Cover page
Cover page - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 19, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-6887 | |
Entity Registrant Name | BANK OF HAWAII CORPORATION | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 40,182,789 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000046195 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | BOH | |
Security Exchange Name | NYSE | |
Series A Preferred Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depository Shares, Each Representing 1/40th Interest in a Share of 4.375% Fixed Rate Non-Cumulative Preferred Stock, Series A | |
Trading Symbol | BOH.PRA | |
Security Exchange Name | NYSE |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest Income | ||||
Interest and Fees on Loans and Leases | $ 101,663 | $ 100,894 | $ 196,102 | $ 200,193 |
Income on Investment Securities | ||||
Available-for-Sale | 17,984 | 16,467 | 35,084 | 32,304 |
Held-to-Maturity | 18,838 | 13,576 | 37,539 | 26,876 |
Deposits | 5 | 9 | 7 | |
Funds Sold | 719 | 260 | 846 | 397 |
Other | 353 | 182 | 555 | 367 |
Total Interest Income | 139,562 | 131,379 | 270,135 | 260,144 |
Interest Expense | ||||
Deposits | 3,535 | 4,152 | 5,888 | 8,481 |
Securities Sold Under Agreements to Repurchase | 2,794 | 3,470 | 5,566 | 7,003 |
Funds Purchased | 57 | 59 | 1 | |
Short-Term Borrowings | 92 | 92 | ||
Other Debt | 182 | 243 | 365 | 576 |
Total Interest Expense | 6,660 | 7,865 | 11,970 | 16,061 |
Net Interest Income | 132,902 | 123,514 | 258,165 | 244,083 |
Provision for Credit Losses | (2,500) | (16,100) | (8,000) | (30,400) |
Net Interest Income After Provision for Credit Losses | 135,402 | 139,614 | 266,165 | 274,483 |
Noninterest Income | ||||
Trust and Asset Management | 11,457 | 11,682 | 22,733 | 22,960 |
Mortgage Banking | 1,247 | 3,058 | 3,987 | 8,920 |
Service Charges on Deposit Accounts | 7,309 | 6,065 | 14,581 | 12,193 |
Fees, Exchange, and Other Service Charges | 14,193 | 13,807 | 27,145 | 27,414 |
Investment Securities Gains (Losses), Net | (1,295) | 2,423 | (2,840) | 1,220 |
Annuity and Insurance | 870 | 911 | 1,661 | 1,613 |
Bank-Owned Life Insurance | 2,658 | 2,063 | 5,007 | 3,980 |
Other | 5,719 | 4,422 | 13,435 | 9,101 |
Total Noninterest Income | 42,158 | 44,431 | 85,709 | 87,401 |
Noninterest Expense | ||||
Salaries and Benefits | 57,769 | 56,161 | 117,693 | 112,412 |
Net Occupancy | 9,930 | 5,047 | 19,756 | 14,137 |
Net Equipment | 9,543 | 8,796 | 18,696 | 17,674 |
Data Processing | 4,607 | 4,557 | 9,167 | 10,879 |
Professional Fees | 3,542 | 3,114 | 6,800 | 6,520 |
FDIC Insurance | 1,590 | 1,669 | 3,092 | 3,323 |
Other | 15,958 | 17,183 | 31,609 | 30,447 |
Total Noninterest Expense | 102,939 | 96,527 | 206,813 | 195,392 |
Income Before Provision for Income Taxes | 74,621 | 87,518 | 145,061 | 166,492 |
Provision for Income Taxes | 17,759 | 19,985 | 33,365 | 39,010 |
Net Income | 56,862 | 67,533 | 111,696 | 127,482 |
Preferred Stock Dividends | 1,969 | 3,938 | ||
Net Income Available to Common Shareholders | $ 54,893 | $ 67,533 | $ 107,758 | $ 127,482 |
Basic Earnings Per Common Share | $ 1.38 | $ 1.69 | $ 2.71 | $ 3.20 |
Diluted Earnings Per Common Share | 1.38 | 1.68 | 2.70 | 3.18 |
Dividends Declared Per Common Share | $ 0.70 | $ 0.67 | $ 1.40 | $ 1.34 |
Basic Weighted Average Common Shares | 39,693,593 | 39,902,583 | 39,722,985 | 39,865,268 |
Diluted Weighted Average Common Shares | 39,842,608 | 40,122,905 | 39,896,700 | 40,096,527 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net Income | $ 56,862 | $ 67,533 | $ 111,696 | $ 127,482 |
Other Comprehensive Income (Loss), Net of Tax: | ||||
Net Unrealized Losses on Investment Securities | (122,647) | (123) | (302,771) | (50,173) |
Defined Benefit Plans | 352 | 442 | 705 | 883 |
Total Other Comprehensive Income (Loss) | (122,295) | 319 | (302,066) | (49,290) |
Comprehensive Income (Loss) | $ (65,433) | $ 67,852 | $ (190,370) | $ 78,192 |
Consolidated Statements of Cond
Consolidated Statements of Condition (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Interest-Bearing Deposits in Other Banks | $ 2,264 | $ 2,571 |
Funds Sold | 576,430 | 361,536 |
Investment Securities | ||
Available-for-Sale | 3,955,476 | 4,276,056 |
Held-to-Maturity (Fair Value of $3,823,739 and $4,646,619) | 4,321,693 | 4,694,780 |
Loans Held for Sale | 4,514 | 26,746 |
Loans and Leases | 12,951,573 | 12,259,076 |
Allowance for Credit Losses | (148,512) | (157,821) |
Net Loans and Leases | 12,803,061 | 12,101,255 |
Total Earning Assets | 21,663,438 | 21,462,944 |
Cash and Due From Banks | 260,672 | 196,327 |
Premises and Equipment, Net | 202,063 | 199,393 |
Operating Lease Right-of-Use Assets | 91,901 | 95,621 |
Accrued Interest Receivable | 47,141 | 45,242 |
Foreclosed Real Estate | 2,332 | 2,332 |
Mortgage Servicing Rights | 23,540 | 22,251 |
Goodwill | 31,517 | 31,517 |
Bank-Owned Life Insurance | 448,925 | 344,587 |
Other Assets | 461,170 | 384,727 |
Total Assets | 23,232,699 | 22,784,941 |
Deposits | ||
Noninterest-Bearing Demand | 7,374,055 | 7,275,287 |
Interest-Bearing Demand | 4,339,520 | 4,628,567 |
Savings | 8,054,899 | 7,456,165 |
Time | 1,257,207 | 1,000,089 |
Total Deposits | 21,025,681 | 20,360,108 |
Securities Sold Under Agreements to Repurchase | 425,490 | 450,490 |
Other Debt | 10,343 | 10,391 |
Operating Lease Liabilities | 99,722 | 103,210 |
Retirement Benefits Payable | 37,532 | 38,494 |
Accrued Interest Payable | 2,545 | 2,499 |
Taxes Payable | 10,607 | 11,901 |
Other Liabilities | 272,033 | 196,237 |
Total Liabilities | 21,883,953 | 21,173,330 |
Commitments, Contingencies, and Guarantees (Note 12) | ||
Shareholders’ Equity | ||
Preferred Stock ($.01 par value; authorized 180,000 shares; issued and outstanding: June 30, 2022 and December 31, 2021 - 180,000) | 180,000 | 180,000 |
Common Stock ($.01 par value; authorized 500,000,000 shares; issued / outstanding: June 30, 2022 - 58,727,909 / 40,182,659 and December 31, 2021 - 58,554,669 / 40,253,193) | 582 | 581 |
Capital Surplus | 611,694 | 602,508 |
Accumulated Other Comprehensive Loss | (368,448) | (66,382) |
Retained Earnings | 2,002,005 | 1,950,375 |
Treasury Stock, at Cost (Shares; June 30, 2022 - 18,545,250 and December 31, 2021 - 18,301,476) | (1,077,087) | (1,055,471) |
Total Shareholders’ Equity | 1,348,746 | 1,611,611 |
Total Liabilities and Shareholders’ Equity | $ 23,232,699 | $ 22,784,941 |
Consolidated Statements of Co_2
Consolidated Statements of Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Held-to-Maturity: Fair Value | $ 3,823,739 | $ 4,646,619 |
Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, authorized (in shares) | 180,000 | 180,000 |
Preferred Stock, issued (in shares) | 180,000 | 180,000 |
Preferred Stock, outstanding (in shares) | 180,000 | 180,000 |
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, authorized (in shares) | 500,000,000 | 500,000,000 |
Common Stock, issued (in shares) | 58,727,909 | 58,554,669 |
Common Stock, outstanding (in shares) | 40,182,659 | 40,253,193 |
Treasury Stock (in shares) | 18,545,250 | 18,301,476 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Capital Surplus | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Treasury Stock |
Balance at Dec. 31, 2020 | $ 1,374,507 | $ 580 | $ 591,360 | $ 7,822 | $ 1,811,979 | $ (1,037,234) | |
Beginning Balance (in shares) at Dec. 31, 2020 | 40,119,312 | ||||||
Net Income | 59,949 | 59,949 | |||||
Other Comprehensive Income (Loss) | (49,609) | (49,609) | |||||
Share-Based Compensation | 2,780 | 2,780 | |||||
Common Stock Issued under Purchase and Equity Compensation Plans | 2,809 | 664 | (845) | 2,990 | |||
Common Stock Issued under Purchase and Equity Compensation Plans and Related Tax Benefits (in shares) | 310,905 | ||||||
Common Stock Repurchased | (3,189) | (3,189) | |||||
Common Stock Repurchased (in shares) | (35,983) | ||||||
Cash Dividends Declared Common Stock (per share) | (27,026) | (27,026) | |||||
Balance at Mar. 31, 2021 | 1,360,221 | $ 580 | 594,804 | (41,787) | 1,844,057 | (1,037,433) | |
Ending Balance (in shares) at Mar. 31, 2021 | 40,394,234 | ||||||
Balance at Dec. 31, 2020 | 1,374,507 | $ 580 | 591,360 | 7,822 | 1,811,979 | (1,037,234) | |
Beginning Balance (in shares) at Dec. 31, 2020 | 40,119,312 | ||||||
Net Income | 127,482 | ||||||
Other Comprehensive Income (Loss) | (49,290) | (49,290) | |||||
Balance at Jun. 30, 2021 | 1,583,531 | $ 180,000 | $ 580 | 594,261 | (41,468) | 1,884,431 | (1,034,273) |
Ending Balance (in shares) at Jun. 30, 2021 | 180,000 | 40,465,482 | |||||
Balance at Mar. 31, 2021 | 1,360,221 | $ 580 | 594,804 | (41,787) | 1,844,057 | (1,037,433) | |
Beginning Balance (in shares) at Mar. 31, 2021 | 40,394,234 | ||||||
Net Income | 67,533 | 67,533 | |||||
Other Comprehensive Income (Loss) | 319 | 319 | |||||
Share-Based Compensation | 3,342 | 3,342 | |||||
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 | 3,851 | $ 0 | 628 | (46) | 3,269 | ||
Common Stock Issued under Purchase and Equity Compensation Plans and Related Tax Benefits (in shares) | 72,421 | ||||||
Common Stock Repurchased | (109) | (109) | |||||
Common Stock Repurchased (in shares) | (1,173) | ||||||
Cash Dividends Declared Common Stock (per share) | (27,113) | (27,113) | |||||
Balance at Jun. 30, 2021 | 1,583,531 | $ 180,000 | $ 580 | 594,261 | (41,468) | 1,884,431 | (1,034,273) |
Ending Balance (in shares) at Jun. 30, 2021 | 180,000 | 40,465,482 | |||||
Balance at Dec. 31, 2021 | 1,611,611 | $ 180,000 | $ 581 | 602,508 | (66,382) | 1,950,375 | (1,055,471) |
Beginning Balance (in shares) at Dec. 31, 2021 | 180,000 | 40,253,193 | |||||
Net Income | 54,834 | 54,834 | |||||
Other Comprehensive Income (Loss) | (179,771) | (179,771) | |||||
Share-Based Compensation | 4,010 | 4,010 | |||||
Common Stock Issued under Purchase and Equity Compensation Plans | 2,395 | $ 1 | 543 | (185) | 2,036 | ||
Common Stock Issued under Purchase and Equity Compensation Plans and Related Tax Benefits (in shares) | 197,783 | ||||||
Common Stock Repurchased | (13,960) | (13,960) | |||||
Common Stock Repurchased (in shares) | (162,611) | ||||||
Cash Dividends Declared Common Stock (per share) | (28,265) | (28,265) | |||||
Cash Dividends Declared Preferred Stock | (1,969) | (1,969) | |||||
Balance at Mar. 31, 2022 | 1,448,885 | $ 180,000 | $ 582 | 607,061 | (246,153) | 1,974,790 | (1,067,395) |
Ending Balance (in shares) at Mar. 31, 2022 | 180,000 | 40,288,365 | |||||
Balance at Dec. 31, 2021 | 1,611,611 | $ 180,000 | $ 581 | 602,508 | (66,382) | 1,950,375 | (1,055,471) |
Beginning Balance (in shares) at Dec. 31, 2021 | 180,000 | 40,253,193 | |||||
Net Income | 111,696 | ||||||
Other Comprehensive Income (Loss) | (302,066) | (302,066) | |||||
Balance at Jun. 30, 2022 | 1,348,746 | $ 180,000 | $ 582 | 611,694 | (368,448) | 2,002,005 | (1,077,087) |
Ending Balance (in shares) at Jun. 30, 2022 | 180,000 | 40,182,659 | |||||
Balance at Mar. 31, 2022 | 1,448,885 | $ 180,000 | $ 582 | 607,061 | (246,153) | 1,974,790 | (1,067,395) |
Beginning Balance (in shares) at Mar. 31, 2022 | 180,000 | 40,288,365 | |||||
Net Income | 56,862 | 56,862 | |||||
Other Comprehensive Income (Loss) | (122,295) | (122,295) | |||||
Share-Based Compensation | 4,162 | 4,162 | |||||
Common Stock Issued under Purchase and Equity Compensation Plans | 1,663 | 471 | 531 | 661 | |||
Common Stock Issued under Purchase and Equity Compensation Plans and Related Tax Benefits (in shares) | 30,442 | ||||||
Common Stock Repurchased | (10,353) | (10,353) | |||||
Common Stock Repurchased (in shares) | (136,148) | ||||||
Cash Dividends Declared Common Stock (per share) | (28,209) | (28,209) | |||||
Cash Dividends Declared Preferred Stock | (1,969) | (1,969) | |||||
Balance at Jun. 30, 2022 | $ 1,348,746 | $ 180,000 | $ 582 | $ 611,694 | $ (368,448) | $ 2,002,005 | $ (1,077,087) |
Ending Balance (in shares) at Jun. 30, 2022 | 180,000 | 40,182,659 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement Of Stockholders Equity [Abstract] | ||||||
Dividends Declared Per Common Share | $ 0.70 | $ 0.70 | $ 0.67 | $ 0.67 | $ 1.40 | $ 1.34 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating Activities | ||
Net Income | $ 111,696 | $ 127,482 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Provision for Credit Losses | (8,000) | (30,400) |
Depreciation and Amortization | 10,607 | 10,564 |
Amortization of Deferred Loan and Lease (Fees) Costs, Net | (561) | (7,528) |
Amortization and Accretion of Premiums/Discounts on Investment Securities, Net | 12,453 | 17,772 |
Amortization of Operating Lease Right-of-Use Assets | 5,798 | 5,677 |
Share-Based Compensation | 8,172 | 6,122 |
Benefit Plan Contributions | (825) | (856) |
Deferred Income Taxes | 839 | 4,025 |
Gains on Sale of Premises and Equipment | (3,143) | |
Net Gains on Sales of Loans and Leases | (2,463) | (9,554) |
Net Losses (Gains) on Sales of Investment Securities | 2,840 | (1,220) |
Proceeds from Sales of Loans Held for Sale | 102,806 | 294,006 |
Originations of Loans Held for Sale | (79,660) | (231,917) |
Net Tax Benefits from Share-Based Compensation | 163 | 908 |
Net Change in Other Assets and Other Liabilities | (5,516) | 29,331 |
Net Cash Provided by Operating Activities | 158,349 | 211,269 |
Investment Securities Available-for-Sale: | ||
Proceeds from Sales, Prepayments and Maturities | 456,420 | 693,404 |
Purchases | (556,154) | (1,497,902) |
Investment Securities Held-to-Maturity: | ||
Proceeds from Prepayments and Maturities | 381,387 | 637,149 |
Purchases | (15,240) | (1,333,606) |
Net Change in Loans and Leases | (692,179) | (119,140) |
Purchases of Premises and Equipment | (13,277) | (9,730) |
Proceeds from Sale of Premises and Equipment | 3,496 | |
Net Cash Used in Investing Activities | (439,043) | (1,626,329) |
Financing Activities | ||
Net Change in Deposits | 665,573 | 1,958,088 |
Net Change in Short-Term Borrowings | (25,000) | (50,100) |
Repayments of Long-Term Debt | (48) | (50,044) |
Net Proceeds from Issuance of Preferred Stock | 175,487 | |
Proceeds from Issuance of Common Stock | 3,826 | 6,445 |
Repurchase of Common Stock | (24,313) | (3,298) |
Cash Dividends Paid on Common Stock | (56,474) | (54,139) |
Cash Dividends Paid on Preferred Stock | (3,938) | |
Net Cash Provided by Financing Activities | 559,626 | 1,982,439 |
Net Change in Cash and Cash Equivalents | 278,932 | 567,379 |
Cash and Cash Equivalents at Beginning of Period | 560,434 | 614,088 |
Cash and Cash Equivalents at End of Period | 839,366 | 1,181,467 |
Supplemental Information | ||
Cash Paid for Interest | 11,924 | 17,299 |
Cash Paid for Income Taxes | 24,946 | 26,071 |
Non-Cash Investing and Financing Activities: | ||
Transfer from Loans to Loans Held for Sale | $ 380 | $ 20,072 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
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 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”). The consolidated financial statements in this report have not been audited by an independent registered public accounting firm, but, in the opinion of management, reflect all adjustments necessary for a fair presentation of the results for the interim periods. All such adjustments are of a normal recurring nature. Intercompany accounts and transactions have been eliminated in consolidation. Certain prior period information has been reclassified to conform to the current period presentation. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for the full fiscal year or for any future period. The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and accompanying notes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Accounting Standard Pending Adoption In March 2022, the FASB issued ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures.” ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings (“TDRs”), while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. ASU 2022-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. ASU 2022-02 is not expected to have a material impact on the Company’s consolidated financial statements. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2022 | |
Cash And Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Note 2. Cash and Cash Equivalents The Company is normally required to maintain cash on hand or on deposit with the Board of Governors of the Federal Reserve System (“FRB”) based on the amount of certain customer deposits, mainly checking accounts, however, the FRB lowered the reserve requirement ratios on transaction accounts to zero percent effective March 25, 2020; therefore, there was no required reserve as of June 30, 2022. The following table provides a reconciliation of cash and cash equivalents reported within the consolidated statement of condition: (dollars in thousands) June 30, 2022 Interest-Bearing Deposits in Other Banks $ 2,264 Funds Sold 576,430 Cash and Due From Banks 260,672 Total Cash and Cash Equivalents $ 839,366 |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022, and December 31, 2021, were as follows: (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2022 Available-for-Sale: Debt Securities Issued by the U.S. Treasury and Government Agencies $ 272,935 $ 1,640 $ (10,689 ) $ 263,886 Debt Securities Issued by States and Political Subdivisions 74,698 2 (8,859 ) 65,841 Debt Securities Issued by U.S. Government-Sponsored Enterprises 1,758 — (85 ) 1,673 Debt Securities Issued by Corporations 432,016 — (47,697 ) 384,319 Mortgage-Backed Securities: Residential - Government Agencies 1,348,519 566 (122,746 ) 1,226,339 Residential - U.S. Government-Sponsored Enterprises 2,104,396 13 (254,542 ) 1,849,867 Commercial - Government Agencies or Sponsored Agencies 178,008 — (14,457 ) 163,551 Total Mortgage-Backed Securities 3,630,923 579 (391,745 ) 3,239,757 Total $ 4,412,330 $ 2,221 $ (459,075 ) $ 3,955,476 Held-to-Maturity: Debt Securities Issued by the U.S. Treasury and Government Agencies $ 131,556 $ — $ (13,058 ) $ 118,498 Debt Securities Issued by Corporations 18,672 — (1,857 ) 16,815 Mortgage-Backed Securities: Residential - Government Agencies 1,605,791 721 (173,760 ) 1,432,752 Residential - U.S. Government-Sponsored Enterprises 2,107,997 21 (247,438 ) 1,860,580 Commercial - Government Agencies or Sponsored Agencies 457,677 — (62,583 ) 395,094 Total Mortgage-Backed Securities 4,171,465 742 (483,781 ) 3,688,426 Total $ 4,321,693 $ 742 $ (498,696 ) $ 3,823,739 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 or Sponsored 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 or Sponsored 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 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 $9.0 million and $8.4 million as of June 30, 2022, and December 31, 2021, respectively. For held-to-maturity (“HTM”) debt securities, AIR totaled $7.5 million and $8.2 million as of June 30, 2022, and December 31, 2021, 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 June 30, 2022. 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 $ 902 $ 902 Due After One Year Through Five Years 278,482 263,219 Due After Five Years Through Ten Years 372,109 322,093 Due After Ten Years 13,130 11,133 664,623 597,347 Debt Securities Issued by Government Agencies 116,784 118,372 Mortgage-Backed Securities: Residential - Government Agencies 1,348,519 1,226,339 Residential - U.S. Government-Sponsored Enterprises 2,104,396 1,849,867 Commercial - Government Agencies or Sponsored Agencies 178,008 163,551 Total Mortgage-Backed Securities 3,630,923 3,239,757 Total $ 4,412,330 $ 3,955,476 Held-to-Maturity: Due After One Year Through Five Years 15,022 14,223 Due After Five Year Through Ten Years 124,057 111,628 Due After Ten Years 11,149 9,462 150,228 135,313 Mortgage-Backed Securities: Residential - Government Agencies 1,605,791 1,432,752 Residential - U.S. Government-Sponsored Enterprises 2,107,997 1,860,580 Commercial - Government Agencies or Sponsored Agencies 457,677 395,094 Total Mortgage-Backed Securities 4,171,465 3,688,426 Total $ 4,321,693 $ 3,823,739 Investment securities with carrying values of $3.7 billion and $2.9 billion as of June 30, 2022, and December 31, 2021, respectively, were pledged to secure deposits of governmental entities, securities sold under agreements to repurchase, and FRB discount window borrowing. The table below presents the losses from the sales of investment securities for the three and six months ended June 30, 2022, and June 30, 2021: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2022 2021 2022 2021 Gross Gains on Sales of Investment Securities $ — $ 3,675 $ — $ 3,675 Gross Losses on Sales of Investment Securities (1,295 ) (1,252 ) (2,840 ) (2,455 ) Total Losses on Sales of Investment Securities $ (1,295 ) $ 2,423 $ (2,840 ) $ 1,220 The losses on sales of investment securities during the three and six months ended June 30, 2022, and June 30, 2021, 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 was not deemed necessary, 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 June 30, 2022 Available-for-Sale: Debt Securities Issued by the U.S. Treasury and Government Agencies $ 146,219 $ (10,637 ) $ 6,682 $ (52 ) $ 152,901 $ (10,689 ) Debt Securities Issued by States and Political Subdivisions 64,952 (8,859 ) — — 64,952 (8,859 ) Debt Securities Issued by U.S. Government- Sponsored Enterprises 1,614 (79 ) 60 (6 ) 1,674 (85 ) Debt Securities Issued by Corporations 278,163 (38,854 ) 106,156 (8,843 ) 384,319 (47,697 ) Mortgage-Backed Securities: Residential - Government Agencies 849,208 (61,865 ) 342,358 (60,881 ) 1,191,566 (122,746 ) Residential - U.S. Government-Sponsored Enterprises 946,822 (99,484 ) 902,647 (155,058 ) 1,849,469 (254,542 ) Commercial-Government Agencies or Sponsored Agencies 144,817 (11,126 ) 18,734 (3,331 ) 163,551 (14,457 ) Total Mortgage-Backed Securities 1,940,847 (172,475 ) 1,263,739 (219,270 ) 3,204,586 (391,745 ) Total $ 2,431,795 $ (230,904 ) $ 1,376,637 $ (228,171 ) $ 3,808,432 $ (459,075 ) 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 or Sponsored 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 ) The Company does not believe that the AFS debt securities that were in an unrealized loss position as of June 30, 2022, which were comprised of 455 individual securities, represent a credit loss impairment. As of June 30, 2022, and December 31, 2021, 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 does 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, an allowance for credit losses for these securities was not deemed necessary as of June 30, 2022. Interest income from taxable and non-taxable investment securities for the three and six months ended June 30, 2022, and June 30, 2021, were as follows: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2022 2021 2022 2021 Taxable $ 36,809 $ 29,765 $ 72,599 $ 58,621 Non-Taxable 12 278 23 559 Total Interest Income from Investment Securities $ 36,821 $ 30,043 $ 72,622 $ 59,180 As of June 30, 2022, and December 31, 2021, the carrying value of the Company’s Federal Home Loan Bank of Des Moines stock and Federal Reserve Bank stock was as follows: (dollars in thousands) June 30, 2022 December 31, 2021 Federal Home Loan Bank of Des Moines Stock $ 10,000 $ 10,000 Federal Reserve Bank Stock 26,840 26,624 Total $ 36,840 $ 36,624 These securities can only be redeemed or sold at their par value and only to the respective issuing 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. |
Loans and Leases and the Allowa
Loans and Leases and the Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022, and December 31, 2021: (dollars in thousands) June 30, 2022 December 31, 2021 Commercial Commercial and Industrial $ 1,323,830 $ 1,361,921 Paycheck Protection Program 31,964 126,779 Commercial Mortgage 3,464,126 3,152,130 Construction 246,177 220,254 Lease Financing 89,535 105,108 Total Commercial 5,155,632 4,966,192 Consumer Residential Mortgage 4,486,571 4,309,602 Home Equity 2,101,612 1,836,588 Automobile 775,065 736,565 Other 1 432,693 410,129 Total Consumer 7,795,941 7,292,884 Total Loans and Leases $ 12,951,573 $ 12,259,076 1 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 was $0.2 million and $2.6 million for the three months ended June 30, 2022, and June 30, 2021, respectively, and $0.2 million and $4.7 million for the six months ended June 30, 2022, and June 30, 2021, respectively. The Company elected to exclude AIR from the amortized cost basis of loans disclosed throughout this footnote. As of June 30, 2022, and December 31, 2021, AIR for loans totaled $30.7 million and $28.7 million, respectively, and is included in the “accrued interest receivable” line item on the Company’s consolidated statements of condition. Allowance for Credit Losses (the “Allowance”) The following presents by portfolio segment, the activity in the Allowance for the three and six months ended June 30, 2022, and June 30, 2021. (dollars in thousands) Commercial Consumer Total Three Months Ended June 30, 2022 Allowance for Credit Losses: Balance at Beginning of Period $ 62,093 $ 89,935 $ 152,028 Loans and Leases Charged-Off (233 ) (3,113 ) (3,346 ) Recoveries on Loans and Leases Previously Charged-Off 51 2,664 2,715 Net Loans and Leases Recovered (Charged-Off) (182 ) (449 ) (631 ) Provision for Credit Losses (85 ) (2,800 ) (2,885 ) Balance at End of Period $ 61,826 $ 86,686 $ 148,512 Six Months Ended June 30, 2022 Allowance for Credit Losses: Balance at Beginning of Period $ 64,950 $ 92,871 $ 157,821 Loans and Leases Charged-Off (582 ) (6,672 ) (7,254 ) Recoveries on Loans and Leases Previously Charged-Off 420 4,717 5,137 Net Loans and Leases Recovered (Charged-Off) (162 ) (1,955 ) (2,117 ) Provision for Credit Losses (2,962 ) (4,230 ) (7,192 ) Balance at End of Period $ 61,826 $ 86,686 $ 148,512 Three Months Ended June 30, 2021 Allowance for Credit Losses: Balance at Beginning of Period $ 82,811 $ 115,532 $ 198,343 Loans and Leases Charged-Off (456 ) (3,853 ) (4,309 ) Recoveries on Loans and Leases Previously Charged-Off 144 2,981 3,125 Net Loans and Leases Recovered (Charged-Off) (312 ) (872 ) (1,184 ) Provision for Credit Losses (3,860 ) (12,914 ) (16,774 ) Balance at End of Period $ 78,639 $ 101,746 $ 180,385 Six Months Ended June 30, 2021 Allowance for Credit Losses: Balance at Beginning of Period $ 84,847 $ 131,405 $ 216,252 Loans and Leases Charged-Off (704 ) (9,896 ) (10,600 ) Recoveries on Loans and Leases Previously Charged-Off 256 6,244 6,500 Net Loans and Leases Recovered (Charged-Off) (448 ) (3,652 ) (4,100 ) Provision for Credit Losses (5,760 ) (26,007 ) (31,767 ) Balance at End of Period $ 78,639 $ 101,746 $ 180,385 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 (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 a 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 that are past due 90 days For P ass rated credits, risk ratings are certified at a mini mum annually. For S pecial M ention or C lassified 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 June 30, 2022 . Term Loans by Origination Year (dollars in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total Loans and Leases June 30, 2022 Commercial Commercial and Industrial Pass $ 195,226 $ 366,345 $ 270,290 $ 73,028 $ 51,830 $ 80,125 $ 248,467 $ 287 $ 1,285,598 Special Mention 300 1,761 - - 126 96 15,204 - 17,487 Classified - 10,100 1,097 - 1,727 6,765 1,022 34 20,745 Total Commercial and Industrial $ 195,526 $ 378,206 $ 271,387 $ 73,028 $ 53,683 $ 86,986 $ 264,693 $ 321 $ 1,323,830 Paycheck Protection Program Pass $ - $ 14,693 $ 17,271 $ - $ - $ - $ - $ - $ 31,964 Total Paycheck Protection Program $ - $ 14,693 $ 17,271 $ - $ - $ - $ - $ - $ 31,964 Commercial Mortgage Pass $ 614,389 $ 886,809 $ 704,185 $ 314,820 $ 202,411 $ 567,705 $ 51,876 $ - $ 3,342,195 Special Mention - 38,090 31,276 - 31,504 4,773 - - 105,643 Classified 344 3,704 7,298 632 - 4,310 - - 16,288 Total Commercial Mortgage $ 614,733 $ 928,603 $ 742,759 $ 315,452 $ 233,915 $ 576,788 $ 51,876 $ - $ 3,464,126 Construction Pass $ 45,104 $ 54,040 $ 112,289 $ 17,082 $ - $ 595 $ 17,067 $ - $ 246,177 Total Construction $ 45,104 $ 54,040 $ 112,289 $ 17,082 $ - $ 595 $ 17,067 $ - $ 246,177 Lease Financing Pass $ 9,007 $ 19,723 $ 13,618 $ 13,190 $ 7,816 $ 25,397 $ - $ - $ 88,751 Special Mention - - - - 784 - - - 784 Total Lease Financing $ 9,007 $ 19,723 $ 13,618 $ 13,190 $ 8,600 $ 25,397 $ - $ - $ 89,535 Total Commercial $ 864,370 $ 1,395,265 $ 1,157,324 $ 418,752 $ 296,198 $ 689,766 $ 333,636 $ 321 $ 5,155,632 Consumer Residential Mortgage Pass $ 511,952 $ 1,338,350 $ 1,065,284 $ 330,487 $ 150,344 $ 1,085,392 $ - $ - $ 4,481,809 Classified - - - - 838 3,924 - - 4,762 Total Residential Mortgage $ 511,952 $ 1,338,350 $ 1,065,284 $ 330,487 $ 151,182 $ 1,089,316 $ - $ - $ 4,486,571 Home Equity Pass $ - $ - $ - $ - $ - $ 1,594 $ 2,061,013 $ 34,049 $ 2,096,656 Classified - - - - - 312 3,980 664 4,956 Total Home Equity $ - $ - $ - $ - $ - $ 1,906 $ 2,064,993 $ 34,713 $ 2,101,612 Automobile Pass $ 189,177 $ 255,583 $ 124,837 $ 107,936 $ 65,561 $ 31,943 $ - $ - $ 775,037 Classified - 10 6 - - 12 - - 28 Total Automobile $ 189,177 $ 255,593 $ 124,843 $ 107,936 $ 65,561 $ 31,955 $ - $ - $ 775,065 Other 1 Pass $ 112,308 $ 147,605 $ 40,994 $ 64,199 $ 27,258 $ 15,033 $ 23,917 $ 1,269 $ 432,583 Classified - - 19 49 17 24 - 1 110 Total Other $ 112,308 $ 147,605 $ 41,013 $ 64,248 $ 27,275 $ 15,057 $ 23,917 $ 1,270 $ 432,693 Total Consumer $ 813,437 $ 1,741,548 $ 1,231,140 $ 502,671 $ 244,018 $ 1,138,234 $ 2,088,910 $ 35,983 $ 7,795,941 Total Loans and Leases $ 1,677,807 $ 3,136,813 $ 2,388,464 $ 921,423 $ 540,216 $ 1,828,000 $ 2,422,546 $ 36,304 $ 12,951,573 1 Comprised of other revolving credit, installment, and lease financing. For the six months ended June 30, 2022, $2.8 million 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, 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 Paycheck Protection Program Pass $ 86,484 $ 40,295 $ - $ - $ - $ - $ - $ - $ 126,779 Total Paycheck Protection Program $ 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 Special Mention - - - - - - - - - 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 1 Pass $ 1,392,337 $ 1,131,330 $ 367,525 $ 177,215 $ 256,825 $ 982,759 $ - $ - $ 4,307,991 Classified - - 294 - 905 412 - - 1,611 Total Residential Mortgage $ 1,392,337 $ 1,131,330 $ 367,819 $ 177,215 $ 257,730 $ 983,171 $ - $ - $ 4,309,602 Home Equity 1 Pass $ - $ - $ - $ - $ - $ 2,986 $ 1,795,107 $ 35,427 $ 1,833,520 Classified - - - - - 58 2,649 361 3,068 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 2 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 2 For the year ended December 31, 2021, $4.1 million 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 June 30, 2022, and December 31, 2021. (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 June 30, 2022 Commercial Commercial and Industrial $ 83 $ 12 $ — $ 85 $ 180 $ 1,323,650 $ 1,323,830 $ 63 Paycheck Protection Program — — — — — 31,964 31,964 — Commercial Mortgage 291 — — 3,462 3,753 3,460,373 3,464,126 3,462 Construction — — — — — 246,177 246,177 — Lease Financing — — — — — 89,535 89,535 — Total Commercial 374 12 — 3,547 3,933 5,151,699 5,155,632 3,525 Consumer Residential Mortgage 4,340 1,555 2,638 5,179 13,712 4,472,859 4,486,571 271 Home Equity 1,796 629 2,029 4,435 8,889 2,092,723 2,101,612 689 Automobile 9,617 1,149 359 — 11,125 763,940 775,065 — Other 1 1,807 757 508 — 3,072 429,621 432,693 — Total Consumer 17,560 4,090 5,534 9,614 36,798 7,759,143 7,795,941 960 Total $ 17,934 $ 4,102 $ 5,534 $ 13,161 $ 40,731 $ 12,910,842 $ 12,951,573 $ 4,485 As of December 31, 2021 Commercial Commercial and Industrial $ 2,006 $ 14 $ — $ 243 $ 2,263 $ 1,359,658 $ 1,361,921 $ 151 Paycheck Protection Program — — — — — 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 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 is still not expected. Non-Accrual Loans and Leases The following presents the non-accrual loans and leases as of June 30, 2022, and December 31, 2021. June 30, 2022 December 31, 2021 (dollars in thousands) Non-accrual loans with a related ACL Non-accrual loans without a related ACL Total Non- accrual loans Non-accrual loans with a related ACL Non-accrual loans without a related ACL Total Non- accrual loans Commercial Commercial and Industrial $ 85 $ — $ 85 $ 243 $ — $ 243 Commercial Mortgage — 3,462 3,462 4,661 3,544 8,205 Total Commercial 85 3,462 3,547 4,904 3,544 8,448 Consumer Residential Mortgage 4,983 196 5,179 2,959 346 3,305 Home Equity 4,435 — 4,435 4,881 — 4,881 Total Consumer 9,418 196 9,614 7,840 346 8,186 Total $ 9,503 $ 3,658 $ 13,161 $ 12,744 $ 3,890 $ 16,634 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 $50.3 million as of June 30, 2022, and $70.0 million as of December 31, 2021. There were $0.1 million and $0.2 million commitments to lend additional funds on loans modified in a TDR as of June 30, 2022, and December 31, 2021, respectively. Loans modified in a TDR may 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 three and six months ended June 30, 2022, and June 30, 2021. Loans Modified as a TDR for the Three Months Ended June 30, 2022 Loans Modified as a TDR for the Three Months Ended June 30, 2021 Recorded Increase in Recorded Increase in Troubled Debt Restructurings Investment Allowance Investment Allowance (dollars in thousands) Number of Contracts (as of period end) 1 (as of period end) Number of Contracts (as of period end) 1 (as of period end) Commercial Commercial and Industrial — $ — $ — — $ — $ — Total Commercial — — — — — — Consumer Residential Mortgage 1 407 13 7 3,714 120 Home Equity 1 53 — 5 462 9 Automobile 29 625 8 187 3,797 52 Other 2 11 87 3 105 1,010 38 Total Consumer 42 1,172 24 304 8,983 219 Total 42 $ 1,172 $ 24 304 $ 8,983 $ 219 Loans Modified as a TDR for the Six Months Ended June 30, 2022 Loans Modified as a TDR for the Six Months Ended June 30, 2021 Recorded Increase in Recorded Increase in Troubled Debt Restructurings Investment Allowance Investment Allowance (dollars in thousands) Number of Contracts (as of period end) 1 (as of period end) Number of Contracts (as of period end) 1 (as of period end) Commercial Commercial and Industrial — $ — $ — 5 $ 109 $ 2 Construction — — — — — — Total Commercial — — — 5 109 2 Consumer Residential Mortgage 5 1,215 71 7 3,714 120 Home Equity 2 88 5 7 717 36 Automobile 2 56 1,149 15 570 11,670 162 Other 2,3 32 223 8 320 2,932 111 Total Consumer 95 2,675 99 904 19,033 429 Total 95 $ 2,675 $ 99 909 $ 19,142 $ 431 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. The following presents by class, all loans modified in a TDR that defaulted during the three and six months ended June 30, 2022, and June 30, 2021, 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. Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 TDRs that Defaulted During the Period, Recorded Recorded Within Twelve Months of their Modification Date Number of Investment Number of Investment (dollars in thousands) Contracts (as of period end) 1 Contracts (as of period end) 1 Consumer Home Equity — $ — — $ — Automobile 6 151 16 296 Other 2 4 29 12 140 Total Consumer 10 180 28 436 Total 10 $ 180 28 $ 436 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 TDRs that Defaulted During the Period, Recorded Recorded Within Twelve Months of their Modification Date Number of Investment Number of Investment (dollars in thousands) Contracts (as of period end) 1 Contracts (as of period end) 1 Consumer Residential Mortgage 1 $ 180 1 $ 534 Home Equity 1 80 — — Automobile 15 298 23 385 Other 2 14 104 23 216 Total Consumer 31 662 47 1,135 Total 31 $ 662 47 $ 1,135 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. Commercial and consumer 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 changed by additional increases, adjustments, or partial charge-offs to further write-down the carrying value of the loan. In accordance with Section 4013 of the CARES Act and the joint agency statement issued by banking agencies, certain qualified loan and lease modifications related to the COVID-19 pandemic are not accounted for as TDRs. These loan and lease modifications totaled $32.4 million (4 loans) for the commercial segment as of June 30, 2022, and $40.5 million (8 loans) for the commercial segment and $3.1 million (11 loans) for the consumer segment as of December 31, 2021. Foreclosure Proceedings Consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure totaled $4.6 million as of June 30, 2022. |
Mortgage Servicing Rights
Mortgage Servicing Rights | 6 Months Ended |
Jun. 30, 2022 | |
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 $2.6 billion as of June 30, 2022, and $2.7 billion as of December 31, 2021. 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 13 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 $1.5 million and $1.6 million for the three months ended June 30, 2022, and June 30, 2021, respectively, and $3.0 million and $3.2 million for the six months ended June 30, 2022 and 2021, respectively. 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 three and six months ended June 30, 2022, and June 30, 2021, the change in the carrying value of the Company’s mortgage servicing rights accounted for under the fair value measurement method was as follows: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2022 2021 2022 2021 Balance at Beginning of Period $ 781 $ 919 $ 800 $ 958 Change in Fair Value Due to Payoffs (34 ) (44 ) (53 ) (83 ) Balance at End of Period $ 747 $ 875 $ 747 $ 875 For the three and six months ended June 30, 2022 and 2021, the change in the carrying value of the Company’s mortgage servicing rights accounted for under the amortization method was as follows: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2022 2021 2022 2021 Balance at Beginning of Period $ 23,187 $ 21,401 $ 21,451 $ 18,694 Servicing Rights that Resulted From Asset Transfers 205 1,260 956 2,940 Amortization (599 ) (996 ) (1,443 ) (2,159 ) Valuation Allowance Recovery (Provision) 0 (1,067 ) 1,829 1,123 Balance at End of Period $ 22,793 $ 20,598 $ 22,793 $ 20,598 Valuation Allowance: Balance at Beginning of Period $ — $ (1,702 ) $ (1,829 ) $ (3,892 ) Valuation Allowance Recovery (Provision) — (1,067 ) 1,829 1,123 Balance at End of Period $ — $ (2,769 ) $ — $ (2,769 ) Fair Value of Mortgage Servicing Rights Accounted for Under the Amortization Method Beginning of Period $ 26,088 $ 21,401 $ 21,451 $ 18,694 End of Period $ 28,314 $ 20,598 $ 28,314 $ 20,598 The key data and assumptions used in estimating the fair value of the Company’s mortgage servicing rights as of June 30, 2022, and December 31, 2021, were as follows: June 30, 2022 December 31, 2021 Weighted-Average Constant Prepayment Rate 1 4.46 % 10.70 % Weighted-Average Life (in years) 9.43 6.18 Weighted-Average Note Rate 3.58 % 3.62 % Weighted-Average Discount Rate 2 9.48 % 7.04 % 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 June 30, 2022, and December 31, 2021, is presented in the following table. (dollars in thousands) June 30, 2022 December 31, 2021 Constant Prepayment Rate Decrease in fair value from 25 basis points (“bps”) adverse change $ (366 ) $ (252 ) Decrease in fair value from 50 bps adverse change (725 ) (498 ) Discount Rate Decrease in fair value from 25 bps adverse change (334 ) (223 ) Decrease in fair value from 50 bps adverse change (661 ) (441 ) 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. |
Affordable Housing Projects Tax
Affordable Housing Projects Tax Credit Partnerships | 6 Months Ended |
Jun. 30, 2022 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Affordable Housing Projects Tax Credit Partnerships | Note 6. 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 member(s) 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 $125.5 million and $134.7 million as of June 30, 2022, and December 31, 2021, respectively, and are included in other assets in the consolidated statements of condition. Unfunded Commitments As of June 30, 2022, the expected payments for unfunded affordable housing commitments were as follows: (dollars in thousands) Amount 2022 $ 5,074 2023 811 2024 21,432 2025 756 2026 81 Thereafter 13,332 Total Unfunded Commitments $ 41,486 The following table presents tax credits and other tax benefits recognized and amortization expense related to affordable housing for the three and six months ended June 30, 2022, and June 30, 2021. Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2022 2021 2022 2021 Effective Yield Method Tax credits and other tax benefits recognized $ 1,528 $ 2,151 $ 3,066 $ 4,302 Amortization Expense in Provision for Income Taxes 1,296 1,670 2,593 3,362 Proportional Amortization Method Tax credits and other tax benefits recognized $ 3,794 $ 2,879 $ 7,579 $ 5,470 Amortization Expense in Provision for Income Taxes 3,265 2,385 6,529 4,711 There were no impairment losses related to LIHTC investments during the six months ended June 30, 2022, and June 30, 2021. |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 6 Months Ended |
Jun. 30, 2022 | |
Securities Sold Under Agreements To Repurchase [Abstract] | |
Securities Sold Under Agreements to Repurchase | Note 7. Securities Sold Under Agreements to Repurchase The following table presents the remaining contractual maturities of the Company’s repurchase agreements as of June 30, 2022, and December 31, 2021, 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 June 30, 2022 Class of Collateral Pledged: Debt Securities Issued by States and Political Subdivisions $ — $ — $ 490 $ — $ 490 Mortgage-Backed Securities: Residential - Government Agencies — — 30,277 1,507 31,784 Residential - U.S. Government-Sponsored Enterprises — — 244,723 148,493 393,216 Total $ — $ — $ 275,490 $ 150,000 $ 425,490 December 31, 2021 Class of Collateral Pledged: Debt Securities Issued by States and Political Subdivisions $ — $ — $ — $ 490 $ 490 Mortgage-Backed Securities: 1 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 The following table presents the assets and liabilities subject to an enforceable master netting arrangement, or repurchase agreements as of June 30, 2022, and December 31, 2021. The swap agreements the Company has with our commercial banking customers are not subject to an enforceable master netting arrangement, and therefore, are excluded from this table. Centrally cleared swap agreements between the Company and institutional counterparties are also excluded from this table. See Note 11 Derivative Financial Instruments (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/ Received 1 Net Amount June 30, 2022 Assets: Interest Rate Swap Agreements: Institutional Counterparties $ 17,570 $ — $ 17,570 $ 17,570 $ — $ — Liabilities: Interest Rate Swap Agreements: Institutional Counterparties $ 3,717 $ — $ 3,717 $ 3,717 $ — $ — Repurchase Agreements: Private Institutions 425,000 — 425,000 — 425,000 — Government Entities 490 — 490 — 490 — $ 425,490 $ — $ 425,490 $ — $ 425,490 $ — 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 — $ 450,490 $ — $ 450,490 $ — $ 450,490 $ — 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 $45.1 million and $58.3 million as of June 30, 2022, and December 31, 2021, respectively. For repurchase agreements with private institutions, the fair value of investment securities pledged was $439.5 million and $523.4 million as of June 30, 2022, and December 31, 2021, respectively. For repurchase agreements with government entities, the fair value of investment securities pledged was $1.0 million and $1.3 million as of June 30, 2022, and December 31, 2021, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2022 | |
Comprehensive Income Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 8. Accumulated Other Comprehensive Income (Loss) The following table presents the components of other comprehensive income (loss) for the three and six months ended June 30, 2022, and June 30, 2021: (dollars in thousands) Before Tax Tax Effect Net of Tax Three Months Ended June 30, 2022 Net Unrealized Gains (Losses) on Investment Securities: Net Unrealized Gains (Losses) Arising During the Period $ (166,878 ) $ (44,233 ) $ (122,645 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) that (Increase) Decrease Net Income: Amortization of Unrealized Holding (Gains) Losses on Held-to- Maturity Securities 1 (3 ) (1 ) (2 ) Net Unrealized Gains (Losses) on Investment Securities (166,881 ) (44,234 ) (122,647 ) Defined Benefit Plans: Amortization of Net Actuarial Losses (Gains) 542 145 397 Amortization of Prior Service Credit (61 ) (16 ) (45 ) Defined Benefit Plans, Net 481 129 352 Other Comprehensive Income (Loss) $ (166,400 ) $ (44,105 ) $ (122,295 ) Three Months Ended June 30, 2021 Net Unrealized Gains (Losses) on Investment Securities: Net Unrealized Gains (Losses) Arising During the Period $ 3,129 $ 848 $ 2,281 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) that (Increase) Decrease Net Income: (Gain) Loss on Sale (3,675 ) (992 ) (2,683 ) Amortization of Unrealized Holding (Gains) Losses on Held-to- Maturity Securities 1 380 101 279 Net Unrealized Gains (Losses) on Investment Securities (166 ) (43 ) (123 ) Defined Benefit Plans: Amortization of Net Actuarial Losses (Gains) 661 174 487 Amortization of Prior Service Credit (62 ) (17 ) (45 ) Defined Benefit Plans, Net 599 157 442 Other Comprehensive Income (Loss) $ 433 $ 114 $ 319 Six Months Ended June 30, 2022 Net Unrealized Gains (Losses) on Investment Securities: Net Unrealized Gains (Losses) Arising During the Period $ (412,026 ) $ (109,208 ) $ (302,818 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) that (Increase) Decrease Net Income: Amortization of Unrealized Holding (Gains) Losses on Held-to- Maturity Securities 1 63 16 47 Net Unrealized Gains (Losses) on Investment Securities (411,963 ) (109,192 ) (302,771 ) Defined Benefit Plans: Amortization of Net Actuarial Losses (Gains) 1,084 288 796 Amortization of Prior Service Credit (123 ) (32 ) (91 ) Defined Benefit Plans, Net 961 256 705 Other Comprehensive Income (Loss) $ (411,002 ) $ (108,936 ) $ (302,066 ) Six Months Ended June 30, 2021 Net Unrealized Gains (Losses) on Investment Securities: Net Unrealized Gains (Losses) Arising During the Period $ (65,097 ) $ (17,235 ) $ (47,862 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) that (Increase) Decrease Net Income: (Gain) Loss on Sale (3,675 ) (992 ) (2,683 ) Amortization of Unrealized Holding (Gains) Losses on Held-to- Maturity Securities 1 506 134 372 Net Unrealized Gains (Losses) on Investment Securities (68,266 ) (18,093 ) (50,173 ) Defined Benefit Plans: Amortization of Net Actuarial Losses (Gains) 1,323 350 973 Amortization of Prior Service Credit (123 ) (33 ) (90 ) Defined Benefit Plans, Net 1,200 317 883 Other Comprehensive Income (Loss) $ (67,066 ) $ (17,776 ) $ (49,290 ) 1 The amount relates to the amortization/accretion of unrealized net 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, for the three and six months ended June 30, 2022, and June 30, 2021: (dollars in thousands) Investment Securities- Available- for-Sale Investment Securities- Held-to-Maturity Defined Benefit Plans Accumulated Other Comprehensive Income (Loss) Three Months Ended June 30, 2022 Balance at Beginning of Period $ (213,113 ) $ 103 $ (33,143 ) $ (246,153 ) Other Comprehensive Income (Loss) Before Reclassifications (122,645 ) — — (122,645 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — (2 ) 352 350 Total Other Comprehensive Income (Loss) (122,645 ) (2 ) 352 (122,295 ) Balance at End of Period $ (335,758 ) $ 101 $ (32,791 ) $ (368,448 ) Three Months Ended June 30, 2021 Balance at Beginning of Period $ 1,352 $ (330 ) $ (42,809 ) $ (41,787 ) Other Comprehensive Income (Loss) Before Reclassifications 2,281 — — 2,281 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (2,683 ) 279 442 (1,962 ) Total Other Comprehensive Income (Loss) (402 ) 279 442 319 Balance at End of Period $ 950 $ (51 ) $ (42,367 ) $ (41,468 ) Six Months Ended June 30, 2022 Balance at Beginning of Period $ (32,940 ) $ 54 $ (33,496 ) $ (66,382 ) Other Comprehensive Income (Loss) Before Reclassifications (302,818 ) — — (302,818 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 47 705 752 Total Other Comprehensive Income (Loss) (302,818 ) 47 705 (302,066 ) Balance at End of Period $ (335,758 ) $ 101 $ (32,791 ) $ (368,448 ) Six Months Ended June 30, 2021 Balance at Beginning of Period $ 51,495 $ (423 ) $ (43,250 ) $ 7,822 Other Comprehensive Income (Loss) Before Reclassifications (47,862 ) — — (47,862 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (2,683 ) 372 883 (1,428 ) Total Other Comprehensive Income (Loss) (50,545 ) 372 883 (49,290 ) Balance at End of Period $ 950 $ (51 ) $ (42,367 ) $ (41,468 ) The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2022, and June 30, 2021: 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 Three Months Ended June 30, (dollars in thousands) 2022 2021 Amortization of Unrealized Holding Gains (Losses) on Investment Securities Held-to-Maturity $ 3 $ (380 ) Interest Income (1 ) 101 Provision for Income Tax 2 (279 ) Net of Tax Sale of Investment Securities Available-for-Sale — 3,675 Investment Securities Gains (Losses), Net — (992 ) Provision for Income Tax — 2,683 Net of tax Amortization of Defined Benefit Plan Items Prior Service Credit 2 61 62 Net Actuarial Losses 2 (542 ) (661 ) (481 ) (599 ) Total Before Tax 129 157 Provision for Income Tax (352 ) (442 ) Net of Tax Total Reclassifications for the Period $ (350 ) $ 1,962 Net of Tax 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 Six Months Ended June 30, (dollars in thousands) 2022 2021 Amortization of Unrealized Holding Gains (Losses) on Investment Securities Held-to-Maturity $ (63 ) $ (506 ) Interest Income 16 134 Provision for Income Tax (47 ) (372 ) Net of Tax Sale of Investment Securities Available-for-Sale — 3,675 Investment Securities Gains (Losses), Net — (992 ) Provision for Income Tax — 2,683 Net of tax Amortization of Defined Benefit Plan Items Prior Service Credit 2 123 123 Net Actuarial Losses 2 (1,084 ) (1,323 ) (961 ) (1,200 ) Total Before Tax 256 317 Provision for Income Tax (705 ) (883 ) Net of Tax Total Reclassifications for the Period $ (752 ) $ 1,428 Net of Tax 1 2 |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Note 9. 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 and antidilutive stock options and restricted stock outstanding for the three and six months ended June 30, 2022, and June 30, 2021: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands, except shares and per share amounts) 2022 2021 2022 2021 Numerator: Net Income Available to Common Shareholders $ 54,893 $ 67,533 $ 107,758 $ 127,482 Denominator: Weighted Average Common Shares Outstanding - Basic 39,693,593 39,902,583 39,722,985 39,865,268 Dilutive Effect of Equity Based Awards 149,015 220,322 173,715 231,259 Weighted Average Common Shares Outstanding - Diluted 39,842,608 40,122,905 39,896,700 40,096,527 Earnings Per Common Share: Basic $ 1.38 $ 1.69 $ 2.71 $ 3.20 Diluted $ 1.38 $ 1.68 $ 2.70 $ 3.18 Antidilutive Stock Options and Restricted Stock Outstanding 201,422 45,909 160,670 95,389 |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Business Segments | Note 10. 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 we use 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 310 ATMs throughout Hawaii and the Pacific Islands, e-Bankoh (on-line 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, Customer Experience, 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 three and six months ended June 30, 2022, and June 30, 2021, were as follows: (dollars in thousands) Consumer Banking Commercial Banking Treasury and Other Consolidated Total Three Months Ended June 30, 2022 Net Interest Income $ 75,868 $ 49,562 $ 7,472 $ 132,902 Provision for Credit Losses 502 (1 ) (3,001 ) (2,500 ) Net Interest Income After Provision for Credit Losses 75,366 49,563 10,473 135,402 Noninterest Income 31,953 8,279 1,926 42,158 Noninterest Expense (82,740 ) (17,026 ) (3,173 ) (102,939 ) Income Before Provision for Income Taxes 24,579 40,816 9,226 74,621 Provision for Income Taxes (6,162 ) (10,145 ) (1,452 ) (17,759 ) Net Income $ 18,417 $ 30,671 $ 7,774 $ 56,862 Total Assets as of June 30, 2022 $ 8,179,647 $ 5,337,656 $ 9,715,396 $ 23,232,699 Three Months Ended June 30, 2021 Net Interest Income $ 71,167 $ 49,038 $ 3,309 $ 123,514 Provision for Credit Losses 987 197 (17,284 ) (16,100 ) Net Interest Income After Provision for Credit Losses 70,180 48,841 20,593 139,614 Noninterest Income 32,600 6,575 5,256 44,431 Noninterest Expense (72,868 ) (15,742 ) (7,917 ) (96,527 ) Income Before Provision for Income Taxes 29,912 39,674 17,932 87,518 Provision for Income Taxes (7,365 ) (9,703 ) (2,917 ) (19,985 ) Net Income $ 22,547 $ 29,971 $ 15,015 $ 67,533 Total Assets as of June 30, 2021 $ 7,479,986 $ 5,127,431 $ 10,064,766 $ 22,672,183 Six Months Ended June 30, 2022 Net Interest Income $ 146,103 $ 95,911 $ 16,151 $ 258,165 Provision for Credit Losses 2,185 (198 ) (9,987 ) (8,000 ) Net Interest Income After Provision for Credit Losses 143,918 96,109 26,138 266,165 Noninterest Income 63,922 18,477 3,310 85,709 Noninterest Expense (164,438 ) (35,695 ) (6,680 ) (206,813 ) Income Before Provision for Income Taxes 43,402 78,891 22,768 145,061 Provision for Income Taxes (10,872 ) (19,342 ) (3,151 ) (33,365 ) Net Income $ 32,530 $ 59,549 $ 19,617 $ 111,696 Total Assets as of June 30, 2022 $ 8,179,647 $ 5,337,656 $ 9,715,396 $ 23,232,699 Six Months Ended June 30, 2021 Net Interest Income $ 140,929 $ 96,181 $ 6,973 $ 244,083 Provision for Credit Losses 3,853 247 (34,500 ) (30,400 ) Net Interest Income After Provision for Credit Losses 137,076 95,934 41,473 274,483 Noninterest Income 66,298 14,433 6,670 87,401 Noninterest Expense (151,049 ) (31,419 ) (12,924 ) (195,392 ) Income Before Provision for Income Taxes 52,325 78,948 35,219 166,492 Provision for Income Taxes (12,839 ) (19,261 ) (6,910 ) (39,010 ) Net Income $ 39,486 $ 59,687 $ 28,309 $ 127,482 Total Assets as of June 30, 2021 $ 7,479,986 $ 5,127,431 $ 10,064,766 $ 22,672,183 |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 11. Derivative Financial Instruments The notional amount and fair value of the Company’s derivative financial instruments as of June 30, 2022, and December 31, 2021, were as follows: June 30, 2022 December 31, 2021 (dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Interest Rate Lock Commitments $ 10,914 $ 243 $ 45,857 $ 1,084 Forward Commitments 12,423 (55 ) 58,523 (35 ) Interest Rate Swap Agreements Receive Fixed/Pay Variable Swaps 1,548,424 (97,045 ) 1,400,322 28,742 Pay Fixed/Receive Variable Swaps 1,548,424 13,853 1,400,322 (5,922 ) Foreign Exchange Contracts 91,516 (2,164 ) 102,548 (674 ) Conversion Rate Swap Agreement 118,728 — 131,672 — The following table presents the Company’s derivative financial instruments, their fair values, and their location in the consolidated statements of condition as of June 30, 2022, and December 31, 2021: Derivative Financial Instruments June 30, 2022 December 31, 2021 Not Designated as Hedging Instruments 1 Asset Liability Asset Liability (dollars in thousands) Derivatives Derivatives Derivatives Derivatives Interest Rate Lock Commitments $ 245 $ 2 $ 1,084 $ — Forward Commitments 13 68 17 52 Interest Rate Swap Agreements 22,174 105,365 40,733 17,913 Foreign Exchange Contracts 62 2,226 177 851 Total $ 22,494 $ 107,661 $ 42,011 $ 18,816 1 Asset derivatives are included in other assets and liability derivatives are included in other liabilities in the consolidated statements of condition. 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. 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 three and six months ended June 30, 2022, and June 30, 2021: Location of Derivative Financial Instruments Net Gains (Losses) Three Months Ended Six Months Ended Not Designated as Hedging Instruments Recognized in the June 30, June 30, (dollars in thousands) Statements of Income 2022 2021 2022 2021 Interest Rate Lock Commitments Mortgage Banking $ 66 $ 4,071 $ (1,013 ) $ 4,844 Forward Commitments Mortgage Banking 314 (1,576 ) 2,221 1,651 Interest Rate Swap Agreements Other Noninterest Income 2,017 1,097 6,099 2,701 Foreign Exchange Contracts Other Noninterest Income 232 448 506 719 Total $ 2,629 $ 4,040 $ 7,813 $ 9,915 As of June 30, 2022, and December 31, 2021, the Company did not designate any derivative financial instruments as formal hedging relationships. Interest Rate Swap Agreements The Company enters into interest rate swap agreements to facilitate the risk management strategies of a small number of commercial banking customers. The Company mitigates the 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). 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 cash or 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 net asset positions with its financial institution counterparties totaling $13.0 million and net liability positions with its financial institution counterparties $5.9 million as of June 30, 2022, and December 31, 2021, respectively. Parties to over-the-counter derivatives which are centrally cleared through a clearinghouse exchange daily payments that reflect the daily change in value of the derivatives. Effective 2017, these payments, commonly referred to as variation margin, are recorded as settlements of the derivatives’ mark-to-market exposure rather than collateral against the exposures. This rule change effectively results in all centrally cleared derivatives having a fair value that approximates zero on a daily basis. Substantially all of our swap agreements originated after the rule change are centrally cleared. 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 ratio of Class B into Class A unrestricted common shares. In the event of Visa increasing the conversion ratio, the buyer would be required to make payment to the Company. As of June 30, 2022, and December 31, 2021, the conversion rate swap agreement was valued at zero (i.e., no contingent liability recorded) as further reductions to the conversion ratio were deemed neither probable nor reasonably estimable by management. |
Commitments, Contingencies, and
Commitments, Contingencies, and Guarantees | 6 Months Ended |
Jun. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments, Contingencies, and Guarantees | Note 12. Commitments, Contingencies, and Guarantees The Company’s credit commitments as of June 30, 2022, and December 31, 2021, were as follows: (dollars in thousands) June 30, 2022 December 31, 2021 Unfunded Commitments to Extend Credit $ 3,291,932 $ 2,982,673 Standby Letters of Credit 135,765 135,167 Commercial Letters of Credit 17,536 18,956 Total Credit Commitments $ 3,445,233 $ 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 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. Contingencies The Company is subject to various 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 using 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 | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | Note 13. Fair Value of Assets and Liabilities Fair Value Hierarchy 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. GAAP established a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels: 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 is 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 require 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. 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 meth odology for interest rate swaps with financial institution counterparties (and the related customer interest rate swaps) is based on the Secured Overnight Financing 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 June 30, 2022 , and December 31, 2021 , 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 1 1 Derivative Financial Instrument s for more information. 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 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 June 30, 2022, and December 31, 2021: Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (dollars in thousands) (Level 1) (Level 2) (Level 3) Total June 30, 2022 Assets: Investment Securities Available-for-Sale Debt Securities Issued by the U.S. Treasury and Government Agencies $ 145,514 $ 118,372 $ — $ 263,886 Debt Securities Issued by States and Political Subdivisions — 65,841 — 65,841 Debt Securities Issued by U.S. Government-Sponsored Enterprises — 1,673 — 1,673 Debt Securities Issued by Corporations — 384,319 — 384,319 Mortgage-Backed Securities: Residential - Government Agencies — 1,226,339 — 1,226,339 Residential - U.S. Government-Sponsored Enterprises — 1,849,867 — 1,849,867 Commercial - Government Agencies — 163,551 — 163,551 Total Mortgage-Backed Securities — 3,239,757 — 3,239,757 Total Investment Securities Available-for-Sale 145,514 3,809,962 — 3,955,476 Loans Held for Sale — 4,514 — 4,514 Mortgage Servicing Rights — — 747 747 Other Assets 46,929 — — 46,929 Derivatives 1 — 76 22,418 22,494 Total Assets Measured at Fair Value on a Recurring Basis as of June 30, 2022 $ 192,443 $ 3,814,552 $ 23,165 $ 4,030,160 Liabilities: Derivatives 1 $ — $ 2,295 $ 105,366 $ 107,661 Total Liabilities Measured at Fair Value on a Recurring Basis as of June 30, 2022 $ — $ 2,295 $ 105,366 $ 107,661 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 1 The fair value of each class of derivatives is shown in Note 11 Derivative Financial Instruments For the three and six months ended June 30, 2022, and June 30, 2021, 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 Three Months Ended June 30, 2022 Balance as of April 1, 2022 $ 781 $ (50,429 ) Realized and Unrealized Net Gains (Losses): Included in Net Income (34 ) 90 Transfers to Loans Held for Sale — 58 Variation Margin Payments — (32,667 ) Balance as of June 30, 2022 $ 747 $ (82,948 ) Total Unrealized Net Gains (Losses) Included in Net Income Related to Assets Still Held as of June 30, 2022 $ — $ (82,948 ) Three Months Ended June 30, 2021 Balance as of April 1, 2021 $ 919 $ 15,482 Realized and Unrealized Net Gains (Losses): Included in Net Income (44 ) 4,038 Transfers to Loans Held for Sale — (4,568 ) Variation Margin Payments — 23,005 Balance as of June 30, 2021 $ 875 $ 37,957 Total Unrealized Net Gains (Losses) Included in Net Income Related to Assets Still Held as of June 30, 2021 $ — $ 37,957 Six Months Ended June 30, 2022 Balance as of January 1, 2022 $ 800 23,904 Realized and Unrealized Net Gains (Losses): Included in Net Income (53 ) (996 ) Transfers to Loans Held for Sale — 172 Variation Margin Payments — (106,028 ) Balance as of June 30, 2022 $ 747 (82,948 ) Total Unrealized Net Gains (Losses) Included in Net Income Related to Assets Still Held as of June 30, 2022 $ — $ (82,948 ) Six Months Ended June 30, 2021 Balance as of January 1, 2021 $ 958 $ 77,880 Realized and Unrealized Net Gains (Losses): Included in Net Income (83 ) 4,913 Transfers to Loans Held for Sale — (7,584 ) Variation Margin Payments — (37,252 ) Balance as of June 30, 2021 $ 875 $ 37,957 Total Unrealized Net Gains (Losses) Included in Net Income Related to Assets Still Held as of June 30, 2021 $ — $ 37,957 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 Realized and unrealized gains and losses related to interest rate lock commitments are reported as a component of mortgage banking income in the Company’s consolidated statements of income. Realized and unrealized gains and losses related to interest rate swap agreements are reported as a component of other noninterest income in the Company’s consolidated statements of income. For Level 3 assets and liabilities measured at fair value on a recurring or nonrecurring basis as of June 30, 2022, and December 31, 2021, the significant unobservable inputs used in the fair value measurements were as follows: (dollars in thousands) Valuation Technique Description Range Weighted Average 1 Fair Value June 30, 2022 Mortgage Servicing Rights Discounted Cash Flow Constant Prepayment Rate 3.86 % - 10.79 % 4.46 % $ 29,061 Discount Rate 7.47 % - 9.52 % 9.48 % $ — Net Derivative Assets and Liabilities: Interest Rate Lock Commitments Pricing Model Closing Ratio 75.40 % - 93.30 % 89.93 % $ 243 Interest Rate Swap Agreements Discounted Cash Flow Credit Factor 0.00 % - 0.49 % 0.02 % $ (83,191 ) December 31, 2021 Mortgage Servicing Rights Discounted Cash Flow Constant Prepayment Rate 6.51 % - 11.48 % 10.70 % $ 22,251 Discount Rate 6.49 % - 7.08 % 7.04 % $ — Net Derivative Assets and Liabilities: Interest Rate Lock Commitments Pricing Model Closing Ratio 75.40 % - 100.00 % 90.47 % $ 1,084 Interest Rate Swap Agreements Discounted Cash Flow Credit Factor 0.00 % - 0.49 % 0.14 % $ 22,820 1 Unobservable inputs for mortgage servicing rights and interest rate lock commitments were weighted by loan amount. Unobservable inputs for interest rate swap agreements were weighted by fair value. Significant increases (decreases) in any of those 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 June 30, 2022, and December 31, 2021. (dollars in thousands) Fair Value Hierarchy Net Carrying Amount Valuation Allowance June 30, 2022 Mortgage Servicing Rights - amortization method Level 3 $ 22,793 $ — December 31, 2021 Mortgage Servicing Rights - amortization method Level 3 $ 21,451 $ (1,829 ) The change in valuation allowance 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 Level 3 measurements due to the use of significant unobservable inputs, as well as significant management judgment and estimation. 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 June 30, 2022, and December 31, 2021. (dollars in thousands) Aggregate Fair Value Aggregate Unpaid Principal Aggregate Fair Value Less Aggregate Unpaid Principal June 30, 2022 Loans Held for Sale $ 4,514 $ 4,472 $ 42 December 31, 2021 Loans Held for Sale $ 26,746 $ 26,309 $ 437 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 three and six months ended June 30, 2022, and year ended December 31, 2021, 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 June 30, 2022, and December 31, 2021. 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 Carrying Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (dollars in thousands) Amount Fair Value (Level 1) (Level 2) (Level 3) June 30, 2022 Financial Instruments - Assets Investment Securities Held-to-Maturity $ 4,321,693 $ 3,823,739 $ 118,498 $ 3,705,241 $ — Loans 1 12,647,239 12,043,942 — — 12,043,942 Financial Instruments - Liabilities Time Deposits 1,257,207 1,240,477 — 1,240,477 — Securities Sold Under Agreements to Repurchase 425,490 420,109 — 420,109 — December 31, 2021 Financial Instruments - Assets Investment Securities Held-to-Maturity $ 4,694,780 $ 4,646,619 $ 131,139 $ 4,515,480 $ — Loans 1 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 — 1 Carrying amount is net of unearned income and the Allowance. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
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 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”). The consolidated financial statements in this report have not been audited by an independent registered public accounting firm, but, in the opinion of management, reflect all adjustments necessary for a fair presentation of the results for the interim periods. All such adjustments are of a normal recurring nature. Intercompany accounts and transactions have been eliminated in consolidation. Certain prior period information has been reclassified to conform to the current period presentation. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for the full fiscal year or for any future period. The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and accompanying notes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. |
Accounting Standard Pending Adoption | In March 2022, the FASB issued ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures.” ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings (“TDRs”), while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. ASU 2022-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. ASU 2022-02 is not expected to have a material impact on the Company’s consolidated financial statements. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 statement of condition: (dollars in thousands) June 30, 2022 Interest-Bearing Deposits in Other Banks $ 2,264 Funds Sold 576,430 Cash and Due From Banks 260,672 Total Cash and Cash Equivalents $ 839,366 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022, and December 31, 2021, were as follows: (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2022 Available-for-Sale: Debt Securities Issued by the U.S. Treasury and Government Agencies $ 272,935 $ 1,640 $ (10,689 ) $ 263,886 Debt Securities Issued by States and Political Subdivisions 74,698 2 (8,859 ) 65,841 Debt Securities Issued by U.S. Government-Sponsored Enterprises 1,758 — (85 ) 1,673 Debt Securities Issued by Corporations 432,016 — (47,697 ) 384,319 Mortgage-Backed Securities: Residential - Government Agencies 1,348,519 566 (122,746 ) 1,226,339 Residential - U.S. Government-Sponsored Enterprises 2,104,396 13 (254,542 ) 1,849,867 Commercial - Government Agencies or Sponsored Agencies 178,008 — (14,457 ) 163,551 Total Mortgage-Backed Securities 3,630,923 579 (391,745 ) 3,239,757 Total $ 4,412,330 $ 2,221 $ (459,075 ) $ 3,955,476 Held-to-Maturity: Debt Securities Issued by the U.S. Treasury and Government Agencies $ 131,556 $ — $ (13,058 ) $ 118,498 Debt Securities Issued by Corporations 18,672 — (1,857 ) 16,815 Mortgage-Backed Securities: Residential - Government Agencies 1,605,791 721 (173,760 ) 1,432,752 Residential - U.S. Government-Sponsored Enterprises 2,107,997 21 (247,438 ) 1,860,580 Commercial - Government Agencies or Sponsored Agencies 457,677 — (62,583 ) 395,094 Total Mortgage-Backed Securities 4,171,465 742 (483,781 ) 3,688,426 Total $ 4,321,693 $ 742 $ (498,696 ) $ 3,823,739 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 or Sponsored 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 or Sponsored 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 |
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 June 30, 2022. 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 $ 902 $ 902 Due After One Year Through Five Years 278,482 263,219 Due After Five Years Through Ten Years 372,109 322,093 Due After Ten Years 13,130 11,133 664,623 597,347 Debt Securities Issued by Government Agencies 116,784 118,372 Mortgage-Backed Securities: Residential - Government Agencies 1,348,519 1,226,339 Residential - U.S. Government-Sponsored Enterprises 2,104,396 1,849,867 Commercial - Government Agencies or Sponsored Agencies 178,008 163,551 Total Mortgage-Backed Securities 3,630,923 3,239,757 Total $ 4,412,330 $ 3,955,476 Held-to-Maturity: Due After One Year Through Five Years 15,022 14,223 Due After Five Year Through Ten Years 124,057 111,628 Due After Ten Years 11,149 9,462 150,228 135,313 Mortgage-Backed Securities: Residential - Government Agencies 1,605,791 1,432,752 Residential - U.S. Government-Sponsored Enterprises 2,107,997 1,860,580 Commercial - Government Agencies or Sponsored Agencies 457,677 395,094 Total Mortgage-Backed Securities 4,171,465 3,688,426 Total $ 4,321,693 $ 3,823,739 |
Schedule of Losses on Sales of Investment Securities | The table below presents the losses from the sales of investment securities for the three and six months ended June 30, 2022, and June 30, 2021: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2022 2021 2022 2021 Gross Gains on Sales of Investment Securities $ — $ 3,675 $ — $ 3,675 Gross Losses on Sales of Investment Securities (1,295 ) (1,252 ) (2,840 ) (2,455 ) Total Losses on Sales of Investment Securities $ (1,295 ) $ 2,423 $ (2,840 ) $ 1,220 |
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 was not deemed necessary, 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 June 30, 2022 Available-for-Sale: Debt Securities Issued by the U.S. Treasury and Government Agencies $ 146,219 $ (10,637 ) $ 6,682 $ (52 ) $ 152,901 $ (10,689 ) Debt Securities Issued by States and Political Subdivisions 64,952 (8,859 ) — — 64,952 (8,859 ) Debt Securities Issued by U.S. Government- Sponsored Enterprises 1,614 (79 ) 60 (6 ) 1,674 (85 ) Debt Securities Issued by Corporations 278,163 (38,854 ) 106,156 (8,843 ) 384,319 (47,697 ) Mortgage-Backed Securities: Residential - Government Agencies 849,208 (61,865 ) 342,358 (60,881 ) 1,191,566 (122,746 ) Residential - U.S. Government-Sponsored Enterprises 946,822 (99,484 ) 902,647 (155,058 ) 1,849,469 (254,542 ) Commercial-Government Agencies or Sponsored Agencies 144,817 (11,126 ) 18,734 (3,331 ) 163,551 (14,457 ) Total Mortgage-Backed Securities 1,940,847 (172,475 ) 1,263,739 (219,270 ) 3,204,586 (391,745 ) Total $ 2,431,795 $ (230,904 ) $ 1,376,637 $ (228,171 ) $ 3,808,432 $ (459,075 ) 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 or Sponsored 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 ) |
Schedule of Interest Income from Taxable and Non-taxable Investment Securities | Interest income from taxable and non-taxable investment securities for the three and six months ended June 30, 2022, and June 30, 2021, were as follows: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2022 2021 2022 2021 Taxable $ 36,809 $ 29,765 $ 72,599 $ 58,621 Non-Taxable 12 278 23 559 Total Interest Income from Investment Securities $ 36,821 $ 30,043 $ 72,622 $ 59,180 |
Schedule of Carrying Value of Federal Home Loan Bank of Des Moines Stock and Federal Reserve Bank Stock | As of June 30, 2022, and December 31, 2021, the carrying value of the Company’s Federal Home Loan Bank of Des Moines stock and Federal Reserve Bank stock was as follows: (dollars in thousands) June 30, 2022 December 31, 2021 Federal Home Loan Bank of Des Moines Stock $ 10,000 $ 10,000 Federal Reserve Bank Stock 26,840 26,624 Total $ 36,840 $ 36,624 |
Loans and Leases and the Allo_2
Loans and Leases and the Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022, and December 31, 2021: (dollars in thousands) June 30, 2022 December 31, 2021 Commercial Commercial and Industrial $ 1,323,830 $ 1,361,921 Paycheck Protection Program 31,964 126,779 Commercial Mortgage 3,464,126 3,152,130 Construction 246,177 220,254 Lease Financing 89,535 105,108 Total Commercial 5,155,632 4,966,192 Consumer Residential Mortgage 4,486,571 4,309,602 Home Equity 2,101,612 1,836,588 Automobile 775,065 736,565 Other 1 432,693 410,129 Total Consumer 7,795,941 7,292,884 Total Loans and Leases $ 12,951,573 $ 12,259,076 1 |
Schedule of Activity in Allowance by Portfolio Segment | The following presents by portfolio segment, the activity in the Allowance for the three and six months ended June 30, 2022, and June 30, 2021. (dollars in thousands) Commercial Consumer Total Three Months Ended June 30, 2022 Allowance for Credit Losses: Balance at Beginning of Period $ 62,093 $ 89,935 $ 152,028 Loans and Leases Charged-Off (233 ) (3,113 ) (3,346 ) Recoveries on Loans and Leases Previously Charged-Off 51 2,664 2,715 Net Loans and Leases Recovered (Charged-Off) (182 ) (449 ) (631 ) Provision for Credit Losses (85 ) (2,800 ) (2,885 ) Balance at End of Period $ 61,826 $ 86,686 $ 148,512 Six Months Ended June 30, 2022 Allowance for Credit Losses: Balance at Beginning of Period $ 64,950 $ 92,871 $ 157,821 Loans and Leases Charged-Off (582 ) (6,672 ) (7,254 ) Recoveries on Loans and Leases Previously Charged-Off 420 4,717 5,137 Net Loans and Leases Recovered (Charged-Off) (162 ) (1,955 ) (2,117 ) Provision for Credit Losses (2,962 ) (4,230 ) (7,192 ) Balance at End of Period $ 61,826 $ 86,686 $ 148,512 Three Months Ended June 30, 2021 Allowance for Credit Losses: Balance at Beginning of Period $ 82,811 $ 115,532 $ 198,343 Loans and Leases Charged-Off (456 ) (3,853 ) (4,309 ) Recoveries on Loans and Leases Previously Charged-Off 144 2,981 3,125 Net Loans and Leases Recovered (Charged-Off) (312 ) (872 ) (1,184 ) Provision for Credit Losses (3,860 ) (12,914 ) (16,774 ) Balance at End of Period $ 78,639 $ 101,746 $ 180,385 Six Months Ended June 30, 2021 Allowance for Credit Losses: Balance at Beginning of Period $ 84,847 $ 131,405 $ 216,252 Loans and Leases Charged-Off (704 ) (9,896 ) (10,600 ) Recoveries on Loans and Leases Previously Charged-Off 256 6,244 6,500 Net Loans and Leases Recovered (Charged-Off) (448 ) (3,652 ) (4,100 ) Provision for Credit Losses (5,760 ) (26,007 ) (31,767 ) Balance at End of Period $ 78,639 $ 101,746 $ 180,385 |
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 June 30, 2022 . Term Loans by Origination Year (dollars in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total Loans and Leases June 30, 2022 Commercial Commercial and Industrial Pass $ 195,226 $ 366,345 $ 270,290 $ 73,028 $ 51,830 $ 80,125 $ 248,467 $ 287 $ 1,285,598 Special Mention 300 1,761 - - 126 96 15,204 - 17,487 Classified - 10,100 1,097 - 1,727 6,765 1,022 34 20,745 Total Commercial and Industrial $ 195,526 $ 378,206 $ 271,387 $ 73,028 $ 53,683 $ 86,986 $ 264,693 $ 321 $ 1,323,830 Paycheck Protection Program Pass $ - $ 14,693 $ 17,271 $ - $ - $ - $ - $ - $ 31,964 Total Paycheck Protection Program $ - $ 14,693 $ 17,271 $ - $ - $ - $ - $ - $ 31,964 Commercial Mortgage Pass $ 614,389 $ 886,809 $ 704,185 $ 314,820 $ 202,411 $ 567,705 $ 51,876 $ - $ 3,342,195 Special Mention - 38,090 31,276 - 31,504 4,773 - - 105,643 Classified 344 3,704 7,298 632 - 4,310 - - 16,288 Total Commercial Mortgage $ 614,733 $ 928,603 $ 742,759 $ 315,452 $ 233,915 $ 576,788 $ 51,876 $ - $ 3,464,126 Construction Pass $ 45,104 $ 54,040 $ 112,289 $ 17,082 $ - $ 595 $ 17,067 $ - $ 246,177 Total Construction $ 45,104 $ 54,040 $ 112,289 $ 17,082 $ - $ 595 $ 17,067 $ - $ 246,177 Lease Financing Pass $ 9,007 $ 19,723 $ 13,618 $ 13,190 $ 7,816 $ 25,397 $ - $ - $ 88,751 Special Mention - - - - 784 - - - 784 Total Lease Financing $ 9,007 $ 19,723 $ 13,618 $ 13,190 $ 8,600 $ 25,397 $ - $ - $ 89,535 Total Commercial $ 864,370 $ 1,395,265 $ 1,157,324 $ 418,752 $ 296,198 $ 689,766 $ 333,636 $ 321 $ 5,155,632 Consumer Residential Mortgage Pass $ 511,952 $ 1,338,350 $ 1,065,284 $ 330,487 $ 150,344 $ 1,085,392 $ - $ - $ 4,481,809 Classified - - - - 838 3,924 - - 4,762 Total Residential Mortgage $ 511,952 $ 1,338,350 $ 1,065,284 $ 330,487 $ 151,182 $ 1,089,316 $ - $ - $ 4,486,571 Home Equity Pass $ - $ - $ - $ - $ - $ 1,594 $ 2,061,013 $ 34,049 $ 2,096,656 Classified - - - - - 312 3,980 664 4,956 Total Home Equity $ - $ - $ - $ - $ - $ 1,906 $ 2,064,993 $ 34,713 $ 2,101,612 Automobile Pass $ 189,177 $ 255,583 $ 124,837 $ 107,936 $ 65,561 $ 31,943 $ - $ - $ 775,037 Classified - 10 6 - - 12 - - 28 Total Automobile $ 189,177 $ 255,593 $ 124,843 $ 107,936 $ 65,561 $ 31,955 $ - $ - $ 775,065 Other 1 Pass $ 112,308 $ 147,605 $ 40,994 $ 64,199 $ 27,258 $ 15,033 $ 23,917 $ 1,269 $ 432,583 Classified - - 19 49 17 24 - 1 110 Total Other $ 112,308 $ 147,605 $ 41,013 $ 64,248 $ 27,275 $ 15,057 $ 23,917 $ 1,270 $ 432,693 Total Consumer $ 813,437 $ 1,741,548 $ 1,231,140 $ 502,671 $ 244,018 $ 1,138,234 $ 2,088,910 $ 35,983 $ 7,795,941 Total Loans and Leases $ 1,677,807 $ 3,136,813 $ 2,388,464 $ 921,423 $ 540,216 $ 1,828,000 $ 2,422,546 $ 36,304 $ 12,951,573 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, 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 Paycheck Protection Program Pass $ 86,484 $ 40,295 $ - $ - $ - $ - $ - $ - $ 126,779 Total Paycheck Protection Program $ 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 Special Mention - - - - - - - - - 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 1 Pass $ 1,392,337 $ 1,131,330 $ 367,525 $ 177,215 $ 256,825 $ 982,759 $ - $ - $ 4,307,991 Classified - - 294 - 905 412 - - 1,611 Total Residential Mortgage $ 1,392,337 $ 1,131,330 $ 367,819 $ 177,215 $ 257,730 $ 983,171 $ - $ - $ 4,309,602 Home Equity 1 Pass $ - $ - $ - $ - $ - $ 2,986 $ 1,795,107 $ 35,427 $ 1,833,520 Classified - - - - - 58 2,649 361 3,068 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 2 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 2 |
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 June 30, 2022, and December 31, 2021. (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 June 30, 2022 Commercial Commercial and Industrial $ 83 $ 12 $ — $ 85 $ 180 $ 1,323,650 $ 1,323,830 $ 63 Paycheck Protection Program — — — — — 31,964 31,964 — Commercial Mortgage 291 — — 3,462 3,753 3,460,373 3,464,126 3,462 Construction — — — — — 246,177 246,177 — Lease Financing — — — — — 89,535 89,535 — Total Commercial 374 12 — 3,547 3,933 5,151,699 5,155,632 3,525 Consumer Residential Mortgage 4,340 1,555 2,638 5,179 13,712 4,472,859 4,486,571 271 Home Equity 1,796 629 2,029 4,435 8,889 2,092,723 2,101,612 689 Automobile 9,617 1,149 359 — 11,125 763,940 775,065 — Other 1 1,807 757 508 — 3,072 429,621 432,693 — Total Consumer 17,560 4,090 5,534 9,614 36,798 7,759,143 7,795,941 960 Total $ 17,934 $ 4,102 $ 5,534 $ 13,161 $ 40,731 $ 12,910,842 $ 12,951,573 $ 4,485 As of December 31, 2021 Commercial Commercial and Industrial $ 2,006 $ 14 $ — $ 243 $ 2,263 $ 1,359,658 $ 1,361,921 $ 151 Paycheck Protection Program — — — — — 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 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 is still not expected. |
Schedule of Non-Accrual Loans and Leases | The following presents the non-accrual loans and leases as of June 30, 2022, and December 31, 2021. June 30, 2022 December 31, 2021 (dollars in thousands) Non-accrual loans with a related ACL Non-accrual loans without a related ACL Total Non- accrual loans Non-accrual loans with a related ACL Non-accrual loans without a related ACL Total Non- accrual loans Commercial Commercial and Industrial $ 85 $ — $ 85 $ 243 $ — $ 243 Commercial Mortgage — 3,462 3,462 4,661 3,544 8,205 Total Commercial 85 3,462 3,547 4,904 3,544 8,448 Consumer Residential Mortgage 4,983 196 5,179 2,959 346 3,305 Home Equity 4,435 — 4,435 4,881 — 4,881 Total Consumer 9,418 196 9,614 7,840 346 8,186 Total $ 9,503 $ 3,658 $ 13,161 $ 12,744 $ 3,890 $ 16,634 |
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 three and six months ended June 30, 2022, and June 30, 2021. Loans Modified as a TDR for the Three Months Ended June 30, 2022 Loans Modified as a TDR for the Three Months Ended June 30, 2021 Recorded Increase in Recorded Increase in Troubled Debt Restructurings Investment Allowance Investment Allowance (dollars in thousands) Number of Contracts (as of period end) 1 (as of period end) Number of Contracts (as of period end) 1 (as of period end) Commercial Commercial and Industrial — $ — $ — — $ — $ — Total Commercial — — — — — — Consumer Residential Mortgage 1 407 13 7 3,714 120 Home Equity 1 53 — 5 462 9 Automobile 29 625 8 187 3,797 52 Other 2 11 87 3 105 1,010 38 Total Consumer 42 1,172 24 304 8,983 219 Total 42 $ 1,172 $ 24 304 $ 8,983 $ 219 Loans Modified as a TDR for the Six Months Ended June 30, 2022 Loans Modified as a TDR for the Six Months Ended June 30, 2021 Recorded Increase in Recorded Increase in Troubled Debt Restructurings Investment Allowance Investment Allowance (dollars in thousands) Number of Contracts (as of period end) 1 (as of period end) Number of Contracts (as of period end) 1 (as of period end) Commercial Commercial and Industrial — $ — $ — 5 $ 109 $ 2 Construction — — — — — — Total Commercial — — — 5 109 2 Consumer Residential Mortgage 5 1,215 71 7 3,714 120 Home Equity 2 88 5 7 717 36 Automobile 2 56 1,149 15 570 11,670 162 Other 2,3 32 223 8 320 2,932 111 Total Consumer 95 2,675 99 904 19,033 429 Total 95 $ 2,675 $ 99 909 $ 19,142 $ 431 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. The following presents by class, all loans modified in a TDR that defaulted during the three and six months ended June 30, 2022, and June 30, 2021, 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. Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 TDRs that Defaulted During the Period, Recorded Recorded Within Twelve Months of their Modification Date Number of Investment Number of Investment (dollars in thousands) Contracts (as of period end) 1 Contracts (as of period end) 1 Consumer Home Equity — $ — — $ — Automobile 6 151 16 296 Other 2 4 29 12 140 Total Consumer 10 180 28 436 Total 10 $ 180 28 $ 436 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 TDRs that Defaulted During the Period, Recorded Recorded Within Twelve Months of their Modification Date Number of Investment Number of Investment (dollars in thousands) Contracts (as of period end) 1 Contracts (as of period end) 1 Consumer Residential Mortgage 1 $ 180 1 $ 534 Home Equity 1 80 — — Automobile 15 298 23 385 Other 2 14 104 23 216 Total Consumer 31 662 47 1,135 Total 31 $ 662 47 $ 1,135 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) | 6 Months Ended |
Jun. 30, 2022 | |
Transfers And Servicing Of Financial Assets [Abstract] | |
Summary of Carrying Value Under the Fair Value Measurement Method | For the three and six months ended June 30, 2022, and June 30, 2021, the change in the carrying value of the Company’s mortgage servicing rights accounted for under the fair value measurement method was as follows: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2022 2021 2022 2021 Balance at Beginning of Period $ 781 $ 919 $ 800 $ 958 Change in Fair Value Due to Payoffs (34 ) (44 ) (53 ) (83 ) Balance at End of Period $ 747 $ 875 $ 747 $ 875 |
Summary of Carrying Value Under the Amortization Method | For the three and six months ended June 30, 2022 and 2021, the change in the carrying value of the Company’s mortgage servicing rights accounted for under the amortization method was as follows: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2022 2021 2022 2021 Balance at Beginning of Period $ 23,187 $ 21,401 $ 21,451 $ 18,694 Servicing Rights that Resulted From Asset Transfers 205 1,260 956 2,940 Amortization (599 ) (996 ) (1,443 ) (2,159 ) Valuation Allowance Recovery (Provision) 0 (1,067 ) 1,829 1,123 Balance at End of Period $ 22,793 $ 20,598 $ 22,793 $ 20,598 Valuation Allowance: Balance at Beginning of Period $ — $ (1,702 ) $ (1,829 ) $ (3,892 ) Valuation Allowance Recovery (Provision) — (1,067 ) 1,829 1,123 Balance at End of Period $ — $ (2,769 ) $ — $ (2,769 ) Fair Value of Mortgage Servicing Rights Accounted for Under the Amortization Method Beginning of Period $ 26,088 $ 21,401 $ 21,451 $ 18,694 End of Period $ 28,314 $ 20,598 $ 28,314 $ 20,598 |
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 June 30, 2022, and December 31, 2021, were as follows: June 30, 2022 December 31, 2021 Weighted-Average Constant Prepayment Rate 1 4.46 % 10.70 % Weighted-Average Life (in years) 9.43 6.18 Weighted-Average Note Rate 3.58 % 3.62 % Weighted-Average Discount Rate 2 9.48 % 7.04 % 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 June 30, 2022, and December 31, 2021, is presented in the following table. (dollars in thousands) June 30, 2022 December 31, 2021 Constant Prepayment Rate Decrease in fair value from 25 basis points (“bps”) adverse change $ (366 ) $ (252 ) Decrease in fair value from 50 bps adverse change (725 ) (498 ) Discount Rate Decrease in fair value from 25 bps adverse change (334 ) (223 ) Decrease in fair value from 50 bps adverse change (661 ) (441 ) |
Affordable Housing Projects T_2
Affordable Housing Projects Tax Credit Partnerships (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Expected Payments for Unfunded Affordable Housing Commitments | As of June 30, 2022, the expected payments for unfunded affordable housing commitments were as follows: (dollars in thousands) Amount 2022 $ 5,074 2023 811 2024 21,432 2025 756 2026 81 Thereafter 13,332 Total Unfunded Commitments $ 41,486 |
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 three and six months ended June 30, 2022, and June 30, 2021. Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2022 2021 2022 2021 Effective Yield Method Tax credits and other tax benefits recognized $ 1,528 $ 2,151 $ 3,066 $ 4,302 Amortization Expense in Provision for Income Taxes 1,296 1,670 2,593 3,362 Proportional Amortization Method Tax credits and other tax benefits recognized $ 3,794 $ 2,879 $ 7,579 $ 5,470 Amortization Expense in Provision for Income Taxes 3,265 2,385 6,529 4,711 |
Securities Sold Under Agreeme_2
Securities Sold Under Agreements to Repurchase (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022, and December 31, 2021, 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 June 30, 2022 Class of Collateral Pledged: Debt Securities Issued by States and Political Subdivisions $ — $ — $ 490 $ — $ 490 Mortgage-Backed Securities: Residential - Government Agencies — — 30,277 1,507 31,784 Residential - U.S. Government-Sponsored Enterprises — — 244,723 148,493 393,216 Total $ — $ — $ 275,490 $ 150,000 $ 425,490 December 31, 2021 Class of Collateral Pledged: Debt Securities Issued by States and Political Subdivisions $ — $ — $ — $ 490 $ 490 Mortgage-Backed Securities: 1 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 |
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 June 30, 2022, and December 31, 2021. The swap agreements the Company has with our commercial banking customers are not subject to an enforceable master netting arrangement, and therefore, are excluded from this table. Centrally cleared swap agreements between the Company and institutional counterparties are also excluded from this table. See Note 11 Derivative Financial Instruments (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/ Received 1 Net Amount June 30, 2022 Assets: Interest Rate Swap Agreements: Institutional Counterparties $ 17,570 $ — $ 17,570 $ 17,570 $ — $ — Liabilities: Interest Rate Swap Agreements: Institutional Counterparties $ 3,717 $ — $ 3,717 $ 3,717 $ — $ — Repurchase Agreements: Private Institutions 425,000 — 425,000 — 425,000 — Government Entities 490 — 490 — 490 — $ 425,490 $ — $ 425,490 $ — $ 425,490 $ — 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 — $ 450,490 $ — $ 450,490 $ — $ 450,490 $ — 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 $45.1 million and $58.3 million as of June 30, 2022, and December 31, 2021, respectively. For repurchase agreements with private institutions, the fair value of investment securities pledged was $439.5 million and $523.4 million as of June 30, 2022, and December 31, 2021, respectively. For repurchase agreements with government entities, the fair value of investment securities pledged was $1.0 million and $1.3 million as of June 30, 2022, and December 31, 2021, respectively. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Comprehensive Income Net Of Tax [Abstract] | |
Components of Other Comprehensive Income | The following table presents the components of other comprehensive income (loss) for the three and six months ended June 30, 2022, and June 30, 2021: (dollars in thousands) Before Tax Tax Effect Net of Tax Three Months Ended June 30, 2022 Net Unrealized Gains (Losses) on Investment Securities: Net Unrealized Gains (Losses) Arising During the Period $ (166,878 ) $ (44,233 ) $ (122,645 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) that (Increase) Decrease Net Income: Amortization of Unrealized Holding (Gains) Losses on Held-to- Maturity Securities 1 (3 ) (1 ) (2 ) Net Unrealized Gains (Losses) on Investment Securities (166,881 ) (44,234 ) (122,647 ) Defined Benefit Plans: Amortization of Net Actuarial Losses (Gains) 542 145 397 Amortization of Prior Service Credit (61 ) (16 ) (45 ) Defined Benefit Plans, Net 481 129 352 Other Comprehensive Income (Loss) $ (166,400 ) $ (44,105 ) $ (122,295 ) Three Months Ended June 30, 2021 Net Unrealized Gains (Losses) on Investment Securities: Net Unrealized Gains (Losses) Arising During the Period $ 3,129 $ 848 $ 2,281 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) that (Increase) Decrease Net Income: (Gain) Loss on Sale (3,675 ) (992 ) (2,683 ) Amortization of Unrealized Holding (Gains) Losses on Held-to- Maturity Securities 1 380 101 279 Net Unrealized Gains (Losses) on Investment Securities (166 ) (43 ) (123 ) Defined Benefit Plans: Amortization of Net Actuarial Losses (Gains) 661 174 487 Amortization of Prior Service Credit (62 ) (17 ) (45 ) Defined Benefit Plans, Net 599 157 442 Other Comprehensive Income (Loss) $ 433 $ 114 $ 319 Six Months Ended June 30, 2022 Net Unrealized Gains (Losses) on Investment Securities: Net Unrealized Gains (Losses) Arising During the Period $ (412,026 ) $ (109,208 ) $ (302,818 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) that (Increase) Decrease Net Income: Amortization of Unrealized Holding (Gains) Losses on Held-to- Maturity Securities 1 63 16 47 Net Unrealized Gains (Losses) on Investment Securities (411,963 ) (109,192 ) (302,771 ) Defined Benefit Plans: Amortization of Net Actuarial Losses (Gains) 1,084 288 796 Amortization of Prior Service Credit (123 ) (32 ) (91 ) Defined Benefit Plans, Net 961 256 705 Other Comprehensive Income (Loss) $ (411,002 ) $ (108,936 ) $ (302,066 ) Six Months Ended June 30, 2021 Net Unrealized Gains (Losses) on Investment Securities: Net Unrealized Gains (Losses) Arising During the Period $ (65,097 ) $ (17,235 ) $ (47,862 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) that (Increase) Decrease Net Income: (Gain) Loss on Sale (3,675 ) (992 ) (2,683 ) Amortization of Unrealized Holding (Gains) Losses on Held-to- Maturity Securities 1 506 134 372 Net Unrealized Gains (Losses) on Investment Securities (68,266 ) (18,093 ) (50,173 ) Defined Benefit Plans: Amortization of Net Actuarial Losses (Gains) 1,323 350 973 Amortization of Prior Service Credit (123 ) (33 ) (90 ) Defined Benefit Plans, Net 1,200 317 883 Other Comprehensive Income (Loss) $ (67,066 ) $ (17,776 ) $ (49,290 ) 1 The amount relates to the amortization/accretion of unrealized net 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, for the three and six months ended June 30, 2022, and June 30, 2021: (dollars in thousands) Investment Securities- Available- for-Sale Investment Securities- Held-to-Maturity Defined Benefit Plans Accumulated Other Comprehensive Income (Loss) Three Months Ended June 30, 2022 Balance at Beginning of Period $ (213,113 ) $ 103 $ (33,143 ) $ (246,153 ) Other Comprehensive Income (Loss) Before Reclassifications (122,645 ) — — (122,645 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — (2 ) 352 350 Total Other Comprehensive Income (Loss) (122,645 ) (2 ) 352 (122,295 ) Balance at End of Period $ (335,758 ) $ 101 $ (32,791 ) $ (368,448 ) Three Months Ended June 30, 2021 Balance at Beginning of Period $ 1,352 $ (330 ) $ (42,809 ) $ (41,787 ) Other Comprehensive Income (Loss) Before Reclassifications 2,281 — — 2,281 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (2,683 ) 279 442 (1,962 ) Total Other Comprehensive Income (Loss) (402 ) 279 442 319 Balance at End of Period $ 950 $ (51 ) $ (42,367 ) $ (41,468 ) Six Months Ended June 30, 2022 Balance at Beginning of Period $ (32,940 ) $ 54 $ (33,496 ) $ (66,382 ) Other Comprehensive Income (Loss) Before Reclassifications (302,818 ) — — (302,818 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 47 705 752 Total Other Comprehensive Income (Loss) (302,818 ) 47 705 (302,066 ) Balance at End of Period $ (335,758 ) $ 101 $ (32,791 ) $ (368,448 ) Six Months Ended June 30, 2021 Balance at Beginning of Period $ 51,495 $ (423 ) $ (43,250 ) $ 7,822 Other Comprehensive Income (Loss) Before Reclassifications (47,862 ) — — (47,862 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (2,683 ) 372 883 (1,428 ) Total Other Comprehensive Income (Loss) (50,545 ) 372 883 (49,290 ) Balance at End of Period $ 950 $ (51 ) $ (42,367 ) $ (41,468 ) |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2022, and June 30, 2021: 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 Three Months Ended June 30, (dollars in thousands) 2022 2021 Amortization of Unrealized Holding Gains (Losses) on Investment Securities Held-to-Maturity $ 3 $ (380 ) Interest Income (1 ) 101 Provision for Income Tax 2 (279 ) Net of Tax Sale of Investment Securities Available-for-Sale — 3,675 Investment Securities Gains (Losses), Net — (992 ) Provision for Income Tax — 2,683 Net of tax Amortization of Defined Benefit Plan Items Prior Service Credit 2 61 62 Net Actuarial Losses 2 (542 ) (661 ) (481 ) (599 ) Total Before Tax 129 157 Provision for Income Tax (352 ) (442 ) Net of Tax Total Reclassifications for the Period $ (350 ) $ 1,962 Net of Tax 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 Six Months Ended June 30, (dollars in thousands) 2022 2021 Amortization of Unrealized Holding Gains (Losses) on Investment Securities Held-to-Maturity $ (63 ) $ (506 ) Interest Income 16 134 Provision for Income Tax (47 ) (372 ) Net of Tax Sale of Investment Securities Available-for-Sale — 3,675 Investment Securities Gains (Losses), Net — (992 ) Provision for Income Tax — 2,683 Net of tax Amortization of Defined Benefit Plan Items Prior Service Credit 2 123 123 Net Actuarial Losses 2 (1,084 ) (1,323 ) (961 ) (1,200 ) Total Before Tax 256 317 Provision for Income Tax (705 ) (883 ) Net of Tax Total Reclassifications for the Period $ (752 ) $ 1,428 Net of Tax 1 2 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 and antidilutive stock options and restricted stock outstanding for the three and six months ended June 30, 2022, and June 30, 2021: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands, except shares and per share amounts) 2022 2021 2022 2021 Numerator: Net Income Available to Common Shareholders $ 54,893 $ 67,533 $ 107,758 $ 127,482 Denominator: Weighted Average Common Shares Outstanding - Basic 39,693,593 39,902,583 39,722,985 39,865,268 Dilutive Effect of Equity Based Awards 149,015 220,322 173,715 231,259 Weighted Average Common Shares Outstanding - Diluted 39,842,608 40,122,905 39,896,700 40,096,527 Earnings Per Common Share: Basic $ 1.38 $ 1.69 $ 2.71 $ 3.20 Diluted $ 1.38 $ 1.68 $ 2.70 $ 3.18 Antidilutive Stock Options and Restricted Stock Outstanding 201,422 45,909 160,670 95,389 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Selected Business Segment Financial Information | Selected business segment financial information as of and for the three and six months ended June 30, 2022, and June 30, 2021, were as follows: (dollars in thousands) Consumer Banking Commercial Banking Treasury and Other Consolidated Total Three Months Ended June 30, 2022 Net Interest Income $ 75,868 $ 49,562 $ 7,472 $ 132,902 Provision for Credit Losses 502 (1 ) (3,001 ) (2,500 ) Net Interest Income After Provision for Credit Losses 75,366 49,563 10,473 135,402 Noninterest Income 31,953 8,279 1,926 42,158 Noninterest Expense (82,740 ) (17,026 ) (3,173 ) (102,939 ) Income Before Provision for Income Taxes 24,579 40,816 9,226 74,621 Provision for Income Taxes (6,162 ) (10,145 ) (1,452 ) (17,759 ) Net Income $ 18,417 $ 30,671 $ 7,774 $ 56,862 Total Assets as of June 30, 2022 $ 8,179,647 $ 5,337,656 $ 9,715,396 $ 23,232,699 Three Months Ended June 30, 2021 Net Interest Income $ 71,167 $ 49,038 $ 3,309 $ 123,514 Provision for Credit Losses 987 197 (17,284 ) (16,100 ) Net Interest Income After Provision for Credit Losses 70,180 48,841 20,593 139,614 Noninterest Income 32,600 6,575 5,256 44,431 Noninterest Expense (72,868 ) (15,742 ) (7,917 ) (96,527 ) Income Before Provision for Income Taxes 29,912 39,674 17,932 87,518 Provision for Income Taxes (7,365 ) (9,703 ) (2,917 ) (19,985 ) Net Income $ 22,547 $ 29,971 $ 15,015 $ 67,533 Total Assets as of June 30, 2021 $ 7,479,986 $ 5,127,431 $ 10,064,766 $ 22,672,183 Six Months Ended June 30, 2022 Net Interest Income $ 146,103 $ 95,911 $ 16,151 $ 258,165 Provision for Credit Losses 2,185 (198 ) (9,987 ) (8,000 ) Net Interest Income After Provision for Credit Losses 143,918 96,109 26,138 266,165 Noninterest Income 63,922 18,477 3,310 85,709 Noninterest Expense (164,438 ) (35,695 ) (6,680 ) (206,813 ) Income Before Provision for Income Taxes 43,402 78,891 22,768 145,061 Provision for Income Taxes (10,872 ) (19,342 ) (3,151 ) (33,365 ) Net Income $ 32,530 $ 59,549 $ 19,617 $ 111,696 Total Assets as of June 30, 2022 $ 8,179,647 $ 5,337,656 $ 9,715,396 $ 23,232,699 Six Months Ended June 30, 2021 Net Interest Income $ 140,929 $ 96,181 $ 6,973 $ 244,083 Provision for Credit Losses 3,853 247 (34,500 ) (30,400 ) Net Interest Income After Provision for Credit Losses 137,076 95,934 41,473 274,483 Noninterest Income 66,298 14,433 6,670 87,401 Noninterest Expense (151,049 ) (31,419 ) (12,924 ) (195,392 ) Income Before Provision for Income Taxes 52,325 78,948 35,219 166,492 Provision for Income Taxes (12,839 ) (19,261 ) (6,910 ) (39,010 ) Net Income $ 39,486 $ 59,687 $ 28,309 $ 127,482 Total Assets as of June 30, 2021 $ 7,479,986 $ 5,127,431 $ 10,064,766 $ 22,672,183 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022, and December 31, 2021, were as follows: June 30, 2022 December 31, 2021 (dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Interest Rate Lock Commitments $ 10,914 $ 243 $ 45,857 $ 1,084 Forward Commitments 12,423 (55 ) 58,523 (35 ) Interest Rate Swap Agreements Receive Fixed/Pay Variable Swaps 1,548,424 (97,045 ) 1,400,322 28,742 Pay Fixed/Receive Variable Swaps 1,548,424 13,853 1,400,322 (5,922 ) Foreign Exchange Contracts 91,516 (2,164 ) 102,548 (674 ) Conversion Rate Swap Agreement 118,728 — 131,672 — |
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 June 30, 2022, and December 31, 2021: Derivative Financial Instruments June 30, 2022 December 31, 2021 Not Designated as Hedging Instruments 1 Asset Liability Asset Liability (dollars in thousands) Derivatives Derivatives Derivatives Derivatives Interest Rate Lock Commitments $ 245 $ 2 $ 1,084 $ — Forward Commitments 13 68 17 52 Interest Rate Swap Agreements 22,174 105,365 40,733 17,913 Foreign Exchange Contracts 62 2,226 177 851 Total $ 22,494 $ 107,661 $ 42,011 $ 18,816 1 Asset derivatives are included in other assets and liability derivatives are included in other liabilities in the consolidated statements of condition. 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. |
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 three and six months ended June 30, 2022, and June 30, 2021: Location of Derivative Financial Instruments Net Gains (Losses) Three Months Ended Six Months Ended Not Designated as Hedging Instruments Recognized in the June 30, June 30, (dollars in thousands) Statements of Income 2022 2021 2022 2021 Interest Rate Lock Commitments Mortgage Banking $ 66 $ 4,071 $ (1,013 ) $ 4,844 Forward Commitments Mortgage Banking 314 (1,576 ) 2,221 1,651 Interest Rate Swap Agreements Other Noninterest Income 2,017 1,097 6,099 2,701 Foreign Exchange Contracts Other Noninterest Income 232 448 506 719 Total $ 2,629 $ 4,040 $ 7,813 $ 9,915 |
Commitments, Contingencies, a_2
Commitments, Contingencies, and Guarantees (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Credit Commitments | The Company’s credit commitments as of June 30, 2022, and December 31, 2021, were as follows: (dollars in thousands) June 30, 2022 December 31, 2021 Unfunded Commitments to Extend Credit $ 3,291,932 $ 2,982,673 Standby Letters of Credit 135,765 135,167 Commercial Letters of Credit 17,536 18,956 Total Credit Commitments $ 3,445,233 $ 3,136,796 |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022, and December 31, 2021: Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (dollars in thousands) (Level 1) (Level 2) (Level 3) Total June 30, 2022 Assets: Investment Securities Available-for-Sale Debt Securities Issued by the U.S. Treasury and Government Agencies $ 145,514 $ 118,372 $ — $ 263,886 Debt Securities Issued by States and Political Subdivisions — 65,841 — 65,841 Debt Securities Issued by U.S. Government-Sponsored Enterprises — 1,673 — 1,673 Debt Securities Issued by Corporations — 384,319 — 384,319 Mortgage-Backed Securities: Residential - Government Agencies — 1,226,339 — 1,226,339 Residential - U.S. Government-Sponsored Enterprises — 1,849,867 — 1,849,867 Commercial - Government Agencies — 163,551 — 163,551 Total Mortgage-Backed Securities — 3,239,757 — 3,239,757 Total Investment Securities Available-for-Sale 145,514 3,809,962 — 3,955,476 Loans Held for Sale — 4,514 — 4,514 Mortgage Servicing Rights — — 747 747 Other Assets 46,929 — — 46,929 Derivatives 1 — 76 22,418 22,494 Total Assets Measured at Fair Value on a Recurring Basis as of June 30, 2022 $ 192,443 $ 3,814,552 $ 23,165 $ 4,030,160 Liabilities: Derivatives 1 $ — $ 2,295 $ 105,366 $ 107,661 Total Liabilities Measured at Fair Value on a Recurring Basis as of June 30, 2022 $ — $ 2,295 $ 105,366 $ 107,661 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 1 The fair value of each class of derivatives is shown in Note 11 Derivative Financial Instruments |
Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis | For the three and six months ended June 30, 2022, and June 30, 2021, 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 Three Months Ended June 30, 2022 Balance as of April 1, 2022 $ 781 $ (50,429 ) Realized and Unrealized Net Gains (Losses): Included in Net Income (34 ) 90 Transfers to Loans Held for Sale — 58 Variation Margin Payments — (32,667 ) Balance as of June 30, 2022 $ 747 $ (82,948 ) Total Unrealized Net Gains (Losses) Included in Net Income Related to Assets Still Held as of June 30, 2022 $ — $ (82,948 ) Three Months Ended June 30, 2021 Balance as of April 1, 2021 $ 919 $ 15,482 Realized and Unrealized Net Gains (Losses): Included in Net Income (44 ) 4,038 Transfers to Loans Held for Sale — (4,568 ) Variation Margin Payments — 23,005 Balance as of June 30, 2021 $ 875 $ 37,957 Total Unrealized Net Gains (Losses) Included in Net Income Related to Assets Still Held as of June 30, 2021 $ — $ 37,957 Six Months Ended June 30, 2022 Balance as of January 1, 2022 $ 800 23,904 Realized and Unrealized Net Gains (Losses): Included in Net Income (53 ) (996 ) Transfers to Loans Held for Sale — 172 Variation Margin Payments — (106,028 ) Balance as of June 30, 2022 $ 747 (82,948 ) Total Unrealized Net Gains (Losses) Included in Net Income Related to Assets Still Held as of June 30, 2022 $ — $ (82,948 ) Six Months Ended June 30, 2021 Balance as of January 1, 2021 $ 958 $ 77,880 Realized and Unrealized Net Gains (Losses): Included in Net Income (83 ) 4,913 Transfers to Loans Held for Sale — (7,584 ) Variation Margin Payments — (37,252 ) Balance as of June 30, 2021 $ 875 $ 37,957 Total Unrealized Net Gains (Losses) Included in Net Income Related to Assets Still Held as of June 30, 2021 $ — $ 37,957 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 Realized and unrealized gains and losses related to interest rate lock commitments are reported as a component of mortgage banking income in the Company’s consolidated statements of income. Realized and unrealized gains and losses related to interest rate swap agreements are reported as a component of other noninterest income in the Company’s consolidated statements of income. |
Summary of the Significant Unobservable Inputs | For Level 3 assets and liabilities measured at fair value on a recurring or nonrecurring basis as of June 30, 2022, and December 31, 2021, the significant unobservable inputs used in the fair value measurements were as follows: (dollars in thousands) Valuation Technique Description Range Weighted Average 1 Fair Value June 30, 2022 Mortgage Servicing Rights Discounted Cash Flow Constant Prepayment Rate 3.86 % - 10.79 % 4.46 % $ 29,061 Discount Rate 7.47 % - 9.52 % 9.48 % $ — Net Derivative Assets and Liabilities: Interest Rate Lock Commitments Pricing Model Closing Ratio 75.40 % - 93.30 % 89.93 % $ 243 Interest Rate Swap Agreements Discounted Cash Flow Credit Factor 0.00 % - 0.49 % 0.02 % $ (83,191 ) December 31, 2021 Mortgage Servicing Rights Discounted Cash Flow Constant Prepayment Rate 6.51 % - 11.48 % 10.70 % $ 22,251 Discount Rate 6.49 % - 7.08 % 7.04 % $ — Net Derivative Assets and Liabilities: Interest Rate Lock Commitments Pricing Model Closing Ratio 75.40 % - 100.00 % 90.47 % $ 1,084 Interest Rate Swap Agreements Discounted Cash Flow Credit Factor 0.00 % - 0.49 % 0.14 % $ 22,820 1 Unobservable inputs for mortgage servicing rights and interest rate lock commitments were weighted by loan amount. Unobservable inputs for interest rate swap agreements were weighted by fair value. |
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 June 30, 2022, and December 31, 2021. (dollars in thousands) Fair Value Hierarchy Net Carrying Amount Valuation Allowance June 30, 2022 Mortgage Servicing Rights - amortization method Level 3 $ 22,793 $ — December 31, 2021 Mortgage Servicing Rights - amortization method Level 3 $ 21,451 $ (1,829 ) |
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 June 30, 2022, and December 31, 2021. (dollars in thousands) Aggregate Fair Value Aggregate Unpaid Principal Aggregate Fair Value Less Aggregate Unpaid Principal June 30, 2022 Loans Held for Sale $ 4,514 $ 4,472 $ 42 December 31, 2021 Loans Held for Sale $ 26,746 $ 26,309 $ 437 |
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 June 30, 2022, and December 31, 2021. 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 Carrying Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (dollars in thousands) Amount Fair Value (Level 1) (Level 2) (Level 3) June 30, 2022 Financial Instruments - Assets Investment Securities Held-to-Maturity $ 4,321,693 $ 3,823,739 $ 118,498 $ 3,705,241 $ — Loans 1 12,647,239 12,043,942 — — 12,043,942 Financial Instruments - Liabilities Time Deposits 1,257,207 1,240,477 — 1,240,477 — Securities Sold Under Agreements to Repurchase 425,490 420,109 — 420,109 — December 31, 2021 Financial Instruments - Assets Investment Securities Held-to-Maturity $ 4,694,780 $ 4,646,619 $ 131,139 $ 4,515,480 $ — Loans 1 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 — 1 Carrying amount is net of unearned income and the Allowance. |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Cash And Cash Equivalents [Abstract] | ||
Required Minimum Average Cash Reserve Maintained with Federal Reserve Bank | $ 0 | $ 0 |
Cash and Cash Equivalents - Sch
Cash and Cash Equivalents - Schedule of Reconciliation of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Cash And Cash Equivalents [Abstract] | ||
Interest-Bearing Deposits in Other Banks | $ 2,264 | $ 2,571 |
Funds Sold | 576,430 | 361,536 |
Cash and Due From Banks | 260,672 | $ 196,327 |
Total Cash and Cash Equivalents | $ 839,366 |
Investment Securities - Schedul
Investment Securities - Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Available-for-Sale: | ||
Available-for-Sale: Amortized Cost | $ 4,412,330 | $ 4,320,884 |
Available-for-Sale: Gross Unrealized Gains | 2,221 | 21,460 |
Available-for-Sale: Gross Unrealized Losses | (459,075) | (66,288) |
Available-for-Sale: Fair Value | 3,955,476 | 4,276,056 |
Held-to-Maturity: | ||
Held-to-Maturity: Amortized Cost | 4,321,693 | 4,694,780 |
Held-to-Maturity: Gross Unrealized Gains | 742 | 28,334 |
Held-to-Maturity: Gross Unrealized Losses | (498,696) | (76,495) |
Held-to-Maturity: Fair Value | 3,823,739 | 4,646,619 |
Debt Securities Issued by the U.S. Treasury and Government Agencies | ||
Available-for-Sale: | ||
Available-for-Sale: Amortized Cost | 272,935 | 248,858 |
Available-for-Sale: Gross Unrealized Gains | 1,640 | 1,513 |
Available-for-Sale: Gross Unrealized Losses | (10,689) | (284) |
Available-for-Sale: Fair Value | 263,886 | 250,087 |
Held-to-Maturity: | ||
Held-to-Maturity: Amortized Cost | 131,556 | 131,495 |
Held-to-Maturity: Gross Unrealized Gains | 287 | |
Held-to-Maturity: Gross Unrealized Losses | (13,058) | (643) |
Held-to-Maturity: Fair Value | 118,498 | 131,139 |
Debt Securities Issued by States and Political Subdivisions | ||
Available-for-Sale: | ||
Available-for-Sale: Amortized Cost | 74,698 | 74,743 |
Available-for-Sale: Gross Unrealized Gains | 2 | 1,080 |
Available-for-Sale: Gross Unrealized Losses | (8,859) | (5) |
Available-for-Sale: Fair Value | 65,841 | 75,818 |
Debt Securities Issued by Government-Sponsored Enterprises | ||
Available-for-Sale: | ||
Available-for-Sale: Amortized Cost | 1,758 | 1,758 |
Available-for-Sale: Gross Unrealized Gains | 33 | |
Available-for-Sale: Gross Unrealized Losses | (85) | (11) |
Available-for-Sale: Fair Value | 1,673 | 1,780 |
Debt Securities Issued by Corporations | ||
Available-for-Sale: | ||
Available-for-Sale: Amortized Cost | 432,016 | 384,590 |
Available-for-Sale: Gross Unrealized Gains | 2,339 | |
Available-for-Sale: Gross Unrealized Losses | (47,697) | (3,816) |
Available-for-Sale: Fair Value | 384,319 | 383,113 |
Held-to-Maturity: | ||
Held-to-Maturity: Amortized Cost | 18,672 | 20,316 |
Held-to-Maturity: Gross Unrealized Gains | 76 | |
Held-to-Maturity: Gross Unrealized Losses | (1,857) | (249) |
Held-to-Maturity: Fair Value | 16,815 | 20,143 |
Residential - Government Agencies | ||
Available-for-Sale: | ||
Available-for-Sale: Amortized Cost | 1,348,519 | 1,327,990 |
Available-for-Sale: Gross Unrealized Gains | 566 | 9,818 |
Available-for-Sale: Gross Unrealized Losses | (122,746) | (18,766) |
Available-for-Sale: Fair Value | 1,226,339 | 1,319,042 |
Held-to-Maturity: | ||
Held-to-Maturity: Amortized Cost | 1,605,791 | 1,774,394 |
Held-to-Maturity: Gross Unrealized Gains | 721 | 12,139 |
Held-to-Maturity: Gross Unrealized Losses | (173,760) | (30,621) |
Held-to-Maturity: Fair Value | 1,432,752 | 1,755,912 |
Residential - U.S. Government-Sponsored Enterprises | ||
Available-for-Sale: | ||
Available-for-Sale: Amortized Cost | 2,104,396 | 2,127,781 |
Available-for-Sale: Gross Unrealized Gains | 13 | 4,792 |
Available-for-Sale: Gross Unrealized Losses | (254,542) | (42,247) |
Available-for-Sale: Fair Value | 1,849,867 | 2,090,326 |
Held-to-Maturity: | ||
Held-to-Maturity: Amortized Cost | 2,107,997 | 2,286,880 |
Held-to-Maturity: Gross Unrealized Gains | 21 | 15,508 |
Held-to-Maturity: Gross Unrealized Losses | (247,438) | (32,627) |
Held-to-Maturity: Fair Value | 1,860,580 | 2,269,761 |
Commercial - Government Agencies or Sponsored Agencies | ||
Available-for-Sale: | ||
Available-for-Sale: Amortized Cost | 178,008 | 155,164 |
Available-for-Sale: Gross Unrealized Gains | 1,885 | |
Available-for-Sale: Gross Unrealized Losses | (14,457) | (1,159) |
Available-for-Sale: Fair Value | 163,551 | 155,890 |
Held-to-Maturity: | ||
Held-to-Maturity: Amortized Cost | 457,677 | 481,695 |
Held-to-Maturity: Gross Unrealized Gains | 324 | |
Held-to-Maturity: Gross Unrealized Losses | (62,583) | (12,355) |
Held-to-Maturity: Fair Value | 395,094 | 469,664 |
Mortgage-Backed Securities | ||
Available-for-Sale: | ||
Available-for-Sale: Amortized Cost | 3,630,923 | 3,610,935 |
Available-for-Sale: Gross Unrealized Gains | 579 | 16,495 |
Available-for-Sale: Gross Unrealized Losses | (391,745) | (62,172) |
Available-for-Sale: Fair Value | 3,239,757 | 3,565,258 |
Held-to-Maturity: | ||
Held-to-Maturity: Amortized Cost | 4,171,465 | 4,542,969 |
Held-to-Maturity: Gross Unrealized Gains | 742 | 27,971 |
Held-to-Maturity: Gross Unrealized Losses | (483,781) | (75,603) |
Held-to-Maturity: Fair Value | $ 3,688,426 | $ 4,495,337 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) $ in Thousands | Jun. 30, 2022 USD ($) security | Dec. 31, 2021 USD ($) |
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | ||
Accrued interest receivable | $ 47,141 | $ 45,242 |
Carrying Value Of Investment Securities Pledged | $ 3,700,000 | 2,900,000 |
Number of available for sale debt securities in unrealized loss positions | security | 455 | |
Available-for-sale Securities | ||
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | ||
Accrued interest receivable | $ 9,000 | 8,400 |
Held-to-maturity Securities | ||
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | ||
Accrued interest receivable | $ 7,500 | $ 8,200 |
Investment Securities - Analysi
Investment Securities - Analysis of the Contractual Maturities of Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis Rolling Maturity[Abstract] | ||
Due in One Year or Less | $ 902 | |
Due After One Year Through Five Years | 278,482 | |
Due After Five Years Through Ten Years | 372,109 | |
Due After Ten Years | 13,130 | |
Amortized Cost, Total | 664,623 | |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturities [Abstract] | ||
Available-for-Sale: Amortized Cost | 4,412,330 | $ 4,320,884 |
Due in One Year or Less | 902 | |
Due After One Year Through Five Years | 263,219 | |
Due After Five Years Through Ten Years | 322,093 | |
Due After Ten Years | 11,133 | |
Fair Value, Total | 597,347 | |
Available-for-Sale: Fair Value | 3,955,476 | 4,276,056 |
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis, Rolling Maturities (Abstract] | ||
Due After One Year Through Five Years | 15,022 | |
Due After Five Year Through Ten Years | 124,057 | |
Due After Ten Years | 11,149 | |
Amortized Cost, Total | 150,228 | |
Held-to-Maturity Securities, Debt Maturities, Single Maturity Date, Fair Value, Rolling Maturities [Abstract] | ||
Due After One Year Through Five Years | 14,223 | |
Due After Five Year Through Ten Years | 111,628 | |
Due After Ten Years | 9,462 | |
Fair Value, Total | 135,313 | |
Held-to-Maturity: Amortized Cost | 4,321,693 | |
Held-to-Maturity: Fair Value | 3,823,739 | 4,646,619 |
Debt Securities Issued by Government Agencies | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturities [Abstract] | ||
Available-for-sale Securities: Amortized Cost | 116,784 | |
Available-for-sale Securities, Debt Securities Issued by Government Agencies and Mortgage-Backed Securities: Fair Value | 118,372 | |
Held-to-Maturity Securities, Debt Maturities, Single Maturity Date, Fair Value, Rolling Maturities [Abstract] | ||
Available-for-sale Securities, Debt Securities Issued by Government Agencies and Mortgage-Backed Securities: Fair Value | 118,372 | |
Residential - Government Agencies | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturities [Abstract] | ||
Available-for-sale Securities: Amortized Cost | 1,348,519 | |
Available-for-Sale: Amortized Cost | 1,348,519 | 1,327,990 |
Available-for-sale Securities, Debt Securities Issued by Government Agencies and Mortgage-Backed Securities: Fair Value | 1,226,339 | |
Available-for-Sale: Fair Value | 1,226,339 | 1,319,042 |
Held-to-Maturity Securities, Debt Maturities, Single Maturity Date, Fair Value, Rolling Maturities [Abstract] | ||
Held-to-Maturity: Mortgage-Backed Securities: Amortized Cost | 1,605,791 | |
Held-to-Maturity: Mortgage-Backed Securities: Amortized Cost | 1,605,791 | |
Available-for-sale Securities, Debt Securities Issued by Government Agencies and Mortgage-Backed Securities: Fair Value | 1,226,339 | |
Held-to-Maturity: Mortgage-Backed Securities: Fair Value | 1,432,752 | |
Held-to-Maturity: Fair Value | 1,432,752 | 1,755,912 |
Residential - U.S. Government-Sponsored Enterprises | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturities [Abstract] | ||
Available-for-sale Securities: Amortized Cost | 2,104,396 | |
Available-for-Sale: Amortized Cost | 2,104,396 | 2,127,781 |
Available-for-sale Securities, Debt Securities Issued by Government Agencies and Mortgage-Backed Securities: Fair Value | 1,849,867 | |
Available-for-Sale: Fair Value | 1,849,867 | 2,090,326 |
Held-to-Maturity Securities, Debt Maturities, Single Maturity Date, Fair Value, Rolling Maturities [Abstract] | ||
Held-to-Maturity: Mortgage-Backed Securities: Amortized Cost | 2,107,997 | |
Held-to-Maturity: Mortgage-Backed Securities: Amortized Cost | 2,107,997 | |
Available-for-sale Securities, Debt Securities Issued by Government Agencies and Mortgage-Backed Securities: Fair Value | 1,849,867 | |
Held-to-Maturity: Mortgage-Backed Securities: Fair Value | 1,860,580 | |
Held-to-Maturity: Fair Value | 1,860,580 | 2,269,761 |
Commercial - Government Agencies or Sponsored Agencies | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturities [Abstract] | ||
Available-for-sale Securities: Amortized Cost | 178,008 | |
Available-for-Sale: Amortized Cost | 178,008 | 155,164 |
Available-for-sale Securities, Debt Securities Issued by Government Agencies and Mortgage-Backed Securities: Fair Value | 163,551 | |
Available-for-Sale: Fair Value | 163,551 | 155,890 |
Held-to-Maturity Securities, Debt Maturities, Single Maturity Date, Fair Value, Rolling Maturities [Abstract] | ||
Held-to-Maturity: Mortgage-Backed Securities: Amortized Cost | 457,677 | |
Held-to-Maturity: Mortgage-Backed Securities: Amortized Cost | 457,677 | |
Available-for-sale Securities, Debt Securities Issued by Government Agencies and Mortgage-Backed Securities: Fair Value | 163,551 | |
Held-to-Maturity: Mortgage-Backed Securities: Fair Value | 395,094 | |
Held-to-Maturity: Fair Value | 395,094 | 469,664 |
Mortgage-Backed Securities | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturities [Abstract] | ||
Available-for-sale Securities: Amortized Cost | 3,630,923 | |
Available-for-Sale: Amortized Cost | 3,630,923 | 3,610,935 |
Available-for-sale Securities, Debt Securities Issued by Government Agencies and Mortgage-Backed Securities: Fair Value | 3,239,757 | |
Available-for-Sale: Fair Value | 3,239,757 | 3,565,258 |
Held-to-Maturity Securities, Debt Maturities, Single Maturity Date, Fair Value, Rolling Maturities [Abstract] | ||
Held-to-Maturity: Mortgage-Backed Securities: Amortized Cost | 4,171,465 | |
Held-to-Maturity: Mortgage-Backed Securities: Amortized Cost | 4,171,465 | |
Available-for-sale Securities, Debt Securities Issued by Government Agencies and Mortgage-Backed Securities: Fair Value | 3,239,757 | |
Held-to-Maturity: Mortgage-Backed Securities: Fair Value | 3,688,426 | |
Held-to-Maturity: Fair Value | $ 3,688,426 | $ 4,495,337 |
Investment Securities - Sched_2
Investment Securities - Schedule of Losses From Sales of Investment Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | ||||
Gross Gains on Sales of Investment Securities | $ 3,675 | $ 3,675 | ||
Gross Losses on Sales of Investment Securities | $ (1,295) | (1,252) | $ (2,840) | (2,455) |
Total Losses on Sales of Investment Securities | $ (1,295) | $ 2,423 | $ (2,840) | $ 1,220 |
Investment Securities - Sched_3
Investment Securities - Schedule of AFS Debt Securities in an Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule Of Available For Sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | $ 2,431,795 | $ 2,808,862 |
Less Than 12 Months, Gross Unrealized Losses | (230,904) | (56,121) |
12 Months or Longer, Fair Value | 1,376,637 | 317,559 |
12 Months or Longer, Gross Unrealized Losses | (228,171) | (10,167) |
Total Fair Value | 3,808,432 | 3,126,421 |
Total Gross Unrealized Losses | (459,075) | (66,288) |
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 | 146,219 | 51,455 |
Less Than 12 Months, Gross Unrealized Losses | (10,637) | (195) |
12 Months or Longer, Fair Value | 6,682 | 9,995 |
12 Months or Longer, Gross Unrealized Losses | (52) | (89) |
Total Fair Value | 152,901 | 61,450 |
Total Gross Unrealized Losses | (10,689) | (284) |
Debt Securities Issued by States and Political Subdivisions | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 64,952 | 643 |
Less Than 12 Months, Gross Unrealized Losses | (8,859) | (5) |
Total Fair Value | 64,952 | 643 |
Total Gross Unrealized Losses | (8,859) | (5) |
Debt Securities Issued by Government-Sponsored Enterprises | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 1,614 | 814 |
Less Than 12 Months, Gross Unrealized Losses | (79) | (10) |
12 Months or Longer, Fair Value | 60 | 49 |
12 Months or Longer, Gross Unrealized Losses | (6) | (1) |
Total Fair Value | 1,674 | 863 |
Total Gross Unrealized Losses | (85) | (11) |
Debt Securities Issued by Corporations | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 278,163 | 249,629 |
Less Than 12 Months, Gross Unrealized Losses | (38,854) | (2,846) |
12 Months or Longer, Fair Value | 106,156 | 64,029 |
12 Months or Longer, Gross Unrealized Losses | (8,843) | (970) |
Total Fair Value | 384,319 | 313,658 |
Total Gross Unrealized Losses | (47,697) | (3,816) |
Residential - Government Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 849,208 | 810,157 |
Less Than 12 Months, Gross Unrealized Losses | (61,865) | (17,131) |
12 Months or Longer, Fair Value | 342,358 | 41,471 |
12 Months or Longer, Gross Unrealized Losses | (60,881) | (1,635) |
Total Fair Value | 1,191,566 | 851,628 |
Total Gross Unrealized Losses | (122,746) | (18,766) |
Residential - U.S. Government-Sponsored Enterprises | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 946,822 | 1,670,500 |
Less Than 12 Months, Gross Unrealized Losses | (99,484) | (35,711) |
12 Months or Longer, Fair Value | 902,647 | 180,205 |
12 Months or Longer, Gross Unrealized Losses | (155,058) | (6,536) |
Total Fair Value | 1,849,469 | 1,850,705 |
Total Gross Unrealized Losses | (254,542) | (42,247) |
Commercial - Government Agencies or Sponsored Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 144,817 | 25,664 |
Less Than 12 Months, Gross Unrealized Losses | (11,126) | (223) |
12 Months or Longer, Fair Value | 18,734 | 21,810 |
12 Months or Longer, Gross Unrealized Losses | (3,331) | (936) |
Total Fair Value | 163,551 | 47,474 |
Total Gross Unrealized Losses | (14,457) | (1,159) |
Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 1,940,847 | 2,506,321 |
Less Than 12 Months, Gross Unrealized Losses | (172,475) | (53,065) |
12 Months or Longer, Fair Value | 1,263,739 | 243,486 |
12 Months or Longer, Gross Unrealized Losses | (219,270) | (9,107) |
Total Fair Value | 3,204,586 | 2,749,807 |
Total Gross Unrealized Losses | $ (391,745) | $ (62,172) |
Investment Securities - Sched_4
Investment Securities - Schedule of Interest Income From Taxable and Non-Taxable Investment Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | ||||
Taxable | $ 36,809 | $ 29,765 | $ 72,599 | $ 58,621 |
Non-Taxable | 12 | 278 | 23 | 559 |
Total Interest Income from Investment Securities | $ 36,821 | $ 30,043 | $ 72,622 | $ 59,180 |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Investments Debt And Equity Securities [Abstract] | ||
Federal Home Loan Bank of Des Moines Stock | $ 10,000 | $ 10,000 |
Federal Reserve Bank Stock | 26,840 | 26,624 |
Total | $ 36,840 | $ 36,624 |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Loan and lease portfolio | ||
Loans and Leases | $ 12,951,573 | $ 12,259,076 |
Commercial | ||
Loan and lease portfolio | ||
Loans and Leases | 5,155,632 | 4,966,192 |
Commercial | Commercial and Industrial | ||
Loan and lease portfolio | ||
Loans and Leases | 1,323,830 | 1,361,921 |
Commercial | Paycheck Protection Program | ||
Loan and lease portfolio | ||
Loans and Leases | 31,964 | 126,779 |
Commercial | Commercial Mortgage | ||
Loan and lease portfolio | ||
Loans and Leases | 3,464,126 | 3,152,130 |
Commercial | Construction | ||
Loan and lease portfolio | ||
Loans and Leases | 246,177 | 220,254 |
Commercial | Lease Financing | ||
Loan and lease portfolio | ||
Loans and Leases | 89,535 | 105,108 |
Consumer | ||
Loan and lease portfolio | ||
Loans and Leases | 7,795,941 | 7,292,884 |
Consumer | Residential Mortgage | ||
Loan and lease portfolio | ||
Loans and Leases | 4,486,571 | 4,309,602 |
Consumer | Home Equity | ||
Loan and lease portfolio | ||
Loans and Leases | 2,101,612 | 1,836,588 |
Consumer | Automobile | ||
Loan and lease portfolio | ||
Loans and Leases | 775,065 | 736,565 |
Consumer | Other | ||
Loan and lease portfolio | ||
Loans and Leases | $ 432,693 | $ 410,129 |
Loans and Leases and the Allo_4
Loans and Leases and the Allowance for Credit Losses - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 USD ($) Loan | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) Loan | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) Loan | |
Loan and lease portfolio | |||||
Net gains related to sales of residential mortgage loans | $ 200 | $ 2,600 | $ 200 | $ 4,700 | |
Accrued interest receivable | 47,141 | 47,141 | $ 45,242 | ||
Revolving loans, converted to term loan during the period | $ 2,800 | 4,100 | |||
Number of days non-accrual loans are not past due | 30 days | ||||
Recorded Investment | 50,300 | $ 50,300 | 70,000 | ||
Available commitments to lend additional funds on loans modified as TDR | 100 | $ 200 | |||
Consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure | $ 4,600 | $ 4,600 | |||
Minimum | |||||
Loan and lease portfolio | |||||
Default period past due following modification of loans in TDR (in days) | 60 days | ||||
Consumer | |||||
Loan and lease portfolio | |||||
Number of loan concessions - COVID-19 | Loan | 11 | ||||
Loan and lease modifications, amount - COVID-19 | $ 3,100 | ||||
Commercial | |||||
Loan and lease portfolio | |||||
Number of loan concessions - COVID-19 | Loan | 4 | 4 | 8 | ||
Loan and lease modifications, amount - COVID-19 | $ 32,400 | $ 32,400 | $ 40,500 | ||
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% | ||||
Pass | Home Equity | |||||
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% | ||||
Maximum current combined loan-to-value ratio for residential mortgage and home equity loans to be considered as pass (as a percent) | 60% | ||||
Classified | Consumer | |||||
Loan and lease portfolio | |||||
Number of days past due for loans and leases in classified credit quality indicator | 90 days | ||||
Classified | Residential Mortgage | |||||
Loan and lease portfolio | |||||
Number of days past due for loans and leases in classified credit quality indicator | 90 days | ||||
Classified | Home Equity | |||||
Loan and lease portfolio | |||||
Number of days past due for loans and leases in classified credit quality indicator | 90 days | ||||
Accrued Interest Receivable | |||||
Loan and lease portfolio | |||||
Accrued interest receivable | $ 30,700 | $ 30,700 | $ 28,700 |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Allowance for Credit Losses: | ||||
Balance at Beginning of Period | $ 152,028 | $ 198,343 | $ 157,821 | $ 216,252 |
Loans and Leases Charged-Off | (3,346) | (4,309) | (7,254) | (10,600) |
Recoveries on Loans and Leases Previously Charged-Off | 2,715 | 3,125 | 5,137 | 6,500 |
Net Loans and Leases Recovered (Charged-Off) | (631) | (1,184) | (2,117) | (4,100) |
Provision for Credit Losses | (2,885) | (16,774) | (7,192) | (31,767) |
Balance at End of Period | 148,512 | 180,385 | 148,512 | 180,385 |
Commercial | ||||
Allowance for Credit Losses: | ||||
Balance at Beginning of Period | 62,093 | 82,811 | 64,950 | 84,847 |
Loans and Leases Charged-Off | (233) | (456) | (582) | (704) |
Recoveries on Loans and Leases Previously Charged-Off | 51 | 144 | 420 | 256 |
Net Loans and Leases Recovered (Charged-Off) | (182) | (312) | (162) | (448) |
Provision for Credit Losses | (85) | (3,860) | (2,962) | (5,760) |
Balance at End of Period | 61,826 | 78,639 | 61,826 | 78,639 |
Consumer | ||||
Allowance for Credit Losses: | ||||
Balance at Beginning of Period | 89,935 | 115,532 | 92,871 | 131,405 |
Loans and Leases Charged-Off | (3,113) | (3,853) | (6,672) | (9,896) |
Recoveries on Loans and Leases Previously Charged-Off | 2,664 | 2,981 | 4,717 | 6,244 |
Net Loans and Leases Recovered (Charged-Off) | (449) | (872) | (1,955) | (3,652) |
Provision for Credit Losses | (2,800) | (12,914) | (4,230) | (26,007) |
Balance at End of Period | $ 86,686 | $ 101,746 | $ 86,686 | $ 101,746 |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | $ 1,677,807 | $ 3,541,779 |
Fiscal Year Before Latest Fiscal Year | 3,136,813 | 2,603,519 |
Two Years Before Latest Fiscal Year | 2,388,464 | 1,074,467 |
Three Years Before Latest Fiscal Year | 921,423 | 686,064 |
Four Years Before Latest Fiscal Year | 540,216 | 516,150 |
Prior | 1,828,000 | 1,619,114 |
Revolving Loans | 2,422,546 | 2,180,226 |
Revolving Loans Converted to Term Loans | 36,304 | 37,757 |
Total Loans and Leases | 12,951,573 | 12,259,076 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 864,370 | 1,675,218 |
Fiscal Year Before Latest Fiscal Year | 1,395,265 | 1,270,223 |
Two Years Before Latest Fiscal Year | 1,157,324 | 474,461 |
Three Years Before Latest Fiscal Year | 418,752 | 372,765 |
Four Years Before Latest Fiscal Year | 296,198 | 208,787 |
Prior | 689,766 | 607,387 |
Revolving Loans | 333,636 | 356,826 |
Revolving Loans Converted to Term Loans | 321 | 525 |
Total Loans and Leases | 5,155,632 | 4,966,192 |
Commercial | Commercial and Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 195,526 | 468,801 |
Fiscal Year Before Latest Fiscal Year | 378,206 | 336,232 |
Two Years Before Latest Fiscal Year | 271,387 | 79,913 |
Three Years Before Latest Fiscal Year | 73,028 | 70,016 |
Four Years Before Latest Fiscal Year | 53,683 | 27,751 |
Prior | 86,986 | 92,903 |
Revolving Loans | 264,693 | 285,780 |
Revolving Loans Converted to Term Loans | 321 | 525 |
Total Loans and Leases | 1,323,830 | 1,361,921 |
Commercial | Commercial and Industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 195,226 | 455,984 |
Fiscal Year Before Latest Fiscal Year | 366,345 | 301,646 |
Two Years Before Latest Fiscal Year | 270,290 | 79,826 |
Three Years Before Latest Fiscal Year | 73,028 | 68,026 |
Four Years Before Latest Fiscal Year | 51,830 | 27,246 |
Prior | 80,125 | 75,321 |
Revolving Loans | 248,467 | 256,240 |
Revolving Loans Converted to Term Loans | 287 | 471 |
Total Loans and Leases | 1,285,598 | 1,264,760 |
Commercial | Commercial and Industrial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 300 | 1,966 |
Fiscal Year Before Latest Fiscal Year | 1,761 | 32,667 |
Two Years Before Latest Fiscal Year | 0 | 0 |
Three Years Before Latest Fiscal Year | 0 | 0 |
Four Years Before Latest Fiscal Year | 126 | 0 |
Prior | 96 | 101 |
Revolving Loans | 15,204 | 27,031 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 17,487 | 61,765 |
Commercial | Commercial and Industrial | Classified | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 10,851 |
Fiscal Year Before Latest Fiscal Year | 10,100 | 1,919 |
Two Years Before Latest Fiscal Year | 1,097 | 87 |
Three Years Before Latest Fiscal Year | 0 | 1,990 |
Four Years Before Latest Fiscal Year | 1,727 | 505 |
Prior | 6,765 | 17,481 |
Revolving Loans | 1,022 | 2,509 |
Revolving Loans Converted to Term Loans | 34 | 54 |
Total Loans and Leases | 20,745 | 35,396 |
Commercial | Paycheck Protection Program | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 86,484 |
Fiscal Year Before Latest Fiscal Year | 14,693 | 40,295 |
Two Years Before Latest Fiscal Year | 17,271 | 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 | 31,964 | 126,779 |
Commercial | Paycheck Protection Program | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 86,484 |
Fiscal Year Before Latest Fiscal Year | 14,693 | 40,295 |
Two Years Before Latest Fiscal Year | 17,271 | 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 | 31,964 | 126,779 |
Commercial | Commercial Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 614,733 | 1,031,227 |
Fiscal Year Before Latest Fiscal Year | 928,603 | 783,743 |
Two Years Before Latest Fiscal Year | 742,759 | 338,800 |
Three Years Before Latest Fiscal Year | 315,452 | 291,991 |
Four Years Before Latest Fiscal Year | 233,915 | 178,436 |
Prior | 576,788 | 474,547 |
Revolving Loans | 51,876 | 53,386 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 3,464,126 | 3,152,130 |
Commercial | Commercial Mortgage | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 614,389 | 958,719 |
Fiscal Year Before Latest Fiscal Year | 886,809 | 736,155 |
Two Years Before Latest Fiscal Year | 704,185 | 338,160 |
Three Years Before Latest Fiscal Year | 314,820 | 261,991 |
Four Years Before Latest Fiscal Year | 202,411 | 178,436 |
Prior | 567,705 | 459,337 |
Revolving Loans | 51,876 | 53,386 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 3,342,195 | 2,986,184 |
Commercial | Commercial Mortgage | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 68,768 |
Fiscal Year Before Latest Fiscal Year | 38,090 | 39,773 |
Two Years Before Latest Fiscal Year | 31,276 | 0 |
Three Years Before Latest Fiscal Year | 0 | 30,000 |
Four Years Before Latest Fiscal Year | 31,504 | 0 |
Prior | 4,773 | 6,069 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 105,643 | 144,610 |
Commercial | Commercial Mortgage | Classified | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 344 | 3,740 |
Fiscal Year Before Latest Fiscal Year | 3,704 | 7,815 |
Two Years Before Latest Fiscal Year | 7,298 | 640 |
Three Years Before Latest Fiscal Year | 632 | 0 |
Four Years Before Latest Fiscal Year | 0 | 0 |
Prior | 4,310 | 9,141 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 16,288 | 21,336 |
Commercial | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 45,104 | 67,069 |
Fiscal Year Before Latest Fiscal Year | 54,040 | 94,878 |
Two Years Before Latest Fiscal Year | 112,289 | 40,051 |
Three Years Before Latest Fiscal Year | 17,082 | 0 |
Four Years Before Latest Fiscal Year | 0 | 596 |
Prior | 595 | 0 |
Revolving Loans | 17,067 | 17,660 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 246,177 | 220,254 |
Commercial | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 45,104 | 67,069 |
Fiscal Year Before Latest Fiscal Year | 54,040 | 94,878 |
Two Years Before Latest Fiscal Year | 112,289 | 40,051 |
Three Years Before Latest Fiscal Year | 17,082 | 0 |
Four Years Before Latest Fiscal Year | 0 | 596 |
Prior | 595 | 0 |
Revolving Loans | 17,067 | 17,660 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 246,177 | 220,254 |
Commercial | Construction | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | |
Fiscal Year Before Latest Fiscal Year | 0 | |
Two Years Before Latest Fiscal Year | 0 | |
Three Years Before Latest Fiscal Year | 0 | |
Four Years Before Latest Fiscal Year | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 0 | |
Commercial | Lease Financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 9,007 | 21,637 |
Fiscal Year Before Latest Fiscal Year | 19,723 | 15,075 |
Two Years Before Latest Fiscal Year | 13,618 | 15,697 |
Three Years Before Latest Fiscal Year | 13,190 | 10,758 |
Four Years Before Latest Fiscal Year | 8,600 | 2,004 |
Prior | 25,397 | 39,937 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 89,535 | 105,108 |
Commercial | Lease Financing | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 9,007 | 21,637 |
Fiscal Year Before Latest Fiscal Year | 19,723 | 15,075 |
Two Years Before Latest Fiscal Year | 13,618 | 15,697 |
Three Years Before Latest Fiscal Year | 13,190 | 9,902 |
Four Years Before Latest Fiscal Year | 7,816 | 2,004 |
Prior | 25,397 | 39,937 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 88,751 | 104,252 |
Commercial | Lease Financing | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | |
Fiscal Year Before Latest Fiscal Year | 0 | |
Two Years Before Latest Fiscal Year | 0 | |
Three Years Before Latest Fiscal Year | 0 | |
Four Years Before Latest Fiscal Year | 784 | |
Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 784 | |
Commercial | Lease Financing | Classified | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | |
Fiscal Year Before Latest Fiscal Year | 0 | |
Two Years Before Latest Fiscal Year | 0 | |
Three Years Before Latest Fiscal Year | 856 | |
Four Years Before Latest Fiscal Year | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 856 | |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 813,437 | 1,866,561 |
Fiscal Year Before Latest Fiscal Year | 1,741,548 | 1,333,296 |
Two Years Before Latest Fiscal Year | 1,231,140 | 600,006 |
Three Years Before Latest Fiscal Year | 502,671 | 313,299 |
Four Years Before Latest Fiscal Year | 244,018 | 307,363 |
Prior | 1,138,234 | 1,011,727 |
Revolving Loans | 2,088,910 | 1,823,400 |
Revolving Loans Converted to Term Loans | 35,983 | 37,232 |
Total Loans and Leases | 7,795,941 | 7,292,884 |
Consumer | Residential Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 511,952 | 1,392,337 |
Fiscal Year Before Latest Fiscal Year | 1,338,350 | 1,131,330 |
Two Years Before Latest Fiscal Year | 1,065,284 | 367,819 |
Three Years Before Latest Fiscal Year | 330,487 | 177,215 |
Four Years Before Latest Fiscal Year | 151,182 | 257,730 |
Prior | 1,089,316 | 983,171 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 4,486,571 | 4,309,602 |
Consumer | Residential Mortgage | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 511,952 | 1,392,337 |
Fiscal Year Before Latest Fiscal Year | 1,338,350 | 1,131,330 |
Two Years Before Latest Fiscal Year | 1,065,284 | 367,525 |
Three Years Before Latest Fiscal Year | 330,487 | 177,215 |
Four Years Before Latest Fiscal Year | 150,344 | 256,825 |
Prior | 1,085,392 | 982,759 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 4,481,809 | 4,307,991 |
Consumer | Residential Mortgage | 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 | 294 |
Three Years Before Latest Fiscal Year | 0 | 0 |
Four Years Before Latest Fiscal Year | 838 | 905 |
Prior | 3,924 | 412 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 4,762 | 1,611 |
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 | 1,906 | 3,044 |
Revolving Loans | 2,064,993 | 1,797,756 |
Revolving Loans Converted to Term Loans | 34,713 | 35,788 |
Total Loans and Leases | 2,101,612 | 1,836,588 |
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 | 1,594 | 2,986 |
Revolving Loans | 2,061,013 | 1,795,107 |
Revolving Loans Converted to Term Loans | 34,049 | 35,427 |
Total Loans and Leases | 2,096,656 | 1,833,520 |
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 | 312 | 58 |
Revolving Loans | 3,980 | 2,649 |
Revolving Loans Converted to Term Loans | 664 | 361 |
Total Loans and Leases | 4,956 | 3,068 |
Consumer | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 189,177 | 301,450 |
Fiscal Year Before Latest Fiscal Year | 255,593 | 152,107 |
Two Years Before Latest Fiscal Year | 124,843 | 139,021 |
Three Years Before Latest Fiscal Year | 107,936 | 91,548 |
Four Years Before Latest Fiscal Year | 65,561 | 33,388 |
Prior | 31,955 | 19,051 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 775,065 | 736,565 |
Consumer | Automobile | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 189,177 | 301,285 |
Fiscal Year Before Latest Fiscal Year | 255,583 | 152,022 |
Two Years Before Latest Fiscal Year | 124,837 | 138,887 |
Three Years Before Latest Fiscal Year | 107,936 | 91,411 |
Four Years Before Latest Fiscal Year | 65,561 | 33,268 |
Prior | 31,943 | 18,963 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 775,037 | 735,836 |
Consumer | Automobile | Classified | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 165 |
Fiscal Year Before Latest Fiscal Year | 10 | 85 |
Two Years Before Latest Fiscal Year | 6 | 134 |
Three Years Before Latest Fiscal Year | 0 | 137 |
Four Years Before Latest Fiscal Year | 0 | 120 |
Prior | 12 | 88 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total Loans and Leases | 28 | 729 |
Consumer | Other Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 112,308 | 172,774 |
Fiscal Year Before Latest Fiscal Year | 147,605 | 49,859 |
Two Years Before Latest Fiscal Year | 41,013 | 93,166 |
Three Years Before Latest Fiscal Year | 64,248 | 44,536 |
Four Years Before Latest Fiscal Year | 27,275 | 16,245 |
Prior | 15,057 | 6,461 |
Revolving Loans | 23,917 | 25,644 |
Revolving Loans Converted to Term Loans | 1,270 | 1,444 |
Total Loans and Leases | 432,693 | 410,129 |
Consumer | Other Loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 112,308 | 172,735 |
Fiscal Year Before Latest Fiscal Year | 147,605 | 49,769 |
Two Years Before Latest Fiscal Year | 40,994 | 92,983 |
Three Years Before Latest Fiscal Year | 64,199 | 44,489 |
Four Years Before Latest Fiscal Year | 27,258 | 16,218 |
Prior | 15,033 | 6,444 |
Revolving Loans | 23,917 | 25,622 |
Revolving Loans Converted to Term Loans | 1,269 | 1,444 |
Total Loans and Leases | 432,583 | 409,704 |
Consumer | Other Loans | Classified | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 39 |
Fiscal Year Before Latest Fiscal Year | 0 | 90 |
Two Years Before Latest Fiscal Year | 19 | 183 |
Three Years Before Latest Fiscal Year | 49 | 47 |
Four Years Before Latest Fiscal Year | 17 | 27 |
Prior | 24 | 17 |
Revolving Loans | 0 | 22 |
Revolving Loans Converted to Term Loans | 1 | 0 |
Total Loans and Leases | $ 110 | $ 425 |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | $ 12,951,573 | $ 12,259,076 |
Non-Accrual | 13,161 | 16,634 |
Total Past Due and Non-Accrual | 40,731 | 45,161 |
Total Loans and Leases | 12,951,573 | 12,259,076 |
Non-Accrual Loans and Leases that are Current | 4,485 | 9,900 |
Commercial | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 5,155,632 | 4,966,192 |
Non-Accrual | 3,547 | 8,448 |
Total Past Due and Non-Accrual | 3,933 | 10,468 |
Total Loans and Leases | 5,155,632 | 4,966,192 |
Non-Accrual Loans and Leases that are Current | 3,525 | 8,356 |
Commercial | Commercial and Industrial | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 1,323,830 | 1,361,921 |
Non-Accrual | 85 | 243 |
Total Past Due and Non-Accrual | 180 | 2,263 |
Total Loans and Leases | 1,323,830 | 1,361,921 |
Non-Accrual Loans and Leases that are Current | 63 | 151 |
Commercial | Paycheck Protection Program | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 31,964 | 126,779 |
Non-Accrual | 0 | 0 |
Total Past Due and Non-Accrual | 0 | 0 |
Total Loans and Leases | 31,964 | 126,779 |
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 | 3,464,126 | 3,152,130 |
Non-Accrual | 3,462 | 8,205 |
Total Past Due and Non-Accrual | 3,753 | 8,205 |
Total Loans and Leases | 3,464,126 | 3,152,130 |
Non-Accrual Loans and Leases that are Current | 3,462 | 8,205 |
Commercial | Construction | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 246,177 | 220,254 |
Non-Accrual | 0 | 0 |
Total Past Due and Non-Accrual | 0 | 0 |
Total Loans and Leases | 246,177 | 220,254 |
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 | 89,535 | 105,108 |
Non-Accrual | 0 | 0 |
Total Past Due and Non-Accrual | 0 | 0 |
Total Loans and Leases | 89,535 | 105,108 |
Non-Accrual Loans and Leases that are Current | 0 | 0 |
Consumer | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 7,795,941 | 7,292,884 |
Non-Accrual | 9,614 | 8,186 |
Total Past Due and Non-Accrual | 36,798 | 34,693 |
Total Loans and Leases | 7,795,941 | 7,292,884 |
Non-Accrual Loans and Leases that are Current | 960 | 1,544 |
Consumer | Residential Mortgage | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 4,486,571 | 4,309,602 |
Non-Accrual | 5,179 | 3,305 |
Total Past Due and Non-Accrual | 13,712 | 9,773 |
Total Loans and Leases | 4,486,571 | 4,309,602 |
Non-Accrual Loans and Leases that are Current | 271 | 0 |
Consumer | Home Equity | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Non-Accrual | 4,435 | 4,881 |
Total Past Due and Non-Accrual | 8,889 | 10,876 |
Total Loans and Leases | 2,101,612 | 1,836,588 |
Non-Accrual Loans and Leases that are Current | 689 | 1,544 |
Consumer | Automobile | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 775,065 | 736,565 |
Non-Accrual | 0 | 0 |
Total Past Due and Non-Accrual | 11,125 | 10,028 |
Total Loans and Leases | 775,065 | 736,565 |
Non-Accrual Loans and Leases that are Current | 0 | 0 |
Consumer | Other | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Non-Accrual | 0 | 0 |
Total Past Due and Non-Accrual | 3,072 | 4,016 |
Total Loans and Leases | 432,693 | 410,129 |
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 | 17,934 | 16,333 |
30 - 59 Days Past Due | Commercial | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 374 | 2,006 |
30 - 59 Days Past Due | Commercial | Commercial and Industrial | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 83 | 2,006 |
30 - 59 Days Past Due | Commercial | Paycheck Protection Program | ||
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 | 291 | 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 | 17,560 | 14,327 |
30 - 59 Days Past Due | Consumer | Residential Mortgage | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 4,340 | 2,046 |
30 - 59 Days Past Due | Consumer | Home Equity | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 1,796 | 1,791 |
30 - 59 Days Past Due | Consumer | Automobile | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 9,617 | 7,804 |
30 - 59 Days Past Due | Consumer | Other | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 1,807 | 2,686 |
60 - 89 Days Past Due | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 4,102 | 4,424 |
60 - 89 Days Past Due | Commercial | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 12 | 14 |
60 - 89 Days Past Due | Commercial | Commercial and Industrial | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 12 | 14 |
60 - 89 Days Past Due | Commercial | Paycheck Protection Program | ||
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 | 4,090 | 4,410 |
60 - 89 Days Past Due | Consumer | Residential Mortgage | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 1,555 | 1,263 |
60 - 89 Days Past Due | Consumer | Home Equity | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 629 | 748 |
60 - 89 Days Past Due | Consumer | Automobile | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 1,149 | 1,495 |
60 - 89 Days Past Due | Consumer | Other | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 757 | 904 |
Past Due 90 Days or More | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 5,534 | 7,770 |
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 | Paycheck Protection Program | ||
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 | 5,534 | 7,770 |
Past Due 90 Days or More | Consumer | Residential Mortgage | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 2,638 | 3,159 |
Past Due 90 Days or More | Consumer | Home Equity | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 2,029 | 3,456 |
Past Due 90 Days or More | Consumer | Automobile | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 359 | 729 |
Past Due 90 Days or More | Consumer | Other | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 508 | 426 |
Current | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 12,910,842 | 12,213,915 |
Current | Commercial | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 5,151,699 | 4,955,724 |
Current | Commercial | Commercial and Industrial | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 1,323,650 | 1,359,658 |
Current | Commercial | Paycheck Protection Program | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 31,964 | 126,779 |
Current | Commercial | Commercial Mortgage | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 3,460,373 | 3,143,925 |
Current | Commercial | Construction | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 246,177 | 220,254 |
Current | Commercial | Lease Financing | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 89,535 | 105,108 |
Current | Consumer | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 7,759,143 | 7,258,191 |
Current | Consumer | Residential Mortgage | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 4,472,859 | 4,299,829 |
Current | Consumer | Home Equity | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 2,092,723 | 1,825,712 |
Current | Consumer | Automobile | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | 763,940 | 726,537 |
Current | Consumer | Other | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Days Past Due | $ 429,621 | $ 406,113 |
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) | 6 Months Ended |
Jun. 30, 2022 | |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable Nonaccrual Status [Line Items] | ||
Non-accrual loans with a related ACL | $ 9,503 | $ 12,744 |
Non-accrual loans without a related ACL | 3,658 | 3,890 |
Total Non-accrual loans | 13,161 | 16,634 |
Commercial | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Non-accrual loans with a related ACL | 85 | 4,904 |
Non-accrual loans without a related ACL | 3,462 | 3,544 |
Total Non-accrual loans | 3,547 | 8,448 |
Commercial | Commercial and Industrial | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Non-accrual loans with a related ACL | 85 | 243 |
Non-accrual loans without a related ACL | 0 | 0 |
Total Non-accrual loans | 85 | 243 |
Commercial | Commercial Mortgage | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Non-accrual loans with a related ACL | 0 | 4,661 |
Non-accrual loans without a related ACL | 3,462 | 3,544 |
Total Non-accrual loans | 3,462 | 8,205 |
Consumer | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Non-accrual loans with a related ACL | 9,418 | 7,840 |
Non-accrual loans without a related ACL | 196 | 346 |
Total Non-accrual loans | 9,614 | 8,186 |
Consumer | Residential Mortgage | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Non-accrual loans with a related ACL | 4,983 | 2,959 |
Non-accrual loans without a related ACL | 196 | 346 |
Total Non-accrual loans | 5,179 | 3,305 |
Consumer | Home Equity | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Non-accrual loans with a related ACL | 4,435 | 4,881 |
Non-accrual loans without a related ACL | 0 | 0 |
Total Non-accrual loans | $ 4,435 | $ 4,881 |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) contract | Jun. 30, 2021 USD ($) contract | Jun. 30, 2022 USD ($) contract | Jun. 30, 2021 USD ($) contract | |
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | contract | 42 | 304 | 95 | 909 |
Recorded Investment (as of period end) | $ 1,172 | $ 8,983 | $ 2,675 | $ 19,142 |
Increase in Allowance (as of period end) | $ 24 | $ 219 | $ 99 | $ 431 |
Commercial | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 5 |
Recorded Investment (as of period end) | $ 0 | $ 0 | $ 0 | $ 109 |
Increase in Allowance (as of period end) | $ 0 | $ 0 | $ 0 | $ 2 |
Commercial | Commercial and Industrial | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 5 |
Recorded Investment (as of period end) | $ 0 | $ 0 | $ 0 | $ 109 |
Increase in Allowance (as of period end) | $ 0 | $ 0 | $ 0 | $ 2 |
Commercial | Construction | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | ||
Recorded Investment (as of period end) | $ 0 | $ 0 | ||
Increase in Allowance (as of period end) | $ 0 | $ 0 | ||
Consumer | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | contract | 42 | 304 | 95 | 904 |
Recorded Investment (as of period end) | $ 1,172 | $ 8,983 | $ 2,675 | $ 19,033 |
Increase in Allowance (as of period end) | $ 24 | $ 219 | $ 99 | $ 429 |
Consumer | Residential Mortgage | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | contract | 1 | 7 | 5 | 7 |
Recorded Investment (as of period end) | $ 407 | $ 3,714 | $ 1,215 | $ 3,714 |
Increase in Allowance (as of period end) | $ 13 | $ 120 | $ 71 | $ 120 |
Consumer | Home Equity | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | contract | 1 | 5 | 2 | 7 |
Recorded Investment (as of period end) | $ 53 | $ 462 | $ 88 | $ 717 |
Increase in Allowance (as of period end) | $ 0 | $ 9 | $ 5 | $ 36 |
Consumer | Automobile | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | contract | 29 | 187 | 56 | 570 |
Recorded Investment (as of period end) | $ 625 | $ 3,797 | $ 1,149 | $ 11,670 |
Increase in Allowance (as of period end) | $ 8 | $ 52 | $ 15 | $ 162 |
Consumer | Other | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | contract | 11 | 105 | 32 | 320 |
Recorded Investment (as of period end) | $ 87 | $ 1,010 | $ 223 | $ 2,932 |
Increase in Allowance (as of period end) | $ 3 | $ 38 | $ 8 | $ 111 |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) contract | Jun. 30, 2021 USD ($) contract | Jun. 30, 2022 USD ($) contract | Jun. 30, 2021 USD ($) contract | |
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts, TDRs that Defaulted | contract | 10 | 28 | 31 | 47 |
Recorded Investment (as of period ended), TDRs that Defaulted | $ | $ 180 | $ 436 | $ 662 | $ 1,135 |
Consumer | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts, TDRs that Defaulted | contract | 10 | 28 | 31 | 47 |
Recorded Investment (as of period ended), TDRs that Defaulted | $ | $ 180 | $ 436 | $ 662 | $ 1,135 |
Consumer | Home Equity | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts, TDRs that Defaulted | contract | 0 | 0 | 1 | 0 |
Recorded Investment (as of period ended), TDRs that Defaulted | $ | $ 0 | $ 0 | $ 80 | $ 0 |
Consumer | Residential Mortgage | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts, TDRs that Defaulted | contract | 1 | 1 | ||
Recorded Investment (as of period ended), TDRs that Defaulted | $ | $ 180 | $ 534 | ||
Consumer | Automobile | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts, TDRs that Defaulted | contract | 6 | 16 | 15 | 23 |
Recorded Investment (as of period ended), TDRs that Defaulted | $ | $ 151 | $ 296 | $ 298 | $ 385 |
Consumer | Other | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts, TDRs that Defaulted | contract | 4 | 12 | 14 | 23 |
Recorded Investment (as of period ended), TDRs that Defaulted | $ | $ 29 | $ 140 | $ 104 | $ 216 |
Mortgage Servicing Rights - Add
Mortgage Servicing Rights - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Transfers And Servicing Of Financial Assets [Abstract] | |||||
Residential mortgage loans serviced for third parties | $ 2,600 | $ 2,600 | $ 2,700 | ||
Servicing income, including late and ancillary fees | $ 1.5 | $ 1.6 | $ 3 | $ 3.2 |
Mortgage Servicing Rights - Sum
Mortgage Servicing Rights - Summary of Carrying Value Under the Fair Value Measurement Method (Details) - Mortgage Servicing Rights - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Servicing Assets At Fair Value [Line Items] | ||||
Balance at Beginning of Period | $ 781 | $ 919 | $ 800 | $ 958 |
Change in Fair Value Due to Payoffs | (34) | (44) | (53) | (83) |
Balance at End of Period | $ 747 | $ 875 | $ 747 | $ 875 |
Mortgage Servicing Rights - S_2
Mortgage Servicing Rights - Summary of Carrying Value Under the Amortization Method (Details) - Mortgage Servicing Rights - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Mortgage Servicing Rights Accounted for Under the Amortization Method (Rollforward) | ||||
Balance at Beginning of Period | $ 23,187 | $ 21,401 | $ 21,451 | $ 18,694 |
Servicing Rights that Resulted From Asset Transfers | 205 | 1,260 | 956 | 2,940 |
Amortization | (599) | (996) | (1,443) | (2,159) |
Valuation Allowance Recovery (Provision) | 0 | (1,067) | 1,829 | 1,123 |
Balance at End of Period | 22,793 | 20,598 | 22,793 | 20,598 |
Balance at Beginning of Period | (1,702) | (1,829) | (3,892) | |
Valuation Allowance Recovery (Provision) | 0 | (1,067) | 1,829 | 1,123 |
Balance at End of Period | (2,769) | (2,769) | ||
Fair Value of Mortgage Servicing Rights Accounted for Under the Amortization Method | ||||
Beginning of Period | 26,088 | 21,401 | 21,451 | 18,694 |
End of Period | $ 28,314 | $ 20,598 | $ 28,314 | $ 20,598 |
Mortgage Servicing Rights - Sch
Mortgage Servicing Rights - Schedule of Key Data and Assumptions Used in Estimating the Fair Value (Details) - Mortgage Servicing Rights | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
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) | 4.46% | 10.70% |
Weighted-Average Life (in years) | 9 years 5 months 4 days | 6 years 2 months 4 days |
Weighted-Average Note Rate (as a percent) | 3.58% | 3.62% |
Weighted-Average Discount Rate (as a percent) | 9.48% | 7.04% |
Mortgage Servicing Rights - S_3
Mortgage Servicing Rights - Schedule of Sensitivity Analysis of the Fair Value (Details) - Mortgage Servicing Rights - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Constant Prepayment Rate | ||
Decrease in fair value from 25 basis points (“bps”) adverse change | $ (366) | $ (252) |
Decrease in fair value from 50 bps adverse change | (725) | (498) |
Discount Rate | ||
Decrease in fair value from 25 bps adverse change | (334) | (223) |
Decrease in fair value from 50 bps adverse change | $ (661) | $ (441) |
Affordable Housing Projects T_3
Affordable Housing Projects Tax Credit Partnerships - Additional Information (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Equity Method Investments And Joint Ventures [Abstract] | |||
Net affordable housing tax credit investments and related unfunded commitments | $ 125,500,000 | $ 134,700,000 | |
Write down from impairment of LIHTC Investments | $ 0 | $ 0 |
Affordable Housing Projects T_4
Affordable Housing Projects Tax Credit Partnerships - Expected Payments for Unfunded Affordable Housing Commitments (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Affordable Housing Tax Credit Investments, Unfunded Commitment [Abstract] | |
2022 | $ 5,074 |
2023 | 811 |
2024 | 21,432 |
2025 | 756 |
2026 | 81 |
Thereafter | 13,332 |
Total Unfunded Commitments | $ 41,486 |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Effective Yield Method | ||||
Tax credits and other tax benefits recognized | $ 1,528 | $ 2,151 | $ 3,066 | $ 4,302 |
Amortization Expense in Provision for Income Taxes | 1,296 | 1,670 | 2,593 | 3,362 |
Proportional Amortization Method | ||||
Tax credits and other tax benefits recognized | 3,794 | 2,879 | 7,579 | 5,470 |
Amortization Expense in Provision for Income Taxes | $ 3,265 | $ 2,385 | $ 6,529 | $ 4,711 |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | $ 425,490 | $ 450,490 |
Debt Securities Issued by States and Political Subdivisions | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 490 | 490 |
Residential - Government Agencies | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 31,784 | 52,092 |
Residential - U.S. Government-Sponsored Enterprises | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 393,216 | 397,908 |
Maturity Up To 90 Days | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 0 | 0 |
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 | 0 | 0 |
Maturity Up To 90 Days | Residential - Government Agencies | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 0 | 0 |
Maturity Up To 90 Days | Residential - U.S. Government-Sponsored Enterprises | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 0 | 0 |
Maturity 91 To 365 Days | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 0 | 0 |
Maturity 91 To 365 Days | Debt Securities Issued by States and Political Subdivisions | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 0 | 0 |
Maturity 91 To 365 Days | Residential - Government Agencies | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 0 | 0 |
Maturity 91 To 365 Days | Residential - U.S. Government-Sponsored Enterprises | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 0 | 0 |
Maturity 1 To 3 Years | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 275,490 | 275,000 |
Maturity 1 To 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 | 0 |
Maturity 1 To 3 Years | Residential - Government Agencies | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 30,277 | 38,685 |
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 | 244,723 | 236,315 |
Maturity After 3 Years | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 150,000 | 175,490 |
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 | 0 | 490 |
Maturity After 3 Years | Residential - Government Agencies | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 1,507 | 13,407 |
Maturity After 3 Years | Residential - U.S. Government-Sponsored Enterprises | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | $ 148,493 | $ 161,593 |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Liabilities: | ||
Repurchase Agreements, Gross Amounts of Recognized Liabilities | $ 425,490 | $ 450,490 |
Repurchase Agreements, Gross Amounts Offset in the Statements of Condition | 0 | 0 |
Repurchase Agreements, Net Amounts of Liabilities Presented in the Statements of Condition | 425,490 | 450,490 |
Securities Sold under Agreements to Repurchase, Net Amount Offset Against Collateral | 0 | 0 |
Repurchase Agreements, Fair Value of Collateral Pledged | 425,490 | 450,490 |
Private Institutions | ||
Liabilities: | ||
Repurchase Agreements, Gross Amounts of Recognized Liabilities | 425,000 | 450,000 |
Repurchase Agreements, Gross Amounts Offset in the Statements of Condition | 0 | 0 |
Repurchase Agreements, Net Amounts of Liabilities Presented in the Statements of Condition | 425,000 | 450,000 |
Securities Sold under Agreements to Repurchase, Net Amount Offset Against Collateral | 0 | 0 |
Repurchase Agreements, Fair Value of Collateral Pledged | 425,000 | 450,000 |
Government Entities | ||
Liabilities: | ||
Repurchase Agreements, Gross Amounts of Recognized Liabilities | 490 | 490 |
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 | 490 |
Securities Sold under Agreements to Repurchase, Net Amount Offset Against Collateral | 0 | 0 |
Repurchase Agreements, Fair Value of Collateral Pledged | 490 | 490 |
Interest Rate Swap Agreements | Institutional Counterparties | ||
Assets: | ||
Gross Amounts of Recognized Assets | 17,570 | 26 |
Gross Amounts Offset in the Statements of Condition | 0 | 0 |
Net Amounts of Assets Presented in the Statements of Condition | 17,570 | 26 |
Netting Adjustments per Master Netting Arrangements | 17,570 | 26 |
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 | 3,717 | 5,948 |
Gross Amounts Offset in the Statements of Condition | 0 | 0 |
Net Amounts of Liabilities Presented in the Statements of Condition | 3,717 | 5,948 |
Derivative Liability, Netting Adjustments per Master Netting Arrangements | 3,717 | 26 |
Derivative, Collateral, Right to Reclaim Securities | 0 | 5,922 |
Derivative Liabilities, Net Amount | $ 0 | $ 0 |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Interest Rate Swap Agreements | ||
Offsetting Assets And Liabilities [Line Items] | ||
Fair value of investment securities pledged | $ 45.1 | $ 58.3 |
Private Institutions | ||
Offsetting Assets And Liabilities [Line Items] | ||
Fair value of investment securities pledged | 439.5 | 523.4 |
Government Entities | ||
Offsetting Assets And Liabilities [Line Items] | ||
Fair value of investment securities pledged | $ 1 | $ 1.3 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - AOCI Components Pre Post & Tax Effect (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other Comprehensive Income (Loss), Before Tax: | ||||||
Net Unrealized Gains (Losses) Arising During the Period | $ (166,878) | $ 3,129 | $ (412,026) | $ (65,097) | ||
(Gain) Loss on Sale | (3,675) | (3,675) | ||||
Amortization of Unrealized Holding (Gains) Losses on HTM Securities | (3) | 380 | 63 | 506 | ||
Net Unrealized Gains (Losses) on Investment Securities | (166,881) | (166) | (411,963) | (68,266) | ||
Amortization of Net Actuarial Losses (Gains) | 542 | 661 | 1,084 | 1,323 | ||
Amortization of Prior Service Credit | (61) | (62) | (123) | (123) | ||
Defined Benefit Plans, Net | 481 | 599 | 961 | 1,200 | ||
Other Comprehensive Income (Loss) | (166,400) | 433 | (411,002) | (67,066) | ||
Other Comprehensive Income (Loss), Tax Effect: | ||||||
Net Unrealized Gains (Losses) Arising During the Period | (44,233) | 848 | (109,208) | (17,235) | ||
(Gain) Loss on Sale | (992) | (992) | ||||
Amortization of Unrealized Holding (Gains) Losses on HTM Securities | (1) | 101 | 16 | 134 | ||
Net Unrealized Gains (Losses) on Investment Securities | (44,234) | (43) | (109,192) | (18,093) | ||
Amortization of Net Actuarial Losses (Gains) | 145 | 174 | 288 | 350 | ||
Amortization of Prior Service Credit | (16) | (17) | (32) | (33) | ||
Defined Benefit Plans, Net | 129 | 157 | 256 | 317 | ||
Other Comprehensive Income (Loss) | (44,105) | 114 | (108,936) | (17,776) | ||
Other Comprehensive Income (Loss), Net of Tax: | ||||||
Net Unrealized Gains (Losses) Arising During the Period | (122,645) | 2,281 | (302,818) | (47,862) | ||
(Gain) Loss on Sale | (2,683) | (2,683) | ||||
Amortization of Unrealized Holding (Gains) Losses on HTM Securities | (2) | 279 | 47 | 372 | ||
Net Unrealized Gains (Losses) on Investment Securities | (122,647) | (123) | (302,771) | (50,173) | ||
Amortization of Net Actuarial Losses (Gains) | 397 | 487 | 796 | 973 | ||
Amortization of Prior Service Credit | (45) | (45) | (91) | (90) | ||
Defined Benefit Plans, Net | 352 | 442 | 705 | 883 | ||
Total Other Comprehensive Income (Loss) | $ (122,295) | $ (179,771) | $ 319 | $ (49,609) | $ (302,066) | $ (49,290) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Change in AOCI Components Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Balance | $ 1,448,885 | $ 1,611,611 | $ 1,360,221 | $ 1,374,507 | $ 1,611,611 | $ 1,374,507 |
Total Other Comprehensive Income (Loss) | (122,295) | (179,771) | 319 | (49,609) | (302,066) | (49,290) |
Balance | 1,348,746 | 1,448,885 | 1,583,531 | 1,360,221 | 1,348,746 | 1,583,531 |
Unrealized Gains and Losses on Net Investment Securities | Available-for-sale Securities | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Balance | (213,113) | (32,940) | 1,352 | 51,495 | (32,940) | 51,495 |
Other Comprehensive Income (Loss) Before Reclassifications | (122,645) | 2,281 | (302,818) | (47,862) | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 0 | (2,683) | 0 | (2,683) | ||
Total Other Comprehensive Income (Loss) | (122,645) | (402) | (302,818) | (50,545) | ||
Balance | (335,758) | (213,113) | 950 | 1,352 | (335,758) | 950 |
Unrealized Gains and Losses on Net Investment Securities | Held-to-maturity Securities | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Balance | 103 | 54 | (330) | (423) | 54 | (423) |
Other Comprehensive Income (Loss) Before Reclassifications | 0 | 0 | 0 | 0 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (2) | 279 | 47 | 372 | ||
Total Other Comprehensive Income (Loss) | (2) | 279 | 47 | 372 | ||
Balance | 101 | 103 | (51) | (330) | 101 | (51) |
Defined Benefit Plans | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Balance | (33,143) | (33,496) | (42,809) | (43,250) | (33,496) | (43,250) |
Other Comprehensive Income (Loss) Before Reclassifications | 0 | 0 | 0 | 0 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 352 | 442 | 705 | 883 | ||
Total Other Comprehensive Income (Loss) | 352 | 442 | 705 | 883 | ||
Balance | (32,791) | (33,143) | (42,367) | (42,809) | (32,791) | (42,367) |
Accumulated Other Comprehensive Income (Loss) | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Balance | (246,153) | (66,382) | (41,787) | 7,822 | (66,382) | 7,822 |
Other Comprehensive Income (Loss) Before Reclassifications | (122,645) | 2,281 | (302,818) | (47,862) | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 350 | (1,962) | 752 | (1,428) | ||
Total Other Comprehensive Income (Loss) | (122,295) | (179,771) | 319 | (49,609) | (302,066) | (49,290) |
Balance | $ (368,448) | $ (246,153) | $ (41,468) | $ (41,787) | $ (368,448) | $ (41,468) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Loss) - AOCI Reclass to IS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Salaries and Benefits | $ (57,769) | $ (56,161) | $ (117,693) | $ (112,412) | ||
Provision for Income Tax | (17,759) | (19,985) | (33,365) | (39,010) | ||
Net Income | 56,862 | $ 54,834 | 67,533 | $ 59,949 | 111,696 | 127,482 |
Reclassification out of Accumulated Other Comprehensive Income | ||||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net Income | (350) | 1,962 | (752) | 1,428 | ||
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 | 3 | (380) | (63) | (506) | ||
Provision for Income Tax | (1) | 101 | 16 | 134 | ||
Net Income | 2 | (279) | (47) | (372) | ||
Reclassification out of Accumulated Other Comprehensive Income | Sale of Investment Securities Available-for-Sale | ||||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Sale of Investment Securities Available-for-Sale | 0 | 3,675 | 0 | 3,675 | ||
Provision for Income Tax | 0 | (992) | 0 | (992) | ||
Net Income | 0 | 2,683 | 0 | 2,683 | ||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent | ||||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Salaries and Benefits | 61 | 62 | 123 | 123 | ||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent | ||||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Salaries and Benefits | (542) | (661) | (1,084) | (1,323) | ||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Salaries and Benefits | (481) | (599) | (961) | (1,200) | ||
Provision for Income Tax | 129 | 157 | 256 | 317 | ||
Net Income | $ (352) | $ (442) | $ (705) | $ (883) |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Numerator: | ||||
Net Income Available to Common Shareholders | $ 54,893 | $ 67,533 | $ 107,758 | $ 127,482 |
Denominator: | ||||
Weighted Average Common Shares Outstanding - Basic | 39,693,593 | 39,902,583 | 39,722,985 | 39,865,268 |
Dilutive Effect of Equity Based Awards (in shares) | 149,015 | 220,322 | 173,715 | 231,259 |
Weighted Average Common Shares Outstanding - Diluted | 39,842,608 | 40,122,905 | 39,896,700 | 40,096,527 |
Earnings Per Common Share: | ||||
Basic | $ 1.38 | $ 1.69 | $ 2.71 | $ 3.20 |
Diluted | $ 1.38 | $ 1.68 | $ 2.70 | $ 3.18 |
Antidilutive Stock Options and Restricted Stock Outstanding (in shares) | 201,422 | 45,909 | 160,670 | 95,389 |
Business Segments - Additional
Business Segments - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2022 branch atm | |
Business segment financial information | |
Federal and state effective tax rate used for segment reporting | 26% |
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 | 310 |
Business Segments - Selected Bu
Business Segments - Selected Business Segment Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Business segment financial information | |||||||
Net Interest Income | $ 132,902 | $ 123,514 | $ 258,165 | $ 244,083 | |||
Provision for Credit Losses | (2,500) | (16,100) | (8,000) | (30,400) | |||
Net Interest Income After Provision for Credit Losses | 135,402 | 139,614 | 266,165 | 274,483 | |||
Noninterest Income | 42,158 | 44,431 | 85,709 | 87,401 | |||
Noninterest Expense | (102,939) | (96,527) | (206,813) | (195,392) | |||
Income Before Provision for Income Taxes | 74,621 | 87,518 | 145,061 | 166,492 | |||
Provision for Income Taxes | (17,759) | (19,985) | (33,365) | (39,010) | |||
Net Income | 56,862 | $ 54,834 | 67,533 | $ 59,949 | 111,696 | 127,482 | |
Total Assets | 23,232,699 | 22,672,183 | 23,232,699 | 22,672,183 | $ 22,784,941 | ||
Consumer Banking | |||||||
Business segment financial information | |||||||
Net Interest Income | 75,868 | 71,167 | 146,103 | 140,929 | |||
Provision for Credit Losses | 502 | 987 | 2,185 | 3,853 | |||
Net Interest Income After Provision for Credit Losses | 75,366 | 70,180 | 143,918 | 137,076 | |||
Noninterest Income | 31,953 | 32,600 | 63,922 | 66,298 | |||
Noninterest Expense | (82,740) | (72,868) | (164,438) | (151,049) | |||
Income Before Provision for Income Taxes | 24,579 | 29,912 | 43,402 | 52,325 | |||
Provision for Income Taxes | (6,162) | (7,365) | (10,872) | (12,839) | |||
Net Income | 18,417 | 22,547 | 32,530 | 39,486 | |||
Total Assets | 8,179,647 | 7,479,986 | 8,179,647 | 7,479,986 | |||
Commercial Banking | |||||||
Business segment financial information | |||||||
Net Interest Income | 49,562 | 49,038 | 95,911 | 96,181 | |||
Provision for Credit Losses | (1) | 197 | (198) | 247 | |||
Net Interest Income After Provision for Credit Losses | 49,563 | 48,841 | 96,109 | 95,934 | |||
Noninterest Income | 8,279 | 6,575 | 18,477 | 14,433 | |||
Noninterest Expense | (17,026) | (15,742) | (35,695) | (31,419) | |||
Income Before Provision for Income Taxes | 40,816 | 39,674 | 78,891 | 78,948 | |||
Provision for Income Taxes | (10,145) | (9,703) | (19,342) | (19,261) | |||
Net Income | 30,671 | 29,971 | 59,549 | 59,687 | |||
Total Assets | 5,337,656 | 5,127,431 | 5,337,656 | 5,127,431 | |||
Treasury and Other | |||||||
Business segment financial information | |||||||
Net Interest Income | 7,472 | 3,309 | 16,151 | 6,973 | |||
Provision for Credit Losses | (3,001) | (17,284) | (9,987) | (34,500) | |||
Net Interest Income After Provision for Credit Losses | 10,473 | 20,593 | 26,138 | 41,473 | |||
Noninterest Income | 1,926 | 5,256 | 3,310 | 6,670 | |||
Noninterest Expense | (3,173) | (7,917) | (6,680) | (12,924) | |||
Income Before Provision for Income Taxes | 9,226 | 17,932 | 22,768 | 35,219 | |||
Provision for Income Taxes | (1,452) | (2,917) | (3,151) | (6,910) | |||
Net Income | 7,774 | 15,015 | 19,617 | 28,309 | |||
Total Assets | $ 9,715,396 | $ 10,064,766 | $ 9,715,396 | $ 10,064,766 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Schedule of the Notional Amount and Fair Value of the Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Interest Rate Lock Commitments | ||
Derivative [Line Items] | ||
Notional Amount | $ 10,914 | $ 45,857 |
Fair Value | 243 | 1,084 |
Forward Commitments | ||
Derivative [Line Items] | ||
Notional Amount | 12,423 | 58,523 |
Fair Value | (55) | (35) |
Receive Fixed / Pay Variable Swap | ||
Derivative [Line Items] | ||
Notional Amount | 1,548,424 | 1,400,322 |
Fair Value | (97,045) | 28,742 |
Pay Fixed / Receive Variable Swap | ||
Derivative [Line Items] | ||
Notional Amount | 1,548,424 | 1,400,322 |
Fair Value | 13,853 | (5,922) |
Foreign Exchange Contracts | ||
Derivative [Line Items] | ||
Notional Amount | 91,516 | 102,548 |
Fair Value | (2,164) | (674) |
Visa Conversion Rate Swap Agreement | ||
Derivative [Line Items] | ||
Notional Amount | 118,728 | 131,672 |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Derivatives Fair Value [Line Items] | ||
Asset Derivatives | $ 22,494 | $ 42,011 |
Liability Derivatives | 107,661 | 18,816 |
Interest Rate Lock Commitments | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives | 245 | 1,084 |
Liability Derivatives | 2 | 0 |
Forward Commitments | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives | 13 | 17 |
Liability Derivatives | 68 | 52 |
Interest Rate Swap Agreements | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives | 22,174 | 40,733 |
Liability Derivatives | 105,365 | 17,913 |
Foreign Exchange Contracts | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives | 62 | 177 |
Liability Derivatives | $ 2,226 | $ 851 |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative Instruments Gain Loss [Line Items] | ||||
Net gains (losses) recognized in the statements of income | $ 2,629 | $ 4,040 | $ 7,813 | $ 9,915 |
Interest Rate Lock Commitments | Mortgage Banking Income | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Net gains (losses) recognized in the statements of income | 66 | 4,071 | (1,013) | 4,844 |
Forward Commitments | Mortgage Banking Income | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Net gains (losses) recognized in the statements of income | 314 | (1,576) | 2,221 | 1,651 |
Interest Rate Swap Agreements | Other Noninterest Income | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Net gains (losses) recognized in the statements of income | 2,017 | 1,097 | 6,099 | 2,701 |
Foreign Exchange Contracts | Other Noninterest Income | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Net gains (losses) recognized in the statements of income | $ 232 | $ 448 | $ 506 | $ 719 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Additional Information (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Liability derivatives | $ 107,661,000 | $ 18,816,000 |
Interest Rate Swap Agreements | ||
Derivative [Line Items] | ||
Net asset positions, aggregate fair value | 13,000,000 | |
Net liability positions, aggregate fair value | 5,900,000 | |
Liability derivatives | 105,365,000 | 17,913,000 |
Visa Class B Restricted Securities | ||
Derivative [Line Items] | ||
Liability derivatives | $ 0 | $ 0 |
Commitments, Contingencies, a_3
Commitments, Contingencies, and Guarantees - Credit Commitments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Credit Commitments [Line Items] | ||
Credit Commitments | $ 3,445,233 | $ 3,136,796 |
Unfunded Commitments to Extend Credit | ||
Credit Commitments [Line Items] | ||
Credit Commitments | 3,291,932 | 2,982,673 |
Standby Letters of Credit | ||
Credit Commitments [Line Items] | ||
Credit Commitments | 135,765 | 135,167 |
Commercial Letters of Credit | ||
Credit Commitments [Line Items] | ||
Credit Commitments | $ 17,536 | $ 18,956 |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Assets: | ||
Available-for-Sale: Fair Value | $ 3,955,476 | $ 4,276,056 |
Loans Held for Sale | 4,514 | 26,746 |
Debt Securities Issued by States and Political Subdivisions | ||
Assets: | ||
Available-for-Sale: Fair Value | 65,841 | 75,818 |
Debt Securities Issued by Government-Sponsored Enterprises | ||
Assets: | ||
Available-for-Sale: Fair Value | 1,673 | 1,780 |
Debt Securities Issued by Corporations | ||
Assets: | ||
Available-for-Sale: Fair Value | 384,319 | 383,113 |
Residential - Government Agencies | ||
Assets: | ||
Available-for-Sale: Fair Value | 1,226,339 | 1,319,042 |
Residential - U.S. Government-Sponsored Enterprises | ||
Assets: | ||
Available-for-Sale: Fair Value | 1,849,867 | 2,090,326 |
Mortgage-Backed Securities | ||
Assets: | ||
Available-for-Sale: Fair Value | 3,239,757 | 3,565,258 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Available-for-Sale: Fair Value | 3,955,476 | 4,276,056 |
Loans Held for Sale | 4,514 | 26,746 |
Mortgage Servicing Rights | 747 | 800 |
Other Assets | 46,929 | 56,411 |
Derivatives | 22,494 | 42,011 |
Total Assets Measured at Fair Value on a Recurring Basis | 4,030,160 | 4,402,024 |
Liabilities: | ||
Derivatives | 107,661 | 18,816 |
Total Liabilities Measured at Fair Value on a Recurring Basis | 107,661 | 18,816 |
Fair Value, Measurements, Recurring | Debt Securities Issued by the U.S. Treasury and Government Agencies | ||
Assets: | ||
Available-for-Sale: Fair Value | 263,886 | 250,087 |
Fair Value, Measurements, Recurring | Debt Securities Issued by States and Political Subdivisions | ||
Assets: | ||
Available-for-Sale: Fair Value | 65,841 | 75,818 |
Fair Value, Measurements, Recurring | Debt Securities Issued by Government-Sponsored Enterprises | ||
Assets: | ||
Available-for-Sale: Fair Value | 1,673 | 1,780 |
Fair Value, Measurements, Recurring | Debt Securities Issued by Corporations | ||
Assets: | ||
Available-for-Sale: Fair Value | 384,319 | 383,113 |
Fair Value, Measurements, Recurring | Residential - Government Agencies | ||
Assets: | ||
Available-for-Sale: Fair Value | 1,226,339 | 1,319,042 |
Fair Value, Measurements, Recurring | Residential - U.S. Government-Sponsored Enterprises | ||
Assets: | ||
Available-for-Sale: Fair Value | 1,849,867 | 2,090,326 |
Fair Value, Measurements, Recurring | Commercial - Government Agencies | ||
Assets: | ||
Available-for-Sale: Fair Value | 163,551 | 155,890 |
Fair Value, Measurements, Recurring | Mortgage-Backed Securities | ||
Assets: | ||
Available-for-Sale: Fair Value | 3,239,757 | 3,565,258 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | ||
Assets: | ||
Available-for-Sale: Fair Value | 145,514 | 114,845 |
Loans Held for Sale | 0 | 0 |
Mortgage Servicing Rights | 0 | 0 |
Other Assets | 46,929 | 56,411 |
Derivatives | 0 | 0 |
Total Assets Measured at Fair Value on a Recurring Basis | 192,443 | 171,256 |
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 | 145,514 | 114,845 |
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 | 3,809,962 | 4,161,211 |
Loans Held for Sale | 4,514 | 26,746 |
Mortgage Servicing Rights | 0 | 0 |
Other Assets | 0 | 0 |
Derivatives | 76 | 194 |
Total Assets Measured at Fair Value on a Recurring Basis | 3,814,552 | 4,188,151 |
Liabilities: | ||
Derivatives | 2,295 | 903 |
Total Liabilities Measured at Fair Value on a Recurring Basis | 2,295 | 903 |
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 | 118,372 | 135,242 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Debt Securities Issued by States and Political Subdivisions | ||
Assets: | ||
Available-for-Sale: Fair Value | 65,841 | 75,818 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Debt Securities Issued by Government-Sponsored Enterprises | ||
Assets: | ||
Available-for-Sale: Fair Value | 1,673 | 1,780 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Debt Securities Issued by Corporations | ||
Assets: | ||
Available-for-Sale: Fair Value | 384,319 | 383,113 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Residential - Government Agencies | ||
Assets: | ||
Available-for-Sale: Fair Value | 1,226,339 | 1,319,042 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Residential - U.S. Government-Sponsored Enterprises | ||
Assets: | ||
Available-for-Sale: Fair Value | 1,849,867 | 2,090,326 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Commercial - Government Agencies | ||
Assets: | ||
Available-for-Sale: Fair Value | 163,551 | 155,890 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Mortgage-Backed Securities | ||
Assets: | ||
Available-for-Sale: Fair Value | 3,239,757 | 3,565,258 |
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 | 747 | 800 |
Other Assets | 0 | 0 |
Derivatives | 22,418 | 41,817 |
Total Assets Measured at Fair Value on a Recurring Basis | 23,165 | 42,617 |
Liabilities: | ||
Derivatives | 105,366 | 17,913 |
Total Liabilities Measured at Fair Value on a Recurring Basis | 105,366 | 17,913 |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation Calculation Roll Forward | ||||
Fair Value, Mortgage Servicing Rights, Beginning Balance | $ 781 | $ 919 | $ 800 | $ 958 |
Fair Value, Mortgage Servicing Rights, Realized and Unrealized Net Gains (Losses) Included in Net Income | (34) | (44) | (53) | (83) |
Fair Value, Mortgage Servicing Rights, Ending Balance | 747 | 875 | 747 | 875 |
Fair Value, Mortgage Service Rights, Total Unrealized Net Gains (Losses) Included in Net Income Related to Assets Still Held | 0 | 0 | 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 | (50,429) | 15,482 | 23,904 | 77,880 |
Fair Value, Net Derivative Assets and Liabilities, Realized and Unrealized Net Gains (Losses) Included in Net Income | 90 | 4,038 | (996) | 4,913 |
Fair Value, Net Derivative Assets and Liabilities, Transfers to Loans Held for Sale | 58 | (4,568) | 172 | (7,584) |
Variation margin payments for swap liabilities | (32,667) | 23,005 | (106,028) | (37,252) |
Fair Value, Net Derivative Assets and Liabilities, Ending Balance | (82,948) | 37,957 | (82,948) | 37,957 |
Fair Value, Net Derivative Assets and Liabilities,Total Unrealized Net Gains (Losses) Included in Net Income Related to Assets Still Held | $ (82,948) | $ 37,957 | $ (82,948) | $ 37,957 |
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 | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
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 | $ (83,191) | $ 22,820 |
Discounted Cash Flow | Weighted Average Constant Prepayment Rate (as a percent) | ||
Level3 Assets And Liabilities Fair Value And Fair Value Unobservable Inputs [Line Items] | ||
Mortgage Servicing Rights, Fair Value Inputs | 0.0948 | 0.0704 |
Discounted Cash Flow | Weighted Average Credit Factor (as a percent) | 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 | 0.0002 | 0.0014 |
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 | $ 29,061 | $ 22,251 |
Discounted Cash Flow | Mortgage Servicing Rights | Weighted Average Constant Prepayment Rate (as a percent) | ||
Level3 Assets And Liabilities Fair Value And Fair Value Unobservable Inputs [Line Items] | ||
Mortgage Servicing Rights, Fair Value Inputs | 0.0446 | 0.1070 |
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 | $ 243 | $ 1,084 |
Pricing Model | Weighted Average Closing Ratio (as a percent) | 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 | 0.8993 | 0.9047 |
Minimum | Discounted Cash Flow | Weighted Average Constant Prepayment Rate (as a percent) | ||
Level3 Assets And Liabilities Fair Value And Fair Value Unobservable Inputs [Line Items] | ||
Mortgage Servicing Rights, Fair Value Inputs | 0.0747 | 0.0649 |
Minimum | Discounted Cash Flow | Weighted Average Credit Factor (as a percent) | 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 | 0 |
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 | 3.86% | 6.51% |
Minimum | Pricing Model | Weighted Average Closing Ratio (as a percent) | 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 | 0.7540 |
Maximum | Discounted Cash Flow | Weighted Average Constant Prepayment Rate (as a percent) | ||
Level3 Assets And Liabilities Fair Value And Fair Value Unobservable Inputs [Line Items] | ||
Mortgage Servicing Rights, Fair Value Inputs | 0.0952 | 0.0708 |
Maximum | Discounted Cash Flow | Weighted Average Credit Factor (as a percent) | 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 | 0.0049 |
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 | 10.79% | 11.48% |
Maximum | Pricing Model | Weighted Average Closing Ratio (as a percent) | 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 | 0.9330 | 1 |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Carrying Amount | $ 22,793 | $ 21,451 |
Valuation Allowance | $ (1,829) |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value Option Quantitative Disclosures [Line Items] | ||
Aggregate Fair Value | $ 4,514 | $ 26,746 |
Aggregate Unpaid Principal | 4,472 | 26,309 |
Aggregate Fair Value Less Aggregate Unpaid Principal | $ 42 | $ 437 |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Financial Instruments - Assets | ||
Held-to-Maturity: Fair Value | $ 3,823,739 | $ 4,646,619 |
Carrying Amount | ||
Financial Instruments - Assets | ||
Held-to-Maturity: Fair Value | 4,321,693 | 4,694,780 |
Loans | 12,647,239 | 11,921,869 |
Financial Instruments - Liabilities | ||
Time Deposits | 1,257,207 | 1,000,089 |
Securities Sold Under Agreements to Repurchase | 425,490 | 450,490 |
Fair Value | ||
Financial Instruments - Assets | ||
Held-to-Maturity: Fair Value | 3,823,739 | 4,646,619 |
Loans | 12,043,942 | 12,094,631 |
Financial Instruments - Liabilities | ||
Time Deposits | 1,240,477 | 998,134 |
Securities Sold Under Agreements to Repurchase | 420,109 | 469,293 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Fair Value | ||
Financial Instruments - Assets | ||
Held-to-Maturity: Fair Value | 118,498 | 131,139 |
Loans | 0 | 0 |
Financial Instruments - Liabilities | ||
Time Deposits | 0 | 0 |
Securities Sold Under Agreements to Repurchase | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Fair Value | ||
Financial Instruments - Assets | ||
Held-to-Maturity: Fair Value | 3,705,241 | 4,515,480 |
Loans | 0 | 0 |
Financial Instruments - Liabilities | ||
Time Deposits | 1,240,477 | 998,134 |
Securities Sold Under Agreements to Repurchase | 420,109 | 469,293 |
Significant Other Unobservable Inputs (Level 3) | Fair Value | ||
Financial Instruments - Assets | ||
Held-to-Maturity: Fair Value | 0 | 0 |
Loans | 12,043,942 | 12,094,631 |
Financial Instruments - Liabilities | ||
Time Deposits | 0 | 0 |
Securities Sold Under Agreements to Repurchase | $ 0 | $ 0 |