Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

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)
September 30, 2023
Debt securities available for sale:
U.S. Treasury	$	1,468,204	$	—	$	—	$	1,468,204
U.S. federal agencies		—		12,580		—		12,580
Mortgage-backed securities		—		14,412		—		14,412
States and political subdivisions		—		9,502		429		9,931
Asset backed securities		—		12,411		—		12,411
Other debt securities		—		6,718		—		6,718
Derivative assets		—		21,686		—		21,686
Derivative liabilities		—		19,558		—		19,558
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

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:

	Nine Months Ended September 30,			Twelve Months Ended December 31,
	2023			2022
	(Dollars in thousands)
Balance at the beginning of the year	$	454		$	320
Purchases		—			255
Settlements		(30	)		(110	)
Total unrealized gain		5			(11	)
Balance at the end of the period	$	429		$	454

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 September 30, 2023
Equity securities	$	14,827
Collateral dependent loans		363
Repossessed assets		348
Other real estate owned		6,453
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

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:

	September 30, 2023				December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents	$	2,336,761	$	2,336,761	$	3,168,910	$	3,168,910
Federal funds sold		6,875		6,875		2,850		2,850
Debt securities held for investment		7		7		13		13
Loans held for sale		3,852		3,852		6,232		6,232
Level 3 inputs:
Debt securities held for investment		1,185		1,185		2,370		2,370
Loans, net of allowance for credit losses		7,374,846		7,065,173		6,850,835		6,563,755
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits		10,534,171		10,098,240		10,974,228		10,614,840
Short-term borrowings		3,976		3,976		300		300
Subordinated debt		86,086		76,771		86,044		82,385
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
Loan commitments				4,714				4,598
Letters of credit				589				542