Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Assets and liabilities measured on recurring basis at fair value

The table below presents the Corporation’s financial instruments measured at fair value on a recurring basis as of December 31, 2020 and 2019, aggregated by the level in the fair value hierarchy within which those measurements fall:

($ in Thousands)	Fair Value Hierarchy	December 31, 2020		December 31, 2019
Assets
Investment securities AFS
U.S. Treasury securities	Level 1	$	26,531	$	—
Agency securities	Level 2	25,038		—
Obligations of state and political subdivisions (municipal securities)	Level 2	450,662		546,160
Residential mortgage-related securities
FNMA / FHLMC	Level 2	1,461,241		132,660
GNMA	Level 2	235,537		985,139
Commercial mortgage-related securities
FNMA / FHLMC	Level 2	22,904		21,728
GNMA	Level 2	524,756		1,310,207
Asset backed securities
FFELP	Level 2	327,189		263,693
SBA	Level 2	8,584		—
Other debt securities	Level 2	3,000		3,000
Total investment securities AFS	Level 1	$	26,531	$	—
Total investment securities AFS	Level 2	3,058,910		3,262,586
Equity securities with readily determinable fair values	Level 1	1,661		1,646
Residential loans held for sale	Level 2	129,158		136,280
Interest rate-related instruments(a)	Level 2	192,518		77,024
Foreign currency exchange forwards(a)	Level 2	4,909		4,226
Commodity contracts(a)	Level 2	12,486		20,528
Interest rate lock commitments to originate residential mortgage loans held for sale	Level 3	9,624		2,527
Liabilities
Interest rate-related instruments(a)	Level 2	$	25,680	$	13,073
Foreign currency exchange forwards(a)	Level 2	4,836		4,048
Commodity contracts(a)	Level 2	11,155		19,624
Forward commitments to sell residential mortgage loans	Level 3	2,046		710

(a) Figures presented gross before netting. See Note 14 and Note 15 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.

Assets and liabilities measured at fair value using significant unobservable inputs (level 3)

The table below presents a rollforward of the consolidated balance sheets amounts for the years ended December 31, 2020 and 2019, for the Corporation's mortgage derivatives measured on a recurring basis and classified within Level 3 of the fair value hierarchy:

($ in Thousands)	Interest rate lock commitments to originate residential mortgage loans held for sale		Forward commitments to sell residential mortgage loans		Total
Balance December 31, 2018	$	2,208	$	2,072	$	140
New production	24,164		(2,367)		26,531
Closed loans / settlements	(29,375)		(5,968)		(23,407)
Other	5,530		6,973		(1,443)
Mortgage derivative gain (loss)	319		(1,362)		1,681
Balance December 31, 2019	$	2,527	$	710	$	1,817
New production	$	72,659	$	(3,505)	$	76,164
Closed loans / settlements	(76,001)		(12,587)		(63,414)
Other	10,439		17,427		(6,988)
Mortgage derivative gain (loss)	7,097		1,335		5,762
Balance December 31, 2020	$	9,624	$	2,046	$	7,579

Equity Securities without Readily Determinable Fair Value

Also shown are the cumulative upward and downward adjustments for the Corporation's equity securities without readily determinable fair values as of December 31, 2020:

($ in Thousands)
Equity securities without readily determinable fair values
Carrying value as of December 31, 2019	$	13,444
Carrying value changes	—
Carrying value as of December 31, 2020	$	13,444
Cumulative upward carrying value changes between January 1, 2018 and December 31, 2020	$	13,444
Cumulative downward carrying value changes between January 1, 2018 and December 31, 2020	$	—

Assets and liabilities measured on nonrecurring basis at fair value

The table below presents the Corporation’s assets measured at fair value on a nonrecurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall:

($ in Thousands)	Fair Value Hierarchy	Fair Value		Consolidated Statements of Income Category of Adjustment Recognized in Income	Adjustment Recognized on the Consolidated Statements of Income
December 31, 2020
Assets
Individually evaluated loans(a)	Level 3	$	138,752	Provision for credit losses	$	(97,519)
OREO(b)	Level 2	6,125		Other noninterest expense	(3,747)
Mortgage servicing rights	Level 3	41,990		Mortgage banking, net	(17,704)
December 31, 2019
Assets
Impaired loans(c)	Level 3	$	45,792	Provision for credit losses(d)	$	(66,172)
OREO(b)	Level 2	3,565		Other noninterest expense	(1,860)
Mortgage servicing rights	Level 3	72,532		Mortgage banking, net	(63)
Equity securities	Level 3	13,444		Investment securities gains (losses), net	13,444

(a) Includes probable TDRs which are individually analyzed, net of the related allowance for credit losses.

(b) If the fair value of the collateral exceeds the carrying amount of the asset, no charge off or adjustment is necessary, the asset is not considered to be carried at fair value, and is therefore not included in the table.

(c) Represents individually evaluated impaired loans, net of the related allowance for loan losses.

(d) Represents provision for credit losses on individually evaluated impaired loans.

Schedule of assumptions for fair value as of balance sheet date of assets or liabilities that relate to transferor's continuing involvement

The table below presents information about these inputs and further discussion is found above:

December 31, 2020	Valuation Technique	Significant Unobservable Input	Range of Inputs			Weighted Average Input Applied
Mortgage servicing rights	Discounted cash flow	Discount rate	9%	-	14%	9%
Mortgage servicing rights	Discounted cash flow	Constant prepayment rate	8%	-	47%	20%
Individually evaluated loans	Appraisals / Discounted cash flow	Collateral / Discount factor	0%	-	40%	34%

Estimated fair values of financial instruments

Fair value estimates are set forth below for the Corporation’s financial instruments:

		December 31, 2020				December 31, 2019
($ in Thousands)	Fair Value Hierarchy Level	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets
Cash and due from banks	Level 1	$	416,154	$	416,154	$	373,380	$	373,380
Interest-bearing deposits in other financial institutions	Level 1	298,759		298,759		207,624		207,624
Federal funds sold and securities purchased under agreements to resell	Level 1	1,135		1,135		7,740		7,740
Investment securities HTM, net	Level 1	999		1,024		999		1,018
Investment securities HTM, net	Level 2	1,877,939		2,027,852		2,204,084		2,275,447
Investment securities AFS	Level 1	26,531		26,531		—		—
Investment securities AFS	Level 2	3,058,910		3,058,910		3,262,586		3,262,586
Equity securities with readily determinable fair values	Level 1	1,661		1,661		1,646		1,646
Equity securities without readily determinable fair values	Level 3	13,444		13,444		13,444		13,444
FHLB and Federal Reserve Bank stocks	Level 2	168,280		168,280		227,347		227,347
Residential loans held for sale	Level 2	129,158		129,158		136,280		136,280
Commercial loans held for sale	Level 2	—		—		15,000		15,000
Loans, net	Level 3	24,068,022		24,012,738		22,620,068		22,399,621
Bank and corporate owned life insurance	Level 2	679,647		679,647		671,948		671,948
Derivatives (other assets)(a)	Level 2	209,913		209,913		101,778		101,778
Interest rate lock commitments to originate residential mortgage loans held for sale (other assets)	Level 3	9,624		9,624		2,527		2,527
Financial liabilities
Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts	Level 3	$	24,725,451	$	24,725,451	$	21,156,261	$	21,156,261
Brokered CDs and other time deposits(b)	Level 2	1,757,030		1,766,200		2,622,803		2,622,803
Short-term funding(c)	Level 2	252,317		252,303		465,113		465,113
FHLB advances	Level 2	1,632,723		1,760,727		3,180,967		3,207,793
Other long-term funding	Level 2	549,465		578,233		549,343		572,873
Standby letters of credit(d)	Level 2	2,731		2,731		2,710		2,710
Derivatives (accrued expenses and other liabilities)(a)	Level 2	41,671		41,671		36,745		36,745
Forward commitments to sell residential mortgage loans (accrued expenses and other liabilities)	Level 3	2,046		2,046		710		710

(a) Figures presented gross before netting. See Note 14 and Note 15 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.

(b) When the estimated fair value is less than the carrying value, the carrying value is reported as the fair value.

(c) The carrying amount is a reasonable estimate of fair value for existing short-term funding.

(d) The commitment on standby letters of credit was $279 million and $278 million at December 31, 2020 and 2019, respectively. See Note 16 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.