Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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:


	Jun 30, 2026
(in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Assets
Cash and due from banks	$	548,057	$	548,057	$	548,057	$	—	$	—
Interest-bearing deposits in other financial institutions	1,268,379		1,268,379		1,268,379		—		—
Federal funds sold and securities purchased under agreements to resell	14,355		14,355		14,355		—		—
AFS investment securities:


Obligations of state and political subdivisions (municipal securities)	7,240		7,240		—		7,240		—
Residential mortgage-related securities:
FNMA / FHLMC	137,288		137,288		—		137,288		—
GNMA	5,491,648		5,491,648		—		5,491,648		—

Commercial mortgage-related securities:
FNMA / FHLMC	410,221		410,221		—		410,221		—
GNMA	106,844		106,844		—		106,844		—
Asset backed securities:
FFELP	88,212		88,212		—		88,212		—
SBA	120,070		120,070		—		120,070		—
Other debt securities(b)	5,063		5,063		—		3,000		2,063
Total AFS investment securities	6,366,586		6,366,586		—		6,364,523		2,063

HTM investment securities:
U.S. Treasury securities	997		1,002		1,002		—		—
Obligations of state and political subdivisions (municipal securities)	1,591,681		1,468,604		—		1,468,604		—
Residential mortgage-related securities:
FNMA / FHLMC	790,729		660,737		—		660,737		—
GNMA	37,215		34,626		—		34,626		—
Private-label	292,007		246,460		—		246,460		—
Commercial mortgage-related securities:
FNMA / FHLMC	757,723		644,300		—		644,300		—
GNMA	40,423		36,089		—		36,089		—
Total HTM investment securities	3,510,775		3,091,818		1,002		3,090,816		—

Equity securities:
Equity securities	14,960		14,960		14,960		—		—
Equity securities at NAV	15,000		15,000
Total equity securities	29,960		29,960

Regulatory stocks	329,436		329,436		—		329,436		—
Residential loans held for sale	94,490		94,490		—		94,490		—
Commercial loans held for sale	15,000		15,000		—		15,000		—
Loans, net	35,976,291		35,021,793		—		—		35,021,793
Bank and corporate owned life insurance	717,116		717,116		—		717,116		—
Mortgage servicing rights, net	87,683		87,683		—		—		87,683
Interest rate-related instruments designated as hedging instruments(a)	1,435		1,435		—		1,435		—
Foreign currency exchange forwards designated as hedging instruments(a)	1,355		1,355		—		1,355		—
Interest rate-related and other instruments not designated as hedging instruments(a)	61,693		61,693		—		61,693		—
Foreign currency exchange forwards not designated as hedging instruments(a)	440		440		—		440		—
Interest rate lock commitments to originate residential mortgage loans held for sale	1,432		1,432		—		—		1,432

Total selected assets at fair value	$	49,024,483	$	47,651,028	$	1,846,753	$	10,676,304	$	35,112,971

(a) Figures are presented gross before netting. See Note 10 and Note 11 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.

(b) The quantifiable unobservable input for fair value measurement of the Level 3 classified security is externally developed.


	Jun 30, 2026
(in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Liabilities
Deposits:




Brokered CDs	$	3,933,787	$	3,923,505	$	—	$	3,923,505	$	—
Other time deposits	4,782,343		4,771,175		—		4,771,175		—


Federal funds purchased and securities sold under agreements to repurchase	529,276		529,276		529,276		—		—



FHLB advances	4,574,681		4,568,111		—		4,568,111		—
Senior and subordinated debt	591,080		589,506		—		589,506		—
Standby letters of credit(a)	2,365		2,365		—		2,365		—
Interest rate-related instruments designated as hedging instruments(b)	6,737		6,737		—		6,737		—
Foreign currency exchange forwards designated as hedging instruments(b)	303		303		—		303		—
Interest rate-related and other instruments not designated as hedging instruments(b)	111,446		111,446		—		111,446		—
Foreign currency exchange forwards not designated as hedging instruments(b)	198		198		—		198		—

Forward commitments to sell residential mortgage loans	397		397		—		—		397
Total selected liabilities at fair value	$	14,532,613	$	14,503,019	$	529,276	$	13,973,346	$	397

(a) The commitment on standby letters of credit was $252.8 million at June 30, 2026. See Note 12 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 10 and Note 11 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 12 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 10 and Note 11 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	7,629		(2,240)
Closed loans / settlements	(6,308)		2,910
Other	(703)		(717)
Change in mortgage derivative	618		(47)

Balance June 30, 2026	$	1,432	$	397

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


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 six months ended June 30, 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

June 30, 2026

December 31, 2025

Assets

Individually evaluated loans

Level 3

48,296

18,659

OREO(a)

Level 2

1,397

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:


June 30, 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	44%	-	80%	53%
Interest rate lock commitments to originate residential mortgage loans held for sale	Discounted cash flow	Closing ratio	70%	-	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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