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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023 and 2022, aggregated by the level in the fair value hierarchy within which those measurements fall:
($ in thousands)Fair Value HierarchyDecember 31, 2023December 31, 2022
Assets
AFS investment securities:
U.S. Treasury securities Level 1$35,902 $109,378 
Agency securitiesLevel 2— 13,532 
Obligations of state and political subdivisions (municipal securities)Level 291,817 230,714 
Residential mortgage-related securities:
FNMA/FHLMC Level 21,120,794 1,604,610 
GNMA Level 22,042,675 497,596 
Commercial mortgage-related securities:
FNMA/FHLMCLevel 216,937 17,142 
GNMA Level 2154,793 110,462 
Asset backed securities:
FFELP Level 2133,975 151,191 
SBALevel 21,051 4,477 
Other debt securities Level 22,950 2,922 
Total AFS investment securities Level 1$35,902 $109,378 
Total AFS investment securities Level 23,564,990 2,632,647 
Equity securities with readily determinable fair valuesLevel 16,883 5,991 
Residential loans held for sale
 Level 233,011 20,383 
Mortgage servicing rights, netLevel 384,390 77,351 
Interest rate-related instruments designated as hedging instruments(a)
Level 28,075 4,349 
Foreign currency exchange forwards designated as hedging instruments(a)
Level 2632 416 
Interest rate-related and other instruments not designated as hedging instruments(a)
 Level 2111,623 62,401 
Foreign currency exchange forwards not designated as hedging instruments(a)
 Level 22,954 437 
Interest rate lock commitments to originate residential mortgage loans held for sale Level 3439 86 
Liabilities
Interest rate-related instruments designated as hedging instruments(a)
Level 2$930 $1,260 
Foreign currency exchange forwards designated as hedging instruments(a)
Level 22,946 972 
Interest rate-related and other instruments not designated as hedging instruments(a)
 Level 2195,662 251,398 
Foreign currency exchange forwards not designated as hedging instruments(a)
 Level 22,746 402 
Forward commitments to sell residential mortgage loans Level 3673 46 
(a) Figures are presented gross before netting. See Note 14 and Note 15 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.
Assets and liabilities measured at fair value using significant unobservable inputs (level 3)
The table below presents a rollforward of the consolidated balance sheets amounts for the years ended December 31, 2023 and 2022, for the Corporation's mortgage derivatives measured on a recurring basis and classified within Level 3 of the fair value hierarchy:
($ in thousands)Interest rate lock commitments to originate residential mortgage loans held for saleForward commitments to sell residential mortgage loansTotal
Balance December 31, 2021$2,617 $(30)$2,647 
New production10,442 (2,028)12,470 
Closed loans / settlements(913)24,766 (25,679)
Other(12,060)(22,662)10,603 
Change in mortgage derivative(2,531)76 (2,607)
Balance December 31, 2022$86 $46 $40 
New production$6,557 $(1,816)$8,373 
Closed loans / settlements(4,171)2,494 (6,665)
Other(2,033)(51)(1,982)
Change in mortgage derivative352 627 (274)
Balance December 31, 2023$439 $673 $(234)
Equity Securities without Readily Determinable Fair Value Also shown are the cumulative upward and downward adjustments for the Corporation's equity securities without readily determinable fair values as of December 31, 2023:
($ in thousands)
Equity securities without readily determinable fair values
Carrying value as of December 31, 2022$19,225 
Carrying value changes 5,785 
Purchases10,011 
Sales(252)
Carrying value as of December 31, 2023$34,769 
Cumulative upward carrying value changes between January 1, 2018 and December 31, 2023$24,671 
Cumulative downward carrying value changes between January 1, 2018 and December 31, 2023$— 
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 HierarchyFair ValueConsolidated Statements of Income Category of
Adjustment Recognized in Income
Adjustment Recognized on the Consolidated Statements of Income(a)
December 31, 2023
Assets
Individually evaluated loans(b)
Level 3$47,221 Provision for credit losses$45,709 
OREO(c)
Level 23,139 
Other noninterest expense / provision for credit losses(d)
2,532 
Equity securities without readily determinable fair valuesLevel 324,671 Investment securities gains (losses), net5,785 
December 31, 2022
Assets
Individually evaluated loans(b)
Level 3$23,584 Provision for credit losses$4,405 
OREO(c)
Level 22,196 
Other noninterest expense / provision for credit losses(d)
971 
Equity securities without readily determinable fair valuesLevel 319,134 Investment securities gains (losses), net5,690 
(a) Includes the full year impact on the consolidated statements of income.
(b) On January 1, 2023, the Corporation adopted ASU 2022-02. Under this update, TDRs were eliminated and replaced with a modified loan classification which were no longer individually evaluated. As a result, amounts reported for 2023 and forward will not be comparable to prior period reported amounts.
(c) 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.
(d) When a property's value is written down at the time it is transferred to OREO, the charge off is booked to the provision for credit losses. When a property is already in OREO and subsequently written down, the charge off is booked to other noninterest expense.
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 the unobservable inputs that are readily quantifiable pertaining to Level 3 measurements:
December 31, 2023Valuation TechniqueSignificant Unobservable InputRange of InputsWeighted Average Input Applied
Mortgage servicing rightsDiscounted cash flowOption adjusted spread6%-8%6%
Mortgage servicing rightsDiscounted cash flowConstant prepayment rate1%-100%4%
Individually evaluated loansAppraisals / Discounted cash flowCollateral / Discount factor18%-53%53%
Interest rate lock commitments to originate residential mortgage loans held for saleDiscounted cash flowClosing ratio31%-100%89%
Estimated fair values of financial instruments
Fair value estimates are set forth below for the Corporation’s financial instruments:
 December 31, 2023December 31, 2022
($ in thousands)Fair Value Hierarchy LevelCarrying AmountFair ValueCarrying AmountFair Value
Financial assets
Cash and due from banks Level 1$484,384 $484,384 $436,952 $436,952 
Interest-bearing deposits in other financial institutions Level 1425,089 425,089 156,693 156,693 
Federal funds sold and securities purchased under agreements to resell Level 114,350 14,350 27,810 27,810 
AFS investment securities Level 135,902 35,902 109,378 109,378 
AFS investment securitiesLevel 23,564,990 3,564,990 2,632,647 2,632,647 
HTM investment securities, netLevel 1999 963 999 936 
HTM investment securities, netLevel 23,859,161 3,379,586 3,959,399 3,400,028 
Equity securities with readily determinable fair valuesLevel 16,883 6,883 5,991 5,991 
Equity securities without readily determinable fair values(d)10,000 10,000 — — 
Equity securities without readily determinable fair valuesLevel 324,769 24,769 19,225 19,225 
FHLB and Federal Reserve Bank stocksLevel 2229,171 229,171 295,496 295,496 
Residential loans held for saleLevel 233,011 33,011 20,383 20,383 
Commercial loans held for saleLevel 290,303 90,303 — — 
Loans, netLevel 328,865,124 27,371,086 28,486,849 27,481,426 
Bank and corporate owned life insuranceLevel 2682,649 682,649 676,530 676,530 
Mortgage servicing rights, netLevel 384,390 84,390 77,351 77,351 
Derivatives (other assets)(a)
Level 2123,284 123,284 67,603 67,603 
Interest rate lock commitments to originate residential mortgage loans held for sale (other assets)Level 3439 439 86 86 
Financial liabilities
Noninterest-bearing demand, savings, interest-bearing demand, and money market accountsLevel 3$26,130,076 $26,130,076 $27,705,996 $27,705,996 
Brokered CDs and other time deposits(b)
Level 27,315,973 7,315,973 1,930,158 1,930,158 
Short-term funding
Level 2326,780 326,757 605,937 605,205 
FHLB advancesLevel 21,940,194 1,944,600 4,319,861 4,322,264 
Other long-term fundingLevel 2541,269 534,983 248,071 242,151 
Standby letters of credit(c)
Level 22,157 2,157 2,881 2,881 
Derivatives (accrued expenses and other liabilities)(a)
Level 2202,285 202,285 254,033 254,033 
Forward commitments to sell residential mortgage loans (accrued expenses and other liabilities) Level 3673 673 46 46 
(a) Figures are 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 commitment on standby letters of credit was $212 million and $271 million at December 31, 2023 and 2022, respectively. See Note 16 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.
(d)    These securities are measured at fair value using Net Asset Value per share (or its equivalent) as a practical expedient.