Cover page
Cover page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 15, 2022 | Jun. 30, 2021 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 1-6887 | ||
Entity Registrant Name | BANK OF HAWAII CORP | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 99-0148992 | ||
Entity Address, Address Line One | 130 Merchant Street | ||
Entity Address, City or Town | Honolulu | ||
Entity Address, State or Province | HI | ||
Entity Address, Postal Zip Code | 96813 | ||
City Area Code | 888 | ||
Local Phone Number | 643-3888 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,343,790,618 | ||
Entity Common Stock, Shares Outstanding | 40,287,629 | ||
Entity Central Index Key | 0000046195 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | Honolulu, Hawaii, United States | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement relating to its 2022 Annual Meeting of Shareholders, are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year end ended December 31, 2021. | ||
NEW YORK STOCK EXCHANGE, INC. [Member] | Common Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | BOH | ||
Security Exchange Name | NYSE | ||
NEW YORK STOCK EXCHANGE, INC. [Member] | Series A Preferred Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depository Shares, Each Representing 1/40th Interest in a Share of 4.375% Fixed Rate Non-Cumulative Preferred Stock, Series A | ||
Trading Symbol | BOH.PRA | ||
Security Exchange Name | NYSE |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest Income | |||
Interest and Fees on Loans and Leases | $ 398,616 | $ 417,498 | $ 439,012 |
Income on Investment Securities | |||
Available-for-Sale | 64,550 | 61,294 | 62,174 |
Held-to-Maturity | 61,955 | 66,055 | 81,616 |
Deposits | 10 | 14 | 41 |
Funds Sold | 883 | 902 | 3,553 |
Other | 702 | 661 | 1,001 |
Total Interest Income | 526,716 | 546,424 | 587,397 |
Interest Expense | |||
Deposits | 15,216 | 32,966 | 68,374 |
Securities Sold Under Agreements to Repurchase | 13,260 | 15,281 | 17,522 |
Funds Purchased | 7 | 95 | 840 |
Short-Term Borrowings | 62 | 38 | |
Other Debt | 943 | 1,698 | 2,908 |
Total Interest Expense | 29,426 | 50,102 | 89,682 |
Net Interest Income | 497,290 | 496,322 | 497,715 |
Provision for Credit Losses | (50,500) | 117,800 | 16,000 |
Net Interest Income After Provision for Credit Losses | 547,790 | 378,522 | 481,715 |
Noninterest Income | |||
Trust and Asset Management | 46,068 | 43,456 | 44,233 |
Mortgage Banking | 14,964 | 17,871 | 13,686 |
Service Charges on Deposit Accounts | 25,564 | 24,910 | 30,074 |
Fees, Exchange, and Other Service Charges | 55,457 | 47,056 | 57,893 |
Investment Securities Gains (Losses), Net | (1,297) | 9,932 | (3,986) |
Annuity and Insurance | 3,224 | 3,362 | 6,934 |
Bank-Owned Life Insurance | 7,784 | 7,388 | 7,015 |
Other | 19,589 | 30,434 | 27,489 |
Total Noninterest Income | 171,353 | 184,409 | 183,338 |
Noninterest Expense | |||
Salaries and Benefits | 228,293 | 207,329 | 216,106 |
Net Occupancy | 26,244 | 39,533 | 33,800 |
Net Equipment | 35,703 | 35,448 | 29,295 |
Data Processing | 20,297 | 18,499 | 18,757 |
Professional Fees | 12,895 | 12,186 | 10,071 |
FDIC Insurance | 6,536 | 5,780 | 5,192 |
Other | 63,621 | 55,032 | 66,006 |
Total Noninterest Expense | 393,589 | 373,807 | 379,227 |
Income Before Provision for Income Taxes | 325,554 | 189,124 | 285,826 |
Provision for Income Taxes | 72,182 | 35,320 | 59,913 |
Net Income | 253,372 | 153,804 | 225,913 |
Preferred Stock Dividends | 2,975 | ||
Net Income Available to Common Shareholders | $ 250,397 | $ 153,804 | $ 225,913 |
Basic Earnings Per Common Share | $ 6.29 | $ 3.87 | $ 5.59 |
Diluted Earnings Per Common Share | 6.25 | 3.86 | 5.56 |
Dividends Declared Per Common Share | $ 2.74 | $ 2.68 | $ 2.59 |
Basic Weighted Average Common Shares | 39,837,798 | 39,726,210 | 40,384,328 |
Diluted Weighted Average Common Shares | 40,053,664 | 39,892,107 | 40,649,570 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net Income | $ 253,372 | $ 153,804 | $ 225,913 |
Other Comprehensive Income (Loss), Net of Tax: | |||
Net Unrealized Gains (Losses) on Investment Securities | (83,958) | 43,428 | 22,677 |
Defined Benefit Plans | 9,754 | (4,494) | (2,746) |
Other Comprehensive Income (Loss) | (74,204) | 38,934 | 19,931 |
Comprehensive Income | $ 179,168 | $ 192,738 | $ 245,844 |
Consolidated Statements of Cond
Consolidated Statements of Condition - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Interest-Bearing Deposits in Other Banks | $ 2,571 | $ 1,646 |
Funds Sold | 361,536 | 333,022 |
Investment Securities | ||
Available-for-Sale | 4,276,056 | 3,791,689 |
Held-to-Maturity (Fair Value of $4,646,619 and $3,348,693) | 4,694,780 | 3,262,727 |
Loans Held for Sale | 26,746 | 82,565 |
Loans and Leases | 12,259,076 | 11,940,020 |
Allowance for Credit Losses | (157,821) | (216,252) |
Net Loans and Leases | 12,101,255 | 11,723,768 |
Total Earning Assets | 21,462,944 | 19,195,417 |
Cash and Due From Banks | 196,327 | 279,420 |
Premises and Equipment, Net | 199,393 | 199,695 |
Operating Lease Right-of-Use Assets | 95,621 | 99,542 |
Accrued Interest Receivable | 45,242 | 49,303 |
Foreclosed Real Estate | 2,332 | 2,332 |
Mortgage Servicing Rights | 22,251 | 19,652 |
Goodwill | 31,517 | 31,517 |
Bank-Owned Life Insurance | 344,587 | 291,480 |
Other Assets | 384,727 | 435,293 |
Total Assets | 22,784,941 | 20,603,651 |
Deposits | ||
Noninterest-Bearing Demand | 7,275,287 | 5,749,612 |
Interest-Bearing Demand | 4,628,567 | 4,040,733 |
Savings | 7,456,165 | 6,759,213 |
Time | 1,000,089 | 1,662,063 |
Total Deposits | 20,360,108 | 18,211,621 |
Securities Sold Under Agreements to Repurchase | 450,490 | 600,590 |
Other Debt | 10,391 | 60,481 |
Operating Lease Liabilities | 103,210 | 107,412 |
Retirement Benefits Payable | 38,494 | 51,197 |
Accrued Interest Payable | 2,499 | 5,117 |
Taxes Payable and Deferred Taxes | 11,901 | 2,463 |
Other Liabilities | 196,237 | 190,263 |
Total Liabilities | 21,173,330 | 19,229,144 |
Commitments, Contingencies, and Guarantees (Note 20 and Note 23) | ||
Shareholders’ Equity | ||
Preferred Stock ($.01 par value; authorized 180,000 shares; issued and outstanding: December 31, 2021 - 180,000) | 180,000 | |
Common Stock ($.01 par value; authorized 500,000,000 shares; issued / outstanding: December 31, 2021 - 58,554,669 / 40,253,193 and December 31, 2020 - 58,285,624 / 40,119,312) | 581 | 580 |
Capital Surplus | 602,508 | 591,360 |
Accumulated Other Comprehensive Income (Loss) | (66,382) | 7,822 |
Retained Earnings | 1,950,375 | 1,811,979 |
Treasury Stock, at Cost (Shares: December 31, 2021 - 18,301,476 and December 31, 2020 - 18,166,312) | (1,055,471) | (1,037,234) |
Total Shareholders’ Equity | 1,611,611 | 1,374,507 |
Total Liabilities and Shareholders’ Equity | $ 22,784,941 | $ 20,603,651 |
Consolidated Statements of Co_2
Consolidated Statements of Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Held-to-Maturity: Fair Value | $ 4,646,619 | $ 3,348,693 |
Preferred Stock, par value (in dollars per share) | $ 0.01 | |
Preferred Stock, authorized (in shares) | 180,000 | |
Preferred Stock, issued (in shares) | 180,000 | |
Preferred Stock, outstanding (in shares) | 180,000 | |
Common Stock, par value (in dollars per share) | $ 0.01 | |
Common Stock, authorized (in shares) | 500,000,000 | 500,000,000 |
Common Stock, issued (in shares) | 58,554,669 | 58,285,624 |
Common Stock, outstanding (in shares) | 40,253,193 | 40,119,312 |
Treasury Stock (in shares) | 18,301,476 | 18,166,312 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Preferred Stock | Common Stock | Capital Surplus | Accum. Other Comprehensive Income (Loss) | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Treasury Stock |
Balance at Beginning of Period at Dec. 31, 2018 | $ 1,268,200 | $ 577 | $ 571,704 | $ (51,043) | $ 1,641,314 | $ (894,352) | |||
Beginning Balance (in shares) at Dec. 31, 2018 | 41,499,898 | ||||||||
Increase (decrease) in shareholders' equity | |||||||||
Net Income | 225,913 | 225,913 | |||||||
Other Comprehensive Income (Loss) | 19,931 | 19,931 | |||||||
Share-Based Compensation | 8,337 | 8,337 | |||||||
Common Stock Issued under Purchase and Equity Compensation Plans | 7,578 | $ 2 | 2,525 | (334) | 5,385 | ||||
Common Stock Issued under Purchase and Equity Compensation Plans (in shares) | 212,924 | ||||||||
Common Stock Repurchased | (137,649) | (137,649) | |||||||
Common Stock Repurchased (in shares) | (1,673,127) | ||||||||
Cash Dividends Declared Common Stock (per share) | (105,478) | (105,478) | |||||||
Balance at End of Period at Dec. 31, 2019 | 1,286,832 | $ 3,632 | $ 579 | 582,566 | (31,112) | 1,761,415 | $ 3,632 | (1,026,616) | |
Ending Balance (in shares) at Dec. 31, 2019 | 40,039,695 | ||||||||
Increase (decrease) in shareholders' equity | |||||||||
Net Income | 153,804 | 153,804 | |||||||
Other Comprehensive Income (Loss) | $ 38,934 | 38,934 | |||||||
Accounting Standards Update Extensible List | Accounting Standards Update 2016-13 | ||||||||
Share-Based Compensation | $ 7,577 | 7,577 | |||||||
Common Stock Issued under Purchase and Equity Compensation Plans | 9,168 | $ 1 | 1,217 | 562 | 7,388 | ||||
Common Stock Issued under Purchase and Equity Compensation Plans (in shares) | 283,482 | ||||||||
Common Stock Repurchased | (18,006) | (18,006) | |||||||
Common Stock Repurchased (in shares) | (203,865) | ||||||||
Cash Dividends Declared Common Stock (per share) | (107,434) | (107,434) | |||||||
Balance at End of Period at Dec. 31, 2020 | 1,374,507 | $ 580 | 591,360 | 7,822 | 1,811,979 | (1,037,234) | |||
Ending Balance (in shares) at Dec. 31, 2020 | 40,119,312 | ||||||||
Increase (decrease) in shareholders' equity | |||||||||
Net Income | 253,372 | 253,372 | |||||||
Other Comprehensive Income (Loss) | (74,204) | (74,204) | |||||||
Share-Based Compensation | 13,267 | 13,267 | |||||||
Preferred Stock Issued, Net | 175,487 | $ 180,000 | (4,513) | ||||||
Preferred Stock Issued, Net (in shares) | 180,000 | ||||||||
Common Stock Issued under Purchase and Equity Compensation Plans | 14,048 | $ 1 | 2,394 | (1,368) | 13,021 | ||||
Common Stock Issued under Purchase and Equity Compensation Plans (in shares) | 507,121 | ||||||||
Common Stock Repurchased | $ (31,258) | (31,258) | |||||||
Common Stock Repurchased (in shares) | (328,832) | (373,240) | |||||||
Cash Dividends Declared Common Stock (per share) | $ (110,633) | (110,633) | |||||||
Cash Dividends Declared Preferred Stock | (2,975) | (2,975) | |||||||
Balance at End of Period at Dec. 31, 2021 | $ 1,611,611 | $ 180,000 | $ 581 | $ 602,508 | $ (66,382) | $ 1,950,375 | $ (1,055,471) | ||
Ending Balance (in shares) at Dec. 31, 2021 | 180,000 | 40,253,193 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Stockholders Equity [Abstract] | |||
Dividends Declared Per Common Share | $ 2.74 | $ 2.68 | $ 2.59 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities | |||
Net Income | $ 253,372 | $ 153,804 | $ 225,913 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||
Provision for Credit Losses | (50,500) | 117,800 | 16,000 |
Depreciation and Amortization | 21,084 | 20,205 | 17,268 |
Amortization of Deferred Loans and Leases (Fees) Costs, Net | (16,728) | (3,197) | 476 |
Amortization and Accretion of Premiums/Discounts on Investment Securities, Net | 36,488 | 27,586 | 20,683 |
Amortization of Operating Lease Right-of-Use-Assets | 11,493 | 12,281 | 12,616 |
Share-Based Compensation | 13,267 | 7,578 | 8,337 |
Benefit Plan Contributions | (1,687) | (1,615) | (1,926) |
Deferred Income Taxes | 3,020 | (42,586) | (15,415) |
Gains on Sale of Premises and Equipment | (8,655) | (1,850) | (558) |
Impairment on Leveraged Lease | 2,951 | ||
Impairment on ISB Closures and ATMs | 4,168 | ||
Net Gains on Sales of Loans and Leases | (14,889) | (12,875) | (10,357) |
Net (Gains) Losses on Investment Securities | 1,297 | (9,932) | 3,986 |
Proceeds from Sales of Loans Held for Sale | 508,199 | 394,196 | 487,436 |
Originations of Loans Held for Sale | (408,210) | (394,649) | (510,909) |
Net Tax Benefits from Share-Based Compensation | 1,611 | 485 | 727 |
Net Change in Other Assets and Other Liabilities | 27,989 | (127,934) | (20,039) |
Net Cash Provided by Operating Activities | 377,151 | 146,416 | 234,238 |
Investment Securities Available-for-Sale: | |||
Proceeds from Sales, Prepayments and Maturities | 1,487,043 | 1,003,432 | 1,873,700 |
Purchases | (2,100,693) | (2,114,912) | (1,456,901) |
Investment Securities Held-to-Maturity: | |||
Proceeds from Prepayments and Maturities | 1,221,585 | 1,420,853 | 794,157 |
Purchases | (2,676,376) | (1,661,180) | (1,380,430) |
Net Change in Loans and Leases | (342,767) | (990,169) | (550,533) |
Premises and Equipment, Net | (22,372) | (33,287) | (53,900) |
Proceeds from Sale of Premises and Equipment | 10,246 | 1,981 | 639 |
Net Cash Used in Investing Activities | (2,423,334) | (2,373,282) | (773,268) |
Financing Activities | |||
Net Change in Deposits | 2,148,487 | 2,427,147 | 757,241 |
Net Change in Short-Term Borrowings | (150,100) | (3,716) | 99,811 |
Proceeds from Other Debt | 50,000 | ||
Repayments of Other Debt | (50,090) | (75,084) | (50,078) |
Proceeds from Issuance of Preferred Stock | 175,487 | ||
Proceeds from Issuance of Common Stock | 13,611 | 9,389 | 7,872 |
Repurchase of Common Stock | (31,258) | (18,006) | (137,649) |
Cash Dividends Paid on Common Stock | (110,633) | (107,434) | (105,478) |
Cash Dividends Paid on Preferred Stock | (2,975) | ||
Net Cash Provided by Financing Activities | 1,992,529 | 2,282,296 | 571,719 |
Net Change in Cash and Cash Equivalents | (53,654) | 55,430 | 32,689 |
Cash and Cash Equivalents at Beginning of Period | 614,088 | 558,658 | 525,969 |
Cash and Cash Equivalents at End of Period | 560,434 | 614,088 | 558,658 |
Supplemental Information | |||
Cash Paid for Interest | 32,044 | 53,026 | 89,894 |
Cash Paid for Income Taxes | 48,764 | 60,182 | 58,152 |
Non-Cash Investing and Financing Activities: | |||
Initial Recognition of Operating Lease Right-of-Use Assets | 106,514 | ||
Initial Recognition of Operating Lease Liabilities | 113,394 | ||
Transfer from Loans to Foreclosed Real Estate | $ 2,070 | ||
Transfers from Loans to Loans Held for Sale | $ 34,647 | $ 32,423 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. Summary of Significant Accounting Policies Basis of Presentation Bank of Hawaii Corporation (the “Parent”) is a Delaware corporation and a bank holding company headquartered in Honolulu, Hawaii. Bank of Hawaii Corporation and its subsidiaries (collectively, the “Company”) provide a broad range of financial products and services to customers in Hawaii, Guam, and other Pacific Islands. The majority of the Company’s operations consist of customary commercial and consumer banking services including, but not limited to, lending, leasing, deposit services, trust and investment activities, brokerage services, and trade financing. The accounting and reporting principles of the Company conform to U.S. generally accepted accounting principles (“GAAP”) and prevailing practices within the financial services industry. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results may differ from those estimates and such differences could be material to the financial statements. Certain prior period information has been reclassified to conform to the current year presentation. The following is a summary of the Company’s significant accounting policies: Consolidation The accompanying consolidated financial statements include the accounts of the Parent and its subsidiaries. The Parent’s principal operating subsidiary is Bank of Hawaii (the “Bank”). All significant intercompany accounts and transactions have been eliminated in consolidation. Variable Interest Entities Variable interests are defined as contractual ownership or other interests in an entity that change with fluctuations in an entity’s net asset value. The primary beneficiary consolidates the variable interest entity (“VIE”). The primary beneficiary is defined as the enterprise that has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits that could be significant to the VIE. The Company has limited partnership interests in several low-income housing partnerships. These partnerships provide funds for the construction and operation of apartment complexes that provide affordable housing to lower-income households. If these developments successfully attract a specified percentage of residents falling in that lower income range, state and/or federal income tax credits are made available to the partners. The tax credits are generally recognized over 10 years for federal and 5 years for state. In order to continue receiving the tax credits each year over the life of the partnership, the low-income residency targets must be maintained. Prior to January 1, 2015, the Company utilized the effective yield method whereby the Company recognized tax credits generally over 10 years and amortized the initial cost of the investment to provide a constant effective yield over the period that tax credits are allocated to the Company. On January 1, 2015, the Company adopted Accounting Standards Update (“ASU”) No. 2014-01, “Accounting for Investments in Qualified Affordable Housing Projects” Unfunded commitments to fund these low-income housing partnerships were $44.0 million and $53.0 million as of December 31, 2021, and December 31, 2020, respectively. These unfunded commitments are unconditional and legally binding and are recorded in other liabilities in the consolidated statements of condition. See Note 18 Affordable Housing Projects Tax Credit Partnerships The Company also has limited partnership interests in solar energy tax credit partnership investments. These partnerships develop, build, own and operate solar renewable energy projects. Over the course of these investments, the Company expects to receive federal and state tax credits, tax-related benefits, and excess cash available for distribution, if any. The Company may be called to sell its interest in the limited partnerships through a call option once all investment tax credits have been recognized. Tax benefits associated with these investments are generally recognized over 6 years. Although these entities meet the definition of a VIE, the Company is not the primary beneficiary of the entities, as the general partner has both the power to direct the activities that most significantly impact the economic performance of the entities and the obligation to absorb losses or the right to receive benefits that could be significant to the entities. While the partnership agreements allow the limited partners, through a majority vote, to remove the general partner, this right is not deemed to be substantive as the general partner can only be removed for cause. The investments in these entities are initially recorded at cost, which approximates the maximum exposure to loss as a result of the Company’s involvement with these unconsolidated entities. The balance of the Company’s investments in these entities was $136.6 million and $143.0 million as of December 31, 2021, and December 31, 2020, respectively, and is included in other assets in the consolidated statements of condition. Investment Securities Investment securities are accounted for according to their purpose and holding period. Trading securities are those that are bought and held principally for the purpose of selling them in the near term. The Company held no trading securities as of December 31, 2021 or December 31, 2020. Available-for-sale investment securities, comprised of debt and mortgage-backed securities, are those that may be sold before maturity due to changes in the Company’s interest rate risk profile or funding needs, and are reported at fair value with unrealized gains and losses, net of taxes, reported as a component of other comprehensive income. Held-to-maturity investment securities, comprised of debt and mortgage-backed securities, are those that management has the positive intent and ability to hold to maturity and are reported at amortized cost. Realized gains and losses are recorded in noninterest income and are determined on a trade date basis using the specific identification method. Interest and dividends on investment securities are recognized in interest income on an accrual basis. Premiums and discounts are amortized or accreted into interest income using the interest method over the expected lives of the individual securities. Transfers of debt securities from the available-for-sale category to the held-to-maturity category are made at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer remains in accumulated other comprehensive income and in the carrying value of the held-to-maturity investment security. Premiums or discounts on investment securities are amortized or accreted as an adjustment of yield using the interest method over the estimated life of the security. Unrealized holding gains or losses that remain in accumulated other comprehensive income are also amortized or accreted over the estimated life of the security as an adjustment of yield, offsetting the related amortization of the premium or accretion of the discount. Loans Held for Sale Residential mortgage loans with the intent to be sold in the secondary market are accounted for on an aggregate basis under the fair value option. Fair value is primarily determined based on quoted prices for similar loans in active markets. Non-refundable fees and direct loan origination costs related to residential mortgage loans held for sale are recognized as part of the cost basis of the loan at the time of sale. Gains and losses on sales of residential mortgage loans (sales proceeds minus carrying value) are recorded in the mortgage banking component of noninterest income. Commercial loans that management has an active plan to sell are valued on an individual basis at the lower-of-cost-or fair value. Fair value is primarily determined based on quoted prices for similar loans in active markets or agreed upon sales prices. Any reduction in the loan’s value, prior to being transferred to the held-for-sale category, is reflected as a charge-off of the recorded investment in the loan resulting in a new cost basis, with a corresponding reduction in the allowance for credit losses (the “Allowance”). Further decreases in the fair value of the loan are recognized in noninterest expense. Loans and Leases Loans are reported at the principal amount outstanding, net of unearned income including unamortized deferred loan fees and costs, and cumulative net charge-offs. Interest income is recognized on an accrual basis. Loan origination fees, certain direct costs, and unearned discounts and premiums, if any, are deferred and are generally amortized into interest income as yield adjustments using the interest method over the contractual life of the loan. Loan commitment fees are generally recognized into noninterest income. Other credit-related fees are recognized as fee income, a component of noninterest income, when earned. The Company’s lease financing arrangements, excluding leveraged leases, primarily consist of equipment and automobile leases. These lease arrangements are classified as sales-type leases despite not receiving a selling profit at lease inception. Sales-type leases are carried at the aggregate of lease payments receivable plus the estimated residual value of leased property, less unearned income. Leveraged leases are carried net of non-recourse debt. Unearned income on sales-type and leveraged leases is amortized over the lease term by methods that approximate the interest method. Residual values on leased assets are periodically reviewed for impairment. Portfolio segments are defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for credit losses. Management has designated two portfolio segments of loans and leases, commercial and consumer. These portfolio segments are further disaggregated into classes, which represent loans and leases of similar type, risk characteristics, and methods for monitoring and assessing credit risk. The commercial portfolio segment is disaggregated into four classes, commercial and industrial, commercial mortgage, construction, and lease financing. The consumer portfolio segment is also disaggregated into four classes, residential mortgage, home equity, auto, and other (which is comprised of revolving credit, installment, and consumer lease financing arrangements). Non-Performing Loans and Leases Generally, all classes of commercial loans and leases are placed on non-accrual status upon becoming contractually past due 90 days as to principal or interest (unless loans and leases are adequately secured by collateral, are in the process of collection, and are reasonably expected to result in repayment), when terms are renegotiated below market levels, or where substantial doubt about full repayment of principal or interest is evident. For residential mortgage and home equity loan classes, loans past due 120 days 120 days When a loan or lease is placed on non-accrual status, the accrued and unpaid interest receivable is reversed and the loan or lease is accounted for on the cash or cost recovery method until qualifying for return to accrual status. All payments received on non-accrual loans and leases are applied against the principal balance of the loan or lease. A loan or lease may be returned to accrual status when all delinquent interest and principal become current in accordance with the terms of the loan or lease agreement and when doubt about repayment is resolved. Generally, for all classes of loans and leases, a charge-off is recorded when it is probable that a loss has been incurred and when it is possible to determine a reasonable estimate of the loss. For all classes of commercial loans and leases, a charge-off is determined on a judgmental basis after due consideration of the debtor’s prospects for repayment and the fair value of collateral. For the pooled segment of the Company’s commercial and industrial loan class, which consists of small business loans, the entire outstanding balance of the loan remains on accrual status until it is charged off during the month that the loan becomes 120 days past due as to principal or interest. As previously mentioned, for residential mortgage and home equity loan classes, a partial charge-off may be recorded at 120 days past due as to principal or interest depending on the collateral value and/or the collectability of the loan. In the event that a loan or line in the home equity loan class is behind another financial institution’s first mortgage, the entire outstanding balance of the loan is charged off when the loan becomes 120 days past due as to principal or interest, unless the combined loan-to-value ratio is 60% or less. As noted above, loans in the automobile and other consumer loan classes are charged off in its entirety upon the loan becoming 120 days past due as to principal or interest. Loans Modified in a Troubled Debt Restructuring Loans are considered to have been modified in a troubled debt restructuring when, due to a borrower’s financial difficulties, the Company makes certain concessions to the borrower that it would not otherwise consider. Modifications may include interest rate reductions, principal or interest forgiveness, forbearance, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of collateral. Generally, a non-accrual loan that has been modified in a troubled debt restructuring remains on non-accrual status for a period of at least 6 months to demonstrate that the borrower is able to meet the terms of the modified loan. However, performance prior to the modification, or significant events that coincide with the modification, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of loan modification or after a shorter performance period. If the borrower’s ability to meet the revised payment schedule is uncertain, the loan remains on non-accrual status. The Company began offering short-term loan modifications to assist borrowers during the COVID-19 pandemic. If the modification met certain conditions, the modification did not need to be accounted for as a TDR. Reserve for Credit Losses The Company’s reserve for credit losses is comprised of the Allowance and the Unfunded Reserve. As of December 31, 2021, the reserve for credit losses also included a reserve for accrued interest receivable related to loans in which interest payment forbearances were granted to borrowers impacted by the COVID-19 pandemic. Allowance for Credit Losses - Loans and Leases (the “Allowance”) The current expected credit loss (“CECL”) approach requires an estimate of the credit losses expected over the life of an exposure (or pool of exposures). It replaces the incurred loss approach’s threshold that delayed the recognition of a credit loss until it was probable a loss event was incurred. The estimate of expected credit losses is based on relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. Historical loss experience is generally the starting point for estimating expected credit losses. The Company then considers whether the historical loss experience should be adjusted for asset-specific risk characteristics or current conditions at the reporting date that did not exist over the historical period used. The Company also considers future economic conditions and portfolio performance as part of a reasonable and supportable forecast period. As previously mentioned, portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for credit losses. The Company has designated two portfolio segments of loans and leases, commercial and consumer. These portfolio segments are further disaggregated into classes, which represent loans and leases of similar type, risk characteristics, and methods for monitoring and assessing credit risk. The commercial portfolio segment is disaggregated into four classes, commercial and industrial, commercial mortgage, construction, and lease financing. The consumer portfolio segment is also disaggregated into four classes, residential mortgage, home equity, auto, and other (which is comprised of revolving credit, installment, and consumer lease financing arrangements). Each commercial and consumer portfolio class is also segmented based on risk characteristics. Commercial Portfolio Segment The historical loss experience for the commercial portfolio segment is primarily determined using a Cohort method. This method pools loans into groups (“cohorts”) sharing similar risk characteristics and tracks each cohort’s historical net charge-offs to calculate a historical loss rate. The historical loss rates for each cohort are then averaged to calculate an overall historical loss rate which is applied to current loan balances to arrive at the quantitative baseline portion of the Allowance for most of the commercial portfolio segment. The Company also considers qualitative adjustments to the quantitative baseline. For example, the Company considers the impact of current environmental factors at the reporting date that did not exist over the period from which historical experience was used. Relevant factors include, but are not limited to, concentrations of credit risk (geographic, large borrower, and industry), economic trends and conditions, changes in underwriting standards, experience and depth of lending staff, trends in delinquencies, and the level of criticized loans. The Company also incorporates a reasonable and supportable (“R&S”) loss forecast period, which is currently one year, to account for the effect of forecasted economic conditions and other factors on the performance of the commercial portfolio, which could differ from historical loss experience. The Company performs a quarterly asset quality review which includes a review of forecasted gross charge-offs and recoveries, nonperforming assets, criticized loans and leases, and risk rating migration. The asset quality review is reviewed by management and the results are used to consider qualitative adjustments to the quantitative baseline. After the one-year R&S loss forecast period, this adjustment assumes an immediate reversion to historical loss rates for the remaining expected life of the loan. The Company establishes a specific reserve for individually evaluated loans which do not share similar risk characteristics with the loans included in the quantitative baseline. These individually evaluated loans are removed from the pooling approach discussed above for the quantitative baseline, and include non-accrual loans, troubled debt restructurings (“TDRs”), and other loans as deemed appropriate by management. In addition, the Company individually evaluates “reasonably expected” TDRs, which are identified by the Company as a commercial loan expected to be classified as a TDR within the next six months. Management judgment is utilized to make this determination. Consumer P ortfolio S egment The historical loss experience for the consumer portfolio segment is primarily determined using a Vintage method. This method measures historical loss behavior in the form of a historical loss rate for homogenous loan pools that originate in the same period, known as a vintage. The historical loss rates are then applied to origination loan balances by vintage to determine the quantitative baseline portion of the Allowance for most of the consumer portfolio segment. The homogenous loan pools are segmented according to similar risk characteristics (e.g., residential mortgage, home equity) and may be sub-segmented further (e.g., geography, lien position) depending on the product. The Company also considers qualitative adjustments to the quantitative baseline. For example, the Company considers the impact of current environmental factors at the reporting date that did not exist over the period from which historical experience was used. The environmental factors considered for the consumer portfolio are similar to the aforementioned factors considered for the commercial portfolio. The Company also incorporates a one-year R&S loss forecast period to account for forecasted economic conditions and other factors on the performance of the consumer portfolio which could differ from historical loss experience. The Company performs a quarterly asset quality review designed to estimate gross charge-offs and recoveries for the forecast period. Management evaluates additional factors that may not be reflected in the net charge-off forecast to determine whether a qualitative adjustment is warranted. The Company has chosen an immediate reversion back to average historical loss rates following the one-year R&S loss forecast period. The reversion method, however, does not reflect the potential for higher losses than pre-pandemic levels due to the impact of COVID-19 beyond the R&S loss forecast period, which the Company has addressed through other qualitative adjustments. The Company establishes a specific reserve for individually evaluated loans that do not share similar risk characteristics with the loans included in the quantitative baseline. These individually evaluated loans include “reasonably expected” TDRs, identified by the Company as a consumer loan for which a borrower’s application of loan modification due to hardship has been approved by the Company. See Note 4 Loans and Leases and the Allowance for Credit Losses Allowance for Credit Losses - Held-to-Maturity (“HTM”) Debt Securities The Company’s HTM debt securities are also required to utilize the CECL approach to estimate expected credit losses. Substantially all of the Company’s HTM debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government, are widely recognized as “risk free,” and have a long history of zero credit loss. Therefore, the Company did not record an allowance for credit losses for these securities. Allowance for Credit Losses - Available-for-Sale (“AFS”) Debt Securities The impairment model for available-for-sale (“AFS”) debt securities differs from the CECL approach utilized by HTM debt securities because AFS debt securities are measured at fair value rather than amortized cost. Although ASU No. 2016-13 replaced the legacy other-than-temporary impairment (“OTTI”) model with a credit loss model, it retained the fundamental nature of the legacy OTTI model. One notable change from the legacy OTTI model is when evaluating whether credit loss exists, an entity may no longer consider the length of time fair value has been less than amortized cost. For AFS debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either criteria is met, the security’s amortized cost basis is written down to fair value through income. For AFS debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit losses. Losses are charged against the allowance when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met. As of December 31, 2021, the Company determined that the unrealized loss positions in AFS securities were not the result of credit losses, and therefore, an allowance for credit losses was not recorded. See Note 3 Investment Securities Collateral-Dependent Loans A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of loans and leases deemed collateral-dependent, the Company elected the practical expedient to estimate expected credit losses based on the collateral’s fair value less cost to sell. In most cases, the Company records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less cost to sell. Substantially all of the collateral consists of various types of real estate including residential properties; commercial properties such as retail centers, office buildings, and lodging; agriculture land; and vacant land. Reserve for Unfunded Commitments The Unfunded Reserve represents the expected credit losses on off-balance sheet commitments such as unfunded commitments to extend credit and standby letters of credit. However, a liability is not recognized for commitments unconditionally cancellable by the Company. The Unfunded Reserve is recognized as a liability (other liabilities in the consolidated statements of condition). For the year ended December 31, 2021, the offsetting adjustment to the reserve was recognized in provision for credit losses in the consolidated statements of income. In previous reporting periods, the offsetting provision was recorded in other noninterest expense. The Unfunded Reserve is determined by estimating future draws and applying the expected loss rates on those draws. Future draws are based on historical averages of utilization rates (i.e., the likelihood of draws taken). To estimate future draws on unfunded balances, current utilization rates are compared to historical utilization rates. If current utilization rates are below historical utilization rates, the rate difference is applied to the committed balance to estimate the future draw. Loss rates are estimated by utilizing the same loss rates calculated for the Allowance general reserves. For the commercial portfolio, the historical loss rates were calculated utilizing the Cohort methodology, while the consumer portfolio utilized the Vintage methodology. Cash and Cash Equivalents Cash and cash equivalents include cash and due from banks, interest-bearing deposits in other banks, and funds sold. All amounts are readily convertible to cash and have maturities of less than 90 days. Premises and Equipment Premises and equipment, including leasehold improvements, are stated at cost, less accumulated depreciation and amortization. Capital leases are included in premises and equipment at the capitalized amount less accumulated amortization. Premises and equipment are depreciated using the straight-line method over the estimated useful lives of the respective assets. Estimated useful lives generally range up to 30 years for buildings and up to 10 years for equipment. Capitalized leased assets and leasehold improvements are amortized over the shorter of the estimated useful life of the asset or the lease term. Repairs and maintenance are charged to expense as incurred, while improvements which extend the estimated useful life of the asset are capitalized and depreciated over the estimated remaining life of the asset. Premises and equipment are periodically evaluated for impairment when events or changes in circumstances indicate the carrying amount may not be recoverable. Impairment exists when the expected undiscounted future cash flows of premises and equipment are less than its carrying amount. In that event, the Company records a loss for the difference between the carrying amount and the fair value of the asset based on quoted market prices, if applicable, or a discounted cash flow analysis. Foreclosed Real Estate Foreclosed real estate consists of properties acquired through foreclosure proceedings or acceptance of a deed-in-lieu of foreclosure. These properties are recorded at fair value less estimated costs to sell the property. If the recorded investment in the loan exceeds the property’s fair value at the time of acquisition, a charge-off is recorded against the Allowance. If the fair value of the property at the time of acquisition exceeds the carrying amount of the loan, the excess is recorded either as a recovery to the Allowance if a charge-off had previously been recorded, or as a gain on initial transfer in other noninterest income. Subsequent decreases in the property’s fair value and operating expenses of the property are recognized through charges to other noninterest expense. The fair value of the property acquired is based on third party appraisals, broker price opinions, recent sales activity, or a combination thereof, subject to management judgment. Mortgage Servicing Rights Mortgage servicing rights are recognized as assets when mortgage loans are sold and the rights to service those loans are retained. Mortgage servicing rights are initially recorded at fair value by using a discounted cash flow model to calculate the present value of estimated future net servicing income. The Company’s mortgage servicing rights accounted for under the fair value method are carried on the statements of condition at fair value with changes in fair value recorded in mortgage banking income in the period in which the change occurs. Changes in the fair value of mortgage servicing rights are primarily due to changes in valuation inputs, assumptions, and the collection and realization of expected cash flows. The Company’s mortgage servicing rights accounted for under the amortization method are initially recorded at fair value. However, these mortgage servicing rights are amortized in proportion to and over the period of estimated net servicing income. An impairment analysis is prepared on a quarterly basis by estimating the fair value of the mortgage servicing rights and comparing that value to the carrying amount. A valuation allowance is established when the carrying amount of these mortgage servicing rights exceeds fair value. Goodwill Goodwill is initially recorded as the excess of the purchase price over the fair value of the net assets acquired in a business combination and is subsequently evaluated at least annually for impairment. Goodwill impairment testing is performed at the reporting unit level, equivalent to a business segment or one level below. The Company has goodwill assigned to the following reporting unit: Consumer Banking. The Company performs its annual evaluation of goodwill impairment in the fourth quarter of each year and on an interim basis if events or changes in circumstances indicate that there may be impairment. The Company performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The qualitative factors considered include, but are not limited to, macroeconomic and State of Hawaii economic conditions, industry and market conditions and trends, the Company’s financial performance, market capitalization, stock price, and any Company-specific events relevant to the assessment. If the assessment of qualitative factors indicates that it is not more likely than not that an impairment exists, no further testing is performed; otherwise an impairment test is performed. Prior to 2017, the goodwill impairment test was a two-step test. The first step compared the estimated fair value of identified reporting units with their carrying amount, including goodwill. If the estimated fair value of a reporting unit was less than the carrying value, the second step was required to determine the implied fair value of the reporting unit’s goodwill |
Restrictions on Cash and Cash a
Restrictions on Cash and Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Cash And Cash Equivalents [Abstract] | |
Restrictions on Cash and Cash and Cash Equivalents | Note 2. Restrictions on Cash and Cash and Cash Equivalents The Company is required to maintain cash on hand or on deposit with the FRB based on the amount of certain customer deposits, mainly checking accounts. The FRB lowered the reserve requirement ratios on transaction accounts to zero percent effective March 25, 2020, therefore, there were no required reserve balances as of December 31, 2021 and December 31, 2020. The following table provides a reconciliation of cash and cash equivalents reported within the consolidated statements of condition that sum to the total of the same such amounts shown in the consolidated statements of cash flows: (dollars in thousands) December 31, 2021 December 31, 2020 Interest-Bearing Deposits in Other Banks $ 2,571 $ 1,646 Funds Sold 361,536 333,022 Cash and Due From Banks 196,327 279,420 Total Cash and Cash Equivalents $ 560,434 $ 614,088 |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | Note 3. Investment Securities The amortized cost, gross unrealized gains and losses, and fair value of the Company’s investment securities as of December 31, 2021, December 31, 2020, and December 31, 2019, were as follows: (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2021 Available-for-Sale: Debt Securities Issued by the U.S. Treasury and Government Agencies $ 248,858 $ 1,513 $ (284 ) $ 250,087 Debt Securities Issued by States and Political Subdivisions 74,743 1,080 (5 ) 75,818 Debt Securities Issued by U.S. Government-Sponsored Enterprises 1,758 33 (11 ) 1,780 Debt Securities Issued by Corporations 384,590 2,339 (3,816 ) 383,113 Mortgage-Backed Securities: Residential - Government Agencies 1,327,990 9,818 (18,766 ) 1,319,042 Residential - U.S. Government-Sponsored Enterprises 2,127,781 4,792 (42,247 ) 2,090,326 Commercial - Government Agencies 155,164 1,885 (1,159 ) 155,890 Total Mortgage-Backed Securities 3,610,935 16,495 (62,172 ) 3,565,258 Total $ 4,320,884 $ 21,460 $ (66,288 ) $ 4,276,056 Held-to-Maturity: Debt Securities Issued by the U.S. Treasury and Government Agencies $ 131,495 $ 287 $ (643 ) $ 131,139 Debt Securities Issued by Corporations 20,316 76 (249 ) 20,143 Mortgage-Backed Securities: Residential - Government Agencies 1,774,394 12,139 (30,621 ) 1,755,912 Residential - U.S. Government-Sponsored Enterprises 2,286,880 15,508 (32,627 ) 2,269,761 Commercial - Government Agencies 481,695 324 (12,355 ) 469,664 Total Mortgage-Backed Securities 4,542,969 27,971 (75,603 ) 4,495,337 Total $ 4,694,780 $ 28,334 $ (76,495 ) $ 4,646,619 December 31, 2020 Available-for-Sale: Debt Securities Issued by the U.S. Treasury and Government Agencies $ 174,409 $ 427 $ (591 ) $ 174,245 Debt Securities Issued by States and Political Subdivisions 23,540 1,301 (1 ) 24,840 Debt Securities Issued by U.S. Government-Sponsored Enterprises 985 77 — 1,062 Debt Securities Issued by Corporations 220,717 4,844 (956 ) 224,605 Mortgage-Backed Securities: Residential - Government Agencies 1,561,603 33,657 (445 ) 1,594,815 Residential - U.S. Government-Sponsored Enterprises 1,497,353 21,254 (324 ) 1,518,283 Commercial - Government Agencies 243,029 10,868 (58 ) 253,839 Total Mortgage-Backed Securities 3,301,985 65,779 (827 ) 3,366,937 Total $ 3,721,636 $ 72,428 $ (2,375 ) $ 3,791,689 Held-to-Maturity: Debt Securities Issued by the U.S. Treasury and Government Agencies $ 7,500 $ 8 $ (8 ) $ 7,500 Debt Securities Issued by States and Political Subdivisions 33,763 741 — 34,504 Debt Securities Issued by Corporations 12,031 251 — 12,282 Mortgage-Backed Securities: Residential - Government Agencies 917,459 30,580 (29 ) 948,010 Residential - U.S. Government-Sponsored Enterprises 2,099,053 51,735 (291 ) 2,150,497 Commercial - Government Agencies 192,921 3,179 (200 ) 195,900 Total Mortgage-Backed Securities 3,209,433 85,494 (520 ) 3,294,407 Total $ 3,262,727 $ 86,494 $ (528 ) $ 3,348,693 December 31, 2019 Available-for-Sale: Debt Securities Issued by the U.S. Treasury and Government Agencies $ 222,365 $ 213 $ (1,447 ) $ 221,131 Debt Securities Issued by States and Political Subdivisions 54,480 631 (14 ) 55,097 Debt Securities Issued by U.S. Government-Sponsored Enterprises 22,128 19 — 22,147 Debt Securities Issued by Corporations 335,553 1,401 (633 ) 336,321 Mortgage-Backed Securities: Residential - Government Agencies 1,164,466 11,627 (3,267 ) 1,172,826 Residential - U.S. Government-Sponsored Enterprises 584,272 4,363 (1,874 ) 586,761 Commercial - Government Agencies 224,372 2,889 (2,541 ) 224,720 Total Mortgage-Backed Securities 1,973,110 18,879 (7,682 ) 1,984,307 Total $ 2,607,636 $ 21,143 $ (9,776 ) $ 2,619,003 Held-to-Maturity: Debt Securities Issued by the U.S. Treasury and Government Agencies $ 274,375 $ 1,319 $ (31 ) $ 275,663 Debt Securities Issued by States and Political Subdivisions 54,811 1,236 — 56,047 Debt Securities Issued by Corporations 14,975 — (138 ) 14,837 Mortgage-Backed Securities: Residential - Government Agencies 1,067,416 13,247 (5,348 ) 1,075,315 Residential - U.S. Government-Sponsored Enterprises 1,546,479 13,871 (2,478 ) 1,557,872 Commercial - Government Agencies 84,238 317 (1,407 ) 83,148 Total Mortgage-Backed Securities 2,698,133 27,435 (9,233 ) 2,716,335 Total $ 3,042,294 $ 29,990 $ (9,402 ) $ 3,062,882 The Company elected to exclude accrued interest receivable (“AIR”) from the amortized cost basis of debt securities disclosed throughout this footnote. For available-for-sale (“AFS”) debt securities, AIR totaled $8.4 million and $6.6 million as of December 31, 2021, and December 31, 2020, respectively. For held-to-maturity (“HTM”) debt securities, AIR totaled $8.2 million and $6.8 million as of December 31, 2021, and December 31, 2020, respectively. AIR is included in the “accrued interest receivable” line item on the Company’s consolidated statements of condition. The table below presents an analysis of the contractual maturities of the Company’s investment securities as of December 31, 2021. Debt securities issued by government agencies (Small Business Administration securities) and mortgage-backed securities are disclosed separately in the table below as these investment securities may prepay prior to their scheduled contractual maturity dates. (dollars in thousands) Amortized Cost Fair Value Available-for-Sale: Due in One Year or Less $ 972 $ 978 Due After One Year Through Five Years 214,558 215,275 Due After Five Years Through Ten Years 347,391 345,996 Due After Ten Years 13,130 13,305 576,051 575,554 Debt Securities Issued by Government Agencies 133,898 135,244 Mortgage-Backed Securities: Residential - Government Agencies 1,327,990 1,319,042 Residential - U.S. Government-Sponsored Enterprises 2,127,781 2,090,326 Commercial - Government Agencies 155,164 155,890 Total Mortgage-Backed Securities 3,610,935 3,565,258 Total $ 4,320,884 $ 4,276,056 Held-to-Maturity: Due After One Year Through Five Years $ 16,537 $ 16,391 Due After Five Years Through Ten Years 123,996 123,862 Due After Ten Years 11,278 11,029 151,811 151,282 Mortgage-Backed Securities: Residential - Government Agencies 1,774,394 1,755,912 Residential - U.S. Government-Sponsored Enterprises 2,286,880 2,269,761 Commercial - Government Agencies 481,695 469,664 Total Mortgage-Backed Securities 4,542,969 4,495,337 Total $ 4,694,780 $ 4,646,619 Investment securities with carrying values of $2.9 billion and $3.6 billion as of December 31, 2021, and December 31, 2020, respectively, were pledged to secure deposits of governmental entities and securities sold under agreements to repurchase. The table below presents the gains and losses from the sales of investment securities for the years ended December 31, 2021, December 31, 2020, and December 31, 2019. (dollars in thousands) 2021 2020 2019 Gross Gains on Sales of Investment Securities $ 3,825 $ 14,257 $ 7,810 Gross Losses on Sales of Investment Securities (5,122 ) (4,325 ) (11,796 ) Net Gains (Losses) on Sales of Investment Securities $ (1,297 ) $ 9,932 $ (3,986 ) The losses on sales of investment securities during the years ended December 31, 2021, December 31, 2020, and December 31, 2019, were due to fees paid to the counterparties of the Company’s prior Visa Class B share sale transactions, which are expensed as incurred. The following table summarizes the Company’s AFS debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by major security type and length of time in a continuous unrealized loss position: Less Than 12 Months 12 Months or Longer Total (dollars in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses December 31, 2021 Available-for-Sale: Debt Securities Issued by the U.S. Treasury and Government Agencies $ 51,455 $ (195 ) $ 9,995 $ (89 ) $ 61,450 $ (284 ) Debt Securities Issued by States and Political Subdivisions 643 (5 ) — — 643 (5 ) Debt Securities Issued by U.S. Government- Sponsored Enterprises 814 (10 ) 49 (1 ) 863 (11 ) Debt Securities Issued by Corporations 249,629 (2,846 ) 64,029 (970 ) 313,658 (3,816 ) Mortgage-Backed Securities: Residential - Government Agencies 810,157 (17,131 ) 41,471 (1,635 ) 851,628 (18,766 ) Residential - U.S. Government-Sponsored Enterprises 1,670,500 (35,711 ) 180,205 (6,536 ) 1,850,705 (42,247 ) Commercial - Government Agencies 25,664 (223 ) 21,810 (936 ) 47,474 (1,159 ) Total Mortgage-Backed Securities 2,506,321 (53,065 ) 243,486 (9,107 ) 2,749,807 (62,172 ) Total $ 2,808,862 $ (56,121 ) $ 317,559 $ (10,167 ) $ 3,126,421 $ (66,288 ) December 31, 2020 ¹ Available-for-Sale: Debt Securities Issued by the U.S. Treasury and Government Agencies $ 21,338 $ (42 ) $ 87,070 $ (549 ) $ 108,408 $ (591 ) Debt Securities Issued by States and Political Subdivisions — — 26 (1 ) 26 (1 ) Debt Securities Issued by Corporations 65,000 (853 ) 50,000 (103 ) 115,000 (956 ) Mortgage-Backed Securities: Residential - Government Agencies 113,538 (222 ) 28,063 (223 ) 141,601 (445 ) Residential - U.S. Government-Sponsored Enterprises 94,002 (324 ) — — 94,002 (324 ) Commercial - Government Agencies 25,075 (58 ) — — 25,075 (58 ) Total Mortgage-Backed Securities 232,615 (604 ) 28,063 (223 ) 260,678 (827 ) Total $ 318,953 $ (1,499 ) $ 165,159 $ (876 ) $ 484,112 $ (2,375 ) ¹ The fair value and gross unrealized losses as of December 31, 2020, have been updated to properly reflect the length of time they were in a continuous unrealized loss position. The Company does not believe that the AFS debt securities that were in an unrealized loss position as of December 31, 2021, which were comprised of 231 individual securities, represent a credit loss impairment. The gross unrealized loss positions were primarily related to mortgage-backed securities issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government, are widely recognized as “risk free,” and have a long history of zero credit loss. Total gross unrealized losses were primarily attributable to changes in interest rates, relative to when the investment securities were purchased, and not due to the credit quality of the investment securities. The Company do not intend to sell the investment securities that were in an unrealized loss position and it is not more likely than not that the Company will be required to sell the investment securities before recovery of their amortized cost basis, which may be at maturity. Substantially all of the Company’s HTM debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government, are widely recognized as “risk free,” and have a long history of zero credit loss. Therefore, the Company did not record an allowance for credit losses for these securities as of December 31, 2021. Interest income from taxable and non-taxable investment securities for the years ended December 31, 2021, December 31, 2020, and December 31, 2019, were as follows: Year Ended December 31, (dollars in thousands) 2021 2020 2019 Taxable $ 125,529 $ 125,291 $ 137,204 Non-Taxable 976 2,058 6,586 Total Interest Income from Investment Securities $ 126,505 $ 127,349 $ 143,790 As of December 31, 2021, and December 31, 2020, the carrying value of the Company’s Federal Home Loan Bank of Des Moines (“FHLB Des Moines”) stock and Federal Reserve Bank stock was as follows: December 31, (dollars in thousands) 2021 2020 Federal Home Loan Bank of Des Moines Stock $ 10,000 $ 12,000 Federal Reserve Bank Stock 26,624 21,340 Total $ 36,624 $ 33,340 These securities can only be redeemed or sold at their par value and only to the respective issuing government-supported institution or to another member institution. The Company records these non-marketable equity securities as a component of other assets and periodically evaluates these securities for impairment. Management considers these non-marketable equity securities to be long-term investments. Accordingly, when evaluating these securities for impairment, management considers the ultimate recoverability of the par value rather than recognizing temporary declines in value. Visa Class B Restricted Shares In 2008, the Company received Visa Class B restricted shares as part of Visa’s initial public offering. These shares are transferable only under limited circumstances until they can be converted into the publicly traded Class A common shares. This conversion will not occur until the settlement of certain litigation which is indemnified by Visa members, including the Company. Visa funded an escrow account from its initial public offering to settle these litigation claims. Should this escrow account not be sufficient to cover these litigation claims, Visa is entitled to fund additional amounts to the escrow account by reducing each member bank’s Class B conversion ratio to unrestricted Class A shares. In December 2021, Visa announced a reduction of the conversion rate from 1.6228 to 1.6181 effective December 29, 2021. See Note 17 Derivative Financial Instruments During the second quarter of 2020, the Company sold its remaining 80,214 Visa Class B Shares and recorded a $14.2 million gain on sale. As a result of this sale, the Company no longer owns any Visa Class B shares. |
Loans and Leases and the Allowa
Loans and Leases and the Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2021 | |
Loans And Leases And Allowance For Loan And Lease Losses [Abstract] | |
Loans and Leases and the Allowance for Credit Losses | Note 4. Loans and Leases and the Allowance for Credit Losses Loans and Leases The Company’s loan and lease portfolio was comprised of the following as of December 31, 2021, and December 31, 2020: December 31, (dollars in thousands) 2021 2020 Commercial Commercial and Industrial $ 1,361,921 $ 1,357,610 PPP 1 126,779 517,683 Commercial Mortgage 3,152,130 2,854,829 Construction 220,254 259,798 Lease Financing 105,108 110,766 Total Commercial 4,966,192 5,100,686 Consumer Residential Mortgage 4,309,602 4,130,513 Home Equity 1,836,588 1,604,538 Automobile 736,565 708,800 Other 2 410,129 395,483 Total Consumer 7,292,884 6,839,334 Total Loans and Leases $ 12,259,076 $ 11,940,020 1 The PPP amounts presented, which are reported net of deferred costs and fees, were previously included as a component of the Commercial and Industrial loan class. 2 Comprised of other revolving credit, installment, and lease financing. The majority of the Company’s lending activity is with customers located in the State of Hawaii. A substantial portion of the Company’s real estate loans are secured by real estate in Hawaii. Net gains related to sales of residential mortgage loans, recorded as a component of mortgage banking income, were $7.1 million, $15.4 million, and $5.3 million for the years ended December 31, 2021, December 31, 2020, and December 31, 2019, respectively. Net gains on sales of commercial loans were not material for the years ended December 31, 2021, December 31, 2020, and December 31, 2019. The Company elected to exclude accrued interest receivable from the amortized cost basis of loans disclosed throughout this footnote. As of December 31, 2021, and December 31, 2020, accrued interest receivable for loans totaled $28.7 million and $35.9 million, respectively, and is included in the “accrued interest receivable” line item on the Company’s consolidated statements of condition. As previously mentioned in Note 1 Summary of Significant Accounting Policies Allowance for Credit Losses (the “Allowance”) As previously mentioned in Note 1 Summary of Significant Accounting Policies “Measurement of Credit Losses on Financial Instruments,” The following presents by portfolio segment, the activity in the Allowance for the years ended December 31, 2021, December 31, 2020, and December 31, 2019. (dollars in thousands) Commercial Consumer Total For the Year Ended December 31, 2021 Allowance for Credit Losses: Balance at Beginning of Period $ 84,847 $ 131,405 $ 216,252 Loans and Leases Charged-Off (1,117 ) (16,202 ) (17,319 ) Recoveries on Loans and Leases Previously Charged-Off 506 10,848 11,354 Net Loans and Leases Recovered (Charged-Off) (611 ) (5,354 ) (5,965 ) Provision for Credit Losses (19,286 ) (33,180 ) (52,466 ) Balance at End of Period $ 64,950 $ 92,871 $ 157,821 For the Year Ended December 31, 2020 Allowance for Credit Losses: Balance at Beginning of Period (December 31, 2019) $ 73,801 $ 36,226 $ 110,027 CECL Adoption (Day 1) Impact (18,789 ) 17,052 (1,737 ) Balance at Beginning of Period (January 1, 2020) 55,012 53,278 108,290 Loans and Leases Charged-Off (1,697 ) (19,341 ) (21,038 ) Recoveries on Loans and Leases Previously Charged-Off 2,328 11,572 13,900 Net Loans and Leases Recovered (Charged-Off) 631 (7,769 ) (7,138 ) Provision for Credit Losses 29,204 85,896 115,100 Balance at End of Period $ 84,847 $ 131,405 $ 216,252 For the Year Ended December 31, 2019 Allowance for Credit Losses: Balance at Beginning of Period $ 66,874 $ 39,819 $ 106,693 Loans and Leases Charged-Off (2,738 ) (21,217 ) (23,955 ) Recoveries on Loans and Leases Previously Charged-Off 1,513 9,776 11,289 Net Loans and Leases Recovered (Charged-Off) (1,225 ) (11,441 ) (12,666 ) Provision for Credit Losses 8,152 7,848 16,000 Balance at End of Period $ 73,801 $ 36,226 $ 110,027 Credit Quality Indicators The Company uses several credit quality indicators to manage credit risk in an ongoing manner. The Company uses an internal credit risk rating system that categorizes loans and leases into pass, special mention, or classified categories. Credit risk ratings are applied individually to those classes of loans and leases that have significant or unique credit characteristics that benefit from a case-by-case evaluation. These are typically loans and leases to businesses or individuals in the classes which comprise the commercial portfolio segment. Groups of loans and leases that are underwritten and structured using standardized criteria and characteristics, such as statistical models (e.g., credit scoring or payment performance), are typically risk-rated and monitored collectively. These are typically loans and leases to individuals in the classes which comprise the consumer portfolio segment. The following are the definitions of the Company’s credit quality indicators: Pass: Loans and leases in all classes within the commercial and consumer portfolio segments that are not adversely rated, are contractually current as to principal and interest, and are otherwise in compliance with the contractual terms of the loan or lease agreement. Residential mortgage loans that are past due 90 days or more as to principal or interest may be considered Pass if the current loan-to-value ratio is 60% or less. Home equity loans that are past due 90 days or more as to principal or interest may be considered Pass if: a) the home equity loan is in first lien position and the current loan-to-value ratio is 60% or less; or b) the first mortgage is with the Company and the current combined loan-to-value ratio is 60% or less. Special Mention: Loans and leases in all classes within the commercial portfolio segment that have potential weaknesses that deserve management’s close attention. If not addressed, these potential weaknesses may result in deterioration of the repayment prospects for the loan or lease. The Special Mention credit quality indicator is not used for the consumer portfolio segment. Classified: Loans and leases in the classes within the commercial portfolio segment that are inadequately protected by the sound worth and paying capacity of the borrower or of the collateral pledged, if any. Classified loans and leases are also those in the classes within the consumer portfolio segment that are past due 90 days or more as to principal or interest. Residential mortgage and home equity loans may be current as to principal and interest, but may be considered Classified for a period of generally up to six months following a loan modification. Following a period of demonstrated performance in accordance with the modified contractual terms, the loan may be removed from Classified status. For Pass rated credits in the commercial portfolio, most risk ratings are certified at a minimum annually. For Special Mention or Classified Credits, risk ratings are reviewed for appropriateness on an ongoing basis, monthly, or at a minimum, quarterly. The following presents by credit quality indicator, loan class, and year of origination, the amortized cost basis of the Company’s loans and leases as of December 31, 2021. Term Loans by Origination Year (dollars in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Loans Total Loans and Leases December 31, 2021 Commercial Commercial and Industrial Pass $ 455,984 $ 301,646 $ 79,826 $ 68,026 $ 27,246 $ 75,321 $ 256,240 $ 471 $ 1,264,760 Special Mention 1,966 32,667 - - - 101 27,031 - 61,765 Classified 10,851 1,919 87 1,990 505 17,481 2,509 54 35,396 Total Commercial and Industrial $ 468,801 $ 336,232 $ 79,913 $ 70,016 $ 27,751 $ 92,903 $ 285,780 $ 525 $ 1,361,921 PPP Pass $ 86,484 $ 40,295 $ - $ - $ - $ - $ - $ - $ 126,779 Total PPP $ 86,484 $ 40,295 $ - $ - $ - $ - $ - $ - $ 126,779 Commercial Mortgage Pass $ 958,719 $ 736,155 $ 338,160 $ 261,991 $ 178,436 $ 459,337 $ 53,386 $ - $ 2,986,184 Special Mention 68,768 39,773 - 30,000 - 6,069 - - 144,610 Classified 3,740 7,815 640 - - 9,141 - - 21,336 Total Commercial Mortgage $ 1,031,227 $ 783,743 $ 338,800 $ 291,991 $ 178,436 $ 474,547 $ 53,386 $ - $ 3,152,130 Construction Pass $ 67,069 $ 94,878 $ 40,051 $ - $ 596 $ - $ 17,660 $ - $ 220,254 Total Construction $ 67,069 $ 94,878 $ 40,051 $ - $ 596 $ - $ 17,660 $ - $ 220,254 Lease Financing Pass $ 21,637 $ 15,075 $ 15,697 $ 9,902 $ 2,004 $ 39,937 $ - $ - $ 104,252 Classified - - - 856 - - - - 856 Total Lease Financing $ 21,637 $ 15,075 $ 15,697 $ 10,758 $ 2,004 $ 39,937 $ - $ - $ 105,108 Total Commercial $ 1,675,218 $ 1,270,223 $ 474,461 $ 372,765 $ 208,787 $ 607,387 $ 356,826 $ 525 $ 4,966,192 Consumer Residential Mortgage Pass $ 1,392,337 $ 1,131,330 $ 367,525 $ 177,215 $ 255,451 $ 982,306 $ - $ - $ 4,306,164 Classified - - 294 - 2,279 865 - - 3,438 Total Residential Mortgage $ 1,392,337 $ 1,131,330 $ 367,819 $ 177,215 $ 257,730 $ 983,171 $ - $ - $ 4,309,602 Home Equity Pass $ - $ - $ - $ - $ - $ 2,934 $ 1,793,142 $ 35,141 $ 1,831,217 Classified - - - - - 110 4,614 647 5,371 Total Home Equity $ - $ - $ - $ - $ - $ 3,044 $ 1,797,756 $ 35,788 $ 1,836,588 Automobile Pass $ 301,285 $ 152,022 $ 138,887 $ 91,411 $ 33,268 $ 18,963 $ - $ - $ 735,836 Classified 165 85 134 137 120 88 - - 729 Total Automobile $ 301,450 $ 152,107 $ 139,021 $ 91,548 $ 33,388 $ 19,051 $ - $ - $ 736,565 Other 1 Pass $ 172,735 $ 49,769 $ 92,983 $ 44,489 $ 16,218 $ 6,444 $ 25,622 $ 1,444 $ 409,704 Classified 39 90 183 47 27 17 22 - 425 Total Other $ 172,774 $ 49,859 $ 93,166 $ 44,536 $ 16,245 $ 6,461 $ 25,644 $ 1,444 $ 410,129 Total Consumer $ 1,866,561 $ 1,333,296 $ 600,006 $ 313,299 $ 307,363 $ 1,011,727 $ 1,823,400 $ 37,232 $ 7,292,884 Total Loans and Leases $ 3,541,779 $ 2,603,519 $ 1,074,467 $ 686,064 $ 516,150 $ 1,619,114 $ 2,180,226 $ 37,757 $ 12,259,076 1 Comprised of other revolving credit, installment, and lease financing. For the year ended December 31, 2021, $4.1 million in revolving loans were converted to term loans. The following presents by credit quality indicator, loan class, and year of origination, the amortized cost basis of the Company’s loans and leases as of December 31, 2020. Term Loans by Origination Year (dollars in thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total Loans and Leases December 31, 2020 2 Commercial Commercial and Industrial Pass $ 426,780 $ 149,024 $ 149,468 $ 49,385 $ 52,354 $ 68,269 $ 342,339 $ 847 $ 1,238,466 Special Mention 11,702 42 - - 110 95 32,319 52 44,320 Classified 32,208 1,734 2,266 777 19 19,166 18,529 125 74,824 Total Commercial and Industrial $ 470,690 $ 150,800 $ 151,734 $ 50,162 $ 52,483 $ 87,530 $ 393,187 $ 1,024 $ 1,357,610 PPP Pass $ 517,683 $ - $ - $ - $ - $ - $ - $ - $ 517,683 Total PPP $ 517,683 $ - $ - $ - $ - $ - $ - $ - $ 517,683 Commercial Mortgage Pass $ 847,676 $ 458,472 $ 350,363 $ 245,157 $ 267,860 $ 425,157 $ 76,869 $ - $ 2,671,554 Special Mention 66,523 28,418 291 7,117 8,665 5,035 - - 116,049 Classified 49,640 655 2,783 274 4,742 9,132 - - 67,226 Total Commercial Mortgage $ 963,839 $ 487,545 $ 353,437 $ 252,548 $ 281,267 $ 439,324 $ 76,869 $ - $ 2,854,829 Construction Pass $ 106,508 $ 105,731 $ 11,275 $ 8,133 $ - $ - $ 28,151 $ - $ 259,798 Total Construction $ 106,508 $ 105,731 $ 11,275 $ 8,133 $ - $ - $ 28,151 $ - $ 259,798 Lease Financing Pass $ 19,906 $ 20,132 $ 13,785 $ 4,202 $ 9,657 $ 41,755 $ - $ - $ 109,437 Classified 33 67 1,092 42 95 - - - 1,329 Total Lease Financing $ 19,939 $ 20,199 $ 14,877 $ 4,244 $ 9,752 $ 41,755 $ - $ - $ 110,766 Total Commercial $ 2,078,659 $ 764,275 $ 531,323 $ 315,087 $ 343,502 $ 568,609 $ 498,207 $ 1,024 $ 5,100,686 Consumer Residential Mortgage Pass $ 1,300,831 $ 576,452 $ 295,522 $ 454,165 $ 545,798 $ 954,120 $ - $ - $ 4,126,888 Classified - 294 - 1,032 - 2,299 - - 3,625 Total Residential Mortgage $ 1,300,831 $ 576,746 $ 295,522 $ 455,197 $ 545,798 $ 956,419 $ - $ - $ 4,130,513 Home Equity Pass $ - $ - $ - $ - $ - $ 4,449 $ 1,556,671 $ 37,559 $ 1,598,679 Classified - - - - - 88 4,693 1,078 5,859 Total Home Equity $ - $ - $ - $ - $ - $ 4,537 $ 1,561,364 $ 38,637 $ 1,604,538 Automobile Pass $ 219,218 $ 213,914 $ 158,216 $ 68,776 $ 33,899 $ 13,850 $ - $ - $ 707,873 Classified 101 245 171 113 161 136 - - 927 Total Automobile $ 219,319 $ 214,159 $ 158,387 $ 68,889 $ 34,060 $ 13,986 $ - $ - $ 708,800 Other 1 Pass $ 71,042 $ 145,549 $ 92,993 $ 39,770 $ 9,225 $ 2,189 $ 32,070 $ 1,485 $ 394,323 Classified 51 419 375 167 42 21 85 - 1,160 Total Other $ 71,093 $ 145,968 $ 93,368 $ 39,937 $ 9,267 $ 2,210 $ 32,155 $ 1,485 $ 395,483 Total Consumer $ 1,591,243 $ 936,873 $ 547,277 $ 564,023 $ 589,125 $ 977,152 $ 1,593,519 $ 40,122 $ 6,839,334 Total Loans and Leases $ 3,669,902 $ 1,701,148 $ 1,078,600 $ 879,110 $ 932,627 $ 1,545,761 $ 2,091,726 $ 41,146 $ 11,940,020 1 Comprised of other revolving credit, installment, and lease financing. 2 Certain prior period information has been reclassified to conform to current presentations. For the year ended December 31, 2020, $2.9 million in revolving loans were converted to term loans. Aging Analysis Loans and leases are considered to be past due once becoming 30 days delinquent. For the consumer portfolio, this generally represents two missed monthly payments. The following presents by class, an aging analysis of the Company’s loan and lease portfolio as of December 31, 2021, and December 31, 2020. (dollars in thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due Past Due 90 Days or More Non- Accrual Total Past Due and Non- Accrual Current Total Loans and Leases Non- Accrual Loans and Leases that are Current 2 As of December 31, 2021 Commercial Commercial and Industrial $ 2,006 $ 14 $ — $ 243 $ 2,263 $ 1,359,658 $ 1,361,921 $ 151 PPP — — — — — 126,779 126,779 — Commercial Mortgage — — — 8,205 8,205 3,143,925 3,152,130 8,205 Construction — — — — — 220,254 220,254 — Lease Financing — — — — — 105,108 105,108 — Total Commercial 2,006 14 — 8,448 10,468 4,955,724 4,966,192 8,356 Consumer Residential Mortgage 2,046 1,263 3,159 3,305 9,773 4,299,829 4,309,602 — Home Equity 1,791 748 3,456 4,881 10,876 1,825,712 1,836,588 1,544 Automobile 7,804 1,495 729 — 10,028 726,537 736,565 — Other 1 2,686 904 426 — 4,016 406,113 410,129 — Total Consumer 14,327 4,410 7,770 8,186 34,693 7,258,191 7,292,884 1,544 Total $ 16,333 $ 4,424 $ 7,770 $ 16,634 $ 45,161 $ 12,213,915 $ 12,259,076 $ 9,900 As of December 31, 2020 Commercial Commercial and Industrial $ 191 $ 59 $ — $ 441 $ 691 $ 1,356,919 $ 1,357,610 $ 285 PPP — — — — — 517,683 517,683 — Commercial Mortgage — — — 8,527 8,527 2,846,302 2,854,829 4,983 Construction — — — — — 259,798 259,798 — Lease Financing — — — — — 110,766 110,766 — Total Commercial 191 59 — 8,968 9,218 5,091,468 5,100,686 5,268 Consumer Residential Mortgage 4,049 2,083 5,274 3,223 14,629 4,115,884 4,130,513 2,100 Home Equity 3,423 3,378 3,187 3,958 13,946 1,590,592 1,604,538 987 Automobile 6,358 2,215 925 — 9,498 699,302 708,800 — Other 1 2,556 1,612 1,160 — 5,328 390,155 395,483 — Total Consumer 16,386 9,288 10,546 7,181 43,401 6,795,933 6,839,334 3,087 Total $ 16,577 $ 9,347 $ 10,546 $ 16,149 $ 52,619 $ 11,887,401 $ 11,940,020 $ 8,355 1 Comprised of other revolving credit, installment, and lease financing. 2 Represents non-accrual loans that are not past due 30 days or more; however, full payment of principal and interest as originally structured is still not expected. Non-Accrual Loans and Leases The following presents the non-accrual loans and leases as of December 31, 2021, and December 31, 2020. December 31, 2021 December 31, 2020 (dollars in thousands) Non-accrual loans with a specific ACL Non-accrual loans without a specific ACL Total Non-accrual loans Total Non-accrual loans Commercial Commercial and Industrial $ 243 $ — $ 243 $ 441 Commercial Mortgage 4,661 3,544 8,205 8,527 Total Commercial 4,904 3,544 8,448 8,968 Consumer Residential Mortgage 2,959 346 3,305 3,223 Home Equity 4,881 — 4,881 3,958 Total Consumer 7,840 346 8,186 7,181 Total $ 12,744 $ 3,890 $ 16,634 $ 16,149 All payments received while on non-accrual status are applied against the principal balance of the loan or lease. The Company does not recognize interest income while loans or leases are on non-accrual status. Modifications A modification of a loan constitutes a troubled debt restructuring (“TDR”) when the Company for economic or legal reasons related to a borrower’s financial difficulties grants a concession to the borrower that it would not otherwise consider. Loans modified in a TDR were $70.0 million and $72.5 million as of December 31, 2021, and December 31, 2020, respectively. As of December 31, 2021, there were $0.2 million in commitments to lend additional funds on loans modified in a TDR. As of December 31, 2020, there were $0.5 million in commitments to lend additional funds on loans modified in a TDR. Loans modified in a TDR may already be on non-accrual status and partial charge-offs have in some cases already been taken against the outstanding loan balance. As a result, loans modified in a TDR may have the financial effect of reducing the specific Allowance associated with the loan because the potential loss has been recognized. An Allowance for impaired commercial and consumer loans that have been modified in a TDR is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the estimated fair value of the collateral, less any selling costs, if the loan is collateral dependent. Management exercises significant judgment in developing these estimates. The following presents by class, information related to loans modified in a TDR during the years ended December 31, 2021, and December 31, 2020. Loans Modified as a TDR for the Year Ended December 31, 2021 Loans Modified as a TDR for the Year Ended December 31, 2020 Troubled Debt Restructurings (dollars in thousands) Number of Contracts Recorded Investment (as of period end) 1 Increase in Allowance (as of period end) Number of Contracts Recorded Investment (as of period end) 1 Increase in Allowance (as of period end) Commercial Commercial and Industrial 7 $ 251 $ 4 5 $ 203 $ 5 Commercial Mortgage — — — 1 1,046 60 Total Commercial 7 251 4 6 1,249 65 Consumer Residential Mortgage 15 5,889 612 — — — Home Equity 11 1,793 85 10 1,246 8 Automobile 341 7,130 95 352 7,541 112 Other 2 132 1,160 42 180 1,850 77 Total Consumer 499 15,972 834 542 10,637 197 Total 506 $ 16,223 $ 838 548 $ 11,886 $ 262 1 The period end balances reflect all partial paydowns and charge-offs since the modification date. TDRs fully paid off, charged off, or foreclosed upon by period end are not included. 2 Comprised of other revolving credit and installment financing. The following presents by class, loans modified in a TDR that defaulted during the year ended December 31, 2021, and December 31, 2020, and within twelve months of their modification date. A TDR is considered to be in default once it becomes 60 days or more past due following a modification. Year Ended December 31, 2021 Year Ended December 31, 2020 TDRs that Defaulted During the Period, Within Twelve Months of their Modification Date (dollars in thousands) Number of Contracts Recorded Investment (as of period end) 1 Number of Contracts Recorded Investment (as of period end) 1 Commercial Commercial and Industrial — $ — 1 $ 27 Total Commercial — — 1 27 Consumer Residential Mortgage 1 521 — — Home Equity 4 407 — — Automobile 38 644 43 723 Other 2 29 189 10 81 Total Consumer 72 1,761 53 804 Total 72 $ 1,761 54 $ 831 1 The period end balances reflect all paydowns and charge-offs since the modification date. TDRs fully paid off, charged off, or foreclosed upon by period end are not included. 2 Comprised of other revolving credit and installment financing. Loans modified in a TDR are closely monitored for delinquency as an early indicator of possible future default. If loans modified in a TDR subsequently default, the Company evaluates the loan for possible further impairment. The specific Allowance associated with the loan may be increased, adjustments may be made in the allocation of the Allowance, or partial charge-offs may be taken to further write-down the carrying value of the loan. Modifications Made in Response to COVID-19 The Company offered short-term loan modifications to assist borrowers during the COVID-19 pandemic. These modifications generally involved principal and/or interest payment deferrals for up to six months. As the COVID-19 pandemic persisted in negatively impacting the economy, the Company continued to offer additional loan modifications to borrowers struggling as a result of the COVID-19 pandemic. Similar to the initial modifications granted, the additional round of loan modifications generally involved principal and/or interest payment deferrals for up to an additional six months for commercial and consumer loans, and principal-only deferrals for up to an additional 12 months for selected commercial loans. The Company generally continued to accrue and recognize interest income during the forbearance period. The Company offers several repayment options such as immediate repayment, repayment over a designated time period or as a balloon payment at maturity, or by extending the loan term. These modifications generally did not involve forgiveness or interest rate reductions. The CARES Act, along with a joint agency statement issued by banking agencies, provided that modifications made in response to the COVID-19 pandemic to borrowers who qualify are not required to be accounted for as a TDR. Accordingly, the Company does not account for such qualifying modifications as TDRs. See Note 1 Summary of Significant Accounting Policies The Company, as lessor, also granted short-term lease concessions on some of its sales-type finance leases for equipment and automobiles. The concessions primarily consisted of six-month extension programs whereby lease payments currently due are deferred and shifted to the end of the lease term. Interest income continued to accrue during the deferral period. Additional round of lease concessions were not material. See Note 1 Summary of Significant Accounting Policies for more information. As of December 31, 2021, these COVID-19 related loan and lease modifications totaled $40.5 million (8 loans and leases) for the commercial segment and $3.1 million (11 loans and leases) for the consumer segment. Foreclosure Proceedings Consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure totaled $1.5 million as of December 31, 2021. |
Mortgage Servicing Rights
Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2021 | |
Transfers And Servicing Of Financial Assets [Abstract] | |
Mortgage Servicing Rights | Note 5. Mortgage Servicing Rights The Company’s portfolio of residential mortgage loans serviced for third parties was $2.7 billion as of December 31, 2021, and $2.8 billion as of December 31, 2020. Substantially all of these loans were originated by the Company and sold to third parties on a non-recourse basis with servicing rights retained. These retained servicing rights are recorded as a servicing asset and are initially recorded at fair value (see Note 21 Fair Value of Assets and Liabilities The Company’s mortgage servicing activities include collecting principal, interest, and escrow payments from borrowers; making tax and insurance payments on behalf of borrowers; monitoring delinquencies and executing foreclosure proceedings; and accounting for and remitting principal and interest payments to investors. Servicing income, including late and ancillary fees, was $6.4 million for the year ended December 31, 2021, $7.2 million for the year ended December 31, 2020, and $7.3 million for the year ended December 31, 2019. Servicing income is recorded in mortgage banking income in the Company’s consolidated statements of income. The Company’s residential mortgage investor loan servicing portfolio is primarily comprised of fixed rate loans concentrated in Hawaii. For the years ended December 31, 2021, December 31, 2020, and December 31, 2019, the change in the fair value of the Company’s mortgage servicing rights accounted for under the fair value measurement method was as follows: (dollars in thousands) 2021 2020 2019 Balance at Beginning of Year $ 958 $ 1,126 $ 1,290 Changes in Fair Value Due to Payoffs (158 ) (168 ) (164 ) Balance at End of Year $ 800 $ 958 $ 1,126 For the years ended December 31, 2021, December 31, 2020, and December 31, 2019, the change in the carrying value of the Company’s mortgage servicing rights accounted for under the amortization method was as follows: (dollars in thousands) 2021 2020 2019 Balance at Beginning of Year $ 18,694 $ 23,896 $ 23,020 Servicing Rights that Resulted From Asset Transfers 4,921 3,592 4,485 Amortization (4,227 ) (4,902 ) (3,609 ) Valuation Allowance Recovery (Provision) 2,063 (3,892 ) — Balance at End of Year $ 21,451 $ 18,694 $ 23,896 Valuation Allowance: Balance at Beginning of Year $ (3,892 ) $ — $ — Valuation Allowance Recovery (Provision) 2,063 (3,892 ) — Balance at End of Year $ (1,829 ) $ (3,892 ) $ — Fair Value: Balance at Beginning of Year $ 18,694 $ 25,714 $ 29,218 Balance at End of Year $ 21,451 $ 18,694 $ 25,714 The key data and assumptions used in estimating the fair value of the Company’s mortgage servicing rights as of December 31, 2021, and December 31, 2020 were as follows: December 31, 2021 2020 Weighted-Average Constant Prepayment Rate 1 10.70 % 14.42 % Weighted-Average Life (in years) 6.18 4.99 Weighted-Average Note Rate 3.62 % 3.87 % Weighted-Average Discount Rate 2 7.04 % 5.81 % 1 Represents annualized loan prepayment rate assumption. 2 Derived from multiple interest rate scenarios that incorporate a spread to a market yield curve and market volatilities. A sensitivity analysis of the Company’s fair value of mortgage servicing rights to changes in certain key assumptions as of December 31, 2021, and December 31, 2020, is presented in the following table. December 31, (dollars in thousands) 2021 2020 Constant Prepayment Rate Decrease in fair value from 25 basis points (“bps”) adverse change $ (252 ) $ (203 ) Decrease in fair value from 50 bps adverse change (498 ) (401 ) Discount Rate Decrease in fair value from 25 bps adverse change (223 ) (184 ) Decrease in fair value from 50 bps adverse change (441 ) (365 ) This analysis generally cannot be extrapolated because the relationship of a change in one key assumption to the change in the fair value of the Company’s mortgage servicing rights usually is not linear. Also, the effect of changing one key assumption without changing other assumptions is not realistic. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Premises and Equipment | Note 6. Premises and Equipment The components of the Company’s premises and equipment as of December 31, 2021, and December 31, 2020, were as follows: (dollars in thousands) Cost Accumulated Depreciation and Amortization Net Book Value December 31, 2021 Premises $ 366,205 $ (226,515 ) $ 139,690 Equipment 145,120 (87,649 ) 57,471 Finance Leases 6,593 (4,361 ) 2,232 Total $ 517,918 $ (318,525 ) $ 199,393 December 31, 2020 Premises $ 370,268 $ (237,024 ) $ 133,244 Equipment 143,964 (79,817 ) 64,147 Finance Leases 6,593 (4,289 ) 2,304 Total $ 520,825 $ (321,130 ) $ 199,695 Depreciation and amortization (including finance lease amortization) included in noninterest expense was $21.1 million, $20.2 million, and $17.3 million for the years ended December 31, 2021, December 31, 2020, and December 31, 2019, respectively. There was no impairment of the Company’s premises and equipment for the years ended December 31, 2021 and December 31, 2019. The Company recorded a $1.6 million impairment of the Company’s premises and equipment for the year ended December 31, 2020, related to the decision to permanently close twelve branches and reduce the number of cash-only ATMs. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets | Note 7. Other Assets The components of the Company’s other assets as of December 31, 2021, and December 31, 2020, were as follows: December 31, (dollars in thousands) 2021 2020 Federal Home Loan Bank of Des Moines and Federal Reserve Bank Stock $ 36,624 $ 33,340 Derivative Financial Instruments 42,011 96,167 Low-Income Housing and Other Equity Investments 136,647 142,961 Deferred Compensation Plan Assets 56,411 53,410 Prepaid Expenses 17,670 14,517 Accounts Receivable 13,323 12,380 Deferred Tax Assets 42,277 16,724 Other 39,764 65,794 Total Other Assets $ 384,727 $ 435,293 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Deposits | Note 8. Deposits Time Deposits As of December 31, 2021, and December 31, 2020, the Company’s total time deposits were $1.0 billion and $1.7 billion, respectively. As of December 31, 2021, the contractual maturities of these time deposits were as follows: (dollars in thousands) Amount 2022 $ 796,092 2023 126,884 2024 29,347 2025 7,228 2026 32,235 Thereafter 8,303 Total $ 1,000,089 The amount of time deposits with balances of $100,000 or more was $0.8 billion as of December 31, 2021, and $1.4 billion as of December 31, 2020. As of December 31, 2021, the contractual maturities of these time deposits were as follows: (dollars in thousands) Amount Three Months or Less $ 290,440 Over Three Months through Six Months 142,166 Over Six Months through Twelve Months 208,867 Over Twelve Months 116,491 Total $ 757,964 Public Deposits As of December 31, 2021, and December 31, 2020, deposits of governmental entities of $1.2 billion and $1.5 billion, respectively, required collateralization by acceptable investment securities of the Company. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 9. Borrowings Details of the Company’s short-term borrowings (original term of one year or less) as of December 31, 2021, and December 31, 2020 were as follows: December 31, (dollars in thousands) 2021 2020 Securities Sold Under Agreements to Repurchase (short-term) 1 Amounts Outstanding $ — $ 100 Weighted-Average Interest Rate — 1.20 % 1 Consists entirely of repurchase agreements with government entities. Excludes long-term repurchase agreements with government entities of $0.5 million The Company’s total securities sold under agreements to repurchase were $450.5 million and $600.6 million as of December 31, 2021, and December 31, 2020, respectively. As of December 31, 2021, all of our repurchase agreements were at fixed interest rates. As of December 31, 2021, long-term repurchase agreements (original term over one year) placed with government entities were $0.5 million with a weighted-average interest rate of 1.55% and a weighted-average maturity of 2.9 years. As of December 31, 2021, long-term repurchase agreements placed with private institutions were $450.0 million with a weighted-average interest rate of 2.46%. Remaining terms ranged from 2024 to 2026 with a weighted-average maturity of 3.0 years. |
Other Debt
Other Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Other Debt | Note 10. Other Debt The Company’s other debt as of December 31, 2021, and December 31, 2020, were as follows: December 31, (dollars in thousands) 2021 2020 Federal Home Loan Bank of Des Moines Advances $ — $ 50,000 Finance Lease Obligations 10,391 10,481 Total $ 10,391 $ 60,481 As a member of the FHLB, the Bank may borrow funds from the FHLB in amounts up to 45% of the Bank’s total assets, provided the Bank is able to pledge an adequate amount of qualified assets to secure the borrowings. As of December 31, 2021, the Company had an undrawn line of credit with the FHLB of $3.0 billion. See Note 4 Loans and Leases and the Allowance for Credit Losses Finance lease obligations relate to office space at the Company’s headquarters. The lease began in 1993 and has a 60 year term. Lease payments are fixed at $0.8 million per year through December 2022 and are negotiable thereafter. As of December 31, 2021, the Company had an undrawn line of credit with the FRB of $385.9 million. See Note 4 Loans and Leases and the Allowance for Credit Losses |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders Equity Note [Abstract] | |
Shareholders' Equity | Note 11. Shareholders’ Equity Regulatory Capital The table below sets forth the minimum required capital amounts and ratios for well capitalized institutions and the actual capital amounts and ratios for the Company and the Bank as of December 31, 2021, and December 31, 2020: (dollars in thousands) Well Capitalized Minimum Ratio Company Bank As of December 31, 2021 Common Shareholders’ Equity $ 1,436,124 $ 1,586,473 Common Equity Tier 1 Capital 1,483,455 1,645,405 Tier 1 Capital 1,658,942 1,645,405 Total Capital 1,811,943 1,798,190 Common Equity Tier 1 Capital Ratio 6.5 % 12.12 % 13.47 % Tier 1 Capital Ratio 8.0 % 13.56 % 13.47 % Total Capital Ratio 10.0 % 14.81 % 14.72 % Tier 1 Leverage Ratio 5.0 % 7.32 % 7.26 % As of December 31, 2020 Common Shareholders’ Equity $ 1,374,507 $ 1,290,455 Common Equity Tier 1 Capital 1,361,915 1,289,435 Tier 1 Capital 1,361,915 1,289,435 Total Capital 1,503,784 1,431,106 Common Equity Tier 1 Capital Ratio 6.5 % 12.06 % 11.43 % Tier 1 Capital Ratio 8.0 % 12.06 % 11.43 % Total Capital Ratio 10.0 % 13.31 % 12.69 % Tier 1 Leverage Ratio 5.0 % 6.71 % 6.35 % The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can result in certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classifications are also subject to qualitative judgments by regulators about the components of regulatory capital, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of Common Equity Tier 1, Tier 1 and Total Capital. Common Equity Tier 1 Capital is common shareholders’ equity, reduced by certain intangible assets, postretirement benefit liability adjustments, and unrealized gains and losses on investment securities. Tier 1 Capital consists of Common Equity Tier 1 Capital and additional tier 1 capital instruments meeting specified requirements. Total Capital is Tier 1 Capital plus an allowable amount of the reserve for credit losses. Risk-weighted assets are calculated by taking assets and credit equivalent amounts of off-balance-sheet items and assigning them to one of several broad risk categories. Four capital ratios are used to measure capital adequacy: Common Equity Tier 1 Capital divided by risk-weighted assets, as defined; Tier 1 Capital divided by risk-weighted assets; Total Capital divided by risk-weighted assets; and the Tier 1 Leverage ratio, which is Tier 1 Capital divided by quarterly adjusted average total assets. In addition to the minimum risk-based capital requirements, all banks must hold additional capital, referred to as the capital conservation buffer (which is in the form of common equity) under the U.S. Basel III capital framework, to avoid being subject to limits on capital distributions and certain discretionary bonus payments to officers. The capital conservation buffer which was fully phased-in on January 1, 2019, is a minimum of 2.5% of additional capital in addition to the minimum risk-based capital ratios. As of December 31, 2021, the Company and the Bank were well capitalized as defined in the regulatory framework for prompt corrective action. The capital conservation buffer requirements do not currently result in any limitations on distributions or discretionary bonuses for the Company or the Bank. There were no conditions or events since December 31, 2021, that management believes have changed the Company or the Bank’s capital classifications. The Company elected to apply the modified transition provision related to the impact of the CECL accounting standard on regulatory capital, as provided by the U.S. banking agencies’ March 2020 interim final rule that was finalized on September 30, 2020. Under the modified CECL transition provision, the regulatory capital impact of the Day 1 adjustment to the allowance for credit losses (after-tax), upon the January 1, 2020, CECL adoption date, has been deferred, and will phase in to regulatory capital at 25% per year commencing January 1, 2022. For the ongoing impact of CECL, the Company is allowed to defer the regulatory capital impact of the allowance for credit losses in an amount equal to 25% of the change in the allowance for credit losses (pre-tax) recognized through earnings for each period between January 1, 2020, and December 31, 2021. The cumulative adjustment to the allowance for credit losses between January 1, 2020, and December 31, 2021, will also phase in to regulatory capital at 25% per year commencing January 1, 2022. Dividends Dividends paid by the Parent are substantially funded from dividends received from the Bank. The Bank is subject to federal and state regulatory restrictions that limit cash dividends and loans to the Parent. These restrictions generally require advanced approval from the Bank’s regulator for payment of dividends in excess of the sum of net income for the current calendar year and the retained net income of the prior two calendar years. Common Stock Repurchase Program The Parent has a common stock repurchase program in which shares repurchased are held in treasury stock for reissuance in connection with share-based compensation plans and for general corporate purposes. For the year ended December 31, 2021, the Parent repurchased 328,832 shares of common stock under its share repurchase program at an average cost per share of $83.14 and total cost of $27.3 million. From the beginning of the stock repurchase program in July 2001 through December 31, 2021, the Parent repurchased a total of 57.4 million shares of common stock at an average cost of $40.76 per share and total cost of $2.3 billion. The Company suspended share repurchases from March 2020 to July 2021 in light of the COVID-19 pandemic. The actual amount and timing of future share repurchases, if any, will depend on market conditions, applicable SEC rules and various other factors. Preferred Stock Issuance On June 15, 2021, the Company issued and sold 7,200,000 depositary shares (the “depositary shares”), each representing a 1/40th ownership interest in a share of 4.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share (the “Series A Preferred Stock”). The Series A Preferred Stock has a liquidation preference of $ 1,000 per share. Net proceeds, after underwriting discounts and expenses, totaled $ 175.5 million. Dividends on the Series A Preferred Stock are not cumulative and will be paid when declared by the Parent’s Board of Directors to the extent that the Company have legally available funds to pay dividends. If declared, dividends will accrue and be payable quarterly, in arrears, on the liquidation preference amount, on a non-cumulative basis, at a rate of 4.375% per annum. Holders of the Series A Preferred Stock will not have voting rights , except with respect to certain changes in the terms of the preferred stock, certain dividend non-payments and as otherwise required by applicable law. The Company may redeem the Series A Preferred Stock at its option, (i) in whole or in part, from time to time, on any dividend payment date on or after August 1, 2026 or (ii) in whole but not in part, at any time within 90 days following a regulatory capital treatment event, in either case at a redemption price equal to $ 1,000 per share (equivalent to $ 25 per depositary share), plus any declared and unpaid dividends. Accumulated Other Comprehensive Income The following table presents the components of other comprehensive income (loss), net of tax: (dollars in thousands) Before Tax Tax Effect Net of Tax Year Ended December 31, 2021 Net Unrealized Gains (Losses) on Investment Securities: Net Unrealized Gains (Losses) Arising During the Period $ (111,084 ) $ (29,440 ) $ (81,644 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) that (Increase) Decrease Net Income: (Gain) Loss on Sale (3,798 ) (1,007 ) (2,791 ) Amortization of Unrealized Holding (Gains) Losses on Held-to-Maturity Securities 1 648 171 477 Net Unrealized Gains (Losses) on Investment Securities (114,234 ) (30,276 ) (83,958 ) Defined Benefit Plans: Net Actuarial Gains (Losses) Arising During the Period 10,842 2,874 7,968 Amortization of Net Actuarial Losses (Gains) 2,676 709 1,967 Amortization of Prior Service Credit (246 ) (65 ) (181 ) Defined Benefit Plans, Net 13,272 3,518 9,754 Other Comprehensive Income (Loss) $ (100,962 ) $ (26,758 ) $ (74,204 ) Year Ended December 31, 2020 Net Unrealized Gains (Losses) on Investment Securities: Net Unrealized Gains (Losses) Arising During the Period $ 58,763 $ 15,600 $ 43,163 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) that (Increase) Decrease Net Income: (Gain) Loss on Sale (77 ) (50 ) (27 ) Amortization of Unrealized Holding (Gains) Losses on Held-to-Maturity Securities 1 397 105 292 Net Unrealized Gains (Losses) on Investment Securities 59,083 15,655 43,428 Defined Benefit Plans: Net Actuarial Gains (Losses) Arising During the Period (8,187 ) (2,170 ) (6,017 ) Amortization of Net Actuarial Losses (Gains) 2,318 614 1,704 Amortization of Prior Service Credit (246 ) (65 ) (181 ) Defined Benefit Plans, Net (6,115 ) (1,621 ) (4,494 ) Other Comprehensive Income (Loss) $ 52,968 $ 14,034 $ 38,934 Year Ended December 31, 2019 Net Unrealized Gains (Losses) on Investment Securities: Net Unrealized Gains (Losses) Arising During the Period $ 30,169 $ 8,001 $ 22,168 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) that (Increase) Decrease Net Income: (Gain) Loss on Sale (152 ) (49 ) (103 ) Amortization of Unrealized Holding (Gains) Losses on Held-to-Maturity Securities 1 833 221 612 Net Unrealized Gains (Losses) on Investment Securities 30,850 8,173 22,677 Defined Benefit Plans: Net Actuarial Gains (Losses) Arising During the Period (5,046 ) (1,337 ) (3,709 ) Amortization of Net Actuarial Losses (Gains) 1,598 423 1,175 Amortization of Prior Service Credit (288 ) (76 ) (212 ) Defined Benefit Plans, Net (3,736 ) (990 ) (2,746 ) Other Comprehensive Income (Loss) $ 27,114 $ 7,183 $ 19,931 1 The amount relates to the amortization/accretion of unrealized gains and losses related to the Company's reclassification of available-for-sale investment securities to the held-to-maturity category. The unrealized net gains/losses will be amortized/accreted over the remaining life of the investment securities as an adjustment of yield. The following table presents the changes in each component of accumulated other comprehensive income (loss), net of tax: (dollars in thousands) Investment Securities- Available- For-Sale Investment Securities- Held-To- Maturities Defined Benefit Plans Accumulated Other Comprehensive Income (Loss) Year Ended December 31, 2021 Balance at Beginning of Period $ 51,495 $ (423 ) $ (43,250 ) $ 7,822 Other Comprehensive Income (Loss) Before Reclassifications (81,644 ) — 7,968 (73,676 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (2,791 ) 477 1,786 (528 ) Total Other Comprehensive Income (Loss) (84,435 ) 477 9,754 (74,204 ) Balance at End of Period $ (32,940 ) $ 54 $ (33,496 ) $ (66,382 ) Year Ended December 31, 2020 Balance at Beginning of Period $ 8,359 $ (715 ) $ (38,756 ) $ (31,112 ) Other Comprehensive Income (Loss) Before Reclassifications 43,163 — (6,017 ) 37,146 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (27 ) 292 1,523 1,788 Total Other Comprehensive Income (Loss) 43,136 292 (4,494 ) 38,934 Balance at End of Period $ 51,495 $ (423 ) $ (43,250 ) $ 7,822 Year Ended December 31, 2019 Balance at Beginning of Period $ (10,447 ) $ (4,586 ) $ (36,010 ) $ (51,043 ) Other Comprehensive Income (Loss) Before Reclassifications 22,168 — (3,709 ) 18,459 Cumulative Effect of ASU 2019-04 (3,259 ) 3,259 — — Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (103 ) 612 963 1,472 Total Other Comprehensive Income (Loss) 18,806 3,871 (2,746 ) 19,931 Balance at End of Period $ 8,359 $ (715 ) $ (38,756 ) $ (31,112 ) The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss): Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) 1 Affected Line Item in the Statement Where Net Income Is Presented (dollars in thousands) Year Ended December 31, 2021 2020 2019 Amortization of Unrealized Holding Gains (Losses) on Investment Securities Held-to-Maturity $ (648 ) $ (397 ) $ (833 ) Interest Income 171 105 221 Provision for Income Tax (477 ) (292 ) (612 ) Net of Tax Sales of Investment Securities Available-for-Sale 3,798 77 152 Investment Securities Gains (Losses), Net (1,007 ) (50 ) (49 ) Provision for Income Tax 2,791 27 103 Net of Tax Amortization of Defined Benefit Plans Items Prior Service Credit 2 246 246 288 Net Actuarial Losses 2 (2,676 ) (2,318 ) (1,598 ) (2,430 ) (2,072 ) (1,310 ) Total Before Tax 644 549 347 Provision for Income Tax (1,786 ) (1,523 ) (963 ) Net of Tax Total Reclassifications for the Period $ 528 $ (1,788 ) $ (1,472 ) Net of Tax 1 2 Pension Plans and Postretirement Benefit Plan |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Note 12. Earnings Per Common Share Earnings per common share is computed using the two-class method. The following is a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per share and antidilutive stock options and restricted stock outstanding for the years ended December 31, 2021, December 31, 2020, and December 31, 2019: (dollars in thousands, except shares and per share amounts) 2021 2020 2019 Numerator: Net Income Available to Common Shareholders $ 250,397 $ 153,804 $ 225,913 Denominator: Weighted Average Common Shares Outstanding - Basic 39,837,798 39,726,210 40,384,328 Dilutive Effect of Equity Based Awards 215,866 165,897 265,242 Weighted Average Common Shares Outstanding - Diluted 40,053,664 39,892,107 40,649,570 Earnings Per Common Share: Basic $ 6.29 $ 3.87 $ 5.59 Diluted $ 6.25 $ 3.86 $ 5.56 Antidilutive Stock Options and Restricted Stock Outstanding 41,802 113,410 4,905 |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Business Segments | Note 13. Business Segments The Company’s business segments are defined as Consumer Banking, Commercial Banking, and Treasury and Other. The Company’s internal management accounting process measures the performance of these business segments. This process, which is not necessarily comparable with the process used by any other financial institution, uses various techniques to assign balance sheet and income statement amounts to the business segments, including allocations of income, expense, the provision for credit losses, and capital. This process is dynamic and requires certain allocations based on judgment and other subjective factors. Unlike financial accounting, there is no comprehensive authoritative guidance for management accounting that is equivalent to GAAP. Previously reported results have been reclassified to conform to the current reporting structure. The net interest income of the business segments reflects the results of a funds transfer pricing process that matches assets and liabilities with similar interest rate sensitivity and maturity characteristics and reflects the allocation of net interest income related to the Company’s overall asset and liability management activities on a proportionate basis. The basis for the allocation of net interest income is a function of the Company’s assumptions that are subject to change based on changes in current interest rates and market conditions. Funds transfer pricing also serves to transfer interest rate risk to Treasury. However, the other business segments have some latitude to retain certain interest rate exposures related to customer pricing decisions within guidelines. The provision for credit losses for the Consumer Banking and Commercial Banking business segments reflects the actual net charge-offs of those business segments. The amount of the consolidated provision for loan and lease losses is based on the methodology that the Company used to estimate our consolidated Allowance. The residual provision for credit losses to arrive at the consolidated provision for credit losses is included in Treasury and Other. Noninterest income and expense includes allocations from support units to business units. These allocations are based on actual usage where practicably calculated or by management’s estimate of such usage. The provision for income taxes is allocated to business segments using a 26% effective income tax rate. However, the provision for income taxes for our Leasing business unit (included in the Commercial Banking segment) and Auto Leasing portfolio and Pacific Century Life Insurance business unit (both included in the Consumer Banking segment) are assigned their actual effective income tax rates due to the unique relationship that income taxes have with their products. The residual income tax expense or benefit to arrive at the consolidated effective tax rate is included in Treasury and Other. Consumer Banking Consumer Banking offers a broad range of financial products and services, including loan, deposit and insurance products; private banking and international client banking services; trust services; investment management; and institutional investment advisory services. Consumer Banking also provides a full service brokerage offering equities, mutual funds, life insurance, and annuity products. Loan and lease products include residential mortgage loans, home equity lines of credit, automobile loans and leases, personal lines of credit, installment loans, small business loans and leases, and credit cards. Deposit products include checking, savings, and time deposit accounts. Private banking and personal trust groups assist individuals and families in building and preserving their wealth by providing investment, credit, and trust services to high-net-worth individuals. The investment management group manages portfolios utilizing a variety of investment products. Also within Consumer Banking, institutional client services offer investment advice to corporations, government entities, and foundations. Products and services from Consumer Banking are delivered to customers through 54 branch locations and 307 ATMs throughout Hawaii and the Pacific Islands, e-Bankoh (online banking service), a customer service center, and a mobile banking service. Commercial Banking Commercial Banking offers products including corporate banking, commercial real estate loans, commercial lease financing, auto dealer financing, and deposit products. Commercial lending and deposit products are offered to middle-market and large companies in Hawaii and the Pacific Islands. In addition, Commercial Banking offers deposit products to government entities in Hawaii. Commercial real estate mortgages focus on customers that include investors, developers, and builders predominantly domiciled in Hawaii. Commercial Banking also includes international banking and provides merchant services to its customers. Treasury and Other Treasury consists of corporate asset and liability management activities, including interest rate risk management and a foreign currency exchange business. This segment’s assets and liabilities (and related interest income and expense) consist of interest-bearing deposits, investment securities, federal funds sold and purchased, and short and long-term borrowings. The primary sources of noninterest income are from bank-owned life insurance, net gains from the sale of investment securities, and foreign exchange income related to customer-driven currency requests from merchants and island visitors. The net residual effect of the transfer pricing of assets and liabilities is included in Treasury, along with the elimination of intercompany transactions. Other organizational units (Technology, Operations, Marketing, Human Resources, Finance, Credit and Risk Management, and Corporate and Regulatory Administration) provide a wide-range of support to the Company’s other income earning segments. Expenses incurred by these support units are charged to the business segments through an internal cost allocation process. Selected business segment financial information as of and for the years ended December 31, 2021, December 31, 2020, and December 31, 2019 were as follows: (dollars in thousands) Consumer Banking Commercial Banking Treasury and Other Consolidated Total Year Ended December 31, 2021 Net Interest Income $ 283,998 $ 194,409 $ 18,883 $ 497,290 Provision for Credit Losses 5,764 201 (56,465 ) (50,500 ) Net Interest Income After Provision for Credit Losses 278,234 194,208 75,348 547,790 Noninterest Income 131,292 30,637 9,424 171,353 Noninterest Expense (303,699 ) (64,470 ) (25,420 ) (393,589 ) Income Before Income Taxes 105,827 160,375 59,352 325,554 Provision for Income Taxes (26,442 ) (39,070 ) (6,670 ) (72,182 ) Net Income $ 79,385 $ 121,305 $ 52,682 $ 253,372 Total Assets as of December 31, 2021 $ 7,675,823 $ 5,107,001 $ 10,002,117 $ 22,784,941 Year Ended December 31, 2020 Net Interest Income $ 292,710 $ 188,626 $ 14,986 $ 496,322 Provision for Credit Losses 8,087 (948 ) 110,661 117,800 Net Interest Income (Loss) After Provision for Credit Losses 284,623 189,574 (95,675 ) 378,522 Noninterest Income 128,400 34,523 21,486 184,409 Noninterest Expense (289,177 ) (63,294 ) (21,336 ) (373,807 ) Income (Loss) Before Income Taxes 123,846 160,803 (95,525 ) 189,124 Provision for Income Taxes (31,476 ) (40,081 ) 36,237 (35,320 ) Net Income (Loss) $ 92,370 $ 120,722 $ (59,288 ) $ 153,804 Total Assets as of December 31, 2020 $ 7,478,813 $ 5,116,807 $ 8,008,031 $ 20,603,651 Year Ended December 31, 2019 1 Net Interest Income $ 305,803 $ 185,259 $ 6,653 $ 497,715 Provision for Credit Losses 11,685 976 3,339 16,000 Net Interest Income After Provision for Credit Losses 294,118 184,283 3,314 481,715 Noninterest Income 142,378 33,362 7,598 183,338 Noninterest Expense (281,662 ) (84,616 ) (12,949 ) (379,227 ) Income (Loss) Before Provision for Income Taxes 154,834 133,029 (2,037 ) 285,826 Provision for Income Taxes (38,654 ) (28,852 ) 7,593 (59,913 ) Net Income $ 116,180 $ 104,177 $ 5,556 $ 225,913 Total Assets as of December 31, 2019 1 $ 7,054,511 $ 4,254,261 $ 6,786,724 $ 18,095,496 1 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefits | Note 14. Employee Benefits The Company has defined contribution plans, defined benefit plans, and a postretirement benefit plan. Defined Contribution Plans The Bank of Hawaii Retirement Savings Plan (the “Savings Plan”) has three Company contribution components in addition to employee contributions: 1) 401(k) matching, as described below; 2) a 3% fixed amount based on eligible compensation; and 3) a discretionary value-sharing contribution. Under the 401(k) matching component, participating employees may contribute up to 50% of their eligible compensation (within federal limits) to the Savings Plan. The Company makes matching contributions on behalf of participants equal to $1.25 for each $1.00 contributed by participants, up to 2% of the participants’ eligible compensation, and $0.50 for every $1.00 contributed by participants over 2%, up to 5% of the participants’ eligible compensation. A 3% fixed contribution and a discretionary value-sharing contribution, that is linked to the Company’s financial goals, are made regardless of whether the participating employee contributes to the Savings Plan and are invested in accordance with the participant’s selection of investment options available under the Savings Plan. The Company also has a non-qualified savings plan which covers certain employees with compensation exceeding Internal Revenue Service (“IRS”) limits on pay amounts in the allocation of the Savings Plan’s benefits. Total expense for all components of the Company’s defined contribution plans was $16.0 million, $14.0 million, and $15.2 million for the years ended December 31, 2021, December 31, 2020, and December 31, 2019, respectively. Defined Benefit Plans The Company has two defined benefit plans (the “Pension Plans”). In 1995, the Company froze its non-contributory, qualified defined benefit retirement plan (the “Retirement Plan”) and the excess retirement plan (the “Excess Plan”), which covered employees of the Company and participating subsidiaries who met certain eligibility requirements. Beginning January 1, 2001, the Pension Plans no longer provided for compensation increases in the determination of benefits. The projected benefit obligation is equal to the accumulated benefit obligation due to the frozen status of the Pension Plans. The assets of the Retirement Plan primarily consist of equity and fixed income mutual funds. The Excess Plan is a non-qualified excess retirement benefit plan which covers certain employees of the Company and participating subsidiaries with compensation exceeding IRS limits on pay amounts applicable to the Pension Plan’s benefit formula. The Excess Plan has no plan assets. The Excess Plan’s projected benefit obligation and accumulated benefit obligation were $3.3 million and $3.6 million for December 31, 2021, and December 31, 2020, respectively. Postretirement Benefit Plan The Company’s postretirement benefit plan provides retirees hired before January 1, 2012, with medical and dental insurance coverage. For eligible participants that retired before 2008 and met certain age requirements, the Company and retiree share in the cost of providing postretirement benefits where both the employer and retiree pay a portion of the insurance premiums. Eligible participants who retired before 2008 who did not meet certain age requirements continued on the Company’s benefit plans, but pay for their full insurance premiums. Participants who retired on or after January 1, 2008, who had medical or dental coverage under the Company’s plans immediately before retirement and meet certain age and years of service requirements as of December 31, 2008, are also eligible to participate in the Company’s benefit plans, but must pay for their full insurance premiums. Retirees age 65 and older are provided with a Medicare supplemental plan subsidy. Most employees of the Company who have met certain eligibility requirements are covered by this plan. Participants who retired on or after January 1, 2008, who met certain age and/or years of service requirements, are eligible for the Health Reimbursement Account (“HRA”) program. The HRA program provides retirees with an initial credit based on years of service. Thereafter, an annual credit up to a maximum of $1,200 is provided into the HRA. The retiree may use the HRA for medical, vision, prescription drug and dental premiums, co-payments, and medically necessary health care expenses that are not covered by any medical or dental insurance program or flexible health spending account. The plan was amended to provide access-only coverage for employees hired on or after January 1, 2012, and lowered eligibility for access from age 55 to age 50. These retirees continue on the medical and dental plan until age 65 paying the full premium. As of December 31, 2021, and December 31, 2020, the Company had no segregated assets to provide for postretirement benefits. The following table provides a reconciliation of changes in benefit obligation and fair value of plan assets, as well as the funded status recognized in the Company’s consolidated statements of condition for the Pension Plans and postretirement benefit plan for the years ended December 31, 2021, and December 31, 2020. Pension Benefits Postretirement Benefits (dollars in thousands) 2021 2020 2021 2020 Benefit Obligation at Beginning of Year $ 117,647 $ 110,637 $ 31,507 $ 27,571 Service Cost — — 678 578 Interest Cost 2,924 3,627 816 945 Actuarial Losses (Gains) (2,817 ) 10,364 (2,514 ) 3,559 Employer Benefits Paid 1 (7,169 ) (6,981 ) (1,217 ) (1,146 ) Benefit Obligation at End of Year $ 110,585 $ 117,647 $ 29,270 $ 31,507 Fair Value of Plan Assets at Beginning of Year $ 97,890 $ 93,638 $ — $ — Actual Return on Plan Assets 10,103 10,764 — — Employer Contributions 470 469 1,217 1,146 Employer Benefits Paid 1 (7,169 ) (6,981 ) (1,217 ) (1,146 ) Fair Value of Plan Assets at End of Year $ 101,294 $ 97,890 $ — $ — Funded Status at End of Year 2 $ (9,291 ) $ (19,757 ) $ (29,270 ) $ (31,507 ) 1 Participants' contributions relative to the postretirement benefit plan were offset against employer benefits paid in the table above. Participants' contributions for postretirement benefits were $0.8 million 2 The changes in actuarial losses (gains) related to the Company’s Pension and postretirement benefit Plans are mainly due to changes in discount rates for the years ended December 31, 2021, and December 31, 2020. For the year ended December 31, 2021, the change in discount rate resulted in a $4.3 million decrease to the Company’s Pension Plans liability and a $1.3 million decrease to the Company’s postretirement benefit plan liability. For the year ended December 31, 2020, the change in discount rate resulted in a $9.3 million increase to the Company’s Pension Plans liability and a $2.9 million increase to the Company’s postretirement benefit plan liability. The following presents the amounts recognized in the Company’s accumulated other comprehensive income for the Pension Plans and postretirement benefit plan as of December 31, 2021, and December 31, 2020. Pension Benefits Postretirement Benefits (dollars in thousands) 2021 2020 2021 2020 Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Net of Tax Net Actuarial Gains (Losses) $ (35,014 ) $ (43,101 ) $ 235 $ (1,613 ) Net Prior Service Credit — — 1,283 1,464 Total Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Net of Tax $ (35,014 ) $ (43,101 ) $ 1,518 $ (149 ) Components of net periodic benefit cost for the Company’s Pension Plans and the postretirement benefit plan are presented in the following table for the years ended December 31, 2021, December 31, 2020, and December 31, 2019. Pension Benefits Postretirement Benefits (dollars in thousands) 2021 2020 2019 2021 2020 2019 Service Cost $ — $ — $ — $ 678 $ 578 $ 455 Interest Cost 2,924 3,627 4,401 816 945 1,025 Expected Return on Plan Assets (4,592 ) (5,028 ) (4,993 ) — — — Amortization of: Prior Service Credit 1 — — — (246 ) (246 ) (288 ) Net Actuarial Losses (Gains) 1 2,676 2,318 1,937 — — (339 ) Net Periodic Benefit Cost $ 1,008 $ 917 $ 1,345 $ 1,248 $ 1,277 $ 853 1 Represents reclassification adjustments from accumulated other comprehensive income during the period. Assumptions used to determine the benefit obligations as of December 31, 2021, and December 31, 2020, for the Company’s Pension Plans and postretirement benefit plan were as follows: Pension Benefits Postretirement Benefits 2021 2020 2021 2020 Weighted Average Assumptions as of December 31: Discount Rate 2.89 % 2.55 % 3.00 % 2.66 % Health Care Cost Trend Rate Assumed For Next Year — — 5.70 % 5.50 % The health care cost trend rate is assumed to decrease annually, until reaching the ultimate trend rate of 4.0% in 2045. Assumptions used to determine the net periodic benefit cost for the Company’s Pension Plans and postretirement benefit plan for the years ended December 31, 2021, December 31, 2020, and December 31, 2019, were as follows: Pension Benefits Postretirement Benefits 2021 2020 2019 2021 2020 2019 Weighted Average Assumptions as of December 31: Discount Rate 2.55 % 3.36 % 4.41 % 2.66 % 3.42 % 4.48 % Expected Long-Term Rate of Return on Plan Assets 5.25 % 5.75 % 5.75 % — — — Health Care Cost Trend Rate — — — 5.50 % 5.70 % 6.00 % A combination of factors is used by management in determining the expected long-term rate of return on plan assets. Historical return experience for major asset categories are evaluated and current market factors, such as inflation and interest rates, are considered in determining the expected long-term rate of return assumption. The Company expects to contribute $0.4 million to the Pension Plans and $1.4 million to the postretirement benefit plan for the year ending December 31, 2022. As of December 31, 2021, expected benefits to be paid in each of the next five years and in the aggregate for the five years thereafter were as follows: (dollars in thousands) Pension Benefits Postretirement Benefits 2022 $ 7,387 $ 1,375 2023 7,417 1,423 2024 7,399 1,456 2025 7,367 1,512 2026 7,297 1,549 Years 2027-2031 34,473 8,362 Retirement Plan Assets The Company’s overall investment strategy is to maintain the purchasing power of the current assets and all future contributions by producing positive rates of return on plan assets; achieve capital growth towards the attainment of full funding of the Retirement Plan’s termination liability; maximize returns within reasonable and prudent levels of risk; and control costs of administering the plan and managing the investments. The long-term investment objective is to achieve an overall annualized total return, gross of fees, above the blended benchmark index comprised of 36% MSCI USA IMI Index, 24% MSCI ACWI ex-US IMI Index, and 40% Barclays Aggregate Bond Index. Subject to liquidity requirements, the asset allocation targets are 60% for equity securities, 40% for fixed income securities with a 10% to 20% range permitted from the strategic targets, and zero to 20% for cash. Within the equity securities portfolio, the range for domestic securities is from 50% to 100% and the range for international securities is from 0% to 50%. All assets selected for the Retirement Plan must have a readily ascertainable market value and must be readily marketable. Due to market fluctuations or cash flows, the allocation for each asset class may be breached by as much as 5% on a temporary basis. However, asset allocations are expected to conform to target ranges within 90 days of such an occurrence. The fair values of the Retirement Plan assets as of December 31, 2021, and December 31, 2020, by asset category were as follows: Fair Value Measurements Asset Category (dollars in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Total as of Dec. 31, 2021 Total as of Dec. 31, 2020 Cash $ 618 $ — $ — $ 618 $ 1,079 Equity Securities – Mutual Funds: Large-Cap 511 — — 511 1,849 Mixed-Cap 33,108 — — 33,108 29,802 International 29,022 — — 29,022 28,055 Emerging Market 1,786 — — 1,786 2,494 Fixed Income Securities – Mutual Funds 36,249 — — 36,249 34,611 Total $ 101,294 $ — $ — $ 101,294 $ 97,890 Quoted prices for these investments were available in active markets, and therefore were classified as Level 1 measurements in the fair value hierarchy. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | Note 15. Share-Based Compensation The Company has share-based compensation plans which allow grants of stock options, restricted stock, stock appreciation rights, and restricted stock units to its employees and non-employee directors. The Company’s employee stock option plans are shareholder approved and administered by the Human Resources and Compensation Committee of the Board of Directors. Stock options provide grantees the option to purchase shares of the Parent’s common stock at a specified exercise price and, generally, expire 10 years from the date of grant. Stock option grants include incentive and non-qualified stock options whose vesting may be subject to one or more criteria, including employment or achievement of Company performance measures. Stock option exercise prices were equal to the quoted market price of the Parent’s common stock on the date of grant. Restricted stock provides grantees with rights to shares of common stock upon completion of one or more criteria, including service period, performance or other conditions as established by the Compensation Committee, such as vesting tied to the Company’s financial performance relative to the peer group or achievement of an absolute financial performance target. During the restriction period, all shares are considered outstanding and dividends are paid on the restricted stock. Generally, restricted stock vests over periods ranging from one year to five years from the date of grant. Restricted stock and dividends may be forfeited if an employee terminates prior to vesting. As of December 31, 2021, total shares authorized under the plans were 2.1 million shares, of which 1.3 million shares were available for future grants. The Company recognizes compensation expense, measured as the fair value of the share-based award on the date of grant, on a straight-line basis over the requisite service period. Share-based compensation is recorded in the statements of income as a component of salaries and benefits for employees and as a component of other noninterest expense for non-employee directors, with a corresponding increase to capital surplus in shareholders’ equity. For the years ended December 31, 2021, December 31, 2020, and December 31, 2019, compensation expense and the related income tax benefit recognized for stock options and restricted stock were as follows: (dollars in thousands) 2021 2020 2019 Compensation Expense $ 13,267 $ 7,578 $ 8,338 Income Tax Benefit 3,520 2,009 2,210 Restricted Stock As of December 31, 2021, unrecognized compensation expense related to unvested restricted stock was $24.0 million. The unrecognized compensation expense is expected to be recognized over a weighted average period of 2.28 years. The following table presents the activity for restricted stock: Number of Shares Weighted Average Grant Date Fair Value Grant Date Fair Value of Restricted Stock that Vested During the Year (in thousands) Unvested as of December 31, 2018 314,487 $ 78.17 Granted 130,093 82.82 Vested (107,759 ) 66.46 $ 8,910 Forfeited (26,872 ) 83.34 Unvested as of December 31, 2019 309,949 $ 83.75 Granted 161,168 80.97 Vested (99,894 ) 84.69 $ 8,544 Forfeited (42,454 ) 84.36 Unvested as of December 31, 2020 328,769 $ 82.02 Granted 292,007 90.23 Vested (97,278 ) 78.55 $ 8,673 Forfeited (22,962 ) 86.48 Unvested as of December 31, 2021 1 500,536 $ 87.28 1 Restricted Stock Units There were no RSUs granted during December 31, 2021, December 31, 2020, and December 31, 2019. All RSUs were fully vested as of December 31, 2019. The RSUs vest over periods ranging from three years to four years from the date of grant and are subject to forfeiture until performance and employment targets are achieved. Upon vesting, the RSUs are converted to cash based on the closing stock price on the vesting date. During December 31, 2021 and December 31, 2020, there was no recognized compensation expense related to RSUs. Total recognized compensation expense related to the RSUs was $1.0 million for the year ended December 31, 2019. The following table presents the activity for RSUs: Number of Units Weighted Average Grant Date Fair Value Fair Value of Restricted Stock Unit that Vested During the Year (in thousands) Balance as of December 31, 2018 52,064 $ 63.92 Vested (52,064 ) 82.23 $ 4,311 Balance as of December 31, 2019 — $ — Stock Options There were no stock options granted during the years ended December 31, 2021, December 31, 2020, and December 31, 2019. All previously issued stock options granted were fully vested prior to December 31, 2018. The Company reissues treasury stock to satisfy stock option exercises. The following table presents the activity related to stock options under all plans for the year ended December 31, 2021: Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Stock Options Outstanding as of January 1, 2021 184,054 $ 45.28 Exercised (165,920 ) 45.04 Expired (833 ) 42.22 Stock Options Outstanding as of December 31, 2021 17,301 47.72 0.1 $ 624 Stock Options Vested and Exercisable as of December 31, 2021 17,301 47.72 0.1 624 The following summarizes certain stock option activity of the Company for the years ended December 31, 2021, December 31, 2020, and December 31, 2019: (dollars in thousands) 2021 2020 2019 Intrinsic Value of Stock Options Exercised $ 6,755 $ 2,261 $ 1,106 Cash Received from Stock Options Exercised 7,473 2,438 1,473 Tax Benefits Realized from Stock Options Exercised 1,611 485 727 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 16. Income Taxes Provision for Income Taxes The components of the Company’s provision for income taxes for the years ended December 31, 2021, December 31, 2020, and December 31, 2019, were as follows: (dollars in thousands) 2021 2020 2019 Current: Federal $ 58,652 $ 65,840 $ 60,902 State 10,510 12,066 14,426 Total Current 69,162 77,906 75,328 Deferred: Federal 2,254 (31,783 ) (9,630 ) State 766 (10,803 ) (5,785 ) Total Deferred 3,020 (42,586 ) (15,415 ) Provision for Income Taxes $ 72,182 $ 35,320 $ 59,913 The tax effects of fair value adjustments on AFS investment securities, the amortization of unrealized gains and losses related to investment securities transferred to HTM, and the minimum pension liability adjustment are recorded directly to consolidated shareholders’ equity. The Company elected to adopt ASU No. 2016-09 “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” in the first quarter of 2017, which requires the Company to record excess tax benefits related to stock options as a reduction of the provision for income taxes, whereas they were previously recognized in equity. The net tax benefit recorded directly to consolidated shareholders’ equity was $26.8 million for the year ended December 31, 2021. The net tax charge recorded directly to consolidated shareholders’ equity was $16.2 million and $7.1 million for the year ended December 31, 2020, and December 31, 2019, respectively. Deferred Tax Liabilities and Assets As of December 31, 2021, and December 31, 2020, significant components of the Company’s deferred tax liabilities and assets were as follows: December 31, (dollars in thousands) 2021 2020 Deferred Tax Liabilities: Accelerated Depreciation $ (8,131 ) $ (8,042 ) Accrued Pension Cost (11,270 ) (11,270 ) Federal Home Loan Bank of Des Moines Stock (2,885 ) (3,416 ) Lease Transactions (37,585 ) (41,726 ) Operating Lease Liabilities (25,348 ) (26,387 ) Energy Tax Credits — (674 ) Net Unrealized Gains on Investments Securities — (18,407 ) Investment in Variable Interest Entities (1,657 ) (2,725 ) Deferred Loan Fees (3,845 ) (4,736 ) Originated Mortgage Servicing Rights (6,068 ) (5,579 ) Other (915 ) (1,124 ) Gross Deferred Tax Liabilities (97,704 ) (124,086 ) Deferred Tax Assets: Allowance for Credit Losses 43,348 57,840 Minimum Pension Liability 12,082 13,430 Accrued Expenses 22,416 17,629 Postretirement Benefit Obligations 7,170 7,980 Capital Lease Expenses 2,163 2,168 Operating Lease Right-of-Use Assets 27,360 28,473 Restricted Stock 4,442 3,669 Net Unrealized Losses on Investments Securities 11,868 — Deductible State and Local Taxes 3,239 3,366 Low Income Housing Investments 3,007 3,648 Other 6,089 6,204 Gross Deferred Tax Assets Before Valuation Allowance 143,184 144,407 Valuation Allowance (3,203 ) (3,597 ) Gross Deferred Tax Assets After Valuation Allowance 139,981 140,810 Net Deferred Tax Assets $ 42,277 $ 16,724 Both positive and negative evidence were considered by management in determining the need for a valuation allowance. Negative evidence included the uncertainty regarding the generation of capital gains in future years and restrictions on the ability to sell low-income housing investments during periods when carrybacks/carryforwards of capital losses are allowed. Positive evidence included capital gains in the carryback years. After considering all available evidence, management determined that a valuation allowance to offset deferred tax assets related to low-income housing investments that can only be used to offset capital gains was appropriate. Management determined that a valuation allowance was not required for the remaining deferred tax assets because it is more likely than not that these assets will be realized through future reversals of existing taxable temporary differences, and there will be sufficient future taxable income exclusive of reversing temporary differences. As of December 31, 2021, and December 31, 2020, the Company carried a valuation allowance of $3.2 million and $3.6 million, respectively, related to the deferred tax assets established in connection with the low-income housing investments. Certain events covered by Internal Revenue Code Section 593(e) will trigger a recapture of base year reserves of acquired thrift institutions. The base year reserves of acquired thrift institutions would be recaptured if an entity ceases to qualify as a bank for federal income tax purposes. The base year reserves of thrift institutions also remain subject to income tax penalty provisions that, in general, require recapture upon certain stock redemptions of, and excess distributions to, shareholders. As of December 31, 2021, retained earnings included $18.2 million of base year reserves for which the deferred federal income tax liability of $4.8 million has not been recognized. Effective Tax Rate The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2021, December 31, 2020, and December 31, 2019: 2021 2020 2019 Statutory Federal Income Tax Rate 21.00 % 21.00 % 21.00 % Increase (Decrease) in Income Tax Rate Resulting From: State Taxes, Net of Federal Income Tax 2.85 0.81 2.53 Low-Income Housing Investments 0.77 0.82 0.60 Investment Tax Credits (0.35 ) (1.24 ) (0.84 ) Bank-Owned Life Insurance (0.48 ) (0.82 ) (0.51 ) Tax-Exempt Income (0.24 ) (0.50 ) (0.53 ) Leveraged Lease (0.10 ) (0.56 ) (1.54 ) Other (1.28 ) (0.83 ) 0.25 Effective Tax Rate 22.17 % 18.68 % 20.96 % Unrecognized Tax Benefits The Company is required to record a liability, referred to as an unrecognized tax benefit (“UTB”), for the entire amount of benefit taken in a prior or future income tax return when the Company determines that a tax position has a less than 50% likelihood of being accepted by the taxing authority. The following presents a reconciliation of the Company’s liability for UTBs for the years ended December 31, 2021, December 31, 2020, and December 31, 2019: (dollars in thousands) 2021 2020 2019 Unrecognized Tax Benefits at Beginning of Year $ 5,403 $ 6,120 $ 5,541 Gross Increases, Related to Tax Positions Taken in a Prior Period 261 374 673 Gross Decreases, Related to Tax Positions Taken in a Prior Period (1,285 ) — — Gross Increases, Related to Current Period Tax Positions 234 222 715 Lapse of Statute of Limitations (598 ) (1,313 ) (809 ) Unrecognized Tax Benefits at End of Year $ 4,015 $ 5,403 $ 6,120 As of December 31, 2021, and December 31, 2020, $4.0 million and $5.4 million, respectively, in liabilities for UTBs were related to UTBs that if reversed would have an impact on the Company’s effective tax rate. Management believes that it is reasonably possible that the Company’s liability for UTBs could further decrease as a result of the expiration of statutes of limitations within the next 12 months. However, management is currently not able to estimate a range of possible change in the amount of the liability for UTBs recorded as of December 31, 2021. The Company classifies interest and penalties, if any, related to the liability for UTBs as a component of the provision for income taxes. The recorded net tax benefit for interest and penalties was less than $0.1 million for the year ended December 31, 2021. For the years ended, December 31, 2020 and December 31, 2019, the Company recorded a net tax provision of less than $0.1 million and $0.5 million, respectively, for interest and penalties. As of December 31, 2021, and December 31, 2020, the balance of the accrual for possible interest and penalties was $1.5 million. The federal tax returns for 2018 through 2020 remain subject to examination. The Company's State of Hawaii income tax returns for 2016 through 2020 remain subject to examination by the taxing authorities. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 17. Derivative Financial Instruments The notional amount and fair value of the Company’s derivative financial instruments as of December 31, 2021, and December 31, 2020, were as follows: December 31, 2021 December 31, 2020 (dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Interest Rate Lock Commitments $ 45,857 $ 1,084 $ 102,881 $ 4,947 Forward Commitments 58,523 (35 ) 158,759 (740 ) Interest Rate Swap Agreements Receive Fixed/Pay Variable Swaps 1,400,322 28,742 1,362,778 90,130 Pay Fixed/Receive Variable Swaps 1,400,322 (5,922 ) 1,362,778 (17,197 ) Foreign Exchange Contracts 102,548 (674 ) 90,587 866 Conversion Rate Swap Agreement 131,672 — 133,286 — The following table presents the Company’s derivative financial instruments, their fair values, and their location in the consolidated statements of condition as of December 31, 2021, and December 31, 2020: December 31, 2021 December 31, 2020 Derivative Financial Instruments Not Designated as Hedging Instruments 1 (dollars in thousands) Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Interest Rate Lock Commitments $ 1,084 $ — $ 4,947 $ — Forward Commitments 17 52 — 740 Interest Rate Swap Agreements 40,733 17,913 90,342 17,409 Foreign Exchange Contracts 177 851 878 12 Total $ 42,011 $ 18,816 $ 96,167 $ 18,161 1 Asset derivatives are included in other assets and liability derivatives are included in other liabilities in the consolidated statements of condition. The following table presents the Company’s derivative financial instruments and the amount and location of the net gains or losses recognized in the consolidated statements of income for the years ended December 31, 2021, December 31, 2020, and December 31, 2019: Location of Net Gains Year Ended December 31, Derivative Financial Instruments Not Designated as Hedging Instruments (dollars in thousands) (Losses) Recognized in the Statements of Income 2021 2020 2019 Interest Rate Lock Commitments Mortgage Banking $ 8,771 $ 22,348 $ 12,185 Forward Commitments Mortgage Banking 1,580 (4,274 ) (2,340 ) Interest Rate Swap Agreements Other Noninterest Income 6,579 15,468 7,172 Foreign Exchange Contracts Other Noninterest Income 1,462 1,940 2,891 Conversion Rate Swap Agreement Investment Securities Gains (Losses), Net — — (453 ) Total $ 18,392 $ 35,482 $ 19,455 Management has received authorization from the Bank’s Board of Directors to use derivative financial instruments as an end-user in connection with the Bank’s risk management activities and to accommodate the needs of the Bank’s customers. As with any financial instrument, derivative financial instruments have inherent risks. Market risk is defined as the risk of adverse financial impact due to fluctuations in interest rates, foreign exchange rates, and equity prices. Market risks associated with derivative financial instruments are balanced with the expected returns to enhance earnings performance and shareholder value, while limiting the volatility of each. The Company uses various processes to monitor its overall market risk exposure, including sensitivity analysis, value-at-risk calculations, and other methodologies. Derivative financial instruments are also subject to credit and counterparty risk, which is defined as the risk of financial loss if a borrower or counterparty is either unable or unwilling to repay borrowings or settle transactions in accordance with the underlying contractual terms. Credit and counterparty risks associated with derivative financial instruments are similar to those relating to traditional financial instruments. The Company manages derivative credit and counterparty risk by evaluating the creditworthiness of each borrower or counterparty, adhering to the same credit approval process used for commercial lending activities. As of December 31, 2021 , and December 31, 2020 , the Company did not designate any derivative financial instruments as formal hedging relationships. The Company’s free-standing derivative financial instruments are required to be carried at their fair value on the Company’s consolidated statements of condition. These financial instruments have been limited to interest rate lock commitments (“IRLCs”), forward commitments, interest rate swap agreements, foreign exchange contracts, and conversion rate swap agreements. Interest Rate Lock Commitments/Forward Commitments The Company enters into IRLCs for residential mortgage loans which commit us to lend funds to a potential borrower at a specific interest rate and within a specified period of time. IRLCs that relate to the origination of mortgage loans that will be held for sale are considered derivative financial instruments under applicable accounting guidance. Outstanding IRLCs expose the Company to the risk that the price of the mortgage loans underlying the commitments may decline due to increases in mortgage interest rates from inception of the rate lock to the funding of the loan. To mitigate this risk, the Company utilizes forward commitments as economic hedges against the potential decreases in the values of the loans held for sale. IRLCs and forward commitments are free-standing derivatives which are carried at fair value with changes recorded in the mortgage banking component of noninterest income in the Company’s consolidated statements of income. Interest Rate Swap Agreements The Company enters into swap agreements to facilitate the risk management strategies of a small number of commercial banking customers. The Company mitigates the interest rate risk of entering into these agreements by entering into equal and offsetting interest rate swap agreements with highly rated third party financial institutions. The interest rate swap agreements are free-standing derivatives and are recorded at fair value in the Company’s consolidated statements of condition (asset positions are included in other assets and liability positions are included in other liabilities). Fair value changes are recorded in other noninterest income in the Company’s consolidated statements of income. The Company is party to master netting arrangements with its financial institution counterparties; however, the Company does not offset assets and liabilities under these arrangements for financial statement presentation purposes. The master netting arrangements provide for a single net settlement of all swap agreements, as well as collateral, in the event of default on, or termination of, any one contract. Collateral, usually in the form of marketable securities, is posted by the party (i.e., the Company or the financial institution counterparty) with net liability positions in accordance with contract thresholds. The Company had a net liability positions with its financial institution counterparties totaling $5.9 million and $17.2 million as of December 31, 2021, and December 31, 2020, respectively. Parties to a centrally cleared over-the-counter derivative exchange daily payments that reflect the daily change in value of the derivative. Effective 2017, these payments, commonly referred to as variation margin, will be recorded as settlements of the derivatives’ mark-to-market exposure rather than collateral against the exposures. This rule change effectively results in any centrally cleared derivative having a fair value that approximates zero on a daily basis. Substantially all of the Company’s swap agreements originated after the rule change are centrally cleared. The uncleared swap agreements executed with third party financial institutions will remain subject to the collateral requirements and credit-risk-related contingent features described in the previous paragraphs, and therefore, are not subject to the variation margin rule change. Likewise, the swap agreements executed with the Company’s commercial banking customers will remain uncleared and will also not be subject to the variation margin rule change. See Note 19 to the Consolidated Financial Statements for more information on the interest rate swap agreements. Foreign Exchange Contracts The Company utilizes foreign exchange contracts to offset risks related to transactions executed on behalf of customers. The foreign exchange contracts are free-standing derivatives which are carried at fair value with changes included in other noninterest income in the Company’s consolidated statements of income. Conversion Rate Swap Agreements As certain sales of Visa Class B restricted shares were completed, the Company entered into a conversion rate swap agreement with the buyer that requires payment to the buyer in the event Visa further reduces the conversion rate of Class B into Class A unrestricted common shares. In the event of Visa increasing the conversion rate, the buyer would be required to make payment to the Company. As of December 31, 2021, and December 31, 2020, the conversion rate swap agreements were valued at zero (i.e., no contingent liability recorded) as further reductions to the conversion rate were deemed neither probable nor reasonably estimable by management. See Note 3 Investment Securities |
Affordable Housing Projects Tax
Affordable Housing Projects Tax Credit Partnerships | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Affordable Housing Projects Tax Credit Partnerships | Note 18. Affordable Housing Projects Tax Credit Partnerships The Company makes equity investments in various limited partnerships or limited liability companies that sponsor affordable housing projects utilizing the Low Income Housing Tax Credit (“LIHTC”) pursuant to Section 42 of the Internal Revenue Code. The purpose of these investments is to achieve a satisfactory return on capital, to facilitate the sale of affordable housing product offerings, and to assist in achieving goals associated with the Community Reinvestment Act. The primary activities of these entities include the identification, development, and operation of multi-family housing that is leased to qualifying residential tenants. Generally, these types of investments are funded through a combination of debt and equity. The Company is a limited partner or non-managing member in each LIHTC limited partnership or limited liability company, respectively. Each of these entities is managed by an unrelated third-party general partner or managing member who exercises significant control over the affairs of the entity. The general partner or managing member has all the rights, powers and authority granted or permitted to be granted to a general partner of a limited partnership or managing member of a limited liability company. Duties entrusted to the general partner or managing member include, but are not limited to: investment in operating companies, company expenditures, investment of excess funds, borrowing funds, employment of agents, disposition of fund property, prepayment and refinancing of liabilities, votes and consents, contract authority, disbursement of funds, accounting methods, tax elections, bank accounts, insurance, litigation, cash reserve, and use of working capital reserve funds. Except for limited rights granted to the limited partner(s) or non-managing member(s) relating to the approval of certain transactions, the limited partner(s) and non-managing members may not participate in the operation, management, or control of the entity’s business, transact any business in the entity’s name or have any power to sign documents for or otherwise bind the entity. In addition, the general partner or managing member may only be removed by the limited partner(s) or managing member(s) in the event of a failure to comply with the terms of the agreement or negligence in performing its duties. The general partner or managing member of each entity has both the power to direct the activities which most significantly affect the performance of each entity and the obligation to absorb losses or the right to receive benefits that could be significant to the entities. Therefore, the Company has determined that it is not the primary beneficiary of any LIHTC entity. The Company uses the effective yield method to account for its pre-2015 investments in these entities. Beginning January 1, 2015, any new investments that meet the requirements of the proportional amortization method are recognized using the proportional amortization method. The Company’s net affordable housing tax credit investments and related unfunded commitments were $134.7 million and $138.9 million as of December 31, 2021, and December 31, 2020, respectively, and are included in other assets in the consolidated statements of condition. Unfunded Commitments As of December 31, 2021, the expected payments for unfunded affordable housing commitments were as follows: (dollars in thousands) Amount 2022 $ 7,553 2023 811 2024 21,432 2025 756 2026 81 Thereafter 13,332 Total Unfunded Commitments $ 43,965 The following table presents tax credits and other tax benefits recognized and amortization expense related to affordable housing for the years ended December 31, 2021, December 31, 2020, and December 31, 2019. (dollars in thousands) 2021 2020 2019 Effective Yield Method Tax credits and other tax benefits recognized $ 8,604 $ 11,752 $ 11,719 Amortization Expense in Provision for Income Taxes 6,700 8,586 7,566 Proportional Amortization Method Tax credits and other tax benefits recognized $ 10,831 $ 6,633 $ 3,014 Amortization Expense in Provision for Income Taxes 9,375 5,729 2,578 There were no impairment losses related to LIHTC investments for the years ended December 31, 2021, December 31, 2020, and December 31, 2019. |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2021 | |
Securities Sold Under Agreements To Repurchase [Abstract] | |
Securities Sold Under Agreements to Repurchase | Note 19. Securities Sold Under Agreements to Repurchase The Company enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Company may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Company to repurchase the assets. As a result, these repurchase agreements are accounted for as collateralized financing arrangements (i.e., secured borrowings) and not as sales and subsequent repurchases of securities. The obligation to repurchase the securities is reflected as a liability in the Company’s consolidated statements of condition, while the securities underlying the repurchase agreements remain in the respective investment securities asset accounts. As a result, there is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities. In addition, as the Company does not enter into reverse Repurchase Agreements, there is no such offsetting to be done with the repurchase agreements. The right of setoff for a repurchase agreement resembles a secured borrowing, whereby the collateral pledged by the Company would be used to settle the fair value of the repurchase agreement should the Company be in default (e.g., fail to make an interest payment to the counterparty). For private institution repurchase agreements, if the private institution counterparty were to default (e.g., declare bankruptcy), the Company could cancel the repurchase agreement (i.e., cease payment of principal and interest) and attempt collection on the amount of collateral value in excess of the repurchase agreement fair value. The collateral is held by a third party financial institution in the counterparty’s custodial account. The counterparty has the right to sell or repledge the investment securities. For government entity repurchase agreements, the collateral is held by the Company in a segregated custodial account under a tri-party agreement. The Company is required by the counterparty to maintain adequate collateral levels. In the event the collateral fair value falls below stipulated levels, the Company will pledge additional securities. The Company closely monitors collateral levels to ensure adequate levels are maintained, while mitigating the potential risk of over-collateralization in the event of counterparty default. The following table presents the remaining contractual maturities of the Company’s repurchase agreements as of December 31, 2021, and December 31, 2020, disaggregated by the class of collateral pledged. Remaining Contractual Maturity of Repurchase Agreements (dollars in thousands) Up to 90 days 91-365 days 1-3 Years After 3 Years Total December 31, 2021 Class of Collateral Pledged: Debt Securities Issued by States and Political Subdivisions $ — $ — $ — $ 490 $ 490 Mortgage-Backed Securities: Residential - Government Agencies — — 38,685 13,407 52,092 Residential - U.S. Government-Sponsored Enterprises — — 236,315 161,593 397,908 Total $ — $ — $ 275,000 $ 175,490 $ 450,490 December 31, 2020 Class of Collateral Pledged: Debt Securities Issued by States and Political Subdivisions $ 100 $ — $ — $ 490 $ 590 Mortgage-Backed Securities: 1 Residential - Government Agencies — — 20,210 83,599 103,809 Residential - U.S. Government-Sponsored Enterprises — — 4,790 491,401 496,191 Total $ 100 $ — $ 25,000 $ 575,490 $ 600,590 1 The following table presents the assets and liabilities subject to an enforceable master netting arrangement, or repurchase agreements, as of December 31, 2021, and December 31, 2020. The swap agreements that the Company have with our commercial banking customers are not subject to an enforceable master netting arrangement, and therefore, are excluded from this table. As previously mentioned, centrally cleared swap agreements between the Company and institutional counterparties are also excluded from this table. (i) (ii) (iii) = (i)-(ii) (iv) (v) = (iii)- (iv) Gross Amounts Not Offset in the Statements of Condition (dollars in thousands) Gross Amounts Recognized in the Statements of Condition Gross Amounts Offset in the Statements of Condition Net Amounts Presented in the Statements of Condition Netting Adjustments per Master Netting Arrangements Fair Value of Collateral Pledged 1 Net Amount December 31, 2021 Assets: Interest Rate Swap Agreements: Institutional Counterparties $ 26 $ — $ 26 $ 26 $ — $ — Liabilities: Interest Rate Swap Agreements: Institutional Counterparties 5,948 — 5,948 26 5,922 — Repurchase Agreements: Private Institutions 450,000 — 450,000 — 450,000 — Government Entities 490 — 490 — 490 — Total Repurchase Agreements $ 450,490 $ — $ 450,490 $ — $ 450,490 $ — December 31, 2020 Assets: Interest Rate Swap Agreements: Institutional Counterparties $ 5 $ — $ 5 $ 5 $ — $ — Liabilities: Interest Rate Swap Agreements: Institutional Counterparties 17,202 — 17,202 5 7,911 9,286 Repurchase Agreements: Private Institutions 600,000 — 600,000 — 600,000 — Government Entities 590 — 590 — 590 — Total Repurchase Agreements $ 600,590 $ — $ 600,590 $ — $ 600,590 $ — 1 The application of collateral cannot reduce the net amount below zero. Therefore, excess collateral is not reflected in this table. For interest rate swap agreements, the fair value of investment securities pledged was $58.3 million and $7.9 million as of December 31, 2021, and December 31, 2020, respectively. For repurchase agreements with private institutions, the fair value of investment securities pledged was $523.4 million and $635.2 million as of December 31, 2021, and December 31, 2020, respectively. For repurchase agreements with government entities, the fair value of investment securities pledged was $1.3 million and $2.5 million as of December 31, 2021, and December 31, 2020, respectively. |
Commitments, Contingencies, and
Commitments, Contingencies, and Guarantees | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments, Contingencies, and Guarantees | Note 20. Commitments, Contingencies, and Guarantees The Company’s credit commitments as of December 31, 2021, were as follows: (dollars in thousands) December 31, 2021 Unfunded Commitments to Extend Credit $ 2,982,673 Standby Letters of Credit 135,167 Commercial Letters of Credit 18,956 Total $ 3,136,796 Unfunded Commitments to Extend Credit Commitments to extend credit are agreements to lend to a customer as long as there is no violation of the terms or conditions established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since commitments may expire without being drawn, the total commitment amount does not necessarily represent future cash requirements. Standby and Commercial Letters of Credit Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Standby letters of credit generally become payable upon the failure of the customer to perform according to the terms of the underlying contract with the third party, while commercial letters of credit are issued specifically to facilitate commerce and typically result in the commitment being drawn on when the underlying transaction is consummated between the customer and a third party. The contractual amount of these letters of credit represents the maximum potential future payments guaranteed by the Company. The Company has recourse against the customer for any amount it is required to pay to a third party under a standby letter of credit, and generally holds cash or deposits as collateral on those standby letters of credit for which collateral is deemed necessary. Assets valued at $103.0 million secured certain specifically identified standby letters of credit as of December 31, 2021. As of December 31, 2021, the standby and commercial letters of credit had remaining terms ranging from 1 to 14 months. Contingencies On September 9, 2016, a purported class action lawsuit was filed by a Bank customer primarily alleging Bank of Hawaii’s practice of determining whether consumer deposit accounts were overdrawn based on “available balance” (which deducts debit card transactions that have taken place but which have not yet been posted) was not properly applied or disclosed to customers. On December 6, 2019, the parties executed a settlement agreement subject to court approval. The settlement provides for forgiveness of certain related and previously charged off overdraft fees, and a payment by the Company of $8.0 million into a class settlement fund the proceeds of which will be used to refund class members, and to pay attorneys’ fees, administrative and other costs, in exchange for a complete release of all claims asserted against the Company. Although the Company previously established a $2.0 million reserve relating to this claim, the reserve has been increased to a total of $8.0 million as of December 31, 2020. On December 22, 2020, the Court issued an Order Granting Final Approval of Class Action Settlement and the settlement became effective on January 21, 2021. Refunds to current customers were issued by the Bank on January 26, 2021, and the Claims Administrator is in the process of issuing refunds to class members with closed accounts. In addition to the litigation noted above, the Company is subject to various other pending and threatened legal proceedings arising out of the normal course of business or operations. On at least a quarterly basis, the Company assesses its liabilities and contingencies in connection with outstanding legal proceedings utilizing the most recent information available. On a case-by-case basis, reserves are established for those legal claims for which it is probable that a loss will be incurred and the amount of such loss can be reasonably estimated. Based on information currently available, management believes that the eventual outcome of these claims against the Company will not be materially in excess of such amounts reserved by the Company. However, in the event of unexpected future developments, it is possible that the ultimate resolution of these matters may result in a loss that materially exceeds the reserves established by the Company. |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | Note 21. Fair Value of Assets and Liabilities Fair Value Hierarchy The following is a description of the valuation methodologies and key inputs used to measure assets and liabilities recorded at fair value on a recurring basis. See Note 1 to the Consolidated Financial Statements for more information on our fair value measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis Investment Securities Available-for-Sale Level 1 investment securities are comprised of debt securities issued by the U.S. Treasury, as quoted prices were available, unadjusted, for identical securities in active markets. Level 2 investment securities were primarily comprised of debt securities issued by the Small Business Administration, states and municipalities, corporations, as well as mortgage-backed securities issued by government agencies and government-sponsored enterprises. Fair values were estimated primarily by obtaining quoted prices for similar assets in active markets or through the use of pricing models. In cases where there may be limited or less transparent information provided by the Company’s third party pricing service, fair value may be estimated by the use of secondary pricing services or through the use of non-binding third party broker quotes. Loans Held for Sale The fair value of the Company’s residential mortgage loans held for sale was determined based on quoted prices for similar loans in active markets, and therefore, is classified as a Level 2 measurement. Mortgage Servicing Rights The Company estimates the fair value of mortgage servicing rights by using a discounted cash flow model to calculate the present value of estimated future net servicing income. The Company stratifies its mortgage servicing portfolio on the basis of loan type. The assumptions used in the discounted cash flow model are those that the Company believes market participants would use in estimating future net servicing income. Significant assumptions in the valuation of mortgage servicing rights include estimated loan repayment rates, the discount rate, servicing costs, and the timing of cash flows, among other factors. Mortgage servicing rights are classified as Level 3 measurements due to the use of significant unobservable inputs, as well as significant management judgment and estimation. Other Assets Other assets recorded at fair value on a recurring basis are primarily comprised of investments related to deferred compensation arrangements. Quoted prices for these investments, primarily in mutual funds, are available in active markets. Thus, the Company’s investments related to deferred compensation arrangements are classified as Level 1 measurements in the fair value hierarchy. Derivative Financial Instruments Derivative financial instruments recorded at fair value on a recurring basis are comprised of interest rate lock commitments (“IRLCs”), forward commitments, interest rate swap agreements, foreign exchange contracts, and Visa Class B to Class A shares conversion rate swap agreements. The fair values of IRLCs are calculated based on the value of the underlying loan held for sale, which in turn is based on quoted prices for similar loans in the secondary market. However, this value is adjusted by a factor which considers the likelihood that the loan in a locked position will ultimately close. This factor, the closing ratio, is derived from the Bank’s internal data and is adjusted using significant management judgment. As such, IRLCs are classified as Level 3 measurements. Forward commitments are classified as Level 2 measurements as they are primarily based on quoted prices from the secondary market based on the settlement date of the contracts, interpolated or extrapolated, if necessary, to estimate a fair value as of the end of the reporting period. The fair values of interest rate swap agreements are calculated using a discounted cash flow approach and utilize Level 2 observable inputs such as a market yield curve, effective date, maturity date, notional amount, and stated interest rate. The valuation methodology for cleared interest rate swaps with financial institution counterparties (and the related customer interest rate swaps) is based on the Secured Overnight Financing Rate, while the valuation methodology for uncleared interest rate swaps is based on the Effective Federal Funds Rate. In addition, the Company includes in its fair value calculation a credit factor adjustment which is based primarily on management judgment. Thus, interest rate swap agreements are classified as a Level 3 measurement. The fair values of foreign exchange contracts are calculated using the Bank’s multi-currency accounting system which utilizes contract specific information such as currency, maturity date, contractual amount, and strike price, along with market data information such as the spot rates of specific currency and yield curves. Foreign exchange contracts are classified as Level 2 measurements because while they are valued using the Bank’s multi-currency accounting system, significant management judgment or estimation is not required. The fair value of the Visa Class B restricted shares to Class A unrestricted common shares conversion rate swap agreements represent the amount owed by the Company to the buyer of the Visa Class B shares as a result of a reduction of the conversion ratio subsequent to the sales date. As of December 31, 2021, and December 31, 2020, the conversion rate swap agreements were valued at zero as reductions to the conversion ratio were neither probable nor reasonably estimable by management. See Note 17 Derivative Financial Instruments The Company is exposed to credit risk if borrowers or counterparties fail to perform. The Company seeks to minimize credit risk through credit approvals, limits, monitoring procedures, and collateral requirements. The Company generally enters into transactions with borrowers of high credit quality and counterparties that carry high quality credit ratings. Credit risk associated with borrowers or counterparties as well as the Company’s non-performance risk is factored into the determination of the fair value of derivative financial instruments. The table below presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2021, and December 31, 2020: (dollars in thousands) Quoted Prices In Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total December 31, 2021 Assets: Investment Securities Available-for-Sale Debt Securities Issued by the U.S. Treasury and Government Agencies $ 114,845 $ 135,242 $ — $ 250,087 Debt Securities Issued by States and Political Subdivisions — 75,818 — 75,818 Debt Securities Issued by U.S. Government-Sponsored Enterprises — 1,780 — 1,780 Debt Securities Issued by Corporations — 383,113 — 383,113 Mortgage-Backed Securities: Residential - Government Agencies — 1,319,042 — 1,319,042 Residential - U.S. Government-Sponsored Enterprises — 2,090,326 — 2,090,326 Commercial - Government Agencies — 155,890 — 155,890 Total Mortgage-Backed Securities — 3,565,258 — 3,565,258 Total Investment Securities Available-for-Sale 114,845 4,161,211 — 4,276,056 Loans Held for Sale — 26,746 — 26,746 Mortgage Servicing Rights — — 800 800 Other Assets 56,411 — — 56,411 Derivatives 1 — 194 41,817 42,011 Total Assets Measured at Fair Value on a Recurring Basis as of December 31, 2021 $ 171,256 $ 4,188,151 $ 42,617 $ 4,402,024 Liabilities: Derivatives 1 $ — $ 903 $ 17,913 $ 18,816 Total Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2021 $ — $ 903 $ 17,913 $ 18,816 December 31, 2020 Assets: Investment Securities Available-for-Sale Debt Securities Issued by the U.S. Treasury and Government Agencies $ 921 $ 173,324 $ — $ 174,245 Debt Securities Issued by States and Political Subdivisions — 24,840 — 24,840 Debt Securities Issued by U.S. Government-Sponsored Enterprises — 1,062 — 1,062 Debt Securities Issued by Corporations — 224,605 — 224,605 Mortgage-Backed Securities: Residential - Government Agencies — 1,594,815 — 1,594,815 Residential - U.S. Government-Sponsored Enterprises — 1,518,283 — 1,518,283 Commercial - Government Agencies — 253,839 — 253,839 Total Mortgage-Backed Securities — 3,366,937 — 3,366,937 Total Investment Securities Available-for-Sale 921 3,790,768 — 3,791,689 Loans Held for Sale — 82,565 — 82,565 Mortgage Servicing Rights — — 958 958 Other Assets 53,410 — — 53,410 Derivatives 1 — 878 95,289 96,167 Total Assets Measured at Fair Value on a Recurring Basis as of December 31, 2020 $ 54,331 $ 3,874,211 $ 96,247 $ 4,024,789 Liabilities: Derivatives 1 $ — $ 752 $ 17,409 $ 18,161 Total Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2020 $ — $ 752 $ 17,409 $ 18,161 1 The fair value of each class of derivatives is shown in Note 17 Derivative Financial Instruments For the years ended December 31, 2021, and December 31, 2020, the changes in Level 3 assets and liabilities measured at fair value on a recurring basis were as follows: (dollars in thousands) Mortgage Servicing Rights 1 Net Derivative Assets and Liabilities 2 Year Ended December 31, 2021 Balance as of January 1, 2021 $ 958 $ 77,880 Realized and Unrealized Net Gains (Losses): Included in Net Income (158 ) 8,848 Transfers to Loans Held for Sale — (12,634 ) Variation Margin Payments — (50,190 ) Balance as of December 31, 2021 $ 800 $ 23,904 Total Unrealized Net Gains (Losses) Included in Net Income Related to Assets Still Held as of December 31, 2021 $ — $ 23,904 Year Ended December 31, 2020 Balance as of January 1, 2020 $ 1,126 $ 22,573 Realized and Unrealized Net Gains (Losses): Included in Net Income (168 ) 22,219 Transfers to Loans Held for Sale — (18,681 ) Variation Margin Payments — 51,769 Balance as of December 31, 2020 $ 958 $ 77,880 Total Unrealized Net Gains (Losses) Included in Net Income Related to Assets Still Held as of December 31, 2020 $ — $ 77,880 1 Realized and unrealized gains and losses related to mortgage servicing rights are reported as a component of mortgage banking income in the Company’s consolidated statements of income. 2 For Level 3 assets and liabilities measured at fair value on a recurring or nonrecurring basis as of December 31, 2021, and December 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows: December 31, 2021 December 31, 2020 (dollars in thousands) Valuation Technique Description Range Weighted Average 1 Fair Value Weighted Average 1 Fair Value Mortgage Servicing Rights Discounted Cash Flow Constant Prepayment Rate 6.51 % - 11.48 % 10.70 % $ 22,251 14.42 % $ 19,652 Discount Rate 6.49 % - 7.08 % 7.04 % 5.81 % Net Derivative Assets and Liabilities: Interest Rate Lock Commitments Pricing Model Closing Ratio 75.40 % - 100.00 % 90.47 % $ 1,084 90.76 % $ 4,947 Interest Rate Swap Agreements Discounted Cash Flow Credit Factor 0.00 % - 0.49 % 0.14 % $ 22,820 0.29 % $ 72,933 1 Significant increases (decreases) in any of these inputs in isolation could result in a significantly lower (higher) fair value measurement. Although the constant prepayment rate and the discount rate are not directly interrelated, they generally move in opposite directions of each other. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The Company may be required periodically 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-fair value accounting or impairment write-downs of individual assets. The following table represents the assets measured at fair value on a nonrecurring basis as of December 31, 2021. (dollars in thousands) Fair Value Hierarchy Net Carrying Amount Valuation Allowance December 31, 2021 Mortgage Servicing Rights - amortization method Level 3 $ 21,451 $ (1,829 ) December 31, 2020 Mortgage Servicing Rights - amortization method Level 3 $ 18,694 $ (3,892 ) The write-down of mortgage servicing rights accounted for under the amortization method was primarily due to changes in certain key assumptions used to estimate fair value. As previously mentioned, all of the Company's mortgage servicing rights are classified as Fair Value Option The following table reflects the difference between the aggregate fair value and the aggregate unpaid principal balance of the Company’s residential mortgage loans held for sale as of December 31, 2021, and December 31, 2020. (dollars in thousands) Aggregate Fair Value Aggregate Unpaid Principal Aggregate Fair Value Less Aggregate Unpaid Principal December 31, 2021 Loans Held for Sale $ 26,746 $ 26,309 $ 437 December 31, 2020 Loans Held for Sale $ 82,565 $ 78,577 $ 3,988 Changes in the estimated fair value of residential mortgage loans held for sale are reported as a component of mortgage banking income in the Company’s consolidated statements of income. For the years ended December 31, 2021, and December 31, 2020, the net gains or losses from the change in fair value of the Company’s residential mortgage loans held for sale were not material. Financial Instruments Not Recorded at Fair Value on a Recurring Basis The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments not recorded at fair value on a recurring basis as of December 31, 2021, and December 31, 2020. This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. For non-marketable equity securities such as Federal Home Loan Bank of Des Moines and Federal Reserve Bank stock, the carrying amount is a reasonable estimate of fair value as these securities can only be redeemed or sold at their par value and only to the respective issuing government supported institution or to another member institution. For financial liabilities such as noninterest-bearing demand, interest-bearing demand, and savings deposits, the carrying amount is a reasonable estimate of fair value due to these products having no stated maturity. Fair Value Measurements (dollars in thousands) Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2021 Financial Instruments – Assets Investment Securities Held-to-Maturity $ 4,694,780 $ 4,646,619 $ 131,139 $ 4,515,480 $ — Loans 11,921,869 12,094,631 — — 12,094,631 Financial Instruments – Liabilities Time Deposits 1,000,089 998,134 — 998,134 — Securities Sold Under Agreements to Repurchase 450,490 469,293 — 469,293 — December 31, 2020 Financial Instruments – Assets Investment Securities Held-to-Maturity $ 3,262,727 $ 3,348,693 $ 7,500 $ 3,341,193 $ — Loans 11,536,011 12,019,151 — — 12,019,151 Financial Instruments – Liabilities Time Deposits 1,662,063 1,667,774 — 1,667,774 — Securities Sold Under Agreements to Repurchase 600,590 649,039 — 649,039 — Other Debt 1 50,000 51,546 — 51,546 — 1 Excludes finance lease obligations. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | Note 22. Revenue Recognition On January 1, 2018, the Company adopted ASU No. 2014-09 “Revenue from Contracts with Customers” (Topic 606) Summary of Significant Accounting Policies Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities, which comprise the majority of the Company’s revenue. In addition, certain noninterest income streams such as fees associated with mortgage servicing rights, financial guarantees, and derivatives are also not in the scope of the new guidance. Topic 606 is applicable to noninterest revenue streams such as trust and asset management income, deposit related fees, interchange fees, merchant income, and annuity and insurance commissions. However, the recognition of these revenue streams did not change significantly upon adoption of Topic 606. Substantially all of the Company’s revenue is generated from contracts with customers. Noninterest revenue streams in-scope of Topic 606 are discussed below. Trust and Asset Management Trust and asset management income is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Company’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month end through a direct charge to customers’ accounts. The Company does not earn performance-based incentives. Optional services such as real estate sales and tax return preparation services are also available to existing trust and asset management customers. The Company’s performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, at a point in time (i.e., as incurred). Payment is received shortly after services are rendered. Service Charges on Deposit Accounts Service charges on deposit accounts consist of account analysis fees (i.e., net fees earned on analyzed business and public checking accounts), monthly service fees, check orders, and other deposit account related fees. The Company’s performance obligation for account analysis fees and monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Check orders and other deposit account related fees are largely transactional based, and therefore, the Company’s performance obligation is satisfied and related revenue recognized, at a point in time. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers’ accounts. Fees, Exchange, and Other Service Charges Fees, exchange, and other service charges are primarily comprised of debit card income, ATM fees, merchant services income, credit card commissions and other service charges. Debit card income is primarily comprised of interchange fees earned whenever the Company’s debit cards are processed through card payment networks such as Visa. ATM fees are primarily generated when a Company cardholder uses a non-Company ATM or a non-Company cardholder uses a Company ATM. Merchant services income mainly represents fees charged to merchants to process their debit and credit card transactions, in addition to account management fees. Credit card commissions related to the Company’s co-branded credit cards with Hawaiian Airlines are primarily earned through card customer spending and new card account openings. Other service charges include revenue from processing wire transfers, bill pay service, cashier’s checks, and other services. The Company’s performance obligation for fees, exchange, and other service charges are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month. Annuity and Insurance Annuity and insurance income primarily consists of commissions received on annuity product sales. The Company acts as an intermediary between the Company’s customer and the insurance carrier. The Company’s performance obligation is generally satisfied upon the issuance of the annuity policy. Shortly after the policy is issued, the carrier remits the commission payment to the Company, and the Company recognizes the revenue. The Company does not earn a significant amount of trailer fees on annuity sales. The majority of the trailer fees relates to variable annuity products and are calculated based on a percentage of market value at period end. Revenue is not recognized until the annuity’s market value can be determined. Other Other noninterest income consists of other recurring revenue streams such as commissions from sales of mutual funds and other investments, investment advisor fees from the Company’s Managed Account Platform Services (“MAPS”) wealth management product, safety deposit box rental fees, and other miscellaneous revenue streams. Commissions from the sale of mutual funds and other investments are recognized on trade date, which is when the Company has satisfied its performance obligation. The Company also receives periodic service fees (i.e., trailers) from mutual fund companies typically based on a percentage of net asset value. Trailer revenue is recorded over time, usually monthly or quarterly, as net asset value is determined. Investment advisor fees from the MAPS wealth management product is earned over time and based on an annual percentage rate of the net asset value. The investment advisor fees are charged to the customer’s account in advance on the first month of the quarter, and the revenue is recognized over the following three-month period. Safe deposit box rental fees are charged to the customer on an annual basis and recognized upon receipt of payment. The Company determined that since rentals and renewals occur fairly consistently over time, revenue is recognized on a basis consistent with the duration of the performance obligation. The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the years ended December 31, 2021, December 31, 2020, and December 31, 2019. Year Ended December 31, (dollars in thousands) 2021 2020 2019 Noninterest Income In-scope of Topic 606: Trust and Asset Management $ 46,068 $ 43,456 $ 44,233 Service Charges on Deposit Accounts 12,181 11,715 13,042 Fees, Exchange, and Other Service Charges 41,962 36,005 46,381 Annuity and Insurance 3,130 3,249 6,813 Other 8,684 8,626 9,633 Noninterest Income (in-scope of Topic 606) 112,025 103,051 120,102 Noninterest Income (out-of-scope of Topic 606) 59,328 81,358 63,236 Total Noninterest Income $ 171,353 $ 184,409 $ 183,338 Contract Balances A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. The Company’s noninterest revenue streams are largely based on transactional activity, or standard month-end revenue accruals such as asset management fees based on month-end market values. Consideration is often received immediately or shortly after the Company satisfies its performance obligation and revenue is recognized. The Company does not typically enter into long-term revenue contracts with customers, and therefore, does not experience significant contract balances. As of December 31, 2021 and December 31, 2020, the Company did not have any significant contract balances. Contract Acquisition Costs In connection with the adoption of Topic 606, an entity is required to capitalize, and subsequently amortize into expense, certain incremental costs of obtaining a contract with a customer if these costs are expected to be recovered. The incremental costs of obtaining a contract are those costs that an entity incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained (for example, sales commission). The Company utilizes the practical expedient which allows entities to immediately expense contract acquisition costs when the asset that would have resulted from capitalizing these costs would have been amortized in one year or less. Upon adoption of Topic 606, the Company did not capitalize any contract acquisition cost. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Note 23. Leases A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. On January 1, 2019, the Company adopted ASU No. 2016-02 “Leases” (Topic 842) Substantially all of the leases in which the Company is the lessee are comprised of real estate property for branches, ATM locations, and office space with terms extending through 2052. Portions of certain properties are subleased for terms extending through 2033. Substantially all of the Company’s leases are classified as operating leases, and therefore, were previously not recognized on the Company’s consolidated statements of condition. With the adoption of Topic 842, operating lease agreements are required to be recognized on the consolidated statements of condition as right-of-use (“ROU”) assets and corresponding lease liabilities. The Company has one existing finance lease (previously referred to as a capital lease) for a portion of the Company’s principal offices with a lease term through 2052. As this lease was previously required to be recorded on the Company’s consolidated statements of condition, Topic 842 did not materially impact the accounting for this lease. The following table represents the consolidated statements of condition classification of the Company’s ROU assets and lease liabilities. The Company elected not to include short-term leases (i.e., leases with initial terms of twelve months or less), or equipment leases (deemed immaterial) on the consolidated statements of condition. (dollars in thousands) December 31, 2021 December 31, 2020 Lease Right-of-Use Assets Classification Operating lease right-of-use assets Operating Lease Right-of-Use Assets $ 95,621 $ 99,542 Finance lease right-of-use assets Premises and Equipment, Net 2,232 2,304 Total Lease Right-of-Use Assets $ 97,853 $ 101,846 Lease Liabilities Operating lease liabilities Operating Lease Liabilities $ 103,210 $ 107,412 Finance lease liabilities Other Debt 10,391 10,481 Total Lease Liabilities $ 113,601 $ 117,893 The calculated amount of the ROU assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROU asset and lease liability. Regarding the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019, was used. For the Company’s only finance lease, the Company utilized its incremental borrowing rate at lease inception. December 31, 2021 December 31, 2020 Weighted-Average Remaining Lease Term Operating leases 16.4 years 17.0 years Finance leases 31.0 years 32.0 years Weighted-Average Discount Rate Operating leases 3.57 % 3.61 % Finance leases 7.04 % 7.04 % The following table represents lease costs and other lease information. As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities. Variable lease cost also includes payments for ATM location leases in which payments are based on a percentage of ATM transactions (i.e., ATM surcharge fees), rather than a fixed amount. (dollars in thousands) 2021 2020 Lease Costs Operating lease cost $ 11,493 $ 12,281 Variable lease cost 2,954 5,549 Short-term lease cost 407 587 Interest on lease liabilities 1 735 741 Amortization of right-of-use assets 72 72 Sublease income (7,452 ) (7,804 ) Net Lease Costs $ 8,209 $ 11,426 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 13,741 $ 12,349 Operating cash flows from finance leases 735 741 Financing cash flows from finance leases 90 84 Right-of-use assets obtained in exchange for new operating lease liabilities 12,207 11,185 1 Included in other debt interest expense in the Company’s consolidated statements of income. All other lease costs in this table are included in net occupancy expense. On January 22, 2021, the Board of Directors of Bank of Hawaii Corporation approved the permanent closure of 12 branches primarily located within local supermarkets in order to increase efficiency and meet changing customer needs. As a result, the Company recorded a total charge of $5.6 million during the fourth quarter of 2020. This aggregate charge included a $2.5 million impairment charge to write off the related ROU assets. The adjustment to the related lease liabilities was not material. Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more as of December 31, 2021, were as follows: (dollars in thousands) Finance Leases Operating Leases 2022 $ 825 $ 11,100 2023 825 10,298 2024 825 9,430 2025 825 8,852 2026 825 7,618 Thereafter 21,455 92,849 Total Future Minimum Lease Payments 25,580 140,147 Amounts Representing Interest (15,189 ) (36,937 ) Present Value of Net Future Minimum Lease Payments $ 10,391 $ 103,210 The Company, as lessor, leases and subleases certain properties to third party lessees. Rental income for these operating leases were $9.8 million, $10.3 million, and $10.7 million for the years ended December 31, 2021, December 31, 2020, and December 31, 2019, respectively. Future minimum rental income under operating leases, including subleases, as of December 31, 2021, were as follows: (dollars in thousands) Minimum Rental Income 2022 $ 5,807 2023 4,382 2024 2,829 2025 1,919 2026 1,232 Thereafter 3,635 Total $ 19,804 |
Bank of Hawaii Corporation Fina
Bank of Hawaii Corporation Financial Statements | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Bank of Hawaii Corporation Financial Statements | Note 24. Bank of Hawaii Corporation Financial Statements Condensed financial statements of the Parent were as follows: Condensed Statements of Comprehensive Income Year Ended December 31, (dollars in thousands) 2021 2020 2019 Income Dividends from Bank of Hawaii $ 62,000 $ 134,000 $ 220,000 Investment Securities Gains (Losses), Net (948 ) 13,336 (850 ) Other Income and Interest on Investment 6 154 261 Total Income 61,058 147,490 219,411 Noninterest Expense Intercompany Salaries and Services 764 758 768 Other Expenses 1,787 1,864 1,682 Total Noninterest Expense 2,551 2,622 2,450 Income Before Income Tax Benefit and Equity in Undistributed Income of Subsidiaries 58,507 144,868 216,961 Income Tax Benefit (Expense) 2,131 (2,395 ) 1,818 Equity in Undistributed Income of Subsidiaries 192,734 11,331 7,134 Net Income $ 253,372 $ 153,804 $ 225,913 Comprehensive Income $ 179,168 $ 192,738 $ 245,844 Condensed Statements of Condition (dollars in thousands) December 31, 2021 December 31, 2020 Assets Cash with Bank of Hawaii $ 6,376 $ 66,704 Investment Securities Held-to-Maturity 2,500 2,501 Goodwill 14,129 14,129 Other Assets 14,130 12,305 Equity in Net Assets of Subsidiaries 1,586,473 1,290,455 Total Assets $ 1,623,608 $ 1,386,094 Liabilities Income Taxes Payable $ 38 $ 974 Other Liabilities 11,959 10,613 Total Liabilities 11,997 11,587 Shareholders' Equity 1,611,611 1,374,507 Total Liabilities and Shareholders' Equity $ 1,623,608 $ 1,386,094 Condensed Statements of Cash Flows Year Ended December 31, (dollars in thousands) 2021 2020 2019 Operating Activities Net Income $ 253,372 $ 153,804 $ 225,913 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Share-Based Compensation 779 795 760 Net (Gains) Losses on Sales of Investment Securities 948 (13,336 ) 850 Equity in Undistributed Income of Subsidiaries (192,734 ) (11,331 ) (7,134 ) Net Change in Other Assets and Other Liabilities (977 ) (68 ) (135 ) Net Cash Provided by Operating Activities 61,388 129,864 220,254 Investing Activities Capital Contributions to the Bank (165,000 ) — — Proceeds from (Expenses related to) Sales of Investment Securities (948 ) 18,336 4,259 Purchase of Investment Securities Held-to-Maturity — (2,501 ) (4,933 ) Net Cash Provided by (Used in) Investing Activities (165,948 ) 15,835 (674 ) Financing Activities Proceeds from Issuance of Common Stock 13,611 9,389 7,872 Proceeds from Issuance of Preferred Stock 175,487 — — Repurchase of Common Stock (31,258 ) (18,006 ) (137,649 ) Cash Dividends Paid Common Stock (110,633 ) (107,434 ) (105,478 ) Cash Dividends Paid Preferred Stock (2,975 ) — — Net Cash Provided by (Used in) Financing Activities 44,232 (116,051 ) (235,255 ) Net Change in Cash and Cash Equivalents (60,328 ) 29,648 (15,675 ) Cash and Cash Equivalents at Beginning of Period 66,704 37,056 52,731 Cash and Cash Equivalents at End of Period $ 6,376 $ 66,704 $ 37,056 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Bank of Hawaii Corporation (the “Parent”) is a Delaware corporation and a bank holding company headquartered in Honolulu, Hawaii. Bank of Hawaii Corporation and its subsidiaries (collectively, the “Company”) provide a broad range of financial products and services to customers in Hawaii, Guam, and other Pacific Islands. The majority of the Company’s operations consist of customary commercial and consumer banking services including, but not limited to, lending, leasing, deposit services, trust and investment activities, brokerage services, and trade financing. The accounting and reporting principles of the Company conform to U.S. generally accepted accounting principles (“GAAP”) and prevailing practices within the financial services industry. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results may differ from those estimates and such differences could be material to the financial statements. Certain prior period information has been reclassified to conform to the current year presentation. |
Consolidation | Consolidation The accompanying consolidated financial statements include the accounts of the Parent and its subsidiaries. The Parent’s principal operating subsidiary is Bank of Hawaii (the “Bank”). All significant intercompany accounts and transactions have been eliminated in consolidation. |
Variable Interest Entities | Variable Interest Entities Variable interests are defined as contractual ownership or other interests in an entity that change with fluctuations in an entity’s net asset value. The primary beneficiary consolidates the variable interest entity (“VIE”). The primary beneficiary is defined as the enterprise that has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits that could be significant to the VIE. The Company has limited partnership interests in several low-income housing partnerships. These partnerships provide funds for the construction and operation of apartment complexes that provide affordable housing to lower-income households. If these developments successfully attract a specified percentage of residents falling in that lower income range, state and/or federal income tax credits are made available to the partners. The tax credits are generally recognized over 10 years for federal and 5 years for state. In order to continue receiving the tax credits each year over the life of the partnership, the low-income residency targets must be maintained. Prior to January 1, 2015, the Company utilized the effective yield method whereby the Company recognized tax credits generally over 10 years and amortized the initial cost of the investment to provide a constant effective yield over the period that tax credits are allocated to the Company. On January 1, 2015, the Company adopted Accounting Standards Update (“ASU”) No. 2014-01, “Accounting for Investments in Qualified Affordable Housing Projects” Unfunded commitments to fund these low-income housing partnerships were $44.0 million and $53.0 million as of December 31, 2021, and December 31, 2020, respectively. These unfunded commitments are unconditional and legally binding and are recorded in other liabilities in the consolidated statements of condition. See Note 18 Affordable Housing Projects Tax Credit Partnerships The Company also has limited partnership interests in solar energy tax credit partnership investments. These partnerships develop, build, own and operate solar renewable energy projects. Over the course of these investments, the Company expects to receive federal and state tax credits, tax-related benefits, and excess cash available for distribution, if any. The Company may be called to sell its interest in the limited partnerships through a call option once all investment tax credits have been recognized. Tax benefits associated with these investments are generally recognized over 6 years. Although these entities meet the definition of a VIE, the Company is not the primary beneficiary of the entities, as the general partner has both the power to direct the activities that most significantly impact the economic performance of the entities and the obligation to absorb losses or the right to receive benefits that could be significant to the entities. While the partnership agreements allow the limited partners, through a majority vote, to remove the general partner, this right is not deemed to be substantive as the general partner can only be removed for cause. The investments in these entities are initially recorded at cost, which approximates the maximum exposure to loss as a result of the Company’s involvement with these unconsolidated entities. The balance of the Company’s investments in these entities was $136.6 million and $143.0 million as of December 31, 2021, and December 31, 2020, respectively, and is included in other assets in the consolidated statements of condition. |
Investment Securities | Investment Securities Investment securities are accounted for according to their purpose and holding period. Trading securities are those that are bought and held principally for the purpose of selling them in the near term. The Company held no trading securities as of December 31, 2021 or December 31, 2020. Available-for-sale investment securities, comprised of debt and mortgage-backed securities, are those that may be sold before maturity due to changes in the Company’s interest rate risk profile or funding needs, and are reported at fair value with unrealized gains and losses, net of taxes, reported as a component of other comprehensive income. Held-to-maturity investment securities, comprised of debt and mortgage-backed securities, are those that management has the positive intent and ability to hold to maturity and are reported at amortized cost. Realized gains and losses are recorded in noninterest income and are determined on a trade date basis using the specific identification method. Interest and dividends on investment securities are recognized in interest income on an accrual basis. Premiums and discounts are amortized or accreted into interest income using the interest method over the expected lives of the individual securities. Transfers of debt securities from the available-for-sale category to the held-to-maturity category are made at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer remains in accumulated other comprehensive income and in the carrying value of the held-to-maturity investment security. Premiums or discounts on investment securities are amortized or accreted as an adjustment of yield using the interest method over the estimated life of the security. Unrealized holding gains or losses that remain in accumulated other comprehensive income are also amortized or accreted over the estimated life of the security as an adjustment of yield, offsetting the related amortization of the premium or accretion of the discount. |
Loans Held for Sale | Loans Held for Sale Residential mortgage loans with the intent to be sold in the secondary market are accounted for on an aggregate basis under the fair value option. Fair value is primarily determined based on quoted prices for similar loans in active markets. Non-refundable fees and direct loan origination costs related to residential mortgage loans held for sale are recognized as part of the cost basis of the loan at the time of sale. Gains and losses on sales of residential mortgage loans (sales proceeds minus carrying value) are recorded in the mortgage banking component of noninterest income. Commercial loans that management has an active plan to sell are valued on an individual basis at the lower-of-cost-or fair value. Fair value is primarily determined based on quoted prices for similar loans in active markets or agreed upon sales prices. Any reduction in the loan’s value, prior to being transferred to the held-for-sale category, is reflected as a charge-off of the recorded investment in the loan resulting in a new cost basis, with a corresponding reduction in the allowance for credit losses (the “Allowance”). Further decreases in the fair value of the loan are recognized in noninterest expense. |
Loans and Leases | Loans and Leases Loans are reported at the principal amount outstanding, net of unearned income including unamortized deferred loan fees and costs, and cumulative net charge-offs. Interest income is recognized on an accrual basis. Loan origination fees, certain direct costs, and unearned discounts and premiums, if any, are deferred and are generally amortized into interest income as yield adjustments using the interest method over the contractual life of the loan. Loan commitment fees are generally recognized into noninterest income. Other credit-related fees are recognized as fee income, a component of noninterest income, when earned. The Company’s lease financing arrangements, excluding leveraged leases, primarily consist of equipment and automobile leases. These lease arrangements are classified as sales-type leases despite not receiving a selling profit at lease inception. Sales-type leases are carried at the aggregate of lease payments receivable plus the estimated residual value of leased property, less unearned income. Leveraged leases are carried net of non-recourse debt. Unearned income on sales-type and leveraged leases is amortized over the lease term by methods that approximate the interest method. Residual values on leased assets are periodically reviewed for impairment. Portfolio segments are defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for credit losses. Management has designated two portfolio segments of loans and leases, commercial and consumer. These portfolio segments are further disaggregated into classes, which represent loans and leases of similar type, risk characteristics, and methods for monitoring and assessing credit risk. The commercial portfolio segment is disaggregated into four classes, commercial and industrial, commercial mortgage, construction, and lease financing. The consumer portfolio segment is also disaggregated into four classes, residential mortgage, home equity, auto, and other (which is comprised of revolving credit, installment, and consumer lease financing arrangements). |
Non-Performing Loans and Leases | Non-Performing Loans and Leases Generally, all classes of commercial loans and leases are placed on non-accrual status upon becoming contractually past due 90 days as to principal or interest (unless loans and leases are adequately secured by collateral, are in the process of collection, and are reasonably expected to result in repayment), when terms are renegotiated below market levels, or where substantial doubt about full repayment of principal or interest is evident. For residential mortgage and home equity loan classes, loans past due 120 days 120 days When a loan or lease is placed on non-accrual status, the accrued and unpaid interest receivable is reversed and the loan or lease is accounted for on the cash or cost recovery method until qualifying for return to accrual status. All payments received on non-accrual loans and leases are applied against the principal balance of the loan or lease. A loan or lease may be returned to accrual status when all delinquent interest and principal become current in accordance with the terms of the loan or lease agreement and when doubt about repayment is resolved. Generally, for all classes of loans and leases, a charge-off is recorded when it is probable that a loss has been incurred and when it is possible to determine a reasonable estimate of the loss. For all classes of commercial loans and leases, a charge-off is determined on a judgmental basis after due consideration of the debtor’s prospects for repayment and the fair value of collateral. For the pooled segment of the Company’s commercial and industrial loan class, which consists of small business loans, the entire outstanding balance of the loan remains on accrual status until it is charged off during the month that the loan becomes 120 days past due as to principal or interest. As previously mentioned, for residential mortgage and home equity loan classes, a partial charge-off may be recorded at 120 days past due as to principal or interest depending on the collateral value and/or the collectability of the loan. In the event that a loan or line in the home equity loan class is behind another financial institution’s first mortgage, the entire outstanding balance of the loan is charged off when the loan becomes 120 days past due as to principal or interest, unless the combined loan-to-value ratio is 60% or less. As noted above, loans in the automobile and other consumer loan classes are charged off in its entirety upon the loan becoming 120 days past due as to principal or interest. |
Loans Modified in a Troubled Debt Restructuring | Loans Modified in a Troubled Debt Restructuring Loans are considered to have been modified in a troubled debt restructuring when, due to a borrower’s financial difficulties, the Company makes certain concessions to the borrower that it would not otherwise consider. Modifications may include interest rate reductions, principal or interest forgiveness, forbearance, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of collateral. Generally, a non-accrual loan that has been modified in a troubled debt restructuring remains on non-accrual status for a period of at least 6 months to demonstrate that the borrower is able to meet the terms of the modified loan. However, performance prior to the modification, or significant events that coincide with the modification, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of loan modification or after a shorter performance period. If the borrower’s ability to meet the revised payment schedule is uncertain, the loan remains on non-accrual status. The Company began offering short-term loan modifications to assist borrowers during the COVID-19 pandemic. If the modification met certain conditions, the modification did not need to be accounted for as a TDR. |
Reserve for Credit Losses | Reserve for Credit Losses The Company’s reserve for credit losses is comprised of the Allowance and the Unfunded Reserve. As of December 31, 2021, the reserve for credit losses also included a reserve for accrued interest receivable related to loans in which interest payment forbearances were granted to borrowers impacted by the COVID-19 pandemic. |
Allowance for Credit Losses - Loans and Leases (the "Allowance") | Allowance for Credit Losses - Loans and Leases (the “Allowance”) The current expected credit loss (“CECL”) approach requires an estimate of the credit losses expected over the life of an exposure (or pool of exposures). It replaces the incurred loss approach’s threshold that delayed the recognition of a credit loss until it was probable a loss event was incurred. The estimate of expected credit losses is based on relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. Historical loss experience is generally the starting point for estimating expected credit losses. The Company then considers whether the historical loss experience should be adjusted for asset-specific risk characteristics or current conditions at the reporting date that did not exist over the historical period used. The Company also considers future economic conditions and portfolio performance as part of a reasonable and supportable forecast period. As previously mentioned, portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for credit losses. The Company has designated two portfolio segments of loans and leases, commercial and consumer. These portfolio segments are further disaggregated into classes, which represent loans and leases of similar type, risk characteristics, and methods for monitoring and assessing credit risk. The commercial portfolio segment is disaggregated into four classes, commercial and industrial, commercial mortgage, construction, and lease financing. The consumer portfolio segment is also disaggregated into four classes, residential mortgage, home equity, auto, and other (which is comprised of revolving credit, installment, and consumer lease financing arrangements). Each commercial and consumer portfolio class is also segmented based on risk characteristics. Commercial Portfolio Segment The historical loss experience for the commercial portfolio segment is primarily determined using a Cohort method. This method pools loans into groups (“cohorts”) sharing similar risk characteristics and tracks each cohort’s historical net charge-offs to calculate a historical loss rate. The historical loss rates for each cohort are then averaged to calculate an overall historical loss rate which is applied to current loan balances to arrive at the quantitative baseline portion of the Allowance for most of the commercial portfolio segment. The Company also considers qualitative adjustments to the quantitative baseline. For example, the Company considers the impact of current environmental factors at the reporting date that did not exist over the period from which historical experience was used. Relevant factors include, but are not limited to, concentrations of credit risk (geographic, large borrower, and industry), economic trends and conditions, changes in underwriting standards, experience and depth of lending staff, trends in delinquencies, and the level of criticized loans. The Company also incorporates a reasonable and supportable (“R&S”) loss forecast period, which is currently one year, to account for the effect of forecasted economic conditions and other factors on the performance of the commercial portfolio, which could differ from historical loss experience. The Company performs a quarterly asset quality review which includes a review of forecasted gross charge-offs and recoveries, nonperforming assets, criticized loans and leases, and risk rating migration. The asset quality review is reviewed by management and the results are used to consider qualitative adjustments to the quantitative baseline. After the one-year R&S loss forecast period, this adjustment assumes an immediate reversion to historical loss rates for the remaining expected life of the loan. The Company establishes a specific reserve for individually evaluated loans which do not share similar risk characteristics with the loans included in the quantitative baseline. These individually evaluated loans are removed from the pooling approach discussed above for the quantitative baseline, and include non-accrual loans, troubled debt restructurings (“TDRs”), and other loans as deemed appropriate by management. In addition, the Company individually evaluates “reasonably expected” TDRs, which are identified by the Company as a commercial loan expected to be classified as a TDR within the next six months. Management judgment is utilized to make this determination. Consumer P ortfolio S egment The historical loss experience for the consumer portfolio segment is primarily determined using a Vintage method. This method measures historical loss behavior in the form of a historical loss rate for homogenous loan pools that originate in the same period, known as a vintage. The historical loss rates are then applied to origination loan balances by vintage to determine the quantitative baseline portion of the Allowance for most of the consumer portfolio segment. The homogenous loan pools are segmented according to similar risk characteristics (e.g., residential mortgage, home equity) and may be sub-segmented further (e.g., geography, lien position) depending on the product. The Company also considers qualitative adjustments to the quantitative baseline. For example, the Company considers the impact of current environmental factors at the reporting date that did not exist over the period from which historical experience was used. The environmental factors considered for the consumer portfolio are similar to the aforementioned factors considered for the commercial portfolio. The Company also incorporates a one-year R&S loss forecast period to account for forecasted economic conditions and other factors on the performance of the consumer portfolio which could differ from historical loss experience. The Company performs a quarterly asset quality review designed to estimate gross charge-offs and recoveries for the forecast period. Management evaluates additional factors that may not be reflected in the net charge-off forecast to determine whether a qualitative adjustment is warranted. The Company has chosen an immediate reversion back to average historical loss rates following the one-year R&S loss forecast period. The reversion method, however, does not reflect the potential for higher losses than pre-pandemic levels due to the impact of COVID-19 beyond the R&S loss forecast period, which the Company has addressed through other qualitative adjustments. The Company establishes a specific reserve for individually evaluated loans that do not share similar risk characteristics with the loans included in the quantitative baseline. These individually evaluated loans include “reasonably expected” TDRs, identified by the Company as a consumer loan for which a borrower’s application of loan modification due to hardship has been approved by the Company. See Note 4 Loans and Leases and the Allowance for Credit Losses Allowance for Credit Losses - Held-to-Maturity (“HTM”) Debt Securities The Company’s HTM debt securities are also required to utilize the CECL approach to estimate expected credit losses. Substantially all of the Company’s HTM debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government, are widely recognized as “risk free,” and have a long history of zero credit loss. Therefore, the Company did not record an allowance for credit losses for these securities. Allowance for Credit Losses - Available-for-Sale (“AFS”) Debt Securities The impairment model for available-for-sale (“AFS”) debt securities differs from the CECL approach utilized by HTM debt securities because AFS debt securities are measured at fair value rather than amortized cost. Although ASU No. 2016-13 replaced the legacy other-than-temporary impairment (“OTTI”) model with a credit loss model, it retained the fundamental nature of the legacy OTTI model. One notable change from the legacy OTTI model is when evaluating whether credit loss exists, an entity may no longer consider the length of time fair value has been less than amortized cost. For AFS debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either criteria is met, the security’s amortized cost basis is written down to fair value through income. For AFS debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit losses. Losses are charged against the allowance when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met. As of December 31, 2021, the Company determined that the unrealized loss positions in AFS securities were not the result of credit losses, and therefore, an allowance for credit losses was not recorded. See Note 3 Investment Securities Collateral-Dependent Loans A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of loans and leases deemed collateral-dependent, the Company elected the practical expedient to estimate expected credit losses based on the collateral’s fair value less cost to sell. In most cases, the Company records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less cost to sell. Substantially all of the collateral consists of various types of real estate including residential properties; commercial properties such as retail centers, office buildings, and lodging; agriculture land; and vacant land. Reserve for Unfunded Commitments The Unfunded Reserve represents the expected credit losses on off-balance sheet commitments such as unfunded commitments to extend credit and standby letters of credit. However, a liability is not recognized for commitments unconditionally cancellable by the Company. The Unfunded Reserve is recognized as a liability (other liabilities in the consolidated statements of condition). For the year ended December 31, 2021, the offsetting adjustment to the reserve was recognized in provision for credit losses in the consolidated statements of income. In previous reporting periods, the offsetting provision was recorded in other noninterest expense. The Unfunded Reserve is determined by estimating future draws and applying the expected loss rates on those draws. Future draws are based on historical averages of utilization rates (i.e., the likelihood of draws taken). To estimate future draws on unfunded balances, current utilization rates are compared to historical utilization rates. If current utilization rates are below historical utilization rates, the rate difference is applied to the committed balance to estimate the future draw. Loss rates are estimated by utilizing the same loss rates calculated for the Allowance general reserves. For the commercial portfolio, the historical loss rates were calculated utilizing the Cohort methodology, while the consumer portfolio utilized the Vintage methodology. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and due from banks, interest-bearing deposits in other banks, and funds sold. All amounts are readily convertible to cash and have maturities of less than 90 days. |
Premises and Equipment | Premises and Equipment Premises and equipment, including leasehold improvements, are stated at cost, less accumulated depreciation and amortization. Capital leases are included in premises and equipment at the capitalized amount less accumulated amortization. Premises and equipment are depreciated using the straight-line method over the estimated useful lives of the respective assets. Estimated useful lives generally range up to 30 years for buildings and up to 10 years for equipment. Capitalized leased assets and leasehold improvements are amortized over the shorter of the estimated useful life of the asset or the lease term. Repairs and maintenance are charged to expense as incurred, while improvements which extend the estimated useful life of the asset are capitalized and depreciated over the estimated remaining life of the asset. Premises and equipment are periodically evaluated for impairment when events or changes in circumstances indicate the carrying amount may not be recoverable. Impairment exists when the expected undiscounted future cash flows of premises and equipment are less than its carrying amount. In that event, the Company records a loss for the difference between the carrying amount and the fair value of the asset based on quoted market prices, if applicable, or a discounted cash flow analysis. |
Foreclosed Real Estate | Foreclosed Real Estate Foreclosed real estate consists of properties acquired through foreclosure proceedings or acceptance of a deed-in-lieu of foreclosure. These properties are recorded at fair value less estimated costs to sell the property. If the recorded investment in the loan exceeds the property’s fair value at the time of acquisition, a charge-off is recorded against the Allowance. If the fair value of the property at the time of acquisition exceeds the carrying amount of the loan, the excess is recorded either as a recovery to the Allowance if a charge-off had previously been recorded, or as a gain on initial transfer in other noninterest income. Subsequent decreases in the property’s fair value and operating expenses of the property are recognized through charges to other noninterest expense. The fair value of the property acquired is based on third party appraisals, broker price opinions, recent sales activity, or a combination thereof, subject to management judgment. |
Mortgage Servicing Rights | Mortgage Servicing Rights Mortgage servicing rights are recognized as assets when mortgage loans are sold and the rights to service those loans are retained. Mortgage servicing rights are initially recorded at fair value by using a discounted cash flow model to calculate the present value of estimated future net servicing income. The Company’s mortgage servicing rights accounted for under the fair value method are carried on the statements of condition at fair value with changes in fair value recorded in mortgage banking income in the period in which the change occurs. Changes in the fair value of mortgage servicing rights are primarily due to changes in valuation inputs, assumptions, and the collection and realization of expected cash flows. The Company’s mortgage servicing rights accounted for under the amortization method are initially recorded at fair value. However, these mortgage servicing rights are amortized in proportion to and over the period of estimated net servicing income. An impairment analysis is prepared on a quarterly basis by estimating the fair value of the mortgage servicing rights and comparing that value to the carrying amount. A valuation allowance is established when the carrying amount of these mortgage servicing rights exceeds fair value. |
Goodwill | Goodwill Goodwill is initially recorded as the excess of the purchase price over the fair value of the net assets acquired in a business combination and is subsequently evaluated at least annually for impairment. Goodwill impairment testing is performed at the reporting unit level, equivalent to a business segment or one level below. The Company has goodwill assigned to the following reporting unit: Consumer Banking. The Company performs its annual evaluation of goodwill impairment in the fourth quarter of each year and on an interim basis if events or changes in circumstances indicate that there may be impairment. The Company performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The qualitative factors considered include, but are not limited to, macroeconomic and State of Hawaii economic conditions, industry and market conditions and trends, the Company’s financial performance, market capitalization, stock price, and any Company-specific events relevant to the assessment. If the assessment of qualitative factors indicates that it is not more likely than not that an impairment exists, no further testing is performed; otherwise an impairment test is performed. Prior to 2017, the goodwill impairment test was a two-step test. The first step compared the estimated fair value of identified reporting units with their carrying amount, including goodwill. If the estimated fair value of a reporting unit was less than the carrying value, the second step was required to determine the implied fair value of the reporting unit’s goodwill and the amount of goodwill impairment, if any. In 2017, the Company elected to early adopt ASU No. 2017-04, “Simplifying the Test for Goodwill Impairment.” |
Non-Marketable Equity Securities | Non-Marketable Equity Securities The Company is required to own Federal Home Loan Bank (“FHLB”) of Des Moines and Federal Reserve Bank (“FRB”) stock as a condition of membership. These non-marketable equity securities are accounted for at cost which equals par or redemption value. These securities do not have a readily determinable fair value as their ownership is restricted and there is no market for these securities. These securities can only be redeemed or sold at their par value and only to the respective issuing government supported institution or to another member institution. The Company records these non-marketable equity securities as a component of other assets, which are periodically evaluated for impairment. Management considers these non-marketable equity securities to be long-term investments. Accordingly, when evaluating these securities for impairment, management considers the ultimate recoverability of the par value rather than by recognizing temporary declines in value. |
Bank-Owned Life Insurance | Bank-Owned Life Insurance The Company purchases life insurance policies on the lives of certain officers and employees and is the owner and beneficiary of the policies. The Company invests in these Bank-Owned Life Insurance (“BOLI”) policies to provide an efficient form of funding for long-term retirement and other employee benefits costs. The Company records these BOLI policies in the consolidated statements of condition at cash surrender value, with changes recorded in noninterest income in the consolidated statements of income. |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase The Company enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Company may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Company to repurchase the assets. As a result, securities sold under agreements to repurchase are accounted for as collateralized financing arrangements (i.e., secured borrowings) and not as a sale and subsequent repurchase of securities. The obligation to repurchase the securities is reflected as a liability in the Company’s consolidated statements of condition, while the securities underlying the securities sold under agreements to repurchase remain in the respective asset accounts. See Note 19 Securities Sold Under Agreements to Repurchase |
Pension and Postretirement Benefit Plans | Pension and Postretirement Benefit Plans The Company incurs certain employment-related expenses associated with its two frozen pension plans and a postretirement benefit plan (the “Plans”). In order to measure the expense associated with the Plans, various assumptions are made including the discount rate, expected return on plan assets, anticipated mortality rates, and expected future healthcare costs. The assumptions are based on historical experience as well as current facts and circumstances. The Company uses a December 31 measurement date for its Plans. As of the measurement date, plan assets are determined based on fair value, generally representing observable market prices. The projected benefit obligation is primarily determined based on the present value of projected benefit distributions at an assumed discount rate. Net periodic pension benefit costs include interest costs based on an assumed discount rate, the expected return on plan assets based on actuarially derived market-related values, and the amortization of net actuarial gains or losses. Net periodic postretirement benefit costs include service costs, interest costs based on an assumed discount rate, and the amortization of prior service credits and net actuarial gains or losses. The net periodic pension and postretirement benefit costs are recognized in salaries and wages in the consolidated statements of income. Differences between expected and actual results in each year are included in the net actuarial gain or loss amount, which is recognized in other comprehensive income. The net actuarial gain or loss in excess of a 10% corridor is amortized in net periodic benefit cost over the average remaining expected lives of the pension plan participants and over the average remaining future service years of the postretirement benefit plan participants. The prior service credit is amortized over the average remaining service period to full eligibility for participating employees expected to receive benefits. The Company recognizes in its consolidated statements of condition an asset for a plan’s overfunded status or a liability for a plan’s underfunded status. The Company also measures the Plans’ assets and obligations that determine its funded status as of the end of the year and recognizes those changes in other comprehensive income, net of tax. |
Income Taxes | Income Taxes The Parent files a consolidated federal income tax return with the Bank and its subsidiaries. Calculation of the Company’s provision for income taxes requires the interpretation of income tax laws and regulations and the use of estimates and judgments in its determination. The Company is subject to examination by governmental authorities that may give rise to income tax issues due to differing interpretations. Changes to the liability for income taxes also occur due to changes in income tax rates, implementation of new business strategies, resolution of issues with taxing authorities, and newly enacted statutory, judicial, and regulatory guidance. Deferred income taxes are provided to reflect the tax effect of temporary differences between financial statement carrying amounts and the corresponding tax basis of assets and liabilities. Deferred income taxes are calculated by applying enacted statutory tax rates and tax laws to future years in which temporary differences are expected to reverse. The impact on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period that the tax rate change is enacted. A deferred tax valuation allowance is established if it is more likely than not that a deferred tax asset will not be realized. The Company’s tax sharing policy provides for the settlement of income taxes between each relevant subsidiary as if the subsidiary had filed a separate return. Payments are made to the Parent by subsidiaries with tax liabilities and subsidiaries that generate tax benefits receive payments for those benefits as used. The Company maintains reserves for certain tax positions that arise in the normal course of business. As of December 31, 2021, these positions were evaluated based on an assessment of probabilities as to the likelihood of whether a liability had been incurred. Such assessments are reviewed as events occur and adjustments to the reserves are made as appropriate. In evaluating a tax position for recognition, the Company evaluates whether it is more likely than not that a tax position will be sustained upon examination, including resolution of related appeals or litigation processes, based on the technical merits of the position. If the tax position meets the more likely than not recognition threshold, the tax position is measured and recognized in the Company’s Consolidated Financial Statements as the largest amount of tax benefit that, in management’s judgment, is greater than 50% likely of being realized upon ultimate settlement. |
Preferred Stock Issuance | Preferred Stock Issuance On June 15, 2021, the Company issued and sold 7,200,000 depositary shares (the “depositary shares”), each representing a 1/40 th |
Treasury Stock | Treasury Stock Shares of the Parent’s common stock that are repurchased are recorded in treasury stock at cost. On the date of subsequent re-issuance, the treasury stock account is reduced by the cost of such stock on a first-in, first-out basis. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period, assuming conversion of all potentially dilutive common stock equivalents. |
Derivative Financial Instruments | Derivative Financial Instruments In the ordinary course of business, the Company enters into derivative financial instruments as an end-user in connection with its risk management activities and to accommodate the needs of its customers. The Company has elected not to qualify for hedge accounting methods addressed under current provisions of GAAP. Derivative financial instruments are stated at fair value on the consolidated statements of condition with changes in fair value reported in current period earnings. |
Share-Based Compensation | Share-Based Compensation The Company may grant share-based compensation to employees and non-employee directors in the form of restricted stock and restricted stock units. The fair value of restricted stock is determined based on the closing price of the Parent’s common stock on the date of grant. The Company recognizes compensation expense related to restricted stock on a straight-line basis over the vesting period for service-based awards, plus additional recognition of costs associated with accelerated vesting based on the projected attainment of Company performance measures. Restricted stock units (“RSUs”) are payable solely in cash which are accounted for as other liabilities in the consolidated statements of condition. The fair value of RSUs is initially valued based on the closing price of the Parent’s common stock on the date of grant and is amortized in the statement of income over the vesting period. The RSUs are subsequently remeasured in the same manner described above at the end of each reporting period until settlement. |
Advertising Costs | Advertising Costs Advertising costs are expensed the first time that advertising takes place. Advertising costs were $9.6 million, $8.3 million, and $6.1 million for the years ended December 31, 2021, December 31, 2020, and December 31, 2019, respectively. |
International Operations | International Operations The Bank has operations that are conducted in certain Pacific Islands that are denominated in U.S. dollars. These operations are classified as domestic. |
Fair Value Measurements | Fair Value Measurements Fair value measurements apply whenever GAAP requires or permits assets or liabilities to be measured at fair value either on a recurring or nonrecurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for an asset or liability in an orderly transaction between market participants at the measurement date. Fair value is based on the assumptions that management believes market participants would use when pricing an asset or liability. Fair value measurement and disclosure guidance established a three-level fair value hierarchy that prioritizes the use of inputs used in valuation methodologies. Management maximizes the use of observable inputs and minimizes the use of unobservable inputs when determining fair value measurements. Management reviews and updates the fair value hierarchy classifications of the Company’s assets and liabilities on a quarterly basis. The three-level fair value hierarchy is as follows: Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. A contractually binding sales price also provides reliable evidence of fair value. Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; inputs to the valuation methodology include quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs to the valuation methodology that utilize model-based techniques for which all significant assumptions are observable in the market. Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement; inputs to the valuation methodology that utilize model-based techniques for which significant assumptions are not observable in the market; or inputs to the valuation methodology that requires significant management judgment or estimation, some of which may be internally developed. In some instances, an instrument may fall into multiple levels of the fair value hierarchy. In such instances, the instrument’s level within the fair value hierarchy is based on the lowest of the three levels (with Level 3 being the lowest) that is significant to the fair value measurement. Our assessment of the significance of an input requires judgment and considers factors specific to the instrument. See Note 14 Employee Benefits Fair Value of Assets and Liabilities |
Recent Accounting Standards Adopted | Recent Accounting Standards Adopted The Company adopted ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments” (dollars in thousands) December 31, 2019 CECL Adoption Impact January 1, 2020 Allowance for Credit Losses: Commercial $ 73,801 $ (18,789 ) $ 55,012 Consumer 36,226 17,052 53,278 Total Allowance for Credit Losses 110,027 (1,737 ) 108,290 Reserve for Unfunded Commitments 6,822 (3,335 ) 3,487 Total Reserve for Credit Losses $ 116,849 $ (5,072 ) $ 111,777 Retained Earnings Total Pre-tax Impact $ 5,072 Tax Effect (1,440 ) Increase to Retained Earnings $ 3,632 The Company did not record an allowance for AFS or HTM securities on Day 1 as the investment portfolio consists primarily of debt securities explicitly or implicitly backed by the U.S. Government for which credit risk is deemed minimal. The impact going forward will depend on the composition, characteristics, and credit quality of the loan and securities portfolios as well as the economic conditions at future reporting periods. See Note 3 Investment Securities Loans and Leases and the Allowance for Credit Losses In December 2019, the FASB issued ASU No. 2019-12, “Simplifying the Accounting for Income Taxes.” December 15, 2020 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Allowance for Credit Losses Upon Adoption of ASU 2016-13 | This “Day 1” impact of CECL adoption is summarized below: (dollars in thousands) December 31, 2019 CECL Adoption Impact January 1, 2020 Allowance for Credit Losses: Commercial $ 73,801 $ (18,789 ) $ 55,012 Consumer 36,226 17,052 53,278 Total Allowance for Credit Losses 110,027 (1,737 ) 108,290 Reserve for Unfunded Commitments 6,822 (3,335 ) 3,487 Total Reserve for Credit Losses $ 116,849 $ (5,072 ) $ 111,777 Retained Earnings Total Pre-tax Impact $ 5,072 Tax Effect (1,440 ) Increase to Retained Earnings $ 3,632 |
Restrictions on Cash and Cash_2
Restrictions on Cash and Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash And Cash Equivalents [Abstract] | |
Schedule of Reconciliation of Cash and Cash Equivalents | The following table provides a reconciliation of cash and cash equivalents reported within the consolidated statements of condition that sum to the total of the same such amounts shown in the consolidated statements of cash flows: (dollars in thousands) December 31, 2021 December 31, 2020 Interest-Bearing Deposits in Other Banks $ 2,571 $ 1,646 Funds Sold 361,536 333,022 Cash and Due From Banks 196,327 279,420 Total Cash and Cash Equivalents $ 560,434 $ 614,088 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Investment Securities | The amortized cost, gross unrealized gains and losses, and fair value of the Company’s investment securities as of December 31, 2021, December 31, 2020, and December 31, 2019, were as follows: (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2021 Available-for-Sale: Debt Securities Issued by the U.S. Treasury and Government Agencies $ 248,858 $ 1,513 $ (284 ) $ 250,087 Debt Securities Issued by States and Political Subdivisions 74,743 1,080 (5 ) 75,818 Debt Securities Issued by U.S. Government-Sponsored Enterprises 1,758 33 (11 ) 1,780 Debt Securities Issued by Corporations 384,590 2,339 (3,816 ) 383,113 Mortgage-Backed Securities: Residential - Government Agencies 1,327,990 9,818 (18,766 ) 1,319,042 Residential - U.S. Government-Sponsored Enterprises 2,127,781 4,792 (42,247 ) 2,090,326 Commercial - Government Agencies 155,164 1,885 (1,159 ) 155,890 Total Mortgage-Backed Securities 3,610,935 16,495 (62,172 ) 3,565,258 Total $ 4,320,884 $ 21,460 $ (66,288 ) $ 4,276,056 Held-to-Maturity: Debt Securities Issued by the U.S. Treasury and Government Agencies $ 131,495 $ 287 $ (643 ) $ 131,139 Debt Securities Issued by Corporations 20,316 76 (249 ) 20,143 Mortgage-Backed Securities: Residential - Government Agencies 1,774,394 12,139 (30,621 ) 1,755,912 Residential - U.S. Government-Sponsored Enterprises 2,286,880 15,508 (32,627 ) 2,269,761 Commercial - Government Agencies 481,695 324 (12,355 ) 469,664 Total Mortgage-Backed Securities 4,542,969 27,971 (75,603 ) 4,495,337 Total $ 4,694,780 $ 28,334 $ (76,495 ) $ 4,646,619 December 31, 2020 Available-for-Sale: Debt Securities Issued by the U.S. Treasury and Government Agencies $ 174,409 $ 427 $ (591 ) $ 174,245 Debt Securities Issued by States and Political Subdivisions 23,540 1,301 (1 ) 24,840 Debt Securities Issued by U.S. Government-Sponsored Enterprises 985 77 — 1,062 Debt Securities Issued by Corporations 220,717 4,844 (956 ) 224,605 Mortgage-Backed Securities: Residential - Government Agencies 1,561,603 33,657 (445 ) 1,594,815 Residential - U.S. Government-Sponsored Enterprises 1,497,353 21,254 (324 ) 1,518,283 Commercial - Government Agencies 243,029 10,868 (58 ) 253,839 Total Mortgage-Backed Securities 3,301,985 65,779 (827 ) 3,366,937 Total $ 3,721,636 $ 72,428 $ (2,375 ) $ 3,791,689 Held-to-Maturity: Debt Securities Issued by the U.S. Treasury and Government Agencies $ 7,500 $ 8 $ (8 ) $ 7,500 Debt Securities Issued by States and Political Subdivisions 33,763 741 — 34,504 Debt Securities Issued by Corporations 12,031 251 — 12,282 Mortgage-Backed Securities: Residential - Government Agencies 917,459 30,580 (29 ) 948,010 Residential - U.S. Government-Sponsored Enterprises 2,099,053 51,735 (291 ) 2,150,497 Commercial - Government Agencies 192,921 3,179 (200 ) 195,900 Total Mortgage-Backed Securities 3,209,433 85,494 (520 ) 3,294,407 Total $ 3,262,727 $ 86,494 $ (528 ) $ 3,348,693 December 31, 2019 Available-for-Sale: Debt Securities Issued by the U.S. Treasury and Government Agencies $ 222,365 $ 213 $ (1,447 ) $ 221,131 Debt Securities Issued by States and Political Subdivisions 54,480 631 (14 ) 55,097 Debt Securities Issued by U.S. Government-Sponsored Enterprises 22,128 19 — 22,147 Debt Securities Issued by Corporations 335,553 1,401 (633 ) 336,321 Mortgage-Backed Securities: Residential - Government Agencies 1,164,466 11,627 (3,267 ) 1,172,826 Residential - U.S. Government-Sponsored Enterprises 584,272 4,363 (1,874 ) 586,761 Commercial - Government Agencies 224,372 2,889 (2,541 ) 224,720 Total Mortgage-Backed Securities 1,973,110 18,879 (7,682 ) 1,984,307 Total $ 2,607,636 $ 21,143 $ (9,776 ) $ 2,619,003 Held-to-Maturity: Debt Securities Issued by the U.S. Treasury and Government Agencies $ 274,375 $ 1,319 $ (31 ) $ 275,663 Debt Securities Issued by States and Political Subdivisions 54,811 1,236 — 56,047 Debt Securities Issued by Corporations 14,975 — (138 ) 14,837 Mortgage-Backed Securities: Residential - Government Agencies 1,067,416 13,247 (5,348 ) 1,075,315 Residential - U.S. Government-Sponsored Enterprises 1,546,479 13,871 (2,478 ) 1,557,872 Commercial - Government Agencies 84,238 317 (1,407 ) 83,148 Total Mortgage-Backed Securities 2,698,133 27,435 (9,233 ) 2,716,335 Total $ 3,042,294 $ 29,990 $ (9,402 ) $ 3,062,882 |
Analysis of the Contractual Maturities of Investment Securities | The table below presents an analysis of the contractual maturities of the Company’s investment securities as of December 31, 2021. Debt securities issued by government agencies (Small Business Administration securities) and mortgage-backed securities are disclosed separately in the table below as these investment securities may prepay prior to their scheduled contractual maturity dates. (dollars in thousands) Amortized Cost Fair Value Available-for-Sale: Due in One Year or Less $ 972 $ 978 Due After One Year Through Five Years 214,558 215,275 Due After Five Years Through Ten Years 347,391 345,996 Due After Ten Years 13,130 13,305 576,051 575,554 Debt Securities Issued by Government Agencies 133,898 135,244 Mortgage-Backed Securities: Residential - Government Agencies 1,327,990 1,319,042 Residential - U.S. Government-Sponsored Enterprises 2,127,781 2,090,326 Commercial - Government Agencies 155,164 155,890 Total Mortgage-Backed Securities 3,610,935 3,565,258 Total $ 4,320,884 $ 4,276,056 Held-to-Maturity: Due After One Year Through Five Years $ 16,537 $ 16,391 Due After Five Years Through Ten Years 123,996 123,862 Due After Ten Years 11,278 11,029 151,811 151,282 Mortgage-Backed Securities: Residential - Government Agencies 1,774,394 1,755,912 Residential - U.S. Government-Sponsored Enterprises 2,286,880 2,269,761 Commercial - Government Agencies 481,695 469,664 Total Mortgage-Backed Securities 4,542,969 4,495,337 Total $ 4,694,780 $ 4,646,619 |
Schedule of Gains (Losses) on Sales of Investment Securities | The table below presents the gains and losses from the sales of investment securities for the years ended December 31, 2021, December 31, 2020, and December 31, 2019. (dollars in thousands) 2021 2020 2019 Gross Gains on Sales of Investment Securities $ 3,825 $ 14,257 $ 7,810 Gross Losses on Sales of Investment Securities (5,122 ) (4,325 ) (11,796 ) Net Gains (Losses) on Sales of Investment Securities $ (1,297 ) $ 9,932 $ (3,986 ) |
Schedule of AFS Debt Securities in an Unrealized Loss Position | The following table summarizes the Company’s AFS debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by major security type and length of time in a continuous unrealized loss position: Less Than 12 Months 12 Months or Longer Total (dollars in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses December 31, 2021 Available-for-Sale: Debt Securities Issued by the U.S. Treasury and Government Agencies $ 51,455 $ (195 ) $ 9,995 $ (89 ) $ 61,450 $ (284 ) Debt Securities Issued by States and Political Subdivisions 643 (5 ) — — 643 (5 ) Debt Securities Issued by U.S. Government- Sponsored Enterprises 814 (10 ) 49 (1 ) 863 (11 ) Debt Securities Issued by Corporations 249,629 (2,846 ) 64,029 (970 ) 313,658 (3,816 ) Mortgage-Backed Securities: Residential - Government Agencies 810,157 (17,131 ) 41,471 (1,635 ) 851,628 (18,766 ) Residential - U.S. Government-Sponsored Enterprises 1,670,500 (35,711 ) 180,205 (6,536 ) 1,850,705 (42,247 ) Commercial - Government Agencies 25,664 (223 ) 21,810 (936 ) 47,474 (1,159 ) Total Mortgage-Backed Securities 2,506,321 (53,065 ) 243,486 (9,107 ) 2,749,807 (62,172 ) Total $ 2,808,862 $ (56,121 ) $ 317,559 $ (10,167 ) $ 3,126,421 $ (66,288 ) December 31, 2020 ¹ Available-for-Sale: Debt Securities Issued by the U.S. Treasury and Government Agencies $ 21,338 $ (42 ) $ 87,070 $ (549 ) $ 108,408 $ (591 ) Debt Securities Issued by States and Political Subdivisions — — 26 (1 ) 26 (1 ) Debt Securities Issued by Corporations 65,000 (853 ) 50,000 (103 ) 115,000 (956 ) Mortgage-Backed Securities: Residential - Government Agencies 113,538 (222 ) 28,063 (223 ) 141,601 (445 ) Residential - U.S. Government-Sponsored Enterprises 94,002 (324 ) — — 94,002 (324 ) Commercial - Government Agencies 25,075 (58 ) — — 25,075 (58 ) Total Mortgage-Backed Securities 232,615 (604 ) 28,063 (223 ) 260,678 (827 ) Total $ 318,953 $ (1,499 ) $ 165,159 $ (876 ) $ 484,112 $ (2,375 ) |
Schedule of Interest Income from Taxable and Non-taxable Investment Securities | Interest income from taxable and non-taxable investment securities for the years ended December 31, 2021, December 31, 2020, and December 31, 2019, were as follows: Year Ended December 31, (dollars in thousands) 2021 2020 2019 Taxable $ 125,529 $ 125,291 $ 137,204 Non-Taxable 976 2,058 6,586 Total Interest Income from Investment Securities $ 126,505 $ 127,349 $ 143,790 |
Schedule of Carrying Value of Federal Home Loan Bank of Des Moines Stock and Federal Reserve Bank Stock | As of December 31, 2021, and December 31, 2020, the carrying value of the Company’s Federal Home Loan Bank of Des Moines (“FHLB Des Moines”) stock and Federal Reserve Bank stock was as follows: December 31, (dollars in thousands) 2021 2020 Federal Home Loan Bank of Des Moines Stock $ 10,000 $ 12,000 Federal Reserve Bank Stock 26,624 21,340 Total $ 36,624 $ 33,340 |
Loans and Leases and the Allo_2
Loans and Leases and the Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Loans And Leases And Allowance For Loan And Lease Losses [Abstract] | |
Schedule of Loan and Lease Portfolio | The Company’s loan and lease portfolio was comprised of the following as of December 31, 2021, and December 31, 2020: December 31, (dollars in thousands) 2021 2020 Commercial Commercial and Industrial $ 1,361,921 $ 1,357,610 PPP 1 126,779 517,683 Commercial Mortgage 3,152,130 2,854,829 Construction 220,254 259,798 Lease Financing 105,108 110,766 Total Commercial 4,966,192 5,100,686 Consumer Residential Mortgage 4,309,602 4,130,513 Home Equity 1,836,588 1,604,538 Automobile 736,565 708,800 Other 2 410,129 395,483 Total Consumer 7,292,884 6,839,334 Total Loans and Leases $ 12,259,076 $ 11,940,020 1 The PPP amounts presented, which are reported net of deferred costs and fees, were previously included as a component of the Commercial and Industrial loan class. 2 Comprised of other revolving credit, installment, and lease financing. |
Schedule of Activity in Allowance by Portfolio Segment | The following presents by portfolio segment, the activity in the Allowance for the years ended December 31, 2021, December 31, 2020, and December 31, 2019. (dollars in thousands) Commercial Consumer Total For the Year Ended December 31, 2021 Allowance for Credit Losses: Balance at Beginning of Period $ 84,847 $ 131,405 $ 216,252 Loans and Leases Charged-Off (1,117 ) (16,202 ) (17,319 ) Recoveries on Loans and Leases Previously Charged-Off 506 10,848 11,354 Net Loans and Leases Recovered (Charged-Off) (611 ) (5,354 ) (5,965 ) Provision for Credit Losses (19,286 ) (33,180 ) (52,466 ) Balance at End of Period $ 64,950 $ 92,871 $ 157,821 For the Year Ended December 31, 2020 Allowance for Credit Losses: Balance at Beginning of Period (December 31, 2019) $ 73,801 $ 36,226 $ 110,027 CECL Adoption (Day 1) Impact (18,789 ) 17,052 (1,737 ) Balance at Beginning of Period (January 1, 2020) 55,012 53,278 108,290 Loans and Leases Charged-Off (1,697 ) (19,341 ) (21,038 ) Recoveries on Loans and Leases Previously Charged-Off 2,328 11,572 13,900 Net Loans and Leases Recovered (Charged-Off) 631 (7,769 ) (7,138 ) Provision for Credit Losses 29,204 85,896 115,100 Balance at End of Period $ 84,847 $ 131,405 $ 216,252 For the Year Ended December 31, 2019 Allowance for Credit Losses: Balance at Beginning of Period $ 66,874 $ 39,819 $ 106,693 Loans and Leases Charged-Off (2,738 ) (21,217 ) (23,955 ) Recoveries on Loans and Leases Previously Charged-Off 1,513 9,776 11,289 Net Loans and Leases Recovered (Charged-Off) (1,225 ) (11,441 ) (12,666 ) Provision for Credit Losses 8,152 7,848 16,000 Balance at End of Period $ 73,801 $ 36,226 $ 110,027 |
Schedule of Recorded Investment in Loans and Leases by Class and Credit Quality Indicator | The following presents by credit quality indicator, loan class, and year of origination, the amortized cost basis of the Company’s loans and leases as of December 31, 2021. Term Loans by Origination Year (dollars in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Loans Total Loans and Leases December 31, 2021 Commercial Commercial and Industrial Pass $ 455,984 $ 301,646 $ 79,826 $ 68,026 $ 27,246 $ 75,321 $ 256,240 $ 471 $ 1,264,760 Special Mention 1,966 32,667 - - - 101 27,031 - 61,765 Classified 10,851 1,919 87 1,990 505 17,481 2,509 54 35,396 Total Commercial and Industrial $ 468,801 $ 336,232 $ 79,913 $ 70,016 $ 27,751 $ 92,903 $ 285,780 $ 525 $ 1,361,921 PPP Pass $ 86,484 $ 40,295 $ - $ - $ - $ - $ - $ - $ 126,779 Total PPP $ 86,484 $ 40,295 $ - $ - $ - $ - $ - $ - $ 126,779 Commercial Mortgage Pass $ 958,719 $ 736,155 $ 338,160 $ 261,991 $ 178,436 $ 459,337 $ 53,386 $ - $ 2,986,184 Special Mention 68,768 39,773 - 30,000 - 6,069 - - 144,610 Classified 3,740 7,815 640 - - 9,141 - - 21,336 Total Commercial Mortgage $ 1,031,227 $ 783,743 $ 338,800 $ 291,991 $ 178,436 $ 474,547 $ 53,386 $ - $ 3,152,130 Construction Pass $ 67,069 $ 94,878 $ 40,051 $ - $ 596 $ - $ 17,660 $ - $ 220,254 Total Construction $ 67,069 $ 94,878 $ 40,051 $ - $ 596 $ - $ 17,660 $ - $ 220,254 Lease Financing Pass $ 21,637 $ 15,075 $ 15,697 $ 9,902 $ 2,004 $ 39,937 $ - $ - $ 104,252 Classified - - - 856 - - - - 856 Total Lease Financing $ 21,637 $ 15,075 $ 15,697 $ 10,758 $ 2,004 $ 39,937 $ - $ - $ 105,108 Total Commercial $ 1,675,218 $ 1,270,223 $ 474,461 $ 372,765 $ 208,787 $ 607,387 $ 356,826 $ 525 $ 4,966,192 Consumer Residential Mortgage Pass $ 1,392,337 $ 1,131,330 $ 367,525 $ 177,215 $ 255,451 $ 982,306 $ - $ - $ 4,306,164 Classified - - 294 - 2,279 865 - - 3,438 Total Residential Mortgage $ 1,392,337 $ 1,131,330 $ 367,819 $ 177,215 $ 257,730 $ 983,171 $ - $ - $ 4,309,602 Home Equity Pass $ - $ - $ - $ - $ - $ 2,934 $ 1,793,142 $ 35,141 $ 1,831,217 Classified - - - - - 110 4,614 647 5,371 Total Home Equity $ - $ - $ - $ - $ - $ 3,044 $ 1,797,756 $ 35,788 $ 1,836,588 Automobile Pass $ 301,285 $ 152,022 $ 138,887 $ 91,411 $ 33,268 $ 18,963 $ - $ - $ 735,836 Classified 165 85 134 137 120 88 - - 729 Total Automobile $ 301,450 $ 152,107 $ 139,021 $ 91,548 $ 33,388 $ 19,051 $ - $ - $ 736,565 Other 1 Pass $ 172,735 $ 49,769 $ 92,983 $ 44,489 $ 16,218 $ 6,444 $ 25,622 $ 1,444 $ 409,704 Classified 39 90 183 47 27 17 22 - 425 Total Other $ 172,774 $ 49,859 $ 93,166 $ 44,536 $ 16,245 $ 6,461 $ 25,644 $ 1,444 $ 410,129 Total Consumer $ 1,866,561 $ 1,333,296 $ 600,006 $ 313,299 $ 307,363 $ 1,011,727 $ 1,823,400 $ 37,232 $ 7,292,884 Total Loans and Leases $ 3,541,779 $ 2,603,519 $ 1,074,467 $ 686,064 $ 516,150 $ 1,619,114 $ 2,180,226 $ 37,757 $ 12,259,076 1 Comprised of other revolving credit, installment, and lease financing. The following presents by credit quality indicator, loan class, and year of origination, the amortized cost basis of the Company’s loans and leases as of December 31, 2020. Term Loans by Origination Year (dollars in thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total Loans and Leases December 31, 2020 2 Commercial Commercial and Industrial Pass $ 426,780 $ 149,024 $ 149,468 $ 49,385 $ 52,354 $ 68,269 $ 342,339 $ 847 $ 1,238,466 Special Mention 11,702 42 - - 110 95 32,319 52 44,320 Classified 32,208 1,734 2,266 777 19 19,166 18,529 125 74,824 Total Commercial and Industrial $ 470,690 $ 150,800 $ 151,734 $ 50,162 $ 52,483 $ 87,530 $ 393,187 $ 1,024 $ 1,357,610 PPP Pass $ 517,683 $ - $ - $ - $ - $ - $ - $ - $ 517,683 Total PPP $ 517,683 $ - $ - $ - $ - $ - $ - $ - $ 517,683 Commercial Mortgage Pass $ 847,676 $ 458,472 $ 350,363 $ 245,157 $ 267,860 $ 425,157 $ 76,869 $ - $ 2,671,554 Special Mention 66,523 28,418 291 7,117 8,665 5,035 - - 116,049 Classified 49,640 655 2,783 274 4,742 9,132 - - 67,226 Total Commercial Mortgage $ 963,839 $ 487,545 $ 353,437 $ 252,548 $ 281,267 $ 439,324 $ 76,869 $ - $ 2,854,829 Construction Pass $ 106,508 $ 105,731 $ 11,275 $ 8,133 $ - $ - $ 28,151 $ - $ 259,798 Total Construction $ 106,508 $ 105,731 $ 11,275 $ 8,133 $ - $ - $ 28,151 $ - $ 259,798 Lease Financing Pass $ 19,906 $ 20,132 $ 13,785 $ 4,202 $ 9,657 $ 41,755 $ - $ - $ 109,437 Classified 33 67 1,092 42 95 - - - 1,329 Total Lease Financing $ 19,939 $ 20,199 $ 14,877 $ 4,244 $ 9,752 $ 41,755 $ - $ - $ 110,766 Total Commercial $ 2,078,659 $ 764,275 $ 531,323 $ 315,087 $ 343,502 $ 568,609 $ 498,207 $ 1,024 $ 5,100,686 Consumer Residential Mortgage Pass $ 1,300,831 $ 576,452 $ 295,522 $ 454,165 $ 545,798 $ 954,120 $ - $ - $ 4,126,888 Classified - 294 - 1,032 - 2,299 - - 3,625 Total Residential Mortgage $ 1,300,831 $ 576,746 $ 295,522 $ 455,197 $ 545,798 $ 956,419 $ - $ - $ 4,130,513 Home Equity Pass $ - $ - $ - $ - $ - $ 4,449 $ 1,556,671 $ 37,559 $ 1,598,679 Classified - - - - - 88 4,693 1,078 5,859 Total Home Equity $ - $ - $ - $ - $ - $ 4,537 $ 1,561,364 $ 38,637 $ 1,604,538 Automobile Pass $ 219,218 $ 213,914 $ 158,216 $ 68,776 $ 33,899 $ 13,850 $ - $ - $ 707,873 Classified 101 245 171 113 161 136 - - 927 Total Automobile $ 219,319 $ 214,159 $ 158,387 $ 68,889 $ 34,060 $ 13,986 $ - $ - $ 708,800 Other 1 Pass $ 71,042 $ 145,549 $ 92,993 $ 39,770 $ 9,225 $ 2,189 $ 32,070 $ 1,485 $ 394,323 Classified 51 419 375 167 42 21 85 - 1,160 Total Other $ 71,093 $ 145,968 $ 93,368 $ 39,937 $ 9,267 $ 2,210 $ 32,155 $ 1,485 $ 395,483 Total Consumer $ 1,591,243 $ 936,873 $ 547,277 $ 564,023 $ 589,125 $ 977,152 $ 1,593,519 $ 40,122 $ 6,839,334 Total Loans and Leases $ 3,669,902 $ 1,701,148 $ 1,078,600 $ 879,110 $ 932,627 $ 1,545,761 $ 2,091,726 $ 41,146 $ 11,940,020 1 Comprised of other revolving credit, installment, and lease financing. 2 Certain prior period information has been reclassified to conform to current presentations. |
Schedule of Aging Analysis by Class of Loan and Lease Portfolio | The following presents by class, an aging analysis of the Company’s loan and lease portfolio as of December 31, 2021, and December 31, 2020. (dollars in thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due Past Due 90 Days or More Non- Accrual Total Past Due and Non- Accrual Current Total Loans and Leases Non- Accrual Loans and Leases that are Current 2 As of December 31, 2021 Commercial Commercial and Industrial $ 2,006 $ 14 $ — $ 243 $ 2,263 $ 1,359,658 $ 1,361,921 $ 151 PPP — — — — — 126,779 126,779 — Commercial Mortgage — — — 8,205 8,205 3,143,925 3,152,130 8,205 Construction — — — — — 220,254 220,254 — Lease Financing — — — — — 105,108 105,108 — Total Commercial 2,006 14 — 8,448 10,468 4,955,724 4,966,192 8,356 Consumer Residential Mortgage 2,046 1,263 3,159 3,305 9,773 4,299,829 4,309,602 — Home Equity 1,791 748 3,456 4,881 10,876 1,825,712 1,836,588 1,544 Automobile 7,804 1,495 729 — 10,028 726,537 736,565 — Other 1 2,686 904 426 — 4,016 406,113 410,129 — Total Consumer 14,327 4,410 7,770 8,186 34,693 7,258,191 7,292,884 1,544 Total $ 16,333 $ 4,424 $ 7,770 $ 16,634 $ 45,161 $ 12,213,915 $ 12,259,076 $ 9,900 As of December 31, 2020 Commercial Commercial and Industrial $ 191 $ 59 $ — $ 441 $ 691 $ 1,356,919 $ 1,357,610 $ 285 PPP — — — — — 517,683 517,683 — Commercial Mortgage — — — 8,527 8,527 2,846,302 2,854,829 4,983 Construction — — — — — 259,798 259,798 — Lease Financing — — — — — 110,766 110,766 — Total Commercial 191 59 — 8,968 9,218 5,091,468 5,100,686 5,268 Consumer Residential Mortgage 4,049 2,083 5,274 3,223 14,629 4,115,884 4,130,513 2,100 Home Equity 3,423 3,378 3,187 3,958 13,946 1,590,592 1,604,538 987 Automobile 6,358 2,215 925 — 9,498 699,302 708,800 — Other 1 2,556 1,612 1,160 — 5,328 390,155 395,483 — Total Consumer 16,386 9,288 10,546 7,181 43,401 6,795,933 6,839,334 3,087 Total $ 16,577 $ 9,347 $ 10,546 $ 16,149 $ 52,619 $ 11,887,401 $ 11,940,020 $ 8,355 1 Comprised of other revolving credit, installment, and lease financing. 2 Represents non-accrual loans that are not past due 30 days or more; however, full payment of principal and interest as originally structured is still not expected. |
Schedule of Non-Accrual Loans and Leases | The following presents the non-accrual loans and leases as of December 31, 2021, and December 31, 2020. December 31, 2021 December 31, 2020 (dollars in thousands) Non-accrual loans with a specific ACL Non-accrual loans without a specific ACL Total Non-accrual loans Total Non-accrual loans Commercial Commercial and Industrial $ 243 $ — $ 243 $ 441 Commercial Mortgage 4,661 3,544 8,205 8,527 Total Commercial 4,904 3,544 8,448 8,968 Consumer Residential Mortgage 2,959 346 3,305 3,223 Home Equity 4,881 — 4,881 3,958 Total Consumer 7,840 346 8,186 7,181 Total $ 12,744 $ 3,890 $ 16,634 $ 16,149 |
Schedule of Loans Modified in TDR and TDRs that Defaulted During the Period Within 12 months of Modification Date | The following presents by class, information related to loans modified in a TDR during the years ended December 31, 2021, and December 31, 2020. Loans Modified as a TDR for the Year Ended December 31, 2021 Loans Modified as a TDR for the Year Ended December 31, 2020 Troubled Debt Restructurings (dollars in thousands) Number of Contracts Recorded Investment (as of period end) 1 Increase in Allowance (as of period end) Number of Contracts Recorded Investment (as of period end) 1 Increase in Allowance (as of period end) Commercial Commercial and Industrial 7 $ 251 $ 4 5 $ 203 $ 5 Commercial Mortgage — — — 1 1,046 60 Total Commercial 7 251 4 6 1,249 65 Consumer Residential Mortgage 15 5,889 612 — — — Home Equity 11 1,793 85 10 1,246 8 Automobile 341 7,130 95 352 7,541 112 Other 2 132 1,160 42 180 1,850 77 Total Consumer 499 15,972 834 542 10,637 197 Total 506 $ 16,223 $ 838 548 $ 11,886 $ 262 1 The period end balances reflect all partial paydowns and charge-offs since the modification date. TDRs fully paid off, charged off, or foreclosed upon by period end are not included. 2 Comprised of other revolving credit and installment financing. The following presents by class, loans modified in a TDR that defaulted during the year ended December 31, 2021, and December 31, 2020, and within twelve months of their modification date. A TDR is considered to be in default once it becomes 60 days or more past due following a modification. Year Ended December 31, 2021 Year Ended December 31, 2020 TDRs that Defaulted During the Period, Within Twelve Months of their Modification Date (dollars in thousands) Number of Contracts Recorded Investment (as of period end) 1 Number of Contracts Recorded Investment (as of period end) 1 Commercial Commercial and Industrial — $ — 1 $ 27 Total Commercial — — 1 27 Consumer Residential Mortgage 1 521 — — Home Equity 4 407 — — Automobile 38 644 43 723 Other 2 29 189 10 81 Total Consumer 72 1,761 53 804 Total 72 $ 1,761 54 $ 831 1 The period end balances reflect all paydowns and charge-offs since the modification date. TDRs fully paid off, charged off, or foreclosed upon by period end are not included. 2 Comprised of other revolving credit and installment financing. |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Transfers And Servicing Of Financial Assets [Abstract] | |
Summary of Carrying Value Under the Fair Value Measurement Method | For the years ended December 31, 2021, December 31, 2020, and December 31, 2019, the change in the fair value of the Company’s mortgage servicing rights accounted for under the fair value measurement method was as follows: (dollars in thousands) 2021 2020 2019 Balance at Beginning of Year $ 958 $ 1,126 $ 1,290 Changes in Fair Value Due to Payoffs (158 ) (168 ) (164 ) Balance at End of Year $ 800 $ 958 $ 1,126 |
Summary of Carrying Value Under the Amortization Method | For the years ended December 31, 2021, December 31, 2020, and December 31, 2019, the change in the carrying value of the Company’s mortgage servicing rights accounted for under the amortization method was as follows: (dollars in thousands) 2021 2020 2019 Balance at Beginning of Year $ 18,694 $ 23,896 $ 23,020 Servicing Rights that Resulted From Asset Transfers 4,921 3,592 4,485 Amortization (4,227 ) (4,902 ) (3,609 ) Valuation Allowance Recovery (Provision) 2,063 (3,892 ) — Balance at End of Year $ 21,451 $ 18,694 $ 23,896 Valuation Allowance: Balance at Beginning of Year $ (3,892 ) $ — $ — Valuation Allowance Recovery (Provision) 2,063 (3,892 ) — Balance at End of Year $ (1,829 ) $ (3,892 ) $ — Fair Value: Balance at Beginning of Year $ 18,694 $ 25,714 $ 29,218 Balance at End of Year $ 21,451 $ 18,694 $ 25,714 |
Schedule of Key Data and Assumptions Used in Estimating the Fair Value | The key data and assumptions used in estimating the fair value of the Company’s mortgage servicing rights as of December 31, 2021, and December 31, 2020 were as follows: December 31, 2021 2020 Weighted-Average Constant Prepayment Rate 1 10.70 % 14.42 % Weighted-Average Life (in years) 6.18 4.99 Weighted-Average Note Rate 3.62 % 3.87 % Weighted-Average Discount Rate 2 7.04 % 5.81 % 1 Represents annualized loan prepayment rate assumption. 2 Derived from multiple interest rate scenarios that incorporate a spread to a market yield curve and market volatilities. |
Schedule of Sensitivity Analysis of the Fair Value | A sensitivity analysis of the Company’s fair value of mortgage servicing rights to changes in certain key assumptions as of December 31, 2021, and December 31, 2020, is presented in the following table. December 31, (dollars in thousands) 2021 2020 Constant Prepayment Rate Decrease in fair value from 25 basis points (“bps”) adverse change $ (252 ) $ (203 ) Decrease in fair value from 50 bps adverse change (498 ) (401 ) Discount Rate Decrease in fair value from 25 bps adverse change (223 ) (184 ) Decrease in fair value from 50 bps adverse change (441 ) (365 ) |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Components of Premises and Equipment | The components of the Company’s premises and equipment as of December 31, 2021, and December 31, 2020, were as follows: (dollars in thousands) Cost Accumulated Depreciation and Amortization Net Book Value December 31, 2021 Premises $ 366,205 $ (226,515 ) $ 139,690 Equipment 145,120 (87,649 ) 57,471 Finance Leases 6,593 (4,361 ) 2,232 Total $ 517,918 $ (318,525 ) $ 199,393 December 31, 2020 Premises $ 370,268 $ (237,024 ) $ 133,244 Equipment 143,964 (79,817 ) 64,147 Finance Leases 6,593 (4,289 ) 2,304 Total $ 520,825 $ (321,130 ) $ 199,695 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | The components of the Company’s other assets as of December 31, 2021, and December 31, 2020, were as follows: December 31, (dollars in thousands) 2021 2020 Federal Home Loan Bank of Des Moines and Federal Reserve Bank Stock $ 36,624 $ 33,340 Derivative Financial Instruments 42,011 96,167 Low-Income Housing and Other Equity Investments 136,647 142,961 Deferred Compensation Plan Assets 56,411 53,410 Prepaid Expenses 17,670 14,517 Accounts Receivable 13,323 12,380 Deferred Tax Assets 42,277 16,724 Other 39,764 65,794 Total Other Assets $ 384,727 $ 435,293 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Schedule of Time Deposits with Contractual Maturities | As of December 31, 2021, the contractual maturities of these time deposits were as follows: (dollars in thousands) Amount 2022 $ 796,092 2023 126,884 2024 29,347 2025 7,228 2026 32,235 Thereafter 8,303 Total $ 1,000,089 (dollars in thousands) Amount Three Months or Less $ 290,440 Over Three Months through Six Months 142,166 Over Six Months through Twelve Months 208,867 Over Twelve Months 116,491 Total $ 757,964 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Details of Short-term Borrowings | Details of the Company’s short-term borrowings (original term of one year or less) as of December 31, 2021, and December 31, 2020 were as follows: December 31, (dollars in thousands) 2021 2020 Securities Sold Under Agreements to Repurchase (short-term) 1 Amounts Outstanding $ — $ 100 Weighted-Average Interest Rate — 1.20 % 1 Consists entirely of repurchase agreements with government entities. Excludes long-term repurchase agreements with government entities of $0.5 million |
Other Debt (Tables)
Other Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Other Debt | The Company’s other debt as of December 31, 2021, and December 31, 2020, were as follows: December 31, (dollars in thousands) 2021 2020 Federal Home Loan Bank of Des Moines Advances $ — $ 50,000 Finance Lease Obligations 10,391 10,481 Total $ 10,391 $ 60,481 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders Equity Note [Abstract] | |
Schedule of Minimum Required Capital Amounts and Ratios for Well Capitalized Institutions and The Actual Capital Amounts and Ratios for The Company and The Bank | The table below sets forth the minimum required capital amounts and ratios for well capitalized institutions and the actual capital amounts and ratios for the Company and the Bank as of December 31, 2021, and December 31, 2020: (dollars in thousands) Well Capitalized Minimum Ratio Company Bank As of December 31, 2021 Common Shareholders’ Equity $ 1,436,124 $ 1,586,473 Common Equity Tier 1 Capital 1,483,455 1,645,405 Tier 1 Capital 1,658,942 1,645,405 Total Capital 1,811,943 1,798,190 Common Equity Tier 1 Capital Ratio 6.5 % 12.12 % 13.47 % Tier 1 Capital Ratio 8.0 % 13.56 % 13.47 % Total Capital Ratio 10.0 % 14.81 % 14.72 % Tier 1 Leverage Ratio 5.0 % 7.32 % 7.26 % As of December 31, 2020 Common Shareholders’ Equity $ 1,374,507 $ 1,290,455 Common Equity Tier 1 Capital 1,361,915 1,289,435 Tier 1 Capital 1,361,915 1,289,435 Total Capital 1,503,784 1,431,106 Common Equity Tier 1 Capital Ratio 6.5 % 12.06 % 11.43 % Tier 1 Capital Ratio 8.0 % 12.06 % 11.43 % Total Capital Ratio 10.0 % 13.31 % 12.69 % Tier 1 Leverage Ratio 5.0 % 6.71 % 6.35 % |
Components of Other Comprehensive Income | The following table presents the components of other comprehensive income (loss), net of tax: (dollars in thousands) Before Tax Tax Effect Net of Tax Year Ended December 31, 2021 Net Unrealized Gains (Losses) on Investment Securities: Net Unrealized Gains (Losses) Arising During the Period $ (111,084 ) $ (29,440 ) $ (81,644 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) that (Increase) Decrease Net Income: (Gain) Loss on Sale (3,798 ) (1,007 ) (2,791 ) Amortization of Unrealized Holding (Gains) Losses on Held-to-Maturity Securities 1 648 171 477 Net Unrealized Gains (Losses) on Investment Securities (114,234 ) (30,276 ) (83,958 ) Defined Benefit Plans: Net Actuarial Gains (Losses) Arising During the Period 10,842 2,874 7,968 Amortization of Net Actuarial Losses (Gains) 2,676 709 1,967 Amortization of Prior Service Credit (246 ) (65 ) (181 ) Defined Benefit Plans, Net 13,272 3,518 9,754 Other Comprehensive Income (Loss) $ (100,962 ) $ (26,758 ) $ (74,204 ) Year Ended December 31, 2020 Net Unrealized Gains (Losses) on Investment Securities: Net Unrealized Gains (Losses) Arising During the Period $ 58,763 $ 15,600 $ 43,163 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) that (Increase) Decrease Net Income: (Gain) Loss on Sale (77 ) (50 ) (27 ) Amortization of Unrealized Holding (Gains) Losses on Held-to-Maturity Securities 1 397 105 292 Net Unrealized Gains (Losses) on Investment Securities 59,083 15,655 43,428 Defined Benefit Plans: Net Actuarial Gains (Losses) Arising During the Period (8,187 ) (2,170 ) (6,017 ) Amortization of Net Actuarial Losses (Gains) 2,318 614 1,704 Amortization of Prior Service Credit (246 ) (65 ) (181 ) Defined Benefit Plans, Net (6,115 ) (1,621 ) (4,494 ) Other Comprehensive Income (Loss) $ 52,968 $ 14,034 $ 38,934 Year Ended December 31, 2019 Net Unrealized Gains (Losses) on Investment Securities: Net Unrealized Gains (Losses) Arising During the Period $ 30,169 $ 8,001 $ 22,168 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) that (Increase) Decrease Net Income: (Gain) Loss on Sale (152 ) (49 ) (103 ) Amortization of Unrealized Holding (Gains) Losses on Held-to-Maturity Securities 1 833 221 612 Net Unrealized Gains (Losses) on Investment Securities 30,850 8,173 22,677 Defined Benefit Plans: Net Actuarial Gains (Losses) Arising During the Period (5,046 ) (1,337 ) (3,709 ) Amortization of Net Actuarial Losses (Gains) 1,598 423 1,175 Amortization of Prior Service Credit (288 ) (76 ) (212 ) Defined Benefit Plans, Net (3,736 ) (990 ) (2,746 ) Other Comprehensive Income (Loss) $ 27,114 $ 7,183 $ 19,931 1 The amount relates to the amortization/accretion of unrealized gains and losses related to the Company's reclassification of available-for-sale investment securities to the held-to-maturity category. The unrealized net gains/losses will be amortized/accreted over the remaining life of the investment securities as an adjustment of yield. |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in each component of accumulated other comprehensive income (loss), net of tax: (dollars in thousands) Investment Securities- Available- For-Sale Investment Securities- Held-To- Maturities Defined Benefit Plans Accumulated Other Comprehensive Income (Loss) Year Ended December 31, 2021 Balance at Beginning of Period $ 51,495 $ (423 ) $ (43,250 ) $ 7,822 Other Comprehensive Income (Loss) Before Reclassifications (81,644 ) — 7,968 (73,676 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (2,791 ) 477 1,786 (528 ) Total Other Comprehensive Income (Loss) (84,435 ) 477 9,754 (74,204 ) Balance at End of Period $ (32,940 ) $ 54 $ (33,496 ) $ (66,382 ) Year Ended December 31, 2020 Balance at Beginning of Period $ 8,359 $ (715 ) $ (38,756 ) $ (31,112 ) Other Comprehensive Income (Loss) Before Reclassifications 43,163 — (6,017 ) 37,146 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (27 ) 292 1,523 1,788 Total Other Comprehensive Income (Loss) 43,136 292 (4,494 ) 38,934 Balance at End of Period $ 51,495 $ (423 ) $ (43,250 ) $ 7,822 Year Ended December 31, 2019 Balance at Beginning of Period $ (10,447 ) $ (4,586 ) $ (36,010 ) $ (51,043 ) Other Comprehensive Income (Loss) Before Reclassifications 22,168 — (3,709 ) 18,459 Cumulative Effect of ASU 2019-04 (3,259 ) 3,259 — — Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (103 ) 612 963 1,472 Total Other Comprehensive Income (Loss) 18,806 3,871 (2,746 ) 19,931 Balance at End of Period $ 8,359 $ (715 ) $ (38,756 ) $ (31,112 ) |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss): Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) 1 Affected Line Item in the Statement Where Net Income Is Presented (dollars in thousands) Year Ended December 31, 2021 2020 2019 Amortization of Unrealized Holding Gains (Losses) on Investment Securities Held-to-Maturity $ (648 ) $ (397 ) $ (833 ) Interest Income 171 105 221 Provision for Income Tax (477 ) (292 ) (612 ) Net of Tax Sales of Investment Securities Available-for-Sale 3,798 77 152 Investment Securities Gains (Losses), Net (1,007 ) (50 ) (49 ) Provision for Income Tax 2,791 27 103 Net of Tax Amortization of Defined Benefit Plans Items Prior Service Credit 2 246 246 288 Net Actuarial Losses 2 (2,676 ) (2,318 ) (1,598 ) (2,430 ) (2,072 ) (1,310 ) Total Before Tax 644 549 347 Provision for Income Tax (1,786 ) (1,523 ) (963 ) Net of Tax Total Reclassifications for the Period $ 528 $ (1,788 ) $ (1,472 ) Net of Tax 1 2 Pension Plans and Postretirement Benefit Plan |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Weighted Average Number of Common Shares Used in the Calculation of Basic and Diluted Earnings Per Common Share and Antidilutive Stock Options and Restricted Stock Outstanding | Earnings per common share is computed using the two-class method. The following is a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per share and antidilutive stock options and restricted stock outstanding for the years ended December 31, 2021, December 31, 2020, and December 31, 2019: (dollars in thousands, except shares and per share amounts) 2021 2020 2019 Numerator: Net Income Available to Common Shareholders $ 250,397 $ 153,804 $ 225,913 Denominator: Weighted Average Common Shares Outstanding - Basic 39,837,798 39,726,210 40,384,328 Dilutive Effect of Equity Based Awards 215,866 165,897 265,242 Weighted Average Common Shares Outstanding - Diluted 40,053,664 39,892,107 40,649,570 Earnings Per Common Share: Basic $ 6.29 $ 3.87 $ 5.59 Diluted $ 6.25 $ 3.86 $ 5.56 Antidilutive Stock Options and Restricted Stock Outstanding 41,802 113,410 4,905 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Selected Business Segment Financial Information | Selected business segment financial information as of and for the years ended December 31, 2021, December 31, 2020, and December 31, 2019 were as follows: (dollars in thousands) Consumer Banking Commercial Banking Treasury and Other Consolidated Total Year Ended December 31, 2021 Net Interest Income $ 283,998 $ 194,409 $ 18,883 $ 497,290 Provision for Credit Losses 5,764 201 (56,465 ) (50,500 ) Net Interest Income After Provision for Credit Losses 278,234 194,208 75,348 547,790 Noninterest Income 131,292 30,637 9,424 171,353 Noninterest Expense (303,699 ) (64,470 ) (25,420 ) (393,589 ) Income Before Income Taxes 105,827 160,375 59,352 325,554 Provision for Income Taxes (26,442 ) (39,070 ) (6,670 ) (72,182 ) Net Income $ 79,385 $ 121,305 $ 52,682 $ 253,372 Total Assets as of December 31, 2021 $ 7,675,823 $ 5,107,001 $ 10,002,117 $ 22,784,941 Year Ended December 31, 2020 Net Interest Income $ 292,710 $ 188,626 $ 14,986 $ 496,322 Provision for Credit Losses 8,087 (948 ) 110,661 117,800 Net Interest Income (Loss) After Provision for Credit Losses 284,623 189,574 (95,675 ) 378,522 Noninterest Income 128,400 34,523 21,486 184,409 Noninterest Expense (289,177 ) (63,294 ) (21,336 ) (373,807 ) Income (Loss) Before Income Taxes 123,846 160,803 (95,525 ) 189,124 Provision for Income Taxes (31,476 ) (40,081 ) 36,237 (35,320 ) Net Income (Loss) $ 92,370 $ 120,722 $ (59,288 ) $ 153,804 Total Assets as of December 31, 2020 $ 7,478,813 $ 5,116,807 $ 8,008,031 $ 20,603,651 Year Ended December 31, 2019 1 Net Interest Income $ 305,803 $ 185,259 $ 6,653 $ 497,715 Provision for Credit Losses 11,685 976 3,339 16,000 Net Interest Income After Provision for Credit Losses 294,118 184,283 3,314 481,715 Noninterest Income 142,378 33,362 7,598 183,338 Noninterest Expense (281,662 ) (84,616 ) (12,949 ) (379,227 ) Income (Loss) Before Provision for Income Taxes 154,834 133,029 (2,037 ) 285,826 Provision for Income Taxes (38,654 ) (28,852 ) 7,593 (59,913 ) Net Income $ 116,180 $ 104,177 $ 5,556 $ 225,913 Total Assets as of December 31, 2019 1 $ 7,054,511 $ 4,254,261 $ 6,786,724 $ 18,095,496 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Reconciliation of Changes in Benefit Obligation and Fair value of Plan Assets As Well As the Funded Status Recognized in the Consolidated Statements | The following table provides a reconciliation of changes in benefit obligation and fair value of plan assets, as well as the funded status recognized in the Company’s consolidated statements of condition for the Pension Plans and postretirement benefit plan for the years ended December 31, 2021, and December 31, 2020. Pension Benefits Postretirement Benefits (dollars in thousands) 2021 2020 2021 2020 Benefit Obligation at Beginning of Year $ 117,647 $ 110,637 $ 31,507 $ 27,571 Service Cost — — 678 578 Interest Cost 2,924 3,627 816 945 Actuarial Losses (Gains) (2,817 ) 10,364 (2,514 ) 3,559 Employer Benefits Paid 1 (7,169 ) (6,981 ) (1,217 ) (1,146 ) Benefit Obligation at End of Year $ 110,585 $ 117,647 $ 29,270 $ 31,507 Fair Value of Plan Assets at Beginning of Year $ 97,890 $ 93,638 $ — $ — Actual Return on Plan Assets 10,103 10,764 — — Employer Contributions 470 469 1,217 1,146 Employer Benefits Paid 1 (7,169 ) (6,981 ) (1,217 ) (1,146 ) Fair Value of Plan Assets at End of Year $ 101,294 $ 97,890 $ — $ — Funded Status at End of Year 2 $ (9,291 ) $ (19,757 ) $ (29,270 ) $ (31,507 ) 1 Participants' contributions relative to the postretirement benefit plan were offset against employer benefits paid in the table above. Participants' contributions for postretirement benefits were $0.8 million 2 |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | The following presents the amounts recognized in the Company’s accumulated other comprehensive income for the Pension Plans and postretirement benefit plan as of December 31, 2021, and December 31, 2020. Pension Benefits Postretirement Benefits (dollars in thousands) 2021 2020 2021 2020 Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Net of Tax Net Actuarial Gains (Losses) $ (35,014 ) $ (43,101 ) $ 235 $ (1,613 ) Net Prior Service Credit — — 1,283 1,464 Total Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Net of Tax $ (35,014 ) $ (43,101 ) $ 1,518 $ (149 ) |
Schedule of Components of Net Periodic Benefit Cost | Components of net periodic benefit cost for the Company’s Pension Plans and the postretirement benefit plan are presented in the following table for the years ended December 31, 2021, December 31, 2020, and December 31, 2019. Pension Benefits Postretirement Benefits (dollars in thousands) 2021 2020 2019 2021 2020 2019 Service Cost $ — $ — $ — $ 678 $ 578 $ 455 Interest Cost 2,924 3,627 4,401 816 945 1,025 Expected Return on Plan Assets (4,592 ) (5,028 ) (4,993 ) — — — Amortization of: Prior Service Credit 1 — — — (246 ) (246 ) (288 ) Net Actuarial Losses (Gains) 1 2,676 2,318 1,937 — — (339 ) Net Periodic Benefit Cost $ 1,008 $ 917 $ 1,345 $ 1,248 $ 1,277 $ 853 1 Represents reclassification adjustments from accumulated other comprehensive income during the period. |
Schedule of Assumptions Used to Determine the Benefit Obligations/net Periodic Cost | Assumptions used to determine the benefit obligations as of December 31, 2021, and December 31, 2020, for the Company’s Pension Plans and postretirement benefit plan were as follows: Pension Benefits Postretirement Benefits 2021 2020 2021 2020 Weighted Average Assumptions as of December 31: Discount Rate 2.89 % 2.55 % 3.00 % 2.66 % Health Care Cost Trend Rate Assumed For Next Year — — 5.70 % 5.50 % |
Schedule of Assumptions Used in Calculation Net Periodic Benefit Cost | Assumptions used to determine the net periodic benefit cost for the Company’s Pension Plans and postretirement benefit plan for the years ended December 31, 2021, December 31, 2020, and December 31, 2019, were as follows: Pension Benefits Postretirement Benefits 2021 2020 2019 2021 2020 2019 Weighted Average Assumptions as of December 31: Discount Rate 2.55 % 3.36 % 4.41 % 2.66 % 3.42 % 4.48 % Expected Long-Term Rate of Return on Plan Assets 5.25 % 5.75 % 5.75 % — — — Health Care Cost Trend Rate — — — 5.50 % 5.70 % 6.00 % |
Schedule of Expected Benefits to be Paid in Each of the Next Five Years and in the Aggregate for the Five Years Thereafter | As of December 31, 2021, expected benefits to be paid in each of the next five years and in the aggregate for the five years thereafter were as follows: (dollars in thousands) Pension Benefits Postretirement Benefits 2022 $ 7,387 $ 1,375 2023 7,417 1,423 2024 7,399 1,456 2025 7,367 1,512 2026 7,297 1,549 Years 2027-2031 34,473 8,362 |
Schedule of the Fair Values of the Retirement Plan Assets by Asset Category | The fair values of the Retirement Plan assets as of December 31, 2021, and December 31, 2020, by asset category were as follows: Fair Value Measurements Asset Category (dollars in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Total as of Dec. 31, 2021 Total as of Dec. 31, 2020 Cash $ 618 $ — $ — $ 618 $ 1,079 Equity Securities – Mutual Funds: Large-Cap 511 — — 511 1,849 Mixed-Cap 33,108 — — 33,108 29,802 International 29,022 — — 29,022 28,055 Emerging Market 1,786 — — 1,786 2,494 Fixed Income Securities – Mutual Funds 36,249 — — 36,249 34,611 Total $ 101,294 $ — $ — $ 101,294 $ 97,890 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Compensation Expense and Related Income Tax Benefit Recognized for All Share-Based Awards | For the years ended December 31, 2021, December 31, 2020, and December 31, 2019, compensation expense and the related income tax benefit recognized for stock options and restricted stock were as follows: (dollars in thousands) 2021 2020 2019 Compensation Expense $ 13,267 $ 7,578 $ 8,338 Income Tax Benefit 3,520 2,009 2,210 |
Schedule of Activity for Restricted Stock | The following table presents the activity for restricted stock: Number of Shares Weighted Average Grant Date Fair Value Grant Date Fair Value of Restricted Stock that Vested During the Year (in thousands) Unvested as of December 31, 2018 314,487 $ 78.17 Granted 130,093 82.82 Vested (107,759 ) 66.46 $ 8,910 Forfeited (26,872 ) 83.34 Unvested as of December 31, 2019 309,949 $ 83.75 Granted 161,168 80.97 Vested (99,894 ) 84.69 $ 8,544 Forfeited (42,454 ) 84.36 Unvested as of December 31, 2020 328,769 $ 82.02 Granted 292,007 90.23 Vested (97,278 ) 78.55 $ 8,673 Forfeited (22,962 ) 86.48 Unvested as of December 31, 2021 1 500,536 $ 87.28 1 |
Schedule of Activity for Restricted Stock Units | The following table presents the activity for RSUs: Number of Units Weighted Average Grant Date Fair Value Fair Value of Restricted Stock Unit that Vested During the Year (in thousands) Balance as of December 31, 2018 52,064 $ 63.92 Vested (52,064 ) 82.23 $ 4,311 Balance as of December 31, 2019 — $ — |
Schedule of Activity Related to Stock Options | The following table presents the activity related to stock options under all plans for the year ended December 31, 2021: Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Stock Options Outstanding as of January 1, 2021 184,054 $ 45.28 Exercised (165,920 ) 45.04 Expired (833 ) 42.22 Stock Options Outstanding as of December 31, 2021 17,301 47.72 0.1 $ 624 Stock Options Vested and Exercisable as of December 31, 2021 17,301 47.72 0.1 624 |
Summary of Certain Stock Option Activity | The following summarizes certain stock option activity of the Company for the years ended December 31, 2021, December 31, 2020, and December 31, 2019: (dollars in thousands) 2021 2020 2019 Intrinsic Value of Stock Options Exercised $ 6,755 $ 2,261 $ 1,106 Cash Received from Stock Options Exercised 7,473 2,438 1,473 Tax Benefits Realized from Stock Options Exercised 1,611 485 727 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of the Company's Provision for Income Taxes | The components of the Company’s provision for income taxes for the years ended December 31, 2021, December 31, 2020, and December 31, 2019, were as follows: (dollars in thousands) 2021 2020 2019 Current: Federal $ 58,652 $ 65,840 $ 60,902 State 10,510 12,066 14,426 Total Current 69,162 77,906 75,328 Deferred: Federal 2,254 (31,783 ) (9,630 ) State 766 (10,803 ) (5,785 ) Total Deferred 3,020 (42,586 ) (15,415 ) Provision for Income Taxes $ 72,182 $ 35,320 $ 59,913 |
Schedule of Significant Components of the Company's Deferred Tax Liabilities and Assets | As of December 31, 2021, and December 31, 2020, significant components of the Company’s deferred tax liabilities and assets were as follows: December 31, (dollars in thousands) 2021 2020 Deferred Tax Liabilities: Accelerated Depreciation $ (8,131 ) $ (8,042 ) Accrued Pension Cost (11,270 ) (11,270 ) Federal Home Loan Bank of Des Moines Stock (2,885 ) (3,416 ) Lease Transactions (37,585 ) (41,726 ) Operating Lease Liabilities (25,348 ) (26,387 ) Energy Tax Credits — (674 ) Net Unrealized Gains on Investments Securities — (18,407 ) Investment in Variable Interest Entities (1,657 ) (2,725 ) Deferred Loan Fees (3,845 ) (4,736 ) Originated Mortgage Servicing Rights (6,068 ) (5,579 ) Other (915 ) (1,124 ) Gross Deferred Tax Liabilities (97,704 ) (124,086 ) Deferred Tax Assets: Allowance for Credit Losses 43,348 57,840 Minimum Pension Liability 12,082 13,430 Accrued Expenses 22,416 17,629 Postretirement Benefit Obligations 7,170 7,980 Capital Lease Expenses 2,163 2,168 Operating Lease Right-of-Use Assets 27,360 28,473 Restricted Stock 4,442 3,669 Net Unrealized Losses on Investments Securities 11,868 — Deductible State and Local Taxes 3,239 3,366 Low Income Housing Investments 3,007 3,648 Other 6,089 6,204 Gross Deferred Tax Assets Before Valuation Allowance 143,184 144,407 Valuation Allowance (3,203 ) (3,597 ) Gross Deferred Tax Assets After Valuation Allowance 139,981 140,810 Net Deferred Tax Assets $ 42,277 $ 16,724 |
Schedule of Reconciliation of the Statutory Federal Income Tax Rate to the Company's Effective Tax Rate | The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2021, December 31, 2020, and December 31, 2019: 2021 2020 2019 Statutory Federal Income Tax Rate 21.00 % 21.00 % 21.00 % Increase (Decrease) in Income Tax Rate Resulting From: State Taxes, Net of Federal Income Tax 2.85 0.81 2.53 Low-Income Housing Investments 0.77 0.82 0.60 Investment Tax Credits (0.35 ) (1.24 ) (0.84 ) Bank-Owned Life Insurance (0.48 ) (0.82 ) (0.51 ) Tax-Exempt Income (0.24 ) (0.50 ) (0.53 ) Leveraged Lease (0.10 ) (0.56 ) (1.54 ) Other (1.28 ) (0.83 ) 0.25 Effective Tax Rate 22.17 % 18.68 % 20.96 % |
Schedule of Reconciliation of the Company's Liability for Unrecognized Tax Benefits | The following presents a reconciliation of the Company’s liability for UTBs for the years ended December 31, 2021, December 31, 2020, and December 31, 2019: (dollars in thousands) 2021 2020 2019 Unrecognized Tax Benefits at Beginning of Year $ 5,403 $ 6,120 $ 5,541 Gross Increases, Related to Tax Positions Taken in a Prior Period 261 374 673 Gross Decreases, Related to Tax Positions Taken in a Prior Period (1,285 ) — — Gross Increases, Related to Current Period Tax Positions 234 222 715 Lapse of Statute of Limitations (598 ) (1,313 ) (809 ) Unrecognized Tax Benefits at End of Year $ 4,015 $ 5,403 $ 6,120 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of the Notional Amount and Fair Value of the Derivative Financial Instruments | The notional amount and fair value of the Company’s derivative financial instruments as of December 31, 2021, and December 31, 2020, were as follows: December 31, 2021 December 31, 2020 (dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Interest Rate Lock Commitments $ 45,857 $ 1,084 $ 102,881 $ 4,947 Forward Commitments 58,523 (35 ) 158,759 (740 ) Interest Rate Swap Agreements Receive Fixed/Pay Variable Swaps 1,400,322 28,742 1,362,778 90,130 Pay Fixed/Receive Variable Swaps 1,400,322 (5,922 ) 1,362,778 (17,197 ) Foreign Exchange Contracts 102,548 (674 ) 90,587 866 Conversion Rate Swap Agreement 131,672 — 133,286 — |
Derivative Financial Instruments, their Fair Values, and Balance Sheet Location | The following table presents the Company’s derivative financial instruments, their fair values, and their location in the consolidated statements of condition as of December 31, 2021, and December 31, 2020: December 31, 2021 December 31, 2020 Derivative Financial Instruments Not Designated as Hedging Instruments 1 (dollars in thousands) Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Interest Rate Lock Commitments $ 1,084 $ — $ 4,947 $ — Forward Commitments 17 52 — 740 Interest Rate Swap Agreements 40,733 17,913 90,342 17,409 Foreign Exchange Contracts 177 851 878 12 Total $ 42,011 $ 18,816 $ 96,167 $ 18,161 1 Asset derivatives are included in other assets and liability derivatives are included in other liabilities in the consolidated statements of condition. |
Derivative Financial Instruments and the Amount and Location of the Net Gains or Losses Recognized in the Statements of Income | The following table presents the Company’s derivative financial instruments and the amount and location of the net gains or losses recognized in the consolidated statements of income for the years ended December 31, 2021, December 31, 2020, and December 31, 2019: Location of Net Gains Year Ended December 31, Derivative Financial Instruments Not Designated as Hedging Instruments (dollars in thousands) (Losses) Recognized in the Statements of Income 2021 2020 2019 Interest Rate Lock Commitments Mortgage Banking $ 8,771 $ 22,348 $ 12,185 Forward Commitments Mortgage Banking 1,580 (4,274 ) (2,340 ) Interest Rate Swap Agreements Other Noninterest Income 6,579 15,468 7,172 Foreign Exchange Contracts Other Noninterest Income 1,462 1,940 2,891 Conversion Rate Swap Agreement Investment Securities Gains (Losses), Net — — (453 ) Total $ 18,392 $ 35,482 $ 19,455 |
Affordable Housing Projects T_2
Affordable Housing Projects Tax Credit Partnerships (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Expected Payments for Unfunded Affordable Housing Commitments | As of December 31, 2021, the expected payments for unfunded affordable housing commitments were as follows: (dollars in thousands) Amount 2022 $ 7,553 2023 811 2024 21,432 2025 756 2026 81 Thereafter 13,332 Total Unfunded Commitments $ 43,965 |
Schedule of Tax Credits and Other Tax Benefits Recognized and Amortization Expense Related to Affordable Housing | The following table presents tax credits and other tax benefits recognized and amortization expense related to affordable housing for the years ended December 31, 2021, December 31, 2020, and December 31, 2019. (dollars in thousands) 2021 2020 2019 Effective Yield Method Tax credits and other tax benefits recognized $ 8,604 $ 11,752 $ 11,719 Amortization Expense in Provision for Income Taxes 6,700 8,586 7,566 Proportional Amortization Method Tax credits and other tax benefits recognized $ 10,831 $ 6,633 $ 3,014 Amortization Expense in Provision for Income Taxes 9,375 5,729 2,578 |
Securities Sold Under Agreeme_2
Securities Sold Under Agreements to Repurchase (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Securities Sold Under Agreements To Repurchase [Abstract] | |
Remaining Contractual Maturities of Repurchase Agreements by Class of Collateral Pledged | The following table presents the remaining contractual maturities of the Company’s repurchase agreements as of December 31, 2021, and December 31, 2020, disaggregated by the class of collateral pledged. Remaining Contractual Maturity of Repurchase Agreements (dollars in thousands) Up to 90 days 91-365 days 1-3 Years After 3 Years Total December 31, 2021 Class of Collateral Pledged: Debt Securities Issued by States and Political Subdivisions $ — $ — $ — $ 490 $ 490 Mortgage-Backed Securities: Residential - Government Agencies — — 38,685 13,407 52,092 Residential - U.S. Government-Sponsored Enterprises — — 236,315 161,593 397,908 Total $ — $ — $ 275,000 $ 175,490 $ 450,490 December 31, 2020 Class of Collateral Pledged: Debt Securities Issued by States and Political Subdivisions $ 100 $ — $ — $ 490 $ 590 Mortgage-Backed Securities: 1 Residential - Government Agencies — — 20,210 83,599 103,809 Residential - U.S. Government-Sponsored Enterprises — — 4,790 491,401 496,191 Total $ 100 $ — $ 25,000 $ 575,490 $ 600,590 1 |
Schedule of Assets and Liabilities Subject to an Enforceable Master Netting Arrangement or Repurchase Agreements | The following table presents the assets and liabilities subject to an enforceable master netting arrangement, or repurchase agreements, as of December 31, 2021, and December 31, 2020. The swap agreements that the Company have with our commercial banking customers are not subject to an enforceable master netting arrangement, and therefore, are excluded from this table. As previously mentioned, centrally cleared swap agreements between the Company and institutional counterparties are also excluded from this table. (i) (ii) (iii) = (i)-(ii) (iv) (v) = (iii)- (iv) Gross Amounts Not Offset in the Statements of Condition (dollars in thousands) Gross Amounts Recognized in the Statements of Condition Gross Amounts Offset in the Statements of Condition Net Amounts Presented in the Statements of Condition Netting Adjustments per Master Netting Arrangements Fair Value of Collateral Pledged 1 Net Amount December 31, 2021 Assets: Interest Rate Swap Agreements: Institutional Counterparties $ 26 $ — $ 26 $ 26 $ — $ — Liabilities: Interest Rate Swap Agreements: Institutional Counterparties 5,948 — 5,948 26 5,922 — Repurchase Agreements: Private Institutions 450,000 — 450,000 — 450,000 — Government Entities 490 — 490 — 490 — Total Repurchase Agreements $ 450,490 $ — $ 450,490 $ — $ 450,490 $ — December 31, 2020 Assets: Interest Rate Swap Agreements: Institutional Counterparties $ 5 $ — $ 5 $ 5 $ — $ — Liabilities: Interest Rate Swap Agreements: Institutional Counterparties 17,202 — 17,202 5 7,911 9,286 Repurchase Agreements: Private Institutions 600,000 — 600,000 — 600,000 — Government Entities 590 — 590 — 590 — Total Repurchase Agreements $ 600,590 $ — $ 600,590 $ — $ 600,590 $ — 1 The application of collateral cannot reduce the net amount below zero. Therefore, excess collateral is not reflected in this table. For interest rate swap agreements, the fair value of investment securities pledged was $58.3 million and $7.9 million as of December 31, 2021, and December 31, 2020, respectively. For repurchase agreements with private institutions, the fair value of investment securities pledged was $523.4 million and $635.2 million as of December 31, 2021, and December 31, 2020, respectively. For repurchase agreements with government entities, the fair value of investment securities pledged was $1.3 million and $2.5 million as of December 31, 2021, and December 31, 2020, respectively. |
Commitments, Contingencies, a_2
Commitments, Contingencies, and Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Credit Commitments | The Company’s credit commitments as of December 31, 2021, were as follows: (dollars in thousands) December 31, 2021 Unfunded Commitments to Extend Credit $ 2,982,673 Standby Letters of Credit 135,167 Commercial Letters of Credit 18,956 Total $ 3,136,796 |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis | The table below presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2021, and December 31, 2020: (dollars in thousands) Quoted Prices In Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total December 31, 2021 Assets: Investment Securities Available-for-Sale Debt Securities Issued by the U.S. Treasury and Government Agencies $ 114,845 $ 135,242 $ — $ 250,087 Debt Securities Issued by States and Political Subdivisions — 75,818 — 75,818 Debt Securities Issued by U.S. Government-Sponsored Enterprises — 1,780 — 1,780 Debt Securities Issued by Corporations — 383,113 — 383,113 Mortgage-Backed Securities: Residential - Government Agencies — 1,319,042 — 1,319,042 Residential - U.S. Government-Sponsored Enterprises — 2,090,326 — 2,090,326 Commercial - Government Agencies — 155,890 — 155,890 Total Mortgage-Backed Securities — 3,565,258 — 3,565,258 Total Investment Securities Available-for-Sale 114,845 4,161,211 — 4,276,056 Loans Held for Sale — 26,746 — 26,746 Mortgage Servicing Rights — — 800 800 Other Assets 56,411 — — 56,411 Derivatives 1 — 194 41,817 42,011 Total Assets Measured at Fair Value on a Recurring Basis as of December 31, 2021 $ 171,256 $ 4,188,151 $ 42,617 $ 4,402,024 Liabilities: Derivatives 1 $ — $ 903 $ 17,913 $ 18,816 Total Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2021 $ — $ 903 $ 17,913 $ 18,816 December 31, 2020 Assets: Investment Securities Available-for-Sale Debt Securities Issued by the U.S. Treasury and Government Agencies $ 921 $ 173,324 $ — $ 174,245 Debt Securities Issued by States and Political Subdivisions — 24,840 — 24,840 Debt Securities Issued by U.S. Government-Sponsored Enterprises — 1,062 — 1,062 Debt Securities Issued by Corporations — 224,605 — 224,605 Mortgage-Backed Securities: Residential - Government Agencies — 1,594,815 — 1,594,815 Residential - U.S. Government-Sponsored Enterprises — 1,518,283 — 1,518,283 Commercial - Government Agencies — 253,839 — 253,839 Total Mortgage-Backed Securities — 3,366,937 — 3,366,937 Total Investment Securities Available-for-Sale 921 3,790,768 — 3,791,689 Loans Held for Sale — 82,565 — 82,565 Mortgage Servicing Rights — — 958 958 Other Assets 53,410 — — 53,410 Derivatives 1 — 878 95,289 96,167 Total Assets Measured at Fair Value on a Recurring Basis as of December 31, 2020 $ 54,331 $ 3,874,211 $ 96,247 $ 4,024,789 Liabilities: Derivatives 1 $ — $ 752 $ 17,409 $ 18,161 Total Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2020 $ — $ 752 $ 17,409 $ 18,161 1 The fair value of each class of derivatives is shown in Note 17 Derivative Financial Instruments |
Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis | For the years ended December 31, 2021, and December 31, 2020, the changes in Level 3 assets and liabilities measured at fair value on a recurring basis were as follows: (dollars in thousands) Mortgage Servicing Rights 1 Net Derivative Assets and Liabilities 2 Year Ended December 31, 2021 Balance as of January 1, 2021 $ 958 $ 77,880 Realized and Unrealized Net Gains (Losses): Included in Net Income (158 ) 8,848 Transfers to Loans Held for Sale — (12,634 ) Variation Margin Payments — (50,190 ) Balance as of December 31, 2021 $ 800 $ 23,904 Total Unrealized Net Gains (Losses) Included in Net Income Related to Assets Still Held as of December 31, 2021 $ — $ 23,904 Year Ended December 31, 2020 Balance as of January 1, 2020 $ 1,126 $ 22,573 Realized and Unrealized Net Gains (Losses): Included in Net Income (168 ) 22,219 Transfers to Loans Held for Sale — (18,681 ) Variation Margin Payments — 51,769 Balance as of December 31, 2020 $ 958 $ 77,880 Total Unrealized Net Gains (Losses) Included in Net Income Related to Assets Still Held as of December 31, 2020 $ — $ 77,880 1 Realized and unrealized gains and losses related to mortgage servicing rights are reported as a component of mortgage banking income in the Company’s consolidated statements of income. 2 |
Summary of the Significant Unobservable Inputs | For Level 3 assets and liabilities measured at fair value on a recurring or nonrecurring basis as of December 31, 2021, and December 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows: December 31, 2021 December 31, 2020 (dollars in thousands) Valuation Technique Description Range Weighted Average 1 Fair Value Weighted Average 1 Fair Value Mortgage Servicing Rights Discounted Cash Flow Constant Prepayment Rate 6.51 % - 11.48 % 10.70 % $ 22,251 14.42 % $ 19,652 Discount Rate 6.49 % - 7.08 % 7.04 % 5.81 % Net Derivative Assets and Liabilities: Interest Rate Lock Commitments Pricing Model Closing Ratio 75.40 % - 100.00 % 90.47 % $ 1,084 90.76 % $ 4,947 Interest Rate Swap Agreements Discounted Cash Flow Credit Factor 0.00 % - 0.49 % 0.14 % $ 22,820 0.29 % $ 72,933 1 |
Schedule of Assets Measured at Fair Value on Nonrecurring Basis | The Company may be required periodically 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-fair value accounting or impairment write-downs of individual assets. The following table represents the assets measured at fair value on a nonrecurring basis as of December 31, 2021. (dollars in thousands) Fair Value Hierarchy Net Carrying Amount Valuation Allowance December 31, 2021 Mortgage Servicing Rights - amortization method Level 3 $ 21,451 $ (1,829 ) December 31, 2020 Mortgage Servicing Rights - amortization method Level 3 $ 18,694 $ (3,892 ) |
Schedule of Difference between Aggregate Fair Value and Aggregate Unpaid Principal Balance | The following table reflects the difference between the aggregate fair value and the aggregate unpaid principal balance of the Company’s residential mortgage loans held for sale as of December 31, 2021, and December 31, 2020. (dollars in thousands) Aggregate Fair Value Aggregate Unpaid Principal Aggregate Fair Value Less Aggregate Unpaid Principal December 31, 2021 Loans Held for Sale $ 26,746 $ 26,309 $ 437 December 31, 2020 Loans Held for Sale $ 82,565 $ 78,577 $ 3,988 |
Schedule of Carrying Amount, Fair Value, and Fair Value Hierarchy of Financial Instruments | The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments not recorded at fair value on a recurring basis as of December 31, 2021, and December 31, 2020. This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. For non-marketable equity securities such as Federal Home Loan Bank of Des Moines and Federal Reserve Bank stock, the carrying amount is a reasonable estimate of fair value as these securities can only be redeemed or sold at their par value and only to the respective issuing government supported institution or to another member institution. For financial liabilities such as noninterest-bearing demand, interest-bearing demand, and savings deposits, the carrying amount is a reasonable estimate of fair value due to these products having no stated maturity. Fair Value Measurements (dollars in thousands) Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2021 Financial Instruments – Assets Investment Securities Held-to-Maturity $ 4,694,780 $ 4,646,619 $ 131,139 $ 4,515,480 $ — Loans 11,921,869 12,094,631 — — 12,094,631 Financial Instruments – Liabilities Time Deposits 1,000,089 998,134 — 998,134 — Securities Sold Under Agreements to Repurchase 450,490 469,293 — 469,293 — December 31, 2020 Financial Instruments – Assets Investment Securities Held-to-Maturity $ 3,262,727 $ 3,348,693 $ 7,500 $ 3,341,193 $ — Loans 11,536,011 12,019,151 — — 12,019,151 Financial Instruments – Liabilities Time Deposits 1,662,063 1,667,774 — 1,667,774 — Securities Sold Under Agreements to Repurchase 600,590 649,039 — 649,039 — Other Debt 1 50,000 51,546 — 51,546 — 1 Excludes finance lease obligations. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Noninterest Income Segregated by Revenue Streams In-Scope and Out-of-Scope of Topic 606 | The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the years ended December 31, 2021, December 31, 2020, and December 31, 2019. Year Ended December 31, (dollars in thousands) 2021 2020 2019 Noninterest Income In-scope of Topic 606: Trust and Asset Management $ 46,068 $ 43,456 $ 44,233 Service Charges on Deposit Accounts 12,181 11,715 13,042 Fees, Exchange, and Other Service Charges 41,962 36,005 46,381 Annuity and Insurance 3,130 3,249 6,813 Other 8,684 8,626 9,633 Noninterest Income (in-scope of Topic 606) 112,025 103,051 120,102 Noninterest Income (out-of-scope of Topic 606) 59,328 81,358 63,236 Total Noninterest Income $ 171,353 $ 184,409 $ 183,338 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of Right-of-Use Assets and Lease Liabilities | The following table represents the consolidated statements of condition classification of the Company’s ROU assets and lease liabilities. The Company elected not to include short-term leases (i.e., leases with initial terms of twelve months or less), or equipment leases (deemed immaterial) on the consolidated statements of condition. (dollars in thousands) December 31, 2021 December 31, 2020 Lease Right-of-Use Assets Classification Operating lease right-of-use assets Operating Lease Right-of-Use Assets $ 95,621 $ 99,542 Finance lease right-of-use assets Premises and Equipment, Net 2,232 2,304 Total Lease Right-of-Use Assets $ 97,853 $ 101,846 Lease Liabilities Operating lease liabilities Operating Lease Liabilities $ 103,210 $ 107,412 Finance lease liabilities Other Debt 10,391 10,481 Total Lease Liabilities $ 113,601 $ 117,893 |
Schedule of Lease Cost and Other Information | For the Company’s only finance lease, the Company utilized its incremental borrowing rate at lease inception. December 31, 2021 December 31, 2020 Weighted-Average Remaining Lease Term Operating leases 16.4 years 17.0 years Finance leases 31.0 years 32.0 years Weighted-Average Discount Rate Operating leases 3.57 % 3.61 % Finance leases 7.04 % 7.04 % The following table represents lease costs and other lease information. As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities. Variable lease cost also includes payments for ATM location leases in which payments are based on a percentage of ATM transactions (i.e., ATM surcharge fees), rather than a fixed amount. (dollars in thousands) 2021 2020 Lease Costs Operating lease cost $ 11,493 $ 12,281 Variable lease cost 2,954 5,549 Short-term lease cost 407 587 Interest on lease liabilities 1 735 741 Amortization of right-of-use assets 72 72 Sublease income (7,452 ) (7,804 ) Net Lease Costs $ 8,209 $ 11,426 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 13,741 $ 12,349 Operating cash flows from finance leases 735 741 Financing cash flows from finance leases 90 84 Right-of-use assets obtained in exchange for new operating lease liabilities 12,207 11,185 1 Included in other debt interest expense in the Company’s consolidated statements of income. All other lease costs in this table are included in net occupancy expense. |
Future Minimum Payments for Finance Leases and Operating Leases | Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more as of December 31, 2021, were as follows: (dollars in thousands) Finance Leases Operating Leases 2022 $ 825 $ 11,100 2023 825 10,298 2024 825 9,430 2025 825 8,852 2026 825 7,618 Thereafter 21,455 92,849 Total Future Minimum Lease Payments 25,580 140,147 Amounts Representing Interest (15,189 ) (36,937 ) Present Value of Net Future Minimum Lease Payments $ 10,391 $ 103,210 |
Future Minimum Rental Income under Operating Leases Including Subleases | Future minimum rental income under operating leases, including subleases, as of December 31, 2021, were as follows: (dollars in thousands) Minimum Rental Income 2022 $ 5,807 2023 4,382 2024 2,829 2025 1,919 2026 1,232 Thereafter 3,635 Total $ 19,804 |
Bank of Hawaii Corporation Fi_2
Bank of Hawaii Corporation Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Statements of Income | Condensed Statements of Comprehensive Income Year Ended December 31, (dollars in thousands) 2021 2020 2019 Income Dividends from Bank of Hawaii $ 62,000 $ 134,000 $ 220,000 Investment Securities Gains (Losses), Net (948 ) 13,336 (850 ) Other Income and Interest on Investment 6 154 261 Total Income 61,058 147,490 219,411 Noninterest Expense Intercompany Salaries and Services 764 758 768 Other Expenses 1,787 1,864 1,682 Total Noninterest Expense 2,551 2,622 2,450 Income Before Income Tax Benefit and Equity in Undistributed Income of Subsidiaries 58,507 144,868 216,961 Income Tax Benefit (Expense) 2,131 (2,395 ) 1,818 Equity in Undistributed Income of Subsidiaries 192,734 11,331 7,134 Net Income $ 253,372 $ 153,804 $ 225,913 Comprehensive Income $ 179,168 $ 192,738 $ 245,844 |
Schedule of Condensed Statements of Condition | Condensed Statements of Condition (dollars in thousands) December 31, 2021 December 31, 2020 Assets Cash with Bank of Hawaii $ 6,376 $ 66,704 Investment Securities Held-to-Maturity 2,500 2,501 Goodwill 14,129 14,129 Other Assets 14,130 12,305 Equity in Net Assets of Subsidiaries 1,586,473 1,290,455 Total Assets $ 1,623,608 $ 1,386,094 Liabilities Income Taxes Payable $ 38 $ 974 Other Liabilities 11,959 10,613 Total Liabilities 11,997 11,587 Shareholders' Equity 1,611,611 1,374,507 Total Liabilities and Shareholders' Equity $ 1,623,608 $ 1,386,094 |
Schedule of Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Year Ended December 31, (dollars in thousands) 2021 2020 2019 Operating Activities Net Income $ 253,372 $ 153,804 $ 225,913 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Share-Based Compensation 779 795 760 Net (Gains) Losses on Sales of Investment Securities 948 (13,336 ) 850 Equity in Undistributed Income of Subsidiaries (192,734 ) (11,331 ) (7,134 ) Net Change in Other Assets and Other Liabilities (977 ) (68 ) (135 ) Net Cash Provided by Operating Activities 61,388 129,864 220,254 Investing Activities Capital Contributions to the Bank (165,000 ) — — Proceeds from (Expenses related to) Sales of Investment Securities (948 ) 18,336 4,259 Purchase of Investment Securities Held-to-Maturity — (2,501 ) (4,933 ) Net Cash Provided by (Used in) Investing Activities (165,948 ) 15,835 (674 ) Financing Activities Proceeds from Issuance of Common Stock 13,611 9,389 7,872 Proceeds from Issuance of Preferred Stock 175,487 — — Repurchase of Common Stock (31,258 ) (18,006 ) (137,649 ) Cash Dividends Paid Common Stock (110,633 ) (107,434 ) (105,478 ) Cash Dividends Paid Preferred Stock (2,975 ) — — Net Cash Provided by (Used in) Financing Activities 44,232 (116,051 ) (235,255 ) Net Change in Cash and Cash Equivalents (60,328 ) 29,648 (15,675 ) Cash and Cash Equivalents at Beginning of Period 66,704 37,056 52,731 Cash and Cash Equivalents at End of Period $ 6,376 $ 66,704 $ 37,056 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | Jun. 15, 2021USD ($)$ / sharesshares | Jan. 01, 2020USD ($) | Dec. 31, 2021USD ($)segmentplan$ / shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Summary Of Significant Accounting Policies [Line Items] | |||||
Unfunded commitments to fund low-income housing partnerships | $ 43,965,000 | ||||
Variable interest entity, nonconsolidated, carrying amount, assets | 22,784,941,000 | $ 20,603,651,000 | $ 18,095,496,000 | ||
Trading securities | $ 0 | 0 | |||
Number of portfolio segments of loans and leases (commercial and consumer) | segment | 2 | ||||
Period during which non-accrual loan that has been modified in a troubled debt restructuring remains on non-accrual status (in months) | 6 months | ||||
Maximum original maturity period of cash and cash equivalents (in days) | 90 days | ||||
Goodwill impairment | $ 0 | ||||
Number of company's pension plans | plan | 2 | ||||
Minimum percentage of net actuarial gain (loss) will be amortized in net periodic benefit cost | 10.00% | ||||
Minimum percentage of likelihood of tax position being realized upon ultimate settlement according to management's judgment | 50.00% | ||||
Preferred Stock, par value (in dollars per share) | $ / shares | $ 0.01 | ||||
Net proceeds, after underwriting discounts and expenses | $ 175,487,000 | ||||
Advertising costs | $ 9,600,000 | 8,300,000 | 6,100,000 | ||
Accounting Standards Update 2016-13 | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Total reserve for credit losses | $ 116,849,000 | ||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2020 | ||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | ||||
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Total reserve for credit losses | $ (5,072,000) | ||||
Increase to retained earnings | $ 3,632,000 | ||||
ASU No. 2019-12 | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Dec. 15, 2020 | ||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | ||||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | ||||
Depositary Shares | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Shares issued and sold | shares | 7,200,000 | ||||
Preferred stock, redemption price per share | $ / shares | $ 25 | ||||
4.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Percentage of ownership interest in share | 0.025% | ||||
Series A Preferred Stock | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Preferred stock, dividend rate, percentage per annum | 4.375% | ||||
Preferred Stock, par value (in dollars per share) | $ / shares | $ 0.01 | ||||
Preferred stock, liquidation preference per share | $ / shares | $ 1,000 | ||||
Net proceeds, after underwriting discounts and expenses | $ 175,500,000 | ||||
Preferred stock, voting rights | Holders of the Series A Preferred Stock will not have voting rights | ||||
Preferred stock, redemption price per share | $ / shares | $ 1,000 | ||||
Preferred Stock, redemption date | Aug. 1, 2026 | ||||
Preferred Stock, Redemption Terms | The Company may redeem the Series A Preferred Stock at its option, (i) in whole or in part, from time to time, on any dividend payment date on or after August 1, 2026 or (ii) in whole but not in part, at any time within 90 days following a regulatory capital treatment event, in either case at a redemption price equal to $1,000 per share (equivalent to $25 per depositary share), plus any declared and unpaid dividends. | ||||
Maximum | Building | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives (in years) | 30 years | ||||
Maximum | Equipment | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives (in years) | 10 years | ||||
Home Equity | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Minimum maturity period to be considered to place loans and leases on non-accrual status (in days) | 120 days | ||||
Home Equity | Maximum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Combined loan-to-value ratio, considered in determining whether the entire outstanding balance on the loan is to be charged-off or not (as a percent) | 60.00% | ||||
Commercial | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Minimum maturity period to be considered to place loans and leases on non-accrual status (in days) | 90 days | ||||
Residential Mortgage and Home Equity Loan | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Minimum maturity period to be considered to place loans and leases on non-accrual status (in days) | 120 days | ||||
Automobile and Other consumer | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Minimum maturity period to be considered for loans and leases to be charged off (in days) | 120 days | ||||
Commercial and Industrial | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Minimum maturity period to be considered for loans and leases to be charged off (in days) | 120 days | ||||
Other Liabilities | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Unfunded commitments to fund low-income housing partnerships | $ 44,000,000 | 53,000,000 | |||
Low-income Housing Partnerships | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Period over which Federal tax credits or benefits are generally recognized (in years) | 10 years | ||||
Period over which State tax credits or benefits are generally recognized (in years) | 5 years | ||||
Solar Energy Partnerships | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Period over which Federal tax credits or benefits are generally recognized (in years) | 6 years | ||||
Variable Interest Entity Nonconsolidated | Other Assets | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Variable interest entity, nonconsolidated, carrying amount, assets | $ 136,600,000 | $ 143,000,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Allowance for Credit Losses Upon Adoption of ASU 2016-13 (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Total Allowance for Credit Losses | $ 157,821 | $ 216,252 | $ 110,027 | $ 106,693 | |
Accounting Standards Update 2016-13 | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Total Allowance for Credit Losses | 110,027 | ||||
Reserve for Unfunded Commitments | 6,822 | ||||
Total Reserve for Credit Losses | 116,849 | ||||
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Total Allowance for Credit Losses | $ (1,737) | (1,737) | |||
Reserve for Unfunded Commitments | (3,335) | ||||
Total Reserve for Credit Losses | (5,072) | ||||
Retained Earnings | |||||
Total Pre-tax Impact | 5,072 | ||||
Tax Effect | (1,440) | ||||
Increase to Retained Earnings | 3,632 | ||||
Accounting Standards Update 2016-13 | January 1, 2020 | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Total Allowance for Credit Losses | 108,290 | 108,290 | |||
Reserve for Unfunded Commitments | 3,487 | ||||
Total Reserve for Credit Losses | 111,777 | ||||
Accounting Standards Update 2016-13 | Commercial Loan | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Total Allowance for Credit Losses | 73,801 | ||||
Accounting Standards Update 2016-13 | Commercial Loan | Cumulative Effect, Period of Adoption, Adjustment | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Total Allowance for Credit Losses | (18,789) | ||||
Accounting Standards Update 2016-13 | Commercial Loan | January 1, 2020 | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Total Allowance for Credit Losses | 55,012 | ||||
Accounting Standards Update 2016-13 | Consumer Loan | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Total Allowance for Credit Losses | $ 36,226 | ||||
Accounting Standards Update 2016-13 | Consumer Loan | Cumulative Effect, Period of Adoption, Adjustment | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Total Allowance for Credit Losses | 17,052 | ||||
Accounting Standards Update 2016-13 | Consumer Loan | January 1, 2020 | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Total Allowance for Credit Losses | $ 53,278 |
Restrictions on Cash and Cash_3
Restrictions on Cash and Cash and Cash Equivalents - Additional Information (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Cash And Cash Equivalents [Abstract] | ||
Required Minimum Average Cash Reserve Maintained with Federal Reserve Bank | $ 0 | $ 0 |
Restrictions on Cash and Cash_4
Restrictions on Cash and Cash and Cash Equivalents - Schedule of Reconciliation of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash And Cash Equivalents [Abstract] | ||||
Interest-Bearing Deposits in Other Banks | $ 2,571 | $ 1,646 | ||
Funds Sold | 361,536 | 333,022 | ||
Cash and Due From Banks | 196,327 | 279,420 | ||
Total Cash and Cash Equivalents | $ 560,434 | $ 614,088 | $ 558,658 | $ 525,969 |
Investment Securities - Schedul
Investment Securities - Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Available-for-Sale: | |||
Available-for-Sale: Amortized Cost | $ 4,320,884 | $ 3,721,636 | $ 2,607,636 |
Available-for-Sale: Gross Unrealized Gains | 21,460 | 72,428 | 21,143 |
Available-for-Sale: Gross Unrealized Losses | (66,288) | (2,375) | (9,776) |
Available-for-Sale: Fair Value | 4,276,056 | 3,791,689 | 2,619,003 |
Held-to-Maturity: | |||
Held-to-Maturity: Amortized Cost | 4,694,780 | 3,262,727 | 3,042,294 |
Held-to-Maturity: Gross Unrealized Gains | 28,334 | 86,494 | 29,990 |
Held-to-Maturity: Gross Unrealized Losses | (76,495) | (528) | (9,402) |
Held-to-Maturity: Fair Value | 4,646,619 | 3,348,693 | 3,062,882 |
Debt Securities Issued by the U.S. Treasury and Government Agencies | |||
Available-for-Sale: | |||
Available-for-Sale: Amortized Cost | 248,858 | 174,409 | 222,365 |
Available-for-Sale: Gross Unrealized Gains | 1,513 | 427 | 213 |
Available-for-Sale: Gross Unrealized Losses | (284) | (591) | (1,447) |
Available-for-Sale: Fair Value | 250,087 | 174,245 | 221,131 |
Held-to-Maturity: | |||
Held-to-Maturity: Amortized Cost | 131,495 | 7,500 | 274,375 |
Held-to-Maturity: Gross Unrealized Gains | 287 | 8 | 1,319 |
Held-to-Maturity: Gross Unrealized Losses | (643) | (8) | (31) |
Held-to-Maturity: Fair Value | 131,139 | 7,500 | 275,663 |
Debt Securities Issued by States and Political Subdivisions | |||
Available-for-Sale: | |||
Available-for-Sale: Amortized Cost | 74,743 | 23,540 | 54,480 |
Available-for-Sale: Gross Unrealized Gains | 1,080 | 1,301 | 631 |
Available-for-Sale: Gross Unrealized Losses | (5) | (1) | (14) |
Available-for-Sale: Fair Value | 75,818 | 24,840 | 55,097 |
Held-to-Maturity: | |||
Held-to-Maturity: Amortized Cost | 33,763 | 54,811 | |
Held-to-Maturity: Gross Unrealized Gains | 741 | 1,236 | |
Held-to-Maturity: Fair Value | 34,504 | 56,047 | |
Debt Securities Issued by Government-Sponsored Enterprises | |||
Available-for-Sale: | |||
Available-for-Sale: Amortized Cost | 1,758 | 985 | 22,128 |
Available-for-Sale: Gross Unrealized Gains | 33 | 77 | 19 |
Available-for-Sale: Gross Unrealized Losses | (11) | 0 | 0 |
Available-for-Sale: Fair Value | 1,780 | 1,062 | 22,147 |
Debt Securities Issued by Corporations | |||
Available-for-Sale: | |||
Available-for-Sale: Amortized Cost | 384,590 | 220,717 | 335,553 |
Available-for-Sale: Gross Unrealized Gains | 2,339 | 4,844 | 1,401 |
Available-for-Sale: Gross Unrealized Losses | (3,816) | (956) | (633) |
Available-for-Sale: Fair Value | 383,113 | 224,605 | 336,321 |
Held-to-Maturity: | |||
Held-to-Maturity: Amortized Cost | 20,316 | 12,031 | 14,975 |
Held-to-Maturity: Gross Unrealized Gains | 76 | 251 | |
Held-to-Maturity: Gross Unrealized Losses | (249) | (138) | |
Held-to-Maturity: Fair Value | 20,143 | 12,282 | 14,837 |
Residential - Government Agencies | |||
Available-for-Sale: | |||
Available-for-Sale: Amortized Cost | 1,327,990 | 1,561,603 | 1,164,466 |
Available-for-Sale: Gross Unrealized Gains | 9,818 | 33,657 | 11,627 |
Available-for-Sale: Gross Unrealized Losses | (18,766) | (445) | (3,267) |
Available-for-Sale: Fair Value | 1,319,042 | 1,594,815 | 1,172,826 |
Held-to-Maturity: | |||
Held-to-Maturity: Amortized Cost | 1,774,394 | 917,459 | 1,067,416 |
Held-to-Maturity: Gross Unrealized Gains | 12,139 | 30,580 | 13,247 |
Held-to-Maturity: Gross Unrealized Losses | (30,621) | (29) | (5,348) |
Held-to-Maturity: Fair Value | 1,755,912 | 948,010 | 1,075,315 |
Residential - U.S. Government-Sponsored Enterprises | |||
Available-for-Sale: | |||
Available-for-Sale: Amortized Cost | 2,127,781 | 1,497,353 | 584,272 |
Available-for-Sale: Gross Unrealized Gains | 4,792 | 21,254 | 4,363 |
Available-for-Sale: Gross Unrealized Losses | (42,247) | (324) | (1,874) |
Available-for-Sale: Fair Value | 2,090,326 | 1,518,283 | 586,761 |
Held-to-Maturity: | |||
Held-to-Maturity: Amortized Cost | 2,286,880 | 2,099,053 | 1,546,479 |
Held-to-Maturity: Gross Unrealized Gains | 15,508 | 51,735 | 13,871 |
Held-to-Maturity: Gross Unrealized Losses | (32,627) | (291) | (2,478) |
Held-to-Maturity: Fair Value | 2,269,761 | 2,150,497 | 1,557,872 |
Commercial - Government Agencies | |||
Available-for-Sale: | |||
Available-for-Sale: Amortized Cost | 155,164 | 243,029 | 224,372 |
Available-for-Sale: Gross Unrealized Gains | 1,885 | 10,868 | 2,889 |
Available-for-Sale: Gross Unrealized Losses | (1,159) | (58) | (2,541) |
Available-for-Sale: Fair Value | 155,890 | 253,839 | 224,720 |
Held-to-Maturity: | |||
Held-to-Maturity: Amortized Cost | 481,695 | 192,921 | 84,238 |
Held-to-Maturity: Gross Unrealized Gains | 324 | 3,179 | 317 |
Held-to-Maturity: Gross Unrealized Losses | (12,355) | (200) | (1,407) |
Held-to-Maturity: Fair Value | 469,664 | 195,900 | 83,148 |
Mortgage-Backed Securities | |||
Available-for-Sale: | |||
Available-for-Sale: Amortized Cost | 3,610,935 | 3,301,985 | 1,973,110 |
Available-for-Sale: Gross Unrealized Gains | 16,495 | 65,779 | 18,879 |
Available-for-Sale: Gross Unrealized Losses | (62,172) | (827) | (7,682) |
Available-for-Sale: Fair Value | 3,565,258 | 3,366,937 | 1,984,307 |
Held-to-Maturity: | |||
Held-to-Maturity: Amortized Cost | 4,542,969 | 3,209,433 | 2,698,133 |
Held-to-Maturity: Gross Unrealized Gains | 27,971 | 85,494 | 27,435 |
Held-to-Maturity: Gross Unrealized Losses | (75,603) | (520) | (9,233) |
Held-to-Maturity: Fair Value | $ 4,495,337 | $ 3,294,407 | $ 2,716,335 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) $ in Thousands | Dec. 29, 2021 | Dec. 28, 2021 | Jun. 30, 2020USD ($)shares | Dec. 31, 2021USD ($)securityshares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | ||||||
Accrued interest receivable | $ 45,242 | $ 49,303 | ||||
Carrying Value Of Investment Securities Pledged | $ 2,900,000 | 3,600,000 | ||||
Number of available for sale debt securities in unrealized loss positions | security | 231 | |||||
Gross Gains on Sales of Investment Securities | $ 3,825 | 14,257 | $ 7,810 | |||
Visa Class B Restricted Securities | ||||||
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | ||||||
Conversion ratio | 0.016181 | 0.016228 | ||||
Gross Gains on Sales of Investment Securities | $ 14,200 | |||||
Equity securities remaining, shares | shares | 80,214 | 0 | ||||
Available-for-sale Securities | ||||||
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | ||||||
Accrued interest receivable | $ 8,400 | 6,600 | ||||
Held-to-maturity Securities | ||||||
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | ||||||
Accrued interest receivable | $ 8,200 | $ 6,800 |
Investment Securities - Analysi
Investment Securities - Analysis of the Contractual Maturities of Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis Rolling Maturity[Abstract] | |||
Due in One Year or Less | $ 972 | ||
Due After One Year Through Five Years | 214,558 | ||
Due After Five Years Through Ten Years | 347,391 | ||
Due After Ten Years | 13,130 | ||
Amortized Cost, Total | 576,051 | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturities [Abstract] | |||
Available-for-Sale: Amortized Cost | 4,320,884 | $ 3,721,636 | $ 2,607,636 |
Due in One Year or Less | 978 | ||
Due After One Year Through Five Years | 215,275 | ||
Due After Five Years Through Ten Years | 345,996 | ||
Due After Ten Years | 13,305 | ||
Fair Value, Total | 575,554 | ||
Available-for-Sale: Fair Value | 4,276,056 | 3,791,689 | 2,619,003 |
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis, Rolling Maturities (Abstract] | |||
Due After One Year Through Five Years | 16,537 | ||
Due After Five Years Through Ten Years | 123,996 | ||
Due After Ten Years | 11,278 | ||
Amortized Cost, Total | 151,811 | ||
Held-to-Maturity Securities, Debt Maturities, Single Maturity Date, Fair Value, Rolling Maturities [Abstract] | |||
Due After One Year Through Five Years | 16,391 | ||
Due After Five Years Through Ten Years | 123,862 | ||
Due After Ten Years | 11,029 | ||
Fair Value, Total | 151,282 | ||
Held-to-Maturity: Amortized Cost | 4,694,780 | ||
Held-to-Maturity: Fair Value | 4,646,619 | 3,348,693 | 3,062,882 |
Debt Securities Issued by Government Agencies | |||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturities [Abstract] | |||
Available-for-sale Securities: Amortized Cost | 133,898 | ||
Available-for-sale Securities, Debt Securities Issued by Government Agencies and Mortgage-Backed Securities: Fair Value | 135,244 | ||
Residential - Government Agencies | |||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturities [Abstract] | |||
Available-for-sale Securities: Amortized Cost | 1,327,990 | ||
Available-for-Sale: Amortized Cost | 1,327,990 | 1,561,603 | 1,164,466 |
Available-for-sale Securities, Debt Securities Issued by Government Agencies and Mortgage-Backed Securities: Fair Value | 1,319,042 | ||
Available-for-Sale: Fair Value | 1,319,042 | 1,594,815 | 1,172,826 |
Held-to-Maturity Securities, Debt Maturities, Single Maturity Date, Fair Value, Rolling Maturities [Abstract] | |||
Held-to-Maturity: Mortgage-Backed Securities: Amortized Cost | 1,774,394 | ||
Held-to-Maturity: Mortgage-Backed Securities: Fair Value | 1,755,912 | ||
Held-to-Maturity: Fair Value | 1,755,912 | 948,010 | 1,075,315 |
Residential - U.S. Government-Sponsored Enterprises | |||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturities [Abstract] | |||
Available-for-sale Securities: Amortized Cost | 2,127,781 | ||
Available-for-Sale: Amortized Cost | 2,127,781 | 1,497,353 | 584,272 |
Available-for-sale Securities, Debt Securities Issued by Government Agencies and Mortgage-Backed Securities: Fair Value | 2,090,326 | ||
Available-for-Sale: Fair Value | 2,090,326 | 1,518,283 | 586,761 |
Held-to-Maturity Securities, Debt Maturities, Single Maturity Date, Fair Value, Rolling Maturities [Abstract] | |||
Held-to-Maturity: Mortgage-Backed Securities: Amortized Cost | 2,286,880 | ||
Held-to-Maturity: Mortgage-Backed Securities: Fair Value | 2,269,761 | ||
Held-to-Maturity: Fair Value | 2,269,761 | 2,150,497 | 1,557,872 |
Commercial - Government Agencies | |||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturities [Abstract] | |||
Available-for-sale Securities: Amortized Cost | 155,164 | ||
Available-for-Sale: Amortized Cost | 155,164 | 243,029 | 224,372 |
Available-for-sale Securities, Debt Securities Issued by Government Agencies and Mortgage-Backed Securities: Fair Value | 155,890 | ||
Available-for-Sale: Fair Value | 155,890 | 253,839 | 224,720 |
Held-to-Maturity Securities, Debt Maturities, Single Maturity Date, Fair Value, Rolling Maturities [Abstract] | |||
Held-to-Maturity: Mortgage-Backed Securities: Amortized Cost | 481,695 | ||
Held-to-Maturity: Mortgage-Backed Securities: Fair Value | 469,664 | ||
Held-to-Maturity: Fair Value | 469,664 | 195,900 | 83,148 |
Mortgage-Backed Securities | |||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturities [Abstract] | |||
Available-for-sale Securities: Amortized Cost | 3,610,935 | ||
Available-for-Sale: Amortized Cost | 3,610,935 | 3,301,985 | 1,973,110 |
Available-for-sale Securities, Debt Securities Issued by Government Agencies and Mortgage-Backed Securities: Fair Value | 3,565,258 | ||
Available-for-Sale: Fair Value | 3,565,258 | 3,366,937 | 1,984,307 |
Held-to-Maturity Securities, Debt Maturities, Single Maturity Date, Fair Value, Rolling Maturities [Abstract] | |||
Held-to-Maturity: Mortgage-Backed Securities: Amortized Cost | 4,542,969 | ||
Held-to-Maturity: Mortgage-Backed Securities: Fair Value | 4,495,337 | ||
Held-to-Maturity: Fair Value | $ 4,495,337 | $ 3,294,407 | $ 2,716,335 |
Investment Securities - Sched_2
Investment Securities - Schedule of Gains and Losses From Sales of Investment Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |||
Gross Gains on Sales of Investment Securities | $ 3,825 | $ 14,257 | $ 7,810 |
Gross Losses on Sales of Investment Securities | (5,122) | (4,325) | (11,796) |
Net Gains (Losses) on Sales of Investment Securities | $ (1,297) | $ 9,932 | $ (3,986) |
Investment Securities - Sched_3
Investment Securities - Schedule of AFS Debt Securities in an Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | $ 2,808,862 | $ 318,953 |
Less Than 12 Months, Gross Unrealized Losses | (56,121) | (1,499) |
12 Months or Longer, Fair Value | 317,559 | 165,159 |
12 Months or Longer, Gross Unrealized Losses | (10,167) | (876) |
Total Fair Value | 3,126,421 | 484,112 |
Total Gross Unrealized Losses | (66,288) | (2,375) |
Debt Securities Issued by the U.S. Treasury and Government Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 51,455 | 21,338 |
Less Than 12 Months, Gross Unrealized Losses | (195) | (42) |
12 Months or Longer, Fair Value | 9,995 | 87,070 |
12 Months or Longer, Gross Unrealized Losses | (89) | (549) |
Total Fair Value | 61,450 | 108,408 |
Total Gross Unrealized Losses | (284) | (591) |
Debt Securities Issued by States and Political Subdivisions | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 643 | |
Less Than 12 Months, Gross Unrealized Losses | (5) | |
12 Months or Longer, Fair Value | 26 | |
12 Months or Longer, Gross Unrealized Losses | (1) | |
Total Fair Value | 643 | 26 |
Total Gross Unrealized Losses | (5) | (1) |
Debt Securities Issued by Government-Sponsored Enterprises | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 814 | |
Less Than 12 Months, Gross Unrealized Losses | (10) | |
12 Months or Longer, Fair Value | 49 | |
12 Months or Longer, Gross Unrealized Losses | (1) | |
Total Fair Value | 863 | |
Total Gross Unrealized Losses | (11) | |
Debt Securities Issued by Corporations | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 249,629 | 65,000 |
Less Than 12 Months, Gross Unrealized Losses | (2,846) | (853) |
12 Months or Longer, Fair Value | 64,029 | 50,000 |
12 Months or Longer, Gross Unrealized Losses | (970) | (103) |
Total Fair Value | 313,658 | 115,000 |
Total Gross Unrealized Losses | (3,816) | (956) |
Residential - Government Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 810,157 | 113,538 |
Less Than 12 Months, Gross Unrealized Losses | (17,131) | (222) |
12 Months or Longer, Fair Value | 41,471 | 28,063 |
12 Months or Longer, Gross Unrealized Losses | (1,635) | (223) |
Total Fair Value | 851,628 | 141,601 |
Total Gross Unrealized Losses | (18,766) | (445) |
Residential - U.S. Government-Sponsored Enterprises | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 1,670,500 | 94,002 |
Less Than 12 Months, Gross Unrealized Losses | (35,711) | (324) |
12 Months or Longer, Fair Value | 180,205 | |
12 Months or Longer, Gross Unrealized Losses | (6,536) | |
Total Fair Value | 1,850,705 | 94,002 |
Total Gross Unrealized Losses | (42,247) | (324) |
Commercial - Government Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 25,664 | 25,075 |
Less Than 12 Months, Gross Unrealized Losses | (223) | (58) |
12 Months or Longer, Fair Value | 21,810 | |
12 Months or Longer, Gross Unrealized Losses | (936) | |
Total Fair Value | 47,474 | 25,075 |
Total Gross Unrealized Losses | (1,159) | (58) |
Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 2,506,321 | 232,615 |
Less Than 12 Months, Gross Unrealized Losses | (53,065) | (604) |
12 Months or Longer, Fair Value | 243,486 | 28,063 |
12 Months or Longer, Gross Unrealized Losses | (9,107) | (223) |
Total Fair Value | 2,749,807 | 260,678 |
Total Gross Unrealized Losses | $ (62,172) | $ (827) |
Investment Securities - Sched_4
Investment Securities - Schedule of Interest Income From Taxable and Non-Taxable Investment Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |||
Taxable | $ 125,529 | $ 125,291 | $ 137,204 |
Non-Taxable | 976 | 2,058 | 6,586 |
Total Interest Income from Investment Securities | $ 126,505 | $ 127,349 | $ 143,790 |
Investment Securities - Sched_5
Investment Securities - Schedule of Carrying Value of Federal Home Loan Bank of Des Moines Stock and Federal Reserve Bank Stock (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Investments Debt And Equity Securities [Abstract] | ||
Federal Home Loan Bank of Des Moines Stock | $ 10,000 | $ 12,000 |
Federal Reserve Bank Stock | 26,624 | 21,340 |
Total | $ 36,624 | $ 33,340 |
Loans and Leases and the Allo_3
Loans and Leases and the Allowance for Credit Losses - Schedule of Loan and Lease Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loan and lease portfolio | ||
Loans and Leases | $ 12,259,076 | $ 11,940,020 |
Commercial | ||
Loan and lease portfolio | ||
Loans and Leases | 4,966,192 | 5,100,686 |
Commercial | Commercial and Industrial | ||
Loan and lease portfolio | ||
Loans and Leases | 1,361,921 | 1,357,610 |
Commercial | PPP | ||
Loan and lease portfolio | ||
Loans and Leases | 126,779 | 517,683 |
Commercial | Commercial Mortgage | ||
Loan and lease portfolio | ||
Loans and Leases | 3,152,130 | 2,854,829 |
Commercial | Construction | ||
Loan and lease portfolio | ||
Loans and Leases | 220,254 | 259,798 |
Commercial | Lease Financing | ||
Loan and lease portfolio | ||
Loans and Leases | 105,108 | 110,766 |
Consumer | ||
Loan and lease portfolio | ||
Loans and Leases | 7,292,884 | 6,839,334 |
Consumer | Other | ||
Loan and lease portfolio | ||
Loans and Leases | 410,129 | 395,483 |
Consumer | Residential Mortgage | ||
Loan and lease portfolio | ||
Loans and Leases | 4,309,602 | 4,130,513 |
Consumer | Home Equity | ||
Loan and lease portfolio | ||
Loans and Leases | 1,836,588 | 1,604,538 |
Consumer | Automobile | ||
Loan and lease portfolio | ||
Loans and Leases | $ 736,565 | $ 708,800 |
Loans and Leases and the Allo_4
Loans and Leases and the Allowance for Credit Losses - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)Loan | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Loan and lease portfolio | |||
Net gains related to sales of residential mortgage loans | $ 7,100,000 | $ 15,400,000 | $ 5,300,000 |
Accrued interest receivable | 45,242,000 | 49,303,000 | |
Revolving loans, converted to term loan during the period | $ 4,100 | 2,900 | |
Number of days non-accrual loans are not past due | 30 days | ||
Recorded Investment | $ 70,000,000 | 72,500,000 | |
Available commitments to lend additional funds on loans modified as TDR | 200,000 | 500,000 | |
Consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure | $ 1,500,000 | ||
Consumer | |||
Loan and lease portfolio | |||
Number of loan and lease concessions - COVID-19 | Loan | 11 | ||
Loan and lease modifications, amount - COVID-19 | $ 3,100,000 | ||
Commercial | |||
Loan and lease portfolio | |||
Number of loan and lease concessions - COVID-19 | Loan | 8 | ||
Loan and lease modifications, amount - COVID-19 | $ 40,500,000 | ||
Classified | |||
Loan and lease portfolio | |||
Number of months up to which residential and home equity loans may be considered classified, even if they are current as to principal and interest | 6 months | ||
Classified | Consumer | |||
Loan and lease portfolio | |||
Number of days past due for loans and leases in classified credit quality indicator | 90 days | ||
Pass | Residential Mortgage | |||
Loan and lease portfolio | |||
Number of days past due for loans and leases in classified credit quality indicator | 90 days | ||
Maximum current loan-to-value ratio for residential mortgage and home equity loans to be considered as pass (as a percent) | 60.00% | ||
Pass | Home Equity | |||
Loan and lease portfolio | |||
Number of days past due for loans and leases in classified credit quality indicator | 90 days | ||
Pass | Home Equity | First Mortgage | |||
Loan and lease portfolio | |||
Maximum current loan-to-value ratio for residential mortgage and home equity loans to be considered as pass (as a percent) | 60.00% | ||
Pass | Home Equity | First Lien | |||
Loan and lease portfolio | |||
Maximum current loan-to-value ratio for residential mortgage and home equity loans to be considered as pass (as a percent) | 60.00% | ||
PPP Loans, Administered by the SBA | |||
Loan and lease portfolio | |||
Loans interest rate | 1.00% | ||
Accrued Interest Receivable | |||
Loan and lease portfolio | |||
Accrued interest receivable | $ 28,700,000 | $ 35,900,000 | |
Minimum | |||
Loan and lease portfolio | |||
Default period past due following modification of loans in TDR (in days) | 60 days | ||
Minimum | PPP Loans, Administered by the SBA | |||
Loan and lease portfolio | |||
Loans maturity period | 2 years | ||
Maximum | PPP Loans, Administered by the SBA | |||
Loan and lease portfolio | |||
Loans maturity period | 5 years |
Loans and Leases and the Allo_5
Loans and Leases and the Allowance for Credit Losses - Schedule of Activity in Allowance by Portfolio Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for Credit Losses: | |||
Balance at Beginning of Period | $ 216,252 | $ 110,027 | $ 106,693 |
Loans and Leases Charged-Off | (17,319) | (21,038) | (23,955) |
Recoveries on Loans and Leases Previously Charged-Off | 11,354 | 13,900 | 11,289 |
Net Loans and Leases Recovered (Charged-Off) | (5,965) | (7,138) | (12,666) |
Provision for Credit Losses | (52,466) | 115,100 | 16,000 |
Balance at End of Period | 157,821 | 216,252 | 110,027 |
Accounting Standards Update 2016-13 | |||
Allowance for Credit Losses: | |||
Balance at Beginning of Period | 110,027 | ||
Balance at End of Period | 110,027 | ||
CECL Adoption Impact | Accounting Standards Update 2016-13 | |||
Allowance for Credit Losses: | |||
Balance at Beginning of Period | (1,737) | ||
Balance at End of Period | (1,737) | ||
January 1, 2020 | Accounting Standards Update 2016-13 | |||
Allowance for Credit Losses: | |||
Balance at Beginning of Period | 108,290 | ||
Balance at End of Period | 108,290 | ||
Commercial | |||
Allowance for Credit Losses: | |||
Balance at Beginning of Period | 84,847 | 73,801 | 66,874 |
Loans and Leases Charged-Off | (1,117) | (1,697) | (2,738) |
Recoveries on Loans and Leases Previously Charged-Off | 506 | 2,328 | 1,513 |
Net Loans and Leases Recovered (Charged-Off) | (611) | 631 | (1,225) |
Provision for Credit Losses | (19,286) | 29,204 | 8,152 |
Balance at End of Period | 64,950 | 84,847 | 73,801 |
Commercial | Accounting Standards Update 2016-13 | |||
Allowance for Credit Losses: | |||
Balance at Beginning of Period | 73,801 | ||
Balance at End of Period | 73,801 | ||
Commercial | CECL Adoption Impact | Accounting Standards Update 2016-13 | |||
Allowance for Credit Losses: | |||
Balance at Beginning of Period | (18,789) | ||
Balance at End of Period | (18,789) | ||
Commercial | January 1, 2020 | Accounting Standards Update 2016-13 | |||
Allowance for Credit Losses: | |||
Balance at Beginning of Period | 55,012 | ||
Balance at End of Period | 55,012 | ||
Consumer | |||
Allowance for Credit Losses: | |||
Balance at Beginning of Period | 131,405 | 36,226 | 39,819 |
Loans and Leases Charged-Off | (16,202) | (19,341) | (21,217) |
Recoveries on Loans and Leases Previously Charged-Off | 10,848 | 11,572 | 9,776 |
Net Loans and Leases Recovered (Charged-Off) | (5,354) | (7,769) | (11,441) |
Provision for Credit Losses | (33,180) | 85,896 | 7,848 |
Balance at End of Period | $ 92,871 | 131,405 | 36,226 |
Consumer | Accounting Standards Update 2016-13 | |||
Allowance for Credit Losses: | |||
Balance at Beginning of Period | 36,226 | ||
Balance at End of Period | 36,226 | ||
Consumer | CECL Adoption Impact | Accounting Standards Update 2016-13 | |||
Allowance for Credit Losses: | |||
Balance at Beginning of Period | 17,052 | ||
Balance at End of Period | 17,052 | ||
Consumer | January 1, 2020 | Accounting Standards Update 2016-13 | |||
Allowance for Credit Losses: | |||
Balance at Beginning of Period | $ 53,278 | ||
Balance at End of Period | $ 53,278 |
Loans and Leases and the Allo_6
Loans and Leases and the Allowance for Credit Losses - Schedule of Amortized Cost Basis of Loans and Leases by Credit Quality Indicator, Loan Class, and Year of Origination (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | $ 3,541,779 | $ 3,669,902 |
Fiscal Year Before Latest Fiscal Year | 2,603,519 | 1,701,148 |
Two Years Before Latest Fiscal Year | 1,074,467 | 1,078,600 |
Three Years Before Latest Fiscal Year | 686,064 | 879,110 |
Four Years Before Latest Fiscal Year | 516,150 | 932,627 |
Prior | 1,619,114 | 1,545,761 |
Revolving Loans | 2,180,226 | 2,091,726 |
Revolving Loans Converted to Term Loans | 37,757 | 41,146 |
Total Loans and Leases | 12,259,076 | 11,940,020 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 1,675,218 | 2,078,659 |
Fiscal Year Before Latest Fiscal Year | 1,270,223 | 764,275 |
Two Years Before Latest Fiscal Year | 474,461 | 531,323 |
Three Years Before Latest Fiscal Year | 372,765 | 315,087 |
Four Years Before Latest Fiscal Year | 208,787 | 343,502 |
Prior | 607,387 | 568,609 |
Revolving Loans | 356,826 | 498,207 |
Revolving Loans Converted to Term Loans | 525 | 1,024 |
Total Loans and Leases | 4,966,192 | 5,100,686 |
Commercial | Commercial and Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 468,801 | 470,690 |
Fiscal Year Before Latest Fiscal Year | 336,232 | 150,800 |
Two Years Before Latest Fiscal Year | 79,913 | 151,734 |
Three Years Before Latest Fiscal Year | 70,016 | 50,162 |
Four Years Before Latest Fiscal Year | 27,751 | 52,483 |
Prior | 92,903 | 87,530 |
Revolving Loans | 285,780 | 393,187 |
Revolving Loans Converted to Term Loans | 525 | 1,024 |
Total Loans and Leases | 1,361,921 | 1,357,610 |
Commercial | Commercial and Industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 455,984 | 426,780 |
Fiscal Year Before Latest Fiscal Year | 301,646 | 149,024 |
Two Years Before Latest Fiscal Year | 79,826 | 149,468 |
Three Years Before Latest Fiscal Year | 68,026 | 49,385 |
Four Years Before Latest Fiscal Year | 27,246 | 52,354 |
Prior | 75,321 | 68,269 |
Revolving Loans | 256,240 | 342,339 |
Revolving Loans Converted to Term Loans | 471 | 847 |
Total Loans and Leases | 1,264,760 | 1,238,466 |
Commercial | Commercial and Industrial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 1,966 | 11,702 |
Fiscal Year Before Latest Fiscal Year | 32,667 | 42 |
Two Years Before Latest Fiscal Year | 0 | 0 |
Three Years Before Latest Fiscal Year | 0 | 0 |
Four Years Before Latest Fiscal Year | 0 | 110 |
Prior | 101 | 95 |
Revolving Loans | 27,031 | 32,319 |
Revolving Loans Converted to Term Loans | 0 | 52 |
Total Loans and Leases | 61,765 | 44,320 |
Commercial | Commercial and Industrial | Classified | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 10,851 | 32,208 |
Fiscal Year Before Latest Fiscal Year | 1,919 | 1,734 |
Two Years Before Latest Fiscal Year | 87 | 2,266 |
Three Years Before Latest Fiscal Year | 1,990 | 777 |
Four Years Before Latest Fiscal Year | 505 | 19 |
Prior | 17,481 | 19,166 |
Revolving Loans | 2,509 | 18,529 |
Revolving Loans Converted to Term Loans | 54 | 125 |
Total Loans and Leases | 35,396 | 74,824 |
Commercial | PPP | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 86,484 | 517,683 |
Fiscal Year Before Latest Fiscal Year | 40,295 | 0 |
Two Years Before Latest Fiscal Year | 0 | 0 |
Three Years Before Latest Fiscal Year | 0 | 0 |
Four Years Before Latest Fiscal Year | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 126,779 | 517,683 |
Commercial | PPP | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 86,484 | 517,683 |
Fiscal Year Before Latest Fiscal Year | 40,295 | 0 |
Two Years Before Latest Fiscal Year | 0 | 0 |
Three Years Before Latest Fiscal Year | 0 | 0 |
Four Years Before Latest Fiscal Year | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 126,779 | 517,683 |
Commercial | Commercial Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 1,031,227 | 963,839 |
Fiscal Year Before Latest Fiscal Year | 783,743 | 487,545 |
Two Years Before Latest Fiscal Year | 338,800 | 353,437 |
Three Years Before Latest Fiscal Year | 291,991 | 252,548 |
Four Years Before Latest Fiscal Year | 178,436 | 281,267 |
Prior | 474,547 | 439,324 |
Revolving Loans | 53,386 | 76,869 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 3,152,130 | 2,854,829 |
Commercial | Commercial Mortgage | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 958,719 | 847,676 |
Fiscal Year Before Latest Fiscal Year | 736,155 | 458,472 |
Two Years Before Latest Fiscal Year | 338,160 | 350,363 |
Three Years Before Latest Fiscal Year | 261,991 | 245,157 |
Four Years Before Latest Fiscal Year | 178,436 | 267,860 |
Prior | 459,337 | 425,157 |
Revolving Loans | 53,386 | 76,869 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 2,986,184 | 2,671,554 |
Commercial | Commercial Mortgage | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 68,768 | 66,523 |
Fiscal Year Before Latest Fiscal Year | 39,773 | 28,418 |
Two Years Before Latest Fiscal Year | 0 | 291 |
Three Years Before Latest Fiscal Year | 30,000 | 7,117 |
Four Years Before Latest Fiscal Year | 0 | 8,665 |
Prior | 6,069 | 5,035 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 144,610 | 116,049 |
Commercial | Commercial Mortgage | Classified | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 3,740 | 49,640 |
Fiscal Year Before Latest Fiscal Year | 7,815 | 655 |
Two Years Before Latest Fiscal Year | 640 | 2,783 |
Three Years Before Latest Fiscal Year | 0 | 274 |
Four Years Before Latest Fiscal Year | 0 | 4,742 |
Prior | 9,141 | 9,132 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 21,336 | 67,226 |
Commercial | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 67,069 | 106,508 |
Fiscal Year Before Latest Fiscal Year | 94,878 | 105,731 |
Two Years Before Latest Fiscal Year | 40,051 | 11,275 |
Three Years Before Latest Fiscal Year | 0 | 8,133 |
Four Years Before Latest Fiscal Year | 596 | 0 |
Prior | 0 | 0 |
Revolving Loans | 17,660 | 28,151 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 220,254 | 259,798 |
Commercial | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 67,069 | 106,508 |
Fiscal Year Before Latest Fiscal Year | 94,878 | 105,731 |
Two Years Before Latest Fiscal Year | 40,051 | 11,275 |
Three Years Before Latest Fiscal Year | 0 | 8,133 |
Four Years Before Latest Fiscal Year | 596 | 0 |
Prior | 0 | 0 |
Revolving Loans | 17,660 | 28,151 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 220,254 | 259,798 |
Commercial | Lease Financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 21,637 | 19,939 |
Fiscal Year Before Latest Fiscal Year | 15,075 | 20,199 |
Two Years Before Latest Fiscal Year | 15,697 | 14,877 |
Three Years Before Latest Fiscal Year | 10,758 | 4,244 |
Four Years Before Latest Fiscal Year | 2,004 | 9,752 |
Prior | 39,937 | 41,755 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 105,108 | 110,766 |
Commercial | Lease Financing | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 21,637 | 19,906 |
Fiscal Year Before Latest Fiscal Year | 15,075 | 20,132 |
Two Years Before Latest Fiscal Year | 15,697 | 13,785 |
Three Years Before Latest Fiscal Year | 9,902 | 4,202 |
Four Years Before Latest Fiscal Year | 2,004 | 9,657 |
Prior | 39,937 | 41,755 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 104,252 | 109,437 |
Commercial | Lease Financing | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 33 |
Fiscal Year Before Latest Fiscal Year | 0 | 67 |
Two Years Before Latest Fiscal Year | 0 | 1,092 |
Three Years Before Latest Fiscal Year | 856 | 42 |
Four Years Before Latest Fiscal Year | 0 | 95 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 856 | 1,329 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 1,866,561 | 1,591,243 |
Fiscal Year Before Latest Fiscal Year | 1,333,296 | 936,873 |
Two Years Before Latest Fiscal Year | 600,006 | 547,277 |
Three Years Before Latest Fiscal Year | 313,299 | 564,023 |
Four Years Before Latest Fiscal Year | 307,363 | 589,125 |
Prior | 1,011,727 | 977,152 |
Revolving Loans | 1,823,400 | 1,593,519 |
Revolving Loans Converted to Term Loans | 37,232 | 40,122 |
Total Loans and Leases | 7,292,884 | 6,839,334 |
Consumer | Residential Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 1,392,337 | 1,300,831 |
Fiscal Year Before Latest Fiscal Year | 1,131,330 | 576,746 |
Two Years Before Latest Fiscal Year | 367,819 | 295,522 |
Three Years Before Latest Fiscal Year | 177,215 | 455,197 |
Four Years Before Latest Fiscal Year | 257,730 | 545,798 |
Prior | 983,171 | 956,419 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 4,309,602 | 4,130,513 |
Consumer | Residential Mortgage | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 1,392,337 | 1,300,831 |
Fiscal Year Before Latest Fiscal Year | 1,131,330 | 576,452 |
Two Years Before Latest Fiscal Year | 367,525 | 295,522 |
Three Years Before Latest Fiscal Year | 177,215 | 454,165 |
Four Years Before Latest Fiscal Year | 255,451 | 545,798 |
Prior | 982,306 | 954,120 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 4,306,164 | 4,126,888 |
Consumer | Residential Mortgage | Classified | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 0 |
Fiscal Year Before Latest Fiscal Year | 0 | 294 |
Two Years Before Latest Fiscal Year | 294 | 0 |
Three Years Before Latest Fiscal Year | 0 | 1,032 |
Four Years Before Latest Fiscal Year | 2,279 | 0 |
Prior | 865 | 2,299 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 3,438 | 3,625 |
Consumer | Home Equity Loan | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 0 |
Fiscal Year Before Latest Fiscal Year | 0 | 0 |
Two Years Before Latest Fiscal Year | 0 | 0 |
Three Years Before Latest Fiscal Year | 0 | 0 |
Four Years Before Latest Fiscal Year | 0 | 0 |
Prior | 3,044 | 4,537 |
Revolving Loans | 1,797,756 | 1,561,364 |
Revolving Loans Converted to Term Loans | 35,788 | 38,637 |
Total Loans and Leases | 1,836,588 | 1,604,538 |
Consumer | Home Equity Loan | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 0 |
Fiscal Year Before Latest Fiscal Year | 0 | 0 |
Two Years Before Latest Fiscal Year | 0 | 0 |
Three Years Before Latest Fiscal Year | 0 | 0 |
Four Years Before Latest Fiscal Year | 0 | 0 |
Prior | 2,934 | 4,449 |
Revolving Loans | 1,793,142 | 1,556,671 |
Revolving Loans Converted to Term Loans | 35,141 | 37,559 |
Total Loans and Leases | 1,831,217 | 1,598,679 |
Consumer | Home Equity Loan | Classified | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 0 |
Fiscal Year Before Latest Fiscal Year | 0 | 0 |
Two Years Before Latest Fiscal Year | 0 | 0 |
Three Years Before Latest Fiscal Year | 0 | 0 |
Four Years Before Latest Fiscal Year | 0 | 0 |
Prior | 110 | 88 |
Revolving Loans | 4,614 | 4,693 |
Revolving Loans Converted to Term Loans | 647 | 1,078 |
Total Loans and Leases | 5,371 | 5,859 |
Consumer | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 301,450 | 219,319 |
Fiscal Year Before Latest Fiscal Year | 152,107 | 214,159 |
Two Years Before Latest Fiscal Year | 139,021 | 158,387 |
Three Years Before Latest Fiscal Year | 91,548 | 68,889 |
Four Years Before Latest Fiscal Year | 33,388 | 34,060 |
Prior | 19,051 | 13,986 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 736,565 | 708,800 |
Consumer | Automobile | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 301,285 | 219,218 |
Fiscal Year Before Latest Fiscal Year | 152,022 | 213,914 |
Two Years Before Latest Fiscal Year | 138,887 | 158,216 |
Three Years Before Latest Fiscal Year | 91,411 | 68,776 |
Four Years Before Latest Fiscal Year | 33,268 | 33,899 |
Prior | 18,963 | 13,850 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 735,836 | 707,873 |
Consumer | Automobile | Classified | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 165 | 101 |
Fiscal Year Before Latest Fiscal Year | 85 | 245 |
Two Years Before Latest Fiscal Year | 134 | 171 |
Three Years Before Latest Fiscal Year | 137 | 113 |
Four Years Before Latest Fiscal Year | 120 | 161 |
Prior | 88 | 136 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 729 | 927 |
Consumer | Other Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 172,774 | 71,093 |
Fiscal Year Before Latest Fiscal Year | 49,859 | 145,968 |
Two Years Before Latest Fiscal Year | 93,166 | 93,368 |
Three Years Before Latest Fiscal Year | 44,536 | 39,937 |
Four Years Before Latest Fiscal Year | 16,245 | 9,267 |
Prior | 6,461 | 2,210 |
Revolving Loans | 25,644 | 32,155 |
Revolving Loans Converted to Term Loans | 1,444 | 1,485 |
Total Loans and Leases | 410,129 | 395,483 |
Consumer | Other Loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 172,735 | 71,042 |
Fiscal Year Before Latest Fiscal Year | 49,769 | 145,549 |
Two Years Before Latest Fiscal Year | 92,983 | 92,993 |
Three Years Before Latest Fiscal Year | 44,489 | 39,770 |
Four Years Before Latest Fiscal Year | 16,218 | 9,225 |
Prior | 6,444 | 2,189 |
Revolving Loans | 25,622 | 32,070 |
Revolving Loans Converted to Term Loans | 1,444 | 1,485 |
Total Loans and Leases | 409,704 | 394,323 |
Consumer | Other Loans | Classified | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 39 | 51 |
Fiscal Year Before Latest Fiscal Year | 90 | 419 |
Two Years Before Latest Fiscal Year | 183 | 375 |
Three Years Before Latest Fiscal Year | 47 | 167 |
Four Years Before Latest Fiscal Year | 27 | 42 |
Prior | 17 | 21 |
Revolving Loans | 22 | 85 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | $ 425 | $ 1,160 |
Loans and Leases and the Allo_7
Loans and Leases and the Allowance for Credit Losses - Schedule of Aging Analysis by Class of Loan and Lease Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | $ 12,259,076 | $ 11,940,020 |
Non- Accrual | 16,634 | 16,149 |
Total Past Due and Non- Accrual | 45,161 | 52,619 |
Total Loans and Leases | 12,259,076 | 11,940,020 |
Non- Accrual Loans and Leases that are Current | 9,900 | 8,355 |
Commercial | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 4,966,192 | 5,100,686 |
Non- Accrual | 8,448 | 8,968 |
Total Past Due and Non- Accrual | 10,468 | 9,218 |
Total Loans and Leases | 4,966,192 | 5,100,686 |
Non- Accrual Loans and Leases that are Current | 8,356 | 5,268 |
Commercial | Commercial and Industrial | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 1,361,921 | 1,357,610 |
Non- Accrual | 243 | 441 |
Total Past Due and Non- Accrual | 2,263 | 691 |
Total Loans and Leases | 1,361,921 | 1,357,610 |
Non- Accrual Loans and Leases that are Current | 151 | 285 |
Commercial | PPP | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 126,779 | 517,683 |
Non- Accrual | 0 | 0 |
Total Past Due and Non- Accrual | 0 | 0 |
Total Loans and Leases | 126,779 | 517,683 |
Non- Accrual Loans and Leases that are Current | 0 | 0 |
Commercial | Commercial Mortgage | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 3,152,130 | 2,854,829 |
Non- Accrual | 8,205 | 8,527 |
Total Past Due and Non- Accrual | 8,205 | 8,527 |
Total Loans and Leases | 3,152,130 | 2,854,829 |
Non- Accrual Loans and Leases that are Current | 8,205 | 4,983 |
Commercial | Construction | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 220,254 | 259,798 |
Non- Accrual | 0 | 0 |
Total Past Due and Non- Accrual | 0 | 0 |
Total Loans and Leases | 220,254 | 259,798 |
Non- Accrual Loans and Leases that are Current | 0 | 0 |
Commercial | Lease Financing | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 105,108 | 110,766 |
Non- Accrual | 0 | 0 |
Total Past Due and Non- Accrual | 0 | 0 |
Total Loans and Leases | 105,108 | 110,766 |
Non- Accrual Loans and Leases that are Current | 0 | 0 |
Consumer | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 7,292,884 | 6,839,334 |
Non- Accrual | 8,186 | 7,181 |
Total Past Due and Non- Accrual | 34,693 | 43,401 |
Total Loans and Leases | 7,292,884 | 6,839,334 |
Non- Accrual Loans and Leases that are Current | 1,544 | 3,087 |
Consumer | Other | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Non- Accrual | 0 | 0 |
Total Past Due and Non- Accrual | 4,016 | 5,328 |
Total Loans and Leases | 410,129 | 395,483 |
Non- Accrual Loans and Leases that are Current | 0 | 0 |
Consumer | Residential Mortgage | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 4,309,602 | 4,130,513 |
Non- Accrual | 3,305 | 3,223 |
Total Past Due and Non- Accrual | 9,773 | 14,629 |
Total Loans and Leases | 4,309,602 | 4,130,513 |
Non- Accrual Loans and Leases that are Current | 0 | 2,100 |
Consumer | Home Equity | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Non- Accrual | 4,881 | 3,958 |
Total Past Due and Non- Accrual | 10,876 | 13,946 |
Total Loans and Leases | 1,836,588 | 1,604,538 |
Non- Accrual Loans and Leases that are Current | 1,544 | 987 |
Consumer | Automobile | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 736,565 | 708,800 |
Non- Accrual | 0 | 0 |
Total Past Due and Non- Accrual | 10,028 | 9,498 |
Total Loans and Leases | 736,565 | 708,800 |
Non- Accrual Loans and Leases that are Current | 0 | 0 |
30 - 59 Days Past Due | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 16,333 | 16,577 |
30 - 59 Days Past Due | Commercial | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 2,006 | 191 |
30 - 59 Days Past Due | Commercial | Commercial and Industrial | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 2,006 | 191 |
30 - 59 Days Past Due | Commercial | PPP | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 0 | 0 |
30 - 59 Days Past Due | Commercial | Commercial Mortgage | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 0 | 0 |
30 - 59 Days Past Due | Commercial | Construction | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 0 | 0 |
30 - 59 Days Past Due | Commercial | Lease Financing | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 0 | 0 |
30 - 59 Days Past Due | Consumer | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 14,327 | 16,386 |
30 - 59 Days Past Due | Consumer | Other | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 2,686 | 2,556 |
30 - 59 Days Past Due | Consumer | Residential Mortgage | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 2,046 | 4,049 |
30 - 59 Days Past Due | Consumer | Home Equity | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 1,791 | 3,423 |
30 - 59 Days Past Due | Consumer | Automobile | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 7,804 | 6,358 |
60 - 89 Days Past Due | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 4,424 | 9,347 |
60 - 89 Days Past Due | Commercial | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 14 | 59 |
60 - 89 Days Past Due | Commercial | Commercial and Industrial | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 14 | 59 |
60 - 89 Days Past Due | Commercial | PPP | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 0 | 0 |
60 - 89 Days Past Due | Commercial | Commercial Mortgage | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 0 | 0 |
60 - 89 Days Past Due | Commercial | Construction | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 0 | 0 |
60 - 89 Days Past Due | Commercial | Lease Financing | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 0 | 0 |
60 - 89 Days Past Due | Consumer | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 4,410 | 9,288 |
60 - 89 Days Past Due | Consumer | Other | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 904 | 1,612 |
60 - 89 Days Past Due | Consumer | Residential Mortgage | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 1,263 | 2,083 |
60 - 89 Days Past Due | Consumer | Home Equity | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 748 | 3,378 |
60 - 89 Days Past Due | Consumer | Automobile | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 1,495 | 2,215 |
Past Due 90 Days or More | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 7,770 | 10,546 |
Past Due 90 Days or More | Commercial | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 0 | 0 |
Past Due 90 Days or More | Commercial | Commercial and Industrial | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 0 | 0 |
Past Due 90 Days or More | Commercial | PPP | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 0 | 0 |
Past Due 90 Days or More | Commercial | Commercial Mortgage | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 0 | 0 |
Past Due 90 Days or More | Commercial | Construction | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 0 | 0 |
Past Due 90 Days or More | Commercial | Lease Financing | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 0 | 0 |
Past Due 90 Days or More | Consumer | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 7,770 | 10,546 |
Past Due 90 Days or More | Consumer | Other | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 426 | 1,160 |
Past Due 90 Days or More | Consumer | Residential Mortgage | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 3,159 | 5,274 |
Past Due 90 Days or More | Consumer | Home Equity | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 3,456 | 3,187 |
Past Due 90 Days or More | Consumer | Automobile | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 729 | 925 |
Current | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 12,213,915 | 11,887,401 |
Current | Commercial | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 4,955,724 | 5,091,468 |
Current | Commercial | Commercial and Industrial | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 1,359,658 | 1,356,919 |
Current | Commercial | PPP | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 126,779 | 517,683 |
Current | Commercial | Commercial Mortgage | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 3,143,925 | 2,846,302 |
Current | Commercial | Construction | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 220,254 | 259,798 |
Current | Commercial | Lease Financing | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 105,108 | 110,766 |
Current | Consumer | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 7,258,191 | 6,795,933 |
Current | Consumer | Other | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 406,113 | 390,155 |
Current | Consumer | Residential Mortgage | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 4,299,829 | 4,115,884 |
Current | Consumer | Home Equity | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 1,825,712 | 1,590,592 |
Current | Consumer | Automobile | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | $ 726,537 | $ 699,302 |
Loans and Leases and the Allo_8
Loans and Leases and the Allowance for Credit Losses - Schedule of Aging Analysis by Class of Loan and Lease Portfolio (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Loans And Leases And Allowance For Loan And Lease Losses [Abstract] | |
Number of days non-accrual loans and leases are not past due | 30 days |
Loans and Leases and the Allo_9
Loans and Leases and the Allowance for Credit Losses - Schedule of Non-Accrual Loans and Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable Nonaccrual Status [Line Items] | ||
Non-accrual loans with a specific ACL | $ 12,744 | |
Non-accrual loans without a specific ACL | 3,890 | |
Total Non-accrual loans | 16,634 | $ 16,149 |
Commercial | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Non-accrual loans with a specific ACL | 4,904 | |
Non-accrual loans without a specific ACL | 3,544 | |
Total Non-accrual loans | 8,448 | 8,968 |
Commercial | Commercial and Industrial | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Non-accrual loans with a specific ACL | 243 | |
Non-accrual loans without a specific ACL | 0 | |
Total Non-accrual loans | 243 | 441 |
Commercial | Commercial Mortgage | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Non-accrual loans with a specific ACL | 4,661 | |
Non-accrual loans without a specific ACL | 3,544 | |
Total Non-accrual loans | 8,205 | 8,527 |
Consumer | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Non-accrual loans with a specific ACL | 7,840 | |
Non-accrual loans without a specific ACL | 346 | |
Total Non-accrual loans | 8,186 | 7,181 |
Consumer | Residential Mortgage | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Non-accrual loans with a specific ACL | 2,959 | |
Non-accrual loans without a specific ACL | 346 | |
Total Non-accrual loans | 3,305 | 3,223 |
Consumer | Home Equity | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Non-accrual loans with a specific ACL | 4,881 | |
Non-accrual loans without a specific ACL | 0 | |
Total Non-accrual loans | $ 4,881 | $ 3,958 |
Loans and Leases and the All_10
Loans and Leases and the Allowance for Credit Losses - Schedule of Loans Modified in TDR (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)contract | Dec. 31, 2020USD ($)contract | |
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | contract | 506 | 548 |
Recorded Investment (as of period end) | $ 16,223 | $ 11,886 |
Increase in Allowance (as of period end) | $ 838 | $ 262 |
Commercial | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | contract | 7 | 6 |
Recorded Investment (as of period end) | $ 251 | $ 1,249 |
Increase in Allowance (as of period end) | $ 4 | $ 65 |
Commercial | Commercial and Industrial | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | contract | 7 | 5 |
Recorded Investment (as of period end) | $ 251 | $ 203 |
Increase in Allowance (as of period end) | $ 4 | $ 5 |
Commercial | Commercial Mortgage | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | contract | 1 | |
Recorded Investment (as of period end) | $ 1,046 | |
Increase in Allowance (as of period end) | $ 60 | |
Consumer | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | contract | 499 | 542 |
Recorded Investment (as of period end) | $ 15,972 | $ 10,637 |
Increase in Allowance (as of period end) | $ 834 | $ 197 |
Consumer | Other | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | contract | 132 | 180 |
Recorded Investment (as of period end) | $ 1,160 | $ 1,850 |
Increase in Allowance (as of period end) | $ 42 | $ 77 |
Consumer | Residential Mortgage | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | contract | 15 | |
Recorded Investment (as of period end) | $ 5,889 | |
Increase in Allowance (as of period end) | $ 612 | |
Consumer | Home Equity | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | contract | 11 | 10 |
Recorded Investment (as of period end) | $ 1,793 | $ 1,246 |
Increase in Allowance (as of period end) | $ 85 | $ 8 |
Consumer | Automobile | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | contract | 341 | 352 |
Recorded Investment (as of period end) | $ 7,130 | $ 7,541 |
Increase in Allowance (as of period end) | $ 95 | $ 112 |
Loans and Leases and the All_11
Loans and Leases and the Allowance for Credit Losses - Schedule of TDRs that Defaulted during Period, within Twelve Months of Modification Date (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)contract | Dec. 31, 2020USD ($)contract | |
Financing Receivable Modifications [Line Items] | ||
Number of Contracts, TDRs that Defaulted | contract | 72 | 54 |
Recorded Investment (as of period ended), TDRs that Defaulted | $ | $ 1,761 | $ 831 |
Commercial | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts, TDRs that Defaulted | contract | 1 | |
Recorded Investment (as of period ended), TDRs that Defaulted | $ | $ 27 | |
Commercial | Commercial and Industrial | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts, TDRs that Defaulted | contract | 1 | |
Recorded Investment (as of period ended), TDRs that Defaulted | $ | $ 27 | |
Consumer | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts, TDRs that Defaulted | contract | 72 | 53 |
Recorded Investment (as of period ended), TDRs that Defaulted | $ | $ 1,761 | $ 804 |
Consumer | Other | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts, TDRs that Defaulted | contract | 29 | 10 |
Recorded Investment (as of period ended), TDRs that Defaulted | $ | $ 189 | $ 81 |
Consumer | Residential Mortgage | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts, TDRs that Defaulted | contract | 1 | |
Recorded Investment (as of period ended), TDRs that Defaulted | $ | $ 521 | |
Consumer | Home Equity | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts, TDRs that Defaulted | contract | 4 | |
Recorded Investment (as of period ended), TDRs that Defaulted | $ | $ 407 | |
Consumer | Automobile | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts, TDRs that Defaulted | contract | 38 | 43 |
Recorded Investment (as of period ended), TDRs that Defaulted | $ | $ 644 | $ 723 |
Mortgage Servicing Rights - Add
Mortgage Servicing Rights - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Transfers And Servicing Of Financial Assets [Abstract] | |||
Residential mortgage loans serviced for third parties | $ 2,700 | $ 2,800 | |
Servicing income, including late and ancillary fees | $ 6.4 | $ 7.2 | $ 7.3 |
Mortgage Servicing Rights - Sum
Mortgage Servicing Rights - Summary of Carrying Value Under the Fair Value Measurement Method (Details) - Mortgage Servicing Rights - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Servicing Assets At Fair Value [Line Items] | |||
Balance at Beginning of Year | $ 958 | $ 1,126 | $ 1,290 |
Changes in Fair Value Due to Payoffs | (158) | (168) | (164) |
Balance at End of Year | $ 800 | $ 958 | $ 1,126 |
Mortgage Servicing Rights - S_2
Mortgage Servicing Rights - Summary of Carrying Value Under the Amortization Method (Details) - Mortgage Servicing Rights - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Mortgage Servicing Rights Accounted for Under the Amortization Method (Rollforward) | ||||
Balance at Beginning of Year | $ 18,694 | $ 23,896 | $ 23,020 | |
Servicing Rights that Resulted From Asset Transfers | 4,921 | 3,592 | 4,485 | |
Amortization | (4,227) | (4,902) | (3,609) | |
Valuation Allowance Recovery (Provision) | 2,063 | (3,892) | ||
Balance at End of Year | 21,451 | 18,694 | 23,896 | |
Valuation Allowance: | ||||
Balance at Beginning of Year | (3,892) | |||
Valuation Allowance Recovery (Provision) | 2,063 | (3,892) | ||
Balance at End of Year | (1,829) | (3,892) | ||
Fair Value: | ||||
Balance | $ 21,451 | $ 18,694 | $ 25,714 | $ 29,218 |
Mortgage Servicing Rights - Sch
Mortgage Servicing Rights - Schedule of Key Data and Assumptions Used in Estimating the Fair Value (Details) - Mortgage Servicing Rights | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Assumption For Fair Value As Of Balance Sheet Date Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities [Line Items] | ||
Weighted-Average Constant Prepayment Rate (as a percent) | 10.70% | 14.42% |
Weighted-Average Life (in years) | 6 years 2 months 4 days | 4 years 11 months 26 days |
Weighted-Average Note Rate (as a percent) | 3.62% | 3.87% |
Weighted-Average Discount Rate (as a percent) | 7.04% | 5.81% |
Mortgage Servicing Rights - S_3
Mortgage Servicing Rights - Schedule of Sensitivity Analysis of the Fair Value (Details) - Mortgage Servicing Rights - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Constant Prepayment Rate | ||
Decrease in fair value from 25 basis points (“bps”) adverse change | $ (252) | $ (203) |
Decrease in fair value from 50 bps adverse change | (498) | (401) |
Discount Rate | ||
Decrease in fair value from 25 bps adverse change | (223) | (184) |
Decrease in fair value from 50 bps adverse change | $ (441) | $ (365) |
Premises and Equipment - Compon
Premises and Equipment - Components of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Cost | $ 517,918 | $ 520,825 |
Accumulated Depreciation and Amortization | (318,525) | (321,130) |
Net Book Value | 199,393 | 199,695 |
Premises | ||
Property Plant And Equipment [Line Items] | ||
Cost | 366,205 | 370,268 |
Accumulated Depreciation and Amortization | (226,515) | (237,024) |
Net Book Value | 139,690 | 133,244 |
Equipment | ||
Property Plant And Equipment [Line Items] | ||
Cost | 145,120 | 143,964 |
Accumulated Depreciation and Amortization | (87,649) | (79,817) |
Net Book Value | 57,471 | 64,147 |
Finance leases | ||
Property Plant And Equipment [Line Items] | ||
Cost | 6,593 | 6,593 |
Accumulated Depreciation and Amortization | (4,361) | (4,289) |
Net Book Value | $ 2,232 | $ 2,304 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)branch | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Property Plant And Equipment [Line Items] | |||
Depreciation and amortization (including capital lease amortization) included in noninterest expense | $ 21,100,000 | $ 20,200,000 | $ 17,300,000 |
Number of branches closed | branch | 12 | ||
Premises | |||
Property Plant And Equipment [Line Items] | |||
Impairment charge | $ 0 | 1,600,000 | 0 |
Equipment | |||
Property Plant And Equipment [Line Items] | |||
Impairment charge | $ 0 | $ 1,600,000 | $ 0 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Federal Home Loan Bank of Des Moines and Federal Reserve Bank Stock | $ 36,624 | $ 33,340 |
Derivative Financial Instruments | 42,011 | 96,167 |
Low-Income Housing and Other Equity Investments | 136,647 | 142,961 |
Deferred Compensation Plan Assets | 56,411 | 53,410 |
Prepaid Expenses | 17,670 | 14,517 |
Accounts Receivable | 13,323 | 12,380 |
Deferred Tax Assets | 42,277 | 16,724 |
Other | 39,764 | 65,794 |
Total Other Assets | $ 384,727 | $ 435,293 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Total time deposits | $ 1,000,089 | $ 1,662,063 |
Government entity deposits | 1,200,000 | 1,500,000 |
Total time deposits100,000 or more | $ 757,964 | $ 1,400,000 |
Deposits - Schedule of Time Dep
Deposits - Schedule of Time Deposits with Contractual Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Time deposits classified according to the contractual maturities | ||
2022 | $ 796,092 | |
2023 | 126,884 | |
2024 | 29,347 | |
2025 | 7,228 | |
2026 | 32,235 | |
Thereafter | 8,303 | |
Total | 1,000,089 | $ 1,662,063 |
Time deposits with balances of $100,000 or more, classified according to the contractual maturities | ||
Three Months or Less | 290,440 | |
Over Three Months through Six Months | 142,166 | |
Over Six Months through Twelve Months | 208,867 | |
Over Twelve Months | 116,491 | |
Total | $ 757,964 | $ 1,400,000 |
Borrowings - Schedule of Detail
Borrowings - Schedule of Details of Short-term Borrowings (Details) - Securities Sold Under Agreements to Repurchase $ in Thousands | Dec. 31, 2020USD ($) |
Short Term Debt [Line Items] | |
Amounts Outstanding | $ 100 |
Weighted-Average Interest Rate | 1.20% |
Borrowings - Schedule of Deta_2
Borrowings - Schedule of Details of Short-term Borrowings (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Short Term Debt [Line Items] | ||
Securities Sold Under Agreements to Repurchase | $ 450,490 | $ 600,590 |
Long-term Repurchase Agreements with Government Entities | ||
Short Term Debt [Line Items] | ||
Securities Sold Under Agreements to Repurchase | 500 | 500 |
Long-term Repurchase Agreements with Private Institutions | ||
Short Term Debt [Line Items] | ||
Securities Sold Under Agreements to Repurchase | $ 450,000 | $ 600,000 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold Under Agreements to Repurchase | $ 450,490 | $ 600,590 |
Long-term Repurchase Agreements with Government Entities | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold Under Agreements to Repurchase | $ 500 | 500 |
Repurchase agreements, Weighted average interest rate (as a percent) | 1.55% | |
Repurchase agreement counterparty, weighted average maturity of agreements | 2 years 10 months 24 days | |
Long-term Repurchase Agreements with Private Institutions | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold Under Agreements to Repurchase | $ 450,000 | $ 600,000 |
Repurchase agreements, Weighted average interest rate (as a percent) | 2.46% | |
Repurchase agreement counterparty, weighted average maturity of agreements | 3 years | |
Long-term Repurchase Agreements with Private Institutions | Minimum [Member] | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Repurchase agreement remaining weighted average term range | 2024 | |
Long-term Repurchase Agreements with Private Institutions | Maximum | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Repurchase agreement remaining weighted average term range | 2026 |
Other Debt - Schedule of Other
Other Debt - Schedule of Other Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Finance Lease Obligations | $ 10,391 | $ 10,481 |
Total | $ 10,391 | 60,481 |
Federal Home Loan Bank Advance | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank of Des Moines Advances | $ 50,000 |
Other Debt - Additional Informa
Other Debt - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Debt Instrument [Line Items] | |
Maximum percentage of the total assets that can be borrowed from the FHLB by the entity | 45.00% |
Federal Reserve Bank Advances | |
Debt Instrument [Line Items] | |
Undrawn line of credit with the FHLB or FRB | $ 385,900,000 |
Federal Home Loan Bank Advance | |
Debt Instrument [Line Items] | |
Undrawn line of credit with the FHLB or FRB | $ 3,000,000,000 |
Finance Lease Obligations | |
Debt Instrument [Line Items] | |
Lease term (in years) | 60 years |
Fixed lease payments through December 2022 | $ 800,000 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Minimum Required Capital Amounts and Ratios for Well Capitalized Institutions and The Actual Capital Amounts and Ratios for The Company and The Bank (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Minimum required capital amounts and ratios for well capitalized institutions and the actual capital amounts [Line Items] | ||||
Common Shareholders’ Equity | $ 1,611,611 | $ 1,374,507 | $ 1,286,832 | $ 1,268,200 |
Well Capitalized Minimum Common Equity Tier One Ratio (as a percent) | 6.50% | 6.50% | ||
Well Capitalized Minimum Tier 1 Capital Ratio (as a percent) | 8 | 8 | ||
Well Capitalized Minimum Total Capital Ratio (as a percent) | 10 | 10 | ||
Well Capitalized Minimum Tier 1 Leverage Ratio (as a percent) | 5 | 5 | ||
Parent [Member] | ||||
Minimum required capital amounts and ratios for well capitalized institutions and the actual capital amounts [Line Items] | ||||
Common Shareholders’ Equity | $ 1,436,124 | $ 1,374,507 | ||
Common Equity Tier One Capital | 1,483,455 | 1,361,915 | ||
Tier 1 Capital | 1,658,942 | 1,361,915 | ||
Total Capital | $ 1,811,943 | $ 1,503,784 | ||
Common Equity Tier One Capital Ratio | 12.12% | 12.06% | ||
Tier 1 Capital Ratio (as a percent) | 13.56 | 12.06 | ||
Total Capital Ratio (as a percent) | 14.81 | 13.31 | ||
Tier 1 Leverage Ratio (as a percent) | 7.32 | 6.71 | ||
Subsidiaries [Member] | ||||
Minimum required capital amounts and ratios for well capitalized institutions and the actual capital amounts [Line Items] | ||||
Common Shareholders’ Equity | $ 1,586,473 | $ 1,290,455 | ||
Common Equity Tier One Capital | 1,645,405 | 1,289,435 | ||
Tier 1 Capital | 1,645,405 | 1,289,435 | ||
Total Capital | $ 1,798,190 | $ 1,431,106 | ||
Common Equity Tier One Capital Ratio | 13.47% | 11.43% | ||
Tier 1 Capital Ratio (as a percent) | 13.47 | 11.43 | ||
Total Capital Ratio (as a percent) | 14.72 | 12.69 | ||
Tier 1 Leverage Ratio (as a percent) | 7.26 | 6.35 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) $ / shares in Units, $ in Thousands | Jun. 15, 2021USD ($)$ / sharesshares | Dec. 31, 2021USD ($)yr$ / sharesshares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021USD ($)$ / sharesshares |
Dividends | |||||
Number of prior calendar years considered for payment of dividends in excess of the sum of net income | yr | 2 | ||||
Common Stock Repurchase Program | |||||
Number of shares of common stock repurchased | shares | 328,832 | 57,400,000 | |||
Amount returned to shareholders on stock repurchase | $ | $ 31,258 | $ 18,006 | $ 137,649 | $ 2,300,000 | |
Average cost of shares repurchased (in dollars per share) | $ 83.14 | $ 40.76 | |||
Treasury Stock Value Acquired Cost Method Share Repurchase Program | $ | $ 27,300 | ||||
Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Net proceeds, after underwriting discounts and expenses | $ | $ 175,487 | ||||
Depositary Shares | |||||
Common Stock Repurchase Program | |||||
Shares issued and sold | shares | 7,200,000 | ||||
Preferred stock, redemption price per share | $ 25 | ||||
4.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock | |||||
Common Stock Repurchase Program | |||||
Percentage of ownership interest in share | 0.025% | ||||
Series A Preferred Stock | |||||
Common Stock Repurchase Program | |||||
Preferred stock, dividend rate, percentage per annum | 4.375% | ||||
Preferred Stock, par value (in dollars per share) | $ 0.01 | ||||
Preferred stock, liquidation preference per share | $ 1,000 | ||||
Net proceeds, after underwriting discounts and expenses | $ | $ 175,500 | ||||
Preferred stock, voting rights | Holders of the Series A Preferred Stock will not have voting rights | ||||
Preferred stock, redemption price per share | $ 1,000 | ||||
Preferred Stock, redemption date | Aug. 1, 2026 | ||||
Preferred Stock, Redemption Terms | The Company may redeem the Series A Preferred Stock at its option, (i) in whole or in part, from time to time, on any dividend payment date on or after August 1, 2026 or (ii) in whole but not in part, at any time within 90 days following a regulatory capital treatment event, in either case at a redemption price equal to $1,000 per share (equivalent to $25 per depositary share), plus any declared and unpaid dividends. | ||||
Accounting Standards Update 2016-13 | |||||
Class Of Stock [Line Items] | |||||
Percentage of allowance for credit losses after-tax | 25.00% | ||||
Regulatory capital commencing period | Jan. 1, 2022 | ||||
Percentage of allowance for credit losses pre-tax | 25.00% | ||||
Percentage of cumulative adjustment to allowance for credit losses | 25.00% | ||||
Minimum | |||||
Class Of Stock [Line Items] | |||||
Additional Tier 1 capital ratio | 2.5 | 2.5 |
Shareholders' Equity - AOCI Com
Shareholders' Equity - AOCI Components Pre Post & Tax Effect (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Comprehensive Income (Loss), Before Tax: | |||
Net Unrealized Gains (Losses) Arising During the Period | $ (111,084) | $ 58,763 | $ 30,169 |
(Gain) Loss on Sale | (3,798) | (77) | (152) |
Amortization of Unrealized Holding (Gains) Losses on Held-to-Maturity Securities | 648 | 397 | 833 |
Net Unrealized Gains (Losses) on Investment Securities | (114,234) | 59,083 | 30,850 |
Net Actuarial Gains (Losses) Arising During the Period | 10,842 | (8,187) | (5,046) |
Amortization of Net Actuarial Losses (Gains) | 2,676 | 2,318 | 1,598 |
Amortization of Prior Service Credit | (246) | (246) | (288) |
Defined Benefit Plans, Net | 13,272 | (6,115) | (3,736) |
Other Comprehensive Income (Loss) | (100,962) | 52,968 | 27,114 |
Other Comprehensive Income (Loss), Tax Effect: | |||
Net Unrealized Gains (Losses) Arising During the Period | (29,440) | 15,600 | 8,001 |
(Gain) Loss on Sale | (1,007) | (50) | (49) |
Amortization of Unrealized Holding (Gains) Losses on Held-to-Maturity Securities | 171 | 105 | 221 |
Net Unrealized Gains (Losses) on Investment Securities | (30,276) | 15,655 | 8,173 |
Net Actuarial Gains (Losses) Arising During the Period | 2,874 | (2,170) | (1,337) |
Amortization of Net Actuarial Losses (Gains) | 709 | 614 | 423 |
Amortization of Prior Service Credit | (65) | (65) | (76) |
Defined Benefit Plans, Net | 3,518 | (1,621) | (990) |
Other Comprehensive Income (Loss) | (26,758) | 14,034 | 7,183 |
Other Comprehensive Income (Loss), Net of Tax: | |||
Net Unrealized Gains (Losses) Arising During the Period | (81,644) | 43,163 | 22,168 |
(Gain) Loss on Sale | (2,791) | (27) | (103) |
Amortization of Unrealized Holding (Gains) Losses on Held-to-Maturity Securities | 477 | 292 | 612 |
Net Unrealized Gains (Losses) on Investment Securities | (83,958) | 43,428 | 22,677 |
Net Actuarial Gains (Losses) Arising During the Period | 7,968 | (6,017) | (3,709) |
Amortization of Net Actuarial Losses (Gains) | 1,967 | 1,704 | 1,175 |
Amortization of Prior Service Credit | (181) | (181) | (212) |
Defined Benefit Plans, Net | 9,754 | (4,494) | (2,746) |
Other Comprehensive Income (Loss) | $ (74,204) | $ 38,934 | $ 19,931 |
Shareholders' Equity - Change i
Shareholders' Equity - Change in AOCI Components Net of Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance at Beginning of Period | $ 1,374,507 | $ 1,286,832 | $ 1,268,200 |
Other Comprehensive Income (Loss) | (74,204) | 38,934 | 19,931 |
Balance at End of Period | 1,611,611 | $ 1,374,507 | 1,286,832 |
Accounting Standards Update Extensible List | Accounting Standards Update 2016-13 | ||
Cumulative Effect, Period of Adoption, Adjustment | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance at Beginning of Period | $ 3,632 | ||
Balance at End of Period | 3,632 | ||
Unrealized Gains and Losses on Net Investment Securities | Available-for-sale Securities | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance at Beginning of Period | 51,495 | 8,359 | (10,447) |
Other Comprehensive Income (Loss) Before Reclassifications | (81,644) | 43,163 | 22,168 |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (2,791) | (27) | (103) |
Other Comprehensive Income (Loss) | (84,435) | 43,136 | 18,806 |
Balance at End of Period | (32,940) | 51,495 | $ 8,359 |
Accounting Standards Update Extensible List | us-gaap:AccountingStandardsUpdate201904Member | ||
Unrealized Gains and Losses on Net Investment Securities | Available-for-sale Securities | Cumulative Effect, Period of Adoption, Adjustment | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance at Beginning of Period | $ (3,259) | ||
Unrealized Gains and Losses on Net Investment Securities | Held-to-maturity Securities | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance at Beginning of Period | (423) | (715) | (4,586) |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 477 | 292 | 612 |
Other Comprehensive Income (Loss) | 477 | 292 | 3,871 |
Balance at End of Period | 54 | (423) | $ (715) |
Accounting Standards Update Extensible List | us-gaap:AccountingStandardsUpdate201904Member | ||
Unrealized Gains and Losses on Net Investment Securities | Held-to-maturity Securities | Cumulative Effect, Period of Adoption, Adjustment | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance at Beginning of Period | $ 3,259 | ||
Defined Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance at Beginning of Period | (43,250) | (38,756) | (36,010) |
Other Comprehensive Income (Loss) Before Reclassifications | 7,968 | (6,017) | (3,709) |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 1,786 | 1,523 | 963 |
Other Comprehensive Income (Loss) | 9,754 | (4,494) | (2,746) |
Balance at End of Period | (33,496) | (43,250) | (38,756) |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance at Beginning of Period | 7,822 | (31,112) | (51,043) |
Other Comprehensive Income (Loss) Before Reclassifications | (73,676) | 37,146 | 18,459 |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (528) | 1,788 | 1,472 |
Other Comprehensive Income (Loss) | (74,204) | 38,934 | 19,931 |
Balance at End of Period | $ (66,382) | $ 7,822 | $ (31,112) |
Shareholders' Equity - AOCI Rec
Shareholders' Equity - AOCI Reclass to IS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | |||
Provision for Income Tax | $ (72,182) | $ (35,320) | $ (59,913) |
Net Income | 253,372 | 153,804 | 225,913 |
Salaries and Benefits | (228,293) | (207,329) | (216,106) |
Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | |||
Net Income | 528 | (1,788) | (1,472) |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of Unrealized Gains(Losses) of Investment Securities Transferred from AFS to HTM | |||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest Income | (648) | (397) | (833) |
Provision for Income Tax | 171 | 105 | 221 |
Net Income | (477) | (292) | (612) |
Reclassification out of Accumulated Other Comprehensive Income | Sales of Investment Securities Available-for-Sale | |||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | |||
Provision for Income Tax | (1,007) | (50) | (49) |
Net Income | 2,791 | 27 | 103 |
Sales of Investment Securities Available-for-Sale | 3,798 | 77 | 152 |
Reclassification out of Accumulated Other Comprehensive Income | Prior Service Credit | |||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | |||
Salaries and Benefits | 246 | 246 | 288 |
Reclassification out of Accumulated Other Comprehensive Income | Net Actuarial Losses | |||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | |||
Salaries and Benefits | (2,676) | (2,318) | (1,598) |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of Defined Benefit Plans Items | |||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | |||
Provision for Income Tax | 644 | 549 | 347 |
Net Income | (1,786) | (1,523) | (963) |
Salaries and Benefits | $ (2,430) | $ (2,072) | $ (1,310) |
Earnings Per Common Share - Sch
Earnings Per Common Share - Schedule of Reconciliation of Weighted Average Number of Common Shares Used in the Calculation of Basic and Diluted Earnings Per Common Share and Antidilutive Stock Options and Restricted Stock Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator: | |||
Net Income Available to Common Shareholders | $ 250,397 | $ 153,804 | $ 225,913 |
Denominator: | |||
Weighted Average Common Shares Outstanding - Basic | 39,837,798 | 39,726,210 | 40,384,328 |
Dilutive Effect of Equity Based Awards (in shares) | 215,866 | 165,897 | 265,242 |
Weighted Average Common Shares Outstanding - Diluted | 40,053,664 | 39,892,107 | 40,649,570 |
Earnings Per Common Share: | |||
Basic | $ 6.29 | $ 3.87 | $ 5.59 |
Diluted | $ 6.25 | $ 3.86 | $ 5.56 |
Antidilutive Stock Options and Restricted Stock Outstanding (in shares) | 41,802 | 113,410 | 4,905 |
Business Segments - Additional
Business Segments - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021branchatm | |
Business segment financial information | |
Federal and state effective tax rate used for segment reporting | 26.00% |
Consumer Banking | |
Business segment financial information | |
Number of branch locations through which products and services are delivered to customers | branch | 54 |
Number of ATM's through which products and services are delivered to customers | atm | 307 |
Business Segments - Selected Bu
Business Segments - Selected Business Segment Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business segment financial information | |||
Net Interest Income | $ 497,290 | $ 496,322 | $ 497,715 |
Provision for Credit Losses | (50,500) | 117,800 | 16,000 |
Net Interest Income (Loss) After Provision for Credit Losses | 547,790 | 378,522 | 481,715 |
Noninterest Income | 171,353 | 184,409 | 183,338 |
Noninterest Expense | (393,589) | (373,807) | (379,227) |
Income (Loss) Before Provision for Income Taxes | 325,554 | 189,124 | 285,826 |
Provision for Income Taxes | (72,182) | (35,320) | (59,913) |
Net Income | 253,372 | 153,804 | 225,913 |
Total Assets | 22,784,941 | 20,603,651 | 18,095,496 |
Consumer Banking | |||
Business segment financial information | |||
Net Interest Income | 283,998 | 292,710 | 305,803 |
Provision for Credit Losses | 5,764 | 8,087 | 11,685 |
Net Interest Income (Loss) After Provision for Credit Losses | 278,234 | 284,623 | 294,118 |
Noninterest Income | 131,292 | 128,400 | 142,378 |
Noninterest Expense | (303,699) | (289,177) | (281,662) |
Income (Loss) Before Provision for Income Taxes | 105,827 | 123,846 | 154,834 |
Provision for Income Taxes | (26,442) | (31,476) | (38,654) |
Net Income | 79,385 | 92,370 | 116,180 |
Total Assets | 7,675,823 | 7,478,813 | 7,054,511 |
Commercial Banking | |||
Business segment financial information | |||
Net Interest Income | 194,409 | 188,626 | 185,259 |
Provision for Credit Losses | 201 | (948) | 976 |
Net Interest Income (Loss) After Provision for Credit Losses | 194,208 | 189,574 | 184,283 |
Noninterest Income | 30,637 | 34,523 | 33,362 |
Noninterest Expense | (64,470) | (63,294) | (84,616) |
Income (Loss) Before Provision for Income Taxes | 160,375 | 160,803 | 133,029 |
Provision for Income Taxes | (39,070) | (40,081) | (28,852) |
Net Income | 121,305 | 120,722 | 104,177 |
Total Assets | 5,107,001 | 5,116,807 | 4,254,261 |
Treasury and Other | |||
Business segment financial information | |||
Net Interest Income | 18,883 | 14,986 | 6,653 |
Provision for Credit Losses | (56,465) | 110,661 | 3,339 |
Net Interest Income (Loss) After Provision for Credit Losses | 75,348 | (95,675) | 3,314 |
Noninterest Income | 9,424 | 21,486 | 7,598 |
Noninterest Expense | (25,420) | (21,336) | (12,949) |
Income (Loss) Before Provision for Income Taxes | 59,352 | (95,525) | (2,037) |
Provision for Income Taxes | (6,670) | 36,237 | 7,593 |
Net Income | 52,682 | (59,288) | 5,556 |
Total Assets | $ 10,002,117 | $ 8,008,031 | $ 6,786,724 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)dplanyrComponent | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of company contribution components, Retirement Savings Plan | Component | 3 | ||
Fixed percentage of employer's contribution based on eligible compensation | 3.00% | ||
Employee contribution limit per calendar year (as a percent of compensation) | 50.00% | ||
Employer match of employee contributions up to 2% of eligible compensation | 1.25% | ||
Percentage of eligible compensation, matched $1.25 for by employer for each dollar amount contributed by participants | 2.00% | ||
Employer match of employee contributions over 2% up to 5% of eligible compensation | $ 0.50 | ||
Employee's contribution matched by employer (in dollars) | $ 1 | ||
Percentage of eligible compensation, matched $0.50 for by employer for each dollar amount contributed by participants, low end of range | 2.00% | ||
Percentage of eligible compensation, matched $0.50 for by employer for each dollar amount contributed by participants, high end of range | 5.00% | ||
Total expense for all components of the company's defined contribution plans | $ 16,000,000 | $ 14,000,000 | $ 15,200,000 |
Effect of market fluctuations in cash flow on target allocation limits (as a percent) | 5.00% | ||
Period during which asset allocation is expected to conform to range limits (in days) | d | 90 | ||
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fixed income securities, percentage of variable component in strategic targets (as a percent) | 10.00% | ||
Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fixed income securities, percentage of variable component in strategic targets (as a percent) | 20.00% | ||
Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target plan asset allocations | 60.00% | ||
Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target plan asset allocations | 40.00% | ||
Cash | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Effect of market fluctuations in cash flow on target allocation limits (as a percent) | 0.00% | ||
Cash | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Effect of market fluctuations in cash flow on target allocation limits (as a percent) | 20.00% | ||
Equity Securities, Domestic | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target plan asset allocations | 50.00% | ||
Equity Securities, Domestic | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target plan asset allocations | 100.00% | ||
Equity Securities, International | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target plan asset allocations | 0.00% | ||
Equity Securities, International | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target plan asset allocations | 50.00% | ||
S&P 500 Index | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Performance benchmark (as a percent) | 36.00% | ||
MSCI EAFE Index | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Performance benchmark (as a percent) | 24.00% | ||
Barclays Capital Aggregate Bond Index | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Performance benchmark (as a percent) | 40.00% | ||
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of defined benefit plans | plan | 2 | ||
Actuarial Losses (Gains) | $ 2,817,000 | (10,364,000) | |
Expected future employer contributions, next fiscal year | 400,000 | ||
Pension Benefits | Excess Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | $ 3,300,000 | 3,600,000 | |
Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Retirees' age and above which Medicare supplemental plan subsidy is provided (in years) | yr | 65 | ||
Limit on annual credit provided in HRA to eligible employees | $ 1,200,000 | ||
Actuarial Losses (Gains) | $ 2,514,000 | (3,559,000) | |
Ultimate health care cost trend rate (as a percent) | 4.00% | ||
Ultimate health care cost trend rate period | 2045 | ||
Expected future employer contributions, next fiscal year | $ 1,400,000 | ||
Other Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial Losses (Gains) | (4,300,000) | (9,300,000) | |
Postemployment Retirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial Losses (Gains) | $ (1,300,000) | $ (2,900,000) |
Employee Benefits - Schedule of
Employee Benefits - Schedule of Reconciliation of Changes in Benefit Obligation and Fair value of Plan Assets As Well As the Funded Status Recognized in the Consolidated Statements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits | |||
Reconciliation of changes in benefit obligations | |||
Benefit Obligation at Beginning of Year | $ 117,647 | $ 110,637 | |
Service Cost | 0 | 0 | $ 0 |
Interest Cost | 2,924 | 3,627 | 4,401 |
Actuarial Losses (Gains) | (2,817) | 10,364 | |
Employer Benefits Paid | (7,169) | (6,981) | |
Benefit Obligation at End of Year | 110,585 | 117,647 | 110,637 |
Reconciliation of changes in fair value of plan assets | |||
Fair Value of Plan Assets at Beginning of Year | 97,890 | 93,638 | |
Actual Return on Plan Assets | 10,103 | 10,764 | |
Employer Contributions | 470 | 469 | |
Employer Benefits Paid | (7,169) | (6,981) | |
Fair Value of Plan Assets at End of Year | 101,294 | 97,890 | 93,638 |
Funded Status at End of Year | (9,291) | (19,757) | |
Postretirement Benefits | |||
Reconciliation of changes in benefit obligations | |||
Benefit Obligation at Beginning of Year | 31,507 | 27,571 | |
Service Cost | 678 | 578 | 455 |
Interest Cost | 816 | 945 | 1,025 |
Actuarial Losses (Gains) | (2,514) | 3,559 | |
Employer Benefits Paid | (1,217) | (1,146) | |
Benefit Obligation at End of Year | 29,270 | 31,507 | $ 27,571 |
Reconciliation of changes in fair value of plan assets | |||
Employer Contributions | 1,217 | 1,146 | |
Employer Benefits Paid | (1,217) | (1,146) | |
Funded Status at End of Year | $ (29,270) | $ (31,507) |
Employee Benefits - Schedule _2
Employee Benefits - Schedule of Reconciliation of Changes in Benefit Obligation and Fair value of Plan Assets As Well As the Funded Status Recognized in the Consolidated Statements (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Participants contributions | $ 0.8 | $ 0.8 |
Employee Benefits - Schedule _3
Employee Benefits - Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Benefits | ||
Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Net Actuarial Gains (Losses) | $ (35,014) | $ (43,101) |
Net Prior Service Credit | 0 | 0 |
Total Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Net of Tax | (35,014) | (43,101) |
Postretirement Benefits | ||
Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Net Actuarial Gains (Losses) | 235 | (1,613) |
Net Prior Service Credit | 1,283 | 1,464 |
Total Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 1,518 | $ (149) |
Employee Benefits - Schedule _4
Employee Benefits - Schedule of Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits | |||
Net periodic benefit cost for pension plans and the postretirement benefit plan | |||
Service Cost | $ 0 | $ 0 | $ 0 |
Interest Cost | 2,924 | 3,627 | 4,401 |
Expected Return on Plan Assets | (4,592) | (5,028) | (4,993) |
Amortization of Prior Service Credit | 0 | 0 | 0 |
Amortization of Net Actuarial Losses (Gains) | 2,676 | 2,318 | 1,937 |
Net Periodic Benefit Cost | 1,008 | 917 | 1,345 |
Postretirement Benefits | |||
Net periodic benefit cost for pension plans and the postretirement benefit plan | |||
Service Cost | 678 | 578 | 455 |
Interest Cost | 816 | 945 | 1,025 |
Expected Return on Plan Assets | 0 | 0 | 0 |
Amortization of Prior Service Credit | (246) | (246) | (288) |
Amortization of Net Actuarial Losses (Gains) | 0 | 0 | (339) |
Net Periodic Benefit Cost | $ 1,248 | $ 1,277 | $ 853 |
Employee Benefits - Schedule _5
Employee Benefits - Schedule of Assumptions Used to Determine the Benefit Obligations/net Periodic Cost (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Benefits | ||
Weighted average assumptions used to determine the benefit obligations | ||
Discount Rate | 2.89% | 2.55% |
Postretirement Benefits | ||
Weighted average assumptions used to determine the benefit obligations | ||
Discount Rate | 3.00% | 2.66% |
Health Care Cost Trend Rate Assumed For Next Year | 5.70% | 5.50% |
Employee Benefits - Schedule _6
Employee Benefits - Schedule of Assumptions Used in Calculation Net Periodic Benefit Cost (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits | |||
Weighted average assumptions used to determine the net periodic benefit cost | |||
Discount Rate | 2.55% | 3.36% | 4.41% |
Expected Long-Term Rate of Return on Plan Assets | 5.25% | 5.75% | 5.75% |
Health Care Cost Trend Rate | 0.00% | 0.00% | 0.00% |
Postretirement Benefits | |||
Weighted average assumptions used to determine the net periodic benefit cost | |||
Discount Rate | 2.66% | 3.42% | 4.48% |
Expected Long-Term Rate of Return on Plan Assets | 0.00% | 0.00% | 0.00% |
Health Care Cost Trend Rate | 5.50% | 5.70% | 6.00% |
Employee Benefits - Schedule _7
Employee Benefits - Schedule of Expected Benefits to be Paid in Each of the Next Five Years and in the Aggregate for the Five Years Thereafter (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Pension Benefits | |
Expected benefits to be paid in each of the next five years and in the aggregate for the five years thereafter | |
2022 | $ 7,387 |
2023 | 7,417 |
2024 | 7,399 |
2025 | 7,367 |
2026 | 7,297 |
Years 2027-2031 | 34,473 |
Postretirement Benefits | |
Expected benefits to be paid in each of the next five years and in the aggregate for the five years thereafter | |
2022 | 1,375 |
2023 | 1,423 |
2024 | 1,456 |
2025 | 1,512 |
2026 | 1,549 |
Years 2027-2031 | $ 8,362 |
Employee Benefits - Schedule _8
Employee Benefits - Schedule of the Fair Values of the Retirement Plan Assets by Asset Category (Details) - Pension Benefits - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 101,294 | $ 97,890 | $ 93,638 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 101,294 | ||
Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 618 | 1,079 | |
Cash | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 618 | ||
Equity Securities - Large Cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 511 | 1,849 | |
Equity Securities - Large Cap | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 511 | ||
Equity Security - Mutual Funds: Mixed-Cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 33,108 | 29,802 | |
Equity Security - Mutual Funds: Mixed-Cap | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 33,108 | ||
Equity Security - Mutual Funds: International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 29,022 | 28,055 | |
Equity Security - Mutual Funds: International | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 29,022 | ||
Equity Security - Mutual Funds: Emerging Market | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,786 | 2,494 | |
Equity Security - Mutual Funds: Emerging Market | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,786 | ||
Fixed Income - Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 36,249 | $ 34,611 | |
Fixed Income - Mutual Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 36,249 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation [Line Items] | |||
Total shares authorized | 2,100,000 | ||
Shares available for future grants of stock options or restricted stock | 1,300,000 | ||
Compensation Expense | $ 13,267,000 | $ 7,578,000 | $ 8,338,000 |
Stock awards granted during period | 0 | 0 | 0 |
Stock Options | |||
Share-based Compensation [Line Items] | |||
Expiration period | 10 years | ||
Restricted Stock | |||
Share-based Compensation [Line Items] | |||
Unrecognized compensation cost related to unvested restricted stock | $ 24,000,000 | ||
Weighted average period during which unrecognized compensation cost is expected to be recognized (in years) | 2 years 3 months 10 days | ||
Granted | 292,007 | 161,168 | 130,093 |
Restricted Stock | Minimum [Member] | |||
Share-based Compensation [Line Items] | |||
Vesting period (in years) | 1 year | ||
Restricted Stock | Maximum | |||
Share-based Compensation [Line Items] | |||
Vesting period (in years) | 5 years | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation [Line Items] | |||
Granted | 0 | 0 | 0 |
Compensation Expense | $ 0 | $ 0 | $ 1,000,000 |
Restricted Stock Units (RSUs) | Minimum [Member] | |||
Share-based Compensation [Line Items] | |||
Vesting period (in years) | 3 years | ||
Restricted Stock Units (RSUs) | Maximum | |||
Share-based Compensation [Line Items] | |||
Vesting period (in years) | 4 years |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Compensation Expense | $ 13,267 | $ 7,578 | $ 8,338 |
Income Tax Benefit | $ 3,520 | $ 2,009 | $ 2,210 |
Share-Based Compensation - Sc_2
Share-Based Compensation - Schedule of Activity for Restricted Stock (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Shares | |||
Unvested, Beginning Balance | 328,769 | 309,949 | 314,487 |
Granted | 292,007 | 161,168 | 130,093 |
Vested | (97,278) | (99,894) | (107,759) |
Forfeited | (22,962) | (42,454) | (26,872) |
Unvested, Ending Balance | 500,536 | 328,769 | 309,949 |
Weighted Average Grant Date Fair Value | |||
Unvested, Beginning Balance | $ 82.02 | $ 83.75 | $ 78.17 |
Granted | 90.23 | 80.97 | 82.82 |
Vested | 78.55 | 84.69 | 66.46 |
Forfeited | 86.48 | 84.36 | 83.34 |
Unvested, Ending Balance | $ 87.28 | $ 82.02 | $ 83.75 |
Grant Date Fair Value of Restricted Stock that Vested During the Year | |||
Vested | $ 8,673 | $ 8,544 | $ 8,910 |
Share-Based Compensation - Sc_3
Share-Based Compensation - Schedule of Activity for Restricted Stock (Parenthetical) (Details) | Dec. 31, 2021shares |
Service-based Restricted Stock | |
Share-based Compensation [Line Items] | |
Unvested shares | 138,872 |
Share-Based Compensation - Sc_4
Share-Based Compensation - Schedule of Activity for Restricted Stock Units (Details) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Shares | ||
Unvested, Beginning Balance | 52,064 | |
Vested | (52,064) | |
Weighted Average Grant Date Fair Value | ||
Beginning Balance | $ 63.92 | |
Vested | $ 82.23 | |
Grant Date Fair Value of Restricted Stock that Vested During the Year | ||
Vested | $ 4,311 |
Share-Based Compensation - Sc_5
Share-Based Compensation - Schedule of Activity Related to Stock Options (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Stock Options | |
Stock Options Outstanding, Beginning Balance | shares | 184,054 |
Exercised | shares | (165,920) |
Expired | shares | (833) |
Stock Options Outstanding, Ending Balance | shares | 17,301 |
Stock Options Vested and Exercisable as of December 31, 2021 | shares | 17,301 |
Weighted Average Exercise Price | |
Outstanding Beginning Balance | $ / shares | $ 45.28 |
Exercised | $ / shares | 45.04 |
Expired | $ / shares | 42.22 |
Outstanding Ending Balance | $ / shares | 47.72 |
Stock Options Vested and Exercisable as of December 31, 2021 | $ / shares | $ 47.72 |
Weighted Average Remaining Contractual Term | |
Stock Options Outstanding as of December 31, 2021 | 1 month 6 days |
Stock Options Vested and Exercisable as of December 31, 2021 | 1 month 6 days |
Aggregate Intrinsic Value | |
Stock Options Outstanding as of December 31, 2021 | $ | $ 624 |
Stock Options Vested and Exercisable as of December 31, 2021 | $ | $ 624 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Certain Stock Option Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock options activity | |||
Intrinsic Value of Stock Options Exercised | $ 6,755 | $ 2,261 | $ 1,106 |
Cash Received from Stock Options Exercised | 7,473 | 2,438 | 1,473 |
Tax Benefits Realized from Stock Options Exercised | $ 1,611 | $ 485 | $ 727 |
Income Taxes - Schedule of the
Income Taxes - Schedule of the Company's Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
Federal | $ 58,652 | $ 65,840 | $ 60,902 |
State | 10,510 | 12,066 | 14,426 |
Total Current | 69,162 | 77,906 | 75,328 |
Deferred: | |||
Federal | 2,254 | (31,783) | (9,630) |
State | 766 | (10,803) | (5,785) |
Total Deferred | 3,020 | (42,586) | (15,415) |
Provision for Income Taxes | $ 72,182 | $ 35,320 | $ 59,913 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | |||
Net tax (benefit)/charge recorded directly to consolidated shareholders' equity | $ (26,800) | $ 16,200 | $ 7,100 |
Valuation allowance | 3,203 | 3,597 | |
Base year reserves included in retained earnings | 18,200 | ||
Unrecognized deferred federal income tax liability | 4,800 | ||
Amount related to unrecognized tax benefits that if reversed would impact effective tax rate | 4,000 | 5,400 | |
Interest and penalties expense/(benefit) related to the liability for unrecognized tax benefits | $ 500 | ||
Balance of accrual for interest and penalties | 1,500 | 1,500 | |
Maximum | |||
Income Tax Contingency [Line Items] | |||
Interest and penalties expense/(benefit) related to the liability for unrecognized tax benefits | $ (100) | $ 100 |
Income Taxes - Schedule of Sign
Income Taxes - Schedule of Significant Components of the Company's Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Tax Liabilities: | ||
Accelerated Depreciation | $ (8,131) | $ (8,042) |
Accrued Pension Cost | (11,270) | (11,270) |
Federal Home Loan Bank of Des Moines Stock | (2,885) | (3,416) |
Lease Transactions | (37,585) | (41,726) |
Operating Lease Liabilities | (25,348) | (26,387) |
Energy Tax Credits | (674) | |
Net Unrealized Gains on Investments Securities | (18,407) | |
Investment in Variable Interest Entities | (1,657) | (2,725) |
Deferred Loan Fees | (3,845) | (4,736) |
Originated Mortgage Servicing Rights | (6,068) | (5,579) |
Other | (915) | (1,124) |
Gross Deferred Tax Liabilities | (97,704) | (124,086) |
Deferred Tax Assets: | ||
Allowance for Credit Losses | 43,348 | 57,840 |
Minimum Pension Liability | 12,082 | 13,430 |
Accrued Expenses | 22,416 | 17,629 |
Postretirement Benefit Obligations | 7,170 | 7,980 |
Capital Lease Expenses | 2,163 | 2,168 |
Operating Lease Right-of-Use Assets | 27,360 | 28,473 |
Restricted Stock | 4,442 | 3,669 |
Net Unrealized Losses on Investments Securities | 11,868 | |
Deductible State and Local Taxes | 3,239 | 3,366 |
Low Income Housing Investments | 3,007 | 3,648 |
Other | 6,089 | 6,204 |
Gross Deferred Tax Assets Before Valuation Allowance | 143,184 | 144,407 |
Valuation Allowance | (3,203) | (3,597) |
Gross Deferred Tax Assets After Valuation Allowance | 139,981 | 140,810 |
Net Deferred Tax Assets | $ 42,277 | $ 16,724 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of the Statutory Federal Income Tax Rate to the Company's Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of the Statutory Federal Income Tax Rate to the Company's Effective Tax Rate | |||
Statutory Federal Income Tax Rate | 21.00% | 21.00% | 21.00% |
Increase (Decrease) in Income Tax Rate Resulting From: | |||
State Taxes, Net of Federal Income Tax | 2.85% | 0.81% | 2.53% |
Low-Income Housing Investments | 0.77% | 0.82% | 0.60% |
Investment Tax Credits | (0.35%) | (1.24%) | (0.84%) |
Bank-Owned Life Insurance | (0.48%) | (0.82%) | (0.51%) |
Tax-Exempt Income | (0.24%) | (0.50%) | (0.53%) |
Leveraged Lease | (0.10%) | (0.56%) | (1.54%) |
Other | (1.28%) | (0.83%) | 0.25% |
Effective Tax Rate | 22.17% | 18.68% | 20.96% |
Income Taxes - Schedule of Re_2
Income Taxes - Schedule of Reconciliation of the Company's Liability for Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of liability for Unrecognized Tax Benefits | |||
Unrecognized Tax Benefits at Beginning of Year | $ 5,403 | $ 6,120 | $ 5,541 |
Gross Increases, Related to Tax Positions Taken in a Prior Period | 261 | 374 | 673 |
Gross Decreases, Related to Tax Positions Taken in a Prior Period | (1,285) | ||
Gross Increases, Related to Current Period Tax Positions | 234 | 222 | 715 |
Lapse of Statute of Limitations | (598) | (1,313) | (809) |
Unrecognized Tax Benefits at End of Year | $ 4,015 | $ 5,403 | $ 6,120 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Schedule of the Notional Amount and Fair Value of the Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Interest Rate Lock Commitments | ||
Derivative [Line Items] | ||
Notional Amount | $ 45,857 | $ 102,881 |
Fair Value | 1,084 | 4,947 |
Forward Commitments | ||
Derivative [Line Items] | ||
Notional Amount | 58,523 | 158,759 |
Fair Value | (35) | (740) |
Receive Fixed / Pay Variable Swap | ||
Derivative [Line Items] | ||
Notional Amount | 1,400,322 | 1,362,778 |
Fair Value | 28,742 | 90,130 |
Pay Fixed / Receive Variable Swap | ||
Derivative [Line Items] | ||
Notional Amount | 1,400,322 | 1,362,778 |
Fair Value | (5,922) | (17,197) |
Foreign Exchange Contracts | ||
Derivative [Line Items] | ||
Notional Amount | 102,548 | 90,587 |
Fair Value | (674) | 866 |
Visa Conversion Rate Swap Agreement | ||
Derivative [Line Items] | ||
Notional Amount | 131,672 | 133,286 |
Fair Value | $ 0 | $ 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Derivative Financial Instruments, their Fair Values, and Balance Sheet Location (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives Fair Value [Line Items] | ||
Asset Derivatives | $ 42,011 | $ 96,167 |
Liability Derivatives | 18,816 | 18,161 |
Interest Rate Lock Commitments | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives | 1,084 | 4,947 |
Liability Derivatives | 0 | 0 |
Forward Commitments | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives | 17 | 0 |
Liability Derivatives | 52 | 740 |
Interest Rate Swap Agreements | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives | 40,733 | 90,342 |
Liability Derivatives | 17,913 | 17,409 |
Foreign Exchange Contracts | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives | 177 | 878 |
Liability Derivatives | $ 851 | $ 12 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Derivative Financial Instruments and the Amount and Location of the Net Gains or Losses Recognized in the Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments Gain Loss [Line Items] | |||
Net gains (losses) recognized in the statements of income | $ 18,392 | $ 35,482 | $ 19,455 |
Interest Rate Lock Commitments | Mortgage Banking Income | |||
Derivative Instruments Gain Loss [Line Items] | |||
Net gains (losses) recognized in the statements of income | 8,771 | 22,348 | 12,185 |
Forward Commitments | Mortgage Banking Income | |||
Derivative Instruments Gain Loss [Line Items] | |||
Net gains (losses) recognized in the statements of income | 1,580 | (4,274) | (2,340) |
Interest Rate Swap Agreements | Other Noninterest Income | |||
Derivative Instruments Gain Loss [Line Items] | |||
Net gains (losses) recognized in the statements of income | 6,579 | 15,468 | 7,172 |
Foreign Exchange Contracts | Other Noninterest Income | |||
Derivative Instruments Gain Loss [Line Items] | |||
Net gains (losses) recognized in the statements of income | $ 1,462 | $ 1,940 | 2,891 |
Conversion Rate Swap Agreement | Investment Securities Gains (Losses), Net | |||
Derivative Instruments Gain Loss [Line Items] | |||
Net gains (losses) recognized in the statements of income | $ (453) |
Derivative Financial Instrume_6
Derivative Financial Instruments - Additional Information (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Net liability positions, aggregate fair value | $ 5,900,000 | $ 17,200,000 |
Liability derivatives | 18,816,000 | $ 18,161,000 |
Visa Conversion Rate Swap Agreement | ||
Derivative [Line Items] | ||
Liability derivatives | $ 0 |
Affordable Housing Projects T_3
Affordable Housing Projects Tax Credit Partnerships - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | |||
Net affordable housing tax credit investments and related unfunded commitments | $ 134,700,000 | $ 138,900,000 | |
Write down from impairment of LIHTC Investments | $ 0 | $ 0 | $ 0 |
Affordable Housing Projects T_4
Affordable Housing Projects Tax Credit Partnerships - Expected Payments for Unfunded Affordable Housing Commitments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Affordable Housing Tax Credit Investments, Unfunded Commitment [Abstract] | |
2022 | $ 7,553 |
2023 | 811 |
2024 | 21,432 |
2025 | 756 |
2026 | 81 |
Thereafter | 13,332 |
Total Unfunded Commitments | $ 43,965 |
Affordable Housing Projects T_5
Affordable Housing Projects Tax Credit Partnerships - Tax Credits and Other Tax Benefits Recognized and Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Yield Method | |||
Tax credits and other tax benefits recognized | $ 8,604 | $ 11,752 | $ 11,719 |
Amortization Expense in Provision for Income Taxes | 6,700 | 8,586 | 7,566 |
Proportional Amortization Method | |||
Tax credits and other tax benefits recognized | 10,831 | 6,633 | 3,014 |
Amortization Expense in Provision for Income Taxes | $ 9,375 | $ 5,729 | $ 2,578 |
Securities Sold Under Agreeme_3
Securities Sold Under Agreements to Repurchase - Remaining Contractual Maturities of Repurchase Agreements by Class of Collateral Pledged (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | $ 450,490 | $ 600,590 |
Debt Securities Issued by States and Political Subdivisions | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 490 | 590 |
Residential - Government Agencies | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 52,092 | 103,809 |
Residential - U.S. Government-Sponsored Enterprises | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 397,908 | 496,191 |
Maturity Up To 90 Days | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 100 | |
Maturity Up To 90 Days | Debt Securities Issued by States and Political Subdivisions | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 100 | |
Maturity 1 To 3 Years | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 275,000 | 25,000 |
Maturity 1 To 3 Years | Residential - Government Agencies | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 38,685 | 20,210 |
Maturity 1 To 3 Years | Residential - U.S. Government-Sponsored Enterprises | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 236,315 | 4,790 |
Maturity After 3 Years | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 175,490 | 575,490 |
Maturity After 3 Years | Debt Securities Issued by States and Political Subdivisions | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 490 | 490 |
Maturity After 3 Years | Residential - Government Agencies | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 13,407 | 83,599 |
Maturity After 3 Years | Residential - U.S. Government-Sponsored Enterprises | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | $ 161,593 | $ 491,401 |
Securities Sold Under Agreeme_4
Securities Sold Under Agreements to Repurchase - Schedule of Assets and Liabilities Subject to an Enforceable Master Netting Arrangement or Repurchase Agreements (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Liabilities: | ||
Repurchase Agreements, Gross Amounts of Recognized Liabilities | $ 450,490 | $ 600,590 |
Repurchase Agreements, Gross Amounts Offset in the Statements of Condition | 0 | 0 |
Repurchase Agreements, Net Amounts of Liabilities Presented in the Statements of Condition | 450,490 | 600,590 |
Securities Sold under Agreements to Repurchase, Net Amount Offset Against Collateral | 0 | 0 |
Repurchase Agreements, Fair Value of Collateral Pledged | 450,490 | 600,590 |
Private Institutions | ||
Liabilities: | ||
Repurchase Agreements, Gross Amounts of Recognized Liabilities | 450,000 | 600,000 |
Repurchase Agreements, Gross Amounts Offset in the Statements of Condition | 0 | 0 |
Repurchase Agreements, Net Amounts of Liabilities Presented in the Statements of Condition | 450,000 | 600,000 |
Securities Sold under Agreements to Repurchase, Net Amount Offset Against Collateral | 0 | 0 |
Repurchase Agreements, Fair Value of Collateral Pledged | 450,000 | 600,000 |
Government Entities | ||
Liabilities: | ||
Repurchase Agreements, Gross Amounts of Recognized Liabilities | 490 | 590 |
Repurchase Agreements, Gross Amounts Offset in the Statements of Condition | 0 | 0 |
Repurchase Agreements, Net Amounts of Liabilities Presented in the Statements of Condition | 490 | 590 |
Securities Sold under Agreements to Repurchase, Net Amount Offset Against Collateral | 0 | 0 |
Repurchase Agreements, Fair Value of Collateral Pledged | 490 | 590 |
Interest Rate Swap Agreements | Institutional Counterparties | ||
Assets: | ||
Gross Amounts of Recognized Assets | 26 | 5 |
Gross Amounts Offset in the Statements of Condition | 0 | 0 |
Net Amounts of Assets Presented in the Statements of Condition | 26 | 5 |
Netting Adjustments per Master Netting Arrangements | 26 | 5 |
Gross Amounts Not Offset in the Statements of Condition - FV of collateral pledged | 0 | 0 |
Derivative Assets, Net Amount | 0 | 0 |
Liabilities: | ||
Gross Amounts of Recognized Liabilities | 5,948 | 17,202 |
Gross Amounts Offset in the Statements of Condition | 0 | 0 |
Net Amounts of Liabilities Presented in the Statements of Condition | 5,948 | 17,202 |
Derivative Liability, Netting Adjustments per Master Netting Arrangements | 26 | 5 |
Derivative, Collateral, Right to Reclaim Securities | 5,922 | 7,911 |
Derivative Liabilities, Net Amount | $ 0 | $ 9,286 |
Securities Sold Under Agreeme_5
Securities Sold Under Agreements to Repurchase - Schedule of Assets and Liabilities Subject to an Enforceable Master Netting Arrangement or Repurchase Agreements (Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Interest Rate Swap Agreements | ||
Offsetting Assets And Liabilities [Line Items] | ||
Fair value of investment securities pledged | $ 58.3 | $ 7.9 |
Private Institutions | ||
Offsetting Assets And Liabilities [Line Items] | ||
Fair value of investment securities pledged | 523.4 | 635.2 |
Government Entities | ||
Offsetting Assets And Liabilities [Line Items] | ||
Fair value of investment securities pledged | $ 1.3 | $ 2.5 |
Commitments, Contingencies, a_3
Commitments, Contingencies, and Guarantees - Credit Commitments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Credit Commitments [Line Items] | |
Credit Commitments | $ 3,136,796 |
Unfunded Commitments to Extend Credit | |
Credit Commitments [Line Items] | |
Credit Commitments | 2,982,673 |
Standby Letters of Credit | |
Credit Commitments [Line Items] | |
Credit Commitments | 135,167 |
Commercial Letters of Credit | |
Credit Commitments [Line Items] | |
Credit Commitments | $ 18,956 |
Commitments, Contingencies, a_4
Commitments, Contingencies, and Guarantees - Additional Information (Details) - USD ($) $ in Millions | Dec. 06, 2019 | Dec. 31, 2021 | Dec. 31, 2020 |
Class Settlement | Settled Litigation | |||
Representations and Warranties [Line Items] | |||
Litigation settlement amount | $ 8 | ||
Litigation settlement, amount awarded from other party | $ 2 | $ 8 | |
Standby Letters of Credit | |||
Representations and Warranties [Line Items] | |||
Assets secured for standby letters of credit | $ 103 | ||
Standby and Commercial Letters of Credit | Minimum [Member] | |||
Representations and Warranties [Line Items] | |||
Standby and commercial letters of credit remaining term | 1 month | ||
Standby and Commercial Letters of Credit | Maximum | |||
Representations and Warranties [Line Items] | |||
Standby and commercial letters of credit remaining term | 14 months |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities - Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | |||
Available-for-Sale: Fair Value | $ 4,276,056 | $ 3,791,689 | $ 2,619,003 |
Loans Held for Sale | 26,746 | 82,565 | |
Derivatives | 42,011 | 96,167 | |
Debt Securities Issued by States and Political Subdivisions | |||
Assets: | |||
Available-for-Sale: Fair Value | 75,818 | 24,840 | 55,097 |
Debt Securities Issued by Government-Sponsored Enterprises | |||
Assets: | |||
Available-for-Sale: Fair Value | 1,780 | 1,062 | 22,147 |
Debt Securities Issued by Corporations | |||
Assets: | |||
Available-for-Sale: Fair Value | 383,113 | 224,605 | 336,321 |
Residential - Government Agencies | |||
Assets: | |||
Available-for-Sale: Fair Value | 1,319,042 | 1,594,815 | 1,172,826 |
Residential - U.S. Government-Sponsored Enterprises | |||
Assets: | |||
Available-for-Sale: Fair Value | 2,090,326 | 1,518,283 | 586,761 |
Commercial - Government Agencies | |||
Assets: | |||
Available-for-Sale: Fair Value | 155,890 | 253,839 | 224,720 |
Mortgage-Backed Securities | |||
Assets: | |||
Available-for-Sale: Fair Value | 3,565,258 | 3,366,937 | $ 1,984,307 |
Fair Value, Measurements, Recurring | |||
Assets: | |||
Available-for-Sale: Fair Value | 4,276,056 | 3,791,689 | |
Loans Held for Sale | 26,746 | 82,565 | |
Mortgage Servicing Rights | 800 | 958 | |
Other Assets | 56,411 | 53,410 | |
Derivatives | 42,011 | 96,167 | |
Total Assets Measured at Fair Value on a Recurring Basis | 4,402,024 | 4,024,789 | |
Liabilities: | |||
Derivatives | 18,816 | 18,161 | |
Total Liabilities Measured at Fair Value on a Recurring Basis | 18,816 | 18,161 | |
Fair Value, Measurements, Recurring | Debt Securities Issued by the U.S. Treasury and Government Agencies | |||
Assets: | |||
Available-for-Sale: Fair Value | 250,087 | 174,245 | |
Fair Value, Measurements, Recurring | Debt Securities Issued by States and Political Subdivisions | |||
Assets: | |||
Available-for-Sale: Fair Value | 75,818 | 24,840 | |
Fair Value, Measurements, Recurring | Debt Securities Issued by Government-Sponsored Enterprises | |||
Assets: | |||
Available-for-Sale: Fair Value | 1,780 | 1,062 | |
Fair Value, Measurements, Recurring | Debt Securities Issued by Corporations | |||
Assets: | |||
Available-for-Sale: Fair Value | 383,113 | 224,605 | |
Fair Value, Measurements, Recurring | Residential - Government Agencies | |||
Assets: | |||
Available-for-Sale: Fair Value | 1,319,042 | 1,594,815 | |
Fair Value, Measurements, Recurring | Residential - U.S. Government-Sponsored Enterprises | |||
Assets: | |||
Available-for-Sale: Fair Value | 2,090,326 | 1,518,283 | |
Fair Value, Measurements, Recurring | Commercial - Government Agencies | |||
Assets: | |||
Available-for-Sale: Fair Value | 155,890 | 253,839 | |
Fair Value, Measurements, Recurring | Mortgage-Backed Securities | |||
Assets: | |||
Available-for-Sale: Fair Value | 3,565,258 | 3,366,937 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | |||
Assets: | |||
Available-for-Sale: Fair Value | 114,845 | 921 | |
Loans Held for Sale | 0 | 0 | |
Mortgage Servicing Rights | 0 | 0 | |
Other Assets | 56,411 | 53,410 | |
Derivatives | 0 | 0 | |
Total Assets Measured at Fair Value on a Recurring Basis | 171,256 | 54,331 | |
Liabilities: | |||
Derivatives | 0 | 0 | |
Total Liabilities Measured at Fair Value on a Recurring Basis | 0 | 0 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Debt Securities Issued by the U.S. Treasury and Government Agencies | |||
Assets: | |||
Available-for-Sale: Fair Value | 114,845 | 921 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Debt Securities Issued by States and Political Subdivisions | |||
Assets: | |||
Available-for-Sale: Fair Value | 0 | 0 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Debt Securities Issued by Government-Sponsored Enterprises | |||
Assets: | |||
Available-for-Sale: Fair Value | 0 | 0 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Debt Securities Issued by Corporations | |||
Assets: | |||
Available-for-Sale: Fair Value | 0 | 0 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Residential - Government Agencies | |||
Assets: | |||
Available-for-Sale: Fair Value | 0 | 0 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Residential - U.S. Government-Sponsored Enterprises | |||
Assets: | |||
Available-for-Sale: Fair Value | 0 | 0 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Commercial - Government Agencies | |||
Assets: | |||
Available-for-Sale: Fair Value | 0 | 0 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Mortgage-Backed Securities | |||
Assets: | |||
Available-for-Sale: Fair Value | 0 | 0 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | |||
Assets: | |||
Available-for-Sale: Fair Value | 4,161,211 | 3,790,768 | |
Loans Held for Sale | 26,746 | 82,565 | |
Mortgage Servicing Rights | 0 | 0 | |
Other Assets | 0 | 0 | |
Derivatives | 194 | 878 | |
Total Assets Measured at Fair Value on a Recurring Basis | 4,188,151 | 3,874,211 | |
Liabilities: | |||
Derivatives | 903 | 752 | |
Total Liabilities Measured at Fair Value on a Recurring Basis | 903 | 752 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Debt Securities Issued by the U.S. Treasury and Government Agencies | |||
Assets: | |||
Available-for-Sale: Fair Value | 135,242 | 173,324 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Debt Securities Issued by States and Political Subdivisions | |||
Assets: | |||
Available-for-Sale: Fair Value | 75,818 | 24,840 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Debt Securities Issued by Government-Sponsored Enterprises | |||
Assets: | |||
Available-for-Sale: Fair Value | 1,780 | 1,062 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Debt Securities Issued by Corporations | |||
Assets: | |||
Available-for-Sale: Fair Value | 383,113 | 224,605 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Residential - Government Agencies | |||
Assets: | |||
Available-for-Sale: Fair Value | 1,319,042 | 1,594,815 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Residential - U.S. Government-Sponsored Enterprises | |||
Assets: | |||
Available-for-Sale: Fair Value | 2,090,326 | 1,518,283 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Commercial - Government Agencies | |||
Assets: | |||
Available-for-Sale: Fair Value | 155,890 | 253,839 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Mortgage-Backed Securities | |||
Assets: | |||
Available-for-Sale: Fair Value | 3,565,258 | 3,366,937 | |
Fair Value, Measurements, Recurring | Significant Other Unobservable Inputs (Level 3) | |||
Assets: | |||
Available-for-Sale: Fair Value | 0 | 0 | |
Loans Held for Sale | 0 | 0 | |
Mortgage Servicing Rights | 800 | 958 | |
Other Assets | 0 | 0 | |
Derivatives | 41,817 | 95,289 | |
Total Assets Measured at Fair Value on a Recurring Basis | 42,617 | 96,247 | |
Liabilities: | |||
Derivatives | 17,913 | 17,409 | |
Total Liabilities Measured at Fair Value on a Recurring Basis | 17,913 | 17,409 | |
Fair Value, Measurements, Recurring | Significant Other Unobservable Inputs (Level 3) | Debt Securities Issued by the U.S. Treasury and Government Agencies | |||
Assets: | |||
Available-for-Sale: Fair Value | 0 | 0 | |
Fair Value, Measurements, Recurring | Significant Other Unobservable Inputs (Level 3) | Debt Securities Issued by States and Political Subdivisions | |||
Assets: | |||
Available-for-Sale: Fair Value | 0 | 0 | |
Fair Value, Measurements, Recurring | Significant Other Unobservable Inputs (Level 3) | Debt Securities Issued by Government-Sponsored Enterprises | |||
Assets: | |||
Available-for-Sale: Fair Value | 0 | 0 | |
Fair Value, Measurements, Recurring | Significant Other Unobservable Inputs (Level 3) | Debt Securities Issued by Corporations | |||
Assets: | |||
Available-for-Sale: Fair Value | 0 | 0 | |
Fair Value, Measurements, Recurring | Significant Other Unobservable Inputs (Level 3) | Residential - Government Agencies | |||
Assets: | |||
Available-for-Sale: Fair Value | 0 | 0 | |
Fair Value, Measurements, Recurring | Significant Other Unobservable Inputs (Level 3) | Residential - U.S. Government-Sponsored Enterprises | |||
Assets: | |||
Available-for-Sale: Fair Value | 0 | 0 | |
Fair Value, Measurements, Recurring | Significant Other Unobservable Inputs (Level 3) | Commercial - Government Agencies | |||
Assets: | |||
Available-for-Sale: Fair Value | 0 | 0 | |
Fair Value, Measurements, Recurring | Significant Other Unobservable Inputs (Level 3) | Mortgage-Backed Securities | |||
Assets: | |||
Available-for-Sale: Fair Value | $ 0 | $ 0 |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities - Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation Calculation Roll Forward | ||
Fair Value, Mortgage Servicing Rights, Beginning Balance | $ 958 | $ 1,126 |
Fair Value, Mortgage Servicing Rights, Realized and Unrealized Net Gains (Losses) Included in Net Income | (158) | (168) |
Fair Value, Mortgage Servicing Rights, Ending Balance | 800 | 958 |
Fair Value, Mortgage Service Rights, Total Unrealized Net Gains (Losses) Included in Net Income Related to Assets Still Held | 0 | 0 |
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation Roll Forward | ||
Fair Value, Net Derivative Assets and Liabilities, Beginning Balance | 77,880 | 22,573 |
Fair Value, Net Derivative Assets and Liabilities, Realized and Unrealized Net Gains (Losses) Included in Net Income | 8,848 | 22,219 |
Fair Value, Net Derivative Assets and Liabilities, Transfers to Loans Held for Sale | (12,634) | (18,681) |
Variation margin payments for swap liabilities | (50,190) | 51,769 |
Fair Value, Net Derivative Assets and Liabilities, Ending Balance | 23,904 | 77,880 |
Fair Value, Net Derivative Assets and Liabilities,Total Unrealized Net Gains (Losses) Included in Net Income Related to Assets Still Held | $ 23,904 | $ 77,880 |
Fair Value of Assets and Liab_5
Fair Value of Assets and Liabilities - Summary of the Significant Unobservable Inputs (Details) - Significant Other Unobservable Inputs (Level 3) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Discounted Cash Flow | Interest Rate Swap Agreements | ||
Level3 Assets And Liabilities Fair Value And Fair Value Unobservable Inputs [Line Items] | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | $ 22,820 | $ 72,933 |
Discounted Cash Flow | Mortgage Servicing Rights | ||
Level3 Assets And Liabilities Fair Value And Fair Value Unobservable Inputs [Line Items] | ||
Mortgage Servicing Rights, at Fair Value | 22,251 | 19,652 |
Pricing Model | Interest Rate Lock Commitments | ||
Level3 Assets And Liabilities Fair Value And Fair Value Unobservable Inputs [Line Items] | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | $ 1,084 | $ 4,947 |
Weighted Average Constant Prepayment Rate (as a percent) | Discounted Cash Flow | Mortgage Servicing Rights | ||
Level3 Assets And Liabilities Fair Value And Fair Value Unobservable Inputs [Line Items] | ||
Mortgage Servicing Rights, Fair Value Inputs | 0.1070 | 0.1442 |
Weighted Average Discount Rate (as a percent) | Discounted Cash Flow | ||
Level3 Assets And Liabilities Fair Value And Fair Value Unobservable Inputs [Line Items] | ||
Mortgage Servicing Rights, Fair Value Inputs | 0.0704 | 0.0581 |
Weighted Average Closing Ratio (as a percent) | Pricing Model | Interest Rate Lock Commitments | ||
Level3 Assets And Liabilities Fair Value And Fair Value Unobservable Inputs [Line Items] | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Fair Value Inputs | 0.9047 | 0.9076 |
Weighted Average Credit Factor (as a percent) | Discounted Cash Flow | Interest Rate Swap Agreements | ||
Level3 Assets And Liabilities Fair Value And Fair Value Unobservable Inputs [Line Items] | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Fair Value Inputs | 0.0014 | 0.0029 |
Minimum | Discounted Cash Flow | Mortgage Servicing Rights | ||
Level3 Assets And Liabilities Fair Value And Fair Value Unobservable Inputs [Line Items] | ||
Fair Value Assumption, Date of Securitization or Asset-backed Financing Arrangement, Transferor's Continuing Involvement, Servicing Assets or Liabilities, Discount Rate | 6.51% | |
Minimum | Weighted Average Discount Rate (as a percent) | Discounted Cash Flow | ||
Level3 Assets And Liabilities Fair Value And Fair Value Unobservable Inputs [Line Items] | ||
Mortgage Servicing Rights, Fair Value Inputs | 0.0649 | |
Minimum | Weighted Average Closing Ratio (as a percent) | Pricing Model | Interest Rate Lock Commitments | ||
Level3 Assets And Liabilities Fair Value And Fair Value Unobservable Inputs [Line Items] | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Fair Value Inputs | 0.7540 | |
Minimum | Weighted Average Credit Factor (as a percent) | Discounted Cash Flow | Interest Rate Swap Agreements | ||
Level3 Assets And Liabilities Fair Value And Fair Value Unobservable Inputs [Line Items] | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Fair Value Inputs | 0 | |
Maximum | Discounted Cash Flow | Mortgage Servicing Rights | ||
Level3 Assets And Liabilities Fair Value And Fair Value Unobservable Inputs [Line Items] | ||
Fair Value Assumption, Date of Securitization or Asset-backed Financing Arrangement, Transferor's Continuing Involvement, Servicing Assets or Liabilities, Discount Rate | 11.48% | |
Maximum | Weighted Average Discount Rate (as a percent) | Discounted Cash Flow | ||
Level3 Assets And Liabilities Fair Value And Fair Value Unobservable Inputs [Line Items] | ||
Mortgage Servicing Rights, Fair Value Inputs | 0.0708 | |
Maximum | Weighted Average Closing Ratio (as a percent) | Pricing Model | Interest Rate Lock Commitments | ||
Level3 Assets And Liabilities Fair Value And Fair Value Unobservable Inputs [Line Items] | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Fair Value Inputs | 1 | |
Maximum | Weighted Average Credit Factor (as a percent) | Discounted Cash Flow | Interest Rate Swap Agreements | ||
Level3 Assets And Liabilities Fair Value And Fair Value Unobservable Inputs [Line Items] | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Fair Value Inputs | 0.0049 |
Fair Value of Assets and Liab_6
Fair Value of Assets and Liabilities - Schedule of Assets Measured at Fair Value on Nonrecurring Basis (Details) - Significant Other Unobservable Inputs (Level 3) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Carrying Amount | $ 21,451 | $ 18,694 |
Valuation Allowance | $ (1,829) | $ (3,892) |
Fair Value of Assets and Liab_7
Fair Value of Assets and Liabilities - Schedule of Difference between Aggregate Fair Value and Aggregate Unpaid Principal Balance (Details) - Residential mortgage loans held for sale - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Option Quantitative Disclosures [Line Items] | ||
Aggregate Fair Value | $ 26,746 | $ 82,565 |
Aggregate Unpaid Principal | 26,309 | 78,577 |
Aggregate Fair Value Less Aggregate Unpaid Principal | $ 437 | $ 3,988 |
Fair Value of Assets and Liab_8
Fair Value of Assets and Liabilities - Schedule of Carrying Amount, Fair Value, and Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financial Instruments – Assets | |||
Held-to-Maturity: Fair Value | $ 4,646,619 | $ 3,348,693 | $ 3,062,882 |
Carrying Amount | |||
Financial Instruments – Assets | |||
Held-to-Maturity: Fair Value | 4,694,780 | 3,262,727 | |
Loans | 11,921,869 | 11,536,011 | |
Financial Instruments – Liabilities | |||
Time Deposits | 1,000,089 | 1,662,063 | |
Securities Sold Under Agreements to Repurchase | 450,490 | 600,590 | |
Other Debt | 50,000 | ||
Fair Value | |||
Financial Instruments – Assets | |||
Held-to-Maturity: Fair Value | 4,646,619 | 3,348,693 | |
Loans | 12,094,631 | 12,019,151 | |
Financial Instruments – Liabilities | |||
Time Deposits | 998,134 | 1,667,774 | |
Securities Sold Under Agreements to Repurchase | 469,293 | 649,039 | |
Other Debt | 51,546 | ||
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Fair Value | |||
Financial Instruments – Assets | |||
Held-to-Maturity: Fair Value | 131,139 | 7,500 | |
Loans | 0 | 0 | |
Financial Instruments – Liabilities | |||
Time Deposits | 0 | 0 | |
Securities Sold Under Agreements to Repurchase | 0 | 0 | |
Other Debt | 0 | ||
Significant Other Observable Inputs (Level 2) | Fair Value | |||
Financial Instruments – Assets | |||
Held-to-Maturity: Fair Value | 4,515,480 | 3,341,193 | |
Loans | 0 | 0 | |
Financial Instruments – Liabilities | |||
Time Deposits | 998,134 | 1,667,774 | |
Securities Sold Under Agreements to Repurchase | 469,293 | 649,039 | |
Other Debt | 51,546 | ||
Significant Other Unobservable Inputs (Level 3) | Fair Value | |||
Financial Instruments – Assets | |||
Held-to-Maturity: Fair Value | 0 | 0 | |
Loans | 12,094,631 | 12,019,151 | |
Financial Instruments – Liabilities | |||
Time Deposits | 0 | 0 | |
Securities Sold Under Agreements to Repurchase | $ 0 | 0 | |
Other Debt | $ 0 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Noninterest Income Segregated by Revenue Streams In-Scope and Out-of-Scope of Topic 606 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Service Charges on Deposit Accounts | $ 25,564 | $ 24,910 | $ 30,074 |
Fees, Exchange, and Other Service Charges | 55,457 | 47,056 | 57,893 |
Annuity and Insurance | 3,224 | 3,362 | 6,934 |
Other | 19,589 | 30,434 | 27,489 |
Noninterest Income | 171,353 | 184,409 | 183,338 |
Accounting Standards Update 2014-09 | |||
Disaggregation of Revenue [Line Items] | |||
Noninterest Income | 171,353 | 184,409 | 183,338 |
Accounting Standards Update 2014-09 | Noninterest Income In Scope of Topic 606 | |||
Disaggregation of Revenue [Line Items] | |||
Trust and Asset Management | 46,068 | 43,456 | 44,233 |
Service Charges on Deposit Accounts | 12,181 | 11,715 | 13,042 |
Fees, Exchange, and Other Service Charges | 41,962 | 36,005 | 46,381 |
Annuity and Insurance | 3,130 | 3,249 | 6,813 |
Other | 8,684 | 8,626 | 9,633 |
Noninterest Income | 112,025 | 103,051 | 120,102 |
Accounting Standards Update 2014-09 | Noninterest Income Out of Scope of Topic 606 | |||
Disaggregation of Revenue [Line Items] | |||
Noninterest Income | $ 59,328 | $ 81,358 | $ 63,236 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue From Contract With Customer [Abstract] | ||
Contract balances | $ 0 | $ 0 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | Jan. 22, 2021USD ($)branch | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Lessee Lease Description [Line Items] | ||||
Operating lease, existence of option to extend | true | |||
Operating lease, option to extend | through 2052 | |||
Sublease, existence of option to extend | true | |||
Sublease, option to extend | through 2033 | |||
Rental income from operating leases, including subleases | $ 9.8 | $ 10.3 | $ 10.7 | |
Board of Directors | ||||
Lessee Lease Description [Line Items] | ||||
Total charge related to branch closure | $ 5.6 | |||
Number or branches closed permanently | branch | 12 | |||
Write off impairment charge, right-of-use assets | $ 2.5 |
Leases - Schedule of Right-of-U
Leases - Schedule of Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Lease Right-of-Use Assets | ||
Operating Lease Right-of-Use Assets | $ 95,621 | $ 99,542 |
Finance lease right-of-use assets | $ 2,232 | $ 2,304 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | us-gaap:OtherAssetsNoncurrent | us-gaap:OtherAssetsNoncurrent |
Total Lease Right-of-Use Assets | $ 97,853 | $ 101,846 |
Lease Liabilities | ||
Operating Lease Liabilities | 103,210 | 107,412 |
Finance Lease Obligations | $ 10,391 | $ 10,481 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | us-gaap:OtherLongTermDebtNoncurrent | us-gaap:OtherLongTermDebtNoncurrent |
Total Lease Liabilities | $ 113,601 | $ 117,893 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost and Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted-Average Remaining Lease Term | ||
Operating leases | 16 years 4 months 24 days | 17 years |
Finance leases | 31 years | 32 years |
Weighted-Average Discount Rate | ||
Operating leases | 3.57% | 3.61% |
Finance leases | 7.04% | 7.04% |
Lease Costs | ||
Operating lease cost | $ 11,493 | $ 12,281 |
Variable lease cost | 2,954 | 5,549 |
Short-term lease cost | 407 | 587 |
Interest on lease liabilities 1 | 735 | 741 |
Amortization of right-of-use assets | 72 | 72 |
Sublease income | (7,452) | (7,804) |
Net Lease Costs | 8,209 | 11,426 |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | 13,741 | 12,349 |
Operating cash flows from finance leases | 735 | 741 |
Financing cash flows from finance leases | 90 | 84 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 12,207 | $ 11,185 |
Leases - Future Minimum Payment
Leases - Future Minimum Payments for Finance Leases and Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finance Leases | ||
2022 | $ 825 | |
2023 | 825 | |
2024 | 825 | |
2025 | 825 | |
2026 | 825 | |
Thereafter | 21,455 | |
Total Future Minimum Lease Payments | 25,580 | |
Amounts Representing Interest | (15,189) | |
Finance Lease Obligations | 10,391 | $ 10,481 |
Operating Leases | ||
2022 | 11,100 | |
2023 | 10,298 | |
2024 | 9,430 | |
2025 | 8,852 | |
2026 | 7,618 | |
Thereafter | 92,849 | |
Total Future Minimum Lease Payments | 140,147 | |
Amounts Representing Interest | (36,937) | |
Operating Lease Liabilities | $ 103,210 | $ 107,412 |
Leases - Future Minimum Rental
Leases - Future Minimum Rental Income under Operating Leases Including Subleases (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 5,807 |
2023 | 4,382 |
2024 | 2,829 |
2025 | 1,919 |
2026 | 1,232 |
Thereafter | 3,635 |
Total | $ 19,804 |
Bank of Hawaii Corporation Fi_3
Bank of Hawaii Corporation Financial Statements - Schedule of Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Financial Statements Captions [Line Items] | |||
Investment Securities Gains (Losses), Net | $ (1,297) | $ 9,932 | $ (3,986) |
Noninterest Expense | |||
Total Noninterest Expense | 393,589 | 373,807 | 379,227 |
Income Before Income Tax Benefit and Equity in Undistributed Income of Subsidiaries | 325,554 | 189,124 | 285,826 |
Income Tax Benefit (Expense) | 72,182 | 35,320 | 59,913 |
Net Income | 253,372 | 153,804 | 225,913 |
Comprehensive Income | 179,168 | 192,738 | 245,844 |
Parent Company | |||
Condensed Financial Statements Captions [Line Items] | |||
Dividends from Bank of Hawaii | 62,000 | 134,000 | 220,000 |
Investment Securities Gains (Losses), Net | (948) | 13,336 | (850) |
Other Income and Interest on Investment | 6 | 154 | 261 |
Total Income | 61,058 | 147,490 | 219,411 |
Noninterest Expense | |||
Intercompany Salaries and Services | 764 | 758 | 768 |
Other Expenses | 1,787 | 1,864 | 1,682 |
Total Noninterest Expense | 2,551 | 2,622 | 2,450 |
Income Before Income Tax Benefit and Equity in Undistributed Income of Subsidiaries | 58,507 | 144,868 | 216,961 |
Income Tax Benefit (Expense) | (2,131) | 2,395 | (1,818) |
Equity in Undistributed Income of Subsidiaries | 192,734 | 11,331 | 7,134 |
Net Income | 253,372 | 153,804 | 225,913 |
Comprehensive Income | $ 179,168 | $ 192,738 | $ 245,844 |
Bank of Hawaii Corporation Fi_4
Bank of Hawaii Corporation Financial Statements - Schedule of Condensed Statements of Condition (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||||
Investment Securities Held-to-Maturity | $ 4,694,780 | $ 3,262,727 | $ 3,042,294 | |
Goodwill | 31,517 | 31,517 | ||
Other Assets | 384,727 | 435,293 | ||
Total Assets | 22,784,941 | 20,603,651 | 18,095,496 | |
Liabilities | ||||
Other Liabilities | 196,237 | 190,263 | ||
Total Liabilities | 21,173,330 | 19,229,144 | ||
Common Shareholders’ Equity | 1,611,611 | 1,374,507 | $ 1,286,832 | $ 1,268,200 |
Total Liabilities and Shareholders’ Equity | 22,784,941 | 20,603,651 | ||
Parent Company | ||||
Assets | ||||
Cash with Bank of Hawaii | 6,376 | 66,704 | ||
Investment Securities Held-to-Maturity | 2,500 | 2,501 | ||
Goodwill | 14,129 | 14,129 | ||
Other Assets | 14,130 | 12,305 | ||
Equity in Net Assets of Subsidiaries | 1,586,473 | 1,290,455 | ||
Total Assets | 1,623,608 | 1,386,094 | ||
Liabilities | ||||
Income Taxes Payable | 38 | 974 | ||
Other Liabilities | 11,959 | 10,613 | ||
Total Liabilities | 11,997 | 11,587 | ||
Common Shareholders’ Equity | 1,611,611 | 1,374,507 | ||
Total Liabilities and Shareholders’ Equity | $ 1,623,608 | $ 1,386,094 |
Bank of Hawaii Corporation Fi_5
Bank of Hawaii Corporation Financial Statements - Schedule of Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities | |||
Net Income | $ 253,372 | $ 153,804 | $ 225,913 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||
Share-Based Compensation | 13,267 | 7,578 | 8,337 |
Net (Gains) Losses on Investment Securities | 1,297 | (9,932) | 3,986 |
Net Change in Other Assets and Other Liabilities | 27,989 | (127,934) | (20,039) |
Net Cash Provided by Operating Activities | 377,151 | 146,416 | 234,238 |
Investing Activities | |||
Purchases | (2,676,376) | (1,661,180) | (1,380,430) |
Net Cash Used in Investing Activities | (2,423,334) | (2,373,282) | (773,268) |
Financing Activities | |||
Proceeds from Issuance of Common Stock | 13,611 | 9,389 | 7,872 |
Proceeds from Issuance of Preferred Stock | 175,487 | ||
Repurchase of Common Stock | (31,258) | (18,006) | (137,649) |
Cash Dividends Paid on Common Stock | (110,633) | (107,434) | (105,478) |
Cash Dividends Paid on Preferred Stock | (2,975) | ||
Net Cash Provided by Financing Activities | 1,992,529 | 2,282,296 | 571,719 |
Net Change in Cash and Cash Equivalents | (53,654) | 55,430 | 32,689 |
Cash and Cash Equivalents at Beginning of Period | 614,088 | 558,658 | 525,969 |
Cash and Cash Equivalents at End of Period | 560,434 | 614,088 | 558,658 |
Parent Company | |||
Operating Activities | |||
Net Income | 253,372 | 153,804 | 225,913 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||
Share-Based Compensation | 779 | 795 | 760 |
Net (Gains) Losses on Investment Securities | 948 | (13,336) | 850 |
Equity in Undistributed Income of Subsidiaries | (192,734) | (11,331) | (7,134) |
Net Change in Other Assets and Other Liabilities | (977) | (68) | (135) |
Net Cash Provided by Operating Activities | 61,388 | 129,864 | 220,254 |
Investing Activities | |||
Capital Contributions to the Bank | (165,000) | ||
Proceeds from (Expenses related to) Sales of Investment Securities | (948) | 18,336 | 4,259 |
Purchases | (2,501) | (4,933) | |
Net Cash Used in Investing Activities | (165,948) | 15,835 | (674) |
Financing Activities | |||
Proceeds from Issuance of Common Stock | 13,611 | 9,389 | 7,872 |
Proceeds from Issuance of Preferred Stock | 175,487 | ||
Repurchase of Common Stock | (31,258) | (18,006) | (137,649) |
Cash Dividends Paid on Common Stock | (110,633) | (107,434) | (105,478) |
Cash Dividends Paid on Preferred Stock | (2,975) | ||
Net Cash Provided by Financing Activities | 44,232 | (116,051) | (235,255) |
Net Change in Cash and Cash Equivalents | (60,328) | 29,648 | (15,675) |
Cash and Cash Equivalents at Beginning of Period | 66,704 | 37,056 | 52,731 |
Cash and Cash Equivalents at End of Period | $ 6,376 | $ 66,704 | $ 37,056 |