Fair Value (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value

Schedule of assets and liabilities measured at fair value on a recurring basis

	Fair Value Measurements as of December 31, 2022
	Quoted Prices in		Significant
	Active Markets for		Other		Significant
	Identical Assets		Observable		Unobservable
(dollars in thousands)	(Level 1)		Inputs (Level 2)		Inputs (Level 3)		Total
Assets
U.S. Treasury and government agency debt securities	$	—	$	150,982	$	—	$	150,982
Government-sponsored enterprises debt securities		—		44,301		—		44,301
Mortgage-backed securities:
Residential - Government agency(1)		—		59,723		—		59,723
Residential - Government-sponsored enterprises(1)		—		1,160,455		—		1,160,455
Commercial - Government agency		—		237,853		—		237,853
Commercial - Government-sponsored enterprises		—		119,573		—		119,573
Commercial - Non-agency		—		21,471		—		21,471
Collateralized mortgage obligations:
Government agency		—		653,322		—		653,322
Government-sponsored enterprises		—		462,132		—		462,132
Collateralized loan obligations		—		241,321		—		241,321
Total available-for-sale securities		—		3,151,133		—		3,151,133
Other assets(2)		5,376		10,945		—		16,321
Liabilities
Other liabilities(3)		—		(49,268)		(851)		(50,119)
Total	$	5,376	$	3,112,810	$	(851)	$	3,117,335

	Fair Value Measurements as of December 31, 2021
	Quoted Prices in		Significant
	Active Markets for		Other		Significant
	Identical Assets		Observable		Unobservable
(dollars in thousands)	(Level 1)		Inputs (Level 2)		Inputs (Level 3)		Total
Assets
U.S. Treasury and government agency debt securities	$	—	$	192,563	$	—	$	192,563
Mortgage-backed securities:
Residential - Government agency(1)		—		137,264		—		137,264
Residential - Government-sponsored enterprises(1)		—		1,491,100		—		1,491,100
Commercial - Government agency		—		387,663		—		387,663
Commercial - Government-sponsored enterprises		—		1,369,443		—		1,369,443
Collateralized mortgage obligations:
Government agency		—		2,079,523		—		2,079,523
Government-sponsored enterprises		—		2,621,044		—		2,621,044
Collateralized loan obligations		—		105,247		—		105,247
Debt securities issued by states and political subdivisions		—		44,185		—		44,185
Total available-for-sale securities		—		8,428,032		—		8,428,032
Other assets(2)		7,382		50,925		—		58,307
Liabilities
Other liabilities(3)		—		(1,238)		(5,530)		(6,768)
Total	$	7,382	$	8,477,719	$	(5,530)	$	8,479,571

(1) Backed by residential real estate.

(2) Other assets classified as Level 1 include mutual funds and money market funds that have quoted prices in active markets and are related to the Company’s deferred compensation plans. Other assets classified as Level 2 include derivative assets.

(3) Other liabilities include derivative liabilities.

Summary of changes in Level 3 liabilities measured at fair value on a recurring basis

	Visa Derivative
(dollars in thousands)	2022		2021
Year Ended December 31,
Balance as of January 1,	$	(5,530)	$	(4,554)
Total net losses included in other noninterest income		(707)		(5,909)
Settlements		5,386		4,933
Balance as of December 31,	$	(851)	$	(5,530)
Total net losses included in net income attributable to the change in unrealized losses related to liabilities still held as of December 31,	$	(707)	$	(5,909)

Summary of estimated fair value of financial instruments not required to be carried at fair value on a recurring basis

	December 31, 2022
			Fair Value Measurements
			Quoted Prices in		Significant		Significant
			Active Markets		Other		Unobservable
			for Identical		Observable		Inputs
(dollars in thousands)	Book Value		Assets (Level 1)		Inputs (Level 2)		(Level 3)		Total
Financial assets:
Cash and cash equivalents	$	526,624	$	297,502	$	229,122	$	—	$	526,624
Investment securities held-to-maturity		4,320,639		—		3,814,822		—		3,814,822
Loans(1)		13,793,922		—		—		13,138,787		13,138,787
Financial liabilities:
Time deposits(2)	$	2,476,050	$	—	$	2,423,231	$	—	$	2,423,231
Short-term borrowings		75,000		—		74,991		—		74,991

	December 31, 2021
			Fair Value Measurements
			Quoted Prices in		Significant		Significant
			Active Markets		Other		Unobservable
			for Identical		Observable		Inputs
(dollars in thousands)	Book Value		Assets (Level 1)		Inputs (Level 2)		(Level 3)		Total
Financial assets:
Cash and cash equivalents	$	1,258,469	$	246,716	$	1,011,753	$	—	$	1,258,469
Loans held for sale		538		—		542		—		542
Loans(1)		12,730,605		—		—		12,791,811		12,791,811
Financial liabilities:
Time deposits(2)	$	1,776,438	$	—	$	1,773,321	$	—	$	1,773,321

(1) Excludes financing leases of $298.1 million at December 31, 2022 and $231.4 million at December 31, 2021.

(2) Excludes deposit liabilities with no defined or contractual maturity of $19.2 billion at December 31, 2022 and $20.0 billion at December 31, 2021.

Significant unobservable inputs used in fair value measurements for Level 3 assets and liabilities measured at fair value on a recurring basis

	Quantitative Information about Level 3 Fair Value Measurements at December 31, 2022
				Significant
(dollars in thousands)	Fair value		Valuation Technique	Unobservable Input	Range
Visa derivative	$	(851)	Discounted Cash Flow	Expected Conversion Rate - 1.5991(1)	1.5514-1.5991
				Expected Term - 3 months(2)	0 - 6 months
				Growth Rate - 26%(3)	10% - 38%

	Quantitative Information about Level 3 Fair Value Measurements at December 31, 2021
				Significant
(dollars in thousands)	Fair value		Valuation Technique	Unobservable Input	Range
Visa derivative	$	(5,530)	Discounted Cash Flow	Expected Conversion Rate - 1.6181(1)	1.5885-1.6181
				Expected Term - 1 year(4)	0.5 to 1.5 years
				Growth Rate - 26%(3)	10% - 38%

(1) Due to the uncertainty in the movement of the conversion rate, the current conversion rate as of the respective consolidated balance sheet dates was utilized in the fair value calculation.

(2) The expected term of 3 months was based on the median of 0 to 6 months.

(3) The growth rate was based on the arithmetic average of analyst price targets.

(4) The expected term of 1 year was based on the median of 0.5 to 1.5 years.