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Investment Securities
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] Investment Securities
Investment securities are designated as AFS, HTM, or equity on the consolidated balance sheets. The amortized cost and fair values of AFS and HTM securities at June 30, 2025 were as follows:
(in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
(Losses)		Fair Value
AFS investment securities
Obligations of state and political subdivisions (municipal securities)$3,063 $— $(71)$2,993 
Residential mortgage-related securities:
FNMA/FHLMC126,138 500 (6,725)119,914 
GNMA4,640,079 42,498 (162)4,682,415 
Commercial mortgage-related securities:
FNMA/FHLMC18,147 — (1,210)16,937 
GNMA114,881 — (4,495)110,386 
Asset backed securities:
FFELP102,177 — (1,689)100,489 
SBA394 — (17)377 
Other debt securities3,000 — (2)2,998 
Total AFS investment securities$5,007,880 $42,999 $(14,370)$5,036,508 
HTM investment securities
U.S. Treasury securities$994 $18 $— $1,013 
Obligations of state and political subdivisions (municipal securities)1,643,021 578 (201,630)1,441,969 
Residential mortgage-related securities:
FNMA/FHLMC854,777 20,900 (168,381)707,296 
GNMA42,028 12 (2,904)39,136 
Private-label313,439 7,387 (58,290)262,536 
Commercial mortgage-related securities:
FNMA/FHLMC768,503 9,063 (133,145)644,422 
GNMA49,399 197 (5,637)43,959 
Total HTM investment securities$3,672,161 $38,157 $(569,986)$3,140,331 
The amortized cost and fair values of AFS and HTM securities at December 31, 2024 were as follows:
(in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
(Losses)		Fair Value
AFS investment securities
Obligations of state and political subdivisions (municipal securities)$3,063 $— $(58)$3,005 
Residential mortgage-related securities:
FNMA/FHLMC120,272 190 (9,534)110,928 
GNMA4,236,199 5,379 (13,851)4,227,727 
Commercial mortgage-related securities:
FNMA/FHLMC18,332 — (1,332)17,000 
GNMA116,275 — (4,800)111,475 
Asset backed securities:
FFELP108,319 123 (604)107,839 
SBA495 — (24)471 
Other debt securities3,000 — (11)2,989 
Total AFS investment securities$4,605,954 $5,693 $(30,213)$4,581,434 
HTM investment securities
U.S. Treasury securities$1,000 $— $(1)$999 
Obligations of state and political subdivisions (municipal securities)1,659,722 1,122 (174,202)1,486,642 
Residential mortgage-related securities:
FNMA/FHLMC885,476 22,934 (186,464)721,946 
GNMA43,693 9 (3,774)39,927 
Private-label324,182 8,135 (65,963)266,353 
Commercial mortgage-related securities:
FNMA/FHLMC772,456 10,217 (159,078)623,595 
GNMA52,219 236 (6,424)46,032 
 Total HTM investment securities$3,738,747 $42,653 $(595,906)$3,185,494 
Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The expected maturities of AFS and HTM securities at June 30, 2025, are shown below:
 AFSHTM
(in thousands)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in one year or less$1,000 $998 $7,686 $7,679 
Due after one year through five years3,040 3,029 89,077 88,681 
Due after five years through ten years1,390 1,390 219,972 211,472 
Due after ten years633 573 1,327,280 1,135,150 
Total debt securities6,063 5,991 1,644,015 1,442,982 
Residential mortgage-related securities:
FNMA/FHLMC126,138 119,914 854,777 707,296 
GNMA4,640,079 4,682,415 42,028 39,136 
Private-label— — 313,439 262,536 
Commercial mortgage-related securities:
FNMA/FHLMC18,147 16,937 768,503 644,422 
GNMA114,881 110,386 49,399 43,959 
Asset backed securities:
FFELP 102,177 100,489 — — 
SBA394 377 — — 
Total investment securities$5,007,880 $5,036,508 $3,672,161 $3,140,331 
Ratio of fair value to amortized cost100.6 %85.5 %
On a quarterly basis, the Corporation refreshes the credit quality of each HTM security. The following table summarizes the credit quality indicators of HTM securities at amortized cost at June 30, 2025:
(in thousands)AAAAAANot RatedTotal
U.S. Treasury securities$994 $994 
Obligations of state and political subdivisions (municipal securities)759,281 869,223 8,913 5,605 1,643,021 
Residential mortgage-related securities:
FNMA/FHLMC854,777 854,777 
GNMA42,028 42,028 
Private-label313,439 313,439 
Commercial mortgage-related securities:
FNMA/FHLMC768,503 768,503 
GNMA 49,399 49,399 
Total HTM securities$2,788,421 $869,223 $8,913 $5,605 $3,672,161 
The following table summarizes the credit quality indicators of HTM securities at amortized cost at December 31, 2024:
(in thousands)AAAAAANot RatedTotal
U.S. Treasury securities$1,000 $— $— $— $1,000 
Obligations of state and political subdivisions (municipal securities)767,151 883,438 4,911 4,221 1,659,722 
Residential mortgage-related securities:
FNMA/FHLMC885,476 — — — 885,476 
GNMA43,693 — — — 43,693 
Private-label324,182 — — — 324,182 
Commercial mortgage-related securities:
FNMA/FHLMC772,456 — — — 772,456 
GNMA 52,219 — — — 52,219 
Total HTM securities$2,846,177 $883,438 $4,911 $4,221 $3,738,747 
The following table summarizes gross realized gains and losses on AFS securities, the gain or loss on sale and fair value adjustment of equity securities, and proceeds from the sale of AFS investment securities:
Three Months Ended Jun 30,Six Months Ended Jun 30,
(in thousands)2025202420252024
Gross realized (losses) on AFS securities$— $— $— $(197)
Gain on sale of equity securities— — — 4,054 
Fair value adjustment of equity securities4 67 11 90 
Investment securities gains, net$4 $67 $11 $3,947 
Proceeds from sales of AFS investment securities$— $— $— $9,472 
Investment securities with a carrying value of $1.2 billion and $1.5 billion at June 30, 2025 and December 31, 2024, respectively, were pledged as required to secure certain deposits or for other purposes.
Accrued interest receivable on HTM securities totaled $17.8 million and $18.1 million at June 30, 2025 and December 31, 2024, respectively. Accrued interest receivable on AFS securities totaled $22.7 million and $21.4 million at June 30, 2025 and December 31, 2024, respectively. Accrued interest receivable on both HTM and AFS securities is included in interest receivable on the consolidated balance sheets.
The allowance for credit losses on HTM securities was $0.1 million at both June 30, 2025 and December 31, 2024, attributable entirely to the Corporation's municipal securities, included in HTM investment securities, net, at amortized cost on the consolidated balance sheets. The Corporation also holds U.S. Treasury, municipal, and mortgage-related securities issued by the U.S. government or a GSE which are backed by the full faith and credit of the U.S. government and private-label residential mortgage-related securities that have credit enhancement which covers the first 15% of losses and, as a result, no allowance for credit losses has been recorded related to these securities.
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 June 30, 2025:
 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
Obligations of state and political subdivisions (municipal securities)1 $— $545 2 $(71)$812 $(71)1,357 
Residential mortgage-related securities:
FNMA/FHLMC19 (216)25,111 14 (6,509)60,428 (6,725)85,538 
GNMA11 (81)60,239 5 (81)4,956 (162)65,195 
Commercial mortgage-related securities:
FNMA/FHLMC— — — 1 (1,210)16,937 (1,210)16,937 
GNMA— — — 16 (4,495)110,386 (4,495)110,386 
Asset backed securities:
FFELP3 (389)41,906 12 (1,300)58,583 (1,689)100,489 
SBA— — — 4 (17)369 (17)369 
Other debt securities1 (2)998 — — — (2)998 
Total35 $(688)$128,798 54 $(13,682)$252,471 $(14,370)$381,269 
HTM investment securities
Obligations of state and political subdivisions (municipal securities)343 $(16,718)$486,300 651 $(184,912)$863,436 $(201,630)$1,349,736 
Residential mortgage-related securities:
FNMA/FHLMC9 (110)8,687 106 (168,271)695,891 (168,381)704,578 
GNMA6 (88)7,432 79 (2,816)30,402 (2,904)37,835 
Private-label— — — 18 (58,290)262,536 (58,290)262,536 
 Commercial mortgage-related securities:
FNMA/FHLMC2 (481)26,335 43 (132,664)618,087 (133,145)644,422 
GNMA— — — 13 (5,637)43,959 (5,637)43,959 
Total360 $(17,397)$528,754 910 $(552,590)$2,514,312 $(569,986)$3,043,067 
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, 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
Obligations of state and political subdivisions (municipal securities)1 $(3)$542 2 $(55)$828 $(58)$1,370 
Residential mortgage-related securities:
FNMA/FHLMC23 (607)31,983 14 (8,927)61,596 (9,534)93,579 
GNMA116 (13,706)1,660,642 4 (145)3,945 (13,851)1,664,587 
Commercial mortgage-related securities:
FNMA/FHLMC— — — 1 (1,332)17,000 (1,332)17,000 
GNMA— — — 16 (4,800)111,475 (4,800)111,475 
Asset backed securities:
FFELP— — — 12 (604)62,830 (604)62,830 
SBA— — — 4 (24)464 (24)464 
Other debt securities1 (7)993 1 (3)997 (11)1,989 
Total141 $(14,323)$1,694,159 54 $(15,890)$259,134 $(30,213)$1,953,294 
HTM investment securities
U.S. Treasury securities— $— $— 1 $(1)$999 $(1)$999 
Obligations of state and political subdivisions (municipal securities)370 (11,860)483,073 641 (162,343)866,949 (174,202)1,350,022 
Residential mortgage-related securities:
FNMA/FHLMC12 (280)11,617 106 (186,184)710,114 (186,464)721,732 
GNMA7 (183)8,856 79 (3,591)31,071 (3,774)39,927 
Private-label— — — 18 (65,963)266,353 (65,963)266,353 
Commercial mortgage-related securities:
FNMA/FHLMC2 (1,343)25,518 43 (157,735)598,077 (159,078)623,595 
GNMA— — — 13 (6,424)46,032 (6,424)46,032 
Total391 $(13,665)$529,064 901 $(582,241)$2,519,595 $(595,906)$3,048,660 
The Corporation reviews the AFS investment securities portfolio on a quarterly basis to monitor its credit exposure. A determination as to whether a security’s decline in fair value is the result of credit risk takes into consideration numerous factors and the relative significance of any single factor can vary by security. Some factors the Corporation may consider in this impairment analysis include the extent to which the security has been in an unrealized loss position, the change in security rating, financial condition and near-term prospects of the issuer, as well as the security and industry specific economic conditions.
Based on the Corporation’s evaluation, management does not believe any unrealized losses at June 30, 2025 represent credit deterioration as these unrealized losses are primarily attributable to changes in interest rates and the current market conditions. As of June 30, 2025, the Corporation does not intend to sell, nor does it believe that it will be required to sell, the securities in an unrealized loss position before recovery of their amortized cost basis.
FHLB and Federal Reserve Bank stocks: The Corporation is required to maintain Federal Reserve Bank stock and FHLB stock as a member bank of both the Federal Reserve System and the FHLB, and in amounts as required by these institutions. These equity securities are “restricted” in that they can only be sold back to the respective institutions or another member institution at par. Therefore, they are less liquid than other marketable equity securities and their fair value is equal to amortized cost. The Corporation had FHLB stock of $180.3 million and $91.5 million at June 30, 2025 and December 31, 2024, respectively. The Corporation had Federal Reserve Bank stock of $98.1 million and $88.1 million at June 30, 2025 and December 31, 2024, respectively. Accrued interest receivable on FHLB stock totaled $3.4 million at June 30, 2025 and $1.8 million at December 31, 2024. There was no accrued interest receivable on Federal Reserve Bank Stock at June 30, 2025 and December 31, 2024. Accrued interest receivable on both FHLB stock and Federal Reserve Bank stock is included in interest receivable on the consolidated balance sheets.
Equity Securities
Equity securities with readily determinable fair values: The Corporation's portfolio of equity securities with readily determinable fair values is primarily comprised of mutual funds. The Corporation had equity securities with readily determinable fair values of $10.9 million at June 30, 2025 and $10.7 million at December 31, 2024.
Equity securities without readily determinable fair values: The Corporation's portfolio of equity securities without readily determinable fair values primarily consists of an investment in a private loan fund. The Corporation had equity securities without readily determinable fair values carried at $15.1 million at June 30, 2025 and $12.6 million at December 31, 2024.