☑ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||||||||||
For the fiscal year ended | December 31, |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||||||||||
For the transition period from to |
Wisconsin | 39-1098068 | |||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
433 Main Street | ||||||||||||||
Green Bay, | Wisconsin | 54301 | ||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading symbol | Name of each exchange on which registered | ||||||
Common stock, par value $0.01 per share | ASB | The New York Stock Exchange | ||||||
Depositary Shrs, each representing 1/40th intrst in a shr of 6.125% Non-Cum. Perp Pref Stock, Srs C | ASB PrC | The New York Stock Exchange | ||||||
Depositary Shrs, each representing 1/40th intrst in a shr of 5.375% Non-Cum. Perp Pref Stock, Srs D | ASB PrD | The New York Stock Exchange | ||||||
Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs E | ASB PrE | The New York Stock Exchange | ||||||
Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs F | ASB PrF | The New York Stock Exchange |
Large accelerated filer | ☑ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||
Emerging growth company | ☐ |
Page | ||||||||
ASSOCIATED BANC-CORP | ||
Commonly Used Acronyms and Abbreviations | ||
The following listing provides a reference of common acronyms and abbreviations used throughout the document: |
ABRC | Associated Benefits and Risk Consulting, the Corporation's insurance division which was sold on June 30, 2020 | ||||
ABS | |||||
ACL | Allowance for Credit Losses on Loans and Investments | ||||
ACLL | Allowance for Credit Losses on Loans | ||||
ADC | Acquisition, Development, or Construction | ||||
AFS | Available for Sale | ||||
AFX | American Financial Exchange | ||||
ALCO | Asset / Liability Committee | ||||
AML | Anti-Money Laundering | ||||
APR | Annual Percentage Rate | ||||
ARRC | Alternative Reference Rate Committee | ||||
ASC | Accounting Standards Codification | ||||
Associated / Corporation / our / us / we | Associated Banc-Corp collectively with all of its subsidiaries and affiliates | ||||
Associated Bank / the Bank | Associated Bank, National Association | ||||
ASU | Accounting Standards Update | ||||
ATR | Ability-to-Repay | ||||
Bank Mutual | Bank Mutual Corporation | ||||
Basel III | International framework established by the Basel Committee on Banking Supervision for the regulation of capital and liquidity | ||||
BHC Act | Bank Holding Company Act of 1956, as amended | ||||
bp | basis point(s) | ||||
BSA | Bank Secrecy Act | ||||
CAMELS | Capital adequacy, Asset quality, Management, Earnings, Liquidity, and Sensitivity | ||||
CARES Act | Coronavirus Aid, Relief, and Economic Security Act | ||||
CDs | Certificates of Deposit | ||||
CDIs | Core Deposit Intangibles | ||||
CECL | Current Expected Credit Losses | ||||
CET1 | Common Equity Tier 1 | ||||
CFPB | Consumer Financial Protection Bureau | ||||
CFTC | Commodity Futures Trading Commission | ||||
CMBS | Commercial Mortgage-Backed Securities | ||||
CMOs | Collateralized Mortgage Obligations | ||||
CRA | Community Reinvestment Act | ||||
CRE | Commercial Real Estate | ||||
DE&I | Diversity, Equity & Inclusion | ||||
DIF | Deposit Insurance Fund | ||||
Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act | ||||
DOL | Department of Labor | ||||
DTAs | Deferred Tax Assets | ||||
DTCC | Depository Trust & Clearing Corporation | ||||
DTI | Debt-to-Income | ||||
EAR | Earnings at Risk |
Economic Aid Act | Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act | ||||
Economic Growth Act | Economic Growth, Regulatory Relief, and Consumer Protection Act | ||||
Exchange Act | Securities Exchange Act of 1934, as amended | ||||
FASB | Financial Accounting Standards Board | ||||
FCA | United Kingdom Financial Conduct Authority | ||||
FDIC | Federal Deposit Insurance Corporation | ||||
FDICIA | Federal Deposit Insurance Corporation Improvement Act | ||||
Federal Reserve | Board of Governors of the Federal Reserve System | ||||
FFELP | Federal Family Education Loan Program | ||||
FHFA | Federal Housing Finance Agency | ||||
FHLB | Federal Home Loan Bank | ||||
FHLMC | Federal Home Loan Mortgage Corporation | ||||
FICC | Fixed Income Clearing Corporation | ||||
FICO | Financing Corporation, established by the Competitive Equality Banking Act of 1987 |
FICO Score | Fair Isaac Corporation score, a broad-based risk score to aid in credit decisions | ||||
FinCEN | Financial Crimes Enforcement Network | ||||
FINRA | Financial Industry Regulatory Authority | ||||
First Staunton | First Staunton Bancshares, Incorporated | ||||
FNMA | Federal National Mortgage Association | ||||
FOMC | Federal Open Market Committee | ||||
FRBNY | Federal Reserve Bank of New York | ||||
FTP | Funds Transfer Pricing | ||||
GAAP | Generally Accepted Accounting Principles | ||||
GNMA | Government National Mortgage Association | ||||
Government-Sponsored | |||||
HTM | Held to Maturity | ||||
Huntington | The Huntington National Bank, a subsidiary of Huntington Bancshares Incorporated | ||||
HVCRE | High Volatility Commercial Real Estate | ||||
IDIs | Insured Depository Institutions | ||||
LGBTQ+ | Lesbian, Gay, Bisexual, Transgender, Queer, and Plus | ||||
LIBOR | London Interbank Offered Rate | ||||
LTV | Loan-to-Value | ||||
MBS | Mortgage-Backed Securities | ||||
Money Market Mutual Fund Liquidity Facility | |||||
MSAs | Mortgage Servicing | ||||
MSLP | Main Street Lending Program | ||||
MSRs | Mortgage Servicing Rights | ||||
MVE | Market Value of Equity | ||||
Net Free Funds | Noninterest-bearing sources of funds | ||||
NII | Net Interest Income | ||||
NPAs | Nonperforming Assets | ||||
NYSE | New York Stock Exchange | ||||
OCC | Office of the Comptroller of the Currency | ||||
OCI | Other Comprehensive Income | ||||
OREO | Other Real Estate Owned | ||||
Parent Company | Associated Banc-Corp individually | ||||
Patriot Act | Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 | ||||
PCD | Purchased Credit Deteriorated |
PPP | Paycheck Protection Program | ||||
PPPLF | Paycheck Protection Program Liquidity Facility | ||||
QM | Qualified Mortgage | ||||
RAP | Retirement Account Plan - the Corporation's noncontributory defined benefit retirement plan | ||||
Repurchase Agreements | Securities sold under agreements to repurchase | ||||
RESPA | Real Estate Settlement Procedures Act | ||||
Restricted Stock Awards | Restricted common stock and restricted common stock units to certain key employees | ||||
Retirement Eligible Colleagues | Colleagues whose retirement meets the early retirement or normal retirement definitions under the | ||||
Rockefeller | Rockefeller Capital Management | ||||
S&P | Standard & Poor's | ||||
SARs | Suspicious Activity Reports | ||||
SBA | Small Business Administration | ||||
SEC | U.S. Securities and Exchange Commission | ||||
Securities Act | Securities Act of 1933, as amended | ||||
Series C Preferred Stock | The Corporation's 6.125% Non-Cumulative Perpetual Preferred Stock, Series C, liquidation preference $1,000 per share | ||||
Series D Preferred Stock | The Corporation's 5.375% Non-Cumulative Perpetual Preferred Stock, Series D, liquidation preference $1,000 per share | ||||
Series E Preferred Stock | The Corporation's 5.875% Non-Cumulative Perpetual Preferred Stock, Series E, liquidation preference $1,000 per share | ||||
Series F Preferred Stock | The Corporation's 5.625% Non-Cumulative Perpetual Preferred Stock, Series F, liquidation preference $1,000 per share | ||||
SOFR | Secured Overnight Finance Rate | ||||
Tax Act | U.S. Tax Cuts and Jobs Act of 2017 | ||||
TDR | Troubled Debt Restructuring | ||||
TILA | Truth in Lending Act | ||||
Whitnell | Whitnell & Co. | ||||
ITEM 1. | Business |
ITEM |
ITEM 1. | Business |
ITEM 1A. | Risk Factors |
ITEM 1B. | Unresolved Staff Comments |
ITEM 2. | Properties |
ITEM 3. | Legal Proceedings |
ITEM 4. | Mine Safety Disclosures |
ITEM 5. | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
Total Number of Shares Purchased(a) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs(b) | ||||||||||||||||||||
Period | |||||||||||||||||||||||
October 1, 2019 - October 31, 2019 | 556,371 | $ | 20.22 | 556,371 | — | ||||||||||||||||||
November 1, 2019 - November 30, 2019 | 1,450,000 | 21.57 | 1,450,000 | — | |||||||||||||||||||
December 1, 2019 - December 31, 2019 | 249,923 | 21.43 | 249,923 | — | |||||||||||||||||||
Total | 2,256,294 | $ | 21.22 | 2,256,294 | 8,341,932 |
Total Number of Shares Purchased(a) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs(b) | ||||||||||||||||||||
Period | |||||||||||||||||||||||
October 1, 2020 - October 31, 2020 | 3,999 | $ | 13.65 | — | — | ||||||||||||||||||
November 1, 2020 - November 30, 2020 | 2,553 | 13.63 | — | — | |||||||||||||||||||
December 1, 2020 - December 31, 2020 | 832 | 16.72 | — | — | |||||||||||||||||||
Total | 7,384 | $ | 13.99 | — | 6,604,168 |
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||||||
Associated Banc-Corp | $ | 100.0 | $ | 102.8 | $ | 137.9 | $ | 144.7 | $ | 116.2 | $ | 133.5 | ||||||||
S&P 500 Index | $ | 100.0 | $ | 101.4 | $ | 113.3 | $ | 137.8 | $ | 131.9 | $ | 173.1 | ||||||||
S&P 400 Regional Banks Sub-Industry Index | $ | 100.0 | $ | 106.6 | $ | 141.0 | $ | 148.1 | $ | 117.1 | $ | 145.6 |
2015 | 2016 | 2017 | 2018 | 2019 | 2020 | |||||||||||||||
Associated Banc-Corp | $ | 100.0 | $ | 134.1 | $ | 140.6 | $ | 113.0 | $ | 129.8 | $ | 104.7 | ||||||||
S&P 500 Index | $ | 100.0 | $ | 111.8 | $ | 135.9 | $ | 130.1 | $ | 170.7 | $ | 201.6 | ||||||||
S&P 400 Regional Banks Sub-Industry Index | $ | 100.0 | $ | 132.3 | $ | 139.0 | $ | 109.9 | $ | 136.7 | $ | 123.9 |
ITEM 6. | Selected Financial Data |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands, except per share data) | ($ in Thousands, except per share data) | 2019 | 2018 | 2017 | 2016 | 2015 | ($ in Thousands, except per share data) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||
Interest income | Interest income | $ | 1,172,610 | $ | 1,154,137 | $ | 886,605 | $ | 791,568 | $ | 753,662 | Interest income | $ | 912,840 | $ | 1,172,610 | $ | 1,154,137 | $ | 886,605 | $ | 791,568 | ||||||||||||||||||||||||
Interest expense | Interest expense | 336,936 | 274,557 | 145,385 | 84,295 | 77,384 | Interest expense | 149,883 | 336,936 | 274,557 | 145,385 | 84,295 | ||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 835,674 | 879,580 | 741,220 | 707,273 | 676,278 | Net interest income | 762,957 | 835,674 | 879,580 | 741,220 | 707,273 | ||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 16,000 | — | 26,000 | 70,000 | 37,500 | Provision for credit losses | 174,006 | 16,000 | — | 26,000 | 70,000 | ||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 819,674 | 879,580 | 715,220 | 637,273 | 638,778 | Net interest income after provision for credit losses | 588,950 | 819,674 | 879,580 | 715,220 | 637,273 | ||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 380,824 | 355,568 | 332,680 | 352,883 | 329,357 | Noninterest income | 514,056 | 380,824 | 355,568 | 332,680 | 352,883 | ||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 793,988 | 821,799 | 709,133 | 702,560 | 698,347 | Noninterest expense | 776,034 | 793,988 | 821,799 | 709,133 | 702,560 | ||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 406,509 | 413,349 | 338,767 | 287,596 | 269,788 | Income before income taxes | 326,972 | 406,509 | 413,349 | 338,767 | 287,596 | ||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 79,720 | 79,786 | 109,503 | 87,322 | 81,487 | Income tax expense | 20,200 | 79,720 | 79,786 | 109,503 | 87,322 | ||||||||||||||||||||||||||||||||||
Net income | Net income | 326,790 | 333,562 | 229,264 | 200,274 | 188,301 | Net income | 306,771 | 326,790 | 333,562 | 229,264 | 200,274 | ||||||||||||||||||||||||||||||||||
Preferred stock dividends | Preferred stock dividends | 15,202 | 10,784 | 9,347 | 8,903 | 7,155 | Preferred stock dividends | 18,358 | 15,202 | 10,784 | 9,347 | 8,903 | ||||||||||||||||||||||||||||||||||
Net income available to common equity | Net income available to common equity | $ | 311,587 | $ | 322,779 | $ | 219,917 | $ | 191,371 | $ | 181,146 | Net income available to common equity | $ | 288,413 | $ | 311,587 | $ | 322,779 | $ | 219,917 | $ | 191,371 | ||||||||||||||||||||||||
Earnings per common share | Earnings per common share | Earnings per common share | ||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | $ | 1.93 | $ | 1.92 | $ | 1.45 | $ | 1.27 | $ | 1.20 | Basic | $ | 1.87 | $ | 1.93 | $ | 1.92 | $ | 1.45 | $ | 1.27 | ||||||||||||||||||||||||
Diluted | Diluted | 1.91 | 1.89 | 1.42 | 1.26 | 1.19 | Diluted | 1.86 | 1.91 | 1.89 | 1.42 | 1.26 | ||||||||||||||||||||||||||||||||||
Cash dividends per common share | Cash dividends per common share | 0.69 | 0.62 | 0.50 | 0.45 | 0.41 | Cash dividends per common share | 0.72 | 0.69 | 0.62 | 0.50 | 0.45 | ||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding | Weighted average common shares outstanding | Weighted average common shares outstanding | ||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | 160,534 | 167,345 | 150,877 | 148,769 | 149,350 | Basic | 153,005 | 160,534 | 167,345 | 150,877 | 148,769 | ||||||||||||||||||||||||||||||||||
Diluted | Diluted | 161,932 | 169,732 | 153,647 | 149,961 | 150,603 | Diluted | 153,642 | 161,932 | 169,732 | 153,647 | 149,961 | ||||||||||||||||||||||||||||||||||
Selected Financial Data | Selected Financial Data | Selected Financial Data | ||||||||||||||||||||||||||||||||||||||||||||
Year-End Balances | Year-End Balances | Year-End Balances | ||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | $ | 22,821,440 | $ | 22,940,429 | $ | 20,784,991 | $ | 20,054,716 | $ | 18,714,343 | Loans | $ | 24,451,724 | $ | 22,821,440 | $ | 22,940,429 | $ | 20,784,991 | $ | 20,054,716 | ||||||||||||||||||||||||
Allowance for loan losses | 201,371 | 238,023 | 265,880 | 278,335 | 274,264 | |||||||||||||||||||||||||||||||||||||||||
Investment securities | 5,482,759 | 6,689,021 | 6,326,299 | 5,953,762 | 6,135,644 | |||||||||||||||||||||||||||||||||||||||||
Total assets(a) | 32,386,478 | 33,615,122 | 30,443,626 | 29,139,315 | 27,711,835 | |||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans | Allowance for credit losses on loans | 431,478 | 223,278 | 262,359 | 290,280 | 303,735 | ||||||||||||||||||||||||||||||||||||||||
Investment securities, net(a) | Investment securities, net(a) | 4,979,485 | 5,482,759 | 6,689,021 | 6,326,299 | 5,953,762 | ||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | 33,419,783 | 32,386,478 | 33,615,122 | 30,443,626 | 29,139,315 | ||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 23,779,064 | 24,897,393 | 22,785,962 | 21,888,448 | 21,007,665 | Deposits | 26,482,481 | 23,779,064 | 24,897,393 | 22,785,962 | 21,888,448 | ||||||||||||||||||||||||||||||||||
Short- and long-term funding, and FHLB advances | Short- and long-term funding, and FHLB advances | 4,195,423 | 4,527,056 | 4,073,732 | 3,853,830 | 3,510,580 | Short- and long-term funding, and FHLB advances | 2,434,505 | 4,195,423 | 4,527,056 | 4,073,732 | 3,853,830 | ||||||||||||||||||||||||||||||||||
Stockholders’ equity | 3,922,124 | 3,780,888 | 3,237,443 | 3,091,312 | 2,937,246 | |||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity(a) | Stockholders’ equity(a) | 4,090,933 | 3,922,124 | 3,780,888 | 3,237,443 | 3,091,312 | ||||||||||||||||||||||||||||||||||||||||
Book value per common share | Book value per common share | 23.32 | 21.43 | 20.13 | 19.27 | 18.62 | Book value per common share | 24.34 | 23.32 | 21.43 | 20.13 | 19.27 | ||||||||||||||||||||||||||||||||||
Tangible book value per common share | Tangible book value per common share | 15.28 | 13.86 | 13.65 | 12.78 | 12.10 | Tangible book value per common share | 16.67 | 15.28 | 13.86 | 13.65 | 12.78 | ||||||||||||||||||||||||||||||||||
Average Balances | Average Balances | Average Balances | ||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | $ | 23,122,797 | $ | 22,718,297 | $ | 20,592,383 | $ | 19,650,667 | $ | 18,252,264 | Loans | $ | 24,537,648 | $ | 23,122,797 | $ | 22,718,297 | $ | 20,592,383 | $ | 19,650,667 | ||||||||||||||||||||||||
Investment securities | Investment securities | 6,194,465 | 6,912,921 | 6,028,262 | 6,048,563 | 5,912,849 | Investment securities | 5,226,571 | 6,194,465 | 6,912,921 | 6,028,262 | 6,048,563 | ||||||||||||||||||||||||||||||||||
Earning assets | Earning assets | 29,820,829 | 30,049,793 | 26,999,884 | 26,026,661 | 24,571,087 | Earning assets | 30,832,007 | 29,820,829 | 30,049,793 | 26,999,884 | 26,026,661 | ||||||||||||||||||||||||||||||||||
Total assets(a) | 33,046,604 | 33,007,859 | 29,467,324 | 28,506,112 | 27,019,216 | |||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | 34,265,207 | 33,046,604 | 33,007,859 | 29,467,324 | 28,506,112 | ||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 24,735,608 | 24,072,049 | 21,923,602 | 21,005,772 | 19,903,087 | Deposits | 26,007,685 | 24,735,608 | 24,072,049 | 21,923,602 | 21,005,772 | ||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | Interest-bearing liabilities | 23,535,115 | 23,699,823 | 21,045,399 | 20,122,402 | 19,330,847 | Interest-bearing liabilities | 22,992,211 | 23,535,115 | 23,699,823 | 21,045,399 | 20,122,402 | ||||||||||||||||||||||||||||||||||
Stockholders’ equity | Stockholders’ equity | 3,871,869 | 3,692,433 | 3,172,634 | 3,022,962 | 2,895,158 | Stockholders’ equity | 3,944,572 | 3,871,869 | 3,692,433 | 3,172,634 | 3,022,962 | ||||||||||||||||||||||||||||||||||
Risk-based Capital(a)(b) | ||||||||||||||||||||||||||||||||||||||||||||||
Risk-based Capital(b) | Risk-based Capital(b) | |||||||||||||||||||||||||||||||||||||||||||||
Total risk-weighted assets | Total risk-weighted assets | $ | 24,296,382 | $ | 23,842,542 | $ | 21,504,495 | $ | 21,340,951 | $ | 19,929,963 | Total risk-weighted assets | $ | 25,903,415 | $ | 24,296,382 | $ | 23,842,542 | $ | 21,504,495 | $ | 21,340,951 | ||||||||||||||||||||||||
Common equity Tier 1 | Common equity Tier 1 | 2,480,698 | 2,449,721 | 2,171,508 | 2,032,587 | 1,897,944 | Common equity Tier 1 | 2,706,010 | 2,480,698 | 2,449,721 | 2,171,508 | 2,032,587 | ||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital ratio | Common equity Tier 1 capital ratio | 10.21 | % | 10.27 | % | 10.10 | % | 9.52 | % | 9.52 | % | Common equity Tier 1 capital ratio | 10.45 | % | 10.21 | % | 10.27 | % | 10.10 | % | 9.52 | % | ||||||||||||||||||||||||
Return on average common equity Tier 1 | Return on average common equity Tier 1 | 12.59 | % | 13.15 | % | 10.43 | % | 9.86 | % | 9.88 | % | Return on average common equity Tier 1 | 11.23 | % | 12.59 | % | 13.15 | % | 10.43 | % | 9.86 | % |
ITEM 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | Average Balance | Interest Income / Expense | Average Yield / Rate | Average Balance | Interest Income / Expense | Average Yield / Rate | Average Balance | Interest Income / Expense | Average Yield / Rate | ($ in Thousands) | Average Balance | Interest Income / Expense | Average Yield / Rate | Average Balance | Interest Income / Expense | Average Yield / Rate | Average Balance | Interest Income / Expense | Average Yield / Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earning assets | Earning assets | Earning assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans(a)(b)(c) | Loans(a)(b)(c) | Loans(a)(b)(c) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and business lending | $ | 8,426,774 | $ | 385,072 | 4.57 | % | $ | 7,744,640 | $ | 349,266 | 4.51 | % | $ | 7,254,613 | $ | 265,796 | 3.66 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial PPP lending | Commercial PPP lending | $ | 701,111 | $ | 21,867 | 3.12 | % | $ | — | $ | — | — | % | $ | — | $ | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and business lending (excl PPP loans) | Commercial and business lending (excl PPP loans) | 8,709,043 | 258,738 | 2.97 | % | 8,426,774 | 385,072 | 4.57 | % | 7,744,640 | 349,266 | 4.51 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate lending | Commercial real estate lending | 5,150,464 | 255,582 | 4.96 | % | 5,433,361 | 273,937 | 5.04 | % | 4,952,605 | 192,838 | 3.89 | % | Commercial real estate lending | 5,811,498 | 192,545 | 3.31 | % | 5,150,464 | 255,582 | 4.96 | % | 5,433,361 | 273,937 | 5.04 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 13,577,238 | 640,655 | 4.72 | % | 13,178,001 | 623,203 | 4.73 | % | 12,207,218 | 458,634 | 3.76 | % | Total commercial | 15,221,651 | 473,150 | 3.11 | % | 13,577,238 | 640,655 | 4.72 | % | 13,178,001 | 623,203 | 4.73 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | 8,311,914 | 282,134 | 3.39 | % | 8,289,432 | 281,814 | 3.40 | % | 7,105,486 | 229,210 | 3.23 | % | Residential mortgage | 8,190,190 | 254,814 | 3.11 | % | 8,311,914 | 282,134 | 3.39 | % | 8,289,432 | 281,814 | 3.40 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | Retail | 1,233,646 | 76,939 | 6.24 | % | 1,250,863 | 73,605 | 5.88 | % | 1,279,679 | 64,892 | 5.07 | % | Retail | 1,125,806 | 58,655 | 5.21 | % | 1,233,646 | 76,939 | 6.24 | % | 1,250,863 | 73,605 | 5.88 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | 23,122,797 | 999,727 | 4.32 | % | 22,718,297 | 978,622 | 4.31 | % | 20,592,383 | 752,736 | 3.66 | % | Total loans | 24,537,648 | 786,619 | 3.21 | % | 23,122,797 | 999,727 | 4.32 | % | 22,718,297 | 978,622 | 4.31 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities | Investment securities | Investment securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | 4,284,991 | 100,304 | 2.34 | % | 5,366,825 | 119,741 | 2.23 | % | 4,861,597 | 96,909 | 1.99 | % | Taxable | 3,295,718 | 59,806 | 1.81 | % | 4,284,991 | 100,304 | 2.34 | % | 5,366,825 | 119,741 | 2.23 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt(a) | Tax-exempt(a) | 1,909,474 | 71,956 | 3.77 | % | 1,546,096 | 56,426 | 3.65 | % | 1,166,665 | 50,455 | 4.32 | % | Tax-exempt(a) | 1,930,853 | 72,901 | 3.78 | % | 1,909,474 | 71,956 | 3.77 | % | 1,546,096 | 56,426 | 3.65 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other short-term investments | Other short-term investments | 503,566 | 16,643 | 3.30 | % | 418,576 | 12,623 | 3.02 | % | 379,239 | 7,719 | 2.04 | % | Other short-term investments | 1,067,788 | 9,473 | 0.89 | % | 503,566 | 16,643 | 3.30 | % | 418,576 | 12,623 | 3.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments and other | Investments and other | 6,698,032 | 188,903 | 2.82 | % | 7,331,497 | 188,790 | 2.58 | % | 6,407,501 | 155,083 | 2.42 | % | Investments and other | 6,294,359 | 142,179 | 2.26 | % | 6,698,032 | 188,903 | 2.82 | % | 7,331,497 | 188,790 | 2.58 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total earning assets | Total earning assets | $ | 29,820,829 | $ | 1,188,630 | 3.99 | % | $ | 30,049,793 | $ | 1,167,412 | 3.88 | % | $ | 26,999,884 | $ | 907,819 | 3.36 | % | Total earning assets | $ | 30,832,007 | $ | 928,799 | 3.01 | % | $ | 29,820,829 | $ | 1,188,630 | 3.99 | % | $ | 30,049,793 | $ | 1,167,412 | 3.88 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets, net(d) | 3,225,775 | 2,958,066 | 2,467,441 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets, net | Other assets, net | 3,433,200 | 3,225,775 | 2,958,066 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 33,046,604 | $ | 33,007,859 | $ | 29,467,324 | Total assets | $ | 34,265,207 | $ | 33,046,604 | $ | 33,007,859 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and stockholders' equity | Liabilities and stockholders' equity | Liabilities and stockholders' equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | Interest-bearing liabilities | Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | Interest-bearing deposits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | Savings | $ | 2,439,872 | $ | 7,086 | 0.29 | % | $ | 1,878,960 | $ | 1,435 | 0.08 | % | $ | 1,527,161 | $ | 816 | 0.05 | % | Savings | $ | 3,306,385 | $ | 2,966 | 0.09 | % | $ | 2,439,872 | $ | 7,086 | 0.29 | % | $ | 1,878,960 | $ | 1,435 | 0.08 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | Interest-bearing demand | 5,080,857 | 56,742 | 1.12 | % | 4,767,873 | 44,911 | 0.94 | % | 3,953,014 | 20,344 | 0.51 | % | Interest-bearing demand | 5,583,144 | 12,496 | 0.22 | % | 5,080,857 | 56,742 | 1.12 | % | 4,767,873 | 44,911 | 0.94 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market | Money market | 7,005,265 | 74,467 | 1.06 | % | 7,260,692 | 54,573 | 0.75 | % | 6,321,603 | 22,991 | 0.36 | % | Money market | 6,509,924 | 15,273 | 0.23 | % | 7,005,265 | 74,467 | 1.06 | % | 7,260,692 | 54,573 | 0.75 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Network transaction deposits | Network transaction deposits | 1,860,951 | 42,523 | 2.29 | % | 2,095,715 | 39,251 | 1.87 | % | 3,145,554 | 31,455 | 1.00 | % | Network transaction deposits | 1,442,951 | 6,219 | 0.43 | % | 1,860,951 | 42,523 | 2.29 | % | 2,095,715 | 39,251 | 1.87 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 3,129,142 | 56,468 | 1.80 | % | 2,831,229 | 35,948 | 1.27 | % | 1,979,709 | 18,419 | 0.93 | % | Time deposits | 2,281,040 | 30,685 | 1.35 | % | 3,129,142 | 56,468 | 1.80 | % | 2,831,229 | 35,948 | 1.27 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 19,516,088 | 237,286 | 1.22 | % | 18,834,469 | 176,118 | 0.94 | % | 16,927,041 | 94,025 | 0.56 | % | Total interest-bearing deposits | 19,123,444 | 67,639 | 0.35 | % | 19,516,088 | 237,286 | 1.22 | % | 18,834,469 | 176,118 | 0.94 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | Federal funds purchased and securities sold under agreements to repurchase | 137,679 | 1,579 | 1.15 | % | 224,967 | 2,006 | 0.89 | % | 415,086 | 2,527 | 0.61 | % | Federal funds purchased and securities sold under agreements to repurchase | 175,713 | 485 | 0.28 | % | 137,679 | 1,579 | 1.15 | % | 224,967 | 2,006 | 0.89 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial paper | Commercial paper | 32,123 | 149 | 0.46 | % | 56,076 | 186 | 0.33 | % | 91,797 | 293 | 0.32 | % | Commercial paper | 38,583 | 41 | 0.11 | % | 32,123 | 138 | 0.43 | % | 56,076 | 180 | 0.32 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPPLF | PPPLF | 565,371 | 1,984 | 0.35 | % | — | — | — | % | — | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other short-term funding | Other short-term funding | 4,226 | 11 | 0.25 | % | — | — | — | % | — | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances | FHLB advances | 3,106,279 | 69,816 | 2.25 | % | 3,971,797 | 73,668 | 1.85 | % | 3,114,545 | 30,364 | 0.97 | % | FHLB advances | 2,535,731 | 57,359 | 2.26 | % | 3,106,279 | 69,816 | 2.25 | % | 3,971,797 | 73,668 | 1.85 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term funding | Long-term funding | 742,946 | 28,106 | 3.78 | % | 612,513 | 22,579 | 3.69 | % | 496,930 | 18,176 | 3.66 | % | Long-term funding | 549,143 | 22,365 | 4.07 | % | 742,946 | 28,116 | 3.78 | % | 612,513 | 22,585 | 3.69 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total short and long-term funding | Total short and long-term funding | 4,019,027 | 99,651 | 2.48 | % | 4,865,353 | 98,439 | 2.02 | % | 4,118,358 | 51,360 | 1.25 | % | Total short and long-term funding | 3,868,767 | 82,245 | 2.13 | % | 4,019,027 | 99,651 | 2.48 | % | 4,865,353 | 98,439 | 2.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | $ | 23,535,115 | $ | 336,936 | 1.43 | % | $ | 23,699,823 | $ | 274,557 | 1.16 | % | $ | 21,045,399 | $ | 145,385 | 0.69 | % | Total interest-bearing liabilities | $ | 22,992,211 | $ | 149,883 | 0.65 | % | $ | 23,535,115 | $ | 336,936 | 1.43 | % | $ | 23,699,823 | $ | 274,557 | 1.16 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits | Noninterest-bearing demand deposits | 5,219,520 | 5,237,580 | 4,996,561 | Noninterest-bearing demand deposits | 6,884,241 | 5,219,520 | 5,237,580 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities(d) | 420,100 | 378,024 | 252,731 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 444,183 | 420,100 | 378,024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | Stockholders’ equity | 3,871,869 | 3,692,433 | 3,172,634 | Stockholders’ equity | 3,944,572 | 3,871,869 | 3,692,433 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $ | 33,046,604 | $ | 33,007,859 | $ | 29,467,324 | Total liabilities and stockholders’ equity | $ | 34,265,207 | $ | 33,046,604 | $ | 33,007,859 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | Interest rate spread | 2.56 | % | 2.72 | % | 2.67 | % | Interest rate spread | 2.36 | % | 2.56 | % | 2.72 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net free funds | Net free funds | 0.30 | % | 0.25 | % | 0.15 | % | Net free funds | 0.17 | % | 0.30 | % | 0.25 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fully tax-equivalent net interest income and net interest margin | Fully tax-equivalent net interest income and net interest margin | $ | 851,693 | 2.86 | % | $ | 892,855 | 2.97 | % | $ | 762,434 | 2.82 | % | Fully tax-equivalent net interest income and net interest margin | $ | 778,915 | 2.53 | % | $ | 851,693 | 2.86 | % | $ | 892,855 | 2.97 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fully tax-equivalent adjustment | Fully tax-equivalent adjustment | $ | 16,020 | $ | 13,275 | $ | 21,214 | Fully tax-equivalent adjustment | $ | 15,959 | $ | 16,020 | $ | 13,275 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 835,674 | $ | 879,580 | $ | 741,220 | Net interest income | $ | 762,957 | $ | 835,674 | $ | 879,580 |
2019 Compared to 2018 Increase (Decrease) Due to | 2018 Compared to 2017 Increase (Decrease) Due to | 2020 Compared to 2019 Increase (Decrease) Due to | 2019 Compared to 2018 Increase (Decrease) Due to | |||||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | Volume | Rate | Net | Volume | Rate | Net | ($ in Thousands) | Volume | Rate | Net | Volume | Rate | Net | ||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | Interest income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans(b) | Loans(b) | Loans(b) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and business lending | $ | 31,118 | $ | 4,689 | $ | 35,807 | $ | 18,904 | $ | 64,566 | $ | 83,470 | ||||||||||||||||||||||||||||||||||||||||
Commercial PPP lending | Commercial PPP lending | $ | 21,867 | $ | — | $ | 21,867 | $ | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Commercial and business lending (excl PPP loans) | Commercial and business lending (excl PPP loans) | 12,504 | (138,838) | (126,334) | 31,118 | 4,689 | 35,807 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate lending | Commercial real estate lending | (14,090) | (4,264) | (18,355) | 20,086 | 61,014 | 81,100 | Commercial real estate lending | 29,765 | (92,803) | (63,037) | (14,090) | (4,264) | (18,355) | ||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 17,027 | 425 | 17,452 | 38,990 | 125,580 | 164,570 | Total commercial | 64,137 | (231,641) | (167,504) | 17,027 | 425 | 17,452 | ||||||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | 764 | (444) | 320 | 39,747 | 12,856 | 52,603 | Residential mortgage | (4,080) | (23,240) | (27,320) | 764 | (444) | 320 | ||||||||||||||||||||||||||||||||||||||
Retail | Retail | (1,024) | 4,358 | 3,333 | (1,490) | 10,203 | 8,713 | Retail | (6,342) | (11,942) | (18,283) | (1,024) | 4,358 | 3,333 | ||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | 16,766 | 4,339 | 21,105 | 77,247 | 148,639 | 225,886 | Total loans | 53,715 | (266,823) | (213,108) | 16,766 | 4,339 | 21,105 | ||||||||||||||||||||||||||||||||||||||
Investment securities | Investment securities | Investment securities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | (25,091) | 5,654 | (19,437) | 7,660 | 15,172 | 22,832 | Taxable | (20,520) | (19,978) | (40,498) | (25,091) | 5,654 | (19,437) | ||||||||||||||||||||||||||||||||||||||
Tax-exempt(b) | Tax-exempt(b) | 13,641 | 1,889 | 15,530 | 14,678 | (8,708) | 5,970 | Tax-exempt(b) | 807 | 138 | 945 | 13,641 | 1,889 | 15,530 | ||||||||||||||||||||||||||||||||||||||
Other short-term investments | Other short-term investments | 2,730 | 1,289 | 4,019 | 869 | 4,035 | 4,904 | Other short-term investments | 10,394 | (17,564) | (7,170) | 2,730 | 1,289 | 4,019 | ||||||||||||||||||||||||||||||||||||||
Investments and other | Investments and other | (8,720) | 8,833 | 112 | 23,207 | 10,499 | 33,707 | Investments and other | (9,319) | (37,404) | (46,723) | (8,720) | 8,833 | 112 | ||||||||||||||||||||||||||||||||||||||
Total earning assets | Total earning assets | $ | 8,046 | $ | 13,172 | $ | 21,218 | $ | 100,454 | $ | 159,138 | $ | 259,593 | Total earning assets | $ | 44,396 | $ | (304,227) | $ | (259,831) | $ | 8,046 | $ | 13,172 | $ | 21,218 | ||||||||||||||||||||||||||
Interest expense | Interest expense | Interest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | Savings | $ | 544 | $ | 5,107 | $ | 5,651 | $ | 216 | $ | 403 | $ | 619 | Savings | $ | 1,926 | $ | (6,046) | $ | (4,120) | $ | 544 | $ | 5,107 | $ | 5,651 | ||||||||||||||||||||||||||
Interest-bearing demand | Interest-bearing demand | 3,091 | 8,740 | 11,831 | 4,886 | 19,680 | 24,566 | Interest-bearing demand | 5,116 | (49,361) | (44,246) | 3,091 | 8,740 | 11,831 | ||||||||||||||||||||||||||||||||||||||
Money market | Money market | (1,982) | 21,876 | 19,894 | 3,861 | 27,722 | 31,583 | Money market | (4,924) | (54,270) | (59,194) | (1,982) | 21,876 | 19,894 | ||||||||||||||||||||||||||||||||||||||
Network transaction deposits | Network transaction deposits | (4,723) | 7,995 | 3,272 | (13,033) | 20,829 | 7,796 | Network transaction deposits | (7,871) | (28,433) | (36,304) | (4,723) | 7,995 | 3,272 | ||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 3,839 | 16,681 | 20,520 | 9,660 | 7,869 | 17,529 | Time deposits | (13,656) | (12,128) | (25,783) | 3,839 | 16,681 | 20,520 | ||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 769 | 60,399 | 61,168 | 5,590 | 76,502 | 82,093 | Total interest-bearing deposits | (19,409) | (150,238) | (169,647) | 769 | 60,399 | 61,168 | ||||||||||||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | Federal funds purchased and securities sold under agreements to repurchase | (907) | 480 | (427) | (1,425) | 903 | (522) | Federal funds purchased and securities sold under agreements to repurchase | 348 | (1,442) | (1,094) | (907) | 480 | (427) | ||||||||||||||||||||||||||||||||||||||
Commercial paper | Commercial paper | (96) | 59 | (37) | (118) | 11 | (107) | Commercial paper | 23 | (121) | (98) | (91) | 50 | (41) | ||||||||||||||||||||||||||||||||||||||
PPPLF | PPPLF | 1,984 | — | 1,984 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Other short-term funding | Other short-term funding | 11 | — | 11 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
FHLB advances | FHLB advances | (17,778) | 13,926 | (3,852) | 10,120 | 33,184 | 43,304 | FHLB advances | (12,903) | 446 | (12,457) | (17,778) | 13,926 | (3,852) | ||||||||||||||||||||||||||||||||||||||
Long-term funding | Long-term funding | 4,920 | 607 | 5,527 | 4,260 | 144 | 4,403 | Long-term funding | (7,767) | 2,015 | (5,751) | 4,922 | 609 | 5,531 | ||||||||||||||||||||||||||||||||||||||
Total short and long-term funding | Total short and long-term funding | (13,859) | 15,071 | 1,212 | 12,837 | 34,242 | 47,079 | Total short and long-term funding | (18,304) | 898 | (17,406) | (13,854) | 15,065 | 1,212 | ||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | (13,091) | 75,470 | 62,380 | 18,427 | 110,744 | 129,172 | Total interest-bearing liabilities | (37,713) | (149,340) | (187,053) | (13,084) | 75,464 | 62,380 | ||||||||||||||||||||||||||||||||||||||
Fully tax-equivalent net interest income | Fully tax-equivalent net interest income | $ | 21,136 | $ | (62,298) | $ | (41,162) | $ | 82,027 | $ | 48,394 | $ | 130,421 | Fully tax-equivalent net interest income | $ | 82,109 | $ | (154,887) | $ | (72,778) | $ | 21,130 | $ | (62,292) | $ | (41,162) |
Years Ended December 31, | Change From Prior Year | Years Ended December 31, | Change From Prior Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | 2017 | $ Change 2019 | % Change 2019 | $ Change 2018 | % Change 2018 | ($ in Thousands) | 2020 | 2019 | 2018 | $ Change 2020 | % Change 2020 | $ Change 2019 | % Change 2019 | |||||||||||||||||||||||||||||||||||||||||||||
Insurance commissions and fees | $ | 89,104 | $ | 89,511 | $ | 81,474 | $ | (407) | — | % | $ | 8,037 | 10 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Wealth management fees(a) | Wealth management fees(a) | 83,467 | 82,562 | 70,126 | 905 | 1 | % | 12,436 | 18 | % | Wealth management fees(a) | $ | 84,957 | $ | 83,467 | $ | 82,562 | $ | 1,490 | 2 | % | $ | 905 | 1 | % | ||||||||||||||||||||||||||||||||||||
Service charges and deposit account fees | Service charges and deposit account fees | 63,135 | 66,075 | 64,427 | (2,940) | (4) | % | 1,648 | 3 | % | Service charges and deposit account fees | 56,307 | 63,135 | 66,075 | (6,828) | (11) | % | (2,940) | (4) | % | |||||||||||||||||||||||||||||||||||||||||
Card-based fees | Card-based fees | 39,755 | 39,656 | 34,834 | 99 | — | % | 4,822 | 14 | % | Card-based fees | 38,534 | 39,755 | 39,656 | (1,221) | (3) | % | 99 | — | % | |||||||||||||||||||||||||||||||||||||||||
Other fee-based revenue | Other fee-based revenue | 18,942 | 17,818 | 17,854 | 1,124 | 6 | % | (36) | — | % | Other fee-based revenue | 19,238 | 18,942 | 17,818 | 296 | 2 | % | 1,124 | 6 | % | |||||||||||||||||||||||||||||||||||||||||
Total fee-based revenue | Total fee-based revenue | 294,402 | 295,622 | 268,715 | (1,220) | — | % | 26,907 | 10 | % | Total fee-based revenue | 199,036 | 205,299 | 206,111 | (6,263) | (3) | % | (812) | — | % | |||||||||||||||||||||||||||||||||||||||||
Capital markets, net | Capital markets, net | 19,862 | 20,120 | 19,642 | (258) | (1) | % | 478 | 2 | % | Capital markets, net | 27,966 | 19,862 | 20,120 | 8,104 | 41 | % | (258) | (1) | % | |||||||||||||||||||||||||||||||||||||||||
Mortgage banking income | 44,373 | 28,960 | 29,619 | 15,413 | 53 | % | (659) | (2) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights expense | 12,494 | 9,049 | 10,259 | 3,445 | 38 | % | (1,210) | (12) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing fees, net(b) | Mortgage servicing fees, net(b) | (648) | 10,141 | 13,090 | (10,789) | (106) | % | (2,949) | (23) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Gains (losses) and fair value adjustment on loans held for sale | Gains (losses) and fair value adjustment on loans held for sale | 60,000 | 17,344 | 6,276 | 42,656 | N/M | 11,068 | 176 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value adjustment on portfolio loans transferred to held for sale | Fair value adjustment on portfolio loans transferred to held for sale | 3,932 | 4,456 | — | (524) | (12) | % | 4,456 | N/M | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights (impairment) recovery | Mortgage servicing rights (impairment) recovery | (17,704) | (63) | 545 | (17,641) | N/M | (608) | (112) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking, net | Mortgage banking, net | 31,878 | 19,911 | 19,360 | 11,967 | 60 | % | 551 | 3 | % | Mortgage banking, net | 45,580 | 31,878 | 19,911 | 13,702 | 43 | % | 11,967 | 60 | % | |||||||||||||||||||||||||||||||||||||||||
Bank and corporate owned life insurance | Bank and corporate owned life insurance | 14,845 | 13,951 | 16,250 | 894 | 6 | % | (2,299) | (14) | % | Bank and corporate owned life insurance | 13,771 | 14,845 | 13,951 | (1,074) | (7) | % | 894 | 6 | % | |||||||||||||||||||||||||||||||||||||||||
Insurance commissions and fees | Insurance commissions and fees | 45,245 | 89,104 | 89,511 | (43,859) | (49) | % | (407) | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 11,165 | 9,051 | 9,523 | 2,114 | 23 | % | (472) | (5) | % | Other | 10,200 | 11,165 | 9,051 | (965) | (9) | % | 2,114 | 23 | % | |||||||||||||||||||||||||||||||||||||||||
Subtotal | Subtotal | 372,154 | 358,655 | 333,490 | 13,499 | 4 | % | 25,165 | 8 | % | Subtotal | 341,798 | 372,154 | 358,655 | (30,356) | (8) | % | 13,499 | 4 | % | |||||||||||||||||||||||||||||||||||||||||
Asset gains (losses), net (b) | 2,713 | (1,103) | (1,244) | 3,816 | N/M | 141 | (11) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset gains (losses), net (c) | Asset gains (losses), net (c) | 155,589 | 2,713 | (1,103) | 152,876 | N/M | 3,816 | N/M | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities gains (losses), net | Investment securities gains (losses), net | 5,957 | (1,985) | 434 | 7,942 | N/M | (2,419) | N/M | Investment securities gains (losses), net | 9,222 | 5,957 | (1,985) | 3,265 | 55 | % | 7,942 | N/M | ||||||||||||||||||||||||||||||||||||||||||||
Gains on sale of branches, net | Gains on sale of branches, net | 7,449 | — | — | 7,449 | N/M | — | N/M | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | $ | 380,824 | $ | 355,568 | $ | 332,680 | $ | 25,256 | 7 | % | $ | 22,888 | 7 | % | Total noninterest income | $ | 514,056 | $ | 380,824 | $ | 355,568 | $ | 133,232 | 35 | % | $ | 25,256 | 7 | % | |||||||||||||||||||||||||||||||
Mortgage loans originated for sale during period | Mortgage loans originated for sale during period | $ | 1,090,792 | $ | 1,092,318 | $ | 715,357 | $ | (1,526) | — | % | $ | 376,961 | 53 | % | Mortgage loans originated for sale during period | $ | 1,642,135 | $ | 1,090,792 | $ | 1,092,318 | $ | 551,343 | 51 | % | $ | (1,526) | — | % | |||||||||||||||||||||||||||||||
Mortgage loan settlements during period | Mortgage loan settlements during period | $ | 1,317,077 | $ | 1,131,652 | $ | 819,950 | $ | 185,425 | 16 | % | $ | 311,702 | 38 | % | Mortgage loan settlements during period | $ | 1,959,571 | $ | 1,317,077 | $ | 1,131,652 | $ | 642,494 | 49 | % | $ | 185,425 | 16 | % | |||||||||||||||||||||||||||||||
Assets under management, at market value(c) | $ | 12,104 | $ | 10,291 | $ | 10,555 | $ | 1,813 | 18 | % | $ | (265) | (3) | % | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage portfolio loans transferred to held for sale during period | Mortgage portfolio loans transferred to held for sale during period | $ | 269,203 | $ | 242,382 | $ | — | $ | 26,821 | 11 | % | $ | 242,382 | N/M | |||||||||||||||||||||||||||||||||||||||||||||||
Assets under management, at market value(d) | Assets under management, at market value(d) | $ | 13,314 | $ | 12,104 | $ | 10,291 | $ | 1,210 | 10 | % | $ | 1,813 | 18 | % |
Years Ended December 31, | Change From Prior Year | Years Ended December 31, | Change From Prior Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | 2017 | $ Change 2019 | % Change 2019 | $ Change 2018 | % Change 2018 | ($ in Thousands) | 2020 | 2019 | 2018 | $ Change 2020 | % Change 2020 | $ Change 2019 | % Change 2019 | |||||||||||||||||||||||||||||||||||||||||||||
Personnel | Personnel | $ | 487,063 | $ | 482,676 | $ | 428,976 | $ | 4,387 | 1 | % | $ | 53,700 | 13 | % | Personnel | $ | 432,151 | $ | 487,063 | $ | 482,676 | $ | (54,912) | (11) | % | $ | 4,387 | 1 | % | |||||||||||||||||||||||||||||||
Technology | Technology | 82,429 | 72,674 | 63,004 | 9,755 | 13 | % | 9,670 | 15 | % | Technology | 81,214 | 82,429 | 72,674 | (1,215) | (1) | % | 9,755 | 13 | % | |||||||||||||||||||||||||||||||||||||||||
Occupancy | Occupancy | 62,399 | 59,121 | 53,842 | 3,278 | 6 | % | 5,279 | 10 | % | Occupancy | 64,064 | 62,399 | 59,121 | 1,665 | 3 | % | 3,278 | 6 | % | |||||||||||||||||||||||||||||||||||||||||
Business development and advertising | Business development and advertising | 29,600 | 30,923 | 28,946 | (1,323) | (4) | % | 1,977 | 7 | % | Business development and advertising | 18,428 | 29,600 | 30,923 | (11,172) | (38) | % | (1,323) | (4) | % | |||||||||||||||||||||||||||||||||||||||||
Equipment | Equipment | 23,550 | 23,243 | 21,201 | 307 | 1 | % | 2,042 | 10 | % | Equipment | 21,705 | 23,550 | 23,243 | (1,845) | (8) | % | 307 | 1 | % | |||||||||||||||||||||||||||||||||||||||||
Legal and professional | Legal and professional | 19,901 | 23,061 | 22,509 | (3,160) | (14) | % | 552 | 2 | % | Legal and professional | 21,546 | 19,901 | 23,061 | 1,645 | 8 | % | (3,160) | (14) | % | |||||||||||||||||||||||||||||||||||||||||
Loan and foreclosure costs | Loan and foreclosure costs | 8,861 | 7,410 | 7,293 | 1,451 | 20 | % | 117 | 2 | % | Loan and foreclosure costs | 12,600 | 8,861 | 7,410 | 3,739 | 42 | % | 1,451 | 20 | % | |||||||||||||||||||||||||||||||||||||||||
FDIC assessment | FDIC assessment | 16,250 | 30,000 | 31,300 | (13,750) | (46) | % | (1,300) | (4) | % | FDIC assessment | 20,350 | 16,250 | 30,000 | 4,100 | 25 | % | (13,750) | (46) | % | |||||||||||||||||||||||||||||||||||||||||
Other intangible amortization | Other intangible amortization | 9,948 | 8,159 | 1,959 | 1,789 | 22 | % | 6,200 | N/M | Other intangible amortization | 10,192 | 9,948 | 8,159 | 244 | 2 | % | 1,789 | 22 | % | ||||||||||||||||||||||||||||||||||||||||||
Acquisition related costs(a) | Acquisition related costs(a) | 7,320 | 29,002 | — | (21,682) | (75) | % | 29,002 | N/M | Acquisition related costs(a) | 2,447 | 7,320 | 29,002 | (4,873) | (67) | % | (21,682) | (75) | % | ||||||||||||||||||||||||||||||||||||||||||
Loss on prepayments of FHLB advances | Loss on prepayments of FHLB advances | 44,650 | — | — | 44,650 | N/M | — | N/M | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 46,666 | 55,530 | 50,102 | (8,864) | (16) | % | 5,428 | 11 | % | Other | 46,688 | 46,666 | 55,530 | 22 | — | % | (8,864) | (16) | % | |||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | $ | 793,988 | $ | 821,799 | $ | 709,133 | $ | (27,811) | (3) | % | $ | 112,666 | 16 | % | Total noninterest expense | $ | 776,034 | $ | 793,988 | $ | 821,799 | $ | (17,954) | (2) | % | $ | (27,811) | (3) | % | |||||||||||||||||||||||||||||||
Personnel expense to total noninterest expense | 61 | % | 59 | % | 60 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average full-time equivalent employees(b) | Average full-time equivalent employees(b) | 4,702 | 4,699 | 4,307 | Average full-time equivalent employees(b) | 4,459 | 4,702 | 4,699 | (243) | (5) | % | 3 | — | % |
As of December 31, | As of December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | ($ in Thousands) | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPP | PPP | $ | 767,757 | 3 | % | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 7,354,594 | 32 | % | $ | 7,398,044 | 32 | % | $ | 6,399,693 | 31 | % | $ | 6,489,014 | 32 | % | $ | 6,190,683 | 33 | % | Commercial and industrial | 7,701,422 | 31 | % | 7,354,594 | 32 | % | 7,398,044 | 32 | % | 6,399,693 | 31 | % | 6,489,014 | 32 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate — owner occupied | Commercial real estate — owner occupied | 911,265 | 4 | % | 920,443 | 4 | % | 802,209 | 4 | % | 897,724 | 5 | % | 918,212 | 5 | % | Commercial real estate — owner occupied | 900,912 | 4 | % | 911,265 | 4 | % | 920,443 | 4 | % | 802,209 | 4 | % | 897,724 | 5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and business lending | Commercial and business lending | 8,265,858 | 36 | % | 8,318,487 | 36 | % | 7,201,902 | 35 | % | 7,386,738 | 37 | % | 7,108,895 | 38 | % | Commercial and business lending | 9,370,091 | 38 | % | 8,265,858 | 36 | % | 8,318,487 | 36 | % | 7,201,902 | 35 | % | 7,386,738 | 37 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate — investor | Commercial real estate — investor | 3,794,517 | 17 | % | 3,751,554 | 16 | % | 3,315,254 | 16 | % | 3,574,732 | 18 | % | 3,234,266 | 17 | % | Commercial real estate — investor | 4,342,584 | 18 | % | 3,794,517 | 17 | % | 3,751,554 | 16 | % | 3,315,254 | 16 | % | 3,574,732 | 18 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | 1,420,900 | 6 | % | 1,335,031 | 6 | % | 1,451,684 | 7 | % | 1,432,497 | 7 | % | 1,162,145 | 6 | % | Real estate construction | 1,840,417 | 8 | % | 1,420,900 | 6 | % | 1,335,031 | 6 | % | 1,451,684 | 7 | % | 1,432,497 | 7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate lending | Commercial real estate lending | 5,215,417 | 23 | % | 5,086,585 | 22 | % | 4,766,938 | 23 | % | 5,007,229 | 25 | % | 4,396,411 | 23 | % | Commercial real estate lending | 6,183,001 | 25 | % | 5,215,417 | 23 | % | 5,086,585 | 22 | % | 4,766,938 | 23 | % | 5,007,229 | 25 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 13,481,275 | 59 | % | 13,405,072 | 58 | % | 11,968,840 | 58 | % | 12,393,967 | 62 | % | 11,505,306 | 61 | % | Total commercial | 15,553,091 | 64 | % | 13,481,275 | 59 | % | 13,405,072 | 58 | % | 11,968,840 | 58 | % | 12,393,967 | 62 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | 8,136,980 | 36 | % | 8,277,712 | 36 | % | 7,546,534 | 36 | % | 6,332,327 | 31 | % | 5,783,267 | 31 | % | Residential mortgage | 7,878,324 | 32 | % | 8,136,980 | 36 | % | 8,277,712 | 36 | % | 7,546,534 | 36 | % | 6,332,327 | 31 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 852,025 | 4 | % | 894,473 | 4 | % | 883,804 | 4 | % | 934,443 | 5 | % | 1,005,802 | 6 | % | Home equity | 707,255 | 3 | % | 852,025 | 4 | % | 894,473 | 4 | % | 883,804 | 4 | % | 934,443 | 5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | 351,159 | 2 | % | 363,171 | 2 | % | 385,813 | 2 | % | 393,979 | 2 | % | 419,968 | 2 | % | Other consumer | 313,054 | 1 | % | 351,159 | 2 | % | 363,171 | 2 | % | 385,813 | 2 | % | 393,979 | 2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | Total consumer | 9,340,164 | 41 | % | 9,535,357 | 42 | % | 8,816,151 | 42 | % | 7,660,749 | 38 | % | 7,209,037 | 39 | % | Total consumer | 8,898,632 | 36 | % | 9,340,164 | 41 | % | 9,535,357 | 42 | % | 8,816,151 | 42 | % | 7,660,749 | 38 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans(a)(b) | $ | 22,821,440 | 100 | % | $ | 22,940,429 | 100 | % | $ | 20,784,991 | 100 | % | $ | 20,054,716 | 100 | % | $ | 18,714,343 | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 24,451,724 | 100 | % | $ | 22,821,440 | 100 | % | $ | 22,940,429 | 100 | % | $ | 20,784,991 | 100 | % | $ | 20,054,716 | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate and real estate construction loan detail | Commercial real estate and real estate construction loan detail | Commercial real estate and real estate construction loan detail | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | Non-owner occupied | $ | 2,969,906 | 68 | % | $ | 2,589,838 | 68 | % | $ | 2,545,751 | 68 | % | $ | 2,361,382 | 71 | % | $ | 2,545,578 | 71 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | Multi-family | 1,360,305 | 31 | % | 1,201,835 | 32 | % | 1,204,552 | 32 | % | 952,473 | 29 | % | 1,027,541 | 29 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Farmland | Farmland | $ | 2,844 | — | % | $ | 1,250 | — | % | $ | 1,399 | — | % | $ | 1,613 | — | % | $ | 7,135 | — | % | Farmland | 12,373 | — | % | 2,844 | — | % | 1,250 | — | % | 1,399 | — | % | 1,613 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | 1,201,835 | 32 | % | 1,204,552 | 32 | % | 952,473 | 29 | % | 1,027,541 | 29 | % | 932,360 | 29 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | 2,589,838 | 68 | % | 2,545,751 | 68 | % | 2,361,382 | 71 | % | 2,545,578 | 71 | % | 2,294,771 | 71 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate — investor | Commercial real estate — investor | $ | 3,794,517 | 100 | % | $ | 3,751,554 | 100 | % | $ | 3,315,254 | 100 | % | $ | 3,574,732 | 100 | % | $ | 3,234,266 | 100 | % | Commercial real estate — investor | $ | 4,342,584 | 100 | % | $ | 3,794,517 | 100 | % | $ | 3,751,554 | 100 | % | $ | 3,315,254 | 100 | % | $ | 3,574,732 | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
1-4 family construction | 1-4 family construction | $ | 261,908 | 18 | % | $ | 289,558 | 22 | % | $ | 353,902 | 24 | % | $ | 358,398 | 25 | % | $ | 309,396 | 27 | % | 1-4 family construction | $ | 270,467 | 15 | % | $ | 261,908 | 18 | % | $ | 289,558 | 22 | % | $ | 353,902 | 24 | % | $ | 358,398 | 25 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
All other construction | All other construction | 1,158,992 | 82 | % | 1,045,474 | 78 | % | 1,097,782 | 76 | % | 1,074,099 | 75 | % | 852,749 | 73 | % | All other construction | 1,569,950 | 85 | % | 1,158,992 | 82 | % | 1,045,474 | 78 | % | 1,097,782 | 76 | % | 1,074,099 | 75 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | $ | 1,420,900 | 100 | % | $ | 1,335,031 | 100 | % | $ | 1,451,684 | 100 | % | $ | 1,432,497 | 100 | % | $ | 1,162,145 | 100 | % | Real estate construction | $ | 1,840,417 | 100 | % | $ | 1,420,900 | 100 | % | $ | 1,335,031 | 100 | % | $ | 1,451,684 | 100 | % | $ | 1,432,497 | 100 | % |
($ in Thousands) | ($ in Thousands) | Within 1 Year(a) | 1-5 Years | After 5 Years | Total | % of Total | ($ in Thousands) | Within 1 Year(a) | 1-5 Years | After 5 Years | Total | % of Total | ||||||||||||||||||||||||||||||||||||||||||||||
PPP | PPP | $ | — | $ | 767,757 | $ | — | $ | 767,757 | 3 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 6,803,084 | $ | 434,791 | $ | 116,719 | $ | 7,354,594 | 32 | % | Commercial and industrial | 7,177,414 | 411,583 | 112,425 | 7,701,422 | 31 | % | ||||||||||||||||||||||||||||||||||||||||
Commercial real estate — owner occupied | Commercial real estate — owner occupied | 497,372 | 236,346 | 177,547 | 911,265 | 4 | % | Commercial real estate — owner occupied | 465,559 | 265,180 | 170,174 | 900,912 | 4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate — investor | Commercial real estate — investor | 3,333,162 | 375,963 | 85,392 | 3,794,517 | 17 | % | Commercial real estate — investor | 3,950,995 | 300,624 | 90,964 | 4,342,584 | 18 | % | ||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | 1,362,326 | 53,983 | 4,591 | 1,420,900 | 6 | % | Real estate construction | 1,772,124 | 56,423 | 11,870 | 1,840,417 | 8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - adjustable(b) | Residential mortgage - adjustable(b) | 656,241 | 2,715,456 | 1,950,710 | 5,322,407 | 23 | % | Residential mortgage - adjustable(b) | 551,228 | 1,530,982 | 1,952,858 | 4,035,067 | 17 | % | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - fixed | Residential mortgage - fixed | 29,127 | 44,129 | 2,741,318 | 2,814,573 | 12 | % | Residential mortgage - fixed | 33,857 | 93,079 | 3,716,321 | 3,843,256 | 16 | % | ||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 34,103 | 108,509 | 709,413 | 852,025 | 4 | % | Home equity | 30,647 | 100,378 | 576,230 | 707,255 | 3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | 165,676 | 50,613 | 134,870 | 351,159 | 2 | % | Other consumer | 41,530 | 60,224 | 211,299 | 313,054 | 1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 12,881,090 | $ | 4,019,789 | $ | 5,920,561 | $ | 22,821,440 | 100 | % | Total loans | $ | 14,023,353 | $ | 3,586,230 | $ | 6,842,140 | $ | 24,451,724 | 100 | % | ||||||||||||||||||||||||||||||||||||
Fixed-rate | Fixed-rate | $ | 5,638,689 | $ | 994,242 | $ | 3,244,083 | $ | 9,877,013 | 43 | % | Fixed-rate | $ | 5,339,212 | $ | 1,855,199 | $ | 4,283,113 | $ | 11,477,524 | 47 | % | ||||||||||||||||||||||||||||||||||||
Floating or adjustable rate | Floating or adjustable rate | 7,242,401 | 3,025,547 | 2,676,478 | 12,944,426 | 57 | % | Floating or adjustable rate | 8,684,142 | 1,731,031 | 2,559,028 | 12,974,200 | 53 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 12,881,090 | $ | 4,019,789 | $ | 5,920,561 | $ | 22,821,440 | 100 | % | Total | $ | 14,023,353 | $ | 3,586,230 | $ | 6,842,140 | $ | 24,451,724 | 100 | % |
($ in Thousands) | December 31, 2019 | September 30, 2019 | June 30 2019 | March 31, 2019 | ||||||||||||||||
Residential mortgage - adjustable | $ | 5,322,407 | $ | 5,386,776 | $ | 5,542,303 | $ | 5,540,366 | ||||||||||||
Residential mortgage - fixed | 2,814,573 | 2,568,025 | 2,735,176 | 2,783,480 | ||||||||||||||||
Total residential mortgage | $ | 8,136,980 | $ | 7,954,801 | $ | 8,277,479 | $ | 8,323,846 | ||||||||||||
Total loans | $ | 22,821,440 | $ | 22,754,710 | $ | 23,249,967 | $ | 23,148,359 | ||||||||||||
% of adjustable rate residential mortgages to total loans | 23 | % | 24 | % | 24 | % | 24 | % | ||||||||||||
% of fixed rate residential mortgages to total loans | 12 | % | 11 | % | 12 | % | 12 | % |
December 31, 2019 | % of Total Loans | % of Total Commercial and Business Lending | ||||||||||||||
December 31, 2020 | December 31, 2020 | % of Total Loans | % of Total Commercial and Business Lending | |||||||||||||
Finance and Insurance | Finance and Insurance | 7 | % | 18 | % | |||||||||||
Power and Utilities | Power and Utilities | 7 | % | 17 | % | |||||||||||
Manufacturing and Wholesale Trade | Manufacturing and Wholesale Trade | 8 | % | 21 | % | Manufacturing and Wholesale Trade | 7 | % | 17 | % | ||||||
Power and Utilities | 7 | % | 19 | % | ||||||||||||
Real Estate | Real Estate | 5 | % | 14 | % | Real Estate | 5 | % | 12 | % |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||
($ in Millions) | ($ in Millions) | 2019 | 2018 | 2017 | 2016 | 2015 | ($ in Millions) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 196 | $ | 408 | $ | 678 | $ | 483 | $ | 426 | |||||||||||||||||||||||||||||||||||
Special mention | Special mention | 22 | 9 | 9 | — | 20 | ||||||||||||||||||||||||||||||||||||||||
Potential problem | Potential problem | 41 | 43 | 39 | 40 | 75 | ||||||||||||||||||||||||||||||||||||||||
Nonaccrual | Nonaccrual | 37 | 23 | 22 | 77 | 147 | ||||||||||||||||||||||||||||||||||||||||
Total oil and gas related loans | Total oil and gas related loans | $ | 484 | $ | 747 | $ | 600 | $ | 668 | $ | 752 | Total oil and gas related loans | $ | 296 | $ | 484 | $ | 747 | $ | 600 | $ | 668 | ||||||||||||||||||||||||
Annual net charge offs | Annual net charge offs | 44 | 17 | 25 | 59 | — | Annual net charge offs | 52 | 44 | 17 | 25 | 59 | ||||||||||||||||||||||||||||||||||
Oil and gas related allowance | 12 | 12 | 27 | 38 | 42 | |||||||||||||||||||||||||||||||||||||||||
Oil and gas related allowance ratio | 2.6 | % | 1.6 | % | 4.5 | % | 5.7 | % | 5.6 | % | ||||||||||||||||||||||||||||||||||||
Oil and gas related allowance for loan losses | Oil and gas related allowance for loan losses | 51 | 12 | 12 | 27 | 38 | ||||||||||||||||||||||||||||||||||||||||
Oil and gas related ACLL on loans | Oil and gas related ACLL on loans | 54 | 13 | 13 | 28 | 40 | ||||||||||||||||||||||||||||||||||||||||
Oil and gas ACLL to oil and gas loans | Oil and gas ACLL to oil and gas loans | 18.1 | % | 2.7 | % | 1.8 | % | 4.6 | % | 6.0 | % |
December 31, 2019 | January 1, 2020 | |||||||||||||
($ in Millions) | Allowance for Loan Losses | Allowance for Unfunded Commitments | CECL Day 1 Adjustment | ACLL | ||||||||||
Oil and Gas | $ | 12 | $ | 1 | $ | 55 | $ | 69 |
($ in Millions) | Dec. 31, 2019 | Cumulative effect of ASU 2016-13 adoption (CECL) | Jan. 1, 2020 | Charge offs | Recoveries | Net Charge offs | Provision for credit losses | Dec. 31, 2020 | ACLL / Loans | ||||||||||||||||||||
Allowance for loan losses | $ | 12 | $ | 53 | $ | 66 | $ | (55) | $ | 3 | $ | (52) | $ | 37 | $ | 51 | |||||||||||||
Allowance for unfunded commitments | 1 | 2 | 3 | — | — | — | — | 3 | |||||||||||||||||||||
Allowance for credit losses on loans | $ | 13 | $ | 55 | $ | 69 | $ | (55) | $ | 3 | $ | (52) | $ | 37 | $ | 54 | 18.1 | % |
($ in Millions) | Dec. 31, 2018 | Charge offs | Recoveries | Net Charge offs | Provision for loan losses | Dec. 31, 2019 | |||||||||||||||||||||||
Allowance for loan losses | $ | 12 | $ | (50) | $ | 5 | $ | (44) | $ | 45 | $ | 12 |
December 31, 2019 | % of Total Loans | % of Total Commercial Real Estate - Investor | ||||||||||||||
December 31, 2020 | December 31, 2020 | % of Total Loans | % of Total Commercial Real Estate - Investor | |||||||||||||
Multi-Family | Multi-Family | 5 | % | 32 | % | Multi-Family | 6 | % | 31 | % | ||||||
Office | Office | 4 | % | 23 | % | |||||||||||
Retail | Retail | 4 | % | 20 | % | |||||||||||
Industrial | Industrial | 3 | % | 17 | % |
December 31, 2020 | % of Total Loans | % of Total Real Estate Construction | ||||||
Multi-Family | 3 | % | 37 | % |
($ in Thousands) | Originated Loans | Originated Balance | Outstanding Balance | Impacted Jobs | ||||||||||
>=$2,000,000 | 99 | $ | 335,534 | $ | 294,316 | 26,688 | ||||||||
< $2,000,000 And > $350,000 | 485 | 386,062 | 228,812 | 37,266 | ||||||||||
<=$350,000 | 7,495 | 343,895 | 244,628 | 50,412 | ||||||||||
Total | 8,079 | $ | 1,065,491 | $ | 767,757 | 114,366 |
($ in Thousands) | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||
Commercial and business lending | $ | 12,377 | $ | 61,535 | $ | 187,708 | $ | 345 | |||||||||
Commercial real estate | 18,368 | 248,842 | 675,382 | 595 | |||||||||||||
Total consumer | 47,835 | 375,794 | 724,921 | 428 | |||||||||||||
Total | $ | 78,579 | $ | 686,171 | $ | 1,588,011 | $ | 1,368 |
As of December 31, | As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ($ in Thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||
Nonperforming assets by type | ||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming assets | Nonperforming assets | |||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 46,312 | $ | 41,021 | $ | 112,786 | $ | 183,371 | $ | 93,575 | Commercial and industrial | $ | 61,859 | $ | 46,312 | $ | 41,021 | $ | 112,786 | $ | 183,371 | ||||||||||||||||||||||||
Commercial real estate — owner occupied | Commercial real estate — owner occupied | 67 | 3,957 | 22,740 | 9,544 | 8,049 | Commercial real estate — owner occupied | 1,058 | 67 | 3,957 | 22,740 | 9,544 | ||||||||||||||||||||||||||||||||||
Commercial and business lending | Commercial and business lending | 46,380 | 44,978 | 135,526 | 192,915 | 101,624 | Commercial and business lending | 62,917 | 46,380 | 44,978 | 135,526 | 192,915 | ||||||||||||||||||||||||||||||||||
Commercial real estate — investor | Commercial real estate — investor | 4,409 | 1,952 | 4,729 | 18,051 | 8,643 | Commercial real estate — investor | 78,220 | 4,409 | 1,952 | 4,729 | 18,051 | ||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | 493 | 979 | 974 | 844 | 940 | Real estate construction | 353 | 493 | 979 | 974 | 844 | ||||||||||||||||||||||||||||||||||
Commercial real estate lending | Commercial real estate lending | 4,902 | 2,931 | 5,703 | 18,895 | 9,583 | Commercial real estate lending | 78,573 | 4,902 | 2,931 | 5,703 | 18,895 | ||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 51,282 | 47,909 | 141,229 | 211,810 | 111,207 | Total commercial | 141,490 | 51,282 | 47,909 | 141,229 | 211,810 | ||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | 57,844 | 67,574 | 53,632 | 50,236 | 51,482 | Residential mortgage | 59,337 | 57,844 | 67,574 | 53,632 | 50,236 | ||||||||||||||||||||||||||||||||||
Home equity | Home equity | 9,104 | 12,339 | 13,514 | 13,001 | 15,244 | Home equity | 9,888 | 9,104 | 12,339 | 13,514 | 13,001 | ||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | 152 | 79 | 171 | 256 | 325 | Other consumer | 140 | 152 | 79 | 171 | 256 | ||||||||||||||||||||||||||||||||||
Total consumer | Total consumer | 67,099 | 79,992 | 67,317 | 63,493 | 67,051 | Total consumer | 69,364 | 67,099 | 79,992 | 67,317 | 63,493 | ||||||||||||||||||||||||||||||||||
Total nonaccrual loans | Total nonaccrual loans | 118,380 | 127,901 | 208,546 | 275,303 | 178,258 | Total nonaccrual loans | 210,854 | 118,380 | 127,901 | 208,546 | 275,303 | ||||||||||||||||||||||||||||||||||
Commercial real estate owned | Commercial real estate owned | 3,530 | 4,047 | 6,735 | 7,176 | 7,942 | Commercial real estate owned | 2,185 | 3,530 | 4,047 | 6,735 | 7,176 | ||||||||||||||||||||||||||||||||||
Residential real estate owned | Residential real estate owned | 5,696 | 2,963 | 5,873 | 3,098 | 4,768 | Residential real estate owned | 1,194 | 5,696 | 2,963 | 5,873 | 3,098 | ||||||||||||||||||||||||||||||||||
Bank properties real estate owned | Bank properties real estate owned | 11,874 | 4,974 | — | — | 1,859 | Bank properties real estate owned | 10,889 | 11,874 | 4,974 | — | — | ||||||||||||||||||||||||||||||||||
OREO | OREO | 21,101 | 11,984 | 12,608 | 10,274 | 14,569 | OREO | 14,269 | 21,101 | 11,984 | 12,608 | 10,274 | ||||||||||||||||||||||||||||||||||
Other nonperforming assets | Other nonperforming assets | 6,004 | — | 7,418 | 7,418 | — | Other nonperforming assets | — | 6,004 | — | 7,418 | 7,418 | ||||||||||||||||||||||||||||||||||
Total nonperforming assets | Total nonperforming assets | $ | 145,485 | $ | 139,885 | $ | 228,572 | $ | 292,995 | $ | 192,827 | Total nonperforming assets | $ | 225,123 | $ | 145,485 | $ | 139,885 | $ | 228,572 | $ | 292,995 | ||||||||||||||||||||||||
Accruing loans past due 90 days or more | Accruing loans past due 90 days or more | Accruing loans past due 90 days or more | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 342 | $ | 311 | $ | 418 | $ | 236 | $ | 249 | Commercial | $ | 175 | $ | 342 | $ | 311 | $ | 418 | $ | 236 | ||||||||||||||||||||||||
Consumer | Consumer | 1,917 | 1,853 | 1,449 | 1,377 | 1,399 | Consumer | 1,423 | 1,917 | 1,853 | 1,449 | 1,377 | ||||||||||||||||||||||||||||||||||
Total accruing loans past due 90 days or more | Total accruing loans past due 90 days or more | $ | 2,259 | $ | 2,165 | $ | 1,867 | $ | 1,613 | $ | 1,648 | Total accruing loans past due 90 days or more | $ | 1,598 | $ | 2,259 | $ | 2,165 | $ | 1,867 | $ | 1,613 | ||||||||||||||||||||||||
Restructured loans (accruing) | Restructured loans (accruing) | Restructured loans (accruing) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 18,944 | $ | 28,668 | $ | 48,735 | $ | 53,022 | $ | 59,595 | Commercial | $ | 41,119 | $ | 18,944 | $ | 28,668 | $ | 48,735 | $ | 53,022 | ||||||||||||||||||||||||
Consumer | Consumer | 7,097 | 24,595 | 25,883 | 26,835 | 27,768 | Consumer | 10,973 | 7,097 | 24,595 | 25,883 | 26,835 | ||||||||||||||||||||||||||||||||||
Total restructured loans (accruing) | Total restructured loans (accruing) | $ | 26,041 | $ | 53,263 | $ | 74,618 | $ | 79,857 | $ | 87,363 | Total restructured loans (accruing) | $ | 52,092 | $ | 26,041 | $ | 53,263 | $ | 74,618 | $ | 79,857 | ||||||||||||||||||||||||
Nonaccrual restructured loans (included in nonaccrual loans) | Nonaccrual restructured loans (included in nonaccrual loans) | $ | 22,494 | $ | 26,292 | $ | 23,486 | $ | 29,385 | $ | 37,684 | Nonaccrual restructured loans (included in nonaccrual loans) | $ | 20,190 | $ | 22,494 | $ | 26,292 | $ | 23,486 | $ | 29,385 | ||||||||||||||||||||||||
Ratios at year end | Ratios at year end | Ratios at year end | ||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual loans to total loans | Nonaccrual loans to total loans | 0.52 | % | 0.56 | % | 1.00 | % | 1.37 | % | 0.95 | % | Nonaccrual loans to total loans | 0.86 | % | 0.52 | % | 0.56 | % | 1.00 | % | 1.37 | % | ||||||||||||||||||||||||
NPAs to total loans plus OREO | NPAs to total loans plus OREO | 0.64 | % | 0.61 | % | 1.10 | % | 1.46 | % | 1.03 | % | NPAs to total loans plus OREO | 0.92 | % | 0.64 | % | 0.61 | % | 1.10 | % | 1.46 | % | ||||||||||||||||||||||||
NPAs to total assets | NPAs to total assets | 0.45 | % | 0.42 | % | 0.75 | % | 1.01 | % | 0.70 | % | NPAs to total assets | 0.67 | % | 0.45 | % | 0.42 | % | 0.75 | % | 1.01 | % | ||||||||||||||||||||||||
Allowance for loan losses to nonaccrual loans | 170.10 | % | 186.10 | % | 127.49 | % | 101.10 | % | 153.86 | % | ||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans to nonaccrual loans | Allowance for credit losses on loans to nonaccrual loans | 204.63 | % | 188.61 | % | 205.13 | % | 139.19 | % | 110.33 | % |
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ($ in Thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||
Accruing loans 30-89 days past due by type | |||||||||||||||||||||||||||||||||||||||||||||||||
Accruing loans 30-89 days past due | Accruing loans 30-89 days past due | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 821 | $ | 525 | $ | 271 | $ | 1,413 | $ | 1,011 | Commercial and industrial | $ | 6,119 | $ | 821 | $ | 525 | $ | 271 | $ | 1,413 | |||||||||||||||||||||||||||
Commercial real estate — owner occupied | Commercial real estate — owner occupied | 1,369 | 2,699 | 48 | 1,384 | 7,142 | Commercial real estate — owner occupied | 373 | 1,369 | 2,699 | 48 | 1,384 | |||||||||||||||||||||||||||||||||||||
Commercial and business lending | Commercial and business lending | 2,190 | 3,224 | 319 | 2,797 | 8,153 | Commercial and business lending | 6,492 | 2,190 | 3,224 | 319 | 2,797 | |||||||||||||||||||||||||||||||||||||
Commercial real estate — investor | Commercial real estate — investor | 1,812 | 3,767 | 374 | 931 | 291 | Commercial real estate — investor | 12,793 | 1,812 | 3,767 | 374 | 931 | |||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | 97 | 330 | 251 | 369 | 296 | Real estate construction | 991 | 97 | 330 | 251 | 369 | |||||||||||||||||||||||||||||||||||||
Commercial real estate lending | Commercial real estate lending | 1,909 | 4,097 | 625 | 1,300 | 587 | Commercial real estate lending | 13,784 | 1,909 | 4,097 | 625 | 1,300 | |||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 4,099 | 7,321 | 944 | 4,097 | 8,740 | Total commercial | 20,276 | 4,099 | 7,321 | 944 | 4,097 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | 9,274 | 9,706 | 9,552 | 8,142 | 4,930 | Residential mortgage | 10,385 | 9,274 | 9,706 | 9,552 | 8,142 | |||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 5,647 | 6,049 | 6,825 | 5,849 | 7,919 | Home equity | 4,802 | 5,647 | 6,049 | 6,825 | 5,849 | |||||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | 2,083 | 2,269 | 2,007 | 3,189 | 1,870 | Other consumer | 1,599 | 2,083 | 2,269 | 2,007 | 3,189 | |||||||||||||||||||||||||||||||||||||
Total consumer | Total consumer | 17,005 | 18,024 | 18,384 | 17,180 | 14,719 | Total consumer | 16,786 | 17,005 | 18,024 | 18,384 | 17,180 | |||||||||||||||||||||||||||||||||||||
Total accruing loans 30-89 days past due | Total accruing loans 30-89 days past due | $ | 21,104 | $ | 25,345 | $ | 19,328 | $ | 21,277 | $ | 23,459 | Total accruing loans 30-89 days past due | $ | 37,062 | $ | 21,104 | $ | 25,345 | $ | 19,328 | $ | 21,277 | |||||||||||||||||||||||||||
Potential problem loans by type | |||||||||||||||||||||||||||||||||||||||||||||||||
Potential problem loans | Potential problem loans | ||||||||||||||||||||||||||||||||||||||||||||||||
PPP(a) | PPP(a) | $ | 18,002 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 110,308 | $ | 116,578 | $ | 113,778 | $ | 227,196 | $ | 233,130 | Commercial and industrial | 121,487 | 110,308 | 116,578 | 113,778 | 227,196 | ||||||||||||||||||||||||||||||||
Commercial real estate — owner occupied | Commercial real estate — owner occupied | 19,889 | 55,964 | 41,997 | 64,524 | 35,706 | Commercial real estate — owner occupied | 26,179 | 19,889 | 55,964 | 41,997 | 64,524 | |||||||||||||||||||||||||||||||||||||
Commercial and business lending | Commercial and business lending | 130,197 | 172,542 | 155,775 | 291,720 | 268,836 | Commercial and business lending | 165,668 | 130,197 | 172,542 | 155,775 | 291,720 | |||||||||||||||||||||||||||||||||||||
Commercial real estate — investor | Commercial real estate — investor | 29,449 | 67,481 | 19,291 | 51,228 | 25,944 | Commercial real estate — investor | 91,396 | 29,449 | 67,481 | 19,291 | 51,228 | |||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | — | 3,834 | — | 2,465 | 3,919 | Real estate construction | 19,046 | — | 3,834 | — | 2,465 | |||||||||||||||||||||||||||||||||||||
Commercial real estate lending | Commercial real estate lending | 29,449 | 71,315 | 19,291 | 53,693 | 29,863 | Commercial real estate lending | 110,442 | 29,449 | 71,315 | 19,291 | 53,693 | |||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 159,646 | 243,856 | 175,066 | 345,413 | 298,699 | Total commercial | 276,111 | 159,646 | 243,856 | 175,066 | 345,413 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | 1,451 | 5,975 | 1,616 | 5,615 | 2,796 | Residential mortgage | 3,749 | 1,451 | 5,975 | 1,616 | 5,615 | |||||||||||||||||||||||||||||||||||||
Home equity | Home equity | — | 103 | 195 | 114 | 222 | Home equity | 2,068 | — | 103 | 195 | 114 | |||||||||||||||||||||||||||||||||||||
Total consumer | Total consumer | 1,451 | 6,078 | 1,811 | 5,729 | 3,018 | Total consumer | 5,817 | 1,451 | 6,078 | 1,811 | 5,729 | |||||||||||||||||||||||||||||||||||||
Total potential problem loans | Total potential problem loans | $ | 161,097 | $ | 249,935 | $ | 176,877 | $ | 351,142 | $ | 301,717 | Total potential problem loans | $ | 281,928 | $ | 161,097 | $ | 249,935 | $ | 176,877 | $ | 351,142 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ($ in Thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||
Interest income in accordance with original terms | Interest income in accordance with original terms | $ | 12,032 | $ | 10,606 | $ | 16,205 | $ | 16,811 | $ | 11,745 | Interest income in accordance with original terms | $ | 11,262 | $ | 12,032 | $ | 10,606 | $ | 16,205 | $ | 16,811 | ||||||||||||||||||||||||
Interest income recognized | Interest income recognized | (5,015) | (5,500) | (9,339) | (10,228) | (8,716) | Interest income recognized | (6,891) | (5,015) | (5,500) | (9,339) | (10,228) | ||||||||||||||||||||||||||||||||||
Reduction in interest income | Reduction in interest income | $ | 7,016 | $ | 5,106 | $ | 6,866 | $ | 6,583 | $ | 3,029 | Reduction in interest income | $ | 4,371 | $ | 7,016 | $ | 5,106 | $ | 6,866 | $ | 6,583 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ($ in Thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||
Allowance for loan losses | Allowance for loan losses | Allowance for loan losses | ||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 238,023 | $ | 265,880 | $ | 278,335 | $ | 274,264 | $ | 266,302 | Balance at beginning of period | $ | 201,371 | $ | 238,023 | $ | 265,880 | $ | 278,335 | $ | 274,264 | ||||||||||||||||||||||||
Cumulative effect of ASU 2016-13 adoption (CECL) | Cumulative effect of ASU 2016-13 adoption (CECL) | 112,457 | N/A | |||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period, adjusted | Balance at beginning of period, adjusted | 313,828 | 238,023 | 265,880 | 278,335 | 274,264 | ||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | 18,500 | 2,500 | 27,000 | 69,000 | 38,000 | Provision for loan losses | 164,457 | 18,500 | 2,500 | 27,000 | 69,000 | ||||||||||||||||||||||||||||||||||
Provision for loan losses recorded at acquisition | Provision for loan losses recorded at acquisition | 2,543 | N/A | |||||||||||||||||||||||||||||||||||||||||||
Gross up of allowance for PCD loans at acquisition | Gross up of allowance for PCD loans at acquisition | 3,504 | N/A | |||||||||||||||||||||||||||||||||||||||||||
Loans charged off | Loans charged off | Loans charged off | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | (63,315) | (30,837) | (44,533) | (71,016) | (27,687) | Commercial and industrial | (80,320) | (63,315) | (30,837) | (44,533) | (71,016) | ||||||||||||||||||||||||||||||||||
Commercial real estate — owner occupied | Commercial real estate — owner occupied | (222) | (1,363) | (344) | (512) | (2,645) | Commercial real estate — owner occupied | (419) | (222) | (1,363) | (344) | (512) | ||||||||||||||||||||||||||||||||||
Commercial and business lending | Commercial and business lending | (63,537) | (32,200) | (44,877) | (71,528) | (30,332) | Commercial and business lending | (80,739) | (63,537) | (32,200) | (44,877) | (71,528) | ||||||||||||||||||||||||||||||||||
Commercial real estate — investor | Commercial real estate — investor | — | (7,914) | (991) | (1,504) | (4,645) | Commercial real estate — investor | (22,920) | — | (7,914) | (991) | (1,504) | ||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | (60) | (298) | (604) | (558) | (750) | Real estate construction | (19) | (60) | (298) | (604) | (558) | ||||||||||||||||||||||||||||||||||
Commercial real estate lending | Commercial real estate lending | (60) | (8,212) | (1,595) | (2,062) | (5,395) | Commercial real estate lending | (22,938) | (60) | (8,212) | (1,595) | (2,062) | ||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | (63,597) | (40,412) | (46,472) | (73,590) | (35,727) | Total commercial | (103,677) | (63,597) | (40,412) | (46,472) | (73,590) | ||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | (3,322) | (1,627) | (2,611) | (4,332) | (5,636) | Residential mortgage | (1,867) | (3,322) | (1,627) | (2,611) | (4,332) | ||||||||||||||||||||||||||||||||||
Home equity | Home equity | (1,846) | (3,236) | (2,724) | (4,686) | (7,048) | Home equity | (1,719) | (1,846) | (3,236) | (2,724) | (4,686) | ||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | (5,548) | (5,261) | (4,439) | (3,831) | (3,869) | Other consumer | (4,790) | (5,548) | (5,261) | (4,439) | (3,831) | ||||||||||||||||||||||||||||||||||
Total consumer | Total consumer | (10,716) | (10,124) | (9,774) | (12,849) | (16,553) | Total consumer | (8,376) | (10,716) | (10,124) | (9,774) | (12,849) | ||||||||||||||||||||||||||||||||||
Total loans charged off | Total loans charged off | (74,313) | (50,536) | (56,246) | (86,439) | (52,280) | Total loans charged off | (112,053) | (74,313) | (50,536) | (56,246) | (86,439) | ||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | Recoveries of loans previously charged off | Recoveries of loans previously charged off | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 11,875 | 13,714 | 11,465 | 14,543 | 9,821 | Commercial and industrial | 7,004 | 11,875 | 13,714 | 11,465 | 14,543 | ||||||||||||||||||||||||||||||||||
Commercial real estate — owner occupied | Commercial real estate — owner occupied | 2,795 | 639 | 173 | 74 | 921 | Commercial real estate — owner occupied | 147 | 2,795 | 639 | 173 | 74 | ||||||||||||||||||||||||||||||||||
Commercial and business lending | Commercial and business lending | 14,670 | 14,353 | 11,638 | 14,617 | 10,742 | Commercial and business lending | 7,151 | 14,670 | 14,353 | 11,638 | 14,617 | ||||||||||||||||||||||||||||||||||
Commercial real estate — investor | Commercial real estate — investor | 31 | 668 | 242 | 1,624 | 4,157 | Commercial real estate — investor | 643 | 31 | 668 | 242 | 1,624 | ||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | 302 | 446 | 74 | 203 | 2,268 | Real estate construction | 49 | 302 | 446 | 74 | 203 | ||||||||||||||||||||||||||||||||||
Commercial real estate lending | Commercial real estate lending | 333 | 1,114 | 316 | 1,827 | 6,425 | Commercial real estate lending | 692 | 333 | 1,114 | 316 | 1,827 | ||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 15,003 | 15,467 | 11,954 | 16,444 | 17,167 | Total commercial | 7,844 | 15,003 | 15,467 | 11,954 | 16,444 | ||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | 692 | 1,271 | 927 | 755 | 1,077 | Residential mortgage | 500�� | 692 | 1,271 | 927 | 755 | ||||||||||||||||||||||||||||||||||
Home equity | Home equity | 2,599 | 2,628 | 3,194 | 3,491 | 3,233 | Home equity | 1,978 | 2,599 | 2,628 | 3,194 | 3,491 | ||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | 868 | 812 | 716 | 820 | 765 | Other consumer | 1,101 | 868 | 812 | 716 | 820 | ||||||||||||||||||||||||||||||||||
Total consumer | Total consumer | 4,158 | 4,712 | 4,837 | 5,066 | 5,075 | Total consumer | 3,579 | 4,158 | 4,712 | 4,837 | 5,066 | ||||||||||||||||||||||||||||||||||
Total recoveries | Total recoveries | 19,161 | 20,179 | 16,791 | 21,510 | 22,242 | Total recoveries | 11,422 | 19,161 | 20,179 | 16,791 | 21,510 | ||||||||||||||||||||||||||||||||||
Net (charge offs) recoveries | Net (charge offs) recoveries | (55,152) | (30,358) | (39,455) | (64,929) | (30,038) | Net (charge offs) recoveries | (100,631) | (55,152) | (30,358) | (39,455) | (64,929) | ||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | 201,371 | $ | 238,023 | $ | 265,880 | $ | 278,335 | $ | 274,264 | Balance at end of period | $ | 383,702 | $ | 201,371 | $ | 238,023 | $ | 265,880 | $ | 278,335 | ||||||||||||||||||||||||
Allowance for unfunded commitments | Allowance for unfunded commitments | Allowance for unfunded commitments | ||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 24,336 | $ | 24,400 | $ | 25,400 | $ | 24,400 | $ | 24,900 | Balance at beginning of period | $ | 21,907 | $ | 24,336 | $ | 24,400 | $ | 25,400 | $ | 24,400 | ||||||||||||||||||||||||
Cumulative effect of ASU 2016-13 adoption (CECL) | Cumulative effect of ASU 2016-13 adoption (CECL) | 18,690 | N/A | |||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period, adjusted | Balance at beginning of period, adjusted | 40,597 | 24,336 | 24,400 | 25,400 | 24,400 | ||||||||||||||||||||||||||||||||||||||||
Provision for unfunded commitments | Provision for unfunded commitments | (2,500) | (2,500) | (1,000) | 1,000 | (500) | Provision for unfunded commitments | 7,000 | (2,500) | (2,500) | (1,000) | 1,000 | ||||||||||||||||||||||||||||||||||
Amount recorded at acquisition | Amount recorded at acquisition | 70 | 2,436 | — | — | — | Amount recorded at acquisition | 179 | 70 | 2,436 | — | — | ||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | 21,907 | $ | 24,336 | $ | 24,400 | $ | 25,400 | $ | 24,400 | Balance at end of period | $ | 47,776 | $ | 21,907 | $ | 24,336 | $ | 24,400 | $ | 25,400 | ||||||||||||||||||||||||
Allowance for credit losses(a) | $ | 223,278 | $ | 262,359 | $ | 290,280 | $ | 303,735 | $ | 298,664 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses(b) | $ | 16,000 | $ | — | $ | 26,000 | $ | 70,000 | $ | 37,500 | ||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans | Allowance for credit losses on loans | $ | 431,478 | $ | 223,278 | $ | 262,359 | $ | 290,280 | $ | 303,735 | |||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | $ | 174,000 | $ | 16,000 | $ | — | $ | 26,000 | $ | 70,000 |
Years Ended December 31, | |||||||||||||||||||||||||||||
($ in Thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||
Net loan (charge offs) recoveries | |||||||||||||||||||||||||||||
Commercial and industrial | $ | (51,441) | $ | (17,123) | $ | (33,068) | $ | (56,473) | $ | (17,866) | |||||||||||||||||||
Commercial real estate — owner occupied | 2,573 | (724) | (171) | (438) | (1,724) | ||||||||||||||||||||||||
Commercial and business lending | (48,868) | (17,848) | (33,239) | (56,911) | (19,590) | ||||||||||||||||||||||||
Commercial real estate — investor | 31 | (7,246) | (749) | 120 | (488) | ||||||||||||||||||||||||
Real estate construction | 243 | 149 | (530) | (355) | 1,518 | ||||||||||||||||||||||||
Commercial real estate lending | 274 | (7,098) | (1,279) | (235) | 1,030 | ||||||||||||||||||||||||
Total commercial | (48,594) | (24,946) | (34,518) | (57,146) | (18,560) | ||||||||||||||||||||||||
Residential mortgage | (2,630) | (355) | (1,684) | (3,577) | (4,559) | ||||||||||||||||||||||||
Home equity | 753 | (608) | 470 | (1,195) | (3,815) | ||||||||||||||||||||||||
Other consumer | (4,681) | (4,448) | (3,723) | (3,011) | (3,104) | ||||||||||||||||||||||||
Total consumer | (6,558) | (5,412) | (4,937) | (7,783) | (11,478) | ||||||||||||||||||||||||
Total net (charge offs) recoveries | $ | (55,152) | $ | (30,358) | $ | (39,455) | $ | (64,929) | $ | (30,038) | |||||||||||||||||||
Ratios | |||||||||||||||||||||||||||||
Allowance for loan losses to total loans | 0.88 | % | 1.04 | % | 1.28 | % | 1.39 | % | 1.47 | % | |||||||||||||||||||
Allowance for loan losses to net charge offs (annualized) | 3.7x | 7.8x | 6.7x | 4.3x | 9.1x |
Years Ended December 31, | |||||||||||||||||
($ in Thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||
Net loan (charge offs) recoveries | |||||||||||||||||
Commercial and industrial | $ | (73,316) | $ | (51,441) | $ | (17,123) | $ | (33,068) | $ | (56,473) | |||||||
Commercial real estate — owner occupied | (272) | 2,573 | (724) | (171) | (438) | ||||||||||||
Commercial and business lending | (73,588) | (48,868) | (17,848) | (33,239) | (56,911) | ||||||||||||
Commercial real estate — investor | (22,277) | 31 | (7,246) | (749) | 120 | ||||||||||||
Real estate construction | 31 | 243 | 149 | (530) | (355) | ||||||||||||
Commercial real estate lending | (22,246) | 274 | (7,098) | (1,279) | (235) | ||||||||||||
Total commercial | (95,834) | (48,594) | (24,946) | (34,518) | (57,146) | ||||||||||||
Residential mortgage | (1,367) | (2,630) | (355) | (1,684) | (3,577) | ||||||||||||
Home equity | 259 | 753 | (608) | 470 | (1,195) | ||||||||||||
Other consumer | (3,689) | (4,681) | (4,448) | (3,723) | (3,011) | ||||||||||||
Total consumer | (4,797) | (6,558) | (5,412) | (4,937) | (7,783) | ||||||||||||
Total net (charge offs) recoveries | $ | (100,631) | $ | (55,152) | $ | (30,358) | $ | (39,455) | $ | (64,929) | |||||||
Ratios | |||||||||||||||||
Allowance for credit losses on loans to total loans | 1.76 | % | 0.98 | % | 1.14 | % | 1.40 | % | 1.51 | % | |||||||
Allowance for credit losses on loans to net charge offs | 4.3x | 4.0x | 8.6x | 7.4x | 4.7x |
Years Ended December 31, | |||||||||||||||||||||||||||||
(In Basis Points) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||
Net loan (charge offs) recoveries | |||||||||||||||||||||||||||||
Commercial and industrial | (68) | (25) | (52) | (87) | (29) | ||||||||||||||||||||||||
Commercial real estate — owner occupied | 28 | (9) | (2) | (5) | (18) | ||||||||||||||||||||||||
Commercial and business lending | (58) | (23) | (46) | (77) | (28) | ||||||||||||||||||||||||
Commercial real estate — investor | — | (18) | (2) | — | (2) | ||||||||||||||||||||||||
Real estate construction | 2 | 1 | (3) | (3) | 14 | ||||||||||||||||||||||||
Commercial real estate lending | 1 | (13) | (3) | — | 2 | ||||||||||||||||||||||||
Total commercial | (36) | (19) | (28) | (47) | (16) | ||||||||||||||||||||||||
Residential mortgage | (3) | — | (2) | (6) | (8) | ||||||||||||||||||||||||
Home equity | 9 | (6) | 5 | (12) | (37) | ||||||||||||||||||||||||
Other consumer | (132) | (119) | (99) | (74) | (72) | ||||||||||||||||||||||||
Total consumer | (7) | (6) | (6) | (10) | (16) | ||||||||||||||||||||||||
Total net (charge offs) recoveries | (24) | (13) | (19) | (33) | (16) |
Years Ended December 31, | |||||||||||||||||
(In Basis Points) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||
Net loan (charge offs) recoveries | |||||||||||||||||
Commercial and industrial | (86) | (68) | (25) | (52) | (87) | ||||||||||||
Commercial real estate — owner occupied | (3) | 28 | (9) | (2) | (5) | ||||||||||||
Commercial and business lending | (78) | (58) | (23) | (46) | (77) | ||||||||||||
Commercial real estate — investor | (54) | — | (18) | (2) | — | ||||||||||||
Real estate construction | — | 2 | 1 | (3) | (3) | ||||||||||||
Commercial real estate lending | (38) | 1 | (13) | (3) | — | ||||||||||||
Total commercial | (63) | (36) | (19) | (28) | (47) | ||||||||||||
Residential mortgage | (2) | (3) | — | (2) | (6) | ||||||||||||
Home equity | 3 | 9 | (6) | 5 | (12) | ||||||||||||
Other consumer | (112) | (132) | (119) | (99) | (74) | ||||||||||||
Total consumer | (5) | (7) | (6) | (6) | (10) | ||||||||||||
Total net (charge offs) recoveries | (41) | (24) | (13) | (19) | (33) |
($ in Thousands) | December 31, 2019 | CECL Day 1 Adjustment | ACLL Beginning Balance | Net ACLL Build | December 31, 2020 | ACLL / Loans | ||||||||||||||
PPP | $ | — | $ | — | $ | — | $ | 531 | $ | 531 | 0.07 | % | ||||||||
Commercial and industrial | 103,409 | 48,921 | 152,330 | 12,774 | 165,105 | 2.14 | % | |||||||||||||
Commercial real estate - owner occupied | 10,411 | (1,851) | 8,560 | 2,979 | 11,539 | 1.28 | % | |||||||||||||
Commercial and business lending | 113,820 | 47,070 | 160,890 | 16,285 | 177,175 | 1.89 | % | |||||||||||||
Commercial real estate - investor | 41,044 | 2,287 | 43,331 | 50,741 | 94,071 | 2.17 | % | |||||||||||||
Real estate construction | 32,447 | 25,814 | 58,261 | 19,819 | 78,079 | 4.24 | % | |||||||||||||
Commercial real estate lending | 73,490 | 28,101 | 101,591 | 70,560 | 172,151 | 2.78 | % | |||||||||||||
Total commercial | 187,311 | 75,171 | 262,482 | 86,845 | 349,326 | 2.25 | % | |||||||||||||
Residential mortgage | 16,960 | 33,215 | 50,175 | (7,179) | 42,997 | 0.55 | % | |||||||||||||
Home equity | 11,964 | 14,240 | 26,204 | (4,237) | 21,967 | 3.11 | % | |||||||||||||
Other consumer | 7,044 | 8,520 | 15,564 | 1,623 | 17,187 | 5.49 | % | |||||||||||||
Total consumer | 35,968 | 55,975 | 91,943 | (9,792) | 82,151 | 0.92 | % | |||||||||||||
Total allowance for credit losses on loans | $ | 223,278 | $ | 131,147 | $ | 354,425 | $ | 77,053 | $ | 431,478 | 1.76 | % |
As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(a) | (a) | (a) | (a) | (a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 91,133 | 1.24 | % | $ | 108,835 | 1.47 | % | $ | 123,068 | 1.92 | % | $ | 140,126 | 2.16 | % | $ | 129,959 | 2.10 | % | |||||||||||||||||||||||||||||||||||||||
Commercial real estate — owner occupied | 10,284 | 1.13 | % | 9,255 | 1.01 | % | 10,352 | 1.29 | % | 14,034 | 1.56 | % | 18,680 | 2.03 | % | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and business lending | 101,417 | 1.23 | % | 118,090 | 1.42 | % | 133,420 | 1.85 | % | 154,160 | 2.09 | % | 148,639 | 2.09 | % | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate — investor | 40,514 | 1.07 | % | 40,844 | 1.09 | % | 41,059 | 1.24 | % | 45,285 | 1.27 | % | 43,018 | 1.33 | % | ||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | 24,915 | 1.75 | % | 28,240 | 2.12 | % | 34,370 | 2.37 | % | 26,932 | 1.88 | % | 25,266 | 2.17 | % | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate lending | 65,428 | 1.25 | % | 69,084 | 1.36 | % | 75,429 | 1.58 | % | 72,217 | 1.44 | % | 68,284 | 1.55 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial | 166,846 | 1.24 | % | 187,174 | 1.40 | % | 208,849 | 1.74 | % | 226,377 | 1.83 | % | 216,923 | 1.89 | % | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 16,960 | 0.21 | % | 25,595 | 0.31 | % | 29,607 | 0.39 | % | 27,046 | 0.43 | % | 28,261 | 0.49 | % | ||||||||||||||||||||||||||||||||||||||||||||
Home equity | 10,926 | 1.28 | % | 19,266 | 2.15 | % | 22,126 | 2.50 | % | 20,364 | 2.18 | % | 23,555 | 2.34 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other consumer | 6,639 | 1.89 | % | 5,988 | 1.65 | % | 5,298 | 1.37 | % | 4,548 | 1.15 | % | 5,525 | 1.32 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer | 34,525 | 0.37 | % | 50,849 | 0.53 | % | 57,031 | 0.65 | % | 51,958 | 0.68 | % | 57,341 | 0.80 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 201,371 | 0.88 | % | $ | 238,023 | 1.04 | % | $ | 265,880 | 1.28 | % | $ | 278,335 | 1.39 | % | $ | 274,264 | 1.47 | % |
At December 31, | ||||||||||||||||||||
($ in Thousands) | 2020 | % of Total | 2019 | % of Total | 2018 | % of Total | ||||||||||||||
Investment securities AFS | ||||||||||||||||||||
Amortized cost | ||||||||||||||||||||
U.S. Treasury securities | $ | 26,436 | 1 | % | $ | — | — | % | $ | 1,000 | — | % | ||||||||
Agency securities | 24,985 | 1 | % | — | — | % | — | — | % | |||||||||||
Obligations of state and political subdivisions (municipal securities) | 425,057 | 14 | % | 529,908 | 16 | % | — | — | % | |||||||||||
Residential mortgage-related securities | ||||||||||||||||||||
FNMA / FHLMC | 1,448,806 | 48 | % | 131,158 | 4 | % | 296,296 | 7 | % | |||||||||||
GNMA | 231,364 | 8 | % | 982,941 | 30 | % | 2,169,943 | 54 | % | |||||||||||
Private-label | — | — | % | — | — | % | 1,007 | — | % | |||||||||||
Commercial mortgage-related securities | ||||||||||||||||||||
FNMA / FHLMC | 19,654 | 1 | % | 19,929 | 1 | % | — | — | % | |||||||||||
GNMA | 511,429 | 17 | % | 1,314,836 | 40 | % | 1,273,309 | 32 | % | |||||||||||
Asset backed securities | ||||||||||||||||||||
FFELP | 329,030 | 11 | % | 270,178 | 8 | % | 297,347 | 7 | % | |||||||||||
SBA | 8,637 | — | % | — | — | % | — | — | % | |||||||||||
Other debt securities | 3,000 | — | % | 3,000 | — | % | 3,000 | — | % | |||||||||||
Total amortized cost | $ | 3,028,399 | 100 | % | $ | 3,251,950 | 100 | % | $ | 4,041,902 | 100 | % | ||||||||
Fair value | ||||||||||||||||||||
U.S. Treasury securities | $ | 26,531 | 1 | % | $ | — | — | % | $ | 999 | — | % | ||||||||
Agency securities | 25,038 | 1 | % | — | — | % | — | — | % | |||||||||||
Obligations of state and political subdivisions (municipal securities) | 450,662 | 15 | % | 546,160 | 17 | % | — | — | % | |||||||||||
Residential mortgage-related securities | ||||||||||||||||||||
FNMA / FHLMC | 1,461,241 | 47 | % | 132,660 | 4 | % | 295,252 | 7 | % | |||||||||||
GNMA | 235,537 | 8 | % | 985,139 | 30 | % | 2,128,531 | 54 | % | |||||||||||
Private-label | — | — | % | — | — | % | 1,003 | — | % | |||||||||||
Commercial mortgage-related securities | ||||||||||||||||||||
FNMA / FHLMC | 22,904 | 1 | % | 21,728 | 1 | % | — | — | % | |||||||||||
GNMA | 524,756 | 17 | % | 1,310,207 | 40 | % | 1,220,797 | 31 | % | |||||||||||
Asset backed securities | ||||||||||||||||||||
FFELP | 327,189 | 11 | % | 263,693 | 8 | % | 297,360 | 8 | % | |||||||||||
SBA | 8,584 | — | % | — | — | % | — | — | % | |||||||||||
Other debt securities | 3,000 | — | % | 3,000 | — | % | 3,000 | — | % | |||||||||||
Total fair value and carrying value | $ | 3,085,441 | 100 | % | $ | 3,262,586 | 100 | % | $ | 3,946,941 | 100 | % | ||||||||
Net unrealized holding gains (losses) | $ | 57,043 | $ | 10,636 | $ | (94,961) | ||||||||||||||
At December 31, | |||||||||||||||||||||||||||||||||||
($ in Thousands) | 2019 | % of Total | 2018 | % of Total | 2017 | % of Total | |||||||||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||||||||||||||
Amortized cost | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | — | — | % | $ | 1,000 | <1% | $ | 1,003 | <1% | |||||||||||||||||||||||||
Obligations of state and political subdivisions (municipal securities) | 529,908 | 16 | % | — | — | % | — | — | % | ||||||||||||||||||||||||||
Residential mortgage-related securities | |||||||||||||||||||||||||||||||||||
FNMA / FHLMC | 131,158 | 4 | % | 296,296 | 7 | % | 457,680 | 11 | % | ||||||||||||||||||||||||||
GNMA | 982,941 | 30 | % | 2,169,943 | 54 | % | 1,944,453 | 47 | % | ||||||||||||||||||||||||||
Private-label | — | — | % | 1,007 | <1% | 1,067 | <1% | ||||||||||||||||||||||||||||
Commercial mortgage-related securities | |||||||||||||||||||||||||||||||||||
FNMA / FHLMC | 19,929 | 1 | % | — | — | % | — | — | % | ||||||||||||||||||||||||||
GNMA | 1,314,836 | 40 | % | 1,273,309 | 32 | % | 1,547,173 | 38 | % | ||||||||||||||||||||||||||
FFELP asset-backed securities | 270,178 | 8 | % | 297,347 | 7 | % | 144,322 | 4 | % | ||||||||||||||||||||||||||
Other debt securities | 3,000 | <1 % | 3,000 | <1% | 3,200 | <1% | |||||||||||||||||||||||||||||
Equity securities(a) | — | — | % | — | — | % | 1,519 | <1% | |||||||||||||||||||||||||||
Total amortized cost | $ | 3,251,950 | 100 | % | $ | 4,041,902 | 100 | % | $ | 4,100,417 | 100 | % | |||||||||||||||||||||||
Fair value | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | — | — | % | $ | 999 | <1% | $ | 996 | <1% | |||||||||||||||||||||||||
Obligations of state and political subdivisions (municipal securities) | 546,160 | 17 | % | — | — | % | — | — | % | ||||||||||||||||||||||||||
Residential mortgage-related securities | |||||||||||||||||||||||||||||||||||
FNMA / FHLMC | 132,660 | 4 | % | 295,252 | 7 | % | 464,768 | 11 | % | ||||||||||||||||||||||||||
GNMA | 985,139 | 30 | % | 2,128,531 | 54 | % | 1,913,350 | 47 | % | ||||||||||||||||||||||||||
Private-label | — | — | % | 1,003 | <1% | 1,059 | <1% | ||||||||||||||||||||||||||||
Commercial mortgage-related securities | |||||||||||||||||||||||||||||||||||
FNMA / FHLMC | 21,728 | 1 | % | — | — | % | — | — | % | ||||||||||||||||||||||||||
GNMA | 1,310,207 | 40 | % | 1,220,797 | 31 | % | 1,513,277 | 37 | % | ||||||||||||||||||||||||||
FFELP asset-backed securities | 263,693 | 8 | % | 297,360 | 8 | % | 145,176 | 4 | % | ||||||||||||||||||||||||||
Other debt securities | 3,000 | <1 % | 3,000 | <1% | 3,188 | <1% | |||||||||||||||||||||||||||||
Equity securities(a) | — | — | % | — | — | % | 1,632 | <1% | |||||||||||||||||||||||||||
Total fair value and carrying value | $ | 3,262,586 | 100 | % | $ | 3,946,941 | 100 | % | $ | 4,043,446 | 100 | % | |||||||||||||||||||||||
Net unrealized holding gains (losses) | $ | 10,636 | $ | (94,961) | $ | (56,971) | |||||||||||||||||||||||||||||
Investment securities held to maturity | |||||||||||||||||||||||||||||||||||
Amortized cost | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 999 | <1 % | $ | — | — | % | $ | — | — | % | ||||||||||||||||||||||||
Obligations of state and political subdivisions (municipal securities) | 1,418,569 | 64 | % | 1,790,683 | 65 | % | 1,281,320 | 56 | % | ||||||||||||||||||||||||||
Residential mortgage-related securities | |||||||||||||||||||||||||||||||||||
FNMA / FHLMC | 81,676 | 4 | % | 92,788 | 3 | % | 40,995 | 2 | % | ||||||||||||||||||||||||||
GNMA | 269,523 | 12 | % | 351,606 | 13 | % | 414,440 | 18 | % | ||||||||||||||||||||||||||
GNMA commercial mortgage-related securities | 434,317 | 20 | % | 505,434 | 18 | % | 546,098 | 24 | % | ||||||||||||||||||||||||||
Total amortized cost and carrying value | $ | 2,205,083 | 100 | % | $ | 2,740,511 | 100 | % | $ | 2,282,853 | 100 | % | |||||||||||||||||||||||
Fair value | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 1,018 | < 1% | $ | — | — | % | $ | — | — | % | ||||||||||||||||||||||||
Obligations of state and political subdivisions (municipal securities) | 1,487,227 | 65 | % | 1,783,659 | 66 | % | 1,292,042 | 56 | % | ||||||||||||||||||||||||||
Residential mortgage-related securities | |||||||||||||||||||||||||||||||||||
FNMA / FHLMC | 83,420 | 4 | % | 91,162 | 3 | % | 40,904 | 2 | % | ||||||||||||||||||||||||||
GNMA | 270,296 | 12 | % | 345,035 | 13 | % | 410,740 | 18 | % | ||||||||||||||||||||||||||
GNMA commercial mortgage-related securities | 434,503 | 19 | % | 490,414 | 18 | % | 539,888 | 24 | % | ||||||||||||||||||||||||||
Total fair value | $ | 2,276,465 | 100 | % | $ | 2,710,271 | 100 | % | $ | 2,283,574 | 100 | % | |||||||||||||||||||||||
Net unrealized holding gains (losses) | $ | 71,381 | $ | (30,240) | $ | 721 | |||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||||||||
Equity securities carrying value and fair value(a) | $ | 15,090 | 100 | % | $ | 1,568 | 100 | % | $ | — | — | % |
At December 31, | ||||||||||||||||||||
($ in Thousands) | 2020 | % of Total | 2019 | % of Total | 2018 | % of Total | ||||||||||||||
Investment securities HTM | ||||||||||||||||||||
Amortized cost | ||||||||||||||||||||
U.S. Treasury securities | $ | 999 | — | % | $ | 999 | — | % | $ | — | — | % | ||||||||
Obligations of state and political subdivisions (municipal securities) | 1,441,900 | 77 | % | 1,418,569 | 64 | % | 1,790,683 | 65 | % | |||||||||||
Residential mortgage-related securities | ||||||||||||||||||||
FNMA / FHLMC | 54,599 | 3 | % | 81,676 | 4 | % | 92,788 | 3 | % | |||||||||||
GNMA | 114,553 | 6 | % | 269,523 | 12 | % | 351,606 | 13 | % | |||||||||||
Commercial mortgage-related securities | ||||||||||||||||||||
FNMA/FHLMC | 11,211 | 1 | % | — | — | % | — | — | % | |||||||||||
GNMA | 255,742 | 14 | % | 434,317 | 20 | % | 505,434 | 18 | % | |||||||||||
Total amortized cost and carrying value | $ | 1,879,005 | 100 | % | $ | 2,205,083 | 100 | % | $ | 2,740,511 | 100 | % | ||||||||
Fair value | ||||||||||||||||||||
U.S. Treasury securities | $ | 1,024 | — | % | $ | 1,018 | — | % | $ | — | — | % | ||||||||
Obligations of state and political subdivisions (municipal securities) | 1,575,445 | 78 | % | 1,487,227 | 65 | % | 1,783,659 | 66 | % | |||||||||||
Residential mortgage-related securities | ||||||||||||||||||||
FNMA / FHLMC | 57,490 | 3 | % | 83,420 | 4 | % | 91,162 | 3 | % | |||||||||||
GNMA | 118,813 | 6 | % | 270,296 | 12 | % | 345,035 | 13 | % | |||||||||||
Commercial mortgage-related securities | ||||||||||||||||||||
FNMA/FHLMC | 11,211 | 1 | % | — | — | % | — | — | % | |||||||||||
GNMA | 264,960 | 13 | % | 434,503 | 19 | % | 490,414 | 18 | % | |||||||||||
Total fair value | $ | 2,028,943 | 100 | % | $ | 2,276,465 | 100 | % | $ | 2,710,271 | 100 | % | ||||||||
Net unrealized holding gains (losses) | $ | 149,938 | $ | 71,381 | $ | (30,240) | ||||||||||||||
Equity securities | ||||||||||||||||||||
Equity securities carrying value and fair value | $ | 15,106 | 100 | % | $ | 15,090 | 100 | % | $ | 1,568 | 100 | % |
December 31, 2019 | December 31, 2020 | |||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | Amortized Cost | Fair Value | Yield(b) | ($ in Thousands) | Amortized Cost | Fair Value | Yield(b) | ||||||||||||||||||||
Available for sale securities | ||||||||||||||||||||||||||||
AFS securities | AFS securities | |||||||||||||||||||||||||||
U. S. Treasury securities | U. S. Treasury securities | |||||||||||||||||||||||||||
After one but within five years | After one but within five years | $ | 26,436 | $ | 26,531 | 0.31 | % | |||||||||||||||||||||
Total U. S. Treasury securities | Total U. S. Treasury securities | $ | 26,436 | $ | 26,531 | 0.31 | % | |||||||||||||||||||||
Agency securities | Agency securities | |||||||||||||||||||||||||||
After one but within five years | After one but within five years | $ | 24,985 | $ | 25,038 | 0.45 | % | |||||||||||||||||||||
Total federal agency securities | Total federal agency securities | $ | 24,985 | $ | 25,038 | 0.45 | % | |||||||||||||||||||||
Obligations of state and political subdivisions (municipal securities) | Obligations of state and political subdivisions (municipal securities) | Obligations of state and political subdivisions (municipal securities) | ||||||||||||||||||||||||||
Within one year | Within one year | $ | 1,795 | $ | 1,800 | 4.65 | % | Within one year | $ | 6,385 | $ | 6,394 | 3.62 | % | ||||||||||||||
After one but within five years | After one but within five years | 30,399 | 30,901 | 3.21 | % | After one but within five years | 29,873 | 30,543 | 3.31 | % | ||||||||||||||||||
After five years but within ten years | After five years but within ten years | 317,292 | 326,361 | 3.28 | % | After five years but within ten years | 350,687 | 371,076 | 3.27 | % | ||||||||||||||||||
After ten years | After ten years | 180,422 | 187,098 | 3.52 | % | After ten years | 38,113 | 42,650 | 4.27 | % | ||||||||||||||||||
Total obligations of state and political subdivisions (municipal securities) | Total obligations of state and political subdivisions (municipal securities) | $ | 529,908 | $ | 546,160 | 3.37 | % | Total obligations of state and political subdivisions (municipal securities) | $ | 425,057 | $ | 450,662 | 3.37 | % | ||||||||||||||
Agency residential mortgage-related securities | Agency residential mortgage-related securities | Agency residential mortgage-related securities | ||||||||||||||||||||||||||
Within one year | Within one year | $ | 8,113 | $ | 8,140 | 3.29 | % | Within one year | $ | 108,924 | $ | 109,509 | 2.15 | % | ||||||||||||||
After one but within five years | After one but within five years | 1,060,849 | 1,064,496 | 2.46 | % | After one but within five years | 1,348,883 | 1,362,462 | 1.27 | % | ||||||||||||||||||
After five years but within ten years | After five years but within ten years | 45,137 | 45,163 | 2.34 | % | After five years but within ten years | 222,363 | 224,807 | 1.37 | % | ||||||||||||||||||
Total agency residential mortgage-related securities | Total agency residential mortgage-related securities | $ | 1,114,100 | $ | 1,117,799 | 2.46 | % | Total agency residential mortgage-related securities | $ | 1,680,170 | $ | 1,696,778 | 1.34 | % | ||||||||||||||
Agency commercial mortgage-related securities | Agency commercial mortgage-related securities | Agency commercial mortgage-related securities | ||||||||||||||||||||||||||
Within one year | Within one year | $ | 20,211 | $ | 20,225 | 2.66 | % | Within one year | $ | 88,783 | $ | 89,624 | 2.26 | % | ||||||||||||||
After one but within five years | After one but within five years | 545,064 | 541,975 | 2.29 | % | After one but within five years | 422,647 | 435,132 | 2.50 | % | ||||||||||||||||||
After five years but within ten years | After five years but within ten years | 769,490 | 769,735 | 2.58 | % | After five years but within ten years | 19,654 | 22,904 | 4.06 | % | ||||||||||||||||||
Total agency commercial mortgage-related securities | Total agency commercial mortgage-related securities | $ | 1,334,765 | $ | 1,331,935 | 2.46 | % | Total agency commercial mortgage-related securities | $ | 531,083 | $ | 547,659 | 2.52 | % | ||||||||||||||
FFELP asset-backed securities | ||||||||||||||||||||||||||||
Asset backed securities | Asset backed securities | |||||||||||||||||||||||||||
Within one year | Within one year | $ | 45,862 | $ | 44,877 | 2.70 | % | Within one year | $ | 205 | $ | 205 | — | % | ||||||||||||||
After one but within five years | After one but within five years | 109,409 | 107,239 | 0.96 | % | |||||||||||||||||||||||
After five years but within ten years | After five years but within ten years | 224,316 | 218,815 | 2.59 | % | After five years but within ten years | 196,581 | 196,611 | 0.99 | % | ||||||||||||||||||
Total FFELP asset-backed securities | $ | 270,178 | $ | 263,693 | 2.61 | % | ||||||||||||||||||||||
After ten years | After ten years | 31,473 | 31,719 | 1.11 | % | |||||||||||||||||||||||
Total asset backed securities | Total asset backed securities | $ | 337,667 | $ | 335,773 | 0.99 | % | |||||||||||||||||||||
Other debt securities | Other debt securities | Other debt securities | ||||||||||||||||||||||||||
Within one year | Within one year | $ | 1,000 | $ | 1,000 | 2.39 | % | Within one year | $ | 1,000 | $ | 1,000 | 3.53 | % | ||||||||||||||
After one but within five years | After one but within five years | 2,000 | 2,000 | 3.18 | % | After one but within five years | 2,000 | 2,000 | 2.23 | % | ||||||||||||||||||
Total other debt securities | Total other debt securities | $ | 3,000 | $ | 3,000 | 2.91 | % | Total other debt securities | $ | 3,000 | $ | 3,000 | 2.66 | % | ||||||||||||||
Total available for sale securities | $ | 3,251,950 | $ | 3,262,586 | 2.62 | % | ||||||||||||||||||||||
Total AFS securities | Total AFS securities | $ | 3,028,399 | $ | 3,085,441 | 1.78 | % | |||||||||||||||||||||
Held to maturity securities | ||||||||||||||||||||||||||||
U. S. Treasury securities | ||||||||||||||||||||||||||||
After one but within five years | $ | 999 | $ | 1,018 | 2.56 | % | ||||||||||||||||||||||
Total U. S. Treasury securities | $ | 999 | $ | 1,018 | 2.56 | % | ||||||||||||||||||||||
Obligations of state and political subdivisions (municipal securities) | ||||||||||||||||||||||||||||
Within one year | $ | 29,033 | $ | 29,218 | 4.23 | % | ||||||||||||||||||||||
After one but within five years | 81,024 | 82,227 | 3.79 | % | ||||||||||||||||||||||||
After five years but within ten years | 136,138 | 140,704 | 3.72 | % | ||||||||||||||||||||||||
After ten years | 1,172,373 | 1,235,077 | 4.06 | % | ||||||||||||||||||||||||
Total obligations of state and political subdivisions (municipal securities) | $ | 1,418,569 | $ | 1,487,227 | 4.02 | % | ||||||||||||||||||||||
Agency residential mortgage-related securities | ||||||||||||||||||||||||||||
Within one year | $ | 53 | $ | 54 | 5.82 | % | ||||||||||||||||||||||
After one but within five years | 229,088 | 229,379 | 2.22 | % | ||||||||||||||||||||||||
After five years but within ten years | 80,386 | 81,936 | 3.11 | % | ||||||||||||||||||||||||
After ten years | 41,672 | 42,348 | 3.21 | % | ||||||||||||||||||||||||
Total agency residential mortgage-related securities | $ | 351,198 | $ | 353,717 | 2.54 | % | ||||||||||||||||||||||
GNMA commercial mortgage-related securities | ||||||||||||||||||||||||||||
After one but within five years | $ | 325,738 | $ | 329,317 | 2.18 | % | ||||||||||||||||||||||
After five years but within ten years | 108,579 | 105,186 | 1.89 | % | ||||||||||||||||||||||||
Total GNMA commercial mortgage-related securities | $ | 434,317 | $ | 434,503 | 2.11 | % | ||||||||||||||||||||||
Total held to maturity securities | $ | 2,205,083 | $ | 2,276,465 | 3.40 | % | ||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||
Equity securities with readily determinable fair values | $ | 1,646 | $ | 1,646 | — | % | ||||||||||||||||||||||
Equity securities without readily determinable fair values | 13,444 | 13,444 | — | % | ||||||||||||||||||||||||
Total equity securities | $ | 15,090 | $ | 15,090 | — | % |
December 31, 2020 | |||||||||||
($ in Thousands) | Amortized Cost | Fair Value | Yield(b) | ||||||||
HTM securities | |||||||||||
U. S. Treasury securities | |||||||||||
After one but within five years | $ | 999 | $ | 1,024 | 2.56 | % | |||||
Total U. S. Treasury securities | $ | 999 | $ | 1,024 | 2.56 | % | |||||
Obligations of state and political subdivisions (municipal securities) | |||||||||||
Within one year | $ | 29,665 | $ | 29,938 | 3.35 | % | |||||
After one but within five years | 53,314 | 55,172 | 3.34 | % | |||||||
After five years but within ten years | 187,853 | 197,850 | 3.81 | % | |||||||
After ten years | 1,171,068 | 1,292,485 | 3.97 | % | |||||||
Total obligations of state and political subdivisions (municipal securities) | $ | 1,441,900 | $ | 1,575,445 | 3.91 | % | |||||
Agency residential mortgage-related securities | |||||||||||
Within one year | $ | 26,533 | $ | 26,845 | 2.04 | % | |||||
After one but within five years | 122,720 | 128,427 | 2.58 | % | |||||||
After five years but within ten years | 6,794 | 7,219 | 3.38 | % | |||||||
After ten years | 13,105 | 13,812 | 3.17 | % | |||||||
Total agency residential mortgage-related securities | $ | 169,152 | $ | 176,303 | 2.58 | % | |||||
Agency commercial mortgage-related securities | |||||||||||
Within one year | $ | 56,520 | $ | 56,973 | 1.97 | % | |||||
After one but within five years | 184,569 | 192,865 | 2.21 | % | |||||||
After five years but within ten years | 14,658 | 15,127 | 2.00 | % | |||||||
After ten years | 11,206 | 11,206 | 2.03 | % | |||||||
Total GNMA commercial mortgage-related securities | $ | 266,953 | $ | 276,171 | 2.14 | % | |||||
Total HTM securities | $ | 1,879,005 | $ | 2,028,943 | 3.54 | % | |||||
Equity securities | |||||||||||
Equity securities with readily determinable fair values | $ | 1,661 | $ | 1,661 | — | % | |||||
Equity securities without readily determinable fair values | 13,444 | 13,444 | — | % | |||||||
Total equity securities | $ | 15,106 | $ | 15,106 | — | % |
As of December 31, | As of December 31, | |||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | 2017 | ($ in Thousands) | 2020 | 2019 | 2018 | ||||||||||||||||||||
Noninterest-bearing demand | Noninterest-bearing demand | $ | 5,450,709 | $ | 5,698,530 | $ | 5,478,416 | Noninterest-bearing demand | $ | 7,661,728 | $ | 5,450,709 | $ | 5,698,530 | ||||||||||||||
Savings | Savings | 2,735,036 | 2,012,841 | 1,524,992 | Savings | 3,650,085 | 2,735,036 | 2,012,841 | ||||||||||||||||||||
Interest-bearing demand | Interest-bearing demand | 5,329,717 | 5,336,952 | 4,603,157 | Interest-bearing demand | 6,090,869 | 5,329,717 | 5,336,952 | ||||||||||||||||||||
Money market | Money market | 7,640,798 | 9,033,669 | 8,830,328 | Money market | 7,322,769 | 7,640,798 | 9,033,669 | ||||||||||||||||||||
Brokered CDs | Brokered CDs | 5,964 | 192,234 | 18,609 | Brokered CDs | — | 5,964 | 192,234 | ||||||||||||||||||||
Other time | Other time | 2,616,839 | 2,623,167 | 2,330,460 | Other time | 1,757,030 | 2,616,839 | 2,623,167 | ||||||||||||||||||||
Total deposits | Total deposits | 23,779,064 | 24,897,393 | 22,785,962 | Total deposits | 26,482,481 | 23,779,064 | 24,897,393 | ||||||||||||||||||||
Customer funding(a) | Customer funding(a) | 103,113 | 137,364 | 250,332 | Customer funding(a) | 245,247 | 103,113 | 137,364 | ||||||||||||||||||||
Total deposits and customer funding | Total deposits and customer funding | $ | 23,882,177 | $ | 25,034,757 | $ | 23,036,294 | Total deposits and customer funding | $ | 26,727,727 | $ | 23,882,177 | $ | 25,034,757 | ||||||||||||||
Network transaction deposits(b) | Network transaction deposits(b) | $ | 1,336,286 | $ | 2,276,296 | $ | 2,520,968 | Network transaction deposits(b) | $ | 1,197,093 | $ | 1,336,286 | $ | 2,276,296 | ||||||||||||||
Brokered CDs | Brokered CDs | 5,964 | 192,234 | 18,609 | Brokered CDs | — | 5,964 | 192,234 | ||||||||||||||||||||
Total network and brokered funding | Total network and brokered funding | 1,342,250 | 2,468,530 | 2,539,577 | Total network and brokered funding | 1,197,093 | 1,342,250 | 2,468,530 | ||||||||||||||||||||
Net deposits and customer funding (total deposits and customer funding, excluding Brokered CDs and network transaction deposits) | Net deposits and customer funding (total deposits and customer funding, excluding Brokered CDs and network transaction deposits) | $ | 22,539,927 | $ | 22,566,227 | $ | 20,496,717 | Net deposits and customer funding (total deposits and customer funding, excluding Brokered CDs and network transaction deposits) | $ | 25,530,634 | $ | 22,539,927 | $ | 22,566,227 |
As of December 31, 2019 | As of December 31, 2020 | |||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | Certificates of Deposit | Other Time Deposits | Total Certificates of Deposits and Other Time Deposits | ($ in Thousands) | Certificates of Deposit | Other Time Deposits | Total Certificates of Deposits and Other Time Deposits | ||||||||||||||||||||
Three months or less | Three months or less | $ | 212,176 | $ | 228,336 | $ | 440,512 | Three months or less | $ | 195,854 | $ | 124,732 | $ | 320,586 | ||||||||||||||
Over three months through six months | Over three months through six months | 151,191 | 127,234 | 278,424 | Over three months through six months | 96,873 | 31,446 | 128,318 | ||||||||||||||||||||
Over six months through twelve months | Over six months through twelve months | 203,497 | 158,057 | 361,554 | Over six months through twelve months | 101,331 | 23,492 | 124,823 | ||||||||||||||||||||
Over twelve months | Over twelve months | 179,001 | 86,862 | 265,864 | Over twelve months | 107,875 | 260 | 108,134 | ||||||||||||||||||||
Total | Total | $ | 745,865 | $ | 600,489 | $ | 1,346,354 | Total | $ | 501,932 | $ | 179,929 | $ | 681,861 |
Moody’s | S&P | |||||||
Bank short-term deposits | P-1 | — | ||||||
Bank long-term deposits/issuer | A1 | BBB+ | ||||||
Corporation commercial paper | P-2 | — | ||||||
Corporation long-term senior debt/issuer | Baa1 | BBB | ||||||
Outlook | Stable |
Dynamic Forecast December 31, 2019 | Static Forecast December 31, 2019 | Dynamic Forecast December 31, 2018 | Static Forecast December 31, 2018 | Dynamic Forecast December 31, 2020 | Static Forecast December 31, 2020 | Dynamic Forecast December 31, 2019 | Static Forecast December 31, 2019 | |||||||||||||||||||||
Gradual Rate Change | Gradual Rate Change | Gradual Rate Change | ||||||||||||||||||||||||||
100 bp increase in interest rates | 100 bp increase in interest rates | 4.0 | % | 3.7 | % | 2.5 | % | 2.7 | % | 100 bp increase in interest rates | 6.2% | 6.3% | 4.0% | 3.7% | ||||||||||||||
200 bp increase in interest rates | 200 bp increase in interest rates | 7.4 | % | 6.7 | % | 5.8 | % | 5.4 | % | 200 bp increase in interest rates | 12.8% | 12.7% | 7.4% | 6.7% |
December 31, 2019 | December 31, 2018 | December 31, 2020 | December 31, 2019 | |||||||||||||
Instantaneous Rate Change | Instantaneous Rate Change | Instantaneous Rate Change | ||||||||||||||
100 bp increase in interest rates | 100 bp increase in interest rates | (0.5) | % | (2.0) | % | 100 bp increase in interest rates | 1.9 | % | (0.5) | % | ||||||
200 bp increase in interest rates | 200 bp increase in interest rates | (2.2) | % | (4.5) | % | 200 bp increase in interest rates | 2.8 | % | (2.2) | % |
December 31, 2019 | Note Reference | One Year or Less | One to Three Years | Three to Five Years | Over Five Years | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | Note Reference | One Year or Less | One to Three Years | Three to Five Years | Over Five Years | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 8 | $ | 1,947,004 | $ | 574,922 | $ | 100,538 | $ | 340 | $ | 2,622,803 | Time deposits | 8 | $ | 1,371,671 | $ | 314,212 | $ | 71,136 | $ | 11 | $ | 1,757,030 | |||||||||||||||||||||||||||||||
Short-term funding | Short-term funding | 9 | 465,113 | — | — | — | 465,113 | Short-term funding | 9 | 252,317 | — | — | — | 252,317 | |||||||||||||||||||||||||||||||||||||||||
FHLB advances | FHLB advances | 9 | 605,056 | 518,254 | 453,166 | 1,604,491 | 3,180,967 | FHLB advances | 9 | 17,723 | 9,781 | 1,000,848 | 604,371 | 1,632,723 | |||||||||||||||||||||||||||||||||||||||||
Long-term funding | 9 | 39 | 298,640 | 79 | 250,585 | 549,343 | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating leases(a) | 7 | 10,662 | 17,990 | 10,613 | 16,316 | 55,580 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other long-term funding | Other long-term funding | 9 | 299,631 | 967 | 248,867 | — | 549,465 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating leases | Operating leases | 7 | 7,630 | 10,757 | 7,888 | 10,150 | 36,425 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commitments to extend credit | Commitments to extend credit | 14 & 16 | 4,044,363 | 3,193,685 | 1,907,405 | 141,959 | 9,287,412 | Commitments to extend credit | 14 & 16 | 5,294,361 | 3,666,397 | 1,198,832 | 186,403 | 10,345,992 | |||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 7,072,237 | $ | 4,603,491 | $ | 2,471,801 | $ | 2,013,691 | $ | 16,161,218 | Total | $ | 7,243,333 | $ | 4,002,113 | $ | 2,527,571 | $ | 800,934 | $ | 14,573,952 |
As of December 31, | As of December 31, | |||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | 2017 | ($ in Thousands) | 2020 | 2019 | 2018 | ||||||||||||||||||||
Risk-based Capital | Risk-based Capital | Risk-based Capital | ||||||||||||||||||||||||||
CET1 | CET1 | $ | 2,480,698 | $ | 2,449,721 | $ | 2,171,508 | CET1 | $ | 2,706,010 | $ | 2,480,698 | $ | 2,449,721 | ||||||||||||||
Tier 1 capital | Tier 1 capital | 2,736,776 | 2,705,939 | 2,331,245 | Tier 1 capital | 3,058,809 | 2,736,776 | 2,705,939 | ||||||||||||||||||||
Total capital | Total capital | 3,208,625 | 3,216,575 | 2,848,851 | Total capital | 3,632,807 | 3,208,625 | 3,216,575 | ||||||||||||||||||||
Total risk-weighted assets | Total risk-weighted assets | 24,296,382 | 23,842,542 | 21,504,495 | Total risk-weighted assets | 25,903,415 | 24,296,382 | 23,842,542 | ||||||||||||||||||||
CET1 capital ratio | CET1 capital ratio | 10.21 | % | 10.27 | % | 10.10 | % | CET1 capital ratio | 10.45 | % | 10.21 | % | 10.27 | % | ||||||||||||||
Tier 1 capital ratio | Tier 1 capital ratio | 11.26 | % | 11.35 | % | 10.84 | % | Tier 1 capital ratio | 11.81 | % | 11.26 | % | 11.35 | % | ||||||||||||||
Total capital ratio | Total capital ratio | 13.21 | % | 13.49 | % | 13.25 | % | Total capital ratio | 14.02 | % | 13.21 | % | 13.49 | % | ||||||||||||||
Tier 1 leverage ratio | Tier 1 leverage ratio | 8.83 | % | 8.49 | % | 8.03 | % | Tier 1 leverage ratio | 9.37 | % | 8.83 | % | 8.49 | % | ||||||||||||||
Selected Equity and Performance Ratios | Selected Equity and Performance Ratios | Selected Equity and Performance Ratios | ||||||||||||||||||||||||||
Total stockholders’ equity / total assets | Total stockholders’ equity / total assets | 12.11 | % | 11.25 | % | 10.63 | % | Total stockholders’ equity / total assets | 12.24 | % | 12.11 | % | 11.25 | % | ||||||||||||||
Dividend payout ratio | Dividend payout ratio | 35.75 | % | 32.29 | % | 34.48 | % | Dividend payout ratio | 38.50 | % | 35.75 | % | 32.29 | % | ||||||||||||||
Return on average assets | Return on average assets | 0.90 | % | 0.99 | % | 1.01 | % | |||||||||||||||||||||
Noninterest expense / average assets | Noninterest expense / average assets | 2.26 | % | 2.40 | % | 2.49 | % |
At or for the Year Ended December 31, | At or for the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ($ in Thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||
Selected Equity and Performance Ratios(a)(b)(c) | ||||||||||||||||||||||||||||||||||||||||||||||
Selected equity and performance ratios(a)(b) | Selected equity and performance ratios(a)(b) | |||||||||||||||||||||||||||||||||||||||||||||
Tangible common equity / tangible assets | Tangible common equity / tangible assets | 7.71 | % | 7.04 | % | 7.08 | % | 6.91 | % | 6.85 | % | Tangible common equity / tangible assets | 7.94 | % | 7.71 | % | 7.04 | % | 7.08 | % | 6.91 | % | ||||||||||||||||||||||||
Return on average equity | Return on average equity | 8.44 | % | 9.03 | % | 7.23 | % | 6.63 | % | 6.50 | % | Return on average equity | 7.78 | % | 8.44 | % | 9.03 | % | 7.23 | % | 6.63 | % | ||||||||||||||||||||||||
Return on average tangible common equity | Return on average tangible common equity | 13.21 | % | 14.06 | % | 10.86 | % | 10.07 | % | 9.97 | % | Return on average tangible common equity | 11.99 | % | 13.21 | % | 14.06 | % | 10.86 | % | 10.07 | % | ||||||||||||||||||||||||
Return on average common equity Tier 1 | Return on average common equity Tier 1 | 12.59 | % | 13.15 | % | 10.43 | % | 9.86 | % | 9.88 | % | Return on average common equity Tier 1 | 11.23 | % | 12.59 | % | 13.15 | % | 10.43 | % | 9.86 | % | ||||||||||||||||||||||||
Return on average assets | 0.99 | % | 1.01 | % | 0.78 | % | 0.70 | % | 0.70 | % | ||||||||||||||||||||||||||||||||||||
Return on average tangible assets | Return on average tangible assets | 1.03 | % | 1.05 | % | 0.81 | % | 0.73 | % | 0.72 | % | Return on average tangible assets | 0.93 | % | 1.03 | % | 1.05 | % | 0.81 | % | 0.73 | % | ||||||||||||||||||||||||
Average stockholders' equity / average assets | Average stockholders' equity / average assets | 11.72 | % | 11.19 | % | 10.77 | % | 10.60 | % | 10.72 | % | Average stockholders' equity / average assets | 11.51 | % | 11.72 | % | 11.19 | % | 10.77 | % | 10.60 | % | ||||||||||||||||||||||||
Tangible Common Equity and Common Equity Tier 1 Reconciliation(a)(b) | ||||||||||||||||||||||||||||||||||||||||||||||
Tangible common equity reconciliation(a) | Tangible common equity reconciliation(a) | |||||||||||||||||||||||||||||||||||||||||||||
Common equity | Common equity | $ | 3,665,407 | $ | 3,524,171 | $ | 3,077,514 | $ | 2,931,383 | $ | 2,815,867 | Common equity | $ | 3,737,421 | $ | 3,665,407 | $ | 3,524,171 | $ | 3,077,514 | $ | 2,931,383 | ||||||||||||||||||||||||
Goodwill and other intangible assets, net | Goodwill and other intangible assets, net | (1,264,531) | (1,244,859) | (991,819) | (987,328) | (985,302) | Goodwill and other intangible assets, net | (1,177,554) | (1,264,531) | (1,244,859) | (991,819) | (987,328) | ||||||||||||||||||||||||||||||||||
Tangible common equity | Tangible common equity | $ | 2,400,876 | $ | 2,279,312 | $ | 2,085,695 | $ | 1,944,055 | $ | 1,830,565 | Tangible common equity | $ | 2,559,867 | $ | 2,400,876 | $ | 2,279,312 | $ | 2,085,695 | $ | 1,944,055 | ||||||||||||||||||||||||
Tangible Assets Reconciliation(a)(c) | ||||||||||||||||||||||||||||||||||||||||||||||
Tangible assets reconciliation(a) | Tangible assets reconciliation(a) | |||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 32,386,478 | $ | 33,615,122 | $ | 30,443,626 | $ | 29,139,315 | $ | 27,711,835 | Total assets | $ | 33,419,783 | $ | 32,386,478 | $ | 33,615,122 | $ | 30,443,626 | $ | 29,139,315 | ||||||||||||||||||||||||
Goodwill and other intangible assets, net | Goodwill and other intangible assets, net | (1,264,531) | (1,244,859) | (991,819) | (987,328) | (985,302) | Goodwill and other intangible assets, net | (1,177,554) | (1,264,531) | (1,244,859) | (991,819) | (987,328) | ||||||||||||||||||||||||||||||||||
Tangible assets | Tangible assets | $ | 31,121,947 | $ | 32,370,263 | $ | 29,451,807 | $ | 28,151,987 | $ | 26,726,533 | Tangible assets | $ | 32,242,230 | $ | 31,121,947 | $ | 32,370,263 | $ | 29,451,807 | $ | 28,151,987 | ||||||||||||||||||||||||
Average Tangible Common Equity and Average Common Equity Tier 1 Reconciliation(a)(b) | ||||||||||||||||||||||||||||||||||||||||||||||
Average tangible common equity and average common equity tier 1 reconciliation(a) | Average tangible common equity and average common equity tier 1 reconciliation(a) | |||||||||||||||||||||||||||||||||||||||||||||
Common equity | Common equity | $ | 3,615,153 | $ | 3,505,075 | $ | 3,012,704 | $ | 2,888,579 | $ | 2,799,150 | Common equity | $ | 3,633,259 | $ | 3,615,153 | $ | 3,505,075 | $ | 3,012,704 | $ | 2,888,579 | ||||||||||||||||||||||||
Goodwill and other intangible assets, net | Goodwill and other intangible assets, net | (1,256,668) | (1,209,311) | (988,073) | (988,406) | (982,454) | Goodwill and other intangible assets, net | (1,227,561) | (1,256,668) | (1,209,311) | (988,073) | (988,406) | ||||||||||||||||||||||||||||||||||
Tangible common equity | Tangible common equity | 2,358,485 | 2,295,764 | 2,024,631 | 1,900,173 | 1,816,696 | Tangible common equity | 2,405,698 | 2,358,485 | 2,295,764 | 2,024,631 | 1,900,173 | ||||||||||||||||||||||||||||||||||
Less: Accumulated other comprehensive income / loss | 68,946 | 117,408 | 53,879 | 7,526 | (9,059) | |||||||||||||||||||||||||||||||||||||||||
Less: Deferred tax assets / deferred tax liabilities, net | 46,980 | 41,747 | 30,949 | 32,692 | 25,960 | |||||||||||||||||||||||||||||||||||||||||
Modified CECL transitional amount | Modified CECL transitional amount | 115,052 | N/A | |||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss (income) | Accumulated other comprehensive loss (income) | 2,643 | 68,946 | 117,408 | 53,879 | 7,526 | ||||||||||||||||||||||||||||||||||||||||
Deferred tax assets (liabilities), net | Deferred tax assets (liabilities), net | 43,789 | 46,980 | 41,747 | 30,949 | 32,692 | ||||||||||||||||||||||||||||||||||||||||
Average common equity Tier 1 | Average common equity Tier 1 | $ | 2,474,411 | $ | 2,454,919 | $ | 2,109,459 | $ | 1,940,391 | $ | 1,833,597 | Average common equity Tier 1 | $ | 2,567,182 | $ | 2,474,411 | $ | 2,454,919 | $ | 2,109,459 | $ | 1,940,391 | ||||||||||||||||||||||||
Average Tangible Assets Reconciliation(a)(c) | ||||||||||||||||||||||||||||||||||||||||||||||
Average tangible assets reconciliation(a) | Average tangible assets reconciliation(a) | |||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 33,046,604 | $ | 33,007,859 | $ | 29,467,324 | $ | 28,506,112 | $ | 27,019,216 | Total assets | $ | 34,265,207 | $ | 33,046,604 | $ | 33,007,859 | $ | 29,467,324 | $ | 28,506,112 | ||||||||||||||||||||||||
Goodwill and other intangible assets, net | Goodwill and other intangible assets, net | (1,256,668) | (1,209,311) | (988,073) | (988,406) | (982,454) | Goodwill and other intangible assets, net | (1,227,561) | (1,256,668) | (1,209,311) | (988,073) | (988,406) | ||||||||||||||||||||||||||||||||||
Tangible assets | Tangible assets | $ | 31,789,936 | $ | 31,798,548 | $ | 28,479,252 | $ | 27,517,705 | $ | 26,036,762 | Tangible assets | $ | 33,037,646 | $ | 31,789,936 | $ | 31,798,548 | $ | 28,479,252 | $ | 27,517,705 | ||||||||||||||||||||||||
Efficiency Ratio Reconciliation(d) | ||||||||||||||||||||||||||||||||||||||||||||||
Efficiency ratio reconciliation(c) | Efficiency ratio reconciliation(c) | |||||||||||||||||||||||||||||||||||||||||||||
Federal Reserve efficiency ratio | Federal Reserve efficiency ratio | 65.38 | % | 66.23 | % | 65.97 | % | 66.95 | % | 69.96 | % | Federal Reserve efficiency ratio | 61.76 | % | 65.38 | % | 66.23 | % | 65.97 | % | 66.95 | % | ||||||||||||||||||||||||
Fully tax-equivalent adjustment | Fully tax-equivalent adjustment | (0.85) | % | (0.71) | % | (1.28) | % | (1.29) | % | (1.41) | % | Fully tax-equivalent adjustment | (0.77) | % | (0.85) | % | (0.71) | % | (1.28) | % | (1.29) | % | ||||||||||||||||||||||||
Other intangible amortization | Other intangible amortization | (0.82) | % | (0.66) | % | (0.18) | % | (0.20) | % | (0.31) | % | Other intangible amortization | (0.80) | % | (0.82) | % | (0.66) | % | (0.18) | % | (0.20) | % | ||||||||||||||||||||||||
Fully tax-equivalent efficiency ratio | Fully tax-equivalent efficiency ratio | 63.72 | % | 64.87 | % | 64.51 | % | 65.46 | % | 68.24 | % | Fully tax-equivalent efficiency ratio | 60.20 | % | 63.72 | % | 64.87 | % | 64.51 | % | 65.46 | % | ||||||||||||||||||||||||
Acquisition related costs adjustment | Acquisition related costs adjustment | (0.60) | % | (2.42) | % | — | % | — | % | — | % | Acquisition related costs adjustment | (0.19) | % | (0.60) | % | (2.42) | % | — | % | — | % | ||||||||||||||||||||||||
Fully tax-equivalent efficiency ratio, excluding acquisition related costs (adjusted efficiency ratio) | 63.12 | % | 62.45 | % | 64.51 | % | 65.46 | % | 68.24 | % | ||||||||||||||||||||||||||||||||||||
Provision for unfunded commitments adjustment | Provision for unfunded commitments adjustment | (0.55) | % | 0.20 | % | 0.20 | % | 0.09 | % | (0.09) | % | |||||||||||||||||||||||||||||||||||
Asset gains (losses), net adjustment | Asset gains (losses), net adjustment | 8.20 | % | 0.14 | % | — | % | (0.07) | % | (0.01) | % | |||||||||||||||||||||||||||||||||||
Branch sales | Branch sales | 0.41 | % | — | % | — | % | — | % | — | % | |||||||||||||||||||||||||||||||||||
3Q 2020 initiatives(e) | 3Q 2020 initiatives(e) | (5.32) | % | — | % | — | % | — | % | — | % | |||||||||||||||||||||||||||||||||||
Adjusted efficiency ratio | Adjusted efficiency ratio | 62.76 | % | 63.47 | % | 62.65 | % | 64.53 | % | 65.36 | % |
Year Ended December 31, | Change From Prior Year | Year Ended December 31, | Change From Prior Year | ||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | 2017 | % Change 2019 | % Change 2018 | ($ in Thousands) | 2020 | 2019 | 2018 | % Change 2020 | % Change 2019 | |||||||||||||||||||||||||||||||
Corporate and Commercial Specialty | Corporate and Commercial Specialty | Corporate and Commercial Specialty | |||||||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | $ | 427,749 | $ | 453,578 | $ | 409,348 | (6) | % | 11 | % | Total revenue | $ | 554,991 | $ | 531,876 | $ | 556,793 | 4 | % | (4) | % | |||||||||||||||||||||
Credit provision | 52,382 | 44,592 | 42,298 | 17 | % | 5 | % | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 59,780 | 49,341 | 42,234 | 21 | % | 17 | % | |||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 156,348 | 160,399 | 156,890 | (3) | % | 2 | % | Noninterest expense | 209,507 | 233,655 | 233,202 | (10) | % | — | % | |||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 53,193 | 47,480 | 54,732 | 12 | % | (13) | % | |||||||||||||||||||||||||||||||||||
Net income | Net income | 177,809 | 200,737 | 138,505 | (11) | % | 45 | % | Net income | 232,512 | 201,399 | 226,625 | 15 | % | (11) | % | |||||||||||||||||||||||||||
Average earning assets | Average earning assets | 12,344,244 | 11,852,662 | 10,820,998 | 4 | % | 10 | % | Average earning assets | 14,183,538 | 12,774,052 | 12,257,249 | 11 | % | 4 | % | |||||||||||||||||||||||||||
Average loans | Average loans | 12,339,072 | 11,841,818 | 10,811,827 | 4 | % | 10 | % | Average loans | 14,244,938 | 12,829,331 | 12,305,983 | 11 | % | 4 | % | |||||||||||||||||||||||||||
Average deposits | Average deposits | 8,265,447 | 8,112,430 | 6,938,913 | 2 | % | 17 | % | Average deposits | 9,423,485 | 9,710,281 | 9,531,124 | (3) | % | 2 | % | |||||||||||||||||||||||||||
Average allocated capital (Average CET1)(a) | Average allocated capital (Average CET1)(a) | 1,243,900 | 1,209,558 | 1,117,761 | 3 | % | 8 | % | Average allocated capital (Average CET1)(a) | 1,428,291 | 1,283,231 | 1,242,486 | 11 | % | 3 | % | |||||||||||||||||||||||||||
Return on average allocated capital (ROCET1)(a) | Return on average allocated capital (ROCET1)(a) | 14.29 | % | 16.60 | % | 12.39 | % | -231 bp | 421 bp | Return on average allocated capital (ROCET1)(a) | 16.28 | % | 15.69 | % | 18.24 | % | 59 bp | N/M | |||||||||||||||||||||||||
Community, Consumer, and Business | Community, Consumer, and Business | Community, Consumer, and Business | |||||||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | $ | 744,067 | $ | 740,629 | $ | 627,611 | — | % | 18 | % | Total revenue | $ | 535,237 | $ | 618,606 | $ | 611,607 | (13) | % | 1 | % | |||||||||||||||||||||
Credit provision | 20,043 | 20,083 | 20,400 | — | % | (2) | % | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 21,862 | 18,594 | 18,500 | 18 | % | 1 | % | |||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 547,423 | 541,771 | 490,567 | 1 | % | 10 | % | Noninterest expense | 429,447 | 467,086 | 463,187 | (8) | % | 1 | % | |||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 17,625 | 27,914 | 27,283 | (37) | % | 2 | % | |||||||||||||||||||||||||||||||||||
Net income | Net income | 139,496 | 141,232 | 75,819 | (1) | % | 86 | % | Net income | 66,303 | 105,011 | 102,637 | (37) | % | 2 | % | |||||||||||||||||||||||||||
Average earning assets | Average earning assets | 10,286,275 | 10,336,105 | 9,456,549 | — | % | 9 | % | Average earning assets | 9,460,929 | 9,226,380 | 9,285,604 | 3 | % | (1) | % | |||||||||||||||||||||||||||
Average loans | Average loans | 10,283,258 | 10,332,665 | 9,452,253 | — | % | 9 | % | Average loans | 9,395,680 | 9,162,911 | 9,222,584 | 3 | % | (1) | % | |||||||||||||||||||||||||||
Average deposits | Average deposits | 14,403,547 | 13,623,852 | 11,711,407 | 6 | % | 16 | % | Average deposits | 15,026,889 | 12,957,467 | 12,197,989 | 16 | % | 6 | % | |||||||||||||||||||||||||||
Average allocated capital (Average CET1)(a) | Average allocated capital (Average CET1)(a) | 641,986 | 653,354 | 586,417 | (2) | % | 11 | % | Average allocated capital (Average CET1)(a) | 533,954 | 541,992 | 553,568 | (1) | % | (2) | % | |||||||||||||||||||||||||||
Return on average allocated capital (ROCET1)(a) | Return on average allocated capital (ROCET1)(a) | 21.73 | % | 21.62 | % | 12.93 | % | 11 bp | 869 bp | Return on average allocated capital (ROCET1)(a) | 12.42 | % | 19.38 | % | 18.54 | % | N/M | 84 bp | |||||||||||||||||||||||||
Risk Management and Shared Services | Risk Management and Shared Services | Risk Management and Shared Services | |||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 44,682 | $ | 40,941 | $ | 36,941 | 9 | % | 11 | % | |||||||||||||||||||||||||||||||||
Credit provision | (56,425) | (64,675) | (36,698) | (13) | % | 76 | % | ||||||||||||||||||||||||||||||||||||
Noninterest expense (b) | 90,217 | 119,629 | 61,677 | (25) | % | 94 | % | ||||||||||||||||||||||||||||||||||||
Total revenue(b) | Total revenue(b) | $ | 186,784 | $ | 66,017 | $ | 66,748 | 183 | % | (1) | % | ||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 92,365 | (51,935) | (60,734) | N/M | (14) | % | ||||||||||||||||||||||||||||||||||||
Noninterest expense (c) | Noninterest expense (c) | 137,080 | 93,247 | 125,410 | 47 | % | (26) | % | |||||||||||||||||||||||||||||||||||
Income tax expense (benefit)(d) | Income tax expense (benefit)(d) | (50,618) | 4,325 | (2,228) | N/M | ||||||||||||||||||||||||||||||||||||||
Net income | Net income | 9,484 | (8,407) | 14,941 | N/M | N/M | Net income | 7,957 | 20,379 | 4,301 | (61) | % | N/M | ||||||||||||||||||||||||||||||
Average earning assets | Average earning assets | 7,190,310 | 7,861,026 | 6,722,337 | (9) | % | 17 | % | Average earning assets | 7,187,540 | 7,820,397 | 8,506,941 | (8) | % | (8) | % | |||||||||||||||||||||||||||
Average loans | Average loans | 500,468 | 543,814 | 328,303 | (8) | % | 66 | % | Average loans | 897,030 | 1,130,555 | 1,189,730 | (21) | % | (5) | % | |||||||||||||||||||||||||||
Average deposits | Average deposits | 2,066,613 | 2,335,768 | 3,273,282 | (12) | % | (29) | % | Average deposits | 1,557,311 | 2,067,860 | 2,342,936 | (25) | % | (12) | % | |||||||||||||||||||||||||||
Average allocated capital (Average CET1)(a) | Average allocated capital (Average CET1)(a) | 588,525 | 592,006 | 405,281 | (1) | % | 46 | % | Average allocated capital (Average CET1)(a) | 604,937 | 649,188 | 658,864 | (7) | % | (1) | % | |||||||||||||||||||||||||||
Return on average allocated capital (ROCET1)(a) | Return on average allocated capital (ROCET1)(a) | (0.97) | % | (3.24) | % | 1.38 | % | 227 bp | -462 bp | Return on average allocated capital (ROCET1)(a) | 1.32 | % | 0.80 | % | (0.98) | % | 52bp | N/M | |||||||||||||||||||||||||
Consolidated Total | Consolidated Total | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | $ | 1,216,498 | $ | 1,235,148 | $ | 1,073,900 | (2) | % | 15 | % | Total revenue | $ | 1,277,012 | $ | 1,216,498 | $ | 1,235,148 | 5 | % | (2) | % | |||||||||||||||||||||
Return on average allocated capital (ROCET1)(a) | Return on average allocated capital (ROCET1)(a) | 12.59 | % | 13.15 | % | 10.43 | % | -56 bp | 272 bp | Return on average allocated capital (ROCET1)(a) | 11.23 | % | 12.59 | % | 13.15 | % | -136 bp | -56 bp |
2019 Quarters Ended | 2020 Quarters Ended | ||||||||||||||||||||||||||||||||||||
(In Thousands, except per common share data) | (In Thousands, except per common share data) | December 31 | September 30 | June 30 | March 31 | (In Thousands, except per common share data) | December 31 | September 30 | June 30 | March 31 | |||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 200,142 | $ | 206,365 | $ | 213,619 | $ | 215,547 | Net interest income | $ | 187,993 | $ | 182,150 | $ | 189,872 | $ | 202,942 | |||||||||||||||||||
Provision for credit losses | Provision for credit losses | — | 2,000 | 8,000 | 6,000 | Provision for credit losses | 16,997 | 43,009 | 61,000 | 53,001 | |||||||||||||||||||||||||||
Income before income taxes | 89,467 | 104,286 | 103,678 | 109,078 | |||||||||||||||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | 83,860 | (12,900) | 199,955 | 56,056 | ||||||||||||||||||||||||||||||||
Net income available to common equity | Net income available to common equity | 68,303 | 79,539 | 80,860 | 82,885 | Net income available to common equity | 61,795 | 40,007 | 144,573 | 42,037 | |||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 0.43 | $ | 0.50 | $ | 0.49 | $ | 0.50 | Basic earnings per common share | $ | 0.40 | $ | 0.26 | $ | 0.94 | $ | 0.27 | |||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 0.43 | $ | 0.49 | $ | 0.49 | $ | 0.50 | Diluted earnings per common share | $ | 0.40 | $ | 0.26 | $ | 0.94 | $ | 0.27 | |||||||||||||||||||
2018 Quarters Ended | 2019 Quarters Ended | ||||||||||||||||||||||||||||||||||||
(In Thousands, except per common share data) | (In Thousands, except per common share data) | December 31 | September 30 | June 30 | March 31 | (In Thousands, except per common share data) | December 31 | September 30 | June 30 | March 31 | |||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 223,955 | $ | 219,392 | $ | 226,362 | $ | 209,871 | Net interest income | $ | 200,142 | $ | 206,365 | $ | 213,619 | $ | 215,547 | |||||||||||||||||||
Provision for credit losses | Provision for credit losses | 1,000 | (5,000) | 4,000 | — | Provision for credit losses | — | 2,000 | 8,000 | 6,000 | |||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 113,839 | 108,279 | 103,947 | 87,285 | Income before income taxes | 89,467 | 104,286 | 103,678 | 109,078 | |||||||||||||||||||||||||||
Net income available to common equity | Net income available to common equity | 85,278 | 83,521 | 86,863 | 67,117 | Net income available to common equity | 68,303 | 79,539 | 80,860 | 82,885 | |||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 0.52 | $ | 0.49 | $ | 0.51 | $ | 0.41 | Basic earnings per common share | $ | 0.43 | $ | 0.50 | $ | 0.49 | $ | 0.50 | |||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 0.51 | $ | 0.48 | $ | 0.50 | $ | 0.40 | Diluted earnings per common share | $ | 0.43 | $ | 0.49 | $ | 0.49 | $ | 0.50 |
ITEM 7A. | Quantitative and Qualitative Disclosures About Market Risk |
ITEM 8. | Financial Statements and Supplementary Data |
December 31, | December 31, | ||||||||||||||||||
(In Thousands, except share and per share data) | (In Thousands, except share and per share data) | 2019 | 2018 | (In Thousands, except share and per share data) | 2020 | 2019 | |||||||||||||
Assets | Assets | Assets | |||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 373,380 | $ | 507,187 | Cash and due from banks | $ | 416,154 | $ | 373,380 | |||||||||
Interest-bearing deposits in other financial institutions | Interest-bearing deposits in other financial institutions | 207,624 | 221,226 | Interest-bearing deposits in other financial institutions | 298,759 | 207,624 | |||||||||||||
Federal funds sold and securities purchased under agreements to resell | Federal funds sold and securities purchased under agreements to resell | 7,740 | 148,285 | Federal funds sold and securities purchased under agreements to resell | 1,135 | 7,740 | |||||||||||||
Investment securities held to maturity, at amortized cost | 2,205,083 | 2,740,511 | |||||||||||||||||
Investment securities available for sale, at fair value | 3,262,586 | 3,946,941 | |||||||||||||||||
Investment securities AFS, at fair value | Investment securities AFS, at fair value | 3,085,441 | 3,262,586 | ||||||||||||||||
Investment securities HTM, net, at amortized cost(a) | Investment securities HTM, net, at amortized cost(a) | 1,878,938 | 2,205,083 | ||||||||||||||||
Equity securities | Equity securities | 15,090 | 1,568 | Equity securities | 15,106 | 15,090 | |||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | 227,347 | 250,534 | Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | 168,280 | 227,347 | |||||||||||||
Residential loans held for sale | Residential loans held for sale | 136,280 | 64,321 | Residential loans held for sale | 129,158 | 136,280 | |||||||||||||
Commercial loans held for sale | Commercial loans held for sale | 15,000 | 14,943 | Commercial loans held for sale | 0 | 15,000 | |||||||||||||
Loans | Loans | 22,821,440 | 22,940,429 | Loans | 24,451,724 | 22,821,440 | |||||||||||||
Allowance for loan losses | Allowance for loan losses | (201,371) | (238,023) | Allowance for loan losses | (383,702) | (201,371) | |||||||||||||
Loans, net | Loans, net | 22,620,068 | 22,702,406 | Loans, net | 24,068,022 | 22,620,068 | |||||||||||||
Bank and corporate owned life insurance | 671,948 | 663,203 | |||||||||||||||||
Tax credit and other investments | Tax credit and other investments | 279,969 | 161,181 | Tax credit and other investments | 297,232 | 279,969 | |||||||||||||
Premises and equipment, net | Premises and equipment, net | 435,284 | 363,225 | Premises and equipment, net | 418,914 | 435,284 | |||||||||||||
Bank and corporate owned life insurance | Bank and corporate owned life insurance | 679,647 | 671,948 | ||||||||||||||||
Goodwill | Goodwill | 1,176,230 | 1,169,023 | Goodwill | 1,109,300 | 1,176,230 | |||||||||||||
Other intangible assets, net | Other intangible assets, net | 68,254 | 88,301 | ||||||||||||||||
Mortgage servicing rights, net | Mortgage servicing rights, net | 67,306 | 68,193 | Mortgage servicing rights, net | 41,961 | 67,306 | |||||||||||||
Other intangible assets, net | 88,301 | 75,836 | |||||||||||||||||
Other assets(a) | 597,242 | 516,538 | |||||||||||||||||
Interest receivable | Interest receivable | 90,263 | 91,196 | ||||||||||||||||
Other assets | Other assets | 653,219 | 506,046 | ||||||||||||||||
Total assets | Total assets | $ | 32,386,478 | $ | 33,615,122 | Total assets | $ | 33,419,783 | $ | 32,386,478 | |||||||||
Liabilities and stockholders' equity | |||||||||||||||||||
Liabilities and Stockholders' Equity | Liabilities and Stockholders' Equity | ||||||||||||||||||
Noninterest-bearing demand deposits | Noninterest-bearing demand deposits | $ | 5,450,709 | $ | 5,698,530 | Noninterest-bearing demand deposits | $ | 7,661,728 | $ | 5,450,709 | |||||||||
Interest-bearing deposits | Interest-bearing deposits | 18,328,355 | 19,198,863 | Interest-bearing deposits | 18,820,753 | 18,328,355 | |||||||||||||
Total deposits | Total deposits | 23,779,064 | 24,897,393 | Total deposits | 26,482,481 | 23,779,064 | |||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | Federal funds purchased and securities sold under agreements to repurchase | 433,097 | 111,651 | Federal funds purchased and securities sold under agreements to repurchase | 192,971 | 433,097 | |||||||||||||
Commercial paper | Commercial paper | 32,016 | 45,423 | Commercial paper | 59,346 | 32,016 | |||||||||||||
FHLB advances | FHLB advances | 3,180,967 | 3,574,371 | FHLB advances | 1,632,723 | 3,180,967 | |||||||||||||
Other long-term funding | Other long-term funding | 549,343 | 795,611 | Other long-term funding | 549,465 | 549,343 | |||||||||||||
Accrued expenses and other liabilities(a) | 489,868 | 409,787 | |||||||||||||||||
Allowance for unfunded commitments(a) | Allowance for unfunded commitments(a) | 47,776 | 21,907 | ||||||||||||||||
Accrued expenses and other liabilities | Accrued expenses and other liabilities | 364,088 | 467,961 | ||||||||||||||||
Total liabilities | Total liabilities | 28,464,355 | 29,834,235 | Total liabilities | 29,328,850 | 28,464,355 | |||||||||||||
Stockholders’ equity | |||||||||||||||||||
Stockholders’ Equity | Stockholders’ Equity | ||||||||||||||||||
Preferred equity | Preferred equity | 256,716 | 256,716 | Preferred equity | 353,512 | 256,716 | |||||||||||||
Common equity | Common equity | Common equity | |||||||||||||||||
Common stock | Common stock | 1,752 | 1,752 | Common stock | 1,752 | 1,752 | |||||||||||||
Surplus | Surplus | 1,716,431 | 1,712,615 | Surplus | 1,720,329 | 1,716,431 | |||||||||||||
Retained earnings | 2,380,867 | 2,181,414 | |||||||||||||||||
Retained earnings(a) | Retained earnings(a) | 2,458,920 | 2,380,867 | ||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | (33,183) | (124,972) | Accumulated other comprehensive income (loss) | 12,618 | (33,183) | |||||||||||||
Treasury stock, at cost | Treasury stock, at cost | (400,460) | (246,638) | Treasury stock, at cost | (456,198) | (400,460) | |||||||||||||
Total common equity | Total common equity | 3,665,407 | 3,524,171 | Total common equity | 3,737,421 | 3,665,407 | |||||||||||||
Total stockholders’ equity | Total stockholders’ equity | 3,922,124 | 3,780,888 | Total stockholders’ equity | 4,090,933 | 3,922,124 | |||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $ | 32,386,478 | $ | 33,615,122 | Total liabilities and stockholders’ equity | $ | 33,419,783 | $ | 32,386,478 | |||||||||
Preferred shares authorized (par value $1.00 per share) | Preferred shares authorized (par value $1.00 per share) | 750,000 | 750,000 | Preferred shares authorized (par value $1.00 per share) | 750,000 | 750,000 | |||||||||||||
Preferred shares issued and outstanding | Preferred shares issued and outstanding | 264,458 | 264,458 | Preferred shares issued and outstanding | 364,458 | 264,458 | |||||||||||||
Common shares authorized (par value $0.01 per share) | Common shares authorized (par value $0.01 per share) | 250,000,000 | 250,000,000 | Common shares authorized (par value $0.01 per share) | 250,000,000 | 250,000,000 | |||||||||||||
Common shares issued | Common shares issued | 175,216,409 | 175,216,409 | Common shares issued | 175,216,409 | 175,216,409 | |||||||||||||
Common shares outstanding | Common shares outstanding | 157,171,247 | 164,440,471 | Common shares outstanding | 153,540,224 | 157,171,247 |
For the Years Ended December 31, | For the Years Ended December 31, | |||||||||||||||||||||||||||
(In Thousands, except per share data) | (In Thousands, except per share data) | 2019 | 2018 | 2017 | (In Thousands, except per share data) | 2020 | 2019 | 2018 | ||||||||||||||||||||
Interest income | Interest income | Interest income | ||||||||||||||||||||||||||
Interest and fees on loans | Interest and fees on loans | $ | 998,099 | $ | 976,990 | $ | 749,000 | Interest and fees on loans | $ | 785,241 | $ | 998,099 | $ | 976,990 | ||||||||||||||
Interest and dividends on investment securities | Interest and dividends on investment securities | Interest and dividends on investment securities | ||||||||||||||||||||||||||
Taxable | Taxable | 100,304 | 119,741 | 96,909 | Taxable | 59,806 | 100,304 | 119,741 | ||||||||||||||||||||
Tax-exempt | Tax-exempt | 57,565 | 44,782 | 32,977 | Tax-exempt | 58,320 | 57,565 | 44,782 | ||||||||||||||||||||
Other interest | Other interest | 16,643 | 12,623 | 7,719 | Other interest | 9,473 | 16,643 | 12,623 | ||||||||||||||||||||
Total interest income | Total interest income | 1,172,610 | 1,154,137 | 886,605 | Total interest income | 912,840 | 1,172,610 | 1,154,137 | ||||||||||||||||||||
Interest expense | Interest expense | Interest expense | ||||||||||||||||||||||||||
Interest on deposits | Interest on deposits | 237,286 | 176,118 | 94,025 | Interest on deposits | 67,639 | 237,286 | 176,118 | ||||||||||||||||||||
Interest on federal funds purchased and securities sold under agreements to repurchase | Interest on federal funds purchased and securities sold under agreements to repurchase | 1,579 | 2,006 | 2,527 | Interest on federal funds purchased and securities sold under agreements to repurchase | 485 | 1,579 | 2,006 | ||||||||||||||||||||
Interest on other short-term funding | Interest on other short-term funding | 149 | 186 | 293 | Interest on other short-term funding | 51 | 138 | 180 | ||||||||||||||||||||
Interest on PPPLF | Interest on PPPLF | 1,984 | — | — | ||||||||||||||||||||||||
Interest on FHLB advances | Interest on FHLB advances | 69,816 | 73,668 | 30,364 | Interest on FHLB advances | 57,359 | 69,816 | 73,668 | ||||||||||||||||||||
Interest on long-term funding | Interest on long-term funding | 28,106 | 22,579 | 18,176 | Interest on long-term funding | 22,365 | 28,116 | 22,585 | ||||||||||||||||||||
Total interest expense | Total interest expense | 336,936 | 274,557 | 145,385 | Total interest expense | 149,883 | 336,936 | 274,557 | ||||||||||||||||||||
Net interest income | Net interest income | 835,674 | 879,580 | 741,220 | Net interest income | 762,957 | 835,674 | 879,580 | ||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 16,000 | — | 26,000 | Provision for credit losses | 174,006 | 16,000 | 0 | ||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 819,674 | 879,580 | 715,220 | Net interest income after provision for credit losses | 588,950 | 819,674 | 879,580 | ||||||||||||||||||||
Noninterest income | Noninterest income | Noninterest income | ||||||||||||||||||||||||||
Insurance commissions and fees | 89,104 | 89,511 | 81,474 | |||||||||||||||||||||||||
Wealth management fees(a) | Wealth management fees(a) | 83,467 | 82,562 | 70,126 | Wealth management fees(a) | 84,957 | 83,467 | 82,562 | ||||||||||||||||||||
Service charges on deposit account fees | 63,135 | 66,075 | 64,427 | |||||||||||||||||||||||||
Service charges and deposit account fees | Service charges and deposit account fees | 56,307 | 63,135 | 66,075 | ||||||||||||||||||||||||
Card-based fees | Card-based fees | 39,755 | 39,656 | 34,834 | Card-based fees | 38,534 | 39,755 | 39,656 | ||||||||||||||||||||
Other fee-based revenue | Other fee-based revenue | 18,942 | 17,818 | 17,854 | Other fee-based revenue | 19,238 | 18,942 | 17,818 | ||||||||||||||||||||
Capital markets, net | Capital markets, net | 19,862 | 20,120 | 19,642 | Capital markets, net | 27,966 | 19,862 | 20,120 | ||||||||||||||||||||
Mortgage banking, net | Mortgage banking, net | 31,878 | 19,911 | 19,360 | Mortgage banking, net | 45,580 | 31,878 | 19,911 | ||||||||||||||||||||
Bank and corporate owned life insurance | Bank and corporate owned life insurance | 14,845 | 13,951 | 16,250 | Bank and corporate owned life insurance | 13,771 | 14,845 | 13,951 | ||||||||||||||||||||
Insurance commissions and fees | Insurance commissions and fees | 45,245 | 89,104 | 89,511 | ||||||||||||||||||||||||
Asset gains (losses), net(b) | Asset gains (losses), net(b) | 2,713 | (1,103) | (1,244) | Asset gains (losses), net(b) | 155,589 | 2,713 | (1,103) | ||||||||||||||||||||
Investment securities gains (losses), net | Investment securities gains (losses), net | 5,957 | (1,985) | 434 | Investment securities gains (losses), net | 9,222 | 5,957 | (1,985) | ||||||||||||||||||||
Gains on sale of branches, net | Gains on sale of branches, net | 7,449 | 0 | 0 | ||||||||||||||||||||||||
Other | Other | 11,165 | 9,051 | 9,523 | Other | 10,200 | 11,165 | 9,051 | ||||||||||||||||||||
Total noninterest income | Total noninterest income | 380,824 | 355,568 | 332,680 | Total noninterest income | 514,056 | 380,824 | 355,568 | ||||||||||||||||||||
Noninterest expense | Noninterest expense | Noninterest expense | ||||||||||||||||||||||||||
Personnel | Personnel | 487,063 | 482,676 | 428,976 | Personnel | 432,151 | 487,063 | 482,676 | ||||||||||||||||||||
Technology | Technology | 82,429 | 72,674 | 63,004 | Technology | 81,214 | 82,429 | 72,674 | ||||||||||||||||||||
Occupancy | Occupancy | 62,399 | 59,121 | 53,842 | Occupancy | 64,064 | 62,399 | 59,121 | ||||||||||||||||||||
Business development and advertising | Business development and advertising | 29,600 | 30,923 | 28,946 | Business development and advertising | 18,428 | 29,600 | 30,923 | ||||||||||||||||||||
Equipment | Equipment | 23,550 | 23,243 | 21,201 | Equipment | 21,705 | 23,550 | 23,243 | ||||||||||||||||||||
Legal and professional | Legal and professional | 19,901 | 23,061 | 22,509 | Legal and professional | 21,546 | 19,901 | 23,061 | ||||||||||||||||||||
Loan and foreclosure costs | Loan and foreclosure costs | 8,861 | 7,410 | 7,293 | Loan and foreclosure costs | 12,600 | 8,861 | 7,410 | ||||||||||||||||||||
FDIC assessment | FDIC assessment | 16,250 | 30,000 | 31,300 | FDIC assessment | 20,350 | 16,250 | 30,000 | ||||||||||||||||||||
Other intangible amortization | Other intangible amortization | 9,948 | 8,159 | 1,959 | Other intangible amortization | 10,192 | 9,948 | 8,159 | ||||||||||||||||||||
Acquisition related costs(c) | Acquisition related costs(c) | 7,320 | 29,002 | — | Acquisition related costs(c) | 2,447 | 7,320 | 29,002 | ||||||||||||||||||||
Loss on prepayments of FHLB advances | Loss on prepayments of FHLB advances | 44,650 | — | — | ||||||||||||||||||||||||
Other | Other | 46,666 | 55,530 | 50,102 | Other | 46,688 | 46,666 | 55,530 | ||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 793,988 | 821,799 | 709,133 | Total noninterest expense | 776,034 | 793,988 | 821,799 | ||||||||||||||||||||
Income before income taxes | Income before income taxes | 406,509 | 413,349 | 338,767 | Income before income taxes | 326,972 | 406,509 | 413,349 | ||||||||||||||||||||
Income tax expense | Income tax expense | 79,720 | 79,786 | 109,503 | Income tax expense | 20,200 | 79,720 | 79,786 | ||||||||||||||||||||
Net income | Net income | 326,790 | 333,562 | 229,264 | Net income | 306,771 | 326,790 | 333,562 | ||||||||||||||||||||
Preferred stock dividends | Preferred stock dividends | 15,202 | 10,784 | 9,347 | Preferred stock dividends | 18,358 | 15,202 | 10,784 | ||||||||||||||||||||
Net income available to common equity | Net income available to common equity | $ | 311,587 | $ | 322,779 | $ | 219,917 | Net income available to common equity | $ | 288,413 | $ | 311,587 | $ | 322,779 | ||||||||||||||
Earnings per common share | Earnings per common share | Earnings per common share | ||||||||||||||||||||||||||
Basic | Basic | $ | 1.93 | $ | 1.92 | $ | 1.45 | Basic | $ | 1.87 | $ | 1.93 | $ | 1.92 | ||||||||||||||
Diluted | Diluted | $ | 1.91 | $ | 1.89 | $ | 1.42 | Diluted | $ | 1.86 | $ | 1.91 | $ | 1.89 | ||||||||||||||
Average common shares outstanding | Average common shares outstanding | Average common shares outstanding | ||||||||||||||||||||||||||
Basic | Basic | 160,534 | 167,345 | 150,877 | Basic | 153,005 | 160,534 | 167,345 | ||||||||||||||||||||
Diluted | Diluted | 161,932 | 169,732 | 153,647 | Diluted | 153,642 | 161,932 | 169,732 |
For the Years Ended December 31, | For the Years Ended December 31, | |||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | 2017 | ($ in Thousands) | 2020 | 2019 | 2018 | ||||||||||||||||||||
Net income | Net income | $ | 326,790 | $ | 333,562 | $ | 229,264 | Net income | $ | 306,771 | $ | 326,790 | $ | 333,562 | ||||||||||||||
Other comprehensive income, net of tax | ||||||||||||||||||||||||||||
Investment securities available for sale | ||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | Other comprehensive income (loss), net of tax | |||||||||||||||||||||||||||
Investment securities AFS | Investment securities AFS | |||||||||||||||||||||||||||
Net unrealized gains (losses) | Net unrealized gains (losses) | 111,592 | (39,891) | (12,302) | Net unrealized gains (losses) | 55,628 | 111,592 | (39,891) | ||||||||||||||||||||
Net unrealized gain (loss) on available for sale securities transferred to held to maturity securities | — | — | (14,738) | |||||||||||||||||||||||||
Amortization of net unrealized (gains) losses on available for sale securities transferred to held to maturity securities | 895 | (572) | (2,665) | |||||||||||||||||||||||||
Amortization of net unrealized (gains) losses on AFS securities transferred to HTM securities | Amortization of net unrealized (gains) losses on AFS securities transferred to HTM securities | 3,359 | 895 | (572) | ||||||||||||||||||||||||
Reclassification adjustment for net losses (gains) realized in net income | Reclassification adjustment for net losses (gains) realized in net income | (5,957) | 1,985 | — | Reclassification adjustment for net losses (gains) realized in net income | (9,222) | (5,957) | 1,985 | ||||||||||||||||||||
Reclassification from OCI due to change in accounting principle | Reclassification from OCI due to change in accounting principle | — | (84) | — | Reclassification from OCI due to change in accounting principle | 0 | 0 | (84) | ||||||||||||||||||||
Reclassification of certain tax effects from OCI | Reclassification of certain tax effects from OCI | — | (8,419) | — | Reclassification of certain tax effects from OCI | 0 | 0 | (8,419) | ||||||||||||||||||||
Income tax (expense) benefit | Income tax (expense) benefit | (26,898) | 9,791 | 11,331 | Income tax (expense) benefit | (12,429) | (26,898) | 9,791 | ||||||||||||||||||||
Other comprehensive income (loss) on investment securities available for sale | 79,631 | (37,189) | (18,374) | |||||||||||||||||||||||||
Other comprehensive income (loss) on investment securities AFS | Other comprehensive income (loss) on investment securities AFS | 37,336 | 79,631 | (37,189) | ||||||||||||||||||||||||
Defined benefit pension and postretirement obligations | Defined benefit pension and postretirement obligations | Defined benefit pension and postretirement obligations | ||||||||||||||||||||||||||
Amortization of prior service cost | Amortization of prior service cost | (148) | (148) | (148) | Amortization of prior service cost | (148) | (148) | (148) | ||||||||||||||||||||
Net actuarial (loss) gain | Net actuarial (loss) gain | 16,296 | (28,612) | 14,273 | Net actuarial (loss) gain | 7,780 | 16,296 | (28,612) | ||||||||||||||||||||
Amortization of actuarial loss (gain) | Amortization of actuarial loss (gain) | 476 | 2,203 | 2,282 | Amortization of actuarial loss (gain) | 3,897 | 476 | 2,203 | ||||||||||||||||||||
Reclassification of certain tax effects from OCI | Reclassification of certain tax effects from OCI | — | (5,235) | — | Reclassification of certain tax effects from OCI | 0 | 0 | (5,235) | ||||||||||||||||||||
Income tax (expense) benefit | Income tax (expense) benefit | (4,465) | 6,767 | (6,112) | Income tax (expense) benefit | (3,064) | (4,465) | 6,767 | ||||||||||||||||||||
Other comprehensive income (loss) on pension and postretirement obligations | Other comprehensive income (loss) on pension and postretirement obligations | 12,158 | (25,025) | 10,295 | Other comprehensive income (loss) on pension and postretirement obligations | 8,465 | 12,158 | (25,025) | ||||||||||||||||||||
Total other comprehensive income (loss) | Total other comprehensive income (loss) | 91,789 | (62,214) | (8,079) | Total other comprehensive income (loss) | 45,801 | 91,789 | (62,214) | ||||||||||||||||||||
Comprehensive income | Comprehensive income | $ | 418,579 | $ | 271,348 | $ | 221,185 | Comprehensive income | $ | 352,572 | $ | 418,579 | $ | 271,348 |
(In Thousands, except per share data) | (In Thousands, except per share data) | Preferred Equity | Common Stock | (In Thousands, except per share data) | Preferred Equity | Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | (In Thousands, except per share data) | Shares | Amount | Shares | Amount | Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2016 | 165 | $ | 159,929 | 163,030 | $ | 1,630 | $ | 1,364,066 | $ | 1,791,196 | $ | (54,679) | $ | (170,830) | $ | 3,091,312 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2017 | Balance, December 31, 2017 | 165 | $ | 159,929 | 161,752 | $ | 1,618 | $ | 1,338,722 | $ | 1,934,696 | $ | (62,758) | $ | (134,764) | $ | 3,237,443 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | 229,264 | — | — | 229,264 | Net income | — | — | — | — | — | 333,562 | — | — | 333,562 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (8,079) | — | (8,079) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | — | — | — | (48,476) | — | (48,476) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption of new accounting standards | Adoption of new accounting standards | — | — | — | — | — | — | (13,738) | — | (13,738) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | $ | 221,185 | Comprehensive income | $ | 271,348 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued: | Common stock issued: | Common stock issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation plans, net | Stock-based compensation plans, net | — | — | — | — | (17,737) | — | — | 45,356 | 27,619 | Stock-based compensation plans, net | — | — | — | — | (7,116) | 15,096 | — | 10,428 | 18,408 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions | — | — | 291 | 3 | 7,148 | — | — | — | 7,151 | Acquisitions | — | — | 13,705 | 137 | 396,975 | — | — | 91,296 | 488,408 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock returned to authorized but unissued | Purchase of common stock returned to authorized but unissued | — | — | (1,569) | (15) | (37,016) | — | — | — | (37,031) | Purchase of common stock returned to authorized but unissued | — | — | (1,357) | (14) | (33,061) | — | — | — | (33,075) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | — | — | — | (9,290) | (9,290) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, $0.50 per share | — | — | — | — | — | (76,417) | — | — | (76,417) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock(a) | — | — | — | — | — | (9,347) | — | — | (9,347) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense, net | — | — | — | — | 21,227 | — | — | — | 21,227 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax impact of stock-based compensation | — | — | — | — | 1,034 | — | — | — | 1,034 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2017 | 165 | $ | 159,929 | 161,752 | $ | 1,618 | $ | 1,338,722 | $ | 1,934,696 | $ | (62,758) | $ | (134,764) | $ | 3,237,443 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 333,562 | — | — | 333,562 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | (48,476) | — | (48,476) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption of new accounting standards | — | — | — | — | — | — | (13,738) | — | (13,738) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 271,348 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation plans, net | — | — | — | — | (7,116) | 15,096 | — | 10,428 | 18,408 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | — | — | 13,705 | 137 | 396,975 | — | — | 91,296 | 488,408 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock returned to authorized but unissued | — | — | (1,357) | (14) | (33,061) | — | — | — | (33,075) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | — | — | — | (213,598) | (213,598) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock, open market purchases | Purchase of treasury stock, open market purchases | — | — | — | — | — | — | — | (206,450) | (206,450) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock, stock-based compensation plans | Purchase of treasury stock, stock-based compensation plans | — | — | — | — | — | — | — | (7,148) | (7,148) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends: | Cash dividends: | Cash dividends: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, $0.62 per share | Common stock, $0.62 per share | — | — | — | — | — | (105,519) | — | — | (105,519) | Common stock, $0.62 per share | — | — | — | — | — | (105,519) | — | — | (105,519) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock(b) | — | — | — | — | — | (10,784) | — | — | (10,784) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock(a) | Preferred stock(a) | — | — | — | — | — | (10,784) | — | — | (10,784) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred stock | Issuance of preferred stock | 100 | 97,315 | — | — | — | — | — | — | 97,315 | Issuance of preferred stock | 100 | 97,315 | — | — | — | — | — | — | 97,315 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of preferred stock | Purchase of preferred stock | (1) | (528) | — | — | — | (8) | — | — | (537) | Purchase of preferred stock | (1) | (528) | — | — | — | (8) | — | — | (537) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock warrants exercised | Common stock warrants exercised | — | — | 1,116 | 11 | (12) | — | — | — | (1) | Common stock warrants exercised | — | — | 1,116 | 11 | (12) | — | — | — | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense, net | Stock-based compensation expense, net | — | — | — | — | 17,107 | — | — | — | 17,107 | Stock-based compensation expense, net | — | — | — | — | 17,107 | — | — | — | 17,107 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tax Act reclassification | Tax Act reclassification | — | — | — | — | — | 13,654 | — | — | 13,654 | Tax Act reclassification | — | — | — | — | — | 13,654 | — | — | 13,654 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Change in accounting principle | Change in accounting principle | — | — | — | — | — | 84 | — | — | 84 | Change in accounting principle | — | — | — | — | — | 84 | — | — | 84 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | — | — | — | — | 632 | — | — | 632 | Other | — | — | — | — | — | 632 | — | — | 632 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | Balance, December 31, 2018 | 264 | $ | 256,716 | 175,216 | $ | 1,752 | $ | 1,712,615 | $ | 2,181,414 | $ | (124,972) | $ | (246,638) | $ | 3,780,888 | Balance, December 31, 2018 | 264 | $ | 256,716 | 175,216 | $ | 1,752 | $ | 1,712,615 | $ | 2,181,414 | $ | (124,972) | $ | (246,638) | $ | 3,780,888 | ||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | 326,790 | — | — | $ | 326,790 | Net income | — | — | — | — | — | 326,790 | — | — | 326,790 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | — | — | — | — | — | — | 91,789 | — | 91,789 | Other comprehensive income | — | — | — | — | — | — | 91,789 | — | 91,789 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | $ | 418,579 | Comprehensive income | $ | 418,579 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued: | Common stock issued: | Common stock issued: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation plans, net | Stock-based compensation plans, net | — | — | — | — | (21,038) | — | — | 32,254 | 11,216 | Stock-based compensation plans, net | — | — | — | — | (21,038) | — | — | 32,254 | 11,216 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | — | — | — | (186,076) | (186,076) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock, open market purchases | Purchase of treasury stock, open market purchases | — | — | — | — | — | — | — | (177,484) | (177,484) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock, stock-based compensation plans | Purchase of treasury stock, stock-based compensation plans | — | — | — | — | — | — | — | (8,592) | (8,592) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends: | Cash dividends: | Cash dividends: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, $0.69 per share | Common stock, $0.69 per share | — | — | — | — | — | (111,804) | — | — | (111,804) | Common stock, $0.69 per share | — | — | — | — | — | (111,804) | — | — | (111,804) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock(b) | Preferred stock(b) | — | — | — | — | — | (15,202) | — | — | (15,202) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense, net | Stock-based compensation expense, net | — | — | — | — | 24,854 | — | — | — | 24,854 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | — | — | — | — | (331) | — | — | (331) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | Balance, December 31, 2019 | 264 | 256,716 | 175,216 | 1,752 | 1,716,431 | 2,380,867 | (33,183) | (400,460) | 3,922,124 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of ASU 2016-13 adoption (CECL) | Cumulative effect of ASU 2016-13 adoption (CECL) | — | — | — | — | — | (98,337) | — | — | (98,337) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total shareholder's equity at beginning of period, as adjusted | Total shareholder's equity at beginning of period, as adjusted | 264 | 256,716 | 175,216 | 1,752 | 1,716,431 | 2,282,530 | (33,183) | (400,460) | 3,823,787 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | 306,771 | — | — | $ | 306,771 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | — | — | — | — | — | — | 45,801 | — | 45,801 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | $ | 352,572 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred stock | Issuance of preferred stock | 100 | 96,796 | — | — | — | — | — | — | 96,796 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued: | Common stock issued: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation plans, net | Stock-based compensation plans, net | — | — | — | — | (17,663) | — | — | 21,629 | 3,966 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock, open market purchases | Purchase of treasury stock, open market purchases | — | — | — | — | — | — | — | (71,255) | (71,255) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock, stock-based compensation plans | Purchase of treasury stock, stock-based compensation plans | — | — | — | — | — | — | — | (6,113) | (6,113) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends: | Cash dividends: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, $0.72 per share | Common stock, $0.72 per share | — | — | — | — | — | (112,023) | — | — | (112,023) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock(c) | Preferred stock(c) | — | — | — | — | — | (15,202) | — | — | (15,202) | Preferred stock(c) | — | — | — | — | — | (18,358) | — | — | (18,358) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense, net | Stock-based compensation expense, net | — | — | — | — | 24,854 | — | — | — | 24,854 | Stock-based compensation expense, net | — | — | — | — | 21,561 | — | — | — | 21,561 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | (331) | — | — | (331) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | 264 | $ | 256,716 | 175,216 | $ | 1,752 | $ | 1,716,431 | $ | 2,380,867 | $ | (33,183) | $ | (400,460) | $ | 3,922,124 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | Balance, December 31, 2020 | 364 | $ | 353,512 | 175,216 | $ | 1,752 | $ | 1,720,329 | $ | 2,458,920 | $ | 12,618 | $ | (456,198) | $ | 4,090,933 |
For the Years Ended December 31, | |||||||||||
($ in Thousands) | 2020 | 2019 | 2018 | ||||||||
Cash Flows from Operating Activities | |||||||||||
Net income | $ | 306,771 | $ | 326,790 | $ | 333,562 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for credit losses | 174,006 | 16,000 | 0 | ||||||||
Depreciation and amortization | 50,567 | 58,149 | 48,253 | ||||||||
Addition to (recovery of) valuation allowance on mortgage servicing rights, net | 17,704 | 63 | (545) | ||||||||
Amortization of mortgage servicing rights | 22,664 | 12,432 | 9,594 | ||||||||
Amortization of other intangible assets | 10,192 | 9,948 | 8,159 | ||||||||
Amortization and accretion on earning assets, funding, and other, net | 25,028 | 23,573 | 11,624 | ||||||||
Net amortization of tax credit investments | 25,556 | 20,062 | 19,425 | ||||||||
Losses (gains) on sales of investment securities, net | (9,222) | (5,957) | 1,985 | ||||||||
Asset (gains) losses, net | (155,589) | (2,713) | 1,103 | ||||||||
(Gains) on sale of branches, net | (7,449) | 0 | 0 | ||||||||
(Gain) loss on mortgage banking activities, net | (59,379) | (20,120) | (22,497) | ||||||||
Mortgage loans originated for sale | (1,642,135) | (1,090,792) | (1,092,318) | ||||||||
Proceeds from sales of mortgage loans held for sale | 1,959,571 | 1,317,077 | 1,131,652 | ||||||||
Pension contributions | 0 | 0 | (41,877) | ||||||||
Changes in certain assets and liabilities | |||||||||||
(Increase) decrease in interest receivable | 933 | 7,595 | (7,417) | ||||||||
Increase (decrease) in interest payable | (11,385) | 2,495 | 10,407 | ||||||||
Increase (decrease) in accrued expenses | (29,057) | 723 | 30,924 | ||||||||
Increase (decrease) in derivative position | (113,760) | (102,966) | 40,950 | ||||||||
Increase (decrease) in net income tax position | (47,268) | 43,908 | 18,178 | ||||||||
Net change in other assets and other liabilities | 32,270 | (42,005) | (4,594) | ||||||||
Net cash provided by operating activities | 550,020 | 574,260 | 496,567 | ||||||||
Cash Flows from Investing Activities | |||||||||||
Net increase in loans | (1,640,524) | (137,990) | (326,464) | ||||||||
Purchases of | |||||||||||
AFS securities | (1,648,938) | (460,124) | (737,580) | ||||||||
HTM securities | (125,480) | (423,682) | (682,622) | ||||||||
Federal Home Loan Bank and Federal Reserve Bank stocks | (84,152) | (246,836) | (347,323) | ||||||||
Premises, equipment, and software | (54,682) | (67,459) | (65,854) | ||||||||
Other intangibles | (200) | 0 | 0 | ||||||||
Proceeds from | |||||||||||
Sales of AFS securities | 626,283 | 1,367,476 | 601,130 | ||||||||
Sale of Federal Home Loan Bank and Federal Reserve Bank stocks | 144,000 | 270,023 | 282,145 | ||||||||
Prepayments, calls, and maturities of AFS investment securities | 1,343,056 | 561,659 | 633,859 | ||||||||
Prepayments, calls, and maturities of HTM investment securities | 449,078 | 260,510 | 217,836 | ||||||||
Sales, prepayments, calls and maturities of other assets | 27,964 | 10,250 | 41,856 | ||||||||
Net cash received in ABRC sale | 256,511 | 0 | 0 | ||||||||
Net change in tax credit and alternative investments | (55,134) | (67,632) | (57,327) | ||||||||
Net cash (paid) received in acquisitions | (31,518) | 551,250 | 59,472 | ||||||||
Net cash provided by (used in) investing activities | (793,737) | 1,617,446 | (380,872) | ||||||||
Cash Flows from Financing Activities | |||||||||||
Net increase (decrease) in deposits | 2,497,378 | (1,842,748) | 270,481 | ||||||||
Net decrease in deposits due to branch sales | (222,878) | 0 | 0 | ||||||||
Net increase (decrease) in short-term funding | (238,655) | 308,039 | (581,371) | ||||||||
Net increase (decrease) in short-term FHLB advances | (520,000) | (380,000) | 616,000 | ||||||||
Repayment of long-term FHLB advances | (1,040,972) | (764,657) | (2,150,016) | ||||||||
Proceeds from long-term FHLB advances | 4,215 | 751,573 | 1,837,680 | ||||||||
Redemption of Corporation's senior notes | 0 | (250,000) | 0 | ||||||||
Repayment of finance lease principal | (1,081) | (1) | 0 | ||||||||
Proceeds from issuance of long-term funding | 0 | 0 | 300,000 | ||||||||
Proceeds from issuance of preferred shares | 96,796 | 0 | 97,315 | ||||||||
Proceeds from issuance of common stock for stock-based compensation plans | 3,966 | 11,216 | 18,408 | ||||||||
Common stock warrants exercised | 0 | 0 | (1) | ||||||||
Purchase of treasury stock, open market purchases | (71,255) | (177,484) | (206,450) | ||||||||
Purchase of treasury stock, stock-based compensation plans | (6,113) | (8,592) | (7,148) | ||||||||
Purchase of preferred shares | 0 | 0 | (537) | ||||||||
Purchase of common stock returned to authorized but unissued | 0 | 0 | (33,075) | ||||||||
Cash dividends on common stock | (112,023) | (111,804) | (105,519) | ||||||||
Cash dividends on preferred stock | (18,358) | (15,202) | (10,784) | ||||||||
Net cash provided by (used in) financing activities | 371,020 | (2,479,660) | 44,983 | ||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 127,304 | (287,954) | 160,678 | ||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 588,744 | 876,698 | 716,018 | ||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 716,048 | $ | 588,744 | $ | 876,698 |
For the Years Ended December 31, | |||||||||||||||||
($ in Thousands) | 2019 | 2018 | 2017 | ||||||||||||||
Cash Flows from Operating Activities | |||||||||||||||||
Net income | $ | 326,790 | $ | 333,562 | $ | 229,264 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Provision for credit losses | 16,000 | — | 26,000 | ||||||||||||||
Depreciation and amortization | 58,149 | 48,253 | 46,967 | ||||||||||||||
Addition to (recovery of) valuation allowance on mortgage servicing rights, net | 63 | (545) | 175 | ||||||||||||||
Amortization of mortgage servicing rights | 12,432 | 9,594 | 10,084 | ||||||||||||||
Amortization of other intangible assets | 9,948 | 8,159 | 1,959 | ||||||||||||||
Amortization and accretion on earning assets, funding, and other, net | 23,573 | 11,624 | 37,476 | ||||||||||||||
Net amortization of tax credit investments | 20,062 | 19,425 | 19,834 | ||||||||||||||
Deferred income taxes | 13,833 | 46,947 | 21,402 | ||||||||||||||
Losses (gains) on sales of investment securities, net | (5,957) | 1,985 | (434) | ||||||||||||||
Asset (gains) losses, net | (2,713) | 1,103 | 1,244 | ||||||||||||||
(Gain) loss on mortgage banking activities, net | (20,120) | (22,497) | (3,516) | ||||||||||||||
Mortgage loans originated for sale | (1,090,792) | (1,092,318) | (715,357) | ||||||||||||||
Proceeds from sales of mortgage loans held for sale | 1,317,077 | 1,131,652 | 819,950 | ||||||||||||||
Pension contributions | — | (41,877) | (6,242) | ||||||||||||||
(Increase) decrease in interest receivable | 7,595 | (7,417) | (9,476) | ||||||||||||||
Increase (decrease) in interest payable | 2,495 | 10,407 | 6,535 | ||||||||||||||
Increase (decrease) in accrued expenses | 723 | 30,924 | 3,520 | ||||||||||||||
Increase (decrease) in derivative asset | (102,966) | 40,950 | (13,076) | ||||||||||||||
Net change in other assets and other liabilities | (11,930) | (33,363) | (17,941) | ||||||||||||||
Net cash provided by operating activities | 574,260 | 496,567 | 458,368 | ||||||||||||||
Cash Flows from Investing Activities | |||||||||||||||||
Net increase in loans | (137,990) | (326,464) | (861,934) | ||||||||||||||
Purchases of | |||||||||||||||||
Available for sale securities | (460,124) | (737,580) | (1,137,191) | ||||||||||||||
Held to maturity securities | (423,682) | (682,622) | (234,379) | ||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stocks | (246,836) | (347,323) | (262,986) | ||||||||||||||
Premises, equipment, and software, net of disposals | (67,459) | (65,854) | (47,369) | ||||||||||||||
Proceeds from | |||||||||||||||||
Sales of available for sale securities | 1,367,476 | 601,130 | 18,467 | ||||||||||||||
Sale of Federal Home Loan Bank and Federal Reserve Bank stocks | 270,023 | 282,145 | 237,656 | ||||||||||||||
Prepayments, calls, and maturities of available for sale investment securities | 561,659 | 633,859 | 713,486 | ||||||||||||||
Prepayments, calls, and maturities of held to maturity investment securities | 260,510 | 217,836 | 210,753 | ||||||||||||||
Sales, prepayments, calls and maturities of other assets | 10,250 | 41,856 | 20,070 | ||||||||||||||
Net change in tax credit and alternative investments | (67,632) | (57,327) | (53,770) | ||||||||||||||
Net cash (paid) received in acquisition | 551,250 | 59,472 | 339 | ||||||||||||||
Net cash provided by (used in) investing activities | 1,617,446 | (380,872) | (1,396,858) | ||||||||||||||
Cash Flows from Financing Activities | |||||||||||||||||
Net increase (decrease) in deposits | (1,842,748) | 270,481 | 897,514 | ||||||||||||||
Net increase (decrease) in short-term funding | 308,039 | (581,371) | (217,753) | ||||||||||||||
Net increase (decrease) in short-term FHLB advances | (380,000) | 616,000 | (198,000) | ||||||||||||||
Repayment of long-term FHLB advances | (764,657) | (2,150,016) | (115,020) | ||||||||||||||
Proceeds from long-term FHLB advances | 751,573 | 1,837,680 | 750,000 | ||||||||||||||
Redemption of Corporation's senior notes | (250,000) | — | — | ||||||||||||||
Repayment of finance lease principal | (1) | — | — | ||||||||||||||
Proceeds from issuance of long-term funding | — | 300,000 | — | ||||||||||||||
Proceeds from issuance of preferred shares | — | 97,315 | — | ||||||||||||||
Proceeds from issuance of common stock for stock-based compensation plans | 11,216 | 18,408 | 27,619 | ||||||||||||||
Common stock warrants exercised | — | (1) | — | ||||||||||||||
Purchase of preferred shares | — | (537) | — | ||||||||||||||
Purchase of common stock returned to authorized but unissued | — | (33,075) | (37,031) | ||||||||||||||
Purchase of treasury stock | (186,076) | (213,598) | (9,290) | ||||||||||||||
Cash dividends on common stock | (111,804) | (105,519) | (76,417) | ||||||||||||||
Cash dividends on preferred stock | (15,202) | (10,784) | (9,347) | ||||||||||||||
Net cash provided by (used in) financing activities | (2,479,660) | 44,983 | 1,012,275 | ||||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | (287,954) | 160,678 | 73,785 | ||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 876,698 | 716,018 | 642,233 | ||||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 588,744 | $ | 876,698 | $ | 716,018 |
For the Years Ended December 31, | For the Years Ended December 31, | |||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | 2017 | ($ in Thousands) | 2020 | 2019 | 2018 | ||||||||||||||||||||
Supplemental disclosures of cash flow information | Supplemental disclosures of cash flow information | Supplemental disclosures of cash flow information | ||||||||||||||||||||||||||
Cash paid for interest | Cash paid for interest | $ | 332,919 | $ | 261,724 | $ | 138,174 | Cash paid for interest | $ | 159,291 | $ | 332,919 | $ | 261,724 | ||||||||||||||
Cash paid for income and franchise taxes | Cash paid for income and franchise taxes | 41,131 | 18,335 | 81,450 | Cash paid for income and franchise taxes | 17,734 | 41,131 | 18,335 | ||||||||||||||||||||
Loans and bank premises transferred to other real estate owned | 10,513 | 26,517 | 11,505 | |||||||||||||||||||||||||
Loans and bank premises transferred to OREO | Loans and bank premises transferred to OREO | 19,261 | 10,513 | 26,517 | ||||||||||||||||||||||||
Capitalized mortgage servicing rights | Capitalized mortgage servicing rights | 11,606 | 10,722 | 7,167 | Capitalized mortgage servicing rights | 13,667 | 11,606 | 10,722 | ||||||||||||||||||||
Loans transferred into held for sale from portfolio, net | Loans transferred into held for sale from portfolio, net | 313,570 | 33,010 | 71,954 | Loans transferred into held for sale from portfolio, net | 264,570 | 313,570 | 33,010 | ||||||||||||||||||||
Transfer of held to maturity securities to available for sale securities (adoption of ASU 2019-04) | 692,414 | — | — | |||||||||||||||||||||||||
Transfer of HTM securities to AFS securities (adoption of ASU 2019-04) | Transfer of HTM securities to AFS securities (adoption of ASU 2019-04) | 0 | 692,414 | 0 | ||||||||||||||||||||||||
Unsettled trades to purchase securities | Unsettled trades to purchase securities | — | 883 | — | Unsettled trades to purchase securities | 0 | 0 | 883 | ||||||||||||||||||||
Acquisition | ||||||||||||||||||||||||||||
Acquisitions | Acquisitions | |||||||||||||||||||||||||||
Fair value of assets acquired, including cash and cash equivalents | Fair value of assets acquired, including cash and cash equivalents | 695,848 | 2,567,488 | 647 | Fair value of assets acquired, including cash and cash equivalents | 456,480 | 695,848 | 2,567,488 | ||||||||||||||||||||
Fair value ascribed to goodwill and intangible assets | Fair value ascribed to goodwill and intangible assets | 29,837 | 261,243 | 6,450 | Fair value ascribed to goodwill and intangible assets | 23,548 | 29,837 | 261,243 | ||||||||||||||||||||
Fair value of liabilities assumed | Fair value of liabilities assumed | 725,764 | 2,340,323 | 54 | Fair value of liabilities assumed | 480,028 | 725,764 | 2,340,323 | ||||||||||||||||||||
Common stock issued in acquisition | Common stock issued in acquisition | (79) | 488,408 | 7,151 | Common stock issued in acquisition | 0 | (79) | 488,408 |
For the Years Ended December 31, | December 31, | |||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | 2017 | ($ in Thousands) | 2020 | 2019 | 2018 | ||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 400,232 | $ | 782,784 | $ | 643,042 | Cash and cash equivalents | $ | 716,048 | $ | 400,232 | $ | 782,784 | ||||||||||||||
Restricted cash | Restricted cash | 188,512 | 93,914 | 72,976 | Restricted cash | 0 | 188,512 | 93,914 | ||||||||||||||||||||
Total cash, cash equivalents, and restricted cash shown on the consolidated statements of cash flows | Total cash, cash equivalents, and restricted cash shown on the consolidated statements of cash flows | $ | 588,744 | $ | 876,698 | $ | 716,018 | Total cash, cash equivalents, and restricted cash shown on the consolidated statements of cash flows | $ | 716,048 | $ | 588,744 | $ | 876,698 |
December 31, 2019 | January 1, 2020 | |||||||||||||
($ in Thousands) | Allowance for Loan Losses | Allowance for Unfunded Commitments | CECL Day 1 Adjustment | ACLL Beginning Balance | ||||||||||
Commercial and industrial | $ | 91,133 | $ | 12,276 | $ | 48,921 | $ | 152,330 | ||||||
Commercial real estate - owner occupied | 10,284 | 127 | (1,851) | 8,560 | ||||||||||
Commercial and business lending | 101,417 | 12,403 | 47,070 | 160,890 | ||||||||||
Commercial real estate - investor | 40,514 | 530 | 2,287 | 43,331 | ||||||||||
Real estate construction | 24,915 | 7,532 | 25,814 | 58,261 | ||||||||||
Commercial real estate lending | 65,428 | 8,062 | 28,101 | 101,591 | ||||||||||
Total commercial | 166,846 | 20,465 | 75,171 | 262,482 | ||||||||||
Residential mortgage | 16,960 | 0 | 33,215 | 50,175 | ||||||||||
Home equity | 10,926 | 1,038 | 14,240 | 26,204 | ||||||||||
Other consumer | 6,639 | 405 | 8,520 | 15,564 | ||||||||||
Total consumer | 34,525 | 1,443 | 55,975 | 91,943 | ||||||||||
Total loans | $ | 201,371 | $ | 21,907 | $ | 131,147 | $ | 354,425 |
Standard | Description | Date of adoption | Effect on financial statements | |||||||||||||||||
ASU Codification Updates to SEC Sections-Amendments to SEC Paragraphs Pursuant to SEC Final Releases No. 33-10532, Disclosure Updates and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates | ||||||||||||||||||||
Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments | ||||||||||||||||||||
The FASB issued an amendment to replace the current incurred loss impairment methodology. Under the new guidance, entities will be required to measure expected credit losses by utilizing forward-looking information to assess an entity's | 1st Quarter 2020 | The Corporation has adopted the Update using a modified retrospective approach. The Corporation has developed a CECL allowance model which calculates reserves over the life of the loan and is largely driven by portfolio characteristics, risk-grading, economic outlook, and |
ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement | The FASB issued an amendment to add, modify, and remove disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the FASB Concepts Statement "Conceptual Framework for Financial | 1st Quarter 2020 | |||||||||||||||||||||
ASU 2017-04 Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment | The FASB issued an amendment to simplify the subsequent quantitative measurement of goodwill by eliminating step two from the goodwill impairment test. Instead, an entity will perform only step one of its quantitative goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, and then recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. An entity will still have the option to perform a qualitative assessment for a reporting unit to determine if the quantitative step one impairment test is necessary. This amendment | 1st Quarter 2020 |
Standard | Description | Date of adoption | Effect on financial statements | |||||||||||||||||
ASU 2020-03 Codification Improvements to Financial Instruments | The FASB issued an amendment to further clarify that all entities are required to provide the fair value option disclosures in paragraphs 825-10-50-24 through 50-32. The amendment also states that paragraphs 820-10-35-2A(g) and 820-10-35-18L are to include the phrase nonfinancial items accounted for as derivatives under Topic 815 to be consistent with the previous amendments to Section 820-10-35 that were made by ASU No. 2018-09, Codification Improvements. The amendment also clarifies that the disclosure requirements in Topic 320 apply to the disclosure requirements in Topic 942 for depository and lending institutions along with improving the understandability of the guidance relating to subtopic 470-50 and subtopic 820-10. Lastly, the amendment clarifies that the contractual term of a net investment in a lease determined in accordance with Topic 842 should be the contractual term used to measure expected credit losses under Topic 326 and that when an entity regains control of financial assets sold, an ACL should be recorded in accordance with Topic 326. | 1st Quarter 2020 | The Corporation has evaluated and determined it has an immaterial impact. | |||||||||||||||||
ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting | The FASB issued an amendment to provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendment only applies to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not | 1st Quarter 2020 | The Corporation has evaluated the impact of the Update and determined the expedients provided allow for simpler, more streamlined modifications to the financial instruments referencing LIBOR. A small population of loans have been modified under the new standard. |
Standard | Description | Date of anticipated adoption | Effect on financial statements | |||||||||||||||||
ASU 2018-14 Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans | The FASB issued an amendment to modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendments also added requirements to disclose the weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates and an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. The amendment also clarifies the disclosure requirements in paragraph 715-20-50-3, which states that certain information for defined benefit pension plans should be disclosed. The amendments in this Update remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. The amendment is effective for fiscal years ending after December 15, 2020. Entities should apply the amendments in this Update on a retrospective basis to all periods presented. Early adoption is permitted. | 1st Quarter 2021 | ||||||||||||||||||
ASU 2019-12 Income Taxes (Topic 740)-Simplifying the Accounting for Income Taxes | The FASB issued this amendment to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendment also improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the | 1st Quarter 2021 | ||||||||||||||||||
ASU 2020-08 Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs | The FASB issued this amendment to clarify that an entity should reevaluate whether a callable debt security is within the scope of paragraph 310-20-35-33 for each reporting period. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the amendments is not permitted. | 1st Quarter 2021 | Upon adoption, the Corporation will have an immaterial impact to its results of operation, financial position and liquidity. | |||||||||||||||||
($ in Thousands) | Purchase Accounting Adjustments | February 14, 2020 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | 0 | $ | 44,782 | ||||
Investment securities AFS | (24) | 98,743 | ||||||
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | 0 | 781 | ||||||
Loans | (4,808) | 369,741 | ||||||
Premises and equipment, net | (3,005) | 4,865 | ||||||
Bank owned life insurance | 9 | 6,770 | ||||||
Goodwill | 14,812 | |||||||
Core deposit intangibles (included in other intangible assets, net on the face of the consolidated balance sheets) | 7,379 | 7,379 | ||||||
OREO (included in other assets on the face of the consolidated balance sheets) | 670 | 762 | ||||||
Other assets | 2,795 | 7,692 | ||||||
Total assets | $ | 556,328 | ||||||
Liabilities | ||||||||
Deposits | $ | 1,285 | $ | 438,684 | ||||
Other borrowings | 61 | 34,613 | ||||||
Accrued expenses and other liabilities | 179 | 6,730 | ||||||
Total liabilities | $ | 480,028 | ||||||
Total consideration paid | $ | 76,300 |
($ in Thousands) | February 14, 2020 | |||||||
Purchase price of loans at acquisition | $ | 77,221 | ||||||
Allowance for credit losses at acquisition | 3,504 | |||||||
Non-credit discount/(premium) at acquisition | (951) | |||||||
Par value of acquired loans at acquisition | $ | 79,774 |
($ in Thousands) | ($ in Thousands) | Purchase Accounting Adjustments | June 14, 2019 | ($ in Thousands) | Purchase Accounting Adjustments | June 14, 2019 | ||||||||||
Assets | Assets | Assets | ||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | — | $ | 551,250 | Cash and cash equivalents | $ | 0 | $ | 551,250 | ||||||
Loans | Loans | (1,552) | 116,346 | Loans | (1,552) | 116,346 | ||||||||||
Premises and equipment, net | Premises and equipment, net | 4,800 | 22,430 | Premises and equipment, net | 4,800 | 22,430 | ||||||||||
Goodwill | Goodwill | 7,286 | Goodwill | 7,286 | ||||||||||||
Core deposit intangibles (included in other intangible assets, net on the face of the Consolidated Balance Sheets) | 22,630 | 22,630 | ||||||||||||||
Other real estate owned (included in other assets on the face of the Consolidated Balance Sheets) | (2,561) | 5,263 | ||||||||||||||
Others assets | $ | — | 559 | |||||||||||||
Core deposit intangibles (included in other intangible assets, net on the face of the consolidated balance sheets) | Core deposit intangibles (included in other intangible assets, net on the face of the consolidated balance sheets) | 22,630 | 22,630 | |||||||||||||
OREO (included in other assets on the face of the consolidated balance sheets) | OREO (included in other assets on the face of the consolidated balance sheets) | (2,561) | 5,263 | |||||||||||||
Other assets | Other assets | 0 | 559 | |||||||||||||
Total assets | Total assets | $ | 725,764 | Total assets | $ | 725,764 | ||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||
Deposits | Deposits | $ | 156 | $ | 725,173 | Deposits | $ | 156 | $ | 725,173 | ||||||
Other liabilities | Other liabilities | $ | 70 | 590 | Other liabilities | 70 | 590 | |||||||||
Total liabilities | Total liabilities | $ | 725,764 | Total liabilities | $ | 725,764 |
($ in Thousands) | Purchase Accounting Adjustments | February 1, 2018 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | — | $ | 78,052 | ||||
Investment securities | (6,238) | 452,867 | ||||||
Federal Home Loan Bank stock, at cost | — | 20,026 | ||||||
Loans | (48,043) | 1,875,877 | ||||||
Premises and equipment, net | 2,930 | 42,689 | ||||||
Bank owned life insurance | (24) | 65,390 | ||||||
Goodwill | 175,499 | |||||||
Core deposit intangibles (included in other intangible assets, net on the face of the Consolidated Balance Sheets) | 58,100 | 58,100 | ||||||
Other real estate owned (included in other assets on the face of the Consolidated Balance Sheets) | 199 | 4,848 | ||||||
Others assets | $ | 7,054 | 47,158 | |||||
Total assets | $ | 2,820,506 | ||||||
Liabilities | ||||||||
Deposits | $ | 2,498 | $ | 1,840,950 | ||||
Other borrowings | 1,875 | 431,886 | ||||||
Other liabilities | $ | 4,487 | 65,982 | |||||
Total liabilities | $ | 2,338,818 | ||||||
Total consideration paid | $ | 481,688 |
February 1, 2018 | |||||||||||||||||
($ in Thousands) | Acquired Performing Loans | Acquired Impaired Loans | Total | ||||||||||||||
Contractual required principal and interest at acquisition | $ | 1,899,932 | $ | 23,988 | $ | 1,923,920 | |||||||||||
Contractual cash flows not expected to be collected (nonaccretable discount) | — | (1,866) | (1,866) | ||||||||||||||
Expected cash flows at acquisition | 1,899,932 | 22,122 | 1,922,054 | ||||||||||||||
Interest component of expected cash flows (accretable discount) | (41,324) | (4,853) | (46,177) | ||||||||||||||
Fair value of acquired loans | $ | 1,858,608 | $ | 17,269 | $ | 1,875,877 |
($ in Thousands) | ($ in Thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | ($ in Thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | |||||||||||||||||||
($ in Thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | |||||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||||||||
Obligations of state and political subdivisions (municipal securities)(a) | $ | 529,908 | $ | 16,269 | $ | (18) | $ | 546,160 | |||||||||||||||||||||
Investment securities AFS | Investment securities AFS | ||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 26,436 | $ | 95 | $ | 0 | $ | 26,531 | ||||||||||||||||||||
Agency securities | Agency securities | 24,985 | 53 | 0 | 25,038 | ||||||||||||||||||||||||
Obligations of state and political subdivisions (municipal securities) | Obligations of state and political subdivisions (municipal securities) | 425,057 | 25,605 | 0 | 450,662 | ||||||||||||||||||||||||
Residential mortgage-related securities | Residential mortgage-related securities | Residential mortgage-related securities | |||||||||||||||||||||||||||
FNMA / FHLMC | FNMA / FHLMC | 131,158 | 1,562 | (59) | 132,660 | FNMA / FHLMC | 1,448,806 | 12,935 | (500) | 1,461,241 | |||||||||||||||||||
GNMA | GNMA | 982,941 | 3,887 | (1,689) | 985,139 | GNMA | 231,364 | 4,176 | (3) | 235,537 | |||||||||||||||||||
Commercial mortgage-related securities | Commercial mortgage-related securities | Commercial mortgage-related securities | |||||||||||||||||||||||||||
FNMA / FHLMC | FNMA / FHLMC | 19,929 | 1,799 | — | 21,728 | FNMA / FHLMC | 19,654 | 3,250 | 0 | 22,904 | |||||||||||||||||||
GNMA | GNMA | 1,314,836 | 7,403 | (12,032) | 1,310,207 | GNMA | 511,429 | 13,327 | 0 | 524,756 | |||||||||||||||||||
FFELP asset-backed securities | 270,178 | — | (6,485) | 263,693 | |||||||||||||||||||||||||
Asset backed securities | Asset backed securities | ||||||||||||||||||||||||||||
FFELP | FFELP | 329,030 | 1,172 | (3,013) | 327,189 | ||||||||||||||||||||||||
SBA | SBA | 8,637 | 0 | (53) | 8,584 | ||||||||||||||||||||||||
Other debt securities | Other debt securities | 3,000 | — | — | 3,000 | Other debt securities | 3,000 | 0 | 0 | 3,000 | |||||||||||||||||||
Total investment securities available for sale | $ | 3,251,950 | $ | 30,920 | $ | (20,284) | $ | 3,262,586 | |||||||||||||||||||||
Investment securities held to maturity | |||||||||||||||||||||||||||||
Total investment securities AFS | Total investment securities AFS | $ | 3,028,399 | $ | 60,612 | $ | (3,570) | $ | 3,085,441 | ||||||||||||||||||||
Investment securities HTM | Investment securities HTM | ||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 999 | $ | 19 | $ | — | $ | 1,018 | U.S. Treasury securities | $ | 999 | $ | 25 | $ | 0 | $ | 1,024 | |||||||||||
Obligations of state and political subdivisions (municipal securities)(a) | 1,418,569 | 69,775 | (1,118) | 1,487,227 | |||||||||||||||||||||||||
Obligations of state and political subdivisions (municipal securities) | Obligations of state and political subdivisions (municipal securities) | 1,441,900 | 133,544 | 0 | 1,575,445 | ||||||||||||||||||||||||
Residential mortgage-related securities | Residential mortgage-related securities | Residential mortgage-related securities | |||||||||||||||||||||||||||
FNMA / FHLMC | FNMA / FHLMC | 81,676 | 1,759 | (15) | 83,420 | FNMA / FHLMC | 54,599 | 2,891 | 0 | 57,490 | |||||||||||||||||||
GNMA | GNMA | 269,523 | 1,882 | (1,108) | 270,296 | GNMA | 114,553 | 4,260 | 0 | 118,813 | |||||||||||||||||||
GNMA commercial mortgage-related securities | 434,317 | 6,308 | (6,122) | 434,503 | |||||||||||||||||||||||||
Total investment securities held to maturity | $ | 2,205,083 | $ | 79,744 | $ | (8,363) | $ | 2,276,465 | |||||||||||||||||||||
Commercial mortgage-related securities | Commercial mortgage-related securities | ||||||||||||||||||||||||||||
FNMA/FHLMC | FNMA/FHLMC | 11,211 | 0 | 0 | 11,211 | ||||||||||||||||||||||||
GNMA | GNMA | 255,742 | 9,218 | 0 | 264,960 | ||||||||||||||||||||||||
Total investment securities HTM | Total investment securities HTM | $ | 1,879,005 | $ | 149,938 | $ | 0 | $ | 2,028,943 |
($ in Thousands) | ($ in Thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | ($ in Thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | |||||||||||||||||||
($ in Thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | |||||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 1,000 | $ | — | $ | (1) | $ | 999 | |||||||||||||||||||||
Investment securities AFS | Investment securities AFS | ||||||||||||||||||||||||||||
Obligations of state and political subdivisions (municipal securities) | Obligations of state and political subdivisions (municipal securities) | $ | 529,908 | $ | 16,269 | $ | (18) | $ | 546,160 | ||||||||||||||||||||
Residential mortgage-related securities: | Residential mortgage-related securities: | Residential mortgage-related securities: | |||||||||||||||||||||||||||
FNMA / FHLMC | FNMA / FHLMC | 296,296 | 2,466 | (3,510) | 295,252 | FNMA / FHLMC | 131,158 | 1,562 | (59) | 132,660 | |||||||||||||||||||
GNMA | GNMA | 2,169,943 | 473 | (41,885) | 2,128,531 | GNMA | 982,941 | 3,887 | (1,689) | 985,139 | |||||||||||||||||||
Private-label | 1,007 | — | (4) | 1,003 | |||||||||||||||||||||||||
GNMA commercial mortgage-related securities | 1,273,309 | — | (52,512) | 1,220,797 | |||||||||||||||||||||||||
FFELP asset-backed securities | 297,347 | 711 | (698) | 297,360 | |||||||||||||||||||||||||
Commercial mortgage-related securities | Commercial mortgage-related securities | ||||||||||||||||||||||||||||
FNMA/FHLMC | FNMA/FHLMC | 19,929 | 1,799 | 0 | 21,728 | ||||||||||||||||||||||||
GNMA | GNMA | 1,314,836 | 7,403 | (12,032) | 1,310,207 | ||||||||||||||||||||||||
FFELP asset backed securities | FFELP asset backed securities | 270,178 | 0 | (6,485) | 263,693 | ||||||||||||||||||||||||
Other debt securities | Other debt securities | 3,000 | — | — | 3,000 | Other debt securities | 3,000 | 0 | 0 | 3,000 | |||||||||||||||||||
Total investment securities available for sale | $ | 4,041,902 | $ | 3,649 | $ | (98,610) | $ | 3,946,941 | |||||||||||||||||||||
Investment securities held to maturity | |||||||||||||||||||||||||||||
Total investment securities AFS | Total investment securities AFS | $ | 3,251,950 | $ | 30,920 | $ | (20,284) | $ | 3,262,586 | ||||||||||||||||||||
Investment securities HTM | Investment securities HTM | ||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 999 | $ | 19 | $ | 0 | $ | 1,018 | ||||||||||||||||||||
Obligations of state and political subdivisions (municipal securities) | Obligations of state and political subdivisions (municipal securities) | $ | 1,790,683 | $ | 8,255 | $ | (15,279) | $ | 1,783,659 | Obligations of state and political subdivisions (municipal securities) | 1,418,569 | 69,775 | (1,118) | 1,487,227 | |||||||||||||||
Residential mortgage-related securities | Residential mortgage-related securities | Residential mortgage-related securities | |||||||||||||||||||||||||||
FNMA / FHLMC | FNMA / FHLMC | 92,788 | 169 | (1,795) | 91,162 | FNMA / FHLMC | 81,676 | 1,759 | (15) | 83,420 | |||||||||||||||||||
GNMA | GNMA | 351,606 | 1,611 | (8,181) | 345,035 | GNMA | 269,523 | 1,882 | (1,108) | 270,296 | |||||||||||||||||||
GNMA commercial mortgage-related securities | GNMA commercial mortgage-related securities | 505,434 | 7,559 | (22,579) | 490,414 | GNMA commercial mortgage-related securities | 434,317 | 6,308 | (6,122) | 434,503 | |||||||||||||||||||
Total investment securities held to maturity | $ | 2,740,511 | $ | 17,593 | $ | (47,835) | $ | 2,710,271 | |||||||||||||||||||||
Total investment securities HTM | Total investment securities HTM | $ | 2,205,083 | $ | 79,744 | $ | (8,363) | $ | 2,276,465 |
Available for Sale | Held to Maturity | |||||||||||||||||||
($ in Thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||
Due in one year or less | $ | 2,795 | $ | 2,800 | $ | 29,033 | $ | 29,218 | ||||||||||||
Due after one year through five years | 32,399 | 32,901 | 82,023 | 83,245 | ||||||||||||||||
Due after five years through ten years | 317,292 | 326,361 | 136,138 | 140,704 | ||||||||||||||||
Due after ten years | 180,422 | 187,098 | 1,172,373 | 1,235,077 | ||||||||||||||||
Total debt securities | 532,908 | 549,160 | 1,419,568 | 1,488,245 | ||||||||||||||||
Residential mortgage-related securities | ||||||||||||||||||||
FNMA / FHLMC | 131,158 | 132,660 | 81,676 | 83,420 | ||||||||||||||||
GNMA | 982,941 | 985,139 | 269,523 | 270,296 | ||||||||||||||||
Commercial mortgage-related securities | ||||||||||||||||||||
FNMA / FHLMC | 19,929 | 21,728 | — | — | ||||||||||||||||
GNMA | 1,314,836 | 1,310,207 | 434,317 | 434,503 | ||||||||||||||||
FFELP asset-backed securities | 270,178 | 263,693 | — | — | ||||||||||||||||
Total investment securities | $ | 3,251,950 | $ | 3,262,586 | $ | 2,205,083 | $ | 2,276,465 | ||||||||||||
Ratio of Fair Value to Amortized Cost | 100.3 | % | 103.2 | % |
AFS | HTM | |||||||||||||
($ in Thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||
Due in one year or less | $ | 7,385 | $ | 7,394 | $ | 29,665 | $ | 29,938 | ||||||
Due after one year through five years | 83,293 | 84,112 | 54,313 | 56,196 | ||||||||||
Due after five years through ten years | 350,687 | 371,076 | 187,853 | 197,850 | ||||||||||
Due after ten years | 38,113 | 42,650 | 1,171,068 | 1,292,485 | ||||||||||
Total debt securities | 479,478 | 505,231 | 1,442,900 | 1,576,469 | ||||||||||
Residential mortgage-related securities | ||||||||||||||
FNMA / FHLMC | 1,448,806 | 1,461,241 | 54,599 | 57,490 | ||||||||||
GNMA | 231,364 | 235,537 | 114,553 | 118,813 | ||||||||||
Commercial mortgage-related securities | ||||||||||||||
FNMA / FHLMC | 19,654 | 22,904 | 11,211 | 11,211 | ||||||||||
GNMA | 511,429 | 524,756 | 255,742 | 264,960 | ||||||||||
Asset backed securities | ||||||||||||||
FFELP | 329,030 | 327,189 | 0 | 0 | ||||||||||
SBA | 8,637 | 8,584 | 0 | 0 | ||||||||||
Total investment securities | $ | 3,028,399 | $ | 3,085,441 | $ | 1,879,005 | $ | 2,028,943 | ||||||
Ratio of Fair Value to Amortized Cost | 101.9 | % | 108.0 | % |
($ in Thousands) | AAA | AA | A | Total | ||||||||||
U.S. Treasury securities | $ | 999 | $ | 0 | $ | 0 | $ | 999 | ||||||
Obligations of state and political subdivisions (municipal securities) | 567,252 | 860,607 | 14,041 | 1,441,900 | ||||||||||
Residential mortgage-related securities | ||||||||||||||
FNMA/FHLMC | 54,599 | 0 | 0 | 54,599 | ||||||||||
GNMA | 114,553 | 0 | 0 | 114,553 | ||||||||||
Commercial mortgage-related securities | ||||||||||||||
FNMA/FHLMC | 11,211 | 0 | 0 | 11,211 | ||||||||||
GNMA | 255,742 | 0 | 0 | 255,742 | ||||||||||
Total HTM securities | $ | 1,004,357 | $ | 860,607 | $ | 14,041 | $ | 1,879,005 |
($ in Thousands) | 2019 | 2018 | 2017 | ||||||||
Gross gains on available for sale securities | $ | 6,374 | $ | 1,954 | $ | — | |||||
Gross gains on held to maturity securities | — | — | 439 | ||||||||
Total gains | 6,374 | 1,954 | 439 | ||||||||
Gross (losses) on available for sale securities | (13,861) | (3,938) | — | ||||||||
Gross (losses) on held to maturity securities | — | — | (5) | ||||||||
Total (losses) | (13,861) | (3,938) | (5) | ||||||||
Write-up of equity securities without readily determinable fair values | 13,444 | — | — | ||||||||
Investment securities gains (losses), net | $ | 5,957 | $ | (1,985) | $ | 434 | |||||
Proceeds from sales of investment securities | $ | 1,367,476 | $ | 601,130 | $ | 18,467 |
($ in Thousands) | 2020 | 2019 | 2018 | ||||||||
Gross gains on AFS securities | $ | 9,312 | $ | 6,374 | $ | 1,954 | |||||
Gross (losses) on AFS securities | (90) | (13,861) | (3,938) | ||||||||
Write-up of equity securities without readily determinable fair values | 0 | 13,444 | 0 | ||||||||
Investment securities gains (losses), net | $ | 9,222 | $ | 5,957 | $ | (1,985) | |||||
Proceeds from sales of investment securities | $ | 626,283 | $ | 1,367,476 | $ | 601,130 |
Less than 12 months | 12 months or more | Total | Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | Number of Securities | Unrealized (Losses) | Fair Value | Number of Securities | Unrealized (Losses) | Fair Value | Unrealized (Losses) | Fair Value | ($ in Thousands) | Number of Securities | Unrealized (Losses) | Fair Value | Number of Securities | Unrealized (Losses) | Fair Value | Unrealized (Losses) | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities AFS | Investment securities AFS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions (municipal securities) | 4 | $ | (18) | 1,225 | — | $ | — | $ | — | $ | (18) | $ | 1,225 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-related securities | Residential mortgage-related securities | Residential mortgage-related securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FNMA / FHLMC | FNMA / FHLMC | — | — | — | 4 | (59) | 34,807 | (59) | 34,807 | FNMA / FHLMC | 7 | $ | (500) | $ | 163,002 | 0 | $ | 0 | $ | 0 | $ | (500) | $ | 163,002 | |||||||||||||||||||||||||||||||||||||||||||
GNMA | GNMA | 18 | (924) | 322,394 | 3 | (766) | 79,461 | (1,689) | 401,856 | GNMA | 2 | (3) | 9,784 | 0 | 0 | 0 | (3) | 9,784 | |||||||||||||||||||||||||||||||||||||||||||||||||
GNMA commercial mortgage-related securities | GNMA commercial mortgage-related securities | 22 | (810) | 258,218 | 42 | (11,222) | 621,307 | (12,032) | 879,524 | GNMA commercial mortgage-related securities | 1 | 0 | 287 | 0 | 0 | 0 | 0 | 287 | |||||||||||||||||||||||||||||||||||||||||||||||||
FFELP asset-backed securities | 19 | (6,092) | 250,780 | 2 | (393) | 12,913 | (6,485) | 263,693 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset backed securities | Asset backed securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FFELP | FFELP | 1 | (129) | 9,267 | 16 | (2,885) | 178,681 | (3,013) | 187,948 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA | SBA | 14 | (53) | 8,379 | 0 | 0 | 0 | (53) | 8,379 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | 2 | — | 2,000 | — | — | — | — | 2,000 | Other debt securities | 2 | 0 | 2,000 | 0 | 0 | 0 | 0 | 2,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 65 | $ | (7,843) | $ | 834,616 | 51 | $ | (12,440) | $ | 748,487 | $ | (20,284) | $ | 1,583,104 | Total | 27 | $ | (685) | $ | 192,720 | 16 | $ | (2,885) | $ | 178,681 | $ | (3,570) | $ | 371,400 | |||||||||||||||||||||||||||||||||||||
Investment securities held to maturity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions (municipal securities) | 52 | $ | (1,105) | $ | 77,562 | 6 | $ | (13) | $ | 2,378 | $ | (1,118) | $ | 79,940 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-related securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FNMA / FHLMC | 1 | (6) | 1,242 | 1 | (9) | 833 | (15) | 2,075 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GNMA | 12 | (1,059) | 187,261 | 8 | (49) | 6,587 | (1,108) | 193,849 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GNMA commercial mortgage-related securities | 2 | (29) | 26,202 | 21 | (6,093) | 357,733 | (6,122) | 383,935 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities HTM | Investment securities HTM | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GNMA residential mortgage-related securities | GNMA residential mortgage-related securities | 1 | $ | 0 | $ | 325 | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 325 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 67 | $ | (2,199) | $ | 292,267 | 36 | $ | (6,164) | $ | 367,532 | $ | (8,363) | $ | 659,799 | Total | 1 | $ | 0 | $ | 325 | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 325 |
Less than 12 months | 12 months or more | Total | Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | Number of Securities | Unrealized (Losses) | Fair Value | Number of Securities | Unrealized (Losses) | Fair Value | Unrealized (Losses) | Fair Value | ($ in Thousands) | Number of Securities | Unrealized (Losses) | Fair Value | Number of Securities | Unrealized (Losses) | Fair Value | Unrealized (Losses) | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | — | $ | — | $ | — | 1 | $ | (1) | $ | 999 | $ | (1) | $ | 999 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities AFS | Investment securities AFS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions (municipal securities) | Obligations of state and political subdivisions (municipal securities) | 4 | $ | (18) | $ | 1,225 | 0 | $ | 0 | $ | 0 | $ | (18) | $ | 1,225 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-related securities | Residential mortgage-related securities | Residential mortgage-related securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FNMA / FHLMC | FNMA / FHLMC | 15 | (31) | 17,993 | 17 | (3,479) | 189,405 | (3,510) | 207,398 | FNMA / FHLMC | 0 | 0 | 0 | 4 | (59) | 34,807 | (59) | 34,807 | |||||||||||||||||||||||||||||||||||||||||||||||||
GNMA | GNMA | 12 | (4,529) | 452,183 | 79 | (37,355) | 1,598,159 | (41,885) | 2,050,342 | GNMA | 18 | (924) | 322,394 | 3 | (766) | 79,461 | (1,689) | 401,856 | |||||||||||||||||||||||||||||||||||||||||||||||||
Private-label | 1 | (4) | 1,003 | — | — | — | (4) | 1,003 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GNMA commercial mortgage-related securities | GNMA commercial mortgage-related securities | — | — | — | 93 | (52,512) | 1,220,854 | (52,512) | 1,220,854 | GNMA commercial mortgage-related securities | 22 | (810) | 258,218 | 42 | (11,222) | 621,307 | (12,032) | 879,524 | |||||||||||||||||||||||||||||||||||||||||||||||||
FFELP asset-backed securities | 13 | (698) | 142,432 | — | — | — | (698) | 142,432 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FFELP asset backed securities | FFELP asset backed securities | 19 | (6,092) | 250,780 | 2 | (393) | 12,913 | (6,485) | 263,693 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | 2 | 0 | 2,000 | 0 | 0 | 0 | 0 | 2,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 41 | $ | (5,262) | $ | 613,612 | 190 | $ | (93,347) | $ | 3,009,417 | $ | (98,610) | $ | 3,623,028 | Total | 65 | $ | (7,843) | $ | 834,616 | 51 | $ | (12,440) | $ | 748,487 | $ | (20,284) | $ | 1,583,104 | |||||||||||||||||||||||||||||||||||||
Investment securities held to maturity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities HTM | Investment securities HTM | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions (municipal securities) | Obligations of state and political subdivisions (municipal securities) | 272 | $ | (2,860) | $ | 313,212 | 752 | $ | (12,419) | $ | 509,374 | $ | (15,279) | $ | 822,586 | Obligations of state and political subdivisions (municipal securities) | 52 | $ | (1,105) | $ | 77,562 | 6 | $ | (13) | $ | 2,378 | $ | (1,118) | $ | 79,940 | |||||||||||||||||||||||||||||||||||||
Residential mortgage-related securities | Residential mortgage-related securities | Residential mortgage-related securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FNMA / FHLMC | FNMA / FHLMC | 13 | (780) | 57,896 | 22 | (1,015) | 28,888 | (1,795) | 86,784 | FNMA / FHLMC | 1 | (6) | 1,242 | 1 | (9) | 833 | (15) | 2,075 | |||||||||||||||||||||||||||||||||||||||||||||||||
GNMA | GNMA | 13 | (414) | 19,822 | 66 | (7,767) | 320,387 | (8,181) | 340,209 | GNMA | 12 | (1,059) | 187,261 | 8 | (49) | 6,587 | (1,108) | 193,849 | |||||||||||||||||||||||||||||||||||||||||||||||||
GNMA commercial mortgage-related securities | GNMA commercial mortgage-related securities | — | — | — | 25 | (22,579) | 490,414 | (22,579) | 490,414 | GNMA commercial mortgage-related securities | 2 | (29) | 26,202 | 21 | (6,093) | 357,733 | (6,122) | 383,935 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 298 | $ | (4,053) | $ | 390,929 | 865 | $ | (43,780) | $ | 1,349,063 | $ | (47,835) | $ | 1,739,992 | Total | 67 | $ | (2,199) | $ | 292,267 | 36 | $ | (6,164) | $ | 367,532 | $ | (8,363) | $ | 659,799 |
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | ($ in Thousands) | 2020 | 2019 | |||||||||||||
PPP | PPP | $ | 767,757 | $ | 0 | ||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 7,354,594 | $ | 7,398,044 | Commercial and industrial | 7,701,422 | 7,354,594 | |||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | 911,265 | 920,443 | Commercial real estate - owner occupied | 900,912 | 911,265 | |||||||||||||
Commercial and business lending | Commercial and business lending | 8,265,858 | 8,318,487 | Commercial and business lending | 9,370,091 | 8,265,858 | |||||||||||||
Commercial real estate - investor | Commercial real estate - investor | 3,794,517 | 3,751,554 | Commercial real estate - investor | 4,342,584 | 3,794,517 | |||||||||||||
Real estate construction | Real estate construction | 1,420,900 | 1,335,031 | Real estate construction | 1,840,417 | 1,420,900 | |||||||||||||
Commercial real estate lending | Commercial real estate lending | 5,215,417 | 5,086,585 | Commercial real estate lending | 6,183,001 | 5,215,417 | |||||||||||||
Total commercial | Total commercial | 13,481,275 | 13,405,072 | Total commercial | 15,553,091 | 13,481,275 | |||||||||||||
Residential mortgage | Residential mortgage | 8,136,980 | 8,277,712 | Residential mortgage | 7,878,324 | 8,136,980 | |||||||||||||
Home equity | Home equity | 852,025 | 894,473 | Home equity | 707,255 | 852,025 | |||||||||||||
Other consumer | Other consumer | 351,159 | 363,171 | Other consumer | 313,054 | 351,159 | |||||||||||||
Total consumer | Total consumer | 9,340,164 | 9,535,357 | Total consumer | 8,898,632 | 9,340,164 | |||||||||||||
Total loans(a)(b) | $ | 22,821,440 | $ | 22,940,429 | |||||||||||||||
Total loans | Total loans | $ | 24,451,724 | $ | 22,821,440 |
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | ($ in Thousands) | 2020 | 2019 | ||||||||||
Balance at beginning of year | Balance at beginning of year | $ | 17,831 | $ | 20,260 | Balance at beginning of year | $ | 16,772 | $ | 17,831 | ||||||
New loans | New loans | 3,673 | 3,076 | New loans | 19,140 | 3,673 | ||||||||||
Repayments | Repayments | (8,053) | (5,017) | Repayments | (6,643) | (8,053) | ||||||||||
Change due to status of executive officers and directors | Change due to status of executive officers and directors | 3,320 | (489) | Change due to status of executive officers and directors | 152 | 3,320 | ||||||||||
Balance at end of year | Balance at end of year | $ | 16,772 | $ | 17,831 | Balance at end of year | $ | 29,420 | $ | 16,772 |
Term Loans Amortized Cost Basis by Origination Year(a) | ||||||||||||||||||||||||||||||||
($ in Thousands) | Rev Loans Converted to Term(a) | Rev Loans Amortized Cost Basis | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Total | |||||||||||||||||||||||
PPP:(b) | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | $ | 0 | $ | 0 | $ | 745,767 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 745,767 | ||||||||||||||
Special Mention | 0 | 0 | 3,988 | 0 | 0 | 0 | 0 | 0 | 3,988 | |||||||||||||||||||||||
Potential Problem | 0 | 0 | 18,002 | 0 | 0 | 0 | 0 | 0 | 18,002 | |||||||||||||||||||||||
PPP | $ | 0 | $ | 0 | $ | 767,757 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 767,757 | ||||||||||||||
Commercial and industrial: | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | $ | 4,628 | $ | 2,177,138 | $ | 1,389,260 | $ | 1,435,519 | $ | 1,182,302 | $ | 483,957 | $ | 305,998 | $ | 453,734 | $ | 7,427,908 | ||||||||||||||
Special Mention | 0 | 10,159 | 2,719 | 39,854 | 37,042 | 113 | 215 | 67 | 90,169 | |||||||||||||||||||||||
Potential Problem(c) | 2,565 | 7,237 | 19,331 | 28,413 | 56,580 | 2,269 | 6,477 | 1,179 | 121,487 | |||||||||||||||||||||||
Nonaccrual(d) | 16,852 | 0 | 6,238 | 5,789 | 17,014 | 16,623 | 8,781 | 7,414 | 61,859 | |||||||||||||||||||||||
Commercial and industrial | $ | 24,045 | $ | 2,194,534 | $ | 1,417,548 | $ | 1,509,575 | $ | 1,292,938 | $ | 502,962 | $ | 321,471 | $ | 462,394 | $ | 7,701,422 | ||||||||||||||
Commercial real estate - owner occupied: | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | $ | 1,150 | $ | 18,022 | $ | 185,861 | $ | 209,069 | $ | 128,360 | $ | 99,546 | $ | 147,366 | $ | 79,111 | $ | 867,335 | ||||||||||||||
Special Mention | 0 | 113 | 1,882 | 3,122 | 300 | 658 | 264 | 0 | 6,339 | |||||||||||||||||||||||
Potential Problem | 0 | 3,486 | 4,104 | 8,916 | 0 | 1,490 | 4,437 | 3,747 | 26,179 | |||||||||||||||||||||||
Nonaccrual | 0 | 0 | 0 | 0 | 0 | 318 | 0 | 740 | 1,058 | |||||||||||||||||||||||
Commercial real estate - owner occupied | $ | 1,150 | $ | 21,621 | $ | 191,847 | $ | 221,107 | $ | 128,660 | $ | 102,012 | $ | 152,067 | $ | 83,598 | $ | 900,912 | ||||||||||||||
Commercial and business lending: | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | $ | 5,778 | $ | 2,195,160 | $ | 2,320,888 | $ | 1,644,588 | $ | 1,310,662 | $ | 583,503 | $ | 453,364 | $ | 532,845 | $ | 9,041,009 | ||||||||||||||
Special Mention | 0 | 10,272 | 8,589 | 42,976 | 37,342 | 771 | 479 | 67 | 100,496 | |||||||||||||||||||||||
Potential Problem(c) | 2,565 | 10,723 | 41,437 | 37,329 | 56,580 | 3,759 | 10,915 | 4,926 | 165,668 | |||||||||||||||||||||||
Nonaccrual(d) | 16,852 | 0 | 6,238 | 5,789 | 17,014 | 16,941 | 8,781 | 8,154 | 62,917 | |||||||||||||||||||||||
Commercial and business lending | $ | 25,195 | $ | 2,216,154 | $ | 2,377,152 | $ | 1,730,682 | $ | 1,421,598 | $ | 604,974 | $ | 473,539 | $ | 545,992 | $ | 9,370,091 | ||||||||||||||
Commercial real estate - investor: | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | $ | 10,971 | $ | 171,497 | $ | 1,249,644 | $ | 976,332 | $ | 720,237 | $ | 271,987 | $ | 341,658 | $ | 211,360 | $ | 3,942,714 | ||||||||||||||
Special Mention | 0 | 0 | 90,235 | 97,333 | 12,339 | 0 | 21,882 | 8,465 | 230,254 | |||||||||||||||||||||||
Potential Problem | 0 | 838 | 16,343 | 13,575 | 30,911 | 2,279 | 239 | 27,209 | 91,396 | |||||||||||||||||||||||
Nonaccrual | 19,803 | 0 | 10,141 | 53,056 | 446 | 14,267 | 0 | 309 | 78,220 | |||||||||||||||||||||||
Commercial real estate - investor | $ | 30,774 | $ | 172,335 | $ | 1,366,364 | $ | 1,140,297 | $ | 763,933 | $ | 288,533 | $ | 363,779 | $ | 247,343 | $ | 4,342,584 | ||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | $ | 776 | $ | 47,880 | $ | 645,925 | $ | 738,561 | $ | 294,910 | $ | 25,219 | $ | 2,420 | $ | 16,768 | $ | 1,771,682 | ||||||||||||||
Special Mention | 0 | 0 | 487 | 494 | 48,283 | 42 | 0 | 30 | 49,336 | |||||||||||||||||||||||
Potential Problem | 0 | 0 | 135 | 0 | 18,803 | 0 | 93 | 15 | 19,046 | |||||||||||||||||||||||
Nonaccrual | 0 | 0 | 0 | 0 | 0 | 16 | 0 | 338 | 353 | |||||||||||||||||||||||
Real estate construction | $ | 776 | $ | 47,880 | $ | 646,547 | $ | 739,055 | $ | 361,996 | $ | 25,277 | $ | 2,513 | $ | 17,150 | $ | 1,840,417 | ||||||||||||||
Commercial real estate lending: | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | $ | 11,746 | $ | 219,377 | $ | 1,895,569 | $ | 1,714,893 | $ | 1,015,146 | $ | 297,205 | $ | 344,078 | $ | 228,127 | $ | 5,714,396 | ||||||||||||||
Special Mention | 0 | 0 | 90,722 | 97,827 | 60,622 | 42 | 21,882 | 8,494 | 279,590 | |||||||||||||||||||||||
Potential Problem | 0 | 838 | 16,479 | 13,575 | 49,714 | 2,279 | 332 | 27,224 | 110,442 | |||||||||||||||||||||||
Nonaccrual | 19,803 | 0 | 10,141 | 53,056 | 446 | 14,283 | 0 | 647 | 78,573 | |||||||||||||||||||||||
Commercial real estate lending | $ | 31,549 | $ | 220,215 | $ | 2,012,911 | $ | 1,879,352 | $ | 1,125,929 | $ | 313,810 | $ | 366,292 | $ | 264,493 | $ | 6,183,001 |
Term Loans Amortized Cost Basis by Origination Year(a) | ||||||||||||||||||||||||||||||||
($ in Thousands) | Rev Loans Converted to Term(a) | Rev Loans Amortized Cost Basis | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Total | |||||||||||||||||||||||
Total commercial: | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | $ | 17,524 | $ | 2,414,537 | $ | 4,216,457 | $ | 3,359,482 | $ | 2,325,808 | $ | 880,708 | $ | 797,441 | $ | 760,973 | $ | 14,755,405 | ||||||||||||||
Special Mention | 0 | 10,272 | 99,311 | 140,803 | 97,964 | 813 | 22,361 | 8,562 | 380,086 | |||||||||||||||||||||||
Potential Problem(c) | 2,565 | 11,561 | 57,916 | 50,905 | 106,295 | 6,038 | 11,247 | 32,150 | 276,111 | |||||||||||||||||||||||
Nonaccrual(d) | 36,655 | 0 | 16,379 | 58,845 | 17,460 | 31,224 | 8,781 | 8,801 | 141,490 | |||||||||||||||||||||||
Total commercial | $ | 56,745 | $ | 2,436,370 | $ | 4,390,063 | $ | 3,610,033 | $ | 2,547,526 | $ | 918,783 | $ | 839,831 | $ | 810,485 | $ | 15,553,091 | ||||||||||||||
Residential mortgage: | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | $ | 0 | $ | 0 | $ | 2,185,240 | $ | 1,490,589 | $ | 615,118 | $ | 998,072 | $ | 911,797 | $ | 1,612,971 | $ | 7,813,788 | ||||||||||||||
Special Mention | 0 | 0 | 0 | 355 | 330 | 102 | 126 | 537 | 1,450 | |||||||||||||||||||||||
Potential Problem | 0 | 0 | 1,200 | 689 | 652 | 0 | 179 | 1,028 | 3,749 | |||||||||||||||||||||||
Nonaccrual | 0 | 0 | 1,478 | 2,271 | 5,882 | 7,116 | 11,003 | 31,587 | 59,337 | |||||||||||||||||||||||
Residential mortgage | $ | 0 | $ | 0 | $ | 2,187,918 | $ | 1,493,903 | $ | 621,983 | $ | 1,005,290 | $ | 923,105 | $ | 1,646,124 | $ | 7,878,324 | ||||||||||||||
Home equity: | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | $ | 10,224 | $ | 569,389 | $ | 2,057 | $ | 12,968 | $ | 15,792 | $ | 11,594 | $ | 5,803 | $ | 76,165 | $ | 693,767 | ||||||||||||||
Special Mention | 596 | 631 | 0 | 39 | 14 | 39 | 4 | 804 | 1,532 | |||||||||||||||||||||||
Potential Problem | 0 | 1,922 | 0 | 0 | 0 | 0 | 0 | 146 | 2,068 | |||||||||||||||||||||||
Nonaccrual | 1,600 | 100 | 965 | 134 | 410 | 319 | 711 | 7,249 | 9,888 | |||||||||||||||||||||||
Home equity | $ | 12,421 | $ | 572,041 | $ | 3,022 | $ | 13,141 | $ | 16,216 | $ | 11,952 | $ | 6,518 | $ | 84,364 | $ | 707,255 | ||||||||||||||
Other consumer: | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | $ | 70 | $ | 165,114 | $ | 9,525 | $ | 10,309 | $ | 3,987 | $ | 1,872 | $ | 1,185 | $ | 120,425 | $ | 312,416 | ||||||||||||||
Special Mention | 5 | 438 | 13 | 16 | 11 | 4 | 7 | 8 | 498 | |||||||||||||||||||||||
Nonaccrual | 5 | 33 | 9 | 49 | 21 | 10 | 0 | 18 | 140 | |||||||||||||||||||||||
Other consumer | $ | 81 | $ | 165,585 | $ | 9,547 | $ | 10,374 | $ | 4,019 | $ | 1,886 | $ | 1,192 | $ | 120,451 | $ | 313,054 | ||||||||||||||
Total consumer: | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | $ | 10,294 | $ | 734,502 | $ | 2,196,822 | $ | 1,513,865 | $ | 634,897 | $ | 1,011,539 | $ | 918,785 | $ | 1,809,561 | $ | 8,819,971 | ||||||||||||||
Special Mention | 602 | 1,069 | 13 | 410 | 356 | 145 | 137 | 1,349 | 3,480 | |||||||||||||||||||||||
Potential Problem | 0 | 1,922 | 1,200 | 689 | 652 | 0 | 179 | 1,174 | 5,817 | |||||||||||||||||||||||
Nonaccrual | 1,605 | 133 | 2,452 | 2,454 | 6,313 | 7,445 | 11,714 | 38,854 | 69,364 | |||||||||||||||||||||||
Total consumer | $ | 12,501 | $ | 737,626 | $ | 2,200,487 | $ | 1,517,417 | $ | 642,218 | $ | 1,019,128 | $ | 930,816 | $ | 1,850,939 | $ | 8,898,632 | ||||||||||||||
Total loans: | ||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||
Pass | $ | 27,819 | $ | 3,149,039 | $ | 6,413,278 | $ | 4,873,347 | $ | 2,960,705 | $ | 1,892,247 | $ | 1,716,226 | $ | 2,570,534 | $ | 23,575,376 | ||||||||||||||
Special Mention | 602 | 11,341 | 99,324 | 141,213 | 98,320 | 958 | 22,498 | 9,911 | 383,566 | |||||||||||||||||||||||
Potential Problem(c) | 2,565 | 13,483 | 59,116 | 51,593 | 106,947 | 6,038 | 11,426 | 33,324 | 281,928 | |||||||||||||||||||||||
Nonaccrual(d) | 38,260 | 133 | 18,831 | 61,298 | 23,773 | 38,669 | 20,496 | 47,655 | 210,854 | |||||||||||||||||||||||
Total loans | $ | 69,246 | $ | 3,173,996 | $ | 6,590,550 | $ | 5,127,451 | $ | 3,189,745 | $ | 1,937,912 | $ | 1,770,647 | $ | 2,661,424 | $ | 24,451,724 |
($ in Thousands) | Pass | Special Mention | Potential Problem | Nonaccrual | Total | ||||||||||||||||||||||||
Commercial and industrial | $ | 7,118,448 | $ | 79,525 | $ | 110,308 | $ | 46,312 | $ | 7,354,594 | |||||||||||||||||||
Commercial real estate - owner occupied | 866,193 | 25,115 | 19,889 | 67 | 911,265 | ||||||||||||||||||||||||
Commercial and business lending | 7,984,641 | 104,641 | 130,197 | 46,380 | 8,265,858 | ||||||||||||||||||||||||
Commercial real estate - investor | 3,620,785 | 139,873 | 29,449 | 4,409 | 3,794,517 | ||||||||||||||||||||||||
Real estate construction | 1,420,374 | 33 | — | 493 | 1,420,900 | ||||||||||||||||||||||||
Commercial real estate lending | 5,041,159 | 139,906 | 29,449 | 4,902 | 5,215,417 | ||||||||||||||||||||||||
Total commercial | 13,025,800 | 244,547 | 159,646 | 51,282 | 13,481,275 | ||||||||||||||||||||||||
Residential mortgage | 8,077,122 | 563 | 1,451 | 57,844 | 8,136,980 | ||||||||||||||||||||||||
Home equity | 841,757 | 1,164 | — | 9,104 | 852,025 | ||||||||||||||||||||||||
Other consumer | 350,260 | 748 | — | 152 | 351,159 | ||||||||||||||||||||||||
Total consumer | 9,269,139 | 2,475 | 1,451 | 67,099 | 9,340,164 | ||||||||||||||||||||||||
Total loans(a) | $ | 22,294,939 | $ | 247,022 | $ | 161,097 | $ | 118,380 | $ | 22,821,440 |
($ in Thousands) | ($ in Thousands) | Pass | Special Mention | Potential Problem | Nonaccrual | Total | ($ in Thousands) | Pass | Special Mention | Potential Problem | Nonaccrual | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 7,162,370 | $ | 78,075 | $ | 116,578 | $ | 41,021 | $ | 7,398,044 | Commercial and industrial | $ | 7,118,448 | $ | 79,525 | $ | 110,308 | $ | 46,312 | $ | 7,354,594 | ||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | 854,265 | 6,257 | 55,964 | 3,957 | 920,443 | Commercial real estate - owner occupied | 866,193 | 25,115 | 19,889 | 67 | 911,265 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and business lending | Commercial and business lending | 8,016,635 | 84,332 | 172,542 | 44,978 | 8,318,487 | Commercial and business lending | 7,984,641 | 104,641 | 130,197 | 46,380 | 8,265,858 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - investor | Commercial real estate - investor | 3,653,642 | 28,479 | 67,481 | 1,952 | 3,751,554 | Commercial real estate - investor | 3,620,785 | 139,873 | 29,449 | 4,409 | 3,794,517 | ||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | 1,321,447 | 8,771 | 3,834 | 979 | 1,335,031 | Real estate construction | 1,420,374 | 33 | 0 | 493 | 1,420,900 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate lending | Commercial real estate lending | 4,975,089 | 37,249 | 71,315 | 2,931 | 5,086,585 | Commercial real estate lending | 5,041,159 | 139,906 | 29,449 | 4,902 | 5,215,417 | ||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 12,991,724 | 121,582 | 243,856 | 47,909 | 13,405,072 | Total commercial | 13,025,800 | 244,547 | 159,646 | 51,282 | 13,481,275 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | 8,203,729 | 434 | 5,975 | 67,574 | 8,277,712 | Residential mortgage | 8,077,122 | 563 | 1,451 | 57,844 | 8,136,980 | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 880,808 | 1,223 | 103 | 12,339 | 894,473 | Home equity | 841,757 | 1,164 | 0 | 9,104 | 852,025 | ||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | 362,343 | 749 | — | 79 | 363,171 | Other consumer | 350,260 | 748 | 0 | 152 | 351,159 | ||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | Total consumer | 9,446,881 | 2,406 | 6,078 | 79,992 | 9,535,357 | Total consumer | 9,269,139 | 2,475 | 1,451 | 67,099 | 9,340,164 | ||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 22,438,605 | $ | 123,988 | $ | 249,935 | $ | 127,901 | $ | 22,940,429 | Total loans | $ | 22,294,939 | $ | 247,022 | $ | 161,097 | $ | 118,380 | $ | 22,821,440 |
Accruing | ||||||||||||||||||||||||||||||||
($ in Thousands) | Current(a) | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Nonaccrual(b)(c) | Total | ||||||||||||||||||||||||||
PPP | $ | 767,757 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 767,757 | ||||||||||||||||||||
Commercial and industrial | 7,633,269 | 2,819 | 3,300 | 175 | 61,859 | 7,701,422 | ||||||||||||||||||||||||||
Commercial real estate - owner occupied | 899,480 | 158 | 215 | 0 | 1,058 | 900,912 | ||||||||||||||||||||||||||
Commercial and business lending | 9,300,506 | 2,977 | 3,516 | 175 | 62,917 | 9,370,091 | ||||||||||||||||||||||||||
Commercial real estate - investor | 4,251,571 | 1,024 | 11,769 | 0 | 78,220 | 4,342,584 | ||||||||||||||||||||||||||
Real estate construction | 1,839,073 | 991 | 0 | 0 | 353 | 1,840,417 | ||||||||||||||||||||||||||
Commercial real estate lending | 6,090,644 | 2,015 | 11,769 | 0 | 78,573 | 6,183,001 | ||||||||||||||||||||||||||
Total commercial | 15,391,150 | 4,992 | 15,284 | 175 | 141,490 | 15,553,091 | ||||||||||||||||||||||||||
Residential mortgage | 7,808,294 | 8,975 | 1,410 | 308 | 59,337 | 7,878,324 | ||||||||||||||||||||||||||
Home equity | 692,565 | 3,071 | 1,731 | 0 | 9,888 | 707,255 | ||||||||||||||||||||||||||
Other consumer | 310,200 | 1,039 | 560 | 1,115 | 140 | 313,054 | ||||||||||||||||||||||||||
Total consumer | 8,811,060 | 13,085 | 3,701 | 1,423 | 69,364 | 8,898,632 | ||||||||||||||||||||||||||
Total loans | $ | 24,202,209 | $ | 18,077 | $ | 18,985 | $ | 1,598 | $ | 210,854 | $ | 24,451,724 |
Accruing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due and Still Accruing | Nonaccrual(a) | Total | ($ in Thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Nonaccrual(a) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 7,307,118 | $ | 576 | $ | 245 | $ | 342 | $ | 46,312 | $ | 7,354,594 | Commercial and industrial | $ | 7,307,118 | $ | 576 | $ | 245 | $ | 342 | $ | 46,312 | $ | 7,354,594 | ||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | 909,828 | 1,369 | — | — | 67 | 911,265 | Commercial real estate - owner occupied | 909,828 | 1,369 | 0 | 0 | 67 | 911,265 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and business lending | Commercial and business lending | 8,216,947 | 1,945 | 245 | 342 | 46,380 | 8,265,858 | Commercial and business lending | 8,216,947 | 1,945 | 245 | 342 | 46,380 | 8,265,858 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - investor | Commercial real estate - investor | 3,788,296 | 1,812 | — | — | 4,409 | 3,794,517 | Commercial real estate - investor | 3,788,296 | 1,812 | 0 | 0 | 4,409 | 3,794,517 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | 1,420,310 | 64 | 33 | — | 493 | 1,420,900 | Real estate construction | 1,420,310 | 64 | 33 | 0 | 493 | 1,420,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate lending | Commercial real estate lending | 5,208,606 | 1,876 | 33 | — | 4,902 | 5,215,417 | Commercial real estate lending | 5,208,606 | 1,876 | 33 | 0 | 4,902 | 5,215,417 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 13,425,552 | 3,821 | 278 | 342 | 51,282 | 13,481,275 | Total commercial | 13,425,552 | 3,821 | 278 | 342 | 51,282 | 13,481,275 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | 8,069,863 | 8,749 | 525 | — | 57,844 | 8,136,980 | Residential mortgage | 8,069,863 | 8,749 | 525 | 0 | 57,844 | 8,136,980 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 837,274 | 4,483 | 1,164 | — | 9,104 | 852,025 | Home equity | 837,274 | 4,483 | 1,164 | 0 | 9,104 | 852,025 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | 347,007 | 1,135 | 949 | 1,917 | 152 | 351,159 | Other consumer | 347,007 | 1,135 | 949 | 1,917 | 152 | 351,159 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | Total consumer | 9,254,144 | 14,366 | 2,638 | 1,917 | 67,099 | 9,340,164 | Total consumer | 9,254,144 | 14,366 | 2,638 | 1,917 | 67,099 | 9,340,164 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans(b) | $ | 22,679,696 | $ | 18,188 | $ | 2,916 | $ | 2,259 | $ | 118,380 | $ | 22,821,440 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 22,679,696 | $ | 18,188 | $ | 2,916 | $ | 2,259 | $ | 118,380 | $ | 22,821,440 |
($ in Thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due and Still Accruing | Nonaccrual(a) | Total | ||||||||||||||||||||||||||
Commercial and industrial | $ | 7,356,187 | $ | 187 | $ | 338 | $ | 311 | $ | 41,021 | $ | 7,398,044 | ||||||||||||||||||||
Commercial real estate - owner occupied | 913,787 | 2,580 | 119 | — | 3,957 | 920,443 | ||||||||||||||||||||||||||
Commercial and business lending | 8,269,974 | 2,767 | 457 | 311 | 44,978 | 8,318,487 | ||||||||||||||||||||||||||
Commercial real estate - investor | 3,745,835 | 2,954 | 813 | — | 1,952 | 3,751,554 | ||||||||||||||||||||||||||
Real estate construction | 1,333,722 | 330 | — | — | 979 | 1,335,031 | ||||||||||||||||||||||||||
Commercial real estate lending | 5,079,557 | 3,284 | 813 | — | 2,931 | 5,086,585 | ||||||||||||||||||||||||||
Total commercial | 13,349,531 | 6,051 | 1,270 | 311 | 47,909 | 13,405,072 | ||||||||||||||||||||||||||
Residential mortgage | 8,200,432 | 9,272 | 434 | — | 67,574 | 8,277,712 | ||||||||||||||||||||||||||
Home equity | 876,085 | 4,826 | 1,223 | — | 12,339 | 894,473 | ||||||||||||||||||||||||||
Other consumer | 358,970 | 1,401 | 868 | 1,853 | 79 | 363,171 | ||||||||||||||||||||||||||
Total consumer | 9,435,487 | 15,499 | 2,525 | 1,853 | 79,992 | 9,535,357 | ||||||||||||||||||||||||||
Total loans | $ | 22,785,019 | $ | 21,550 | $ | 3,795 | $ | 2,165 | $ | 127,901 | $ | 22,940,429 |
($ in Thousands) | ($ in Thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | ($ in Thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||||||||||||||||||||||||||
Loans with a related allowance | Loans with a related allowance | Loans with a related allowance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 47,249 | $ | 63,346 | $ | 12,010 | $ | 45,290 | $ | 1,832 | Commercial and industrial | $ | 47,249 | $ | 63,346 | $ | 12,010 | $ | 45,290 | $ | 1,832 | ||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | 1,676 | 1,682 | 19 | 1,774 | 88 | Commercial real estate - owner occupied | 1,676 | 1,682 | 19 | 1,774 | 88 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and business lending | Commercial and business lending | 48,924 | 65,028 | 12,029 | 47,064 | 1,919 | Commercial and business lending | 48,924 | 65,028 | 12,029 | 47,064 | 1,919 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - investor | Commercial real estate - investor | 928 | 2,104 | 15 | 950 | 15 | Commercial real estate - investor | 928 | 2,104 | 15 | 950 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | 477 | 559 | 67 | 494 | 30 | Real estate construction | 477 | 559 | 67 | 494 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate lending | Commercial real estate lending | 1,405 | 2,663 | 82 | 1,445 | 45 | Commercial real estate lending | 1,405 | 2,663 | 82 | 1,445 | 45 | ||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 50,329 | 67,691 | 12,111 | 48,509 | 1,965 | Total commercial | 50,329 | 67,691 | 12,111 | 48,509 | 1,965 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | 21,450 | 22,625 | 2,740 | 23,721 | 856 | Residential mortgage | 21,450 | 22,625 | 2,740 | 23,721 | 856 | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 3,076 | 3,468 | 1,190 | 3,756 | 191 | Home equity | 3,076 | 3,468 | 1,190 | 3,756 | 191 | ||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | 1,247 | 1,249 | 125 | 1,250 | 1 | Other consumer | 1,247 | 1,249 | 125 | 1,250 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | Total consumer | 25,773 | 27,342 | 4,055 | 28,726 | 1,047 | Total consumer | 25,773 | 27,342 | 4,055 | 28,726 | 1,047 | ||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 76,102 | $ | 95,033 | $ | 16,165 | $ | 77,235 | $ | 3,012 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total loans with a related allowance | Total loans with a related allowance | $ | 76,102 | $ | 95,033 | $ | 16,165 | $ | 77,235 | $ | 3,012 | |||||||||||||||||||||||||||||||||||||||||||||||
Loans with no related allowance | Loans with no related allowance | Loans with no related allowance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 14,787 | $ | 33,438 | $ | — | $ | 20,502 | $ | 63 | Commercial and industrial | $ | 14,787 | $ | 33,438 | $ | 0 | $ | 20,502 | $ | 63 | ||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | — | — | — | — | — | Commercial real estate - owner occupied | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and business lending | Commercial and business lending | 14,787 | 33,438 | — | 20,502 | 63 | Commercial and business lending | 14,787 | 33,438 | 0 | 20,502 | 63 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - investor | Commercial real estate - investor | 3,705 | 3,705 | — | 3,980 | 159 | Commercial real estate - investor | 3,705 | 3,705 | 0 | 3,980 | 159 | ||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | — | — | — | — | — | Real estate construction | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate lending | Commercial real estate lending | 3,705 | 3,705 | — | 3,980 | 159 | Commercial real estate lending | 3,705 | 3,705 | 0 | 3,980 | 159 | ||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 18,491 | 37,142 | — | 24,482 | 222 | Total commercial | 18,491 | 37,142 | 0 | 24,482 | 222 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | 14,104 | 14,461 | — | 10,962 | 373 | Residential mortgage | 14,104 | 14,461 | 0 | 10,962 | 373 | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 1,346 | 1,383 | — | 1,017 | 21 | Home equity | 1,346 | 1,383 | 0 | 1,017 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | — | — | — | — | — | Other consumer | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | Total consumer | 15,450 | 15,845 | — | 11,979 | 394 | Total consumer | 15,450 | 15,845 | 0 | 11,979 | 394 | ||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 33,941 | $ | 52,987 | $ | — | $ | 36,462 | $ | 616 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total loans with n no related allowance | Total loans with n no related allowance | $ | 33,941 | $ | 52,987 | $ | 0 | $ | 36,462 | $ | 616 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 62,035 | $ | 96,784 | $ | 12,010 | $ | 65,792 | $ | 1,895 | Commercial and industrial | $ | 62,035 | $ | 96,784 | $ | 12,010 | $ | 65,792 | $ | 1,895 | ||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | 1,676 | 1,682 | 19 | 1,774 | 88 | Commercial real estate - owner occupied | 1,676 | 1,682 | 19 | 1,774 | 88 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and business lending | Commercial and business lending | 63,711 | 98,466 | 12,029 | 67,566 | 1,982 | Commercial and business lending | 63,711 | 98,466 | 12,029 | 67,566 | 1,982 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - investor | Commercial real estate - investor | 4,633 | 5,808 | 15 | 4,931 | 174 | Commercial real estate - investor | 4,633 | 5,808 | 15 | 4,931 | 174 | ||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | 477 | 559 | 67 | 494 | 30 | Real estate construction | 477 | 559 | 67 | 494 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate lending | Commercial real estate lending | 5,110 | 6,367 | 82 | 5,425 | 204 | Commercial real estate lending | 5,110 | 6,367 | 82 | 5,425 | 204 | ||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 68,820 | 104,833 | 12,111 | 72,991 | 2,186 | Total commercial | 68,820 | 104,833 | 12,111 | 72,991 | 2,186 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | 35,554 | 37,087 | 2,740 | 34,683 | 1,229 | Residential mortgage | 35,554 | 37,087 | 2,740 | 34,683 | 1,229 | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 4,422 | 4,851 | 1,190 | 4,773 | 211 | Home equity | 4,422 | 4,851 | 1,190 | 4,773 | 211 | ||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | 1,247 | 1,249 | 125 | 1,250 | 1 | Other consumer | 1,247 | 1,249 | 125 | 1,250 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | Total consumer | 41,223 | 43,187 | 4,055 | 40,706 | 1,441 | Total consumer | 41,223 | 43,187 | 4,055 | 40,706 | 1,441 | ||||||||||||||||||||||||||||||||||||||||||||||
Total loans(a) | Total loans(a) | $ | 110,043 | $ | 148,020 | $ | 16,165 | $ | 113,697 | $ | 3,628 | Total loans(a) | $ | 110,043 | $ | 148,020 | $ | 16,165 | $ | 113,697 | $ | 3,628 |
($ in Thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||||
Loans with a related allowance | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 40,747 | $ | 42,131 | $ | 5,721 | $ | 52,461 | $ | 1,167 | |||||||||||||||||||
Commercial real estate - owner occupied | 2,080 | 2,087 | 24 | 2,179 | 104 | ||||||||||||||||||||||||
Commercial and business lending | 42,827 | 44,218 | 5,745 | 54,640 | 1,271 | ||||||||||||||||||||||||
Commercial real estate - investor | 799 | 805 | 28 | 827 | 38 | ||||||||||||||||||||||||
Real estate construction | 510 | 589 | 75 | 533 | 32 | ||||||||||||||||||||||||
Commercial real estate lending | 1,309 | 1,394 | 103 | 1,360 | 70 | ||||||||||||||||||||||||
Total commercial | 44,136 | 45,612 | 5,848 | 56,000 | 1,341 | ||||||||||||||||||||||||
Residential mortgage | 41,691 | 45,149 | 6,023 | 42,687 | 1,789 | ||||||||||||||||||||||||
Home equity | 9,601 | 10,539 | 3,312 | 10,209 | 566 | ||||||||||||||||||||||||
Other consumer | 1,181 | 1,183 | 121 | 1,184 | 3 | ||||||||||||||||||||||||
Total consumer | 52,473 | 56,871 | 9,456 | 54,080 | 2,358 | ||||||||||||||||||||||||
Total loans | $ | 96,609 | $ | 102,483 | $ | 15,304 | $ | 110,079 | $ | 3,699 | |||||||||||||||||||
Loans with no related allowance | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 22,406 | $ | 45,024 | $ | — | $ | 21,352 | $ | (344) | |||||||||||||||||||
Commercial real estate - owner occupied | 3,772 | 4,823 | — | 3,975 | — | ||||||||||||||||||||||||
Commercial and business lending | 26,178 | 49,847 | — | 25,327 | (344) | ||||||||||||||||||||||||
Commercial real estate - investor | 1,585 | 2,820 | — | 980 | 68 | ||||||||||||||||||||||||
Real estate construction | — | — | — | — | — | ||||||||||||||||||||||||
Commercial real estate lending | 1,585 | 2,820 | — | 980 | 68 | ||||||||||||||||||||||||
Total commercial | 27,763 | 52,667 | — | 26,307 | (276) | ||||||||||||||||||||||||
Residential mortgage | 8,795 | 9,074 | — | 8,790 | 203 | ||||||||||||||||||||||||
Home equity | 523 | 542 | — | 530 | — | ||||||||||||||||||||||||
Other consumer | — | — | — | — | — | ||||||||||||||||||||||||
Total consumer | 9,318 | 9,616 | — | 9,320 | 203 | ||||||||||||||||||||||||
Total loans | $ | 37,081 | $ | 62,283 | $ | — | $ | 35,627 | $ | (73) | |||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 63,153 | $ | 87,155 | $ | 5,721 | $ | 73,813 | $ | 823 | |||||||||||||||||||
Commercial real estate - owner occupied | 5,852 | 6,910 | 24 | 6,154 | 104 | ||||||||||||||||||||||||
Commercial and business lending | 69,005 | 94,065 | 5,745 | 79,967 | 927 | ||||||||||||||||||||||||
Commercial real estate - investor | 2,384 | 3,625 | 28 | 1,807 | 106 | ||||||||||||||||||||||||
Real estate construction | 510 | 589 | 75 | 533 | 32 | ||||||||||||||||||||||||
Commercial real estate lending | 2,894 | 4,214 | 103 | 2,340 | 138 | ||||||||||||||||||||||||
Total commercial | 71,899 | 98,279 | 5,848 | 82,307 | 1,065 | ||||||||||||||||||||||||
Residential mortgage | 50,486 | 54,223 | 6,023 | 51,477 | 1,992 | ||||||||||||||||||||||||
Home equity | 10,124 | 11,081 | 3,312 | 10,739 | 566 | ||||||||||||||||||||||||
Other consumer | 1,181 | 1,183 | 121 | 1,184 | 3 | ||||||||||||||||||||||||
Total consumer | 61,791 | 66,487 | 9,456 | 63,400 | 2,561 | ||||||||||||||||||||||||
Total loans(a) | $ | 133,690 | $ | 164,766 | $ | 15,304 | $ | 145,707 | $ | 3,626 |
December 31, 2019 | December 31, 2018 | December 31, 2017 | December 31, 2020 | December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | Performing Restructured Loans | Nonaccrual Restructured Loans(a) | Performing Restructured Loans | Nonaccrual Restructured Loans(a) | Performing Restructured Loans | Nonaccrual Restructured Loans(a) | ($ in Thousands) | Performing Restructured Loans | Nonaccrual Restructured Loans(a) | Performing Restructured Loans | Nonaccrual Restructured Loans(a) | Performing Restructured Loans | Nonaccrual Restructured Loans(a) | |||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 16,678 | $ | 7,376 | $ | 25,478 | $ | 249 | $ | 30,047 | $ | 1,776 | Commercial and industrial | $ | 12,713 | $ | 6,967 | $ | 16,678 | $ | 7,376 | $ | 25,478 | $ | 249 | |||||||||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | 1,676 | — | 2,080 | — | 3,989 | — | Commercial real estate - owner occupied | 1,711 | 0 | 1,676 | 0 | 2,080 | 0 | |||||||||||||||||||||||||||||||||||
Commercial real estate - investor | Commercial real estate - investor | 293 | — | 799 | 933 | 14,389 | — | Commercial real estate - investor | 26,435 | 225 | 293 | 0 | 799 | 933 | |||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | 298 | 179 | 311 | 198 | 310 | 157 | Real estate construction | 260 | 111 | 298 | 179 | 311 | 198 | |||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | 3,955 | 13,035 | 16,036 | 22,279 | 17,068 | 18,991 | Residential mortgage | 7,825 | 11,509 | 3,955 | 13,035 | 16,036 | 22,279 | |||||||||||||||||||||||||||||||||||
Home equity | Home equity | 1,896 | 1,904 | 7,385 | 2,627 | 7,705 | 2,537 | Home equity | 1,957 | 1,379 | 1,896 | 1,904 | 7,385 | 2,627 | |||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | 1,246 | 1 | 1,174 | 6 | 1,110 | 25 | Other consumer | 1,191 | 0 | 1,246 | 1 | 1,174 | 6 | |||||||||||||||||||||||||||||||||||
Total restructured loans(b) | Total restructured loans(b) | $ | 26,041 | $ | 22,494 | $ | 53,263 | $ | 26,292 | $ | 74,618 | $ | 23,486 | Total restructured loans(b) | $ | 52,092 | $ | 20,190 | $ | 26,041 | $ | 22,494 | $ | 53,263 | $ | 26,292 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | Number of Loans | Recorded Investment(a) | Unpaid Principal Balance(b) | Number of Loans | Recorded Investment(a) | Unpaid Principal Balance(b) | Number of Loans | Recorded Investment(a) | Unpaid Principal Balance(b) | ($ in Thousands) | Number of Loans | Recorded Investment(a) | Unpaid Principal Balance(b) | Number of Loans | Recorded Investment(a) | Unpaid Principal Balance(b) | Number of Loans | Recorded Investment(a) | Unpaid Principal Balance(b) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 6 | $ | 7,588 | $ | 7,703 | 5 | $ | 1,315 | $ | 1,330 | 8 | $ | 3,991 | $ | 6,339 | Commercial and industrial | 7 | $ | 1,823 | $ | 2,059 | 6 | $ | 7,588 | $ | 7,703 | 5 | $ | 1,315 | $ | 1,330 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | Commercial real estate - owner occupied | — | — | — | — | — | — | 2 | 690 | 690 | Commercial real estate - owner occupied | 4 | 658 | 689 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - investor | Commercial real estate - investor | — | — | — | 2 | 1,393 | 1,472 | — | — | — | Commercial real estate - investor | 10 | 26,563 | 26,567 | 0 | 0 | 0 | 2 | 1,393 | 1,472 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | Real estate construction | 1 | 77 | 77 | 1 | 78 | 80 | — | — | — | Real estate construction | 0 | 0 | 0 | 1 | 77 | 77 | 1 | 78 | 80 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | 53 | 7,436 | 7,517 | 41 | 6,977 | 7,210 | 45 | 4,238 | 4,364 | Residential mortgage | 36 | 6,031 | 6,113 | 53 | 7,436 | 7,517 | 41 | 6,977 | 7,210 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 24 | 831 | 845 | 34 | 1,649 | 1,681 | 22 | 507 | 507 | Home equity | 20 | 1,078 | 1,697 | 24 | 831 | 845 | 34 | 1,649 | 1,681 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | Other consumer | 1 | 8 | 8 | 3 | 17 | 19 | — | — | — | Other consumer | 0 | 0 | 0 | 1 | 8 | 8 | 3 | 17 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 85 | $ | 15,940 | $ | 16,150 | 86 | $ | 11,429 | $ | 11,792 | 77 | $ | 9,426 | $ | 11,900 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans modified | Total loans modified | 77 | $ | 36,154 | $ | 37,125 | 85 | $ | 15,940 | $ | 16,150 | 86 | $ | 11,429 | $ | 11,792 |
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | ($ in Thousands) | Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | — | $ | — | 3 | $ | — | 2 | $ | — | Commercial and industrial | 0 | $ | 0 | 0 | $ | 0 | 3 | $ | 0 | |||||||||||||||||||||||||||||||||||
Commercial real estate — investor | Commercial real estate — investor | 1 | 461 | — | — | — | — | Commercial real estate — investor | 0 | 0 | 1 | 461 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage | Residential mortgage | 38 | 5,630 | 20 | 3,553 | 36 | 3,137 | Residential mortgage | 5 | 1,036 | 38 | 5,630 | 20 | 3,553 | |||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 27 | 868 | 32 | 1,688 | 27 | 735 | Home equity | 4 | 208 | 27 | 868 | 32 | 1,688 | |||||||||||||||||||||||||||||||||||||||||
Other consumer | — | — | — | — | 1 | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | 66 | $ | 6,959 | 55 | $ | 5,241 | 66 | $ | 3,879 | ||||||||||||||||||||||||||||||||||||||||||||||
Total loans modified | Total loans modified | 9 | $ | 1,244 | 66 | $ | 6,959 | 55 | $ | 5,241 |
($ in Thousands) | Commercial and industrial | Commercial real estate - owner occupied | Commercial real estate - investor | Real estate construction | Residential mortgage | Home equity | Other consumer | Total | ||||||||||||||||||
December 31, 2018 | $ | 108,835 | $ | 9,255 | $ | 40,844 | $ | 28,240 | $ | 25,595 | $ | 19,266 | $ | 5,988 | $ | 238,023 | ||||||||||
Charge offs | (63,315) | (222) | — | (60) | (3,322) | (1,846) | (5,548) | (74,313) | ||||||||||||||||||
Recoveries | 11,875 | 2,795 | 31 | 302 | 692 | 2,599 | 868 | 19,161 | ||||||||||||||||||
Net charge offs | (51,441) | 2,573 | 31 | 243 | (2,630) | 753 | (4,681) | (55,152) | ||||||||||||||||||
Provision for loan losses | 33,738 | (1,543) | (361) | (3,568) | (6,005) | (9,093) | 5,332 | 18,500 | ||||||||||||||||||
December 31, 2019 | $ | 91,133 | $ | 10,284 | $ | 40,514 | $ | 24,915 | $ | 16,960 | $ | 10,926 | $ | 6,639 | $ | 201,371 | ||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 12,010 | $ | 19 | $ | 15 | $ | 67 | $ | 2,740 | $ | 1,190 | $ | 125 | $ | 16,165 | ||||||||||
Collectively evaluated for impairment | 79,123 | 10,265 | 40,498 | 24,848 | 14,220 | 9,737 | 6,514 | 185,205 | ||||||||||||||||||
Total allowance for loan losses | $ | 91,133 | $ | 10,284 | $ | 40,514 | $ | 24,915 | $ | 16,960 | $ | 10,926 | $ | 6,639 | $ | 201,371 | ||||||||||
Loans | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 62,035 | $ | 1,676 | $ | 4,633 | $ | 477 | $ | 35,554 | $ | 4,422 | $ | 1,247 | $ | 110,043 | ||||||||||
Collectively evaluated for impairment | 7,292,217 | 909,010 | 3,789,755 | 1,420,416 | 8,100,958 | 847,577 | 349,912 | 22,709,845 | ||||||||||||||||||
Acquired and accounted for under ASC 310-30(a) | 342 | 579 | 129 | 7 | 469 | 26 | — | 1,552 | ||||||||||||||||||
Total loans | $ | 7,354,594 | $ | 911,265 | $ | 3,794,517 | $ | 1,420,900 | $ | 8,136,980 | $ | 852,025 | $ | 351,159 | $ | 22,821,440 |
($ in Thousands) | Commercial and industrial | Commercial real estate - owner occupied | Commercial real estate - investor | Real estate construction | Residential mortgage | Home equity | Other consumer | Total | ||||||||||||||||||
December 31, 2017 | $ | 123,068 | $ | 10,352 | $ | 41,059 | $ | 34,370 | $ | 29,607 | $ | 22,126 | $ | 5,298 | $ | 265,880 | ||||||||||
Charge offs | (30,837) | (1,363) | (7,914) | (298) | (1,627) | (3,236) | (5,261) | (50,536) | ||||||||||||||||||
Recoveries | 13,714 | 639 | 668 | 446 | 1,271 | 2,628 | 812 | 20,179 | ||||||||||||||||||
Net charge offs | (17,123) | (724) | (7,246) | 149 | (355) | (608) | (4,448) | (30,358) | ||||||||||||||||||
Provision for loan losses | 2,890 | (373) | 7,031 | (6,279) | (3,657) | (2,252) | 5,138 | 2,500 | ||||||||||||||||||
December 31, 2018 | $ | 108,835 | $ | 9,255 | $ | 40,844 | $ | 28,240 | $ | 25,595 | $ | 19,266 | $ | 5,988 | $ | 238,023 | ||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 5,721 | $ | 24 | $ | 28 | $ | 75 | $ | 6,023 | $ | 3,312 | $ | 121 | $ | 15,304 | ||||||||||
Collectively evaluated for impairment | 103,114 | 9,231 | 40,816 | 28,165 | 19,572 | 15,954 | 5,867 | 222,719 | ||||||||||||||||||
Total allowance for loan losses | $ | 108,835 | $ | 9,255 | $ | 40,844 | $ | 28,240 | $ | 25,595 | $ | 19,266 | $ | 5,988 | $ | 238,023 | ||||||||||
Loans | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 63,153 | $ | 5,852 | $ | 2,384 | $ | 510 | $ | 50,486 | $ | 10,124 | $ | 1,181 | $ | 133,690 | ||||||||||
Collectively evaluated for impairment | 7,331,898 | 913,708 | 3,748,883 | 1,334,500 | 8,226,642 | 884,266 | 361,990 | 22,801,887 | ||||||||||||||||||
Acquired and accounted for under ASC 310-30(a) | 2,994 | 883 | 287 | 21 | 584 | 83 | — | 4,853 | ||||||||||||||||||
Total loans | $ | 7,398,044 | $ | 920,443 | $ | 3,751,554 | $ | 1,335,031 | $ | 8,277,712 | $ | 894,473 | $ | 363,171 | $ | 22,940,429 |
Years Ended December 31, | |||||||||||
($ in Millions) | 2019 | 2018 | |||||||||
Balance at beginning of period | $ | 12 | $ | 27 | |||||||
Charge offs | (50) | (24) | |||||||||
Recoveries | 5 | 6 | |||||||||
Net Charge offs | (44) | (17) | |||||||||
Provision for loan losses | 45 | 2 | |||||||||
Balance at end of period | $ | 12 | $ | 12 | |||||||
Allowance for loan losses | |||||||||||
Individually evaluated for impairment | $ | 3 | $ | — | |||||||
Collectively evaluated for impairment | 9 | 12 | |||||||||
Total allowance for loan losses | $ | 12 | $ | 12 | |||||||
Oil & Gas Allowance for loan losses to Total Oil & Gas Loans | 2.56 | % | 1.62 | % | |||||||
Loans | |||||||||||
Individually evaluated for impairment | $ | 23 | $ | 22 | |||||||
Collectively evaluated for impairment | 460 | 725 | |||||||||
Total loans | $ | 484 | $ | 747 |
($ in Thousands) | Dec. 31, 2019 | Cumulative effect of ASU 2016-13 adoption (CECL) | Jan. 1, 2020 | Charge offs | Recoveries | Net Charge offs | Gross up of allowance for PCD loans at acquisition | Provision recorded at acquisition | Provision for credit losses | Dec. 31, 2020 | ACLL / Loans | ||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||
PPP | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 531 | $ | 531 | |||||||||||||||
Commercial and industrial | 91,133 | 52,919 | 144,052 | (80,320) | 7,004 | (73,316) | 293 | 408 | 71,355 | 142,793 | |||||||||||||||||||||||||
Commercial real estate — owner occupied | 10,284 | (1,851) | 8,433 | (419) | 147 | (272) | 890 | 255 | 1,967 | 11,274 | |||||||||||||||||||||||||
Commercial and business lending | 101,417 | 51,068 | 152,485 | (80,739) | 7,151 | (73,588) | 1,183 | 663 | 73,853 | 154,598 | |||||||||||||||||||||||||
Commercial real estate — investor | 40,514 | 2,041 | 42,555 | (22,920) | 643 | (22,277) | 753 | 472 | 71,933 | 93,435 | |||||||||||||||||||||||||
Real estate construction | 24,915 | 7,467 | 32,382 | (19) | 49 | 31 | 435 | 492 | 25,854 | 59,193 | |||||||||||||||||||||||||
Commercial real estate lending | 65,428 | 9,508 | 74,937 | (22,938) | 692 | (22,246) | 1,188 | 964 | 97,787 | 152,629 | |||||||||||||||||||||||||
Total commercial | 166,846 | 60,576 | 227,422 | (103,677) | 7,844 | (95,834) | 2,371 | 1,627 | 171,641 | 307,226 | |||||||||||||||||||||||||
Residential mortgage | 16,960 | 33,215 | 50,175 | (1,867) | 500 | (1,367) | 651 | 403 | (6,864) | 42,996 | |||||||||||||||||||||||||
Home equity | 10,926 | 11,649 | 22,575 | (1,719) | 1,978 | 259 | 422 | 374 | (4,781) | 18,849 | |||||||||||||||||||||||||
Other consumer | 6,639 | 7,016 | 13,655 | (4,790) | 1,101 | (3,689) | 61 | 140 | 4,462 | 14,630 | |||||||||||||||||||||||||
Total consumer | 34,525 | 51,880 | 86,405 | (8,376) | 3,579 | (4,797) | 1,134 | 917 | (7,183) | 76,475 | |||||||||||||||||||||||||
Total loans | $ | 201,371 | $ | 112,457 | $ | 313,828 | $ | (112,053) | $ | 11,422 | $ | (100,631) | $ | 3,504 | $ | 2,543 | $ | 164,457 | $ | 383,702 | |||||||||||||||
Allowance for unfunded commitments | |||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 12,276 | $ | (3,998) | $ | 8,278 | $ | — | $ | — | $ | — | $ | — | $ | 61 | $ | 13,972 | $ | 22,311 | |||||||||||||||
Commercial real estate — owner occupied | 127 | 0 | 127 | — | — | — | — | 4 | 135 | 266 | |||||||||||||||||||||||||
Commercial and business lending | 12,403 | (3,998) | 8,405 | — | — | — | — | 65 | 14,108 | 22,577 | |||||||||||||||||||||||||
Commercial real estate — investor | 530 | 246 | 776 | — | — | — | — | 2 | (141) | 636 | |||||||||||||||||||||||||
Real estate construction | 7,532 | 18,347 | 25,879 | — | — | — | — | 45 | (7,038) | 18,886 | |||||||||||||||||||||||||
Commercial real estate lending | 8,062 | 18,593 | 26,655 | — | — | — | — | 47 | (7,179) | 19,522 | |||||||||||||||||||||||||
Total commercial | 20,465 | 14,595 | 35,060 | — | — | — | — | 112 | 6,929 | 42,099 | |||||||||||||||||||||||||
Home equity | 1,038 | 2,591 | 3,629 | — | — | — | — | 66 | (577) | 3,118 | |||||||||||||||||||||||||
Other consumer | 405 | 1,504 | 1,909 | — | — | — | — | 0 | 649 | 2,557 | |||||||||||||||||||||||||
Total consumer | 1,443 | 4,095 | 5,538 | — | — | — | — | 66 | 72 | 5,676 | |||||||||||||||||||||||||
Total loans | $ | 21,907 | $ | 18,690 | $ | 40,597 | $ | — | $ | — | $ | — | $ | — | $ | 179 | $ | 7,000 | $ | 47,776 | |||||||||||||||
Allowance for credit losses on loans | |||||||||||||||||||||||||||||||||||
PPP | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 531 | $ | 531 | 0.07 | % | |||||||||||||
Commercial and industrial | 103,409 | 48,921 | 152,330 | (80,320) | 7,004 | (73,316) | 293 | 469 | 85,327 | 165,105 | 2.14 | % | |||||||||||||||||||||||
Commercial real estate — owner occupied | 10,411 | (1,851) | 8,560 | (419) | 147 | (272) | 890 | 259 | 2,102 | 11,539 | 1.28 | % | |||||||||||||||||||||||
Commercial and business lending | 113,820 | 47,070 | 160,890 | (80,739) | 7,151 | (73,588) | 1,183 | 728 | 87,961 | 177,175 | 1.89 | % | |||||||||||||||||||||||
Commercial real estate — investor | 41,044 | 2,287 | 43,331 | (22,920) | 643 | (22,277) | 753 | 474 | 71,792 | 94,071 | 2.17 | % | |||||||||||||||||||||||
Real estate construction | 32,447 | 25,814 | 58,261 | (19) | 49 | 31 | 435 | 537 | 18,816 | 78,079 | 4.24 | % | |||||||||||||||||||||||
Commercial real estate lending | 73,490 | 28,101 | 101,591 | (22,938) | 692 | (22,246) | 1,188 | 1,011 | 90,608 | 172,151 | 2.78 | % | |||||||||||||||||||||||
Total commercial | 187,311 | 75,171 | 262,482 | (103,677) | 7,844 | (95,834) | 2,371 | 1,739 | 178,569 | 349,326 | 2.25 | % | |||||||||||||||||||||||
Residential mortgage | 16,960 | 33,215 | 50,175 | (1,867) | 500 | (1,367) | 651 | 403 | (6,865) | 42,997 | 0.55 | % | |||||||||||||||||||||||
Home equity | 11,964 | 14,240 | 26,204 | (1,719) | 1,978 | 259 | 422 | 440 | (5,358) | 21,967 | 3.11 | % | |||||||||||||||||||||||
Other consumer | 7,044 | 8,520 | 15,564 | (4,790) | 1,101 | (3,689) | 61 | 140 | 5,111 | 17,187 | 5.49 | % | |||||||||||||||||||||||
Total consumer | 35,968 | 55,975 | 91,943 | (8,376) | 3,579 | (4,797) | 1,134 | 983 | (7,112) | 82,151 | 0.92 | % | |||||||||||||||||||||||
Total loans | $ | 223,278 | $ | 131,147 | $ | 354,425 | $ | (112,053) | $ | 11,422 | $ | (100,631) | $ | 3,504 | $ | 2,722 | $ | 171,457 | $ | 431,478 | 1.76 | % |
Years Ended December 31, | |||||||||||||||||
($ in Thousands) | 2019 | 2018 | 2017 | ||||||||||||||
Allowance for Unfunded Commitments | |||||||||||||||||
Balance at beginning of period | $ | 24,336 | $ | 24,400 | $ | 25,400 | |||||||||||
Provision for unfunded commitments | (2,500) | (2,500) | (1,000) | ||||||||||||||
Amount recorded at acquisition | 70 | 2,436 | — | ||||||||||||||
Balance at end of period | $ | 21,907 | $ | 24,336 | $ | 24,400 |
($ in Thousands) | December 31, 2018 | Charge offs | Recoveries | Net Charge offs | Provision for loan losses | December 31, 2019 | ||||||||||||||
Allowance for loan losses | ||||||||||||||||||||
Commercial and industrial | $ | 108,835 | $ | (63,315) | $ | 11,875 | $ | (51,441) | $ | 33,738 | $ | 91,133 | ||||||||
Commercial real estate — owner occupied | 9,255 | (222) | 2,795 | 2,573 | (1,543) | 10,284 | ||||||||||||||
Commercial and business lending | 118,090 | (63,537) | 14,670 | (48,868) | 32,195 | 101,417 | ||||||||||||||
Commercial real estate — investor | 40,844 | 0 | 31 | 31 | (361) | 40,514 | ||||||||||||||
Real estate construction | 28,240 | (60) | 302 | 243 | (3,568) | 24,915 | ||||||||||||||
Commercial real estate lending | 69,084 | (60) | 333 | 274 | (3,929) | 65,428 | ||||||||||||||
Total commercial | 187,174 | (63,597) | 15,003 | (48,594) | 28,266 | 166,846 | ||||||||||||||
Residential mortgage | 25,595 | (3,322) | 692 | (2,630) | (6,005) | 16,960 | ||||||||||||||
Home equity | 19,266 | (1,846) | 2,599 | 753 | (9,093) | 10,926 | ||||||||||||||
Other consumer | 5,988 | (5,548) | 868 | (4,681) | 5,332 | 6,639 | ||||||||||||||
Total consumer | 50,849 | (10,716) | 4,158 | (6,558) | (9,766) | 34,525 | ||||||||||||||
Total loans | $ | 238,023 | $ | (74,313) | $ | 19,161 | $ | (55,152) | $ | 18,500 | $ | 201,371 |
($ in Thousands) | Year Ended December 31, 2019 | Year Ended December 31, 2018 | |||||||||
Changes in Accretable Yield | |||||||||||
Balance at beginning of period | $ | 1,482 | $ | — | |||||||
Purchases | — | 4,853 | |||||||||
Accretion | (940) | (4,954) | |||||||||
Net reclassification from non-accretable yield | 23 | 1,605 | |||||||||
Other(a) | — | (22) | |||||||||
Balance at end of period | $ | 568 | $ | 1,482 |
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | 2017 | ($ in Thousands) | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||
Core deposit intangibles | Core deposit intangibles | Core deposit intangibles | ||||||||||||||||||||||||||||||||
Gross carrying amount | $ | 80,730 | $ | 58,100 | $ | 4,385 | ||||||||||||||||||||||||||||
Gross carrying amount at the beginning of the year | Gross carrying amount at the beginning of the year | $ | 80,730 | $ | 58,100 | $ | 0 | |||||||||||||||||||||||||||
Additions during the period | Additions during the period | 7,379 | 22,630 | 58,100 | ||||||||||||||||||||||||||||||
Accumulated amortization | Accumulated amortization | (12,456) | (5,326) | (4,385) | Accumulated amortization | (21,205) | (12,456) | (5,326) | ||||||||||||||||||||||||||
Net book value | Net book value | $ | 68,274 | $ | 52,774 | $ | — | Net book value | $ | 66,904 | $ | 68,274 | $ | 52,774 | ||||||||||||||||||||
Additions during the period | $ | 22,630 | $ | 58,100 | $ | — | ||||||||||||||||||||||||||||
Amortization during the year | Amortization during the year | $ | 7,130 | $ | 5,326 | $ | 112 | Amortization during the year | $ | 8,749 | $ | 7,130 | $ | 5,326 | ||||||||||||||||||||
Other intangibles | Other intangibles | Other intangibles | ||||||||||||||||||||||||||||||||
Gross carrying amount | $ | 44,887 | $ | 44,931 | $ | 34,572 | ||||||||||||||||||||||||||||
Gross carrying amount at the beginning of the year | Gross carrying amount at the beginning of the year | $ | 38,970 | $ | 44,887 | $ | 34,572 | |||||||||||||||||||||||||||
Additions during the period | Additions during the period | 200 | 0 | 10,359 | ||||||||||||||||||||||||||||||
Reductions due to sale | Reductions due to sale | (217) | (43) | — | Reductions due to sale | (17,435) | (217) | (43) | ||||||||||||||||||||||||||
Accumulated amortization | Accumulated amortization | (24,643) | (21,825) | (18,992) | Accumulated amortization | (20,385) | (24,643) | (21,825) | ||||||||||||||||||||||||||
Net book value | Net book value | $ | 20,027 | $ | 23,062 | $ | 15,580 | Net book value | $ | 1,350 | $ | 20,027 | $ | 23,062 | ||||||||||||||||||||
Additions during the period | $ | — | $ | 10,359 | $ | 2,162 | ||||||||||||||||||||||||||||
Amortization during the year | Amortization during the year | $ | 2,818 | $ | 2,833 | $ | 1,847 | Amortization during the year | $ | 1,443 | $ | 2,818 | $ | 2,833 |
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | 2017 | ($ in Thousands) | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | Mortgage servicing rights | |||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights at beginning of year | Mortgage servicing rights at beginning of year | $ | 68,433 | $ | 59,168 | $ | 62,085 | Mortgage servicing rights at beginning of year | $ | 67,607 | $ | 68,433 | $ | 59,168 | |||||||||||||||||||||||||||||
Additions from acquisition | Additions from acquisition | — | 8,136 | — | Additions from acquisition | 1,357 | 0 | 8,136 | |||||||||||||||||||||||||||||||||||
Additions | Additions | 11,606 | 10,722 | 7,167 | Additions | 13,667 | 11,606 | 10,722 | |||||||||||||||||||||||||||||||||||
Amortization | Amortization | (12,432) | (9,594) | (10,084) | Amortization | (22,664) | (12,432) | (9,594) | |||||||||||||||||||||||||||||||||||
Mortgage servicing rights at end of year | Mortgage servicing rights at end of year | $ | 67,607 | $ | 68,433 | $ | 59,168 | Mortgage servicing rights at end of year | $ | 59,967 | $ | 67,607 | $ | 68,433 | |||||||||||||||||||||||||||||
Valuation allowance at beginning of year | Valuation allowance at beginning of year | (239) | (784) | (609) | Valuation allowance at beginning of year | (302) | (239) | (784) | |||||||||||||||||||||||||||||||||||
(Additions) recoveries, net | (Additions) recoveries, net | (63) | 545 | (175) | (Additions) recoveries, net | (17,704) | (63) | 545 | |||||||||||||||||||||||||||||||||||
Valuation allowance at end of year | Valuation allowance at end of year | (302) | (239) | (784) | Valuation allowance at end of year | (18,006) | (302) | (239) | |||||||||||||||||||||||||||||||||||
Mortgage servicing rights, net | Mortgage servicing rights, net | $ | 67,306 | $ | 68,193 | $ | 58,384 | Mortgage servicing rights, net | $ | 41,961 | $ | 67,306 | $ | 68,193 | |||||||||||||||||||||||||||||
Fair value of mortgage servicing rights | Fair value of mortgage servicing rights | $ | 72,532 | $ | 81,012 | $ | 64,387 | Fair value of mortgage servicing rights | $ | 41,990 | $ | 72,532 | $ | 81,012 | |||||||||||||||||||||||||||||
Portfolio of residential mortgage loans serviced for others (“servicing portfolio”) | Portfolio of residential mortgage loans serviced for others (“servicing portfolio”) | $ | 8,484,977 | $ | 8,600,983 | $ | 7,646,846 | Portfolio of residential mortgage loans serviced for others (“servicing portfolio”) | 7,743,956 | 8,488,969 | 8,600,983 | ||||||||||||||||||||||||||||||||
Mortgage servicing rights, net to servicing portfolio | Mortgage servicing rights, net to servicing portfolio | 0.79 | % | 0.79 | % | 0.76 | % | Mortgage servicing rights, net to servicing portfolio | 0.54 | % | 0.79 | % | 0.79 | % | |||||||||||||||||||||||||||||
Mortgage servicing rights expense(a) | Mortgage servicing rights expense(a) | $ | 12,494 | $ | 9,049 | $ | 10,259 | Mortgage servicing rights expense(a) | $ | 40,369 | $ | 12,494 | $ | 9,049 |
($ in Thousands) | ($ in Thousands) | Core Deposit Intangibles | Other Intangibles | Mortgage Servicing Rights | ($ in Thousands) | Core Deposit Intangibles | Other Intangibles | Mortgage Servicing Rights | ||||||||||||||||||||||||||
Year ending December 31, | Year ending December 31, | Year ending December 31, | ||||||||||||||||||||||||||||||||
2020 | $ | 8,073 | $ | 2,681 | $ | 10,628 | ||||||||||||||||||||||||||||
2021 | 2021 | 8,073 | 2,656 | 11,481 | 2021 | $ | 8,811 | $ | 200 | $ | 12,895 | |||||||||||||||||||||||
2022 | 2022 | 8,073 | 2,633 | 9,576 | 2022 | 8,811 | 200 | 14,372 | ||||||||||||||||||||||||||
2023 | 2023 | 8,073 | 2,614 | 7,967 | 2023 | 8,811 | 200 | 10,178 | ||||||||||||||||||||||||||
2024 | 2024 | 8,073 | 2,594 | 6,621 | 2024 | 8,811 | 200 | 7,502 | ||||||||||||||||||||||||||
Beyond 2024 | 27,909 | 6,850 | 21,336 | |||||||||||||||||||||||||||||||
2025 | 2025 | 8,811 | 200 | 5,726 | ||||||||||||||||||||||||||||||
Beyond 2025 | Beyond 2025 | 22,849 | 350 | 9,295 | ||||||||||||||||||||||||||||||
Total Estimated Amortization Expense | Total Estimated Amortization Expense | $ | 68,274 | $ | 20,027 | $ | 67,607 | Total Estimated Amortization Expense | $ | 66,904 | $ | 1,350 | $ | 59,967 |
2019 | 2018 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | Estimated Useful Lives | Cost | Accumulated Depreciation | Net Book Value | ($ in Thousands) | Estimated Useful Lives | Cost | Accumulated Depreciation | Net Book Value | ||||||||||||||||||||||||||||||
Land | Land | — | $ | 69,649 | $ | — | $ | 69,649 | $ | 67,737 | Land | — | $ | 70,431 | $ | 0 | $ | 70,431 | $ | 69,649 | ||||||||||||||||||||
Land improvements | Land improvements | 3 – 15 years | 17,868 | 8,513 | 9,355 | 7,212 | Land improvements | 3 – 15 years | 18,488 | 8,716 | 9,771 | 9,355 | ||||||||||||||||||||||||||||
Buildings and improvements | Buildings and improvements | 5 – 39 years | 394,191 | 163,833 | 230,358 | 212,536 | Buildings and improvements | 5 – 39 years | 390,298 | 168,136 | 222,162 | 230,358 | ||||||||||||||||||||||||||||
Computers | Computers | 3 – 5 years | 47,291 | 34,049 | 13,242 | 12,392 | Computers | 3 – 5 years | 52,846 | 38,128 | 14,718 | 13,242 | ||||||||||||||||||||||||||||
Furniture, fixtures and other equipment | Furniture, fixtures and other equipment | 3 – 15 years | 176,023 | 122,681 | 53,342 | 49,891 | Furniture, fixtures and other equipment | 3 – 15 years | 174,362 | 116,304 | 58,058 | 53,342 | ||||||||||||||||||||||||||||
Operating leases | Operating leases | — | 53,982 | 8,602 | $ | 45,381 | $ | — | Operating leases | — | 46,632 | 14,638 | 31,994 | 45,381 | ||||||||||||||||||||||||||
Leasehold improvements | Leasehold improvements | 3 – 15 years | 36,842 | 22,884 | 13,958 | 13,457 | Leasehold improvements | 3 – 15 years | 33,706 | 21,925 | 11,781 | 13,958 | ||||||||||||||||||||||||||||
Total premises and equipment | Total premises and equipment | $ | 795,846 | $ | 360,562 | $ | 435,284 | $ | 363,225 | Total premises and equipment | $ | 786,761 | $ | 367,847 | $ | 418,914 | $ | 435,284 |
Twelve Months Ended December 31, | ||||||||||||||
($ in Thousands) | 2020 | 2019 | ||||||||||||
Operating Lease Costs | $ | 11,450 | $ | 11,006 | ||||||||||
Finance Lease Costs | 154 | 36 | ||||||||||||
Operating Lease Cash Flows | 11,276 | 11,305 | ||||||||||||
Finance Lease Cash Flows | 122 | 35 |
Consolidated Balance Sheets Category | December 31, 2020 | December 31, 2019 | |||||||||
($ in Thousands) | Amount | ||||||||||
Operating lease right-of-use asset | Premises and equipment | $ | 31,994 | $ | 45,381 | ||||||
Finance lease right-of-use asset | Other assets | 962 | 2,188 | ||||||||
Operating lease liability | Accrued expenses and other liabilities | 36,425 | 49,292 | ||||||||
Finance lease liability | Other long-term funding | 1,128 | 2,209 |
December 31, 2019 | |||||||||||||||||
($ in Thousands) | Lease payments | Weighted-average lease term (in years) | Weighted-average discount rate | ||||||||||||||
Operating leases | |||||||||||||||||
Equipment | $ | 46 | 0.83 | 2.72 | % | ||||||||||||
Retail and corporate offices | 48,940 | 6.49 | 3.34 | % | |||||||||||||
Land | 6,594 | 9.57 | 3.21 | % | |||||||||||||
Total operating leases | $ | 55,580 | 6.83 | 3.32 | % | ||||||||||||
Finance leases | |||||||||||||||||
Land | $ | 4,827 | 39.67 | 3.99 | % | ||||||||||||
Total finance leases | $ | 4,827 | 39.67 | 3.99 | % |
December 31, 2020 | December 31, 2019 | |||||||||||||||||||
($ in Thousands) | Lease payments | Weighted-average lease term (in years) | Weighted-average discount rate | Lease payments | Weighted-average lease term (in years) | Weighted-average discount rate | ||||||||||||||
Operating leases | ||||||||||||||||||||
Equipment | $ | 386 | 2.49 | 0.46 | % | $ | 46 | 0.83 | 2.72 | % | ||||||||||
Retail and corporate offices | 34,036 | 6.04 | 3.33 | % | 48,940 | 6.49 | 3.34 | % | ||||||||||||
Land | 6,385 | 8.99 | 3.09 | % | 6,594 | 9.57 | 3.21 | % | ||||||||||||
Total operating leases | $ | 40,806 | 6.45 | 3.27 | % | $ | 55,580 | 6.83 | 3.32 | % | ||||||||||
Finance leases | ||||||||||||||||||||
Land | $ | 1,145 | 1.65 | 1.05 | % | $ | 4,827 | 39.67 | 3.99 | % | ||||||||||
Total finance leases | $ | 1,145 | 1.65 | 1.05 | % | $ | 4,827 | 39.67 | 3.99 | % |
($ in Thousands) | ($ in Thousands) | Operating Leases | Finance Leases | Total Leases | ($ in Thousands) | Operating Leases | Finance Leases | Total Leases | ||||||||||||||
Twelve Months Ending December 31, 2020 | $ | 10,662 | $ | 85 | $ | 10,747 | ||||||||||||||||
2021 | 10,136 | 85 | 10,221 | |||||||||||||||||||
Twelve Months Ending December 31, 2021 | Twelve Months Ending December 31, 2021 | $ | 9,120 | $ | 172 | $ | 9,293 | |||||||||||||||
2022 | 2022 | 7,854 | 85 | 7,939 | 2022 | 6,791 | 973 | 7,763 | ||||||||||||||
2023 | 2023 | 5,625 | 85 | 5,710 | 2023 | 5,525 | 0 | 5,525 | ||||||||||||||
2024 | 2024 | 4,988 | 88 | 5,076 | 2024 | 4,760 | 0 | 4,760 | ||||||||||||||
Beyond 2024 | 16,316 | 4,398 | 20,714 | |||||||||||||||||||
2025 | 2025 | 3,818 | 0 | 3,818 | ||||||||||||||||||
Beyond 2025 | Beyond 2025 | 10,792 | 0 | 10,792 | ||||||||||||||||||
Total lease payments | Total lease payments | $ | 55,580 | $ | 4,827 | $ | 60,407 | Total lease payments | $ | 40,806 | $ | 1,145 | $ | 41,952 | ||||||||
Less: interest | Less: interest | 6,288 | 2,617 | 8,905 | Less: interest | 4,382 | 17 | 4,399 | ||||||||||||||
Present value of lease payments | Present value of lease payments | $ | 49,292 | $ | 2,209 | $ | 51,501 | Present value of lease payments | $ | 36,425 | $ | 1,128 | $ | 37,553 |
($ in Thousands) | Payments | Receipts | ||||||
2020 | $ | 9,876 | $ | 3,189 | ||||
2021 | 9,976 | 2,903 | ||||||
2022 | 7,822 | 2,127 | ||||||
2023 | 5,977 | 1,723 | ||||||
2024 | 5,315 | 1,583 | ||||||
Thereafter | 21,393 | 8,081 | ||||||
Total | $ | 60,359 | $ | 19,606 |
($ in Thousands) | Payments | Receipts | ||||||
2021 | $ | 9,208 | $ | 3,148 | ||||
2022 | 10,189 | 2,595 | ||||||
2023 | 6,086 | 1,986 | ||||||
2024 | 5,439 | 1,736 | ||||||
2025 | 4,268 | 1,625 | ||||||
Thereafter | 11,679 | 7,568 | ||||||
Total | $ | 46,868 | $ | 18,658 |
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | ($ in Thousands) | 2020 | 2019 | ||||||||||
Noninterest-bearing demand | Noninterest-bearing demand | $ | 5,450,709 | $ | 5,698,530 | Noninterest-bearing demand | $ | 7,661,728 | $ | 5,450,709 | ||||||
Savings | Savings | 2,735,036 | 2,012,841 | Savings | 3,650,085 | 2,735,036 | ||||||||||
Interest-bearing demand | Interest-bearing demand | 5,329,717 | 5,336,952 | Interest-bearing demand | 6,090,869 | 5,329,717 | ||||||||||
Money market | Money market | 7,640,798 | 9,033,669 | Money market | 7,322,769 | 7,640,798 | ||||||||||
Brokered CDs | Brokered CDs | 5,964 | 192,234 | Brokered CDs | 0 | 5,964 | ||||||||||
Other time | Other time | 2,616,839 | 2,623,167 | Other time | 1,757,030 | 2,616,839 | ||||||||||
Total deposits | Total deposits | $ | 23,779,064 | $ | 24,897,393 | Total deposits | $ | 26,482,481 | $ | 23,779,064 |
Maturities During Year Ending December 31, | Maturities During Year Ending December 31, | ($ in Thousands) | Maturities During Year Ending December 31, | ($ in Thousands) | ||||||
2020 | $ | 1,947,004 | ||||||||
2021 | 2021 | 477,780 | 2021 | $ | 1,371,671 | |||||
2022 | 2022 | 97,141 | 2022 | 236,667 | ||||||
2023 | 2023 | 55,028 | 2023 | 77,545 | ||||||
2024 | 2024 | 45,510 | 2024 | 45,185 | ||||||
2025 | 2025 | 25,951 | ||||||||
Thereafter | Thereafter | 340 | Thereafter | 11 | ||||||
Total | Total | $ | 2,622,803 | Total | $ | 1,757,030 |
($ in Thousands) | December 31, 2019 | December 31, 2018 | ||||||
Short-Term Funding | ||||||||
Federal funds purchased | $ | 362,000 | $ | 19,710 | ||||
Securities sold under agreements to repurchase | 71,097 | 91,941 | ||||||
Federal funds purchased and securities sold under agreements to repurchase | 433,097 | 111,651 | ||||||
Commercial paper | 32,016 | 45,423 | ||||||
Total short-term funding | $ | 465,113 | $ | 157,074 | ||||
Long-Term Funding | ||||||||
Corporation senior notes, at par, due 2019 | $ | — | $ | 250,000 | ||||
Bank senior notes, at par, due 2021 | 300,000 | 300,000 | ||||||
Corporation subordinated notes, at par, due 2025 | 250,000 | 250,000 | ||||||
Finance leases | 2,209 | — | ||||||
Capitalized costs | (2,866) | (4,389) | ||||||
Total long-term funding | 549,343 | 795,611 | ||||||
Total short and long-term funding, excluding FHLB advances | $ | 1,014,456 | $ | 952,685 | ||||
FHLB Advances | ||||||||
Short-term FHLB advances | $ | 520,000 | $ | 900,000 | ||||
Long-term FHLB advances | 2,660,967 | 2,674,371 | ||||||
Total FHLB advances | $ | 3,180,967 | $ | 3,574,371 | ||||
Total short and long-term funding | $ | 4,195,422 | $ | 4,527,056 |
($ in Thousands) | December 31, 2020 | December 31, 2019 | ||||||
Short-Term Funding | ||||||||
Federal funds purchased | $ | 7,070 | $ | 362,000 | ||||
Securities sold under agreements to repurchase | 185,901 | 71,097 | ||||||
Federal funds purchased and securities sold under agreements to repurchase | 192,971 | 433,097 | ||||||
Commercial paper | 59,346 | 32,016 | ||||||
Total short-term funding | $ | 252,317 | $ | 465,113 | ||||
Long-Term Funding | ||||||||
Bank senior notes, at par, due 2021 | $ | 300,000 | $ | 300,000 | ||||
Corporation subordinated notes, at par, due 2025 | 250,000 | 250,000 | ||||||
Finance leases | 1,128 | 2,209 | ||||||
Capitalized costs | (1,663) | (2,866) | ||||||
Total long-term funding | 549,465 | 549,343 | ||||||
Total short and long-term funding, excluding FHLB advances | $ | 801,782 | $ | 1,014,456 | ||||
FHLB Advances | ||||||||
Short-term FHLB advances | $ | 0 | $ | 520,000 | ||||
Long-term FHLB advances | 1,632,723 | 2,660,967 | ||||||
Total FHLB advances | $ | 1,632,723 | $ | 3,180,967 | ||||
Total short and long-term funding | $ | 2,434,505 | $ | 4,195,422 |
Remaining Contractual Maturity of the Agreements | Remaining Contractual Maturity of the Agreements | |||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | Overnight and Continuous | Up to 30 days | 30-90 days | Greater than 90 days | Total | ($ in Thousands) | Overnight and Continuous | Up to 30 days | 30-90 days | Greater than 90 days | Total | ||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Repurchase agreements | Repurchase agreements | |||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-related securities | Agency mortgage-related securities | $ | 185,901 | $ | 0 | $ | 0 | $ | 0 | $ | 185,901 | |||||||||||||||||||||||||||||||||||
Total | Total | $ | 185,901 | $ | 0 | $ | 0 | $ | 0 | $ | 185,901 | |||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2019 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Repurchase agreements | Repurchase agreements | Repurchase agreements | ||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-related securities | Agency mortgage-related securities | $ | 71,097 | $ | — | $ | — | $ | — | $ | 71,097 | Agency mortgage-related securities | $ | 71,097 | $ | 0 | $ | 0 | $ | 0 | $ | 71,097 | ||||||||||||||||||||||||
Total | Total | $ | 71,097 | $ | — | $ | — | $ | — | $ | 71,097 | Total | $ | 71,097 | $ | 0 | $ | 0 | $ | 0 | $ | 71,097 | ||||||||||||||||||||||||
December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||
Repurchase agreements | ||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-related securities | $ | 91,941 | $ | — | $ | — | $ | — | $ | 91,941 | ||||||||||||||||||||||||||||||||||||
Total | $ | 91,941 | $ | — | $ | — | $ | — | $ | 91,941 |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||||
($ in Thousands) | Amount | Weighted Average Contractual Coupon Rate | Amount | Weighted Average Contractual Coupon Rate | |||||||||||||||||||||||||||||||
Maturity or put date 1 year or less | $ | 2,055,056 | 2.19 | % | $ | 2,262,584 | 2.06 | % | |||||||||||||||||||||||||||
After 1 but within 2 | 14,099 | 2.95 | % | 1,285,039 | 2.39 | % | |||||||||||||||||||||||||||||
After 2 but within 3 | 504,154 | 2.12 | % | 14,393 | 2.98 | % | |||||||||||||||||||||||||||||
After 3 years | 607,657 | 2.29 | % | 12,354 | 4.55 | % | |||||||||||||||||||||||||||||
FHLB advances and overall rate | $ | 3,180,967 | 2.20 | % | $ | 3,574,371 | 2.19 | % |
($ in Thousands) | ($ in Thousands) | Long Term Funding | Weighted Average Contractual Long Term Funding Coupon Rate | FHLB advances | Weighted Average Contractual FHLB advance Coupon Rate | ||||||||||||||
Year | Year | ($ in Thousands) | Year | ||||||||||||||||
2020 | $ | 85,095 | |||||||||||||||||
2021 | 2021 | 312,700 | 2021 | $ | 299,631 | 3.50 | % | $ | 17,723 | 2.25 | % | ||||||||
2022 | 2022 | 504,193 | 2022 | 967 | 1.07 | % | 7,383 | 3.70 | % | ||||||||||
2023 | 2023 | 202,572 | 2023 | 0 | 0 | % | 2,398 | 5.09 | % | ||||||||||
2024 | 2024 | 250,673 | 2024 | 0 | 0 | % | 633 | 0 | % | ||||||||||
2025 | 2025 | 248,867 | 4.25 | % | 1,000,215 | 2.34 | % | ||||||||||||
Thereafter | Thereafter | 1,855,075 | Thereafter | 0 | 0 | % | 604,371 | 2.32 | % | ||||||||||
Total long-term funding | Total long-term funding | $ | 3,210,310 | Total long-term funding | $ | 549,465 | 3.83 | % | $ | 1,632,723 | 2.34 | % |
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||||
Dividend yield | Dividend yield | 3.30 | % | 2.50 | % | 2.00 | % | Dividend yield | 3.50 | % | 3.30 | % | 2.50 | % | ||||||||
Risk-free interest rate | Risk-free interest rate | 2.60 | % | 2.60 | % | 2.00 | % | Risk-free interest rate | 1.60 | % | 2.60 | % | 2.60 | % | ||||||||
Weighted average expected volatility | Weighted average expected volatility | 24.00 | % | 22.00 | % | 25.00 | % | Weighted average expected volatility | 21.00 | % | 24.00 | % | 22.00 | % | ||||||||
Weighted average expected life | Weighted average expected life | 5.75 years | 5.5 years | Weighted average expected life | 5.75 years | |||||||||||||||||
Weighted average per share fair value of options | Weighted average per share fair value of options | $4.00 | $4.47 | $5.30 | Weighted average per share fair value of options | $2.39 | $4.00 | $4.47 |
Stock Options | Stock Options | Shares(a) | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value ($ in thousands) | Stock Options | Shares(a) | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value ($ in thousands) | ||||||||||||||||||
Outstanding at December 31, 2018 | 5,281 | $ | 19.09 | 6.18 years | $ | 12,392 | ||||||||||||||||||||||
Outstanding at December 31, 2019 | Outstanding at December 31, 2019 | 5,543 | $ | 20.13 | 6.25 years | $ | 16,043 | |||||||||||||||||||||
Granted | Granted | 1,050 | 22.77 | Granted | 1,697 | 18.43 | ||||||||||||||||||||||
Exercised | Exercised | (674) | 15.75 | Exercised | (182) | 13.77 | ||||||||||||||||||||||
Forfeited or expired | Forfeited or expired | (114) | 22.42 | Forfeited or expired | (585) | 21.07 | ||||||||||||||||||||||
Outstanding at December 31, 2019 | 5,543 | $ | 20.13 | 6.25 years | $ | 16,043 | ||||||||||||||||||||||
Options exercisable at December 31, 2019 | 3,360 | $ | 18.22 | 4.95 years | $ | 14,980 | ||||||||||||||||||||||
Outstanding at December 31, 2020 | Outstanding at December 31, 2020 | 6,473 | $ | 19.77 | 6.23 years | $ | 2,005 | |||||||||||||||||||||
Options exercisable at December 31, 2020 | Options exercisable at December 31, 2020 | 4,038 | $ | 19.25 | 4.89 years | $ | 1,913 |
Restricted Stock | Restricted Stock | Shares(a) | Weighted Average Grant Date Fair Value | Restricted Stock | Shares(a) | Weighted Average Grant Date Fair Value | ||||||||||
Outstanding at December 31, 2018 | 1,993 | $ | 21.92 | |||||||||||||
Outstanding at December 31, 2019 | Outstanding at December 31, 2019 | 2,393 | $ | 22.39 | ||||||||||||
Granted | Granted | 1,180 | 22.20 | Granted | 1,053 | 18.09 | ||||||||||
Vested | Vested | (710) | 20.61 | Vested | (936) | 22.59 | ||||||||||
Forfeited | Forfeited | (69) | 23.84 | Forfeited | (218) | 20.86 | ||||||||||
Outstanding at December 31, 2019 | 2,393 | $ | 22.39 | |||||||||||||
Outstanding at December 31, 2020 | Outstanding at December 31, 2020 | 2,293 | $ | 20.46 |
RAP | Postretirement Plan | RAP | Bank Mutual Pension | Postretirement Plan | RAP | Postretirement Plan | RAP | Postretirement Plan | |||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | ($ in Thousands) | 2020 | 2019 | |||||||||||||||||||||||||
Change in Fair Value of Plan Assets | Change in Fair Value of Plan Assets | Change in Fair Value of Plan Assets | |||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | Fair value of plan assets at beginning of year | $ | 390,564 | $ | — | $ | 331,609 | N/A | $ | — | Fair value of plan assets at beginning of year | $ | 442,034 | $ | 0 | $ | 390,564 | $ | 0 | ||||||||||||
Fair value of Bank Mutual plan assets at February 1, 2018 | N/A | — | N/A | 59,445 | — | ||||||||||||||||||||||||||
Actual return on plan assets | Actual return on plan assets | 67,377 | — | (14,609) | (1,665) | — | Actual return on plan assets | 58,802 | 0 | 67,377 | 0 | ||||||||||||||||||||
Employer contributions | Employer contributions | — | 270 | 4,340 | 37,537 | 292 | Employer contributions | 0 | 210 | 0 | 270 | ||||||||||||||||||||
Gross benefits paid | Gross benefits paid | (15,907) | (270) | (10,582) | (15,513) | (292) | Gross benefits paid | (21,987) | (210) | (15,907) | (270) | ||||||||||||||||||||
Bank Mutual plan assets transferred at December 31, 2018 | N/A | — | 79,805 | (79,805) | — | ||||||||||||||||||||||||||
Fair value of plan assets at end of year(a) | Fair value of plan assets at end of year(a) | $ | 442,034 | $ | — | $ | 390,564 | $ | — | $ | — | Fair value of plan assets at end of year(a) | $ | 478,849 | $ | 0 | $ | 442,034 | $ | 0 | |||||||||||
Change in Benefit Obligation | Change in Benefit Obligation | Change in Benefit Obligation | |||||||||||||||||||||||||||||
Net benefit obligation at beginning of year | Net benefit obligation at beginning of year | $ | 233,658 | $ | 2,523 | $ | 186,423 | N/A | $ | 2,478 | Net benefit obligation at beginning of year | $ | 260,576 | $ | 2,545 | $ | 233,658 | $ | 2,523 | ||||||||||||
Net Bank Mutual benefit obligation at February 1, 2018 | N/A | — | N/A | 66,364 | 576 | ||||||||||||||||||||||||||
Service cost | Service cost | 7,263 | — | 7,540 | — | — | Service cost | 8,244 | 0 | 7,263 | 0 | ||||||||||||||||||||
Interest cost | Interest cost | 9,752 | 104 | 6,727 | 2,398 | 108 | Interest cost | 8,185 | 78 | 9,752 | 104 | ||||||||||||||||||||
Actuarial (gain) loss | Actuarial (gain) loss | 25,810 | 188 | (8,000) | (1,701) | (347) | Actuarial (gain) loss | 24,998 | (169) | 25,810 | 188 | ||||||||||||||||||||
Gross benefits paid | Gross benefits paid | (15,907) | (270) | (10,582) | (2,644) | (292) | Gross benefits paid | (21,987) | (210) | (15,907) | (270) | ||||||||||||||||||||
Lump sums paid | — | — | — | (12,868) | — | ||||||||||||||||||||||||||
Bank Mutual benefit obligations transferred at December 31, 2018 | N/A | — | $ | 51,549 | (51,549) | — | |||||||||||||||||||||||||
Net benefit obligation at end of year(a) | Net benefit obligation at end of year(a) | $ | 260,576 | $ | 2,545 | $ | 233,658 | $ | — | $ | 2,523 | Net benefit obligation at end of year(a) | $ | 280,017 | $ | 2,243 | $ | 260,576 | $ | 2,545 | |||||||||||
Funded (unfunded) status | Funded (unfunded) status | $ | 181,458 | $ | (2,545) | $ | 156,906 | $ | — | $ | (2,523) | Funded (unfunded) status | $ | 198,832 | $ | (2,243) | $ | 181,458 | $ | (2,545) | |||||||||||
Noncurrent assets | Noncurrent assets | $ | 181,458 | $ | — | $ | 156,906 | $ | — | $ | — | Noncurrent assets | $ | 198,832 | $ | 0 | $ | 181,458 | $ | 0 | |||||||||||
Current liabilities | Current liabilities | — | (214) | — | — | (219) | Current liabilities | 0 | (189) | 0 | (214) | ||||||||||||||||||||
Noncurrent liabilities | Noncurrent liabilities | — | (2,330) | — | — | (2,304) | Noncurrent liabilities | 0 | (2,055) | 0 | (2,330) | ||||||||||||||||||||
Asset (Liability) Recognized on the Consolidated Balance Sheets | $ | 181,458 | $ | (2,545) | $ | 156,906 | $ | — | $ | (2,523) | |||||||||||||||||||||
Asset (liability) recognized on the consolidated balance sheets | Asset (liability) recognized on the consolidated balance sheets | $ | 198,832 | $ | (2,243) | $ | 181,458 | $ | (2,545) |
RAP | Postretirement Plan | RAP | Postretirement Plan | RAP | Postretirement Plan | RAP | Postretirement Plan | |||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | ($ in Thousands) | 2020 | 2019 | ||||||||||||||||||||||
Prior service cost | Prior service cost | $ | (249) | $ | (533) | $ | (303) | $ | (588) | Prior service cost | $ | (194) | $ | (477) | $ | (249) | $ | (533) | ||||||||||
Net actuarial loss | Net actuarial loss | 37,075 | 126 | 50,238 | (17) | Net actuarial loss | 28,029 | 0 | 37,075 | 126 | ||||||||||||||||||
Amount not yet recognized in net periodic benefit cost, but recognized in accumulated other comprehensive (income) loss | Amount not yet recognized in net periodic benefit cost, but recognized in accumulated other comprehensive (income) loss | $ | 36,827 | $ | (406) | $ | 49,935 | $ | (605) | Amount not yet recognized in net periodic benefit cost, but recognized in accumulated other comprehensive (income) loss | $ | 27,835 | $ | (477) | $ | 36,827 | $ | (406) |
RAP | Postretirement Plan | RAP | Postretirement Plan | |||||||||||
($ in Thousands) | 2019 | 2019 | 2018 | 2018 | ||||||||||
Net actuarial gain (loss) | $ | 17,235 | $ | (188) | $ | (28,959) | $ | 347 | ||||||
Amortization of prior service cost | (73) | (75) | (73) | (75) | ||||||||||
Amortization of actuarial loss (gain) | 480 | (4) | 2,195 | 8 | ||||||||||
Adjustment for adoption of ASU 2018-02 | — | — | (5,235) | — | ||||||||||
Income tax (expense) benefit | (4,532) | 67 | 6,838 | (71) | ||||||||||
Total Recognized in OCI | $ | 13,109 | $ | (200) | $ | (25,234) | $ | 209 |
RAP | Postretirement Plan | RAP | Postretirement Plan | |||||||||||
($ in Thousands) | 2020 | 2020 | 2019 | 2019 | ||||||||||
Net actuarial gain (loss) | $ | 8,209 | $ | 169 | $ | 17,235 | $ | (188) | ||||||
Amortization of prior service cost | (73) | (75) | (73) | (75) | ||||||||||
Amortization of actuarial loss (gain) | 3,897 | 0 | 480 | (4) | ||||||||||
Income tax (expense) benefit | (3,040) | (23) | (4,532) | 67 | ||||||||||
Total Recognized in OCI | $ | 8,993 | $ | 71 | $ | 13,109 | $ | (200) |
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | 2017 | ($ in Thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Service cost | Service cost | $ | 7,263 | $ | 7,540 | $ | 6,955 | Service cost | $ | 8,244 | $ | 7,263 | $ | 7,540 | ||||||||
Interest cost | Interest cost | 9,752 | 9,125 | 7,121 | Interest cost | 8,185 | 9,752 | 9,125 | ||||||||||||||
Expected return on plan assets | Expected return on plan assets | (24,332) | (23,195) | (19,646) | Expected return on plan assets | (25,595) | (24,332) | (23,195) | ||||||||||||||
Amortization of prior service cost | Amortization of prior service cost | (73) | (73) | (73) | Amortization of prior service cost | (73) | (73) | (73) | ||||||||||||||
Amortization of actuarial loss (gain) | Amortization of actuarial loss (gain) | 480 | 2,195 | 2,278 | Amortization of actuarial loss (gain) | 3,897 | 480 | 2,195 | ||||||||||||||
Recognized settlement loss (gain) | Recognized settlement loss (gain) | — | 809 | — | Recognized settlement loss (gain) | 0 | 0 | 809 | ||||||||||||||
Total net periodic pension cost | $ | (6,910) | $ | (3,600) | $ | (3,365) | ||||||||||||||||
Total net periodic pension cost (income) | Total net periodic pension cost (income) | $ | (5,342) | $ | (6,910) | $ | (3,600) |
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | 2017 | ($ in Thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Interest cost | Interest cost | $ | 104 | $ | 108 | $ | 101 | Interest cost | $ | 78 | $ | 104 | $ | 108 | ||||||||
Amortization of prior service cost | Amortization of prior service cost | (75) | (75) | (75) | Amortization of prior service cost | (75) | (75) | (75) | ||||||||||||||
Amortization of actuarial loss (gain) | Amortization of actuarial loss (gain) | (4) | 8 | 4 | Amortization of actuarial loss (gain) | 0 | (4) | 8 | ||||||||||||||
Total net periodic benefit cost | Total net periodic benefit cost | $ | 25 | $ | 41 | $ | 30 | Total net periodic benefit cost | $ | 3 | $ | 25 | $ | 41 |
RAP | Postretirement Plan | RAP | Postretirement Plan | |||||||||||
2019 | 2019 | 2018 | 2018 | |||||||||||
Weighted average assumptions used to determine benefit obligations | ||||||||||||||
Discount rate | 3.20 | % | 3.20 | % | 4.30 | % | 4.30 | % | ||||||
Rate of increase in compensation levels | 2.00 | % | N/A | 3.00 | % | N/A | ||||||||
Weighted average assumptions used to determine net periodic benefit costs | ||||||||||||||
Discount rate(a) | 4.30 | % | 4.30 | % | 3.77 | % | 3.77 | % | ||||||
Rate of increase in compensation levels | 3.00 | % | N/A | 3.00 | % | N/A | ||||||||
Expected long-term rate of return on plan assets(b) | 6.00 | % | N/A | 5.93 | % | N/A |
RAP | Postretirement Plan | RAP | Postretirement Plan | |||||||||||
2020 | 2020 | 2019 | 2019 | |||||||||||
Weighted average assumptions used to determine benefit obligations | ||||||||||||||
Discount rate | 2.40 | % | 2.40 | % | 3.20 | % | 3.20 | % | ||||||
Rate of increase in compensation levels | 2.00 | % | N/A | 2.00 | % | N/A | ||||||||
Weighted average assumptions used to determine net periodic benefit costs | ||||||||||||||
Discount rate | 3.20 | % | 3.20 | % | 4.30 | % | 4.30 | % | ||||||
Rate of increase in compensation levels | 2.00 | % | N/A | 3.00 | % | N/A | ||||||||
Expected long-term rate of return on plan assets | 6.20 | % | N/A | 6.00 | % | N/A |
Asset Category | Asset Category | 2019 | 2018 | Asset Category | 2020 | 2019 | ||||||||||
Equity securities | Equity securities | 51 | % | 49 | % | Equity securities | 53 | % | 51 | % | ||||||
Fixed-income securities | Fixed-income securities | 33 | % | 34 | % | Fixed-income securities | 33 | % | 33 | % | ||||||
Group annuity contracts | Group annuity contracts | 11 | % | 12 | % | Group annuity contracts | 11 | % | 11 | % | ||||||
Alternative securities | Alternative securities | 3 | % | 3 | % | Alternative securities | 1 | % | 3 | % | ||||||
Other | Other | 2 | % | 2 | % | Other | 2 | % | 2 | % | ||||||
Total | Total | 100 | % | 100 | % | Total | 100 | % | 100 | % |
Fair Value Measurements Using | Fair Value Measurements Using | |||||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | December 31, 2019 | Level 1 | Level 2 | Level 3 | ($ in Thousands) | December 31, 2020 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
RAP Investments | RAP Investments | RAP Investments | ||||||||||||||||||||||||||||||||
Money market account | Money market account | $ | 8,903 | $ | 8,903 | $ | — | $ | — | Money market account | $ | 9,429 | $ | 9,429 | $ | 0 | $ | 0 | ||||||||||||||||
Common /collective trust funds | Common /collective trust funds | 155,964 | 155,964 | — | — | Common /collective trust funds | 172,950 | 172,950 | 0 | 0 | ||||||||||||||||||||||||
Mutual funds | Mutual funds | 227,112 | 227,112 | — | — | Mutual funds | 245,605 | 245,605 | 0 | 0 | ||||||||||||||||||||||||
Group annuity contracts | Group annuity contracts | 50,055 | — | — | 50,055 | Group annuity contracts | 50,866 | 0 | 0 | 50,866 | ||||||||||||||||||||||||
Total RAP Investments | Total RAP Investments | $ | 442,034 | $ | 391,979 | $ | — | $ | 50,055 | Total RAP Investments | $ | 478,849 | $ | 427,983 | $ | 0 | $ | 50,866 | ||||||||||||||||
Fair Value Measurements Using | Fair Value Measurements Using | |||||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | December 31, 2018 | Level 1 | Level 2 | Level 3 | ($ in Thousands) | December 31, 2019 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
RAP Investments | RAP Investments | RAP Investments | ||||||||||||||||||||||||||||||||
Money market account | Money market account | $ | 7,159 | $ | 7,159 | $ | — | $ | — | Money market account | $ | 8,903 | $ | 8,903 | $ | 0 | $ | 0 | ||||||||||||||||
Common /collective trust funds | Common /collective trust funds | 138,020 | 138,020 | — | — | Common /collective trust funds | 155,964 | 155,964 | 0 | 0 | ||||||||||||||||||||||||
Mutual funds | Mutual funds | 198,120 | 198,120 | — | — | Mutual funds | 227,112 | 227,112 | 0 | 0 | ||||||||||||||||||||||||
Group annuity contracts | Group annuity contracts | 47,265 | — | — | 47,265 | Group annuity contracts | 50,055 | 0 | 0 | 50,055 | ||||||||||||||||||||||||
Total RAP Investments | Total RAP Investments | $ | 390,564 | $ | 343,299 | $ | — | $ | 47,265 | Total RAP Investments | $ | 442,034 | $ | 391,979 | $ | 0 | $ | 50,055 |
Fair Value Reconciliation of Level 3 RAP Investments | 2019 | 2018(a) | ||||||
Fair value of group annuity contract at beginning of period | $ | 47,265 | $ | 49,191 | ||||
Return on plan assets | 5,495 | 565 | ||||||
Benefits paid | (2,704) | (2,491) | ||||||
Fair value of group annuity contract at end of period | $ | 50,055 | $ | 47,265 |
Fair Value Reconciliation of Level 3 RAP Investments | 2020 | 2019 | ||||||
Fair value of group annuity contract at beginning of period | $ | 50,055 | $ | 47,265 | ||||
Return on plan assets | 3,499 | 5,495 | ||||||
Benefits paid | (2,688) | (2,704) | ||||||
Fair value of group annuity contract at end of period | $ | 50,866 | $ | 50,055 |
($ in Thousands) | ($ in Thousands) | RAP | Postretirement Plan | ($ in Thousands) | RAP | Postretirement Plan | ||||||||||
Estimated future benefit payments | Estimated future benefit payments | Estimated future benefit payments | ||||||||||||||
2020 | $ | 19,659 | $ | 218 | ||||||||||||
2021 | 2021 | 19,755 | 213 | 2021 | $ | 19,332 | $ | 191 | ||||||||
2022 | 2022 | 20,729 | 208 | 2022 | 20,043 | 186 | ||||||||||
2023 | 2023 | 20,392 | 202 | 2023 | 19,785 | 181 | ||||||||||
2024 | 2024 | 20,710 | 196 | 2024 | 20,304 | 175 | ||||||||||
2025-2029 | 91,264 | 867 | ||||||||||||||
2025 | 2025 | 21,766 | 168 | |||||||||||||
2026-2030 | 2026-2030 | 91,228 | 732 |
2019 | 2018 | 2020 | 2019 | |||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | 100 bp Increase | 100 bp Decrease | 100 bp Increase | 100 bp Decrease | ($ in Thousands) | 100 bp Increase | 100 bp Decrease | 100 bp Increase | 100 bp Decrease | ||||||||||||||||||||||||
Effect on total of service and interest cost | Effect on total of service and interest cost | $ | 7 | $ | (6) | $ | 7 | $ | (6) | Effect on total of service and interest cost | $ | 5 | $ | (4) | $ | 7 | $ | (6) | ||||||||||||||||
Effect on postretirement benefit obligation | Effect on postretirement benefit obligation | $ | 170 | $ | (148) | $ | 164 | $ | (143) | Effect on postretirement benefit obligation | $ | 141 | $ | (124) | $ | 170 | $ | (148) |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | 2017 | ($ in Thousands) | 2020 | 2019 | 2018 | ||||||||||||||||||||
Current | Current | Current | ||||||||||||||||||||||||||
Federal | Federal | $ | 50,560 | $ | 20,246 | $ | 76,525 | Federal | $ | 33,020 | $ | 50,560 | $ | 20,246 | ||||||||||||||
State | State | 15,327 | 12,593 | 11,576 | State | 16,193 | 15,327 | 12,593 | ||||||||||||||||||||
Total current | Total current | 65,887 | 32,839 | 88,101 | Total current | 49,213 | 65,887 | 32,839 | ||||||||||||||||||||
Deferred | Deferred | Deferred | ||||||||||||||||||||||||||
Federal | Federal | 14,094 | 34,941 | 19,755 | Federal | (25,895) | 14,094 | 34,941 | ||||||||||||||||||||
State | State | (261) | 12,006 | 1,647 | State | (3,118) | (261) | 12,006 | ||||||||||||||||||||
Total deferred | Total deferred | 13,833 | 46,947 | 21,402 | Total deferred | (29,013) | 13,833 | 46,947 | ||||||||||||||||||||
Total income tax expense | Total income tax expense | $ | 79,720 | $ | 79,786 | $ | 109,503 | Total income tax expense | $ | 20,200 | $ | 79,720 | $ | 79,786 |
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | ($ in Thousands) | 2020 | 2019 | ||||||||||
Deferred tax assets | Deferred tax assets | Deferred tax assets | ||||||||||||||
Allowance for loan losses | Allowance for loan losses | $ | 48,790 | $ | 61,143 | Allowance for loan losses | $ | 88,967 | $ | 48,790 | ||||||
Allowance for other losses | Allowance for other losses | 7,236 | 8,304 | Allowance for other losses | 16,347 | 7,236 | ||||||||||
Accrued liabilities | Accrued liabilities | 4,005 | 3,736 | Accrued liabilities | 4,673 | 4,005 | ||||||||||
Deferred compensation | Deferred compensation | 28,018 | 24,754 | Deferred compensation | 27,896 | 28,018 | ||||||||||
Benefit of tax loss and credit carryforwards | Benefit of tax loss and credit carryforwards | 13,444 | 10,126 | Benefit of tax loss and credit carryforwards | 9,789 | 13,444 | ||||||||||
Nonaccrual interest | Nonaccrual interest | 1,299 | 1,666 | Nonaccrual interest | 1,763 | 1,299 | ||||||||||
Net unrealized losses on available-for-sale securities | — | 25,731 | ||||||||||||||
Basis difference from equity securities and other investments | Basis difference from equity securities and other investments | 6,329 | 0 | |||||||||||||
Net unrealized losses on pension and postretirement benefits | Net unrealized losses on pension and postretirement benefits | 12,174 | 16,640 | Net unrealized losses on pension and postretirement benefits | 9,110 | 12,174 | ||||||||||
Other | Other | 3,495 | 1,916 | Other | 997 | 970 | ||||||||||
Total deferred tax assets | Total deferred tax assets | 118,461 | 154,015 | Total deferred tax assets | $ | 165,871 | $ | 115,936 | ||||||||
Valuation allowance for deferred tax assets | Valuation allowance for deferred tax assets | (251) | (251) | Valuation allowance for deferred tax assets | (251) | (251) | ||||||||||
Total deferred tax assets after valuation allowance | Total deferred tax assets after valuation allowance | $ | 118,211 | $ | 153,764 | Total deferred tax assets after valuation allowance | $ | 165,620 | $ | 115,685 | ||||||
Deferred tax liabilities | Deferred tax liabilities | Deferred tax liabilities | ||||||||||||||
Prepaid expenses | Prepaid expenses | $ | 62,227 | $ | 61,250 | Prepaid expenses | $ | 63,113 | $ | 62,227 | ||||||
Goodwill | Goodwill | 21,099 | 20,178 | Goodwill | 21,698 | 21,099 | ||||||||||
Mortgage banking activities | Mortgage banking activities | 17,418 | 17,428 | Mortgage banking activities | 10,403 | 17,418 | ||||||||||
Deferred loan fee income | Deferred loan fee income | 12,190 | 11,892 | Deferred loan fee income | 9,799 | 12,190 | ||||||||||
State deferred taxes | State deferred taxes | 722 | 518 | State deferred taxes | 2,636 | 722 | ||||||||||
Lease financing | Lease financing | 199 | 410 | Lease financing | 116 | 199 | ||||||||||
Bank premises and equipment | Bank premises and equipment | 18,348 | 18,655 | Bank premises and equipment | 17,757 | 18,348 | ||||||||||
Purchase accounting | Purchase accounting | 13,738 | 12,414 | Purchase accounting | 12,658 | 13,738 | ||||||||||
Deferred gains from equity securities and other investments | 4,810 | — | ||||||||||||||
Net unrealized gains on available-for-sale securities | 1,139 | — | ||||||||||||||
Basis difference from equity securities and other investments | Basis difference from equity securities and other investments | 0 | 2,285 | |||||||||||||
Net unrealized gains on AFS securities | Net unrealized gains on AFS securities | 13,568 | 1,139 | |||||||||||||
Other | Other | 1,156 | 684 | Other | 1,049 | 1,156 | ||||||||||
Total deferred tax liabilities | Total deferred tax liabilities | $ | 153,045 | $ | 143,429 | Total deferred tax liabilities | $ | 152,797 | $ | 150,521 | ||||||
Net deferred tax assets (liabilities) | Net deferred tax assets (liabilities) | $ | (34,836) | $ | 10,335 | Net deferred tax assets (liabilities) | $ | 12,823 | $ | (34,836) |
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | ($ in Thousands) | 2020 | 2019 | ||||||||||
Valuation allowance for deferred tax assets, beginning of year | Valuation allowance for deferred tax assets, beginning of year | $ | (251) | $ | (269) | Valuation allowance for deferred tax assets, beginning of year | $ | (251) | $ | (251) | ||||||
(Increase) decrease in current year | (Increase) decrease in current year | — | 18 | (Increase) decrease in current year | 0 | 0 | ||||||||||
Valuation allowance for deferred tax assets, end of year | Valuation allowance for deferred tax assets, end of year | $ | (251) | $ | (251) | Valuation allowance for deferred tax assets, end of year | $ | (251) | $ | (251) |
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | |||||||||||||||||
Federal income tax rate at statutory rate | Federal income tax rate at statutory rate | 21.0 | % | 21.0 | % | 35.0 | % | Federal income tax rate at statutory rate | 21.0 % | |||||||||||||
Increases (decreases) resulting from: | Increases (decreases) resulting from: | Increases (decreases) resulting from: | ||||||||||||||||||||
Tax-exempt interest and dividends | Tax-exempt interest and dividends | (3.3) | % | (2.6) | % | (4.1) | % | Tax-exempt interest and dividends | (3.9) | % | (3.3) | % | (2.6) | % | ||||||||
State income taxes (net of federal benefit) | State income taxes (net of federal benefit) | 3.5 | % | 3.7 | % | 2.9 | % | State income taxes (net of federal benefit) | 3.7 % | 3.5 % | 3.7 % | |||||||||||
Bank owned life insurance | Bank owned life insurance | (0.8) | % | (0.7) | % | (1.7) | % | Bank owned life insurance | (0.9) | % | (0.8) | % | (0.7) | % | ||||||||
Tax effect of tax credits and benefits, net of related expenses | Tax effect of tax credits and benefits, net of related expenses | (0.9) | % | (0.7) | % | (0.7) | % | Tax effect of tax credits and benefits, net of related expenses | (1.8) | % | (0.9) | % | (0.7) | % | ||||||||
Tax reserve adjustments / settlements | Tax reserve adjustments / settlements | 0.2 | % | 1.5 | % | (1.2) | % | Tax reserve adjustments / settlements | 0.1 % | 0.2 % | 1.5 % | |||||||||||
Net tax benefit from stock-based compensation | (0.2) | % | (0.5) | % | (1.3) | % | ||||||||||||||||
Tax Act impact on deferred remeasurement | — | % | — | % | 3.5 | % | ||||||||||||||||
Net tax (benefit) expense from stock-based compensation | Net tax (benefit) expense from stock-based compensation | 0.3 % | (0.2) | % | (0.5) | % | ||||||||||||||||
Tax planning in response to the Tax Act | Tax planning in response to the Tax Act | — | % | (3.6) | % | — | % | Tax planning in response to the Tax Act | 0 | % | 0 | % | (3.6) | % | ||||||||
Restructuring in conjunction with ABRC sale | Restructuring in conjunction with ABRC sale | (13.7) | % | 0 | % | 0 | % | |||||||||||||||
FDIC premium | FDIC premium | 0.5 | % | 0.9 | % | — | % | FDIC premium | 0.8 % | 0.5 % | 0.9 % | |||||||||||
Other | Other | (0.4) | % | 0.3 | % | (0.1) | % | Other | 0.6 % | (0.4) | % | 0.3 % | ||||||||||
Effective income tax rate | Effective income tax rate | 19.6 | % | 19.3 | % | 32.3 | % | Effective income tax rate | 6.2 | % | 19.6 | % | 19.3 % |
($ in Millions) | ($ in Millions) | 2019 | 2018 | ($ in Millions) | 2020 | 2019 | ||||||||||
Balance at beginning of year | Balance at beginning of year | $ | 2 | $ | 4 | Balance at beginning of year | $ | 3 | $ | 2 | ||||||
Subtractions for tax positions related to prior years | — | — | ||||||||||||||
Subtractions for settlements with tax authorities | — | (3) | ||||||||||||||
Additions for tax positions related to current year | Additions for tax positions related to current year | 1 | 1 | Additions for tax positions related to current year | 0 | 1 | ||||||||||
Balance at end of year | Balance at end of year | $ | 3 | $ | 2 | Balance at end of year | $ | 3 | $ | 3 |
December 31, 2019 | December 31, 2018 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset | Liability | Asset | Liability | Asset | Liability | Asset | Liability | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | ($ in Thousands) | Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate-related instruments | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 500,000 | $ | 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not designated as hedging instruments | Not designated as hedging instruments | Not designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate-related instruments | Interest rate-related instruments | 3,029,877 | 77,024 | 3,029,877 | 13,073 | 2,707,204 | 52,796 | 2,707,204 | 52,653 | Interest rate-related instruments | $ | 3,639,679 | $ | 192,518 | $ | 3,639,679 | $ | 25,680 | $ | 3,029,877 | $ | 77,024 | $ | 3,029,877 | $ | 13,073 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency exchange forwards | Foreign currency exchange forwards | 272,636 | 4,226 | 264,653 | 4,048 | 117,879 | 721 | 69,153 | 675 | Foreign currency exchange forwards | 411,292 | 4,909 | 398,890 | 4,836 | 272,636 | 4,226 | 264,653 | 4,048 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity contracts | Commodity contracts | 255,089 | 20,528 | 255,165 | 19,624 | 331,727 | 35,426 | 315,861 | 34,340 | Commodity contracts | 87,547 | 12,486 | 83,214 | 11,155 | 255,089 | 20,528 | 255,165 | 19,624 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking(a) | Mortgage banking(a) | 255,291 | 2,527 | 263,000 | 710 | 191,222 | 2,208 | 139,984 | 2,072 | Mortgage banking(a) | 226,818 | 9,624 | 335,500 | 2,046 | 255,291 | 2,527 | 263,000 | 710 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | — | — | — | — | 11,185 | 109 | 11,185 | 109 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total not designated as hedging instruments | 104,305 | 37,455 | 91,260 | 89,849 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross derivatives before netting | Gross derivatives before netting | $ | 104,305 | $ | 37,455 | $ | 91,260 | $ | 89,889 | Gross derivatives before netting | $ | 219,537 | $ | 43,716 | $ | 104,305 | $ | 37,455 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Legally enforceable master netting agreements | Less: Legally enforceable master netting agreements | 10,410 | 10,410 | 5,322 | 5,322 | Less: Legally enforceable master netting agreements | 1,936 | 1,936 | 10,410 | 10,410 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Cash collateral pledged/received | Less: Cash collateral pledged/received | 1,408 | 11,365 | 27,593 | 63 | Less: Cash collateral pledged/received | 10,879 | 25,625 | 1,408 | 11,365 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivative instruments, after netting | Total derivative instruments, after netting | $ | 92,487 | $ | 15,680 | $ | 58,345 | $ | 84,504 | Total derivative instruments, after netting | $ | 206,722 | $ | 16,155 | $ | 92,487 | $ | 15,680 |
Line Item on the Consolidated Balance Sheets in Which the Hedged Item is Included | |||||||||||||||||
Carrying Amount of the Hedged Assets/(Liabilities) | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)(b) | ||||||||||||||||
($ in Thousands) | December 31, 2019 | ||||||||||||||||
Loans and investment securities available for sale(a) | $ | 505,371 | $ | 5,371 | |||||||||||||
Total | $ | 505,371 | $ | 5,371 |
Location and Amount of Gain or (Loss) Recognized on Consolidated Statements of Income in Fair Value and Cash Flow Hedging Relationships | Location and Amount of Gain or (Loss) Recognized on Consolidated Statements of Income in Fair Value and Cash Flow Hedging Relationships | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | ||||||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | Interest Income | Other Income (Expense) | Interest Income | Other Income (Expense) | ($ in Thousands) | Interest Income | Other Income (Expense) | Interest Income | Other Income (Expense) | |||||||||||||||||||||||||||
Total amounts of income and expense line items presented on the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded(a) | Total amounts of income and expense line items presented on the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded(a) | $ | (448) | $ | — | $ | (1,325) | $ | — | Total amounts of income and expense line items presented on the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded(a) | $ | (1,779) | $ | 0 | $ | (448) | $ | 0 | |||||||||||||||||||
The effects of fair value and cash flow hedging: Gain or (loss) on fair value hedging relationships in Subtopic 815-20 | The effects of fair value and cash flow hedging: Gain or (loss) on fair value hedging relationships in Subtopic 815-20 | The effects of fair value and cash flow hedging: Gain or (loss) on fair value hedging relationships in Subtopic 815-20 | |||||||||||||||||||||||||||||||||||
Interest contracts | Interest contracts | Interest contracts | |||||||||||||||||||||||||||||||||||
Hedged items | Hedged items | 5,871 | — | (502) | — | Hedged items | (1,779) | 0 | 5,871 | 0 | |||||||||||||||||||||||||||
Derivatives designated as hedging instruments(a) | Derivatives designated as hedging instruments(a) | (6,319) | — | (823) | — | Derivatives designated as hedging instruments(a) | 0 | 0 | (6,319) | 0 |
Consolidated Statements of Income Category of Gain / (Loss) Recognized in Income | For the Year Ended December 31, | Consolidated Statements of Income Category of Gain / (Loss) Recognized in Income | For the Year Ended December 31, | ||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | ($ in Thousands) | 2020 | 2019 | |||||||||||||||||||
Derivative Instruments | Derivative Instruments | Derivative Instruments | |||||||||||||||||||||||
Interest rate-related instruments — customer and mirror, net | Interest rate-related instruments — customer and mirror, net | Capital market fees, net | $ | (1,393) | $ | (316) | Interest rate-related instruments — customer and mirror, net | Capital market fees, net | $ | (1,758) | $ | (1,393) | |||||||||||||
Interest rate lock commitments (mortgage) | Interest rate lock commitments (mortgage) | Mortgage banking, net | 319 | 670 | Interest rate lock commitments (mortgage) | Mortgage banking, net | 7,097 | 319 | |||||||||||||||||
Forward commitments (mortgage) | Forward commitments (mortgage) | Mortgage banking, net | 1,362 | (1,759) | Forward commitments (mortgage) | Mortgage banking, net | 1,335 | 1,362 | |||||||||||||||||
Foreign currency exchange forwards | Foreign currency exchange forwards | Capital market fees, net | 132 | (110) | Foreign currency exchange forwards | Capital market fees, net | (105) | 132 | |||||||||||||||||
Commodity contracts | Commodity contracts | Capital market fees, net | (1,763) | (314) | Commodity contracts | Capital market fees, net | 427 | (1,763) |
Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets | Net Amounts Presented on the Consolidated Balance Sheets | Gross Amounts Not Offset on the Consolidated Balance Sheets | Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets | Net Amounts Presented on the Consolidated Balance Sheets | Gross Amounts Not Offset on the Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | Gross Amounts Recognized | Derivative Liabilities Offset | Cash Collateral Received | Net Amount | ($ in Thousands) | Gross Amounts Recognized | Derivative Liabilities Offset | Cash Collateral Received | Net Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets | Derivative assets | Derivative assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | $ | 13,441 | $ | (1,936) | $ | (10,879) | $ | 626 | $ | 0 | $ | 626 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2019 | $ | 11,864 | $ | (10,410) | $ | (1,408) | $ | 45 | $ | — | $ | 45 | December 31, 2019 | 11,864 | (10,410) | (1,408) | 45 | 0 | 45 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | 65,596 | (5,322) | (27,593) | 32,681 | (31,837) | 843 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets | Net Amounts Presented on the Consolidated Balance Sheets | Gross Amounts Not Offset on the Consolidated Balance Sheets | Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets | Net Amounts Presented on the Consolidated Balance Sheets | Gross Amounts Not Offset on the Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | Gross Amounts Recognized | Derivative Assets Offset | Cash Collateral Pledged | Net Amount | ($ in Thousands) | Gross Amounts Recognized | Derivative Assets Offset | Cash Collateral Pledged | Net Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | Derivative liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | $ | 27,951 | $ | (1,936) | $ | (25,625) | $ | 390 | $ | 0 | $ | 390 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2019 | $ | 22,189 | $ | (10,410) | $ | (11,365) | $ | 413 | $ | — | $ | 413 | December 31, 2019 | 22,189 | (10,410) | (11,365) | 413 | 0 | 413 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | 22,951 | (5,322) | (63) | 17,567 | (17,551) | 16 |
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | ($ in Thousands) | 2020 | 2019 | ||||||||||
Commitments to extend credit, excluding commitments to originate residential mortgage loans held for sale(a)(b) | Commitments to extend credit, excluding commitments to originate residential mortgage loans held for sale(a)(b) | $ | 9,024,412 | $ | 8,720,293 | Commitments to extend credit, excluding commitments to originate residential mortgage loans held for sale(a)(b) | $ | 10,010,492 | $ | 9,024,412 | ||||||
Commercial letters of credit(a) | Commercial letters of credit(a) | 7,081 | 7,599 | Commercial letters of credit(a) | 3,642 | 7,081 | ||||||||||
Standby letters of credit(c) | Standby letters of credit(c) | 277,969 | 255,904 | Standby letters of credit(c) | 278,798 | 277,969 |
($ in Thousands) | Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||
Allowance for Unfunded Commitments | |||||||||||
Balance at beginning of period | $ | 21,907 | $ | 24,336 | |||||||
Cumulative effect of ASU 2016-13 adoption (CECL) | 18,690 | N/A | |||||||||
Balance at beginning of period, adjusted | 40,597 | 24,336 | |||||||||
Provision for unfunded commitments | 7,000 | (2,500) | |||||||||
Amount recorded at acquisition | 179 | 70 | |||||||||
Balance at end of period | $ | 47,776 | $ | 21,907 |
December 31, | |||||||||||
($ in Thousands) | 2019 | 2018 | |||||||||
Assets | |||||||||||
Cash and due from banks | $ | 17,427 | $ | 16,245 | |||||||
Interest-bearing deposits in other financial institutions | 27,186 | 38,374 | |||||||||
Notes and interest receivable from subsidiaries | 201,551 | 453,615 | |||||||||
Investments in and receivable due from subsidiaries | 3,925,596 | 3,787,574 | |||||||||
Other assets | 46,234 | 47,448 | |||||||||
Total assets | $ | 4,217,994 | $ | 4,343,256 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Commercial paper | $ | 32,016 | $ | 45,423 | |||||||
Senior notes, at par | — | 250,000 | |||||||||
Subordinated notes, at par | 250,000 | 250,000 | |||||||||
Long-term funding capitalized costs | (1,428) | (2,043) | |||||||||
Total long-term funding | 248,572 | 497,957 | |||||||||
Accrued expenses and other liabilities | 15,282 | 18,988 | |||||||||
Total liabilities | 295,870 | 562,368 | |||||||||
Preferred equity | 256,716 | 256,716 | |||||||||
Common equity | 3,665,407 | 3,524,171 | |||||||||
Total stockholders’ equity | 3,922,124 | 3,780,888 | |||||||||
Total liabilities and stockholders’ equity | $ | 4,217,994 | $ | 4,343,256 |
December 31, | ||||||||
($ in Thousands) | 2020 | 2019 | ||||||
Assets | ||||||||
Cash and due from banks | $ | 40,204 | $ | 17,427 | ||||
Interest-bearing deposits in other financial institutions | 15,228 | 27,186 | ||||||
Notes and interest receivable from subsidiaries | 305,779 | 201,551 | ||||||
Investments in and receivable due from subsidiaries | 4,005,198 | 3,925,596 | ||||||
Other assets | 46,850 | 46,234 | ||||||
Total assets | $ | 4,413,259 | $ | 4,217,994 | ||||
Liabilities and Stockholders' Equity | ||||||||
Commercial paper | $ | 59,346 | $ | 32,016 | ||||
Subordinated notes, at par | 250,000 | 250,000 | ||||||
Long-term funding capitalized costs | (1,133) | (1,428) | ||||||
Total long-term funding | 248,867 | 248,572 | ||||||
Accrued expenses and other liabilities | 14,113 | 15,282 | ||||||
Total liabilities | 322,326 | 295,870 | ||||||
Preferred equity | 353,512 | 256,716 | ||||||
Common equity | 3,737,421 | 3,665,407 | ||||||
Total stockholders’ equity | 4,090,933 | 3,922,124 | ||||||
Total liabilities and stockholders’ equity | $ | 4,413,259 | $ | 4,217,994 |
For the Years Ended December 31, | For the Years Ended December 31, | |||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | 2017 | ($ in Thousands) | 2020 | 2019 | 2018 | ||||||||||||||||||||
Income | Income | Income | ||||||||||||||||||||||||||
Income from subsidiaries | Income from subsidiaries | $ | 341,789 | $ | 354,637 | $ | 253,485 | Income from subsidiaries | $ | 317,895 | $ | 341,789 | $ | 354,637 | ||||||||||||||
Interest income on notes receivable from subsidiaries | Interest income on notes receivable from subsidiaries | 13,983 | 12,199 | 4,175 | Interest income on notes receivable from subsidiaries | 3,257 | 13,983 | 12,199 | ||||||||||||||||||||
Other income | Other income | 761 | 994 | 1,763 | Other income | 933 | 761 | 994 | ||||||||||||||||||||
Total income | Total income | 356,532 | 367,830 | 259,423 | Total income | 322,084 | 356,532 | 367,830 | ||||||||||||||||||||
Expense | Expense | Expense | ||||||||||||||||||||||||||
Interest expense on short and long-term funding | Interest expense on short and long-term funding | 16,802 | 18,355 | 18,464 | Interest expense on short and long-term funding | 10,960 | 16,802 | 18,355 | ||||||||||||||||||||
Other expense | Other expense | 6,583 | 11,736 | 6,927 | Other expense | 6,422 | 6,583 | 11,736 | ||||||||||||||||||||
Total expense | Total expense | 23,384 | 30,091 | 25,391 | Total expense | 17,383 | 23,384 | 30,091 | ||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 333,148 | 337,739 | 234,032 | Income before income tax expense | 304,702 | 333,148 | 337,739 | ||||||||||||||||||||
Income tax expense | 6,359 | 4,176 | 4,768 | |||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | (2,070) | 6,359 | 4,176 | ||||||||||||||||||||||||
Net income | Net income | 326,790 | 333,562 | 229,264 | Net income | 306,771 | 326,790 | 333,562 | ||||||||||||||||||||
Preferred stock dividends | Preferred stock dividends | 15,202 | 10,784 | 9,347 | Preferred stock dividends | 18,358 | 15,202 | 10,784 | ||||||||||||||||||||
Net income available to common equity | Net income available to common equity | $ | 311,587 | $ | 322,779 | $ | 219,917 | Net income available to common equity | $ | 288,413 | $ | 311,587 | $ | 322,779 |
For the Years Ended December 31, | For the Years Ended December 31, | |||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | 2017 | ($ in Thousands) | 2020 | 2019 | 2018 | ||||||||||||||||||||
Cash Flows from Operating Activities | Cash Flows from Operating Activities | Cash Flows from Operating Activities | ||||||||||||||||||||||||||
Net income | Net income | $ | 326,790 | $ | 333,562 | $ | 229,264 | Net income | $ | 306,771 | $ | 326,790 | $ | 333,562 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||||
(Increase) decrease in equity in undistributed net income (loss) of subsidiaries | (Increase) decrease in equity in undistributed net income (loss) of subsidiaries | (21,789) | (18,636) | (40,485) | (Increase) decrease in equity in undistributed net income (loss) of subsidiaries | (61,406) | (21,789) | (18,636) | ||||||||||||||||||||
(Gain) loss on sales of assets, net | — | — | (88) | |||||||||||||||||||||||||
Net change in other assets and accrued expenses and other liabilities | Net change in other assets and accrued expenses and other liabilities | 265 | (92,366) | (9,589) | Net change in other assets and accrued expenses and other liabilities | (49,890) | 265 | (92,366) | ||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 305,266 | 222,562 | 179,102 | Net cash provided by operating activities | 195,475 | 305,266 | 222,562 | ||||||||||||||||||||
Cash Flows from Investing Activities | Cash Flows from Investing Activities | Cash Flows from Investing Activities | ||||||||||||||||||||||||||
Proceeds from sales of investment securities | Proceeds from sales of investment securities | — | 827 | 2,618 | Proceeds from sales of investment securities | 0 | 0 | 827 | ||||||||||||||||||||
Net (increase) decrease in notes receivable from subsidiaries | Net (increase) decrease in notes receivable from subsidiaries | 250,000 | (139,317) | (300,000) | Net (increase) decrease in notes receivable from subsidiaries | (105,000) | 250,000 | (139,317) | ||||||||||||||||||||
Net (increase) decrease in loans | Net (increase) decrease in loans | — | 2,210 | 1,058 | Net (increase) decrease in loans | 0 | 0 | 2,210 | ||||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | 250,000 | (136,280) | (296,324) | Net cash provided by (used in) investing activities | (105,000) | 250,000 | (136,280) | ||||||||||||||||||||
Cash Flows from Financing Activities | Cash Flows from Financing Activities | Cash Flows from Financing Activities | ||||||||||||||||||||||||||
Net increase (decrease) in commercial paper | Net increase (decrease) in commercial paper | (13,406) | (22,044) | (34,221) | Net increase (decrease) in commercial paper | 27,330 | (13,406) | (22,044) | ||||||||||||||||||||
Redemption of Corporation's senior notes | Redemption of Corporation's senior notes | (250,000) | — | — | Redemption of Corporation's senior notes | 0 | (250,000) | 0 | ||||||||||||||||||||
Proceeds from issuance of common stock for stock-based compensation plans | Proceeds from issuance of common stock for stock-based compensation plans | 11,216 | 18,408 | 27,619 | Proceeds from issuance of common stock for stock-based compensation plans | 3,966 | 11,216 | 18,408 | ||||||||||||||||||||
Proceeds from issuance of preferred stock | Proceeds from issuance of preferred stock | — | 97,315 | — | Proceeds from issuance of preferred stock | 96,796 | 0 | 97,315 | ||||||||||||||||||||
Purchase of preferred stock | Purchase of preferred stock | — | (537) | — | Purchase of preferred stock | 0 | 0 | (537) | ||||||||||||||||||||
Common stock warrants exercised | Common stock warrants exercised | — | (1) | — | Common stock warrants exercised | 0 | 0 | (1) | ||||||||||||||||||||
Purchase of common stock returned to authorized but unissued | Purchase of common stock returned to authorized but unissued | — | (33,075) | (37,031) | Purchase of common stock returned to authorized but unissued | 0 | 0 | (33,075) | ||||||||||||||||||||
Issuance of treasury stock for acquisition | Issuance of treasury stock for acquisition | — | 91,296 | — | Issuance of treasury stock for acquisition | 0 | 0 | 91,296 | ||||||||||||||||||||
Purchase of treasury stock | (186,076) | (213,598) | (9,290) | |||||||||||||||||||||||||
Purchase of treasury stock, open market purchases | Purchase of treasury stock, open market purchases | (71,255) | (177,484) | (206,450) | ||||||||||||||||||||||||
Purchase of treasury stock, stock-based compensation plans | Purchase of treasury stock, stock-based compensation plans | (6,113) | (8,592) | (7,148) | ||||||||||||||||||||||||
Cash dividends on common stock | Cash dividends on common stock | (111,804) | (105,519) | (76,417) | Cash dividends on common stock | (112,023) | (111,804) | (105,519) | ||||||||||||||||||||
Cash dividends on preferred stock | Cash dividends on preferred stock | (15,202) | (10,784) | (9,347) | Cash dividends on preferred stock | (18,358) | (15,202) | (10,784) | ||||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (565,272) | (178,540) | (138,687) | Net cash used in financing activities | (79,656) | (565,272) | (178,540) | ||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | Net increase (decrease) in cash and cash equivalents | (10,006) | (92,258) | (255,909) | Net increase (decrease) in cash and cash equivalents | 10,819 | (10,006) | (92,258) | ||||||||||||||||||||
Cash and cash equivalents at beginning of year | Cash and cash equivalents at beginning of year | 54,619 | 146,877 | 402,786 | Cash and cash equivalents at beginning of year | 44,613 | 54,619 | 146,877 | ||||||||||||||||||||
Cash and cash equivalents at end of year | Cash and cash equivalents at end of year | $ | 44,613 | $ | 54,619 | $ | 146,877 | Cash and cash equivalents at end of year | $ | 55,432 | $ | 44,613 | $ | 54,619 |
($ in Thousands) | ($ in Thousands) | Fair Value Hierarchy | December 31, 2019 | December 31, 2018 | ($ in Thousands) | Fair Value Hierarchy | December 31, 2020 | December 31, 2019 | ||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Investment securities available for sale | ||||||||||||||||||||||
Investment securities AFS | Investment securities AFS | |||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | Level 1 | $ | — | $ | 999 | U.S. Treasury securities | Level 1 | $ | 26,531 | $ | 0 | ||||||||||
Agency securities | Agency securities | Level 2 | 25,038 | 0 | ||||||||||||||||||
Obligations of state and political subdivisions (municipal securities) | Obligations of state and political subdivisions (municipal securities) | Level 2 | 546,160 | — | Obligations of state and political subdivisions (municipal securities) | Level 2 | 450,662 | 546,160 | ||||||||||||||
Residential mortgage-related securities | Residential mortgage-related securities | Residential mortgage-related securities | ||||||||||||||||||||
FNMA / FHLMC | FNMA / FHLMC | Level 2 | 132,660 | 295,252 | FNMA / FHLMC | Level 2 | 1,461,241 | 132,660 | ||||||||||||||
GNMA | GNMA | Level 2 | 985,139 | 2,128,531 | GNMA | Level 2 | 235,537 | 985,139 | ||||||||||||||
Private-label | Level 2 | — | 1,003 | |||||||||||||||||||
Commercial mortgage-related securities | Commercial mortgage-related securities | Commercial mortgage-related securities | ||||||||||||||||||||
FNMA / FHLMC | FNMA / FHLMC | Level 2 | 21,728 | — | FNMA / FHLMC | Level 2 | 22,904 | 21,728 | ||||||||||||||
GNMA | GNMA | Level 2 | 1,310,207 | 1,220,797 | GNMA | Level 2 | 524,756 | 1,310,207 | ||||||||||||||
FFELP asset-backed securities | Level 2 | 263,693 | 297,360 | |||||||||||||||||||
Asset backed securities | Asset backed securities | |||||||||||||||||||||
FFELP | FFELP | Level 2 | 327,189 | 263,693 | ||||||||||||||||||
SBA | SBA | Level 2 | 8,584 | 0 | ||||||||||||||||||
Other debt securities | Other debt securities | Level 2 | 3,000 | 3,000 | 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 | |||||||||||||||||||
Total investment securities AFS | Total investment securities AFS | Level 1 | $ | 26,531 | $ | 0 | ||||||||||||||||
Total investment securities AFS | Total investment securities AFS | Level 2 | 3,058,910 | 3,262,586 | ||||||||||||||||||
Equity securities with readily determinable fair values | Equity securities with readily determinable fair values | Level 1 | 1,646 | 1,568 | Equity securities with readily determinable fair values | Level 1 | 1,661 | 1,646 | ||||||||||||||
Residential loans held for sale | Residential loans held for sale | Level 2 | 136,280 | 64,321 | Residential loans held for sale | Level 2 | 129,158 | 136,280 | ||||||||||||||
Interest rate-related instruments(a) | Interest rate-related instruments(a) | Level 2 | 77,024 | 52,796 | Interest rate-related instruments(a) | Level 2 | 192,518 | 77,024 | ||||||||||||||
Foreign currency exchange forwards(a) | Foreign currency exchange forwards(a) | Level 2 | 4,226 | 721 | Foreign currency exchange forwards(a) | Level 2 | 4,909 | 4,226 | ||||||||||||||
Commodity contracts(a) | Commodity contracts(a) | Level 2 | 20,528 | 35,426 | Commodity contracts(a) | Level 2 | 12,486 | 20,528 | ||||||||||||||
Purchased options (time deposit) | Level 2 | — | 109 | |||||||||||||||||||
Interest rate lock commitments to originate residential mortgage loans held for sale | Interest rate lock commitments to originate residential mortgage loans held for sale | Level 3 | 2,527 | 2,208 | Interest rate lock commitments to originate residential mortgage loans held for sale | Level 3 | 9,624 | 2,527 | ||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||
Interest rate-related instruments(a) | Interest rate-related instruments(a) | Level 2 | $ | 13,073 | $ | 52,653 | Interest rate-related instruments(a) | Level 2 | $ | 25,680 | $ | 13,073 | ||||||||||
Foreign currency exchange forwards(a) | Foreign currency exchange forwards(a) | Level 2 | 4,048 | 675 | Foreign currency exchange forwards(a) | Level 2 | 4,836 | 4,048 | ||||||||||||||
Commodity contracts(a) | Commodity contracts(a) | Level 2 | 19,624 | 34,340 | Commodity contracts(a) | Level 2 | 11,155 | 19,624 | ||||||||||||||
Written options (time deposit) | Level 2 | — | 109 | |||||||||||||||||||
Interest rate products (designated as hedging instruments) | Level 2 | — | 40 | |||||||||||||||||||
Forward commitments to sell residential mortgage loans | Forward commitments to sell residential mortgage loans | Level 3 | 710 | 2,072 | Forward commitments to sell residential mortgage loans | Level 3 | 2,046 | 710 |
($ in Thousands) | Interest rate lock commitments to originate residential mortgage loans held for sale | Forward commitments to sell residential mortgage loans | Total | ||||||||
Balance December 31, 2018 | $ | 2,208 | $ | 2,072 | $ | 140 | |||||
New production | 24,164 | (2,367) | 26,531 | ||||||||
Closed loans / settlements | (29,375) | (5,968) | (23,407) | ||||||||
Other | 5,530 | 6,973 | (1,443) | ||||||||
Mortgage derivative gain (loss) | 319 | (1,362) | 1,681 | ||||||||
Balance December 31, 2019 | $ | 2,527 | $ | 710 | $ | 1,817 | |||||
New production | $ | 72,659 | $ | (3,505) | $ | 76,164 | |||||
Closed loans / settlements | (76,001) | (12,587) | (63,414) | ||||||||
Other | 10,439 | 17,427 | (6,988) | ||||||||
Mortgage derivative gain (loss) | 7,097 | 1,335 | 5,762 | ||||||||
Balance December 31, 2020 | $ | 9,624 | $ | 2,046 | $ | 7,579 |
($ in Thousands) | ||||||
Equity securities without readily determinable fair values | ||||||
Carrying value as of December 31, 2019 | $ | 13,444 | ||||
Carrying value changes | 0 | |||||
Carrying value as of December 31, 2020 | $ | 13,444 | ||||
Cumulative upward carrying value changes between January 1, 2018 and December 31, | $ | 13,444 | ||||
Cumulative downward carrying value changes between January 1, 2018 and December 31, | $ |
($ in Thousands) | ($ in Thousands) | Fair Value Hierarchy | Fair Value | Consolidated Statements of Income Category of Adjustment Recognized in Income | Adjustment Recognized on the Consolidated Statements of Income | ($ in Thousands) | Fair Value Hierarchy | Fair Value | Consolidated Statements of Income Category of Adjustment Recognized in Income | Adjustment Recognized on the Consolidated Statements of Income | |||||||||||||||||||||
December 31, 2020 | December 31, 2020 | ||||||||||||||||||||||||||||||
Assets | Assets | ||||||||||||||||||||||||||||||
Individually evaluated loans(a) | Individually evaluated loans(a) | Level 3 | $ | 138,752 | Provision for credit losses | $ | (97,519) | ||||||||||||||||||||||||
OREO(b) | OREO(b) | Level 2 | 6,125 | Other noninterest expense | (3,747) | ||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | Level 3 | 41,990 | Mortgage banking, net | (17,704) | ||||||||||||||||||||||||||
December 31, 2019 | December 31, 2019 | December 31, 2019 | |||||||||||||||||||||||||||||
Assets | Assets | 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) | |||||||||||||||||||||||||||
Impaired loans | Impaired loans | Level 3 | $ | 45,792 | Provision for credit losses(d) | $ | (66,172) | ||||||||||||||||||||||||
OREO(b) | OREO(b) | Level 2 | 3,565 | Other noninterest expense | (1,860) | ||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | Level 3 | 72,532 | Mortgage banking, net | (63) | Mortgage servicing rights | Level 3 | 72,532 | Mortgage banking, net | (63) | |||||||||||||||||||||
Equity securities | Equity securities | Level 3 | 13,444 | Investment securities gains (losses), net | 13,444 | Equity securities | Level 3 | 13,444 | Investment securities gains (losses), net | 13,444 | |||||||||||||||||||||
December 31, 2018 | |||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Impaired loans | Level 3 | $ | 26,191 | Provision for credit losses(b) | $ | (14,521) | |||||||||||||||||||||||||
OREO(c) | Level 2 | 2,200 | Other noninterest expense | (1,545) | |||||||||||||||||||||||||||
Mortgage servicing rights | Level 3 | 81,012 | Mortgage banking, net | 545 |
December 31, 2020 | Valuation Technique | Significant Unobservable Input | Range of Inputs | Weighted Average Input Applied | ||||||||||||||||
Mortgage servicing rights | Discounted cash flow | Discount rate | 9% | - | 14% | 9% | ||||||||||||||
Mortgage servicing rights | Discounted cash flow | Constant prepayment rate | 8% | - | 47% | 20% | ||||||||||||||
Individually evaluated loans | Appraisals / Discounted cash flow | Collateral / Discount factor | 0% | - | 40% | 34% |
December 31, 2019 | December 31, 2018 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | Fair Value Hierarchy Level | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ($ in Thousands) | Fair Value Hierarchy Level | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||||||||
Financial assets | Financial assets | Financial assets | ||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | Level 1 | $ | 373,380 | $ | 373,380 | $ | 507,187 | $ | 507,187 | Cash and due from banks | Level 1 | $ | 416,154 | $ | 416,154 | $ | 373,380 | $ | 373,380 | ||||||||||||||||||||
Interest-bearing deposits in other financial institutions | Interest-bearing deposits in other financial institutions | Level 1 | 207,624 | 207,624 | 221,226 | 221,226 | Interest-bearing deposits in other financial institutions | Level 1 | 298,759 | 298,759 | 207,624 | 207,624 | ||||||||||||||||||||||||||||
Federal funds sold and securities purchased under agreements to resell | Federal funds sold and securities purchased under agreements to resell | Level 1 | 7,740 | 7,740 | 148,285 | 148,285 | Federal funds sold and securities purchased under agreements to resell | Level 1 | 1,135 | 1,135 | 7,740 | 7,740 | ||||||||||||||||||||||||||||
Investment securities held to maturity | Level 1 | 999 | 1,018 | — | — | |||||||||||||||||||||||||||||||||||
Investment securities held to maturity | Level 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 sale | Level 2 | 3,262,586 | 3,262,586 | 3,945,943 | 3,945,943 | |||||||||||||||||||||||||||||||||||
Investment securities HTM, net | Investment securities HTM, net | Level 1 | 999 | 1,024 | 999 | 1,018 | ||||||||||||||||||||||||||||||||||
Investment securities HTM, net | Investment securities HTM, net | Level 2 | 1,877,939 | 2,027,852 | 2,204,084 | 2,275,447 | ||||||||||||||||||||||||||||||||||
Investment securities AFS | Investment securities AFS | Level 1 | 26,531 | 26,531 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Investment securities AFS | Investment securities AFS | Level 2 | 3,058,910 | 3,058,910 | 3,262,586 | 3,262,586 | ||||||||||||||||||||||||||||||||||
Equity securities with readily determinable fair values | Equity securities with readily determinable fair values | Level 1 | 1,646 | 1,646 | 1,568 | 1,568 | Equity securities with readily determinable fair values | Level 1 | 1,661 | 1,661 | 1,646 | 1,646 | ||||||||||||||||||||||||||||
Equity securities without readily determinable fair values | Equity securities without readily determinable fair values | Level 3 | 13,444 | 13,444 | — | — | Equity securities without readily determinable fair values | Level 3 | 13,444 | 13,444 | 13,444 | 13,444 | ||||||||||||||||||||||||||||
FHLB and Federal Reserve Bank stocks | FHLB and Federal Reserve Bank stocks | Level 2 | 227,347 | 227,347 | 250,534 | 250,534 | FHLB and Federal Reserve Bank stocks | Level 2 | 168,280 | 168,280 | 227,347 | 227,347 | ||||||||||||||||||||||||||||
Residential loans held for sale | Residential loans held for sale | Level 2 | 136,280 | 136,280 | 64,321 | 64,321 | Residential loans held for sale | Level 2 | 129,158 | 129,158 | 136,280 | 136,280 | ||||||||||||||||||||||||||||
Commercial loans held for sale | Commercial loans held for sale | Level 2 | 15,000 | 15,000 | 14,943 | 14,943 | Commercial loans held for sale | Level 2 | 0 | 0 | 15,000 | 15,000 | ||||||||||||||||||||||||||||
Loans, net | Loans, net | Level 3 | 22,620,068 | 22,399,621 | 22,702,406 | 22,317,395 | Loans, net | Level 3 | 24,068,022 | 24,012,738 | 22,620,068 | 22,399,621 | ||||||||||||||||||||||||||||
Bank and corporate owned life insurance | Bank and corporate owned life insurance | Level 2 | 671,948 | 671,948 | 663,203 | 663,203 | Bank and corporate owned life insurance | Level 2 | 679,647 | 679,647 | 671,948 | 671,948 | ||||||||||||||||||||||||||||
Derivatives (other assets)(a) | Derivatives (other assets)(a) | Level 2 | 101,778 | 101,778 | 89,052 | 89,052 | Derivatives (other assets)(a) | Level 2 | 209,913 | 209,913 | 101,778 | 101,778 | ||||||||||||||||||||||||||||
Interest rate lock commitments to originate residential mortgage loans held for sale (other assets) | Interest rate lock commitments to originate residential mortgage loans held for sale (other assets) | Level 3 | 2,527 | 2,527 | 2,208 | 2,208 | Interest rate lock commitments to originate residential mortgage loans held for sale (other assets) | Level 3 | 9,624 | 9,624 | 2,527 | 2,527 | ||||||||||||||||||||||||||||
Financial liabilities | Financial liabilities | Financial liabilities | ||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts | Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts | Level 3 | $ | 21,156,261 | $ | 21,156,261 | $ | 22,081,992 | $ | 22,081,992 | Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts | Level 3 | $ | 24,725,451 | $ | 24,725,451 | $ | 21,156,261 | $ | 21,156,261 | ||||||||||||||||||||
Brokered CDs and other time deposits(b) | Brokered CDs and other time deposits(b) | Level 2 | 2,622,803 | 2,622,803 | 2,815,401 | 2,815,401 | Brokered CDs and other time deposits(b) | Level 2 | 1,757,030 | 1,766,200 | 2,622,803 | 2,622,803 | ||||||||||||||||||||||||||||
Short-term funding(c) | Short-term funding(c) | Level 2 | 465,113 | 465,113 | 157,074 | 157,074 | Short-term funding(c) | Level 2 | 252,317 | 252,303 | 465,113 | 465,113 | ||||||||||||||||||||||||||||
Long-term funding | Level 2 | 549,343 | 588,774 | 795,611 | 826,612 | |||||||||||||||||||||||||||||||||||
FHLB advances | FHLB advances | Level 2 | 3,180,967 | 3,207,793 | 3,574,371 | 3,565,572 | FHLB advances | Level 2 | 1,632,723 | 1,760,727 | 3,180,967 | 3,207,793 | ||||||||||||||||||||||||||||
Other long-term funding | Other long-term funding | Level 2 | 549,465 | 578,233 | 549,343 | 572,873 | ||||||||||||||||||||||||||||||||||
Standby letters of credit(d) | Standby letters of credit(d) | Level 2 | 2,710 | 2,710 | 2,482 | 2,482 | Standby letters of credit(d) | Level 2 | 2,731 | 2,731 | 2,710 | 2,710 | ||||||||||||||||||||||||||||
Derivatives (accrued expenses and other liabilities)(a) | Derivatives (accrued expenses and other liabilities)(a) | Level 2 | 36,745 | 36,745 | 87,817 | 87,817 | Derivatives (accrued expenses and other liabilities)(a) | Level 2 | 41,671 | 41,671 | 36,745 | 36,745 | ||||||||||||||||||||||||||||
Forward commitments to sell residential mortgage loans (accrued expenses and other liabilities) | Forward commitments to sell residential mortgage loans (accrued expenses and other liabilities) | Level 3 | 710 | 710 | 2,072 | 2,072 | Forward commitments to sell residential mortgage loans (accrued expenses and other liabilities) | Level 3 | 2,046 | 2,046 | 710 | 710 |
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions(b) | Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions(a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | Amount | Ratio(a) | Amount | Ratio(a) | Amount | Ratio(a) | ($ in Thousands) | Amount | Ratio(a) | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31 , 2020 | As of December 31 , 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Associated Banc-Corp | Associated Banc-Corp | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital | Total capital | $ | 3,632,807 | 14.02 | % | $ | 2,072,273 | ≥ | 8.00 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital | Tier 1 capital | 3,058,809 | 11.81 | % | 1,554,205 | ≥ | 6.00 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital | Common equity Tier 1 capital | 2,706,010 | 10.45 | % | 1,165,654 | ≥ | 4.50 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leverage | Leverage | 3,058,809 | 9.37 | % | 1,305,604 | ≥ | 4.00 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Associated Bank, N.A. | Associated Bank, N.A. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital | Total capital | $ | 3,295,823 | 12.74 | % | $ | 2,068,801 | ≥ | 8.00 | % | $ | 2,586,002 | ≥ | 10.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital | Tier 1 capital | 2,971,234 | 11.49 | % | 1,551,601 | ≥ | 6.00 | % | 2,068,801 | ≥ | 8.00 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital | Common equity Tier 1 capital | 2,971,234 | 11.49 | % | 1,163,701 | ≥ | 4.50 | % | 1,680,901 | ≥ | 6.50 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leverage | Leverage | 2,971,234 | 9.11 | % | 1,304,448 | ≥ | 4.00 | % | 1,630,560 | ≥ | 5.00 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31 , 2019 | As of December 31 , 2019 | As of December 31 , 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Associated Banc-Corp | Associated Banc-Corp | Associated Banc-Corp | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital | Total capital | $ | 3,208,625 | 13.21 | % | $ | 1,943,711 | ≥ | 8.00 | % | Total capital | $ | 3,208,625 | 13.21 | % | $ | 1,943,711 | ≥ | 8.00 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital | Tier 1 capital | 2,736,776 | 11.26 | % | 1,457,783 | ≥ | 6.00 | % | Tier 1 capital | 2,736,776 | 11.26 | % | 1,457,783 | ≥ | 6.00 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital | Common equity Tier 1 capital | 2,480,698 | 10.21 | % | 1,093,337 | ≥ | 4.50 | % | Common equity Tier 1 capital | 2,480,698 | 10.21 | % | 1,093,337 | ≥ | 4.50 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Leverage | Leverage | 2,736,776 | 8.83 | % | 1,239,431 | ≥ | 4.00 | % | Leverage | 2,736,776 | 8.83 | % | 1,239,431 | ≥ | 4.00 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Associated Bank, N.A. | Associated Bank, N.A. | Associated Bank, N.A. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital | Total capital | $ | 2,892,650 | 11.95 | % | $ | 1,936,732 | ≥ | 8.00 | % | $ | 2,420,915 | ≥ | 10.00 | % | Total capital | $ | 2,892,650 | 11.95 | % | $ | 1,936,732 | ≥ | 8.00 | % | $ | 2,420,915 | ≥ | 10.00 | % | |||||||||||||||||||||||||||||||||||||
Tier 1 capital | Tier 1 capital | 2,669,372 | 11.03 | % | 1,452,549 | ≥ | 6.00 | % | 1,936,732 | ≥ | 8.00 | % | Tier 1 capital | 2,669,372 | 11.03 | % | 1,452,549 | ≥ | 6.00 | % | 1,936,732 | ≥ | 8.00 | % | |||||||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital | Common equity Tier 1 capital | 2,469,578 | 10.20 | % | 1,089,412 | ≥ | 4.50 | % | 1,573,595 | ≥ | 6.50 | % | Common equity Tier 1 capital | 2,469,578 | 10.20 | % | 1,089,412 | ≥ | 4.50 | % | 1,573,595 | ≥ | 6.50 | % | |||||||||||||||||||||||||||||||||||||||||||
Leverage | Leverage | 2,669,372 | 8.63 | % | 1,236,565 | ≥ | 4.00 | % | 1,545,706 | ≥ | 5.00 | % | Leverage | 2,669,372 | 8.63 | % | 1,236,565 | ≥ | 4.00 | % | 1,545,706 | ≥ | 5.00 | % | |||||||||||||||||||||||||||||||||||||||||||
As of December 31 , 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Associated Banc-Corp | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital | $ | 3,216,575 | 13.49 | % | $ | 1,907,403 | ≥ | 8.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital | 2,705,939 | 11.35 | % | 1,430,553 | ≥ | 6.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital | 2,449,721 | 10.27 | % | 1,072,914 | ≥ | 4.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leverage | 2,705,939 | 8.49 | % | 1,275,048 | ≥ | 4.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Associated Bank, N.A. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital | $ | 2,909,064 | 12.25 | % | $ | 1,900,536 | ≥ | 8.00 | % | $ | 2,375,671 | ≥ | 10.00 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital | 2,646,705 | 11.14 | % | 1,425,402 | ≥ | 6.00 | % | 1,900,536 | ≥ | 8.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital | 2,446,782 | 10.30 | % | 1,069,052 | ≥ | 4.50 | % | 1,544,186 | ≥ | 6.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leverage | 2,646,705 | 8.32 | % | 1,272,804 | ≥ | 4.00 | % | 1,591,006 | ≥ | 5.00 | % |
For the Years Ended December 31, | For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands, except per share data) | ($ in Thousands, except per share data) | 2019 | 2018 | 2017 | ($ in Thousands, except per share data) | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 326,790 | $ | 333,562 | $ | 229,264 | Net income | $ | 306,771 | $ | 326,790 | $ | 333,562 | ||||||||||||||||||||||||||||||||
Preferred stock dividends | Preferred stock dividends | (15,202) | (10,784) | (9,347) | Preferred stock dividends | (18,358) | (15,202) | (10,784) | ||||||||||||||||||||||||||||||||||||||
Net income available to common equity | Net income available to common equity | 311,587 | 322,779 | 219,917 | Net income available to common equity | 288,413 | 311,587 | 322,779 | ||||||||||||||||||||||||||||||||||||||
Common shareholder dividends | Common shareholder dividends | (111,091) | (104,981) | (75,967) | Common shareholder dividends | (111,291) | (111,091) | (104,981) | ||||||||||||||||||||||||||||||||||||||
Unvested share-based payment awards | Unvested share-based payment awards | (713) | (537) | (450) | Unvested share-based payment awards | (732) | (713) | (537) | ||||||||||||||||||||||||||||||||||||||
Undistributed earnings | Undistributed earnings | 199,784 | 217,260 | 143,500 | Undistributed earnings | 176,390 | 199,784 | 217,260 | ||||||||||||||||||||||||||||||||||||||
Undistributed earnings allocated to common shareholders | Undistributed earnings allocated to common shareholders | 198,424 | 216,199 | 142,593 | Undistributed earnings allocated to common shareholders | 175,134 | 198,424 | 216,199 | ||||||||||||||||||||||||||||||||||||||
Undistributed earnings allocated to unvested share-based payment awards | Undistributed earnings allocated to unvested share-based payment awards | 1,360 | 1,060 | 907 | Undistributed earnings allocated to unvested share-based payment awards | 1,256 | 1,360 | 1,060 | ||||||||||||||||||||||||||||||||||||||
Undistributed earnings | Undistributed earnings | $ | 199,784 | $ | 217,260 | $ | 143,500 | Undistributed earnings | $ | 176,390 | $ | 199,784 | $ | 217,260 | ||||||||||||||||||||||||||||||||
Basic | Basic | Basic | ||||||||||||||||||||||||||||||||||||||||||||
Distributed earnings to common shareholders | Distributed earnings to common shareholders | $ | 111,091 | $ | 104,981 | $ | 75,967 | Distributed earnings to common shareholders | $ | 111,291 | $ | 111,091 | $ | 104,981 | ||||||||||||||||||||||||||||||||
Undistributed earnings allocated to common shareholders | Undistributed earnings allocated to common shareholders | 198,424 | 216,199 | 142,593 | Undistributed earnings allocated to common shareholders | 175,134 | 198,424 | 216,199 | ||||||||||||||||||||||||||||||||||||||
Total common shareholders earnings, basic | Total common shareholders earnings, basic | $ | 309,514 | $ | 321,181 | $ | 218,560 | Total common shareholders earnings, basic | $ | 286,425 | $ | 309,514 | $ | 321,181 | ||||||||||||||||||||||||||||||||
Diluted | Diluted | Diluted | ||||||||||||||||||||||||||||||||||||||||||||
Distributed earnings to common shareholders | Distributed earnings to common shareholders | $ | 111,091 | $ | 104,981 | $ | 75,967 | Distributed earnings to common shareholders | $ | 111,291 | $ | 111,091 | $ | 104,981 | ||||||||||||||||||||||||||||||||
Undistributed earnings allocated to common shareholders | Undistributed earnings allocated to common shareholders | 198,424 | 216,199 | 142,593 | Undistributed earnings allocated to common shareholders | 175,134 | 198,424 | 216,199 | ||||||||||||||||||||||||||||||||||||||
Total common shareholders earnings, diluted | Total common shareholders earnings, diluted | $ | 309,514 | $ | 321,181 | $ | 218,560 | Total common shareholders earnings, diluted | $ | 286,425 | $ | 309,514 | $ | 321,181 | ||||||||||||||||||||||||||||||||
Weighted average common shares outstanding | Weighted average common shares outstanding | $ | 160,534 | $ | 167,345 | $ | 150,877 | Weighted average common shares outstanding | $ | 153,005 | $ | 160,534 | $ | 167,345 | ||||||||||||||||||||||||||||||||
Effect of dilutive common stock awards | Effect of dilutive common stock awards | 1,398 | 1,985 | 2,038 | Effect of dilutive common stock awards | 637 | 1,398 | 1,985 | ||||||||||||||||||||||||||||||||||||||
Effect of dilutive common stock warrants | Effect of dilutive common stock warrants | — | 402 | 732 | Effect of dilutive common stock warrants | 0 | 0 | 402 | ||||||||||||||||||||||||||||||||||||||
Diluted weighted average common shares outstanding | Diluted weighted average common shares outstanding | $ | 161,932 | $ | 169,732 | $ | 153,647 | Diluted weighted average common shares outstanding | $ | 153,642 | $ | 161,932 | $ | 169,732 | ||||||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 1.93 | $ | 1.92 | $ | 1.45 | Basic earnings per common share | $ | 1.87 | $ | 1.93 | $ | 1.92 | ||||||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 1.91 | $ | 1.89 | $ | 1.42 | Diluted earnings per common share | $ | 1.86 | $ | 1.91 | $ | 1.89 |
($ in Thousands) | Investment Securities AFS | Defined Benefit Pension and Postretirement Obligations | Accumulated Other Comprehensive Income (Loss) | ||||||||
Balance, December 31, 2017 | $ | (38,453) | $ | (24,305) | $ | (62,758) | |||||
Other comprehensive income (loss) before reclassifications | (39,891) | (28,612) | (68,503) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||
Investment securities losses (gains), net | 1,985 | 0 | 1,985 | ||||||||
Personnel expense | 0 | (148) | (148) | ||||||||
Other expense | 0 | 2,203 | 2,203 | ||||||||
Interest income | (572) | 0 | (572) | ||||||||
Adjustment for adoption of ASU 2016-01 | (84) | 0 | (84) | ||||||||
Adjustment for adoption of ASU 2018-02 | (8,419) | (5,235) | (13,654) | ||||||||
Income tax (expense) benefit | 9,791 | 6,767 | 16,558 | ||||||||
Net other comprehensive income (loss) during period | (37,189) | (25,025) | (62,214) | ||||||||
Balance, December 31, 2018 | $ | (75,643) | $ | (49,330) | $ | (124,972) | |||||
Other comprehensive income (loss) before reclassifications | $ | 111,592 | $ | 16,296 | $ | 127,887 | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||
Investment securities losses (gains), net | (5,957) | 0 | (5,957) | ||||||||
Personnel expense | 0 | (148) | (148) | ||||||||
Other expense | 0 | 476 | 476 | ||||||||
Interest income | 895 | 0 | 895 | ||||||||
Income tax (expense) benefit | (26,898) | (4,465) | (31,363) | ||||||||
Net other comprehensive income (loss) during period | 79,631 | 12,158 | 91,789 | ||||||||
Balance, December 31, 2019 | $ | 3,989 | $ | (37,172) | $ | (33,183) | |||||
Other comprehensive income (loss) before reclassifications | $ | 55,628 | $ | 7,780 | $ | 63,408 | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||
Investment securities losses (gains), net | (9,222) | 0 | (9,222) | ||||||||
Personnel expense | 0 | (148) | (148) | ||||||||
Other expense | 0 | 3,897 | 3,897 | ||||||||
Interest income | 3,359 | 0 | 3,359 | ||||||||
Income tax (expense) benefit | (12,429) | (3,064) | (15,493) | ||||||||
Net other comprehensive income (loss) during period | 37,336 | 8,465 | 45,801 | ||||||||
Balance, December 31, 2020 | $ | 41,325 | $ | (28,707) | $ | 12,618 |
Corporate and Commercial Specialty | |||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||
($ in Thousands) | 2019 | 2018 | 2017 | ||||||||||||||
Net interest income | $ | 450,532 | $ | 457,613 | $ | 360,789 | |||||||||||
Net intersegment interest income (expense) | (76,064) | (56,356) | (3,737) | ||||||||||||||
Segment net interest income | 374,467 | 401,258 | 357,051 | ||||||||||||||
Noninterest income | 53,282 | 52,321 | 52,297 | ||||||||||||||
Total revenue | 427,749 | 453,578 | 409,348 | ||||||||||||||
Credit provision | 52,382 | 44,592 | 42,298 | ||||||||||||||
Noninterest expense | 156,348 | 160,399 | 156,890 | ||||||||||||||
Income (loss) before income taxes | 219,019 | 248,587 | 210,160 | ||||||||||||||
Income tax expense (benefit) | 41,209 | 47,850 | 71,655 | ||||||||||||||
Net income | $ | 177,809 | $ | 200,737 | $ | 138,505 | |||||||||||
Allocated goodwill | $ | 525,836 | $ | 524,525 | $ | 428,000 |
Community, Consumer, and Business | |||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||
($ in Thousands) | 2019 | 2018 | 2017 | ||||||||||||||
Net interest income | $ | 332,850 | $ | 357,245 | $ | 316,008 | |||||||||||
Net intersegment interest income (expense) | 103,468 | 87,737 | 45,353 | ||||||||||||||
Segment net interest income | 436,318 | 444,982 | 361,361 | ||||||||||||||
Noninterest income | 307,750 | 295,647 | 266,250 | ||||||||||||||
Total revenue | 744,067 | 740,629 | 627,611 | ||||||||||||||
Credit provision | 20,043 | 20,083 | 20,400 | ||||||||||||||
Noninterest expense | 547,423 | 541,771 | 490,567 | ||||||||||||||
Income (loss) before income taxes | 176,601 | 178,775 | 116,645 | ||||||||||||||
Income tax expense (benefit) | 37,105 | 37,543 | 40,826 | ||||||||||||||
Net income | $ | 139,496 | $ | 141,232 | $ | 75,819 | |||||||||||
Allocated goodwill | $ | 650,394 | $ | 644,498 | $ | 548,238 |
Risk Management and Shared Services | Corporate and Commercial Specialty | |||||||||||||||||||||||||||
For the Years Ended December 31, | For the Years Ended December 31, | |||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | 2017 | ($ in Thousands) | 2020 | 2019 | 2018 | ||||||||||||||||||||
Net interest income | Net interest income | $ | 52,292 | $ | 64,722 | $ | 64,423 | Net interest income | $ | 395,135 | $ | 447,979 | $ | 458,240 | ||||||||||||||
Net intersegment interest income (expense) | Net intersegment interest income (expense) | (27,403) | (31,382) | (41,615) | Net intersegment interest income (expense) | 10,400 | (52,200) | (33,519) | ||||||||||||||||||||
Segment net interest income | Segment net interest income | 24,889 | 33,341 | 22,808 | Segment net interest income | 405,535 | 395,779 | 424,721 | ||||||||||||||||||||
Noninterest income | Noninterest income | 19,793 | 7,600 | 14,133 | Noninterest income | 149,456 | 136,097 | 132,071 | ||||||||||||||||||||
Total revenue | Total revenue | 44,682 | 40,941 | 36,941 | Total revenue | 554,991 | 531,876 | 556,793 | ||||||||||||||||||||
Credit provision | (56,425) | (64,675) | (36,698) | |||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 59,780 | 49,341 | 42,234 | ||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 90,217 | 119,629 | 61,677 | Noninterest expense | 209,507 | 233,655 | 233,202 | ||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | 10,890 | (14,013) | 11,962 | Income (loss) before income taxes | 285,705 | 248,879 | 281,356 | ||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 1,405 | (5,606) | (2,978) | Income tax expense (benefit) | 53,193 | 47,480 | 54,732 | ||||||||||||||||||||
Net income | Net income | $ | 9,484 | $ | (8,407) | $ | 14,941 | Net income | $ | 232,512 | $ | 201,399 | $ | 226,625 | ||||||||||||||
Allocated goodwill | Allocated goodwill | $ | — | $ | — | $ | — | Allocated goodwill | $ | 530,144 | $ | 530,144 | $ | 528,832 |
Consolidated Total | Community, Consumer, and Business | |||||||||||||||||||||||||||
For the Years Ended December 31, | For the Years Ended December 31, | |||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | 2017 | ($ in Thousands) | 2020 | 2019 | 2018 | ||||||||||||||||||||
Net interest income | Net interest income | $ | 835,674 | $ | 879,580 | $ | 741,220 | Net interest income | $ | 295,297 | $ | 301,563 | $ | 322,020 | ||||||||||||||
Net intersegment interest income (expense) | Net intersegment interest income (expense) | — | — | — | Net intersegment interest income (expense) | 54,203 | 93,331 | 76,876 | ||||||||||||||||||||
Segment net interest income | Segment net interest income | 835,674 | 879,580 | 741,220 | Segment net interest income | 349,500 | 394,894 | 398,896 | ||||||||||||||||||||
Noninterest income | Noninterest income | 380,824 | 355,568 | 332,680 | Noninterest income | 185,737 | 223,712 | 212,711 | ||||||||||||||||||||
Total revenue | Total revenue | 1,216,498 | 1,235,148 | 1,073,900 | Total revenue | 535,237 | 618,606 | 611,607 | ||||||||||||||||||||
Credit provision | 16,000 | — | 26,000 | |||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 21,862 | 18,594 | 18,500 | ||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 793,988 | 821,799 | 709,133 | Noninterest expense | 429,447 | 467,086 | 463,187 | ||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | 406,509 | 413,349 | 338,767 | Income (loss) before income taxes | 83,928 | 132,925 | 129,920 | ||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 79,720 | 79,786 | 109,503 | Income tax expense (benefit) | 17,625 | 27,914 | 27,283 | ||||||||||||||||||||
Net income | Net income | $ | 326,790 | $ | 333,562 | $ | 229,264 | Net income | $ | 66,303 | $ | 105,011 | $ | 102,637 | ||||||||||||||
Allocated goodwill | Allocated goodwill | $ | 1,176,230 | $ | 1,169,023 | $ | 976,239 | Allocated goodwill | $ | 579,156 | $ | 646,086 | $ | 640,191 |
Risk Management and Shared Services | |||||||||||
For the Years Ended December 31, | |||||||||||
($ in Thousands) | 2020 | 2019 | 2018 | ||||||||
Net interest income | $ | 72,525 | $ | 86,132 | $ | 99,320 | |||||
Net intersegment interest income (expense) | (64,603) | (41,130) | (43,357) | ||||||||
Segment net interest income | 7,922 | 45,001 | 55,963 | ||||||||
Noninterest income(a) | 178,862 | 21,015 | 10,785 | ||||||||
Total revenue | 186,784 | 66,017 | 66,748 | ||||||||
Provision for credit losses | 92,365 | (51,935) | (60,734) | ||||||||
Noninterest expense(b) | 137,080 | 93,247 | 125,410 | ||||||||
Income (loss) before income taxes | (42,661) | 24,705 | 2,073 | ||||||||
Income tax expense (benefit)(c) | (50,618) | 4,325 | (2,228) | ||||||||
Net income | $ | 7,957 | $ | 20,379 | $ | 4,301 | |||||
Allocated goodwill | $ | 0 | $ | 0 | $ | 0 |
Consolidated Total | |||||||||||
For the Years Ended December 31, | |||||||||||
($ in Thousands) | 2020 | 2019 | 2018 | ||||||||
Net interest income | $ | 762,957 | $ | 835,674 | $ | 879,580 | |||||
Net intersegment interest income (expense) | 0 | 0 | 0 | ||||||||
Segment net interest income | 762,957 | 835,674 | 879,580 | ||||||||
Noninterest income(a) | 514,056 | 380,824 | 355,568 | ||||||||
Total revenue | 1,277,012 | 1,216,498 | 1,235,148 | ||||||||
Provision for credit losses | 174,006 | 16,000 | 0 | ||||||||
Noninterest expense(b) | 776,034 | 793,988 | 821,799 | ||||||||
Income (loss) before income taxes | 326,972 | 406,509 | 413,349 | ||||||||
Income tax expense (benefit)(c) | 20,200 | 79,720 | 79,786 | ||||||||
Net income | $ | 306,771 | $ | 326,790 | $ | 333,562 | |||||
Allocated goodwill | $ | 1,109,300 | $ | 1,176,230 | $ | 1,169,023 |
($ in Thousands) | Investment Securities Available For Sale | Defined Benefit Pension and Postretirement Obligations | Accumulated Other Comprehensive Income (Loss) | ||||||||
Balance, December 31, 2016 | $ | (20,079) | $ | (34,600) | $ | (54,679) | |||||
Other comprehensive income (loss) before reclassifications | (27,040) | 14,273 | (12,767) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||
Personnel expense | — | (148) | (148) | ||||||||
Other expense | — | 2,282 | 2,282 | ||||||||
Interest income | (2,665) | — | (2,665) | ||||||||
Income tax (expense) benefit | 11,331 | (6,112) | 5,219 | ||||||||
Net other comprehensive income (loss) during period | (18,374) | 10,295 | (8,079) | ||||||||
Balance, December 31, 2017 | $ | (38,453) | $ | (24,305) | $ | (62,758) | |||||
Other comprehensive income (loss) before reclassifications | $ | (39,891) | $ | (28,612) | $ | (68,503) | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||
Investment securities losses (gains), net | 1,985 | — | 1,985 | ||||||||
Personnel expense | — | (148) | (148) | ||||||||
Other expense | — | 2,203 | 2,203 | ||||||||
Interest income | (572) | — | (572) | ||||||||
Adjustment for adoption of ASU 2016-01 | (84) | — | (84) | ||||||||
Adjustment for adoption of ASU 2018-02 | (8,419) | (5,235) | (13,654) | ||||||||
Income tax (expense) benefit | 9,791 | 6,767 | 16,558 | ||||||||
Net other comprehensive income (loss) during period | (37,189) | (25,025) | (62,214) | ||||||||
Balance, December 31, 2018 | $ | (75,643) | $ | (49,330) | $ | (124,972) | |||||
Other comprehensive income (loss) before reclassifications | $ | 111,592 | $ | 16,296 | $ | 127,887 | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||
Investment securities losses (gains), net | (5,957) | — | (5,957) | ||||||||
Personnel expense | — | (148) | (148) | ||||||||
Other expense | — | 476 | 476 | ||||||||
Interest income | 895 | — | 895 | ||||||||
Income tax (expense) benefit | (26,898) | (4,465) | (31,363) | ||||||||
Net other comprehensive income (loss) during period | 79,631 | 12,158 | 91,789 | ||||||||
Balance, December 31, 2019 | $ | 3,989 | $ | (37,172) | $ | (33,183) |
Corporate and Commercial Specialty | Corporate and Commercial Specialty | |||||||||||||||||||||||||||
For the Years Ended December 31, | For the Years Ended December 31, | |||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | 2017 | ($ in Thousands) | 2020 | 2019 | 2018 | ||||||||||||||||||||
Wealth management fees(a) | Wealth management fees(a) | $ | 83,570 | $ | 80,719 | $ | 79,685 | |||||||||||||||||||||
Service charges and deposit account fees | Service charges and deposit account fees | $ | 12,883 | $ | 14,981 | $ | 16,006 | Service charges and deposit account fees | 16,903 | 13,342 | 15,424 | |||||||||||||||||
Card-based fees(a) | 1,373 | 1,334 | 1,125 | |||||||||||||||||||||||||
Card-based fees(b) | Card-based fees(b) | 1,534 | 1,827 | 1,796 | ||||||||||||||||||||||||
Insurance commissions and fees | Insurance commissions and fees | 208 | 364 | 349 | ||||||||||||||||||||||||
Other revenue | Other revenue | 1,002 | 694 | 811 | Other revenue | 3,462 | 1,647 | 997 | ||||||||||||||||||||
Noninterest Income (in-scope of Topic 606) | Noninterest Income (in-scope of Topic 606) | $ | 15,258 | $ | 17,009 | $ | 17,941 | Noninterest Income (in-scope of Topic 606) | $ | 105,678 | $ | 97,899 | $ | 98,251 | ||||||||||||||
Noninterest Income (out-of-scope of Topic 606) | Noninterest Income (out-of-scope of Topic 606) | 38,024 | 35,311 | 34,355 | Noninterest Income (out-of-scope of Topic 606) | 43,778 | 38,198 | 33,820 | ||||||||||||||||||||
Total Noninterest Income | Total Noninterest Income | $ | 53,282 | $ | 52,321 | $ | 52,297 | Total Noninterest Income | $ | 149,456 | $ | 136,097 | $ | 132,071 |
Community, Consumer, and Business | Community, Consumer, and Business | |||||||||||||||||||||||||||
For the Years Ended December 31, | For the Years Ended December 31, | |||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | 2017 | ($ in Thousands) | 2020 | 2019 | 2018 | ||||||||||||||||||||
Wealth management fees(a) | Wealth management fees(a) | $ | 1,387 | $ | 2,838 | $ | 2,655 | |||||||||||||||||||||
Service charges and deposit account fees | Service charges and deposit account fees | 39,371 | 49,744 | 50,582 | ||||||||||||||||||||||||
Card-based fees(b) | Card-based fees(b) | 36,937 | 37,895 | 37,977 | ||||||||||||||||||||||||
Insurance commissions and fees | Insurance commissions and fees | $ | 89,091 | $ | 89,472 | $ | 81,468 | Insurance commissions and fees | 45,027 | 88,727 | 89,123 | |||||||||||||||||
Wealth management fees(b) | 83,467 | 82,341 | 70,126 | |||||||||||||||||||||||||
Service charges and deposit account fees | 50,203 | 51,025 | 48,344 | |||||||||||||||||||||||||
Card-based fees(a) | 38,349 | 38,439 | 33,849 | |||||||||||||||||||||||||
Other revenue | Other revenue | 10,952 | 11,087 | 10,095 | Other revenue | 19,053 | 9,462 | 9,887 | ||||||||||||||||||||
Noninterest Income (in-scope of Topic 606) | Noninterest Income (in-scope of Topic 606) | $ | 272,062 | $ | 272,363 | $ | 243,883 | Noninterest Income (in-scope of Topic 606) | $ | 141,775 | $ | 188,666 | $ | 190,225 | ||||||||||||||
Noninterest Income (out-of-scope of Topic 606) | Noninterest Income (out-of-scope of Topic 606) | 35,687 | 23,284 | 22,367 | Noninterest Income (out-of-scope of Topic 606) | 43,962 | 35,046 | 22,486 | ||||||||||||||||||||
Total Noninterest Income | Total Noninterest Income | $ | 307,750 | $ | 295,647 | $ | 266,250 | Total Noninterest Income | $ | 185,737 | $ | 223,712 | $ | 212,711 |
Risk Management and Share Services | Risk Management and Share Services | |||||||||||||||||||||||||||
For the Years Ended December 31, | For the Years Ended December 31, | |||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | 2017 | ($ in Thousands) | 2020 | 2019 | 2018 | ||||||||||||||||||||
Wealth management fees(a) | Wealth management fees(a) | $ | 0 | $ | (90) | $ | 222 | |||||||||||||||||||||
Service charges and deposit account fees | Service charges and deposit account fees | 33 | 49 | 69 | ||||||||||||||||||||||||
Card-based fees(b) | Card-based fees(b) | 134 | 190 | 37 | ||||||||||||||||||||||||
Insurance commissions and fees | Insurance commissions and fees | $ | 13 | $ | 39 | $ | 6 | Insurance commissions and fees | 10 | 13 | 39 | |||||||||||||||||
Wealth management fees(b) | — | 222 | — | |||||||||||||||||||||||||
Service charges and deposit account fees | 49 | 69 | 77 | |||||||||||||||||||||||||
Card-based fees(a) | 190 | 37 | 23 | |||||||||||||||||||||||||
Other revenue | Other revenue | 675 | 345 | 245 | Other revenue | (1,552) | 1,370 | 1,242 | ||||||||||||||||||||
Noninterest Income (in-scope of Topic 606) | Noninterest Income (in-scope of Topic 606) | $ | 926 | $ | 712 | $ | 351 | Noninterest Income (in-scope of Topic 606) | $ | (1,375) | $ | 1,532 | $ | 1,609 | ||||||||||||||
Noninterest Income (out-of-scope of Topic 606) | Noninterest Income (out-of-scope of Topic 606) | 18,866 | 6,889 | 13,783 | Noninterest Income (out-of-scope of Topic 606) | 180,237 | 19,483 | 9,176 | ||||||||||||||||||||
Total Noninterest Income | Total Noninterest Income | $ | 19,793 | $ | 7,600 | $ | 14,133 | Total Noninterest Income | $ | 178,862 | $ | 21,015 | $ | 10,785 |
Consolidated Total | Consolidated Total | |||||||||||||||||||||||||||
For the Years Ended December 31, | For the Years Ended December 31, | |||||||||||||||||||||||||||
($ in Thousands) | ($ in Thousands) | 2019 | 2018 | 2017 | ($ in Thousands) | 2020 | 2019 | 2018 | ||||||||||||||||||||
Wealth management fees(a) | Wealth management fees(a) | $ | 84,957 | $ | 83,467 | $ | 82,562 | |||||||||||||||||||||
Service charges and deposit account fees | Service charges and deposit account fees | 56,307 | 63,135 | 66,075 | ||||||||||||||||||||||||
Card-based fees(b) | Card-based fees(b) | 38,605 | 39,912 | 39,810 | ||||||||||||||||||||||||
Insurance commissions and fees | Insurance commissions and fees | $ | 89,104 | $ | 89,511 | $ | 81,474 | Insurance commissions and fees | 45,245 | 89,104 | 89,511 | |||||||||||||||||
Wealth management fees(b) | 83,467 | 82,562 | 70,126 | |||||||||||||||||||||||||
Service charges and deposit account fees | 63,135 | 66,075 | 64,427 | |||||||||||||||||||||||||
Card-based fees(a) | 39,912 | 39,810 | 34,997 | |||||||||||||||||||||||||
Other revenue | Other revenue | 12,629 | 12,126 | 11,151 | Other revenue | 20,963 | 12,629 | 12,126 | ||||||||||||||||||||
Noninterest Income (in-scope of Topic 606) | Noninterest Income (in-scope of Topic 606) | $ | 288,247 | $ | 290,084 | $ | 262,175 | Noninterest Income (in-scope of Topic 606) | $ | 246,077 | $ | 288,247 | $ | 290,084 | ||||||||||||||
Noninterest Income (out-of-scope of Topic 606) | Noninterest Income (out-of-scope of Topic 606) | 92,577 | 65,484 | 70,505 | Noninterest Income (out-of-scope of Topic 606) | 267,979 | 92,577 | 65,484 | ||||||||||||||||||||
Total Noninterest Income | Total Noninterest Income | $ | 380,824 | $ | 355,568 | $ | 332,680 | Total Noninterest Income | $ | 514,056 | $ | 380,824 | $ | 355,568 |
Revenue Stream | Noninterest income in-scope of Topic 606 | |||||||
Service charges and deposit account fees | Service charges on deposit accounts consist of monthly service fees (i.e. business | |||||||
Card-based fees(a) | Card-based fees are primarily comprised of debit and credit card income, ATM fees, and merchant services income. Debit and credit card income is primarily comprised of interchange fees earned whenever the Corporation's debit and credit cards are processed through card payment networks. ATM and merchant fees are largely transactional based, and therefore, the Corporation's performance obligation is satisfied, and related revenue recognized, at a point in time. Payment is typically received immediately or in the following month. | |||||||
Trust and asset management fees(b) | Trust and asset management income is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Corporation's performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month end through a direct charge to the customers’ accounts. The Corporation's performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, at a point in time (i.e., as incurred). Payment is received shortly after services are rendered. | |||||||
Brokerage and advisory fees(b) | Brokerage and advisory fees primarily consists of investment advisory, brokerage, retirement services, and annuities. The Corporation's performance obligation for investment advisory services and retirement services is generally satisfied, and the related revenue recognized, over the period in which the services are provided. The performance obligation for annuities is satisfied upon sale of the annuity, and therefore, the related revenue is primarily recognized at the time of sale. Payment for these services are typically received immediately or in advance of the service. |
ITEM 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
ITEM 9A. | Controls and Procedures |
ITEM 9B. | Other Information |
ITEM 10. | Directors, Executive Officers and Corporate Governance |
ITEM 11. | Executive Compensation |
ITEM 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
December 31, 2019 | (a) Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants, and Rights | (b) Weighted-Average Exercise Price of Outstanding Options, Warrants, and Rights | (c) Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities reflected in column (a)) | |||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | (a) Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants, and Rights | (b) Weighted-Average Exercise Price of Outstanding Options, Warrants, and Rights | (c) Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities reflected in column (a)) | ||||||||||||||||||||||||
Plan Category | Plan Category | Plan Category | ||||||||||||||||||||||||||
Equity compensation plan approved by security holders | Equity compensation plan approved by security holders | 5,542,954 | $ | 20.13 | 7,561,080 | Equity compensation plan approved by security holders | 6,473,397 | $ | 19.77 | 14,426,779 | ||||||||||||||||||
Equity compensation plans not approved by security holders | Equity compensation plans not approved by security holders | — | — | — | Equity compensation plans not approved by security holders | — | — | — | ||||||||||||||||||||
Total | Total | 5,542,954 | $ | 20.13 | 7,561,080 | Total | 6,473,397 | $ | 19.77 | 14,426,779 |
ITEM 13. | Certain Relationships and Related Transactions, and Director Independence |
ITEM 14. | Principal Accounting Fees and Services |
ITEM 15. | Exhibits and Financial Statement Schedules |
Exhibit Number | Description | |||||||
(2) | Membership Interest Purchase Agreement, dated May 4, 2020, by and between Associated Bank, N.A. and USI Insurance Services LLC | |||||||
(3)(a) | Amended and Restated Articles of Incorporation | |||||||
(3)(b) | Articles of Amendment to the Amended and Restated Articles of Incorporation of Associated Banc-Corp with respect to its 6.125% Non-Cumulative Perpetual Preferred Stock, Series C, dated June 4, 2015 | |||||||
(3)(c) | Articles of Amendment to the Amended and Restated Articles of Incorporation of Associated Banc-Corp regarding the rights and preferences of preferred stock, effective April 25, 2012 | |||||||
(3)(d) | Articles of Correction filed with the Wisconsin Department of Financial Institutions on June 14, 2016 | |||||||
(3)(e) | Certificate Related to Series A Preferred Stock dated August 15, 2016 | |||||||
(3)(f) | Articles of Amendment to the Amended and Restated Articles of Incorporation of Associated Banc-Corp with respect to its 5.375% Non-Cumulative Perpetual Preferred Stock, Series D, dated September 12, 2016 | |||||||
(3)(g) | Amended and Restated Bylaws of Associated Banc-Corp | |||||||
(3)(h) | Articles of Amendment to the Amended and Restated Articles of Incorporation of Associated Banc-Corp with respect to its 5.875% Non-Cumulative Perpetual Preferred Stock, Series E, dated September 21, 2018 | |||||||
(3)(i) | Certificate relating to the Series B Preferred Stock dated October 23, 2018 | |||||||
(3)(j) | Text of Amendments to the Amended and Restated Bylaws of Associated Banc-Corp | |||||||
(3)(l) | Amended and Restated Bylaws of Associated Banc-Corp, as amended through February 2, 2021 (complete version) | |||||||
(3)(m) | Articles of Amendment to the Amended and Restated Articles of Incorporation of Associated Banc-Corp with respect to its 5.625% Non-Cumulative Perpetual Preferred Stock, Series F, dated June 10, 2020 | |||||||
(4)(a) | Instruments Defining the Rights of Security Holders, Including Indentures | |||||||
Exhibit Number | Description | |||||||
The Parent Company, by signing this report, agrees to furnish the SEC, upon its request, a copy of any instrument that defines the rights of holders of long-term debt of the Corporation and its consolidated and unconsolidated subsidiaries for which consolidated or unconsolidated financial statements are required to be filed and that authorizes a total amount of securities not in excess of 10% of the total assets of the Corporation on a consolidated basis | ||||||||
(4)(b) | Indenture, dated as of March 14, 2011, between Associated Banc-Corp and The Bank of New York Mellon Trust Company, N.A. | |||||||
(4)(c) | Global Note dated as of March 28, 2011 representing $300,000,000 5.125% Senior Notes due 2016 | |||||||
Number | ||||||||
(4)(d) | Global Note dated as of September 13, 2011 representing $130,000,000 5.125% Senior Notes due 2016 | |||||||
(4)(e) | Subordinated Indenture, dated as of November 13, 2014, between Associated Banc-Corp and The Bank of New York Mellon Trust Company, N.A., as trustee | |||||||
(4)(f) | Global Note dated as of November 13, 2014 representing $250,000,000 4.250% Subordinated Note due 2025 | |||||||
(4)(g) | Deposit Agreement, dated June 8, 2015, among Associated Banc-Corp, Wells Fargo Bank, N.A. and the holders from time to time of the Depositary Receipts described therein, and form of Depositary Receipt | |||||||
(4)(h) | Deposit Agreement, dated September 15, 2016, among Associated Banc-Corp, Wells Fargo Bank, N.A., and the holders from time to time of the Depositary Receipts described therein, and form of Depositary Receipt | |||||||
(4)(i) | Deposit Agreement, dated September 26, 2018, among Associated Banc-Corp, Equiniti Trust Company and the holders from time to time of the Depositary Receipts described therein, and form of Depositary Receipt | |||||||
(4)(j) | Description of Associated Banc-Corp’s Securities | |||||||
(4)(k) | Deposit Agreement, dated June 15, 2020, among Associated Banc-Corp, Equiniti Trust Company and the holders from time to time of the Depositary Receipts, and form of Depositary Receipts | |||||||
*(10)(a) | Associated Banc-Corp 1987 Long-Term Incentive Stock Plan, Amended and Restated Effective January 1, 2008 | |||||||
*(10)(b) | Associated Banc-Corp 1999 Long-Term Incentive Stock Plan, Amended and Restated Effective January 1, 2008 | |||||||
*(10)(c) | Associated Banc-Corp 2003 Long-Term Incentive Stock Plan, Amended and Restated Effective January 1, 2008 | |||||||
*(10)(d) | Separation and General Release Letter between Associated Banc-Corp and Christopher Piotrowski, dated January 22, 2020 | |||||||
*(10)(e) | Associated Banc-Corp 2020 Incentive Compensation Plan | |||||||
*(10)(f) | Retirement Agreement, dated as of January 19, 2021, by and between Associated Banc-Corp and Philip B. Flynn |
Exhibit Number | Description | |||||||
*(10) | Associated Banc-Corp Deferred Compensation Plan | |||||||
*(10) | Associated Banc-Corp Directors’ Deferred Compensation Plan, Restated Effective December 4, 2018 | |||||||
*(10) | Associated Banc-Corp Deferred Compensation Plan, Restated Effective November 16, 2015 | |||||||
*(10) | Amendment to Associated Banc-Corp 2003 Long-Term Incentive Stock Plan effective November 15, 2009 | |||||||
*(10) | Associated Banc-Corp 2010 Incentive Compensation Plan | |||||||
*(10) | Associated Banc-Corp 2013 Incentive Compensation Plan | |||||||
*(10) | Associated Banc-Corp 2017 Incentive Compensation Plan | |||||||
*(10) | Form of Non-Qualified Stock Option Agreement | |||||||
*(10) | Associated Banc-Corp Change of Control Plan, Restated Effective September 28, 2011 | |||||||
*(10) | Associated Banc-Corp Supplemental Executive Retirement Plan for Philip B. Flynn | |||||||
*(10) | Form of Performance-Based Restricted Stock Unit Agreement | |||||||
*(10) | Supplemental Executive Retirement Plan, Restated Effective January 22, 2013 | |||||||
*(10) | Supplemental Executive Retirement Plan, Restated Effective November 16, 2015 | |||||||
*(10) | Form of 2013 Incentive Compensation Plan Restricted Unit Agreement | |||||||
*(10) | Form of Amendment to 2013 Incentive Compensation Plan Restricted Unit Agreement | |||||||
*(10) | Form of Change of Control Agreement, by and among Associated Banc-Corp and the executive officers of Associated Banc-Corp. | |||||||
*(10) | Form of Associated Banc-Corp 2017 Incentive Compensation Plan Restricted Stock Agreement | |||||||
(18) | Preferability Letter from KPMG regarding a change in accounting method dated October 31, 2019 | |||||||
(21) | Subsidiaries of Associated Banc-Corp | |||||||
(23) | Consent of Independent Registered Public Accounting Firm | |||||||
(24) | Powers of Attorney | |||||||
(31.1) | Certification Under Section 302 of Sarbanes-Oxley by Philip B. Flynn, Chief Executive Officer | |||||||
(31.2) | Certification Under Section 302 of Sarbanes-Oxley by Christopher J. Del Moral-Niles, Chief Financial Officer | |||||||
(32) | Certification by the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of Sarbanes-Oxley. | |||||||
(101) | Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Stockholders’ Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements. | Filed herewith | ||||||
(104) | Cover page interactive data file (formatted as inline XBRL and contained in Exhibit 101) | Filed herewith |
* | Management contracts and arrangements. |
ITEM 16. | Form 10-K Summary |
ASSOCIATED BANC-CORP | ||||||||||||||
Date: February | By: | /s/ Philip B. Flynn | ||||||||||||
Philip B. Flynn | ||||||||||||||
President and Chief Executive Officer |
Signature | Title | Date | |||||||||||||||||||||
/s/ Philip B. Flynn | President and Chief Executive Officer (Principal Executive Officer) | February | |||||||||||||||||||||
Philip B. Flynn | |||||||||||||||||||||||
/s/ Christopher J. Del Moral-Niles | Chief Financial Officer (Principal Financial Officer) | February | |||||||||||||||||||||
Christopher J. Del Moral-Niles | |||||||||||||||||||||||
/s/ Tammy C. Stadler | Principal Accounting Officer | February | |||||||||||||||||||||
Tammy C. Stadler |
By: | /s/ Randall J. Erickson | |||||||
Randall J. Erickson | ||||||||
As Attorney-In-Fact* |
* | Pursuant to authority granted by powers of attorney, copies of which are filed herewith. |