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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Assets and liabilities measured on recurring basis at fair value
The table below presents the Corporation’s financial instruments measured at fair value on a recurring basis as of December 31, 2019 and 2018, aggregated by the level in the fair value hierarchy within which those measurements fall:
($ in Thousands)Fair Value HierarchyDecember 31, 2019December 31, 2018
Assets
Investment securities available for sale
U.S. Treasury securities Level 1  $—  $999  
Obligations of state and political subdivisions (municipal securities)Level 2  546,160  —  
Residential mortgage-related securities
FNMA / FHLMC Level 2  132,660  295,252  
GNMA Level 2  985,139  2,128,531  
Private-label Level 2  —  1,003  
Commercial mortgage-related securities
FNMA / FHLMCLevel 2  21,728  —  
GNMA Level 2  1,310,207  1,220,797  
FFELP asset-backed securities Level 2  263,693  297,360  
Other debt securities Level 2  3,000  3,000  
Total investment securities available for sale Level 1  —  999  
Total investment securities available for sale Level 2  3,262,586  3,945,943  
Equity securities with readily determinable fair valuesLevel 1  1,646  1,568  
Residential loans held for sale
 Level 2  136,280  64,321  
Interest rate-related instruments(a)
 Level 2  77,024  52,796  
Foreign currency exchange forwards(a)
 Level 2  4,226  721  
Commodity contracts(a)
 Level 2  20,528  35,426  
Purchased options (time deposit)Level 2  —  109  
Interest rate lock commitments to originate residential mortgage loans held for sale Level 3  2,527  2,208  
Liabilities
Interest rate-related instruments(a)
 Level 2  $13,073  $52,653  
Foreign currency exchange forwards(a)
 Level 2  4,048  675  
Commodity contracts(a)
Level 2  19,624  34,340  
Written options (time deposit) Level 2  —  109  
Interest rate products (designated as hedging instruments)Level 2  —  40  
Forward commitments to sell residential mortgage loans Level 3  710  2,072  
(a) Figures presented gross before netting. See Note 14 and Note 15 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.
Assets and liabilities measured at fair value using significant unobservable inputs (level 3)
The table below presents a rollforward of the consolidated balance sheets amounts for the years ended December 31, 2019 and 2018, for financial instruments measured on a recurring basis and classified within Level 3 of the fair value hierarchy:
($ in Thousands)Derivative Financial Instruments
Balance December 31, 2017$1,225  
Total net gains (losses) included in income
Mortgage derivative gain (loss)(1,085) 
Balance December 31, 2018$140  
Total net gains (losses) included in income
Mortgage derivative gain (loss)1,681  
Balance December 31, 2019$1,817  


Equity Securities without Readily Determinable Fair Value Also shown are the cumulative upward and downward adjustments for the Corporation's equity securities without readily determinable fair values as of December 31, 2019:
($ in Thousands)
Equity securities without readily determinable fair values
Carrying value as of December 31, 2018$—  
Upward carrying value changes13,444  
Carrying value as of December 31, 2019$13,444  
Cumulative upward carrying value changes between January 1, 2018 and December 31, 2019$13,444  
Cumulative downward carrying value changes between January 1, 2018 and December 31, 2019$—  
Assets and liabilities measured on nonrecurring basis at fair value
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:
($ in Thousands)Fair Value HierarchyFair ValueConsolidated Statements of Income Category of
Adjustment Recognized in Income		Adjustment Recognized on the Consolidated Statements of Income
December 31, 2019
Assets
Impaired loans(a)
Level 3  $45,792  
Provision for credit losses(b)
$(66,172) 
OREO(c)
Level 2  3,565  Other noninterest expense  (1,860) 
Mortgage servicing rightsLevel 3  72,532  Mortgage banking, net  (63) 
Equity securitiesLevel 313,444  Investment securities gains (losses), net13,444  
December 31, 2018
Assets
Impaired loans(a)
Level 3  $26,191  
Provision for credit losses(b)
$(14,521) 
OREO(c)
Level 2  2,200  Other noninterest expense  (1,545) 
Mortgage servicing rightsLevel 3  81,012  Mortgage banking, net  545  
(a) Represents individually evaluated impaired loans, net of the related allowance for loan losses.
(b) Represents provision for credit losses on individually evaluated impaired loans.
(c) If the fair value of the collateral exceeds the carrying amount of the asset, no charge off or adjustment is necessary, the asset is not considered to be carried at fair value, and is therefore not included in the table.
Schedule of assumptions for fair value as of balance sheet date of assets or liabilities that relate to transferor's continuing involvement
The table below presents information about these inputs and further discussion is found above:
December 31, 2019Valuation TechniqueSignificant Unobservable InputWeighted Average Input Applied
Mortgage servicing rightsDiscounted cash flow  Discount rate  9%  
Mortgage servicing rightsDiscounted cash flow  Constant prepayment rate  12%  
Impaired loans Appraisals / Discounted cash flow  Collateral / Discount factor  44%  
Estimated fair values of financial instruments
Fair value estimates are set forth below for the Corporation’s financial instruments:
 December 31, 2019December 31, 2018
($ in Thousands)Fair Value Hierarchy LevelCarrying AmountFair ValueCarrying AmountFair Value
Financial assets
Cash and due from banks Level 1  $373,380  $373,380  $507,187  $507,187  
Interest-bearing deposits in other financial institutions Level 1  207,624  207,624  221,226  221,226  
Federal funds sold and securities purchased under agreements to resell Level 1  7,740  7,740  148,285  148,285  
Investment securities held to maturityLevel 1  999  1,018  —  —  
Investment securities held to maturityLevel 2  2,204,084  2,275,447  2,740,511  2,710,271  
Investment securities available for sale Level 1  —  —  999  999  
Investment securities available for saleLevel 2  3,262,586  3,262,586  3,945,943  3,945,943  
Equity securities with readily determinable fair valuesLevel 1  1,646  1,646  1,568  1,568  
Equity securities without readily determinable fair valuesLevel 3  13,444  13,444  —  —  
FHLB and Federal Reserve Bank stocksLevel 2  227,347  227,347  250,534  250,534  
Residential loans held for saleLevel 2  136,280  136,280  64,321  64,321  
Commercial loans held for saleLevel 2  15,000  15,000  14,943  14,943  
Loans, netLevel 3  22,620,068  22,399,621  22,702,406  22,317,395  
Bank and corporate owned life insuranceLevel 2  671,948  671,948  663,203  663,203  
Derivatives (other assets)(a)
Level 2  101,778  101,778  89,052  89,052  
Interest rate lock commitments to originate residential mortgage loans held for sale (other assets)Level 3  2,527  2,527  2,208  2,208  
Financial liabilities
Noninterest-bearing demand, savings, interest-bearing demand, and money market accountsLevel 3  $21,156,261  $21,156,261  $22,081,992  $22,081,992  
Brokered CDs and other time deposits(b)
Level 2  2,622,803  2,622,803  2,815,401  2,815,401  
Short-term funding(c)
Level 2  465,113  465,113  157,074  157,074  
Long-term fundingLevel 2  549,343  588,774  795,611  826,612  
FHLB advancesLevel 2  3,180,967  3,207,793  3,574,371  3,565,572  
Standby letters of credit(d)
Level 2  2,710  2,710  2,482  2,482  
Derivatives (accrued expenses and other liabilities)(a)
Level 2  36,745  36,745  87,817  87,817  
Forward commitments to sell residential mortgage loans (accrued expenses and other liabilities) Level 3  710  710  2,072  2,072  
(a) Figures presented gross before netting. See Note 14 and Note 15 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) When the estimated fair value is less than the carrying value, the carrying value is reported as the fair value.
(c) The carrying amount is a reasonable estimate of fair value for existing short-term funding.
(d) The commitment on standby letters of credit was $278 million and $256 million at December 31, 2019 and 2018, respectively. See Note 16 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.