Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-35077 | |
Entity Registrant Name | WINTRUST FINANCIAL CORP | |
Entity Incorporation, State or Country Code | IL | |
Entity Tax Identification Number | 36-3873352 | |
Entity Address, Address Line One | 9700 W. Higgins Road, Suite 800 | |
Entity Address, City or Town | Rosemont | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60018 | |
City Area Code | 847 | |
Local Phone Number | 939-9000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 61,753,551 | |
Entity Central Index Key | 0001015328 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Stock, no par value | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, no par value | |
Trading Symbol | WTFC | |
Security Exchange Name | NASDAQ | |
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, no par value | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, no par value | |
Trading Symbol | WTFCM | |
Security Exchange Name | NASDAQ | |
6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, no par value | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, no par value | |
Trading Symbol | WTFCP | |
Security Exchange Name | NASDAQ |
CONSOLIDATED STATEMENTS OF COND
CONSOLIDATED STATEMENTS OF CONDITION - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Assets | |||
Cash and due from banks | $ 379,825 | $ 423,404 | $ 445,928 |
Federal funds sold and securities purchased under resale agreements | 61 | 60 | 58 |
Interest-bearing deposits with banks | 2,131,077 | 2,084,323 | 1,563,578 |
Available-for-sale securities, at fair value | 4,387,598 | 3,502,915 | 3,259,845 |
Held-to-maturity securities, at amortized cost, net of allowance for credit losses of $329, $347 and $463 at March 31, 2024, December 31, 2023 and March 31, 2023, respectively ($3.1 billion, $3.2 billion and $3.0 billion fair value at March 31, 2024, December 31, 2023 and March 31, 2023, respectively) | 3,810,015 | 3,856,916 | 3,606,391 |
Trading account securities | 2,184 | 4,707 | 102 |
Equity securities with readily determinable fair value | 119,777 | 139,268 | 111,943 |
Federal Home Loan Bank and Federal Reserve Bank stock | 224,657 | 205,003 | 244,957 |
Brokerage customer receivables | 13,382 | 10,592 | 16,042 |
Mortgage loans held-for-sale, at fair value | 339,884 | 292,722 | 302,493 |
Loans, net of unearned income | 43,230,706 | 42,131,831 | 39,565,471 |
Allowance for loan losses | (427,175) | (427,265) | (375,798) |
Premises, software and equipment, net | 744,769 | 748,966 | 760,283 |
Lease investments, net | 283,557 | 281,280 | 256,301 |
Accrued interest receivable and other assets | 1,580,142 | 1,551,899 | 1,413,795 |
Trade date securities receivable | 0 | 690,722 | 939,758 |
Goodwill | 656,181 | 656,672 | 653,587 |
Other acquisition-related intangible assets | 21,730 | 22,889 | 20,951 |
Total assets | 57,576,933 | 56,259,934 | 52,873,511 |
Deposits: | |||
Non-interest-bearing | 9,908,183 | 10,420,401 | 11,236,083 |
Interest-bearing | 36,540,675 | 34,976,769 | 31,482,128 |
Total deposits | 46,448,858 | 45,397,170 | 42,718,211 |
Federal Home Loan Bank advances | 2,676,751 | 2,326,071 | 2,316,071 |
Other borrowings | 575,408 | 645,813 | 583,548 |
Subordinated notes | 437,965 | 437,866 | 437,493 |
Junior subordinated debentures | 253,566 | 253,566 | 253,566 |
Accrued interest payable and other liabilities | 1,747,985 | 1,799,922 | 1,549,116 |
Total liabilities | 52,140,533 | 50,860,408 | 47,858,005 |
Shareholders’ Equity: | |||
Common stock, no par value; $1.00 stated value; 100,000,000 shares authorized at March 31, 2024, December 31, 2023 and March 31, 2023; 61,798,213 shares issued at March 31, 2024, 61,268,566 shares issued at December 31, 2023 and 61,197,979 shares issued at March 31, 2023 | 61,798 | 61,269 | 61,198 |
Surplus | 1,954,532 | 1,943,806 | 1,913,947 |
Treasury stock, at cost, $61,498 shares at March 31, 2024, 24,940 shares at December 31, 2023, and 21,564 shares at March 31, 2023 | (5,757) | (2,217) | (1,966) |
Retained earnings | 3,498,475 | 3,345,399 | 2,997,263 |
Accumulated other comprehensive loss | (485,148) | (361,231) | (367,436) |
Total shareholders’ equity | 5,436,400 | 5,399,526 | 5,015,506 |
Total liabilities and shareholders’ equity | 57,576,933 | 56,259,934 | 52,873,511 |
Series D - $25 liquidation value; 5,000,000 shares issued and outstanding at March 31, 2024, December 31, 2023 and March 31, 2023 | |||
Shareholders’ Equity: | |||
Preferred stock, no par value; 20,000,000 shares authorized: | 125,000 | 125,000 | 125,000 |
Series E - $25,000 liquidation value; 11,500 shares issued and outstanding at March 31, 2024, December 31, 2023 and March 31, 2023 | |||
Shareholders’ Equity: | |||
Preferred stock, no par value; 20,000,000 shares authorized: | 287,500 | 287,500 | 287,500 |
Loans | |||
Assets | |||
Loans, net of unearned income | 43,230,706 | 42,131,831 | 39,565,471 |
Allowance for loan losses | (348,612) | (344,235) | (287,972) |
Net loans | $ 42,882,094 | $ 41,787,596 | $ 39,277,499 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF CONDITION (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Held-to-maturity securities, allowance for credit loss | $ 329 | $ 347 | $ 463 |
Held-to-maturity securities, fair value | $ 3,111,954 | $ 3,215,468 | $ 2,976,198 |
Preferred stock, authorized (in shares) | 20,000,000 | 20,000,000 | 20,000,000 |
Common stock, stated value (usd per share) | $ 1 | $ 1 | $ 1 |
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 |
Common stock, issued (in shares) | 61,798,213 | 61,268,566 | 61,197,979 |
Treasury stock (in shares) | 61,498 | 24,940 | 21,564 |
Series D Preferred Stock | |||
Preferred stock, liquidation value per share (usd per share) | $ 25 | $ 25 | $ 25 |
Preferred stock, issued (in shares) | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, outstanding (in shares) | 5,000,000 | 5,000,000 | 5,000,000 |
Series E Preferred Stock | |||
Preferred stock, liquidation value per share (usd per share) | $ 25,000 | $ 25,000 | $ 25,000 |
Preferred stock, issued (in shares) | 11,500 | 11,500 | 11,500 |
Preferred stock, outstanding (in shares) | 11,500 | 11,500 | 11,500 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income | ||
Interest and fees on loans | $ 710,341 | $ 558,692 |
Mortgage loans held-for-sale | 4,146 | 3,528 |
Interest-bearing deposits with banks | 16,658 | 13,468 |
Federal funds sold and securities purchased under resale agreements | 19 | 70 |
Investment securities | 69,678 | 59,943 |
Trading account securities | 18 | 14 |
Federal Home Loan Bank and Federal Reserve Bank stock | 4,478 | 3,680 |
Brokerage customer receivables | 175 | 295 |
Total interest income | 805,513 | 639,690 |
Interest expense | ||
Interest on deposits | 299,532 | 144,802 |
Interest on Federal Home Loan Bank advances | 22,048 | 19,135 |
Interest on other borrowings | 9,248 | 7,854 |
Interest on subordinated notes | 5,487 | 5,488 |
Interest on junior subordinated debentures | 5,004 | 4,416 |
Total interest expense | 341,319 | 181,695 |
Net interest income | 464,194 | 457,995 |
Provision for credit losses | 21,673 | 23,045 |
Net interest income after provision for credit losses | 442,521 | 434,950 |
Non-interest income | ||
Wealth management | 34,815 | 29,945 |
Mortgage banking | 27,663 | 18,264 |
Service charges on deposit accounts | 14,811 | 12,903 |
Gains on investment securities, net | 1,326 | 1,398 |
Fees from covered call options | 4,847 | 10,391 |
Trading gains, net | 677 | 813 |
Operating lease income, net | 14,110 | 13,046 |
Other | 42,331 | 21,009 |
Total non-interest income | 140,580 | 107,769 |
Non-interest expense | ||
Salaries and employee benefits | 195,173 | 176,781 |
Software and equipment | 27,731 | 24,697 |
Operating lease equipment | 10,683 | 9,833 |
Occupancy, net | 19,086 | 18,486 |
Data processing | 9,292 | 9,409 |
Advertising and marketing | 13,040 | 11,946 |
Professional fees | 9,553 | 8,163 |
Amortization of other acquisition-related intangible assets | 1,158 | 1,235 |
FDIC insurance | 14,537 | 8,669 |
Other real estate owned expense, net | 392 | (207) |
Other | 32,500 | 30,157 |
Total non-interest expense | 333,145 | 299,169 |
Income before taxes | 249,956 | 243,550 |
Income tax expense | 62,662 | 63,352 |
Net income | 187,294 | 180,198 |
Preferred stock dividends | 6,991 | 6,991 |
Net income applicable to common shares | $ 180,303 | $ 173,207 |
Net income per common share-Basic (usd per share) | $ 2.93 | $ 2.84 |
Net income per common share-Diluted (usd per share) | 2.89 | 2.80 |
Cash dividends declared per common share (usd per share) | $ 0.45 | $ 0.40 |
Weighted average common shares outstanding (in shares) | 61,481 | 60,950 |
Dilutive potential common shares (in shares) | 928 | 873 |
Average common shares and dilutive common shares (in shares) | 62,409 | 61,823 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 187,294 | $ 180,198 |
Unrealized (losses) gains on available-for-sale securities | ||
Before tax | (77,888) | 47,040 |
Tax effect | 20,601 | (12,537) |
Net of tax | (57,287) | 34,503 |
Reclassification of net gains on available-for-sale securities included in net income | ||
Before tax | (26) | 560 |
Tax effect | 7 | (151) |
Net of tax | (19) | 409 |
Reclassification of amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale | ||
Before tax | 50 | 43 |
Tax effect | (13) | (11) |
Net of tax | 37 | 32 |
Net unrealized (losses) gains on available-for-sale securities | (57,305) | 34,062 |
Unrealized (losses) gains on derivative instruments | ||
Before tax | (82,091) | 34,666 |
Tax effect | 21,713 | (9,238) |
Net unrealized (losses) gains on derivative instruments | (60,378) | 25,428 |
Foreign currency adjustment | ||
Before tax | (7,649) | 890 |
Tax effect | 1,415 | (180) |
Net foreign currency adjustment | (6,234) | 710 |
Total other comprehensive (loss) income | (123,917) | 60,200 |
Comprehensive income | $ 63,377 | $ 240,398 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Preferred stock | Common stock | Surplus | Treasury stock | Retained earnings | Retained earnings Cumulative Effect, Period of Adoption, Adjustment | Accumulated other comprehensive income (loss) |
Beginning balance at Dec. 31, 2022 | $ 4,796,838 | $ (544) | $ 412,500 | $ 60,797 | $ 1,902,474 | $ (304) | $ 2,849,007 | $ (544) | $ (427,636) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 180,198 | 180,198 | |||||||
Other comprehensive income (loss), net of tax | 60,200 | 60,200 | |||||||
Cash dividends declared on common stock | (24,407) | (24,407) | |||||||
Dividends on Series D and E preferred stock | (6,991) | (6,991) | |||||||
Stock-based compensation | 8,295 | 8,295 | |||||||
Common stock issued for: | |||||||||
Exercise of stock options | 2,216 | 54 | 2,162 | ||||||
Restricted stock awards | (1,662) | 275 | (275) | (1,662) | |||||
Employee stock purchase plan | 694 | 9 | 685 | ||||||
Director compensation plan | 669 | 63 | 606 | ||||||
Ending balance at Mar. 31, 2023 | 5,015,506 | 412,500 | 61,198 | 1,913,947 | (1,966) | 2,997,263 | (367,436) | ||
Beginning balance at Dec. 31, 2023 | 5,399,526 | 412,500 | 61,269 | 1,943,806 | (2,217) | 3,345,399 | (361,231) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 187,294 | 187,294 | |||||||
Other comprehensive income (loss), net of tax | (123,917) | (123,917) | |||||||
Cash dividends declared on common stock | (27,227) | (27,227) | |||||||
Dividends on Series D and E preferred stock | (6,991) | (6,991) | |||||||
Stock-based compensation | 9,157 | 9,157 | |||||||
Common stock issued for: | |||||||||
Exercise of stock options | 25 | 1 | 24 | ||||||
Restricted stock awards | (3,504) | 505 | (469) | (3,540) | |||||
Employee stock purchase plan | 741 | 8 | 733 | ||||||
Director compensation plan | 1,296 | 15 | 1,281 | ||||||
Ending balance at Mar. 31, 2024 | $ 5,436,400 | $ 412,500 | $ 61,798 | $ 1,954,532 | $ (5,757) | $ 3,498,475 | $ (485,148) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash dividends declared on common stock (usd per share) | $ 0.45 | $ 0.40 |
Series D Preferred Stock | ||
Dividends on preferred stock (usd per share) | 0.41 | 0.41 |
Series E Preferred Stock | ||
Dividends on preferred stock (usd per share) | $ 429.69 | $ 429.69 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Activities: | ||
Net income | $ 187,294 | $ 180,198 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Provision for credit losses | 21,673 | 23,045 |
Depreciation, amortization and accretion, net | 21,464 | 18,798 |
Stock-based compensation expense | 9,157 | 8,295 |
Amortization of premium on securities, net | 190 | 275 |
Accretion of discount and deferred fees on loans, net | (3,601) | (4,263) |
Mortgage servicing rights fair value changes | (3,210) | 10,863 |
Non-designated derivatives fair value changes, net | 1,985 | (2,805) |
Originations and purchases of mortgage loans held-for-sale | (475,613) | (366,006) |
Early buy-out exercises of mortgage loans held-for-sale guaranteed by U.S. government agencies, net of subsequent paydowns or payoffs | (16,562) | (6,334) |
Proceeds from sales of mortgage loans held-for-sale | 446,262 | 366,509 |
Bank owned life insurance (“BOLI”) (gains) losses | (1,651) | 1,351 |
Decrease in trading securities, net | 2,523 | 1,025 |
(Increase) decrease in brokerage customer receivables, net | (2,790) | 345 |
Gains on mortgage loans sold | (12,000) | (10,795) |
Gains on investment securities, net | (1,326) | (1,398) |
(Gains) losses on sales of premises and equipment, net | (146) | 93 |
Losses on sales and fair value adjustments of other real estate owned, net | 207 | 99 |
Increase in accrued interest receivable and other assets, net | (40,478) | (97,024) |
Decrease in accrued interest payable and other liabilities, net | (62,253) | (53,830) |
Net Cash Provided by Operating Activities | 71,125 | 68,441 |
Investing Activities: | ||
Proceeds from calls and sales of available-for-sale securities | 690,866 | 934,554 |
Proceeds from payments and maturities of available-for-sale securities | 82,418 | 74,043 |
Proceeds from payments, maturities and calls of held-to-maturity securities | 46,588 | 40,342 |
Proceeds from sales of equity securities with readily determinable fair value | 45,000 | 23,592 |
Proceeds from sales and capital distributions of equity securities without readily determinable fair value | 2,226 | 67 |
Purchases of available-for-sale securities | (1,045,047) | (996,433) |
Purchases of held-to-maturity securities | 0 | (6,443) |
Purchases of equity securities with readily determinable fair value | (24,000) | (23,697) |
Purchases of equity securities without readily determinable fair value | (2,900) | (4,850) |
(Purchases) redemptions of Federal Home Loan Bank and Federal Reserve Bank stock, net | (19,654) | 20,198 |
Distributions from investments in partnerships, net | 242 | 2,794 |
Proceeds from sales of other real estate owned | 0 | 435 |
(Increase) decrease in interest-bearing deposits with banks, net | (49,062) | 424,842 |
Increase in loans, net | (1,135,248) | (365,885) |
Purchases of premises and equipment, net | (10,599) | (9,139) |
Net Cash (Used for) Provided by Investing Activities | (1,419,170) | 114,420 |
Financing Activities: | ||
Increase (decrease) in deposit accounts, net | 1,051,686 | (184,335) |
Decrease in other borrowings, net | (62,239) | (13,968) |
Increase in Federal Home Loan Bank advances, net | 350,680 | 0 |
Cash payments to settle contingent consideration liabilities recognized in business combinations | 0 | (57) |
Issuance of common shares resulting from the exercise of stock options, employee stock purchase plan and director compensation plan | 2,098 | 3,579 |
Common stock repurchases for tax withholdings related to stock-based compensation | (3,540) | (1,662) |
Dividends paid | (34,218) | (31,398) |
Net Cash Provided by (Used for) Financing Activities | 1,304,467 | (227,841) |
Net Decrease in Cash and Cash Equivalents | (43,578) | (44,980) |
Cash and Cash Equivalents at Beginning of Period | 423,464 | 490,966 |
Cash and Cash Equivalents at End of Period | $ 379,886 | $ 445,986 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The interim consolidated financial statements of Wintrust Financial Corporation and its subsidiaries (collectively, “Wintrust” or the “Company”) presented herein are unaudited, but in the opinion of management, reflect all necessary adjustments of a normal or recurring nature for a fair presentation of results as of the dates and for the periods covered by the interim consolidated financial statements. The accompanying interim consolidated financial statements are unaudited and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations or cash flows in accordance with U.S. generally accepted accounting principles (“GAAP”). The interim unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”). Operating results reported for the period are not necessarily indicative of the results which may be expected for the entire year. Reclassifications of certain prior period amounts have been made to conform to the current period presentation. The preparation of the financial statements requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities. Management believes that the estimates made are reasonable; however, changes in estimates may be required if economic or other conditions develop differently from management’s expectations. Certain policies and accounting principles inherently have a greater reliance on the use of estimates, assumptions and judgments and as such have a greater possibility of producing results that could be materially different than originally reported. Management views critical accounting policies to be those which are highly dependent on subjective or complex judgments, estimates and assumptions, and where changes in those estimates and assumptions could have a significant impact on the financial statements. Management currently views the determination of the allowance for credit losses, including the allowance for loan losses, the allowance for unfunded commitment losses and the allowance for held-to-maturity securities losses, estimations of fair value, the valuations required for impairment testing of goodwill, the valuation and accounting for derivative instruments and income taxes as the accounting areas that require the most subjective and complex judgments, and as such could be the most subject to revision as new information becomes available. Descriptions of the Company’s significant accounting policies are included in Note (1) “Summary of Significant Accounting Policies” of the 2023 Form 10-K. In preparation of these financial statements, subsequent events were evaluated through the time the financial statements were issued. Financial statements are considered issued when they are widely distributed to all shareholders and other financial statement users or filed with the SEC. |
Recent Accounting Developments
Recent Accounting Developments | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Recent Accounting Developments | Recent Accounting Developments Equity Method and Joint Ventures - Investments in Tax Credit Structures In March 2023, the FASB issued ASU No. 2023-02, “Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method,” which allows reporting entities the option to apply the proportional amortization method to other tax credit programs besides the Low-Income Housing Tax Credit structures. The guidance requires application of the proportional amortization method on a tax-credit-program-by-tax-credit-program basis rather than electing the method at the reporting level entity level. The Company adopted ASU No. 2023-02 as of January 1, 2024. Adoption of this standard did not have a material impact on the Company’s consolidated financial statements. Segment Reporting In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” to enhance public entity disclosures regarding significant segment expenses which are regularly reported to an entity’s chief operating decision-maker (“CODM”) and included in a segment’s reported profit or loss. This ASU requires disclosure of the amount and composition of “other segment items,” the title and position of the CODM, and how the CODM uses reported measures of profit or loss to assess segment performance. Further, the guidance requires certain segment disclosures previously provided only annually, on an interim basis. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The guidance is to be applied retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on the consolidated financial statements. Income Tax Disclosures In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” to enhance the transparency and decision usefulness of income tax disclosures. This ASU requires annually that all entities disclose increasingly disaggregated information on amount of income taxes paid. Further, this ASU requires annually that all public entities must disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a specific quantitative threshold. This guidance is effective for fiscal years beginning after December 15, 2024, and is to be applied either on a prospective basis or retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. Compensation – Scope Application of Profits Interest and Similar Awards In March 2024, the FASB issued ASU No. 2024-01, “Compensation – Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards” which clarifies the guidance by providing an illustrative example to demonstrate how an entity should apply the scope guidance in Topic 718 when determining whether profits interest and similar awards should be accounted for in accordance with Topic 718. For public business entities, this guidance is effective for fiscal years beginning after December 15, 2024, including interim periods therein, and is to be applied either on a prospective basis or retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | Business Combinations On April 3, 2023, the Company completed its acquisition of Rothschild & Co Asset Management US Inc. and Rothschild & Co Risk Based Investments LLC from Rothschild & Co North America Inc. As of the acquisition date, the Company acquired approximately $12.6 million in net assets. As the transaction was determined to be a business combination, the Company recorded goodwill of approximately $2.6 million on the purchase. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the Consolidated Statements of Cash Flows, the Company considers cash and cash equivalents to include cash on hand, cash items in the process of collection, non-interest bearing amounts due from correspondent banks, federal funds sold and securities purchased under resale agreements with original maturities of three months or less. These items are included within the Company’s Consolidated Statements of Condition as cash and due from banks, and federal funds sold and securities purchased under resale agreements. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The following tables are a summary of the investment securities portfolios as of the dates shown: March 31, 2024 (In thousands) Amortized Gross Gross Fair Available-for-sale securities U.S. Treasury $ 61,185 $ — $ (10) $ 61,175 U.S. government agencies 50,000 — (4,285) 45,715 Municipal 144,752 569 (4,731) 140,590 Corporate notes: Financial issuers 83,996 — (8,264) 75,732 Other 1,000 — (7) 993 Mortgage-backed: (1) Residential mortgage-backed securities 4,396,962 480 (520,719) 3,876,723 Commercial (multi-family) mortgage-backed securities 16,225 28 (577) 15,676 Collateralized mortgage obligations 188,240 924 (18,170) 170,994 Total available-for-sale securities $ 4,942,360 $ 2,001 $ (556,763) $ 4,387,598 Held-to-maturity securities U.S. government agencies $ 336,463 $ — $ (69,998) $ 266,465 Municipal 168,490 258 (4,709) 164,039 Mortgage-backed: (1) Residential mortgage-backed securities 3,007,304 — (597,758) 2,409,546 Commercial (multi-family) mortgage-backed securities 6,401 — (281) 6,120 Collateralized mortgage obligations 234,314 431 (22,983) 211,762 Corporate notes 57,372 8 (3,358) 54,022 Total held-to-maturity securities $ 3,810,344 $ 697 $ (699,087) $ 3,111,954 Less: Allowance for credit losses (329) Held-to-maturity securities, net of allowance for credit losses $ 3,810,015 Equity securities with readily determinable fair value $ 123,421 $ 4,480 $ (8,124) $ 119,777 (1) None of our mortgage-backed securities are subprime. December 31, 2023 Amortized Gross Gross Fair (In thousands) Available-for-sale securities U.S. Treasury $ 6,960 $ 8 $ — $ 6,968 U.S. government agencies 50,000 — (4,876) 45,124 Municipal 144,299 657 (3,998) 140,958 Corporate notes: Financial issuers 83,996 — (8,456) 75,540 Other 1,000 — (9) 991 Mortgage-backed: (1) Residential Mortgage-backed securities 3,505,012 1,392 (446,784) 3,059,620 Commercial (multi-family) mortgage-backed securities 13,201 68 (289) 12,980 Collateralized mortgage obligations 175,346 1,400 (16,012) 160,734 Total available-for-sale securities $ 3,979,814 $ 3,525 $ (480,424) $ 3,502,915 Held-to-maturity securities U.S. government agencies $ 336,468 $ — $ (67,058) $ 269,410 Municipal 172,933 565 (3,778) 169,720 Mortgage-backed: (1) Residential Mortgage-backed securities 3,042,828 1,922 (549,265) 2,495,485 Commercial (multi-family) mortgage-backed securities 6,415 — (184) 6,231 Collateralized mortgage obligations 241,075 978 (21,502) 220,551 Corporate notes 57,544 7 (3,480) 54,071 Total held-to-maturity securities $ 3,857,263 $ 3,472 $ (645,267) $ 3,215,468 Less: Allowance for credit losses (347) Held-to-maturity securities, net of allowance for credit losses $ 3,856,916 Equity securities with readily determinable fair value $ 143,312 $ 3,500 $ (7,544) $ 139,268 (1) None of our mortgage-backed securities are subprime. March 31, 2023 Amortized Gross Gross Fair (In thousands) Available-for-sale securities U.S. Treasury $ 4,947 $ 1 $ — $ 4,948 U.S. government agencies 80,000 — (5,138) 74,862 Municipal 164,110 439 (4,163) 160,386 Corporate notes: Financial issuers 93,995 — (11,320) 82,675 Other 1,000 — — 1,000 Mortgage-backed: (1) Mortgage-backed securities 3,300,048 1,787 (445,405) 2,856,430 Collateralized mortgage obligations 95,880 — (16,336) 79,544 Total available-for-sale securities $ 3,739,980 $ 2,227 $ (482,362) $ 3,259,845 Held-to-maturity securities U.S. government agencies $ 339,608 $ 24 $ (70,064) $ 269,568 Municipal 174,720 1,117 (2,880) 172,957 Mortgage-backed: (1) Mortgage-backed securities 2,872,591 1,197 (533,415) 2,340,373 Collateralized mortgage obligations 161,874 — (22,431) 139,443 Corporate notes 58,061 14 (4,218) 53,857 Total held-to-maturity securities $ 3,606,854 $ 2,352 $ (633,008) $ 2,976,198 Less: Allowance for credit losses (463) Held-to-maturity securities, net of allowance for credit losses $ 3,606,391 Equity securities with readily determinable fair value $ 116,296 $ 3,065 $ (7,418) $ 111,943 (1) Consisting entirely of residential mortgage-backed securities, none of which are subprime. Equity securities without readily determinable fair values totaled $63.2 million as of March 31, 2024. Equity securities without readily determinable fair values are included as part of accrued interest receivable and other assets in the Company’s Consolidated Statements of Condition. The Company monitors its equity investments without readily determinable fair values to identify potential transactions that may indicate an observable price change in orderly transactions for the identical or a similar investment of the same issuer, requiring adjustment to its carrying amount. During the three months ended March 31, 2024 and March 31, 2023, the Company recorded no upward or downward adjustments related to such observable price changes, respectively. The Company conducts a quarterly assessment of its equity securities without readily determinable fair values to determine whether impairment exists in such securities, considering, among other factors, the nature of the securities, financial condition of the issuer and expected future cash flows. During the three months ended March 31, 2024, the Company recorded $2,000 of impairment of equity securities without readily determinable fair values. During the three months ended March 31, 2023, the Company recorded no impairment of equity securities without readily determinable fair values. The following table presents the portion of the Company’s available-for-sale investment securities portfolios that have gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at March 31, 2024: Continuous unrealized Continuous unrealized Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available-for-sale securities U.S. Treasury $ 61,175 $ (10) $ — $ — $ 61,175 $ (10) U.S. government agencies — — 45,715 (4,285) 45,715 (4,285) Municipal 46,448 (324) 69,700 (4,407) 116,148 (4,731) Corporate notes: Financial issuers — — 75,732 (8,264) 75,732 (8,264) Other 993 (7) — — 993 (7) Mortgage-backed: (1) Residential mortgage-backed securities 1,567,822 (15,974) 2,277,921 (504,745) 3,845,743 (520,719) Commercial (multi-family) mortgage-backed securities 12,686 (577) — — 12,686 (577) Collateralized mortgage obligations 18,112 (83) 71,520 (18,087) 89,632 (18,170) Total available-for-sale securities $ 1,707,236 $ (16,975) $ 2,540,588 $ (539,788) $ 4,247,824 $ (556,763) (1) None of our mortgage-backed securities are subprime. The Company conducts a regular assessment of its investment securities to determine whether securities are experiencing credit losses. Factors for consideration include the nature of the securities, credit ratings or financial condition of the issuer, the extent of the unrealized loss, expected cash flows, market conditions and the Company’s ability to hold the securities through the anticipated recovery period. The Company does not consider available-for-sale securities with unrealized losses at March 31, 2024 to be experiencing credit losses and recognized no resulting allowance for credit losses for such individually assessed credit losses. The Company does not intend to sell these investments and it is more likely than not that the Company will not be required to sell these investments before recovery of the amortized cost bases, which may be the maturity dates of the securities. The unrealized losses within each category have occurred as a result of changes in interest rates, market spreads and market conditions subsequent to purchase. Available-for-sale securities with continuous unrealized losses existing for more than twelve months at March 31, 2024 were primarily mortgage-backed securities with unrealized losses due to increased market rates during such period. See Note (7) “Allowance for Credit Losses” in Item 1 of this report for further discussion regarding any credit losses associated with held-to-maturity securities at March 31, 2024. The following table provides information as to the amount of gross gains and losses, adjustments and impairment on investment securities recognized in earnings and proceeds received through the sale or call of investment securities: Three months ended March 31, (In thousands) 2024 2023 Realized gains on investment securities $ 1,035 $ 605 Realized losses on investment securities (108) (45) Net realized gains on investment securities 927 560 Unrealized gains on equity securities with readily determinable fair value 1,034 2,290 Unrealized losses on equity securities with readily determinable fair value (633) (1,452) Net unrealized gains on equity securities with readily determinable fair value 401 838 Impairment of equity securities without readily determinable fair values (2) — Gains on investment securities, net $ 1,326 $ 1,398 The amortized cost and fair value of available-for-sale and held-to-maturity investment securities as of March 31, 2024, December 31, 2023 and March 31, 2023, by contractual maturity, are shown in the following table. Contractual maturities may differ from actual maturities as borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Mortgage-backed securities are not included in the maturity categories in the following maturity summary as actual maturities may differ from contractual maturities because the underlying mortgages may be called or prepaid without penalties: March 31, 2024 December 31, 2023 March 31, 2023 (In thousands) Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale securities Due in one year or less $ 107,680 $ 107,285 $ 53,162 $ 52,945 $ 108,880 $ 108,429 Due in one to five years 130,137 121,417 132,348 123,985 131,959 122,172 Due in five to ten years 85,212 80,234 82,040 76,869 39,019 35,158 Due after ten years 17,904 15,269 18,705 15,782 64,194 58,112 Mortgage-backed 4,601,427 4,063,393 3,693,559 3,233,334 3,395,928 2,935,974 Total available-for-sale securities $ 4,942,360 $ 4,387,598 $ 3,979,814 $ 3,502,915 $ 3,739,980 $ 3,259,845 Held-to-maturity securities Due in one year or less $ 4,652 $ 4,616 $ 5,169 $ 5,142 $ 2,302 $ 2,300 Due in one to five years 115,707 111,324 109,602 105,835 98,207 93,717 Due in five to ten years 89,538 88,050 99,700 98,718 110,967 110,892 Due after ten years 352,428 280,536 352,474 283,506 360,913 289,473 Mortgage-backed 3,248,019 2,627,428 3,290,318 2,722,267 3,034,465 2,479,816 Total held-to-maturity securities $ 3,810,344 $ 3,111,954 $ 3,857,263 $ 3,215,468 $ 3,606,854 $ 2,976,198 Less: Allowance for credit losses (329) (347) (463) Held-to-maturity securities, net of allowance for credit losses $ 3,810,015 $ 3,856,916 $ 3,606,391 Securities having a carrying value of $7.2 billion at March 31, 2024 as well as securities having a carrying value of $6.9 billion and $5.7 billion at December 31, 2023 and March 31, 2023, respectively, were pledged as collateral for public deposits, trust deposits, Federal Home Loan Bank (“FHLB”) advances and available lines of credit, securities sold under repurchase agreements and derivatives. At March 31, 2024, there were no securities of a single issuer, other than U.S. government-sponsored agency securities, which exceeded 10% of shareholders’ equity. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loans | Loans The following table shows the Company’s loan portfolio by category as of the dates shown: March 31, December 31, March 31, (Dollars in thousands) 2024 2023 2023 Balance: Commercial $ 13,503,481 $ 12,832,053 $ 12,576,985 Commercial real estate 11,633,437 11,344,164 10,239,078 Home equity 340,349 343,976 337,016 Residential real estate 2,890,266 2,769,666 2,505,545 Premium finance receivables—property & casualty 6,940,019 6,903,529 5,738,880 Premium finance receivables—life insurance 7,872,033 7,877,943 8,125,802 Consumer and other 51,121 60,500 42,165 Total loans, net of unearned income $ 43,230,706 $ 42,131,831 $ 39,565,471 Mix: Commercial 31 % 30 % 32 % Commercial real estate 27 27 26 Home equity 1 1 1 Residential real estate 7 7 6 Premium finance receivables—property & casualty 16 16 14 Premium finance receivables—life insurance 18 19 21 Consumer and other 0 0 0 Total loans, net of unearned income 100 % 100 % 100 % The Company’s loan portfolio is generally comprised of loans to consumers and small to medium-sized businesses, which, for the commercial and commercial real estate portfolios, are located primarily within the geographic market areas that the banks serve. Various niche lending businesses, including franchise lending and insurance agency lending, operate on a national level. The premium finance receivables portfolios are made to customers throughout the United States and Canada. The Company strives to maintain a loan portfolio that is diverse in terms of loan type, industry, borrower, and geographic concentrations. Such diversification reduces the exposure to economic downturns that may occur in different segments of the economy or in different industries. Certain premium finance receivables are recorded net of unearned income. The unearned income portions of such premium finance receivables were $260.2 million at March 31, 2024, $285.4 million at December 31, 2023 and $244.0 million at March 31, 2023. Total loans, excluding purchased credit deteriorated (“PCD”) loans, include net deferred loan fees and costs and fair value purchase accounting adjustments totaling $84.9 million at March 31, 2024, $84.2 million at December 31, 2023 and $70.9 million at March 31, 2023. It is the policy of the Company to review each prospective credit in order to determine the appropriateness and, when required, the adequacy of security or collateral necessary to obtain when making a loan. The type of collateral, when required, will vary from liquid assets to real estate. The Company seeks to ensure access to collateral, in the event of default, through adherence to state lending laws and the Company’s credit monitoring procedures. |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2024 | |
Credit Loss [Abstract] | |
Allowance for Credit Losses | Allowance for Credit Losses In accordance with ASC 326, the Company is required to measure the allowance for credit losses of financial assets with similar risk characteristics on a collective or pooled basis. In considering the segmentation of financial assets measured at amortized cost into pools, the Company considered various risk characteristics in its analysis. Generally, the segmentation utilized represents the level at which the Company develops and documents its systematic methodology to determine the allowance for credit losses for the financial assets held at amortized cost, specifically the Company's loan portfolio and debt securities classified as held-to-maturity. Descriptions of the Company’s loan portfolio segments and major debt security types are included in Note (5) “Allowance for Credit Losses” of the 2023 Form 10-K. In accordance with ASC 326, the Company elected to not measure an allowance for credit losses on accrued interest. As such accrued interest is written off in a timely manner when deemed uncollectible. Any such write-off of accrued interest will reverse previously recognized interest income. In addition, the Company elected to not include accrued interest within presentation and disclosures of the carrying amount of financial assets held at amortized cost. This election is applicable to the various disclosures included within the Company's financial statements. Accrued interest related to financial assets held at amortized cost is included within accrued interest receivable and other assets The tables below show the aging of the Company’s loan portfolio by the segmentation noted above at March 31, 2024, December 31, 2023 and March 31, 2023: As of March 31, 2024 90+ days and still accruing 60-89 days past due 30-59 days past due (In thousands) Nonaccrual Current Total Loans Loan Balances (includes PCD): Commercial Commercial, industrial and other $ 31,740 $ 27 $ 30,248 $ 77,715 $ 13,363,751 $ 13,503,481 Commercial real estate Construction and development 1,627 — 818 7,066 2,140,803 2,150,314 Non-construction 37,635 — 15,895 25,932 9,403,661 9,483,123 Home equity 838 — 212 1,617 337,682 340,349 Residential real estate, excluding early buy-out loans 17,901 — — 24,523 2,704,492 2,746,916 Premium finance receivables Property and casualty insurance loans 32,648 25,877 15,274 59,729 6,806,491 6,940,019 Life insurance loans — — 32,482 100,137 7,739,414 7,872,033 Consumer and other 19 47 16 210 50,829 51,121 Total loans, net of unearned income, excluding early buy-out loans $ 122,408 $ 25,951 $ 94,945 $ 296,929 $ 42,547,123 $ 43,087,356 Early buy-out loans guaranteed by U.S. government agencies (1) — 50,217 — 1,047 92,086 143,350 Total loans, net of unearned income $ 122,408 $ 76,168 $ 94,945 $ 297,976 $ 42,639,209 $ 43,230,706 As of December 31, 2023 90+ days and still accruing 60-89 days past due 30-59 days past due (In thousands) Nonaccrual Current Total Loans Loan Balances (includes PCD): Commercial Commercial, industrial and other $ 38,940 $ 98 $ 19,488 $ 85,743 $ 12,687,784 $ 12,832,053 Commercial real estate Construction and development 2,205 — 251 1,343 2,080,242 2,084,041 Non-construction 33,254 — 8,264 19,291 9,199,314 9,260,123 Home equity 1,341 — 62 2,263 340,310 343,976 Residential real estate, excluding early buy-out loans 15,391 — 2,325 22,942 2,578,425 2,619,083 Premium finance receivables Property and casualty insurance loans 27,590 20,135 23,236 50,437 6,782,131 6,903,529 Life insurance loans — — 16,206 45,464 7,816,273 7,877,943 Consumer and other 22 54 25 165 60,234 60,500 Total loans, net of unearned income, excluding early buy-out loans $ 118,743 $ 20,287 $ 69,857 $ 227,648 $ 41,544,713 $ 41,981,248 Early buy-out loans guaranteed by U.S. government agencies (1) — 57,688 250 328 92,317 150,583 Total loans, net of unearned income $ 118,743 $ 77,975 $ 70,107 $ 227,976 $ 41,637,030 $ 42,131,831 (1) Early buy-out loans are insured or guaranteed by the FHA or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans. As of March 31, 2023 90+ days and still accruing 60-89 days past due 30-59 days past due (In thousands) Nonaccrual Current Total Loans Loan Balances (includes PCD): Commercial Commercial, industrial and other $ 47,950 $ — $ 10,755 $ 95,593 $ 12,422,687 $ 12,576,985 Commercial real estate Construction and development 5,404 — 4,438 19,616 1,567,595 1,597,053 Non-construction 5,792 — 16,101 53,064 8,567,068 8,642,025 Home equity 1,190 — 116 1,118 334,592 337,016 Residential real estate, excluding early buy-out loans 11,333 104 74 19,183 2,278,699 2,309,393 Premium finance receivables Property and casualty insurance loans 18,543 9,215 14,287 32,545 5,664,290 5,738,880 Life insurance loans — 1,066 21,552 52,975 8,050,209 8,125,802 Consumer and other 6 87 10 379 41,683 42,165 Total loans, net of unearned income, excluding early buy-out loans $ 90,218 $ 10,472 $ 67,333 $ 274,473 $ 38,926,823 $ 39,369,319 Early buy-out loans guaranteed by U.S. government agencies (1) 29,245 36,920 — 1,485 128,502 196,152 Total loans, net of unearned income $ 119,463 $ 47,392 $ 67,333 $ 275,958 $ 39,055,325 $ 39,565,471 (1) Early buy-out loans are insured or guaranteed by the FHA or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans. Credit Quality Indicators Credit quality indicators, specifically the Company's internal risk rating systems, reflect how the Company monitors credit losses and represents factors used by the Company when measuring the allowance for credit losses. Descriptions of the Company’s credit quality indicators by financial asset are included in Note (5) “Allowance for Credit Losses” of the 2023 Form 10-K. The table below shows the Company’s loan portfolio by credit quality indicator and year of origination at March 31, 2024: Year of Origination Revolving Total (In thousands) 2024 2023 2022 2021 2020 Prior Revolving to Term Loans Loan Balances: Commercial, industrial and other Pass $ 970,127 $ 2,650,822 $ 1,998,311 $ 1,433,144 $ 590,652 $ 1,200,791 $ 3,979,064 $ 5,677 $ 12,828,588 Special mention 1,783 27,372 69,729 86,335 7,175 53,800 145,717 510 392,421 Substandard accrual 197 27,876 47,624 34,005 14,725 11,845 114,410 50 250,732 Substandard nonaccrual/doubtful — 12,562 4,653 5,326 1,720 6,734 745 — 31,740 Total commercial, industrial and other $ 972,107 $ 2,718,632 $ 2,120,317 $ 1,558,810 $ 614,272 $ 1,273,170 $ 4,239,936 $ 6,237 $ 13,503,481 Construction and development Pass $ 26,328 $ 408,651 $ 927,437 $ 369,191 $ 105,155 $ 166,162 $ 23,710 $ — $ 2,026,634 Special mention — 417 — 17,091 — 15,143 — — 32,651 Substandard accrual — — 2,495 35,215 2,480 49,212 — — 89,402 Substandard nonaccrual/doubtful — 499 — — — 1,128 — — 1,627 Total construction and development $ 26,328 $ 409,567 $ 929,932 $ 421,497 $ 107,635 $ 231,645 $ 23,710 $ — $ 2,150,314 Non-construction Pass $ 298,943 $ 1,516,282 $ 1,817,069 $ 1,370,179 $ 961,542 $ 3,011,760 $ 189,165 $ 6,915 $ 9,171,855 Special mention — 10,190 34,072 46,822 22,865 52,411 — — 166,360 Substandard accrual — 1,174 2,480 1,972 19,098 82,549 — — 107,273 Substandard nonaccrual/doubtful — 883 453 192 — 36,107 — — 37,635 Total non-construction $ 298,943 $ 1,528,529 $ 1,854,074 $ 1,419,165 $ 1,003,505 $ 3,182,827 $ 189,165 $ 6,915 $ 9,483,123 Home equity Pass $ — $ — $ — $ — $ — $ 9,518 $ 314,674 $ 1,271 $ 325,463 Special mention — — 223 62 — 1,992 4,076 — 6,353 Substandard accrual — — 291 — 45 6,265 995 99 7,695 Substandard nonaccrual/doubtful — — 180 69 108 391 — 90 838 Total home equity $ — $ — $ 694 $ 131 $ 153 $ 18,166 $ 319,745 $ 1,460 $ 340,349 Residential real estate Early buy-out loans guaranteed by U.S. government agencies $ — $ 2,621 $ 4,612 $ 3,919 $ 7,149 $ 125,049 $ — $ — $ 143,350 Pass 148,886 476,710 828,606 767,141 212,312 270,800 — — 2,704,455 Special mention — 1,842 3,945 2,610 1,310 5,191 — — 14,898 Substandard accrual 64 908 2,157 490 1,023 5,020 — — 9,662 Substandard nonaccrual/doubtful — 98 4,474 4,553 798 7,978 — — 17,901 Total residential real estate $ 148,950 $ 482,179 $ 843,794 $ 778,713 $ 222,592 $ 414,038 $ — $ — $ 2,890,266 Premium finance receivables - property and casualty Pass $ 3,462,480 $ 3,350,889 $ — $ 10,835 $ 1,043 $ — $ — $ — $ 6,825,247 Special mention 23,586 53,219 121 44 — — — — 76,970 Substandard accrual 598 4,460 92 4 — — — — 5,154 Substandard nonaccrual/doubtful 451 31,397 753 45 2 — — — 32,648 Total premium finance receivables - property and casualty $ 3,487,115 $ 3,439,965 $ 966 $ 10,928 $ 1,045 $ — $ — $ — $ 6,940,019 Premium finance receivables - life Pass $ 997,609 $ 6,871,203 $ 3,221 $ — $ — $ — $ — $ — $ 7,872,033 Special mention — — — — — — — — — Substandard accrual — — — — — — — — — Substandard nonaccrual/doubtful — — — — — — — — — Total premium finance receivables - life $ 997,609 $ 6,871,203 $ 3,221 $ — $ — $ — $ — $ — $ 7,872,033 Consumer and other Pass $ 610 $ 3,092 $ 935 $ 760 $ 73 $ 3,670 $ 41,790 $ — $ 50,930 Special mention — 8 14 7 — 77 1 — 107 Substandard accrual — 14 13 — — 29 9 — 65 Substandard nonaccrual/doubtful — 7 9 3 — — — — 19 Total consumer and other $ 610 $ 3,121 $ 971 $ 770 $ 73 $ 3,776 $ 41,800 $ — $ 51,121 Total loans Early buy-out loans guaranteed by U.S. government agencies $ — $ 2,621 $ 4,612 $ 3,919 $ 7,149 $ 125,049 $ — $ — $ 143,350 Pass 5,904,983 15,277,649 5,575,579 3,951,250 1,870,777 4,662,701 4,548,403 13,863 41,805,205 Special mention 25,369 93,048 108,104 152,971 31,350 128,614 149,794 510 689,760 Substandard accrual 859 34,432 55,152 71,686 37,371 154,920 115,414 149 469,983 Substandard nonaccrual/doubtful 451 45,446 10,522 10,188 2,628 52,338 745 90 122,408 Total loans $ 5,931,662 $ 15,453,196 $ 5,753,969 $ 4,190,014 $ 1,949,275 $ 5,123,622 $ 4,814,356 $ 14,612 $ 43,230,706 Gross write offs Three months ended March 31, 2024 99 13,085 2,129 660 1,965 5,903 — — 23,841 Held-to-maturity debt securities The Company conducts an assessment of its investment securities, including those classified as held-to-maturity, at the time of purchase and on at least an annual basis to ensure such investment securities remain within appropriate levels of risk and continue to perform satisfactorily in fulfilling its obligations. The Company considers, among other factors, the nature of the securities and credit ratings or financial condition of the issuer. If available, the Company obtains a credit rating for issuers from a Nationally Recognized Statistical Rating Organization (“NRSRO”) for consideration. If no such rating is available for an issuer, the Company performs an internal rating based on the scale utilized within the loan portfolio as discussed above. For purposes of the table below, the Company has converted any issuer rating from an NRSRO into the Company’s internal ratings based on Investment Policy and review by the Company’s management. As of March 31, 2024 Year of Origination Total (In thousands) 2024 2023 2022 2021 2020 Prior Balance Amortized Cost Balances: U.S. government agencies 1-4 internal grade $ — $ — $ 156,875 $ 147,813 $ 25,000 $ 6,775 $ 336,463 5-7 internal grade — 8-10 internal grade — Total U.S. government agencies $ — $ — $ 156,875 $ 147,813 $ 25,000 $ 6,775 $ 336,463 Municipal 1-4 internal grade $ — $ 4,176 $ 1,037 $ 6,886 $ 258 $ 156,133 $ 168,490 5-7 internal grade — 8-10 internal grade — Total municipal $ — $ 4,176 $ 1,037 $ 6,886 $ 258 $ 156,133 $ 168,490 Mortgage-backed securities 1-4 internal grade $ — $ 372,240 $ 566,684 $ 2,309,095 $ — $ — $ 3,248,019 5-7 internal grade — 8-10 internal grade — Total mortgage-backed securities $ — $ 372,240 $ 566,684 $ 2,309,095 $ — $ — $ 3,248,019 Corporate notes 1-4 internal grade $ — $ — $ 14,967 $ — $ 6,006 $ 36,399 $ 57,372 5-7 internal grade — 8-10 internal grade — Total corporate notes $ — $ — $ 14,967 $ — $ 6,006 $ 36,399 $ 57,372 Total held-to-maturity securities $ 3,810,344 Less: Allowance for credit losses (329) Held-to-maturity securities, net of allowance for credit losses $ 3,810,015 Measurement of Allowance for Credit Losses The Company's allowance for credit losses consists of the allowance for loan losses, the allowance for unfunded commitment losses and the allowance for held-to-maturity debt security losses. In accordance with ASC 326, the Company measures the allowance for credit losses at the time of origination or purchase of a financial asset, representing an estimate of lifetime expected credit losses on the related asset. When developing its estimate, the Company considers available information relevant to assessing the collectability of cash flows, from both internal and external sources. Historical credit loss experience is one input in the estimation process as well as inputs relevant to current conditions and reasonable and supportable forecasts. In considering past events, the Company considers the relevance, or lack thereof, of historical information due to changes in such things as financial asset underwriting or collection practices, and changes in portfolio mix due to changing business plans and strategies. In considering current conditions and forecasts, the Company considers both the current economic environment and the forecasted direction of the economic environment with emphasis on those factors deemed relevant to or driving changes in expected credit losses. As significant judgment is required, the review of the appropriateness of the allowance for credit losses is performed quarterly by various committees with participation by the Company's executive management. March 31, December 31, March 31, (In thousands) 2024 2023 2023 Allowance for loan losses $ 348,612 $ 344,235 $ 287,972 Allowance for unfunded lending-related commitments losses 78,563 83,030 87,826 Allowance for loan losses and unfunded lending-related commitments losses 427,175 427,265 375,798 Allowance for held-to-maturity securities losses 329 347 463 Allowance for credit losses $ 427,504 $ 427,612 $ 376,261 The allowance for credit losses is measured on a collective or pooled basis when similar risk characteristics exist, based upon the segmentation discussed above. The Company utilizes modeling methodologies that estimate lifetime credit loss rates on each pool, including methodologies estimating the probability of default and loss given default on specific segments. Historical credit loss history is adjusted for reasonable and supportable forecasts developed by the Company on a quantitative or qualitative basis and incorporates third party economic forecasts. Reasonable and supportable forecasts consider the macroeconomic factors that are most relevant to evaluating and predicting expected credit losses in the Company's financial assets. Currently, the Company utilizes an eight quarter forecast period using a single macroeconomic scenario provided by a third party and reviewed within the Company's governance structure. For periods beyond the ability to develop reasonable and supportable forecasts, the Company reverts to historical loss rates at an input level, straight-line over a four quarter reversion period. Expected credit losses are measured over the contractual term of the financial asset with consideration of expected prepayments. Expected extensions, renewals or modifications of the financial asset are considered when the expected extension, renewal or modification is contained within the existing agreement and is not unconditionally cancelable. The methodologies discussed above are applied to both current asset balances on the Company's Consolidated Statements of Condition and off-balance sheet commitments (i.e. unfunded lending-related commitments). Assets that do not share similar risk characteristics with a pool are assessed for the allowance for credit losses on an individual basis. These typically include assets experiencing financial difficulties, including assets rated as substandard nonaccrual and doubtful. If foreclosure is probable or the asset is considered collateral-dependent, expected credit losses are measured based upon the fair value of the underlying collateral adjusted for selling costs, if appropriate. Underlying collateral across the Company's segments consist primarily of real estate, land and construction assets as well as general business assets of the borrower. As of March 31, 2024, excluding loans carried at fair value, substandard nonaccrual loans totaling $52.8 million in carrying balance had no related allowance for credit losses. The Company does not measure an allowance for credit losses on accrued interest receivable balances because these balances are written off in a timely manner as a reduction to interest income when assets are placed on nonaccrual status. Loan portfolios A summary of activity in the allowance for credit losses, specifically for the loan portfolio (i.e. allowance for loan losses and allowance for unfunded commitment losses), for the three months ended March 31, 2024 and March 31, 2023 is as follows: Three months ended March 31, 2024 Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivables Consumer and Other Total Loans (In thousands) Commercial Allowance for credit losses at beginning of period $ 169,604 $ 223,853 $ 7,116 $ 13,133 $ 13,069 $ 490 $ 427,265 Other adjustments — — — — (31) — (31) Charge-offs (11,215) (5,469) (74) (38) (6,938) (107) (23,841) Recoveries 479 31 29 2 1,527 23 2,091 Provision for credit losses 7,650 7,637 120 604 5,703 (23) 21,691 Allowance for credit losses at period end $ 166,518 $ 226,052 $ 7,191 $ 13,701 $ 13,330 $ 383 $ 427,175 By measurement method: Individually measured $ 13,989 $ 1,784 $ — $ 59 $ — $ 9 $ 15,841 Collectively measured 152,529 224,268 7,191 13,642 13,330 374 411,334 Loans at period end Individually measured $ 31,740 $ 39,262 $ 838 $ 17,509 $ — $ 19 $ 89,368 Collectively measured 13,471,741 11,594,175 339,511 2,728,392 14,812,052 51,102 42,996,973 Loans held at fair value — — — 144,365 — — 144,365 Three months ended March 31, 2023 Commercial Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivables Consumer and Other Total Loans (In thousands) Allowance for credit losses at beginning of period $ 142,769 $ 184,352 $ 7,573 $ 11,585 $ 10,671 $ 498 $ 357,448 Cumulative effect adjustment from the adoption of ASU 2022-02 (TDR), net of tax 111 1,356 (33) (692) — (1) 741 Other adjustments — — — — 4 — 4 Charge-offs (2,543) (5) — — (4,650) (153) (7,351) Recoveries 392 100 35 4 1,323 32 1,886 Provision for credit losses 8,772 8,977 153 537 4,607 24 23,070 Allowance for credit losses at period end $ 149,501 $ 194,780 $ 7,728 $ 11,434 $ 11,955 $ 400 $ 375,798 By measurement method: Individually measured $ 11,281 $ 1,621 $ — $ — $ — $ 1 $ 12,903 Collectively measured 138,220 193,159 7,728 11,434 11,955 399 362,895 Loans at period end Individually measured $ 47,950 $ 11,196 $ 1,190 $ 11,280 $ — $ 6 $ 71,622 Collectively measured 12,529,035 10,227,882 335,826 2,286,733 13,864,682 42,159 39,286,317 Loans held at fair value — — — 207,532 — — 207,532 For the three months ended March 31, 2024 and March 31, 2023, the Company recognized approximately $21.7 million and $23.1 million of provision for credit losses, respectively, related to loans and lending agreements. The provision for each period was primarily the result of loan growth as well as the Company’s macroeconomic forecasts of key model inputs, most notably, Baa corporate credit spreads and the Commercial Real Estate Pricing Index (“CREPI”). Uncertainties remain regarding expected economic performance and macroeconomic forecasts utilized in the measurement of the allowance for credit losses as of March 31, 2024. Another key driver of provision for credit losses in these portfolios was loan risk rating migration. Net charge-offs in the three month periods ending March 31, 2024 and March 31, 2023, totaled $21.8 million and $5.5 million, respectively. Held-to-maturity debt securities The allowance for credit losses on the Company’s held-to-maturity debt securities is presented as a reduction to the amortized cost basis of held-to-maturity securities on the Company's Consolidated Statements of Condition. For the three month period ended March 31, 2024 and 2023, the Company recognized approximately $(18,000) and $(25,000), respectively, of provision for credit losses related to held-to-maturity securities. At March 31, 2024 and March 31, 2023, the Company did not identify any held-to-maturity debt securities within its portfolio that would require a charge-off. Loan Modifications to Borrowers Experiencing Financial Difficulties The Company’s approach to restructuring or modifying loans is built on its credit risk rating system, which requires credit management personnel to assign a credit risk rating to each loan. In each case, the loan officer is responsible for recommending a credit risk rating for each loan and ensuring the credit risk ratings are appropriate. These credit risk ratings are then reviewed and approved by the bank’s chief credit officer and/or concurrence credit officer. Credit risk ratings are determined by evaluating a number of factors, including a borrower’s financial strength, cash flow coverage, collateral protection and guarantees. The Company’s credit risk rating scale is one through ten with higher scores indicating higher risk. In the case of loans rated six or worse following modification, the Company’s Managed Assets Division evaluates the loan and the credit risk rating and determines that the loan has been restructured to be reasonably assured of repayment and of performance according to the modified terms and is supported by a current, well-documented credit assessment of the borrower’s financial condition and prospects for repayment under the revised terms. Based on the Company’s credit risk rating system, it considers that borrowers whose credit risk rating is 5 or better are not experiencing financial difficulties. Restructurings may arise when, due to financial difficulties experienced by the borrower, the Company obtains through physical possession one or more collateral assets in satisfaction of all or part of an existing credit. Once possession is obtained, the Company reclassifies the appropriate portion of the remaining balance of the credit from loans to other real estate owned (“OREO”), which is included within other assets in the Consolidated Statements of Condition. For any residential real estate property collateralizing a consumer mortgage loan, the Company is considered to possess the related collateral only if legal title is obtained upon completion of foreclosure, or the borrower conveys all interest in the residential real estate property to the Company through completion of a deed in lieu of foreclosure or similar legal agreement. At March 31, 2024, the Company had $1,146,000 of foreclosed residential real estate properties included within OREO. Further, the recorded investment in residential mortgage loans secured by residential real estate properties for which foreclosure proceedings are in process totaled $49.6 million and $53.4 million at March 31, 2024 and 2023, respectively. The tables below presents a summary of the period-end balance of loans to borrowers experiencing financial difficulties during the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 (Dollars in thousands) Total Percentage of Total Class of Loan Extension of Term Reduction of Delay in Contractual Payments Extension of Term and Reduction of Interest Rate Commercial Commercial, industrial and other $ 1,629 0.0 % $ 1,502 $ — $ — $ 127 Commercial real estate Non-construction 1,176 0.0 293 — 883 — Home equity 98 0.0 98 — — — Residential real estate 218 0.0 35 183 — — Premium finance receivables Property and casualty insurance loans 1 0.0 1 — — — Total loans $ 3,122 0.0 % $ 1,929 $ 183 $ 883 $ 127 Weighted average magnitude of modifications: Three months ended March 31, 2024 (Dollars in thousands) Total Duration of Extension of Term (months) Reduction of Duration of Delay in Contractual Payments (months) Commercial Commercial, industrial and other $ 1,629 10 219 — Commercial real estate Non-construction 1,176 47 — 16 Home equity 98 12 — — Residential real estate 218 37 201 — Premium finance receivables Property and casualty insurance loans 1 0 — — Total loans $ 3,122 16 215 16 Three Months Ended March 31, 2023 (Dollars in thousands) Total Percentage of Total Class of Loan Extension of Reduction of Delay in Contractual Payments Extension of Commercial Commercial, industrial and other $ 37,474 0.3 % $ 1,938 $ 221 $ 35,265 $ 50 Commercial real estate Non-construction 1,333 0.0 467 827 39 — Home equity 203 0.1 203 — — — Residential real estate 1,708 0.1 1,253 271 — 184 Premium finance receivables Property and casualty insurance loans 11 0.0 3 — — 8 Total loans $ 40,729 0.1 % $ 3,864 $ 1,319 $ 35,304 $ 242 Weighted average magnitude of modifications: Three months ended March 31, 2023 (Dollars in thousands) Total Duration of Extension of Term (months) Reduction of Duration of Delay in Contractual Payments (months) Commercial Commercial, industrial and other $ 37,474 10 52 16 Commercial real estate Non-construction 1,333 51 342 101 Home equity 203 12 — — Residential real estate 1,708 45 290 — Premium finance receivables Property and casualty insurance loans 11 0 50 — Total loans $ 40,729 27 275 17 The Company had commitments of $4.2 million and $32.2 million as of March 31,2024 and March 31, 2023, respectively, to lend additional funds to borrowings experiencing financial difficulty and for whom the Company has modified the terms of loans in the form of principal forgiveness, an interest rate reduction, an other-than insignificant payment delay or a term extension during the periods presented. The following table presents a summary of all modified loans for borrowers experiencing financial difficulties and such loans that were in payment default under the restructured terms during the respective periods below. (Dollars in thousands) For the Twelve Months Ended March 31, 2024 Three Months Ended March 31, 2024 For the Three Months Ended March 31, 2023 Three Months Ended March 31, 2023 Total Payments in Default (1) Total Payments in Default (1) Commercial Commercial, industrial and other $ 16,011 $ 244 $ 37,474 $ 2 Commercial real estate Construction and development 2,495 — — — Non-construction 6,161 603 1,333 828 Home equity 616 19 203 104 Residential real estate 612 144 1,708 — Premium finance receivables Property and casualty insurance loans 81 — 11 11 Total loans $ 25,976 $ 1,010 $ 40,729 $ 945 (1) Modified loans considered to be in payment default are over 30 days past due subsequent to the restructuring. |
Goodwill and Other Acquisition-
Goodwill and Other Acquisition-Related Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Acquisition-Related Intangible Assets | Goodwill and Other Acquisition-Related Intangible Assets A summary of the Company’s goodwill assets by reporting unit is presented in the following table: (In thousands) December 31, 2023 Goodwill Impairment Goodwill Adjustments March 31, Community banking $ 545,671 $ — $ — $ — $ 545,671 Specialty finance 39,006 — — (491) 38,515 Wealth management 71,995 — — — 71,995 Total $ 656,672 $ — $ — $ (491) $ 656,181 The specialty finance unit’s goodwill decreased $491,000 in the first three months of 2024 as a result of foreign currency translation adjustments related to the Canadian acquisitions. The Company assesses each reporting unit’s goodwill for impairment on at least an annual basis and considers potential indicators of impairment at each reporting date between annual goodwill impairment tests. At October 1, 2023, the Company utilized a qualitative approach for its annual goodwill impairment tests of the community banking, specialty finance and wealth management reporting units and determined that it was more likely than not that the fair value of all reporting units exceeded the respective carrying value of such reporting unit at that time. At each reporting date between annual goodwill impairment tests, the Company considers potential indicators of impairment. The Company assessed whether events and circumstances resulted in it being more likely than not that the fair value of any reporting unit was less than its carrying value. Potential impairment indicators considered include the condition of the economy and banking industry; government intervention and regulatory updates; the impact of recent events to financial performance and cost factors of the reporting units; performance of the Company’s stock and other relevant events. At the conclusion of this assessment of all reporting units, the Company determined that as of March 31, 2024, it was more likely than not that the fair value of all reporting units exceeded the respective carrying value of such reporting unit. A summary of acquisition-related intangible assets as of the dates shown and the expected amortization of finite-lived acquisition-related intangible assets as of March 31, 2024 is as follows: (In thousands) March 31, December 31, March 31, Community banking segment: Core deposit intangibles with finite lives: Gross carrying amount $ 55,206 $ 55,206 $ 55,206 Accumulated amortization (46,899) (46,125) (43,473) Net carrying amount $ 8,307 $ 9,081 $ 11,733 Trademark with indefinite lives: Carrying amount 5,800 5,800 5,800 Total net carrying amount $ 14,107 $ 14,881 $ 17,533 Specialty finance segment: Customer list intangibles with finite lives: Gross carrying amount $ 1,962 $ 1,963 $ 1,962 Accumulated amortization (1,849) (1,837) (1,799) Net carrying amount $ 113 $ 126 $ 163 Wealth management segment: Customer list and other intangibles with finite lives: Gross carrying amount $ 26,630 $ 26,630 $ 20,430 Accumulated amortization (19,120) (18,748) (17,175) Net carrying amount $ 7,510 $ 7,882 $ 3,255 Total acquisition-related intangible assets: Gross carrying amount $ 89,598 $ 89,599 $ 83,398 Accumulated amortization (67,868) (66,710) (62,447) Total other acquisition-related intangible assets, net $ 21,730 $ 22,889 $ 20,951 Estimated amortization Actual in three months ended March 31, 2024 $ 1,158 Estimated remaining in 2024 3,143 Estimated—2025 3,482 Estimated—2026 2,772 Estimated—2027 2,156 Estimated—2028 1,591 The core deposit intangibles recognized in connection with prior bank acquisitions are amortized over a ten-year period on an accelerated basis. The customer list intangibles recognized in connection with the purchase of life insurance premium finance assets in 2009 are being amortized over an 18-year period on an accelerated basis. The customer list and other intangibles recognized in connection with prior acquisitions within the wealth management segment are being amortized over a period of up to ten years on a straight-line basis. The increase in wealth management segment customer list and other intangibles as compared to March 31, 2023 relates to the acquisition in the second quarter 2023 which is being amortized over a period of ten years on an accelerated basis. Indefinite-lived intangible assets consist of certain trade and domain names recognized in connection with the acquisition of certain assets of Veterans First Mortgage in 2018. As indefinite-lived intangible assets are not amortized, the Company assesses impairment on at least an annual basis. Total amortization expense associated with finite-lived acquisition-related intangibles totaled approximately $1.2 million for the three months ended March 31, 2024 and 2023. |
Mortgage Servicing Rights ("MSR
Mortgage Servicing Rights ("MSRs") | 3 Months Ended |
Mar. 31, 2024 | |
Disclosures Pertaining to Servicing Assets and Servicing Liabilities [Abstract] | |
Mortgage Servicing Rights (MSRs) | Mortgage Servicing Rights (“MSRs”) The following is a summary of the changes in the carrying value of MSRs, accounted for at fair value, for the periods indicated: Three Months Ended March 31, March 31, (In thousands) 2024 2023 Fair value at beginning of the period $ 192,456 230,225 Additions from loans sold with servicing retained 5,379 5,107 Estimate of changes in fair value due to: Payoffs, paydowns and repurchases (4,386) (3,909) Changes in valuation inputs or assumptions 7,595 (6,953) Fair value at end of the period $ 201,044 $ 224,470 Unpaid principal balance of mortgage loans serviced for others $ 12,051,392 $ 14,080,461 The Company recognizes MSR assets upon the sale of residential real estate loans to external third parties when it retains the obligation to service the loans and the servicing fee is more than adequate compensation. MSRs are included in other assets in the Consolidated Statements of Condition. The initial recognition of MSR assets from loans sold with servicing retained and subsequent changes in fair value of all MSRs are recognized in mortgage banking revenue. MSRs are subject to changes in value from actual and expected prepayment of the underlying loans. The estimation of fair value related to MSRs is partly impacted by the Company exercising its early buyout options (“EBO”) on eligible loans previously sold to the Government National Mortgage Association (“GNMA”). Under such optional repurchase program, financial institutions acting as servicers are allowed to buy back from the securitized loan pool individual delinquent mortgage loans meeting certain criteria for which the institution was the original transferor of such loans. At the option of the servicer and without prior authorization from GNMA, the servicer may repurchase such delinquent loans for an amount equal to the remaining principal balance of the loan. At the time of such repurchase, any MSR value related to such loans is derecognized. The MSR asset fair value is determined by using a discounted cash flow model that incorporates the objective characteristics of the portfolio as well as subjective valuation parameters that purchasers of servicing would apply to such portfolios sold into the secondary market. The subjective factors include loan prepayment speeds, discount rates, servicing costs and other economic factors. The Company uses a third party to assist in the valuation of MSRs. Periodically, the Company will purchase options for the right to purchase securities not currently held within the banks’ investment portfolios or enter into interest rate swaps in which the Company elects not to designate such derivatives as hedging instruments. These option and swap transactions are designed primarily to economically hedge a portion of the fair value adjustments related to the Company’s MSRs. The gain or loss associated with these derivative contracts is included in mortgage banking revenue. For more information regarding these hedges outstanding as of March 31, 2024 and March 31, 2023, see Note (14) “Derivative Financial Instruments” in Item 1 of this report. |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2024 | |
Deposits [Abstract] | |
Deposits | Deposits The following table is a summary of deposits as of the dates shown: (Dollars in thousands) March 31, December 31, March 31, Balance: Non-interest-bearing $ 9,908,183 $ 10,420,401 $ 11,236,083 NOW and interest-bearing demand deposits 5,720,947 5,797,649 5,576,558 Wealth management deposits 1,347,817 1,614,499 1,809,933 Money market 15,617,717 15,149,215 13,552,277 Savings 5,959,774 5,790,334 5,192,108 Time certificates of deposit 7,894,420 6,625,072 5,351,252 Total deposits $ 46,448,858 $ 45,397,170 $ 42,718,211 Mix: Non-interest-bearing 21 % 23 % 26 % NOW and interest-bearing demand deposits 12 13 13 Wealth management deposits 3 4 4 Money market 34 33 32 Savings 13 13 12 Time certificates of deposit 17 14 13 Total deposits 100 % 100 % 100 % Wealth management deposits represent deposit balances (primarily money market accounts) at the Company’s subsidiary banks from brokerage customers of Wintrust Investments, LLC (“Wintrust Investments”), Chicago Deferred Exchange Company (“CDEC”) and trust and asset management customers of the Company. |
FHLB Advances, Other Borrowings
FHLB Advances, Other Borrowings and Subordinated Notes | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
FHLB Advances, Other Borrowings and Subordinated Notes | FHLB Advances, Other Borrowings and Subordinated Notes The following table is a summary of FHLB advances, other borrowings and subordinated notes as of the dates shown: (In thousands) March 31, December 31, March 31, FHLB advances $ 2,676,751 $ 2,326,071 $ 2,316,071 Other borrowings: Notes payable 164,153 171,282 192,666 Short-term borrowings 10,869 13,430 10,124 Secured borrowings 341,704 401,897 320,007 Other 58,682 59,204 60,751 Total other borrowings 575,408 645,813 583,548 Subordinated notes 437,965 437,866 437,493 Total FHLB advances, other borrowings and subordinated notes $ 3,690,124 $ 3,409,750 $ 3,337,112 Descriptions of the Company’s FHLB advances, other borrowings, and subordinated notes are included in Note (11) “Federal Home Loan Bank Advances”, Note (12) “Subordinated Notes” and Note (13) “Other Borrowings” of the 2023 Form 10-K. Notes Payable Notes payable balances represent the balances on the Company’s credit agreement with certain unaffiliated banks. At March 31, 2024, the outstanding principal balance under the term loan facility was $164.2 million and there was no outstanding balance under the revolving credit facility. Borrowings under notes payable are secured by pledges of and first priority perfected security interests in the Company’s equity interest in its bank subsidiaries and contain several restrictive covenants, including the maintenance of various capital adequacy levels, asset quality and profitability ratios, and certain restrictions on dividends and other indebtedness. At March 31, 2024, the Company was in compliance with all such covenants. Short-term Borrowings Short-term borrowings include securities sold under repurchase agreements of customer sweep accounts in connection with master repurchase agreement at the banks. These borrowings totaled $10.9 million at March 31, 2024 compared to $13.4 million and $10.1 million at December 31, 2023 and March 31, 2023, respectively. As of March 31, 2024, the Company had pledged securities related to its customer balances in sweep accounts of $16.6 million. Securities pledged for customer balances in sweep accounts and short-term borrowings from brokers are maintained under the Company’s control and consist of mortgage-backed securities. These securities are included in the available-for-sale portfolio as reflected on the Company’s Consolidated Statements of Condition. The following is a summary of these securities pledged as of March 31, 2024 disaggregated by investment category and maturity of the related customer sweep account, and reconciled to the outstanding balance of securities sold under repurchase agreements: (In thousands) Overnight Sweep Collateral Available-for-sale securities pledged Mortgage-backed securities $ 16,632 Excess collateral 5,763 Securities sold under repurchase agreements $ 10,869 Secured Borrowings The balance of secured borrowings primarily represents a third party Canadian transaction (“Canadian Secured Borrowing”). Under the Canadian Secured Borrowing, the Company, through its subsidiary, FIFC Canada, sells an undivided co-ownership interest in all receivables owed to FIFC Canada to an unrelated third party in exchange for cash payments pursuant to a receivables purchase agreement (“Receivables Purchase Agreement”). On May 31, 2023, the Company entered into the eleventh amending agreement to the Receivables Purchase Agreement dated as of December 16, 2014. The amended Receivables Purchase Agreement provides for, among other things, an extension of the maturity date to December 15, 2024, an increase to the facility limit from $420 million to $520 million, and a fee rate increase from 0.775% to 0.825%. Additionally, since Canadian Dollar Offered Rate (“CDOR”) will cease being used in Canada in June 2024, references to CDOR changed to the Benchmark rate. At March 31, 2024, the translated balance of the secured borrowings totaled $332.4 million compared to $392.5 million at December 31, 2023 and $310.6 million at March 31, 2023. The interest rate under the Receivables Purchase Agreement is the Canadian Commercial Paper Rate plus fee rate of 0.825%. The remaining $9.3 million, $9.4 million and $9.4 million within secured borrowings at March 31, 2024, December 31, 2023 and March 31, 2023, respectively, represent other sold interests in certain loans by the Company that were not considered sales and, as such, related proceeds received are reflected on the Company’s Consolidated Statements of Condition as a secured borrowing owed to the various unrelated third parties. Other Borrowings Other borrowings represent a fixed-rate promissory note (“Fixed-Rate Promissory Note”) issued by the Company in June 2017. Subsequent amendments to the Fixed-Rate Promissory Note since issuance increased the principal amount to $66.4 million, reduced the interest rate to 1.70% and extended the maturity date to March 31, 2025. The Fixed-Rate Promissory Note contains several restrictive covenants, including the maintenance of various capital adequacy levels, asset quality and profitability ratios, and certain restrictions on dividends and indebtedness. At March 31, 2024, the Company was in compliance with all such covenants. Subordinated Notes At March 31, 2024, the Company had outstanding subordinated notes totaling $438.0 million compared to $437.9 million and $437.5 million at December 31, 2023 and March 31, 2023, respectively. In 2019, the Company issued $300.0 million of subordinated notes receiving $296.7 million in proceeds, net of underwriting discount. The notes have a stated interest rate of 4.85% and mature in June 2029. In 2014, the Company issued $140.0 million of subordinated notes receiving $139.1 million in proceeds, net of underwriting discount. The notes have a stated interest rate of 5.00% and mature in June 2024. |
Junior Subordinated Debentures
Junior Subordinated Debentures | 3 Months Ended |
Mar. 31, 2024 | |
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust [Abstract] | |
Junior Subordinated Debentures | Junior Subordinated Debentures The following table provides a summary of the Company’s junior subordinated debentures as of March 31, 2024. The junior subordinated debentures represent the par value of the obligations owed to the Trusts. (Dollars in thousands) Common Trust Junior Rate Structure (1) Contractual Rate at 3/31/2024 Issue Maturity Earliest Wintrust Capital Trust III $ 774 $ 25,000 $ 25,774 S+0.26161+3.25 8.83 % 04/2003 04/2033 04/2008 Wintrust Statutory Trust IV 619 20,000 20,619 S+0.26161+2.80 8.36 % 12/2003 12/2033 12/2008 Wintrust Statutory Trust V 1,238 40,000 41,238 S+0.26161+2.60 8.16 % 05/2004 05/2034 06/2009 Wintrust Capital Trust VII 1,550 50,000 51,550 S+0.26161+1.95 7.54 % 12/2004 03/2035 03/2010 Wintrust Capital Trust VIII 1,238 25,000 26,238 S+0.26161+1.45 7.01 % 08/2005 09/2035 09/2010 Wintrust Capital Trust IX 1,547 50,000 51,547 S+0.26161+1.63 7.22 % 09/2006 09/2036 09/2011 Northview Capital Trust I 186 6,000 6,186 S+0.26161+3.00 8.57 % 08/2003 11/2033 08/2008 Town Bankshares Capital Trust I 186 6,000 6,186 S+0.26161+3.00 8.57 % 08/2003 11/2033 08/2008 First Northwest Capital Trust I 155 5,000 5,155 S+0.26161+3.00 8.56 % 05/2004 05/2034 05/2009 Suburban Illinois Capital Trust II 464 15,000 15,464 S+0.26161+1.75 7.34 % 12/2006 12/2036 12/2011 Community Financial Shares Statutory Trust II 109 3,500 3,609 S+0.26161+1.62 7.21 % 06/2007 09/2037 06/2012 Total $ 253,566 7.77 % (1) The interest rates on the variable rate junior subordinated debentures are based on the three-month Chicago Mercantile Exchange (“CME”) Term Secured Overnight Financing Rate (“SOFR”) and reset on a quarterly basis. The junior subordinated debentures totaled $253.6 million at March 31, 2024, December 31, 2023 and March 31, 2023. At March 31, 2024, the weighted average contractual interest rate on the junior subordinated debentures was 7.77%. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company’s operations consist of three primary segments: community banking, specialty finance and wealth management. The three reportable segments are strategic business units that are separately managed as they offer different products and services and have different marketing strategies. In addition, each segment’s customer base has varying characteristics and each segment has a different regulatory environment. While the Company’s management monitors each of the fifteen bank subsidiaries’ operations and profitability separately, these subsidiaries have been aggregated into one reportable operating segment due to the similarities in products and services, customer base, operations, profitability measures, and economic characteristics. For purposes of internal segment profitability, management allocates certain intersegment and parent company balances. Management allocates a portion of revenues to the specialty finance segment related to loans and leases originated by the specialty finance segment and sold or assigned to the community banking segment. Similarly, for purposes of analyzing the contribution from the wealth management segment, management allocates a portion of the net interest income earned by the community banking segment on deposit balances of customers of the wealth management segment to the wealth management segment. See Note (10) “Deposits” in Item 1 of this report for more information on these deposits. Finally, expenses incurred at the Wintrust parent company are allocated to each segment based on each segment’s risk-weighted assets. The segment financial information provided in the following table has been derived from the internal profitability reporting system used by management to monitor and manage the financial performance of the Company. The accounting policies of the segments are substantially similar to those described in Note (1) “Summary of Significant Accounting Policies” of the 2023 Form 10-K. The Company evaluates segment performance based on after-tax profit or loss and other appropriate profitability measures common to each segment. The following is a summary of certain operating information for reportable segments: Three Months Ended $ Change in % Change in (Dollars in thousands) March 31, March 31, Net interest income: Community Banking $ 363,685 $ 369,848 $ (6,163) (2) % Specialty Finance 82,282 70,351 11,931 17 Wealth Management 7,758 8,955 (1,197) (13) Total Operating Segments 453,725 449,154 4,571 1 Intersegment Eliminations 10,469 8,841 1,628 18 Consolidated net interest income $ 464,194 $ 457,995 $ 6,199 1 % Provision for credit losses: Community Banking $ 20,392 $ 21,099 $ (707) (3) % Specialty Finance 1,281 1,946 (665) (34) Wealth Management — — — — Total Operating Segments 21,673 23,045 (1,372) (6) Intersegment Eliminations — — — — Consolidated provision for credit losses $ 21,673 $ 23,045 $ (1,372) (6) % Non-interest income: Community Banking $ 74,636 $ 68,733 $ 5,903 9 % Specialty Finance 27,317 25,790 1,527 6 Wealth Management 58,485 30,297 28,188 93 Total Operating Segments 160,438 124,820 35,618 29 Intersegment Eliminations (19,858) (17,051) (2,807) 16 Consolidated non-interest income $ 140,580 $ 107,769 $ 32,811 30 % Net revenue: Community Banking $ 438,321 $ 438,581 $ (260) 0 % Specialty Finance 109,599 96,141 13,458 14 Wealth Management 66,243 39,252 26,991 69 Total Operating Segments 614,163 573,974 40,189 7 Intersegment Eliminations (9,389) (8,210) (1,179) 14 Consolidated net revenue $ 604,774 $ 565,764 $ 39,010 7 % Segment profit: Community Banking $ 120,046 $ 134,232 $ (14,186) (11) % Specialty Finance 42,523 36,737 5,786 16 Wealth Management 24,725 9,229 15,496 168 Consolidated net income $ 187,294 $ 180,198 $ 7,096 4 % Segment assets: Community Banking $ 45,720,014 $ 41,611,980 $ 4,108,034 10 % Specialty Finance 10,713,783 9,841,044 872,739 9 Wealth Management 1,143,136 1,420,487 (277,351) (20) Consolidated total assets $ 57,576,933 $ 52,873,511 $ 4,703,422 9 % NM - Not meaningful |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company primarily enters into derivative financial instruments as part of its strategy to manage its exposure to changes in interest rates. Derivative instruments represent contracts between parties that result in one party delivering cash to the other party based on a notional amount and an underlying term (such as a rate, security price or price index or commodity price) as specified in the contract. The amount of cash delivered from one party to the other is determined based on the interaction of the notional amount of the contract with the underlying term. Derivatives are also implicit in certain contracts and commitments. The derivative financial instruments currently used by the Company to manage its exposure to interest rate risk include: (1) interest rate swaps and collars to manage the interest rate risk of certain fixed and variable rate assets and variable rate liabilities; (2) interest rate lock commitments provided to customers to fund certain mortgage loans to be sold into the secondary market; (3) forward commitments for the future delivery of such mortgage loans to protect the Company from adverse changes in interest rates and corresponding changes in the value of mortgage loans held-for-sale; (4) covered call options to economically hedge specific investment securities and receive fee income, effectively enhancing the overall yield on such securities to compensate for net interest margin compression; and (5) options and swaps to economically hedge a portion of the fair value adjustments related to the Company’s mortgage servicing rights portfolio. The Company also enters into derivatives (typically interest rate swaps and commodity forward contracts) with certain qualified borrowers to facilitate the borrowers’ risk management strategies and concurrently enters into mirror-image derivatives with a third party counterparty, effectively making a market in the derivatives for such borrowers. Additionally, the Company enters into foreign currency contracts to manage foreign exchange risk associated with certain foreign currency denominated assets. The Company recognizes derivative financial instruments in the consolidated financial statements at fair value regardless of the purpose or intent for holding the instrument. The Company records derivative assets and derivative liabilities on the Consolidated Statements of Condition within accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively. Changes in the fair value of derivative financial instruments are either recognized in income or in shareholders’ equity as a component of accumulated other comprehensive income or loss depending on whether the derivative financial instrument qualifies for hedge accounting and, if so, whether it qualifies as a fair value hedge or cash flow hedge. Changes in fair values of derivatives accounted for as fair value hedges are recorded in income in the same period and in the same income statement line as changes in the fair values of the hedged items that relate to the hedged risk(s). Changes in fair values of derivative financial instruments accounted for as cash flow hedges are recorded as a component of accumulated other comprehensive income or loss, net of deferred taxes, and reclassified to earnings when the hedged transaction affects earnings. Changes in fair values of derivative financial instruments not designated in a hedging relationship pursuant to ASC 815 are reported in non-interest income during the period of the change. Derivative financial instruments are valued by a third party and are corroborated by comparison with valuations provided by the respective counterparties. Fair values of certain mortgage banking derivatives (interest rate lock commitments and forward commitments to sell mortgage loans) are estimated based on changes in mortgage interest rates from the date of the loan commitment. The fair value of foreign currency derivatives is computed based on changes in foreign currency rates stated in the contract compared to those prevailing at the measurement date. Commodity derivative fair values are computed based on changes in the price per unit stated in the contract compared to those prevailing at the measurement date. The table below presents the fair value of the Company’s derivative financial instruments as of March 31, 2024, December 31, 2023 and March 31, 2023: Derivative Assets Derivative Liabilities (In thousands) March 31, December 31, March 31, March 31, December 31, March 31, Derivatives designated as hedging instruments under ASC 815: Interest rate derivatives designated as Cash Flow Hedges $ 12,985 $ 40,116 $ 25,730 $ 94,758 $ 44,456 $ 43,412 Interest rate derivatives designated as Fair Value Hedges 13,443 12,349 13,732 21 273 — Total derivatives designated as hedging instruments under ASC 815 $ 26,428 $ 52,465 $ 39,462 $ 94,779 $ 44,729 $ 43,412 Derivatives not designated as hedging instruments under ASC 815: Interest rate derivatives $ 222,505 $ 211,490 $ 219,869 $ 223,384 $ 210,397 $ 219,053 Interest rate lock commitments 6,212 4,511 5,356 21 — 67 Forward commitments to sell mortgage loans 169 — 121 2,549 5,212 2,953 Commodity forward contracts 685 888 491 416 609 315 Foreign exchange contracts 3,265 6,372 8,705 3,215 6,308 8,632 Total derivatives not designated as hedging instruments under ASC 815 $ 232,836 $ 223,261 $ 234,542 $ 229,585 $ 222,526 $ 231,020 Total Derivatives $ 259,264 $ 275,726 $ 274,004 $ 324,364 $ 267,255 $ 274,432 Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to net interest income and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps and interest rate collars as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts to or from a counterparty in exchange for the Company receiving or paying fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. Interest rate collars designated as cash flow hedges involve the settlement of amounts in which the interest rate index specified in the contract exceeds the agreed upon cap strike rate or in which the interest rate index specified in the contract is below the agreed upon floor strike rate at the end of each period. As of March 31, 2024, the Company had various interest rate collar and swap derivatives designated as cash flow hedges of variable rate loans. When the relationship between the hedged item and hedging instrument is highly effective at achieving offsetting changes in cash flows attributable to the hedged risk, changes in the fair value of these cash flow hedges are recorded in accumulated other comprehensive income or loss and are subsequently reclassified to interest income as interest payments are made on such variable rate loans. The changes in fair value (net of tax) are separately disclosed in the Consolidated Statements of Comprehensive Income. The table below provides details on these cash flow hedges, summarized by derivative type and maturity, as of March 31, 2024: March 31, 2024 Notional Fair Value (In thousands) Amount Asset (Liability) Interest Rate Collars at 1-month CME term SOFR: Buy 2.250% floor, sell 3.743% cap; matures September 2025 $ 1,250,000 $ (18,054) Buy 2.750% floor, sell 4.320% cap; matures October 2026 500,000 (4,246) Buy 2.000% floor, sell 3.450% cap; matures September 2027 1,250,000 (36,414) Interest Rate Swaps at 1-month CME term SOFR: Fixed 3.748%; matures December 2025 250,000 (3,420) Fixed 3.759%; matures December 2025 250,000 (3,373) Fixed 3.680%; matures February 2026 250,000 (3,715) Fixed 4.176%; matures March 2026 250,000 (1,439) Fixed 3.915%; matures March 2026 250,000 (2,643) Fixed 4.450%; matures July 2026 250,000 410 Fixed 3.515%, matures December 2026 250,000 (4,681) Fixed 3.512%; matures December 2026 250,000 (4,700) Fixed 3.453%; matures February 2027 250,000 (5,086) Fixed 4.150%; matures July 2027 250,000 199 Fixed 3.748%; matures March 2028 250,000 (2,483) Fixed 3.526%; matures March 2028 250,000 (4,504) Fixed 3.993%; matures October 2029 100,000 1,150 Fixed 3.993%; matures October 2029 250,000 2,876 Fixed 4.245%; matures November 2029 175,000 4,175 Fixed 4.245%; matures November 2029 175,000 4,175 Total Cash Flow Hedges $ 6,700,000 $ (81,773) In the first quarter of 2022, the Company terminated interest rate swap derivative contracts designated as cash flow hedges of variable rate deposits with a total notional value of $1.0 billion and a five-year term effective July 2022. At the time of termination, the fair value of the derivative contracts totaled an asset of $66.5 million, with such adjustments to fair value recorded in accumulated other comprehensive income or loss. In the second quarter of 2022, the Company terminated two additional interest rate swap derivative contracts designated as cash flow hedges of variable rate deposits with a total notional value of $500.0 million each effective since April 2020. The remaining terms of such derivative contracts were through March 2023 and April 2024 and, at the time of termination, the fair value of the derivative contracts totaled assets of $3.7 million and $10.7 million, respectively, with such adjustments to fair value recorded in accumulated other comprehensive income or loss. In the fourth quarter of 2022, the Company terminated one additional interest rate collar derivative contract designated as a cash flow hedge of a term borrowing facility with a total notional value of $64.3 million effective since September 2018. The remaining term of such derivative contract was through September 2023 and, at the time of termination, the fair value of the derivative contract totaled an asset of $875,000, with such adjustments to fair value recorded in accumulated other comprehensive income or loss. For all such terminations, as the hedged forecasted transactions (interest payments on variable rate deposits and a term borrowing facility) are still expected to occur over the remaining term of such terminated derivatives, such adjustments will remain in accumulated other comprehensive income or loss and be reclassified as a reduction to interest expense on a straight-line basis over the original term of the terminated derivative contracts. A rollforward of the amounts in accumulated other comprehensive income or loss related to interest rate derivatives designated as cash flow hedges, including such derivative contracts terminated during the period, follows: Three Months Ended (In thousands) March 31, March 31, Unrealized gain at beginning of period $ 43,538 $ 10,026 Amount reclassified from accumulated other comprehensive income or loss to interest income or expense on deposits, loans, and other borrowings 19,818 3,747 Amount of loss recognized in other comprehensive income or loss (101,909) 30,919 Unrealized (loss) gain at end of period $ (38,553) $ 44,692 As of March 31, 2024, the Company estimated that during the next 12 months $56.9 million will be reclassified from accumulated other comprehensive income or loss as a decrease to net interest income. Such estimate consists of $13.3 million reclassified as a reduction to interest expense on the terminated cash flow hedges discussed above and $70.2 million reclassified as a reduction to interest income related to the interest rate collars and swaps noted above that remain outstanding. Fair Value Hedges of Interest Rate Risk Interest rate swaps designated as fair value hedges involve the payment of fixed amounts to a counterparty in exchange for the Company receiving variable payments over the life of the agreements without the exchange of the underlying notional amount. As of March 31, 2024, the Company had 13 interest rate swaps with an aggregate notional amount of $215.2 million that were designated as fair value hedges primarily associated with fixed rate commercial and industrial and commercial real estate loans as well as life insurance premium finance receivables. For derivatives designated and that qualify as fair value hedges, the net gain or loss from the entire change in the fair value of the derivative instrument is recognized in the same income statement line item as the earnings effect, including the net gain or loss, of the hedged item (interest income earned on fixed rate loans) when the hedged item affects earnings. The following table presents the carrying amount of the hedged assets/(liabilities) and the cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets/(liabilities) that are designated as a fair value hedge accounting relationship as of March 31, 2024: (In thousands) March 31, 2024 Derivatives in Fair Value Hedging Relationships Location in the Statement of Condition Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets/(Liabilities) for which Hedge Accounting has been Discontinued Interest rate swaps Loans, net of unearned income $ 201,019 $ (13,487) $ (75) Available-for-sale debt securities 712 (19) — The following table presents the loss or gain recognized related to derivative instruments that are designated as fair value hedges for the respective period: (In thousands) Derivatives in Fair Value Hedging Relationships Location of (Loss)/Gain Recognized Three Months Ended March 31, 2024 Interest rate swaps Interest and fees on loans $ 10 Interest income - investment securities — Non-Designated Hedges The Company does not use derivatives for speculative purposes. Derivatives not designated as accounting hedges are used to manage the Company’s economic exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of ASC 815. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. Interest Rate Derivatives —Periodically, the Company may purchase interest rate cap derivatives designed to act as an economic hedge of the risk of the negative impact on its fixed-rate loan portfolios from rising interest rates. As of March 31, 2024, there were no interest rate caps outstanding that were designed to act as an economic hedge. Additionally, the Company has interest rate derivatives, including swaps and option products, resulting from a service the Company provides to certain qualified borrowers. The Company’s banking subsidiaries execute certain derivative products (typically interest rate swaps) directly with qualified commercial borrowers to facilitate their respective risk management strategies. For example, these arrangements allow the Company’s commercial borrowers to effectively convert a variable rate loan to a fixed rate. In order to minimize the Company’s exposure on these transactions, the Company simultaneously executes offsetting derivatives with third parties. In most cases, the offsetting derivatives have mirror-image terms, which result in the positions’ changes in fair value substantially offsetting through earnings each period. However, to the extent that the derivatives are not a mirror-image and because of differences in counterparty credit risk, changes in fair value will not completely offset resulting in some earnings impact each period. Changes in the fair value of these derivatives are included in other non-interest income. At March 31, 2024 and December 31, 2023, the Company had interest rate derivative transactions with an aggregate notional amount of approximately $11.6 billion and $11.4 billion, respectively, (all interest rate swaps and caps with customers and third parties) related to this program. At March 31, 2024 these interest rate derivatives had maturity dates ranging from April 2024 to January 2037. Mortgage Banking Derivatives— These derivatives include interest rate lock commitments provided to customers to fund certain mortgage loans to be sold into the secondary market and forward commitments for the future delivery of such loans. It is the Company’s practice to enter into forward commitments for the future delivery of a portion of its residential mortgage loan production when interest rate lock commitments are entered into in order to economically hedge the effect of future changes in interest rates on its commitments to fund the loans as well as on its portfolio of mortgage loans held-for-sale. The Company’s mortgage banking derivatives have not been designated as being in hedge relationships. At March 31, 2024 and December 31, 2023, the Company had interest rate lock commitments with an aggregate notional amount of approximately $226.4 million and $129.9 million, and forward commitments to sell mortgage loans with an aggregate notional amount of approximately $561.6 million and $626.9 million, respectively. The fair values of these derivatives were estimated based on changes in mortgage rates from the dates of the commitments. Changes in the fair value of these mortgage banking derivatives are included in mortgage banking revenue. Commodity Derivatives— The Company has commodity forward contracts resulting from a service the Company provides to certain qualified borrowers. The Company’s banking subsidiaries execute certain derivative products directly with qualified commercial borrowers to facilitate their respective risk management strategies. For example, these arrangements allow the Company’s commercial borrowers to effectively purchase or sell a given commodity at an agreed-upon price on an agreed-upon settlement date. In order to minimize the Company’s exposure on these transactions, the Company simultaneously executes offsetting derivatives with third parties. In most cases, the offsetting derivatives have mirror-image terms, which result in the positions’ changes in fair value substantially offsetting through earnings each period. However, to the extent that the derivatives are not a mirror-image and because of differences in counterparty credit risk, changes in fair value will not completely offset resulting in some earnings impact each period. Changes in the fair value of these derivatives are included in other non-interest income. At March 31, 2024 and December 31, 2023, the Company had commodity derivative transactions with an aggregate notional amount of approximately $8.7 million and $8.4 million, respectively, (all forward contracts with customers and third parties) related to this program. At March 31, 2024, these commodity derivatives had maturity dates ranging from April 2024 to March 2025. Foreign Currency Derivatives— The Company has foreign currency derivative contracts resulting from a service the Company provides to certain qualified customers. The Company’s banking subsidiaries execute certain derivative products directly with qualified customers to facilitate their respective risk management strategies related to foreign currency fluctuations. For example, these arrangements allow the Company’s customers to effectively exchange the currency of one country for the currency of another country at an agreed-upon price on an agreed-upon settlement date. In order to minimize the Company’s exposure on these transactions, the Company simultaneously executes offsetting derivatives with third parties. In most cases, the offsetting derivatives have mirror-image terms, which result in the positions’ changes in fair value substantially offsetting through earnings each period. However, to the extent that the derivatives are not a mirror-image and because of differences in counterparty credit risk, changes in fair value will not completely offset resulting in some earnings impact each period. Changes in the fair value of these derivatives are included in other non-interest income. As of March 31, 2024 and December 31, 2023, the Company held foreign currency derivatives with an aggregate notional amount of approximately $107.1 million and $144.3 million, respectively. Other Derivatives— Periodically, the Company will sell options to a bank or dealer for the right to purchase certain securities held within the banks’ investment portfolios (covered call options). These option transactions are designed to increase the total return associated with the investment securities portfolio. These options do not qualify as accounting hedges pursuant to ASC 815 and, accordingly, changes in the fair value of these contracts are recognized as other non-interest income. There were no covered call options outstanding as of March 31, 2024, December 31, 2023 or March 31, 2023. Periodically, the Company will purchase options for the right to purchase securities not currently held within the banks’ investment portfolios or enter into interest rate swaps in which the Company elects to not designate such derivatives as hedging instruments. These option and swap transactions are designed primarily to economically hedge a portion of the fair value adjustments related to the Company's mortgage servicing rights portfolio. The gain or loss associated with these derivative contracts are included in mortgage banking revenue. The Company held five interest rate derivatives with an aggregate notional value of $145.0 million at March 31, 2024 and four interest rate derivatives with an aggregate notional value of and $195.0 million at December 31, 2023, for such purpose of economically hedging a portion of the fair value adjustment related to its mortgage servicing rights portfolio. Amounts included in the Consolidated Statements of Income related to derivative instruments not designated in hedge relationships were as follows: (In thousands) Three Months Ended Derivative Location in income statement March 31, March 31, Interest rate swaps and caps Trading gains, net $ 595 $ 800 Mortgage banking derivatives Mortgage banking revenue (15) 3,640 Commodity contracts Trading gains, net 268 177 Foreign exchange contracts Trading gains, net 8 — Covered call options Fees from covered call options 4,847 10,391 Derivative contract held as economic hedge on MSRs Mortgage banking revenue (2,577) 946 Credit Risk Derivative instruments have inherent risks, primarily market risk and credit risk. Market risk is associated with changes in interest rates and credit risk relates to the risk that the counterparty will fail to perform according to the terms of the agreement. The amounts potentially subject to market and credit risks are the streams of interest payments under the contracts and the market value of the derivative instrument and not the notional principal amounts used to express the volume of the transactions. Market and credit risks are managed and monitored as part of the Company’s overall asset-liability management process, except that the credit risk related to derivatives entered into with certain qualified borrowers is managed through the Company’s standard loan underwriting process since these derivatives are secured through collateral provided by the loan agreements. Actual exposures are monitored against various types of credit limits established to contain risk within parameters. When deemed necessary, appropriate types and amounts of collateral are obtained to minimize credit exposure. The Company has agreements with certain of its interest rate derivative counterparties that contain cross-default provisions, which provide that if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain of its derivative counterparties that contain a provision allowing the counterparty to terminate the derivative positions if the Company fails to maintain its status as a well or adequately capitalized institution, which would require the Company to settle its obligations under the agreements. As of March 31, 2024, there were no interest rate derivatives in a net liability position that were subject to such agreements. The fair value of such derivatives includes accrued interest related to these agreements. If the Company had breached any of these provisions and those derivatives subject to such agreements were in a liability position, and the derivatives were terminated as a result, the Company would have been required to settle its obligations under the agreements at the termination value and would have been required to pay any additional amounts due in excess of amounts previously posted as collateral with the respective counterparty. The Company is also exposed to the credit risk of its commercial borrowers who are counterparties to interest rate derivatives with the banks. This counterparty risk related to the commercial borrowers is managed and monitored through the banks’ standard underwriting process applicable to loans since these derivatives are secured through collateral provided by the loan agreement. The counterparty risk associated with the mirror-image swaps executed with third parties is monitored and managed in connection with the Company’s overall asset liability management process. The Company records interest rate derivatives subject to master netting agreements at their gross value and does not offset derivative assets and liabilities on the Consolidated Statements of Condition. The table below summarizes the Company’s interest rate derivatives and offsetting positions as of the dates shown. Derivative Assets Derivative Liabilities Fair Value Fair Value (In thousands) March 31, December 31, March 31, March 31, December 31, March 31, Gross Amounts Recognized $ 248,933 $ 263,955 $ 259,331 $ 318,163 $ 255,126 $ 262,465 Less: Amounts offset in the Statements of Condition — — — — — — Net amount presented in the Statements of Condition $ 248,933 $ 263,955 $ 259,331 $ 318,163 $ 255,126 $ 262,465 Gross amounts not offset in the Statements of Condition Offsetting Derivative Positions (109,977) (76,514) (55,838) (109,977) (76,514) (55,838) Collateral Posted (119,572) (144,899) (181,884) — — — Net Credit Exposure $ 19,384 $ 42,542 $ 21,609 $ 208,186 $ 178,612 $ 206,627 |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Assets and Liabilities | Fair Values of Assets and Liabilities The Company measures, monitors and discloses certain of its assets and liabilities on a fair value basis. These financial assets and financial liabilities are measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the inputs used to determine fair value. These levels are: • Level 1—unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2 — inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability or inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3—significant unobservable inputs that reflect the Company’s own assumptions that market participants would use in pricing the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. A financial instrument’s categorization within the above valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the assets or liabilities. The following is a description of the valuation methodologies used for the Company’s assets and liabilities measured at fair value on a recurring basis. Available-for-sale debt securities, trading account securities and equity securities with readily determinable fair value —Fair values for available-for-sale debt securities, trading account securities and equity securities with readily determinable fair value are typically based on prices obtained from independent pricing vendors. Securities measured with these valuation techniques are generally classified as Level 2 of the fair value hierarchy. Typically, standard inputs such as benchmark yields, reported trades for similar securities, issuer spreads, benchmark securities, bids, offers and reference data including market research publications are used to determine the fair value of these securities. When these inputs are not available, broker/dealer quotes may be obtained by the vendor to determine the fair value of the security. We review the vendor’s pricing methodologies to determine if observable market information is being used, versus unobservable inputs. Fair value measurements using significant inputs that are unobservable in the market due to limited activity or a less liquid market are classified as Level 3 in the fair value hierarchy. The fair value of U.S. Treasury securities and certain equity securities with readily determinable fair value are based on unadjusted quoted prices in active markets for identical securities. As such, these securities are classified as Level 1 in the fair value hierarchy. The Company’s Investment Operations Department is responsible for the valuation of Level 3 available-for-sale debt securities. The methodology and variables used as inputs in pricing Level 3 securities are derived from a combination of observable and unobservable inputs. The unobservable inputs are determined through internal assumptions that may vary from period to period due to external factors, such as market movement and credit rating adjustments. At March 31, 2024, the Company classified $88.2 million of municipal securities as Level 3. These municipal securities are bond issues for various municipal government entities primarily located in the Chicago metropolitan area and southern Wisconsin and are privately placed, non-rated bonds without CUSIP numbers. The Company’s methodology for pricing these securities focuses on three distinct inputs: equivalent rating, yield and other pricing terms. To determine the rating for a given non-rated investment debt security, the Investment Operations Department references a rated, publicly issued bond by the same issuer if available. A reduction is then applied to the rating obtained from the comparable bond, as the Company believes if liquidated, a non-rated bond would be valued less than a similar bond with a verifiable rating. The reduction applied by the Company is one complete rating grade (i.e. a “AA” rating for a comparable bond would be reduced to “A” for the Company’s valuation). For bond issues without comparable bond proxies, a rating of “BBB” was assigned. In the first quarter of 2024, all of the ratings derived by the Investment Operations Department using the above process were “BBB” or better. The fair value measurement noted above is sensitive to the rating input, as a higher rating typically results in an increased valuation. The remaining pricing inputs used in the bond valuation are observable. Based on the rating determined in the above process, Investment Operations obtains a corresponding current market yield curve available to market participants. Other terms including coupon, maturity date, redemption price, number of coupon payments per year, and accrual method are obtained from the individual bond term sheets. Certain municipal bonds held by the Company at March 31, 2024 are continuously callable. When valuing these bonds, the fair value is capped at par value as the Company assumes a market participant would not pay more than par for a continuously callable bond. Mortgage loans held-for-sale —The fair value of mortgage loans held-for-sale is typically determined by reference to investor price sheets for loan products with similar characteristics. Loans measured with this valuation technique are classified as Level 2 in the fair value hierarchy. At March 31, 2024, the Company classified $33.7 million of certain delinquent mortgage loans held-for-sale as Level 3. For such delinquent loans in which investor interest may be limited, the Company estimates fair value by discounting future scheduled cash flows for the specific loan through its life, adjusted for estimated credit losses. The Company uses a discount rate based on prevailing market coupon rates on loans with similar characteristics. The assumed weighted average discount rate used as an input to value these loans at March 31, 2024 was 6.60%. The higher the rate utilized to discount estimated future cash flows, the lower the fair value measurement. Additionally, the weighted average credit discount used as an input to value the specific loans was 0.43% with credit loss discount ranging from 0%-12% at March 31, 2024. Loans held-for-investment —The fair value for certain loans in which the Company previously elected the fair value option is estimated by discounting future scheduled cash flows for the specific loan through maturity, adjusted for estimated credit losses and prepayment or life assumptions. These loans primarily consist of early buyout loans guaranteed by U.S. government agencies that are delinquent and, as a result, investor interest may be limited. The Company uses a discount rate based on the actual coupon rate of the underlying loan. At March 31, 2024, the Company classified $49.3 million of loans held-for-investment carried at fair value as Level 3. The assumed weighted average discount rate used as an input to value these loans at March 31, 2024 was 6.60%. The higher the rate utilized to discount estimated future cash flows, the lower the fair value measurement. As noted above, the fair value estimate also includes assumptions of prepayment speeds and average life as well as credit losses. The weighted average prepayments speed used as an input to value current loans was 7.78% at March 31, 2024. Prepayment speeds are inversely related to the fair value of these loans as an increase in prepayment speeds results in a decreased valuation. For delinquent loans in which performance is not assumed and there is a higher probability of resolution of the loan ending in foreclosure, the weighted average life of such loans was 5.9 years. Average life is inversely related to the fair value of these loans as an increase in estimated life results in a decreased valuation. Additionally, the weighted average credit discount used as an input to value the specific loans was 1.18% with credit loss discounts ranging from 0%-16% at March 31, 2024. MSRs —Fair value for MSRs is determined utilizing a valuation model which calculates the fair value of each servicing right based on the present value of estimated future cash flows. The Company uses a discount rate commensurate with the risk associated with each servicing right, given current market conditions. At March 31, 2024, the Company classified $201.0 million of MSRs as Level 3. The weighted average discount rate used as an input to value the pool of MSRs at March 31, 2024 was 10.99% with discount rates applied ranging from 1%-21%. The higher the rate utilized to discount estimated future cash flows, the lower the fair value measurement. The fair value of MSRs was also estimated based on other assumptions including prepayment speeds and the cost to service. Prepayment speeds ranged from 0%-90% or a weighted average prepayment speed of 7.78%. Further, for current and delinquent loans, the Company assumed a weighted average cost of servicing of $77 and $394, respectively, per loan. Prepayment speeds and the cost to service are both inversely related to the fair value of MSRs as an increase in prepayment speeds or the cost to service results in a decreased valuation. See Note (9) “Mortgage Servicing Rights (“MSRs”)” in Item 1 of this report for further discussion of MSRs. Derivative instruments —The Company’s derivative instruments include interest rate swaps, caps and collars, commitments to fund mortgages for sale into the secondary market (interest rate locks), forward commitments to end investors for the sale of mortgage loans, commodity future contracts and foreign currency contracts. Interest rate swaps, caps and collars and commodity future contracts are valued by a third party, using models that primarily use market observable inputs, such as yield curves and commodity prices prevailing at the measurement date, and are classified as Level 2 in the fair value hierarchy. The credit risk associated with derivative financial instruments that are subject to master netting agreements is measured on a net basis by counterparty portfolio. The fair value for mortgage-related derivatives is based on changes in mortgage rates from the date of the commitments. The fair value of foreign currency derivatives is computed based on change in foreign currency rates stated in the contract compared to those prevailing at the measurement date. At March 31, 2024, the Company classified $6.2 million of derivative assets related to interest rate locks as Level 3. The fair value of interest rate locks is based on prices obtained for loans with similar characteristics from third parties, adjusted for the pull-through rate, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund. The weighted-average pull-through rate at March 31, 2024 was 82.11% with pull-through rates applied ranging from 6% to 100%. Pull-through rates are directly related to the fair value of interest rate locks as an increase in the pull-through rate results in an increased valuation. Nonqualified deferred compensation assets —The underlying assets relating to the nonqualified deferred compensation plan are included in a trust and primarily consist of non-exchange traded institutional funds which are priced based by an independent third party service. These assets are classified as Level 2 in the fair value hierarchy. The following tables present the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented: March 31, 2024 (In thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ 61,175 $ 61,175 $ — $ — U.S. government agencies 45,715 — 45,715 — Municipal 140,590 — 52,371 88,219 Corporate notes 76,725 — 76,725 — Mortgage-backed 4,063,393 — 4,063,393 — Trading account securities 2,184 — 2,184 — Equity securities with readily determinable fair value 119,777 111,711 8,066 — Mortgage loans held-for-sale 339,884 — 306,158 33,726 Loans held-for-investment 144,371 — 95,054 49,317 MSRs 201,044 — — 201,044 Nonqualified deferred compensation assets 15,953 — 15,953 — Derivative assets 259,264 — 253,052 6,212 Total $ 5,470,075 $ 172,886 $ 4,918,671 $ 378,518 Derivative liabilities $ 324,364 $ — $ 324,364 $ — December 31, 2023 (In thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ 6,968 $ 6,968 $ — $ — U.S. government agencies 45,124 — 45,124 — Municipal 140,958 — 54,721 86,237 Corporate notes 76,531 — 76,531 — Mortgage-backed 3,233,334 — 3,233,334 — Trading account securities 4,707 — 4,707 — Equity securities with readily determinable fair value 139,268 131,202 8,066 — Mortgage loans held-for-sale 292,722 — 265,887 26,835 Loans held-for-investment 155,261 — 94,591 60,670 MSRs 192,456 — — 192,456 Nonqualified deferred compensation assets 15,238 — 15,238 — Derivative assets 275,726 — 271,216 4,510 Total $ 4,578,293 $ 138,170 $ 4,069,415 $ 370,708 Derivative liabilities $ 267,255 $ — $ 267,255 $ — March 31, 2023 (In thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ 4,948 $ 4,948 $ — $ — U.S. government agencies 74,862 — 74,862 — Municipal 160,386 — 48,129 112,257 Corporate notes 83,675 — 83,675 — Mortgage-backed 2,935,974 — 2,935,974 — Trading account securities 102 — 102 — Equity securities with readily determinable fair value 111,943 103,877 8,066 — Mortgage loans held-for-sale 302,493 — 258,243 44,250 Loans held-for-investment 202,143 — 132,650 69,493 MSRs 224,470 — — 224,470 Nonqualified deferred compensation assets 14,379 — 14,379 — Derivative assets 274,004 — 268,648 5,356 Total $ 4,389,379 $ 108,825 $ 3,824,728 $ 455,826 Derivative liabilities $ 274,432 $ — $ 274,432 $ — The aggregate remaining contractual principal balance outstanding as of March 31, 2024, December 31, 2023 and March 31, 2023 for mortgage loans held-for-sale measured at fair value under ASC 825 was $342.7 million, $291.7 million and $307.3 million, respectively, while the aggregate fair value of mortgage loans held-for-sale was $339.9 million, $292.7 million and $302.5 million, for the same respective periods, as shown in the above tables. At March 31, 2024, $1.3 million of mortgage loans held-for-sale were classified as nonaccrual compared to $649,000 as of December 31, 2023 and $3.3 million as of March 31, 2023. Additionally, there were $33.2 million of loans past due greater than 90 days and still accruing in the mortgage loans held-for-sale portfolio as of March 31, 2024 compared to $26.6 million as of December 31, 2023 and $41.4 million as of March 31, 2023. All of the nonaccrual loans and loans past due greater than 90 days and still accruing within the mortgage loans held-for-sale portfolio at March 31, 2024, December 31, 2023, and March 31, 2023 were individual delinquent mortgage loans bought back from GNMA at the unconditional option of the Company as servicer for those loans. The aggregate remaining contractual principal balance outstanding as of March 31, 2024, December 31, 2023 and March 31, 2023 for loans held-for-investment measured at fair value under ASC 825 was $145.9 million, $156.9 million and $204.5 million, respectively, while the aggregate fair value of loans held-for-investment was $144.4 million, $155.3 million and $202.1 million, respectively, as shown in the above tables. The changes in Level 3 assets measured at fair value on a recurring basis during the three months ended March 31, 2024 and 2023 are summarized as follows: Mortgage loans held-for-sale Loans held-for- investment Mortgage Derivative assets (In thousands) Municipal Balance at January 1, 2024 $ 86,237 $ 26,835 $ 60,670 $ 192,456 $ 4,510 Total net (losses) gains included in: Net income (1) — 67 (317) 8,588 1,702 Other comprehensive income or loss (1,988) — — — — Purchases 8,384 — — — — Settlements (4,414) (10,340) (15,803) — — Net transfers into Level 3 — 17,164 4,767 — — Balance at March 31, 2024 $ 88,219 $ 33,726 $ 49,317 $ 201,044 $ 6,212 Mortgage loans held-for-sale Loans held-for- investment Mortgage Derivative assets (In thousands) Municipal Balance at January 1, 2023 $ 117,537 $ 48,655 $ 84,165 $ 230,225 $ 1,711 Total net (losses) gains included in: Net income (1) — 466 364 (5,755) 3,645 Other comprehensive income or loss (1,662) — — — — Purchases 4,418 — — — — Settlements (8,036) (18,619) (20,322) — — Net transfers into Level 3 — 13,748 5,286 — — Balance at March 31, 2023 $ 112,257 $ 44,250 $ 69,493 $ 224,470 $ 5,356 (1) Changes in the balance of mortgage loans held-for-sale, MSRs, and derivative assets related to fair value adjustments are recorded as components of mortgage banking revenue. Changes in the balance of loans held-for-investment related to fair value adjustments are recorded as other non-interest income. Also, the Company may be required, from time to time, to measure certain other assets at fair value on a non-recurring basis in accordance with GAAP. These adjustments to fair value usually result from impairment charges on individual assets. For assets measured at fair value on a non-recurring basis that were still held in the balance sheet at the end of the period, the following table provides the carrying value of the related individual assets or portfolios at March 31, 2024: March 31, 2024 Three Months Ended March 31, 2024 Fair Value Losses Recognized, net (In thousands) Total Level 1 Level 2 Level 3 Individually assessed loans - foreclosure probable and collateral-dependent $ 89,368 $ — $ — $ 89,368 $ 16,726 Other real estate owned (1) 14,538 — — 14,538 207 Total $ 103,906 $ — $ — $ 103,906 $ 16,933 (1) Net fair value losses recognized on other real estate owned include valuation adjustments and charge-offs during the respective period. Individually assessed loans —In accordance with ASC 326, the allowance for credit losses for loans and other financial assets held at amortized cost should be measured on a collective or pooled basis when such assets exhibit similar risk characteristics. In instances in which a financial asset does not exhibit similar risk characteristics to a pool, the Company is required to measure such allowance for credit losses on an individual asset basis. For the Company’s loan portfolio, nonaccrual loans are considered to not exhibit similar risk characteristics as pools and thus are individually assessed. Credit losses are measured by estimating the fair value of the loan based on the present value of expected cash flows, the market price of the loan, or the fair value of the underlying collateral. Individually assessed loans are considered a fair value measurement where an allowance for credit loss is established based on the fair value of collateral. Appraised values on relevant real estate properties, which may require adjustments to market-based valuation inputs, are generally used on foreclosure probable and collateral-dependent loans within the real estate portfolios. The Company’s Managed Assets Division is primarily responsible for the valuation of Level 3 inputs of individually assessed loans. For more information on individually assessed loans refer to Note (7) “Allowance for Credit Losses” in Item 1 of this report. At March 31, 2024, the Company had $89.4 million of individually assessed loans classified as Level 3. All of the $89.4 million of individually assessed loans were measured at fair value based on the underlying collateral of the loan as shown in the table above. None were valued based on discounted cash flows in accordance with ASC 310. Other real estate owned —Other real estate owned is comprised of real estate acquired in partial or full satisfaction of loans and is included in other assets. Other real estate owned is recorded at its estimated fair value less estimated selling costs at the date of transfer, with any excess of the related loan balance over the fair value less expected selling costs charged to the allowance for loan losses. Subsequent changes in value are reported as adjustments to the carrying amount and are recorded in other non-interest expense. Gains and losses upon sale, if any, are also charged to other non-interest expense. Fair value is generally based on third party appraisals and internal estimates that are adjusted by a discount representing the estimated cost of sale and is therefore considered a Level 3 valuation. The Company’s Managed Assets Division is primarily responsible for the valuation of Level 3 inputs for other real estate owned. At March 31, 2024, the Company had $14.5 million of other real estate owned classified as Level 3. The unobservable input applied to other real estate owned relates to the 10% reduction to the appraisal value representing the estimated cost of sale of the foreclosed property. A higher discount for the estimated cost of sale results in a decreased carrying value. The valuation techniques and significant unobservable inputs used to measure both recurring and non-recurring Level 3 fair value measurements at March 31, 2024 were as follows: (Dollars in thousands) Fair Value Valuation Methodology Significant Unobservable Input Range Weighted Impact to valuation Measured at fair value on a recurring basis: Municipal securities $ 88,219 Bond pricing Equivalent rating BBB-AA+ N/A Increase Mortgage loans held-for-sale 33,726 Discounted cash flows Discount rate 6.60% 6.60% Decrease Credit discount 0% - 12% 0.43% Decrease Loans held-for-investment 49,317 Discounted cash flows Discount rate 6.60% - 6.63% 6.60% Decrease Credit discount 0% - 16% 1.18% Decrease Constant prepayment rate (CPR) - current loans 7.78% 7.78% Decrease Average life - delinquent loans (in years) 1.1 years - 10.6 years 5.9 years Decrease MSRs 201,044 Discounted cash flows Discount rate 1% - 21% 10.99% Decrease Constant prepayment rate (CPR) 0% - 90% 7.78% Decrease Cost of servicing $70 - $200 $ 77 Decrease Cost of servicing - delinquent $200 - 1,000 $ 394 Decrease Derivatives 6,212 Discounted cash flows Pull-through rate 6% - 100% 82.11 % Increase Measured at fair value on a non-recurring basis: Individually assessed loans - foreclosure probable and collateral-dependent 89,368 Appraisal value Appraisal adjustment - cost of sale 10% 10.00% Decrease Other real estate owned 14,538 Appraisal value Appraisal adjustment - cost of sale 10% 10.00% Decrease The Company is required under applicable accounting guidance to report the fair value of all financial instruments on the Consolidated Statements of Condition, including those financial instruments carried at cost. The table below presents the carrying amounts and estimated fair values of the Company’s financial instruments as of the dates shown: At March 31, 2024 At December 31, 2023 At March 31, 2023 Carrying Fair Carrying Fair Carrying Fair (In thousands) Value Value Value Value Value Value Financial Assets: Cash and cash equivalents $ 379,886 $ 379,886 $ 423,464 $ 423,464 $ 445,986 $ 445,986 Interest-bearing deposits with banks 2,131,077 2,131,077 2,084,323 2,084,323 1,563,578 1,563,578 Available-for-sale securities 4,387,598 4,387,598 3,502,915 3,502,915 3,259,845 3,259,845 Held-to-maturity securities 3,810,015 3,111,954 3,856,916 3,215,468 3,606,391 2,976,198 Trading account securities 2,184 2,184 4,707 4,707 102 102 Equity securities with readily determinable fair value 119,777 119,777 139,268 139,268 111,943 111,943 FHLB and FRB stock, at cost 224,657 224,657 205,003 205,003 244,957 244,957 Brokerage customer receivables 13,382 13,382 10,592 10,592 16,042 16,042 Mortgage loans held-for-sale, at fair value 339,884 339,884 292,722 292,722 302,493 302,493 Loans held-for-investment, at fair value 144,371 144,371 155,261 155,261 202,143 202,143 Loans held-for-investment, at amortized cost 43,086,335 42,068,619 41,976,570 41,090,010 39,363,328 38,577,761 Nonqualified deferred compensation assets 15,953 15,953 15,238 15,238 14,379 14,379 Derivative assets 259,264 259,264 275,726 275,726 274,004 274,004 Accrued interest receivable and other 487,933 487,933 477,832 477,832 417,066 417,066 Total financial assets $ 55,402,316 $ 53,686,539 $ 53,420,537 $ 51,892,529 $ 49,822,257 $ 48,406,497 Financial Liabilities Non-maturity deposits $ 38,554,438 $ 38,554,438 $ 38,772,098 $ 38,772,098 $ 37,366,959 $ 37,366,959 Time certificates of deposit 7,894,420 7,872,870 6,625,072 6,603,746 5,351,252 4,970,556 FHLB advances 2,676,751 2,669,780 2,326,071 2,367,107 2,316,071 2,255,580 Other borrowings 575,408 573,752 645,813 643,755 583,548 555,615 Subordinated notes 437,965 413,003 437,866 413,501 437,493 410,827 Junior subordinated debentures 253,566 253,574 253,566 253,579 253,566 252,663 Derivative liabilities 324,364 324,364 267,255 267,255 274,432 274,432 Accrued interest payable 64,943 64,943 51,116 51,116 42,015 42,015 Total financial liabilities $ 50,781,855 $ 50,726,724 $ 49,378,857 $ 49,372,157 $ 46,625,336 $ 46,128,647 Not all the financial instruments listed in the table above are subject to the disclosure provisions of ASC Topic 820, as certain assets and liabilities result in their carrying value approximating fair value. These include cash and cash equivalents, interest-bearing deposits with banks, brokerage customer receivables, FHLB and FRB stock, accrued interest receivable and accrued interest payable and non-maturity deposits. The following methods and assumptions were used by the Company in estimating fair values of financial instruments that were not previously disclosed. Held-to-maturity securities. Held-to-maturity securities include U.S. government-sponsored agency securities, municipal bonds issued by various municipal government entities primarily located in the Chicago metropolitan area and southern Wisconsin and mortgage-backed securities. Fair values for held-to-maturity securities are typically based on prices obtained from independent pricing vendors. In accordance with ASC 820, the Company has generally categorized these held-to-maturity securities as a Level 2 fair value measurement. Fair values for certain other held-to-maturity securities are based on the bond pricing methodology discussed previously related to certain available-for-sale securities. In accordance with ASC 820, the Company has categorized these held-to-maturity securities as a Level 3 fair value measurement. Loans held-for-investment, at amortized cost. Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are analyzed by type such as commercial, residential real estate, etc. Each category is further segmented by interest rate type (fixed and variable). The fair value for loans is estimated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect credit and interest rate risks inherent in the loan category. In accordance with ASC 820, the Company has categorized these loans as a Level 3 fair value measurement. Time certificates of deposit. The fair value of time certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently in effect for time certificates of deposit. In accordance with ASC 820, the Company has categorized time certificates of deposit as a Level 3 fair value measurement. FHLB advances. The fair value of FHLB advances is estimated by a discounted cash flow analysis based on current market rates of similar maturity debt securities to discount cash flows. In accordance with ASC 820, the Company has categorized FHLB advances as a Level 3 fair value measurement. Subordinated notes. The fair value of the subordinated notes is based on a market price obtained from an independent pricing vendor. In accordance with ASC 820, the Company has categorized subordinated notes as a Level 2 fair value measurement. Junior subordinated debentures. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation Plans | Stock-Based Compensation Plans As of March 31, 2024, approximately 737,000 shares were available for future grants, assuming the maximum number of shares are issued for the performance awards outstanding, approved under the Company Stock Incentive Plans (“the Plans”). Descriptions of the Plans are included in Note (18) “Stock Compensation Plans and Other Employee Benefit Plans” of the 2023 Form 10-K. Stock-based compensation expense recognized in the Consolidated Statements of Income was $9.2 million in the first quarter of 2024 and $8.3 million in the first quarter of 2023. A summary of the Plans’ stock option activity for the three months ended March 31, 2024 and March 31, 2023 is presented below: Stock Options Common Weighted Remaining Contractual Term (1) Intrinsic Value (2) (in thousands) Outstanding at January 1, 2024 13,100 $ 42.76 Granted — — Exercised (775) 32.26 Forfeited or canceled — — Outstanding at March 31, 2024 12,325 $ 43.42 4.2 $ 751 Exercisable at March 31, 2024 12,325 $ 43.42 4.2 $ 751 Stock Options Common Weighted Remaining Contractual Term (1) Intrinsic Value (2) (in thousands) Outstanding at January 1, 2023 68,093 $ 41.14 Granted — — Exercised (54,218) 40.87 Forfeited or canceled — — Outstanding at March 31, 2023 13,875 $ 42.18 4.7 $ 427 Exercisable at March 31, 2023 13,875 $ 42.18 4.7 $ 427 (1) Represents the remaining weighted average contractual life in years. (2) Aggregate intrinsic value represents the total pre-tax intrinsic value (i.e., the difference between the Company’s stock price on the last trading day of the quarter and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the quarter. Options with exercise prices above the stock price on the last trading day of the quarter are excluded from the calculation of intrinsic value. The intrinsic value will change based on the fair market value of the Company’s stock. The aggregate intrinsic value of options exercised during the three months ended March 31, 2024 and March 31, 2023, was approximately $50,000 and $2.5 million, respectively. Cash received from option exercises under the Plans for the three months ended March 31, 2024 and March 31, 2023 was approximately $25,000 and $2.2 million, respectively. A summary of the Plans’ restricted share activity for the three months ended March 31, 2024 and March 31, 2023 is presented below: Three months ended March 31, 2024 Three months ended March 31, 2023 Restricted Shares Common Weighted Common Weighted Outstanding at January 1 746,123 $ 79.60 610,155 $ 73.21 Granted 305,807 98.92 242,576 89.82 Vested and issued (219,622) 69.25 (96,649) 64.14 Forfeited or canceled (3,154) 87.01 (1,968) 77.37 Outstanding at March 31 829,154 $ 89.44 754,114 $ 79.70 Vested, but deferred, at March 31 99,382 $ 53.78 97,888 $ 53.30 A summary of the Plans’ performance-based stock award activity, based on the target level of the awards, for the three months ended March 31, 2024 and March 31, 2023 is presented below: Three months ended March 31, 2024 Three months ended March 31, 2023 Performance-based Stock Common Weighted Common Weighted Outstanding at January 1 553,026 $ 79.69 545,379 $ 70.30 Granted 96,210 58.78 185,514 92.48 Added by performance factor at vesting 111,204 100.44 23,161 63.64 Vested and issued (294,902) 58.69 (178,203) 63.64 Forfeited or canceled (864) 95.40 (2,301) 78.20 Outstanding at March 31 464,674 $ 93.62 573,550 $ 79.24 Vested, but deferred, at March 31 21,493 $ 43.71 35,852 $ 44.59 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income or Loss and Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income or Loss and Earnings Per Share | Accumulated Other Comprehensive Income or Loss and Earnings Per Share Accumulated Other Comprehensive Income or Loss The following tables summarize the components of other comprehensive income or loss, including the related income tax effects, and the related amount reclassified to net income for the periods presented: (In thousands) Accumulated Accumulated Accumulated Total Balance at January 1, 2024 $ (350,697) $ 32,049 $ (42,583) $ (361,231) Other comprehensive loss during the period, net of tax, before reclassifications (57,287) (74,954) (6,234) (138,475) Amount reclassified from accumulated other comprehensive income or loss into net income, net of tax 19 14,576 — 14,595 Amount reclassified from accumulated other comprehensive income or loss related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax (37) — — (37) Net other comprehensive (loss) during the period, net of tax $ (57,305) $ (60,378) $ (6,234) $ (123,917) Balance at March 31, 2024 $ (408,002) $ (28,329) $ (48,817) $ (485,148) Balance at January 1, 2023 $ (386,057) $ 7,381 $ (48,960) $ (427,636) Other comprehensive income during the period, net of tax, before reclassifications 34,503 22,679 710 57,892 Amount reclassified from accumulated other comprehensive income or loss into net income, net of tax (409) 2,749 — 2,340 Amount reclassified from accumulated other comprehensive income or loss related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax (32) — — (32) Net other comprehensive income during the period, net of tax $ 34,062 $ 25,428 $ 710 $ 60,200 Balance at March 31, 2023 $ (351,995) $ 32,809 $ (48,250) $ (367,436) (In thousands) Amount Reclassified from Accumulated Other Comprehensive Income (Loss) for the Details Regarding the Component of Accumulated Other Comprehensive Income (Loss) Three Months Ended Impacted Line on the March 31, 2024 2023 Accumulated unrealized gains on securities Gains included in net income $ (26) $ 560 Gains on investment securities, net (26) 560 Income before taxes Tax effect 7 (151) Income tax expense Net of tax $ (19) $ 409 Net income Accumulated unrealized gains on derivative instruments Amount reclassified to interest income on loans $ 24,475 $ 9,072 Interest on Loans Amount reclassified to interest expense on deposits $ (4,657) $ (5,588) Interest on deposits Amount reclassified to interest expense on other borrowings — 263 Interest on other borrowings (19,818) (3,747) Income before taxes Tax effect 5,242 998 Income tax expense Net of tax $ (14,576) $ (2,749) Net income Earnings per Share The following table shows the computation of basic and diluted earnings per share for the periods indicated: Three Months Ended (Dollars in thousands, except per share data) March 31, March 31, Net income $ 187,294 $ 180,198 Less: Preferred stock dividends 6,991 6,991 Net income applicable to common shares (A) $ 180,303 $ 173,207 Weighted average common shares outstanding (B) 61,481 60,950 Effect of dilutive potential common shares Common stock equivalents 928 873 Weighted average common shares and effect of dilutive potential common shares (C) 62,409 61,823 Net income per common share: Basic (A/B) $ 2.93 $ 2.84 Diluted (A/C) $ 2.89 $ 2.80 Potentially dilutive common shares can result from stock options, restricted stock unit awards and shares to be issued under the Employee Stock Purchase Plan and the Directors Deferred Fee and Stock Plan, being treated as if they had been either exercised or issued, computed by application of the treasury stock method. While potentially dilutive common shares are typically included in the computation of diluted earnings per share, potentially dilutive common shares are excluded from this computation in periods in which the effect of inclusion would either reduce the loss per share or increase the income per share. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net income | $ 187,294 | $ 180,198 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The interim consolidated financial statements of Wintrust Financial Corporation and its subsidiaries (collectively, “Wintrust” or the “Company”) presented herein are unaudited, but in the opinion of management, reflect all necessary adjustments of a normal or recurring nature for a fair presentation of results as of the dates and for the periods covered by the interim consolidated financial statements. The accompanying interim consolidated financial statements are unaudited and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations or cash flows in accordance with U.S. generally accepted accounting principles (“GAAP”). The interim unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”). Operating results reported for the period are not necessarily indicative of the results which may be expected for the entire year. Reclassifications of certain prior period amounts have been made to conform to the current period presentation. The preparation of the financial statements requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities. Management believes that the estimates made are reasonable; however, changes in estimates may be required if economic or other conditions develop differently from management’s expectations. Certain policies and accounting principles inherently have a greater reliance on the use of estimates, assumptions and judgments and as such have a greater possibility of producing results that could be materially different than originally reported. Management views critical accounting policies to be those which are highly dependent on subjective or complex judgments, estimates and assumptions, and where changes in those estimates and assumptions could have a significant impact on the financial statements. Management currently views the determination of the allowance for credit losses, including the allowance for loan losses, the allowance for unfunded commitment losses and the allowance for held-to-maturity securities losses, estimations of fair value, the valuations required for impairment testing of goodwill, the valuation and accounting for derivative instruments and income taxes as the accounting areas that require the most subjective and complex judgments, and as such could be the most subject to revision as new information becomes available. Descriptions of the Company’s significant accounting policies are included in Note (1) “Summary of Significant Accounting Policies” of the 2023 Form 10-K. In preparation of these financial statements, subsequent events were evaluated through the time the financial statements were issued. Financial statements are considered issued when they are widely distributed to all shareholders and other financial statement users or filed with the SEC. |
Cash and Cash Equivalents | For purposes of the Consolidated Statements of Cash Flows, the Company considers cash and cash equivalents to include cash on hand, cash items in the process of collection, non-interest bearing amounts due from correspondent banks, federal funds sold and securities purchased under resale agreements with original maturities of three months or less. These items are included within the Company’s Consolidated Statements of Condition as cash and due from banks, and federal funds sold and securities purchased under resale agreements. |
Recent Accounting Developments | Equity Method and Joint Ventures - Investments in Tax Credit Structures In March 2023, the FASB issued ASU No. 2023-02, “Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method,” which allows reporting entities the option to apply the proportional amortization method to other tax credit programs besides the Low-Income Housing Tax Credit structures. The guidance requires application of the proportional amortization method on a tax-credit-program-by-tax-credit-program basis rather than electing the method at the reporting level entity level. The Company adopted ASU No. 2023-02 as of January 1, 2024. Adoption of this standard did not have a material impact on the Company’s consolidated financial statements. Segment Reporting In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” to enhance public entity disclosures regarding significant segment expenses which are regularly reported to an entity’s chief operating decision-maker (“CODM”) and included in a segment’s reported profit or loss. This ASU requires disclosure of the amount and composition of “other segment items,” the title and position of the CODM, and how the CODM uses reported measures of profit or loss to assess segment performance. Further, the guidance requires certain segment disclosures previously provided only annually, on an interim basis. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The guidance is to be applied retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on the consolidated financial statements. Income Tax Disclosures In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” to enhance the transparency and decision usefulness of income tax disclosures. This ASU requires annually that all entities disclose increasingly disaggregated information on amount of income taxes paid. Further, this ASU requires annually that all public entities must disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a specific quantitative threshold. This guidance is effective for fiscal years beginning after December 15, 2024, and is to be applied either on a prospective basis or retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. Compensation – Scope Application of Profits Interest and Similar Awards In March 2024, the FASB issued ASU No. 2024-01, “Compensation – Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards” which clarifies the guidance by providing an illustrative example to demonstrate how an entity should apply the scope guidance in Topic 718 when determining whether profits interest and similar awards should be accounted for in accordance with Topic 718. For public business entities, this guidance is effective for fiscal years beginning after December 15, 2024, including interim periods therein, and is to be applied either on a prospective basis or retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investment Securities | The following tables are a summary of the investment securities portfolios as of the dates shown: March 31, 2024 (In thousands) Amortized Gross Gross Fair Available-for-sale securities U.S. Treasury $ 61,185 $ — $ (10) $ 61,175 U.S. government agencies 50,000 — (4,285) 45,715 Municipal 144,752 569 (4,731) 140,590 Corporate notes: Financial issuers 83,996 — (8,264) 75,732 Other 1,000 — (7) 993 Mortgage-backed: (1) Residential mortgage-backed securities 4,396,962 480 (520,719) 3,876,723 Commercial (multi-family) mortgage-backed securities 16,225 28 (577) 15,676 Collateralized mortgage obligations 188,240 924 (18,170) 170,994 Total available-for-sale securities $ 4,942,360 $ 2,001 $ (556,763) $ 4,387,598 Held-to-maturity securities U.S. government agencies $ 336,463 $ — $ (69,998) $ 266,465 Municipal 168,490 258 (4,709) 164,039 Mortgage-backed: (1) Residential mortgage-backed securities 3,007,304 — (597,758) 2,409,546 Commercial (multi-family) mortgage-backed securities 6,401 — (281) 6,120 Collateralized mortgage obligations 234,314 431 (22,983) 211,762 Corporate notes 57,372 8 (3,358) 54,022 Total held-to-maturity securities $ 3,810,344 $ 697 $ (699,087) $ 3,111,954 Less: Allowance for credit losses (329) Held-to-maturity securities, net of allowance for credit losses $ 3,810,015 Equity securities with readily determinable fair value $ 123,421 $ 4,480 $ (8,124) $ 119,777 (1) None of our mortgage-backed securities are subprime. December 31, 2023 Amortized Gross Gross Fair (In thousands) Available-for-sale securities U.S. Treasury $ 6,960 $ 8 $ — $ 6,968 U.S. government agencies 50,000 — (4,876) 45,124 Municipal 144,299 657 (3,998) 140,958 Corporate notes: Financial issuers 83,996 — (8,456) 75,540 Other 1,000 — (9) 991 Mortgage-backed: (1) Residential Mortgage-backed securities 3,505,012 1,392 (446,784) 3,059,620 Commercial (multi-family) mortgage-backed securities 13,201 68 (289) 12,980 Collateralized mortgage obligations 175,346 1,400 (16,012) 160,734 Total available-for-sale securities $ 3,979,814 $ 3,525 $ (480,424) $ 3,502,915 Held-to-maturity securities U.S. government agencies $ 336,468 $ — $ (67,058) $ 269,410 Municipal 172,933 565 (3,778) 169,720 Mortgage-backed: (1) Residential Mortgage-backed securities 3,042,828 1,922 (549,265) 2,495,485 Commercial (multi-family) mortgage-backed securities 6,415 — (184) 6,231 Collateralized mortgage obligations 241,075 978 (21,502) 220,551 Corporate notes 57,544 7 (3,480) 54,071 Total held-to-maturity securities $ 3,857,263 $ 3,472 $ (645,267) $ 3,215,468 Less: Allowance for credit losses (347) Held-to-maturity securities, net of allowance for credit losses $ 3,856,916 Equity securities with readily determinable fair value $ 143,312 $ 3,500 $ (7,544) $ 139,268 (1) None of our mortgage-backed securities are subprime. March 31, 2023 Amortized Gross Gross Fair (In thousands) Available-for-sale securities U.S. Treasury $ 4,947 $ 1 $ — $ 4,948 U.S. government agencies 80,000 — (5,138) 74,862 Municipal 164,110 439 (4,163) 160,386 Corporate notes: Financial issuers 93,995 — (11,320) 82,675 Other 1,000 — — 1,000 Mortgage-backed: (1) Mortgage-backed securities 3,300,048 1,787 (445,405) 2,856,430 Collateralized mortgage obligations 95,880 — (16,336) 79,544 Total available-for-sale securities $ 3,739,980 $ 2,227 $ (482,362) $ 3,259,845 Held-to-maturity securities U.S. government agencies $ 339,608 $ 24 $ (70,064) $ 269,568 Municipal 174,720 1,117 (2,880) 172,957 Mortgage-backed: (1) Mortgage-backed securities 2,872,591 1,197 (533,415) 2,340,373 Collateralized mortgage obligations 161,874 — (22,431) 139,443 Corporate notes 58,061 14 (4,218) 53,857 Total held-to-maturity securities $ 3,606,854 $ 2,352 $ (633,008) $ 2,976,198 Less: Allowance for credit losses (463) Held-to-maturity securities, net of allowance for credit losses $ 3,606,391 Equity securities with readily determinable fair value $ 116,296 $ 3,065 $ (7,418) $ 111,943 (1) Consisting entirely of residential mortgage-backed securities, none of which are subprime. |
Schedule of Available-for-sale Investment Securities Portfolios | The following table presents the portion of the Company’s available-for-sale investment securities portfolios that have gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at March 31, 2024: Continuous unrealized Continuous unrealized Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available-for-sale securities U.S. Treasury $ 61,175 $ (10) $ — $ — $ 61,175 $ (10) U.S. government agencies — — 45,715 (4,285) 45,715 (4,285) Municipal 46,448 (324) 69,700 (4,407) 116,148 (4,731) Corporate notes: Financial issuers — — 75,732 (8,264) 75,732 (8,264) Other 993 (7) — — 993 (7) Mortgage-backed: (1) Residential mortgage-backed securities 1,567,822 (15,974) 2,277,921 (504,745) 3,845,743 (520,719) Commercial (multi-family) mortgage-backed securities 12,686 (577) — — 12,686 (577) Collateralized mortgage obligations 18,112 (83) 71,520 (18,087) 89,632 (18,170) Total available-for-sale securities $ 1,707,236 $ (16,975) $ 2,540,588 $ (539,788) $ 4,247,824 $ (556,763) (1) None of our mortgage-backed securities are subprime. |
Schedule of Gross Gains and Gross Losses Realized and Impairment on Investment Securities | The following table provides information as to the amount of gross gains and losses, adjustments and impairment on investment securities recognized in earnings and proceeds received through the sale or call of investment securities: Three months ended March 31, (In thousands) 2024 2023 Realized gains on investment securities $ 1,035 $ 605 Realized losses on investment securities (108) (45) Net realized gains on investment securities 927 560 Unrealized gains on equity securities with readily determinable fair value 1,034 2,290 Unrealized losses on equity securities with readily determinable fair value (633) (1,452) Net unrealized gains on equity securities with readily determinable fair value 401 838 Impairment of equity securities without readily determinable fair values (2) — Gains on investment securities, net $ 1,326 $ 1,398 |
Schedule of Contractual Maturities of Investment Securities | The amortized cost and fair value of available-for-sale and held-to-maturity investment securities as of March 31, 2024, December 31, 2023 and March 31, 2023, by contractual maturity, are shown in the following table. Contractual maturities may differ from actual maturities as borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Mortgage-backed securities are not included in the maturity categories in the following maturity summary as actual maturities may differ from contractual maturities because the underlying mortgages may be called or prepaid without penalties: March 31, 2024 December 31, 2023 March 31, 2023 (In thousands) Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale securities Due in one year or less $ 107,680 $ 107,285 $ 53,162 $ 52,945 $ 108,880 $ 108,429 Due in one to five years 130,137 121,417 132,348 123,985 131,959 122,172 Due in five to ten years 85,212 80,234 82,040 76,869 39,019 35,158 Due after ten years 17,904 15,269 18,705 15,782 64,194 58,112 Mortgage-backed 4,601,427 4,063,393 3,693,559 3,233,334 3,395,928 2,935,974 Total available-for-sale securities $ 4,942,360 $ 4,387,598 $ 3,979,814 $ 3,502,915 $ 3,739,980 $ 3,259,845 Held-to-maturity securities Due in one year or less $ 4,652 $ 4,616 $ 5,169 $ 5,142 $ 2,302 $ 2,300 Due in one to five years 115,707 111,324 109,602 105,835 98,207 93,717 Due in five to ten years 89,538 88,050 99,700 98,718 110,967 110,892 Due after ten years 352,428 280,536 352,474 283,506 360,913 289,473 Mortgage-backed 3,248,019 2,627,428 3,290,318 2,722,267 3,034,465 2,479,816 Total held-to-maturity securities $ 3,810,344 $ 3,111,954 $ 3,857,263 $ 3,215,468 $ 3,606,854 $ 2,976,198 Less: Allowance for credit losses (329) (347) (463) Held-to-maturity securities, net of allowance for credit losses $ 3,810,015 $ 3,856,916 $ 3,606,391 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of Loan Portfolio | The following table shows the Company’s loan portfolio by category as of the dates shown: March 31, December 31, March 31, (Dollars in thousands) 2024 2023 2023 Balance: Commercial $ 13,503,481 $ 12,832,053 $ 12,576,985 Commercial real estate 11,633,437 11,344,164 10,239,078 Home equity 340,349 343,976 337,016 Residential real estate 2,890,266 2,769,666 2,505,545 Premium finance receivables—property & casualty 6,940,019 6,903,529 5,738,880 Premium finance receivables—life insurance 7,872,033 7,877,943 8,125,802 Consumer and other 51,121 60,500 42,165 Total loans, net of unearned income $ 43,230,706 $ 42,131,831 $ 39,565,471 Mix: Commercial 31 % 30 % 32 % Commercial real estate 27 27 26 Home equity 1 1 1 Residential real estate 7 7 6 Premium finance receivables—property & casualty 16 16 14 Premium finance receivables—life insurance 18 19 21 Consumer and other 0 0 0 Total loans, net of unearned income 100 % 100 % 100 % |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Credit Loss [Abstract] | |
Schedule of Aging of the Company's Loan Portfolio | The tables below show the aging of the Company’s loan portfolio by the segmentation noted above at March 31, 2024, December 31, 2023 and March 31, 2023: As of March 31, 2024 90+ days and still accruing 60-89 days past due 30-59 days past due (In thousands) Nonaccrual Current Total Loans Loan Balances (includes PCD): Commercial Commercial, industrial and other $ 31,740 $ 27 $ 30,248 $ 77,715 $ 13,363,751 $ 13,503,481 Commercial real estate Construction and development 1,627 — 818 7,066 2,140,803 2,150,314 Non-construction 37,635 — 15,895 25,932 9,403,661 9,483,123 Home equity 838 — 212 1,617 337,682 340,349 Residential real estate, excluding early buy-out loans 17,901 — — 24,523 2,704,492 2,746,916 Premium finance receivables Property and casualty insurance loans 32,648 25,877 15,274 59,729 6,806,491 6,940,019 Life insurance loans — — 32,482 100,137 7,739,414 7,872,033 Consumer and other 19 47 16 210 50,829 51,121 Total loans, net of unearned income, excluding early buy-out loans $ 122,408 $ 25,951 $ 94,945 $ 296,929 $ 42,547,123 $ 43,087,356 Early buy-out loans guaranteed by U.S. government agencies (1) — 50,217 — 1,047 92,086 143,350 Total loans, net of unearned income $ 122,408 $ 76,168 $ 94,945 $ 297,976 $ 42,639,209 $ 43,230,706 As of December 31, 2023 90+ days and still accruing 60-89 days past due 30-59 days past due (In thousands) Nonaccrual Current Total Loans Loan Balances (includes PCD): Commercial Commercial, industrial and other $ 38,940 $ 98 $ 19,488 $ 85,743 $ 12,687,784 $ 12,832,053 Commercial real estate Construction and development 2,205 — 251 1,343 2,080,242 2,084,041 Non-construction 33,254 — 8,264 19,291 9,199,314 9,260,123 Home equity 1,341 — 62 2,263 340,310 343,976 Residential real estate, excluding early buy-out loans 15,391 — 2,325 22,942 2,578,425 2,619,083 Premium finance receivables Property and casualty insurance loans 27,590 20,135 23,236 50,437 6,782,131 6,903,529 Life insurance loans — — 16,206 45,464 7,816,273 7,877,943 Consumer and other 22 54 25 165 60,234 60,500 Total loans, net of unearned income, excluding early buy-out loans $ 118,743 $ 20,287 $ 69,857 $ 227,648 $ 41,544,713 $ 41,981,248 Early buy-out loans guaranteed by U.S. government agencies (1) — 57,688 250 328 92,317 150,583 Total loans, net of unearned income $ 118,743 $ 77,975 $ 70,107 $ 227,976 $ 41,637,030 $ 42,131,831 (1) Early buy-out loans are insured or guaranteed by the FHA or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans. As of March 31, 2023 90+ days and still accruing 60-89 days past due 30-59 days past due (In thousands) Nonaccrual Current Total Loans Loan Balances (includes PCD): Commercial Commercial, industrial and other $ 47,950 $ — $ 10,755 $ 95,593 $ 12,422,687 $ 12,576,985 Commercial real estate Construction and development 5,404 — 4,438 19,616 1,567,595 1,597,053 Non-construction 5,792 — 16,101 53,064 8,567,068 8,642,025 Home equity 1,190 — 116 1,118 334,592 337,016 Residential real estate, excluding early buy-out loans 11,333 104 74 19,183 2,278,699 2,309,393 Premium finance receivables Property and casualty insurance loans 18,543 9,215 14,287 32,545 5,664,290 5,738,880 Life insurance loans — 1,066 21,552 52,975 8,050,209 8,125,802 Consumer and other 6 87 10 379 41,683 42,165 Total loans, net of unearned income, excluding early buy-out loans $ 90,218 $ 10,472 $ 67,333 $ 274,473 $ 38,926,823 $ 39,369,319 Early buy-out loans guaranteed by U.S. government agencies (1) 29,245 36,920 — 1,485 128,502 196,152 Total loans, net of unearned income $ 119,463 $ 47,392 $ 67,333 $ 275,958 $ 39,055,325 $ 39,565,471 (1) |
Schedule of Loan Portfolio by Credit Quality Indicator | The table below shows the Company’s loan portfolio by credit quality indicator and year of origination at March 31, 2024: Year of Origination Revolving Total (In thousands) 2024 2023 2022 2021 2020 Prior Revolving to Term Loans Loan Balances: Commercial, industrial and other Pass $ 970,127 $ 2,650,822 $ 1,998,311 $ 1,433,144 $ 590,652 $ 1,200,791 $ 3,979,064 $ 5,677 $ 12,828,588 Special mention 1,783 27,372 69,729 86,335 7,175 53,800 145,717 510 392,421 Substandard accrual 197 27,876 47,624 34,005 14,725 11,845 114,410 50 250,732 Substandard nonaccrual/doubtful — 12,562 4,653 5,326 1,720 6,734 745 — 31,740 Total commercial, industrial and other $ 972,107 $ 2,718,632 $ 2,120,317 $ 1,558,810 $ 614,272 $ 1,273,170 $ 4,239,936 $ 6,237 $ 13,503,481 Construction and development Pass $ 26,328 $ 408,651 $ 927,437 $ 369,191 $ 105,155 $ 166,162 $ 23,710 $ — $ 2,026,634 Special mention — 417 — 17,091 — 15,143 — — 32,651 Substandard accrual — — 2,495 35,215 2,480 49,212 — — 89,402 Substandard nonaccrual/doubtful — 499 — — — 1,128 — — 1,627 Total construction and development $ 26,328 $ 409,567 $ 929,932 $ 421,497 $ 107,635 $ 231,645 $ 23,710 $ — $ 2,150,314 Non-construction Pass $ 298,943 $ 1,516,282 $ 1,817,069 $ 1,370,179 $ 961,542 $ 3,011,760 $ 189,165 $ 6,915 $ 9,171,855 Special mention — 10,190 34,072 46,822 22,865 52,411 — — 166,360 Substandard accrual — 1,174 2,480 1,972 19,098 82,549 — — 107,273 Substandard nonaccrual/doubtful — 883 453 192 — 36,107 — — 37,635 Total non-construction $ 298,943 $ 1,528,529 $ 1,854,074 $ 1,419,165 $ 1,003,505 $ 3,182,827 $ 189,165 $ 6,915 $ 9,483,123 Home equity Pass $ — $ — $ — $ — $ — $ 9,518 $ 314,674 $ 1,271 $ 325,463 Special mention — — 223 62 — 1,992 4,076 — 6,353 Substandard accrual — — 291 — 45 6,265 995 99 7,695 Substandard nonaccrual/doubtful — — 180 69 108 391 — 90 838 Total home equity $ — $ — $ 694 $ 131 $ 153 $ 18,166 $ 319,745 $ 1,460 $ 340,349 Residential real estate Early buy-out loans guaranteed by U.S. government agencies $ — $ 2,621 $ 4,612 $ 3,919 $ 7,149 $ 125,049 $ — $ — $ 143,350 Pass 148,886 476,710 828,606 767,141 212,312 270,800 — — 2,704,455 Special mention — 1,842 3,945 2,610 1,310 5,191 — — 14,898 Substandard accrual 64 908 2,157 490 1,023 5,020 — — 9,662 Substandard nonaccrual/doubtful — 98 4,474 4,553 798 7,978 — — 17,901 Total residential real estate $ 148,950 $ 482,179 $ 843,794 $ 778,713 $ 222,592 $ 414,038 $ — $ — $ 2,890,266 Premium finance receivables - property and casualty Pass $ 3,462,480 $ 3,350,889 $ — $ 10,835 $ 1,043 $ — $ — $ — $ 6,825,247 Special mention 23,586 53,219 121 44 — — — — 76,970 Substandard accrual 598 4,460 92 4 — — — — 5,154 Substandard nonaccrual/doubtful 451 31,397 753 45 2 — — — 32,648 Total premium finance receivables - property and casualty $ 3,487,115 $ 3,439,965 $ 966 $ 10,928 $ 1,045 $ — $ — $ — $ 6,940,019 Premium finance receivables - life Pass $ 997,609 $ 6,871,203 $ 3,221 $ — $ — $ — $ — $ — $ 7,872,033 Special mention — — — — — — — — — Substandard accrual — — — — — — — — — Substandard nonaccrual/doubtful — — — — — — — — — Total premium finance receivables - life $ 997,609 $ 6,871,203 $ 3,221 $ — $ — $ — $ — $ — $ 7,872,033 Consumer and other Pass $ 610 $ 3,092 $ 935 $ 760 $ 73 $ 3,670 $ 41,790 $ — $ 50,930 Special mention — 8 14 7 — 77 1 — 107 Substandard accrual — 14 13 — — 29 9 — 65 Substandard nonaccrual/doubtful — 7 9 3 — — — — 19 Total consumer and other $ 610 $ 3,121 $ 971 $ 770 $ 73 $ 3,776 $ 41,800 $ — $ 51,121 Total loans Early buy-out loans guaranteed by U.S. government agencies $ — $ 2,621 $ 4,612 $ 3,919 $ 7,149 $ 125,049 $ — $ — $ 143,350 Pass 5,904,983 15,277,649 5,575,579 3,951,250 1,870,777 4,662,701 4,548,403 13,863 41,805,205 Special mention 25,369 93,048 108,104 152,971 31,350 128,614 149,794 510 689,760 Substandard accrual 859 34,432 55,152 71,686 37,371 154,920 115,414 149 469,983 Substandard nonaccrual/doubtful 451 45,446 10,522 10,188 2,628 52,338 745 90 122,408 Total loans $ 5,931,662 $ 15,453,196 $ 5,753,969 $ 4,190,014 $ 1,949,275 $ 5,123,622 $ 4,814,356 $ 14,612 $ 43,230,706 Gross write offs Three months ended March 31, 2024 99 13,085 2,129 660 1,965 5,903 — — 23,841 |
Schedule of Held-to-Maturity Debt Securities by Credit Quality Indicator | For purposes of the table below, the Company has converted any issuer rating from an NRSRO into the Company’s internal ratings based on Investment Policy and review by the Company’s management. As of March 31, 2024 Year of Origination Total (In thousands) 2024 2023 2022 2021 2020 Prior Balance Amortized Cost Balances: U.S. government agencies 1-4 internal grade $ — $ — $ 156,875 $ 147,813 $ 25,000 $ 6,775 $ 336,463 5-7 internal grade — 8-10 internal grade — Total U.S. government agencies $ — $ — $ 156,875 $ 147,813 $ 25,000 $ 6,775 $ 336,463 Municipal 1-4 internal grade $ — $ 4,176 $ 1,037 $ 6,886 $ 258 $ 156,133 $ 168,490 5-7 internal grade — 8-10 internal grade — Total municipal $ — $ 4,176 $ 1,037 $ 6,886 $ 258 $ 156,133 $ 168,490 Mortgage-backed securities 1-4 internal grade $ — $ 372,240 $ 566,684 $ 2,309,095 $ — $ — $ 3,248,019 5-7 internal grade — 8-10 internal grade — Total mortgage-backed securities $ — $ 372,240 $ 566,684 $ 2,309,095 $ — $ — $ 3,248,019 Corporate notes 1-4 internal grade $ — $ — $ 14,967 $ — $ 6,006 $ 36,399 $ 57,372 5-7 internal grade — 8-10 internal grade — Total corporate notes $ — $ — $ 14,967 $ — $ 6,006 $ 36,399 $ 57,372 Total held-to-maturity securities $ 3,810,344 Less: Allowance for credit losses (329) Held-to-maturity securities, net of allowance for credit losses $ 3,810,015 |
Schedule of Allowance for Credit Losses | As significant judgment is required, the review of the appropriateness of the allowance for credit losses is performed quarterly by various committees with participation by the Company's executive management. March 31, December 31, March 31, (In thousands) 2024 2023 2023 Allowance for loan losses $ 348,612 $ 344,235 $ 287,972 Allowance for unfunded lending-related commitments losses 78,563 83,030 87,826 Allowance for loan losses and unfunded lending-related commitments losses 427,175 427,265 375,798 Allowance for held-to-maturity securities losses 329 347 463 Allowance for credit losses $ 427,504 $ 427,612 $ 376,261 |
Schedule of Activity in the Allowance for Credit Losses by Loan Portfolio | A summary of activity in the allowance for credit losses, specifically for the loan portfolio (i.e. allowance for loan losses and allowance for unfunded commitment losses), for the three months ended March 31, 2024 and March 31, 2023 is as follows: Three months ended March 31, 2024 Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivables Consumer and Other Total Loans (In thousands) Commercial Allowance for credit losses at beginning of period $ 169,604 $ 223,853 $ 7,116 $ 13,133 $ 13,069 $ 490 $ 427,265 Other adjustments — — — — (31) — (31) Charge-offs (11,215) (5,469) (74) (38) (6,938) (107) (23,841) Recoveries 479 31 29 2 1,527 23 2,091 Provision for credit losses 7,650 7,637 120 604 5,703 (23) 21,691 Allowance for credit losses at period end $ 166,518 $ 226,052 $ 7,191 $ 13,701 $ 13,330 $ 383 $ 427,175 By measurement method: Individually measured $ 13,989 $ 1,784 $ — $ 59 $ — $ 9 $ 15,841 Collectively measured 152,529 224,268 7,191 13,642 13,330 374 411,334 Loans at period end Individually measured $ 31,740 $ 39,262 $ 838 $ 17,509 $ — $ 19 $ 89,368 Collectively measured 13,471,741 11,594,175 339,511 2,728,392 14,812,052 51,102 42,996,973 Loans held at fair value — — — 144,365 — — 144,365 Three months ended March 31, 2023 Commercial Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivables Consumer and Other Total Loans (In thousands) Allowance for credit losses at beginning of period $ 142,769 $ 184,352 $ 7,573 $ 11,585 $ 10,671 $ 498 $ 357,448 Cumulative effect adjustment from the adoption of ASU 2022-02 (TDR), net of tax 111 1,356 (33) (692) — (1) 741 Other adjustments — — — — 4 — 4 Charge-offs (2,543) (5) — — (4,650) (153) (7,351) Recoveries 392 100 35 4 1,323 32 1,886 Provision for credit losses 8,772 8,977 153 537 4,607 24 23,070 Allowance for credit losses at period end $ 149,501 $ 194,780 $ 7,728 $ 11,434 $ 11,955 $ 400 $ 375,798 By measurement method: Individually measured $ 11,281 $ 1,621 $ — $ — $ — $ 1 $ 12,903 Collectively measured 138,220 193,159 7,728 11,434 11,955 399 362,895 Loans at period end Individually measured $ 47,950 $ 11,196 $ 1,190 $ 11,280 $ — $ 6 $ 71,622 Collectively measured 12,529,035 10,227,882 335,826 2,286,733 13,864,682 42,159 39,286,317 Loans held at fair value — — — 207,532 — — 207,532 |
Schedule of Modification of Loans | The tables below presents a summary of the period-end balance of loans to borrowers experiencing financial difficulties during the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 (Dollars in thousands) Total Percentage of Total Class of Loan Extension of Term Reduction of Delay in Contractual Payments Extension of Term and Reduction of Interest Rate Commercial Commercial, industrial and other $ 1,629 0.0 % $ 1,502 $ — $ — $ 127 Commercial real estate Non-construction 1,176 0.0 293 — 883 — Home equity 98 0.0 98 — — — Residential real estate 218 0.0 35 183 — — Premium finance receivables Property and casualty insurance loans 1 0.0 1 — — — Total loans $ 3,122 0.0 % $ 1,929 $ 183 $ 883 $ 127 Weighted average magnitude of modifications: Three months ended March 31, 2024 (Dollars in thousands) Total Duration of Extension of Term (months) Reduction of Duration of Delay in Contractual Payments (months) Commercial Commercial, industrial and other $ 1,629 10 219 — Commercial real estate Non-construction 1,176 47 — 16 Home equity 98 12 — — Residential real estate 218 37 201 — Premium finance receivables Property and casualty insurance loans 1 0 — — Total loans $ 3,122 16 215 16 Three Months Ended March 31, 2023 (Dollars in thousands) Total Percentage of Total Class of Loan Extension of Reduction of Delay in Contractual Payments Extension of Commercial Commercial, industrial and other $ 37,474 0.3 % $ 1,938 $ 221 $ 35,265 $ 50 Commercial real estate Non-construction 1,333 0.0 467 827 39 — Home equity 203 0.1 203 — — — Residential real estate 1,708 0.1 1,253 271 — 184 Premium finance receivables Property and casualty insurance loans 11 0.0 3 — — 8 Total loans $ 40,729 0.1 % $ 3,864 $ 1,319 $ 35,304 $ 242 Weighted average magnitude of modifications: Three months ended March 31, 2023 (Dollars in thousands) Total Duration of Extension of Term (months) Reduction of Duration of Delay in Contractual Payments (months) Commercial Commercial, industrial and other $ 37,474 10 52 16 Commercial real estate Non-construction 1,333 51 342 101 Home equity 203 12 — — Residential real estate 1,708 45 290 — Premium finance receivables Property and casualty insurance loans 11 0 50 — Total loans $ 40,729 27 275 17 |
Schedule of Loans for Borrowers Experiencing Financial Difficulties Modified | The following table presents a summary of all modified loans for borrowers experiencing financial difficulties and such loans that were in payment default under the restructured terms during the respective periods below. (Dollars in thousands) For the Twelve Months Ended March 31, 2024 Three Months Ended March 31, 2024 For the Three Months Ended March 31, 2023 Three Months Ended March 31, 2023 Total Payments in Default (1) Total Payments in Default (1) Commercial Commercial, industrial and other $ 16,011 $ 244 $ 37,474 $ 2 Commercial real estate Construction and development 2,495 — — — Non-construction 6,161 603 1,333 828 Home equity 616 19 203 104 Residential real estate 612 144 1,708 — Premium finance receivables Property and casualty insurance loans 81 — 11 11 Total loans $ 25,976 $ 1,010 $ 40,729 $ 945 (1) Modified loans considered to be in payment default are over 30 days past due subsequent to the restructuring. |
Goodwill and Other Acquisitio_2
Goodwill and Other Acquisition-Related Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill Assets by Business Segment | A summary of the Company’s goodwill assets by reporting unit is presented in the following table: (In thousands) December 31, 2023 Goodwill Impairment Goodwill Adjustments March 31, Community banking $ 545,671 $ — $ — $ — $ 545,671 Specialty finance 39,006 — — (491) 38,515 Wealth management 71,995 — — — 71,995 Total $ 656,672 $ — $ — $ (491) $ 656,181 |
Schedule of Indefinite-Lived Intangible Assets | A summary of acquisition-related intangible assets as of the dates shown and the expected amortization of finite-lived acquisition-related intangible assets as of March 31, 2024 is as follows: (In thousands) March 31, December 31, March 31, Community banking segment: Core deposit intangibles with finite lives: Gross carrying amount $ 55,206 $ 55,206 $ 55,206 Accumulated amortization (46,899) (46,125) (43,473) Net carrying amount $ 8,307 $ 9,081 $ 11,733 Trademark with indefinite lives: Carrying amount 5,800 5,800 5,800 Total net carrying amount $ 14,107 $ 14,881 $ 17,533 Specialty finance segment: Customer list intangibles with finite lives: Gross carrying amount $ 1,962 $ 1,963 $ 1,962 Accumulated amortization (1,849) (1,837) (1,799) Net carrying amount $ 113 $ 126 $ 163 Wealth management segment: Customer list and other intangibles with finite lives: Gross carrying amount $ 26,630 $ 26,630 $ 20,430 Accumulated amortization (19,120) (18,748) (17,175) Net carrying amount $ 7,510 $ 7,882 $ 3,255 Total acquisition-related intangible assets: Gross carrying amount $ 89,598 $ 89,599 $ 83,398 Accumulated amortization (67,868) (66,710) (62,447) Total other acquisition-related intangible assets, net $ 21,730 $ 22,889 $ 20,951 |
Summary of Finite-Lived Intangible Assets | A summary of acquisition-related intangible assets as of the dates shown and the expected amortization of finite-lived acquisition-related intangible assets as of March 31, 2024 is as follows: (In thousands) March 31, December 31, March 31, Community banking segment: Core deposit intangibles with finite lives: Gross carrying amount $ 55,206 $ 55,206 $ 55,206 Accumulated amortization (46,899) (46,125) (43,473) Net carrying amount $ 8,307 $ 9,081 $ 11,733 Trademark with indefinite lives: Carrying amount 5,800 5,800 5,800 Total net carrying amount $ 14,107 $ 14,881 $ 17,533 Specialty finance segment: Customer list intangibles with finite lives: Gross carrying amount $ 1,962 $ 1,963 $ 1,962 Accumulated amortization (1,849) (1,837) (1,799) Net carrying amount $ 113 $ 126 $ 163 Wealth management segment: Customer list and other intangibles with finite lives: Gross carrying amount $ 26,630 $ 26,630 $ 20,430 Accumulated amortization (19,120) (18,748) (17,175) Net carrying amount $ 7,510 $ 7,882 $ 3,255 Total acquisition-related intangible assets: Gross carrying amount $ 89,598 $ 89,599 $ 83,398 Accumulated amortization (67,868) (66,710) (62,447) Total other acquisition-related intangible assets, net $ 21,730 $ 22,889 $ 20,951 |
Schedule of Estimated Amortization | Estimated amortization Actual in three months ended March 31, 2024 $ 1,158 Estimated remaining in 2024 3,143 Estimated—2025 3,482 Estimated—2026 2,772 Estimated—2027 2,156 Estimated—2028 1,591 |
Mortgage Servicing Rights ("M_2
Mortgage Servicing Rights ("MSRs") (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Disclosures Pertaining to Servicing Assets and Servicing Liabilities [Abstract] | |
Schedule of Changes in the Carrying Value of MSRs | The following is a summary of the changes in the carrying value of MSRs, accounted for at fair value, for the periods indicated: Three Months Ended March 31, March 31, (In thousands) 2024 2023 Fair value at beginning of the period $ 192,456 230,225 Additions from loans sold with servicing retained 5,379 5,107 Estimate of changes in fair value due to: Payoffs, paydowns and repurchases (4,386) (3,909) Changes in valuation inputs or assumptions 7,595 (6,953) Fair value at end of the period $ 201,044 $ 224,470 Unpaid principal balance of mortgage loans serviced for others $ 12,051,392 $ 14,080,461 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Deposits [Abstract] | |
Schedule of Deposits | The following table is a summary of deposits as of the dates shown: (Dollars in thousands) March 31, December 31, March 31, Balance: Non-interest-bearing $ 9,908,183 $ 10,420,401 $ 11,236,083 NOW and interest-bearing demand deposits 5,720,947 5,797,649 5,576,558 Wealth management deposits 1,347,817 1,614,499 1,809,933 Money market 15,617,717 15,149,215 13,552,277 Savings 5,959,774 5,790,334 5,192,108 Time certificates of deposit 7,894,420 6,625,072 5,351,252 Total deposits $ 46,448,858 $ 45,397,170 $ 42,718,211 Mix: Non-interest-bearing 21 % 23 % 26 % NOW and interest-bearing demand deposits 12 13 13 Wealth management deposits 3 4 4 Money market 34 33 32 Savings 13 13 12 Time certificates of deposit 17 14 13 Total deposits 100 % 100 % 100 % |
FHLB Advances, Other Borrowin_2
FHLB Advances, Other Borrowings and Subordinated Notes (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of FHLB Advances, Other Borrowings and Subordinated Notes | The following table is a summary of FHLB advances, other borrowings and subordinated notes as of the dates shown: (In thousands) March 31, December 31, March 31, FHLB advances $ 2,676,751 $ 2,326,071 $ 2,316,071 Other borrowings: Notes payable 164,153 171,282 192,666 Short-term borrowings 10,869 13,430 10,124 Secured borrowings 341,704 401,897 320,007 Other 58,682 59,204 60,751 Total other borrowings 575,408 645,813 583,548 Subordinated notes 437,965 437,866 437,493 Total FHLB advances, other borrowings and subordinated notes $ 3,690,124 $ 3,409,750 $ 3,337,112 |
Schedule of Financial Instruments Owned and Pledged as Collateral | The following is a summary of these securities pledged as of March 31, 2024 disaggregated by investment category and maturity of the related customer sweep account, and reconciled to the outstanding balance of securities sold under repurchase agreements: (In thousands) Overnight Sweep Collateral Available-for-sale securities pledged Mortgage-backed securities $ 16,632 Excess collateral 5,763 Securities sold under repurchase agreements $ 10,869 |
Junior Subordinated Debentures
Junior Subordinated Debentures (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust [Abstract] | |
Schedule of Junior Subordinated Debentures | The following table provides a summary of the Company’s junior subordinated debentures as of March 31, 2024. The junior subordinated debentures represent the par value of the obligations owed to the Trusts. (Dollars in thousands) Common Trust Junior Rate Structure (1) Contractual Rate at 3/31/2024 Issue Maturity Earliest Wintrust Capital Trust III $ 774 $ 25,000 $ 25,774 S+0.26161+3.25 8.83 % 04/2003 04/2033 04/2008 Wintrust Statutory Trust IV 619 20,000 20,619 S+0.26161+2.80 8.36 % 12/2003 12/2033 12/2008 Wintrust Statutory Trust V 1,238 40,000 41,238 S+0.26161+2.60 8.16 % 05/2004 05/2034 06/2009 Wintrust Capital Trust VII 1,550 50,000 51,550 S+0.26161+1.95 7.54 % 12/2004 03/2035 03/2010 Wintrust Capital Trust VIII 1,238 25,000 26,238 S+0.26161+1.45 7.01 % 08/2005 09/2035 09/2010 Wintrust Capital Trust IX 1,547 50,000 51,547 S+0.26161+1.63 7.22 % 09/2006 09/2036 09/2011 Northview Capital Trust I 186 6,000 6,186 S+0.26161+3.00 8.57 % 08/2003 11/2033 08/2008 Town Bankshares Capital Trust I 186 6,000 6,186 S+0.26161+3.00 8.57 % 08/2003 11/2033 08/2008 First Northwest Capital Trust I 155 5,000 5,155 S+0.26161+3.00 8.56 % 05/2004 05/2034 05/2009 Suburban Illinois Capital Trust II 464 15,000 15,464 S+0.26161+1.75 7.34 % 12/2006 12/2036 12/2011 Community Financial Shares Statutory Trust II 109 3,500 3,609 S+0.26161+1.62 7.21 % 06/2007 09/2037 06/2012 Total $ 253,566 7.77 % (1) The interest rates on the variable rate junior subordinated debentures are based on the three-month Chicago Mercantile Exchange (“CME”) Term Secured Overnight Financing Rate (“SOFR”) and reset on a quarterly basis. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Operating Information for Reportable Segments | The following is a summary of certain operating information for reportable segments: Three Months Ended $ Change in % Change in (Dollars in thousands) March 31, March 31, Net interest income: Community Banking $ 363,685 $ 369,848 $ (6,163) (2) % Specialty Finance 82,282 70,351 11,931 17 Wealth Management 7,758 8,955 (1,197) (13) Total Operating Segments 453,725 449,154 4,571 1 Intersegment Eliminations 10,469 8,841 1,628 18 Consolidated net interest income $ 464,194 $ 457,995 $ 6,199 1 % Provision for credit losses: Community Banking $ 20,392 $ 21,099 $ (707) (3) % Specialty Finance 1,281 1,946 (665) (34) Wealth Management — — — — Total Operating Segments 21,673 23,045 (1,372) (6) Intersegment Eliminations — — — — Consolidated provision for credit losses $ 21,673 $ 23,045 $ (1,372) (6) % Non-interest income: Community Banking $ 74,636 $ 68,733 $ 5,903 9 % Specialty Finance 27,317 25,790 1,527 6 Wealth Management 58,485 30,297 28,188 93 Total Operating Segments 160,438 124,820 35,618 29 Intersegment Eliminations (19,858) (17,051) (2,807) 16 Consolidated non-interest income $ 140,580 $ 107,769 $ 32,811 30 % Net revenue: Community Banking $ 438,321 $ 438,581 $ (260) 0 % Specialty Finance 109,599 96,141 13,458 14 Wealth Management 66,243 39,252 26,991 69 Total Operating Segments 614,163 573,974 40,189 7 Intersegment Eliminations (9,389) (8,210) (1,179) 14 Consolidated net revenue $ 604,774 $ 565,764 $ 39,010 7 % Segment profit: Community Banking $ 120,046 $ 134,232 $ (14,186) (11) % Specialty Finance 42,523 36,737 5,786 16 Wealth Management 24,725 9,229 15,496 168 Consolidated net income $ 187,294 $ 180,198 $ 7,096 4 % Segment assets: Community Banking $ 45,720,014 $ 41,611,980 $ 4,108,034 10 % Specialty Finance 10,713,783 9,841,044 872,739 9 Wealth Management 1,143,136 1,420,487 (277,351) (20) Consolidated total assets $ 57,576,933 $ 52,873,511 $ 4,703,422 9 % NM - Not meaningful |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Financial Instruments | The table below presents the fair value of the Company’s derivative financial instruments as of March 31, 2024, December 31, 2023 and March 31, 2023: Derivative Assets Derivative Liabilities (In thousands) March 31, December 31, March 31, March 31, December 31, March 31, Derivatives designated as hedging instruments under ASC 815: Interest rate derivatives designated as Cash Flow Hedges $ 12,985 $ 40,116 $ 25,730 $ 94,758 $ 44,456 $ 43,412 Interest rate derivatives designated as Fair Value Hedges 13,443 12,349 13,732 21 273 — Total derivatives designated as hedging instruments under ASC 815 $ 26,428 $ 52,465 $ 39,462 $ 94,779 $ 44,729 $ 43,412 Derivatives not designated as hedging instruments under ASC 815: Interest rate derivatives $ 222,505 $ 211,490 $ 219,869 $ 223,384 $ 210,397 $ 219,053 Interest rate lock commitments 6,212 4,511 5,356 21 — 67 Forward commitments to sell mortgage loans 169 — 121 2,549 5,212 2,953 Commodity forward contracts 685 888 491 416 609 315 Foreign exchange contracts 3,265 6,372 8,705 3,215 6,308 8,632 Total derivatives not designated as hedging instruments under ASC 815 $ 232,836 $ 223,261 $ 234,542 $ 229,585 $ 222,526 $ 231,020 Total Derivatives $ 259,264 $ 275,726 $ 274,004 $ 324,364 $ 267,255 $ 274,432 |
Schedule of Cash Flow Hedging Instruments | The table below provides details on these cash flow hedges, summarized by derivative type and maturity, as of March 31, 2024: March 31, 2024 Notional Fair Value (In thousands) Amount Asset (Liability) Interest Rate Collars at 1-month CME term SOFR: Buy 2.250% floor, sell 3.743% cap; matures September 2025 $ 1,250,000 $ (18,054) Buy 2.750% floor, sell 4.320% cap; matures October 2026 500,000 (4,246) Buy 2.000% floor, sell 3.450% cap; matures September 2027 1,250,000 (36,414) Interest Rate Swaps at 1-month CME term SOFR: Fixed 3.748%; matures December 2025 250,000 (3,420) Fixed 3.759%; matures December 2025 250,000 (3,373) Fixed 3.680%; matures February 2026 250,000 (3,715) Fixed 4.176%; matures March 2026 250,000 (1,439) Fixed 3.915%; matures March 2026 250,000 (2,643) Fixed 4.450%; matures July 2026 250,000 410 Fixed 3.515%, matures December 2026 250,000 (4,681) Fixed 3.512%; matures December 2026 250,000 (4,700) Fixed 3.453%; matures February 2027 250,000 (5,086) Fixed 4.150%; matures July 2027 250,000 199 Fixed 3.748%; matures March 2028 250,000 (2,483) Fixed 3.526%; matures March 2028 250,000 (4,504) Fixed 3.993%; matures October 2029 100,000 1,150 Fixed 3.993%; matures October 2029 250,000 2,876 Fixed 4.245%; matures November 2029 175,000 4,175 Fixed 4.245%; matures November 2029 175,000 4,175 Total Cash Flow Hedges $ 6,700,000 $ (81,773) |
Schedule of Amounts in Accumulated Other Comprehensive Income Related to Interest Rate Swaps Designated as Cash Flow Hedges | A rollforward of the amounts in accumulated other comprehensive income or loss related to interest rate derivatives designated as cash flow hedges, including such derivative contracts terminated during the period, follows: Three Months Ended (In thousands) March 31, March 31, Unrealized gain at beginning of period $ 43,538 $ 10,026 Amount reclassified from accumulated other comprehensive income or loss to interest income or expense on deposits, loans, and other borrowings 19,818 3,747 Amount of loss recognized in other comprehensive income or loss (101,909) 30,919 Unrealized (loss) gain at end of period $ (38,553) $ 44,692 |
Schedule of Carrying Amount of Hedged Assets/(Liabilities) | The following table presents the carrying amount of the hedged assets/(liabilities) and the cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets/(liabilities) that are designated as a fair value hedge accounting relationship as of March 31, 2024: (In thousands) March 31, 2024 Derivatives in Fair Value Hedging Relationships Location in the Statement of Condition Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets/(Liabilities) for which Hedge Accounting has been Discontinued Interest rate swaps Loans, net of unearned income $ 201,019 $ (13,487) $ (75) Available-for-sale debt securities 712 (19) — The following table presents the loss or gain recognized related to derivative instruments that are designated as fair value hedges for the respective period: (In thousands) Derivatives in Fair Value Hedging Relationships Location of (Loss)/Gain Recognized Three Months Ended March 31, 2024 Interest rate swaps Interest and fees on loans $ 10 Interest income - investment securities — |
Schedule of Consolidated Statement of Income Related to Derivatives | Amounts included in the Consolidated Statements of Income related to derivative instruments not designated in hedge relationships were as follows: (In thousands) Three Months Ended Derivative Location in income statement March 31, March 31, Interest rate swaps and caps Trading gains, net $ 595 $ 800 Mortgage banking derivatives Mortgage banking revenue (15) 3,640 Commodity contracts Trading gains, net 268 177 Foreign exchange contracts Trading gains, net 8 — Covered call options Fees from covered call options 4,847 10,391 Derivative contract held as economic hedge on MSRs Mortgage banking revenue (2,577) 946 |
Schedule of Offsetting Assets | The table below summarizes the Company’s interest rate derivatives and offsetting positions as of the dates shown. Derivative Assets Derivative Liabilities Fair Value Fair Value (In thousands) March 31, December 31, March 31, March 31, December 31, March 31, Gross Amounts Recognized $ 248,933 $ 263,955 $ 259,331 $ 318,163 $ 255,126 $ 262,465 Less: Amounts offset in the Statements of Condition — — — — — — Net amount presented in the Statements of Condition $ 248,933 $ 263,955 $ 259,331 $ 318,163 $ 255,126 $ 262,465 Gross amounts not offset in the Statements of Condition Offsetting Derivative Positions (109,977) (76,514) (55,838) (109,977) (76,514) (55,838) Collateral Posted (119,572) (144,899) (181,884) — — — Net Credit Exposure $ 19,384 $ 42,542 $ 21,609 $ 208,186 $ 178,612 $ 206,627 |
Schedule of Offsetting Liabilities | The table below summarizes the Company’s interest rate derivatives and offsetting positions as of the dates shown. Derivative Assets Derivative Liabilities Fair Value Fair Value (In thousands) March 31, December 31, March 31, March 31, December 31, March 31, Gross Amounts Recognized $ 248,933 $ 263,955 $ 259,331 $ 318,163 $ 255,126 $ 262,465 Less: Amounts offset in the Statements of Condition — — — — — — Net amount presented in the Statements of Condition $ 248,933 $ 263,955 $ 259,331 $ 318,163 $ 255,126 $ 262,465 Gross amounts not offset in the Statements of Condition Offsetting Derivative Positions (109,977) (76,514) (55,838) (109,977) (76,514) (55,838) Collateral Posted (119,572) (144,899) (181,884) — — — Net Credit Exposure $ 19,384 $ 42,542 $ 21,609 $ 208,186 $ 178,612 $ 206,627 |
Fair Values of Assets and Lia_2
Fair Values of Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented: March 31, 2024 (In thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ 61,175 $ 61,175 $ — $ — U.S. government agencies 45,715 — 45,715 — Municipal 140,590 — 52,371 88,219 Corporate notes 76,725 — 76,725 — Mortgage-backed 4,063,393 — 4,063,393 — Trading account securities 2,184 — 2,184 — Equity securities with readily determinable fair value 119,777 111,711 8,066 — Mortgage loans held-for-sale 339,884 — 306,158 33,726 Loans held-for-investment 144,371 — 95,054 49,317 MSRs 201,044 — — 201,044 Nonqualified deferred compensation assets 15,953 — 15,953 — Derivative assets 259,264 — 253,052 6,212 Total $ 5,470,075 $ 172,886 $ 4,918,671 $ 378,518 Derivative liabilities $ 324,364 $ — $ 324,364 $ — December 31, 2023 (In thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ 6,968 $ 6,968 $ — $ — U.S. government agencies 45,124 — 45,124 — Municipal 140,958 — 54,721 86,237 Corporate notes 76,531 — 76,531 — Mortgage-backed 3,233,334 — 3,233,334 — Trading account securities 4,707 — 4,707 — Equity securities with readily determinable fair value 139,268 131,202 8,066 — Mortgage loans held-for-sale 292,722 — 265,887 26,835 Loans held-for-investment 155,261 — 94,591 60,670 MSRs 192,456 — — 192,456 Nonqualified deferred compensation assets 15,238 — 15,238 — Derivative assets 275,726 — 271,216 4,510 Total $ 4,578,293 $ 138,170 $ 4,069,415 $ 370,708 Derivative liabilities $ 267,255 $ — $ 267,255 $ — March 31, 2023 (In thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ 4,948 $ 4,948 $ — $ — U.S. government agencies 74,862 — 74,862 — Municipal 160,386 — 48,129 112,257 Corporate notes 83,675 — 83,675 — Mortgage-backed 2,935,974 — 2,935,974 — Trading account securities 102 — 102 — Equity securities with readily determinable fair value 111,943 103,877 8,066 — Mortgage loans held-for-sale 302,493 — 258,243 44,250 Loans held-for-investment 202,143 — 132,650 69,493 MSRs 224,470 — — 224,470 Nonqualified deferred compensation assets 14,379 — 14,379 — Derivative assets 274,004 — 268,648 5,356 Total $ 4,389,379 $ 108,825 $ 3,824,728 $ 455,826 Derivative liabilities $ 274,432 $ — $ 274,432 $ — |
Schedule of Changes In Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis | The changes in Level 3 assets measured at fair value on a recurring basis during the three months ended March 31, 2024 and 2023 are summarized as follows: Mortgage loans held-for-sale Loans held-for- investment Mortgage Derivative assets (In thousands) Municipal Balance at January 1, 2024 $ 86,237 $ 26,835 $ 60,670 $ 192,456 $ 4,510 Total net (losses) gains included in: Net income (1) — 67 (317) 8,588 1,702 Other comprehensive income or loss (1,988) — — — — Purchases 8,384 — — — — Settlements (4,414) (10,340) (15,803) — — Net transfers into Level 3 — 17,164 4,767 — — Balance at March 31, 2024 $ 88,219 $ 33,726 $ 49,317 $ 201,044 $ 6,212 Mortgage loans held-for-sale Loans held-for- investment Mortgage Derivative assets (In thousands) Municipal Balance at January 1, 2023 $ 117,537 $ 48,655 $ 84,165 $ 230,225 $ 1,711 Total net (losses) gains included in: Net income (1) — 466 364 (5,755) 3,645 Other comprehensive income or loss (1,662) — — — — Purchases 4,418 — — — — Settlements (8,036) (18,619) (20,322) — — Net transfers into Level 3 — 13,748 5,286 — — Balance at March 31, 2023 $ 112,257 $ 44,250 $ 69,493 $ 224,470 $ 5,356 (1) |
Schedule of Assets Measured at Fair Value on a Nonrecurring Basis | For assets measured at fair value on a non-recurring basis that were still held in the balance sheet at the end of the period, the following table provides the carrying value of the related individual assets or portfolios at March 31, 2024: March 31, 2024 Three Months Ended March 31, 2024 Fair Value Losses Recognized, net (In thousands) Total Level 1 Level 2 Level 3 Individually assessed loans - foreclosure probable and collateral-dependent $ 89,368 $ — $ — $ 89,368 $ 16,726 Other real estate owned (1) 14,538 — — 14,538 207 Total $ 103,906 $ — $ — $ 103,906 $ 16,933 (1) Net fair value losses recognized on other real estate owned include valuation adjustments and charge-offs during the respective period. |
Schedule of Valuation Techniques and Significant Unobservable Inputs Used to Measure Both Recurring and Non Recurring | The valuation techniques and significant unobservable inputs used to measure both recurring and non-recurring Level 3 fair value measurements at March 31, 2024 were as follows: (Dollars in thousands) Fair Value Valuation Methodology Significant Unobservable Input Range Weighted Impact to valuation Measured at fair value on a recurring basis: Municipal securities $ 88,219 Bond pricing Equivalent rating BBB-AA+ N/A Increase Mortgage loans held-for-sale 33,726 Discounted cash flows Discount rate 6.60% 6.60% Decrease Credit discount 0% - 12% 0.43% Decrease Loans held-for-investment 49,317 Discounted cash flows Discount rate 6.60% - 6.63% 6.60% Decrease Credit discount 0% - 16% 1.18% Decrease Constant prepayment rate (CPR) - current loans 7.78% 7.78% Decrease Average life - delinquent loans (in years) 1.1 years - 10.6 years 5.9 years Decrease MSRs 201,044 Discounted cash flows Discount rate 1% - 21% 10.99% Decrease Constant prepayment rate (CPR) 0% - 90% 7.78% Decrease Cost of servicing $70 - $200 $ 77 Decrease Cost of servicing - delinquent $200 - 1,000 $ 394 Decrease Derivatives 6,212 Discounted cash flows Pull-through rate 6% - 100% 82.11 % Increase Measured at fair value on a non-recurring basis: Individually assessed loans - foreclosure probable and collateral-dependent 89,368 Appraisal value Appraisal adjustment - cost of sale 10% 10.00% Decrease Other real estate owned 14,538 Appraisal value Appraisal adjustment - cost of sale 10% 10.00% Decrease |
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments | The table below presents the carrying amounts and estimated fair values of the Company’s financial instruments as of the dates shown: At March 31, 2024 At December 31, 2023 At March 31, 2023 Carrying Fair Carrying Fair Carrying Fair (In thousands) Value Value Value Value Value Value Financial Assets: Cash and cash equivalents $ 379,886 $ 379,886 $ 423,464 $ 423,464 $ 445,986 $ 445,986 Interest-bearing deposits with banks 2,131,077 2,131,077 2,084,323 2,084,323 1,563,578 1,563,578 Available-for-sale securities 4,387,598 4,387,598 3,502,915 3,502,915 3,259,845 3,259,845 Held-to-maturity securities 3,810,015 3,111,954 3,856,916 3,215,468 3,606,391 2,976,198 Trading account securities 2,184 2,184 4,707 4,707 102 102 Equity securities with readily determinable fair value 119,777 119,777 139,268 139,268 111,943 111,943 FHLB and FRB stock, at cost 224,657 224,657 205,003 205,003 244,957 244,957 Brokerage customer receivables 13,382 13,382 10,592 10,592 16,042 16,042 Mortgage loans held-for-sale, at fair value 339,884 339,884 292,722 292,722 302,493 302,493 Loans held-for-investment, at fair value 144,371 144,371 155,261 155,261 202,143 202,143 Loans held-for-investment, at amortized cost 43,086,335 42,068,619 41,976,570 41,090,010 39,363,328 38,577,761 Nonqualified deferred compensation assets 15,953 15,953 15,238 15,238 14,379 14,379 Derivative assets 259,264 259,264 275,726 275,726 274,004 274,004 Accrued interest receivable and other 487,933 487,933 477,832 477,832 417,066 417,066 Total financial assets $ 55,402,316 $ 53,686,539 $ 53,420,537 $ 51,892,529 $ 49,822,257 $ 48,406,497 Financial Liabilities Non-maturity deposits $ 38,554,438 $ 38,554,438 $ 38,772,098 $ 38,772,098 $ 37,366,959 $ 37,366,959 Time certificates of deposit 7,894,420 7,872,870 6,625,072 6,603,746 5,351,252 4,970,556 FHLB advances 2,676,751 2,669,780 2,326,071 2,367,107 2,316,071 2,255,580 Other borrowings 575,408 573,752 645,813 643,755 583,548 555,615 Subordinated notes 437,965 413,003 437,866 413,501 437,493 410,827 Junior subordinated debentures 253,566 253,574 253,566 253,579 253,566 252,663 Derivative liabilities 324,364 324,364 267,255 267,255 274,432 274,432 Accrued interest payable 64,943 64,943 51,116 51,116 42,015 42,015 Total financial liabilities $ 50,781,855 $ 50,726,724 $ 49,378,857 $ 49,372,157 $ 46,625,336 $ 46,128,647 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of Stock Option Activity | A summary of the Plans’ stock option activity for the three months ended March 31, 2024 and March 31, 2023 is presented below: Stock Options Common Weighted Remaining Contractual Term (1) Intrinsic Value (2) (in thousands) Outstanding at January 1, 2024 13,100 $ 42.76 Granted — — Exercised (775) 32.26 Forfeited or canceled — — Outstanding at March 31, 2024 12,325 $ 43.42 4.2 $ 751 Exercisable at March 31, 2024 12,325 $ 43.42 4.2 $ 751 Stock Options Common Weighted Remaining Contractual Term (1) Intrinsic Value (2) (in thousands) Outstanding at January 1, 2023 68,093 $ 41.14 Granted — — Exercised (54,218) 40.87 Forfeited or canceled — — Outstanding at March 31, 2023 13,875 $ 42.18 4.7 $ 427 Exercisable at March 31, 2023 13,875 $ 42.18 4.7 $ 427 (1) Represents the remaining weighted average contractual life in years. (2) Aggregate intrinsic value represents the total pre-tax intrinsic value (i.e., the difference between the Company’s stock price on the last trading day of the quarter and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the quarter. Options with exercise prices above the stock price on the last trading day of the quarter are excluded from the calculation of intrinsic value. The intrinsic value will change based on the fair market value of the Company’s stock. |
Schedule of Plans' Restricted and Performance Share Award Activity | A summary of the Plans’ restricted share activity for the three months ended March 31, 2024 and March 31, 2023 is presented below: Three months ended March 31, 2024 Three months ended March 31, 2023 Restricted Shares Common Weighted Common Weighted Outstanding at January 1 746,123 $ 79.60 610,155 $ 73.21 Granted 305,807 98.92 242,576 89.82 Vested and issued (219,622) 69.25 (96,649) 64.14 Forfeited or canceled (3,154) 87.01 (1,968) 77.37 Outstanding at March 31 829,154 $ 89.44 754,114 $ 79.70 Vested, but deferred, at March 31 99,382 $ 53.78 97,888 $ 53.30 A summary of the Plans’ performance-based stock award activity, based on the target level of the awards, for the three months ended March 31, 2024 and March 31, 2023 is presented below: Three months ended March 31, 2024 Three months ended March 31, 2023 Performance-based Stock Common Weighted Common Weighted Outstanding at January 1 553,026 $ 79.69 545,379 $ 70.30 Granted 96,210 58.78 185,514 92.48 Added by performance factor at vesting 111,204 100.44 23,161 63.64 Vested and issued (294,902) 58.69 (178,203) 63.64 Forfeited or canceled (864) 95.40 (2,301) 78.20 Outstanding at March 31 464,674 $ 93.62 573,550 $ 79.24 Vested, but deferred, at March 31 21,493 $ 43.71 35,852 $ 44.59 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income or Loss and Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Components of Other Comprehensive Income or Loss | The following tables summarize the components of other comprehensive income or loss, including the related income tax effects, and the related amount reclassified to net income for the periods presented: (In thousands) Accumulated Accumulated Accumulated Total Balance at January 1, 2024 $ (350,697) $ 32,049 $ (42,583) $ (361,231) Other comprehensive loss during the period, net of tax, before reclassifications (57,287) (74,954) (6,234) (138,475) Amount reclassified from accumulated other comprehensive income or loss into net income, net of tax 19 14,576 — 14,595 Amount reclassified from accumulated other comprehensive income or loss related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax (37) — — (37) Net other comprehensive (loss) during the period, net of tax $ (57,305) $ (60,378) $ (6,234) $ (123,917) Balance at March 31, 2024 $ (408,002) $ (28,329) $ (48,817) $ (485,148) Balance at January 1, 2023 $ (386,057) $ 7,381 $ (48,960) $ (427,636) Other comprehensive income during the period, net of tax, before reclassifications 34,503 22,679 710 57,892 Amount reclassified from accumulated other comprehensive income or loss into net income, net of tax (409) 2,749 — 2,340 Amount reclassified from accumulated other comprehensive income or loss related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax (32) — — (32) Net other comprehensive income during the period, net of tax $ 34,062 $ 25,428 $ 710 $ 60,200 Balance at March 31, 2023 $ (351,995) $ 32,809 $ (48,250) $ (367,436) |
Schedule of Other Comprehensive Income Reclassified from AOCI | (In thousands) Amount Reclassified from Accumulated Other Comprehensive Income (Loss) for the Details Regarding the Component of Accumulated Other Comprehensive Income (Loss) Three Months Ended Impacted Line on the March 31, 2024 2023 Accumulated unrealized gains on securities Gains included in net income $ (26) $ 560 Gains on investment securities, net (26) 560 Income before taxes Tax effect 7 (151) Income tax expense Net of tax $ (19) $ 409 Net income Accumulated unrealized gains on derivative instruments Amount reclassified to interest income on loans $ 24,475 $ 9,072 Interest on Loans Amount reclassified to interest expense on deposits $ (4,657) $ (5,588) Interest on deposits Amount reclassified to interest expense on other borrowings — 263 Interest on other borrowings (19,818) (3,747) Income before taxes Tax effect 5,242 998 Income tax expense Net of tax $ (14,576) $ (2,749) Net income |
Schedule of Computation of Basic and Diluted Earnings Per Common Share | The following table shows the computation of basic and diluted earnings per share for the periods indicated: Three Months Ended (Dollars in thousands, except per share data) March 31, March 31, Net income $ 187,294 $ 180,198 Less: Preferred stock dividends 6,991 6,991 Net income applicable to common shares (A) $ 180,303 $ 173,207 Weighted average common shares outstanding (B) 61,481 60,950 Effect of dilutive potential common shares Common stock equivalents 928 873 Weighted average common shares and effect of dilutive potential common shares (C) 62,409 61,823 Net income per common share: Basic (A/B) $ 2.93 $ 2.84 Diluted (A/C) $ 2.89 $ 2.80 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Apr. 03, 2023 | Mar. 31, 2023 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 656,181 | $ 656,672 | $ 653,587 | |
Rothschild & Co Asset Management U.S. | ||||
Business Acquisition [Line Items] | ||||
Assets acquired in acquisition | $ 12,600 | |||
Goodwill | $ 2,600 |
Investment Securities - Schedul
Investment Securities - Schedule of Investment Securities (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Available-for-sale securities | |||
Amortized Cost | $ 4,942,360,000 | $ 3,979,814,000 | $ 3,739,980,000 |
Gross Unrealized Gains | 2,001,000 | 3,525,000 | 2,227,000 |
Gross Unrealized Losses | (556,763,000) | (480,424,000) | (482,362,000) |
Fair Value | 4,387,598,000 | 3,502,915,000 | 3,259,845,000 |
Held-to-maturity securities | |||
Amortized Cost | 3,810,344,000 | 3,857,263,000 | 3,606,854,000 |
Gross Unrealized Gains | 697,000 | 3,472,000 | 2,352,000 |
Gross Unrealized Losses | (699,087,000) | (645,267,000) | (633,008,000) |
Fair Value | 3,111,954,000 | 3,215,468,000 | 2,976,198,000 |
Less: Allowance for credit losses | (329,000) | (347,000) | (463,000) |
Held-to-maturity securities, net of allowance for credit losses | 3,810,015,000 | 3,856,916,000 | 3,606,391,000 |
Equity securities with readily determinable fair value | |||
Amortized Cost | 123,421,000 | 143,312,000 | 116,296,000 |
Gross Unrealized Gains | 4,480,000 | 3,500,000 | 3,065,000 |
Gross Unrealized Losses | (8,124,000) | (7,544,000) | (7,418,000) |
Fair Value | 119,777,000 | 139,268,000 | 111,943,000 |
U.S. Treasury | |||
Available-for-sale securities | |||
Amortized Cost | 61,185,000 | 6,960,000 | 4,947,000 |
Gross Unrealized Gains | 0 | 8,000 | 1,000 |
Gross Unrealized Losses | (10,000) | 0 | 0 |
Fair Value | 61,175,000 | 6,968,000 | 4,948,000 |
U.S. government agencies | |||
Available-for-sale securities | |||
Amortized Cost | 50,000,000 | 50,000,000 | 80,000,000 |
Gross Unrealized Gains | 0 | 0 | 0 |
Gross Unrealized Losses | (4,285,000) | (4,876,000) | (5,138,000) |
Fair Value | 45,715,000 | 45,124,000 | 74,862,000 |
Held-to-maturity securities | |||
Amortized Cost | 336,463,000 | 336,468,000 | 339,608,000 |
Gross Unrealized Gains | 0 | 0 | 24,000 |
Gross Unrealized Losses | (69,998,000) | (67,058,000) | (70,064,000) |
Fair Value | 266,465,000 | 269,410,000 | 269,568,000 |
Municipal | |||
Available-for-sale securities | |||
Amortized Cost | 144,752,000 | 144,299,000 | 164,110,000 |
Gross Unrealized Gains | 569,000 | 657,000 | 439,000 |
Gross Unrealized Losses | (4,731,000) | (3,998,000) | (4,163,000) |
Fair Value | 140,590,000 | 140,958,000 | 160,386,000 |
Held-to-maturity securities | |||
Amortized Cost | 168,490,000 | 172,933,000 | 174,720,000 |
Gross Unrealized Gains | 258,000 | 565,000 | 1,117,000 |
Gross Unrealized Losses | (4,709,000) | (3,778,000) | (2,880,000) |
Fair Value | 164,039,000 | 169,720,000 | 172,957,000 |
Corporate notes | |||
Held-to-maturity securities | |||
Amortized Cost | 57,372,000 | 57,544,000 | 58,061,000 |
Gross Unrealized Gains | 8,000 | 7,000 | 14,000 |
Gross Unrealized Losses | (3,358,000) | (3,480,000) | (4,218,000) |
Fair Value | 54,022,000 | 54,071,000 | 53,857,000 |
Financial issuers | |||
Available-for-sale securities | |||
Amortized Cost | 83,996,000 | 83,996,000 | 93,995,000 |
Gross Unrealized Gains | 0 | 0 | 0 |
Gross Unrealized Losses | (8,264,000) | (8,456,000) | (11,320,000) |
Fair Value | 75,732,000 | 75,540,000 | 82,675,000 |
Other | |||
Available-for-sale securities | |||
Amortized Cost | 1,000,000 | 1,000,000 | 1,000,000 |
Gross Unrealized Gains | 0 | 0 | 0 |
Gross Unrealized Losses | (7,000) | (9,000) | 0 |
Fair Value | 993,000 | 991,000 | 1,000,000 |
Residential mortgage-backed securities | |||
Available-for-sale securities | |||
Amortized Cost | 4,396,962,000 | 3,505,012,000 | 3,300,048,000 |
Gross Unrealized Gains | 480,000 | 1,392,000 | 1,787,000 |
Gross Unrealized Losses | (520,719,000) | (446,784,000) | (445,405,000) |
Fair Value | 3,876,723,000 | 3,059,620,000 | 2,856,430,000 |
Held-to-maturity securities | |||
Amortized Cost | 3,007,304,000 | 3,042,828,000 | 2,872,591,000 |
Gross Unrealized Gains | 0 | 1,922,000 | 1,197,000 |
Gross Unrealized Losses | (597,758,000) | (549,265,000) | (533,415,000) |
Fair Value | 2,409,546,000 | 2,495,485,000 | 2,340,373,000 |
Commercial (multi-family) mortgage-backed securities | |||
Available-for-sale securities | |||
Amortized Cost | 16,225,000 | 13,201,000 | |
Gross Unrealized Gains | 28,000 | 68,000 | |
Gross Unrealized Losses | (577,000) | (289,000) | |
Fair Value | 15,676,000 | 12,980,000 | |
Held-to-maturity securities | |||
Amortized Cost | 6,401,000 | 6,415,000 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | (281,000) | (184,000) | |
Fair Value | 6,120,000 | 6,231,000 | |
Collateralized mortgage obligations | |||
Available-for-sale securities | |||
Amortized Cost | 188,240,000 | 175,346,000 | 95,880,000 |
Gross Unrealized Gains | 924,000 | 1,400,000 | 0 |
Gross Unrealized Losses | (18,170,000) | (16,012,000) | (16,336,000) |
Fair Value | 170,994,000 | 160,734,000 | 79,544,000 |
Held-to-maturity securities | |||
Amortized Cost | 234,314,000 | 241,075,000 | 161,874,000 |
Gross Unrealized Gains | 431,000 | 978,000 | 0 |
Gross Unrealized Losses | (22,983,000) | (21,502,000) | (22,431,000) |
Fair Value | 211,762,000 | 220,551,000 | 139,443,000 |
Mortgage-backed securities, subprime | |||
Available-for-sale securities | |||
Fair Value | $ 0 | $ 0 | $ 0 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) security | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||
Equity securities without readily determinable fair value | $ 63,200 | ||
Upward adjustments of equity securities without readily determinable fair values | 0 | $ 0 | |
Downward adjustments of equity securities without readily determinable fair values | 0 | 0 | |
Impairment of equity securities without readily determinable fair values | (2) | 0 | |
Pledged securities | $ 7,200,000 | $ 5,700,000 | $ 6,900,000 |
Number of securities by a single non-government sponsored issuer exceeding 10% of shareholders' equity | security | 0 |
Investment Securities - Sched_2
Investment Securities - Schedule of Available-for-sale Investment Securities Portfolios (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Available-for-sale securities | |||
Continuous unrealized losses existing for less than 12 months, fair value | $ 1,707,236,000 | ||
Continuous unrealized losses existing for less than 12 months, unrealized losses | (16,975,000) | ||
Continuous unrealized losses existing for greater than 12 months, fair value | 2,540,588,000 | ||
Continuous unrealized losses existing for greater than 12 months, unrealized losses | (539,788,000) | ||
Total, fair value | 4,247,824,000 | ||
Total, unrealized losses | (556,763,000) | ||
Available-for-sale securities, at fair value | 4,387,598,000 | $ 3,502,915,000 | $ 3,259,845,000 |
U.S. Treasury | |||
Available-for-sale securities | |||
Continuous unrealized losses existing for less than 12 months, fair value | 61,175,000 | ||
Continuous unrealized losses existing for less than 12 months, unrealized losses | (10,000) | ||
Continuous unrealized losses existing for greater than 12 months, fair value | 0 | ||
Continuous unrealized losses existing for greater than 12 months, unrealized losses | 0 | ||
Total, fair value | 61,175,000 | ||
Total, unrealized losses | (10,000) | ||
Available-for-sale securities, at fair value | 61,175,000 | 6,968,000 | 4,948,000 |
U.S. government agencies | |||
Available-for-sale securities | |||
Continuous unrealized losses existing for less than 12 months, fair value | 0 | ||
Continuous unrealized losses existing for less than 12 months, unrealized losses | 0 | ||
Continuous unrealized losses existing for greater than 12 months, fair value | 45,715,000 | ||
Continuous unrealized losses existing for greater than 12 months, unrealized losses | (4,285,000) | ||
Total, fair value | 45,715,000 | ||
Total, unrealized losses | (4,285,000) | ||
Available-for-sale securities, at fair value | 45,715,000 | 45,124,000 | 74,862,000 |
Municipal | |||
Available-for-sale securities | |||
Continuous unrealized losses existing for less than 12 months, fair value | 46,448,000 | ||
Continuous unrealized losses existing for less than 12 months, unrealized losses | (324,000) | ||
Continuous unrealized losses existing for greater than 12 months, fair value | 69,700,000 | ||
Continuous unrealized losses existing for greater than 12 months, unrealized losses | (4,407,000) | ||
Total, fair value | 116,148,000 | ||
Total, unrealized losses | (4,731,000) | ||
Available-for-sale securities, at fair value | 140,590,000 | 140,958,000 | 160,386,000 |
Financial issuers | |||
Available-for-sale securities | |||
Continuous unrealized losses existing for less than 12 months, fair value | 0 | ||
Continuous unrealized losses existing for less than 12 months, unrealized losses | 0 | ||
Continuous unrealized losses existing for greater than 12 months, fair value | 75,732,000 | ||
Continuous unrealized losses existing for greater than 12 months, unrealized losses | (8,264,000) | ||
Total, fair value | 75,732,000 | ||
Total, unrealized losses | (8,264,000) | ||
Available-for-sale securities, at fair value | 75,732,000 | 75,540,000 | 82,675,000 |
Other | |||
Available-for-sale securities | |||
Continuous unrealized losses existing for less than 12 months, fair value | 993,000 | ||
Continuous unrealized losses existing for less than 12 months, unrealized losses | (7,000) | ||
Continuous unrealized losses existing for greater than 12 months, fair value | 0 | ||
Continuous unrealized losses existing for greater than 12 months, unrealized losses | 0 | ||
Total, fair value | 993,000 | ||
Total, unrealized losses | (7,000) | ||
Available-for-sale securities, at fair value | 993,000 | 991,000 | 1,000,000 |
Residential mortgage-backed securities | |||
Available-for-sale securities | |||
Continuous unrealized losses existing for less than 12 months, fair value | 1,567,822,000 | ||
Continuous unrealized losses existing for less than 12 months, unrealized losses | (15,974,000) | ||
Continuous unrealized losses existing for greater than 12 months, fair value | 2,277,921,000 | ||
Continuous unrealized losses existing for greater than 12 months, unrealized losses | (504,745,000) | ||
Total, fair value | 3,845,743,000 | ||
Total, unrealized losses | (520,719,000) | ||
Available-for-sale securities, at fair value | 3,876,723,000 | 3,059,620,000 | 2,856,430,000 |
Commercial (multi-family) mortgage-backed securities | |||
Available-for-sale securities | |||
Continuous unrealized losses existing for less than 12 months, fair value | 12,686,000 | ||
Continuous unrealized losses existing for less than 12 months, unrealized losses | (577,000) | ||
Continuous unrealized losses existing for greater than 12 months, fair value | 0 | ||
Continuous unrealized losses existing for greater than 12 months, unrealized losses | 0 | ||
Total, fair value | 12,686,000 | ||
Total, unrealized losses | (577,000) | ||
Available-for-sale securities, at fair value | 15,676,000 | 12,980,000 | |
Collateralized mortgage obligations | |||
Available-for-sale securities | |||
Continuous unrealized losses existing for less than 12 months, fair value | 18,112,000 | ||
Continuous unrealized losses existing for less than 12 months, unrealized losses | (83,000) | ||
Continuous unrealized losses existing for greater than 12 months, fair value | 71,520,000 | ||
Continuous unrealized losses existing for greater than 12 months, unrealized losses | (18,087,000) | ||
Total, fair value | 89,632,000 | ||
Total, unrealized losses | (18,170,000) | ||
Available-for-sale securities, at fair value | 170,994,000 | 160,734,000 | 79,544,000 |
Mortgage-backed securities, subprime | |||
Available-for-sale securities | |||
Available-for-sale securities, at fair value | $ 0 | $ 0 | $ 0 |
Investment Securities - Sched_3
Investment Securities - Schedule of Gross Gains and Gross Losses Realized and Impairment on Investment Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Realized gains on investment securities | $ 1,035 | $ 605 |
Realized losses on investment securities | (108) | (45) |
Net realized gains on investment securities | 927 | 560 |
Unrealized gains on equity securities with readily determinable fair value | 1,034 | 2,290 |
Unrealized losses on equity securities with readily determinable fair value | (633) | (1,452) |
Net unrealized gains on equity securities with readily determinable fair value | 401 | 838 |
Upward adjustments of equity securities without readily determinable fair values | 0 | 0 |
Downward adjustments of equity securities without readily determinable fair values | 0 | 0 |
Impairment of equity securities without readily determinable fair values | (2) | 0 |
Gains on investment securities, net | $ 1,326 | $ 1,398 |
Investment Securities - Sched_4
Investment Securities - Schedule of Contractual Maturities of Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Available-for-sale securities | |||
Due in one year or less, amortized cost | $ 107,680 | $ 53,162 | $ 108,880 |
Due in one to five years, amortized cost | 130,137 | 132,348 | 131,959 |
Due in five to ten years, amortized cost | 85,212 | 82,040 | 39,019 |
Due after ten years, amortized cost | 17,904 | 18,705 | 64,194 |
Amortized Cost | 4,942,360 | 3,979,814 | 3,739,980 |
Due in one year or less, fair value | 107,285 | 52,945 | 108,429 |
Due in one to five years, fair value | 121,417 | 123,985 | 122,172 |
Due in five to ten years, fair value | 80,234 | 76,869 | 35,158 |
Due after ten years, fair value | 15,269 | 15,782 | 58,112 |
Fair Value | 4,387,598 | 3,502,915 | 3,259,845 |
Held-to-maturity securities | |||
Held-to-maturity securities, due in one year or less, amortized cost | 4,652 | 5,169 | 2,302 |
Held-to-maturity securities, due in one to five years, amortized cost | 115,707 | 109,602 | 98,207 |
Held-to-maturity securities, due in five to ten years, amortized cost | 89,538 | 99,700 | 110,967 |
Held-to-maturity securities, due after ten years, amortized cost | 352,428 | 352,474 | 360,913 |
Amortized Cost | 3,810,344 | 3,857,263 | 3,606,854 |
Less: Allowance for credit losses | (329) | (347) | (463) |
Held-to-maturity securities, net of allowance for credit losses | 3,810,015 | 3,856,916 | 3,606,391 |
Held-to-maturity securities, due in one year or less, fair value | 4,616 | 5,142 | 2,300 |
Held-to-maturity securities, due in one to five years, fair value | 111,324 | 105,835 | 93,717 |
Held-to-maturity securities, due in five to ten years, fair value | 88,050 | 98,718 | 110,892 |
Held-to-maturity securities, due after ten years, fair value | 280,536 | 283,506 | 289,473 |
Fair Value | 3,111,954 | 3,215,468 | 2,976,198 |
Mortgage-backed | |||
Available-for-sale securities | |||
Mortgage-backed, without single maturity date, amortized cost | 4,601,427 | 3,693,559 | 3,395,928 |
Mortgage-backed, without single maturity date, fair value | 4,063,393 | 3,233,334 | 2,935,974 |
Held-to-maturity securities | |||
Mortgage-backed, amortized cost | 3,248,019 | 3,290,318 | 3,034,465 |
Mortgage-backed, fair value | $ 2,627,428 | $ 2,722,267 | $ 2,479,816 |
Loans - Schedule of Loan Portfo
Loans - Schedule of Loan Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Loans [Line Items] | |||
Total loans, net of unearned income | $ 43,230,706 | $ 42,131,831 | $ 39,565,471 |
Total loans, net of unearned income, percentage | 100% | 100% | 100% |
Commercial | |||
Loans [Line Items] | |||
Total loans, net of unearned income | $ 13,503,481 | $ 12,832,053 | $ 12,576,985 |
Total loans, net of unearned income, percentage | 31% | 30% | 32% |
Commercial real estate | |||
Loans [Line Items] | |||
Total loans, net of unearned income | $ 11,633,437 | $ 11,344,164 | $ 10,239,078 |
Total loans, net of unearned income, percentage | 27% | 27% | 26% |
Home equity | |||
Loans [Line Items] | |||
Total loans, net of unearned income | $ 340,349 | $ 343,976 | $ 337,016 |
Total loans, net of unearned income, percentage | 1% | 1% | 1% |
Residential real estate | |||
Loans [Line Items] | |||
Total loans, net of unearned income | $ 2,890,266 | $ 2,769,666 | $ 2,505,545 |
Total loans, net of unearned income, percentage | 7% | 7% | 6% |
Premium finance receivables | Premium finance receivables—property & casualty | |||
Loans [Line Items] | |||
Total loans, net of unearned income | $ 6,940,019 | $ 6,903,529 | $ 5,738,880 |
Total loans, net of unearned income, percentage | 16% | 16% | 14% |
Premium finance receivables | Premium finance receivables—life insurance | |||
Loans [Line Items] | |||
Total loans, net of unearned income | $ 7,872,033 | $ 7,877,943 | $ 8,125,802 |
Total loans, net of unearned income, percentage | 18% | 19% | 21% |
Consumer and other | |||
Loans [Line Items] | |||
Total loans, net of unearned income | $ 51,121 | $ 60,500 | $ 42,165 |
Total loans, net of unearned income, percentage | 0% | 0% | 0% |
Loans - Narrative (Details)
Loans - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Loans [Line Items] | |||
Net deferred loan fees and costs and fair value accounting adjustments | $ 84.9 | $ 84.2 | $ 70.9 |
Premium finance receivables | |||
Loans [Line Items] | |||
Unearned income portion of premium finance receivables | $ 260.2 | $ 285.4 | $ 244 |
Allowance for Credit Losses - N
Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Accrued interest related to financial assets held at amortized cost | $ 307,800 | $ 245,100 | $ 304,500 |
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable and other | Accrued interest receivable and other | Accrued interest receivable and other |
Nonaccrual loans with no related allowance for credit losses | $ 52,800 | ||
Provision for credit losses | 21,691 | $ 23,070 | |
Loan net charge-offs | 21,800 | 5,500 | |
Provision for credit losses | (18) | (25) | |
Foreclosed residential real estate properties | 1,146 | ||
Commitments to lend | 4,200 | 32,200 | |
Home equity | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Provision for credit losses | 120 | 153 | |
Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Provision for credit losses | 604 | 537 | |
Premium finance receivables | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Provision for credit losses | 5,703 | 4,607 | |
Financing Receivable | Residential Real Estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Recorded investment, foreclosure proceedings in process | $ 49,600 | $ 53,400 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Schedule of Aging of the Company's Loan Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | $ 122,408 | $ 118,743 | $ 119,463 |
Loans, net of unearned income | 43,230,706 | 42,131,831 | 39,565,471 |
Early buy-out loans guaranteed by U.S. government agencies | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | 29,245 |
Loans, net of unearned income | 143,350 | 150,583 | 196,152 |
Commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 31,740 | 38,940 | 47,950 |
Loans, net of unearned income | 13,503,481 | 12,832,053 | 12,576,985 |
Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 11,633,437 | 11,344,164 | 10,239,078 |
Commercial real estate | Construction and development | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 1,627 | 2,205 | 5,404 |
Loans, net of unearned income | 2,150,314 | 2,084,041 | 1,597,053 |
Commercial real estate | Non-construction | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 37,635 | 33,254 | 5,792 |
Loans, net of unearned income | 9,483,123 | 9,260,123 | 8,642,025 |
Home equity | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 838 | 1,341 | 1,190 |
Loans, net of unearned income | 340,349 | 343,976 | 337,016 |
Residential real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 2,890,266 | 2,769,666 | 2,505,545 |
Residential real estate | Residential real estate, excluding early buy-out loans | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 17,901 | 15,391 | 11,333 |
Loans, net of unearned income | 2,746,916 | 2,619,083 | 2,309,393 |
Premium finance receivables | Property and casualty insurance loans | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 32,648 | 27,590 | 18,543 |
Loans, net of unearned income | 6,940,019 | 6,903,529 | 5,738,880 |
Premium finance receivables | Life insurance loans | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | 0 |
Loans, net of unearned income | 7,872,033 | 7,877,943 | 8,125,802 |
Consumer and other | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 19 | 22 | 6 |
Loans, net of unearned income | 51,121 | 60,500 | 42,165 |
Total loans, net of unearned income, excluding early buy-out loans | |||
Financing Receivable, Past Due [Line Items] | |||
Nonaccrual | 122,408 | 118,743 | 90,218 |
Loans, net of unearned income | 43,087,356 | 41,981,248 | 39,369,319 |
90+ days and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 76,168 | 77,975 | 47,392 |
90+ days and still accruing | Early buy-out loans guaranteed by U.S. government agencies | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 50,217 | 57,688 | 36,920 |
90+ days and still accruing | Commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 27 | 98 | 0 |
90+ days and still accruing | Commercial real estate | Construction and development | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 0 | 0 | 0 |
90+ days and still accruing | Commercial real estate | Non-construction | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 0 | 0 | 0 |
90+ days and still accruing | Home equity | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 0 | 0 | 0 |
90+ days and still accruing | Residential real estate | Residential real estate, excluding early buy-out loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 0 | 0 | 104 |
90+ days and still accruing | Premium finance receivables | Property and casualty insurance loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 25,877 | 20,135 | 9,215 |
90+ days and still accruing | Premium finance receivables | Life insurance loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 0 | 0 | 1,066 |
90+ days and still accruing | Consumer and other | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 47 | 54 | 87 |
90+ days and still accruing | Total loans, net of unearned income, excluding early buy-out loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 25,951 | 20,287 | 10,472 |
60-89 days past due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 94,945 | 70,107 | 67,333 |
60-89 days past due | Early buy-out loans guaranteed by U.S. government agencies | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 0 | 250 | 0 |
60-89 days past due | Commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 30,248 | 19,488 | 10,755 |
60-89 days past due | Commercial real estate | Construction and development | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 818 | 251 | 4,438 |
60-89 days past due | Commercial real estate | Non-construction | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 15,895 | 8,264 | 16,101 |
60-89 days past due | Home equity | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 212 | 62 | 116 |
60-89 days past due | Residential real estate | Residential real estate, excluding early buy-out loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 0 | 2,325 | 74 |
60-89 days past due | Premium finance receivables | Property and casualty insurance loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 15,274 | 23,236 | 14,287 |
60-89 days past due | Premium finance receivables | Life insurance loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 32,482 | 16,206 | 21,552 |
60-89 days past due | Consumer and other | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 16 | 25 | 10 |
60-89 days past due | Total loans, net of unearned income, excluding early buy-out loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 94,945 | 69,857 | 67,333 |
30-59 days past due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 297,976 | 227,976 | 275,958 |
30-59 days past due | Early buy-out loans guaranteed by U.S. government agencies | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 1,047 | 328 | 1,485 |
30-59 days past due | Commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 77,715 | 85,743 | 95,593 |
30-59 days past due | Commercial real estate | Construction and development | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 7,066 | 1,343 | 19,616 |
30-59 days past due | Commercial real estate | Non-construction | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 25,932 | 19,291 | 53,064 |
30-59 days past due | Home equity | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 1,617 | 2,263 | 1,118 |
30-59 days past due | Residential real estate | Residential real estate, excluding early buy-out loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 24,523 | 22,942 | 19,183 |
30-59 days past due | Premium finance receivables | Property and casualty insurance loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 59,729 | 50,437 | 32,545 |
30-59 days past due | Premium finance receivables | Life insurance loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 100,137 | 45,464 | 52,975 |
30-59 days past due | Consumer and other | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 210 | 165 | 379 |
30-59 days past due | Total loans, net of unearned income, excluding early buy-out loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 296,929 | 227,648 | 274,473 |
Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 42,639,209 | 41,637,030 | 39,055,325 |
Current | Early buy-out loans guaranteed by U.S. government agencies | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 92,086 | 92,317 | 128,502 |
Current | Commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 13,363,751 | 12,687,784 | 12,422,687 |
Current | Commercial real estate | Construction and development | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 2,140,803 | 2,080,242 | 1,567,595 |
Current | Commercial real estate | Non-construction | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 9,403,661 | 9,199,314 | 8,567,068 |
Current | Home equity | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 337,682 | 340,310 | 334,592 |
Current | Residential real estate | Residential real estate, excluding early buy-out loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 2,704,492 | 2,578,425 | 2,278,699 |
Current | Premium finance receivables | Property and casualty insurance loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 6,806,491 | 6,782,131 | 5,664,290 |
Current | Premium finance receivables | Life insurance loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 7,739,414 | 7,816,273 | 8,050,209 |
Current | Consumer and other | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | 50,829 | 60,234 | 41,683 |
Current | Total loans, net of unearned income, excluding early buy-out loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans, net of unearned income | $ 42,547,123 | $ 41,544,713 | $ 38,926,823 |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Schedule of Loan Portfolio by Credit Quality Indicator (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | $ 5,931,662 | ||
2023 | 15,453,196 | ||
2022 | 5,753,969 | ||
2021 | 4,190,014 | ||
2020 | 1,949,275 | ||
Prior | 5,123,622 | ||
Revolving | 4,814,356 | ||
Revolving to term | 14,612 | ||
Total Loans | 43,230,706 | $ 39,565,471 | $ 42,131,831 |
Gross write offs | |||
2024 | 99 | ||
2023 | 13,085 | ||
2022 | 2,129 | ||
2021 | 660 | ||
2020 | 1,965 | ||
Prior | 5,903 | ||
Revolving | 0 | ||
Revolving to term | 0 | ||
Total loans | 23,841 | 7,351 | |
Commercial, industrial and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 972,107 | ||
2023 | 2,718,632 | ||
2022 | 2,120,317 | ||
2021 | 1,558,810 | ||
2020 | 614,272 | ||
Prior | 1,273,170 | ||
Revolving | 4,239,936 | ||
Revolving to term | 6,237 | ||
Total Loans | 13,503,481 | ||
Construction and development | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 26,328 | ||
2023 | 409,567 | ||
2022 | 929,932 | ||
2021 | 421,497 | ||
2020 | 107,635 | ||
Prior | 231,645 | ||
Revolving | 23,710 | ||
Revolving to term | 0 | ||
Total Loans | 2,150,314 | ||
Non-construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 298,943 | ||
2023 | 1,528,529 | ||
2022 | 1,854,074 | ||
2021 | 1,419,165 | ||
2020 | 1,003,505 | ||
Prior | 3,182,827 | ||
Revolving | 189,165 | ||
Revolving to term | 6,915 | ||
Total Loans | 9,483,123 | ||
Home equity | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | ||
2022 | 694 | ||
2021 | 131 | ||
2020 | 153 | ||
Prior | 18,166 | ||
Revolving | 319,745 | ||
Revolving to term | 1,460 | ||
Total Loans | 340,349 | 337,016 | 343,976 |
Gross write offs | |||
Total loans | 74 | 0 | |
Residential real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 148,950 | ||
2023 | 482,179 | ||
2022 | 843,794 | ||
2021 | 778,713 | ||
2020 | 222,592 | ||
Prior | 414,038 | ||
Revolving | 0 | ||
Revolving to term | 0 | ||
Total Loans | 2,890,266 | 2,505,545 | 2,769,666 |
Gross write offs | |||
Total loans | 38 | 0 | |
Premium finance receivables - property and casualty | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 3,487,115 | ||
2023 | 3,439,965 | ||
2022 | 966 | ||
2021 | 10,928 | ||
2020 | 1,045 | ||
Prior | 0 | ||
Revolving | 0 | ||
Revolving to term | 0 | ||
Total Loans | 6,940,019 | ||
Premium finance receivables - life | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 997,609 | ||
2023 | 6,871,203 | ||
2022 | 3,221 | ||
2021 | 0 | ||
2020 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Revolving to term | 0 | ||
Total Loans | 7,872,033 | ||
Consumer and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 610 | ||
2023 | 3,121 | ||
2022 | 971 | ||
2021 | 770 | ||
2020 | 73 | ||
Prior | 3,776 | ||
Revolving | 41,800 | ||
Revolving to term | 0 | ||
Total Loans | 51,121 | 42,165 | $ 60,500 |
Gross write offs | |||
Total loans | 107 | $ 153 | |
Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 5,904,983 | ||
2023 | 15,277,649 | ||
2022 | 5,575,579 | ||
2021 | 3,951,250 | ||
2020 | 1,870,777 | ||
Prior | 4,662,701 | ||
Revolving | 4,548,403 | ||
Revolving to term | 13,863 | ||
Total Loans | 41,805,205 | ||
Pass | Commercial, industrial and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 970,127 | ||
2023 | 2,650,822 | ||
2022 | 1,998,311 | ||
2021 | 1,433,144 | ||
2020 | 590,652 | ||
Prior | 1,200,791 | ||
Revolving | 3,979,064 | ||
Revolving to term | 5,677 | ||
Total Loans | 12,828,588 | ||
Pass | Construction and development | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 26,328 | ||
2023 | 408,651 | ||
2022 | 927,437 | ||
2021 | 369,191 | ||
2020 | 105,155 | ||
Prior | 166,162 | ||
Revolving | 23,710 | ||
Revolving to term | 0 | ||
Total Loans | 2,026,634 | ||
Pass | Non-construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 298,943 | ||
2023 | 1,516,282 | ||
2022 | 1,817,069 | ||
2021 | 1,370,179 | ||
2020 | 961,542 | ||
Prior | 3,011,760 | ||
Revolving | 189,165 | ||
Revolving to term | 6,915 | ||
Total Loans | 9,171,855 | ||
Pass | Home equity | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
Prior | 9,518 | ||
Revolving | 314,674 | ||
Revolving to term | 1,271 | ||
Total Loans | 325,463 | ||
Pass | Residential real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 148,886 | ||
2023 | 476,710 | ||
2022 | 828,606 | ||
2021 | 767,141 | ||
2020 | 212,312 | ||
Prior | 270,800 | ||
Revolving | 0 | ||
Revolving to term | 0 | ||
Total Loans | 2,704,455 | ||
Pass | Premium finance receivables - property and casualty | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 3,462,480 | ||
2023 | 3,350,889 | ||
2022 | 0 | ||
2021 | 10,835 | ||
2020 | 1,043 | ||
Prior | 0 | ||
Revolving | 0 | ||
Revolving to term | 0 | ||
Total Loans | 6,825,247 | ||
Pass | Premium finance receivables - life | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 997,609 | ||
2023 | 6,871,203 | ||
2022 | 3,221 | ||
2021 | 0 | ||
2020 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Revolving to term | 0 | ||
Total Loans | 7,872,033 | ||
Pass | Consumer and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 610 | ||
2023 | 3,092 | ||
2022 | 935 | ||
2021 | 760 | ||
2020 | 73 | ||
Prior | 3,670 | ||
Revolving | 41,790 | ||
Revolving to term | 0 | ||
Total Loans | 50,930 | ||
Special mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 25,369 | ||
2023 | 93,048 | ||
2022 | 108,104 | ||
2021 | 152,971 | ||
2020 | 31,350 | ||
Prior | 128,614 | ||
Revolving | 149,794 | ||
Revolving to term | 510 | ||
Total Loans | 689,760 | ||
Special mention | Commercial, industrial and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 1,783 | ||
2023 | 27,372 | ||
2022 | 69,729 | ||
2021 | 86,335 | ||
2020 | 7,175 | ||
Prior | 53,800 | ||
Revolving | 145,717 | ||
Revolving to term | 510 | ||
Total Loans | 392,421 | ||
Special mention | Construction and development | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 417 | ||
2022 | 0 | ||
2021 | 17,091 | ||
2020 | 0 | ||
Prior | 15,143 | ||
Revolving | 0 | ||
Revolving to term | 0 | ||
Total Loans | 32,651 | ||
Special mention | Non-construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 10,190 | ||
2022 | 34,072 | ||
2021 | 46,822 | ||
2020 | 22,865 | ||
Prior | 52,411 | ||
Revolving | 0 | ||
Revolving to term | 0 | ||
Total Loans | 166,360 | ||
Special mention | Home equity | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | ||
2022 | 223 | ||
2021 | 62 | ||
2020 | 0 | ||
Prior | 1,992 | ||
Revolving | 4,076 | ||
Revolving to term | 0 | ||
Total Loans | 6,353 | ||
Special mention | Residential real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 1,842 | ||
2022 | 3,945 | ||
2021 | 2,610 | ||
2020 | 1,310 | ||
Prior | 5,191 | ||
Revolving | 0 | ||
Revolving to term | 0 | ||
Total Loans | 14,898 | ||
Special mention | Premium finance receivables - property and casualty | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 23,586 | ||
2023 | 53,219 | ||
2022 | 121 | ||
2021 | 44 | ||
2020 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Revolving to term | 0 | ||
Total Loans | 76,970 | ||
Special mention | Premium finance receivables - life | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Revolving to term | 0 | ||
Total Loans | 0 | ||
Special mention | Consumer and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 8 | ||
2022 | 14 | ||
2021 | 7 | ||
2020 | 0 | ||
Prior | 77 | ||
Revolving | 1 | ||
Revolving to term | 0 | ||
Total Loans | 107 | ||
Substandard accrual | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 859 | ||
2023 | 34,432 | ||
2022 | 55,152 | ||
2021 | 71,686 | ||
2020 | 37,371 | ||
Prior | 154,920 | ||
Revolving | 115,414 | ||
Revolving to term | 149 | ||
Total Loans | 469,983 | ||
Substandard accrual | Commercial, industrial and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 197 | ||
2023 | 27,876 | ||
2022 | 47,624 | ||
2021 | 34,005 | ||
2020 | 14,725 | ||
Prior | 11,845 | ||
Revolving | 114,410 | ||
Revolving to term | 50 | ||
Total Loans | 250,732 | ||
Substandard accrual | Construction and development | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | ||
2022 | 2,495 | ||
2021 | 35,215 | ||
2020 | 2,480 | ||
Prior | 49,212 | ||
Revolving | 0 | ||
Revolving to term | 0 | ||
Total Loans | 89,402 | ||
Substandard accrual | Non-construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 1,174 | ||
2022 | 2,480 | ||
2021 | 1,972 | ||
2020 | 19,098 | ||
Prior | 82,549 | ||
Revolving | 0 | ||
Revolving to term | 0 | ||
Total Loans | 107,273 | ||
Substandard accrual | Home equity | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | ||
2022 | 291 | ||
2021 | 0 | ||
2020 | 45 | ||
Prior | 6,265 | ||
Revolving | 995 | ||
Revolving to term | 99 | ||
Total Loans | 7,695 | ||
Substandard accrual | Residential real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 64 | ||
2023 | 908 | ||
2022 | 2,157 | ||
2021 | 490 | ||
2020 | 1,023 | ||
Prior | 5,020 | ||
Revolving | 0 | ||
Revolving to term | 0 | ||
Total Loans | 9,662 | ||
Substandard accrual | Premium finance receivables - property and casualty | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 598 | ||
2023 | 4,460 | ||
2022 | 92 | ||
2021 | 4 | ||
2020 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Revolving to term | 0 | ||
Total Loans | 5,154 | ||
Substandard accrual | Premium finance receivables - life | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Revolving to term | 0 | ||
Total Loans | 0 | ||
Substandard accrual | Consumer and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 14 | ||
2022 | 13 | ||
2021 | 0 | ||
2020 | 0 | ||
Prior | 29 | ||
Revolving | 9 | ||
Revolving to term | 0 | ||
Total Loans | 65 | ||
Substandard nonaccrual/doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 451 | ||
2023 | 45,446 | ||
2022 | 10,522 | ||
2021 | 10,188 | ||
2020 | 2,628 | ||
Prior | 52,338 | ||
Revolving | 745 | ||
Revolving to term | 90 | ||
Total Loans | 122,408 | ||
Substandard nonaccrual/doubtful | Commercial, industrial and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 12,562 | ||
2022 | 4,653 | ||
2021 | 5,326 | ||
2020 | 1,720 | ||
Prior | 6,734 | ||
Revolving | 745 | ||
Revolving to term | 0 | ||
Total Loans | 31,740 | ||
Substandard nonaccrual/doubtful | Construction and development | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 499 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
Prior | 1,128 | ||
Revolving | 0 | ||
Revolving to term | 0 | ||
Total Loans | 1,627 | ||
Substandard nonaccrual/doubtful | Non-construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 883 | ||
2022 | 453 | ||
2021 | 192 | ||
2020 | 0 | ||
Prior | 36,107 | ||
Revolving | 0 | ||
Revolving to term | 0 | ||
Total Loans | 37,635 | ||
Substandard nonaccrual/doubtful | Home equity | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | ||
2022 | 180 | ||
2021 | 69 | ||
2020 | 108 | ||
Prior | 391 | ||
Revolving | 0 | ||
Revolving to term | 90 | ||
Total Loans | 838 | ||
Substandard nonaccrual/doubtful | Residential real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 98 | ||
2022 | 4,474 | ||
2021 | 4,553 | ||
2020 | 798 | ||
Prior | 7,978 | ||
Revolving | 0 | ||
Revolving to term | 0 | ||
Total Loans | 17,901 | ||
Substandard nonaccrual/doubtful | Premium finance receivables - property and casualty | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 451 | ||
2023 | 31,397 | ||
2022 | 753 | ||
2021 | 45 | ||
2020 | 2 | ||
Prior | 0 | ||
Revolving | 0 | ||
Revolving to term | 0 | ||
Total Loans | 32,648 | ||
Substandard nonaccrual/doubtful | Premium finance receivables - life | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Revolving to term | 0 | ||
Total Loans | 0 | ||
Substandard nonaccrual/doubtful | Consumer and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 7 | ||
2022 | 9 | ||
2021 | 3 | ||
2020 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Revolving to term | 0 | ||
Total Loans | 19 | ||
Early buy-out loans guaranteed by U.S. government agencies | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 2,621 | ||
2022 | 4,612 | ||
2021 | 3,919 | ||
2020 | 7,149 | ||
Prior | 125,049 | ||
Revolving | 0 | ||
Revolving to term | 0 | ||
Total Loans | 143,350 | ||
Early buy-out loans guaranteed by U.S. government agencies | Residential real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 2,621 | ||
2022 | 4,612 | ||
2021 | 3,919 | ||
2020 | 7,149 | ||
Prior | 125,049 | ||
Revolving | 0 | ||
Revolving to term | 0 | ||
Total Loans | $ 143,350 |
Allowance for Credit Losses -_3
Allowance for Credit Losses - Schedule of Held-to-Maturity Debt Securities by Credit Quality Indicator (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | |||
Amortized Cost | $ 3,810,344 | $ 3,857,263 | $ 3,606,854 |
Less: Allowance for credit losses | (329) | (347) | (463) |
Held-to-maturity securities, net of allowance for credit losses | 3,810,015 | 3,856,916 | 3,606,391 |
U.S. government agencies | |||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | ||
2022 | 156,875 | ||
2021 | 147,813 | ||
2020 | 25,000 | ||
Prior | 6,775 | ||
Amortized Cost | 336,463 | 336,468 | 339,608 |
U.S. government agencies | 1-4 internal grade | |||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | ||
2022 | 156,875 | ||
2021 | 147,813 | ||
2020 | 25,000 | ||
Prior | 6,775 | ||
Amortized Cost | 336,463 | ||
U.S. government agencies | 5-7 internal grade | |||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | |||
2024 | |||
2023 | |||
2022 | |||
2021 | |||
2020 | |||
Prior | |||
Amortized Cost | 0 | ||
U.S. government agencies | 8-10 internal grade | |||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | |||
2024 | |||
2023 | |||
2022 | |||
2021 | |||
2020 | |||
Prior | |||
Amortized Cost | 0 | ||
Municipal | |||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 4,176 | ||
2022 | 1,037 | ||
2021 | 6,886 | ||
2020 | 258 | ||
Prior | 156,133 | ||
Amortized Cost | 168,490 | $ 172,933 | $ 174,720 |
Municipal | 1-4 internal grade | |||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 4,176 | ||
2022 | 1,037 | ||
2021 | 6,886 | ||
2020 | 258 | ||
Prior | 156,133 | ||
Amortized Cost | 168,490 | ||
Municipal | 5-7 internal grade | |||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | |||
2024 | |||
2023 | |||
2022 | |||
2021 | |||
2020 | |||
Prior | |||
Amortized Cost | 0 | ||
Municipal | 8-10 internal grade | |||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | |||
2024 | |||
2023 | |||
2022 | |||
2021 | |||
2020 | |||
Prior | |||
Amortized Cost | 0 | ||
Mortgage-backed securities | |||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 372,240 | ||
2022 | 566,684 | ||
2021 | 2,309,095 | ||
2020 | 0 | ||
Prior | 0 | ||
Amortized Cost | 3,248,019 | ||
Mortgage-backed securities | 1-4 internal grade | |||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 372,240 | ||
2022 | 566,684 | ||
2021 | 2,309,095 | ||
2020 | 0 | ||
Prior | 0 | ||
Amortized Cost | 3,248,019 | ||
Mortgage-backed securities | 5-7 internal grade | |||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | |||
2024 | |||
2023 | |||
2022 | |||
2021 | |||
2020 | |||
Prior | |||
Amortized Cost | 0 | ||
Mortgage-backed securities | 8-10 internal grade | |||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | |||
2024 | |||
2023 | |||
2022 | |||
2021 | |||
2020 | |||
Prior | |||
Amortized Cost | 0 | ||
Corporate notes | |||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | ||
2022 | 14,967 | ||
2021 | 0 | ||
2020 | 6,006 | ||
Prior | 36,399 | ||
Amortized Cost | 57,372 | ||
Corporate notes | 1-4 internal grade | |||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | |||
2024 | 0 | ||
2023 | 0 | ||
2022 | 14,967 | ||
2021 | 0 | ||
2020 | 6,006 | ||
Prior | 36,399 | ||
Amortized Cost | 57,372 | ||
Corporate notes | 5-7 internal grade | |||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | |||
2024 | |||
2023 | |||
2022 | |||
2021 | |||
2020 | |||
Prior | |||
Amortized Cost | 0 | ||
Corporate notes | 8-10 internal grade | |||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | |||
2024 | |||
2023 | |||
2022 | |||
2021 | |||
2020 | |||
Prior | |||
Amortized Cost | $ 0 |
Allowance for Credit Losses -_4
Allowance for Credit Losses - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for loan losses and unfunded lending-related commitments losses | $ 427,175 | $ 427,265 | $ 375,798 | $ 357,448 |
Allowance for held-to-maturity securities losses | 329 | 347 | 463 | |
Allowance for credit losses | 427,504 | 427,612 | 376,261 | |
Loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for loan losses and unfunded lending-related commitments losses | 348,612 | 344,235 | 287,972 | |
Unfunded lending-related commitments | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for loan losses and unfunded lending-related commitments losses | 78,563 | 83,030 | 87,826 | |
Loans and unfunded lending-related commitments | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for loan losses and unfunded lending-related commitments losses | $ 427,175 | $ 427,265 | $ 375,798 |
Allowance for Credit Losses -_5
Allowance for Credit Losses - Schedule of Activity in the Allowance for Credit Losses by Loan Portfolio (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses at beginning of period | $ 427,265 | $ 357,448 | |
Other adjustments | (31) | 4 | |
Charge-offs | (23,841) | (7,351) | |
Recoveries | 2,091 | 1,886 | |
Provision for credit losses | 21,691 | 23,070 | |
Allowance for credit losses at period end | 427,175 | 375,798 | $ 357,448 |
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2022-02 | ||
Individually measured | 15,841 | 12,903 | |
Collectively measured | 411,334 | 362,895 | |
Loans at period end, individually evaluated for impairment | 89,368 | 71,622 | |
Loans at period end, collectively evaluated for impairment | 42,996,973 | 39,286,317 | |
Loans held-for-investment | 144,365 | $ 207,532 | |
Accounting Standards Update 2022-02 | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2022-02 | ||
Cumulative Effect, Period of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses at beginning of period | $ 741 | ||
Allowance for credit losses at period end | $ 741 | ||
Commercial | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses at beginning of period | 169,604 | 142,769 | |
Other adjustments | 0 | 0 | |
Charge-offs | (11,215) | (2,543) | |
Recoveries | 479 | 392 | |
Provision for credit losses | 7,650 | 8,772 | |
Allowance for credit losses at period end | 166,518 | 149,501 | 142,769 |
Individually measured | 13,989 | 11,281 | |
Collectively measured | 152,529 | 138,220 | |
Loans at period end, individually evaluated for impairment | 31,740 | 47,950 | |
Loans at period end, collectively evaluated for impairment | 13,471,741 | 12,529,035 | |
Loans held-for-investment | 0 | 0 | |
Commercial | Cumulative Effect, Period of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses at beginning of period | 111 | ||
Allowance for credit losses at period end | 111 | ||
Commercial Real Estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses at beginning of period | 223,853 | 184,352 | |
Other adjustments | 0 | 0 | |
Charge-offs | (5,469) | (5) | |
Recoveries | 31 | 100 | |
Provision for credit losses | 7,637 | 8,977 | |
Allowance for credit losses at period end | 226,052 | 194,780 | 184,352 |
Individually measured | 1,784 | 1,621 | |
Collectively measured | 224,268 | 193,159 | |
Loans at period end, individually evaluated for impairment | 39,262 | 11,196 | |
Loans at period end, collectively evaluated for impairment | 11,594,175 | 10,227,882 | |
Loans held-for-investment | 0 | 0 | |
Commercial Real Estate | Cumulative Effect, Period of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses at beginning of period | 1,356 | ||
Allowance for credit losses at period end | 1,356 | ||
Home Equity | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses at beginning of period | 7,116 | 7,573 | |
Other adjustments | 0 | 0 | |
Charge-offs | (74) | 0 | |
Recoveries | 29 | 35 | |
Provision for credit losses | 120 | 153 | |
Allowance for credit losses at period end | 7,191 | 7,728 | 7,573 |
Individually measured | 0 | 0 | |
Collectively measured | 7,191 | 7,728 | |
Loans at period end, individually evaluated for impairment | 838 | 1,190 | |
Loans at period end, collectively evaluated for impairment | 339,511 | 335,826 | |
Loans held-for-investment | 0 | 0 | |
Home Equity | Cumulative Effect, Period of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses at beginning of period | (33) | ||
Allowance for credit losses at period end | (33) | ||
Residential real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses at beginning of period | 13,133 | 11,585 | |
Other adjustments | 0 | 0 | |
Charge-offs | (38) | 0 | |
Recoveries | 2 | 4 | |
Provision for credit losses | 604 | 537 | |
Allowance for credit losses at period end | 13,701 | 11,434 | 11,585 |
Individually measured | 59 | 0 | |
Collectively measured | 13,642 | 11,434 | |
Loans at period end, individually evaluated for impairment | 17,509 | 11,280 | |
Loans at period end, collectively evaluated for impairment | 2,728,392 | 2,286,733 | |
Loans held-for-investment | 144,365 | 207,532 | |
Residential real estate | Cumulative Effect, Period of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses at beginning of period | (692) | ||
Allowance for credit losses at period end | (692) | ||
Premium Finance Receivables | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses at beginning of period | 13,069 | 10,671 | |
Other adjustments | (31) | 4 | |
Charge-offs | (6,938) | (4,650) | |
Recoveries | 1,527 | 1,323 | |
Provision for credit losses | 5,703 | 4,607 | |
Allowance for credit losses at period end | 13,330 | 11,955 | 10,671 |
Individually measured | 0 | 0 | |
Collectively measured | 13,330 | 11,955 | |
Loans at period end, individually evaluated for impairment | 0 | 0 | |
Loans at period end, collectively evaluated for impairment | 14,812,052 | 13,864,682 | |
Loans held-for-investment | 0 | 0 | |
Premium Finance Receivables | Cumulative Effect, Period of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses at beginning of period | 0 | ||
Allowance for credit losses at period end | 0 | ||
Consumer and other | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses at beginning of period | 490 | 498 | |
Other adjustments | 0 | 0 | |
Charge-offs | (107) | (153) | |
Recoveries | 23 | 32 | |
Provision for credit losses | (23) | 24 | |
Allowance for credit losses at period end | 383 | 400 | 498 |
Individually measured | 9 | 1 | |
Collectively measured | 374 | 399 | |
Loans at period end, individually evaluated for impairment | 19 | 6 | |
Loans at period end, collectively evaluated for impairment | 51,102 | 42,159 | |
Loans held-for-investment | $ 0 | 0 | |
Consumer and other | Cumulative Effect, Period of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses at beginning of period | $ (1) | ||
Allowance for credit losses at period end | $ (1) |
Allowance for Credit Losses -_6
Allowance for Credit Losses - Schedule of Modification of Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 3,122 | $ 40,729 | $ 25,976 |
Percentage of Total Class of Loan | 0% | 0.10% | |
Extension of Term | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 1,929 | $ 3,864 | |
Duration of Extension of Term (months) | 16 months | 27 months | |
Reduction of Interest Rate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 183 | $ 1,319 | |
Reduction of Interest Rate (bps) | 2.15% | 2.75% | |
Payment Deferral | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 883 | $ 35,304 | |
Duration of Delay in Contractual Payments (months) | 16 months | 17 months | |
Extended of Term and Reduction of Interest Rate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 127 | $ 242 | |
Commercial | Commercial, industrial and other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 1,629 | $ 37,474 | 16,011 |
Percentage of Total Class of Loan | 0% | 0.30% | |
Commercial | Commercial, industrial and other | Extension of Term | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 1,502 | $ 1,938 | |
Duration of Extension of Term (months) | 10 months | 10 months | |
Commercial | Commercial, industrial and other | Reduction of Interest Rate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 0 | $ 221 | |
Reduction of Interest Rate (bps) | 2.19% | 0.52% | |
Commercial | Commercial, industrial and other | Payment Deferral | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 0 | $ 35,265 | |
Duration of Delay in Contractual Payments (months) | 0 months | 16 months | |
Commercial | Commercial, industrial and other | Extended of Term and Reduction of Interest Rate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 127 | $ 50 | |
Commercial real estate | Non-construction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 1,176 | $ 1,333 | 6,161 |
Percentage of Total Class of Loan | 0% | 0% | |
Commercial real estate | Non-construction | Extension of Term | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 293 | $ 467 | |
Duration of Extension of Term (months) | 47 months | 51 months | |
Commercial real estate | Non-construction | Reduction of Interest Rate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 0 | $ 827 | |
Reduction of Interest Rate (bps) | 0% | 3.42% | |
Commercial real estate | Non-construction | Payment Deferral | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 883 | $ 39 | |
Duration of Delay in Contractual Payments (months) | 16 months | 101 months | |
Commercial real estate | Non-construction | Extended of Term and Reduction of Interest Rate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 0 | $ 0 | |
Home equity | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 98 | $ 203 | 616 |
Percentage of Total Class of Loan | 0% | 0.10% | |
Home equity | Extension of Term | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 98 | $ 203 | |
Duration of Extension of Term (months) | 12 months | 12 months | |
Home equity | Reduction of Interest Rate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 0 | $ 0 | |
Reduction of Interest Rate (bps) | 0% | 0% | |
Home equity | Payment Deferral | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 0 | $ 0 | |
Duration of Delay in Contractual Payments (months) | 0 months | 0 months | |
Home equity | Extended of Term and Reduction of Interest Rate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 0 | $ 0 | |
Residential real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 218 | $ 1,708 | 612 |
Percentage of Total Class of Loan | 0% | 0.10% | |
Residential real estate | Extension of Term | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 35 | $ 1,253 | |
Duration of Extension of Term (months) | 37 months | 45 months | |
Residential real estate | Reduction of Interest Rate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 183 | $ 271 | |
Reduction of Interest Rate (bps) | 2.01% | 2.90% | |
Residential real estate | Payment Deferral | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 0 | $ 0 | |
Duration of Delay in Contractual Payments (months) | 0 months | 0 months | |
Residential real estate | Extended of Term and Reduction of Interest Rate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 0 | $ 184 | |
Premium finance receivables | Property and casualty insurance loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 1 | $ 11 | $ 81 |
Percentage of Total Class of Loan | 0% | 0% | |
Premium finance receivables | Property and casualty insurance loans | Extension of Term | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 1 | $ 3 | |
Duration of Extension of Term (months) | 0 months | 0 months | |
Premium finance receivables | Property and casualty insurance loans | Reduction of Interest Rate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 0 | $ 0 | |
Reduction of Interest Rate (bps) | 0% | 0.50% | |
Premium finance receivables | Property and casualty insurance loans | Payment Deferral | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 0 | $ 0 | |
Duration of Delay in Contractual Payments (months) | 0 months | 0 months | |
Premium finance receivables | Property and casualty insurance loans | Extended of Term and Reduction of Interest Rate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 0 | $ 8 |
Allowance for Credit Losses -_7
Allowance for Credit Losses - Schedule of Loans for Borrowers Experiencing Financial Difficulties Modified (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | $ 3,122 | $ 40,729 | $ 25,976 |
Payments in Default | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | 883 | 35,304 | |
Post-modification loan balances, payments in default | 1,010 | 945 | |
Commercial | Commercial, industrial and other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | 1,629 | 37,474 | 16,011 |
Commercial | Commercial, industrial and other | Payments in Default | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | 0 | 35,265 | |
Post-modification loan balances, payments in default | 244 | 2 | |
Commercial real estate | Construction and development | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | 0 | 2,495 | |
Commercial real estate | Construction and development | Payments in Default | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances, payments in default | 0 | 0 | |
Commercial real estate | Non-construction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | 1,176 | 1,333 | 6,161 |
Commercial real estate | Non-construction | Payments in Default | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | 883 | 39 | |
Post-modification loan balances, payments in default | 603 | 828 | |
Home equity | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | 98 | 203 | 616 |
Home equity | Payments in Default | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | 0 | 0 | |
Post-modification loan balances, payments in default | 19 | 104 | |
Residential real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | 218 | 1,708 | 612 |
Residential real estate | Payments in Default | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | 0 | 0 | |
Post-modification loan balances, payments in default | 144 | 0 | |
Premium finance receivables | Property and casualty insurance loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | 1 | 11 | $ 81 |
Premium finance receivables | Property and casualty insurance loans | Payments in Default | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-modification loan balances | 0 | 0 | |
Post-modification loan balances, payments in default | $ 0 | $ 11 |
Goodwill and Other Acquisitio_3
Goodwill and Other Acquisition-Related Intangible Assets - Schedule of Goodwill Assets by Reporting Unit (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 656,672 |
Goodwill Acquired | 0 |
Impairment Loss | 0 |
Goodwill Adjustments | (491) |
Ending balance | 656,181 |
Community banking | |
Goodwill [Roll Forward] | |
Beginning balance | 545,671 |
Goodwill Acquired | 0 |
Impairment Loss | 0 |
Goodwill Adjustments | 0 |
Ending balance | 545,671 |
Specialty finance | |
Goodwill [Roll Forward] | |
Beginning balance | 39,006 |
Goodwill Acquired | 0 |
Impairment Loss | 0 |
Goodwill Adjustments | (491) |
Ending balance | 38,515 |
Wealth management | |
Goodwill [Roll Forward] | |
Beginning balance | 71,995 |
Goodwill Acquired | 0 |
Impairment Loss | 0 |
Goodwill Adjustments | 0 |
Ending balance | $ 71,995 |
Goodwill and Other Acquisitio_4
Goodwill and Other Acquisition-Related Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization of other acquisition-related intangible assets | $ 1,158 | $ 1,235 |
Community banking | Core deposit intangibles | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization period in years, other intangible assets | 10 years | |
Specialty finance | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill decrease for foreign currency translation adjustments | $ 491 | |
Specialty finance | Customer list intangibles | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization period in years, other intangible assets | 18 years | |
Wealth management | Customer list and other intangibles | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization period in years, other intangible assets | 10 years |
Goodwill and Other Acquisitio_5
Goodwill and Other Acquisition-Related Intangible Assets - Schedule of Amortization of Finite-Lived Acquisition-Related Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Intangibles with finite lives | |||
Accumulated amortization | $ (67,868) | $ (66,710) | $ (62,447) |
Intangibles with indefinite lives | |||
Gross carrying amount | 89,598 | 89,599 | 83,398 |
Total other acquisition-related intangible assets, net | 21,730 | 22,889 | 20,951 |
Community banking | |||
Intangibles with indefinite lives | |||
Total other acquisition-related intangible assets, net | 14,107 | 14,881 | 17,533 |
Community banking | Trademark | |||
Intangibles with indefinite lives | |||
Carrying amount | 5,800 | 5,800 | 5,800 |
Community banking | Core deposit intangibles | |||
Intangibles with finite lives | |||
Gross carrying amount | 55,206 | 55,206 | 55,206 |
Accumulated amortization | (46,899) | (46,125) | (43,473) |
Net carrying amount | 8,307 | 9,081 | 11,733 |
Specialty finance | Customer list intangibles | |||
Intangibles with finite lives | |||
Gross carrying amount | 1,962 | 1,963 | 1,962 |
Accumulated amortization | (1,849) | (1,837) | (1,799) |
Net carrying amount | 113 | 126 | 163 |
Wealth management | Customer list and other intangibles | |||
Intangibles with finite lives | |||
Gross carrying amount | 26,630 | 26,630 | 20,430 |
Accumulated amortization | (19,120) | (18,748) | (17,175) |
Net carrying amount | $ 7,510 | $ 7,882 | $ 3,255 |
Goodwill and Other Acquisitio_6
Goodwill and Other Acquisition-Related Intangible Assets - Schedule of Estimated Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Actual in three months ended March 31, 2024 | $ 1,158 | $ 1,235 |
Estimated remaining in 2024 | 3,143 | |
Estimated—2025 | 3,482 | |
Estimated—2026 | 2,772 | |
Estimated—2027 | 2,156 | |
Estimated—2028 | $ 1,591 |
Mortgage Servicing Rights ("M_3
Mortgage Servicing Rights ("MSRs") (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Fair value at beginning of the period | $ 192,456 | $ 230,225 |
Additions from loans sold with servicing retained | 5,379 | 5,107 |
Estimate of changes in fair value due to: | ||
Payoffs, paydowns and repurchases | (4,386) | (3,909) |
Changes in valuation inputs or assumptions | 7,595 | (6,953) |
Fair value at end of the period | 201,044 | 224,470 |
Unpaid principal balance of mortgage loans serviced for others | $ 12,051,392 | $ 14,080,461 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Balance: | |||
Non-interest-bearing | $ 9,908,183 | $ 10,420,401 | $ 11,236,083 |
NOW and interest-bearing demand deposits | 5,720,947 | 5,797,649 | 5,576,558 |
Wealth management deposits | 1,347,817 | 1,614,499 | 1,809,933 |
Money market | 15,617,717 | 15,149,215 | 13,552,277 |
Savings | 5,959,774 | 5,790,334 | 5,192,108 |
Time certificates of deposit | 7,894,420 | 6,625,072 | 5,351,252 |
Total deposits | $ 46,448,858 | $ 45,397,170 | $ 42,718,211 |
Mix: | |||
Non-interest-bearing | 21% | 23% | 26% |
NOW and interest-bearing demand deposits | 12% | 13% | 13% |
Wealth management deposits | 3% | 4% | 4% |
Money market | 34% | 33% | 32% |
Savings | 13% | 13% | 12% |
Time certificates of deposit | 17% | 14% | 13% |
Total deposits | 100% | 100% | 100% |
FHLB Advances, Other Borrowin_3
FHLB Advances, Other Borrowings and Subordinated Notes - Schedule of FHLB Advances, Other Borrowings and Subordinated Notes (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Debt Disclosure [Abstract] | |||
FHLB advances | $ 2,676,751 | $ 2,326,071 | $ 2,316,071 |
Other borrowings: | |||
Notes payable | 164,153 | 171,282 | 192,666 |
Short-term borrowings | 10,869 | 13,430 | 10,124 |
Secured borrowings | 341,704 | 401,897 | 320,007 |
Other | 58,682 | 59,204 | 60,751 |
Total other borrowings | 575,408 | 645,813 | 583,548 |
Subordinated notes | 437,965 | 437,866 | 437,493 |
Total FHLB advances, other borrowings and subordinated notes | $ 3,690,124 | $ 3,409,750 | $ 3,337,112 |
FHLB Advances, Other Borrowin_4
FHLB Advances, Other Borrowings and Subordinated Notes - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
May 31, 2023 | May 30, 2023 | Mar. 31, 2024 | Dec. 31, 2019 | Dec. 31, 2014 | Dec. 31, 2023 | Mar. 31, 2023 | |
Debt Instrument [Line Items] | |||||||
Secured borrowings | $ 341,704,000 | $ 401,897,000 | $ 320,007,000 | ||||
Outstanding subordinated notes | 437,965,000 | 437,866,000 | 437,493,000 | ||||
Collateral Pledged | |||||||
Debt Instrument [Line Items] | |||||||
Pledged financial instruments | 16,600,000 | ||||||
Securities sold under repurchase agreements | Overnight Sweep Collateral | |||||||
Debt Instrument [Line Items] | |||||||
Securities sold under agreements to repurchase | 10,869,000 | 13,400,000 | 10,100,000 | ||||
Secured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Secured borrowings | 9,300,000 | 9,400,000 | 9,400,000 | ||||
Fixed Rate Promissory Note | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount of debt | $ 66,400,000 | ||||||
Stated interest rate | 1.70% | ||||||
Term Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Amount outstanding | $ 164,200,000 | ||||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Amount outstanding | 0 | ||||||
Receivables Purchase Agreement | Secured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Borrowing capacity | $ 520,000,000 | $ 420,000,000 | |||||
Borrowing fee rate | 0.825% | 0.775% | |||||
Secured borrowings | $ 332,400,000 | $ 392,500,000 | $ 310,600,000 | ||||
Receivables Purchase Agreement | Secured Debt | Canadian Commercial Paper Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0.825% | ||||||
4.85% subordinated notes maturing in June 2029 | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds, net of underwriting discount | $ 296,700,000 | ||||||
4.85% subordinated notes maturing in June 2029 | Subordinated Debt | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount of debt | $ 300,000,000 | ||||||
Stated interest rate | 4.85% | ||||||
5.00% subordinated notes maturing in June 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds, net of underwriting discount | $ 139,100,000 | ||||||
5.00% subordinated notes maturing in June 2024 | Subordinated Debt | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount of debt | $ 140,000,000 | ||||||
Stated interest rate | 5% |
FHLB Advances, Other Borrowin_5
FHLB Advances, Other Borrowings and Subordinated Notes - Schedule of Financial Instruments Owned and Pledged as Collateral (Details) - Securities sold under repurchase agreements - Overnight Sweep Collateral - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Excess collateral | $ 5,763 | ||
Securities sold under repurchase agreements | 10,869 | $ 13,400 | $ 10,100 |
Mortgage-backed securities | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Mortgage-backed securities | $ 16,632 |
Junior Subordinated Debenture_2
Junior Subordinated Debentures - Schedule of Junior Subordinated Debentures (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | |
Subordinated Borrowing [Line Items] | |||
Junior subordinated debentures | $ 253,566 | $ 253,566 | $ 253,566 |
Junior Subordinated Debt | |||
Subordinated Borrowing [Line Items] | |||
Junior subordinated debentures | $ 253,566 | $ 253,600 | $ 253,600 |
Weighted average contractual rate | 7.77% | ||
Junior Subordinated Debt | Wintrust Capital Trust III | |||
Subordinated Borrowing [Line Items] | |||
Common Securities | $ 774 | ||
Trust Preferred Securities | 25,000 | ||
Junior subordinated debentures | $ 25,774 | ||
Rate structure, stated | 0.26161% | ||
Weighted average contractual rate | 8.83% | ||
Junior Subordinated Debt | Wintrust Capital Trust III | Secured Overnight Financing Rate (SOFR) | |||
Subordinated Borrowing [Line Items] | |||
Rate structure, variable | 3.25% | ||
Junior Subordinated Debt | Wintrust Statutory Trust IV | |||
Subordinated Borrowing [Line Items] | |||
Common Securities | $ 619 | ||
Trust Preferred Securities | 20,000 | ||
Junior subordinated debentures | $ 20,619 | ||
Rate structure, stated | 0.26161% | ||
Weighted average contractual rate | 8.36% | ||
Junior Subordinated Debt | Wintrust Statutory Trust IV | Secured Overnight Financing Rate (SOFR) | |||
Subordinated Borrowing [Line Items] | |||
Rate structure, variable | 2.80% | ||
Junior Subordinated Debt | Wintrust Statutory Trust V | |||
Subordinated Borrowing [Line Items] | |||
Common Securities | $ 1,238 | ||
Trust Preferred Securities | 40,000 | ||
Junior subordinated debentures | $ 41,238 | ||
Rate structure, stated | 0.26161% | ||
Weighted average contractual rate | 8.16% | ||
Junior Subordinated Debt | Wintrust Statutory Trust V | Secured Overnight Financing Rate (SOFR) | |||
Subordinated Borrowing [Line Items] | |||
Rate structure, variable | 2.60% | ||
Junior Subordinated Debt | Wintrust Capital Trust VII | |||
Subordinated Borrowing [Line Items] | |||
Common Securities | $ 1,550 | ||
Trust Preferred Securities | 50,000 | ||
Junior subordinated debentures | $ 51,550 | ||
Rate structure, stated | 0.26161% | ||
Weighted average contractual rate | 7.54% | ||
Junior Subordinated Debt | Wintrust Capital Trust VII | Secured Overnight Financing Rate (SOFR) | |||
Subordinated Borrowing [Line Items] | |||
Rate structure, variable | 1.95% | ||
Junior Subordinated Debt | Wintrust Capital Trust VIII | |||
Subordinated Borrowing [Line Items] | |||
Common Securities | $ 1,238 | ||
Trust Preferred Securities | 25,000 | ||
Junior subordinated debentures | $ 26,238 | ||
Rate structure, stated | 0.26161% | ||
Weighted average contractual rate | 7.01% | ||
Junior Subordinated Debt | Wintrust Capital Trust VIII | Secured Overnight Financing Rate (SOFR) | |||
Subordinated Borrowing [Line Items] | |||
Rate structure, variable | 1.45% | ||
Junior Subordinated Debt | Wintrust Capital Trust IX | |||
Subordinated Borrowing [Line Items] | |||
Common Securities | $ 1,547 | ||
Trust Preferred Securities | 50,000 | ||
Junior subordinated debentures | $ 51,547 | ||
Rate structure, stated | 0.26161% | ||
Weighted average contractual rate | 7.22% | ||
Junior Subordinated Debt | Wintrust Capital Trust IX | Secured Overnight Financing Rate (SOFR) | |||
Subordinated Borrowing [Line Items] | |||
Rate structure, variable | 1.63% | ||
Junior Subordinated Debt | Northview Capital Trust I | |||
Subordinated Borrowing [Line Items] | |||
Common Securities | $ 186 | ||
Trust Preferred Securities | 6,000 | ||
Junior subordinated debentures | $ 6,186 | ||
Rate structure, stated | 0.26161% | ||
Weighted average contractual rate | 8.57% | ||
Junior Subordinated Debt | Northview Capital Trust I | Secured Overnight Financing Rate (SOFR) | |||
Subordinated Borrowing [Line Items] | |||
Rate structure, variable | 3% | ||
Junior Subordinated Debt | Town Bankshares Capital Trust I | |||
Subordinated Borrowing [Line Items] | |||
Common Securities | $ 186 | ||
Trust Preferred Securities | 6,000 | ||
Junior subordinated debentures | $ 6,186 | ||
Rate structure, stated | 0.26161% | ||
Weighted average contractual rate | 8.57% | ||
Junior Subordinated Debt | Town Bankshares Capital Trust I | Secured Overnight Financing Rate (SOFR) | |||
Subordinated Borrowing [Line Items] | |||
Rate structure, variable | 3% | ||
Junior Subordinated Debt | First Northwest Capital Trust I | |||
Subordinated Borrowing [Line Items] | |||
Common Securities | $ 155 | ||
Trust Preferred Securities | 5,000 | ||
Junior subordinated debentures | $ 5,155 | ||
Rate structure, stated | 0.26161% | ||
Weighted average contractual rate | 8.56% | ||
Junior Subordinated Debt | First Northwest Capital Trust I | Secured Overnight Financing Rate (SOFR) | |||
Subordinated Borrowing [Line Items] | |||
Rate structure, variable | 3% | ||
Junior Subordinated Debt | Suburban Illinois Capital Trust II | |||
Subordinated Borrowing [Line Items] | |||
Common Securities | $ 464 | ||
Trust Preferred Securities | 15,000 | ||
Junior subordinated debentures | $ 15,464 | ||
Rate structure, stated | 0.26161% | ||
Weighted average contractual rate | 7.34% | ||
Junior Subordinated Debt | Suburban Illinois Capital Trust II | Secured Overnight Financing Rate (SOFR) | |||
Subordinated Borrowing [Line Items] | |||
Rate structure, variable | 1.75% | ||
Junior Subordinated Debt | Community Financial Shares Statutory Trust II | |||
Subordinated Borrowing [Line Items] | |||
Common Securities | $ 109 | ||
Trust Preferred Securities | 3,500 | ||
Junior subordinated debentures | $ 3,609 | ||
Rate structure, stated | 0.26161% | ||
Weighted average contractual rate | 7.21% | ||
Junior Subordinated Debt | Community Financial Shares Statutory Trust II | Secured Overnight Financing Rate (SOFR) | |||
Subordinated Borrowing [Line Items] | |||
Rate structure, variable | 1.62% |
Junior Subordinated Debenture_3
Junior Subordinated Debentures - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Subordinated Borrowing [Line Items] | |||
Junior subordinated debentures | $ 253,566 | $ 253,566 | $ 253,566 |
Junior Subordinated Debt | |||
Subordinated Borrowing [Line Items] | |||
Junior subordinated debentures | $ 253,566 | $ 253,600 | $ 253,600 |
Weighted average contractual rate | 7.77% |
Segment Information - Narrative
Segment Information - Narrative (Details) | 3 Months Ended |
Mar. 31, 2024 segment subsidiary | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 3 |
Number of subsidiaries | subsidiary | 15 |
Community banking | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
Segment Information - Schedule
Segment Information - Schedule of Operating Information for Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Net interest income: | |||
Net interest income | $ 464,194 | $ 457,995 | |
Net interest income, change in contribution | $ 6,199 | ||
Net interest income, percent change in contribution | 1% | ||
Provision for credit losses: | |||
Provision for credit losses | $ 21,673 | 23,045 | |
Provision for credit losses, change in contribution | $ (1,372) | ||
Provision for credit losses, percent change in contribution | (6.00%) | ||
Non-interest income: | |||
Non-interest income | $ 140,580 | 107,769 | |
Non-interest income, change in contribution | $ 32,811 | ||
Non-interest income, percent change in contribution | 30% | ||
Net revenue: | |||
Net revenue | $ 604,774 | 565,764 | |
Net revenue, change in contribution | $ 39,010 | ||
Net revenue, percent change in contribution | 7% | ||
Segment profit: | |||
Segment profit | $ 187,294 | 180,198 | |
Segment profit, change in contribution | $ 7,096 | ||
Segment profit, percent change in contribution | 4% | ||
Segment assets: | |||
Segment assets | $ 57,576,933 | 52,873,511 | $ 56,259,934 |
Segment assets, change in contribution | $ 4,703,422 | ||
Segment assets, percent change in contribution | 9% | ||
Community banking | |||
Segment profit: | |||
Segment profit | $ 120,046 | 134,232 | |
Segment profit, change in contribution | $ (14,186) | ||
Segment profit, percent change in contribution | (11.00%) | ||
Segment assets: | |||
Segment assets | $ 45,720,014 | 41,611,980 | |
Segment assets, change in contribution | $ 4,108,034 | ||
Segment assets, percent change in contribution | 10% | ||
Specialty finance | |||
Segment profit: | |||
Segment profit | $ 42,523 | 36,737 | |
Segment profit, change in contribution | $ 5,786 | ||
Segment profit, percent change in contribution | 16% | ||
Segment assets: | |||
Segment assets | $ 10,713,783 | 9,841,044 | |
Segment assets, change in contribution | $ 872,739 | ||
Segment assets, percent change in contribution | 9% | ||
Wealth management | |||
Segment profit: | |||
Segment profit | $ 24,725 | 9,229 | |
Segment profit, change in contribution | $ 15,496 | ||
Segment profit, percent change in contribution | 168% | ||
Segment assets: | |||
Segment assets | $ 1,143,136 | 1,420,487 | |
Segment assets, change in contribution | $ (277,351) | ||
Segment assets, percent change in contribution | (20.00%) | ||
Operating Segments | |||
Net interest income: | |||
Net interest income | $ 453,725 | 449,154 | |
Net interest income, change in contribution | $ 4,571 | ||
Net interest income, percent change in contribution | 1% | ||
Provision for credit losses: | |||
Provision for credit losses | $ 21,673 | 23,045 | |
Provision for credit losses, change in contribution | $ (1,372) | ||
Provision for credit losses, percent change in contribution | (6.00%) | ||
Non-interest income: | |||
Non-interest income | $ 160,438 | 124,820 | |
Non-interest income, change in contribution | $ 35,618 | ||
Non-interest income, percent change in contribution | 29% | ||
Net revenue: | |||
Net revenue | $ 614,163 | 573,974 | |
Net revenue, change in contribution | $ 40,189 | ||
Net revenue, percent change in contribution | 7% | ||
Operating Segments | Community banking | |||
Net interest income: | |||
Net interest income | $ 363,685 | 369,848 | |
Net interest income, change in contribution | $ (6,163) | ||
Net interest income, percent change in contribution | (2.00%) | ||
Provision for credit losses: | |||
Provision for credit losses | $ 20,392 | 21,099 | |
Provision for credit losses, change in contribution | $ (707) | ||
Provision for credit losses, percent change in contribution | (3.00%) | ||
Non-interest income: | |||
Non-interest income | $ 74,636 | 68,733 | |
Non-interest income, change in contribution | $ 5,903 | ||
Non-interest income, percent change in contribution | 9% | ||
Net revenue: | |||
Net revenue | $ 438,321 | 438,581 | |
Net revenue, change in contribution | $ (260) | ||
Net revenue, percent change in contribution | 0% | ||
Operating Segments | Specialty finance | |||
Net interest income: | |||
Net interest income | $ 82,282 | 70,351 | |
Net interest income, change in contribution | $ 11,931 | ||
Net interest income, percent change in contribution | 17% | ||
Provision for credit losses: | |||
Provision for credit losses | $ 1,281 | 1,946 | |
Provision for credit losses, change in contribution | $ (665) | ||
Provision for credit losses, percent change in contribution | (34.00%) | ||
Non-interest income: | |||
Non-interest income | $ 27,317 | 25,790 | |
Non-interest income, change in contribution | $ 1,527 | ||
Non-interest income, percent change in contribution | 6% | ||
Net revenue: | |||
Net revenue | $ 109,599 | 96,141 | |
Net revenue, change in contribution | $ 13,458 | ||
Net revenue, percent change in contribution | 14% | ||
Operating Segments | Wealth management | |||
Net interest income: | |||
Net interest income | $ 7,758 | 8,955 | |
Net interest income, change in contribution | $ (1,197) | ||
Net interest income, percent change in contribution | (13.00%) | ||
Provision for credit losses: | |||
Provision for credit losses | $ 0 | 0 | |
Provision for credit losses, change in contribution | $ 0 | ||
Provision for credit losses, percent change in contribution | 0% | ||
Non-interest income: | |||
Non-interest income | $ 58,485 | 30,297 | |
Non-interest income, change in contribution | $ 28,188 | ||
Non-interest income, percent change in contribution | 93% | ||
Net revenue: | |||
Net revenue | $ 66,243 | 39,252 | |
Net revenue, change in contribution | $ 26,991 | ||
Net revenue, percent change in contribution | 69% | ||
Intersegment Eliminations | |||
Net interest income: | |||
Net interest income | $ 10,469 | 8,841 | |
Net interest income, change in contribution | $ 1,628 | ||
Net interest income, percent change in contribution | 18% | ||
Provision for credit losses: | |||
Provision for credit losses | $ 0 | 0 | |
Provision for credit losses, change in contribution | $ 0 | ||
Provision for credit losses, percent change in contribution | 0% | ||
Non-interest income: | |||
Non-interest income | $ (19,858) | (17,051) | |
Non-interest income, change in contribution | $ (2,807) | ||
Non-interest income, percent change in contribution | 16% | ||
Net revenue: | |||
Net revenue | $ (9,389) | $ (8,210) | |
Net revenue, change in contribution | $ (1,179) | ||
Net revenue, percent change in contribution | 14% |
Derivative Financial Instrume_3
Derivative Financial Instruments - Schedule of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Derivative [Line Items] | |||
Derivative Assets | $ 259,264 | $ 275,726 | $ 274,004 |
Derivative Liabilities | 324,364 | 267,255 | 274,432 |
Interest rate derivatives | |||
Derivative [Line Items] | |||
Derivative Assets | 248,933 | 263,955 | 259,331 |
Derivative Liabilities | 318,163 | 255,126 | 262,465 |
Designated as hedging instrument | |||
Derivative [Line Items] | |||
Derivative Assets | 26,428 | 52,465 | 39,462 |
Derivative Liabilities | 94,779 | 44,729 | 43,412 |
Designated as hedging instrument | Interest rate derivatives | Interest rate derivatives designated as Cash Flow Hedges | |||
Derivative [Line Items] | |||
Derivative Assets | 12,985 | 40,116 | 25,730 |
Derivative Liabilities | 94,758 | 44,456 | 43,412 |
Designated as hedging instrument | Interest rate derivatives | Interest rate derivatives designated as Fair Value Hedges | |||
Derivative [Line Items] | |||
Derivative Assets | 13,443 | 12,349 | 13,732 |
Derivative Liabilities | 21 | 273 | 0 |
Not designated as hedging instrument | |||
Derivative [Line Items] | |||
Derivative Assets | 232,836 | 223,261 | 234,542 |
Derivative Liabilities | 229,585 | 222,526 | 231,020 |
Not designated as hedging instrument | Interest rate derivatives | |||
Derivative [Line Items] | |||
Derivative Assets | 222,505 | 211,490 | 219,869 |
Derivative Liabilities | 223,384 | 210,397 | 219,053 |
Not designated as hedging instrument | Interest rate lock commitments | |||
Derivative [Line Items] | |||
Derivative Assets | 6,212 | 4,511 | 5,356 |
Derivative Liabilities | 21 | 0 | 67 |
Not designated as hedging instrument | Forward commitments to sell mortgage loans | |||
Derivative [Line Items] | |||
Derivative Assets | 169 | 0 | 121 |
Derivative Liabilities | 2,549 | 5,212 | 2,953 |
Not designated as hedging instrument | Commodity forward contracts | |||
Derivative [Line Items] | |||
Derivative Assets | 685 | 888 | 491 |
Derivative Liabilities | 416 | 609 | 315 |
Not designated as hedging instrument | Foreign exchange contracts | |||
Derivative [Line Items] | |||
Derivative Assets | 3,265 | 6,372 | 8,705 |
Derivative Liabilities | $ 3,215 | $ 6,308 | $ 8,632 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of Cash Flow Hedging Instruments (Details) - Designated as hedging instrument - Cash Flow Hedging $ in Thousands | Mar. 31, 2024 USD ($) |
Derivative [Line Items] | |
Notional Amount | $ 6,700,000 |
Fair Value Asset (Liability) | (81,773) |
Buy 2.250% floor, sell 3.743% cap; matures September 2025 | |
Derivative [Line Items] | |
Notional Amount | 1,250,000 |
Fair Value Asset (Liability) | $ (18,054) |
Derivative floor rate | 0.02250 |
Derivative cap rate | 0.03743 |
Buy 2.750% floor, sell 4.320% cap; matures October 2026 | |
Derivative [Line Items] | |
Notional Amount | $ 500,000 |
Fair Value Asset (Liability) | $ (4,246) |
Derivative floor rate | 0.02750 |
Derivative cap rate | 0.04320 |
Buy 2.000% floor, sell 3.450% cap; matures September 2027 | |
Derivative [Line Items] | |
Notional Amount | $ 1,250,000 |
Fair Value Asset (Liability) | $ (36,414) |
Derivative floor rate | 0.02000 |
Derivative cap rate | 0.03450 |
Fixed 3.748%; matures December 2025 | |
Derivative [Line Items] | |
Notional Amount | $ 250,000 |
Fair Value Asset (Liability) | $ (3,420) |
Derivative fixed interest rate | 3.748% |
Fixed 3.759%; matures December 2025 | |
Derivative [Line Items] | |
Notional Amount | $ 250,000 |
Fair Value Asset (Liability) | $ (3,373) |
Derivative fixed interest rate | 3.759% |
Fixed 3.680%; matures February 2026 | |
Derivative [Line Items] | |
Notional Amount | $ 250,000 |
Fair Value Asset (Liability) | $ (3,715) |
Derivative fixed interest rate | 3.68% |
Fixed 4.176%; matures March 2026 | |
Derivative [Line Items] | |
Notional Amount | $ 250,000 |
Fair Value Asset (Liability) | $ (1,439) |
Derivative fixed interest rate | 4.176% |
Fixed 3.915%; matures March 2026 | |
Derivative [Line Items] | |
Notional Amount | $ 250,000 |
Fair Value Asset (Liability) | $ (2,643) |
Derivative fixed interest rate | 3.915% |
Fixed 4.450%; matures July 2026 | |
Derivative [Line Items] | |
Notional Amount | $ 250,000 |
Fair Value Asset (Liability) | $ 410 |
Derivative fixed interest rate | 4.45% |
Fixed 3.515%, matures December 2026 | |
Derivative [Line Items] | |
Notional Amount | $ 250,000 |
Fair Value Asset (Liability) | $ (4,681) |
Derivative fixed interest rate | 3.515% |
Fixed 3.512%; matures December 2026 | |
Derivative [Line Items] | |
Notional Amount | $ 250,000 |
Fair Value Asset (Liability) | $ (4,700) |
Derivative fixed interest rate | 3.512% |
Fixed 3.453%; matures February 2027 | |
Derivative [Line Items] | |
Notional Amount | $ 250,000 |
Fair Value Asset (Liability) | $ (5,086) |
Derivative fixed interest rate | 3.453% |
Fixed 4.150%; matures July 2027 | |
Derivative [Line Items] | |
Notional Amount | $ 250,000 |
Fair Value Asset (Liability) | $ 199 |
Derivative fixed interest rate | 4.15% |
Fixed 3.748%; matures March 2028 | |
Derivative [Line Items] | |
Notional Amount | $ 250,000 |
Fair Value Asset (Liability) | $ (2,483) |
Derivative fixed interest rate | 3.748% |
Fixed 3.526%; matures March 2028 | |
Derivative [Line Items] | |
Notional Amount | $ 250,000 |
Fair Value Asset (Liability) | $ (4,504) |
Derivative fixed interest rate | 3.526% |
Fixed 3.993%; matures October 2029 | |
Derivative [Line Items] | |
Notional Amount | $ 100,000 |
Fair Value Asset (Liability) | $ 1,150 |
Derivative fixed interest rate | 3.993% |
Fixed 3.993%; matures October 2029 1 | |
Derivative [Line Items] | |
Notional Amount | $ 250,000 |
Fair Value Asset (Liability) | $ 2,876 |
Derivative fixed interest rate | 3.993% |
Fixed $4.245%; matures November 2029 | |
Derivative [Line Items] | |
Notional Amount | $ 175,000 |
Fair Value Asset (Liability) | $ 4,175 |
Derivative fixed interest rate | 4.245% |
Fixed $4.245%; matures November 2029 1 | |
Derivative [Line Items] | |
Notional Amount | $ 175,000 |
Fair Value Asset (Liability) | $ 4,175 |
Derivative fixed interest rate | 4.245% |
Derivative Financial Instrume_5
Derivative Financial Instruments - Narrative (Details) | 3 Months Ended | |||||
Mar. 31, 2024 USD ($) derivativeInstrument | Dec. 31, 2022 USD ($) derivativeInstrument | Mar. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) derivativeInstrument | Mar. 31, 2023 derivativeInstrument | Jun. 30, 2022 USD ($) derivativeInstrument | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount to be reclassified from accumulated other comprehensive income to interest income (expense) in the next twelve months | $ (56,900,000) | |||||
Net derivative liability position, aggregate fair value | 0 | |||||
Interest Rate Swap Terminated | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount to be reclassified from accumulated other comprehensive income to interest income (expense) in the next twelve months | 13,300,000 | |||||
Interest Rate Swap And Collar | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount to be reclassified from accumulated other comprehensive income to interest income (expense) in the next twelve months | (70,200,000) | |||||
Mortgage banking derivatives | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Notional amount | $ 145,000,000 | $ 195,000,000 | ||||
Number of derivative instruments held | derivativeInstrument | 5 | 4 | ||||
Not designated as hedging instrument | Interest rate contract | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Notional amount | $ 0 | |||||
Not designated as hedging instrument | Interest rate contract, qualified borrowers | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Notional amount | 11,600,000,000 | $ 11,400,000,000 | ||||
Not designated as hedging instrument | Interest rate lock commitments | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Notional amount | 226,400,000 | 129,900,000 | ||||
Not designated as hedging instrument | Forward commitments to sell mortgage loans | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Notional amount | 561,600,000 | 626,900,000 | ||||
Not designated as hedging instrument | Commodity forward contracts | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Notional amount | 8,700,000 | 8,400,000 | ||||
Not designated as hedging instrument | Foreign exchange contracts | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Notional amount | $ 107,100,000 | $ 144,300,000 | ||||
Not designated as hedging instrument | Covered call options | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Number of derivative instruments held | derivativeInstrument | 0 | 0 | 0 | |||
Interest rate derivatives designated as Cash Flow Hedges | Designated as hedging instrument | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Notional amount | $ 6,700,000,000 | |||||
Interest rate derivatives designated as Cash Flow Hedges | Designated as hedging instrument | Interest Rate Swap Terminated | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Notional amount | $ 1,000,000,000 | $ 500,000,000 | ||||
Derivative term | 5 years | |||||
Fair value of derivative contracts | $ 66,500,000 | |||||
Number of derivative instruments held | derivativeInstrument | 2 | |||||
Interest rate derivatives designated as Cash Flow Hedges | Designated as hedging instrument | Interest Rate Swap Terminated, Original Swap Maturing March 2023 | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Fair value of derivative contracts | $ 3,700,000 | |||||
Interest rate derivatives designated as Cash Flow Hedges | Designated as hedging instrument | Interest Rate Swap Terminated, Original Swap Maturing April 2024 | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Fair value of derivative contracts | $ 10,700,000 | |||||
Interest rate derivatives designated as Cash Flow Hedges | Designated as hedging instrument | Interest Rate Collar Terminated | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Notional amount | $ 64,300,000 | |||||
Fair value of derivative contracts | $ 875,000 | |||||
Number of derivative instruments terminated | derivativeInstrument | 1 | |||||
Interest rate derivatives designated as Fair Value Hedges | Designated as hedging instrument | Interest rate swaps | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Notional amount | $ 215,200,000 | |||||
Number of interest rate derivatives | derivativeInstrument | 13 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Schedule of Amounts in Accumulated Other Comprehensive Income Related to Interest Rate Swaps Designated as Cash Flow Hedges (Details) - Interest rate contract - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Rollforward of AOCI from Cash Flow Hedging Derivatives [Roll Forward] | ||
Unrealized gain at beginning of period | $ 43,538 | $ 10,026 |
Amount reclassified from accumulated other comprehensive income or loss to interest income or expense on deposits, loans, and other borrowings | 19,818 | 3,747 |
Amount of loss recognized in other comprehensive income or loss | (101,909) | 30,919 |
Unrealized (loss) gain at end of period | $ (38,553) | $ 44,692 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Schedule of Carrying Amount of Hedged Assets/(Liabilities (Details) - Designated as Hedging Instrument - Interest rate swaps $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Interest and fees on loans | |
Derivative [Line Items] | |
Location of (Loss)/Gain Recognized in Income on Derivative | $ 10 |
Interest income - investment securities | |
Derivative [Line Items] | |
Location of (Loss)/Gain Recognized in Income on Derivative | 0 |
Loans, net of unearned income | |
Derivative [Line Items] | |
Carrying Amount of the Hedged Assets/(Liabilities) | 201,019 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | (13,487) |
Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets/(Liabilities) for which Hedge Accounting has been Discontinued | (75) |
Available-for-sale debt securities | |
Derivative [Line Items] | |
Carrying Amount of the Hedged Assets/(Liabilities) | 712 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | (19) |
Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets/(Liabilities) for which Hedge Accounting has been Discontinued | $ 0 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Schedule of Consolidated Statement of Income Related to Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest rate swaps and caps | Trading gains, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) on derivative instruments | $ 595 | $ 800 |
Mortgage banking derivatives | Mortgage banking revenue | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) on derivative instruments | (15) | 3,640 |
Commodity contracts | Trading gains, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) on derivative instruments | 268 | 177 |
Foreign exchange contracts | Trading gains, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) on derivative instruments | 8 | 0 |
Covered call options | Fees from covered call options | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) on derivative instruments | 4,847 | 10,391 |
Derivative contract held as economic hedge on MSRs | Mortgage banking revenue | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (losses) on derivative instruments | $ (2,577) | $ 946 |
Derivative Financial Instrume_9
Derivative Financial Instruments - Schedule of Offsetting Assets / Offsetting Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Derivative Assets | |||
Derivative Assets | $ 259,264 | $ 275,726 | $ 274,004 |
Derivative Liabilities | |||
Gross Amounts Recognized | 324,364 | 267,255 | 274,432 |
Interest rate contract | |||
Derivative Assets | |||
Derivative Assets | 248,933 | 263,955 | 259,331 |
Less: Amounts offset in the Statements of Condition | 0 | 0 | 0 |
Net amount presented in the Statements of Condition | 248,933 | 263,955 | 259,331 |
Offsetting Derivative Positions | (109,977) | (76,514) | (55,838) |
Collateral Posted | (119,572) | (144,899) | (181,884) |
Net Credit Exposure | 19,384 | 42,542 | 21,609 |
Derivative Liabilities | |||
Gross Amounts Recognized | 318,163 | 255,126 | 262,465 |
Less: Amounts offset in the Statements of Condition | 0 | 0 | 0 |
Net amount presented in the Statements of Condition | 318,163 | 255,126 | 262,465 |
Offsetting Derivative Positions | (109,977) | (76,514) | (55,838) |
Collateral Posted | 0 | 0 | 0 |
Net Credit Exposure | $ 208,186 | $ 178,612 | $ 206,627 |
Fair Values of Assets and Lia_3
Fair Values of Assets and Liabilities - Narrative (Details) | 3 Months Ended | |||
Mar. 31, 2024 USD ($) $ / shares | Dec. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | $ 4,387,598,000 | $ 3,502,915,000 | $ 3,259,845,000 | |
Loans held-for-investment | 144,365,000 | 207,532,000 | ||
MSRs | 201,044,000 | 192,456,000 | 224,470,000 | $ 230,225,000 |
Individually assessed loans - foreclosure probable and collateral-dependent | 89,368,000 | 71,622,000 | ||
Estimate of Fair Value Measurement | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 4,387,598,000 | 3,502,915,000 | 3,259,845,000 | |
Remaining contractual principal balance outstanding, mortgage loans held-for-sale | 342,700,000 | 291,700,000 | 307,300,000 | |
Remaining contractual principal balance outstanding, mortgage loans held-for-investment | 145,900,000 | 156,900,000 | 204,500,000 | |
Non-performing | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage loans held-for-sale classified as nonaccrual | 1,300,000 | 649,000 | 3,300,000 | |
Mortgage loans held-for-sale classified greater than 90 days past due and still accruing | $ 33,200,000 | 26,600,000 | 41,400,000 | |
Weighted Average | Loans held-for-investment | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Life of loans | 5 years 10 months 24 days | |||
Appraisal adjustment - cost of sale | Other real estate owned | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other real estate owned, measurement input | 0.10 | |||
Measured at fair value on a recurring basis: | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage loans held-for-sale | $ 339,884,000 | 292,722,000 | 302,493,000 | |
Loans held-for-investment | 144,371,000 | 155,261,000 | 202,143,000 | |
MSRs | 201,044,000 | 192,456,000 | 224,470,000 | |
Derivative assets | 259,264,000 | 275,726,000 | 274,004,000 | |
Measured at fair value on a non-recurring basis: | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Individually assessed loans - foreclosure probable and collateral-dependent | 89,368,000 | |||
Other real estate owned | 14,538,000 | |||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Individually assessed loans - foreclosure probable and collateral-dependent | 89,400,000 | |||
Level 3 | Portion at Other than Fair Value Measurement | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Individually assessed loans - foreclosure probable and collateral-dependent | 0 | |||
Level 3 | Measured at fair value on a recurring basis: | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage loans held-for-sale | 33,726,000 | 26,835,000 | 44,250,000 | |
Loans held-for-investment | 49,317,000 | 60,670,000 | 69,493,000 | |
MSRs | 201,044,000 | 192,456,000 | 224,470,000 | |
Derivative assets | $ 6,212,000 | 4,510,000 | 5,356,000 | |
Level 3 | Measured at fair value on a recurring basis: | Discount rate | Weighted Average | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
MSRs, measurement input | 0.1099 | |||
Level 3 | Measured at fair value on a recurring basis: | Discount rate | Weighted Average | Mortgage loans held-for-sale | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rate | 0.0660 | |||
Level 3 | Measured at fair value on a recurring basis: | Discount rate | Weighted Average | Loans held-for-investment | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rate | 0.0660 | |||
Level 3 | Measured at fair value on a recurring basis: | Discount rate | Weighted Average | Mortgage servicing rights | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rate | 0.1099 | |||
Level 3 | Measured at fair value on a recurring basis: | Discount rate | Minimum | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
MSRs, measurement input | 0.01 | |||
Level 3 | Measured at fair value on a recurring basis: | Discount rate | Minimum | Mortgage servicing rights | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rate | 0.01 | |||
Level 3 | Measured at fair value on a recurring basis: | Discount rate | Maximum | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
MSRs, measurement input | 0.21 | |||
Level 3 | Measured at fair value on a recurring basis: | Discount rate | Maximum | Mortgage servicing rights | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rate | 0.21 | |||
Level 3 | Measured at fair value on a recurring basis: | Credit discount | Weighted Average | Mortgage loans held-for-sale | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rate | 0.0043 | |||
Level 3 | Measured at fair value on a recurring basis: | Credit discount | Weighted Average | Loans held-for-investment | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rate | 0.0118 | |||
Level 3 | Measured at fair value on a recurring basis: | Credit discount | Minimum | Mortgage loans held-for-sale | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rate | 0 | |||
Level 3 | Measured at fair value on a recurring basis: | Credit discount | Minimum | Loans held-for-investment | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rate | 0 | |||
Level 3 | Measured at fair value on a recurring basis: | Credit discount | Maximum | Mortgage loans held-for-sale | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rate | 0.12 | |||
Level 3 | Measured at fair value on a recurring basis: | Credit discount | Maximum | Loans held-for-investment | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rate | 0.16 | |||
Level 3 | Measured at fair value on a recurring basis: | Constant prepayment rate (CPR) | Weighted Average | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
MSRs, measurement input | 0.0778 | |||
Level 3 | Measured at fair value on a recurring basis: | Constant prepayment rate (CPR) | Weighted Average | Loans held-for-investment | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rate | 0.0778 | |||
Level 3 | Measured at fair value on a recurring basis: | Constant prepayment rate (CPR) | Weighted Average | Mortgage servicing rights | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rate | 0.0778 | |||
Level 3 | Measured at fair value on a recurring basis: | Constant prepayment rate (CPR) | Minimum | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
MSRs, measurement input | 0 | |||
Level 3 | Measured at fair value on a recurring basis: | Constant prepayment rate (CPR) | Minimum | Mortgage servicing rights | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rate | 0 | |||
Level 3 | Measured at fair value on a recurring basis: | Constant prepayment rate (CPR) | Maximum | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
MSRs, measurement input | 0.90 | |||
Level 3 | Measured at fair value on a recurring basis: | Constant prepayment rate (CPR) | Maximum | Mortgage servicing rights | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rate | 0.90 | |||
Level 3 | Measured at fair value on a recurring basis: | Cost of servicing | Weighted Average | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
MSRs, measurement input | 77 | |||
Level 3 | Measured at fair value on a recurring basis: | Cost of servicing | Minimum | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
MSRs, measurement input | $ / shares | 70 | |||
Level 3 | Measured at fair value on a recurring basis: | Cost of servicing | Maximum | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
MSRs, measurement input | $ / shares | 200 | |||
Level 3 | Measured at fair value on a recurring basis: | Cost of servicing - delinquent | Weighted Average | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
MSRs, measurement input | 394 | |||
Level 3 | Measured at fair value on a recurring basis: | Cost of servicing - delinquent | Minimum | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
MSRs, measurement input | $ / shares | 200 | |||
Level 3 | Measured at fair value on a recurring basis: | Cost of servicing - delinquent | Maximum | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
MSRs, measurement input | $ / shares | 1,000 | |||
Level 3 | Measured at fair value on a recurring basis: | Pull-through rate | Weighted Average | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives, measurement input | 0.8211 | |||
Level 3 | Measured at fair value on a recurring basis: | Pull-through rate | Minimum | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives, measurement input | 0.06 | |||
Level 3 | Measured at fair value on a recurring basis: | Pull-through rate | Maximum | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives, measurement input | 1 | |||
Level 3 | Measured at fair value on a non-recurring basis: | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Individually assessed loans - foreclosure probable and collateral-dependent | $ 89,368,000 | |||
Other real estate owned | 14,538,000 | |||
Municipal securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 140,590,000 | 140,958,000 | 160,386,000 | |
Municipal securities | Measured at fair value on a recurring basis: | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 140,590,000 | 140,958,000 | 160,386,000 | |
Municipal securities | Level 3 | Measured at fair value on a recurring basis: | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | $ 88,219,000 | $ 86,237,000 | $ 112,257,000 |
Fair Values of Assets and Lia_4
Fair Values of Assets and Liabilities - Schedule of Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | $ 4,387,598 | $ 3,502,915 | $ 3,259,845 | |
Equity securities with readily determinable fair value | 119,777 | 139,268 | 111,943 | |
Loans held-for-investment | 144,365 | 207,532 | ||
MSRs | 201,044 | 192,456 | 224,470 | $ 230,225 |
U.S. Treasury | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 61,175 | 6,968 | 4,948 | |
U.S. government agencies | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 45,715 | 45,124 | 74,862 | |
Municipal securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 140,590 | 140,958 | 160,386 | |
Measured at fair value on a recurring basis: | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading account securities | 2,184 | 4,707 | 102 | |
Equity securities with readily determinable fair value | 119,777 | 139,268 | 111,943 | |
Mortgage loans held-for-sale | 339,884 | 292,722 | 302,493 | |
Loans held-for-investment | 144,371 | 155,261 | 202,143 | |
MSRs | 201,044 | 192,456 | 224,470 | |
Nonqualified deferred compensation assets | 15,953 | 15,238 | 14,379 | |
Derivative assets | 259,264 | 275,726 | 274,004 | |
Total | 5,470,075 | 4,578,293 | 4,389,379 | |
Derivative liabilities | 324,364 | 267,255 | 274,432 | |
Measured at fair value on a recurring basis: | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading account securities | 0 | 0 | 0 | |
Equity securities with readily determinable fair value | 111,711 | 131,202 | 103,877 | |
Mortgage loans held-for-sale | 0 | 0 | 0 | |
Loans held-for-investment | 0 | 0 | 0 | |
MSRs | 0 | 0 | 0 | |
Nonqualified deferred compensation assets | 0 | 0 | 0 | |
Derivative assets | 0 | 0 | 0 | |
Total | 172,886 | 138,170 | 108,825 | |
Derivative liabilities | 0 | 0 | 0 | |
Measured at fair value on a recurring basis: | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading account securities | 2,184 | 4,707 | 102 | |
Equity securities with readily determinable fair value | 8,066 | 8,066 | 8,066 | |
Mortgage loans held-for-sale | 306,158 | 265,887 | 258,243 | |
Loans held-for-investment | 95,054 | 94,591 | 132,650 | |
MSRs | 0 | 0 | 0 | |
Nonqualified deferred compensation assets | 15,953 | 15,238 | 14,379 | |
Derivative assets | 253,052 | 271,216 | 268,648 | |
Total | 4,918,671 | 4,069,415 | 3,824,728 | |
Derivative liabilities | 324,364 | 267,255 | 274,432 | |
Measured at fair value on a recurring basis: | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading account securities | 0 | 0 | 0 | |
Equity securities with readily determinable fair value | 0 | 0 | 0 | |
Mortgage loans held-for-sale | 33,726 | 26,835 | 44,250 | |
Loans held-for-investment | 49,317 | 60,670 | 69,493 | |
MSRs | 201,044 | 192,456 | 224,470 | |
Nonqualified deferred compensation assets | 0 | 0 | 0 | |
Derivative assets | 6,212 | 4,510 | 5,356 | |
Total | 378,518 | 370,708 | 455,826 | |
Derivative liabilities | 0 | 0 | 0 | |
Measured at fair value on a recurring basis: | U.S. Treasury | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 61,175 | 6,968 | 4,948 | |
Measured at fair value on a recurring basis: | U.S. Treasury | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 61,175 | 6,968 | 4,948 | |
Measured at fair value on a recurring basis: | U.S. Treasury | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 0 | 0 | 0 | |
Measured at fair value on a recurring basis: | U.S. Treasury | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 0 | 0 | 0 | |
Measured at fair value on a recurring basis: | U.S. government agencies | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 45,715 | 45,124 | 74,862 | |
Measured at fair value on a recurring basis: | U.S. government agencies | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 0 | 0 | 0 | |
Measured at fair value on a recurring basis: | U.S. government agencies | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 45,715 | 45,124 | 74,862 | |
Measured at fair value on a recurring basis: | U.S. government agencies | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 0 | 0 | 0 | |
Mortgage loans held-for-sale | 33,726 | |||
Measured at fair value on a recurring basis: | Municipal securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 140,590 | 140,958 | 160,386 | |
Measured at fair value on a recurring basis: | Municipal securities | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 0 | 0 | 0 | |
Measured at fair value on a recurring basis: | Municipal securities | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 52,371 | 54,721 | 48,129 | |
Measured at fair value on a recurring basis: | Municipal securities | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 88,219 | 86,237 | 112,257 | |
Measured at fair value on a recurring basis: | Corporate notes | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 76,725 | 76,531 | 83,675 | |
Measured at fair value on a recurring basis: | Corporate notes | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 0 | 0 | 0 | |
Measured at fair value on a recurring basis: | Corporate notes | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 76,725 | 76,531 | 83,675 | |
Measured at fair value on a recurring basis: | Corporate notes | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 0 | 0 | 0 | |
Measured at fair value on a recurring basis: | Mortgage-backed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 4,063,393 | 3,233,334 | 2,935,974 | |
Measured at fair value on a recurring basis: | Mortgage-backed | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 0 | 0 | 0 | |
Measured at fair value on a recurring basis: | Mortgage-backed | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 4,063,393 | 3,233,334 | 2,935,974 | |
Measured at fair value on a recurring basis: | Mortgage-backed | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | $ 0 | $ 0 | $ 0 |
Fair Values of Assets and Lia_5
Fair Values of Assets and Liabilities - Schedule of Changes In Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Municipal | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 86,237 | $ 117,537 |
Net income | 0 | 0 |
Other comprehensive income or loss | (1,988) | (1,662) |
Purchases | 8,384 | 4,418 |
Settlements | (4,414) | (8,036) |
Net transfers into Level 3 | 0 | 0 |
Ending balance | 88,219 | 112,257 |
Mortgage loans held-for-sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 26,835 | 48,655 |
Net income | 67 | 466 |
Other comprehensive income or loss | 0 | 0 |
Purchases | 0 | 0 |
Settlements | (10,340) | (18,619) |
Net transfers into Level 3 | 17,164 | 13,748 |
Ending balance | 33,726 | 44,250 |
Loans held-for- investment | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 60,670 | 84,165 |
Net income | (317) | 364 |
Other comprehensive income or loss | 0 | 0 |
Purchases | 0 | 0 |
Settlements | (15,803) | (20,322) |
Net transfers into Level 3 | 4,767 | 5,286 |
Ending balance | 49,317 | 69,493 |
Mortgage servicing rights | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 192,456 | 230,225 |
Net income | 8,588 | (5,755) |
Other comprehensive income or loss | 0 | 0 |
Purchases | 0 | 0 |
Settlements | 0 | 0 |
Net transfers into Level 3 | 0 | 0 |
Ending balance | 201,044 | 224,470 |
Derivative assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 4,510 | 1,711 |
Net income | 1,702 | 3,645 |
Other comprehensive income or loss | 0 | 0 |
Purchases | 0 | 0 |
Settlements | 0 | 0 |
Net transfers into Level 3 | 0 | 0 |
Ending balance | $ 6,212 | $ 5,356 |
Fair Values of Assets and Lia_6
Fair Values of Assets and Liabilities - Schedule of Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually assessed loans - foreclosure probable and collateral-dependent | $ 89,368 | $ 71,622 |
Fair value losses - individually assessed loans - foreclosure probable and collateral-dependent | 16,726 | |
Fair value losses - other real estate owned | 207 | |
Fair value losses | 16,933 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually assessed loans - foreclosure probable and collateral-dependent | 89,400 | |
Measured at fair value on a non-recurring basis: | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually assessed loans - foreclosure probable and collateral-dependent | 89,368 | |
Other real estate owned | 14,538 | |
Total | 103,906 | |
Measured at fair value on a non-recurring basis: | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually assessed loans - foreclosure probable and collateral-dependent | 0 | |
Other real estate owned | 0 | |
Total | 0 | |
Measured at fair value on a non-recurring basis: | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually assessed loans - foreclosure probable and collateral-dependent | 0 | |
Other real estate owned | 0 | |
Total | 0 | |
Measured at fair value on a non-recurring basis: | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually assessed loans - foreclosure probable and collateral-dependent | 89,368 | |
Other real estate owned | 14,538 | |
Total | $ 103,906 |
Fair Values of Assets and Lia_7
Fair Values of Assets and Liabilities - Schedule of Valuation Techniques and Significant Unobservable Inputs Used to Measure Both Recurring and Non Recurring (Details) | Mar. 31, 2024 USD ($) $ / shares year | Dec. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Available-for-sale securities | $ 4,387,598,000 | $ 3,502,915,000 | $ 3,259,845,000 | |
Loans held-for-investment | 144,365,000 | 207,532,000 | ||
MSRs | 201,044,000 | 192,456,000 | 224,470,000 | $ 230,225,000 |
Individually assessed loans - foreclosure probable and collateral-dependent | 89,368,000 | 71,622,000 | ||
Municipal securities | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Available-for-sale securities | 140,590,000 | 140,958,000 | 160,386,000 | |
U.S. government agencies | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Available-for-sale securities | 45,715,000 | 45,124,000 | 74,862,000 | |
Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Individually assessed loans - foreclosure probable and collateral-dependent | 89,400,000 | |||
Measured at fair value on a recurring basis: | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Mortgage loans held-for-sale | 339,884,000 | 292,722,000 | 302,493,000 | |
Loans held-for-investment | 144,371,000 | 155,261,000 | 202,143,000 | |
MSRs | 201,044,000 | 192,456,000 | 224,470,000 | |
Derivative assets | 259,264,000 | 275,726,000 | 274,004,000 | |
Measured at fair value on a recurring basis: | Municipal securities | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Available-for-sale securities | 140,590,000 | 140,958,000 | 160,386,000 | |
Measured at fair value on a recurring basis: | U.S. government agencies | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Available-for-sale securities | 45,715,000 | 45,124,000 | 74,862,000 | |
Measured at fair value on a recurring basis: | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Mortgage loans held-for-sale | 33,726,000 | 26,835,000 | 44,250,000 | |
Loans held-for-investment | 49,317,000 | 60,670,000 | 69,493,000 | |
MSRs | 201,044,000 | 192,456,000 | 224,470,000 | |
Derivative assets | 6,212,000 | 4,510,000 | 5,356,000 | |
Measured at fair value on a recurring basis: | Level 3 | Municipal securities | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Available-for-sale securities | 88,219,000 | 86,237,000 | 112,257,000 | |
Measured at fair value on a recurring basis: | Level 3 | U.S. government agencies | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Available-for-sale securities | 0 | $ 0 | $ 0 | |
Mortgage loans held-for-sale | $ 33,726,000 | |||
Measured at fair value on a recurring basis: | Discount rate | Level 3 | Discounted cash flows | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Mortgage loans held-for-sale, measurement input | 0.0660 | |||
Measured at fair value on a recurring basis: | Discount rate | Level 3 | Discounted cash flows | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Loans held-for-investment, measurement input | 0.0660 | |||
MSRs, measurement input | 0.01 | |||
Measured at fair value on a recurring basis: | Discount rate | Level 3 | Discounted cash flows | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Loans held-for-investment, measurement input | 0.0663 | |||
MSRs, measurement input | 0.21 | |||
Measured at fair value on a recurring basis: | Discount rate | Level 3 | Discounted cash flows | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Mortgage loans held-for-sale, measurement input | 0.0660 | |||
Loans held-for-investment, measurement input | 0.0660 | |||
MSRs, measurement input | 0.1099 | |||
Measured at fair value on a recurring basis: | Credit discount | Level 3 | Discounted cash flows | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Mortgage loans held-for-sale, measurement input | 0 | |||
Loans held-for-investment, measurement input | 0 | |||
Measured at fair value on a recurring basis: | Credit discount | Level 3 | Discounted cash flows | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Mortgage loans held-for-sale, measurement input | 0.12 | |||
Loans held-for-investment, measurement input | 0.16 | |||
Measured at fair value on a recurring basis: | Credit discount | Level 3 | Discounted cash flows | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Mortgage loans held-for-sale, measurement input | 0.0043 | |||
Loans held-for-investment, measurement input | 0.0118 | |||
Measured at fair value on a recurring basis: | Constant prepayment rate (CPR) - current loans | Level 3 | Discounted cash flows | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Loans held-for-investment, measurement input | 0.0778 | |||
Measured at fair value on a recurring basis: | Constant prepayment rate (CPR) - current loans | Level 3 | Discounted cash flows | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
MSRs, measurement input | 0 | |||
Measured at fair value on a recurring basis: | Constant prepayment rate (CPR) - current loans | Level 3 | Discounted cash flows | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
MSRs, measurement input | 0.90 | |||
Measured at fair value on a recurring basis: | Constant prepayment rate (CPR) - current loans | Level 3 | Discounted cash flows | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Loans held-for-investment, measurement input | 0.0778 | |||
MSRs, measurement input | 0.0778 | |||
Measured at fair value on a recurring basis: | Average life - delinquent loans (in years) | Level 3 | Discounted cash flows | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Loans held-for-investment, measurement input | year | 1.1 | |||
Measured at fair value on a recurring basis: | Average life - delinquent loans (in years) | Level 3 | Discounted cash flows | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Loans held-for-investment, measurement input | year | 10.6 | |||
Measured at fair value on a recurring basis: | Average life - delinquent loans (in years) | Level 3 | Discounted cash flows | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Loans held-for-investment, measurement input | year | 5.9 | |||
Measured at fair value on a recurring basis: | Cost of servicing | Level 3 | Discounted cash flows | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
MSRs, measurement input | $ / shares | 70 | |||
Measured at fair value on a recurring basis: | Cost of servicing | Level 3 | Discounted cash flows | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
MSRs, measurement input | $ / shares | 200 | |||
Measured at fair value on a recurring basis: | Cost of servicing | Level 3 | Discounted cash flows | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
MSRs, measurement input | 77 | |||
Measured at fair value on a recurring basis: | Cost of servicing - delinquent | Level 3 | Discounted cash flows | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
MSRs, measurement input | $ / shares | 200 | |||
Measured at fair value on a recurring basis: | Cost of servicing - delinquent | Level 3 | Discounted cash flows | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
MSRs, measurement input | $ / shares | 1,000 | |||
Measured at fair value on a recurring basis: | Cost of servicing - delinquent | Level 3 | Discounted cash flows | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
MSRs, measurement input | 394 | |||
Measured at fair value on a recurring basis: | Pull-through rate | Level 3 | Discounted cash flows | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivatives, measurement input | 0.06 | |||
Measured at fair value on a recurring basis: | Pull-through rate | Level 3 | Discounted cash flows | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivatives, measurement input | 1 | |||
Measured at fair value on a recurring basis: | Pull-through rate | Level 3 | Discounted cash flows | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivatives, measurement input | 0.8211 | |||
Measured at fair value on a non-recurring basis: | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Individually assessed loans - foreclosure probable and collateral-dependent | $ 89,368,000 | |||
Other real estate owned | 14,538,000 | |||
Measured at fair value on a non-recurring basis: | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Individually assessed loans - foreclosure probable and collateral-dependent | 89,368,000 | |||
Other real estate owned | $ 14,538,000 | |||
Measured at fair value on a non-recurring basis: | Appraisal adjustment - cost of sale | Level 3 | Appraisal value | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Impaired loans - collateral based, measurement input | 0.10 | |||
Other real estate owned, measurement input | 0.10 | |||
Measured at fair value on a non-recurring basis: | Appraisal adjustment - cost of sale | Level 3 | Appraisal value | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Impaired loans - collateral based, measurement input | 0.1000 | |||
Other real estate owned, measurement input | 0.1000 |
Fair Values of Assets and Lia_8
Fair Values of Assets and Liabilities - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Financial Assets: | |||
Interest-bearing deposits with banks | $ 2,131,077 | $ 2,084,323 | $ 1,563,578 |
Available-for-sale securities | 4,387,598 | 3,502,915 | 3,259,845 |
Held-to-maturity securities | 3,111,954 | 3,215,468 | 2,976,198 |
Equity securities with readily determinable fair value | 119,777 | 139,268 | 111,943 |
FHLB and FRB stock, at cost | 224,657 | 205,003 | 244,957 |
Brokerage customer receivables | 13,382 | 10,592 | 16,042 |
Mortgage loans held-for-sale, at fair value | 339,884 | 292,722 | 302,493 |
Accrued interest receivable and other | 1,580,142 | 1,551,899 | 1,413,795 |
Financial Liabilities | |||
FHLB advances | 2,676,751 | 2,326,071 | 2,316,071 |
Other borrowings | 575,408 | 645,813 | 583,548 |
Subordinated notes | 437,965 | 437,866 | 437,493 |
Junior subordinated debentures | 253,566 | 253,566 | 253,566 |
Carrying Value | |||
Financial Assets: | |||
Cash and cash equivalents | 379,886 | 423,464 | 445,986 |
Interest-bearing deposits with banks | 2,131,077 | 2,084,323 | 1,563,578 |
Available-for-sale securities | 4,387,598 | 3,502,915 | 3,259,845 |
Held-to-maturity securities | 3,810,015 | 3,856,916 | 3,606,391 |
Trading account securities | 2,184 | 4,707 | 102 |
Equity securities with readily determinable fair value | 119,777 | 139,268 | 111,943 |
FHLB and FRB stock, at cost | 224,657 | 205,003 | 244,957 |
Brokerage customer receivables | 13,382 | 10,592 | 16,042 |
Mortgage loans held-for-sale, at fair value | 339,884 | 292,722 | 302,493 |
Nonqualified deferred compensation assets | 15,953 | 15,238 | 14,379 |
Derivative assets | 259,264 | 275,726 | 274,004 |
Accrued interest receivable and other | 487,933 | 477,832 | 417,066 |
Total | 55,402,316 | 53,420,537 | 49,822,257 |
Financial Liabilities | |||
Non-maturity deposits | 38,554,438 | 38,772,098 | 37,366,959 |
Time certificates of deposit | 7,894,420 | 6,625,072 | 5,351,252 |
FHLB advances | 2,676,751 | 2,326,071 | 2,316,071 |
Other borrowings | 575,408 | 645,813 | 583,548 |
Subordinated notes | 437,965 | 437,866 | 437,493 |
Junior subordinated debentures | 253,566 | 253,566 | 253,566 |
Derivative liabilities | 324,364 | 267,255 | 274,432 |
Accrued interest payable | 64,943 | 51,116 | 42,015 |
Total financial liabilities | 50,781,855 | 49,378,857 | 46,625,336 |
Carrying Value | Loans held-for-investment, at fair value | |||
Financial Assets: | |||
Loans held-for-investment | 144,371 | 155,261 | 202,143 |
Carrying Value | Loans held-for-investment, at amortized cost | |||
Financial Assets: | |||
Loans held-for-investment | 43,086,335 | 41,976,570 | 39,363,328 |
Fair Value | |||
Financial Assets: | |||
Cash and cash equivalents | 379,886 | 423,464 | 445,986 |
Interest-bearing deposits with banks | 2,131,077 | 2,084,323 | 1,563,578 |
Available-for-sale securities | 4,387,598 | 3,502,915 | 3,259,845 |
Held-to-maturity securities | 3,111,954 | 3,215,468 | 2,976,198 |
Trading account securities | 2,184 | 4,707 | 102 |
Equity securities with readily determinable fair value | 119,777 | 139,268 | 111,943 |
FHLB and FRB stock, at cost | 224,657 | 205,003 | 244,957 |
Brokerage customer receivables | 13,382 | 10,592 | 16,042 |
Mortgage loans held-for-sale, at fair value | 339,884 | 292,722 | 302,493 |
Nonqualified deferred compensation assets | 15,953 | 15,238 | 14,379 |
Derivative assets | 259,264 | 275,726 | 274,004 |
Accrued interest receivable and other | 487,933 | 477,832 | 417,066 |
Total | 53,686,539 | 51,892,529 | 48,406,497 |
Financial Liabilities | |||
Non-maturity deposits | 38,554,438 | 38,772,098 | 37,366,959 |
Time certificates of deposit | 7,872,870 | 6,603,746 | 4,970,556 |
FHLB advances | 2,669,780 | 2,367,107 | 2,255,580 |
Other borrowings | 573,752 | 643,755 | 555,615 |
Subordinated notes | 413,003 | 413,501 | 410,827 |
Junior subordinated debentures | 253,574 | 253,579 | 252,663 |
Derivative liabilities | 324,364 | 267,255 | 274,432 |
Accrued interest payable | 64,943 | 51,116 | 42,015 |
Total financial liabilities | 50,726,724 | 49,372,157 | 46,128,647 |
Fair Value | Loans held-for-investment, at fair value | |||
Financial Assets: | |||
Loans held-for-investment | 144,371 | 155,261 | 202,143 |
Fair Value | Loans held-for-investment, at amortized cost | |||
Financial Assets: | |||
Loans held-for-investment | $ 42,068,619 | $ 41,090,010 | $ 38,577,761 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | ||
Shares available for future grants (in shares) | 737 | |
Stock-based compensation expense | $ 9,200 | $ 8,300 |
Aggregate intrinsic value of options exercised | 50 | 2,500 |
Cash received from option exercises | $ 25 | $ 2,200 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Common Shares | ||
Outstanding at beginning of the period (in shares) | 13,100 | 68,093 |
Granted (in shares) | 0 | 0 |
Exercised (in shares) | (775) | (54,218) |
Forfeited or canceled (in shares) | 0 | 0 |
Outstanding at end of the period (in shares) | 12,325 | 13,875 |
Exercisable (in shares) | 12,325 | 13,875 |
Weighted Average Strike Price | ||
Outstanding at beginning of period (usd per share) | $ 42.76 | $ 41.14 |
Granted (usd per share) | 0 | 0 |
Exercised (usd per share) | 32.26 | 40.87 |
Forfeited or canceled (usd per share) | 0 | 0 |
Outstanding at end of period (usd per share) | 43.42 | 42.18 |
Exercisable (usd per share) | $ 43.42 | $ 42.18 |
Stock Options Additional Disclosures | ||
Remaining contractual term, outstanding | 4 years 2 months 12 days | 4 years 8 months 12 days |
Remaining contractual term, exercisable | 4 years 2 months 12 days | 4 years 8 months 12 days |
Intrinsic value, outstanding | $ 751 | $ 427 |
Intrinsic value, exercisable | $ 751 | $ 427 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans - Schedule of Plans' Restricted and Performance Share Award Activity (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restricted shares | ||
Common Shares | ||
Outstanding, beginning of the period (in shares) | 746,123 | 610,155 |
Granted (in shares) | 305,807 | 242,576 |
Vested and issued (in shares) | (219,622) | (96,649) |
Expired, canceled or forfeited (in shares) | (3,154) | (1,968) |
Outstanding, end of the period (in shares) | 829,154 | 754,114 |
Vested, but deferred (in shares) | 99,382 | 97,888 |
Weighted Average Grant-Date Fair Value | ||
Outstanding, beginning of period (usd per share) | $ 79.60 | $ 73.21 |
Granted (usd per share) | 98.92 | 89.82 |
Vested and issued (usd per share) | 69.25 | 64.14 |
Canceled or forfeited (usd per share) | 87.01 | 77.37 |
Outstanding, end of period (usd per share) | 89.44 | 79.70 |
Vested, but deferred (usd per share) | $ 53.78 | $ 53.30 |
Performance-based stock | ||
Common Shares | ||
Outstanding, beginning of the period (in shares) | 553,026 | 545,379 |
Granted (in shares) | 96,210 | 185,514 |
Added by performance factor at vesting (in shares) | 111,204 | 23,161 |
Vested and issued (in shares) | (294,902) | (178,203) |
Expired, canceled or forfeited (in shares) | (864) | (2,301) |
Outstanding, end of the period (in shares) | 464,674 | 573,550 |
Vested, but deferred (in shares) | 21,493 | 35,852 |
Weighted Average Grant-Date Fair Value | ||
Outstanding, beginning of period (usd per share) | $ 79.69 | $ 70.30 |
Granted (usd per share) | 58.78 | 92.48 |
Added by performance factor at vesting (usd per share) | 100.44 | 63.64 |
Vested and issued (usd per share) | 58.69 | 63.64 |
Canceled or forfeited (usd per share) | 95.40 | 78.20 |
Outstanding, end of period (usd per share) | 93.62 | 79.24 |
Vested, but deferred (usd per share) | $ 43.71 | $ 44.59 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income or Loss and Earnings Per Share - Schedule of Components of Other Comprehensive Income or Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Activity Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning balance | $ 5,399,526 | $ 4,796,838 |
Other comprehensive income (loss) during the period, net of tax, before reclassifications | (138,475) | 57,892 |
Amount reclassified from accumulated other comprehensive income or loss into net income, net of tax | 14,595 | 2,340 |
Amount reclassified from accumulated other comprehensive income or loss related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax | (37) | (32) |
Net other comprehensive income (loss) during the period, net of tax | (123,917) | 60,200 |
Ending balance | 5,436,400 | 5,015,506 |
Accumulated Unrealized (Losses) Gains on Securities | ||
Activity Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning balance | (350,697) | (386,057) |
Other comprehensive income (loss) during the period, net of tax, before reclassifications | (57,287) | 34,503 |
Amount reclassified from accumulated other comprehensive income or loss into net income, net of tax | 19 | (409) |
Amount reclassified from accumulated other comprehensive income or loss related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax | (37) | (32) |
Net other comprehensive income (loss) during the period, net of tax | (57,305) | 34,062 |
Ending balance | (408,002) | (351,995) |
Accumulated Unrealized Gains (Losses) on Derivative Instruments | ||
Activity Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning balance | 32,049 | 7,381 |
Other comprehensive income (loss) during the period, net of tax, before reclassifications | (74,954) | 22,679 |
Amount reclassified from accumulated other comprehensive income or loss into net income, net of tax | 14,576 | 2,749 |
Amount reclassified from accumulated other comprehensive income or loss related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax | 0 | 0 |
Net other comprehensive income (loss) during the period, net of tax | (60,378) | 25,428 |
Ending balance | (28,329) | 32,809 |
Accumulated Foreign Currency Translation Adjustments | ||
Activity Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning balance | (42,583) | (48,960) |
Other comprehensive income (loss) during the period, net of tax, before reclassifications | (6,234) | 710 |
Amount reclassified from accumulated other comprehensive income or loss into net income, net of tax | 0 | 0 |
Amount reclassified from accumulated other comprehensive income or loss related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax | 0 | 0 |
Net other comprehensive income (loss) during the period, net of tax | (6,234) | 710 |
Ending balance | (48,817) | (48,250) |
Accumulated other comprehensive income (loss) | ||
Activity Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning balance | (361,231) | (427,636) |
Ending balance | $ (485,148) | $ (367,436) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income or Loss and Earnings Per Share - Schedule of Other Comprehensive Income Reclassified from AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Gains on investment securities, net | $ 1,326 | $ 1,398 |
Income before taxes | 249,956 | 243,550 |
Income tax expense | (62,662) | (63,352) |
Interest on Loans | 710,341 | 558,692 |
Interest on deposits | 299,532 | 144,802 |
Interest on other borrowings | 9,248 | 7,854 |
Net income | 187,294 | 180,198 |
Reclassification Out of Accumulated Other Comprehensive Income | Accumulated unrealized gains on securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Gains on investment securities, net | (26) | 560 |
Income before taxes | (26) | 560 |
Income tax expense | 7 | (151) |
Net income | (19) | 409 |
Reclassification Out of Accumulated Other Comprehensive Income | Accumulated unrealized gains on derivative instruments | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Income before taxes | (19,818) | (3,747) |
Income tax expense | 5,242 | 998 |
Interest on Loans | 24,475 | 9,072 |
Interest on deposits | (4,657) | (5,588) |
Interest on other borrowings | 0 | 263 |
Net income | $ (14,576) | $ (2,749) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income or Loss and Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Equity [Abstract] | ||
Net income | $ 187,294 | $ 180,198 |
Less: Preferred stock dividends | 6,991 | 6,991 |
Net income applicable to common shares | $ 180,303 | $ 173,207 |
Weighted average common shares outstanding (in shares) | 61,481 | 60,950 |
Effect of dilutive potential common shares | ||
Common stock equivalents (in shares) | 928 | 873 |
Average common shares and dilutive common shares (in shares) | 62,409 | 61,823 |
Net income per common share: | ||
Basic (usd per share) | $ 2.93 | $ 2.84 |
Diluted (usd per share) | $ 2.89 | $ 2.80 |
Accumulated Other Comprehensi_6
Accumulated Other Comprehensive Income or Loss and Earnings Per Share - Narrative (Details) - $ / shares | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Jan. 31, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2024 | |
Class of Stock [Line Items] | ||||
Cash dividends declared per common share (usd per share) | $ 0.45 | $ 0.45 | $ 0.40 | |
Forecast | ||||
Class of Stock [Line Items] | ||||
Cash dividends declared per common share (usd per share) | $ 1.80 |