v3.26.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value represents the estimated price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date under current market conditions (i.e., an exit price concept).
The valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis are described in the Fair Value Measurements note in the Corporation’s 2025 Annual Report on Form 10-K, as well as Note 3 Business Combinations.
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:
Sep 30, 2026
(in thousands)Carrying AmountFair ValueLevel 1Level 2Level 3
Assets
Cash and due from banks$644,519 $644,519 $644,519 $— $— 
Interest-bearing deposits in other financial institutions982,850 982,850 982,850 — — 
Federal funds sold and securities purchased under agreements to resell100 100 100 — — 
AFS investment securities:
Obligations of state and political subdivisions (municipal securities)6,392 6,392 — 6,392 — 
Residential mortgage-related securities:
FNMA / FHLMC134,464 134,464 — 134,464 — 
GNMA5,352,106 5,352,106 — 5,352,106 — 
Commercial mortgage-related securities:
FNMA / FHLMC347,399 347,399 — 347,399 — 
GNMA102,863 102,863 — 102,863 — 
Asset backed securities:
FFELP86,048 86,048 — 86,048 — 
SBA164,502 164,502 — 164,502 — 
Other debt securities(a)
5,054 5,054 — 2,991 2,063 
Total AFS investment securities6,198,828 6,198,828 — 6,196,765 2,063 
HTM investment securities:
U.S. Treasury securities997 993 993 — — 
Obligations of state and political subdivisions (municipal securities)1,576,827 1,304,761 — 1,304,761 — 
Residential mortgage-related securities:
FNMA / FHLMC771,047 598,700 — 598,700 — 
GNMA36,181 31,634 — 31,634 — 
Private-label284,928 224,916 — 224,916 — 
Commercial mortgage-related securities:
FNMA / FHLMC752,924 609,904 — 609,904 — 
GNMA39,316 33,974 — 33,974 — 
Total HTM investment securities3,462,220 2,804,882 993 2,803,889 — 
Equity securities:
Equity securities15,043 15,043 15,043 — — 
Equity securities at NAV15,000 15,000 
Total equity securities30,043 30,043 
Regulatory stocks304,330 304,330 — 304,330 — 
Residential loans held for sale66,770 66,770 — 66,770 — 
Loans, net36,005,495 34,759,951 — — 34,759,951 
Bank and corporate owned life insurance717,175 717,175 — 717,175 — 
Mortgage servicing rights, net94,919 94,919 — — 94,919 
Interest rate-related instruments designated as hedging instruments(b)
308 308 — 308 — 
Foreign currency exchange forwards designated as hedging instruments(b)
2,240 2,240 — 2,240 — 
Interest rate-related and other instruments not designated as hedging instruments(b)
112,606 112,606 — 112,606 — 
Foreign currency exchange forwards not designated as hedging instruments(b)
451 451 — 451 — 
Interest rate lock commitments to originate residential mortgage loans held for sale2,931 2,931 — — 2,931 
Total selected assets at fair value$48,625,785 $46,722,903 $1,643,505 $10,204,534 $34,859,864 
(a) The quantifiable unobservable input for fair value measurement of the Level 3 classified security is externally developed.
(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.
Sep 30, 2026
(in thousands)Carrying AmountFair ValueLevel 1Level 2Level 3
Liabilities
Deposits:
Brokered CDs$3,790,075 $3,773,476 $— $3,773,476 $— 
Other time deposits4,963,737 4,948,274 — 4,948,274 — 
Federal funds purchased and securities sold under agreements to repurchase266,329 266,329 266,329 — — 
FHLB advances3,961,112 3,950,034 — 3,950,034 — 
Senior and subordinated debt589,168 566,385 — 566,385 — 
Standby letters of credit(a)
2,365 2,365 — 2,365 — 
Interest rate-related instruments designated as hedging instruments(b)
21,136 21,136 — 21,136 — 
Foreign currency exchange forwards designated as hedging instruments(b)
245 245 — 245 — 
Interest rate-related and other instruments not designated as hedging instruments(b)
220,964 220,964 — 220,964 — 
Foreign currency exchange forwards not designated as hedging instruments(b)
226 226 — 226 — 
Total selected liabilities at fair value$13,815,357 $13,749,434 $266,329 $13,483,105 $— 

(a) The commitment on standby letters of credit was $255.7 million at September 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 AmountFair ValueLevel 1Level 2Level 3
Assets
Cash and due from banks$574,698 $574,698 $574,698 $— $— 
Interest-bearing deposits in other financial institutions1,144,123 1,144,123 1,144,123 — — 
Federal funds sold and securities purchased under agreements to resell1,400 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 / FHLMC129,863 129,863 — 129,863 — 
GNMA5,039,829 5,039,829 — 5,039,829 — 
Commercial mortgage-related securities:
FNMA / FHLMC16,958 16,958 — 16,958 — 
GNMA109,556 109,556 — 109,556 — 
Asset backed securities:
FFELP95,046 95,046 — 95,046 — 
SBA269 269 — 269 — 
Other debt securities2,998 2,998 — 2,998 — 
Total AFS investment securities5,397,563 5,397,563 — 5,397,563 — 
HTM investment securities:
U.S. Treasury securities996 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 / FHLMC823,630 696,462 — 696,462 — 
GNMA39,123 36,884 — 36,884 — 
Private-label302,817 258,827 — 258,827 — 
Commercial mortgage-related securities:
FNMA / FHLMC763,370 650,366 — 650,366 — 
GNMA44,552 40,138 — 40,138 — 
Total HTM investment securities3,602,576 3,190,994 1,015 3,189,979 — 
Equity securities:
Equity securities11,060 11,060 11,060 — — 
Equity securities at NAV15,000 15,000 
Total equity securities26,060 26,060 
Regulatory stocks252,514 252,514 — 252,514 — 
Residential loans held for sale72,499 72,499 — 72,499 — 
Loans, net30,766,886 29,970,788 — — 29,970,788 
Bank and corporate owned life insurance694,452 694,452 — 694,452 — 
Mortgage servicing rights, net86,337 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 sale814 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 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 AmountFair ValueLevel 1Level 2Level 3
Liabilities
Deposits:
Brokered CDs$3,795,133 $3,791,245 $— $3,791,245 $— 
Other time deposits4,041,178 4,035,549 — 4,035,549 — 
Federal funds purchased and securities sold under agreements to repurchase307,864 307,864 307,864 — — 
FHLB advances3,268,094 3,267,836 — 3,267,836 — 
Senior and subordinated debt594,276 598,141 — 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 loans444 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.
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 saleForward commitments to sell residential mortgage loans
Balance December 31, 2024$327 $(254)
New production13,435 (3,998)
Closed loans / settlements(13,690)2,738 
Other742 1,958 
Change in mortgage derivative487 698 
Balance December 31, 2025814 444 
New production11,173 (158)
Closed loans / settlements(8,815)4,843 
Other(241)(5,129)
Change in mortgage derivative2,117 (444)
Balance September 30, 2026$2,931 $— 
Refer to Note 8 for a rollforward of the consolidated balance sheets amounts for the Corporation's mortgage servicing rights measured at fair value on a recurring basis and classified within Level 3 of the fair value hierarchy.
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$72 
Purchases14 
Sales(23)
Transfers out of level 3(63)
Fair value as of December 31, 2025$— 
The Corporation did not have any activity for Level 3 equity securities for the nine months ended September 30, 2026.
The Corporation acquired a Level 3 AFS debt security upon the acquisition of American National on April 1, 2026. The security was valued at $2.1 million and no related adjustments to fair value have been recorded as of September 30, 2026.
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 HierarchySeptember 30, 2026December 31, 2025
Assets
Individually evaluated loansLevel 3$69,679 $18,659 
OREO(a)
Level 21,442 770 
(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.
The table below presents the unobservable inputs that are readily quantifiable pertaining to Level 3 measurements:
September 30, 2026Valuation TechniqueSignificant Unobservable InputRange of InputsWeighted Average Input Applied
Mortgage servicing rightsDiscounted cash flowOption adjusted spread5%-8%5%
Mortgage servicing rightsDiscounted cash flowConstant prepayment rate2%-100%8%
Individually evaluated loansDiscounted cash flowDiscount factor30%-45%32%
Individually evaluated loansMarket approachAppraisal / Cost to sell41%-80%49%
Interest rate lock commitments to originate residential mortgage loans held for saleDiscounted cash flowClosing ratio58%-100%92%