Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets:


	March 31, 2023
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Loans held for sale	$	—	$	6,507	$	—	$	6,507
Available for sale investment securities:

U.S. Government securities	220,053		—		—		220,053
U.S. Government-sponsored agency securities	—		1,017		—		1,017
State and municipal securities	—		1,067,598		—		1,067,598
Corporate debt securities	—		439,034		—		439,034
Collateralized mortgage obligations	—		130,450		—		130,450
Residential mortgage-backed securities	—		212,574		—		212,574
Commercial mortgage-backed securities	—		571,663		—		571,663

Total available for sale investment securities	220,053		2,422,336		—		2,642,389
Other assets:
Investments held in Rabbi Trust	26,211		—		—		26,211
Derivative assets	615		142,322		—		142,937
Total assets	$	246,879	$	2,571,165	$	—	$	2,818,044
Other liabilities:
Deferred compensation liabilities	$	26,211	$	—	$	—	$	26,211
Derivative liabilities	436		231,074		—		231,510
Total liabilities	$	26,647	$	231,074	$	—	$	257,721


	December 31, 2022
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Loans held for sale	$	—	$	7,264	$	—	$	7,264
Available for sale investment securities:

U.S. Government securities	218,485		—		—		218,485
U.S. Government sponsored agency securities	—		1,008		—		1,008
State and municipal securities	—		1,105,712		—		1,105,712
Corporate debt securities	—		422,309		—		422,309
Collateralized mortgage obligations	—		134,033		—		134,033
Residential mortgage-backed securities	—		212,698		—		212,698
Commercial mortgage-backed securities	—		552,522		—		552,522

Total available for sale investment securities	218,485		2,428,282		—		2,646,767
Other assets:
Investments held in Rabbi Trust	23,435		—		—		23,435
Derivative assets	672		166,796		—		167,468
Total assets	$	242,592	$	2,602,342	$	—	$	2,844,934
Other liabilities:
Deferred compensation liabilities	$	23,435	$	—	$	—	$	23,435
Derivative liabilities	584		296,465		—		297,049
Total liabilities	$	24,019	$	296,465	$	—	$	320,484

Schedule of Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis using Level 3 Inputs

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

The following table presents Level 3 financial assets measured at fair value on a nonrecurring basis:


	March 31, 2023		December 31, 2022
	(dollars in thousands)
Loans, net	$	113,799	$	121,115
OREO	3,304		5,790
MSRs(1)	47,223		50,044
Total assets	$	164,326	$	176,949

(1) Amounts shown are estimated fair value. MSRs are recorded on the Corporation's consolidated balance sheets at the lower of amortized cost or fair value. See "Note 6 - Mortgage Servicing Rights" for additional information.

Details of Book Value and Fair Value of Financial Instruments

The following tables detail the book values and the estimated fair values of the Corporation's financial instruments as of March 31, 2023 and December 31, 2022.


	March 31, 2023
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
	(dollars in thousands)
FINANCIAL ASSETS
Cash and cash equivalents	$	566,753	$	566,753	$	—	$	—	$	566,753
FRB and FHLB stock	107,605		—		107,605		—		107,605

Loans held for sale	6,507		—		6,507		—		6,507
AFS securities	2,642,389		220,053		2,422,336		—		2,642,389
HTM securities	1,307,712		—		1,125,027		—		1,125,027
Loans, net	20,391,493		—		—		19,132,951		19,132,951
Accrued interest receivable	90,267		90,267		—		—		90,267
Other assets	619,022		426,173		142,322		50,527		619,022
FINANCIAL LIABILITIES
Demand and savings deposits	$	18,461,527	$	18,461,527	$	—	$	—	$	18,461,527
Brokered deposits	960,919		161,395		798,376		—		959,771
Time deposits	1,894,138		—		1,858,982		—		1,858,982
Accrued interest payable	11,892		11,892		—		—		11,892
Federal funds purchased	525,000		525,000		—		—		525,000
Federal Home Loan Bank advances	747,000		747,000		—		—		747,000
Senior debt and subordinated debt	539,814		—		468,896		—		468,896
Other borrowings	634,956		633,815		1,095		—		634,910
Other liabilities	409,353		160,740		231,074		17,539		409,353


	December 31, 2022
			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Total
	(dollars in thousands)
FINANCIAL ASSETS
Cash and cash equivalents	$	681,921	$	681,921	$	—	$	—	$	681,921
FRB and FHLB stock	130,186		—		130,186		—		130,186
Loans held for sale	7,264		—		7,264		—		7,264
AFS securities	2,646,767		218,485		2,428,282		—		2,646,767
HTM securities	1,321,256		—		1,125,049		—		1,125,049
Loans, net	20,010,181		—		—		18,862,701		18,862,701
Accrued interest receivable	91,579		91,579		—		—		91,579
Other assets	642,049		419,419		166,796		55,834		642,049
FINANCIAL LIABILITIES
Demand and savings deposits	$	18,851,912	$	18,851,912	$	—	$	—	$	18,851,912
Brokered deposits	208,416		188,416		25,085		—		213,501
Time deposits	1,589,210		—		1,574,747		—		1,574,747
Accrued interest payable	10,185		10,185		—		—		10,185
Federal funds purchased	191,000		190,998		—		—		190,998
Federal Home Loan Bank advances	1,250,000		1,249,629		—		—		1,249,629
Senior debt and subordinated debt	539,634		—		456,867		—		456,867
Other borrowings	890,573		889,393		1,180		—		890,573
Other liabilities	467,705		154,912		296,465		16,328		467,705