Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The tables below present the Corporation’s financial instruments measured at fair value on a recurring basis and carrying amounts and estimated fair values of certain financial instruments, aggregated by the level in the fair value hierarchy within which those measurements fall:


	December 31, 2024
($ in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Assets
Cash and due from banks	$	544,059	$	544,059	$	544,059	$	—	$	—
Interest-bearing deposits in other financial institutions	453,590		453,590		453,590		—		—
Federal funds sold and securities purchased under agreements to resell	21,955		21,955		21,955		—		—
AFS investment securities:


Obligations of state and political subdivisions (municipal securities)	3,005		3,005		—		3,005		—
Residential mortgage-related securities:
FNMA / FHLMC	110,928		110,928		—		110,928		—
GNMA	4,227,727		4,227,727		—		4,227,727		—

Commercial mortgage-related securities:
FNMA / FHLMC	17,000		17,000		—		17,000		—
GNMA	111,475		111,475		—		111,475		—
Asset backed securities:
FFELP	107,839		107,839		—		107,839		—
SBA	471		471		—		471		—
Other debt securities	2,989		2,989		—		2,989		—
Total AFS investment securities	4,581,434		4,581,434		—		4,581,434		—

HTM investment securities:
U.S. Treasury securities	1,000		999		999		—		—
Obligations of state and political subdivisions (municipal securities), net	1,659,662		1,486,582		—		1,486,582		—
Residential mortgage-related securities:
FNMA / FHLMC	885,476		721,946		—		721,946		—
GNMA	43,693		39,927		—		39,927		—
Private-label	324,182		266,353		—		266,353		—
Commercial mortgage-related securities:
FNMA / FHLMC	772,456		623,595		—		623,595		—
GNMA	52,219		46,032		—		46,032		—
Total HTM investment securities, net	3,738,687		3,185,434		999		3,184,435		—

Equity securities:
Equity securities	10,742		10,742		10,670		—		72
Equity securities at NAV	12,500		12,500
Total equity securities	23,242		23,242

FHLB and Federal Reserve Bank stocks	179,665		179,665		—		179,665		—
Residential loans held for sale	646,687		646,687		—		646,687		—
Commercial loans held for sale	32,634		32,634		—		32,634		—
Loans, net	29,373,557		28,327,115		—		—		28,327,115
Bank and corporate owned life insurance	689,000		689,000		—		689,000		—
Mortgage servicing rights, net	87,683		87,683		—		—		87,683
Interest rate-related instruments designated as hedging instruments(a)	2,960		2,960		—		2,960		—
Foreign currency exchange forwards designated as hedging instruments(a)	2,457		2,457		—		2,457		—
Interest rate-related and other instruments not designated as hedging instruments(a)	88,541		88,541		—		88,541		—
Foreign currency exchange forwards not designated as hedging instruments(a)	4,315		4,315		—		4,315		—
Interest rate lock commitments to originate residential mortgage loans held for sale	327		327		—		—		327
Forward commitments to sell residential mortgage loans	254		254		—		—		254
Total selected assets at fair value	$	40,471,048	$	38,871,352	$	1,031,273	$	9,412,129	$	28,415,450

(a) Figures are presented gross before netting. See Note 13 and Note 14 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.


	December 31, 2024
($ in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Liabilities
Deposits:
Noninterest-bearing demand	$	5,775,657	$	5,775,657	$	—	$	—	$	5,775,657
Savings	5,133,295		5,133,295		—		—		5,133,295
Interest-bearing demand	9,124,741		9,124,741		—		—		9,124,741
Money market	6,637,915		6,637,915		—		—		6,637,915
Brokered CDs(a)	4,276,309		4,276,309		—		4,276,309		—
Other time deposits(a)	3,700,518		3,700,518		—		3,700,518		—
Total deposits	34,648,434		34,648,434		—		7,976,827		26,671,607

Federal funds purchased and securities sold under agreements to repurchase	470,369		470,370		—		470,370		—



FHLB advances	1,853,807		1,852,685		—		1,852,685		—
Other long-term funding	837,635		823,991		—		823,991		—
Standby letters of credit(b)	2,546		2,546		—		2,546		—
Interest rate-related instruments designated as hedging instruments(c)	2,976		2,976		—		2,976		—
Foreign currency exchange forwards designated as hedging instruments(c)	563		563		—		563		—
Interest rate-related and other instruments not designated as hedging instruments(c)	170,928		170,928		—		170,928		—
Foreign currency exchange forwards not designated as hedging instruments(c)	4,106		4,106		—		4,106		—


Total selected liabilities at fair value	$	37,991,364	$	37,976,599	$	—	$	11,304,992	$	26,671,607

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

(b) The commitment on standby letters of credit was $254 million at December 31, 2024. See Note 15 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.

(c) Figures are presented gross before netting. See Note 13 and Note 14 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.


	December 31, 2023
($ in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Assets
Cash and due from banks	$	484,384	$	484,384	$	484,384	$	—	$	—
Interest-bearing deposits in other financial institutions	425,089		425,089		425,089		—		—
Federal funds sold and securities purchased under agreements to resell	14,350		14,350		14,350		—		—
AFS investment securities:
U.S. Treasury securities	35,902		35,902		35,902		—		—

Obligations of state and political subdivisions (municipal securities)	91,817		91,817		—		91,817		—
Residential mortgage-related securities:
FNMA / FHLMC	1,120,794		1,120,794		—		1,120,794		—
GNMA	2,042,675		2,042,675		—		2,042,675		—

Commercial mortgage-related securities:
FNMA / FHLMC	16,937		16,937		—		16,937		—
GNMA	154,793		154,793		—		154,793		—
Asset backed securities:
FFELP	133,975		133,975		—		133,975		—
SBA	1,051		1,051		—		1,051		—
Other debt securities	2,950		2,950		—		2,950		—
Total AFS investment securities	3,600,892		3,600,892		35,902		3,564,990		—

HTM investment securities:
U.S. Treasury securities	999		963		963		—		—
Obligations of state and political subdivisions (municipal securities), net	1,682,398		1,553,984		—		1,553,984		—
Residential mortgage-related securities:
FNMA / FHLMC	941,973		804,393		—		804,393		—
GNMA	48,979		46,170		—		46,170		—
Private-label	345,083		289,507		—		289,507		—
Commercial mortgage-related securities:
FNMA / FHLMC	780,995		632,914		—		632,914		—
GNMA	59,733		52,619		—		52,619		—
Total HTM investment securities, net	3,860,160		3,380,550		963		3,379,586		—

Equity securities:
Equity securities	31,651		31,651		6,883		—		24,769
Equity securities at NAV	10,000		10,000
Total equity securities	41,651		41,651

FHLB and Federal Reserve Bank stocks	229,171		229,171		—		229,171		—
Residential loans held for sale	33,011		33,011		—		33,011		—
Commercial loans held for sale	90,303		90,303		—		90,303		—
Loans, net	28,865,124		27,371,086		—		—		27,371,086
Bank and corporate owned life insurance	682,649		682,649		—		682,649		—
Mortgage servicing rights, net	84,390		84,390		—		—		84,390
Interest rate-related instruments designated as hedging instruments(a)	8,075		8,075		—		8,075		—
Foreign currency exchange forwards designated as hedging instruments(a)	632		632		—		632		—
Interest rate-related and other instruments not designated as hedging instruments(a)	111,623		111,623		—		111,623		—
Foreign currency exchange forwards not designated as hedging instruments(a)	2,954		2,954		—		2,954		—
Interest rate lock commitments to originate residential mortgage loans held for sale	439		439		—		—		439

Total selected assets at fair value	$	38,534,897	$	36,561,249	$	967,570	$	8,102,995	$	27,480,684


	December 31, 2023
($ in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Liabilities
Deposits:
Noninterest-bearing demand	$	6,119,956	$	6,119,956	$	—	$	—	$	6,119,956
Savings	4,835,701		4,835,701		—		—		4,835,701
Interest-bearing demand	8,843,967		8,843,967		—		—		8,843,967
Money market	6,330,453		6,330,453		—		—		6,330,453
Brokered CDs(a)	4,447,479		4,447,479		—		4,447,479		—
Other time deposits(a)	2,868,494		2,868,494		—		2,868,494		—
Total deposits	33,446,049		33,446,049		—		7,315,973		26,130,076

Federal funds purchased and securities sold under agreements to repurchase	326,780		326,757		—		326,757		—



FHLB advances	1,940,194		1,944,600		—		1,944,600		—
Other long-term funding	541,269		534,983		—		534,983		—
Standby letters of credit(b)	2,157		2,157		—		2,157		—
Interest rate-related instruments designated as hedging instruments(c)	930		930		—		930		—
Foreign currency exchange forwards designated as hedging instruments(c)	2,946		2,946		—		2,946		—
Interest rate-related and other instruments not designated as hedging instruments(c)	195,662		195,662		—		195,662		—
Foreign currency exchange forwards not designated as hedging instruments(c)	2,746		2,746		—		2,746		—

Forward commitments to sell residential mortgage loans	673		673		—		—		673
Total selected liabilities at fair value	$	36,459,407	$	36,457,504	$	—	$	10,326,755	$	26,130,749

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

(b) The commitment on standby letters of credit was $212 million at December 31, 2023. See Note 15 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The table below presents a rollforward of the consolidated balance sheets amounts 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, 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 derivative	352		627		(274)

Balance December 31, 2023	$	439	$	673	$	(234)
New production	$	11,771	$	(4,000)	$	15,771
Closed loans / settlements	(8,816)		3,512		(12,328)
Other	(3,068)		(438)		(2,630)
Change in mortgage derivative	(113)		(927)		814

Balance December 31, 2024	$	327	$	(254)	$	580

Equity Securities without Readily Determinable Fair Value [Table Text Block]

The following table presents a rollforward of the fair value of Level 3 equity securities that are measured under the measurement alternative, and the related adjustments recorded during the periods presented for those securities with observable price changes:


($ in thousands)
Fair value as of December 31, 2022	$	19,225
Gains recognized in investment securities gains, net	5,861

Purchases	11
Sales	(329)
Fair value as of December 31, 2023	$	24,769
Gains recognized in investment securities gains, net	$	4,054

Purchases	22
Sales	(28,772)

Fair value as of December 31, 2024	$	72

Fair Value Measurements, Nonrecurring [Table Text Block]

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(a)

December 31, 2024

Assets

Individually evaluated loans

Level 3

31,483

Provision for credit losses

17,454

OREO(b)

Level 2

276

Other noninterest expense / provision for credit losses(c)

1,067

December 31, 2023

Assets

Individually evaluated loans

Level 3

47,221

Provision for credit losses

45,709

OREO(b)

Level 2

3,139

Other noninterest expense / provision for credit losses(c)

2,532

Equity securities without readily determinable fair values

Level 3

24,671

Investment securities gains (losses), net

5,785

(a) Includes the full year impact on the consolidated statements of income.

(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) 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.

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

The table below presents the unobservable inputs that are readily quantifiable pertaining to Level 3 measurements:


December 31, 2024	Valuation Technique	Significant Unobservable Input	Range of Inputs			Weighted Average Input Applied
Mortgage servicing rights	Discounted cash flow	Option adjusted spread	5%	-	8%	5%
Mortgage servicing rights	Discounted cash flow	Constant prepayment rate	—%	-	100%	4%
Individually evaluated loans	Appraisals / discounted cash flow	Collateral / discount factor	—%	-	77%	61%
Interest rate lock commitments to originate residential mortgage loans held for sale	Discounted cash flow	Closing ratio	55%	-	100%	92%

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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