Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 26, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | WESBANCO, INC. | |
Entity Central Index Key | 0000203596 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 59,246,569 | |
Entity Shell Company | false | |
Entity File Number | 001-39442 | |
Entity Incorporation, State or Country Code | WV | |
Entity Tax Identification Number | 55-0571723 | |
Entity Address, Address Line One | 1 Bank Plaza | |
Entity Address, City or Town | Wheeling | |
Entity Address, State or Province | WV | |
Entity Address, Postal Zip Code | 26003 | |
City Area Code | 304 | |
Local Phone Number | 234-9000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Common Stock | ||
Document Information [Line Items] | ||
Trading Symbol | WSBC | |
Title of 12(b) Security | Common Stock $2.0833 Par Value | |
Security Exchange Name | NASDAQ | |
Depositary Shares | ||
Document Information [Line Items] | ||
Trading Symbol | WSBCP | |
Title of 12(b) Security | Depositary Shares (each representing 1/40th interest in a share of 6.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A) | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks, including interest bearing amounts of $444,747 and $242,229, respectively | $ 597,503 | $ 408,411 |
Securities: | ||
Equity securities, at fair value | 11,843 | 11,506 |
Available-for-sale debt securities, at fair value | 2,465,996 | 2,529,140 |
Held-to-maturity debt securities (fair values of $1,107,685 and $1,084,390, respectively) | 1,239,247 | 1,248,629 |
Allowance for credit losses, held-to-maturity debt securities | (212) | (220) |
Net held-to-maturity debt securities | 1,239,035 | 1,248,409 |
Total securities | 3,716,874 | 3,789,055 |
Loans held for sale | 12,722 | 8,249 |
Portfolio loans, net of unearned income | 10,888,688 | 10,702,728 |
Allowance for credit losses - loans | (118,698) | (117,790) |
Net portfolio loans | 10,769,990 | 10,584,938 |
Premises and equipment, net | 224,940 | 220,892 |
Accrued interest receivable | 69,232 | 68,522 |
Goodwill and other intangible assets, net | 1,139,054 | 1,141,355 |
Bank-owned life insurance | 354,320 | 352,361 |
Other assets | 389,991 | 358,122 |
Total Assets | 17,274,626 | 16,931,905 |
Deposits: | ||
Non-interest bearing demand | 4,478,954 | 4,700,438 |
Interest bearing demand | 3,107,112 | 3,119,807 |
Money market | 1,618,204 | 1,684,023 |
Savings deposits | 2,784,780 | 2,741,004 |
Certificates of deposit | 884,146 | 885,818 |
Total deposits | 12,873,196 | 13,131,090 |
Federal Home Loan Bank borrowings | 1,280,000 | 705,000 |
Other short-term borrowings | 111,176 | 135,069 |
Subordinated debt and junior subordinated debt | 281,629 | 281,404 |
Total borrowings | 1,672,805 | 1,121,473 |
Accrued interest payable | 7,669 | 4,593 |
Other liabilities | 245,499 | 248,087 |
Total Liabilities | 14,799,169 | 14,505,243 |
SHAREHOLDERS' EQUITY | ||
Preferred stock, no par value, 1,000,000 shares authorized; 150,000 shares 6.75% non-cumulative perpetual preferred stock, Series A, liquidation preference $150,000,000, issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 144,484 | 144,484 |
Common stock, $2.0833 par value; 100,000,000 shares authorized; 68,081,306 shares issued; 59,246,569 and 59,198,963 shares outstanding at March 31, 2023 and December 31, 2022, respectively | 141,834 | 141,834 |
Capital surplus | 1,636,061 | 1,635,877 |
Retained earnings | 1,096,924 | 1,077,675 |
Treasury stock (8,834,737 and 8,882,343 shares - at cost, respectively) | (307,507) | (308,964) |
Accumulated other comprehensive loss | (234,399) | (262,416) |
Deferred benefits for directors | (1,940) | (1,828) |
Total Shareholders' Equity | 2,475,457 | 2,426,662 |
Total Liabilities and Shareholders' Equity | $ 17,274,626 | $ 16,931,905 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Interest bearing deposits, banks | $ 444,747,000 | $ 242,229,000 |
Held-to-maturity securities, fair values | $ 1,107,685,000 | $ 1,084,390,000 |
Preferred stock, no par value | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 150,000 | 150,000 |
Preferred stock, shares outstanding | 150,000 | 150,000 |
6.75% non-cumulative perpetual preferred stock, Series A, liquidation preference | $ 150,000,000 | $ 150,000,000 |
Common stock, par value | $ 2.0833 | $ 2.0833 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 68,081,306 | 68,081,306 |
Common stock, shares outstanding | 59,246,569 | 59,198,963 |
Treasury stock, shares | 8,834,737 | 8,882,343 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
INTEREST AND DIVIDEND INCOME | ||
Loans, including fees | $ 133,406 | $ 93,121 |
Interest and dividends on securities: | ||
Taxable | 19,086 | 14,112 |
Tax-exempt | 4,790 | 4,344 |
Total interest and dividends on securities | 23,876 | 18,456 |
Other interest income | 3,273 | 597 |
Total interest and dividend income | 160,555 | 112,174 |
INTEREST EXPENSE | ||
Interest bearing demand deposits | 11,106 | 811 |
Money market deposits | 4,252 | 321 |
Savings deposits | 4,000 | 264 |
Certificates of deposit | 1,203 | 1,273 |
Total interest expense on deposits | 20,561 | 2,669 |
Federal Home Loan Bank borrowings | 11,300 | 575 |
Other short-term borrowings | 418 | 48 |
Subordinated debt and junior subordinated debt | 3,944 | 1,171 |
Total interest expense | 36,223 | 4,463 |
NET INTEREST INCOME | 124,332 | 107,711 |
Provision for credit losses | 3,577 | (3,438) |
Net interest income after provision for credit losses | 120,755 | 111,149 |
NON-INTEREST INCOME | ||
Trust fees | 7,494 | 7,835 |
Service charges on deposits | 6,170 | 6,090 |
Electronic banking fees | 4,605 | 5,345 |
Net securities brokerage revenue | 2,576 | 2,220 |
Bank-owned life insurance | 1,959 | 3,881 |
Mortgage banking income | 426 | 1,923 |
Net securities gains (losses) | 145 | (650) |
Net gain (loss) on other real estate owned and other assets | 232 | (806) |
Other income | 4,046 | 4,544 |
Total non-interest income | 27,653 | 30,382 |
NON-INTEREST EXPENSE | ||
Salaries and wages | 41,952 | 38,937 |
Employee benefits | 12,060 | 9,158 |
Net occupancy | 6,643 | 7,234 |
Equipment and software | 9,063 | 8,011 |
Marketing | 2,325 | 2,421 |
FDIC insurance | 2,884 | 1,522 |
Amortization of intangible assets | 2,301 | 2,598 |
Restructuring and merger-related expense | 3,153 | 1,593 |
Other operating expenses | 15,744 | 16,074 |
Total non-interest expense | 96,125 | 87,548 |
Income before provision for income taxes | 52,283 | 53,983 |
Provision for income taxes | 9,942 | 9,859 |
Net income | 42,341 | 44,124 |
Preferred stock dividends | 2,531 | 2,531 |
Net income available to common shareholders | $ 39,810 | $ 41,593 |
EARNINGS PER COMMON SHARE | ||
Basic | $ 0.67 | $ 0.68 |
Diluted | $ 0.67 | $ 0.68 |
AVERAGE COMMON SHARES OUTSTANDING | ||
Basic | 59,217,711 | 61,445,399 |
Diluted | 59,375,053 | 61,593,365 |
DIVIDENDS DECLARED PER COMMON SHARE | $ 0.35 | $ 0.34 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 42,341 | $ 44,124 |
Debt securities available-for-sale: | ||
Net change in unrealized gains (losses) on debt securities available-for-sale | 36,610 | (139,854) |
Related income tax (expense) benefit | (8,782) | 33,607 |
Net securities losses reclassified into earnings | 151 | 2 |
Related income tax benefit | (37) | (1) |
Net effect on other comprehensive income for the period | 27,942 | (106,246) |
Defined benefit plans: | ||
Amortization of net loss and prior service costs | 98 | 72 |
Related income tax benefit | (23) | (18) |
Net effect on other comprehensive income for the period | 75 | 54 |
Total other comprehensive gain (loss) | 28,017 | (106,192) |
Comprehensive income (loss) | $ 70,358 | $ (62,068) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock | Capital Surplus [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Deferred Benefits for Directors [Member] |
Beginning Balance at Dec. 31, 2021 | $ 2,693,166 | $ 144,484 | $ 141,834 | $ 1,635,642 | $ 977,765 | $ (199,759) | $ (5,120) | $ (1,680) |
Beginning Balance, shares at Dec. 31, 2021 | 62,307,245 | |||||||
Net income | 44,124 | 44,124 | ||||||
Other comprehensive income (loss) | (106,192) | (106,192) | ||||||
Comprehensive income (loss) | (62,068) | |||||||
Common dividends declared | (20,538) | (20,538) | ||||||
Preferred dividends declared | (2,531) | (2,531) | ||||||
Stock issued for dividend reinvestment | (505) | 505 | ||||||
Stock issued for dividend reinvestment, shares | 14,531 | |||||||
Treasury shares acquired | (62,323) | (62,323) | ||||||
Treasury shares acquired, shares | (1,724,571) | |||||||
Stock options exercised | 373 | (192) | 565 | |||||
Stock options exercised, shares | 16,209 | |||||||
Stock compensation expense | 1,241 | 1,241 | ||||||
Deferred benefits for directors- net | (4) | 14 | (18) | |||||
Ending Balance at Mar. 31, 2022 | 2,547,316 | 144,484 | $ 141,834 | 1,636,705 | 998,315 | (261,012) | (111,312) | (1,698) |
Ending Balance, shares at Mar. 31, 2022 | 60,613,414 | |||||||
Beginning Balance at Dec. 31, 2022 | 2,426,662 | 144,484 | $ 141,834 | 1,635,877 | 1,077,675 | (308,964) | (262,416) | (1,828) |
Beginning Balance, shares at Dec. 31, 2022 | 59,198,963 | |||||||
Net income | 42,341 | 42,341 | ||||||
Other comprehensive income (loss) | 28,017 | 28,017 | ||||||
Comprehensive income (loss) | 70,358 | |||||||
Common dividends declared | (20,561) | (20,561) | ||||||
Preferred dividends declared | (2,531) | (2,531) | ||||||
Treasury shares acquired | (52) | (52) | ||||||
Treasury shares acquired, shares | (1,394) | |||||||
Stock options exercised | 103 | (34) | 137 | |||||
Stock options exercised, shares | 4,441 | |||||||
Restricted stock granted | (1,372) | 1,372 | ||||||
Restricted stock granted, shares | 44,559 | |||||||
Stock compensation expense | 1,585 | 1,585 | ||||||
Deferred benefits for directors- net | (107) | 5 | (112) | |||||
Ending Balance at Mar. 31, 2023 | $ 2,475,457 | $ 144,484 | $ 141,834 | $ 1,636,061 | $ 1,096,924 | $ (307,507) | $ (234,399) | $ (1,940) |
Ending Balance, shares at Mar. 31, 2023 | 59,246,569 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Common dividends declared, per share | $ 0.35 | $ 0.34 |
Preferred dividends declared, per share | $ 16.875 | $ 16.875 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
OPERATING ACTIVITIES | ||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ 10,891 | $ 47,741 |
INVESTING ACTIVITIES | ||
Net (increase) decrease in loans held for investment | (186,782) | 6,537 |
Available-for-sale debt securities: | ||
Proceeds from sales | 20,498 | 0 |
Proceeds from maturities, prepayments and calls | 77,887 | 180,092 |
Purchases of securities | 0 | (220,324) |
Held-to-maturity debt securities: | ||
Proceeds from maturities, prepayments and calls | 8,756 | 21,801 |
Purchases of securities | 0 | (174,995) |
Proceeds from bank owned life insurance | 0 | 6,061 |
Purchases of premises and equipment – net | (12,233) | (559) |
Net cash used in investing activities | (91,874) | (181,387) |
FINANCING ACTIVITIES | ||
(Decrease) increase in deposits | (257,528) | 232,640 |
Proceeds from Federal Home Loan Bank borrowings | 1,280,000 | |
Repayment of Federal Home Loan Bank borrowings | (705,000) | (60,048) |
(Decrease) increase in other short-term borrowings | (23,893) | 16,645 |
Principal repayments of finance lease obligations | (464) | (115) |
Issuance of subordinated debt, net of issuance costs | 0 | 147,715 |
Dividends paid to common shareholders | (20,560) | (20,570) |
Dividends paid to preferred shareholders | (2,531) | (2,531) |
Treasury shares sold (purchased) - net | 51 | (61,950) |
Net cash provided by financing activities | 270,075 | 251,786 |
Net increase in cash, cash equivalents and restricted cash | 189,092 | 118,140 |
Cash, cash equivalents and restricted cash at beginning of the period | 408,411 | 1,251,358 |
Cash, cash equivalents and restricted cash at end of the period | 597,503 | 1,369,498 |
SUPPLEMENTAL DISCLOSURES | ||
Interest paid on deposits and other borrowings | 33,288 | 5,014 |
Transfers of loans to other real estate owned | $ 79 | $ 87 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation — The accompanying unaudited interim financial statements of Wesbanco, Inc. and its consolidated subsidiaries (“Wesbanco”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022. Wesbanco’s interim financial statements have been prepared following the significant accounting policies disclosed in Note 1 of the Notes to the Consolidated Financial Statements of its 2022 Annual Report on Form 10-K filed with the Securities and Exchange Commission, as well as with the policy changes indicated below. In the opinion of management, the accompanying interim financial information reflects all adjustments, including normal recurring adjustments, necessary to present fairly Wesbanco’s financial position and results of operations for each of the interim periods presented. Certain prior period amounts have been reclassified to conform to the current period presentation. Such reclassifications had no impact on Wesbanco’s net income and shareholders’ equity. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year. Modifications for Borrowers Experiencing Financial Difficulty (“MBEFD”) — A modification of a loan for borrowers experiencing financial difficulty is applicable when the loan modification results in a direct change in the timing or amount of contractual cash flows. The most common modifications provided to borrowers experiencing financial difficulty are expected to occur in the form of principal forgiveness, interest rate reductions, other-than-insignificant-payment delays, or term extensions under ASC 310-10-50-39. Upon Wesbanco's adoption of Accounting Standards Update (“ASU”) 2022-02 on January 1, 2023, Troubled Debt Restructuring ("TDR") accounting was prospectively discontinued and economic concessions for modifications occurring on or after the adoption date are no longer measured. This accounting also results in the elimination of any existing economic concession related to a loan that was previously designated as a TDR if such loan is restructured on or after January 1, 2023. Due to the elimination of economic concessions under ASU 2022-02, the standard may result in modified loans being subject to the new disclosures that would have not been considered concessions and not treated as TDRs. When determining whether a debtor is experiencing financial difficulties, consideration is given to any known default on any of its debt or whether it is probable that the debtor would be in payment default in the foreseeable future without the modification. Other indicators of financial difficulty include whether the debtor has declared or is in the process of declaring bankruptcy, the debtor’s ability to continue as a going concern, or the debtor’s projected cash flow to service its debt (including principal & interest) in accordance with the contractual terms for the foreseeable future, without a modification. If the payment of principal at original maturity is primarily dependent on the value of collateral, the current value of that collateral is considered in determining whether the principal will be paid. The modification of a loan does not increase the allowance or provision for credit losses unless the loan is extended, or the loans are commercial loans that are individually evaluated for impairment, in which case a specific reserve is established pursuant to GAAP. Portfolio segment loss history is the primary factor for establishing the allowance for residential real estate, home equity and consumer MBEFDs. Non-accrual loans that are restructured remain on non-accrual, but may move to accrual status after they have performed according to the restructured terms for a period of time. MBEFDs on accrual status generally remain on accrual as long as they continue to perform in accordance with their modified terms. MBEFDs may also be placed on non-accrual if they do not perform in accordance with the restructured terms. Loans may be removed from MBEFD status after they have performed according to the renegotiated terms for a period of time. Recent accounting pronouncements— The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates (“ASU”) as noted below. ASU 2023-02 – Investments Equity Method and Joint Ventures (Topic 323) In March 2023, the FASB issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. ASU 2023-02 allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. The ASU’s amendments “remove the specialized guidance for [low-income-housing tax credit] investments that are not accounted for using the proportional amortization method and instead require that those LIHTC investments be accounted for using the guidance in other [GAAP].” For Wesbanco, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of this pronouncement is not expected to have a material impact on the Consolidated Financial Statements. ASU 2023-01 - Leases (Topic 842): Common Control Arrangements In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842): Common Control Arrangements. ASU 2023-01 amends certain provisions of ASC 842 that apply to arrangements between related parties under common control. Additionally, ASU 2023-01 amends the accounting for leasehold improvements in common-control arrangements for all entities. For Wesbanco, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted in any annual or interim period as of the beginning of the related fiscal year. The adoption of this pronouncement is not expected to have a material impact on the Consolidated Financial Statements. ASU 2022-04 Liabilities – Supplier Finance Programs (Sub-topic 405-50) In September 2022, the FASB issued ASU 2022-04, “Liabilities—Supplier Finance Programs (Subtopic 405-50).” The amendments in this ASU require that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. To achieve that objective, the buyer should disclose qualitative and quantitative information about its supplier finance programs. For Wesbanco, this update was effective beginning on January 1, 2023, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. The adoption of this full pronouncement is not expected to have a material impact on the Consolidated Financial Statements. ASU 2022-03 Fair Value Measurement (Topic 820) In June 2022, the FASB issued ASU 2022-03, "Fair Value Measurement (Topic 820).” The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security, and therefore, is not considered in measuring fair value. Furthermore, the amendments to this ASU clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The update to this ASU requires the following disclosures for equity securities: (1) The fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet; (2) The nature and remaining duration of the restriction(s) and; (3) The circumstances that could cause a lapse in the restriction(s). The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Wesbanco is currently assessing the impact of ASU 2022-03 on its Consolidated Financial Statements. ASU 2022-02 Financial Instruments - Credit Losses (Topic 326) In March 2022, the FASB issued ASU 2022-02, "Financial Instruments - Credit Losses (Topic 326)." The amendments in this ASU eliminate the accounting guidance for TDRs by creditors in Subtopic 310-40, "Receivables - Troubled Debt Restructurings by Creditors," while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity must apply the loan refinancing and restructuring guidance in paragraphs 310-20-35-9 through 35-11 to determine whether a modification results in a new loan or a continuation of an existing loan. In addition, for public business entities, the amendments in this Update require that an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, "Financial Instruments - Credit Losses - Measured at Amortized Cost." For Wesbanco, this update was effective beginning on January 1, 2023 . The adoption of this pronouncement did not have a material impact on the Consolidated Financial Statements. For the additional disclosure requirements in this ASU, please refer to Footnote 4, "Loans and the Allowance for Credit Losses." ASU 2020-04, ASU 2021-01 and ASU 2022-06 Reference Rate Reform (Topic 848) In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848).” This ASU provided temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, the transition away from the London Interbank Offered Rate ("LIBOR") or other reference rate expected to be discontinued on financial reporting. The ASU also provides optional expedients for contract modifications that replace a reference rate affected by reference rate reform. The guidance is effective as of March 12, 2020 through December 31, 2022, and can be adopted at any time during this period. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope.” This ASU refines the scope of Topic 848 and addresses questions about whether Topic 848 can be applied to derivative instruments that do not reference a rate that is expected to be discontinued, but that use an interest rate for margining, discounting or contract price alignment that is expected to be modified as a result of reference rate reform. ASU 2021-01 is effective upon issuance through December 31, 2024, and can be adopted at any time during this period. Wesbanco has not offered LIBOR for any new contracts after December 31, 2021 . Wesbanco has chosen the One Month Term Secured Overnight Financing Rate ("1M Term SOFR") as its alternative replacement rate for LIBOR on both back-to-back swaps and on one-month variable loans. A transition plan was implemented in 2021 to identify and modify Wesbanco's loans and other financial instruments with attributes that are either directly or indirectly influenced by LIBOR, and Wesbanco continues to assess the impact of adopting the new guidance on the consolidated financial statements on an ongoing basis, with no material impacts expected at this time. In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848.” In the Update, the Board decided to defer the sunset date of Topic 848 to December 31, 2024, to permit entities to apply the guidance in Topic 848 through the expected cessation date of USD LIBOR. In the Board’s view, that time frame would have been sufficient to provide flexibility for additional unforeseen changes to the timeline of USD LIBOR cessation and to accommodate global interbank offered rate (IBOR) transition. The update is not expected to have a material impact on Wesbanco’s Consolidated Financial Statements. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | NOTE 2. EARNINGS PER COMMON SHARE Earnings per common share are calculated as follows: For the Three Months (unaudited, in thousands, except shares and per share amounts) 2023 2022 Numerator for both basic and diluted earnings per common share: Net income available to common shareholders $ 39,810 $ 41,593 Denominator: Total average basic common shares outstanding 59,217,711 61,445,399 Effect of dilutive stock options and other stock compensation 157,342 147,966 Total diluted average common shares outstanding 59,375,053 61,593,365 Earnings per common share - basic $ 0.67 $ 0.68 Earnings per common share - diluted $ 0.67 $ 0.68 As of March 31, 2023 and 2022 , 483,011 and 384,761 options to purchase shares were not included in the diluted share computation for the three months ended March 31, 2023 and 2022, respectively, because the exercise price was greater than the average market price of a common share, and, therefore, the effect would be antidilutive. As of March 31, 2023, an aggregate of 42,624 contingently issuable shares were estimated to be awarded under the 2022 and 2021 total shareholder return ("TSR") plans, as stock performance targets had been met as of such date and therefore those shares were included in the diluted calculation. No shares related to the 2023 plan were included because the effect would be antidilutive. As of March 31, 2022 , 16,224 contingently issuable shares were estimated to be awarded under the 2022 TSR plan, as stock performance targets had been met as of such date and therefore those shares were included in the diluted calculation. As of March 31, 2022, the shares related to the 2021 and 2020 TSR plans were not included in the calculation because the effect would be antidilutive. In addition, performance-based restricted stock ("PBRS") compensation totaling 61,510 and 61,267 shares were estimated to be awarded as of March 31, 2023 and March 31, 2022 , respectively. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | NOTE 3. SECURITIES The following table presents the fair value and amortized cost of available-for-sale and held-to-maturity debt securities: March 31, 2023 December 31, 2022 (unaudited, in thousands) Amortized Gross Gross Fair Amortized Gross Gross Fair Available-for-sale debt securities U.S. Government sponsored entities and agencies $ 253,728 $ — $ ( 30,293 ) $ 223,435 $ 259,418 $ 2 $ ( 33,450 ) $ 225,970 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 2,086,866 28 ( 268,644 ) 1,818,250 2,144,015 25 ( 297,987 ) 1,846,053 Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 332,800 3 ( 7,063 ) 325,740 359,811 — ( 10,080 ) 349,731 Obligations of states and political subdivisions 86,523 281 ( 3,014 ) 83,790 96,081 244 ( 4,097 ) 92,228 Corporate debt securities 14,954 — ( 173 ) 14,781 15,451 — ( 293 ) 15,158 Total available-for-sale debt securities $ 2,774,871 $ 312 $ ( 309,187 ) $ 2,465,996 $ 2,874,776 $ 271 $ ( 345,907 ) $ 2,529,140 Held-to-maturity debt securities U.S. Government sponsored entities and agencies $ 4,257 $ — $ ( 361 ) $ 3,896 $ 4,357 $ — $ ( 416 ) $ 3,941 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 44,054 — ( 3,251 ) 40,803 45,909 — ( 3,809 ) 42,100 Obligations of states and political subdivisions 1,170,586 1,421 ( 128,908 ) 1,043,099 1,177,986 577 ( 159,975 ) 1,018,588 Corporate debt securities 20,350 — ( 463 ) 19,887 20,377 — ( 616 ) 19,761 Total held-to-maturity debt securities (1) $ 1,239,247 $ 1,421 $ ( 132,983 ) $ 1,107,685 $ 1,248,629 $ 577 $ ( 164,816 ) $ 1,084,390 Total debt securities $ 4,014,118 $ 1,733 $ ( 442,170 ) $ 3,573,681 $ 4,123,405 $ 848 $ ( 510,723 ) $ 3,613,530 (1) Total held-to-maturity debt securities are presented on the balance sheet net of their allowance for credit losses totaling $ 0.2 million at March 31, 2023 and December 31, 2022 , respectively. At March 31, 2023 and December 31, 2022 , there were no holdings of any one issuer, other than U.S. government sponsored entities and its agencies, in an amount greater than 10 % of Wesbanco’s shareholders’ equity. Equity securities, of which $ 9.3 million consist of investments in various mutual funds held in grantor trusts formed in connection with the Company’s deferred compensation plan, are recorded at fair value, and totaled $ 11.8 million and $ 11.5 million at March 31, 2023 and December 31, 2022, respectively. The following table presents the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by contractual maturity date at March 31, 2023. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay debt obligations with or without prepayment penalties. Mortgage-backed securities and collateralized mortgage obligations are classified in the table below based on their contractual maturity date; however, regular principal payments and prepayments of principal are received on a monthly basis. (unaudited, in thousands) Amortized Cost Fair Value Available-for-sale debt securities Within one year $ 33,866 $ 33,574 After 1 year through 5 years 127,233 124,052 After 5 years through 10 years 421,089 402,959 After 10 years 2,192,683 1,905,411 Total available-for-sale debt securities $ 2,774,871 $ 2,465,996 Held-to-maturity debt securities Within one year $ 22,622 $ 22,573 After 1 year through 5 years 112,334 111,640 After 5 years through 10 years 396,064 375,084 After 10 years 708,227 598,388 Total held-to-maturity debt securities $ 1,239,247 $ 1,107,685 Total debt securities $ 4,014,118 $ 3,573,681 Securities with an aggregate fair value of $ 2.1 billion at March 31, 2023 and December 31, 2022, respectively, were pledged as security for public and trust funds, and securities sold under agreements to repurchase. Proceeds from the sale of available-for-sale securities for the three months ended March 31, 2023 and 2022 totaled $ 20.5 million and $ 0 million, respectively. Net unrealized losses on available-for-sale securities included in accumulated other comprehensive income, net of tax, as of March 31, 2023 and December 31, 2022 were $ 233.9 million and $ 261.8 million, respectively. The following table presents the gross realized gains and losses on sales and calls of available-for-sale and held-to-maturity debt securities, as well as gains and losses on equity securities from both sales and market adjustments, for the three months ended March 31, 2023 and 2022, respectively. All gains and losses presented in the table below are included in the net securities gains (losses) line item of the income statement. For those equity securities relating to the key officer and director deferred compensation plan, the corresponding change in the obligation to the participant is recognized in employee benefits expense. For the Three Months (unaudited, in thousands) 2023 2022 Debt securities: Gross realized gains $ 64 $ 31 Gross realized losses ( 197 ) ( 2 ) Net (losses) gains on debt securities ( 133 ) 29 Equity securities: Net unrealized gains (losses) recognized on securities still held 278 ( 679 ) Net securities gains (losses) $ 145 $ ( 650 ) The corporate and municipal bonds in Wesbanco’s held-to-maturity debt portfolio are analyzed quarterly to determine if an allowance for current expected credit losses is warranted. Wesbanco uses a database of historical financials of all corporate and municipal issuers and actual historic default and recovery rates on rated and non-rated transactions to estimate expected credit losses on an individual security basis. The expected credit losses are adjusted quarterly and are recorded in an allowance for expected credit losses on the balance sheet, which is deducted from the amortized cost basis of the held-to-maturity portfolio as a contra asset. The losses are recorded on the income statement in the provision for credit losses. Accrued interest receivable on held-to-maturity securities, which was $ 9.3 million and $ 9.5 million as of March 31, 2023 and December 31, 2022 , respectively, is excluded from the estimate of credit losses. Held-to-maturity investments in U.S. Government sponsored entities and agencies as well as mortgage-backed securities and collateralized mortgage obligations, which are all either issued by a direct governmental entity or a government-sponsored entity, have no historical evidence supporting expected credit losses; therefore, Wesbanco has estimated these losses at zero , and will monitor this assumption in the future for any economic or governmental policies that could affect this assumption. The following table provides a roll-forward of the allowance for credit losses on held-to-maturity securities for the three months ended March 31, 2023 and 2022: Allowance for Credit Losses By Category For the Three Months Ended March 31, 2023 and 2022 Residential mortgage -backed securities and collateralized mortgage obligations Obligations of U.S. Government of government state and Corporate sponsored sponsored entities political debt (unaudited, in thousands) entities and agencies and agencies subdivisions Securities Total Balance at December 31, 2022 $ — $ — $ 167 $ 53 $ 220 Current period provision (1) — — ( 6 ) ( 2 ) ( 8 ) Write-offs — — — — — Recoveries — — — — — Balance at March 31, 2023 $ — $ — $ 161 $ 51 $ 212 . Balance at December 31, 2021 $ — $ — $ 174 $ 94 $ 268 Current period provision (1) — — ( 14 ) 31 17 Write-offs — — — — — Recoveries — — — — — Balance at March 31, 2022 $ — $ — $ 160 $ 125 $ 285 (1) The total provision for credit losses on held-to-maturity securities is reported in the consolidated statements of income in the provision for credit losses line item, which also includes the provision for credit losses - loans and loan commitments. For more information on the provision relating to loans and loan commitments, please see Footnote 4, "Loans and the Allowance for Credit Losses." The following tables provide information on unrealized losses on available-for-sale debt securities that have been in an unrealized loss position for less than twelve months and twelve months or more, for which an allowance for credit losses has not been recorded, as of March 31, 2023 and December 31, 2022, respectively: March 31, 2023 Less than 12 months 12 months or more Total (unaudited, dollars in thousands) Fair Unrealized # of Fair Unrealized # of Fair Unrealized # of U.S. Government sponsored entities and agencies $ 28,638 $ ( 1,020 ) 20 $ 194,761 $ ( 29,273 ) 27 $ 223,399 $ ( 30,293 ) 47 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 164,019 ( 7,064 ) 85 1,651,930 ( 261,580 ) 403 1,815,949 ( 268,644 ) 488 Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 82,142 ( 1,129 ) 17 239,347 ( 5,934 ) 51 321,489 ( 7,063 ) 68 Obligations of state and political subdivisions 42,991 ( 603 ) 75 23,479 ( 2,411 ) 33 66,470 ( 3,014 ) 108 Corporate debt securities 4,879 ( 74 ) 1 6,901 ( 99 ) 5 11,780 ( 173 ) 6 Total $ 322,669 $ ( 9,890 ) 198 $ 2,116,418 $ ( 299,297 ) 519 $ 2,439,087 $ ( 309,187 ) 717 December 31, 2022 Less than 12 months 12 months or more Total (dollars in thousands) Fair Unrealized # of Fair Unrealized # of Fair Unrealized # of U.S. Government sponsored entities and agencies $ 107,011 $ ( 8,435 ) 35 $ 118,779 $ ( 25,015 ) 13 $ 225,790 $ ( 33,450 ) 48 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 514,789 ( 39,246 ) 294 1,328,906 ( 258,741 ) 202 1,843,695 ( 297,987 ) 496 Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 190,189 ( 5,106 ) 38 159,543 ( 4,974 ) 36 349,732 ( 10,080 ) 74 Obligations of states and political subdivisions 67,822 ( 1,815 ) 128 7,812 ( 2,282 ) 10 75,634 ( 4,097 ) 138 Corporate debt securities 7,225 ( 226 ) 3 4,433 ( 67 ) 3 11,658 ( 293 ) 6 Total $ 887,036 $ ( 54,828 ) 498 $ 1,619,473 $ ( 291,079 ) 264 $ 2,506,509 $ ( 345,907 ) 762 Unrealized losses on debt securities in the table above represent temporary fluctuations resulting from changes in market rates in relation to fixed yields. Unrealized losses in the available-for-sale portfolio are accounted for as an adjustment, net of taxes, to other comprehensive income in shareholders’ equity. Wesbanco does not believe the securities presented above are impaired due to reasons of credit quality, as substantially all debt securities are rated above investment grade and all are paying principal and interest according to their contractual terms. Wesbanco does not intend to sell, nor is it more likely than not that it will be required to sell, loss position securities prior to recovery of their cost; therefore, management believes the unrealized losses detailed above do not require an allowance for credit losses relating to these securities to be recognized. Securities that do not have readily determinable fair values and for which Wesbanco does not exercise significant influence are carried at cost. Cost method investments consist primarily of Federal Home Loan Bank (“FHLB”) of Pittsburgh stock totaling $ 59.2 million and $ 36.2 million at March 31, 2023 and December 31, 2022, respectively, and are included in other assets in the Consolidated Balance Sheets. Cost method investments are evaluated for impairment whenever events or circumstances suggest that their carrying value may not be recoverable. |
Loans and the Allowance for Cre
Loans and the Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Loans and the Allowance for Credit Losses | NOTE 4. LOANS AND THE ALLOWANCE FOR CREDIT LOSSES The recorded investment in loans is presented in the Consolidated Balance Sheets net of deferred loan fees and costs, and discounts on purchased loans. Net deferred loan costs were $ 10.3 million and $ 9.6 million at March 31, 2023 and December 31, 2022 , respectively. The un-accreted discount on purchased loans from acquisitions was $ 16.7 million at March 31, 2023 and $ 18.0 million at December 31, 2022. March 31, December 31, (unaudited, in thousands) 2023 2022 Commercial real estate: Land and construction $ 731,173 $ 943,887 Improved property 5,466,671 5,117,457 Total commercial real estate 6,197,844 6,061,344 Commercial and industrial 1,519,808 1,579,395 Residential real estate 2,251,423 2,140,584 Home equity 692,001 695,065 Consumer 227,612 226,340 Total portfolio loans 10,888,688 10,702,728 Loans held for sale 12,722 8,249 Total loans $ 10,901,410 $ 10,710,977 As of March 31, 2023 , accrued interest receivable for loans was $ 53.0 million. Wesbanco made an accounting policy election to exclude accrued interest from the measurement of the allowance for credit losses because the Company has a policy in place to reverse or write-off accrued interest when loans are placed on non-accrual. However, Wesbanco does have a $ 0.2 million reserve on the accrued interest related to loan modifications allowed under the Coronavirus Aid, Relief and Economic Security ("CARES") Act due to the timing and nature of these modifications. As of March 31, 2023 , accrued interest related to COVID-19 loan modifications as permitted under the CARES Act was $ 16.7 million. The following tables summarize changes in the allowance for credit losses applicable to each category of the loan portfolio: Allowance for Credit Losses By Category For the Three Months Ended March 31, 2023 and 2022 (unaudited, in thousands) Commercial Commercial Commercial Residential Home Consumer Deposit Total Balance at December 31, 2022 Allowance for credit $ 6,737 $ 52,659 $ 31,540 $ 18,208 $ 4,234 $ 3,127 $ 1,285 $ 117,790 Allowance for credit 6,025 — — 2,215 128 — — 8,368 Total beginning allowance for credit 12,762 52,659 31,540 20,423 4,362 3,127 1,285 126,158 Provision for credit losses: Provision for loan losses ( 1,440 ) 2,508 ( 2,783 ) 4,407 141 97 ( 103 ) 2,827 Provision for loan commitments ( 51 ) — 797 ( 10 ) 23 — — 759 Total provision for credit ( 1,491 ) 2,508 ( 1,986 ) 4,397 164 97 ( 103 ) 3,586 Charge-offs ( 222 ) ( 1,355 ) ( 320 ) 13 ( 258 ) ( 776 ) ( 401 ) ( 3,319 ) Recoveries 73 276 134 75 80 622 140 1,400 Net (charge-offs) recoveries ( 149 ) ( 1,079 ) ( 186 ) 88 ( 178 ) ( 154 ) ( 261 ) ( 1,919 ) Balance at March 31, 2023 Allowance for credit 5,148 54,088 28,571 22,703 4,197 3,070 921 118,698 Allowance for credit 5,974 — 797 2,205 151 — — 9,127 Total ending allowance for credit $ 11,122 $ 54,088 $ 29,368 $ 24,908 $ 4,348 $ 3,070 $ 921 $ 127,825 Balance at December 31, 2021 Allowance for credit $ 7,310 $ 65,355 $ 26,875 $ 15,401 $ 724 $ 3,737 $ 2,220 $ 121,622 Allowance for credit 4,180 201 1,497 1,576 49 272 — 7,775 Total beginning allowance for credit 11,490 65,556 28,372 16,977 773 4,009 2,220 129,397 Provision for credit losses: Provision for loan losses 243 ( 469 ) ( 1,468 ) ( 1,737 ) ( 102 ) 69 ( 266 ) ( 3,730 ) Provision for loan commitments 751 119 ( 827 ) 164 9 59 — 275 Total provision for credit 994 ( 350 ) ( 2,295 ) ( 1,573 ) ( 93 ) 128 ( 266 ) ( 3,455 ) Charge-offs — ( 137 ) ( 208 ) ( 142 ) ( 86 ) ( 787 ) ( 435 ) ( 1,795 ) Recoveries 25 260 336 192 139 727 89 1,768 Net (charge-offs) recoveries 25 123 128 50 53 ( 60 ) ( 346 ) ( 27 ) Balance at March 31, 2022 Allowance for credit 7,578 65,009 25,535 13,714 675 3,746 1,608 117,865 Allowance for credit 4,931 320 670 1,740 58 331 — 8,050 Total ending allowance for credit $ 12,509 $ 65,329 $ 26,205 $ 15,454 $ 733 $ 4,077 $ 1,608 $ 125,915 (1) Deposit overdrafts of $ 3.6 million and $ 4.2 million are included in total portfolio loans for the periods ending March 31, 2023 and March 31, 2022, respectively. (2) The total provision for credit losses - loans and loan commitments is reported in the consolidated statements of income in the provision for credit losses line item, which also includes the provision for credit losses on held-to-maturity securities. For more information on the provision relating to held-to-maturity securities, please see Footnote 3, "Securities." The following tables present the allowance for credit losses and recorded investments in loans by category, as of each period-end: Allowance for Credit Losses and Recorded Investment in Loans (unaudited, in thousands) Commercial Commercial Commercial Residential Home Consumer Deposit Total March 31, 2023 Allowance for credit losses: Loans individually-evaluated $ — $ 2,187 $ 120 $ — $ — $ — $ — $ 2,307 Loans collectively-evaluated 5,148 51,901 28,451 22,703 4,197 3,070 921 116,391 Loan commitments (2) 5,974 — 797 2,205 151 — — 9,127 Total allowance for credit $ 11,122 $ 54,088 $ 29,368 $ 24,908 $ 4,348 $ 3,070 $ 921 $ 127,825 Portfolio loans: Individually-evaluated for credit $ — $ 27,404 $ 358 $ — $ — $ — $ — $ 27,762 Collectively-evaluated for credit 731,173 5,439,267 1,519,450 2,251,423 692,001 227,612 — 10,860,926 Total portfolio loans $ 731,173 $ 5,466,671 $ 1,519,808 $ 2,251,423 $ 692,001 $ 227,612 $ — $ 10,888,688 December 31, 2022 Allowance for credit losses: Loans individually-evaluated $ — $ 2,988 $ 130 $ — $ — $ — $ — $ 3,118 Loans collectively-evaluated 6,737 49,671 31,410 18,208 4,234 3,127 1,285 114,672 Loan commitments (2) 6,025 — — 2,215 128 — — 8,368 Total allowance for credit $ 12,762 $ 52,659 $ 31,540 $ 20,423 $ 4,362 $ 3,127 $ 1,285 $ 126,158 Portfolio loans: Individually-evaluated for credit $ 24,629 $ 25,369 $ 401 $ — $ — $ — $ — $ 50,399 Collectively-evaluated for credit 919,258 5,092,088 1,578,994 2,140,584 695,065 226,340 — 10,652,329 Total portfolio loans $ 943,887 $ 5,117,457 $ 1,579,395 $ 2,140,584 $ 695,065 $ 226,340 $ — $ 10,702,728 (1) Deposit overdrafts of $ 3.6 million and $ 4.4 million are included in total portfolio loans for the periods ending March 31, 2023 and December 31, 2022, respectively. (2) For additional detail relating to loan commitments, see Footnote 10, "Commitments and Contingent Liabilities." Commercial loan risk grades are determined based on an evaluation of the relevant characteristics of each loan, assigned at inception and adjusted thereafter at any time to reflect changes in the risk profile throughout the life of each loan. The primary factors used to determine the risk grade are the sufficiency, reliability and sustainability of the primary source of repayment and overall financial strength of the borrower. The rating system more heavily weights the debt service coverage, leverage and loan to value factors to derive the risk grade. Other factors that are considered at a lesser weighting include management, industry or property type risks, payment history, collateral or guarantees. Commercial real estate – land and construction consists of loans to finance investments in vacant land, land development, construction of residential housing, and construction of commercial buildings. Commercial real estate – improved property consists of loans for the purchase or refinance of all types of improved owner-occupied and investment properties. Factors that are considered in assigning the risk grade vary depending on the type of property financed. The risk grade assigned to construction and development loans is based on the overall viability of the project, the experience and financial capacity of the developer or builder to successfully complete the project, project specific and market absorption rates and comparable property values, and the amount of pre-sales for residential housing construction or pre-leases for commercial investment property. The risk grade assigned to commercial investment property loans is based primarily on the adequacy of the net operating income generated by the property to service the debt (“debt service coverage”), the loan to appraised value, the type, quality, industry and mix of tenants, and the terms of leases. The risk grade assigned to owner-occupied commercial real estate is based primarily on global debt service coverage and the leverage of the business, but may also consider the industry in which the business operates, the business’ specific competitive advantages or disadvantages, collateral margins and the quality and experience of management. Commercial and industrial (“C&I”) loans consist of revolving lines of credit to finance accounts receivable, inventory and other general business purposes; term loans to finance fixed assets other than real estate, and letters of credit to support trade, insurance or governmental requirements for a variety of businesses. Most C&I borrowers are privately-held companies with annual sales up to $ 100 million. Primary factors that are considered in risk rating C&I loans include debt service coverage and leverage. Other factors including operating trends, collateral coverage along with management experience are also considered. Pass loans are those that exhibit a history of positive financial results that are at least comparable to the average for their industry or type of real estate. The primary source of repayment is acceptable and these loans are expected to perform satisfactorily during most economic cycles. Pass loans typically have no significant external factors that are expected to adversely affect these borrowers more than others in the same industry or property type. Any minor unfavorable characteristics of these loans are outweighed or mitigated by other positive factors including but not limited to adequate secondary or tertiary sources of repayment, including guarantees. Criticized loans, considered as compromised, have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the bank's credit position at some future date. Criticized loans are not adversely classified by the banking regulators and do not expose the bank to sufficient risk to warrant adverse classification. Classified loans, considered as substandard and doubtful, are equivalent to the classifications used by banking regulators. Substandard loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the bank will sustain some loss if the deficiencies are not corrected. These loans may or may not be reported as non-accrual. Doubtful loans have all the weaknesses inherent in those classified substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable. These loans are reported as non-accrual. The following tables summarize commercial loans by their assigned risk grade: Commercial Loans by Internally Assigned Risk Grade (unaudited, in thousands) Commercial Commercial Commercial Total As of March 31, 2023 Pass $ 723,743 $ 5,339,116 $ 1,480,963 $ 7,543,822 Criticized - compromised 1,418 83,280 31,910 116,608 Classified - substandard 6,012 44,275 6,935 57,222 Classified - doubtful — — — — Total $ 731,173 $ 5,466,671 $ 1,519,808 $ 7,717,652 As of December 31, 2022 Pass $ 911,804 $ 4,940,135 $ 1,538,300 $ 7,390,239 Criticized - compromised 1,329 121,393 25,223 147,945 Classified - substandard 30,754 55,929 15,872 102,555 Classified - doubtful — — — — Total $ 943,887 $ 5,117,457 $ 1,579,395 $ 7,640,739 Residential real estate, home equity and consumer loans are not assigned internal risk grades other than as required by regulatory guidelines that are based primarily on the age of past due loans. Wesbanco primarily evaluates the credit quality of residential real estate, home equity and consumer loans based on repayment performance and historical loss rates. The aggregate amount of residential real estate, home equity and consumer loans classified as substandard in accordance with regulatory guidelines was $ 20.4 million at March 31, 2023 and $ 24.8 million at December 31, 2022 , of which $ 2.6 million and $ 5.9 million were accruing, for each period, respectively. These loans are not included in the tables above. In addition, $ 30.3 million and $ 25.0 million of unfunded commercial loan commitments are also not included in the tables above at March 31, 2023 and December 31, 2022, respectively. The following tables summarize the age analysis of all categories of loans: Age Analysis of Loans (unaudited, in thousands) Current 30-59 60-89 90 Days Total Total 90 Days Due and As of March 31, 2023 Commercial real estate: Land and construction $ 731,005 $ 12 $ 156 $ — $ 168 $ 731,173 $ — Improved property 5,452,908 969 320 12,474 13,763 5,466,671 1,295 Total commercial real estate 6,183,913 981 476 12,474 13,931 6,197,844 1,295 Commercial and industrial 1,515,351 652 1,204 2,601 4,457 1,519,808 645 Residential real estate 2,241,922 2,813 1,865 4,823 9,501 2,251,423 982 Home equity 684,047 2,727 1,251 3,976 7,954 692,001 1,154 Consumer 224,238 2,262 577 535 3,374 227,612 494 Total portfolio loans 10,849,471 9,435 5,373 24,409 39,217 10,888,688 4,570 Loans held for sale 12,722 — — — — 12,722 — Total loans $ 10,862,193 $ 9,435 $ 5,373 $ 24,409 $ 39,217 $ 10,901,410 $ 4,570 Nonperforming loans included above are as follows: Non-accrual loans $ 17,489 $ 519 $ 1,369 $ 19,839 $ 21,727 $ 39,216 As of December 31, 2022 Commercial real estate: Land and construction $ 942,236 $ — $ 910 $ 741 $ 1,651 $ 943,887 $ 629 Improved property 5,099,342 2,147 331 15,637 18,115 5,117,457 84 Total commercial real estate 6,041,578 2,147 1,241 16,378 19,766 6,061,344 713 Commercial and industrial 1,574,311 1,427 519 3,138 5,084 1,579,395 1,586 Residential real estate 2,129,095 853 3,536 7,100 11,489 2,140,584 1,551 Home equity 686,762 3,885 621 3,797 8,303 695,065 1,063 Consumer 222,153 2,910 704 573 4,187 226,340 530 Total portfolio loans 10,653,899 11,222 6,621 30,986 48,829 10,702,728 5,443 Loans held for sale 8,249 — — — — 8,249 — Total loans $ 10,662,148 $ 11,222 $ 6,621 $ 30,986 $ 48,829 $ 10,710,977 $ 5,443 Nonperforming loans included above are as follows: Non-accrual loans $ 10,337 $ 1,495 $ 870 $ 25,483 $ 27,848 $ 38,185 TDRs accruing interest 3,131 7 32 60 99 3,230 Total nonperforming loans $ 13,468 $ 1,502 $ 902 $ 25,543 $ 27,947 $ 41,415 (1) For the table presented as of December 31, 2022, loans 90 days or more past due and accruing interest exclude TDRs 90 days or more past due and accruing interest. The following tables summarize nonperforming loans: Nonperforming Loans March 31, 2023 December 31, 2022 Unpaid Unpaid Principal Recorded Related Principal Recorded Related (unaudited, in thousands) Balance (1) Investment Allowance Balance (1) Investment Allowance With no related specific allowance recorded: Commercial real estate: Land and construction $ — $ — $ — $ 112 $ 112 $ — Improved property 20,789 18,200 — 18,367 16,601 — Commercial and industrial 4,284 3,209 — 4,102 3,112 — Residential real estate 17,894 12,837 — 21,084 16,057 — Home equity 6,517 4,861 — 6,970 5,374 — Consumer 201 109 — 316 159 — Total nonperforming loans without a specific allowance 49,685 39,216 — 50,951 41,415 — Total nonperforming loans with a specific allowance — — — — — — Total nonperforming loans $ 49,685 $ 39,216 $ — $ 50,951 $ 41,415 $ — (1) The difference between the unpaid principal balance and the recorded investment generally reflects amounts that have been previously charged-off and fair market value adjustments on acquired nonperforming loans. Nonperforming Loans For the Three Months Ended March 31, 2023 March 31, 2022 Average Interest Average Interest Recorded Income Recorded Income (unaudited, in thousands) Investment Recognized Investment Recognized With no related specific allowance recorded: Commercial real estate: Land and construction $ 56 $ — $ 114 $ — Improved property 17,401 — 7,924 — Commercial and industrial 3,161 — 5,018 — Residential real estate 14,447 — 19,187 — Home equity 5,118 — 5,513 — Consumer 134 — 541 — Total nonperforming loans without a specific allowance 40,317 — 38,296 — With a specific allowance recorded: Commercial real estate: Land and construction — — — — Improved property — — — — Total nonperforming loans with a specific allowance — — — — Total nonperforming loans $ 40,317 $ — $ 38,296 $ — The following table presents the recorded investment in non-accrual loans: Non-accrual Loans (1) March 31, December 31, (unaudited, in thousands) 2023 2022 Commercial real estate: Land and construction $ — $ 112 Improved property 18,200 16,254 Total commercial real estate 18,200 16,366 Commercial and industrial 3,209 2,946 Residential real estate 12,837 13,695 Home equity 4,861 5,044 Consumer 109 134 Total $ 39,216 $ 38,185 (1) At March 31, 2023 , there were three borrowers with a loan balance greater than $ 1.0 million, which totaled $ 13.4 million, as compared to three borrowers with a loan balance greater than $ 1.0 million totaling $ 11.8 million at December 31, 2022 . Total non-accrual loans include loans that are also restructured for borrowers experiencing financial difficulty or were previously designated as TDRs prior to the adoption of ASU 2022-02. Such loans are also set forth in the following tables. Modifications for Borrowers Experiencing Financial Difficulty (following the adoption of ASU 2022-02) The following table displays the details of portfolio loans that were modified during the three months ended March 31, 2023 presented by loan category: For the Three Months Ended March 31, 2023 (unaudited, in thousands) Commercial Commercial Commercial Residential Home Consumer Total Term extension $ 6,000 $ 3,738 $ 6,843 $ — $ 8 $ — $ 16,589 Payment delay — — — 101 283 34 418 Total $ 6,000 $ 3,738 $ 6,843 $ 101 $ 291 $ 34 $ 17,007 Percentage of total by loan category 0.8 % 0.1 % 0.5 % 0.0 % 0.0 % 0.0 % 0.2 % Unfunded loan commitments on modifications for borrowers experiencing financial difficulty (MBEFDs) totaled $ 2.8 million at March 31, 2023 . These commitments are not included in the table above. The following table summarizes the financial impacts of loan modifications and payment deferrals made to portfolio loans during the three months ended March 31, 2023, presented by loan category: For the Three Months Ended March 31, 2023 (unaudited, in thousands) Weighted-Average Commercial real estate - land and construction 3 Commercial real estate - improved property 34 Commercial and industrial 4 Residential real estate — Home equity 120 Consumer — There have been no MBEFDs which defaulted (defined as past due 90 days) after the loan was modified during the three months ended March 31, 2023. The following table presents an aging analysis of portfolio loans that were modified on or after January 1, 2023, the date that Wesbanco adopted ASU 2022-02, by loan category: March 31, 2023 (unaudited, in thousands) 30-59 Days 60-89 Days 90 Days Total Current Total Commercial real estate - land and construction $ — $ — $ — $ — $ 6,000 $ 6,000 Commercial real estate - improved property — — — — 3,738 3,738 Commercial and industrial — — — — 6,843 6,843 Residential real estate — — — — 101 101 Home equity — — 41 41 250 291 Consumer — 2 20 22 12 34 Total modified loans (1) $ — $ 2 $ 61 $ 63 $ 16,944 $ 17,007 (1) Represents balance at period end. Troubled Debt Restructuring Disclosures (prior to the adoption of ASU 2022-02) The following table presents details related to loans identified as TDRs during the three months ended March 31, 2022: New TDRs (1) For the Three Months Ended March 31, 2022 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded (unaudited, dollars in thousands) Modifications Investment Investment Commercial real estate: Land and construction 1 $ 84 $ 82 Improved property — — — Total commercial real estate 1 84 82 Commercial and industrial — — — Residential real estate — — — Home equity — — — Consumer — — — Total 1 $ 84 $ 82 (1) Excludes loans that were either paid off or charged-off by period end. The pre-modification balance represents the balance outstanding at the beginning of the period. The post-modification balance represents the outstanding balance at period end. There were no TDRs which defaulted (defined as past due 90 days) during the three months ended March 31, 2022 that were restructured within the last twelve months prior to March 31, 2022. The following tables summarize amortized cost basis loan balances by year of origination and credit quality indicator: Loans As of March 31, 2023 Amortized Cost Basis by Origination Year (unaudited, in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Commercial real estate: land and construction Risk rating: Pass $ 28,394 $ 185,370 $ 117,088 $ 62,435 $ 59,989 $ 53,001 $ 127,485 $ 89,981 $ 723,743 Criticized - compromised — 682 263 — — 23 — 450 1,418 Classified - substandard — — — — — 12 — 6,000 6,012 Classified - doubtful — — — — — — — — — Total $ 28,394 $ 186,052 $ 117,351 $ 62,435 $ 59,989 $ 53,036 $ 127,485 $ 96,431 $ 731,173 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ 222 $ 222 Commercial real estate: improved property Risk rating: Pass $ 204,285 $ 1,119,940 $ 633,573 $ 614,763 $ 590,097 $ 1,944,864 $ 72,686 $ 158,908 $ 5,339,116 Criticized - compromised — 297 345 4,378 5,982 71,153 1,035 90 83,280 Classified - substandard — — 349 378 12,866 30,648 34 — 44,275 Classified - doubtful — — — — — — — — — Total $ 204,285 $ 1,120,237 $ 634,267 $ 619,519 $ 608,945 $ 2,046,665 $ 73,755 $ 158,998 $ 5,466,671 Current-period gross charge-offs $ — $ — $ — $ — $ — $ 1,355 $ — $ — $ 1,355 Commercial and industrial Risk rating: Pass $ 43,539 $ 264,804 $ 176,352 $ 110,159 $ 61,300 $ 319,840 $ 477,953 $ 27,016 $ 1,480,963 Criticized - compromised — 786 1,181 237 7,701 1,896 9,035 11,074 31,910 Classified - substandard — 233 348 134 1,302 2,555 883 1,480 6,935 Classified - doubtful — — — — — — — — — Total $ 43,539 $ 265,823 $ 177,881 $ 110,530 $ 70,303 $ 324,291 $ 487,871 $ 39,570 $ 1,519,808 Current-period gross charge-offs $ — $ 38 $ 40 $ 43 $ — $ 199 $ — $ — $ 320 Residential real estate Loan delinquency: Current $ 84,647 $ 562,677 $ 513,059 $ 196,495 $ 94,825 $ 512,517 $ — $ 277,702 $ 2,241,922 30-59 days past due — — 772 347 — 1,694 — — 2,813 60-89 days past due — — — — 567 1,298 — — 1,865 90 days or more past due — — — — 350 4,434 — 39 4,823 Total $ 84,647 $ 562,677 $ 513,831 $ 196,842 $ 95,742 $ 519,943 $ — $ 277,741 $ 2,251,423 Current-period gross charge-offs $ — $ — $ — $ — $ — $ ( 13 ) $ — $ — $ ( 13 ) Home equity Loan delinquency: Current $ 10,384 $ 1,004 $ 1,620 $ 1,703 $ 1,882 $ 25,148 $ 641,325 $ 981 $ 684,047 30-59 days past due — 68 110 253 — 484 1,812 — 2,727 60-89 days past due — 5 15 — 28 1,203 — — 1,251 90 days or more past due — 281 — 508 215 2,543 — 429 3,976 Total $ 10,384 $ 1,358 $ 1,745 $ 2,464 $ 2,125 $ 29,378 $ 643,137 $ 1,410 $ 692,001 Current-period gross charge-offs $ — $ — $ — $ — $ 9 $ 249 $ — $ — $ 258 Consumer Loan delinquency: Current $ 28,381 $ 77,337 $ 32,445 $ 21,331 $ 21,232 $ 20,872 $ 22,610 $ 30 $ 224,238 30-59 days past due — 1,169 571 310 83 120 9 — 2,262 60-89 days past due — 190 179 144 21 43 — — 577 90 days or more past due — 227 95 89 — 124 — — 535 Total $ 28,381 $ 78,923 $ 33,290 $ 21,874 $ 21,336 $ 21,159 $ 22,619 $ 30 $ 227,612 Current-period gross charge-offs $ — $ 293 $ 335 $ 48 $ 44 $ 56 $ — $ — $ 776 Loans As of December 31, 2022 Amortized Cost Basis by Origination Year (unaudited, in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Commercial real estate: land and construction Risk rating: Pass $ 159,769 $ 136,131 $ 138,171 $ 155,141 $ 61,823 $ 51,381 $ 117,237 $ 92,151 $ 911,804 Criticized - compromised 559 265 — — 24 31 — 450 1,329 Classified - substandard — — 6,001 — — 124 — 24,629 30,754 Classified - doubtful — — — — — — — — — Total $ 160,328 $ 136,396 $ 144,172 $ 155,141 $ 61,847 $ 51,536 $ 117,237 $ 117,230 $ 943,887 Current-period gross charge-offs $ — $ — $ — $ — $ 73 $ — $ — $ — $ 73 Commercial real estate: improved property Risk rating: Pass $ 1,082,984 $ 620,205 $ 613,663 $ 528,004 $ 371,880 $ 1,551,478 $ 72,327 $ 99,594 $ 4,940,135 Criticized - compromised 10,554 354 2,877 7,659 13,551 85,332 1,066 — 121,393 Classified - substandard — 658 275 15,489 9,761 29,712 34 — 55,929 Classified - doubtful — — — — — — — — — Total $ 1,093,538 $ 621,217 $ 616,815 $ 551,152 $ 395,192 $ 1,666,522 $ 73,427 $ 99,594 $ 5,117,457 Current-period gross charge-offs $ — $ — $ 128 $ 100 $ 3 $ 564 $ — $ — $ 795 Commercial and industrial Risk rating: Pass $ 280,510 $ 184,805 $ 116,890 $ 72,142 $ 103,660 $ 232,062 $ 526,025 $ 22,206 $ 1,538,300 Criticized - compromised 917 1,192 270 8,278 264 2,524 7,654 4,124 25,223 Classified - substandard 93 3,209 976 2,157 97 2,854 1,066 5,420 15,872 Classified - doubtful — — — — — — — — — Total $ 281,520 $ 189,206 $ 118,136 $ 82,577 $ 104,021 $ 237,440 $ 534,745 $ 31,750 $ 1,579,395 Current-period gross charge-offs $ — $ 16 $ 234 $ 275 $ 70 $ 182 $ — $ 291 $ 1,068 Residential real estate Loan delinquency: Current $ 541,659 $ 556,928 $ 211,496 $ 97,160 $ 52,135 $ 478,977 $ — $ 190,740 $ 2,129,095 30-59 days past due — — — — — 853 — — 853 60-89 days past due — 442 349 65 — 2,680 — — 3,536 90 days or more past due — — — 285 119 6,654 — 42 7,100 Total $ 541,659 $ 557,370 $ 211,845 $ 97,510 $ 52,254 $ 489,164 $ — $ 190,782 $ 2,140,584 Current-period gross charge-offs $ — $ — $ — $ — $ 6 $ 494 $ — $ — $ 500 Home equity Loan delinquency: Current $ 10,718 $ 1,459 $ 1,133 $ 1,774 $ 1,088 $ 25,203 $ 644,430 $ 957 $ 686,762 30-59 days past due 80 61 180 67 34 1,165 2,260 38 3,885 60-89 days past due — 15 — 50 88 458 — 10 621 90 days or more past due — — 572 93 257 2,425 16 434 3,797 Total $ 10,798 $ 1,535 $ 1,885 $ 1,984 $ 1,467 $ 29,251 $ 646,706 $ 1,439 $ 695,065 Current-period gross charge-offs $ — $ — $ — $ — $ — $ 310 $ — $ 48 $ 358 Consumer Loan delinquency: Current $ 84,817 $ 36,123 $ 25,071 $ 25,535 $ 8,488 $ 16,337 $ 25,755 $ 27 $ 222,153 30-59 days past due 980 937 488 159 98 217 31 — 2,910 60-89 days past due 184 293 94 47 29 57 — — 704 90 days or more past due 183 208 69 32 2 79 — — 573 Total $ 86,164 $ 37,561 $ 25,722 $ 25,773 $ 8,617 $ 16,690 $ 25,786 $ 27 $ 226,340 Current-period gross charge-offs $ 769 $ 1,237 $ 624 $ 333 $ 186 $ 326 $ — $ 1 $ 3,476 The following table summarizes other real estate owned and repossessed assets included in other assets: March 31, December 31, (unaudited, in thousands) 2023 2022 Other real estate owned $ 1,475 $ 1,397 Repossessed assets 79 89 Total other real estate owned and repossessed assets $ 1,554 $ 1,486 Residential real estate included in other real estate owned was $ 0.1 million and $ 0 at March 31, 2023 and at December 31, 2022, respectively. At March 31, 2023 and December 31, 2022 , formal foreclosure proceedings were in process on residential real estate loans totaling $ 5.3 million and $ 4.9 million, respectively. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | NOTE 5. DERIVATIVES AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives Wesbanco is exposed to certain risks arising from both its business operations and economic conditions. Wesbanco principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. Wesbanco manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities. Wesbanco’s existing interest rate derivatives result from a service provided to certain qualifying customers and, therefore, are not used to manage interest rate risk in Wesbanco’s assets or liabilities. Wesbanco manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions. A matched book is when the Bank's assets and liabilities are equally distributed but also have similar maturities. Loan Swaps Wesbanco executes interest rate swaps and interest rate caps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps and caps are economically hedged by offsetting interest rate swaps and caps that Wesbanco executes with a third party, such that Wesbanco minimizes its net risk exposure resulting from such transactions. As the interest rate swaps and caps associated with this program do not meet the hedge accounting requirements of ASC 815, changes in the fair value of both the customer swaps and caps and the offsetting third-party swaps and caps are recognized directly in earnings. As of March 31, 2023 and December 31, 2022 , Wesbanco had 169 and 159 customer interest rate swaps and caps with an aggregate notional amount of $ 1.1 billion and $ 0.9 billion, respectively, related to this program. Wesbanco recognized income for the related swap and cap fees of $ 1.8 million and $ 0.2 million for the three months ended March 31, 2023 and 2022, respectively. Risk participation agreements are entered into as financial guarantees of performance on interest rate swap derivatives. The purchased asset or sold liability allows Wesbanco to participate-in (fee received) or participate-out (fee paid) the risk associated with certain derivative positions executed by the borrower of the lead bank in a loan syndication. As of March 31, 2023 and December 31, 2022 , Wesbanco had 17 and 16 risk participation-in agreements with an aggregate notional amount of $ 195.1 million and $ 187.8 million, respectively. As of March 31, 2023 and December 31, 2022 , Wesbanco had one risk participation-out agreement with an aggregate notional amount of $ 9.5 million and $ 9.6 million, respectively. Mortgage Loans Held for Sale and Interest Rate Lock Commitments Certain residential mortgage loans are originated for sale in the secondary mortgage loan market. These loans are classified as held for sale and carried at fair value as Wesbanco has elected the fair value option. Fair value is determined based on rates obtained from the secondary market for loans with similar characteristics. Wesbanco sells loans to the secondary market on either a mandatory or best efforts basis. The loans sold on a mandatory basis are not committed to an investor until the loan is closed with the borrower. Wesbanco enters into forward to be announced (“TBA”) contracts to manage the interest rate risk between the lock commitment and the closing of the loan. The total balance of forward TBA contracts entered into was $ 40.0 million and $ 14.5 million at March 31, 2023 and December 31, 2022, respectively. The loans sold on a best efforts basis are committed to an investor simultaneous to the interest rate commitment with the borrower, and as a result, the Company does not enter into a separate forward TBA contract to offset the fair value risk as the investor accepts such risk in exchange for paying a lower premium on sale. Fair Values of Derivative Instruments on the Balance Sheet All derivatives are carried on the consolidated balance sheet at fair value. Derivative assets are classified in the consolidated balance sheet under other assets, and derivative liabilities are classified in the consolidated balance sheet under other liabilities. Changes in fair value are recognized in earnings. None of Wesbanco’s derivatives are designated in a qualifying hedging relationship under ASC 815. The table below presents the fair value of Wesbanco’s derivative financial instruments as well as their classification on the Balance Sheet as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 (unaudited, in thousands) Notional or Asset Liability Notional or Asset Liability Derivatives Loan Swaps: Interest rate swaps and caps $ 1,074,644 $ 65,789 $ 65,668 $ 936,834 $ 75,840 $ 74,683 Other contracts: Interest rate lock commitments 26,582 144 — 10,071 — 43 Forward TBA contracts 40,000 — 148 14,500 53 — Total derivatives $ 65,933 $ 65,816 $ 75,893 $ 74,726 Effect of Derivative Instruments on the Income Statement The table below presents the change in the fair value of the Company’s derivative financial instruments reflected within non-interest income on the consolidated income statement for the three months ended March 31, 2023 and 2022, respectively. For the Three Months (unaudited, in thousands) Location of Gain/(Loss) 2023 2022 Interest rate swaps and caps Other income $ ( 1,039 ) $ 1,461 Interest rate lock commitments Mortgage banking income 187 ( 318 ) Forward TBA contracts Mortgage banking income ( 189 ) 1,443 Total $ ( 1,041 ) $ 2,586 Credit-risk-related Contingent Features Wesbanco has agreements with its derivative counterparties that contain a provision, which provides that if Wesbanco defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then Wesbanco could also be declared in default on its derivative obligations. Wesbanco also has agreements with certain of its derivative counterparties that contain a provision where if Wesbanco fails to maintain its status as either a “well” or “adequately-capitalized” institution, then the counterparty could terminate the derivative positions and Wesbanco would be required to settle its obligations under the agreements. Dependent upon the net present value of the underlying swaps, Wesbanco has minimum collateral posting thresholds with certain of its derivative counterparties. If Wesbanco had breached any of these provisions at March 31, 2023, it could 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 counterparties. In certain market situations, Wesbanco can also request collateral from the derivative counterparties. Due to the recent rise in interest rates, as of March 31, 2023 , Wesbanco is holding collateral from various derivative counterparties with a market value of $ 27.6 million. |
Benefit Plans
Benefit Plans | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Benefit Plans | NOTE 6. BENEFIT PLANS The following table presents the net periodic pension income for Wesbanco’s Defined Benefit Pension Plan (the “Plan”) and the related components: For the Three Months (unaudited, in thousands) 2023 2022 Service cost – benefits earned during year $ 350 $ 540 Interest cost on projected benefit obligation 1,554 1,013 Expected return on plan assets ( 2,750 ) ( 2,853 ) Amortization of prior service cost ( 9 ) ( 8 ) Amortization of net loss 223 125 Net periodic pension income $ ( 632 ) $ ( 1,183 ) The service cost of $ 0.4 million and $ 0.5 million for the three months ended March 31, 2023 and 2022 , respectively, is included in salaries and wages, and periodic pension income of $ 1.0 million and $ 1.7 million for the three months ended March 31, 2023 and 2022, respectively, is included in employee benefits. The Plan covers all employees of Wesbanco and its subsidiaries who were hired on or before August 1, 2007 who satisfy minimum age and length of service requirements, and is not available to employees hired after such date. A minimum required contribution is not required for 2023 , and Wesbanco currently does no t expect to make a voluntary contribution to the Plan in 2023 . |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | NOTE 7. FAIR VALUE MEASUREMENT Fair value estimates are based on quoted market prices, if available, quoted market prices of similar assets or liabilities, or the present value of expected future cash flows and other valuation techniques. These valuations are significantly affected by discount rates, cash flow assumptions, and risk assumptions used. Therefore, fair value estimates may not be substantiated by comparison to independent markets and are not intended to reflect the proceeds that may be realizable in an immediate settlement of the instruments. Fair value is determined at one point in time and is not representative of future value. These amounts do not reflect the total value of a going concern organization. Management does not have the intention to dispose of a significant portion of its assets and liabilities, and therefore the unrealized gains or losses should not be interpreted as a forecast of future earnings and cash flows. The following is a discussion of assets and liabilities measured at fair value on a recurring basis and valuation techniques applied: Investment securities: The fair value of investment securities which are measured on a recurring basis are determined primarily by obtaining quoted prices on nationally recognized securities exchanges or matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other similar securities. These securities are classified within level 1 or 2 in the fair value hierarchy. Positions that are not traded in active markets for which valuations are generated using assumptions not observable in the market or management’s best estimate are classified within level 3 of the fair value hierarchy. This includes certain specific municipal debt issues for which the credit quality and discount rate must be estimated. Loans held for sale: Loans held for sale are carried, in aggregate, at fair value as Wesbanco previously elected the fair value option. The use of a valuation model using quoted prices of similar instruments are significant inputs in arriving at the fair value and therefore loans held for sale are classified within level 2 of the fair value hierarchy. Derivatives: Wesbanco enters into interest rate swap agreements with qualifying commercial customers to meet their financing, interest rate and other risk management needs. These agreements provide the customer the ability to convert from variable to fixed interest rates. The credit risk associated with derivatives executed with customers is essentially the same as that involved in extending loans and is subject to normal credit policies and monitoring. Those interest rate swaps are economically hedged by offsetting interest rate swaps that Wesbanco executes with derivative counterparties in order to offset its exposure on the fixed components of the customer interest rate swap agreements. The interest rate swap agreement with the loan customer and with the counterparty is reported at fair value in other assets and other liabilities on the consolidated balance sheet with any resulting gain or loss recorded in current period earnings as other income and other expense. Wesbanco enters into forward TBA contracts to manage the interest rate risk between the loan commitments to the customer and the closing of the loan for loans that will be sold on a mandatory basis to secondary market investors. The forward TBA contract is reported at fair value in other assets and other liabilities on the consolidated balance sheet with any resulting gain or loss recorded in current period’s earnings as mortgage banking income. Wesbanco determines the fair value for derivatives using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. Wesbanco incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. We may be required from time to time to measure certain assets and liabilities at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or market accounting or write-downs of individual assets and liabilities. Collateral dependent loans: Collateral dependent loans are carried at the amortized cost basis less the specific allowance calculated under the Current Expected Credit Losses Accounting Standard. Collateral dependent loans are calculated using a cost basis approach or collateral value approach. Other real estate owned and repossessed assets: Other real estate owned and repossessed assets are carried at the lower of the investment in the assets or the fair value of the assets less estimated selling costs. The use of independent appraisals and management’s best judgment are significant inputs in arriving at the fair value measure of the underlying collateral, and therefore other real estate owned and repossessed assets are classified within level 3 of the fair value hierarchy. The fair value amounts presented in the table below are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. The following tables set forth Wesbanco’s financial assets and liabilities that were accounted for at fair value on a recurring and nonrecurring basis by level within the fair value hierarchy as of March 31, 2023 and December 31, 2022: March 31, 2023 Fair Value Measurements Using: March 31, Quoted Prices in Significant Significant (unaudited, in thousands) 2023 (level 1) (level 2) (level 3) Recurring fair value measurements Equity securities $ 11,843 $ 11,843 $ — $ — Available-for-sale debt securities U.S. Government sponsored entities and agencies 223,435 — 223,435 — Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 1,818,250 — 1,818,250 — Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 325,740 — 325,740 — Obligations of states and political subdivisions 83,790 — 82,596 1,194 Corporate debt securities 14,781 — 14,781 — Total available-for-sale debt securities $ 2,465,996 $ — $ 2,464,802 $ 1,194 Loans held for sale 12,722 — 12,722 — Other assets - interest rate swaps 65,789 — 65,789 — Total assets recurring fair value measurements $ 2,556,350 $ 11,843 $ 2,543,313 $ 1,194 Other liabilities - interest rate swaps $ 65,668 $ — $ 65,668 $ — Total liabilities recurring fair value measurements $ 65,668 $ — $ 65,668 $ — Nonrecurring fair value measurements Collateral dependent loans $ — $ — $ — $ — Other real estate owned and repossessed assets 1,554 — — 1,554 Total nonrecurring fair value measurements $ 1,554 $ — $ — $ 1,554 December 31, 2022 Fair Value Measurements Using: December 31, Quoted Prices in Significant Significant (in thousands) 2022 (level 1) (level 2) (level 3) Recurring fair value measurements Equity securities $ 11,506 $ 11,506 $ — $ — Available-for-sale debt securities U.S. Government sponsored entities and agencies 225,970 — 225,970 — Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 1,846,053 — 1,846,053 — Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 349,731 — 349,731 — Obligations of states and political subdivisions 92,228 — 91,049 1,179 Corporate debt securities 15,158 — 15,158 — Total available-for-sale debt securities $ 2,529,140 $ — $ 2,527,961 $ 1,179 Loans held for sale 8,249 — 8,249 — Other assets - interest rate swaps 75,840 — 75,840 — Total assets recurring fair value measurements $ 2,624,735 $ 11,506 $ 2,612,050 $ 1,179 Other liabilities - interest rate swaps $ 74,683 $ — $ 74,683 $ — Total liabilities recurring fair value measurements $ 74,683 $ — $ 74,683 $ — Nonrecurring fair value measurements Collateral dependent loans $ 878 $ — $ — $ 878 Other real estate owned and repossessed assets 1,486 — — 1,486 Total nonrecurring fair value measurements $ 2,364 $ — $ — $ 2,364 Wesbanco’s policy is to recognize transfers between levels as of the actual date of the event or change in circumstances that caused the transfer. There were no significant transfers between level 1, 2 or 3 for the three months ended March 31, 2023 or for the year ended December 31, 2022. The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Wesbanco has utilized level 3 inputs to determine fair value: Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Unobservable Range (Weighted (unaudited, in thousands) Estimate Techniques Input Average) March 31, 2023 Collateral dependent loans $ — Appraisal of collateral (1) Appraisal adjustments (2) ( 0.0 %)/( 0.0 %) Liquidation expenses (2) ( 0.0 %)/( 0.0 %) Other real estate owned and repossessed assets $ 1,554 Appraisal of collateral (1), (3) December 31, 2022 Collateral dependent loans $ 878 Appraisal of collateral (1) Appraisal adjustments (2) ( 0.0 %)/( 0.0 %) Liquidation expenses (2) ( 8.0 %)/( 8.0 %) Other real estate owned and repossessed assets $ 1,486 Appraisal of collateral (1), (3) (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs, which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of appraisal adjustments and liquidation expense are presented as a percent of the appraisal. (3) Includes estimated liquidation expenses and numerous dissimilar qualitative adjustments by management, which are not identifiable. The estimated fair values of Wesbanco’s financial instruments are summarized below: Fair Value Measurements at March 31, 2023 Carrying Fair Value Quoted Prices in Significant Significant (unaudited, in thousands) Amount Estimate (level 1) (level 2) (level 3) Financial Assets Cash and due from banks $ 597,503 $ 597,503 $ 597,503 $ — $ — Equity securities 11,843 11,843 11,843 — — Available-for-sale debt securities 2,465,996 2,465,996 — 2,464,802 1,194 Net held-to-maturity debt securities 1,239,035 1,107,685 — 1,107,364 321 Net loans 10,769,990 10,569,333 — — 10,569,333 Loans held for sale 12,722 12,722 — 12,722 — Other assets - interest rate swaps 65,789 65,789 — 65,789 — Accrued interest receivable 69,232 69,232 69,232 — — Financial Liabilities Deposits 12,873,196 12,865,332 11,989,050 876,282 — Federal Home Loan Bank borrowings 1,280,000 1,281,186 — 1,281,186 — Other borrowings 111,176 102,947 102,947 — — Subordinated debt and junior subordinated debt 281,629 260,525 — 260,525 — Other liabilities - interest rate swaps 65,668 65,668 — 65,668 — Accrued interest payable 7,669 7,669 7,669 — — Fair Value Measurements at December 31, 2022 Carrying Fair Value Quoted Prices in Significant Significant (in thousands) Amount Estimate (level 1) (level 2) (level 3) Financial Assets Cash and due from banks $ 408,411 $ 408,411 $ 408,411 $ — $ — Equity securities 11,506 11,506 11,506 — — Available-for-sale debt securities 2,529,140 2,529,140 — 2,527,961 1,179 Net held-to-maturity debt securities 1,248,409 1,084,390 — 1,084,071 319 Net loans 10,584,938 9,487,038 — — 9,487,038 Loans held for sale 8,249 8,249 — 8,249 — Other assets - interest rate swaps 75,840 75,840 — 75,840 — Accrued interest receivable 68,522 68,522 68,522 — — Financial Liabilities Deposits 13,131,090 13,142,943 12,245,272 897,671 — Federal Home Loan Bank borrowings 705,000 705,094 — 705,094 — Other borrowings 135,069 122,926 122,926 — — Subordinated debt and junior subordinated debt 281,404 258,631 — 258,631 — Other liabilities - interest rate swaps 74,683 74,683 — 74,683 — Accrued interest payable 4,593 4,593 4,593 — — The following methods and assumptions were used to measure the fair value of financial instruments recorded at cost on Wesbanco’s consolidated balance sheets: Cash and due from banks: The carrying amount for cash and due from banks is a reasonable estimate of fair value. Held-to-maturity debt securities: Fair values for debt securities held-to-maturity are determined in the same manner as investment securities, which are described above. Net loans: Fair values for loans are estimated using a discounted cash flow methodology. The discount rates take into account interest rates currently being offered to customers for loans with similar terms, the credit risk associated with the loan and other market factors, including liquidity. Wesbanco believes the discount rates are consistent with transactions occurring in the marketplace for both performing and distressed loan types. The carrying value is net of the allowance for loan losses and other associated premiums and discounts. Due to the significant judgment involved in evaluating credit quality, loans are classified within level 3 of the fair value hierarchy. Accrued interest receivable: The carrying amount of accrued interest receivable approximates its fair value . Deposits: The carrying amount is considered a reasonable estimate of fair value for demand, savings and other variable rate deposit accounts. The fair value of fixed maturity certificates of deposit is estimated by a discounted cash flow method using rates currently offered for deposits of similar remaining maturities. Federal Home Loan Bank borrowings: The fair value of FHLB borrowings is based on rates currently available to Wesbanco for borrowings with similar terms and remaining maturities. Other borrowings: The carrying amount of federal funds purchased and overnight sweep accounts generally approximate fair value. Other repurchase agreements are based on quoted market prices if available. If market prices are not available, for certain fixed and adjustable rate repurchase agreements, then quoted market prices of similar instruments are used. Subordinated debt and junior subordinated debt: The fair value of subordinated debt is determined primarily by obtaining quoted prices on nationally recognized securities exchanges or matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other similar securities. These securities are classified within level 2 in the fair value hierarchy. Due to the pooled nature of junior subordinated debt owed to unconsolidated subsidiary trusts, which are not actively traded, estimated fair value is determined by using comparable corporate bond indices and swap rates from the financial services sector and factoring in the applicable credit spreads and optional early redemption provisions. Accrued interest payable: The carrying amount of accrued interest payable approximates its fair value. Off-balance sheet financial instruments: Off-balance sheet financial instruments consist of commitments to extend credit, including letters of credit. Fair values for commitments to extend credit are estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present credit standing of the counterparties. The estimated fair value of the commitments to extend credit and letters of credit are insignificant and therefore are not presented in the above tables. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2023 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | NOTE 8. REVENUE RECOGNITION Interest income, net securities gains (losses) and bank-owned life insurance are not in scope of ASC 606, Revenue from Contracts with Customers . For the revenue streams in scope of ASC 606 - trust fees, service charges on deposits, net securities brokerage revenue, payment processing fees, electronic banking fees, mortgage banking income and net gain or loss on sale of other real estate owned and other assets – there are no significant judgements related to the amount and timing of revenue recognition. The following table summarizes the point of revenue recognition and the income recognized for each of the revenue streams for the three months ended March 31, 2023 and 2022, respectively: Point of Revenue For the Three Months (unaudited, in thousands) Recognition 2023 2022 Revenue Streams Trust fees Trust account fees Over time $ 5,605 $ 5,542 WesMark fees Over time 1,889 2,293 Total trust fees 7,494 7,835 Service charges on deposits Commercial banking fees Over time 609 568 Personal service charges At a point in time and over time 5,561 5,522 Total service charges on deposits 6,170 6,090 Net securities brokerage revenue Annuity commissions At a point in time 2,046 1,582 Equity and debt security trades At a point in time — 57 Managed money Over time 283 327 Trail commissions Over time 247 254 Total net securities brokerage revenue 2,576 2,220 Payment processing fees (1) At a point in time and over time 871 741 Electronic banking fees At a point in time 4,605 5,345 Mortgage banking income At a point in time 426 1,923 Net gain (loss) on other real estate owned and other assets (2) At a point in time and over time 232 ( 806 ) (1) Included in other non-interest income. (2) The portion of this line item relating to the change in the fair value of the underlying investments funded by Wesbanco CDC is not within the scope of ASC 606. There were no gains or losses recorded in the current period; however, losses of $ 1.2 million were recorded for the three months ended March 31, 2022. |
Comprehensive Income_(Loss)
Comprehensive Income/(Loss) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Comprehensive Income/(Loss) | NOTE 9. COMPREHENSIVE INCOME/(LOSS) The activity in accumulated other comprehensive income/(loss) for the three months ended March 31, 2023 and 2022 is as follows: Accumulated Other Comprehensive Income/(Loss) (1) (unaudited, in thousands) Defined Unrealized Total Balance at December 31, 2022 $ ( 535 ) $ ( 261,881 ) $ ( 262,416 ) Other comprehensive loss before reclassifications — 27,828 27,828 Amounts reclassified from accumulated other comprehensive loss 75 114 189 Period change 75 27,942 28,017 Balance at March 31, 2023 $ ( 460 ) $ ( 233,939 ) $ ( 234,399 ) Balance at December 31, 2021 $ ( 398 ) $ ( 4,722 ) $ ( 5,120 ) Other comprehensive loss before reclassifications — ( 106,247 ) ( 106,247 ) Amounts reclassified from accumulated other comprehensive loss 54 1 55 Period change 54 ( 106,246 ) ( 106,192 ) Balance at March 31, 2022 $ ( 344 ) $ ( 110,968 ) $ ( 111,312 ) (1) All amounts are net of tax. Related income tax expense or benefit is calculated using a combined Federal and State income tax rate approximating 24 % in both periods presented. The following table provides details about amounts reclassified from accumulated other comprehensive income for the three months ended March 31, 2023 and 2022: Details about Accumulated Other Comprehensive For the Three Months Affected Line Item in the Statement (unaudited, in thousands) 2023 2022 Debt securities available-for-sale (1) : Net securities losses reclassified into earnings $ 151 $ 2 Net securities gains (Non-interest income) Related income tax benefit ⁽²⁾ ( 37 ) ( 1 ) Provision for income taxes Net effect on accumulated other comprehensive 114 1 Defined benefit plans (3) : Amortization of net loss and prior service costs 98 72 Employee benefits (Non-interest expense) Related income tax benefit ⁽²⁾ ( 23 ) ( 18 ) Provision for income taxes Net effect on accumulated other comprehensive 75 54 Total reclassifications for the period $ 189 $ 55 (1) For additional detail related to unrealized gains on securities and related amounts reclassified from accumulated other comprehensive income, see Note 3, “Securities.” (2) Income tax expense or benefit is calculated using a combined Federal and State income tax rate approximating 24 % in both periods presented. (3) Included in the computation of net periodic pension cost. See Note 6, “Benefit Plans” for additional detail. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | NOTE 10. COMMITMENTS AND CONTINGENT LIABILITIES Commitments — In the normal course of business, Wesbanco offers off-balance sheet credit arrangements to enable its customers to meet their financing objectives. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. Wesbanco’s exposure to credit losses in the event of non-performance by the other parties to the financial instruments for commitments to extend credit and standby letters of credit is limited to the contractual amount of those instruments. Wesbanco uses the same credit policies in making commitments and conditional obligations as for all other lending. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The allowance for credit losses associated with commitments was $ 9.1 million and $ 8.4 million at March 31, 2023 and December 31, 2022, respectively, and is included in other liabilities on the Consolidated Balance Sheets. Letters of credit are conditional commitments issued by banks to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements, including normal business activities, bond financing and similar transactions. Letters of credit are considered guarantees. The liability associated with letters of credit was $ 0.3 million and $ 0.2 million as of March 31, 2023 and December 31, 2022, respectively. Contingent obligations to purchase loans funded by other entities include credit card guarantees, loans sold with recourse as well as obligations to the FHLB. Credit card guarantees are credit card balances not owned by Wesbanco, whereby the Bank guarantees the performance of the cardholder. The following table presents total commitments to extend credit, guarantees and various letters of credit outstanding: March 31, December 31, (unaudited, in thousands) 2023 2022 Lines of credit $ 3,938,353 $ 3,806,398 Loans approved but not closed 548,801 398,204 Overdraft limits 391,322 380,143 Letters of credit 32,317 30,362 Contingent obligations and other guarantees 21,682 30,782 Contingent Liabilities — Wesbanco is a party to various legal and administrative proceedings and claims. While any litigation contains an element of uncertainty, management does not believe that a material loss related to such proceedings or claims pending or known to be threatened is reasonably possible. |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Business Segments | NOTE 11. BUSINESS SEGMENTS Wesbanco operates two reportable segments: community banking and trust and investment services. Wesbanco’s community banking segment offers services traditionally offered by full-service commercial banks, including commercial demand, individual demand and time deposit accounts, as well as commercial, mortgage and individual installment loans, and certain non-traditional offerings, such as insurance and securities brokerage services. The trust and investment services segment offers trust services as well as various alternative investment products including mutual funds. The market value of assets managed or held in custody by the trust and investment services segment was approximately $ 5.0 billion and $ 5.4 billion at March 31, 2023 and 2022, respectively. These assets are held by Wesbanco in fiduciary or agency capacities for their customers and therefore are not included as assets on Wesbanco’s Consolidated Balance Sheets. Condensed financial information by business segment is presented below: Trust and Community Investment (unaudited, in thousands) Banking Services Consolidated For The Three Months Ended March 31, 2023 Interest and dividend income $ 160,555 $ — $ 160,555 Interest expense 36,223 — 36,223 Net interest income 124,332 — 124,332 Provision for credit losses 3,577 — 3,577 Net interest income after provision for credit losses 120,755 — 120,755 Non-interest income 20,159 7,494 27,653 Non-interest expense 91,617 4,508 96,125 Income before provision for income taxes 49,297 2,986 52,283 Provision for income taxes 9,315 627 9,942 Net income 39,982 2,359 42,341 Preferred stock dividends 2,531 — 2,531 Net income available to common shareholders $ 37,451 $ 2,359 $ 39,810 For The Three Months Ended March 31, 2022 Interest and dividend income $ 112,174 $ — $ 112,174 Interest expense 4,463 — 4,463 Net interest income 107,711 — 107,711 Provision for credit losses ( 3,438 ) — ( 3,438 ) Net interest income after provision for credit losses 111,149 — 111,149 Non-interest income 22,547 7,835 30,382 Non-interest expense 83,225 4,323 87,548 Income before provision for income taxes 50,471 3,512 53,983 Provision for income taxes 9,121 738 9,859 Net income 41,350 2,774 44,124 Preferred stock dividends 2,531 — 2,531 Net income available to common shareholders $ 38,819 $ 2,774 $ 41,593 Total non-fiduciary assets of the trust and investment services segment were $ 3.3 million (including $ 1.1 million of trust customer intangibles) and $ 3.5 million (including $ 1.3 million of trust customer intangibles) at March 31, 2023 and 2022 , respectively. All other assets, including goodwill and the remainder of other intangible assets, were allocated to the Community Banking segment. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation — The accompanying unaudited interim financial statements of Wesbanco, Inc. and its consolidated subsidiaries (“Wesbanco”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022. Wesbanco’s interim financial statements have been prepared following the significant accounting policies disclosed in Note 1 of the Notes to the Consolidated Financial Statements of its 2022 Annual Report on Form 10-K filed with the Securities and Exchange Commission, as well as with the policy changes indicated below. In the opinion of management, the accompanying interim financial information reflects all adjustments, including normal recurring adjustments, necessary to present fairly Wesbanco’s financial position and results of operations for each of the interim periods presented. Certain prior period amounts have been reclassified to conform to the current period presentation. Such reclassifications had no impact on Wesbanco’s net income and shareholders’ equity. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year. |
Modifications for Borrowers Experiencing Financial Difficulty ("MBEFD") | Modifications for Borrowers Experiencing Financial Difficulty (“MBEFD”) — A modification of a loan for borrowers experiencing financial difficulty is applicable when the loan modification results in a direct change in the timing or amount of contractual cash flows. The most common modifications provided to borrowers experiencing financial difficulty are expected to occur in the form of principal forgiveness, interest rate reductions, other-than-insignificant-payment delays, or term extensions under ASC 310-10-50-39. Upon Wesbanco's adoption of Accounting Standards Update (“ASU”) 2022-02 on January 1, 2023, Troubled Debt Restructuring ("TDR") accounting was prospectively discontinued and economic concessions for modifications occurring on or after the adoption date are no longer measured. This accounting also results in the elimination of any existing economic concession related to a loan that was previously designated as a TDR if such loan is restructured on or after January 1, 2023. Due to the elimination of economic concessions under ASU 2022-02, the standard may result in modified loans being subject to the new disclosures that would have not been considered concessions and not treated as TDRs. When determining whether a debtor is experiencing financial difficulties, consideration is given to any known default on any of its debt or whether it is probable that the debtor would be in payment default in the foreseeable future without the modification. Other indicators of financial difficulty include whether the debtor has declared or is in the process of declaring bankruptcy, the debtor’s ability to continue as a going concern, or the debtor’s projected cash flow to service its debt (including principal & interest) in accordance with the contractual terms for the foreseeable future, without a modification. If the payment of principal at original maturity is primarily dependent on the value of collateral, the current value of that collateral is considered in determining whether the principal will be paid. The modification of a loan does not increase the allowance or provision for credit losses unless the loan is extended, or the loans are commercial loans that are individually evaluated for impairment, in which case a specific reserve is established pursuant to GAAP. Portfolio segment loss history is the primary factor for establishing the allowance for residential real estate, home equity and consumer MBEFDs. Non-accrual loans that are restructured remain on non-accrual, but may move to accrual status after they have performed according to the restructured terms for a period of time. MBEFDs on accrual status generally remain on accrual as long as they continue to perform in accordance with their modified terms. MBEFDs may also be placed on non-accrual if they do not perform in accordance with the restructured terms. Loans may be removed from MBEFD status after they have performed according to the renegotiated terms for a period of time. |
Recent accounting pronouncements | Recent accounting pronouncements— The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates (“ASU”) as noted below. ASU 2023-02 – Investments Equity Method and Joint Ventures (Topic 323) In March 2023, the FASB issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. ASU 2023-02 allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. The ASU’s amendments “remove the specialized guidance for [low-income-housing tax credit] investments that are not accounted for using the proportional amortization method and instead require that those LIHTC investments be accounted for using the guidance in other [GAAP].” For Wesbanco, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of this pronouncement is not expected to have a material impact on the Consolidated Financial Statements. ASU 2023-01 - Leases (Topic 842): Common Control Arrangements In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842): Common Control Arrangements. ASU 2023-01 amends certain provisions of ASC 842 that apply to arrangements between related parties under common control. Additionally, ASU 2023-01 amends the accounting for leasehold improvements in common-control arrangements for all entities. For Wesbanco, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted in any annual or interim period as of the beginning of the related fiscal year. The adoption of this pronouncement is not expected to have a material impact on the Consolidated Financial Statements. ASU 2022-04 Liabilities – Supplier Finance Programs (Sub-topic 405-50) In September 2022, the FASB issued ASU 2022-04, “Liabilities—Supplier Finance Programs (Subtopic 405-50).” The amendments in this ASU require that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. To achieve that objective, the buyer should disclose qualitative and quantitative information about its supplier finance programs. For Wesbanco, this update was effective beginning on January 1, 2023, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. The adoption of this full pronouncement is not expected to have a material impact on the Consolidated Financial Statements. ASU 2022-03 Fair Value Measurement (Topic 820) In June 2022, the FASB issued ASU 2022-03, "Fair Value Measurement (Topic 820).” The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security, and therefore, is not considered in measuring fair value. Furthermore, the amendments to this ASU clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The update to this ASU requires the following disclosures for equity securities: (1) The fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet; (2) The nature and remaining duration of the restriction(s) and; (3) The circumstances that could cause a lapse in the restriction(s). The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Wesbanco is currently assessing the impact of ASU 2022-03 on its Consolidated Financial Statements. ASU 2022-02 Financial Instruments - Credit Losses (Topic 326) In March 2022, the FASB issued ASU 2022-02, "Financial Instruments - Credit Losses (Topic 326)." The amendments in this ASU eliminate the accounting guidance for TDRs by creditors in Subtopic 310-40, "Receivables - Troubled Debt Restructurings by Creditors," while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity must apply the loan refinancing and restructuring guidance in paragraphs 310-20-35-9 through 35-11 to determine whether a modification results in a new loan or a continuation of an existing loan. In addition, for public business entities, the amendments in this Update require that an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, "Financial Instruments - Credit Losses - Measured at Amortized Cost." For Wesbanco, this update was effective beginning on January 1, 2023 . The adoption of this pronouncement did not have a material impact on the Consolidated Financial Statements. For the additional disclosure requirements in this ASU, please refer to Footnote 4, "Loans and the Allowance for Credit Losses." ASU 2020-04, ASU 2021-01 and ASU 2022-06 Reference Rate Reform (Topic 848) In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848).” This ASU provided temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, the transition away from the London Interbank Offered Rate ("LIBOR") or other reference rate expected to be discontinued on financial reporting. The ASU also provides optional expedients for contract modifications that replace a reference rate affected by reference rate reform. The guidance is effective as of March 12, 2020 through December 31, 2022, and can be adopted at any time during this period. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope.” This ASU refines the scope of Topic 848 and addresses questions about whether Topic 848 can be applied to derivative instruments that do not reference a rate that is expected to be discontinued, but that use an interest rate for margining, discounting or contract price alignment that is expected to be modified as a result of reference rate reform. ASU 2021-01 is effective upon issuance through December 31, 2024, and can be adopted at any time during this period. Wesbanco has not offered LIBOR for any new contracts after December 31, 2021 . Wesbanco has chosen the One Month Term Secured Overnight Financing Rate ("1M Term SOFR") as its alternative replacement rate for LIBOR on both back-to-back swaps and on one-month variable loans. A transition plan was implemented in 2021 to identify and modify Wesbanco's loans and other financial instruments with attributes that are either directly or indirectly influenced by LIBOR, and Wesbanco continues to assess the impact of adopting the new guidance on the consolidated financial statements on an ongoing basis, with no material impacts expected at this time. In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848.” In the Update, the Board decided to defer the sunset date of Topic 848 to December 31, 2024, to permit entities to apply the guidance in Topic 848 through the expected cessation date of USD LIBOR. In the Board’s view, that time frame would have been sufficient to provide flexibility for additional unforeseen changes to the timeline of USD LIBOR cessation and to accommodate global interbank offered rate (IBOR) transition. The update is not expected to have a material impact on Wesbanco’s Consolidated Financial Statements. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Earnings Per Common Share | Earnings per common share are calculated as follows: For the Three Months (unaudited, in thousands, except shares and per share amounts) 2023 2022 Numerator for both basic and diluted earnings per common share: Net income available to common shareholders $ 39,810 $ 41,593 Denominator: Total average basic common shares outstanding 59,217,711 61,445,399 Effect of dilutive stock options and other stock compensation 157,342 147,966 Total diluted average common shares outstanding 59,375,053 61,593,365 Earnings per common share - basic $ 0.67 $ 0.68 Earnings per common share - diluted $ 0.67 $ 0.68 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Value of Available-for-sale and Held-to-maturity Securities | The following table presents the fair value and amortized cost of available-for-sale and held-to-maturity debt securities: March 31, 2023 December 31, 2022 (unaudited, in thousands) Amortized Gross Gross Fair Amortized Gross Gross Fair Available-for-sale debt securities U.S. Government sponsored entities and agencies $ 253,728 $ — $ ( 30,293 ) $ 223,435 $ 259,418 $ 2 $ ( 33,450 ) $ 225,970 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 2,086,866 28 ( 268,644 ) 1,818,250 2,144,015 25 ( 297,987 ) 1,846,053 Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 332,800 3 ( 7,063 ) 325,740 359,811 — ( 10,080 ) 349,731 Obligations of states and political subdivisions 86,523 281 ( 3,014 ) 83,790 96,081 244 ( 4,097 ) 92,228 Corporate debt securities 14,954 — ( 173 ) 14,781 15,451 — ( 293 ) 15,158 Total available-for-sale debt securities $ 2,774,871 $ 312 $ ( 309,187 ) $ 2,465,996 $ 2,874,776 $ 271 $ ( 345,907 ) $ 2,529,140 Held-to-maturity debt securities U.S. Government sponsored entities and agencies $ 4,257 $ — $ ( 361 ) $ 3,896 $ 4,357 $ — $ ( 416 ) $ 3,941 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 44,054 — ( 3,251 ) 40,803 45,909 — ( 3,809 ) 42,100 Obligations of states and political subdivisions 1,170,586 1,421 ( 128,908 ) 1,043,099 1,177,986 577 ( 159,975 ) 1,018,588 Corporate debt securities 20,350 — ( 463 ) 19,887 20,377 — ( 616 ) 19,761 Total held-to-maturity debt securities (1) $ 1,239,247 $ 1,421 $ ( 132,983 ) $ 1,107,685 $ 1,248,629 $ 577 $ ( 164,816 ) $ 1,084,390 Total debt securities $ 4,014,118 $ 1,733 $ ( 442,170 ) $ 3,573,681 $ 4,123,405 $ 848 $ ( 510,723 ) $ 3,613,530 (1) Total held-to-maturity debt securities are presented on the balance sheet net of their allowance for credit losses totaling $ 0.2 million at March 31, 2023 and December 31, 2022 , respectively. |
Schedule of Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Securities by Contractual Maturity | The following table presents the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by contractual maturity date at March 31, 2023. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay debt obligations with or without prepayment penalties. Mortgage-backed securities and collateralized mortgage obligations are classified in the table below based on their contractual maturity date; however, regular principal payments and prepayments of principal are received on a monthly basis. (unaudited, in thousands) Amortized Cost Fair Value Available-for-sale debt securities Within one year $ 33,866 $ 33,574 After 1 year through 5 years 127,233 124,052 After 5 years through 10 years 421,089 402,959 After 10 years 2,192,683 1,905,411 Total available-for-sale debt securities $ 2,774,871 $ 2,465,996 Held-to-maturity debt securities Within one year $ 22,622 $ 22,573 After 1 year through 5 years 112,334 111,640 After 5 years through 10 years 396,064 375,084 After 10 years 708,227 598,388 Total held-to-maturity debt securities $ 1,239,247 $ 1,107,685 Total debt securities $ 4,014,118 $ 3,573,681 |
Schedule of Gross Realized Gains and Losses on the Sales and Calls of Securities | The following table presents the gross realized gains and losses on sales and calls of available-for-sale and held-to-maturity debt securities, as well as gains and losses on equity securities from both sales and market adjustments, for the three months ended March 31, 2023 and 2022, respectively. All gains and losses presented in the table below are included in the net securities gains (losses) line item of the income statement. For those equity securities relating to the key officer and director deferred compensation plan, the corresponding change in the obligation to the participant is recognized in employee benefits expense. For the Three Months (unaudited, in thousands) 2023 2022 Debt securities: Gross realized gains $ 64 $ 31 Gross realized losses ( 197 ) ( 2 ) Net (losses) gains on debt securities ( 133 ) 29 Equity securities: Net unrealized gains (losses) recognized on securities still held 278 ( 679 ) Net securities gains (losses) $ 145 $ ( 650 ) |
Schedule of Allowance for Credit Losses on Held-to-maturity Securities | The following table provides a roll-forward of the allowance for credit losses on held-to-maturity securities for the three months ended March 31, 2023 and 2022: Allowance for Credit Losses By Category For the Three Months Ended March 31, 2023 and 2022 Residential mortgage -backed securities and collateralized mortgage obligations Obligations of U.S. Government of government state and Corporate sponsored sponsored entities political debt (unaudited, in thousands) entities and agencies and agencies subdivisions Securities Total Balance at December 31, 2022 $ — $ — $ 167 $ 53 $ 220 Current period provision (1) — — ( 6 ) ( 2 ) ( 8 ) Write-offs — — — — — Recoveries — — — — — Balance at March 31, 2023 $ — $ — $ 161 $ 51 $ 212 . Balance at December 31, 2021 $ — $ — $ 174 $ 94 $ 268 Current period provision (1) — — ( 14 ) 31 17 Write-offs — — — — — Recoveries — — — — — Balance at March 31, 2022 $ — $ — $ 160 $ 125 $ 285 (1) The total provision for credit losses on held-to-maturity securities is reported in the consolidated statements of income in the provision for credit losses line item, which also includes the provision for credit losses - loans and loan commitments. For more information on the provision relating to loans and loan commitments, please see Footnote 4, "Loans and the Allowance for Credit Losses." |
Schedule of Unrealized Losses on Investment Securities | The following tables provide information on unrealized losses on available-for-sale debt securities that have been in an unrealized loss position for less than twelve months and twelve months or more, for which an allowance for credit losses has not been recorded, as of March 31, 2023 and December 31, 2022, respectively: March 31, 2023 Less than 12 months 12 months or more Total (unaudited, dollars in thousands) Fair Unrealized # of Fair Unrealized # of Fair Unrealized # of U.S. Government sponsored entities and agencies $ 28,638 $ ( 1,020 ) 20 $ 194,761 $ ( 29,273 ) 27 $ 223,399 $ ( 30,293 ) 47 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 164,019 ( 7,064 ) 85 1,651,930 ( 261,580 ) 403 1,815,949 ( 268,644 ) 488 Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 82,142 ( 1,129 ) 17 239,347 ( 5,934 ) 51 321,489 ( 7,063 ) 68 Obligations of state and political subdivisions 42,991 ( 603 ) 75 23,479 ( 2,411 ) 33 66,470 ( 3,014 ) 108 Corporate debt securities 4,879 ( 74 ) 1 6,901 ( 99 ) 5 11,780 ( 173 ) 6 Total $ 322,669 $ ( 9,890 ) 198 $ 2,116,418 $ ( 299,297 ) 519 $ 2,439,087 $ ( 309,187 ) 717 December 31, 2022 Less than 12 months 12 months or more Total (dollars in thousands) Fair Unrealized # of Fair Unrealized # of Fair Unrealized # of U.S. Government sponsored entities and agencies $ 107,011 $ ( 8,435 ) 35 $ 118,779 $ ( 25,015 ) 13 $ 225,790 $ ( 33,450 ) 48 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 514,789 ( 39,246 ) 294 1,328,906 ( 258,741 ) 202 1,843,695 ( 297,987 ) 496 Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 190,189 ( 5,106 ) 38 159,543 ( 4,974 ) 36 349,732 ( 10,080 ) 74 Obligations of states and political subdivisions 67,822 ( 1,815 ) 128 7,812 ( 2,282 ) 10 75,634 ( 4,097 ) 138 Corporate debt securities 7,225 ( 226 ) 3 4,433 ( 67 ) 3 11,658 ( 293 ) 6 Total $ 887,036 $ ( 54,828 ) 498 $ 1,619,473 $ ( 291,079 ) 264 $ 2,506,509 $ ( 345,907 ) 762 |
Loans and the Allowance for C_2
Loans and the Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Schedule of Recorded Investment in Loans by Category | The recorded investment in loans is presented in the Consolidated Balance Sheets net of deferred loan fees and costs, and discounts on purchased loans. Net deferred loan costs were $ 10.3 million and $ 9.6 million at March 31, 2023 and December 31, 2022 , respectively. The un-accreted discount on purchased loans from acquisitions was $ 16.7 million at March 31, 2023 and $ 18.0 million at December 31, 2022. March 31, December 31, (unaudited, in thousands) 2023 2022 Commercial real estate: Land and construction $ 731,173 $ 943,887 Improved property 5,466,671 5,117,457 Total commercial real estate 6,197,844 6,061,344 Commercial and industrial 1,519,808 1,579,395 Residential real estate 2,251,423 2,140,584 Home equity 692,001 695,065 Consumer 227,612 226,340 Total portfolio loans 10,888,688 10,702,728 Loans held for sale 12,722 8,249 Total loans $ 10,901,410 $ 10,710,977 |
Summary of Changes in Allowance for Credit Losses | The following tables summarize changes in the allowance for credit losses applicable to each category of the loan portfolio: Allowance for Credit Losses By Category For the Three Months Ended March 31, 2023 and 2022 (unaudited, in thousands) Commercial Commercial Commercial Residential Home Consumer Deposit Total Balance at December 31, 2022 Allowance for credit $ 6,737 $ 52,659 $ 31,540 $ 18,208 $ 4,234 $ 3,127 $ 1,285 $ 117,790 Allowance for credit 6,025 — — 2,215 128 — — 8,368 Total beginning allowance for credit 12,762 52,659 31,540 20,423 4,362 3,127 1,285 126,158 Provision for credit losses: Provision for loan losses ( 1,440 ) 2,508 ( 2,783 ) 4,407 141 97 ( 103 ) 2,827 Provision for loan commitments ( 51 ) — 797 ( 10 ) 23 — — 759 Total provision for credit ( 1,491 ) 2,508 ( 1,986 ) 4,397 164 97 ( 103 ) 3,586 Charge-offs ( 222 ) ( 1,355 ) ( 320 ) 13 ( 258 ) ( 776 ) ( 401 ) ( 3,319 ) Recoveries 73 276 134 75 80 622 140 1,400 Net (charge-offs) recoveries ( 149 ) ( 1,079 ) ( 186 ) 88 ( 178 ) ( 154 ) ( 261 ) ( 1,919 ) Balance at March 31, 2023 Allowance for credit 5,148 54,088 28,571 22,703 4,197 3,070 921 118,698 Allowance for credit 5,974 — 797 2,205 151 — — 9,127 Total ending allowance for credit $ 11,122 $ 54,088 $ 29,368 $ 24,908 $ 4,348 $ 3,070 $ 921 $ 127,825 Balance at December 31, 2021 Allowance for credit $ 7,310 $ 65,355 $ 26,875 $ 15,401 $ 724 $ 3,737 $ 2,220 $ 121,622 Allowance for credit 4,180 201 1,497 1,576 49 272 — 7,775 Total beginning allowance for credit 11,490 65,556 28,372 16,977 773 4,009 2,220 129,397 Provision for credit losses: Provision for loan losses 243 ( 469 ) ( 1,468 ) ( 1,737 ) ( 102 ) 69 ( 266 ) ( 3,730 ) Provision for loan commitments 751 119 ( 827 ) 164 9 59 — 275 Total provision for credit 994 ( 350 ) ( 2,295 ) ( 1,573 ) ( 93 ) 128 ( 266 ) ( 3,455 ) Charge-offs — ( 137 ) ( 208 ) ( 142 ) ( 86 ) ( 787 ) ( 435 ) ( 1,795 ) Recoveries 25 260 336 192 139 727 89 1,768 Net (charge-offs) recoveries 25 123 128 50 53 ( 60 ) ( 346 ) ( 27 ) Balance at March 31, 2022 Allowance for credit 7,578 65,009 25,535 13,714 675 3,746 1,608 117,865 Allowance for credit 4,931 320 670 1,740 58 331 — 8,050 Total ending allowance for credit $ 12,509 $ 65,329 $ 26,205 $ 15,454 $ 733 $ 4,077 $ 1,608 $ 125,915 (1) Deposit overdrafts of $ 3.6 million and $ 4.2 million are included in total portfolio loans for the periods ending March 31, 2023 and March 31, 2022, respectively. (2) The total provision for credit losses - loans and loan commitments is reported in the consolidated statements of income in the provision for credit losses line item, which also includes the provision for credit losses on held-to-maturity securities. For more information on the provision relating to held-to-maturity securities, please see Footnote 3, "Securities." |
Allowance for Credit Losses and Recorded Investments in Loans | The following tables present the allowance for credit losses and recorded investments in loans by category, as of each period-end: Allowance for Credit Losses and Recorded Investment in Loans (unaudited, in thousands) Commercial Commercial Commercial Residential Home Consumer Deposit Total March 31, 2023 Allowance for credit losses: Loans individually-evaluated $ — $ 2,187 $ 120 $ — $ — $ — $ — $ 2,307 Loans collectively-evaluated 5,148 51,901 28,451 22,703 4,197 3,070 921 116,391 Loan commitments (2) 5,974 — 797 2,205 151 — — 9,127 Total allowance for credit $ 11,122 $ 54,088 $ 29,368 $ 24,908 $ 4,348 $ 3,070 $ 921 $ 127,825 Portfolio loans: Individually-evaluated for credit $ — $ 27,404 $ 358 $ — $ — $ — $ — $ 27,762 Collectively-evaluated for credit 731,173 5,439,267 1,519,450 2,251,423 692,001 227,612 — 10,860,926 Total portfolio loans $ 731,173 $ 5,466,671 $ 1,519,808 $ 2,251,423 $ 692,001 $ 227,612 $ — $ 10,888,688 December 31, 2022 Allowance for credit losses: Loans individually-evaluated $ — $ 2,988 $ 130 $ — $ — $ — $ — $ 3,118 Loans collectively-evaluated 6,737 49,671 31,410 18,208 4,234 3,127 1,285 114,672 Loan commitments (2) 6,025 — — 2,215 128 — — 8,368 Total allowance for credit $ 12,762 $ 52,659 $ 31,540 $ 20,423 $ 4,362 $ 3,127 $ 1,285 $ 126,158 Portfolio loans: Individually-evaluated for credit $ 24,629 $ 25,369 $ 401 $ — $ — $ — $ — $ 50,399 Collectively-evaluated for credit 919,258 5,092,088 1,578,994 2,140,584 695,065 226,340 — 10,652,329 Total portfolio loans $ 943,887 $ 5,117,457 $ 1,579,395 $ 2,140,584 $ 695,065 $ 226,340 $ — $ 10,702,728 (1) Deposit overdrafts of $ 3.6 million and $ 4.4 million are included in total portfolio loans for the periods ending March 31, 2023 and December 31, 2022, respectively. (2) For additional detail relating to loan commitments, see Footnote 10, "Commitments and Contingent Liabilities." |
Summary of Commercial Loans by Risk Grade | The following tables summarize commercial loans by their assigned risk grade: Commercial Loans by Internally Assigned Risk Grade (unaudited, in thousands) Commercial Commercial Commercial Total As of March 31, 2023 Pass $ 723,743 $ 5,339,116 $ 1,480,963 $ 7,543,822 Criticized - compromised 1,418 83,280 31,910 116,608 Classified - substandard 6,012 44,275 6,935 57,222 Classified - doubtful — — — — Total $ 731,173 $ 5,466,671 $ 1,519,808 $ 7,717,652 As of December 31, 2022 Pass $ 911,804 $ 4,940,135 $ 1,538,300 $ 7,390,239 Criticized - compromised 1,329 121,393 25,223 147,945 Classified - substandard 30,754 55,929 15,872 102,555 Classified - doubtful — — — — Total $ 943,887 $ 5,117,457 $ 1,579,395 $ 7,640,739 |
Summary of Age Analysis of Loan Categories | The following tables summarize the age analysis of all categories of loans: Age Analysis of Loans (unaudited, in thousands) Current 30-59 60-89 90 Days Total Total 90 Days Due and As of March 31, 2023 Commercial real estate: Land and construction $ 731,005 $ 12 $ 156 $ — $ 168 $ 731,173 $ — Improved property 5,452,908 969 320 12,474 13,763 5,466,671 1,295 Total commercial real estate 6,183,913 981 476 12,474 13,931 6,197,844 1,295 Commercial and industrial 1,515,351 652 1,204 2,601 4,457 1,519,808 645 Residential real estate 2,241,922 2,813 1,865 4,823 9,501 2,251,423 982 Home equity 684,047 2,727 1,251 3,976 7,954 692,001 1,154 Consumer 224,238 2,262 577 535 3,374 227,612 494 Total portfolio loans 10,849,471 9,435 5,373 24,409 39,217 10,888,688 4,570 Loans held for sale 12,722 — — — — 12,722 — Total loans $ 10,862,193 $ 9,435 $ 5,373 $ 24,409 $ 39,217 $ 10,901,410 $ 4,570 Nonperforming loans included above are as follows: Non-accrual loans $ 17,489 $ 519 $ 1,369 $ 19,839 $ 21,727 $ 39,216 As of December 31, 2022 Commercial real estate: Land and construction $ 942,236 $ — $ 910 $ 741 $ 1,651 $ 943,887 $ 629 Improved property 5,099,342 2,147 331 15,637 18,115 5,117,457 84 Total commercial real estate 6,041,578 2,147 1,241 16,378 19,766 6,061,344 713 Commercial and industrial 1,574,311 1,427 519 3,138 5,084 1,579,395 1,586 Residential real estate 2,129,095 853 3,536 7,100 11,489 2,140,584 1,551 Home equity 686,762 3,885 621 3,797 8,303 695,065 1,063 Consumer 222,153 2,910 704 573 4,187 226,340 530 Total portfolio loans 10,653,899 11,222 6,621 30,986 48,829 10,702,728 5,443 Loans held for sale 8,249 — — — — 8,249 — Total loans $ 10,662,148 $ 11,222 $ 6,621 $ 30,986 $ 48,829 $ 10,710,977 $ 5,443 Nonperforming loans included above are as follows: Non-accrual loans $ 10,337 $ 1,495 $ 870 $ 25,483 $ 27,848 $ 38,185 TDRs accruing interest 3,131 7 32 60 99 3,230 Total nonperforming loans $ 13,468 $ 1,502 $ 902 $ 25,543 $ 27,947 $ 41,415 (1) For the table presented as of December 31, 2022, loans 90 days or more past due and accruing interest exclude TDRs 90 days or more past due and accruing interest. |
Summary of Nonperforming Loans | The following tables summarize nonperforming loans: Nonperforming Loans March 31, 2023 December 31, 2022 Unpaid Unpaid Principal Recorded Related Principal Recorded Related (unaudited, in thousands) Balance (1) Investment Allowance Balance (1) Investment Allowance With no related specific allowance recorded: Commercial real estate: Land and construction $ — $ — $ — $ 112 $ 112 $ — Improved property 20,789 18,200 — 18,367 16,601 — Commercial and industrial 4,284 3,209 — 4,102 3,112 — Residential real estate 17,894 12,837 — 21,084 16,057 — Home equity 6,517 4,861 — 6,970 5,374 — Consumer 201 109 — 316 159 — Total nonperforming loans without a specific allowance 49,685 39,216 — 50,951 41,415 — Total nonperforming loans with a specific allowance — — — — — — Total nonperforming loans $ 49,685 $ 39,216 $ — $ 50,951 $ 41,415 $ — (1) The difference between the unpaid principal balance and the recorded investment generally reflects amounts that have been previously charged-off and fair market value adjustments on acquired nonperforming loans. Nonperforming Loans For the Three Months Ended March 31, 2023 March 31, 2022 Average Interest Average Interest Recorded Income Recorded Income (unaudited, in thousands) Investment Recognized Investment Recognized With no related specific allowance recorded: Commercial real estate: Land and construction $ 56 $ — $ 114 $ — Improved property 17,401 — 7,924 — Commercial and industrial 3,161 — 5,018 — Residential real estate 14,447 — 19,187 — Home equity 5,118 — 5,513 — Consumer 134 — 541 — Total nonperforming loans without a specific allowance 40,317 — 38,296 — With a specific allowance recorded: Commercial real estate: Land and construction — — — — Improved property — — — — Total nonperforming loans with a specific allowance — — — — Total nonperforming loans $ 40,317 $ — $ 38,296 $ — |
Recorded Investment in Non-Accrual Loans | The following table presents the recorded investment in non-accrual loans: Non-accrual Loans (1) March 31, December 31, (unaudited, in thousands) 2023 2022 Commercial real estate: Land and construction $ — $ 112 Improved property 18,200 16,254 Total commercial real estate 18,200 16,366 Commercial and industrial 3,209 2,946 Residential real estate 12,837 13,695 Home equity 4,861 5,044 Consumer 109 134 Total $ 39,216 $ 38,185 (1) At March 31, 2023 , there were three borrowers with a loan balance greater than $ 1.0 million, which totaled $ 13.4 million, as compared to three borrowers with a loan balance greater than $ 1.0 million totaling $ 11.8 million at December 31, 2022 . Total non-accrual loans include loans that are also restructured for borrowers experiencing financial difficulty or were previously designated as TDRs prior to the adoption of ASU 2022-02. Such loans are also set forth in the following tables. |
Summary of Details of Portfolio Loans Modified by Loan Category | The following table displays the details of portfolio loans that were modified during the three months ended March 31, 2023 presented by loan category: For the Three Months Ended March 31, 2023 (unaudited, in thousands) Commercial Commercial Commercial Residential Home Consumer Total Term extension $ 6,000 $ 3,738 $ 6,843 $ — $ 8 $ — $ 16,589 Payment delay — — — 101 283 34 418 Total $ 6,000 $ 3,738 $ 6,843 $ 101 $ 291 $ 34 $ 17,007 Percentage of total by loan category 0.8 % 0.1 % 0.5 % 0.0 % 0.0 % 0.0 % 0.2 % Unfunded loan commitments on modifications for borrowers experiencing financial difficulty (MBEFDs) totaled $ 2.8 million at March 31, 2023 . These commitments are not included in the table above. |
Summary of Financial Impacts of Loan Modifications and Payment Deferrals to Portfolio Loans | The following table summarizes the financial impacts of loan modifications and payment deferrals made to portfolio loans during the three months ended March 31, 2023, presented by loan category: For the Three Months Ended March 31, 2023 (unaudited, in thousands) Weighted-Average Commercial real estate - land and construction 3 Commercial real estate - improved property 34 Commercial and industrial 4 Residential real estate — Home equity 120 Consumer — |
Summary of Aging Analysis of Portfolio Loans Restructured | The following table presents an aging analysis of portfolio loans that were modified on or after January 1, 2023, the date that Wesbanco adopted ASU 2022-02, by loan category: March 31, 2023 (unaudited, in thousands) 30-59 Days 60-89 Days 90 Days Total Current Total Commercial real estate - land and construction $ — $ — $ — $ — $ 6,000 $ 6,000 Commercial real estate - improved property — — — — 3,738 3,738 Commercial and industrial — — — — 6,843 6,843 Residential real estate — — — — 101 101 Home equity — — 41 41 250 291 Consumer — 2 20 22 12 34 Total modified loans (1) $ — $ 2 $ 61 $ 63 $ 16,944 $ 17,007 (1) Represents balance at period end. |
Loans Identified as TDRs | The following table presents details related to loans identified as TDRs during the three months ended March 31, 2022: New TDRs (1) For the Three Months Ended March 31, 2022 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded (unaudited, dollars in thousands) Modifications Investment Investment Commercial real estate: Land and construction 1 $ 84 $ 82 Improved property — — — Total commercial real estate 1 84 82 Commercial and industrial — — — Residential real estate — — — Home equity — — — Consumer — — — Total 1 $ 84 $ 82 (1) Excludes loans that were either paid off or charged-off by period end. The pre-modification balance represents the balance outstanding at the beginning of the period. The post-modification balance represents the outstanding balance at period end. |
Summary of Amortized Cost Basis Loan Balances by Year of Origination and Credit Quality Indicator | The following tables summarize amortized cost basis loan balances by year of origination and credit quality indicator: Loans As of March 31, 2023 Amortized Cost Basis by Origination Year (unaudited, in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Commercial real estate: land and construction Risk rating: Pass $ 28,394 $ 185,370 $ 117,088 $ 62,435 $ 59,989 $ 53,001 $ 127,485 $ 89,981 $ 723,743 Criticized - compromised — 682 263 — — 23 — 450 1,418 Classified - substandard — — — — — 12 — 6,000 6,012 Classified - doubtful — — — — — — — — — Total $ 28,394 $ 186,052 $ 117,351 $ 62,435 $ 59,989 $ 53,036 $ 127,485 $ 96,431 $ 731,173 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ 222 $ 222 Commercial real estate: improved property Risk rating: Pass $ 204,285 $ 1,119,940 $ 633,573 $ 614,763 $ 590,097 $ 1,944,864 $ 72,686 $ 158,908 $ 5,339,116 Criticized - compromised — 297 345 4,378 5,982 71,153 1,035 90 83,280 Classified - substandard — — 349 378 12,866 30,648 34 — 44,275 Classified - doubtful — — — — — — — — — Total $ 204,285 $ 1,120,237 $ 634,267 $ 619,519 $ 608,945 $ 2,046,665 $ 73,755 $ 158,998 $ 5,466,671 Current-period gross charge-offs $ — $ — $ — $ — $ — $ 1,355 $ — $ — $ 1,355 Commercial and industrial Risk rating: Pass $ 43,539 $ 264,804 $ 176,352 $ 110,159 $ 61,300 $ 319,840 $ 477,953 $ 27,016 $ 1,480,963 Criticized - compromised — 786 1,181 237 7,701 1,896 9,035 11,074 31,910 Classified - substandard — 233 348 134 1,302 2,555 883 1,480 6,935 Classified - doubtful — — — — — — — — — Total $ 43,539 $ 265,823 $ 177,881 $ 110,530 $ 70,303 $ 324,291 $ 487,871 $ 39,570 $ 1,519,808 Current-period gross charge-offs $ — $ 38 $ 40 $ 43 $ — $ 199 $ — $ — $ 320 Residential real estate Loan delinquency: Current $ 84,647 $ 562,677 $ 513,059 $ 196,495 $ 94,825 $ 512,517 $ — $ 277,702 $ 2,241,922 30-59 days past due — — 772 347 — 1,694 — — 2,813 60-89 days past due — — — — 567 1,298 — — 1,865 90 days or more past due — — — — 350 4,434 — 39 4,823 Total $ 84,647 $ 562,677 $ 513,831 $ 196,842 $ 95,742 $ 519,943 $ — $ 277,741 $ 2,251,423 Current-period gross charge-offs $ — $ — $ — $ — $ — $ ( 13 ) $ — $ — $ ( 13 ) Home equity Loan delinquency: Current $ 10,384 $ 1,004 $ 1,620 $ 1,703 $ 1,882 $ 25,148 $ 641,325 $ 981 $ 684,047 30-59 days past due — 68 110 253 — 484 1,812 — 2,727 60-89 days past due — 5 15 — 28 1,203 — — 1,251 90 days or more past due — 281 — 508 215 2,543 — 429 3,976 Total $ 10,384 $ 1,358 $ 1,745 $ 2,464 $ 2,125 $ 29,378 $ 643,137 $ 1,410 $ 692,001 Current-period gross charge-offs $ — $ — $ — $ — $ 9 $ 249 $ — $ — $ 258 Consumer Loan delinquency: Current $ 28,381 $ 77,337 $ 32,445 $ 21,331 $ 21,232 $ 20,872 $ 22,610 $ 30 $ 224,238 30-59 days past due — 1,169 571 310 83 120 9 — 2,262 60-89 days past due — 190 179 144 21 43 — — 577 90 days or more past due — 227 95 89 — 124 — — 535 Total $ 28,381 $ 78,923 $ 33,290 $ 21,874 $ 21,336 $ 21,159 $ 22,619 $ 30 $ 227,612 Current-period gross charge-offs $ — $ 293 $ 335 $ 48 $ 44 $ 56 $ — $ — $ 776 Loans As of December 31, 2022 Amortized Cost Basis by Origination Year (unaudited, in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Commercial real estate: land and construction Risk rating: Pass $ 159,769 $ 136,131 $ 138,171 $ 155,141 $ 61,823 $ 51,381 $ 117,237 $ 92,151 $ 911,804 Criticized - compromised 559 265 — — 24 31 — 450 1,329 Classified - substandard — — 6,001 — — 124 — 24,629 30,754 Classified - doubtful — — — — — — — — — Total $ 160,328 $ 136,396 $ 144,172 $ 155,141 $ 61,847 $ 51,536 $ 117,237 $ 117,230 $ 943,887 Current-period gross charge-offs $ — $ — $ — $ — $ 73 $ — $ — $ — $ 73 Commercial real estate: improved property Risk rating: Pass $ 1,082,984 $ 620,205 $ 613,663 $ 528,004 $ 371,880 $ 1,551,478 $ 72,327 $ 99,594 $ 4,940,135 Criticized - compromised 10,554 354 2,877 7,659 13,551 85,332 1,066 — 121,393 Classified - substandard — 658 275 15,489 9,761 29,712 34 — 55,929 Classified - doubtful — — — — — — — — — Total $ 1,093,538 $ 621,217 $ 616,815 $ 551,152 $ 395,192 $ 1,666,522 $ 73,427 $ 99,594 $ 5,117,457 Current-period gross charge-offs $ — $ — $ 128 $ 100 $ 3 $ 564 $ — $ — $ 795 Commercial and industrial Risk rating: Pass $ 280,510 $ 184,805 $ 116,890 $ 72,142 $ 103,660 $ 232,062 $ 526,025 $ 22,206 $ 1,538,300 Criticized - compromised 917 1,192 270 8,278 264 2,524 7,654 4,124 25,223 Classified - substandard 93 3,209 976 2,157 97 2,854 1,066 5,420 15,872 Classified - doubtful — — — — — — — — — Total $ 281,520 $ 189,206 $ 118,136 $ 82,577 $ 104,021 $ 237,440 $ 534,745 $ 31,750 $ 1,579,395 Current-period gross charge-offs $ — $ 16 $ 234 $ 275 $ 70 $ 182 $ — $ 291 $ 1,068 Residential real estate Loan delinquency: Current $ 541,659 $ 556,928 $ 211,496 $ 97,160 $ 52,135 $ 478,977 $ — $ 190,740 $ 2,129,095 30-59 days past due — — — — — 853 — — 853 60-89 days past due — 442 349 65 — 2,680 — — 3,536 90 days or more past due — — — 285 119 6,654 — 42 7,100 Total $ 541,659 $ 557,370 $ 211,845 $ 97,510 $ 52,254 $ 489,164 $ — $ 190,782 $ 2,140,584 Current-period gross charge-offs $ — $ — $ — $ — $ 6 $ 494 $ — $ — $ 500 Home equity Loan delinquency: Current $ 10,718 $ 1,459 $ 1,133 $ 1,774 $ 1,088 $ 25,203 $ 644,430 $ 957 $ 686,762 30-59 days past due 80 61 180 67 34 1,165 2,260 38 3,885 60-89 days past due — 15 — 50 88 458 — 10 621 90 days or more past due — — 572 93 257 2,425 16 434 3,797 Total $ 10,798 $ 1,535 $ 1,885 $ 1,984 $ 1,467 $ 29,251 $ 646,706 $ 1,439 $ 695,065 Current-period gross charge-offs $ — $ — $ — $ — $ — $ 310 $ — $ 48 $ 358 Consumer Loan delinquency: Current $ 84,817 $ 36,123 $ 25,071 $ 25,535 $ 8,488 $ 16,337 $ 25,755 $ 27 $ 222,153 30-59 days past due 980 937 488 159 98 217 31 — 2,910 60-89 days past due 184 293 94 47 29 57 — — 704 90 days or more past due 183 208 69 32 2 79 — — 573 Total $ 86,164 $ 37,561 $ 25,722 $ 25,773 $ 8,617 $ 16,690 $ 25,786 $ 27 $ 226,340 Current-period gross charge-offs $ 769 $ 1,237 $ 624 $ 333 $ 186 $ 326 $ — $ 1 $ 3,476 |
Summary of Other Real Estate Owned and Repossessed Assets | The following table summarizes other real estate owned and repossessed assets included in other assets: March 31, December 31, (unaudited, in thousands) 2023 2022 Other real estate owned $ 1,475 $ 1,397 Repossessed assets 79 89 Total other real estate owned and repossessed assets $ 1,554 $ 1,486 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Fair Values of Derivative Instruments on Balance Sheets | The table below presents the fair value of Wesbanco’s derivative financial instruments as well as their classification on the Balance Sheet as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 (unaudited, in thousands) Notional or Asset Liability Notional or Asset Liability Derivatives Loan Swaps: Interest rate swaps and caps $ 1,074,644 $ 65,789 $ 65,668 $ 936,834 $ 75,840 $ 74,683 Other contracts: Interest rate lock commitments 26,582 144 — 10,071 — 43 Forward TBA contracts 40,000 — 148 14,500 53 — Total derivatives $ 65,933 $ 65,816 $ 75,893 $ 74,726 |
Summary of Effect of Derivative Instruments on Income Statement | The table below presents the change in the fair value of the Company’s derivative financial instruments reflected within non-interest income on the consolidated income statement for the three months ended March 31, 2023 and 2022, respectively. For the Three Months (unaudited, in thousands) Location of Gain/(Loss) 2023 2022 Interest rate swaps and caps Other income $ ( 1,039 ) $ 1,461 Interest rate lock commitments Mortgage banking income 187 ( 318 ) Forward TBA contracts Mortgage banking income ( 189 ) 1,443 Total $ ( 1,041 ) $ 2,586 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Pension Plan | The following table presents the net periodic pension income for Wesbanco’s Defined Benefit Pension Plan (the “Plan”) and the related components: For the Three Months (unaudited, in thousands) 2023 2022 Service cost – benefits earned during year $ 350 $ 540 Interest cost on projected benefit obligation 1,554 1,013 Expected return on plan assets ( 2,750 ) ( 2,853 ) Amortization of prior service cost ( 9 ) ( 8 ) Amortization of net loss 223 125 Net periodic pension income $ ( 632 ) $ ( 1,183 ) |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets and Liabilities Measured on Recurring and Nonrecurring Basis | The fair value amounts presented in the table below are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. The following tables set forth Wesbanco’s financial assets and liabilities that were accounted for at fair value on a recurring and nonrecurring basis by level within the fair value hierarchy as of March 31, 2023 and December 31, 2022: March 31, 2023 Fair Value Measurements Using: March 31, Quoted Prices in Significant Significant (unaudited, in thousands) 2023 (level 1) (level 2) (level 3) Recurring fair value measurements Equity securities $ 11,843 $ 11,843 $ — $ — Available-for-sale debt securities U.S. Government sponsored entities and agencies 223,435 — 223,435 — Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 1,818,250 — 1,818,250 — Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 325,740 — 325,740 — Obligations of states and political subdivisions 83,790 — 82,596 1,194 Corporate debt securities 14,781 — 14,781 — Total available-for-sale debt securities $ 2,465,996 $ — $ 2,464,802 $ 1,194 Loans held for sale 12,722 — 12,722 — Other assets - interest rate swaps 65,789 — 65,789 — Total assets recurring fair value measurements $ 2,556,350 $ 11,843 $ 2,543,313 $ 1,194 Other liabilities - interest rate swaps $ 65,668 $ — $ 65,668 $ — Total liabilities recurring fair value measurements $ 65,668 $ — $ 65,668 $ — Nonrecurring fair value measurements Collateral dependent loans $ — $ — $ — $ — Other real estate owned and repossessed assets 1,554 — — 1,554 Total nonrecurring fair value measurements $ 1,554 $ — $ — $ 1,554 December 31, 2022 Fair Value Measurements Using: December 31, Quoted Prices in Significant Significant (in thousands) 2022 (level 1) (level 2) (level 3) Recurring fair value measurements Equity securities $ 11,506 $ 11,506 $ — $ — Available-for-sale debt securities U.S. Government sponsored entities and agencies 225,970 — 225,970 — Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 1,846,053 — 1,846,053 — Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 349,731 — 349,731 — Obligations of states and political subdivisions 92,228 — 91,049 1,179 Corporate debt securities 15,158 — 15,158 — Total available-for-sale debt securities $ 2,529,140 $ — $ 2,527,961 $ 1,179 Loans held for sale 8,249 — 8,249 — Other assets - interest rate swaps 75,840 — 75,840 — Total assets recurring fair value measurements $ 2,624,735 $ 11,506 $ 2,612,050 $ 1,179 Other liabilities - interest rate swaps $ 74,683 $ — $ 74,683 $ — Total liabilities recurring fair value measurements $ 74,683 $ — $ 74,683 $ — Nonrecurring fair value measurements Collateral dependent loans $ 878 $ — $ — $ 878 Other real estate owned and repossessed assets 1,486 — — 1,486 Total nonrecurring fair value measurements $ 2,364 $ — $ — $ 2,364 |
Schedule of Assets Measured at Fair Value on Nonrecurring Basis | The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Wesbanco has utilized level 3 inputs to determine fair value: Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Unobservable Range (Weighted (unaudited, in thousands) Estimate Techniques Input Average) March 31, 2023 Collateral dependent loans $ — Appraisal of collateral (1) Appraisal adjustments (2) ( 0.0 %)/( 0.0 %) Liquidation expenses (2) ( 0.0 %)/( 0.0 %) Other real estate owned and repossessed assets $ 1,554 Appraisal of collateral (1), (3) December 31, 2022 Collateral dependent loans $ 878 Appraisal of collateral (1) Appraisal adjustments (2) ( 0.0 %)/( 0.0 %) Liquidation expenses (2) ( 8.0 %)/( 8.0 %) Other real estate owned and repossessed assets $ 1,486 Appraisal of collateral (1), (3) (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs, which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of appraisal adjustments and liquidation expense are presented as a percent of the appraisal. (3) Includes estimated liquidation expenses and numerous dissimilar qualitative adjustments by management, which are not identifiable. |
Estimates Fair Values of Financial Instruments | The estimated fair values of Wesbanco’s financial instruments are summarized below: Fair Value Measurements at March 31, 2023 Carrying Fair Value Quoted Prices in Significant Significant (unaudited, in thousands) Amount Estimate (level 1) (level 2) (level 3) Financial Assets Cash and due from banks $ 597,503 $ 597,503 $ 597,503 $ — $ — Equity securities 11,843 11,843 11,843 — — Available-for-sale debt securities 2,465,996 2,465,996 — 2,464,802 1,194 Net held-to-maturity debt securities 1,239,035 1,107,685 — 1,107,364 321 Net loans 10,769,990 10,569,333 — — 10,569,333 Loans held for sale 12,722 12,722 — 12,722 — Other assets - interest rate swaps 65,789 65,789 — 65,789 — Accrued interest receivable 69,232 69,232 69,232 — — Financial Liabilities Deposits 12,873,196 12,865,332 11,989,050 876,282 — Federal Home Loan Bank borrowings 1,280,000 1,281,186 — 1,281,186 — Other borrowings 111,176 102,947 102,947 — — Subordinated debt and junior subordinated debt 281,629 260,525 — 260,525 — Other liabilities - interest rate swaps 65,668 65,668 — 65,668 — Accrued interest payable 7,669 7,669 7,669 — — Fair Value Measurements at December 31, 2022 Carrying Fair Value Quoted Prices in Significant Significant (in thousands) Amount Estimate (level 1) (level 2) (level 3) Financial Assets Cash and due from banks $ 408,411 $ 408,411 $ 408,411 $ — $ — Equity securities 11,506 11,506 11,506 — — Available-for-sale debt securities 2,529,140 2,529,140 — 2,527,961 1,179 Net held-to-maturity debt securities 1,248,409 1,084,390 — 1,084,071 319 Net loans 10,584,938 9,487,038 — — 9,487,038 Loans held for sale 8,249 8,249 — 8,249 — Other assets - interest rate swaps 75,840 75,840 — 75,840 — Accrued interest receivable 68,522 68,522 68,522 — — Financial Liabilities Deposits 13,131,090 13,142,943 12,245,272 897,671 — Federal Home Loan Bank borrowings 705,000 705,094 — 705,094 — Other borrowings 135,069 122,926 122,926 — — Subordinated debt and junior subordinated debt 281,404 258,631 — 258,631 — Other liabilities - interest rate swaps 74,683 74,683 — 74,683 — Accrued interest payable 4,593 4,593 4,593 — — |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue Recognition [Abstract] | |
Summary of Revenue Recognition | The following table summarizes the point of revenue recognition and the income recognized for each of the revenue streams for the three months ended March 31, 2023 and 2022, respectively: Point of Revenue For the Three Months (unaudited, in thousands) Recognition 2023 2022 Revenue Streams Trust fees Trust account fees Over time $ 5,605 $ 5,542 WesMark fees Over time 1,889 2,293 Total trust fees 7,494 7,835 Service charges on deposits Commercial banking fees Over time 609 568 Personal service charges At a point in time and over time 5,561 5,522 Total service charges on deposits 6,170 6,090 Net securities brokerage revenue Annuity commissions At a point in time 2,046 1,582 Equity and debt security trades At a point in time — 57 Managed money Over time 283 327 Trail commissions Over time 247 254 Total net securities brokerage revenue 2,576 2,220 Payment processing fees (1) At a point in time and over time 871 741 Electronic banking fees At a point in time 4,605 5,345 Mortgage banking income At a point in time 426 1,923 Net gain (loss) on other real estate owned and other assets (2) At a point in time and over time 232 ( 806 ) (1) Included in other non-interest income. (2) The portion of this line item relating to the change in the fair value of the underlying investments funded by Wesbanco CDC is not within the scope of ASC 606. There were no gains or losses recorded in the current period; however, losses of $ 1.2 million were recorded for the three months ended March 31, 2022. |
Comprehensive Income_(Loss) (Ta
Comprehensive Income/(Loss) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The activity in accumulated other comprehensive income/(loss) for the three months ended March 31, 2023 and 2022 is as follows: Accumulated Other Comprehensive Income/(Loss) (1) (unaudited, in thousands) Defined Unrealized Total Balance at December 31, 2022 $ ( 535 ) $ ( 261,881 ) $ ( 262,416 ) Other comprehensive loss before reclassifications — 27,828 27,828 Amounts reclassified from accumulated other comprehensive loss 75 114 189 Period change 75 27,942 28,017 Balance at March 31, 2023 $ ( 460 ) $ ( 233,939 ) $ ( 234,399 ) Balance at December 31, 2021 $ ( 398 ) $ ( 4,722 ) $ ( 5,120 ) Other comprehensive loss before reclassifications — ( 106,247 ) ( 106,247 ) Amounts reclassified from accumulated other comprehensive loss 54 1 55 Period change 54 ( 106,246 ) ( 106,192 ) Balance at March 31, 2022 $ ( 344 ) $ ( 110,968 ) $ ( 111,312 ) (1) All amounts are net of tax. Related income tax expense or benefit is calculated using a combined Federal and State income tax rate approximating 24 % in both periods presented. |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income | The following table provides details about amounts reclassified from accumulated other comprehensive income for the three months ended March 31, 2023 and 2022: Details about Accumulated Other Comprehensive For the Three Months Affected Line Item in the Statement (unaudited, in thousands) 2023 2022 Debt securities available-for-sale (1) : Net securities losses reclassified into earnings $ 151 $ 2 Net securities gains (Non-interest income) Related income tax benefit ⁽²⁾ ( 37 ) ( 1 ) Provision for income taxes Net effect on accumulated other comprehensive 114 1 Defined benefit plans (3) : Amortization of net loss and prior service costs 98 72 Employee benefits (Non-interest expense) Related income tax benefit ⁽²⁾ ( 23 ) ( 18 ) Provision for income taxes Net effect on accumulated other comprehensive 75 54 Total reclassifications for the period $ 189 $ 55 (1) For additional detail related to unrealized gains on securities and related amounts reclassified from accumulated other comprehensive income, see Note 3, “Securities.” (2) Income tax expense or benefit is calculated using a combined Federal and State income tax rate approximating 24 % in both periods presented. (3) Included in the computation of net periodic pension cost. See Note 6, “Benefit Plans” for additional detail. |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments to Extend Credit, Guarantees and Various Letters of Credit Outstanding | The following table presents total commitments to extend credit, guarantees and various letters of credit outstanding: March 31, December 31, (unaudited, in thousands) 2023 2022 Lines of credit $ 3,938,353 $ 3,806,398 Loans approved but not closed 548,801 398,204 Overdraft limits 391,322 380,143 Letters of credit 32,317 30,362 Contingent obligations and other guarantees 21,682 30,782 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Financial Information by Business Segment | Condensed financial information by business segment is presented below: Trust and Community Investment (unaudited, in thousands) Banking Services Consolidated For The Three Months Ended March 31, 2023 Interest and dividend income $ 160,555 $ — $ 160,555 Interest expense 36,223 — 36,223 Net interest income 124,332 — 124,332 Provision for credit losses 3,577 — 3,577 Net interest income after provision for credit losses 120,755 — 120,755 Non-interest income 20,159 7,494 27,653 Non-interest expense 91,617 4,508 96,125 Income before provision for income taxes 49,297 2,986 52,283 Provision for income taxes 9,315 627 9,942 Net income 39,982 2,359 42,341 Preferred stock dividends 2,531 — 2,531 Net income available to common shareholders $ 37,451 $ 2,359 $ 39,810 For The Three Months Ended March 31, 2022 Interest and dividend income $ 112,174 $ — $ 112,174 Interest expense 4,463 — 4,463 Net interest income 107,711 — 107,711 Provision for credit losses ( 3,438 ) — ( 3,438 ) Net interest income after provision for credit losses 111,149 — 111,149 Non-interest income 22,547 7,835 30,382 Non-interest expense 83,225 4,323 87,548 Income before provision for income taxes 50,471 3,512 53,983 Provision for income taxes 9,121 738 9,859 Net income 41,350 2,774 44,124 Preferred stock dividends 2,531 — 2,531 Net income available to common shareholders $ 38,819 $ 2,774 $ 41,593 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) | Mar. 31, 2023 |
ASU 2022-02 Financial Instruments - Credit Losses (Topic 326) | |
Summary Of Significant Accounting Policies [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 01, 2023 |
ASU 2021-01 Reference Rate Reform (Topic 848) | |
Summary Of Significant Accounting Policies [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Dec. 31, 2021 |
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true |
Earnings Per Common Share - Sum
Earnings Per Common Share - Summary of Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator for both basic and diluted earnings per common share: | ||
Net income available to common shareholders | $ 39,810 | $ 41,593 |
Denominator: | ||
Total average basic common shares outstanding | 59,217,711 | 61,445,399 |
Effect of dilutive stock options and other stock compensation | 157,342 | 147,966 |
Total diluted average common shares outstanding | 59,375,053 | 61,593,365 |
Earnings per common share - basic | $ 0.67 | $ 0.68 |
Earnings per common share - diluted | $ 0.67 | $ 0.68 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule Of Antidilutive Securities Included In Computation Of Earnings Per Share [Line Items] | ||
Shares contingently issuable under shareholder return plan | 42,624 | |
Stock Option [Member] | ||
Schedule Of Antidilutive Securities Included In Computation Of Earnings Per Share [Line Items] | ||
Securities excluded from computation of net income per diluted shares | 483,011 | 384,761 |
Restricted Stock [Member] | ||
Schedule Of Antidilutive Securities Included In Computation Of Earnings Per Share [Line Items] | ||
Shares contingently issuable under shareholder return plan | 61,510 | 61,267 |
2023 TSR Plan [Member] | ||
Schedule Of Antidilutive Securities Included In Computation Of Earnings Per Share [Line Items] | ||
Shares contingently issuable under shareholder return plan | 0 | |
2020 TSR Plan [Member] | ||
Schedule Of Antidilutive Securities Included In Computation Of Earnings Per Share [Line Items] | ||
Shares contingently issuable under shareholder return plan | 16,224 |
Securities - Schedule of Fair V
Securities - Schedule of Fair Value and Amortized Cost of Available-for-sale and Held-to-maturity Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | $ 2,774,871 | $ 2,874,776 |
Available-for-sale, Gross Unrealized Gains | 312 | 271 |
Available-for-sale, Gross Unrealized Losses | (309,187) | (345,907) |
Available-for-sale, Fair Value | 2,465,996 | 2,529,140 |
Held-to-maturity, Amortized Cost | 1,239,247 | 1,248,629 |
Held-to-maturity, Gross Unrealized Gains | 1,421 | 577 |
Held-to-maturity, Gross Unrealized Losses | (132,983) | (164,816) |
Held-to-maturity securities, Fair value | 1,107,685 | 1,084,390 |
Total securities, Amortized Cost | 4,014,118 | 4,123,405 |
Total securities, Gross Unrealized Gains | 1,733 | 848 |
Total securities, Gross Unrealized Losses | (442,170) | (510,723) |
Total securities, Fair Value | 3,573,681 | 3,613,530 |
U.S. Government Sponsored Entities and Agencies [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 253,728 | 259,418 |
Available-for-sale, Gross Unrealized Gains | 2 | |
Available-for-sale, Gross Unrealized Losses | (30,293) | (33,450) |
Available-for-sale, Fair Value | 223,435 | 225,970 |
Held-to-maturity, Amortized Cost | 4,257 | 4,357 |
Held-to-maturity, Gross Unrealized Losses | (361) | (416) |
Held-to-maturity securities, Fair value | 3,896 | 3,941 |
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 2,086,866 | 2,144,015 |
Available-for-sale, Gross Unrealized Gains | 28 | 25 |
Available-for-sale, Gross Unrealized Losses | (268,644) | (297,987) |
Available-for-sale, Fair Value | 1,818,250 | 1,846,053 |
Held-to-maturity, Amortized Cost | 44,054 | 45,909 |
Held-to-maturity, Gross Unrealized Losses | (3,251) | (3,809) |
Held-to-maturity securities, Fair value | 40,803 | 42,100 |
Commercial Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 332,800 | 359,811 |
Available-for-sale, Gross Unrealized Gains | 3 | |
Available-for-sale, Gross Unrealized Losses | (7,063) | (10,080) |
Available-for-sale, Fair Value | 325,740 | 349,731 |
Obligations of State and Political Subdivisions [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 86,523 | 96,081 |
Available-for-sale, Gross Unrealized Gains | 281 | 244 |
Available-for-sale, Gross Unrealized Losses | (3,014) | (4,097) |
Available-for-sale, Fair Value | 83,790 | 92,228 |
Held-to-maturity, Amortized Cost | 1,170,586 | 1,177,986 |
Held-to-maturity, Gross Unrealized Gains | 1,421 | 577 |
Held-to-maturity, Gross Unrealized Losses | (128,908) | (159,975) |
Held-to-maturity securities, Fair value | 1,043,099 | 1,018,588 |
Corporate Debt Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 14,954 | 15,451 |
Available-for-sale, Gross Unrealized Losses | (173) | (293) |
Available-for-sale, Fair Value | 14,781 | 15,158 |
Held-to-maturity, Amortized Cost | 20,350 | 20,377 |
Held-to-maturity, Gross Unrealized Losses | (463) | (616) |
Held-to-maturity securities, Fair value | $ 19,887 | $ 19,761 |
Securities - Schedule of Fair_2
Securities - Schedule of Fair Value and Amortized Cost of Available-for-sale and Held-to-maturity Securities (Parenthetical) (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Allowance for credit losses, held-to-maturity debt securities | $ 212 | $ 220 |
Securities - Additional Informa
Securities - Additional Information (Detail) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 USD ($) Holding | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) Holding | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||
Maximum percentage of equity of one issuer | 10% | ||
Number of holdings greater than specified percentage of equity | Holding | 0 | 0 | |
Equities securities | $ 11,843 | $ 11,506 | |
Other assets | 389,991 | 358,122 | |
Proceeds from sale of available-for-sale securities | 20,498 | $ 0 | |
Net unrealized losses on available-for-sale securities included in AOCI | 233,900 | 261,800 | |
Accrued interest receivable | 69,232 | 68,522 | |
Federal home loan bank stock, Total | 59,200 | 36,200 | |
Asset Pledged as Security | |||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||
Other assets | 2,100,000 | 2,100,000 | |
Us Government Securities and Mortgage Backed and Collateralized Securities Issued By Direct Governmental Entity or Government-Sponsored Entity [Member] | |||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||
Estimated credit losses | 0 | ||
Held-to-maturity Securities [Member] | |||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||
Accrued interest receivable | 9,300 | $ 9,500 | |
Grantor Trusts [Member] | |||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||
Equities securities | $ 9,300 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Amortized Cost And Fair Value Debt Securities [Abstract] | ||
Total available-for-sale debt securities, Amortized Cost, Within one year | $ 33,866 | |
Total available-for-sale debt securities, Amortized Cost, After 1 year through 5 years | 127,233 | |
Total available-for-sale debt securities, Amortized Cost, After 5 years through 10 years | 421,089 | |
Total available-for-sale debt securities, Amortized Cost, After 10 years | 2,192,683 | |
Available-for-sale, Amortized Cost | 2,774,871 | $ 2,874,776 |
Total held-to-maturity debt securities, Amortized Cost, Within one year | 22,622 | |
Total held-to-maturity debt securities, Amortized Cost, After 1 year through 5 years | 112,334 | |
Total held-to-maturity debt securities, Amortized Cost, After 5 years through 10 years | 396,064 | |
Total held-to-maturity debt securities, Amortized Cost, After 10 years | 708,227 | |
Held-to-maturity, Amortized Cost | 1,239,247 | 1,248,629 |
Total debt securities, Amortized Cost | 4,014,118 | |
Total available-for-sale debt securities, Fair Value, Within one year | 33,574 | |
Total available-for-sale debt securities, Fair Value, After 1 year through 5 years | 124,052 | |
Total available-for-sale debt securities, Fair Value, After 5 years through 10 years | 402,959 | |
Total available-for-sale debt securities, Fair Value, After 10 years | 1,905,411 | |
Total available-for-sale debt securities, Fair Value | 2,465,996 | 2,529,140 |
Total held-to-maturity debt securities, Fair Value, Within one year | 22,573 | |
Total held-to-maturity debt securities, Fair Value, After 1 year through 5 years | 111,640 | |
Total held-to-maturity debt securities, Fair Value, After 5 years through 10 years | 375,084 | |
Total held-to-maturity debt securities, Fair Value, After 10 years | 598,388 | |
Total held-to-maturity debt securities, Fair Value | 1,107,685 | 1,084,390 |
Total debt securities, Fair Value | $ 3,573,681 | $ 3,613,530 |
Securities - Schedule of Gross
Securities - Schedule of Gross Realized Gains and Losses on the Sales and Calls of Securities as well as Gains and Losses on Equity Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Securities Gross Realized Gain Loss [Abstract] | ||
Gross realized gains | $ 64 | $ 31 |
Gross realized losses | (197) | (2) |
Net (losses) gains on debt securities | (133) | 29 |
Net Unrealized gains (losses) recognized on securities still held | 278 | (679) |
Net securities gains (losses) | $ 145 | $ (650) |
Securities - Schedule of Allowa
Securities - Schedule of Allowance for Credit Losses on Held-to-maturity Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Securities Heldtomaturity Allowance For Credit Loss [Line Items] | ||
Beginning balance | $ 220 | |
Ending balance | 212 | |
ASU 2016-13 [Member] | ||
Debt Securities Heldtomaturity Allowance For Credit Loss [Line Items] | ||
Beginning balance | 220 | $ 268 |
Current period provision | (8) | 17 |
Ending balance | 212 | 285 |
ASU 2016-13 [Member] | Obligations of State and Political Subdivisions [Member] | ||
Debt Securities Heldtomaturity Allowance For Credit Loss [Line Items] | ||
Beginning balance | 167 | 174 |
Current period provision | (6) | (14) |
Ending balance | 161 | 160 |
ASU 2016-13 [Member] | Corporate Debt Securities [Member] | ||
Debt Securities Heldtomaturity Allowance For Credit Loss [Line Items] | ||
Beginning balance | 53 | 94 |
Current period provision | (2) | 31 |
Ending balance | $ 51 | $ 125 |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Losses on Investment Securities (Detail) $ in Thousands | Mar. 31, 2023 USD ($) Security | Dec. 31, 2022 USD ($) Security |
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 322,669 | $ 887,036 |
Less than 12 months, Unrealized Losses | $ (9,890) | $ (54,828) |
Less than 12 months, Number of Securities | Security | 198 | 498 |
12 months or more, Fair Value | $ 2,116,418 | $ 1,619,473 |
12 months or more, Unrealized Losses | $ (299,297) | $ (291,079) |
12 months or more, Number of Securities | Security | 519 | 264 |
Fair Value, Total | $ 2,439,087 | $ 2,506,509 |
Unrealized Losses, Total | $ (309,187) | $ (345,907) |
Number of Securities Total | Security | 717 | 762 |
U.S. Government Sponsored Entities and Agencies [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 28,638 | $ 107,011 |
Less than 12 months, Unrealized Losses | $ (1,020) | $ (8,435) |
Less than 12 months, Number of Securities | Security | 20 | 35 |
12 months or more, Fair Value | $ 194,761 | $ 118,779 |
12 months or more, Unrealized Losses | $ (29,273) | $ (25,015) |
12 months or more, Number of Securities | Security | 27 | 13 |
Fair Value, Total | $ 223,399 | $ 225,790 |
Unrealized Losses, Total | $ (30,293) | $ (33,450) |
Number of Securities Total | Security | 47 | 48 |
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 164,019 | $ 514,789 |
Less than 12 months, Unrealized Losses | $ (7,064) | $ (39,246) |
Less than 12 months, Number of Securities | Security | 85 | 294 |
12 months or more, Fair Value | $ 1,651,930 | $ 1,328,906 |
12 months or more, Unrealized Losses | $ (261,580) | $ (258,741) |
12 months or more, Number of Securities | Security | 403 | 202 |
Fair Value, Total | $ 1,815,949 | $ 1,843,695 |
Unrealized Losses, Total | $ (268,644) | $ (297,987) |
Number of Securities Total | Security | 488 | 496 |
Commercial Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 82,142 | $ 190,189 |
Less than 12 months, Unrealized Losses | $ (1,129) | $ (5,106) |
Less than 12 months, Number of Securities | Security | 17 | 38 |
12 months or more, Fair Value | $ 239,347 | $ 159,543 |
12 months or more, Unrealized Losses | $ (5,934) | $ (4,974) |
12 months or more, Number of Securities | Security | 51 | 36 |
Fair Value, Total | $ 321,489 | $ 349,732 |
Unrealized Losses, Total | $ (7,063) | $ (10,080) |
Number of Securities Total | Security | 68 | 74 |
Obligations of State and Political Subdivisions [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 42,991 | $ 67,822 |
Less than 12 months, Unrealized Losses | $ (603) | $ (1,815) |
Less than 12 months, Number of Securities | Security | 75 | 128 |
12 months or more, Fair Value | $ 23,479 | $ 7,812 |
12 months or more, Unrealized Losses | $ (2,411) | $ (2,282) |
12 months or more, Number of Securities | Security | 33 | 10 |
Fair Value, Total | $ 66,470 | $ 75,634 |
Unrealized Losses, Total | $ (3,014) | $ (4,097) |
Number of Securities Total | Security | 108 | 138 |
Corporate Debt Securities [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 4,879 | $ 7,225 |
Less than 12 months, Unrealized Losses | $ (74) | $ (226) |
Less than 12 months, Number of Securities | Security | 1 | 3 |
12 months or more, Fair Value | $ 6,901 | $ 4,433 |
12 months or more, Unrealized Losses | $ (99) | $ (67) |
12 months or more, Number of Securities | Security | 5 | 3 |
Fair Value, Total | $ 11,780 | $ 11,658 |
Unrealized Losses, Total | $ (173) | $ (293) |
Number of Securities Total | Security | 6 | 6 |
Loans and the Allowance for C_3
Loans and the Allowance for Credit Losses - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Net deferred loan fee income (costs) | $ (10,300,000) | $ (9,600,000) | |
Un-accreted discount on purchased loans from acquisitions | 16,700,000 | 18,000,000 | |
Reserve on accrued interest related to CARES Act | 200,000 | ||
Accrued interest receivable for loans | 53,000,000 | ||
Accrued interest receivable for loans related to CARES Act | 16,700,000 | ||
Aggregate amount of residential real estate, home equity and consumer loans classified as substandard | 20,400,000 | 24,800,000 | |
Internally assigned loan grades to residential real estate, home equity and consumer loans | 2,600,000 | 5,900,000 | |
Unfunded commercial loan commitments | 30,300,000 | 25,000,000 | |
TDRs defaulted | $ 0 | ||
Other real estate owned | 1,475,000 | 1,397,000 | |
Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Other real estate owned | 100,000 | 0 | |
Foreclosure proceedings in process on residential real estate loans | 5,300,000 | $ 4,900,000 | |
90 Days or More Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Modifications loans | 0 | ||
Commercial and Industrial [Member] | Maximum [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Annual sales of borrowers | 100,000,000 | ||
Unfunded Loan Commitment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Modifications loans | $ 2,800,000 |
Loans and the Allowance for C_4
Loans and the Allowance for Credit Losses - Schedule of Recorded Investment in Loans by Category (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | $ 10,888,688 | $ 10,702,728 |
Loans held for sale | 12,722 | 8,249 |
Total loans | 10,901,410 | 10,710,977 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 1,519,808 | 1,579,395 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 6,197,844 | 6,061,344 |
Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 731,173 | 943,887 |
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 5,466,671 | 5,117,457 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 2,251,423 | 2,140,584 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 227,612 | 226,340 |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | $ 692,001 | $ 695,065 |
Loans and the Allowance for C_5
Loans and the Allowance for Credit Losses - Summary of Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit losses - loans, beginning balance | $ 117,790 | $ 121,622 |
Allowance for credit losses - loan commitments, beginning balance | 8,368 | 7,775 |
Total beginning allowance for credit losses - loans and loan commitments | 126,158 | 129,397 |
Provision for loan losses | 2,827 | (3,730) |
Provision for loan commitments | 759 | 275 |
Total provision for credit losses - loans and loan commitments | 3,586 | (3,455) |
Charge-offs | (3,319) | (1,795) |
Recoveries | 1,400 | 1,768 |
Net (charge-offs) recoveries | (1,919) | (27) |
Allowance for credit losses - loans, ending balance | 118,698 | 117,865 |
Allowance for credit losses - loan commitments, ending balance | 9,127 | 8,050 |
Total ending allowance for credit losses - loans and loan commitments | 127,825 | 125,915 |
Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit losses - loans, beginning balance | 31,540 | 26,875 |
Allowance for credit losses - loan commitments, beginning balance | 1,497 | |
Total beginning allowance for credit losses - loans and loan commitments | 31,540 | 28,372 |
Provision for loan losses | (2,783) | (1,468) |
Provision for loan commitments | 797 | (827) |
Total provision for credit losses - loans and loan commitments | (1,986) | (2,295) |
Charge-offs | (320) | (208) |
Recoveries | 134 | 336 |
Net (charge-offs) recoveries | (186) | 128 |
Allowance for credit losses - loans, ending balance | 28,571 | 25,535 |
Allowance for credit losses - loan commitments, ending balance | 797 | 670 |
Total ending allowance for credit losses - loans and loan commitments | 29,368 | 26,205 |
Deposit Overdrafts [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit losses - loans, beginning balance | 1,285 | 2,220 |
Total beginning allowance for credit losses - loans and loan commitments | 1,285 | 2,220 |
Provision for loan losses | (103) | 266 |
Total provision for credit losses - loans and loan commitments | (103) | 266 |
Charge-offs | (401) | (435) |
Recoveries | 140 | 89 |
Net (charge-offs) recoveries | (261) | (346) |
Allowance for credit losses - loans, ending balance | 921 | 1,608 |
Total ending allowance for credit losses - loans and loan commitments | 921 | 1,608 |
Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit losses - loans, beginning balance | 6,737 | 7,310 |
Allowance for credit losses - loan commitments, beginning balance | 6,025 | 4,180 |
Total beginning allowance for credit losses - loans and loan commitments | 12,762 | 11,490 |
Provision for loan losses | (1,440) | (243) |
Provision for loan commitments | (51) | 751 |
Total provision for credit losses - loans and loan commitments | (1,491) | (994) |
Charge-offs | (222) | |
Recoveries | 73 | 25 |
Net (charge-offs) recoveries | (149) | (25) |
Allowance for credit losses - loans, ending balance | 5,148 | 7,578 |
Allowance for credit losses - loan commitments, ending balance | 5,974 | 4,931 |
Total ending allowance for credit losses - loans and loan commitments | 11,122 | 12,509 |
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit losses - loans, beginning balance | 52,659 | 65,355 |
Allowance for credit losses - loan commitments, beginning balance | 201 | |
Total beginning allowance for credit losses - loans and loan commitments | 52,659 | 65,556 |
Provision for loan losses | 2,508 | (469) |
Provision for loan commitments | (119) | |
Total provision for credit losses - loans and loan commitments | 2,508 | (350) |
Charge-offs | (1,355) | (137) |
Recoveries | 276 | 260 |
Net (charge-offs) recoveries | (1,079) | 123 |
Allowance for credit losses - loans, ending balance | 54,088 | 65,009 |
Allowance for credit losses - loan commitments, ending balance | 320 | |
Total ending allowance for credit losses - loans and loan commitments | 54,088 | 65,329 |
Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit losses - loans, beginning balance | 18,208 | 15,401 |
Allowance for credit losses - loan commitments, beginning balance | 2,215 | 1,576 |
Total beginning allowance for credit losses - loans and loan commitments | 20,423 | 16,977 |
Provision for loan losses | 4,407 | (1,737) |
Provision for loan commitments | (10) | 164 |
Total provision for credit losses - loans and loan commitments | 4,397 | (1,573) |
Charge-offs | (13) | (142) |
Recoveries | 75 | 192 |
Net (charge-offs) recoveries | 88 | 50 |
Allowance for credit losses - loans, ending balance | 22,703 | 13,714 |
Allowance for credit losses - loan commitments, ending balance | 2,205 | 1,740 |
Total ending allowance for credit losses - loans and loan commitments | 24,908 | 15,454 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit losses - loans, beginning balance | 3,127 | 3,737 |
Allowance for credit losses - loan commitments, beginning balance | 272 | |
Total beginning allowance for credit losses - loans and loan commitments | 3,127 | 4,009 |
Provision for loan losses | 97 | (69) |
Provision for loan commitments | 59 | |
Total provision for credit losses - loans and loan commitments | 97 | (128) |
Charge-offs | (776) | (787) |
Recoveries | 622 | 727 |
Net (charge-offs) recoveries | (154) | (60) |
Allowance for credit losses - loans, ending balance | 3,070 | 3,746 |
Allowance for credit losses - loan commitments, ending balance | 331 | |
Total ending allowance for credit losses - loans and loan commitments | 3,070 | 4,077 |
Home Equity [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit losses - loans, beginning balance | 4,234 | 724 |
Allowance for credit losses - loan commitments, beginning balance | 128 | 49 |
Total beginning allowance for credit losses - loans and loan commitments | 4,362 | 773 |
Provision for loan losses | 141 | (102) |
Provision for loan commitments | 23 | 9 |
Total provision for credit losses - loans and loan commitments | 164 | (93) |
Charge-offs | (258) | (86) |
Recoveries | 80 | 139 |
Net (charge-offs) recoveries | (178) | 53 |
Allowance for credit losses - loans, ending balance | 4,197 | 675 |
Allowance for credit losses - loan commitments, ending balance | 151 | 58 |
Total ending allowance for credit losses - loans and loan commitments | $ 4,348 | $ 733 |
Loans and the Allowance for C_6
Loans and the Allowance for Credit Losses - Summary of Changes in Allowance for Credit Losses (Parenthetical) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Receivables [Abstract] | |||
Deposit overdrafts | $ 3.6 | $ 4.4 | $ 4.2 |
Loans and the Allowance for C_7
Loans and the Allowance for Credit Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | $ 2,307 | $ 3,118 | ||
Allowance for loans collectively evaluated for impairment | 116,391 | 114,672 | ||
Allowance for loan commitments | 9,127 | 8,368 | $ 8,050 | $ 7,775 |
Total allowance for credit losses - loans and commitments | 127,825 | 126,158 | 125,915 | 129,397 |
Individually evaluated for credit loss | 27,762 | 50,399 | ||
Collectively-evaluated for credit losses | 10,860,926 | 10,652,329 | ||
Total loans | 10,888,688 | 10,702,728 | ||
Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | 120 | 130 | ||
Allowance for loans collectively evaluated for impairment | 28,451 | 31,410 | ||
Allowance for loan commitments | 797 | 670 | 1,497 | |
Total allowance for credit losses - loans and commitments | 29,368 | 31,540 | 26,205 | 28,372 |
Individually evaluated for credit loss | 358 | 401 | ||
Collectively-evaluated for credit losses | 1,519,450 | 1,578,994 | ||
Total loans | 1,519,808 | 1,579,395 | ||
Deposit Overdrafts [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans collectively evaluated for impairment | 921 | 1,285 | ||
Total allowance for credit losses - loans and commitments | 921 | 1,285 | 1,608 | 2,220 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 6,197,844 | 6,061,344 | ||
Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans collectively evaluated for impairment | 5,148 | 6,737 | ||
Allowance for loan commitments | 5,974 | 6,025 | 4,931 | 4,180 |
Total allowance for credit losses - loans and commitments | 11,122 | 12,762 | 12,509 | 11,490 |
Individually evaluated for credit loss | 24,629 | |||
Collectively-evaluated for credit losses | 731,173 | 919,258 | ||
Total loans | 731,173 | 943,887 | ||
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | 2,187 | 2,988 | ||
Allowance for loans collectively evaluated for impairment | 51,901 | 49,671 | ||
Allowance for loan commitments | 320 | 201 | ||
Total allowance for credit losses - loans and commitments | 54,088 | 52,659 | 65,329 | 65,556 |
Individually evaluated for credit loss | 27,404 | 25,369 | ||
Collectively-evaluated for credit losses | 5,439,267 | 5,092,088 | ||
Total loans | 5,466,671 | 5,117,457 | ||
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans collectively evaluated for impairment | 22,703 | 18,208 | ||
Allowance for loan commitments | 2,205 | 2,215 | 1,740 | 1,576 |
Total allowance for credit losses - loans and commitments | 24,908 | 20,423 | 15,454 | 16,977 |
Collectively-evaluated for credit losses | 2,251,423 | 2,140,584 | ||
Total loans | 2,251,423 | 2,140,584 | ||
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans collectively evaluated for impairment | 3,070 | 3,127 | ||
Allowance for loan commitments | 331 | 272 | ||
Total allowance for credit losses - loans and commitments | 3,070 | 3,127 | 4,077 | 4,009 |
Collectively-evaluated for credit losses | 227,612 | 226,340 | ||
Total loans | 227,612 | 226,340 | ||
Home Equity [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans collectively evaluated for impairment | 4,197 | 4,234 | ||
Allowance for loan commitments | 151 | 128 | 58 | 49 |
Total allowance for credit losses - loans and commitments | 4,348 | 4,362 | $ 733 | $ 773 |
Collectively-evaluated for credit losses | 692,001 | 695,065 | ||
Total loans | $ 692,001 | $ 695,065 |
Loans and the Allowance for C_8
Loans and the Allowance for Credit Losses - Allowance for Credit Losses and Recorded Investments in Loans (Parenthetical) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Receivables [Abstract] | |||
Deposit overdrafts | $ 3.6 | $ 4.4 | $ 4.2 |
Loans and the Allowance for C_9
Loans and the Allowance for Credit Losses - Summary of Commercial Loans by Risk Grade (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | $ 10,888,688 | $ 10,702,728 |
Commercial Real Estate - Improved Property [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 5,339,116 | |
Commercial and Industrial [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 1,519,808 | 1,579,395 |
Commercial and Industrial [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 1,480,963 | 1,538,300 |
Commercial and Industrial [Member] | Criticized [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 31,910 | 25,223 |
Commercial and Industrial [Member] | Classified - substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 6,935 | 15,872 |
Commercial Portfolio Segment [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 7,717,652 | 7,640,739 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 7,543,822 | 7,390,239 |
Commercial Portfolio Segment [Member] | Criticized [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 116,608 | 147,945 |
Commercial Portfolio Segment [Member] | Classified - substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 57,222 | 102,555 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Land and Construction [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 731,173 | 943,887 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Land and Construction [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 723,743 | 911,804 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Land and Construction [Member] | Criticized [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 1,418 | 1,329 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Land and Construction [Member] | Classified - substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 6,012 | 30,754 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Improved Property [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 5,466,671 | 5,117,457 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Improved Property [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 5,339,116 | 4,940,135 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Improved Property [Member] | Criticized [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 83,280 | 121,393 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Improved Property [Member] | Classified - substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 44,275 | 55,929 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 1,519,808 | 1,579,395 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 1,480,963 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Criticized [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 31,910 | $ 25,223 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Classified - substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | $ 6,935 |
Loans and the Allowance for _10
Loans and the Allowance for Credit Losses - Summary of Age Analysis of Loan Categories (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | $ 10,888,688 | $ 10,702,728 |
90 Days or More Past Due and Accruing | 4,570 | 5,443 |
Loans held for sale | 12,722 | 8,249 |
Total loans, current | 10,862,193 | 10,662,148 |
Total loans | 10,901,410 | 10,710,977 |
Total Non-performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 41,415 | |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 692,001 | 695,065 |
90 Days or More Past Due and Accruing | 1,154 | 1,063 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 6,197,844 | 6,061,344 |
90 Days or More Past Due and Accruing | 1,295 | 713 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 2,251,423 | 2,140,584 |
90 Days or More Past Due and Accruing | 982 | 1,551 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 227,612 | 226,340 |
90 Days or More Past Due and Accruing | 494 | 530 |
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 731,173 | 943,887 |
90 Days or More Past Due and Accruing | 629 | |
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 5,466,671 | 5,117,457 |
90 Days or More Past Due and Accruing | 1,295 | 84 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 1,519,808 | 1,579,395 |
90 Days or More Past Due and Accruing | 645 | 1,586 |
Non-Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 39,216 | 38,185 |
TDRs Accruing Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 3,230 | |
Current [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 10,849,471 | 10,653,899 |
Loans held for sale, current | 12,722 | 8,249 |
Current [Member] | Total Non-performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 13,468 | |
Current [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 684,047 | 686,762 |
Current [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 6,183,913 | 6,041,578 |
Current [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 2,241,922 | 2,129,095 |
Current [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 224,238 | 222,153 |
Current [Member] | Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 731,005 | 942,236 |
Current [Member] | Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 5,452,908 | 5,099,342 |
Current [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 1,515,351 | 1,574,311 |
Current [Member] | Non-Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 17,489 | 10,337 |
Current [Member] | TDRs Accruing Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 3,131 | |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 9,435 | 11,222 |
30-59 Days Past Due [Member] | Total Non-performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 1,502 | |
30-59 Days Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 2,727 | 3,885 |
30-59 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 981 | 2,147 |
30-59 Days Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 2,813 | 853 |
30-59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 2,262 | 2,910 |
30-59 Days Past Due [Member] | Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 12 | |
30-59 Days Past Due [Member] | Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 969 | 2,147 |
30-59 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 652 | 1,427 |
30-59 Days Past Due [Member] | Non-Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 519 | 1,495 |
30-59 Days Past Due [Member] | TDRs Accruing Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 7 | |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 5,373 | 6,621 |
60-89 Days Past Due [Member] | Total Non-performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 902 | |
60-89 Days Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 1,251 | 621 |
60-89 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 476 | 1,241 |
60-89 Days Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 1,865 | 3,536 |
60-89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 577 | 704 |
60-89 Days Past Due [Member] | Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 156 | 910 |
60-89 Days Past Due [Member] | Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 320 | 331 |
60-89 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 1,204 | 519 |
60-89 Days Past Due [Member] | Non-Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 1,369 | 870 |
60-89 Days Past Due [Member] | TDRs Accruing Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 32 | |
90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 24,409 | 30,986 |
90 Days or More Past Due [Member] | Total Non-performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 25,543 | |
90 Days or More Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 3,976 | 3,797 |
90 Days or More Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 12,474 | 16,378 |
90 Days or More Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 4,823 | 7,100 |
90 Days or More Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 535 | 573 |
90 Days or More Past Due [Member] | Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 741 | |
90 Days or More Past Due [Member] | Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 12,474 | 15,637 |
90 Days or More Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 2,601 | 3,138 |
90 Days or More Past Due [Member] | Non-Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 19,839 | 25,483 |
90 Days or More Past Due [Member] | TDRs Accruing Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 60 | |
Total Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 39,217 | 48,829 |
Total Past Due [Member] | Total Non-performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 27,947 | |
Total Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 7,954 | 8,303 |
Total Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 13,931 | 19,766 |
Total Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 9,501 | 11,489 |
Total Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 3,374 | 4,187 |
Total Past Due [Member] | Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 168 | 1,651 |
Total Past Due [Member] | Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 13,763 | 18,115 |
Total Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | 4,457 | 5,084 |
Total Past Due [Member] | Non-Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | $ 21,727 | 27,848 |
Total Past Due [Member] | TDRs Accruing Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Portfolio loans, net of unearned income | $ 99 |
Loans and the Allowance for _11
Loans and the Allowance for Credit Losses - Summary of Age Analysis of Loan Categories (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Past due loans excluded TDRs past due and accruing | 90 days |
Loans and the Allowance for _12
Loans and the Allowance for Credit Losses - Summary of Nonperforming Loans (Detail) - Nonperforming Loans [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no specific allowance recorded | $ 49,685 | $ 50,951 | |
Recorded Investment, With no specific allowance recorded | 39,216 | 41,415 | |
Total impaired loans, Unpaid principal balance | 49,685 | 50,951 | |
Total impaired loans, Recorded investment | 39,216 | 41,415 | |
Average recorded investment, with no related specific allowance | 40,317 | $ 38,296 | |
Total impaired loans, Average recorded investment | 40,317 | 38,296 | |
Residential Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no specific allowance recorded | 17,894 | 21,084 | |
Recorded Investment, With no specific allowance recorded | 12,837 | 16,057 | |
Average recorded investment, with no related specific allowance | 14,447 | 19,187 | |
Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no specific allowance recorded | 201 | 316 | |
Recorded Investment, With no specific allowance recorded | 109 | 159 | |
Average recorded investment, with no related specific allowance | 134 | 541 | |
Home Equity [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no specific allowance recorded | 6,517 | 6,970 | |
Recorded Investment, With no specific allowance recorded | 4,861 | 5,374 | |
Average recorded investment, with no related specific allowance | 5,118 | 5,513 | |
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no specific allowance recorded | 112 | ||
Recorded Investment, With no specific allowance recorded | 112 | ||
Average recorded investment, with no related specific allowance | 56 | 114 | |
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no specific allowance recorded | 20,789 | 18,367 | |
Recorded Investment, With no specific allowance recorded | 18,200 | 16,601 | |
Average recorded investment, with no related specific allowance | 17,401 | 7,924 | |
Commercial and Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no specific allowance recorded | 4,284 | 4,102 | |
Recorded Investment, With no specific allowance recorded | 3,209 | $ 3,112 | |
Average recorded investment, with no related specific allowance | $ 3,161 | $ 5,018 |
Loans and the Allowance for _13
Loans and the Allowance for Credit Losses - Recorded Investment in Non-Accrual Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | $ 39,216 | $ 38,185 |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 3,209 | 2,946 |
Home Equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 4,861 | 5,044 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 18,200 | 16,366 |
Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 112 | |
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 18,200 | 16,254 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 12,837 | 13,695 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | $ 109 | $ 134 |
Loans and the Allowance for _14
Loans and the Allowance for Credit Losses - Recorded Investment in Non-Accrual Loans (Parenthetical) (Detail) $ in Millions | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) Borrower |
Receivables [Abstract] | ||
Number of borrowers with loan balance greater than one million | Borrower | 3 | |
Borrowers with large amount of loans outstanding, minimum amount of loans per borrower | $ 1 | $ 1 |
Borrowers with large amount of loans outstanding, net | $ 13.4 | $ 11.8 |
Loans and the Allowance for _15
Loans and the Allowance for Credit Losses - Summary of Details of Portfolio Loans Modified by Loan Category (Details) - ASU 2022-02 [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modifications loans | $ 17,007 |
Percentage of total by loan category | 0.20% |
Term Extension [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modifications loans | $ 16,589 |
Payment Delay [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modifications loans | 418 |
Home Equity [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modifications loans | $ 291 |
Percentage of total by loan category | 0% |
Home Equity [Member] | Term Extension [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modifications loans | $ 8 |
Home Equity [Member] | Payment Delay [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modifications loans | 283 |
Residential Real Estate [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modifications loans | $ 101 |
Percentage of total by loan category | 0% |
Residential Real Estate [Member] | Payment Delay [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modifications loans | $ 101 |
Consumer [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modifications loans | $ 34 |
Percentage of total by loan category | 0% |
Consumer [Member] | Payment Delay [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modifications loans | $ 34 |
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modifications loans | $ 6,000 |
Percentage of total by loan category | 0.80% |
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | Term Extension [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modifications loans | $ 6,000 |
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modifications loans | $ 3,738 |
Percentage of total by loan category | 0.10% |
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | Term Extension [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modifications loans | $ 3,738 |
Commercial and Industrial [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modifications loans | $ 6,843 |
Percentage of total by loan category | 0.50% |
Commercial and Industrial [Member] | Term Extension [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Modifications loans | $ 6,843 |
Loans and the Allowance for _16
Loans and the Allowance for Credit Losses - Summary of Financial Impacts of Loan Modifications and Payment Deferrals to Portfolio Loans (Details) - ASU 2022-02 [Member] | 3 Months Ended |
Mar. 31, 2023 | |
Home Equity [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Weighted-average term extension (in months) | 120 months |
Commercial and Industrial [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Weighted-average term extension (in months) | 4 months |
Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Weighted-average term extension (in months) | 3 months |
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Weighted-average term extension (in months) | 34 months |
Loans and the Allowance for _17
Loans and the Allowance for Credit Losses - Summary of Aging Analysis of Portfolio Loans Restructured (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | $ 10,888,688 | $ 10,702,728 |
ASU 2022-02 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 17,007 | |
Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 692,001 | 695,065 |
Home Equity [Member] | ASU 2022-02 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 291 | |
Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 1,519,808 | 1,579,395 |
Commercial and Industrial [Member] | ASU 2022-02 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 6,843 | |
Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 6,197,844 | 6,061,344 |
Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 731,173 | 943,887 |
Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member] | ASU 2022-02 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 6,000 | |
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 5,466,671 | 5,117,457 |
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | ASU 2022-02 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 3,738 | |
Residential Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 2,251,423 | 2,140,584 |
Residential Real Estate [Member] | ASU 2022-02 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 101 | |
Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 227,612 | 226,340 |
Consumer [Member] | ASU 2022-02 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 34 | |
30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 9,435 | 11,222 |
30-59 Days Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 2,727 | 3,885 |
30-59 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 652 | 1,427 |
30-59 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 981 | 2,147 |
30-59 Days Past Due [Member] | Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 12 | |
30-59 Days Past Due [Member] | Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 969 | 2,147 |
30-59 Days Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 2,813 | 853 |
30-59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 2,262 | 2,910 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 5,373 | 6,621 |
60-89 Days Past Due [Member] | ASU 2022-02 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 2 | |
60-89 Days Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 1,251 | 621 |
60-89 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 1,204 | 519 |
60-89 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 476 | 1,241 |
60-89 Days Past Due [Member] | Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 156 | 910 |
60-89 Days Past Due [Member] | Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 320 | 331 |
60-89 Days Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 1,865 | 3,536 |
60-89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 577 | 704 |
60-89 Days Past Due [Member] | Consumer [Member] | ASU 2022-02 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 2 | |
90 Days or More Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 24,409 | 30,986 |
90 Days or More Past Due [Member] | ASU 2022-02 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 61 | |
90 Days or More Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 3,976 | 3,797 |
90 Days or More Past Due [Member] | Home Equity [Member] | ASU 2022-02 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 41 | |
90 Days or More Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 2,601 | 3,138 |
90 Days or More Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 12,474 | 16,378 |
90 Days or More Past Due [Member] | Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 741 | |
90 Days or More Past Due [Member] | Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 12,474 | 15,637 |
90 Days or More Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 4,823 | 7,100 |
90 Days or More Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 535 | 573 |
90 Days or More Past Due [Member] | Consumer [Member] | ASU 2022-02 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 20 | |
Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 39,217 | 48,829 |
Total Past Due [Member] | ASU 2022-02 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 63 | |
Total Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 7,954 | 8,303 |
Total Past Due [Member] | Home Equity [Member] | ASU 2022-02 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 41 | |
Total Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 4,457 | 5,084 |
Total Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 13,931 | 19,766 |
Total Past Due [Member] | Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 168 | 1,651 |
Total Past Due [Member] | Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 13,763 | 18,115 |
Total Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 9,501 | 11,489 |
Total Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 3,374 | 4,187 |
Total Past Due [Member] | Consumer [Member] | ASU 2022-02 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 22 | |
Current [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 10,849,471 | 10,653,899 |
Current [Member] | ASU 2022-02 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 16,944 | |
Current [Member] | Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 684,047 | 686,762 |
Current [Member] | Home Equity [Member] | ASU 2022-02 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 250 | |
Current [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 1,515,351 | 1,574,311 |
Current [Member] | Commercial and Industrial [Member] | ASU 2022-02 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 6,843 | |
Current [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 6,183,913 | 6,041,578 |
Current [Member] | Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 731,005 | 942,236 |
Current [Member] | Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member] | ASU 2022-02 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 6,000 | |
Current [Member] | Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 5,452,908 | 5,099,342 |
Current [Member] | Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | ASU 2022-02 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 3,738 | |
Current [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 2,241,922 | 2,129,095 |
Current [Member] | Residential Real Estate [Member] | ASU 2022-02 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 101 | |
Current [Member] | Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | 224,238 | $ 222,153 |
Current [Member] | Consumer [Member] | ASU 2022-02 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total modified loan | $ 12 |
Loans and the Allowance for _18
Loans and the Allowance for Credit Losses - Loans Identified as TDRs (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) Contract | |
Financing Receivable, Modifications [Line Items] | |
Number of Modifications | Contract | 1 |
Pre-Modification Outstanding Recorded Investment | $ 84 |
Post-Modification Outstanding Recorded Investment | $ 82 |
Commercial Real Estate [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number of Modifications | Contract | 1 |
Pre-Modification Outstanding Recorded Investment | $ 84 |
Post-Modification Outstanding Recorded Investment | $ 82 |
Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number of Modifications | Contract | 1 |
Pre-Modification Outstanding Recorded Investment | $ 84 |
Post-Modification Outstanding Recorded Investment | $ 82 |
Loans and the Allowance for _19
Loans and the Allowance for Credit Losses - Summary of Amortized Cost Basis Loan Balances by Year of Origination and Credit Quality Indicator (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ (10,888,688) | $ (10,702,728) |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | (9,435) | (11,222) |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | (5,373) | (6,621) |
90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | (24,409) | (30,986) |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2023 | 10,384 | 10,798 |
Amortized Cost Basis by Origination Year 2022 | 1,358 | 1,535 |
Amortized Cost Basis by Origination Year 2021 | 1,745 | 1,885 |
Amortized Cost Basis by Origination Year 2020 | 2,464 | 1,984 |
Amortized Cost Basis by Origination Year 2019 | 2,125 | 1,467 |
Amortized Cost Basis by Origination Year, Prior to 2019 | (29,378) | (29,251) |
Revolving Loans | 643,137 | 646,706 |
Revolving Loans Converted to Term | 1,410 | 1,439 |
Total loans | (692,001) | (695,065) |
Home Equity [Member] | Current [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2023 | 10,718 | |
Amortized Cost Basis by Origination Year 2022 | 1,004 | 1,459 |
Amortized Cost Basis by Origination Year 2021 | 1,620 | 1,133 |
Amortized Cost Basis by Origination Year 2020 | 1,703 | 1,774 |
Amortized Cost Basis by Origination Year 2019 | 1,882 | 1,088 |
Amortized Cost Basis by Origination Year, Prior to 2019 | (25,148) | (25,203) |
Revolving Loans | 641,325 | 644,430 |
Revolving Loans Converted to Term | 981 | 957 |
Total loans | (684,047) | (686,762) |
Home Equity [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2023 | 80 | |
Amortized Cost Basis by Origination Year 2022 | 68 | 61 |
Amortized Cost Basis by Origination Year 2021 | 110 | 180 |
Amortized Cost Basis by Origination Year 2020 | 253 | 67 |
Amortized Cost Basis by Origination Year 2019 | 34 | |
Amortized Cost Basis by Origination Year, Prior to 2019 | (484) | (1,165) |
Revolving Loans | 1,812 | 2,260 |
Revolving Loans Converted to Term | 38 | |
Total loans | (2,727) | (3,885) |
Home Equity [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 5 | 15 |
Amortized Cost Basis by Origination Year 2021 | 15 | |
Amortized Cost Basis by Origination Year 2020 | 50 | |
Amortized Cost Basis by Origination Year 2019 | 28 | 88 |
Amortized Cost Basis by Origination Year, Prior to 2019 | (1,203) | (458) |
Revolving Loans Converted to Term | 10 | |
Total loans | (1,251) | (621) |
Home Equity [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 281 | |
Amortized Cost Basis by Origination Year 2021 | 572 | |
Amortized Cost Basis by Origination Year 2020 | 508 | 93 |
Amortized Cost Basis by Origination Year 2019 | 215 | 257 |
Amortized Cost Basis by Origination Year, Prior to 2019 | (2,543) | (2,425) |
Revolving Loans | 16 | |
Revolving Loans Converted to Term | 429 | 434 |
Total loans | (3,976) | (3,797) |
Home Equity [Member] | Current-period gross charge-offs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2019 | 9 | |
Amortized Cost Basis by Origination Year, Prior to 2019 | (249) | (310) |
Revolving Loans Converted to Term | 48 | |
Total loans | (258) | (358) |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | (6,197,844) | (6,061,344) |
Commercial Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | (981) | (2,147) |
Commercial Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | (476) | (1,241) |
Commercial Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | (12,474) | (16,378) |
Commercial Real Estate [Member] | Current-period gross charge-offs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year, Prior to 2019 | (1,355) | |
Total loans | (1,355) | |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2023 | 84,647 | 541,659 |
Amortized Cost Basis by Origination Year 2022 | 562,677 | 557,370 |
Amortized Cost Basis by Origination Year 2021 | 513,831 | 211,845 |
Amortized Cost Basis by Origination Year 2020 | 196,842 | 97,510 |
Amortized Cost Basis by Origination Year 2019 | 95,742 | 52,254 |
Amortized Cost Basis by Origination Year, Prior to 2019 | (519,943) | (489,164) |
Revolving Loans Converted to Term | 277,741 | 190,782 |
Total loans | (2,251,423) | (2,140,584) |
Residential Real Estate [Member] | Current [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2023 | 84,647 | 541,659 |
Amortized Cost Basis by Origination Year 2022 | 562,677 | 556,928 |
Amortized Cost Basis by Origination Year 2021 | 513,059 | 211,496 |
Amortized Cost Basis by Origination Year 2020 | 196,495 | 97,160 |
Amortized Cost Basis by Origination Year 2019 | 94,825 | 52,135 |
Amortized Cost Basis by Origination Year, Prior to 2019 | (512,517) | (478,977) |
Revolving Loans Converted to Term | 277,702 | 190,740 |
Total loans | (2,241,922) | (2,129,095) |
Residential Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2021 | 772 | |
Amortized Cost Basis by Origination Year 2020 | 347 | |
Amortized Cost Basis by Origination Year, Prior to 2019 | (1,694) | (853) |
Total loans | (2,813) | (853) |
Residential Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 442 | |
Amortized Cost Basis by Origination Year 2021 | 349 | |
Amortized Cost Basis by Origination Year 2020 | 65 | |
Amortized Cost Basis by Origination Year 2019 | 567 | |
Amortized Cost Basis by Origination Year, Prior to 2019 | (1,298) | (2,680) |
Total loans | (1,865) | (3,536) |
Residential Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2020 | 285 | |
Amortized Cost Basis by Origination Year 2019 | 350 | 119 |
Amortized Cost Basis by Origination Year, Prior to 2019 | (4,434) | (6,654) |
Revolving Loans Converted to Term | 39 | 42 |
Total loans | (4,823) | (7,100) |
Residential Real Estate [Member] | Current-period gross charge-offs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2019 | 6 | |
Amortized Cost Basis by Origination Year, Prior to 2019 | (13) | (494) |
Total loans | (13) | (500) |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2023 | 28,381 | 86,164 |
Amortized Cost Basis by Origination Year 2022 | 78,923 | 37,561 |
Amortized Cost Basis by Origination Year 2021 | 33,290 | 25,722 |
Amortized Cost Basis by Origination Year 2020 | 21,874 | 25,773 |
Amortized Cost Basis by Origination Year 2019 | 21,336 | 8,617 |
Amortized Cost Basis by Origination Year, Prior to 2019 | (21,159) | (16,690) |
Revolving Loans | 22,619 | 25,786 |
Revolving Loans Converted to Term | 30 | 27 |
Total loans | (227,612) | (226,340) |
Consumer [Member] | Current [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2023 | 28,381 | 84,817 |
Amortized Cost Basis by Origination Year 2022 | 77,337 | 36,123 |
Amortized Cost Basis by Origination Year 2021 | 32,445 | 25,071 |
Amortized Cost Basis by Origination Year 2020 | 21,331 | 25,535 |
Amortized Cost Basis by Origination Year 2019 | 21,232 | 8,488 |
Amortized Cost Basis by Origination Year, Prior to 2019 | (20,872) | (16,337) |
Revolving Loans | 22,610 | 25,755 |
Revolving Loans Converted to Term | 30 | 27 |
Total loans | (224,238) | (222,153) |
Consumer [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2023 | 980 | |
Amortized Cost Basis by Origination Year 2022 | 1,169 | 937 |
Amortized Cost Basis by Origination Year 2021 | 571 | 488 |
Amortized Cost Basis by Origination Year 2020 | 310 | 159 |
Amortized Cost Basis by Origination Year 2019 | 83 | 98 |
Amortized Cost Basis by Origination Year, Prior to 2019 | (120) | (217) |
Revolving Loans | 9 | 31 |
Total loans | (2,262) | (2,910) |
Consumer [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2023 | 184 | |
Amortized Cost Basis by Origination Year 2022 | 190 | 293 |
Amortized Cost Basis by Origination Year 2021 | 179 | 94 |
Amortized Cost Basis by Origination Year 2020 | 144 | 47 |
Amortized Cost Basis by Origination Year 2019 | 21 | 29 |
Amortized Cost Basis by Origination Year, Prior to 2019 | (43) | (57) |
Total loans | (577) | (704) |
Consumer [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2023 | 183 | |
Amortized Cost Basis by Origination Year 2022 | 227 | 208 |
Amortized Cost Basis by Origination Year 2021 | 95 | 69 |
Amortized Cost Basis by Origination Year 2020 | 89 | 32 |
Amortized Cost Basis by Origination Year 2019 | 2 | |
Amortized Cost Basis by Origination Year, Prior to 2019 | (124) | (79) |
Total loans | (535) | (573) |
Consumer [Member] | Current-period gross charge-offs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2023 | 769 | |
Amortized Cost Basis by Origination Year 2022 | 293 | 1,237 |
Amortized Cost Basis by Origination Year 2021 | 335 | 624 |
Amortized Cost Basis by Origination Year 2020 | 48 | 333 |
Amortized Cost Basis by Origination Year 2019 | 44 | 186 |
Amortized Cost Basis by Origination Year, Prior to 2019 | (56) | (326) |
Revolving Loans Converted to Term | 1 | |
Total loans | (776) | (3,476) |
Commercial Real Estate - Land and Construction [Member] | Current-period gross charge-offs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Revolving Loans Converted to Term | 222 | |
Total loans | (222) | |
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2023 | 28,394 | 160,328 |
Amortized Cost Basis by Origination Year 2022 | 186,052 | 136,396 |
Amortized Cost Basis by Origination Year 2021 | 117,351 | 144,172 |
Amortized Cost Basis by Origination Year 2020 | 62,435 | 155,141 |
Amortized Cost Basis by Origination Year 2019 | 59,989 | 61,847 |
Amortized Cost Basis by Origination Year, Prior to 2019 | (53,036) | (51,536) |
Revolving Loans | 127,485 | 117,237 |
Revolving Loans Converted to Term | 96,431 | 117,230 |
Total loans | (731,173) | (943,887) |
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | (12) | |
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | (156) | (910) |
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | (741) | |
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2023 | 28,394 | 159,769 |
Amortized Cost Basis by Origination Year 2022 | 185,370 | 136,131 |
Amortized Cost Basis by Origination Year 2021 | 117,088 | 138,171 |
Amortized Cost Basis by Origination Year 2020 | 62,435 | 155,141 |
Amortized Cost Basis by Origination Year 2019 | 59,989 | 61,823 |
Amortized Cost Basis by Origination Year, Prior to 2019 | (53,001) | (51,381) |
Revolving Loans | 127,485 | 117,237 |
Revolving Loans Converted to Term | 89,981 | 92,151 |
Total loans | (723,743) | (911,804) |
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2023 | 559 | |
Amortized Cost Basis by Origination Year 2022 | 682 | 265 |
Amortized Cost Basis by Origination Year 2021 | 263 | |
Amortized Cost Basis by Origination Year 2020 | 0 | |
Amortized Cost Basis by Origination Year 2019 | 24 | |
Amortized Cost Basis by Origination Year, Prior to 2019 | (23) | (31) |
Revolving Loans Converted to Term | 450 | 450 |
Total loans | (1,418) | (1,329) |
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | Classified - substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2021 | 6,001 | |
Amortized Cost Basis by Origination Year, Prior to 2019 | (12) | (124) |
Revolving Loans Converted to Term | 6,000 | 24,629 |
Total loans | (6,012) | (30,754) |
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | Current-period gross charge-offs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2019 | 73 | |
Total loans | (73) | |
Commercial Real Estate - Improved Property [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2023 | 204,285 | |
Amortized Cost Basis by Origination Year 2022 | 1,119,940 | |
Amortized Cost Basis by Origination Year 2021 | 633,573 | |
Amortized Cost Basis by Origination Year 2020 | 614,763 | |
Amortized Cost Basis by Origination Year 2019 | 590,097 | |
Amortized Cost Basis by Origination Year, Prior to 2019 | (1,944,864) | |
Revolving Loans | 72,686 | |
Revolving Loans Converted to Term | 158,908 | |
Total loans | (5,339,116) | |
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2023 | 204,285 | 1,093,538 |
Amortized Cost Basis by Origination Year 2022 | 1,120,237 | 621,217 |
Amortized Cost Basis by Origination Year 2021 | 634,267 | 616,815 |
Amortized Cost Basis by Origination Year 2020 | 619,519 | 551,152 |
Amortized Cost Basis by Origination Year 2019 | 608,945 | 395,192 |
Amortized Cost Basis by Origination Year, Prior to 2019 | (2,046,665) | (1,666,522) |
Revolving Loans | 73,755 | 73,427 |
Revolving Loans Converted to Term | 158,998 | 99,594 |
Total loans | (5,466,671) | (5,117,457) |
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | (969) | (2,147) |
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | (320) | (331) |
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | (12,474) | (15,637) |
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2023 | 1,082,984 | |
Amortized Cost Basis by Origination Year 2022 | 620,205 | |
Amortized Cost Basis by Origination Year 2021 | 613,663 | |
Amortized Cost Basis by Origination Year 2020 | 528,004 | |
Amortized Cost Basis by Origination Year 2019 | 371,880 | |
Amortized Cost Basis by Origination Year, Prior to 2019 | (1,551,478) | |
Revolving Loans | 72,327 | |
Revolving Loans Converted to Term | 99,594 | |
Total loans | (4,940,135) | |
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2023 | 10,554 | |
Amortized Cost Basis by Origination Year 2022 | 297 | 354 |
Amortized Cost Basis by Origination Year 2021 | 345 | 2,877 |
Amortized Cost Basis by Origination Year 2020 | 4,378 | 7,659 |
Amortized Cost Basis by Origination Year 2019 | 5,982 | 13,551 |
Amortized Cost Basis by Origination Year, Prior to 2019 | (71,153) | (85,332) |
Revolving Loans | 1,035 | 1,066 |
Revolving Loans Converted to Term | 90 | |
Total loans | (83,280) | (121,393) |
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | Classified - substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 658 | |
Amortized Cost Basis by Origination Year 2021 | 349 | 275 |
Amortized Cost Basis by Origination Year 2020 | 378 | 15,489 |
Amortized Cost Basis by Origination Year 2019 | 12,866 | 9,761 |
Amortized Cost Basis by Origination Year, Prior to 2019 | (30,648) | (29,712) |
Revolving Loans | 34 | 34 |
Total loans | (44,275) | (55,929) |
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | Current-period gross charge-offs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2021 | 128 | |
Amortized Cost Basis by Origination Year 2020 | 100 | |
Amortized Cost Basis by Origination Year 2019 | 3 | |
Amortized Cost Basis by Origination Year, Prior to 2019 | (564) | |
Total loans | (795) | |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2023 | 43,539 | 281,520 |
Amortized Cost Basis by Origination Year 2022 | 265,823 | 189,206 |
Amortized Cost Basis by Origination Year 2021 | 177,881 | 118,136 |
Amortized Cost Basis by Origination Year 2020 | 110,530 | 82,577 |
Amortized Cost Basis by Origination Year 2019 | 70,303 | 104,021 |
Amortized Cost Basis by Origination Year, Prior to 2019 | (324,291) | (237,440) |
Revolving Loans | 487,871 | 534,745 |
Revolving Loans Converted to Term | 39,570 | 31,750 |
Total loans | (1,519,808) | (1,579,395) |
Commercial and Industrial [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | (652) | (1,427) |
Commercial and Industrial [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | (1,204) | (519) |
Commercial and Industrial [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | (2,601) | (3,138) |
Commercial and Industrial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2023 | 43,539 | 280,510 |
Amortized Cost Basis by Origination Year 2022 | 264,804 | 184,805 |
Amortized Cost Basis by Origination Year 2021 | 176,352 | 116,890 |
Amortized Cost Basis by Origination Year 2020 | 110,159 | 72,142 |
Amortized Cost Basis by Origination Year 2019 | 61,300 | 103,660 |
Amortized Cost Basis by Origination Year, Prior to 2019 | (319,840) | (232,062) |
Revolving Loans | 477,953 | 526,025 |
Revolving Loans Converted to Term | 27,016 | 22,206 |
Total loans | (1,480,963) | (1,538,300) |
Commercial and Industrial [Member] | Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2023 | 917 | |
Amortized Cost Basis by Origination Year 2022 | 786 | 1,192 |
Amortized Cost Basis by Origination Year 2021 | 1,181 | 270 |
Amortized Cost Basis by Origination Year 2020 | 237 | 8,278 |
Amortized Cost Basis by Origination Year 2019 | 7,701 | 264 |
Amortized Cost Basis by Origination Year, Prior to 2019 | (1,896) | (2,524) |
Revolving Loans | 9,035 | 7,654 |
Revolving Loans Converted to Term | 11,074 | 4,124 |
Total loans | (31,910) | (25,223) |
Commercial and Industrial [Member] | Classified - substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2023 | 93 | |
Amortized Cost Basis by Origination Year 2022 | 233 | 3,209 |
Amortized Cost Basis by Origination Year 2021 | 348 | 976 |
Amortized Cost Basis by Origination Year 2020 | 134 | 2,157 |
Amortized Cost Basis by Origination Year 2019 | 1,302 | 97 |
Amortized Cost Basis by Origination Year, Prior to 2019 | (2,555) | (2,854) |
Revolving Loans | 883 | 1,066 |
Revolving Loans Converted to Term | 1,480 | 5,420 |
Total loans | (6,935) | (15,872) |
Commercial and Industrial [Member] | Current-period gross charge-offs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 38 | 16 |
Amortized Cost Basis by Origination Year 2021 | 40 | 234 |
Amortized Cost Basis by Origination Year 2020 | 43 | 275 |
Amortized Cost Basis by Origination Year 2019 | 70 | |
Amortized Cost Basis by Origination Year, Prior to 2019 | (199) | (182) |
Revolving Loans Converted to Term | 291 | |
Total loans | $ (320) | $ (1,068) |
Loans and the Allowance for _20
Loans and the Allowance for Credit Losses - Summary of Other Real Estate Owned and Repossessed Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
Other real estate owned | $ 1,475 | $ 1,397 |
Repossessed assets | 79 | 89 |
Total other real estate owned and repossessed assets | $ 1,554 | $ 1,486 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2023 USD ($) Derivative | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) Derivative | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Collateral posted with market value on liability positions with credit risk-related contingent features | $ 27,600 | ||
Interest Rate Swaps and Caps [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Number of interest rate swaps | Derivative | 169 | 159 | |
Aggregate notional amount | $ 1,100,000,000 | $ 900,000,000 | |
Income (loss) on derivative instrument not designated hedges | $ 1,800,000 | $ 200,000 | |
Risk Participation in Agreements [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Number of interest rate swaps | Derivative | 17 | 16 | |
Aggregate notional amount | $ 195,100,000 | $ 187,800,000 | |
Risk Participation out Agreement [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Number of interest rate swaps | Derivative | 1 | 1 | |
Aggregate notional amount | $ 9,500,000 | $ 9,600,000 | |
Other Contract [Member] | Forward TBA Contracts [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Aggregate notional amount | $ 40,000,000 | $ 14,500,000 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Summary of Fair Values of Derivative Instruments on Balance Sheets (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 65,933,000 | $ 75,893,000 |
Liability Derivatives | 65,816,000 | 74,726,000 |
Interest Rate Swaps and Caps [Member] | Loan Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 1,074,644,000 | 936,834,000 |
Asset Derivatives | 65,789,000 | 75,840,000 |
Liability Derivatives | 65,668,000 | 74,683,000 |
Interest Rate Lock Commitments [Member] | Other Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 26,582,000 | 10,071,000 |
Asset Derivatives | 144,000 | |
Liability Derivatives | 43,000 | |
Forward TBA Contracts [Member] | Other Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 40,000,000 | 14,500,000 |
Asset Derivatives | $ 53,000 | |
Liability Derivatives | $ 148,000 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Summary of Effect of Derivative Instruments on Income Statement (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivatives, Fair Value [Line Items] | ||
Total gain (loss) on derivative financial instruments | $ (1,041) | $ 2,586 |
Interest Rate Swaps and Caps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total gain (loss) on derivative financial instruments | $ 1,039 | $ 1,461 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income, Other Operating Income | Noninterest Income, Other Operating Income |
Interest Rate Lock Commitments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total gain (loss) on derivative financial instruments | $ 187 | $ (318) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Non Interest Income Derived From Mortgage Banking Activities | Non Interest Income Derived From Mortgage Banking Activities |
Forward TBA Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total gain (loss) on derivative financial instruments | $ (189) | $ 1,443 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Non Interest Income Derived From Mortgage Banking Activities | Non Interest Income Derived From Mortgage Banking Activities |
Benefit Plans - Defined Benefit
Benefit Plans - Defined Benefit Pension Plan (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Retirement Benefits [Abstract] | ||
Service cost – benefits earned during year | $ 350 | $ 540 |
Interest cost on projected benefit obligation | 1,554 | 1,013 |
Expected return on plan assets | $ (2,750) | $ (2,853) |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Employee Benefits | Employee Benefits |
Amortization of prior service cost | $ (9) | $ (8) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Employee Benefits | Employee Benefits |
Amortization of net loss | $ 223 | $ 125 |
Net periodic pension income | $ (632) | $ (1,183) |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Retirement Benefits [Abstract] | ||
Service cost | $ 350,000 | $ 540,000 |
Periodic pension income | 1,000,000 | $ 1,700,000 |
Expected voluntary contribution for the year 2023 | $ 0 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Fair Value of Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | $ 11,843 | $ 11,506 |
Available-for-sale debt securities | 2,465,996 | 2,529,140 |
Loans held for sale | 12,722 | 8,249 |
Other real estate owned and repossessed assets | 1,554 | 1,486 |
Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 11,843 | 11,506 |
Available-for-sale debt securities | 2,465,996 | 2,529,140 |
Loans held for sale | 12,722 | 8,249 |
Other assets - interest rate swaps | 65,789 | 75,840 |
Total assets | 2,556,350 | 2,624,735 |
Other liabilities - interest rate swaps | 65,668 | 74,683 |
Total liabilities recurring fair value measurements | 65,668 | 74,683 |
Nonrecurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | 878 | |
Other real estate owned and repossessed assets | 1,554 | 1,486 |
Total assets | 1,554 | 2,364 |
U.S. Government Sponsored Entities and Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 223,435 | 225,970 |
U.S. Government Sponsored Entities and Agencies [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 223,435 | 225,970 |
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 1,818,250 | 1,846,053 |
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 1,818,250 | 1,846,053 |
Commercial Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 325,740 | 349,731 |
Commercial Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 325,740 | 349,731 |
Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 83,790 | 92,228 |
Obligations of States and Political Subdivisions [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 83,790 | 92,228 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 14,781 | 15,158 |
Corporate Debt Securities [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 14,781 | 15,158 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 11,843 | 11,506 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 11,843 | 11,506 |
Total assets | 11,843 | 11,506 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 2,464,802 | 2,527,961 |
Loans held for sale | 12,722 | 8,249 |
Other assets - interest rate swaps | 65,789 | 75,840 |
Other liabilities - interest rate swaps | 65,668 | 74,683 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 2,464,802 | 2,527,961 |
Loans held for sale | 12,722 | 8,249 |
Other assets - interest rate swaps | 65,789 | 75,840 |
Total assets | 2,543,313 | 2,612,050 |
Other liabilities - interest rate swaps | 65,668 | 74,683 |
Total liabilities recurring fair value measurements | 65,668 | 74,683 |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Sponsored Entities and Agencies [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 223,435 | 225,970 |
Significant Other Observable Inputs (Level 2) [Member] | Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 1,818,250 | 1,846,053 |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 325,740 | 349,731 |
Significant Other Observable Inputs (Level 2) [Member] | Obligations of States and Political Subdivisions [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 82,596 | 91,049 |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Securities [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 14,781 | 15,158 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 1,194 | 1,179 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 1,194 | 1,179 |
Total assets | 1,194 | 1,179 |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | 878 | |
Other real estate owned and repossessed assets | 1,554 | 1,486 |
Total assets | 1,554 | 2,364 |
Significant Unobservable Inputs (Level 3) [Member] | Obligations of States and Political Subdivisions [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | $ 1,194 | $ 1,179 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | ||
Fair value transfer amount | $ 0 | $ 0 |
Fair Value Measurement - Sche_2
Fair Value Measurement - Schedule of Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Fair Value Inputs Asset Quantitative Information [Line Items] | ||
Other real estate owned and repossessed assets | $ 1,554 | $ 1,486 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Inputs Asset Quantitative Information [Line Items] | ||
Collateral dependent loans | 878 | |
Other real estate owned and repossessed assets | 1,554 | 1,486 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Inputs Asset Quantitative Information [Line Items] | ||
Collateral dependent loans | 878 | |
Other real estate owned and repossessed assets | $ 1,554 | $ 1,486 |
Collateral dependent loans, Appraisal adjustments | (0.00%) | (0.00%) |
Collateral dependent loans, Liquidation expenses | (0.00%) | (8.00%) |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Weighted Average [Member] | ||
Fair Value Inputs Asset Quantitative Information [Line Items] | ||
Collateral dependent loans, Appraisal adjustments | (0.00%) | (0.00%) |
Collateral dependent loans, Liquidation expenses | (0.00%) | (8.00%) |
Fair Value Measurement - Estima
Fair Value Measurement - Estimates Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financial Assets | ||
Cash and due from banks | $ 597,503 | $ 408,411 |
Equity securities | 11,843 | 11,506 |
Available-for-sale debt securities | 2,465,996 | 2,529,140 |
Net held-to-maturity debt securities | 1,239,035 | 1,248,409 |
Loans held for sale | 12,722 | 8,249 |
Accrued interest receivable | 69,232 | 68,522 |
Financial Liabilities | ||
Deposits | 12,873,196 | 13,131,090 |
Federal Home Loan Bank borrowings | 1,280,000 | 705,000 |
Other borrowings | 111,176 | 135,069 |
Subordinated debt and junior subordinated debt | 281,629 | 281,404 |
Accrued interest payable | 7,669 | 4,593 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial Assets | ||
Cash and due from banks | 597,503 | 408,411 |
Equity securities | 11,843 | 11,506 |
Accrued interest receivable | 69,232 | 68,522 |
Financial Liabilities | ||
Deposits | 11,989,050 | 12,245,272 |
Other borrowings | 102,947 | 122,926 |
Accrued interest payable | 7,669 | 4,593 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Financial Assets | ||
Available-for-sale debt securities | 2,464,802 | 2,527,961 |
Net held-to-maturity debt securities | 1,107,364 | 1,084,071 |
Loans held for sale | 12,722 | 8,249 |
Other assets - interest rate swaps | 65,789 | 75,840 |
Financial Liabilities | ||
Deposits | 876,282 | 897,671 |
Federal Home Loan Bank borrowings | 1,281,186 | 705,094 |
Subordinated debt and junior subordinated debt | 260,525 | 258,631 |
Other liabilities - interest rate swaps | 65,668 | 74,683 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial Assets | ||
Available-for-sale debt securities | 1,194 | 1,179 |
Net held-to-maturity debt securities | 321 | 319 |
Net loans | 10,569,333 | 9,487,038 |
Carrying Amount [Member] | ||
Financial Assets | ||
Cash and due from banks | 597,503 | 408,411 |
Equity securities | 11,843 | 11,506 |
Available-for-sale debt securities | 2,465,996 | 2,529,140 |
Net held-to-maturity debt securities | 1,239,035 | 1,248,409 |
Net loans | 10,769,990 | 10,584,938 |
Loans held for sale | 12,722 | 8,249 |
Other assets - interest rate swaps | 65,789 | 75,840 |
Accrued interest receivable | 69,232 | 68,522 |
Financial Liabilities | ||
Deposits | 12,873,196 | 13,131,090 |
Federal Home Loan Bank borrowings | 1,280,000 | 705,000 |
Other borrowings | 111,176 | 135,069 |
Subordinated debt and junior subordinated debt | 281,629 | 281,404 |
Other liabilities - interest rate swaps | 65,668 | 74,683 |
Accrued interest payable | 7,669 | 4,593 |
Fair Value Estimate [Member] | ||
Financial Assets | ||
Cash and due from banks | 597,503 | 408,411 |
Equity securities | 11,843 | 11,506 |
Available-for-sale debt securities | 2,465,996 | 2,529,140 |
Net held-to-maturity debt securities | 1,107,685 | 1,084,390 |
Net loans | 10,569,333 | 9,487,038 |
Loans held for sale | 12,722 | 8,249 |
Other assets - interest rate swaps | 65,789 | 75,840 |
Accrued interest receivable | 69,232 | 68,522 |
Financial Liabilities | ||
Deposits | 12,865,332 | 13,142,943 |
Federal Home Loan Bank borrowings | 1,281,186 | 705,094 |
Other borrowings | 102,947 | 122,926 |
Subordinated debt and junior subordinated debt | 260,525 | 258,631 |
Other liabilities - interest rate swaps | 65,668 | 74,683 |
Accrued interest payable | $ 7,669 | $ 4,593 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Revenue Recognition (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule Of Revenue Recognition [Line Items] | ||
Total net securities brokerage revenue | $ 2,576 | $ 2,220 |
Electronic banking fees | 4,605 | 5,345 |
Mortgage banking income | 426 | 1,923 |
Net gain (loss) on other real estate owned and other assets | 232 | (806) |
Total Service Charges on Deposits [Member] | ||
Schedule Of Revenue Recognition [Line Items] | ||
Total trust fees/Total service charges on deposits | 6,170 | 6,090 |
Trust Account fees [Member] | ||
Schedule Of Revenue Recognition [Line Items] | ||
Total trust fees/Total service charges on deposits | $ 5,605 | 5,542 |
Point of revenue recognition | Over time | |
WesMark Fees [Member] | ||
Schedule Of Revenue Recognition [Line Items] | ||
Total trust fees/Total service charges on deposits | $ 1,889 | 2,293 |
Point of revenue recognition | Over time | |
Total Trust Fees [Member] | ||
Schedule Of Revenue Recognition [Line Items] | ||
Total trust fees/Total service charges on deposits | $ 7,494 | 7,835 |
Commercial Banking Fees [Member] | ||
Schedule Of Revenue Recognition [Line Items] | ||
Total trust fees/Total service charges on deposits | $ 609 | 568 |
Point of revenue recognition | Over time | |
Personal Service Charges [Member] | ||
Schedule Of Revenue Recognition [Line Items] | ||
Total trust fees/Total service charges on deposits | $ 5,561 | 5,522 |
Point of revenue recognition | At a point in time and over time | |
Annuity Commissions [Member] | ||
Schedule Of Revenue Recognition [Line Items] | ||
Total net securities brokerage revenue | $ 2,046 | 1,582 |
Point of revenue recognition | At a point in time | |
Equity And Debt Security Trades [Member] | ||
Schedule Of Revenue Recognition [Line Items] | ||
Total net securities brokerage revenue | $ 0 | 57 |
Point of revenue recognition | At a point in time | |
Managed Money [Member] | ||
Schedule Of Revenue Recognition [Line Items] | ||
Total net securities brokerage revenue | $ 283 | 327 |
Point of revenue recognition | Over time | |
Trail Commissions [Member] | ||
Schedule Of Revenue Recognition [Line Items] | ||
Total net securities brokerage revenue | $ 247 | 254 |
Point of revenue recognition | Over time | |
Payment Processing Fees [Member] | ||
Schedule Of Revenue Recognition [Line Items] | ||
Payment Processing Fees | $ 871 | $ 741 |
Point of revenue recognition | At a point in time and over time | |
Electronic Banking Fees [Member] | ||
Schedule Of Revenue Recognition [Line Items] | ||
Point of revenue recognition | At a point in time | |
Mortgage [Member] | ||
Schedule Of Revenue Recognition [Line Items] | ||
Point of revenue recognition | At a point in time | |
Other Real Estate Owned and Other Assets [Member] | ||
Schedule Of Revenue Recognition [Line Items] | ||
Point of revenue recognition | At a point in time and over time |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Revenue Recognition (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue Recognition [Abstract] | ||
Gain (losses) on change in fair value of other real estate owned and other assets not within scope of ASC 606 | $ 0 | $ 1.2 |
Comprehensive Income_(Loss) - C
Comprehensive Income/(Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 2,426,662 | $ 2,693,166 |
Amounts reclassified from accumulated other comprehensive loss | 189 | 55 |
Total other comprehensive gain (loss) | 28,017 | (106,192) |
Ending Balance | 2,475,457 | 2,547,316 |
Accumulated Defined Benefit Plans Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (535) | (398) |
Other comprehensive loss before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | 75 | 54 |
Total other comprehensive gain (loss) | 75 | 54 |
Ending Balance | (460) | (344) |
Accumulated Unrealized Gains (Losses) on Debt Securities Available for Sale [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (261,881) | (4,722) |
Other comprehensive loss before reclassifications | 27,828 | (106,247) |
Amounts reclassified from accumulated other comprehensive loss | 114 | 1 |
Total other comprehensive gain (loss) | 27,942 | (106,246) |
Ending Balance | (233,939) | (110,968) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (262,416) | (5,120) |
Other comprehensive loss before reclassifications | 27,828 | (106,247) |
Amounts reclassified from accumulated other comprehensive loss | 189 | 55 |
Total other comprehensive gain (loss) | 28,017 | (106,192) |
Ending Balance | $ (234,399) | $ (111,312) |
Comprehensive Income_(Loss) -_2
Comprehensive Income/(Loss) - Components of Accumulated Other Comprehensive Income (Parenthetical) (Detail) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Percentage of Federal and State income tax rate | 24% | 24% |
Comprehensive Income_(Loss) - S
Comprehensive Income/(Loss) - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net securities gains reclassified into earnings | $ (145) | $ 650 |
Provision for income taxes | 9,942 | 9,859 |
Employee benefits (Non-interest expense) | 12,060 | 9,158 |
Net effect on accumulated other comprehensive income/(loss) for the period | 189 | 55 |
Accumulated Unrealized Gains (Losses) on Debt Securities Available for Sale [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net effect on accumulated other comprehensive income/(loss) for the period | 114 | 1 |
Accumulated Defined Benefit Plans Adjustment [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net effect on accumulated other comprehensive income/(loss) for the period | 75 | 54 |
Amounts Reclassified From Accumulated Other Comprehensive Income/(Loss) [Member] | Accumulated Unrealized Gains (Losses) on Debt Securities Available for Sale [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net securities gains reclassified into earnings | 151 | 2 |
Provision for income taxes | (37) | (1) |
Amounts Reclassified From Accumulated Other Comprehensive Income/(Loss) [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Provision for income taxes | (23) | (18) |
Employee benefits (Non-interest expense) | $ 98 | $ 72 |
Comprehensive Income_(Loss) -_3
Comprehensive Income/(Loss) - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Parenthetical) (Detail) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Percentage of Federal and State income tax rate | 24% | 24% |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Allowance for credit losses associated with loan commitments | $ 9.1 | $ 8.4 |
Liability associated with letters of credit | $ 0.3 | $ 0.2 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Commitments to Extend Credit, Guarantees and Various Letters of Credit Outstanding (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Lines of credit | $ 3,938,353 | $ 3,806,398 |
Loans approved but not closed | 548,801 | 398,204 |
Overdraft limits | 391,322 | 380,143 |
Letters of credit | 32,317 | 30,362 |
Contingent obligations and other guarantees | $ 21,682 | $ 30,782 |
Business Segments - Additional
Business Segments - Additional Information (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) Segment | Mar. 31, 2022 USD ($) | |
Segment Reporting Information [Line Items] | ||
Operating segments | Segment | 2 | |
Trust and Investment Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Market value of assets managed or held in custody by trust and investment services segment | $ 5,000 | $ 5,400 |
Total non-fiduciary assets of the trust and investment services segment | 3.3 | 3.5 |
Trust and Investment Services [Member] | Customer-Related Intangible Assets [Member] | ||
Segment Reporting Information [Line Items] | ||
Total non-fiduciary assets of the trust and investment services segment | $ 1.1 | $ 1.3 |
Business Segments - Financial I
Business Segments - Financial Information by Business Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Interest and dividend income | $ 160,555 | $ 112,174 |
Interest expense | 36,223 | 4,463 |
NET INTEREST INCOME | 124,332 | 107,711 |
Provision for credit losses | 3,577 | (3,438) |
Net interest income after provision for credit losses | 120,755 | 111,149 |
Non-interest income | 27,653 | 30,382 |
Non-interest expense | 96,125 | 87,548 |
Income before provision for income taxes | 52,283 | 53,983 |
Provision for income taxes | 9,942 | 9,859 |
Net income | 42,341 | 44,124 |
Preferred stock dividends | 2,531 | 2,531 |
Net income available to common shareholders | 39,810 | 41,593 |
Community Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Interest and dividend income | 160,555 | 112,174 |
Interest expense | 36,223 | 4,463 |
NET INTEREST INCOME | 124,332 | 107,711 |
Provision for credit losses | 3,577 | (3,438) |
Net interest income after provision for credit losses | 120,755 | 111,149 |
Non-interest income | 20,159 | 22,547 |
Non-interest expense | 91,617 | 83,225 |
Income before provision for income taxes | 49,297 | 50,471 |
Provision for income taxes | 9,315 | 9,121 |
Net income | 39,982 | 41,350 |
Preferred stock dividends | 2,531 | 2,531 |
Net income available to common shareholders | 37,451 | 38,819 |
Trust and Investment Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Non-interest income | 7,494 | 7,835 |
Non-interest expense | 4,508 | 4,323 |
Income before provision for income taxes | 2,986 | 3,512 |
Provision for income taxes | 627 | 738 |
Net income | 2,359 | 2,774 |
Net income available to common shareholders | $ 2,359 | $ 2,774 |