☑ | 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. | |||||||||||
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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) | June 30, 2023 | December 31, 2022 | (dollars and shares in thousands, except per share data) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 473,023 | $ | 453,432 | Cash and due from banks | $ | 381,343 | $ | 453,432 | ||||||||||||
Money market and other interest-earning investments | Money market and other interest-earning investments | 724,863 | 274,980 | Money market and other interest-earning investments | 1,282,087 | 274,980 | ||||||||||||||||
Total cash and cash equivalents | Total cash and cash equivalents | 1,197,886 | 728,412 | Total cash and cash equivalents | 1,663,430 | 728,412 | ||||||||||||||||
Equity securities, at fair value | Equity securities, at fair value | 71,953 | 52,507 | Equity securities, at fair value | 69,880 | 52,507 | ||||||||||||||||
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) | 3,054,997 | 3,089,147 | ||||||||||||||||||||
Investment securities - available-for-sale, at fair value (amortized cost $7,719,944 and $7,772,603, respectively) | Investment securities - available-for-sale, at fair value (amortized cost $7,719,944 and $7,772,603, respectively) | 6,414,761 | 6,773,712 | |||||||||||||||||||
Investment securities - held-to-maturity, at amortized cost (fair value $2,393,621 and $2,643,682, respectively) | Investment securities - held-to-maturity, at amortized cost (fair value $2,393,621 and $2,643,682, respectively) | 3,027,914 | 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 | 365,588 | 314,168 | ||||||||||||||||
Loans held for sale, at fair value | 114,369 | 11,926 | ||||||||||||||||||||
Loans held-for-sale, at fair value | Loans held-for-sale, at fair value | 122,033 | 11,926 | |||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||
Commercial | Commercial | 9,698,241 | 9,508,904 | Commercial | 9,333,448 | 9,508,904 | ||||||||||||||||
Commercial real estate | Commercial real estate | 13,450,209 | 12,457,070 | Commercial real estate | 13,916,221 | 12,457,070 | ||||||||||||||||
Residential real estate | Residential real estate | 6,684,480 | 6,460,441 | Residential real estate | 6,696,288 | 6,460,441 | ||||||||||||||||
Consumer credit, net of unearned income | Consumer credit, net of unearned income | 2,599,543 | 2,697,226 | Consumer credit, net of unearned income | 2,631,877 | 2,697,226 | ||||||||||||||||
Total loans | Total loans | 32,432,473 | 31,123,641 | Total loans | 32,577,834 | 31,123,641 | ||||||||||||||||
Allowance for credit losses on loans | Allowance for credit losses on loans | (300,555) | (303,671) | Allowance for credit losses on loans | (303,982) | (303,671) | ||||||||||||||||
Net loans | Net loans | 32,131,918 | 30,819,970 | Net loans | 32,273,852 | 30,819,970 | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 564,299 | 557,307 | Premises and equipment, net | 565,607 | 557,307 | ||||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | 184,700 | 189,714 | Operating lease right-of-use assets | 179,284 | 189,714 | ||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 205,198 | 190,521 | Accrued interest receivable | 209,503 | 190,521 | ||||||||||||||||
Goodwill | Goodwill | 1,998,716 | 1,998,716 | Goodwill | 1,998,716 | 1,998,716 | ||||||||||||||||
Other intangible assets | Other intangible assets | 114,159 | 126,405 | Other intangible assets | 108,119 | 126,405 | ||||||||||||||||
Company-owned life insurance | Company-owned life insurance | 771,753 | 768,552 | Company-owned life insurance | 774,517 | 768,552 | ||||||||||||||||
Other assets | Other assets | 1,172,966 | 1,142,315 | Other assets | 1,286,244 | 1,142,315 | ||||||||||||||||
Total assets | Total assets | $ | 48,496,755 | $ | 46,763,372 | Total assets | $ | 49,059,448 | $ | 46,763,372 | ||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||
Noninterest-bearing demand | Noninterest-bearing demand | $ | 10,532,838 | $ | 11,930,798 | Noninterest-bearing demand | $ | 10,091,352 | $ | 11,930,798 | ||||||||||||
Interest-bearing: | Interest-bearing: | Interest-bearing: | ||||||||||||||||||||
Checking and NOW | Checking and NOW | 7,654,202 | 8,340,955 | Checking and NOW | 7,495,417 | 8,340,955 | ||||||||||||||||
Savings | Savings | 5,578,323 | 6,326,158 | Savings | 5,296,985 | 6,326,158 | ||||||||||||||||
Money market | Money market | 7,200,288 | 5,389,139 | Money market | 8,793,218 | 5,389,139 | ||||||||||||||||
Time deposits | Time deposits | 5,265,664 | 3,013,780 | Time deposits | 5,575,704 | 3,013,780 | ||||||||||||||||
Total deposits | Total deposits | 36,231,315 | 35,000,830 | Total deposits | 37,252,676 | 35,000,830 | ||||||||||||||||
Federal funds purchased and interbank borrowings | Federal funds purchased and interbank borrowings | 136,060 | 581,489 | Federal funds purchased and interbank borrowings | 918 | 581,489 | ||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 311,447 | 432,804 | Securities sold under agreements to repurchase | 279,061 | 432,804 | ||||||||||||||||
Federal Home Loan Bank advances | Federal Home Loan Bank advances | 4,771,183 | 3,829,018 | Federal Home Loan Bank advances | 4,412,576 | 3,829,018 | ||||||||||||||||
Other borrowings | Other borrowings | 815,318 | 743,003 | Other borrowings | 863,455 | 743,003 | ||||||||||||||||
Operating lease liabilities | Operating lease liabilities | 206,178 | 211,964 | Operating lease liabilities | 199,937 | 211,964 | ||||||||||||||||
Accrued expenses and other liabilities | Accrued expenses and other liabilities | 733,159 | 835,669 | Accrued expenses and other liabilities | 811,288 | 835,669 | ||||||||||||||||
Total liabilities | Total liabilities | 43,204,660 | 41,634,777 | Total liabilities | 43,819,911 | 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, 292,597 and 292,903 shares issued and outstanding, respectively | 292,597 | 292,903 | ||||||||||||||||||||
Common stock, no par value, $1.00 per share stated value, 600,000 shares authorized, 292,586 and 292,903 shares issued and outstanding, respectively | Common stock, no par value, $1.00 per share stated value, 600,000 shares authorized, 292,586 and 292,903 shares issued and outstanding, respectively | 292,586 | 292,903 | |||||||||||||||||||
Capital surplus | Capital surplus | 4,149,089 | 4,174,265 | Capital surplus | 4,153,977 | 4,174,265 | ||||||||||||||||
Retained earnings | Retained earnings | 1,428,542 | 1,217,349 | Retained earnings | 1,531,289 | 1,217,349 | ||||||||||||||||
Accumulated other comprehensive income (loss), net of tax | Accumulated other comprehensive income (loss), net of tax | (808,633) | (786,422) | Accumulated other comprehensive income (loss), net of tax | (968,815) | (786,422) | ||||||||||||||||
Total shareholders' equity | 5,292,095 | 5,128,595 | ||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 48,496,755 | $ | 46,763,372 | ||||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 5,239,537 | 5,128,595 | |||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 49,059,448 | $ | 46,763,372 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars and shares in thousands, except per share data) | (dollars and shares in thousands, except per share data) | 2023 | 2022 | 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 | $ | 449,896 | $ | 285,249 | $ | 860,271 | $ | 469,264 | Taxable | $ | 474,387 | $ | 331,271 | $ | 1,334,658 | $ | 800,535 | ||||||||||||||||||||||||||||
Nontaxable | Nontaxable | 10,925 | 4,802 | 21,137 | 8,309 | Nontaxable | 11,181 | 6,461 | 32,318 | 14,770 | ||||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||
Taxable | Taxable | 64,072 | 51,459 | 124,873 | 88,868 | Taxable | 66,924 | 56,765 | 191,797 | 145,633 | ||||||||||||||||||||||||||||||||||||
Nontaxable | Nontaxable | 11,043 | 11,018 | 22,206 | 21,284 | Nontaxable | 10,833 | 11,086 | 33,039 | 32,370 | ||||||||||||||||||||||||||||||||||||
Money market and other interest-earning investments | Money market and other interest-earning investments | 8,966 | 1,830 | 12,064 | 2,138 | Money market and other interest-earning investments | 13,194 | 935 | 25,258 | 3,073 | ||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 544,902 | 354,358 | 1,040,551 | 589,863 | Total interest income | 576,519 | 406,518 | 1,617,070 | 996,381 | ||||||||||||||||||||||||||||||||||||
Interest Expense | Interest Expense | Interest Expense | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 100,974 | 5,187 | 163,567 | 8,381 | Deposits | 147,428 | 10,820 | 310,995 | 19,201 | ||||||||||||||||||||||||||||||||||||
Federal funds purchased and interbank borrowings | Federal funds purchased and interbank borrowings | 5,655 | 2 | 10,494 | 2 | Federal funds purchased and interbank borrowings | 910 | 720 | 11,404 | 722 | ||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 900 | 85 | 1,679 | 181 | Securities sold under agreements to repurchase | 710 | 106 | 2,389 | 287 | ||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | Federal Home Loan Bank advances | 45,088 | 6,925 | 83,084 | 12,888 | Federal Home Loan Bank advances | 40,382 | 13,027 | 123,466 | 25,915 | ||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 10,114 | 4,687 | 18,068 | 8,154 | Other borrowings | 12,003 | 5,256 | 30,071 | 13,410 | ||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 162,731 | 16,886 | 276,892 | 29,606 | Total interest expense | 201,433 | 29,929 | 478,325 | 59,535 | ||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 382,171 | 337,472 | 763,659 | 560,257 | Net interest income | 375,086 | 376,589 | 1,138,745 | 936,846 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 14,787 | 9,165 | 28,224 | 117,901 | Provision for credit losses | 19,068 | 15,490 | 47,292 | 133,391 | ||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 367,384 | 328,307 | 735,435 | 442,356 | Net interest income after provision for credit losses | 356,018 | 361,099 | 1,091,453 | 803,455 | ||||||||||||||||||||||||||||||||||||
Noninterest Income | Noninterest Income | Noninterest Income | ||||||||||||||||||||||||||||||||||||||||||||
Wealth and investment services fees | Wealth and investment services fees | 26,521 | 27,872 | 53,441 | 49,824 | Wealth and investment services fees | 26,687 | 25,359 | 80,128 | 75,183 | ||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 17,751 | 20,324 | 34,754 | 34,350 | Service charges on deposit accounts | 18,524 | 20,042 | 53,278 | 54,392 | ||||||||||||||||||||||||||||||||||||
Debit card and ATM fees | Debit card and ATM fees | 10,653 | 11,222 | 20,635 | 18,821 | Debit card and ATM fees | 10,818 | 10,608 | 31,453 | 29,429 | ||||||||||||||||||||||||||||||||||||
Mortgage banking revenue | Mortgage banking revenue | 4,165 | 6,522 | 7,565 | 13,767 | Mortgage banking revenue | 5,063 | 5,360 | 12,628 | 19,127 | ||||||||||||||||||||||||||||||||||||
Capital markets income | Capital markets income | 6,173 | 7,261 | 13,112 | 11,703 | Capital markets income | 5,891 | 8,906 | 19,003 | 20,609 | ||||||||||||||||||||||||||||||||||||
Company-owned life insurance | Company-owned life insurance | 4,698 | 4,571 | 7,884 | 8,095 | Company-owned life insurance | 3,740 | 3,361 | 11,624 | 11,456 | ||||||||||||||||||||||||||||||||||||
Debt securities gains (losses), net | Debt securities gains (losses), net | 17 | (85) | (5,199) | 257 | Debt securities gains (losses), net | (241) | (172) | (5,440) | 85 | ||||||||||||||||||||||||||||||||||||
Other income | Other income | 11,651 | 11,430 | 20,118 | 17,540 | Other income | 10,456 | 6,921 | 30,574 | 24,461 | ||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | 81,629 | 89,117 | 152,310 | 154,357 | Total noninterest income | 80,938 | 80,385 | 233,248 | 234,742 | ||||||||||||||||||||||||||||||||||||
Noninterest Expense | Noninterest Expense | Noninterest Expense | ||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 135,810 | 161,817 | 273,174 | 285,964 | Salaries and employee benefits | 131,541 | 147,203 | 404,715 | 433,167 | ||||||||||||||||||||||||||||||||||||
Occupancy | Occupancy | 26,085 | 26,496 | 54,367 | 47,515 | Occupancy | 25,795 | 26,418 | 80,162 | 73,933 | ||||||||||||||||||||||||||||||||||||
Equipment | Equipment | 7,721 | 7,550 | 15,110 | 12,718 | Equipment | 8,284 | 7,328 | 23,394 | 20,046 | ||||||||||||||||||||||||||||||||||||
Marketing | Marketing | 9,833 | 9,119 | 19,250 | 13,395 | Marketing | 9,448 | 10,361 | 28,698 | 23,756 | ||||||||||||||||||||||||||||||||||||
Technology | Technology | 20,056 | 25,883 | 39,258 | 44,645 | Technology | 20,592 | 20,269 | 59,850 | 64,914 | ||||||||||||||||||||||||||||||||||||
Communication | Communication | 4,232 | 5,878 | 8,693 | 9,295 | Communication | 4,075 | 5,392 | 12,768 | 14,687 | ||||||||||||||||||||||||||||||||||||
Professional fees | Professional fees | 6,397 | 6,336 | 13,129 | 26,127 | Professional fees | 5,956 | 6,559 | 19,085 | 32,686 | ||||||||||||||||||||||||||||||||||||
FDIC assessment | FDIC assessment | 9,624 | 4,699 | 20,028 | 7,274 | FDIC assessment | 9,000 | 6,249 | 29,028 | 13,523 | ||||||||||||||||||||||||||||||||||||
Amortization of intangibles | Amortization of intangibles | 6,060 | 7,170 | 12,246 | 11,981 | Amortization of intangibles | 6,040 | 7,089 | 18,286 | 19,070 | ||||||||||||||||||||||||||||||||||||
Amortization of tax credit investments | Amortization of tax credit investments | 2,762 | 1,525 | 5,523 | 3,041 | Amortization of tax credit investments | 2,644 | 2,662 | 8,167 | 5,703 | ||||||||||||||||||||||||||||||||||||
Property optimization | Property optimization | 242 | — | 1,559 | — | Property optimization | — | — | 1,559 | — | ||||||||||||||||||||||||||||||||||||
Other expense | Other expense | 17,762 | 21,002 | 34,958 | 31,109 | Other expense | 21,401 | 22,914 | 56,359 | 54,023 | ||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | 246,584 | 277,475 | 497,295 | 493,064 | Total noninterest expense | 244,776 | 262,444 | 742,071 | 755,508 | ||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 202,429 | 139,949 | 390,450 | 103,649 | Income before income taxes | 192,180 | 179,040 | 582,630 | 282,689 | ||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 47,393 | 24,964 | 88,814 | 16,250 | Income tax expense | 44,304 | 38,887 | 133,118 | 55,137 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | 155,036 | 114,985 | 301,636 | 87,399 | Net income | 147,876 | 140,153 | 449,512 | 227,552 | ||||||||||||||||||||||||||||||||||||
Preferred dividends | Preferred dividends | (4,033) | (4,033) | (8,067) | (6,050) | Preferred dividends | (4,034) | (4,034) | (12,101) | (10,084) | ||||||||||||||||||||||||||||||||||||
Net income applicable to common shareholders | Net income applicable to common shareholders | $ | 151,003 | $ | 110,952 | $ | 293,569 | $ | 81,349 | Net income applicable to common shareholders | $ | 143,842 | $ | 136,119 | $ | 437,411 | $ | 217,468 | ||||||||||||||||||||||||||||
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 - basic | $ | 0.49 | $ | 0.47 | $ | 1.50 | $ | 0.81 | ||||||||||||||||||||||||||||
Net income per common share - diluted | Net income per common share - diluted | 0.52 | 0.38 | 1.01 | 0.31 | Net income per common share - diluted | 0.49 | 0.47 | 1.50 | 0.80 | ||||||||||||||||||||||||||||||||||||
Weighted average number of common shares outstanding - basic | Weighted average number of common shares outstanding - basic | 290,559 | 290,862 | 290,822 | 259,108 | Weighted average number of common shares outstanding - basic | 290,648 | 290,961 | 290,763 | 269,843 | ||||||||||||||||||||||||||||||||||||
Weighted average number of common shares outstanding - diluted | Weighted average number of common shares outstanding - diluted | 291,266 | 291,881 | 291,870 | 260,253 | Weighted average number of common shares outstanding - diluted | 291,717 | 292,483 | 291,809 | 271,123 | ||||||||||||||||||||||||||||||||||||
Dividends per common share | Dividends per common share | $ | 0.14 | $ | 0.14 | $ | 0.28 | $ | 0.28 | Dividends per common share | $ | 0.14 | $ | 0.14 | $ | 0.42 | $ | 0.42 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||
Net income | Net income | $ | 155,036 | $ | 114,985 | $ | 301,636 | $ | 87,399 | Net income | $ | 147,876 | $ | 140,153 | $ | 449,512 | $ | 227,552 | ||||||||||||||||||||||
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 | (120,159) | (304,514) | (95,435) | (733,984) | Unrealized holding gains (losses) for the period | (208,626) | (285,798) | (304,061) | (1,019,782) | ||||||||||||||||||||||||||||||
Reclassification for securities transferred to held-to-maturity | Reclassification for securities transferred to held-to-maturity | — | 143,310 | — | 165,473 | Reclassification for securities transferred to held-to-maturity | — | — | — | 165,473 | ||||||||||||||||||||||||||||||
Reclassification adjustment for securities (gains) losses realized in income | Reclassification adjustment for securities (gains) losses realized in income | (17) | 85 | 5,199 | (257) | Reclassification adjustment for securities (gains) losses realized in income | 241 | 172 | 5,440 | (85) | ||||||||||||||||||||||||||||||
Income tax effect | Income tax effect | 30,043 | 38,408 | 31,189 | 134,643 | Income tax effect | 51,903 | 68,356 | 83,092 | 202,999 | ||||||||||||||||||||||||||||||
Unrealized gains (losses) on available-for-sale securities | Unrealized gains (losses) on available-for-sale securities | (90,133) | (122,711) | (59,047) | (434,125) | Unrealized gains (losses) on available-for-sale securities | (156,482) | (217,270) | (215,529) | (651,395) | ||||||||||||||||||||||||||||||
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 | — | (143,310) | — | (165,473) | Adjustment for securities transferred from available-for-sale | — | — | — | (165,473) | ||||||||||||||||||||||||||||||
Amortization of unrealized losses on securities transferred from available-for-sale | Amortization of unrealized losses on securities transferred from available-for-sale | 5,122 | 3,692 | 10,951 | 4,002 | Amortization of unrealized losses on securities transferred from available-for-sale | 5,623 | 6,772 | 16,574 | 10,774 | ||||||||||||||||||||||||||||||
Income tax effect | Income tax effect | (1,300) | 34,146 | (1,431) | 39,272 | Income tax effect | (1,430) | (1,651) | (2,861) | 37,621 | ||||||||||||||||||||||||||||||
Changes from securities held-to-maturity | Changes from securities held-to-maturity | 3,822 | (105,472) | 9,520 | (122,199) | Changes from securities held-to-maturity | 4,193 | 5,121 | 13,713 | (117,078) | ||||||||||||||||||||||||||||||
Change in hedges: | Change in hedges: | Change in hedges: | ||||||||||||||||||||||||||||||||||||||
Net unrealized derivative gains (losses) on hedges | Net unrealized derivative gains (losses) on hedges | 13,272 | (3,418) | 61,121 | (12,924) | Net unrealized derivative gains (losses) on hedges | (15,574) | (36,755) | 45,547 | (49,679) | ||||||||||||||||||||||||||||||
Reclassification adjustment for (gains) losses realized in net income | Reclassification adjustment for (gains) losses realized in net income | (32,112) | (219) | (24,820) | (888) | Reclassification adjustment for (gains) losses realized in net income | 4,927 | 749 | (19,893) | (139) | ||||||||||||||||||||||||||||||
Income tax effect | Income tax effect | 4,872 | 894 | (8,848) | 3,394 | Income tax effect | 2,754 | 8,846 | (6,094) | 12,240 | ||||||||||||||||||||||||||||||
Changes from hedges | Changes from hedges | (13,968) | (2,743) | 27,453 | (10,418) | Changes from hedges | (7,893) | (27,160) | 19,560 | (37,578) | ||||||||||||||||||||||||||||||
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 | 6 | (10) | (182) | (21) | Amortization of net (gains) losses recognized in income | — | (11) | (182) | (32) | ||||||||||||||||||||||||||||||
Income tax effect | Income tax effect | (2) | 2 | 45 | 5 | Income tax effect | — | 3 | 45 | 8 | ||||||||||||||||||||||||||||||
Changes from defined benefit pension plans | Changes from defined benefit pension plans | 4 | (8) | (137) | (16) | Changes from defined benefit pension plans | — | (8) | (137) | (24) | ||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | Other comprehensive income (loss), net of tax | (100,275) | (230,934) | (22,211) | (566,758) | Other comprehensive income (loss), net of tax | (160,182) | (239,317) | (182,393) | (806,075) | ||||||||||||||||||||||||||||||
Comprehensive income (loss) | Comprehensive income (loss) | $ | 54,761 | $ | (115,949) | $ | 279,425 | $ | (479,359) | Comprehensive income (loss) | $ | (12,306) | $ | (99,164) | $ | 267,119 | $ | (578,523) |
(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 | Net income | — | — | — | 114,985 | — | 114,985 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | — | (230,934) | (230,934) | Other comprehensive income (loss) | — | — | — | — | (230,934) | (230,934) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends: | Cash dividends: | Cash dividends: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common ($0.14 per share) | Common ($0.14 per share) | — | — | — | (40,901) | — | (40,901) | Common ($0.14 per share) | — | — | — | (40,901) | — | (40,901) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | Preferred dividends | — | — | — | (4,033) | — | (4,033) | Preferred dividends | — | — | — | (4,033) | — | (4,033) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | Common stock issued | — | 10 | 152 | — | — | 162 | Common stock issued | — | 10 | 152 | — | — | 162 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | Common stock repurchased | — | (21) | (301) | — | — | (322) | Common stock repurchased | — | (21) | (301) | — | — | (322) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | — | — | 7,813 | — | — | 7,813 | Share-based compensation expense | — | — | 7,813 | — | — | 7,813 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock activity under incentive compensation plans | Stock activity under incentive compensation plans | — | (55) | 285 | (331) | — | (101) | 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, June 30, 2022 | 230,500 | 292,893 | 4,157,543 | 966,980 | (569,133) | 5,078,783 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | 230,500 | $ | 292,903 | $ | 4,174,265 | $ | 1,217,349 | $ | (786,422) | $ | 5,128,595 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 146,600 | — | 146,600 | Net income | — | — | — | 140,153 | — | 140,153 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | — | 78,064 | 78,064 | Other comprehensive income (loss) | — | — | — | — | (239,317) | (239,317) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | — | — | — | (40,907) | — | (40,907) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | 17 | 213 | — | — | 230 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | Common stock repurchased | — | (2,598) | (41,112) | — | — | (43,710) | Common stock repurchased | — | (34) | (497) | — | — | (531) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | — | — | 12,742 | — | — | 12,742 | Share-based compensation expense | — | — | 7,485 | — | — | 7,485 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock activity under incentive compensation plans | Stock activity under incentive compensation plans | — | 1,602 | (1,412) | (195) | — | (5) | Stock activity under incentive compensation plans | — | 4 | 1,839 | (322) | — | 1,521 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | 230,500 | 291,922 | 4,144,730 | 1,318,632 | (708,358) | 5,277,426 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 155,036 | — | 155,036 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | (100,275) | (100,275) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common ($0.14 per share) | — | — | — | (40,932) | — | (40,932) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | — | — | — | (4,033) | — | (4,033) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | — | 20 | 252 | — | — | 272 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | — | (8) | (97) | — | — | (105) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | 5,247 | — | — | 5,247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock activity under incentive compensation plans | — | 663 | (1,043) | (161) | — | (541) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | 230,500 | $ | 292,597 | $ | 4,149,089 | $ | 1,428,542 | $ | (808,633) | $ | 5,292,095 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | Balance, September 30, 2022 | $ | 230,500 | $ | 292,880 | $ | 4,166,583 | $ | 1,061,870 | $ | (808,450) | $ | 4,943,383 |
OLD NATIONAL BANCORP | |||||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) – (Continued) | |||||||||||||||||||||||||||||||||||
(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, 2022 | $ | 230,500 | $ | 292,903 | $ | 4,174,265 | $ | 1,217,349 | $ | (786,422) | $ | 5,128,595 | |||||||||||||||||||||||
Net income | — | — | — | 146,600 | — | 146,600 | |||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | 78,064 | 78,064 | |||||||||||||||||||||||||||||
Cash dividends: | |||||||||||||||||||||||||||||||||||
Common ($0.14 per share) | — | — | — | (41,088) | — | (41,088) | |||||||||||||||||||||||||||||
Preferred dividends | — | — | — | (4,034) | — | (4,034) | |||||||||||||||||||||||||||||
Common stock issued | — | 15 | 247 | — | — | 262 | |||||||||||||||||||||||||||||
Common stock repurchased | — | (2,598) | (41,112) | — | — | (43,710) | |||||||||||||||||||||||||||||
Share-based compensation expense | — | — | 12,742 | — | — | 12,742 | |||||||||||||||||||||||||||||
Stock activity under incentive compensation plans | — | 1,602 | (1,412) | (195) | — | (5) | |||||||||||||||||||||||||||||
Balance, March 31, 2023 | 230,500 | 291,922 | 4,144,730 | 1,318,632 | (708,358) | 5,277,426 | |||||||||||||||||||||||||||||
Net income | — | — | — | 155,036 | — | 155,036 | |||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | (100,275) | (100,275) | |||||||||||||||||||||||||||||
Cash dividends: | |||||||||||||||||||||||||||||||||||
Common ($0.14 per share) | — | — | — | (40,932) | — | (40,932) | |||||||||||||||||||||||||||||
Preferred dividends | — | — | — | (4,033) | — | (4,033) | |||||||||||||||||||||||||||||
Common stock issued | — | 20 | 252 | — | — | 272 | |||||||||||||||||||||||||||||
Common stock repurchased | — | (8) | (97) | — | — | (105) | |||||||||||||||||||||||||||||
Share-based compensation expense | — | — | 5,247 | — | — | 5,247 | |||||||||||||||||||||||||||||
Stock activity under incentive compensation plans | — | 663 | (1,043) | (161) | — | (541) | |||||||||||||||||||||||||||||
Balance, June 30, 2023 | 230,500 | 292,597 | 4,149,089 | 1,428,542 | (808,633) | 5,292,095 | |||||||||||||||||||||||||||||
Net income | — | — | — | 147,876 | — | 147,876 | |||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | (160,182) | (160,182) | |||||||||||||||||||||||||||||
Cash dividends: | |||||||||||||||||||||||||||||||||||
Common ($0.14 per share) | — | — | — | (40,933) | — | (40,933) | |||||||||||||||||||||||||||||
Preferred dividends | — | — | — | (4,034) | — | (4,034) | |||||||||||||||||||||||||||||
Common stock issued | — | 20 | 243 | — | — | 263 | |||||||||||||||||||||||||||||
Common stock repurchased | — | (31) | (420) | — | — | (451) | |||||||||||||||||||||||||||||
Share-based compensation expense | — | — | 4,914 | — | — | 4,914 | |||||||||||||||||||||||||||||
Stock activity under incentive compensation plans | — | — | 151 | (162) | — | (11) | |||||||||||||||||||||||||||||
Balance, September 30, 2023 | $ | 230,500 | $ | 292,586 | $ | 4,153,977 | $ | 1,531,289 | $ | (968,815) | $ | 5,239,537 |
Six Months Ended June 30, | Nine Months Ended September 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 | Net income | $ | 301,636 | $ | 87,399 | Net income | $ | 449,512 | $ | 227,552 | ||||||||||||
Adjustments to reconcile net income to cash provided by operating activities: | Adjustments to reconcile net income to cash provided by operating activities: | Adjustments to reconcile net income to cash provided by operating activities: | ||||||||||||||||||||
Depreciation | Depreciation | 18,386 | 17,742 | Depreciation | 28,162 | 26,893 | ||||||||||||||||
Amortization of other intangible assets | Amortization of other intangible assets | 12,246 | 11,981 | Amortization of other intangible assets | 18,286 | 19,070 | ||||||||||||||||
Amortization of tax credit investments | Amortization of tax credit investments | 5,523 | 3,041 | Amortization of tax credit investments | 8,167 | 5,703 | ||||||||||||||||
Net premium amortization on investment securities | Net premium amortization on investment securities | 7,061 | 9,413 | Net premium amortization on investment securities | 8,673 | 14,625 | ||||||||||||||||
Accretion income related to acquired loans | Accretion income related to acquired loans | (11,485) | (44,083) | Accretion income related to acquired loans | (17,484) | (63,472) | ||||||||||||||||
Share-based compensation expense | Share-based compensation expense | 17,989 | 14,097 | Share-based compensation expense | 22,903 | 21,582 | ||||||||||||||||
Provision for credit losses | Provision for credit losses | 28,224 | 117,901 | Provision for credit losses | 47,292 | 133,391 | ||||||||||||||||
Debt securities (gains) losses, net | Debt securities (gains) losses, net | 5,199 | (257) | Debt securities (gains) losses, net | 5,440 | (85) | ||||||||||||||||
Net (gains) losses on sales of loans and other assets | Net (gains) losses on sales of loans and other assets | (45) | (4,010) | Net (gains) losses on sales of loans and other assets | (727) | (5,911) | ||||||||||||||||
Increase in cash surrender value of company-owned life insurance | Increase in cash surrender value of company-owned life insurance | (7,884) | (8,095) | Increase in cash surrender value of company-owned life insurance | (11,624) | (11,456) | ||||||||||||||||
Residential real estate loans originated for sale | Residential real estate loans originated for sale | (225,753) | (364,018) | Residential real estate loans originated for sale | (366,340) | (490,288) | ||||||||||||||||
Proceeds from sales of residential real estate loans | Proceeds from sales of residential real estate loans | 218,253 | 395,829 | Proceeds from sales of residential real estate loans | 366,485 | 531,121 | ||||||||||||||||
(Increase) decrease in interest receivable | (Increase) decrease in interest receivable | (14,677) | (19,468) | (Increase) decrease in interest receivable | (18,982) | (29,088) | ||||||||||||||||
(Increase) decrease in other assets | (Increase) decrease in other assets | (38,540) | 127,991 | (Increase) decrease in other assets | (56,116) | 36,049 | ||||||||||||||||
Increase (decrease) in accrued expenses and other liabilities | Increase (decrease) in accrued expenses and other liabilities | (101,417) | 93,369 | Increase (decrease) in accrued expenses and other liabilities | (40,132) | 271,625 | ||||||||||||||||
Net cash flows provided by (used in) operating activities | Net cash flows provided by (used in) operating activities | 214,716 | 438,832 | Net cash flows provided by (used in) operating activities | 443,515 | 687,311 | ||||||||||||||||
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 | (174,657) | (1,276,205) | Purchases of investment securities available-for-sale | (626,820) | (1,367,896) | ||||||||||||||||
Purchases of investment securities held-to-maturity | Purchases of investment securities held-to-maturity | (1,941) | (117,141) | Purchases of investment securities held-to-maturity | (1,941) | (156,378) | ||||||||||||||||
Purchases of Federal Home Loan Bank/Federal Reserve Bank stock | Purchases of Federal Home Loan Bank/Federal Reserve Bank stock | (99,159) | (97,359) | Purchases of Federal Home Loan Bank/Federal Reserve Bank stock | (99,158) | (115,488) | ||||||||||||||||
Purchases of equity securities | Purchases of equity securities | (20,820) | (1,417) | Purchases of equity securities | (20,862) | (5,843) | ||||||||||||||||
Proceeds from maturities, prepayments, and calls of investment securities available-for-sale | Proceeds from maturities, prepayments, and calls of investment securities available-for-sale | 333,937 | 659,922 | Proceeds from maturities, prepayments, and calls of investment securities available-for-sale | 614,782 | 1,117,620 | ||||||||||||||||
Proceeds from sales of investment securities available-for-sale | Proceeds from sales of investment securities available-for-sale | 51,654 | 12,742 | Proceeds from sales of investment securities available-for-sale | 54,056 | 13,371 | ||||||||||||||||
Proceeds from maturities, prepayments, and calls of investment securities held-to-maturity | Proceeds from maturities, prepayments, and calls of investment securities held-to-maturity | 45,193 | 30,744 | Proceeds from maturities, prepayments, and calls of investment securities held-to-maturity | 76,276 | 61,172 | ||||||||||||||||
Proceeds from sales of Federal Home Loan Bank/Federal Reserve Bank stock | Proceeds from sales of Federal Home Loan Bank/Federal Reserve Bank stock | 1 | 83,947 | Proceeds from sales of Federal Home Loan Bank/Federal Reserve Bank stock | 47,738 | 108,697 | ||||||||||||||||
Proceeds from sales of equity securities | Proceeds from sales of equity securities | 1,726 | 49,709 | Proceeds from sales of equity securities | 2,610 | 52,034 | ||||||||||||||||
Loan originations and payments, net | Loan originations and payments, net | (1,708,291) | (1,524,289) | Loan originations and payments, net | (2,269,544) | (2,481,620) | ||||||||||||||||
Proceeds from sales of commercial loans | Proceeds from sales of commercial loans | 291,368 | — | Proceeds from sales of commercial loans | 679,952 | — | ||||||||||||||||
Proceeds from company-owned life insurance death benefits | Proceeds from company-owned life insurance death benefits | 4,888 | 2,849 | Proceeds from company-owned life insurance death benefits | 5,865 | 8,716 | ||||||||||||||||
Proceeds from sales of premises and equipment and other assets | Proceeds from sales of premises and equipment and other assets | 2,369 | 2,751 | Proceeds from sales of premises and equipment and other assets | 3,513 | 3,202 | ||||||||||||||||
Purchases of premises and equipment and other assets | Purchases of premises and equipment and other assets | (17,410) | (17,459) | Purchases of premises and equipment and other assets | (28,074) | (28,739) | ||||||||||||||||
Net cash flows provided by (used in) investing activities | Net cash flows provided by (used in) investing activities | (1,291,142) | (278,577) | Net cash flows provided by (used in) investing activities | (1,561,607) | (878,523) | ||||||||||||||||
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 | 1,230,485 | (279,624) | Deposits | 2,251,846 | 235,064 | ||||||||||||||||
Federal funds purchased and interbank borrowings | Federal funds purchased and interbank borrowings | (445,429) | 1,285 | Federal funds purchased and interbank borrowings | (580,571) | 300,755 | ||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | (121,357) | (51,296) | Securities sold under agreements to repurchase | (153,743) | (89,416) | ||||||||||||||||
Other borrowings | Other borrowings | 65,719 | 53,136 | Other borrowings | 114,251 | 152,324 | ||||||||||||||||
Payments for maturities of Federal Home Loan Bank advances | Payments for maturities of Federal Home Loan Bank advances | (1,650,150) | (1,100,005) | Payments for maturities of Federal Home Loan Bank advances | (1,850,150) | (1,674,875) | ||||||||||||||||
Proceeds from Federal Home Loan Bank advances | Proceeds from Federal Home Loan Bank advances | 2,600,000 | 1,350,000 | Proceeds from Federal Home Loan Bank advances | 2,450,000 | 1,450,000 | ||||||||||||||||
Cash dividends paid | Cash dividends paid | (90,087) | (87,733) | Cash dividends paid | (135,054) | (132,674) | ||||||||||||||||
Common stock repurchased | Common stock repurchased | (43,815) | (70,400) | Common stock repurchased | (44,266) | (70,931) | ||||||||||||||||
Common stock issued | Common stock issued | 534 | 327 | Common stock issued | 797 | 557 | ||||||||||||||||
Net cash flows provided by (used in) financing activities | Net cash flows provided by (used in) financing activities | 1,545,900 | (184,310) | Net cash flows provided by (used in) financing activities | 2,053,110 | 170,804 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | Net increase (decrease) in cash and cash equivalents | 469,474 | (24,055) | Net increase (decrease) in cash and cash equivalents | 935,018 | (20,408) | ||||||||||||||||
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 | $ | 1,197,886 | $ | 797,964 | Cash and cash equivalents at end of period | $ | 1,663,430 | $ | 801,611 |
Six Months Ended June 30, | Nine Months Ended September 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 | $ | 253,542 | $ | 30,904 | Total interest paid | $ | 450,939 | $ | 62,207 | ||||||||||||
Total income taxes paid (net of refunds) | Total income taxes paid (net of refunds) | 87,668 | (183) | Total income taxes paid (net of refunds) | 158,478 | 14,759 | ||||||||||||||||
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 | Investment securities purchased but not settled | — | 3,858 | |||||||||||||||||||
Securities transferred from available-for-sale to held-to-maturity | Securities transferred from available-for-sale to held-to-maturity | — | 2,986,736 | 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 | 7,542 | 3,141 | Operating lease right-of-use assets obtained in exchange for lease obligations | 7,899 | 17,376 | ||||||||||||||||
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 | $ | 209 | Finance lease right-of-use assets obtained in exchange for lease obligations | 10,019 | 629 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars and shares in thousands, except per share data) | (dollars and shares in thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | (dollars and shares in thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 155,036 | $ | 114,985 | $ | 301,636 | $ | 87,399 | Net income | $ | 147,876 | $ | 140,153 | $ | 449,512 | $ | 227,552 | ||||||||||||||||||||||||||||
Preferred dividends | Preferred dividends | (4,033) | (4,033) | (8,067) | (6,050) | Preferred dividends | (4,034) | (4,034) | (12,101) | (10,084) | ||||||||||||||||||||||||||||||||||||
Net income applicable to common shares | Net income applicable to common shares | $ | 151,003 | $ | 110,952 | $ | 293,569 | $ | 81,349 | Net income applicable to common shares | $ | 143,842 | $ | 136,119 | $ | 437,411 | $ | 217,468 | ||||||||||||||||||||||||||||
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) | 290,559 | 290,862 | 290,822 | 259,108 | Weighted average common shares outstanding (basic) | 290,648 | 290,961 | 290,763 | 269,843 | ||||||||||||||||||||||||||||||||||||
Effect of dilutive securities: | Effect of dilutive securities: | Effect of dilutive securities: | ||||||||||||||||||||||||||||||||||||||||||||
Restricted stock | Restricted stock | 707 | 1,014 | 1,047 | 1,136 | Restricted stock | 1,069 | 1,516 | 1,045 | 1,273 | ||||||||||||||||||||||||||||||||||||
Stock appreciation rights | Stock appreciation rights | — | 5 | 1 | 9 | Stock appreciation rights | — | 6 | 1 | 7 | ||||||||||||||||||||||||||||||||||||
Weighted average diluted shares outstanding | Weighted average diluted shares outstanding | 291,266 | 291,881 | 291,870 | 260,253 | Weighted average diluted shares outstanding | 291,717 | 292,483 | 291,809 | 271,123 | ||||||||||||||||||||||||||||||||||||
Basic Net Income Per Common Share | Basic Net Income Per Common Share | $ | 0.52 | $ | 0.38 | $ | 1.01 | $ | 0.31 | Basic Net Income Per Common Share | $ | 0.49 | $ | 0.47 | $ | 1.50 | $ | 0.81 | ||||||||||||||||||||||||||||
Diluted Net Income Per Common Share | Diluted Net Income Per Common Share | $ | 0.52 | $ | 0.38 | $ | 1.01 | $ | 0.31 | Diluted Net Income Per Common Share | $ | 0.49 | $ | 0.47 | $ | 1.50 | $ | 0.80 |
(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 | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-Sale | Available-for-Sale | Available-for-Sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | U.S. Treasury | $ | 364,824 | $ | — | $ | (9,245) | $ | (43,167) | $ | 312,412 | U.S. Treasury | $ | 616,608 | $ | 98 | $ | (10,258) | $ | (58,322) | $ | 548,126 | ||||||||||||||||||||||||||||||||||||
U.S. government-sponsored entities and agencies | U.S. government-sponsored entities and agencies | 1,448,873 | — | (201,623) | (72,894) | 1,174,356 | U.S. government-sponsored entities and agencies | 1,475,307 | — | (229,113) | (103,294) | 1,142,900 | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - Agency | Mortgage-backed securities - Agency | 4,760,921 | 123 | (663,273) | — | 4,097,771 | Mortgage-backed securities - Agency | 4,686,448 | 17 | (823,760) | — | 3,862,705 | ||||||||||||||||||||||||||||||||||||||||||||||
States and political subdivisions | States and political subdivisions | 623,196 | 844 | (25,258) | — | 598,782 | States and political subdivisions | 592,495 | 7 | (47,058) | (500) | 544,944 | ||||||||||||||||||||||||||||||||||||||||||||||
Pooled trust preferred securities | Pooled trust preferred securities | 13,791 | — | (2,797) | — | 10,994 | Pooled trust preferred securities | 13,794 | — | (2,669) | — | 11,125 | ||||||||||||||||||||||||||||||||||||||||||||||
Other securities | Other securities | 339,653 | 117 | (33,570) | — | 306,200 | Other securities | 335,292 | 112 | (30,443) | — | 304,961 | ||||||||||||||||||||||||||||||||||||||||||||||
Total available-for-sale securities | Total available-for-sale securities | $ | 7,551,258 | $ | 1,084 | $ | (935,766) | $ | (116,061) | $ | 6,500,515 | Total available-for-sale securities | $ | 7,719,944 | $ | 234 | $ | (1,143,301) | $ | (162,116) | $ | 6,414,761 | ||||||||||||||||||||||||||||||||||||
Held-to-Maturity | Held-to-Maturity | Held-to-Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored entities and agencies | U.S. government-sponsored entities and agencies | $ | 822,517 | $ | — | $ | (167,071) | $ | — | $ | 655,446 | U.S. government-sponsored entities and agencies | $ | 824,223 | $ | — | $ | (207,213) | $ | — | $ | 617,010 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - Agency | Mortgage-backed securities - Agency | 1,070,687 | — | (142,191) | — | 928,496 | Mortgage-backed securities - Agency | 1,043,585 | — | (195,933) | — | 847,652 | ||||||||||||||||||||||||||||||||||||||||||||||
States and political subdivisions | States and political subdivisions | 1,161,943 | 437 | (143,114) | — | 1,019,266 | States and political subdivisions | 1,160,256 | — | (231,147) | — | 929,109 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 3,054,997 | $ | 437 | $ | (452,376) | $ | — | $ | 2,603,058 | Total held-to-maturity securities | $ | 3,027,914 | $ | — | $ | (634,293) | $ | — | $ | 2,393,621 | ||||||||||||||||||||||||||||||||||||
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 June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||
Proceeds | Proceeds | $ | 24,933 | $ | 23,234 | $ | 82,888 | $ | 73,347 | Proceeds | $ | 28,531 | $ | 5,221 | $ | 111,419 | $ | 78,568 | ||||||||||||||||||||||||||||
Realized gains | Realized gains | 39 | 48 | 948 | 511 | Realized gains | 54 | 17 | 1,002 | 528 | ||||||||||||||||||||||||||||||||||||
Realized losses | Realized losses | (22) | (133) | (6,147) | (254) | Realized losses | (295) | (189) | (6,442) | (443) |
June 30, 2023 | September 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 | $ | 242,424 | $ | 238,951 | 3.93 | % | Within one year | $ | 539,157 | $ | 535,193 | 4.71 | % | ||||||||||||||||||||
One to five years | One to five years | 1,621,101 | 1,478,764 | 2.77 | One to five years | 1,567,565 | 1,395,867 | 2.80 | ||||||||||||||||||||||||||
Five to ten years | Five to ten years | 3,926,306 | 3,374,584 | 2.35 | Five to ten years | 3,987,461 | 3,285,183 | 2.37 | ||||||||||||||||||||||||||
Beyond ten years | Beyond ten years | 1,761,427 | 1,408,216 | 2.43 | Beyond ten years | 1,625,761 | 1,198,518 | 2.46 | ||||||||||||||||||||||||||
Total | Total | $ | 7,551,258 | $ | 6,500,515 | 2.51 | % | Total | $ | 7,719,944 | $ | 6,414,761 | 2.64 | % | ||||||||||||||||||||
Held-to-Maturity | Held-to-Maturity | Held-to-Maturity | ||||||||||||||||||||||||||||||||
One to five years | One to five years | 162,082 | 135,763 | 2.71 | % | One to five years | $ | 161,837 | $ | 127,716 | 2.68 | % | ||||||||||||||||||||||
Five to ten years | Five to ten years | 888,640 | 780,437 | 2.61 | Five to ten years | 954,756 | 797,284 | 2.64 | ||||||||||||||||||||||||||
Beyond ten years | Beyond ten years | 2,004,275 | 1,686,858 | 2.73 | Beyond ten years | 1,911,321 | 1,468,621 | 2.71 | ||||||||||||||||||||||||||
Total | Total | $ | 3,054,997 | $ | 2,603,058 | 2.69 | % | Total | $ | 3,027,914 | $ | 2,393,621 | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-Sale | Available-for-Sale | Available-for-Sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | U.S. Treasury | $ | 124,751 | $ | (258) | $ | 187,661 | $ | (8,987) | $ | 312,412 | $ | (9,245) | U.S. Treasury | $ | 37,492 | $ | (144) | $ | 178,540 | $ | (10,114) | $ | 216,032 | $ | (10,258) | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored entities and agencies | U.S. government-sponsored entities and agencies | 14,732 | (264) | 1,159,624 | (201,359) | 1,174,356 | (201,623) | U.S. government-sponsored entities and agencies | 32,821 | (58) | 1,110,079 | (229,055) | 1,142,900 | (229,113) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - Agency | Mortgage-backed securities - Agency | 402,696 | (19,217) | 3,677,906 | (644,056) | 4,080,602 | (663,273) | Mortgage-backed securities - Agency | 124,895 | (5,798) | 3,736,306 | (817,962) | 3,861,201 | (823,760) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
States and political subdivisions | States and political subdivisions | 168,144 | (1,406) | 264,829 | (23,852) | 432,973 | (25,258) | States and political subdivisions | 258,362 | (7,749) | 260,563 | (39,309) | 518,925 | (47,058) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pooled trust preferred securities | Pooled trust preferred securities | — | — | 10,994 | (2,797) | 10,994 | (2,797) | Pooled trust preferred securities | — | — | 11,125 | (2,669) | 11,125 | (2,669) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other securities | Other securities | 25,133 | (498) | 265,688 | (33,072) | 290,821 | (33,570) | Other securities | 11,737 | (323) | 262,912 | (30,120) | 274,649 | (30,443) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total available-for-sale | Total available-for-sale | $ | 735,456 | $ | (21,643) | $ | 5,566,702 | $ | (914,123) | $ | 6,302,158 | $ | (935,766) | Total available-for-sale | $ | 465,307 | $ | (14,072) | $ | 5,559,525 | $ | (1,129,229) | $ | 6,024,832 | $ | (1,143,301) | ||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 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 | $ | 81,251 | $ | (8,138) | $ | 574,195 | $ | (158,933) | $ | 655,446 | $ | (167,071) | U.S. government-sponsored entities and agencies | $ | — | $ | — | $ | 617,010 | $ | (207,213) | $ | 617,010 | $ | (207,213) | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - Agency | Mortgage-backed securities - Agency | 244,643 | (24,690) | 683,853 | (117,501) | 928,496 | (142,191) | Mortgage-backed securities - Agency | — | — | 847,652 | (195,933) | 847,652 | (195,933) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
States and political subdivisions | States and political subdivisions | 38,302 | (394) | 948,627 | (142,720) | 986,929 | (143,114) | States and political subdivisions | 64,441 | (4,877) | 864,668 | (226,270) | 929,109 | (231,147) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total held-to-maturity | Total held-to-maturity | $ | 364,196 | $ | (33,222) | $ | 2,206,675 | $ | (419,154) | $ | 2,570,871 | $ | (452,376) | Total held-to-maturity | $ | 64,441 | $ | (4,877) | $ | 2,329,330 | $ | (629,416) | $ | 2,393,771 | $ | (634,293) | ||||||||||||||||||||||||||||||||||||||||||||
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 held-to-maturity | Total held-to-maturity | $ | 1,560,831 | $ | (280,316) | $ | 1,052,753 | $ | (165,370) | $ | 2,613,584 | $ | (445,686) | 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 | Balance Sheet Line Item | Portfolio Segment Reclassifications | After Reclassifications | |||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 9,698,241 | $ | (227,414) | $ | 9,470,827 | Commercial | $ | 9,333,448 | $ | (226,353) | $ | 9,107,095 | ||||||||||||||||||||
Commercial real estate | Commercial real estate | 13,450,209 | (162,841) | 13,287,368 | Commercial real estate | 13,916,221 | (165,593) | 13,750,628 | ||||||||||||||||||||||||||
BBCC | BBCC | N/A | 390,255 | 390,255 | BBCC | N/A | 391,946 | 391,946 | ||||||||||||||||||||||||||
Residential real estate | Residential real estate | 6,684,480 | — | 6,684,480 | Residential real estate | 6,696,288 | — | 6,696,288 | ||||||||||||||||||||||||||
Consumer | Consumer | 2,599,543 | (2,599,543) | N/A | Consumer | 2,631,877 | (2,631,877) | N/A | ||||||||||||||||||||||||||
Indirect | Indirect | N/A | 1,003,287 | 1,003,287 | Indirect | N/A | 1,047,224 | 1,047,224 | ||||||||||||||||||||||||||
Direct | Direct | N/A | 565,950 | 565,950 | Direct | N/A | 542,689 | 542,689 | ||||||||||||||||||||||||||
Home equity | Home equity | N/A | 1,030,306 | 1,030,306 | Home equity | N/A | 1,041,964 | 1,041,964 | ||||||||||||||||||||||||||
Total | Total | $ | 32,432,473 | $ | — | $ | 32,432,473 | Total | $ | 32,577,834 | $ | — | $ | 32,577,834 | ||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 9,508,904 | $ | (210,280) | $ | 9,298,624 | Commercial | $ | 9,508,904 | $ | (210,280) | $ | 9,298,624 | ||||||||||||||||||||
Commercial real estate | Commercial real estate | 12,457,070 | (158,322) | 12,298,748 | Commercial real estate | 12,457,070 | (158,322) | 12,298,748 | ||||||||||||||||||||||||||
BBCC | BBCC | N/A | 368,602 | 368,602 | BBCC | N/A | 368,602 | 368,602 | ||||||||||||||||||||||||||
Residential real estate | Residential real estate | 6,460,441 | — | 6,460,441 | Residential real estate | 6,460,441 | — | 6,460,441 | ||||||||||||||||||||||||||
Consumer | Consumer | 2,697,226 | (2,697,226) | N/A | Consumer | 2,697,226 | (2,697,226) | N/A | ||||||||||||||||||||||||||
Indirect | Indirect | N/A | 1,034,257 | 1,034,257 | Indirect | N/A | 1,034,257 | 1,034,257 | ||||||||||||||||||||||||||
Direct | Direct | N/A | 629,186 | 629,186 | Direct | N/A | 629,186 | 629,186 | ||||||||||||||||||||||||||
Home equity | Home equity | N/A | 1,033,783 | 1,033,783 | Home equity | N/A | 1,033,783 | 1,033,783 | ||||||||||||||||||||||||||
Total | Total | $ | 31,123,641 | $ | — | $ | 31,123,641 | Total | $ | 31,123,641 | $ | — | $ | 31,123,641 |
(dollars in thousands) | (dollars in thousands) | June 30, 2023 | December 31, 2022 | (dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Commercial (1) | Commercial (1) | $ | 9,470,827 | $ | 9,298,624 | Commercial (1) | $ | 9,107,095 | $ | 9,298,624 | ||||||||||||
Commercial real estate | Commercial real estate | 13,287,368 | 12,298,748 | Commercial real estate | 13,750,628 | 12,298,748 | ||||||||||||||||
BBCC | BBCC | 390,255 | 368,602 | BBCC | 391,946 | 368,602 | ||||||||||||||||
Residential real estate | Residential real estate | 6,684,480 | 6,460,441 | Residential real estate | 6,696,288 | 6,460,441 | ||||||||||||||||
Indirect | Indirect | 1,003,287 | 1,034,257 | Indirect | 1,047,224 | 1,034,257 | ||||||||||||||||
Direct | Direct | 565,950 | 629,186 | Direct | 542,689 | 629,186 | ||||||||||||||||
Home equity | Home equity | 1,030,306 | 1,033,783 | Home equity | 1,041,964 | 1,033,783 | ||||||||||||||||
Total loans | Total loans | 32,432,473 | 31,123,641 | Total loans | 32,577,834 | 31,123,641 | ||||||||||||||||
Allowance for credit losses on loans | Allowance for credit losses on loans | (300,555) | (303,671) | Allowance for credit losses on loans | (303,982) | (303,671) | ||||||||||||||||
Net loans | Net loans | $ | 32,131,918 | $ | 30,819,970 | Net loans | $ | 32,273,852 | $ | 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 June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 125,768 | $ | — | $ | (8,331) | $ | 1,814 | $ | 8,152 | $ | 127,403 | Commercial | $ | 127,403 | $ | — | $ | (16,705) | $ | 1,616 | $ | 12,441 | $ | 124,755 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 135,348 | — | (2,458) | 1,029 | 2,978 | 136,897 | Commercial real estate | 136,897 | — | (2,291) | 102 | 10,267 | 144,975 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BBCC | BBCC | 2,316 | — | (94) | 31 | 523 | 2,776 | BBCC | 2,776 | — | (1,049) | 70 | 912 | 2,709 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 20,207 | — | (218) | 53 | 379 | 20,421 | Residential real estate | 20,421 | — | (15) | 28 | 346 | 20,780 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect | Indirect | 1,434 | — | (402) | 612 | (237) | 1,407 | Indirect | 1,407 | — | (490) | 325 | 79 | 1,321 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct | Direct | 6,766 | — | (2,600) | 637 | (48) | 4,755 | Direct | 4,755 | — | (2,180) | 580 | 416 | 3,571 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 6,872 | — | (228) | 63 | 189 | 6,896 | Home equity | 6,896 | — | (20) | 341 | (1,346) | 5,871 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 298,711 | $ | — | $ | (14,331) | $ | 4,239 | $ | 11,936 | $ | 300,555 | Total | $ | 300,555 | $ | — | $ | (22,750) | $ | 3,062 | $ | 23,115 | $ | 303,982 | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 99,471 | $ | — | $ | (1,344) | $ | 781 | $ | 3,911 | $ | 102,819 | Commercial | $ | 102,819 | $ | 3,740 | $ | (2,696) | $ | 2,206 | $ | 6,344 | $ | 112,413 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 140,490 | — | (318) | 320 | 1,310 | 141,802 | Commercial real estate | 141,802 | 6,818 | (4,772) | 287 | (45) | 144,090 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BBCC | BBCC | 2,069 | — | (20) | 91 | (76) | 2,064 | BBCC | 2,064 | — | — | 108 | (4) | 2,168 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 17,252 | — | (137) | 130 | 2,484 | 19,729 | Residential real estate | 19,729 | — | (20) | 66 | 1,481 | 21,256 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect | Indirect | 1,648 | — | (528) | 320 | 201 | 1,641 | Indirect | 1,641 | — | (624) | 379 | 189 | 1,585 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct | Direct | 14,450 | — | (1,722) | 676 | 1,008 | 14,412 | Direct | 14,412 | — | (3,299) | 442 | 4,541 | 16,096 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 5,127 | — | (27) | 20 | 416 | 5,536 | Home equity | 5,536 | — | (29) | 357 | (1,218) | 4,646 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 280,507 | $ | — | $ | (4,096) | $ | 2,338 | $ | 9,254 | $ | 288,003 | Total | $ | 288,003 | $ | 10,558 | $ | (11,440) | $ | 3,845 | $ | 11,288 | $ | 302,254 | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 120,612 | $ | — | $ | (20,754) | $ | 2,097 | $ | 25,448 | $ | 127,403 | Commercial | $ | 120,612 | $ | — | $ | (37,459) | $ | 3,713 | $ | 37,889 | $ | 124,755 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 138,244 | — | (3,647) | 1,292 | 1,008 | 136,897 | Commercial real estate | 138,244 | — | (5,938) | 1,394 | 11,275 | 144,975 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BBCC | BBCC | 2,431 | — | (122) | 104 | 363 | 2,776 | BBCC | 2,431 | — | (1,171) | 174 | 1,275 | 2,709 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 21,916 | — | (241) | 125 | (1,379) | 20,421 | Residential real estate | 21,916 | — | (256) | 153 | (1,033) | 20,780 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect | Indirect | 1,532 | — | (1,599) | 1,024 | 450 | 1,407 | Indirect | 1,532 | — | (2,089) | 1,349 | 529 | 1,321 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct | Direct | 12,116 | — | (5,838) | 1,218 | (2,741) | 4,755 | Direct | 12,116 | — | (8,018) | 1,798 | (2,325) | 3,571 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 6,820 | — | (310) | 130 | 256 | 6,896 | Home equity | 6,820 | — | (330) | 471 | (1,090) | 5,871 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 303,671 | $ | — | $ | (32,511) | $ | 5,990 | $ | 23,405 | $ | 300,555 | Total | $ | 303,671 | $ | — | $ | (55,261) | $ | 9,052 | $ | 46,520 | $ | 303,982 | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 27,232 | $ | 35,040 | $ | (3,223) | $ | 1,013 | $ | 42,757 | $ | 102,819 | Commercial | $ | 27,232 | $ | 38,780 | $ | (5,919) | $ | 3,219 | $ | 49,101 | $ | 112,413 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 64,004 | 42,601 | (824) | 502 | 35,519 | 141,802 | Commercial real estate | 64,004 | 49,419 | (5,596) | 789 | 35,474 | 144,090 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BBCC | BBCC | 2,458 | — | (48) | 148 | (494) | 2,064 | BBCC | 2,458 | — | (48) | 256 | (498) | 2,168 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 9,347 | 136 | (324) | 570 | 10,000 | 19,729 | Residential real estate | 9,347 | 136 | (344) | 636 | 11,481 | 21,256 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect | Indirect | 1,743 | — | (1,012) | 542 | 368 | 1,641 | Indirect | 1,743 | — | (1,636) | 921 | 557 | 1,585 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct | Direct | 528 | 31 | (3,251) | 1,270 | 15,834 | 14,412 | Direct | 528 | 31 | (6,550) | 1,712 | 20,375 | 16,096 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 2,029 | 723 | (78) | 183 | 2,679 | 5,536 | Home equity | 2,029 | 723 | (107) | 540 | 1,461 | 4,646 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 107,341 | $ | 78,531 | $ | (8,760) | $ | 4,228 | $ | 106,663 | $ | 288,003 | Total | $ | 107,341 | $ | 89,089 | $ | (20,200) | $ | 8,073 | $ | 117,951 | $ | 302,254 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | 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 | $ | 34,156 | $ | 22,046 | $ | 32,188 | $ | 10,879 | Balance at beginning of period | $ | 37,007 | $ | 21,966 | $ | 32,188 | $ | 10,879 | ||||||||||||||||||||||||||||
Provision for credit losses on unfunded commitments acquired during the period | — | — | — | 11,013 | ||||||||||||||||||||||||||||||||||||||||||
Provision for unfunded loan commitments | 2,851 | (80) | 4,819 | 74 | ||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses on unfunded loan commitments acquired during the period | Provision for credit losses on unfunded loan commitments acquired during the period | — | — | — | 11,013 | |||||||||||||||||||||||||||||||||||||||||
(Recapture of) provision for credit losses on unfunded loan commitments | (Recapture of) provision for credit losses on unfunded loan commitments | (4,047) | 4,203 | 772 | 4,277 | |||||||||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | 37,007 | $ | 21,966 | $ | 37,007 | $ | 21,966 | Balance at end of period | $ | 32,960 | $ | 26,169 | $ | 32,960 | $ | 26,169 |
Origination Year | Revolving to Term | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving | Total | (dollars in thousands) | Origination Year | Revolving to Term | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving | Revolving to Term | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | Commercial: | Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 1,108,984 | $ | 1,860,049 | $ | 1,307,700 | $ | 671,792 | $ | 604,875 | $ | 673,184 | $ | 2,185,539 | $ | 465,649 | $ | 8,877,772 | Pass | $ | 1,615,716 | $ | 1,690,168 | $ | 1,095,758 | $ | 553,187 | $ | 479,907 | $ | 501,610 | $ | 2,000,147 | $ | 454,995 | $ | 8,391,488 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Criticized | Criticized | 28,284 | 84,240 | 15,092 | 23,548 | 29,772 | 32,376 | 74,437 | 25,524 | 313,273 | Criticized | 27,469 | 110,893 | 21,107 | 46,241 | 22,674 | 54,738 | 107,105 | 32,247 | 422,474 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classified: | Classified: | Classified: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 17,252 | 16,246 | 36,914 | 36,303 | 4,671 | 22,508 | 52,794 | 37,482 | 224,170 | Substandard | 19,509 | 40,694 | 32,135 | 38,892 | 9,970 | 20,431 | 66,977 | 15,417 | 244,025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual | Nonaccrual | — | 349 | — | 585 | 824 | 6,681 | 1,064 | 2,210 | 11,713 | Nonaccrual | — | 5,748 | 2,034 | 284 | 2,718 | — | — | — | 10,784 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | 24,047 | 12,536 | 1,832 | 583 | 4,901 | — | — | 43,899 | Doubtful | — | 18,838 | 5,626 | 1,762 | 962 | 11,136 | — | — | 38,324 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,154,520 | $ | 1,984,931 | $ | 1,372,242 | $ | 734,060 | $ | 640,725 | $ | 739,650 | $ | 2,313,834 | $ | 530,865 | $ | 9,470,827 | Total | $ | 1,662,694 | $ | 1,866,341 | $ | 1,156,660 | $ | 640,366 | $ | 516,231 | $ | 587,915 | $ | 2,174,229 | $ | 502,659 | $ | 9,107,095 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | Commercial real estate: | Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 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 | Pass | $ | 1,805,852 | $ | 3,432,536 | $ | 2,715,562 | $ | 1,734,359 | $ | 1,117,895 | $ | 1,273,742 | $ | 73,590 | $ | 796,442 | $ | 12,949,978 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Criticized | Criticized | 28,324 | 30,372 | 31,377 | 32,238 | 54,738 | 88,116 | 3,893 | 23,353 | 292,411 | Criticized | 58,440 | 62,461 | 42,128 | 28,716 | 27,978 | 90,549 | 9,959 | 21,023 | 341,254 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classified: | Classified: | Classified: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 14,685 | 71,131 | 17,505 | 19,748 | 79,998 | 44,060 | — | 49,825 | 296,952 | Substandard | 21,214 | 84,269 | 23,589 | 16,822 | 78,165 | 41,313 | — | 50,424 | 315,796 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual | Nonaccrual | — | 866 | 18,463 | 1,064 | 456 | 16,081 | — | 3,272 | 40,202 | Nonaccrual | — | 2,983 | 11,470 | 1,428 | 52 | 11,385 | — | 792 | 28,110 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | 3,802 | 31,341 | 9,249 | 39,559 | 48,766 | — | — | 132,717 | Doubtful | — | 1,649 | 33,564 | 4,142 | 38,199 | 37,936 | — | — | 115,490 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 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 | Total | $ | 1,885,506 | $ | 3,583,898 | $ | 2,826,313 | $ | 1,785,467 | $ | 1,262,289 | $ | 1,454,925 | $ | 83,549 | $ | 868,681 | $ | 13,750,628 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BBCC: | BBCC: | BBCC: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 52,620 | $ | 77,831 | $ | 53,068 | $ | 44,433 | $ | 32,200 | $ | 28,305 | $ | 69,107 | $ | 16,637 | $ | 374,201 | Pass | $ | 74,658 | $ | 76,281 | $ | 49,463 | $ | 42,980 | $ | 30,085 | $ | 14,488 | $ | 66,281 | $ | 18,582 | $ | 372,818 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Criticized | Criticized | 987 | 1,445 | 1,081 | 360 | 1,045 | 483 | 1,836 | 1,626 | 8,863 | Criticized | 2,295 | 2,469 | 1,114 | 76 | 1,110 | — | 2,470 | 2,264 | 11,798 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classified: | Classified: | Classified: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 10 | 497 | 629 | 49 | 226 | 836 | 484 | 856 | 3,587 | Substandard | 98 | 733 | 619 | 24 | 401 | 1,196 | 100 | 438 | 3,609 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual | Nonaccrual | 37 | 313 | 323 | 128 | 235 | 668 | — | 644 | 2,348 | Nonaccrual | 216 | 451 | 310 | 340 | — | 87 | 477 | 278 | 2,159 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | 408 | 219 | — | 55 | 74 | 500 | — | 1,256 | Doubtful | — | 865 | 492 | 50 | 67 | 88 | — | — | 1,562 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 53,654 | $ | 80,494 | $ | 55,320 | $ | 44,970 | $ | 33,761 | $ | 30,366 | $ | 71,927 | $ | 19,763 | $ | 390,255 | Total | $ | 77,267 | $ | 80,799 | $ | 51,998 | $ | 43,470 | $ | 31,663 | $ | 15,859 | $ | 69,328 | $ | 21,562 | $ | 391,946 |
(dollars in thousands) | Origination Year | Revolving to Term | |||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving | Total | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate: | Residential real estate: | Residential real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | Risk Rating: | Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | Performing | $ | 261,285 | $ | 1,480,926 | $ | 1,948,505 | $ | 1,709,893 | $ | 459,251 | $ | 785,089 | $ | — | $ | 143 | $ | 6,645,092 | Performing | $ | 362,518 | $ | 1,504,933 | $ | 1,861,729 | $ | 1,732,039 | $ | 444,411 | $ | 750,037 | $ | — | $ | 279 | $ | 6,655,946 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | Nonperforming | — | 1,892 | 2,727 | 4,200 | 3,378 | 27,191 | — | — | 39,388 | Nonperforming | — | 3,529 | 2,905 | 4,538 | 3,343 | 26,027 | — | — | 40,342 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 261,285 | $ | 1,482,818 | $ | 1,951,232 | $ | 1,714,093 | $ | 462,629 | $ | 812,280 | $ | — | $ | 143 | $ | 6,684,480 | Total | $ | 362,518 | $ | 1,508,462 | $ | 1,864,634 | $ | 1,736,577 | $ | 447,754 | $ | 776,064 | $ | — | $ | 279 | $ | 6,696,288 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect: | Indirect: | Indirect: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | Risk Rating: | Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | Performing | $ | 187,644 | $ | 425,822 | $ | 202,230 | $ | 98,742 | $ | 57,413 | $ | 27,397 | $ | — | $ | 83 | $ | 999,331 | Performing | $ | 309,220 | $ | 390,012 | $ | 181,235 | $ | 96,148 | $ | 46,877 | $ | 19,666 | $ | — | $ | 196 | $ | 1,043,354 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | Nonperforming | 65 | 1,107 | 798 | 1,082 | 438 | 466 | — | — | 3,956 | Nonperforming | 120 | 1,270 | 1,175 | 604 | 361 | 340 | — | — | 3,870 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 187,709 | $ | 426,929 | $ | 203,028 | $ | 99,824 | $ | 57,851 | $ | 27,863 | $ | — | $ | 83 | $ | 1,003,287 | Total | $ | 309,340 | $ | 391,282 | $ | 182,410 | $ | 96,752 | $ | 47,238 | $ | 20,006 | $ | — | $ | 196 | $ | 1,047,224 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct: | Direct: | Direct: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | Risk Rating: | Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | Performing | $ | 53,778 | $ | 110,107 | $ | 121,141 | $ | 77,169 | $ | 41,509 | $ | 80,155 | $ | 74,945 | $ | 1,348 | $ | 560,152 | Performing | $ | 84,749 | $ | 99,625 | $ | 107,539 | $ | 54,070 | $ | 35,065 | $ | 87,207 | $ | 63,877 | $ | 4,852 | $ | 536,984 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | Nonperforming | 21 | 275 | 489 | 562 | 463 | 3,970 | 8 | 10 | 5,798 | Nonperforming | 87 | 486 | 522 | 403 | 316 | 3,874 | 6 | 11 | 5,705 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 53,799 | $ | 110,382 | $ | 121,630 | $ | 77,731 | $ | 41,972 | $ | 84,125 | $ | 74,953 | $ | 1,358 | $ | 565,950 | Total | $ | 84,836 | $ | 100,111 | $ | 108,061 | $ | 54,473 | $ | 35,381 | $ | 91,081 | $ | 63,883 | $ | 4,863 | $ | 542,689 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity: | Home equity: | Home equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | Risk Rating: | Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | Performing | $ | — | $ | 1,328 | $ | 843 | $ | 859 | $ | 943 | $ | 6,573 | $ | 988,669 | $ | 16,859 | $ | 1,016,074 | Performing | $ | 1 | $ | 692 | $ | 387 | $ | 690 | $ | 743 | $ | 5,736 | $ | 994,797 | $ | 23,918 | $ | 1,026,964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | Nonperforming | — | 51 | 130 | 82 | 1,057 | 4,776 | 1,961 | 6,175 | 14,232 | Nonperforming | — | 24 | 219 | 203 | 758 | 4,810 | 1,692 | 7,294 | 15,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | 1,379 | $ | 973 | $ | 941 | $ | 2,000 | $ | 11,349 | $ | 990,630 | $ | 23,034 | $ | 1,030,306 | Total | $ | 1 | $ | 716 | $ | 606 | $ | 893 | $ | 1,501 | $ | 10,546 | $ | 996,489 | $ | 31,212 | $ | 1,041,964 |
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 | Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | — | $ | 2,100 | $ | 5,931 | $ | 120 | $ | — | $ | — | $ | 180 | $ | 8,331 | Commercial | $ | — | $ | 4,154 | $ | 12,271 | $ | — | $ | — | $ | 63 | $ | 217 | $ | 16,705 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | — | — | — | — | — | 2,458 | — | 2,458 | Commercial real estate | — | — | — | 1,744 | — | 547 | — | 2,291 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BBCC | BBCC | — | 47 | — | 47 | — | — | — | 94 | BBCC | 499 | 501 | 49 | — | — | — | — | 1,049 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | — | — | — | — | — | 218 | — | 218 | Residential real estate | — | — | — | — | — | 15 | — | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect | Indirect | 10 | 164 | 124 | 48 | 16 | 40 | — | 402 | Indirect | 75 | 276 | 86 | 12 | 10 | 31 | — | 490 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct | Direct | — | 430 | 588 | 172 | 414 | 195 | 801 | 2,600 | Direct | 19 | 429 | 423 | 112 | 270 | 60 | 867 | 2,180 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | — | — | — | — | — | 228 | — | 228 | Home equity | — | — | — | — | — | 20 | — | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total gross charge-offs | Total gross charge-offs | $ | 10 | $ | 2,741 | $ | 6,643 | $ | 387 | $ | 430 | $ | 3,139 | $ | 981 | $ | 14,331 | Total gross charge-offs | $ | 593 | $ | 5,360 | $ | 12,829 | $ | 1,868 | $ | 280 | $ | 736 | $ | 1,084 | $ | 22,750 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | — | $ | 2,100 | $ | 11,161 | $ | 120 | $ | 6,789 | $ | 239 | $ | 345 | $ | 20,754 | Commercial | $ | — | $ | 6,254 | $ | 23,432 | $ | 120 | $ | 6,789 | $ | 302 | $ | 562 | $ | 37,459 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | — | 54 | 735 | 400 | — | 2,458 | — | 3,647 | Commercial real estate | — | 54 | 735 | 2,144 | — | 3,005 | — | 5,938 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BBCC | BBCC | — | 47 | 28 | 47 | — | — | — | 122 | BBCC | 499 | 548 | 77 | 47 | — | — | — | 1,171 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | — | — | — | — | — | 241 | — | 241 | Residential real estate | — | — | — | — | — | 256 | — | 256 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect | Indirect | 10 | 678 | 554 | 141 | 127 | 89 | — | 1,599 | Indirect | 85 | 954 | 640 | 153 | 137 | 120 | — | 2,089 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct | Direct | — | 901 | 1,382 | 458 | 741 | 390 | 1,966 | 5,838 | Direct | 19 | 1,330 | 1,805 | 570 | 1,011 | 450 | 2,833 | 8,018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | — | — | — | — | — | 310 | — | 310 | Home equity | — | — | — | — | — | 330 | — | 330 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total gross charge-offs | Total gross charge-offs | $ | 10 | $ | 3,780 | $ | 13,860 | $ | 1,166 | $ | 7,657 | $ | 3,727 | $ | 2,311 | $ | 32,511 | Total gross charge-offs | $ | 603 | $ | 9,140 | $ | 26,689 | $ | 3,034 | $ | 7,937 | $ | 4,463 | $ | 3,395 | $ | 55,261 |
(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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 4,164 | $ | 3,719 | $ | 15,138 | $ | 23,021 | $ | 9,447,806 | $ | 9,470,827 | Commercial | $ | 2,754 | $ | 4,214 | $ | 12,504 | $ | 19,472 | $ | 9,087,623 | $ | 9,107,095 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 7,760 | 10,441 | 35,906 | 54,107 | 13,233,261 | 13,287,368 | Commercial real estate | 15,954 | 6,295 | 21,366 | 43,615 | 13,707,013 | 13,750,628 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BBCC | BBCC | 868 | 847 | 74 | 1,789 | 388,466 | 390,255 | BBCC | 1,273 | 511 | 712 | 2,496 | 389,450 | 391,946 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 18,543 | 4,350 | 11,131 | 34,024 | 6,650,456 | 6,684,480 | Residential | 29,762 | 6,784 | 12,733 | 49,279 | 6,647,009 | 6,696,288 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect | Indirect | 4,296 | 1,162 | 840 | 6,298 | 996,989 | 1,003,287 | Indirect | 5,576 | 1,368 | 1,156 | 8,100 | 1,039,124 | 1,047,224 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct | Direct | 3,225 | 775 | 1,257 | 5,257 | 560,693 | 565,950 | Direct | 3,626 | 1,059 | 1,588 | 6,273 | 536,416 | 542,689 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 6,834 | 1,473 | 4,420 | 12,727 | 1,017,579 | 1,030,306 | Home equity | 5,840 | 1,808 | 6,077 | 13,725 | 1,028,239 | 1,041,964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 45,690 | $ | 22,767 | $ | 68,766 | $ | 137,223 | $ | 32,295,250 | $ | 32,432,473 | Total | $ | 64,785 | $ | 22,039 | $ | 56,136 | $ | 142,960 | $ | 32,434,874 | $ | 32,577,834 | ||||||||||||||||||||||||||||||||||||||||||||
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 |
June 30, 2023 | December 31, 2022 | September 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 | $ | 55,612 | $ | 12,666 | $ | 92 | $ | 60,372 | $ | 7,873 | $ | 152 | Commercial | $ | 49,108 | $ | 13,432 | $ | 577 | $ | 60,372 | $ | 7,873 | $ | 152 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 172,919 | 44,218 | 173 | 122,290 | 33,445 | — | Commercial real estate | 143,600 | 29,721 | 104 | 122,290 | 33,445 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BBCC | BBCC | 3,604 | — | — | 2,429 | — | — | BBCC | 3,721 | — | — | 2,429 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 39,388 | — | — | 34,660 | — | 1,808 | Residential | 40,342 | — | — | 34,660 | — | 1,808 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect | Indirect | 3,956 | — | — | 3,230 | — | 28 | Indirect | 3,870 | — | 54 | 3,230 | — | 28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct | Direct | 5,798 | — | 25 | 3,997 | — | 133 | Direct | 5,705 | — | 109 | 3,997 | — | 133 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 14,232 | — | 13 | 11,200 | — | 529 | Home equity | 15,000 | — | 348 | 11,200 | — | 529 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 295,509 | $ | 56,884 | $ | 303 | $ | 238,178 | $ | 41,318 | $ | 2,650 | Total | $ | 261,346 | $ | 43,153 | $ | 1,192 | $ | 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 | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 14,450 | $ | 37,285 | $ | 652 | $ | 535 | $ | 366 | Commercial | $ | 13,635 | $ | 31,856 | $ | 466 | $ | 288 | $ | 347 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 156,570 | 3,908 | 1,246 | — | 6,259 | Commercial real estate | 131,826 | — | 1,205 | — | 6,184 | ||||||||||||||||||||||||||||||||||||||||||||||
BBCC | BBCC | 2,267 | 1,301 | — | 36 | — | BBCC | 2,131 | 1,174 | — | 416 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | 39,388 | — | — | — | — | Residential | 40,342 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Indirect | Indirect | — | — | — | 3,956 | — | Indirect | — | — | — | 3,870 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Direct | Direct | 4,973 | 6 | — | 253 | 32 | Direct | 4,622 | 1 | 3 | 296 | 31 | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | 14,232 | — | — | — | — | Home equity | 15,000 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 231,880 | $ | 42,500 | $ | 1,898 | $ | 4,780 | $ | 6,657 | Total loans | $ | 207,556 | $ | 33,031 | $ | 1,674 | $ | 4,870 | $ | 6,562 | ||||||||||||||||||||||||||||||||||||
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) | (dollars in thousands) | Term Extension | Total Class of Loans | (dollars in thousands) | Term Extension | Total Class of Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 1,231 | 0.0 | % | Commercial | $ | 3,502 | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 12,449 | 0.1 | % | Commercial real estate | 93,844 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 13,680 | 0.0 | % | Total | $ | 97,346 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 18,517 | 0.2 | % | Commercial | $ | 20,811 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 19,280 | 0.1 | % | Commercial real estate | 116,580 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 37,797 | 0.1 | % | Total | $ | 137,391 | 0.4 | % |
(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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | — | $ | — | $ | 2,600 | $ | 2,600 | $ | 15,917 | $ | 18,517 | Commercial | $ | — | $ | — | $ | 2,541 | $ | 2,541 | $ | 18,270 | $ | 20,811 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | — | 5,537 | — | 5,537 | 13,743 | 19,280 | Commercial real estate | 1,086 | — | — | 1,086 | 115,494 | 116,580 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | 5,537 | $ | 2,600 | $ | 8,137 | $ | 29,660 | $ | 37,797 | Total | $ | 1,086 | $ | — | $ | 2,541 | $ | 3,627 | $ | 133,764 | $ | 137,391 |
(dollars in thousands) | Weighted- Average Term Extension (in months) | ||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Total | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Total |
Affected Line Item in the Statement of Income | Three Months Ended June 30, | Six Months Ended June 30, | Affected Line Item in the Statement of Income | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease cost | Operating lease cost | Occupancy/Equipment expense | $ | 7,469 | $ | 8,558 | $ | 16,107 | $ | 13,666 | Operating lease cost | Occupancy/Equipment expense | $ | 7,462 | $ | 7,657 | $ | 23,569 | $ | 21,323 | ||||||||||||||||||||||||||||||||||||||
Finance lease cost: | Finance lease cost: | Finance lease cost: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of right-of-use assets | Amortization of right-of-use assets | Occupancy expense | 737 | 648 | 1,428 | 1,323 | Amortization of right-of-use assets | Occupancy expense | 742 | 680 | 2,170 | 2,003 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest on lease liabilities | Interest on lease liabilities | Interest expense | 184 | 103 | 353 | 210 | Interest on lease liabilities | Interest expense | 183 | 105 | 536 | 315 | ||||||||||||||||||||||||||||||||||||||||||||||
Sub-lease income | Sub-lease income | Occupancy expense | (102) | (174) | (162) | (302) | Sub-lease income | Occupancy expense | (119) | (87) | (281) | (389) | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 8,288 | $ | 9,135 | $ | 17,726 | $ | 14,897 | Total | $ | 8,268 | $ | 8,355 | $ | 25,994 | $ | 23,252 |
(dollars in thousands) | June 30, 2023 | December 31, 2022 | |||||||||
Operating Leases | |||||||||||
Operating lease right-of-use assets | $ | 184,700 | $ | 189,714 | |||||||
Operating lease liabilities | 206,178 | 211,964 | |||||||||
Finance Leases | |||||||||||
Premises and equipment, net | 20,435 | 10,799 | |||||||||
Other borrowings | 21,346 | 13,469 | |||||||||
Weighted-Average Remaining Lease Term (in Years) | |||||||||||
Operating leases | 8.7 | 9.1 | |||||||||
Finance leases | 10.5 | 7.2 | |||||||||
Weighted-Average Discount Rate | |||||||||||
Operating leases | 2.92 | % | 2.88 | % | |||||||
Finance leases | 3.84 | % | 3.30 | % |
(dollars in thousands) | September 30, 2023 | December 31, 2022 | |||||||||
Operating Leases | |||||||||||
Operating lease right-of-use assets | $ | 179,284 | $ | 189,714 | |||||||
Operating lease liabilities | 199,937 | 211,964 | |||||||||
Finance Leases | |||||||||||
Premises and equipment, net | 20,571 | 10,799 | |||||||||
Other borrowings | 21,595 | 13,469 | |||||||||
Weighted-Average Remaining Lease Term (in Years) | |||||||||||
Operating leases | 8.5 | 9.1 | |||||||||
Finance leases | 10.6 | 7.2 | |||||||||
Weighted-Average Discount Rate | |||||||||||
Operating leases | 2.93 | % | 2.88 | % | |||||||
Finance leases | 3.89 | % | 3.30 | % |
Six Months Ended June 30, | Nine Months Ended September 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 | $ | 15,752 | $ | 13,705 | Operating cash flows from operating leases | $ | 23,766 | $ | 22,223 | ||||||||||||
Operating cash flows from finance leases | Operating cash flows from finance leases | 353 | 210 | Operating cash flows from finance leases | 536 | 315 | ||||||||||||||||
Financing cash flows from finance leases | Financing cash flows from finance leases | 1,265 | 1,210 | Financing cash flows from finance leases | 1,893 | 1,839 |
(dollars in thousands) | (dollars in thousands) | Operating Leases | Finance Leases | (dollars in thousands) | Operating Leases | Finance Leases | ||||||||||||||||
2023 | 2023 | $ | 15,993 | $ | 1,611 | 2023 | $ | 7,959 | $ | 826 | ||||||||||||
2024 | 2024 | 31,241 | 3,278 | 2024 | 31,183 | 3,357 | ||||||||||||||||
2025 | 2025 | 29,621 | 3,301 | 2025 | 29,564 | 3,380 | ||||||||||||||||
2026 | 2026 | 28,575 | 2,075 | 2026 | 28,622 | 2,154 | ||||||||||||||||
2027 | 2027 | 27,604 | 2,079 | 2027 | 27,662 | 2,157 | ||||||||||||||||
Thereafter | Thereafter | 101,741 | 13,964 | Thereafter | 102,282 | 14,809 | ||||||||||||||||
Total undiscounted lease payments | Total undiscounted lease payments | 234,775 | 26,308 | Total undiscounted lease payments | 227,272 | 26,683 | ||||||||||||||||
Amounts representing interest | Amounts representing interest | (28,597) | (4,962) | Amounts representing interest | (27,335) | (5,088) | ||||||||||||||||
Lease liability | Lease liability | $ | 206,178 | $ | 21,346 | Lease liability | $ | 199,937 | $ | 21,595 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 1,998,716 | $ | 1,997,157 | $ | 1,998,716 | $ | 1,036,994 | Balance at beginning of period | $ | 1,998,716 | $ | 1,991,534 | $ | 1,998,716 | $ | 1,036,994 | ||||||||||||||||||||||||||||
Acquisitions and adjustments | Acquisitions and adjustments | — | (5,623) | — | 954,540 | Acquisitions and adjustments | — | 11,065 | — | 965,605 | ||||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | 1,998,716 | $ | 1,991,534 | $ | 1,998,716 | $ | 1,991,534 | Balance at end of period | $ | 1,998,716 | $ | 2,002,599 | $ | 1,998,716 | $ | 2,002,599 |
(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 | ||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||
Core deposit | Core deposit | $ | 143,511 | $ | (63,521) | $ | 79,990 | Core deposit | $ | 143,511 | $ | (68,312) | $ | 75,199 | ||||||||||||||||||||
Customer trust relationships | Customer trust relationships | 52,621 | (18,452) | 34,169 | Customer trust relationships | 52,621 | (19,701) | 32,920 | ||||||||||||||||||||||||||
Total other intangible assets | Total other intangible assets | $ | 196,132 | $ | (81,973) | $ | 114,159 | Total other intangible assets | $ | 196,132 | $ | (88,013) | $ | 108,119 | ||||||||||||||||||||
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) | (dollars in thousands) | (dollars in thousands) | ||||||||
2023 remaining | 2023 remaining | $ | 11,909 | 2023 remaining | $ | 5,869 | ||||
2024 | 2024 | 21,239 | 2024 | 21,239 | ||||||
2025 | 2025 | 18,358 | 2025 | 18,358 | ||||||
2026 | 2026 | 15,555 | 2026 | 15,555 | ||||||
2027 | 2027 | 12,867 | 2027 | 12,867 | ||||||
Thereafter | Thereafter | 34,231 | Thereafter | 34,231 | ||||||
Total | Total | $ | 114,159 | Total | $ | 108,119 |
(dollars in thousands) | (dollars in thousands) | June 30, 2023 | December 31, 2022 | (dollars in thousands) | September 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 | $ | 90,164 | $ | 53,327 | $ | 84,428 | $ | 55,754 | LIHTC | Proportional amortization | $ | 93,214 | $ | 54,440 | $ | 84,428 | $ | 55,754 | ||||||||||||||||||||||||||||||||
FHTC | FHTC | Equity | 19,797 | 10,016 | 19,316 | 9,588 | FHTC | Equity | 36,715 | 27,214 | 19,316 | 9,588 | ||||||||||||||||||||||||||||||||||||||||
NMTC | NMTC | Consolidation | 47,728 | — | 51,912 | — | NMTC | Consolidation | 45,637 | — | 51,912 | — | ||||||||||||||||||||||||||||||||||||||||
Renewable Energy | Renewable Energy | Equity | 608 | — | 1,099 | — | Renewable Energy | Equity | 385 | — | 1,099 | — | ||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 158,297 | $ | 63,343 | $ | 156,755 | $ | 65,342 | Total | $ | 175,951 | $ | 81,654 | $ | 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 June 30, 2023 | ||||||||||||||||||||||
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2023 | |||||||||||||||||||||
LIHTC | LIHTC | $ | 1,463 | $ | (1,908) | LIHTC | $ | 3,208 | $ | (3,582) | ||||||||||||
FHTC | FHTC | 424 | (512) | FHTC | 330 | (399) | ||||||||||||||||
NMTC | NMTC | 2,092 | (2,611) | NMTC | 2,092 | (2,611) | ||||||||||||||||
Renewable Energy | Renewable Energy | 246 | — | Renewable Energy | 222 | — | ||||||||||||||||
Total | Total | $ | 4,225 | $ | (5,031) | Total | $ | 5,852 | $ | (6,592) | ||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2022 | |||||||||||||||||||||
LIHTC | LIHTC | $ | 1,240 | $ | (1,650) | LIHTC | $ | 1,240 | $ | (1,650) | ||||||||||||
FHTC | FHTC | 215 | (263) | FHTC | 215 | (262) | ||||||||||||||||
NMTC | NMTC | 1,100 | (1,375) | NMTC | 2,237 | (2,788) | ||||||||||||||||
Renewable Energy | Renewable Energy | 210 | — | Renewable Energy | 210 | — | ||||||||||||||||
Total | Total | $ | 2,765 | $ | (3,288) | Total | $ | 3,902 | $ | (4,700) | ||||||||||||
Six Months Ended June 30, 2023 | ||||||||||||||||||||||
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | |||||||||||||||||||||
LIHTC | LIHTC | $ | 2,927 | $ | (3,817) | LIHTC | $ | 6,135 | $ | (7,398) | ||||||||||||
FHTC | FHTC | 848 | (1,024) | FHTC | 1,178 | (1,423) | ||||||||||||||||
NMTC | NMTC | 4,183 | (5,222) | NMTC | 6,275 | (7,833) | ||||||||||||||||
Renewable Energy | Renewable Energy | 492 | — | Renewable Energy | 714 | — | ||||||||||||||||
Total | Total | $ | 8,450 | $ | (10,063) | Total | $ | 14,302 | $ | (16,654) | ||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||
LIHTC | LIHTC | $ | 2,493 | $ | (3,300) | LIHTC | $ | 3,734 | $ | (4,950) | ||||||||||||
FHTC | FHTC | 420 | (514) | FHTC | 635 | (776) | ||||||||||||||||
NMTC | NMTC | 2,201 | (2,750) | NMTC | 4,439 | (5,538) | ||||||||||||||||
Renewable Energy | Renewable Energy | 420 | — | Renewable Energy | 629 | — | ||||||||||||||||
Total | Total | $ | 5,534 | $ | (6,564) | Total | $ | 9,437 | $ | (11,264) |
At or for the Six Months Ended June 30, | At or for the Nine Months Ended September 30, | |||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | (dollars in thousands) | 2023 | 2022 | ||||||||||||||||
Outstanding at period end | Outstanding at period end | $ | 311,447 | $ | 476,173 | Outstanding at period end | $ | 279,061 | $ | 438,053 | ||||||||||||
Average amount outstanding during the period | Average amount outstanding during the period | 376,298 | 458,459 | Average amount outstanding during the period | 351,362 | 450,966 | ||||||||||||||||
Maximum amount outstanding at any month-end during the period | Maximum amount outstanding at any month-end during the period | 430,537 | 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 | 0.90 | % | 0.08 | % | During the period | 0.91 | % | 0.09 | % | ||||||||||||
At period end | At period end | 1.14 | % | 0.08 | % | At period end | 1.35 | % | 0.40 | % |
At June 30, 2023 | At September 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 | $ | 311,447 | $ | — | $ | — | $ | — | $ | 311,447 | U.S. Treasury and agency securities | $ | 279,061 | $ | — | $ | — | $ | — | $ | 279,061 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 311,447 | $ | — | $ | — | $ | — | $ | 311,447 | Total | $ | 279,061 | $ | — | $ | — | $ | — | $ | 279,061 |
(dollars in thousands) | (dollars in thousands) | June 30, 2023 | December 31, 2022 | (dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
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 | ||||||||||||||||||
FHLB advances (fixed rates 0.00% to 5.61% and variable rates 5.35% to 5.36%) maturing December 2023 to September 2042 | FHLB advances (fixed rates 0.00% to 5.61% and variable rates 5.35% to 5.36%) maturing December 2023 to September 2042 | $ | 4,450,528 | $ | 3,850,677 | |||||||||||||||||
Fair value hedge basis adjustments and unamortized prepayment fees | Fair value hedge basis adjustments and unamortized prepayment fees | (29,345) | (21,659) | Fair value hedge basis adjustments and unamortized prepayment fees | (37,952) | (21,659) | ||||||||||||||||
Total | Total | $ | 4,771,183 | $ | 3,829,018 | Total | $ | 4,412,576 | $ | 3,829,018 |
(dollars in thousands) | |||||
Due in 2023 | $ | 100,000 | |||
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) | June 30, 2023 | December 31, 2022 | (dollars in thousands) | September 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 | (169) | (247) | Unamortized debt issuance costs related to senior unsecured notes | (130) | (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 6.86% to 8.88%) maturing July 2031 to September 2037 | 136,643 | 136,643 | ||||||||||||||||||||
Junior subordinated debentures (rates of 6.95% to 9.21%) maturing July 2031 to September 2037 | Junior subordinated debentures (rates of 6.95% to 9.21%) maturing July 2031 to September 2037 | 136,643 | 136,643 | |||||||||||||||||||
Other basis adjustments | Other basis adjustments | 20,785 | 23,363 | Other basis adjustments | 19,496 | 23,363 | ||||||||||||||||
Old National Bank: | Old National Bank: | Old National Bank: | ||||||||||||||||||||
Finance lease liabilities | Finance lease liabilities | 21,346 | 13,469 | Finance lease liabilities | 21,595 | 13,469 | ||||||||||||||||
Subordinated debentures (variable rate 9.66%) maturing October 2025 | 12,000 | 12,000 | ||||||||||||||||||||
Subordinated debentures (variable rate 9.99%) maturing October 2025 | Subordinated debentures (variable rate 9.99%) 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) | 155,968 | 89,588 | Other (1) | 205,106 | 89,588 | ||||||||||||||||
Total other borrowings | Total other borrowings | $ | 815,318 | $ | 743,003 | Total other borrowings | $ | 863,455 | $ | 743,003 |
(dollars in thousands) | |||||
Due in 2023 | $ | ||||
Due in 2024 | |||||
Due in 2025 | |||||
Due in 2026 | |||||
Due in 2027 | |||||
Thereafter | |||||
Unamortized debt issuance costs and other basis adjustments | |||||
Total | $ |
(dollars in thousands) | (dollars in thousands) | Rate at June 30, 2023 | (dollars in thousands) | Rate at September 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% | 8.88% | July 31, 2031 | Bridgeview Statutory Trust I | July 2001 | $ | 15,464 | 3-month SOFR plus 3.58% | 9.21% | July 31, 2031 | ||||||||||||||||||||||||||||||||||||||
Bridgeview Capital Trust II | Bridgeview Capital Trust II | December 2002 | 15,464 | 3-month LIBOR plus 3.35% | 8.61% | January 7, 2033 | Bridgeview Capital Trust II | December 2002 | 15,464 | 3-month SOFR plus 3.35% | 8.92% | 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% | 7.26% | March 17, 2035 | St. Joseph Capital Trust II | March 2005 | 5,155 | 3-month SOFR plus 1.75% | 7.42% | March 17, 2035 | ||||||||||||||||||||||||||||||||||||||||
Northern States Statutory Trust I | Northern States Statutory Trust I | September 2005 | 10,310 | 3-month LIBOR plus 1.80% | 7.35% | September 15, 2035 | Northern States Statutory Trust I | September 2005 | 10,310 | 3-month SOFR plus 1.80% | 7.47% | September 15, 2035 | ||||||||||||||||||||||||||||||||||||||||
Anchor Capital Trust III | Anchor Capital Trust III | August 2005 | 5,000 | 3-month LIBOR plus 1.55% | 7.09% | September 30, 2035 | Anchor Capital Trust III | August 2005 | 5,000 | 3-month SOFR plus 1.55% | 7.21% | September 30, 2035 | ||||||||||||||||||||||||||||||||||||||||
Great Lakes Statutory Trust II | Great Lakes Statutory Trust II | December 2005 | 6,186 | 3-month LIBOR plus 1.40% | 6.95% | December 15, 2035 | Great Lakes Statutory Trust II | December 2005 | 6,186 | 3-month SOFR plus 1.40% | 7.07% | December 15, 2035 | ||||||||||||||||||||||||||||||||||||||||
Home Federal Statutory Trust I | Home Federal Statutory Trust I | September 2006 | 15,464 | 3-month LIBOR plus 1.65% | 7.20% | September 15, 2036 | Home Federal Statutory Trust I | September 2006 | 15,464 | 3-month SOFR plus 1.65% | 7.32% | September 15, 2036 | ||||||||||||||||||||||||||||||||||||||||
Monroe Bancorp Capital Trust I | Monroe Bancorp Capital Trust I | July 2006 | 3,093 | 3-month LIBOR plus 1.60% | 6.86% | October 7, 2036 | Monroe Bancorp Capital Trust I | July 2006 | 3,093 | 3-month SOFR plus 1.60% | 7.17% | October 7, 2036 | ||||||||||||||||||||||||||||||||||||||||
Tower Capital Trust 3 | Tower Capital Trust 3 | December 2006 | 9,279 | 3-month LIBOR plus 1.69% | 7.19% | March 1, 2037 | Tower Capital Trust 3 | December 2006 | 9,279 | 3-month SOFR plus 1.69% | 7.36% | March 1, 2037 | ||||||||||||||||||||||||||||||||||||||||
Monroe Bancorp Statutory Trust II | Monroe Bancorp Statutory Trust II | March 2007 | 5,155 | 3-month LIBOR plus 1.60% | 7.15% | June 15, 2037 | Monroe Bancorp Statutory Trust II | March 2007 | 5,155 | 3-month SOFR plus 1.60% | 7.27% | June 15, 2037 | ||||||||||||||||||||||||||||||||||||||||
Great Lakes Statutory Trust III | Great Lakes Statutory Trust III | June 2007 | 8,248 | 3-month LIBOR plus 1.70% | 7.25% | September 15, 2037 | Great Lakes Statutory Trust III | June 2007 | 8,248 | 3-month SOFR plus 1.70% | 7.37% | 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 June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | (611,260) | $ | (106,966) | $ | 9,872 | $ | (4) | $ | (708,358) | Balance at beginning of period | $ | (701,393) | $ | (103,144) | $ | (4,096) | $ | — | $ | (808,633) | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | Other comprehensive income (loss) before reclassifications | (90,121) | — | 9,840 | — | (80,281) | Other comprehensive income (loss) before reclassifications | (156,660) | — | (11,546) | — | (168,206) | ||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI to income (1) | Amounts reclassified from AOCI to income (1) | (12) | 3,822 | (23,808) | 4 | (19,994) | Amounts reclassified from AOCI to income (1) | 178 | 4,193 | 3,653 | — | 8,024 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | (701,393) | $ | (103,144) | $ | (4,096) | $ | — | $ | (808,633) | Balance at end of period | $ | (857,875) | $ | (98,951) | $ | (11,989) | $ | — | $ | (968,815) | ||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | (314,364) | $ | (16,727) | $ | (7,132) | $ | 24 | $ | (338,199) | Balance at beginning of period | $ | (437,075) | $ | (122,199) | $ | (9,875) | $ | 16 | $ | (569,133) | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | Other comprehensive income (loss) before reclassifications | (122,776) | (108,266) | (2,578) | — | (233,620) | Other comprehensive income (loss) before reclassifications | (217,401) | — | (27,725) | — | (245,126) | ||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI to income (1) | Amounts reclassified from AOCI to income (1) | 65 | 2,794 | (165) | (8) | 2,686 | Amounts reclassified from AOCI to income (1) | 131 | 5,121 | 565 | (8) | 5,809 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | (437,075) | $ | (122,199) | $ | (9,875) | $ | 16 | $ | (569,133) | Balance at end of period | $ | (654,345) | $ | (117,078) | $ | (37,035) | $ | 8 | $ | (808,450) | ||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | Nine Months Ended September 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 | $ | (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) | Other comprehensive income (loss) before reclassifications | (219,562) | 1,325 | 34,279 | — | (183,958) | ||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI to income (1) | Amounts reclassified from AOCI to income (1) | 3,855 | 8,195 | (18,372) | (137) | (6,459) | Amounts reclassified from AOCI to income (1) | 4,033 | 12,388 | (14,719) | (137) | 1,565 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | (701,393) | $ | (103,144) | $ | (4,096) | $ | — | $ | (808,633) | Balance at end of period | $ | (857,875) | $ | (98,951) | $ | (11,989) | $ | — | $ | (968,815) | ||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | (2,950) | $ | — | $ | 543 | $ | 32 | $ | (2,375) | 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) | Other comprehensive income (loss) before reclassifications | (651,330) | (125,229) | (37,473) | — | (814,032) | ||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI to income (1) | Amounts reclassified from AOCI to income (1) | (196) | 3,030 | (670) | (16) | 2,148 | Amounts reclassified from AOCI to income (1) | (65) | 8,151 | (105) | (24) | 7,957 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | (437,075) | $ | (122,199) | $ | (9,875) | $ | 16 | $ | (569,133) | Balance at end of period | $ | (654,345) | $ | (117,078) | $ | (37,035) | $ | 8 | $ | (808,450) |
Three Months Ended June 30, | Three Months Ended September 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 | $ | 17 | $ | (85) | Debt securities gains (losses), net | Unrealized gains and losses on available-for-sale securities | $ | (241) | $ | (172) | Debt securities gains (losses), net | ||||||||||||||||||||||
(5) | 20 | Income tax (expense) benefit | 63 | 41 | Income tax (expense) benefit | |||||||||||||||||||||||||||||
$ | 12 | $ | (65) | Net income (loss) | $ | (178) | $ | (131) | Net income (loss) | |||||||||||||||||||||||||
Unrealized gains and losses on held-to-maturity securities | Unrealized gains and losses on held-to-maturity securities | $ | (5,122) | $ | (3,692) | Interest income (expense) | Unrealized gains and losses on held-to-maturity securities | $ | (5,623) | $ | (6,772) | Interest income (expense) | ||||||||||||||||||||||
1,300 | 898 | Income tax (expense) benefit | 1,430 | 1,651 | Income tax (expense) benefit | |||||||||||||||||||||||||||||
$ | (3,822) | $ | (2,794) | Net income (loss) | $ | (4,193) | $ | (5,121) | Net income (loss) | |||||||||||||||||||||||||
Gains and losses on hedges Interest rate contracts | Gains and losses on hedges Interest rate contracts | $ | 32,112 | $ | 219 | Interest income (expense) | Gains and losses on hedges Interest rate contracts | $ | (4,927) | $ | (749) | Interest income (expense) | ||||||||||||||||||||||
(8,304) | (54) | Income tax (expense) benefit | 1,274 | 184 | Income tax (expense) benefit | |||||||||||||||||||||||||||||
$ | 23,808 | $ | 165 | Net income (loss) | $ | (3,653) | $ | (565) | 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) | $ | (6) | $ | 10 | Salaries and employee benefits | Actuarial gains (losses) | $ | — | $ | 11 | Salaries and employee benefits | ||||||||||||||||||||||
2 | (2) | Income tax (expense) benefit | — | (3) | Income tax (expense) benefit | |||||||||||||||||||||||||||||
$ | (4) | $ | 8 | Net income (loss) | $ | — | $ | 8 | Net income (loss) | |||||||||||||||||||||||||
Total reclassifications for the period | Total reclassifications for the period | $ | 19,994 | $ | (2,686) | Net income (loss) | Total reclassifications for the period | $ | (8,024) | $ | (5,809) | Net income (loss) |
Six Months Ended June 30, | Nine Months Ended September 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 | $ | (5,199) | $ | 257 | Debt securities gains (losses), net | Unrealized gains and losses on available-for-sale securities | $ | (5,440) | $ | 85 | Debt securities gains (losses), net | ||||||||||||||||||||||
1,344 | (61) | Income tax (expense) benefit | 1,407 | (20) | Income tax (expense) benefit | |||||||||||||||||||||||||||||
$ | (3,855) | $ | 196 | Net income (loss) | $ | (4,033) | $ | 65 | Net income (loss) | |||||||||||||||||||||||||
Unrealized gains and losses on held-to-maturity securities | Unrealized gains and losses on held-to-maturity securities | $ | (10,951) | $ | (4,002) | Interest income (expense) | Unrealized gains and losses on held-to-maturity securities | $ | (16,574) | $ | (10,774) | Interest income (expense) | ||||||||||||||||||||||
2,756 | 972 | Income tax (expense) benefit | 4,186 | 2,623 | Income tax (expense) benefit | |||||||||||||||||||||||||||||
$ | (8,195) | $ | (3,030) | Net income (loss) | $ | (12,388) | $ | (8,151) | Net income (loss) | |||||||||||||||||||||||||
Gains and losses on hedges Interest rate contracts | Gains and losses on hedges Interest rate contracts | $ | 24,820 | $ | 888 | Interest income (expense) | Gains and losses on hedges Interest rate contracts | $ | 19,893 | $ | 139 | Interest income (expense) | ||||||||||||||||||||||
(6,448) | (218) | Income tax (expense) benefit | (5,174) | (34) | Income tax (expense) benefit | |||||||||||||||||||||||||||||
$ | 18,372 | $ | 670 | Net income (loss) | $ | 14,719 | $ | 105 | 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) | $ | 182 | $ | 21 | Salaries and employee benefits | Actuarial gains (losses) | $ | 182 | $ | 32 | Salaries and employee benefits | ||||||||||||||||||||||
(45) | (5) | Income tax (expense) benefit | (45) | (8) | Income tax (expense) benefit | |||||||||||||||||||||||||||||
$ | 137 | $ | 16 | Net income (loss) | $ | 137 | $ | 24 | Net income (loss) | |||||||||||||||||||||||||
Total reclassifications for the period | Total reclassifications for the period | $ | 6,459 | $ | (2,148) | Net income (loss) | Total reclassifications for the period | $ | (1,565) | $ | (7,957) | Net income (loss) |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | (dollars in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||
Provision at statutory rate of 21% | Provision at statutory rate of 21% | $ | 42,510 | $ | 29,389 | $ | 81,995 | $ | 21,766 | Provision at statutory rate of 21% | $ | 40,358 | $ | 37,598 | $ | 122,352 | $ | 59,365 | ||||||||||||||||||||||||||||
Tax-exempt income: | Tax-exempt income: | Tax-exempt income: | ||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt interest | Tax-exempt interest | (4,605) | (3,413) | (9,091) | (6,406) | Tax-exempt interest | (4,625) | (3,929) | (13,716) | (10,335) | ||||||||||||||||||||||||||||||||||||
Section 291/265 interest disallowance | Section 291/265 interest disallowance | 532 | 38 | 918 | 66 | Section 291/265 interest disallowance | 675 | 85 | 1,593 | 150 | ||||||||||||||||||||||||||||||||||||
Company-owned life insurance income | Company-owned life insurance income | (945) | (938) | (1,572) | (1,656) | Company-owned life insurance income | (743) | (684) | (2,315) | (2,340) | ||||||||||||||||||||||||||||||||||||
Tax-exempt income | Tax-exempt income | (5,018) | (4,313) | (9,745) | (7,996) | Tax-exempt income | (4,693) | (4,528) | (14,438) | (12,525) | ||||||||||||||||||||||||||||||||||||
State income taxes | State income taxes | 8,552 | 4,085 | 16,693 | 758 | State income taxes | 8,163 | 7,050 | 24,856 | 7,808 | ||||||||||||||||||||||||||||||||||||
Interim period effective rate adjustment | Interim period effective rate adjustment | 993 | (3,967) | (723) | 3,073 | Interim period effective rate adjustment | 116 | (31) | (607) | 3,042 | ||||||||||||||||||||||||||||||||||||
Tax credit investments - federal | Tax credit investments - federal | (2,526) | (1,292) | (5,051) | (2,561) | Tax credit investments - federal | (2,071) | (2,407) | (7,122) | (4,968) | ||||||||||||||||||||||||||||||||||||
Officer compensation limitation | Officer compensation limitation | 1,040 | 402 | 2,080 | 651 | Officer compensation limitation | 1,040 | 401 | 3,120 | 1,053 | ||||||||||||||||||||||||||||||||||||
Non-deductible FDIC premiums | Non-deductible FDIC premiums | 2,037 | 885 | 4,147 | 1,371 | Non-deductible FDIC premiums | 1,949 | 1,178 | 6,096 | 2,549 | ||||||||||||||||||||||||||||||||||||
Other, net | Other, net | (195) | (225) | (582) | (812) | Other, net | (558) | (374) | (1,139) | (1,187) | ||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | $ | 47,393 | $ | 24,964 | $ | 88,814 | $ | 16,250 | Income tax expense (benefit) | $ | 44,304 | $ | 38,887 | $ | 133,118 | $ | 55,137 | ||||||||||||||||||||||||||||
Effective tax rate | Effective tax rate | 23.4 | % | 17.8 | % | 22.8 | % | 15.7 | % | Effective tax rate | 23.1 | % | 21.7 | % | 22.9 | % | 19.5 | % |
June 30, 2023 | December 31, 2022 | September 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 | $ | 1,400,000 | $ | 2,169 | $ | 15,563 | $ | 1,900,000 | $ | 11,764 | $ | 47,859 | Interest rate collars and floors on loan pools | $ | 1,500,000 | $ | 2,214 | $ | 27,749 | $ | 1,900,000 | $ | 11,764 | $ | 47,859 | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps on borrowings | Interest rate swaps on borrowings | 250,000 | — | — | 150,000 | — | — | Interest rate swaps on borrowings | 150,000 | — | — | 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 | — | — | 909,957 | — | — | Interest rate swaps on investment securities (3) | 998,107 | — | — | 909,957 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps on borrowings (3) | Interest rate swaps on borrowings (3) | 700,000 | — | — | 300,000 | — | — | Interest rate swaps on borrowings (3) | 700,000 | — | — | 300,000 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 2,169 | $ | 15,563 | $ | 11,764 | $ | 47,859 | Total | $ | 2,214 | $ | 27,749 | $ | 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 June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | Interest income/(expense) | $ | (11,101) | Fixed-rate debt | Interest income/(expense) | $ | 10,956 | Interest rate contracts | Interest income/(expense) | $ | (9,553) | Fixed-rate debt | Interest income/(expense) | $ | 9,566 | ||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | Interest income/(expense) | 24,846 | Fixed-rate investment securities | Interest income/(expense) | (24,867) | Interest rate contracts | Interest income/(expense) | 45,537 | Fixed-rate investment securities | Interest income/(expense) | (46,055) | ||||||||||||||||||||||||||||
Total | Total | $ | 13,745 | $ | (13,911) | Total | $ | 35,984 | $ | (36,489) | ||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | Interest income/(expense) | $ | (2,524) | Fixed-rate debt | Interest income/(expense) | $ | 2,600 | Interest rate contracts | Interest income/(expense) | $ | (532) | Fixed-rate debt | Interest income/(expense) | $ | 638 | ||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | Interest income/(expense) | 53,779 | Fixed-rate investment securities | Interest income/(expense) | (53,762) | Interest rate contracts | Interest income/(expense) | 47,963 | Fixed-rate investment securities | Interest income/(expense) | (47,975) | ||||||||||||||||||||||||||||
Total | Total | $ | 51,255 | $ | (51,162) | Total | $ | 47,431 | $ | (47,337) | ||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | Nine Months Ended September 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 income/(expense) | $ | (18,500) | Fixed-rate debt | Interest income/(expense) | $ | 18,303 | ||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | Interest income/(expense) | (38,269) | Fixed-rate investment securities | Interest income/(expense) | 38,384 | Interest rate contracts | Interest income/(expense) | 7,268 | Fixed-rate investment securities | Interest income/(expense) | (7,671) | ||||||||||||||||||||||||||||
Total | Total | $ | (47,217) | $ | 47,122 | Total | $ | (11,232) | $ | 10,632 | ||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Nine Months Ended September 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 income/(expense) | $ | (7,889) | Fixed-rate debt | Interest income/(expense) | $ | 8,193 | ||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | Interest income/(expense) | 111,433 | Fixed-rate investment securities | Interest income/(expense) | (111,791) | Interest rate contracts | Interest income/(expense) | 159,397 | Fixed-rate investment securities | Interest income/(expense) | (159,767) | ||||||||||||||||||||||||||||
Total | Total | $ | 104,076 | $ | (104,236) | Total | $ | 151,508 | $ | (151,574) |
Three Months Ended June 30, | Three Months Ended September 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) | $ | 13,272 | $ | (3,418) | $ | 31,078 | $ | 219 | Interest rate contracts | Interest income/(expense) | $ | (15,574) | $ | (36,755) | $ | (5,960) | $ | (749) | ||||||||||||||||||||||||||
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 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) | $ | 19,875 | $ | (12,924) | $ | 23,441 | $ | 888 | Interest rate contracts | Interest income/(expense) | $ | 4,302 | $ | (49,679) | $ | 17,481 | $ | 139 |
June 30, 2023 | December 31, 2022 | September 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 | $ | 45,216 | $ | 330 | $ | — | $ | 21,401 | $ | 93 | $ | — | Interest rate lock commitments | $ | 42,492 | $ | — | $ | 146 | $ | 21,401 | $ | 93 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||
Forward mortgage loan contracts | Forward mortgage loan contracts | 61,084 | 164 | — | 30,330 | 32 | — | Forward mortgage loan contracts | 54,730 | 1,031 | — | 30,330 | 32 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer interest rate swaps | Customer interest rate swaps | 5,589,059 | 5,621 | 318,890 | 5,220,363 | 5,676 | 326,924 | Customer interest rate swaps | 5,775,638 | 1,208 | 379,864 | 5,220,363 | 5,676 | 326,924 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Counterparty interest rate swaps | Counterparty interest rate swaps | 8,206,655 | 175,581 | 5,662 | 5,220,363 | 151,111 | 5,711 | Counterparty interest rate swaps | 5,775,634 | 222,907 | 1,213 | 5,220,363 | 151,111 | 5,711 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer foreign currency forward contracts | 12,851 | 441 | 22 | 8,341 | 253 | 42 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Counterparty foreign currency forward contracts | 12,894 | 18 | 262 | 8,297 | 72 | 168 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer foreign currency contracts | Customer foreign currency contracts | 13,234 | 218 | 156 | 8,341 | 253 | 42 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Counterparty foreign currency contracts | Counterparty foreign currency contracts | 12,970 | 255 | 141 | 8,297 | 72 | 168 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 182,155 | $ | 324,836 | $ | 157,237 | $ | 332,845 | Total | $ | 225,619 | $ | 381,520 | $ | 157,237 | $ | 332,845 |
Three Months Ended June 30, | Three Months Ended September 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) | $ | 837 | $ | 449 | Interest rate contracts (1) | Other income/(expense) | $ | 426 | $ | 108 | ||||||||||||||||
Mortgage contracts | Mortgage contracts | Mortgage banking revenue | 262 | (1,503) | Mortgage contracts | Mortgage banking revenue | 391 | 638 | ||||||||||||||||||||
Foreign currency contracts | Foreign currency contracts | Other income/(expense) | (12) | 65 | Foreign currency contracts | Other income/(expense) | (3) | 75 | ||||||||||||||||||||
Total | Total | $ | 1,087 | $ | (989) | Total | $ | 814 | $ | 821 | ||||||||||||||||||
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
2023 | 2022 | 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) | $ | 699 | $ | 950 | Interest rate contracts (1) | Other income/(expense) | $ | 1,125 | $ | 1,058 | ||||||||||||||||
Mortgage contracts | Mortgage contracts | Mortgage banking revenue | 369 | (1,374) | Mortgage contracts | Mortgage banking revenue | 760 | (735) | ||||||||||||||||||||
Foreign currency contracts | Foreign currency contracts | Other income/(expense) | (13) | 38 | Foreign currency contracts | Other income/(expense) | (16) | 113 | ||||||||||||||||||||
Total | Total | $ | 1,055 | $ | (386) | Total | $ | 1,869 | $ | 436 |
(dollars in thousands) | (dollars in thousands) | June 30, 2023 | December 31, 2022 | (dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Unfunded loan commitments | Unfunded loan commitments | $ | 9,380,354 | $ | 8,979,334 | Unfunded loan commitments | $ | 9,142,538 | $ | 8,979,334 | ||||||||||||
Standby letters of credit (1) | Standby letters of credit (1) | 182,418 | 174,070 | Standby letters of credit (1) | 184,027 | 174,070 |
Fair Value Measurements at June 30, 2023 Using | Fair Value Measurements at September 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 | $ | 71,953 | $ | 71,953 | $ | — | $ | — | Equity securities | $ | 69,880 | $ | 69,880 | $ | — | $ | — | ||||||||||||||||||||||||||||
Investment securities available-for-sale: | Investment securities available-for-sale: | Investment securities available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | U.S. Treasury | 312,412 | 312,412 | — | — | U.S. Treasury | 548,126 | 548,126 | — | — | ||||||||||||||||||||||||||||||||||||
U.S. government-sponsored entities and agencies | U.S. government-sponsored entities and agencies | 1,174,356 | — | 1,174,356 | — | U.S. government-sponsored entities and agencies | 1,142,900 | — | 1,142,900 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - Agency | Mortgage-backed securities - Agency | 4,097,771 | — | 4,097,771 | — | Mortgage-backed securities - Agency | 3,862,705 | — | 3,862,705 | — | ||||||||||||||||||||||||||||||||||||
States and political subdivisions | States and political subdivisions | 598,782 | — | 598,782 | — | States and political subdivisions | 544,944 | — | 544,944 | — | ||||||||||||||||||||||||||||||||||||
Pooled trust preferred securities | Pooled trust preferred securities | 10,994 | — | 10,994 | — | Pooled trust preferred securities | 11,125 | — | 11,125 | — | ||||||||||||||||||||||||||||||||||||
Other securities | Other securities | 306,200 | — | 306,200 | — | Other securities | 304,961 | — | 304,961 | — | ||||||||||||||||||||||||||||||||||||
Loans held for sale | 114,369 | — | 114,369 | — | ||||||||||||||||||||||||||||||||||||||||||
Loans held-for-sale | Loans held-for-sale | 122,033 | — | 122,033 | — | |||||||||||||||||||||||||||||||||||||||||
Derivative assets | Derivative assets | 184,324 | — | 184,324 | — | Derivative assets | 227,833 | — | 227,833 | — | ||||||||||||||||||||||||||||||||||||
Financial Liabilities | Financial Liabilities | Financial Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | 340,399 | — | 340,399 | — | Derivative liabilities | 409,269 | — | 409,269 | — |
Fair Value Measurements at December 31, 2022 Using | Fair Value Measurements at December 31, 2022 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 | $ | 52,507 | $ | 52,507 | $ | — | $ | — | Equity securities | $ | 52,507 | $ | 52,507 | $ | — | $ | — | ||||||||||||||||||||||||||||
Investment securities available-for-sale: | Investment securities available-for-sale: | Investment securities available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | U.S. Treasury | 200,927 | 200,927 | — | — | U.S. Treasury | 200,927 | 200,927 | — | — | ||||||||||||||||||||||||||||||||||||
U.S. government-sponsored entities and agencies | U.S. government-sponsored entities and agencies | 1,175,080 | — | 1,175,080 | — | U.S. government-sponsored entities and agencies | 1,175,080 | — | 1,175,080 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - Agency | Mortgage-backed securities - Agency | 4,369,902 | — | 4,369,902 | — | Mortgage-backed securities - Agency | 4,369,902 | — | 4,369,902 | — | ||||||||||||||||||||||||||||||||||||
States and political subdivisions | States and political subdivisions | 663,852 | — | 663,852 | — | States and political subdivisions | 663,852 | — | 663,852 | — | ||||||||||||||||||||||||||||||||||||
Pooled trust preferred securities | Pooled trust preferred securities | 10,811 | — | 10,811 | — | Pooled trust preferred securities | 10,811 | — | 10,811 | — | ||||||||||||||||||||||||||||||||||||
Other securities | Other securities | 353,140 | — | 353,140 | — | Other securities | 353,140 | — | 353,140 | — | ||||||||||||||||||||||||||||||||||||
Loans held for sale | 11,926 | — | 11,926 | — | ||||||||||||||||||||||||||||||||||||||||||
Loans held-for-sale | Loans held-for-sale | 11,926 | — | 11,926 | — | |||||||||||||||||||||||||||||||||||||||||
Derivative assets | Derivative assets | 169,001 | — | 169,001 | — | Derivative assets | 169,001 | — | 169,001 | — | ||||||||||||||||||||||||||||||||||||
Financial Liabilities | Financial Liabilities | Financial Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | 380,704 | — | 380,704 | — | Derivative liabilities | 380,704 | — | 380,704 | — |
Fair Value Measurements at June 30, 2023 Using | Fair Value Measurements at September 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 | $ | 12,615 | $ | — | $ | — | $ | 12,615 | Commercial loans | $ | 10,783 | $ | — | $ | — | $ | 10,783 | ||||||||||||||||||||||||||||
Commercial real estate loans | Commercial real estate loans | 85,891 | — | — | 85,891 | Commercial real estate loans | 75,720 | — | — | 75,720 | ||||||||||||||||||||||||||||||||||||
Foreclosed Assets: | Foreclosed Assets: | Foreclosed Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 1,560 | — | — | 1,560 | Commercial | 1,879 | — | — | 1,879 |
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) | |||||||||||||||||||
Collateral Dependent Loans | |||||||||||||||||||||||
Commercial loans | $ | Discounted | Discount for type of property, | ||||||||||||||||||||
cash flow | age of appraisal, and current status | ||||||||||||||||||||||
Commercial real estate loans | Discounted | Discount for type of property, | |||||||||||||||||||||
cash flow | age of appraisal, and current status | ||||||||||||||||||||||
Foreclosed Assets | |||||||||||||||||||||||
Commercial real estate | 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 | ||||||||||||||
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) | Aggregate Fair Value | Difference | Contractual Principal | ||||||||||||||
September 30, 2023 | |||||||||||||||||
Loans held-for-sale | $ | 122,033 | $ | 72 | $ | 121,961 | |||||||||||
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 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) |
(dollars in thousands) | Other Gains and (Losses) | Interest Income | Interest (Expense) | Total Changes in Fair Values Included in Current Period Earnings | |||||||||||||||||||
Three Months Ended September 30, 2023 | |||||||||||||||||||||||
Loans held-for-sale | $ | (327) | $ | 12 | $ | — | $ | (315) | |||||||||||||||
Three Months Ended September 30, 2022 | |||||||||||||||||||||||
Loans held-for-sale | $ | (710) | $ | 1 | $ | — | $ | (709) | |||||||||||||||
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||
Loans held-for-sale | $ | (151) | $ | 2 | $ | — | $ | (149) | |||||||||||||||
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||
Loans held-for-sale | $ | (1,775) | $ | 7 | $ | — | $ | (1,768) |
Fair Value Measurements at June 30, 2023 Using | Fair Value Measurements at September 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 | $ | 1,197,886 | $ | 1,197,886 | $ | — | $ | — | Cash, due from banks, money market, and other interest-earning investments | $ | 1,663,430 | $ | 1,663,430 | $ | — | $ | — | ||||||||||||||||||||||||||||
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 | 822,517 | — | 655,446 | — | U.S. government-sponsored entities and agencies | 824,223 | — | 617,010 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities - Agency | Mortgage-backed securities - Agency | 1,070,687 | — | 928,496 | — | Mortgage-backed securities - Agency | 1,043,585 | — | 847,652 | — | ||||||||||||||||||||||||||||||||||||
State and political subdivisions | State and political subdivisions | 1,161,793 | — | 1,019,116 | — | State and political subdivisions | 1,160,106 | — | 928,959 | — | ||||||||||||||||||||||||||||||||||||
Loans, net: | Loans, net: | Loans, net: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 9,569,141 | — | — | 9,330,160 | Commercial | 9,207,028 | — | — | 9,078,129 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 13,312,233 | — | — | 12,907,098 | Commercial real estate | 13,770,202 | — | — | 13,302,502 | ||||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 6,664,059 | — | — | 5,831,513 | Residential real estate | 6,675,508 | — | — | 5,630,855 | ||||||||||||||||||||||||||||||||||||
Consumer credit | Consumer credit | 2,586,485 | — | — | 2,537,633 | Consumer credit | 2,621,114 | — | — | 2,526,277 | ||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 205,198 | 801 | 54,449 | 149,948 | Accrued interest receivable | 209,503 | 1,093 | 45,597 | 162,813 | ||||||||||||||||||||||||||||||||||||
Financial Liabilities | Financial Liabilities | Financial Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits | Noninterest-bearing demand deposits | $ | 10,532,838 | $ | 10,532,838 | $ | — | $ | — | Noninterest-bearing demand deposits | $ | 10,091,352 | $ | 10,091,352 | $ | — | $ | — | ||||||||||||||||||||||||||||
Checking, NOW, savings, and money market interest-bearing deposits | Checking, NOW, savings, and money market interest-bearing deposits | 20,432,813 | 20,432,813 | — | — | Checking, NOW, savings, and money market interest-bearing deposits | 21,585,620 | 21,585,620 | — | — | ||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 5,265,664 | — | 5,209,887 | — | Time deposits | 5,575,704 | — | 5,527,361 | — | ||||||||||||||||||||||||||||||||||||
Federal funds purchased and interbank borrowings | Federal funds purchased and interbank borrowings | 136,060 | 136,060 | — | — | Federal funds purchased and interbank borrowings | 918 | 918 | — | — | ||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 311,447 | 311,447 | — | — | Securities sold under agreements to repurchase | 279,061 | 279,061 | — | — | ||||||||||||||||||||||||||||||||||||
FHLB advances | FHLB advances | 4,771,183 | — | 4,526,920 | — | FHLB advances | 4,412,576 | — | 4,167,911 | — | ||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 815,318 | — | 781,468 | — | Other borrowings | 863,455 | — | 843,629 | — | ||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 42,897 | — | 42,897 | — | Accrued interest payable | 46,934 | — | 46,934 | — | ||||||||||||||||||||||||||||||||||||
Standby letters of credit | Standby letters of credit | 949 | — | — | 949 | Standby letters of credit | 1,224 | — | — | 1,224 | ||||||||||||||||||||||||||||||||||||
Off-Balance Sheet Financial Instruments | Off-Balance Sheet Financial Instruments | Off-Balance Sheet Financial Instruments | ||||||||||||||||||||||||||||||||||||||||||||
Commitments to extend credit | Commitments to extend credit | $ | — | $ | — | $ | — | $ | 3,621 | Commitments to extend credit | $ | — | $ | — | $ | — | $ | 3,582 |
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) | June 30, | March 31, | December 31, | September 30, | June 30, | (dollars and shares in thousands, except per share data) | September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Income Statement: | Income Statement: | Income Statement: | ||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 382,171 | $ | 381,488 | $ | 391,090 | $ | 376,589 | $ | 337,472 | Net interest income | $ | 375,086 | $ | 382,171 | $ | 381,488 | $ | 391,090 | $ | 376,589 | ||||||||||||
Taxable equivalent adjustment (1) (4) | Taxable equivalent adjustment (1) (4) | 5,825 | 5,666 | 5,378 | 4,950 | 4,314 | Taxable equivalent adjustment (1) (4) | 5,837 | 5,825 | 5,666 | 5,378 | 4,950 | ||||||||||||||||||||||
Net interest income - taxable equivalent basis (4) | Net interest income - taxable equivalent basis (4) | 387,996 | 387,154 | 396,468 | 381,539 | 341,786 | Net interest income - taxable equivalent basis (4) | 380,923 | 387,996 | 387,154 | 396,468 | 381,539 | ||||||||||||||||||||||
Provision for credit losses (2) | Provision for credit losses (2) | 14,787 | 13,437 | 11,408 | 15,490 | 9,165 | Provision for credit losses (2) | 19,068 | 14,787 | 13,437 | 11,408 | 15,490 | ||||||||||||||||||||||
Noninterest income | Noninterest income | 81,629 | 70,681 | 165,037 | 80,385 | 89,117 | Noninterest income | 80,938 | 81,629 | 70,681 | 165,037 | 80,385 | ||||||||||||||||||||||
Noninterest expense (2) | Noninterest expense (2) | 246,584 | 250,711 | 282,675 | 262,444 | 277,475 | Noninterest expense (2) | 244,776 | 246,584 | 250,711 | 282,675 | 262,444 | ||||||||||||||||||||||
Net income available to common shareholders | Net income available to common shareholders | $ | 151,003 | $ | 142,566 | $ | 196,701 | $ | 136,119 | $ | 110,952 | Net income available to common shareholders | $ | 143,842 | $ | 151,003 | $ | 142,566 | $ | 196,701 | $ | 136,119 | ||||||||||||
Per Common Share Data: | Per Common Share Data: | Per Common Share Data: | ||||||||||||||||||||||||||||||||
Weighted average diluted common shares | Weighted average diluted common shares | 291,266 | 292,756 | 293,131 | 292,483 | 291,881 | Weighted average diluted common shares | 291,717 | 291,266 | 292,756 | 293,131 | 292,483 | ||||||||||||||||||||||
Net income (diluted) | Net income (diluted) | $ | 0.52 | $ | 0.49 | $ | 0.67 | $ | 0.47 | $ | 0.38 | Net income (diluted) | $ | 0.49 | $ | 0.52 | $ | 0.49 | $ | 0.67 | $ | 0.47 | ||||||||||||
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) | 27 | % | 29 | % | 21 | % | 30 | % | 37 | % | Common dividend payout ratio (3) | 29 | % | 27 | % | 29 | % | 21 | % | 30 | % | ||||||||||||
Book value | Book value | $ | 17.25 | $ | 17.24 | $ | 16.68 | $ | 16.05 | $ | 16.51 | Book value | $ | 17.07 | $ | 17.25 | $ | 17.24 | $ | 16.68 | $ | 16.05 | ||||||||||||
Stock price | Stock price | 13.94 | 14.42 | 17.98 | 16.47 | 14.79 | Stock price | 14.54 | 13.94 | 14.42 | 17.98 | 16.47 | ||||||||||||||||||||||
Tangible common book value (4) | Tangible common book value (4) | 10.03 | 9.98 | 9.42 | 8.75 | 9.23 | Tangible common book value (4) | 9.87 | 10.03 | 9.98 | 9.42 | 8.75 | ||||||||||||||||||||||
Performance Ratios: | Performance Ratios: | Performance Ratios: | ||||||||||||||||||||||||||||||||
Return on average assets | Return on average assets | 1.29 | % | 1.25 | % | 1.74 | % | 1.22 | % | 1.01 | % | Return on average assets | 1.22 | % | 1.29 | % | 1.25 | % | 1.74 | % | 1.22 | % | ||||||||||||
Return on average common equity | Return on average common equity | 12.01 | 11.58 | 16.77 | 11.13 | 9.08 | Return on average common equity | 11.39 | 12.01 | 11.58 | 16.77 | 11.13 | ||||||||||||||||||||||
Return on tangible common equity (4) | Return on tangible common equity (4) | 21.20 | 20.20 | 29.25 | 22.07 | 17.21 | Return on tangible common equity (4) | 20.54 | 21.20 | 20.20 | 29.25 | 22.07 | ||||||||||||||||||||||
Return on average tangible common equity (4) | Return on average tangible common equity (4) | 21.35 | 21.03 | 31.53 | 20.49 | 16.93 | Return on average tangible common equity (4) | 20.18 | 21.35 | 21.03 | 31.53 | 20.49 | ||||||||||||||||||||||
Net interest margin (4) | Net interest margin (4) | 3.60 | 3.69 | 3.85 | 3.71 | 3.33 | Net interest margin (4) | 3.49 | 3.60 | 3.69 | 3.85 | 3.71 | ||||||||||||||||||||||
Efficiency ratio (4) | Efficiency ratio (4) | 51.22 | 52.81 | 49.12 | 55.26 | 62.72 | Efficiency ratio (4) | 51.66 | 51.22 | 52.81 | 49.12 | 55.26 | ||||||||||||||||||||||
Efficiency ratio (prior presentation) (5) | Efficiency ratio (prior presentation) (5) | N/A | N/A | 56.17 | 62.70 | Efficiency ratio (prior presentation) (5) | N/A | N/A | N/A | 56.17 | ||||||||||||||||||||||||
Net charge-offs (recoveries) to average loans | Net charge-offs (recoveries) to average loans | 0.13 | 0.21 | 0.05 | 0.10 | 0.02 | Net charge-offs (recoveries) to average loans | 0.24 | 0.13 | 0.21 | 0.05 | 0.10 | ||||||||||||||||||||||
Allowance for credit losses on loans to ending loans | Allowance for credit losses on loans to ending loans | 0.93 | 0.94 | 0.98 | 0.99 | 0.97 | Allowance for credit losses on loans to ending loans | 0.93 | 0.93 | 0.94 | 0.98 | 0.99 | ||||||||||||||||||||||
Allowance for credit losses (6) to ending loans | Allowance for credit losses (6) to ending loans | 1.04 | 1.05 | 1.08 | 1.08 | 1.05 | Allowance for credit losses (6) to ending loans | 1.03 | 1.04 | 1.05 | 1.08 | 1.08 | ||||||||||||||||||||||
Non-performing loans to ending loans | Non-performing loans to ending loans | 0.91 | 0.74 | 0.81 | 0.81 | 0.78 | Non-performing loans to ending loans | 0.80 | 0.91 | 0.74 | 0.81 | 0.81 | ||||||||||||||||||||||
Balance Sheet: | Balance Sheet: | Balance Sheet: | ||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 32,432,473 | $ | 31,822,374 | $ | 31,123,641 | $ | 30,528,933 | $ | 29,553,648 | Total loans | $ | 32,577,834 | $ | 32,432,473 | $ | 31,822,374 | $ | 31,123,641 | $ | 30,528,933 | ||||||||||||
Total assets | Total assets | 48,496,755 | 47,842,644 | 46,763,372 | 46,215,526 | 45,748,355 | Total assets | 49,059,448 | 48,496,755 | 47,842,644 | 46,763,372 | 46,215,526 | ||||||||||||||||||||||
Total deposits | Total deposits | 36,231,315 | 34,917,792 | 35,000,830 | 36,053,663 | 35,538,975 | Total deposits | 37,252,676 | 36,231,315 | 34,917,792 | 35,000,830 | 36,053,663 | ||||||||||||||||||||||
Total borrowed funds | Total borrowed funds | 6,034,008 | 6,740,454 | 5,586,314 | 4,264,750 | 4,384,411 | Total borrowed funds | 5,556,010 | 6,034,008 | 6,740,454 | 5,586,314 | 4,264,750 | ||||||||||||||||||||||
Total shareholders' equity | 5,292,095 | 5,277,426 | 5,128,595 | 4,943,383 | 5,078,783 | |||||||||||||||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 5,239,537 | 5,292,095 | 5,277,426 | 5,128,595 | 4,943,383 | ||||||||||||||||||||||||||||
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 | 10.14 | % | 9.98 | % | 10.03 | % | 9.88 | % | 9.90 | % | Tier 1 common equity | 10.41 | % | 10.14 | % | 9.98 | % | 10.03 | % | 9.88 | % | ||||||||||||
Tier 1 | Tier 1 | 10.79 | 10.64 | 10.71 | 10.58 | 10.63 | Tier 1 | 11.06 | 10.79 | 10.64 | 10.71 | 10.58 | ||||||||||||||||||||||
Total | Total | 12.14 | 11.96 | 12.02 | 11.84 | 12.03 | Total | 12.32 | 12.14 | 11.96 | 12.02 | 11.84 | ||||||||||||||||||||||
Leverage ratio (to average assets) | Leverage ratio (to average assets) | 8.59 | 8.53 | 8.52 | 8.26 | 8.19 | Leverage ratio (to average assets) | 8.70 | 8.59 | 8.53 | 8.52 | 8.26 | ||||||||||||||||||||||
Total equity to assets (averages) | Total equity to assets (averages) | 10.96 | 11.00 | 10.70 | 11.18 | 11.22 | Total equity to assets (averages) | 10.88 | 10.96 | 11.00 | 10.70 | 11.18 | ||||||||||||||||||||||
Tangible common equity to tangible assets (4) | Tangible common equity to tangible assets (4) | 6.33 | 6.37 | 6.18 | 5.82 | 6.20 | Tangible common equity to tangible assets (4) | 6.15 | 6.33 | 6.37 | 6.18 | 5.82 | ||||||||||||||||||||||
Nonfinancial Data: | Nonfinancial Data: | Nonfinancial Data: | ||||||||||||||||||||||||||||||||
Full-time equivalent employees | Full-time equivalent employees | 4,021 | 4,023 | 3,967 | 4,008 | 4,196 | Full-time equivalent employees | 3,981 | 4,021 | 4,023 | 3,967 | 4,008 | ||||||||||||||||||||||
Banking centers | Banking centers | 256 | 256 | 263 | 263 | 266 | Banking centers | 257 | 256 | 256 | 263 | 263 |
Six Months Ended June 30, | Nine Months Ended September 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 | ||||||||||
Income Statement: | Income Statement: | Income Statement: | ||||||||||||||
Net interest income | Net interest income | $ | 763,659 | $ | 560,257 | Net interest income | $ | 1,138,745 | $ | 936,846 | ||||||
Taxable equivalent adjustment (1) (4) | Taxable equivalent adjustment (1) (4) | 11,491 | 8,086 | Taxable equivalent adjustment (1) (4) | 17,328 | 13,036 | ||||||||||
Net interest income - taxable equivalent basis (4) | Net interest income - taxable equivalent basis (4) | 775,150 | 568,343 | Net interest income - taxable equivalent basis (4) | 1,156,073 | 949,882 | ||||||||||
Provision for credit losses (2) | Provision for credit losses (2) | 28,224 | 117,901 | Provision for credit losses (2) | 47,292 | 133,391 | ||||||||||
Noninterest income | Noninterest income | 152,310 | 154,357 | Noninterest income | 233,248 | 234,742 | ||||||||||
Noninterest expense (2) | Noninterest expense (2) | 497,295 | 493,064 | Noninterest expense (2) | 742,071 | 755,508 | ||||||||||
Net income available to common shareholders | Net income available to common shareholders | $ | 293,569 | $ | 81,349 | Net income available to common shareholders | $ | 437,411 | $ | 217,468 | ||||||
Per Common Share Data: | Per Common Share Data: | Per Common Share Data: | ||||||||||||||
Weighted average diluted common shares | Weighted average diluted common shares | 291,870 | 260,253 | Weighted average diluted common shares | 291,809 | 271,123 | ||||||||||
Net income (diluted) | Net income (diluted) | $ | 1.01 | $ | 0.31 | Net income (diluted) | $ | 1.50 | $ | 0.80 | ||||||
Cash dividends | Cash dividends | 0.28 | $ | 0.28 | Cash dividends | 0.42 | 0.42 | |||||||||
Common dividend payout ratio (3) | Common dividend payout ratio (3) | 28 | % | 90 | % | Common dividend payout ratio (3) | 28 | % | 53 | % | ||||||
Book value | Book value | $ | 17.25 | $ | 16.51 | Book value | $ | 17.07 | $ | 16.05 | ||||||
Stock price | Stock price | 13.94 | 14.79 | Stock price | 14.54 | 16.47 | ||||||||||
Tangible common book value (4) | Tangible common book value (4) | 10.03 | 9.23 | Tangible common book value (4) | 9.87 | 8.75 | ||||||||||
Performance Ratios: | Performance Ratios: | Performance Ratios: | ||||||||||||||
Return on average assets | Return on average assets | 1.27 | % | 0.43 | % | Return on average assets | 1.25 | % | 0.72 | % | ||||||
Return on average common equity | Return on average common equity | 11.80 | 3.62 | Return on average common equity | 11.66 | 6.26 | ||||||||||
Return on tangible common equity (4) | Return on tangible common equity (4) | 20.63 | 6.71 | Return on tangible common equity (4) | 20.82 | 12.05 | ||||||||||
Return on average tangible common equity (4) | Return on average tangible common equity (4) | 21.19 | 6.84 | Return on average tangible common equity (4) | 20.85 | 11.50 | ||||||||||
Net interest margin (4) | Net interest margin (4) | 3.65 | 3.13 | Net interest margin (4) | 3.59 | 3.34 | ||||||||||
Efficiency ratio (4) | Efficiency ratio (4) | 52.01 | 66.59 | Efficiency ratio (4) | 51.89 | 62.17 | ||||||||||
Efficiency ratio (prior presentation) (5) | Efficiency ratio (prior presentation) (5) | N/A | 68.13 | Efficiency ratio (prior presentation) (5) | N/A | 63.46 | ||||||||||
Net charge-offs (recoveries) to average loans | Net charge-offs (recoveries) to average loans | 0.17 | 0.04 | Net charge-offs (recoveries) to average loans | 0.19 | 0.06 | ||||||||||
Allowance for credit losses on loans to ending loans | Allowance for credit losses on loans to ending loans | 0.93 | 0.97 | Allowance for credit losses on loans to ending loans | 0.93 | 0.99 | ||||||||||
Allowance for credit losses (6) to ending loans | Allowance for credit losses (6) to ending loans | 1.04 | 1.05 | Allowance for credit losses (6) to ending loans | 1.03 | 1.08 | ||||||||||
Non-performing loans to ending loans | Non-performing loans to ending loans | 0.91 | 0.78 | Non-performing loans to ending loans | 0.80 | 0.81 | ||||||||||
Balance Sheet: | Balance Sheet: | Balance Sheet: | ||||||||||||||
Total loans | Total loans | $ | 32,432,473 | $ | 29,553,648 | Total loans | $ | 32,577,834 | $ | 30,528,933 | ||||||
Total assets | Total assets | 48,496,755 | 45,748,355 | Total assets | 49,059,448 | 46,215,526 | ||||||||||
Total deposits | Total deposits | 36,231,315 | 35,538,975 | Total deposits | 37,252,676 | 36,053,663 | ||||||||||
Total borrowed funds | Total borrowed funds | 6,034,008 | 4,384,411 | Total borrowed funds | 5,556,010 | 4,264,750 | ||||||||||
Total shareholders' equity | 5,292,095 | 5,078,783 | ||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 5,239,537 | 4,943,383 | |||||||||||||
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 | 10.14 | % | 9.90 | % | Tier 1 common equity | 10.41 | % | 9.88 | % | ||||||
Tier 1 | Tier 1 | 10.79 | 10.63 | Tier 1 | 11.06 | 10.58 | ||||||||||
Total | Total | 12.14 | 12.03 | Total | 12.32 | 11.84 | ||||||||||
Leverage ratio (to average assets) | Leverage ratio (to average assets) | 8.59 | 8.19 | Leverage ratio (to average assets) | 8.70 | 8.26 | ||||||||||
Total equity to assets (averages) | Total equity to assets (averages) | 10.98 | 11.57 | Total equity to assets (averages) | 10.95 | 11.43 | ||||||||||
Tangible common equity to tangible assets (4) | Tangible common equity to tangible assets (4) | 6.33 | 6.20 | Tangible common equity to tangible assets (4) | 6.15 | 5.82 | ||||||||||
Nonfinancial Data: | Nonfinancial Data: | Nonfinancial Data: | ||||||||||||||
Full-time equivalent employees | Full-time equivalent employees | 4,021 | 4,196 | Full-time equivalent employees | 3,981 | 4,008 | ||||||||||
Banking centers | Banking centers | 256 | 266 | Banking centers | 257 | 263 |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars and shares in thousands, except per share data) | (dollars and shares in thousands, except per share data) | June 30, | March 31, | December 31, | September 30, | June 30, | (dollars and shares in thousands, except per share data) | September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2023 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2022 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common book value: | Tangible common book value: | Tangible common book value: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' common equity | $ | 5,048,376 | $ | 5,033,707 | $ | 4,884,876 | $ | 4,699,664 | $ | 4,835,064 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ common equity | Shareholders’ common equity | $ | 4,995,818 | $ | 5,048,376 | $ | 5,033,707 | $ | 4,884,876 | $ | 4,699,664 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Deduct: Goodwill and intangible assets | Deduct: Goodwill and intangible assets | 2,112,875 | 2,118,935 | 2,125,121 | 2,135,792 | 2,131,815 | Deduct: Goodwill and intangible assets | 2,106,835 | 2,112,875 | 2,118,935 | 2,125,121 | 2,135,792 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible shareholders' common equity (1) | $ | 2,935,501 | $ | 2,914,772 | $ | 2,759,755 | $ | 2,563,872 | $ | 2,703,249 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible shareholders’ common equity (1) | Tangible shareholders’ common equity (1) | $ | 2,888,983 | $ | 2,935,501 | $ | 2,914,772 | $ | 2,759,755 | $ | 2,563,872 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Period end common shares | Period end common shares | 292,597 | 291,922 | 292,903 | 292,880 | 292,893 | Period end common shares | 292,586 | 292,597 | 291,922 | 292,903 | 292,880 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common book value (1) | Tangible common book value (1) | 10.03 | 9.98 | 9.42 | 8.75 | 9.23 | Tangible common book value (1) | 9.87 | 10.03 | 9.98 | 9.42 | 8.75 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on tangible common equity: | Return on tangible common equity: | Return on tangible common equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income applicable to common shares | Net income applicable to common shares | $ | 151,003 | $ | 142,566 | $ | 196,701 | $ | 136,119 | $ | 110,952 | Net income applicable to common shares | $ | 143,842 | $ | 151,003 | $ | 142,566 | $ | 196,701 | $ | 136,119 | ||||||||||||||||||||||||||||||||||||||||||
Add: Intangible amortization (net of tax) (2) | Add: Intangible amortization (net of tax) (2) | 4,545 | 4,639 | 5,090 | 5,317 | 5,378 | Add: Intangible amortization (net of tax) (2) | 4,530 | 4,545 | 4,639 | 5,090 | 5,317 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible net income (1) | Tangible net income (1) | $ | 155,548 | $ | 147,205 | $ | 201,791 | $ | 141,436 | $ | 116,330 | Tangible net income (1) | $ | 148,372 | $ | 155,548 | $ | 147,205 | $ | 201,791 | $ | 141,436 | ||||||||||||||||||||||||||||||||||||||||||
Tangible shareholders' common equity (1) (see above) | $ | 2,935,501 | $ | 2,914,772 | $ | 2,759,755 | $ | 2,563,872 | $ | 2,703,249 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible shareholders’ common equity (1) (see above) | Tangible shareholders’ common equity (1) (see above) | $ | 2,888,983 | $ | 2,935,501 | $ | 2,914,772 | $ | 2,759,755 | $ | 2,563,872 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on tangible common equity (1) | Return on tangible common equity (1) | 21.20 | % | 20.20 | % | 29.25 | % | 22.07 | % | 17.21 | % | Return on tangible common equity (1) | 20.54 | % | 21.20 | % | 20.20 | % | 29.25 | % | 22.07 | % | ||||||||||||||||||||||||||||||||||||||||||
Return on average tangible common equity: | Return on average tangible common equity: | Return on average tangible common equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible net income (1) (see above) | Tangible net income (1) (see above) | $ | 155,548 | $ | 147,205 | $ | 201,791 | $ | 141,436 | $ | 116,330 | Tangible net income (1) (see above) | $ | 148,372 | $ | 155,548 | $ | 147,205 | $ | 201,791 | $ | 141,436 | ||||||||||||||||||||||||||||||||||||||||||
Average shareholders' common equity | $ | 5,030,083 | $ | 4,922,469 | $ | 4,692,863 | $ | 4,890,434 | $ | 4,886,181 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average shareholders’ common equity | Average shareholders’ common equity | $ | 5,050,353 | $ | 5,030,083 | $ | 4,922,469 | $ | 4,692,863 | $ | 4,890,434 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Deduct: Average goodwill and intangible assets | Deduct: Average goodwill and intangible assets | 2,115,894 | 2,122,157 | 2,132,480 | 2,129,858 | 2,136,964 | Deduct: Average goodwill and intangible assets | 2,109,944 | 2,115,894 | 2,122,157 | 2,132,480 | 2,129,858 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Average tangible shareholders' common equity (1) | $ | 2,914,189 | $ | 2,800,312 | $ | 2,560,383 | $ | 2,760,576 | $ | 2,749,217 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average tangible shareholders’ common equity (1) | Average tangible shareholders’ common equity (1) | $ | 2,940,409 | $ | 2,914,189 | $ | 2,800,312 | $ | 2,560,383 | $ | 2,760,576 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average tangible common equity (1) | Return on average tangible common equity (1) | 21.35 | % | 21.03 | % | 31.53 | % | 20.49 | % | 16.93 | % | Return on average tangible common equity (1) | 20.18 | % | 21.35 | % | 21.03 | % | 31.53 | % | 20.49 | % | ||||||||||||||||||||||||||||||||||||||||||
Net interest margin: | Net interest margin: | Net interest margin: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 382,171 | $ | 381,488 | $ | 391,090 | $ | 376,589 | $ | 337,472 | Net interest income | $ | 375,086 | $ | 382,171 | $ | 381,488 | $ | 391,090 | $ | 376,589 | ||||||||||||||||||||||||||||||||||||||||||
Taxable equivalent adjustment | Taxable equivalent adjustment | 5,825 | 5,666 | 5,378 | 4,950 | 4,314 | Taxable equivalent adjustment | 5,837 | 5,825 | 5,666 | 5,378 | 4,950 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income - taxable equivalent basis (1) | Net interest income - taxable equivalent basis (1) | $ | 387,996 | $ | 387,154 | $ | 396,468 | $ | 381,539 | $ | 341,786 | Net interest income - taxable equivalent basis (1) | $ | 380,923 | $ | 387,996 | $ | 387,154 | $ | 396,468 | $ | 381,539 | ||||||||||||||||||||||||||||||||||||||||||
Average earning assets | Average earning assets | $ | 43,097,198 | $ | 41,941,913 | $ | 41,206,695 | $ | 41,180,026 | $ | 41,003,338 | Average earning assets | $ | 43,617,456 | $ | 43,097,198 | $ | 41,941,913 | $ | 41,206,695 | $ | 41,180,026 | ||||||||||||||||||||||||||||||||||||||||||
Net interest margin (1) | Net interest margin (1) | 3.60 | % | 3.69 | % | 3.85 | % | 3.71 | % | 3.33 | % | Net interest margin (1) | 3.49 | % | 3.60 | % | 3.69 | % | 3.85 | % | 3.71 | % | ||||||||||||||||||||||||||||||||||||||||||
Efficiency ratio: | Efficiency ratio: | Efficiency ratio: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | $ | 246,584 | $ | 250,711 | $ | 282,675 | $ | 262,444 | $ | 277,475 | Noninterest expense | $ | 244,776 | $ | 246,584 | $ | 250,711 | $ | 282,675 | $ | 262,444 | ||||||||||||||||||||||||||||||||||||||||||
Deduct: Intangible amortization expense | Deduct: Intangible amortization expense | 6,060 | 6,186 | 6,787 | 7,089 | 7,170 | Deduct: Intangible amortization expense | 6,040 | 6,060 | 6,186 | 6,787 | 7,089 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted noninterest expense (1) | Adjusted noninterest expense (1) | $ | 240,524 | $ | 244,525 | $ | 275,888 | $ | 255,355 | $ | 270,305 | Adjusted noninterest expense (1) | $ | 238,736 | $ | 240,524 | $ | 244,525 | $ | 275,888 | $ | 255,355 | ||||||||||||||||||||||||||||||||||||||||||
Net interest income - taxable equivalent basis (1) (see above) | Net interest income - taxable equivalent basis (1) (see above) | $ | 387,996 | $ | 387,154 | $ | 396,468 | $ | 381,539 | $ | 341,786 | Net interest income - taxable equivalent basis (1) (see above) | $ | 380,923 | $ | 387,996 | $ | 387,154 | $ | 396,468 | $ | 381,539 | ||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 81,629 | 70,681 | 165,037 | 80,385 | 89,117 | Noninterest income | 80,938 | 81,629 | 70,681 | 165,037 | 80,385 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Deduct: Debt securities gains (losses), net | Deduct: Debt securities gains (losses), net | 17 | (5,216) | (173) | (172) | (85) | Deduct: Debt securities gains (losses), net | (241) | 17 | (5,216) | (173) | (172) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted total revenue (1) | Adjusted total revenue (1) | $ | 469,608 | $ | 463,051 | $ | 561,678 | $ | 462,096 | $ | 430,988 | Adjusted total revenue (1) | $ | 462,102 | $ | 469,608 | $ | 463,051 | $ | 561,678 | $ | 462,096 | ||||||||||||||||||||||||||||||||||||||||||
Efficiency ratio (1) | Efficiency ratio (1) | 51.22 | % | 52.81 | % | 49.12 | % | 55.26 | % | 62.72 | % | Efficiency ratio (1) | 51.66 | % | 51.22 | % | 52.81 | % | 49.12 | % | 55.26 | % | ||||||||||||||||||||||||||||||||||||||||||
Tangible common equity to tangible assets: | Tangible common equity to tangible assets: | Tangible common equity to tangible assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible shareholders' equity (1) (see above) | $ | 2,935,501 | $ | 2,914,772 | $ | 2,759,755 | $ | 2,563,872 | $ | 2,703,249 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible shareholders’ equity (1) (see above) | Tangible shareholders’ equity (1) (see above) | $ | 2,888,983 | $ | 2,935,501 | $ | 2,914,772 | $ | 2,759,755 | $ | 2,563,872 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | $ | 48,496,755 | $ | 47,842,644 | $ | 46,763,372 | $ | 46,215,526 | $ | 45,748,355 | Assets | $ | 49,059,448 | $ | 48,496,755 | $ | 47,842,644 | $ | 46,763,372 | $ | 46,215,526 | ||||||||||||||||||||||||||||||||||||||||||
Deduct: Goodwill and intangible assets | Deduct: Goodwill and intangible assets | 2,112,875 | 2,118,935 | 2,125,121 | 2,135,792 | 2,131,815 | Deduct: Goodwill and intangible assets | 2,106,835 | 2,112,875 | 2,118,935 | 2,125,121 | 2,135,792 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible assets (1) | Tangible assets (1) | $ | 46,383,880 | $ | 45,723,709 | $ | 44,638,251 | $ | 44,079,734 | $ | 43,616,540 | Tangible assets (1) | $ | 46,952,613 | $ | 46,383,880 | $ | 45,723,709 | $ | 44,638,251 | $ | 44,079,734 | ||||||||||||||||||||||||||||||||||||||||||
Tangible common equity to tangible assets (1) | Tangible common equity to tangible assets (1) | 6.33 | % | 6.37 | % | 6.18 | % | 5.82 | % | 6.20 | % | Tangible common equity to tangible assets (1) | 6.15 | % | 6.33 | % | 6.37 | % | 6.18 | % | 5.82 | % |
Six Months Ended June 30, | Nine Months Ended September 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 | ||||||||||||||||
Tangible common book value: | Tangible common book value: | Tangible common book value: | ||||||||||||||||||||
Shareholders' common equity | $ | 5,048,376 | $ | 4,835,064 | ||||||||||||||||||
Shareholders’ common equity | Shareholders’ common equity | $ | 4,995,818 | $ | 4,699,664 | |||||||||||||||||
Deduct: Goodwill and intangible assets | Deduct: Goodwill and intangible assets | 2,112,875 | 2,131,815 | Deduct: Goodwill and intangible assets | 2,106,835 | 2,135,792 | ||||||||||||||||
Tangible shareholders' common equity (1) | $ | 2,935,501 | $ | 2,703,249 | ||||||||||||||||||
Tangible shareholders’ common equity (1) | Tangible shareholders’ common equity (1) | $ | 2,888,983 | $ | 2,563,872 | |||||||||||||||||
Period end common shares | Period end common shares | 292,597 | 292,893 | Period end common shares | 292,586 | 292,880 | ||||||||||||||||
Tangible common book value (1) | Tangible common book value (1) | 10.03 | 9.23 | Tangible common book value (1) | 9.87 | 8.75 | ||||||||||||||||
Return on tangible common equity: | Return on tangible common equity: | Return on tangible common equity: | ||||||||||||||||||||
Net income applicable to common shares | Net income applicable to common shares | $ | 293,569 | $ | 81,349 | Net income applicable to common shares | $ | 437,411 | $ | 217,468 | ||||||||||||
Add: Intangible amortization (net of tax) (2) | Add: Intangible amortization (net of tax) (2) | 9,184 | 9,311 | Add: Intangible amortization (net of tax) (2) | 13,714 | 14,302 | ||||||||||||||||
Tangible net income (1) | Tangible net income (1) | $ | 302,753 | $ | 90,660 | Tangible net income (1) | $ | 451,125 | $ | 231,770 | ||||||||||||
Tangible shareholders' common equity (1) (see above) | $ | 2,935,501 | $ | 2,703,249 | ||||||||||||||||||
Tangible shareholders’ common equity (1) (see above) | Tangible shareholders’ common equity (1) (see above) | $ | 2,888,983 | $ | 2,563,872 | |||||||||||||||||
Return on tangible common equity (1) | Return on tangible common equity (1) | 20.63 | % | 6.71 | % | Return on tangible common equity (1) | 20.82 | % | 12.05 | % | ||||||||||||
Return on average tangible common equity: | Return on average tangible common equity: | Return on average tangible common equity: | ||||||||||||||||||||
Tangible net income (1) (see above) | Tangible net income (1) (see above) | $ | 302,753 | $ | 90,660 | Tangible net income (1) (see above) | $ | 451,125 | $ | 231,770 | ||||||||||||
Average shareholders' common equity | $ | 4,976,573 | $ | 4,495,862 | ||||||||||||||||||
Average shareholders’ common equity | Average shareholders’ common equity | $ | 5,001,437 | $ | 4,628,831 | |||||||||||||||||
Deduct: Average goodwill and intangible assets | Deduct: Average goodwill and intangible assets | 2,119,008 | 1,845,422 | Deduct: Average goodwill and intangible assets | 2,115,953 | 1,941,270 | ||||||||||||||||
Average tangible shareholders' common equity (1) | $ | 2,857,565 | $ | 2,650,440 | ||||||||||||||||||
Average tangible shareholders’ common equity (1) | Average tangible shareholders’ common equity (1) | $ | 2,885,484 | $ | 2,687,561 | |||||||||||||||||
Return on average tangible common equity (1) | Return on average tangible common equity (1) | 21.19 | % | 6.84 | % | Return on average tangible common equity (1) | 20.85 | % | 11.50 | % | ||||||||||||
Net interest margin: | Net interest margin: | Net interest margin: | ||||||||||||||||||||
Net interest income | Net interest income | $ | 763,659 | $ | 560,257 | Net interest income | $ | 1,138,745 | $ | 936,846 | ||||||||||||
Taxable equivalent adjustment | Taxable equivalent adjustment | 11,491 | 8,086 | Taxable equivalent adjustment | 17,328 | 13,036 | ||||||||||||||||
Net interest income - taxable equivalent basis (1) | Net interest income - taxable equivalent basis (1) | $ | 775,150 | $ | 568,343 | Net interest income - taxable equivalent basis (1) | $ | 1,156,073 | $ | 949,882 | ||||||||||||
Average earning assets | Average earning assets | $ | 42,522,747 | $ | 36,269,744 | Average earning assets | $ | 42,891,660 | $ | 37,924,490 | ||||||||||||
Net interest margin (1) | Net interest margin (1) | 3.65 | % | 3.13 | % | Net interest margin (1) | 3.59 | % | 3.34 | % | ||||||||||||
Efficiency ratio: | Efficiency ratio: | Efficiency ratio: | ||||||||||||||||||||
Noninterest expense | Noninterest expense | $ | 497,295 | $ | 493,064 | Noninterest expense | $ | 742,071 | $ | 755,508 | ||||||||||||
Deduct: Intangible amortization expense | Deduct: Intangible amortization expense | 12,246 | 11,981 | Deduct: Intangible amortization expense | 18,286 | 19,070 | ||||||||||||||||
Adjusted noninterest expense (1) | Adjusted noninterest expense (1) | $ | 485,049 | $ | 481,083 | Adjusted noninterest expense (1) | $ | 723,785 | $ | 736,438 | ||||||||||||
Net interest income - taxable equivalent basis (1) (see above) | Net interest income - taxable equivalent basis (1) (see above) | $ | 775,150 | $ | 568,343 | Net interest income - taxable equivalent basis (1) (see above) | $ | 1,156,073 | $ | 949,882 | ||||||||||||
Noninterest income | Noninterest income | 152,310 | 154,357 | Noninterest income | 233,248 | 234,742 | ||||||||||||||||
Deduct: Debt securities gains (losses), net | Deduct: Debt securities gains (losses), net | (5,199) | 257 | Deduct: Debt securities gains (losses), net | (5,440) | 85 | ||||||||||||||||
Adjusted total revenue (1) | Adjusted total revenue (1) | $ | 932,659 | $ | 722,443 | Adjusted total revenue (1) | $ | 1,394,761 | $ | 1,184,539 | ||||||||||||
Efficiency ratio (1) | Efficiency ratio (1) | 52.01 | % | 66.59 | % | Efficiency ratio (1) | 51.89 | % | 62.17 | % | ||||||||||||
Tangible common equity to tangible assets: | Tangible common equity to tangible assets: | Tangible common equity to tangible assets: | ||||||||||||||||||||
Tangible shareholders' equity (1) (see above) | $ | 2,935,501 | $ | 2,703,249 | ||||||||||||||||||
Tangible shareholders’ equity (1) (see above) | Tangible shareholders’ equity (1) (see above) | $ | 2,888,983 | $ | 2,563,872 | |||||||||||||||||
Assets | Assets | $ | 48,496,755 | $ | 45,748,355 | Assets | $ | 49,059,448 | $ | 46,215,526 | ||||||||||||
Deduct: Goodwill and intangible assets | Deduct: Goodwill and intangible assets | 2,112,875 | 2,131,815 | Deduct: Goodwill and intangible assets | 2,106,835 | 2,135,792 | ||||||||||||||||
Tangible assets (1) | Tangible assets (1) | $ | 46,383,880 | $ | 43,616,540 | Tangible assets (1) | $ | 46,952,613 | $ | 44,079,734 | ||||||||||||
Tangible common equity to tangible assets (1) | Tangible common equity to tangible assets (1) | 6.33 | % | 6.20 | % | Tangible common equity to tangible assets (1) | 6.15 | % | 5.82 | % |
(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) | Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement Summary: | Income Statement Summary: | Income Statement Summary: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 382,171 | $ | 337,472 | 13.2 | % | $ | 763,659 | $ | 560,257 | 36.3 | % | Net interest income | $ | 375,086 | $ | 376,589 | (0.4) | % | $ | 1,138,745 | $ | 936,846 | 21.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 14,787 | 9,165 | 61.3 | 28,224 | 117,901 | (76.1) | Provision for credit losses | 19,068 | 15,490 | 23.1 | 47,292 | 133,391 | (64.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | 81,629 | 89,117 | (8.4) | 152,310 | 154,357 | (1.3) | Noninterest income | 80,938 | 80,385 | 0.7 | 233,248 | 234,742 | (0.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | 246,584 | 277,475 | (11.1) | 497,295 | 493,064 | 0.9 | Noninterest expense | 244,776 | 262,444 | (6.7) | 742,071 | 755,508 | (1.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 applicable to common shareholders | 143,842 | 136,119 | 5.7 | 437,411 | 217,468 | 101.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income per common share - diluted | Net income per common share - diluted | 0.52 | 0.38 | 36.8 | 1.01 | 0.31 | 225.8 | Net income per common share - diluted | 0.49 | 0.47 | 4.3 | 1.50 | 0.80 | 87.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Data: | Other Data: | Other Data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average common equity | Return on average common equity | 12.01 | % | 9.08 | % | 11.80 | % | 3.62 | % | Return on average common equity | 11.39 | % | 11.13 | % | 11.66 | % | 6.26 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on tangible common equity (1) | Return on tangible common equity (1) | 21.20 | 17.21 | 20.63 | 6.71 | Return on tangible common equity (1) | 20.54 | 22.07 | 20.82 | 12.05 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average tangible common equity (1) | Return on average tangible common equity (1) | 21.35 | 16.93 | 21.19 | 6.84 | Return on average tangible common equity (1) | 20.18 | 20.49 | 20.85 | 11.50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Efficiency ratio (1) | Efficiency ratio (1) | 51.22 | 62.72 | 52.01 | 66.59 | Efficiency ratio (1) | 51.66 | 55.26 | 51.89 | 62.17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Efficiency ratio (prior presentation) (2) | Efficiency ratio (prior presentation) (2) | N/A | 62.70 | N/A | 68.13 | Efficiency ratio (prior presentation) (2) | N/A | 56.17 | N/A | 63.46 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | Tier 1 leverage ratio | 8.59 | 8.19 | 8.59 | 8.19 | Tier 1 leverage ratio | 8.70 | 8.26 | 8.70 | 8.26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) to average loans | Net charge-offs (recoveries) to average loans | 0.13 | 0.02 | 0.17 | 0.04 | Net charge-offs (recoveries) to average loans | 0.24 | 0.10 | 0.19 | 0.06 |
(Tax equivalent basis, dollars in thousands) | (Tax equivalent basis, dollars in thousands) | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | (Tax equivalent basis, dollars in thousands) | Three Months Ended September 30, 2023 | Three Months Ended September 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 | $ | 724,601 | $ | 8,966 | 4.96 | % | $ | 1,088,005 | $ | 1,830 | 0.67 | % | Money market and other interest-earning investments | $ | 980,813 | $ | 13,194 | 5.34 | % | $ | 514,362 | $ | 935 | 0.72 | % | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury and government sponsored agencies | Treasury and government sponsored agencies | 2,222,269 | 19,355 | 3.48 | % | 2,487,717 | 11,818 | 1.90 | % | Treasury and government sponsored agencies | 2,376,864 | 23,037 | 3.88 | % | 2,326,070 | 13,212 | 2.27 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 5,301,084 | 34,291 | 2.59 | % | 6,008,470 | 33,534 | 2.23 | % | Mortgage-backed securities | 5,079,091 | 33,237 | 2.62 | % | 5,891,283 | 36,157 | 2.45 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
States and political subdivisions | States and political subdivisions | 1,768,897 | 14,396 | 3.26 | % | 1,834,189 | 14,571 | 3.18 | % | States and political subdivisions | 1,737,037 | 14,220 | 3.27 | % | 1,829,322 | 14,631 | 3.20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other securities | Other securities | 824,482 | 9,995 | 4.85 | % | 723,279 | 5,467 | 3.02 | % | Other securities | 793,196 | 10,127 | 5.11 | % | 718,735 | 6,781 | 3.77 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investment securities | Total investment securities | 10,116,732 | 78,037 | 3.09 | % | 11,053,655 | 65,390 | 2.37 | % | Total investment securities | 9,986,188 | 80,621 | 3.23 | % | 10,765,410 | 70,781 | 2.63 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: (2) | Loans: (2) | Loans: (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 9,862,728 | 163,721 | 6.64 | % | 8,692,646 | 95,743 | 4.36 | % | Commercial | 9,612,102 | 163,869 | 6.82 | % | 9,045,009 | 113,491 | 5.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 13,164,390 | 199,287 | 6.06 | % | 11,547,958 | 113,545 | 3.89 | % | Commercial real estate | 13,711,156 | 219,575 | 6.41 | % | 11,929,892 | 136,780 | 4.59 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate loans | Residential real estate loans | 6,643,254 | 60,717 | 3.66 | % | 5,905,151 | 51,686 | 3.50 | % | Residential real estate loans | 6,712,269 | 62,775 | 3.74 | % | 6,189,503 | 56,432 | 3.65 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 2,585,493 | 39,999 | 6.21 | % | 2,715,923 | 30,478 | 4.50 | % | Consumer | 2,614,928 | 42,322 | 6.42 | % | 2,735,850 | 33,049 | 4.79 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | 32,255,865 | 463,724 | 5.75 | % | 28,861,678 | 291,452 | 4.01 | % | Total loans | 32,650,455 | 488,541 | 5.98 | % | 29,900,254 | 339,752 | 4.54 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total earning assets | Total earning assets | 43,097,198 | $ | 550,727 | 5.11 | % | 41,003,338 | $ | 358,672 | 3.48 | % | Total earning assets | 43,617,456 | $ | 582,356 | 5.34 | % | 41,180,026 | $ | 411,468 | 3.99 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Deduct: Allowance for credit losses on loans | Deduct: Allowance for credit losses on loans | (301,311) | (282,943) | Deduct: Allowance for credit losses on loans | (300,071) | (290,215) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Earning Assets | Non-Earning Assets | Non-Earning Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | 418,972 | 277,283 | Cash and due from banks | 382,755 | 503,841 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 4,884,694 | 4,735,701 | Other assets | 4,960,383 | 4,522,171 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 48,099,553 | $ | 45,733,379 | Total assets | $ | 48,660,523 | $ | 45,915,823 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-Bearing Liabilities | Interest-Bearing Liabilities | Interest-Bearing Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Checking and NOW | Checking and NOW | $ | 7,881,863 | $ | 24,358 | 1.24 | % | $ | 8,445,683 | $ | 1,786 | 0.08 | % | Checking and NOW | $ | 7,515,439 | $ | 25,531 | 1.35 | % | $ | 8,681,392 | $ | 5,751 | 0.26 | % | ||||||||||||||||||||||||||||||||||||||||||||
Savings | Savings | 5,785,603 | 3,247 | 0.23 | % | 6,835,675 | 673 | 0.04 | % | Savings | 5,414,775 | 4,268 | 0.31 | % | 6,733,465 | 547 | 0.03 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market | Money market | 6,084,963 | 35,357 | 2.33 | % | 5,317,300 | 1,027 | 0.08 | % | Money market | 7,979,999 | 65,549 | 3.26 | % | 5,344,567 | 2,072 | 0.15 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 4,628,426 | 38,012 | 3.29 | % | 2,499,445 | 1,701 | 0.27 | % | Time deposits | 5,412,920 | 52,080 | 3.82 | % | 2,508,152 | 2,450 | 0.39 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 24,380,855 | 100,974 | 1.66 | % | 23,098,103 | 5,187 | 0.09 | % | Total interest-bearing deposits | 26,323,133 | 147,428 | 2.22 | % | 23,267,576 | 10,820 | 0.18 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and interbank borrowings | Federal funds purchased and interbank borrowings | 441,145 | 5,655 | 5.14 | % | 1,222 | 2 | 0.47 | % | Federal funds purchased and interbank borrowings | 62,921 | 910 | 5.74 | % | 122,311 | 720 | 2.34 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 340,178 | 900 | 1.06 | % | 466,885 | 85 | 0.07 | % | Securities sold under agreements to repurchase | 302,305 | 710 | 0.93 | % | 436,225 | 106 | 0.10 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances | FHLB advances | 5,283,728 | 45,088 | 3.42 | % | 3,053,423 | 6,925 | 0.91 | % | FHLB advances | 4,537,250 | 40,382 | 3.53 | % | 3,025,844 | 13,027 | 1.71 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 796,536 | 10,114 | 5.09 | % | 611,772 | 4,687 | 3.06 | % | Other borrowings | 841,307 | 12,003 | 5.66 | % | 676,874 | 5,256 | 3.08 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total borrowed funds | Total borrowed funds | 6,861,587 | 61,757 | 3.61 | % | 4,133,302 | 11,699 | 1.14 | % | Total borrowed funds | 5,743,783 | 54,005 | 3.73 | % | 4,261,254 | 19,109 | 1.78 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | $ | 31,242,442 | $ | 162,731 | 2.09 | % | $ | 27,231,405 | $ | 16,886 | 0.25 | % | Total interest-bearing liabilities | $ | 32,066,916 | $ | 201,433 | 2.49 | % | $ | 27,528,830 | $ | 29,929 | 0.43 | % | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest-Bearing Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-Bearing Liabilities and Shareholders’ Equity | Noninterest-Bearing Liabilities and Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | Demand deposits | $ | 10,741,646 | $ | 12,714,946 | Demand deposits | $ | 10,338,267 | $ | 12,575,011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 841,663 | 657,128 | Other liabilities | 961,268 | 677,829 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 5,273,802 | 5,129,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 48,099,553 | $ | 45,733,379 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 5,294,072 | 5,134,153 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 48,660,523 | $ | 45,915,823 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income - taxable equivalent basis | Net interest income - taxable equivalent basis | $ | 387,996 | 3.60 | % | $ | 341,786 | 3.33 | % | Net interest income - taxable equivalent basis | $ | 380,923 | 3.49 | % | $ | 381,539 | 3.71 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable equivalent adjustment | Taxable equivalent adjustment | (5,825) | (4,314) | Taxable equivalent adjustment | (5,837) | (4,950) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (GAAP) | Net interest income (GAAP) | $ | 382,171 | 3.55 | % | $ | 337,472 | 3.29 | % | Net interest income (GAAP) | $ | 375,086 | 3.44 | % | $ | 376,589 | 3.66 | % |
(Tax equivalent basis, dollars in thousands) | (Tax equivalent basis, dollars in thousands) | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | (Tax equivalent basis, dollars in thousands) | Nine Months Ended September 30, 2023 | Nine Months Ended September 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 | $ | 611,903 | $ | 12,064 | 3.98 | % | $ | 1,211,518 | $ | 2,138 | 0.36 | % | Money market and other interest-earning investments | $ | 736,225 | $ | 25,258 | 4.59 | % | $ | 976,579 | $ | 3,073 | 0.42 | % | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury and government sponsored agencies | Treasury and government sponsored agencies | 2,209,916 | 35,886 | 3.25 | % | 2,342,401 | 20,038 | 1.71 | % | Treasury and government sponsored agencies | 2,266,177 | 58,923 | 3.47 | % | 2,336,897 | 33,249 | 1.90 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 5,364,788 | 69,381 | 2.59 | % | 5,441,902 | 57,910 | 2.13 | % | Mortgage-backed securities | 5,268,509 | 102,618 | 2.60 | % | 5,593,341 | 94,067 | 2.24 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
States and political subdivisions | States and political subdivisions | 1,788,498 | 29,086 | 3.25 | % | 1,786,684 | 28,208 | 3.16 | % | States and political subdivisions | 1,771,155 | 43,306 | 3.26 | % | 1,801,053 | 42,839 | 3.17 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other securities | Other securities | 781,549 | 18,599 | 4.76 | % | 664,741 | 9,611 | 2.89 | % | Other securities | 785,474 | 28,726 | 4.88 | % | 682,937 | 16,392 | 3.20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investment securities | Total investment securities | 10,144,751 | 152,952 | 3.02 | % | 10,235,728 | 115,767 | 2.26 | % | Total investment securities | 10,091,315 | 233,573 | 3.09 | % | 10,414,228 | 186,547 | 2.39 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: (2) | Loans: (2) | Loans: (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 9,661,029 | 311,341 | 6.45 | % | 7,301,008 | 151,026 | 4.11 | % | Commercial | 9,644,541 | 475,210 | 6.57 | % | 7,888,730 | 264,517 | 4.47 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 12,910,787 | 378,762 | 5.87 | % | 10,156,292 | 190,952 | 3.74 | % | Commercial real estate | 13,180,509 | 598,337 | 6.05 | % | 10,753,988 | 327,733 | 4.06 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate loans | Residential real estate loans | 6,582,982 | 118,817 | 3.61 | % | 4,953,222 | 85,673 | 3.46 | % | Residential real estate loans | 6,626,551 | 181,592 | 3.65 | % | 5,369,844 | 142,105 | 3.53 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 2,611,295 | 78,106 | 6.03 | % | 2,411,976 | 52,393 | 4.38 | % | Consumer | 2,612,519 | 120,428 | 6.16 | % | 2,521,121 | 85,442 | 4.53 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | 31,766,093 | 887,026 | 5.59 | % | 24,822,498 | 480,044 | 3.86 | % | Total loans | 32,064,120 | 1,375,567 | 5.72 | % | 26,533,683 | 819,797 | 4.12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total earning assets | Total earning assets | 42,522,747 | $ | 1,052,042 | 4.95 | % | 36,269,744 | $ | 597,949 | 3.29 | % | Total earning assets | 42,891,660 | $ | 1,634,398 | 5.08 | % | 37,924,490 | $ | 1,009,417 | 3.55 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Deduct: Allowance for credit losses on loans | Deduct: Allowance for credit losses on loans | (302,844) | (225,876) | Deduct: Allowance for credit losses on loans | (301,909) | (247,558) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Earning Assets | Non-Earning Assets | Non-Earning Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | 428,370 | 273,083 | Cash and due from banks | 412,998 | 350,848 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 4,895,843 | 4,111,637 | Other assets | 4,917,592 | 4,249,986 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 47,544,116 | $ | 40,428,588 | Total assets | $ | 47,920,341 | $ | 42,277,766 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-Bearing Liabilities | Interest-Bearing Liabilities | Interest-Bearing Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Checking and NOW | Checking and NOW | $ | 7,934,927 | $ | 43,717 | 1.11 | % | $ | 7,619,757 | $ | 2,381 | 0.06 | % | Checking and NOW | $ | 7,793,561 | $ | 69,248 | 1.19 | % | $ | 7,977,524 | $ | 8,133 | 0.14 | % | ||||||||||||||||||||||||||||||||||||||||||||
Savings | Savings | 5,983,407 | 5,477 | 0.18 | % | 6,073,081 | 1,262 | 0.04 | % | Savings | 5,791,780 | 9,745 | 0.22 | % | 6,295,628 | 1,809 | 0.04 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market | Money market | 5,864,351 | 55,368 | 1.90 | % | 4,552,241 | 1,719 | 0.08 | % | Money market | 6,577,317 | 120,917 | 2.46 | % | 4,819,252 | 3,791 | 0.11 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 4,096,369 | 59,005 | 2.90 | % | 2,124,382 | 3,019 | 0.29 | % | Time deposits | 4,540,042 | 111,085 | 3.27 | % | 2,253,711 | 5,468 | 0.32 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 23,879,054 | 163,567 | 1.38 | % | 20,369,461 | 8,381 | 0.08 | % | Total interest-bearing deposits | 24,702,700 | 310,995 | 1.68 | % | 21,346,115 | 19,201 | 0.12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and interbank borrowings | Federal funds purchased and interbank borrowings | 430,278 | 10,494 | 4.92 | % | 1,168 | 2 | 0.25 | % | Federal funds purchased and interbank borrowings | 306,480 | 11,404 | 4.97 | % | 41,993 | 722 | 2.30 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 376,298 | 1,679 | 0.90 | % | 458,459 | 181 | 0.08 | % | Securities sold under agreements to repurchase | 351,362 | 2,389 | 0.91 | % | 450,966 | 287 | 0.09 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances | FHLB advances | 4,781,326 | 83,084 | 3.50 | % | 2,822,984 | 12,888 | 0.92 | % | FHLB advances | 4,699,074 | 123,466 | 3.51 | % | 2,891,347 | 25,915 | 1.20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 788,921 | 18,068 | 4.62 | % | 522,599 | 8,154 | 3.12 | % | Other borrowings | 806,575 | 30,071 | 4.98 | % | 574,589 | 13,410 | 3.12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total borrowed funds | Total borrowed funds | 6,376,823 | 113,325 | 3.58 | % | 3,805,210 | 21,225 | 1.12 | % | Total borrowed funds | 6,163,491 | 167,330 | 3.63 | % | 3,958,895 | 40,334 | 1.36 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | $ | 30,255,877 | $ | 276,892 | 1.85 | % | $ | 24,174,671 | $ | 29,606 | 0.25 | % | Total interest-bearing liabilities | $ | 30,866,191 | $ | 478,325 | 2.07 | % | $ | 25,305,010 | $ | 59,535 | 0.31 | % | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest-Bearing Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-Bearing Liabilities and Shareholders’ Equity | Noninterest-Bearing Liabilities and Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | Demand deposits | $ | 11,131,789 | $ | 11,014,359 | Demand deposits | $ | 10,864,375 | $ | 11,540,293 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 936,158 | 562,882 | Other liabilities | 944,619 | 601,619 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 5,220,292 | 4,676,676 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 47,544,116 | $ | 40,428,588 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 5,245,156 | 4,830,844 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 47,920,341 | $ | 42,277,766 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income - taxable equivalent basis | Net interest income - taxable equivalent basis | $ | 775,150 | 3.65 | % | $ | 568,343 | 3.13 | % | Net interest income - taxable equivalent basis | $ | 1,156,073 | 3.59 | % | $ | 949,882 | 3.34 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable equivalent adjustment | Taxable equivalent adjustment | (11,491) | (8,086) | Taxable equivalent adjustment | (17,328) | (13,036) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (GAAP) | Net interest income (GAAP) | $ | 763,659 | 3.59 | % | $ | 560,257 | 3.09 | % | Net interest income (GAAP) | $ | 1,138,745 | 3.54 | % | $ | 936,846 | 3.29 | % |
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 | From Three Months Ended September 30, 2022 to Three Months Ended September 30, 2023 | From Nine Months Ended September 30, 2022 to Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Change (1) | Attributed to | Total Change (1) | Attributed to | Total Change (1) | Attributed to | Total Change (1) | Attributed to | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Volume | Rate | Volume | Rate | (dollars in thousands) | Volume | Rate | Volume | Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Income | Interest Income | Interest Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market and other interest-earning investments | Money market and other interest-earning investments | $ | 7,136 | $ | (2,571) | $ | 9,707 | $ | 9,926 | $ | (6,535) | $ | 16,461 | Money market and other interest-earning investments | $ | 12,259 | $ | 3,583 | $ | 8,676 | $ | 22,185 | $ | (4,544) | $ | 26,729 | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities (2) | Investment securities (2) | 12,647 | (6,385) | 19,032 | 37,185 | (1,201) | 38,386 | Investment securities (2) | 9,840 | (5,708) | 15,548 | 47,026 | (6,630) | 53,656 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (3) | Loans (3) | 172,272 | 40,306 | 131,966 | 406,982 | 163,213 | 243,769 | Loans (3) | 148,789 | 36,149 | 112,640 | 555,770 | 203,985 | 351,785 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 192,055 | 31,350 | 160,705 | 454,093 | 155,477 | 298,616 | Total interest income | 170,888 | 34,024 | 136,864 | 624,981 | 192,811 | 432,170 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expense | Interest Expense | Interest Expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Checking and NOW deposits | Checking and NOW deposits | 22,572 | (1,017) | 23,589 | 41,336 | 713 | 40,623 | Checking and NOW deposits | 19,780 | (2,318) | 22,098 | 61,115 | (951) | 62,066 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 2,574 | (351) | 2,925 | 4,215 | (97) | 4,312 | Savings deposits | 3,721 | (554) | 4,275 | 7,936 | (474) | 8,410 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market deposits | Money market deposits | 34,330 | 2,287 | 32,043 | 53,649 | 6,375 | 47,274 | Money market deposits | 63,477 | 11,456 | 52,021 | 117,126 | 16,819 | 100,307 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 36,311 | 9,439 | 26,872 | 55,986 | 15,561 | 40,425 | Time deposits | 49,630 | 15,478 | 34,152 | 105,617 | 30,621 | 74,996 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and interbank borrowings | Federal funds purchased and interbank borrowings | 5,653 | 3,078 | 2,575 | 10,492 | 5,496 | 4,996 | Federal funds purchased and interbank borrowings | 190 | (599) | 789 | 10,682 | 7,200 | 3,482 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 815 | (181) | 996 | 1,498 | (208) | 1,706 | Securities sold under agreements to repurchase | 604 | (170) | 774 | 2,102 | (375) | 2,477 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances | FHLB advances | 38,163 | 12,026 | 26,137 | 70,196 | 21,373 | 48,823 | FHLB advances | 27,355 | 10,010 | 17,345 | 97,551 | 31,804 | 65,747 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 5,427 | 1,866 | 3,561 | 9,914 | 5,070 | 4,844 | Other borrowings | 6,747 | 1,824 | 4,923 | 16,661 | 7,028 | 9,633 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 145,845 | 27,147 | 118,698 | 247,286 | 54,283 | 193,003 | Total interest expense | 171,504 | 35,127 | 136,377 | 418,790 | 91,672 | 327,118 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 46,210 | $ | 4,203 | $ | 42,007 | $ | 206,807 | $ | 101,194 | $ | 105,613 | Net interest income | $ | (616) | $ | (1,103) | $ | 487 | $ | 206,191 | $ | 101,139 | $ | 105,052 |
Three Months Ended June 30, | % | Six Months Ended June 30, | % | Three Months Ended September 30, | % | Nine Months Ended September 30, | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | Change | 2023 | 2022 | Change | (dollars in thousands) | 2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | $ | 11,936 | $ | 9,254 | 29.0 | % | $ | 23,405 | $ | 106,663 | (78.1) | % | Provision for credit losses on loans | $ | 23,115 | $ | 11,288 | 104.8 | % | $ | 46,520 | $ | 117,951 | (60.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (release) for credit losses on unfunded loan commitments | Provision (release) for credit losses on unfunded loan commitments | 2,851 | (80) | N/M | 4,819 | 11,087 | (56.5) | Provision (release) for credit losses on unfunded loan commitments | (4,047) | 4,203 | (196.3) | 772 | 15,290 | (95.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses on held-to- maturity securities | Provision for credit losses on held-to- maturity securities | — | (9) | (100.0) | — | 151 | (100.0) | Provision for credit losses on held-to- maturity securities | — | (1) | (100.0) | — | 150 | (100.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total provision for credit losses | Total provision for credit losses | $ | 14,787 | $ | 9,165 | 61.3 | % | $ | 28,224 | $ | 117,901 | (76.1) | % | Total provision for credit losses | $ | 19,068 | $ | 15,490 | 23.1 | % | $ | 47,292 | $ | 133,391 | (64.5) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries on non-PCD loans | Net (charge-offs) recoveries on non-PCD loans | $ | (4,689) | $ | (111) | N/M | % | $ | (8,727) | $ | 19 | N/M | % | Net (charge-offs) recoveries on non-PCD loans | $ | (20,143) | $ | (1,405) | N/M | % | $ | (28,870) | $ | (1,386) | N/M | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries on PCD loans | Net (charge-offs) recoveries on PCD loans | (5,403) | (1,647) | 228.1 | (17,794) | (4,551) | 291.0 | Net (charge-offs) recoveries on PCD loans | 455 | (6,190) | (107.4) | (17,339) | (10,741) | 61.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net (charge-offs) recoveries on loans | Total net (charge-offs) recoveries on loans | $ | (10,092) | $ | (1,758) | 474.1 | % | $ | (26,521) | $ | (4,532) | 485.2 | % | Total net (charge-offs) recoveries on loans | $ | (19,688) | $ | (7,595) | 159.2 | % | $ | (46,209) | $ | (12,127) | 281.0 | % |
Three Months Ended June 30, | % | Six Months Ended June 30, | % | Three Months Ended September 30, | % | Nine Months Ended September 30, | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | Change | 2023 | 2022 | Change | (dollars in thousands) | 2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wealth and investment services fees | Wealth and investment services fees | $ | 26,521 | $ | 27,872 | (4.8) | % | $ | 53,441 | $ | 49,824 | 7.3 | % | Wealth and investment services fees | $ | 26,687 | $ | 25,359 | 5.2 | % | $ | 80,128 | $ | 75,183 | 6.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 17,751 | 20,324 | (12.7) | 34,754 | 34,350 | 1.2 | Service charges on deposit accounts | 18,524 | 20,042 | (7.6) | 53,278 | 54,392 | (2.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debit card and ATM fees | Debit card and ATM fees | 10,653 | 11,222 | (5.1) | 20,635 | 18,821 | 9.6 | Debit card and ATM fees | 10,818 | 10,608 | 2.0 | 31,453 | 29,429 | 6.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking revenue | Mortgage banking revenue | 4,165 | 6,522 | (36.1) | 7,565 | 13,767 | (45.0) | Mortgage banking revenue | 5,063 | 5,360 | (5.5) | 12,628 | 19,127 | (34.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital markets income | Capital markets income | 6,173 | 7,261 | (15.0) | 13,112 | 11,703 | 12.0 | Capital markets income | 5,891 | 8,906 | (33.9) | 19,003 | 20,609 | (7.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company-owned life insurance | Company-owned life insurance | 4,698 | 4,571 | 2.8 | 7,884 | 8,095 | (2.6) | Company-owned life insurance | 3,740 | 3,361 | 11.3 | 11,624 | 11,456 | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities gains (losses), net | Debt securities gains (losses), net | 17 | (85) | (120.0) | (5,199) | 257 | N/M | Debt securities gains (losses), net | (241) | (172) | 40.1 | (5,440) | 85 | N/M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | Other income | 11,651 | 11,430 | 1.9 | 20,118 | 17,540 | 14.7 | Other income | 10,456 | 6,921 | 51.1 | 30,574 | 24,461 | 25.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | Total noninterest income | $ | 81,629 | $ | 89,117 | (8.4) | % | $ | 152,310 | $ | 154,357 | (1.3) | % | Total noninterest income | $ | 80,938 | $ | 80,385 | 0.7 | % | $ | 233,248 | $ | 234,742 | (0.6) | % |
Three Months Ended June 30, | % | Six Months Ended June 30, | % | Three Months Ended September 30, | % | Nine Months Ended September 30, | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2023 | 2022 | Change | 2023 | 2022 | Change | (dollars in thousands) | 2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | $ | 135,810 | $ | 161,817 | (16.1) | % | $ | 273,174 | $ | 285,964 | (4.5) | % | Salaries and employee benefits | $ | 131,541 | $ | 147,203 | (10.6) | % | $ | 404,715 | $ | 433,167 | (6.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy | Occupancy | 26,085 | 26,496 | (1.6) | 54,367 | 47,515 | 14.4 | Occupancy | 25,795 | 26,418 | (2.4) | 80,162 | 73,933 | 8.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment | Equipment | 7,721 | 7,550 | 2.3 | 15,110 | 12,718 | 18.8 | Equipment | 8,284 | 7,328 | 13.0 | 23,394 | 20,046 | 16.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketing | Marketing | 9,833 | 9,119 | 7.8 | 19,250 | 13,395 | 43.7 | Marketing | 9,448 | 10,361 | (8.8) | 28,698 | 23,756 | 20.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Technology | Technology | 20,056 | 25,883 | (22.5) | 39,258 | 44,645 | (12.1) | Technology | 20,592 | 20,269 | 1.6 | 59,850 | 64,914 | (7.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Communication | Communication | 4,232 | 5,878 | (28.0) | 8,693 | 9,295 | (6.5) | Communication | 4,075 | 5,392 | (24.4) | 12,768 | 14,687 | (13.1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Professional fees | Professional fees | 6,397 | 6,336 | 1.0 | 13,129 | 26,127 | (49.7) | Professional fees | 5,956 | 6,559 | (9.2) | 19,085 | 32,686 | (41.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FDIC assessment | FDIC assessment | 9,624 | 4,699 | 104.8 | 20,028 | 7,274 | 175.3 | FDIC assessment | 9,000 | 6,249 | 44.0 | 29,028 | 13,523 | 114.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangibles | Amortization of intangibles | 6,060 | 7,170 | (15.5) | 12,246 | 11,981 | 2.2 | Amortization of intangibles | 6,040 | 7,089 | (14.8) | 18,286 | 19,070 | (4.1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of tax credit investments | Amortization of tax credit investments | 2,762 | 1,525 | 81.1 | 5,523 | 3,041 | 81.6 | Amortization of tax credit investments | 2,644 | 2,662 | (0.7) | 8,167 | 5,703 | 43.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property optimization | Property optimization | 242 | — | N/A | 1,559 | — | N/A | Property optimization | — | — | N/A | 1,559 | — | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expense | Other expense | 17,762 | 21,002 | (15.4) | 34,958 | 31,109 | 12.4 | Other expense | 21,401 | 22,914 | (6.6) | 56,359 | 54,023 | 4.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | $ | 246,584 | $ | 277,475 | (11.1) | % | $ | 497,295 | $ | 493,064 | 0.9 | % | Total noninterest expense | $ | 244,776 | $ | 262,444 | (6.7) | % | $ | 742,071 | $ | 755,508 | (1.8) | % |
(dollars in thousands) | (dollars in thousands) | June 30, 2023 | December 31, 2022 | $ Change | % Change | (dollars in thousands) | September 30, 2023 | December 31, 2022 | $ Change | % Change | ||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 9,698,241 | $ | 9,508,904 | $ | 189,337 | 2 | % | Commercial | $ | 9,333,448 | $ | 9,508,904 | $ | (175,456) | (2) | % | ||||||||||||||||||||||
Commercial real estate | Commercial real estate | 13,450,209 | 12,457,070 | 993,139 | 8 | Commercial real estate | 13,916,221 | 12,457,070 | 1,459,151 | 12 | ||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | 6,684,480 | 6,460,441 | 224,039 | 3 | Residential real estate | 6,696,288 | 6,460,441 | 235,847 | 4 | ||||||||||||||||||||||||||||||
Consumer | Consumer | 2,599,543 | 2,697,226 | (97,683) | (4) | Consumer | 2,631,877 | 2,697,226 | (65,349) | (2) | ||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 32,432,473 | $ | 31,123,641 | $ | 1,308,832 | 4 | % | Total loans | $ | 32,577,834 | $ | 31,123,641 | $ | 1,454,193 | 5 | % |
June 30, 2023 | December 31, 2022 | September 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 | $ | 1,803,303 | $ | 2,970,373 | $ | 6,901 | $ | 1,757,907 | $ | 2,803,883 | $ | 2,464 | Manufacturing | $ | 1,626,629 | $ | 2,699,161 | $ | 6,154 | $ | 1,757,907 | $ | 2,803,883 | $ | 2,464 | ||||||||||||||
Health care and social assistance | Health care and social assistance | 1,360,925 | 1,776,461 | 7,523 | 1,588,392 | 2,043,105 | 11,806 | Health care and social assistance | 1,338,875 | 1,719,741 | 7,529 | 1,588,392 | 2,043,105 | 11,806 | ||||||||||||||||||||||||||
Wholesale trade | Wholesale trade | 806,904 | 1,519,782 | 4,860 | 857,400 | 1,552,985 | 2,895 | Wholesale trade | 802,398 | 1,577,859 | 4,262 | 857,400 | 1,552,985 | 2,895 | ||||||||||||||||||||||||||
Real estate rental and leasing | Real estate rental and leasing | 670,100 | 1,010,194 | 1,107 | 642,511 | 962,549 | 1,135 | Real estate rental and leasing | 655,993 | 1,008,673 | 1,307 | 642,511 | 962,549 | 1,135 | ||||||||||||||||||||||||||
Construction | Construction | 630,504 | 1,441,527 | 4,386 | 556,913 | 1,307,582 | 1,517 | Construction | 624,767 | 1,429,685 | 1,828 | 556,913 | 1,307,582 | 1,517 | ||||||||||||||||||||||||||
Finance and insurance | Finance and insurance | 576,081 | 934,986 | 8 | 484,532 | 858,391 | 17 | Finance and insurance | 583,107 | 953,601 | 6 | 484,532 | 858,391 | 17 | ||||||||||||||||||||||||||
Transportation and warehousing | Transportation and warehousing | 475,731 | 702,232 | 2,372 | 422,643 | 633,267 | 3,496 | |||||||||||||||||||||||||||||||||
Professional, scientific, and technical services | Professional, scientific, and technical services | 538,952 | 866,853 | 4,571 | 507,940 | 832,407 | 4,735 | Professional, scientific, and technical services | 422,730 | 770,941 | 4,304 | 507,940 | 832,407 | 4,735 | ||||||||||||||||||||||||||
Transportation and warehousing | 439,015 | 681,702 | 3,831 | 422,643 | 633,267 | 3,496 | ||||||||||||||||||||||||||||||||||
Accommodation and food services | Accommodation and food services | 363,025 | 488,254 | 425 | 399,915 | 512,025 | 596 | |||||||||||||||||||||||||||||||||
Retail trade | Retail trade | 406,320 | 699,800 | 7,394 | 332,367 | 538,135 | 7,386 | Retail trade | 362,840 | 660,614 | 5,948 | 332,367 | 538,135 | 7,386 | ||||||||||||||||||||||||||
Accommodation and food services | 388,810 | 510,089 | 479 | 399,915 | 512,025 | 596 | ||||||||||||||||||||||||||||||||||
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 | Administrative and support and waste management and remediation services | 310,439 | 481,089 | 169 | 315,785 | 446,655 | 13,860 | ||||||||||||||||||||||||||
Educational services | Educational services | 240,653 | 406,915 | 8 | 210,850 | 378,955 | 3,750 | Educational services | 246,121 | 425,426 | 7 | 210,850 | 378,955 | 3,750 | ||||||||||||||||||||||||||
Agriculture, forestry, fishing, and hunting | Agriculture, forestry, fishing, and hunting | 223,203 | 364,732 | 417 | 261,355 | 382,376 | 996 | |||||||||||||||||||||||||||||||||
Other services | Other services | 218,305 | 395,272 | 13,090 | 194,998 | 356,743 | 2,656 | Other services | 221,141 | 394,719 | 12,429 | 194,998 | 356,743 | 2,656 | ||||||||||||||||||||||||||
Public administration | Public administration | 208,512 | 301,200 | — | 231,453 | 325,834 | 846 | Public administration | 219,090 | 294,745 | — | 231,453 | 325,834 | 846 | ||||||||||||||||||||||||||
Agriculture, forestry, fishing, and hunting | 205,740 | 359,958 | 418 | 261,355 | 382,376 | 996 | ||||||||||||||||||||||||||||||||||
Other | Other | 896,554 | 1,197,440 | 473 | 743,943 | 1,122,409 | 739 | Other | 857,359 | 1,141,447 | 1,618 | 743,943 | 1,122,409 | 739 | ||||||||||||||||||||||||||
Total | Total | $ | 9,698,241 | $ | 15,548,997 | $ | 55,235 | $ | 9,508,904 | $ | 15,057,301 | $ | 58,894 | Total | $ | 9,333,448 | $ | 15,112,919 | $ | 48,775 | $ | 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 | % | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | Less than $200,000 | 3 | % | 3 | % | 4 | % | 3 | % | 3 | % | 3 | % | ||||||||||||||
$200,000 to $1,000,000 | $200,000 to $1,000,000 | 11 | 11 | 19 | 11 | 11 | 20 | $200,000 to $1,000,000 | 11 | 11 | 22 | 11 | 11 | 20 | ||||||||||||||||||||||||||
$1,000,000 to $5,000,000 | $1,000,000 to $5,000,000 | 24 | 25 | 49 | 25 | 26 | 36 | $1,000,000 to $5,000,000 | 25 | 26 | 43 | 25 | 26 | 36 | ||||||||||||||||||||||||||
$5,000,000 to $10,000,000 | $5,000,000 to $10,000,000 | 14 | 15 | 6 | 15 | 15 | 24 | $5,000,000 to $10,000,000 | 15 | 15 | 7 | 15 | 15 | 24 | ||||||||||||||||||||||||||
$10,000,000 to $25,000,000 | $10,000,000 to $25,000,000 | 32 | 28 | 23 | 31 | 27 | 17 | $10,000,000 to $25,000,000 | 31 | 28 | 24 | 31 | 27 | 17 | ||||||||||||||||||||||||||
Greater than $25,000,000 | Greater than $25,000,000 | 16 | 18 | — | 15 | 18 | — | Greater than $25,000,000 | 15 | 17 | — | 15 | 18 | — | ||||||||||||||||||||||||||
Total | Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
June 30, 2023 | December 31, 2022 | September 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 Property Type: | By Property Type: | By Property Type: | ||||||||||||||||||||||||||||||||||||||
Multifamily | Multifamily | $ | 4,455,077 | $ | 6,420,032 | $ | 11,942 | $ | 4,188,137 | $ | 5,920,414 | $ | 13,749 | Multifamily | $ | 4,584,203 | $ | 6,542,155 | $ | 7,519 | $ | 4,188,137 | $ | 5,920,414 | $ | 13,749 | ||||||||||||||
Warehouse / Industrial | Warehouse / Industrial | 2,378,739 | 3,124,270 | 5,807 | 1,976,804 | 2,533,892 | 9,090 | Warehouse / Industrial | 2,593,868 | 3,304,937 | 5,381 | 1,976,804 | 2,533,892 | 9,090 | ||||||||||||||||||||||||||
Retail | Retail | 1,903,321 | 1,978,067 | 30,804 | 1,808,041 | 1,895,345 | 18,155 | |||||||||||||||||||||||||||||||||
Office | Office | 1,927,184 | 2,160,627 | 29,315 | 1,813,007 | 1,979,272 | 13,728 | Office | 1,900,752 | 2,104,761 | 36,971 | 1,813,007 | 1,979,272 | 13,728 | ||||||||||||||||||||||||||
Retail | 1,912,285 | 2,003,162 | 32,109 | 1,808,041 | 1,895,345 | 18,155 | ||||||||||||||||||||||||||||||||||
Single family | Single family | 425,926 | 457,895 | 5,176 | 515,390 | 615,216 | 7,022 | Single family | 446,134 | 471,469 | 3,984 | 515,390 | 615,216 | 7,022 | ||||||||||||||||||||||||||
Other (2) | Other (2) | 2,350,998 | 2,663,938 | 90,388 | 2,155,691 | 2,667,780 | 61,977 | Other (2) | 2,487,943 | 2,934,260 | 60,638 | 2,155,691 | 2,667,780 | 61,977 | ||||||||||||||||||||||||||
Total | Total | $ | 13,450,209 | $ | 16,829,924 | $ | 174,737 | $ | 12,457,070 | $ | 15,611,919 | $ | 123,721 | Total | $ | 13,916,221 | $ | 17,335,649 | $ | 145,297 | $ | 12,457,070 | $ | 15,611,919 | $ | 123,721 |
(dollars in thousands) | (dollars in thousands) | June 30, 2023 | December 31, 2022 | $ Change | % Change | (dollars in thousands) | September 30, 2023 | December 31, 2022 | $ Change | % Change | ||||||||||||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | Noninterest-bearing demand | $ | 10,532,838 | $ | 11,930,798 | $ | (1,397,960) | (12) | % | Noninterest-bearing demand | $ | 10,091,352 | $ | 11,930,798 | $ | (1,839,446) | (15) | % | ||||||||||||||||||||||
Interest-bearing: | Interest-bearing: | Interest-bearing: | ||||||||||||||||||||||||||||||||||||||
Checking and NOW | Checking and NOW | 7,654,202 | 8,340,955 | (686,753) | (8) | % | Checking and NOW | 7,495,417 | 8,340,955 | (845,538) | (10) | % | ||||||||||||||||||||||||||||
Savings | Savings | 5,578,323 | 6,326,158 | (747,835) | (12) | % | Savings | 5,296,985 | 6,326,158 | (1,029,173) | (16) | % | ||||||||||||||||||||||||||||
Money market | Money market | 7,200,288 | 5,389,139 | 1,811,149 | 34 | % | Money market | 8,793,218 | 5,389,139 | 3,404,079 | 63 | % | ||||||||||||||||||||||||||||
Time deposits | Time deposits | 5,265,664 | 3,013,780 | 2,251,884 | 75 | % | Time deposits | 5,575,704 | 3,013,780 | 2,561,924 | 85 | % | ||||||||||||||||||||||||||||
Total deposits | Total deposits | 36,231,315 | 35,000,830 | 1,230,485 | 4 | % | Total deposits | 37,252,676 | 35,000,830 | 2,251,846 | 6 | % | ||||||||||||||||||||||||||||
Wholesale borrowings: | Wholesale borrowings: | Wholesale borrowings: | ||||||||||||||||||||||||||||||||||||||
Federal funds purchased and interbank borrowings | Federal funds purchased and interbank borrowings | 136,060 | 581,489 | (445,429) | (77) | % | Federal funds purchased and interbank borrowings | 918 | 581,489 | (580,571) | (100) | % | ||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 311,447 | 432,804 | (121,357) | (28) | % | Securities sold under agreements to repurchase | 279,061 | 432,804 | (153,743) | (36) | % | ||||||||||||||||||||||||||||
Federal Home Loan Bank advances | Federal Home Loan Bank advances | 4,771,183 | 3,829,018 | 942,165 | 25 | % | Federal Home Loan Bank advances | 4,412,576 | 3,829,018 | 583,558 | 15 | % | ||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 815,318 | 743,003 | 72,315 | 10 | % | Other borrowings | 863,455 | 743,003 | 120,452 | 16 | % | ||||||||||||||||||||||||||||
Total wholesale borrowings | Total wholesale borrowings | 6,034,008 | 5,586,314 | 447,694 | 8 | % | Total wholesale borrowings | 5,556,010 | 5,586,314 | (30,304) | (1) | % | ||||||||||||||||||||||||||||
Total funding | Total funding | $ | 42,265,323 | $ | 40,587,144 | $ | 1,678,179 | 4 | % | Total funding | $ | 42,808,686 | $ | 40,587,144 | $ | 2,221,542 | 5 | % |
Regulatory Guidelines Minimum | Prompt Corrective Action "Well Capitalized" Guidelines | June 30, 2023 | December 31, 2022 | Regulatory Guidelines Minimum | Prompt Corrective Action "Well Capitalized" Guidelines | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
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 | % | 8.59 | % | 8.52 | % | Tier 1 capital to total average assets (leverage ratio) | 4.00 | % | N/A | % | 8.70 | % | 8.52 | % | ||||||||||||||||||||||||||||||||||
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 | Common equity Tier 1 capital to risk-weighted total assets | 7.00 | N/A | 10.41 | 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 | Tier 1 capital to risk-weighted total assets | 8.50 | 6.00 | 11.06 | 10.71 | ||||||||||||||||||||||||||||||||||||||||||
Total capital to risk-weighted total assets | Total capital to risk-weighted total assets | 10.50 | 10.00 | 12.14 | 12.02 | Total capital to risk-weighted total assets | 10.50 | 10.00 | 12.32 | 12.02 | ||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity to assets | N/A | N/A | 10.91 | 10.97 | ||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity to assets | Shareholders’ equity to assets | N/A | N/A | 10.68 | 10.97 |
Regulatory Guidelines Minimum | Prompt Corrective Action "Well Capitalized" Guidelines | June 30, 2023 | December 31, 2022 | Regulatory Guidelines Minimum | Prompt Corrective Action "Well Capitalized" Guidelines | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Risk-based capital: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital to total average assets (leverage ratio) | Tier 1 capital to total average assets (leverage ratio) | 4.00 | % | 5.00 | % | 8.73 | % | 8.47 | % | Tier 1 capital to total average assets (leverage ratio) | 4.00 | % | 5.00 | % | 8.84 | % | 8.47 | % | ||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital to risk-weighted total assets | Common equity Tier 1 capital to risk-weighted total assets | 7.00 | 6.50 | 10.98 | 10.66 | Common equity Tier 1 capital to risk-weighted total assets | 7.00 | 6.50 | 11.26 | 10.66 | ||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital to risk-weighted total assets | Tier 1 capital to risk-weighted total assets | 8.50 | 8.00 | 10.98 | 10.66 | Tier 1 capital to risk-weighted total assets | 8.50 | 8.00 | 11.26 | 10.66 | ||||||||||||||||||||||||||||||||||||||||||
Total capital to risk-weighted total assets | Total capital to risk-weighted total assets | 10.50 | 10.00 | 11.73 | 11.35 | Total capital to risk-weighted total assets | 10.50 | 10.00 | 12.00 | 11.35 |
(dollars in thousands) | (dollars in thousands) | June 30, 2023 | December 31, 2022 | (dollars in thousands) | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Total nonaccrual loans | Total nonaccrual loans | $ | 295,509 | $ | 238,178 | Total nonaccrual loans | $ | 261,346 | $ | 238,178 | ||||||||||||||||||
TDRs still accruing (1) | TDRs still accruing (1) | N/A | 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 | 303 | 2,650 | Loans 90 days or more past due and still accruing | 1,192 | 2,650 | ||||||||||||||||||||||
Foreclosed assets | Foreclosed assets | 9,824 | 10,845 | Foreclosed assets | 9,761 | 10,845 | ||||||||||||||||||||||
Total under-performing assets | Total under-performing assets | $ | 305,636 | $ | 266,986 | Total under-performing assets | $ | 272,299 | $ | 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) | $ | 820,521 | $ | 745,485 | Classified loans (includes nonaccrual, TDRs still accruing, past due 90 days, and other problem loans) (1) | $ | 825,965 | $ | 745,485 | ||||||||||||||||||
Other classified assets (2) | Other classified assets (2) | 40,942 | 24,735 | Other classified assets (2) | 48,998 | 24,735 | ||||||||||||||||||||||
Criticized loans | Criticized loans | 614,547 | 636,069 | Criticized loans | 775,526 | 636,069 | ||||||||||||||||||||||
Total criticized and classified assets | Total criticized and classified assets | $ | 1,476,010 | $ | 1,406,289 | Total criticized and classified assets | $ | 1,650,489 | $ | 1,406,289 | ||||||||||||||||||
Asset Quality Ratios: | Asset Quality Ratios: | Asset Quality Ratios: | ||||||||||||||||||||||||||
Nonaccrual loans/total loans (3) | Nonaccrual loans/total loans (3) | 0.91 | % | 0.77 | % | Nonaccrual loans/total loans (3) | 0.80 | % | 0.77 | % | ||||||||||||||||||
Non-performing loans/total loans (3) (4) | Non-performing loans/total loans (3) (4) | 0.91 | 0.81 | Non-performing loans/total loans (3) (4) | 0.80 | 0.81 | ||||||||||||||||||||||
Under-performing assets/total loans (3) | Under-performing assets/total loans (3) | 0.94 | 0.86 | Under-performing assets/total loans (3) | 0.84 | 0.86 | ||||||||||||||||||||||
Under-performing assets/total assets | Under-performing assets/total assets | 0.63 | 0.57 | Under-performing assets/total assets | 0.56 | 0.57 | ||||||||||||||||||||||
Allowance for credit losses on loans/under-performing assets | Allowance for credit losses on loans/under-performing assets | 98.34 | 113.74 | Allowance for credit losses on loans/under-performing assets | 111.64 | 113.74 | ||||||||||||||||||||||
Allowance for credit losses on loans/nonaccrual loans | Allowance for credit losses on loans/nonaccrual loans | 101.71 | 127.50 | Allowance for credit losses on loans/nonaccrual loans | 116.31 | 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 | ||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 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 | $ | 703,760 | $ | 700,039 | $ | 751,180 | $ | 805,138 | $ | 858,682 | $ | 912,190 | $ | 966,037 | Money market, other interest earning investments, and investment securities | $ | 722,474 | $ | 777,196 | $ | 834,683 | $ | 890,384 | $ | 958,522 | $ | 1,026,439 | $ | 1,094,063 | ||||||||||||||||
Loans | Loans | 2,812,913 | 3,179,212 | 3,546,919 | 3,910,105 | 4,266,532 | 4,623,023 | 4,979,447 | Loans | 2,966,315 | 3,323,529 | 3,684,648 | 4,040,544 | 4,393,546 | 4,747,308 | 5,100,845 | ||||||||||||||||||||||||||||||
Total interest income | Total interest income | 3,516,673 | 3,879,251 | 4,298,099 | 4,715,243 | 5,125,214 | 5,535,213 | 5,945,484 | Total interest income | 3,688,789 | 4,100,725 | 4,519,331 | 4,930,928 | 5,352,068 | 5,773,747 | 6,194,908 | ||||||||||||||||||||||||||||||
Projected interest expense: | Projected interest expense: | Projected interest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 358,077 | 570,196 | 785,031 | 1,012,889 | 1,259,985 | 1,507,077 | 1,754,162 | Deposits | 528,719 | 785,519 | 1,047,596 | 1,279,764 | 1,547,400 | 1,826,990 | 2,100,598 | ||||||||||||||||||||||||||||||
Borrowings | Borrowings | 373,267 | 415,553 | 513,309 | 600,910 | 683,328 | 765,754 | 848,179 | Borrowings | 366,090 | 432,424 | 521,008 | 598,589 | 676,220 | 753,909 | 831,590 | ||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 731,344 | 985,749 | 1,298,340 | 1,613,799 | 1,943,313 | 2,272,831 | 2,602,341 | Total interest expense | 894,809 | 1,217,943 | 1,568,604 | 1,878,353 | 2,223,620 | 2,580,899 | 2,932,188 | ||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 2,785,329 | $ | 2,893,502 | $ | 2,999,759 | $ | 3,101,444 | $ | 3,181,901 | $ | 3,262,382 | $ | 3,343,143 | Net interest income | $ | 2,793,980 | $ | 2,882,782 | $ | 2,950,727 | $ | 3,052,575 | $ | 3,128,448 | $ | 3,192,848 | $ | 3,262,720 | ||||||||||||||||
Change from base | Change from base | $ | (316,115) | $ | (207,942) | $ | (101,685) | $ | 80,457 | $ | 160,938 | $ | 241,699 | Change from base | $ | (258,595) | $ | (169,793) | $ | (101,848) | $ | 75,873 | $ | 140,273 | $ | 210,145 | ||||||||||||||||||||
% change from base | % change from base | (10.19) | % | (6.70) | % | (3.28) | % | 2.59 | % | 5.19 | % | 7.79 | % | % change from base | (8.47) | % | (5.56) | % | (3.34) | % | 2.49 | % | 4.60 | % | 6.88 | % | ||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 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 | $ | 617,680 | $ | 639,428 | $ | 683,561 | $ | 726,946 | $ | 770,079 | Money market, other interest earning investments, and investment securities | $ | 660,169 | $ | 680,882 | $ | 721,850 | $ | 762,793 | $ | 803,703 | ||||||||||||||||||||||||
Loans | Loans | 2,151,455 | 2,308,609 | 2,618,757 | 2,931,908 | 3,242,547 | Loans | 2,715,952 | 2,885,275 | 3,225,849 | 3,560,475 | 3,894,295 | ||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 2,769,135 | 2,948,037 | 3,302,318 | 3,658,854 | 4,012,626 | Total interest income | 3,376,121 | 3,566,157 | 3,947,699 | 4,323,268 | 4,697,998 | ||||||||||||||||||||||||||||||||||
Projected interest expense: | Projected interest expense: | Projected interest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 44,713 | 72,114 | 274,985 | 484,116 | 693,243 | Deposits | 106,667 | 166,603 | 372,461 | 578,311 | 784,154 | ||||||||||||||||||||||||||||||||||
Borrowings | Borrowings | 210,225 | 238,638 | 299,725 | 360,822 | 421,923 | Borrowings | 263,032 | 286,909 | 337,834 | 388,779 | 439,751 | ||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 254,938 | 310,752 | 574,710 | 844,938 | 1,115,166 | Total interest expense | 369,699 | 453,512 | 710,295 | 967,090 | 1,223,905 | ||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 2,514,197 | $ | 2,637,285 | $ | 2,727,608 | $ | 2,813,916 | $ | 2,897,460 | Net interest income | $ | 3,006,422 | $ | 3,112,645 | $ | 3,237,404 | $ | 3,356,178 | $ | 3,474,093 | ||||||||||||||||||||||||
Change from base | Change from base | $ | (123,088) | $ | 90,323 | $ | 176,631 | $ | 260,175 | Change from base | $ | (106,223) | $ | 124,759 | $ | 243,533 | $ | 361,448 | ||||||||||||||||||||||||||||
% change from base | % change from base | (4.67) | % | 3.42 | % | 6.70 | % | 9.87 | % | % change from base | (3.41) | % | 4.01 | % | 7.82 | % | 11.61 | % |
(dollars in thousands) | (dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||
Maturity Bucket | Maturity Bucket | Amount | Rate | Maturity Bucket | Amount | Rate | ||||||||||||||||||||||
2023 | 2023 | $ | 2,197,384 | 3.32 | % | 2023 | $ | 1,474,228 | 3.62 | % | ||||||||||||||||||
2024 | 2024 | 2,819,858 | 4.17 | 2024 | 3,832,949 | 4.33 | ||||||||||||||||||||||
2025 | 2025 | 135,211 | 1.47 | 2025 | 151,114 | 1.66 | ||||||||||||||||||||||
2026 | 2026 | 65,092 | 0.82 | 2026 | 66,492 | 0.91 | ||||||||||||||||||||||
2027 | 2027 | 35,551 | 0.66 | 2027 | 34,479 | 0.70 | ||||||||||||||||||||||
2027 and beyond | 2027 and beyond | 12,568 | 1.17 | 2027 and beyond | 16,442 | 1.25 | ||||||||||||||||||||||
Total | Total | $ | 5,265,664 | 3.67 | % | Total | $ | 5,575,704 | 4.00 | % |
Long-term | Short-term | |||||||
Old National | N/A | |||||||
Old National Bank | 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 | $ | 882,164 | $ | 315,722 | Cash and due from banks | $ | 1,409,813 | $ | 253,617 | ||||||||||||
Unencumbered government-issued debt securities | Unencumbered government-issued debt securities | — | 725,107 | Unencumbered government-issued debt securities | — | 297,043 | ||||||||||||||||
Unencumbered investment grade municipal securities | Unencumbered investment grade municipal securities | — | 53,245 | Unencumbered investment grade municipal securities | — | 114,908 | ||||||||||||||||
Unencumbered corporate securities | Unencumbered corporate securities | — | 137,754 | Unencumbered corporate securities | — | 34,618 | ||||||||||||||||
Availability of borrowings: | ||||||||||||||||||||||
Amount available from Federal Reserve discount window* | — | 963,723 | ||||||||||||||||||||
Availability of borrowings*: | Availability of borrowings*: | |||||||||||||||||||||
Amount available from Federal Reserve discount window | Amount available from Federal Reserve discount window | — | 875,670 | |||||||||||||||||||
Amount available from Federal Reserve Bank Term Funding Program | Amount available from Federal Reserve Bank Term Funding Program | — | 2,392,528 | Amount available from Federal Reserve Bank Term Funding Program | — | 2,354,901 | ||||||||||||||||
Amount available from Federal Home Loan Bank* | — | 6,040,931 | ||||||||||||||||||||
Amount available from Federal Home Loan Bank | Amount available from Federal Home Loan Bank | — | 5,536,299 | |||||||||||||||||||
Total available funds | Total available funds | $ | 882,164 | $ | 10,629,010 | Total available funds | $ | 1,409,813 | $ | 9,467,056 |
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 |
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) | |||||||||||||||||||
07/01/23 - 07/31/23 | 27,973 | $ | 14.01 | — | $ | 170,476,849 | |||||||||||||||||
08/01/23 - 08/31/23 | 303 | $ | 16.76 | — | $ | 170,476,849 | |||||||||||||||||
09/01/23 - 09/30/23 | 3,479 | $ | 15.79 | — | $ | 170,476,849 | |||||||||||||||||
Total | 31,755 | $ | 14.24 | — | $ | 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: |