Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

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, 2025
(in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Assets
Cash and due from banks	$	574,698	$	574,698	$	574,698	$	—	$	—
Interest-bearing deposits in other financial institutions	1,144,123		1,144,123		1,144,123		—		—
Federal funds sold and securities purchased under agreements to resell	1,400		1,400		1,400		—		—
AFS investment securities:


Obligations of state and political subdivisions (municipal securities)	3,044		3,044		—		3,044		—
Residential mortgage-related securities:
FNMA / FHLMC	129,863		129,863		—		129,863		—
GNMA	5,039,829		5,039,829		—		5,039,829		—

Commercial mortgage-related securities:
FNMA / FHLMC	16,958		16,958		—		16,958		—
GNMA	109,556		109,556		—		109,556		—
Asset backed securities:
FFELP	95,046		95,046		—		95,046		—
SBA	269		269		—		269		—
Other debt securities	2,998		2,998		—		2,998		—
Total AFS investment securities	5,397,563		5,397,563		—		5,397,563		—

HTM investment securities:
U.S. Treasury securities	996		1,015		1,015		—		—
Obligations of state and political subdivisions (municipal securities)	1,628,088		1,507,302		—		1,507,302		—
Residential mortgage-related securities:
FNMA / FHLMC	823,630		696,462		—		696,462		—
GNMA	39,123		36,884		—		36,884		—
Private-label	302,817		258,827		—		258,827		—
Commercial mortgage-related securities:
FNMA / FHLMC	763,370		650,366		—		650,366		—
GNMA	44,552		40,138		—		40,138		—
Total HTM investment securities	3,602,576		3,190,994		1,015		3,189,979		—

Equity securities:
Equity securities	11,060		11,060		11,060		—		—
Equity securities at NAV	15,000		15,000
Total equity securities	26,060		26,060

Regulatory stocks	252,514		252,514		—		252,514		—
Residential loans held for sale	72,499		72,499		—		72,499		—

Loans, net	30,766,886		29,970,788		—		—		29,970,788
Bank and corporate owned life insurance	694,452		694,452		—		694,452		—
Mortgage servicing rights, net	86,337		86,337		—		—		86,337
Interest rate-related instruments designated as hedging instruments(a)	10,517		10,517		—		10,517		—
Foreign currency exchange forwards designated as hedging instruments(a)	757		757		—		757		—
Interest rate-related and other instruments not designated as hedging instruments(a)	66,787		66,787		—		66,787		—
Foreign currency exchange forwards not designated as hedging instruments(a)	1,731		1,731		—		1,731		—
Interest rate lock commitments to originate residential mortgage loans held for sale	814		814		—		—		814

Total selected assets at fair value	$	42,699,714	$	41,492,034	$	1,732,296	$	9,686,799	$	30,057,939

(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, 2025
(in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Liabilities
Deposits:




Brokered CDs	$	3,795,133	$	3,791,245	$	—	$	3,791,245	$	—
Other time deposits	4,041,178		4,035,549		—		4,035,549		—


Federal funds purchased and securities sold under agreements to repurchase	307,864		307,864		307,864		—		—



FHLB advances	3,268,094		3,267,836		—		3,267,836		—
Other long-term funding	594,276		598,141		—		598,141		—
Standby letters of credit(a)	2,225		2,225		—		2,225		—
Interest rate-related instruments designated as hedging instruments(b)	1		1		—		1		—
Foreign currency exchange forwards designated as hedging instruments(b)	194		194		—		194		—
Interest rate-related and other instruments not designated as hedging instruments(b)	108,631		108,631		—		108,631		—
Foreign currency exchange forwards not designated as hedging instruments(b)	1,517		1,517		—		1,517		—

Forward commitments to sell residential mortgage loans	444		444		—		—		444
Total selected liabilities at fair value	$	12,119,557	$	12,113,647	$	307,864	$	11,805,339	$	444

(a) The commitment on standby letters of credit was $222.0 million at December 31, 2025. See Note 15 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.

(b) 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
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


	December 31, 2024
(in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Liabilities
Deposits:




Brokered CDs	$	4,276,309	$	4,276,309	$	—	$	4,276,309	$	—
Other time deposits	3,700,518		3,700,518		—		3,700,518		—


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(a)	2,546		2,546		—		2,546		—
Interest rate-related instruments designated as hedging instruments(b)	2,976		2,976		—		2,976		—
Foreign currency exchange forwards designated as hedging instruments(b)	563		563		—		563		—
Interest rate-related and other instruments not designated as hedging instruments(b)	170,928		170,928		—		170,928		—
Foreign currency exchange forwards not designated as hedging instruments(b)	4,106		4,106		—		4,106		—


Total selected liabilities at fair value	$	11,319,757	$	11,304,992	$	—	$	11,304,992	$	—

(a) The commitment on standby letters of credit was $253.7 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.

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 at fair value 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
Balance December 31, 2023	$	439	$	673
New production	11,771		(4,000)
Closed loans / settlements	(8,816)		3,512
Other	(3,068)		(438)
Change in mortgage derivative	(113)		(927)

Balance December 31, 2024	$	327	$	(254)
New production	$	13,435	$	(3,998)
Closed loans / settlements	(13,690)		2,738
Other	742		1,958
Change in mortgage derivative	487		698

Balance December 31, 2025	$	814	$	444

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, 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


Purchases	14
Sales	(23)

Transfers out of level 3	(63)
Fair value as of December 31, 2025	$	—

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:

Fair Value

(in thousands)

Fair Value Hierarchy

December 31, 2025

December 31, 2024

Assets

Individually evaluated loans

Level 3

18,659

31,483

OREO(a)

Level 2

770

276

(a) 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.

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, 2025	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%	9%

Individually evaluated loans	Discounted cash flow	Discount factor	45%	-	45%	45%
Individually evaluated loans	Market approach	Appraisal / Cost to sell	10%		90%	69%
Interest rate lock commitments to originate residential mortgage loans held for sale	Discounted cash flow	Closing ratio	67%	-	100%	93%

- 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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