Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

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)
December 31, 2022
Debt securities available for sale:
U.S. Treasury	$	1,477,864	$	—	$	—	$	1,477,864
U.S. federal agencies		—		15,222		—		15,222
Mortgage-backed securities		—		16,586		—		16,586
States and political subdivisions		—		7,680		454		8,134
Asset backed securities		—		13,010		—		13,010
Other debt securities		—		7,405		—		7,405
Derivative assets		—		20,745		—		20,745
Derivative liabilities		—		19,683		—		19,683
December 31, 2021
Debt securities available for sale:
U.S. Treasury	$	457,628	$	—	$	—	$	457,628
U.S. federal agencies		—		21,942		—		21,942
Mortgage-backed securities		—		29,283		—		29,283
States and political subdivisions		—		5,999		320		6,319
Asset backed securities		—		13,357		—		13,357
Other debt securities		—		2,994		—		2,994
Derivative assets		—		8,946		—		8,946
Derivative liabilities		—		8,237		—		8,237

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:

	Twelve Months Ended December 31,
	2022			2021
	(Dollars in thousands)
Balance at the beginning of the year	$	320		$	12,869
Transfers to level 2		—			(12,714	)
Purchases		255			240
Settlements		(110	)		(75	)
Total unrealized losses		(11	)		—
Balance at the end of the period	$	454		$	320

Assets Measured at Fair Value on Nonrecurring Basis

	Total Fair Value Level 3
	(Dollars in thousands)
As of and for the Year-to-date Period Ended December 31, 2022
Equity securities	$	15,512
Collateral dependent loans		1,618
Repossessed assets		180
Other real estate owned		34,999
As of and for the Year-to-date Period Ended December 31, 2021
Equity securities	$	10,590
Collateral dependent loans		13,195
Repossessed assets		78
Other real estate owned		7,496

Estimated Fair Values of Financial Instruments

he 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:

	December 31,
	2022				2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents	$	3,168,910	$	3,168,910	$	2,050,022	$	2,050,022
Federal funds sold		2,850		2,850		800		800
Debt securities held for investment		13		13		32		33
Loans held for sale		6,232		6,232		24,776		24,776
Level 3 inputs:
Debt securities held for investment		2,370		2,370		2,945		2,945
Loans held for investment, net of allowance for credit losses		6,850,835		6,563,755		6,085,506		6,059,716
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits		10,974,228		10,614,840		8,091,914		8,161,553
Short-term borrowings		300		300		—		—
Subordinated debt		86,044		82,385		85,987		90,391
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
Loan commitments				4,598				3,648
Letters of credit				542				621