☒ | 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 |
Pennsylvania | 23-2195389 | ||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||||||||
One Penn Square | P. O. Box 4887 | Lancaster, | Pennsylvania | 17604 | |||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $2.50 | FULT | The Nasdaq Stock Market, LLC | ||||||
Depositary Shares, Each Representing 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A | FULTP | The Nasdaq Stock Market, LLC |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||
Emerging growth company | ☐ | |||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Description | Page | |||||||
Glossary of Terms | ||||||||
PART I. FINANCIAL INFORMATION | ||||||||
(a) | ||||||||
(b) | ||||||||
(c) | ||||||||
(d) | ||||||||
(e) | ||||||||
(f) | ||||||||
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | ||||||||
Item 3. Defaults Upon Senior Securities - (not applicable) | ||||||||
Item 4. Mine Safety Disclosures - (not applicable) | ||||||||
Item 5. Other Information | ||||||||
GLOSSARY OF DEFINED ACRONYMS AND TERMS | ||||||||
2023 Repurchase Program | The authorization to repurchase up to $100 million of the Corporation's common stock commencing January 1, 2023 and expiring December 31, 2023 | |||||||
ACL | Allowance for credit losses | |||||||
AFS | Available for sale | |||||||
ALCO | Asset/Liability Management Committee | |||||||
AOCI | Accumulated other comprehensive (loss) income | |||||||
ASC | Accounting Standards Codification | |||||||
ASU | Accounting Standards Update | |||||||
BHCA | Bank Holding Company Act of 1956, as amended | |||||||
bp or bps | Basis point(s) | |||||||
Corporation or Company | Fulton Financial Corporation | |||||||
COVID-19 | Coronavirus | |||||||
Directors' Plan | Amended and Restated Directors’ Equity Participation Plan | |||||||
Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act | |||||||
Employee Equity Plan | 2022 Amended and Restated Equity and Cash Incentive Compensation Plan | |||||||
ETR | Effective tax rate | |||||||
Exchange Act | Securities Exchange Act of 1934 | |||||||
FASB | Financial Accounting Standards Board | |||||||
FDIC | Federal Deposit Insurance Corporation | |||||||
Fed Funds Rate | Target federal funds rate | |||||||
Federal Reserve Board | Board of Governors of the Federal Reserve System | |||||||
FHLB | Federal Home Loan Bank | |||||||
FOMC | Federal Open Market Committee | |||||||
Foreign Currency Nostro Accounts | Foreign currency with international correspondent banks | |||||||
FRB | Federal Reserve Bank | |||||||
FTE | Fully taxable-equivalent | |||||||
Fulton Bank or the Bank | Fulton Bank, N.A. | |||||||
GAAP | U.S. | |||||||
HTM | Held to maturity | |||||||
LIBOR | London Interbank Offered Rate | |||||||
Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||||||||
Merger | The acquisition by the Corporation of Prudential | |||||||
Merger Consideration | For each share of Prudential Bancorp common stock, $3.65 in cash and 0.7974 of a share of the Corporation's common stock, with cash paid in lieu of each fractional share of the Corporation's common stock that would otherwise be issued, determined by multiplying such fractional share amount by $18.25 | |||||||
MSRs | Mortgage servicing rights | |||||||
Net loans | ||||||||
NIM | Net interest margin | |||||||
N/M | Not meaningful | |||||||
OBS | Off-balance-sheet | |||||||
OCI | Other comprehensive income | |||||||
OREO | Other real estate owned | |||||||
Pension Plan | Defined Benefit Pension Plan |
Postretirement Plan | Postretirement Benefits Plan | |||||||
PPP | Paycheck Protection Program | |||||||
Prudential Bancorp | Prudential Bancorp, Inc. | |||||||
PSU | Performance-based restricted stock unit | |||||||
RSU | Restricted stock unit | |||||||
SBA | Small Business Administration | |||||||
SEC | United States Securities and Exchange Commission | |||||||
SOFR | Secured Overnight Financing Rate | |||||||
TCI | Tax credit investment | |||||||
TDR | Troubled debt restructuring | |||||||
TruPS | Trust Preferred Securities | |||||||
June 30, 2022 | December 31, 2021 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | 158,605 | $ | 172,276 | |||||||
Interest-bearing deposits with other banks | 291,069 | 1,466,338 | |||||||||
Cash and cash equivalents | 449,674 | 1,638,614 | |||||||||
FRB and FHLB stock | 62,146 | 57,635 | |||||||||
Federal funds sold | 30,500 | — | |||||||||
Loans held for sale | 17,528 | 35,768 | |||||||||
Investment securities: | |||||||||||
AFS, at estimated fair value | 2,778,838 | 3,187,390 | |||||||||
HTM, at amortized cost | 1,338,963 | 980,384 | |||||||||
Net loans | 18,920,950 | 18,325,350 | |||||||||
Less: ACL - loans | (248,564) | (249,001) | |||||||||
Loans, net | 18,672,386 | 18,076,349 | |||||||||
Net premises and equipment | 211,639 | 220,357 | |||||||||
Accrued interest receivable | 64,457 | 57,451 | |||||||||
Goodwill and net intangible assets | 537,700 | 538,053 | |||||||||
Other assets | 1,088,855 | 1,004,397 | |||||||||
Total Assets | $ | 25,252,686 | $ | 25,796,398 | |||||||
LIABILITIES | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing | $ | 7,530,777 | $ | 7,370,963 | |||||||
Interest-bearing | 13,613,089 | 14,202,536 | |||||||||
Total Deposits | 21,143,866 | 21,573,499 | |||||||||
Short-term borrowings: | |||||||||||
Federal funds purchased | 20,000 | — | |||||||||
Other short-term borrowings | 436,185 | 416,764 | |||||||||
Short-term borrowings | 456,185 | 416,764 | |||||||||
Accrued interest payable | 6,010 | 7,000 | |||||||||
Long-term borrowings | 557,130 | 621,345 | |||||||||
Other liabilities | 618,402 | 465,110 | |||||||||
Total Liabilities | 22,781,593 | 23,083,718 | |||||||||
SHAREHOLDERS' EQUITY | |||||||||||
Preferred stock, no par value, 10.0 million shares authorized; Series A, 0.2 million shares authorized and issued as of June 30, 2022 and December 31, 2021, liquidation preference of $1,000 per share | 192,878 | 192,878 | |||||||||
Common stock, $2.50 par value, 600.0 million shares authorized, 224.5 million shares issued as of June 30, 2022 and 223.9 million issued as of December 31, 2021 | 561,181 | 559,766 | |||||||||
Additional paid-in capital | 1,527,756 | 1,519,873 | |||||||||
Retained earnings | 1,363,344 | 1,282,383 | |||||||||
Accumulated other comprehensive (loss) gain | (304,210) | 27,411 | |||||||||
Treasury stock, at cost, 63.4 million shares as of June 30, 2022 and December 31, 2021 | (869,856) | (869,631) | |||||||||
Total Shareholders' Equity | 2,471,093 | 2,712,680 | |||||||||
Total Liabilities and Shareholders' Equity | $ | 25,252,686 | $ | 25,796,398 | |||||||
See Notes to Consolidated Financial Statements |
June 30, 2023 | December 31, 2022 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | 123,779 | $ | 126,898 | |||||||
Interest-bearing deposits with other banks | 380,923 | 555,023 | |||||||||
Cash and cash equivalents | 504,702 | 681,921 | |||||||||
FRB and FHLB stock | 124,218 | 130,186 | |||||||||
Loans held for sale | 14,673 | 7,264 | |||||||||
Investment securities | |||||||||||
AFS, at estimated fair value | 2,572,721 | 2,646,767 | |||||||||
HTM, at amortized cost | 1,294,613 | 1,321,256 | |||||||||
Net loans | 21,044,685 | 20,279,547 | |||||||||
Less: ACL - loans | (287,442) | (269,366) | |||||||||
Loans, net | 20,757,243 | 20,010,181 | |||||||||
Net premises and equipment | 216,322 | 225,141 | |||||||||
Accrued interest receivable | 96,991 | 91,579 | |||||||||
Goodwill and net intangible assets | 561,885 | 560,824 | |||||||||
Other assets | 1,259,795 | 1,256,583 | |||||||||
Total Assets | $ | 27,403,163 | $ | 26,931,702 | |||||||
LIABILITIES | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing | $ | 5,865,855 | $ | 7,006,388 | |||||||
Interest-bearing | 15,340,685 | 13,643,150 | |||||||||
Total Deposits | 21,206,540 | 20,649,538 | |||||||||
Borrowings: | |||||||||||
Federal funds purchased | 555,000 | 191,000 | |||||||||
Federal Home Loan Bank advances | 1,165,000 | 1,250,000 | |||||||||
Senior debt and subordinated debt | 539,994 | 539,634 | |||||||||
Other borrowings | 459,120 | 890,573 | |||||||||
Total borrowings | 2,719,114 | 2,871,207 | |||||||||
Accrued interest payable | 24,101 | 10,185 | |||||||||
Other liabilities | 811,256 | 821,015 | |||||||||
Total Liabilities | $ | 24,761,011 | $ | 24,351,945 | |||||||
SHAREHOLDERS' EQUITY | |||||||||||
Preferred stock, no par value, 10.0 million shares authorized; Series A, 0.2 million shares authorized and issued as of June 30, 2023 and December 31, 2022, liquidation preference of $1,000 per share | 192,878 | 192,878 | |||||||||
Common stock, $2.50 par value, 600.0 million shares authorized, 225.7 million shares issued as of June 30, 2023 and 224.6 million issued as of December 31, 2022 | 564,137 | 561,511 | |||||||||
Additional paid-in capital | 1,545,706 | 1,541,840 | |||||||||
Retained earnings | 1,542,163 | 1,450,758 | |||||||||
Accumulated other comprehensive (loss) income | (379,286) | (385,476) | |||||||||
Treasury stock, at cost, 59.6 million shares as of June 30, 2023 and 57.0 million shares as of December 31, 2022 | (823,446) | (781,754) | |||||||||
Total Shareholders' Equity | 2,642,152 | 2,579,757 | |||||||||
Total Liabilities and Shareholders' Equity | $ | 27,403,163 | $ | 26,931,702 | |||||||
See Notes to Consolidated Financial Statements |
(in thousands, except per-share data) | Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Interest Income | |||||||||||||||||||||||
Loans, including fees | $ | 164,171 | $ | 155,080 | $ | 313,908 | $ | 319,065 | |||||||||||||||
Investment securities: | 24,144 | 19,819 | 46,497 | 39,162 | |||||||||||||||||||
Loans held for sale | 260 | 199 | 501 | 671 | |||||||||||||||||||
Other interest income | 1,724 | 1,575 | 2,394 | 2,711 | |||||||||||||||||||
Total Interest Income | 190,299 | 176,673 | 363,300 | 361,609 | |||||||||||||||||||
Interest Expense | |||||||||||||||||||||||
Deposits | 5,796 | 7,982 | 11,401 | 17,584 | |||||||||||||||||||
Short-term borrowings | 190 | 137 | 311 | 325 | |||||||||||||||||||
Long-term borrowings | 5,482 | 6,155 | 11,447 | 16,853 | |||||||||||||||||||
Total Interest Expense | 11,468 | 14,274 | 23,159 | 34,762 | |||||||||||||||||||
Net Interest Income | 178,831 | 162,399 | 340,141 | 326,847 | |||||||||||||||||||
Provision for credit losses | 1,500 | (3,500) | (5,450) | (9,000) | |||||||||||||||||||
Net Interest Income After Provision for Credit Losses | 177,331 | 165,899 | 345,591 | 335,847 | |||||||||||||||||||
Non-Interest Income | |||||||||||||||||||||||
Commercial banking | 20,359 | 17,129 | 36,367 | 33,471 | |||||||||||||||||||
Consumer banking | 12,472 | 10,860 | 24,146 | 21,614 | |||||||||||||||||||
Wealth management | 18,274 | 17,634 | 37,702 | 34,981 | |||||||||||||||||||
Mortgage banking | 3,768 | 2,838 | 8,344 | 16,798 | |||||||||||||||||||
Other | 3,510 | 3,393 | 7,061 | 6,912 | |||||||||||||||||||
Non-Interest Income Before Investment Securities Gains | 58,383 | 51,854 | 113,620 | 113,776 | |||||||||||||||||||
Investment securities gains, net | 8 | 36 | 27 | 33,511 | |||||||||||||||||||
Total Non-Interest Income | 58,391 | 51,890 | 113,647 | 147,287 | |||||||||||||||||||
Non-Interest Expense | |||||||||||||||||||||||
Salaries and employee benefits | 85,404 | 78,367 | 169,868 | 160,953 | |||||||||||||||||||
Data processing and software | 14,685 | 13,932 | 29,000 | 27,493 | |||||||||||||||||||
Net occupancy | 13,587 | 12,494 | 28,109 | 26,476 | |||||||||||||||||||
Other outside services | 8,764 | 8,178 | 16,931 | 16,668 | |||||||||||||||||||
State taxes | 3,568 | 4,384 | 6,605 | 8,889 | |||||||||||||||||||
Equipment | 3,422 | 3,424 | 6,845 | 6,852 | |||||||||||||||||||
FDIC insurance | 2,961 | 2,282 | 6,170 | 4,906 | |||||||||||||||||||
Professional fees | 2,013 | 2,651 | 3,805 | 5,430 | |||||||||||||||||||
Marketing | 1,326 | 1,348 | 2,646 | 2,350 | |||||||||||||||||||
Intangible amortization | 177 | 178 | 353 | 293 | |||||||||||||||||||
Debt extinguishment | — | 412 | — | 32,575 | |||||||||||||||||||
Merger-related expenses | 1,027 | — | 1,428 | — | |||||||||||||||||||
Other | 12,796 | 13,181 | 23,948 | 26,330 | |||||||||||||||||||
Total Non-Interest Expense | 149,730 | 140,831 | 295,708 | 319,215 | |||||||||||||||||||
Income Before Income Taxes | 85,992 | 76,958 | 163,530 | 163,919 | |||||||||||||||||||
Income taxes | 16,003 | 11,994 | 29,253 | 25,892 | |||||||||||||||||||
Net Income | 69,989 | 64,964 | 134,277 | 138,027 | |||||||||||||||||||
Preferred stock dividends | (2,562) | (2,562) | (5,124) | (5,153) | |||||||||||||||||||
Net Income Available to Common Shareholders | $ | 67,427 | $ | 62,402 | $ | 129,153 | $ | 132,874 | |||||||||||||||
PER SHARE: | |||||||||||||||||||||||
Net income available to common shareholders (basic) | $ | 0.42 | $ | 0.38 | $ | 0.80 | $ | 0.81 | |||||||||||||||
Net income available to common shareholders (diluted) | 0.42 | 0.38 | 0.80 | 0.81 | |||||||||||||||||||
Cash dividends | 0.15 | 0.14 | 0.30 | 0.28 | |||||||||||||||||||
See Notes to Consolidated Financial Statements |
(dollars in thousands, except per-share data) | Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Interest Income | |||||||||||||||||||||||
Loans, including fees | $ | 284,690 | $ | 164,171 | $ | 545,341 | $ | 313,908 | |||||||||||||||
Investment securities | 25,362 | 24,144 | 50,883 | 46,497 | |||||||||||||||||||
Other interest income | 4,860 | 1,984 | 8,508 | 2,895 | |||||||||||||||||||
Total Interest Income | 314,912 | 190,299 | 604,732 | 363,300 | |||||||||||||||||||
Interest Expense | |||||||||||||||||||||||
Deposits | 69,799 | 5,796 | 111,420 | 11,401 | |||||||||||||||||||
Federal funds purchased | 9,112 | 12 | 15,147 | 12 | |||||||||||||||||||
Federal Home Loan Bank advances | 11,826 | — | 27,299 | — | |||||||||||||||||||
Senior debt and subordinated debt | 5,344 | 5,468 | 10,689 | 11,426 | |||||||||||||||||||
Other borrowings and interest-bearing liabilities | 5,979 | 192 | 11,738 | 320 | |||||||||||||||||||
Total Interest Expense | 102,060 | 11,468 | 176,293 | 23,159 | |||||||||||||||||||
Net Interest Income | 212,852 | 178,831 | 428,439 | 340,141 | |||||||||||||||||||
Provision for credit losses | 9,747 | 1,500 | 34,291 | (5,450) | |||||||||||||||||||
Net Interest Income After Provision for Credit Losses | 203,105 | 177,331 | 394,148 | 345,591 | |||||||||||||||||||
Non-Interest Income | |||||||||||||||||||||||
Wealth management | 18,678 | 18,274 | 36,740 | 37,702 | |||||||||||||||||||
Commercial banking | 23,145 | 20,359 | 40,658 | 36,367 | |||||||||||||||||||
Consumer banking | 11,720 | 12,472 | 22,937 | 24,146 | |||||||||||||||||||
Mortgage banking | 2,940 | 3,768 | 4,910 | 8,344 | |||||||||||||||||||
Other | 4,106 | 3,510 | 7,075 | 7,061 | |||||||||||||||||||
Non-Interest Income Before Investment Securities Gains | 60,589 | 58,383 | 112,320 | 113,620 | |||||||||||||||||||
Investment securities gains, net | (4) | 8 | 19 | 27 | |||||||||||||||||||
Total Non-Interest Income | 60,585 | 58,391 | 112,339 | 113,647 | |||||||||||||||||||
Non-Interest Expense | |||||||||||||||||||||||
Salaries and employee benefits | 94,102 | 85,404 | 183,385 | 169,868 | |||||||||||||||||||
Data processing and software | 16,776 | 14,685 | 32,571 | 29,000 | |||||||||||||||||||
Net occupancy | 14,374 | 13,587 | 28,812 | 28,109 | |||||||||||||||||||
Other outside services | 10,834 | 8,764 | 20,960 | 16,931 | |||||||||||||||||||
FDIC insurance | 4,895 | 2,961 | 9,690 | 6,170 | |||||||||||||||||||
State taxes | 3,939 | 3,568 | 7,418 | 6,605 | |||||||||||||||||||
Equipment | 3,530 | 3,422 | 6,920 | 6,845 | |||||||||||||||||||
Professional fees | 1,829 | 2,013 | 4,221 | 3,805 | |||||||||||||||||||
Marketing | 1,655 | 1,326 | 3,541 | 2,646 | |||||||||||||||||||
Intangible amortization | 1,072 | 177 | 1,746 | 353 | |||||||||||||||||||
Merger-related expenses | — | 1,027 | — | 1,428 | |||||||||||||||||||
Other | 15,012 | 12,796 | 28,372 | 23,948 | |||||||||||||||||||
Total Non-Interest Expense | 168,018 | 149,730 | 327,636 | 295,708 | |||||||||||||||||||
Income Before Income Taxes | 95,672 | 85,992 | 178,851 | 163,530 | |||||||||||||||||||
Income taxes | 16,065 | 16,003 | 30,931 | 29,253 | |||||||||||||||||||
Net Income | 79,607 | 69,989 | 147,920 | 134,277 | |||||||||||||||||||
Preferred stock dividends | (2,562) | (2,562) | (5,124) | (5,124) | |||||||||||||||||||
Net Income Available to Common Shareholders | $ | 77,045 | $ | 67,427 | $ | 142,796 | $ | 129,153 | |||||||||||||||
PER SHARE: | |||||||||||||||||||||||
Net income available to common shareholders (basic) | $ | 0.46 | $ | 0.42 | $ | 0.86 | $ | 0.80 | |||||||||||||||
Net income available to common shareholders (diluted) | 0.46 | 0.42 | 0.85 | 0.80 | |||||||||||||||||||
Cash dividends | 0.16 | 0.15 | 0.31 | 0.30 | |||||||||||||||||||
See Notes to Consolidated Financial Statements |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net Income | $ | 69,989 | $ | 64,964 | $ | 134,277 | $ | 138,027 | |||||||||||||||
Other Comprehensive (Loss)/Income, net of tax: | |||||||||||||||||||||||
Unrealized gains (losses) on AFS investment securities | |||||||||||||||||||||||
Unrealized (loss)/gain on securities | (88,352) | 19,298 | (242,211) | (20,701) | |||||||||||||||||||
Reclassification adjustment for securities gains included in net income | 6 | (28) | 21 | 349 | |||||||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM | (48,113) | (270) | (47,677) | 1,517 | |||||||||||||||||||
Net unrealized gains (losses) on AFS investment securities | (136,459) | 19,000 | (289,867) | (18,835) | |||||||||||||||||||
Unrealized (losses) gains on interest rate swaps used in cash flow hedges | |||||||||||||||||||||||
Net unrealized holding (losses) gains arising during the period | (8,586) | 2,752 | (39,962) | 1,158 | |||||||||||||||||||
Reclassification adjustment for net (losses) gains realized in net income | (335) | (678) | (1,842) | (791) | |||||||||||||||||||
Net unrealized (losses) gains on interest rate swaps used in cash flow hedges | (8,921) | 2,074 | (41,804) | 367 | |||||||||||||||||||
Defined benefit pension plan and postretirement benefits | |||||||||||||||||||||||
Amortization of net unrecognized pension and postretirement items | 25 | 289 | 50 | 578 | |||||||||||||||||||
Other Comprehensive (Loss)/Income | (145,355) | 21,363 | (331,621) | (17,890) | |||||||||||||||||||
Total Comprehensive (Loss) Income | $ | (75,366) | $ | 86,327 | $ | (197,344) | $ | 120,137 | |||||||||||||||
See Notes to Consolidated Financial Statements |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net Income | $ | 79,607 | $ | 69,989 | $ | 147,920 | $ | 134,277 | |||||||||||||||
Other Comprehensive Income/(Loss), net of tax: | |||||||||||||||||||||||
Unrealized gains (losses) on AFS investment securities | |||||||||||||||||||||||
Unrealized gains (losses) on securities | (31,219) | (88,352) | 1,422 | (242,211) | |||||||||||||||||||
Reclassification adjustment for securities net change included in net income | (3) | 6 | 14 | 21 | |||||||||||||||||||
Amortization of net unrealized gains (losses) on AFS securities transferred to HTM | 1,501 | (48,113) | 2,979 | (47,677) | |||||||||||||||||||
Net unrealized gains (losses) on AFS investment securities | (29,721) | (136,459) | 4,415 | (289,867) | |||||||||||||||||||
Unrealized gains (losses) on interest rate derivatives used in cash flow hedges | |||||||||||||||||||||||
Net unrealized holding losses arising during the period | (5,586) | (8,586) | (12,406) | (39,962) | |||||||||||||||||||
Reclassification adjustment for net change realized in net income | 7,010 | (335) | 14,153 | (1,842) | |||||||||||||||||||
Net unrealized gains (losses) on interest rate derivatives used in cash flow hedges | 1,424 | (8,921) | 1,747 | (41,804) | |||||||||||||||||||
Defined benefit pension plan and postretirement benefits | |||||||||||||||||||||||
Amortization of net unrecognized pension and postretirement items | 3 | 25 | 28 | 50 | |||||||||||||||||||
Other Comprehensive Income (Loss) | (28,294) | (145,355) | 6,190 | (331,621) | |||||||||||||||||||
Total Comprehensive Income (Loss) | $ | 51,313 | $ | (75,366) | $ | 154,110 | $ | (197,344) | |||||||||||||||
See Notes to Consolidated Financial Statements |
Preferred Stock | Common Stock | Additional | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | Preferred Stock | Common Stock | Additional | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Paid-in Capital | Shares | Amount | Shares | Amount | Paid-in Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | 200 | $ | 192,878 | 160,669 | $ | 560,045 | $ | 1,524,110 | $ | 1,320,076 | $ | (158,855) | $ | (868,719) | $ | 2,569,535 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2023 | Three months ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | Balance at March 31, 2023 | 200 | $ | 192,878 | 165,396 | $ | 561,853 | $ | 1,544,758 | $ | 1,491,701 | $ | (350,992) | $ | (821,200) | $ | 2,618,998 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 69,989 | 69,989 | Net income | 79,607 | 79,607 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | (145,355) | (145,355) | Other comprehensive loss | (28,294) | (28,294) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | Common stock issued | 388 | 1,136 | (94) | (1,137) | (95) | Common stock issued | 701 | 2,284 | (1,623) | (2,246) | (1,585) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation awards | Stock-based compensation awards | 3,740 | 3,740 | Stock-based compensation awards | 2,571 | 2,571 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | Preferred stock dividend | (2,562) | (2,562) | Preferred stock dividend | (2,562) | (2,562) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock cash dividends - $0.15 per share | (24,159) | (24,159) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 200 | $ | 192,878 | 161,057 | $ | 561,181 | $ | 1,527,756 | $ | 1,363,344 | $ | (304,210) | $ | (869,856) | $ | 2,471,093 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends - $0.16 per share | Common stock dividends - $0.16 per share | (26,583) | (26,583) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | Balance at June 30, 2023 | 200 | $ | 192,878 | 166,097 | $ | 564,137 | $ | 1,545,706 | $ | 1,542,163 | $ | (379,286) | $ | (823,446) | $ | 2,642,152 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 200 | $ | 192,878 | 162,517 | $ | 558,116 | $ | 1,511,101 | $ | 1,168,491 | $ | 25,838 | $ | (826,769) | $ | 2,629,655 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 64,964 | 64,964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 21,363 | 21,363 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | 471 | 1,369 | 446 | (1,568) | 247 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation awards | 2,098 | 2,098 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | (2,562) | (2,562) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock cash dividends - $0.14 per share | (22,807) | (22,807) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 200 | $ | 192,878 | 162,988 | $ | 559,485 | $ | 1,513,645 | $ | 1,208,086 | $ | 47,201 | $ | (828,337) | $ | 2,692,958 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 200 | $ | 192,878 | 160,490 | $ | 559,766 | $ | 1,519,873 | $ | 1,282,383 | $ | 27,411 | $ | (869,631) | $ | 2,712,680 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 134,277 | 134,277 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (331,621) | (331,621) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | 567 | 1,415 | 1,508 | (225) | 2,698 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation awards | 6,375 | 6,375 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | (5,124) | (5,124) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock cash dividends - $0.30 per share | (48,192) | (48,192) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 200 | $ | 192,878 | 161,057 | $ | 561,181 | $ | 1,527,756 | $ | 1,363,344 | $ | (304,210) | $ | (869,856) | $ | 2,471,093 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 200 | $ | 192,878 | 162,350 | $ | 557,917 | $ | 1,508,117 | $ | 1,120,781 | $ | 65,091 | $ | (827,956) | $ | 2,616,828 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2022 | Three months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | Balance at March 31, 2022 | 200 | $ | 192,878 | 160,669 | $ | 560,045 | $ | 1,524,110 | $ | 1,320,076 | $ | (158,855) | $ | (868,719) | $ | 2,569,535 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 138,027 | 138,027 | Net income | 69,989 | 69,989 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | (17,890) | (17,890) | Other comprehensive loss | (145,355) | (145,355) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | Common stock issued | 638 | 1,568 | 1,528 | (381) | 2,715 | Common stock issued | 388 | 1,136 | (94) | (1,137) | (95) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation awards | Stock-based compensation awards | 4,000 | 4,000 | Stock-based compensation awards | 3,740 | 3,740 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | Preferred stock dividend | (5,153) | (5,153) | Preferred stock dividend | (2,562) | (2,562) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock cash dividends - $0.28 per share | (45,569) | (45,569) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 200 | $ | 192,878 | 162,988 | $ | 559,485 | $ | 1,513,645 | $ | 1,208,086 | $ | 47,201 | $ | (828,337) | $ | 2,692,958 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends - $0.15 per share | Common stock dividends - $0.15 per share | (24,159) | (24,159) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | Balance at June 30, 2022 | 200 | $ | 192,878 | 161,057 | $ | 561,181 | $ | 1,527,756 | $ | 1,363,344 | $ | (304,210) | $ | (869,856) | $ | 2,471,093 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2023 | Six months ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | Balance at December 31, 2022 | 200 | $ | 192,878 | 167,599 | $ | 561,511 | $ | 1,541,840 | $ | 1,450,758 | $ | (385,476) | $ | (781,754) | $ | 2,579,757 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 147,920 | 147,920 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | 6,190 | 6,190 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | Common stock issued | 910 | 2,626 | (374) | (1,243) | 1,009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation awards | Stock-based compensation awards | 4,240 | 4,240 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of treasury stock | Acquisition of treasury stock | (2,412) | (40,449) | (40,449) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | Preferred stock dividend | (5,124) | (5,124) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends - $0.31 per share | Common stock dividends - $0.31 per share | (51,391) | (51,391) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | Balance at June 30, 2023 | 200 | $ | 192,878 | 166,097 | $ | 564,137 | $ | 1,545,706 | $ | 1,542,163 | $ | (379,286) | $ | (823,446) | $ | 2,642,152 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2022 | Six months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | Balance at December 31, 2021 | 200 | $ | 192,878 | 160,490 | $ | 559,766 | $ | 1,519,873 | $ | 1,282,383 | $ | 27,411 | $ | (869,631) | $ | 2,712,680 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 134,277 | 134,277 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | (331,621) | (331,621) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | Common stock issued | 567 | 1,415 | 1,508 | (225) | 2,698 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation awards | Stock-based compensation awards | 6,375 | 6,375 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | Preferred stock dividend | (5,124) | (5,124) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends - $0.30 per share | Common stock dividends - $0.30 per share | (48,192) | (48,192) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | Balance at June 30, 2022 | 200 | $ | 192,878 | 161,057 | $ | 561,181 | $ | 1,527,756 | $ | 1,363,344 | $ | (304,210) | $ | (869,856) | $ | 2,471,093 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
See Notes to Consolidated Financial Statements | See Notes to Consolidated Financial Statements | See Notes to Consolidated Financial Statements |
(in thousands) | Six months ended June 30 | |||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Six months ended June 30 | ||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | CASH FLOWS FROM OPERATING ACTIVITIES: | CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
Net Income | $ | 134,277 | $ | 138,027 | ||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||
Net income | Net income | $ | 147,920 | $ | 134,277 | |||||||||||||||||
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 | Provision for credit losses | (5,450) | (9,000) | Provision for credit losses | 34,291 | (5,450) | ||||||||||||||||
Depreciation and amortization of premises and equipment | Depreciation and amortization of premises and equipment | 14,963 | 13,775 | Depreciation and amortization of premises and equipment | 14,675 | 14,963 | ||||||||||||||||
Net amortization of investment securities premiums | Net amortization of investment securities premiums | 7,027 | 7,546 | Net amortization of investment securities premiums | 5,829 | 7,027 | ||||||||||||||||
Investment securities gains, net | Investment securities gains, net | (27) | (33,511) | Investment securities gains, net | (19) | (27) | ||||||||||||||||
Gain on sales of mortgage loans held for sale | Gain on sales of mortgage loans held for sale | (5,568) | (14,094) | Gain on sales of mortgage loans held for sale | (2,277) | (5,568) | ||||||||||||||||
Proceeds from sales of mortgage loans held for sale | Proceeds from sales of mortgage loans held for sale | 297,511 | 554,406 | Proceeds from sales of mortgage loans held for sale | 132,609 | 297,511 | ||||||||||||||||
Originations of mortgage loans held for sale | Originations of mortgage loans held for sale | (273,704) | (498,350) | Originations of mortgage loans held for sale | (137,741) | (273,704) | ||||||||||||||||
Intangible amortization | Intangible amortization | 353 | 293 | Intangible amortization | 1,746 | 353 | ||||||||||||||||
Amortization of issuance costs and discounts on long-term borrowings | Amortization of issuance costs and discounts on long-term borrowings | 379 | 1,378 | Amortization of issuance costs and discounts on long-term borrowings | 360 | 379 | ||||||||||||||||
Debt extinguishment costs | — | 32,575 | ||||||||||||||||||||
Stock-based compensation | Stock-based compensation | 6,375 | 4,000 | Stock-based compensation | 4,240 | 6,375 | ||||||||||||||||
Change in deferred federal income tax | (96,703) | (4,503) | ||||||||||||||||||||
Change in accrued salaries and benefits | 1,274 | 4,746 | ||||||||||||||||||||
Change in life insurance cash surrender value | (28,742) | (13,736) | ||||||||||||||||||||
Net change in deferred federal income tax | Net change in deferred federal income tax | 19,232 | (96,703) | |||||||||||||||||||
Net change in accrued salaries and benefits | Net change in accrued salaries and benefits | (12,163) | 1,274 | |||||||||||||||||||
Net change in life insurance cash surrender value | Net change in life insurance cash surrender value | (20,433) | (28,742) | |||||||||||||||||||
Other changes, net | Other changes, net | (67,652) | 50,032 | Other changes, net | 28,641 | (67,652) | ||||||||||||||||
Total adjustments | Total adjustments | (149,964) | 95,557 | Total adjustments | 68,990 | (149,964) | ||||||||||||||||
Net cash (used in) provided by operating activities | (15,687) | 233,584 | ||||||||||||||||||||
Net cash provided by (used in) operating activities | Net cash provided by (used in) operating activities | 216,910 | (15,687) | |||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | CASH FLOWS FROM INVESTING ACTIVITIES: | CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Proceeds from sales of AFS securities | Proceeds from sales of AFS securities | 109,252 | 125,811 | Proceeds from sales of AFS securities | 80,666 | 109,252 | ||||||||||||||||
Proceeds from principal repayments and maturities of AFS securities | Proceeds from principal repayments and maturities of AFS securities | 316,037 | 246,740 | Proceeds from principal repayments and maturities of AFS securities | 55,102 | 316,037 | ||||||||||||||||
Proceeds from principal repayments and maturities of HTM securities | Proceeds from principal repayments and maturities of HTM securities | 67,230 | 58,470 | Proceeds from principal repayments and maturities of HTM securities | 29,815 | 67,230 | ||||||||||||||||
Purchase of AFS securities | Purchase of AFS securities | (501,642) | (766,574) | Purchase of AFS securities | (64,996) | (501,642) | ||||||||||||||||
Purchase of HTM securities | Purchase of HTM securities | (9,541) | (227,687) | Purchase of HTM securities | — | (9,541) | ||||||||||||||||
Sale of Visa Shares | — | 33,962 | ||||||||||||||||||||
(Increase) decrease of FRB and FHLB stock | (4,511) | 29,498 | ||||||||||||||||||||
(Increase) decrease of federal funds sold | (30,500) | — | ||||||||||||||||||||
Net increase in loans | (590,797) | 300,929 | ||||||||||||||||||||
Net change in FRB and FHLB stock | Net change in FRB and FHLB stock | 5,968 | (4,511) | |||||||||||||||||||
Net change of federal funds sold | Net change of federal funds sold | — | (30,500) | |||||||||||||||||||
Net change in loans | Net change in loans | (781,310) | (590,797) | |||||||||||||||||||
Net purchases of premises and equipment | Net purchases of premises and equipment | (6,245) | (10,648) | Net purchases of premises and equipment | (11,019) | (6,245) | ||||||||||||||||
Net cash paid for acquisition | — | 292 | ||||||||||||||||||||
Settlement of Bank Owned Life Insurance | Settlement of Bank Owned Life Insurance | 45 | — | |||||||||||||||||||
Net change in tax credit investments | Net change in tax credit investments | (18,735) | (8,065) | Net change in tax credit investments | (18,436) | (18,735) | ||||||||||||||||
Net cash (used in) provided by investing activities | (669,452) | (217,272) | ||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (704,165) | (669,452) | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | CASH FLOWS FROM FINANCING ACTIVITIES: | CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Net (decrease) increase in demand and savings deposits | (253,864) | 1,234,732 | ||||||||||||||||||||
Net (decrease) increase in time deposits | (175,769) | (349,627) | ||||||||||||||||||||
Net (decrease) increase in short-term borrowings | 39,421 | (96,317) | ||||||||||||||||||||
Proceeds from long-term borrowings | 546 | 620 | ||||||||||||||||||||
Repayments of long-term borrowings | (65,140) | (703,624) | ||||||||||||||||||||
Net change in demand and savings deposits | Net change in demand and savings deposits | (796,291) | (253,864) | |||||||||||||||||||
Net change in time deposits and broker deposits | Net change in time deposits and broker deposits | 1,353,293 | (175,769) | |||||||||||||||||||
Net change in other borrowings | Net change in other borrowings | (152,453) | 39,967 | |||||||||||||||||||
Repayments of senior debt and subordinated debt | Repayments of senior debt and subordinated debt | — | (65,140) | |||||||||||||||||||
Net proceeds from issuance of common stock | Net proceeds from issuance of common stock | 2,698 | 2,715 | Net proceeds from issuance of common stock | 1,009 | 2,698 | ||||||||||||||||
Dividends paid | Dividends paid | (51,693) | (48,584) | Dividends paid | (55,073) | (51,693) | ||||||||||||||||
Net cash (used in) provided by financing activities | (503,801) | 39,915 | ||||||||||||||||||||
Net (decrease) increase in Cash and Cash Equivalents | (1,188,940) | 56,227 | ||||||||||||||||||||
Acquisition of treasury stock | Acquisition of treasury stock | (40,449) | — | |||||||||||||||||||
Net cash provided by (used in) financing activities | Net cash provided by (used in) financing activities | 310,036 | (503,801) | |||||||||||||||||||
Net decrease in Cash and Cash Equivalents | Net decrease in Cash and Cash Equivalents | (177,219) | (1,188,940) | |||||||||||||||||||
Cash and Cash Equivalents at Beginning of Period | Cash and Cash Equivalents at Beginning of Period | 1,638,614 | 1,847,832 | Cash and Cash Equivalents at Beginning of Period | 681,921 | 1,638,614 | ||||||||||||||||
Cash and Cash Equivalents at End of Period | Cash and Cash Equivalents at End of Period | $ | 449,674 | $ | 1,904,059 | Cash and Cash Equivalents at End of Period | $ | 504,702 | $ | 449,674 | ||||||||||||
Supplemental Disclosures of Cash Flow Information: | Supplemental Disclosures of Cash Flow Information: | Supplemental Disclosures of Cash Flow Information: | ||||||||||||||||||||
Cash paid during the period for: | Cash paid during the period for: | Cash paid during the period for: | ||||||||||||||||||||
Interest | Interest | $ | 24,149 | $ | 37,805 | Interest | $ | 162,377 | $ | 24,149 | ||||||||||||
Income taxes | Income taxes | 15,692 | 8,127 | Income taxes | 15,183 | 15,692 | ||||||||||||||||
Supplemental Schedule of Certain Noncash Activities: | Supplemental Schedule of Certain Noncash Activities: | Supplemental Schedule of Certain Noncash Activities: | ||||||||||||||||||||
Transfer of AFS securities to HTM securities | Transfer of AFS securities to HTM securities | $ | 479,008 | $ | 376,165 | Transfer of AFS securities to HTM securities | $ | — | $ | 479,008 | ||||||||||||
See Notes to Consolidated Financial Statements | See Notes to Consolidated Financial Statements | See Notes to Consolidated Financial Statements |
Fair Value | ||||||||
(dollars in thousands, except share data) | ||||||||
Consideration transferred: | ||||||||
Common stock shares issued (6,208,516) | $ | 89,713 | ||||||
Cash paid to Prudential Bancorp shareholders | 29,343 | |||||||
Value of consideration | 119,056 | |||||||
Assets acquired: | ||||||||
Cash and due from banks | 7,533 | |||||||
Investment securities | 287,126 | |||||||
Loans | 554,091 | |||||||
Premises and equipment | 8,574 | |||||||
Other assets | 73,303 | |||||||
Total assets | 930,627 | |||||||
Liabilities assumed: | ||||||||
Deposits | 532,170 | |||||||
Borrowings(1) | 284,000 | |||||||
Other liabilities | 14,482 | |||||||
Total liabilities | 830,652 | |||||||
Net assets acquired: | 99,975 | |||||||
Goodwill resulting from the Merger | $ | 19,081 | ||||||
July 1, 2022 | ||||||||||||||
Unpaid Principal Balance | Fair Value | |||||||||||||
(dollars in thousands) | ||||||||||||||
Real estate - commercial mortgage | $ | 224,904 | $ | 216,593 | ||||||||||
Commercial and industrial | 63,560 | 61,873 | ||||||||||||
Real-estate - residential mortgage | 177,327 | 169,098 | ||||||||||||
Real-estate - home equity | 6,034 | 5,812 | ||||||||||||
Real-estate - construction | 98,963 | 98,546 | ||||||||||||
Consumer | 2,306 | 2,286 | ||||||||||||
Total acquired loans | $ | 573,094 | $ | 554,208 |
July 1, 2022 | ||||||||
(dollars in thousands) | ||||||||
Book balance of loans with deteriorated credit quality at acquisition | $ | 27,057 | ||||||
Allowance for credit losses at acquisition | (1,135) | |||||||
Non-credit related discount | (130) | |||||||
Total purchased credit deteriorated loans | $ | 25,792 |
June 30 | |||||
2023 | |||||
(dollars in thousands) | |||||
Goodwill at December 31, 2022 | $ | 550,539 | |||
Adjustments to goodwill from the Merger | 2,807 | ||||
Goodwill at June 30, 2023 | $ | 553,346 |
Six months ended June 30 | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Net interest income | $ | 428,439 | $ | 357,410 | |||||||||||||||||||
Provision for credit losses | 34,291 | (225) | |||||||||||||||||||||
Net Interest Income After Provision for Credit Losses | 394,148 | 357,635 | |||||||||||||||||||||
Total noninterest income | 112,339 | 118,571 | |||||||||||||||||||||
Total noninterest expenses | 327,636 | 324,182 | |||||||||||||||||||||
Income Before Income Taxes | 178,851 | 152,024 | |||||||||||||||||||||
Income tax expense | 30,931 | 26,468 | |||||||||||||||||||||
Net Income | $ | 147,920 | $ | 125,556 | |||||||||||||||||||
June 30, 2022 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||
Available for Sale | Available for Sale | (in thousands) | Available for Sale | (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
U.S. Government securities | U.S. Government securities | $ | 376,505 | $ | — | $ | (5,239) | $ | 371,266 | U.S. Government securities | $ | 225,542 | $ | — | $ | (4,904) | $ | 220,638 | ||||||||||||||||||||||||||||
U.S. Government-sponsored agency securities | U.S. Government-sponsored agency securities | 1,044 | — | (45) | 999 | |||||||||||||||||||||||||||||||||||||||||
State and municipal securities | State and municipal securities | 1,239,591 | 501 | (156,615) | 1,083,477 | State and municipal securities | 1,206,102 | 252 | (152,446) | 1,053,908 | ||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 413,487 | 186 | (20,112) | 393,561 | Corporate debt securities | 474,953 | — | (50,574) | 424,379 | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | Collateralized mortgage obligations | 154,558 | 10 | (6,465) | 148,103 | Collateralized mortgage obligations | 134,234 | — | (13,776) | 120,458 | ||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | 213,567 | 167 | (18,375) | 195,359 | Residential mortgage-backed securities | 233,807 | 4 | (28,923) | 204,888 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | Commercial mortgage-backed securities | 636,380 | 28 | (49,336) | 587,072 | Commercial mortgage-backed securities | 640,928 | — | (93,477) | 547,451 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 3,034,088 | $ | 892 | $ | (256,142) | $ | 2,778,838 | Total | $ | 2,916,610 | $ | 256 | $ | (344,145) | $ | 2,572,721 | ||||||||||||||||||||||||||||
Held to Maturity | Held to Maturity | Held to Maturity | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | $ | 466,076 | $ | 297 | $ | (35,444) | $ | 430,929 | Residential mortgage-backed securities | $ | 431,704 | $ | — | $ | (56,114) | $ | 375,590 | ||||||||||||||||||||||||||||
Commercial mortgage-backed securities | Commercial mortgage-backed securities | 872,887 | 12 | (88,503) | 784,396 | Commercial mortgage-backed securities | 862,909 | — | (151,807) | 711,102 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,338,963 | $ | 309 | $ | (123,947) | $ | 1,215,325 | Total | $ | 1,294,613 | $ | — | $ | (207,921) | $ | 1,086,692 |
December 31, 2021 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||
Available for Sale | Available for Sale | (in thousands) | Available for Sale | (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
U.S. Government securities | U.S. Government securities | $ | 127,831 | $ | — | $ | (213) | $ | 127,618 | U.S. Government securities | $ | 226,140 | $ | — | $ | (7,655) | $ | 218,485 | ||||||||||||||||||||||||||||
U.S. Government sponsored agency securities | U.S. Government sponsored agency securities | 1,050 | — | (42) | 1,008 | |||||||||||||||||||||||||||||||||||||||||
State and municipal securities | State and municipal securities | 1,139,187 | 50,161 | (678) | 1,188,670 | State and municipal securities | 1,284,245 | 283 | (178,816) | 1,105,712 | ||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 373,482 | 13,009 | (358) | 386,133 | Corporate debt securities | 459,792 | — | (37,483) | 422,309 | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | Collateralized mortgage obligations | 206,532 | 3,581 | (754) | 209,359 | Collateralized mortgage obligations | 147,155 | — | (13,122) | 134,033 | ||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | 231,607 | 1,224 | (3,036) | 229,795 | Residential mortgage-backed securities | 242,527 | 18 | (29,847) | 212,698 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | Commercial mortgage-backed securities | 974,541 | 6,141 | (9,534) | 971,148 | Commercial mortgage-backed securities | 631,604 | — | (79,082) | 552,522 | ||||||||||||||||||||||||||||||||||||
Auction rate securities | 76,350 | — | (1,683) | 74,667 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 3,129,530 | $ | 74,116 | $ | (16,256) | $ | 3,187,390 | Total | $ | 2,992,513 | $ | 301 | $ | (346,047) | $ | 2,646,767 | ||||||||||||||||||||||||||||
Held to Maturity | Held to Maturity | Held to Maturity | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | $ | 404,958 | $ | 11,022 | $ | (7,067) | $ | 408,913 | Residential mortgage-backed securities | $ | 457,325 | $ | — | $ | (57,480) | $ | 399,845 | ||||||||||||||||||||||||||||
Commercial mortgage-backed securities | Commercial mortgage-backed securities | 575,426 | — | (18,472) | 556,954 | Commercial mortgage-backed securities | 863,931 | — | (138,727) | 725,204 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 980,384 | $ | 11,022 | $ | (25,539) | $ | 965,867 | Total | $ | 1,321,256 | $ | — | $ | (196,207) | $ | 1,125,049 |
June 30, 2022 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Available for Sale | Held to Maturity | Available for Sale | Held to Maturity | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Due in one year or less | Due in one year or less | $ | 160,087 | $ | 160,007 | $ | — | $ | — | Due in one year or less | $ | 234,224 | $ | 229,237 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Due from one year to five years | Due from one year to five years | 280,399 | 274,819 | — | — | Due from one year to five years | 90,789 | 87,328 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Due from five years to ten years | Due from five years to ten years | 447,924 | 427,025 | — | — | Due from five years to ten years | 545,358 | 494,049 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Due after ten years | Due after ten years | 1,141,173 | 986,453 | — | — | Due after ten years | 1,037,270 | 889,310 | — | — | ||||||||||||||||||||||||||||||||||||||||||
2,029,583 | 1,848,304 | — | — | 1,907,641 | 1,699,924 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities(1) | Residential mortgage-backed securities(1) | 213,567 | 195,359 | 466,076 | 430,929 | Residential mortgage-backed securities(1) | 233,807 | 204,888 | 431,704 | 375,590 | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities(1) | Commercial mortgage-backed securities(1) | 636,380 | 587,072 | 872,887 | 784,396 | Commercial mortgage-backed securities(1) | 640,928 | 547,451 | 862,909 | 711,102 | ||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations(1) | Collateralized mortgage obligations(1) | 154,558 | 148,103 | — | — | Collateralized mortgage obligations(1) | 134,234 | 120,458 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 3,034,088 | $ | 2,778,838 | $ | 1,338,963 | $ | 1,215,325 | Total | $ | 2,916,610 | $ | 2,572,721 | $ | 1,294,613 | $ | 1,086,692 | ||||||||||||||||||||||||||||||||||
(1) Maturities for mortgage-backed securities and collateralized mortgage obligations are dependent upon the interest rate environment and prepayments on the underlying loans. |
Gross Realized Gains | Gross Realized Losses | Net Gains | Gross Realized Gains | Gross Realized Losses | Net Gains (Losses) | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Three months ended | (in thousands) | Three months ended | (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | $ | — | $ | (4) | $ | (4) | |||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2022 | $ | 8 | $ | — | $ | 8 | June 30, 2022 | 8 | — | 8 | |||||||||||||||||||||||||||||||||||
June 30, 2021 | 465 | (429) | 36 | |||||||||||||||||||||||||||||||||||||||||||
Six months ended | Six months ended | Six months ended | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | $ | 283 | $ | (264) | $ | 19 | |||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2022 | $ | 1,554 | $ | (1,527) | $ | 27 | June 30, 2022 | 1,554 | (1,527) | 27 | |||||||||||||||||||||||||||||||||||
June 30, 2021 | 34,481 | (970) | 33,511 |
June 30, 2022 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Securities | Estimated Fair Value | Unrealized Losses | Number of Securities | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Number of Securities | Estimated Fair Value | Unrealized Losses | Number of Securities | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available for Sale | Available for Sale | ($ in thousands) | Available for Sale | (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government securities | U.S. Government securities | 4 | $ | 371,266 | $ | (5,239) | — | $ | — | $ | — | $ | 371,266 | $ | (5,239) | U.S. Government securities | — | $ | — | $ | — | 3 | $ | 220,638 | $ | (4,904) | $ | 220,638 | $ | (4,904) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government-sponsored agency securities | U.S. Government-sponsored agency securities | 1 | 999 | (45) | — | — | — | 999 | (45) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State and municipal securities | State and municipal securities | 355 | 989,029 | (149,910) | 6 | 24,248 | (6,705) | 1,013,277 | (156,615) | State and municipal securities | 72 | 156,269 | (3,092) | 302 | 869,492 | (149,354) | 1,025,761 | (152,446) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 55 | 363,657 | (20,112) | — | — | — | 363,657 | (20,112) | Corporate debt securities | 29 | 132,631 | (11,734) | 42 | 288,993 | (38,840) | 421,624 | (50,574) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | Collateralized mortgage obligations | 72 | 140,957 | (6,465) | — | — | — | 140,957 | (6,465) | Collateralized mortgage obligations | 27 | 19,500 | (1,543) | 67 | 100,958 | (12,233) | 120,458 | (13,776) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | 28 | 130,063 | (9,194) | 4 | 60,469 | (9,181) | 190,532 | (18,375) | Residential mortgage-backed securities | 66 | 57,495 | (3,864) | 29 | 146,358 | (25,059) | 203,853 | (28,923) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | Commercial mortgage-backed securities | 75 | 539,431 | (45,245) | 1 | 24,134 | (4,091) | 563,565 | (49,336) | Commercial mortgage-backed securities | 61 | 86,631 | (4,343) | 75 | 460,820 | (89,134) | 547,451 | (93,477) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total available for sale | Total available for sale | 589 | $ | 2,534,403 | $ | (236,165) | 11 | $ | 108,851 | $ | (19,977) | $ | 2,643,254 | $ | (256,142) | Total available for sale | 256 | $ | 453,525 | $ | (24,621) | 518 | $ | 2,087,259 | $ | (319,524) | $ | 2,540,784 | $ | (344,145) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Held to Maturity | Held to Maturity | Held to Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | 58 | $ | 181,966 | $ | (4,790) | 12 | $ | 152,702 | $ | (30,654) | $ | 334,668 | $ | (35,444) | Residential mortgage-backed securities | 99 | $ | 221,910 | $ | (14,592) | 21 | $ | 153,680 | $ | (41,522) | $ | 375,590 | $ | (56,114) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | Commercial mortgage-backed securities | 39 | 454,603 | (32,031) | 20 | 301,951 | (56,472) | 756,554 | (88,503) | Commercial mortgage-backed securities | 18 | 237,317 | (22,707) | 42 | 473,785 | (129,100) | 711,102 | (151,807) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 97 | $ | 636,569 | $ | (36,821) | 32 | $ | 454,653 | $ | (87,126) | $ | 1,091,222 | $ | (123,947) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total held to maturity | Total held to maturity | 117 | $ | 459,227 | $ | (37,299) | 63 | $ | 627,465 | $ | (170,622) | $ | 1,086,692 | $ | (207,921) |
December 31, 2021 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Securities | Estimated Fair Value | Unrealized Losses | Number of Securities | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Number of Securities | Estimated Fair Value | Unrealized Losses | Number of Securities | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available for Sale | Available for Sale | ($ in thousands) | Available for Sale | (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S Government Securities | 2 | $ | 127,618 | $ | (213) | — | $ | — | $ | — | $ | 127,618 | $ | (213) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government Securities | U.S. Government Securities | 1 | $ | 96,906 | $ | (2,814) | 2 | $ | 121,579 | $ | (4,841) | $ | 218,485 | $ | (7,655) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government sponsored agency securities | U.S. Government sponsored agency securities | 1 | 1,008 | (42) | — | — | — | 1,008 | (42) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State and municipal securities | State and municipal securities | 29 | 82,731 | (678) | — | — | — | 82,731 | (678) | State and municipal securities | 360 | 995,122 | (157,397) | 29 | 61,089 | (21,419) | 1,056,211 | (178,816) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 6 | 43,068 | (358) | — | — | — | 43,068 | (358) | Corporate debt securities | 66 | 376,398 | (31,333) | 6 | 37,157 | (6,150) | 413,555 | (37,483) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | Collateralized mortgage obligations | 4 | 28,517 | (754) | — | — | — | 28,517 | (754) | Collateralized mortgage obligations | 96 | 113,191 | (7,650) | 1 | 20,842 | (5,472) | 134,033 | (13,122) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | 7 | 123,687 | (2,388) | 1 | 16,669 | (648) | 140,356 | (3,036) | Residential mortgage-backed securities | 81 | 154,861 | (18,301) | 5 | 55,293 | (11,546) | 210,154 | (29,847) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | Commercial mortgage-backed securities | 41 | 512,312 | (9,534) | — | — | — | 512,312 | (9,534) | Commercial mortgage-backed securities | 114 | 371,109 | (38,845) | 20 | 181,413 | (40,237) | 552,522 | (79,082) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Auction rate securities | — | — | — | 118 | 74,667 | (1,683) | 74,667 | (1,683) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total available for sale | Total available for sale | 89 | $ | 917,933 | $ | (13,925) | 119 | $ | 91,336 | $ | (2,331) | $ | 1,009,269 | $ | (16,256) | Total available for sale | 719 | $ | 2,108,595 | $ | (256,382) | 63 | $ | 477,373 | $ | (89,665) | $ | 2,585,968 | $ | (346,047) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Held to Maturity | Held to Maturity | Held to Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | 14 | $ | 205,969 | $ | (7,067) | — | $ | — | $ | — | $ | 205,969 | $ | (7,067) | Residential mortgage-backed securities | 106 | $ | 246,667 | $ | (14,275) | 14 | $ | 153,178 | $ | (43,205) | $ | 399,845 | $ | (57,480) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | Commercial mortgage-backed securities | 36 | 556,954 | (18,472) | — | — | — | 556,954 | (18,472) | Commercial mortgage-backed securities | 21 | 258,255 | (24,029) | 39 | 466,949 | (114,698) | 725,204 | (138,727) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 50 | $ | 762,923 | $ | (25,539) | — | $ | — | $ | — | $ | 762,923 | $ | (25,539) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total held to maturity | Total held to maturity | 127 | $ | 504,922 | $ | (38,304) | 53 | $ | 620,127 | $ | (157,903) | $ | 1,125,049 | $ | (196,207) |
June 30, 2022 | December 31, 2021 | ||||||||||
(in thousands) | |||||||||||
Real estate - commercial mortgage | $ | 7,417,036 | $ | 7,279,080 | |||||||
Commercial and industrial (1) | 4,173,114 | 4,208,327 | |||||||||
Real-estate - residential mortgage | 4,203,827 | 3,846,750 | |||||||||
Real-estate - home equity | 1,108,808 | 1,118,248 | |||||||||
Real-estate - construction | 1,177,446 | 1,139,779 | |||||||||
Consumer | 538,747 | 464,657 | |||||||||
Equipment lease financing and other | 321,855 | 283,557 | |||||||||
Overdrafts | 2,346 | 1,988 | |||||||||
Gross loans | 18,943,179 | 18,342,386 | |||||||||
Unearned income | (22,229) | (17,036) | |||||||||
Net loans | $ | 18,920,950 | $ | 18,325,350 |
June 30, 2023 | December 31, 2022 | ||||||||||
(dollars in thousands) | |||||||||||
Real estate - commercial mortgage | $ | 7,846,861 | $ | 7,693,835 | |||||||
Commercial and industrial | 4,602,446 | 4,477,537 | |||||||||
Real-estate - residential mortgage | 5,147,262 | 4,737,279 | |||||||||
Real-estate - home equity | 1,061,891 | 1,102,838 | |||||||||
Real-estate - construction | 1,308,564 | 1,269,925 | |||||||||
Consumer | 763,530 | 699,179 | |||||||||
Leases and other loans | 346,015 | 328,331 | |||||||||
Gross loans | 21,076,569 | 20,308,924 | |||||||||
Unearned income | (31,884) | (29,377) | |||||||||
Net loans | $ | 21,044,685 | $ | 20,279,547 |
June 30, 2023 | December 31, 2022 | ||||||||||
(dollars in thousands) | |||||||||||
ACL - loans | $ | 287,442 | $ | 269,366 | |||||||
Reserve for OBS credit exposures(1) | $ | 16,568 | $ | 16,328 |
June 30, 2022 | December 31, 2021 | ||||||||||
(in thousands) | |||||||||||
ACL - loans | $ | 248,564 | $ | 249,001 | |||||||
ACL - OBS credit exposure | 14,323 | 14,533 | |||||||||
Total ACL | $ | 262,887 | $ | 263,534 |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Balance at beginning of period | $ | 257,638 | $ | 280,259 | $ | 263,534 | $ | 291,940 | |||||||||||||||
Loans charged off | (1,618) | (9,522) | (3,518) | (17,724) | |||||||||||||||||||
Recoveries of loans previously charged off | 5,367 | 2,568 | 8,321 | 4,589 | |||||||||||||||||||
Net loans (charged-off) recovered | 3,749 | (6,954) | 4,803 | (13,135) | |||||||||||||||||||
Provision for credit losses (1) | 1,500 | (3,500) | (5,450) | (9,000) | |||||||||||||||||||
Balance at end of period | $ | 262,887 | $ | 269,805 | $ | 262,887 | $ | 269,805 |
Real Estate Commercial Mortgage | Commercial and Industrial | Consumer and Real Estate Home Equity | Real Estate Residential Mortgage | Real Estate Construction | Equipment lease financing, other and overdrafts | Total | |||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 79,853 | $ | 66,511 | $ | 20,213 | $ | 55,892 | $ | 13,303 | $ | 7,933 | $ | 243,705 | |||||||||||||||||||||||||||
Loans charged off | — | (201) | (877) | (66) | — | (474) | (1,618) | ||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 3,536 | 739 | 762 | 92 | 12 | 226 | 5,367 | ||||||||||||||||||||||||||||||||||
Net loans recovered (charged off) | 3,536 | 538 | (115) | 26 | 12 | (248) | 3,749 | ||||||||||||||||||||||||||||||||||
Provision for loan losses (1) | (10,784) | 5,070 | 2,982 | 5,717 | (2,687) | 812 | 1,110 | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 72,605 | $ | 72,119 | $ | 23,080 | $ | 61,635 | $ | 10,628 | $ | 8,497 | $ | 248,564 | |||||||||||||||||||||||||||
Three months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 100,976 | $ | 71,194 | $ | 23,142 | $ | 49,995 | $ | 15,079 | $ | 5,600 | $ | 265,986 | |||||||||||||||||||||||||||
Loans charged off | (6,506) | (954) | (1,130) | (496) | — | (436) | (9,522) | ||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 729 | 693 | 634 | 105 | 254 | 153 | 2,568 | ||||||||||||||||||||||||||||||||||
Net loans recovered (charged off) | (5,777) | (261) | (496) | (391) | 254 | (283) | (6,954) | ||||||||||||||||||||||||||||||||||
Provision for loan and lease losses (1) | 182 | (5,529) | (652) | 4,584 | (2,679) | 94 | (4,000) | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 95,381 | $ | 65,404 | $ | 21,994 | $ | 54,188 | $ | 12,654 | $ | 5,411 | $ | 255,032 | |||||||||||||||||||||||||||
Six months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 87,970 | $ | 67,056 | $ | 19,749 | $ | 54,236 | $ | 12,941 | $ | 7,049 | $ | 249,001 | |||||||||||||||||||||||||||
Loans charged off | (152) | (428) | (1,929) | (66) | — | (943) | (3,518) | ||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 3,648 | 2,719 | 1,216 | 314 | 44 | 380 | 8,321 | ||||||||||||||||||||||||||||||||||
Net loans recovered (charged off) | 3,496 | 2,291 | (713) | 248 | 44 | (563) | 4,803 | ||||||||||||||||||||||||||||||||||
Provision for loan losses (1) | (18,861) | 2,772 | 4,044 | 7,151 | (2,357) | 2,011 | (5,240) | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 72,605 | $ | 72,119 | $ | 23,080 | $ | 61,635 | $ | 10,628 | $ | 8,497 | $ | 248,564 | |||||||||||||||||||||||||||
Six months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 103,425 | $ | 74,771 | $ | 25,137 | $ | 51,995 | $ | 15,608 | $ | 6,631 | $ | 277,567 | |||||||||||||||||||||||||||
Loans charged off | (8,343) | (5,273) | (1,977) | (688) | (39) | (1,404) | (17,724) | ||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 903 | 1,462 | 1,074 | 200 | 638 | 312 | 4,589 | ||||||||||||||||||||||||||||||||||
Net loans recovered (charged off) | (7,440) | (3,811) | (903) | (488) | 599 | (1,092) | (13,135) | ||||||||||||||||||||||||||||||||||
Provision for loan losses (1) | (604) | (5,556) | (2,240) | 2,681 | (3,553) | (128) | (9,400) | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 95,381 | $ | 65,404 | $ | 21,994 | $ | 54,188 | $ | 12,654 | $ | 5,411 | $ | 255,032 |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Balance at beginning of period | $ | 278,695 | $ | 243,705 | $ | 269,366 | $ | 249,001 | |||||||||||||||
Loans charged off | (4,787) | (1,618) | (21,690) | (3,518) | |||||||||||||||||||
Recoveries of loans previously charged off | 2,816 | 5,367 | 5,715 | 8,321 | |||||||||||||||||||
Net loans (charged off) recovered | (1,971) | 3,749 | (15,975) | 4,803 | |||||||||||||||||||
Provision for credit losses(1) | 10,718 | 1,110 | 34,051 | (5,240) | |||||||||||||||||||
Balance at end of period | $ | 287,442 | $ | 248,564 | $ | 287,442 | $ | 248,564 | |||||||||||||||
Provision for OBS credit exposures | $ | (971) | $ | 390 | $ | 240 | $ | (210) | |||||||||||||||
Reserve for OBS credit exposures | $ | 16,568 | $ | 14,323 | $ | 16,568 | $ | 14,323 |
Real Estate Commercial Mortgage | Commercial and Industrial | Real Estate Residential Mortgage | Consumer and Home Equity | Real Estate Construction | Leases and other loans | Total | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | 66,256 | $ | 77,126 | $ | 86,209 | $ | 27,303 | $ | 11,646 | $ | 10,155 | $ | 278,695 | |||||||||||||||||||||||||||
Loans charged off | (230) | (2,017) | (62) | (1,313) | — | (1,165) | (4,787) | ||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 29 | 988 | 58 | 959 | 569 | 213 | 2,816 | ||||||||||||||||||||||||||||||||||
Net loans (charged off) recovered | (201) | (1,029) | (4) | (354) | 569 | (952) | (1,971) | ||||||||||||||||||||||||||||||||||
Provision for loan losses(1) | 6,247 | (908) | 2,644 | 2,033 | (1,071) | 1,773 | 10,718 | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | 72,302 | $ | 75,189 | $ | 88,849 | $ | 28,982 | $ | 11,144 | $ | 10,976 | $ | 287,442 | |||||||||||||||||||||||||||
Three months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 79,853 | $ | 66,511 | $ | 55,892 | $ | 20,213 | $ | 13,303 | $ | 7,933 | $ | 243,705 | |||||||||||||||||||||||||||
Loans charged off | — | (201) | (66) | (877) | — | (474) | (1,618) | ||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 3,536 | 739 | 92 | 762 | 12 | 226 | 5,367 | ||||||||||||||||||||||||||||||||||
Net loans (charged off) recovered | 3,536 | 538 | 26 | (115) | 12 | (248) | 3,749 | ||||||||||||||||||||||||||||||||||
Provision for loan and lease losses(1) | (10,784) | 5,070 | 5,717 | 2,982 | (2,687) | 812 | 1,110 | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 72,605 | $ | 72,119 | $ | 61,635 | $ | 23,080 | $ | 10,628 | $ | 8,497 | $ | 248,564 | |||||||||||||||||||||||||||
Six months ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | 69,456 | $ | 70,116 | $ | 83,250 | $ | 26,429 | $ | 10,743 | $ | 9,372 | $ | 269,366 | |||||||||||||||||||||||||||
Loans charged off | (13,592) | (2,629) | (62) | (3,519) | — | (1,888) | (21,690) | ||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 815 | 2,074 | 106 | 1,620 | 771 | 329 | 5,715 | ||||||||||||||||||||||||||||||||||
Net loans (charged off) recovered | (12,777) | (555) | 44 | (1,899) | 771 | (1,559) | (15,975) | ||||||||||||||||||||||||||||||||||
Provision for loan losses(1) | 15,623 | 5,628 | 5,555 | 4,452 | (370) | 3,163 | 34,051 | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | 72,302 | $ | 75,189 | $ | 88,849 | $ | 28,982 | $ | 11,144 | $ | 10,976 | $ | 287,442 | |||||||||||||||||||||||||||
Six months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 87,970 | $ | 67,056 | $ | 54,236 | $ | 19,749 | $ | 12,941 | $ | 7,049 | $ | 249,001 | |||||||||||||||||||||||||||
Loans charged off | (152) | (428) | (66) | (1,929) | — | (943) | (3,518) | ||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 3,648 | 2,719 | 314 | 1,216 | 44 | 380 | 8,321 | ||||||||||||||||||||||||||||||||||
Net loans (charged off) recovered | 3,496 | 2,291 | 248 | (713) | 44 | (563) | 4,803 | ||||||||||||||||||||||||||||||||||
Provision for loan losses(1) | (18,861) | 2,772 | 7,151 | 4,044 | (2,357) | 2,011 | (5,240) | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 72,605 | $ | 72,119 | $ | 61,635 | $ | 23,080 | $ | 10,628 | $ | 8,497 | $ | 248,564 |
June 30, 2022 | December 31, 2021 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With a Related Allowance | Without a Related Allowance | Total | With a Related Allowance | Without a Related Allowance | Total | With a Related Allowance | Without a Related Allowance | Total | With a Related Allowance | Without a Related Allowance | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | Real estate - commercial mortgage | $ | 18,035 | $ | 41,530 | $ | 59,565 | $ | 20,564 | $ | 32,251 | $ | 52,815 | Real estate - commercial mortgage | $ | 19,727 | $ | 34,088 | $ | 53,815 | $ | 39,722 | $ | 30,439 | $ | 70,161 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 13,593 | 30,098 | 43,691 | 12,571 | 17,570 | 30,141 | Commercial and industrial | 17,420 | 12,068 | 29,488 | 14,804 | 12,312 | 27,116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - residential mortgage | Real estate - residential mortgage | 34,390 | 1,195 | 35,585 | 35,269 | — | 35,269 | Real estate - residential mortgage | 19,675 | 2,025 | 21,700 | 25,315 | 979 | 26,294 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - home equity | Real estate - home equity | 7,974 | 136 | 8,110 | 8,671 | — | 8,671 | Real estate - home equity | 5,711 | 116 | 5,827 | 5,975 | 130 | 6,105 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - construction | Real estate - construction | — | 1,357 | 1,357 | 173 | 728 | 901 | Real estate - construction | 707 | 392 | 1,099 | 866 | 502 | 1,368 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 160 | — | 160 | 229 | — | 229 | Consumer | 17 | — | 17 | 92 | — | 92 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment lease financing and other | 4,807 | 9,255 | 14,062 | 6,247 | 9,393 | 15,640 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases and other loans | Leases and other loans | 9,264 | 2,070 | 11,334 | 4,052 | 9,255 | 13,307 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 78,959 | $ | 83,571 | $ | 162,530 | $ | 83,724 | $ | 59,942 | $ | 143,666 | $ | 72,521 | $ | 50,759 | $ | 123,280 | $ | 90,826 | $ | 53,617 | $ | 144,443 |
June 30, 2023 | ||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans | ||||||||||||||||||||||||||||||
(in thousands) | Amortized | Amortized | ||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Cost Basis | Cost Basis | Total | ||||||||||||||||||||||||
Real estate - commercial mortgage | ||||||||||||||||||||||||||||||||
Pass | $ | 436,213 | $ | 1,014,277 | $ | 1,079,313 | $ | 931,445 | $ | 761,840 | $ | 3,044,060 | $ | 98,737 | $ | 3,912 | $ | 7,369,797 | ||||||||||||||
Special Mention | — | 17,541 | 70,283 | 17,725 | 38,372 | 149,434 | 1,012 | — | 294,367 | |||||||||||||||||||||||
Substandard or Lower | 202 | 4,889 | 25,184 | 45,196 | 25,257 | 81,489 | 480 | — | 182,697 | |||||||||||||||||||||||
Total real estate - commercial mortgage | 436,415 | 1,036,707 | 1,174,780 | 994,366 | 825,469 | 3,274,983 | 100,229 | 3,912 | 7,846,861 | |||||||||||||||||||||||
Real estate - commercial mortgage | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | — | — | — | — | (30) | — | (13,562) | (13,592) | |||||||||||||||||||||||
Commercial and industrial(1) | ||||||||||||||||||||||||||||||||
Pass | 461,413 | 652,086 | 425,486 | 365,676 | 292,754 | 706,510 | 1,432,210 | 9,051 | 4,345,186 | |||||||||||||||||||||||
Special Mention | 392 | 16,804 | 11,786 | 5,392 | 3,522 | 16,458 | 60,230 | 748 | 115,332 | |||||||||||||||||||||||
Substandard or Lower | 205 | 3,221 | 1,780 | 3,063 | 19,248 | 29,342 | 84,059 | 1,010 | 141,928 | |||||||||||||||||||||||
Total commercial and industrial | 462,010 | 672,111 | 439,052 | 374,131 | 315,524 | 752,310 | 1,576,499 | 10,809 | 4,602,446 | |||||||||||||||||||||||
Commercial and industrial(1) | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | — | — | — | — | — | (502) | (2,127) | (2,629) | |||||||||||||||||||||||
Real estate - construction(2) | ||||||||||||||||||||||||||||||||
Pass | 103,193 | 218,294 | 432,924 | 127,131 | 18,815 | 88,431 | 17,480 | — | 1,006,268 | |||||||||||||||||||||||
Special Mention | — | 26 | 262 | 28,037 | — | 11,263 | — | — | 39,588 | |||||||||||||||||||||||
Substandard or Lower | — | 473 | — | — | 2,202 | 23,259 | 2,408 | — | 28,342 | |||||||||||||||||||||||
Total real estate - construction | 103,193 | 218,793 | 433,186 | 155,168 | 21,017 | 122,953 | 19,888 | — | 1,074,198 | |||||||||||||||||||||||
Real estate - construction(2) | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Pass | $ | 1,000,819 | $ | 1,884,657 | $ | 1,937,723 | $ | 1,424,252 | $ | 1,073,409 | $ | 3,839,001 | $ | 1,548,427 | $ | 12,963 | $ | 12,721,251 | ||||||||||||||
Special Mention | 392 | 34,371 | 82,331 | 51,154 | 41,894 | 177,155 | 61,242 | 748 | 449,287 | |||||||||||||||||||||||
Substandard or Lower | 407 | 8,583 | 26,964 | 48,259 | 46,707 | 134,090 | 86,947 | 1,010 | 352,967 | |||||||||||||||||||||||
Total | $ | 1,001,618 | $ | 1,927,611 | $ | 2,047,018 | $ | 1,523,665 | $ | 1,162,010 | $ | 4,150,246 | $ | 1,696,616 | $ | 14,721 | $ | 13,523,505 |
June 30, 2022 | ||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans | ||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Amortized | ||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Cost Basis | Cost Basis | Total | ||||||||||||||||||||||||
Real estate - construction(1) | ||||||||||||||||||||||||||||||||
Pass | $ | 42,940 | $ | 292,317 | $ | 287,166 | $ | 66,620 | $ | 49,664 | $ | 120,391 | $ | 29,138 | $ | 1,054 | $ | 889,290 | ||||||||||||||
Special Mention | — | — | 2,012 | 9,984 | — | 20,678 | — | — | 32,674 | |||||||||||||||||||||||
Substandard or Lower | — | — | — | — | — | 4,451 | 214 | — | 4,665 | |||||||||||||||||||||||
Total real estate - construction | 42,940 | 292,317 | 289,178 | 76,604 | 49,664 | 145,520 | 29,352 | 1,054 | 926,629 | |||||||||||||||||||||||
Real estate - construction(1) | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Current period recoveries | — | — | — | — | — | — | — | 44 | 44 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | — | — | — | — | — | — | — | 44 | 44 | |||||||||||||||||||||||
Commercial and industrial(2) | ||||||||||||||||||||||||||||||||
Pass | 462,732 | 533,826 | 436,620 | 346,343 | 203,490 | 665,347 | 1,232,430 | 724 | 3,881,512 | |||||||||||||||||||||||
Special Mention | 6,815 | 13,149 | 10,076 | 9,843 | 5,927 | 21,322 | 65,728 | — | 132,860 | |||||||||||||||||||||||
Substandard or Lower | — | 5,621 | 9,284 | 28,390 | 14,915 | 33,448 | 67,011 | 73 | 158,742 | |||||||||||||||||||||||
Total commercial and industrial | 469,547 | 552,596 | 455,980 | 384,576 | 224,332 | 720,117 | 1,365,169 | 797 | 4,173,114 | |||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | — | (36) | — | (21) | — | (174) | (197) | (428) | |||||||||||||||||||||||
Current period recoveries | — | — | 30 | 95 | 379 | 569 | 545 | 1,101 | 2,719 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | — | — | (6) | 95 | 358 | 569 | 371 | 904 | 2,291 | |||||||||||||||||||||||
Real estate - commercial mortgage | ||||||||||||||||||||||||||||||||
Pass | 477,751 | 1,014,857 | 978,961 | 799,726 | 601,768 | 2,775,873 | 65,309 | — | 6,714,245 | |||||||||||||||||||||||
Special Mention | 336 | 32,783 | 43,579 | 97,163 | 45,601 | 153,027 | 1,994 | — | 374,483 | |||||||||||||||||||||||
Substandard or Lower | — | 1,510 | 8,335 | 37,106 | 75,075 | 205,826 | 456 | — | 328,308 | |||||||||||||||||||||||
Total real estate - commercial mortgage | 478,087 | 1,049,150 | 1,030,875 | 933,995 | 722,444 | 3,134,726 | 67,759 | — | 7,417,036 | |||||||||||||||||||||||
Real estate - commercial mortgage | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | — | — | — | — | — | — | (152) | (152) | |||||||||||||||||||||||
Current period recoveries | — | — | — | — | — | 4 | — | 3,644 | 3,648 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | — | — | — | — | — | 4 | — | 3,492 | 3,496 | |||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Pass | $ | 983,423 | $ | 1,841,000 | $ | 1,702,747 | $ | 1,212,689 | $ | 854,922 | $ | 3,561,611 | $ | 1,326,877 | $ | 1,778 | $ | 11,485,047 | ||||||||||||||
Special Mention | 7,151 | 45,932 | 55,667 | 116,990 | 51,528 | 195,027 | 67,722 | — | 540,017 | |||||||||||||||||||||||
Substandard or Lower | — | 7,131 | 17,619 | 65,496 | 89,990 | 243,725 | 67,681 | 73 | 491,715 | |||||||||||||||||||||||
Total | $ | 990,574 | $ | 1,894,063 | $ | 1,776,033 | $ | 1,395,175 | $ | 996,440 | $ | 4,000,363 | $ | 1,462,280 | $ | 1,851 | $ | 12,516,779 |
December 31, 2021 | ||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans | ||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Amortized | ||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Cost Basis | Cost Basis | Total | ||||||||||||||||||||||||
Real estate - construction(1) | ||||||||||||||||||||||||||||||||
Pass | $ | 190,030 | $ | 315,811 | $ | 113,245 | $ | 83,886 | $ | 17,545 | $ | 117,157 | $ | 46,409 | $ | — | $ | 884,083 | ||||||||||||||
Special Mention | 5,843 | 775 | 9,984 | 20,200 | 15,724 | 6,315 | — | — | 58,841 | |||||||||||||||||||||||
Substandard or Lower | — | — | — | — | 1,912 | 4,185 | 227 | — | 6,324 | |||||||||||||||||||||||
Total real estate - construction | 195,873 | 316,586 | 123,229 | 104,086 | 35,181 | 127,657 | 46,636 | — | 949,248 | |||||||||||||||||||||||
Real estate - construction(1) | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | — | (39) | — | — | — | — | — | (39) | |||||||||||||||||||||||
Current period recoveries | — | — | 39 | — | — | 1,373 | — | — | 1,412 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | — | — | — | — | — | 1,373 | — | — | 1,373 | |||||||||||||||||||||||
Commercial and industrial(2) | ||||||||||||||||||||||||||||||||
Pass | 855,924 | 520,802 | 396,575 | 232,805 | 147,675 | 581,762 | 1,177,857 | 339 | 3,913,739 | |||||||||||||||||||||||
Special Mention | 5,386 | 8,538 | 33,937 | 8,301 | 10,346 | 23,380 | 52,386 | 95 | 142,369 | |||||||||||||||||||||||
Substandard or Lower | 1,225 | 9,775 | 19,393 | 24,327 | 11,912 | 34,825 | 49,562 | 1,200 | 152,219 | |||||||||||||||||||||||
Total commercial and industrial | 862,535 | 539,115 | 449,905 | 265,433 | 169,933 | 639,967 | 1,279,805 | 1,634 | 4,208,327 | |||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | (2,977) | (406) | (4,966) | (208) | (286) | (800) | (5,694) | — | (15,337) | |||||||||||||||||||||||
Current period recoveries | 6 | 39 | 4,691 | 841 | 457 | 2,342 | 1,211 | — | 9,587 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | (2,971) | (367) | (275) | 633 | 171 | 1,542 | (4,483) | — | (5,750) | |||||||||||||||||||||||
Real estate - commercial mortgage | ||||||||||||||||||||||||||||||||
Pass | 1,086,113 | 899,172 | 826,866 | 624,653 | 712,223 | 2,356,308 | 55,370 | — | 6,560,705 | |||||||||||||||||||||||
Special Mention | 1,317 | 60,732 | 96,508 | 25,280 | 33,595 | 169,732 | 115 | — | 387,279 | |||||||||||||||||||||||
Substandard or Lower | 1,537 | 8,516 | 28,810 | 68,818 | 69,793 | 151,450 | 684 | 1,488 | 331,096 | |||||||||||||||||||||||
Total real estate - commercial mortgage | 1,088,967 | 968,420 | 952,184 | 718,751 | 815,611 | 2,677,490 | 56,169 | 1,488 | 7,279,080 | |||||||||||||||||||||||
Real estate - commercial mortgage | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | — | (14) | (25) | (6,972) | (1,517) | (198) | — | (8,726) | |||||||||||||||||||||||
Current period recoveries | — | — | — | — | 983 | 1,491 | — | — | 2,474 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | — | — | (14) | (25) | (5,989) | (26) | (198) | — | (6,252) | |||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Pass | $ | 2,132,067 | $ | 1,735,785 | $ | 1,336,686 | $ | 941,344 | $ | 877,443 | $ | 3,055,227 | $ | 1,279,636 | $ | 339 | $ | 11,358,527 | ||||||||||||||
Special Mention | 12,546 | 70,045 | 140,429 | 53,781 | 59,665 | 199,427 | 52,501 | 95 | 588,489 | |||||||||||||||||||||||
Substandard or Lower | 2,762 | 18,291 | 48,203 | 93,145 | 83,617 | 190,460 | 50,473 | 2,688 | 489,639 | |||||||||||||||||||||||
Total | $ | 2,147,375 | $ | 1,824,121 | $ | 1,525,318 | $ | 1,088,270 | $ | 1,020,725 | $ | 3,445,114 | $ | 1,382,610 | $ | 3,122 | $ | 12,436,655 |
December 31, 2022 | ||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans | ||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Amortized | ||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Cost Basis | Cost Basis | Total | ||||||||||||||||||||||||
Real estate - commercial mortgage | ||||||||||||||||||||||||||||||||
Pass | $ | 1,014,575 | $ | 1,095,725 | $ | 969,118 | $ | 810,850 | $ | 621,689 | $ | 2,610,511 | $ | 80,665 | $ | 307 | $ | 7,203,440 | ||||||||||||||
Special Mention | 95 | 50,367 | 23,296 | 33,735 | 16,205 | 181,736 | 947 | — | 306,381 | |||||||||||||||||||||||
Substandard or Lower | 1,032 | 3,039 | 31,042 | 38,378 | 23,112 | 87,168 | 243 | — | 184,014 | |||||||||||||||||||||||
Total real estate - commercial mortgage | 1,015,702 | 1,149,131 | 1,023,456 | 882,963 | 661,006 | 2,879,415 | 81,855 | 307 | 7,693,835 | |||||||||||||||||||||||
Real estate - commercial mortgage | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | — | — | — | — | (53) | — | (12,420) | (12,473) | |||||||||||||||||||||||
Commercial and industrial(1) | ||||||||||||||||||||||||||||||||
Pass | 907,390 | 449,145 | 397,881 | 315,605 | 185,096 | 604,352 | 1,387,961 | 618 | 4,248,048 | |||||||||||||||||||||||
Special Mention | 11,405 | 24,479 | 3,763 | 8,147 | 5,218 | 24,633 | 56,048 | 250 | 133,943 | |||||||||||||||||||||||
Substandard or Lower | 834 | 418 | 4,818 | 13,044 | 3,081 | 22,025 | 51,077 | 249 | 95,546 | |||||||||||||||||||||||
Total commercial and industrial | 919,629 | 474,042 | 406,462 | 336,796 | 193,395 | 651,010 | 1,495,086 | 1,117 | 4,477,537 | |||||||||||||||||||||||
Commercial and industrial(1) | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | — | (36) | — | (21) | (365) | (1,192) | (776) | (2,390) | |||||||||||||||||||||||
Real estate - construction(2) | ||||||||||||||||||||||||||||||||
Pass | 159,195 | 390,993 | 243,406 | 28,539 | 24,421 | 93,511 | 47,271 | — | 987,336 | |||||||||||||||||||||||
Special Mention | — | — | — | — | — | 21,603 | — | — | 21,603 | |||||||||||||||||||||||
Substandard or Lower | — | — | 3,852 | 2,274 | — | 4,272 | 203 | — | 10,601 | |||||||||||||||||||||||
Total real estate - construction | 159,195 | 390,993 | 247,258 | 30,813 | 24,421 | 119,386 | 47,474 | — | 1,019,540 | |||||||||||||||||||||||
Real estate - construction(2) | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Pass | $ | 2,081,160 | $ | 1,935,863 | $ | 1,610,405 | $ | 1,154,994 | $ | 831,206 | $ | 3,308,374 | $ | 1,515,897 | $ | 925 | $ | 12,438,824 | ||||||||||||||
Special Mention | 11,500 | 74,846 | 27,059 | 41,882 | 21,423 | 227,972 | 56,995 | 250 | 461,927 | |||||||||||||||||||||||
Substandard or Lower | 1,866 | 3,457 | 39,712 | 53,696 | 26,193 | 113,465 | 51,523 | 249 | 290,161 | |||||||||||||||||||||||
Total | $ | 2,094,526 | $ | 2,014,166 | $ | 1,677,176 | $ | 1,250,572 | $ | 878,822 | $ | 3,649,811 | $ | 1,624,415 | $ | 1,424 | $ | 13,190,912 |
June 30, 2022 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Cost Basis | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer and real estate - home equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 199,006 | $ | 126,665 | $ | 92,240 | $ | 62,883 | $ | 56,742 | $ | 103,004 | $ | 852,242 | $ | 144,223 | $ | 1,637,005 | ||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 22 | 148 | 108 | 19 | 112 | 2,341 | 2,088 | 5,712 | 10,550 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer and real estate - home equity | 199,028 | 126,813 | 92,348 | 62,902 | 56,854 | 105,345 | 854,330 | 149,935 | 1,647,555 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer and real estate - home equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | (587) | (70) | (108) | (16) | (355) | (77) | (716) | (1,929) | Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period recoveries | — | 44 | 88 | 29 | 16 | 351 | 144 | 544 | 1,216 | (dollars in thousands) | Amortized | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net (charge-offs) recoveries | — | (543) | 18 | (79) | — | (4) | 67 | (172) | (713) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Cost Basis | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Real estate - residential mortgage | Real estate - residential mortgage | Real estate - residential mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | 537,306 | 1,591,120 | 1,067,487 | 296,239 | 89,886 | 578,653 | — | — | 4,160,691 | Performing | $ | 413,908 | $ | 1,030,693 | $ | 1,715,214 | $ | 1,020,426 | $ | 276,538 | $ | 651,744 | $ | — | $ | — | $ | 5,108,523 | ||||||||||||||||||||||||||||||||||||
Nonperforming | — | 1,122 | 6,322 | 5,056 | 3,808 | 26,828 | — | — | 43,136 | Nonperforming | — | 658 | 4,680 | 4,650 | 5,239 | 23,512 | — | — | 38,739 | |||||||||||||||||||||||||||||||||||||||||||||
Total real estate - residential mortgage | 537,306 | 1,592,242 | 1,073,809 | 301,295 | 93,694 | 605,481 | — | — | 4,203,827 | Total real estate - residential mortgage | 413,908 | 1,031,351 | 1,719,894 | 1,025,076 | 281,777 | 675,256 | — | — | 5,147,262 | |||||||||||||||||||||||||||||||||||||||||||||
Real estate - residential mortgage | Real estate - residential mortgage | Real estate - residential mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | — | — | — | — | — | — | (66) | (66) | Current period gross charge-offs | — | — | — | — | — | — | — | (62) | (62) | |||||||||||||||||||||||||||||||||||||||||||||
Current period recoveries | — | — | 4 | — | 27 | 261 | — | 22 | 314 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net (charge-offs) recoveries | — | — | 4 | — | 27 | 261 | — | (44) | 248 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment lease financing and other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer and real estate - home equity | Consumer and real estate - home equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | 126,093 | 49,563 | 50,710 | 37,619 | 24,936 | 21,218 | — | — | 310,139 | Performing | 169,479 | 309,613 | 94,775 | 66,026 | 49,842 | 284,430 | 814,043 | 26,745 | 1,814,953 | |||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | — | — | — | 14,062 | — | — | 14,062 | Nonperforming | 60 | 403 | 516 | 418 | 66 | 5,301 | 1,393 | 2,311 | 10,468 | |||||||||||||||||||||||||||||||||||||||||||||
Total leasing and other | 126,093 | 49,563 | 50,710 | 37,619 | 24,936 | 35,280 | — | — | 324,201 | Total consumer and real estate - home equity | 169,539 | 310,016 | 95,291 | 66,444 | 49,908 | 289,731 | 815,436 | 29,056 | 1,825,421 | |||||||||||||||||||||||||||||||||||||||||||||
Equipment lease financing and other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer and real estate - home equity | Consumer and real estate - home equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | — | — | — | — | (374) | — | (3,145) | (3,519) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases and other loans | Leases and other loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | — | — | — | — | (943) | — | — | (943) | Performing | 99,355 | 94,583 | 33,981 | 29,249 | 22,671 | 22,958 | — | — | 302,797 | |||||||||||||||||||||||||||||||||||||||||||||
Current period recoveries | — | 1 | 68 | 13 | 3 | 227 | — | 68 | 380 | Nonperforming | — | — | — | — | — | 11,334 | — | — | 11,334 | |||||||||||||||||||||||||||||||||||||||||||||
Leases and other loans | 99,355 | 94,583 | 33,981 | 29,249 | 22,671 | 34,292 | — | — | 314,131 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases and other loans | Leases and other loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net (charge-offs) recoveries | — | 1 | 68 | 13 | 3 | (716) | — | 68 | (563) | Current period gross charge-offs | (214) | (401) | (133) | (72) | (52) | (417) | — | (599) | (1,888) | |||||||||||||||||||||||||||||||||||||||||||||
Construction - other | Construction - other | Construction - other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | 61,082 | 162,281 | 22,426 | — | 4,580 | — | — | 448 | 250,817 | Performing | 31,781 | 173,436 | 25,814 | 3,335 | — | — | — | — | 234,366 | |||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | — | — | — | — | — | — | — | Nonperforming | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Total construction - other | 61,082 | 162,281 | 22,426 | — | 4,580 | — | — | 448 | 250,817 | Total construction - other | 31,781 | 173,436 | 25,814 | 3,335 | — | — | — | — | 234,366 | |||||||||||||||||||||||||||||||||||||||||||||
Construction - other | Construction - other | Construction - other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | — | — | — | — | — | — | — | — | Current period gross charge-offs | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Current period recoveries | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net (charge-offs) recoveries | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 923,487 | $ | 1,929,629 | $ | 1,232,863 | $ | 396,741 | $ | 176,144 | $ | 702,875 | $ | 852,242 | $ | 144,671 | $ | 6,358,652 | Performing | $ | 714,523 | $ | 1,608,325 | $ | 1,869,784 | $ | 1,119,036 | $ | 349,051 | $ | 959,132 | $ | 814,043 | $ | 26,745 | $ | 7,460,639 | |||||||||||||||||||||||||||
Nonperforming | 22 | 1,270 | 6,430 | 5,075 | 3,920 | 43,231 | 2,088 | 5,712 | 67,748 | Nonperforming | 60 | 1,061 | 5,196 | 5,068 | 5,305 | 40,147 | 1,393 | 2,311 | 60,541 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 923,509 | $ | 1,930,899 | $ | 1,239,293 | $ | 401,816 | $ | 180,064 | $ | 746,106 | $ | 854,330 | $ | 150,383 | $ | 6,426,400 | Total | $ | 714,583 | $ | 1,609,386 | $ | 1,874,980 | $ | 1,124,104 | $ | 354,356 | $ | 999,279 | $ | 815,436 | $ | 29,056 | $ | 7,521,180 |
December 31, 2021 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Cost Basis | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer and Real estate - home equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 162,441 | $ | 102,918 | $ | 73,769 | $ | 68,564 | $ | 33,254 | $ | 135,412 | $ | 990,842 | $ | 3,999 | $ | 1,571,199 | ||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 122 | 101 | 60 | 51 | 314 | 2,348 | 8,512 | 198 | 11,706 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer and real estate - home equity | 162,563 | 103,019 | 73,829 | 68,615 | 33,568 | 137,760 | 999,354 | 4,197 | 1,582,905 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer and Real estate - home equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross charge-offs | (175) | (491) | (496) | (238) | (224) | (411) | (1,274) | — | (3,309) | Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period recoveries | — | 223 | 131 | 131 | 167 | 1,048 | 645 | — | 2,345 | (dollars in thousands) | Amortized | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net (charge-offs) recoveries | (175) | (268) | (365) | (107) | (57) | 637 | (629) | — | (964) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Cost Basis | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Real estate - residential mortgage | Real estate - residential mortgage | Real estate - residential mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | 1,548,174 | 1,133,602 | 344,625 | 113,801 | 198,164 | 468,842 | — | — | 3,807,208 | Performing | $ | 933,903 | $ | 1,708,703 | $ | 1,054,126 | $ | 286,167 | $ | 87,455 | $ | 620,416 | $ | — | $ | — | $ | 4,690,770 | ||||||||||||||||||||||||||||||||||||
Nonperforming | — | 6,753 | 2,189 | 3,424 | 2,844 | 24,332 | — | — | 39,542 | Nonperforming | 1,199 | 5,104 | 6,597 | 6,466 | 4,587 | 22,556 | — | — | 46,509 | |||||||||||||||||||||||||||||||||||||||||||||
Total real estate - residential mortgage | 1,548,174 | 1,140,355 | 346,814 | 117,225 | 201,008 | 493,174 | — | — | 3,846,750 | Total real estate - residential mortgage | 935,102 | 1,713,807 | 1,060,723 | 292,633 | 92,042 | 642,972 | — | — | 4,737,279 | |||||||||||||||||||||||||||||||||||||||||||||
Real estate - residential mortgage | Real estate - residential mortgage | Real estate - residential mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | (626) | (148) | (125) | (4) | (387) | — | — | (1,290) | Current period gross charge-offs | — | — | — | — | — | — | — | (66) | (66) | |||||||||||||||||||||||||||||||||||||||||||||
Current period recoveries | — | — | 1 | 18 | — | 264 | 92 | — | 375 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net (charge-offs) recoveries | — | (626) | (147) | (107) | (4) | (123) | 92 | — | (915) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment lease financing and other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer and Real estate - home equity | Consumer and Real estate - home equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | 97,077 | 65,316 | 49,591 | 34,107 | 22,444 | 1,369 | — | — | 269,904 | Performing | 416,631 | 109,724 | 80,422 | 52,384 | 45,642 | 211,127 | 842,226 | 34,061 | 1,792,217 | |||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | — | — | 15,503 | 138 | — | — | 15,641 | Nonperforming | 292 | 298 | 174 | 36 | 98 | 6,512 | 1,722 | 668 | 9,800 | |||||||||||||||||||||||||||||||||||||||||||||
Total leasing and other | 97,077 | 65,316 | 49,591 | 34,107 | 37,947 | 1,507 | — | — | 285,545 | Total consumer and real estate - home equity | 416,923 | 110,022 | 80,596 | 52,420 | 45,740 | 217,639 | 843,948 | 34,729 | 1,802,017 | |||||||||||||||||||||||||||||||||||||||||||||
Equipment lease financing and other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross charge-offs | (975) | (1,276) | — | — | — | — | — | — | (2,251) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period recoveries | 255 | 539 | 88 | 10 | 18 | 43 | — | — | 953 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer and Real estate - home equity | Consumer and Real estate - home equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net (charge-offs) recoveries | (720) | (737) | 88 | 10 | 18 | 43 | — | — | (1,298) | Current period gross charge-offs | — | (587) | (70) | (108) | (16) | (442) | (178) | (3,011) | (4,412) | |||||||||||||||||||||||||||||||||||||||||||||
Construction - other | Construction - other | Construction - other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | 144,652 | 40,040 | 638 | 5,028 | — | — | — | — | 190,358 | Performing | 164,924 | 73,492 | 10,892 | — | 1,077 | — | — | — | 250,385 | |||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | — | — | 173 | — | — | — | 173 | Nonperforming | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Total construction - other | 144,652 | 40,040 | 638 | 5,028 | 173 | — | — | — | 190,531 | Total construction - other | 164,924 | 73,492 | 10,892 | — | 1,077 | — | — | — | 250,385 | |||||||||||||||||||||||||||||||||||||||||||||
Construction - other | Construction - other | Construction - other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | — | — | — | — | — | — | — | — | Current period gross charge-offs | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Leases and other loans | Leases and other loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current period recoveries | — | — | — | — | — | — | — | — | — | Performing | 146,198 | 39,427 | 40,024 | 29,309 | 15,019 | 15,670 | — | — | 285,647 | |||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | — | — | — | 13,307 | — | — | 13,307 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases and other loans | 146,198 | 39,427 | 40,024 | 29,309 | 15,019 | 28,977 | — | — | 298,954 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases and other loans | Leases and other loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net (charge-offs) recoveries | — | — | — | — | — | — | — | — | — | Current period gross charge-offs | (506) | (167) | (140) | (80) | (47) | (1,191) | — | — | (2,131) | |||||||||||||||||||||||||||||||||||||||||||||
Total | Total | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 1,952,344 | $ | 1,341,876 | $ | 468,623 | $ | 221,500 | $ | 253,862 | $ | 605,623 | $ | 990,842 | $ | 3,999 | $ | 5,838,669 | Performing | $ | 1,661,656 | $ | 1,931,346 | $ | 1,185,464 | $ | 367,860 | $ | 149,193 | $ | 847,213 | $ | 842,226 | $ | 34,061 | $ | 7,019,019 | |||||||||||||||||||||||||||
Nonperforming | 122 | 6,854 | 2,249 | 3,475 | 18,834 | 26,818 | 8,512 | 198 | 67,062 | Nonperforming | 1,491 | 5,402 | 6,771 | 6,502 | 4,685 | 42,375 | 1,722 | 668 | 69,616 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,952,466 | $ | 1,348,730 | $ | 470,872 | $ | 224,975 | $ | 272,696 | $ | 632,441 | $ | 999,354 | $ | 4,197 | $ | 5,905,731 | Total | $ | 1,663,147 | $ | 1,936,748 | $ | 1,192,235 | $ | 374,362 | $ | 153,878 | $ | 889,588 | $ | 843,948 | $ | 34,729 | $ | 7,088,635 |
June 30, 2022 | December 31, 2021 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(in thousands) | (dollars in thousands) | |||||||||||||||||||||
Non-accrual loans | Non-accrual loans | $ | 162,530 | $ | 143,666 | Non-accrual loans | $ | 123,280 | $ | 144,443 | ||||||||||||
Loans 90 days or more past due and still accruing(1) | Loans 90 days or more past due and still accruing(1) | 11,016 | 8,453 | Loans 90 days or more past due and still accruing(1) | 24,415 | 27,463 | ||||||||||||||||
Total non-performing loans | Total non-performing loans | 173,546 | 152,119 | Total non-performing loans | 147,695 | 171,906 | ||||||||||||||||
OREO (2) | OREO (2) | 4,786 | 1,817 | OREO(2) | 3,881 | 5,790 | ||||||||||||||||
Total non-performing assets | Total non-performing assets | $ | 178,332 | $ | 153,936 | Total non-performing assets | $ | 151,576 | $ | 177,696 |
30-59 | 60-89 | ≥ 90 Days | 30-59 | 60-89 | ≥ 90 Days | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Days Past | Days Past | Past Due | Non- | Days Past | Days Past | Past Due | Non- | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due | Due | and Accruing | Accrual | Current | Total | Due | Due | and Accruing | Accrual | Current | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | Real estate – commercial mortgage | $ | 5,486 | $ | 3,219 | $ | 375 | $ | 59,565 | $ | 7,348,391 | $ | 7,417,036 | Real estate – commercial mortgage | $ | 6,566 | $ | 2,671 | $ | 1,233 | $ | 53,815 | $ | 7,782,576 | $ | 7,846,861 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial(1) | Commercial and industrial(1) | 11,197 | 1,417 | 1,022 | 43,691 | 4,115,787 | 4,173,114 | Commercial and industrial(1) | 3,542 | 1,977 | 1,100 | 29,488 | 4,566,339 | 4,602,446 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – residential mortgage | Real estate – residential mortgage | 31,221 | 5,796 | 7,337 | 35,585 | 4,123,888 | 4,203,827 | Real estate – residential mortgage | 35,456 | 6,017 | 17,457 | 21,700 | 5,066,632 | 5,147,262 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – home equity | Real estate – home equity | 4,554 | 1,341 | 1,942 | 8,110 | 1,092,861 | 1,108,808 | Real estate – home equity | 5,865 | 1,567 | 3,902 | 5,827 | 1,044,730 | 1,061,891 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction | Real estate – construction | 3,728 | 550 | — | 1,357 | 1,171,811 | 1,177,446 | Real estate – construction | 1,719 | — | — | 1,099 | 1,305,746 | 1,308,564 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 4,963 | 1,081 | 340 | 160 | 532,203 | 538,747 | Consumer | 6,482 | 1,382 | 723 | 17 | 754,926 | 763,530 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment lease financing and other | 4,472 | 33 | — | 14,062 | 283,405 | 301,972 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases and other loans(2) | Leases and other loans(2) | 462 | 375 | — | 11,334 | 301,960 | 314,131 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 65,621 | $ | 13,437 | $ | 11,016 | $ | 162,530 | $ | 18,668,346 | $ | 18,920,950 | Total | $ | 60,092 | $ | 13,989 | $ | 24,415 | $ | 123,280 | $ | 20,822,909 | $ | 21,044,685 |
30-59 Days Past Due | 60-89 Days Past Due | ≥ 90 Days Past Due and Accruing | Non- accrual | Current | Total | 30-59 Days Past Due | 60-89 Days Past Due | ≥ 90 Days Past Due and Accruing | Non- accrual | Current | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | Real estate – commercial mortgage | $ | 1,089 | $ | 1,750 | $ | 1,229 | $ | 52,815 | $ | 7,222,197 | $ | 7,279,080 | Real estate – commercial mortgage | $ | 10,753 | $ | 4,644 | $ | 2,473 | $ | 70,161 | $ | 7,605,804 | $ | 7,693,835 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 5,457 | 1,932 | 488 | 30,141 | 4,170,309 | 4,208,327 | Commercial and industrial | 6,067 | 2,289 | 1,172 | 27,116 | 4,440,893 | 4,477,537 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – residential mortgage | Real estate – residential mortgage | 22,957 | 2,920 | 4,130 | 35,269 | 3,781,474 | 3,846,750 | Real estate – residential mortgage | 57,061 | 8,209 | 20,215 | 26,294 | 4,625,500 | 4,737,279 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – home equity | Real estate – home equity | 4,369 | 1,154 | 2,253 | 8,671 | 1,101,801 | 1,118,248 | Real estate – home equity | 5,666 | 2,444 | 2,704 | 6,105 | 1,085,919 | 1,102,838 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction | Real estate – construction | 1,318 | — | — | 901 | 1,137,560 | 1,139,779 | Real estate – construction | 1,762 | 1,758 | — | 1,368 | 1,265,037 | 1,269,925 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 3,561 | 876 | 353 | 229 | 459,638 | 464,657 | Consumer | 6,692 | 1,339 | 899 | 92 | 690,157 | 699,179 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment lease financing and other | 226 | 27 | — | 15,640 | 252,616 | 268,509 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases and other loans(2) | Leases and other loans(2) | 348 | 122 | — | 13,307 | 285,177 | 298,954 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 38,977 | $ | 8,659 | $ | 8,453 | $ | 143,666 | $ | 18,125,595 | $ | 18,325,350 | Total | $ | 88,349 | $ | 20,805 | $ | 27,463 | $ | 144,443 | $ | 19,998,487 | $ | 20,279,547 |
June 30, 2022 | December 31, 2021 | ||||||||||
(in thousands) | |||||||||||
Real estate - commercial mortgage | $ | 3,489 | $ | 3,464 | |||||||
Commercial and industrial | 1,871 | 1,857 | |||||||||
Real estate - residential mortgage | 10,279 | 11,948 | |||||||||
Real estate - home equity | 11,764 | 12,218 | |||||||||
Consumer | 2 | 5 | |||||||||
Total accruing TDRs | 27,405 | 29,492 | |||||||||
Non-accrual TDRs (1) | 45,439 | 55,945 | |||||||||
Total TDRs | $ | 72,844 | $ | 85,437 |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Number of Loans | Post-Modification Recorded Investment | Number of Loans | Post-Modification Recorded Investment | Number of Loans | Post-Modification Recorded Investment | Number of Loans | Post-Modification Recorded Investment | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | — | $ | — | — | $ | — | 1 | $ | 82 | 4 | $ | 1,894 | |||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | — | — | 3 | 2,729 | 1 | 150 | 5 | 6,891 | |||||||||||||||||||||||||||||||||||||||
Real estate - residential mortgage | — | — | 14 | 3,101 | 5 | 293 | 37 | 10,728 | |||||||||||||||||||||||||||||||||||||||
Real estate - home equity | — | — | 11 | 598 | 5 | 329 | 16 | 746 | |||||||||||||||||||||||||||||||||||||||
Real estate - construction | — | — | — | — | — | — | 1 | 154 | |||||||||||||||||||||||||||||||||||||||
Consumer | 2 | 199 | — | — | 2 | 199 | — | — | |||||||||||||||||||||||||||||||||||||||
Total | 2 | $ | 199 | 28 | $ | 6,428 | 14 | $ | 1,053 | 63 | $ | 20,413 |
Term Extension | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2023 | Six months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Amortization Cost Basis | % of Class of Financing Receivable | Amortization Cost Basis | % of Class of Financing Receivable | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 276 | — | % | $ | 1,478 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||
Commercial and industrial | — | — | 75 | — | |||||||||||||||||||||||||||||||||||||||||||
Real estate - residential mortgage | 2,045 | 0.04 | 3,423 | 0.07 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,321 | $ | 4,976 |
Term Extension | |||||
Financial Effect | |||||
Three months ended June 30, 2023 | |||||
Real estate - commercial mortgage | Added a weighted-average 1.25 years to the life of loans, which reduced monthly payment amounts for the borrowers. | ||||
Real estate - residential mortgage | Added a weighted-average 5.29 years to the life of loans, which reduced monthly payment amounts for the borrowers. | ||||
Six months ended June 30, 2023 | |||||
Real estate - commercial mortgage | Added a weighted-average 2.05 years to the life of loans, which reduced monthly payment amounts for the borrowers. | ||||
Commercial and industrial | Added a weighted-average 2.88 years to the life of loans, which reduced monthly payment amounts for the borrowers. | ||||
Real estate - residential mortgage | Added a weighted-average 4.64 years to the life of loans, which reduced monthly payment amounts for the borrowers. | ||||
30-89 | 90+ | Total | |||||||||||||||||||||
Days Past | Past Due | Past | |||||||||||||||||||||
Current | Due | and Accruing | Due | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Real estate - commercial mortgage | $ | 1,478 | $ | — | $ | — | $ | — | |||||||||||||||
Commercial and industrial | 75 | — | — | — | |||||||||||||||||||
Real estate - residential mortgage | 3,423 | — | — | — | |||||||||||||||||||
Total | $ | 4,976 | $ | — | $ | — | $ | — |
Three months ended June 30 | Six months ended June 30 | Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
(in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Amortized cost: | Amortized cost: | Amortized cost: | ||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 35,624 | $ | 37,803 | $ | 35,993 | $ | 38,745 | Balance at beginning of period | $ | 33,082 | $ | 35,624 | $ | 34,217 | $ | 35,993 | ||||||||||||||||||||||||||||
Originations of MSRs | Originations of MSRs | 1,053 | 1,457 | 2,407 | 4,268 | Originations of MSRs | 688 | 1,053 | 884 | 2,407 | ||||||||||||||||||||||||||||||||||||
Amortization | Amortization | (1,428) | (3,198) | (3,151) | (6,951) | Amortization | (1,312) | (1,428) | (2,643) | (3,151) | ||||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | 35,249 | $ | 36,062 | $ | 35,249 | $ | 36,062 | Balance at end of period | $ | 32,458 | $ | 35,249 | $ | 32,458 | $ | 35,249 | ||||||||||||||||||||||||||||
Valuation allowance: | Valuation allowance: | Valuation allowance: | ||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | — | $ | (4,400) | $ | (600) | $ | (10,500) | Balance at beginning of period | $ | — | $ | — | $ | — | $ | (600) | ||||||||||||||||||||||||||||
Reduction (addition) to valuation allowance | Reduction (addition) to valuation allowance | — | (2,200) | 600 | 3,900 | Reduction (addition) to valuation allowance | — | — | — | 600 | ||||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | — | $ | (6,600) | $ | — | $ | (6,600) | Balance at end of period | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
Net MSRs at end of period | Net MSRs at end of period | $ | 35,249 | $ | 29,462 | $ | 35,249 | $ | 29,462 | Net MSRs at end of period | $ | 32,458 | $ | 35,249 | $ | 32,458 | $ | 35,249 | ||||||||||||||||||||||||||||
Estimated fair value of MSRs at end of period | Estimated fair value of MSRs at end of period | $ | 49,804 | $ | 29,462 | $ | 49,804 | $ | 29,462 | Estimated fair value of MSRs at end of period | $ | 49,444 | $ | 49,804 | $ | 49,444 | $ | 49,804 |
June 30, 2022 | December 31, 2021 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Notional Amount | Asset (Liability) Fair Value | Notional Amount | Asset (Liability) Fair Value | Notional Amount | Asset (Liability) Fair Value | Notional Amount | Asset (Liability) Fair Value | |||||||||||||||||||||||||||||||||||||||
(in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Locks with Customers | Interest Rate Locks with Customers | Interest Rate Locks with Customers | ||||||||||||||||||||||||||||||||||||||||||||
Positive fair values | Positive fair values | $ | 128,465 | $ | 811 | $ | 261,428 | $ | 2,326 | Positive fair values | $ | 136,789 | $ | 465 | $ | 70,836 | $ | 182 | ||||||||||||||||||||||||||||
Negative fair values | Negative fair values | 19,948 | (616) | 2,549 | (23) | Negative fair values | 3,405 | (11) | 4,939 | (51) | ||||||||||||||||||||||||||||||||||||
Forward Commitments | Forward Commitments | Forward Commitments | ||||||||||||||||||||||||||||||||||||||||||||
Positive fair values | Positive fair values | 35,000 | 439 | 51,000 | 41 | Positive fair values | 36,500 | 399 | — | — | ||||||||||||||||||||||||||||||||||||
Negative fair values | Negative fair values | — | — | — | — | Negative fair values | — | — | 10,000 | (147) | ||||||||||||||||||||||||||||||||||||
Interest Rate Swaps with Customers | ||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Derivatives with Customers | Interest Rate Derivatives with Customers | |||||||||||||||||||||||||||||||||||||||||||||
Positive fair values | Positive fair values | 790,286 | 7,598 | 3,213,924 | 153,752 | Positive fair values | 410,749 | 5,655 | 171,317 | 3,337 | ||||||||||||||||||||||||||||||||||||
Negative fair values | Negative fair values | 3,134,128 | (152,409) | 752,462 | (4,766) | Negative fair values | 3,925,331 | (283,189) | 3,802,480 | (280,401) | ||||||||||||||||||||||||||||||||||||
Interest Rate Swaps with Dealer Counterparties | ||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Derivatives with Dealer Counterparties | Interest Rate Derivatives with Dealer Counterparties | |||||||||||||||||||||||||||||||||||||||||||||
Positive fair values | Positive fair values | 3,134,128 | 84,197 | 752,462 | 4,766 | Positive fair values | 3,925,331 | 167,164 | 3,802,480 | 161,956 | ||||||||||||||||||||||||||||||||||||
Negative fair values | Negative fair values | 790,286 | (7,891) | 3,213,924 | (79,889) | Negative fair values | 410,749 | (6,022) | 171,317 | (3,703) | ||||||||||||||||||||||||||||||||||||
Interest Rate Swaps used in Cash Flow Hedges | ||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Derivatives used in Cash Flow Hedges | Interest Rate Derivatives used in Cash Flow Hedges | |||||||||||||||||||||||||||||||||||||||||||||
Positive fair values | Positive fair values | 900,000 | — | 500,000 | 60 | Positive fair values | 200,000 | 396 | 600,000 | 1,321 | ||||||||||||||||||||||||||||||||||||
Negative fair values | Negative fair values | 100,000 | (7,356) | 500,000 | (1,432) | Negative fair values | 1,300,000 | (2,002) | 1,000,000 | (12,163) | ||||||||||||||||||||||||||||||||||||
Foreign Exchange Contracts with Customers | Foreign Exchange Contracts with Customers | Foreign Exchange Contracts with Customers | ||||||||||||||||||||||||||||||||||||||||||||
Positive fair values | Positive fair values | 13,995 | 737 | 7,629 | 229 | Positive fair values | 21,527 | 234 | 11,123 | 571 | ||||||||||||||||||||||||||||||||||||
Negative fair values | Negative fair values | 1,550 | (69) | 3,388 | (51) | Negative fair values | 20,839 | (238) | 3,672 | (85) | ||||||||||||||||||||||||||||||||||||
Foreign Exchange Contracts with Correspondent Banks | Foreign Exchange Contracts with Correspondent Banks | Foreign Exchange Contracts with Correspondent Banks | ||||||||||||||||||||||||||||||||||||||||||||
Positive fair values | Positive fair values | 2,074 | 76 | 3,656 | 69 | Positive fair values | 20,166 | 313 | 4,887 | 101 | ||||||||||||||||||||||||||||||||||||
Negative fair values | Negative fair values | 13,781 | (696) | 9,364 | (240) | Negative fair values | 5,397 | (37) | 8,280 | (499) |
Amount of Gain (Loss) Recognized in OCI on Derivative | Amount of Gain (Loss) Recognized in OCI Included Component | Amount of Gain or (Loss) Recognized in OCI Excluded Component | Location of Gain or (Loss) Recognized from AOCI into Income | Amount of Gain Reclassified from AOCI into Income | Amount of Gain Reclassified from AOCI into Income Included Component | Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component | |||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Interest Rate Products | $ | (11,100) | $ | (11,100) | $ | — | Interest income | $ | 434 | $ | 434 | $ | — | ||||||||||||||||||||||||||||
Three months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Interest Rate Products | 3,560 | 3,560 | — | Interest income | 877 | 877 | — | ||||||||||||||||||||||||||||||||||
Six months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Interest Rate Products | (51,663) | (51,663) | — | Interest income | 2,382 | 2,382 | — | ||||||||||||||||||||||||||||||||||
Six months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Interest Rate Products | 1,495 | 1,495 | — | Interest Income | 1,021 | 1,021 | — |
Amount of Gain (Loss) Recognized in OCI on Derivative | Amount of Gain (Loss) Recognized in OCI Included Component | Amount of Gain (Loss) Recognized in OCI Excluded Component | Location of Gain (Loss) Recognized from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income Included Component | Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Interest Rate Products | $ | (7,251) | $ | (7,251) | $ | — | Interest Income | $ | (7,032) | $ | (7,032) | $ | — | ||||||||||||||||||||||||||||
Three months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Interest Rate Products | (11,100) | (11,100) | — | Interest Income | 434 | 434 | — | ||||||||||||||||||||||||||||||||||
Six months ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Interest Rate Products | 5,284 | 5,284 | — | Interest Income | (14,189) | (14,189) | — | ||||||||||||||||||||||||||||||||||
Six months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Interest Rate Products | (51,663) | (51,663) | — | Interest Income | 2,382 | 2,382 | — |
Consolidated Statements of Income Classification | ||||||||||||||||||||||||||||||||
Interest Income | ||||||||||||||||||||||||||||||||
Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Total amounts of income line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded | $ | 434 | $ | 877 | $ | 2,382 | $ | 1,021 | ||||||||||||||||||||||||
Interest contracts: | ||||||||||||||||||||||||||||||||
Amount of gain reclassified from AOCI into income | 434 | 877 | 2,382 | 1,021 | ||||||||||||||||||||||||||||
Amount of gain or (loss) reclassified from AOCI into income as a result that a forecasted transaction is no longer probable of occurring | — | — | — | — | ||||||||||||||||||||||||||||
Amount of Gain Reclassified from AOCI into Income - Included Component | 434 | 877 | 2,382 | 1,021 | ||||||||||||||||||||||||||||
Amount of Gain or (Loss) Reclassified from AOCI into Income - Excluded Component | — | — | — | — |
Consolidated Statements of Income Classification | ||||||||||||||||||||||||||
Interest Income | ||||||||||||||||||||||||||
Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Total amounts of income line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded | $ | (7,032) | $ | 434 | $ | (14,189) | $ | 2,382 | ||||||||||||||||||
Interest contracts: | ||||||||||||||||||||||||||
Amount of gain (loss) reclassified from AOCI into income | (7,032) | 434 | (14,189) | 2,382 | ||||||||||||||||||||||
Amount of gain or (loss) reclassified from AOCI into income as a result that a forecasted transaction is no longer probable of occurring | — | — | — | — | ||||||||||||||||||||||
Amount of gain (loss) reclassified from AOCI into income - included component | (7,032) | 434 | (14,189) | 2,382 | ||||||||||||||||||||||
Amount of gain (loss) reclassified from AOCI into income - excluded component | — | — | — | — |
Consolidated Statements of Income Classification | Three months ended June 30 | Six months ended June 30 | Consolidated Statements of Income Classification | Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking derivatives (1) | Mortgage banking derivatives (1) | Mortgage banking income | $ | (2,095) | $ | (3,158) | $ | (1,710) | $ | (2,362) | Mortgage banking derivatives(1) | Mortgage banking income | $ | 475 | $ | (2,095) | $ | 869 | $ | (1,710) | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps | Other expense | — | (104) | — | (208) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate derivatives | Interest rate derivatives | Other expense | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Foreign exchange contracts | Other income | (6) | (12) | 41 | (4) | Foreign exchange contracts | Other income | 93 | (6) | 184 | 41 | ||||||||||||||||||||||||||||||||||||||||||||||
Net fair value gains/(losses) on derivative financial instruments | Net fair value gains/(losses) on derivative financial instruments | $ | (2,101) | $ | (3,274) | $ | (1,669) | $ | (2,574) | Net fair value gains/(losses) on derivative financial instruments | $ | 568 | $ | (2,101) | $ | 1,053 | $ | (1,669) |
June 30, 2022 | December 31, 2021 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(in thousands) | (dollars in thousands) | |||||||||||||||||||||
Amortized cost (1) | Amortized cost (1) | $ | 17,440 | $ | 35,050 | Amortized cost(1) | $ | 14,531 | $ | 7,180 | ||||||||||||
Fair value | Fair value | 17,528 | 35,768 | Fair value | 14,673 | 7,264 |
Gross Amounts | Gross Amounts Not Offset | Gross Amounts | Gross Amounts Not Offset | |||||||||||||||||||||||||||||||||||||||||||
Recognized | on the Consolidated | Recognized | on the Consolidated | |||||||||||||||||||||||||||||||||||||||||||
on the | Balance Sheets | on the | Balance Sheets | |||||||||||||||||||||||||||||||||||||||||||
Consolidated | Financial | Cash | Net | Consolidated | Financial | Cash | Net | |||||||||||||||||||||||||||||||||||||||
Balance Sheets | Instruments(1) | Collateral (2) | Amount | Balance Sheets | Instruments(1) | Collateral(2) | Amount | |||||||||||||||||||||||||||||||||||||||
(in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap derivative assets | $ | 91,795 | $ | (17,495) | $ | — | $ | 74,300 | ||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate derivative assets | Interest rate derivative assets | $ | 173,215 | $ | (9,022) | $ | — | $ | 164,193 | |||||||||||||||||||||||||||||||||||||
Foreign exchange derivative assets with correspondent banks | Foreign exchange derivative assets with correspondent banks | 76 | (76) | — | — | Foreign exchange derivative assets with correspondent banks | 313 | (313) | — | — | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 91,871 | $ | (17,571) | $ | — | $ | 74,300 | Total | $ | 173,528 | $ | (9,335) | $ | — | $ | 164,193 | ||||||||||||||||||||||||||||
Interest rate swap derivative liabilities | $ | 167,656 | $ | (10,139) | $ | (67,888) | $ | 89,629 | ||||||||||||||||||||||||||||||||||||||
Interest rate derivative liabilities | Interest rate derivative liabilities | $ | 291,213 | $ | (7,416) | $ | (118,789) | $ | 165,008 | |||||||||||||||||||||||||||||||||||||
Foreign exchange derivative liabilities with correspondent banks | Foreign exchange derivative liabilities with correspondent banks | 696 | (76) | — | 620 | Foreign exchange derivative liabilities with correspondent banks | 37 | (313) | — | (276) | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 168,352 | $ | (10,215) | $ | (67,888) | $ | 90,249 | Total | $ | 291,250 | $ | (7,729) | $ | (118,789) | $ | 164,732 | ||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap derivative assets | $ | 158,578 | $ | (8,028) | $ | — | $ | 150,550 | ||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate derivative assets | Interest rate derivative assets | $ | 166,614 | $ | (8,071) | $ | — | $ | 158,543 | |||||||||||||||||||||||||||||||||||||
Foreign exchange derivative assets with correspondent banks | Foreign exchange derivative assets with correspondent banks | 69 | (69) | — | — | Foreign exchange derivative assets with correspondent banks | 101 | (101) | — | — | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 158,647 | $ | (8,097) | $ | — | $ | 150,550 | Total | $ | 166,715 | $ | (8,172) | $ | — | $ | 158,543 | ||||||||||||||||||||||||||||
Interest rate swap derivative liabilities | $ | 86,087 | $ | (6,656) | $ | (74,359) | $ | 5,072 | ||||||||||||||||||||||||||||||||||||||
Interest rate derivative liabilities | Interest rate derivative liabilities | $ | 296,267 | $ | (2,771) | $ | (127,638) | $ | 165,858 | |||||||||||||||||||||||||||||||||||||
Foreign exchange derivative liabilities with correspondent banks | Foreign exchange derivative liabilities with correspondent banks | 240 | (69) | — | 171 | Foreign exchange derivative liabilities with correspondent banks | 499 | (101) | — | 398 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 86,327 | $ | (6,725) | $ | (74,359) | $ | 5,243 | Total | $ | 296,766 | $ | (2,872) | $ | (127,638) | $ | 166,256 |
June 30, | December 31, | ||||||||||||||||
2022 | 2021 | ||||||||||||||||
Included in other assets: | (in thousands) | ||||||||||||||||
Affordable housing tax credit investments | $ | 168,500 | $ | 161,052 | |||||||||||||
Other tax credit investments | 62,043 | 42,987 | |||||||||||||||
Total TCIs | $ | 230,543 | $ | 204,039 | |||||||||||||
Included in other liabilities: | |||||||||||||||||
Unfunded affordable housing tax credit commitments | $ | 56,630 | $ | 49,364 | |||||||||||||
Other tax credit liabilities | 48,113 | 33,941 | |||||||||||||||
Total unfunded tax credit commitments and liabilities | $ | 104,743 | $ | 83,305 |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Components of income taxes: | (in thousands) | ||||||||||||||||||||||||||||
Affordable housing tax credits and other tax benefits | $ | (6,209) | $ | (6,543) | $ | (12,417) | $ | (13,031) | |||||||||||||||||||||
Other tax credit investment credits and tax benefits | (845) | (722) | (1,690) | (1,445) | |||||||||||||||||||||||||
Amortization of affordable housing investments, net of tax benefit | 4,824 | 4,323 | 9,649 | 8,689 | |||||||||||||||||||||||||
Deferred tax expense | 192 | 160 | 383 | 320 | |||||||||||||||||||||||||
Total net reduction in income tax expense | $ | (2,038) | $ | (2,782) | $ | (4,075) | $ | (5,467) | |||||||||||||||||||||
Amortization of TCIs: | |||||||||||||||||||||||||||||
Total amortization of TCIs | $ | 695 | $ | 1,563 | $ | 1,391 | $ | 3,094 |
Before-Tax Amount | Tax Effect | Net of Tax Amount | |||||||||||||||
Three months ended June 30, 2022 | (in thousands) | ||||||||||||||||
Unrealized loss on securities | $ | (114,312) | $ | 25,960 | $ | (88,352) | |||||||||||
Reclassification adjustment for securities gains included in net income (1) | 8 | (2) | 6 | ||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM (2) | (62,250) | 14,137 | (48,113) | ||||||||||||||
Net unrealized holding loss arising during the period on interest rate swaps used in cash flow hedges | (11,100) | 2,514 | (8,586) | ||||||||||||||
Reclassification adjustment for net loss realized in net income on interest rate swaps used in cash flow hedges | (434) | 99 | (335) | ||||||||||||||
Amortization of net unrecognized pension and postretirement items (3) | 33 | (8) | 25 | ||||||||||||||
Total Other Comprehensive Loss | $ | (188,055) | $ | 42,700 | $ | (145,355) | |||||||||||
Three months ended June 30, 2021 | |||||||||||||||||
Unrealized gain on securities | $ | 24,968 | $ | (5,670) | $ | 19,298 | |||||||||||
Reclassification adjustment for securities gains included in net income (1) | (36) | 8 | (28) | ||||||||||||||
Amortization of net unrealized gains on AFS securities transferred to HTM (2) | (349) | 79 | (270) | ||||||||||||||
Net unrealized holding gain arising during the period on interest rate swaps used in cash flow hedges | 3,560 | (808) | 2,752 | ||||||||||||||
Reclassification adjustment for net loss realized in net income on interest rate swaps used in cash flow hedges | (877) | 199 | (678) | ||||||||||||||
Amortization of net unrecognized pension and postretirement items (3) | 370 | (81) | 289 | ||||||||||||||
Total Other Comprehensive Loss | $ | 27,636 | $ | (6,273) | $ | 21,363 | |||||||||||
Six months ended June 30, 2022 | |||||||||||||||||
Unrealized loss on securities | $ | (313,379) | $ | 71,168 | $ | (242,211) | |||||||||||
Reclassification adjustment for securities loss included in net income (1) | 27 | (6) | 21 | ||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM (2) | (61,686) | 14,009 | (47,677) | ||||||||||||||
Net unrealized loss on interest rate swaps used in cash flow hedges | (51,663) | 11,701 | (39,962) | ||||||||||||||
Reclassification adjustment for net loss realized in net income on interest rate swaps used in cash flow hedges | (2,382) | 540 | (1,842) | ||||||||||||||
Amortization of net unrecognized pension and postretirement items (3) | 65 | (15) | 50 | ||||||||||||||
Total Other Comprehensive Loss | $ | (429,018) | $ | 97,397 | $ | (331,621) | |||||||||||
Six months ended June 30, 2021 | |||||||||||||||||
Unrealized loss on securities | $ | (26,783) | $ | 6,082 | $ | (20,701) | |||||||||||
Reclassification adjustment for securities gains included in net income (1) | 451 | (102) | 349 | ||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM (2) | 1,963 | (446) | 1,517 | ||||||||||||||
Net unrealized gain on interest rate swaps used in cash flow hedges | 1,495 | (337) | 1,158 | ||||||||||||||
Reclassification adjustment for net loss realized in net income on interest rate swaps used in cash flow hedges | (1,021) | 230 | (791) | ||||||||||||||
Amortization of net unrecognized pension and postretirement items (3) | 740 | (162) | 578 | ||||||||||||||
Total Other Comprehensive Loss | $ | (23,155) | $ | 5,265 | $ | (17,890) |
Before-Tax Amount | Tax Effect | Net of Tax Amount | |||||||||||||||
Three months ended June 30, 2023 | (dollars in thousands) | ||||||||||||||||
Net unrealized losses on securities | $ | (40,361) | $ | 9,142 | $ | (31,219) | |||||||||||
Reclassification adjustment for securities net change included in net income(1) | (4) | 1 | (3) | ||||||||||||||
Amortization of net unrealized gains on AFS securities transferred to HTM(2) | 1,941 | (440) | 1,501 | ||||||||||||||
Net unrealized holding losses arising during the period on interest rate derivatives used in cash flow hedges(3) | (7,251) | 1,665 | (5,586) | ||||||||||||||
Reclassification adjustment for net change realized in net income on interest rate derivatives used in cash flow hedges(3) | 7,032 | (22) | 7,010 | ||||||||||||||
Amortization of net unrecognized pension and postretirement items(4) | 4 | (1) | 3 | ||||||||||||||
Total Other Comprehensive Loss | $ | (38,639) | $ | 10,345 | $ | (28,294) | |||||||||||
Three months ended June 30, 2022 | |||||||||||||||||
Net unrealized losses on securities | $ | (114,312) | $ | 25,960 | $ | (88,352) | |||||||||||
Reclassification adjustment for securities net change included in net income(1) | 8 | (2) | 6 | ||||||||||||||
Amortization of net unrealized gains on AFS securities transferred to HTM(2) | (62,250) | 14,137 | (48,113) | ||||||||||||||
Net unrealized holding losses arising during the period on interest rate derivatives used in cash flow hedges(3) | (11,100) | 2,514 | (8,586) | ||||||||||||||
Reclassification adjustment for net change realized in net income on interest rate derivatives used in cash flow hedges(3) | (434) | 99 | (335) | ||||||||||||||
Amortization of net unrecognized pension and postretirement items(4) | 33 | (8) | 25 | ||||||||||||||
Total Other Comprehensive Loss | $ | (188,055) | $ | 42,700 | $ | (145,355) | |||||||||||
Six months ended June 30, 2023 | |||||||||||||||||
Unrealized gain on securities | $ | 1,838 | $ | (416) | $ | 1,422 | |||||||||||
Reclassification adjustment for securities net change included in net income(1) | 18 | (4) | 14 | ||||||||||||||
Amortization of net unrealized gains on AFS securities transferred to HTM(2) | 3,851 | (872) | 2,979 | ||||||||||||||
Net unrealized holding losses arising during the period on interest rate derivatives used in cash flow hedges(3) | 5,284 | (17,690) | (12,406) | ||||||||||||||
Reclassification adjustment for net change realized in net income on interest rate swaps used in cash flow hedges(3) | 14,189 | (36) | 14,153 | ||||||||||||||
Amortization of net unrecognized pension and postretirement items(4) | 36 | (8) | 28 | ||||||||||||||
Total Other Comprehensive Income | $ | 25,216 | $ | (19,026) | $ | 6,190 | |||||||||||
Six months ended June 30, 2022 | |||||||||||||||||
Unrealized loss on securities | $ | (313,379) | $ | 71,168 | $ | (242,211) | |||||||||||
Reclassification adjustment for securities net change included in net income(1) | 27 | (6) | 21 | ||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM(2) | (61,686) | 14,009 | (47,677) | ||||||||||||||
Net unrealized holding losses arising during the period on interest rate derivatives used in cash flow hedges(3) | (51,663) | 11,701 | (39,962) | ||||||||||||||
Reclassification adjustment for change realized in net income on interest rate swaps used in cash flow hedges(3) | (2,382) | 540 | (1,842) | ||||||||||||||
Amortization of net unrecognized pension and postretirement items(4) | 65 | (15) | 50 | ||||||||||||||
Total Other Comprehensive Loss | $ | (429,018) | $ | 97,397 | $ | (331,621) |
Unrealized Gains (Losses) on Investment Securities | Net Unrealized (Loss) Gain on Interest Rate Swaps used in Cash Flow Hedges | Unrecognized Pension and Postretirement Plan Income (Costs) | Total | Unrealized Gains (Losses) on Investment Securities | Net Unrealized Gain (Loss) on Interest Rate Derivatives used in Cash Flow Hedges | Unrecognized Pension and Postretirement Plan Income (Costs) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2023 | Three months ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | Balance at March 31, 2023 | $ | (282,095) | $ | (61,453) | $ | (7,444) | $ | (350,992) | |||||||||||||||||||||||||||||||||||||||||||||||||
OCI before reclassifications | OCI before reclassifications | (31,219) | (5,586) | — | (36,805) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI | Amounts reclassified from AOCI | (3) | 7,010 | 3 | 7,010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net unrealized gains on AFS securities transferred to HTM | Amortization of net unrealized gains on AFS securities transferred to HTM | 1,501 | — | — | 1,501 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | Balance at June 30, 2023 | $ | (311,816) | $ | (60,029) | $ | (7,441) | $ | (379,286) | |||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2022 | Three months ended June 30, 2022 | Three months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | Balance at March 31, 2022 | $ | (112,968) | $ | (37,699) | $ | (8,188) | $ | (158,855) | Balance at March 31, 2022 | $ | (112,968) | $ | (37,699) | $ | (8,188) | $ | (158,855) | ||||||||||||||||||||||||||||||||||||||||
OCI before reclassifications | OCI before reclassifications | (88,352) | — | — | (88,352) | OCI before reclassifications | (88,352) | (8,586) | — | (96,938) | ||||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI | Amounts reclassified from AOCI | 6 | (8,921) | 25 | (8,890) | Amounts reclassified from AOCI | 6 | (335) | 25 | (304) | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM | Amortization of net unrealized losses on AFS securities transferred to HTM | (48,113) | — | — | (48,113) | Amortization of net unrealized losses on AFS securities transferred to HTM | (48,113) | — | — | (48,113) | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | Balance at June 30, 2022 | $ | (249,427) | $ | (46,620) | $ | (8,163) | $ | (304,210) | Balance at June 30, 2022 | $ | (249,427) | $ | (46,620) | $ | (8,163) | $ | (304,210) | ||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 43,769 | $ | (1,707) | $ | (16,224) | $ | 25,838 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2023 | Six months ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | Balance at December 31, 2022 | $ | (316,231) | $ | (61,776) | $ | (7,469) | $ | (385,476) | |||||||||||||||||||||||||||||||||||||||||||||||||
OCI before reclassifications | OCI before reclassifications | 19,298 | — | — | 19,298 | OCI before reclassifications | 1,422 | (12,406) | — | (10,984) | ||||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI | Amounts reclassified from AOCI | (28) | 2,074 | 289 | 2,335 | Amounts reclassified from AOCI | 14 | 14,153 | 28 | 14,195 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM | (270) | — | — | (270) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net unrealized gains on AFS securities transferred to HTM | Amortization of net unrealized gains on AFS securities transferred to HTM | 2,979 | — | — | 2,979 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 62,769 | $ | 367 | $ | (15,935) | $ | 47,201 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | Balance at June 30, 2023 | $ | (311,816) | $ | (60,029) | $ | (7,441) | $ | (379,286) | |||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2022 | Six months ended June 30, 2022 | Six months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | Balance at December 31, 2021 | $ | 40,440 | $ | (4,816) | $ | (8,213) | $ | 27,411 | Balance at December 31, 2021 | $ | 40,440 | $ | (4,816) | $ | (8,213) | $ | 27,411 | ||||||||||||||||||||||||||||||||||||||||
OCI before reclassifications | OCI before reclassifications | (242,211) | — | — | (242,211) | OCI before reclassifications | (242,211) | (39,962) | — | (282,173) | ||||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI | Amounts reclassified from AOCI | 21 | (41,804) | 50 | (41,733) | Amounts reclassified from AOCI | 21 | (1,842) | 50 | (1,771) | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM | Amortization of net unrealized losses on AFS securities transferred to HTM | (47,677) | — | — | (47,677) | Amortization of net unrealized losses on AFS securities transferred to HTM | (47,677) | — | — | (47,677) | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | Balance at June 30, 2022 | $ | (249,427) | $ | (46,620) | $ | (8,163) | $ | (304,210) | Balance at June 30, 2022 | $ | (249,427) | $ | (46,620) | $ | (8,163) | $ | (304,210) | ||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 81,604 | $ | — | $ | (16,513) | $ | 65,091 | ||||||||||||||||||||||||||||||||||||||||||||||||||
OCI before reclassifications | (20,701) | — | — | (20,701) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI | 349 | 367 | 578 | 1,294 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM | 1,517 | — | — | 1,517 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 62,769 | $ | 367 | $ | (15,935) | $ | 47,201 |
June 30, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Loans held for sale | $ | — | $ | 17,528 | $ | — | $ | 17,528 | |||||||||||||||
Available for sale investment securities: | |||||||||||||||||||||||
Equity securities | — | — | — | — | |||||||||||||||||||
U.S. Government securities | 371,266 | — | — | 371,266 | |||||||||||||||||||
State and municipal securities | — | 1,083,477 | — | 1,083,477 | |||||||||||||||||||
Corporate debt securities | — | 393,561 | — | 393,561 | |||||||||||||||||||
Collateralized mortgage obligations | — | 148,103 | — | 148,103 | |||||||||||||||||||
Residential mortgage-backed securities | — | 195,359 | — | 195,359 | |||||||||||||||||||
Commercial mortgage-backed securities | — | 587,072 | — | 587,072 | |||||||||||||||||||
Total available for sale investment securities | 371,266 | 2,407,572 | — | 2,778,838 | |||||||||||||||||||
Other assets: | |||||||||||||||||||||||
Investments held in Rabbi Trust | 23,669 | — | — | 23,669 | |||||||||||||||||||
Derivative assets | 813 | 93,045 | — | 93,858 | |||||||||||||||||||
Total assets | $ | 395,748 | $ | 2,518,145 | $ | — | $ | 2,913,893 | |||||||||||||||
Other liabilities: | |||||||||||||||||||||||
Deferred compensation liabilities | $ | 23,669 | $ | — | $ | — | $ | 23,669 | |||||||||||||||
Derivative liabilities | 765 | 168,272 | — | 169,037 | |||||||||||||||||||
Total liabilities | $ | 24,434 | $ | 168,272 | $ | — | $ | 192,706 |
December 31, 2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Loans held for sale | $ | — | $ | 35,768 | $ | — | $ | 35,768 | |||||||||||||||
Available for sale investment securities: | |||||||||||||||||||||||
U.S. Government securities | 127,618 | — | — | 127,618 | |||||||||||||||||||
State and municipal securities | — | 1,188,670 | — | 1,188,670 | |||||||||||||||||||
Corporate debt securities | — | 386,133 | — | 386,133 | |||||||||||||||||||
Collateralized mortgage obligations | — | 209,359 | — | 209,359 | |||||||||||||||||||
Residential mortgage-backed securities | — | 229,795 | — | 229,795 | |||||||||||||||||||
Commercial mortgage-backed securities | — | 971,148 | — | 971,148 | |||||||||||||||||||
Auction rate securities | — | — | 74,667 | 74,667 | |||||||||||||||||||
Total available for sale investment securities | 127,618 | 2,985,105 | 74,667 | 3,187,390 | |||||||||||||||||||
Other assets: | |||||||||||||||||||||||
Investments held in Rabbi Trust | 28,619 | — | — | 28,619 | |||||||||||||||||||
Derivative assets | 298 | 160,945 | — | 161,243 | |||||||||||||||||||
Total assets | $ | 156,535 | $ | 3,181,818 | $ | 74,667 | $ | 3,413,020 | |||||||||||||||
Other liabilities: | |||||||||||||||||||||||
Deferred compensation liabilities | $ | 28,619 | $ | — | $ | — | $ | 28,619 | |||||||||||||||
Derivative liabilities | 291 | 86,110 | — | 86,401 | |||||||||||||||||||
Total liabilities | $ | 28,910 | $ | 86,110 | $ | — | $ | 115,020 |
June 30, 2023 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Loans held for sale | $ | — | $ | 14,673 | $ | — | $ | 14,673 | |||||||||||||||
Available for sale investment securities: | |||||||||||||||||||||||
U.S. Government securities | 220,638 | — | — | 220,638 | |||||||||||||||||||
U.S. Government-sponsored agency securities | — | 999 | — | 999 | |||||||||||||||||||
State and municipal securities | — | 1,053,908 | — | 1,053,908 | |||||||||||||||||||
Corporate debt securities | — | 424,379 | — | 424,379 | |||||||||||||||||||
Collateralized mortgage obligations | — | 120,458 | — | 120,458 | |||||||||||||||||||
Residential mortgage-backed securities | — | 204,888 | — | 204,888 | |||||||||||||||||||
Commercial mortgage-backed securities | — | 547,451 | — | 547,451 | |||||||||||||||||||
Total available for sale investment securities | 220,638 | 2,352,083 | — | 2,572,721 | |||||||||||||||||||
Other assets: | |||||||||||||||||||||||
Investments held in Rabbi Trust | 28,046 | — | — | 28,046 | |||||||||||||||||||
Derivative assets | 547 | 174,079 | — | 174,626 | |||||||||||||||||||
Total assets | $ | 249,231 | $ | 2,540,835 | $ | — | $ | 2,790,066 | |||||||||||||||
Other liabilities: | |||||||||||||||||||||||
Deferred compensation liabilities | $ | 28,046 | $ | — | $ | — | $ | 28,046 | |||||||||||||||
Derivative liabilities | 275 | 291,224 | — | 291,499 | |||||||||||||||||||
Total liabilities | $ | 28,321 | $ | 291,224 | $ | — | $ | 319,545 |
December 31, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Loans held for sale | $ | — | $ | 7,264 | $ | — | $ | 7,264 | |||||||||||||||
Available for sale investment securities: | |||||||||||||||||||||||
U.S. Government securities | 218,485 | — | — | 218,485 | |||||||||||||||||||
U.S. Government sponsored agency securities | — | 1,008 | — | 1,008 | |||||||||||||||||||
State and municipal securities | — | 1,105,712 | — | 1,105,712 | |||||||||||||||||||
Corporate debt securities | — | 422,309 | — | 422,309 | |||||||||||||||||||
Collateralized mortgage obligations | — | 134,033 | — | 134,033 | |||||||||||||||||||
Residential mortgage-backed securities | — | 212,698 | — | 212,698 | |||||||||||||||||||
Commercial mortgage-backed securities | — | 552,522 | — | 552,522 | |||||||||||||||||||
Total available for sale investment securities | 218,485 | 2,428,282 | — | 2,646,767 | |||||||||||||||||||
Other assets: | |||||||||||||||||||||||
Investments held in Rabbi Trust | 23,435 | — | — | 23,435 | |||||||||||||||||||
Derivative assets | 672 | 166,796 | — | 167,468 | |||||||||||||||||||
Total assets | $ | 242,592 | $ | 2,602,342 | $ | — | $ | 2,844,934 | |||||||||||||||
Other liabilities: | |||||||||||||||||||||||
Deferred compensation liabilities | $ | 23,435 | $ | — | $ | — | $ | 23,435 | |||||||||||||||
Derivative liabilities | 584 | 296,465 | — | 297,049 | |||||||||||||||||||
Total liabilities | $ | 24,019 | $ | 296,465 | $ | — | $ | 320,484 |
June 30, 2022 | December 31, 2021 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(in thousands) | (dollars in thousands) | |||||||||||||||||||||
Loans, net | Loans, net | $ | 137,267 | $ | 118,458 | Loans, net | $ | 103,567 | $ | 121,115 | ||||||||||||
OREO | OREO | 4,786 | 1,817 | OREO | 3,881 | 5,790 | ||||||||||||||||
MSRs (1) | MSRs (1) | 49,804 | 35,393 | MSRs(1) | 49,444 | 50,044 | ||||||||||||||||
Total assets | Total assets | $ | 191,857 | $ | 155,668 | Total assets | $ | 156,892 | $ | 176,949 |
June 30, 2022 | June 30, 2023 | |||||||||||||||||||||||||||||||||
Estimated Fair Value | Estimated Fair Value | |||||||||||||||||||||||||||||||||
Carrying Amount | Level 1 | Level 2 | Level 3 | Total | Carrying Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||
FINANCIAL ASSETS | FINANCIAL ASSETS | FINANCIAL ASSETS | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 449,674 | $ | 449,674 | $ | — | $ | — | $ | 449,674 | Cash and cash equivalents | $ | 504,702 | $ | 504,702 | $ | — | $ | — | $ | 504,702 | ||||||||||||
FRB and FHLB stock | FRB and FHLB stock | 62,146 | — | 62,146 | — | 62,146 | FRB and FHLB stock | 124,218 | — | 124,218 | — | 124,218 | ||||||||||||||||||||||
Federal funds sold | 30,500 | 30,500 | — | — | 30,500 | |||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 17,528 | — | 17,528 | — | 17,528 | Loans held for sale | 14,673 | — | 14,673 | — | 14,673 | ||||||||||||||||||||||
AFS securities | AFS securities | 2,778,838 | 371,266 | 2,407,572 | — | 2,778,838 | AFS securities | 2,572,721 | 220,638 | 2,352,083 | — | 2,572,721 | ||||||||||||||||||||||
HTM securities | HTM securities | 1,338,963 | — | 1,215,325 | — | 1,215,325 | HTM securities | 1,294,613 | — | 1,086,692 | — | 1,086,692 | ||||||||||||||||||||||
Loans, net | Loans, net | 18,672,386 | — | — | 17,993,585 | 17,993,585 | Loans, net | 20,757,243 | — | — | 19,233,430 | 19,233,430 | ||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 64,457 | 64,457 | — | — | 64,457 | Accrued interest receivable | 96,991 | 96,991 | — | — | 96,991 | ||||||||||||||||||||||
Other assets | Other assets | 505,136 | 357,501 | 93,045 | 54,590 | 505,136 | Other assets | 675,328 | 447,924 | 174,079 | 53,325 | 675,328 | ||||||||||||||||||||||
FINANCIAL LIABILITIES | FINANCIAL LIABILITIES | FINANCIAL LIABILITIES | ||||||||||||||||||||||||||||||||
Demand and savings deposits | Demand and savings deposits | $ | 19,340,633 | $ | 19,340,633 | $ | — | $ | — | $ | 19,340,633 | Demand and savings deposits | $ | 18,055,623 | $ | 18,055,623 | $ | — | $ | — | $ | 18,055,623 | ||||||||||||
Brokered deposits | Brokered deposits | 243,172 | 223,172 | 20,167 | — | 243,339 | Brokered deposits | 949,259 | 150,222 | 797,177 | — | 947,399 | ||||||||||||||||||||||
Time deposits | Time deposits | 1,560,061 | — | 1,552,555 | — | 1,552,555 | Time deposits | 2,201,658 | — | 2,182,337 | — | 2,182,337 | ||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 6,010 | 6,010 | — | — | 6,010 | Accrued interest payable | 24,101 | 24,101 | — | — | 24,101 | ||||||||||||||||||||||
Short-term borrowings | 456,185 | 456,185 | — | — | 456,185 | |||||||||||||||||||||||||||||
Long-term borrowings | 557,130 | — | 490,331 | — | 490,331 | |||||||||||||||||||||||||||||
Federal funds purchased | Federal funds purchased | 555,000 | 555,003 | — | — | 555,003 | ||||||||||||||||||||||||||||
Federal Home Loan Bank advances | Federal Home Loan Bank advances | 1,165,000 | 1,164,991 | — | — | 1,164,991 | ||||||||||||||||||||||||||||
Senior debt and subordinated debt | Senior debt and subordinated debt | 539,994 | — | 461,365 | — | 461,365 | ||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 459,120 | 458,087 | 1,010 | — | 459,097 | ||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 343,794 | 161,198 | 168,272 | 14,324 | 343,794 | Other liabilities | 454,641 | 146,849 | 291,224 | 16,568 | 454,641 |
December 31, 2022 | |||||||||||||||||
Estimated Fair Value | |||||||||||||||||
Carrying Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(dollars in thousands) | |||||||||||||||||
FINANCIAL ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 681,921 | $ | 681,921 | $ | — | $ | — | $ | 681,921 | |||||||
FRB and FHLB stock | 130,186 | — | 130,186 | — | 130,186 | ||||||||||||
Loans held for sale | 7,264 | — | 7,264 | — | 7,264 | ||||||||||||
AFS securities | 2,646,767 | 218,485 | 2,428,282 | — | 2,646,767 | ||||||||||||
HTM securities | 1,321,256 | — | 1,125,049 | — | 1,125,049 | ||||||||||||
Loans, net | 20,010,181 | — | — | 18,862,701 | 18,862,701 | ||||||||||||
Accrued interest receivable | 91,579 | 91,579 | — | — | 91,579 | ||||||||||||
Other assets | 642,049 | 419,419 | 166,796 | 55,834 | 642,049 | ||||||||||||
FINANCIAL LIABILITIES | |||||||||||||||||
Demand and savings deposits | $ | 18,851,912 | $ | 18,851,912 | $ | — | $ | — | $ | 18,851,912 | |||||||
Brokered deposits | 208,416 | 188,416 | 25,085 | — | 213,501 | ||||||||||||
Time deposits | 1,589,210 | — | 1,574,747 | — | 1,574,747 | ||||||||||||
Accrued interest payable | 10,185 | 10,185 | — | — | 10,185 | ||||||||||||
Federal funds purchased | 191,000 | 190,998 | — | — | 190,998 | ||||||||||||
Federal Home Loan Bank advances | 1,250,000 | 1,249,629 | — | — | 1,249,629 | ||||||||||||
Senior debt and subordinated debt | 539,634 | — | 456,867 | — | 456,867 | ||||||||||||
Other borrowings | 890,573 | 889,393 | 1,180 | — | 890,573 | ||||||||||||
Other liabilities | 467,705 | 154,912 | 296,465 | 16,328 | 467,705 |
December 31, 2021 | |||||||||||||||||
Estimated Fair Value | |||||||||||||||||
Carrying Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | |||||||||||||||||
FINANCIAL ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 1,638,614 | $ | 1,638,614 | $ | — | $ | — | $ | 1,638,614 | |||||||
FRB and FHLB stock | 57,635 | — | 57,635 | — | 57,635 | ||||||||||||
Loans held for sale | 35,768 | — | 35,768 | — | 35,768 | ||||||||||||
AFS securities | 3,187,390 | 127,618 | 2,985,105 | 74,667 | 3,187,390 | ||||||||||||
HTM securities | 980,384 | — | 965,867 | — | 965,867 | ||||||||||||
Loans, net | 18,076,349 | — | — | 17,519,497 | 17,519,497 | ||||||||||||
Accrued interest receivable | 57,451 | 57,451 | — | — | 57,451 | ||||||||||||
Other assets | 565,491 | 367,336 | 160,945 | 37,210 | 565,491 | ||||||||||||
FINANCIAL LIABILITIES | |||||||||||||||||
Demand and savings deposits | $ | 19,594,497 | $ | 19,594,497 | $ | — | $ | — | $ | 19,594,497 | |||||||
Brokered deposits | 251,526 | 231,526 | 20,603 | — | 252,129 | ||||||||||||
Time deposits | 1,727,476 | — | 1,730,673 | — | 1,730,673 | ||||||||||||
Accrued interest payable | 7,000 | 7,000 | — | — | 7,000 | ||||||||||||
Short-term borrowings | 416,764 | 416,764 | — | — | 416,764 | ||||||||||||
Long-term borrowings | 621,345 | — | 605,719 | — | 605,719 | ||||||||||||
Other liabilities | 288,862 | 188,219 | 86,110 | 14,533 | 288,862 |
Assets | Liabilities | |||||||
Cash and cash equivalents | Demand and savings deposits | |||||||
Accrued interest receivable | ||||||||
Accrued interest payable |
Three months ended June 30 | Six months ended June 30 | Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding (basic) | Weighted average shares outstanding (basic) | 160,920 | 162,785 | 160,755 | 162,614 | Weighted average shares outstanding (basic) | 165,854 | 160,920 | 166,227 | 160,755 | ||||||||||||||||||||||||||||||||||||
Impact of common stock equivalents | Impact of common stock equivalents | 1,155 | 1,073 | 1,260 | 1,124 | Impact of common stock equivalents | 1,337 | 1,155 | 1,582 | 1,260 | ||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding (diluted) | Weighted average shares outstanding (diluted) | 162,075 | 163,858 | 162,015 | 163,738 | Weighted average shares outstanding (diluted) | 167,191 | 162,075 | 167,809 | 162,015 | ||||||||||||||||||||||||||||||||||||
Per share: | Per share: | Per share: | ||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | $ | 0.42 | $ | 0.38 | $ | 0.80 | $ | 0.81 | Basic | $ | 0.46 | $ | 0.42 | $ | 0.86 | $ | 0.80 | ||||||||||||||||||||||||||||
Diluted | Diluted | 0.42 | 0.38 | 0.80 | 0.81 | Diluted | 0.46 | 0.42 | 0.85 | 0.80 |
Three months ended June 30 | Six months ended June 30 | Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
(in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Compensation expense | Compensation expense | $ | 3,846 | $ | 2,098 | $ | 6,586 | $ | 4,000 | Compensation expense | $ | 2,571 | $ | 3,846 | $ | 4,240 | $ | 6,586 | ||||||||||||||||||||||||||||
Tax benefit | Tax benefit | (758) | (457) | (1,361) | (870) | Tax benefit | (565) | (758) | (927) | (1,361) | ||||||||||||||||||||||||||||||||||||
Total stock-based compensation, net of tax | Total stock-based compensation, net of tax | $ | 3,088 | $ | 1,641 | $ | 5,225 | $ | 3,130 | Total stock-based compensation, net of tax | $ | 2,006 | $ | 3,088 | $ | 3,313 | $ | 5,225 |
Three months ended June 30 | Six months ended June 30 | Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
(in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Interest cost | Interest cost | $ | 598 | $ | 561 | $ | 1,196 | $ | 1,122 | Interest cost | $ | 855 | $ | 598 | $ | 1,711 | $ | 1,196 | ||||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (1,099) | (1,011) | (2,197) | (2,022) | Expected return on plan assets | (877) | (1,099) | (1,754) | (2,197) | ||||||||||||||||||||||||||||||||||||
Net amortization and deferral | Net amortization and deferral | 164 | 504 | 327 | 1,008 | Net amortization and deferral | 80 | 164 | 161 | 327 | ||||||||||||||||||||||||||||||||||||
Net periodic pension cost | Net periodic pension cost | $ | (337) | $ | 54 | $ | (674) | $ | 108 | Net periodic pension cost | $ | 58 | $ | (337) | $ | 118 | $ | (674) |
Three months ended June 30 | Six months ended June 30 | Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
(in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Interest cost | Interest cost | $ | 9 | $ | 8 | $ | 17 | $ | 16 | Interest cost | $ | 13 | $ | 9 | $ | 26 | $ | 17 | ||||||||||||||||||||||||||||
Net accretion and deferral | Net accretion and deferral | (131) | (134) | (262) | (268) | Net accretion and deferral | (136) | (131) | (272) | (262) | ||||||||||||||||||||||||||||||||||||
Net periodic benefit | Net periodic benefit | $ | (122) | $ | (126) | $ | (245) | $ | (252) | Net periodic benefit | $ | (123) | $ | (122) | $ | (246) | $ | (245) |
June 30, 2022 | December 31, 2021 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(in thousands) | (dollars in thousands) | |||||||||||||||||||||
Commitments to extend credit | Commitments to extend credit | $ | 8,474,459 | $ | 8,731,168 | Commitments to extend credit | $ | 8,963,903 | $ | 8,695,621 | ||||||||||||
Standby letters of credit | Standby letters of credit | 282,227 | 298,275 | Standby letters of credit | 259,063 | 260,829 | ||||||||||||||||
Commercial letters of credit | Commercial letters of credit | 50,802 | 54,196 | Commercial letters of credit | 53,816 | 49,288 |
Three months ended June 30 | Six months ended June 30 | Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Net income (in thousands) | $ | 69,989 | $ | 64,964 | $ | 134,277 | $ | 138,027 | ||||||||||||||||||||||||||||||||||||||
Net income available to common shareholders (in thousands) | $ | 67,427 | $ | 62,402 | $ | 129,153 | $ | 132,874 | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 79,607 | $ | 69,989 | $ | 147,920 | $ | 134,277 | |||||||||||||||||||||||||||||||||||||
Net income available to common shareholders | Net income available to common shareholders | $ | 77,045 | $ | 67,427 | $ | 142,796 | $ | 129,153 | |||||||||||||||||||||||||||||||||||||
Diluted net income available to common shareholders per share | Diluted net income available to common shareholders per share | $ | 0.42 | $ | 0.38 | $ | 0.80 | $ | 0.81 | Diluted net income available to common shareholders per share | $ | 0.46 | $ | 0.42 | $ | 0.85 | $ | 0.80 | ||||||||||||||||||||||||||||
Diluted operating net income available to common shareholders per share, annualized(1) | Diluted operating net income available to common shareholders per share, annualized(1) | $ | 0.47 | $ | 0.42 | $ | 0.86 | $ | 0.80 | |||||||||||||||||||||||||||||||||||||
Return on average assets, annualized | Return on average assets, annualized | 1.10 | % | 1.00 | % | 1.06 | % | 1.07 | % | Return on average assets, annualized | 1.17 | % | 1.10 | % | 1.10 | % | 1.06 | % | ||||||||||||||||||||||||||||
Return on average assets, annualized, excluding merger-related expenses(1) | 1.11 | % | 1.00 | % | 1.07 | % | 1.07 | % | ||||||||||||||||||||||||||||||||||||||
Return on average common shareholders' equity, annualized | 11.57 | % | 10.11 | % | 10.78 | % | 10.10 | % | ||||||||||||||||||||||||||||||||||||||
Operating return on average assets, annualized(1) | Operating return on average assets, annualized(1) | 1.18 | % | 1.11 | % | 1.11 | % | 1.07 | % | |||||||||||||||||||||||||||||||||||||
Return on average common shareholders' equity | Return on average common shareholders' equity | 12.59 | % | 11.57 | % | 11.81 | % | 10.78 | % | |||||||||||||||||||||||||||||||||||||
Return on average common shareholders' equity (tangible), annualized(1) | Return on average common shareholders' equity (tangible), annualized(1) | 15.23 | % | 12.93 | % | 14.01 | % | 13.95 | % | Return on average common shareholders' equity (tangible), annualized(1) | 16.52 | % | 15.23 | % | 15.50 | % | 14.01 | % | ||||||||||||||||||||||||||||
Net interest margin(2) | Net interest margin(2) | 3.04 | % | 2.73 | % | 2.91 | % | 2.76 | % | Net interest margin(2) | 3.40 | % | 3.04 | % | 3.46 | % | 2.91 | % | ||||||||||||||||||||||||||||
Efficiency ratio(1) | Efficiency ratio(1) | 61.4 | % | 63.8 | % | 63.5 | % | 63.4 | % | Efficiency ratio(1) | 60.1 | % | 61.4 | % | 59.3 | % | 63.5 | % | ||||||||||||||||||||||||||||
Non-performing assets to total assets | Non-performing assets to total assets | 0.71 | % | 0.60 | % | 0.71 | % | 0.60 | % | Non-performing assets to total assets | 0.55 | % | 0.71 | % | 0.55 | % | 0.71 | % | ||||||||||||||||||||||||||||
Annualized net charge-offs to average loans | (0.08) | % | 0.15 | % | (0.05) | % | 0.14 | % | ||||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) to average loans | Net charge-offs (recoveries) to average loans | 0.04 | % | (0.08) | % | 0.15 | % | (0.05) | % |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||||||||
Operating net income available to common shareholders | |||||||||||||||||||||||
Net income available to common shareholders | $ | 77,045 | $ | 67,427 | $ | 142,796 | $ | 129,153 | |||||||||||||||
Plus: Core deposit intangible amortization | 912 | — | 1,426 | — | |||||||||||||||||||
Plus: Merger-related expenses | — | 1,027 | — | 1,428 | |||||||||||||||||||
Less: Tax impact of adjustments | (192) | (216) | (299) | (300) | |||||||||||||||||||
Operating net income available to common shareholders (numerator) | $ | 77,765 | $ | 68,238 | $ | 143,923 | $ | 130,281 | |||||||||||||||
Weighted average shares (diluted) (denominator) | 167,191 | 162,075 | 167,809 | 162,015 | |||||||||||||||||||
Operating net income available to common shareholders, per share (diluted) | $ | 0.47 | $ | 0.42 | $ | 0.86 | $ | 0.80 | |||||||||||||||
Operating return on average assets, annualized | |||||||||||||||||||||||
Net income | $ | 79,607 | $ | 69,989 | $ | 147,920 | $ | 134,277 | |||||||||||||||
Plus: Core deposit intangible amortization | 912 | — | 1,426 | — | |||||||||||||||||||
Plus: Merger-related expenses | — | 1,027 | — | 1,428 | |||||||||||||||||||
Less: Tax impact of adjustments | (192) | (216) | (299) | (300) | |||||||||||||||||||
Operating net income (numerator) | $ | 80,327 | $ | 70,800 | $ | 149,047 | $ | 135,405 | |||||||||||||||
Total average assets (denominator) | $ | 27,235,567 | $ | 25,578,432 | $ | 27,069,036 | $ | 25,600,325 | |||||||||||||||
Operating return on average assets | 1.18 | % | 1.11 | % | 1.11 | % | 1.07 | % | |||||||||||||||
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Return on average common shareholders' equity (tangible) | |||||||||||||||||||||||
Net income available to common shareholders | $ | 77,045 | $ | 67,427 | $ | 142,796 | $ | 129,153 | |||||||||||||||
Plus: Intangible amortization | 1,072 | 177 | 1,746 | 353 | |||||||||||||||||||
Plus: Merger-related expenses | — | 1,027 | — | 1,428 | |||||||||||||||||||
Less: Tax impact of adjustments | (225) | (253) | (367) | (374) | |||||||||||||||||||
Operating net income available to common shareholders (numerator) | $ | 77,892 | $ | 68,378 | $ | 144,175 | $ | 130,560 | |||||||||||||||
Average shareholders' equity | $ | 2,647,464 | $ | 2,531,346 | $ | 2,630,484 | $ | 2,609,655 | |||||||||||||||
Less: Average goodwill and intangible assets | (563,146) | (537,786) | (562,449) | (537,881) | |||||||||||||||||||
Less: Average preferred stock | (192,878) | (192,878) | (192,878) | (192,878) | |||||||||||||||||||
Average tangible common shareholders' equity (denominator) | $ | 1,891,440 | $ | 1,800,682 | $ | 1,875,157 | $ | 1,878,896 | |||||||||||||||
Return on average common shareholders' equity (tangible) | 16.52 | % | 15.23 | % | 15.50 | % | 14.01 | % | |||||||||||||||
Efficiency ratio | |||||||||||||||||||||||
Non-interest expense | $ | 168,018 | $ | 149,730 | $ | 327,636 | $ | 295,708 | |||||||||||||||
Less: Amortization of tax credit investments | — | (696) | — | (1,391) | |||||||||||||||||||
Less: Merger-related expenses | — | (1,027) | — | (1,428) | |||||||||||||||||||
Less: Intangible amortization | (1,072) | (177) | (1,746) | (353) | |||||||||||||||||||
Non-interest expense (numerator) | $ | 166,946 | $ | 147,830 | $ | 325,890 | $ | 292,536 | |||||||||||||||
Net interest income | $ | 212,852 | $ | 178,831 | $ | 428,439 | $ | 340,141 | |||||||||||||||
Tax equivalent adjustment | 4,405 | 3,427 | 8,819 | 6,716 | |||||||||||||||||||
Plus: Total non-interest income | 60,585 | 58,391 | 112,339 | 113,647 | |||||||||||||||||||
Less: Investment securities (gains) losses, net | 4 | (8) | (19) | (27) | |||||||||||||||||||
Total revenue (denominator) | $ | 277,846 | $ | 240,641 | $ | 549,578 | $ | 460,477 | |||||||||||||||
Efficiency ratio | 60.1 | % | 61.4 | % | 59.3 | % | 63.5 | % |
Three months ended June 30 | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | ||||||||||||||||||||||||||||||
ASSETS | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Net loans(1) | $ | 20,866,235 | $ | 287,154 | 5.52 | % | $ | 18,637,175 | $ | 165,682 | 3.56 | % | |||||||||||||||||||||||
Investment securities(2) | 4,234,096 | 27,303 | 2.57 | 4,398,424 | 26,061 | 2.37 | |||||||||||||||||||||||||||||
Other interest-earning assets | 529,582 | 4,860 | 3.68 | 951,504 | 1,983 | 0.83 | |||||||||||||||||||||||||||||
Total interest-earning assets | 25,629,913 | 319,317 | 4.99 | 23,987,103 | 193,726 | 3.24 | |||||||||||||||||||||||||||||
Noninterest-earning assets: | |||||||||||||||||||||||||||||||||||
Cash and due from banks | 129,682 | 160,240 | |||||||||||||||||||||||||||||||||
Premises and equipment | 216,847 | 216,798 | |||||||||||||||||||||||||||||||||
Other assets | 1,541,657 | 1,463,332 | |||||||||||||||||||||||||||||||||
Less: ACL - loans(3) | (282,532) | (249,041) | |||||||||||||||||||||||||||||||||
Total Assets | $ | 27,235,567 | $ | 25,578,432 | |||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Demand deposits | $ | 5,535,669 | $ | 14,612 | 1.06 | % | $ | 5,597,975 | $ | 797 | 0.06 | % | |||||||||||||||||||||||
Savings and money market deposits | 6,632,572 | 29,289 | 1.77 | 6,425,634 | 1,125 | 0.07 | |||||||||||||||||||||||||||||
Brokered deposits | 954,773 | 12,135 | 5.10 | 244,200 | 619 | 1.02 | |||||||||||||||||||||||||||||
Time deposits | 2,063,038 | 13,763 | 2.68 | 1,608,286 | 3,255 | 0.81 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 15,186,052 | 69,799 | 1.84 | 13,876,095 | 5,796 | 0.17 | |||||||||||||||||||||||||||||
Borrowings and other interest-bearing liabilities | 2,790,860 | 32,261 | 4.60 | 1,003,830 | 5,672 | 2.27 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 17,976,912 | 102,060 | 2.27 | 14,879,925 | 11,468 | 0.31 | |||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Demand deposits | 6,021,091 | 7,647,618 | |||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | 590,100 | 519,543 | |||||||||||||||||||||||||||||||||
Total Liabilities | 24,588,103 | 23,047,086 | |||||||||||||||||||||||||||||||||
Total Deposits/Cost of deposits | 21,207,143 | 1.32 | 21,523,713 | 0.11 | |||||||||||||||||||||||||||||||
Total Interest-bearing liabilities and non-interest bearing deposits/Cost of funds | 23,998,003 | 1.70 | 22,527,543 | 0.20 | |||||||||||||||||||||||||||||||
Shareholders’ equity | 2,647,464 | 2,531,346 | |||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 27,235,567 | $ | 25,578,432 | |||||||||||||||||||||||||||||||
Net interest income/FTE NIM | 217,257 | 3.40 | % | 182,258 | 3.04 | % | |||||||||||||||||||||||||||||
Tax equivalent adjustment | (4,405) | (3,427) | |||||||||||||||||||||||||||||||||
Net interest income | $ | 212,852 | $ | 178,831 |
2023 vs. 2022 Increase (Decrease) due to change in | |||||||||||||||||
Volume | Yield/Rate | Net | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
FTE Interest income on: | |||||||||||||||||
Net loans(1) | $ | 21,679 | $ | 99,793 | $ | 121,472 | |||||||||||
Investment securities | (965) | 2,207 | 1,242 | ||||||||||||||
Other interest-earning assets | (1,217) | 4,094 | 2,877 | ||||||||||||||
Total interest income | $ | 19,497 | $ | 106,094 | $ | 125,591 | |||||||||||
Interest expense on: | |||||||||||||||||
Demand deposits | $ | (9) | $ | 13,824 | $ | 13,815 | |||||||||||
Savings and money market deposits | 37 | 28,127 | 28,164 | ||||||||||||||
Brokered deposits | 4,850 | 6,666 | 11,516 | ||||||||||||||
Time deposits | 1,147 | 9,361 | 10,508 | ||||||||||||||
Borrowings and other interest-bearing liabilities | 16,865 | 9,724 | 26,589 | ||||||||||||||
Total interest expense | $ | 22,890 | $ | 67,702 | $ | 90,592 |
Three months ended June 30 | |||||||||||||||||||||||||||||||||||
2023 | 2022 | Increase (Decrease) | |||||||||||||||||||||||||||||||||
Balance | Yield | Balance | Yield | $ | % | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | $ | 7,775,436 | 5.93 | % | $ | 7,340,417 | 3.46 | % | $ | 435,019 | 5.9 | % | |||||||||||||||||||||||
Commercial and industrial | 4,629,919 | 6.16 | 4,155,436 | 3.57 | 474,483 | 11.4 | |||||||||||||||||||||||||||||
Real estate – residential mortgage | 5,008,295 | 3.70 | 4,052,666 | 3.31 | 955,629 | 23.6 | |||||||||||||||||||||||||||||
Real estate – home equity | 1,066,615 | 6.93 | 1,118,494 | 4.09 | (51,879) | (4.6) | |||||||||||||||||||||||||||||
Real estate – construction | 1,306,286 | 6.68 | 1,188,932 | 3.44 | 117,354 | 9.9 | |||||||||||||||||||||||||||||
Consumer | 763,407 | 5.85 | 485,095 | 5.30 | 278,312 | 57.4 | |||||||||||||||||||||||||||||
Leases and other loans(1) | 316,277 | 4.48 | 296,135 | 4.66 | 20,142 | 6.8 | |||||||||||||||||||||||||||||
Total loans | $ | 20,866,235 | 5.52 | % | $ | 18,637,175 | 3.56 | % | $ | 2,229,060 | 12.0 | % |
Three months ended June 30 | |||||||||||||||||||||||||||||||||||
2023 | 2022 | Increase (Decrease) | |||||||||||||||||||||||||||||||||
Balance | Rate | Balance | Rate | $ | % | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 6,021,091 | — | % | $ | 7,647,618 | — | % | $ | (1,626,527) | (21.3) | % | |||||||||||||||||||||||
Interest-bearing demand | 5,535,669 | 1.06 | 5,597,975 | 0.06 | (62,306) | (1.1) | |||||||||||||||||||||||||||||
Savings and money market deposits | 6,632,572 | 1.77 | 6,425,634 | 0.07 | 206,938 | 3.2 | |||||||||||||||||||||||||||||
Total demand deposits and savings and money market deposits | 18,189,332 | 0.97 | 19,671,227 | 0.04 | (1,481,895) | (7.5) | |||||||||||||||||||||||||||||
Brokered deposits | 954,773 | 5.10 | 244,200 | 1.02 | 710,573 | 291.0 | |||||||||||||||||||||||||||||
Time deposits | 2,063,038 | 2.68 | 1,608,286 | 0.81 | 454,752 | 28.3 | |||||||||||||||||||||||||||||
Total deposits | $ | 21,207,143 | 1.32 | % | $ | 21,523,713 | 0.11 | % | $ | (316,570) | (1.5) | % |
Three months ended June 30 | |||||||||||||||||||||||||||||||||||
2023 | 2022 | Increase (Decrease) | |||||||||||||||||||||||||||||||||
Balance | Rate | Balance | Rate | $ | % | ||||||||||||||||||||||||||||||
Borrowings and other interest-bearing liabilities: | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Federal funds purchased | $ | 679,401 | 5.31 | % | $ | 2,857 | N/M | $ | 676,544 | N/M | |||||||||||||||||||||||||
Federal Home Loan Bank advances | 880,811 | 5.34 | 11 | N/M | 880,800 | N/M | |||||||||||||||||||||||||||||
Senior debt and subordinated debt | 539,906 | 3.96 | 555,701 | 3.94 | (15,795) | (2.8) | |||||||||||||||||||||||||||||
Other borrowings and other interest-bearing liabilities(1) | 690,742 | 3.47 | 445,261 | 0.19 | 245,481 | 55.1 | |||||||||||||||||||||||||||||
Total borrowings and other interest-bearing liabilities | $ | 2,790,860 | 4.60 | % | $ | 1,003,830 | 2.27 | % | $ | 1,787,030 | N/M |
Three months ended June 30 | Increase (Decrease) | ||||||||||||||||||||||
2023 | 2022 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Wealth management | $ | 18,678 | $ | 18,274 | $ | 404 | 2.2 | % | |||||||||||||||
Commercial banking: | |||||||||||||||||||||||
Merchant and card | 7,700 | 7,355 | 345 | 4.7 | |||||||||||||||||||
Cash management | 5,835 | 6,062 | (227) | (3.7) | |||||||||||||||||||
Capital markets | 6,092 | 3,893 | 2,199 | 56.5 | |||||||||||||||||||
Other commercial banking | 3,518 | 3,049 | 469 | 15.4 | |||||||||||||||||||
Total commercial banking | 23,145 | 20,359 | 2,786 | 13.7 | |||||||||||||||||||
Consumer banking: | |||||||||||||||||||||||
Card | 6,592 | 6,067 | 525 | 8.7 | |||||||||||||||||||
Overdraft | 2,696 | 3,881 | (1,185) | (30.5) | |||||||||||||||||||
Other consumer banking | 2,432 | 2,524 | (92) | (3.6) | |||||||||||||||||||
Total consumer banking | 11,720 | 12,472 | (752) | (6.0) | |||||||||||||||||||
Mortgage banking: | |||||||||||||||||||||||
Gains on sales of mortgage loans | 1,621 | 2,542 | (921) | (36.2) | |||||||||||||||||||
Mortgage servicing income | 1,319 | 1,226 | 93 | 7.6 | |||||||||||||||||||
Total mortgage banking | 2,940 | 3,768 | (828) | (22.0) | |||||||||||||||||||
Other | 4,106 | 3,510 | 596 | 17.0 | |||||||||||||||||||
Non-interest income before investment securities gains | 60,589 | 58,383 | 2,206 | 3.8 | |||||||||||||||||||
Investment securities gains (losses), net | (4) | 8 | (12) | (150.0) | |||||||||||||||||||
Total Non-Interest Income | $ | 60,585 | $ | 58,391 | $ | 2,194 | 3.8 | % |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Return on average assets, excluding merger-related expenses | |||||||||||||||||||||||
Net income | $ | 69,989 | $ | 64,964 | $ | 134,277 | $ | 138,027 | |||||||||||||||
Plus: Merger-related expenses, net of tax | 811 | — | 1,128 | — | |||||||||||||||||||
Net income (numerator) | $ | 70,800 | $ | 64,964 | $ | 135,405 | $ | 138,027 | |||||||||||||||
Total average assets (denominator) | $ | 25,578,432 | $ | 26,017,542 | $ | 25,600,325 | $ | 26,049,999 | |||||||||||||||
Return on average assets, excluding merger-related expenses, annualized | 1.11 | % | 1.00 | % | 1.07 | % | 1.07 | % | |||||||||||||||
Return on average common shareholders' equity (tangible) | |||||||||||||||||||||||
Net income available to common shareholders | $ | 67,427 | $ | 62,402 | $ | 129,153 | $ | 132,874 | |||||||||||||||
Plus: Merger-related expenses, net of tax | 811 | — | 1,128 | — | |||||||||||||||||||
Plus: Intangible amortization, net of tax | 140 | 140 | 279 | 230 | |||||||||||||||||||
Numerator | $ | 68,378 | $ | 62,542 | $ | 130,560 | $ | 133,104 | |||||||||||||||
Average shareholders' equity | $ | 2,531,346 | $ | 2,669,413 | $ | 2,609,655 | $ | 2,653,345 | |||||||||||||||
Less: Average goodwill and intangible assets | (537,786) | (536,470) | (537,881) | (536,536) | |||||||||||||||||||
Less: Average preferred stock | (192,878) | (192,878) | (192,878) | (192,878) | |||||||||||||||||||
Average tangible common shareholders' equity (denominator) | $ | 1,800,682 | $ | 1,940,065 | $ | 1,878,896 | $ | 1,923,931 | |||||||||||||||
Return on average common shareholders' equity (tangible), annualized | 15.23 | % | 12.93 | % | 14.01 | % | 13.95 | % | |||||||||||||||
Efficiency ratio | |||||||||||||||||||||||
Non-interest expense | $ | 149,730 | $ | 140,831 | $ | 295,708 | $ | 319,215 | |||||||||||||||
Less: Amortization of tax credit investments | (696) | (1,563) | (1,391) | (3,094) | |||||||||||||||||||
Less: Merger-related expenses | (1,027) | — | (1,428) | — | |||||||||||||||||||
Less: Intangible amortization | (177) | (178) | (353) | (293) | |||||||||||||||||||
Less: Debt extinguishment cost | — | (412) | — | (32,575) | |||||||||||||||||||
Numerator | $ | 147,830 | $ | 138,678 | $ | 292,536 | $ | 283,253 | |||||||||||||||
Net interest income | $ | 178,831 | $ | 162,399 | $ | 340,141 | $ | 326,847 | |||||||||||||||
Tax equivalent adjustment | 3,427 | 3,018 | 6,716 | 5,998 | |||||||||||||||||||
Plus: Total non-interest income | 58,391 | 51,890 | 113,647 | 147,287 | |||||||||||||||||||
Less: Investment securities gains, net | (8) | (36) | (27) | (33,511) | |||||||||||||||||||
Denominator | $ | 240,641 | $ | 217,271 | $ | 460,477 | $ | 446,621 | |||||||||||||||
Efficiency ratio | 61.4 | % | 63.8 | % | 63.5 | % | 63.4 | % |
Three months ended June 30 | Increase (Decrease) | ||||||||||||||||||||||
2023 | 2022 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Salaries and employee benefits | $ | 94,102 | $ | 85,404 | $ | 8,698 | 10.2 | % | |||||||||||||||
Data processing and software | 16,776 | 14,685 | 2,091 | 14.2 | |||||||||||||||||||
Net occupancy | 14,374 | 13,587 | 787 | 5.8 | |||||||||||||||||||
Other outside services | 10,834 | 8,764 | 2,070 | 23.6 | |||||||||||||||||||
FDIC insurance | 4,895 | 2,961 | 1,934 | 65.3 | |||||||||||||||||||
State taxes | 3,939 | 3,568 | 371 | 10.4 | |||||||||||||||||||
Equipment | 3,530 | 3,422 | 108 | 3.2 | |||||||||||||||||||
Professional fees | 1,829 | 2,013 | (184) | (9.1) | |||||||||||||||||||
Marketing | 1,655 | 1,326 | 329 | 24.8 | |||||||||||||||||||
Intangible amortization | 1,072 | 177 | 895 | N/M | |||||||||||||||||||
Merger-related expenses | — | 1,027 | (1,027) | N/M | |||||||||||||||||||
Other | 15,012 | 12,796 | 2,216 | 17.3 | |||||||||||||||||||
Total non-interest expense | $ | 168,018 | $ | 149,730 | $ | 18,288 | 12.2 | % |
Three months ended June 30 | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | ||||||||||||||||||||||||||||||
ASSETS | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Net loans (1) | $ | 18,637,175 | $ | 165,682 | 3.56 | % | $ | 18,906,556 | $ | 156,525 | 3.32 | % | |||||||||||||||||||||||
Investment securities (2) | 4,398,424 | 26,061 | 2.37 | 3,591,231 | 21,392 | 2.38 | |||||||||||||||||||||||||||||
Loans held for sale | 13,260 | 260 | 7.84 | 31,948 | 199 | 2.49 | |||||||||||||||||||||||||||||
Other interest-earning assets | 938,244 | 1,723 | 0.74 | 1,752,549 | 1,575 | 0.36 | |||||||||||||||||||||||||||||
Total interest-earning assets | 23,987,103 | 193,726 | 3.24 | 24,282,284 | 179,691 | 2.97 | |||||||||||||||||||||||||||||
Noninterest-earning assets: | |||||||||||||||||||||||||||||||||||
Cash and due from banks | 160,240 | 129,927 | |||||||||||||||||||||||||||||||||
Premises and equipment | 216,798 | 229,047 | |||||||||||||||||||||||||||||||||
Other assets | 1,463,332 | 1,643,410 | |||||||||||||||||||||||||||||||||
Less: ACL - loans (3) | (249,041) | (267,126) | |||||||||||||||||||||||||||||||||
Total Assets | $ | 25,578,432 | $ | 26,017,542 | |||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Demand deposits | $ | 5,597,975 | $ | 797 | 0.06 | % | $ | 5,979,855 | $ | 932 | 0.06 | % | |||||||||||||||||||||||
Savings and money market deposits | 6,425,634 | 1,125 | 0.07 | 6,280,629 | 1,363 | 0.09 | |||||||||||||||||||||||||||||
Brokered deposits | 244,200 | 619 | 1.02 | 297,815 | 253 | 0.34 | |||||||||||||||||||||||||||||
Time deposits | 1,608,286 | 3,255 | 0.81 | 2,003,606 | 5,434 | 1.09 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 13,876,095 | 5,796 | 0.17 | 14,561,905 | 7,982 | 0.22 | |||||||||||||||||||||||||||||
Short-term borrowings | 446,838 | 190 | 0.17 | 514,025 | 137 | 0.11 | |||||||||||||||||||||||||||||
Long-term borrowings | 556,992 | 5,482 | 3.94 | 626,795 | 6,155 | 3.93 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 14,879,925 | 11,468 | 0.31 | 15,702,725 | 14,274 | 0.36 | |||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Demand deposits | 7,647,618 | 7,203,696 | |||||||||||||||||||||||||||||||||
Other liabilities | 519,543 | 441,708 | |||||||||||||||||||||||||||||||||
Total Liabilities | 23,047,086 | 23,348,129 | |||||||||||||||||||||||||||||||||
Total Deposits/Cost of deposits | 21,523,713 | 0.11 | 21,765,601 | 0.15 | |||||||||||||||||||||||||||||||
Total Interest-bearing liabilities and non-interest bearing deposits/Cost of funds | 22,527,543 | 0.20 | 22,906,421 | 0.25 | |||||||||||||||||||||||||||||||
Shareholders’ equity | 2,531,346 | 2,669,413 | |||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 25,578,432 | $ | 26,017,542 | |||||||||||||||||||||||||||||||
Net interest income/FTE NIM | 182,258 | 3.04 | % | 165,417 | 2.73 | % | |||||||||||||||||||||||||||||
Tax equivalent adjustment | (3,427) | (3,018) | |||||||||||||||||||||||||||||||||
Net interest income | $ | 178,831 | $ | 162,399 |
2022 vs. 2021 Increase (Decrease) due to change in | |||||||||||||||||
Volume | Yield/Rate | Net | |||||||||||||||
(in thousands) | |||||||||||||||||
FTE Interest income on: | |||||||||||||||||
Net loans (1) | $ | (2,218) | $ | 11,375 | $ | 9,157 | |||||||||||
Investment securities | 4,759 | (90) | 4,669 | ||||||||||||||
Loans held for sale | (169) | 230 | 61 | ||||||||||||||
Other interest-earning assets | (970) | 1,118 | 148 | ||||||||||||||
Total interest income | $ | 1,402 | $ | 12,633 | $ | 14,035 | |||||||||||
Interest expense on: | |||||||||||||||||
Demand deposits | $ | (135) | $ | — | $ | (135) | |||||||||||
Savings and money market deposits | 37 | (275) | (238) | ||||||||||||||
Brokered deposits | (53) | 419 | 366 | ||||||||||||||
Time deposits | (947) | (1,232) | (2,179) | ||||||||||||||
Short-term borrowings | (19) | 72 | 53 | ||||||||||||||
Long-term borrowings | (689) | 16 | (673) | ||||||||||||||
Total interest expense | $ | (1,806) | $ | (1,000) | $ | (2,806) |
Three months ended June 30 | Increase (Decrease) | ||||||||||||||||||||||||||||||||||
2022 | 2021 | in Balance | |||||||||||||||||||||||||||||||||
Balance | Yield | Balance | Yield | $ | % | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | $ | 7,340,417 | 3.46 | % | $ | 7,177,622 | 3.16 | % | $ | 162,795 | 2.3 | % | |||||||||||||||||||||||
Commercial and industrial (1) | 4,155,436 | 3.57 | 5,445,160 | 2.58 | (1,289,724) | (23.7) | |||||||||||||||||||||||||||||
Real estate – residential mortgage | 4,052,666 | 3.31 | 3,396,690 | 3.39 | 655,976 | 19.3 | |||||||||||||||||||||||||||||
Real estate – home equity | 1,118,494 | 4.09 | 1,139,558 | 3.71 | (21,064) | (1.8) | |||||||||||||||||||||||||||||
Real estate – construction | 1,188,932 | 3.44 | 1,054,469 | 3.05 | 134,463 | 12.8 | |||||||||||||||||||||||||||||
Consumer | 485,095 | 5.30 | 451,486 | 3.89 | 33,609 | 7.4 | |||||||||||||||||||||||||||||
Equipment lease financing | 253,659 | 3.89 | 256,248 | 3.74 | (2,589) | (1.0) | |||||||||||||||||||||||||||||
Other (2) | 42,476 | — | (14,677) | — | 57,153 | N/M | |||||||||||||||||||||||||||||
Total loans | $ | 18,637,175 | 3.56 | % | $ | 18,906,556 | 3.32 | % | $ | (269,381) | (1.4) | % |
Three months ended June 30 | Increase (Decrease) in Balance | ||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Balance | Rate | Balance | Rate | $ | % | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 7,647,618 | — | % | $ | 7,203,696 | — | % | $ | 443,922 | 6.2 | % | |||||||||||||||||||||||
Interest-bearing demand | 5,597,975 | 0.06 | 5,979,855 | 0.06 | (381,880) | (6.4) | |||||||||||||||||||||||||||||
Savings and money market deposits | 6,425,634 | 0.07 | 6,280,629 | 0.09 | 145,005 | 2.3 | |||||||||||||||||||||||||||||
Total demand and savings | 19,671,227 | 0.04 | 19,464,180 | 0.05 | 207,047 | 1.1 | |||||||||||||||||||||||||||||
Brokered deposits | 244,200 | 1.02 | 297,815 | 0.34 | (53,615) | (18.0) | |||||||||||||||||||||||||||||
Time deposits | 1,608,286 | 0.81 | 2,003,606 | 1.09 | (395,320) | (19.7) | |||||||||||||||||||||||||||||
Total deposits | $ | 21,523,713 | 0.11 | % | $ | 21,765,601 | 0.15 | % | $ | (241,888) | (1.1) | % |
Three months ended June 30 | Increase (Decrease) | ||||||||||||||||||||||||||||||||||
2022 | 2021 | in Balance | |||||||||||||||||||||||||||||||||
Balance | Rate | Balance | Rate | $ | % | ||||||||||||||||||||||||||||||
Short-term borrowings: | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Customer funding(1) | $ | 443,970 | 0.18 | % | $ | 514,025 | 0.11 | % | $ | (70,055) | (13.6) | % | |||||||||||||||||||||||
Federal funds purchased | 2,857 | 1.48 | — | — | 2,857 | N/M | |||||||||||||||||||||||||||||
FHLB advances and other borrowings (2) | 11 | — | — | — | 11 | N/M | |||||||||||||||||||||||||||||
Total short-term borrowings | 446,838 | 0.17 | 514,025 | 0.11 | (67,187) | (13.1) | |||||||||||||||||||||||||||||
Long-term borrowings: | |||||||||||||||||||||||||||||||||||
Other long-term debt | 556,992 | 3.94 | 626,795 | 3.93 | (69,803) | (11.1) | |||||||||||||||||||||||||||||
Total borrowings | $ | 1,003,830 | 2.26 | % | $ | 1,140,820 | 2.21 | % | $ | (136,990) | (12.0) | % |
Three months ended June 30 | Increase (Decrease) | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Commercial banking: | |||||||||||||||||||||||
Merchant and card | $ | 7,355 | $ | 6,786 | $ | 569 | 8.4 | % | |||||||||||||||
Cash management | 6,062 | 5,341 | 721 | 13.5 | |||||||||||||||||||
Capital markets | 3,893 | 1,536 | 2,357 | N/M | |||||||||||||||||||
Other commercial banking | 3,049 | 3,466 | (417) | (12.0) | |||||||||||||||||||
Total commercial banking | 20,359 | 17,129 | 3,230 | 18.9 | |||||||||||||||||||
Consumer banking: | |||||||||||||||||||||||
Card | 6,067 | 5,733 | 334 | 5.8 | |||||||||||||||||||
Overdraft | 3,881 | 2,750 | 1,131 | 41.1 | |||||||||||||||||||
Other consumer banking | 2,524 | 2,377 | 147 | 6.2 | |||||||||||||||||||
Total consumer banking | 12,472 | 10,860 | 1,612 | 14.8 | |||||||||||||||||||
Wealth management revenues | 18,274 | 17,634 | 640 | 3.6 | |||||||||||||||||||
Mortgage banking: | |||||||||||||||||||||||
Gains on sales of mortgage loans | 2,542 | 5,438 | (2,896) | (53.3) | |||||||||||||||||||
Mortgage servicing income | 1,226 | (2,600) | 3,826 | (147.2) | |||||||||||||||||||
Total mortgage banking | 3,768 | 2,838 | 930 | 32.8 | |||||||||||||||||||
Other | 3,510 | 3,393 | 117 | 3.4 | |||||||||||||||||||
Non-interest income before investment securities gains | 58,383 | 51,854 | 6,529 | 12.6 | |||||||||||||||||||
Investment securities gains, net | 8 | 36 | (28) | (77.8) | |||||||||||||||||||
Total Non-Interest Income | $ | 58,391 | $ | 51,890 | $ | 6,501 | 12.5 | % |
Three months ended June 30 | Increase (Decrease) | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Salaries and employee benefits | $ | 85,404 | $ | 78,367 | $ | 7,037 | 9.0 | % | |||||||||||||||
Data processing and software | 14,685 | 13,932 | 753 | 5.4 | |||||||||||||||||||
Net occupancy | 13,587 | 12,494 | 1,093 | 8.7 | |||||||||||||||||||
Other outside services | 8,764 | 8,178 | 586 | 7.2 | |||||||||||||||||||
State taxes | 3,568 | 4,384 | (816) | (18.6) | |||||||||||||||||||
Equipment | 3,422 | 3,424 | (2) | (0.1) | |||||||||||||||||||
FDIC insurance | 2,961 | 2,282 | 679 | 29.8 | |||||||||||||||||||
Professional fees | 2,013 | 2,651 | (638) | (24.1) | |||||||||||||||||||
Marketing | 1,326 | 1,348 | (22) | (1.6) | |||||||||||||||||||
Intangible amortization | 177 | 178 | (1) | (0.6) | |||||||||||||||||||
Debt extinguishment | — | 412 | (412) | (100.0) | |||||||||||||||||||
Merger-related expenses | 1,027 | — | 1,027 | N/M | |||||||||||||||||||
Other | 12,796 | 13,181 | (385) | (2.9) | |||||||||||||||||||
Total non-interest expense | $ | 149,730 | $ | 140,831 | $ | 8,899 | 6.3 | % |
Six months ended June 30 | Six months ended June 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | ASSETS | (dollars in thousands) | ASSETS | (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | Interest-earning assets: | Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loans(1) | Net loans(1) | $ | 18,510,845 | $ | 316,809 | 3.44 | % | $ | 18,943,367 | $ | 321,987 | 3.42 | % | Net loans(1) | $ | 20,665,779 | $ | 550,219 | 5.36 | % | $ | 18,510,845 | $ | 316,809 | 3.44 | % | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities (2) | Investment securities (2) | 4,312,867 | 50,312 | 2.33 | 3,471,352 | 42,239 | 2.43 | Investment securities (2) | 4,261,718 | 54,824 | 2.57 | 4,312,867 | 50,312 | 2.33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | 20,862 | 501 | 4.80 | 42,647 | 671 | 3.14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other interest-earning assets | Other interest-earning assets | 1,097,326 | 2,394 | 0.44 | 1,825,966 | 2,711 | 0.30 | Other interest-earning assets | 511,456 | 8,508 | 3.34 | 1,118,188 | 2,895 | 0.52 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 23,941,900 | 370,016 | 3.11 | 24,283,332 | 367,607 | 3.05 | Total interest-earning assets | 25,438,953 | 613,551 | 4.85 | 23,941,900 | 370,016 | 3.11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets: | Noninterest-earning assets: | Noninterest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | 161,274 | 125,081 | Cash and due from banks | 135,436 | 161,274 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and equipment | Premises and equipment | 218,357 | 229,843 | Premises and equipment | 219,920 | 218,357 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 1,528,820 | 1,685,708 | Other assets | 1,552,669 | 1,528,820 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: ACL - loans(3) | Less: ACL - loans(3) | (250,026) | (273,965) | Less: ACL - loans(3) | (277,942) | (250,026) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | Total Assets | $ | 25,600,325 | $ | 26,049,999 | Total Assets | $ | 27,069,036 | $ | 25,600,325 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | LIABILITIES AND SHAREHOLDERS' EQUITY | LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | Demand deposits | $ | 5,631,296 | $ | 1,525 | 0.06 | % | $ | 5,906,423 | $ | 2,092 | 0.07 | % | Demand deposits | $ | 5,431,696 | $ | 23,067 | 0.86 | % | $ | 5,631,296 | $ | 1,525 | 0.06 | % | ||||||||||||||||||||||||||||||||||||||||||||
Savings and money market deposits | Savings and money market deposits | 6,431,060 | 2,146 | 0.07 | 6,209,253 | 2,890 | 0.09 | Savings and money market deposits | 6,551,470 | 49,824 | 1.53 | 6,431,060 | 2,146 | 0.07 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 247,258 | 835 | 0.68 | 311,016 | 647 | 0.42 | Brokered deposits | 698,644 | 17,308 | 5.00 | 247,258 | 835 | 0.68 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 1,652,430 | 6,895 | 0.84 | 2,076,681 | 11,955 | 1.16 | Time deposits | 1,880,970 | 21,221 | 2.28 | 1,652,430 | 6,895 | 0.84 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 13,962,044 | 11,401 | 0.16 | 14,503,373 | 17,584 | 0.24 | Total interest-bearing deposits | 14,562,780 | 111,420 | 1.54 | 13,962,044 | 11,401 | 0.16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 435,457 | 311 | 0.14 | 542,243 | 325 | 0.12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | 583,283 | 11,447 | 3.92 | 947,203 | 16,853 | 3.56 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and other interest-bearing liabilities | Borrowings and other interest-bearing liabilities | 2,928,819 | 64,873 | 4.43 | 1,018,740 | 11,758 | 2.31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 14,980,784 | 23,159 | 0.31 | 15,992,819 | 34,762 | 0.44 | Total interest-bearing liabilities | 17,491,599 | 176,293 | 2.03 | 14,980,784 | 23,159 | 0.31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | Noninterest-bearing liabilities: | Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | Demand deposits | 7,540,025 | 6,939,731 | Demand deposits | 6,329,701 | 7,540,025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 469,861 | 464,104 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | Other noninterest-bearing liabilities | 617,252 | 469,861 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | Total Liabilities | 22,990,670 | 23,396,654 | Total Liabilities | 24,438,552 | 22,990,670 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Deposits/Cost of deposits | Total Deposits/Cost of deposits | 21,502,069 | 0.11 | 21,443,104 | 0.17 | Total Deposits/Cost of deposits | 20,892,481 | 1.08 | 21,502,069 | 0.11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Interest-bearing liabilities and non-interest bearing deposits/Cost of funds | 22,520,809 | 0.21 | 22,932,550 | 0.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Interest-bearing liabilities and noninterest-bearing deposits/Cost of funds | Total Interest-bearing liabilities and noninterest-bearing deposits/Cost of funds | 23,821,300 | 1.49 | 22,520,809 | 0.21 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 2,609,655 | 2,653,345 | Shareholders’ equity | 2,630,484 | 2,609,655 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | Total Liabilities and Shareholders’ Equity | $ | 25,600,325 | $ | 26,049,999 | Total Liabilities and Shareholders’ Equity | $ | 27,069,036 | $ | 25,600,325 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/FTE NIM | Net interest income/FTE NIM | 346,857 | 2.91 | % | 332,845 | 2.76 | % | Net interest income/FTE NIM | 437,258 | 3.46 | % | 346,857 | 2.91 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax equivalent adjustment | Tax equivalent adjustment | (6,716) | (5,998) | Tax equivalent adjustment | (8,819) | (6,716) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 340,141 | $ | 326,847 | Net interest income | $ | 428,439 | $ | 340,141 |
2022 vs. 2021 Increase (Decrease) due to change in | 2023 vs. 2022 Increase (Decrease) due to change in | |||||||||||||||||||||||||||||||||
Volume | Yield/Rate | Net | Volume | Yield/Rate | Net | |||||||||||||||||||||||||||||
(in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||
FTE interest income on: | FTE interest income on: | FTE interest income on: | ||||||||||||||||||||||||||||||||
Net loans (1) | Net loans (1) | $ | (7,114) | $ | 1,936 | $ | (5,178) | Net loans (1) | $ | 40,282 | $ | 193,128 | $ | 233,410 | ||||||||||||||||||||
Investment securities | Investment securities | 9,845 | (1,772) | 8,073 | Investment securities | (594) | 5,106 | 4,512 | ||||||||||||||||||||||||||
Loans held for sale | (428) | 259 | (169) | |||||||||||||||||||||||||||||||
Other interest-earning assets | Other interest-earning assets | (1,315) | 998 | (317) | Other interest-earning assets | (2,334) | 7,947 | 5,613 | ||||||||||||||||||||||||||
Total interest income | Total interest income | $ | 988 | $ | 1,421 | $ | 2,409 | Total interest income | $ | 37,354 | $ | 206,181 | $ | 243,535 | ||||||||||||||||||||
Interest expense on: | Interest expense on: | Interest expense on: | ||||||||||||||||||||||||||||||||
Demand deposits | Demand deposits | $ | (139) | $ | (428) | $ | (567) | Demand deposits | $ | (61) | $ | 21,603 | $ | 21,542 | ||||||||||||||||||||
Savings and money market deposits | Savings and money market deposits | 68 | (812) | (744) | Savings and money market deposits | 43 | 47,635 | 47,678 | ||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | (153) | 341 | 188 | Brokered deposits | 3,677 | 12,796 | 16,473 | ||||||||||||||||||||||||||
Time deposits | Time deposits | (2,153) | (2,907) | (5,060) | Time deposits | 1,070 | 13,256 | 14,326 | ||||||||||||||||||||||||||
Short-term borrowings | (66) | 52 | (14) | |||||||||||||||||||||||||||||||
Long-term borrowings | (6,957) | 1,551 | (5,406) | |||||||||||||||||||||||||||||||
Borrowings and other interest-bearing liabilities | Borrowings and other interest-bearing liabilities | 35,660 | 17,455 | 53,115 | ||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | $ | (9,400) | $ | (2,203) | $ | (11,603) | Total interest expense | $ | 40,389 | $ | 112,745 | $ | 153,134 |
Six months ended June 30 | Increase (Decrease) in Balance | Six months ended June 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | Increase (Decrease) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | Yield | Balance | Yield | $ | % | Balance | Yield | Balance | Yield | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | Real estate – commercial mortgage | $ | 7,318,422 | 3.30 | % | $ | 7,153,444 | 3.16 | % | $ | 164,978 | 2.3 | % | Real estate – commercial mortgage | $ | 7,748,356 | 5.74 | % | $ | 7,318,422 | 3.30 | % | $ | 429,934 | 5.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 4,185,883 | 3.31 | 5,582,855 | 3.73 | (1,396,972) | (25.0) | Commercial and industrial | 4,598,097 | 5.97 | 4,185,883 | 3.31 | 412,214 | 9.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – residential mortgage | Real estate – residential mortgage | 3,970,877 | 3.30 | 3,290,726 | 3.46 | 680,151 | 20.7 | Real estate – residential mortgage | 4,900,182 | 3.64 | 3,970,877 | 3.30 | 929,305 | 23.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – home equity | Real estate – home equity | 1,125,257 | 3.85 | 1,157,289 | 3.73 | (32,032) | (2.8) | Real estate – home equity | 1,076,270 | 6.65 | 1,125,257 | 3.85 | (48,987) | (4.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate – construction | Real estate – construction | 1,164,785 | 3.23 | 1,054,593 | 3.07 | 110,192 | 10.4 | Real estate – construction | 1,291,299 | 6.49 | 1,164,785 | 3.23 | 126,514 | 10.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 461,159 | 5.38 | 455,241 | 4.01 | 5,918 | 1.3 | Consumer | 742,445 | 5.62 | 461,159 | 5.38 | 281,286 | 61.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment lease financing | 245,071 | 3.84 | 261,300 | 3.93 | (16,229) | (6.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (2) | 39,391 | — | (12,081) | — | 51,472 | N/M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases and other loans (1) | Leases and other loans (1) | 309,130 | 4.29 | 284,462 | 5.92 | 24,668 | 8.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 18,510,845 | 3.44 | % | $ | 18,943,367 | 3.42 | % | $ | (432,522) | (2.3) | % | Total loans | $ | 20,665,779 | 5.36 | % | $ | 18,510,845 | 3.44 | % | $ | 2,154,934 | 11.6 | % |
Six months ended June 30 | Increase (Decrease) in Balance | Six months ended June 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | Increase (Decrease) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | Rate | Balance | Rate | $ | % | Balance | Rate | Balance | Rate | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | Noninterest-bearing demand | $ | 7,540,025 | — | % | $ | 6,939,731 | — | % | $ | 600,294 | 8.7 | % | Noninterest-bearing demand | $ | 6,329,701 | — | % | $ | 7,540,025 | — | % | $ | (1,210,324) | (16.1) | % | ||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | Interest-bearing demand | 5,631,296 | 0.06 | 5,906,423 | 0.07 | (275,127) | (4.7) | Interest-bearing demand | 5,431,696 | 0.86 | 5,631,296 | 0.06 | (199,600) | (3.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings and money market deposits | Savings and money market deposits | 6,431,060 | 0.07 | 6,209,253 | 0.09 | 221,807 | 3.6 | Savings and money market deposits | 6,551,470 | 1.53 | 6,431,060 | 0.07 | 120,410 | 1.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total demand and savings | 19,602,381 | 0.04 | 19,055,407 | 0.05 | 546,974 | 2.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total demand deposits and savings and money market deposits | Total demand deposits and savings and money market deposits | 18,312,867 | 0.80 | 19,602,381 | 0.04 | (1,289,514) | (6.6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 247,258 | 0.68 | 311,016 | 0.42 | (63,758) | (20.5) | Brokered deposits | 698,644 | 5.00 | 247,258 | 0.68 | 451,386 | N/M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 1,652,430 | 0.84 | 2,076,681 | 1.16 | (424,251) | (20.4) | Time deposits | 1,880,970 | 2.28 | 1,652,430 | 0.84 | 228,540 | 13.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | $ | 21,502,069 | 0.11 | % | $ | 21,443,104 | 0.17 | % | $ | 58,965 | 0.3 | % | Total deposits | $ | 20,892,481 | 1.08 | % | $ | 21,502,069 | 0.11 | % | $ | (609,588) | (2.8) | % |
Six months ended June 30 | Increase (Decrease) in Balance | ||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Balance | Rate | Balance | Rate | $ | % | ||||||||||||||||||||||||||||||
Short-term borrowings: | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Customer funding(1) | $ | 434,015 | 0.15 | % | $ | 542,243 | 0.12 | % | $ | (108,228) | (20.0) | % | |||||||||||||||||||||||
Federal funds purchased | 1,436 | 1.48 | — | — | 1,436 | N/M | |||||||||||||||||||||||||||||
FHLB advances and other borrowings(2) | 6 | — | — | — | 6 | N/M | |||||||||||||||||||||||||||||
Total short-term borrowings | 435,457 | 0.14 | 542,243 | 0.12 | (106,786) | (19.7) | |||||||||||||||||||||||||||||
Long-term borrowings: | |||||||||||||||||||||||||||||||||||
FHLB advances | — | — | 255,453 | 1.80 | (255,453) | (100.0) | |||||||||||||||||||||||||||||
Other long-term debt | 583,283 | 3.92 | 691,750 | 4.21 | (108,467) | (15.7) | |||||||||||||||||||||||||||||
Total long-term borrowings | 583,283 | 3.92 | 947,203 | 3.56 | (363,920) | (38.4) | |||||||||||||||||||||||||||||
Total borrowings | $ | 1,018,740 | 2.31 | % | $ | 1,489,446 | 2.31 | % | $ | (470,706) | (31.6) | % |
Six months ended June 30 | |||||||||||||||||||||||||||||||||||
2023 | 2022 | Increase (Decrease) | |||||||||||||||||||||||||||||||||
Balance | Rate | Balance | Rate | $ | % | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Federal funds purchased | $ | 592,753 | 5.08 | % | $ | 1,436 | N/M | $ | 591,317 | N/M | |||||||||||||||||||||||||
Federal Home Loan Bank advances | 1,070,148 | 5.11 | 6 | N/M | 1,070,142 | N/M | |||||||||||||||||||||||||||||
Senior debt and subordinated debt | 539,817 | 3.96 | 582,184 | 3.93 | (42,367) | (7.3) | |||||||||||||||||||||||||||||
Other borrowings and other interest-bearing liabilities(1) | 726,101 | 3.26 | 435,114 | 0.16 | 290,987 | 66.9 | |||||||||||||||||||||||||||||
Total borrowings | $ | 2,928,819 | 4.43 | % | $ | 1,018,740 | 2.31 | % | $ | 1,910,079 | N/M |
Six months ended June 30 | Increase (Decrease) | Six months ended June 30 | Increase (Decrease) | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2023 | 2022 | $ | % | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Wealth management | Wealth management | $ | 36,740 | $ | 37,702 | $ | (962) | (2.6) | % | |||||||||||||||||||||||||||||||||||||
Commercial banking: | Commercial banking: | Commercial banking: | ||||||||||||||||||||||||||||||||||||||||||||
Merchant and card | Merchant and card | $ | 13,452 | $ | 12,554 | $ | 898 | 7.2 | % | Merchant and card | 14,534 | 13,452 | 1,082 | 8.0 | ||||||||||||||||||||||||||||||||
Cash management | Cash management | 11,490 | 10,262 | 1,228 | 12.0 | Cash management | 11,350 | 11,490 | (140) | (1.2) | ||||||||||||||||||||||||||||||||||||
Capital markets | Capital markets | 5,569 | 4,336 | 1,233 | 28.4 | Capital markets | 8,436 | 5,569 | 2,867 | 51.5 | ||||||||||||||||||||||||||||||||||||
Other commercial banking | Other commercial banking | 5,856 | 6,319 | (463) | (7.3) | Other commercial banking | 6,338 | 5,856 | 482 | 8.2 | ||||||||||||||||||||||||||||||||||||
Total commercial banking | Total commercial banking | 36,367 | 33,471 | 2,896 | 8.7 | Total commercial banking | 40,658 | 36,367 | 4,291 | 11.8 | ||||||||||||||||||||||||||||||||||||
Consumer banking: | Consumer banking: | Consumer banking: | ||||||||||||||||||||||||||||||||||||||||||||
Card | Card | 11,863 | 11,611 | 252 | 2.2 | Card | 12,835 | 11,863 | 972 | 8.2 | ||||||||||||||||||||||||||||||||||||
Overdraft | Overdraft | 7,653 | 5,474 | 2,179 | 39.8 | Overdraft | 5,429 | 7,653 | (2,224) | (29.1) | ||||||||||||||||||||||||||||||||||||
Other consumer banking | Other consumer banking | 4,630 | 4,529 | 101 | 2.2 | Other consumer banking | 4,673 | 4,630 | 43 | 0.9 | ||||||||||||||||||||||||||||||||||||
Total consumer banking | Total consumer banking | 24,146 | 21,614 | 2,532 | 11.7 | Total consumer banking | 22,937 | 24,146 | (1,209) | (5.0) | ||||||||||||||||||||||||||||||||||||
Wealth management revenues | 37,702 | 34,981 | 2,721 | 7.8 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage banking: | Mortgage banking: | Mortgage banking: | ||||||||||||||||||||||||||||||||||||||||||||
Gains on sales of mortgage loans | Gains on sales of mortgage loans | 5,568 | 14,094 | (8,526) | (60.5) | Gains on sales of mortgage loans | 2,277 | 5,568 | (3,291) | (59.1) | ||||||||||||||||||||||||||||||||||||
Mortgage servicing income | Mortgage servicing income | 2,776 | 2,704 | 72 | 2.7 | Mortgage servicing income | 2,633 | 2,776 | (143) | (5.2) | ||||||||||||||||||||||||||||||||||||
Total mortgage banking | Total mortgage banking | 8,344 | 16,798 | (8,454) | (50.3) | Total mortgage banking | 4,910 | 8,344 | (3,434) | (41.2) | ||||||||||||||||||||||||||||||||||||
Other | Other | 7,061 | 6,912 | 149 | 2.2 | Other | 7,075 | 7,061 | 14 | 0.2 | ||||||||||||||||||||||||||||||||||||
Non-interest income before investment securities gains | Non-interest income before investment securities gains | 113,620 | 113,776 | (156) | (0.1) | Non-interest income before investment securities gains | 112,320 | 113,620 | (1,300) | (1.1) | ||||||||||||||||||||||||||||||||||||
Investment securities gains, net | 27 | 33,511 | (33,484) | N/M | ||||||||||||||||||||||||||||||||||||||||||
Investment securities gains (losses), net | Investment securities gains (losses), net | 19 | 27 | (8) | N/M | |||||||||||||||||||||||||||||||||||||||||
Total Non-Interest Income | Total Non-Interest Income | $ | 113,647 | $ | 147,287 | $ | (33,640) | (22.8) | % | Total Non-Interest Income | $ | 112,339 | $ | 113,647 | $ | (1,308) | (1.2) | % |
Six months ended June 30 | Increase (Decrease) | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Salaries and employee benefits | $ | 169,868 | $ | 160,953 | $ | 8,915 | 5.5 | % | |||||||||||||||
Data processing and software | 29,000 | 27,493 | 1,507 | 5.5 | |||||||||||||||||||
Net occupancy | 28,109 | 26,476 | 1,633 | 6.2 | |||||||||||||||||||
Other outside services | 16,931 | 16,668 | 263 | 1.6 | |||||||||||||||||||
Equipment | 6,845 | 6,852 | (7) | (0.1) | |||||||||||||||||||
State taxes | 6,605 | 8,889 | (2,284) | (25.7) | |||||||||||||||||||
FDIC insurance | 6,170 | 4,906 | 1,264 | 25.8 | |||||||||||||||||||
Professional fees | 3,805 | 5,430 | (1,625) | (29.9) | |||||||||||||||||||
Marketing | 2,646 | 2,350 | 296 | 12.6 | |||||||||||||||||||
Intangible amortization | 353 | 293 | 60 | 20.5 | |||||||||||||||||||
Debt extinguishment | — | 32,575 | (32,575) | (100.0) | |||||||||||||||||||
Merger-related expenses | 1,428 | — | 1,428 | N/M | |||||||||||||||||||
Other | 23,948 | 26,330 | (2,382) | (9.0) | |||||||||||||||||||
Total non-interest expense | $ | 295,708 | $ | 319,215 | $ | (23,507) | (7.4) | % |
June 30, 2022 | December 31, 2021 | Increase (Decrease) | |||||||||||||||||||||
$ | % | ||||||||||||||||||||||
Assets | (dollars in thousands) | ||||||||||||||||||||||
Cash and cash equivalents | $ | 449,674 | $ | 1,638,614 | $ | (1,188,940) | (72.6) | % | |||||||||||||||
FRB and FHLB Stock | 62,146 | 57,635 | 4,511 | 7.8 | |||||||||||||||||||
Federal funds sold | 30,500 | — | 30,500 | N/M | |||||||||||||||||||
Loans held for sale | 17,528 | 35,768 | (18,240) | (51.0) | |||||||||||||||||||
Investment securities | 4,117,801 | 4,167,774 | (49,973) | (1.2) | |||||||||||||||||||
Net loans, less ACL - loans | 18,672,386 | 18,076,349 | 596,037 | 3.3 | |||||||||||||||||||
Net premises and equipment | 211,639 | 220,357 | (8,718) | (4.0) | |||||||||||||||||||
Goodwill and intangibles | 537,700 | 538,053 | (353) | (0.1) | |||||||||||||||||||
Other assets | 1,153,312 | 1,061,848 | 91,464 | 8.6 | |||||||||||||||||||
Total Assets | $ | 25,252,686 | $ | 25,796,398 | $ | (543,712) | (2.1) | % | |||||||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||||||
Deposits | $ | 21,143,866 | $ | 21,573,499 | $ | (429,633) | (2.0) | % | |||||||||||||||
Short-term borrowings | 456,185 | 416,764 | 39,421 | 9.5 | |||||||||||||||||||
Long-term borrowings | 557,130 | 621,345 | (64,215) | (10.3) | |||||||||||||||||||
Other liabilities | 624,412 | 472,110 | 152,302 | 32.3 | |||||||||||||||||||
Total Liabilities | 22,781,593 | 23,083,718 | (302,125) | (1.3) | |||||||||||||||||||
Total Shareholders' Equity | 2,471,093 | 2,712,680 | (241,587) | (8.9) | |||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 25,252,686 | $ | 25,796,398 | $ | (543,712) | (2.1) | % |
Six months ended June 30 | Increase (Decrease) | ||||||||||||||||||||||
2023 | 2022 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Salaries and employee benefits | $ | 183,385 | $ | 169,868 | $ | 13,517 | 8.0 | % | |||||||||||||||
Data processing and software | 32,571 | 29,000 | 3,571 | 12.3 | |||||||||||||||||||
Net occupancy | 28,812 | 28,109 | 703 | 2.5 | |||||||||||||||||||
Other outside services | 20,960 | 16,931 | 4,029 | 23.8 | |||||||||||||||||||
FDIC insurance | 9,690 | 6,170 | 3,520 | 57.1 | |||||||||||||||||||
State taxes | 7,418 | 6,605 | 813 | 12.3 | |||||||||||||||||||
Equipment | 6,920 | 6,845 | 75 | 1.1 | |||||||||||||||||||
Professional fees | 4,221 | 3,805 | 416 | 10.9 | |||||||||||||||||||
Marketing | 3,541 | 2,646 | 895 | 33.8 | |||||||||||||||||||
Intangible amortization | 1,746 | 353 | 1,393 | N/M | |||||||||||||||||||
Merger-related expenses | — | 1,428 | (1,428) | N/M | |||||||||||||||||||
Other | 28,372 | 23,948 | 4,424 | 18.5 | |||||||||||||||||||
Total non-interest expense | $ | 327,636 | $ | 295,708 | $ | 31,928 | 10.8 | % |
June 30, 2023 | December 31, 2022 | Increase (Decrease) | |||||||||||||||||||||
$ | % | ||||||||||||||||||||||
Assets | (dollars in thousands) | ||||||||||||||||||||||
Cash and cash equivalents | $ | 504,702 | $ | 681,921 | $ | (177,219) | (26.0) | % | |||||||||||||||
FRB and FHLB Stock | 124,218 | 130,186 | (5,968) | (4.6) | |||||||||||||||||||
Loans held for sale | 14,673 | 7,264 | 7,409 | 102.0 | |||||||||||||||||||
Investment securities | 3,867,334 | 3,968,023 | (100,689) | (2.5) | |||||||||||||||||||
Net loans, less ACL - loans | 20,757,243 | 20,010,181 | 747,062 | 3.7 | |||||||||||||||||||
Net premises and equipment | 216,322 | 225,141 | (8,819) | (3.9) | |||||||||||||||||||
Goodwill and intangibles | 561,885 | 560,824 | 1,061 | 0.2 | |||||||||||||||||||
Other assets | 1,356,786 | 1,348,162 | 8,624 | 0.6 | |||||||||||||||||||
Total Assets | $ | 27,403,163 | $ | 26,931,702 | $ | 471,461 | 1.8 | % | |||||||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||||||
Deposits | $ | 21,206,540 | $ | 20,649,538 | $ | 557,002 | 2.7 | % | |||||||||||||||
Borrowings | 2,719,114 | 2,871,207 | (152,093) | (5.3) | |||||||||||||||||||
Other liabilities | 835,357 | 831,200 | 4,157 | 0.5 | |||||||||||||||||||
Total Liabilities | 24,761,011 | 24,351,945 | 409,066 | 1.7 | |||||||||||||||||||
Total Shareholders' Equity | 2,642,152 | 2,579,757 | 62,395 | 2.4 | |||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 27,403,163 | $ | 26,931,702 | $ | 471,461 | 1.8 | % |
June 30, 2022 | December 31, 2021 | Increase (Decrease) | June 30, 2023 | December 31, 2022 | Increase (Decrease) | |||||||||||||||||||||||||||||||||||||||||
$ | % | $ | % | |||||||||||||||||||||||||||||||||||||||||||
Available for Sale | Available for Sale | (dollars in thousands) | Available for Sale | (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
U.S. Government securities | U.S. Government securities | $ | 371,266 | $ | 127,618 | $ | 243,648 | N/M | U.S. Government securities | $ | 220,638 | $ | 218,485 | $ | 2,153 | 1.0 | % | |||||||||||||||||||||||||||||
U.S. Government-sponsored agency securities | U.S. Government-sponsored agency securities | 999 | 1,008 | (9) | (0.9) | |||||||||||||||||||||||||||||||||||||||||
State and municipal securities | State and municipal securities | 1,083,477 | 1,188,670 | (105,193) | (8.8) | % | State and municipal securities | 1,053,908 | 1,105,712 | (51,804) | (4.7) | |||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 393,561 | 386,133 | 7,428 | 1.9 | Corporate debt securities | 424,379 | 422,309 | 2,070 | 0.5 | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | Collateralized mortgage obligations | 148,103 | 209,359 | (61,256) | (29.3) | Collateralized mortgage obligations | 120,458 | 134,033 | (13,575) | (10.1) | ||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | 195,359 | 229,795 | (34,436) | (15.0) | Residential mortgage-backed securities | 204,888 | 212,698 | (7,810) | (3.7) | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | Commercial mortgage-backed securities | 587,072 | 971,148 | (384,076) | (39.5) | Commercial mortgage-backed securities | 547,451 | 552,522 | (5,071) | (0.9) | ||||||||||||||||||||||||||||||||||||
Auction rate securities | — | 74,667 | (74,667) | (100.0) | ||||||||||||||||||||||||||||||||||||||||||
Total available for sale securities | Total available for sale securities | $ | 2,778,838 | $ | 3,187,390 | $ | (408,552) | (12.8) | % | Total available for sale securities | $ | 2,572,721 | $ | 2,646,767 | $ | (74,046) | (2.8) | % | ||||||||||||||||||||||||||||
Held to Maturity | Held to Maturity | Held to Maturity | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | $ | 466,076 | $ | 404,958 | $ | 61,118 | 15.1 | % | Residential mortgage-backed securities | $ | 431,704 | $ | 457,325 | $ | (25,621) | (5.6) | % | ||||||||||||||||||||||||||||
Commercial mortgage-backed securities | Commercial mortgage-backed securities | 872,887 | 575,426 | 297,461 | 51.7 | Commercial mortgage-backed securities | 862,909 | 863,931 | (1,022) | (0.1) | ||||||||||||||||||||||||||||||||||||
Total held to maturity securities | Total held to maturity securities | $ | 1,338,963 | $ | 980,384 | $ | 358,579 | 36.6 | % | Total held to maturity securities | $ | 1,294,613 | $ | 1,321,256 | $ | (26,643) | (2.0) | % | ||||||||||||||||||||||||||||
Total Investment Securities | Total Investment Securities | $ | 4,117,801 | $ | 4,167,774 | $ | (49,973) | (1.2) | % | Total Investment Securities | $ | 3,867,334 | $ | 3,968,023 | $ | (100,689) | (2.5) | % |
June 30, 2022 | December 31, 2021 | 2022 vs. 2021 Increase (Decrease) | |||||||||||||||||||||
$ | % | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Real estate – commercial mortgage | $ | 7,417,036 | $ | 7,279,080 | $ | 137,956 | 1.9 | % | |||||||||||||||
Commercial and industrial (1) | 4,173,114 | 4,208,327 | (35,213) | (0.8) | |||||||||||||||||||
Real estate – residential mortgage | 4,203,827 | 3,846,750 | 357,077 | 9.3 | |||||||||||||||||||
Real estate – home equity | 1,108,808 | 1,118,248 | (9,440) | (0.8) | |||||||||||||||||||
Real estate – construction | 1,177,446 | 1,139,779 | 37,667 | 3.3 | |||||||||||||||||||
Consumer | 538,747 | 464,657 | 74,090 | 15.9 | |||||||||||||||||||
Equipment lease financing and other | 321,855 | 283,557 | 38,298 | 13.5 | |||||||||||||||||||
Overdrafts | 2,346 | 1,988 | 358 | 18.0 | |||||||||||||||||||
Gross loans | 18,943,179 | 18,342,386 | 600,793 | 3.3 | |||||||||||||||||||
Unearned income | (22,229) | (17,036) | (5,193) | (30.5) | % | ||||||||||||||||||
Net loans | $ | 18,920,950 | $ | 18,325,350 | $ | 595,600 | 3.3 | % |
June 30, 2023 | December 31, 2022 | Increase (Decrease) | |||||||||||||||||||||
$ | % | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Real estate – commercial mortgage | $ | 7,846,861 | $ | 7,693,835 | $ | 153,026 | 2.0 | % | |||||||||||||||
Commercial and industrial | 4,602,446 | 4,477,537 | 124,909 | 2.8 | |||||||||||||||||||
Real estate – residential mortgage | 5,147,262 | 4,737,279 | 409,983 | 8.7 | |||||||||||||||||||
Real estate – home equity | 1,061,891 | 1,102,838 | (40,947) | (3.7) | |||||||||||||||||||
Real estate – construction | 1,308,564 | 1,269,925 | 38,639 | 3.0 | |||||||||||||||||||
Consumer | 763,530 | 699,179 | 64,351 | 9.2 | |||||||||||||||||||
Leases and other loans | 346,015 | 328,331 | 17,684 | 5.4 | |||||||||||||||||||
Gross loans | 21,076,569 | 20,308,924 | 767,645 | 3.8 | |||||||||||||||||||
Unearned income | (31,884) | (29,377) | (2,507) | (8.5) | |||||||||||||||||||
Net loans | $ | 21,044,685 | $ | 20,279,547 | $ | 765,138 | 3.8 | % |
June 30, 2022 | December 31, 2021 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
Real estate (1) | Real estate (1) | 44.9 | % | 44.3 | % | Real estate(1) | 46.7 | % | 43.9 | % | ||||||||||||
Health care | Health care | 6.5 | 6.7 | Health care | 6.8 | 6.5 | ||||||||||||||||
Manufacturing | Manufacturing | 6.5 | 6.8 | |||||||||||||||||||
Agriculture | Agriculture | 5.8 | 6.1 | Agriculture | 5.3 | 5.4 | ||||||||||||||||
Manufacturing | 5.6 | 5.1 | ||||||||||||||||||||
Other services | Other services | 4.8 | 5.0 | Other services | 4.5 | 4.7 | ||||||||||||||||
Construction | Construction | 4.5 | 3.9 | Construction | 4.1 | 4.7 | ||||||||||||||||
Hospitality and food services | Hospitality and food services | 3.5 | 3.7 | Hospitality and food services | 3.6 | 3.6 | ||||||||||||||||
Retail | Retail | 3.4 | 3.1 | |||||||||||||||||||
Wholesale trade | Wholesale trade | 3.2 | 2.8 | Wholesale trade | 3.0 | 3.1 | ||||||||||||||||
Retail | 2.9 | 3.0 | ||||||||||||||||||||
Educational services | Educational services | 2.4 | 2.7 | Educational services | 3.0 | 2.8 | ||||||||||||||||
Professional, scientific and technical services | Professional, scientific and technical services | 2.2 | 1.8 | |||||||||||||||||||
Arts, entertainment and recreation | Arts, entertainment and recreation | 2.2 | 2.3 | Arts, entertainment and recreation | 2.0 | 2.0 | ||||||||||||||||
Professional, scientific and technical services | 1.8 | 1.8 | ||||||||||||||||||||
Transportation and warehousing | Transportation and warehousing | 1.5 | 1.3 | |||||||||||||||||||
Public administration | Public administration | 1.3 | 1.5 | Public administration | 1.1 | 1.2 | ||||||||||||||||
Transportation and warehousing | 1.2 | 1.3 | ||||||||||||||||||||
Finance and Insurance | 1.1 | 1.4 | ||||||||||||||||||||
Administrative and Support | Administrative and Support | 1.0 | 1.1 | |||||||||||||||||||
Other | Other | 8.3 | 8.4 | Other | 5.3 | 8.0 | ||||||||||||||||
Total | Total | 100.0 | % | 100.0 | % | Total | 100.0 | % | 100.0 | % |
Commercial and Industrial | Real Estate - Commercial Mortgage | Real Estate - Construction | Real Estate - Residential Mortgage | Consumer and Real Estate - Home Equity | Equipment Lease Financing | Total | Commercial and Industrial | Real Estate - Commercial Mortgage | Real Estate - Construction | Real Estate - Residential Mortgage | Consumer and Real Estate - Home Equity | Leases and other loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 28,490 | $ | 50,400 | $ | 672 | $ | 33,920 | $ | 8,320 | $ | 14,997 | $ | 136,799 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2023 | Three months ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | Balance at March 31, 2023 | $ | 31,879 | $ | 58,409 | $ | 1,278 | $ | 24,427 | $ | 6,059 | $ | 12,251 | $ | 134,303 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions | Additions | 21,845 | 18,349 | 739 | 2,397 | 1,719 | — | 45,049 | Additions | 11,043 | 5,270 | — | 711 | 1,807 | 606 | 19,437 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments | Payments | (6,443) | (6,353) | (54) | (666) | (413) | (461) | (14,390) | Payments | (11,417) | (9,430) | (179) | (525) | (660) | (358) | (22,569) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (201) | — | — | (66) | (877) | (474) | (1,618) | Charge-offs | (2,017) | (230) | — | (62) | (1,313) | (1,165) | (4,787) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers to accrual status | Transfers to accrual status | — | — | — | — | (429) | — | (429) | Transfers to accrual status | — | (204) | — | (2,179) | (49) | — | (2,432) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers to OREO | Transfers to OREO | — | (2,831) | — | — | (50) | — | (2,881) | Transfers to OREO | — | — | — | (672) | — | — | (672) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 43,691 | $ | 59,565 | $ | 1,357 | $ | 35,585 | $ | 8,270 | $ | 14,062 | $ | 162,530 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | Balance at June 30, 2023 | $ | 29,488 | $ | 53,815 | $ | 1,099 | $ | 21,700 | $ | 5,844 | $ | 11,334 | $ | 123,280 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 30,141 | $ | 52,815 | $ | 901 | $ | 35,269 | $ | 8,900 | $ | 15,640 | $ | 143,666 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2023 | Six months ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | Balance at December 31, 2022 | $ | 27,116 | $ | 70,161 | $ | 1,368 | $ | 26,294 | $ | 6,197 | $ | 13,307 | $ | 144,443 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions | Additions | 23,242 | 20,747 | 739 | 2,716 | 3,377 | — | 50,821 | Additions | 18,758 | 12,376 | — | 787 | 4,360 | 606 | 36,887 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments | Payments | (8,893) | (8,146) | (283) | (2,334) | (1,441) | (635) | (21,732) | Payments | (13,757) | (15,154) | (269) | (1,119) | (1,145) | (691) | (32,135) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (428) | (152) | — | (66) | (1,929) | (943) | (3,518) | Charge-offs | (2,629) | (13,592) | — | (62) | (3,519) | (1,888) | (21,690) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers to accrual status | Transfers to accrual status | (349) | (2,238) | — | — | (429) | — | (3,016) | Transfers to accrual status | — | 24 | — | (2,407) | (49) | — | (2,432) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers to OREO | Transfers to OREO | (22) | (3,461) | — | — | (208) | — | (3,691) | Transfers to OREO | — | — | — | (1,793) | — | — | (1,793) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 43,691 | $ | 59,565 | $ | 1,357 | $ | 35,585 | $ | 8,270 | $ | 14,062 | $ | 162,530 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | Balance at June 30, 2023 | $ | 29,488 | $ | 53,815 | $ | 1,099 | $ | 21,700 | $ | 5,844 | $ | 11,334 | $ | 123,280 |
June 30, 2022 | December 31, 2021 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||
Non-accrual loans | Non-accrual loans | $ | 162,530 | $ | 143,666 | Non-accrual loans | $ | 123,280 | $ | 144,443 | ||||||||||||||||||||||||
Loans 90 days or more past due and still accruing | Loans 90 days or more past due and still accruing | 11,016 | 8,453 | Loans 90 days or more past due and still accruing | 24,415 | 27,463 | ||||||||||||||||||||||||||||
Total non-performing loans | Total non-performing loans | 173,546 | 152,119 | Total non-performing loans | 147,695 | 171,906 | ||||||||||||||||||||||||||||
OREO (2) | OREO (2) | 4,786 | 1,817 | OREO(2) | 3,881 | 5,790 | ||||||||||||||||||||||||||||
Total non-performing assets | Total non-performing assets | $ | 178,332 | $ | 153,936 | Total non-performing assets | $ | 151,576 | $ | 177,696 | ||||||||||||||||||||||||
Non-accrual loans to total loans | Non-accrual loans to total loans | 0.86 | % | 0.78 | % | Non-accrual loans to total loans | 0.59 | % | 0.71 | % | ||||||||||||||||||||||||
Non-performing loans to total loans | Non-performing loans to total loans | 0.92 | % | 0.83 | % | Non-performing loans to total loans | 0.70 | % | 0.85 | % | ||||||||||||||||||||||||
Non-performing assets to total assets | Non-performing assets to total assets | 0.71 | % | 0.60 | % | Non-performing assets to total assets | 0.55 | % | 0.66 | % | ||||||||||||||||||||||||
ACL - loans to non-performing loans | ACL - loans to non-performing loans | 143 | % | 164 | % | ACL - loans to non-performing loans | 195 | % | 157 | % |
June 30, 2022 | December 31, 2021 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Real estate - commercial mortgage | $ | 3,489 | $ | 3,464 | |||||||||||||
Commercial and industrial | 1,871 | 1,857 | |||||||||||||||
Real estate - residential mortgage | 10,279 | 11,948 | |||||||||||||||
Real estate - home equity | 11,764 | 12,218 | |||||||||||||||
Consumer | 2 | 5 | |||||||||||||||
Total accruing TDRs | 27,405 | 29,492 | |||||||||||||||
Non-accrual TDRs(1) | 45,439 | 55,945 | |||||||||||||||
Total TDRs | $ | 72,844 | $ | 85,437 |
Special Mention (1) | Increase (Decrease) | Substandard or Lower (2) | Increase (Decrease) | Total Criticized and Classified Loans | Special Mention(1) | Increase (Decrease) | Substandard or Lower(2) | Increase (Decrease) | Total Criticized and Classified Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | $ | % | June 30, 2022 | December 31, 2021 | $ | % | June 30, 2022 | December 31, 2021 | June 30, 2023 | December 31, 2022 | $ | % | June 30, 2023 | December 31, 2022 | $ | % | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | Real estate - commercial mortgage | $ | 374,483 | $ | 387,279 | $ | (12,796) | (3.3)% | $ | 328,308 | $ | 331,096 | $ | (2,788) | (0.8) | % | $ | 702,791 | $ | 718,375 | Real estate - commercial mortgage | $ | 294,367 | $ | 306,381 | $ | (12,014) | (3.9)% | $ | 182,697 | $ | 184,014 | $ | (1,317) | (0.7) | % | $ | 477,064 | $ | 490,395 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 132,860 | 142,369 | (9,509) | (6.7) | 158,742 | 152,219 | 6,523 | 4.3 | 291,602 | 294,588 | Commercial and industrial | 115,332 | 133,943 | (18,611) | (13.9) | 141,928 | 95,546 | 46,382 | 48.5 | 257,260 | 229,489 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - construction (3) | Real estate - construction (3) | 32,674 | 58,841 | (26,167) | (44.5) | 4,665 | 6,324 | (1,659) | (26.2) | 37,339 | 65,165 | Real estate - construction (3) | 39,588 | 21,603 | 17,985 | 83.3 | 28,342 | 10,601 | 17,741 | N/M | 67,930 | 32,204 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 540,017 | $ | 588,489 | $ | (48,472) | (8.2)% | $ | 491,715 | $ | 489,639 | $ | 2,076 | 0.4% | $ | 1,031,732 | $ | 1,078,128 | Total | $ | 449,287 | $ | 461,927 | $ | (12,640) | (2.7)% | $ | 352,967 | $ | 290,161 | $ | 62,806 | 21.6% | $ | 802,254 | $ | 752,088 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% of total risk rated loans | % of total risk rated loans | 4.3 | % | 4.7 | % | 3.9 | % | 3.9 | % | 8.2 | % | 8.6 | % | % of total risk rated loans | 3.3 | % | 3.5 | % | 2.6 | % | 2.2 | % | 5.9 | % | 5.7 | % |
Allowance for Credit Losses and Reserve for Off-Balance Sheet Credit Exposures
(1) Included in "other liabilities" on the consolidated balance sheet. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||
(dollars in thousands) | |||||||||||
ACL - loans | $ | 248,564 | $ | 249,001 | |||||||
ACL - OBS credit exposure (1) | 14,323 | 14,533 | |||||||||
Total ACL | $ | 262,887 | $ | 263,534 | |||||||
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Average balance of Net loans | $ | 18,637,175 | $ | 18,906,556 | $ | 18,510,845 | $ | 18,943,367 | |||||||||||||||
Balance of ACL at beginning of period | $ | 243,705 | $ | 265,986 | $ | 249,001 | $ | 277,567 | |||||||||||||||
Loans charged off: | |||||||||||||||||||||||
Commercial and industrial | (201) | (954) | (428) | (5,273) | |||||||||||||||||||
Real estate – commercial mortgage | — | (6,506) | (152) | (8,343) | |||||||||||||||||||
Consumer and real estate – home equity | (877) | (1,130) | (1,929) | (1,977) | |||||||||||||||||||
Equipment lease financing and other | (474) | (436) | (943) | (1,404) | |||||||||||||||||||
Real estate – residential mortgage | (66) | (496) | (66) | (688) | |||||||||||||||||||
Real estate – construction | — | — | — | (39) | |||||||||||||||||||
Total loans charged off | (1,618) | (9,522) | (3,518) | (17,724) | |||||||||||||||||||
Recoveries of loans previously charged off: | |||||||||||||||||||||||
Commercial and industrial | 739 | 693 | 2,719 | 1,462 | |||||||||||||||||||
Real estate – commercial mortgage | 3,536 | 729 | 3,648 | 903 | |||||||||||||||||||
Consumer and real estate – home equity | 762 | 634 | 1,216 | 1,074 | |||||||||||||||||||
Equipment lease financing and other | 226 | 153 | 380 | 312 | |||||||||||||||||||
Real estate – residential mortgage | 92 | 105 | 314 | 200 | |||||||||||||||||||
Real estate – construction | 12 | 254 | 44 | 638 | |||||||||||||||||||
Total recoveries | 5,367 | 2,568 | 8,321 | 4,589 | |||||||||||||||||||
Net loans charged off/(recoveries) | 3,749 | (6,954) | 4,803 | (13,135) | |||||||||||||||||||
Provision for credit losses (1) | 1,110 | (4,000) | (5,240) | (9,400) | |||||||||||||||||||
Balance of ACL at end of period | $ | 248,564 | $ | 255,032 | $ | 248,564 | $ | 255,032 | |||||||||||||||
Net charge-offs to average loans (annualized) | (0.08) | % | 0.15 | % | (0.05) | % | 0.14 | % |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Average balance of net loans | $ | 20,866,235 | $ | 18,637,175 | $ | 20,665,779 | $ | 18,510,845 | |||||||||||||||
Balance of ACL at beginning of period | $ | 278,695 | $ | 243,705 | $ | 269,366 | $ | 249,001 | |||||||||||||||
Loans charged off: | |||||||||||||||||||||||
Real estate – commercial mortgage | (230) | — | (13,592) | (152) | |||||||||||||||||||
Commercial and industrial | (2,017) | (201) | (2,629) | (428) | |||||||||||||||||||
Real estate – residential mortgage | (62) | (66) | (62) | (66) | |||||||||||||||||||
Consumer and real estate - home equity | (1,313) | (877) | (3,519) | (1,929) | |||||||||||||||||||
Real estate – construction | — | — | — | — | |||||||||||||||||||
Leases and other loans | (1,165) | (474) | (1,888) | (943) | |||||||||||||||||||
Total loans charged off | (4,787) | (1,618) | (21,690) | (3,518) | |||||||||||||||||||
Recoveries of loans previously charged off: | |||||||||||||||||||||||
Real estate – commercial mortgage | 29 | 3,536 | 815 | 3,648 | |||||||||||||||||||
Commercial and industrial | 988 | 739 | 2,074 | 2,719 | |||||||||||||||||||
Real estate – residential mortgage | 58 | 92 | 106 | 314 | |||||||||||||||||||
Consumer and real estate - home equity | 959 | 762 | 1,620 | 1,216 | |||||||||||||||||||
Real estate – construction | 569 | 12 | 771 | 44 | |||||||||||||||||||
Leases and other loans | 213 | 226 | 329 | 380 | |||||||||||||||||||
Total recoveries | 2,816 | 5,367 | 5,715 | 8,321 | |||||||||||||||||||
Net loans charged off/(recoveries) | (1,971) | 3,749 | (15,975) | 4,803 | |||||||||||||||||||
Provision for credit losses(1) | 10,718 | 1,110 | 34,051 | (5,240) | |||||||||||||||||||
Balance of ACL at end of period | $ | 287,442 | $ | 248,564 | $ | 287,442 | $ | 248,564 | |||||||||||||||
Provision for OBS credit exposures | $ | (971) | $ | 390 | $ | 240 | $ | (210) | |||||||||||||||
Reserve for OBS credit exposures(2) | $ | 16,568 | $ | 14,323 | $ | 16,568 | $ | 14,323 | |||||||||||||||
Net charge-offs to average loans (annualized) | 0.04 | % | (0.08) | % | 0.15 | % | (0.05) | % |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||
ACL - loans | % In Each Loan Category (1) | ACL - loans | % In Each Loan Category (1) | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 72,605 | 39.2 | % | $ | 87,970 | 39.7 | % | |||||||||||||||||||||
Commercial and industrial | 72,119 | 22.0 | 67,056 | 22.9 | |||||||||||||||||||||||||
Real estate - residential mortgage | 61,635 | 22.2 | 54,236 | 21.0 | |||||||||||||||||||||||||
Consumer, home equity, equipment lease financing | 31,577 | 10.4 | 26,798 | 10.2 | |||||||||||||||||||||||||
Real estate - construction | 10,628 | 6.2 | 12,941 | 6.2 | |||||||||||||||||||||||||
Total ACL - loans | $ | 248,564 | 100.0 | % | $ | 249,001 | 100.0 | % |
June 30, 2022 | December 31, 2021 | Increase (Decrease) | |||||||||||||||||||||
$ | % | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Noninterest-bearing demand | $ | 7,530,777 | $ | 7,370,963 | $ | 159,814 | 2.2 | % | |||||||||||||||
Interest-bearing demand | 5,403,805 | 5,819,539 | (415,734) | (7.1) | |||||||||||||||||||
Savings and money market deposits | 6,406,051 | 6,403,995 | 2,056 | — | |||||||||||||||||||
Total demand and savings | 19,340,633 | 19,594,497 | (253,864) | (1.3) | |||||||||||||||||||
Brokered deposits | 243,172 | 251,526 | (8,354) | (3.3) | |||||||||||||||||||
Time deposits | 1,560,061 | 1,727,476 | (167,415) | (9.7) | |||||||||||||||||||
Total deposits | $ | 21,143,866 | $ | 21,573,499 | $ | (429,633) | (2.0) | % |
June 30, 2022 | December 31, 2021 | Increase (Decrease) | |||||||||||||||||||||
$ | % | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Short-term borrowings: | |||||||||||||||||||||||
Customer funding (1) | $ | 436,185 | $ | 416,764 | $ | 19,421 | 4.7 | % | |||||||||||||||
Federal funds purchased | 20,000 | — | 20,000 | N/M | |||||||||||||||||||
Total short-term borrowings | 456,185 | 416,764 | 39,421 | 9.5 | |||||||||||||||||||
Long-term borrowings: | |||||||||||||||||||||||
Other long-term borrowings | 557,130 | 621,345 | (64,215) | (10.3) | |||||||||||||||||||
Total borrowings | $ | 1,013,315 | $ | 1,038,109 | $ | (24,794) | (2.4) | % | |||||||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
ACL - loans | % to Total ACL - loans(1) | % to Total Net Loans(2) | ACL - loans | % to Total ACL - loans(1) | % to Total Net Loans(2) | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 72,302 | 25.2 | % | 37.3 | % | $ | 69,456 | 25.8 | % | 37.9 | % | |||||||||||||||||||||||||||||
Commercial and industrial | 75,189 | 26.2 | 21.9 | 70,116 | 26.0 | 22.0 | |||||||||||||||||||||||||||||||||||
Real estate - residential mortgage | 88,849 | 30.9 | 24.5 | 83,250 | 30.9 | 23.3 | |||||||||||||||||||||||||||||||||||
Consumer, home equity and leases and other loans | 39,958 | 13.9 | 10.2 | 35,801 | 13.3 | 10.5 | |||||||||||||||||||||||||||||||||||
Real estate - construction | 11,144 | 3.9 | 6.2 | 10,743 | 4.0 | 6.3 | |||||||||||||||||||||||||||||||||||
Total ACL - loans | $ | 287,442 | 100.0 | % | 100.0 | % | $ | 269,366 | 100.0 | % | 100.0 | % |
June 30, 2023 | December 31, 2022 | Increase (Decrease) | |||||||||||||||||||||
$ | % | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Noninterest-bearing demand | $ | 5,865,855 | $ | 7,006,388 | $ | (1,140,533) | (16.3) | % | |||||||||||||||
Interest-bearing demand | 5,543,320 | 5,410,903 | 132,417 | 2.4 | |||||||||||||||||||
Savings and money market deposits | 6,646,448 | 6,434,621 | 211,827 | 3.3 | |||||||||||||||||||
Total demand and savings | 18,055,623 | 18,851,912 | (796,289) | (4.2) | |||||||||||||||||||
Brokered deposits | 949,259 | 208,416 | 740,843 | N/M | |||||||||||||||||||
Time deposits | 2,201,658 | 1,589,210 | 612,448 | 38.5 | |||||||||||||||||||
Total deposits | $ | 21,206,540 | $ | 20,649,538 | $ | 557,002 | 2.7 | % |
June 30, 2023 | December 31, 2022 | Increase (Decrease) | |||||||||||||||||||||
$ | % | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Federal funds purchased | $ | 555,000 | $ | 191,000 | $ | 364,000 | N/M | ||||||||||||||||
Federal Home Loan Bank advances | 1,165,000 | 1,250,000 | (85,000) | (6.8) | |||||||||||||||||||
Senior debt and subordinated debt | 539,994 | 539,634 | 360 | 0.1 | |||||||||||||||||||
Other borrowings(1) | 459,120 | 890,573 | (431,453) | (48.4) | |||||||||||||||||||
Total borrowings | $ | 2,719,114 | $ | 2,871,207 | $ | (152,093) | (5.3) | % | |||||||||||||||
June 30, 2022 | December 31, 2021 | Regulatory Minimum for Capital Adequacy | Fully Phased-in, with Capital Conservation Buffers | June 30, 2023 | December 31, 2022 | Regulatory Minimum for Capital Adequacy | Fully Phased-in, with Capital Conservation Buffers | |||||||||||||||||||||||||||||||||||||||
Total Risk-Based Capital (to Risk-Weighted Assets) | Total Risk-Based Capital (to Risk-Weighted Assets) | 13.7 | % | 14.1 | % | 8.0 | % | 10.5 | % | Total Risk-Based Capital (to Risk-Weighted Assets) | 13.8 | % | 13.6 | % | 8.0 | % | 10.5 | % | ||||||||||||||||||||||||||||
Tier I Risk-Based Capital (to Risk-Weighted Assets) | Tier I Risk-Based Capital (to Risk-Weighted Assets) | 10.8 | % | 10.9 | % | 6.0 | % | 8.5 | % | Tier I Risk-Based Capital (to Risk-Weighted Assets) | 11.0 | % | 10.9 | % | 6.0 | % | 8.5 | % | ||||||||||||||||||||||||||||
Common Equity Tier I (to Risk-Weighted Assets) | Common Equity Tier I (to Risk-Weighted Assets) | 9.9 | % | 9.9 | % | 4.5 | % | 7.0 | % | Common Equity Tier I (to Risk-Weighted Assets) | 10.1 | % | 10.0 | % | 4.5 | % | 7.0 | % | ||||||||||||||||||||||||||||
Tier I Leverage Capital (to Average Assets) | Tier I Leverage Capital (to Average Assets) | 9.1 | % | 8.6 | % | 4.0 | % | 4.0 | % | Tier I Leverage Capital (to Average Assets) | 9.3 | % | 9.5 | % | 4.0 | % | 4.0 | % |
Rate Shock(1) | Annual change in net interest income | % change in net interest income | ||||||||||||
+400 bp | + | |||||||||||||
+300 bp | + | |||||||||||||
+200 bp | + | |||||||||||||
+100 bp | + | |||||||||||||
–100 bp | – $34.2 million | – 3.8% | ||||||||||||
–200 bp | – $69.6 million | – 7.7% | ||||||||||||
–300 bp | – $101.0 million | – 11.1% | ||||||||||||
–400 bp | – $137.7 million | – 15.2% |
2.1 | |||||||||||
3.1 | |||||||||||
3.2 | |||||||||||
3.3 | |||||||||||
4.1 | |||||||||||
4.2 | |||||||||||
4.3 | |||||||||||
4.4 | |||||||||||
10.1 | |||||||||||
31.1 | |||||||||||
31.2 | |||||||||||
32.1 | |||||||||||
32.2 | |||||||||||
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 Shareholders' Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements. | ||||||||||
104 | Cover page interactive data file (formatted as inline XBRL and contained in Exhibit 101) | ||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||
Date: | August 8, | /s/ | ||||||||||||
Chairman and Chief Executive Officer | ||||||||||||||
Date: | August 8, | /s/ Mark R. McCollom | ||||||||||||
Mark R. McCollom | ||||||||||||||
Senior Executive Vice President and Chief Financial Officer | ||||||||||||||