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Investment Securities
 3 Months Ended
Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
Investment securities are designated as AFS, HTM, or equity on the consolidated balance sheets at the time of purchase. The amortized cost and fair values of AFS and HTM securities at March 31, 2022 were as follows:
($ in Thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
(Losses)		Fair Value
Investment securities AFS
U. S. Treasury securities$124,328 $— $(8,196)$116,132 
Agency securities15,000 — (800)14,200 
Obligations of state and political subdivisions (municipal securities)368,831 3,764 (195)372,401 
Residential mortgage-related securities
FNMA / FHLMC1,993,893 937 (100,011)1,894,819 
GNMA59,470 166 (726)58,909 
Commercial mortgage-related securities
FNMA / FHLMC19,290 496 — 19,786 
GNMA128,019 18 (1,278)126,760 
Asset backed securities
FFELP173,068 — (4,090)168,978 
SBA5,865 33 (53)5,845 
Other debt securities3,000 — (27)2,973 
Total investment securities AFS$2,890,763 $5,416 $(115,376)$2,780,803 
Investment securities HTM
U. S. Treasury securities$998 $— $(34)$964 
Obligations of state and political subdivisions (municipal securities)1,696,536 32,201 (80,896)1,647,842 
Residential mortgage-related securities
FNMA / FHLMC956,470 35,739 (72,418)919,790 
GNMA44,742 116 (643)44,215 
Private-label384,016 13,460 (28,955)368,521 
Commercial mortgage-related securities
FNMA/FHLMC764,775 17,620 (88,784)693,610 
GNMA92,383 1,032 (3,456)89,959 
Total investment securities HTM$3,939,920 $100,167 $(275,186)$3,764,901 
During the first quarter of 2022, the Corporation redesignated approximately $1.6 billion of mortgage-related securities from AFS to HTM. The reclassification of these investment securities was accounted for at fair value. Management elected to transfer these investment securities as the Corporation has the positive intent and ability to hold these investment securities to maturity. See Note 16 for additional information on the unrealized losses on investment securities transferred from AFS to HTM.
The amortized cost and fair values of AFS and HTM securities at December 31, 2021 were as follows:
($ in Thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
(Losses)		Fair Value
Investment securities AFS
U. S. Treasury securities$124,291 $— $(1,334)$122,957 
Agency securities15,000 — (103)14,897 
Obligations of state and political subdivisions (municipal securities)381,517 18,940 — 400,457 
Residential mortgage-related securities
FNMA / FHLMC2,709,399 3,729 (21,249)2,691,879 
GNMA66,189 1,591 — 67,780 
Private-label332,028 31 (2,335)329,724 
Commercial mortgage-related securities
FNMA / FHLMC357,240 2,686 (9,302)350,623 
GNMA165,439 1,360 — 166,799 
Asset backed securities
FFELP177,974 475 (1,123)177,325 
SBA6,594 39 (54)6,580 
Other debt securities3,000 — (6)2,994 
Total investment securities AFS$4,338,671 $28,850 $(35,506)$4,332,015 
Investment securities HTM
U. S. Treasury securities$1,000 $1 $— $1,001 
Obligations of state and political subdivisions (municipal securities)1,628,759 113,179 (1,951)1,739,988 
Residential mortgage-related securities
FNMA / FHLMC34,347 1,792 — 36,139 
GNMA48,053 1,578 — 49,631 
Commercial mortgage-related securities
FNMA / FHLMC425,937 122 (6,659)419,400 
GNMA100,907 1,799 (200)102,506 
 Total investment securities HTM$2,239,003 $118,471 $(8,809)$2,348,664 
Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The expected maturities of AFS and HTM securities at March 31, 2022, are shown below:
 AFSHTM
($ in Thousands)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in one year or less$5,167 $5,171 $18,432 $18,503 
Due after one year through five years89,914 87,185 34,156 34,343 
Due after five years through ten years378,692 374,733 163,456 164,057 
Due after ten years37,386 38,617 1,481,489 1,431,903 
Total debt securities511,159 505,706 1,697,534 1,648,806 
Residential mortgage-related securities
FNMA / FHLMC1,993,893 1,894,819 956,470 919,790 
GNMA59,470 58,909 44,742 44,215 
Private-label— — 384,016 368,521 
Commercial mortgage-related securities
FNMA / FHLMC19,290 19,786 764,775 693,610 
GNMA128,019 126,760 92,383 89,959 
Asset backed securities
FFELP 173,068 168,978 — — 
SBA5,865 5,845 — — 
Total investment securities$2,890,763 $2,780,803 $3,939,920 $3,764,901 
Ratio of fair value to amortized cost96.2 %95.6 %
On a quarterly basis, the Corporation refreshes the credit quality of each HTM security. The following table summarizes the credit quality indicators of HTM securities at amortized cost at March 31, 2022:
($ in Thousands)AAAAAANot RatedTotal
U. S. Treasury securities$998 $— $— $— $998 
Obligations of state and political subdivisions (municipal securities)762,066 920,883 12,692 895 1,696,536 
Residential mortgage-related securities
FNMA / FHLMC956,470 — — — 956,470 
GNMA44,742 — — — 44,742 
Private-label384,016 — — — 384,016 
Commercial mortgage-related securities
FNMA / FHLMC764,775 — — — 764,775 
GNMA 92,383 — — — 92,383 
Total HTM securities$3,005,450 $920,883 $12,692 $895 $3,939,920 
The following table summarizes the credit quality indicators of HTM securities at amortized cost at December 31, 2021:
($ in Thousands)AAAAAANot RatedTotal
U. S. Treasury securities$1,000 $— $— $— $1,000 
Obligations of state and political subdivisions (municipal securities)702,399 914,591 10,873 896 1,628,759 
Residential mortgage-related securities
FNMA / FHLMC34,347 — — — 34,347 
GNMA48,053 — — — 48,053 
Commercial mortgage-related securities
FNMA / FHLMC425,937 — — — 425,937 
GNMA 100,907 — — — 100,907 
Total HTM securities$1,312,642 $914,591 $10,873 $896 $2,239,003 
Investment securities gains (losses), net includes proceeds from the sale of AFS investment securities. The proceeds from the sale of AFS investment securities for the three months ended March 31, 2022 and 2021, are shown below:
Three Months Ended Mar 31,
($ in Thousands)20222021
Gross gains on AFS securities$21 $36 
Gross (losses) on AFS securities— (75)
Investment securities gains (losses), net21 (39)
Proceeds from sales of investment securities AFS$734 $51,295 
During the first quarter of 2021, the Corporation sold $51 million of lower yielding U.S. Treasury and Agency securities at a slight loss to take advantage of the steeper yield curve by reinvesting the proceeds into similar but higher yielding, longer duration securities.
Investment securities with a carrying value of $2.2 billion and $2.3 billion at March 31, 2022 and December 31, 2021, respectively, were pledged to secure certain deposits or for other purposes.
Accrued interest receivable on HTM securities totaled $16 million and $15 million at March 31, 2022 and December 31, 2021, respectively. Accrued interest receivable on AFS securities totaled $8 million and $9 million at March 31, 2022 and December 31, 2021, respectively. Accrued interest receivable on both HTM and AFS securities is included in interest receivable on the consolidated balance sheets. There was no interest income reversed for investments going into nonaccrual at both March 31, 2022 and 2021.
A security is considered past due once it is 30 days past due under the terms of the agreement. At both March 31, 2022 and December 31, 2021, the Corporation had no past due HTM securities.

The allowance for credit losses on HTM securities was approximately $65,000 at March 31, 2022 and approximately $55,000 at December 31, 2021, attributable entirely to the Corporation's municipal securities, included in investment securities HTM, net, at amortized cost on the consolidated balance sheets. The Corporation also holds U.S. Treasury, municipal and mortgage-related securities issued by the U.S. government or a GSE which are backed by the full faith and credit of the U.S. government and, as a result, no allowance for credit losses has been recorded related to these securities.
The following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at March 31, 2022:
 Less than 12 months12 months or moreTotal
($ in Thousands)Number
of
Securities		Unrealized
(Losses)		Fair
Value		Number
of
Securities		Unrealized
(Losses)		Fair
Value		Unrealized
(Losses)		Fair
Value
Investment securities AFS
U.S. Treasury securities5 $(7,346)$107,050 2 (850)$9,082 $(8,196)$116,132 
Agency securities1 (800)14,200 — — — (800)14,200 
Obligations of state and political subdivisions (municipal securities)64 (195)35,501 — — — (195)35,501 
Residential mortgage-related securities
FNMA / FHLMC88 (80,850)1,617,123 8 (19,161)235,380 (100,011)1,852,503 
GNMA9 (726)44,614 — — — (726)44,614 
GNMA commercial mortgage-related securities31 (1,278)113,831 — — — (1,278)113,831 
Asset backed securities
FFELP7 (1,955)110,489 8 (2,135)58,489 (4,090)168,978 
SBA— — — 8 (53)2,763 (53)2,763 
Other debt securities2 (27)1,973 — — — (27)1,973 
Total207 $(93,177)$2,044,781 26 $(22,199)$305,713 $(115,376)$2,350,494 
Investment securities HTM
U.S. Treasury securities1 $(34)$964 — $— $— $(34)$964 
Obligations of state and political subdivisions (municipal securities)346 (79,571)576,351 5 (1,325)5,100 (80,896)581,451 
Residential mortgage-related securities
FNMA / FHLMC51 (72,418)896,284 — — — (72,418)896,284 
GNMA46 (643)33,468 — — — (643)33,468 
Private-label18 (28,955)368,521 — — — (28,955)368,521 
 Commercial mortgage-related securities
FNMA / FHLMC15 (79,178)342,543 7 (9,606)72,787 (88,784)415,331 
GNMA33 (3,456)368,244 — — — (3,456)368,244 
Total510 $(264,255)$2,586,375 12 $(10,930)$77,887 $(275,186)$2,664,262 
For comparative purposes, the following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2021:
 Less than 12 months12 months or moreTotal
($ in Thousands)Number
of
Securities		Unrealized
(Losses)		Fair
Value		Number
of
Securities		Unrealized
(Losses)		Fair
Value		Unrealized
(Losses)		Fair
Value
Investment securities AFS
U.S. Treasury securities7 $(1,334)$122,957 — $— $— $(1,334)$122,957 
Agency securities1 (103)14,897 — — — (103)14,897 
Residential mortgage-related securities
FNMA / FHLMC74 (21,249)2,172,837 — — — (21,249)2,172,837 
Private-label12 (2,335)248,617 — — — (2,335)248,617 
FNMA / FHLMC commercial mortgage-related securities19 (9,302)328,568 — — — (9,302)328,568 
Asset backed securities
FFELP4 (256)64,282 8 (867)62,576 (1,123)126,858 
SBA— — — 9 (54)3,902 (54)3,902 
Other debt securities3 (6)2,994 — — — (6)2,994 
Total120 $(34,586)$2,955,152 17 $(920)$66,478 $(35,506)$3,021,630 
Investment securities HTM
Obligations of state and political subdivisions (municipal securities)49 $(1,951)$112,038 — $— $— $(1,951)$112,038 
Commercial mortgage-related securities
FNMA/FHLMC18 (6,272)388,072 1 $(387)$10,775 (6,659)398,847 
GNMA5 (200)33,468 — — — (200)33,468 
Total72 $(8,422)$533,577 1 $(387)$10,775 $(8,809)$544,352 
The Corporation reviews the AFS investment securities portfolio on a quarterly basis to monitor its credit exposure. A determination as to whether a security’s decline in fair value is the result of credit risk takes into consideration numerous factors and the relative significance of any single factor can vary by security. Some factors the Corporation may consider in this impairment analysis include the extent to which the security has been in an unrealized loss position, the change in security rating, financial condition and near-term prospects of the issuer, as well as the security and industry specific economic conditions.
Based on the Corporation’s evaluation, management does not believe any unrealized losses at March 31, 2022 represent credit deterioration as these unrealized losses are primarily attributable to changes in interest rates and the current market conditions. The Corporation does not intend to sell nor does it believe that it will be required to sell the securities in an unrealized loss position before recovery of their amortized cost basis.
FHLB and Federal Reserve Bank stocks: The Corporation is required to maintain Federal Reserve Bank stock and FHLB stock as a member bank of both the Federal Reserve System and the FHLB, and in amounts as required by these institutions. These equity securities are “restricted” in that they can only be sold back to the respective institutions or another member institution at par. Therefore, they are less liquid than other marketable equity securities and their fair value is equal to amortized cost. The Corporation had FHLB stock of $82 million at both March 31, 2022 and December 31, 2021. The Corporation had Federal Reserve Bank stock of $87 million at both March 31, 2022 and December 31, 2021. Accrued interest receivable on FHLB stock totaled approximately $962,000 and $975,000 at March 31, 2022 and December 31, 2021, respectively. There was $520,000 accrued interest receivable on Federal Reserve Bank stock at March 31, 2022 and none at December 31, 2021. Accrued interest receivable on both FHLB stock and Federal Reserve Bank stock is included in interest receivable on the consolidated balance sheets.
Equity Securities
Equity securities with readily determinable fair values: The Corporation's portfolio of equity securities with readily determinable fair values is primarily comprised of CRA Qualified Investment mutual funds and other mutual funds. At both March 31, 2022 and December 31, 2021, the Corporation had equity securities with readily determinable fair values of $5 million.
Equity securities without readily determinable fair values: The Corporation's portfolio of equity securities without readily determinable fair values, which primarily consists of approximately 78,000 Visa Class B restricted shares, was carried at $14 million at both March 31, 2022 and December 31, 2021