Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 29, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-39680 | |
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, Address Line Two | P. O. Box 4887 | |
Entity Address, City or Town | Lancaster, | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 17604 | |
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 | 167,356,767 | |
Entity Central Index Key | 0000700564 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 158,605 | $ 172,276 |
Interest-bearing deposits with other banks | 291,069 | 1,466,338 |
Cash and cash equivalents | 449,674 | 1,638,614 |
FRB and FHLB stock | 62,146 | 57,635 |
Federal funds sold | 30,500 | 0 |
Loans held for sale | 17,528 | 35,768 |
AFS, at estimated fair value | 2,778,838 | 3,187,390 |
HTM, at amortized cost | 1,338,963 | 980,384 |
Net loans | 18,920,950 | 18,325,350 |
Less: ACL - loans | (248,564) | (249,001) |
Loans, net | 18,672,386 | 18,076,349 |
Net premises and equipment | 211,639 | 220,357 |
Accrued interest receivable | 64,457 | 57,451 |
Goodwill and net intangible assets | 537,700 | 538,053 |
Other assets | 1,088,855 | 1,004,397 |
Total Assets | 25,252,686 | 25,796,398 |
LIABILITIES | ||
Noninterest-bearing | 7,530,777 | 7,370,963 |
Interest-bearing | 13,613,089 | 14,202,536 |
Total Deposits | 21,143,866 | 21,573,499 |
Federal funds purchased | 20,000 | 0 |
Other short-term borrowings | 436,185 | 416,764 |
Short-term borrowings | 456,185 | 416,764 |
Accrued interest payable | 6,010 | 7,000 |
Long-term borrowings | 557,130 | 621,345 |
Other liabilities | 618,402 | 465,110 |
Total Liabilities | 22,781,593 | 23,083,718 |
SHAREHOLDERS' EQUITY | ||
Preferred stock, no par value, 10.0 million shares authorized; Series A, 0.2 million shares authorized and issued as of June 30, 2022 and December 31, 2021, liquidation preference of $1,000 per share | 192,878 | 192,878 |
Common stock, $2.50 par value, 600.0 million shares authorized, 224.5 million shares issued as of June 30, 2022 and 223.9 million issued as of December 31, 2021 | 561,181 | 559,766 |
Additional paid-in capital | 1,527,756 | 1,519,873 |
Retained earnings | 1,363,344 | 1,282,383 |
Accumulated other comprehensive (loss) gain | (304,210) | 27,411 |
Treasury stock, at cost, 63.4 million shares as of June 30, 2022 and December 31, 2021 | (869,856) | (869,631) |
Total Shareholders' Equity | 2,471,093 | 2,712,680 |
Total Liabilities and Shareholders' Equity | $ 25,252,686 | $ 25,796,398 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
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) | 224,500,000 | 223,900,000 |
Treasury stock, shares (in shares) | 63,400,000 | 63,400,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest Income | ||||
Loans, including fees | $ 164,171 | $ 155,080 | $ 313,908 | $ 319,065 |
Investment securities: | 24,144 | 19,819 | 46,497 | 39,162 |
Loans held for sale | 260 | 199 | 501 | 671 |
Other interest income | 1,724 | 1,575 | 2,394 | 2,711 |
Total Interest Income | 190,299 | 176,673 | 363,300 | 361,609 |
Interest Expense | ||||
Deposits | 5,796 | 7,982 | 11,401 | 17,584 |
Short-term borrowings | 190 | 137 | 311 | 325 |
Long-term borrowings | 5,482 | 6,155 | 11,447 | 16,853 |
Total Interest Expense | 11,468 | 14,274 | 23,159 | 34,762 |
Net Interest Income | 178,831 | 162,399 | 340,141 | 326,847 |
Provision for credit losses | 1,500 | (3,500) | (5,450) | (9,000) |
Net Interest Income After Provision for Credit Losses | 177,331 | 165,899 | 345,591 | 335,847 |
Non-Interest Income | ||||
Non-interest income before investment securities gains | 58,383 | 51,854 | 113,620 | 113,776 |
Investment securities gains, net | 8 | 36 | 27 | 33,511 |
Total Non-Interest Income | 58,391 | 51,890 | 113,647 | 147,287 |
Non-Interest Expense | ||||
Salaries and employee benefits | 85,404 | 78,367 | 169,868 | 160,953 |
Data processing and software | 14,685 | 13,932 | 29,000 | 27,493 |
Net occupancy | 13,587 | 12,494 | 28,109 | 26,476 |
Other outside services | 8,764 | 8,178 | 16,931 | 16,668 |
State taxes | 3,568 | 4,384 | 6,605 | 8,889 |
Equipment | 3,422 | 3,424 | 6,845 | 6,852 |
FDIC insurance | 2,961 | 2,282 | 6,170 | 4,906 |
Professional fees | 2,013 | 2,651 | 3,805 | 5,430 |
Marketing | 1,326 | 1,348 | 2,646 | 2,350 |
Intangible amortization | 177 | 178 | 353 | 293 |
Debt extinguishment | 0 | 412 | 0 | 32,575 |
Merger-related expenses | 1,027 | 0 | 1,428 | 0 |
Other | 12,796 | 13,181 | 23,948 | 26,330 |
Total Non-Interest Expense | 149,730 | 140,831 | 295,708 | 319,215 |
Income Before Income Taxes | 85,992 | 76,958 | 163,530 | 163,919 |
Income taxes | 16,003 | 11,994 | 29,253 | 25,892 |
Net Income | 69,989 | 64,964 | 134,277 | 138,027 |
Preferred stock dividends | (2,562) | (2,562) | (5,124) | (5,153) |
Net Income Available to Common Shareholders | $ 67,427 | $ 62,402 | $ 129,153 | $ 132,874 |
PER SHARE: | ||||
Net Income (Basic) (in dollars per share) | $ 0.42 | $ 0.38 | $ 0.80 | $ 0.81 |
Net Income (Diluted) (in dollars per share) | 0.42 | 0.38 | 0.80 | 0.81 |
Cash Dividends (in dollars per share) | $ 0.15 | $ 0.14 | $ 0.30 | $ 0.28 |
Commercial banking | ||||
Non-Interest Income | ||||
Non-interest income before investment securities gains | $ 20,359 | $ 17,129 | $ 36,367 | $ 33,471 |
Consumer banking | ||||
Non-Interest Income | ||||
Non-interest income before investment securities gains | 12,472 | 10,860 | 24,146 | 21,614 |
Wealth management | ||||
Non-Interest Income | ||||
Non-interest income before investment securities gains | 18,274 | 17,634 | 37,702 | 34,981 |
Mortgage banking | ||||
Non-Interest Income | ||||
Non-interest income before investment securities gains | 3,768 | 2,838 | 8,344 | 16,798 |
Other | ||||
Non-Interest Income | ||||
Non-interest income before investment securities gains | $ 3,510 | $ 3,393 | $ 7,061 | $ 6,912 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 69,989 | $ 64,964 | $ 134,277 | $ 138,027 |
Other Comprehensive (Loss)/Income, net of tax: | ||||
Unrealized (loss)/gain on securities | (88,352) | 19,298 | (242,211) | (20,701) |
Reclassification adjustment for securities gains included in net income | 6 | (28) | 21 | 349 |
Amortization of net unrealized losses on AFS securities transferred to HTM | (48,113) | (270) | (47,677) | 1,517 |
Net unrealized gains (losses) on AFS investment securities | (136,459) | 19,000 | (289,867) | (18,835) |
Net unrealized holding (losses) gains arising during the period | (8,586) | 2,752 | (39,962) | 1,158 |
Reclassification adjustment for net (losses) gains realized in net income | (335) | (678) | (1,842) | (791) |
Net unrealized (losses) gains on interest rate swaps used in cash flow hedges | (8,921) | 2,074 | (41,804) | 367 |
Amortization of net unrecognized pension and postretirement items | 25 | 289 | 50 | 578 |
Other Comprehensive (Loss)/Income | (145,355) | 21,363 | (331,621) | (17,890) |
Total Comprehensive (Loss) Income | $ (75,366) | $ 86,327 | $ (197,344) | $ 120,137 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
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 | 138,027 | 138,027 | |||||
Other comprehensive income (loss) | (17,890) | (17,890) | |||||
Stock issued (in shares) | 638 | ||||||
Common stock issued | 2,715 | $ 1,568 | 1,528 | (381) | |||
Stock-based compensation awards | 4,000 | 4,000 | |||||
Preferred stock dividend | (5,153) | (5,153) | |||||
Common stock cash dividends | (45,569) | (45,569) | |||||
Ending Balance at Jun. 30, 2021 | 2,692,958 | $ 192,878 | $ 559,485 | 1,513,645 | 1,208,086 | 47,201 | (828,337) |
Ending Balance (in shares) at Jun. 30, 2021 | 200 | 162,988 | |||||
Beginning Balance at Mar. 31, 2021 | 2,629,655 | $ 192,878 | $ 558,116 | 1,511,101 | 1,168,491 | 25,838 | (826,769) |
Beginning Balance (in shares) at Mar. 31, 2021 | 200 | 162,517 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 64,964 | 64,964 | |||||
Other comprehensive income (loss) | 21,363 | 21,363 | |||||
Stock issued (in shares) | 471 | ||||||
Common stock issued | 247 | $ 1,369 | 446 | (1,568) | |||
Stock-based compensation awards | 2,098 | 2,098 | |||||
Preferred stock dividend | (2,562) | (2,562) | |||||
Common stock cash dividends | (22,807) | (22,807) | |||||
Ending Balance at Jun. 30, 2021 | 2,692,958 | $ 192,878 | $ 559,485 | 1,513,645 | 1,208,086 | 47,201 | (828,337) |
Ending Balance (in shares) at Jun. 30, 2021 | 200 | 162,988 | |||||
Beginning Balance at Dec. 31, 2021 | 2,712,680 | $ 192,878 | $ 559,766 | 1,519,873 | 1,282,383 | 27,411 | (869,631) |
Beginning Balance (in shares) at Dec. 31, 2021 | 200 | 160,490 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 134,277 | 134,277 | |||||
Other comprehensive income (loss) | (331,621) | (331,621) | |||||
Stock issued (in shares) | 567 | ||||||
Common stock issued | 2,698 | $ 1,415 | 1,508 | (225) | |||
Stock-based compensation awards | 6,375 | 6,375 | |||||
Preferred stock dividend | (5,124) | (5,124) | |||||
Common stock cash dividends | (48,192) | (48,192) | |||||
Ending Balance at Jun. 30, 2022 | 2,471,093 | $ 192,878 | $ 561,181 | 1,527,756 | 1,363,344 | (304,210) | (869,856) |
Ending Balance (in shares) at Jun. 30, 2022 | 200 | 161,057 | |||||
Beginning Balance at Mar. 31, 2022 | 2,569,535 | $ 192,878 | $ 560,045 | 1,524,110 | 1,320,076 | (158,855) | (868,719) |
Beginning Balance (in shares) at Mar. 31, 2022 | 200 | 160,669 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 69,989 | 69,989 | |||||
Other comprehensive income (loss) | (145,355) | (145,355) | |||||
Stock issued (in shares) | 388 | ||||||
Common stock issued | (95) | $ 1,136 | (94) | (1,137) | |||
Stock-based compensation awards | 3,740 | 3,740 | |||||
Preferred stock dividend | (2,562) | (2,562) | |||||
Common stock cash dividends | (24,159) | (24,159) | |||||
Ending Balance at Jun. 30, 2022 | $ 2,471,093 | $ 192,878 | $ 561,181 | $ 1,527,756 | $ 1,363,344 | $ (304,210) | $ (869,856) |
Ending Balance (in shares) at Jun. 30, 2022 | 200 | 161,057 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends per share | $ 0.15 | $ 0.14 | $ 0.30 | $ 0.28 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 134,277 | $ 138,027 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | (5,450) | (9,000) |
Depreciation and amortization of premises and equipment | 14,963 | 13,775 |
Net amortization of investment securities premiums | 7,027 | 7,546 |
Investment securities gains, net | (27) | (33,511) |
Gain on sales of mortgage loans held for sale | (5,568) | (14,094) |
Proceeds from sales of mortgage loans held for sale | 297,511 | 554,406 |
Originations of mortgage loans held for sale | (273,704) | (498,350) |
Intangible amortization | 353 | 293 |
Amortization of issuance costs and discounts on long-term borrowings | 379 | 1,378 |
Debt extinguishment costs | 0 | 32,575 |
Stock-based compensation | 6,375 | 4,000 |
Change in deferred federal income tax | (96,703) | (4,503) |
Change in accrued salaries and benefits | 1,274 | 4,746 |
Change in life insurance cash surrender value | (28,742) | (13,736) |
Other changes, net | (67,652) | 50,032 |
Total adjustments | (149,964) | 95,557 |
Net cash (used in) provided by operating activities | (15,687) | 233,584 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sales of AFS securities | 109,252 | 125,811 |
Proceeds from principal repayments and maturities of AFS securities | 316,037 | 246,740 |
Proceeds from principal repayments and maturities of HTM securities | 67,230 | 58,470 |
Purchase of AFS securities | (501,642) | (766,574) |
Purchase of HTM securities | (9,541) | (227,687) |
Sale of Visa Shares | 0 | 33,962 |
(Increase) decrease of FRB and FHLB stock | (4,511) | 29,498 |
(Increase) decrease of federal funds sold | (30,500) | 0 |
Net increase in loans | (590,797) | 300,929 |
Net purchases of premises and equipment | (6,245) | (10,648) |
Net cash paid for acquisition | 0 | 292 |
Net change in tax credit investments | (18,735) | (8,065) |
Net cash (used in) provided by investing activities | (669,452) | (217,272) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net (decrease) increase in demand and savings deposits | (253,864) | 1,234,732 |
Net (decrease) increase in time deposits | (175,769) | (349,627) |
Net (decrease) increase in short-term borrowings | 39,421 | (96,317) |
Proceeds from long-term borrowings | 546 | 620 |
Repayments of long-term borrowings | (65,140) | (703,624) |
Net proceeds from issuance of common stock | 2,698 | 2,715 |
Dividends paid | (51,693) | (48,584) |
Net cash (used in) provided by financing activities | (503,801) | 39,915 |
Net (decrease) increase in Cash and Cash Equivalents | (1,188,940) | 56,227 |
Cash and Cash Equivalents at Beginning of Period | 1,638,614 | 1,847,832 |
Cash and Cash Equivalents at End of Period | 449,674 | 1,904,059 |
Cash paid during the period for: | ||
Interest | 24,149 | 37,805 |
Income taxes | 15,692 | 8,127 |
Supplemental Schedule of Certain Noncash Activities: | ||
Transfer of AFS securities to HTM securities | $ 479,008 | $ 376,165 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
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, 2021. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The Corporation evaluates subsequent events through the date of filing of this Form 10-Q with the SEC. Significant Accounting Policies: The significant accounting policies used in preparation of the Consolidated Financial Statements are disclosed in the Corporation's 2021 Annual Report on Form 10-K. Those significant accounting policies are unchanged at June 30, 2022. 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 applied the option under the CARES act for all loan modifications that qualified. Recently Adopted Accounting Standards On January 1, 2022, the Corporation adopted ASC Update 2021-06 Presentation of Financial Statements (Topic 205), Financial Services—Depository and Lending (Topic 942), and Financial Services—Investment Companies (Topic 946): Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and No. 33-10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants (SEC Update). The Corporation adopted this standards update effective with its March 31, 2022 quarterly report on Form 10-Q and it did not have a material impact on the consolidated financial statements. Recently Issued Accounting Standards In March 2022, FASB issued ASU 2022-01 Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method ("ASU 2022-01"). This update addresses questions regarding the last-of-layer method arising from the issuance of ASU 2017-12 and permits more flexibility in hedging interest rate risk for both variable-rate and fixed-rate financial instruments and introduces the ability to hedge risk components for non-financial hedges. The Corporation will adopt ASU 2022-01 on January 1, 2023. The Corporation does not expect the adoption of ASU 2022-01 to have a material impact on its consolidated financial statements. In March 2022, FASB issued ASU 2022-02 Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. This update reduces the complexity of accounting for TDRs by eliminating certain accounting guidance, enhancing disclosures and improving the consistency of vintage disclosures. The Corporation will adopt ASU 2022-02 on January 1, 2023. The Corporation does not expect the adoption of ASU 2022-02 to have a material impact on its consolidated financial statements. In June 2022, FASB issued ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This update clarifies how the fair value of equity securities subject to contractual sale restrictions is determined and requires additional qualitative and quantitative disclosures for equity securities with contractual sale restrictions. The Corporation will adopt ASU 2022-03 on January 1, 2024. The Corporation does not expect the adoption of ASU 2022-03 to have a material impact on its consolidated financial statements. Reclassifications Certain amounts in the 2021 consolidated financial statements and notes have been reclassified to conform to the 2022 presentation. |
Restrictions on Cash and Cash E
Restrictions on Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Restrictions on Cash and Cash Equivalents | Restrictions on Cash and Cash EquivalentsCash collateral is posted by the Corporation with counterparties to secure derivatives and other contracts, which is included in "interest-bearing deposits with other banks" on the consolidated balance sheets. The amounts of such collateral as of June 30, 2022 and December 31, 2021 were $83.8 million and $202.8 million, respectively. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 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: June 30, 2022 Amortized Gross Gross Estimated Available for Sale (in thousands) U.S. Government securities $ 376,505 $ — $ (5,239) $ 371,266 State and municipal securities 1,239,591 501 (156,615) 1,083,477 Corporate debt securities 413,487 186 (20,112) 393,561 Collateralized mortgage obligations 154,558 10 (6,465) 148,103 Residential mortgage-backed securities 213,567 167 (18,375) 195,359 Commercial mortgage-backed securities 636,380 28 (49,336) 587,072 Total $ 3,034,088 $ 892 $ (256,142) $ 2,778,838 Held to Maturity Residential mortgage-backed securities $ 466,076 $ 297 $ (35,444) $ 430,929 Commercial mortgage-backed securities 872,887 12 (88,503) 784,396 Total $ 1,338,963 $ 309 $ (123,947) $ 1,215,325 December 31, 2021 Amortized Gross Gross Estimated Available for Sale (in thousands) U.S. Government securities $ 127,831 $ — $ (213) $ 127,618 State and municipal securities 1,139,187 50,161 (678) 1,188,670 Corporate debt securities 373,482 13,009 (358) 386,133 Collateralized mortgage obligations 206,532 3,581 (754) 209,359 Residential mortgage-backed securities 231,607 1,224 (3,036) 229,795 Commercial mortgage-backed securities 974,541 6,141 (9,534) 971,148 Auction rate securities 76,350 — (1,683) 74,667 Total $ 3,129,530 $ 74,116 $ (16,256) $ 3,187,390 Held to Maturity Residential mortgage-backed securities $ 404,958 $ 11,022 $ (7,067) $ 408,913 Commercial mortgage-backed securities 575,426 — (18,472) 556,954 Total $ 980,384 $ 11,022 $ (25,539) $ 965,867 During the first quarter of 2022, all ARCs were sold. On May 1, 2022, the Corporation transferred certain residential mortgage-backed securities and commercial mortgage-backed securities from AFS to HTM classification as permitted by ASU 2019-04. The estimated fair value of the securities transferred was $415.2 million, and the amortized cost of the securities was $479.0 million. Securities carried at $1.8 billion at June 30, 2022 and $2.5 billion at December 31, 2021 were pledged as collateral to secure public and trust deposits. The amortized cost and estimated fair values of debt securities as of June 30, 2022, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay with or without call or prepayment penalties. June 30, 2022 Available for Sale Held to Maturity Amortized Estimated Amortized Estimated (in thousands) Due in one year or less $ 160,087 $ 160,007 $ — $ — Due from one year to five years 280,399 274,819 — — Due from five years to ten years 447,924 427,025 — — Due after ten years 1,141,173 986,453 — — 2,029,583 1,848,304 — — Residential mortgage-backed securities (1) 213,567 195,359 466,076 430,929 Commercial mortgage-backed securities (1) 636,380 587,072 872,887 784,396 Collateralized mortgage obligations (1) 154,558 148,103 — — Total $ 3,034,088 $ 2,778,838 $ 1,338,963 $ 1,215,325 (1) Maturities for mortgage-backed securities and collateralized mortgage obligations are dependent upon the interest rate environment and prepayments on the underlying loans. The following table presents information related to gross realized gains and losses on the sales of securities for the periods presented: Gross Realized Gains Gross Realized Losses Net Gains Three months ended (in thousands) June 30, 2022 $ 8 $ — $ 8 June 30, 2021 465 (429) 36 Six months ended June 30, 2022 $ 1,554 $ (1,527) $ 27 June 30, 2021 34,481 (970) 33,511 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 losses on other securities of $0.4 million, primarily in connection with the sale of $24.6 million of ARCs. The following tables present the gross unrealized losses and estimated fair values of investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the periods presented: June 30, 2022 Less than 12 months 12 months or longer Total Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized Available for Sale ($ in thousands) U.S. Government securities 4 $ 371,266 $ (5,239) — $ — $ — $ 371,266 $ (5,239) State and municipal securities 355 989,029 (149,910) 6 24,248 (6,705) 1,013,277 (156,615) Corporate debt securities 55 363,657 (20,112) — — — 363,657 (20,112) Collateralized mortgage obligations 72 140,957 (6,465) — — — 140,957 (6,465) Residential mortgage-backed securities 28 130,063 (9,194) 4 60,469 (9,181) 190,532 (18,375) Commercial mortgage-backed securities 75 539,431 (45,245) 1 24,134 (4,091) 563,565 (49,336) Total available for sale 589 $ 2,534,403 $ (236,165) 11 $ 108,851 $ (19,977) $ 2,643,254 $ (256,142) Held to Maturity Residential mortgage-backed securities 58 $ 181,966 $ (4,790) 12 $ 152,702 $ (30,654) $ 334,668 $ (35,444) Commercial mortgage-backed securities 39 454,603 (32,031) 20 301,951 (56,472) 756,554 (88,503) Total 97 $ 636,569 $ (36,821) 32 $ 454,653 $ (87,126) $ 1,091,222 $ (123,947) December 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) U.S Government Securities 2 $ 127,618 $ (213) — $ — $ — $ 127,618 $ (213) State and municipal securities 29 82,731 (678) — — — 82,731 (678) Corporate debt securities 6 43,068 (358) — — — 43,068 (358) Collateralized mortgage obligations 4 28,517 (754) — — — 28,517 (754) Residential mortgage-backed securities 7 123,687 (2,388) 1 16,669 (648) 140,356 (3,036) Commercial mortgage-backed securities 41 512,312 (9,534) — — — 512,312 (9,534) Auction rate securities — — — 118 74,667 (1,683) 74,667 (1,683) Total available for sale 89 $ 917,933 $ (13,925) 119 $ 91,336 $ (2,331) $ 1,009,269 $ (16,256) Held to Maturity Residential mortgage-backed securities 14 $ 205,969 $ (7,067) — $ — $ — $ 205,969 $ (7,067) Commercial mortgage-backed securities 36 556,954 (18,472) — — — 556,954 (18,472) Total 50 $ 762,923 $ (25,539) — $ — $ — $ 762,923 $ (25,539) 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 June 30, 2022 and December 31, 2021. Based on management’s evaluations, no ACL was required for state and municipal securities as of June 30, 2022 or December 31, 2021. 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, which may be at maturity. As of June 30, 2022 and December 31, 2021, all corporate debt securities were rated above investment grade. Based on the payment status, rating and management's evaluation of these securities, no ACL was required for corporate debt securities as of June 30, 2022 or December 31, 2021. As of December 31, 2021, all ARCs were rated above investment grade. All of the loans underlying the ARCs had principal payments that were guaranteed by the federal government. Based on the payment status, rating and management's evaluation of these securities, no ACL was required for ARCs as of December 31, 2021. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | Loans and Allowance for Credit Losses Loans and leases, net of unearned income Loans and leases, net of unearned income are summarized as follows: June 30, December 31, 2021 (in thousands) Real estate - commercial mortgage $ 7,417,036 $ 7,279,080 Commercial and industrial (1) 4,173,114 4,208,327 Real-estate - residential mortgage 4,203,827 3,846,750 Real-estate - home equity 1,108,808 1,118,248 Real-estate - construction 1,177,446 1,139,779 Consumer 538,747 464,657 Equipment lease financing and other 321,855 283,557 Overdrafts 2,346 1,988 Gross loans 18,943,179 18,342,386 Unearned income (22,229) (17,036) Net loans $ 18,920,950 $ 18,325,350 (1) Includes PPP loans totaling $0.1 billion and $0.3 billion as of June 30, 2022 and December 31, 2021, 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 ACL related to loans consists of loans evaluated collectively and individually for expected credit losses. The ACL related to loans represents an estimate of expected credit losses over the expected life of the loans as of the balance sheet date and is recorded as a reduction to net loans. The ACL for OBS credit exposure includes estimated losses on unfunded loan commitments, letters of credit and other OBS credit exposures and is recorded in other liabilities. The total ACL is increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries. The following table presents the components of the ACL: June 30, 2022 December 31, 2021 (in thousands) ACL - loans $ 248,564 $ 249,001 ACL - OBS credit exposure 14,323 14,533 Total ACL $ 262,887 $ 263,534 The following table presents the activity in the ACL: Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 (in thousands) Balance at beginning of period $ 257,638 $ 280,259 $ 263,534 $ 291,940 Loans charged off (1,618) (9,522) (3,518) (17,724) Recoveries of loans previously charged off 5,367 2,568 8,321 4,589 Net loans (charged-off) recovered 3,749 (6,954) 4,803 (13,135) Provision for credit losses (1) 1,500 (3,500) (5,450) (9,000) Balance at end of period $ 262,887 $ 269,805 $ 262,887 $ 269,805 (1) Includes $0.4 million and $0.5 million related to OBS credit exposures for the three months ended June 30, 2022 and 2021, respectively, and includes $(0.2) million and $0.4 million related to OBS credit exposure for the six months ended June 30, 2022 and 2021, respectively. The following table presents the activity in the ACL by portfolio segment: Real Estate Commercial and Consumer and Real Estate Home Real Estate Residential Real Estate Equipment lease financing, other Total (in thousands) Three months ended June 30, 2022 Balance at March 31, 2022 $ 79,853 $ 66,511 $ 20,213 $ 55,892 $ 13,303 $ 7,933 $ 243,705 Loans charged off — (201) (877) (66) — (474) (1,618) Recoveries of loans previously charged off 3,536 739 762 92 12 226 5,367 Net loans recovered (charged off) 3,536 538 (115) 26 12 (248) 3,749 Provision for loan losses (1) (10,784) 5,070 2,982 5,717 (2,687) 812 1,110 Balance at June 30, 2022 $ 72,605 $ 72,119 $ 23,080 $ 61,635 $ 10,628 $ 8,497 $ 248,564 Three months ended June 30, 2021 Balance at March 31, 2021 $ 100,976 $ 71,194 $ 23,142 $ 49,995 $ 15,079 $ 5,600 $ 265,986 Loans charged off (6,506) (954) (1,130) (496) — (436) (9,522) Recoveries of loans previously charged off 729 693 634 105 254 153 2,568 Net loans recovered (charged off) (5,777) (261) (496) (391) 254 (283) (6,954) Provision for loan and lease losses (1) 182 (5,529) (652) 4,584 (2,679) 94 (4,000) Balance at June 30, 2021 $ 95,381 $ 65,404 $ 21,994 $ 54,188 $ 12,654 $ 5,411 $ 255,032 Six months ended June 30, 2022 Balance at December 31, 2021 $ 87,970 $ 67,056 $ 19,749 $ 54,236 $ 12,941 $ 7,049 $ 249,001 Loans charged off (152) (428) (1,929) (66) — (943) (3,518) Recoveries of loans previously charged off 3,648 2,719 1,216 314 44 380 8,321 Net loans recovered (charged off) 3,496 2,291 (713) 248 44 (563) 4,803 Provision for loan losses (1) (18,861) 2,772 4,044 7,151 (2,357) 2,011 (5,240) Balance at June 30, 2022 $ 72,605 $ 72,119 $ 23,080 $ 61,635 $ 10,628 $ 8,497 $ 248,564 Six months ended June 30, 2021 Balance at December 31, 2020 $ 103,425 $ 74,771 $ 25,137 $ 51,995 $ 15,608 $ 6,631 $ 277,567 Loans charged off (8,343) (5,273) (1,977) (688) (39) (1,404) (17,724) Recoveries of loans previously charged off 903 1,462 1,074 200 638 312 4,589 Net loans recovered (charged off) (7,440) (3,811) (903) (488) 599 (1,092) (13,135) Provision for loan losses (1) (604) (5,556) (2,240) 2,681 (3,553) (128) (9,400) Balance at June 30, 2021 $ 95,381 $ 65,404 $ 21,994 $ 54,188 $ 12,654 $ 5,411 $ 255,032 (1) Provision included in the table only includes the portion related to net loans. The ACL includes qualitative adjustments, as appropriate, intended to capture the impact of uncertainties not reflected in the quantitative models. Qualitative adjustments include and consider changes in national, regional and local economic and business conditions, an assessment of the lending environment, including underwriting standards and other factors affecting credit quality. The provision for credit losses for the second quarter of 2022 was recorded to increase the allowance for credit losses as a result of loan growth during the quarter as well as the economic outlook. Several factors as of the end of the second quarter of 2022 in comparison to the end of the second quarter of 2021, including a reduction in qualitative adjustments due to COVID-19-related uncertainties, reduced the level of the ACL determined to be necessary as of June 30, 2022. Non-accrual Loans All loans individually evaluated for impairment are measured for losses on a quarterly basis. As of June 30, 2022 and December 31, 2021, 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 June 30, 2022 and December 31, 2021, approximately 68% and 98%, 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: June 30, 2022 December 31, 2021 With a Related Allowance Without a Related Allowance Total With a Related Allowance Without a Related Allowance Total (in thousands) Real estate - commercial mortgage $ 18,035 $ 41,530 $ 59,565 $ 20,564 $ 32,251 $ 52,815 Commercial and industrial 13,593 30,098 43,691 12,571 17,570 30,141 Real estate - residential mortgage 34,390 1,195 35,585 35,269 — 35,269 Real estate - home equity 7,974 136 8,110 8,671 — 8,671 Real estate - construction — 1,357 1,357 173 728 901 Consumer 160 — 160 229 — 229 Equipment lease financing and other 4,807 9,255 14,062 6,247 9,393 15,640 $ 78,959 $ 83,571 $ 162,530 $ 83,724 $ 59,942 $ 143,666 As of June 30, 2022 and December 31, 2021, there were $83.6 million and $59.9 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 table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the current period: June 30, 2022 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans (dollars in thousands) Amortized Amortized 2022 2021 2020 2019 2018 Prior Cost Basis Cost Basis Total Real estate - construction (1) Pass $ 42,940 $ 292,317 $ 287,166 $ 66,620 $ 49,664 $ 120,391 $ 29,138 $ 1,054 $ 889,290 Special Mention — — 2,012 9,984 — 20,678 — — 32,674 Substandard or Lower — — — — — 4,451 214 — 4,665 Total real estate - construction 42,940 292,317 289,178 76,604 49,664 145,520 29,352 1,054 926,629 Real estate - construction (1) Current period gross charge-offs — — — — — — — — — Current period recoveries — — — — — — — 44 44 Total net (charge-offs) recoveries — — — — — — — 44 44 Commercial and industrial (2) Pass 462,732 533,826 436,620 346,343 203,490 665,347 1,232,430 724 3,881,512 Special Mention 6,815 13,149 10,076 9,843 5,927 21,322 65,728 — 132,860 Substandard or Lower — 5,621 9,284 28,390 14,915 33,448 67,011 73 158,742 Total commercial and industrial 469,547 552,596 455,980 384,576 224,332 720,117 1,365,169 797 4,173,114 Commercial and industrial Current period gross charge-offs — — (36) — (21) — (174) (197) (428) Current period recoveries — — 30 95 379 569 545 1,101 2,719 Total net (charge-offs) recoveries — — (6) 95 358 569 371 904 2,291 Real estate - commercial mortgage Pass 477,751 1,014,857 978,961 799,726 601,768 2,775,873 65,309 — 6,714,245 Special Mention 336 32,783 43,579 97,163 45,601 153,027 1,994 — 374,483 Substandard or Lower — 1,510 8,335 37,106 75,075 205,826 456 — 328,308 Total real estate - commercial mortgage 478,087 1,049,150 1,030,875 933,995 722,444 3,134,726 67,759 — 7,417,036 Real estate - commercial mortgage Current period gross charge-offs — — — — — — — (152) (152) Current period recoveries — — — — — 4 — 3,644 3,648 Total net (charge-offs) recoveries — — — — — 4 — 3,492 3,496 Total Pass $ 983,423 $ 1,841,000 $ 1,702,747 $ 1,212,689 $ 854,922 $ 3,561,611 $ 1,326,877 $ 1,778 $ 11,485,047 Special Mention 7,151 45,932 55,667 116,990 51,528 195,027 67,722 — 540,017 Substandard or Lower — 7,131 17,619 65,496 89,990 243,725 67,681 73 491,715 Total $ 990,574 $ 1,894,063 $ 1,776,033 $ 1,395,175 $ 996,440 $ 4,000,363 $ 1,462,280 $ 1,851 $ 12,516,779 (1) Excludes real estate - construction - other. (2) Loans originated in 2021 and 2020 include $0.1 billion of PPP loans that were assigned a rating of Pass based on the existence of a federal government guaranty through the SBA. The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the prior period: December 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 $ 190,030 $ 315,811 $ 113,245 $ 83,886 $ 17,545 $ 117,157 $ 46,409 $ — $ 884,083 Special Mention 5,843 775 9,984 20,200 15,724 6,315 — — 58,841 Substandard or Lower — — — — 1,912 4,185 227 — 6,324 Total real estate - construction 195,873 316,586 123,229 104,086 35,181 127,657 46,636 — 949,248 Real estate - construction (1) Current period gross charge-offs — — (39) — — — — — (39) Current period recoveries — — 39 — — 1,373 — — 1,412 Total net (charge-offs) recoveries — — — — — 1,373 — — 1,373 Commercial and industrial (2) Pass 855,924 520,802 396,575 232,805 147,675 581,762 1,177,857 339 3,913,739 Special Mention 5,386 8,538 33,937 8,301 10,346 23,380 52,386 95 142,369 Substandard or Lower 1,225 9,775 19,393 24,327 11,912 34,825 49,562 1,200 152,219 Total commercial and industrial 862,535 539,115 449,905 265,433 169,933 639,967 1,279,805 1,634 4,208,327 Commercial and industrial Current period gross charge-offs (2,977) (406) (4,966) (208) (286) (800) (5,694) — (15,337) Current period recoveries 6 39 4,691 841 457 2,342 1,211 — 9,587 Total net (charge-offs) recoveries (2,971) (367) (275) 633 171 1,542 (4,483) — (5,750) Real estate - commercial mortgage Pass 1,086,113 899,172 826,866 624,653 712,223 2,356,308 55,370 — 6,560,705 Special Mention 1,317 60,732 96,508 25,280 33,595 169,732 115 — 387,279 Substandard or Lower 1,537 8,516 28,810 68,818 69,793 151,450 684 1,488 331,096 Total real estate - commercial mortgage 1,088,967 968,420 952,184 718,751 815,611 2,677,490 56,169 1,488 7,279,080 Real estate - commercial mortgage Current period gross charge-offs — — (14) (25) (6,972) (1,517) (198) — (8,726) Current period recoveries — — — — 983 1,491 — — 2,474 Total net (charge-offs) recoveries — — (14) (25) (5,989) (26) (198) — (6,252) Total Pass $ 2,132,067 $ 1,735,785 $ 1,336,686 $ 941,344 $ 877,443 $ 3,055,227 $ 1,279,636 $ 339 $ 11,358,527 Special Mention 12,546 70,045 140,429 53,781 59,665 199,427 52,501 95 588,489 Substandard or Lower 2,762 18,291 48,203 93,145 83,617 190,460 50,473 2,688 489,639 Total $ 2,147,375 $ 1,824,121 $ 1,525,318 $ 1,088,270 $ 1,020,725 $ 3,445,114 $ 1,382,610 $ 3,122 $ 12,436,655 (1) Excludes real estate - construction - other. (2) Loans originated in 2021 and 2020 include $0.3 billion of PPP loans that were assigned a rating of Pass based on the existence of a federal government guaranty through the SBA. The Corporation considers the performance of the loan portfolio and its impact on the ACL. 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 and 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: June 30, 2022 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans (dollars in thousands) Amortized Amortized 2022 2021 2020 2019 2018 Prior Cost Basis Cost Basis Total Consumer and real estate - home equity Performing $ 199,006 $ 126,665 $ 92,240 $ 62,883 $ 56,742 $ 103,004 $ 852,242 $ 144,223 $ 1,637,005 Nonperforming 22 148 108 19 112 2,341 2,088 5,712 10,550 Total consumer and real estate - home equity 199,028 126,813 92,348 62,902 56,854 105,345 854,330 149,935 1,647,555 Consumer and real estate - home equity Current period gross charge-offs — (587) (70) (108) (16) (355) (77) (716) (1,929) Current period recoveries — 44 88 29 16 351 144 544 1,216 Total net (charge-offs) recoveries — (543) 18 (79) — (4) 67 (172) (713) Real estate - residential mortgage Performing 537,306 1,591,120 1,067,487 296,239 89,886 578,653 — — 4,160,691 Nonperforming — 1,122 6,322 5,056 3,808 26,828 — — 43,136 Total real estate - residential mortgage 537,306 1,592,242 1,073,809 301,295 93,694 605,481 — — 4,203,827 Real estate - residential mortgage Current period gross charge-offs — — — — — — — (66) (66) Current period recoveries — — 4 — 27 261 — 22 314 Total net (charge-offs) recoveries — — 4 — 27 261 — (44) 248 Equipment lease financing and other Performing 126,093 49,563 50,710 37,619 24,936 21,218 — — 310,139 Nonperforming — — — — — 14,062 — — 14,062 Total leasing and other 126,093 49,563 50,710 37,619 24,936 35,280 — — 324,201 Equipment lease financing and other Current period gross charge-offs — — — — — (943) — — (943) Current period recoveries — 1 68 13 3 227 — 68 380 Total net (charge-offs) recoveries — 1 68 13 3 (716) — 68 (563) Construction - other Performing 61,082 162,281 22,426 — 4,580 — — 448 250,817 Nonperforming — — — — — — — — — Total construction - other 61,082 162,281 22,426 — 4,580 — — 448 250,817 Construction - other Current period gross charge-offs — — — — — — — — — Current period recoveries — — — — — — — — — Total net (charge-offs) recoveries — — — — — — — — — Total Performing $ 923,487 $ 1,929,629 $ 1,232,863 $ 396,741 $ 176,144 $ 702,875 $ 852,242 $ 144,671 $ 6,358,652 Nonperforming 22 1,270 6,430 5,075 3,920 43,231 2,088 5,712 67,748 Total $ 923,509 $ 1,930,899 $ 1,239,293 $ 401,816 $ 180,064 $ 746,106 $ 854,330 $ 150,383 $ 6,426,400 December 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 Consumer and Real estate - home equity Performing $ 162,441 $ 102,918 $ 73,769 $ 68,564 $ 33,254 $ 135,412 $ 990,842 $ 3,999 $ 1,571,199 Nonperforming 122 101 60 51 314 2,348 8,512 198 11,706 Total consumer and real estate - home equity 162,563 103,019 73,829 68,615 33,568 137,760 999,354 4,197 1,582,905 Consumer and Real estate - home equity Current period gross charge-offs (175) (491) (496) (238) (224) (411) (1,274) — (3,309) Current period recoveries — 223 131 131 167 1,048 645 — 2,345 Total net (charge-offs) recoveries (175) (268) (365) (107) (57) 637 (629) — (964) Real estate - residential mortgage Performing 1,548,174 1,133,602 344,625 113,801 198,164 468,842 — — 3,807,208 Nonperforming — 6,753 2,189 3,424 2,844 24,332 — — 39,542 Total real estate - residential mortgage 1,548,174 1,140,355 346,814 117,225 201,008 493,174 — — 3,846,750 Real estate - residential mortgage Current period gross charge-offs — (626) (148) (125) (4) (387) — — (1,290) Current period recoveries — — 1 18 — 264 92 — 375 Total net (charge-offs) recoveries — (626) (147) (107) (4) (123) 92 — (915) Equipment lease financing and other Performing 97,077 65,316 49,591 34,107 22,444 1,369 — — 269,904 Nonperforming — — — — 15,503 138 — — 15,641 Total leasing and other 97,077 65,316 49,591 34,107 37,947 1,507 — — 285,545 Equipment lease financing and other Current period gross charge-offs (975) (1,276) — — — — — — (2,251) Current period recoveries 255 539 88 10 18 43 — — 953 Total net (charge-offs) recoveries (720) (737) 88 10 18 43 — — (1,298) Construction - other Performing 144,652 40,040 638 5,028 — — — — 190,358 Nonperforming — — — — 173 — — — 173 Total construction - other 144,652 40,040 638 5,028 173 — — — 190,531 Construction - other Current period gross charge-offs — — — — — — — — — Current period recoveries — — — — — — — — — Total net (charge-offs) recoveries — — — — — — — — — Total Performing $ 1,952,344 $ 1,341,876 $ 468,623 $ 221,500 $ 253,862 $ 605,623 $ 990,842 $ 3,999 $ 5,838,669 Nonperforming 122 6,854 2,249 3,475 18,834 26,818 8,512 198 67,062 Total $ 1,952,466 $ 1,348,730 $ 470,872 $ 224,975 $ 272,696 $ 632,441 $ 999,354 $ 4,197 $ 5,905,731 The following table presents non-performing assets: June 30, December 31, (in thousands) Non-accrual loans $ 162,530 $ 143,666 Loans 90 days or more past due and still accruing (1) 11,016 8,453 Total non-performing loans 173,546 152,119 OREO (2) 4,786 1,817 Total non-performing assets $ 178,332 $ 153,936 (1) Excludes PPP loans which are fully guaranteed by the federal government of $0.7 million as of June 30, 2022. (2) Excludes $3.8 million and $6.4 million of residential mortgage properties for which formal foreclosure proceedings were in process as of June 30, 2022 and December 31, 2021, 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) June 30, 2022 Real estate – commercial mortgage $ 5,486 $ 3,219 $ 375 $ 59,565 $ 7,348,391 $ 7,417,036 Commercial and industrial (1) 11,197 1,417 1,022 43,691 4,115,787 4,173,114 Real estate – residential mortgage 31,221 5,796 7,337 35,585 4,123,888 4,203,827 Real estate – home equity 4,554 1,341 1,942 8,110 1,092,861 1,108,808 Real estate – construction 3,728 550 — 1,357 1,171,811 1,177,446 Consumer 4,963 1,081 340 160 532,203 538,747 Equipment lease financing and other 4,472 33 — 14,062 283,405 301,972 Total $ 65,621 $ 13,437 $ 11,016 $ 162,530 $ 18,668,346 $ 18,920,950 (1) Delinquent PPP loans 30-59 days past due and 60-89 days past due of $7.9 million and $1.3 million, respectively, which are fully guaranteed by the federal government, are classified as current. 30-59 Days Past 60-89 ≥ 90 Days Non- Current Total (in thousands) December 31, 2021 Real estate – commercial mortgage $ 1,089 $ 1,750 $ 1,229 $ 52,815 $ 7,222,197 $ 7,279,080 Commercial and industrial 5,457 1,932 488 30,141 4,170,309 4,208,327 Real estate – residential mortgage 22,957 2,920 4,130 35,269 3,781,474 3,846,750 Real estate – home equity 4,369 1,154 2,253 8,671 1,101,801 1,118,248 Real estate – construction 1,318 — — 901 1,137,560 1,139,779 Consumer 3,561 876 353 229 459,638 464,657 Equipment lease financing and other 226 27 — 15,640 252,616 268,509 Total $ 38,977 $ 8,659 $ 8,453 $ 143,666 $ 18,125,595 $ 18,325,350 Collateral-Dependent Loans A loan 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 loans 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 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. The following table presents TDRs, by class segment: June 30, December 31, (in thousands) Real estate - commercial mortgage $ 3,489 $ 3,464 Commercial and industrial 1,871 1,857 Real estate - residential mortgage 10,279 11,948 Real estate - home equity 11,764 12,218 Consumer 2 5 Total accruing TDRs 27,405 29,492 Non-accrual TDRs (1) 45,439 55,945 Total TDRs $ 72,844 $ 85,437 (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 and six months ended June 30, 2022 and 2021: Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 Number of Loans Post-Modification Recorded Investment Number of Loans Post-Modification Recorded Investment Number of Loans Post-Modification Recorded Investment Number of Loans Post-Modification Recorded Investment (dollars in thousands) Commercial and industrial — $ — — $ — 1 $ 82 4 $ 1,894 Real estate - commercial mortgage — — 3 2,729 1 150 5 6,891 Real estate - residential mortgage — — 14 3,101 5 293 37 10,728 Real estate - home equity — — 11 598 5 329 16 746 Real estate - construction — — — — — — 1 154 Consumer 2 199 — — 2 199 — — Total 2 $ 199 28 $ 6,428 14 $ 1,053 63 $ 20,413 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 6 Months Ended |
Jun. 30, 2022 | |
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, with adjustments to the carrying value included in mortgage banking income on the consolidated statements of income: Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 (in thousands) Amortized cost: Balance at beginning of period $ 35,624 $ 37,803 $ 35,993 $ 38,745 Originations of MSRs 1,053 1,457 2,407 4,268 Amortization (1,428) (3,198) (3,151) (6,951) Balance at end of period $ 35,249 $ 36,062 $ 35,249 $ 36,062 Valuation allowance: Balance at beginning of period $ — $ (4,400) $ (600) $ (10,500) Reduction (addition) to valuation allowance — (2,200) 600 3,900 Balance at end of period $ — $ (6,600) $ — $ (6,600) Net MSRs at end of period $ 35,249 $ 29,462 $ 35,249 $ 29,462 Estimated fair value of MSRs at end of period $ 49,804 $ 29,462 $ 49,804 $ 29,462 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 $4.3 billion as of June 30, 2022 and December 31, 2021. 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. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
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. 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 participation in interest rate swaps provided by external lenders as part of loan participation arrangements and, 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 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 $21.4 million will be reclassified as a decrease 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 in 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: June 30, 2022 December 31, 2021 Notional Asset Notional Asset (in thousands) Interest Rate Locks with Customers Positive fair values $ 128,465 $ 811 $ 261,428 $ 2,326 Negative fair values 19,948 (616) 2,549 (23) Forward Commitments Positive fair values 35,000 439 51,000 41 Negative fair values — — — — Interest Rate Swaps with Customers Positive fair values 790,286 7,598 3,213,924 153,752 Negative fair values 3,134,128 (152,409) 752,462 (4,766) Interest Rate Swaps with Dealer Counterparties Positive fair values 3,134,128 84,197 752,462 4,766 Negative fair values 790,286 (7,891) 3,213,924 (79,889) Interest Rate Swaps used in Cash Flow Hedges Positive fair values 900,000 — 500,000 60 Negative fair values 100,000 (7,356) 500,000 (1,432) Foreign Exchange Contracts with Customers Positive fair values 13,995 737 7,629 229 Negative fair values 1,550 (69) 3,388 (51) Foreign Exchange Contracts with Correspondent Banks Positive fair values 2,074 76 3,656 69 Negative fair values 13,781 (696) 9,364 (240) The following table presents the effect of fair value and cash flow hedge accounting on AOCI: Amount of Gain (Loss) Recognized in OCI on Derivative Amount of Gain (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: Three months ended June 30, 2022 Interest Rate Products $ (11,100) $ (11,100) $ — Interest income $ 434 $ 434 $ — Three months ended June 30, 2021 Interest Rate Products 3,560 3,560 — Interest income 877 877 — Six months ended June 30, 2022 Interest Rate Products (51,663) (51,663) — Interest income 2,382 2,382 — Six months ended June 30, 2021 Interest Rate Products 1,495 1,495 — Interest Income 1,021 1,021 — The following table presents the effect of fair value and cash flow hedge accounting on the income statement: Consolidated Statements of Income Classification Interest Income Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 (in thousands) 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 $ 434 $ 877 $ 2,382 $ 1,021 Interest contracts: Amount of gain reclassified from AOCI into income 434 877 2,382 1,021 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 434 877 2,382 1,021 Amount of Gain or (Loss) Reclassified from AOCI into Income - Excluded Component — — — — The following table presents a summary of the net fair value gains (losses) on derivative financial instruments: Consolidated Statements of Income Classification Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 (in thousands) Mortgage banking derivatives (1) Mortgage banking income $ (2,095) $ (3,158) $ (1,710) $ (2,362) Interest rate swaps Other expense — (104) — (208) Foreign exchange contracts Other income (6) (12) 41 (4) Net fair value gains/(losses) on derivative financial instruments $ (2,101) $ (3,274) $ (1,669) $ (2,574) (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: June 30, December 31, (in thousands) Amortized cost (1) $ 17,440 $ 35,050 Fair value 17,528 35,768 (1) Cost basis of mortgage loans held for sale represents the unpaid principal balance. Gains related to changes in fair values of mortgage loans held for sale were $0.5 million and $0.7 million for the three months ended June 30, 2022 and June 30, 2021, respectively. Losses related to changes in fair values of mortgage loans held for sale were $0.6 million for the six months ended June 30, 2022 compared to losses of $2.2 million for the six months ended June 30, 2021. Balance Sheet Offsetting The fair values of interest rate swap agreements and foreign exchange contracts the Corporation enters into with customers and dealer counterparties may be eligible for offset on the consolidated balance sheets if they are subject to master netting arrangements or similar agreements. The Corporation has elected to net its financial assets and liabilities designated as cash flow hedges when offsetting is permitted. 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) June 30, 2022 Interest rate swap derivative assets $ 91,795 $ (17,495) $ — $ 74,300 Foreign exchange derivative assets with correspondent banks 76 (76) — — Total $ 91,871 $ (17,571) $ — $ 74,300 Interest rate swap derivative liabilities $ 167,656 $ (10,139) $ (67,888) $ 89,629 Foreign exchange derivative liabilities with correspondent banks 696 (76) — 620 Total $ 168,352 $ (10,215) $ (67,888) $ 90,249 December 31, 2021 Interest rate swap derivative assets $ 158,578 $ (8,028) $ — $ 150,550 Foreign exchange derivative assets with correspondent banks 69 (69) — — Total $ 158,647 $ (8,097) $ — $ 150,550 Interest rate swap derivative liabilities $ 86,087 $ (6,656) $ (74,359) $ 5,072 Foreign exchange derivative liabilities with correspondent banks 240 (69) — 171 Total $ 86,327 $ (6,725) $ (74,359) $ 5,243 (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 | 6 Months Ended |
Jun. 30, 2022 | |
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. 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: June 30, December 31, 2022 2021 Included in other assets: (in thousands) Affordable housing tax credit investments $ 168,500 $ 161,052 Other tax credit investments 62,043 42,987 Total TCIs $ 230,543 $ 204,039 Included in other liabilities: Unfunded affordable housing tax credit commitments $ 56,630 $ 49,364 Other tax credit liabilities 48,113 33,941 Total unfunded tax credit commitments and liabilities $ 104,743 $ 83,305 The following table presents other information relating to the Corporation's TCIs: Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 Components of income taxes: (in thousands) Affordable housing tax credits and other tax benefits $ (6,209) $ (6,543) $ (12,417) $ (13,031) Other tax credit investment credits and tax benefits (845) (722) (1,690) (1,445) Amortization of affordable housing investments, net of tax benefit 4,824 4,323 9,649 8,689 Deferred tax expense 192 160 383 320 Total net reduction in income tax expense $ (2,038) $ (2,782) $ (4,075) $ (5,467) Amortization of TCIs: Total amortization of TCIs $ 695 $ 1,563 $ 1,391 $ 3,094 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income The following table presents the components of other comprehensive (loss) income: Before-Tax Amount Tax Effect Net of Tax Amount Three months ended June 30, 2022 (in thousands) Unrealized loss on securities $ (114,312) $ 25,960 $ (88,352) Reclassification adjustment for securities gains included in net income (1) 8 (2) 6 Amortization of net unrealized losses on AFS securities transferred to HTM (2) (62,250) 14,137 (48,113) Net unrealized holding loss arising during the period on interest rate swaps used in cash flow hedges (11,100) 2,514 (8,586) Reclassification adjustment for net loss realized in net income on interest rate swaps used in cash flow hedges (434) 99 (335) Amortization of net unrecognized pension and postretirement items (3) 33 (8) 25 Total Other Comprehensive Loss $ (188,055) $ 42,700 $ (145,355) Three months ended June 30, 2021 Unrealized gain on securities $ 24,968 $ (5,670) $ 19,298 Reclassification adjustment for securities gains included in net income (1) (36) 8 (28) Amortization of net unrealized gains on AFS securities transferred to HTM (2) (349) 79 (270) Net unrealized holding gain arising during the period on interest rate swaps used in cash flow hedges 3,560 (808) 2,752 Reclassification adjustment for net loss realized in net income on interest rate swaps used in cash flow hedges (877) 199 (678) Amortization of net unrecognized pension and postretirement items (3) 370 (81) 289 Total Other Comprehensive Loss $ 27,636 $ (6,273) $ 21,363 Six months ended June 30, 2022 Unrealized loss on securities $ (313,379) $ 71,168 $ (242,211) Reclassification adjustment for securities loss included in net income (1) 27 (6) 21 Amortization of net unrealized losses on AFS securities transferred to HTM (2) (61,686) 14,009 (47,677) Net unrealized loss on interest rate swaps used in cash flow hedges (51,663) 11,701 (39,962) Reclassification adjustment for net loss realized in net income on interest rate swaps used in cash flow hedges (2,382) 540 (1,842) Amortization of net unrecognized pension and postretirement items (3) 65 (15) 50 Total Other Comprehensive Loss $ (429,018) $ 97,397 $ (331,621) Six months ended June 30, 2021 Unrealized loss on securities $ (26,783) $ 6,082 $ (20,701) Reclassification adjustment for securities gains included in net income (1) 451 (102) 349 Amortization of net unrealized losses on AFS securities transferred to HTM (2) 1,963 (446) 1,517 Net unrealized gain on interest rate swaps used in cash flow hedges 1,495 (337) 1,158 Reclassification adjustment for net loss realized in net income on interest rate swaps used in cash flow hedges (1,021) 230 (791) Amortization of net unrecognized pension and postretirement items (3) 740 (162) 578 Total Other Comprehensive Loss $ (23,155) $ 5,265 $ (17,890) (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 "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) Gain on Interest Rate Swaps used in Cash Flow Hedges Unrecognized Pension and Postretirement Plan Income (Costs) Total (in thousands) Three months ended June 30, 2022 Balance at March 31, 2022 $ (112,968) $ (37,699) $ (8,188) $ (158,855) OCI before reclassifications (88,352) — — (88,352) Amounts reclassified from AOCI 6 (8,921) 25 (8,890) Amortization of net unrealized losses on AFS securities transferred to HTM (48,113) — — (48,113) Balance at June 30, 2022 $ (249,427) $ (46,620) $ (8,163) $ (304,210) Three months ended June 30, 2021 Balance at March 31, 2021 $ 43,769 $ (1,707) $ (16,224) $ 25,838 OCI before reclassifications 19,298 — — 19,298 Amounts reclassified from AOCI (28) 2,074 289 2,335 Amortization of net unrealized losses on AFS securities transferred to HTM (270) — — (270) Balance at June 30, 2021 $ 62,769 $ 367 $ (15,935) $ 47,201 Six months ended June 30, 2022 Balance at December 31, 2021 $ 40,440 $ (4,816) $ (8,213) $ 27,411 OCI before reclassifications (242,211) — — (242,211) Amounts reclassified from AOCI 21 (41,804) 50 (41,733) Amortization of net unrealized losses on AFS securities transferred to HTM (47,677) — — (47,677) Balance at June 30, 2022 $ (249,427) $ (46,620) $ (8,163) $ (304,210) Six months ended June 30, 2021 Balance at December 31, 2020 $ 81,604 $ — $ (16,513) $ 65,091 OCI before reclassifications (20,701) — — (20,701) Amounts reclassified from AOCI 349 367 578 1,294 Amortization of net unrealized losses on AFS securities transferred to HTM 1,517 — — 1,517 Balance at June 30, 2021 $ 62,769 $ 367 $ (15,935) $ 47,201 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
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: June 30, 2022 Level 1 Level 2 Level 3 Total (in thousands) Loans held for sale $ — $ 17,528 $ — $ 17,528 Available for sale investment securities: Equity securities — — — — U.S. Government securities 371,266 — — 371,266 State and municipal securities — 1,083,477 — 1,083,477 Corporate debt securities — 393,561 — 393,561 Collateralized mortgage obligations — 148,103 — 148,103 Residential mortgage-backed securities — 195,359 — 195,359 Commercial mortgage-backed securities — 587,072 — 587,072 Total available for sale investment securities 371,266 2,407,572 — 2,778,838 Other assets: Investments held in Rabbi Trust 23,669 — — 23,669 Derivative assets 813 93,045 — 93,858 Total assets $ 395,748 $ 2,518,145 $ — $ 2,913,893 Other liabilities: Deferred compensation liabilities $ 23,669 $ — $ — $ 23,669 Derivative liabilities 765 168,272 — 169,037 Total liabilities $ 24,434 $ 168,272 $ — $ 192,706 December 31, 2021 Level 1 Level 2 Level 3 Total (in thousands) Loans held for sale $ — $ 35,768 $ — $ 35,768 Available for sale investment securities: U.S. Government securities 127,618 — — 127,618 State and municipal securities — 1,188,670 — 1,188,670 Corporate debt securities — 386,133 — 386,133 Collateralized mortgage obligations — 209,359 — 209,359 Residential mortgage-backed securities — 229,795 — 229,795 Commercial mortgage-backed securities — 971,148 — 971,148 Auction rate securities — — 74,667 74,667 Total available for sale investment securities 127,618 2,985,105 74,667 3,187,390 Other assets: Investments held in Rabbi Trust 28,619 — — 28,619 Derivative assets 298 160,945 — 161,243 Total assets $ 156,535 $ 3,181,818 $ 74,667 $ 3,413,020 Other liabilities: Deferred compensation liabilities $ 28,619 $ — $ — $ 28,619 Derivative liabilities 291 86,110 — 86,401 Total liabilities $ 28,910 $ 86,110 $ — $ 115,020 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 June 30, 2022 and December 31, 2021 were based on the price that secondary market investors were offering for loans with similar characteristics. 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. • U.S. Government securities – These securities are classified as Level 1. Fair values are based on quoted prices with active markets. • 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 ($390.8 million at June 30, 2022 and $383.4 million at December 31, 2021) and other corporate debt issued by non-financial institutions ($2.8 million at June 30, 2022 and December 31, 2021). Level 2 investments include subordinated debt and senior debt, and other corporate debt issued by non-financial institutions at June 30, 2022 and December 31, 2021. The fair values for these corporate debt securities are determined by a third-party pricing service, as detailed above. • 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. In the first quarter of 2022, the Corporation sold all of its investment in ARCs. 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 are classified as Level 1 assets ($0.8 million at June 30, 2022 and $0.3 million at December 31, 2021). 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 ($1.3 million at June 30, 2022 and $2.4 million at December 31, 2021) and the fair value of interest rate swaps ($91.8 million at June 30, 2022 and $158.6 million at December 31, 2021). The fair values of the 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 ($0.8 million at June 30, 2022 and $0.3 million at December 31, 2021). 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 ($0.6 million at June 30, 2022 and none at December 31, 2021) and the fair value of interest rate swaps ($167.7 million at June 30, 2022 and $86.1 million at December 31, 2021). 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): ARCs Three months ended June 30, 2022 (in thousands) Balance at March 31, 2022 $ — Sales — Unrealized adjustment to fair value (1) — Balance at June 30, 2022 $ — Three months ended June 30, 2021 Balance at March 31, 2021 $ 76,204 Unrealized adjustment to fair value (1) (1,370) Balance at June 30, 2021 $ 74,834 Six months ended June 30, 2022 Balance at December 31, 2021 $ 74,667 Sales (74,823) Unrealized adjustment to fair value (1) 156 Balance at June 30, 2022 $ — Six months ended June 30, 2021 Balance at December 31, 2020 $ 98,206 Sales (24,619) Unrealized adjustment to fair value (1) 1,247 Balance at June 30, 2021 $ 74,834 (1) 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 "AFS at estimated fair value" on the consolidated balance sheets. Certain financial instruments 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: June 30, 2022 December 31, 2021 (in thousands) Loans, net $ 137,267 $ 118,458 OREO 4,786 1,817 MSRs (1) 49,804 35,393 Total assets $ 191,857 $ 155,668 (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: • Loans, net – This category consists of loans that were individually evaluated for impairment and have been classified as Level 3 assets. The amount shown is the balance of non-accrual loans, net of related ACL. 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 June 30, 2022 valuation were 7.9% and 7.2%, 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. The following tables detail the book values and the estimated fair values of the Corporation's financial instruments as of June 30, 2022 and December 31, 2021. June 30, 2022 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 449,674 $ 449,674 $ — $ — $ 449,674 FRB and FHLB stock 62,146 — 62,146 — 62,146 Federal funds sold 30,500 30,500 — — 30,500 Loans held for sale 17,528 — 17,528 — 17,528 AFS securities 2,778,838 371,266 2,407,572 — 2,778,838 HTM securities 1,338,963 — 1,215,325 — 1,215,325 Loans, net 18,672,386 — — 17,993,585 17,993,585 Accrued interest receivable 64,457 64,457 — — 64,457 Other assets 505,136 357,501 93,045 54,590 505,136 FINANCIAL LIABILITIES Demand and savings deposits $ 19,340,633 $ 19,340,633 $ — $ — $ 19,340,633 Brokered deposits 243,172 223,172 20,167 — 243,339 Time deposits 1,560,061 — 1,552,555 — 1,552,555 Accrued interest payable 6,010 6,010 — — 6,010 Short-term borrowings 456,185 456,185 — — 456,185 Long-term borrowings 557,130 — 490,331 — 490,331 Other liabilities 343,794 161,198 168,272 14,324 343,794 December 31, 2021 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 1,638,614 $ 1,638,614 $ — $ — $ 1,638,614 FRB and FHLB stock 57,635 — 57,635 — 57,635 Loans held for sale 35,768 — 35,768 — 35,768 AFS securities 3,187,390 127,618 2,985,105 74,667 3,187,390 HTM securities 980,384 — 965,867 — 965,867 Loans, net 18,076,349 — — 17,519,497 17,519,497 Accrued interest receivable 57,451 57,451 — — 57,451 Other assets 565,491 367,336 160,945 37,210 565,491 FINANCIAL LIABILITIES Demand and savings deposits $ 19,594,497 $ 19,594,497 $ — $ — $ 19,594,497 Brokered deposits 251,526 231,526 20,603 — 252,129 Time deposits 1,727,476 — 1,730,673 — 1,730,673 Accrued interest payable 7,000 7,000 — — 7,000 Short-term borrowings 416,764 416,764 — — 416,764 Long-term borrowings 621,345 — 605,719 — 605,719 Other liabilities 288,862 188,219 86,110 14,533 288,862 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 June 30, 2022, 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 consist 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 | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30 Six months ended June 30 2022 2021 2022 2021 Weighted average shares outstanding (basic) 160,920 162,785 160,755 162,614 Impact of common stock equivalents 1,155 1,073 1,260 1,124 Weighted average shares outstanding (diluted) 162,075 163,858 162,015 163,738 Per share: Basic $ 0.42 $ 0.38 $ 0.80 $ 0.81 Diluted 0.42 0.38 0.80 0.81 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
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 Employee Equity Plan. 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 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. On May 17, 2022, upon approval at the Corporation’s annual meeting of Shareholders (the “Annual Meeting”), the Employee Equity Plan was amended and restated. Subject to adjustments provided for in the Employee Equity Plan, the total number of equity awards that may be awarded under the Employee Equity Plan was reduced to 5,806,000 shares as of the date of the Annual Meeting. As of June 30, 2022, the Employee Equity Plan had approximately 5.1 million shares reserved for future grants through 2032, and the Directors’ Plan had approximately 51,000 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 June 30 Six months ended June 30 2022 2021 2022 2021 (in thousands) Compensation expense $ 3,846 $ 2,098 $ 6,586 $ 4,000 Tax benefit (758) (457) (1,361) (870) Total stock-based compensation, net of tax $ 3,088 $ 1,641 $ 5,225 $ 3,130 |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The net periodic pension cost for the Corporation's Pension Plan consisted of the following components: Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 (in thousands) Interest cost $ 598 $ 561 $ 1,196 $ 1,122 Expected return on plan assets (1,099) (1,011) (2,197) (2,022) Net amortization and deferral 164 504 327 1,008 Net periodic pension cost $ (337) $ 54 $ (674) $ 108 The components of the net benefit for the Corporation's Postretirement Plan consisted of the following components: Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 (in thousands) Interest cost $ 9 $ 8 $ 17 $ 16 Net accretion and deferral (131) (134) (262) (268) Net periodic benefit $ (122) $ (126) $ (245) $ (252) |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
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. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the customer or obligor. Since some of the commitments are expected to expire without being drawn upon, the total commitments to extend credit do not necessarily represent future cash requirements. The Corporation evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral, if any, obtained upon extension of credit is based on management's credit evaluation of the customer. Collateral held varies but may include accounts receivable, inventory, property, equipment and income-producing commercial properties. Standby letters of credit are conditional commitments issued to guarantee the financial or performance obligation of a customer to a third party. Commercial letters of credit are conditional commitments issued to facilitate foreign and domestic trade transactions for customers. The credit risk involved in issuing letters of credit is similar to that involved in extending loan facilities. These obligations are underwritten consistent with commercial lending standards. The maximum exposure to loss for standby and commercial letters of credit is equal to the contractual (or notional) amount of the 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 June 30, 2022 and December 31, 2021, the ACL - OBS credit exposures for unfunded lending commitments was $8.8 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: June 30, 2022 December 31, 2021 (in thousands) Commitments to extend credit $ 8,474,459 $ 8,731,168 Standby letters of credit 282,227 298,275 Commercial letters of credit 50,802 54,196 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 June 30, 2022 and December 31, 2021, the total reserve for losses on residential mortgage loans sold was $1.2 million and $1.1 million, respectively, including reserves for both representation and warranty and credit loss exposures. In addition, a component of ACL - OBS credit exposures of $4.2 million and $3.8 million, as of June 30, 2022 and December 31, 2021, respectively, related to additional credit exposures for potential loan repurchases. 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 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, that 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") reached and executed a formal Settlement Agreement to resolve this lawsuit. Plaintiffs' Counsel 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"). On June 30, 2022, the Court granted the Motion and scheduled a hearing for final approval of the Settlement Agreement and matters related thereto for November 2, 2022. Subject to final approval by the Court, the Settlement Agreement will be administered according to its terms. 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. The accrued liability is included in "other liabilities" on the consolidated balance sheets. |
Long-Term Borrowings
Long-Term Borrowings | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Borrowings | Long-Term BorrowingsOn March 16, 2022, $65.0 million of senior notes with a fixed rate of 3.60% were repaid upon their maturity.On March 30, 2021, pursuant to a cash tender offer, the Corporation purchased $75.0 million and $60.0 million of its subordinated notes which are scheduled to mature on November 15, 2024 and its senior notes which matured on March 16, 2022, respectively. The Corporation incurred $11.3 million in debt extinguishment costs and expensed $0.8 million of unamortized discount costs. In addition, during the first quarter of 2021, the Corporation prepaid $536.0 million of long-term FHLB advances and incurred $20.9 million in prepayment penalties. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On July 1, 2022, the Corporation completed its previously announced merger with Prudential, pursuant to the Merger Agreement. As a result of this acquisition, the Corporation expects to enhance its presence in Philadelphia, Pennsylvania, expand its customer base, leverage operating costs through economies of scale, and positively affect the Corporation's long-term operating results. As part of the acquisition, the Corporation made a $2 million contribution to the Fulton Forward Foundation in July 2022, designated to be used to provide impact gifts in support of nonprofit community organizations in Philadelphia that are focused on advancing economic empowerment, particularly in underserved communities. The Corporation will complete the acquisition accounting for the transaction during the third quarter of 2022. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2021. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The Corporation evaluates subsequent events through the date of filing of this Form 10-Q with the SEC. Significant Accounting Policies: The significant accounting policies used in preparation of the Consolidated Financial Statements are disclosed in the Corporation's 2021 Annual Report on Form 10-K. Those significant accounting policies are unchanged at June 30, 2022. |
Recently Adopted and Issued Accounting Standards | 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 applied the option under the CARES act for all loan modifications that qualified. Recently Adopted Accounting Standards On January 1, 2022, the Corporation adopted ASC Update 2021-06 Presentation of Financial Statements (Topic 205), Financial Services—Depository and Lending (Topic 942), and Financial Services—Investment Companies (Topic 946): Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and No. 33-10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants (SEC Update). The Corporation adopted this standards update effective with its March 31, 2022 quarterly report on Form 10-Q and it did not have a material impact on the consolidated financial statements. Recently Issued Accounting Standards In March 2022, FASB issued ASU 2022-01 Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method ("ASU 2022-01"). This update addresses questions regarding the last-of-layer method arising from the issuance of ASU 2017-12 and permits more flexibility in hedging interest rate risk for both variable-rate and fixed-rate financial instruments and introduces the ability to hedge risk components for non-financial hedges. The Corporation will adopt ASU 2022-01 on January 1, 2023. The Corporation does not expect the adoption of ASU 2022-01 to have a material impact on its consolidated financial statements. In March 2022, FASB issued ASU 2022-02 Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. This update reduces the complexity of accounting for TDRs by eliminating certain accounting guidance, enhancing disclosures and improving the consistency of vintage disclosures. The Corporation will adopt ASU 2022-02 on January 1, 2023. The Corporation does not expect the adoption of ASU 2022-02 to have a material impact on its consolidated financial statements. In June 2022, FASB issued ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This update clarifies how the fair value of equity securities subject to contractual sale restrictions is determined and requires additional qualitative and quantitative disclosures for equity securities with contractual |
Reclassifications | ReclassificationsCertain amounts in the 2021 consolidated financial statements and notes have been reclassified to conform to the 2022 presentation. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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: June 30, 2022 Amortized Gross Gross Estimated Available for Sale (in thousands) U.S. Government securities $ 376,505 $ — $ (5,239) $ 371,266 State and municipal securities 1,239,591 501 (156,615) 1,083,477 Corporate debt securities 413,487 186 (20,112) 393,561 Collateralized mortgage obligations 154,558 10 (6,465) 148,103 Residential mortgage-backed securities 213,567 167 (18,375) 195,359 Commercial mortgage-backed securities 636,380 28 (49,336) 587,072 Total $ 3,034,088 $ 892 $ (256,142) $ 2,778,838 Held to Maturity Residential mortgage-backed securities $ 466,076 $ 297 $ (35,444) $ 430,929 Commercial mortgage-backed securities 872,887 12 (88,503) 784,396 Total $ 1,338,963 $ 309 $ (123,947) $ 1,215,325 December 31, 2021 Amortized Gross Gross Estimated Available for Sale (in thousands) U.S. Government securities $ 127,831 $ — $ (213) $ 127,618 State and municipal securities 1,139,187 50,161 (678) 1,188,670 Corporate debt securities 373,482 13,009 (358) 386,133 Collateralized mortgage obligations 206,532 3,581 (754) 209,359 Residential mortgage-backed securities 231,607 1,224 (3,036) 229,795 Commercial mortgage-backed securities 974,541 6,141 (9,534) 971,148 Auction rate securities 76,350 — (1,683) 74,667 Total $ 3,129,530 $ 74,116 $ (16,256) $ 3,187,390 Held to Maturity Residential mortgage-backed securities $ 404,958 $ 11,022 $ (7,067) $ 408,913 Commercial mortgage-backed securities 575,426 — (18,472) 556,954 Total $ 980,384 $ 11,022 $ (25,539) $ 965,867 |
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 June 30, 2022, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay with or without call or prepayment penalties. June 30, 2022 Available for Sale Held to Maturity Amortized Estimated Amortized Estimated (in thousands) Due in one year or less $ 160,087 $ 160,007 $ — $ — Due from one year to five years 280,399 274,819 — — Due from five years to ten years 447,924 427,025 — — Due after ten years 1,141,173 986,453 — — 2,029,583 1,848,304 — — Residential mortgage-backed securities (1) 213,567 195,359 466,076 430,929 Commercial mortgage-backed securities (1) 636,380 587,072 872,887 784,396 Collateralized mortgage obligations (1) 154,558 148,103 — — Total $ 3,034,088 $ 2,778,838 $ 1,338,963 $ 1,215,325 (1) Maturities for mortgage-backed securities and collateralized mortgage obligations 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 gross realized gains and losses on the sales of securities for the periods presented: Gross Realized Gains Gross Realized Losses Net Gains Three months ended (in thousands) June 30, 2022 $ 8 $ — $ 8 June 30, 2021 465 (429) 36 Six months ended June 30, 2022 $ 1,554 $ (1,527) $ 27 June 30, 2021 34,481 (970) 33,511 |
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 investment category and length of time that individual securities have been in a continuous unrealized loss position for the periods presented: June 30, 2022 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) U.S. Government securities 4 $ 371,266 $ (5,239) — $ — $ — $ 371,266 $ (5,239) State and municipal securities 355 989,029 (149,910) 6 24,248 (6,705) 1,013,277 (156,615) Corporate debt securities 55 363,657 (20,112) — — — 363,657 (20,112) Collateralized mortgage obligations 72 140,957 (6,465) — — — 140,957 (6,465) Residential mortgage-backed securities 28 130,063 (9,194) 4 60,469 (9,181) 190,532 (18,375) Commercial mortgage-backed securities 75 539,431 (45,245) 1 24,134 (4,091) 563,565 (49,336) Total available for sale 589 $ 2,534,403 $ (236,165) 11 $ 108,851 $ (19,977) $ 2,643,254 $ (256,142) Held to Maturity Residential mortgage-backed securities 58 $ 181,966 $ (4,790) 12 $ 152,702 $ (30,654) $ 334,668 $ (35,444) Commercial mortgage-backed securities 39 454,603 (32,031) 20 301,951 (56,472) 756,554 (88,503) Total 97 $ 636,569 $ (36,821) 32 $ 454,653 $ (87,126) $ 1,091,222 $ (123,947) December 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) U.S Government Securities 2 $ 127,618 $ (213) — $ — $ — $ 127,618 $ (213) State and municipal securities 29 82,731 (678) — — — 82,731 (678) Corporate debt securities 6 43,068 (358) — — — 43,068 (358) Collateralized mortgage obligations 4 28,517 (754) — — — 28,517 (754) Residential mortgage-backed securities 7 123,687 (2,388) 1 16,669 (648) 140,356 (3,036) Commercial mortgage-backed securities 41 512,312 (9,534) — — — 512,312 (9,534) Auction rate securities — — — 118 74,667 (1,683) 74,667 (1,683) Total available for sale 89 $ 917,933 $ (13,925) 119 $ 91,336 $ (2,331) $ 1,009,269 $ (16,256) Held to Maturity Residential mortgage-backed securities 14 $ 205,969 $ (7,067) — $ — $ — $ 205,969 $ (7,067) Commercial mortgage-backed securities 36 556,954 (18,472) — — — 556,954 (18,472) Total 50 $ 762,923 $ (25,539) — $ — $ — $ 762,923 $ (25,539) |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Summary of Gross Loans by Type | Loans and leases, net of unearned income are summarized as follows: June 30, December 31, 2021 (in thousands) Real estate - commercial mortgage $ 7,417,036 $ 7,279,080 Commercial and industrial (1) 4,173,114 4,208,327 Real-estate - residential mortgage 4,203,827 3,846,750 Real-estate - home equity 1,108,808 1,118,248 Real-estate - construction 1,177,446 1,139,779 Consumer 538,747 464,657 Equipment lease financing and other 321,855 283,557 Overdrafts 2,346 1,988 Gross loans 18,943,179 18,342,386 Unearned income (22,229) (17,036) Net loans $ 18,920,950 $ 18,325,350 (1) Includes PPP loans totaling $0.1 billion and $0.3 billion as of June 30, 2022 and December 31, 2021, respectively. |
Schedule of Allowance for Credit Losses | The following table presents the components of the ACL: June 30, 2022 December 31, 2021 (in thousands) ACL - loans $ 248,564 $ 249,001 ACL - OBS credit exposure 14,323 14,533 Total ACL $ 262,887 $ 263,534 |
Activity in the Allowance for Credit Losses | The following table presents the activity in the ACL: Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 (in thousands) Balance at beginning of period $ 257,638 $ 280,259 $ 263,534 $ 291,940 Loans charged off (1,618) (9,522) (3,518) (17,724) Recoveries of loans previously charged off 5,367 2,568 8,321 4,589 Net loans (charged-off) recovered 3,749 (6,954) 4,803 (13,135) Provision for credit losses (1) 1,500 (3,500) (5,450) (9,000) Balance at end of period $ 262,887 $ 269,805 $ 262,887 $ 269,805 (1) Includes $0.4 million and $0.5 million related to OBS credit exposures for the three months ended June 30, 2022 and 2021, respectively, and includes $(0.2) million and $0.4 million related to OBS credit exposure for the six months ended June 30, 2022 and 2021, respectively. The following table presents the activity in the ACL by portfolio segment: Real Estate Commercial and Consumer and Real Estate Home Real Estate Residential Real Estate Equipment lease financing, other Total (in thousands) Three months ended June 30, 2022 Balance at March 31, 2022 $ 79,853 $ 66,511 $ 20,213 $ 55,892 $ 13,303 $ 7,933 $ 243,705 Loans charged off — (201) (877) (66) — (474) (1,618) Recoveries of loans previously charged off 3,536 739 762 92 12 226 5,367 Net loans recovered (charged off) 3,536 538 (115) 26 12 (248) 3,749 Provision for loan losses (1) (10,784) 5,070 2,982 5,717 (2,687) 812 1,110 Balance at June 30, 2022 $ 72,605 $ 72,119 $ 23,080 $ 61,635 $ 10,628 $ 8,497 $ 248,564 Three months ended June 30, 2021 Balance at March 31, 2021 $ 100,976 $ 71,194 $ 23,142 $ 49,995 $ 15,079 $ 5,600 $ 265,986 Loans charged off (6,506) (954) (1,130) (496) — (436) (9,522) Recoveries of loans previously charged off 729 693 634 105 254 153 2,568 Net loans recovered (charged off) (5,777) (261) (496) (391) 254 (283) (6,954) Provision for loan and lease losses (1) 182 (5,529) (652) 4,584 (2,679) 94 (4,000) Balance at June 30, 2021 $ 95,381 $ 65,404 $ 21,994 $ 54,188 $ 12,654 $ 5,411 $ 255,032 Six months ended June 30, 2022 Balance at December 31, 2021 $ 87,970 $ 67,056 $ 19,749 $ 54,236 $ 12,941 $ 7,049 $ 249,001 Loans charged off (152) (428) (1,929) (66) — (943) (3,518) Recoveries of loans previously charged off 3,648 2,719 1,216 314 44 380 8,321 Net loans recovered (charged off) 3,496 2,291 (713) 248 44 (563) 4,803 Provision for loan losses (1) (18,861) 2,772 4,044 7,151 (2,357) 2,011 (5,240) Balance at June 30, 2022 $ 72,605 $ 72,119 $ 23,080 $ 61,635 $ 10,628 $ 8,497 $ 248,564 Six months ended June 30, 2021 Balance at December 31, 2020 $ 103,425 $ 74,771 $ 25,137 $ 51,995 $ 15,608 $ 6,631 $ 277,567 Loans charged off (8,343) (5,273) (1,977) (688) (39) (1,404) (17,724) Recoveries of loans previously charged off 903 1,462 1,074 200 638 312 4,589 Net loans recovered (charged off) (7,440) (3,811) (903) (488) 599 (1,092) (13,135) Provision for loan losses (1) (604) (5,556) (2,240) 2,681 (3,553) (128) (9,400) Balance at June 30, 2021 $ 95,381 $ 65,404 $ 21,994 $ 54,188 $ 12,654 $ 5,411 $ 255,032 (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: June 30, 2022 December 31, 2021 With a Related Allowance Without a Related Allowance Total With a Related Allowance Without a Related Allowance Total (in thousands) Real estate - commercial mortgage $ 18,035 $ 41,530 $ 59,565 $ 20,564 $ 32,251 $ 52,815 Commercial and industrial 13,593 30,098 43,691 12,571 17,570 30,141 Real estate - residential mortgage 34,390 1,195 35,585 35,269 — 35,269 Real estate - home equity 7,974 136 8,110 8,671 — 8,671 Real estate - construction — 1,357 1,357 173 728 901 Consumer 160 — 160 229 — 229 Equipment lease financing and other 4,807 9,255 14,062 6,247 9,393 15,640 $ 78,959 $ 83,571 $ 162,530 $ 83,724 $ 59,942 $ 143,666 |
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: June 30, 2022 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans (dollars in thousands) Amortized Amortized 2022 2021 2020 2019 2018 Prior Cost Basis Cost Basis Total Real estate - construction (1) Pass $ 42,940 $ 292,317 $ 287,166 $ 66,620 $ 49,664 $ 120,391 $ 29,138 $ 1,054 $ 889,290 Special Mention — — 2,012 9,984 — 20,678 — — 32,674 Substandard or Lower — — — — — 4,451 214 — 4,665 Total real estate - construction 42,940 292,317 289,178 76,604 49,664 145,520 29,352 1,054 926,629 Real estate - construction (1) Current period gross charge-offs — — — — — — — — — Current period recoveries — — — — — — — 44 44 Total net (charge-offs) recoveries — — — — — — — 44 44 Commercial and industrial (2) Pass 462,732 533,826 436,620 346,343 203,490 665,347 1,232,430 724 3,881,512 Special Mention 6,815 13,149 10,076 9,843 5,927 21,322 65,728 — 132,860 Substandard or Lower — 5,621 9,284 28,390 14,915 33,448 67,011 73 158,742 Total commercial and industrial 469,547 552,596 455,980 384,576 224,332 720,117 1,365,169 797 4,173,114 Commercial and industrial Current period gross charge-offs — — (36) — (21) — (174) (197) (428) Current period recoveries — — 30 95 379 569 545 1,101 2,719 Total net (charge-offs) recoveries — — (6) 95 358 569 371 904 2,291 Real estate - commercial mortgage Pass 477,751 1,014,857 978,961 799,726 601,768 2,775,873 65,309 — 6,714,245 Special Mention 336 32,783 43,579 97,163 45,601 153,027 1,994 — 374,483 Substandard or Lower — 1,510 8,335 37,106 75,075 205,826 456 — 328,308 Total real estate - commercial mortgage 478,087 1,049,150 1,030,875 933,995 722,444 3,134,726 67,759 — 7,417,036 Real estate - commercial mortgage Current period gross charge-offs — — — — — — — (152) (152) Current period recoveries — — — — — 4 — 3,644 3,648 Total net (charge-offs) recoveries — — — — — 4 — 3,492 3,496 Total Pass $ 983,423 $ 1,841,000 $ 1,702,747 $ 1,212,689 $ 854,922 $ 3,561,611 $ 1,326,877 $ 1,778 $ 11,485,047 Special Mention 7,151 45,932 55,667 116,990 51,528 195,027 67,722 — 540,017 Substandard or Lower — 7,131 17,619 65,496 89,990 243,725 67,681 73 491,715 Total $ 990,574 $ 1,894,063 $ 1,776,033 $ 1,395,175 $ 996,440 $ 4,000,363 $ 1,462,280 $ 1,851 $ 12,516,779 (1) Excludes real estate - construction - other. (2) Loans originated in 2021 and 2020 include $0.1 billion of PPP loans that were assigned a rating of Pass based on the existence of a federal government guaranty through the SBA. The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the prior period: December 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 $ 190,030 $ 315,811 $ 113,245 $ 83,886 $ 17,545 $ 117,157 $ 46,409 $ — $ 884,083 Special Mention 5,843 775 9,984 20,200 15,724 6,315 — — 58,841 Substandard or Lower — — — — 1,912 4,185 227 — 6,324 Total real estate - construction 195,873 316,586 123,229 104,086 35,181 127,657 46,636 — 949,248 Real estate - construction (1) Current period gross charge-offs — — (39) — — — — — (39) Current period recoveries — — 39 — — 1,373 — — 1,412 Total net (charge-offs) recoveries — — — — — 1,373 — — 1,373 Commercial and industrial (2) Pass 855,924 520,802 396,575 232,805 147,675 581,762 1,177,857 339 3,913,739 Special Mention 5,386 8,538 33,937 8,301 10,346 23,380 52,386 95 142,369 Substandard or Lower 1,225 9,775 19,393 24,327 11,912 34,825 49,562 1,200 152,219 Total commercial and industrial 862,535 539,115 449,905 265,433 169,933 639,967 1,279,805 1,634 4,208,327 Commercial and industrial Current period gross charge-offs (2,977) (406) (4,966) (208) (286) (800) (5,694) — (15,337) Current period recoveries 6 39 4,691 841 457 2,342 1,211 — 9,587 Total net (charge-offs) recoveries (2,971) (367) (275) 633 171 1,542 (4,483) — (5,750) Real estate - commercial mortgage Pass 1,086,113 899,172 826,866 624,653 712,223 2,356,308 55,370 — 6,560,705 Special Mention 1,317 60,732 96,508 25,280 33,595 169,732 115 — 387,279 Substandard or Lower 1,537 8,516 28,810 68,818 69,793 151,450 684 1,488 331,096 Total real estate - commercial mortgage 1,088,967 968,420 952,184 718,751 815,611 2,677,490 56,169 1,488 7,279,080 Real estate - commercial mortgage Current period gross charge-offs — — (14) (25) (6,972) (1,517) (198) — (8,726) Current period recoveries — — — — 983 1,491 — — 2,474 Total net (charge-offs) recoveries — — (14) (25) (5,989) (26) (198) — (6,252) Total Pass $ 2,132,067 $ 1,735,785 $ 1,336,686 $ 941,344 $ 877,443 $ 3,055,227 $ 1,279,636 $ 339 $ 11,358,527 Special Mention 12,546 70,045 140,429 53,781 59,665 199,427 52,501 95 588,489 Substandard or Lower 2,762 18,291 48,203 93,145 83,617 190,460 50,473 2,688 489,639 Total $ 2,147,375 $ 1,824,121 $ 1,525,318 $ 1,088,270 $ 1,020,725 $ 3,445,114 $ 1,382,610 $ 3,122 $ 12,436,655 (1) Excludes real estate - construction - other. (2) Loans originated in 2021 and 2020 include $0.3 billion of PPP loans that were assigned a rating of Pass based on the existence of a federal government guaranty through the SBA. June 30, 2022 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans (dollars in thousands) Amortized Amortized 2022 2021 2020 2019 2018 Prior Cost Basis Cost Basis Total Consumer and real estate - home equity Performing $ 199,006 $ 126,665 $ 92,240 $ 62,883 $ 56,742 $ 103,004 $ 852,242 $ 144,223 $ 1,637,005 Nonperforming 22 148 108 19 112 2,341 2,088 5,712 10,550 Total consumer and real estate - home equity 199,028 126,813 92,348 62,902 56,854 105,345 854,330 149,935 1,647,555 Consumer and real estate - home equity Current period gross charge-offs — (587) (70) (108) (16) (355) (77) (716) (1,929) Current period recoveries — 44 88 29 16 351 144 544 1,216 Total net (charge-offs) recoveries — (543) 18 (79) — (4) 67 (172) (713) Real estate - residential mortgage Performing 537,306 1,591,120 1,067,487 296,239 89,886 578,653 — — 4,160,691 Nonperforming — 1,122 6,322 5,056 3,808 26,828 — — 43,136 Total real estate - residential mortgage 537,306 1,592,242 1,073,809 301,295 93,694 605,481 — — 4,203,827 Real estate - residential mortgage Current period gross charge-offs — — — — — — — (66) (66) Current period recoveries — — 4 — 27 261 — 22 314 Total net (charge-offs) recoveries — — 4 — 27 261 — (44) 248 Equipment lease financing and other Performing 126,093 49,563 50,710 37,619 24,936 21,218 — — 310,139 Nonperforming — — — — — 14,062 — — 14,062 Total leasing and other 126,093 49,563 50,710 37,619 24,936 35,280 — — 324,201 Equipment lease financing and other Current period gross charge-offs — — — — — (943) — — (943) Current period recoveries — 1 68 13 3 227 — 68 380 Total net (charge-offs) recoveries — 1 68 13 3 (716) — 68 (563) Construction - other Performing 61,082 162,281 22,426 — 4,580 — — 448 250,817 Nonperforming — — — — — — — — — Total construction - other 61,082 162,281 22,426 — 4,580 — — 448 250,817 Construction - other Current period gross charge-offs — — — — — — — — — Current period recoveries — — — — — — — — — Total net (charge-offs) recoveries — — — — — — — — — Total Performing $ 923,487 $ 1,929,629 $ 1,232,863 $ 396,741 $ 176,144 $ 702,875 $ 852,242 $ 144,671 $ 6,358,652 Nonperforming 22 1,270 6,430 5,075 3,920 43,231 2,088 5,712 67,748 Total $ 923,509 $ 1,930,899 $ 1,239,293 $ 401,816 $ 180,064 $ 746,106 $ 854,330 $ 150,383 $ 6,426,400 December 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 Consumer and Real estate - home equity Performing $ 162,441 $ 102,918 $ 73,769 $ 68,564 $ 33,254 $ 135,412 $ 990,842 $ 3,999 $ 1,571,199 Nonperforming 122 101 60 51 314 2,348 8,512 198 11,706 Total consumer and real estate - home equity 162,563 103,019 73,829 68,615 33,568 137,760 999,354 4,197 1,582,905 Consumer and Real estate - home equity Current period gross charge-offs (175) (491) (496) (238) (224) (411) (1,274) — (3,309) Current period recoveries — 223 131 131 167 1,048 645 — 2,345 Total net (charge-offs) recoveries (175) (268) (365) (107) (57) 637 (629) — (964) Real estate - residential mortgage Performing 1,548,174 1,133,602 344,625 113,801 198,164 468,842 — — 3,807,208 Nonperforming — 6,753 2,189 3,424 2,844 24,332 — — 39,542 Total real estate - residential mortgage 1,548,174 1,140,355 346,814 117,225 201,008 493,174 — — 3,846,750 Real estate - residential mortgage Current period gross charge-offs — (626) (148) (125) (4) (387) — — (1,290) Current period recoveries — — 1 18 — 264 92 — 375 Total net (charge-offs) recoveries — (626) (147) (107) (4) (123) 92 — (915) Equipment lease financing and other Performing 97,077 65,316 49,591 34,107 22,444 1,369 — — 269,904 Nonperforming — — — — 15,503 138 — — 15,641 Total leasing and other 97,077 65,316 49,591 34,107 37,947 1,507 — — 285,545 Equipment lease financing and other Current period gross charge-offs (975) (1,276) — — — — — — (2,251) Current period recoveries 255 539 88 10 18 43 — — 953 Total net (charge-offs) recoveries (720) (737) 88 10 18 43 — — (1,298) Construction - other Performing 144,652 40,040 638 5,028 — — — — 190,358 Nonperforming — — — — 173 — — — 173 Total construction - other 144,652 40,040 638 5,028 173 — — — 190,531 Construction - other Current period gross charge-offs — — — — — — — — — Current period recoveries — — — — — — — — — Total net (charge-offs) recoveries — — — — — — — — — Total Performing $ 1,952,344 $ 1,341,876 $ 468,623 $ 221,500 $ 253,862 $ 605,623 $ 990,842 $ 3,999 $ 5,838,669 Nonperforming 122 6,854 2,249 3,475 18,834 26,818 8,512 198 67,062 Total $ 1,952,466 $ 1,348,730 $ 470,872 $ 224,975 $ 272,696 $ 632,441 $ 999,354 $ 4,197 $ 5,905,731 |
Non-Performing Assets | The following table presents non-performing assets: June 30, December 31, (in thousands) Non-accrual loans $ 162,530 $ 143,666 Loans 90 days or more past due and still accruing (1) 11,016 8,453 Total non-performing loans 173,546 152,119 OREO (2) 4,786 1,817 Total non-performing assets $ 178,332 $ 153,936 (1) Excludes PPP loans which are fully guaranteed by the federal government of $0.7 million as of June 30, 2022. (2) Excludes $3.8 million and $6.4 million of residential mortgage properties for which formal foreclosure proceedings were in process as of June 30, 2022 and December 31, 2021, 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) June 30, 2022 Real estate – commercial mortgage $ 5,486 $ 3,219 $ 375 $ 59,565 $ 7,348,391 $ 7,417,036 Commercial and industrial (1) 11,197 1,417 1,022 43,691 4,115,787 4,173,114 Real estate – residential mortgage 31,221 5,796 7,337 35,585 4,123,888 4,203,827 Real estate – home equity 4,554 1,341 1,942 8,110 1,092,861 1,108,808 Real estate – construction 3,728 550 — 1,357 1,171,811 1,177,446 Consumer 4,963 1,081 340 160 532,203 538,747 Equipment lease financing and other 4,472 33 — 14,062 283,405 301,972 Total $ 65,621 $ 13,437 $ 11,016 $ 162,530 $ 18,668,346 $ 18,920,950 (1) Delinquent PPP loans 30-59 days past due and 60-89 days past due of $7.9 million and $1.3 million, respectively, which are fully guaranteed by the federal government, are classified as current. 30-59 Days Past 60-89 ≥ 90 Days Non- Current Total (in thousands) December 31, 2021 Real estate – commercial mortgage $ 1,089 $ 1,750 $ 1,229 $ 52,815 $ 7,222,197 $ 7,279,080 Commercial and industrial 5,457 1,932 488 30,141 4,170,309 4,208,327 Real estate – residential mortgage 22,957 2,920 4,130 35,269 3,781,474 3,846,750 Real estate – home equity 4,369 1,154 2,253 8,671 1,101,801 1,118,248 Real estate – construction 1,318 — — 901 1,137,560 1,139,779 Consumer 3,561 876 353 229 459,638 464,657 Equipment lease financing and other 226 27 — 15,640 252,616 268,509 Total $ 38,977 $ 8,659 $ 8,453 $ 143,666 $ 18,125,595 $ 18,325,350 |
Troubled Debt Restructurings on Financing Receivables | The following table presents TDRs, by class segment: June 30, December 31, (in thousands) Real estate - commercial mortgage $ 3,489 $ 3,464 Commercial and industrial 1,871 1,857 Real estate - residential mortgage 10,279 11,948 Real estate - home equity 11,764 12,218 Consumer 2 5 Total accruing TDRs 27,405 29,492 Non-accrual TDRs (1) 45,439 55,945 Total TDRs $ 72,844 $ 85,437 (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 and six months ended June 30, 2022 and 2021: Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 Number of Loans Post-Modification Recorded Investment Number of Loans Post-Modification Recorded Investment Number of Loans Post-Modification Recorded Investment Number of Loans Post-Modification Recorded Investment (dollars in thousands) Commercial and industrial — $ — — $ — 1 $ 82 4 $ 1,894 Real estate - commercial mortgage — — 3 2,729 1 150 5 6,891 Real estate - residential mortgage — — 14 3,101 5 293 37 10,728 Real estate - home equity — — 11 598 5 329 16 746 Real estate - construction — — — — — — 1 154 Consumer 2 199 — — 2 199 — — Total 2 $ 199 28 $ 6,428 14 $ 1,053 63 $ 20,413 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, with adjustments to the carrying value included in mortgage banking income on the consolidated statements of income: Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 (in thousands) Amortized cost: Balance at beginning of period $ 35,624 $ 37,803 $ 35,993 $ 38,745 Originations of MSRs 1,053 1,457 2,407 4,268 Amortization (1,428) (3,198) (3,151) (6,951) Balance at end of period $ 35,249 $ 36,062 $ 35,249 $ 36,062 Valuation allowance: Balance at beginning of period $ — $ (4,400) $ (600) $ (10,500) Reduction (addition) to valuation allowance — (2,200) 600 3,900 Balance at end of period $ — $ (6,600) $ — $ (6,600) Net MSRs at end of period $ 35,249 $ 29,462 $ 35,249 $ 29,462 Estimated fair value of MSRs at end of period $ 49,804 $ 29,462 $ 49,804 $ 29,462 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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: June 30, 2022 December 31, 2021 Notional Asset Notional Asset (in thousands) Interest Rate Locks with Customers Positive fair values $ 128,465 $ 811 $ 261,428 $ 2,326 Negative fair values 19,948 (616) 2,549 (23) Forward Commitments Positive fair values 35,000 439 51,000 41 Negative fair values — — — — Interest Rate Swaps with Customers Positive fair values 790,286 7,598 3,213,924 153,752 Negative fair values 3,134,128 (152,409) 752,462 (4,766) Interest Rate Swaps with Dealer Counterparties Positive fair values 3,134,128 84,197 752,462 4,766 Negative fair values 790,286 (7,891) 3,213,924 (79,889) Interest Rate Swaps used in Cash Flow Hedges Positive fair values 900,000 — 500,000 60 Negative fair values 100,000 (7,356) 500,000 (1,432) Foreign Exchange Contracts with Customers Positive fair values 13,995 737 7,629 229 Negative fair values 1,550 (69) 3,388 (51) Foreign Exchange Contracts with Correspondent Banks Positive fair values 2,074 76 3,656 69 Negative fair values 13,781 (696) 9,364 (240) |
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 AOCI: Amount of Gain (Loss) Recognized in OCI on Derivative Amount of Gain (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: Three months ended June 30, 2022 Interest Rate Products $ (11,100) $ (11,100) $ — Interest income $ 434 $ 434 $ — Three months ended June 30, 2021 Interest Rate Products 3,560 3,560 — Interest income 877 877 — Six months ended June 30, 2022 Interest Rate Products (51,663) (51,663) — Interest income 2,382 2,382 — Six months ended June 30, 2021 Interest Rate Products 1,495 1,495 — Interest Income 1,021 1,021 — The following table presents the effect of fair value and cash flow hedge accounting on the income statement: Consolidated Statements of Income Classification Interest Income Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 (in thousands) 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 $ 434 $ 877 $ 2,382 $ 1,021 Interest contracts: Amount of gain reclassified from AOCI into income 434 877 2,382 1,021 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 434 877 2,382 1,021 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 net fair value gains (losses) on derivative financial instruments: Consolidated Statements of Income Classification Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 (in thousands) Mortgage banking derivatives (1) Mortgage banking income $ (2,095) $ (3,158) $ (1,710) $ (2,362) Interest rate swaps Other expense — (104) — (208) Foreign exchange contracts Other income (6) (12) 41 (4) Net fair value gains/(losses) on derivative financial instruments $ (2,101) $ (3,274) $ (1,669) $ (2,574) (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: June 30, December 31, (in thousands) Amortized cost (1) $ 17,440 $ 35,050 Fair value 17,528 35,768 (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) June 30, 2022 Interest rate swap derivative assets $ 91,795 $ (17,495) $ — $ 74,300 Foreign exchange derivative assets with correspondent banks 76 (76) — — Total $ 91,871 $ (17,571) $ — $ 74,300 Interest rate swap derivative liabilities $ 167,656 $ (10,139) $ (67,888) $ 89,629 Foreign exchange derivative liabilities with correspondent banks 696 (76) — 620 Total $ 168,352 $ (10,215) $ (67,888) $ 90,249 December 31, 2021 Interest rate swap derivative assets $ 158,578 $ (8,028) $ — $ 150,550 Foreign exchange derivative assets with correspondent banks 69 (69) — — Total $ 158,647 $ (8,097) $ — $ 150,550 Interest rate swap derivative liabilities $ 86,087 $ (6,656) $ (74,359) $ 5,072 Foreign exchange derivative liabilities with correspondent banks 240 (69) — 171 Total $ 86,327 $ (6,725) $ (74,359) $ 5,243 (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) June 30, 2022 Interest rate swap derivative assets $ 91,795 $ (17,495) $ — $ 74,300 Foreign exchange derivative assets with correspondent banks 76 (76) — — Total $ 91,871 $ (17,571) $ — $ 74,300 Interest rate swap derivative liabilities $ 167,656 $ (10,139) $ (67,888) $ 89,629 Foreign exchange derivative liabilities with correspondent banks 696 (76) — 620 Total $ 168,352 $ (10,215) $ (67,888) $ 90,249 December 31, 2021 Interest rate swap derivative assets $ 158,578 $ (8,028) $ — $ 150,550 Foreign exchange derivative assets with correspondent banks 69 (69) — — Total $ 158,647 $ (8,097) $ — $ 150,550 Interest rate swap derivative liabilities $ 86,087 $ (6,656) $ (74,359) $ 5,072 Foreign exchange derivative liabilities with correspondent banks 240 (69) — 171 Total $ 86,327 $ (6,725) $ (74,359) $ 5,243 (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) | 6 Months Ended |
Jun. 30, 2022 | |
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: June 30, December 31, 2022 2021 Included in other assets: (in thousands) Affordable housing tax credit investments $ 168,500 $ 161,052 Other tax credit investments 62,043 42,987 Total TCIs $ 230,543 $ 204,039 Included in other liabilities: Unfunded affordable housing tax credit commitments $ 56,630 $ 49,364 Other tax credit liabilities 48,113 33,941 Total unfunded tax credit commitments and liabilities $ 104,743 $ 83,305 The following table presents other information relating to the Corporation's TCIs: Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 Components of income taxes: (in thousands) Affordable housing tax credits and other tax benefits $ (6,209) $ (6,543) $ (12,417) $ (13,031) Other tax credit investment credits and tax benefits (845) (722) (1,690) (1,445) Amortization of affordable housing investments, net of tax benefit 4,824 4,323 9,649 8,689 Deferred tax expense 192 160 383 320 Total net reduction in income tax expense $ (2,038) $ (2,782) $ (4,075) $ (5,467) Amortization of TCIs: Total amortization of TCIs $ 695 $ 1,563 $ 1,391 $ 3,094 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Changes in other comprehensive income (loss) | : Before-Tax Amount Tax Effect Net of Tax Amount Three months ended June 30, 2022 (in thousands) Unrealized loss on securities $ (114,312) $ 25,960 $ (88,352) Reclassification adjustment for securities gains included in net income (1) 8 (2) 6 Amortization of net unrealized losses on AFS securities transferred to HTM (2) (62,250) 14,137 (48,113) Net unrealized holding loss arising during the period on interest rate swaps used in cash flow hedges (11,100) 2,514 (8,586) Reclassification adjustment for net loss realized in net income on interest rate swaps used in cash flow hedges (434) 99 (335) Amortization of net unrecognized pension and postretirement items (3) 33 (8) 25 Total Other Comprehensive Loss $ (188,055) $ 42,700 $ (145,355) Three months ended June 30, 2021 Unrealized gain on securities $ 24,968 $ (5,670) $ 19,298 Reclassification adjustment for securities gains included in net income (1) (36) 8 (28) Amortization of net unrealized gains on AFS securities transferred to HTM (2) (349) 79 (270) Net unrealized holding gain arising during the period on interest rate swaps used in cash flow hedges 3,560 (808) 2,752 Reclassification adjustment for net loss realized in net income on interest rate swaps used in cash flow hedges (877) 199 (678) Amortization of net unrecognized pension and postretirement items (3) 370 (81) 289 Total Other Comprehensive Loss $ 27,636 $ (6,273) $ 21,363 Six months ended June 30, 2022 Unrealized loss on securities $ (313,379) $ 71,168 $ (242,211) Reclassification adjustment for securities loss included in net income (1) 27 (6) 21 Amortization of net unrealized losses on AFS securities transferred to HTM (2) (61,686) 14,009 (47,677) Net unrealized loss on interest rate swaps used in cash flow hedges (51,663) 11,701 (39,962) Reclassification adjustment for net loss realized in net income on interest rate swaps used in cash flow hedges (2,382) 540 (1,842) Amortization of net unrecognized pension and postretirement items (3) 65 (15) 50 Total Other Comprehensive Loss $ (429,018) $ 97,397 $ (331,621) Six months ended June 30, 2021 Unrealized loss on securities $ (26,783) $ 6,082 $ (20,701) Reclassification adjustment for securities gains included in net income (1) 451 (102) 349 Amortization of net unrealized losses on AFS securities transferred to HTM (2) 1,963 (446) 1,517 Net unrealized gain on interest rate swaps used in cash flow hedges 1,495 (337) 1,158 Reclassification adjustment for net loss realized in net income on interest rate swaps used in cash flow hedges (1,021) 230 (791) Amortization of net unrecognized pension and postretirement items (3) 740 (162) 578 Total Other Comprehensive Loss $ (23,155) $ 5,265 $ (17,890) (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 "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 (loss) | 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) Gain on Interest Rate Swaps used in Cash Flow Hedges Unrecognized Pension and Postretirement Plan Income (Costs) Total (in thousands) Three months ended June 30, 2022 Balance at March 31, 2022 $ (112,968) $ (37,699) $ (8,188) $ (158,855) OCI before reclassifications (88,352) — — (88,352) Amounts reclassified from AOCI 6 (8,921) 25 (8,890) Amortization of net unrealized losses on AFS securities transferred to HTM (48,113) — — (48,113) Balance at June 30, 2022 $ (249,427) $ (46,620) $ (8,163) $ (304,210) Three months ended June 30, 2021 Balance at March 31, 2021 $ 43,769 $ (1,707) $ (16,224) $ 25,838 OCI before reclassifications 19,298 — — 19,298 Amounts reclassified from AOCI (28) 2,074 289 2,335 Amortization of net unrealized losses on AFS securities transferred to HTM (270) — — (270) Balance at June 30, 2021 $ 62,769 $ 367 $ (15,935) $ 47,201 Six months ended June 30, 2022 Balance at December 31, 2021 $ 40,440 $ (4,816) $ (8,213) $ 27,411 OCI before reclassifications (242,211) — — (242,211) Amounts reclassified from AOCI 21 (41,804) 50 (41,733) Amortization of net unrealized losses on AFS securities transferred to HTM (47,677) — — (47,677) Balance at June 30, 2022 $ (249,427) $ (46,620) $ (8,163) $ (304,210) Six months ended June 30, 2021 Balance at December 31, 2020 $ 81,604 $ — $ (16,513) $ 65,091 OCI before reclassifications (20,701) — — (20,701) Amounts reclassified from AOCI 349 367 578 1,294 Amortization of net unrealized losses on AFS securities transferred to HTM 1,517 — — 1,517 Balance at June 30, 2021 $ 62,769 $ 367 $ (15,935) $ 47,201 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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: June 30, 2022 Level 1 Level 2 Level 3 Total (in thousands) Loans held for sale $ — $ 17,528 $ — $ 17,528 Available for sale investment securities: Equity securities — — — — U.S. Government securities 371,266 — — 371,266 State and municipal securities — 1,083,477 — 1,083,477 Corporate debt securities — 393,561 — 393,561 Collateralized mortgage obligations — 148,103 — 148,103 Residential mortgage-backed securities — 195,359 — 195,359 Commercial mortgage-backed securities — 587,072 — 587,072 Total available for sale investment securities 371,266 2,407,572 — 2,778,838 Other assets: Investments held in Rabbi Trust 23,669 — — 23,669 Derivative assets 813 93,045 — 93,858 Total assets $ 395,748 $ 2,518,145 $ — $ 2,913,893 Other liabilities: Deferred compensation liabilities $ 23,669 $ — $ — $ 23,669 Derivative liabilities 765 168,272 — 169,037 Total liabilities $ 24,434 $ 168,272 $ — $ 192,706 December 31, 2021 Level 1 Level 2 Level 3 Total (in thousands) Loans held for sale $ — $ 35,768 $ — $ 35,768 Available for sale investment securities: U.S. Government securities 127,618 — — 127,618 State and municipal securities — 1,188,670 — 1,188,670 Corporate debt securities — 386,133 — 386,133 Collateralized mortgage obligations — 209,359 — 209,359 Residential mortgage-backed securities — 229,795 — 229,795 Commercial mortgage-backed securities — 971,148 — 971,148 Auction rate securities — — 74,667 74,667 Total available for sale investment securities 127,618 2,985,105 74,667 3,187,390 Other assets: Investments held in Rabbi Trust 28,619 — — 28,619 Derivative assets 298 160,945 — 161,243 Total assets $ 156,535 $ 3,181,818 $ 74,667 $ 3,413,020 Other liabilities: Deferred compensation liabilities $ 28,619 $ — $ — $ 28,619 Derivative liabilities 291 86,110 — 86,401 Total liabilities $ 28,910 $ 86,110 $ — $ 115,020 |
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): ARCs Three months ended June 30, 2022 (in thousands) Balance at March 31, 2022 $ — Sales — Unrealized adjustment to fair value (1) — Balance at June 30, 2022 $ — Three months ended June 30, 2021 Balance at March 31, 2021 $ 76,204 Unrealized adjustment to fair value (1) (1,370) Balance at June 30, 2021 $ 74,834 Six months ended June 30, 2022 Balance at December 31, 2021 $ 74,667 Sales (74,823) Unrealized adjustment to fair value (1) 156 Balance at June 30, 2022 $ — Six months ended June 30, 2021 Balance at December 31, 2020 $ 98,206 Sales (24,619) Unrealized adjustment to fair value (1) 1,247 Balance at June 30, 2021 $ 74,834 (1) 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 "AFS 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: June 30, 2022 December 31, 2021 (in thousands) Loans, net $ 137,267 $ 118,458 OREO 4,786 1,817 MSRs (1) 49,804 35,393 Total assets $ 191,857 $ 155,668 (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. |
Details of Book Value and Fair Value of Financial Instruments | The following tables detail the book values and the estimated fair values of the Corporation's financial instruments as of June 30, 2022 and December 31, 2021. June 30, 2022 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 449,674 $ 449,674 $ — $ — $ 449,674 FRB and FHLB stock 62,146 — 62,146 — 62,146 Federal funds sold 30,500 30,500 — — 30,500 Loans held for sale 17,528 — 17,528 — 17,528 AFS securities 2,778,838 371,266 2,407,572 — 2,778,838 HTM securities 1,338,963 — 1,215,325 — 1,215,325 Loans, net 18,672,386 — — 17,993,585 17,993,585 Accrued interest receivable 64,457 64,457 — — 64,457 Other assets 505,136 357,501 93,045 54,590 505,136 FINANCIAL LIABILITIES Demand and savings deposits $ 19,340,633 $ 19,340,633 $ — $ — $ 19,340,633 Brokered deposits 243,172 223,172 20,167 — 243,339 Time deposits 1,560,061 — 1,552,555 — 1,552,555 Accrued interest payable 6,010 6,010 — — 6,010 Short-term borrowings 456,185 456,185 — — 456,185 Long-term borrowings 557,130 — 490,331 — 490,331 Other liabilities 343,794 161,198 168,272 14,324 343,794 December 31, 2021 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 1,638,614 $ 1,638,614 $ — $ — $ 1,638,614 FRB and FHLB stock 57,635 — 57,635 — 57,635 Loans held for sale 35,768 — 35,768 — 35,768 AFS securities 3,187,390 127,618 2,985,105 74,667 3,187,390 HTM securities 980,384 — 965,867 — 965,867 Loans, net 18,076,349 — — 17,519,497 17,519,497 Accrued interest receivable 57,451 57,451 — — 57,451 Other assets 565,491 367,336 160,945 37,210 565,491 FINANCIAL LIABILITIES Demand and savings deposits $ 19,594,497 $ 19,594,497 $ — $ — $ 19,594,497 Brokered deposits 251,526 231,526 20,603 — 252,129 Time deposits 1,727,476 — 1,730,673 — 1,730,673 Accrued interest payable 7,000 7,000 — — 7,000 Short-term borrowings 416,764 416,764 — — 416,764 Long-term borrowings 621,345 — 605,719 — 605,719 Other liabilities 288,862 188,219 86,110 14,533 288,862 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30 Six months ended June 30 2022 2021 2022 2021 Weighted average shares outstanding (basic) 160,920 162,785 160,755 162,614 Impact of common stock equivalents 1,155 1,073 1,260 1,124 Weighted average shares outstanding (diluted) 162,075 163,858 162,015 163,738 Per share: Basic $ 0.42 $ 0.38 $ 0.80 $ 0.81 Diluted 0.42 0.38 0.80 0.81 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30 Six months ended June 30 2022 2021 2022 2021 (in thousands) Compensation expense $ 3,846 $ 2,098 $ 6,586 $ 4,000 Tax benefit (758) (457) (1,361) (870) Total stock-based compensation, net of tax $ 3,088 $ 1,641 $ 5,225 $ 3,130 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | The net periodic pension cost for the Corporation's Pension Plan consisted of the following components: Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 (in thousands) Interest cost $ 598 $ 561 $ 1,196 $ 1,122 Expected return on plan assets (1,099) (1,011) (2,197) (2,022) Net amortization and deferral 164 504 327 1,008 Net periodic pension cost $ (337) $ 54 $ (674) $ 108 The components of the net benefit for the Corporation's Postretirement Plan consisted of the following components: Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 (in thousands) Interest cost $ 9 $ 8 $ 17 $ 16 Net accretion and deferral (131) (134) (262) (268) Net periodic benefit $ (122) $ (126) $ (245) $ (252) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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: June 30, 2022 December 31, 2021 (in thousands) Commitments to extend credit $ 8,474,459 $ 8,731,168 Standby letters of credit 282,227 298,275 Commercial letters of credit 50,802 54,196 |
Restrictions on Cash and Cash_2
Restrictions on Cash and Cash Equivalents (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Abstract] | ||
Collateral | $ 83.8 | $ 202.8 |
Investment Securities Schedule
Investment Securities Schedule of Amortized Cost and Fair Values of Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 3,034,088 | |
Gross Unrealized Gains | 892 | |
Gross Unrealized Losses | (256,142) | |
Estimated Fair Value | 2,778,838 | $ 3,187,390 |
Amortized Cost, Held to Maturity | 1,338,963 | 980,384 |
Gross Unrealized Gains, Held to Maturity | 309 | 11,022 |
Gross Unrealized Losses, Held to Maturity | (123,947) | (25,539) |
HTM securities | 1,215,325 | 965,867 |
US Government Debt Securities | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 376,505 | 127,831 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (5,239) | (213) |
Estimated Fair Value | 371,266 | 127,618 |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 1,239,591 | 1,139,187 |
Gross Unrealized Gains | 501 | 50,161 |
Gross Unrealized Losses | (156,615) | (678) |
Estimated Fair Value | 1,083,477 | 1,188,670 |
Corporate Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 413,487 | 373,482 |
Gross Unrealized Gains | 186 | 13,009 |
Gross Unrealized Losses | (20,112) | (358) |
Estimated Fair Value | 393,561 | 386,133 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 154,558 | 206,532 |
Gross Unrealized Gains | 10 | 3,581 |
Gross Unrealized Losses | (6,465) | (754) |
Estimated Fair Value | 148,103 | 209,359 |
Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 213,567 | 231,607 |
Gross Unrealized Gains | 167 | 1,224 |
Gross Unrealized Losses | (18,375) | (3,036) |
Estimated Fair Value | 195,359 | 229,795 |
Amortized Cost, Held to Maturity | 466,076 | 404,958 |
Gross Unrealized Gains, Held to Maturity | 297 | 11,022 |
Gross Unrealized Losses, Held to Maturity | (35,444) | (7,067) |
HTM securities | 430,929 | 408,913 |
Commercial Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 636,380 | 974,541 |
Gross Unrealized Gains | 28 | 6,141 |
Gross Unrealized Losses | (49,336) | (9,534) |
Estimated Fair Value | 587,072 | 971,148 |
Amortized Cost, Held to Maturity | 872,887 | 575,426 |
Gross Unrealized Gains, Held to Maturity | 12 | 0 |
Gross Unrealized Losses, Held to Maturity | (88,503) | (18,472) |
HTM securities | $ 784,396 | 556,954 |
Auction Rate Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 76,350 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (1,683) | |
Estimated Fair Value | 74,667 | |
Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 3,129,530 | |
Gross Unrealized Gains | 74,116 | |
Gross Unrealized Losses | (16,256) | |
Estimated Fair Value | $ 3,187,390 |
Investment Securities Schedul_2
Investment Securities Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Due in one year or less | $ 160,087 | |
Due from one year to five years | 280,399 | |
Due from five years to ten years | 447,924 | |
Due after ten years | 1,141,173 | |
Amortized cost, before securities without debt maturities | 2,029,583 | |
Amortized Cost | 3,034,088 | |
Estimated Fair Value | ||
Due in one year or less | 160,007 | |
Due from one year to five years | 274,819 | |
Due from five years to ten years | 427,025 | |
Due after ten years | 986,453 | |
Available for sale securities, debt maturities, before securities without single maturities | 1,848,304 | |
Estimated Fair Value | 2,778,838 | $ 3,187,390 |
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 | 1,338,963 | 980,384 |
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 | 1,215,325 | 965,867 |
Mortgage-Backed Securities [Member] | ||
Amortized Cost | ||
Available-for-sale securities, amortized cost without single maturity date | 213,567 | |
Amortized Cost | 213,567 | 231,607 |
Estimated Fair Value | ||
Available-for-sale securities, debt maturities, without single maturity date, fair value | 195,359 | |
Estimated Fair Value | 195,359 | 229,795 |
Amortized Cost | ||
Debt securities, held-to-maturity, maturity, without single maturity date, amortized cost | 466,076 | |
Amortized Cost, Held to Maturity | 466,076 | 404,958 |
Estimated Fair Value | ||
Debt securities, held-to-maturity, maturity, without single maturity date, fair value | 430,929 | |
Estimated Fair Value, Held to Maturity | 430,929 | 408,913 |
Commercial Mortgage Backed Securities [Member] | ||
Amortized Cost | ||
Available-for-sale securities, amortized cost without single maturity date | 636,380 | |
Amortized Cost | 636,380 | 974,541 |
Estimated Fair Value | ||
Available-for-sale securities, debt maturities, without single maturity date, fair value | 587,072 | |
Estimated Fair Value | 587,072 | 971,148 |
Amortized Cost | ||
Debt securities, held-to-maturity, maturity, without single maturity date, amortized cost | 872,887 | |
Amortized Cost, Held to Maturity | 872,887 | 575,426 |
Estimated Fair Value | ||
Debt securities, held-to-maturity, maturity, without single maturity date, fair value | 784,396 | |
Estimated Fair Value, Held to Maturity | 784,396 | 556,954 |
Collateralized Mortgage Obligations [Member] | ||
Amortized Cost | ||
Available-for-sale securities, amortized cost without single maturity date | 154,558 | |
Amortized Cost | 154,558 | 206,532 |
Estimated Fair Value | ||
Available-for-sale securities, debt maturities, without single maturity date, fair value | 148,103 | |
Estimated Fair Value | 148,103 | $ 209,359 |
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 |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Debt securities, Gross Realized Gains | $ 8 | $ 465 | $ 1,554 | $ 34,481 |
Debt securities, Gross Realized Losses | 0 | (429) | (1,527) | (970) |
Debt securities, Net Gains (Losses) | $ 8 | $ 36 | $ 27 | $ 33,511 |
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 | Jun. 30, 2022 USD ($) Security | Dec. 31, 2021 USD ($) Security |
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 589 | 89 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 2,534,403 | $ 917,933 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (236,165) | $ (13,925) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 11 | 119 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 108,851 | $ 91,336 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (19,977) | (2,331) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,643,254 | 1,009,269 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (256,142) | $ (16,256) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 97 | 50 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 636,569 | $ 762,923 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (36,821) | $ (25,539) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 32 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 454,653 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (87,126) | 0 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 1,091,222 | 762,923 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | $ (123,947) | $ (25,539) |
US Government Debt Securities | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 4 | 2 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 371,266 | $ 127,618 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (5,239) | $ (213) |
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 | 371,266 | 127,618 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (5,239) | $ (213) |
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 | 355 | 29 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 989,029 | $ 82,731 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (149,910) | $ (678) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 6 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 24,248 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (6,705) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,013,277 | 82,731 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (156,615) | $ (678) |
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 | 55 | 6 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 363,657 | $ 43,068 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (20,112) | $ (358) |
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 | 363,657 | 43,068 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (20,112) | $ (358) |
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 | 72 | 4 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 140,957 | $ 28,517 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (6,465) | $ (754) |
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 | 140,957 | 28,517 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (6,465) | $ (754) |
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 | 28 | 7 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 130,063 | $ 123,687 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (9,194) | $ (2,388) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 4 | 1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 60,469 | $ 16,669 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (9,181) | (648) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 190,532 | 140,356 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (18,375) | $ (3,036) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 58 | 14 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 181,966 | $ 205,969 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (4,790) | $ (7,067) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 12 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 152,702 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (30,654) | 0 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 334,668 | 205,969 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | $ (35,444) | $ (7,067) |
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 | 75 | 41 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 539,431 | $ 512,312 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (45,245) | $ (9,534) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 1 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 24,134 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (4,091) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 563,565 | 512,312 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (49,336) | $ (9,534) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 39 | 36 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 454,603 | $ 556,954 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (32,031) | $ (18,472) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 20 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 301,951 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (56,472) | 0 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 756,554 | 556,954 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | $ (88,503) | $ (18,472) |
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 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 118 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 74,667 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,683) | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 74,667 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (1,683) |
Investment Securities Narrative
Investment Securities Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | May 01, 2022 | Dec. 31, 2021 | |
Schedule of Investments [Line Items] | |||||
Marketable Securities, Unrealized Gain (Loss) | $ (400) | ||||
Proceeds from sales of AFS securities | $ 109,252 | $ 125,811 | |||
HTM securities | 1,215,325 | $ 965,867 | |||
fair value of AFS securities transferred to HTM | $ 415,200 | ||||
Amortize value of securities transferred from AFS to HTM | $ 479,000 | ||||
Visa | |||||
Schedule of Investments [Line Items] | |||||
Gain on sale of shares | 34,000 | ||||
Auction Rate Securities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Proceeds from sales of AFS securities | $ 24,600 | ||||
Collateral Pledged [Member] | |||||
Schedule of Investments [Line Items] | |||||
Securities pledged as collateral | $ 1,800,000 | $ 2,500,000 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses Summary Of Gross Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $ 18,943,179 | $ 18,342,386 |
Unearned income | (22,229) | (17,036) |
Net loans | 18,920,950 | 18,325,350 |
Real estate - commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 7,417,036 | 7,279,080 |
Net loans | 7,417,036 | 7,279,080 |
Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 4,173,114 | 4,208,327 |
Net loans | 4,173,114 | 4,208,327 |
Commercial and Industrial | PPP Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 100,000 | 300,000 |
Real estate - residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 4,203,827 | 3,846,750 |
Net loans | 4,203,827 | 3,846,750 |
Real-estate - home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 1,108,808 | 1,118,248 |
Net loans | 1,108,808 | 1,118,248 |
Real-estate - construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 1,177,446 | 1,139,779 |
Net loans | 1,177,446 | 1,139,779 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 538,747 | 464,657 |
Net loans | 538,747 | 464,657 |
Equipment lease financing and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 321,855 | 283,557 |
Overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $ 2,346 | $ 1,988 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||||||
ACL - loans | $ 248,564 | $ 249,001 | ||||
ACL - OBS credit exposure | 14,323 | 14,533 | ||||
Total ACL | $ 262,887 | $ 257,638 | $ 263,534 | $ 269,805 | $ 280,259 | $ 291,940 |
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 | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | $ 257,638 | $ 280,259 | $ 263,534 | $ 291,940 | $ 291,940 |
Loans charged off | 1,618 | 9,522 | 3,518 | 17,724 | |
Recoveries of loans previously charged off | 5,367 | 2,568 | 8,321 | 4,589 | |
Total net (charge-offs) recoveries | 3,749 | (6,954) | 4,803 | (13,135) | |
Provision for credit losses | 1,500 | (3,500) | (5,450) | (9,000) | |
Ending balance | 262,887 | 269,805 | 262,887 | 269,805 | 263,534 |
ACL - loans | 248,564 | 248,564 | $ 249,001 | ||
Off-Balance Sheet | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Provision for credit losses | $ 400 | $ 500 | $ (200) | $ 400 |
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 | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | $ 249,001 | ||||
Loans charged off | $ 1,618 | $ 9,522 | 3,518 | $ 17,724 | |
Recoveries of loans previously charged off | 5,367 | 2,568 | 8,321 | 4,589 | |
Total net (charge-offs) recoveries | 3,749 | (6,954) | 4,803 | (13,135) | |
Provision for credit losses | 1,500 | (3,500) | (5,450) | (9,000) | |
Ending balance | 248,564 | 248,564 | $ 249,001 | ||
Loans - Excluding OBS Credit Exposure [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 243,705 | 265,986 | 249,001 | 277,567 | 277,567 |
Loans charged off | 1,618 | 9,522 | 3,518 | 17,724 | |
Recoveries of loans previously charged off | 5,367 | 2,568 | 8,321 | 4,589 | |
Total net (charge-offs) recoveries | 3,749 | (6,954) | 4,803 | (13,135) | |
Provision for credit losses | 1,110 | (4,000) | (5,240) | (9,400) | |
Ending balance | 248,564 | 255,032 | 248,564 | 255,032 | 249,001 |
Loans - Excluding OBS Credit Exposure [Member] | Real estate - commercial mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 79,853 | 100,976 | 87,970 | 103,425 | 103,425 |
Loans charged off | 0 | 6,506 | 152 | 8,343 | |
Recoveries of loans previously charged off | 3,536 | 729 | 3,648 | 903 | |
Total net (charge-offs) recoveries | 3,536 | (5,777) | 3,496 | (7,440) | |
Provision for credit losses | (10,784) | 182 | (18,861) | (604) | |
Ending balance | 72,605 | 95,381 | 72,605 | 95,381 | 87,970 |
Loans - Excluding OBS Credit Exposure [Member] | Commercial and Industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 66,511 | 71,194 | 67,056 | 74,771 | 74,771 |
Loans charged off | 201 | 954 | 428 | 5,273 | |
Recoveries of loans previously charged off | 739 | 693 | 2,719 | 1,462 | |
Total net (charge-offs) recoveries | 538 | (261) | 2,291 | (3,811) | |
Provision for credit losses | 5,070 | (5,529) | 2,772 | (5,556) | |
Ending balance | 72,119 | 65,404 | 72,119 | 65,404 | 67,056 |
Loans - Excluding OBS Credit Exposure [Member] | Consumer and Real Estate Home Equity | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 20,213 | 23,142 | 19,749 | 25,137 | 25,137 |
Loans charged off | 877 | 1,130 | 1,929 | 1,977 | |
Recoveries of loans previously charged off | 762 | 634 | 1,216 | 1,074 | |
Total net (charge-offs) recoveries | (115) | (496) | (713) | (903) | |
Provision for credit losses | 2,982 | (652) | 4,044 | (2,240) | |
Ending balance | 23,080 | 21,994 | 23,080 | 21,994 | 19,749 |
Loans - Excluding OBS Credit Exposure [Member] | Real estate - residential mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 55,892 | 49,995 | 54,236 | 51,995 | 51,995 |
Loans charged off | 66 | 496 | 66 | 688 | |
Recoveries of loans previously charged off | 92 | 105 | 314 | 200 | |
Total net (charge-offs) recoveries | 26 | (391) | 248 | (488) | |
Provision for credit losses | 5,717 | 4,584 | 7,151 | 2,681 | |
Ending balance | 61,635 | 54,188 | 61,635 | 54,188 | 54,236 |
Loans - Excluding OBS Credit Exposure [Member] | Real-estate - construction | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 13,303 | 15,079 | 12,941 | 15,608 | 15,608 |
Loans charged off | 0 | 0 | 0 | 39 | |
Recoveries of loans previously charged off | 12 | 254 | 44 | 638 | |
Total net (charge-offs) recoveries | 12 | 254 | 44 | 599 | |
Provision for credit losses | (2,687) | (2,679) | (2,357) | (3,553) | |
Ending balance | 10,628 | 12,654 | 10,628 | 12,654 | 12,941 |
Loans - Excluding OBS Credit Exposure [Member] | Equipment lease financing, other and overdrafts | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 7,933 | 5,600 | 7,049 | 6,631 | 6,631 |
Loans charged off | 474 | 436 | 943 | 1,404 | |
Recoveries of loans previously charged off | 226 | 153 | 380 | 312 | |
Total net (charge-offs) recoveries | (248) | (283) | (563) | (1,092) | |
Provision for credit losses | 812 | 94 | 2,011 | (128) | |
Ending balance | $ 8,497 | $ 5,411 | $ 8,497 | $ 5,411 | $ 7,049 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses Total Impaired Loans by Class Segments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | $ 78,959 | $ 83,724 |
Unpaid principal balance, with no related allowance | 83,571 | 59,942 |
Unpaid Principal Balance | 162,530 | 143,666 |
Real estate - commercial mortgage | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 18,035 | 20,564 |
Unpaid principal balance, with no related allowance | 41,530 | 32,251 |
Unpaid Principal Balance | 59,565 | 52,815 |
Commercial | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 13,593 | 12,571 |
Unpaid principal balance, with no related allowance | 30,098 | 17,570 |
Unpaid Principal Balance | 43,691 | 30,141 |
Real estate - residential mortgage | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 34,390 | 35,269 |
Unpaid principal balance, with no related allowance | 1,195 | 0 |
Unpaid Principal Balance | 35,585 | 35,269 |
Real-estate - home equity | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 7,974 | 8,671 |
Unpaid principal balance, with no related allowance | 136 | 0 |
Unpaid Principal Balance | 8,110 | 8,671 |
Construction | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 0 | 173 |
Unpaid principal balance, with no related allowance | 1,357 | 728 |
Unpaid Principal Balance | 1,357 | 901 |
Consumer | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 160 | 229 |
Unpaid principal balance, with no related allowance | 0 | 0 |
Unpaid Principal Balance | 160 | 229 |
Equipment lease financing, other and overdrafts | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 4,807 | 6,247 |
Unpaid principal balance, with no related allowance | 9,255 | 9,393 |
Unpaid Principal Balance | $ 14,062 | $ 15,640 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses Credit Quality Indicators (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Total | |||||
Total | $ 18,920,950 | $ 18,920,950 | $ 18,325,350 | ||
Current period gross charge-offs | (1,618) | $ (9,522) | (3,518) | $ (17,724) | |
Current period recoveries | 5,367 | 2,568 | 8,321 | 4,589 | |
Total net (charge-offs) recoveries | (3,749) | $ 6,954 | (4,803) | $ 13,135 | |
Commercial and Industrial | |||||
Total | |||||
Total | 4,173,114 | 4,173,114 | 4,208,327 | ||
Real estate - commercial mortgage | |||||
Total | |||||
Total | 7,417,036 | 7,417,036 | 7,279,080 | ||
Real-estate - home equity | |||||
Total | |||||
Total | 1,108,808 | 1,108,808 | 1,118,248 | ||
Real estate - residential mortgage | |||||
Total | |||||
Total | 4,203,827 | 4,203,827 | 3,846,750 | ||
Consumer | |||||
Total | |||||
Total | 538,747 | 538,747 | 464,657 | ||
Equipment lease financing, other and overdrafts | |||||
Total | |||||
Total | 301,972 | 301,972 | 268,509 | ||
Portfolio Segment and Loan Class [Member] | |||||
2022 | |||||
Total | 990,574 | 990,574 | 2,147,375 | ||
2021 | |||||
Total | 1,894,063 | 1,894,063 | 1,824,121 | ||
2020 | |||||
Total | 1,776,033 | 1,776,033 | 1,525,318 | ||
2019 | |||||
Total | 1,395,175 | 1,395,175 | 1,088,270 | ||
2018 | |||||
Total | 996,440 | 996,440 | 1,020,725 | ||
Prior | |||||
Total | 4,000,363 | 4,000,363 | 3,445,114 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 1,462,280 | 1,462,280 | 1,382,610 | ||
Total | |||||
Total | 12,516,779 | 12,516,779 | 12,436,655 | ||
Portfolio Segment and Loan Class [Member] | Pass | |||||
2022 | |||||
Total | 983,423 | 983,423 | 2,132,067 | ||
2021 | |||||
Total | 1,841,000 | 1,841,000 | 1,735,785 | ||
2020 | |||||
Total | 1,702,747 | 1,702,747 | 1,336,686 | ||
2019 | |||||
Total | 1,212,689 | 1,212,689 | 941,344 | ||
2018 | |||||
Total | 854,922 | 854,922 | 877,443 | ||
Prior | |||||
Total | 3,561,611 | 3,561,611 | 3,055,227 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 1,326,877 | 1,326,877 | 1,279,636 | ||
Total | |||||
Total | 11,485,047 | 11,485,047 | 11,358,527 | ||
Portfolio Segment and Loan Class [Member] | Special Mention | |||||
2022 | |||||
Total | 7,151 | 7,151 | 12,546 | ||
2021 | |||||
Total | 45,932 | 45,932 | 70,045 | ||
2020 | |||||
Total | 55,667 | 55,667 | 140,429 | ||
2019 | |||||
Total | 116,990 | 116,990 | 53,781 | ||
2018 | |||||
Total | 51,528 | 51,528 | 59,665 | ||
Prior | |||||
Total | 195,027 | 195,027 | 199,427 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 67,722 | 67,722 | 52,501 | ||
Total | |||||
Total | 540,017 | 540,017 | 588,489 | ||
Portfolio Segment and Loan Class [Member] | Substandard or Lower | |||||
2022 | |||||
Total | 0 | 0 | 2,762 | ||
2021 | |||||
Total | 7,131 | 7,131 | 18,291 | ||
2020 | |||||
Total | 17,619 | 17,619 | 48,203 | ||
2019 | |||||
Total | 65,496 | 65,496 | 93,145 | ||
2018 | |||||
Total | 89,990 | 89,990 | 83,617 | ||
Prior | |||||
Total | 243,725 | 243,725 | 190,460 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 67,681 | 67,681 | 50,473 | ||
Total | |||||
Total | 491,715 | 491,715 | 489,639 | ||
Portfolio Segment and Loan Class [Member] | Real estate - construction(1) | |||||
2022 | |||||
Total | 42,940 | 42,940 | 195,873 | ||
Current period gross charge-offs | 0 | 0 | |||
Current period recoveries | 0 | 0 | |||
Total net (charge-offs) recoveries | 0 | 0 | |||
2021 | |||||
Total | 292,317 | 292,317 | 316,586 | ||
Current period gross charge-offs | 0 | 0 | |||
Current period recoveries | 0 | 0 | |||
Total net (charge-offs) recoveries | 0 | 0 | |||
2020 | |||||
Total | 289,178 | 289,178 | 123,229 | ||
Current period gross charge-offs | 0 | (39) | |||
Current period recoveries | 0 | 39 | |||
Total net (charge-offs) recoveries | 0 | 0 | |||
2019 | |||||
Total | 76,604 | 76,604 | 104,086 | ||
Current period gross charge-offs | 0 | 0 | |||
Current period recoveries | 0 | 0 | |||
Total net (charge-offs) recoveries | 0 | 0 | |||
2018 | |||||
Total | 49,664 | 49,664 | 35,181 | ||
Current period gross charge-offs | 0 | 0 | |||
Current period recoveries | 0 | 0 | |||
Total net (charge-offs) recoveries | 0 | 0 | |||
Prior | |||||
Total | 145,520 | 145,520 | 127,657 | ||
Current period gross charge-offs | 0 | 0 | |||
Current period recoveries | 0 | 1,373 | |||
Total net (charge-offs) recoveries | 0 | 1,373 | |||
Revolving Loans Amortized Cost Basis | |||||
Total | 29,352 | 29,352 | 46,636 | ||
Current period gross charge-offs | 0 | 0 | |||
Current period recoveries | 0 | 0 | |||
Total net (charge-offs) recoveries | 0 | 0 | |||
Total | |||||
Total | 926,629 | 926,629 | 949,248 | ||
Current period gross charge-offs | 0 | (39) | |||
Current period recoveries | 44 | 1,412 | |||
Total net (charge-offs) recoveries | (44) | (1,373) | |||
Portfolio Segment and Loan Class [Member] | Real estate - construction(1) | Pass | |||||
2022 | |||||
Total | 42,940 | 42,940 | 190,030 | ||
2021 | |||||
Total | 292,317 | 292,317 | 315,811 | ||
2020 | |||||
Total | 287,166 | 287,166 | 113,245 | ||
2019 | |||||
Total | 66,620 | 66,620 | 83,886 | ||
2018 | |||||
Total | 49,664 | 49,664 | 17,545 | ||
Prior | |||||
Total | 120,391 | 120,391 | 117,157 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 29,138 | 29,138 | 46,409 | ||
Total | |||||
Total | 889,290 | 889,290 | 884,083 | ||
Portfolio Segment and Loan Class [Member] | Real estate - construction(1) | Special Mention | |||||
2022 | |||||
Total | 0 | 0 | 5,843 | ||
2021 | |||||
Total | 0 | 0 | 775 | ||
2020 | |||||
Total | 2,012 | 2,012 | 9,984 | ||
2019 | |||||
Total | 9,984 | 9,984 | 20,200 | ||
2018 | |||||
Total | 0 | 0 | 15,724 | ||
Prior | |||||
Total | 20,678 | 20,678 | 6,315 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 0 | 0 | ||
Total | |||||
Total | 32,674 | 32,674 | 58,841 | ||
Portfolio Segment and Loan Class [Member] | Real estate - construction(1) | Substandard or Lower | |||||
2022 | |||||
Total | 0 | 0 | 0 | ||
2021 | |||||
Total | 0 | 0 | 0 | ||
2020 | |||||
Total | 0 | 0 | 0 | ||
2019 | |||||
Total | 0 | 0 | 0 | ||
2018 | |||||
Total | 0 | 0 | 1,912 | ||
Prior | |||||
Total | 4,451 | 4,451 | 4,185 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 214 | 214 | 227 | ||
Total | |||||
Total | 4,665 | 4,665 | 6,324 | ||
Portfolio Segment and Loan Class [Member] | Commercial and Industrial | |||||
2022 | |||||
Total | 469,547 | 469,547 | 862,535 | ||
Current period gross charge-offs | 0 | (2,977) | |||
Current period recoveries | 0 | 6 | |||
Total net (charge-offs) recoveries | 0 | (2,971) | |||
2021 | |||||
Total | 552,596 | 552,596 | 539,115 | ||
Current period gross charge-offs | 0 | (406) | |||
Current period recoveries | 0 | 39 | |||
Total net (charge-offs) recoveries | 0 | (367) | |||
2020 | |||||
Total | 455,980 | 455,980 | 449,905 | ||
Current period gross charge-offs | (36) | (4,966) | |||
Current period recoveries | 30 | 4,691 | |||
Total net (charge-offs) recoveries | (6) | (275) | |||
2019 | |||||
Total | 384,576 | 384,576 | 265,433 | ||
Current period gross charge-offs | 0 | (208) | |||
Current period recoveries | 95 | 841 | |||
Total net (charge-offs) recoveries | 95 | 633 | |||
2018 | |||||
Total | 224,332 | 224,332 | 169,933 | ||
Current period gross charge-offs | (21) | (286) | |||
Current period recoveries | 379 | 457 | |||
Total net (charge-offs) recoveries | 358 | 171 | |||
Prior | |||||
Total | 720,117 | 720,117 | 639,967 | ||
Current period gross charge-offs | 0 | (800) | |||
Current period recoveries | 569 | 2,342 | |||
Total net (charge-offs) recoveries | 569 | 1,542 | |||
Revolving Loans Amortized Cost Basis | |||||
Total | 1,365,169 | 1,365,169 | 1,279,805 | ||
Current period gross charge-offs | (174) | (5,694) | |||
Current period recoveries | 545 | 1,211 | |||
Total net (charge-offs) recoveries | 371 | (4,483) | |||
Total | |||||
Total | 4,173,114 | 4,173,114 | 4,208,327 | ||
Current period gross charge-offs | (428) | (15,337) | |||
Current period recoveries | 2,719 | 9,587 | |||
Total net (charge-offs) recoveries | (2,291) | 5,750 | |||
Portfolio Segment and Loan Class [Member] | Commercial and Industrial | Pass | |||||
2022 | |||||
Total | 462,732 | 462,732 | 855,924 | ||
2021 | |||||
Total | 533,826 | 533,826 | 520,802 | ||
2020 | |||||
Total | 436,620 | 436,620 | 396,575 | ||
2019 | |||||
Total | 346,343 | 346,343 | 232,805 | ||
2018 | |||||
Total | 203,490 | 203,490 | 147,675 | ||
Prior | |||||
Total | 665,347 | 665,347 | 581,762 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 1,232,430 | 1,232,430 | 1,177,857 | ||
Total | |||||
Total | 3,881,512 | 3,881,512 | 3,913,739 | ||
Portfolio Segment and Loan Class [Member] | Commercial and Industrial | Special Mention | |||||
2022 | |||||
Total | 6,815 | 6,815 | 5,386 | ||
2021 | |||||
Total | 13,149 | 13,149 | 8,538 | ||
2020 | |||||
Total | 10,076 | 10,076 | 33,937 | ||
2019 | |||||
Total | 9,843 | 9,843 | 8,301 | ||
2018 | |||||
Total | 5,927 | 5,927 | 10,346 | ||
Prior | |||||
Total | 21,322 | 21,322 | 23,380 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 65,728 | 65,728 | 52,386 | ||
Total | |||||
Total | 132,860 | 132,860 | 142,369 | ||
Portfolio Segment and Loan Class [Member] | Commercial and Industrial | Substandard or Lower | |||||
2022 | |||||
Total | 0 | 0 | 1,225 | ||
2021 | |||||
Total | 5,621 | 5,621 | 9,775 | ||
2020 | |||||
Total | 9,284 | 9,284 | 19,393 | ||
2019 | |||||
Total | 28,390 | 28,390 | 24,327 | ||
2018 | |||||
Total | 14,915 | 14,915 | 11,912 | ||
Prior | |||||
Total | 33,448 | 33,448 | 34,825 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 67,011 | 67,011 | 49,562 | ||
Total | |||||
Total | 158,742 | 158,742 | 152,219 | ||
Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | |||||
2022 | |||||
Total | 478,087 | 478,087 | 1,088,967 | ||
Current period gross charge-offs | 0 | 0 | |||
Current period recoveries | 0 | 0 | |||
Total net (charge-offs) recoveries | 0 | 0 | |||
2021 | |||||
Total | 1,049,150 | 1,049,150 | 968,420 | ||
Current period gross charge-offs | 0 | 0 | |||
Current period recoveries | 0 | 0 | |||
Total net (charge-offs) recoveries | 0 | 0 | |||
2020 | |||||
Total | 1,030,875 | 1,030,875 | 952,184 | ||
Current period gross charge-offs | 0 | (14) | |||
Current period recoveries | 0 | 0 | |||
Total net (charge-offs) recoveries | 0 | (14) | |||
2019 | |||||
Total | 933,995 | 933,995 | 718,751 | ||
Current period gross charge-offs | 0 | (25) | |||
Current period recoveries | 0 | 0 | |||
Total net (charge-offs) recoveries | 0 | (25) | |||
2018 | |||||
Total | 722,444 | 722,444 | 815,611 | ||
Current period gross charge-offs | 0 | (6,972) | |||
Current period recoveries | 0 | 983 | |||
Total net (charge-offs) recoveries | 0 | (5,989) | |||
Prior | |||||
Total | 3,134,726 | 3,134,726 | 2,677,490 | ||
Current period gross charge-offs | 0 | (1,517) | |||
Current period recoveries | 4 | 1,491 | |||
Total net (charge-offs) recoveries | 4 | (26) | |||
Revolving Loans Amortized Cost Basis | |||||
Total | 67,759 | 67,759 | 56,169 | ||
Current period gross charge-offs | 0 | (198) | |||
Current period recoveries | 0 | 0 | |||
Total net (charge-offs) recoveries | 0 | (198) | |||
Total | |||||
Total | 7,417,036 | 7,417,036 | 7,279,080 | ||
Current period gross charge-offs | (152) | (8,726) | |||
Current period recoveries | 3,648 | 2,474 | |||
Total net (charge-offs) recoveries | (3,496) | 6,252 | |||
Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | Pass | |||||
2022 | |||||
Total | 477,751 | 477,751 | 1,086,113 | ||
2021 | |||||
Total | 1,014,857 | 1,014,857 | 899,172 | ||
2020 | |||||
Total | 978,961 | 978,961 | 826,866 | ||
2019 | |||||
Total | 799,726 | 799,726 | 624,653 | ||
2018 | |||||
Total | 601,768 | 601,768 | 712,223 | ||
Prior | |||||
Total | 2,775,873 | 2,775,873 | 2,356,308 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 65,309 | 65,309 | 55,370 | ||
Total | |||||
Total | 6,714,245 | 6,714,245 | 6,560,705 | ||
Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | Special Mention | |||||
2022 | |||||
Total | 336 | 336 | 1,317 | ||
2021 | |||||
Total | 32,783 | 32,783 | 60,732 | ||
2020 | |||||
Total | 43,579 | 43,579 | 96,508 | ||
2019 | |||||
Total | 97,163 | 97,163 | 25,280 | ||
2018 | |||||
Total | 45,601 | 45,601 | 33,595 | ||
Prior | |||||
Total | 153,027 | 153,027 | 169,732 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 1,994 | 1,994 | 115 | ||
Total | |||||
Total | 374,483 | 374,483 | 387,279 | ||
Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | Substandard or Lower | |||||
2022 | |||||
Total | 0 | 0 | 1,537 | ||
2021 | |||||
Total | 1,510 | 1,510 | 8,516 | ||
2020 | |||||
Total | 8,335 | 8,335 | 28,810 | ||
2019 | |||||
Total | 37,106 | 37,106 | 68,818 | ||
2018 | |||||
Total | 75,075 | 75,075 | 69,793 | ||
Prior | |||||
Total | 205,826 | 205,826 | 151,450 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 456 | 456 | 684 | ||
Total | |||||
Total | 328,308 | 328,308 | 331,096 | ||
Payment Activity, Aging Status [Member] | |||||
2022 | |||||
Total | 923,509 | 923,509 | 1,952,466 | ||
2021 | |||||
Total | 1,930,899 | 1,930,899 | 1,348,730 | ||
2020 | |||||
Total | 1,239,293 | 1,239,293 | 470,872 | ||
2019 | |||||
Total | 401,816 | 401,816 | 224,975 | ||
2018 | |||||
Total | 180,064 | 180,064 | 272,696 | ||
Prior | |||||
Total | 746,106 | 746,106 | 632,441 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 854,330 | 854,330 | 999,354 | ||
Total | |||||
Total | 6,426,400 | 6,426,400 | 5,905,731 | ||
Payment Activity, Aging Status [Member] | Performing | |||||
2022 | |||||
Total | 923,487 | 923,487 | 1,952,344 | ||
2021 | |||||
Total | 1,929,629 | 1,929,629 | 1,341,876 | ||
2020 | |||||
Total | 1,232,863 | 1,232,863 | 468,623 | ||
2019 | |||||
Total | 396,741 | 396,741 | 221,500 | ||
2018 | |||||
Total | 176,144 | 176,144 | 253,862 | ||
Prior | |||||
Total | 702,875 | 702,875 | 605,623 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 852,242 | 852,242 | 990,842 | ||
Total | |||||
Total | 6,358,652 | 6,358,652 | 5,838,669 | ||
Payment Activity, Aging Status [Member] | Nonperforming Financial Instruments [Member] | |||||
2022 | |||||
Total | 22 | 22 | 122 | ||
2021 | |||||
Total | 1,270 | 1,270 | 6,854 | ||
2020 | |||||
Total | 6,430 | 6,430 | 2,249 | ||
2019 | |||||
Total | 5,075 | 5,075 | 3,475 | ||
2018 | |||||
Total | 3,920 | 3,920 | 18,834 | ||
Prior | |||||
Total | 43,231 | 43,231 | 26,818 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 2,088 | 2,088 | 8,512 | ||
Total | |||||
Total | 67,748 | 67,748 | 67,062 | ||
Payment Activity, Aging Status [Member] | Consumer and Real Estate Home Equity | |||||
2022 | |||||
Total | 199,028 | 199,028 | 162,563 | ||
Current period gross charge-offs | 0 | (175) | |||
Current period recoveries | 0 | 0 | |||
Total net (charge-offs) recoveries | 0 | (175) | |||
2021 | |||||
Total | 126,813 | 126,813 | 103,019 | ||
Current period gross charge-offs | (587) | (491) | |||
Current period recoveries | 44 | 223 | |||
Total net (charge-offs) recoveries | (543) | (268) | |||
2020 | |||||
Total | 92,348 | 92,348 | 73,829 | ||
Current period gross charge-offs | (70) | (496) | |||
Current period recoveries | 88 | 131 | |||
Total net (charge-offs) recoveries | 18 | (365) | |||
2019 | |||||
Total | 62,902 | 62,902 | 68,615 | ||
Current period gross charge-offs | (108) | (238) | |||
Current period recoveries | 29 | 131 | |||
Total net (charge-offs) recoveries | (79) | (107) | |||
2018 | |||||
Total | 56,854 | 56,854 | 33,568 | ||
Current period gross charge-offs | (16) | (224) | |||
Current period recoveries | 16 | 167 | |||
Total net (charge-offs) recoveries | 0 | (57) | |||
Prior | |||||
Total | 105,345 | 105,345 | 137,760 | ||
Current period gross charge-offs | (355) | (411) | |||
Current period recoveries | 351 | 1,048 | |||
Total net (charge-offs) recoveries | (4) | 637 | |||
Revolving Loans Amortized Cost Basis | |||||
Total | 854,330 | 854,330 | 999,354 | ||
Current period gross charge-offs | (77) | (1,274) | |||
Current period recoveries | 144 | 645 | |||
Total net (charge-offs) recoveries | 67 | (629) | |||
Total | |||||
Total | 1,647,555 | 1,647,555 | 1,582,905 | ||
Current period gross charge-offs | (1,929) | (3,309) | |||
Current period recoveries | 1,216 | 2,345 | |||
Total net (charge-offs) recoveries | 713 | 964 | |||
Payment Activity, Aging Status [Member] | Consumer and Real Estate Home Equity | Performing | |||||
2022 | |||||
Total | 199,006 | 199,006 | 162,441 | ||
2021 | |||||
Total | 126,665 | 126,665 | 102,918 | ||
2020 | |||||
Total | 92,240 | 92,240 | 73,769 | ||
2019 | |||||
Total | 62,883 | 62,883 | 68,564 | ||
2018 | |||||
Total | 56,742 | 56,742 | 33,254 | ||
Prior | |||||
Total | 103,004 | 103,004 | 135,412 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 852,242 | 852,242 | 990,842 | ||
Total | |||||
Total | 1,637,005 | 1,637,005 | 1,571,199 | ||
Payment Activity, Aging Status [Member] | Consumer and Real Estate Home Equity | Nonperforming Financial Instruments [Member] | |||||
2022 | |||||
Total | 22 | 22 | 122 | ||
2021 | |||||
Total | 148 | 148 | 101 | ||
2020 | |||||
Total | 108 | 108 | 60 | ||
2019 | |||||
Total | 19 | 19 | 51 | ||
2018 | |||||
Total | 112 | 112 | 314 | ||
Prior | |||||
Total | 2,341 | 2,341 | 2,348 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 2,088 | 2,088 | 8,512 | ||
Total | |||||
Total | 10,550 | 10,550 | 11,706 | ||
Payment Activity, Aging Status [Member] | Real estate - residential mortgage | |||||
2022 | |||||
Total | 537,306 | 537,306 | 1,548,174 | ||
Current period gross charge-offs | 0 | 0 | |||
Current period recoveries | 0 | 0 | |||
Total net (charge-offs) recoveries | 0 | 0 | |||
2021 | |||||
Total | 1,592,242 | 1,592,242 | 1,140,355 | ||
Current period gross charge-offs | 0 | (626) | |||
Current period recoveries | 0 | 0 | |||
Total net (charge-offs) recoveries | 0 | (626) | |||
2020 | |||||
Total | 1,073,809 | 1,073,809 | 346,814 | ||
Current period gross charge-offs | 0 | (148) | |||
Current period recoveries | 4 | 1 | |||
Total net (charge-offs) recoveries | 4 | (147) | |||
2019 | |||||
Total | 301,295 | 301,295 | 117,225 | ||
Current period gross charge-offs | 0 | (125) | |||
Current period recoveries | 0 | 18 | |||
Total net (charge-offs) recoveries | 0 | (107) | |||
2018 | |||||
Total | 93,694 | 93,694 | 201,008 | ||
Current period gross charge-offs | 0 | (4) | |||
Current period recoveries | 27 | 0 | |||
Total net (charge-offs) recoveries | 27 | (4) | |||
Prior | |||||
Total | 605,481 | 605,481 | 493,174 | ||
Current period gross charge-offs | 0 | (387) | |||
Current period recoveries | 261 | 264 | |||
Total net (charge-offs) recoveries | 261 | (123) | |||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 0 | 0 | ||
Current period gross charge-offs | 0 | 0 | |||
Current period recoveries | 0 | 92 | |||
Total net (charge-offs) recoveries | 0 | 92 | |||
Total | |||||
Total | 4,203,827 | 4,203,827 | 3,846,750 | ||
Current period gross charge-offs | (66) | (1,290) | |||
Current period recoveries | 314 | 375 | |||
Total net (charge-offs) recoveries | (248) | 915 | |||
Payment Activity, Aging Status [Member] | Real estate - residential mortgage | Performing | |||||
2022 | |||||
Total | 537,306 | 537,306 | 1,548,174 | ||
2021 | |||||
Total | 1,591,120 | 1,591,120 | 1,133,602 | ||
2020 | |||||
Total | 1,067,487 | 1,067,487 | 344,625 | ||
2019 | |||||
Total | 296,239 | 296,239 | 113,801 | ||
2018 | |||||
Total | 89,886 | 89,886 | 198,164 | ||
Prior | |||||
Total | 578,653 | 578,653 | 468,842 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 0 | 0 | ||
Total | |||||
Total | 4,160,691 | 4,160,691 | 3,807,208 | ||
Payment Activity, Aging Status [Member] | Real estate - residential mortgage | Nonperforming Financial Instruments [Member] | |||||
2022 | |||||
Total | 0 | 0 | 0 | ||
2021 | |||||
Total | 1,122 | 1,122 | 6,753 | ||
2020 | |||||
Total | 6,322 | 6,322 | 2,189 | ||
2019 | |||||
Total | 5,056 | 5,056 | 3,424 | ||
2018 | |||||
Total | 3,808 | 3,808 | 2,844 | ||
Prior | |||||
Total | 26,828 | 26,828 | 24,332 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 0 | 0 | ||
Total | |||||
Total | 43,136 | 43,136 | 39,542 | ||
Payment Activity, Aging Status [Member] | Equipment lease financing, other and overdrafts | |||||
2022 | |||||
Total | 126,093 | 126,093 | 97,077 | ||
Current period gross charge-offs | 0 | (975) | |||
Current period recoveries | 0 | 255 | |||
Total net (charge-offs) recoveries | 0 | (720) | |||
2021 | |||||
Total | 49,563 | 49,563 | 65,316 | ||
Current period gross charge-offs | 0 | (1,276) | |||
Current period recoveries | 1 | 539 | |||
Total net (charge-offs) recoveries | 1 | (737) | |||
2020 | |||||
Total | 50,710 | 50,710 | 49,591 | ||
Current period gross charge-offs | 0 | 0 | |||
Current period recoveries | 68 | 88 | |||
Total net (charge-offs) recoveries | 68 | 88 | |||
2019 | |||||
Total | 37,619 | 37,619 | 34,107 | ||
Current period gross charge-offs | 0 | 0 | |||
Current period recoveries | 13 | 10 | |||
Total net (charge-offs) recoveries | 13 | 10 | |||
2018 | |||||
Total | 24,936 | 24,936 | 37,947 | ||
Current period gross charge-offs | 0 | 0 | |||
Current period recoveries | 3 | 18 | |||
Total net (charge-offs) recoveries | 3 | 18 | |||
Prior | |||||
Total | 35,280 | 35,280 | 1,507 | ||
Current period gross charge-offs | (943) | 0 | |||
Current period recoveries | 227 | 43 | |||
Total net (charge-offs) recoveries | (716) | 43 | |||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 0 | 0 | ||
Current period gross charge-offs | 0 | 0 | |||
Current period recoveries | 0 | 0 | |||
Total net (charge-offs) recoveries | 0 | 0 | |||
Total | |||||
Total | 324,201 | 324,201 | 285,545 | ||
Current period gross charge-offs | (943) | (2,251) | |||
Current period recoveries | 380 | 953 | |||
Total net (charge-offs) recoveries | 563 | 1,298 | |||
Payment Activity, Aging Status [Member] | Equipment lease financing, other and overdrafts | Performing | |||||
2022 | |||||
Total | 126,093 | 126,093 | 97,077 | ||
2021 | |||||
Total | 49,563 | 49,563 | 65,316 | ||
2020 | |||||
Total | 50,710 | 50,710 | 49,591 | ||
2019 | |||||
Total | 37,619 | 37,619 | 34,107 | ||
2018 | |||||
Total | 24,936 | 24,936 | 22,444 | ||
Prior | |||||
Total | 21,218 | 21,218 | 1,369 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 0 | 0 | ||
Total | |||||
Total | 310,139 | 310,139 | 269,904 | ||
Payment Activity, Aging Status [Member] | Equipment lease financing, other and overdrafts | Nonperforming Financial Instruments [Member] | |||||
2022 | |||||
Total | 0 | 0 | 0 | ||
2021 | |||||
Total | 0 | 0 | 0 | ||
2020 | |||||
Total | 0 | 0 | 0 | ||
2019 | |||||
Total | 0 | 0 | 0 | ||
2018 | |||||
Total | 0 | 0 | 15,503 | ||
Prior | |||||
Total | 14,062 | 14,062 | 138 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 0 | 0 | ||
Total | |||||
Total | 14,062 | 14,062 | 15,641 | ||
Payment Activity, Aging Status [Member] | Construction - other | |||||
2022 | |||||
Total | 61,082 | 61,082 | 144,652 | ||
Current period gross charge-offs | 0 | 0 | |||
Current period recoveries | 0 | 0 | |||
Total net (charge-offs) recoveries | 0 | 0 | |||
2021 | |||||
Total | 162,281 | 162,281 | 40,040 | ||
Current period gross charge-offs | 0 | 0 | |||
Current period recoveries | 0 | 0 | |||
Total net (charge-offs) recoveries | 0 | 0 | |||
2020 | |||||
Total | 22,426 | 22,426 | 638 | ||
Current period gross charge-offs | 0 | 0 | |||
Current period recoveries | 0 | 0 | |||
Total net (charge-offs) recoveries | 0 | 0 | |||
2019 | |||||
Total | 0 | 0 | 5,028 | ||
Current period gross charge-offs | 0 | 0 | |||
Current period recoveries | 0 | 0 | |||
Total net (charge-offs) recoveries | 0 | 0 | |||
2018 | |||||
Total | 4,580 | 4,580 | 173 | ||
Current period gross charge-offs | 0 | 0 | |||
Current period recoveries | 0 | 0 | |||
Total net (charge-offs) recoveries | 0 | 0 | |||
Prior | |||||
Total | 0 | 0 | 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 | 0 | ||
Current period gross charge-offs | 0 | 0 | |||
Current period recoveries | 0 | 0 | |||
Total net (charge-offs) recoveries | 0 | 0 | |||
Total | |||||
Total | 250,817 | 250,817 | 190,531 | ||
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 | |||||
2022 | |||||
Total | 61,082 | 61,082 | 144,652 | ||
2021 | |||||
Total | 162,281 | 162,281 | 40,040 | ||
2020 | |||||
Total | 22,426 | 22,426 | 638 | ||
2019 | |||||
Total | 0 | 0 | 5,028 | ||
2018 | |||||
Total | 4,580 | 4,580 | 0 | ||
Prior | |||||
Total | 0 | 0 | 0 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 0 | 0 | ||
Total | |||||
Total | 250,817 | 250,817 | 190,358 | ||
Payment Activity, Aging Status [Member] | Construction - other | Nonperforming Financial Instruments [Member] | |||||
2022 | |||||
Total | 0 | 0 | 0 | ||
2021 | |||||
Total | 0 | 0 | 0 | ||
2020 | |||||
Total | 0 | 0 | 0 | ||
2019 | |||||
Total | 0 | 0 | 0 | ||
2018 | |||||
Total | 0 | 0 | 173 | ||
Prior | |||||
Total | 0 | 0 | 0 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 0 | 0 | ||
Total | |||||
Total | 0 | 0 | 173 | ||
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 1,851 | 1,851 | 3,122 | ||
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Pass | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 1,778 | 1,778 | 339 | ||
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Special Mention | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 0 | 95 | ||
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Substandard or Lower | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 73 | 73 | 2,688 | ||
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Real estate - construction(1) | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 1,054 | 1,054 | 0 | ||
Current period gross charge-offs | 0 | 0 | |||
Current period recoveries | 44 | 0 | |||
Total net (charge-offs) recoveries | 44 | 0 | |||
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Real estate - construction(1) | Pass | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 1,054 | 1,054 | 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 | 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 | 0 | ||
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Commercial and Industrial | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 797 | 797 | 1,634 | ||
Current period gross charge-offs | (197) | 0 | |||
Current period recoveries | 1,101 | 0 | |||
Total net (charge-offs) recoveries | 904 | 0 | |||
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Commercial and Industrial | Pass | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 724 | 724 | 339 | ||
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Commercial and Industrial | Special Mention | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 0 | 95 | ||
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Commercial and Industrial | Substandard or Lower | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 73 | 73 | 1,200 | ||
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 0 | 1,488 | ||
Current period gross charge-offs | (152) | 0 | |||
Current period recoveries | 3,644 | 0 | |||
Total net (charge-offs) recoveries | 3,492 | 0 | |||
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | Pass | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 0 | 0 | ||
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 | 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 | 0 | 1,488 | ||
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 150,383 | 150,383 | 4,197 | ||
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Performing | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 144,671 | 144,671 | 3,999 | ||
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Nonperforming Financial Instruments [Member] | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 5,712 | 5,712 | 198 | ||
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Consumer and Real Estate Home Equity | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 149,935 | 149,935 | 4,197 | ||
Current period gross charge-offs | (716) | 0 | |||
Current period recoveries | 544 | 0 | |||
Total net (charge-offs) recoveries | (172) | 0 | |||
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Consumer and Real Estate Home Equity | Performing | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 144,223 | 144,223 | 3,999 | ||
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Consumer and Real Estate Home Equity | Nonperforming Financial Instruments [Member] | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 5,712 | 5,712 | 198 | ||
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Real estate - residential mortgage | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 0 | 0 | ||
Current period gross charge-offs | (66) | 0 | |||
Current period recoveries | 22 | 0 | |||
Total net (charge-offs) recoveries | (44) | 0 | |||
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Real estate - residential mortgage | Performing | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 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 | 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 | 0 | ||
Current period gross charge-offs | 0 | 0 | |||
Current period recoveries | 68 | 0 | |||
Total net (charge-offs) recoveries | 68 | 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 | 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 | 0 | ||
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Construction - other | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 448 | 448 | 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 | 448 | 448 | 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 | $ 0 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses Non-Performing Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans and leases | $ 162,530 | $ 143,666 |
Loans and leases 90 days or more past due and still accruing | 11,016 | 8,453 |
Total non-performing loans and leases | 173,546 | 152,119 |
Other real estate owned (OREO) | 4,786 | 1,817 |
Total non-performing assets | 178,332 | 153,936 |
Mortgage Loans in Process of Foreclosure, Amount | 3,800 | 6,400 |
Total | 18,920,950 | 18,325,350 |
Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 11,016 | $ 8,453 |
US Government Insured Loan Program | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 700 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses Past Due Loan Status and Non-Accrual Loans by Portfolio Segment (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Non- accrual | $ 162,530 | $ 143,666 |
Total | 18,920,950 | 18,325,350 |
Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 65,621 | 38,977 |
Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 13,437 | 8,659 |
Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 11,016 | 8,453 |
Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 18,668,346 | 18,125,595 |
Real estate - commercial mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Non- accrual | 59,565 | 52,815 |
Total | 7,417,036 | 7,279,080 |
Real estate - commercial mortgage | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 5,486 | 1,089 |
Real estate - commercial mortgage | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 3,219 | 1,750 |
Real estate - commercial mortgage | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 375 | 1,229 |
Real estate - commercial mortgage | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 7,348,391 | 7,222,197 |
Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Non- accrual | 43,691 | 30,141 |
Total | 4,173,114 | 4,208,327 |
Commercial and Industrial | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 11,197 | 5,457 |
Commercial and Industrial | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,417 | 1,932 |
Commercial and Industrial | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,022 | 488 |
Commercial and Industrial | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,115,787 | 4,170,309 |
Real estate - residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Non- accrual | 35,585 | 35,269 |
Total | 4,203,827 | 3,846,750 |
Real estate - residential mortgage | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 31,221 | 22,957 |
Real estate - residential mortgage | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 5,796 | 2,920 |
Real estate - residential mortgage | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 7,337 | 4,130 |
Real estate - residential mortgage | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,123,888 | 3,781,474 |
Real-estate - home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Non- accrual | 8,110 | 8,671 |
Total | 1,108,808 | 1,118,248 |
Real-estate - home equity | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,554 | 4,369 |
Real-estate - home equity | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,341 | 1,154 |
Real-estate - home equity | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,942 | 2,253 |
Real-estate - home equity | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,092,861 | 1,101,801 |
Real-estate - construction | ||
Financing Receivable, Past Due [Line Items] | ||
Non- accrual | 1,357 | 901 |
Total | 1,177,446 | 1,139,779 |
Real-estate - construction | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 3,728 | 1,318 |
Real-estate - construction | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 550 | 0 |
Real-estate - construction | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Real-estate - construction | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,171,811 | 1,137,560 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Non- accrual | 160 | 229 |
Total | 538,747 | 464,657 |
Consumer | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,963 | 3,561 |
Consumer | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,081 | 876 |
Consumer | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 340 | 353 |
Consumer | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 532,203 | 459,638 |
Equipment lease financing, other and overdrafts | ||
Financing Receivable, Past Due [Line Items] | ||
Non- accrual | 14,062 | 15,640 |
Total | 301,972 | 268,509 |
Equipment lease financing, other and overdrafts | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,472 | 226 |
Equipment lease financing, other and overdrafts | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 33 | 27 |
Equipment lease financing, other and overdrafts | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Equipment lease financing, other and overdrafts | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 283,405 | $ 252,616 |
US Government Insured Loan Program | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 7,900 | |
US Government Insured Loan Program | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,300 | |
US Government Insured Loan Program | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | $ 700 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses Loans Modified Under Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Accruing Troubled Debt Restructurings | $ 27,405 | $ 29,492 |
Non-accrual TDRs (1) | 45,439 | 55,945 |
Total TDRs | 72,844 | 85,437 |
Real estate - commercial mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Accruing Troubled Debt Restructurings | 3,489 | 3,464 |
Commercial Real Estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Accruing Troubled Debt Restructurings | 1,871 | 1,857 |
Residential Mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Accruing Troubled Debt Restructurings | 10,279 | 11,948 |
Real-estate - home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Accruing Troubled Debt Restructurings | 11,764 | 12,218 |
Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Accruing Troubled Debt Restructurings | $ 2 | $ 5 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses Troubled Debt Restructuring Modification (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) loan | Jun. 30, 2021 USD ($) loan | Jun. 30, 2022 USD ($) loan | Jun. 30, 2021 USD ($) loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 2 | 28 | 14 | 63 |
Post-Modification Recorded Investment | $ | $ 199 | $ 6,428 | $ 1,053 | $ 20,413 |
Commercial and Industrial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 0 | 1 | 4 |
Post-Modification Recorded Investment | $ | $ 0 | $ 0 | $ 82 | $ 1,894 |
Real estate - commercial mortgage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 3 | 1 | 5 |
Post-Modification Recorded Investment | $ | $ 0 | $ 2,729 | $ 150 | $ 6,891 |
Real estate - residential mortgage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 14 | 5 | 37 |
Post-Modification Recorded Investment | $ | $ 0 | $ 3,101 | $ 293 | $ 10,728 |
Real-estate - home equity | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 11 | 5 | 16 |
Post-Modification Recorded Investment | $ | $ 0 | $ 598 | $ 329 | $ 746 |
Real-estate - construction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 0 | 0 | 1 |
Post-Modification Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 154 |
Consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 2 | 0 | 2 | 0 |
Post-Modification Recorded Investment | $ | $ 199 | $ 0 | $ 199 | $ 0 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired loans with principal balances approximately in percentage | 68% | 98% |
Unpaid principal balance, with no related allowance | $ 83,571 | $ 59,942 |
COVID-19 Deferral Program | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Excluded from TDRs | 5,800 | |
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 | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Servicing Asset [Abstract] | |||||
Fair value of MSRs | $ 49,800 | $ 49,800 | $ 35,400 | ||
Residential Mortgage | |||||
Amortized Cost: | |||||
Balance at beginning of period | 35,624 | $ 37,803 | 35,993 | $ 38,745 | |
Originations of MSRs | 1,053 | 1,457 | 2,407 | 4,268 | |
Amortization | (1,428) | (3,198) | (3,151) | (6,951) | |
Balance at end of period | 35,249 | 36,062 | 35,249 | 36,062 | |
Servicing Asset [Abstract] | |||||
Balance at beginning of period | 0 | (4,400) | (600) | (10,500) | |
Reduction (addition) to valuation allowance | 0 | (2,200) | 600 | 3,900 | |
Balance at end of period | 0 | (6,600) | 0 | (6,600) | |
Net MSRs at end of period | 35,249 | 29,462 | 35,249 | 29,462 | |
Fair value of MSRs | $ 49,804 | $ 29,462 | $ 49,804 | $ 29,462 |
Mortgage Servicing Rights - Nar
Mortgage Servicing Rights - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Servicing Asset at Amortized Cost [Line Items] | ||||||
Mortgage Loans Serviced By For Third Parties | $ 4,300,000 | $ 4,300,000 | ||||
Fair value of MSRs | 49,800 | 35,400 | ||||
Residential Mortgage | ||||||
Servicing Asset at Amortized Cost [Line Items] | ||||||
Fair value of MSRs | 49,804 | $ 29,462 | ||||
Valuation Allowance for Impairment of Recognized Servicing Assets, Balance | $ 0 | $ 0 | $ 600 | $ 6,600 | $ 4,400 | $ 10,500 |
Derivative Financial Instrume_3
Derivative Financial Instruments Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative [Line Items] | ||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 21,400,000 | $ 21,400,000 | ||
Foreign currency open position | 500,000 | 500,000 | ||
Mortgage Loans Held For Sale [Member] | ||||
Derivative [Line Items] | ||||
Gain (loss) in fair values of mortgage loans held for sale | $ 500,000 | $ 700,000 | $ (600,000) | $ (2,200,000) |
Derivative Financial Instrume_4
Derivative Financial Instruments Notional Amounts and Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Derivative asset, fair value | $ 91,871 | $ 158,647 |
Derivative liability, gross liability | (168,352) | (86,327) |
Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 128,465 | 261,428 |
Derivative liability, notional amount | 19,948 | 2,549 |
Derivative asset, fair value | 811 | 2,326 |
Derivative liability, gross liability | (616) | (23) |
Forward Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 35,000 | 51,000 |
Derivative liability, notional amount | 0 | 0 |
Derivative asset, fair value | 439 | 41 |
Derivative liability, gross liability | 0 | 0 |
Interest Rate Swap with Customer [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 790,286 | 3,213,924 |
Derivative liability, notional amount | 3,134,128 | 752,462 |
Derivative asset, fair value | 7,598 | 153,752 |
Derivative liability, gross liability | (152,409) | (4,766) |
Interest Rate Swap With Counterparty [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 3,134,128 | 752,462 |
Derivative liability, notional amount | 790,286 | 3,213,924 |
Derivative asset, fair value | 84,197 | 4,766 |
Derivative liability, gross liability | (7,891) | (79,889) |
Balance Sheet Hedging Instruments | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 900,000 | 500,000 |
Derivative liability, notional amount | 100,000 | 500,000 |
Derivative asset, fair value | 0 | 60 |
Derivative liability, gross liability | (7,356) | (1,432) |
Foreign Exchange Contracts With Customer [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 13,995 | 7,629 |
Derivative liability, notional amount | 1,550 | 3,388 |
Derivative asset, fair value | 737 | 229 |
Derivative liability, gross liability | (69) | (51) |
Foreign Exchange Contracts With Correspondent Banks [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 2,074 | 3,656 |
Derivative liability, notional amount | 13,781 | 9,364 |
Derivative asset, fair value | 76 | 69 |
Derivative liability, gross liability | $ (696) | $ (240) |
Derivative Financial Instrume_5
Derivative Financial Instruments Summary of Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivative | $ (8,586) | $ 2,752 | $ (39,962) | $ 1,158 |
Amount of Gain Reclassified from AOCI into Income | 335 | 678 | 1,842 | 791 |
Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivative | (11,100) | 3,560 | (51,663) | 1,495 |
Amount of Gain (Loss) Recognized in OCI Included Component | (11,100) | 3,560 | (51,663) | 1,495 |
Amount of Gain or (Loss) Recognized in OCI Excluded Component | 0 | 0 | 0 | 0 |
Interest Rate Swap [Member] | Interest Income | ||||
Derivative [Line Items] | ||||
Amount of Gain Reclassified from AOCI into Income | 434 | 877 | 2,382 | 1,021 |
Amount of Gain Reclassified from AOCI into Income Included Component | 434 | 877 | 2,382 | 1,021 |
Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Financial Instrume_6
Derivative Financial Instruments Fair Value Gains and Losses on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative [Line Items] | ||||
Net fair value gains/(losses) on derivative financial instruments | $ (2,101) | $ (3,274) | $ (1,669) | $ (2,574) |
Mortgage Banking Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains/(losses) on derivative financial instruments | (2,095) | (3,158) | (1,710) | (2,362) |
Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains/(losses) on derivative financial instruments | 0 | (104) | 0 | (208) |
Foreign Exchange Contract [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains/(losses) on derivative financial instruments | $ (6) | $ (12) | $ 41 | $ (4) |
Derivative Financial Instrume_7
Derivative Financial Instruments Summary of Mortgage Loans Held For Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Loans held for sale | $ 17,528 | $ 17,528 | $ 35,768 | ||
Mortgage Loans Held For Sale [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 500 | $ 700 | (600) | $ (2,200) | |
Cost [Member] | Mortgage Loans Held For Sale [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Loans held for sale | 17,440 | 17,440 | 35,050 | ||
Fair value [Member] | Mortgage Loans Held For Sale [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Loans held for sale | $ 17,528 | $ 17,528 | $ 35,768 |
Derivative Financial Instrume_8
Derivative Financial Instruments Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | $ 91,871 | $ 158,647 |
Derivative, Collateral, Obligation to Return Securities | (17,571) | (8,097) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Net Amount | 74,300 | 150,550 |
Derivative liability, gross liability | 168,352 | 86,327 |
Derivative liability, Collateral, Right to Reclaim Securities | (10,215) | (6,725) |
Derivative liability, Collateral, Right to Reclaim Cash | (67,888) | (74,359) |
Derivative liability, Net Amount | 90,249 | 5,243 |
Interest Rate Swap [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | 91,795 | 158,578 |
Derivative, Collateral, Obligation to Return Securities | (17,495) | (8,028) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Net Amount | 74,300 | 150,550 |
Derivative liability, gross liability | 167,656 | 86,087 |
Derivative liability, Collateral, Right to Reclaim Securities | (10,139) | (6,656) |
Derivative liability, Collateral, Right to Reclaim Cash | (67,888) | (74,359) |
Derivative liability, Net Amount | 89,629 | 5,072 |
Foreign Exchange Contract [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | 76 | 69 |
Derivative, Collateral, Obligation to Return Securities | (76) | (69) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Net Amount | 0 | 0 |
Derivative liability, gross liability | 696 | 240 |
Derivative liability, Collateral, Right to Reclaim Securities | (76) | (69) |
Derivative liability, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative liability, Net Amount | $ 620 | $ 171 |
Tax Credit Investments (Details
Tax Credit Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||||
Affordable housing tax credit investments | $ 168,500 | $ 168,500 | $ 161,052 | ||
Other tax credit investments | 62,043 | 62,043 | 42,987 | ||
Total TCIs | 230,543 | 230,543 | 204,039 | ||
Unfunded affordable housing tax credit commitments | 56,630 | 56,630 | 49,364 | ||
Other tax credit liabilities | 48,113 | 48,113 | 33,941 | ||
Total unfunded tax credit commitments and liabilities | 104,743 | 104,743 | $ 83,305 | ||
Affordable housing tax credits and other tax benefits | (6,209) | $ (6,543) | (12,417) | $ (13,031) | |
Other tax credit investment credits and tax benefits | (845) | (722) | (1,690) | (1,445) | |
Amortization of affordable housing investments, net of tax benefit | 4,824 | 4,323 | 9,649 | 8,689 | |
Deferred tax expense | 192 | 160 | 383 | 320 | |
Total net reduction in income tax expense | (2,038) | (2,782) | (4,075) | (5,467) | |
Total amortization of TCIs | $ 695 | $ 1,563 | $ 1,391 | $ 3,094 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income - Changes in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Equity [Abstract] | ||||
Unrealized loss on securities, before tax amount | $ (114,312) | $ 24,968 | $ (313,379) | $ (26,783) |
Unrealized loss on securities, tax effect | 25,960 | (5,670) | 71,168 | 6,082 |
Unrealized loss on securities, net of tax amount | (88,352) | 19,298 | (242,211) | (20,701) |
Reclassification adjustment for securities gain included in net income, before tax amount | 8 | (36) | 27 | 451 |
Reclassification adjustment for securities gain included in net income, tax effect | (2) | 8 | (6) | (102) |
Reclassification adjustment for securities gain included in net income, net of tax amount | 6 | (28) | 21 | 349 |
Amortization of net unrealized losses on AFS securities transferred to HTM. before-tax amount | (62,250) | (349) | (61,686) | 1,963 |
Amortization of net unrealized losses on AFS securities transferred to HTM, tax | 14,137 | 79 | 14,009 | (446) |
Amortization of net unrealized losses on AFS securities transferred to HTM, net of tax amount | (48,113) | (270) | (47,677) | 1,517 |
Net unrealized loss on interest rate swaps used in cash flow hedges, before-tax amount | (11,100) | 3,560 | (51,663) | 1,495 |
Net unrealized loss on interest rate swaps used in cash flow hedges, before-tax amount | 2,514 | (808) | 11,701 | (337) |
Amount of Gain (Loss) Recognized in OCI on Derivative | (8,586) | 2,752 | (39,962) | 1,158 |
Net unrealized losses on interest rate swaps used in cash flow hedges, before-tax amount | (434) | (877) | (2,382) | (1,021) |
Net unrealized losses on interest rate swaps used in cash flow hedges, tax | 99 | 199 | 540 | 230 |
Net unrealized losses on interest rate swaps used in cash flow hedges, net of tax amount | (335) | (678) | (1,842) | (791) |
Amortization of net unrecognized pension and postretirement items, before tax amount | 33 | 370 | 65 | 740 |
Amortization of net unrecognized pension and postretirement items, tax effect | (8) | (81) | (15) | (162) |
Amortization of net unrecognized pension and postretirement items, net of tax amount | 25 | 289 | 50 | 578 |
Total Other Comprehensive Income, Before Tax Amount | (188,055) | 27,636 | (429,018) | (23,155) |
Total Other Comprehensive Income, Tax Effect | 42,700 | (6,273) | 97,397 | 5,265 |
Other Comprehensive (Loss)/Income | $ (145,355) | $ 21,363 | $ (331,621) | $ (17,890) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive (Loss) Income - Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | $ 2,569,535 | $ 2,629,655 | $ 2,712,680 | $ 2,616,828 |
OCI before reclassifications | (88,352) | 19,298 | (242,211) | (20,701) |
Amounts reclassified from AOCI | (8,890) | 2,335 | (41,733) | 1,294 |
Ending Balance | 2,471,093 | 2,692,958 | 2,471,093 | 2,692,958 |
Unrealized Gains (Losses) on Investment Securities | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (112,968) | 43,769 | 40,440 | 81,604 |
OCI before reclassifications | (88,352) | 19,298 | (242,211) | (20,701) |
Amounts reclassified from AOCI | 6 | (28) | 21 | 349 |
Ending Balance | (249,427) | 62,769 | (249,427) | 62,769 |
Net Unrealized (Loss) Gain on Interest Rate Swaps used in Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (37,699) | (1,707) | (4,816) | 0 |
OCI before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI | (8,921) | 2,074 | (41,804) | 367 |
Ending Balance | (46,620) | 367 | (46,620) | 367 |
Unrecognized Pension and Postretirement Plan Income (Costs) | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (8,188) | (16,224) | (8,213) | (16,513) |
OCI before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI | 25 | 289 | 50 | 578 |
Ending Balance | (8,163) | (15,935) | (8,163) | (15,935) |
Total | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (158,855) | 25,838 | 27,411 | 65,091 |
Ending Balance | (304,210) | 47,201 | (304,210) | 47,201 |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Amounts reclassified from AOCI | (48,113) | (270) | (47,677) | 1,517 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Investment Securities | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Amounts reclassified from AOCI | (48,113) | (270) | (47,677) | 1,517 |
Reclassification out of Accumulated Other Comprehensive Income | Net Unrealized (Loss) Gain on Interest Rate Swaps used in Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Amounts reclassified from AOCI | 0 | 0 | 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 | $ 0 | $ 0 |
Fair Value Measurements Assets
Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | $ 2,778,838 | $ 3,187,390 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 17,528 | 35,768 |
Estimated Fair Value | 2,778,838 | 3,187,390 |
Investments held in Rabbi Trust | 23,669 | 28,619 |
Derivative assets | 93,858 | 161,243 |
Assets, Fair Value Disclosure | 2,913,893 | 3,413,020 |
Liabilities Held-In-Trust, Fair Value Disclosure | 23,669 | 28,619 |
Derivative Liability | 169,037 | 86,401 |
Total liabilities | 192,706 | 115,020 |
Equity Securities | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
US Government Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 371,266 | 127,618 |
US Government Debt Securities | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 371,266 | 127,618 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 1,083,477 | 1,188,670 |
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 | 1,083,477 | 1,188,670 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 393,561 | 386,133 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 393,561 | 386,133 |
Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 148,103 | 209,359 |
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 148,103 | 209,359 |
Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 195,359 | 229,795 |
Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 195,359 | 229,795 |
Commercial Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 587,072 | 971,148 |
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 | 587,072 | 971,148 |
Auction Rate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 74,667 | |
Auction Rate Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 74,667 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 |
Estimated Fair Value | 371,266 | 127,618 |
Investments held in Rabbi Trust | 23,669 | 28,619 |
Derivative assets | 813 | 298 |
Assets, Fair Value Disclosure | 395,748 | 156,535 |
Liabilities Held-In-Trust, Fair Value Disclosure | 23,669 | 28,619 |
Derivative Liability | 765 | 291 |
Total liabilities | 24,434 | 28,910 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Fair Value, Inputs, Level 1 [Member] | US Government Debt Securities | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 371,266 | 127,618 |
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 | 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 | 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 | 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 | 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 | 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 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 17,528 | 35,768 |
Estimated Fair Value | 2,407,572 | 2,985,105 |
Investments held in Rabbi Trust | 0 | 0 |
Derivative assets | 93,045 | 160,945 |
Assets, Fair Value Disclosure | 2,518,145 | 3,181,818 |
Liabilities Held-In-Trust, Fair Value Disclosure | 0 | 0 |
Derivative Liability | 168,272 | 86,110 |
Total liabilities | 168,272 | 86,110 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Fair Value, Inputs, Level 2 [Member] | US Government Debt Securities | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
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 | 1,083,477 | 1,188,670 |
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 | 393,561 | 386,133 |
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 | 148,103 | 209,359 |
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 | 195,359 | 229,795 |
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 | 587,072 | 971,148 |
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 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 |
Estimated Fair Value | 0 | 74,667 |
Investments held in Rabbi Trust | 0 | 0 |
Derivative assets | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 74,667 |
Liabilities Held-In-Trust, Fair Value Disclosure | 0 | 0 |
Derivative Liability | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Equity Securities | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Fair Value, Inputs, Level 3 [Member] | US Government Debt Securities | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 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 | 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 | 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 | 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 | 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 | 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 | $ 74,667 |
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] - Auction Rate Securities [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | $ 0 | $ 76,204 | $ 74,667 | $ 98,206 |
Sales | 0 | (74,823) | (24,619) | |
Unrealized adjustment to fair value | 0 | (1,370) | 156 | 1,247 |
Balance, end of period | $ 0 | $ 74,834 | $ 0 | $ 74,834 |
Fair Value Measurements Asset_2
Fair Value Measurements Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
OREO | $ 4,786 | $ 1,817 |
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 | 137,267 | 118,458 |
OREO | 4,786 | 1,817 |
MSRs (1) | 49,804 | 35,393 |
Assets, Fair Value Disclosure | $ 191,857 | $ 155,668 |
Fair Value Measurements Details
Fair Value Measurements Details of Book Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
AFS, at estimated fair value | $ 2,778,838 | $ 3,187,390 |
HTM securities | 1,215,325 | 965,867 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 449,674 | 1,638,614 |
FRB and FHLB stock | 62,146 | 57,635 |
Federal funds sold | 30,500 | |
Loans held for sale | 17,528 | 35,768 |
AFS, at estimated fair value | 2,778,838 | 3,187,390 |
HTM securities | 1,338,963 | 980,384 |
Net Loans | 18,672,386 | 18,076,349 |
Accrued interest receivable | 64,457 | 57,451 |
Other financial assets | 505,136 | 565,491 |
Demand and savings deposits | 19,340,633 | 19,594,497 |
Brokered deposits | 243,172 | 251,526 |
Time deposits | 1,560,061 | 1,727,476 |
Accrued interest payable | 6,010 | 7,000 |
Short-term borrowings | 456,185 | 416,764 |
FHLB advances and long-term debt | 557,130 | 621,345 |
Other financial liabilities | 343,794 | 288,862 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 449,674 | 1,638,614 |
FRB and FHLB stock | 62,146 | 57,635 |
Federal funds sold | 30,500 | |
Loans held for sale | 17,528 | 35,768 |
AFS, at estimated fair value | 2,778,838 | 3,187,390 |
HTM securities | 1,215,325 | 965,867 |
Net Loans | 17,993,585 | 17,519,497 |
Accrued interest receivable | 64,457 | 57,451 |
Other financial assets | 505,136 | 565,491 |
Demand and savings deposits | 19,340,633 | 19,594,497 |
Brokered deposits | 243,339 | 252,129 |
Time deposits | 1,552,555 | 1,730,673 |
Accrued interest payable | 6,010 | 7,000 |
Short-term borrowings | 456,185 | 416,764 |
FHLB advances and long-term debt | 490,331 | 605,719 |
Other financial liabilities | 343,794 | 288,862 |
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 | 449,674 | 1,638,614 |
FRB and FHLB stock | 0 | 0 |
Federal funds sold | 30,500 | |
Loans held for sale | 0 | 0 |
AFS, at estimated fair value | 371,266 | 127,618 |
HTM securities | 0 | 0 |
Net Loans | 0 | 0 |
Accrued interest receivable | 64,457 | 57,451 |
Other financial assets | 357,501 | 367,336 |
Demand and savings deposits | 19,340,633 | 19,594,497 |
Brokered deposits | 223,172 | 231,526 |
Time deposits | 0 | 0 |
Accrued interest payable | 6,010 | 7,000 |
Short-term borrowings | 456,185 | 416,764 |
FHLB advances and long-term debt | 0 | 0 |
Other financial liabilities | 161,198 | 188,219 |
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 | 62,146 | 57,635 |
Federal funds sold | 0 | |
Loans held for sale | 17,528 | 35,768 |
AFS, at estimated fair value | 2,407,572 | 2,985,105 |
HTM securities | 1,215,325 | 965,867 |
Net Loans | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Other financial assets | 93,045 | 160,945 |
Demand and savings deposits | 0 | 0 |
Brokered deposits | 20,167 | 20,603 |
Time deposits | 1,552,555 | 1,730,673 |
Accrued interest payable | 0 | 0 |
Short-term borrowings | 0 | 0 |
FHLB advances and long-term debt | 490,331 | 605,719 |
Other financial liabilities | 168,272 | 86,110 |
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 |
Federal funds sold | 0 | |
Loans held for sale | 0 | 0 |
AFS, at estimated fair value | 0 | 74,667 |
HTM securities | 0 | 0 |
Net Loans | 17,993,585 | 17,519,497 |
Accrued interest receivable | 0 | 0 |
Other financial assets | 54,590 | 37,210 |
Demand and savings deposits | 0 | 0 |
Brokered deposits | 0 | 0 |
Time deposits | 0 | 0 |
Accrued interest payable | 0 | 0 |
Short-term borrowings | 0 | 0 |
FHLB advances and long-term debt | 0 | 0 |
Other financial liabilities | $ 14,324 | $ 14,533 |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
AFS, at estimated fair value | $ 2,778,838 | $ 3,187,390 |
Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted average annual constant prepayment rate | 7.90% | |
Weighted average discount rate | 7.20% | |
Fair Value, Recurring [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
AFS, at estimated fair value | $ 2,778,838 | 3,187,390 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
AFS, at estimated fair value | 371,266 | 127,618 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
AFS, at estimated fair value | 2,407,572 | 2,985,105 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
AFS, at estimated fair value | 0 | 74,667 |
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 | 390,800 | 383,400 |
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 | 2,800 | 2,800 |
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 | 800 | 300 |
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 | 800 | 300 |
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 | 1,300 | 2,400 |
Other financial liabilities | 600 | 0 |
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 | 91,800 | 158,600 |
Other financial liabilities | $ 167,700 | $ 86,100 |
Net Income Per Share Reconcilia
Net Income Per Share Reconciliation of Weighted Average Common Shares Outstanding (Details) - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Weighted average shares outstanding (basic) (in shares) | 160,920 | 162,785 | 160,755 | 162,614 |
Impact of common stock equivalents (in shares) | 1,155 | 1,073 | 1,260 | 1,124 |
Weighted average shares outstanding (diluted) (in shares) | 162,075 | 163,858 | 162,015 | 163,738 |
Basic (in dollars per share) | $ 0.42 | $ 0.38 | $ 0.80 | $ 0.81 |
Diluted (in dollars per share) | $ 0.42 | $ 0.38 | $ 0.80 | $ 0.81 |
Stock-Based Compensation Narrat
Stock-Based Compensation Narrative (Details) | 6 Months Ended |
Jun. 30, 2022 shares | |
Employee Equity Plan [Member] | |
Statement [Line Items] | |
Awards vesting period (in years) | 3 years |
Number of equity awards that may be awarded (in shares) | 5,806,000 |
Shares reserved for future grants under the stock option and compensation plan | 5,100,000 |
Directors' Plan [Member] | |
Statement [Line Items] | |
Awards vesting period (in years) | 1 year |
Shares reserved for future grants under the stock option and compensation plan | 51,000 |
Stock-Based Compensation Compen
Stock-Based Compensation Compensation Expense and Related Tax Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||||
Compensation expense | $ 3,846 | $ 2,098 | $ 6,586 | $ 4,000 |
Tax benefit | (758) | (457) | (1,361) | (870) |
Total stock-based compensation, net of tax | $ 3,088 | $ 1,641 | $ 5,225 | $ 3,130 |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 598 | $ 561 | $ 1,196 | $ 1,122 |
Expected return on plan assets | (1,099) | (1,011) | (2,197) | (2,022) |
Net amortization and deferral | 164 | 504 | 327 | 1,008 |
Net periodic benefit | (337) | 54 | (674) | 108 |
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 9 | 8 | 17 | 16 |
Net accretion and deferral | (131) | (134) | (262) | (268) |
Net periodic benefit | $ (122) | $ (126) | $ (245) | $ (252) |
Commitments and Contingencies O
Commitments and Contingencies Outstanding Commitments to Extend Credit and Letters of Credit (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | $ 4,200 | $ 3,800 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | 8,474,459 | 8,731,168 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | 282,227 | 298,275 |
Commercial Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | $ 50,802 | $ 54,196 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Loss Contingencies [Line Items] | ||
ACL - OBS credit exposure | $ 14,323 | $ 14,533 |
Valuation allowances and reserves, balance | 4,200 | 3,800 |
Residential Mortgage | ||
Loss Contingencies [Line Items] | ||
ACL - OBS credit exposure | 8,800 | 9,100 |
Valuation allowances and reserves, balance | $ 1,200 | $ 1,100 |
Long-Term Borrowings (Details)
Long-Term Borrowings (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 16, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | Mar. 30, 2022 | |
Debt Instrument [Line Items] | ||||
Debt extinguishment costs | $ 800,000 | |||
Payments of FHLBank Borrowings, Financing Activities | $ 536,000,000 | |||
Prepayment Fees on Advances, Net | $ 20,900,000 | |||
Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, repurchase amount | $ 60,000,000 | |||
Senior Notes | 3.60% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Repayments of senior debt | $ 65,000,000 | |||
Debt instrument, interest rate (as a percent) | 3.60% | |||
Subordinated Debt | November 2024 Subordinated Debt | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, repurchase amount | $ 75,000,000 | |||
Debt extinguishment costs | $ 11,300,000 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | 1 Months Ended |
Jul. 31, 2022 USD ($) | |
Subsequent Event | Merger Agreement | |
Subsequent Event [Line Items] | |
Payment for contribution | $ 2 |