☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||||||||||
☐ | 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 | 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 | 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 | 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 | New York Stock Exchange |
Large accelerated filer | ☑ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||
Emerging growth company | ☐ |
ASSOCIATED BANC-CORP | ||||||||
Table of Contents |
Page | |||||||||||
ASSOCIATED BANC-CORP | ||||||||
Commonly Used Acronyms and Abbreviations | ||||||||
The following listing provides a reference of common acronyms and abbreviations used throughout the document: |
ABS | Asset Backed Securities | ||||
ACL | Allowance for Credit Losses on Loans and Investments | ||||
ACLL | Allowance for Credit Losses on Loans | ||||
Asset / Liability Committee | |||||
ASC | Accounting Standards Codification | ||||
Associated Bank / the Bank | Associated Bank, National Association | ||||
Basel III | International framework established by the Basel Committee on Banking Supervision for the regulation of capital and liquidity | ||||
bp | basis point(s) | ||||
CDs | Certificates of Deposit | ||||
Core Deposit Intangibles | |||||
CECL | Current Expected Credit Losses | ||||
CET1 | Common Equity Tier 1 | ||||
Collateralized Mortgage Obligations | |||||
Community Reinvestment Act | |||||
EAR | Earnings at Risk | ||||
Exchange Act | Securities Exchange Act of 1934, as amended | ||||
FASB | Financial Accounting Standards Board | ||||
FDIC | Federal Deposit Insurance Corporation | ||||
Federal Reserve | Board of Governors of the Federal Reserve System | ||||
FFELP | Federal Family Education Loan Program | ||||
FHLB | Federal Home Loan Bank | ||||
FHLMC | Federal Home Loan Mortgage Corporation | ||||
FICO | Fair Isaac Corporation, provider of a broad-based risk score to aid in credit decisions | ||||
First Staunton | First Staunton Bancshares, Incorporated | ||||
FNMA | Federal National Mortgage Association | ||||
FTP | Funds Transfer Pricing | ||||
GAAP | Generally Accepted Accounting Principles | ||||
GNMA | Government National Mortgage Association | ||||
GSEs | Government-Sponsored Enterprises | ||||
Huntington | The Huntington National Bank, a subsidiary of Huntington Bancshares Incorporated | ||||
LIBOR | London Interbank Offered Rate | ||||
LTV | Loan-to-Value | ||||
MBS | Mortgage-Backed Securities | ||||
Mortgage Servicing Rights | |||||
MVE | Market Value of Equity | ||||
Noninterest-bearing sources of funds | |||||
NII | Net Interest Income | ||||
NPAs | Nonperforming Assets |
OCC | Office of the Comptroller of the Currency | ||||
OREO | Other Real Estate Owned | ||||
Parent Company | Associated Banc-Corp individually | ||||
Purchased Credit Deteriorated | |||||
PPP | Paycheck Protection Program | ||||
RAP | Retirement Account Plan - the Corporation's noncontributory defined benefit retirement plan | ||||
Restricted common stock and restricted common stock units to certain key employees | |||||
S&P | Standard & Poor's | ||||
Small Business Administration | |||||
SEC | U.S. Securities and Exchange Commission | ||||
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 | ||||
TDR | Troubled Debt Restructuring |
PART I - FINANCIAL INFORMATION | ||||||||
ITEM 1. | Financial Statements: |
September 30, 2019 | December 31, 2018 | ||||||
(In Thousands, except share and per share data) | (Unaudited) | (Audited) | |||||
Assets | |||||||
Cash and due from banks | $ | 523,435 | $ | 507,187 | |||
Interest-bearing deposits in other financial institutions | 236,010 | 221,226 | |||||
Federal funds sold and securities purchased under agreements to resell | 100 | 148,285 | |||||
Investment securities held to maturity, at amortized cost(a) | 2,200,419 | 2,740,511 | |||||
Investment securities available for sale, at fair value(a) | 3,436,289 | 3,946,941 | |||||
Equity securities | 15,096 | 1,568 | |||||
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | 207,443 | 250,534 | |||||
Residential loans held for sale | 137,655 | 64,321 | |||||
Commercial loans held for sale | 11,597 | 14,943 | |||||
Loans | 22,754,710 | 22,940,429 | |||||
Allowance for loan losses | (214,425 | ) | (238,023 | ) | |||
Loans, net | 22,540,285 | 22,702,406 | |||||
Bank and corporate owned life insurance | 670,739 | 663,203 | |||||
Investment in unconsolidated subsidiaries | 256,220 | 161,181 | |||||
Premises and equipment, net | 436,268 | 363,225 | |||||
Goodwill | 1,176,230 | 1,169,023 | |||||
Mortgage servicing rights, net | 68,168 | 68,193 | |||||
Other intangible assets, net | 91,089 | 75,836 | |||||
Other assets(b) | 589,420 | 516,538 | |||||
Total assets | $ | 32,596,460 | $ | 33,615,122 | |||
Liabilities and Stockholders' Equity | |||||||
Noninterest-bearing demand deposits | $ | 5,503,223 | $ | 5,698,530 | |||
Interest-bearing deposits | 18,919,339 | 19,198,863 | |||||
Total deposits | 24,422,562 | 24,897,393 | |||||
Federal funds purchased and securities sold under agreements to repurchase | 78,028 | 111,651 | |||||
Commercial paper | 30,416 | 45,423 | |||||
FHLB advances | 2,877,727 | 3,574,371 | |||||
Other long-term funding | 796,799 | 795,611 | |||||
Accrued expenses and other liabilities(b) | 470,073 | 409,787 | |||||
Total liabilities | 28,675,605 | 29,834,235 | |||||
Stockholders’ Equity | |||||||
Preferred equity | 256,716 | 256,716 | |||||
Common equity | |||||||
Common stock | 1,752 | 1,752 | |||||
Surplus | 1,713,971 | 1,712,615 | |||||
Retained earnings | 2,341,158 | 2,181,414 | |||||
Accumulated other comprehensive income (loss) | (36,953 | ) | (124,972 | ) | |||
Treasury stock, at cost | (355,791 | ) | (246,638 | ) | |||
Total common equity | 3,664,139 | 3,524,171 | |||||
Total stockholders’ equity | 3,920,855 | 3,780,888 | |||||
Total liabilities and stockholders’ equity | $ | 32,596,460 | $ | 33,615,122 | |||
Preferred shares issued | 264,458 | 264,458 | |||||
Preferred shares authorized (par value $1.00 per share) | 750,000 | 750,000 | |||||
Common shares issued | 175,216,409 | 175,216,409 | |||||
Common shares authorized (par value $0.01 per share) | 250,000,000 | 250,000,000 | |||||
Treasury shares of common stock | 15,925,525 | 10,775,938 |
March 31, 2020 | December 31, 2019 | ||||||||||
(In Thousands, except share and per share data) | (Unaudited) | (Audited) | |||||||||
Assets | |||||||||||
Cash and due from banks | $ | 480,337 | $ | 373,380 | |||||||
Interest-bearing deposits in other financial institutions | 176,440 | 207,624 | |||||||||
Federal funds sold and securities purchased under agreements to resell | 22,455 | 7,740 | |||||||||
Investment securities held to maturity, net, at amortized cost(a) | 2,149,373 | 2,205,083 | |||||||||
Investment securities available for sale, at fair value | 2,928,787 | 3,262,586 | |||||||||
Equity securities | 15,063 | 15,090 | |||||||||
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | 222,922 | 227,347 | |||||||||
Residential loans held for sale | 366,330 | 136,280 | |||||||||
Commercial loans held for sale | — | 15,000 | |||||||||
Loans | 24,365,633 | 22,821,440 | |||||||||
Allowance for loan losses(b) | (337,793) | (201,371) | |||||||||
Loans, net | 24,027,841 | 22,620,068 | |||||||||
Bank and corporate owned life insurance | 674,026 | 671,948 | |||||||||
Tax credit and other investments | 315,909 | 279,969 | |||||||||
Premises and equipment, net | 438,469 | 435,284 | |||||||||
Goodwill | 1,191,388 | 1,176,230 | |||||||||
Mortgage servicing rights, net | 58,289 | 67,306 | |||||||||
Other intangible assets, net | 92,723 | 88,301 | |||||||||
Interest receivable | 92,377 | 91,196 | |||||||||
Other assets | 655,328 | 506,046 | |||||||||
Total assets | $ | 33,908,056 | $ | 32,386,478 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Noninterest-bearing demand deposits | $ | 6,107,386 | $ | 5,450,709 | |||||||
Interest-bearing deposits | 19,554,194 | 18,328,355 | |||||||||
Total deposits | 25,661,580 | 23,779,064 | |||||||||
Federal funds purchased and securities sold under agreements to repurchase | 133,007 | 433,097 | |||||||||
Commercial paper | 33,647 | 32,016 | |||||||||
FHLB advances | 3,214,194 | 3,180,967 | |||||||||
Other long-term funding | 549,644 | 549,343 | |||||||||
Allowance for unfunded commitments(b) | 56,276 | 21,907 | |||||||||
Accrued expenses and other liabilities(b) | 469,236 | 467,961 | |||||||||
Total liabilities | 30,117,584 | 28,464,355 | |||||||||
Stockholders’ Equity | |||||||||||
Preferred equity | 256,716 | 256,716 | |||||||||
Common equity | |||||||||||
Common stock | 1,752 | 1,752 | |||||||||
Surplus | 1,706,516 | 1,716,431 | |||||||||
Retained earnings(b) | 2,296,176 | 2,380,867 | |||||||||
Accumulated other comprehensive income (loss) | (16,974) | (33,183) | |||||||||
Treasury stock, at cost | (453,714) | (400,460) | |||||||||
Total common equity | 3,533,755 | 3,665,407 | |||||||||
Total stockholders’ equity | 3,790,471 | 3,922,124 | |||||||||
Total liabilities and stockholders’ equity | $ | 33,908,056 | $ | 32,386,478 | |||||||
Preferred shares authorized (par value $1.00 per share) | 750,000 | 750,000 | |||||||||
Preferred shares issued and outstanding | 264,458 | 264,458 | |||||||||
Common shares authorized (par value $0.01 per share) | 250,000,000 | 250,000,000 | |||||||||
Common shares issued | 175,216,409 | 175,216,409 | |||||||||
Common shares outstanding | 153,690,421 | 157,171,247 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands, except per share data) | 2019 | 2018 | 2019 | 2018 | (In Thousands, except per share data) | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and fees on loans | $ | 248,579 | $ | 249,649 | $ | 768,216 | $ | 716,329 | Interest and fees on loans | $ | 224,786 | $ | 258,853 | |||||||||||||||||||||||||||||||||||||||||||
Interest and dividends on investment securities | Interest and dividends on investment securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | 23,485 | 29,895 | 79,248 | 90,622 | Taxable | 20,272 | 29,053 | |||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt | 14,491 | 11,883 | 42,950 | 31,883 | Tax-exempt | 14,882 | 13,816 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other interest | 4,865 | 4,036 | 13,086 | 9,366 | Other interest | 3,304 | 4,226 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total interest income | 291,420 | 295,464 | 903,500 | 848,201 | Total interest income | 263,244 | 305,948 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest on deposits | 61,585 | 50,116 | 191,408 | 121,959 | Interest on deposits | 36,666 | 62,773 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest on federal funds purchased and securities sold under agreements to repurchase | 145 | 504 | 1,058 | 1,564 | Interest on federal funds purchased and securities sold under agreements to repurchase | 368 | 627 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest on other short-term funding | 33 | 38 | 121 | 150 | Interest on other short-term funding | 39 | 51 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest on FHLB advances | 15,896 | 19,318 | 53,194 | 53,720 | Interest on FHLB advances | 17,626 | 19,554 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest on long-term funding | 7,396 | 6,095 | 22,188 | 15,183 | Interest on long-term funding | 5,604 | 7,396 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total interest expense | 85,054 | 76,072 | 267,969 | 192,576 | Total interest expense | 60,303 | 90,401 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | 206,365 | 219,392 | 635,532 | 655,625 | Net interest income | 202,942 | 215,547 | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | 2,000 | (5,000 | ) | 16,000 | (1,000 | ) | Provision for credit losses | 53,001 | 6,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | 204,365 | 224,392 | 619,532 | 656,625 | Net interest income after provision for credit losses | 149,941 | 209,547 | |||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance commissions and fees | 20,954 | 21,636 | 69,403 | 68,279 | Insurance commissions and fees | 22,608 | 25,464 | |||||||||||||||||||||||||||||||||||||||||||||||||
Wealth management fees(a) | 21,015 | 21,224 | 61,885 | 62,198 | Wealth management fees(a) | 20,816 | 20,180 | |||||||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit account fees | 16,561 | 16,904 | 47,102 | 49,714 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Service charges and deposit account fees | Service charges and deposit account fees | 15,222 | 15,115 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Card-based fees | 10,456 | 9,783 | 29,848 | 29,341 | Card-based fees | 9,597 | 9,261 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other fee-based revenue | 5,085 | 4,307 | 14,246 | 12,559 | Other fee-based revenue | 4,497 | 3,983 | |||||||||||||||||||||||||||||||||||||||||||||||||
Capital markets, net | 4,300 | 5,099 | 12,215 | 15,189 | Capital markets, net | 7,935 | 3,189 | |||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking, net | 10,940 | 4,012 | 25,118 | 16,640 | Mortgage banking, net | 6,143 | 4,712 | |||||||||||||||||||||||||||||||||||||||||||||||||
Bank and corporate owned life insurance | 4,337 | 3,540 | 11,482 | 10,705 | Bank and corporate owned life insurance | 3,094 | 3,792 | |||||||||||||||||||||||||||||||||||||||||||||||||
Asset gains (losses), net(b) | 877 | (1,037 | ) | 2,316 | 1,353 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Asset gains (losses), net | Asset gains (losses), net | (77) | 567 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities gains (losses), net | 3,788 | 30 | 5,931 | (1,985 | ) | Investment securities gains (losses), net | 6,118 | 1,680 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | 2,537 | 2,802 | 8,344 | 7,529 | Other | 2,352 | 3,260 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | 100,850 | 88,300 | 287,890 | 271,522 | Total noninterest income | 98,306 | 91,202 | |||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Personnel | 123,170 | 124,476 | 366,449 | 366,141 | Personnel | 114,200 | 120,050 | |||||||||||||||||||||||||||||||||||||||||||||||||
Technology | 20,572 | 17,563 | 59,698 | 54,730 | Technology | 20,799 | 19,012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy | 15,164 | 14,519 | 45,466 | 44,947 | Occupancy | 16,069 | 16,472 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business development and advertising | 7,991 | 8,213 | 21,284 | 21,973 | Business development and advertising | 5,826 | 6,636 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equipment | 6,335 | 5,838 | 17,580 | 17,347 | Equipment | 5,439 | 5,668 | |||||||||||||||||||||||||||||||||||||||||||||||||
Legal and professional | 5,724 | 5,476 | 14,342 | 17,173 | Legal and professional | 5,160 | 3,951 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loan and foreclosure costs | 1,638 | 2,439 | 5,599 | 5,844 | Loan and foreclosure costs | 3,120 | 2,146 | |||||||||||||||||||||||||||||||||||||||||||||||||
FDIC assessment | 4,000 | 7,750 | 12,250 | 24,250 | FDIC assessment | 5,500 | 3,750 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other intangible amortization | 2,686 | 2,233 | 7,237 | 5,926 | Other intangible amortization | 2,814 | 2,226 | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition related costs(c) | 1,629 | 2,271 | 5,995 | 29,983 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition related costs(b) | Acquisition related costs(b) | 1,721 | 632 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 12,021 | 13,634 | 34,479 | 40,323 | Other | 11,543 | 11,128 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | 200,930 | 204,413 | 590,380 | 628,636 | Total noninterest expense | 192,191 | 191,671 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 104,286 | 108,279 | 317,042 | 299,510 | Income (loss) before income taxes | 56,056 | 109,078 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | 20,947 | 22,349 | 62,356 | 54,932 | Income tax expense | 10,219 | 22,392 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 83,339 | 85,929 | 254,686 | 244,578 | Net income | 45,838 | 86,686 | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | 3,801 | 2,409 | 11,402 | 7,077 | Preferred stock dividends | 3,801 | 3,801 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common equity | $ | 79,539 | $ | 83,521 | $ | 243,285 | $ | 237,501 | Net income available to common equity | $ | 42,037 | $ | 82,885 | |||||||||||||||||||||||||||||||||||||||||||
Earnings per common share | Earnings per common share | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.50 | $ | 0.49 | $ | 1.49 | $ | 1.40 | Basic | $ | 0.27 | $ | 0.50 | |||||||||||||||||||||||||||||||||||||||||||
Diluted | $ | 0.49 | $ | 0.48 | $ | 1.48 | $ | 1.38 | Diluted | $ | 0.27 | $ | 0.50 | |||||||||||||||||||||||||||||||||||||||||||
Average common shares outstanding | Average common shares outstanding | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | 159,126 | 170,516 | 161,727 | 168,249 | Basic | 154,701 | 163,928 | |||||||||||||||||||||||||||||||||||||||||||||||||
Diluted | 160,382 | 172,802 | 163,061 | 170,876 | Diluted | 155,619 | 165,433 |
Three months ended | Nine months ended | Three months ended | |||||||||||||||||||||||||||||||
September 30, | September 30, | March 31, | |||||||||||||||||||||||||||||||
($ in Thousands) | 2019 | 2018 | 2019 | 2018 | ($ in Thousands) | 2020 | 2019 | ||||||||||||||||||||||||||
Net income | $ | 83,339 | $ | 85,929 | $ | 254,686 | $ | 244,578 | Net income | $ | 45,838 | $ | 86,686 | ||||||||||||||||||||
Other comprehensive income, net of tax | Other comprehensive income, net of tax | ||||||||||||||||||||||||||||||||
Investment securities available for sale | Investment securities available for sale | ||||||||||||||||||||||||||||||||
Net unrealized gains (losses) | 33,173 | (21,345 | ) | 123,139 | (82,099 | ) | Net unrealized gains (losses) | 26,419 | 30,490 | ||||||||||||||||||||||||
Amortization of net unrealized (gains) losses on available for sale securities transferred to held to maturity securities | (8 | ) | (52 | ) | 279 | (684 | ) | Amortization of net unrealized (gains) losses on available for sale securities transferred to held to maturity securities | 556 | 69 | |||||||||||||||||||||||
Reclassification adjustment for net losses (gains) realized in net income | (3,788 | ) | (30 | ) | (5,931 | ) | 1,985 | Reclassification adjustment for net losses (gains) realized in net income | (6,118) | (1,680) | |||||||||||||||||||||||
Reclassification from OCI due to change in accounting principle | — | — | — | (84 | ) | ||||||||||||||||||||||||||||
Reclassification of certain tax effects from OCI | — | — | — | (8,419 | ) | ||||||||||||||||||||||||||||
Income tax (expense) benefit | (7,410 | ) | 5,456 | (29,651 | ) | 20,796 | Income tax (expense) benefit | (5,225) | (7,301) | ||||||||||||||||||||||||
Other comprehensive income (loss) on investment securities available for sale | 21,967 | (15,971 | ) | 87,836 | (68,505 | ) | Other comprehensive income (loss) on investment securities available for sale | 15,632 | 21,578 | ||||||||||||||||||||||||
Defined benefit pension and postretirement obligations | Defined benefit pension and postretirement obligations | ||||||||||||||||||||||||||||||||
Amortization of prior service cost | (36 | ) | (37 | ) | (111 | ) | (112 | ) | Amortization of prior service cost | (38) | (38) | ||||||||||||||||||||||
Amortization of actuarial loss (gain) | 229 | 551 | 357 | 1,480 | Amortization of actuarial loss (gain) | 808 | 64 | ||||||||||||||||||||||||||
Reclassification of certain tax effects from OCI | — | — | — | (5,235 | ) | ||||||||||||||||||||||||||||
Income tax (expense) benefit | (49 | ) | (174 | ) | (62 | ) | (390 | ) | Income tax (expense) benefit | (193) | (7) | ||||||||||||||||||||||
Other comprehensive income (loss) on pension and postretirement obligations | 144 | 340 | 184 | (4,257 | ) | Other comprehensive income (loss) on pension and postretirement obligations | 577 | 20 | |||||||||||||||||||||||||
Total other comprehensive income (loss) | 22,111 | (15,631 | ) | 88,020 | (72,762 | ) | Total other comprehensive income (loss) | 16,209 | 21,597 | ||||||||||||||||||||||||
Comprehensive income | $ | 105,450 | $ | 70,298 | $ | 342,706 | $ | 171,816 | Comprehensive income | $ | 62,046 | $ | 108,283 |
(In Thousands, except per share data) | Preferred Equity | Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | (In Thousands, except per share data) | Preferred Equity | Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | |||||||||||||||||||||||||||||
Balance, December 31, 2018 | $ | 256,716 | $ | 1,752 | $ | 1,712,615 | $ | 2,181,414 | $ | (124,972 | ) | $ | (246,638 | ) | $ | 3,780,888 | ||||||||||||||||||||||||||||
Balance, December 31, 2019 | Balance, December 31, 2019 | $ | 256,716 | $ | 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 | 256,716 | 1,752 | 1,716,431 | 2,282,530 | (33,183) | (400,460) | 3,823,787 | ||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | |||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 86,686 | — | — | 86,686 | Net income | — | — | — | 45,838 | — | — | 45,838 | |||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | 21,597 | — | 21,597 | Other comprehensive income (loss) | — | — | — | — | 16,209 | — | 16,209 | |||||||||||||||||||||||||||||
Comprehensive income | 108,283 | Comprehensive income | 62,046 | |||||||||||||||||||||||||||||||||||||||||
Common stock issued | Common stock issued | |||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation plans, net | — | — | (32,220 | ) | — | — | 39,265 | 7,045 | Stock-based compensation plans, net | — | — | (20,659) | — | — | 23,555 | 2,896 | ||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | — | (37,467 | ) | (37,467 | ) | |||||||||||||||||||||||||||||||||||
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 | — | — | — | — | — | (5,555) | (5,555) | ||||||||||||||||||||||||||||||||||||
Cash dividends | Cash dividends | |||||||||||||||||||||||||||||||||||||||||||
Common stock, $0.17 per share | — | — | — | (28,183 | ) | — | — | (28,183 | ) | |||||||||||||||||||||||||||||||||||
Common stock, $0.18 per share | Common stock, $0.18 per share | — | — | — | (28,392) | — | — | (28,392) | ||||||||||||||||||||||||||||||||||||
Preferred stock(a) | — | — | — | (3,801 | ) | — | — | (3,801 | ) | Preferred stock(a) | — | — | — | (3,801) | — | — | (3,801) | |||||||||||||||||||||||||||
Stock-based compensation expense, net | — | — | 9,397 | — | — | — | 9,397 | Stock-based compensation expense, net | — | — | 10,744 | — | — | — | 10,744 | |||||||||||||||||||||||||||||
Other | — | — | — | (293 | ) | — | — | (293 | ) | |||||||||||||||||||||||||||||||||||
Balance, March 31, 2019 | $ | 256,716 | $ | 1,752 | $ | 1,689,792 | $ | 2,235,824 | $ | (103,375 | ) | $ | (244,840 | ) | $ | 3,835,870 | ||||||||||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 84,661 | — | — | 84,661 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | 44,311 | — | 44,311 | |||||||||||||||||||||||||||||||||||||
Comprehensive income | 128,972 | |||||||||||||||||||||||||||||||||||||||||||
Common stock issued: | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation plans, net | — | — | (211 | ) | — | — | 1,038 | 827 | ||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | — | (40,433 | ) | (40,433 | ) | |||||||||||||||||||||||||||||||||||
Cash dividends: | ||||||||||||||||||||||||||||||||||||||||||||
Common stock, $0.17 per share | — | — | — | (27,776 | ) | — | — | (27,776 | ) | |||||||||||||||||||||||||||||||||||
Preferred stock(a) | — | — | — | (3,801 | ) | — | — | (3,801 | ) | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense, net | — | — | 6,134 | — | — | — | 6,134 | |||||||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | $ | 256,716 | $ | 1,752 | $ | 1,695,715 | $ | 2,288,909 | $ | (59,063 | ) | $ | (284,235 | ) | $ | 3,899,794 | ||||||||||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 83,339 | — | — | 83,339 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | 22,111 | — | 22,111 | |||||||||||||||||||||||||||||||||||||
Comprehensive income | 105,450 | |||||||||||||||||||||||||||||||||||||||||||
Common stock issued: | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation plans, net | — | — | 12,561 | — | — | (11,363 | ) | 1,198 | ||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | ��� | — | — | — | — | (60,193 | ) | (60,193 | ) | |||||||||||||||||||||||||||||||||||
Cash dividends: | ||||||||||||||||||||||||||||||||||||||||||||
Common stock, $0.17 per share | — | — | — | (27,289 | ) | — | — | (27,289 | ) | |||||||||||||||||||||||||||||||||||
Preferred stock(a) | — | — | — | (3,801 | ) | — | — | (3,801 | ) | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense, net | — | — | 5,696 | — | — | — | 5,696 | |||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | $ | 256,716 | $ | 1,752 | $ | 1,713,971 | $ | 2,341,158 | $ | (36,953 | ) | $ | (355,791 | ) | $ | 3,920,855 | ||||||||||||||||||||||||||||
Balance, March 31, 2020 | Balance, March 31, 2020 | $ | 256,716 | $ | 1,752 | $ | 1,706,516 | $ | 2,296,176 | $ | (16,974) | $ | (453,714) | $ | 3,790,471 |
(In Thousands, except per share data) | Preferred Equity | Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | ||||||||||||||||
Balance, December 31, 2018 | $ | 256,716 | $ | 1,752 | $ | 1,712,615 | $ | 2,181,414 | $ | (124,972) | $ | (246,638) | $ | 3,780,888 | |||||||||
Comprehensive income | |||||||||||||||||||||||
Net income | — | — | — | 86,686�� | — | — | 86,686 | ||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | 21,597 | — | 21,597 | ||||||||||||||||
Comprehensive income | 108,283 | ||||||||||||||||||||||
Common stock issued | |||||||||||||||||||||||
Stock-based compensation plans, net | — | — | (32,220) | — | — | 39,265 | 7,045 | ||||||||||||||||
Purchase of treasury stock, open market purchases | — | — | — | — | — | (29,999) | (29,999) | ||||||||||||||||
Purchase of treasury stock, stock-based compensation plans | — | — | — | — | — | (7,468) | (7,468) | ||||||||||||||||
Cash dividends | |||||||||||||||||||||||
Common stock, $0.17 per share | — | — | — | (28,183) | — | — | (28,183) | ||||||||||||||||
Preferred stock(a) | — | — | — | (3,801) | — | — | (3,801) | ||||||||||||||||
Stock-based compensation expense, net | — | — | 9,397 | — | — | — | 9,397 | ||||||||||||||||
Other | — | — | — | (293) | — | — | (293) | ||||||||||||||||
Balance, March 31, 2019 | $ | 256,716 | $ | 1,752 | $ | 1,689,792 | $ | 2,235,824 | $ | (103,375) | $ | (244,840) | $ | 3,835,870 | |||||||||
(In Thousands, except per share data) | Preferred Equity | Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | ||||||||||||||
Balance, December 31, 2017 | $ | 159,929 | $ | 1,618 | $ | 1,338,722 | $ | 1,934,696 | $ | (62,758 | ) | $ | (134,764 | ) | $ | 3,237,443 | |||||
Comprehensive income | |||||||||||||||||||||
Net income | — | — | — | 69,456 | — | — | 69,456 | ||||||||||||||
Other comprehensive income (loss) | — | — | — | — | (31,177 | ) | — | (31,177 | ) | ||||||||||||
Adoption of new accounting standards | — | — | — | — | (13,738 | ) | — | (13,738 | ) | ||||||||||||
Comprehensive income | 24,541 | ||||||||||||||||||||
Common stock issued | |||||||||||||||||||||
Stock-based compensation plans, net | — | — | (7,665 | ) | 20,136 | — | (1,780 | ) | 10,691 | ||||||||||||
Acquisition of Bank Mutual | — | 134 | 390,258 | — | — | 91,296 | 481,688 | ||||||||||||||
Purchase of common stock returned to authorized but unissued | — | (11 | ) | (26,469 | ) | — | — | — | (26,480 | ) | |||||||||||
Purchase of treasury stock | — | — | — | — | — | (5,240 | ) | (5,240 | ) | ||||||||||||
Cash dividends | |||||||||||||||||||||
Common stock, $0.15 per share | — | — | — | (25,710 | ) | — | — | (25,710 | ) | ||||||||||||
Preferred stock(b) | — | — | — | (2,339 | ) | — | — | (2,339 | ) | ||||||||||||
Purchase of preferred stock | (76 | ) | — | — | (2 | ) | — | — | (78 | ) | |||||||||||
Stock-based compensation expense, net | — | — | 3,675 | — | — | — | 3,675 | ||||||||||||||
Tax Act reclassification | — | — | — | 13,654 | — | — | 13,654 | ||||||||||||||
Change in accounting principle | — | — | — | 84 | — | — | 84 | ||||||||||||||
Other | — | — | — | 771 | — | — | 771 | ||||||||||||||
Balance, March 31, 2018 | $ | 159,853 | $ | 1,741 | $ | 1,698,521 | $ | 2,010,746 | $ | (107,673 | ) | $ | (50,488 | ) | $ | 3,712,699 | |||||
Comprehensive income: | |||||||||||||||||||||
Net income | — | — | — | 89,192 | — | — | 89,192 | ||||||||||||||
Other comprehensive income (loss) | — | — | — | — | (12,215 | ) | — | (12,215 | ) | ||||||||||||
Comprehensive income | 76,977 | ||||||||||||||||||||
Common stock issued: | |||||||||||||||||||||
Stock-based compensation plans, net | — | — | 1,455 | (485 | ) | — | 4,486 | 5,456 | |||||||||||||
Acquisition of Bank Mutual | — | 3 | 6,717 | — | — | — | 6,720 | ||||||||||||||
Purchase of common stock returned to authorized but unissued | — | (3 | ) | (6,592 | ) | — | — | — | (6,595 | ) | |||||||||||
Purchase of treasury stock | — | — | — | — | — | (477 | ) | (477 | ) | ||||||||||||
Cash dividends: | |||||||||||||||||||||
Common stock, $0.15 per share | — | — | — | (26,107 | ) | — | — | (26,107 | ) | ||||||||||||
Preferred stock(b) | — | — | — | (2,329 | ) | — | — | (2,329 | ) | ||||||||||||
Common stock warrants exercised | — | 10 | (10 | ) | — | — | — | — | |||||||||||||
Purchase of preferred stock | (452 | ) | — | — | (6 | ) | — | — | (459 | ) | |||||||||||
Stock-based compensation expense, net | — | — | 4,497 | — | — | — | 4,497 | ||||||||||||||
Other | — | — | — | (139 | ) | — | — | (139 | ) | ||||||||||||
Balance, June 30, 2018 | $ | 159,401 | $ | 1,751 | $ | 1,704,587 | $ | 2,070,872 | $ | (119,888 | ) | $ | (46,479 | ) | $ | 3,770,244 |
(In Thousands, except per share data) | Preferred Equity | Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | ||||||||||||||
Balance, June 30, 2018 | $ | 159,401 | $ | 1,751 | $ | 1,704,587 | $ | 2,070,872 | $ | (119,888 | ) | $ | (46,479 | ) | $ | 3,770,244 | |||||
Comprehensive income: | |||||||||||||||||||||
Net income | — | — | — | 85,929 | — | — | 85,929 | ||||||||||||||
Other comprehensive income (loss) | — | — | — | — | (15,631 | ) | — | (15,631 | ) | ||||||||||||
Comprehensive income | 70,298 | ||||||||||||||||||||
Common stock issued: | |||||||||||||||||||||
Stock-based compensation plans, net(a) | — | — | (129 | ) | (289 | ) | — | 1,664 | 1,246 | ||||||||||||
Purchase of treasury stock | — | — | — | — | — | (118,663 | ) | (118,663 | ) | ||||||||||||
Cash dividends: | |||||||||||||||||||||
Common stock, $0.15 per share | — | — | — | (25,614 | ) | — | — | (25,614 | ) | ||||||||||||
Preferred stock(b) (c) | — | — | — | (2,409 | ) | — | — | (2,409 | ) | ||||||||||||
Issuance of preferred stock | 97,315 | — | — | — | — | — | 97,315 | ||||||||||||||
Common stock warrants exercised | — | 1 | (1 | ) | — | — | — | — | |||||||||||||
Stock-based compensation expense, net | — | — | 4,620 | — | — | — | 4,620 | ||||||||||||||
Balance, September 30, 2018 | $ | 256,716 | $ | 1,752 | $ | 1,709,078 | $ | 2,128,490 | $ | (135,520 | ) | $ | (163,478 | ) | $ | 3,797,038 |
Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||||||||||
($ in Thousands) | 2019 | 2018 | ($ in Thousands) | 2020 | 2019 | |||||||||||||||||||
Cash Flow From Operating Activities | Cash Flow From Operating Activities | |||||||||||||||||||||||
Net income | $ | 254,686 | $ | 244,578 | Net income | $ | 45,838 | $ | 86,686 | |||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | Adjustments to reconcile net income to net cash provided by (used in) operating activities | |||||||||||||||||||||||
Provision for credit losses | 16,000 | (1,000 | ) | Provision for credit losses | 53,001 | 6,000 | ||||||||||||||||||
Depreciation and amortization | 43,704 | 36,273 | Depreciation and amortization | 14,971 | 14,358 | |||||||||||||||||||
Addition to (recovery of) valuation allowance on mortgage servicing rights, net | 177 | (669 | ) | Addition to (recovery of) valuation allowance on mortgage servicing rights, net | 9,098 | 121 | ||||||||||||||||||
Amortization of mortgage servicing rights | 8,749 | 7,143 | Amortization of mortgage servicing rights | 3,635 | 2,693 | |||||||||||||||||||
Amortization of other intangible assets | 7,237 | 5,926 | Amortization of other intangible assets | 2,814 | 2,226 | |||||||||||||||||||
Amortization and accretion on earning assets, funding, and other, net | 17,607 | (425 | ) | Amortization and accretion on earning assets, funding, and other, net | 5,728 | 6,571 | ||||||||||||||||||
Net amortization of tax credit investments | 15,512 | 14,388 | Net amortization of tax credit investments | 6,486 | 5,637 | |||||||||||||||||||
Losses (gains) on sales of investment securities, net | (5,931 | ) | 1,985 | Losses (gains) on sales of investment securities, net | (6,118) | (1,680) | ||||||||||||||||||
Asset (gains) losses, net | (2,316 | ) | (1,353 | ) | Asset (gains) losses, net | 77 | (567) | |||||||||||||||||
(Gain) loss on mortgage banking activities, net | (15,966 | ) | (4,519 | ) | (Gain) loss on mortgage banking activities, net | (14,274) | (3,174) | |||||||||||||||||
Mortgage loans originated and acquired for sale | (824,289 | ) | (847,619 | ) | Mortgage loans originated and acquired for sale | (310,254) | (162,521) | |||||||||||||||||
Proceeds from sales of mortgage loans held for sale | 1,048,729 | 826,929 | Proceeds from sales of mortgage loans held for sale | 297,265 | 159,842 | |||||||||||||||||||
Pension Contribution | — | (41,877 | ) | |||||||||||||||||||||
Changes in certain assets and liabilities | Changes in certain assets and liabilities | |||||||||||||||||||||||
(Increase) decrease in interest receivable | 2,476 | (14,791 | ) | (Increase) decrease in interest receivable | (1,181) | (12,068) | ||||||||||||||||||
Increase (decrease) in interest payable | 589 | 4,671 | Increase (decrease) in interest payable | (6,511) | (1,516) | |||||||||||||||||||
Increase (decrease) in expense payable | (15,932 | ) | 41,938 | Increase (decrease) in expense payable | (61,924) | (51,247) | ||||||||||||||||||
Increase (decrease) in cash collateral | (8,237 | ) | 37,272 | |||||||||||||||||||||
Increase (decrease) in net derivative position | (109,948 | ) | (21,428 | ) | ||||||||||||||||||||
(Increase) decrease in net derivative position | (Increase) decrease in net derivative position | (77,369) | (54,411) | |||||||||||||||||||||
Net change in other assets and other liabilities | 37,138 | 15,321 | Net change in other assets and other liabilities | 18,636 | (10,552) | |||||||||||||||||||
Net cash provided by (used in) operating activities | 469,986 | 302,743 | Net cash provided by (used in) operating activities | (20,083) | (13,602) | |||||||||||||||||||
Cash Flow From Investing Activities | Cash Flow From Investing Activities | |||||||||||||||||||||||
Net increase in loans | (72,644 | ) | (322,589 | ) | Net increase in loans | (1,395,767) | (216,817) | |||||||||||||||||
Purchases of | Purchases of | |||||||||||||||||||||||
Available for sale securities | (460,124 | ) | (737,580 | ) | Available for sale securities | (93,487) | (120,282) | |||||||||||||||||
Held to maturity securities | (322,590 | ) | (553,258 | ) | Held to maturity securities | (29,463) | (140,670) | |||||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stocks | (214,554 | ) | (267,432 | ) | Federal Home Loan Bank and Federal Reserve Bank stocks | (49,794) | (88,245) | |||||||||||||||||
Premises, equipment, and software, net of disposals | (50,385 | ) | (42,941 | ) | Premises, equipment, and software, net of disposals | (11,045) | (13,368) | |||||||||||||||||
Other intangibles | Other intangibles | (200) | — | |||||||||||||||||||||
Proceeds from | Proceeds from | |||||||||||||||||||||||
Sales of available for sale securities | 1,367,450 | 601,130 | Sales of available for sale securities | 365,239 | 131,122 | |||||||||||||||||||
Sale of Federal Home Loan Bank and Federal Reserve Bank stocks | 257,646 | 231,964 | Sale of Federal Home Loan Bank and Federal Reserve Bank stocks | 55,000 | 121,839 | |||||||||||||||||||
Prepayments, calls, and maturities of available for sale investment securities | 400,648 | 487,858 | Prepayments, calls, and maturities of available for sale investment securities | 186,496 | 135,541 | |||||||||||||||||||
Prepayments, calls, and maturities of held to maturity investment securities | 168,378 | 168,125 | Prepayments, calls, and maturities of held to maturity investment securities | 84,360 | 43,953 | |||||||||||||||||||
Sales, prepayments, calls, and maturities of other assets | 6,674 | 22,132 | Sales, prepayments, calls, and maturities of other assets | 10,482 | 3,179 | |||||||||||||||||||
Net change in tax credit and alternative investments | (50,117 | ) | (30,579 | ) | Net change in tax credit and alternative investments | (17,877) | (18,772) | |||||||||||||||||
Net cash (paid) received in acquisition | 551,250 | 59,472 | Net cash (paid) received in acquisition | (31,452) | — | |||||||||||||||||||
Net cash provided by (used in) investing activities | 1,581,631 | (383,698 | ) | Net cash provided by (used in) investing activities | (927,507) | (162,518) | ||||||||||||||||||
Cash Flow From Financing Activities | Cash Flow From Financing Activities | |||||||||||||||||||||||
Net increase (decrease) in deposits | (1,200,004 | ) | 204,700 | Net increase (decrease) in deposits | 1,443,965 | 635,664 | ||||||||||||||||||
Net increase (decrease) in short-term funding | (48,630 | ) | (528,285 | ) | Net increase (decrease) in short-term funding | (324,317) | 2,043 | |||||||||||||||||
Net increase (decrease) in short-term FHLB advances | (685,000 | ) | 121,000 | Net increase (decrease) in short-term FHLB advances | 30,000 | (880,000) | ||||||||||||||||||
Repayment of long-term FHLB advances | (763,036 | ) | (1,900,012 | ) | Repayment of long-term FHLB advances | (5,464) | (169) | |||||||||||||||||
Proceeds from long-term FHLB advances | 751,573 | 1,841,776 | Proceeds from long-term FHLB advances | — | 250,633 | |||||||||||||||||||
Proceeds from issuance of long-term funding | — | 300,000 | ||||||||||||||||||||||
Proceeds from issuance of preferred shares | — | 97,315 | ||||||||||||||||||||||
Proceeds from finance lease principal | Proceeds from finance lease principal | 1 | — | |||||||||||||||||||||
Proceeds from issuance of common stock for stock-based compensation plans | 9,070 | 17,393 | Proceeds from issuance of common stock for stock-based compensation plans | 2,896 | 7,045 | |||||||||||||||||||
Purchase of preferred shares | — | (646 | ) | |||||||||||||||||||||
Purchase of common stock returned to authorized but unissued | — | (33,075 | ) | |||||||||||||||||||||
Purchase of treasury stock | (138,093 | ) | (124,380 | ) | ||||||||||||||||||||
Purchase of treasury stock, open market purchases | Purchase of treasury stock, open market purchases | (71,255) | (29,999) | |||||||||||||||||||||
Purchase of treasury stock, stock-based compensation plans | Purchase of treasury stock, stock-based compensation plans | (5,555) | (7,468) | |||||||||||||||||||||
Cash dividends on common stock | (83,248 | ) | (77,431 | ) | Cash dividends on common stock | (28,392) | (28,183) | |||||||||||||||||
Cash dividends on preferred stock | (11,402 | ) | (7,077 | ) | Cash dividends on preferred stock | (3,801) | (3,801) | |||||||||||||||||
Net cash provided by (used in) financing activities | (2,168,770 | ) | (88,722 | ) | Net cash provided by (used in) financing activities | 1,038,079 | (54,235) | |||||||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | (117,154 | ) | (169,677 | ) | Net increase (decrease) in cash, cash equivalents, and restricted cash | 90,488 | (230,355) | |||||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 876,698 | 716,018 | Cash, cash equivalents, and restricted cash at beginning of period | 588,744 | 876,698 | |||||||||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 759,545 | $ | 546,341 | Cash, cash equivalents, and restricted cash at end of period | $ | 679,232 | $ | 646,343 | |||||||||||||||
Supplemental disclosures of cash flow information | Supplemental disclosures of cash flow information | |||||||||||||||||||||||
Cash paid for interest | $ | 266,192 | $ | 185,875 | Cash paid for interest | $ | 66,316 | $ | 91,521 | |||||||||||||||
Cash paid for (received from) income and franchise taxes | 38,979 | 17,335 | Cash paid for (received from) income and franchise taxes | 1,373 | (5,760) | |||||||||||||||||||
Loans and bank premises transferred to OREO | 7,734 | 20,781 | Loans and bank premises transferred to OREO | 3,374 | 2,222 | |||||||||||||||||||
Capitalized mortgage servicing rights | 8,900 | 7,826 | Capitalized mortgage servicing rights | 3,716 | 1,247 | |||||||||||||||||||
Loans transferred into held for sale from portfolio, net | 326,476 | 56,550 | Loans transferred into held for sale from portfolio, net | 205,065 | 1,074 | |||||||||||||||||||
Unsettled trades to purchase securities | Unsettled trades to purchase securities | — | 11,244 | |||||||||||||||||||||
Acquisition | Acquisition | |||||||||||||||||||||||
Fair value of assets acquired, including cash and cash equivalents | 695,848 | 2,567,560 | Fair value of assets acquired, including cash and cash equivalents | 457,448 | — | |||||||||||||||||||
Fair value ascribed to goodwill and intangible assets | 29,837 | 261,142 | Fair value ascribed to goodwill and intangible assets | 22,538 | (79) | |||||||||||||||||||
Fair value of liabilities assumed | 725,764 | 2,340,294 | Fair value of liabilities assumed | 479,985 | — | |||||||||||||||||||
Equity issued in (adjustments related to) acquisition | (79 | ) | 488,408 | Equity issued in (adjustments related to) acquisition | — | (79) |
Three Months Ended March 31, | |||||||||||||||||
($ in Thousands) | 2020 | 2019 | |||||||||||||||
Cash and cash equivalents | $ | 679,232 | $ | 489,095 | |||||||||||||
Restricted cash | — | 157,248 | |||||||||||||||
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $ | 679,232 | $ | 646,343 |
Nine Months Ended September 30, | |||||||
($ in Thousands) | 2019 | 2018 | |||||
Cash and cash equivalents | $ | 562,798 | $ | 457,728 | |||
Restricted cash | 196,747 | 88,613 | |||||
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $ | 759,545 | $ | 546,341 |
($ in Thousands) | Purchase Accounting Adjustments | February 14, 2020 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | — | $ | 44,848 | ||||
Investment securities available for sale | (24) | 98,743 | ||||||
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | — | 781 | ||||||
Loans | (4,808) | 369,684 | ||||||
Premises and equipment, net | (3,005) | 4,865 | ||||||
Bank owned life insurance | 9 | 6,770 | ||||||
Goodwill | 15,158 | |||||||
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 | 2,486 | 7,293 | ||||||
Total assets | $ | 556,285 | ||||||
Liabilities | ||||||||
Deposits | $ | 1,285 | $ | 438,684 | ||||
Other borrowings | 61 | 34,613 | ||||||
Accrued expenses and other liabilities | 179 | 6,688 | ||||||
Total liabilities | $ | 479,985 | ||||||
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) | Purchase Accounting Adjustments | June 14, 2019 | ||||
Assets | ||||||
Cash and cash equivalents | $ | — | $ | 551,250 | ||
Loans | (1,552 | ) | 116,346 | |||
Premises and equipment, net | 4,800 | 22,430 | ||||
Goodwill | 7,286 | |||||
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) | (2,561 | ) | 5,263 | |||
Other assets | — | 559 | ||||
Total assets | $ | 725,764 | ||||
Liabilities | ||||||
Deposits | $ | 156 | $ | 725,173 | ||
Other liabilities | 70 | 590 | ||||
Total liabilities | $ | 725,764 |
($ in Thousands) | Purchase Accounting Adjustments | June 14, 2019 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | — | $ | 551,250 | ||||
Loans | (1,552) | 116,346 | ||||||
Premises and equipment, net | 4,800 | 22,430 | ||||||
Goodwill | 7,286 | |||||||
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) | (2,561) | 5,263 | ||||||
Other assets | — | 559 | ||||||
Total assets | $ | 725,764 | ||||||
Liabilities | ||||||||
Deposits | $ | 156 | $ | 725,173 | ||||
Other liabilities | 70 | 590 | ||||||
Total liabilities | $ | 725,764 | ||||||
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 | — | 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 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on 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 key methodology assumptions. Those assumptions are based upon the existing probability of default and loss given default |
accordance with previously applicable standards. | ||||||||||||||||||||
Standard | Description | Date of | Effect on financial statements | |||||||||||||||||
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 | The Corporation | |||||||||||||||||
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 is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Entities should apply the amendment prospectively. Early adoption is permitted, including in an interim period, for impairment tests performed after January 1, 2017. | |||||||||||||||||||
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 apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. | 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 | The Corporation is currently evaluating the impact on its results of operations, financial position, and liquidity. | |||||||||||||||||
ASU 2020-01 Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 | The FASB issued an amendment to clarify the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. The amendments also clarify that for the purpose of applying paragraph 815-10-15-141(a) an entity should not consider whether, upon the settlement of the forward contract or exercise of the purchased option, individually or with existing investments, the underlying securities would be accounted for under the equity method in Topic 323 or the fair value option in accordance with the financial instruments guidance in Topic 825. An entity also would evaluate the remaining characteristics in paragraph 815-010-15-141 to determine the accounting for those forward contracts and purchased options. | 1st Quarter 2021 | The Corporation is currently evaluating the impact on its results of operations, financial position, and liquidity. |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||
(In Thousands, except per share data) | 2019 | 2018 | 2019 | 2018 | ||||||||||
Net income | $ | 83,339 | $ | 85,929 | $ | 254,686 | $ | 244,578 | ||||||
Preferred stock dividends | (3,801 | ) | (2,409 | ) | (11,402 | ) | (7,077 | ) | ||||||
Net income available to common equity | $ | 79,539 | $ | 83,521 | $ | 243,285 | $ | 237,501 | ||||||
Common shareholder dividends | (27,091 | ) | (25,486 | ) | (82,741 | ) | (77,035 | ) | ||||||
Unvested share-based payment awards | (198 | ) | (128 | ) | (506 | ) | (396 | ) | ||||||
Undistributed earnings | $ | 52,250 | $ | 57,907 | $ | 160,037 | $ | 160,070 | ||||||
Undistributed earnings allocated to common shareholders | 51,870 | 57,620 | 158,970 | 159,297 | ||||||||||
Undistributed earnings allocated to unvested share-based payment awards | 380 | 288 | 1,067 | 772 | ||||||||||
Undistributed earnings | $ | 52,250 | $ | 57,907 | $ | 160,037 | $ | 160,070 | ||||||
Basic | ||||||||||||||
Distributed earnings to common shareholders | $ | 27,091 | $ | 25,486 | $ | 82,741 | $ | 77,035 | ||||||
Undistributed earnings allocated to common shareholders | 51,870 | 57,620 | 158,970 | 159,297 | ||||||||||
Total common shareholders earnings, basic | $ | 78,961 | $ | 83,106 | $ | 241,711 | $ | 236,332 | ||||||
Diluted | ||||||||||||||
Distributed earnings to common shareholders | $ | 27,091 | $ | 25,486 | $ | 82,741 | $ | 77,035 | ||||||
Undistributed earnings allocated to common shareholders | 51,870 | 57,620 | 158,970 | 159,297 | ||||||||||
Total common shareholders earnings, diluted | $ | 78,961 | $ | 83,106 | $ | 241,711 | $ | 236,332 | ||||||
Weighted average common shares outstanding | 159,126 | 170,516 | 161,727 | 168,249 | ||||||||||
Effect of dilutive common stock awards | 1,256 | 2,188 | 1,334 | 2,101 | ||||||||||
Effect of dilutive common stock warrants | — | 98 | — | 526 | ||||||||||
Diluted weighted average common shares outstanding | 160,382 | 172,802 | 163,061 | 170,876 | ||||||||||
Basic earnings per common share | $ | 0.50 | $ | 0.49 | $ | 1.49 | $ | 1.40 | ||||||
Diluted earnings per common share | $ | 0.49 | $ | 0.48 | $ | 1.48 | $ | 1.38 |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||
(In Thousands, except per share data) | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
Net income | $ | 45,838 | $ | 86,686 | ||||||||||||||||||||||||||||||||||
Preferred stock dividends | (3,801) | (3,801) | ||||||||||||||||||||||||||||||||||||
Net income available to common equity | 42,037 | 82,885 | ||||||||||||||||||||||||||||||||||||
Common shareholder dividends | (28,264) | (28,080) | ||||||||||||||||||||||||||||||||||||
Unvested share-based payment awards | (128) | (103) | ||||||||||||||||||||||||||||||||||||
Undistributed earnings | $ | 13,645 | $ | 54,702 | ||||||||||||||||||||||||||||||||||
Undistributed earnings allocated to common shareholders | $ | 13,555 | $ | 54,410 | ||||||||||||||||||||||||||||||||||
Undistributed earnings allocated to unvested share-based payment awards | 90 | 292 | ||||||||||||||||||||||||||||||||||||
Undistributed earnings | $ | 13,645 | $ | 54,702 | ||||||||||||||||||||||||||||||||||
Basic | ||||||||||||||||||||||||||||||||||||||
Distributed earnings to common shareholders | $ | 28,264 | $ | 28,080 | ||||||||||||||||||||||||||||||||||
Undistributed earnings allocated to common shareholders | 13,555 | 54,410 | ||||||||||||||||||||||||||||||||||||
Total common shareholders earnings, basic | $ | 41,819 | $ | 82,490 | ||||||||||||||||||||||||||||||||||
Diluted | ||||||||||||||||||||||||||||||||||||||
Distributed earnings to common shareholders | $ | 28,264 | $ | 28,080 | ||||||||||||||||||||||||||||||||||
Undistributed earnings allocated to common shareholders | 13,555 | 54,410 | ||||||||||||||||||||||||||||||||||||
Total common shareholders earnings, diluted | $ | 41,819 | $ | 82,490 | ||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding | 154,701 | 163,928 | ||||||||||||||||||||||||||||||||||||
Effect of dilutive common stock awards | 918 | 1,505 | ||||||||||||||||||||||||||||||||||||
Diluted weighted average common shares outstanding | 155,619 | 165,433 | ||||||||||||||||||||||||||||||||||||
Basic earnings per common share | $ | 0.27 | $ | 0.50 | ||||||||||||||||||||||||||||||||||
Diluted earnings per common share | $ | 0.27 | $ | 0.50 |
2020 | 2019 | ||||||||||
Dividend yield | 3.50 | % | 3.30 | % | |||||||
Risk-free interest rate | 1.60 | % | 2.60 | % | |||||||
Weighted average expected volatility | 21.00 | % | 24.00 | % | |||||||
Weighted average expected life | 5.75 years | 5.75 years | |||||||||
Weighted average per share fair value of options | $2.39 | $4.00 |
Stock Options | Shares(a) | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value(a) | ||||||||||
Outstanding at December 31, 2019 | 5,543 | $ | 20.13 | 6.25 years | $ | 16,043 | ||||||||
Granted | 1,697 | 18.43 | ||||||||||||
Exercised | (102) | 13.98 | ||||||||||||
Forfeited or expired | (159) | 22.52 | ||||||||||||
Outstanding at March 31, 2020 | 6,978 | $ | 19.75 | 6.96 years | $ | 19 | ||||||||
Options Exercisable at March 31, 2020 | 4,090 | $ | 19.15 | 5.37 years | $ | 19 |
2019 | 2018 | ||||
Dividend yield | 3.30 | % | 2.50 | % | |
Risk-free interest rate | 2.60 | % | 2.60 | % | |
Weighted average expected volatility | 24.00 | % | 22.00 | % | |
Weighted average expected life | 5.75 years | 5.75 years | |||
Weighted average per share fair value of options | $4.00 | $4.47 |
Stock Options | Shares(a) | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value(a) | |||||
Outstanding at December 31, 2018 | 5,281 | $ | 19.09 | 6.18 | $ | 12,392 | |||
Granted | 1,050 | 22.77 | |||||||
Exercised | (498 | ) | 15.57 | ||||||
Forfeited or expired | (114 | ) | 22.42 | ||||||
Outstanding at September 30, 2019 | 5,718 | $ | 20.01 | 6.43 | $ | 11,541 | |||
Options Exercisable at September 30, 2019 | 3,535 | $ | 18.12 | 5.14 | $ | 10,901 |
Restricted Stock Awards | Shares(a) | Weighted Average Grant Date Fair Value | ||||
Outstanding at December 31, 2018 | 1,993 | $ | 21.92 | |||
Granted | 1,172 | 22.20 | ||||
Vested | (693 | ) | 20.56 | |||
Forfeited | (67 | ) | 23.85 | |||
Outstanding at September 30, 2019 | 2,405 | $ | 22.39 |
Restricted Stock Awards | Shares(a) | Weighted Average Grant Date Fair Value | |||||||||
Outstanding at December 31, 2019 | 2,393 | $ | 22.39 | ||||||||
Granted | 1,018 | 18.54 | |||||||||
Vested | (752) | 23.33 | |||||||||
Forfeited | (61) | 23.12 | |||||||||
Outstanding at March 31, 2020 | 2,598 | $ | 20.59 |
($ in Thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | ||||||||||
Investment securities available for sale | ||||||||||||||
U.S. government SBA agency securities | $ | 10,241 | $ | 2 | $ | (5) | $ | 10,238 | ||||||
Obligations of state and political subdivisions (municipal securities) | 492,195 | 16,443 | (1) | 508,636 | ||||||||||
Residential mortgage-related securities | ||||||||||||||
FNMA / FHLMC | 103,576 | 908 | — | 104,485 | ||||||||||
GNMA | 799,983 | 23,804 | — | 823,787 | ||||||||||
Commercial mortgage-related securities | ||||||||||||||
FNMA / FHLMC | 19,861 | 2,912 | — | 22,773 | ||||||||||
GNMA | 1,108,336 | 10,162 | (4,055) | 1,114,443 | ||||||||||
FFELP asset backed securities | 360,658 | — | (19,234) | 341,424 | ||||||||||
Other debt securities | 3,000 | — | — | 3,000 | ||||||||||
Total investment securities available for sale | $ | 2,897,851 | $ | 54,231 | $ | (23,295) | $ | 2,928,787 | ||||||
Investment securities held to maturity | ||||||||||||||
U. S. Treasury securities | $ | 999 | $ | 42 | $ | — | $ | 1,041 | ||||||
Obligations of state and political subdivisions (municipal securities) | 1,426,543 | 82,382 | (475) | 1,508,451 | ||||||||||
Residential mortgage-related securities | ||||||||||||||
FNMA / FHLMC | 78,125 | 3,486 | — | 81,610 | ||||||||||
GNMA | 245,675 | 8,124 | — | 253,799 | ||||||||||
GNMA commercial mortgage-related securities | 398,092 | 6,500 | (1,939) | 402,653 | ||||||||||
Total investment securities held to maturity | $ | 2,149,434 | $ | 100,534 | $ | (2,414) | $ | 2,247,553 |
($ 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) | $ | 535,977 | $ | 17,441 | $ | — | $ | 553,418 | ||||||||
Residential mortgage-related securities | ||||||||||||||||
FNMA / FHLMC | 141,678 | 1,657 | (326 | ) | 143,009 | |||||||||||
GNMA | 1,075,922 | 5,983 | (1,322 | ) | 1,080,584 | |||||||||||
Private-label | 749 | 9 | — | 758 | ||||||||||||
Commercial mortgage-related securities | ||||||||||||||||
FNMA / FHLMC | 19,996 | 1,795 | — | 21,791 | ||||||||||||
GNMA | 1,363,848 | 10,095 | (9,996 | ) | 1,363,948 | |||||||||||
FFELP asset backed securities | 272,871 | 40 | (3,123 | ) | 269,789 | |||||||||||
Other debt securities | 3,000 | — | (7 | ) | 2,993 | |||||||||||
Total investment securities available for sale | $ | 3,414,042 | $ | 37,021 | $ | (14,774 | ) | $ | 3,436,289 | |||||||
Investment securities held to maturity | ||||||||||||||||
U. S. Treasury securities | $ | 999 | $ | 21 | $ | — | $ | 1,019 | ||||||||
Obligations of state and political subdivisions (municipal securities)(a) | 1,346,234 | 73,235 | (733 | ) | 1,418,736 | |||||||||||
Residential mortgage-related securities | ||||||||||||||||
FNMA / FHLMC | 86,140 | 1,467 | (17 | ) | 87,590 | |||||||||||
GNMA | 295,370 | 4,832 | (94 | ) | 300,108 | |||||||||||
GNMA commercial mortgage-related securities | 471,675 | 7,115 | (4,959 | ) | 473,832 | |||||||||||
Total investment securities held to maturity | $ | 2,200,419 | $ | 86,669 | $ | (5,803 | ) | $ | 2,281,285 |
($ 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 | |||||||
Residential mortgage-related securities | ||||||||||||||||
FNMA / FHLMC | 296,296 | 2,466 | (3,510 | ) | 295,252 | |||||||||||
GNMA | 2,169,943 | 473 | (41,885 | ) | 2,128,531 | |||||||||||
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 | |||||||||||
Other debt securities | 3,000 | — | — | 3,000 | ||||||||||||
Total investment securities available for sale | $ | 4,041,902 | $ | 3,649 | $ | (98,610 | ) | $ | 3,946,941 | |||||||
Investment securities held to maturity | ||||||||||||||||
Obligations of state and political subdivisions (municipal securities) | $ | 1,790,683 | $ | 8,255 | $ | (15,279 | ) | $ | 1,783,659 | |||||||
Residential mortgage-related securities | ||||||||||||||||
FNMA / FHLMC | 92,788 | 169 | (1,795 | ) | 91,162 | |||||||||||
GNMA | 351,606 | 1,611 | (8,181 | ) | 345,035 | |||||||||||
GNMA commercial mortgage-related securities | 505,434 | 7,559 | (22,579 | ) | 490,414 | |||||||||||
Total investment securities held to maturity | $ | 2,740,511 | $ | 17,593 | $ | (47,835 | ) | $ | 2,710,271 |
($ 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) | $ | 529,908 | $ | 16,269 | $ | (18) | $ | 546,160 | ||||||
Residential mortgage-related securities | ||||||||||||||
FNMA / FHLMC | 131,158 | 1,562 | (59) | 132,660 | ||||||||||
GNMA | 982,941 | 3,887 | (1,689) | 985,139 | ||||||||||
Commercial mortgage-related securities | ||||||||||||||
FNMA / FHLMC | 19,929 | 1,799 | — | 21,728 | ||||||||||
GNMA | 1,314,836 | 7,403 | (12,032) | 1,310,207 | ||||||||||
FFELP asset backed securities | 270,178 | — | (6,485) | 263,693 | ||||||||||
Other debt securities | 3,000 | — | — | 3,000 | ||||||||||
Total investment securities available for sale | $ | 3,251,950 | $ | 30,920 | $ | (20,284) | $ | 3,262,586 | ||||||
Investment securities held to maturity | ||||||||||||||
U. S. Treasury securities | $ | 999 | $ | 19 | $ | — | $ | 1,018 | ||||||
Obligations of state and political subdivisions (municipal securities) | 1,418,569 | 69,775 | (1,118) | 1,487,227 | ||||||||||
Residential mortgage-related securities | ||||||||||||||
FNMA / FHLMC | 81,676 | 1,759 | (15) | 83,420 | ||||||||||
GNMA | 269,523 | 1,882 | (1,108) | 270,296 | ||||||||||
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 |
Available for Sale | Held to Maturity | |||||||||||||||||||
($ in Thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||
Due in one year or less | $ | 10,731 | $ | 10,738 | $ | 32,555 | $ | 32,703 | ||||||||||||
Due after one year through five years | 30,829 | 31,242 | 77,586 | 78,683 | ||||||||||||||||
Due after five years through ten years | 324,501 | 334,499 | 153,519 | 158,843 | ||||||||||||||||
Due after ten years | 129,134 | 135,157 | 1,163,883 | 1,239,262 | ||||||||||||||||
Total debt securities | 495,195 | 511,636 | 1,427,542 | 1,509,492 | ||||||||||||||||
U.S. government SBA agency securities | 10,241 | 10,238 | — | — | ||||||||||||||||
Residential mortgage-related securities | ||||||||||||||||||||
FNMA / FHLMC | 103,576 | 104,485 | 78,125 | 81,610 | ||||||||||||||||
GNMA | 799,983 | 823,787 | 245,675 | 253,799 | ||||||||||||||||
Commercial mortgage-related securities | ||||||||||||||||||||
FNMA / FHLMC | 19,861 | 22,773 | — | — | ||||||||||||||||
GNMA | 1,108,336 | 1,114,443 | 398,092 | 402,653 | ||||||||||||||||
FFELP asset backed securities | 360,658 | 341,424 | — | — | ||||||||||||||||
Total investment securities | $ | 2,897,851 | $ | 2,928,787 | $ | 2,149,434 | $ | 2,247,553 | ||||||||||||
Ratio of fair value to amortized cost | 101.1 | % | 104.6 | % |
Available for Sale | Held to Maturity | ||||||||||||||
($ in Thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||
Due in one year or less | $ | 3,045 | $ | 3,049 | $ | 29,063 | $ | 29,208 | |||||||
Due after one year through five years | 24,894 | 25,227 | 91,045 | 92,075 | |||||||||||
Due after five years through ten years | 295,533 | 304,383 | 128,365 | 132,716 | |||||||||||
Due after ten years | 215,505 | 223,752 | 1,098,760 | 1,165,757 | |||||||||||
Total debt securities | 538,977 | 556,411 | 1,347,233 | 1,419,755 | |||||||||||
Residential mortgage-related securities | |||||||||||||||
FNMA / FHLMC | 141,678 | 143,009 | 86,140 | 87,590 | |||||||||||
GNMA | 1,075,922 | 1,080,584 | 295,370 | 300,108 | |||||||||||
Private-label | 749 | 758 | — | — | |||||||||||
Commercial mortgage-related securities | |||||||||||||||
FNMA / FHLMC | 19,996 | 21,791 | — | — | |||||||||||
GNMA | 1,363,848 | 1,363,948 | 471,675 | 473,832 | |||||||||||
FFELP asset backed securities | 272,871 | 269,789 | — | — | |||||||||||
Total investment securities | $ | 3,414,042 | $ | 3,436,289 | $ | 2,200,419 | $ | 2,281,285 | |||||||
Ratio of fair value to amortized cost | 100.7 | % | 103.7 | % |
($ in Thousands) | AAA | AA | A | Total | |||||||||||||||||||
U. S. Treasury securities | $ | 999 | $ | — | $ | — | $ | 999 | |||||||||||||||
Obligations of state and political subdivisions (municipal securities) | 543,620 | 862,040 | 20,883 | 1,426,543 | |||||||||||||||||||
Residential mortgage-related securities | |||||||||||||||||||||||
FNMA/FHLMC | 78,125 | — | — | �� | 78,125 | ||||||||||||||||||
GNMA | 245,675 | — | — | 245,675 | |||||||||||||||||||
GNMA commercial mortgage-related securities | 398,092 | — | — | 398,092 | |||||||||||||||||||
Total held to maturity securities | $ | 1,266,510 | $ | 862,040 | $ | 20,883 | $ | 2,149,434 |
Nine Months Ended September 30, | |||||||
($ in Thousands) | 2019 | 2018 | |||||
Gross gains on available for sale securities | $ | 6,347 | $ | 1,954 | |||
Gross gains on held to maturity securities | — | — | |||||
Total gains | 6,347 | 1,954 | |||||
Gross (losses) on available for sale securities | (13,861 | ) | (3,938 | ) | |||
Gross (losses) on held to maturity securities | — | — | |||||
Total (losses) | (13,861 | ) | (3,938 | ) | |||
Write-up of equity securities without readily determinable fair values | 13,444 | — | |||||
Investment securities gains (losses), net | $ | 5,931 | $ | (1,985 | ) | ||
Proceeds from sales of investment securities | $ | 1,367,450 | $ | 601,130 |
Three Months Ended March 31, | |||||||||||
($ in Thousands) | 2020 | 2019 | |||||||||
Gross gains on available for sale securities | $ | 6,198 | $ | 1,680 | |||||||
Gross gains on held to maturity securities | — | — | |||||||||
Total gains | 6,198 | 1,680 | |||||||||
Gross (losses) on available for sale securities | (80) | — | |||||||||
Gross (losses) on held to maturity securities | — | — | |||||||||
Total (losses) | (80) | — | |||||||||
Investment securities gains (losses), net | $ | 6,118 | $ | 1,680 | |||||||
Proceeds from sales of investment securities | $ | 365,239 | $ | 131,122 |
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||
($ 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 | |||||||||||||||||||||||||||||
Obligations of state and political subdivisions (municipal securities) | 1 | $ | — | $ | 348 | — | $ | — | $ | — | $ | — | $ | 348 | |||||||||||||||
Residential mortgage-related securities | |||||||||||||||||||||||||||||
FNMA / FHLMC | 6 | (38 | ) | 21,554 | 10 | (289 | ) | 65,798 | (326 | ) | 87,352 | ||||||||||||||||||
GNMA | 4 | (440 | ) | 67,563 | 3 | (881 | ) | 86,930 | (1,322 | ) | 154,493 | ||||||||||||||||||
GNMA commercial mortgage-related securities | 15 | (420 | ) | 179,281 | 44 | (9,576 | ) | 653,148 | (9,996 | ) | 832,429 | ||||||||||||||||||
FFELP asset backed securities | 18 | (2,853 | ) | 241,852 | 2 | (270 | ) | 13,213 | (3,123 | ) | 255,065 | ||||||||||||||||||
Other debt securities | 3 | (7 | ) | 2,993 | — | — | — | (7 | ) | 2,993 | |||||||||||||||||||
Total | 47 | $ | (3,758 | ) | $ | 513,592 | 59 | $ | (11,016 | ) | $ | 819,089 | $ | (14,774 | ) | $ | 1,332,681 | ||||||||||||
Investment securities held to maturity | |||||||||||||||||||||||||||||
Obligations of state and political subdivisions (municipal securities) | 25 | $ | (705 | ) | $ | 34,087 | 10 | $ | (28 | ) | $ | 3,846 | $ | (733 | ) | $ | 37,934 | ||||||||||||
Residential mortgage-related securities | |||||||||||||||||||||||||||||
FNMA / FHLMC | 3 | (8 | ) | 3,674 | 1 | (9 | ) | 840 | (17 | ) | 4,514 | ||||||||||||||||||
GNMA | 1 | (25 | ) | 6,490 | 8 | (69 | ) | 6,938 | (94 | ) | 13,429 | ||||||||||||||||||
GNMA commercial mortgage-related securities | 2 | (56 | ) | 29,467 | 21 | (4,903 | ) | 390,602 | (4,959 | ) | 420,069 | ||||||||||||||||||
Total | 31 | $ | (794 | ) | $ | 73,718 | 40 | $ | (5,009 | ) | $ | 402,227 | $ | (5,803 | ) | $ | 475,945 |
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||||||
($ 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. government SBA agency securities | 7 | $ | (5) | $ | 4,958 | — | $ | — | $ | — | $ | (5) | $ | 4,958 | |||||||||||||||||||||||||||
Obligations of state and political subdivisions (municipal securities) | 5 | (1) | 1,313 | — | — | — | (1) | 1,313 | |||||||||||||||||||||||||||||||||
GNMA commercial mortgage-related securities | 22 | (1,111) | 259,273 | 8 | (2,944) | 138,611 | (4,055) | 397,883 | |||||||||||||||||||||||||||||||||
FFELP asset backed securities | 16 | (10,971) | 222,197 | 10 | (8,262) | 119,228 | (19,234) | 341,424 | |||||||||||||||||||||||||||||||||
Other debt securities | 2 | — | 2,000 | — | — | — | — | 2,000 | |||||||||||||||||||||||||||||||||
Total | 52 | $ | (12,089) | $ | 489,740 | 18 | $ | (11,206) | $ | 257,838 | $ | (23,295) | $ | 747,578 | |||||||||||||||||||||||||||
Investment securities held to maturity | |||||||||||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions (municipal securities) | 22 | $ | (470) | $ | 28,779 | 3 | $ | (5) | $ | 542 | $ | (475) | $ | 29,321 | |||||||||||||||||||||||||||
Residential mortgage-related securities | |||||||||||||||||||||||||||||||||||||||||
FNMA / FHLMC | 1 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
GNMA commercial mortgage-related securities | 8 | (332) | 126,170 | 7 | (1,607) | 126,624 | (1,939) | 252,794 | |||||||||||||||||||||||||||||||||
Total | 31 | $ | (802) | $ | 154,950 | 10 | $ | (1,612) | $ | 127,166 | $ | (2,414) | $ | 282,116 |
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||
($ 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 | |||||||||||||
Residential mortgage-related securities | |||||||||||||||||||||||||||||
FNMA / FHLMC | 15 | (31 | ) | 17,993 | 17 | (3,479 | ) | 189,405 | (3,510 | ) | 207,398 | ||||||||||||||||||
GNMA | 12 | (4,529 | ) | 452,183 | 79 | (37,355 | ) | 1,598,159 | (41,885 | ) | 2,050,342 | ||||||||||||||||||
Private-label | 1 | (4 | ) | 1,003 | — | — | — | (4 | ) | 1,003 | |||||||||||||||||||
GNMA commercial mortgage-related securities | — | — | — | 93 | (52,512 | ) | 1,220,854 | (52,512 | ) | 1,220,854 | |||||||||||||||||||
FFELP asset backed securities | 13 | (698 | ) | 142,432 | — | — | — | (698 | ) | 142,432 | |||||||||||||||||||
Total | 41 | $ | (5,262 | ) | $ | 613,612 | 190 | $ | (93,347 | ) | $ | 3,009,417 | $ | (98,610 | ) | $ | 3,623,028 | ||||||||||||
Investment securities held to maturity | |||||||||||||||||||||||||||||
Obligations of state and political subdivisions (municipal securities) | 272 | $ | (2,860 | ) | $ | 313,212 | 752 | $ | (12,419 | ) | $ | 509,374 | $ | (15,279 | ) | $ | 822,586 | ||||||||||||
Residential mortgage-related securities | |||||||||||||||||||||||||||||
FNMA / FHLMC | 13 | (780 | ) | 57,896 | 22 | (1,015 | ) | 28,888 | (1,795 | ) | 86,784 | ||||||||||||||||||
GNMA | 13 | (414 | ) | 19,822 | 66 | (7,767 | ) | 320,387 | (8,181 | ) | 340,209 | ||||||||||||||||||
GNMA commercial mortgage-related securities | — | — | — | 25 | (22,579 | ) | 490,414 | (22,579 | ) | 490,414 | |||||||||||||||||||
Total | 298 | $ | (4,053 | ) | $ | 390,929 | 865 | $ | (43,780 | ) | $ | 1,349,063 | $ | (47,835 | ) | $ | 1,739,992 |
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||||||
($ 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 | |||||||||||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions (municipal securities) | 4 | $ | (18) | $ | 1,225 | — | $ | — | $ | — | $ | (18) | $ | 1,225 | |||||||||||||||||||||||||||
Residential mortgage-related securities | |||||||||||||||||||||||||||||||||||||||||
FNMA / FHLMC | — | — | — | 4 | (59) | 34,807 | (59) | 34,807 | |||||||||||||||||||||||||||||||||
GNMA | 18 | (924) | 322,394 | 3 | (766) | 79,461 | (1,689) | 401,856 | |||||||||||||||||||||||||||||||||
GNMA commercial mortgage-related securities | 22 | (810) | 258,218 | 42 | (11,222) | 621,307 | (12,032) | 879,524 | |||||||||||||||||||||||||||||||||
FFELP asset backed securities | 19 | (6,092) | 250,780 | 2 | (393) | 12,913 | (6,485) | 263,693 | |||||||||||||||||||||||||||||||||
Other debt securities | 2 | — | 2,000 | — | — | — | — | 2,000 | |||||||||||||||||||||||||||||||||
Total | 65 | $ | (7,843) | $ | 834,616 | 51 | $ | (12,440) | $ | 748,487 | $ | (20,284) | $ | 1,583,104 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Total | 67 | $ | (2,199) | $ | 292,267 | 36 | $ | (6,164) | $ | 367,532 | $ | (8,363) | $ | 659,799 |
($ in Thousands) | September 30, 2019 | December 31, 2018 | |||||
Commercial and industrial | $ | 7,495,623 | $ | 7,398,044 | |||
Commercial real estate — owner occupied | 915,524 | 920,443 | |||||
Commercial and business lending | 8,411,147 | 8,318,487 | |||||
Commercial real estate — investor | 3,803,277 | 3,751,554 | |||||
Real estate construction | 1,356,508 | 1,335,031 | |||||
Commercial real estate lending | 5,159,784 | 5,086,585 | |||||
Total commercial | 13,570,932 | 13,405,072 | |||||
Residential mortgage | 7,954,801 | 8,277,712 | |||||
Home equity | 879,642 | 894,473 | |||||
Other consumer | 349,335 | 363,171 | |||||
Total consumer | 9,183,778 | 9,535,357 | |||||
Total loans(a)(b) | $ | 22,754,710 | $ | 22,940,429 |
($ in Thousands) | March 31, 2020 | December 31, 2019 | |||||||||
Commercial and industrial | $ | 8,517,974 | $ | 7,354,594 | |||||||
Commercial real estate — owner occupied | 940,687 | 911,265 | |||||||||
Commercial and business lending | 9,458,661 | 8,265,858 | |||||||||
Commercial real estate — investor | 4,038,036 | 3,794,517 | |||||||||
Real estate construction | 1,544,858 | 1,420,900 | |||||||||
Commercial real estate lending | 5,582,894 | 5,215,417 | |||||||||
Total commercial | 15,041,555 | 13,481,275 | |||||||||
Residential mortgage | 8,132,417 | 8,136,980 | |||||||||
Home equity | 844,901 | 852,025 | |||||||||
Other consumer | 346,761 | 351,159 | |||||||||
Total consumer | 9,324,079 | 9,340,164 | |||||||||
Total loans(a) | $ | 24,365,633 | $ | 22,821,440 |
Term Loans Amortized Cost Basis by Origination Year(a) | |||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | Rev Loans Converted to Term(a) | Rev Loans Amortized Cost Basis | YTD 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Total | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial: | |||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 777 | $ | 2,027,795 | $ | 665,843 | $ | 1,943,817 | $ | 1,770,838 | $ | 846,057 | $ | 392,996 | $ | 598,104 | $ | 8,245,450 | |||||||||||||||||||||||||||||
Special Mention | — | 26,674 | 5,570 | 17,726 | 5,255 | 1,260 | 7,287 | 151 | 63,922 | ||||||||||||||||||||||||||||||||||||||
Potential Problem(b) | 685 | 60,784 | 134 | 2,430 | 21,030 | 53,915 | 9,053 | 2,401 | 149,747 | ||||||||||||||||||||||||||||||||||||||
Nonaccrual(c) | — | — | 231 | 7,200 | 550 | 16,171 | 17,532 | 17,171 | 58,854 | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 1,462 | $ | 2,115,253 | $ | 671,779 | $ | 1,971,173 | $ | 1,797,672 | $ | 917,402 | $ | 426,869 | $ | 617,827 | $ | 8,517,974 | |||||||||||||||||||||||||||||
Commercial real estate - owner occupied: | |||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | 45,423 | $ | 33,107 | $ | 220,821 | $ | 141,652 | $ | 133,631 | $ | 160,435 | $ | 150,188 | $ | 885,257 | |||||||||||||||||||||||||||||
Special Mention | — | 86 | — | 16,438 | 15,143 | 139 | 662 | 5,321 | 37,789 | ||||||||||||||||||||||||||||||||||||||
Potential Problem | — | 230 | 100 | 780 | 1,173 | 1,463 | 9,930 | 2,126 | 15,802 | ||||||||||||||||||||||||||||||||||||||
Nonaccrual | — | — | — | — | 88 | 343 | — | 1,407 | 1,838 | ||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | $ | — | $ | 45,739 | $ | 33,207 | $ | 238,039 | $ | 158,056 | $ | 135,576 | $ | 171,026 | $ | 159,043 | $ | 940,687 | |||||||||||||||||||||||||||||
Commercial and business lending: | |||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 777 | $ | 2,073,218 | $ | 698,951 | $ | 2,164,638 | $ | 1,912,490 | $ | 979,688 | $ | 553,431 | $ | 748,292 | $ | 9,130,708 | |||||||||||||||||||||||||||||
Special Mention | — | 26,760 | 5,570 | 34,163 | 20,398 | 1,399 | 7,949 | 5,472 | 101,711 | ||||||||||||||||||||||||||||||||||||||
Potential Problem(b) | 685 | 61,014 | 234 | 3,211 | 22,204 | 55,378 | 18,983 | 4,527 | 165,550 | ||||||||||||||||||||||||||||||||||||||
Nonaccrual(c) | — | — | 231 | 7,200 | 637 | 16,514 | 17,532 | 18,578 | 60,692 | ||||||||||||||||||||||||||||||||||||||
Commercial and business lending | $ | 1,462 | $ | 2,160,992 | $ | 704,986 | $ | 2,209,212 | $ | 1,955,729 | $ | 1,052,978 | $ | 597,895 | $ | 776,869 | $ | 9,458,661 | |||||||||||||||||||||||||||||
Commercial real estate - investor: | |||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | 206,640 | $ | 499,631 | $ | 1,253,538 | $ | 820,547 | $ | 348,738 | $ | 405,718 | $ | 344,191 | $ | 3,879,003 | |||||||||||||||||||||||||||||
Special Mention | — | — | — | 33,440 | 15,128 | 15,239 | 31,581 | 1,525 | 96,913 | ||||||||||||||||||||||||||||||||||||||
Potential Problem | — | 1,157 | 20 | 30,714 | 3,329 | 283 | 12,792 | 12,734 | 61,030 | ||||||||||||||||||||||||||||||||||||||
Nonaccrual | — | 446 | 570 | — | — | — | — | 75 | 1,091 | ||||||||||||||||||||||||||||||||||||||
Commercial real estate - investor | $ | — | $ | 208,244 | $ | 500,221 | $ | 1,317,691 | $ | 839,004 | $ | 364,261 | $ | 450,091 | $ | 358,524 | $ | 4,038,036 | |||||||||||||||||||||||||||||
Real estate construction: | |||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | 80,118 | $ | 121,768 | $ | 708,726 | $ | 438,100 | $ | 146,967 | $ | 3,331 | $ | 25,389 | $ | 1,524,400 | |||||||||||||||||||||||||||||
Special Mention | — | — | — | — | 18,203 | — | — | 16 | 18,219 | ||||||||||||||||||||||||||||||||||||||
Potential Problem | — | — | — | 148 | — | 1,557 | — | 48 | 1,753 | ||||||||||||||||||||||||||||||||||||||
Nonaccrual | — | — | — | — | — | — | — | 486 | 486 | ||||||||||||||||||||||||||||||||||||||
Real estate construction | $ | — | $ | 80,118 | $ | 121,768 | $ | 708,875 | $ | 456,303 | $ | 148,523 | $ | 3,331 | $ | 25,939 | $ | 1,544,858 | |||||||||||||||||||||||||||||
Commercial real estate lending: | |||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | 286,759 | $ | 621,399 | $ | 1,962,264 | $ | 1,258,647 | $ | 495,705 | $ | 409,049 | $ | 369,580 | $ | 5,403,403 | |||||||||||||||||||||||||||||
Special Mention | — | — | — | 33,440 | 33,331 | 15,239 | 31,581 | 1,540 | 115,132 | ||||||||||||||||||||||||||||||||||||||
Potential Problem | — | 1,157 | 20 | 30,862 | 3,329 | 1,840 | 12,792 | 12,782 | 62,783 | ||||||||||||||||||||||||||||||||||||||
Nonaccrual | — | 446 | 570 | — | — | — | — | 560 | 1,577 | ||||||||||||||||||||||||||||||||||||||
Commercial real estate lending | $ | — | $ | 288,362 | $ | 621,990 | $ | 2,026,565 | $ | 1,295,307 | $ | 512,784 | $ | 453,422 | $ | 384,463 | $ | 5,582,894 | |||||||||||||||||||||||||||||
Total commercial: | |||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 777 | $ | 2,359,976 | $ | 1,320,350 | $ | 4,126,902 | $ | 3,171,136 | $ | 1,475,393 | $ | 962,480 | $ | 1,117,872 | $ | 14,534,111 | |||||||||||||||||||||||||||||
Special Mention | — | 26,760 | 5,570 | 67,603 | 53,729 | 16,638 | 39,530 | 7,013 | 216,843 | ||||||||||||||||||||||||||||||||||||||
Potential Problem | 685 | 62,171 | 255 | 34,073 | 25,532 | 57,217 | 31,775 | 17,309 | 228,333 | ||||||||||||||||||||||||||||||||||||||
Nonaccrual | — | 446 | 801 | 7,200 | 637 | 16,514 | 17,532 | 19,138 | 62,269 | ||||||||||||||||||||||||||||||||||||||
Total commercial | $ | 1,462 | $ | 2,449,354 | $ | 1,326,976 | $ | 4,235,777 | $ | 3,251,035 | $ | 1,565,762 | $ | 1,051,317 | $ | 1,161,333 | $ | 15,041,555 |
($ in Thousands) | Pass | Special Mention | Potential Problem | Nonaccrual | Total | ||||||||||||||
Commercial and industrial | $ | 7,293,226 | $ | 86,434 | $ | 59,427 | $ | 56,536 | $ | 7,495,623 | |||||||||
Commercial real estate - owner occupied | 866,287 | 26,546 | 22,624 | 68 | 915,524 | ||||||||||||||
Commercial and business lending | 8,159,513 | 112,980 | 82,051 | 56,604 | 8,411,147 | ||||||||||||||
Commercial real estate - investor | 3,634,780 | 114,343 | 49,353 | 4,800 | 3,803,277 | ||||||||||||||
Real estate construction | 1,332,930 | 22,492 | 544 | 542 | 1,356,508 | ||||||||||||||
Commercial real estate lending | 4,967,710 | 136,835 | 49,897 | 5,342 | 5,159,784 | ||||||||||||||
Total commercial | 13,127,223 | 249,815 | 131,948 | 61,946 | 13,570,932 | ||||||||||||||
Residential mortgage | 7,896,073 | 430 | 1,242 | 57,056 | 7,954,801 | ||||||||||||||
Home equity | 868,854 | 961 | — | 9,828 | 879,642 | ||||||||||||||
Other consumer | 348,498 | 728 | — | 109 | 349,335 | ||||||||||||||
Total consumer | 9,113,424 | 2,119 | 1,242 | 66,993 | 9,183,778 | ||||||||||||||
Total loans(a) | $ | 22,240,647 | $ | 251,934 | $ | 133,189 | $ | 128,939 | $ | 22,754,710 |
Term Loans Amortized Cost Basis by Origination Year(a) | |||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | Rev Loans Converted to Term(a) | Rev Loans Amortized Cost Basis | YTD 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Total | ||||||||||||||||||||||||||||||||||||||
Residential mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | 92 | $ | 352,107 | $ | 1,815,240 | $ | 874,080 | $ | 1,474,788 | $ | 1,321,163 | $ | 2,226,104 | $ | 8,063,574 | |||||||||||||||||||||||||||||
Special Mention | — | — | — | — | 37 | 22 | 36 | 572 | 667 | ||||||||||||||||||||||||||||||||||||||
Potential Problem | — | — | — | 587 | 36 | 992 | 432 | 1,274 | 3,322 | ||||||||||||||||||||||||||||||||||||||
Nonaccrual | — | — | 619 | 3,802 | 5,422 | 8,949 | 12,678 | 33,385 | 64,855 | ||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | — | $ | 92 | $ | 352,726 | $ | 1,819,630 | $ | 879,575 | $ | 1,484,752 | $ | 1,334,308 | $ | 2,261,335 | $ | 8,132,417 | |||||||||||||||||||||||||||||
Home equity: | |||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 6,286 | $ | 738,938 | $ | 223 | $ | 1,626 | $ | 1,869 | $ | 2,374 | $ | 2,748 | $ | 83,567 | $ | 831,344 | |||||||||||||||||||||||||||||
Special Mention | 102 | 1,262 | 65 | 39 | 91 | 50 | 97 | 338 | 1,942 | ||||||||||||||||||||||||||||||||||||||
Potential Problem | — | 2,045 | — | — | 46 | — | — | 146 | 2,238 | ||||||||||||||||||||||||||||||||||||||
Nonaccrual | 221 | 916 | 128 | 224 | 284 | 383 | 180 | 7,263 | 9,378 | ||||||||||||||||||||||||||||||||||||||
Home equity | $ | 6,609 | $ | 743,161 | $ | 417 | $ | 1,888 | $ | 2,290 | $ | 2,807 | $ | 3,025 | $ | 91,314 | $ | 844,901 | |||||||||||||||||||||||||||||
Other consumer: | |||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 62 | $ | 184,495 | $ | 2,874 | $ | 16,037 | $ | 6,843 | $ | 3,213 | $ | 2,369 | $ | 130,073 | $ | 345,904 | |||||||||||||||||||||||||||||
Special Mention | 4 | 559 | — | 1 | — | — | 78 | 4 | 642 | ||||||||||||||||||||||||||||||||||||||
Potential Problem | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Nonaccrual | 8 | 119 | — | 34 | — | 10 | — | 52 | 215 | ||||||||||||||||||||||||||||||||||||||
Other consumer | $ | 75 | $ | 185,173 | $ | 2,874 | $ | 16,072 | $ | 6,843 | $ | 3,223 | $ | 2,447 | $ | 130,129 | $ | 346,761 | |||||||||||||||||||||||||||||
Total consumer: | |||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 6,348 | $ | 923,525 | $ | 355,204 | $ | 1,832,904 | $ | 882,791 | $ | 1,480,375 | $ | 1,326,279 | $ | 2,439,744 | $ | 9,240,821 | |||||||||||||||||||||||||||||
Special Mention | 106 | 1,821 | 65 | 40 | 128 | 71 | 212 | 914 | 3,251 | ||||||||||||||||||||||||||||||||||||||
Potential Problem | — | 2,045 | — | 587 | 83 | 992 | 432 | 1,420 | 5,559 | ||||||||||||||||||||||||||||||||||||||
Nonaccrual | 229 | 1,036 | 748 | 4,060 | 5,706 | 9,342 | 12,857 | 40,700 | 74,448 | ||||||||||||||||||||||||||||||||||||||
Total consumer | $ | 6,683 | $ | 928,426 | $ | 356,017 | $ | 1,837,590 | $ | 888,708 | $ | 1,490,781 | $ | 1,339,780 | $ | 2,482,777 | $ | 9,324,079 | |||||||||||||||||||||||||||||
Total loans: | |||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 7,125 | $ | 3,283,501 | $ | 1,675,554 | $ | 5,959,806 | $ | 4,053,928 | $ | 2,955,768 | $ | 2,288,760 | $ | 3,557,616 | $ | 23,774,932 | |||||||||||||||||||||||||||||
Special Mention | 106 | 28,581 | 5,635 | 67,642 | 53,857 | 16,710 | 39,741 | 7,927 | 220,093 | ||||||||||||||||||||||||||||||||||||||
Potential Problem | 685 | 64,216 | 255 | 34,660 | 25,615 | 58,210 | 32,207 | 18,729 | 233,892 | ||||||||||||||||||||||||||||||||||||||
Nonaccrual | 229 | 1,482 | 1,549 | 11,260 | 6,343 | 25,856 | 30,390 | 59,838 | 136,717 | ||||||||||||||||||||||||||||||||||||||
Total loans | $ | 8,145 | $ | 3,377,780 | $ | 1,682,992 | $ | 6,073,368 | $ | 4,139,743 | $ | 3,056,543 | $ | 2,391,098 | $ | 3,644,110 | $ | 24,365,633 |
($ in Thousands) | Pass | Special Mention | Potential Problem | Nonaccrual | Total | ||||||||||||||
Commercial and industrial | $ | 7,162,370 | $ | 78,075 | $ | 116,578 | $ | 41,021 | $ | 7,398,044 | |||||||||
Commercial real estate - owner occupied | 854,265 | 6,257 | 55,964 | 3,957 | 920,443 | ||||||||||||||
Commercial and business lending | 8,016,635 | 84,332 | 172,542 | 44,978 | 8,318,487 | ||||||||||||||
Commercial real estate - investor | 3,653,642 | 28,479 | 67,481 | 1,952 | 3,751,554 | ||||||||||||||
Real estate construction | 1,321,447 | 8,771 | 3,834 | 979 | 1,335,031 | ||||||||||||||
Commercial real estate lending | 4,975,089 | 37,249 | 71,315 | 2,931 | 5,086,585 | ||||||||||||||
Total commercial | 12,991,724 | 121,582 | 243,856 | 47,909 | 13,405,072 | ||||||||||||||
Residential mortgage | 8,203,729 | 434 | 5,975 | 67,574 | 8,277,712 | ||||||||||||||
Home equity | 880,808 | 1,223 | 103 | 12,339 | 894,473 | ||||||||||||||
Other consumer | 362,343 | 749 | — | 79 | 363,171 | ||||||||||||||
Total consumer | 9,446,881 | 2,406 | 6,078 | 79,992 | 9,535,357 | ||||||||||||||
Total loans | $ | 22,438,605 | $ | 123,988 | $ | 249,935 | $ | 127,901 | $ | 22,940,429 |
($ 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 | $ | 22,294,939 | $ | 247,022 | $ | 161,097 | $ | 118,380 | $ | 22,821,440 |
Accruing | |||||||||||||||||||||||
($ in Thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Nonaccrual(a) | Total | |||||||||||||||||
Commercial and industrial | $ | 7,438,395 | $ | 220 | $ | 206 | $ | 266 | $ | 56,536 | $ | 7,495,623 | |||||||||||
Commercial real estate - owner occupied | 912,810 | 2,646 | — | — | 68 | 915,524 | |||||||||||||||||
Commercial and business lending | 8,351,205 | 2,867 | 206 | 266 | 56,604 | 8,411,147 | |||||||||||||||||
Commercial real estate - investor | 3,797,840 | — | 636 | — | 4,800 | 3,803,277 | |||||||||||||||||
Real estate construction | 1,355,371 | 571 | 24 | — | 542 | 1,356,508 | |||||||||||||||||
Commercial real estate lending | 5,153,211 | 571 | 661 | — | 5,342 | 5,159,784 | |||||||||||||||||
Total commercial | 13,504,416 | 3,438 | 866 | 266 | 61,946 | 13,570,932 | |||||||||||||||||
Residential mortgage | 7,889,681 | 7,866 | 197 | — | 57,056 | 7,954,801 | |||||||||||||||||
Home equity | 865,017 | 3,837 | 961 | — | 9,828 | 879,642 | |||||||||||||||||
Other consumer | 345,303 | 1,321 | 881 | 1,720 | 109 | 349,335 | |||||||||||||||||
Total consumer | 9,100,001 | 13,025 | 2,038 | 1,720 | 66,993 | 9,183,778 | |||||||||||||||||
Total loans(b) | $ | 22,604,417 | $ | 16,462 | $ | 2,905 | $ | 1,986 | $ | 128,939 | $ | 22,754,710 |
Accruing | |||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Nonaccrual(a)(b) | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 8,457,708 | $ | 508 | $ | 468 | $ | 436 | $ | 58,854 | $ | 8,517,974 | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | 938,798 | 51 | — | — | 1,838 | 940,687 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and business lending | 9,396,506 | 558 | 468 | 436 | 60,692 | 9,458,661 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - investor | 4,022,482 | 14,462 | — | — | 1,091 | 4,038,036 | |||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | 1,544,194 | 179 | — | — | 486 | 1,544,858 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate lending | 5,566,676 | 14,641 | — | — | 1,577 | 5,582,894 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | 14,963,182 | 15,200 | 468 | 436 | 62,269 | 15,041,555 | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 8,057,461 | 9,492 | 610 | — | 64,855 | 8,132,417 | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity | 828,523 | 6,012 | 988 | — | 9,378 | 844,901 | |||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | 342,950 | 1,028 | 749 | 1,819 | 215 | 346,761 | |||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | 9,228,933 | 16,531 | 2,348 | 1,819 | 74,448 | 9,324,079 | |||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 24,192,115 | $ | 31,731 | $ | 2,816 | $ | 2,255 | $ | 136,717 | $ | 24,365,633 |
Accruing | |||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Nonaccrual(a) | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 7,307,118 | $ | 576 | $ | 245 | $ | 342 | $ | 46,312 | $ | 7,354,594 | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | 909,828 | 1,369 | — | — | 67 | 911,265 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and business lending | 8,216,947 | 1,945 | 245 | 342 | 46,380 | 8,265,858 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - investor | 3,788,296 | 1,812 | — | — | 4,409 | 3,794,517 | |||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | 1,420,310 | 64 | 33 | — | 493 | 1,420,900 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate lending | 5,208,606 | 1,876 | 33 | — | 4,902 | 5,215,417 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | 13,425,552 | 3,821 | 278 | 342 | 51,282 | 13,481,275 | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 8,069,863 | 8,749 | 525 | — | 57,844 | 8,136,980 | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity | 837,274 | 4,483 | 1,164 | — | 9,104 | 852,025 | |||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | 347,007 | 1,135 | 949 | 1,917 | 152 | 351,159 | |||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | 9,254,144 | 14,366 | 2,638 | 1,917 | 67,099 | 9,340,164 | |||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 22,679,696 | $ | 18,188 | $ | 2,916 | $ | 2,259 | $ | 118,380 | $ | 22,821,440 |
Accruing | |||||||||||||||||||||||
($ in Thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | 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) | 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 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 48,597 | $ | 59,132 | $ | 17,791 | $ | 45,439 | $ | 1,003 | Commercial and industrial | $ | 47,249 | $ | 63,346 | $ | 12,010 | $ | 45,290 | $ | 1,832 | |||||||||||||||||||||||||||
Commercial real estate — owner occupied | 1,912 | 1,919 | 19 | 1,988 | 78 | Commercial real estate — owner occupied | 1,676 | 1,682 | 19 | 1,774 | 88 | |||||||||||||||||||||||||||||||||||||
Commercial and business lending | 50,510 | 61,051 | 17,811 | 47,427 | 1,081 | Commercial and business lending | 48,924 | 65,028 | 12,029 | 47,064 | 1,919 | |||||||||||||||||||||||||||||||||||||
Commercial real estate — investor | 1,400 | 2,575 | 101 | 780 | 21 | Commercial real estate — investor | 928 | 2,104 | 15 | 950 | 15 | |||||||||||||||||||||||||||||||||||||
Real estate construction | 409 | 490 | 56 | 419 | 21 | Real estate construction | 477 | 559 | 67 | 494 | 30 | |||||||||||||||||||||||||||||||||||||
Commercial real estate lending | 1,809 | 3,066 | 157 | 1,199 | 42 | Commercial real estate lending | 1,405 | 2,663 | 82 | 1,445 | 45 | |||||||||||||||||||||||||||||||||||||
Total commercial | 52,319 | 64,116 | 17,968 | 48,626 | 1,123 | Total commercial | 50,329 | 67,691 | 12,111 | 48,509 | 1,965 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 24,621 | 25,783 | 3,824 | 27,173 | 623 | Residential mortgage | 21,450 | 22,625 | 2,740 | 23,721 | 856 | |||||||||||||||||||||||||||||||||||||
Home equity | 3,604 | 4,011 | 1,313 | 6,796 | 136 | Home equity | 3,076 | 3,468 | 1,190 | 3,756 | 191 | |||||||||||||||||||||||||||||||||||||
Other consumer | 1,244 | 1,246 | 187 | 1,246 | 1 | Other consumer | 1,247 | 1,249 | 125 | 1,250 | 1 | |||||||||||||||||||||||||||||||||||||
Total consumer | 29,468 | 31,041 | 5,323 | 35,214 | 760 | Total consumer | 25,773 | 27,342 | 4,055 | 28,726 | 1,047 | |||||||||||||||||||||||||||||||||||||
Total loans with a related allowance | $ | 81,787 | $ | 95,157 | $ | 23,291 | $ | 83,840 | $ | 1,883 | 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 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 21,971 | $ | 59,697 | $ | — | $ | 14,448 | $ | — | Commercial and industrial | $ | 14,787 | $ | 33,438 | $ | — | $ | 20,502 | $ | 63 | |||||||||||||||||||||||||||
Commercial real estate — owner occupied | — | — | — | — | — | Commercial real estate — owner occupied | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Commercial and business lending | 21,971 | 59,697 | — | 14,448 | — | Commercial and business lending | 14,787 | 33,438 | — | 20,502 | 63 | |||||||||||||||||||||||||||||||||||||
Commercial real estate — investor | 3,705 | 3,705 | — | 637 | 159 | Commercial real estate — investor | 3,705 | 3,705 | — | 3,980 | 159 | |||||||||||||||||||||||||||||||||||||
Real estate construction | — | — | — | — | — | Real estate construction | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Commercial real estate lending | 3,705 | 3,705 | — | 637 | 159 | Commercial real estate lending | 3,705 | 3,705 | — | 3,980 | 159 | |||||||||||||||||||||||||||||||||||||
Total commercial | 25,675 | 63,402 | — | 15,086 | 159 | Total commercial | 18,491 | 37,142 | — | 24,482 | 222 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 11,418 | 11,732 | — | 8,732 | 279 | Residential mortgage | 14,104 | 14,461 | — | 10,962 | 373 | |||||||||||||||||||||||||||||||||||||
Home equity | 1,044 | 1,063 | — | 1,017 | 18 | Home equity | 1,346 | 1,383 | — | 1,017 | 21 | |||||||||||||||||||||||||||||||||||||
Other consumer | — | — | — | — | — | Other consumer | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total consumer | 12,462 | 12,795 | — | 9,749 | 297 | Total consumer | 15,450 | 15,845 | — | 11,979 | 394 | |||||||||||||||||||||||||||||||||||||
Total loans with no related allowance | $ | 38,138 | $ | 76,197 | $ | — | $ | 24,835 | $ | 456 | Total loans with no related allowance | $ | 33,941 | $ | 52,987 | $ | — | $ | 36,462 | $ | 616 | |||||||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 70,568 | $ | 118,829 | $ | 17,791 | $ | 59,887 | $ | 1,003 | Commercial and industrial | $ | 62,035 | $ | 96,784 | $ | 12,010 | $ | 65,792 | $ | 1,895 | |||||||||||||||||||||||||||
Commercial real estate — owner occupied | 1,912 | 1,919 | 19 | 1,988 | 78 | Commercial real estate — owner occupied | 1,676 | 1,682 | 19 | 1,774 | 88 | |||||||||||||||||||||||||||||||||||||
Commercial and business lending | 72,480 | 120,748 | 17,811 | 61,875 | 1,081 | Commercial and business lending | 63,711 | 98,466 | 12,029 | 67,566 | 1,982 | |||||||||||||||||||||||||||||||||||||
Commercial real estate — investor | 5,104 | 6,280 | 101 | 1,417 | 180 | Commercial real estate — investor | 4,633 | 5,808 | 15 | 4,931 | 174 | |||||||||||||||||||||||||||||||||||||
Real estate construction | 409 | 490 | 56 | 419 | 21 | Real estate construction | 477 | 559 | 67 | 494 | 30 | |||||||||||||||||||||||||||||||||||||
Commercial real estate lending | 5,514 | 6,770 | 157 | 1,836 | 201 | Commercial real estate lending | 5,110 | 6,367 | 82 | 5,425 | 204 | |||||||||||||||||||||||||||||||||||||
Total commercial | 77,994 | 127,518 | 17,968 | 63,712 | 1,282 | Total commercial | 68,820 | 104,833 | 12,111 | 72,991 | 2,186 | |||||||||||||||||||||||||||||||||||||
Residential mortgage | 36,039 | 37,515 | 3,824 | 35,905 | 902 | Residential mortgage | 35,554 | 37,087 | 2,740 | 34,683 | 1,229 | |||||||||||||||||||||||||||||||||||||
Home equity | 4,648 | 5,075 | 1,313 | 7,812 | 154 | Home equity | 4,422 | 4,851 | 1,190 | 4,773 | 211 | |||||||||||||||||||||||||||||||||||||
Other consumer | 1,244 | 1,246 | 187 | 1,246 | 1 | Other consumer | 1,247 | 1,249 | 125 | 1,250 | 1 | |||||||||||||||||||||||||||||||||||||
Total consumer | 41,931 | 43,836 | 5,323 | 44,964 | 1,056 | Total consumer | 41,223 | 43,187 | 4,055 | 40,706 | 1,441 | |||||||||||||||||||||||||||||||||||||
Total loans(a) | $ | 119,925 | $ | 171,354 | $ | 23,291 | $ | 108,675 | $ | 2,338 | 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 with a related allowance | $ | 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 with no related allowance | $ | 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 |
September 30, 2019 | December 31, 2018 | March 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | 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) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 15,398 | $ | — | $ | 25,478 | $ | 249 | Commercial and industrial | $ | 16,056 | $ | 6,909 | $ | 16,678 | $ | 7,376 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate — owner occupied | 1,912 | — | 2,080 | — | Commercial real estate — owner occupied | 2,091 | — | 1,676 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate — investor | 304 | 461 | 799 | 933 | Commercial real estate — investor | 281 | 570 | 293 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | 227 | 182 | 311 | 198 | Real estate construction | 339 | 176 | 298 | 179 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 3,228 | 14,090 | 16,036 | 22,279 | Residential mortgage | 4,654 | 15,097 | 3,955 | 13,035 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | 2,017 | 1,559 | 7,385 | 2,627 | Home equity | 1,719 | 1,451 | 1,896 | 1,904 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | 1,243 | 1 | 1,174 | 6 | Other consumer | 1,245 | 1 | 1,246 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total restructured loans(b) | $ | 24,329 | $ | 16,293 | $ | 53,263 | $ | 26,292 | Total restructured loans(b) | $ | 26,384 | $ | 24,204 | $ | 26,041 | $ | 22,494 |
Nine Months Ended September 30, 2019 | Nine Months Ended September 30, 2018 | ||||||||||||||||||||
($ in Thousands) | Number of Loans | Recorded Investment(a) | Unpaid Principal Balance(b) | Number of Loans | Recorded Investment(a) | Unpaid Principal Balance(b) | |||||||||||||||
Commercial and industrial | 1 | $ | 185 | $ | 185 | 6 | $ | 1,954 | $ | 1,995 | |||||||||||
Commercial real estate — investor | — | — | — | 1 | 958 | 1,022 | |||||||||||||||
Residential mortgage | 47 | 6,785 | 6,863 | 29 | 5,655 | 5,733 | |||||||||||||||
Home equity | 18 | 520 | 520 | 32 | 1,552 | 1,582 | |||||||||||||||
Other consumer | 1 | 9 | 9 | 3 | 19 | 21 | |||||||||||||||
Total loans modified | 67 | $ | 7,500 | $ | 7,577 | 71 | $ | 10,138 | $ | 10,353 |
Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | Number of Loans | Recorded Investment(a) | Unpaid Principal Balance(b) | Number of Loans | Recorded Investment(a) | Unpaid Principal Balance(b) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 1 | $ | 48 | $ | 48 | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate — owner occupied | 1 | 290 | 321 | 1 | 78 | 78 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate — investor | 1 | 570 | 1,740 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | 1 | 122 | 122 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 18 | 3,592 | 3,668 | 25 | 4,357 | 4,374 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | 8 | 277 | 277 | 13 | 293 | 312 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | — | — | — | 1 | 11 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans modified | 30 | $ | 4,899 | $ | 6,175 | 40 | $ | 4,739 | $ | 4,776 |
Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | ||||||||||||||||||||||||||||||||||
($ in Thousands) | Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | |||||||||||||||||||||||||||||||
Residential mortgage | 3 | $ | 388 | 5 | $ | 613 | |||||||||||||||||||||||||||||
Home equity | 2 | 88 | 7 | 177 | |||||||||||||||||||||||||||||||
Total loans modified | 5 | $ | 476 | 12 | $ | 790 |
Nine Months Ended September 30, 2019 | Nine Months Ended September 30, 2018 | ||||||||||||
($ in Thousands) | Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | |||||||||
Commercial and industrial | — | $ | — | 3 | $ | — | |||||||
Commercial real estate — investor | 1 | 461 | — | — | |||||||||
Residential mortgage | 27 | 4,528 | 12 | 2,579 | |||||||||
Home equity | 19 | 538 | 28 | 1,599 | |||||||||
Total loans modified | 47 | $ | 5,526 | 43 | $ | 4,178 |
($ in Thousands) | Dec. 31, 2019 | Cumulative effect of ASU 2016-13 adoption (CECL) | Jan. 1, 2020 | Charge offs | Recoveries | Net Charge offs | Allowance for PCD loans for bank acquisition | Provision recorded at acquisition | Provision for loan losses | March 31, 2020 | ACLL / Loans | ||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 91,133 | $ | 52,919 | $ | 144,052 | $ | (16,336) | $ | 1,288 | $ | (15,049) | $ | 293 | $ | 408 | $ | 44,284 | $ | 173,988 | |||||||||||||||||||||
Commercial real estate — owner occupied | 10,284 | (1,851) | 8,433 | — | — | — | 890 | 255 | 734 | 10,313 | |||||||||||||||||||||||||||||||
Commercial and business lending | 101,417 | 51,068 | 152,485 | (16,336) | 1,288 | (15,048) | 1,183 | 663 | 45,018 | 184,301 | |||||||||||||||||||||||||||||||
Commercial real estate — investor | 40,514 | 2,041 | 42,555 | — | — | — | 753 | 472 | (1,664) | 42,115 | |||||||||||||||||||||||||||||||
Real estate construction | 24,915 | 7,467 | 32,382 | (7) | 19 | 11 | 435 | 492 | (2,573) | 30,746 | |||||||||||||||||||||||||||||||
Commercial real estate lending | 65,428 | 9,508 | 74,937 | (7) | 19 | 11 | 1,188 | 964 | (4,237) | 72,861 | |||||||||||||||||||||||||||||||
Total commercial | 166,846 | 60,576 | 227,422 | (16,343) | 1,307 | (15,037) | 2,371 | 1,627 | 40,781 | 257,162 | |||||||||||||||||||||||||||||||
Residential mortgage | 16,960 | 33,215 | 50,175 | (1,003) | 91 | (912) | 651 | 403 | (6,370) | 43,947 | |||||||||||||||||||||||||||||||
Home equity | 10,926 | 11,649 | 22,575 | (526) | 598 | 71 | 422 | 374 | (1,135) | 22,308 | |||||||||||||||||||||||||||||||
Other consumer | 6,639 | 7,016 | 13,655 | (1,434) | 272 | (1,162) | 61 | 140 | 1,681 | 14,376 | |||||||||||||||||||||||||||||||
Total consumer | 34,525 | 51,880 | 86,405 | (2,963) | 961 | (2,003) | 1,134 | 917 | (5,824) | 80,631 | |||||||||||||||||||||||||||||||
Total loans | $ | 201,371 | $ | 112,457 | $ | 313,828 | $ | (19,308) | $ | 2,268 | $ | (17,040) | $ | 3,504 | $ | 2,543 | $ | 34,957 | $ | 337,793 | |||||||||||||||||||||
Allowance for unfunded commitments | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 12,276 | $ | (3,998) | $ | 8,278 | $ | — | $ | — | $ | — | $ | — | $ | 61 | $ | 6,461 | $ | 14,800 | |||||||||||||||||||||
Commercial real estate — owner occupied | 127 | — | 127 | — | — | — | — | 4 | 109 | 240 | |||||||||||||||||||||||||||||||
Commercial and business lending | 12,403 | (3,998) | 8,405 | — | — | — | — | 65 | 6,570 | 15,040 | |||||||||||||||||||||||||||||||
Commercial real estate — investor | 530 | 246 | 776 | — | — | — | — | 2 | (347) | 431 | |||||||||||||||||||||||||||||||
Real estate construction | 7,532 | 18,347 | 25,879 | — | — | — | — | 45 | 9,018 | 34,942 | |||||||||||||||||||||||||||||||
Commercial real estate lending | 8,062 | 18,593 | 26,655 | — | — | — | — | 47 | 8,671 | 35,373 | |||||||||||||||||||||||||||||||
Total commercial | 20,465 | 14,595 | 35,060 | — | — | — | — | 112 | 15,241 | 50,413 | |||||||||||||||||||||||||||||||
Home equity | 1,038 | 2,591 | 3,629 | — | — | — | — | 66 | 241 | 3,936 | |||||||||||||||||||||||||||||||
Other consumer | 405 | 1,504 | 1,909 | — | — | — | — | — | 17 | 1,926 | |||||||||||||||||||||||||||||||
Total consumer | 1,443 | 4,095 | 5,538 | — | — | — | — | 66 | 258 | 5,862 | |||||||||||||||||||||||||||||||
Total loans | $ | 21,907 | $ | 18,690 | $ | 40,597 | $ | — | $ | — | $ | — | $ | — | $ | 179 | $ | 15,500 | $ | 56,276 | |||||||||||||||||||||
Allowance for credit losses on loans | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 103,409 | $ | 48,921 | $ | 152,330 | $ | (16,336) | $ | 1,288 | $ | (15,049) | $ | 293 | $ | 469 | $ | 50,745 | $ | 188,788 | 2.22 | % | |||||||||||||||||||
Commercial real estate — owner occupied | 10,411 | (1,851) | 8,560 | — | — | — | 890 | 259 | 843 | 10,553 | 1.12 | % | |||||||||||||||||||||||||||||
Commercial and business lending | 113,820 | 47,070 | 160,890 | (16,336) | 1,288 | (15,048) | 1,183 | 728 | 51,588 | 199,342 | 2.11 | % | |||||||||||||||||||||||||||||
Commercial real estate — investor | 41,044 | 2,287 | 43,331 | — | — | — | 753 | 474 | (2,011) | 42,546 | 1.05 | % | |||||||||||||||||||||||||||||
Real estate construction | 32,447 | 25,814 | 58,261 | (7) | 19 | 11 | 435 | 537 | 6,445 | 65,688 | 4.25 | % | |||||||||||||||||||||||||||||
Commercial real estate lending | 73,490 | 28,101 | 101,591 | (7) | 19 | 11 | 1,188 | 1,011 | 4,434 | 108,235 | 1.94 | % | |||||||||||||||||||||||||||||
Total commercial | 187,311 | 75,171 | 262,482 | (16,343) | 1,307 | (15,037) | 2,371 | 1,739 | 56,022 | 307,577 | 2.04 | % | |||||||||||||||||||||||||||||
Residential mortgage | 16,960 | 33,215 | 50,175 | (1,003) | 91 | (912) | 651 | 403 | (6,370) | 43,947 | 0.54 | % | |||||||||||||||||||||||||||||
Home equity | 11,964 | 14,240 | 26,204 | (526) | 598 | 71 | 422 | 440 | (894) | 26,244 | 3.11 | % | |||||||||||||||||||||||||||||
Other consumer | 7,044 | 8,520 | 15,564 | (1,434) | 272 | (1,162) | 61 | 140 | 1,698 | 16,302 | 4.70 | % | |||||||||||||||||||||||||||||
Total consumer | 35,968 | 55,975 | 91,943 | (2,963) | 961 | (2,003) | 1,134 | 983 | (5,566) | 86,493 | 0.93 | % | |||||||||||||||||||||||||||||
Total loans | $ | 223,278 | $ | 131,147 | $ | 354,425 | $ | (19,308) | $ | 2,268 | $ | (17,040) | $ | 3,504 | $ | 2,722 | $ | 50,457 | $ | 394,069 | 1.62 | % |
($ 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 | (49,845 | ) | (222 | ) | — | (60 | ) | (1,754 | ) | (1,605 | ) | (4,074 | ) | (57,560 | ) | |||||||||
Recoveries | 10,322 | 2,795 | 31 | 230 | 539 | 1,878 | 667 | 16,462 | ||||||||||||||||
Net Charge offs | (39,523 | ) | 2,573 | 31 | 170 | (1,215 | ) | 273 | (3,407 | ) | (41,098 | ) | ||||||||||||
Provision for loan losses | 36,419 | (3,229 | ) | (971 | ) | (4,960 | ) | (5,757 | ) | (7,690 | ) | 3,688 | 17,500 | |||||||||||
September 30, 2019 | $ | 105,730 | $ | 8,599 | $ | 39,904 | $ | 23,451 | $ | 18,623 | $ | 11,849 | $ | 6,269 | $ | 214,425 | ||||||||
Allowance for loan losses | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 17,791 | $ | 19 | $ | 101 | $ | 56 | $ | 3,824 | $ | 1,313 | $ | 187 | $ | 23,291 | ||||||||
Collectively evaluated for impairment | 87,939 | 8,579 | 39,803 | 23,395 | 14,799 | 10,536 | 6,082 | 191,133 | ||||||||||||||||
Total allowance for loan losses | $ | 105,730 | $ | 8,599 | $ | 39,904 | $ | 23,451 | $ | 18,623 | $ | 11,849 | $ | 6,269 | $ | 214,425 | ||||||||
Loans | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 70,568 | $ | 1,912 | $ | 5,104 | $ | 409 | $ | 36,039 | $ | 4,648 | $ | 1,244 | $ | 119,925 | ||||||||
Collectively evaluated for impairment | 7,424,690 | 912,935 | 3,798,039 | 1,356,088 | 7,918,265 | 874,968 | 348,091 | 22,633,075 | ||||||||||||||||
Acquired and accounted for under ASC 310-30(a) | 365 | 677 | 134 | 11 | 497 | 26 | — | 1,710 | ||||||||||||||||
Total loans | $ | 7,495,623 | $ | 915,524 | $ | 3,803,277 | $ | 1,356,508 | $ | 7,954,801 | $ | 879,642 | $ | 349,335 | $ | 22,754,710 |
($ 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 | — | 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) | 65,429 | ||||||||||||||
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) | 4,159 | (6,558) | (9,766) | 34,525 | ||||||||||||||
Total loans | $ | 238,023 | $ | (74,313) | $ | 19,161 | $ | (55,152) | $ | 18,500 | $ | 201,371 |
Allowance for loan losses | Loans | ||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | Individually evaluated for impairment | Collectively evaluated for impairment | Total allowance for loan losses | Individually evaluated for impairment | Collectively evaluated for impairment | Acquired and accounted for under ASC 310-30(a) | Total loans | ||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 12,010 | $ | 79,123 | $ | 91,133 | $ | 62,035 | $ | 7,292,217 | $ | 342 | $ | 7,354,594 | |||||||||||||||||||||||||||
Commercial real estate — owner occupied | 19 | 10,265 | 10,284 | 1,676 | 909,010 | 579 | 911,265 | ||||||||||||||||||||||||||||||||||
Commercial and business lending | 12,029 | 89,388 | 101,417 | 63,711 | 8,201,227 | 921 | 8,265,858 | ||||||||||||||||||||||||||||||||||
Commercial real estate — investor | 15 | 40,498 | 40,514 | 4,633 | 3,789,755 | 129 | 3,794,517 | ||||||||||||||||||||||||||||||||||
Real estate construction | 67 | 24,848 | 24,915 | 477 | 1,420,416 | 7 | 1,420,900 | ||||||||||||||||||||||||||||||||||
Commercial real estate lending | 82 | 65,346 | 65,429 | 5,110 | 5,210,171 | 136 | 5,215,417 | ||||||||||||||||||||||||||||||||||
Total commercial | 12,111 | 154,734 | 166,846 | 68,821 | 13,411,398 | 1,057 | 13,481,275 | ||||||||||||||||||||||||||||||||||
Residential mortgage | 2,740 | 14,220 | 16,960 | 35,554 | 8,100,958 | 469 | 8,136,980 | ||||||||||||||||||||||||||||||||||
Home equity | 1,190 | 9,737 | 10,926 | 4,422 | 847,577 | 26 | 852,025 | ||||||||||||||||||||||||||||||||||
Other consumer | 125 | 6,514 | 6,639 | 1,247 | 349,912 | — | 351,159 | ||||||||||||||||||||||||||||||||||
Total consumer | 4,055 | 30,471 | 34,525 | 41,223 | 9,298,447 | 495 | 9,340,164 | ||||||||||||||||||||||||||||||||||
Total loans | $ | 16,165 | $ | 185,205 | $ | 201,371 | $ | 110,043 | $ | 22,709,845 | $ | 1,552 | $ | 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 |
($ in Millions) | Nine Months Ended September 30, 2019 | Year Ended December 31, 2018 | |||||
Balance at beginning of period | $ | 12 | $ | 27 | |||
Charge offs | (39 | ) | (24 | ) | |||
Recoveries | 5 | 6 | |||||
Net Charge offs | (34 | ) | (17 | ) | |||
Provision for loan losses | 44 | 2 | |||||
Balance at end of period | $ | 21 | $ | 12 | |||
Allowance for loan losses | |||||||
Individually evaluated for impairment | $ | 11 | $ | — | |||
Collectively evaluated for impairment | 10 | 12 | |||||
Total allowance for loan losses | $ | 21 | $ | 12 | |||
Loans | |||||||
Individually evaluated for impairment | $ | 36 | $ | 22 | |||
Collectively evaluated for impairment | 545 | 725 | |||||
Total loans | $ | 582 | $ | 747 |
($ in Thousands) | Nine Months Ended September 30, 2019 | Year Ended December 31, 2018 | |||||
Allowance for Unfunded Commitments | |||||||
Balance at beginning of period | $ | 24,336 | $ | 24,400 | |||
Provision for unfunded commitments | (1,500 | ) | (2,500 | ) | |||
Amount recorded at acquisition | 70 | 2,436 | |||||
Balance at end of period | $ | 22,907 | $ | 24,336 |
($ in Thousands) | Nine Months Ended September 30, 2019 | Year Ended December 31, 2018 | |||||
Changes in Accretable Yield | |||||||
Balance at beginning of period | $ | 1,482 | $ | — | |||
Purchases | — | 4,853 | |||||
Accretion | (912 | ) | (4,954 | ) | |||
Net reclassification from non-accretable yield | 23 | 1,605 | |||||
Other(a) | — | (22 | ) | ||||
Balance at end of period | $ | 595 | $ | 1,482 |
($ in Thousands) | Nine Months Ended September 30, 2019 | Year Ended December 31, 2018 | |||||
Core deposit intangibles | |||||||
Gross carrying amount | $ | 80,730 | $ | 58,100 | |||
Accumulated amortization | (10,438 | ) | (5,326 | ) | |||
Net book value | $ | 70,292 | $ | 52,774 | |||
Additions during the period | $ | 22,630 | $ | 58,100 | |||
Amortization during the year | $ | 5,112 | $ | 5,326 | |||
Other intangibles | |||||||
Gross carrying amount | $ | 44,887 | $ | 44,931 | |||
Reductions due to sale | (140 | ) | (43 | ) | |||
Accumulated amortization | (23,950 | ) | (21,825 | ) | |||
Net book value | $ | 20,797 | $ | 23,062 | |||
Additions during the period | $ | — | $ | 10,359 | |||
Amortization during the year | $ | 2,125 | $ | 2,833 |
($ in Thousands) | Three Months Ended March 31, 2020 | Year Ended December 31, 2019 | |||||||||
Core deposit intangibles | |||||||||||
Gross carrying amount at the beginning of the year | $ | 80,730 | $ | 58,100 | |||||||
Additions during the period | 7,379 | 22,630 | |||||||||
Accumulated amortization | (14,597) | (12,456) | |||||||||
Net book value | $ | 73,512 | $ | 68,274 | |||||||
Amortization during the year | $ | 2,141 | $ | 7,130 | |||||||
Other intangibles | |||||||||||
Gross carrying amount at the beginning of the year | $ | 38,970 | $ | 44,887 | |||||||
Additions during the period | 200 | — | |||||||||
Reductions due to sale | (343) | (217) | |||||||||
Accumulated amortization | (19,616) | (24,643) | |||||||||
Net book value | $ | 19,211 | $ | 20,027 | |||||||
Amortization during the year | $ | 673 | $ | 2,818 |
($ in Thousands) | Nine Months Ended September 30, 2019 | Year Ended December 31, 2018 | |||||
Mortgage servicing rights | |||||||
Mortgage servicing rights at beginning of period | $ | 68,433 | $ | 59,168 | |||
Additions from acquisition | — | 8,136 | |||||
Additions | 8,900 | 10,722 | |||||
Amortization | (8,749 | ) | (9,594 | ) | |||
Mortgage servicing rights at end of period | $ | 68,584 | $ | 68,433 | |||
Valuation allowance at beginning of period | $ | (239 | ) | $ | (784 | ) | |
(Additions) recoveries, net | (177 | ) | 545 | ||||
Valuation allowance at end of period | $ | (416 | ) | $ | (239 | ) | |
Mortgage servicing rights, net | $ | 68,168 | $ | 68,193 | |||
Fair value of mortgage servicing rights | $ | 70,241 | $ | 81,012 | |||
Portfolio of residential mortgage loans serviced for others (“servicing portfolio”) | $ | 8,688,012 | $ | 8,600,983 | |||
Mortgage servicing rights, net to servicing portfolio | 0.78 | % | 0.79 | % | |||
Mortgage servicing rights expense(a) | $ | 8,926 | $ | 9,049 |
($ in Thousands) | Three Months Ended March 31, 2020 | Year Ended December 31, 2019 | |||||||||
Mortgage servicing rights | |||||||||||
Mortgage servicing rights at beginning of period | $ | 67,607 | $ | 68,433 | |||||||
Additions from acquisition | 1,357 | — | |||||||||
Additions | 2,359 | 11,606 | |||||||||
Amortization | (3,635) | (12,432) | |||||||||
Mortgage servicing rights at end of period | $ | 67,688 | $ | 67,607 | |||||||
Valuation allowance at beginning of period | $ | (302) | $ | (239) | |||||||
(Additions) recoveries, net | (9,098) | (63) | |||||||||
Valuation allowance at end of period | $ | (9,399) | $ | (302) | |||||||
Mortgage servicing rights, net | $ | 58,289 | $ | 67,306 | |||||||
Fair value of mortgage servicing rights | $ | 58,311 | $ | 72,532 | |||||||
Portfolio of residential mortgage loans serviced for others (“servicing portfolio”) | $ | 8,548,600 | $ | 8,488,969 | |||||||
Mortgage servicing rights, net to servicing portfolio | 0.68 | % | 0.79 | % | |||||||
Mortgage servicing rights expense(a) | $ | 12,733 | $ | 12,494 |
($ in Thousands) | Core Deposit Intangibles | Other Intangibles | Mortgage Servicing Rights | ||||||||||||||
Nine Months Ending December 31, 2020 | $ | 6,608 | $ | 2,008 | $ | 9,609 | |||||||||||
2021 | 8,811 | 2,653 | 13,307 | ||||||||||||||
2022 | 8,811 | 2,629 | 10,456 | ||||||||||||||
2023 | 8,811 | 2,610 | 8,279 | ||||||||||||||
2024 | 8,811 | 2,591 | 6,632 | ||||||||||||||
2025 | 8,811 | 2,302 | 5,372 | ||||||||||||||
Beyond 2025 | 22,849 | 4,418 | 14,032 | ||||||||||||||
Total Estimated Amortization Expense | $ | 73,512 | $ | 19,211 | $ | 67,688 |
($ in Thousands) | Core Deposit Intangibles | Other Intangibles | Mortgage Servicing Rights | ||||||||
Three Months Ending December 31, 2019 | $ | 2,018 | $ | 693 | $ | 3,234 | |||||
2020 | 8,073 | 2,690 | 12,262 | ||||||||
2021 | 8,073 | 2,666 | 10,074 | ||||||||
2022 | 8,073 | 2,642 | 8,259 | ||||||||
2023 | 8,073 | 2,623 | 6,777 | ||||||||
2024 | 8,073 | 2,603 | 5,574 | ||||||||
Beyond 2024 | 27,909 | 6,879 | 22,403 | ||||||||
Total Estimated Amortization Expense | $ | 70,292 | $ | 20,797 | $ | 68,584 |
($ in Thousands) | September 30, 2019 | December 31, 2018 | |||||
Short-Term Funding | |||||||
Federal funds purchased | $ | 75 | $ | 19,710 | |||
Securities sold under agreements to repurchase | 77,953 | 91,941 | |||||
Federal funds purchased and securities sold under agreements to repurchase | 78,028 | 111,651 | |||||
Commercial paper | 30,416 | 45,423 | |||||
Total short-term funding | $ | 108,444 | $ | 157,074 | |||
Long-Term Funding | |||||||
Corporation senior notes, at par, due 2019 | $ | 250,000 | $ | 250,000 | |||
Bank senior notes, at par, due 2021 | 300,000 | 300,000 | |||||
Corporation subordinated notes, at par, due 2025 | 250,000 | 250,000 | |||||
Other long-term funding and capitalized costs | (3,201 | ) | (4,389 | ) | |||
Total long-term funding | 796,799 | 795,611 | |||||
Total short and long-term funding, excluding FHLB advances | $ | 905,243 | $ | 952,685 | |||
FHLB Advances | |||||||
Short-term FHLB advances | $ | 215,000 | $ | 900,000 | |||
Long-term FHLB advances | 2,662,727 | 2,674,371 | |||||
Total FHLB advances | $ | 2,877,727 | $ | 3,574,371 | |||
Total short and long-term funding | $ | 3,782,970 | $ | 4,527,056 |
($ in Thousands) | March 31, 2020 | December 31, 2019 | |||||||||
Short-Term Funding | |||||||||||
Federal funds purchased | $ | 24,480 | $ | 362,000 | |||||||
Securities sold under agreements to repurchase | 108,527 | 71,097 | |||||||||
Federal funds purchased and securities sold under agreements to repurchase | 133,007 | 433,097 | |||||||||
Commercial paper | 33,647 | 32,016 | |||||||||
Total short-term funding | $ | 166,654 | $ | 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 | 2,210 | 2,209 | |||||||||
Capitalized costs | (2,565) | (2,866) | |||||||||
Total long-term funding | 549,644 | 549,343 | |||||||||
Total short and long-term funding, excluding FHLB advances | $ | 716,299 | $ | 1,014,456 | |||||||
FHLB Advances | |||||||||||
Short-term FHLB advances | $ | 550,000 | $ | 520,000 | |||||||
Long-term FHLB advances | 2,664,194 | 2,660,967 | |||||||||
Total FHLB advances | $ | 3,214,194 | $ | 3,180,967 | |||||||
Total short and long-term funding | $ | 3,930,493 | $ | 4,195,422 |
Remaining Contractual Maturity of the Agreements | |||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | Overnight and Continuous | Up to 30 days | 30-90 days | Greater than 90 days | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase agreements | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-related securities | $ | 108,527 | $ | — | $ | — | $ | — | $ | 108,527 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 108,527 | $ | — | $ | — | $ | — | $ | 108,257 | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase agreements | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-related securities | $ | 71,097 | $ | — | $ | — | $ | — | $ | 71,097 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 71,097 | $ | — | $ | — | $ | — | $ | 71,097 |
Remaining Contractual Maturity of the Agreements | |||||||||||||||||||
($ in Thousands) | Overnight and Continuous | Up to 30 days | 30-90 days | Greater than 90 days | Total | ||||||||||||||
September 30, 2019 | |||||||||||||||||||
Repurchase agreements | |||||||||||||||||||
Agency mortgage-related securities | $ | 77,953 | $ | — | $ | — | $ | — | $ | 77,953 | |||||||||
Total | $ | 77,953 | $ | — | $ | — | $ | — | $ | 77,953 | |||||||||
December 31, 2018 | |||||||||||||||||||
Repurchase agreements | |||||||||||||||||||
Agency mortgage-related securities | $ | 91,941 | $ | — | $ | — | $ | — | $ | 91,941 | |||||||||
Total | $ | 91,941 | $ | — | $ | — | $ | — | $ | 91,941 |
September 30, 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 | $ | 2,376,052 | 2.24 | % | $ | 2,262,584 | 2.06 | % | |||||
After 1 but within 2 | 288,174 | 2.57 | % | 1,285,039 | 2.39 | % | |||||||
After 2 but within 3 | 5,781 | 5.11 | % | 14,393 | 2.98 | % | |||||||
After 3 years | 207,720 | 2.30 | % | 12,354 | 4.55 | % | |||||||
FHLB advances and overall rate | $ | 2,877,727 | 2.28 | % | $ | 3,574,371 | 2.19 | % |
September 30, 2019 | December 31, 2018 | ||||||||||||||||||||||||
Asset | Liability | Asset | Liability | ||||||||||||||||||||||
($ 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 | $ | 114 | $ | — | $ | — | $ | — | $ | — | $ | 500,000 | $ | 40 | |||||||||
Not designated as hedging instruments | |||||||||||||||||||||||||
Interest rate-related instruments | 2,799,863 | 100,376 | 2,799,863 | 17,586 | 2,707,204 | 52,796 | 2,707,204 | 52,653 | |||||||||||||||||
Foreign currency exchange forwards | 211,475 | 3,153 | 184,476 | 2,823 | 117,879 | 721 | 69,153 | 675 | |||||||||||||||||
Commodity contracts | 259,210 | 25,388 | 258,483 | 24,758 | 331,727 | 35,426 | 315,861 | 34,340 | |||||||||||||||||
Mortgage banking(a) | 300,515 | 2,017 | 227,060 | 590 | 191,222 | 2,208 | 139,984 | 2,072 | |||||||||||||||||
Time deposits | 518 | 13 | 518 | 13 | 11,185 | 109 | 11,185 | 109 | |||||||||||||||||
Total not designated as hedging instruments | 130,947 | 45,770 | 91,260 | 89,849 | |||||||||||||||||||||
Gross derivatives before netting | 131,061 | 45,770 | 91,260 | 89,889 | |||||||||||||||||||||
Less: Legally enforceable master netting agreements | 4,629 | 4,629 | 5,322 | 5,322 | |||||||||||||||||||||
Less: Cash collateral pledged/received | 16,182 | 14,680 | 27,593 | 63 | |||||||||||||||||||||
Total derivative instruments, after netting(b) | $ | 110,250 | $ | 26,461 | $ | 58,345 | $ | 84,504 |
March 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
Asset | Liability | Asset | Liability | |||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
Not designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate-related instruments | $ | 3,430,859 | $ | 220,445 | $ | 3,430,859 | $ | 30,449 | $ | 3,029,877 | $ | 77,024 | $ | 3,029,877 | $ | 13,073 | ||||||||||||||||||||||||||||||||||
Foreign currency exchange forwards | 322,066 | 9,272 | 295,774 | 9,215 | 272,636 | 4,226 | 264,653 | 4,048 | ||||||||||||||||||||||||||||||||||||||||||
Commodity contracts | 208,621 | 69,241 | 203,955 | 67,592 | 255,089 | 20,528 | 255,165 | 19,624 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage banking(a) | 343,193 | 12,454 | 471,000 | 10,972 | 255,291 | 2,527 | 263,000 | 710 | ||||||||||||||||||||||||||||||||||||||||||
Gross derivatives before netting | $ | 311,413 | $ | 118,228 | $ | 104,305 | $ | 37,455 | ||||||||||||||||||||||||||||||||||||||||||
Less: Legally enforceable master netting agreements | 2,847 | 2,847 | 10,410 | 10,410 | ||||||||||||||||||||||||||||||||||||||||||||||
Less: Cash collateral pledged/received | 69,654 | 30,645 | 1,408 | 11,365 | ||||||||||||||||||||||||||||||||||||||||||||||
Total derivative instruments, after netting | $ | 238,912 | $ | 84,736 | $ | 92,487 | $ | 15,680 |
Line Item in 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) | ||||||
($ in Thousands) | September 30, 2019 | ||||||
Loans and investment securities receivables(a) | $ | 506,111 | $ | 6,111 | |||
Total | $ | 506,111 | $ | 6,111 |
Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | ||||||||||||||||||||||||||||||||||
($ 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 the fair value hedge is recorded | $ | (322) | $ | (262) | $ | 166 | $ | — | |||||||||||||||||||||||||||
The effects of fair value hedging: Gain or (loss) on fair value hedging relationships in Subtopic 815-20 | |||||||||||||||||||||||||||||||||||
Interest contracts | |||||||||||||||||||||||||||||||||||
Hedged items | (322) | (262) | 2,057 | — | |||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments(a) | — | — | (1,891) | — |
Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||
($ in Thousands) | Interest Income | Other Income (Expense) | Interest Income | Other Income (Expense) | Interest Income | Other Income (Expense) | Interest Income | Other Income (Expense) | ||||||||||||||||
Total amounts of income and expense line items presented in the consolidated statements of income in which the effects of the fair value hedge is recorded | $ | (59 | ) | $ | — | $ | (17 | ) | $ | — | $ | 160 | $ | — | $ | (30 | ) | $ | — | |||||
The effects of fair value hedging: Gain or (loss) on fair value hedging relationships in Subtopic 815-20 | ||||||||||||||||||||||||
Interest contracts | ||||||||||||||||||||||||
Hedged items | 452 | — | (2,522 | ) | — | 6,674 | — | (4,931 | ) | — | ||||||||||||||
Derivatives designated as hedging instruments(a) | (511 | ) | — | 2,506 | — | (6,514 | ) | — | 4,902 | — |
Consolidated Statements of Income Category of Gain / (Loss) Recognized in Income | Three Months Ended March 31, | ||||||||||||||||||||||||||||
($ in Thousands) | 2020 | 2019 | |||||||||||||||||||||||||||
Derivative Instruments | |||||||||||||||||||||||||||||
Interest rate-related instruments — customer and mirror, net | Capital markets, net | $ | (3,090) | $ | (672) | ||||||||||||||||||||||||
Foreign currency exchange forwards | Capital markets, net | (122) | 26 | ||||||||||||||||||||||||||
Commodity contracts | Capital markets, net | 746 | (567) | ||||||||||||||||||||||||||
Interest rate lock commitments (mortgage) | Mortgage banking, net | 9,928 | 824 | ||||||||||||||||||||||||||
Forward commitments (mortgage) | Mortgage banking, net | (10,262) | 247 |
Consolidated Statements of Income Category of Gain / (Loss) Recognized in Income | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
($ in Thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Derivative Instruments | |||||||||||||||
Interest rate-related instruments — customer and mirror, net | Capital markets, net | $ | (619 | ) | $ | 246 | $ | (2,309 | ) | $ | 354 | ||||
Foreign currency exchange forwards | Capital markets, net | 72 | (92 | ) | 284 | (22 | ) | ||||||||
Commodity contracts | Capital markets, net | 208 | (72 | ) | (456 | ) | (958 | ) | |||||||
Interest rate lock commitments (mortgage) | Mortgage banking, net | (2,851 | ) | (1,602 | ) | (191 | ) | 147 | |||||||
Forward commitments (mortgage) | Mortgage banking, net | 1,313 | 2,271 | 1,482 | 1,665 |
Gross Amounts Recognized | Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets | Net Amounts Presented on the Consolidated Balance Sheets | Investment Securities Received | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | Derivative Assets Offset | Cash Collateral Received | Net amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2020 | $ | 72,501 | $ | (2,847) | $ | (69,654) | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | 11,864 | (10,410) | (1,408) | 45 | — | 45 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts Recognized | Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets | Net Amounts Presented on the Consolidated Balance Sheets | Investment Securities Pledged | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | Derivative Liabilities Offset | Cash Collateral Pledged | Net amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2020 | $ | 34,014 | $ | (2,847) | $ | (30,645) | $ | 523 | $ | — | $ | 523 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | 22,189 | (10,410) | (11,365) | 413 | — | 413 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts Recognized | 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) | Derivative Liabilities Offset | Cash Collateral Received | Net amount | ||||||||||||||||||||
Derivative assets(a) | |||||||||||||||||||||||
September 30, 2019 | $ | 24,930 | $ | (4,629 | ) | $ | (16,182 | ) | $ | 4,118 | $ | — | $ | 4,118 | |||||||||
December 31, 2018 | 65,596 | (5,322 | ) | (27,593 | ) | 32,681 | (31,837 | ) | 843 | ||||||||||||||
Gross Amounts Recognized | 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) | Derivative Assets Offset | Cash Collateral Pledged | Net amount | ||||||||||||||||||||
Derivative liabilities(a) | |||||||||||||||||||||||
September 30, 2019 | $ | 19,537 | $ | (4,629 | ) | $ | (14,680 | ) | $ | 228 | $ | — | $ | 228 | |||||||||
December 31, 2018 | 22,951 | (5,322 | ) | (63 | ) | 17,567 | (17,551 | ) | 16 |
($ in Thousands) | September 30, 2019 | December 31, 2018 | ||||
Commitments to extend credit, excluding commitments to originate residential mortgage loans held for sale(a)(b) | $ | 8,909,815 | $ | 8,720,293 | ||
Commercial letters of credit(a) | 8,119 | 7,599 | ||||
Standby letters of credit(c) | 272,376 | 255,904 |
($ in Thousands) | March 31, 2020 | December 31, 2019 | ||||||
Commitments to extend credit, excluding commitments to originate residential mortgage loans held for sale(a)(b) | $ | 8,483,952 | $ | 9,024,412 | ||||
Commercial letters of credit(a) | 7,966 | 7,081 | ||||||
Standby letters of credit(c) | 265,406 | 277,969 |
($ in Thousands) | Three Months Ended March 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 | 15,500 | (2,500) | |||||||||
Amount recorded at acquisition | 179 | 70 | |||||||||
Balance at end of period | $ | 56,276 | $ | 21,907 |
($ in Thousands) | Nine Months Ended September 30, 2019 | Year Ended December 31, 2018 | |||||
Balance at beginning of period | $ | 752 | $ | 987 | |||
Repurchase provision expense | 309 | 345 | |||||
Adjustments to provision expense | — | (450 | ) | ||||
Repurchase/reimbursement charges taken | (299 | ) | (218 | ) | |||
Amount recorded at acquisition | — | 88 | |||||
Balance at end of period | $ | 762 | $ | 752 |
($ in Thousands) | Fair Value Hierarchy | September 30, 2019 | December 31, 2018 | ||||||
Assets | |||||||||
Investment securities available for sale | |||||||||
U.S. Treasury securities | Level 1 | $ | — | $ | 999 | ||||
Obligations of state and political subdivisions (municipal securities) | Level 2 | 553,418 | — | ||||||
Residential mortgage-related securities | |||||||||
FNMA / FHLMC | Level 2 | 143,009 | 295,252 | ||||||
GNMA | Level 2 | 1,080,584 | 2,128,531 | ||||||
Private-label | Level 2 | 758 | 1,003 | ||||||
Commercial mortgage-related securities | |||||||||
FNMA / FHLMC | Level 2 | 21,791 | — | ||||||
GNMA | Level 2 | 1,363,948 | 1,220,797 | ||||||
FFELP asset backed securities | Level 2 | 269,789 | 297,360 | ||||||
Other debt securities | Level 2 | 2,993 | 3,000 | ||||||
Total investment securities available for sale | Level 1 | $ | — | $ | 999 | ||||
Total investment securities available for sale | Level 2 | $ | 3,436,289 | $ | 3,945,943 | ||||
Equity securities with readily determinable fair values | Level 1 | 1,652 | 1,568 | ||||||
Residential loans held for sale | Level 2 | 137,655 | 64,321 | ||||||
Interest rate-related instruments(a) | Level 2 | 100,376 | 52,796 | ||||||
Foreign currency exchange forwards(a) | Level 2 | 3,153 | 721 | ||||||
Commodity contracts(a) | Level 2 | 25,388 | 35,426 | ||||||
Purchased options (time deposit) | Level 2 | 13 | 109 | ||||||
Interest rate products (designated as hedging instruments) | Level 2 | 114 | — | ||||||
Interest rate lock commitments to originate residential mortgage loans held for sale | Level 3 | 2,017 | 2,208 | ||||||
Liabilities | |||||||||
Interest rate-related instruments(a) | Level 2 | $ | 17,586 | $ | 52,653 | ||||
Foreign currency exchange forwards(a) | Level 2 | 2,823 | 675 | ||||||
Commodity contracts(a) | Level 2 | 24,758 | 34,340 | ||||||
Written options (time deposit) | Level 2 | 13 | 109 | ||||||
Interest rate products (designated as hedging instruments) | Level 2 | — | 40 | ||||||
Forward commitments to sell residential mortgage loans | Level 3 | 590 | 2,072 |
($ in Thousands) | Fair Value Hierarchy | March 31, 2020 | December 31, 2019 | ||||||||
Assets | |||||||||||
Investment securities available for sale | |||||||||||
U.S. government SBA agency securities | Level 2 | $ | 10,238 | $ | — | ||||||
Obligations of state and political subdivisions (municipal securities) | Level 2 | 508,636 | 546,160 | ||||||||
Residential mortgage-related securities | |||||||||||
FNMA / FHLMC | Level 2 | 104,485 | 132,660 | ||||||||
GNMA | Level 2 | 823,787 | 985,139 | ||||||||
Commercial mortgage-related securities | |||||||||||
FNMA / FHLMC | Level 2 | 22,773 | 21,728 | ||||||||
GNMA | Level 2 | 1,114,443 | 1,310,207 | ||||||||
FFELP asset backed securities | Level 2 | 341,424 | 263,693 | ||||||||
Other debt securities | Level 2 | 3,000 | 3,000 | ||||||||
Total investment securities available for sale | Level 2 | 2,928,787 | 3,262,586 | ||||||||
Equity securities with readily determinable fair values | Level 1 | 1,618 | 1,646 | ||||||||
Residential loans held for sale | Level 2 | 366,330 | 136,280 | ||||||||
Interest rate-related instruments(a) | Level 2 | 220,445 | 77,024 | ||||||||
Foreign currency exchange forwards(a) | Level 2 | 9,272 | 4,226 | ||||||||
Commodity contracts(a) | Level 2 | 69,241 | 20,528 | ||||||||
Interest rate lock commitments to originate residential mortgage loans held for sale | Level 3 | 12,454 | 2,527 | ||||||||
Liabilities | |||||||||||
Interest rate-related instruments(a) | Level 2 | $ | 30,449 | $ | 13,073 | ||||||
Foreign currency exchange forwards(a) | Level 2 | 9,215 | 4,048 | ||||||||
Commodity contracts(a) | Level 2 | 67,592 | 19,624 | ||||||||
Forward commitments to sell residential mortgage loans | Level 3 | 10,972 | 710 |
($ in Thousands) | Derivative Financial Instruments | ||||||||||
Balance December 31, 2018 | $ | 140 | |||||||||
Total net gains (losses) included in income | |||||||||||
Mortgage derivative gain (loss) | 1,681 | ||||||||||
Balance December 31, 2019 | $ | 1,817 | |||||||||
Total net gains (losses) included in income | |||||||||||
Mortgage derivative gain (loss) | (334) | ||||||||||
Balance March 31, 2020 | $ | 1,482 |
($ in Thousands) | Derivative Financial Instruments | ||
Balance December 31, 2017 | $ | 1,225 | |
Total net gains (losses) included in income | |||
Mortgage derivative gain (loss) | (1,085 | ) | |
Balance December 31, 2018 | $ | 140 | |
Total net gains (losses) included in income | |||
Mortgage derivative gain (loss) | 1,292 | ||
Balance September 30, 2019 | $ | 1,428 |
($ in Thousands) | |||||
Equity securities without readily determinable fair values | |||||
Carrying value as of December 31, 2019 | $ | 13,444 | |||
Carrying value changes | — | ||||
Carrying value as of March 31, 2020 | $ | 13,444 | |||
Cumulative upward carrying value changes between January 1, 2018 and March 31, 2020 | $ | 13,444 | |||
Cumulative downward carrying value changes/impairment between January 1, 2018 and March 31, 2020 | $ | — |
($ in Thousands) | |||
Equity securities without readily determinable fair values | |||
Carrying value as of December 31, 2018 | $ | — | |
Upward carrying value changes | 13,444 | ||
Carrying value as of September 30, 2019 | $ | 13,444 | |
Cumulative upward carrying value changes between January 1, 2018 and September 30, 2019 | $ | 13,444 | |
Cumulative downward carrying value changes/impairment between January 1, 2018 and September 30, 2019 | $ | — |
Consolidated Statements of Income Category of Adjustment Recognized in Income | Adjustment Recognized in the Consolidated Statements of Income | |||||||||
($ in Thousands) | Fair Value Hierarchy | Fair Value | ||||||||
September 30, 2019 | ||||||||||
Assets | ||||||||||
Impaired loans(a) | Level 3 | $ | 51,501 | Provision for credit losses(b) | $ | (60,627 | ) | |||
OREO(c) | Level 2 | 2,413 | Other noninterest expense | (1,453 | ) | |||||
Mortgage servicing rights | Level 3 | 70,241 | Mortgage banking, net | (177 | ) | |||||
Equity securities | Level 3 | 13,444 | Investment securities gains (losses), net | 13,444 | ||||||
December 31, 2018 | ||||||||||
Assets | ||||||||||
Impaired loans(a) | Level 3 | $ | 26,191 | Provision for credit losses(b) | $ | (14,521 | ) | |||
OREO(c) | Level 2 | 2,200 | Other noninterest expense | (1,545 | ) | |||||
Mortgage servicing rights | Level 3 | 81,012 | Mortgage banking, net | 545 |
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 | ||||||||||||||||||||||||
March 31, 2020 | ||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Individually evaluated loans(a) | Level 3 | $ | 103,108 | Provision for credit losses | $ | (23,840) | ||||||||||||||||||||
OREO(b) | Level 2 | 1,382 | Other noninterest expense | (806) | ||||||||||||||||||||||
Mortgage servicing rights | Level 3 | 58,311 | Mortgage banking, net | (9,098) | ||||||||||||||||||||||
Equity securities | Level 3 | 13,444 | Investment securities gains (losses), net | — | ||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Impaired loans(c) | Level 3 | $ | 45,792 | Provision for credit losses(d) | $ | (66,172) | ||||||||||||||||||||
OREO(b) | Level 2 | 3,565 | Other noninterest expense | (1,860) | ||||||||||||||||||||||
Mortgage servicing rights | Level 3 | 72,532 | Mortgage banking, net | (63) | ||||||||||||||||||||||
Equity securities | Level 3 | 13,444 | Investment securities gains (losses), net | 13,444 |
March 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 | 7% | - | 31% | 15% | ||||||||||||||||||||
Individually evaluated loans | Appraisals / Discounted cash flow | Collateral / Discount factor | 5% | - | 67% | 44% |
September 30, 2019 | December 31, 2018 | ||||||||||||||||
Fair Value Hierarchy Level | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
($ in Thousands) | |||||||||||||||||
Financial assets | |||||||||||||||||
Cash and due from banks | Level 1 | $ | 523,435 | $ | 523,435 | $ | 507,187 | $ | 507,187 | ||||||||
Interest-bearing deposits in other financial institutions | Level 1 | 236,010 | 236,010 | 221,226 | 221,226 | ||||||||||||
Federal funds sold and securities purchased under agreements to resell | Level 1 | 100 | 100 | 148,285 | 148,285 | ||||||||||||
Investment securities held to maturity | Level 1 | 999 | 1,019 | — | — | ||||||||||||
Investment securities held to maturity | Level 2 | 2,199,420 | 2,280,265 | 2,740,511 | 2,710,271 | ||||||||||||
Investment securities available for sale | Level 1 | — | — | 999 | 999 | ||||||||||||
Investment securities available for sale | Level 2 | 3,436,289 | 3,436,289 | 3,945,943 | 3,945,943 | ||||||||||||
Equity securities with readily determinable fair values | Level 1 | 1,652 | 1,652 | 1,568 | 1,568 | ||||||||||||
Equity securities without readily determinable fair values | Level 3 | 13,444 | 13,444 | — | — | ||||||||||||
FHLB and Federal Reserve Bank stocks | Level 2 | 207,443 | 207,443 | 250,534 | 250,534 | ||||||||||||
Residential loans held for sale | Level 2 | 137,655 | 137,655 | 64,321 | 64,321 | ||||||||||||
Commercial loans held for sale | Level 2 | 11,597 | 11,597 | 14,943 | 14,943 | ||||||||||||
Loans, net | Level 3 | 22,540,285 | 22,422,568 | 22,702,406 | 22,317,395 | ||||||||||||
Bank and corporate owned life insurance | Level 2 | 670,739 | 670,739 | 663,203 | 663,203 | ||||||||||||
Derivatives (other assets)(a) | Level 2 | 129,044 | 129,044 | 89,052 | 89,052 | ||||||||||||
Interest rate lock commitments to originate residential mortgage loans held for sale (other assets) | Level 3 | 2,017 | 2,017 | 2,208 | 2,208 | ||||||||||||
Financial liabilities | |||||||||||||||||
Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts | Level 3 | $ | 21,512,804 | $ | 21,512,804 | $ | 22,081,992 | $ | 22,081,992 | ||||||||
Brokered CDs and other time deposits(b) | Level 2 | 2,909,759 | 2,910,112 | 2,815,401 | 2,815,401 | ||||||||||||
Short-term funding(c) | Level 2 | 108,444 | 108,444 | 157,074 | 157,074 | ||||||||||||
Long-term funding | Level 2 | 796,799 | 842,196 | 795,611 | 826,612 | ||||||||||||
FHLB advances | Level 2 | 2,877,727 | 2,938,923 | 3,574,371 | 3,565,572 | ||||||||||||
Standby letters of credit(d) | Level 2 | 2,715 | 2,715 | 2,482 | 2,482 | ||||||||||||
Derivatives (accrued expenses and other liabilities)(a) | Level 2 | 45,180 | 45,180 | 87,817 | 87,817 | ||||||||||||
Forward commitments to sell residential mortgage loans (accrued expenses and other liabilities) | Level 3 | 590 | 590 | 2,072 | 2,072 |
March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy Level | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||||||||||||||||
($ in Thousands) | |||||||||||||||||||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Level 1 | $ | 480,337 | $ | 480,337 | $ | 373,380 | $ | 373,380 | ||||||||||||||||||||||||||||||||
Interest-bearing deposits in other financial institutions | Level 1 | 176,440 | 176,440 | 207,624 | 207,624 | ||||||||||||||||||||||||||||||||||||
Federal funds sold and securities purchased under agreements to resell | Level 1 | 22,455 | 22,455 | 7,740 | 7,740 | ||||||||||||||||||||||||||||||||||||
Investment securities held to maturity, net | Level 1 | 999 | 1,041 | 999 | 1,018 | ||||||||||||||||||||||||||||||||||||
Investment securities held to maturity, net | Level 2 | 2,148,373 | 2,246,451 | 2,204,084 | 2,275,447 | ||||||||||||||||||||||||||||||||||||
Investment securities available for sale | Level 2 | 2,928,787 | 2,928,787 | 3,262,586 | 3,262,586 | ||||||||||||||||||||||||||||||||||||
Equity securities with readily determinable fair values | Level 1 | 1,618 | 1,618 | 1,646 | 1,646 | ||||||||||||||||||||||||||||||||||||
Equity securities without readily determinable fair values | Level 3 | 13,444 | 13,444 | 13,444 | 13,444 | ||||||||||||||||||||||||||||||||||||
FHLB and Federal Reserve Bank stocks | Level 2 | 222,922 | 222,922 | 227,347 | 227,347 | ||||||||||||||||||||||||||||||||||||
Residential loans held for sale | Level 2 | 366,330 | 366,330 | 136,280 | 136,280 | ||||||||||||||||||||||||||||||||||||
Commercial loans held for sale | Level 2 | — | — | 15,000 | 15,000 | ||||||||||||||||||||||||||||||||||||
Loans, net | Level 3 | 24,027,841 | 24,072,251 | 22,620,068 | 22,399,621 | ||||||||||||||||||||||||||||||||||||
Bank and corporate owned life insurance | Level 2 | 674,026 | 674,026 | 671,948 | 671,948 | ||||||||||||||||||||||||||||||||||||
Derivatives (other assets)(a) | Level 2 | 298,958 | 298,958 | 101,778 | 101,778 | ||||||||||||||||||||||||||||||||||||
Interest rate lock commitments to originate residential mortgage loans held for sale (other assets) | Level 3 | 12,454 | 12,454 | 2,527 | 2,527 | ||||||||||||||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts | Level 3 | $ | 23,028,235 | $ | 23,028,235 | $ | 21,156,261 | $ | 21,156,261 | ||||||||||||||||||||||||||||||||
Brokered CDs and other time deposits(b) | Level 2 | 2,633,345 | 2,650,937 | 2,622,803 | 2,622,803 | ||||||||||||||||||||||||||||||||||||
Short-term funding(c) | Level 2 | 166,654 | 166,654 | 465,113 | 465,113 | ||||||||||||||||||||||||||||||||||||
Long-term funding | Level 2 | 549,644 | 606,233 | 549,343 | 588,774 | ||||||||||||||||||||||||||||||||||||
FHLB advances | Level 2 | 3,214,194 | 3,394,222 | 3,180,967 | 3,207,793 | ||||||||||||||||||||||||||||||||||||
Standby letters of credit(d) | Level 2 | 2,644 | 2,644 | 2,710 | 2,710 | ||||||||||||||||||||||||||||||||||||
Derivatives (accrued expenses and other liabilities)(a) | Level 2 | 107,255 | 107,255 | 36,745 | 36,745 | ||||||||||||||||||||||||||||||||||||
Forward commitments to sell residential mortgage loans (accrued expenses and other liabilities) | Level 3 | 10,972 | 10,972 | 710 | 710 | ||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||
($ in Thousands) | 2020 | 2019 | |||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||||||||||||||
RAP | |||||||||||||||||||||||||||||
Service cost | $ | 2,165 | $ | 1,925 | |||||||||||||||||||||||||
Interest cost | 2,008 | 2,413 | |||||||||||||||||||||||||||
Expected return on plan assets | (6,405) | (6,075) | |||||||||||||||||||||||||||
Amortization of prior service cost | (19) | (19) | |||||||||||||||||||||||||||
Amortization of actuarial loss (gain) | 808 | 65 | |||||||||||||||||||||||||||
Total net periodic pension cost | $ | (1,444) | $ | (1,691) | |||||||||||||||||||||||||
Postretirement Plan | |||||||||||||||||||||||||||||
Interest cost | $ | 20 | $ | 26 | |||||||||||||||||||||||||
Amortization of prior service cost | (19) | (19) | |||||||||||||||||||||||||||
Amortization of actuarial loss (gain) | — | (1) | |||||||||||||||||||||||||||
Total net periodic benefit cost | $ | 1 | $ | 6 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
($ in Thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||
RAP | ||||||||||||||
Service cost | $ | 1,598 | $ | 1,885 | $ | 5,448 | $ | 5,670 | ||||||
Interest cost | 2,489 | 1,682 | 7,314 | 5,002 | ||||||||||
Expected return on plan assets | (6,099 | ) | (4,777 | ) | (18,249 | ) | (14,287 | ) | ||||||
Amortization of prior service cost | (18 | ) | (18 | ) | (55 | ) | (56 | ) | ||||||
Amortization of actuarial loss | 230 | 549 | 360 | 1,474 | ||||||||||
Total net periodic pension cost | $ | (1,800 | ) | $ | (680 | ) | $ | (5,183 | ) | $ | (2,197 | ) | ||
Bank Mutual Pension Plan | ||||||||||||||
Interest cost | N/A | $ | 654 | N/A | $ | 1,737 | ||||||||
Expected return on plan assets | N/A | (1,220 | ) | N/A | (2,812 | ) | ||||||||
Total net periodic pension cost | N/A | $ | (566 | ) | N/A | $ | (1,075 | ) | ||||||
Postretirement Plan | ||||||||||||||
Interest cost | $ | 26 | $ | 27 | $ | 78 | $ | 80 | ||||||
Amortization of prior service cost | (19 | ) | (19 | ) | (56 | ) | (56 | ) | ||||||
Amortization of actuarial loss | (1 | ) | 2 | (3 | ) | 6 | ||||||||
Total net periodic benefit cost | $ | 6 | $ | 11 | $ | 19 | $ | 30 |
Corporate and Commercial Specialty | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
($ in Thousands) | 2020 | 2019 | ||||||||||||||||||||||||||||||
Net interest income | $ | 113,478 | $ | 124,294 | ||||||||||||||||||||||||||||
Net intersegment interest income (expense) | (12,336) | (19,927) | ||||||||||||||||||||||||||||||
Segment net interest income | 101,141 | 104,368 | ||||||||||||||||||||||||||||||
Noninterest income | 34,802 | 27,394 | ||||||||||||||||||||||||||||||
Total revenue | 135,943 | 131,762 | ||||||||||||||||||||||||||||||
Credit provision | 13,174 | 13,833 | ||||||||||||||||||||||||||||||
Noninterest expense | 52,598 | 56,340 | ||||||||||||||||||||||||||||||
Income (loss) before income taxes | 70,172 | 61,589 | ||||||||||||||||||||||||||||||
Income tax expense (benefit) | 13,126 | 11,920 | ||||||||||||||||||||||||||||||
Net income | $ | 57,046 | $ | 49,669 | ||||||||||||||||||||||||||||
Allocated goodwill | $ | 530,144 | $ | 528,832 |
Community, Consumer, and Business | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
($ in Thousands) | 2020 | 2019 | ||||||||||||||||||||||||||||||
Net interest income | $ | 74,927 | $ | 79,686 | ||||||||||||||||||||||||||||
Net intersegment interest income (expense) | 18,685 | 20,747 | ||||||||||||||||||||||||||||||
Segment net interest income | 93,612 | 100,433 | ||||||||||||||||||||||||||||||
Noninterest income | 57,650 | 58,275 | ||||||||||||||||||||||||||||||
Total revenue | 151,262 | 158,708 | ||||||||||||||||||||||||||||||
Credit provision | 5,108 | 4,685 | ||||||||||||||||||||||||||||||
Noninterest expense | 116,431 | 112,917 | ||||||||||||||||||||||||||||||
Income (loss) before income taxes | 29,723 | 41,106 | ||||||||||||||||||||||||||||||
Income tax expense (benefit) | 6,242 | 8,632 | ||||||||||||||||||||||||||||||
Net income | $ | 23,481 | $ | 32,473 | ||||||||||||||||||||||||||||
Allocated goodwill | $ | 661,244 | $ | 640,112 | ||||||||||||||||||||||||||||
Risk Management and Shared Services | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
($ in Thousands) | 2020 | 2019 | ||||||||||||||||||||||||||||||
Net interest income | $ | 14,537 | $ | 11,567 | ||||||||||||||||||||||||||||
Net intersegment interest income (expense) | (6,349) | (821) | ||||||||||||||||||||||||||||||
Segment net interest income | 8,188 | 10,746 | ||||||||||||||||||||||||||||||
Noninterest income | 5,854 | 5,533 | ||||||||||||||||||||||||||||||
Total revenue | 14,042 | 16,280 | ||||||||||||||||||||||||||||||
Credit provision | 34,719 | (12,518) | ||||||||||||||||||||||||||||||
Noninterest expense(a) | 23,162 | 22,414 | ||||||||||||||||||||||||||||||
Income (loss) before income taxes | (43,838) | 6,384 | ||||||||||||||||||||||||||||||
Income tax expense (benefit) | (9,149) | 1,840 | ||||||||||||||||||||||||||||||
Net income | $ | (34,689) | $ | 4,543 | ||||||||||||||||||||||||||||
Allocated goodwill | $ | — | $ | — |
Corporate and Commercial Specialty | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | 2019 | 2018 | 2019 | 2018 | ($ in Thousands) | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 110,929 | $ | 113,298 | $ | 342,486 | $ | 339,718 | Net interest income | $ | 202,942 | $ | 215,547 | |||||||||||||||||||||||||||||||||||
Net intersegment interest income (expense) | (17,318 | ) | (13,018 | ) | (60,000 | ) | (36,151 | ) | Net intersegment interest income (expense) | — | — | |||||||||||||||||||||||||||||||||||||
Segment net interest income | 93,612 | 100,280 | 282,485 | 303,567 | Segment net interest income | 202,942 | 215,547 | |||||||||||||||||||||||||||||||||||||||||
Noninterest income | 13,452 | 12,280 | 39,215 | 39,156 | Noninterest income | 98,306 | 91,202 | |||||||||||||||||||||||||||||||||||||||||
Total revenue | 107,063 | 112,560 | 321,700 | 342,723 | Total revenue | 301,248 | 306,749 | |||||||||||||||||||||||||||||||||||||||||
Credit provision | 12,912 | 11,232 | 39,713 | 32,955 | Credit provision | 53,001 | 6,000 | |||||||||||||||||||||||||||||||||||||||||
Noninterest expense | 39,172 | 41,828 | 117,982 | 122,853 | Noninterest expense | 192,191 | 191,671 | |||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 54,979 | 59,500 | 164,005 | 186,914 | Income (loss) before income taxes | 56,056 | 109,078 | |||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 9,670 | 12,098 | 30,536 | 36,978 | Income tax expense (benefit) | 10,219 | 22,392 | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 45,309 | $ | 47,402 | $ | 133,469 | $ | 149,937 | Net income | $ | 45,838 | $ | 86,686 | |||||||||||||||||||||||||||||||||||
Allocated goodwill | $ | 525,836 | $ | 524,525 | Allocated goodwill | $ | 1,191,388 | $ | 1,168,944 |
Community, Consumer, and Business | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
($ in Thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Net interest income | $ | 81,517 | $ | 91,323 | $ | 254,463 | $ | 268,137 | ||||||||
Net intersegment interest income (expense) | 27,651 | 21,951 | 76,679 | 63,301 | ||||||||||||
Segment net interest income | 109,167 | 113,275 | 331,142 | 331,438 | ||||||||||||
Noninterest income | 81,133 | 73,838 | 233,692 | 224,124 | ||||||||||||
Total revenue | 190,300 | 187,113 | 564,834 | 555,562 | ||||||||||||
Credit provision | 5,008 | 5,280 | 15,007 | 15,125 | ||||||||||||
Noninterest expense | 137,761 | 139,627 | 406,984 | 405,129 | ||||||||||||
Income (loss) before income taxes | 47,532 | 42,206 | 142,843 | 135,307 | ||||||||||||
Income tax expense (benefit) | 9,982 | 8,863 | 30,003 | 28,415 | ||||||||||||
Net income | $ | 37,550 | $ | 33,343 | $ | 112,839 | $ | 106,893 | ||||||||
Allocated goodwill | $ | 650,394 | $ | 644,397 |
Risk Management and Shared Services | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
($ in Thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Net interest income | $ | 13,919 | $ | 14,770 | $ | 38,583 | $ | 47,770 | ||||||||
Net intersegment interest income (expense) | (10,333 | ) | (8,933 | ) | (16,679 | ) | (27,150 | ) | ||||||||
Segment net interest income | 3,586 | 5,837 | 21,905 | 20,620 | ||||||||||||
Noninterest income | 6,265 | 2,183 | 14,983 | 8,242 | ||||||||||||
Total revenue | 9,852 | 8,019 | 36,888 | 28,861 | ||||||||||||
Credit provision | (15,919 | ) | (21,512 | ) | (38,721 | ) | (49,081 | ) | ||||||||
Noninterest expense(a) | 23,981 | 22,959 | 65,399 | 100,654 | ||||||||||||
Income (loss) before income taxes | 1,790 | 6,572 | 10,209 | (22,712 | ) | |||||||||||
Income tax expense (benefit) | 1,295 | 1,388 | 1,816 | (10,460 | ) | |||||||||||
Net income | $ | 495 | $ | 5,185 | $ | 8,393 | $ | (12,252 | ) | |||||||
Allocated goodwill | $ | — | $ | — |
Consolidated Total | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
($ in Thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Net interest income | $ | 206,365 | $ | 219,392 | $ | 635,532 | $ | 655,625 | ||||||||
Net intersegment interest income (expense) | — | — | — | — | ||||||||||||
Segment net interest income | 206,365 | 219,392 | 635,532 | 655,625 | ||||||||||||
Noninterest income | 100,850 | 88,300 | 287,890 | 271,522 | ||||||||||||
Total revenue | 307,216 | 307,692 | 923,422 | 927,146 | ||||||||||||
Credit provision | 2,000 | (5,000 | ) | 16,000 | (1,000 | ) | ||||||||||
Noninterest expense | 200,930 | 204,413 | 590,380 | 628,636 | ||||||||||||
Income (loss) before income taxes | 104,286 | 108,279 | 317,042 | 299,510 | ||||||||||||
Income tax expense (benefit) | 20,947 | 22,349 | 62,356 | 54,932 | ||||||||||||
Net income | $ | 83,339 | $ | 85,929 | $ | 254,686 | $ | 244,578 | ||||||||
Allocated goodwill | $ | 1,176,230 | $ | 1,168,922 |
($ in Thousands) | ($ in Thousands) | Investment Securities Available For Sale | Defined Benefit Pension and Postretirement Obligations | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||
Balance December 31, 2019 | Balance December 31, 2019 | $ | 3,989 | $ | (37,172) | $ | (33,183) | |||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | Other comprehensive income (loss) before reclassifications | 26,419 | — | 26,419 | ||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||||||||||||||||||
Investment securities losses (gains), net | Investment securities losses (gains), net | (6,118) | — | (6,118) | ||||||||||||||||||||||||
Personnel expense | Personnel expense | — | (38) | (38) | ||||||||||||||||||||||||
Other expense | Other expense | — | 808 | 808 | ||||||||||||||||||||||||
($ in Thousands) | Investment Securities Available For Sale | Defined Benefit Pension and Post Retirement Obligations | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
Balance January 1, 2019 | $ | (75,643 | ) | $ | (49,330 | ) | $ | (124,972 | ) | |||||||||||||||||||
Interest income | Interest income | 556 | — | 556 | ||||||||||||||||||||||||
Income tax (expense) benefit | Income tax (expense) benefit | (5,225) | (193) | (5,418) | ||||||||||||||||||||||||
Net other comprehensive income (loss) during period | Net other comprehensive income (loss) during period | 15,632 | 577 | 16,209 | ||||||||||||||||||||||||
Balance March 31, 2020 | Balance March 31, 2020 | $ | 19,620 | $ | (36,595) | $ | (16,974) | |||||||||||||||||||||
Balance December 31, 2018 | Balance December 31, 2018 | $ | (75,643) | $ | (49,330) | $ | (124,972) | |||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 123,139 | — | 123,139 | Other comprehensive income (loss) before reclassifications | 30,490 | — | 30,490 | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||||||||||||||||||
Investment securities losses (gains), net | (5,931 | ) | — | (5,931 | ) | Investment securities losses (gains), net | (1,680) | — | (1,680) | |||||||||||||||||||
Personnel expense | — | (111 | ) | (111 | ) | Personnel expense | — | (38) | (38) | |||||||||||||||||||
Other expense | — | 357 | 357 | Other expense | — | 64 | 64 | |||||||||||||||||||||
Amortization of net unrealized (gains) losses on available for sale securities transferred to held to maturity securities | 279 | — | 279 | |||||||||||||||||||||||||
Interest income | Interest income | 69 | — | 69 | ||||||||||||||||||||||||
Income tax (expense) benefit | (29,651 | ) | (62 | ) | (29,713 | ) | Income tax (expense) benefit | (7,301) | (7) | (7,308) | ||||||||||||||||||
Net other comprehensive income (loss) during period | 87,836 | 184 | 88,020 | Net other comprehensive income (loss) during period | 21,578 | 20 | 21,597 | |||||||||||||||||||||
Balance September 30, 2019 | $ | 12,194 | $ | (49,146 | ) | $ | (36,953 | ) | ||||||||||||||||||||
Balance March 31, 2019 | Balance March 31, 2019 | $ | (54,065) | $ | (49,310) | $ | (103,375) | |||||||||||||||||||||
Balance January 1, 2018 | $ | (38,453 | ) | $ | (24,305 | ) | $ | (62,758 | ) | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (82,099 | ) | — | (82,099 | ) | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | ||||||||||||||||||||||||||||
Investment securities loss (gain), net | 1,985 | — | 1,985 | |||||||||||||||||||||||||
Personnel expense | — | (112 | ) | (112 | ) | |||||||||||||||||||||||
Other expense | — | 1,480 | 1,480 | |||||||||||||||||||||||||
Adjustment for adoption of ASU 2016-01 | (84 | ) | — | (84 | ) | |||||||||||||||||||||||
Adjustment for adoption of ASU 2018-02 | (8,419 | ) | (5,235 | ) | (13,654 | ) | ||||||||||||||||||||||
Amortization of net unrealized (gains) losses on available for sale securities transferred to held to maturity securities | (684 | ) | — | (684 | ) | |||||||||||||||||||||||
Income tax (expense) benefit | 20,796 | (390 | ) | 20,406 | ||||||||||||||||||||||||
Net other comprehensive income (loss) during period | (68,505 | ) | (4,257 | ) | (72,762 | ) | ||||||||||||||||||||||
Balance September 30, 2018 | $ | (106,958 | ) | $ | (28,562 | ) | $ | (135,520 | ) |
($ in Thousands) | Investments Securities Available For Sale | Defined Benefit Pension and Post Retirement Obligations | Accumulated Other Comprehensive Income (Loss) | ||||||||
Balance July 1, 2019 | $ | (9,773 | ) | $ | (49,290 | ) | $ | (59,063 | ) | ||
Other comprehensive income (loss) before reclassifications | 33,173 | — | 33,173 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||
Investment securities losses (gains), net | (3,788 | ) | — | (3,788 | ) | ||||||
Personnel expense | — | (36 | ) | (36 | ) | ||||||
Other expense | — | 229 | 229 | ||||||||
Amortization of net unrealized (gains) losses on available for sale securities transferred to held to maturity securities | (8 | ) | — | (8 | ) | ||||||
Income tax (expense) benefit | (7,410 | ) | (49 | ) | (7,458 | ) | |||||
Net other comprehensive income (loss) during period | 21,967 | 144 | 22,111 | ||||||||
Balance September 30, 2019 | $ | 12,194 | $ | (49,146 | ) | $ | (36,953 | ) | |||
Balance July 1, 2018 | $ | (90,986 | ) | $ | (28,902 | ) | $ | (119,888 | ) | ||
Other comprehensive income (loss) before reclassifications | (21,345 | ) | — | (21,345 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||
Investment securities loss (gain), net | (30 | ) | — | (30 | ) | ||||||
Personnel expense | — | (37 | ) | (37 | ) | ||||||
Other expense | — | 551 | 551 | ||||||||
Amortization of net unrealized (gains) losses on available for sale securities transferred to held to maturity securities | (52 | ) | — | (52 | ) | ||||||
Income tax (expense) benefit | 5,456 | (174 | ) | 5,282 | |||||||
Net other comprehensive income (loss) during period | (15,971 | ) | 340 | (15,631 | ) | ||||||
Balance September 30, 2018 | $ | (106,958 | ) | $ | (28,562 | ) | $ | (135,520 | ) |
Corporate and Commercial Specialty | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
($ in Thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||
Service charges and deposit account fees | $ | 3,182 | $ | 3,669 | $ | 9,765 | $ | 11,680 | |||||
Card-based fees(a) | 336 | 353 | 1,001 | 1,014 | |||||||||
Other revenue | 809 | 88 | (475 | ) | (69 | ) | |||||||
Noninterest Income (in-scope of Topic 606) | $ | 4,326 | $ | 4,109 | $ | 10,291 | $ | 12,625 | |||||
Noninterest Income (out-of-scope of Topic 606) | 9,125 | 8,171 | 28,924 | 26,531 | |||||||||
Total Noninterest Income | $ | 13,452 | $ | 12,280 | $ | 39,215 | $ | 39,156 | |||||
Community, Consumer, and Business | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
($ in Thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||
Insurance commissions and fees | $ | 21,041 | $ | 21,677 | $ | 69,483 | $ | 68,289 | |||||
Wealth management fees(b) | 21,015 | 21,224 | 61,885 | 61,932 | |||||||||
Service charges and deposit account fees | 13,367 | 13,210 | 37,293 | 37,984 | |||||||||
Card-based fees(a) | 10,120 | 9,489 | 28,829 | 28,449 | |||||||||
Other revenue | 2,803 | 2,918 | 8,175 | 8,411 | |||||||||
Noninterest Income (in-scope of Topic 606) | $ | 68,346 | $ | 68,518 | $ | 205,666 | $ | 205,065 | |||||
Noninterest Income (out-of-scope of Topic 606) | 12,787 | 5,320 | 28,026 | 19,059 | |||||||||
Total Noninterest Income | $ | 81,133 | $ | 73,838 | $ | 233,692 | $ | 224,124 |
Risk Management and Shared Services | Corporate and Commercial Specialty | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||
($ in Thousands) | 2019 | 2018 | 2019 | 2018 | ($ in Thousands) | 2020 | 2019 | ||||||||||||||||||||||||||
Insurance commissions and fees | $ | (87 | ) | $ | (41 | ) | $ | (80 | ) | $ | (9 | ) | Insurance commissions and fees | $ | 76 | $ | 125 | ||||||||||||||||
Wealth management fees(b) | — | — | — | 267 | |||||||||||||||||||||||||||||
Wealth management fees(a) | Wealth management fees(a) | 15,806 | 15,099 | ||||||||||||||||||||||||||||||
Service charges and deposit account fees | 12 | 25 | 44 | 50 | Service charges and deposit account fees | 3,551 | 3,498 | ||||||||||||||||||||||||||
Card-based fees(a) | 45 | (15 | ) | 143 | (9 | ) | |||||||||||||||||||||||||||
Card-based fees(b) | Card-based fees(b) | 515 | 434 | ||||||||||||||||||||||||||||||
Other revenue | 71 | 122 | 310 | 282 | Other revenue | 788 | 293 | ||||||||||||||||||||||||||
Noninterest Income (in-scope of Topic 606) | $ | 41 | $ | 91 | $ | 417 | $ | 580 | Noninterest Income (in-scope of Topic 606) | $ | 20,736 | $ | 19,449 | ||||||||||||||||||||
Noninterest Income (out-of-scope of Topic 606) | 6,224 | 2,092 | 14,567 | 7,662 | Noninterest Income (out-of-scope of Topic 606) | 14,066 | 7,945 | ||||||||||||||||||||||||||
Total Noninterest Income | $ | 6,265 | $ | 2,183 | $ | 14,983 | $ | 8,242 | Total Noninterest Income | $ | 34,802 | $ | 27,394 | ||||||||||||||||||||
Consolidated Total | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
Community, Consumer, and Business | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||
($ in Thousands) | 2019 | 2018 | 2019 | 2018 | ($ in Thousands) | 2020 | 2019 | ||||||||||||||||||||||||||
Insurance commissions and fees | $ | 20,954 | $ | 21,636 | $ | 69,403 | $ | 68,279 | Insurance commissions and fees | $ | 22,529 | $ | 25,336 | ||||||||||||||||||||
Wealth management fees(b) | 21,015 | 21,224 | 61,885 | 62,198 | |||||||||||||||||||||||||||||
Wealth management fees(a) | Wealth management fees(a) | 5,010 | 5,080 | ||||||||||||||||||||||||||||||
Service charges and deposit account fees | 16,561 | 16,904 | 47,102 | 49,714 | Service charges and deposit account fees | 11,665 | 11,599 | ||||||||||||||||||||||||||
Card-based fees(a) | 10,501 | 9,826 | 29,973 | 29,454 | |||||||||||||||||||||||||||||
Card-based fees(b) | Card-based fees(b) | 9,045 | 8,812 | ||||||||||||||||||||||||||||||
Other revenue | 3,683 | 3,128 | 8,010 | 8,624 | Other revenue | 2,286 | 2,271 | ||||||||||||||||||||||||||
Noninterest Income (in-scope of Topic 606) | $ | 72,713 | $ | 72,718 | $ | 216,373 | $ | 218,270 | Noninterest Income (in-scope of Topic 606) | $ | 50,535 | $ | 53,098 | ||||||||||||||||||||
Noninterest Income (out-of-scope of Topic 606) | 28,137 | 15,583 | 71,517 | 53,252 | Noninterest Income (out-of-scope of Topic 606) | 7,115 | 5,177 | ||||||||||||||||||||||||||
Total Noninterest Income | $ | 100,850 | $ | 88,300 | $ | 287,890 | $ | 271,522 | Total Noninterest Income | $ | 57,650 | $ | 58,275 |
Risk Management and Shared Services | ||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
($ in Thousands) | 2020 | 2019 | ||||||||||||||||||
Insurance commissions and fees | $ | 3 | $ | 3 | ||||||||||||||||
Wealth management fees(a) | — | — | ||||||||||||||||||
Service charges and deposit account fees | 5 | 19 | ||||||||||||||||||
Card-based fees(b) | 47 | 49 | ||||||||||||||||||
Other revenue | 23 | 120 | ||||||||||||||||||
Noninterest Income (in-scope of Topic 606) | $ | 77 | $ | 191 | ||||||||||||||||
Noninterest Income (out-of-scope of Topic 606) | 5,777 | 5,342 | ||||||||||||||||||
Total Noninterest Income | $ | 5,854 | $ | 5,533 | ||||||||||||||||
Consolidated Total | ||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
($ in Thousands) | 2020 | 2019 | ||||||||||||||||||
Insurance commissions and fees | $ | 22,608 | $ | 25,464 | ||||||||||||||||
Wealth management fees(a) | 20,816 | 20,180 | ||||||||||||||||||
Service charges and deposit account fees | 15,222 | 15,115 | ||||||||||||||||||
Card-based fees(b) | 9,607 | 9,295 | ||||||||||||||||||
Other revenue | 3,096 | 2,684 | ||||||||||||||||||
Noninterest Income (in-scope of Topic 606) | $ | 71,348 | $ | 72,738 | ||||||||||||||||
Noninterest Income (out-of-scope of Topic 606) | 26,958 | 18,465 | ||||||||||||||||||
Total Noninterest Income | $ | 98,306 | $ | 91,202 |
Revenue Stream | Noninterest income in-scope of Topic 606 | |||||||
Insurance commissions and fees | The Corporation's insurance revenue has two distinct performance obligations. The first performance obligation is the selling of the policy as an agent for the carrier. This performance obligation is satisfied upon binding of the policy. The second performance obligation is the ongoing servicing of the policy which is satisfied over the life of the policy. For employee benefits, the payment is typically received monthly. For property and casualty, payments can vary, but are typically received at, or in advance, of the policy period. | |||||||
Service charges and deposit account fees | Service charges | |||||||
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 commissions and fees(b) | Brokerage commissions and fees primarily consist 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. Payments for these services are typically received immediately or in advance of the service. |
($ in Thousands) | Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||
Operating Lease Costs | $ | 2,708 | $ | 8,502 | ||
Operating Lease Cash Flows | 2,968 | 8,538 |
($ in Thousands) | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | |||||||||
Operating Lease Costs | $ | 2,623 | $ | 2,905 | |||||||
Finance Lease Costs | 36 | — | |||||||||
Operating Lease Cash Flows | 2,731 | 2,809 | |||||||||
Finance Lease Cash Flows | 21 | — |
September 30, 2019 | ||||
($ in Thousands) | Amount | Consolidated Balance Sheets Category | ||
Operating lease right-of-use asset | $ | 48,127 | Premises and equipment | |
Finance lease right-of-use asset | — | Other assets | ||
Operating lease liability | 52,011 | Accrued expenses and other liabilities | ||
Finance lease liability | — | Other long-term funding |
March 31, 2020 | December 31, 2019 | |||||||||||||
($ in Thousands) | Consolidated Balance Sheets Category | Amount | ||||||||||||
Operating lease right-of-use asset | Premises and equipment | $ | 43,321 | $ | 45,381 | |||||||||
Finance lease right-of-use asset | Other assets | 2,174 | 2,188 | |||||||||||
Operating lease liability | Accrued expenses and other liabilities | 47,136 | 49,292 | |||||||||||
Finance lease liability | Other long-term funding | 2,210 | 2,209 |
September 30, 2019 | ||||||
($ in Thousands) | Lease payments | Weighted-average lease term (in years) | Weighted-average discount rate | |||
Operating leases | ||||||
Equipment | $ | 66 | 1.08 | 2.72 | % | |
Retail and corporate offices | 54,202 | 6.63 | 3.36 | % | ||
Land | 6,425 | 12.11 | 3.34 | % | ||
Total operating leases | $ | 60,693 | 7.40 | 3.36 | % |
March 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 | $ | 37 | 0.81 | 2.72 | % | $ | 46 | 0.83 | 2.72 | % | ||||||||||||||||||||||
Retail and corporate offices | 46,476 | 6.37 | 3.34 | % | 48,940 | 6.49 | 3.34 | % | ||||||||||||||||||||||||
Land | 6,533 | 9.32 | 3.20 | % | 6,594 | 9.57 | 3.21 | % | ||||||||||||||||||||||||
Total operating leases | $ | 53,046 | 6.71 | 3.33 | % | $ | 55,580 | 6.83 | 3.32 | % | ||||||||||||||||||||||
Finance leases | ||||||||||||||||||||||||||||||||
Land | $ | 4,805 | 39.42 | 3.99 | % | $ | 4,827 | 39.67 | 3.99 | % | ||||||||||||||||||||||
Total finance leases | $ | 4,805 | 39.42 | 3.99 | % | $ | 4,827 | 39.67 | 3.99 | % |
($ in Thousands) | Operating Leases | Finance Leases | Amount | ||||||||
Nine Months Ending December 31, 2020 | $ | 7,992 | $ | 64 | $ | 8,056 | |||||
2021 | 10,203 | 85 | 10,288 | ||||||||
2022 | 7,914 | 85 | 7,999 | ||||||||
2023 | 5,696 | 85 | 5,781 | ||||||||
2024 | 5,058 | 88 | 5,147 | ||||||||
Beyond 2024 | 16,183 | 4,398 | 20,581 | ||||||||
Total lease payments | 53,046 | 4,805 | 57,851 | ||||||||
Less: interest | 5,910 | 2,595 | 8,506 | ||||||||
Present value of lease payments | $ | 47,136 | $ | 2,210 | $ | 49,345 |
($ in Thousands) | Amount | ||
Three Months Ending December 31, 2019 | $ | 4,070 | |
2020 | 10,520 | ||
2021 | 9,828 | ||
2022 | 7,578 | ||
2023 | 5,450 | ||
Beyond 2023 | 23,248 | ||
Total lease payments | 60,693 | ||
Less: interest | 8,682 | ||
Present value of lease payments | $ | 52,011 |
ITEM 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations |
($ in Thousands, except per share data) | 1Q20 | 4Q19 | 3Q19 | 2Q19 | 1Q19 | ||||||||||||||||||
Net income | $ | 45,838 | $ | 72,103 | $ | 83,339 | $ | 84,661 | $ | 86,686 | |||||||||||||
Net income available to common equity | 42,037 | 68,303 | 79,539 | 80,860 | 82,885 | ||||||||||||||||||
Earnings per common share - basic | 0.27 | 0.43 | 0.50 | 0.49 | 0.50 | ||||||||||||||||||
Earnings per common share - diluted | 0.27 | 0.43 | 0.49 | 0.49 | 0.50 | ||||||||||||||||||
Effective tax rate | 18.23 | % | 19.41 | % | 20.09 | % | 18.34 | % | 20.53 | % |
($ in Thousands, except per share data) | YTD 2019 | YTD 2018 | 3Q19 | 2Q19 | 1Q19 | 4Q18 | 3Q18 | ||||||||||||||
Net income | $ | 254,686 | $ | 244,578 | $ | 83,339 | $ | 84,661 | $ | 86,686 | $ | 88,985 | $ | 85,929 | |||||||
Net income available to common equity | 243,285 | 237,501 | 79,539 | 80,860 | 82,885 | 85,278 | 83,521 | ||||||||||||||
Earnings per common share - basic | 1.49 | 1.40 | 0.50 | 0.49 | 0.50 | 0.52 | 0.49 | ||||||||||||||
Earnings per common share - diluted | 1.48 | 1.38 | 0.49 | 0.49 | 0.50 | 0.51 | 0.48 | ||||||||||||||
Effective tax rate | 19.67 | % | 18.34 | % | 20.09 | % | 18.34 | % | 20.53 | % | 21.83 | % | 20.64 | % |
Nine Months Ended September 30, | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | March 31, 2020 | December 31, 2019 | March 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earning assets | Earning assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans(a)(b)(c) | Loans(a)(b)(c) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and business lending | $ | 8,500,475 | $ | 299,621 | 4.71 | % | $ | 7,652,096 | $ | 252,727 | 4.42 | % | Commercial and business lending | $ | 8,380,113 | $ | 80,217 | 3.85 | % | $ | 8,208,076 | $ | 85,418 | 4.13 | % | $ | 8,376,163 | $ | 100,298 | 4.85 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate lending | 5,135,447 | 196,005 | 5.10 | % | 5,508,720 | 201,573 | 4.89 | % | Commercial real estate lending | 5,329,568 | 57,499 | 4.34 | % | 5,195,025 | 59,490 | 4.55 | % | 5,117,926 | 65,512 | 5.19 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | 13,635,922 | 495,626 | 4.86 | % | 13,160,815 | 454,300 | 4.61 | % | Total commercial | 13,709,681 | 137,716 | 4.04 | % | 13,403,101 | 144,908 | 4.29�� | % | 13,494,089 | 165,810 | 4.98 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 8,360,481 | 215,329 | 3.43 | % | 8,259,305 | 208,656 | 3.37 | % | Residential mortgage | 8,404,351 | 69,961 | 3.33 | % | 8,167,795 | 66,805 | 3.27 | % | 8,366,452 | 73,981 | 3.54 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | 1,240,793 | 58,517 | 6.29 | % | 1,269,050 | 54,623 | 5.74 | % | Retail | 1,194,586 | 17,473 | 5.86 | % | 1,212,438 | 18,422 | 6.06 | % | 1,242,973 | 19,355 | 6.26 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | 23,237,195 | 769,472 | 4.42 | % | 22,689,170 | 717,579 | 4.22 | % | Total loans | 23,308,618 | 225,149 | 3.88 | % | 22,783,334 | 230,135 | 4.02 | % | 23,103,514 | 259,147 | 4.53 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities | Investment securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | 4,507,586 | 79,248 | 2.34 | % | 5,460,873 | 90,622 | 2.21 | % | Taxable | 3,460,224 | 20,272 | 2.34 | % | 3,624,465 | 21,056 | 2.32 | % | 4,977,866 | 29,053 | 2.34 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt(a) | 1,902,768 | 53,687 | 3.76 | % | 1,480,426 | 40,173 | 3.62 | % | Tax-exempt(a) | 1,974,247 | 18,603 | 3.77 | % | 1,929,374 | 18,269 | 3.79 | % | 1,845,352 | 17,270 | 3.74 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other short-term investments | 523,010 | 13,086 | 3.34 | % | 430,468 | 9,366 | 2.91 | % | Other short-term investments | 473,604 | 3,304 | 2.81 | % | 445,869 | 3,556 | 3.17 | % | 468,449 | 4,226 | 3.65 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments and other | 6,933,364 | 146,022 | 2.80 | % | 7,371,767 | 140,161 | 2.54 | % | Investments and other | 5,908,075 | 42,179 | 2.86 | % | 5,999,708 | 42,881 | 2.86 | % | 7,291,666 | 50,549 | 2.78 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total earning assets | 30,170,560 | $ | 915,493 | 4.05 | % | 30,060,938 | $ | 857,740 | 3.81 | % | Total earning assets | 29,216,693 | $ | 267,329 | 3.67 | % | 28,783,042 | $ | 273,015 | 3.78 | % | 30,395,180 | $ | 309,695 | 4.11 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets, net (d) | 3,167,352 | 2,941,853 | Other assets, net(d) | 3,360,311 | 3,399,141 | 3,028,702 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 33,337,911 | $ | 33,002,790 | Total assets | $ | 32,577,005 | $ | 32,182,183 | $ | 33,423,882 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Stockholders' equity | Liabilities and Stockholders' equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | Interest-bearing liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | $ | 2,347,428 | $ | 5,000 | 0.28 | % | $ | 1,839,801 | $ | 739 | 0.05 | % | Savings | $ | 2,868,840 | $ | 1,800 | 0.25 | % | $ | 2,714,191 | $ | 2,086 | 0.30 | % | $ | 2,098,834 | $ | 1,150 | 0.22 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | 5,061,561 | 45,284 | 1.20 | % | 4,744,503 | 30,904 | 0.87 | % | Interest-bearing demand | 5,307,230 | 8,755 | 0.66 | % | 5,138,116 | 11,458 | 0.88 | % | 4,739,662 | 13,920 | 1.19 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market | 7,144,999 | 60,509 | 1.13 | % | 7,318,400 | 38,042 | 0.69 | % | Money market | 6,538,658 | 10,806 | 0.66 | % | 6,594,681 | 13,959 | 0.84 | % | 7,388,174 | 20,786 | 1.14 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Network transaction deposits | 2,003,179 | 36,228 | 2.42 | % | 2,168,209 | 28,308 | 1.75 | % | Network transaction deposits | 1,434,128 | 4,601 | 1.29 | % | 1,438,908 | 6,295 | 1.74 | % | 2,225,027 | 13,626 | 2.48 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 3,257,930 | 44,388 | 1.82 | % | 2,753,832 | 23,966 | 1.16 | % | Time deposits | 2,636,231 | 10,703 | 1.63 | % | 2,746,978 | 12,080 | 1.74 | % | 3,121,960 | 13,291 | 1.73 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 19,815,097 | 191,408 | 1.29 | % | 18,824,746 | 121,959 | 0.87 | % | Total interest-bearing deposits | 18,785,088 | 36,666 | 0.79 | % | 18,632,874 | 45,877 | 0.98 | % | 19,573,656 | 62,773 | 1.30 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 124,428 | 1,058 | 1.14 | % | 255,371 | 1,564 | 0.82 | % | Federal funds purchased and securities sold under agreements to repurchase | 194,406 | 368 | 0.76 | % | 176,999 | 521 | 1.17 | % | 177,361 | 627 | 1.43 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial paper | 33,610 | 121 | 0.48 | % | 60,979 | 150 | 0.33 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other short-term funding | Other short-term funding | 51,278 | 39 | 0.30 | % | 27,708 | 28 | 0.40 | % | 41,640 | 51 | 0.50 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances | 3,172,606 | 53,194 | 2.24 | % | 4,078,588 | 53,720 | 1.76 | % | FHLB advances | 3,231,999 | 17,626 | 2.19 | % | 2,909,462 | 16,623 | 2.27 | % | 3,639,660 | 19,554 | 2.18 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term funding | 796,165 | 22,188 | 3.72 | % | 550,888 | 15,183 | 3.67 | % | Long-term funding | 549,465 | 5,604 | 4.08 | % | 585,024 | 5,918 | 4.05 | % | 795,757 | 7,396 | 3.72 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total short and long-term funding | 4,126,810 | 76,560 | 2.48 | % | 4,945,826 | 70,617 | 1.91 | % | Total short and long-term funding | 4,027,149 | 23,637 | 2.36 | % | 3,699,192 | 23,090 | 2.48 | % | 4,654,418 | 27,628 | 2.40 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 23,941,907 | $ | 267,969 | 1.50 | % | 23,770,572 | $ | 192,576 | 1.08 | % | Total interest-bearing liabilities | 22,812,237 | $ | 60,303 | 1.06 | % | 22,332,066 | $ | 68,967 | 1.23 | % | 24,228,074 | $ | 90,401 | 1.51 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 5,133,573 | 5,176,858 | Noninterest-bearing demand deposits | 5,506,861 | 5,470,496 | 4,982,553 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities (d) | 404,941 | 381,237 | Other liabilities(d) | 416,107 | 465,081 | 398,125 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 3,857,490 | 3,674,125 | Stockholders’ equity | 3,841,800 | 3,914,539 | 3,815,130 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 33,337,911 | $ | 33,002,790 | Total liabilities and stockholders’ equity | $ | 32,577,005 | $ | 32,182,183 | $ | 33,423,882 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | 2.55 | % | 2.73 | % | Interest rate spread | 2.61 | % | 2.55 | % | 2.60 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net free funds | 0.31 | % | 0.22 | % | Net free funds | 0.23 | % | 0.28 | % | 0.30 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fully tax-equivalent net interest income and net interest margin ("NIM") | $ | 647,525 | 2.86 | % | $ | 665,164 | 2.95 | % | Fully tax-equivalent net interest income and net interest margin ("NIM") | $ | 207,026 | 2.84 | % | $ | 204,048 | 2.83 | % | $ | 219,294 | 2.90 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fully tax-equivalent adjustment | 11,993 | 9,539 | Fully tax-equivalent adjustment | 4,084 | 3,906 | 3,747 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 635,532 | $ | 655,625 | Net interest income | $ | 202,942 | $ | 200,142 | $ | 215,547 |
Three Months Ended | ||||||||||||||||||||||||||
September 30, 2019 | June 30, 2019 | September 30, 2018 | ||||||||||||||||||||||||
($ 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 | ||||||||||||||||||||||||||
Earning assets | ||||||||||||||||||||||||||
Loans(a)(b)(c) | ||||||||||||||||||||||||||
Commercial and business lending | $ | 8,502,268 | $ | 96,327 | 4.49 | % | $ | 8,621,609 | $ | 103,029 | 4.79 | % | $ | 7,938,739 | $ | 91,250 | 4.56 | % | ||||||||
Commercial real estate lending | 5,157,031 | 64,058 | 4.92 | % | 5,130,954 | 66,522 | 5.19 | % | 5,420,680 | 68,020 | 4.98 | % | ||||||||||||||
Total commercial | 13,659,299 | 160,386 | 4.66 | % | 13,752,563 | 169,551 | 4.94 | % | 13,359,419 | 159,270 | 4.73 | % | ||||||||||||||
Residential mortgage | 8,337,230 | 68,656 | 3.29 | % | 8,378,082 | 72,692 | 3.47 | % | 8,333,303 | 71,926 | 3.45 | % | ||||||||||||||
Retail | 1,255,540 | 20,066 | 6.38 | % | 1,223,726 | 19,095 | 6.25 | % | 1,280,996 | 18,859 | 5.87 | % | ||||||||||||||
Total loans | 23,252,068 | 249,108 | 4.26 | % | 23,354,371 | 261,338 | 4.48 | % | 22,973,717 | 250,055 | 4.33 | % | ||||||||||||||
Investment securities | ||||||||||||||||||||||||||
Taxable | 4,032,027 | 23,485 | 2.33 | % | 4,523,260 | 26,710 | 2.36 | % | 5,290,859 | 29,895 | 2.26 | % | ||||||||||||||
Tax-exempt(a) | 1,918,661 | 18,114 | 3.78 | % | 1,943,485 | 18,304 | 3.77 | % | 1,627,715 | 14,973 | 3.68 | % | ||||||||||||||
Other short-term investments | 619,334 | 4,865 | 3.12 | % | 479,590 | 3,995 | 3.34 | % | 582,578 | 4,036 | 2.75 | % | ||||||||||||||
Investments and other | 6,570,022 | 46,464 | 2.81 | % | 6,946,335 | 49,009 | 2.81 | % | 7,501,152 | 48,905 | 2.61 | % | ||||||||||||||
Total earning assets | 29,822,090 | $ | 295,572 | 3.94 | % | 30,300,707 | $ | 310,347 | 4.10 | % | 30,474,870 | $ | 298,959 | 3.91 | % | |||||||||||
Other assets, net(d) | 3,331,910 | 3,138,111 | 3,005,120 | |||||||||||||||||||||||
Total assets | $ | 33,154,000 | $ | 33,438,818 | $ | 33,479,990 | ||||||||||||||||||||
Liabilities and Stockholders' equity | ||||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||||
Interest-bearing deposits | ||||||||||||||||||||||||||
Savings | $ | 2,618,188 | $ | 2,164 | 0.33 | % | $ | 2,319,556 | $ | 1,686 | 0.29 | % | $ | 1,901,960 | $ | 327 | 0.07 | % | ||||||||
Interest-bearing demand | 5,452,674 | 16,055 | 1.17 | % | 4,984,511 | 15,309 | 1.23 | % | 4,988,694 | 13,169 | 1.05 | % | ||||||||||||||
Money market | 6,933,230 | 18,839 | 1.08 | % | 7,118,594 | 20,883 | 1.18 | % | 7,546,059 | 16,212 | 0.85 | % | ||||||||||||||
Network transaction deposits | 1,764,961 | 10,147 | 2.28 | % | 2,024,604 | 12,456 | 2.47 | % | 1,969,915 | 10,027 | 2.02 | % | ||||||||||||||
Time deposits | 3,107,670 | 14,381 | 1.84 | % | 3,544,317 | 16,717 | 1.89 | % | 2,978,314 | 10,382 | 1.38 | % | ||||||||||||||
Total interest-bearing deposits | 19,876,723 | 61,585 | 1.23 | % | 19,991,581 | 67,050 | 1.35 | % | 19,384,942 | 50,116 | 1.03 | % | ||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 81,285 | 145 | 0.71 | % | 115,694 | 286 | 0.99 | % | 231,308 | 504 | 0.86 | % | ||||||||||||||
Commercial paper | 28,721 | 33 | 0.45 | % | 30,612 | 37 | 0.49 | % | 43,911 | 38 | 0.35 | % | ||||||||||||||
FHLB advances | 2,716,946 | 15,896 | 2.32 | % | 3,171,353 | 17,744 | 2.24 | % | 3,690,687 | 19,318 | 2.08 | % | ||||||||||||||
Long-term funding | 796,561 | 7,396 | 3.71 | % | 796,169 | 7,396 | 3.72 | % | 656,055 | 6,095 | 3.72 | % | ||||||||||||||
Total short and long-term funding | 3,623,513 | 23,469 | 2.58 | % | 4,113,829 | 25,463 | 2.48 | % | 4,621,961 | 25,956 | 2.23 | % | ||||||||||||||
Total interest-bearing liabilities | 23,500,235 | $ | 85,054 | 1.44 | % | 24,105,410 | $ | 92,513 | 1.54 | % | 24,006,903 | $ | 76,072 | 1.26 | % | |||||||||||
Noninterest-bearing demand deposits | 5,324,481 | 5,089,928 | 5,310,977 | |||||||||||||||||||||||
Other liabilities(d) | 425,810 | 390,585 | 400,570 | |||||||||||||||||||||||
Stockholders’ equity | 3,903,474 | 3,852,894 | 3,761,541 | |||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 33,154,000 | $ | 33,438,818 | $ | 33,479,990 | ||||||||||||||||||||
Interest rate spread | 2.50 | % | 2.56 | % | 2.65 | % | ||||||||||||||||||||
Net free funds | 0.31 | % | 0.31 | % | 0.27 | % | ||||||||||||||||||||
Fully tax-equivalent net interest income and net interest margin ("NIM") | $ | 210,517 | 2.81 | % | $ | 217,834 | 2.87 | % | $ | 222,887 | 2.92 | % | ||||||||||||||
Fully tax-equivalent adjustment | 4,152 | 4,215 | 3,496 | |||||||||||||||||||||||
Net interest income | $ | 206,365 | $ | 213,619 | $ | 219,392 |
3Q19 Change vs | 1Q20 Change vs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | YTD 3Q19 | YTD 3Q18 | YTD % Change | 3Q19 | 2Q19 | 1Q19 | 4Q18 | 3Q18 | 2Q19 | 3Q18 | ($ in Thousands) | 1Q20 | 4Q19 | 3Q19 | 2Q19 | 1Q19 | 4Q19 | 1Q19 | ||||||||||||||||||||||||||||||||||||||||||||
Insurance commissions and fees | $ | 69,403 | $ | 68,279 | 2 | % | $ | 20,954 | $ | 22,985 | $ | 25,464 | $ | 21,232 | $ | 21,636 | (9 | )% | (3 | )% | Insurance commissions and fees | $ | 22,608 | $ | 19,701 | $ | 20,954 | $ | 22,985 | $ | 25,464 | 15 | % | (11) | % | |||||||||||||||||||||||||||
Wealth management fees(a) | 61,885 | 62,198 | (1 | )% | 21,015 | 20,691 | 20,180 | 20,364 | 21,224 | 2 | % | (1 | )% | Wealth management fees(a) | 20,816 | 21,582 | 21,015 | 20,691 | 20,180 | (4) | % | 3 | % | |||||||||||||||||||||||||||||||||||||||
Service charges and deposit account fees | 47,102 | 49,714 | (5 | )% | 16,561 | 15,426 | 15,115 | 16,361 | 16,904 | 7 | % | (2 | )% | Service charges and deposit account fees | 15,222 | 16,032 | 16,561 | 15,426 | 15,115 | (5) | % | 1 | % | |||||||||||||||||||||||||||||||||||||||
Card-based fees | 29,848 | 29,341 | 2 | % | 10,456 | 10,131 | 9,261 | 10,316 | 9,783 | 3 | % | 7 | % | Card-based fees | 9,597 | 9,906 | 10,456 | 10,131 | 9,261 | (3) | % | 4 | % | |||||||||||||||||||||||||||||||||||||||
Other fee-based revenue | 14,246 | 12,559 | 13 | % | 5,085 | 5,178 | 3,983 | 5,260 | 4,307 | (2 | )% | 18 | % | Other fee-based revenue | 4,497 | 4,696 | 5,085 | 5,178 | 3,983 | (4) | % | 13 | % | |||||||||||||||||||||||||||||||||||||||
Total fee-based revenue | 222,485 | 222,091 | — | % | 74,071 | 74,411 | 74,003 | 73,533 | 73,854 | — | % | — | % | Total fee-based revenue | 72,740 | 71,918 | 74,071 | 74,411 | 74,003 | 1 | % | (2) | % | |||||||||||||||||||||||||||||||||||||||
Capital markets, net | 12,215 | 15,189 | (20 | )% | 4,300 | 4,726 | 3,189 | 4,931 | 5,099 | (9 | )% | (16 | )% | Capital markets, net | 7,935 | 7,647 | 4,300 | 4,726 | 3,189 | 4 | % | 149 | % | |||||||||||||||||||||||||||||||||||||||
Mortgage banking income | 34,045 | 23,114 | 47 | % | 14,273 | 12,246 | 7,526 | 5,846 | 6,444 | 17 | % | 121 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights expense | 8,926 | 6,474 | 38 | % | 3,333 | 2,779 | 2,814 | 2,575 | 2,432 | 20 | % | 37 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing fees, net(b) | Mortgage servicing fees, net(b) | 2,062 | 2,104 | 2,473 | 2,787 | 2,777 | (2) | % | (26) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains (losses) and fair value adjustments on loans held for sale | Gains (losses) and fair value adjustments on loans held for sale | 9,756 | 4,542 | 4,043 | 6,704 | 2,056 | 115 | % | N/M | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value adjustment on portfolio loans transferred to held for sale | Fair value adjustment on portfolio loans transferred to held for sale | 3,423 | — | 4,456 | — | — | N/M | N/M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights (impairment) recovery | Mortgage servicing rights (impairment) recovery | (9,098) | 114 | (31) | (24) | (121) | N/M | N/M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking, net | 25,118 | 16,640 | 51 | % | 10,940 | 9,466 | 4,712 | 3,271 | 4,012 | 16 | % | 173 | % | Mortgage banking, net | 6,143 | 6,760 | 10,940 | 9,466 | 4,712 | (9) | % | 30 | % | |||||||||||||||||||||||||||||||||||||||
Bank and corporate owned life insurance | 11,482 | 10,705 | 7 | % | 4,337 | 3,352 | 3,792 | 3,247 | 3,540 | 29 | % | 23 | % | Bank and corporate owned life insurance | 3,094 | 3,364 | 4,337 | 3,352 | 3,792 | (8) | % | (18) | % | |||||||||||||||||||||||||||||||||||||||
Other | 8,344 | 7,529 | 11 | % | 2,537 | 2,547 | 3,260 | 1,522 | 2,802 | — | % | (9 | )% | Other | 2,352 | 2,822 | 2,537 | 2,547 | 3,260 | (17) | % | (28) | % | |||||||||||||||||||||||||||||||||||||||
Subtotal | 279,644 | 272,154 | 3 | % | 96,185 | 94,504 | 88,956 | 86,504 | 89,307 | 2 | % | 8 | % | Subtotal | 92,264 | 92,510 | 96,185 | 94,504 | 88,956 | — | % | 4 | % | |||||||||||||||||||||||||||||||||||||||
Asset gains (losses), net(b) | 2,316 | 1,353 | 71 | % | 877 | 871 | 567 | (2,456 | ) | (1,037 | ) | 1 | % | N/M | ||||||||||||||||||||||||||||||||||||||||||||||||
Asset gains (losses), net(c) | Asset gains (losses), net(c) | (77) | 398 | 877 | 871 | 567 | N/M | N/M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities gains(losses), net | 5,931 | (1,985 | ) | N/M | 3,788 | 463 | 1,680 | — | 30 | N/M | N/M | Investment securities gains(losses), net | 6,118 | 26 | 3,788 | 463 | 1,680 | N/M | N/M | |||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | $ | 287,890 | $ | 271,522 | 6 | % | $ | 100,850 | $ | 95,837 | $ | 91,202 | $ | 84,046 | $ | 88,300 | 5 | % | 14 | % | Total noninterest income | $ | 98,306 | $ | 92,934 | $ | 100,850 | $ | 95,837 | $ | 91,202 | 6 | % | 8 | % | |||||||||||||||||||||||||||
Mortgage loans originated for sale during period | $ | 824,289 | $ | 847,619 | (3 | )% | $ | 365,108 | $ | 296,660 | $ | 162,521 | $ | 244,700 | $ | 331,334 | 23 | % | 10 | % | Mortgage loans originated for sale during period | $ | 310,254 | $ | 266,503 | $ | 365,108 | $ | 296,660 | $ | 162,521 | 16 | % | 91 | % | |||||||||||||||||||||||||||
Mortgage loan settlements during period | $ | 1,048,729 | $ | 826,929 | 27 | % | $ | 616,630 | $ | 272,257 | $ | 159,842 | $ | 304,723 | $ | 344,849 | 126 | % | 79 | % | Mortgage loan settlements during period | $ | 297,265 | $ | 268,348 | $ | 616,630 | $ | 272,257 | $ | 159,842 | 11 | % | 86 | % | |||||||||||||||||||||||||||
Assets under management, at market value(c) | $ | 11,604 | $ | 11,206 | 4 | % | $ | 11,604 | $ | 11,475 | $ | 11,192 | $ | 10,291 | $ | 11,206 | 1 | % | 4 | % | ||||||||||||||||||||||||||||||||||||||||||
Mortgage portfolio loans transferred to held for sale during period | Mortgage portfolio loans transferred to held for sale during period | $ | 199,587 | $ | — | $ | 242,382 | $ | — | $ | — | N/M | N/M | |||||||||||||||||||||||||||||||||||||||||||||||||
Assets under management, at market value(d) | Assets under management, at market value(d) | $ | 10,454 | $ | 12,104 | $ | 11,604 | $ | 11,475 | $ | 11,192 | (14) | % | (7) | % |
3Q19 Change vs | |||||||||||||||||||||||||||
($ in Thousands) | YTD 3Q19 | YTD 3Q18 | YTD % Change | 3Q19 | 2Q19 | 1Q19 | 4Q18 | 3Q18 | 2Q19 | 3Q18 | |||||||||||||||||
Personnel | $ | 366,449 | $ | 366,141 | — | % | $ | 123,170 | $ | 123,228 | $ | 120,050 | $ | 116,535 | $ | 124,476 | — | % | (1 | )% | |||||||
Technology | 59,698 | 54,730 | 9 | % | 20,572 | 20,114 | 19,012 | 17,944 | 17,563 | 2 | % | 17 | % | ||||||||||||||
Occupancy | 45,466 | 44,947 | 1 | % | 15,164 | 13,830 | 16,472 | 14,174 | 14,519 | 10 | % | 4 | % | ||||||||||||||
Business development and advertising | 21,284 | 21,973 | (3 | )% | 7,991 | 6,658 | 6,636 | 8,950 | 8,213 | 20 | % | (3 | )% | ||||||||||||||
Equipment | 17,580 | 17,347 | 1 | % | 6,335 | 5,577 | 5,668 | 5,897 | 5,838 | 14 | % | 9 | % | ||||||||||||||
Legal and professional | 14,342 | 17,173 | (16 | )% | 5,724 | 4,668 | 3,951 | 5,888 | 5,476 | 23 | % | 5 | % | ||||||||||||||
Loan and foreclosure costs | 5,599 | 5,844 | (4 | )% | 1,638 | 1,814 | 2,146 | 1,566 | 2,439 | (10 | )% | (33 | )% | ||||||||||||||
FDIC assessment | 12,250 | 24,250 | (49 | )% | 4,000 | 4,500 | 3,750 | 5,750 | 7,750 | (11 | )% | (48 | )% | ||||||||||||||
Other intangible amortization | 7,237 | 5,926 | 22 | % | 2,686 | 2,324 | 2,226 | 2,233 | 2,233 | 16 | % | 20 | % | ||||||||||||||
Acquisition related costs(a) | 5,995 | 29,983 | (80 | )% | 1,629 | 3,734 | 632 | (981 | ) | 2,271 | (56 | )% | (28 | )% | |||||||||||||
Other | 34,479 | 40,323 | (14 | )% | 12,021 | 11,331 | 11,128 | 15,207 | 13,634 | 6 | % | (12 | )% | ||||||||||||||
Total noninterest expense | $ | 590,380 | $ | 628,636 | (6 | )% | $ | 200,930 | $ | 197,779 | $ | 191,671 | $ | 193,163 | $ | 204,413 | 2 | % | (2 | )% | |||||||
Personnel expense to total noninterest expense | 62 | % | 58 | % | 61 | % | 62 | % | 63 | % | 60 | % | 61 | % | |||||||||||||
Average full-time equivalent employees(b) | 4,703 | 4,712 | 4,782 | 4,666 | 4,660 | 4,659 | 4,707 |
1Q20 Change vs | |||||||||||||||||||||||||||||||||||
($ in Thousands) | 1Q20 | 4Q19 | 3Q19 | 2Q19 | 1Q19 | 4Q19 | 1Q19 | ||||||||||||||||||||||||||||
Personnel | $ | 114,200 | $ | 120,614 | $ | 123,170 | $ | 123,228 | $ | 120,050 | (5) | % | (5) | % | |||||||||||||||||||||
Technology | 20,799 | 22,731 | 20,572 | 20,114 | 19,012 | (8) | % | 9 | % | ||||||||||||||||||||||||||
Occupancy | 16,069 | 16,933 | 15,164 | 13,830 | 16,472 | (5) | % | (2) | % | ||||||||||||||||||||||||||
Business development and advertising | 5,826 | 8,316 | 7,991 | 6,658 | 6,636 | (30) | % | (12) | % | ||||||||||||||||||||||||||
Equipment | 5,439 | 5,970 | 6,335 | 5,577 | 5,668 | (9) | % | (4) | % | ||||||||||||||||||||||||||
Legal and professional | 5,160 | 5,559 | 5,724 | 4,668 | 3,951 | (7) | % | 31 | % | ||||||||||||||||||||||||||
Loan and foreclosure costs | 3,120 | 3,262 | 1,638 | 1,814 | 2,146 | (4) | % | 45 | % | ||||||||||||||||||||||||||
FDIC assessment | 5,500 | 4,000 | 4,000 | 4,500 | 3,750 | 38 | % | 47 | % | ||||||||||||||||||||||||||
Other intangible amortization | 2,814 | 2,712 | 2,686 | 2,324 | 2,226 | 4 | % | 26 | % | ||||||||||||||||||||||||||
Acquisition related costs(a) | 1,721 | 1,325 | 1,629 | 3,734 | 632 | 30 | % | 172 | % | ||||||||||||||||||||||||||
Other | 11,543 | 12,187 | 12,021 | 11,331 | 11,128 | (5) | % | 4 | % | ||||||||||||||||||||||||||
Total noninterest expense | $ | 192,191 | $ | 203,609 | $ | 200,930 | $ | 197,779 | $ | 191,671 | (6) | % | — | % | |||||||||||||||||||||
Average full-time equivalent employees(b) | 4,631 | 4,696 | 4,782 | 4,666 | 4,660 | (1) | % | (1) | % |
September 30, 2019 | June 30, 2019 | March 31, 2019 | December 31, 2018 | September 30, 2018 | March 31, 2020 | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 7,495,623 | 33 | % | $ | 7,579,384 | 33 | % | $ | 7,587,597 | 33 | % | $ | 7,398,044 | 32 | % | $ | 7,159,941 | 31 | % | Commercial and industrial | $ | 8,517,974 | 35 | % | $ | 7,354,594 | 32 | % | $ | 7,495,623 | 33 | % | $ | 7,579,384 | 33 | % | $ | 7,587,597 | 33 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate — owner occupied | 915,524 | 4 | % | 942,811 | 4 | % | 932,393 | 4 | % | 920,443 | 4 | % | 867,682 | 4 | % | Commercial real estate — owner occupied | 940,687 | 4 | % | 911,265 | 4 | % | 915,524 | 4 | % | 942,811 | 4 | % | 932,393 | 4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and business lending | 8,411,147 | 37 | % | 8,522,194 | 37 | % | 8,519,990 | 37 | % | 8,318,487 | 36 | % | 8,027,622 | 35 | % | Commercial and business lending | 9,458,661 | 39 | % | 8,265,858 | 36 | % | 8,411,147 | 37 | % | 8,522,194 | 37 | % | 8,519,990 | 37 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate — investor | 3,803,277 | 17 | % | 3,779,201 | 16 | % | 3,809,253 | 16 | % | 3,751,554 | 16 | % | 3,924,499 | 17 | % | Commercial real estate — investor | 4,038,036 | 17 | % | 3,794,517 | 17 | % | 3,803,277 | 17 | % | 3,779,201 | 16 | % | 3,809,253 | 16 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | 1,356,508 | 6 | % | 1,394,815 | 6 | % | 1,273,782 | 6 | % | 1,335,031 | 6 | % | 1,416,209 | 6 | % | Real estate construction | 1,544,858 | 6 | % | 1,420,900 | 6 | % | 1,356,508 | 6 | % | 1,394,815 | 6 | % | 1,273,782 | 6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate lending | 5,159,784 | 23 | % | 5,174,016 | 22 | % | 5,083,035 | 22 | % | 5,086,585 | 22 | % | 5,340,708 | 23 | % | Commercial real estate lending | 5,582,894 | 23 | % | 5,215,417 | 23 | % | 5,159,784 | 23 | % | 5,174,016 | 22 | % | 5,083,035 | 22 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | 13,570,932 | 60 | % | 13,696,210 | 59 | % | 13,603,025 | 59 | % | 13,405,072 | 58 | % | 13,368,330 | 58 | % | Total commercial | 15,041,555 | 62 | % | 13,481,275 | 59 | % | 13,570,932 | 60 | % | 13,696,210 | 59 | % | 13,603,025 | 59 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 7,954,801 | 35 | % | 8,277,479 | 36 | % | 8,323,846 | 36 | % | 8,277,712 | 36 | % | 8,227,649 | 36 | % | Residential mortgage | 8,132,417 | 33 | % | 8,136,980 | 36 | % | 7,954,801 | 35 | % | 8,277,479 | 36 | % | 8,323,846 | 36 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home Equity | 879,642 | 4 | % | 916,213 | 4 | % | 868,886 | 4 | % | 894,473 | 4 | % | 901,275 | 4 | % | Home Equity | 844,901 | 3 | % | 852,025 | 4 | % | 879,642 | 4 | % | 916,213 | 4 | % | 868,886 | 4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | 349,335 | 2 | % | 360,065 | 2 | % | 352,602 | 2 | % | 363,171 | 2 | % | 369,858 | 2 | % | Other consumer | 346,761 | 1 | % | 351,159 | 2 | % | 349,335 | 2 | % | 360,065 | 2 | % | 352,602 | 2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | 9,183,778 | 40 | % | 9,553,757 | 41 | % | 9,545,333 | 41 | % | 9,535,357 | 42 | % | 9,498,782 | 42 | % | Total consumer | 9,324,079 | 38 | % | 9,340,164 | 41 | % | 9,183,778 | 40 | % | 9,553,757 | 41 | % | 9,545,333 | 41 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans(a) | $ | 22,754,710 | 100 | % | $ | 23,249,967 | 100 | % | $ | 23,148,359 | 100 | % | $ | 22,940,429 | 100 | % | $ | 22,867,112 | 100 | % | Total loans(a) | $ | 24,365,633 | 100 | % | $ | 22,821,440 | 100 | % | $ | 22,754,710 | 100 | % | $ | 23,249,967 | 100 | % | $ | 23,148,359 | 100 | % |
($ 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 | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 6,902,727 | $ | 469,277 | $ | 123,618 | $ | 7,495,623 | 33 | % | Commercial and industrial | $ | 7,928,324 | $ | 464,440 | $ | 125,210 | $ | 8,517,974 | 35 | % | ||||||||||||||||||||||||||
Commercial real estate — owner occupied | 490,566 | 249,879 | 175,080 | 915,524 | 4 | % | Commercial real estate — owner occupied | 490,057 | 259,502 | 191,128 | 940,687 | 4 | % | ||||||||||||||||||||||||||||||||||
Commercial real estate — investor | 3,314,443 | 381,404 | 107,429 | 3,803,277 | 17 | % | Commercial real estate — investor | 3,548,559 | 391,528 | 97,948 | 4,038,036 | 17 | % | ||||||||||||||||||||||||||||||||||
Real estate construction | 1,293,454 | 60,072 | 2,982 | 1,356,508 | 6 | % | Real estate construction | 1,491,885 | 50,400 | 2,574 | 1,544,858 | 6 | % | ||||||||||||||||||||||||||||||||||
Residential Mortgage - Adjustable(b) | 647,492 | 2,784,313 | 1,157,433 | 4,589,239 | 20 | % | Residential Mortgage - Adjustable(b) | 645,758 | 2,588,545 | 1,995,692 | 5,229,995 | 21 | % | ||||||||||||||||||||||||||||||||||
Residential Mortgage - Fixed | 67,760 | 61,055 | 3,236,746 | 3,365,562 | 15 | % | Residential Mortgage - Fixed | 32,133 | 92,691 | 2,777,599 | 2,902,422 | 12 | % | ||||||||||||||||||||||||||||||||||
Home Equity | 33,818 | 103,785 | 742,039 | 879,642 | 4 | % | Home Equity | 38,967 | 116,455 | 689,479 | 844,901 | 3 | % | ||||||||||||||||||||||||||||||||||
Other Consumer | 158,105 | 49,967 | 141,264 | 349,335 | 2 | % | Other Consumer | 150,970 | 64,056 | 131,735 | 346,761 | 1 | % | ||||||||||||||||||||||||||||||||||
Total Loans | $ | 12,908,366 | $ | 4,159,752 | $ | 5,686,592 | $ | 22,754,710 | 100 | % | Total Loans | $ | 14,326,654 | $ | 4,027,615 | $ | 6,011,364 | $ | 24,365,633 | 100 | % | ||||||||||||||||||||||||||
Fixed rate | $ | 5,510,899 | $ | 1,033,509 | $ | 3,746,068 | $ | 10,290,477 | 45 | % | Fixed rate | $ | 6,326,872 | $ | 1,125,198 | $ | 3,307,421 | $ | 10,759,490 | 44 | % | ||||||||||||||||||||||||||
Floating or adjustable rate | 7,397,466 | 3,126,242 | 1,940,524 | 12,464,233 | 55 | % | Floating or adjustable rate | 7,999,782 | 2,902,418 | 2,703,944 | 13,606,143 | 56 | % | ||||||||||||||||||||||||||||||||||
Total | $ | 12,908,366 | $ | 4,159,752 | $ | 5,686,592 | $ | 22,754,710 | 100 | % | Total | $ | 14,326,654 | $ | 4,027,615 | $ | 6,011,364 | $ | 24,365,633 | 100 | % |
March 31, 2020 | March 31, 2020 | % of Total Loans | % of Total Commercial and Business Lending | |||||||||
Manufacturing and Wholesale Trade | Manufacturing and Wholesale Trade | 8 | % | 19 | % | |||||||
Power and Utilities | Power and Utilities | 7 | % | 17 | % | |||||||
Real Estate | Real Estate | 6 | % | 15 | % | |||||||
Finance and Insurance | Finance and Insurance | 6 | % | 15 | % | |||||||
September 30, 2019 | % of Total Loans | % of Total Commercial and Business Lending | ||||||||||
Manufacturing and Wholesale Trade | 8 | % | 21 | % | ||||||||
Power and Utilities | 6 | % | 16 | % |
($ in Millions) | March 31, 2020 | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | ||||||||||||||||||||||||
Pass | $ | 361 | $ | 408 | $ | 493 | $ | 589 | $ | 677 | |||||||||||||||||||
Special mention | 10 | 9 | 20 | — | — | ||||||||||||||||||||||||
Potential problem | 67 | 43 | 32 | 4 | 27 | ||||||||||||||||||||||||
Nonaccrual | 29 | 23 | 36 | 63 | 51 | ||||||||||||||||||||||||
Total oil and gas related loans | $ | 466 | $ | 484 | $ | 582 | $ | 657 | $ | 754 | |||||||||||||||||||
Quarter net charge offs/(recoveries) | $ | 9 | $ | 10 | $ | 21 | $ | 10 | $ | 4 | |||||||||||||||||||
Oil and gas related allowance for loan losses | 75 | 12 | 21 | 25 | 11 | ||||||||||||||||||||||||
Oil and gas related ACLL on loans | 78 | 13 | 22 | 25 | 12 | ||||||||||||||||||||||||
Oil and gas allowance for loan losses to total oil and gas loans | N/A | 2.6 | % | 3.7 | % | 3.8 | % | 1.5 | % | ||||||||||||||||||||
Oil and gas ACLL to total oil and gas loans | 16.6 | % | 2.7 | % | 3.8 | % | 3.9 | % | 1.6 | % |
($ in Millions) | September 30, 2019 | June 30, 2019 | March 31, 2019 | December 31, 2018 | September 30, 2018 | ||||||||||||||
Total oil and gas related loans | $ | 582 | $ | 657 | $ | 754 | $ | 747 | $ | 731 | |||||||||
Quarter net charge offs/(recoveries) | 21 | 10 | 4 | (3 | ) | 9 | |||||||||||||
Oil and gas related allowance | 21 | 25 | 11 | 12 | 10 | ||||||||||||||
Oil and gas related allowance ratio | 3.7 | % | 3.8 | % | 1.5 | % | 1.6 | % | 1.4 | % |
December 31, 2019 | January 1, 2020 | |||||||||||||||||||
($ in Millions) | Allowance for Loan Loss | Allowance for Unfunded Commitment | 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 loan losses | Mar. 31, 2020 | ACLL / Loans | ||||||||||||||||||||
Allowance for loan losses | $ | 12 | $ | 53 | $ | 66 | $ | (9) | $ | — | $ | (9) | $ | 19 | $ | 75 | |||||||||||||
Allowance for unfunded commitments | 1 | 2 | 3 | — | — | — | (1) | 2 | |||||||||||||||||||||
Allowance for credit losses on loans | $ | 13 | $ | 55 | $ | 69 | $ | (9) | $ | — | $ | (9) | $ | 18 | $ | 78 | 16.6 | % |
($ 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 |
September 30, 2019 | % of Total Loans | % of Total Commercial Real Estate - Investor | ||||||||||
March 31, 2020 | March 31, 2020 | % of Total Loans | % of Total Commercial Real Estate - Investor | |||||||||
Multi-Family | 6 | % | 33 | % | Multi-Family | 5 | % | 30 | % | |||
Office | Office | 4 | % | 24 | % | |||||||
Retail | Retail | 4 | % | 22 | % | |||||||
Industrial | Industrial | 3 | % | 16 | % |
March 31, 2020 | % of Total Loans | % of Total Real Estate Construction | ||||||
Multi-Family | 2 | % | 37 | % |
($ in Thousands) | March 31, 2020 | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 58,854 | $ | 46,312 | $ | 56,536 | $ | 84,151 | $ | 73,379 | |||||||||||||||||||||||||||||||||||||||||||
Commercial real estate — owner occupied | 1,838 | 67 | 68 | 571 | 890 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and business lending | 60,692 | 46,380 | 56,604 | 84,722 | 74,269 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate — investor | 1,091 | 4,409 | 4,800 | 1,485 | 776 | ||||||||||||||||||||||||||||||||||||||||||||||||
Real estate construction | 486 | 493 | 542 | 427 | 739 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate lending | 1,577 | 4,902 | 5,342 | 1,912 | 1,516 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | 62,269 | 51,282 | 61,946 | 86,634 | 75,784 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 64,855 | 57,844 | 57,056 | 68,166 | 67,323 | ||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | 9,378 | 9,104 | 9,828 | 11,835 | 12,300 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | 215 | 152 | 109 | 72 | 149 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | 74,448 | 67,099 | 66,993 | 80,073 | 79,772 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total nonaccrual loans | 136,717 | 118,380 | 128,939 | 166,707 | 155,556 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owned | 3,105 | 3,530 | 3,603 | 3,314 | 3,434 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate owned | 5,994 | 5,696 | 4,791 | 3,508 | 3,740 | ||||||||||||||||||||||||||||||||||||||||||||||||
Bank properties real estate owned | 13,431 | 11,874 | 11,230 | 11,533 | 5,112 | ||||||||||||||||||||||||||||||||||||||||||||||||
OREO | 22,530 | 21,101 | 19,625 | 18,355 | 12,286 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other nonperforming assets | 6,004 | 6,004 | 6,004 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total nonperforming assets | $ | 165,251 | $ | 145,485 | $ | 154,568 | $ | 185,062 | $ | 167,843 | |||||||||||||||||||||||||||||||||||||||||||
Accruing loans past due 90 days or more | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 436 | $ | 342 | $ | 266 | $ | 293 | $ | 287 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | 1,819 | 1,917 | 1,720 | 1,795 | 1,931 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total accruing loans past due 90 days or more | $ | 2,255 | $ | 2,259 | $ | 1,986 | $ | 2,088 | $ | 2,218 | |||||||||||||||||||||||||||||||||||||||||||
Restructured loans (accruing)(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 18,767 | $ | 18,944 | $ | 17,842 | $ | 19,367 | $ | 19,480 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | 7,618 | 7,097 | 6,487 | 26,114 | 27,068 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total restructured loans (accruing) | $ | 26,384 | $ | 26,041 | $ | 24,329 | $ | 45,481 | $ | 46,548 | |||||||||||||||||||||||||||||||||||||||||||
Nonaccrual restructured loans (included in nonaccrual loans) | $ | 24,204 | $ | 22,494 | $ | 16,293 | $ | 24,332 | $ | 24,172 | |||||||||||||||||||||||||||||||||||||||||||
Ratios | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual loans to total loans | 0.56 | % | 0.52 | % | 0.57 | % | 0.72 | % | 0.67 | % | |||||||||||||||||||||||||||||||||||||||||||
NPAs to total loans plus OREO | 0.68 | % | 0.64 | % | 0.68 | % | 0.80 | % | 0.72 | % | |||||||||||||||||||||||||||||||||||||||||||
NPAs to total assets | 0.49 | % | 0.45 | % | 0.47 | % | 0.56 | % | 0.50 | % | |||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses to nonaccrual loans | N/A | 170.10 | % | 166.30 | % | 140.16 | % | 151.12 | % | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans to nonaccrual loans | 288.24 | % | 188.61 | % | 184.07 | % | 153.30 | % | 167.73 | % |
($ in Thousands) | September 30, 2019 | June 30, 2019 | March 31, 2019 | December 31, 2018 | September 30, 2018 | ||||||||||||||
Nonperforming assets | |||||||||||||||||||
Commercial and industrial | $ | 56,536 | $ | 84,151 | $ | 73,379 | $ | 41,021 | $ | 50,146 | |||||||||
Commercial real estate — owner occupied | 68 | 571 | 890 | 3,957 | 4,779 | ||||||||||||||
Commercial and business lending | 56,604 | 84,722 | 74,269 | 44,978 | 54,925 | ||||||||||||||
Commercial real estate — investor | 4,800 | 1,485 | 776 | 1,952 | 19,725 | ||||||||||||||
Real estate construction | 542 | 427 | 739 | 979 | 1,154 | ||||||||||||||
Commercial real estate lending | 5,342 | 1,912 | 1,516 | 2,931 | 20,879 | ||||||||||||||
Total commercial | 61,946 | 86,634 | 75,784 | 47,909 | 75,804 | ||||||||||||||
Residential mortgage | 57,056 | 68,166 | 67,323 | 67,574 | 65,896 | ||||||||||||||
Home equity | 9,828 | 11,835 | 12,300 | 12,339 | 12,324 | ||||||||||||||
Other consumer | 109 | 72 | 149 | 79 | 68 | ||||||||||||||
Total consumer | 66,993 | 80,073 | 79,772 | 79,992 | 78,288 | ||||||||||||||
Total nonaccrual loans(a) | 128,939 | 166,707 | 155,556 | 127,901 | 154,092 | ||||||||||||||
Commercial real estate owned | 3,603 | 3,314 | 3,434 | 4,047 | 4,680 | ||||||||||||||
Residential real estate owned | 4,791 | 3,508 | 3,740 | 2,963 | 3,630 | ||||||||||||||
Bank properties real estate owned | 11,230 | 11,533 | 5,112 | 4,974 | 17,343 | ||||||||||||||
OREO | 19,625 | 18,355 | 12,286 | 11,984 | 25,653 | ||||||||||||||
Other nonperforming assets | 6,004 | — | — | — | 6,379 | ||||||||||||||
Total nonperforming assets | $ | 154,568 | $ | 185,062 | $ | 167,843 | $ | 139,885 | $ | 186,124 | |||||||||
Accruing loans past due 90 days or more | |||||||||||||||||||
Commercial | $ | 266 | $ | 293 | $ | 287 | $ | 311 | $ | 319 | |||||||||
Consumer | 1,720 | 1,795 | 1,931 | 1,853 | 1,856 | ||||||||||||||
Total accruing loans past due 90 days or more | $ | 1,986 | $ | 2,088 | $ | 2,218 | $ | 2,165 | $ | 2,175 | |||||||||
Restructured loans (accruing) | |||||||||||||||||||
Commercial | $ | 17,842 | $ | 19,367 | $ | 19,480 | $ | 28,668 | $ | 43,199 | |||||||||
Consumer | 6,487 | 26,114 | 27,068 | 24,595 | 25,955 | ||||||||||||||
Total restructured loans (accruing)(a) | $ | 24,329 | $ | 45,481 | $ | 46,548 | $ | 53,263 | $ | 69,154 | |||||||||
Nonaccrual restructured loans (included in nonaccrual loans)(a) | $ | 16,293 | $ | 24,332 | $ | 24,172 | $ | 26,292 | $ | 33,757 | |||||||||
Ratios | |||||||||||||||||||
Nonaccrual loans to total loans | 0.57 | % | 0.72 | % | 0.67 | % | 0.56 | % | 0.67 | % | |||||||||
NPAs to total loans plus OREO | 0.68 | % | 0.80 | % | 0.72 | % | 0.61 | % | 0.81 | % | |||||||||
NPAs to total assets | 0.47 | % | 0.56 | % | 0.50 | % | 0.42 | % | 0.56 | % | |||||||||
Allowance for loan losses to nonaccrual loans | 166.30 | % | 140.16 | % | 151.12 | % | 186.10 | % | 153.32 | % |
($ in Thousands) | March 31, 2020 | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||
Accruing loans 30-89 days past due | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 976 | $ | 821 | $ | 426 | $ | 4,909 | $ | 3,295 | |||||||||||||||||||||||||||||||||||||
Commercial real estate — owner occupied | 51 | 1,369 | 2,646 | 2,018 | 6,066 | ||||||||||||||||||||||||||||||||||||||||||
Commercial and business lending | 1,027 | 2,190 | 3,073 | 6,926 | 9,361 | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate — investor | 14,462 | 1,812 | 636 | 1,382 | 1,090 | ||||||||||||||||||||||||||||||||||||||||||
Real estate construction | 179 | 97 | 595 | 151 | 6,773 | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate lending | 14,641 | 1,909 | 1,232 | 1,532 | 7,863 | ||||||||||||||||||||||||||||||||||||||||||
Total commercial | 15,668 | 4,099 | 4,304 | 8,459 | 17,224 | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 10,102 | 9,274 | 8,063 | 9,756 | 13,274 | ||||||||||||||||||||||||||||||||||||||||||
Home equity | 7,001 | 5,647 | 4,798 | 5,827 | 6,363 | ||||||||||||||||||||||||||||||||||||||||||
Other consumer | 1,777 | 2,083 | 2,203 | 1,838 | 2,364 | ||||||||||||||||||||||||||||||||||||||||||
Total consumer | 18,879 | 17,005 | 15,063 | 17,422 | 22,001 | ||||||||||||||||||||||||||||||||||||||||||
Total accruing loans 30-89 days past due | $ | 34,547 | $ | 21,104 | $ | 19,367 | $ | 25,881 | $ | 39,225 | |||||||||||||||||||||||||||||||||||||
Potential problem loans | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 149,747 | $ | 110,308 | $ | 59,427 | $ | 58,658 | $ | 111,772 | |||||||||||||||||||||||||||||||||||||
Commercial real estate — owner occupied | 15,802 | 19,889 | 22,624 | 24,237 | 48,929 | ||||||||||||||||||||||||||||||||||||||||||
Commercial and business lending | 165,550 | 130,197 | 82,051 | 82,895 | 160,701 | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate — investor | 61,030 | 29,449 | 49,353 | 77,766 | 70,613 | ||||||||||||||||||||||||||||||||||||||||||
Real estate construction | 1,753 | — | 544 | 3,166 | 4,600 | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate lending | 62,783 | 29,449 | 49,897 | 80,932 | 75,213 | ||||||||||||||||||||||||||||||||||||||||||
Total commercial | 228,333 | 159,646 | 131,948 | 163,828 | 235,914 | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 3,322 | 1,451 | 1,242 | 1,983 | 5,351 | ||||||||||||||||||||||||||||||||||||||||||
Home equity | 2,238 | — | — | 32 | 91 | ||||||||||||||||||||||||||||||||||||||||||
Total consumer | 5,559 | 1,451 | 1,242 | 2,014 | 5,443 | ||||||||||||||||||||||||||||||||||||||||||
Total potential problem loans | $ | 233,892 | $ | 161,097 | $ | 133,189 | $ | 165,842 | $ | 241,357 |
($ in Thousands) | September 30, 2019 | June 30, 2019 | March 31, 2019 | December 31, 2018 | September 30, 2018 | ||||||||||||||
Accruing loans 30-89 days past due | |||||||||||||||||||
Commercial and industrial | $ | 426 | $ | 4,909 | $ | 3,295 | $ | 525 | $ | 5,732 | |||||||||
Commercial real estate — owner occupied | 2,646 | 2,018 | 6,066 | 2,699 | 6,126 | ||||||||||||||
Commercial and business lending | 3,073 | 6,926 | 9,361 | 3,224 | 11,858 | ||||||||||||||
Commercial real estate — investor | 636 | 1,382 | 1,090 | 3,767 | 373 | ||||||||||||||
Real estate construction | 595 | 151 | 6,773 | 330 | 517 | ||||||||||||||
Commercial real estate lending | 1,232 | 1,532 | 7,863 | 4,097 | 890 | ||||||||||||||
Total commercial | 4,304 | 8,459 | 17,224 | 7,321 | 12,748 | ||||||||||||||
Residential mortgage | 8,063 | 9,756 | 13,274 | 9,706 | 8,899 | ||||||||||||||
Home equity | 4,798 | 5,827 | 6,363 | 6,049 | 8,080 | ||||||||||||||
Other consumer | 2,203 | 1,838 | 2,364 | 2,269 | 1,979 | ||||||||||||||
Total consumer | 15,063 | 17,422 | 22,001 | 18,024 | 18,958 | ||||||||||||||
Total accruing loans 30-89 days past due(a) | $ | 19,367 | $ | 25,881 | $ | 39,225 | $ | 25,345 | $ | 31,706 | |||||||||
Potential problem loans | |||||||||||||||||||
Commercial and industrial | $ | 59,427 | $ | 58,658 | $ | 111,772 | $ | 116,578 | $ | 144,468 | |||||||||
Commercial real estate — owner occupied | 22,624 | 24,237 | 48,929 | 55,964 | 32,526 | ||||||||||||||
Commercial and business lending | 82,051 | 82,895 | 160,701 | 172,542 | 176,994 | ||||||||||||||
Commercial real estate — investor | 49,353 | 77,766 | 70,613 | 67,481 | 49,842 | ||||||||||||||
Real estate construction | 544 | 3,166 | 4,600 | 3,834 | 3,392 | ||||||||||||||
Commercial real estate lending | 49,897 | 80,932 | 75,213 | 71,315 | 53,234 | ||||||||||||||
Total commercial | 131,948 | 163,828 | 235,914 | 243,856 | 230,228 | ||||||||||||||
Residential mortgage | 1,242 | 1,983 | 5,351 | 5,975 | 6,073 | ||||||||||||||
Home equity | — | 32 | 91 | 103 | 148 | ||||||||||||||
Total consumer | 1,242 | 2,014 | 5,443 | 6,078 | 6,221 | ||||||||||||||
Total potential problem loans | $ | 133,189 | $ | 165,842 | $ | 241,357 | $ | 249,935 | $ | 236,449 |
($ in Thousands) | March 31, 2020 | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | |||||||||||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 201,371 | $ | 214,425 | $ | 233,659 | $ | 235,081 | $ | 238,023 | ||||||||||||||||
Cumulative effect of ASU 2016-13 adoption (CECL) | 112,457 | N/A | N/A | N/A | N/A | |||||||||||||||||||||
Balance at beginning of period, adjusted | 313,828 | 214,425 | 233,659 | 235,081 | 238,023 | |||||||||||||||||||||
Provision for loan losses | 34,957 | 1,000 | 1,000 | 12,000 | 4,500 | |||||||||||||||||||||
Provision for loan losses recorded at acquisition | 2,543 | N/A | N/A | N/A | N/A | |||||||||||||||||||||
Allowance for PCD loans for bank acquisition | 3,504 | N/A | N/A | N/A | N/A | |||||||||||||||||||||
Charge offs | (19,308) | (16,752) | (26,313) | (15,761) | (15,486) | |||||||||||||||||||||
Recoveries | 2,268 | 2,699 | 6,079 | 2,339 | 8,044 | |||||||||||||||||||||
Net (charge offs) recoveries | (17,040) | (14,054) | (20,234) | (13,421) | (7,442) | |||||||||||||||||||||
Balance at end of period | $ | 337,793 | $ | 201,371 | $ | 214,425 | $ | 233,659 | $ | 235,081 | ||||||||||||||||
Allowance for Unfunded Commitments | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 21,907 | $ | 22,907 | $ | 21,907 | $ | 25,836 | $ | 24,336 | ||||||||||||||||
Cumulative effect of ASU 2016-13 adoption (CECL) | 18,690 | N/A | N/A | N/A | N/A | |||||||||||||||||||||
Balance at beginning of period, adjusted | 40,597 | 22,907 | 21,907 | 25,836 | 24,336 | |||||||||||||||||||||
Provision for unfunded commitments | 15,500 | (1,000) | 1,000 | (4,000) | 1,500 | |||||||||||||||||||||
Amount recorded at acquisition | 179 | — | — | 70 | — | |||||||||||||||||||||
Balance at end of period | $ | 56,276 | $ | 21,907 | $ | 22,907 | $ | 21,907 | $ | 25,836 | ||||||||||||||||
Allowance for credit losses on loans | $ | 394,069 | $ | 223,278 | $ | 237,331 | $ | 255,566 | $ | 260,917 | ||||||||||||||||
Provision for credit losses on loans(a) | 53,000 | — | 2,000 | 8,000 | 6,000 | |||||||||||||||||||||
Net loan (charge offs) recoveries | ||||||||||||||||||||||||||
Commercial and industrial | $ | (15,049) | $ | (11,917) | $ | (19,918) | $ | (12,177) | $ | (7,428) | ||||||||||||||||
Commercial real estate — owner occupied | — | — | 1,483 | (104) | 1,193 | |||||||||||||||||||||
Commercial and business lending | (15,048) | (11,917) | (18,435) | (12,281) | (6,235) | |||||||||||||||||||||
Commercial real estate — investor | — | — | (3) | 3 | 31 | |||||||||||||||||||||
Real estate construction | 11 | 72 | 20 | 151 | — | |||||||||||||||||||||
Commercial real estate lending | 11 | 72 | 17 | 153 | 31 | |||||||||||||||||||||
Total commercial | (15,037) | (11,845) | (18,418) | (12,127) | (6,203) | |||||||||||||||||||||
Residential mortgage | (912) | (1,415) | (393) | (365) | (457) | |||||||||||||||||||||
Home equity | 71 | 480 | (275) | 239 | 309 | |||||||||||||||||||||
Other consumer | (1,162) | (1,274) | (1,148) | (1,169) | (1,090) | |||||||||||||||||||||
Total consumer | (2,003) | (2,208) | (1,816) | (1,294) | (1,239) | |||||||||||||||||||||
Total net (charge offs) recoveries | $ | (17,040) | $ | (14,054) | $ | (20,234) | $ | (13,421) | $ | (7,442) | ||||||||||||||||
Ratios | ||||||||||||||||||||||||||
Allowance for loan losses to total loans | N/A | 0.88 | % | 0.94 | % | 1.00 | % | 1.02 | % | |||||||||||||||||
Allowance for credit losses on loans to total loans | 1.62 | % | 0.98 | % | 1.04 | % | 1.10 | % | 1.13 | % | ||||||||||||||||
Allowance for loan losses to net charge offs (annualized) | N/A | 3.6x | 2.7x | 4.3x | 7.8x | |||||||||||||||||||||
Allowance for credit losses on loans to net charge offs (annualized) | 5.7x | 4.0x | 3.0x | 4.7x | 8.6x | |||||||||||||||||||||
(a) Includes the provision for loan losses and the provision for unfunded commitments. |
YTD | |||||||||||||||||||||
($ in Thousands) | September 30, 2019 | September 30, 2018 | September 30, 2019 | June 30, 2019 | March 31, 2019 | December 31, 2018 | September 30, 2018 | ||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||
Balance at beginning of period | $ | 238,023 | $ | 265,880 | $ | 233,659 | $ | 235,081 | $ | 238,023 | $ | 236,250 | $ | 252,601 | |||||||
Provision for loan losses | 17,500 | 500 | 1,000 | 12,000 | 4,500 | 2,000 | (4,000 | ) | |||||||||||||
Charge offs | (57,560 | ) | (44,385 | ) | (26,313 | ) | (15,761 | ) | (15,486 | ) | (6,151 | ) | (17,304 | ) | |||||||
Recoveries | 16,462 | 14,255 | 6,079 | 2,339 | 8,044 | 5,923 | 4,953 | ||||||||||||||
Net (charge offs) recoveries | (41,098 | ) | (30,130 | ) | (20,234 | ) | (13,421 | ) | (7,442 | ) | (228 | ) | (12,351 | ) | |||||||
Balance at end of period | $ | 214,425 | $ | 236,250 | $ | 214,425 | $ | 233,659 | $ | 235,081 | $ | 238,023 | $ | 236,250 | |||||||
Allowance for Unfunded Commitments | |||||||||||||||||||||
Balance at beginning of period | $ | 24,336 | $ | 24,400 | $ | 21,907 | $ | 25,836 | $ | 24,336 | $ | 25,336 | $ | 26,336 | |||||||
Provision for unfunded commitments | (1,500 | ) | (1,500 | ) | 1,000 | (4,000 | ) | 1,500 | (1,000 | ) | (1,000 | ) | |||||||||
Amount recorded at acquisition | 70 | 2,436 | — | 70 | — | — | — | ||||||||||||||
Balance at end of period | $ | 22,907 | $ | 25,336 | $ | 22,907 | $ | 21,907 | $ | 25,836 | $ | 24,336 | $ | 25,336 | |||||||
Allowance for credit losses(a) | $ | 237,331 | $ | 261,586 | $ | 237,331 | $ | 255,566 | $ | 260,917 | $ | 262,359 | $ | 261,586 | |||||||
Provision for credit losses(b) | 16,000 | (1,000 | ) | 2,000 | 8,000 | 6,000 | 1,000 | (5,000 | ) | ||||||||||||
Net loan (charge offs) recoveries | |||||||||||||||||||||
Commercial and industrial | $ | (39,523 | ) | $ | (20,098 | ) | $ | (19,918 | ) | $ | (12,177 | ) | $ | (7,428 | ) | $ | 2,974 | $ | (6,893 | ) | |
Commercial real estate — owner occupied | 2,573 | (1,007 | ) | 1,483 | (104 | ) | 1,193 | 282 | (252 | ) | |||||||||||
Commercial and business lending | (36,950 | ) | (21,105 | ) | (18,435 | ) | (12,281 | ) | (6,235 | ) | 3,256 | (7,145 | ) | ||||||||
Commercial real estate — investor | 31 | (5,139 | ) | (3 | ) | 3 | 31 | (2,107 | ) | (3,958 | ) | ||||||||||
Real estate construction | 170 | 42 | 20 | 151 | — | 106 | (195 | ) | |||||||||||||
Commercial real estate lending | 202 | (5,097 | ) | 17 | 153 | 31 | (2,001 | ) | (4,153 | ) | |||||||||||
Total commercial | (36,749 | ) | (26,202 | ) | (18,418 | ) | (12,127 | ) | (6,203 | ) | 1,255 | (11,298 | ) | ||||||||
Residential mortgage | (1,215 | ) | (261 | ) | (393 | ) | (365 | ) | (457 | ) | (94 | ) | 5 | ||||||||
Home equity | 273 | (337 | ) | (275 | ) | 239 | 309 | (270 | ) | 200 | |||||||||||
Other consumer | (3,407 | ) | (3,330 | ) | (1,148 | ) | (1,169 | ) | (1,090 | ) | (1,118 | ) | (1,258 | ) | |||||||
Total consumer | (4,349 | ) | (3,928 | ) | (1,816 | ) | (1,294 | ) | (1,239 | ) | (1,482 | ) | (1,053 | ) | |||||||
Total net (charge offs) recoveries | $ | (41,098 | ) | $ | (30,130 | ) | $ | (20,234 | ) | $ | (13,421 | ) | $ | (7,442 | ) | $ | (228 | ) | $ | (12,351 | ) |
Ratios | |||||||||||||||||||||
Allowance for loan losses to total loans | 0.94 | % | 1.03 | % | 0.94 | % | 1.00 | % | 1.02 | % | 1.04 | % | 1.03 | % | |||||||
Allowance for loan losses to net charge offs (annualized) | 3.9x | 5.9x | 2.7x | 4.3x | 7.8x | 263.1x | 4.8x |
YTD | |||||||||||||||||||||||||||||||||||||
(In basis points) | September 30, 2019 | September 30, 2018 | September 30, 2019 | June 30, 2019 | March 31, 2019 | December 31, 2018 | September 30, 2018 | (In basis points) | March 31, 2020 | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | ||||||||||||||||||||||||
Net loan (charge offs) recoveries | Net loan (charge offs) recoveries | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | (70 | ) | (39 | ) | (104 | ) | (64 | ) | (40 | ) | 16 | (39 | ) | Commercial and industrial | (81) | (65) | (104) | (64) | (40) | ||||||||||||||||||
Commercial real estate — owner occupied | 37 | (16 | ) | 63 | (4 | ) | 53 | 13 | (11 | ) | Commercial real estate — owner occupied | — | — | 63 | (4) | 53 | |||||||||||||||||||||
Commercial and business lending | (58 | ) | (37 | ) | (86 | ) | (57 | ) | (30 | ) | 16 | (36 | ) | Commercial and business lending | (72) | (58) | (86) | (57) | (30) | ||||||||||||||||||
Commercial real estate — investor | — | (17 | ) | — | — | — | (22 | ) | (40 | ) | |||||||||||||||||||||||||||
Real estate construction | 2 | — | 1 | 5 | — | 3 | (5 | ) | Real estate construction | — | 2 | 1 | 5 | — | |||||||||||||||||||||||
Commercial real estate lending | 1 | (12 | ) | — | 1 | — | (15 | ) | (30 | ) | Commercial real estate lending | — | 1 | — | 1 | — | |||||||||||||||||||||
Total commercial | (36 | ) | (27 | ) | (53 | ) | (35 | ) | (19 | ) | 4 | (34 | ) | Total commercial | (44) | (35) | (53) | (35) | (19) | ||||||||||||||||||
Residential mortgage | (2 | ) | — | (2 | ) | (2 | ) | (2 | ) | — | — | Residential mortgage | (4) | (7) | (2) | (2) | (2) | ||||||||||||||||||||
Home equity | 4 | (5 | ) | (12 | ) | 11 | 14 | (12 | ) | 9 | Home equity | 3 | 22 | (12) | 11 | 14 | |||||||||||||||||||||
Other consumer | (128 | ) | (118 | ) | (129 | ) | (132 | ) | (123 | ) | (121 | ) | (133 | ) | Other consumer | (134) | (145) | (129) | (132) | (123) | |||||||||||||||||
Total consumer | (6 | ) | (6 | ) | (8 | ) | (5 | ) | (5 | ) | (6 | ) | (4 | ) | Total consumer | (8) | (9) | (8) | (5) | (5) | |||||||||||||||||
Total net (charge offs) recoveries | (24 | ) | (18 | ) | (35 | ) | (23 | ) | (13 | ) | — | (21 | ) | Total net (charge offs) recoveries | (29) | (24) | (35) | (23) | (13) |
($ in Thousands) | December 31, 2019 | CECL Day 1 Adjustment | ACLL Beginning Balance | Net ACLL Build | March 31, 2020 | ACLL / Loans | |||||||||||||||||
Commercial and industrial | $ | 103,409 | $ | 48,921 | $ | 152,330 | $ | 36,458 | $ | 188,788 | 2.22 | % | |||||||||||
Commercial real estate - owner occupied | 10,411 | (1,851) | 8,560 | 1,993 | 10,553 | 1.12 | % | ||||||||||||||||
Commercial and business lending | 113,820 | 47,070 | 160,890 | 38,451 | 199,342 | 2.11 | % | ||||||||||||||||
Commercial real estate - investor | 41,044 | 2,287 | 43,331 | (785) | 42,546 | 1.05 | % | ||||||||||||||||
Real estate construction | 32,447 | 25,814 | 58,261 | 7,428 | 65,688 | 4.25 | % | ||||||||||||||||
Commercial real estate lending | 73,490 | 28,101 | 101,591 | 6,643 | 108,235 | 1.94 | % | ||||||||||||||||
Total Commercial | 187,311 | 75,171 | 262,482 | 45,094 | 307,577 | 2.04 | % | ||||||||||||||||
Residential mortgage | 16,960 | 33,215 | 50,175 | (6,227) | 43,947 | 0.54 | % | ||||||||||||||||
Home equity | 11,964 | 14,240 | 26,204 | 39 | 26,244 | 3.11 | % | ||||||||||||||||
Other consumer | 7,044 | 8,520 | 15,564 | 737 | 16,302 | 4.70 | % | ||||||||||||||||
Total consumer | 35,968 | 55,975 | 91,943 | (5,450) | 86,493 | 0.93 | % | ||||||||||||||||
Total allowance for credit losses on loans | $ | 223,278 | $ | 131,147 | $ | 354,425 | $ | 39,643 | $ | 394,069 | 1.62 | % |
September 30, 2019 | June 30, 2019 | March 31, 2019 | December 31, 2018 | September 30, 2018 | March 31, 2020 | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 5,503,223 | 23 | % | $ | 5,354,987 | 21 | % | $ | 5,334,154 | 21 | % | $ | 5,698,530 | 23 | % | $ | 5,421,270 | 22 | % | Noninterest-bearing demand | $ | 6,107,386 | 24 | % | $ | 5,450,709 | 23 | % | $ | 5,503,223 | 23 | % | $ | 5,354,987 | 21 | % | $ | 5,334,154 | 21 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | 2,643,950 | 11 | % | 2,591,173 | 10 | % | 2,215,857 | 9 | % | 2,012,841 | 8 | % | 1,937,006 | 8 | % | Savings | 3,033,039 | 12 | % | 2,735,036 | 12 | % | 2,643,950 | 11 | % | 2,591,173 | 10 | % | 2,215,857 | 9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | 5,434,955 | 22 | % | 6,269,035 | 25 | % | 5,226,362 | 20 | % | 5,336,952 | 21 | % | 5,096,998 | 21 | % | Interest-bearing demand | 6,170,071 | 24 | % | 5,329,717 | 22 | % | 5,434,955 | 22 | % | 6,269,035 | 25 | % | 5,226,362 | 20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market | 7,930,676 | 32 | % | 7,691,775 | 30 | % | 9,005,018 | 35 | % | 9,033,669 | 36 | % | 9,087,587 | 37 | % | Money market | 7,717,739 | 30 | % | 7,640,798 | 32 | % | 7,930,676 | 32 | % | 7,691,775 | 30 | % | 9,005,018 | 35 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered CDs | 16,266 | — | % | 77,543 | — | % | 387,459 | 2 | % | 192,234 | 1 | % | 235,711 | 1 | % | Brokered CDs | 65,000 | — | % | 5,964 | — | % | 16,266 | — | % | 77,543 | — | % | 387,459 | 2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other time | 2,893,493 | 12 | % | 3,289,709 | 13 | % | 3,364,206 | 13 | % | 2,623,167 | 11 | % | 3,053,041 | 12 | % | Other time | 2,568,345 | 10 | % | 2,616,839 | 11 | % | 2,893,493 | 12 | % | 3,289,709 | 13 | % | 3,364,206 | 13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | $ | 24,422,562 | 100 | % | $ | 25,274,222 | 100 | % | $ | 25,533,057 | 100 | % | $ | 24,897,393 | 100 | % | $ | 24,831,612 | 100 | % | Total deposits | $ | 25,661,580 | 100 | % | $ | 23,779,064 | 100 | % | $ | 24,422,562 | 100 | % | $ | 25,274,222 | 100 | % | $ | 25,533,057 | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer funding(a) | 108,369 | 104,973 | 146,027 | 137,364 | 184,269 | Customer funding(a) | 142,174 | 103,113 | 108,369 | 104,973 | 146,027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits and customer funding | $ | 24,530,932 | $ | 25,379,195 | $ | 25,679,083 | $ | 25,034,757 | $ | 25,015,882 | Total deposits and customer funding | $ | 25,803,754 | $ | 23,882,177 | $ | 24,530,932 | $ | 25,379,195 | $ | 25,679,083 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Network transaction deposits(b) | $ | 1,527,910 | $ | 1,805,141 | $ | 2,204,204 | $ | 2,276,296 | $ | 1,852,863 | Network transaction deposits(b) | $ | 1,731,996 | $ | 1,336,286 | $ | 1,527,910 | $ | 1,805,141 | $ | 2,204,204 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net deposits and customer funding (total deposits and customer funding, excluding Brokered CDs and network transaction deposits) | $ | 22,986,756 | $ | 23,496,510 | $ | 23,087,421 | $ | 22,566,227 | $ | 22,927,308 | Net deposits and customer funding (total deposits and customer funding, excluding Brokered CDs and network transaction deposits) | $ | 24,006,758 | $ | 22,539,927 | $ | 22,986,756 | $ | 23,496,510 | $ | 23,087,421 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits of more than $250,000 | $ | 1,074,990 | $ | 1,433,516 | $ | 1,634,965 | $ | 924,332 | $ | 1,350,256 | Time deposits of more than $250,000 | $ | 756,195 | $ | 861,183 | $ | 1,074,990 | $ | 1,433,516 | $ | 1,634,965 |
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 | Stable |
Dynamic Forecast March 31, 2020 | Static Forecast March 31, 2020 | Dynamic Forecast December 31, 2019 | Static Forecast December 31, 2019 | ||||||||||||||||||||
Gradual Rate Change | |||||||||||||||||||||||
100 bp increase in interest rates | 6.9 | % | 6.1 | % | 4.0 | % | 3.7 | % | |||||||||||||||
200 bp increase in interest rates | 12.9 | % | 11.2 | % | 7.4 | % | 6.7 | % |
Dynamic Forecast September30, 2019 | Static Forecast September 30, 2019 | Dynamic Forecast December 31, 2018 | Static Forecast December 31, 2018 | ||||||||
Gradual Rate Change | |||||||||||
100 bp increase in interest rates | 3.9 | % | 4.0 | % | 2.5 | % | 2.7 | % | |||
200 bp increase in interest rates | 7.0 | % | 7.2 | % | 5.8 | % | 5.4 | % |
March 31, 2020 | December 31, 2019 | ||||||||||
Instantaneous Rate Change | |||||||||||
100 bp increase in interest rates | 3.6 | % | (0.5) | % | |||||||
200 bp increase in interest rates | 4.9 | % | (2.2) | % |
September 30, 2019 | December 31, 2018 | ||||
Instantaneous Rate Change | |||||
100 bp increase in interest rates | 0.5 | % | (2.0 | )% | |
200 bp increase in interest rates | (0.8 | )% | (4.5 | )% |
($ in Thousands) | One Year or Less | One to Three Years | Three to Five Years | Over Five Years | Total | ($ in Thousands) | One Year or Less | One to Three Years | Three to Five Years | Over Five Years | Total | |||||||||||||||||||||||||||||||||||||
Time deposits | $ | 2,077,680 | $ | 717,662 | $ | 114,139 | $ | 278 | $ | 2,909,759 | Time deposits | $ | 2,046,235 | $ | 485,580 | $ | 101,250 | $ | 279 | $ | 2,633,345 | |||||||||||||||||||||||||||
Short-term funding | 108,444 | — | — | — | 108,444 | Short-term funding | 166,654 | — | — | — | 166,654 | |||||||||||||||||||||||||||||||||||||
FHLB advances | 226,052 | 593,955 | 453,200 | 1,604,520 | 2,877,727 | FHLB advances | 637,872 | 521,228 | 450,633 | 1,604,461 | 3,214,194 | |||||||||||||||||||||||||||||||||||||
Long-term funding | 249,966 | 298,335 | — | 248,498 | 796,799 | Long-term funding | 29 | 298,867 | 248,725 | 2,023 | 549,644 | |||||||||||||||||||||||||||||||||||||
Operating leases | Operating leases | 9,178 | 14,835 | 9,224 | 13,899 | 47,136 | ||||||||||||||||||||||||||||||||||||||||||
Commitments to extend credit | 3,994,015 | 3,133,849 | 1,862,076 | 146,935 | 9,136,875 | Commitments to extend credit | 4,166,252 | 3,144,826 | 1,492,103 | 151,771 | 8,954,952 | |||||||||||||||||||||||||||||||||||||
Total | $ | 6,656,157 | $ | 4,743,801 | $ | 2,429,415 | $ | 2,000,231 | $ | 15,829,604 | Total | $ | 7,026,221 | $ | 4,465,337 | $ | 2,301,935 | $ | 1,772,433 | $ | 15,565,926 |
($ in Thousands) | September 30, 2019 | June 30, 2019 | March 31, 2019 | December 31, 2018 | September 30, 2018 | ||||||||||||||
Risk-based Capital(a) | |||||||||||||||||||
CET1 | $ | 2,482,394 | $ | 2,481,334 | $ | 2,484,941 | $ | 2,449,721 | $ | 2,475,043 | |||||||||
Tier 1 capital | 2,738,708 | 2,737,607 | 2,741,159 | 2,705,939 | 2,731,194 | ||||||||||||||
Total capital | 3,224,538 | 3,241,597 | 3,250,428 | 3,216,575 | 3,240,983 | ||||||||||||||
Total risk-weighted assets | 24,312,727 | 24,465,973 | 24,120,876 | 23,842,542 | 23,845,948 | ||||||||||||||
CET1 capital ratio | 10.21 | % | 10.14 | % | 10.30 | % | 10.27 | % | 10.38 | % | |||||||||
Tier 1 capital ratio | 11.26 | % | 11.19 | % | 11.36 | % | 11.35 | % | 11.45 | % | |||||||||
Total capital ratio | 13.26 | % | 13.25 | % | 13.48 | % | 13.49 | % | 13.59 | % | |||||||||
Tier 1 leverage ratio | 8.57 | % | 8.49 | % | 8.50 | % | 8.49 | % | 8.45 | % | |||||||||
Selected Equity and Performance Ratios | |||||||||||||||||||
Total stockholders’ equity / assets | 12.03 | % | 11.73 | % | 11.39 | % | 11.25 | % | 11.36 | % | |||||||||
Dividend payout ratio(b) | 34.00 | % | 34.69 | % | 34.00 | % | 32.69 | % | 30.61 | % |
($ in Thousands) | March 31, 2020 | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | ||||||||||||||||||||||||
Risk-based Capital(a) | |||||||||||||||||||||||||||||
CET1 | $ | 2,421,135 | $ | 2,480,698 | $ | 2,482,394 | $ | 2,481,334 | $ | 2,484,941 | |||||||||||||||||||
Tier 1 capital | 2,676,951 | 2,736,776 | 2,738,708 | 2,737,607 | 2,741,159 | ||||||||||||||||||||||||
Total capital | 3,249,807 | 3,208,625 | 3,224,538 | 3,241,597 | 3,250,428 | ||||||||||||||||||||||||
Total risk-weighted assets | 25,866,140 | 24,296,382 | 24,312,727 | 24,465,973 | 24,120,876 | ||||||||||||||||||||||||
CET1 capital ratio | 9.36 | % | 10.21 | % | 10.21 | % | 10.14 | % | 10.30 | % | |||||||||||||||||||
Tier 1 capital ratio | 10.35 | % | 11.26 | % | 11.26 | % | 11.19 | % | 11.36 | % | |||||||||||||||||||
Total capital ratio | 12.56 | % | 13.21 | % | 13.26 | % | 13.25 | % | 13.48 | % | |||||||||||||||||||
Tier 1 leverage ratio | 8.50 | % | 8.83 | % | 8.57 | % | 8.49 | % | 8.50 | % | |||||||||||||||||||
Selected Equity and Performance Ratios | |||||||||||||||||||||||||||||
Total stockholders’ equity / assets | 11.18 | % | 12.11 | % | 12.03 | % | 11.73 | % | 11.39 | % | |||||||||||||||||||
Dividend payout ratio(b) | 66.67 | % | 41.86 | % | 34.00 | % | 34.69 | % | 34.00 | % |
YTD | Quarter Ended | Quarter Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | September 30, 2019 | September 30, 2018 | September 30, 2019 | June 30, 2019 | March 31, 2019 | December 31, 2018 | September 30, 2018 | ($ in Thousands) | March 31, 2020 | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||
Selected Equity and Performance Ratios(a)(b) | Selected Equity and Performance Ratios(a)(b) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common equity / tangible assets | 7.65 | % | 7.42 | % | 7.20 | % | 7.04 | % | 7.13 | % | Tangible common equity / tangible assets | 6.90 | % | 7.71 | % | 7.65 | % | 7.42 | % | 7.20 | % | |||||||||||||||||||||||||||||||||||
Return on average equity | 8.83 | % | 8.90 | % | 8.47 | % | 8.81 | % | 9.21 | % | 9.42 | % | 9.06 | % | Return on average equity | 4.80 | % | 7.31 | % | 8.47 | % | 8.81 | % | 9.21 | % | |||||||||||||||||||||||||||||||
Return on average tangible common equity | 13.86 | % | 13.73 | % | 13.27 | % | 13.81 | % | 14.52 | % | 15.08 | % | 14.14 | % | Return on average tangible common equity | 7.31 | % | 11.33 | % | 13.27 | % | 13.81 | % | 14.52 | % | |||||||||||||||||||||||||||||||
Return on average Common equity Tier 1 | 13.15 | % | 12.89 | % | 12.78 | % | 13.09 | % | 13.58 | % | 13.94 | % | 13.18 | % | ||||||||||||||||||||||||||||||||||||||||||
Return on average common equity Tier 1 | Return on average common equity Tier 1 | 6.84 | % | 10.94 | % | 12.78 | % | 13.09 | % | 13.58 | % | |||||||||||||||||||||||||||||||||||||||||||||
Return on average assets | 1.02 | % | 0.99 | % | 1.00 | % | 1.02 | % | 1.05 | % | 1.07 | % | 1.02 | % | Return on average assets | 0.57 | % | 0.89 | % | 1.00 | % | 1.02 | % | 1.05 | % | |||||||||||||||||||||||||||||||
Return on average tangible assets | Return on average tangible assets | 0.59 | % | 0.93 | % | 1.04 | % | 1.05 | % | 1.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
Average stockholders' equity / average assets | 11.57 | % | 11.13 | % | 11.77 | % | 11.52 | % | 11.41 | % | 11.35 | % | 11.24 | % | Average stockholders' equity / average assets | 11.79 | % | 12.16 | % | 11.77 | % | 11.52 | % | 11.41 | % | |||||||||||||||||||||||||||||||
Tangible Common Equity and Common Equity Tier 1 Reconciliation(a)(b) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible Common Equity Reconciliation(a) | Tangible Common Equity Reconciliation(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity | $ | 3,664,139 | $ | 3,643,077 | $ | 3,579,153 | $ | 3,524,171 | $ | 3,540,322 | Common equity | $ | 3,533,755 | $ | 3,665,407 | $ | 3,664,139 | $ | 3,643,077 | $ | 3,579,153 | |||||||||||||||||||||||||||||||||||
Goodwill and other intangible assets, net | (1,267,319 | ) | (1,269,935 | ) | (1,242,554 | ) | (1,244,859 | ) | (1,246,991 | ) | Goodwill and other intangible assets, net | (1,284,111) | (1,264,531) | (1,267,319) | (1,269,935) | (1,242,554) | ||||||||||||||||||||||||||||||||||||||||
Tangible common equity | $ | 2,396,820 | $ | 2,373,142 | $ | 2,336,600 | $ | 2,279,312 | $ | 2,293,331 | Tangible common equity | $ | 2,249,644 | $ | 2,400,876 | $ | 2,396,820 | $ | 2,373,142 | $ | 2,336,600 | |||||||||||||||||||||||||||||||||||
Tangible Assets Reconciliation(a) | Tangible Assets Reconciliation(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 32,596,460 | $ | 33,246,869 | $ | 33,681,329 | $ | 33,615,122 | $ | 33,427,794 | Total assets | $ | 33,908,056 | $ | 32,386,478 | $ | 32,596,460 | $ | 33,246,869 | $ | 33,681,329 | |||||||||||||||||||||||||||||||||||
Goodwill and other intangible assets, net | (1,267,319 | ) | (1,269,935 | ) | (1,242,554 | ) | (1,244,859 | ) | (1,246,991 | ) | Goodwill and other intangible assets, net | (1,284,111) | (1,264,531) | (1,267,319) | (1,269,935) | (1,242,554) | ||||||||||||||||||||||||||||||||||||||||
Tangible assets | $ | 31,329,141 | $ | 31,976,934 | $ | 32,438,775 | $ | 32,370,263 | $ | 32,180,802 | Tangible assets | $ | 32,623,944 | $ | 31,121,947 | $ | 31,329,141 | $ | 31,976,934 | $ | 32,438,775 | |||||||||||||||||||||||||||||||||||
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)(b) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity | $ | 3,600,774 | $ | 3,510,141 | $ | 3,646,758 | $ | 3,596,178 | $ | 3,558,414 | $ | 3,490,043 | $ | 3,589,387 | Common equity | $ | 3,585,083 | $ | 3,657,823 | $ | 3,646,758 | $ | 3,596,178 | $ | 3,558,414 | |||||||||||||||||||||||||||||||
Goodwill and other intangible assets, net | (1,253,484 | ) | (1,196,912 | ) | (1,268,960 | ) | (1,247,209 | ) | (1,244,007 | ) | (1,246,102 | ) | (1,246,089 | ) | Goodwill and other intangible assets, net | (1,272,175) | (1,266,117) | (1,268,960) | (1,247,209) | (1,244,007) | ||||||||||||||||||||||||||||||||||||
Tangible common equity | 2,347,290 | 2,313,229 | 2,377,798 | 2,348,969 | 2,314,406 | 2,243,941 | 2,343,298 | Tangible common equity | 2,312,908 | 2,391,706 | 2,377,798 | 2,348,969 | 2,314,406 | |||||||||||||||||||||||||||||||||||||||||||
Less: Accumulated other comprehensive income / loss | 79,775 | 110,741 | 42,224 | 82,142 | 115,767 | 137,190 | 125,225 | |||||||||||||||||||||||||||||||||||||||||||||||||
Less: Deferred tax assets/deferred tax liabilities, net | 46,713 | 40,384 | 48,772 | 46,195 | 45,132 | 45,790 | 44,749 | |||||||||||||||||||||||||||||||||||||||||||||||||
Modified CECL transitional amount | Modified CECL transitional amount | 101,340 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss (income) | Accumulated other comprehensive loss (income) | 10,398 | 36,810 | 42,224 | 82,142 | 115,767 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax assets (liabilities), net | Deferred tax assets (liabilities), net | 46,635 | 47,774 | 48,772 | 46,195 | 45,132 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average common equity Tier 1 | $ | 2,473,778 | $ | 2,464,354 | $ | 2,468,794 | $ | 2,477,306 | $ | 2,475,305 | $ | 2,426,921 | $ | 2,513,272 | Average common equity Tier 1 | $ | 2,471,281 | $ | 2,476,290 | $ | 2,468,794 | $ | 2,477,306 | $ | 2,475,305 | |||||||||||||||||||||||||||||||
Efficiency Ratio Reconciliation(c) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Tangible Assets Reconciliation(a) | Average Tangible Assets Reconciliation(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 32,577,005 | $ | 32,182,183 | $ | 33,154,000 | $ | 33,438,818 | $ | 33,423,882 | |||||||||||||||||||||||||||||||||||||||||||||
Goodwill and other intangible assets, net | Goodwill and other intangible assets, net | (1,272,175) | (1,266,117) | (1,268,960) | (1,247,209) | (1,244,007) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible assets | Tangible assets | $ | 31,304,829 | $ | 30,916,066 | $ | 31,885,039 | $ | 32,191,609 | $ | 32,179,875 | |||||||||||||||||||||||||||||||||||||||||||||
Pre-Tax Pre-Provision Income(c) | Pre-Tax Pre-Provision Income(c) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | $ | 56,056 | $ | 89,467 | $ | 104,286 | $ | 103,678 | $ | 109,078 | |||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 53,001 | — | 2,000 | 8,000 | 6,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-tax pre-provision income | Pre-tax pre-provision income | $ | 109,057 | $ | 89,467 | $ | 106,286 | $ | 111,678 | $ | 115,078 | |||||||||||||||||||||||||||||||||||||||||||||
Efficiency Ratio Reconciliation(d) | Efficiency Ratio Reconciliation(d) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Reserve efficiency ratio | 64.18 | % | 67.50 | % | 66.55 | % | 62.71 | % | 63.32 | % | 62.39 | % | 66.12 | % | Federal Reserve efficiency ratio | 70.37 | % | 69.14 | % | 66.55 | % | 62.71 | % | 63.32 | % | |||||||||||||||||||||||||||||||
Fully tax-equivalent adjustment | (0.83 | )% | (0.69 | )% | (0.90 | )% | (0.84 | )% | (0.77 | )% | (0.75 | )% | (0.75 | )% | Fully tax-equivalent adjustment | (0.96) | % | (0.91) | % | (0.90) | % | (0.84) | % | (0.77) | % | |||||||||||||||||||||||||||||||
Other intangible amortization | (0.79 | )% | (0.64 | )% | (0.89 | )% | (0.75 | )% | (0.73 | )% | (0.72 | )% | (0.73 | )% | Other intangible amortization | (0.95) | % | (0.93) | % | (0.89) | % | (0.75) | % | (0.73) | % | |||||||||||||||||||||||||||||||
Fully tax-equivalent efficiency ratio | 62.58 | % | 66.18 | % | 64.78 | % | 61.13 | % | 61.83 | % | 60.93 | % | 64.66 | % | Fully tax-equivalent efficiency ratio | 68.47 | % | 67.32 | % | 64.78 | % | 61.13 | % | 61.83 | % | |||||||||||||||||||||||||||||||
Acquisition related costs adjustment(d) | (0.65 | )% | (3.33 | )% | (0.53 | )% | (1.21 | )% | (0.20 | )% | 0.31 | % | (0.94 | )% | ||||||||||||||||||||||||||||||||||||||||||
Fully tax-equivalent efficiency ratio, excluding acquisition related costs (adjusted efficiency ratio) | 61.92 | % | 62.85 | % | 64.25 | % | 59.91 | % | 61.63 | % | 61.24 | % | 63.72 | % | ||||||||||||||||||||||||||||||||||||||||||
Acquisition related costs adjustment(e) | Acquisition related costs adjustment(e) | (0.58) | % | (0.45) | % | (0.53) | % | (1.21) | % | (0.20) | % | |||||||||||||||||||||||||||||||||||||||||||||
Provision for unfunded commitments adjustment | Provision for unfunded commitments adjustment | (5.18) | % | 0.34 | % | (0.33) | % | 1.28 | % | (0.49) | % | |||||||||||||||||||||||||||||||||||||||||||||
Fully tax-equivalent efficiency ratio, excluding acquisition related costs and provision for unfunded commitments (adjusted efficiency ratio) | Fully tax-equivalent efficiency ratio, excluding acquisition related costs and provision for unfunded commitments (adjusted efficiency ratio) | 62.72 | % | 67.21 | % | 63.92 | % | 61.19 | % | 61.14 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
($ in Thousands) | 2019 | 2018 | % Change | 2019 | 2018 | % Change | ($ in Thousands) | 2020 | 2019 | % Change | ||||||||||||||||||||||||||||||||||||
Corporate and Commercial Specialty | Corporate and Commercial Specialty | |||||||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 107,063 | $ | 112,560 | (5 | )% | $ | 321,700 | $ | 342,723 | (6 | )% | Total revenue | $ | 135,943 | $ | 131,762 | 3 | % | |||||||||||||||||||||||||||
Credit provision | 12,912 | 11,232 | 15 | % | 39,713 | 32,955 | 21 | % | Credit provision | 13,174 | 13,833 | (5) | % | |||||||||||||||||||||||||||||||||
Noninterest expense | 39,172 | 41,828 | (6 | )% | 117,982 | 122,853 | (4 | )% | Noninterest expense | 52,598 | 56,340 | (7) | % | |||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 9,670 | 12,098 | (20 | )% | 30,536 | 36,978 | (17 | )% | Income tax expense (benefit) | 13,126 | 11,920 | 10 | % | |||||||||||||||||||||||||||||||||
Average earning assets | 12,404,178 | 11,981,760 | 4 | % | 12,398,829 | 11,814,674 | 5 | % | Average earning assets | 13,454,418 | 13,340,901 | 1 | % | |||||||||||||||||||||||||||||||||
Average loans | 12,404,447 | 11,974,090 | 4 | % | 12,393,113 | 11,804,458 | 5 | % | Average loans | 13,506,551 | 13,388,248 | 1 | % | |||||||||||||||||||||||||||||||||
Average deposits | 8,587,669 | 8,695,170 | (1 | )% | 8,499,132 | 8,127,134 | 5 | % | Average deposits | 9,028,016 | 9,654,881 | (6) | % | |||||||||||||||||||||||||||||||||
Average allocated capital (Average CET1)(a) | 1,250,507 | 1,215,331 | 3 | % | 1,243,853 | 1,207,925 | 3 | % | Average allocated capital (Average CET1)(a) | 1,428,193 | 1,317,093 | 8 | % | |||||||||||||||||||||||||||||||||
Return on average allocated capital (ROCET1)(a) | 14.37 | % | 15.47 | % | (110) bp | 14.35 | % | 16.60 | % | (225) bp | Return on average allocated capital (ROCET1)(a) | 16.06 | % | 15.29 | % | (-77) bp | ||||||||||||||||||||||||||||||
Community, Consumer, and Business | Community, Consumer, and Business | |||||||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 190,300 | $ | 187,113 | 2 | % | $ | 564,834 | $ | 555,562 | 2 | % | Total revenue | $ | 151,262 | $ | 158,708 | (5) | % | |||||||||||||||||||||||||||
Credit provision | 5,008 | 5,280 | (5 | )% | 15,007 | 15,125 | (1 | )% | Credit provision | 5,108 | 4,685 | 9 | % | |||||||||||||||||||||||||||||||||
Noninterest expense | 137,761 | 139,627 | (1 | )% | 406,984 | 405,129 | — | % | Noninterest expense | 116,431 | 112,917 | 3 | % | |||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 9,982 | 8,863 | 13 | % | 30,003 | 28,415 | 6 | % | Income tax expense (benefit) | 6,242 | 8,632 | (28) | % | |||||||||||||||||||||||||||||||||
Average earning assets | 10,341,293 | 10,456,159 | (1 | )% | 10,331,684 | 10,333,412 | — | % | Average earning assets | 9,390,271 | 9,262,136 | 1 | % | |||||||||||||||||||||||||||||||||
Average loans | 10,338,215 | 10,453,485 | (1 | )% | 10,328,646 | 10,329,888 | — | % | Average loans | 9,329,349 | 9,202,437 | 1 | % | |||||||||||||||||||||||||||||||||
Average deposits | 14,767,091 | 13,716,862 | 8 | % | 14,195,194 | 13,518,903 | 5 | % | Average deposits | 13,691,417 | 12,298,012 | 11 | % | |||||||||||||||||||||||||||||||||
Average allocated capital (Average CET1)(a) | 643,436 | 662,017 | (3 | )% | 646,174 | 652,745 | (1 | )% | Average allocated capital (Average CET1)(a) | 582,315 | 556,385 | 5 | % | |||||||||||||||||||||||||||||||||
Return on average allocated capital (ROCET1)(a) | 23.15 | % | 19.98 | % | 317 bp | 23.35 | % | 21.89 | % | 146 bp | Return on average allocated capital (ROCET1)(a) | 16.22 | % | 23.67 | % | N/M | ||||||||||||||||||||||||||||||
Risk Management and Shared Services | Risk Management and Shared Services | |||||||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 9,852 | $ | 8,019 | 23 | % | $ | 36,888 | $ | 28,861 | 28 | % | Total revenue | $ | 14,042 | $ | 16,280 | (14) | % | |||||||||||||||||||||||||||
Credit provision | (15,919 | ) | (21,512 | ) | 26 | % | (38,721 | ) | (49,081 | ) | 21 | % | Credit provision | 34,719 | (12,518) | N/M | ||||||||||||||||||||||||||||||
Noninterest expense (b) | 23,981 | 22,959 | 4 | % | 65,399 | 100,654 | (35 | )% | Noninterest expense (b) | 23,162 | 22,414 | 3 | % | |||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 1,295 | 1,388 | (7 | )% | 1,816 | (10,460 | ) | N/M | Income tax expense (benefit) | (9,149) | 1,840 | N/M | ||||||||||||||||||||||||||||||||||
Average earning assets | 7,076,620 | 8,036,951 | (12 | )% | 7,440,046 | 7,912,853 | (6 | )% | Average earning assets | 6,372,005 | 7,792,143 | (18) | % | |||||||||||||||||||||||||||||||||
Average loans | 509,407 | 546,142 | (7 | )% | 515,436 | 554,824 | (7 | )% | Average loans | 472,719 | 512,830 | (8) | % | |||||||||||||||||||||||||||||||||
Average deposits | 1,846,444 | 2,283,886 | (19 | )% | 2,254,344 | 2,355,566 | (4 | )% | Average deposits | 1,572,516 | 2,603,316 | (40) | % | |||||||||||||||||||||||||||||||||
Average allocated capital (Average CET1)(a) | 574,851 | 635,924 | (10 | )% | 583,751 | 603,684 | (3 | )% | Average allocated capital (Average CET1)(a) | 460,773 | 601,827 | (23) | % | |||||||||||||||||||||||||||||||||
Return on average allocated capital (ROCET1)(a) | (2.28 | )% | 1.73 | % | (401) bp | (0.69 | )% | (4.28 | )% | 359 bp | Return on average allocated capital (ROCET1)(a) | (33.60) | % | 0.50 | % | N/M | ||||||||||||||||||||||||||||||
Consolidated Total | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 307,216 | $ | 307,692 | — | % | $ | 923,422 | $ | 927,146 | — | % | Total revenue | $ | 301,248 | $ | 306,749 | (2) | % | |||||||||||||||||||||||||||
Return on average allocated capital (ROCET1)(a) | 12.78 | % | 13.18 | % | (40) bp | 13.15 | % | 12.89 | % | 26 bp | Return on average allocated capital (ROCET1)(a) | 6.84 | % | 13.58 | % | N/M |
• |
($ in Thousands) | Number of Loans | Originated Balance | Outstanding Balance | Impacted Jobs | ||||||||||
>=$2,000,000 | 99 | $ | 335,534 | $ | 306,930 | 26,688 | ||||||||
< $2,000,000 And > $350,000 | 467 | 374,695 | 367,491 | 35,200 | ||||||||||
<=$350,000 | 5,856 | 308,937 | 307,748 | 44,479 | ||||||||||
Total | 6,422 | $ | 1,019,166 | $ | 982,169 | 106,367 |
($ in Thousands) | Number of Loans | Number of Relationships | Outstanding Balance | ||||||||
Commercial and business lending | 452 | 286 | $ | 245,287 | |||||||
Commercial real estate | 175 | 147 | 554,177 | ||||||||
Total consumer(a) | 1,918 | 1,744 | 519,206 | ||||||||
Total | 2,545 | 2,177 | $ | 1,318,670 |
ITEM 3. | Quantitative and Qualitative Disclosures About Market Risk |
ITEM 4. | Controls and Procedures |
PART II - OTHER INFORMATION |
ITEM 1. | Legal Proceedings |
ITEM 1A. | Risk Factors |
ITEM 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
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 | ||||||||||||
July 1, 2019 - July 31, 2019 | 940,379 | $ | 21.63 | 940,379 | — | |||||||
August 1, 2019 - August 31, 2019 | 1,951,452 | 20.32 | 1,951,452 | — | ||||||||
September 1, 2019 - September 30, 2019 | — | — | — | — | ||||||||
Total | 2,891,831 | $ | 20.75 | 2,891,831 | 4,036,472 |
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 | |||||||||||||||||||||||
January 1, 2020 - January 31, 2020 | 909,990 | $ | 20.61 | 900,000 | — | ||||||||||||||||||
February 1, 2020 - February 29, 2020 | 1,069,369 | 18.98 | 831,991 | — | |||||||||||||||||||
March 1, 2020 - March 31, 2020 | 2,562,723 | 14.73 | 2,531,721 | — | |||||||||||||||||||
Total | 4,542,082 | $ | 16.91 | 4,263,712 | 8,803,836 |
ITEM 6. | Exhibits |
Exhibit (101), Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Unaudited Consolidated Balance Sheets, (ii) Unaudited Consolidated Statements of Income, (iii) Unaudited Consolidated Statements of Comprehensive Income, (iv) Unaudited Consolidated Statements of Changes in Stockholders’ Equity, (v) Unaudited Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements. |
Signatures |
ASSOCIATED BANC-CORP | ||||||||
Date: May 11, 2020 | ||||||||
/s/ Philip B. Flynn | ||||||||
Philip B. Flynn | ||||||||
President and Chief Executive Officer | ||||||||
Date: | /s/ Christopher J. Del Moral-Niles | |||||||
Christopher J. Del Moral-Niles | ||||||||
Chief Financial Officer | ||||||||
Date: | /s/ Tammy C. Stadler | |||||||
Tammy C. Stadler | ||||||||
Principal Accounting Officer |