Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 0-10587 | |
Entity Registrant Name | FULTON FINANCIAL CORP | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 23-2195389 | |
Entity Address, Address Line One | One Penn Square | |
Entity Address, City or Town | Lancaster, | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 17602 | |
City Area Code | 717 | |
Local Phone Number | 291-2411 | |
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 | 162,606,000 | |
Entity Central Index Key | 0000700564 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Stock, par value $2.50 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $2.50 | |
Trading Symbol | FULT | |
Security Exchange Name | NASDAQ | |
Depositary Shares, Each Representing 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, Each Representing 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A | |
Trading Symbol | FULTP | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 102,570 | $ 120,462 |
Interest-bearing deposits with other banks | 1,559,306 | 1,727,370 |
Cash and cash equivalents | 1,661,876 | 1,847,832 |
FRB and FHLB stock | 66,209 | 92,129 |
Loans held for sale | 34,092 | 83,886 |
AFS, at estimated fair value | 2,758,597 | 3,062,143 |
HTM, at amortized cost | 853,413 | 278,281 |
Net Loans | 18,990,986 | 18,900,820 |
Less: ACL - loans | (265,986) | (277,567) |
Loans, net | 18,725,000 | 18,623,253 |
Net premises and equipment | 229,035 | 231,480 |
Accrued interest receivable | 65,649 | 72,942 |
Goodwill and intangible assets | 536,544 | 536,659 |
Other assets | 962,575 | 1,078,128 |
Total Assets | 25,892,990 | 25,906,733 |
LIABILITIES | ||
Noninterest-bearing | 7,046,116 | 6,531,002 |
Interest-bearing | 14,587,722 | 14,308,205 |
Total Deposits | 21,633,838 | 20,839,207 |
Short-term borrowings | 520,989 | 630,066 |
Accrued interest payable | 5,618 | 10,365 |
Other liabilities | 476,483 | 514,004 |
Federal Home Loan Bank advances and long-term debt | 626,407 | 1,296,263 |
Total Liabilities | 23,263,335 | 23,289,905 |
SHAREHOLDERS’ EQUITY | ||
Preferred stock, no par value, 10,000,000 shares authorized; Series A, 200,000 shares authorized and issued in 2020, liquidation preference of $1,000 per share | 192,878 | 192,878 |
Common stock, $2.50 par value, 600.0 million shares authorized, 223.2 million shares issued in 2021 and in 2020 | 558,116 | 557,917 |
Additional paid-in capital | 1,511,101 | 1,508,117 |
Retained earnings | 1,168,491 | 1,120,781 |
Accumulated other comprehensive gain | 25,838 | 65,091 |
Treasury stock, at cost, 60.7 million shares in 2021 and 60.8 million shares in 2020 | (826,769) | (827,956) |
Total Shareholders’ Equity | 2,629,655 | 2,616,828 |
Total Liabilities and Shareholders’ Equity | $ 25,892,990 | $ 25,906,733 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 200,000 | 200,000 |
Liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 |
Common stock, par value (in dollars per share) | $ 2.50 | $ 2.50 |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, shares issued (in shares) | 223,200,000 | 223,200,000 |
Treasury stock, shares (in shares) | 60,700,000 | 60,800,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
INTEREST INCOME | ||
Loans, including fees | $ 163,985 | $ 175,523 |
Investment securities: | ||
Taxable | 13,691 | 16,294 |
Tax-exempt | 5,653 | 4,709 |
Loans held for sale | 471 | 320 |
Other interest income | 1,136 | 2,532 |
Total Interest Income | 184,936 | 199,378 |
Interest Expense | ||
Deposits | 9,602 | 26,440 |
Short-term borrowings | 188 | 4,073 |
Long-term borrowings | 10,698 | 8,119 |
Total Interest Expense | 20,488 | 38,632 |
Net Interest Income | 164,448 | 160,746 |
Provision for credit losses | (5,500) | 44,030 |
Net Interest Income After Provision for Credit Losses | 169,948 | 116,716 |
Non-Interest Income | ||
Non-interest income before investment securities gains | 61,922 | 54,598 |
Investment securities gains, net | 33,475 | 46 |
Total Non-Interest Income | 95,397 | 54,644 |
NON-INTEREST EXPENSE | ||
Salaries and employee benefits | 82,586 | 80,228 |
Net occupancy | 13,982 | 13,486 |
Data processing and software | 13,561 | 11,645 |
Other outside services | 8,490 | 7,881 |
State taxes | 4,505 | 2,804 |
Equipment | 3,428 | 3,418 |
Professional fees | 2,779 | 4,202 |
FDIC insurance | 2,624 | 2,808 |
Amortization of TCI | 1,531 | 1,450 |
Marketing | 1,002 | 1,579 |
Intangible amortization | 115 | 132 |
Debt extinguishment | 32,163 | 0 |
Other | 11,618 | 12,919 |
Total Non-Interest Expense | 178,384 | 142,552 |
Income Before Income Taxes | 86,961 | 28,808 |
Income taxes | 13,898 | 2,761 |
Net Income | 73,063 | 26,047 |
Preferred stock dividends | (2,591) | 0 |
Net Income Available to Common Shareholders | $ 70,472 | $ 26,047 |
PER SHARE: | ||
Net Income (Basic) (in dollars per share) | $ 0.43 | $ 0.16 |
Net Income (Diluted) (in dollars per share) | 0.43 | 0.16 |
Cash Dividends (in dollars per share) | $ 0.14 | $ 0.13 |
Investment management and trust services | ||
Non-Interest Income | ||
Non-interest income before investment securities gains | $ 17,347 | $ 15,055 |
Other service charges and fees | ||
Non-Interest Income | ||
Non-interest income before investment securities gains | 16,342 | 18,419 |
Service charges on deposit accounts | ||
Non-Interest Income | ||
Non-interest income before investment securities gains | 10,754 | 11,239 |
Mortgage banking income | ||
Non-Interest Income | ||
Non-interest income before investment securities gains | 13,960 | 6,234 |
Other | ||
Non-Interest Income | ||
Non-interest income before investment securities gains | $ 3,519 | $ 3,651 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 73,063 | $ 26,047 |
Other Comprehensive (Loss) Income, net of tax: | ||
Unrealized (loss) gain on securities | (39,999) | 17,431 |
Reclassification adjustment for securities gains included in net income | 377 | (36) |
Amortization of net unrealized losses on AFS securities transferred to HTM | 1,787 | 795 |
Net unrealized loss on interest rate swaps used in cash flow hedges | (1,707) | 0 |
Amortization of net unrecognized pension and postretirement income | 289 | 255 |
Other Comprehensive (Loss) Income | (39,253) | 18,445 |
Total Comprehensive Income | $ 33,810 | $ 44,492 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | [1] | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | [1] | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Beginning Balance at Dec. 31, 2019 | $ 2,342,176 | $ (43,807) | $ 0 | $ 556,110 | $ 1,499,681 | $ 1,079,391 | $ (43,807) | $ (137) | $ (792,869) | ||
Beginning Balance (in shares) at Dec. 31, 2019 | 0 | 164,218 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net Income | 26,047 | 26,047 | |||||||||
Other comprehensive income | 18,445 | 18,445 | |||||||||
Stock issued (in shares) | 125 | ||||||||||
Common stock issued | 2,001 | $ 133 | 889 | 979 | |||||||
Stock-based compensation awards | 1,619 | 1,619 | |||||||||
Acquisition of treasury stock (in shares) | (2,908) | ||||||||||
Acquisition of treasury stock (in shares) | (39,748) | (39,748) | |||||||||
Common stock cash dividends | (20,985) | (20,985) | |||||||||
Ending Balance at Mar. 31, 2020 | 2,285,748 | $ 0 | $ 556,243 | 1,502,189 | 1,040,646 | 18,308 | (831,638) | ||||
Ending Balance (in shares) at Mar. 31, 2020 | 0 | 161,435 | |||||||||
Beginning Balance at Dec. 31, 2020 | 2,616,828 | $ 192,878 | $ 557,917 | 1,508,117 | 1,120,781 | 65,091 | (827,956) | ||||
Beginning Balance (in shares) at Dec. 31, 2020 | 200 | 162,350 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net Income | 73,063 | 73,063 | |||||||||
Other comprehensive income | (39,253) | (39,253) | |||||||||
Stock issued (in shares) | 167 | ||||||||||
Common stock issued | 2,468 | $ 199 | 1,082 | 1,187 | |||||||
Stock-based compensation awards | 1,902 | 1,902 | |||||||||
Preferred stock dividend | (2,591) | (2,591) | |||||||||
Common stock cash dividends | (22,762) | (22,762) | |||||||||
Ending Balance at Mar. 31, 2021 | $ 2,629,655 | $ 192,878 | $ 558,116 | $ 1,511,101 | $ 1,168,491 | $ 25,838 | $ (826,769) | ||||
Ending Balance (in shares) at Mar. 31, 2021 | 200 | 162,517 | |||||||||
[1] | The Corporation adopted ASU 2016-13 "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments on January 1, 2020. See Note 1, "Basis of Presentation" to the Consolidated Financial Statements for further details. |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends per share | $ 0.14 | $ 0.13 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 73,063 | $ 26,047 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | (5,500) | 44,030 |
Depreciation and amortization of premises and equipment | 6,870 | 7,161 |
Amortization of TCI | 6,935 | 7,619 |
Net amortization of investment securities premiums | 3,716 | 2,707 |
Investment securities gains, net | (33,475) | (46) |
Gain on sales of mortgage loans held for sale | (8,656) | (6,181) |
Proceeds from sales of mortgage loans held for sale | 294,478 | 195,649 |
Originations of mortgage loans held for sale | (236,028) | (192,285) |
Amortization of intangible assets | 115 | 132 |
Amortization of issuance costs and discounts on long-term borrowings | 1,146 | 250 |
Debt extinguishment costs | 32,163 | 0 |
Stock-based compensation | 1,902 | 1,619 |
Other changes, net | 66,683 | (133,579) |
Total adjustments | 130,349 | (72,924) |
Net cash provided by (used in) operating activities | 203,412 | (46,877) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sales of AFS securities | 59,342 | 59,894 |
Proceeds from principal repayments and maturities of AFS securities | 134,684 | 61,408 |
Proceeds from principal repayments and maturities of HTM securities | 29,066 | 19,758 |
Purchase of AFS securities | (304,493) | (390,936) |
Purchase of HTM securities | (227,687) | 0 |
Sale of Visa Shares | 33,962 | 0 |
Sale (purchase) of FRB and FHLB stock | 25,920 | (21,567) |
Net increase in loans | (96,347) | (250,993) |
Net change in tax credit investments | (4,425) | (4,023) |
Net change in tax credit investments | (977) | (128) |
Net cash used in investing activities | (350,955) | (526,587) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in demand and savings deposits | 971,180 | (34,866) |
Net (decrease) increase in time deposits | (176,549) | 5,979 |
Net (decrease) increase in short-term borrowings | (109,077) | 503,567 |
Proceeds from long-term borrowings | 0 | 496,461 |
Repayments of long-term borrowings | (703,165) | (13) |
Net proceeds from issuance of common stock | 2,468 | 2,001 |
Dividends paid | (23,270) | (21,348) |
Acquisition of treasury stock | 0 | (39,748) |
Net cash (used in) provided by financing activities | (38,413) | 912,033 |
Net (Decrease) Increase in Cash and Cash Equivalents | (185,956) | 338,569 |
Cash and Cash Equivalents at Beginning of Period | 1,847,832 | 517,791 |
Cash and Cash Equivalents at End of Period | 1,661,876 | 856,360 |
Cash paid during the period for: | ||
Interest | 25,235 | 36,576 |
Income taxes | 477 | 1,072 |
Supplemental schedule of certain noncash activities: | ||
Transfer of AFS securities to HTM securities | $ 376,165 | $ 0 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited Consolidated Financial Statements of the Corporation have been prepared in conformity with 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 notes required by GAAP for complete financial statements. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements as well as revenues and expenses during the period. Actual results could differ from those estimates. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2020. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The Corporation evaluates subsequent events through the date of filing of this Form 10-Q with the SEC. CECL Adoption On January 1, 2020, the Corporation adopted ASU 2016-13, Financial Instruments - Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments. The Corporation adopted CECL using the modified retrospective method for all financial assets measured at amortized cost, net of investments in leases and OBS credit exposures. The Corporation recorded an increase of $58.3 million to the ACL on January 1, 2020 as a result of the adoption of CECL. Retained earnings decreased $43.8 million and deferred tax assets increased by $12.4 million. Included in the $58.3 million increase to the ACL was $2.1 million for certain OBS credit exposures that was previously recognized in other liabilities before the adoption of CECL. CARES Act and Consolidated Appropriations Act - 2021 On March 27, 2020 the CARES Act was signed into law. The CARES Act includes an option for financial institutions to suspend the requirements of GAAP for certain loan modifications that would otherwise be categorized as a TDR. Certain conditions must be met with respect to the loan modification including that the modification is related to COVID-19 and the modified loan was not more than 30 days past due on December 31, 2019. On December 27, 2020, the 2021 Consolidated Appropriations Act was signed into law and this Act extended the relief for TDR treatment that was set to expire on December 31, 2020 to the earlier of 60 days after the national emergency termination date or January 1, 2022. The Corporation is applying the option under the CARES act for all loan modifications that qualify. Recently Adopted Accounting Standards On January 1, 2021, the Corporation adopted ASC Update 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The Corporation adopted this standards update effective with its March 31, 2021 quarterly report on Form 10-Q and it did not have a material impact on the consolidated financial statements. On January 1, 2021, the Corporation adopted ASC Update 2021-01 Reference Rate Reform (Topic 848) . This update permits entities to apply optional expedients in Topic 848 to derivative instruments modified because of LIBOR transition affected by changes to the interest rates used for discounting, margining or contract price alignment due to reference rate reform. This update was effective upon issuance and entities may elect to apply the guidance to modifications either retrospectively, as of any date from the beginning of any interim period that includes or is subsequent to March 12, 2020, or prospectively to new modifications from any date in an interim period that includes or is subsequent to January 7, 2021. The Corporation adopted this standards update retrospectively effective with its March 31, 2021 quarterly report on Form 10-Q and it did not have a material impact on the consolidated financial statements. |
Restrictions on Cash and Cash E
Restrictions on Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Restrictions on Cash and Cash Equivalents | Restrictions on Cash and Cash EquivalentsThe Bank is required to maintain reserves against its deposit liabilities. Prior to March 2020, reserves were in the form of cash and balances with the FRB. The FRB suspended cash reserve requirements effective March 26, 2020. In addition, cash collateral is posted by the Corporation with counterparties to secure derivative and other contracts. The amounts of such cash collateral as of March 31, 2021 and December 31, 2020 were $243.6 million and $408.1 million, respectively. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The following table presents the amortized cost and estimated fair values of investment securities for the periods presented: March 31, 2021 Amortized Gross Gross Estimated Available for Sale (in thousands) State and municipal securities $ 953,601 $ 42,412 $ (1,253) $ 994,760 Corporate debt securities 348,162 11,970 (761) 359,371 Collateralized mortgage obligations 390,253 10,633 (1,005) 399,881 Residential mortgage-backed securities 257,409 1,941 (3,986) 255,364 Commercial mortgage-backed securities 668,144 12,455 (7,582) 673,017 Auction rate securities 76,350 — (146) 76,204 Total $ 2,693,919 $ 79,411 $ (14,733) $ 2,758,597 Held to Maturity Residential mortgage-backed securities $ 467,461 $ 16,303 $ (8,025) $ 475,739 Commercial mortgage-backed securities 385,952 — (17,948) 368,004 Total $ 853,413 $ 16,303 $ (25,973) $ 843,743 December 31, 2020 Amortized Gross Gross Estimated Available for Sale (in thousands) State and municipal securities $ 891,327 $ 61,286 $ — $ 952,613 Corporate debt securities 348,391 19,445 (691) 367,145 Collateralized mortgage obligations 491,321 12,560 (115) 503,766 Residential mortgage-backed securities 373,779 4,246 (27) 377,998 Commercial mortgage-backed securities 741,172 22,384 (1,141) 762,415 Auction rate securities 101,510 — (3,304) 98,206 Total $ 2,947,500 $ 119,921 $ (5,278) $ 3,062,143 Held to Maturity Residential mortgage-backed securities $ 278,281 $ 18,576 $ — $ 296,857 During the first quarter of 2021, the Corporation transferred residential and commercial mortgage backed securities from the AFS classification to the HTM classification. The amortized cost and estimated fair value of the securities transferred were both $376.2 million. Securities carried at $1.1 billion at March 31, 2021 and $520.5 million at December 31, 2020 were pledged as collateral to secure public and trust deposits and customer repurchase agreements. The amortized cost and estimated fair values of debt securities as of March 31, 2021, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities as certain investment securities are subject to call or prepayment with or without call or prepayment penalties. March 31, 2021 Available for Sale Held to Maturity Amortized Estimated Amortized Estimated (in thousands) Due in one year or less $ 13,107 $ 13,171 $ — $ — Due from one year to five years 37,176 38,417 — — Due from five years to ten years 343,642 355,683 — — Due after ten years 984,188 1,023,064 — — 1,378,113 1,430,335 — — Residential mortgage-backed securities (1) 257,409 255,364 467,461 475,739 Commercial mortgage-backed securities (1) 668,144 673,017 385,952 368,004 Collateralized mortgage obligations (1) 390,253 399,881 — — Total $ 2,693,919 $ 2,758,597 $ 853,413 $ 843,743 (1) Mortgage-backed securities and collateralized mortgage obligations do not have stated maturities and are dependent upon the interest rate environment and prepayments on the underlying loans. The following table presents information related to the gross realized gains and losses on the sales of investment securities for the periods presented: Gross Realized Gains Gross Realized Losses Net Gains Three months ended (in thousands) March 31, 2021 $ 34,016 $ (541) $ 33,475 March 31, 2020 117 (71) 46 During the first quarter of 2021, the Corporation completed a balance sheet restructuring that included a $34.0 million gain on the sale of Visa Shares, offset by net losses on other securities of $400,000, primarily in connection with the sale of $24.6 million of ARCs. In addition, debt extinguishment costs of $32.2 million included in non-interest expense and a write-off of $841,000 in unamortized discounts was recognized in net interest income in connection with the cash tender offer for certain of its outstanding senior and subordinated notes and the prepayment of certain term FHLB advances. See Note 14, "Long-Term Debt" for further details. The following tables present the gross unrealized losses and estimated fair values of investment securities, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position for the periods presented: March 31, 2021 Less than 12 months 12 months or longer Total Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized Available for Sale (in thousands) State and municipal securities 21 $ 88,141 $ (1,253) — $ — $ — $ 88,141 $ (1,253) Corporate debt securities 7 41,956 (582) 2 15,328 (179) 57,284 (761) Collateralized mortgage obligations 2 55,305 (1,005) — — — 55,305 (1,005) Residential mortgage-backed securities 8 173,908 (3,986) — — — 173,908 (3,986) Commercial mortgage-backed securities 10 183,175 (7,582) — — — 183,175 (7,582) Auction rate securities — — — 118 76,204 (146) 76,204 (146) Total available for sale 48 $ 542,485 $ (14,408) 120 $ 91,532 $ (325) $ 634,017 $ (14,733) Held to Maturity Residential mortgage-backed securities 12 $ 205,072 $ (8,025) — $ — $ — $ 205,072 $ (8,025) Commercial mortgage-backed securities 21 368,004 (17,948) — — — 368,004 (17,948) Total 33 $ 573,076 $ (25,973) — $ — $ — $ 573,076 $ (25,973) December 31, 2020 Less than 12 months 12 months or longer Total Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized Available for Sale (in thousands) Corporate debt securities 9 $ 44,528 $ (377) 1 $ 6,871 $ (314) $ 51,399 $ (691) Collateralized mortgage obligations 3 57,601 (115) — — — 57,601 (115) Residential mortgage-backed securities 1 20,124 (27) — — — 20,124 (27) Commercial mortgage-backed securities 9 144,383 (1,141) — — — 144,383 (1,141) Auction rate securities — — — 162 98,206 (3,304) 98,206 (3,304) Total available for sale (1) 22 $ 266,636 $ (1,660) 163 $ 105,077 $ (3,618) $ 371,713 $ (5,278) (1) No HTM securities were in an unrealized loss position as of December 31, 2020. The Corporation’s collateralized mortgage obligations and mortgage-backed securities have contractual terms that generally do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. The change in fair value of these securities is attributable to changes in interest rates and not credit quality. The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost. Therefore, the Corporation does not have an ACL for these investments as of March 31, 2021. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | Loans and Allowance for Credit Losses Net Loans are summarized as follows: March 31, December 31, 2020 (in thousands) Real estate - commercial mortgage $ 7,142,137 $ 7,105,092 Commercial and industrial (1) 5,675,714 5,670,828 Real-estate - residential mortgage 3,254,058 3,141,915 Real-estate - home equity 1,149,958 1,202,913 Real-estate - construction 1,083,494 1,047,218 Consumer 451,857 466,772 Equipment lease financing and other 252,930 284,377 Overdrafts 1,373 4,806 Gross loans 19,011,521 18,923,921 Unearned income (20,535) (23,101) Net Loans $ 18,990,986 $ 18,900,820 (1) Includes PPP loans totaling $1.7 billion and $1.6 billion as of March 31, 2021 and December 31, 2020, respectively. The Corporation segments its loan portfolio by "portfolio segments," as presented in the table above. Certain portfolio segments are further disaggregated by "class segment" for the purpose of estimating credit losses. Allowance for Credit Losses The Corporation has elected to exclude accrued interest receivable from the measurement of its ACL. When a loan is placed on non-accrual status, any outstanding accrued interest is reversed against interest income. Loans: The ACL for loans is an estimate of the expected losses to be realized over the life of the loans in the portfolio. The ACL is determined for two distinct categories of loans: 1) loans evaluated collectively for expected credit losses and 2) loans evaluated individually for expected credit losses. Loans Evaluated Collectively: Loans evaluated collectively for expected credit losses include loans on accrual status, excluding accruing TDRs, and loans initially evaluated individually, but determined not to have enhanced credit risk characteristics. This category includes loans on non-accrual status and TDRs where the total commitment amount is less than $1 million. The ACL is estimated by applying a PD and LGD to the EAD at the loan level. In order to determine the PD, LGD, and EAD calculation inputs: • Loans are aggregated into pools based on similar risk characteristics. • The PD and LGD rates are determined by historical credit loss experience for each pool of loans. • The loan segment PD rates are estimated using six econometric regression models that use the Corporation’s historical credit loss experience and incorporate reasonable and supportable economic forecasts for various macroeconomic variables that are statistically correlated with expected loss behavior in the loan segment. • The reasonable and supportable forecast for each macroeconomic variable is sourced from an external third party and is applied over the contractual term of the Corporation’s loan portfolio. The Corporation’s economic forecast considers the general health of the economy, the interest rate environment, real estate pricing and market risk. • A single baseline forecast scenario is used for each macroeconomic variable. • The loan segment lifetime LGD rates are estimated using a loss rate approach based on the Corporation’s historical charge-off experience and the balance at the time of loan default. • The LGD rates are adjusted for the Corporation’s recovery experience. • To calculate the EAD, the corporation estimates contractual cash flows over the remaining life of each loan. Certain cash flow assumptions are established for each loan using maturity date, amortization schedule and interest rate. In addition, a prepayment rate is used in determining the EAD estimate. Loans Evaluated Individually: Loans evaluated individually for expected credit losses include loans on non-accrual status and TDRs where the commitment amount equals or exceeds $1.0 million. The required ACL for such loans is determined using either the present value of expected future cash flows, observable market price or the fair value of collateral. Loans evaluated individually may have specific allocations of the ACL assigned if the measured value of the loan using one of the noted techniques is less than its current carrying value. For loans measured using the fair value of collateral, if the analysis determines that sufficient collateral value would be available for repayment of the debt, then no allocations would be assigned to those loans. Collateral could be in the form of real estate or business assets, such as accounts receivable or inventory, in the case of commercial and industrial loans. Commercial and industrial loans may also be secured by real estate. For loans secured by real estate, estimated fair values are determined primarily through appraisals performed by third-party appraisers, discounted to arrive at expected net sale proceeds. For collateral dependent loans, estimated real estate fair values are also net of estimated selling costs. When a real estate secured loan is impaired, a decision is made regarding whether an updated appraisal of the real estate is necessary. This decision is based on various considerations, including: the age of the most recent appraisal; the loan-to-value ratio based on the original appraisal; the condition of the property; the Corporation’s experience and knowledge of the real estate market; the purpose of the loan; market factors; payment status; the strength of any guarantors; and the existence and age of other indications of value such as broker price opinions, among others. The Corporation generally obtains updated appraisals performed by third-party appraisers for impaired loans secured predominantly by real estate every 12 months. When updated appraisals are not obtained for loans secured by real estate, fair values are estimated based on the original appraisal values, as long as the original appraisal indicated an acceptable loan-to-value position and there has not been a significant deterioration in the collateral value since the original appraisal was performed. For loans with principal balances greater than or equal to $1.0 million secured by non-real estate collateral, such as accounts receivable or inventory, estimated fair values are determined based on borrower financial statements, inventory listings, accounts receivable agings or borrowing base certificates. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Liquidation or collection discounts are applied to these assets based upon existing loan evaluation policies. Management regularly reviews loans in the portfolio to assess credit quality indicators and to determine appropriate loan classification. For commercial loans, commercial mortgages and construction loans to commercial borrowers, an internal risk rating process is used. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk rating categories is a significant component of the ACL methodology for these loans, which bases the PD on this migration. Assigning risk ratings involves judgment. Risk ratings may be changed based on ongoing monitoring procedures, or if specific loan review assessments identify a deterioration or an improvement in the loan. The ACL is reviewed to evaluate its appropriateness in relation to the overall risk profile of the loan portfolio. The Corporation considers risk factors such as: local and national economic conditions; trends in delinquencies and non-accrual loans; the diversity of borrower industry types; and the composition of the portfolio by loan type. Qualitative and Other Adjustments to ACL: In addition to the quantitative credit loss estimates for loans evaluated collectively, qualitative factors that may not be fully captured in the quantitative results are also evaluated. These qualitative factors include changes in lending policy, the nature and volume of the portfolio, overall business conditions in the economy, credit concentrations, specific industry risks, competition, model imprecision and legal and regulatory requirements. Qualitative adjustments are judgmental and are based on management’s knowledge of the portfolio and the markets in which the Corporation operates. Qualitative adjustments are evaluated and approved on a quarterly basis. Additionally, the ACL includes other allowance categories that are not directly incorporated in the quantitative results. These categories include but are not limited to loans-in-process, trade acceptances and overdrafts. OBS Credit Exposures: The ACL for OBS credit exposures is recorded in other liabilities on the consolidated balance sheets. This portion of the ACL represents management’s estimate of expected losses in its unfunded loan commitments and other OBS credit exposures. The ACL specific to unfunded commitments is determined by estimating future draws and applying the expected loss rates on those draws. Future draws are based on historical averages of utilization rates (i.e., the likelihood of draws taken). The ACL for OBS credit exposures is increased or decreased by charges or reductions to expense, through the provision for credit losses. The following table presents the components of the ACL: March 31, 2021 December 31, 2020 (in thousands) ACL - loans $ 265,986 $ 277,567 ACL - OBS credit exposure 14,273 14,373 Total ACL $ 280,259 $ 291,940 The following table presents the activity in the ACL: Three months ended March 31 2021 2020 (in thousands) Balance at beginning of period $ 291,940 $ 166,209 Impact of adopting CECL on January 1, 2020 (1) — 58,349 Loans charged off (8,202) (14,003) Recoveries of loans previously charged off 2,021 2,887 Net loans charged off (6,181) (11,116) Provision for credit losses (2) (5,500) 44,029 Balance at end of period $ 280,259 $ 257,471 (1) Includes $12.6 million of reserves for OBS credit exposures as of January 1, 2020. (2) Includes $(100,000) and $3.8 million related to OBS credit exposures for the three months ended March 31, 2021 and 2020, respectively. The following table presents the activity in the ACL - loans by portfolio segment: Real Estate - Commercial and Real Estate - Real Estate - Real Estate Consumer Equipment lease financing, other Total (in thousands) Three months ended March 31, 2021 Balance at December 31, 2020 $ 103,425 $ 74,771 $ 14,232 $ 51,995 $ 15,608 $ 10,905 $ 6,633 $ 277,567 Loans charged off (1,837) (4,319) (212) (192) (39) (635) (968) (8,202) Recoveries of loans previously charged off 174 769 51 95 384 389 159 2,021 Net loans recovered (charged off) (1,663) (3,550) (161) (97) 345 (246) (809) (6,181) Provision for loan losses (1) (786) (27) (341) (1,903) (874) (1,247) (222) (5,400) Balance at March 31, 2021 $ 100,976 $ 71,194 $ 13,730 $ 49,995 $ 15,079 $ 9,412 $ 5,602 $ 265,986 Three months ended March 31, 2020 Balance at December 31, 2019 $ 45,610 $ 68,602 $ 17,744 $ 19,771 $ 4,443 $ 3,762 $ 3,690 $ 163,622 Impact of adopting CECL on January 1, 2020 29,361 (18,576) (65) 21,235 4,015 5,969 3,784 45,723 Loans charged off (855) (10,899) (316) (187) — (1,213) (533) (14,003) Recoveries of loans previously charged off 244 1,734 646 85 70 — 108 2,887 Net loans (charged off) recovered (611) (9,165) 330 (102) 70 (1,213) (425) (11,116) Provision for loan losses (1) 15,959 22,745 (2,756) 1,523 (130) 1,347 1,591 40,279 Balance at March 31, 2020 $ 90,319 $ 63,606 $ 15,253 $ 42,427 $ 8,398 $ 9,865 $ 8,640 $ 238,508 (1) Provision included in the table only includes the portion related to Net Loans. Several factors as of the end of the first quarter of 2021 in comparison to the end of the fourth quarter of 2020, including improved economic forecasts and a decrease in specific allocations within the ACL for loans evaluated individually, reduced the level of the ACL determined to be necessary as of March 31, 2021, resulting in the negative provision for credit losses for the three months ended March 31, 2021. The higher provision expense during the first three months of 2020 was largely driven by the overall downturn in economic forecasts due to COVID-19, resulting in higher expected future credit losses under CECL. Qualitative adjustments during the first three months of 2020 increased compared to those at the time of the adoption of CECL on January 1, 2020 primarily as a result of uncertainties related to the economic impact of COVID-19, including consideration for the future performance of loans that received deferrals or forbearances as a result of COVID-19 and the impact COVID-19 had on certain industries where the quantitative models were not fully capturing the appropriate level of risk at that time. PPP loans issued are fully guaranteed by the SBA and, as such, no ACL was recorded against the PPP loan portfolio. Non-accrual Loans All loans individually evaluated for impairment are measured for losses on a quarterly basis. As of March 31, 2021 and December 31, 2020, substantially all of the Corporation’s individually evaluated loans with total commitments greater than or equal to $1.0 million were measured based on the estimated fair value of each loan’s collateral, if any. Collateral could be in the form of real estate, in the case of commercial mortgages and construction loans, or business assets, such as accounts receivable or inventory, in the case of commercial and industrial loans. Commercial and industrial loans may also be secured by real estate. As of March 31, 2021 and December 31, 2020, approximately 97% and 83%, respectively, of loans evaluated individually for impairment with principal balances greater than or equal to $1.0 million, whose primary collateral consisted of real estate, were measured at estimated fair value using appraisals performed by state certified third-party appraisers that had been updated in the preceding 12 months. The following table presents total non-accrual loans, by class segment: March 31, 2021 December 31, 2020 With a Related Allowance Without a Related Allowance Total With a Related Allowance Without a Related Allowance Total (in thousands) Real estate - commercial mortgage $ 21,107 $ 30,870 $ 51,977 $ 19,909 $ 31,561 $ 51,470 Commercial and industrial 13,012 18,640 31,652 13,937 18,056 31,993 Real estate - residential mortgage 31,203 2,198 33,401 24,590 1,517 26,107 Real estate - home equity 9,368 — 9,368 9,398 190 9,588 Real estate - construction 544 897 1,441 437 958 1,395 Consumer 301 — 301 332 — 332 Equipment lease financing and other 6,462 9,287 15,749 — 16,313 16,313 $ 81,997 $ 61,892 $ 143,889 $ 68,603 $ 68,595 $ 137,198 As of March 31, 2021 and December 31, 2020, there were $61.9 million and $68.6 million, respectively, of non-accrual loans that did not have a related allowance for credit losses. The estimated fair values of the collateral securing these loans exceeded their carrying amount, or the loans were previously charged down to realizable collateral values. Accordingly, no specific valuation allowance was considered to be necessary. Asset Quality Maintaining an appropriate ACL is dependent on various factors, including the ability to identify potential problem loans in a timely manner. For commercial construction, residential construction, commercial and industrial, and commercial real estate, an internal risk rating process is used. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk rating categories is a significant component of the ACL methodology for these loans, which bases the probability of default on this migration. Assigning risk ratings involves judgment. The Corporation's loan review officers provide a separate assessment of risk rating accuracy. Risk ratings may be changed based on the ongoing monitoring procedures performed by loan officers or credit administration staff or if specific loan review assessments identify a deterioration or an improvement in the loans. The following is a summary of the Corporation's internal risk rating categories: • Pass : These loans do not currently pose undue credit risk and can range from the highest to average quality, depending on the degree of potential risk. • Special Mention : These loans have a heightened credit risk, but not to the point of justifying a classification of Substandard. Loans in this category are currently acceptable but, are nevertheless potentially weak. • Substandard or Lower : These loans are inadequately protected by current sound worth and paying capacity of the borrower. There exists a well-defined weakness or weaknesses that jeopardize the normal repayment of the debt. The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the current period: March 31, 2021 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans (dollars in thousands) Amortized Amortized 2021 2020 2019 2018 2017 Prior Cost Basis Cost Basis Total Real estate - construction (1) Pass $ 14,615 $ 233,770 $ 201,440 $ 218,467 $ 80,686 $ 142,339 $ 36,046 $ — $ 927,363 Special Mention 110 — — — — 13,195 — — 13,305 Substandard or Lower — — 154 — 1,976 3,520 406 — 6,056 Total real estate - construction 14,725 233,770 201,594 218,467 82,662 159,054 36,452 — 946,724 Real estate - construction (1) Current period gross charge-offs — — (39) — — — — — (39) Current period recoveries — — — — — 384 — — 384 Total net (charge-offs) recoveries — — (39) — — 384 — — 345 Commercial and industrial Pass 885,616 1,624,535 481,038 290,788 201,910 726,981 1,205,065 — 5,415,933 Special Mention 143 9,136 20,949 16,337 10,413 30,861 48,939 — 136,778 Substandard or Lower — 2,847 7,167 13,503 10,638 34,805 54,043 — 123,003 Total commercial and industrial 885,759 1,636,518 509,154 320,628 222,961 792,647 1,308,047 — 5,675,714 Commercial and industrial Current period gross charge-offs — — (613) (2,871) (60) (775) — — (4,319) Current period recoveries — — 37 126 36 570 — — 769 Total net (charge-offs) recoveries — — (576) (2,745) (24) (205) — — (3,550) Real estate - commercial mortgage Pass 200,885 993,776 926,352 670,684 767,399 2,800,409 49,207 321 6,409,033 Special Mention — 23,282 30,629 92,800 75,417 248,403 2,406 — 472,937 Substandard or Lower — 1,028 24,008 10,673 46,460 174,421 3,577 — 260,167 Total real estate - commercial mortgage 200,885 1,018,086 980,989 774,157 889,276 3,223,233 55,190 321 7,142,137 Real estate - commercial mortgage Current period gross charge-offs — — — — (1,719) (118) — — (1,837) Current period recoveries — — — — — 174 — — 174 Total net (charge-offs) recoveries — — — — (1,719) 56 — — (1,663) Total Pass $ 1,101,116 $ 2,852,081 $ 1,608,830 $ 1,179,939 $ 1,049,995 $ 3,669,729 $ 1,290,318 $ 321 $ 12,752,329 Special Mention 253 32,418 51,578 109,137 85,830 292,459 51,345 — 623,020 Substandard or Lower — 3,875 31,329 24,176 59,074 212,746 58,026 — 389,226 Total $ 1,101,369 $ 2,888,374 $ 1,691,737 $ 1,313,252 $ 1,194,899 $ 4,174,934 $ 1,399,689 $ 321 $ 13,764,575 (1) Excludes real estate - construction - other. The Corporation does not assign internal risk ratings to smaller balance, homogeneous loans, such as home equity, residential mortgage, construction loans to individuals secured by residential real estate, consumer and equipment lease financing. For these loans, the most relevant credit quality indicator is delinquency status. The migration of loans through the various delinquency status categories is a significant component of the ACL methodology for those loans, which bases the PD on this migration. The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the prior period: December 31, 2020 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans (dollars in thousands) Amortized Amortized 2020 2019 2018 2017 2016 Prior Cost Basis Cost Basis Total Real estate - construction (1) Pass $ 185,883 $ 229,097 $ 217,604 $ 81,086 $ 37,976 $ 110,470 $ 38,026 $ — $ 900,142 Special Mention — — — — 7,047 6,212 — — 13,259 Substandard or Lower — 447 — 2,000 753 1,637 632 — 5,469 Total real estate - construction 185,883 229,544 217,604 83,086 45,776 118,319 38,658 — 918,870 Real estate - construction (1) Current period gross charge-offs — — — — — (17) — — (17) Current period recoveries — — — — 68 5,054 — — 5,122 Total net (charge-offs) recoveries — — — — 68 5,037 — — 5,105 Commercial and industrial Pass 2,283,533 508,541 298,567 214,089 208,549 596,646 1,278,689 — 5,388,614 Special Mention 6,633 23,834 29,167 10,945 11,506 25,960 45,994 — 154,039 Substandard or Lower 3,221 5,947 8,434 11,251 11,192 23,852 64,278 — 128,175 Total commercial and industrial 2,293,387 538,322 336,168 236,285 231,247 646,458 1,388,961 — 5,670,828 Commercial and industrial Current period gross charge-offs — (114) (30) (488) (393) (520) (17,370) — (18,915) Current period recoveries — 43 486 216 162 4,531 5,958 — 11,396 Total net (charge-offs) recoveries — (71) 456 (272) (231) 4,011 (11,412) — (7,519) Real estate - commercial mortgage Pass 973,664 917,510 708,946 794,955 783,094 2,213,343 53,041 404 6,444,957 Special Mention 13,639 40,874 84,047 80,705 89,112 167,424 2,364 — 478,165 Substandard or Lower 1,238 6,681 6,247 39,027 22,605 103,007 2,225 940 181,970 Total real estate - commercial mortgage 988,541 965,065 799,240 914,687 894,811 2,483,774 57,630 1,344 7,105,092 Real estate - commercial mortgage Current period gross charge-offs (60) (21) (36) (2,515) (29) (1,547) (17) — (4,225) Current period recoveries — 6 — — 1 1,020 — — 1,027 Total net (charge-offs) recoveries (60) (15) (36) (2,515) (28) (527) (17) — (3,198) Total Pass $ 3,443,080 $ 1,655,148 $ 1,225,117 $ 1,090,130 $ 1,029,619 $ 2,920,459 $ 1,369,756 $ 404 $ 12,733,713 Special Mention 20,272 64,708 113,214 91,650 107,665 199,596 48,358 — 645,463 Substandard or Lower 4,459 13,075 14,681 52,278 34,550 128,496 67,135 940 315,614 Total $ 3,467,811 $ 1,732,931 $ 1,353,012 $ 1,234,058 $ 1,171,834 $ 3,248,551 $ 1,485,249 $ 1,344 $ 13,694,790 (1) Excludes real estate - construction - other. The Corporation considers the performance of the loan portfolio and its impact on the ACL. For certain loan classes, the Corporation evaluates credit quality based on the aging status of the loan. The following tables present the amortized cost of these loans based on payment activity, by origination year, for the periods shown: March 31, 2021 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans (dollars in thousands) Amortized Amortized 2021 2020 2019 2018 2017 Prior Cost Basis Cost Basis Total Real estate - home equity Performing $ 4,491 $ 29,767 $ 8,140 $ 12,312 $ 9,997 $ 119,037 $ 948,645 $ 4,845 $ 1,137,234 Nonperforming — — 88 23 264 2,597 9,545 207 12,724 Total real estate - home equity 4,491 29,767 8,228 12,335 10,261 121,634 958,190 5,052 1,149,958 Real estate - home equity Current period gross charge-offs — — — — — — (212) — (212) Current period recoveries — — — — — — 51 — 51 Total net (charge-offs) recoveries — — — — — — (161) — (161) Real estate - residential mortgage Performing 358,906 1,240,446 513,892 181,509 292,014 630,996 — — 3,217,763 Nonperforming — 3,927 1,654 3,450 2,945 24,319 — — 36,295 Total real estate - residential mortgage 358,906 1,244,373 515,546 184,959 294,959 655,315 — — 3,254,058 Real estate - residential mortgage Current period gross charge-offs — — (40) (47) — (105) — — (192) Current period recoveries — — — 3 1 — 92 — 96 Total net (charge-offs) recoveries — — (40) (44) 1 (105) 92 — (96) Consumer Performing 27,910 103,924 90,185 85,837 38,190 56,885 48,371 — 451,302 Nonperforming — 127 37 63 35 243 50 — 555 Total consumer 27,910 104,051 90,222 85,900 38,225 57,128 48,421 — 451,857 Consumer Current period gross charge-offs — (95) (94) (111) (79) (229) (27) — (635) Current period recoveries — 33 5 11 19 321 — — 389 Total net (charge-offs) recoveries — (62) (89) (100) (60) 92 (27) — (246) Equipment lease financing and other Performing 25,663 68,641 51,804 36,350 22,506 13,054 — — 218,018 Nonperforming — — — — 15,724 26 — — 15,750 Total leasing and other 25,663 68,641 51,804 36,350 38,230 13,080 — — 233,768 Equipment lease financing and other Current period gross charge-offs — (968) — — — — — — (968) Current period recoveries — 120 39 — — — — — 159 Total net (charge-offs) recoveries — (848) 39 — — — — — (809) Construction - other Performing 17,458 97,829 16,172 4,755 — 16 — — 136,230 Nonperforming — — 364 — 176 — — — 540 Total construction - other 17,458 97,829 16,536 4,755 176 16 — — 136,770 Construction - other Current period gross charge-offs — — — — — — — — — Current period recoveries — — — — — — — — — Total net (charge-offs) recoveries — — — — — — — — — Total Performing $ 434,428 $ 1,540,607 $ 680,193 $ 320,763 $ 362,707 $ 819,988 $ 997,016 $ 4,845 $ 5,160,547 Nonperforming — 4,054 2,143 3,536 19,144 27,185 9,595 207 65,864 Total $ 434,428 $ 1,544,661 $ 682,336 $ 324,299 $ 381,851 $ 847,173 $ 1,006,611 $ 5,052 $ 5,226,411 December 31, 2020 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans (dollars in thousands) Amortized Amortized 2020 2019 2018 2017 2016 Prior Cost Basis Cost Basis Total Real estate - home equity Performing $ 31,445 $ 8,176 $ 13,906 $ 11,024 $ 11,667 $ 126,749 $ 982,285 $ 5,321 $ 1,190,573 Nonperforming — 88 23 233 221 2,290 9,485 — 12,340 Total real estate - home equity 31,445 8,264 13,929 11,257 11,888 129,039 991,770 5,321 1,202,913 Real estate - home equity Current period gross charge-offs — — — — — (34) (1,159) — (1,193) Current period recoveries — — — — — 138 366 — 504 Total net (charge-offs) recoveries — — — — — 104 (793) — (689) Real estate - residential mortgage Performing 1,255,532 585,878 228,398 341,563 264,990 434,889 — — 3,111,250 Nonperforming 217 2,483 3,177 2,483 722 21,583 — — 30,665 Total real estate - residential mortgage 1,255,749 588,361 231,575 344,046 265,712 456,472 — — 3,141,915 Real estate - residential mortgage Current period gross charge-offs — (68) (101) (190) (7) (254) — — (620) Current period recoveries — 68 16 1 1 405 — — 491 Total net (charge-offs) recoveries — — (85) (189) (6) 151 — — (129) Consumer Performing 114,399 98,587 95,072 43,334 25,804 36,086 52,698 42 466,022 Nonperforming 168 19 124 141 114 150 34 — 750 Total consumer 114,567 98,606 95,196 43,475 25,918 36,236 52,732 42 466,772 Consumer Current period gross charge-offs (134) (542) (524) (444) (489) (769) (498) — (3,400) Current period recoveries — 64 165 159 94 101 1,292 — 1,875 Total net (charge-offs) recoveries (134) (478) (359) (285) (395) (668) 794 — (1,525) Equipment lease financing and other Performing 102,324 65,303 49,453 34,995 15,631 5,040 — — 272,746 Nonperforming — — 30 15,983 142 282 — — 16,437 Total leasing and other 102,324 65,303 49,483 50,978 15,773 5,322 — — 289,183 Equipment lease financing and other Current period gross charge-offs (606) (1,581) — — — — — — (2,187) Current period recoveries 185 349 21 18 11 21 — — 605 Total net (charge-offs) recoveries (421) (1,232) 21 18 11 21 — — (1,582) Construction - other Performing 96,444 24,888 6,822 — 16 — — — 128,170 Nonperforming — — — 178 — — — — 178 Total construction - other 96,444 24,888 6,822 178 16 — — — 128,348 Construction - other Current period gross charge-offs — — — — — — — — — Current period recoveries — — — — — — — — — Total net (charge-offs) recoveries — — — — — — — — — Total Performing $ 1,600,144 $ 782,832 $ 393,651 $ 430,916 $ 318,108 $ 602,764 $ 1,034,983 $ 5,363 $ 5,168,761 Nonperforming 385 2,590 3,354 19,018 1,199 24,305 9,519 — 60,370 Total $ 1,600,529 $ 785,422 $ 397,005 $ 449,934 $ 319,307 $ 627,069 $ 1,044,502 $ 5,363 $ 5,229,131 The following table presents non-performing assets: March 31, December 31, (in thousands) Non-accrual loans $ 143,889 $ 137,198 Loans 90 days or more past due and still accruing 8,559 9,929 Total non-performing loans 152,448 147,127 OREO (1) 3,664 4,178 Total non-performing assets $ 156,112 $ 151,305 (1) Excludes $7.6 million and $8.1 million of residential mortgage properties for which formal foreclosure proceedings were in process as of March 31, 2021 and December 31, 2020, respectively. The following tables present the aging of the amortized cost basis of loans, by class segment: 30-59 60-89 ≥ 90 Days Days Past Days Past Past Due Non- Due Due and Accruing Accrual Current Total (in thousands) March 31, 2021 Real estate – commercial mortgage $ 9,596 $ 1,516 $ 2,187 $ 51,977 $ 7,076,861 $ 7,142,137 Commercial and industrial 1,718 1,894 219 31,652 5,640,231 5,675,714 Real estate – residential mortgage 8,485 933 2,750 33,401 3,208,489 3,254,058 Real estate – home equity 2,795 1,062 3,148 9,368 1,133,585 1,149,958 Real estate – construction 170 — — 1,441 1,081,883 1,083,494 Consumer 1,224 491 255 301 449,586 451,857 Equipment lease financing and other 101 142 — 15,749 217,776 233,768 Total $ 24,089 $ 6,038 $ 8,559 $ 143,889 $ 18,808,411 $ 18,990,986 30-59 Days Past 60-89 ≥ 90 Days Non- Current Total (in thousands) December 31, 2020 Real estate – commercial mortgage $ 14,999 $ 9,273 $ 1,177 $ 51,470 $ 7,028,173 $ 7,105,092 Commercial and industrial 11,285 1,068 616 31,993 5,625,866 5,670,828 Real estate – residential mortgage 22,281 7,675 4,687 26,107 3,081,165 3,141,915 Real estate – home equity 5,622 1,654 2,753 9,588 1,183,296 1,202,913 Real estate – construction 1,938 — 155 1,395 1,043,730 1,047,218 Consumer 3,036 501 417 332 462,486 466,772 Equipment lease financing and other 838 150 124 16,313 248,657 266,082 Total $ 59,999 $ 20,321 $ 9,929 $ 137,198 $ 18,673,373 $ 18,900,820 Collateral-Dependent Loans A financial asset is considered to be collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of financial assets deemed collateral-dependent, the Corporation elected the practical expedient to estimate expected credit losses based on the collateral’s fair value less cost to sell. In most cases, the Corporation records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less cost to sell. Substantially all of the collateral supporting collateral-dependent financial assets consists of various types of real estate, including residential properties, commercial properties, such as retail centers, office buildings, and lodging, agriculture land, and vacant land. Troubled Debt Restructurings The following table presents TDRs, by class segment: March 31, December 31, (in thousands) Real estate - commercial mortgage $ 27,961 $ 28,451 Commercial and industrial 7,041 6,982 Real estate - residential mortgage 18,214 18,602 Real estate - home equity 13,674 14,391 Real estate - construction 154 — Consumer 5 — Total accruing TDRs 67,049 68,426 Non-accrual TDRs (1) 44,986 35,755 Total TDRs $ 112,035 $ 104,181 (1) Included in non-accrual loans in the preceding table detailing non-performing assets. The following table presents TDRs, by class segment, for loans that were modified during the three months ended March 31, 2021 and 2020: Three months ended March 31 2021 2020 Number of Loans Recorded Investment Number of Loans Recorded Investment (dollars in thousands) Commercial and industrial 4 $ 1,894 1 $ 74 Real estate - commercial mortgage 2 4,162 1 392 Real estate - residential mortgage 23 7,626 7 660 Real estate - home equity 5 148 8 577 Real estate - construction 1 154 — — Total 35 $ 13,984 17 $ 1,703 Restructured loan modifications may include payment schedule modifications, interest rate concessions, bankruptcies, principal reduction or some combination of these concessions. The restructured loan modifications primarily included maturity date extensions, rate modifications and payment schedule modifications. In accordance with regulatory guidance, payment schedule modifications granted after March 13, 2020 to borrowers impacted by the effects of the COVID-19 pandemic and who were not delinquent at the time of the payment schedule modifications have been excluded from TDRs. As of March 31, 2021 and 2020, payment schedule modifications having a recorded investment of $3.6 billion and $1.0 billion, respectively, were excluded from TDRs based on this regulatory guidance. |
Mortgage Servicing Rights
Mortgage Servicing Rights | 3 Months Ended |
Mar. 31, 2021 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | Mortgage Servicing Rights The following table summarizes the changes in MSRs, which are included in other assets on the consolidated balance sheets: Three months ended March 31 2021 2020 (in thousands) Amortized cost: Balance at beginning of period $ 38,745 $ 39,267 Originations of MSRs 2,811 1,478 Amortization (3,753) (1,891) Balance at end of period $ 37,803 $ 38,854 Valuation allowance: Balance at beginning of period $ (10,500) $ — Reduction (addition) to valuation allowance 6,100 (1,100) Balance at end of period $ (4,400) $ (1,100) Net MSRs at end of period $ 33,403 $ 37,754 MSRs represent the economic value of contractual rights to service mortgage loans that have been sold. The total portfolio of mortgage loans serviced by the Corporation for unrelated third parties was $4.6 billion and $4.7 billion as of March 31, 2021 and December 31, 2020, respectively. Actual and expected prepayments of the underlying mortgage loans can impact the fair values of the MSRs. The Corporation accounts for MSRs at the lower of amortized cost or fair value. The fair value of MSRs is estimated by discounting the estimated cash flows from servicing income, net of expense, over the expected life of the underlying loans at a discount rate commensurate with the risk associated with these assets. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. The fair values of MSRs were $33.4 million and $28.2 million at March 31, 2021 and December 31, 2020, respectively. Based on its fair value analysis as of March 31, 2021, the Corporation determined that a $6.1 million reduction to the valuation allowance was required for the three months ended March 31, 2021, resulting in a total valuation allowance of $4.4 million as of March 31, 2021. The decrease to the valuation allowance was recorded as an increase to mortgage banking income on the consolidated statements of income for the three months ended March 31, 2021. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Corporation manages its exposure to certain interest rate and foreign currency risks through the use of derivatives. Certain of the Corporation's outstanding derivative contracts are designated as hedges, and none are entered into for speculative purposes. The Corporation does enter into derivative contracts that are intended to economically hedge certain of its risks, even if hedge accounting does not apply or the Corporation elects not to apply hedge accounting. The Corporation records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Corporation has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives where hedge accounting is applied, changes in fair value are recognized in other comprehensive income. For derivatives where hedge accounting does not apply, changes in fair value are recognized in earnings as components of interest income, non-interest income or non-interest expense on the consolidated statements of income. Derivative contracts create counterparty credit risk with both the Corporation's customers and with institutional derivative counterparties. The Corporation manages counterparty credit risk through its credit approval processes, monitoring procedures and obtaining adequate collateral, when the Corporation determines it is appropriate to do so and in accordance with counterparty contracts. For each of the derivatives, gross derivative assets and liabilities are recorded in other assets and other liabilities, respectively, on the consolidated balance sheets. Related gains and losses on these derivative instruments are recorded in other changes, net on the consolidated statement of cash flows. Mortgage Banking Derivatives In connection with its mortgage banking activities, the Corporation enters into commitments to originate certain fixed-rate residential mortgage loans for customers, also referred to as interest rate locks. In addition, the Corporation enters into forward commitments for the future sales or purchases of mortgage-backed securities to or from third-party counterparties to hedge the effect of changes in interest rates on the values of both the interest rate locks and mortgage loans held for sale. Forward sales commitments may also be in the form of commitments to sell individual mortgage loans at a fixed price at a future date. The amount necessary to settle each interest rate lock is based on the price that secondary market investors would pay for loans with similar characteristics, including interest rate and term, as of the date fair value is measured. Interest Rate Swaps - Non-Designated Hedges The Corporation enters into interest rate swaps with certain qualifying commercial loan customers to meet their interest rate risk management needs. The Corporation simultaneously enters into interest rate swaps with dealer counterparties, with identical notional amounts and terms. The net result of these interest rate swaps is that the customer pays a fixed rate of interest and the Corporation receives a floating rate. As the interest rate derivatives associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings. The Corporation’s existing credit derivatives result from participations in interest rate swaps provided by external lenders as part of loan participation arrangements, therefore, are not used to manage interest rate risk in the Corporation’s assets or liabilities. Derivatives not designated as hedges are not speculative and result from a service the Corporation provides to certain lenders which participate in loans. The Corporation is required to clear all eligible interest rate swap contracts with a clearing agent and is subject to the regulations of the Commodity Futures Trading Commission. Cash Flow Hedges of Interest Rate Risk The Corporation’s objectives in using interest rate derivatives are to reduce volatility in net interest income and to manage its exposure to interest rate movements. To accomplish this objective, the Corporation primarily uses interest rate swaps as part of its interest rate risk management strategy. During the first quarter of 2021, the Corporation entered into interest rate swaps designated as cash flow hedges to hedge the variable cash flows associated with existing floating rate loans. These hedge contracts involve the receipt of fixed-rate amounts from a counterparty in exchange for the Corporation making floating-rate payments over the life of the agreements without exchange of the underlying notional amount. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the unrealized gain or loss on the derivative is recorded in AOCI and subsequently reclassified into interest income in the same period during which the hedged transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest income as interest payments are made on the Corporation’s variable-rate liabilities. During the next twelve months, the Corporation estimates that an additional $3.4 million will be reclassified as an increase to interest income. Foreign Exchange Contracts The Corporation enters into foreign exchange contracts to accommodate the needs of its customers. Foreign exchange contracts are commitments to buy or sell foreign currency on a specific date at a contractual price. The Corporation limits its foreign exchange exposure with customers by entering into contracts with institutional counterparties to mitigate its foreign exchange risk. The Corporation also holds certain amounts of foreign currency with international correspondent banks ("Foreign Currency Nostro Accounts"). The Corporation limits the total overnight net foreign currency open positions, which is defined as an aggregate of all outstanding contracts and Foreign Currency Nostro Account balances, to $500,000. The following table presents a summary of the notional amounts and fair values of derivative financial instruments: March 31, 2021 December 31, 2020 Notional Asset Notional Asset (in thousands) Interest Rate Locks with Customers Positive fair values $ 274,909 $ 2,198 $ 382,903 $ 8,034 Negative fair values 40,007 (316) 3,154 (35) Forward Commitments Positive fair values 91,264 4,650 — — Negative fair values — — 292,262 (2,263) Interest Rate Swaps with Customers Positive fair values 3,169,658 179,934 3,834,062 330,951 Negative fair values 769,300 (9,721) 45,640 (2) Interest Rate Swaps with Dealer Counterparties Positive fair values 769,300 9,721 45,640 2 Negative fair values 3,169,658 (98,368) 3,834,062 (165,205) Interest Rate Swaps used in Cash Flow Hedges Positive fair values — 305 — — Negative fair values 500,000 (492) — — Foreign Exchange Contracts with Customers Positive fair values 12,196 280 1,121 5 Negative fair values 552 (14) 5,963 (275) Foreign Exchange Contracts with Correspondent Banks Positive fair values 2,821 43 6,372 318 Negative fair values 12,213 (258) 1,422 (5) The following table presents the effect of fair value and cash flow hedge accounting on accumulated other comprehensive income for the three months ended March 31, 2021: Amount of Loss Recognized in OCI on Derivative Amount of Loss Recognized in OCI Included Component Amount of Gain or (Loss) Recognized in OCI Excluded Component Location of Gain or (Loss) Recognized from AOCI into Income Amount of Gain Reclassified from AOCI into Income Amount of Gain Reclassified from AOCI into Income Included Component Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component (in thousands) Derivatives in Cash Flow Hedging Relationships: Interest Rate Products $ (2,065) $ (2,065) $ — Interest Income $ 144 $ 144 $ — The following table presents the effect of fair value and cash flow hedge accounting on the consolidated statements of income for the three months ended March 31, 2021: Consolidated Statements of Income Classification Interest Income Total amounts of income line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded $ 144 The effects of fair value and cash flow hedging: Gain or (loss) on cash flow hedging relationships — Interest contracts: Amount of gain reclassified from AOCI into income 144 Amount of gain or (loss) reclassified from AOCI into income as a result that a forecasted transaction is no longer probable of occurring — Amount of Gain Reclassified from AOCI into Income - Included Component 144 Amount of Gain or (Loss) Reclassified from AOCI into Income - Excluded Component — The following table presents a summary of the fair value gains (losses) on derivative financial instruments: Consolidated Statements of Income Classification Three months ended March 31 2021 2020 (in thousands) Mortgage banking derivatives (1) Mortgage banking income $ 796 $ 1,040 Interest rate swaps Other expense (104) 72 Foreign exchange contracts Other income 8 119 Net fair value gains on derivative financial instruments $ 700 $ 1,231 (1) Includes interest rate locks with customers and forward commitments. Fair Value Option The Corporation has elected to measure mortgage loans held for sale at fair value. The following table presents a summary of mortgage loans held for sale and the impact of the fair value election on the consolidated financial statements as of the periods shown: March 31, December 31, (in thousands) Amortized cost (1) $ 33,801 $ 80,662 Fair value 34,092 83,886 (1) Cost basis of mortgage loans held for sale represents the unpaid principal balance. Losses related to changes in fair values of mortgage loans held for sale were $2.9 million for the three months ended March 31, 2021 compared to gains of $733,000 for the three months ended March 31, 2020. Balance Sheet Offsetting Although certain financial assets and liabilities may be eligible for offset on the consolidated balance sheets because they are subject to master netting arrangements or similar agreements, the Corporation elects to not offset such qualifying assets and liabilities. The Corporation is a party to interest rate swaps with financial institution counterparties and customers. Under these agreements, the Corporation has the right to net-settle multiple contracts with the same counterparty in the event of default on, or termination of, any one contract. Cash collateral is posted by the party with a net liability position in accordance with contract thresholds and can be used to settle the fair value of the interest rate swap agreements in the event of default. A daily settlement occurs through a clearing agent for changes in the fair value of centrally cleared derivatives. Not all of the derivatives are required to be cleared daily through a clearing agent. As a result, the total fair values of interest rate swap derivative assets and liabilities recognized on the consolidated balance sheet are not equal and offsetting. The Corporation is also a party to foreign currency exchange contracts with financial institution counterparties, under which the Corporation has the right to net-settle multiple contracts with the same counterparty in the event of default on, or termination of, any one contract. As with interest rate swaps, collateral is posted by the party with a net liability position in accordance with contract thresholds and can be used to settle the fair value of the foreign currency exchange contracts in the event of default. The Corporation also enters into agreements with customers in which it sells securities subject to an obligation to repurchase the same or similar securities, referred to as repurchase agreements. Under these agreements, the Corporation may transfer legal control over the assets but still maintain effective control through agreements that both entitle and obligate the Corporation to repurchase the assets. Therefore, repurchase agreements are reported as secured borrowings, classified in short-term borrowings on the consolidated balance sheets, while the securities underlying the repurchase agreements remain classified with AFS investment securities on the consolidated balance sheets. The Corporation has no intention of setting off these amounts, therefore, these repurchase agreements are not eligible for offset. As of March 31, 2021, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $492,000. As of March 31, 2021, the Company has minimum collateral posting thresholds with certain of its derivative counterparties and has posted collateral of $143.1 million. If the Company had breached any of these provisions at March 31, 2021, it could have been required to settle its obligations under the agreements at their termination value of $492,000. The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets: Gross Amounts Gross Amounts Not Offset Recognized on the Consolidated on the Balance Sheets Consolidated Financial Cash Net Balance Sheets Instruments (1) Collateral (2) Amount (in thousands) March 31, 2021 Interest rate swap derivative assets $ 189,960 $ (11,779) $ — $ 178,181 Foreign exchange derivative assets with correspondent banks 43 (43) — — Total $ 190,003 $ (11,822) $ — $ 178,181 Interest rate swap derivative liabilities $ 108,581 $ (11,779) $ (96,802) $ — Foreign exchange derivative liabilities with correspondent banks 258 (43) — 215 Total $ 108,839 $ (11,822) $ (96,802) $ 215 December 31, 2020 Interest rate swap derivative assets $ 330,951 $ (2) $ — $ 330,949 Foreign exchange derivative assets with correspondent banks 318 (5) — 313 Total $ 331,269 $ (7) $ — $ 331,262 Interest rate swap derivative liabilities $ 165,205 $ (2) $ (165,203) $ — Foreign exchange derivative liabilities with correspondent banks 5 (5) — — Total $ 165,210 $ (7) $ (165,203) $ — (1) For interest rate swap assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate swap liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default. (2) Amounts represent cash collateral received from the counterparty or posted by the Corporation on interest rate swap transactions and foreign exchange contracts with financial institution counterparties. Interest rate swaps with customers are collateralized by the same collateral securing the underlying loans to those borrowers. Cash and securities collateral amounts are included in the table only to the extent of the net derivative fair values. |
Tax Credit Investments
Tax Credit Investments | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Tax Credit Investments | Tax Credit Investments TCIs are primarily for investments promoting qualified affordable housing projects and investments in community development entities. Investments in these projects generate a return primarily through the realization of federal income tax credits and deductions for operating losses over a specified time period. The TCIs are included in other assets, with any unfunded equity commitments recorded in other liabilities on the consolidated balance sheets. Certain TCIs qualify for the proportional amortization method and are amortized over the period the Corporation expects to receive the tax credits, with the expense included within income taxes on the consolidated statements of income. Other TCIs are accounted for under the equity method of accounting, with amortization included within non-interest expense on the consolidated statements of income. This amortization includes equity in partnership losses and the systematic write-down of investments over the period in which income tax credits are earned. All of the TCIs are evaluated for impairment at the end of each reporting period. The following table presents the balances of the Corporation's TCIs and related unfunded commitments: March 31, December 31, 2021 2020 Included in other assets: (in thousands) Affordable housing tax credit investment, net $ 145,888 $ 152,203 Other tax credit investments, net 58,782 59,224 Total TCIs, net $ 204,670 $ 211,427 Included in other liabilities: Unfunded affordable housing tax credit commitments $ 30,762 $ 31,562 Other tax credit liabilities 49,491 49,491 Total unfunded tax credit commitments and liabilities $ 80,253 $ 81,053 The following table presents other information relating to the Corporation's TCIs: Three months ended March 31 2021 2020 Components of income taxes: (in thousands) Affordable housing tax credits and other tax benefits $ (6,488) $ (7,194) Other tax credit investment credits and tax benefits (723) (941) Amortization of affordable housing investments, net of tax benefit 4,366 5,024 Deferred tax expense 160 208 Total net reduction in income tax expense $ (2,685) $ (2,903) Amortization of TCIs: Affordable housing tax credits investment $ 986 $ 1,022 Other tax credit investment amortization 545 428 Total amortization of TCIs $ 1,531 $ 1,450 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following table presents changes in OCI: Before-Tax Amount Tax Effect Net of Tax Amount Three months ended March 31, 2021 (in thousands) Unrealized loss on securities $ (51,751) $ 11,753 $ (39,999) Reclassification adjustment for securities gains included in net income (1) 487 (110) 377 Amortization of net unrealized losses on AFS securities transferred to HTM (2) 2,312 (525) 1,787 Net unrealized loss on interest rate swaps used in cash flow hedges (3) (2,209) 502 (1,707) Amortization of net unrecognized pension and postretirement items (4) 370 (81) 289 Total OCI $ (50,791) $ 11,538 $ (39,253) Three months ended March 31, 2020 Unrealized gain on securities $ 22,380 $ (4,949) $ 17,431 Reclassification adjustment for securities gains included in net income (1) (46) 10 (36) Amortization of net unrealized losses on AFS securities transferred to HTM (2) 1,022 (227) 795 Amortization of net unrecognized pension and postretirement items (4) 328 (73) 255 Total OCI $ 23,684 $ (5,239) $ 18,445 (1) Amounts reclassified out of AOCI. Before-tax amounts included in "Investment securities gains, net" on the Consolidated Statements of Income. See Note 3, "Investment Securities," for additional details. (2) Amounts reclassified out of AOCI. Before-tax amounts included as a reduction to "Interest Income" on the Consolidated Statements of Income. (3) Amounts reclassified out of AOCI. Before-tax amounts included in "Interest Income" on the Consolidated Statements of Income. (4) Amounts reclassified out of AOCI. Before-tax amounts included in "Salaries and employee benefits" on the Consolidated Statements of Income. See Note 12, "Employee Benefit Plans," for additional details. The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax: Unrealized Gains (Losses) on Investment Securities Net Unrealized (Loss) on Interest Rate Swaps used in Cash Flow Hedges Unrecognized Pension and Postretirement Plan Income (Costs) Total (in thousands) Three months ended March 31, 2021 Balance at December 31, 2020 $ 81,604 $ — $ (16,513) $ 65,091 OCI before reclassifications (39,999) — — (39,999) Amounts reclassified from AOCI 377 (1,707) 289 (1,042) Amortization of net unrealized losses on AFS securities transferred to HTM 1,787 — — 1,787 Balance at March 31, 2021 $ 43,769 $ (1,707) $ (16,224) $ 25,838 Three months ended March 31, 2020 Balance at December 31, 2019 $ 14,864 $ — $ (15,001) $ (137) OCI before reclassifications 17,431 — — 17,431 Amounts reclassified from AOCI (36) — 255 219 Amortization of net unrealized losses on AFS securities transferred to HTM 795 — — 795 Balance at March 31, 2020 $ 33,054 $ — $ (14,746) $ 18,308 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements FASB ASC Topic 820 establishes a fair value hierarchy for the inputs to valuation techniques used to measure assets and liabilities at fair value using the following three categories (from highest to lowest priority): • Level 1 – Inputs that represent quoted prices for identical instruments in active markets. • Level 2 – Inputs that represent quoted prices for similar instruments in active markets, or quoted prices for identical instruments in non-active markets. Also includes valuation techniques whose inputs are derived principally from observable market data other than quoted prices, such as interest rates or other market-corroborated means. • Level 3 – Inputs that are largely unobservable, as little or no market data exists for the instrument being valued. All assets and liabilities measured at fair value on both a recurring and nonrecurring basis, have been categorized into the above three levels. The following tables present assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets: March 31, 2021 Level 1 Level 2 Level 3 Total (in thousands) Loans held for sale $ — $ 34,092 $ — $ 34,092 Available for sale investment securities: State and municipal securities — 994,760 — 994,760 Corporate debt securities — 359,371 — 359,371 Collateralized mortgage obligations — 399,881 — 399,881 Residential mortgage-backed securities — 255,364 — 255,364 Commercial mortgage-backed securities — 673,017 — 673,017 Auction rate securities — — 76,204 76,204 Total available for sale investment securities — 2,682,393 76,204 2,758,597 Other assets: Investments held in Rabbi Trust 25,374 — — 25,374 Derivative assets 323 196,808 — 197,131 Total assets $ 25,697 $ 2,913,293 $ 76,204 $ 3,015,194 Other liabilities: Deferred compensation liabilities $ 25,374 $ — $ — $ 25,374 Derivative liabilities 272 108,897 — 109,169 Total liabilities $ 25,646 $ 108,897 $ — $ 134,543 December 31, 2020 Level 1 Level 2 Level 3 Total (in thousands) Loans held for sale $ — $ 83,886 $ — $ 83,886 Available for sale investment securities: State and municipal securities — 952,613 — 952,613 Corporate debt securities — 367,145 — 367,145 Collateralized mortgage obligations — 503,766 — 503,766 Residential mortgage-backed securities — 377,998 — 377,998 Commercial mortgage-backed securities — 762,415 — 762,415 Auction rate securities — — 98,206 98,206 Total available for sale investment securities — 2,963,937 98,206 3,062,143 Other assets: Investments held in Rabbi Trust 24,383 — — 24,383 Derivative assets 323 338,987 — 339,310 Total assets $ 24,706 $ 3,386,810 $ 98,206 $ 3,509,722 Other liabilities: Deferred compensation liabilities $ 24,383 $ — $ — $ 24,383 Derivative liabilities 280 167,505 — 167,785 Total liabilities $ 24,663 $ 167,505 $ — $ 192,168 The valuation techniques used to measure fair value for the items in the preceding tables are as follows: Loans held for sale – This category includes mortgage loans held for sale that are measured at fair value. Fair values as of March 31, 2021 and December 31, 2020 were based on the price that secondary market investors were offering for loans with similar characteristics. See "Note 6 - Derivative Financial Instruments" for details related to the Corporation’s election to measure assets and liabilities at fair value. Available for sale investment securities – Included in this asset category are debt securities. Level 2 investment securities are valued by a third-party pricing service. The pricing service uses pricing models that vary based on asset class and incorporate available market information, including quoted prices of investment securities with similar characteristics. Because many fixed income securities do not trade on a daily basis, pricing models use available information, as applicable, through processes such as benchmark yield curves, benchmarking of like securities, sector groupings and matrix pricing. Standard market inputs include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data, including market research publications. For certain security types, additional inputs may be used, or some of the standard market inputs may not be applicable. • State and municipal securities/Collateralized mortgage obligations/Residential mortgage-backed securities/Commercial mortgage-backed securities – These debt securities are classified as Level 2. Fair values are determined by a third-party pricing service, as detailed above. • Corporate debt securities – This category consists of subordinated debt and senior debt issued by financial institutions ($355.0 million at March 31, 2021 and $362.8 million at December 31, 2020) and other corporate debt issued by non-financial institutions ($4.4 million at both March 31, 2021 and December 31, 2020). • Auction rate securities – Due to their illiquidity, ARCs are classified as Level 3 investment securities and are valued through the use of an expected cash flows model prepared by a third-party valuation expert. The assumptions used in preparing the expected cash flows model include estimates for coupon rates, time to maturity and market rates of return. The most significant unobservable input to the expected cash flows model is an assumed return to market liquidity sometime in the next five years. If the assumed return to market liquidity was lengthened beyond the next five years, this would result in a decrease in the fair value of these ARCs. The Corporation believes that the trusts underlying the ARCs will self-liquidate as student loans are repaid. All of the loans underlying the ARCs have principal payments which are guaranteed by the federal government. Level 3 fair values are tested by management through the performance of a trend analysis of the market price and discount rate. Changes in the price and discount rates are compared to changes in market data, including bond ratings, parity ratios, balances and delinquency levels. Investments held in Rabbi Trust – This category consists of mutual funds that are held in trust for employee deferred compensation plans that the Corporation has elected to measure at fair value. Shares of mutual funds are valued based on net asset value, which represent quoted market prices for the underlying shares held in the mutual funds, and as such, are classified as Level 1. Derivative assets – Fair value of foreign currency exchange contracts classified as Level 1 assets ($323,000 at both March 31, 2021 and December 31, 2020). The mutual funds and foreign exchange prices used to measure these items at fair value are based on quoted prices for identical instruments in active markets. Level 2 assets, representing the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ($6.8 million at March 31, 2021 and $8.0 million at December 31, 2020) and the fair value of interest rate swaps ($190.0 million at March 31, 2021 and $331.0 million at December 31, 2020). The fair values of the Corporation’s interest rate locks, forward commitments and interest rate swaps represent the amounts that would be required to settle the derivative financial instruments at the balance sheet date. See "Note 6 - Derivative Financial Instruments," for additional information. Deferred compensation liabilities – Fair value of amounts due to employees under deferred compensation plans, classified as Level 1 liabilities and are included in other liabilities on the consolidated balance sheets. The fair values of these liabilities are determined in the same manner as the related assets, as described under the heading "Investments held in Rabbi Trust" above. Derivative liabilities – Level 1 liabilities, representing the fair value of foreign currency exchange contracts ($272,000 at March 31, 2021 and $280,000 at December 31, 2020). Level 2 liabilities, representing the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ($316,000 at March 31, 2021 and $2.3 million at December 31, 2020 and the fair value of interest rate swaps ($108.6 million at March 31, 2021 and $165.2 million at December 31, 2020). The fair values of these liabilities are determined in the same manner as the related assets, as described under the heading "Derivative assets" above. The following table presents the changes in the Corporation’s available for sale investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3): Single-issuer ARCs Three months ended March 31, 2021 (in thousands) Balance at December 31, 2020 $ — $ 98,206 Sales — (24,619) Unrealized adjustment to fair value (1) — 2,617 Balance at March 31, 2021 $ — $ 76,204 Three months ended March 31, 2020 Balance at December 31, 2019 $ 2,400 $ 101,926 Unrealized adjustment to fair value (1) (242) (8,260) Discount accretion 2 — Balance at March 31, 2020 $ 2,160 $ 93,666 (1) Pooled trust preferred securities, single-issuer trust preferred securities and ARCs are classified as available for sale investment securities; as such, the unrealized adjustment to fair value was recorded as an unrealized holding gain (loss) and included as a component of "available for sale at estimated fair value" on the consolidated balance sheets. Certain assets are not measured at fair value on an ongoing basis, but are subject to fair value measurement in certain circumstances, such as upon their acquisition or when there is evidence of impairment. The following table presents Level 3 financial assets measured at fair value on a nonrecurring basis: March 31, 2021 December 31, 2020 (in thousands) Loans, net $ 122,962 $ 116,584 OREO 3,664 4,178 MSRs (1) 33,403 28,245 Total assets $ 160,029 $ 149,007 (1) Amounts shown are estimated fair value. MSRs are recorded on the Corporation's consolidated balance sheets at the lower of amortized cost or fair value. See "Note 5 - Mortgage Servicing Rights" for additional information. The valuation techniques used to measure fair value for the items in the table above are as follows: • Net Loans – This category consists of loans that were individually evaluated for impairment and have been classified as Level 3 assets. See "Note 4 - Loans and Allowance for Credit Losses," for additional details. • OREO – This category consists of OREO classified as Level 3 assets, for which the fair values were based on estimated selling prices less estimated selling costs for similar assets in active markets. • MSRs - This category consists of MSRs, which were initially recorded at fair value upon the sale of residential mortgage loans to secondary market investors, and subsequently carried at the lower of amortized cost or fair value. MSRs are amortized as a reduction to servicing income over the estimated lives of the underlying loans. MSRs are stratified by product type and evaluated for impairment by comparing each stratum's carrying amount to its estimated fair value. Fair values are determined at the end of each quarter through a discounted cash flows valuation performed by a third-party valuation expert. Significant inputs to the valuation included expected net servicing income, the discount rate and the expected life of the underlying loans. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. The weighted average annual constant prepayment rate and the weighted average discount rate used in the March 31, 2021 valuation were 15.3% and 9.5%, respectively. Management reviews the reasonableness of the significant inputs to the third-party valuation in comparison to market data. See "Note 5 - Mortgage Servicing Rights," for additional information. In 2007, the Corporation received the Visa Shares in connection with a corporate restructuring undertaken by Visa, Inc. in contemplation of its initial public offering. These securities were considered equity securities without readily determinable fair values. As such, the approximately 133,000 Visa Shares owned were carried at a zero cost basis. During the first quarter of 2021, the Corporation sold all of its Visa Shares and recognized a $34.0 million gain. The following tables present the carrying amounts and estimated fair values of the Corporation’s financial instruments for the current period. A general description of the methods and assumptions used to estimate such fair values follows: March 31, 2021 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 1,661,876 $ 1,661,876 $ — $ — $ 1,661,876 FRB and FHLB stock 66,209 — 66,209 — 66,209 Loans held for sale 34,092 — 34,092 — 34,092 AFS securities 2,758,597 — 2,682,393 76,204 2,758,597 HTM securities 853,413 — 843,743 — 843,743 Net Loans 18,725,000 — — 18,354,532 18,354,532 Accrued interest receivable 65,649 65,649 — — 65,649 Other assets 510,534 276,659 196,808 37,067 510,534 FINANCIAL LIABILITIES Demand and savings deposits $ 19,250,538 $ 19,250,538 $ — $ — $ 19,250,538 Brokered deposits 309,873 289,873 21,001 — 310,874 Time deposits 2,073,427 — 2,087,663 — 2,087,663 Short-term borrowings 520,989 520,989 — — 520,989 Accrued interest payable 5,618 5,618 — — 5,618 Long-term borrowings 626,407 — 607,577 — 607,577 Other liabilities 297,069 173,899 108,897 14,273 297,069 December 31, 2020 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 1,847,832 $ 1,847,832 $ — $ — $ 1,847,832 FRB and FHLB stock 92,129 — 92,129 — 92,129 Loans held for sale 83,886 — 83,886 — 83,886 AFS securities 3,062,143 — 2,963,937 98,206 3,062,143 HTM securities 278,281 — 296,857 — 296,857 Net Loans 18,623,253 — — 18,354,532 18,354,532 Accrued interest receivable 72,942 72,942 — — 72,942 Other assets 650,425 279,015 338,987 32,423 650,425 FINANCIAL LIABILITIES Demand and savings deposits $ 18,279,358 $ 18,279,358 $ — $ — $ 18,279,358 Brokered deposits 335,185 295,185 41,206 — 336,391 Time deposits 2,224,665 — 2,246,457 — 2,246,457 Short-term borrowings 630,066 630,066 — — 630,066 Accrued interest payable 10,365 10,365 — — 10,365 Long-term borrowings 1,296,263 — 1,332,041 — 1,332,041 Other liabilities 338,747 156,869 167,505 14,373 338,747 Fair values of financial instruments are significantly affected by the assumptions used, principally the timing of future cash flows and discount rates. Because assumptions are inherently subjective in nature, the estimated fair values cannot be substantiated by comparison to independent market quotes and, in many cases, the estimated fair values could not necessarily be realized in an immediate sale or settlement of the instrument. The aggregate fair value amounts presented do not necessarily represent management’s estimate of the underlying value of the Corporation. For short-term financial instruments, defined as those with remaining maturities of 90 days or less, and excluding those recorded at fair value on the Corporation’s consolidated balance sheets, book value was considered to be a reasonable estimate of fair value. The following instruments are predominantly short-term: Assets Liabilities Cash and cash equivalents Demand and savings deposits Accrued interest receivable Short-term borrowings Accrued interest payable FRB and FHLB stock represent restricted investments and are carried at cost on the consolidated balance sheets, which is a reasonable estimate of fair value. As of March 31, 2021, fair values for loans and time deposits were estimated by discounting future cash flows using the current rates, as adjusted for liquidity considerations, at which similar loans would be made to borrowers and similar deposits would be issued to customers for the same remaining maturities. Fair values of loans also include estimated credit losses that would be assumed in a market transaction, which represents estimated exit prices. Brokered deposits consists of demand and saving deposits, which are classified as Level 1, and time deposits, which are classified as Level 2. The fair value of these deposits are determined in a manner consistent with the respective type of deposits discussed above. |
Net Income Per Share
Net Income Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Net Income Per Share Basic net income per share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding. Diluted net income per share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding plus the incremental number of shares added as a result of converting common stock equivalents, calculated using the treasury stock method. The Corporation’s common stock equivalents consist of outstanding stock options, restricted stock, RSUs, and PSUs. PSUs are required to be included in weighted average diluted shares outstanding if performance measures, as defined in each PSU award agreement, are met as of the end of the period. A reconciliation of weighted average shares outstanding used to calculate basic and diluted net income per share follows (in thousands, except per share data): Three months ended March 31 2021 2020 Weighted average shares outstanding (basic) 162,441 163,475 Impact of common stock equivalents 1,296 942 Weighted average shares outstanding (diluted) 163,737 164,417 Per share: Basic $ 0.43 $ 0.16 Diluted 0.43 0.16 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Corporation grants equity awards to employees in the form of stock options, restricted stock, RSUs or PSUs under its Amended and Restated Equity and Cash Incentive Compensation Plan ("Employee Equity Plan"). Recent grants of equity awards under the Employee Equity Plan have generally been limited to RSUs and PSUs. In addition, employees may purchase stock under the Corporation’s Employee Stock Purchase Plan. The fair value of equity awards granted to employees is recognized as compensation expense over the period during which employees are required to provide service in exchange for such awards. Compensation expense for PSUs is also recognized over the period during which employees are required to provide service in exchange for such awards, however, compensation expense may vary based on the expectations for actual performance relative to defined performance measures. The Corporation also grants equity awards to non-employee members of its board of directors and subsidiary bank boards of directors under the 2011 Directors’ Equity Participation Plan, which was amended and approved by shareholders as the Amended and Restated Directors’ Equity Participation Plan in 2019 ("Directors’ Plan"). Under the Directors’ Plan, the Corporation can grant equity awards to non-employee holding company and subsidiary bank directors in the form of stock options, restricted stock, RSUs or common stock. Recent grants of equity awards under the Directors’ Plan have been limited to RSUs. Equity awards under the Employee Equity Plan are generally granted annually and become fully vested over or after a three-year vesting period. The vesting period for non-performance-based awards represents the period during which employees are required to provide service in exchange for such awards. Equity awards under the Directors' Plan are generally granted annually and become fully vested after a one-year vesting period. Certain events, as defined in the Employee Equity Plan and the Directors' Plan, result in the acceleration of the vesting of equity awards. Fair values for RSUs and a majority of PSUs are based on the trading price of the Corporation’s stock on the date of grant and earn dividend equivalents during the vesting period, which are forfeitable if the awards do not vest. The fair value of certain PSUs are estimated through the use of the Monte Carlo valuation methodology as of the date of grant. As of March 31, 2021, the Employee Equity Plan had 9.3 million shares reserved for future grants through 2023, and the Directors’ Plan had approximately 176,000 shares reserved for future grants through 2029. The following table presents compensation expense and the related tax benefits for equity awards recognized in the consolidated statements of income: Three months ended March 31 2021 2020 (in thousands) Compensation expense $ 1,902 $ 1,619 Tax benefit (414) (344) Stock-based compensation expense, net of tax benefit $ 1,488 $ 1,275 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The net periodic pension cost for the Corporation’s Defined Benefit Pension Plan ("Pension Plan") consisted of the following components: Three months ended March 31 2021 2020 (in thousands) Interest cost $ 561 $ 681 Expected return on plan assets (1,011) (982) Net amortization and deferral 504 465 Net periodic pension cost $ 54 $ 164 The components of the net benefit for the Corporation’s Postretirement Benefits Plan ("Postretirement Plan") consisted of the following components: Three months ended March 31 2021 2020 (in thousands) Interest cost $ 8 $ 11 Net accretion and deferral (134) (137) Net periodic benefit $ (126) $ (126) |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments The Corporation is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. Those financial instruments include commitments to extend credit and letters of credit, which involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized on the Corporation’s consolidated balance sheets. Exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and letters of credit is represented by the outstanding amount of those instruments. The Corporation records a reserve for unfunded lending commitments, included in ACL - OBS credit exposures, which represents management’s estimate of credit losses associated with unused commitments to extend credit and letters of credit. As of March 31, 2021 and December 31, 2020, the ACL - OBS credit exposures for unfunded lending commitments was $9.7 million and $9.1 million, respectively. See "Note 4 - Loans and Allowance for Credit Losses," for additional details. The following table presents the Corporation's commitments to extend credit and letters of credit: March 31, December 31, 2020 (in thousands) Commitments to extend credit $ 9,018,523 $ 8,651,055 Standby letters of credit 295,516 298,750 Commercial letters of credit 57,917 56,229 Residential Lending The Corporation originates and sells residential mortgages to secondary market investors. The Corporation provides customary representations and warranties to secondary market investors that specify, among other things, that the loans have been underwritten to the standards of the secondary market investor. The Corporation may be required to repurchase specific loans, or reimburse the investor for a credit loss incurred on a sold loan if it is determined that the representations and warranties have not been met. Under some agreements with secondary market investors, the Corporation may have additional credit exposure beyond customary representations and warranties, based on the specific terms of those agreements. The Corporation maintains a reserve for estimated losses related to loans sold to investors. As of both March 31, 2021 and December 31, 2020, the total reserve for losses on residential mortgage loans sold was $1.1 million, including reserves for both representation and warranty and credit loss exposures. With the adoption of CECL on January 1, 2020 the reserve for estimated losses on certain residential mortgage loans sold to investors was reclassified to ACL - OBS credit exposures. This reclassification resulted in a $2.1 million increase to ACL - OBS credit exposures and a corresponding decrease to the reserve for estimated losses related to loans sold to investors in the first quarter of 2020. Legal Proceedings The Corporation is involved in various pending and threatened claims and other legal proceedings in the ordinary course of its business activities. The Corporation evaluates the possible impact of these matters, taking into consideration the most recent information available. A loss reserve is established for those matters for which the Corporation believes a loss is both probable and reasonably estimable. Once established, the reserve is adjusted as appropriate to reflect any subsequent developments. Actual losses with respect to any such matter may be more or less than the amount estimated by the Corporation. For matters where a loss is not probable, or the amount of the loss cannot be reasonably estimated by the Corporation, no loss reserve is established. In addition, from time to time, the Corporation is involved in investigations or other forms of regulatory or governmental inquiry covering a range of possible issues and, in some cases, these may be part of similar reviews of the specified activities of other companies. These inquiries or investigations could lead to administrative, civil or criminal proceedings involving the Corporation, and could result in fines, penalties, restitution, other types of sanctions or restrictions, or the need for the Corporation to undertake remedial actions, or to alter its business, financial or accounting practices. The Corporation’s practice is to cooperate fully with regulatory and governmental inquiries and investigations. As of the date of this report, the Corporation believes that any liabilities, individually or in the aggregate, which may result from the final outcomes of pending legal proceedings, or regulatory or governmental inquiries or investigations, will not have a material adverse effect on the financial condition of the Corporation. However, legal proceedings, inquiries and investigations are often unpredictable, and it is possible that the ultimate resolution of any such matters, if unfavorable, may be material to the Corporation’s results of operations in any future period, depending, in part, upon the size of the loss or liability imposed and the operating results for the period, and could have a material adverse effect on the Corporation’s business. In addition, regardless of the ultimate outcome of any such legal proceeding, inquiry or investigation, any such matter could cause the Corporation to incur additional expenses, which could be significant, and possibly material, to the Corporation’s results of operations in any future period. Kress v. Fulton Bank, N.A. On October 15, 2019, a former Fulton Bank teller supervisor, D. Kress filed a putative collective and class action lawsuit on behalf of herself and other teller supervisors, tellers, and other similar non-exempt employees in the U.S. District Court for the District of New Jersey, D. Kress v. Fulton Bank, N.A. , Case No. 1:19-cv-18985. Fulton Bank accepted summons without a formal service of process on January 20, 2020. The lawsuit alleges that Fulton Bank did not record or otherwise account for the amount of time D. Kress and putative collective and class members spent conducting branch opening security procedures. The allegation is that, as a result, Fulton Bank did not properly compensate those employees for their regular and overtime wages. The lawsuit alleges that by doing so, Fulton violated: (i) the federal Fair Labor Standards Act and seeks back overtime wages for a period of three years, liquidated damages and attorney fees and costs; (ii) the New Jersey State Wage and Hour Law and seeks back overtime wages for a period of six years, treble damages and attorney fees and costs; and (iii) the New Jersey Wage Payment Law and seeks back wages for a period of six years, treble damages and attorney fees and costs. The lawsuit also asserts New Jersey common law claims seeking compensatory damages and interest. The Corporation and counsel representing plaintiffs ("Plaintiffs’ Counsel") have reached and executed a formal Settlement Agreement to resolve this lawsuit. Plaintiffs’ Counsel has filed a Motion for Preliminary Approval of Class and Collective Settlement and Provisional Certification of Settlement Class and Collective ("the Motion") with the U.S. District Court for the District of New Jersey ("the Court"). The Corporation is not able to provide any assurance that the Court will grant the Motion. If the Court does grant the Motion, the Settlement Agreement will be administered according to its terms and thereafter subject to final approval by the Court. The financial terms of the Settlement Agreement are not expected to be material to the Corporation. The Corporation established an accrued liability during the third quarter of 2020 for the costs expected to be incurred in connection with the Settlement Agreement. |
Long-Term Borrowings
Long-Term Borrowings | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Borrowings | Long-Term BorrowingsPursuant to a cash tender offer, the Corporation purchased $75.0 million and $60.0 million of its subordinated notes which mature on November 15, 2024 and its senior notes which mature on March 16, 2022, respectively. The subordinated notes carry a fixed rate of 4.50% and an effective rate of 4.87% and the senior notes carry a fixed rate of 3.60% and an effective rate of 3.95%. The Corporation incurred $11.3 million in debt extinguishment costs and expensed $841,000 of unamortized discount costs. In addition, the Corporation prepaid $536.0 million of long-term FHLB advances and incurred $20.9 million in prepayment penalties. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of PresentationThe accompanying unaudited Consolidated Financial Statements of the Corporation have been prepared in conformity with 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 notes required by GAAP for complete financial statements. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements as well as revenues and expenses during the period. Actual results could differ from those estimates. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2020. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The Corporation evaluates subsequent events through the date of filing of this Form 10-Q with the SEC. |
Recently Issued Accounting Standards | CECL Adoption On January 1, 2020, the Corporation adopted ASU 2016-13, Financial Instruments - Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments. The Corporation adopted CECL using the modified retrospective method for all financial assets measured at amortized cost, net of investments in leases and OBS credit exposures. The Corporation recorded an increase of $58.3 million to the ACL on January 1, 2020 as a result of the adoption of CECL. Retained earnings decreased $43.8 million and deferred tax assets increased by $12.4 million. Included in the $58.3 million increase to the ACL was $2.1 million for certain OBS credit exposures that was previously recognized in other liabilities before the adoption of CECL. CARES Act and Consolidated Appropriations Act - 2021 On March 27, 2020 the CARES Act was signed into law. The CARES Act includes an option for financial institutions to suspend the requirements of GAAP for certain loan modifications that would otherwise be categorized as a TDR. Certain conditions must be met with respect to the loan modification including that the modification is related to COVID-19 and the modified loan was not more than 30 days past due on December 31, 2019. On December 27, 2020, the 2021 Consolidated Appropriations Act was signed into law and this Act extended the relief for TDR treatment that was set to expire on December 31, 2020 to the earlier of 60 days after the national emergency termination date or January 1, 2022. The Corporation is applying the option under the CARES act for all loan modifications that qualify. Recently Adopted Accounting Standards On January 1, 2021, the Corporation adopted ASC Update 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The Corporation adopted this standards update effective with its March 31, 2021 quarterly report on Form 10-Q and it did not have a material impact on the consolidated financial statements. On January 1, 2021, the Corporation adopted ASC Update 2021-01 Reference Rate Reform (Topic 848) . This update permits entities to apply optional expedients in Topic 848 to derivative instruments modified because of LIBOR transition affected by changes to the interest rates used for discounting, margining or contract price alignment due to reference rate reform. This update was effective upon issuance and entities may elect to apply the guidance to modifications either retrospectively, as of any date from the beginning of any interim period that includes or is subsequent to March 12, 2020, or prospectively to new modifications from any date in an interim period that includes or is subsequent to January 7, 2021. The Corporation adopted this standards update retrospectively effective with its March 31, 2021 quarterly report on Form 10-Q and it did not have a material impact on the consolidated financial statements. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Values of Investment Securities | The following table presents the amortized cost and estimated fair values of investment securities for the periods presented: March 31, 2021 Amortized Gross Gross Estimated Available for Sale (in thousands) State and municipal securities $ 953,601 $ 42,412 $ (1,253) $ 994,760 Corporate debt securities 348,162 11,970 (761) 359,371 Collateralized mortgage obligations 390,253 10,633 (1,005) 399,881 Residential mortgage-backed securities 257,409 1,941 (3,986) 255,364 Commercial mortgage-backed securities 668,144 12,455 (7,582) 673,017 Auction rate securities 76,350 — (146) 76,204 Total $ 2,693,919 $ 79,411 $ (14,733) $ 2,758,597 Held to Maturity Residential mortgage-backed securities $ 467,461 $ 16,303 $ (8,025) $ 475,739 Commercial mortgage-backed securities 385,952 — (17,948) 368,004 Total $ 853,413 $ 16,303 $ (25,973) $ 843,743 December 31, 2020 Amortized Gross Gross Estimated Available for Sale (in thousands) State and municipal securities $ 891,327 $ 61,286 $ — $ 952,613 Corporate debt securities 348,391 19,445 (691) 367,145 Collateralized mortgage obligations 491,321 12,560 (115) 503,766 Residential mortgage-backed securities 373,779 4,246 (27) 377,998 Commercial mortgage-backed securities 741,172 22,384 (1,141) 762,415 Auction rate securities 101,510 — (3,304) 98,206 Total $ 2,947,500 $ 119,921 $ (5,278) $ 3,062,143 Held to Maturity Residential mortgage-backed securities $ 278,281 $ 18,576 $ — $ 296,857 |
Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities | The amortized cost and estimated fair values of debt securities as of March 31, 2021, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities as certain investment securities are subject to call or prepayment with or without call or prepayment penalties. March 31, 2021 Available for Sale Held to Maturity Amortized Estimated Amortized Estimated (in thousands) Due in one year or less $ 13,107 $ 13,171 $ — $ — Due from one year to five years 37,176 38,417 — — Due from five years to ten years 343,642 355,683 — — Due after ten years 984,188 1,023,064 — — 1,378,113 1,430,335 — — Residential mortgage-backed securities (1) 257,409 255,364 467,461 475,739 Commercial mortgage-backed securities (1) 668,144 673,017 385,952 368,004 Collateralized mortgage obligations (1) 390,253 399,881 — — Total $ 2,693,919 $ 2,758,597 $ 853,413 $ 843,743 (1) Mortgage-backed securities and collateralized mortgage obligations do not have stated maturities and are dependent upon the interest rate environment and prepayments on the underlying loans. |
Summary of Gains and Losses from Equity and Debt Securities, and Losses Recognized from Other-than-Temporary Impairment | The following table presents information related to the gross realized gains and losses on the sales of investment securities for the periods presented: Gross Realized Gains Gross Realized Losses Net Gains Three months ended (in thousands) March 31, 2021 $ 34,016 $ (541) $ 33,475 March 31, 2020 117 (71) 46 |
Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in Continuous Unrealized Loss Position | The following tables present the gross unrealized losses and estimated fair values of investment securities, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position for the periods presented: March 31, 2021 Less than 12 months 12 months or longer Total Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized Available for Sale (in thousands) State and municipal securities 21 $ 88,141 $ (1,253) — $ — $ — $ 88,141 $ (1,253) Corporate debt securities 7 41,956 (582) 2 15,328 (179) 57,284 (761) Collateralized mortgage obligations 2 55,305 (1,005) — — — 55,305 (1,005) Residential mortgage-backed securities 8 173,908 (3,986) — — — 173,908 (3,986) Commercial mortgage-backed securities 10 183,175 (7,582) — — — 183,175 (7,582) Auction rate securities — — — 118 76,204 (146) 76,204 (146) Total available for sale 48 $ 542,485 $ (14,408) 120 $ 91,532 $ (325) $ 634,017 $ (14,733) Held to Maturity Residential mortgage-backed securities 12 $ 205,072 $ (8,025) — $ — $ — $ 205,072 $ (8,025) Commercial mortgage-backed securities 21 368,004 (17,948) — — — 368,004 (17,948) Total 33 $ 573,076 $ (25,973) — $ — $ — $ 573,076 $ (25,973) December 31, 2020 Less than 12 months 12 months or longer Total Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized Available for Sale (in thousands) Corporate debt securities 9 $ 44,528 $ (377) 1 $ 6,871 $ (314) $ 51,399 $ (691) Collateralized mortgage obligations 3 57,601 (115) — — — 57,601 (115) Residential mortgage-backed securities 1 20,124 (27) — — — 20,124 (27) Commercial mortgage-backed securities 9 144,383 (1,141) — — — 144,383 (1,141) Auction rate securities — — — 162 98,206 (3,304) 98,206 (3,304) Total available for sale (1) 22 $ 266,636 $ (1,660) 163 $ 105,077 $ (3,618) $ 371,713 $ (5,278) (1) No HTM securities were in an unrealized loss position as of December 31, 2020. |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Summary of Gross Loans by Type | Net Loans are summarized as follows: March 31, December 31, 2020 (in thousands) Real estate - commercial mortgage $ 7,142,137 $ 7,105,092 Commercial and industrial (1) 5,675,714 5,670,828 Real-estate - residential mortgage 3,254,058 3,141,915 Real-estate - home equity 1,149,958 1,202,913 Real-estate - construction 1,083,494 1,047,218 Consumer 451,857 466,772 Equipment lease financing and other 252,930 284,377 Overdrafts 1,373 4,806 Gross loans 19,011,521 18,923,921 Unearned income (20,535) (23,101) Net Loans $ 18,990,986 $ 18,900,820 (1) Includes PPP loans totaling $1.7 billion and $1.6 billion as of March 31, 2021 and December 31, 2020, respectively. |
Schedule of Allowance for Credit Losses | The following table presents the components of the ACL: March 31, 2021 December 31, 2020 (in thousands) ACL - loans $ 265,986 $ 277,567 ACL - OBS credit exposure 14,273 14,373 Total ACL $ 280,259 $ 291,940 |
Activity in the Allowance for Credit Losses | The following table presents the activity in the ACL: Three months ended March 31 2021 2020 (in thousands) Balance at beginning of period $ 291,940 $ 166,209 Impact of adopting CECL on January 1, 2020 (1) — 58,349 Loans charged off (8,202) (14,003) Recoveries of loans previously charged off 2,021 2,887 Net loans charged off (6,181) (11,116) Provision for credit losses (2) (5,500) 44,029 Balance at end of period $ 280,259 $ 257,471 (1) Includes $12.6 million of reserves for OBS credit exposures as of January 1, 2020. (2) Includes $(100,000) and $3.8 million related to OBS credit exposures for the three months ended March 31, 2021 and 2020, respectively. The following table presents the activity in the ACL - loans by portfolio segment: Real Estate - Commercial and Real Estate - Real Estate - Real Estate Consumer Equipment lease financing, other Total (in thousands) Three months ended March 31, 2021 Balance at December 31, 2020 $ 103,425 $ 74,771 $ 14,232 $ 51,995 $ 15,608 $ 10,905 $ 6,633 $ 277,567 Loans charged off (1,837) (4,319) (212) (192) (39) (635) (968) (8,202) Recoveries of loans previously charged off 174 769 51 95 384 389 159 2,021 Net loans recovered (charged off) (1,663) (3,550) (161) (97) 345 (246) (809) (6,181) Provision for loan losses (1) (786) (27) (341) (1,903) (874) (1,247) (222) (5,400) Balance at March 31, 2021 $ 100,976 $ 71,194 $ 13,730 $ 49,995 $ 15,079 $ 9,412 $ 5,602 $ 265,986 Three months ended March 31, 2020 Balance at December 31, 2019 $ 45,610 $ 68,602 $ 17,744 $ 19,771 $ 4,443 $ 3,762 $ 3,690 $ 163,622 Impact of adopting CECL on January 1, 2020 29,361 (18,576) (65) 21,235 4,015 5,969 3,784 45,723 Loans charged off (855) (10,899) (316) (187) — (1,213) (533) (14,003) Recoveries of loans previously charged off 244 1,734 646 85 70 — 108 2,887 Net loans (charged off) recovered (611) (9,165) 330 (102) 70 (1,213) (425) (11,116) Provision for loan losses (1) 15,959 22,745 (2,756) 1,523 (130) 1,347 1,591 40,279 Balance at March 31, 2020 $ 90,319 $ 63,606 $ 15,253 $ 42,427 $ 8,398 $ 9,865 $ 8,640 $ 238,508 (1) Provision included in the table only includes the portion related to Net Loans. |
Total Impaired Loans by Class Segment | The following table presents total non-accrual loans, by class segment: March 31, 2021 December 31, 2020 With a Related Allowance Without a Related Allowance Total With a Related Allowance Without a Related Allowance Total (in thousands) Real estate - commercial mortgage $ 21,107 $ 30,870 $ 51,977 $ 19,909 $ 31,561 $ 51,470 Commercial and industrial 13,012 18,640 31,652 13,937 18,056 31,993 Real estate - residential mortgage 31,203 2,198 33,401 24,590 1,517 26,107 Real estate - home equity 9,368 — 9,368 9,398 190 9,588 Real estate - construction 544 897 1,441 437 958 1,395 Consumer 301 — 301 332 — 332 Equipment lease financing and other 6,462 9,287 15,749 — 16,313 16,313 $ 81,997 $ 61,892 $ 143,889 $ 68,603 $ 68,595 $ 137,198 |
Financing Receivable Credit Quality Indicators | The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the current period: March 31, 2021 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans (dollars in thousands) Amortized Amortized 2021 2020 2019 2018 2017 Prior Cost Basis Cost Basis Total Real estate - construction (1) Pass $ 14,615 $ 233,770 $ 201,440 $ 218,467 $ 80,686 $ 142,339 $ 36,046 $ — $ 927,363 Special Mention 110 — — — — 13,195 — — 13,305 Substandard or Lower — — 154 — 1,976 3,520 406 — 6,056 Total real estate - construction 14,725 233,770 201,594 218,467 82,662 159,054 36,452 — 946,724 Real estate - construction (1) Current period gross charge-offs — — (39) — — — — — (39) Current period recoveries — — — — — 384 — — 384 Total net (charge-offs) recoveries — — (39) — — 384 — — 345 Commercial and industrial Pass 885,616 1,624,535 481,038 290,788 201,910 726,981 1,205,065 — 5,415,933 Special Mention 143 9,136 20,949 16,337 10,413 30,861 48,939 — 136,778 Substandard or Lower — 2,847 7,167 13,503 10,638 34,805 54,043 — 123,003 Total commercial and industrial 885,759 1,636,518 509,154 320,628 222,961 792,647 1,308,047 — 5,675,714 Commercial and industrial Current period gross charge-offs — — (613) (2,871) (60) (775) — — (4,319) Current period recoveries — — 37 126 36 570 — — 769 Total net (charge-offs) recoveries — — (576) (2,745) (24) (205) — — (3,550) Real estate - commercial mortgage Pass 200,885 993,776 926,352 670,684 767,399 2,800,409 49,207 321 6,409,033 Special Mention — 23,282 30,629 92,800 75,417 248,403 2,406 — 472,937 Substandard or Lower — 1,028 24,008 10,673 46,460 174,421 3,577 — 260,167 Total real estate - commercial mortgage 200,885 1,018,086 980,989 774,157 889,276 3,223,233 55,190 321 7,142,137 Real estate - commercial mortgage Current period gross charge-offs — — — — (1,719) (118) — — (1,837) Current period recoveries — — — — — 174 — — 174 Total net (charge-offs) recoveries — — — — (1,719) 56 — — (1,663) Total Pass $ 1,101,116 $ 2,852,081 $ 1,608,830 $ 1,179,939 $ 1,049,995 $ 3,669,729 $ 1,290,318 $ 321 $ 12,752,329 Special Mention 253 32,418 51,578 109,137 85,830 292,459 51,345 — 623,020 Substandard or Lower — 3,875 31,329 24,176 59,074 212,746 58,026 — 389,226 Total $ 1,101,369 $ 2,888,374 $ 1,691,737 $ 1,313,252 $ 1,194,899 $ 4,174,934 $ 1,399,689 $ 321 $ 13,764,575 (1) Excludes real estate - construction - other. The Corporation does not assign internal risk ratings to smaller balance, homogeneous loans, such as home equity, residential mortgage, construction loans to individuals secured by residential real estate, consumer and equipment lease financing. For these loans, the most relevant credit quality indicator is delinquency status. The migration of loans through the various delinquency status categories is a significant component of the ACL methodology for those loans, which bases the PD on this migration. The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the prior period: December 31, 2020 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans (dollars in thousands) Amortized Amortized 2020 2019 2018 2017 2016 Prior Cost Basis Cost Basis Total Real estate - construction (1) Pass $ 185,883 $ 229,097 $ 217,604 $ 81,086 $ 37,976 $ 110,470 $ 38,026 $ — $ 900,142 Special Mention — — — — 7,047 6,212 — — 13,259 Substandard or Lower — 447 — 2,000 753 1,637 632 — 5,469 Total real estate - construction 185,883 229,544 217,604 83,086 45,776 118,319 38,658 — 918,870 Real estate - construction (1) Current period gross charge-offs — — — — — (17) — — (17) Current period recoveries — — — — 68 5,054 — — 5,122 Total net (charge-offs) recoveries — — — — 68 5,037 — — 5,105 Commercial and industrial Pass 2,283,533 508,541 298,567 214,089 208,549 596,646 1,278,689 — 5,388,614 Special Mention 6,633 23,834 29,167 10,945 11,506 25,960 45,994 — 154,039 Substandard or Lower 3,221 5,947 8,434 11,251 11,192 23,852 64,278 — 128,175 Total commercial and industrial 2,293,387 538,322 336,168 236,285 231,247 646,458 1,388,961 — 5,670,828 Commercial and industrial Current period gross charge-offs — (114) (30) (488) (393) (520) (17,370) — (18,915) Current period recoveries — 43 486 216 162 4,531 5,958 — 11,396 Total net (charge-offs) recoveries — (71) 456 (272) (231) 4,011 (11,412) — (7,519) Real estate - commercial mortgage Pass 973,664 917,510 708,946 794,955 783,094 2,213,343 53,041 404 6,444,957 Special Mention 13,639 40,874 84,047 80,705 89,112 167,424 2,364 — 478,165 Substandard or Lower 1,238 6,681 6,247 39,027 22,605 103,007 2,225 940 181,970 Total real estate - commercial mortgage 988,541 965,065 799,240 914,687 894,811 2,483,774 57,630 1,344 7,105,092 Real estate - commercial mortgage Current period gross charge-offs (60) (21) (36) (2,515) (29) (1,547) (17) — (4,225) Current period recoveries — 6 — — 1 1,020 — — 1,027 Total net (charge-offs) recoveries (60) (15) (36) (2,515) (28) (527) (17) — (3,198) Total Pass $ 3,443,080 $ 1,655,148 $ 1,225,117 $ 1,090,130 $ 1,029,619 $ 2,920,459 $ 1,369,756 $ 404 $ 12,733,713 Special Mention 20,272 64,708 113,214 91,650 107,665 199,596 48,358 — 645,463 Substandard or Lower 4,459 13,075 14,681 52,278 34,550 128,496 67,135 940 315,614 Total $ 3,467,811 $ 1,732,931 $ 1,353,012 $ 1,234,058 $ 1,171,834 $ 3,248,551 $ 1,485,249 $ 1,344 $ 13,694,790 (1) Excludes real estate - construction - other. March 31, 2021 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans (dollars in thousands) Amortized Amortized 2021 2020 2019 2018 2017 Prior Cost Basis Cost Basis Total Real estate - home equity Performing $ 4,491 $ 29,767 $ 8,140 $ 12,312 $ 9,997 $ 119,037 $ 948,645 $ 4,845 $ 1,137,234 Nonperforming — — 88 23 264 2,597 9,545 207 12,724 Total real estate - home equity 4,491 29,767 8,228 12,335 10,261 121,634 958,190 5,052 1,149,958 Real estate - home equity Current period gross charge-offs — — — — — — (212) — (212) Current period recoveries — — — — — — 51 — 51 Total net (charge-offs) recoveries — — — — — — (161) — (161) Real estate - residential mortgage Performing 358,906 1,240,446 513,892 181,509 292,014 630,996 — — 3,217,763 Nonperforming — 3,927 1,654 3,450 2,945 24,319 — — 36,295 Total real estate - residential mortgage 358,906 1,244,373 515,546 184,959 294,959 655,315 — — 3,254,058 Real estate - residential mortgage Current period gross charge-offs — — (40) (47) — (105) — — (192) Current period recoveries — — — 3 1 — 92 — 96 Total net (charge-offs) recoveries — — (40) (44) 1 (105) 92 — (96) Consumer Performing 27,910 103,924 90,185 85,837 38,190 56,885 48,371 — 451,302 Nonperforming — 127 37 63 35 243 50 — 555 Total consumer 27,910 104,051 90,222 85,900 38,225 57,128 48,421 — 451,857 Consumer Current period gross charge-offs — (95) (94) (111) (79) (229) (27) — (635) Current period recoveries — 33 5 11 19 321 — — 389 Total net (charge-offs) recoveries — (62) (89) (100) (60) 92 (27) — (246) Equipment lease financing and other Performing 25,663 68,641 51,804 36,350 22,506 13,054 — — 218,018 Nonperforming — — — — 15,724 26 — — 15,750 Total leasing and other 25,663 68,641 51,804 36,350 38,230 13,080 — — 233,768 Equipment lease financing and other Current period gross charge-offs — (968) — — — — — — (968) Current period recoveries — 120 39 — — — — — 159 Total net (charge-offs) recoveries — (848) 39 — — — — — (809) Construction - other Performing 17,458 97,829 16,172 4,755 — 16 — — 136,230 Nonperforming — — 364 — 176 — — — 540 Total construction - other 17,458 97,829 16,536 4,755 176 16 — — 136,770 Construction - other Current period gross charge-offs — — — — — — — — — Current period recoveries — — — — — — — — — Total net (charge-offs) recoveries — — — — — — — — — Total Performing $ 434,428 $ 1,540,607 $ 680,193 $ 320,763 $ 362,707 $ 819,988 $ 997,016 $ 4,845 $ 5,160,547 Nonperforming — 4,054 2,143 3,536 19,144 27,185 9,595 207 65,864 Total $ 434,428 $ 1,544,661 $ 682,336 $ 324,299 $ 381,851 $ 847,173 $ 1,006,611 $ 5,052 $ 5,226,411 December 31, 2020 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans (dollars in thousands) Amortized Amortized 2020 2019 2018 2017 2016 Prior Cost Basis Cost Basis Total Real estate - home equity Performing $ 31,445 $ 8,176 $ 13,906 $ 11,024 $ 11,667 $ 126,749 $ 982,285 $ 5,321 $ 1,190,573 Nonperforming — 88 23 233 221 2,290 9,485 — 12,340 Total real estate - home equity 31,445 8,264 13,929 11,257 11,888 129,039 991,770 5,321 1,202,913 Real estate - home equity Current period gross charge-offs — — — — — (34) (1,159) — (1,193) Current period recoveries — — — — — 138 366 — 504 Total net (charge-offs) recoveries — — — — — 104 (793) — (689) Real estate - residential mortgage Performing 1,255,532 585,878 228,398 341,563 264,990 434,889 — — 3,111,250 Nonperforming 217 2,483 3,177 2,483 722 21,583 — — 30,665 Total real estate - residential mortgage 1,255,749 588,361 231,575 344,046 265,712 456,472 — — 3,141,915 Real estate - residential mortgage Current period gross charge-offs — (68) (101) (190) (7) (254) — — (620) Current period recoveries — 68 16 1 1 405 — — 491 Total net (charge-offs) recoveries — — (85) (189) (6) 151 — — (129) Consumer Performing 114,399 98,587 95,072 43,334 25,804 36,086 52,698 42 466,022 Nonperforming 168 19 124 141 114 150 34 — 750 Total consumer 114,567 98,606 95,196 43,475 25,918 36,236 52,732 42 466,772 Consumer Current period gross charge-offs (134) (542) (524) (444) (489) (769) (498) — (3,400) Current period recoveries — 64 165 159 94 101 1,292 — 1,875 Total net (charge-offs) recoveries (134) (478) (359) (285) (395) (668) 794 — (1,525) Equipment lease financing and other Performing 102,324 65,303 49,453 34,995 15,631 5,040 — — 272,746 Nonperforming — — 30 15,983 142 282 — — 16,437 Total leasing and other 102,324 65,303 49,483 50,978 15,773 5,322 — — 289,183 Equipment lease financing and other Current period gross charge-offs (606) (1,581) — — — — — — (2,187) Current period recoveries 185 349 21 18 11 21 — — 605 Total net (charge-offs) recoveries (421) (1,232) 21 18 11 21 — — (1,582) Construction - other Performing 96,444 24,888 6,822 — 16 — — — 128,170 Nonperforming — — — 178 — — — — 178 Total construction - other 96,444 24,888 6,822 178 16 — — — 128,348 Construction - other Current period gross charge-offs — — — — — — — — — Current period recoveries — — — — — — — — — Total net (charge-offs) recoveries — — — — — — — — — Total Performing $ 1,600,144 $ 782,832 $ 393,651 $ 430,916 $ 318,108 $ 602,764 $ 1,034,983 $ 5,363 $ 5,168,761 Nonperforming 385 2,590 3,354 19,018 1,199 24,305 9,519 — 60,370 Total $ 1,600,529 $ 785,422 $ 397,005 $ 449,934 $ 319,307 $ 627,069 $ 1,044,502 $ 5,363 $ 5,229,131 |
Non-Performing Assets | The following table presents non-performing assets: March 31, December 31, (in thousands) Non-accrual loans $ 143,889 $ 137,198 Loans 90 days or more past due and still accruing 8,559 9,929 Total non-performing loans 152,448 147,127 OREO (1) 3,664 4,178 Total non-performing assets $ 156,112 $ 151,305 (1) Excludes $7.6 million and $8.1 million of residential mortgage properties for which formal foreclosure proceedings were in process as of March 31, 2021 and December 31, 2020, respectively. |
Past due Loan Status and Non-Accrual Loans by Portfolio Segment | The following tables present the aging of the amortized cost basis of loans, by class segment: 30-59 60-89 ≥ 90 Days Days Past Days Past Past Due Non- Due Due and Accruing Accrual Current Total (in thousands) March 31, 2021 Real estate – commercial mortgage $ 9,596 $ 1,516 $ 2,187 $ 51,977 $ 7,076,861 $ 7,142,137 Commercial and industrial 1,718 1,894 219 31,652 5,640,231 5,675,714 Real estate – residential mortgage 8,485 933 2,750 33,401 3,208,489 3,254,058 Real estate – home equity 2,795 1,062 3,148 9,368 1,133,585 1,149,958 Real estate – construction 170 — — 1,441 1,081,883 1,083,494 Consumer 1,224 491 255 301 449,586 451,857 Equipment lease financing and other 101 142 — 15,749 217,776 233,768 Total $ 24,089 $ 6,038 $ 8,559 $ 143,889 $ 18,808,411 $ 18,990,986 30-59 Days Past 60-89 ≥ 90 Days Non- Current Total (in thousands) December 31, 2020 Real estate – commercial mortgage $ 14,999 $ 9,273 $ 1,177 $ 51,470 $ 7,028,173 $ 7,105,092 Commercial and industrial 11,285 1,068 616 31,993 5,625,866 5,670,828 Real estate – residential mortgage 22,281 7,675 4,687 26,107 3,081,165 3,141,915 Real estate – home equity 5,622 1,654 2,753 9,588 1,183,296 1,202,913 Real estate – construction 1,938 — 155 1,395 1,043,730 1,047,218 Consumer 3,036 501 417 332 462,486 466,772 Equipment lease financing and other 838 150 124 16,313 248,657 266,082 Total $ 59,999 $ 20,321 $ 9,929 $ 137,198 $ 18,673,373 $ 18,900,820 |
Troubled Debt Restructurings on Financing Receivables | The following table presents TDRs, by class segment: March 31, December 31, (in thousands) Real estate - commercial mortgage $ 27,961 $ 28,451 Commercial and industrial 7,041 6,982 Real estate - residential mortgage 18,214 18,602 Real estate - home equity 13,674 14,391 Real estate - construction 154 — Consumer 5 — Total accruing TDRs 67,049 68,426 Non-accrual TDRs (1) 44,986 35,755 Total TDRs $ 112,035 $ 104,181 (1) Included in non-accrual loans in the preceding table detailing non-performing assets. |
Loan Terms Modified Under Troubled Debt Restructurings | The following table presents TDRs, by class segment, for loans that were modified during the three months ended March 31, 2021 and 2020: Three months ended March 31 2021 2020 Number of Loans Recorded Investment Number of Loans Recorded Investment (dollars in thousands) Commercial and industrial 4 $ 1,894 1 $ 74 Real estate - commercial mortgage 2 4,162 1 392 Real estate - residential mortgage 23 7,626 7 660 Real estate - home equity 5 148 8 577 Real estate - construction 1 154 — — Total 35 $ 13,984 17 $ 1,703 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Transfers and Servicing [Abstract] | |
Summary of Changes in Mortgage Servicing Rights | The following table summarizes the changes in MSRs, which are included in other assets on the consolidated balance sheets: Three months ended March 31 2021 2020 (in thousands) Amortized cost: Balance at beginning of period $ 38,745 $ 39,267 Originations of MSRs 2,811 1,478 Amortization (3,753) (1,891) Balance at end of period $ 37,803 $ 38,854 Valuation allowance: Balance at beginning of period $ (10,500) $ — Reduction (addition) to valuation allowance 6,100 (1,100) Balance at end of period $ (4,400) $ (1,100) Net MSRs at end of period $ 33,403 $ 37,754 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Notional Amounts and Fair Values of Derivative Financial Instruments | The following table presents a summary of the notional amounts and fair values of derivative financial instruments: March 31, 2021 December 31, 2020 Notional Asset Notional Asset (in thousands) Interest Rate Locks with Customers Positive fair values $ 274,909 $ 2,198 $ 382,903 $ 8,034 Negative fair values 40,007 (316) 3,154 (35) Forward Commitments Positive fair values 91,264 4,650 — — Negative fair values — — 292,262 (2,263) Interest Rate Swaps with Customers Positive fair values 3,169,658 179,934 3,834,062 330,951 Negative fair values 769,300 (9,721) 45,640 (2) Interest Rate Swaps with Dealer Counterparties Positive fair values 769,300 9,721 45,640 2 Negative fair values 3,169,658 (98,368) 3,834,062 (165,205) Interest Rate Swaps used in Cash Flow Hedges Positive fair values — 305 — — Negative fair values 500,000 (492) — — Foreign Exchange Contracts with Customers Positive fair values 12,196 280 1,121 5 Negative fair values 552 (14) 5,963 (275) Foreign Exchange Contracts with Correspondent Banks Positive fair values 2,821 43 6,372 318 Negative fair values 12,213 (258) 1,422 (5) |
Summary of Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income | The following table presents the effect of fair value and cash flow hedge accounting on accumulated other comprehensive income for the three months ended March 31, 2021: Amount of Loss Recognized in OCI on Derivative Amount of Loss Recognized in OCI Included Component Amount of Gain or (Loss) Recognized in OCI Excluded Component Location of Gain or (Loss) Recognized from AOCI into Income Amount of Gain Reclassified from AOCI into Income Amount of Gain Reclassified from AOCI into Income Included Component Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component (in thousands) Derivatives in Cash Flow Hedging Relationships: Interest Rate Products $ (2,065) $ (2,065) $ — Interest Income $ 144 $ 144 $ — The following table presents the effect of fair value and cash flow hedge accounting on the consolidated statements of income for the three months ended March 31, 2021: Consolidated Statements of Income Classification Interest Income Total amounts of income line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded $ 144 The effects of fair value and cash flow hedging: Gain or (loss) on cash flow hedging relationships — Interest contracts: Amount of gain reclassified from AOCI into income 144 Amount of gain or (loss) reclassified from AOCI into income as a result that a forecasted transaction is no longer probable of occurring — Amount of Gain Reclassified from AOCI into Income - Included Component 144 Amount of Gain or (Loss) Reclassified from AOCI into Income - Excluded Component — |
Summary of Fair Value Gains and Losses on Derivative Financial Instruments | The following table presents a summary of the fair value gains (losses) on derivative financial instruments: Consolidated Statements of Income Classification Three months ended March 31 2021 2020 (in thousands) Mortgage banking derivatives (1) Mortgage banking income $ 796 $ 1,040 Interest rate swaps Other expense (104) 72 Foreign exchange contracts Other income 8 119 Net fair value gains on derivative financial instruments $ 700 $ 1,231 (1) Includes interest rate locks with customers and forward commitments. |
Summary of Corporation's Mortgage Loans Held for Sale | The following table presents a summary of mortgage loans held for sale and the impact of the fair value election on the consolidated financial statements as of the periods shown: March 31, December 31, (in thousands) Amortized cost (1) $ 33,801 $ 80,662 Fair value 34,092 83,886 (1) Cost basis of mortgage loans held for sale represents the unpaid principal balance. |
Summary of Offsetting Derivative Assets | The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets: Gross Amounts Gross Amounts Not Offset Recognized on the Consolidated on the Balance Sheets Consolidated Financial Cash Net Balance Sheets Instruments (1) Collateral (2) Amount (in thousands) March 31, 2021 Interest rate swap derivative assets $ 189,960 $ (11,779) $ — $ 178,181 Foreign exchange derivative assets with correspondent banks 43 (43) — — Total $ 190,003 $ (11,822) $ — $ 178,181 Interest rate swap derivative liabilities $ 108,581 $ (11,779) $ (96,802) $ — Foreign exchange derivative liabilities with correspondent banks 258 (43) — 215 Total $ 108,839 $ (11,822) $ (96,802) $ 215 December 31, 2020 Interest rate swap derivative assets $ 330,951 $ (2) $ — $ 330,949 Foreign exchange derivative assets with correspondent banks 318 (5) — 313 Total $ 331,269 $ (7) $ — $ 331,262 Interest rate swap derivative liabilities $ 165,205 $ (2) $ (165,203) $ — Foreign exchange derivative liabilities with correspondent banks 5 (5) — — Total $ 165,210 $ (7) $ (165,203) $ — (1) For interest rate swap assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate swap liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default. (2) Amounts represent cash collateral received from the counterparty or posted by the Corporation on interest rate swap transactions and foreign exchange contracts with financial institution counterparties. Interest rate swaps with customers are collateralized by the same collateral securing the underlying loans to those borrowers. Cash and securities collateral amounts are included in the table only to the extent of the net derivative fair values. |
Summary of Offsetting Derivative Liabilities | The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets: Gross Amounts Gross Amounts Not Offset Recognized on the Consolidated on the Balance Sheets Consolidated Financial Cash Net Balance Sheets Instruments (1) Collateral (2) Amount (in thousands) March 31, 2021 Interest rate swap derivative assets $ 189,960 $ (11,779) $ — $ 178,181 Foreign exchange derivative assets with correspondent banks 43 (43) — — Total $ 190,003 $ (11,822) $ — $ 178,181 Interest rate swap derivative liabilities $ 108,581 $ (11,779) $ (96,802) $ — Foreign exchange derivative liabilities with correspondent banks 258 (43) — 215 Total $ 108,839 $ (11,822) $ (96,802) $ 215 December 31, 2020 Interest rate swap derivative assets $ 330,951 $ (2) $ — $ 330,949 Foreign exchange derivative assets with correspondent banks 318 (5) — 313 Total $ 331,269 $ (7) $ — $ 331,262 Interest rate swap derivative liabilities $ 165,205 $ (2) $ (165,203) $ — Foreign exchange derivative liabilities with correspondent banks 5 (5) — — Total $ 165,210 $ (7) $ (165,203) $ — (1) For interest rate swap assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate swap liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default. (2) Amounts represent cash collateral received from the counterparty or posted by the Corporation on interest rate swap transactions and foreign exchange contracts with financial institution counterparties. Interest rate swaps with customers are collateralized by the same collateral securing the underlying loans to those borrowers. Cash and securities collateral amounts are included in the table only to the extent of the net derivative fair values. |
Tax Credit Investments (Tables)
Tax Credit Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Summary Of Affordable Housing Tax Credit Investments And Other Credit Investments | The following table presents the balances of the Corporation's TCIs and related unfunded commitments: March 31, December 31, 2021 2020 Included in other assets: (in thousands) Affordable housing tax credit investment, net $ 145,888 $ 152,203 Other tax credit investments, net 58,782 59,224 Total TCIs, net $ 204,670 $ 211,427 Included in other liabilities: Unfunded affordable housing tax credit commitments $ 30,762 $ 31,562 Other tax credit liabilities 49,491 49,491 Total unfunded tax credit commitments and liabilities $ 80,253 $ 81,053 The following table presents other information relating to the Corporation's TCIs: Three months ended March 31 2021 2020 Components of income taxes: (in thousands) Affordable housing tax credits and other tax benefits $ (6,488) $ (7,194) Other tax credit investment credits and tax benefits (723) (941) Amortization of affordable housing investments, net of tax benefit 4,366 5,024 Deferred tax expense 160 208 Total net reduction in income tax expense $ (2,685) $ (2,903) Amortization of TCIs: Affordable housing tax credits investment $ 986 $ 1,022 Other tax credit investment amortization 545 428 Total amortization of TCIs $ 1,531 $ 1,450 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Changes in other comprehensive income | The following table presents changes in OCI: Before-Tax Amount Tax Effect Net of Tax Amount Three months ended March 31, 2021 (in thousands) Unrealized loss on securities $ (51,751) $ 11,753 $ (39,999) Reclassification adjustment for securities gains included in net income (1) 487 (110) 377 Amortization of net unrealized losses on AFS securities transferred to HTM (2) 2,312 (525) 1,787 Net unrealized loss on interest rate swaps used in cash flow hedges (3) (2,209) 502 (1,707) Amortization of net unrecognized pension and postretirement items (4) 370 (81) 289 Total OCI $ (50,791) $ 11,538 $ (39,253) Three months ended March 31, 2020 Unrealized gain on securities $ 22,380 $ (4,949) $ 17,431 Reclassification adjustment for securities gains included in net income (1) (46) 10 (36) Amortization of net unrealized losses on AFS securities transferred to HTM (2) 1,022 (227) 795 Amortization of net unrecognized pension and postretirement items (4) 328 (73) 255 Total OCI $ 23,684 $ (5,239) $ 18,445 (1) Amounts reclassified out of AOCI. Before-tax amounts included in "Investment securities gains, net" on the Consolidated Statements of Income. See Note 3, "Investment Securities," for additional details. (2) Amounts reclassified out of AOCI. Before-tax amounts included as a reduction to "Interest Income" on the Consolidated Statements of Income. (3) Amounts reclassified out of AOCI. Before-tax amounts included in "Interest Income" on the Consolidated Statements of Income. (4) Amounts reclassified out of AOCI. Before-tax amounts included in "Salaries and employee benefits" on the Consolidated Statements of Income. See Note 12, "Employee Benefit Plans," for additional details. |
Changes in each component of accumulated other comprehensive income | The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax: Unrealized Gains (Losses) on Investment Securities Net Unrealized (Loss) on Interest Rate Swaps used in Cash Flow Hedges Unrecognized Pension and Postretirement Plan Income (Costs) Total (in thousands) Three months ended March 31, 2021 Balance at December 31, 2020 $ 81,604 $ — $ (16,513) $ 65,091 OCI before reclassifications (39,999) — — (39,999) Amounts reclassified from AOCI 377 (1,707) 289 (1,042) Amortization of net unrealized losses on AFS securities transferred to HTM 1,787 — — 1,787 Balance at March 31, 2021 $ 43,769 $ (1,707) $ (16,224) $ 25,838 Three months ended March 31, 2020 Balance at December 31, 2019 $ 14,864 $ — $ (15,001) $ (137) OCI before reclassifications 17,431 — — 17,431 Amounts reclassified from AOCI (36) — 255 219 Amortization of net unrealized losses on AFS securities transferred to HTM 795 — — 795 Balance at March 31, 2020 $ 33,054 $ — $ (14,746) $ 18,308 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets: March 31, 2021 Level 1 Level 2 Level 3 Total (in thousands) Loans held for sale $ — $ 34,092 $ — $ 34,092 Available for sale investment securities: State and municipal securities — 994,760 — 994,760 Corporate debt securities — 359,371 — 359,371 Collateralized mortgage obligations — 399,881 — 399,881 Residential mortgage-backed securities — 255,364 — 255,364 Commercial mortgage-backed securities — 673,017 — 673,017 Auction rate securities — — 76,204 76,204 Total available for sale investment securities — 2,682,393 76,204 2,758,597 Other assets: Investments held in Rabbi Trust 25,374 — — 25,374 Derivative assets 323 196,808 — 197,131 Total assets $ 25,697 $ 2,913,293 $ 76,204 $ 3,015,194 Other liabilities: Deferred compensation liabilities $ 25,374 $ — $ — $ 25,374 Derivative liabilities 272 108,897 — 109,169 Total liabilities $ 25,646 $ 108,897 $ — $ 134,543 December 31, 2020 Level 1 Level 2 Level 3 Total (in thousands) Loans held for sale $ — $ 83,886 $ — $ 83,886 Available for sale investment securities: State and municipal securities — 952,613 — 952,613 Corporate debt securities — 367,145 — 367,145 Collateralized mortgage obligations — 503,766 — 503,766 Residential mortgage-backed securities — 377,998 — 377,998 Commercial mortgage-backed securities — 762,415 — 762,415 Auction rate securities — — 98,206 98,206 Total available for sale investment securities — 2,963,937 98,206 3,062,143 Other assets: Investments held in Rabbi Trust 24,383 — — 24,383 Derivative assets 323 338,987 — 339,310 Total assets $ 24,706 $ 3,386,810 $ 98,206 $ 3,509,722 Other liabilities: Deferred compensation liabilities $ 24,383 $ — $ — $ 24,383 Derivative liabilities 280 167,505 — 167,785 Total liabilities $ 24,663 $ 167,505 $ — $ 192,168 |
Schedule of Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis using Level 3 Inputs | The following table presents the changes in the Corporation’s available for sale investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3): Single-issuer ARCs Three months ended March 31, 2021 (in thousands) Balance at December 31, 2020 $ — $ 98,206 Sales — (24,619) Unrealized adjustment to fair value (1) — 2,617 Balance at March 31, 2021 $ — $ 76,204 Three months ended March 31, 2020 Balance at December 31, 2019 $ 2,400 $ 101,926 Unrealized adjustment to fair value (1) (242) (8,260) Discount accretion 2 — Balance at March 31, 2020 $ 2,160 $ 93,666 (1) Pooled trust preferred securities, single-issuer trust preferred securities and ARCs are classified as available for sale investment securities; as such, the unrealized adjustment to fair value was recorded as an unrealized holding gain (loss) and included as a component of "available for sale at estimated fair value" on the consolidated balance sheets. |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | The following table presents Level 3 financial assets measured at fair value on a nonrecurring basis: March 31, 2021 December 31, 2020 (in thousands) Loans, net $ 122,962 $ 116,584 OREO 3,664 4,178 MSRs (1) 33,403 28,245 Total assets $ 160,029 $ 149,007 |
Details of Book Value and Fair Value of Financial Instruments | The following tables present the carrying amounts and estimated fair values of the Corporation’s financial instruments for the current period. A general description of the methods and assumptions used to estimate such fair values follows: March 31, 2021 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 1,661,876 $ 1,661,876 $ — $ — $ 1,661,876 FRB and FHLB stock 66,209 — 66,209 — 66,209 Loans held for sale 34,092 — 34,092 — 34,092 AFS securities 2,758,597 — 2,682,393 76,204 2,758,597 HTM securities 853,413 — 843,743 — 843,743 Net Loans 18,725,000 — — 18,354,532 18,354,532 Accrued interest receivable 65,649 65,649 — — 65,649 Other assets 510,534 276,659 196,808 37,067 510,534 FINANCIAL LIABILITIES Demand and savings deposits $ 19,250,538 $ 19,250,538 $ — $ — $ 19,250,538 Brokered deposits 309,873 289,873 21,001 — 310,874 Time deposits 2,073,427 — 2,087,663 — 2,087,663 Short-term borrowings 520,989 520,989 — — 520,989 Accrued interest payable 5,618 5,618 — — 5,618 Long-term borrowings 626,407 — 607,577 — 607,577 Other liabilities 297,069 173,899 108,897 14,273 297,069 December 31, 2020 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 1,847,832 $ 1,847,832 $ — $ — $ 1,847,832 FRB and FHLB stock 92,129 — 92,129 — 92,129 Loans held for sale 83,886 — 83,886 — 83,886 AFS securities 3,062,143 — 2,963,937 98,206 3,062,143 HTM securities 278,281 — 296,857 — 296,857 Net Loans 18,623,253 — — 18,354,532 18,354,532 Accrued interest receivable 72,942 72,942 — — 72,942 Other assets 650,425 279,015 338,987 32,423 650,425 FINANCIAL LIABILITIES Demand and savings deposits $ 18,279,358 $ 18,279,358 $ — $ — $ 18,279,358 Brokered deposits 335,185 295,185 41,206 — 336,391 Time deposits 2,224,665 — 2,246,457 — 2,246,457 Short-term borrowings 630,066 630,066 — — 630,066 Accrued interest payable 10,365 10,365 — — 10,365 Long-term borrowings 1,296,263 — 1,332,041 — 1,332,041 Other liabilities 338,747 156,869 167,505 14,373 338,747 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Reconciliation of Weighted Average Common Shares Outstanding | A reconciliation of weighted average shares outstanding used to calculate basic and diluted net income per share follows (in thousands, except per share data): Three months ended March 31 2021 2020 Weighted average shares outstanding (basic) 162,441 163,475 Impact of common stock equivalents 1,296 942 Weighted average shares outstanding (diluted) 163,737 164,417 Per share: Basic $ 0.43 $ 0.16 Diluted 0.43 0.16 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Compensation Expense and Related Tax Benefits | The following table presents compensation expense and the related tax benefits for equity awards recognized in the consolidated statements of income: Three months ended March 31 2021 2020 (in thousands) Compensation expense $ 1,902 $ 1,619 Tax benefit (414) (344) Stock-based compensation expense, net of tax benefit $ 1,488 $ 1,275 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | The net periodic pension cost for the Corporation’s Defined Benefit Pension Plan ("Pension Plan") consisted of the following components: Three months ended March 31 2021 2020 (in thousands) Interest cost $ 561 $ 681 Expected return on plan assets (1,011) (982) Net amortization and deferral 504 465 Net periodic pension cost $ 54 $ 164 The components of the net benefit for the Corporation’s Postretirement Benefits Plan ("Postretirement Plan") consisted of the following components: Three months ended March 31 2021 2020 (in thousands) Interest cost $ 8 $ 11 Net accretion and deferral (134) (137) Net periodic benefit $ (126) $ (126) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Outstanding Commitments to Extend Credit and Letters of Credit | The following table presents the Corporation's commitments to extend credit and letters of credit: March 31, December 31, 2020 (in thousands) Commitments to extend credit $ 9,018,523 $ 8,651,055 Standby letters of credit 295,516 298,750 Commercial letters of credit 57,917 56,229 |
Basis of Presentation Narrative
Basis of Presentation Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase in ACL | $ 280,259 | $ 291,940 | $ 257,471 | $ 166,209 | |
Change in retained earnings | (1,168,491) | (1,120,781) | |||
Cumulative Effect, Period of Adoption, Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase in ACL | 0 | $ 58,349 | |||
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase in ACL | $ 58,300 | ||||
Change in retained earnings | 43,800 | ||||
Increase in deferred tax assets | 12,400 | ||||
Residential Mortgage | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase in ACL for certain OBS credit exposure | $ 1,100 | $ 1,100 | |||
Residential Mortgage | Accounting Standards Update 2016-13 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase in ACL for certain OBS credit exposure | (2,100) | ||||
Residential Mortgage | Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase in ACL for certain OBS credit exposure | $ (2,100) |
Restrictions on Cash and Cash_2
Restrictions on Cash and Cash Equivalents (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||
Collateral | $ 243.6 | $ 408.1 |
Investment Securities Schedule
Investment Securities Schedule of Amortized Cost and Fair Values of Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 2,693,919 | |
Gross Unrealized Gains | 79,411 | |
Gross Unrealized Losses | (14,733) | |
Estimated Fair Value | 2,758,597 | $ 3,062,143 |
Amortized Cost, Held to Maturity | 853,413 | 278,281 |
Gross Unrealized Gains, Held to Maturity | 16,303 | |
Gross Unrealized Losses, Held to Maturity | (25,973) | |
HTM securities | 843,743 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 953,601 | |
Gross Unrealized Gains | 42,412 | |
Gross Unrealized Losses | (1,253) | |
Estimated Fair Value | 994,760 | |
Amortized Cost, Held to Maturity | 376,200 | |
Amortized Cost | 891,327 | |
Gross Unrealized Gains | 61,286 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | 952,613 | |
Corporate Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 348,162 | |
Gross Unrealized Gains | 11,970 | |
Gross Unrealized Losses | (761) | |
Estimated Fair Value | 359,371 | |
Amortized Cost | 348,391 | |
Gross Unrealized Gains | 19,445 | |
Gross Unrealized Losses | (691) | |
Estimated Fair Value | 367,145 | |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 390,253 | |
Gross Unrealized Gains | 10,633 | |
Gross Unrealized Losses | (1,005) | |
Estimated Fair Value | 399,881 | |
Amortized Cost | 491,321 | |
Gross Unrealized Gains | 12,560 | |
Gross Unrealized Losses | (115) | |
Estimated Fair Value | 503,766 | |
Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 257,409 | |
Gross Unrealized Gains | 1,941 | |
Gross Unrealized Losses | (3,986) | |
Estimated Fair Value | 255,364 | |
Amortized Cost, Held to Maturity | 467,461 | 278,281 |
Gross Unrealized Gains, Held to Maturity | 16,303 | 18,576 |
Gross Unrealized Losses, Held to Maturity | (8,025) | 0 |
HTM securities | 475,739 | 296,857 |
Amortized Cost | 373,779 | |
Gross Unrealized Gains | 4,246 | |
Gross Unrealized Losses | (27) | |
Estimated Fair Value | 377,998 | |
Commercial Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 668,144 | |
Gross Unrealized Gains | 12,455 | |
Gross Unrealized Losses | (7,582) | |
Estimated Fair Value | 673,017 | |
Amortized Cost, Held to Maturity | 385,952 | |
Gross Unrealized Gains, Held to Maturity | 0 | |
Gross Unrealized Losses, Held to Maturity | (17,948) | |
HTM securities | 368,004 | |
Amortized Cost | 741,172 | |
Gross Unrealized Gains | 22,384 | |
Gross Unrealized Losses | (1,141) | |
Estimated Fair Value | 762,415 | |
Auction Rate Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 76,350 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (146) | |
Estimated Fair Value | $ 76,204 | |
Amortized Cost | 101,510 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (3,304) | |
Estimated Fair Value | 98,206 | |
Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 2,947,500 | |
Gross Unrealized Gains | 119,921 | |
Gross Unrealized Losses | (5,278) | |
Estimated Fair Value | $ 3,062,143 |
Investment Securities Schedul_2
Investment Securities Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Due in one year or less | $ 13,107 | |
Due from one year to five years | 37,176 | |
Due from five years to ten years | 343,642 | |
Due after ten years | 984,188 | |
Amortized cost, before securities without debt maturities | 1,378,113 | |
Amortized Cost | 2,693,919 | |
Estimated Fair Value | ||
Due in one year or less | 13,171 | |
Due from one year to five years | 38,417 | |
Due from five years to ten years | 355,683 | |
Due after ten years | 1,023,064 | |
Available for sale securities, debt maturities, before securities without single maturities | 1,430,335 | |
Estimated Fair Value | 2,758,597 | $ 3,062,143 |
Amortized Cost | ||
Due in one year or less | 0 | |
Due from one year to five years | 0 | |
Due from five years to ten years | 0 | |
Due after ten years | 0 | |
Debt securities, held-to-maturity, maturity, allocated and single maturity date, amortized cost, total | 0 | |
Amortized Cost, Held to Maturity | 853,413 | 278,281 |
Estimated Fair Value | ||
Due in one year or less | 0 | |
Due from one year to five years | 0 | |
Due from five years to ten years | 0 | |
Due after ten years | 0 | |
Debt securities, held-to-maturity, maturity, Allocated and single maturity date, fair value | 0 | |
Estimated Fair Value, Held to Maturity | 843,743 | |
Collateralized Mortgage Obligations [Member] | ||
Amortized Cost | ||
Available-for-sale securities, amortized cost without single maturity date | 390,253 | |
Amortized Cost | 390,253 | |
Estimated Fair Value | ||
Available-for-sale securities, debt maturities, without single maturity date, fair value | 399,881 | |
Estimated Fair Value | 399,881 | |
Amortized Cost | ||
Debt securities, held-to-maturity, maturity, without single maturity date, amortized cost | 0 | |
Estimated Fair Value | ||
Debt securities, held-to-maturity, maturity, without single maturity date, fair value | 0 | |
Commercial Mortgage Backed Securities [Member] | ||
Amortized Cost | ||
Available-for-sale securities, amortized cost without single maturity date | 668,144 | |
Amortized Cost | 668,144 | |
Estimated Fair Value | ||
Available-for-sale securities, debt maturities, without single maturity date, fair value | 673,017 | |
Estimated Fair Value | 673,017 | |
Amortized Cost | ||
Debt securities, held-to-maturity, maturity, without single maturity date, amortized cost | 385,952 | |
Amortized Cost, Held to Maturity | 385,952 | |
Estimated Fair Value | ||
Debt securities, held-to-maturity, maturity, without single maturity date, fair value | 368,004 | |
Estimated Fair Value, Held to Maturity | 368,004 | |
Mortgage-Backed Securities [Member] | ||
Amortized Cost | ||
Available-for-sale securities, amortized cost without single maturity date | 257,409 | |
Amortized Cost | 257,409 | |
Estimated Fair Value | ||
Available-for-sale securities, debt maturities, without single maturity date, fair value | 255,364 | |
Estimated Fair Value | 255,364 | |
Amortized Cost | ||
Debt securities, held-to-maturity, maturity, without single maturity date, amortized cost | 467,461 | |
Amortized Cost, Held to Maturity | 467,461 | 278,281 |
Estimated Fair Value | ||
Debt securities, held-to-maturity, maturity, without single maturity date, fair value | 475,739 | |
Estimated Fair Value, Held to Maturity | $ 475,739 | $ 296,857 |
Investment Securities Summary o
Investment Securities Summary of Gains and Losses from Equity and Debt Securities, and Losses from Other-than-Temporary Impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||
Debt securities, Gross Realized Gains | $ 34,016 | $ 117 |
Debt securities, Gross Realized Losses | (541) | (71) |
Debt securities, Net Gains (Losses) | $ 33,475 | $ 46 |
Investment Securities Gross Unr
Investment Securities Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in a Continuous Unrealized Loss Position (Details) $ in Thousands | Mar. 31, 2021USD ($)Security | Dec. 31, 2020USD ($)Security |
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 48 | 22 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 542,485 | $ 266,636 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (14,408) | $ (1,660) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 120 | 163 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 91,532 | $ 105,077 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (325) | (3,618) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 634,017 | 371,713 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (14,733) | $ (5,278) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 33 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 573,076 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (25,973) | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 0 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 573,076 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | $ (25,973) | |
State and Municipal Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 21 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 88,141 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (1,253) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 88,141 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (1,253) | |
Corporate Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 7 | 9 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 41,956 | $ 44,528 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (582) | $ (377) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 2 | 1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 15,328 | $ 6,871 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (179) | (314) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 57,284 | 51,399 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (761) | $ (691) |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 2 | 3 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 55,305 | $ 57,601 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (1,005) | $ (115) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 55,305 | 57,601 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (1,005) | $ (115) |
Residential Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 8 | 1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 173,908 | $ 20,124 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (3,986) | $ (27) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 173,908 | 20,124 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (3,986) | $ (27) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 12 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 205,072 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (8,025) | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 0 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 205,072 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | $ (8,025) | |
Commercial Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 10 | 9 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 183,175 | $ 144,383 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (7,582) | $ (1,141) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 183,175 | 144,383 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (7,582) | $ (1,141) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 21 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 368,004 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (17,948) | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 0 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 368,004 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | $ (17,948) | |
Auction Rate Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 118 | 162 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 76,204 | $ 98,206 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (146) | (3,304) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 76,204 | 98,206 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (146) | $ (3,304) |
Investment Securities Summary_2
Investment Securities Summary of Amortized Cost and Fair Values of Corporate Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 2,693,919 | |
Estimated Fair Value | 2,758,597 | $ 3,062,143 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 348,162 | |
Estimated Fair Value | $ 359,371 |
Investment Securities Narrative
Investment Securities Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Schedule of Investments [Line Items] | |||
Amortized cost | $ 2,693,919 | ||
Available-for-sale Securities, Fair Value Disclosure | 2,758,597 | $ 3,062,143 | |
HTM, at amortized cost | 853,413 | 278,281 | |
HTM securities | 843,743 | ||
Proceeds from sales of AFS securities | 59,342 | $ 59,894 | |
Other securities losses | (33,475) | (46) | |
Debt extinguishment costs | 32,200 | ||
Interest income | 184,936 | $ 199,378 | |
Debt extinguishment costs | 841 | ||
Unrealized Gain (Loss) on Securities | (400) | ||
Visa | |||
Schedule of Investments [Line Items] | |||
Gain on sale of shares | 34,000 | ||
Residential Mortgage Backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost | 257,409 | ||
Available-for-sale Securities, Fair Value Disclosure | 255,364 | ||
HTM, at amortized cost | 467,461 | 278,281 | |
HTM securities | 475,739 | 296,857 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost | 953,601 | ||
Available-for-sale Securities, Fair Value Disclosure | 994,760 | ||
HTM, at amortized cost | 376,200 | ||
Auction Rate Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost | 76,350 | ||
Available-for-sale Securities, Fair Value Disclosure | 76,204 | ||
Proceeds from sales of AFS securities | 24,600 | ||
Collateral Pledged [Member] | |||
Schedule of Investments [Line Items] | |||
Securities pledged as collateral | $ 1,100,000 | $ 520,500 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses Summary Of Gross Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $ 19,011,521 | $ 18,923,921 |
Unearned income | (20,535) | (23,101) |
Net Loans | 18,990,986 | 18,900,820 |
Real estate - commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 7,142,137 | 7,105,092 |
Net Loans | 7,142,137 | 7,105,092 |
Commercial and industrial (1) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 5,675,714 | 5,670,828 |
Net Loans | 5,675,714 | 5,670,828 |
Commercial and industrial (1) | PPP Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 1,700,000 | 1,600,000 |
Real estate - residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 3,254,058 | 3,141,915 |
Net Loans | 3,254,058 | 3,141,915 |
Real-estate - home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 1,149,958 | 1,202,913 |
Net Loans | 1,149,958 | 1,202,913 |
Real-estate - construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 1,083,494 | 1,047,218 |
Net Loans | 1,083,494 | 1,047,218 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 451,857 | 466,772 |
Net Loans | 451,857 | 466,772 |
Equipment lease financing and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 252,930 | 284,377 |
Overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $ 1,373 | $ 4,806 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||||
ACL - loans | $ 265,986 | $ 277,567 | ||
ACL - OBS credit exposure | 14,273 | 14,373 | ||
Total ACL | $ 280,259 | $ 291,940 | $ 257,471 | $ 166,209 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses Activity in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | $ 291,940 | $ 166,209 | $ 166,209 |
Loans charged off | 8,202 | 14,003 | |
Recoveries of loans previously charged off | 2,021 | 2,887 | |
Total net (charge-offs) recoveries | (6,181) | (11,116) | |
Provision for credit losses | (5,500) | 44,029 | |
Ending balance | 280,259 | 257,471 | 291,940 |
Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 0 | 58,349 | 58,349 |
Ending balance | $ 0 | ||
Off-Balance Sheet | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Provision for credit losses | $ 100 | $ (3,800) |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 291,940 | $ 166,209 | $ 166,209 |
Loans charged off | 8,202 | 14,003 | |
Recoveries of loans previously charged off | 2,021 | 2,887 | |
Total net (charge-offs) recoveries | (6,181) | (11,116) | |
Provision for credit losses | (5,500) | 44,029 | |
Ending balance | 280,259 | 257,471 | 291,940 |
Cumulative Effect, Period of Adoption, Adjustment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 0 | 58,349 | 58,349 |
Ending balance | 0 | ||
Loans - Excluding OBS Credit Exposure [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 277,567 | 163,622 | 163,622 |
Loans charged off | 8,202 | 14,003 | |
Recoveries of loans previously charged off | 2,021 | 2,887 | |
Total net (charge-offs) recoveries | (6,181) | (11,116) | |
Provision for credit losses | (5,400) | 40,279 | |
Ending balance | 265,986 | 238,508 | 277,567 |
Loans - Excluding OBS Credit Exposure [Member] | Real estate - commercial mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 103,425 | 45,610 | 45,610 |
Loans charged off | 1,837 | 855 | |
Recoveries of loans previously charged off | 174 | 244 | |
Total net (charge-offs) recoveries | (1,663) | (611) | |
Provision for credit losses | (786) | 15,959 | |
Ending balance | 100,976 | 90,319 | 103,425 |
Loans - Excluding OBS Credit Exposure [Member] | Commercial and industrial (1) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 74,771 | 68,602 | 68,602 |
Loans charged off | 4,319 | 10,899 | |
Recoveries of loans previously charged off | 769 | 1,734 | |
Total net (charge-offs) recoveries | (3,550) | (9,165) | |
Provision for credit losses | (27) | 22,745 | |
Ending balance | 71,194 | 63,606 | 74,771 |
Loans - Excluding OBS Credit Exposure [Member] | Real-estate - home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 14,232 | 17,744 | 17,744 |
Loans charged off | 212 | 316 | |
Recoveries of loans previously charged off | 51 | 646 | |
Total net (charge-offs) recoveries | (161) | 330 | |
Provision for credit losses | (341) | (2,756) | |
Ending balance | 13,730 | 15,253 | 14,232 |
Loans - Excluding OBS Credit Exposure [Member] | Real estate - residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 51,995 | 19,771 | 19,771 |
Loans charged off | 192 | 187 | |
Recoveries of loans previously charged off | 95 | 85 | |
Total net (charge-offs) recoveries | (97) | (102) | |
Provision for credit losses | (1,903) | 1,523 | |
Ending balance | 49,995 | 42,427 | 51,995 |
Loans - Excluding OBS Credit Exposure [Member] | Real-estate - construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 15,608 | 4,443 | 4,443 |
Loans charged off | 39 | 0 | |
Recoveries of loans previously charged off | 384 | 70 | |
Total net (charge-offs) recoveries | 345 | 70 | |
Provision for credit losses | (874) | (130) | |
Ending balance | 15,079 | 8,398 | 15,608 |
Loans - Excluding OBS Credit Exposure [Member] | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 10,905 | 3,762 | 3,762 |
Loans charged off | 635 | 1,213 | |
Recoveries of loans previously charged off | 389 | 0 | |
Total net (charge-offs) recoveries | (246) | (1,213) | |
Provision for credit losses | (1,247) | 1,347 | |
Ending balance | 9,412 | 9,865 | 10,905 |
Loans - Excluding OBS Credit Exposure [Member] | Equipment lease financing, other and overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 6,633 | 3,690 | 3,690 |
Loans charged off | 968 | 533 | |
Recoveries of loans previously charged off | 159 | 108 | |
Total net (charge-offs) recoveries | (809) | (425) | |
Provision for credit losses | (222) | 1,591 | |
Ending balance | $ 5,602 | 8,640 | 6,633 |
Loans - Excluding OBS Credit Exposure [Member] | Cumulative Effect, Period of Adoption, Adjustment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 45,723 | 45,723 | |
Loans - Excluding OBS Credit Exposure [Member] | Cumulative Effect, Period of Adoption, Adjustment | Real estate - commercial mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 29,361 | 29,361 | |
Loans - Excluding OBS Credit Exposure [Member] | Cumulative Effect, Period of Adoption, Adjustment | Commercial and industrial (1) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | (18,576) | (18,576) | |
Loans - Excluding OBS Credit Exposure [Member] | Cumulative Effect, Period of Adoption, Adjustment | Real-estate - home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | (65) | (65) | |
Loans - Excluding OBS Credit Exposure [Member] | Cumulative Effect, Period of Adoption, Adjustment | Real estate - residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 21,235 | 21,235 | |
Loans - Excluding OBS Credit Exposure [Member] | Cumulative Effect, Period of Adoption, Adjustment | Real-estate - construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 4,015 | 4,015 | |
Loans - Excluding OBS Credit Exposure [Member] | Cumulative Effect, Period of Adoption, Adjustment | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 5,969 | 5,969 | |
Loans - Excluding OBS Credit Exposure [Member] | Cumulative Effect, Period of Adoption, Adjustment | Equipment lease financing, other and overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 3,784 | $ 3,784 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses Total Impaired Loans by Class Segments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | $ 81,997 | $ 68,603 |
Unpaid principal balance, with no related allowance | 61,892 | 68,595 |
Unpaid Principal Balance | 143,889 | 137,198 |
Real estate - commercial mortgage | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 21,107 | 19,909 |
Unpaid principal balance, with no related allowance | 30,870 | 31,561 |
Unpaid Principal Balance | 51,977 | 51,470 |
Commercial | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 13,012 | 13,937 |
Unpaid principal balance, with no related allowance | 18,640 | 18,056 |
Unpaid Principal Balance | 31,652 | 31,993 |
Real estate - residential mortgage | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 31,203 | 24,590 |
Unpaid principal balance, with no related allowance | 2,198 | 1,517 |
Unpaid Principal Balance | 33,401 | 26,107 |
Real-estate - home equity | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 9,368 | 9,398 |
Unpaid principal balance, with no related allowance | 0 | 190 |
Unpaid Principal Balance | 9,368 | 9,588 |
Construction | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 544 | 437 |
Unpaid principal balance, with no related allowance | 897 | 958 |
Unpaid Principal Balance | 1,441 | 1,395 |
Consumer | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 301 | 332 |
Unpaid principal balance, with no related allowance | 0 | 0 |
Unpaid Principal Balance | 301 | 332 |
Equipment lease financing, other and overdrafts | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 6,462 | 0 |
Unpaid principal balance, with no related allowance | 9,287 | 16,313 |
Unpaid Principal Balance | $ 15,749 | $ 16,313 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses Credit Quality Indicators (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Total | |||
Current period gross charge-offs | $ (8,202) | $ (14,003) | |
Current period recoveries | 2,021 | 2,887 | |
Total net (charge-offs) recoveries | 6,181 | $ 11,116 | |
Portfolio Segment and Loan Class [Member] | |||
2021 | |||
Total | 1,101,369 | $ 3,467,811 | |
2020 | |||
Total | 2,888,374 | 1,732,931 | |
2019 | |||
Total | 1,691,737 | 1,353,012 | |
2018 | |||
Total | 1,313,252 | 1,234,058 | |
2017 | |||
Total | 1,194,899 | 1,171,834 | |
Prior | |||
Total | 4,174,934 | 3,248,551 | |
Revolving Loans Amortized Cost Basis | |||
Total | 1,399,689 | 1,485,249 | |
Total | |||
Total | 13,764,575 | 13,694,790 | |
Portfolio Segment and Loan Class [Member] | Pass | |||
2021 | |||
Total | 1,101,116 | 3,443,080 | |
2020 | |||
Total | 2,852,081 | 1,655,148 | |
2019 | |||
Total | 1,608,830 | 1,225,117 | |
2018 | |||
Total | 1,179,939 | 1,090,130 | |
2017 | |||
Total | 1,049,995 | 1,029,619 | |
Prior | |||
Total | 3,669,729 | 2,920,459 | |
Revolving Loans Amortized Cost Basis | |||
Total | 1,290,318 | 1,369,756 | |
Total | |||
Total | 12,752,329 | 12,733,713 | |
Portfolio Segment and Loan Class [Member] | Special Mention | |||
2021 | |||
Total | 253 | 20,272 | |
2020 | |||
Total | 32,418 | 64,708 | |
2019 | |||
Total | 51,578 | 113,214 | |
2018 | |||
Total | 109,137 | 91,650 | |
2017 | |||
Total | 85,830 | 107,665 | |
Prior | |||
Total | 292,459 | 199,596 | |
Revolving Loans Amortized Cost Basis | |||
Total | 51,345 | 48,358 | |
Total | |||
Total | 623,020 | 645,463 | |
Portfolio Segment and Loan Class [Member] | Substandard or Lower | |||
2021 | |||
Total | 0 | 4,459 | |
2020 | |||
Total | 3,875 | 13,075 | |
2019 | |||
Total | 31,329 | 14,681 | |
2018 | |||
Total | 24,176 | 52,278 | |
2017 | |||
Total | 59,074 | 34,550 | |
Prior | |||
Total | 212,746 | 128,496 | |
Revolving Loans Amortized Cost Basis | |||
Total | 58,026 | 67,135 | |
Total | |||
Total | 389,226 | 315,614 | |
Portfolio Segment and Loan Class [Member] | Real estate - construction(1) | |||
2021 | |||
Total | 14,725 | 185,883 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | 0 | |
2020 | |||
Total | 233,770 | 229,544 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | 0 | |
2019 | |||
Total | 201,594 | 217,604 | |
Current period gross charge-offs | (39) | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | (39) | 0 | |
2018 | |||
Total | 218,467 | 83,086 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | 0 | |
2017 | |||
Total | 82,662 | 45,776 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 68 | |
Total net (charge-offs) recoveries | 0 | 68 | |
Prior | |||
Total | 159,054 | 118,319 | |
Current period gross charge-offs | 0 | (17) | |
Current period recoveries | 384 | 5,054 | |
Total net (charge-offs) recoveries | 384 | 5,037 | |
Revolving Loans Amortized Cost Basis | |||
Total | 36,452 | 38,658 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | 0 | |
Total | |||
Total | 946,724 | 918,870 | |
Current period gross charge-offs | (39) | (17) | |
Current period recoveries | 384 | 5,122 | |
Total net (charge-offs) recoveries | (345) | (5,105) | |
Portfolio Segment and Loan Class [Member] | Real estate - construction(1) | Pass | |||
2021 | |||
Total | 14,615 | 185,883 | |
2020 | |||
Total | 233,770 | 229,097 | |
2019 | |||
Total | 201,440 | 217,604 | |
2018 | |||
Total | 218,467 | 81,086 | |
2017 | |||
Total | 80,686 | 37,976 | |
Prior | |||
Total | 142,339 | 110,470 | |
Revolving Loans Amortized Cost Basis | |||
Total | 36,046 | 38,026 | |
Total | |||
Total | 927,363 | 900,142 | |
Portfolio Segment and Loan Class [Member] | Real estate - construction(1) | Special Mention | |||
2021 | |||
Total | 110 | 0 | |
2020 | |||
Total | 0 | 0 | |
2019 | |||
Total | 0 | 0 | |
2018 | |||
Total | 0 | 0 | |
2017 | |||
Total | 0 | 7,047 | |
Prior | |||
Total | 13,195 | 6,212 | |
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | 13,305 | 13,259 | |
Portfolio Segment and Loan Class [Member] | Real estate - construction(1) | Substandard or Lower | |||
2021 | |||
Total | 0 | 0 | |
2020 | |||
Total | 0 | 447 | |
2019 | |||
Total | 154 | 0 | |
2018 | |||
Total | 0 | 2,000 | |
2017 | |||
Total | 1,976 | 753 | |
Prior | |||
Total | 3,520 | 1,637 | |
Revolving Loans Amortized Cost Basis | |||
Total | 406 | 632 | |
Total | |||
Total | 6,056 | 5,469 | |
Portfolio Segment and Loan Class [Member] | Commercial and industrial (1) | |||
2021 | |||
Total | 885,759 | 2,293,387 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | 0 | |
2020 | |||
Total | 1,636,518 | 538,322 | |
Current period gross charge-offs | 0 | (114) | |
Current period recoveries | 0 | 43 | |
Total net (charge-offs) recoveries | 0 | (71) | |
2019 | |||
Total | 509,154 | 336,168 | |
Current period gross charge-offs | (613) | (30) | |
Current period recoveries | 37 | 486 | |
Total net (charge-offs) recoveries | (576) | 456 | |
2018 | |||
Total | 320,628 | 236,285 | |
Current period gross charge-offs | (2,871) | (488) | |
Current period recoveries | 126 | 216 | |
Total net (charge-offs) recoveries | (2,745) | (272) | |
2017 | |||
Total | 222,961 | 231,247 | |
Current period gross charge-offs | (60) | (393) | |
Current period recoveries | 36 | 162 | |
Total net (charge-offs) recoveries | (24) | (231) | |
Prior | |||
Total | 792,647 | 646,458 | |
Current period gross charge-offs | (775) | (520) | |
Current period recoveries | 570 | 4,531 | |
Total net (charge-offs) recoveries | (205) | 4,011 | |
Revolving Loans Amortized Cost Basis | |||
Total | 1,308,047 | 1,388,961 | |
Current period gross charge-offs | 0 | (17,370) | |
Current period recoveries | 0 | 5,958 | |
Total net (charge-offs) recoveries | 0 | (11,412) | |
Total | |||
Total | 5,675,714 | 5,670,828 | |
Current period gross charge-offs | (4,319) | (18,915) | |
Current period recoveries | 769 | 11,396 | |
Total net (charge-offs) recoveries | 3,550 | 7,519 | |
Portfolio Segment and Loan Class [Member] | Commercial and industrial (1) | Pass | |||
2021 | |||
Total | 885,616 | 2,283,533 | |
2020 | |||
Total | 1,624,535 | 508,541 | |
2019 | |||
Total | 481,038 | 298,567 | |
2018 | |||
Total | 290,788 | 214,089 | |
2017 | |||
Total | 201,910 | 208,549 | |
Prior | |||
Total | 726,981 | 596,646 | |
Revolving Loans Amortized Cost Basis | |||
Total | 1,205,065 | 1,278,689 | |
Total | |||
Total | 5,415,933 | 5,388,614 | |
Portfolio Segment and Loan Class [Member] | Commercial and industrial (1) | Special Mention | |||
2021 | |||
Total | 143 | 6,633 | |
2020 | |||
Total | 9,136 | 23,834 | |
2019 | |||
Total | 20,949 | 29,167 | |
2018 | |||
Total | 16,337 | 10,945 | |
2017 | |||
Total | 10,413 | 11,506 | |
Prior | |||
Total | 30,861 | 25,960 | |
Revolving Loans Amortized Cost Basis | |||
Total | 48,939 | 45,994 | |
Total | |||
Total | 136,778 | 154,039 | |
Portfolio Segment and Loan Class [Member] | Commercial and industrial (1) | Substandard or Lower | |||
2021 | |||
Total | 0 | 3,221 | |
2020 | |||
Total | 2,847 | 5,947 | |
2019 | |||
Total | 7,167 | 8,434 | |
2018 | |||
Total | 13,503 | 11,251 | |
2017 | |||
Total | 10,638 | 11,192 | |
Prior | |||
Total | 34,805 | 23,852 | |
Revolving Loans Amortized Cost Basis | |||
Total | 54,043 | 64,278 | |
Total | |||
Total | 123,003 | 128,175 | |
Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | |||
2021 | |||
Total | 200,885 | 988,541 | |
Current period gross charge-offs | 0 | (60) | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | (60) | |
2020 | |||
Total | 1,018,086 | 965,065 | |
Current period gross charge-offs | 0 | (21) | |
Current period recoveries | 0 | 6 | |
Total net (charge-offs) recoveries | 0 | (15) | |
2019 | |||
Total | 980,989 | 799,240 | |
Current period gross charge-offs | 0 | (36) | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | (36) | |
2018 | |||
Total | 774,157 | 914,687 | |
Current period gross charge-offs | 0 | (2,515) | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | (2,515) | |
2017 | |||
Total | 889,276 | 894,811 | |
Current period gross charge-offs | (1,719) | (29) | |
Current period recoveries | 0 | 1 | |
Total net (charge-offs) recoveries | (1,719) | (28) | |
Prior | |||
Total | 3,223,233 | 2,483,774 | |
Current period gross charge-offs | (118) | (1,547) | |
Current period recoveries | 174 | 1,020 | |
Total net (charge-offs) recoveries | 56 | (527) | |
Revolving Loans Amortized Cost Basis | |||
Total | 55,190 | 57,630 | |
Current period gross charge-offs | 0 | (17) | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | (17) | |
Total | |||
Total | 7,142,137 | 7,105,092 | |
Current period gross charge-offs | (1,837) | (4,225) | |
Current period recoveries | 174 | 1,027 | |
Total net (charge-offs) recoveries | 1,663 | 3,198 | |
Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | Pass | |||
2021 | |||
Total | 200,885 | 973,664 | |
2020 | |||
Total | 993,776 | 917,510 | |
2019 | |||
Total | 926,352 | 708,946 | |
2018 | |||
Total | 670,684 | 794,955 | |
2017 | |||
Total | 767,399 | 783,094 | |
Prior | |||
Total | 2,800,409 | 2,213,343 | |
Revolving Loans Amortized Cost Basis | |||
Total | 49,207 | 53,041 | |
Total | |||
Total | 6,409,033 | 6,444,957 | |
Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | Special Mention | |||
2021 | |||
Total | 0 | 13,639 | |
2020 | |||
Total | 23,282 | 40,874 | |
2019 | |||
Total | 30,629 | 84,047 | |
2018 | |||
Total | 92,800 | 80,705 | |
2017 | |||
Total | 75,417 | 89,112 | |
Prior | |||
Total | 248,403 | 167,424 | |
Revolving Loans Amortized Cost Basis | |||
Total | 2,406 | 2,364 | |
Total | |||
Total | 472,937 | 478,165 | |
Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | Substandard or Lower | |||
2021 | |||
Total | 0 | 1,238 | |
2020 | |||
Total | 1,028 | 6,681 | |
2019 | |||
Total | 24,008 | 6,247 | |
2018 | |||
Total | 10,673 | 39,027 | |
2017 | |||
Total | 46,460 | 22,605 | |
Prior | |||
Total | 174,421 | 103,007 | |
Revolving Loans Amortized Cost Basis | |||
Total | 3,577 | 2,225 | |
Total | |||
Total | 260,167 | 181,970 | |
Payment Activity, Aging Status [Member] | |||
2021 | |||
Total | 434,428 | 1,600,529 | |
2020 | |||
Total | 1,544,661 | 785,422 | |
2019 | |||
Total | 682,336 | 397,005 | |
2018 | |||
Total | 324,299 | 449,934 | |
2017 | |||
Total | 381,851 | 319,307 | |
Prior | |||
Total | 847,173 | 627,069 | |
Revolving Loans Amortized Cost Basis | |||
Total | 1,006,611 | 1,044,502 | |
Total | |||
Total | 5,226,411 | 5,229,131 | |
Payment Activity, Aging Status [Member] | Performing | |||
2021 | |||
Total | 434,428 | 1,600,144 | |
2020 | |||
Total | 1,540,607 | 782,832 | |
2019 | |||
Total | 680,193 | 393,651 | |
2018 | |||
Total | 320,763 | 430,916 | |
2017 | |||
Total | 362,707 | 318,108 | |
Prior | |||
Total | 819,988 | 602,764 | |
Revolving Loans Amortized Cost Basis | |||
Total | 997,016 | 1,034,983 | |
Total | |||
Total | 5,160,547 | 5,168,761 | |
Payment Activity, Aging Status [Member] | Nonperforming Financial Instruments [Member] | |||
2021 | |||
Total | 0 | 385 | |
2020 | |||
Total | 4,054 | 2,590 | |
2019 | |||
Total | 2,143 | 3,354 | |
2018 | |||
Total | 3,536 | 19,018 | |
2017 | |||
Total | 19,144 | 1,199 | |
Prior | |||
Total | 27,185 | 24,305 | |
Revolving Loans Amortized Cost Basis | |||
Total | 9,595 | 9,519 | |
Total | |||
Total | 65,864 | 60,370 | |
Payment Activity, Aging Status [Member] | Real-estate - home equity | |||
2021 | |||
Total | 4,491 | 31,445 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | 0 | |
2020 | |||
Total | 29,767 | 8,264 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | 0 | |
2019 | |||
Total | 8,228 | 13,929 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | 0 | |
2018 | |||
Total | 12,335 | 11,257 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | 0 | |
2017 | |||
Total | 10,261 | 11,888 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | 0 | |
Prior | |||
Total | 121,634 | 129,039 | |
Current period gross charge-offs | 0 | (34) | |
Current period recoveries | 0 | 138 | |
Total net (charge-offs) recoveries | 0 | 104 | |
Revolving Loans Amortized Cost Basis | |||
Total | 958,190 | 991,770 | |
Current period gross charge-offs | (212) | (1,159) | |
Current period recoveries | 51 | 366 | |
Total net (charge-offs) recoveries | (161) | (793) | |
Total | |||
Total | 1,149,958 | 1,202,913 | |
Current period gross charge-offs | (212) | (1,193) | |
Current period recoveries | 51 | 504 | |
Total net (charge-offs) recoveries | 161 | 689 | |
Payment Activity, Aging Status [Member] | Real-estate - home equity | Performing | |||
2021 | |||
Total | 4,491 | 31,445 | |
2020 | |||
Total | 29,767 | 8,176 | |
2019 | |||
Total | 8,140 | 13,906 | |
2018 | |||
Total | 12,312 | 11,024 | |
2017 | |||
Total | 9,997 | 11,667 | |
Prior | |||
Total | 119,037 | 126,749 | |
Revolving Loans Amortized Cost Basis | |||
Total | 948,645 | 982,285 | |
Total | |||
Total | 1,137,234 | 1,190,573 | |
Payment Activity, Aging Status [Member] | Real-estate - home equity | Nonperforming Financial Instruments [Member] | |||
2021 | |||
Total | 0 | 0 | |
2020 | |||
Total | 0 | 88 | |
2019 | |||
Total | 88 | 23 | |
2018 | |||
Total | 23 | 233 | |
2017 | |||
Total | 264 | 221 | |
Prior | |||
Total | 2,597 | 2,290 | |
Revolving Loans Amortized Cost Basis | |||
Total | 9,545 | 9,485 | |
Total | |||
Total | 12,724 | 12,340 | |
Payment Activity, Aging Status [Member] | Real estate - residential mortgage | |||
2021 | |||
Total | 358,906 | 1,255,749 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | 0 | |
2020 | |||
Total | 1,244,373 | 588,361 | |
Current period gross charge-offs | 0 | (68) | |
Current period recoveries | 0 | 68 | |
Total net (charge-offs) recoveries | 0 | 0 | |
2019 | |||
Total | 515,546 | 231,575 | |
Current period gross charge-offs | (40) | (101) | |
Current period recoveries | 0 | 16 | |
Total net (charge-offs) recoveries | (40) | (85) | |
2018 | |||
Total | 184,959 | 344,046 | |
Current period gross charge-offs | (47) | (190) | |
Current period recoveries | 3 | 1 | |
Total net (charge-offs) recoveries | (44) | (189) | |
2017 | |||
Total | 294,959 | 265,712 | |
Current period gross charge-offs | 0 | (7) | |
Current period recoveries | 1 | 1 | |
Total net (charge-offs) recoveries | 1 | (6) | |
Prior | |||
Total | 655,315 | 456,472 | |
Current period gross charge-offs | (105) | (254) | |
Current period recoveries | 0 | 405 | |
Total net (charge-offs) recoveries | (105) | 151 | |
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 92 | 0 | |
Total net (charge-offs) recoveries | 92 | 0 | |
Total | |||
Total | 3,254,058 | 3,141,915 | |
Current period gross charge-offs | (192) | (620) | |
Current period recoveries | 96 | 491 | |
Total net (charge-offs) recoveries | 96 | 129 | |
Payment Activity, Aging Status [Member] | Real estate - residential mortgage | Performing | |||
2021 | |||
Total | 358,906 | 1,255,532 | |
2020 | |||
Total | 1,240,446 | 585,878 | |
2019 | |||
Total | 513,892 | 228,398 | |
2018 | |||
Total | 181,509 | 341,563 | |
2017 | |||
Total | 292,014 | 264,990 | |
Prior | |||
Total | 630,996 | 434,889 | |
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | 3,217,763 | 3,111,250 | |
Payment Activity, Aging Status [Member] | Real estate - residential mortgage | Nonperforming Financial Instruments [Member] | |||
2021 | |||
Total | 0 | 217 | |
2020 | |||
Total | 3,927 | 2,483 | |
2019 | |||
Total | 1,654 | 3,177 | |
2018 | |||
Total | 3,450 | 2,483 | |
2017 | |||
Total | 2,945 | 722 | |
Prior | |||
Total | 24,319 | 21,583 | |
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | 36,295 | 30,665 | |
Payment Activity, Aging Status [Member] | Consumer | |||
2021 | |||
Total | 27,910 | 114,567 | |
Current period gross charge-offs | 0 | (134) | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | (134) | |
2020 | |||
Total | 104,051 | 98,606 | |
Current period gross charge-offs | (95) | (542) | |
Current period recoveries | 33 | 64 | |
Total net (charge-offs) recoveries | (62) | (478) | |
2019 | |||
Total | 90,222 | 95,196 | |
Current period gross charge-offs | (94) | (524) | |
Current period recoveries | 5 | 165 | |
Total net (charge-offs) recoveries | (89) | (359) | |
2018 | |||
Total | 85,900 | 43,475 | |
Current period gross charge-offs | (111) | (444) | |
Current period recoveries | 11 | 159 | |
Total net (charge-offs) recoveries | (100) | (285) | |
2017 | |||
Total | 38,225 | 25,918 | |
Current period gross charge-offs | (79) | (489) | |
Current period recoveries | 19 | 94 | |
Total net (charge-offs) recoveries | (60) | (395) | |
Prior | |||
Total | 57,128 | 36,236 | |
Current period gross charge-offs | (229) | (769) | |
Current period recoveries | 321 | 101 | |
Total net (charge-offs) recoveries | 92 | (668) | |
Revolving Loans Amortized Cost Basis | |||
Total | 48,421 | 52,732 | |
Current period gross charge-offs | (27) | (498) | |
Current period recoveries | 0 | 1,292 | |
Total net (charge-offs) recoveries | (27) | 794 | |
Total | |||
Total | 451,857 | 466,772 | |
Current period gross charge-offs | (635) | (3,400) | |
Current period recoveries | 389 | 1,875 | |
Total net (charge-offs) recoveries | 246 | 1,525 | |
Payment Activity, Aging Status [Member] | Consumer | Performing | |||
2021 | |||
Total | 27,910 | 114,399 | |
2020 | |||
Total | 103,924 | 98,587 | |
2019 | |||
Total | 90,185 | 95,072 | |
2018 | |||
Total | 85,837 | 43,334 | |
2017 | |||
Total | 38,190 | 25,804 | |
Prior | |||
Total | 56,885 | 36,086 | |
Revolving Loans Amortized Cost Basis | |||
Total | 48,371 | 52,698 | |
Total | |||
Total | 451,302 | 466,022 | |
Payment Activity, Aging Status [Member] | Consumer | Nonperforming Financial Instruments [Member] | |||
2021 | |||
Total | 0 | 168 | |
2020 | |||
Total | 127 | 19 | |
2019 | |||
Total | 37 | 124 | |
2018 | |||
Total | 63 | 141 | |
2017 | |||
Total | 35 | 114 | |
Prior | |||
Total | 243 | 150 | |
Revolving Loans Amortized Cost Basis | |||
Total | 50 | 34 | |
Total | |||
Total | 555 | 750 | |
Payment Activity, Aging Status [Member] | Equipment lease financing, other and overdrafts | |||
2021 | |||
Total | 25,663 | 102,324 | |
Current period gross charge-offs | 0 | (606) | |
Current period recoveries | 0 | 185 | |
Total net (charge-offs) recoveries | 0 | (421) | |
2020 | |||
Total | 68,641 | 65,303 | |
Current period gross charge-offs | (968) | (1,581) | |
Current period recoveries | 120 | 349 | |
Total net (charge-offs) recoveries | (848) | (1,232) | |
2019 | |||
Total | 51,804 | 49,483 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 39 | 21 | |
Total net (charge-offs) recoveries | 39 | 21 | |
2018 | |||
Total | 36,350 | 50,978 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 18 | |
Total net (charge-offs) recoveries | 0 | 18 | |
2017 | |||
Total | 38,230 | 15,773 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 11 | |
Total net (charge-offs) recoveries | 0 | 11 | |
Prior | |||
Total | 13,080 | 5,322 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 21 | |
Total net (charge-offs) recoveries | 0 | 21 | |
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | 0 | |
Total | |||
Total | 233,768 | 289,183 | |
Current period gross charge-offs | (968) | (2,187) | |
Current period recoveries | 159 | 605 | |
Total net (charge-offs) recoveries | 809 | 1,582 | |
Payment Activity, Aging Status [Member] | Equipment lease financing, other and overdrafts | Performing | |||
2021 | |||
Total | 25,663 | 102,324 | |
2020 | |||
Total | 68,641 | 65,303 | |
2019 | |||
Total | 51,804 | 49,453 | |
2018 | |||
Total | 36,350 | 34,995 | |
2017 | |||
Total | 22,506 | 15,631 | |
Prior | |||
Total | 13,054 | 5,040 | |
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | 218,018 | 272,746 | |
Payment Activity, Aging Status [Member] | Equipment lease financing, other and overdrafts | Nonperforming Financial Instruments [Member] | |||
2021 | |||
Total | 0 | 0 | |
2020 | |||
Total | 0 | 0 | |
2019 | |||
Total | 0 | 30 | |
2018 | |||
Total | 0 | 15,983 | |
2017 | |||
Total | 15,724 | 142 | |
Prior | |||
Total | 26 | 282 | |
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | 15,750 | 16,437 | |
Payment Activity, Aging Status [Member] | Construction - other | |||
2021 | |||
Total | 17,458 | 96,444 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | 0 | |
2020 | |||
Total | 97,829 | 24,888 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | 0 | |
2019 | |||
Total | 16,536 | 6,822 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | 0 | |
2018 | |||
Total | 4,755 | 178 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | 0 | |
2017 | |||
Total | 176 | 16 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | 0 | |
Prior | |||
Total | 16 | 0 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | 0 | |
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | 0 | |
Total | |||
Total | 136,770 | 128,348 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | 0 | |
Payment Activity, Aging Status [Member] | Construction - other | Performing | |||
2021 | |||
Total | 17,458 | 96,444 | |
2020 | |||
Total | 97,829 | 24,888 | |
2019 | |||
Total | 16,172 | 6,822 | |
2018 | |||
Total | 4,755 | 0 | |
2017 | |||
Total | 0 | 16 | |
Prior | |||
Total | 16 | 0 | |
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | 136,230 | 128,170 | |
Payment Activity, Aging Status [Member] | Construction - other | Nonperforming Financial Instruments [Member] | |||
2021 | |||
Total | 0 | 0 | |
2020 | |||
Total | 0 | 0 | |
2019 | |||
Total | 364 | 0 | |
2018 | |||
Total | 0 | 178 | |
2017 | |||
Total | 176 | 0 | |
Prior | |||
Total | 0 | 0 | |
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | 540 | 178 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | |||
Revolving Loans Amortized Cost Basis | |||
Total | 321 | 1,344 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Pass | |||
Revolving Loans Amortized Cost Basis | |||
Total | 321 | 404 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Special Mention | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Substandard or Lower | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 940 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Real estate - construction(1) | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Real estate - construction(1) | Pass | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Real estate - construction(1) | Special Mention | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Real estate - construction(1) | Substandard or Lower | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Commercial and industrial (1) | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Commercial and industrial (1) | Pass | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Commercial and industrial (1) | Special Mention | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Commercial and industrial (1) | Substandard or Lower | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | |||
Revolving Loans Amortized Cost Basis | |||
Total | 321 | 1,344 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | Pass | |||
Revolving Loans Amortized Cost Basis | |||
Total | 321 | 404 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | Special Mention | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | Substandard or Lower | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 940 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | |||
Revolving Loans Amortized Cost Basis | |||
Total | 5,052 | 5,363 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Performing | |||
Revolving Loans Amortized Cost Basis | |||
Total | 4,845 | 5,363 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Nonperforming Financial Instruments [Member] | |||
Revolving Loans Amortized Cost Basis | |||
Total | 207 | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Real-estate - home equity | |||
Revolving Loans Amortized Cost Basis | |||
Total | 5,052 | 5,321 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Real-estate - home equity | Performing | |||
Revolving Loans Amortized Cost Basis | |||
Total | 4,845 | 5,321 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Real-estate - home equity | Nonperforming Financial Instruments [Member] | |||
Revolving Loans Amortized Cost Basis | |||
Total | 207 | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Real estate - residential mortgage | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Real estate - residential mortgage | Performing | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Real estate - residential mortgage | Nonperforming Financial Instruments [Member] | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Consumer | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 42 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Consumer | Performing | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 42 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Consumer | Nonperforming Financial Instruments [Member] | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Equipment lease financing, other and overdrafts | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Equipment lease financing, other and overdrafts | Performing | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Equipment lease financing, other and overdrafts | Nonperforming Financial Instruments [Member] | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Construction - other | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Current period gross charge-offs | 0 | 0 | |
Current period recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | 0 | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Construction - other | Performing | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Construction - other | Nonperforming Financial Instruments [Member] | |||
Revolving Loans Amortized Cost Basis | |||
Total | $ 0 | $ 0 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses Summary of Delinquency and Non-Performing Status by Portfolio Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Impaired [Line Items] | ||
Net Loans | $ 18,990,986 | $ 18,900,820 |
Real-estate - home equity | ||
Financing Receivable, Impaired [Line Items] | ||
Net Loans | 1,149,958 | 1,202,913 |
Real estate - residential mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Net Loans | 3,254,058 | 3,141,915 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Net Loans | 451,857 | 466,772 |
Equipment lease financing, other and overdrafts | ||
Financing Receivable, Impaired [Line Items] | ||
Net Loans | $ 233,768 | $ 266,082 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses Non-Performing Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Non-accrual loans and leases | $ 143,889 | $ 137,198 |
Loans and leases 90 days or more past due and still accruing | 8,559 | 9,929 |
Total non-performing loans and leases | 152,448 | 147,127 |
Other real estate owned (OREO) | 3,664 | 4,178 |
Total non-performing assets | 156,112 | 151,305 |
Mortgage Loans in Process of Foreclosure, Amount | $ 7,600 | $ 8,100 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses Past Due Loan Status and Non-Accrual Loans by Portfolio Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | $ 8,559 | $ 9,929 |
Non- accrual | 143,889 | 137,198 |
Current | 18,808,411 | 18,673,373 |
Net Loans | 18,990,986 | 18,900,820 |
Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 24,089 | 59,999 |
Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 6,038 | 20,321 |
Real estate - commercial mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | 2,187 | 1,177 |
Non- accrual | 51,977 | 51,470 |
Current | 7,076,861 | 7,028,173 |
Net Loans | 7,142,137 | 7,105,092 |
Real estate - commercial mortgage | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 9,596 | 14,999 |
Real estate - commercial mortgage | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 1,516 | 9,273 |
Commercial and industrial (1) | ||
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | 219 | 616 |
Non- accrual | 31,652 | 31,993 |
Current | 5,640,231 | 5,625,866 |
Net Loans | 5,675,714 | 5,670,828 |
Commercial and industrial (1) | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 1,718 | 11,285 |
Commercial and industrial (1) | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 1,894 | 1,068 |
Real estate - residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | 2,750 | 4,687 |
Non- accrual | 33,401 | 26,107 |
Current | 3,208,489 | 3,081,165 |
Net Loans | 3,254,058 | 3,141,915 |
Real estate - residential mortgage | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 8,485 | 22,281 |
Real estate - residential mortgage | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 933 | 7,675 |
Real-estate - home equity | ||
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | 3,148 | 2,753 |
Non- accrual | 9,368 | 9,588 |
Current | 1,133,585 | 1,183,296 |
Net Loans | 1,149,958 | 1,202,913 |
Real-estate - home equity | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 2,795 | 5,622 |
Real-estate - home equity | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 1,062 | 1,654 |
Real-estate - construction | ||
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | 0 | 155 |
Non- accrual | 1,441 | 1,395 |
Current | 1,081,883 | 1,043,730 |
Net Loans | 1,083,494 | 1,047,218 |
Real-estate - construction | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 170 | 1,938 |
Real-estate - construction | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 0 | 0 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | 255 | 417 |
Non- accrual | 301 | 332 |
Current | 449,586 | 462,486 |
Net Loans | 451,857 | 466,772 |
Consumer | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 1,224 | 3,036 |
Consumer | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 491 | 501 |
Equipment lease financing, other and overdrafts | ||
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | 0 | 124 |
Non- accrual | 15,749 | 16,313 |
Current | 217,776 | 248,657 |
Net Loans | 233,768 | 266,082 |
Equipment lease financing, other and overdrafts | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 101 | 838 |
Equipment lease financing, other and overdrafts | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | $ 142 | $ 150 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses Loans Modified Under Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Accruing Troubled Debt Restructurings | $ 67,049 | $ 68,426 |
Non-accrual TDRs (1) | 44,986 | 35,755 |
Total TDRs | 112,035 | 104,181 |
Real estate - commercial mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Accruing Troubled Debt Restructurings | 27,961 | 28,451 |
Commercial Real Estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Accruing Troubled Debt Restructurings | 7,041 | 6,982 |
Residential Mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Accruing Troubled Debt Restructurings | 18,214 | 18,602 |
Real-estate - home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Accruing Troubled Debt Restructurings | 13,674 | 14,391 |
Construction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Accruing Troubled Debt Restructurings | 154 | 0 |
Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Accruing Troubled Debt Restructurings | $ 5 | $ 0 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses Troubled Debt Restructuring Modification (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)loans | Mar. 31, 2020USD ($)loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loans | 35 | 17 |
Post-Modification Recorded Investment | $ | $ 13,984 | $ 1,703 |
Real estate - commercial mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loans | 2 | 1 |
Post-Modification Recorded Investment | $ | $ 4,162 | $ 392 |
Real-estate - home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loans | 5 | 8 |
Post-Modification Recorded Investment | $ | $ 148 | $ 577 |
Real estate - residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loans | 23 | 7 |
Post-Modification Recorded Investment | $ | $ 7,626 | $ 660 |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses TDRs by Class Segment (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)loans | Mar. 31, 2020USD ($)loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loans | 35 | 17 |
Post-Modification Recorded Investment | $ | $ 13,984 | $ 1,703 |
Commercial and industrial (1) | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loans | 4 | 1 |
Post-Modification Recorded Investment | $ | $ 1,894 | $ 74 |
Real estate - commercial mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loans | 2 | 1 |
Post-Modification Recorded Investment | $ | $ 4,162 | $ 392 |
Real estate - residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loans | 23 | 7 |
Post-Modification Recorded Investment | $ | $ 7,626 | $ 660 |
Real-estate - home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loans | 5 | 8 |
Post-Modification Recorded Investment | $ | $ 148 | $ 577 |
Real-estate - construction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loans | 1 | 0 |
Post-Modification Recorded Investment | $ | $ 154 | $ 0 |
Loans and Allowance for Cred_15
Loans and Allowance for Credit Losses Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired loans with principal balances approximately in percentage | 97.00% | 83.00% | |
Unpaid principal balance, with no related allowance | $ 61,892 | $ 68,595 | |
Excluded from TDRs | 3,600,000 | $ 1,000,000 | |
Minimum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Minimum balance of loans evaluated individually for impairment | 1,000 | $ 1,000 | |
Impaired loans balances, real estate as collateral | $ 1,000 |
Mortgage Servicing Rights Summa
Mortgage Servicing Rights Summary of Changes in Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Servicing Asset [Abstract] | |||
Fair value of MSRs | $ 33,400 | $ 28,200 | |
Residential Mortgage | |||
Amortized Cost: | |||
Balance at beginning of period | 38,745 | $ 39,267 | |
Originations of MSRs | 2,811 | 1,478 | |
Amortization | (3,753) | (1,891) | |
Balance at end of period | 37,803 | 38,854 | |
Servicing Asset [Abstract] | |||
Beginning balance | 10,500 | 0 | |
Reduction (addition) to valuation allowance | (6,100) | 1,100 | |
Ending balance | 4,400 | 1,100 | |
Net MSRs at end of period | $ 33,403 | $ 37,754 |
Mortgage Servicing Rights - Nar
Mortgage Servicing Rights - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Servicing Asset at Amortized Cost [Line Items] | ||||
Mortgage Loans Serviced By For Third Parties | $ 4,600,000 | $ 4,700,000 | ||
Fair value of MSRs | 33,400 | 28,200 | ||
Residential Mortgage | ||||
Servicing Asset at Amortized Cost [Line Items] | ||||
Reduction (addition) to valuation allowance | (6,100) | $ 1,100 | ||
Valuation Allowance for Impairment of Recognized Servicing Assets, Balance | $ 4,400 | $ 1,100 | $ 10,500 | $ 0 |
Derivative Financial Instrume_3
Derivative Financial Instruments Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative [Line Items] | ||
Foreign currency open position | $ 500 | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 3,400 | |
Derivative, Net Liability Position, Aggregate Fair Value | 492 | |
Collateral Already Posted, Aggregate Fair Value | 143,100 | |
Derivative, Net Liability Position, Termination Value | 492 | |
Mortgage Loans Held For Sale [Member] | ||
Derivative [Line Items] | ||
Gain (loss) in fair values of mortgage loans held for sale | $ (2,900) | $ 733 |
Derivative Financial Instrume_4
Derivative Financial Instruments Notional Amounts and Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Derivative asset, fair value | $ 190,003 | $ 331,269 |
Derivative liability, gross liability | (108,839) | (165,210) |
Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 274,909 | 382,903 |
Derivative liability, notional amount | 40,007 | 3,154 |
Derivative asset, fair value | 2,198 | 8,034 |
Derivative liability, gross liability | (316) | (35) |
Forward Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 91,264 | 0 |
Derivative liability, notional amount | 0 | 292,262 |
Derivative asset, fair value | 4,650 | 0 |
Derivative liability, gross liability | 0 | (2,263) |
Interest Rate Swap with Customer [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 3,169,658 | 3,834,062 |
Derivative liability, notional amount | 769,300 | 45,640 |
Derivative asset, fair value | 179,934 | 330,951 |
Derivative liability, gross liability | (9,721) | (2) |
Interest Rate Swap With Counterparty [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 769,300 | 45,640 |
Derivative liability, notional amount | 3,169,658 | 3,834,062 |
Derivative asset, fair value | 9,721 | 2 |
Derivative liability, gross liability | (98,368) | (165,205) |
Balance Sheet Hedging Instruments | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 0 | 0 |
Derivative liability, notional amount | 500,000 | 0 |
Derivative asset, fair value | 305 | 0 |
Derivative liability, gross liability | (492) | 0 |
Foreign Exchange Contracts With Customer [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 12,196 | 1,121 |
Derivative liability, notional amount | 552 | 5,963 |
Derivative asset, fair value | 280 | 5 |
Derivative liability, gross liability | (14) | (275) |
Foreign Exchange Contracts With Correspondent Banks [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 2,821 | 6,372 |
Derivative liability, notional amount | 12,213 | 1,422 |
Derivative asset, fair value | 43 | 318 |
Derivative liability, gross liability | $ (258) | $ (5) |
Derivative Financial Instrume_5
Derivative Financial Instruments Summary of Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Derivative [Line Items] | |
Amount of Gain Reclassified from AOCI into Income | $ 1,707 |
Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Amount of Loss Recognized in OCI on Derivative | (2,065) |
Amount of Loss Recognized in OCI Included Component | (2,065) |
Amount of Gain or (Loss) Recognized in OCI Excluded Component | 0 |
Interest Rate Swap [Member] | Interest Income | |
Derivative [Line Items] | |
Amount of Gain Reclassified from AOCI into Income | 144 |
Amount of Gain Reclassified from AOCI into Income Included Component | 144 |
Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component | $ 0 |
Derivative Financial Instrume_6
Derivative Financial Instruments Fair Value Gains and Losses on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative [Line Items] | ||
Net fair value gains on derivative financial instruments | $ 700 | $ 1,231 |
Mortgage Banking Derivatives [Member] | ||
Derivative [Line Items] | ||
Net fair value gains on derivative financial instruments | 796 | 1,040 |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Net fair value gains on derivative financial instruments | (104) | 72 |
Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Net fair value gains on derivative financial instruments | $ 8 | $ 119 |
Derivative Financial Instrume_7
Derivative Financial Instruments Summary of Mortgage Loans Held For Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Loans held for sale | $ 34,092 | $ 83,886 | |
Mortgage Loans Held For Sale [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (2,900) | $ 733 | |
Cost [Member] | Mortgage Loans Held For Sale [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Loans held for sale | 33,801 | 80,662 | |
Fair value [Member] | Mortgage Loans Held For Sale [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Loans held for sale | $ 34,092 | $ 83,886 |
Derivative Financial Instrume_8
Derivative Financial Instruments Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | $ 190,003 | $ 331,269 |
Derivative, Collateral, Obligation to Return Securities | (11,822) | (7) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Net Amount | 178,181 | 331,262 |
Derivative liability, gross liability | 108,839 | 165,210 |
Derivative liability, Collateral, Right to Reclaim Securities | (11,822) | (7) |
Derivative liability, Collateral, Right to Reclaim Cash | (96,802) | (165,203) |
Derivative liability, Net Amount | 215 | 0 |
Interest Rate Swap [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | 189,960 | 330,951 |
Derivative, Collateral, Obligation to Return Securities | (11,779) | (2) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Net Amount | 178,181 | 330,949 |
Derivative liability, gross liability | 108,581 | 165,205 |
Derivative liability, Collateral, Right to Reclaim Securities | (11,779) | (2) |
Derivative liability, Collateral, Right to Reclaim Cash | (96,802) | (165,203) |
Derivative liability, Net Amount | 0 | 0 |
Foreign Exchange Contract [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | 43 | 318 |
Derivative, Collateral, Obligation to Return Securities | (43) | (5) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Net Amount | 0 | 313 |
Derivative liability, gross liability | 258 | 5 |
Derivative liability, Collateral, Right to Reclaim Securities | (43) | (5) |
Derivative liability, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative liability, Net Amount | $ 215 | $ 0 |
Tax Credit Investments (Details
Tax Credit Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Affordable housing tax credit investment, net | $ 145,888 | $ 152,203 | |
Other tax credit investments, net | 58,782 | 59,224 | |
Total TCIs, net | 204,670 | 211,427 | |
Unfunded affordable housing tax credit commitments | 30,762 | 31,562 | |
Other tax credit liabilities | 49,491 | 49,491 | |
Total unfunded tax credit commitments and liabilities | 80,253 | $ 81,053 | |
Affordable housing tax credits and other tax benefits | (6,488) | $ (7,194) | |
Other tax credit investment credits and tax benefits | (723) | (941) | |
Amortization of affordable housing investments, net of tax benefit | 4,366 | 5,024 | |
Deferred tax expense | 160 | 208 | |
Total net reduction in income tax expense | (2,685) | (2,903) | |
Affordable housing tax credits investment | 986 | 1,022 | |
Other tax credit investment amortization | 545 | 428 | |
Total amortization of TCIs | $ 1,531 | $ 1,450 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income Changes in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Equity [Abstract] | ||
Unrealized gain on securities, before tax amount | $ (51,751) | $ 22,380 |
Unrealized gain on securities, tax effect | 11,753 | (4,949) |
Unrealized gain on securities, net of tax amount | (39,999) | 17,431 |
Reclassification adjustment for securities gains included in net income, before tax amount | 487 | (46) |
Reclassification adjustment for securities gains included in net income, tax effect | (110) | 10 |
Reclassification adjustment for securities gains included in net income, net of tax amount | 377 | (36) |
Other Comprehensive Income (Loss), Reclassification Adjustment From AOCI For Amortization Of Unrealized Losses On Investments Transferred From Available-For-Sale To Held-To-Maturity, Before Tax | 2,312 | 1,022 |
Other Comprehensive Income (Loss), Reclassification Adjustment From AOCI For Amortization Of Unrealized Losses On Investments Transferred From Available-For-Sale To Held-To-Maturity, Tax | (525) | (227) |
Other Comprehensive Income (Loss), Reclassification Adjustment From AOCI For Amortization Of Unrealized Losses On Investments Transferred From Available-For-Sale To Held-To Maturity, After Tax | 1,787 | 795 |
Net unrealized loss on interest rate swaps used in cash flow hedges, before-tax amount | (2,209) | |
Net unrealized loss on interest rate swaps used in cash flow hedges, tax | (502) | |
Net unrealized loss on interest rate swaps used in cash flow hedges, net of tax amount | (1,707) | |
Amortization of net unrecognized pension and postretirement items, before tax amount | 370 | 328 |
Amortization of net unrecognized pension and postretirement items, tax effect | (81) | (73) |
Amortization of net unrecognized pension and postretirement items, net of tax amount | 289 | 255 |
Total Other Comprehensive Income, Before Tax Amount | (50,791) | 23,684 |
Total Other Comprehensive Income, Tax Effect | 11,538 | (5,239) |
Other Comprehensive (Loss) Income | $ (39,253) | $ 18,445 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | $ 2,616,828 | $ 2,342,176 |
Ending Balance | 2,629,655 | 2,285,748 |
Unrealized Gains (Losses) on Investment Securities | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | 81,604 | 14,864 |
OCI before reclassifications | (39,999) | 17,431 |
Amounts reclassified from AOCI | 377 | (36) |
Ending Balance | 43,769 | 33,054 |
Net Unrealized (Loss) on Interest Rate Swaps used in Cash Flow Hedges | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | 0 | 0 |
OCI before reclassifications | 0 | 0 |
Amounts reclassified from AOCI | (1,707) | 0 |
Ending Balance | (1,707) | 0 |
Unrecognized Pension and Postretirement Plan Income (Costs) | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | (16,513) | (15,001) |
OCI before reclassifications | 0 | 0 |
Amounts reclassified from AOCI | 289 | 255 |
Ending Balance | (16,224) | (14,746) |
Total | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | 65,091 | (137) |
OCI before reclassifications | (39,999) | 17,431 |
Amounts reclassified from AOCI | (1,042) | 219 |
Ending Balance | 25,838 | 18,308 |
Reclassification out of Accumulated Other Comprehensive Income | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Amounts reclassified from AOCI | 1,787 | 795 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Investment Securities | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Amounts reclassified from AOCI | 1,787 | 795 |
Reclassification out of Accumulated Other Comprehensive Income | Net Unrealized (Loss) on Interest Rate Swaps used in Cash Flow Hedges | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Amounts reclassified from AOCI | 0 | 0 |
Reclassification out of Accumulated Other Comprehensive Income | Unrecognized Pension and Postretirement Plan Income (Costs) | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Amounts reclassified from AOCI | $ 0 | $ 0 |
Fair Value Measurements Assets
Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | $ 2,758,597 | $ 3,062,143 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 2,758,597 | |
Mortgages Held-for-sale, Fair Value Disclosure | 34,092 | 83,886 |
Available-for-sale Securities, Fair Value Disclosure | 3,062,143 | |
Investments held in Rabbi Trust | 25,374 | 24,383 |
Derivative assets | 197,131 | 339,310 |
Assets, Fair Value Disclosure | 3,015,194 | 3,509,722 |
Liabilities Held-In-Trust, Fair Value Disclosure | 25,374 | 24,383 |
Derivative Liability | 109,169 | 167,785 |
Total liabilities | 134,543 | 192,168 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 994,760 | |
Available-for-sale Securities, Fair Value Disclosure | 952,613 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 994,760 | |
Available-for-sale Securities, Fair Value Disclosure | 952,613 | |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 359,371 | |
Available-for-sale Securities, Fair Value Disclosure | 367,145 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 359,371 | |
Available-for-sale Securities, Fair Value Disclosure | 367,145 | |
Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 399,881 | |
Available-for-sale Securities, Fair Value Disclosure | 503,766 | |
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 399,881 | |
Available-for-sale Securities, Fair Value Disclosure | 503,766 | |
Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 255,364 | |
Available-for-sale Securities, Fair Value Disclosure | 377,998 | |
Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 255,364 | |
Available-for-sale Securities, Fair Value Disclosure | 377,998 | |
Commercial Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 673,017 | |
Available-for-sale Securities, Fair Value Disclosure | 762,415 | |
Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 673,017 | |
Available-for-sale Securities, Fair Value Disclosure | 762,415 | |
Auction Rate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 76,204 | |
Available-for-sale Securities, Fair Value Disclosure | 98,206 | |
Auction Rate Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 76,204 | |
Available-for-sale Securities, Fair Value Disclosure | 98,206 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Investments held in Rabbi Trust | 25,374 | 24,383 |
Derivative assets | 323 | 323 |
Assets, Fair Value Disclosure | 25,697 | 24,706 |
Liabilities Held-In-Trust, Fair Value Disclosure | 25,374 | 24,383 |
Derivative Liability | 272 | 280 |
Total liabilities | 25,646 | 24,663 |
Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 1 [Member] | Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 1 [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 1 [Member] | Auction Rate Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 2,682,393 | |
Mortgages Held-for-sale, Fair Value Disclosure | 34,092 | 83,886 |
Available-for-sale Securities, Fair Value Disclosure | 2,963,937 | |
Investments held in Rabbi Trust | 0 | 0 |
Derivative assets | 196,808 | 338,987 |
Assets, Fair Value Disclosure | 2,913,293 | 3,386,810 |
Liabilities Held-In-Trust, Fair Value Disclosure | 0 | 0 |
Derivative Liability | 108,897 | 167,505 |
Total liabilities | 108,897 | 167,505 |
Fair Value, Inputs, Level 2 [Member] | Other Corporate Debt [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 4,400 | |
Fair Value, Inputs, Level 2 [Member] | Financial Institutions Subordinated Debt [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 355,000 | 362,800 |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 994,760 | |
Available-for-sale Securities, Fair Value Disclosure | 952,613 | |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 359,371 | |
Available-for-sale Securities, Fair Value Disclosure | 367,145 | |
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 399,881 | |
Available-for-sale Securities, Fair Value Disclosure | 503,766 | |
Fair Value, Inputs, Level 2 [Member] | Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 255,364 | |
Available-for-sale Securities, Fair Value Disclosure | 377,998 | |
Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 673,017 | |
Available-for-sale Securities, Fair Value Disclosure | 762,415 | |
Fair Value, Inputs, Level 2 [Member] | Auction Rate Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 76,204 | |
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 |
Available-for-sale Securities, Fair Value Disclosure | 98,206 | |
Investments held in Rabbi Trust | 0 | 0 |
Derivative assets | 0 | 0 |
Assets, Fair Value Disclosure | 76,204 | 98,206 |
Liabilities Held-In-Trust, Fair Value Disclosure | 0 | 0 |
Derivative Liability | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 3 [Member] | Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 3 [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 3 [Member] | Auction Rate Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | $ 76,204 | |
Available-for-sale Securities, Fair Value Disclosure | $ 98,206 |
Fair Value Measurements Changes
Fair Value Measurements Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs (Details) - Fair Value, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Single-issuer Trust Preferred Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | $ 0 | $ 2,400 |
Sales | 0 | |
Unrealized adjustment to fair value | 0 | (242) |
(Premium amortization) discount accretion | 2 | |
Balance, end of period | 0 | 2,160 |
Auction Rate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | 98,206 | 101,926 |
Sales | (24,619) | |
Unrealized adjustment to fair value | 2,617 | (8,260) |
(Premium amortization) discount accretion | 0 | |
Balance, end of period | $ 76,204 | $ 93,666 |
Fair Value Measurements Asset_2
Fair Value Measurements Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
OREO | $ 3,664 | $ 4,178 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans | 122,962 | 116,584 |
OREO | 3,664 | 4,178 |
MSRs (1) | 33,403 | 28,245 |
Assets, Fair Value Disclosure | $ 160,029 | $ 149,007 |
Fair Value Measurements Details
Fair Value Measurements Details of Book Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
AFS, at estimated fair value | $ 2,758,597 | $ 3,062,143 |
HTM securities | 843,743 | |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 1,661,876 | 1,847,832 |
FRB and FHLB stock | 66,209 | 92,129 |
Loans held for sale | 34,092 | 83,886 |
AFS, at estimated fair value | 2,758,597 | 3,062,143 |
HTM securities | 853,413 | 278,281 |
Net Loans | 18,725,000 | 18,623,253 |
Accrued interest receivable | 65,649 | 72,942 |
Other financial assets | 510,534 | 650,425 |
Demand and savings deposits | 19,250,538 | 18,279,358 |
Brokered deposits | 309,873 | 335,185 |
Time deposits | 2,073,427 | 2,224,665 |
Short-term borrowings | 520,989 | 630,066 |
Accrued interest payable | 5,618 | 10,365 |
Other financial liabilities | 297,069 | 338,747 |
FHLB advances and long-term debt | 626,407 | 1,296,263 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 1,661,876 | 1,847,832 |
FRB and FHLB stock | 66,209 | 92,129 |
Loans held for sale | 34,092 | 83,886 |
AFS, at estimated fair value | 2,758,597 | 3,062,143 |
HTM securities | 843,743 | 296,857 |
Net Loans | 18,354,532 | 18,354,532 |
Accrued interest receivable | 65,649 | 72,942 |
Other financial assets | 510,534 | 650,425 |
Demand and savings deposits | 19,250,538 | 18,279,358 |
Brokered deposits | 310,874 | 336,391 |
Time deposits | 2,087,663 | 2,246,457 |
Short-term borrowings | 520,989 | 630,066 |
Accrued interest payable | 5,618 | 10,365 |
Other financial liabilities | 297,069 | 338,747 |
FHLB advances and long-term debt | 607,577 | 1,332,041 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 1,661,876 | 1,847,832 |
FRB and FHLB stock | 0 | 0 |
Loans held for sale | 0 | 0 |
AFS, at estimated fair value | 0 | 0 |
HTM securities | 0 | 0 |
Net Loans | 0 | 0 |
Accrued interest receivable | 65,649 | 72,942 |
Other financial assets | 276,659 | 279,015 |
Demand and savings deposits | 19,250,538 | 18,279,358 |
Brokered deposits | 289,873 | 295,185 |
Time deposits | 0 | 0 |
Short-term borrowings | 520,989 | 630,066 |
Accrued interest payable | 5,618 | 10,365 |
Other financial liabilities | 173,899 | 156,869 |
FHLB advances and long-term debt | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 0 | 0 |
FRB and FHLB stock | 66,209 | 92,129 |
Loans held for sale | 34,092 | 83,886 |
AFS, at estimated fair value | 2,682,393 | 2,963,937 |
HTM securities | 843,743 | 296,857 |
Net Loans | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Other financial assets | 196,808 | 338,987 |
Demand and savings deposits | 0 | 0 |
Brokered deposits | 21,001 | 41,206 |
Time deposits | 2,087,663 | 2,246,457 |
Short-term borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Other financial liabilities | 108,897 | 167,505 |
FHLB advances and long-term debt | 607,577 | 1,332,041 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 0 | 0 |
FRB and FHLB stock | 0 | 0 |
Loans held for sale | 0 | 0 |
AFS, at estimated fair value | 76,204 | 98,206 |
HTM securities | 0 | 0 |
Net Loans | 18,354,532 | 18,354,532 |
Accrued interest receivable | 0 | 0 |
Other financial assets | 37,067 | 32,423 |
Demand and savings deposits | 0 | 0 |
Brokered deposits | 0 | 0 |
Time deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Other financial liabilities | 14,273 | 14,373 |
FHLB advances and long-term debt | $ 0 | $ 0 |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
AFS, at estimated fair value | $ 2,758,597 | $ 3,062,143 |
Significant input, assumed market return to liquidity (years) | 5 years | |
Other real estate owned (OREO) | $ 3,664 | 4,178 |
Visa | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Gain on sale of shares | $ 34,000 | |
Common Class B [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investment owned, balance (in shares) | 133 | |
Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted average annual constant prepayment rate | 15.30% | |
Weighted average discount rate | 9.50% | |
Fair Value, Recurring [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
AFS, at estimated fair value | $ 2,758,597 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
AFS, at estimated fair value | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
AFS, at estimated fair value | 2,682,393 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
AFS, at estimated fair value | 76,204 | |
Fair Value, Recurring [Member] | Financial Institutions Subordinated Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
AFS, at estimated fair value | 355,000 | 362,800 |
Fair Value, Recurring [Member] | Other Corporate Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
AFS, at estimated fair value | 4,400 | |
Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other financial liabilities | 272 | 280 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other real estate owned (OREO) | 3,664 | 4,178 |
Net MSRs at end of period | 33,403 | 28,245 |
Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other financial assets | 323 | 323 |
Forward Commitments [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other financial assets | 6,800 | 8,000 |
Other financial liabilities | 316 | 2,300 |
Interest Rate Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other financial assets | 190,000 | 331,000 |
Other financial liabilities | $ 108,600 | $ 165,200 |
Net Income Per Share Reconcilia
Net Income Per Share Reconciliation of Weighted Average Common Shares Outstanding (Details) - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||
Weighted average shares outstanding (basic) (in shares) | 162,441 | 163,475 |
Impact of common stock equivalents (in shares) | 1,296 | 942 |
Weighted average shares outstanding (diluted) (in shares) | 163,737 | 164,417 |
Basic (in dollars per share) | $ 0.43 | $ 0.16 |
Diluted (in dollars per share) | $ 0.43 | $ 0.16 |
Stock-Based Compensation Compen
Stock-Based Compensation Compensation Expense and Related Tax Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Compensation expense | $ 1,902 | $ 1,619 |
Tax benefit | (414) | (344) |
Stock-based compensation expense, net of tax benefit | $ 1,488 | $ 1,275 |
Stock-Based Compensation Narrat
Stock-Based Compensation Narrative (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2021shares | |
Directors' Plan [Member] | |
Statement [Line Items] | |
Shares reserved for future grants under the stock option and compensation plan | 176 |
Employee Equity Plan [Member] | |
Statement [Line Items] | |
Awards vesting period (in years) | 3 years |
Shares reserved for future grants under the stock option and compensation plan | 9,300 |
Employee Benefit Plans Summary
Employee Benefit Plans Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $ 561 | $ 681 |
Expected return on plan assets | (1,011) | (982) |
Net amortization and deferral | 504 | 465 |
Net periodic benefit | 54 | 164 |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | 8 | 11 |
Net accretion and deferral | (134) | (137) |
Net periodic benefit | $ (126) | $ (126) |
Commitments and Contingencies O
Commitments and Contingencies Outstanding Commitments to Extend Credit and Letters of Credit (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | $ 9,018,523 | $ 8,651,055 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | 295,516 | 298,750 |
Commercial Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | $ 57,917 | $ 56,229 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 |
Loss Contingencies [Line Items] | |||
ACL - OBS credit exposure | $ 14,273 | $ 14,373 | |
Residential Mortgage | |||
Loss Contingencies [Line Items] | |||
Valuation allowances and reserves, balance | 1,100 | 1,100 | |
ACL - OBS credit exposure | $ 9,700 | $ 9,100 | |
Accounting Standards Update 2016-13 | Residential Mortgage | |||
Loss Contingencies [Line Items] | |||
Valuation allowances and reserves, balance | $ (2,100) |
Long-Term Borrowings (Details)
Long-Term Borrowings (Details) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Debt Instrument [Line Items] | |
Debt extinguishment costs | $ 32,200,000 |
Payments of FHLBank Borrowings, Financing Activities | 536,000,000 |
Prepayment Fees on Advances, Net | 20,900,000 |
Debt extinguishment costs | 841,000 |
Subordinated Debt | November 2024 Subordinated Debt | |
Debt Instrument [Line Items] | |
Debt instrument, repurchase amount | $ 75,000,000 |
Debt instrument, interest rate (as a percent) | 4.50% |
Debt instrument, effective rate (as a percent) | 4.87% |
Debt extinguishment costs | $ 11,300,000 |
Senior Notes | |
Debt Instrument [Line Items] | |
Debt instrument, repurchase amount | $ 60,000,000 |
Debt instrument, interest rate (as a percent) | 3.60% |
Debt instrument, effective rate (as a percent) | 3.95% |
Uncategorized Items - fult-2021
Label | Element | Value |
Off-Balance Sheet [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | $ 12,600,000 |