☑ | 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 |
Indiana | 35-1539838 | ||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
One Main Street | 47708 | ||||||||||
Evansville, | Indiana | (Zip Code) | |||||||||
(Address of principal executive offices) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||||||||
Common stock, no par value | ONB | The | NASDAQ | Stock Market LLC | |||||||||||||||||||
Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series A | ONBPP | The | NASDAQ | Stock Market LLC | |||||||||||||||||||
Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series C | ONBPO | The | NASDAQ | Stock Market LLC |
Large accelerated filer | ☑ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||
Emerging growth company | ☐ |
Page | |||||||||||
PART I. | |||||||||||
Item 1. | |||||||||||
Note 1. | |||||||||||
Note 2. | |||||||||||
Note 3. | |||||||||||
Note 4. | |||||||||||
Note 5. | |||||||||||
Note 6. | |||||||||||
Note 7. | |||||||||||
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Note 11. | |||||||||||
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Note 13. | |||||||||||
Note 14. | |||||||||||
Note 15. | |||||||||||
Note 16. | |||||||||||
Note 17. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
PART II. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 5. | |||||||||||
Item 6. | |||||||||||
(dollars and shares in thousands, except per share data) | (dollars and shares in thousands, except per share data) | March 31, 2023 | December 31, 2022 | (dollars and shares in thousands, except per share data) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 386,879 | $ | 453,432 | Cash and due from banks | $ | 473,023 | $ | 453,432 | ||||||||||||
Money market and other interest-earning investments | Money market and other interest-earning investments | 727,056 | 274,980 | Money market and other interest-earning investments | 724,863 | 274,980 | ||||||||||||||||
Total cash and cash equivalents | Total cash and cash equivalents | 1,113,935 | 728,412 | Total cash and cash equivalents | 1,197,886 | 728,412 | ||||||||||||||||
Equity securities, at fair value | Equity securities, at fair value | 72,158 | 52,507 | Equity securities, at fair value | 71,953 | 52,507 | ||||||||||||||||
Investment securities - available-for-sale, at fair value (amortized cost $7,592,765 and $7,772,603, respectively) | 6,687,066 | 6,773,712 | ||||||||||||||||||||
Investment securities - held-to-maturity, at amortized cost (fair value $2,663,374 and $2,643,682, respectively) | 3,071,190 | 3,089,147 | ||||||||||||||||||||
Investment securities - available-for-sale, at fair value (amortized cost $7,551,258 and $7,772,603, respectively) | Investment securities - available-for-sale, at fair value (amortized cost $7,551,258 and $7,772,603, respectively) | 6,500,515 | 6,773,712 | |||||||||||||||||||
Investment securities - held-to-maturity, at amortized cost (fair value $2,603,058 and $2,643,682, respectively) | Investment securities - held-to-maturity, at amortized cost (fair value $2,603,058 and $2,643,682, respectively) | 3,054,997 | 3,089,147 | |||||||||||||||||||
Federal Home Loan Bank/Federal Reserve Bank stock, at cost | Federal Home Loan Bank/Federal Reserve Bank stock, at cost | 413,326 | 314,168 | Federal Home Loan Bank/Federal Reserve Bank stock, at cost | 413,326 | 314,168 | ||||||||||||||||
Loans held for sale, at fair value | Loans held for sale, at fair value | 10,584 | 11,926 | Loans held for sale, at fair value | 114,369 | 11,926 | ||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||
Commercial | Commercial | 9,751,875 | 9,508,904 | Commercial | 9,698,241 | 9,508,904 | ||||||||||||||||
Commercial real estate | Commercial real estate | 12,908,380 | 12,457,070 | Commercial real estate | 13,450,209 | 12,457,070 | ||||||||||||||||
Residential real estate | Residential real estate | 6,568,666 | 6,460,441 | Residential real estate | 6,684,480 | 6,460,441 | ||||||||||||||||
Consumer credit, net of unearned income | Consumer credit, net of unearned income | 2,593,453 | 2,697,226 | Consumer credit, net of unearned income | 2,599,543 | 2,697,226 | ||||||||||||||||
Total loans | Total loans | 31,822,374 | 31,123,641 | Total loans | 32,432,473 | 31,123,641 | ||||||||||||||||
Allowance for credit losses on loans | Allowance for credit losses on loans | (298,711) | (303,671) | Allowance for credit losses on loans | (300,555) | (303,671) | ||||||||||||||||
Net loans | Net loans | 31,523,663 | 30,819,970 | Net loans | 32,131,918 | 30,819,970 | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 566,758 | 557,307 | Premises and equipment, net | 564,299 | 557,307 | ||||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | 183,687 | 189,714 | Operating lease right-of-use assets | 184,700 | 189,714 | ||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 188,988 | 190,521 | Accrued interest receivable | 205,198 | 190,521 | ||||||||||||||||
Goodwill | Goodwill | 1,998,716 | 1,998,716 | Goodwill | 1,998,716 | 1,998,716 | ||||||||||||||||
Other intangible assets | Other intangible assets | 120,219 | 126,405 | Other intangible assets | 114,159 | 126,405 | ||||||||||||||||
Company-owned life insurance | Company-owned life insurance | 770,471 | 768,552 | Company-owned life insurance | 771,753 | 768,552 | ||||||||||||||||
Other assets | Other assets | 1,121,883 | 1,142,315 | Other assets | 1,172,966 | 1,142,315 | ||||||||||||||||
Total assets | Total assets | $ | 47,842,644 | $ | 46,763,372 | Total assets | $ | 48,496,755 | $ | 46,763,372 | ||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||
Noninterest-bearing demand | Noninterest-bearing demand | $ | 10,995,083 | $ | 11,930,798 | Noninterest-bearing demand | $ | 10,532,838 | $ | 11,930,798 | ||||||||||||
Interest-bearing: | Interest-bearing: | Interest-bearing: | ||||||||||||||||||||
Checking and NOW | Checking and NOW | 7,903,520 | 8,340,955 | Checking and NOW | 7,654,202 | 8,340,955 | ||||||||||||||||
Savings | Savings | 6,030,255 | 6,326,158 | Savings | 5,578,323 | 6,326,158 | ||||||||||||||||
Money market | Money market | 5,867,239 | 5,389,139 | Money market | 7,200,288 | 5,389,139 | ||||||||||||||||
Time deposits | Time deposits | 4,121,695 | 3,013,780 | Time deposits | 5,265,664 | 3,013,780 | ||||||||||||||||
Total deposits | Total deposits | 34,917,792 | 35,000,830 | Total deposits | 36,231,315 | 35,000,830 | ||||||||||||||||
Federal funds purchased and interbank borrowings | Federal funds purchased and interbank borrowings | 618,955 | 581,489 | Federal funds purchased and interbank borrowings | 136,060 | 581,489 | ||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 393,018 | 432,804 | Securities sold under agreements to repurchase | 311,447 | 432,804 | ||||||||||||||||
Federal Home Loan Bank advances | Federal Home Loan Bank advances | 4,981,612 | 3,829,018 | Federal Home Loan Bank advances | 4,771,183 | 3,829,018 | ||||||||||||||||
Other borrowings | Other borrowings | 746,869 | 743,003 | Other borrowings | 815,318 | 743,003 | ||||||||||||||||
Operating lease liabilities | Operating lease liabilities | 205,249 | 211,964 | Operating lease liabilities | 206,178 | 211,964 | ||||||||||||||||
Accrued expenses and other liabilities | Accrued expenses and other liabilities | 701,723 | 835,669 | Accrued expenses and other liabilities | 733,159 | 835,669 | ||||||||||||||||
Total liabilities | Total liabilities | 42,565,218 | 41,634,777 | Total liabilities | 43,204,660 | 41,634,777 | ||||||||||||||||
Shareholders' Equity | Shareholders' Equity | Shareholders' Equity | ||||||||||||||||||||
Preferred stock, 2,000 shares authorized, 231 shares issued and outstanding | Preferred stock, 2,000 shares authorized, 231 shares issued and outstanding | 230,500 | 230,500 | Preferred stock, 2,000 shares authorized, 231 shares issued and outstanding | 230,500 | 230,500 | ||||||||||||||||
Common stock, no par value, $1.00 per share stated value, 600,000 shares authorized, 291,922 and 292,903 shares issued and outstanding, respectively | 291,922 | 292,903 | ||||||||||||||||||||
Common stock, no par value, $1.00 per share stated value, 600,000 shares authorized, 292,597 and 292,903 shares issued and outstanding, respectively | Common stock, no par value, $1.00 per share stated value, 600,000 shares authorized, 292,597 and 292,903 shares issued and outstanding, respectively | 292,597 | 292,903 | |||||||||||||||||||
Capital surplus | Capital surplus | 4,144,730 | 4,174,265 | Capital surplus | 4,149,089 | 4,174,265 | ||||||||||||||||
Retained earnings | Retained earnings | 1,318,632 | 1,217,349 | Retained earnings | 1,428,542 | 1,217,349 | ||||||||||||||||
Accumulated other comprehensive income (loss), net of tax | Accumulated other comprehensive income (loss), net of tax | (708,358) | (786,422) | Accumulated other comprehensive income (loss), net of tax | (808,633) | (786,422) | ||||||||||||||||
Total shareholders' equity | Total shareholders' equity | 5,277,426 | 5,128,595 | Total shareholders' equity | 5,292,095 | 5,128,595 | ||||||||||||||||
Total liabilities and shareholders' equity | Total liabilities and shareholders' equity | $ | 47,842,644 | $ | 46,763,372 | Total liabilities and shareholders' equity | $ | 48,496,755 | $ | 46,763,372 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(dollars and shares in thousands, except per share data) | (dollars and shares in thousands, except per share data) | 2023 | 2022 | (dollars and shares in thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Interest Income | Interest Income | Interest Income | ||||||||||||||||||||||||||||||||||||||||||||
Loans including fees: | Loans including fees: | Loans including fees: | ||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | $ | 410,375 | $ | 184,015 | Taxable | $ | 449,896 | $ | 285,249 | $ | 860,271 | $ | 469,264 | ||||||||||||||||||||||||||||||||
Nontaxable | Nontaxable | 10,212 | 3,507 | Nontaxable | 10,925 | 4,802 | 21,137 | 8,309 | ||||||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | 60,801 | 37,409 | Taxable | 64,072 | 51,459 | 124,873 | 88,868 | ||||||||||||||||||||||||||||||||||||||
Nontaxable | Nontaxable | 11,163 | 10,266 | Nontaxable | 11,043 | 11,018 | 22,206 | 21,284 | ||||||||||||||||||||||||||||||||||||||
Money market and other interest-earning investments | Money market and other interest-earning investments | 3,098 | 308 | Money market and other interest-earning investments | 8,966 | 1,830 | 12,064 | 2,138 | ||||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 495,649 | 235,505 | Total interest income | 544,902 | 354,358 | 1,040,551 | 589,863 | ||||||||||||||||||||||||||||||||||||||
Interest Expense | Interest Expense | Interest Expense | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 62,593 | 3,194 | Deposits | 100,974 | 5,187 | 163,567 | 8,381 | ||||||||||||||||||||||||||||||||||||||
Federal funds purchased and interbank borrowings | Federal funds purchased and interbank borrowings | 4,839 | — | Federal funds purchased and interbank borrowings | 5,655 | 2 | 10,494 | 2 | ||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 779 | 96 | Securities sold under agreements to repurchase | 900 | 85 | 1,679 | 181 | ||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | Federal Home Loan Bank advances | 37,996 | 5,963 | Federal Home Loan Bank advances | 45,088 | 6,925 | 83,084 | 12,888 | ||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 7,954 | 3,467 | Other borrowings | 10,114 | 4,687 | 18,068 | 8,154 | ||||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 114,161 | 12,720 | Total interest expense | 162,731 | 16,886 | 276,892 | 29,606 | ||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 381,488 | 222,785 | Net interest income | 382,171 | 337,472 | 763,659 | 560,257 | ||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 13,437 | 108,736 | Provision for credit losses | 14,787 | 9,165 | 28,224 | 117,901 | ||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 368,051 | 114,049 | Net interest income after provision for credit losses | 367,384 | 328,307 | 735,435 | 442,356 | ||||||||||||||||||||||||||||||||||||||
Noninterest Income | Noninterest Income | Noninterest Income | ||||||||||||||||||||||||||||||||||||||||||||
Wealth management fees | 18,760 | 14,630 | ||||||||||||||||||||||||||||||||||||||||||||
Wealth and investment services fees | Wealth and investment services fees | 26,521 | 27,872 | 53,441 | 49,824 | |||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 17,003 | 14,026 | Service charges on deposit accounts | 17,751 | 20,324 | 34,754 | 34,350 | ||||||||||||||||||||||||||||||||||||||
Debit card and ATM fees | Debit card and ATM fees | 9,982 | 7,599 | Debit card and ATM fees | 10,653 | 11,222 | 20,635 | 18,821 | ||||||||||||||||||||||||||||||||||||||
Mortgage banking revenue | Mortgage banking revenue | 3,400 | 7,245 | Mortgage banking revenue | 4,165 | 6,522 | 7,565 | 13,767 | ||||||||||||||||||||||||||||||||||||||
Investment product fees | 8,160 | 7,322 | ||||||||||||||||||||||||||||||||||||||||||||
Capital markets income | Capital markets income | 6,939 | 4,442 | Capital markets income | 6,173 | 7,261 | 13,112 | 11,703 | ||||||||||||||||||||||||||||||||||||||
Company-owned life insurance | Company-owned life insurance | 3,186 | 3,524 | Company-owned life insurance | 4,698 | 4,571 | 7,884 | 8,095 | ||||||||||||||||||||||||||||||||||||||
Debt securities gains (losses), net | Debt securities gains (losses), net | (5,216) | 342 | Debt securities gains (losses), net | 17 | (85) | (5,199) | 257 | ||||||||||||||||||||||||||||||||||||||
Other income | Other income | 8,467 | 6,110 | Other income | 11,651 | 11,430 | 20,118 | 17,540 | ||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 70,681 | 65,240 | Total noninterest income | 81,629 | 89,117 | 152,310 | 154,357 | ||||||||||||||||||||||||||||||||||||||
Noninterest Expense | Noninterest Expense | Noninterest Expense | ||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 137,364 | 124,147 | Salaries and employee benefits | 135,810 | 161,817 | 273,174 | 285,964 | ||||||||||||||||||||||||||||||||||||||
Occupancy | Occupancy | 28,282 | 21,019 | Occupancy | 26,085 | 26,496 | 54,367 | 47,515 | ||||||||||||||||||||||||||||||||||||||
Equipment | Equipment | 7,389 | 5,168 | Equipment | 7,721 | 7,550 | 15,110 | 12,718 | ||||||||||||||||||||||||||||||||||||||
Marketing | Marketing | 9,417 | 4,276 | Marketing | 9,833 | 9,119 | 19,250 | 13,395 | ||||||||||||||||||||||||||||||||||||||
Technology | Technology | 19,202 | 18,762 | Technology | 20,056 | 25,883 | 39,258 | 44,645 | ||||||||||||||||||||||||||||||||||||||
Communication | Communication | 4,461 | 3,417 | Communication | 4,232 | 5,878 | 8,693 | 9,295 | ||||||||||||||||||||||||||||||||||||||
Professional fees | Professional fees | 6,732 | 19,791 | Professional fees | 6,397 | 6,336 | 13,129 | 26,127 | ||||||||||||||||||||||||||||||||||||||
FDIC assessment | FDIC assessment | 10,404 | 2,575 | FDIC assessment | 9,624 | 4,699 | 20,028 | 7,274 | ||||||||||||||||||||||||||||||||||||||
Amortization of intangibles | Amortization of intangibles | 6,186 | 4,811 | Amortization of intangibles | 6,060 | 7,170 | 12,246 | 11,981 | ||||||||||||||||||||||||||||||||||||||
Amortization of tax credit investments | Amortization of tax credit investments | 2,761 | 1,516 | Amortization of tax credit investments | 2,762 | 1,525 | 5,523 | 3,041 | ||||||||||||||||||||||||||||||||||||||
Property optimization | Property optimization | 1,317 | — | Property optimization | 242 | — | 1,559 | — | ||||||||||||||||||||||||||||||||||||||
Other expense | Other expense | 17,196 | 10,107 | Other expense | 17,762 | 21,002 | 34,958 | 31,109 | ||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 250,711 | 215,589 | Total noninterest expense | 246,584 | 277,475 | 497,295 | 493,064 | ||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 188,021 | (36,300) | ||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 41,421 | (8,714) | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 146,600 | (27,586) | ||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 202,429 | 139,949 | 390,450 | 103,649 | |||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 47,393 | 24,964 | 88,814 | 16,250 | |||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 155,036 | 114,985 | 301,636 | 87,399 | |||||||||||||||||||||||||||||||||||||||||
Preferred dividends | Preferred dividends | (4,034) | (2,017) | Preferred dividends | (4,033) | (4,033) | (8,067) | (6,050) | ||||||||||||||||||||||||||||||||||||||
Net income (loss) applicable to common shareholders | $ | 142,566 | $ | (29,603) | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) per common share - basic | $ | 0.49 | $ | (0.13) | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) per common share - diluted | 0.49 | (0.13) | ||||||||||||||||||||||||||||||||||||||||||||
Net income applicable to common shareholders | Net income applicable to common shareholders | $ | 151,003 | $ | 110,952 | $ | 293,569 | $ | 81,349 | |||||||||||||||||||||||||||||||||||||
Net income per common share - basic | Net income per common share - basic | $ | 0.52 | $ | 0.38 | $ | 1.01 | $ | 0.31 | |||||||||||||||||||||||||||||||||||||
Net income per common share - diluted | Net income per common share - diluted | 0.52 | 0.38 | 1.01 | 0.31 | |||||||||||||||||||||||||||||||||||||||||
Weighted average number of common shares outstanding - basic | Weighted average number of common shares outstanding - basic | 291,088 | 227,002 | Weighted average number of common shares outstanding - basic | 290,559 | 290,862 | 290,822 | 259,108 | ||||||||||||||||||||||||||||||||||||||
Weighted average number of common shares outstanding - diluted | Weighted average number of common shares outstanding - diluted | 292,756 | 227,002 | Weighted average number of common shares outstanding - diluted | 291,266 | 291,881 | 291,870 | 260,253 | ||||||||||||||||||||||||||||||||||||||
Dividends per common share | Dividends per common share | $ | 0.14 | $ | 0.14 | Dividends per common share | $ | 0.14 | $ | 0.14 | $ | 0.28 | $ | 0.28 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 146,600 | $ | (27,586) | ||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 155,036 | $ | 114,985 | $ | 301,636 | $ | 87,399 | |||||||||||||||||||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||
Change in debt securities available-for-sale: | Change in debt securities available-for-sale: | Change in debt securities available-for-sale: | ||||||||||||||||||||||||||||||||||||||
Unrealized holding gains (losses) for the period | Unrealized holding gains (losses) for the period | 24,724 | (429,470) | Unrealized holding gains (losses) for the period | (120,159) | (304,514) | (95,435) | (733,984) | ||||||||||||||||||||||||||||||||
Reclassification for securities transferred to held-to-maturity | Reclassification for securities transferred to held-to-maturity | — | 22,163 | Reclassification for securities transferred to held-to-maturity | — | 143,310 | — | 165,473 | ||||||||||||||||||||||||||||||||
Reclassification adjustment for securities (gains) losses realized in income | Reclassification adjustment for securities (gains) losses realized in income | 5,216 | (342) | Reclassification adjustment for securities (gains) losses realized in income | (17) | 85 | 5,199 | (257) | ||||||||||||||||||||||||||||||||
Income tax effect | Income tax effect | 1,146 | 96,235 | Income tax effect | 30,043 | 38,408 | 31,189 | 134,643 | ||||||||||||||||||||||||||||||||
Unrealized gains (losses) on available-for-sale securities | Unrealized gains (losses) on available-for-sale securities | 31,086 | (311,414) | Unrealized gains (losses) on available-for-sale securities | (90,133) | (122,711) | (59,047) | (434,125) | ||||||||||||||||||||||||||||||||
Change in securities held-to-maturity: | Change in securities held-to-maturity: | Change in securities held-to-maturity: | ||||||||||||||||||||||||||||||||||||||
Adjustment for securities transferred from available-for-sale | Adjustment for securities transferred from available-for-sale | — | (22,163) | Adjustment for securities transferred from available-for-sale | — | (143,310) | — | (165,473) | ||||||||||||||||||||||||||||||||
Amortization of unrealized losses on securities transferred from available-for-sale | Amortization of unrealized losses on securities transferred from available-for-sale | 5,829 | 310 | Amortization of unrealized losses on securities transferred from available-for-sale | 5,122 | 3,692 | 10,951 | 4,002 | ||||||||||||||||||||||||||||||||
Income tax effect | Income tax effect | (131) | 5,126 | Income tax effect | (1,300) | 34,146 | (1,431) | 39,272 | ||||||||||||||||||||||||||||||||
Changes from securities held-to-maturity | Changes from securities held-to-maturity | 5,698 | (16,727) | Changes from securities held-to-maturity | 3,822 | (105,472) | 9,520 | (122,199) | ||||||||||||||||||||||||||||||||
Change in hedges: | Change in hedges: | Change in hedges: | ||||||||||||||||||||||||||||||||||||||
Net unrealized derivative gains (losses) on hedges | Net unrealized derivative gains (losses) on hedges | 47,849 | (9,506) | Net unrealized derivative gains (losses) on hedges | 13,272 | (3,418) | 61,121 | (12,924) | ||||||||||||||||||||||||||||||||
Reclassification adjustment for (gains) losses realized in net income | Reclassification adjustment for (gains) losses realized in net income | 7,292 | (669) | Reclassification adjustment for (gains) losses realized in net income | (32,112) | (219) | (24,820) | (888) | ||||||||||||||||||||||||||||||||
Income tax effect | Income tax effect | (13,720) | 2,500 | Income tax effect | 4,872 | 894 | (8,848) | 3,394 | ||||||||||||||||||||||||||||||||
Changes from hedges | Changes from hedges | 41,421 | (7,675) | Changes from hedges | (13,968) | (2,743) | 27,453 | (10,418) | ||||||||||||||||||||||||||||||||
Change in defined benefit pension plans: | Change in defined benefit pension plans: | Change in defined benefit pension plans: | ||||||||||||||||||||||||||||||||||||||
Amortization of net (gains) losses recognized in income | Amortization of net (gains) losses recognized in income | (188) | (11) | Amortization of net (gains) losses recognized in income | 6 | (10) | (182) | (21) | ||||||||||||||||||||||||||||||||
Income tax effect | Income tax effect | 47 | 3 | Income tax effect | (2) | 2 | 45 | 5 | ||||||||||||||||||||||||||||||||
Changes from defined benefit pension plans | Changes from defined benefit pension plans | (141) | (8) | Changes from defined benefit pension plans | 4 | (8) | (137) | (16) | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | Other comprehensive income (loss), net of tax | 78,064 | (335,824) | Other comprehensive income (loss), net of tax | (100,275) | (230,934) | (22,211) | (566,758) | ||||||||||||||||||||||||||||||||
Comprehensive income (loss) | Comprehensive income (loss) | $ | 224,664 | $ | (363,410) | Comprehensive income (loss) | $ | 54,761 | $ | (115,949) | $ | 279,425 | $ | (479,359) |
(dollars in thousands, except per share data) | (dollars in thousands, except per share data) | Preferred Stock | Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders' Equity | (dollars in thousands, except per share data) | Preferred Stock | Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | Balance, December 31, 2021 | $ | — | $ | 165,838 | $ | 1,880,545 | $ | 968,010 | $ | (2,375) | $ | 3,012,018 | Balance, December 31, 2021 | $ | — | $ | 165,838 | $ | 1,880,545 | $ | 968,010 | $ | (2,375) | $ | 3,012,018 | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | — | — | — | (27,586) | — | (27,586) | Net income (loss) | — | — | — | (27,586) | — | (27,586) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | — | (335,824) | (335,824) | Other comprehensive income (loss) | — | — | — | — | (335,824) | (335,824) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Midwest Bancorp, Inc. merger: | First Midwest Bancorp, Inc. merger: | First Midwest Bancorp, Inc. merger: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | Issuance of common stock | — | 129,365 | 2,316,947 | — | — | 2,446,312 | Issuance of common stock | — | 129,365 | 2,316,947 | — | — | 2,446,312 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred stock, net of issuance costs | Issuance of preferred stock, net of issuance costs | 230,500 | — | 13,219 | — | — | 243,719 | Issuance of preferred stock, net of issuance costs | 230,500 | — | 13,219 | — | — | 243,719 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends: | Cash dividends: | Cash dividends: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common ($0.14 per share) | Common ($0.14 per share) | — | — | — | (40,782) | — | (40,782) | Common ($0.14 per share) | — | — | — | (40,782) | — | (40,782) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | Preferred dividends | — | — | — | (2,017) | — | (2,017) | Preferred dividends | — | — | — | (2,017) | — | (2,017) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | Common stock issued | — | 10 | 155 | — | — | 165 | Common stock issued | — | 10 | 155 | — | — | 165 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | Common stock repurchased | — | (3,890) | (66,188) | — | — | (70,078) | Common stock repurchased | — | (3,890) | (66,188) | — | — | (70,078) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | — | — | 6,284 | — | — | 6,284 | Share-based compensation expense | — | — | 6,284 | — | — | 6,284 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock activity under incentive compensation plans | Stock activity under incentive compensation plans | — | 1,636 | (1,368) | (365) | — | (97) | Stock activity under incentive compensation plans | — | 1,636 | (1,368) | (365) | — | (97) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | Balance, March 31, 2022 | $ | 230,500 | $ | 292,959 | $ | 4,149,594 | $ | 897,260 | $ | (338,199) | $ | 5,232,114 | Balance, March 31, 2022 | 230,500 | 292,959 | 4,149,594 | 897,260 | (338,199) | 5,232,114 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 114,985 | — | 114,985 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | — | (230,934) | (230,934) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends: | Cash dividends: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common ($0.14 per share) | Common ($0.14 per share) | — | — | — | (40,901) | — | (40,901) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | Preferred dividends | — | — | — | (4,033) | — | (4,033) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | Common stock issued | — | 10 | 152 | — | — | 162 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | Common stock repurchased | — | (21) | (301) | — | — | (322) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | — | — | 7,813 | — | — | 7,813 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock activity under incentive compensation plans | Stock activity under incentive compensation plans | — | (55) | 285 | (331) | — | (101) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | Balance, June 30, 2022 | $ | 230,500 | $ | 292,893 | $ | 4,157,543 | $ | 966,980 | $ | (569,133) | $ | 5,078,783 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | Balance, December 31, 2022 | $ | 230,500 | $ | 292,903 | $ | 4,174,265 | $ | 1,217,349 | $ | (786,422) | $ | 5,128,595 | Balance, December 31, 2022 | $ | 230,500 | $ | 292,903 | $ | 4,174,265 | $ | 1,217,349 | $ | (786,422) | $ | 5,128,595 | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | 146,600 | — | 146,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 146,600 | — | 146,600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | — | 78,064 | 78,064 | Other comprehensive income (loss) | — | — | — | — | 78,064 | 78,064 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends: | Cash dividends: | Cash dividends: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common ($0.14 per share) | Common ($0.14 per share) | — | — | — | (41,088) | — | (41,088) | Common ($0.14 per share) | — | — | — | (41,088) | — | (41,088) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | Preferred dividends | — | — | — | (4,034) | — | (4,034) | Preferred dividends | — | — | — | (4,034) | — | (4,034) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | Common stock issued | — | 15 | 247 | — | — | 262 | Common stock issued | — | 15 | 247 | — | — | 262 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | Common stock repurchased | — | (2,598) | (41,112) | — | — | (43,710) | Common stock repurchased | — | (2,598) | (41,112) | — | — | (43,710) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | — | — | 12,742 | — | — | 12,742 | Share-based compensation expense | — | — | 12,742 | — | — | 12,742 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock activity under incentive compensation plans | Stock activity under incentive compensation plans | — | 1,602 | (1,412) | (195) | — | (5) | Stock activity under incentive compensation plans | — | 1,602 | (1,412) | (195) | — | (5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | Balance, March 31, 2023 | $ | 230,500 | $ | 291,922 | $ | 4,144,730 | $ | 1,318,632 | $ | (708,358) | $ | 5,277,426 | Balance, March 31, 2023 | 230,500 | 291,922 | 4,144,730 | 1,318,632 | (708,358) | 5,277,426 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 155,036 | — | 155,036 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | — | (100,275) | (100,275) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends: | Cash dividends: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common ($0.14 per share) | Common ($0.14 per share) | — | — | — | (40,932) | — | (40,932) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | Preferred dividends | — | — | — | (4,033) | — | (4,033) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | Common stock issued | — | 20 | 252 | — | — | 272 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | Common stock repurchased | — | (8) | (97) | — | — | (105) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | — | — | 5,247 | — | — | 5,247 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock activity under incentive compensation plans | Stock activity under incentive compensation plans | — | 663 | (1,043) | (161) | — | (541) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | Balance, June 30, 2023 | $ | 230,500 | $ | 292,597 | $ | 4,149,089 | $ | 1,428,542 | $ | (808,633) | $ | 5,292,095 |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | (dollars in thousands) | 2023 | 2022 | ||||||||||||||||
Cash Flows From Operating Activities | Cash Flows From Operating Activities | Cash Flows From Operating Activities | ||||||||||||||||||||
Net income (loss) | $ | 146,600 | $ | (27,586) | ||||||||||||||||||
Adjustments to reconcile net income (loss) to cash provided by operating activities: | ||||||||||||||||||||||
Net income | Net income | $ | 301,636 | $ | 87,399 | |||||||||||||||||
Adjustments to reconcile net income to cash provided by operating activities: | Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||||||||||||
Depreciation | Depreciation | 9,121 | 7,790 | Depreciation | 18,386 | 17,742 | ||||||||||||||||
Amortization of other intangible assets | Amortization of other intangible assets | 6,186 | 4,811 | Amortization of other intangible assets | 12,246 | 11,981 | ||||||||||||||||
Amortization of tax credit investments | Amortization of tax credit investments | 2,761 | 1,516 | Amortization of tax credit investments | 5,523 | 3,041 | ||||||||||||||||
Net premium amortization on investment securities | Net premium amortization on investment securities | 3,603 | 4,462 | Net premium amortization on investment securities | 7,061 | 9,413 | ||||||||||||||||
Accretion income related to acquired loans | Accretion income related to acquired loans | (6,410) | (14,241) | Accretion income related to acquired loans | (11,485) | (44,083) | ||||||||||||||||
Share-based compensation expense | Share-based compensation expense | 12,742 | 6,284 | Share-based compensation expense | 17,989 | 14,097 | ||||||||||||||||
Provision for credit losses | Provision for credit losses | 13,437 | 108,736 | Provision for credit losses | 28,224 | 117,901 | ||||||||||||||||
Debt securities (gains) losses, net | Debt securities (gains) losses, net | 5,216 | (342) | Debt securities (gains) losses, net | 5,199 | (257) | ||||||||||||||||
Net (gains) losses on sales of loans and other assets | Net (gains) losses on sales of loans and other assets | 829 | (2,381) | Net (gains) losses on sales of loans and other assets | (45) | (4,010) | ||||||||||||||||
Increase in cash surrender value of company-owned life insurance | Increase in cash surrender value of company-owned life insurance | (3,186) | (3,524) | Increase in cash surrender value of company-owned life insurance | (7,884) | (8,095) | ||||||||||||||||
Residential real estate loans originated for sale | Residential real estate loans originated for sale | (65,148) | (205,945) | Residential real estate loans originated for sale | (225,753) | (364,018) | ||||||||||||||||
Proceeds from sales of residential real estate loans | Proceeds from sales of residential real estate loans | 67,468 | 220,534 | Proceeds from sales of residential real estate loans | 218,253 | 395,829 | ||||||||||||||||
(Increase) decrease in interest receivable | (Increase) decrease in interest receivable | 1,533 | 635 | (Increase) decrease in interest receivable | (14,677) | (19,468) | ||||||||||||||||
(Increase) decrease in other assets | (Increase) decrease in other assets | (3,833) | 98,413 | (Increase) decrease in other assets | (38,540) | 127,991 | ||||||||||||||||
Increase (decrease) in accrued expenses and other liabilities | Increase (decrease) in accrued expenses and other liabilities | (137,230) | (38,102) | Increase (decrease) in accrued expenses and other liabilities | (101,417) | 93,369 | ||||||||||||||||
Net cash flows provided by (used in) operating activities | Net cash flows provided by (used in) operating activities | 53,689 | 161,060 | Net cash flows provided by (used in) operating activities | 214,716 | 438,832 | ||||||||||||||||
Cash Flows From Investing Activities | Cash Flows From Investing Activities | Cash Flows From Investing Activities | ||||||||||||||||||||
Cash received from merger, net | Cash received from merger, net | — | 1,912,629 | Cash received from merger, net | — | 1,912,629 | ||||||||||||||||
Purchases of investment securities available-for-sale | Purchases of investment securities available-for-sale | (44,413) | (814,796) | Purchases of investment securities available-for-sale | (174,657) | (1,276,205) | ||||||||||||||||
Purchases of investment securities held-to-maturity | Purchases of investment securities held-to-maturity | (1,941) | (30,418) | Purchases of investment securities held-to-maturity | (1,941) | (117,141) | ||||||||||||||||
Purchases of Federal Home Loan Bank/Federal Reserve Bank stock | Purchases of Federal Home Loan Bank/Federal Reserve Bank stock | (99,158) | (69,818) | Purchases of Federal Home Loan Bank/Federal Reserve Bank stock | (99,159) | (97,359) | ||||||||||||||||
Purchases of equity securities | Purchases of equity securities | (20,807) | (904) | Purchases of equity securities | (20,820) | (1,417) | ||||||||||||||||
Proceeds from maturities, prepayments, and calls of investment securities available-for-sale | Proceeds from maturities, prepayments, and calls of investment securities available-for-sale | 164,893 | 342,435 | Proceeds from maturities, prepayments, and calls of investment securities available-for-sale | 333,937 | 659,922 | ||||||||||||||||
Proceeds from sales of investment securities available-for-sale | Proceeds from sales of investment securities available-for-sale | 51,522 | 10,839 | Proceeds from sales of investment securities available-for-sale | 51,654 | 12,742 | ||||||||||||||||
Proceeds from maturities, prepayments, and calls of investment securities held-to-maturity | Proceeds from maturities, prepayments, and calls of investment securities held-to-maturity | 24,744 | 2,752 | Proceeds from maturities, prepayments, and calls of investment securities held-to-maturity | 45,193 | 30,744 | ||||||||||||||||
Proceeds from sales of Federal Home Loan Bank/Federal Reserve Bank stock | Proceeds from sales of Federal Home Loan Bank/Federal Reserve Bank stock | — | 54,897 | Proceeds from sales of Federal Home Loan Bank/Federal Reserve Bank stock | 1 | 83,947 | ||||||||||||||||
Proceeds from sales of equity securities | Proceeds from sales of equity securities | 615 | 41,313 | Proceeds from sales of equity securities | 1,726 | 49,709 | ||||||||||||||||
Loan originations and payments, net | Loan originations and payments, net | (708,752) | (336,091) | Loan originations and payments, net | (1,708,291) | (1,524,289) | ||||||||||||||||
Proceeds from sales of commercial loans | Proceeds from sales of commercial loans | 291,368 | — | |||||||||||||||||||
Proceeds from company-owned life insurance death benefits | Proceeds from company-owned life insurance death benefits | 2,257 | 1,582 | Proceeds from company-owned life insurance death benefits | 4,888 | 2,849 | ||||||||||||||||
Proceeds from sales of premises and equipment and other assets | Proceeds from sales of premises and equipment and other assets | 1,410 | 2,751 | Proceeds from sales of premises and equipment and other assets | 2,369 | 2,751 | ||||||||||||||||
Purchases of premises and equipment and other assets | Purchases of premises and equipment and other assets | (10,456) | (9,588) | Purchases of premises and equipment and other assets | (17,410) | (17,459) | ||||||||||||||||
Net cash flows provided by (used in) investing activities | Net cash flows provided by (used in) investing activities | (640,086) | 1,107,583 | Net cash flows provided by (used in) investing activities | (1,291,142) | (278,577) | ||||||||||||||||
Cash Flows From Financing Activities | Cash Flows From Financing Activities | Cash Flows From Financing Activities | ||||||||||||||||||||
Net increase (decrease) in: | Net increase (decrease) in: | Net increase (decrease) in: | ||||||||||||||||||||
Deposits | Deposits | (83,038) | (211,209) | Deposits | 1,230,485 | (279,624) | ||||||||||||||||
Federal funds purchased and interbank borrowings | Federal funds purchased and interbank borrowings | 37,466 | 1,445 | Federal funds purchased and interbank borrowings | (445,429) | 1,285 | ||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | (39,786) | (18,194) | Securities sold under agreements to repurchase | (121,357) | (51,296) | ||||||||||||||||
Other borrowings | Other borrowings | (4,002) | 26,566 | Other borrowings | 65,719 | 53,136 | ||||||||||||||||
Payments for maturities of Federal Home Loan Bank advances | Payments for maturities of Federal Home Loan Bank advances | (750,150) | (6) | Payments for maturities of Federal Home Loan Bank advances | (1,650,150) | (1,100,005) | ||||||||||||||||
Proceeds from Federal Home Loan Bank advances | Proceeds from Federal Home Loan Bank advances | 1,900,000 | 200,000 | Proceeds from Federal Home Loan Bank advances | 2,600,000 | 1,350,000 | ||||||||||||||||
Cash dividends paid | Cash dividends paid | (45,122) | (42,799) | Cash dividends paid | (90,087) | (87,733) | ||||||||||||||||
Common stock repurchased | Common stock repurchased | (43,710) | (70,078) | Common stock repurchased | (43,815) | (70,400) | ||||||||||||||||
Common stock issued | Common stock issued | 262 | 165 | Common stock issued | 534 | 327 | ||||||||||||||||
Net cash flows provided by (used in) financing activities | Net cash flows provided by (used in) financing activities | 971,920 | (114,110) | Net cash flows provided by (used in) financing activities | 1,545,900 | (184,310) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | Net increase (decrease) in cash and cash equivalents | 385,523 | 1,154,533 | Net increase (decrease) in cash and cash equivalents | 469,474 | (24,055) | ||||||||||||||||
Cash and cash equivalents at beginning of period | Cash and cash equivalents at beginning of period | 728,412 | 822,019 | Cash and cash equivalents at beginning of period | 728,412 | 822,019 | ||||||||||||||||
Cash and cash equivalents at end of period | Cash and cash equivalents at end of period | $ | 1,113,935 | $ | 1,976,552 | Cash and cash equivalents at end of period | $ | 1,197,886 | $ | 797,964 |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | (dollars in thousands) | 2023 | 2022 | ||||||||||||||||
Supplemental cash flow information: | Supplemental cash flow information: | Supplemental cash flow information: | ||||||||||||||||||||
Total interest paid | Total interest paid | $ | 104,917 | $ | 17,854 | Total interest paid | $ | 253,542 | $ | 30,904 | ||||||||||||
Total income taxes paid (net of refunds) | Total income taxes paid (net of refunds) | 1,182 | 1,471 | Total income taxes paid (net of refunds) | 87,668 | (183) | ||||||||||||||||
Common stock issued for merger, net | Common stock issued for merger, net | — | 2,446,312 | Common stock issued for merger, net | — | 2,446,312 | ||||||||||||||||
Preferred stock issued for merger, net | Preferred stock issued for merger, net | — | 243,870 | Preferred stock issued for merger, net | — | 243,870 | ||||||||||||||||
Investment securities purchased but not settled | — | 22,183 | ||||||||||||||||||||
Securities transferred from available-for-sale to held-to-maturity | Securities transferred from available-for-sale to held-to-maturity | — | 2,038,900 | Securities transferred from available-for-sale to held-to-maturity | — | 2,986,736 | ||||||||||||||||
Operating lease right-of-use assets obtained in exchange for lease obligations | Operating lease right-of-use assets obtained in exchange for lease obligations | 222 | 2,249 | Operating lease right-of-use assets obtained in exchange for lease obligations | 7,542 | 3,141 | ||||||||||||||||
Finance lease right-of-use assets obtained in exchange for lease obligations | Finance lease right-of-use assets obtained in exchange for lease obligations | 9,141 | $ | — | Finance lease right-of-use assets obtained in exchange for lease obligations | 9,141 | $ | 209 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(dollars and shares in thousands, except per share data) | (dollars and shares in thousands, except per share data) | 2023 | 2022 | (dollars and shares in thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 146,600 | $ | (27,586) | ||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 155,036 | $ | 114,985 | $ | 301,636 | $ | 87,399 | |||||||||||||||||||||||||||||||||||||
Preferred dividends | Preferred dividends | (4,034) | (2,017) | Preferred dividends | (4,033) | (4,033) | (8,067) | (6,050) | ||||||||||||||||||||||||||||||||||||||
Net income (loss) applicable to common shares | $ | 142,566 | $ | (29,603) | ||||||||||||||||||||||||||||||||||||||||||
Net income applicable to common shares | Net income applicable to common shares | $ | 151,003 | $ | 110,952 | $ | 293,569 | $ | 81,349 | |||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding: | Weighted average common shares outstanding: | Weighted average common shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding (basic) | Weighted average common shares outstanding (basic) | 291,088 | 227,002 | Weighted average common shares outstanding (basic) | 290,559 | 290,862 | 290,822 | 259,108 | ||||||||||||||||||||||||||||||||||||||
Effect of dilutive securities: | Effect of dilutive securities: | Effect of dilutive securities: | ||||||||||||||||||||||||||||||||||||||||||||
Restricted stock | Restricted stock | 1,666 | — | Restricted stock | 707 | 1,014 | 1,047 | 1,136 | ||||||||||||||||||||||||||||||||||||||
Stock appreciation rights | Stock appreciation rights | 2 | — | Stock appreciation rights | — | 5 | 1 | 9 | ||||||||||||||||||||||||||||||||||||||
Weighted average diluted shares outstanding | Weighted average diluted shares outstanding | 292,756 | 227,002 | Weighted average diluted shares outstanding | 291,266 | 291,881 | 291,870 | 260,253 | ||||||||||||||||||||||||||||||||||||||
Basic Net Income (Loss) Per Common Share | $ | 0.49 | $ | (0.13) | ||||||||||||||||||||||||||||||||||||||||||
Diluted Net Income (Loss) Per Common Share | $ | 0.49 | $ | (0.13) | ||||||||||||||||||||||||||||||||||||||||||
Basic Net Income Per Common Share | Basic Net Income Per Common Share | $ | 0.52 | $ | 0.38 | $ | 1.01 | $ | 0.31 | |||||||||||||||||||||||||||||||||||||
Diluted Net Income Per Common Share | Diluted Net Income Per Common Share | $ | 0.52 | $ | 0.38 | $ | 1.01 | $ | 0.31 |
(dollars in thousands) | (dollars in thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Basis Adjustments (1) | Fair Value | (dollars in thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Basis Adjustments (1) | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-Sale | Available-for-Sale | Available-for-Sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | U.S. Treasury | $ | 268,894 | $ | 34 | $ | (10,755) | $ | (36,301) | $ | 221,872 | U.S. Treasury | $ | 364,824 | $ | — | $ | (9,245) | $ | (43,167) | $ | 312,412 | ||||||||||||||||||||||||||||||||||||
U.S. government-sponsored entities and agencies | U.S. government-sponsored entities and agencies | 1,450,300 | — | (201,717) | (54,892) | 1,193,691 | U.S. government-sponsored entities and agencies | 1,448,873 | — | (201,623) | (72,894) | 1,174,356 | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - Agency | Mortgage-backed securities - Agency | 4,861,624 | 641 | (553,490) | — | 4,308,775 | Mortgage-backed securities - Agency | 4,760,921 | 123 | (663,273) | — | 4,097,771 | ||||||||||||||||||||||||||||||||||||||||||||||
States and political subdivisions | States and political subdivisions | 641,317 | 2,138 | (21,968) | — | 621,487 | States and political subdivisions | 623,196 | 844 | (25,258) | — | 598,782 | ||||||||||||||||||||||||||||||||||||||||||||||
Pooled trust preferred securities | Pooled trust preferred securities | 13,787 | — | (2,938) | — | 10,849 | Pooled trust preferred securities | 13,791 | — | (2,797) | — | 10,994 | ||||||||||||||||||||||||||||||||||||||||||||||
Other securities | Other securities | 356,843 | 277 | (26,728) | — | 330,392 | Other securities | 339,653 | 117 | (33,570) | — | 306,200 | ||||||||||||||||||||||||||||||||||||||||||||||
Total available-for-sale securities | Total available-for-sale securities | $ | 7,592,765 | $ | 3,090 | $ | (817,596) | $ | (91,193) | $ | 6,687,066 | Total available-for-sale securities | $ | 7,551,258 | $ | 1,084 | $ | (935,766) | $ | (116,061) | $ | 6,500,515 | ||||||||||||||||||||||||||||||||||||
Held-to-Maturity | Held-to-Maturity | Held-to-Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored entities and agencies | U.S. government-sponsored entities and agencies | $ | 820,849 | $ | — | $ | (157,226) | $ | — | $ | 663,623 | U.S. government-sponsored entities and agencies | $ | 822,517 | $ | — | $ | (167,071) | $ | — | $ | 655,446 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - Agency | Mortgage-backed securities - Agency | 1,086,905 | — | (113,419) | — | 973,486 | Mortgage-backed securities - Agency | 1,070,687 | — | (142,191) | — | 928,496 | ||||||||||||||||||||||||||||||||||||||||||||||
States and political subdivisions | States and political subdivisions | 1,163,586 | 744 | (137,915) | — | 1,026,415 | States and political subdivisions | 1,161,943 | 437 | (143,114) | — | 1,019,266 | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for securities held-to-maturity | Allowance for securities held-to-maturity | (150) | — | — | — | (150) | Allowance for securities held-to-maturity | (150) | — | — | — | (150) | ||||||||||||||||||||||||||||||||||||||||||||||
Total held-to-maturity securities | Total held-to-maturity securities | $ | 3,071,190 | $ | 744 | $ | (408,560) | $ | — | $ | 2,663,374 | Total held-to-maturity securities | $ | 3,054,997 | $ | 437 | $ | (452,376) | $ | — | $ | 2,603,058 | ||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-Sale | Available-for-Sale | Available-for-Sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | U.S. Treasury | $ | 253,148 | $ | 5 | $ | (5,189) | $ | (47,037) | $ | 200,927 | U.S. Treasury | $ | 253,148 | $ | 5 | $ | (5,189) | $ | (47,037) | $ | 200,927 | ||||||||||||||||||||||||||||||||||||
U.S. government-sponsored entities and agencies | U.S. government-sponsored entities and agencies | 1,451,736 | — | (169,248) | (107,408) | 1,175,080 | U.S. government-sponsored entities and agencies | 1,451,736 | — | (169,248) | (107,408) | 1,175,080 | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - Agency | Mortgage-backed securities - Agency | 4,986,354 | 976 | (617,428) | — | 4,369,902 | Mortgage-backed securities - Agency | 4,986,354 | 976 | (617,428) | — | 4,369,902 | ||||||||||||||||||||||||||||||||||||||||||||||
States and political subdivisions | States and political subdivisions | 688,159 | 1,789 | (26,096) | — | 663,852 | States and political subdivisions | 688,159 | 1,789 | (26,096) | — | 663,852 | ||||||||||||||||||||||||||||||||||||||||||||||
Pooled trust preferred securities | Pooled trust preferred securities | 13,783 | — | (2,972) | — | 10,811 | Pooled trust preferred securities | 13,783 | — | (2,972) | — | 10,811 | ||||||||||||||||||||||||||||||||||||||||||||||
Other securities | Other securities | 379,423 | 258 | (26,541) | — | 353,140 | Other securities | 379,423 | 258 | (26,541) | — | 353,140 | ||||||||||||||||||||||||||||||||||||||||||||||
Total available-for-sale securities | Total available-for-sale securities | $ | 7,772,603 | $ | 3,028 | $ | (847,474) | $ | (154,445) | $ | 6,773,712 | Total available-for-sale securities | $ | 7,772,603 | $ | 3,028 | $ | (847,474) | $ | (154,445) | $ | 6,773,712 | ||||||||||||||||||||||||||||||||||||
Held-to-Maturity | Held-to-Maturity | Held-to-Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored entities and agencies | U.S. government-sponsored entities and agencies | $ | 819,168 | $ | — | $ | (162,810) | $ | — | $ | 656,358 | U.S. government-sponsored entities and agencies | $ | 819,168 | $ | — | $ | (162,810) | $ | — | $ | 656,358 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - Agency | Mortgage-backed securities - Agency | 1,106,817 | — | (123,854) | — | 982,963 | Mortgage-backed securities - Agency | 1,106,817 | — | (123,854) | — | 982,963 | ||||||||||||||||||||||||||||||||||||||||||||||
States and political subdivisions | States and political subdivisions | 1,163,312 | 221 | (159,022) | — | 1,004,511 | States and political subdivisions | 1,163,312 | 221 | (159,022) | — | 1,004,511 | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for securities held-to-maturity | Allowance for securities held-to-maturity | (150) | — | — | — | (150) | Allowance for securities held-to-maturity | (150) | — | — | — | (150) | ||||||||||||||||||||||||||||||||||||||||||||||
Total held-to-maturity securities | Total held-to-maturity securities | $ | 3,089,147 | $ | 221 | $ | (445,686) | $ | — | $ | 2,643,682 | Total held-to-maturity securities | $ | 3,089,147 | $ | 221 | $ | (445,686) | $ | — | $ | 2,643,682 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Proceeds | Proceeds | $ | 57,955 | $ | 50,113 | Proceeds | $ | 24,933 | $ | 23,234 | $ | 82,888 | $ | 73,347 | ||||||||||||||||||||||||||||||||
Realized gains | Realized gains | 909 | 463 | Realized gains | 39 | 48 | 948 | 511 | ||||||||||||||||||||||||||||||||||||||
Realized losses | Realized losses | (6,125) | (121) | Realized losses | (22) | (133) | (6,147) | (254) |
March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Amortized Cost | Fair Value | Weighted Average Yield | (dollars in thousands) | Amortized Cost | Fair Value | Weighted Average Yield | ||||||||||||||||||||||||||
Maturity | Maturity | Maturity | ||||||||||||||||||||||||||||||||
Available-for-Sale | Available-for-Sale | Available-for-Sale | ||||||||||||||||||||||||||||||||
Within one year | Within one year | $ | 141,160 | $ | 138,855 | 3.10 | % | Within one year | $ | 242,424 | $ | 238,951 | 3.93 | % | ||||||||||||||||||||
One to five years | One to five years | 1,751,081 | 1,635,833 | 2.79 | One to five years | 1,621,101 | 1,478,764 | 2.77 | ||||||||||||||||||||||||||
Five to ten years | Five to ten years | 4,031,392 | 3,556,971 | 2.34 | Five to ten years | 3,926,306 | 3,374,584 | 2.35 | ||||||||||||||||||||||||||
Beyond ten years | Beyond ten years | 1,669,132 | 1,355,407 | 2.41 | Beyond ten years | 1,761,427 | 1,408,216 | 2.43 | ||||||||||||||||||||||||||
Total | Total | $ | 7,592,765 | $ | 6,687,066 | 2.47 | % | Total | $ | 7,551,258 | $ | 6,500,515 | 2.51 | % | ||||||||||||||||||||
Held-to-Maturity | Held-to-Maturity | Held-to-Maturity | ||||||||||||||||||||||||||||||||
One to five years | One to five years | 162,300 | 141,113 | 2.74 | % | One to five years | 162,082 | 135,763 | 2.71 | % | ||||||||||||||||||||||||
Five to ten years | Five to ten years | 928,090 | 838,844 | 2.67 | Five to ten years | 888,640 | 780,437 | 2.61 | ||||||||||||||||||||||||||
Beyond ten years | Beyond ten years | 1,980,800 | 1,683,417 | 2.73 | Beyond ten years | 2,004,275 | 1,686,858 | 2.73 | ||||||||||||||||||||||||||
Total | Total | $ | 3,071,190 | $ | 2,663,374 | 2.71 | % | Total | $ | 3,054,997 | $ | 2,603,058 | 2.69 | % |
Less than 12 months | 12 months or longer | Total | Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | (dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-Sale | Available-for-Sale | Available-for-Sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | U.S. Treasury | $ | 23,229 | $ | (106) | $ | 190,653 | $ | (10,649) | $ | 213,882 | $ | (10,755) | U.S. Treasury | $ | 124,751 | $ | (258) | $ | 187,661 | $ | (8,987) | $ | 312,412 | $ | (9,245) | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored entities and agencies | U.S. government-sponsored entities and agencies | 96,117 | (2,554) | 1,097,574 | (199,163) | 1,193,691 | (201,717) | U.S. government-sponsored entities and agencies | 14,732 | (264) | 1,159,624 | (201,359) | 1,174,356 | (201,623) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - Agency | Mortgage-backed securities - Agency | 758,680 | (26,422) | 3,513,804 | (527,068) | 4,272,484 | (553,490) | Mortgage-backed securities - Agency | 402,696 | (19,217) | 3,677,906 | (644,056) | 4,080,602 | (663,273) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
States and political subdivisions | States and political subdivisions | 112,958 | (1,576) | 233,172 | (20,392) | 346,130 | (21,968) | States and political subdivisions | 168,144 | (1,406) | 264,829 | (23,852) | 432,973 | (25,258) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pooled trust preferred securities | Pooled trust preferred securities | — | — | 10,849 | (2,938) | 10,849 | (2,938) | Pooled trust preferred securities | — | — | 10,994 | (2,797) | 10,994 | (2,797) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other securities | Other securities | 42,014 | (1,404) | 273,603 | (25,324) | 315,617 | (26,728) | Other securities | 25,133 | (498) | 265,688 | (33,072) | 290,821 | (33,570) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total available-for-sale | Total available-for-sale | $ | 1,032,998 | $ | (32,062) | $ | 5,319,655 | $ | (785,534) | $ | 6,352,653 | $ | (817,596) | Total available-for-sale | $ | 735,456 | $ | (21,643) | $ | 5,566,702 | $ | (914,123) | $ | 6,302,158 | $ | (935,766) | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-Sale | Available-for-Sale | Available-for-Sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | U.S. Treasury | $ | 130,967 | $ | (3,264) | $ | 66,992 | $ | (1,925) | $ | 197,959 | $ | (5,189) | U.S. Treasury | $ | 130,967 | $ | (3,264) | $ | 66,992 | $ | (1,925) | $ | 197,959 | $ | (5,189) | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored entities and agencies | U.S. government-sponsored entities and agencies | 454,854 | (75,795) | 720,226 | (93,453) | 1,175,080 | (169,248) | U.S. government-sponsored entities and agencies | 454,854 | (75,795) | 720,226 | (93,453) | 1,175,080 | (169,248) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - Agency | Mortgage-backed securities - Agency | 3,207,319 | (358,507) | 1,116,205 | (258,921) | 4,323,524 | (617,428) | Mortgage-backed securities - Agency | 3,207,319 | (358,507) | 1,116,205 | (258,921) | 4,323,524 | (617,428) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
States and political subdivisions | States and political subdivisions | 414,813 | (25,555) | 2,703 | (541) | 417,516 | (26,096) | States and political subdivisions | 414,813 | (25,555) | 2,703 | (541) | 417,516 | (26,096) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pooled trust preferred securities | Pooled trust preferred securities | — | — | 10,811 | (2,972) | 10,811 | (2,972) | Pooled trust preferred securities | — | — | 10,811 | (2,972) | 10,811 | (2,972) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other securities | Other securities | 257,775 | (17,045) | 75,309 | (9,496) | 333,084 | (26,541) | Other securities | 257,775 | (17,045) | 75,309 | (9,496) | 333,084 | (26,541) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total available-for-sale | Total available-for-sale | $ | 4,465,728 | $ | (480,166) | $ | 1,992,246 | $ | (367,308) | $ | 6,457,974 | $ | (847,474) | Total available-for-sale | $ | 4,465,728 | $ | (480,166) | $ | 1,992,246 | $ | (367,308) | $ | 6,457,974 | $ | (847,474) |
Less than 12 months | 12 months or longer | Total | Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Fair Value | Unrecognized Losses | Fair Value | Unrecognized Losses | Fair Value | Unrecognized Losses | (dollars in thousands) | Fair Value | Unrecognized Losses | Fair Value | Unrecognized Losses | Fair Value | Unrecognized Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Held-to-Maturity | Held-to-Maturity | Held-to-Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored entities and agencies | U.S. government-sponsored entities and agencies | $ | 82,080 | $ | (7,003) | $ | 581,543 | $ | (150,223) | $ | 663,623 | $ | (157,226) | U.S. government-sponsored entities and agencies | $ | 81,251 | $ | (8,138) | $ | 574,195 | $ | (158,933) | $ | 655,446 | $ | (167,071) | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - Agency | Mortgage-backed securities - Agency | 254,788 | (18,775) | 718,698 | (94,644) | 973,486 | (113,419) | Mortgage-backed securities - Agency | 244,643 | (24,690) | 683,853 | (117,501) | 928,496 | (142,191) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
States and political subdivisions | States and political subdivisions | 40,220 | (2,238) | 931,463 | (135,677) | 971,683 | (137,915) | States and political subdivisions | 38,302 | (394) | 948,627 | (142,720) | 986,929 | (143,114) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total held-to-maturity | Total held-to-maturity | $ | 377,088 | $ | (28,016) | $ | 2,231,704 | $ | (380,544) | $ | 2,608,792 | $ | (408,560) | Total held-to-maturity | $ | 364,196 | $ | (33,222) | $ | 2,206,675 | $ | (419,154) | $ | 2,570,871 | $ | (452,376) | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Held-to-Maturity | Held-to-Maturity | Held-to-Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored entities and agencies | U.S. government-sponsored entities and agencies | 354,293 | (110,523) | 302,066 | (52,287) | 656,359 | (162,810) | U.S. government-sponsored entities and agencies | 354,293 | (110,523) | 302,066 | (52,287) | 656,359 | (162,810) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - Agency | Mortgage-backed securities - Agency | 367,849 | (42,438) | 615,114 | (81,416) | 982,963 | (123,854) | Mortgage-backed securities - Agency | 367,849 | (42,438) | 615,114 | (81,416) | 982,963 | (123,854) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
States and political subdivisions | States and political subdivisions | 838,689 | (127,355) | 135,573 | (31,667) | 974,262 | (159,022) | States and political subdivisions | 838,689 | (127,355) | 135,573 | (31,667) | 974,262 | (159,022) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total available-for-sale | $ | 1,560,831 | $ | (280,316) | $ | 1,052,753 | $ | (165,370) | $ | 2,613,584 | $ | (445,686) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total held-to-maturity | Total held-to-maturity | $ | 1,560,831 | $ | (280,316) | $ | 1,052,753 | $ | (165,370) | $ | 2,613,584 | $ | (445,686) |
Balance Sheet Line Item | Portfolio Segment Reclassifications | After Reclassifications | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
March 31, 2023 | |||||||||||||||||
Loans: | |||||||||||||||||
Commercial | $ | 9,751,875 | $ | (213,187) | $ | 9,538,688 | |||||||||||
Commercial real estate | 12,908,380 | (160,041) | 12,748,339 | ||||||||||||||
BBCC | N/A | 373,228 | 373,228 | ||||||||||||||
Residential real estate | 6,568,666 | — | 6,568,666 | ||||||||||||||
Consumer | 2,593,453 | (2,593,453) | N/A | ||||||||||||||
Indirect | N/A | 1,003,287 | 1,003,287 | ||||||||||||||
Direct | N/A | 580,726 | 580,726 | ||||||||||||||
Home equity | N/A | 1,009,440 | 1,009,440 | ||||||||||||||
Total | $ | 31,822,374 | $ | — | $ | 31,822,374 | |||||||||||
December 31, 2022 | |||||||||||||||||
Loans: | |||||||||||||||||
Commercial | $ | 9,508,904 | $ | (210,280) | $ | 9,298,624 | |||||||||||
Commercial real estate | 12,457,070 | (158,322) | 12,298,748 | ||||||||||||||
BBCC | N/A | 368,602 | 368,602 | ||||||||||||||
Residential real estate | 6,460,441 | — | 6,460,441 | ||||||||||||||
Consumer | 2,697,226 | (2,697,226) | N/A | ||||||||||||||
Indirect | N/A | 1,034,257 | 1,034,257 | ||||||||||||||
Direct | N/A | 629,186 | 629,186 | ||||||||||||||
Home equity | N/A | 1,033,783 | 1,033,783 | ||||||||||||||
Total | $ | 31,123,641 | $ | — | $ | 31,123,641 |
Balance Sheet Line Item | Portfolio Segment Reclassifications | After Reclassifications | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
June 30, 2023 | |||||||||||||||||
Loans: | |||||||||||||||||
Commercial | $ | 9,698,241 | $ | (227,414) | $ | 9,470,827 | |||||||||||
Commercial real estate | 13,450,209 | (162,841) | 13,287,368 | ||||||||||||||
BBCC | N/A | 390,255 | 390,255 | ||||||||||||||
Residential real estate | 6,684,480 | — | 6,684,480 | ||||||||||||||
Consumer | 2,599,543 | (2,599,543) | N/A | ||||||||||||||
Indirect | N/A | 1,003,287 | 1,003,287 | ||||||||||||||
Direct | N/A | 565,950 | 565,950 | ||||||||||||||
Home equity | N/A | 1,030,306 | 1,030,306 | ||||||||||||||
Total | $ | 32,432,473 | $ | — | $ | 32,432,473 | |||||||||||
December 31, 2022 | |||||||||||||||||
Loans: | |||||||||||||||||
Commercial | $ | 9,508,904 | $ | (210,280) | $ | 9,298,624 | |||||||||||
Commercial real estate | 12,457,070 | (158,322) | 12,298,748 | ||||||||||||||
BBCC | N/A | 368,602 | 368,602 | ||||||||||||||
Residential real estate | 6,460,441 | — | 6,460,441 | ||||||||||||||
Consumer | 2,697,226 | (2,697,226) | N/A | ||||||||||||||
Indirect | N/A | 1,034,257 | 1,034,257 | ||||||||||||||
Direct | N/A | 629,186 | 629,186 | ||||||||||||||
Home equity | N/A | 1,033,783 | 1,033,783 | ||||||||||||||
Total | $ | 31,123,641 | $ | — | $ | 31,123,641 |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Commercial (1) | Commercial (1) | $ | 9,538,688 | $ | 9,298,624 | Commercial (1) | $ | 9,470,827 | $ | 9,298,624 | ||||||||||||
Commercial real estate | Commercial real estate | 12,748,339 | 12,298,748 | Commercial real estate | 13,287,368 | 12,298,748 | ||||||||||||||||
BBCC | BBCC | 373,228 | 368,602 | BBCC | 390,255 | 368,602 | ||||||||||||||||
Residential real estate | Residential real estate | 6,568,666 | 6,460,441 | Residential real estate | 6,684,480 | 6,460,441 | ||||||||||||||||
Indirect | Indirect | 1,003,287 | 1,034,257 | Indirect | 1,003,287 | 1,034,257 | ||||||||||||||||
Direct | Direct | 580,726 | 629,186 | Direct | 565,950 | 629,186 | ||||||||||||||||
Home equity | Home equity | 1,009,440 | 1,033,783 | Home equity | 1,030,306 | 1,033,783 | ||||||||||||||||
Total loans | Total loans | 31,822,374 | 31,123,641 | Total loans | 32,432,473 | 31,123,641 | ||||||||||||||||
Allowance for credit losses on loans | Allowance for credit losses on loans | (298,711) | (303,671) | Allowance for credit losses on loans | (300,555) | (303,671) | ||||||||||||||||
Net loans | Net loans | $ | 31,523,663 | $ | 30,819,970 | Net loans | $ | 32,131,918 | $ | 30,819,970 |
(dollars in thousands) | (dollars in thousands) | Balance at Beginning of Period | Allowance Established for Acquired PCD Loans | Charge-offs | Recoveries | Provision for Loan Losses | Balance at End of Period | (dollars in thousands) | Balance at Beginning of Period | Allowance Established for Acquired PCD Loans | Charge-offs | Recoveries | Provision for Loan Losses | Balance at End of Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 120,612 | $ | — | $ | (12,423) | $ | 283 | $ | 17,296 | $ | 125,768 | Commercial | $ | 125,768 | $ | — | $ | (8,331) | $ | 1,814 | $ | 8,152 | $ | 127,403 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 138,244 | — | (1,189) | 263 | (1,970) | 135,348 | Commercial real estate | 135,348 | — | (2,458) | 1,029 | 2,978 | 136,897 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BBCC | BBCC | 2,431 | — | (28) | 73 | (160) | 2,316 | BBCC | 2,316 | — | (94) | 31 | 523 | 2,776 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 21,916 | — | (23) | 72 | (1,758) | 20,207 | Residential real estate | 20,207 | — | (218) | 53 | 379 | 20,421 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect | Indirect | 1,532 | — | (1,197) | 412 | 687 | 1,434 | Indirect | 1,434 | — | (402) | 612 | (237) | 1,407 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct | Direct | 12,116 | — | (3,238) | 581 | (2,693) | 6,766 | Direct | 6,766 | — | (2,600) | 637 | (48) | 4,755 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 6,820 | — | (82) | 67 | 67 | 6,872 | Home equity | 6,872 | — | (228) | 63 | 189 | 6,896 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 303,671 | $ | — | $ | (18,180) | $ | 1,751 | $ | 11,469 | $ | 298,711 | Total | $ | 298,711 | $ | — | $ | (14,331) | $ | 4,239 | $ | 11,936 | $ | 300,555 | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 27,232 | $ | 35,040 | $ | (1,880) | $ | 325 | $ | 38,754 | $ | 99,471 | Commercial | $ | 99,471 | $ | — | $ | (1,344) | $ | 781 | $ | 3,911 | $ | 102,819 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 64,004 | 42,601 | (507) | 182 | 34,210 | 140,490 | Commercial real estate | 140,490 | — | (318) | 320 | 1,310 | 141,802 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BBCC | BBCC | 2,458 | — | (28) | 57 | (418) | 2,069 | BBCC | 2,069 | — | (20) | 91 | (76) | 2,064 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 9,347 | 136 | (185) | 440 | 7,514 | 17,252 | Residential real estate | 17,252 | — | (137) | 130 | 2,484 | 19,729 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect | Indirect | 1,743 | — | (483) | 222 | 166 | 1,648 | Indirect | 1,648 | — | (528) | 320 | 201 | 1,641 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct | Direct | 528 | 31 | (1,530) | 582 | 14,839 | 14,450 | Direct | 14,450 | — | (1,722) | 676 | 1,008 | 14,412 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 2,029 | 723 | (51) | 82 | 2,344 | 5,127 | Home equity | 5,127 | — | (27) | 20 | 416 | 5,536 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 107,341 | $ | 78,531 | $ | (4,664) | $ | 1,890 | $ | 97,409 | $ | 280,507 | Total | $ | 280,507 | $ | — | $ | (4,096) | $ | 2,338 | $ | 9,254 | $ | 288,003 | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 120,612 | $ | — | $ | (20,754) | $ | 2,097 | $ | 25,448 | $ | 127,403 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 138,244 | — | (3,647) | 1,292 | 1,008 | 136,897 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BBCC | BBCC | 2,431 | — | (122) | 104 | 363 | 2,776 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 21,916 | — | (241) | 125 | (1,379) | 20,421 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect | Indirect | 1,532 | — | (1,599) | 1,024 | 450 | 1,407 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct | Direct | 12,116 | — | (5,838) | 1,218 | (2,741) | 4,755 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 6,820 | — | (310) | 130 | 256 | 6,896 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 303,671 | $ | — | $ | (32,511) | $ | 5,990 | $ | 23,405 | $ | 300,555 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 27,232 | $ | 35,040 | $ | (3,223) | $ | 1,013 | $ | 42,757 | $ | 102,819 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 64,004 | 42,601 | (824) | 502 | 35,519 | 141,802 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BBCC | BBCC | 2,458 | — | (48) | 148 | (494) | 2,064 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 9,347 | 136 | (324) | 570 | 10,000 | 19,729 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect | Indirect | 1,743 | — | (1,012) | 542 | 368 | 1,641 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct | Direct | 528 | 31 | (3,251) | 1,270 | 15,834 | 14,412 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 2,029 | 723 | (78) | 183 | 2,679 | 5,536 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 107,341 | $ | 78,531 | $ | (8,760) | $ | 4,228 | $ | 106,663 | $ | 288,003 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Allowance for credit losses on unfunded loan commitments: | Allowance for credit losses on unfunded loan commitments: | Allowance for credit losses on unfunded loan commitments: | ||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 32,188 | $ | 10,879 | Balance at beginning of period | $ | 34,156 | $ | 22,046 | $ | 32,188 | $ | 10,879 | ||||||||||||||||||||||||||||||||
Provision for credit losses on unfunded commitments acquired during the period | Provision for credit losses on unfunded commitments acquired during the period | — | 11,013 | Provision for credit losses on unfunded commitments acquired during the period | — | — | — | 11,013 | ||||||||||||||||||||||||||||||||||||||
Provision for unfunded loan commitments | Provision for unfunded loan commitments | 1,968 | 154 | Provision for unfunded loan commitments | 2,851 | (80) | 4,819 | 74 | ||||||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | 34,156 | $ | 22,046 | Balance at end of period | $ | 37,007 | $ | 21,966 | $ | 37,007 | $ | 21,966 |
Origination Year | Revolving to Term | Origination Year | Revolving to Term | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving | Total | (dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | Commercial: | Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | Risk Rating: | Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 673,613 | $ | 2,299,378 | $ | 1,517,883 | $ | 712,011 | $ | 629,196 | $ | 694,970 | $ | 2,041,109 | $ | 433,838 | $ | 9,001,998 | Pass | $ | 1,108,984 | $ | 1,860,049 | $ | 1,307,700 | $ | 671,792 | $ | 604,875 | $ | 673,184 | $ | 2,185,539 | $ | 465,649 | $ | 8,877,772 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Criticized | Criticized | 24,476 | 38,369 | 26,289 | 52,907 | 31,378 | 6,538 | 56,784 | 10,792 | 247,533 | Criticized | 28,284 | 84,240 | 15,092 | 23,548 | 29,772 | 32,376 | 74,437 | 25,524 | 313,273 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classified: | Classified: | Classified: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 5,879 | 16,596 | 75,646 | 15,505 | 21,896 | 3,401 | 40,883 | 47,187 | 226,993 | Substandard | 17,252 | 16,246 | 36,914 | 36,303 | 4,671 | 22,508 | 52,794 | 37,482 | 224,170 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual | Nonaccrual | — | — | 1,462 | 2,049 | 1,468 | — | 6,436 | 5,172 | 16,587 | Nonaccrual | — | 349 | — | 585 | 824 | 6,681 | 1,064 | 2,210 | 11,713 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | 20,828 | 11,687 | 3,633 | 73 | 9,356 | — | — | 45,577 | Doubtful | — | 24,047 | 12,536 | 1,832 | 583 | 4,901 | — | — | 43,899 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 703,968 | $ | 2,375,171 | $ | 1,632,967 | $ | 786,105 | $ | 684,011 | $ | 714,265 | $ | 2,145,212 | $ | 496,989 | $ | 9,538,688 | Total | $ | 1,154,520 | $ | 1,984,931 | $ | 1,372,242 | $ | 734,060 | $ | 640,725 | $ | 739,650 | $ | 2,313,834 | $ | 530,865 | $ | 9,470,827 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | $ | — | $ | — | $ | 5,230 | $ | — | $ | 6,789 | $ | 239 | $ | 165 | $ | — | $ | 12,423 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | Commercial real estate: | Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | Risk Rating: | Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 600,890 | $ | 3,129,239 | $ | 2,833,471 | $ | 1,942,417 | $ | 1,171,555 | $ | 1,560,183 | $ | 74,982 | $ | 643,987 | $ | 11,956,724 | Pass | $ | 1,188,882 | $ | 3,335,715 | $ | 2,791,366 | $ | 1,852,690 | $ | 1,083,211 | $ | 1,511,576 | $ | 84,574 | $ | 677,072 | $ | 12,525,086 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Criticized | Criticized | 217 | 56,997 | 40,407 | 22,202 | 70,931 | 105,130 | — | 42,466 | 338,350 | Criticized | 28,324 | 30,372 | 31,377 | 32,238 | 54,738 | 88,116 | 3,893 | 23,353 | 292,411 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classified: | Classified: | Classified: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 8,653 | 89,716 | 22,101 | 20,207 | 98,147 | 82,928 | — | 18,138 | 339,890 | Substandard | 14,685 | 71,131 | 17,505 | 19,748 | 79,998 | 44,060 | — | 49,825 | 296,952 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual | Nonaccrual | — | 648 | 9,785 | 4,879 | — | 21,708 | — | 3,151 | 40,171 | Nonaccrual | — | 866 | 18,463 | 1,064 | 456 | 16,081 | — | 3,272 | 40,202 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | 2,627 | 35,723 | 9,919 | 4,507 | 20,428 | — | — | 73,204 | Doubtful | — | 3,802 | 31,341 | 9,249 | 39,559 | 48,766 | — | — | 132,717 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 609,760 | $ | 3,279,227 | $ | 2,941,487 | $ | 1,999,624 | $ | 1,345,140 | $ | 1,790,377 | $ | 74,982 | $ | 707,742 | $ | 12,748,339 | Total | $ | 1,231,891 | $ | 3,441,886 | $ | 2,890,052 | $ | 1,914,989 | $ | 1,257,962 | $ | 1,708,599 | $ | 88,467 | $ | 753,522 | $ | 13,287,368 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | $ | — | $ | 54 | $ | 735 | $ | 400 | $ | — | $ | — | $ | — | $ | — | $ | 1,189 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BBCC: | BBCC: | BBCC: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | Risk Rating: | Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 25,194 | $ | 86,881 | $ | 59,220 | $ | 48,866 | $ | 35,291 | $ | 27,217 | $ | 59,846 | $ | 17,644 | $ | 360,159 | Pass | $ | 52,620 | $ | 77,831 | $ | 53,068 | $ | 44,433 | $ | 32,200 | $ | 28,305 | $ | 69,107 | $ | 16,637 | $ | 374,201 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Criticized | Criticized | 50 | 1,843 | 479 | 265 | 1,023 | 57 | 2,047 | 1,660 | 7,424 | Criticized | 987 | 1,445 | 1,081 | 360 | 1,045 | 483 | 1,836 | 1,626 | 8,863 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classified: | Classified: | Classified: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 10 | 986 | 641 | 33 | 415 | — | 603 | 658 | 3,346 | Substandard | 10 | 497 | 629 | 49 | 226 | 836 | 484 | 856 | 3,587 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual | Nonaccrual | — | 39 | 36 | 130 | — | 626 | — | 836 | 1,667 | Nonaccrual | 37 | 313 | 323 | 128 | 235 | 668 | — | 644 | 2,348 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | 39 | 73 | 276 | 108 | 136 | — | — | 632 | Doubtful | — | 408 | 219 | — | 55 | 74 | 500 | — | 1,256 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 25,254 | $ | 89,788 | $ | 60,449 | $ | 49,570 | $ | 36,837 | $ | 28,036 | $ | 62,496 | $ | 20,798 | $ | 373,228 | Total | $ | 53,654 | $ | 80,494 | $ | 55,320 | $ | 44,970 | $ | 33,761 | $ | 30,366 | $ | 71,927 | $ | 19,763 | $ | 390,255 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | $ | — | $ | — | $ | 28 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 28 |
Origination Year | Revolving to Term | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving | Total | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 2,388,618 | $ | 1,754,364 | $ | 796,340 | $ | 738,208 | $ | 362,986 | $ | 388,617 | $ | 1,988,763 | $ | 329,119 | $ | 8,747,015 | |||||||||||||||||||||||||||||||||||
Criticized | 40,856 | 30,661 | 63,557 | 33,490 | 9,195 | 5,312 | 61,036 | 4,327 | 248,434 | ||||||||||||||||||||||||||||||||||||||||||||
Classified: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 37,223 | 47,522 | 16,540 | 22,925 | 4,844 | 21,204 | 67,402 | 25,143 | 242,803 | ||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual | 3,627 | 1,453 | 566 | — | — | — | 1,634 | 6,623 | 13,903 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 2,821 | 17,604 | 3,720 | 8,005 | 5,968 | 8,351 | — | — | 46,469 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,473,145 | $ | 1,851,604 | $ | 880,723 | $ | 802,628 | $ | 382,993 | $ | 423,484 | $ | 2,118,835 | $ | 365,212 | $ | 9,298,624 | |||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 3,066,960 | $ | 2,828,758 | $ | 1,989,000 | $ | 1,219,025 | $ | 675,572 | $ | 1,018,719 | $ | 57,818 | $ | 689,553 | $ | 11,545,405 | |||||||||||||||||||||||||||||||||||
Criticized | 75,306 | 34,422 | 22,569 | 82,637 | 86,504 | 56,864 | — | 23,282 | 381,584 | ||||||||||||||||||||||||||||||||||||||||||||
Classified: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 46,231 | 16,928 | 24,319 | 78,468 | 57,824 | 21,591 | — | 4,108 | 249,469 | ||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual | 3,151 | 9,541 | 5,014 | — | 2,312 | 22,155 | — | 3,257 | 45,430 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 1,934 | 38,386 | 10,011 | 4,605 | 1,523 | 20,401 | — | — | 76,860 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,193,582 | $ | 2,928,035 | $ | 2,050,913 | $ | 1,384,735 | $ | 823,735 | $ | 1,139,730 | $ | 57,818 | $ | 720,200 | $ | 12,298,748 | |||||||||||||||||||||||||||||||||||
BBCC: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 90,341 | $ | 64,161 | $ | 52,304 | $ | 36,868 | $ | 23,618 | $ | 11,333 | $ | 60,016 | $ | 18,881 | $ | 357,522 | |||||||||||||||||||||||||||||||||||
Criticized | 1,504 | 525 | 368 | 692 | 353 | — | 1,006 | 1,603 | 6,051 | ||||||||||||||||||||||||||||||||||||||||||||
Classified: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 811 | 143 | — | 421 | — | — | 543 | 682 | 2,600 | ||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual | 42 | 37 | 118 | — | 429 | 284 | — | 639 | 1,549 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | 40 | 107 | 439 | 157 | 64 | 73 | — | — | 880 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 92,738 | $ | 64,973 | $ | 53,229 | $ | 38,138 | $ | 24,464 | $ | 11,690 | $ | 61,565 | $ | 21,805 | $ | 368,602 |
Origination Year | Revolving to Term | Origination Year | Revolving to Term | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving | Total | (dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate: | Residential real estate: | Residential real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | Risk Rating: | Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | Performing | $ | 92,032 | $ | 1,419,736 | $ | 1,975,809 | $ | 1,749,348 | $ | 472,547 | $ | 823,622 | $ | — | $ | 84 | $ | 6,533,178 | Performing | $ | 261,285 | $ | 1,480,926 | $ | 1,948,505 | $ | 1,709,893 | $ | 459,251 | $ | 785,089 | $ | — | $ | 143 | $ | 6,645,092 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | Nonperforming | — | 1,272 | 2,373 | 2,421 | 2,796 | 26,620 | — | 6 | 35,488 | Nonperforming | — | 1,892 | 2,727 | 4,200 | 3,378 | 27,191 | — | — | 39,388 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 92,032 | $ | 1,421,008 | $ | 1,978,182 | $ | 1,751,769 | $ | 475,343 | $ | 850,242 | $ | — | $ | 90 | $ | 6,568,666 | Total | $ | 261,285 | $ | 1,482,818 | $ | 1,951,232 | $ | 1,714,093 | $ | 462,629 | $ | 812,280 | $ | — | $ | 143 | $ | 6,684,480 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 23 | $ | — | $ | — | $ | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect: | Indirect: | Indirect: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | Risk Rating: | Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | Performing | $ | 74,980 | $ | 465,805 | $ | 225,377 | $ | 126,788 | $ | 69,147 | $ | 37,704 | $ | — | $ | 58 | $ | 999,859 | Performing | $ | 187,644 | $ | 425,822 | $ | 202,230 | $ | 98,742 | $ | 57,413 | $ | 27,397 | $ | — | $ | 83 | $ | 999,331 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | Nonperforming | — | 505 | 1,286 | 627 | 467 | 543 | — | — | 3,428 | Nonperforming | 65 | 1,107 | 798 | 1,082 | 438 | 466 | — | — | 3,956 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 74,980 | $ | 466,310 | $ | 226,663 | $ | 127,415 | $ | 69,614 | $ | 38,247 | $ | — | $ | 58 | $ | 1,003,287 | Total | $ | 187,709 | $ | 426,929 | $ | 203,028 | $ | 99,824 | $ | 57,851 | $ | 27,863 | $ | — | $ | 83 | $ | 1,003,287 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | $ | — | $ | 514 | $ | 430 | $ | 93 | $ | 111 | $ | 49 | $ | — | $ | — | $ | 1,197 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct: | Direct: | Direct: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | Risk Rating: | Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | Performing | $ | 27,097 | $ | 121,525 | $ | 141,746 | $ | 68,407 | $ | 48,981 | $ | 92,285 | $ | 74,520 | $ | 2,118 | $ | 576,679 | Performing | $ | 53,778 | $ | 110,107 | $ | 121,141 | $ | 77,169 | $ | 41,509 | $ | 80,155 | $ | 74,945 | $ | 1,348 | $ | 560,152 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | Nonperforming | — | 401 | 554 | 580 | 636 | 1,863 | 7 | 6 | 4,047 | Nonperforming | 21 | 275 | 489 | 562 | 463 | 3,970 | 8 | 10 | 5,798 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 27,097 | $ | 121,926 | $ | 142,300 | $ | 68,987 | $ | 49,617 | $ | 94,148 | $ | 74,527 | $ | 2,124 | $ | 580,726 | Total | $ | 53,799 | $ | 110,382 | $ | 121,630 | $ | 77,731 | $ | 41,972 | $ | 84,125 | $ | 74,953 | $ | 1,358 | $ | 565,950 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | $ | — | $ | 471 | $ | 794 | $ | 286 | $ | 327 | $ | 195 | $ | 1,165 | $ | — | $ | 3,238 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity: | Home equity: | Home equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | Risk Rating: | Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | Performing | $ | — | $ | 1,273 | $ | 876 | $ | 1,382 | $ | 1,068 | $ | 7,938 | $ | 962,911 | $ | 20,456 | $ | 995,904 | Performing | $ | — | $ | 1,328 | $ | 843 | $ | 859 | $ | 943 | $ | 6,573 | $ | 988,669 | $ | 16,859 | $ | 1,016,074 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | Nonperforming | — | 162 | 133 | 161 | 930 | 5,470 | 1,924 | 4,756 | 13,536 | Nonperforming | — | 51 | 130 | 82 | 1,057 | 4,776 | 1,961 | 6,175 | 14,232 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | 1,435 | $ | 1,009 | $ | 1,543 | $ | 1,998 | $ | 13,408 | $ | 964,835 | $ | 25,212 | $ | 1,009,440 | Total | $ | — | $ | 1,379 | $ | 973 | $ | 941 | $ | 2,000 | $ | 11,349 | $ | 990,630 | $ | 23,034 | $ | 1,030,306 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 82 | $ | — | $ | — | $ | 82 |
Origination Year | Revolving to Term | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving | Total | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 1,327,168 | $ | 1,945,792 | $ | 1,825,762 | $ | 478,529 | $ | 136,260 | $ | 712,175 | $ | 7 | $ | 88 | $ | 6,425,781 | |||||||||||||||||||||||||||||||||||
Nonperforming | 59 | 529 | 861 | 873 | 1,826 | 30,512 | — | — | 34,660 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,327,227 | $ | 1,946,321 | $ | 1,826,623 | $ | 479,402 | $ | 138,086 | $ | 742,687 | $ | 7 | $ | 88 | $ | 6,460,441 | |||||||||||||||||||||||||||||||||||
Indirect: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 504,410 | $ | 249,407 | $ | 144,265 | $ | 82,304 | $ | 31,484 | $ | 19,095 | $ | — | $ | 62 | $ | 1,031,027 | |||||||||||||||||||||||||||||||||||
Nonperforming | 348 | 1,074 | 645 | 531 | 304 | 328 | — | — | 3,230 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 504,758 | $ | 250,481 | $ | 144,910 | $ | 82,835 | $ | 31,788 | $ | 19,423 | $ | — | $ | 62 | $ | 1,034,257 | |||||||||||||||||||||||||||||||||||
Direct: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 132,934 | $ | 164,126 | $ | 77,406 | $ | 57,919 | $ | 45,299 | $ | 59,212 | $ | 87,622 | $ | 671 | $ | 625,189 | |||||||||||||||||||||||||||||||||||
Nonperforming | 115 | 851 | 614 | 205 | 327 | 1,526 | 5 | 354 | 3,997 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 133,049 | $ | 164,977 | $ | 78,020 | $ | 58,124 | $ | 45,626 | $ | 60,738 | $ | 87,627 | $ | 1,025 | $ | 629,186 | |||||||||||||||||||||||||||||||||||
Home equity: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 919 | $ | 896 | $ | 1,849 | $ | 1,497 | $ | 983 | $ | 11,646 | $ | 990,001 | $ | 14,792 | $ | 1,022,583 | |||||||||||||||||||||||||||||||||||
Nonperforming | 166 | 160 | 166 | 446 | 794 | 4,308 | 1,698 | 3,462 | 11,200 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,085 | $ | 1,056 | $ | 2,015 | $ | 1,943 | $ | 1,777 | $ | 15,954 | $ | 991,699 | $ | 18,254 | $ | 1,033,783 |
Origination Year | Revolving to Term | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving | Total | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 1,327,168 | $ | 1,945,792 | $ | 1,825,762 | $ | 478,529 | $ | 136,260 | $ | 712,175 | $ | 7 | $ | 88 | $ | 6,425,781 | |||||||||||||||||||||||||||||||||||
Nonperforming | 59 | 529 | 861 | 873 | 1,826 | 30,512 | — | — | 34,660 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,327,227 | $ | 1,946,321 | $ | 1,826,623 | $ | 479,402 | $ | 138,086 | $ | 742,687 | $ | 7 | $ | 88 | $ | 6,460,441 | |||||||||||||||||||||||||||||||||||
Indirect: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 504,410 | $ | 249,407 | $ | 144,265 | $ | 82,304 | $ | 31,484 | $ | 19,095 | $ | — | $ | 62 | $ | 1,031,027 | |||||||||||||||||||||||||||||||||||
Nonperforming | 348 | 1,074 | 645 | 531 | 304 | 328 | — | — | 3,230 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 504,758 | $ | 250,481 | $ | 144,910 | $ | 82,835 | $ | 31,788 | $ | 19,423 | $ | — | $ | 62 | $ | 1,034,257 | |||||||||||||||||||||||||||||||||||
Direct: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 132,934 | $ | 164,126 | $ | 77,406 | $ | 57,919 | $ | 45,299 | $ | 59,212 | $ | 87,622 | $ | 671 | $ | 625,189 | |||||||||||||||||||||||||||||||||||
Nonperforming | 115 | 851 | 614 | 205 | 327 | 1,526 | 5 | 354 | 3,997 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 133,049 | $ | 164,977 | $ | 78,020 | $ | 58,124 | $ | 45,626 | $ | 60,738 | $ | 87,627 | $ | 1,025 | $ | 629,186 | |||||||||||||||||||||||||||||||||||
Home equity: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 919 | $ | 896 | $ | 1,849 | $ | 1,497 | $ | 983 | $ | 11,646 | $ | 990,001 | $ | 14,792 | $ | 1,022,583 | |||||||||||||||||||||||||||||||||||
Nonperforming | 166 | 160 | 166 | 446 | 794 | 4,308 | 1,698 | 3,462 | 11,200 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,085 | $ | 1,056 | $ | 2,015 | $ | 1,943 | $ | 1,777 | $ | 15,954 | $ | 991,699 | $ | 18,254 | $ | 1,033,783 |
Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving | Total | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | — | $ | 2,100 | $ | 5,931 | $ | 120 | $ | — | $ | — | $ | 180 | $ | 8,331 | |||||||||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | — | — | 2,458 | — | 2,458 | |||||||||||||||||||||||||||||||||||||||||||||
BBCC | — | 47 | — | 47 | — | — | — | 94 | |||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | — | — | — | — | — | 218 | — | 218 | |||||||||||||||||||||||||||||||||||||||||||||
Indirect | 10 | 164 | 124 | 48 | 16 | 40 | — | 402 | |||||||||||||||||||||||||||||||||||||||||||||
Direct | — | 430 | 588 | 172 | 414 | 195 | 801 | 2,600 | |||||||||||||||||||||||||||||||||||||||||||||
Home equity | — | — | — | — | — | 228 | — | 228 | |||||||||||||||||||||||||||||||||||||||||||||
Total gross charge-offs | $ | 10 | $ | 2,741 | $ | 6,643 | $ | 387 | $ | 430 | $ | 3,139 | $ | 981 | $ | 14,331 | |||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | — | $ | 2,100 | $ | 11,161 | $ | 120 | $ | 6,789 | $ | 239 | $ | 345 | $ | 20,754 | |||||||||||||||||||||||||||||||||||||
Commercial real estate | — | 54 | 735 | 400 | — | 2,458 | — | 3,647 | |||||||||||||||||||||||||||||||||||||||||||||
BBCC | — | 47 | 28 | 47 | — | — | — | 122 | |||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | — | — | — | — | — | 241 | — | 241 | |||||||||||||||||||||||||||||||||||||||||||||
Indirect | 10 | 678 | 554 | 141 | 127 | 89 | — | 1,599 | |||||||||||||||||||||||||||||||||||||||||||||
Direct | — | 901 | 1,382 | 458 | 741 | 390 | 1,966 | 5,838 | |||||||||||||||||||||||||||||||||||||||||||||
Home equity | — | — | — | — | — | 310 | — | 310 | |||||||||||||||||||||||||||||||||||||||||||||
Total gross charge-offs | $ | 10 | $ | 3,780 | $ | 13,860 | $ | 1,166 | $ | 7,657 | $ | 3,727 | $ | 2,311 | $ | 32,511 |
(dollars in thousands) | (dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | Past Due 90 Days or More | Total Past Due | Current | Total Loans | (dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | Past Due 90 Days or More | Total Past Due | Current | Total Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 8,463 | $ | 3,397 | $ | 9,333 | $ | 21,193 | $ | 9,517,495 | $ | 9,538,688 | Commercial | $ | 4,164 | $ | 3,719 | $ | 15,138 | $ | 23,021 | $ | 9,447,806 | $ | 9,470,827 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 14,648 | 256 | 26,659 | 41,563 | 12,706,776 | 12,748,339 | Commercial real estate | 7,760 | 10,441 | 35,906 | 54,107 | 13,233,261 | 13,287,368 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BBCC | BBCC | 1,618 | 552 | 430 | 2,600 | 370,628 | 373,228 | BBCC | 868 | 847 | 74 | 1,789 | 388,466 | 390,255 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 19,495 | 310 | 9,725 | 29,530 | 6,539,136 | 6,568,666 | Residential | 18,543 | 4,350 | 11,131 | 34,024 | 6,650,456 | 6,684,480 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect | Indirect | 4,229 | 1,141 | 511 | 5,881 | 997,406 | 1,003,287 | Indirect | 4,296 | 1,162 | 840 | 6,298 | 996,989 | 1,003,287 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct | Direct | 3,759 | 955 | 1,511 | 6,225 | 574,501 | 580,726 | Direct | 3,225 | 775 | 1,257 | 5,257 | 560,693 | 565,950 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 6,279 | 1,923 | 4,802 | 13,004 | 996,436 | 1,009,440 | Home equity | 6,834 | 1,473 | 4,420 | 12,727 | 1,017,579 | 1,030,306 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 58,491 | $ | 8,534 | $ | 52,971 | $ | 119,996 | $ | 31,702,378 | $ | 31,822,374 | Total | $ | 45,690 | $ | 22,767 | $ | 68,766 | $ | 137,223 | $ | 32,295,250 | $ | 32,432,473 | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 14,147 | $ | 4,801 | $ | 11,080 | $ | 30,028 | $ | 9,268,596 | $ | 9,298,624 | Commercial | $ | 14,147 | $ | 4,801 | $ | 11,080 | $ | 30,028 | $ | 9,268,596 | $ | 9,298,624 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 47,240 | 1,312 | 32,892 | 81,444 | 12,217,304 | 12,298,748 | Commercial real estate | 47,240 | 1,312 | 32,892 | 81,444 | 12,217,304 | 12,298,748 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BBCC | BBCC | 730 | 365 | 603 | 1,698 | 366,904 | 368,602 | BBCC | 730 | 365 | 603 | 1,698 | 366,904 | 368,602 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 24,181 | 5,033 | 11,753 | 40,967 | 6,419,474 | 6,460,441 | Residential | 24,181 | 5,033 | 11,753 | 40,967 | 6,419,474 | 6,460,441 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect | Indirect | 6,302 | 2,118 | 958 | 9,378 | 1,024,879 | 1,034,257 | Indirect | 6,302 | 2,118 | 958 | 9,378 | 1,024,879 | 1,034,257 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct | Direct | 5,404 | 2,118 | 1,928 | 9,450 | 619,736 | 629,186 | Direct | 5,404 | 2,118 | 1,928 | 9,450 | 619,736 | 629,186 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 6,585 | 1,966 | 4,707 | 13,258 | 1,020,525 | 1,033,783 | Home equity | 6,585 | 1,966 | 4,707 | 13,258 | 1,020,525 | 1,033,783 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 104,589 | $ | 17,713 | $ | 63,921 | $ | 186,223 | $ | 30,937,418 | $ | 31,123,641 | Total | $ | 104,589 | $ | 17,713 | $ | 63,921 | $ | 186,223 | $ | 30,937,418 | $ | 31,123,641 |
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Nonaccrual Amortized Cost | Nonaccrual With No Related Allowance | Past Due 90 Days or More and Accruing | Nonaccrual Amortized Cost | Nonaccrual With No Related Allowance | Past Due 90 Days or More and Accruing | (dollars in thousands) | Nonaccrual Amortized Cost | Nonaccrual With No Related Allowance | Past Due 90 Days or More and Accruing | Nonaccrual Amortized Cost | Nonaccrual With No Related Allowance | Past Due 90 Days or More and Accruing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 62,164 | $ | 14,695 | $ | — | $ | 60,372 | $ | 7,873 | $ | 152 | Commercial | $ | 55,612 | $ | 12,666 | $ | 92 | $ | 60,372 | $ | 7,873 | $ | 152 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 113,375 | 36,495 | — | 122,290 | 33,445 | — | Commercial real estate | 172,919 | 44,218 | 173 | 122,290 | 33,445 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BBCC | BBCC | 2,299 | — | — | 2,429 | — | — | BBCC | 3,604 | — | — | 2,429 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 35,488 | — | 1,070 | 34,660 | — | 1,808 | Residential | 39,388 | — | — | 34,660 | — | 1,808 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect | Indirect | 3,428 | — | — | 3,230 | — | 28 | Indirect | 3,956 | — | — | 3,230 | — | 28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct | Direct | 4,047 | — | 119 | 3,997 | — | 133 | Direct | 5,798 | — | 25 | 3,997 | — | 133 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 13,536 | — | 42 | 11,200 | — | 529 | Home equity | 14,232 | — | 13 | 11,200 | — | 529 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 234,337 | $ | 51,190 | $ | 1,231 | $ | 238,178 | $ | 41,318 | $ | 2,650 | Total | $ | 295,509 | $ | 56,884 | $ | 303 | $ | 238,178 | $ | 41,318 | $ | 2,650 |
Type of Collateral | Type of Collateral | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Real Estate | Blanket Lien | Investment Securities/Cash | Auto | Other | (dollars in thousands) | Real Estate | Blanket Lien | Investment Securities/Cash | Auto | Other | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 13,899 | $ | 41,674 | $ | 2,219 | $ | 1,103 | $ | 124 | Commercial | $ | 14,450 | $ | 37,285 | $ | 652 | $ | 535 | $ | 366 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 100,490 | — | 1,661 | — | 6,334 | Commercial real estate | 156,570 | 3,908 | 1,246 | — | 6,259 | ||||||||||||||||||||||||||||||||||||||||||||||
BBCC | BBCC | 1,823 | 464 | — | 12 | — | BBCC | 2,267 | 1,301 | — | 36 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 35,488 | — | — | — | — | Residential | 39,388 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Indirect | Indirect | — | — | — | 3,428 | — | Indirect | — | — | — | 3,956 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Direct | Direct | 2,961 | 2 | — | 253 | 34 | Direct | 4,973 | 6 | — | 253 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 13,536 | — | — | — | Home equity | 14,232 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 168,197 | $ | 42,140 | $ | 3,880 | $ | 4,796 | $ | 6,492 | Total loans | $ | 231,880 | $ | 42,500 | $ | 1,898 | $ | 4,780 | $ | 6,657 | ||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 8,962 | $ | 42,754 | $ | 2,690 | $ | 1,611 | $ | 980 | Commercial | $ | 8,962 | $ | 42,754 | $ | 2,690 | $ | 1,611 | $ | 980 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 108,871 | — | 1,718 | — | 6,411 | Commercial real estate | 108,871 | — | 1,718 | — | 6,411 | ||||||||||||||||||||||||||||||||||||||||||||||
BBCC | BBCC | 1,939 | 478 | — | 12 | — | BBCC | 1,939 | 478 | — | 12 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 34,660 | — | — | — | — | Residential | 34,660 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Indirect | Indirect | — | — | — | 3,230 | — | Indirect | — | — | — | 3,230 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Direct | Direct | 2,991 | 13 | — | 232 | 23 | Direct | 2,991 | 13 | — | 232 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 11,200 | — | — | — | — | Home equity | 11,200 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 168,623 | $ | 43,245 | $ | 4,408 | $ | 5,085 | $ | 7,414 | Total loans | $ | 168,623 | $ | 43,245 | $ | 4,408 | $ | 5,085 | $ | 7,414 |
(dollars in thousands) | Term Extension | Total Class of Loans | |||||||||||||||||||||||||||||||||||||||
Commercial | $ | 17,342 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
Commercial real estate | 9,926 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
Total | $ | 27,268 | 0.1 | % |
(dollars in thousands) | Term Extension | Total Class of Loans | |||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 1,231 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
Commercial real estate | 12,449 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
Total | $ | 13,680 | 0.0 | % | |||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 18,517 | 0.2 | % | |||||||||||||||||||||||||||||||||||||
Commercial real estate | 19,280 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
Total | $ | 37,797 | 0.1 | % |
(dollars in thousands) | (dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | Past Due 90 Days or More | Total Past Due | Current | Total Loans | (dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | Past Due 90 Days or More | Total Past Due | Current | Total Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | — | $ | 2,637 | $ | — | $ | 2,637 | $ | 14,705 | $ | 17,342 | Commercial | $ | — | $ | — | $ | 2,600 | $ | 2,600 | $ | 15,917 | $ | 18,517 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | — | — | — | — | 9,926 | 9,926 | Commercial real estate | — | 5,537 | — | 5,537 | 13,743 | 19,280 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | 2,637 | $ | — | $ | 2,637 | $ | 24,631 | $ | 27,268 | Total | $ | — | $ | 5,537 | $ | 2,600 | $ | 8,137 | $ | 29,660 | $ | 37,797 |
(dollars in thousands) | Weighted- Average Term Extension (in months) | ||||||||||||||||||||||
Three Months Ended June 30, 2023 | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Total | |||||||||||||||||||||||
Six Months Ended June 30, 2023 | |||||||||||||||||||||||
Commercial | 6.8 | ||||||||||||||||||||||
Commercial real estate | 5.8 | ||||||||||||||||||||||
Total | 6.3 |
Affected Line Item in the Statement of Income | Three Months Ended March 31, | ||||||||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | |||||||||||||||||||||||||||
Operating lease cost | Occupancy/Equipment expense | $ | 8,638 | $ | 5,108 | ||||||||||||||||||||||||
Finance lease cost: | |||||||||||||||||||||||||||||
Amortization of right-of-use assets | Occupancy expense | 691 | 675 | ||||||||||||||||||||||||||
Interest on lease liabilities | Interest expense | 169 | 107 | ||||||||||||||||||||||||||
Sub-lease income | Occupancy expense | (60) | (128) | ||||||||||||||||||||||||||
Total | $ | 9,438 | $ | 5,762 |
Affected Line Item in the Statement of Income | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Operating lease cost | Occupancy/Equipment expense | $ | 7,469 | $ | 8,558 | $ | 16,107 | $ | 13,666 | ||||||||||||||||||||
Finance lease cost: | |||||||||||||||||||||||||||||
Amortization of right-of-use assets | Occupancy expense | 737 | 648 | 1,428 | 1,323 | ||||||||||||||||||||||||
Interest on lease liabilities | Interest expense | 184 | 103 | 353 | 210 | ||||||||||||||||||||||||
Sub-lease income | Occupancy expense | (102) | (174) | (162) | (302) | ||||||||||||||||||||||||
Total | $ | 8,288 | $ | 9,135 | $ | 17,726 | $ | 14,897 |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Operating Leases | Operating Leases | Operating Leases | ||||||||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | $ | 183,687 | $ | 189,714 | Operating lease right-of-use assets | $ | 184,700 | $ | 189,714 | ||||||||||||
Operating lease liabilities | Operating lease liabilities | 205,249 | 211,964 | Operating lease liabilities | 206,178 | 211,964 | ||||||||||||||||
Finance Leases | Finance Leases | Finance Leases | ||||||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 21,173 | 10,799 | Premises and equipment, net | 20,435 | 10,799 | ||||||||||||||||
Other borrowings | Other borrowings | 21,983 | 13,469 | Other borrowings | 21,346 | 13,469 | ||||||||||||||||
Weighted-Average Remaining Lease Term (in Years) | Weighted-Average Remaining Lease Term (in Years) | Weighted-Average Remaining Lease Term (in Years) | ||||||||||||||||||||
Operating leases | Operating leases | 8.9 | 9.1 | Operating leases | 8.7 | 9.1 | ||||||||||||||||
Finance leases | Finance leases | 10.6 | 7.2 | Finance leases | 10.5 | 7.2 | ||||||||||||||||
Weighted-Average Discount Rate | Weighted-Average Discount Rate | Weighted-Average Discount Rate | ||||||||||||||||||||
Operating leases | Operating leases | 2.90 | % | 2.88 | % | Operating leases | 2.92 | % | 2.88 | % | ||||||||||||
Finance leases | Finance leases | 3.82 | % | 3.30 | % | Finance leases | 3.84 | % | 3.30 | % |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | (dollars in thousands) | 2023 | 2022 | ||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | Cash paid for amounts included in the measurement of lease liabilities: | Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||||||
Operating cash flows from operating leases | Operating cash flows from operating leases | $ | 7,932 | $ | 5,341 | Operating cash flows from operating leases | $ | 15,752 | $ | 13,705 | ||||||||||||
Operating cash flows from finance leases | Operating cash flows from finance leases | 169 | 107 | Operating cash flows from finance leases | 353 | 210 | ||||||||||||||||
Financing cash flows from finance leases | Financing cash flows from finance leases | 628 | 616 | Financing cash flows from finance leases | 1,265 | 1,210 |
(dollars in thousands) | (dollars in thousands) | Operating Leases | Finance Leases | (dollars in thousands) | Operating Leases | Finance Leases | ||||||||||||||||
2023 | 2023 | $ | 22,933 | $ | 2,432 | 2023 | $ | 15,993 | $ | 1,611 | ||||||||||||
2024 | 2024 | 29,819 | 3,278 | 2024 | 31,241 | 3,278 | ||||||||||||||||
2025 | 2025 | 28,513 | 3,301 | 2025 | 29,621 | 3,301 | ||||||||||||||||
2026 | 2026 | 27,600 | 2,075 | 2026 | 28,575 | 2,075 | ||||||||||||||||
2027 | 2027 | 26,668 | 2,078 | 2027 | 27,604 | 2,079 | ||||||||||||||||
Thereafter | Thereafter | 98,709 | 13,964 | Thereafter | 101,741 | 13,964 | ||||||||||||||||
Total undiscounted lease payments | Total undiscounted lease payments | 234,242 | 27,128 | Total undiscounted lease payments | 234,775 | 26,308 | ||||||||||||||||
Amounts representing interest | Amounts representing interest | (28,993) | (5,145) | Amounts representing interest | (28,597) | (4,962) | ||||||||||||||||
Lease liability | Lease liability | $ | 205,249 | $ | 21,983 | Lease liability | $ | 206,178 | $ | 21,346 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 1,998,716 | $ | 1,036,994 | Balance at beginning of period | $ | 1,998,716 | $ | 1,997,157 | $ | 1,998,716 | $ | 1,036,994 | ||||||||||||||||||||||||||||||||
Acquisitions and adjustments | Acquisitions and adjustments | — | 960,163 | Acquisitions and adjustments | — | (5,623) | — | 954,540 | ||||||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | 1,998,716 | $ | 1,997,157 | Balance at end of period | $ | 1,998,716 | $ | 1,991,534 | $ | 1,998,716 | $ | 1,991,534 |
(dollars in thousands) | (dollars in thousands) | Gross Carrying Amount | Accumulated Amortization and Impairment | Net Carrying Amount | (dollars in thousands) | Gross Carrying Amount | Accumulated Amortization and Impairment | Net Carrying Amount | ||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||
Core deposit | Core deposit | $ | 170,642 | $ | (85,861) | $ | 84,781 | Core deposit | $ | 143,511 | $ | (63,521) | $ | 79,990 | ||||||||||||||||||||
Customer trust relationships | Customer trust relationships | 56,243 | (20,805) | 35,438 | Customer trust relationships | 52,621 | (18,452) | 34,169 | ||||||||||||||||||||||||||
Total other intangible assets | Total other intangible assets | $ | 226,885 | $ | (106,666) | $ | 120,219 | Total other intangible assets | $ | 196,132 | $ | (81,973) | $ | 114,159 | ||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||
Core deposit | Core deposit | $ | 170,642 | $ | (80,951) | $ | 89,691 | Core deposit | $ | 170,642 | $ | (80,951) | $ | 89,691 | ||||||||||||||||||||
Customer trust relationships | Customer trust relationships | 56,243 | (19,529) | 36,714 | Customer trust relationships | 56,243 | (19,529) | 36,714 | ||||||||||||||||||||||||||
Total other intangible assets | Total other intangible assets | $ | 226,885 | $ | (100,480) | $ | 126,405 | Total other intangible assets | $ | 226,885 | $ | (100,480) | $ | 126,405 |
(dollars in thousands) | |||||
2023 remaining | $ | 17,969 | |||
2024 | 21,239 | ||||
2025 | 18,358 | ||||
2026 | 15,555 | ||||
2027 | 12,867 | ||||
Thereafter | 34,231 | ||||
Total | $ | 120,219 |
(dollars in thousands) | |||||
2023 remaining | $ | 11,909 | |||
2024 | 21,239 | ||||
2025 | 18,358 | ||||
2026 | 15,555 | ||||
2027 | 12,867 | ||||
Thereafter | 34,231 | ||||
Total | $ | 114,159 |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Investment | Investment | Accounting Method | Investment | Unfunded Commitment (1) | Investment | Unfunded Commitment | Investment | Accounting Method | Investment | Unfunded Commitment (1) | Investment | Unfunded Commitment | ||||||||||||||||||||||||||||||||||||||||
LIHTC | LIHTC | Proportional amortization | $ | 82,950 | $ | 46,743 | $ | 84,428 | $ | 55,754 | LIHTC | Proportional amortization | $ | 90,164 | $ | 53,327 | $ | 84,428 | $ | 55,754 | ||||||||||||||||||||||||||||||||
FHTC | FHTC | Equity | 18,892 | 9,019 | 19,316 | 9,588 | FHTC | Equity | 19,797 | 10,016 | 19,316 | 9,588 | ||||||||||||||||||||||||||||||||||||||||
NMTC | NMTC | Consolidation | 49,820 | — | 51,912 | — | NMTC | Consolidation | 47,728 | — | 51,912 | — | ||||||||||||||||||||||||||||||||||||||||
Renewable Energy | Renewable Energy | Equity | 854 | — | 1,099 | — | Renewable Energy | Equity | 608 | — | 1,099 | — | ||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 152,516 | $ | 55,762 | $ | 156,755 | $ | 65,342 | Total | $ | 158,297 | $ | 63,343 | $ | 156,755 | $ | 65,342 |
(dollars in thousands) | (dollars in thousands) | Amortization Expense (1) | Tax Expense (Benefit) Recognized (2) | (dollars in thousands) | Amortization Expense (1) | Tax Expense (Benefit) Recognized (2) | ||||||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||||||||||
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2023 | |||||||||||||||||||||
LIHTC | LIHTC | $ | 1,463 | $ | (1,908) | LIHTC | $ | 1,463 | $ | (1,908) | ||||||||||||
FHTC | FHTC | 424 | (512) | FHTC | 424 | (512) | ||||||||||||||||
NMTC | NMTC | 2,091 | (2,611) | NMTC | 2,092 | (2,611) | ||||||||||||||||
Renewable Energy | Renewable Energy | 246 | — | Renewable Energy | 246 | — | ||||||||||||||||
Total | Total | $ | 4,224 | $ | (5,031) | Total | $ | 4,225 | $ | (5,031) | ||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||||
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2022 | |||||||||||||||||||||
LIHTC | LIHTC | $ | 1,253 | $ | (1,650) | LIHTC | $ | 1,240 | $ | (1,650) | ||||||||||||
FHTC | FHTC | 205 | (251) | FHTC | 215 | (263) | ||||||||||||||||
NMTC | NMTC | 1,101 | (1,375) | NMTC | 1,100 | (1,375) | ||||||||||||||||
Renewable Energy | Renewable Energy | 210 | — | Renewable Energy | 210 | — | ||||||||||||||||
Total | Total | $ | 2,769 | $ | (3,276) | Total | $ | 2,765 | $ | (3,288) | ||||||||||||
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2023 | |||||||||||||||||||||
LIHTC | LIHTC | $ | 2,927 | $ | (3,817) | |||||||||||||||||
FHTC | FHTC | 848 | (1,024) | |||||||||||||||||||
NMTC | NMTC | 4,183 | (5,222) | |||||||||||||||||||
Renewable Energy | Renewable Energy | 492 | — | |||||||||||||||||||
Total | Total | $ | 8,450 | $ | (10,063) | |||||||||||||||||
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | |||||||||||||||||||||
LIHTC | LIHTC | $ | 2,493 | $ | (3,300) | |||||||||||||||||
FHTC | FHTC | 420 | (514) | |||||||||||||||||||
NMTC | NMTC | 2,201 | (2,750) | |||||||||||||||||||
Renewable Energy | Renewable Energy | 420 | — | |||||||||||||||||||
Total | Total | $ | 5,534 | $ | (6,564) |
At or for the Three Months Ended March 31, 2023 | At December 31, 2022 | At or for the Three Months Ended March 31, 2022 | At or for the Six Months Ended June 30, | |||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | (dollars in thousands) | 2023 | 2022 | ||||||||||||||||||||||||
Outstanding at period end | Outstanding at period end | $ | 393,018 | $ | 432,804 | $ | 509,275 | Outstanding at period end | $ | 311,447 | $ | 476,173 | ||||||||||||||||
Average amount outstanding during the period | Average amount outstanding during the period | 412,819 | N/A | 449,939 | Average amount outstanding during the period | 376,298 | 458,459 | |||||||||||||||||||||
Maximum amount outstanding at any month-end during the period | Maximum amount outstanding at any month-end during the period | 430,537 | N/A | 509,275 | Maximum amount outstanding at any month-end during the period | 430,537 | 509,275 | |||||||||||||||||||||
Weighted-average interest rate: | Weighted-average interest rate: | Weighted-average interest rate: | ||||||||||||||||||||||||||
During the period | During the period | 0.77 | % | N/A | 0.09 | % | During the period | 0.90 | % | 0.08 | % | |||||||||||||||||
At period end | At period end | 0.88 | % | 1.31 | % | 0.08 | % | At period end | 1.14 | % | 0.08 | % |
At March 31, 2023 | At June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Remaining Contractual Maturity of the Agreements | Remaining Contractual Maturity of the Agreements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Overnight and Continuous | Up to 30 Days | 30-90 Days | Greater Than 90 days | Total | (dollars in thousands) | Overnight and Continuous | Up to 30 Days | 30-90 Days | Greater Than 90 days | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Repurchase Agreements: | Repurchase Agreements: | Repurchase Agreements: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and agency securities | U.S. Treasury and agency securities | $ | 393,018 | $ | — | $ | — | $ | — | $ | 393,018 | U.S. Treasury and agency securities | $ | 311,447 | $ | — | $ | — | $ | — | $ | 311,447 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 393,018 | $ | — | $ | — | $ | — | $ | 393,018 | Total | $ | 311,447 | $ | — | $ | — | $ | — | $ | 311,447 |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
FHLB advances (fixed rates 0.00% to 5.11% and variable rates 4.57% to 5.24%) maturing April 2023 to September 2042 | $ | 5,000,528 | $ | 3,850,677 | ||||||||||||||||||
FHLB advances (fixed rates 0.00% to 5.49% and variable rates 5.09% to 5.18%) maturing September 2023 to September 2042 | FHLB advances (fixed rates 0.00% to 5.49% and variable rates 5.09% to 5.18%) maturing September 2023 to September 2042 | $ | 4,800,528 | $ | 3,850,677 | |||||||||||||||||
Fair value hedge basis adjustments and unamortized prepayment fees | Fair value hedge basis adjustments and unamortized prepayment fees | (18,916) | (21,659) | Fair value hedge basis adjustments and unamortized prepayment fees | (29,345) | (21,659) | ||||||||||||||||
Total | Total | $ | 4,981,612 | $ | 3,829,018 | Total | $ | 4,771,183 | $ | 3,829,018 |
(dollars in thousands) | |||||
Due in 2023 | $ | ||||
Due in 2024 | 25,243 | ||||
Due in 2025 | 550,285 | ||||
Due in 2026 | 100,000 | ||||
Thereafter | |||||
Fair value hedge basis adjustments and unamortized prepayment fees | |||||
Total | $ |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Old National Bancorp: | Old National Bancorp: | Old National Bancorp: | ||||||||||||||||||||
Senior unsecured notes (fixed rate 4.125%) maturing August 2024 | Senior unsecured notes (fixed rate 4.125%) maturing August 2024 | $ | 175,000 | $ | 175,000 | Senior unsecured notes (fixed rate 4.125%) maturing August 2024 | $ | 175,000 | $ | 175,000 | ||||||||||||
Unamortized debt issuance costs related to senior unsecured notes | Unamortized debt issuance costs related to senior unsecured notes | (208) | (247) | Unamortized debt issuance costs related to senior unsecured notes | (169) | (247) | ||||||||||||||||
Subordinated debentures (fixed rate 5.875%) maturing September 2026 | Subordinated debentures (fixed rate 5.875%) maturing September 2026 | 150,000 | 150,000 | Subordinated debentures (fixed rate 5.875%) maturing September 2026 | 150,000 | 150,000 | ||||||||||||||||
Junior subordinated debentures (variable rates of 6.27% to 8.41%) maturing July 2031 to September 2037 | 136,643 | 136,643 | ||||||||||||||||||||
Junior subordinated debentures (variable rates of 6.86% to 8.88%) maturing July 2031 to September 2037 | Junior subordinated debentures (variable rates of 6.86% to 8.88%) maturing July 2031 to September 2037 | 136,643 | 136,643 | |||||||||||||||||||
Other basis adjustments | Other basis adjustments | 22,073 | 23,363 | Other basis adjustments | 20,785 | 23,363 | ||||||||||||||||
Old National Bank: | Old National Bank: | Old National Bank: | ||||||||||||||||||||
Finance lease liabilities | Finance lease liabilities | 21,983 | 13,469 | Finance lease liabilities | 21,346 | 13,469 | ||||||||||||||||
Subordinated debentures (variable rate 9.16%) maturing October 2025 | 12,000 | 12,000 | ||||||||||||||||||||
Subordinated debentures (variable rate 9.66%) maturing October 2025 | Subordinated debentures (variable rate 9.66%) maturing October 2025 | 12,000 | 12,000 | |||||||||||||||||||
Leveraged loans for NMTC (fixed rates of 1.00% to 1.43%) maturing December 2046 to June 2060 | Leveraged loans for NMTC (fixed rates of 1.00% to 1.43%) maturing December 2046 to June 2060 | 143,745 | 143,187 | Leveraged loans for NMTC (fixed rates of 1.00% to 1.43%) maturing December 2046 to June 2060 | 143,745 | 143,187 | ||||||||||||||||
Other (1) | Other (1) | 85,633 | 89,588 | Other (1) | 155,968 | 89,588 | ||||||||||||||||
Total other borrowings | Total other borrowings | $ | 746,869 | $ | 743,003 | Total other borrowings | $ | 815,318 | $ | 743,003 |
(dollars in thousands) | |||||
Due in 2023 | $ | ||||
Due in 2024 | 177,609 | ||||
Due in 2025 | 14,696 | ||||
Due in 2026 | 151,529 | ||||
Due in 2027 | 1,587 | ||||
Thereafter | 292,059 | ||||
Unamortized debt issuance costs and other basis adjustments | |||||
Total | $ |
(dollars in thousands) | (dollars in thousands) | Rate at March 31, 2023 | (dollars in thousands) | Rate at June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||
Name of Trust | Name of Trust | Issuance Date | Issuance Amount | Rate | Maturity Date | Name of Trust | Issuance Date | Issuance Amount | Rate | Maturity Date | ||||||||||||||||||||||||||||||||||||||||||
Bridgeview Statutory Trust I | Bridgeview Statutory Trust I | July 2001 | $ | 15,464 | 3-month LIBOR plus 3.58% | 8.41% | July 31, 2031 | Bridgeview Statutory Trust I | July 2001 | $ | 15,464 | 3-month LIBOR plus 3.58% | 8.88% | July 31, 2031 | ||||||||||||||||||||||||||||||||||||||
Bridgeview Capital Trust II | Bridgeview Capital Trust II | December 2002 | 15,464 | 3-month LIBOR plus 3.35% | 8.18% | January 7, 2033 | Bridgeview Capital Trust II | December 2002 | 15,464 | 3-month LIBOR plus 3.35% | 8.61% | January 7, 2033 | ||||||||||||||||||||||||||||||||||||||||
First Midwest Capital Trust I | First Midwest Capital Trust I | November 2003 | 37,825 | 6.95% fixed | 6.95% | December 1, 2033 | First Midwest Capital Trust I | November 2003 | 37,825 | 6.95% fixed | 6.95% | December 1, 2033 | ||||||||||||||||||||||||||||||||||||||||
St. Joseph Capital Trust II | St. Joseph Capital Trust II | March 2005 | 5,155 | 3-month LIBOR plus 1.75% | 6.66% | March 17, 2035 | St. Joseph Capital Trust II | March 2005 | 5,155 | 3-month LIBOR plus 1.75% | 7.26% | March 17, 2035 | ||||||||||||||||||||||||||||||||||||||||
Northern States Statutory Trust I | Northern States Statutory Trust I | September 2005 | 10,310 | 3-month LIBOR plus 1.80% | 6.67% | September 15, 2035 | Northern States Statutory Trust I | September 2005 | 10,310 | 3-month LIBOR plus 1.80% | 7.35% | September 15, 2035 | ||||||||||||||||||||||||||||||||||||||||
Anchor Capital Trust III | Anchor Capital Trust III | August 2005 | 5,000 | 3-month LIBOR plus 1.55% | 6.71% | September 30, 2035 | Anchor Capital Trust III | August 2005 | 5,000 | 3-month LIBOR plus 1.55% | 7.09% | September 30, 2035 | ||||||||||||||||||||||||||||||||||||||||
Great Lakes Statutory Trust II | Great Lakes Statutory Trust II | December 2005 | 6,186 | 3-month LIBOR plus 1.40% | 6.27% | December 15, 2035 | Great Lakes Statutory Trust II | December 2005 | 6,186 | 3-month LIBOR plus 1.40% | 6.95% | December 15, 2035 | ||||||||||||||||||||||||||||||||||||||||
Home Federal Statutory Trust I | Home Federal Statutory Trust I | September 2006 | 15,464 | 3-month LIBOR plus 1.65% | 6.52% | September 15, 2036 | Home Federal Statutory Trust I | September 2006 | 15,464 | 3-month LIBOR plus 1.65% | 7.20% | September 15, 2036 | ||||||||||||||||||||||||||||||||||||||||
Monroe Bancorp Capital Trust I | Monroe Bancorp Capital Trust I | July 2006 | 3,093 | 3-month LIBOR plus 1.60% | 6.43% | October 7, 2036 | Monroe Bancorp Capital Trust I | July 2006 | 3,093 | 3-month LIBOR plus 1.60% | 6.86% | October 7, 2036 | ||||||||||||||||||||||||||||||||||||||||
Tower Capital Trust 3 | Tower Capital Trust 3 | December 2006 | 9,279 | 3-month LIBOR plus 1.69% | 6.65% | March 1, 2037 | Tower Capital Trust 3 | December 2006 | 9,279 | 3-month LIBOR plus 1.69% | 7.19% | March 1, 2037 | ||||||||||||||||||||||||||||||||||||||||
Monroe Bancorp Statutory Trust II | Monroe Bancorp Statutory Trust II | March 2007 | 5,155 | 3-month LIBOR plus 1.60% | 6.47% | June 15, 2037 | Monroe Bancorp Statutory Trust II | March 2007 | 5,155 | 3-month LIBOR plus 1.60% | 7.15% | June 15, 2037 | ||||||||||||||||||||||||||||||||||||||||
Great Lakes Statutory Trust III | Great Lakes Statutory Trust III | June 2007 | 8,248 | 3-month LIBOR plus 1.70% | 6.57% | September 15, 2037 | Great Lakes Statutory Trust III | June 2007 | 8,248 | 3-month LIBOR plus 1.70% | 7.25% | September 15, 2037 | ||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 136,643 | Total | $ | 136,643 |
(dollars in thousands) | (dollars in thousands) | Unrealized Gains and Losses on Available- for-Sale Debt Securities | Unrealized Gains and Losses on Held-to- Maturity Securities | Gains and Losses on Hedges | Defined Benefit Pension Plans | Total | (dollars in thousands) | Unrealized Gains and Losses on Available- for-Sale Debt Securities | Unrealized Gains and Losses on Held-to- Maturity Securities | Gains and Losses on Hedges | Defined Benefit Pension Plans | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | (642,346) | $ | (112,664) | $ | (31,549) | $ | 137 | $ | (786,422) | Balance at beginning of period | $ | (611,260) | $ | (106,966) | $ | 9,872 | $ | (4) | $ | (708,358) | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | Other comprehensive income (loss) before reclassifications | 27,219 | 1,325 | 35,985 | — | 64,529 | Other comprehensive income (loss) before reclassifications | (90,121) | — | 9,840 | — | (80,281) | ||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI to income (1) | Amounts reclassified from AOCI to income (1) | 3,867 | 4,373 | 5,436 | (141) | 13,535 | Amounts reclassified from AOCI to income (1) | (12) | 3,822 | (23,808) | 4 | (19,994) | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | (611,260) | $ | (106,966) | $ | 9,872 | $ | (4) | $ | (708,358) | Balance at end of period | $ | (701,393) | $ | (103,144) | $ | (4,096) | $ | — | $ | (808,633) | ||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | (2,950) | $ | — | $ | 543 | $ | 32 | $ | (2,375) | Balance at beginning of period | $ | (314,364) | $ | (16,727) | $ | (7,132) | $ | 24 | $ | (338,199) | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | Other comprehensive income (loss) before reclassifications | (311,153) | (16,963) | (7,170) | — | (335,286) | Other comprehensive income (loss) before reclassifications | (122,776) | (108,266) | (2,578) | — | (233,620) | ||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI to income (1) | Amounts reclassified from AOCI to income (1) | (261) | 236 | (505) | (8) | (538) | Amounts reclassified from AOCI to income (1) | 65 | 2,794 | (165) | (8) | 2,686 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | (314,364) | $ | (16,727) | $ | (7,132) | $ | 24 | $ | (338,199) | Balance at end of period | $ | (437,075) | $ | (122,199) | $ | (9,875) | $ | 16 | $ | (569,133) | ||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | (642,346) | $ | (112,664) | $ | (31,549) | $ | 137 | $ | (786,422) | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | Other comprehensive income (loss) before reclassifications | (62,902) | 1,325 | 45,825 | — | (15,752) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI to income (1) | Amounts reclassified from AOCI to income (1) | 3,855 | 8,195 | (18,372) | (137) | (6,459) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | (701,393) | $ | (103,144) | $ | (4,096) | $ | — | $ | (808,633) | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | (2,950) | $ | — | $ | 543 | $ | 32 | $ | (2,375) | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | Other comprehensive income (loss) before reclassifications | (433,929) | (125,229) | (9,748) | — | (568,906) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI to income (1) | Amounts reclassified from AOCI to income (1) | (196) | 3,030 | (670) | (16) | 2,148 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | (437,075) | $ | (122,199) | $ | (9,875) | $ | 16 | $ | (569,133) |
Three Months Ended March 31, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | (dollars in thousands) | 2023 | 2022 | ||||||||||||||||||||||||||||
Details about AOCI Components | Details about AOCI Components | Amount Reclassified from AOCI | Affected Line Item in the Statement of Income | Details about AOCI Components | Amount Reclassified from AOCI | Affected Line Item in the Statement of Income | ||||||||||||||||||||||||||||
Unrealized gains and losses on available-for-sale securities | Unrealized gains and losses on available-for-sale securities | $ | (5,216) | $ | 342 | Debt securities gains (losses), net | Unrealized gains and losses on available-for-sale securities | $ | 17 | $ | (85) | Debt securities gains (losses), net | ||||||||||||||||||||||
1,349 | (81) | Income tax (expense) benefit | (5) | 20 | Income tax (expense) benefit | |||||||||||||||||||||||||||||
$ | (3,867) | $ | 261 | Net income (loss) | $ | 12 | $ | (65) | Net income (loss) | |||||||||||||||||||||||||
Unrealized gains and losses on held-to-maturity securities | Unrealized gains and losses on held-to-maturity securities | $ | (5,829) | $ | (310) | Interest income (expense) | Unrealized gains and losses on held-to-maturity securities | $ | (5,122) | $ | (3,692) | Interest income (expense) | ||||||||||||||||||||||
1,456 | 74 | Income tax (expense) benefit | 1,300 | 898 | Income tax (expense) benefit | |||||||||||||||||||||||||||||
$ | (4,373) | $ | (236) | Net income (loss) | $ | (3,822) | $ | (2,794) | Net income (loss) | |||||||||||||||||||||||||
Gains and losses on hedges Interest rate contracts | Gains and losses on hedges Interest rate contracts | $ | (7,292) | $ | 669 | Interest income (expense) | Gains and losses on hedges Interest rate contracts | $ | 32,112 | $ | 219 | Interest income (expense) | ||||||||||||||||||||||
1,856 | (164) | Income tax (expense) benefit | (8,304) | (54) | Income tax (expense) benefit | |||||||||||||||||||||||||||||
$ | (5,436) | $ | 505 | Net income (loss) | $ | 23,808 | $ | 165 | Net income (loss) | |||||||||||||||||||||||||
Amortization of defined benefit pension items | Amortization of defined benefit pension items | Amortization of defined benefit pension items | ||||||||||||||||||||||||||||||||
Actuarial gains (losses) | Actuarial gains (losses) | $ | 188 | $ | 11 | Salaries and employee benefits | Actuarial gains (losses) | $ | (6) | $ | 10 | Salaries and employee benefits | ||||||||||||||||||||||
(47) | (3) | Income tax (expense) benefit | 2 | (2) | Income tax (expense) benefit | |||||||||||||||||||||||||||||
$ | 141 | $ | 8 | Net income (loss) | $ | (4) | $ | 8 | Net income (loss) | |||||||||||||||||||||||||
Total reclassifications for the period | Total reclassifications for the period | $ | (13,535) | $ | 538 | Net income (loss) | Total reclassifications for the period | $ | 19,994 | $ | (2,686) | Net income (loss) |
Six Months Ended June 30, | |||||||||||||||||
(dollars in thousands) | 2023 | 2022 | |||||||||||||||
Details about AOCI Components | Amount Reclassified from AOCI | Affected Line Item in the Statement of Income | |||||||||||||||
Unrealized gains and losses on available-for-sale securities | $ | (5,199) | $ | 257 | Debt securities gains (losses), net | ||||||||||||
1,344 | (61) | Income tax (expense) benefit | |||||||||||||||
$ | (3,855) | $ | 196 | Net income (loss) | |||||||||||||
Unrealized gains and losses on held-to-maturity securities | $ | (10,951) | $ | (4,002) | Interest income (expense) | ||||||||||||
2,756 | 972 | Income tax (expense) benefit | |||||||||||||||
$ | (8,195) | $ | (3,030) | Net income (loss) | |||||||||||||
Gains and losses on hedges Interest rate contracts | $ | 24,820 | $ | 888 | Interest income (expense) | ||||||||||||
(6,448) | (218) | Income tax (expense) benefit | |||||||||||||||
$ | 18,372 | $ | 670 | Net income (loss) | |||||||||||||
Amortization of defined benefit pension items | |||||||||||||||||
Actuarial gains (losses) | $ | 182 | $ | 21 | Salaries and employee benefits | ||||||||||||
(45) | (5) | Income tax (expense) benefit | |||||||||||||||
$ | 137 | $ | 16 | Net income (loss) | |||||||||||||
Total reclassifications for the period | $ | 6,459 | $ | (2,148) | Net income (loss) |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Provision at statutory rate of 21% | Provision at statutory rate of 21% | $ | 39,484 | $ | (7,623) | Provision at statutory rate of 21% | $ | 42,510 | $ | 29,389 | $ | 81,995 | $ | 21,766 | ||||||||||||||||||||||||||||||||
Tax-exempt income: | Tax-exempt income: | Tax-exempt income: | ||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt interest | Tax-exempt interest | (4,486) | (2,992) | Tax-exempt interest | (4,605) | (3,413) | (9,091) | (6,406) | ||||||||||||||||||||||||||||||||||||||
Section 291/265 interest disallowance | Section 291/265 interest disallowance | 386 | 28 | Section 291/265 interest disallowance | 532 | 38 | 918 | 66 | ||||||||||||||||||||||||||||||||||||||
Company-owned life insurance income | Company-owned life insurance income | (627) | (718) | Company-owned life insurance income | (945) | (938) | (1,572) | (1,656) | ||||||||||||||||||||||||||||||||||||||
Tax-exempt income | Tax-exempt income | (4,727) | (3,682) | Tax-exempt income | (5,018) | (4,313) | (9,745) | (7,996) | ||||||||||||||||||||||||||||||||||||||
State income taxes | State income taxes | 8,142 | (3,327) | State income taxes | 8,552 | 4,085 | 16,693 | 758 | ||||||||||||||||||||||||||||||||||||||
Interim period effective rate adjustment | Interim period effective rate adjustment | (1,717) | 7,040 | Interim period effective rate adjustment | 993 | (3,967) | (723) | 3,073 | ||||||||||||||||||||||||||||||||||||||
Tax credit investments - federal | Tax credit investments - federal | (2,526) | (1,270) | Tax credit investments - federal | (2,526) | (1,292) | (5,051) | (2,561) | ||||||||||||||||||||||||||||||||||||||
Officer compensation limitation | Officer compensation limitation | 1,040 | — | Officer compensation limitation | 1,040 | 402 | 2,080 | 651 | ||||||||||||||||||||||||||||||||||||||
Non-deductible FDIC premiums | Non-deductible FDIC premiums | 2,037 | 885 | 4,147 | 1,371 | |||||||||||||||||||||||||||||||||||||||||
Other, net | Other, net | 1,725 | 148 | Other, net | (195) | (225) | (582) | (812) | ||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | $ | 41,421 | $ | (8,714) | Income tax expense (benefit) | $ | 47,393 | $ | 24,964 | $ | 88,814 | $ | 16,250 | ||||||||||||||||||||||||||||||||
Effective tax rate | Effective tax rate | 22.0 | % | 24.0 | % | Effective tax rate | 23.4 | % | 17.8 | % | 22.8 | % | 15.7 | % |
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Notional | Assets (1) | Liabilities (2) | Notional | Assets (1) | Liabilities (2) | (dollars in thousands) | Notional | Assets (1) | Liabilities (2) | Notional | Assets (1) | Liabilities (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges | Cash flow hedges | Cash flow hedges | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate collars and floors on loan pools | Interest rate collars and floors on loan pools | $ | 1,900,000 | $ | 17,328 | $ | 38,276 | $ | 1,900,000 | $ | 11,764 | $ | 47,859 | Interest rate collars and floors on loan pools | $ | 1,400,000 | $ | 2,169 | $ | 15,563 | $ | 1,900,000 | $ | 11,764 | $ | 47,859 | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps on borrowings | Interest rate swaps on borrowings | 150,000 | — | — | 150,000 | — | — | Interest rate swaps on borrowings | 250,000 | — | — | 150,000 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value hedges | Fair value hedges | Fair value hedges | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps on investment securities (3) | Interest rate swaps on investment securities (3) | 909,957 | — | 4,833 | 909,957 | — | — | Interest rate swaps on investment securities (3) | 909,957 | — | — | 909,957 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps on borrowings (3) | Interest rate swaps on borrowings (3) | 200,000 | — | — | 300,000 | — | — | Interest rate swaps on borrowings (3) | 700,000 | — | — | 300,000 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 17,328 | $ | 43,109 | $ | 11,764 | $ | 47,859 | Total | $ | 2,169 | $ | 15,563 | $ | 11,764 | $ | 47,859 |
(dollars in thousands) | (dollars in thousands) | Gain (Loss) Recognized in Income on Related Hedged Items | (dollars in thousands) | Gain (Loss) Recognized in Income on Related Hedged Items | ||||||||||||||||||||||||||||||||||||
Derivatives in Fair Value Hedging Relationships | Derivatives in Fair Value Hedging Relationships | Location of Gain or (Loss) Recognized in Income on Derivative | Gain (Loss) Recognized in Income on Derivative | Hedged Items in Fair Value Hedging Relationships | Location of Gain or (Loss) Recognized in in Income on Related Hedged Item | Derivatives in Fair Value Hedging Relationships | Location of Gain or (Loss) Recognized in Income on Derivative | Gain (Loss) Recognized in Income on Derivative | Hedged Items in Fair Value Hedging Relationships | Location of Gain or (Loss) Recognized in in Income on Related Hedged Item | ||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | Interest income/(expense) | $ | 2,153 | Fixed-rate debt | Interest income/(expense) | $ | (2,218) | Interest rate contracts | Interest income/(expense) | $ | (11,101) | Fixed-rate debt | Interest income/(expense) | $ | 10,956 | ||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | Interest income/(expense) | (63,115) | Fixed-rate investment securities | Interest income/(expense) | 63,251 | Interest rate contracts | Interest income/(expense) | 24,846 | Fixed-rate investment securities | Interest income/(expense) | (24,867) | ||||||||||||||||||||||||||||
Total | Total | $ | (60,962) | $ | 61,033 | Total | $ | 13,745 | $ | (13,911) | ||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | Interest income/(expense) | $ | (4,833) | Fixed-rate debt | Interest income/(expense) | $ | 4,956 | Interest rate contracts | Interest income/(expense) | $ | (2,524) | Fixed-rate debt | Interest income/(expense) | $ | 2,600 | ||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | Interest income/(expense) | 57,654 | Fixed-rate investment securities | Interest income/(expense) | (58,029) | Interest rate contracts | Interest income/(expense) | 53,779 | Fixed-rate investment securities | Interest income/(expense) | (53,762) | ||||||||||||||||||||||||||||
Total | Total | $ | 52,821 | $ | (53,073) | Total | $ | 51,255 | $ | (51,162) | ||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | Interest income/(expense) | $ | (8,948) | Fixed-rate debt | Interest income/(expense) | $ | 8,738 | ||||||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | Interest income/(expense) | (38,269) | Fixed-rate investment securities | Interest income/(expense) | 38,384 | ||||||||||||||||||||||||||||||||||
Total | Total | $ | (47,217) | $ | 47,122 | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | Interest income/(expense) | $ | (7,357) | Fixed-rate debt | Interest income/(expense) | $ | 7,555 | ||||||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | Interest income/(expense) | 111,433 | Fixed-rate investment securities | Interest income/(expense) | (111,791) | ||||||||||||||||||||||||||||||||||
Total | Total | $ | 104,076 | $ | (104,236) |
Three Months Ended March 31, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Derivatives in Cash Flow Hedging Relationships | Location of Gain or (Loss) Reclassified from AOCI into Income | Gain (Loss) Recognized in Other Comprehensive Income on Derivative | Gain (Loss) Reclassified from AOCI into Income | Derivatives in Cash Flow Hedging Relationships | Location of Gain or (Loss) Reclassified from AOCI into Income | Gain (Loss) Recognized in Other Comprehensive Income on Derivative | Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | Interest income/(expense) | $ | 6,603 | $ | (9,506) | $ | (7,637) | $ | 669 | Interest rate contracts | Interest income/(expense) | $ | 13,272 | $ | (3,418) | $ | 31,078 | $ | 219 | ||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Derivatives in Cash Flow Hedging Relationships | Location of Gain or (Loss) Reclassified from AOCI into Income | Gain (Loss) Recognized in Other Comprehensive Income on Derivative | Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | Interest income/(expense) | $ | 19,875 | $ | (12,924) | $ | 23,441 | $ | 888 |
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Notional | Assets (1) | Liabilities (2) | Notional | Assets (1) | Liabilities (2) | (dollars in thousands) | Notional | Assets (1) | Liabilities (2) | Notional | Assets (1) | Liabilities (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Interest rate lock commitments | $ | 38,945 | $ | 380 | $ | — | $ | 21,401 | $ | 93 | $ | — | Interest rate lock commitments | $ | 45,216 | $ | 330 | $ | — | $ | 21,401 | $ | 93 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||
Forward mortgage loan contracts | Forward mortgage loan contracts | 45,047 | — | 148 | 30,330 | 32 | — | Forward mortgage loan contracts | 61,084 | 164 | — | 30,330 | 32 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer interest rate swaps | Customer interest rate swaps | 5,575,403 | 19,470 | 257,902 | 5,220,363 | 5,676 | 326,924 | Customer interest rate swaps | 5,589,059 | 5,621 | 318,890 | 5,220,363 | 5,676 | 326,924 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Counterparty interest rate swaps | Counterparty interest rate swaps | 5,575,403 | 128,487 | 19,610 | 5,220,363 | 151,111 | 5,711 | Counterparty interest rate swaps | 8,206,655 | 175,581 | 5,662 | 5,220,363 | 151,111 | 5,711 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer foreign currency forward contracts | Customer foreign currency forward contracts | 14,165 | 382 | 21 | 8,341 | 253 | 42 | Customer foreign currency forward contracts | 12,851 | 441 | 22 | 8,341 | 253 | 42 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Counterparty foreign currency forward contracts | Counterparty foreign currency forward contracts | 14,143 | 22 | 205 | 8,297 | 72 | 168 | Counterparty foreign currency forward contracts | 12,894 | 18 | 262 | 8,297 | 72 | 168 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 148,741 | $ | 277,886 | $ | 157,237 | $ | 332,845 | Total | $ | 182,155 | $ | 324,836 | $ | 157,237 | $ | 332,845 |
Three Months Ended March 31, | Three Months Ended June 30, | |||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | (dollars in thousands) | 2023 | 2022 | ||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Derivatives Not Designated as Hedging Instruments | Location of Gain or (Loss) Recognized in Income on Derivative | Gain (Loss) Recognized in Income on Derivative | Derivatives Not Designated as Hedging Instruments | Location of Gain or (Loss) Recognized in Income on Derivative | Gain (Loss) Recognized in Income on Derivative | ||||||||||||||||||||||
Interest rate contracts (1) | Interest rate contracts (1) | Other income/(expense) | $ | (138) | $ | 501 | Interest rate contracts (1) | Other income/(expense) | $ | 837 | $ | 449 | ||||||||||||||||
Mortgage contracts | Mortgage contracts | Mortgage banking revenue | 107 | 130 | Mortgage contracts | Mortgage banking revenue | 262 | (1,503) | ||||||||||||||||||||
Foreign currency contracts | Foreign currency contracts | Other income/(expense) | (1) | (28) | Foreign currency contracts | Other income/(expense) | (12) | 65 | ||||||||||||||||||||
Total | Total | $ | (32) | $ | 603 | Total | $ | 1,087 | $ | (989) | ||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Derivatives Not Designated as Hedging Instruments | Location of Gain or (Loss) Recognized in Income on Derivative | Gain (Loss) Recognized in Income on Derivative | |||||||||||||||||||||||||
Interest rate contracts (1) | Interest rate contracts (1) | Other income/(expense) | $ | 699 | $ | 950 | ||||||||||||||||||||||
Mortgage contracts | Mortgage contracts | Mortgage banking revenue | 369 | (1,374) | ||||||||||||||||||||||||
Foreign currency contracts | Foreign currency contracts | Other income/(expense) | (13) | 38 | ||||||||||||||||||||||||
Total | Total | $ | 1,055 | $ | (386) |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Unfunded loan commitments | Unfunded loan commitments | $ | 9,386,866 | $ | 8,979,334 | Unfunded loan commitments | $ | 9,380,354 | $ | 8,979,334 | ||||||||||||
Standby letters of credit (1) | Standby letters of credit (1) | 181,476 | 174,070 | Standby letters of credit (1) | 182,418 | 174,070 |
Fair Value Measurements at March 31, 2023 Using | Fair Value Measurements at June 30, 2023 Using | |||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | (dollars in thousands) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||
Financial Assets | Financial Assets | Financial Assets | ||||||||||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | $ | 72,158 | $ | 72,158 | $ | — | $ | — | Equity securities | $ | 71,953 | $ | 71,953 | $ | — | $ | — | ||||||||||||||||||||||||||||
Investment securities available-for-sale: | Investment securities available-for-sale: | Investment securities available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | U.S. Treasury | 221,872 | 221,872 | — | — | U.S. Treasury | 312,412 | 312,412 | — | — | ||||||||||||||||||||||||||||||||||||
U.S. government-sponsored entities and agencies | U.S. government-sponsored entities and agencies | 1,193,691 | — | 1,193,691 | — | U.S. government-sponsored entities and agencies | 1,174,356 | — | 1,174,356 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - Agency | Mortgage-backed securities - Agency | 4,308,775 | — | 4,308,775 | — | Mortgage-backed securities - Agency | 4,097,771 | — | 4,097,771 | — | ||||||||||||||||||||||||||||||||||||
States and political subdivisions | States and political subdivisions | 621,487 | — | 621,487 | — | States and political subdivisions | 598,782 | — | 598,782 | — | ||||||||||||||||||||||||||||||||||||
Pooled trust preferred securities | Pooled trust preferred securities | 10,849 | — | 10,849 | — | Pooled trust preferred securities | 10,994 | — | 10,994 | — | ||||||||||||||||||||||||||||||||||||
Other securities | Other securities | 330,392 | — | 330,392 | — | Other securities | 306,200 | — | 306,200 | — | ||||||||||||||||||||||||||||||||||||
Residential loans held for sale | 10,584 | — | 10,584 | — | ||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 114,369 | — | 114,369 | — | |||||||||||||||||||||||||||||||||||||||||
Derivative assets | Derivative assets | 166,069 | — | 166,069 | — | Derivative assets | 184,324 | — | 184,324 | — | ||||||||||||||||||||||||||||||||||||
Financial Liabilities | Financial Liabilities | Financial Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | 320,995 | — | 320,995 | — | Derivative liabilities | 340,399 | — | 340,399 | — |
Fair Value Measurements at December 31, 2022 Using | |||||||||||||||||||||||
(dollars in thousands) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Financial Assets | |||||||||||||||||||||||
Equity securities | $ | 52,507 | $ | 52,507 | $ | — | $ | — | |||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||
U.S. Treasury | 200,927 | 200,927 | — | — | |||||||||||||||||||
U.S. government-sponsored entities and agencies | 1,175,080 | — | 1,175,080 | — | |||||||||||||||||||
Mortgage-backed securities - Agency | 4,369,902 | — | 4,369,902 | — | |||||||||||||||||||
States and political subdivisions | 663,852 | — | 663,852 | — | |||||||||||||||||||
Pooled trust preferred securities | 10,811 | — | 10,811 | — | |||||||||||||||||||
Other securities | 353,140 | — | 353,140 | — | |||||||||||||||||||
Residential loans held for sale | 11,926 | — | 11,926 | — | |||||||||||||||||||
Derivative assets | 169,001 | — | 169,001 | — | |||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||
Derivative liabilities | 380,704 | — | 380,704 | — |
Fair Value Measurements at December 31, 2022 Using | |||||||||||||||||||||||
(dollars in thousands) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Financial Assets | |||||||||||||||||||||||
Equity securities | $ | 52,507 | $ | 52,507 | $ | — | $ | — | |||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||
U.S. Treasury | 200,927 | 200,927 | — | — | |||||||||||||||||||
U.S. government-sponsored entities and agencies | 1,175,080 | — | 1,175,080 | — | |||||||||||||||||||
Mortgage-backed securities - Agency | 4,369,902 | — | 4,369,902 | — | |||||||||||||||||||
States and political subdivisions | 663,852 | — | 663,852 | — | |||||||||||||||||||
Pooled trust preferred securities | 10,811 | — | 10,811 | — | |||||||||||||||||||
Other securities | 353,140 | — | 353,140 | — | |||||||||||||||||||
Loans held for sale | 11,926 | — | 11,926 | — | |||||||||||||||||||
Derivative assets | 169,001 | — | 169,001 | — | |||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||
Derivative liabilities | 380,704 | — | 380,704 | — |
Fair Value Measurements at March 31, 2023 Using | Fair Value Measurements at June 30, 2023 Using | |||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | (dollars in thousands) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||
Collateral Dependent Loans: | Collateral Dependent Loans: | Collateral Dependent Loans: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | $ | 16,686 | $ | — | $ | — | $ | 16,686 | Commercial loans | $ | 12,615 | $ | — | $ | — | $ | 12,615 | ||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 43,924 | — | — | 43,924 | Commercial real estate loans | 85,891 | — | — | 85,891 | ||||||||||||||||||||||||||||||||||||
Foreclosed Assets: | Foreclosed Assets: | Foreclosed Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 240 | — | — | 240 | Commercial | 1,560 | — | — | 1,560 | ||||||||||||||||||||||||||||||||||||
Residential | 511 | — | — | 511 |
Fair Value Measurements at December 31, 2022 Using | |||||||||||||||||||||||
(dollars in thousands) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Collateral Dependent Loans: | |||||||||||||||||||||||
Commercial loans | $ | 22,562 | $ | — | $ | — | $ | 22,562 | |||||||||||||||
Commercial real estate loans | 48,026 | — | — | 48,026 | |||||||||||||||||||
(dollars in thousands) | Fair Value | Valuation Techniques | Unobservable Input | Range (Weighted Average) (1) | |||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||
Collateral Dependent Loans | |||||||||||||||||||||||
Commercial loans | $ | 16,686 | Discounted | Discount for type of property, | 10% - 40% (33%) | ||||||||||||||||||
cash flow | age of appraisal, and current status | ||||||||||||||||||||||
Commercial real estate loans | 43,924 | Discounted | Discount for type of property, | 0% - 30% (14%) | |||||||||||||||||||
cash flow | age of appraisal, and current status | ||||||||||||||||||||||
Foreclosed Assets | |||||||||||||||||||||||
Commercial real estate (2) | 240 | Fair value of | Discount for type of property, | —% | |||||||||||||||||||
collateral | age of appraisal, and current status | ||||||||||||||||||||||
Residential (2) | 511 | Fair value of | Discount for type of property, | 5% | |||||||||||||||||||
collateral | age of appraisal, and current status | ||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Collateral Dependent Loans | |||||||||||||||||||||||
Commercial loans | $ | 22,562 | Discounted | Discount for type of property, | 10% - 47% (28%) | ||||||||||||||||||
cash flow | age of appraisal, and current status | ||||||||||||||||||||||
Commercial real estate loans | 48,026 | Discounted | Discount for type of property, | 1% - 26% (11%) | |||||||||||||||||||
cash flow | age of appraisal, and current status | ||||||||||||||||||||||
(dollars in thousands) | Fair Value | Valuation Techniques | Unobservable Input | Range (Weighted Average) (1) | |||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||
Collateral Dependent Loans | |||||||||||||||||||||||
Commercial loans | $ | 12,615 | Discounted | Discount for type of property, | 9% - 50% (35%) | ||||||||||||||||||
cash flow | age of appraisal, and current status | ||||||||||||||||||||||
Commercial real estate loans | 85,891 | Discounted | Discount for type of property, | 0% - 45% (13%) | |||||||||||||||||||
cash flow | age of appraisal, and current status | ||||||||||||||||||||||
Foreclosed Assets | |||||||||||||||||||||||
Commercial real estate | 1,560 | Fair value of | Discount for type of property, | 4% - 17% (6%) | |||||||||||||||||||
collateral | age of appraisal, and current status | ||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Collateral Dependent Loans | |||||||||||||||||||||||
Commercial loans | $ | 22,562 | Discounted | Discount for type of property, | 10% - 47% (28%) | ||||||||||||||||||
cash flow | age of appraisal, and current status | ||||||||||||||||||||||
Commercial real estate loans | 48,026 | Discounted | Discount for type of property, | 1% - 26% (11%) | |||||||||||||||||||
cash flow | age of appraisal, and current status | ||||||||||||||||||||||
(dollars in thousands) | Aggregate Fair Value | Difference | Contractual Principal | ||||||||||||||
March 31, 2023 | |||||||||||||||||
Residential loans held for sale | $ | 10,584 | $ | 165 | $ | 10,419 | |||||||||||
December 31, 2022 | |||||||||||||||||
Residential loans held for sale | $ | 11,926 | $ | 221 | $ | 11,705 |
(dollars in thousands) | Aggregate Fair Value | Difference | Contractual Principal | ||||||||||||||
June 30, 2023 | |||||||||||||||||
Loans held for sale | $ | 114,369 | $ | 387 | $ | 113,982 | |||||||||||
December 31, 2022 | |||||||||||||||||
Loans held for sale | $ | 11,926 | $ | 221 | $ | 11,705 |
(dollars in thousands) | Other Gains and (Losses) | Interest Income | Interest (Expense) | Total Changes in Fair Values Included in Current Period Earnings | |||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||
Residential loans held for sale | $ | (53) | $ | — | $ | (3) | $ | (56) | |||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||
Residential loans held for sale | $ | (1,343) | $ | — | $ | (3) | $ | (1,346) | |||||||||||||||
(dollars in thousands) | Other Gains and (Losses) | Interest Income | Interest (Expense) | Total Changes in Fair Values Included in Current Period Earnings | |||||||||||||||||||
Three Months Ended June 30, 2023 | |||||||||||||||||||||||
Loans held for sale | $ | 229 | $ | — | $ | (7) | $ | 222 | |||||||||||||||
Three Months Ended June 30, 2022 | |||||||||||||||||||||||
Loans held for sale | $ | 278 | $ | 9 | $ | — | $ | 287 | |||||||||||||||
Six Months Ended June 30, 2023 | |||||||||||||||||||||||
Loans held for sale | $ | 176 | $ | — | $ | (10) | $ | 166 | |||||||||||||||
Six Months Ended June 30, 2022 | |||||||||||||||||||||||
Loans held for sale | $ | (1,065) | $ | 9 | $ | (3) | $ | (1,059) |
Fair Value Measurements at March 31, 2023 Using | Fair Value Measurements at June 30, 2023 Using | |||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | (dollars in thousands) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||
Financial Assets | Financial Assets | Financial Assets | ||||||||||||||||||||||||||||||||||||||||||||
Cash, due from banks, money market, and other interest-earning investments | Cash, due from banks, money market, and other interest-earning investments | $ | 1,113,935 | $ | 1,113,935 | $ | — | $ | — | Cash, due from banks, money market, and other interest-earning investments | $ | 1,197,886 | $ | 1,197,886 | $ | — | $ | — | ||||||||||||||||||||||||||||
Investment securities held-to-maturity: | Investment securities held-to-maturity: | Investment securities held-to-maturity: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored entities and agencies | U.S. government-sponsored entities and agencies | 820,849 | — | 663,623 | — | U.S. government-sponsored entities and agencies | 822,517 | — | 655,446 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - Agency | Mortgage-backed securities - Agency | 1,086,905 | — | 973,486 | — | Mortgage-backed securities - Agency | 1,070,687 | — | 928,496 | — | ||||||||||||||||||||||||||||||||||||
State and political subdivisions | State and political subdivisions | 1,163,436 | — | 1,026,265 | — | State and political subdivisions | 1,161,793 | — | 1,019,116 | — | ||||||||||||||||||||||||||||||||||||
Loans, net: | Loans, net: | Loans, net: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 9,624,779 | — | — | 9,477,212 | Commercial | 9,569,141 | — | — | 9,330,160 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 12,772,044 | — | — | 12,477,217 | Commercial real estate | 13,312,233 | — | — | 12,907,098 | ||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 6,548,459 | — | — | 5,760,254 | Residential real estate | 6,664,059 | — | — | 5,831,513 | ||||||||||||||||||||||||||||||||||||
Consumer credit | Consumer credit | 2,578,381 | — | — | 2,481,269 | Consumer credit | 2,586,485 | — | — | 2,537,633 | ||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 188,988 | 1,046 | 43,858 | 144,084 | Accrued interest receivable | 205,198 | 801 | 54,449 | 149,948 | ||||||||||||||||||||||||||||||||||||
Financial Liabilities | Financial Liabilities | Financial Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits | Noninterest-bearing demand deposits | $ | 10,995,083 | $ | 10,995,083 | $ | — | $ | — | Noninterest-bearing demand deposits | $ | 10,532,838 | $ | 10,532,838 | $ | — | $ | — | ||||||||||||||||||||||||||||
Checking, NOW, savings, and money market interest-bearing deposits | Checking, NOW, savings, and money market interest-bearing deposits | 19,801,014 | 19,801,014 | — | — | Checking, NOW, savings, and money market interest-bearing deposits | 20,432,813 | 20,432,813 | — | — | ||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 4,121,695 | — | 4,066,499 | — | Time deposits | 5,265,664 | — | 5,209,887 | — | ||||||||||||||||||||||||||||||||||||
Federal funds purchased and interbank borrowings | Federal funds purchased and interbank borrowings | 618,955 | 618,955 | — | — | Federal funds purchased and interbank borrowings | 136,060 | 136,060 | — | — | ||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 393,018 | 393,018 | — | — | Securities sold under agreements to repurchase | 311,447 | 311,447 | — | — | ||||||||||||||||||||||||||||||||||||
FHLB advances | FHLB advances | 4,981,612 | — | 4,764,172 | — | FHLB advances | 4,771,183 | — | 4,526,920 | — | ||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 746,869 | — | 717,801 | — | Other borrowings | 815,318 | — | 781,468 | — | ||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 28,792 | — | 28,792 | — | Accrued interest payable | 42,897 | — | 42,897 | — | ||||||||||||||||||||||||||||||||||||
Standby letters of credit | Standby letters of credit | 846 | — | — | 846 | Standby letters of credit | 949 | — | — | 949 | ||||||||||||||||||||||||||||||||||||
Off-Balance Sheet Financial Instruments | Off-Balance Sheet Financial Instruments | Off-Balance Sheet Financial Instruments | ||||||||||||||||||||||||||||||||||||||||||||
Commitments to extend credit | Commitments to extend credit | $ | — | $ | — | $ | — | $ | 3,649 | Commitments to extend credit | $ | — | $ | — | $ | — | $ | 3,621 |
Fair Value Measurements at December 31, 2022 Using | |||||||||||||||||||||||
(dollars in thousands) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Financial Assets | |||||||||||||||||||||||
Cash, due from banks, money market, and other interest-earning investments | $ | 728,412 | $ | 728,412 | $ | — | $ | — | |||||||||||||||
Investment securities held-to-maturity: | |||||||||||||||||||||||
U.S. government-sponsored entities and agencies | 819,168 | — | 656,358 | — | |||||||||||||||||||
Mortgage-backed securities - Agency | 1,106,817 | — | 982,963 | — | |||||||||||||||||||
State and political subdivisions | 1,163,162 | — | 1,004,361 | — | |||||||||||||||||||
Loans, net: | |||||||||||||||||||||||
Commercial | 9,386,862 | — | — | 9,066,583 | |||||||||||||||||||
Commercial real estate | 12,317,825 | — | — | 11,867,851 | |||||||||||||||||||
Residential real estate | 6,438,525 | — | — | 5,372,491 | |||||||||||||||||||
Consumer credit | 2,676,758 | — | — | 2,557,115 | |||||||||||||||||||
Accrued interest receivable | 190,521 | 758 | 52,081 | 137,682 | |||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||
Noninterest-bearing demand deposits | $ | 11,930,798 | $ | 11,930,798 | $ | — | $ | — | |||||||||||||||
Checking, NOW, savings, and money market interest-bearing deposits | 20,056,252 | 20,056,252 | — | — | |||||||||||||||||||
Time deposits | 3,013,780 | — | 2,976,389 | — | |||||||||||||||||||
Federal funds purchased and interbank borrowings | 581,489 | 581,489 | — | — | |||||||||||||||||||
Securities sold under agreements to repurchase | 432,804 | 432,804 | — | — | |||||||||||||||||||
FHLB advances | 3,829,018 | — | 3,739,780 | — | |||||||||||||||||||
Other borrowings | 743,003 | — | 703,156 | — | |||||||||||||||||||
Accrued interest payable | 19,547 | — | 19,547 | — | |||||||||||||||||||
Standby letters of credit | 755 | — | — | 755 | |||||||||||||||||||
Off-Balance Sheet Financial Instruments | |||||||||||||||||||||||
Commitments to extend credit | $ | — | $ | — | $ | — | $ | 3,666 |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||
(dollars and shares in thousands, except per share data) | (dollars and shares in thousands, except per share data) | March 31, | December 31, | September 30, | June 30, | March 31, | (dollars and shares in thousands, except per share data) | June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Income Statement: | Income Statement: | Income Statement: | ||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 381,488 | $ | 391,090 | $ | 376,589 | $ | 337,472 | $ | 222,785 | Net interest income | $ | 382,171 | $ | 381,488 | $ | 391,090 | $ | 376,589 | $ | 337,472 | ||||||||||||
Taxable equivalent adjustment (1) (4) | Taxable equivalent adjustment (1) (4) | 5,666 | 5,378 | 4,950 | 4,314 | 3,772 | Taxable equivalent adjustment (1) (4) | 5,825 | 5,666 | 5,378 | 4,950 | 4,314 | ||||||||||||||||||||||
Net interest income - taxable equivalent basis (4) | Net interest income - taxable equivalent basis (4) | 387,154 | 396,468 | 381,539 | 341,786 | 226,557 | Net interest income - taxable equivalent basis (4) | 387,996 | 387,154 | 396,468 | 381,539 | 341,786 | ||||||||||||||||||||||
Provision for credit losses (2) | Provision for credit losses (2) | 13,437 | 11,408 | 15,490 | 9,165 | 108,736 | Provision for credit losses (2) | 14,787 | 13,437 | 11,408 | 15,490 | 9,165 | ||||||||||||||||||||||
Noninterest income | Noninterest income | 70,681 | 165,037 | 80,385 | 89,117 | 65,240 | Noninterest income | 81,629 | 70,681 | 165,037 | 80,385 | 89,117 | ||||||||||||||||||||||
Noninterest expense (2) | Noninterest expense (2) | 250,711 | 282,675 | 262,444 | 277,475 | 215,589 | Noninterest expense (2) | 246,584 | 250,711 | 282,675 | 262,444 | 277,475 | ||||||||||||||||||||||
Net income (loss) available to common shareholders | $ | 142,566 | $ | 196,701 | $ | 136,119 | $ | 110,952 | $ | (29,603) | ||||||||||||||||||||||||
Net income available to common shareholders | Net income available to common shareholders | $ | 151,003 | $ | 142,566 | $ | 196,701 | $ | 136,119 | $ | 110,952 | |||||||||||||||||||||||
Per Common Share Data: | Per Common Share Data: | Per Common Share Data: | ||||||||||||||||||||||||||||||||
Weighted average diluted common shares | Weighted average diluted common shares | 292,756 | 293,131 | 292,483 | 291,881 | 227,002 | Weighted average diluted common shares | 291,266 | 292,756 | 293,131 | 292,483 | 291,881 | ||||||||||||||||||||||
Net income (loss) (diluted) | $ | 0.49 | $ | 0.67 | $ | 0.47 | $ | 0.38 | $ | (0.13) | ||||||||||||||||||||||||
Net income (diluted) | Net income (diluted) | $ | 0.52 | $ | 0.49 | $ | 0.67 | $ | 0.47 | $ | 0.38 | |||||||||||||||||||||||
Cash dividends | Cash dividends | 0.14 | 0.14 | 0.14 | $ | 0.14 | $ | 0.14 | Cash dividends | 0.14 | 0.14 | 0.14 | $ | 0.14 | $ | 0.14 | ||||||||||||||||||
Common dividend payout ratio (3) | Common dividend payout ratio (3) | 29 | % | 21 | % | 30 | % | 37 | % | (108) | % | Common dividend payout ratio (3) | 27 | % | 29 | % | 21 | % | 30 | % | 37 | % | ||||||||||||
Book value | Book value | $ | 17.24 | $ | 16.68 | $ | 16.05 | $ | 16.51 | $ | 17.03 | Book value | $ | 17.25 | $ | 17.24 | $ | 16.68 | $ | 16.05 | $ | 16.51 | ||||||||||||
Stock price | Stock price | 14.42 | 17.98 | 16.47 | 14.79 | 16.38 | Stock price | 13.94 | 14.42 | 17.98 | 16.47 | 14.79 | ||||||||||||||||||||||
Tangible common book value (4) | Tangible common book value (4) | 9.98 | 9.42 | 8.75 | 9.23 | 9.71 | Tangible common book value (4) | 10.03 | 9.98 | 9.42 | 8.75 | 9.23 | ||||||||||||||||||||||
Performance Ratios: | Performance Ratios: | Performance Ratios: | ||||||||||||||||||||||||||||||||
Return on average assets | Return on average assets | 1.25 | % | 1.74 | % | 1.22 | % | 1.01 | % | (0.31) | % | Return on average assets | 1.29 | % | 1.25 | % | 1.74 | % | 1.22 | % | 1.01 | % | ||||||||||||
Return on average common equity | Return on average common equity | 11.58 | 16.77 | 11.13 | 9.08 | (2.89) | Return on average common equity | 12.01 | 11.58 | 16.77 | 11.13 | 9.08 | ||||||||||||||||||||||
Return on tangible common equity (4) | Return on tangible common equity (4) | 20.20 | 29.25 | 22.07 | 17.21 | (3.61) | Return on tangible common equity (4) | 21.20 | 20.20 | 29.25 | 22.07 | 17.21 | ||||||||||||||||||||||
Return on average tangible common equity (4) | Return on average tangible common equity (4) | 21.03 | 31.53 | 20.49 | 16.93 | (4.03) | Return on average tangible common equity (4) | 21.35 | 21.03 | 31.53 | 20.49 | 16.93 | ||||||||||||||||||||||
Net interest margin (4) | Net interest margin (4) | 3.69 | 3.85 | 3.71 | 3.33 | 2.88 | Net interest margin (4) | 3.60 | 3.69 | 3.85 | 3.71 | 3.33 | ||||||||||||||||||||||
Efficiency ratio (4) | Efficiency ratio (4) | 52.81 | 49.12 | 55.26 | 62.72 | 72.32 | Efficiency ratio (4) | 51.22 | 52.81 | 49.12 | 55.26 | 62.72 | ||||||||||||||||||||||
Efficiency ratio (prior presentation) (5) | Efficiency ratio (prior presentation) (5) | N/A | N/A | 56.17 | 62.70 | 76.15 | Efficiency ratio (prior presentation) (5) | N/A | N/A | 56.17 | 62.70 | |||||||||||||||||||||||
Net charge-offs (recoveries) to average loans | Net charge-offs (recoveries) to average loans | 0.21 | 0.05 | 0.10 | 0.02 | 0.05 | Net charge-offs (recoveries) to average loans | 0.13 | 0.21 | 0.05 | 0.10 | 0.02 | ||||||||||||||||||||||
Allowance for credit losses on loans to ending loans | Allowance for credit losses on loans to ending loans | 0.94 | 0.98 | 0.99 | 0.97 | 0.99 | Allowance for credit losses on loans to ending loans | 0.93 | 0.94 | 0.98 | 0.99 | 0.97 | ||||||||||||||||||||||
Allowance for credit losses (6) to ending loans | Allowance for credit losses (6) to ending loans | 1.05 | 1.08 | 1.08 | 1.05 | 1.07 | Allowance for credit losses (6) to ending loans | 1.04 | 1.05 | 1.08 | 1.08 | 1.05 | ||||||||||||||||||||||
Non-performing loans to ending loans | Non-performing loans to ending loans | 0.74 | 0.81 | 0.81 | 0.78 | 0.88 | Non-performing loans to ending loans | 0.91 | 0.74 | 0.81 | 0.81 | 0.78 | ||||||||||||||||||||||
Balance Sheet: | Balance Sheet: | Balance Sheet: | ||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 31,822,374 | $ | 31,123,641 | $ | 30,528,933 | $ | 29,553,648 | $ | 28,336,244 | Total loans | $ | 32,432,473 | $ | 31,822,374 | $ | 31,123,641 | $ | 30,528,933 | $ | 29,553,648 | ||||||||||||
Total assets | Total assets | 47,842,644 | 46,763,372 | 46,215,526 | 45,748,355 | 45,834,648 | Total assets | 48,496,755 | 47,842,644 | 46,763,372 | 46,215,526 | 45,748,355 | ||||||||||||||||||||||
Total deposits | Total deposits | 34,917,792 | 35,000,830 | 36,053,663 | 35,538,975 | 35,607,390 | Total deposits | 36,231,315 | 34,917,792 | 35,000,830 | 36,053,663 | 35,538,975 | ||||||||||||||||||||||
Total borrowed funds | Total borrowed funds | 6,740,454 | 5,586,314 | 4,264,750 | 4,384,411 | 4,347,560 | Total borrowed funds | 6,034,008 | 6,740,454 | 5,586,314 | 4,264,750 | 4,384,411 | ||||||||||||||||||||||
Total shareholders' equity | Total shareholders' equity | 5,277,426 | 5,128,595 | 4,943,383 | 5,078,783 | 5,232,114 | Total shareholders' equity | 5,292,095 | 5,277,426 | 5,128,595 | 4,943,383 | 5,078,783 | ||||||||||||||||||||||
Capital Ratios: | Capital Ratios: | Capital Ratios: | ||||||||||||||||||||||||||||||||
Risk-based capital ratios: | Risk-based capital ratios: | Risk-based capital ratios: | ||||||||||||||||||||||||||||||||
Tier 1 common equity | Tier 1 common equity | 9.98 | % | 10.03 | % | 9.88 | % | 9.90 | % | 10.04 | % | Tier 1 common equity | 10.14 | % | 9.98 | % | 10.03 | % | 9.88 | % | 9.90 | % | ||||||||||||
Tier 1 | Tier 1 | 10.64 | 10.71 | 10.58 | 10.63 | 10.79 | Tier 1 | 10.79 | 10.64 | 10.71 | 10.58 | 10.63 | ||||||||||||||||||||||
Total | Total | 11.96 | 12.02 | 11.84 | 12.03 | 12.19 | Total | 12.14 | 11.96 | 12.02 | 11.84 | 12.03 | ||||||||||||||||||||||
Leverage ratio (to average assets) | Leverage ratio (to average assets) | 8.53 | 8.52 | 8.26 | 8.19 | 10.58 | Leverage ratio (to average assets) | 8.59 | 8.53 | 8.52 | 8.26 | 8.19 | ||||||||||||||||||||||
Total equity to assets (averages) | Total equity to assets (averages) | 11.00 | 10.70 | 11.18 | 11.22 | 12.03 | Total equity to assets (averages) | 10.96 | 11.00 | 10.70 | 11.18 | 11.22 | ||||||||||||||||||||||
Tangible common equity to tangible assets (4) | Tangible common equity to tangible assets (4) | 6.37 | 6.18 | 5.82 | 6.20 | 6.51 | Tangible common equity to tangible assets (4) | 6.33 | 6.37 | 6.18 | 5.82 | 6.20 | ||||||||||||||||||||||
Nonfinancial Data: | Nonfinancial Data: | Nonfinancial Data: | ||||||||||||||||||||||||||||||||
Full-time equivalent employees | Full-time equivalent employees | 4,023 | 3,967 | 4,008 | 4,196 | 4,333 | Full-time equivalent employees | 4,021 | 4,023 | 3,967 | 4,008 | 4,196 | ||||||||||||||||||||||
Banking centers | Banking centers | 256 | 263 | 263 | 266 | 267 | Banking centers | 256 | 256 | 263 | 263 | 266 |
Six Months Ended June 30, | ||||||||
(dollars and shares in thousands, except per share data) | 2023 | 2022 | ||||||
Income Statement: | ||||||||
Net interest income | $ | 763,659 | $ | 560,257 | ||||
Taxable equivalent adjustment (1) (4) | 11,491 | 8,086 | ||||||
Net interest income - taxable equivalent basis (4) | 775,150 | 568,343 | ||||||
Provision for credit losses (2) | 28,224 | 117,901 | ||||||
Noninterest income | 152,310 | 154,357 | ||||||
Noninterest expense (2) | 497,295 | 493,064 | ||||||
Net income available to common shareholders | $ | 293,569 | $ | 81,349 | ||||
Per Common Share Data: | ||||||||
Weighted average diluted common shares | 291,870 | 260,253 | ||||||
Net income (diluted) | $ | 1.01 | $ | 0.31 | ||||
Cash dividends | 0.28 | $ | 0.28 | |||||
Common dividend payout ratio (3) | 28 | % | 90 | % | ||||
Book value | $ | 17.25 | $ | 16.51 | ||||
Stock price | 13.94 | 14.79 | ||||||
Tangible common book value (4) | 10.03 | 9.23 | ||||||
Performance Ratios: | ||||||||
Return on average assets | 1.27 | % | 0.43 | % | ||||
Return on average common equity | 11.80 | 3.62 | ||||||
Return on tangible common equity (4) | 20.63 | 6.71 | ||||||
Return on average tangible common equity (4) | 21.19 | 6.84 | ||||||
Net interest margin (4) | 3.65 | 3.13 | ||||||
Efficiency ratio (4) | 52.01 | 66.59 | ||||||
Efficiency ratio (prior presentation) (5) | N/A | 68.13 | ||||||
Net charge-offs (recoveries) to average loans | 0.17 | 0.04 | ||||||
Allowance for credit losses on loans to ending loans | 0.93 | 0.97 | ||||||
Allowance for credit losses (6) to ending loans | 1.04 | 1.05 | ||||||
Non-performing loans to ending loans | 0.91 | 0.78 | ||||||
Balance Sheet: | ||||||||
Total loans | $ | 32,432,473 | $ | 29,553,648 | ||||
Total assets | 48,496,755 | 45,748,355 | ||||||
Total deposits | 36,231,315 | 35,538,975 | ||||||
Total borrowed funds | 6,034,008 | 4,384,411 | ||||||
Total shareholders' equity | 5,292,095 | 5,078,783 | ||||||
Capital Ratios: | ||||||||
Risk-based capital ratios: | ||||||||
Tier 1 common equity | 10.14 | % | 9.90 | % | ||||
Tier 1 | 10.79 | 10.63 | ||||||
Total | 12.14 | 12.03 | ||||||
Leverage ratio (to average assets) | 8.59 | 8.19 | ||||||
Total equity to assets (averages) | 10.98 | 11.57 | ||||||
Tangible common equity to tangible assets (4) | 6.33 | 6.20 | ||||||
Nonfinancial Data: | ||||||||
Full-time equivalent employees | 4,021 | 4,196 | ||||||
Banking centers | 256 | 266 |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars and shares in thousands, except per share data) | (dollars and shares in thousands, except per share data) | March 31, | December 31, | September 30, | June 30, | March 31, | (dollars and shares in thousands, except per share data) | June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2022 | 2022 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common book value: | Tangible common book value: | Tangible common book value: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' common equity | Shareholders' common equity | $ | 5,033,707 | $ | 4,884,876 | $ | 4,699,664 | $ | 4,835,064 | $ | 4,988,395 | Shareholders' common equity | $ | 5,048,376 | $ | 5,033,707 | $ | 4,884,876 | $ | 4,699,664 | $ | 4,835,064 | ||||||||||||||||||||||||||||||||||||||||||
Deduct: Goodwill and intangible assets | Deduct: Goodwill and intangible assets | 2,118,935 | 2,125,121 | 2,135,792 | 2,131,815 | 2,144,609 | Deduct: Goodwill and intangible assets | 2,112,875 | 2,118,935 | 2,125,121 | 2,135,792 | 2,131,815 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible shareholders' common equity (1) | Tangible shareholders' common equity (1) | $ | 2,914,772 | $ | 2,759,755 | $ | 2,563,872 | $ | 2,703,249 | $ | 2,843,786 | Tangible shareholders' common equity (1) | $ | 2,935,501 | $ | 2,914,772 | $ | 2,759,755 | $ | 2,563,872 | $ | 2,703,249 | ||||||||||||||||||||||||||||||||||||||||||
Period end common shares | Period end common shares | 291,922 | 292,903 | 292,880 | 292,893 | 292,959 | Period end common shares | 292,597 | 291,922 | 292,903 | 292,880 | 292,893 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common book value (1) | Tangible common book value (1) | 9.98 | 9.42 | 8.75 | 9.23 | 9.71 | Tangible common book value (1) | 10.03 | 9.98 | 9.42 | 8.75 | 9.23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on tangible common equity: | Return on tangible common equity: | Return on tangible common equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) applicable to common shares | $ | 142,566 | $ | 196,701 | $ | 136,119 | $ | 110,952 | $ | (29,603) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income applicable to common shares | Net income applicable to common shares | $ | 151,003 | $ | 142,566 | $ | 196,701 | $ | 136,119 | $ | 110,952 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Add: Intangible amortization (net of tax) (2) | Add: Intangible amortization (net of tax) (2) | 4,639 | 5,090 | 5,317 | 5,378 | 3,934 | Add: Intangible amortization (net of tax) (2) | 4,545 | 4,639 | 5,090 | 5,317 | 5,378 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible net income (loss) (1) | $ | 147,205 | $ | 201,791 | $ | 141,436 | $ | 116,330 | $ | (25,669) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible net income (1) | Tangible net income (1) | $ | 155,548 | $ | 147,205 | $ | 201,791 | $ | 141,436 | $ | 116,330 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible shareholders' common equity (1) (see above) | Tangible shareholders' common equity (1) (see above) | $ | 2,914,772 | $ | 2,759,755 | $ | 2,563,872 | $ | 2,703,249 | $ | 2,843,786 | Tangible shareholders' common equity (1) (see above) | $ | 2,935,501 | $ | 2,914,772 | $ | 2,759,755 | $ | 2,563,872 | $ | 2,703,249 | ||||||||||||||||||||||||||||||||||||||||||
Return on tangible common equity (1) | Return on tangible common equity (1) | 20.20 | % | 29.25 | % | 22.07 | % | 17.21 | % | (3.61) | % | Return on tangible common equity (1) | 21.20 | % | 20.20 | % | 29.25 | % | 22.07 | % | 17.21 | % | ||||||||||||||||||||||||||||||||||||||||||
Return on average tangible common equity: | Return on average tangible common equity: | Return on average tangible common equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible net income (loss) (1) (see above) | $ | 147,205 | $ | 201,791 | $ | 141,436 | $ | 116,330 | $ | (25,669) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible net income (1) (see above) | Tangible net income (1) (see above) | $ | 155,548 | $ | 147,205 | $ | 201,791 | $ | 141,436 | $ | 116,330 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Average shareholders' common equity | Average shareholders' common equity | $ | 4,922,469 | $ | 4,692,863 | $ | 4,890,434 | $ | 4,886,181 | $ | 4,101,206 | Average shareholders' common equity | $ | 5,030,083 | $ | 4,922,469 | $ | 4,692,863 | $ | 4,890,434 | $ | 4,886,181 | ||||||||||||||||||||||||||||||||||||||||||
Deduct: Average goodwill and intangible assets | Deduct: Average goodwill and intangible assets | 2,122,157 | 2,132,480 | 2,129,858 | 2,136,964 | 1,550,624 | Deduct: Average goodwill and intangible assets | 2,115,894 | 2,122,157 | 2,132,480 | 2,129,858 | 2,136,964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Average tangible shareholders' common equity (1) | Average tangible shareholders' common equity (1) | $ | 2,800,312 | $ | 2,560,383 | $ | 2,760,576 | $ | 2,749,217 | $ | 2,550,582 | Average tangible shareholders' common equity (1) | $ | 2,914,189 | $ | 2,800,312 | $ | 2,560,383 | $ | 2,760,576 | $ | 2,749,217 | ||||||||||||||||||||||||||||||||||||||||||
Return on average tangible common equity (1) | Return on average tangible common equity (1) | 21.03 | % | 31.53 | % | 20.49 | % | 16.93 | % | (4.03) | % | Return on average tangible common equity (1) | 21.35 | % | 21.03 | % | 31.53 | % | 20.49 | % | 16.93 | % | ||||||||||||||||||||||||||||||||||||||||||
Net interest margin: | Net interest margin: | Net interest margin: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 381,488 | $ | 391,090 | $ | 376,589 | $ | 337,472 | $ | 222,785 | Net interest income | $ | 382,171 | $ | 381,488 | $ | 391,090 | $ | 376,589 | $ | 337,472 | ||||||||||||||||||||||||||||||||||||||||||
Taxable equivalent adjustment | Taxable equivalent adjustment | 5,666 | 5,378 | 4,950 | 4,314 | 3,772 | Taxable equivalent adjustment | 5,825 | 5,666 | 5,378 | 4,950 | 4,314 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income - taxable equivalent basis (1) | Net interest income - taxable equivalent basis (1) | $ | 387,154 | $ | 396,468 | $ | 381,539 | $ | 341,786 | $ | 226,557 | Net interest income - taxable equivalent basis (1) | $ | 387,996 | $ | 387,154 | $ | 396,468 | $ | 381,539 | $ | 341,786 | ||||||||||||||||||||||||||||||||||||||||||
Average earning assets | Average earning assets | $ | 41,941,913 | $ | 41,206,695 | $ | 41,180,026 | $ | 41,003,338 | $ | 31,483,553 | Average earning assets | $ | 43,097,198 | $ | 41,941,913 | $ | 41,206,695 | $ | 41,180,026 | $ | 41,003,338 | ||||||||||||||||||||||||||||||||||||||||||
Net interest margin (1) | Net interest margin (1) | 3.69 | % | 3.85 | % | 3.71 | % | 3.33 | % | 2.88 | % | Net interest margin (1) | 3.60 | % | 3.69 | % | 3.85 | % | 3.71 | % | 3.33 | % | ||||||||||||||||||||||||||||||||||||||||||
Efficiency ratio: | Efficiency ratio: | Efficiency ratio: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | $ | 250,711 | $ | 282,675 | $ | 262,444 | $ | 277,475 | $ | 215,589 | Noninterest expense | $ | 246,584 | $ | 250,711 | $ | 282,675 | $ | 262,444 | $ | 277,475 | ||||||||||||||||||||||||||||||||||||||||||
Deduct: Intangible amortization expense | Deduct: Intangible amortization expense | 6,186 | 6,787 | 7,089 | 7,170 | 4,811 | Deduct: Intangible amortization expense | 6,060 | 6,186 | 6,787 | 7,089 | 7,170 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted noninterest expense (1) | Adjusted noninterest expense (1) | $ | 244,525 | $ | 275,888 | $ | 255,355 | $ | 270,305 | $ | 210,778 | Adjusted noninterest expense (1) | $ | 240,524 | $ | 244,525 | $ | 275,888 | $ | 255,355 | $ | 270,305 | ||||||||||||||||||||||||||||||||||||||||||
Net interest income - taxable equivalent basis (1) (see above) | Net interest income - taxable equivalent basis (1) (see above) | $ | 387,154 | $ | 396,468 | $ | 381,539 | $ | 341,786 | $ | 226,557 | Net interest income - taxable equivalent basis (1) (see above) | $ | 387,996 | $ | 387,154 | $ | 396,468 | $ | 381,539 | $ | 341,786 | ||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 70,681 | 165,037 | 80,385 | 89,117 | 65,240 | Noninterest income | 81,629 | 70,681 | 165,037 | 80,385 | 89,117 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Deduct: Debt securities gains (losses), net | Deduct: Debt securities gains (losses), net | (5,216) | (173) | (172) | (85) | 342 | Deduct: Debt securities gains (losses), net | 17 | (5,216) | (173) | (172) | (85) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted total revenue (1) | Adjusted total revenue (1) | $ | 463,051 | $ | 561,678 | $ | 462,096 | $ | 430,988 | $ | 291,455 | Adjusted total revenue (1) | $ | 469,608 | $ | 463,051 | $ | 561,678 | $ | 462,096 | $ | 430,988 | ||||||||||||||||||||||||||||||||||||||||||
Efficiency ratio (1) | Efficiency ratio (1) | 52.81 | % | 49.12 | % | 55.26 | % | 62.72 | % | 72.32 | % | Efficiency ratio (1) | 51.22 | % | 52.81 | % | 49.12 | % | 55.26 | % | 62.72 | % | ||||||||||||||||||||||||||||||||||||||||||
Tangible common equity to tangible assets: | Tangible common equity to tangible assets: | Tangible common equity to tangible assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible shareholders' equity (1) (see above) | Tangible shareholders' equity (1) (see above) | $ | 2,914,772 | $ | 2,759,755 | $ | 2,563,872 | $ | 2,703,249 | $ | 2,843,786 | Tangible shareholders' equity (1) (see above) | $ | 2,935,501 | $ | 2,914,772 | $ | 2,759,755 | $ | 2,563,872 | $ | 2,703,249 | ||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | $ | 47,842,644 | $ | 46,763,372 | $ | 46,215,526 | $ | 45,748,355 | $ | 45,834,648 | Assets | $ | 48,496,755 | $ | 47,842,644 | $ | 46,763,372 | $ | 46,215,526 | $ | 45,748,355 | ||||||||||||||||||||||||||||||||||||||||||
Deduct: Goodwill and intangible assets | Deduct: Goodwill and intangible assets | 2,118,935 | 2,125,121 | 2,135,792 | 2,131,815 | 2,144,609 | Deduct: Goodwill and intangible assets | 2,112,875 | 2,118,935 | 2,125,121 | 2,135,792 | 2,131,815 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible assets (1) | Tangible assets (1) | $ | 45,723,709 | $ | 44,638,251 | $ | 44,079,734 | $ | 43,616,540 | $ | 43,690,039 | Tangible assets (1) | $ | 46,383,880 | $ | 45,723,709 | $ | 44,638,251 | $ | 44,079,734 | $ | 43,616,540 | ||||||||||||||||||||||||||||||||||||||||||
Tangible common equity to tangible assets (1) | Tangible common equity to tangible assets (1) | 6.37 | % | 6.18 | % | 5.82 | % | 6.20 | % | 6.51 | % | Tangible common equity to tangible assets (1) | 6.33 | % | 6.37 | % | 6.18 | % | 5.82 | % | 6.20 | % |
Six Months Ended June 30, | |||||||||||
(dollars and shares in thousands, except per share data) | 2023 | 2022 | |||||||||
Tangible common book value: | |||||||||||
Shareholders' common equity | $ | 5,048,376 | $ | 4,835,064 | |||||||
Deduct: Goodwill and intangible assets | 2,112,875 | 2,131,815 | |||||||||
Tangible shareholders' common equity (1) | $ | 2,935,501 | $ | 2,703,249 | |||||||
Period end common shares | 292,597 | 292,893 | |||||||||
Tangible common book value (1) | 10.03 | 9.23 | |||||||||
Return on tangible common equity: | |||||||||||
Net income applicable to common shares | $ | 293,569 | $ | 81,349 | |||||||
Add: Intangible amortization (net of tax) (2) | 9,184 | 9,311 | |||||||||
Tangible net income (1) | $ | 302,753 | $ | 90,660 | |||||||
Tangible shareholders' common equity (1) (see above) | $ | 2,935,501 | $ | 2,703,249 | |||||||
Return on tangible common equity (1) | 20.63 | % | 6.71 | % | |||||||
Return on average tangible common equity: | |||||||||||
Tangible net income (1) (see above) | $ | 302,753 | $ | 90,660 | |||||||
Average shareholders' common equity | $ | 4,976,573 | $ | 4,495,862 | |||||||
Deduct: Average goodwill and intangible assets | 2,119,008 | 1,845,422 | |||||||||
Average tangible shareholders' common equity (1) | $ | 2,857,565 | $ | 2,650,440 | |||||||
Return on average tangible common equity (1) | 21.19 | % | 6.84 | % | |||||||
Net interest margin: | |||||||||||
Net interest income | $ | 763,659 | $ | 560,257 | |||||||
Taxable equivalent adjustment | 11,491 | 8,086 | |||||||||
Net interest income - taxable equivalent basis (1) | $ | 775,150 | $ | 568,343 | |||||||
Average earning assets | $ | 42,522,747 | $ | 36,269,744 | |||||||
Net interest margin (1) | 3.65 | % | 3.13 | % | |||||||
Efficiency ratio: | |||||||||||
Noninterest expense | $ | 497,295 | $ | 493,064 | |||||||
Deduct: Intangible amortization expense | 12,246 | 11,981 | |||||||||
Adjusted noninterest expense (1) | $ | 485,049 | $ | 481,083 | |||||||
Net interest income - taxable equivalent basis (1) (see above) | $ | 775,150 | $ | 568,343 | |||||||
Noninterest income | 152,310 | 154,357 | |||||||||
Deduct: Debt securities gains (losses), net | (5,199) | 257 | |||||||||
Adjusted total revenue (1) | $ | 932,659 | $ | 722,443 | |||||||
Efficiency ratio (1) | 52.01 | % | 66.59 | % | |||||||
Tangible common equity to tangible assets: | |||||||||||
Tangible shareholders' equity (1) (see above) | $ | 2,935,501 | $ | 2,703,249 | |||||||
Assets | $ | 48,496,755 | $ | 45,748,355 | |||||||
Deduct: Goodwill and intangible assets | 2,112,875 | 2,131,815 | |||||||||
Tangible assets (1) | $ | 46,383,880 | $ | 43,616,540 | |||||||
Tangible common equity to tangible assets (1) | 6.33 | % | 6.20 | % |
Three Months Ended March 31, | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except per share data) | (dollars in thousands, except per share data) | Three Months Ended June 30, | % Change | Six Months Ended June 30, | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except per share data) | 2023 | 2022 | Change | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement Summary: | Income Statement Summary: | Income Statement Summary: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 381,488 | $ | 222,785 | 71.2 | % | Net interest income | $ | 382,171 | $ | 337,472 | 13.2 | % | $ | 763,659 | $ | 560,257 | 36.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 13,437 | 108,736 | (87.6) | Provision for credit losses | 14,787 | 9,165 | 61.3 | 28,224 | 117,901 | (76.1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 70,681 | 65,240 | 8.3 | Noninterest income | 81,629 | 89,117 | (8.4) | 152,310 | 154,357 | (1.3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 250,711 | 215,589 | 16.3 | Noninterest expense | 246,584 | 277,475 | (11.1) | 497,295 | 493,064 | 0.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) applicable to common shareholders | 142,566 | (29,603) | (581.6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) per common share - diluted | 0.49 | (0.13) | (476.9) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income applicable to common shareholders | Net income applicable to common shareholders | 151,003 | 110,952 | 36.1 | 293,569 | 81,349 | 260.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income per common share - diluted | Net income per common share - diluted | 0.52 | 0.38 | 36.8 | 1.01 | 0.31 | 225.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Data: | Other Data: | Other Data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average common equity | Return on average common equity | 11.58 | % | (2.89) | % | Return on average common equity | 12.01 | % | 9.08 | % | 11.80 | % | 3.62 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on tangible common equity (1) | Return on tangible common equity (1) | 20.20 | (3.61) | Return on tangible common equity (1) | 21.20 | 17.21 | 20.63 | 6.71 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average tangible common equity (1) | Return on average tangible common equity (1) | 21.03 | (4.03) | Return on average tangible common equity (1) | 21.35 | 16.93 | 21.19 | 6.84 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Efficiency ratio (1) | Efficiency ratio (1) | 52.81 | 72.32 | Efficiency ratio (1) | 51.22 | 62.72 | 52.01 | 66.59 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Efficiency ratio (prior presentation) (2) | Efficiency ratio (prior presentation) (2) | N/A | 76.15 | Efficiency ratio (prior presentation) (2) | N/A | 62.70 | N/A | 68.13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | Tier 1 leverage ratio | 8.53 | 10.58 | Tier 1 leverage ratio | 8.59 | 8.19 | 8.59 | 8.19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) to average loans | Net charge-offs (recoveries) to average loans | 0.21 | 0.05 | Net charge-offs (recoveries) to average loans | 0.13 | 0.02 | 0.17 | 0.04 |
(Tax equivalent basis, dollars in thousands) | (Tax equivalent basis, dollars in thousands) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | (Tax equivalent basis, dollars in thousands) | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earning Assets | Earning Assets | Average Balance | Income (1)/ Expense | Yield/ Rate | Average Balance | Income (1)/ Expense | Yield/ Rate | Earning Assets | Average Balance | Income (1)/ Expense | Yield/ Rate | Average Balance | Income (1)/ Expense | Yield/ Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market and other interest-earning investments | Money market and other interest-earning investments | $ | 497,953 | $ | 3,098 | 2.52 | % | $ | 1,336,404 | $ | 308 | 0.09 | % | Money market and other interest-earning investments | $ | 724,601 | $ | 8,966 | 4.96 | % | $ | 1,088,005 | $ | 1,830 | 0.67 | % | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury and government sponsored agencies | Treasury and government sponsored agencies | 2,197,426 | 16,531 | 3.01 | % | 2,195,470 | 8,219 | 1.50 | % | Treasury and government sponsored agencies | 2,222,269 | 19,355 | 3.48 | % | 2,487,717 | 11,818 | 1.90 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 5,429,200 | 35,090 | 2.59 | % | 4,869,038 | 24,377 | 2.00 | % | Mortgage-backed securities | 5,301,084 | 34,291 | 2.59 | % | 6,008,470 | 33,534 | 2.23 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
States and political subdivisions | States and political subdivisions | 1,808,316 | 14,690 | 3.25 | % | 1,738,652 | 13,637 | 3.14 | % | States and political subdivisions | 1,768,897 | 14,396 | 3.26 | % | 1,834,189 | 14,571 | 3.18 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other securities | Other securities | 738,139 | 8,604 | 4.66 | % | 605,552 | 4,144 | 2.74 | % | Other securities | 824,482 | 9,995 | 4.85 | % | 723,279 | 5,467 | 3.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investment securities | Total investment securities | 10,173,081 | 74,915 | 2.95 | % | 9,408,712 | 50,377 | 2.14 | % | Total investment securities | 10,116,732 | 78,037 | 3.09 | % | 11,053,655 | 65,390 | 2.37 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: (2) | Loans: (2) | Loans: (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 9,457,089 | 147,620 | 6.24 | % | 5,893,907 | 55,283 | 3.75 | % | Commercial | 9,862,728 | 163,721 | 6.64 | % | 8,692,646 | 95,743 | 4.36 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 12,654,366 | 179,475 | 5.67 | % | 8,749,162 | 77,408 | 3.54 | % | Commercial real estate | 13,164,390 | 199,287 | 6.06 | % | 11,547,958 | 113,545 | 3.89 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate loans | Residential real estate loans | 6,523,074 | 58,099 | 3.56 | % | 3,990,716 | 33,986 | 3.41 | % | Residential real estate loans | 6,643,254 | 60,717 | 3.66 | % | 5,905,151 | 51,686 | 3.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 2,636,350 | 38,108 | 5.86 | % | 2,104,652 | 21,915 | 4.22 | % | Consumer | 2,585,493 | 39,999 | 6.21 | % | 2,715,923 | 30,478 | 4.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | 31,270,879 | 423,302 | 5.42 | % | 20,738,437 | 188,592 | 3.64 | % | Total loans | 32,255,865 | 463,724 | 5.75 | % | 28,861,678 | 291,452 | 4.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total earning assets | Total earning assets | 41,941,913 | $ | 501,315 | 4.79 | % | 31,483,553 | $ | 239,277 | 3.04 | % | Total earning assets | 43,097,198 | $ | 550,727 | 5.11 | % | 41,003,338 | $ | 358,672 | 3.48 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Deduct: Allowance for credit losses on loans | Deduct: Allowance for credit losses on loans | (304,393) | (168,175) | Deduct: Allowance for credit losses on loans | (301,311) | (282,943) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Earning Assets | Non-Earning Assets | Non-Earning Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | 437,872 | 268,836 | Cash and due from banks | 418,972 | 277,283 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 4,907,115 | 3,480,640 | Other assets | 4,884,694 | 4,735,701 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 46,982,507 | $ | 35,064,854 | Total assets | $ | 48,099,553 | $ | 45,733,379 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-Bearing Liabilities | Interest-Bearing Liabilities | Interest-Bearing Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Checking and NOW | Checking and NOW | $ | 7,988,579 | $ | 19,359 | 0.98 | % | $ | 6,784,653 | $ | 596 | 0.04 | % | Checking and NOW | $ | 7,881,863 | $ | 24,358 | 1.24 | % | $ | 8,445,683 | $ | 1,786 | 0.08 | % | ||||||||||||||||||||||||||||||||||||||||||||
Savings | Savings | 6,183,409 | 2,230 | 0.15 | % | 5,302,015 | 589 | 0.05 | % | Savings | 5,785,603 | 3,247 | 0.23 | % | 6,835,675 | 673 | 0.04 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market | Money market | 5,641,288 | 20,010 | 1.44 | % | 3,778,682 | 691 | 0.07 | % | Money market | 6,084,963 | 35,357 | 2.33 | % | 5,317,300 | 1,027 | 0.08 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 3,558,400 | 20,994 | 2.39 | % | 1,745,153 | 1,318 | 0.31 | % | Time deposits | 4,628,426 | 38,012 | 3.29 | % | 2,499,445 | 1,701 | 0.27 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 23,371,676 | 62,593 | 1.09 | % | 17,610,503 | 3,194 | 0.07 | % | Total interest-bearing deposits | 24,380,855 | 100,974 | 1.66 | % | 23,098,103 | 5,187 | 0.09 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and interbank borrowings | Federal funds purchased and interbank borrowings | 419,291 | 4,839 | 4.68 | % | 1,113 | — | 0.01 | % | Federal funds purchased and interbank borrowings | 441,145 | 5,655 | 5.14 | % | 1,222 | 2 | 0.47 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 412,819 | 779 | 0.77 | % | 449,939 | 96 | 0.09 | % | Securities sold under agreements to repurchase | 340,178 | 900 | 1.06 | % | 466,885 | 85 | 0.07 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances | FHLB advances | 4,273,343 | 37,996 | 3.61 | % | 2,589,984 | 5,963 | 0.93 | % | FHLB advances | 5,283,728 | 45,088 | 3.42 | % | 3,053,423 | 6,925 | 0.91 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 781,221 | 7,954 | 4.13 | % | 432,434 | 3,467 | 3.21 | % | Other borrowings | 796,536 | 10,114 | 5.09 | % | 611,772 | 4,687 | 3.06 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total borrowed funds | Total borrowed funds | 5,886,674 | 51,568 | 3.55 | % | 3,473,470 | 9,526 | 1.11 | % | Total borrowed funds | 6,861,587 | 61,757 | 3.61 | % | 4,133,302 | 11,699 | 1.14 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | $ | 29,258,350 | $ | 114,161 | 1.58 | % | $ | 21,083,973 | $ | 12,720 | 0.24 | % | Total interest-bearing liabilities | $ | 31,242,442 | $ | 162,731 | 2.09 | % | $ | 27,231,405 | $ | 16,886 | 0.25 | % | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest-Bearing Liabilities and Shareholders' Equity | Noninterest-Bearing Liabilities and Shareholders' Equity | Noninterest-Bearing Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | Demand deposits | $ | 11,526,267 | $ | 9,294,876 | Demand deposits | $ | 10,741,646 | $ | 12,714,946 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 1,031,702 | 467,589 | Other liabilities | 841,663 | 657,128 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | Shareholders' equity | 5,166,188 | 4,218,416 | Shareholders' equity | 5,273,802 | 5,129,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | Total liabilities and shareholders' equity | $ | 46,982,507 | $ | 35,064,854 | Total liabilities and shareholders' equity | $ | 48,099,553 | $ | 45,733,379 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income - taxable equivalent basis | Net interest income - taxable equivalent basis | $ | 387,154 | 3.69 | % | $ | 226,557 | 2.88 | % | Net interest income - taxable equivalent basis | $ | 387,996 | 3.60 | % | $ | 341,786 | 3.33 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable equivalent adjustment | Taxable equivalent adjustment | (5,666) | (3,772) | Taxable equivalent adjustment | (5,825) | (4,314) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (GAAP) | Net interest income (GAAP) | $ | 381,488 | 3.64 | % | $ | 222,785 | 2.83 | % | Net interest income (GAAP) | $ | 382,171 | 3.55 | % | $ | 337,472 | 3.29 | % |
(Tax equivalent basis, dollars in thousands) | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||
Earning Assets | Average Balance | Income (1)/ Expense | Yield/ Rate | Average Balance | Income (1)/ Expense | Yield/ Rate | |||||||||||||||||||||||||||||
Money market and other interest-earning investments | $ | 611,903 | $ | 12,064 | 3.98 | % | $ | 1,211,518 | $ | 2,138 | 0.36 | % | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||||
Treasury and government sponsored agencies | 2,209,916 | 35,886 | 3.25 | % | 2,342,401 | 20,038 | 1.71 | % | |||||||||||||||||||||||||||
Mortgage-backed securities | 5,364,788 | 69,381 | 2.59 | % | 5,441,902 | 57,910 | 2.13 | % | |||||||||||||||||||||||||||
States and political subdivisions | 1,788,498 | 29,086 | 3.25 | % | 1,786,684 | 28,208 | 3.16 | % | |||||||||||||||||||||||||||
Other securities | 781,549 | 18,599 | 4.76 | % | 664,741 | 9,611 | 2.89 | % | |||||||||||||||||||||||||||
Total investment securities | 10,144,751 | 152,952 | 3.02 | % | 10,235,728 | 115,767 | 2.26 | % | |||||||||||||||||||||||||||
Loans: (2) | |||||||||||||||||||||||||||||||||||
Commercial | 9,661,029 | 311,341 | 6.45 | % | 7,301,008 | 151,026 | 4.11 | % | |||||||||||||||||||||||||||
Commercial real estate | 12,910,787 | 378,762 | 5.87 | % | 10,156,292 | 190,952 | 3.74 | % | |||||||||||||||||||||||||||
Residential real estate loans | 6,582,982 | 118,817 | 3.61 | % | 4,953,222 | 85,673 | 3.46 | % | |||||||||||||||||||||||||||
Consumer | 2,611,295 | 78,106 | 6.03 | % | 2,411,976 | 52,393 | 4.38 | % | |||||||||||||||||||||||||||
Total loans | 31,766,093 | 887,026 | 5.59 | % | 24,822,498 | 480,044 | 3.86 | % | |||||||||||||||||||||||||||
Total earning assets | 42,522,747 | $ | 1,052,042 | 4.95 | % | 36,269,744 | $ | 597,949 | 3.29 | % | |||||||||||||||||||||||||
Deduct: Allowance for credit losses on loans | (302,844) | (225,876) | |||||||||||||||||||||||||||||||||
Non-Earning Assets | |||||||||||||||||||||||||||||||||||
Cash and due from banks | 428,370 | 273,083 | |||||||||||||||||||||||||||||||||
Other assets | 4,895,843 | 4,111,637 | |||||||||||||||||||||||||||||||||
Total assets | $ | 47,544,116 | $ | 40,428,588 | |||||||||||||||||||||||||||||||
Interest-Bearing Liabilities | |||||||||||||||||||||||||||||||||||
Checking and NOW | $ | 7,934,927 | $ | 43,717 | 1.11 | % | $ | 7,619,757 | $ | 2,381 | 0.06 | % | |||||||||||||||||||||||
Savings | 5,983,407 | 5,477 | 0.18 | % | 6,073,081 | 1,262 | 0.04 | % | |||||||||||||||||||||||||||
Money market | 5,864,351 | 55,368 | 1.90 | % | 4,552,241 | 1,719 | 0.08 | % | |||||||||||||||||||||||||||
Time deposits | 4,096,369 | 59,005 | 2.90 | % | 2,124,382 | 3,019 | 0.29 | % | |||||||||||||||||||||||||||
Total interest-bearing deposits | 23,879,054 | 163,567 | 1.38 | % | 20,369,461 | 8,381 | 0.08 | % | |||||||||||||||||||||||||||
Federal funds purchased and interbank borrowings | 430,278 | 10,494 | 4.92 | % | 1,168 | 2 | 0.25 | % | |||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 376,298 | 1,679 | 0.90 | % | 458,459 | 181 | 0.08 | % | |||||||||||||||||||||||||||
FHLB advances | 4,781,326 | 83,084 | 3.50 | % | 2,822,984 | 12,888 | 0.92 | % | |||||||||||||||||||||||||||
Other borrowings | 788,921 | 18,068 | 4.62 | % | 522,599 | 8,154 | 3.12 | % | |||||||||||||||||||||||||||
Total borrowed funds | 6,376,823 | 113,325 | 3.58 | % | 3,805,210 | 21,225 | 1.12 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 30,255,877 | $ | 276,892 | 1.85 | % | $ | 24,174,671 | $ | 29,606 | 0.25 | % | |||||||||||||||||||||||
Noninterest-Bearing Liabilities and Shareholders' Equity | |||||||||||||||||||||||||||||||||||
Demand deposits | $ | 11,131,789 | $ | 11,014,359 | |||||||||||||||||||||||||||||||
Other liabilities | 936,158 | 562,882 | |||||||||||||||||||||||||||||||||
Shareholders' equity | 5,220,292 | 4,676,676 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 47,544,116 | $ | 40,428,588 | |||||||||||||||||||||||||||||||
Net interest income - taxable equivalent basis | $ | 775,150 | 3.65 | % | $ | 568,343 | 3.13 | % | |||||||||||||||||||||||||||
Taxable equivalent adjustment | (11,491) | (8,086) | |||||||||||||||||||||||||||||||||
Net interest income (GAAP) | $ | 763,659 | 3.59 | % | $ | 560,257 | 3.09 | % |
From Three Months Ended March 31, 2022 to Three Months Ended March 31, 2023 | From Three Months Ended June 30, 2022 to Three Months Ended June 30, 2023 | From Six Months Ended June 30, 2022 to Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Change (1) | Attributed to | Total Change (1) | Attributed to | Total Change (1) | Attributed to | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Volume | Rate | Total Change (1) | Volume | Rate | Total Change (1) | Volume | Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Income | Interest Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market and other interest-earning investments | Money market and other interest-earning investments | $ | 2,790 | $ | (2,762) | $ | 5,552 | Money market and other interest-earning investments | $ | 7,136 | $ | (2,571) | $ | 9,707 | $ | 9,926 | $ | (6,535) | $ | 16,461 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities (2) | Investment securities (2) | 24,538 | 4,861 | 19,677 | Investment securities (2) | 12,647 | (6,385) | 19,032 | 37,185 | (1,201) | 38,386 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | 234,710 | 119,213 | 115,497 | Loans | 172,272 | 40,306 | 131,966 | 406,982 | 163,213 | 243,769 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 262,038 | 121,312 | 140,726 | Total interest income | 192,055 | 31,350 | 160,705 | 454,093 | 155,477 | 298,616 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expense | Interest Expense | Interest Expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Checking and NOW deposits | Checking and NOW deposits | 18,763 | 1,426 | 17,337 | Checking and NOW deposits | 22,572 | (1,017) | 23,589 | 41,336 | 713 | 40,623 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 1,641 | 199 | 1,442 | Savings deposits | 2,574 | (351) | 2,925 | 4,215 | (97) | 4,312 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market deposits | Money market deposits | 19,319 | 3,382 | 15,937 | Money market deposits | 34,330 | 2,287 | 32,043 | 53,649 | 6,375 | 47,274 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 19,676 | 5,987 | 13,689 | Time deposits | 36,311 | 9,439 | 26,872 | 55,986 | 15,561 | 40,425 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and interbank borrowings | Federal funds purchased and interbank borrowings | 4,839 | 2,418 | 2,421 | Federal funds purchased and interbank borrowings | 5,653 | 3,078 | 2,575 | 10,492 | 5,496 | 4,996 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 683 | (45) | 728 | Securities sold under agreements to repurchase | 815 | (181) | 996 | 1,498 | (208) | 1,706 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances | FHLB advances | 32,033 | 9,330 | 22,703 | FHLB advances | 38,163 | 12,026 | 26,137 | 70,196 | 21,373 | 48,823 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 4,487 | 3,146 | 1,341 | Other borrowings | 5,427 | 1,866 | 3,561 | 9,914 | 5,070 | 4,844 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 101,441 | 25,843 | 75,598 | Total interest expense | 145,845 | 27,147 | 118,698 | 247,286 | 54,283 | 193,003 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 160,597 | $ | 95,469 | $ | 65,128 | Net interest income | $ | 46,210 | $ | 4,203 | $ | 42,007 | $ | 206,807 | $ | 101,194 | $ | 105,613 |
Three Months Ended June 30, | % | Six Months Ended June 30, | % | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||||||||||||||||||||||
Provision for credit losses on loans | $ | 11,936 | $ | 9,254 | 29.0 | % | $ | 23,405 | $ | 106,663 | (78.1) | % | ||||||||||||||||||||||||||
Provision (release) for credit losses on unfunded loan commitments | 2,851 | (80) | N/M | 4,819 | 11,087 | (56.5) | ||||||||||||||||||||||||||||||||
Provision for credit losses on held-to- maturity securities | — | (9) | (100.0) | — | 151 | (100.0) | ||||||||||||||||||||||||||||||||
Total provision for credit losses | $ | 14,787 | $ | 9,165 | 61.3 | % | $ | 28,224 | $ | 117,901 | (76.1) | % | ||||||||||||||||||||||||||
Net (charge-offs) recoveries on non-PCD loans | $ | (4,689) | $ | (111) | N/M | % | $ | (8,727) | $ | 19 | N/M | % | ||||||||||||||||||||||||||
Net (charge-offs) recoveries on PCD loans | (5,403) | (1,647) | 228.1 | (17,794) | (4,551) | 291.0 | ||||||||||||||||||||||||||||||||
Total net (charge-offs) recoveries on loans | $ | (10,092) | $ | (1,758) | 474.1 | % | $ | (26,521) | $ | (4,532) | 485.2 | % |
Three Months Ended March 31, | % | Three Months Ended June 30, | % | Six Months Ended June 30, | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | Change | (dollars in thousands) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wealth management fees | $ | 18,760 | $ | 14,630 | 28.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wealth and investment services fees | Wealth and investment services fees | $ | 26,521 | $ | 27,872 | (4.8) | % | $ | 53,441 | $ | 49,824 | 7.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 17,003 | 14,026 | 21.2 | Service charges on deposit accounts | 17,751 | 20,324 | (12.7) | 34,754 | 34,350 | 1.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debit card and ATM fees | Debit card and ATM fees | 9,982 | 7,599 | 31.4 | Debit card and ATM fees | 10,653 | 11,222 | (5.1) | 20,635 | 18,821 | 9.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking revenue | Mortgage banking revenue | 3,400 | 7,245 | (53.1) | Mortgage banking revenue | 4,165 | 6,522 | (36.1) | 7,565 | 13,767 | (45.0) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment product fees | 8,160 | 7,322 | 11.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital markets income | Capital markets income | 6,939 | 4,442 | 56.2 | Capital markets income | 6,173 | 7,261 | (15.0) | 13,112 | 11,703 | 12.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company-owned life insurance | Company-owned life insurance | 3,186 | 3,524 | (9.6) | Company-owned life insurance | 4,698 | 4,571 | 2.8 | 7,884 | 8,095 | (2.6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities gains (losses), net | Debt securities gains (losses), net | (5,216) | 342 | N/M | Debt securities gains (losses), net | 17 | (85) | (120.0) | (5,199) | 257 | N/M | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 8,467 | 6,110 | 38.6 | Other income | 11,651 | 11,430 | 1.9 | 20,118 | 17,540 | 14.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | $ | 70,681 | $ | 65,240 | 8.3 | % | Total noninterest income | $ | 81,629 | $ | 89,117 | (8.4) | % | $ | 152,310 | $ | 154,357 | (1.3) | % |
Three Months Ended March 31, | % | Three Months Ended June 30, | % | Six Months Ended June 30, | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | Change | (dollars in thousands) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | $ | 137,364 | $ | 124,147 | 10.6 | % | Salaries and employee benefits | $ | 135,810 | $ | 161,817 | (16.1) | % | $ | 273,174 | $ | 285,964 | (4.5) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy | Occupancy | 28,282 | 21,019 | 34.6 | Occupancy | 26,085 | 26,496 | (1.6) | 54,367 | 47,515 | 14.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment | Equipment | 7,389 | 5,168 | 43.0 | Equipment | 7,721 | 7,550 | 2.3 | 15,110 | 12,718 | 18.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketing | Marketing | 9,417 | 4,276 | 120.2 | Marketing | 9,833 | 9,119 | 7.8 | 19,250 | 13,395 | 43.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Technology | Technology | 19,202 | 18,762 | 2.3 | Technology | 20,056 | 25,883 | (22.5) | 39,258 | 44,645 | (12.1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Communication | Communication | 4,461 | 3,417 | 30.6 | Communication | 4,232 | 5,878 | (28.0) | 8,693 | 9,295 | (6.5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Professional fees | Professional fees | 6,732 | 19,791 | (66.0) | Professional fees | 6,397 | 6,336 | 1.0 | 13,129 | 26,127 | (49.7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FDIC assessment | FDIC assessment | 10,404 | 2,575 | 304.0 | FDIC assessment | 9,624 | 4,699 | 104.8 | 20,028 | 7,274 | 175.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangibles | Amortization of intangibles | 6,186 | 4,811 | 28.6 | Amortization of intangibles | 6,060 | 7,170 | (15.5) | 12,246 | 11,981 | 2.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of tax credit investments | Amortization of tax credit investments | 2,761 | 1,516 | 82.1 | Amortization of tax credit investments | 2,762 | 1,525 | 81.1 | 5,523 | 3,041 | 81.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property optimization | Property optimization | 1,317 | — | N/A | Property optimization | 242 | — | N/A | 1,559 | — | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expense | Other expense | 17,196 | 10,107 | 70.1 | Other expense | 17,762 | 21,002 | (15.4) | 34,958 | 31,109 | 12.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | $ | 250,711 | $ | 215,589 | 16.3 | % | Total noninterest expense | $ | 246,584 | $ | 277,475 | (11.1) | % | $ | 497,295 | $ | 493,064 | 0.9 | % |
(dollars in thousands) | June 30, 2023 | December 31, 2022 | $ Change | % Change | ||||||||||||||||
Commercial | $ | 9,698,241 | $ | 9,508,904 | $ | 189,337 | 2 | % | ||||||||||||
Commercial real estate | 13,450,209 | 12,457,070 | 993,139 | 8 | ||||||||||||||||
Residential real estate | 6,684,480 | 6,460,441 | 224,039 | 3 | ||||||||||||||||
Consumer | 2,599,543 | 2,697,226 | (97,683) | (4) | ||||||||||||||||
Total loans | $ | 32,432,473 | $ | 31,123,641 | $ | 1,308,832 | 4 | % |
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Outstanding | Exposure(1) | Nonaccrual | Outstanding | Exposure(1) | Nonaccrual | (dollars in thousands) | Outstanding | Exposure(1) | Nonaccrual | Outstanding | Exposure(1) | Nonaccrual | ||||||||||||||||||||||||||
By Industry: | By Industry: | By Industry: | ||||||||||||||||||||||||||||||||||||||
Manufacturing | Manufacturing | $ | 1,839,041 | $ | 2,949,868 | $ | 2,218 | $ | 1,757,907 | $ | 2,803,883 | $ | 2,464 | Manufacturing | $ | 1,803,303 | $ | 2,970,373 | $ | 6,901 | $ | 1,757,907 | $ | 2,803,883 | $ | 2,464 | ||||||||||||||
Health care and social assistance | Health care and social assistance | 1,547,279 | 2,066,304 | 6,614 | 1,588,392 | 2,043,105 | 11,806 | Health care and social assistance | 1,360,925 | 1,776,461 | 7,523 | 1,588,392 | 2,043,105 | 11,806 | ||||||||||||||||||||||||||
Wholesale trade | Wholesale trade | 823,273 | 1,587,693 | 4,852 | 857,400 | 1,552,985 | 2,895 | Wholesale trade | 806,904 | 1,519,782 | 4,860 | 857,400 | 1,552,985 | 2,895 | ||||||||||||||||||||||||||
Real estate rental and leasing | Real estate rental and leasing | 684,762 | 975,367 | 1,121 | 642,511 | 962,549 | 1,135 | Real estate rental and leasing | 670,100 | 1,010,194 | 1,107 | 642,511 | 962,549 | 1,135 | ||||||||||||||||||||||||||
Construction | Construction | 557,233 | 1,311,635 | 1,360 | 556,913 | 1,307,582 | 1,517 | Construction | 630,504 | 1,441,527 | 4,386 | 556,913 | 1,307,582 | 1,517 | ||||||||||||||||||||||||||
Finance and insurance | Finance and insurance | 576,081 | 934,986 | 8 | 484,532 | 858,391 | 17 | |||||||||||||||||||||||||||||||||
Professional, scientific, and technical services | Professional, scientific, and technical services | 532,386 | 848,346 | 4,691 | 507,940 | 832,407 | 4,735 | Professional, scientific, and technical services | 538,952 | 866,853 | 4,571 | 507,940 | 832,407 | 4,735 | ||||||||||||||||||||||||||
Finance and insurance | 520,676 | 885,526 | 16 | 484,532 | 858,391 | 17 | ||||||||||||||||||||||||||||||||||
Transportation and warehousing | Transportation and warehousing | 452,628 | 693,200 | 2,712 | 422,643 | 633,267 | 3,496 | Transportation and warehousing | 439,015 | 681,702 | 3,831 | 422,643 | 633,267 | 3,496 | ||||||||||||||||||||||||||
Retail trade | Retail trade | 406,320 | 699,800 | 7,394 | 332,367 | 538,135 | 7,386 | |||||||||||||||||||||||||||||||||
Accommodation and food services | Accommodation and food services | 419,808 | 566,248 | 541 | 399,915 | 512,025 | 596 | Accommodation and food services | 388,810 | 510,089 | 479 | 399,915 | 512,025 | 596 | ||||||||||||||||||||||||||
Retail trade | 404,323 | 686,379 | 7,061 | 332,367 | 538,135 | 7,386 | ||||||||||||||||||||||||||||||||||
Administrative and support and �� waste management and remediation services | 319,715 | 488,693 | 9,889 | 315,785 | 446,655 | 13,860 | ||||||||||||||||||||||||||||||||||
Administrative and support and waste management and remediation services | Administrative and support and waste management and remediation services | 307,563 | 476,445 | 186 | 315,785 | 446,655 | 13,860 | |||||||||||||||||||||||||||||||||
Educational services | Educational services | 240,653 | 406,915 | 8 | 210,850 | 378,955 | 3,750 | |||||||||||||||||||||||||||||||||
Other services | Other services | 218,305 | 395,272 | 13,090 | 194,998 | 356,743 | 2,656 | |||||||||||||||||||||||||||||||||
Public administration | Public administration | 219,897 | 313,742 | — | 231,453 | 325,834 | 846 | Public administration | 208,512 | 301,200 | — | 231,453 | 325,834 | 846 | ||||||||||||||||||||||||||
Other services | 215,427 | 396,876 | 14,505 | 194,998 | 356,743 | 2,656 | ||||||||||||||||||||||||||||||||||
Educational services | 213,835 | 369,592 | 3,792 | 210,850 | 378,955 | 3,750 | ||||||||||||||||||||||||||||||||||
Agriculture, forestry, fishing, and hunting | Agriculture, forestry, fishing, and hunting | 207,416 | 371,072 | 959 | 261,355 | 382,376 | 996 | Agriculture, forestry, fishing, and hunting | 205,740 | 359,958 | 418 | 261,355 | 382,376 | 996 | ||||||||||||||||||||||||||
Other | Other | 794,176 | 1,080,282 | 505 | 743,943 | 1,122,409 | 739 | Other | 896,554 | 1,197,440 | 473 | 743,943 | 1,122,409 | 739 | ||||||||||||||||||||||||||
Total | Total | $ | 9,751,875 | $ | 15,590,823 | $ | 60,836 | $ | 9,508,904 | $ | 15,057,301 | $ | 58,894 | Total | $ | 9,698,241 | $ | 15,548,997 | $ | 55,235 | $ | 9,508,904 | $ | 15,057,301 | $ | 58,894 | ||||||||||||||
By Loan Size: | By Loan Size: | By Loan Size: | ||||||||||||||||||||||||||||||||||||||
Less than $200,000 | Less than $200,000 | 3 | % | 2 | % | 3 | % | 3 | % | 3 | % | 3 | % | Less than $200,000 | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | ||||||||||||||
$200,000 to $1,000,000 | $200,000 to $1,000,000 | 11 | 11 | 15 | 11 | 11 | 20 | $200,000 to $1,000,000 | 11 | 11 | 19 | 11 | 11 | 20 | ||||||||||||||||||||||||||
$1,000,000 to $5,000,000 | $1,000,000 to $5,000,000 | 24 | 25 | 34 | 25 | 26 | 36 | $1,000,000 to $5,000,000 | 24 | 25 | 49 | 25 | 26 | 36 | ||||||||||||||||||||||||||
$5,000,000 to $10,000,000 | $5,000,000 to $10,000,000 | 15 | 15 | 12 | 15 | 15 | 24 | $5,000,000 to $10,000,000 | 14 | 15 | 6 | 15 | 15 | 24 | ||||||||||||||||||||||||||
$10,000,000 to $25,000,000 | $10,000,000 to $25,000,000 | 31 | 29 | 36 | 31 | 27 | 17 | $10,000,000 to $25,000,000 | 32 | 28 | 23 | 31 | 27 | 17 | ||||||||||||||||||||||||||
Greater than $25,000,000 | Greater than $25,000,000 | 16 | 18 | — | 15 | 18 | — | Greater than $25,000,000 | 16 | 18 | — | 15 | 18 | — | ||||||||||||||||||||||||||
Total | Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Outstanding | % | Outstanding | % | (dollars in thousands) | Outstanding | Exposure(1) | Nonaccrual | Outstanding | Exposure(1) | Nonaccrual | |||||||||||||||||||||||||||||||||||||||||||
By Property Type: | By Property Type: | By Property Type: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | Multifamily | $ | 4,321,782 | 33 | % | $ | 4,188,137 | 34 | % | Multifamily | $ | 4,455,077 | $ | 6,420,032 | $ | 11,942 | $ | 4,188,137 | $ | 5,920,414 | $ | 13,749 | |||||||||||||||||||||||||||||||||
Warehouse / Industrial | Warehouse / Industrial | 2,110,884 | 16 | 1,976,804 | 16 | Warehouse / Industrial | 2,378,739 | 3,124,270 | 5,807 | 1,976,804 | 2,533,892 | 9,090 | |||||||||||||||||||||||||||||||||||||||||||
Office | Office | 1,927,184 | 2,160,627 | 29,315 | 1,813,007 | 1,979,272 | 13,728 | ||||||||||||||||||||||||||||||||||||||||||||||||
Retail | Retail | 1,876,410 | 15 | 1,808,041 | 14 | Retail | 1,912,285 | 2,003,162 | 32,109 | 1,808,041 | 1,895,345 | 18,155 | |||||||||||||||||||||||||||||||||||||||||||
Office | 1,809,477 | 14 | 1,813,007 | 15 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial development | 511,717 | 4 | 660,798 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Single family | Single family | 490,042 | 4 | 515,390 | 4 | Single family | 425,926 | 457,895 | 5,176 | 515,390 | 615,216 | 7,022 | |||||||||||||||||||||||||||||||||||||||||||
Other (1) | 1,788,068 | 14 | 1,494,893 | 12 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other (2) | Other (2) | 2,350,998 | 2,663,938 | 90,388 | 2,155,691 | 2,667,780 | 61,977 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 12,908,380 | 100 | % | $ | 12,457,070 | 100 | % | Total | $ | 13,450,209 | $ | 16,829,924 | $ | 174,737 | $ | 12,457,070 | $ | 15,611,919 | $ | 123,721 |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | $ Change | % Change | (dollars in thousands) | June 30, 2023 | December 31, 2022 | $ Change | % Change | ||||||||||||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | Noninterest-bearing demand | $ | 10,995,083 | $ | 11,930,798 | $ | (935,715) | (8) | % | Noninterest-bearing demand | $ | 10,532,838 | $ | 11,930,798 | $ | (1,397,960) | (12) | % | ||||||||||||||||||||||
Interest-bearing: | Interest-bearing: | Interest-bearing: | ||||||||||||||||||||||||||||||||||||||
Checking and NOW | Checking and NOW | 7,903,520 | 8,340,955 | (437,435) | (5) | % | Checking and NOW | 7,654,202 | 8,340,955 | (686,753) | (8) | % | ||||||||||||||||||||||||||||
Savings | Savings | 6,030,255 | 6,326,158 | (295,903) | (5) | % | Savings | 5,578,323 | 6,326,158 | (747,835) | (12) | % | ||||||||||||||||||||||||||||
Money market | Money market | 5,867,239 | 5,389,139 | 478,100 | 9 | % | Money market | 7,200,288 | 5,389,139 | 1,811,149 | 34 | % | ||||||||||||||||||||||||||||
Time deposits | Time deposits | 4,121,695 | 3,013,780 | 1,107,915 | 37 | % | Time deposits | 5,265,664 | 3,013,780 | 2,251,884 | 75 | % | ||||||||||||||||||||||||||||
Total deposits | Total deposits | 34,917,792 | 35,000,830 | (83,038) | — | % | Total deposits | 36,231,315 | 35,000,830 | 1,230,485 | 4 | % | ||||||||||||||||||||||||||||
Wholesale borrowings: | Wholesale borrowings: | Wholesale borrowings: | ||||||||||||||||||||||||||||||||||||||
Federal funds purchased and interbank borrowings | Federal funds purchased and interbank borrowings | 618,955 | 581,489 | 37,466 | 6 | % | Federal funds purchased and interbank borrowings | 136,060 | 581,489 | (445,429) | (77) | % | ||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 393,018 | 432,804 | (39,786) | (9) | % | Securities sold under agreements to repurchase | 311,447 | 432,804 | (121,357) | (28) | % | ||||||||||||||||||||||||||||
Federal Home Loan Bank advances | Federal Home Loan Bank advances | 4,981,612 | 3,829,018 | 1,152,594 | 30 | % | Federal Home Loan Bank advances | 4,771,183 | 3,829,018 | 942,165 | 25 | % | ||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 746,869 | 743,003 | 3,866 | 1 | % | Other borrowings | 815,318 | 743,003 | 72,315 | 10 | % | ||||||||||||||||||||||||||||
Total wholesale borrowings | Total wholesale borrowings | 6,740,454 | 5,586,314 | 1,154,140 | 21 | % | Total wholesale borrowings | 6,034,008 | 5,586,314 | 447,694 | 8 | % | ||||||||||||||||||||||||||||
Total funding | Total funding | $ | 41,658,246 | $ | 40,587,144 | $ | 1,071,102 | 3 | % | Total funding | $ | 42,265,323 | $ | 40,587,144 | $ | 1,678,179 | 4 | % |
Regulatory Guidelines Minimum | Prompt Corrective Action "Well Capitalized" Guidelines | March 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2022 | Regulatory Guidelines Minimum | Prompt Corrective Action "Well Capitalized" Guidelines | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk-based capital: | Risk-based capital: | Risk-based capital: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital to total average assets (leverage ratio) | Tier 1 capital to total average assets (leverage ratio) | 4.00 | % | N/A | % | 8.53 | % | 10.58 | % | 8.52 | % | Tier 1 capital to total average assets (leverage ratio) | 4.00 | % | N/A | % | 8.59 | % | 8.52 | % | ||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital to risk-adjusted total assets | 7.00 | N/A | 9.98 | 10.04 | 10.03 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital to risk-adjusted total assets | 8.50 | 6.00 | 10.64 | 10.79 | 10.71 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital to risk-adjusted total assets | 10.50 | 10.00 | 11.96 | 12.19 | 12.02 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital to risk-weighted total assets | Common equity Tier 1 capital to risk-weighted total assets | 7.00 | N/A | 10.14 | 10.03 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital to risk-weighted total assets | Tier 1 capital to risk-weighted total assets | 8.50 | 6.00 | 10.79 | 10.71 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital to risk-weighted total assets | Total capital to risk-weighted total assets | 10.50 | 10.00 | 12.14 | 12.02 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity to assets | Shareholders' equity to assets | N/A | N/A | 11.03 | 11.42 | 10.97 | Shareholders' equity to assets | N/A | N/A | 10.91 | 10.97 |
Regulatory Guidelines Minimum | Prompt Corrective Action "Well Capitalized" Guidelines | March 31, | December 31, | |||||||||||||||||||||||||||||
2023 | 2022 | 2022 | ||||||||||||||||||||||||||||||
Risk-based capital: | ||||||||||||||||||||||||||||||||
Tier 1 capital to total average assets (leverage ratio) | 4.00 | % | 5.00 | % | 8.68 | % | 10.07 | % | 8.47 | % | ||||||||||||||||||||||
Common equity Tier 1 capital to risk-adjusted total assets | 7.00 | 6.50 | 10.83 | 10.28 | 10.66 | |||||||||||||||||||||||||||
Tier 1 capital to risk-adjusted total assets | 8.50 | 8.00 | 10.83 | 10.28 | 10.66 | |||||||||||||||||||||||||||
Total capital to risk-adjusted total assets | 10.50 | 10.00 | 11.55 | 10.89 | 11.35 |
Regulatory Guidelines Minimum | Prompt Corrective Action "Well Capitalized" Guidelines | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||
Risk-based capital: | ||||||||||||||||||||||||||
Tier 1 capital to total average assets (leverage ratio) | 4.00 | % | 5.00 | % | 8.73 | % | 8.47 | % | ||||||||||||||||||
Common equity Tier 1 capital to risk-weighted total assets | 7.00 | 6.50 | 10.98 | 10.66 | ||||||||||||||||||||||
Tier 1 capital to risk-weighted total assets | 8.50 | 8.00 | 10.98 | 10.66 | ||||||||||||||||||||||
Total capital to risk-weighted total assets | 10.50 | 10.00 | 11.73 | 11.35 |
March 31, | December 31, | |||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | 2022 | (dollars in thousands) | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||
Total nonaccrual loans | Total nonaccrual loans | $ | 234,337 | $ | 227,925 | $ | 238,178 | Total nonaccrual loans | $ | 295,509 | $ | 238,178 | ||||||||||||||||||||||
TDRs still accruing (1) | TDRs still accruing (1) | N/A | 20,999 | 15,313 | TDRs still accruing (1) | N/A | 15,313 | |||||||||||||||||||||||||||
Loans 90 days or more past due and still accruing | Loans 90 days or more past due and still accruing | 1,231 | 1,646 | 2,650 | Loans 90 days or more past due and still accruing | 303 | 2,650 | |||||||||||||||||||||||||||
Foreclosed assets | Foreclosed assets | 10,817 | 19,713 | 10,845 | Foreclosed assets | 9,824 | 10,845 | |||||||||||||||||||||||||||
Total under-performing assets | Total under-performing assets | $ | 246,385 | $ | 270,283 | $ | 266,986 | Total under-performing assets | $ | 305,636 | $ | 266,986 | ||||||||||||||||||||||
Classified loans (includes nonaccrual, TDRs still accruing, past due 90 days, and other problem loans) (1) | Classified loans (includes nonaccrual, TDRs still accruing, past due 90 days, and other problem loans) (1) | $ | 805,797 | $ | 747,912 | $ | 745,485 | Classified loans (includes nonaccrual, TDRs still accruing, past due 90 days, and other problem loans) (1) | $ | 820,521 | $ | 745,485 | ||||||||||||||||||||||
Other classified assets (2) | Other classified assets (2) | 26,441 | 24,676 | 24,735 | Other classified assets (2) | 40,942 | 24,735 | |||||||||||||||||||||||||||
Criticized loans | Criticized loans | 593,307 | 507,689 | 636,069 | Criticized loans | 614,547 | 636,069 | |||||||||||||||||||||||||||
Total criticized and classified assets | Total criticized and classified assets | $ | 1,425,545 | $ | 1,280,277 | $ | 1,406,289 | Total criticized and classified assets | $ | 1,476,010 | $ | 1,406,289 | ||||||||||||||||||||||
Asset Quality Ratios: | Asset Quality Ratios: | Asset Quality Ratios: | ||||||||||||||||||||||||||||||||
Nonaccrual loans/total loans (3) | Nonaccrual loans/total loans (3) | 0.74 | % | 0.80 | % | 0.77 | % | Nonaccrual loans/total loans (3) | 0.91 | % | 0.77 | % | ||||||||||||||||||||||
Non-performing loans/total loans (3) (4) | Non-performing loans/total loans (3) (4) | 0.74 | 0.88 | 0.81 | Non-performing loans/total loans (3) (4) | 0.91 | 0.81 | |||||||||||||||||||||||||||
Under-performing assets/total loans (3) | Under-performing assets/total loans (3) | 0.77 | 0.95 | 0.86 | Under-performing assets/total loans (3) | 0.94 | 0.86 | |||||||||||||||||||||||||||
Under-performing assets/total assets | Under-performing assets/total assets | 0.51 | 0.59 | 0.57 | Under-performing assets/total assets | 0.63 | 0.57 | |||||||||||||||||||||||||||
Allowance for credit losses on loans/under-performing assets | Allowance for credit losses on loans/under-performing assets | 121.24 | 103.78 | 113.74 | Allowance for credit losses on loans/under-performing assets | 98.34 | 113.74 | |||||||||||||||||||||||||||
Allowance for credit losses on loans/nonaccrual loans | Allowance for credit losses on loans/nonaccrual loans | 127.47 | 123.07 | 127.50 | Allowance for credit losses on loans/nonaccrual loans | 101.71 | 127.50 |
Immediate Rate Decrease | Immediate Rate Increase | Immediate Rate Decrease | Immediate Rate Increase | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | -300 Basis Points | -200 Basis Points | -100 Basis Points | Base | +100 Basis Points | +200 Basis Points | +300 Basis Points | (dollars in thousands) | -300 Basis Points | -200 Basis Points | -100 Basis Points | Base | +100 Basis Points | +200 Basis Points | +300 Basis Points | ||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Projected interest income: | Projected interest income: | Projected interest income: | ||||||||||||||||||||||||||||||||||||||||||||
Money market, other interest earning investments, and investment securities | Money market, other interest earning investments, and investment securities | $ | 638,159 | $ | 668,554 | $ | 711,908 | $ | 764,597 | $ | 815,964 | $ | 866,973 | $ | 918,430 | Money market, other interest earning investments, and investment securities | $ | 703,760 | $ | 700,039 | $ | 751,180 | $ | 805,138 | $ | 858,682 | $ | 912,190 | $ | 966,037 | ||||||||||||||||
Loans | Loans | 2,516,865 | 2,868,902 | 3,220,937 | 3,569,373 | 3,908,901 | 4,247,694 | 4,586,338 | Loans | 2,812,913 | 3,179,212 | 3,546,919 | 3,910,105 | 4,266,532 | 4,623,023 | 4,979,447 | ||||||||||||||||||||||||||||||
Total interest income | Total interest income | 3,155,024 | 3,537,456 | 3,932,845 | 4,333,970 | 4,724,865 | 5,114,667 | 5,504,768 | Total interest income | 3,516,673 | 3,879,251 | 4,298,099 | 4,715,243 | 5,125,214 | 5,535,213 | 5,945,484 | ||||||||||||||||||||||||||||||
Projected interest expense: | Projected interest expense: | Projected interest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 347,614 | 520,021 | 699,243 | 879,315 | 1,063,942 | 1,248,569 | 1,433,196 | Deposits | 358,077 | 570,196 | 785,031 | 1,012,889 | 1,259,985 | 1,507,077 | 1,754,162 | ||||||||||||||||||||||||||||||
Borrowings | Borrowings | 333,258 | 441,566 | 539,054 | 636,325 | 736,439 | 836,612 | 936,862 | Borrowings | 373,267 | 415,553 | 513,309 | 600,910 | 683,328 | 765,754 | 848,179 | ||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 680,872 | 961,587 | 1,238,297 | 1,515,640 | 1,800,381 | 2,085,181 | 2,370,058 | Total interest expense | 731,344 | 985,749 | 1,298,340 | 1,613,799 | 1,943,313 | 2,272,831 | 2,602,341 | ||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 2,474,152 | $ | 2,575,869 | $ | 2,694,548 | $ | 2,818,330 | $ | 2,924,484 | $ | 3,029,486 | $ | 3,134,710 | Net interest income | $ | 2,785,329 | $ | 2,893,502 | $ | 2,999,759 | $ | 3,101,444 | $ | 3,181,901 | $ | 3,262,382 | $ | 3,343,143 | ||||||||||||||||
Change from base | Change from base | $ | (344,178) | $ | (242,461) | $ | (123,782) | $ | 106,154 | $ | 211,156 | $ | 316,380 | Change from base | $ | (316,115) | $ | (207,942) | $ | (101,685) | $ | 80,457 | $ | 160,938 | $ | 241,699 | ||||||||||||||||||||
% change from base | % change from base | (12.21) | % | (8.60) | % | (4.39) | % | 3.77 | % | 7.49 | % | 11.23 | % | % change from base | (10.19) | % | (6.70) | % | (3.28) | % | 2.59 | % | 5.19 | % | 7.79 | % | ||||||||||||||||||||
Immediate Rate Decrease | Immediate Rate Increase | Immediate Rate Decrease | Immediate Rate Increase | |||||||||||||||||||||||||||||||||||||||||||
-50 Basis Points | Base | +100 Basis Points | +200 Basis Points | +300 Basis Points | -50 Basis Points | Base | +100 Basis Points | +200 Basis Points | +300 Basis Points | |||||||||||||||||||||||||||||||||||||
March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Projected interest income: | Projected interest income: | Projected interest income: | ||||||||||||||||||||||||||||||||||||||||||||
Money market, other interest earning investments, and investment securities | Money market, other interest earning investments, and investment securities | $ | 533,997 | $ | 569,202 | $ | 638,295 | $ | 707,979 | $ | 777,163 | Money market, other interest earning investments, and investment securities | $ | 617,680 | $ | 639,428 | $ | 683,561 | $ | 726,946 | $ | 770,079 | ||||||||||||||||||||||||
Loans | Loans | 1,731,088 | 1,859,527 | 2,164,693 | 2,472,574 | 2,779,620 | Loans | 2,151,455 | 2,308,609 | 2,618,757 | 2,931,908 | 3,242,547 | ||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 2,265,085 | 2,428,729 | 2,802,988 | 3,180,553 | 3,556,783 | Total interest income | 2,769,135 | 2,948,037 | 3,302,318 | 3,658,854 | 4,012,626 | ||||||||||||||||||||||||||||||||||
Projected interest expense: | Projected interest expense: | Projected interest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 20,705 | 44,541 | 191,499 | 338,619 | 485,736 | Deposits | 44,713 | 72,114 | 274,985 | 484,116 | 693,243 | ||||||||||||||||||||||||||||||||||
Borrowings | Borrowings | 144,111 | 171,141 | 235,103 | 301,239 | 367,374 | Borrowings | 210,225 | 238,638 | 299,725 | 360,822 | 421,923 | ||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 164,816 | 215,682 | 426,602 | 639,858 | 853,110 | Total interest expense | 254,938 | 310,752 | 574,710 | 844,938 | 1,115,166 | ||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 2,100,269 | $ | 2,213,047 | $ | 2,376,386 | $ | 2,540,695 | $ | 2,703,673 | Net interest income | $ | 2,514,197 | $ | 2,637,285 | $ | 2,727,608 | $ | 2,813,916 | $ | 2,897,460 | ||||||||||||||||||||||||
Change from base | Change from base | $ | (112,778) | $ | 163,339 | $ | 327,648 | $ | 490,626 | Change from base | $ | (123,088) | $ | 90,323 | $ | 176,631 | $ | 260,175 | ||||||||||||||||||||||||||||
% change from base | % change from base | (5.10) | % | 7.38 | % | 14.81 | % | 22.17 | % | % change from base | (4.67) | % | 3.42 | % | 6.70 | % | 9.87 | % |
(dollars in thousands) | (dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||
Maturity Bucket | Maturity Bucket | Amount | Rate | Maturity Bucket | Amount | Rate | ||||||||||||||||||||||
2023 | 2023 | $ | 2,354,454 | 2.60 | % | 2023 | $ | 2,197,384 | 3.32 | % | ||||||||||||||||||
2024 | 2024 | 1,533,221 | 3.64 | 2024 | 2,819,858 | 4.17 | ||||||||||||||||||||||
2025 | 2025 | 122,619 | 1.12 | 2025 | 135,211 | 1.47 | ||||||||||||||||||||||
2026 | 2026 | 63,404 | 0.67 | 2026 | 65,092 | 0.82 | ||||||||||||||||||||||
2027 | 2027 | 38,289 | 0.62 | 2027 | 35,551 | 0.66 | ||||||||||||||||||||||
2027 and beyond | 2027 and beyond | 9,708 | 1.10 | 2027 and beyond | 12,568 | 1.17 | ||||||||||||||||||||||
Total | Total | $ | 4,121,695 | 2.89 | % | Total | $ | 5,265,664 | 3.67 | % |
Moody's Investors Service | ||||||||
Long-term | Short-term | |||||||
Old National | A3 | N/A | ||||||
Old National Bank | Aa3 | P-1 |
(dollars in thousands) | (dollars in thousands) | Parent Company | Subsidiaries | (dollars in thousands) | Parent Company | Subsidiaries | ||||||||||||||||
Available liquid funds: | Available liquid funds: | Available liquid funds: | ||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 823,897 | $ | 290,038 | Cash and due from banks | $ | 882,164 | $ | 315,722 | ||||||||||||
Unencumbered government-issued debt securities | Unencumbered government-issued debt securities | — | 525,898 | Unencumbered government-issued debt securities | — | 725,107 | ||||||||||||||||
Unencumbered investment grade municipal securities | Unencumbered investment grade municipal securities | — | 39,227 | Unencumbered investment grade municipal securities | — | 53,245 | ||||||||||||||||
Unencumbered corporate securities | Unencumbered corporate securities | — | 29,706 | Unencumbered corporate securities | — | 137,754 | ||||||||||||||||
Availability of borrowings: | Availability of borrowings: | Availability of borrowings: | ||||||||||||||||||||
Amount available from Federal Reserve discount window* | Amount available from Federal Reserve discount window* | — | 952,201 | Amount available from Federal Reserve discount window* | — | 963,723 | ||||||||||||||||
Amount available from Federal Reserve Bank Term Funding Program | Amount available from Federal Reserve Bank Term Funding Program | — | 2,300,000 | Amount available from Federal Reserve Bank Term Funding Program | — | 2,392,528 | ||||||||||||||||
Amount available from Federal Home Loan Bank* | Amount available from Federal Home Loan Bank* | — | 5,310,000 | Amount available from Federal Home Loan Bank* | — | 6,040,931 | ||||||||||||||||
Total available funds | Total available funds | $ | 823,897 | $ | 9,447,070 | Total available funds | $ | 882,164 | $ | 10,629,010 |
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2) | |||||||||||||||||||
01/01/23 - 03/31/23 | 175 | $ | 17.98 | — | $ | 136,093,633 | |||||||||||||||||
02/01/23 - 02/28/23 | 301,426 | $ | 17.76 | 1,772,316 | $ | 170,476,849 | |||||||||||||||||
03/01/23 - 03/31/23 | 2,296,573 | $ | 16.72 | — | $ | 170,476,849 | |||||||||||||||||
Total | 2,598,174 | $ | 16.84 | 1,772,316 | $ | 170,476,849 |
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2) | |||||||||||||||||||
04/01/23 - 04/30/23 | 1,242 | $ | 14.20 | — | $ | 170,476,849 | |||||||||||||||||
05/01/23 - 05/31/23 | 4,922 | $ | 13.28 | — | $ | 170,476,849 | |||||||||||||||||
06/01/23 - 06/30/23 | 1,673 | $ | 12.72 | — | $ | 170,476,849 | |||||||||||||||||
Total | 7,837 | $ | 13.31 | — | $ | 170,476,849 |
Exhibit No. | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
3.4 | ||||||||
3.5 | ||||||||
3.6 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101 | The following materials from Old National’s Form 10-Q Report for the quarterly period ended | |||||||
104 | The cover page from Old National’s Form 10-Q Report for the quarterly period ended |
OLD NATIONAL BANCORP | ||||||||
(Registrant) | ||||||||
By: | /s/ Brendon B. Falconer | |||||||
Brendon B. Falconer | ||||||||
Senior Executive Vice President and Chief Financial Officer | ||||||||
Duly Authorized Officer and Principal Financial Officer | ||||||||
Date: |