 $27,275.0 $680.5 $26,465.5 $129.0 
Financial liabilities:
Total deposits, excluding time deposits$20,836.8 $20,836.8 $20,836.8 $— $— 
Time deposits2,742.4 2,695.4 — 2,695.4 — 
Securities sold under repurchase agreements929.9 929.9 — 929.9 — 
Other borrowed funds2,589.0 2,589.0 — 2,589.0 — 
Accrued interest payable45.8 45.8 — 45.8 — 
Long-term debt120.8 112.3 — 112.3 — 
Subordinated debentures held by subsidiary trusts163.1 154.0 — 154.0 — 
Derivative liabilities163.1 163.1 — 163.1 — 
Deferred compensation plan liabilities18.4 18.4 — 18.4 — 
Total financial liabilities$27,609.3 $27,544.7 $20,836.8 $6,707.9 $— 
 Fair Value Measurements at Reporting Date Using
As of December 31, 2022Carrying AmountEstimated
Fair Value
Quoted Prices in Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Financial assets:
Cash and cash equivalents$870.5 $870.5 $870.5 $— $— 
Investment debt securities available-for-sale6,946.1 6,946.1 — 6,946.1 — 
Investment debt securities held-to-maturity3,451.8 3,052.2 — 3,052.2 — 
Accrued interest receivable118.3 118.3 — 118.3 — 
Mortgage servicing rights, net31.1 37.4 — 37.4 — 
Loans held for sale79.9 79.9 — 6.9 73.0 
Net loans held for investment17,879.1 17,552.1 — 17,513.0 39.1 
Derivative assets45.2 45.2 — 45.2 — 
Deferred compensation plan assets18.7 18.7 — 18.7 — 
Total financial assets$29,440.7 $28,720.4 $870.5 $27,737.8 $112.1 
Financial liabilities:
Total deposits, excluding time deposits$23,145.2 $23,145.2 $23,145.2 $— $— 
Time deposits1,928.4 1,876.1 — 1,876.1 — 
Securities sold under repurchase agreements1,052.9 1,052.9 — 1,052.9 — 
Other borrowed funds2,327.0 2,327.0 — 2,327.0 — 
Accrued interest payable14.5 14.5 — 14.5 — 
Long-term debt120.8 116.3 — 116.3 — 
Subordinated debentures held by subsidiary trusts163.1 155.8 — 155.8 — 
Derivative liabilities159.6 159.6 — 159.6 — 
Deferred compensation plan liabilities18.7 18.7 — 18.7 — 
Total financial liabilities$28,930.2 $28,866.1 $23,145.2 $5,720.9 $—