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Investment Securities (Tables)
9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] The amortized cost and fair values of AFS and HTM securities at September 30, 2024 were as follows:
($ in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Fair Value
AFS investment securities
U.S. Treasury securities$39,987 $— $(3,039)$36,948 
Obligations of state and political subdivisions (municipal securities)82,845 11 (1,766)81,089 
Residential mortgage-related securities:
FNMA/FHLMC1,201,968 990 (117,544)1,085,414 
GNMA2,634,634 30,367 (1,441)2,663,560 
Commercial mortgage-related securities:
FNMA/FHLMC18,423 — (388)18,035 
GNMA156,873 — (5,256)151,617 
Asset backed securities:
FFELP113,139 132 (922)112,350 
SBA540 — (24)516 
Other debt securities3,000 — (3)2,997 
Total AFS investment securities$4,251,409 $31,500 $(130,382)$4,152,527 
HTM investment securities
U.S. Treasury securities$1,000 $— $(10)$990 
Obligations of state and political subdivisions (municipal securities)1,664,740 4,596 (128,987)1,540,348 
Residential mortgage-related securities:
FNMA/FHLMC900,743 24,025 (145,885)778,883 
GNMA45,180 143 (2,344)42,979 
Private-label329,349 8,519 (55,765)282,103 
Commercial mortgage-related securities:
FNMA/FHLMC775,209 11,142 (126,498)659,852 
GNMA53,005 258 (5,643)47,620 
Total HTM investment securities$3,769,224 $48,682 $(465,131)$3,352,775 
The amortized cost and fair values of AFS and HTM securities at December 31, 2023 were as follows:
($ in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Fair Value
AFS investment securities
U.S. Treasury securities$39,984 $— $(4,083)$35,902 
Obligations of state and political subdivisions (municipal securities)94,008 23 (2,214)91,817 
Residential mortgage-related securities:
FNMA/FHLMC1,274,052 294 (153,552)1,120,794 
GNMA2,021,242 24,254 (2,822)2,042,675 
Commercial mortgage-related securities:
FNMA/FHLMC18,691 — (1,755)16,937 
GNMA161,928 — (7,135)154,793 
Asset backed securities:
FFELP135,832 (1,862)133,975 
SBA1,077 (28)1,051 
Other debt securities3,000 — (50)2,950 
Total AFS investment securities$3,749,814 $24,579 $(173,501)$3,600,892 
HTM investment securities
U.S. Treasury securities$999 $— $(36)$963 
Obligations of state and political subdivisions (municipal securities)1,682,473 5,638 (134,053)1,554,059 
Residential mortgage-related securities:
FNMA/FHLMC941,973 27,007 (164,587)804,393 
GNMA48,979 92 (2,901)46,170 
Private-label345,083 9,796 (65,372)289,507 
Commercial mortgage-related securities:
FNMA/FHLMC780,995 12,699 (160,781)632,914 
GNMA59,733 386 (7,500)52,619 
 Total HTM investment securities$3,860,235 $55,619 $(535,230)$3,380,624 
Debt Securities, Held-to-Maturity [Table Text Block] The amortized cost and fair values of AFS and HTM securities at September 30, 2024 were as follows:
($ in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Fair Value
AFS investment securities
U.S. Treasury securities$39,987 $— $(3,039)$36,948 
Obligations of state and political subdivisions (municipal securities)82,845 11 (1,766)81,089 
Residential mortgage-related securities:
FNMA/FHLMC1,201,968 990 (117,544)1,085,414 
GNMA2,634,634 30,367 (1,441)2,663,560 
Commercial mortgage-related securities:
FNMA/FHLMC18,423 — (388)18,035 
GNMA156,873 — (5,256)151,617 
Asset backed securities:
FFELP113,139 132 (922)112,350 
SBA540 — (24)516 
Other debt securities3,000 — (3)2,997 
Total AFS investment securities$4,251,409 $31,500 $(130,382)$4,152,527 
HTM investment securities
U.S. Treasury securities$1,000 $— $(10)$990 
Obligations of state and political subdivisions (municipal securities)1,664,740 4,596 (128,987)1,540,348 
Residential mortgage-related securities:
FNMA/FHLMC900,743 24,025 (145,885)778,883 
GNMA45,180 143 (2,344)42,979 
Private-label329,349 8,519 (55,765)282,103 
Commercial mortgage-related securities:
FNMA/FHLMC775,209 11,142 (126,498)659,852 
GNMA53,005 258 (5,643)47,620 
Total HTM investment securities$3,769,224 $48,682 $(465,131)$3,352,775 
The amortized cost and fair values of AFS and HTM securities at December 31, 2023 were as follows:
($ in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Fair Value
AFS investment securities
U.S. Treasury securities$39,984 $— $(4,083)$35,902 
Obligations of state and political subdivisions (municipal securities)94,008 23 (2,214)91,817 
Residential mortgage-related securities:
FNMA/FHLMC1,274,052 294 (153,552)1,120,794 
GNMA2,021,242 24,254 (2,822)2,042,675 
Commercial mortgage-related securities:
FNMA/FHLMC18,691 — (1,755)16,937 
GNMA161,928 — (7,135)154,793 
Asset backed securities:
FFELP135,832 (1,862)133,975 
SBA1,077 (28)1,051 
Other debt securities3,000 — (50)2,950 
Total AFS investment securities$3,749,814 $24,579 $(173,501)$3,600,892 
HTM investment securities
U.S. Treasury securities$999 $— $(36)$963 
Obligations of state and political subdivisions (municipal securities)1,682,473 5,638 (134,053)1,554,059 
Residential mortgage-related securities:
FNMA/FHLMC941,973 27,007 (164,587)804,393 
GNMA48,979 92 (2,901)46,170 
Private-label345,083 9,796 (65,372)289,507 
Commercial mortgage-related securities:
FNMA/FHLMC780,995 12,699 (160,781)632,914 
GNMA59,733 386 (7,500)52,619 
 Total HTM investment securities$3,860,235 $55,619 $(535,230)$3,380,624 
Investments Classified by Contractual Maturity Date [Table Text Block] The expected maturities of AFS and HTM securities at September 30, 2024, are shown below:
 AFSHTM
($ in thousands)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due in one year or less$1,000 $997 $11,435 $11,360 
Due after one year through five years54,051 50,642 58,464 58,594 
Due after five years through ten years44,549 43,392 179,171 175,603 
Due after ten years26,231 26,004 1,416,669 1,295,781 
Total debt securities125,832 121,034 1,665,740 1,541,338 
Residential mortgage-related securities:
FNMA/FHLMC1,201,968 1,085,414 900,743 778,883 
GNMA2,634,634 2,663,560 45,180 42,979 
Private-label— — 329,349 282,103 
Commercial mortgage-related securities:
FNMA/FHLMC18,423 18,035 775,209 659,852 
GNMA156,873 151,617 53,005 47,620 
Asset backed securities:
FFELP 113,139 112,350 — — 
SBA540 516 — — 
Total investment securities$4,251,409 $4,152,527 $3,769,224 $3,352,775 
Ratio of fair value to amortized cost97.7 %89.0 %
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Table Text Block] The following table summarizes the credit quality indicators of HTM securities at amortized cost at September 30, 2024:
($ in thousands)AAAAAANot RatedTotal
U.S. Treasury securities$1,000 $— $— $— $1,000 
Obligations of state and political subdivisions (municipal securities)772,689 884,498 5,492 2,060 1,664,740 
Residential mortgage-related securities:
FNMA/FHLMC900,743 — — — 900,743 
GNMA45,180 — — — 45,180 
Private-label329,349 — — — 329,349 
Commercial mortgage-related securities:
FNMA/FHLMC775,209 — — — 775,209 
GNMA 53,005 — — — 53,005 
Total HTM securities$2,877,174 $884,498 $5,492 $2,060 $3,769,224 
The following table summarizes the credit quality indicators of HTM securities at amortized cost at December 31, 2023:
($ in thousands)AAAAAANot RatedTotal
U.S. Treasury securities$999 $— $— $— $999 
Obligations of state and political subdivisions (municipal securities)760,329 915,303 5,687 1,155 1,682,473 
Residential mortgage-related securities:
FNMA/FHLMC941,973 — — — 941,973 
GNMA48,979 — — — 48,979 
Private-label345,083 — — — 345,083 
Commercial mortgage-related securities:
FNMA/FHLMC780,995 — — — 780,995 
GNMA 59,733 — — — 59,733 
Total HTM securities$2,938,090 $915,303 $5,687 $1,155 $3,860,235 
Schedule of Realized Gain (Loss) [Table Text Block]
The following table summarizes gross realized gains and losses on AFS securities, the gain on sale and net write-up of equity securities, and proceeds from the sale of AFS investment securities for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended Sep 30,Nine Months Ended Sep 30,
($ in thousands)2024202320242023
Gross realized (losses) on AFS securities$— $— $(197)$— 
Gain on sale and net write-up (down) of equity securities100 (11)4,243 55 
Investment securities gains, net$100 $(11)$4,047 $55 
Proceeds from sales of AFS investment securities$— $— $9,472 $— 
During the first quarter of 2024, the Corporation sold its remaining Visa Class B restricted shares at a gain of $4 million.
Schedule of Unrealized Loss on Investments [Table Text Block]
The following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at September 30, 2024:
 Less than 12 months12 months or moreTotal
($ in thousands)Number
of
Securities
Unrealized
(Losses)
Fair
Value
Number
of
Securities
Unrealized
(Losses)
Fair
Value
Unrealized
(Losses)
Fair
Value
AFS investment securities
U.S. Treasury securities— $— $— $(3,039)$36,948 $(3,039)$36,948 
Obligations of state and political subdivisions (municipal securities)18 (35)8,205 112 (1,731)66,172 (1,766)74,377 
Residential mortgage-related securities:
FNMA/FHLMC(22)6,211 82 (117,522)1,026,799 (117,544)1,033,011 
GNMA(36)20,744 10 (1,405)41,066 (1,441)61,811 
Commercial mortgage-related securities:
FNMA/FHLMC— — — (388)18,035 (388)18,035 
GNMA— — — 31 (5,256)151,617 (5,256)151,617 
Asset backed securities:
FFELP— — — 12 (922)65,319 (922)65,319 
SBA— — — (24)498 (24)498 
Other debt securities— — — (3)997 (3)997 
Total24 $(93)$35,160 254 $(130,289)$1,407,452 $(130,382)$1,442,613 
HTM investment securities
U.S. Treasury securities— $— $— $(10)$990 $(10)$990 
Obligations of state and political subdivisions (municipal securities)83 (517)111,498 642 (128,470)887,316 (128,987)998,814 
Residential mortgage-related securities:
FNMA/FHLMC(1)100 108 (145,884)769,122 (145,885)769,223 
GNMA— — — 79 (2,344)33,584 (2,344)33,584 
Private-label— — — 18 (55,765)282,103 (55,765)282,103 
 Commercial mortgage-related securities:
FNMA/FHLMC— — — 43 (126,498)632,665 (126,498)632,665 
GNMA— — — 13 (5,643)47,620 (5,643)47,620 
Total84 $(518)$111,598 904 $(464,613)$2,653,401 $(465,131)$2,765,000 
For comparative purposes, the following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2023:
 Less than 12 months12 months or moreTotal
($ in thousands)Number
of
Securities
Unrealized
(Losses)
Fair
Value
Number
of
Securities
Unrealized
(Losses)
Fair
Value
Unrealized
(Losses)
Fair
Value
AFS investment securities
U.S. Treasury securities— $— $— $(4,083)$35,902 $(4,083)$35,902 
Obligations of state and political subdivisions (municipal securities)41 (347)23,762 92 (1,867)53,022 (2,214)76,784 
Residential mortgage-related securities:
FNMA/FHLMC18 (333)22,870 71 (153,219)1,080,337 (153,552)1,103,207 
GNMA13 (924)156,847 (1,898)26,643 (2,822)183,490 
Commercial mortgage-related securities:
FNMA/FHLMC— — — (1,755)16,937 (1,755)16,937 
GNMA(3,160)103,055 22 (3,975)51,738 (7,135)154,793 
Asset backed securities:
FFELP— — — 14 (1,862)125,339 (1,862)125,339 
SBA— — — (28)761 (28)761 
Other debt securities(9)991 (42)1,958 (50)2,950 
Total82 $(4,773)$307,527 213 $(168,728)$1,392,635 $(173,501)$1,700,162 
HTM investment securities
U.S. Treasury securities— $— $— $(36)$963 $(36)$963 
Obligations of state and political subdivisions (municipal securities)182 (1,535)180,270 537 (132,518)792,940 (134,053)973,210 
Residential mortgage-related securities:
FNMA/FHLMC20 (511)30,323 94 (164,076)771,042 (164,587)801,365 
GNMA(17)2,128 78 (2,884)34,626 (2,901)36,754 
Private-label— — — 18 (65,372)289,507 (65,372)289,507 
Commercial mortgage-related securities:
FNMA/FHLMC(121)8,144 44 (160,660)624,770 (160,781)632,914 
GNMA— — — 13 (7,500)52,619 (7,500)52,619 
Total205 $(2,184)$220,865 785 $(533,046)$2,566,468 $(535,230)$2,787,333