Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

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:


	Mar 31, 2026
(in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Assets
Cash and due from banks	$	465,318	$	465,318	$	465,318	$	—	$	—
Interest-bearing deposits in other financial institutions	920,684		920,684		920,684		—		—
Federal funds sold and securities purchased under agreements to resell	175		175		175		—		—
AFS investment securities:


Obligations of state and political subdivisions (municipal securities)	3,020		3,020		—		3,020		—
Residential mortgage-related securities:
FNMA / FHLMC	131,583		131,583		—		131,583		—
GNMA	5,096,659		5,096,659		—		5,096,659		—

Commercial mortgage-related securities:
FNMA / FHLMC	16,936		16,936		—		16,936		—
GNMA	108,131		108,131		—		108,131		—
Asset backed securities:
FFELP	91,828		91,828		—		91,828		—
SBA	63,301		63,301		—		63,301		—
Other debt securities	2,998		2,998		—		2,998		—
Total AFS investment securities	5,514,456		5,514,456		—		5,514,456		—

HTM investment securities:
U.S. Treasury securities	996		1,007		1,007		—		—
Obligations of state and political subdivisions (municipal securities)	1,618,922		1,462,907		—		1,462,907		—
Residential mortgage-related securities:
FNMA / FHLMC	811,047		681,846		—		681,846		—
GNMA	38,021		35,689		—		35,689		—
Private-label	298,196		253,234		—		253,234		—
Commercial mortgage-related securities:
FNMA / FHLMC	761,410		649,810		—		649,810		—
GNMA	42,309		37,956		—		37,956		—
Total HTM investment securities	3,570,901		3,122,449		1,007		3,121,442		—

Equity securities:
Equity securities	11,109		11,109		11,109		—		—
Equity securities at NAV	15,000		15,000
Total equity securities	26,109		26,109

Regulatory stocks	290,189		290,189		—		290,189		—
Residential loans held for sale	87,461		87,461		—		87,461		—

Loans, net	31,373,006		30,475,513		—		—		30,475,513
Bank and corporate owned life insurance	694,765		694,765		—		694,765		—
Mortgage servicing rights, net	87,599		87,599		—		—		87,599
Interest rate-related instruments designated as hedging instruments(a)	4,253		4,253		—		4,253		—
Foreign currency exchange forwards designated as hedging instruments(a)	827		827		—		827		—
Interest rate-related and other instruments not designated as hedging instruments(a)	58,177		58,177		—		58,177		—
Foreign currency exchange forwards not designated as hedging instruments(a)	334		334		—		334		—
Interest rate lock commitments to originate residential mortgage loans held for sale	1,777		1,777		—		—		1,777

Total selected assets at fair value	$	43,096,031	$	41,750,086	$	1,398,293	$	9,771,904	$	30,564,889

(a) Figures are presented gross before netting. See Note 9 and Note 10 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.


	Mar 31, 2026
(in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Liabilities
Deposits:




Brokered CDs	$	3,562,752	$	3,556,597	$	—	$	3,556,597	$	—
Other time deposits	4,484,077		4,478,871		—		4,478,871		—


Federal funds purchased and securities sold under agreements to repurchase	395,652		395,652		395,652		—		—



FHLB advances	3,421,762		3,414,381		—		3,414,381		—
Senior and subordinated debt	592,629		593,506		—		593,506		—
Standby letters of credit(a)	2,433		2,433		—		2,433		—
Interest rate-related instruments designated as hedging instruments(b)	2,326		2,326		—		2,326		—
Foreign currency exchange forwards designated as hedging instruments(b)	402		402		—		402		—
Interest rate-related and other instruments not designated as hedging instruments(b)	101,284		101,284		—		101,284		—
Foreign currency exchange forwards not designated as hedging instruments(b)	121		121		—		121		—


Total selected liabilities at fair value	$	12,563,438	$	12,545,573	$	395,652	$	12,149,921	$	—

(a) The commitment on standby letters of credit was $241.2 million at March 31, 2026. See Note 11 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 9 and Note 10 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.


	Dec 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


	Dec 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		—
Senior and subordinated debt	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 11 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 9 and Note 10 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.

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, 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
New production	3,573		(884)
Closed loans / settlements	(2,756)		721
Other	146		(281)
Change in mortgage derivative	963		(444)

Balance March 31, 2026	$	1,777	$	—

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, 2024	$	72
Gains recognized in investment securities gains, net	—

Purchases	14
Sales	(23)
Transfers out of level 3	(63)

Fair value as of December 31, 2025	$	—

The Corporation did not have any activity for Level 3 equity securities for the three months ended March 31, 2026.

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

March 31, 2026

December 31, 2025

Assets

Individually evaluated loans

Level 3

40,602

18,659

OREO(a)

Level 2

722

770

(a) These assets are held at lower of its carrying amount or fair value less cost to sell. Assets included here are those that were adjusted to fair value less cost to sell during the period.

Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Table Text Block]

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


March 31, 2026	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%	8%

Individually evaluated loans	Discounted cash flow	Discount factor	45%		45%	45%
Individually evaluated loans	Market approach	Appraisal / Cost to sell	59%	-	90%	74%
Interest rate lock commitments to originate residential mortgage loans held for sale	Discounted cash flow	Closing ratio	72%	-	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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