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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investment securities available for sale The amortized cost and fair values of AFS and HTM securities at March 31, 2024 were as follows:
($ in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
(Losses)		Fair Value
AFS investment securities
U.S. Treasury securities$39,985 $— $(4,427)$35,558 
Obligations of state and political subdivisions (municipal securities)83,823 1 (2,995)80,830 
Residential mortgage-related securities:
FNMA/FHLMC1,247,657 221 (156,880)1,090,998 
GNMA2,219,058 6,114 (10,658)2,214,513 
Commercial mortgage-related securities:
FNMA/FHLMC18,603 — (1,595)17,008 
GNMA159,523 — (7,291)152,232 
Asset backed securities:
FFELP130,196 22 (1,065)129,154 
SBA916 1 (28)890 
Other debt securities3,000 — (35)2,965 
Total AFS investment securities$3,902,762 $6,359 $(184,973)$3,724,148 
HTM investment securities
U.S. Treasury securities$999 $— $(30)$969 
Obligations of state and political subdivisions (municipal securities)1,676,275 2,292 (154,833)1,523,734 
Residential mortgage-related securities:
FNMA/FHLMC930,148 26,023 (184,227)771,944 
GNMA48,043 24 (3,609)44,457 
Private-label341,153 9,399 (69,484)281,069 
Commercial mortgage-related securities:
FNMA/FHLMC779,310 12,068 (162,450)628,928 
GNMA57,114 338 (7,270)50,183 
Total HTM investment securities$3,833,043 $50,145 $(581,903)$3,301,284 
The amortized cost and fair values of AFS and HTM securities at December 31, 2023 were as follows:
($ in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
(Losses)		Fair Value
AFS investment securities
U.S. Treasury securities$39,984 $— $(4,083)$35,902 
Obligations of state and political subdivisions (municipal securities)94,008 23 (2,214)91,817 
Residential mortgage-related securities:
FNMA/FHLMC1,274,052 294 (153,552)1,120,794 
GNMA2,021,242 24,254 (2,822)2,042,675 
Commercial mortgage-related securities:
FNMA/FHLMC18,691 — (1,755)16,937 
GNMA161,928 — (7,135)154,793 
Asset backed securities:
FFELP135,832 5 (1,862)133,975 
SBA1,077 2 (28)1,051 
Other debt securities3,000 — (50)2,950 
Total AFS investment securities$3,749,814 $24,579 $(173,501)$3,600,892 
HTM investment securities
U.S. Treasury securities$999 $— $(36)$963 
Obligations of state and political subdivisions (municipal securities)1,682,473 5,638 (134,053)1,554,059 
Residential mortgage-related securities:
FNMA/FHLMC941,973 27,007 (164,587)804,393 
GNMA48,979 92 (2,901)46,170 
Private-label345,083 9,796 (65,372)289,507 
Commercial mortgage-related securities:
FNMA/FHLMC780,995 12,699 (160,781)632,914 
GNMA59,733 386 (7,500)52,619 
 Total HTM investment securities$3,860,235 $55,619 $(535,230)$3,380,624 
Investment securities held to maturity The amortized cost and fair values of AFS and HTM securities at March 31, 2024 were as follows:
($ in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
(Losses)		Fair Value
AFS investment securities
U.S. Treasury securities$39,985 $— $(4,427)$35,558 
Obligations of state and political subdivisions (municipal securities)83,823 1 (2,995)80,830 
Residential mortgage-related securities:
FNMA/FHLMC1,247,657 221 (156,880)1,090,998 
GNMA2,219,058 6,114 (10,658)2,214,513 
Commercial mortgage-related securities:
FNMA/FHLMC18,603 — (1,595)17,008 
GNMA159,523 — (7,291)152,232 
Asset backed securities:
FFELP130,196 22 (1,065)129,154 
SBA916 1 (28)890 
Other debt securities3,000 — (35)2,965 
Total AFS investment securities$3,902,762 $6,359 $(184,973)$3,724,148 
HTM investment securities
U.S. Treasury securities$999 $— $(30)$969 
Obligations of state and political subdivisions (municipal securities)1,676,275 2,292 (154,833)1,523,734 
Residential mortgage-related securities:
FNMA/FHLMC930,148 26,023 (184,227)771,944 
GNMA48,043 24 (3,609)44,457 
Private-label341,153 9,399 (69,484)281,069 
Commercial mortgage-related securities:
FNMA/FHLMC779,310 12,068 (162,450)628,928 
GNMA57,114 338 (7,270)50,183 
Total HTM investment securities$3,833,043 $50,145 $(581,903)$3,301,284 
The amortized cost and fair values of AFS and HTM securities at December 31, 2023 were as follows:
($ in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
(Losses)		Fair Value
AFS investment securities
U.S. Treasury securities$39,984 $— $(4,083)$35,902 
Obligations of state and political subdivisions (municipal securities)94,008 23 (2,214)91,817 
Residential mortgage-related securities:
FNMA/FHLMC1,274,052 294 (153,552)1,120,794 
GNMA2,021,242 24,254 (2,822)2,042,675 
Commercial mortgage-related securities:
FNMA/FHLMC18,691 — (1,755)16,937 
GNMA161,928 — (7,135)154,793 
Asset backed securities:
FFELP135,832 5 (1,862)133,975 
SBA1,077 2 (28)1,051 
Other debt securities3,000 — (50)2,950 
Total AFS investment securities$3,749,814 $24,579 $(173,501)$3,600,892 
HTM investment securities
U.S. Treasury securities$999 $— $(36)$963 
Obligations of state and political subdivisions (municipal securities)1,682,473 5,638 (134,053)1,554,059 
Residential mortgage-related securities:
FNMA/FHLMC941,973 27,007 (164,587)804,393 
GNMA48,979 92 (2,901)46,170 
Private-label345,083 9,796 (65,372)289,507 
Commercial mortgage-related securities:
FNMA/FHLMC780,995 12,699 (160,781)632,914 
GNMA59,733 386 (7,500)52,619 
 Total HTM investment securities$3,860,235 $55,619 $(535,230)$3,380,624 
Amortized cost and fair values of investment securities by contractual maturity The expected maturities of AFS and HTM securities at March 31, 2024, are shown below:
 AFSHTM
($ in thousands)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in one year or less$1,915 $1,902 $11,061 $11,011 
Due after one year through five years47,142 42,470 58,092 57,522 
Due after five years through ten years50,863 48,613 166,954 162,309 
Due after ten years26,888 26,368 1,441,167 1,293,862 
Total debt securities126,808 119,353 1,677,274 1,524,703 
Residential mortgage-related securities:
FNMA/FHLMC1,247,657 1,090,998 930,148 771,944 
GNMA2,219,058 2,214,513 48,043 44,457 
Private-label— — 341,153 281,069 
Commercial mortgage-related securities:
FNMA/FHLMC18,603 17,008 779,310 628,928 
GNMA159,523 152,232 57,114 50,183 
Asset backed securities:
FFELP 130,196 129,154 — — 
SBA916 890 — — 
Total investment securities$3,902,762 $3,724,148 $3,833,043 $3,301,284 
Ratio of fair value to amortized cost95.4 %86.1 %
Debt Securities, Held-to-maturity, Credit Quality Indicator The following table summarizes the credit quality indicators of HTM securities at amortized cost at March 31, 2024:
($ in thousands)AAAAAANot RatedTotal
U.S. Treasury securities$999 $— $— $— $999 
Obligations of state and political subdivisions (municipal securities)768,220 901,215 5,685 1,154 1,676,275 
Residential mortgage-related securities:
FNMA/FHLMC930,148 — — — 930,148 
GNMA48,043 — — — 48,043 
Private-label341,153 — — — 341,153 
Commercial mortgage-related securities:
FNMA/FHLMC779,310 — — — 779,310 
GNMA 57,114 — — — 57,114 
Total HTM securities$2,924,988 $901,215 $5,685 $1,154 $3,833,043 
The following table summarizes the credit quality indicators of HTM securities at amortized cost at December 31, 2023:
($ in thousands)AAAAAANot RatedTotal
U.S. Treasury securities$999 $— $— $— $999 
Obligations of state and political subdivisions (municipal securities)760,329 915,303 5,687 1,155 1,682,473 
Residential mortgage-related securities:
FNMA/FHLMC941,973 — — — 941,973 
GNMA48,979 — — — 48,979 
Private-label345,083 — — — 345,083 
Commercial mortgage-related securities:
FNMA/FHLMC780,995 — — — 780,995 
GNMA 59,733 — — — 59,733 
Total HTM securities$2,938,090 $915,303 $5,687 $1,155 $3,860,235 
Realized gains and losses and proceeds from sale
The following table summarizes gross realized gains and losses on AFS securities, the gain on sale and net write-up of equity securities, and proceeds from the sale of AFS investment securities for the three months ended March 31, 2024 and 2023:
Three Months Ended Mar 31,
($ in thousands)20242023
Gross realized (losses) on AFS securities$(197)$— 
Gain on sale and net write-up (down) of equity securities4,076 51 
Investment securities gains (losses), net$3,879 $51 
Proceeds from sales of AFS investment securities$9,472 $— 
During the first quarter of 2024, the Corporation sold its remaining Visa Class B restricted shares at a gain of $4 million.
Unrealized losses and fair value of available for sale and held to maturity securities, by investment category and time length
The following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at March 31, 2024:
 Less than 12 months12 months or moreTotal
($ in thousands)Number
of
Securities		Unrealized
(Losses)		Fair
Value		Number
of
Securities		Unrealized
(Losses)		Fair
Value		Unrealized
(Losses)		Fair
Value
AFS investment securities
U.S. Treasury securities— $— $— 1 $(4,427)$35,558 $(4,427)$35,558 
Obligations of state and political subdivisions (municipal securities)27 (218)13,847 108 (2,777)64,217 (2,995)78,064 
Residential mortgage-related securities:
FNMA/FHLMC24 (694)31,375 71 (156,185)1,045,343 (156,880)1,076,718 
GNMA59 (7,016)1,122,930 10 (3,643)105,462 (10,658)1,228,391 
Commercial mortgage-related securities:
FNMA/FHLMC— — — 1 (1,595)17,008 (1,595)17,008 
GNMA1 (337)13,668 30 (6,954)138,564 (7,291)152,232 
Asset backed securities:
FFELP2 (116)40,177 12 (949)75,411 (1,065)115,588 
SBA— — — 5 (28)677 (28)677 
Other debt securities1 (7)993 2 (28)1,972 (35)2,965 
Total114 $(8,388)$1,222,990 240 $(176,585)$1,484,212 $(184,973)$2,707,201 
HTM investment securities
U.S. Treasury securities— $— $— 1 $(30)$969 $(30)$969 
Obligations of state and political subdivisions (municipal securities)287 (2,536)324,576 653 (152,297)916,225 (154,833)1,240,801 
Residential mortgage-related securities:
FNMA/FHLMC5 (40)3,489 113 (184,186)768,182 (184,227)771,671 
GNMA6 (99)8,674 79 (3,511)34,346 (3,609)43,020 
Private-label— — — 18 (69,484)281,069 (69,484)281,069 
 Commercial mortgage-related securities:
FNMA/FHLMC1 (263)8,003 44 (162,187)620,926 (162,450)628,928 
GNMA— — — 13 (7,270)50,183 (7,270)50,183 
Total299 $(2,938)$344,741 921 $(578,965)$2,671,899 $(581,903)$3,016,640 
For comparative purposes, the following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2023:
 Less than 12 months12 months or moreTotal
($ in thousands)Number
of
Securities		Unrealized
(Losses)		Fair
Value		Number
of
Securities		Unrealized
(Losses)		Fair
Value		Unrealized
(Losses)		Fair
Value
AFS investment securities
U.S. Treasury securities— $— $— 1 $(4,083)$35,902 $(4,083)$35,902 
Obligations of state and political subdivisions (municipal securities)41 (347)23,762 92 (1,867)53,022 (2,214)76,784 
Residential mortgage-related securities:
FNMA/FHLMC18 (333)22,870 71 (153,219)1,080,337 (153,552)1,103,207 
GNMA13 (924)156,847 5 (1,898)26,643 (2,822)183,490 
Commercial mortgage-related securities:
FNMA/FHLMC— — — 1 (1,755)16,937 (1,755)16,937 
GNMA9 (3,160)103,055 22 (3,975)51,738 (7,135)154,793 
Asset backed securities:
FFELP— — — 14 (1,862)125,339 (1,862)125,339 
SBA— — — 5 (28)761 (28)761 
Other debt securities1 (9)991 2 (42)1,958 (50)2,950 
Total82 $(4,773)$307,527 213 $(168,728)$1,392,635 $(173,501)$1,700,162 
HTM investment securities
U.S. Treasury securities— $— $— 1 $(36)$963 $(36)$963 
Obligations of state and political subdivisions (municipal securities)182 (1,535)180,270 537 (132,518)792,940 (134,053)973,210 
Residential mortgage-related securities:
FNMA/FHLMC20 (511)30,323 94 (164,076)771,042 (164,587)801,365 
GNMA2 (17)2,128 78 (2,884)34,626 (2,901)36,754 
Private-label— — — 18 (65,372)289,507 (65,372)289,507 
Commercial mortgage-related securities:
FNMA/FHLMC1 (121)8,144 44 (160,660)624,770 (160,781)632,914 
GNMA— — — 13 (7,500)52,619 (7,500)52,619 
Total205 $(2,184)$220,865 785 $(533,046)$2,566,468 $(535,230)$2,787,333