Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

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)
March 31, 2024
Debt securities available for sale:
U.S. Treasury	$	1,480,381	$	—	$	—	$	1,480,381
U.S. federal agencies		—		10,844		—		10,844
Mortgage-backed securities		—		14,263		—		14,263
States and political subdivisions		—		9,790		180		9,970
Asset backed securities		—		11,252		—		11,252
Other debt securities		—		6,812		—		6,812
Derivative assets		—		27,445		—		27,445
Derivative liabilities		—		25,520		—		25,520
December 31, 2023
Debt securities available for sale:
U.S. Treasury	$	1,498,045	$	—	$	—	$	1,498,045
U.S. federal agencies		—		11,770		—		11,770
Mortgage-backed securities		—		14,795		—		14,795
States and political subdivisions		—		9,830		180		10,010
Asset backed securities		—		12,512		—		12,512
Other debt securities				6,773				6,773
Derivative assets		—		41,099		—		41,099
Derivative liabilities		—		39,176		—		39,176

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:

	Three Months Ended March 31,		Twelve Months Ended December 31,
	2024		2023
	(Dollars in thousands)
Balance at the beginning of the year	$	180	$	454
Transfers to level 2		—		(244	)
Settlements		—		(30	)
Balance at the end of the period	$	180	$	180

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 March 31, 2024
Equity securities	$	13,176
Collateral dependent loans		230
Repossessed assets		238
Other real estate owned		2,709
As of and for the Year-to-date Period Ended December 31, 2023
Equity securities	$	13,144
Collateral dependent loans		1,894
Repossessed assets		474
Other real estate owned		31,773

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:

	March 31, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents	$	2,525,095	$	2,525,095	$	2,397,463	$	2,397,463
Federal funds sold		1,209		1,209	$	1,316		1,316
Debt securities held for investment		4		4		5		5
Loans held for sale		5,997		5,997		3,489		3,489
Level 3 inputs:
Debt securities held for investment		1,125		1,125		1,185		1,185
Loans, net of allowance for credit losses		7,684,593		8,436,154		7,559,845		7,356,768
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits		10,909,621		10,421,046		10,700,122		10,413,348
Short-term borrowings		9,699		9,699		3,351		3,351
Subordinated debt		86,115		78,255		86,101		79,271
OFF-BALANCE-SHEET FINANCIAL INSTRUMENTS
Loan commitments				4,577				4,875
Letters of credit				599				637