Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | May 03, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 | 181,760,745 | |
Entity Central Index Key | 0000700564 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Stock, par value $2.50 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $2.50 | |
Trading Symbol | FULT | |
Security Exchange Name | NASDAQ | |
Depositary Shares, Each Representing 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, Each Representing 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A | |
Trading Symbol | FULTP | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 247,581 | $ 300,343 |
Interest-bearing deposits with other banks | 109,752 | 249,367 |
Cash and cash equivalents | 357,333 | 549,710 |
FRB and FHLB stock | 121,637 | 124,405 |
Loans held for sale | 10,624 | 15,158 |
AFS, at estimated fair value | 2,526,969 | 2,398,352 |
HTM, at amortized cost | 1,256,423 | 1,267,922 |
Net loans | 21,444,483 | 21,351,094 |
Less: ACL - loans | (297,888) | (293,404) |
Loans, net | 21,146,595 | 21,057,690 |
Net premises and equipment | 213,541 | 222,881 |
Accrued interest receivable | 107,089 | 107,972 |
Goodwill and net intangible assets | 560,114 | 560,687 |
Other assets | 1,342,632 | 1,267,138 |
Total Assets | 27,642,957 | 27,571,915 |
LIABILITIES | ||
Noninterest-bearing | 5,086,514 | 5,314,094 |
Interest-bearing | 16,655,436 | 16,223,529 |
Total Deposits | 21,741,950 | 21,537,623 |
Federal funds purchased | 0 | 240,000 |
Federal Home Loan Bank advances | 900,000 | 1,100,000 |
Senior debt and subordinated debt | 535,566 | 535,384 |
Other borrowings | 860,474 | 612,142 |
Total Borrowings | 2,296,040 | 2,487,526 |
Accrued interest payable | 26,362 | 35,083 |
Other liabilities | 820,926 | 751,544 |
Total Liabilities | 24,885,278 | 24,811,776 |
SHAREHOLDERS' EQUITY | ||
Preferred stock, no par value, 10,000,000 shares authorized; Series A, 200,000 shares authorized and issued as of March 31, 2024 and December 31, 2023, liquidation preference of $1,000 per share | 192,878 | 192,878 |
Common stock, $2.50 par value, 600,000,000 shares authorized, 225,900,447 shares issued as of March 31, 2024 and 225,760,963 shares issued as of December 31, 2023 | 564,751 | 564,402 |
Additional paid-in capital | 1,554,624 | 1,552,860 |
Retained earnings | 1,651,133 | 1,619,300 |
Accumulated other comprehensive loss | (319,468) | (312,280) |
Treasury stock, at cost, 63,813,228 shares as of March 31, 2024 and 61,959,552 shares as of December 31, 2023 | (886,239) | (857,021) |
Total Shareholders' Equity | 2,757,679 | 2,760,139 |
Total Liabilities and Shareholders' Equity | $ 27,642,957 | $ 27,571,915 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
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) | 225,900,447 | 225,760,963 |
Treasury stock, shares (in shares) | 63,813,228 | 61,959,552 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest Income | ||
Loans, including fees | $ 311,216 | $ 260,651 |
Investment securities | 25,122 | 25,521 |
Other interest income | 3,328 | 3,648 |
Total Interest Income | 339,666 | 289,820 |
Interest Expense | ||
Deposits | 103,574 | 41,620 |
Federal funds purchased | 2,388 | 6,035 |
Federal Home Loan Bank advances | 10,949 | 15,473 |
Senior debt and subordinated debt | 5,305 | 5,344 |
Other borrowings and interest-bearing liabilities | 10,513 | 5,761 |
Total Interest Expense | 132,729 | 74,233 |
Net Interest Income | 206,937 | 215,587 |
Provision for credit losses | 10,925 | 24,544 |
Interest Income (Expense), after Provision for Loan Loss, Total | 196,012 | 191,043 |
Non-Interest Income | ||
Non-interest income before investment securities gains | 57,140 | 51,730 |
Net Securities Gain Loss | 0 | 23 |
Total Non-Interest Income | 57,140 | 51,753 |
Non-Interest Expense | ||
Salaries and employee benefits | 95,481 | 89,283 |
Data processing and software | 17,661 | 15,796 |
Net occupancy | 16,149 | 14,438 |
Other outside services | 13,283 | 10,126 |
Equipment | 4,040 | 3,389 |
FDIC insurance | 6,104 | 4,795 |
Professional fees | 2,088 | 2,392 |
Marketing | 1,912 | 1,886 |
Intangible amortization | 573 | 674 |
Other | 20,309 | 16,837 |
Total Non-Interest Expense | 177,600 | 159,616 |
Income Before Income Taxes | 75,552 | 83,180 |
Income taxes | 13,611 | 14,866 |
Net Income | 61,941 | 68,314 |
Preferred stock dividends | (2,562) | (2,562) |
Net Income Available to Common Shareholders | $ 59,379 | $ 65,752 |
PER SHARE: | ||
Net Income (Basic) (in dollars per share) | $ 0.36 | $ 0.39 |
Net Income (Diluted) (in dollars per share) | 0.36 | 0.39 |
Cash Dividends (in dollars per share) | $ 0.17 | $ 0.15 |
Commercial banking | ||
Non-Interest Income | ||
Non-interest income before investment securities gains | $ 18,829 | $ 17,513 |
Consumer banking | ||
Non-Interest Income | ||
Non-interest income before investment securities gains | 11,668 | 11,217 |
Wealth management | ||
Non-Interest Income | ||
Non-interest income before investment securities gains | 20,155 | 18,062 |
Mortgage banking | ||
Non-Interest Income | ||
Non-interest income before investment securities gains | 3,090 | 1,970 |
Other | ||
Non-Interest Income | ||
Non-interest income before investment securities gains | $ 3,398 | $ 2,968 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 61,941 | $ 68,314 |
Other Comprehensive Income/(Loss), net of tax: | ||
Net unrealized holding (losses) gains | (16,665) | 32,641 |
Reclassification adjustment for securities net change realized in net income | 0 | 18 |
Amortization of net unrealized gains on AFS securities transferred to HTM | 1,387 | 1,477 |
Net unrealized (losses) gains on AFS investment securities | (15,278) | 34,136 |
Net unrealized holding gains (losses) | 4,297 | (5,213) |
Reclassification adjustment for net change realized in net income | 3,899 | 5,536 |
Net unrealized gains on interest rate derivatives used in cash flow hedges | 8,196 | 323 |
Amortization of net unrecognized pension and postretirement items | (106) | 25 |
Other Comprehensive (Loss) Income | (7,188) | 34,484 |
Total Comprehensive Income | $ 54,753 | $ 102,798 |
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, Common |
Beginning Balance at Dec. 31, 2022 | $ 2,579,757 | $ 192,878 | $ 561,511 | $ 1,541,840 | $ 1,450,758 | $ (385,476) | $ (781,754) |
Beginning Balance (in shares) at Dec. 31, 2022 | 200 | 167,599 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 68,314 | 68,314 | |||||
Other comprehensive income (loss) | 34,484 | 34,484 | |||||
Common stock issued (in shares) | 89 | ||||||
Common stock issued | 1,235 | $ 223 | 998 | 14 | |||
Dividend reinvestment activity (in shares) | 81 | ||||||
Dividend reinvestment activity | 1,369 | 240 | 1,129 | ||||
Stock-based compensation awards (repurchases) | (140) | ||||||
Stock-based compensation awards (repurchases) | $ 119 | ||||||
Stock-based compensation awards (in shares) | 39 | ||||||
Stock-based compensation awards (repurchases) | 1,659 | 1,680 | |||||
Acquisition of treasury stock (in shares) | (2,412) | ||||||
Acquisition of treasury stock | (40,449) | (40,449) | |||||
Preferred stock dividend | (2,562) | (2,562) | |||||
Common stock cash dividends | (24,809) | (24,809) | |||||
Ending Balance at Mar. 31, 2023 | 2,618,998 | $ 192,878 | $ 561,853 | 1,544,758 | 1,491,701 | (350,992) | (821,200) |
Ending Balance (in shares) at Mar. 31, 2023 | 200 | 165,396 | |||||
Beginning Balance at Dec. 31, 2023 | 2,760,139 | $ 192,878 | $ 564,402 | 1,552,860 | 1,619,300 | (312,280) | (857,021) |
Beginning Balance (in shares) at Dec. 31, 2023 | 200 | 163,801 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 61,941 | 61,941 | |||||
Other comprehensive income (loss) | (7,188) | (7,188) | |||||
Common stock issued (in shares) | 79 | ||||||
Common stock issued | 1,105 | $ 198 | 895 | 12 | |||
Dividend reinvestment activity (in shares) | 87 | ||||||
Dividend reinvestment activity | 1,405 | 184 | 1,221 | ||||
Stock-based compensation awards (repurchases) | (103) | ||||||
Stock-based compensation awards (repurchases) | $ 151 | ||||||
Stock-based compensation awards (in shares) | 54 | ||||||
Stock-based compensation awards (repurchases) | 733 | 685 | |||||
Acquisition of treasury stock (in shares) | (1,934) | ||||||
Acquisition of treasury stock | (30,348) | (30,348) | |||||
Preferred stock dividend | (2,562) | (2,562) | |||||
Common stock cash dividends | (27,546) | (27,546) | |||||
Ending Balance at Mar. 31, 2024 | $ 2,757,679 | $ 192,878 | $ 564,751 | $ 1,554,624 | $ 1,651,133 | $ (319,468) | $ (886,239) |
Ending Balance (in shares) at Mar. 31, 2024 | 200 | 162,087 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends per share (in dollars per share) | $ 0.17 | $ 0.15 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 61,941 | $ 68,314 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 10,925 | 24,544 |
Depreciation and amortization of premises and equipment | 7,796 | 7,319 |
Net amortization of investment securities premiums | 574 | 2,981 |
Investment securities gains, net | 0 | (23) |
Gain on sales of mortgage loans held for sale | (1,697) | (656) |
Proceeds from sales of mortgage loans held for sale | 95,388 | 41,928 |
Originations of mortgage loans held for sale | (89,157) | (40,515) |
Intangible amortization | 573 | 674 |
Amortization of issuance costs and discounts on long-term borrowings | 182 | 180 |
Loss on disposal of premises and equipment | 3,313 | 137 |
Stock-based compensation | 836 | 1,668 |
Net change in deferred federal income tax | (2,330) | 28,174 |
Net change in accrued salaries and benefits | (14,771) | (24,436) |
Net change in life insurance cash surrender value | (3,563) | (2,830) |
Other changes, net | 82,891 | (61,496) |
Total adjustments | 90,960 | (22,351) |
Net cash provided by operating activities | 152,901 | 45,963 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sales of AFS securities | 0 | 80,362 |
Proceeds from principal repayments and maturities of AFS securities | 14,216 | 28,627 |
Proceeds from principal repayments and maturities of HTM securities | 13,015 | 15,103 |
Purchase of AFS securities | (208,968) | (64,996) |
Net change in FRB and FHLB stock | 2,768 | 22,581 |
Net change in loans | (101,987) | (404,842) |
Net purchases of premises and equipment | (1,769) | (2,437) |
Settlement of bank-owned life insurance | 236 | 0 |
Net change in tax credit investments | (17,399) | (12,412) |
Net cash used in investing activities | (299,888) | (338,014) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net change in demand and savings deposits | (200,119) | (390,376) |
Net change in time deposits and brokered deposits | 404,446 | 1,057,432 |
Net change in other borrowings | (191,668) | (424,617) |
Net proceeds from issuance of common stock | 1,002 | 2,595 |
Dividends paid | (28,703) | (27,702) |
Acquisition of treasury stock | (30,348) | (40,449) |
Net cash provided by (used in) financing activities | (45,390) | 176,883 |
Net decrease in Cash and Cash Equivalents | (192,377) | (115,168) |
Cash and Cash Equivalents at Beginning of Period | 549,710 | 681,921 |
Cash and Cash Equivalents at End of Period | 357,333 | 566,753 |
Cash paid during the period for: | ||
Interest | 141,450 | 72,526 |
Income taxes | 6,764 | 7,308 |
Supplemental Schedule of Certain Noncash Activities: | ||
non-cash activities Unsettled maturities of AFS securities | $ 42,500 | $ 0 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The Corporation evaluates subsequent events through the date of filing of this Quarterly Report on Form 10-Q with the SEC for potential recognition or disclosure in the Consolidated Financial Statements. Significant Accounting Policies The significant accounting policies used in preparation of the Consolidated Financial Statements are disclosed in the Corporation's 2023 Annual Report on Form 10-K. Those significant accounting policies are unchanged at March 31, 2024. Recently Adopted Accounting Standards In June 2022, FASB issued ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03") . 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 adopted ASU 2022-03 on January 1, 2024, and it did not have a material impact on its consolidated financial statements. In March 2023, FASB issued ASU 2023-01 Leases (Topic 842): Common Control Arrangements ("ASU 2023-01") . This update clarifies guidance for leases between related parties under common control . The Corporation adopted ASU 2023-01 on January 1, 2024, and it did not have a material impact on its consolidated financial statements. Recently Issued Accounting Standards In November 2023, FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-04") . This update requires public entities with reportable segments to provide additional and more detailed disclosures. The Corporation will adopt ASU 2023-07 on December 15, 2024. The Corporation is not currently required to report segment information and, as such, does not expect the adoption of ASU 2023-07 to have an impact on its consolidated financial statements. In December 2023, FASB issued ASU 2023-08 Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets ("ASU 2023-08") . This update provides guidance for crypto assets to be carried at fair value and requires additional disclosures. The Corporation will adopt ASU 2023-08 on January 1, 2025. The Corporation does not expect the adoption of ASU 2023-08 to have an impact on its consolidated financial statements. The Corporation currently does not hold crypto assets. In December 2023, FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09") . This update requires companies to disclose specific categories in the income tax rate reconciliation and requires additional information for certain reconciling items. The Corporation will adopt ASU 2023-09 on January 1, 2025. The Corporation does not expect the adoption of ASU 2023-09 to have an impact on its consolidated financial statements. In March 2024, FASB issued ASU 2024-01 Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards ("ASU 2024-01") . This update provides guidance for profits interest and similar awards. The Corporation will adopt ASU 2024-01 on January 1, 2025. The Corporation does not expect the adoption of ASU 2024-01 to have a material impact on its consolidated financial statements. In March 2024, FASB issued ASU 2024-02 Codification Improvements - Amendments to Remove References to the Concepts Statements ("ASU 2024-02") . This update contains amendments that remove references to various Concepts Statements. The Corporation will adopt ASU 2024-02 on January 1, 2025. The Corporation does not expect the adoption of ASU 2024-02 to have an impact on its consolidated financial statements. Reclassifications Certain amounts in the 2023 consolidated financial statements and notes have been reclassified to conform to the 2024 presentation. |
Restrictions on Cash and Cash E
Restrictions on Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Restrictions on Cash and Cash Equivalents | Restrictions on Cash and Cash Equivalents Cash 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 March 31, 2024 and December 31, 2023 were $11.0 million and $17.4 million, respectively. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The following table presents the amortized cost and estimated fair values of investment securities: March 31, 2024 Amortized Gross Gross Estimated Available for Sale (dollars in thousands) U.S. Government-sponsored agency securities $ 1,035 $ — $ (37) $ 998 State and municipal securities 1,198,180 390 (146,311) 1,052,259 Corporate debt securities 480,803 1,060 (37,596) 444,267 Collateralized mortgage obligations 199,510 160 (12,242) 187,428 Residential mortgage-backed securities 347,116 342 (30,626) 316,832 Commercial mortgage-backed securities 621,778 — (96,593) 525,185 Total $ 2,848,422 $ 1,952 $ (323,405) $ 2,526,969 Held to Maturity Residential mortgage-backed securities $ 396,308 $ — $ (58,245) $ 338,063 Commercial mortgage-backed securities 860,115 — (151,246) 708,869 Total $ 1,256,423 $ — $ (209,491) $ 1,046,932 December 31, 2023 Amortized Gross Gross Estimated Available for Sale (dollars in thousands) U.S. Government securities $ 42,475 $ — $ (314) $ 42,161 U.S. Government-sponsored agency securities 1,038 — (28) 1,010 State and municipal securities 1,200,571 1,089 (129,647) 1,072,013 Corporate debt securities 480,714 473 (40,636) 440,551 Collateralized mortgage obligations 122,824 — (11,390) 111,434 Residential mortgage-backed securities 223,273 7 (26,485) 196,795 Commercial mortgage-backed securities 627,364 — (92,976) 534,388 Total $ 2,698,259 $ 1,569 $ (301,476) $ 2,398,352 Held to Maturity Residential mortgage-backed securities $ 407,075 $ — $ (51,805) $ 355,270 Commercial mortgage-backed securities 860,847 — (143,910) 716,937 Total $ 1,267,922 $ — $ (195,715) $ 1,072,207 Securities carried at $0.6 billion and $0.4 billion at March 31, 2024 and December 31, 2023, respectively, were pledged as collateral to secure public and trust deposits. The amortized cost and estimated fair values of debt securities as of March 31, 2024, 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. March 31, 2024 Available for Sale Held to Maturity Amortized Estimated Amortized Estimated (dollars in thousands) Due in one year or less $ 9,342 $ 9,403 $ — $ — Due from one year to five years 180,221 171,975 — — Due from five years to ten years 486,781 453,657 — — Due after ten years 1,003,674 862,489 — — 1,680,018 1,497,524 — — Residential mortgage-backed securities (1) 347,116 316,832 396,308 338,063 Commercial mortgage-backed securities (1) 621,778 525,185 860,115 708,869 Collateralized mortgage obligations (1) 199,510 187,428 — — Total $ 2,848,422 $ 2,526,969 $ 1,256,423 $ 1,046,932 (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: Gross Realized Gains Gross Realized Losses Net Gains (Losses) Three months ended (dollars in thousands) March 31, 2024 $ — $ — $ — March 31, 2023 283 (260) 23 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: March 31, 2024 Less than 12 months 12 months or longer Total Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized Available for Sale (dollars in thousands) U.S. Government-sponsored agency securities — $ — $ — 1 $ 998 $ (37) $ 998 $ (37) State and municipal securities 40 82,963 (1,072) 336 942,914 (145,239) 1,025,877 (146,311) Corporate debt securities 3 15,247 (753) 64 392,222 (36,843) 407,469 (37,596) Collateralized mortgage obligations 2 19,916 (56) 93 105,859 (12,186) 125,775 (12,242) Residential mortgage-backed securities 15 18,591 (29) 69 187,840 (30,597) 206,431 (30,626) Commercial mortgage-backed securities — — — 135 525,185 (96,593) 525,185 (96,593) Total available for sale 60 $ 136,717 $ (1,910) 698 $ 2,155,018 $ (321,495) $ 2,291,735 $ (323,405) Held to Maturity Residential mortgage-backed securities — $ — $ — 120 $ 338,063 $ (58,245) $ 338,063 $ (58,245) Commercial mortgage-backed securities — — — 60 708,869 (151,246) 708,869 (151,246) Total held to maturity — $ — $ — 180 $ 1,046,932 $ (209,491) $ 1,046,932 $ (209,491) December 31, 2023 Less than 12 months 12 months or longer Total Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized Available for Sale (dollars in thousands) U.S. Government Securities — $ — $ — 1 $ 42,161 $ (314) $ 42,161 $ (314) U.S. Government-sponsored agency securities — — — 1 1,010 (28) 1,010 (28) State and municipal securities 40 76,155 (858) 314 917,274 (128,789) 993,429 (129,647) Corporate debt securities 8 42,945 (1,326) 60 370,523 (39,310) 413,468 (40,636) Collateralized mortgage obligations — — — 93 111,434 (11,390) 111,434 (11,390) Residential mortgage-backed securities 6 409 (3) 69 195,453 (26,482) 195,862 (26,485) Commercial mortgage-backed securities 2 26,907 (1,053) 133 507,481 (91,923) 534,388 (92,976) Total available for sale 56 $ 146,416 $ (3,240) 671 $ 2,145,336 $ (298,236) $ 2,291,752 $ (301,476) Held to Maturity Residential mortgage-backed securities — $ — $ — 120 $ 355,270 $ (51,805) $ 355,270 $ (51,805) Commercial mortgage-backed securities — — — 60 716,937 (143,910) 716,937 (143,910) Total held to maturity — $ — $ — 180 $ 1,072,207 $ (195,715) $ 1,072,207 $ (195,715) The Corporation's collateralized mortgage obligations, residential mortgage-backed securities and commercial mortgage-backed securities have contractual terms that generally do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. The change in fair value of these securities is attributable to changes in interest rates and not credit quality. The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost. Therefore, the Corporation does not have an ACL for these investments as of March 31, 2024 and December 31, 2023. As of March 31, 2024 and December 31, 2023, no ACL was required for the Corporation's state and municipal securities. 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. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, December 31, 2023 (dollars in thousands) Real estate - commercial mortgage $ 8,252,117 $ 8,127,728 Commercial and industrial (1) 4,467,589 4,545,552 Real-estate - residential mortgage 5,395,720 5,325,923 Real-estate - home equity 1,040,335 1,047,184 Real-estate - construction 1,249,199 1,239,075 Consumer 698,421 729,318 Leases and other loans (2) 341,102 336,314 Net loans $ 21,444,483 $ 21,351,094 (1) Includes no unearned income for March 31, 2024 and $41.0 thousand at December 31, 2023. (2) Includes unearned income of $38.0 million at March 31, 2024 and December 31, 2023. Allowance for Credit Losses The ACL consists of reserves against loans that have been evaluated collectively and individually for expected credit losses. The ACL 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 is increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries. The reserve for OBS credit exposures includes estimated losses on unfunded loan commitments, letters of credit and other OBS credit exposures. The following table summarizes the ACL - loans balance and the reserve for OBS credit exposures balance: March 31, December 31, (dollars in thousands) ACL - loans $ 297,888 $ 293,404 Reserve for OBS credit exposures (1) $ 15,097 $ 17,254 (1) Included in other liabilities on the consolidated balance sheets. The following table presents the activity in the ACL - loans balances: Three months ended March 31 2024 2023 (dollars in thousands) Balance at beginning of period $ 293,404 $ 269,366 Loans charged off (10,952) (16,903) Recoveries of loans previously charged off 2,354 2,899 Net loans (charged off) recovered (8,598) (14,004) Provision for credit losses (1) 13,082 23,333 Balance at end of period 297,888 278,695 Provision for OBS credit exposures (2,157) 1,211 Reserve for OBS credit exposures $ 15,097 $ 17,539 (1) Provision only includes the portion related to net loans. The following table presents the activity in the ACL by portfolio segment: Real Estate Commercial and Real Estate Residential Consumer and Home Real Estate Leases and other loans Total (dollars in thousands) Three months ended March 31, 2024 Balance at December 31, 2023 $ 112,565 $ 74,266 $ 73,286 $ 17,604 $ 12,295 $ 3,388 $ 293,404 Loans charged off (26) (7,632) (251) (2,238) — (805) (10,952) Recoveries of loans previously charged off 152 1,248 116 676 — 162 2,354 Net loans (charged off) recovered 126 (6,384) (135) (1,562) — (643) (8,598) Provision for loan losses (1) 1,801 9,001 65 646 671 898 13,082 Balance at March 31, 2024 $ 114,492 $ 76,883 $ 73,216 $ 16,688 $ 12,966 $ 3,643 $ 297,888 Three months ended March 31, 2023 Balance at December 31, 2022 $ 69,456 $ 70,116 $ 83,250 $ 26,429 $ 10,743 $ 9,372 $ 269,366 Loans charged off (13,362) (612) — (2,206) — (723) (16,903) Recoveries of loans previously charged off 786 1,086 48 661 202 116 2,899 Net loans (charged off) recovered (12,576) 474 48 (1,545) 202 (607) (14,004) Provision for loan and lease losses (1) 9,376 6,536 2,911 2,419 701 1,390 23,333 Balance at March 31, 2023 $ 66,256 $ 77,126 $ 86,209 $ 27,303 $ 11,646 $ 10,155 $ 278,695 (1) Provision included in the table only includes the portion related to net loans. The ACL may include qualitative adjustments intended to capture the impact of uncertainties not reflected in the quantitative models. In determining qualitative adjustments, management considers changes in national, regional, and local economic and business conditions and their impact on the lending environment, including underwriting standards and other factors affecting credit losses over the remaining life of each loan. The increases in ACL - loans for the first quarter of 2024 were related to loan growth and risk migration. Collateral-Dependent Loans A loan or a lease 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 and leases 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 collateral-dependent loan or lease's carrying value to the collateral’s fair value less cost to sell. Substantially all of the collateral supporting collateral-dependent loans or leases consists of various types of real estate, including residential properties, commercial properties, such as retail centers, office buildings, and lodging, agricultural land, and vacant land. All loans individually evaluated for impairment are measured for losses on a quarterly basis. As of March 31, 2024 and December 31, 2023, 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 receivables or inventory, in the case of commercial and industrial loans. Commercial and industrial loans may also be secured by real estate. As of March 31, 2024 and December 31, 2023, approximately 84% and 78%, 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. Non-accrual Loans The following table presents total non-accrual loans, by class segment: March 31, 2024 December 31, 2023 With a Related Allowance Without a Related Allowance Total With a Related Allowance Without a Related Allowance Total (dollars in thousands) Real estate - commercial mortgage $ 31,912 $ 14,049 $ 45,961 $ 23,338 $ 21,467 $ 44,805 Commercial and industrial 17,774 25,961 43,735 12,410 27,542 39,952 Real estate - residential mortgage 21,217 2,028 23,245 18,806 2,018 20,824 Real estate - home equity 5,164 95 5,259 4,649 104 4,753 Real estate - construction 340 946 1,286 341 1,000 1,341 Consumer 51 — 51 52 — 52 Leases and other loans 432 9,659 10,091 9,255 638 9,893 $ 76,890 $ 52,738 $ 129,628 $ 68,851 $ 52,769 $ 121,620 As of March 31, 2024 and December 31, 2023, there were $52.7 million and $52.8 million, respectively, of non-accrual loans that did not have a specific valuation allowance within the ACL. 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, 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 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 a loan. The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the current period: March 31, 2024 (dollars in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans Amortized Amortized 2024 2023 2022 2021 2020 Prior Cost Basis Cost Basis Total Real estate - commercial mortgage Pass $ 144,685 $ 821,641 $ 986,101 $ 1,188,735 $ 980,105 $ 3,486,974 $ 54,703 $ — $ 7,662,944 Special Mention 226 1,793 44,169 141,371 10,370 138,537 3,485 897 340,848 Substandard or Lower 218 6,622 33,988 35,564 50,009 120,983 941 — 248,325 Total real estate - commercial mortgage 145,129 830,056 1,064,258 1,365,670 1,040,484 3,746,494 59,129 897 8,252,117 Real estate - commercial mortgage Current period gross charge-offs — — — — — — — (26) (26) Commercial and industrial Pass 127,723 557,669 578,694 317,053 328,636 813,618 1,363,249 15,558 4,102,200 Special Mention 3,598 7,317 4,914 11,961 4,288 29,121 60,971 — 122,170 Substandard or Lower 1,962 5,733 25,849 9,091 3,723 52,592 139,180 5,089 243,219 Total commercial and industrial 133,283 570,719 609,457 338,105 336,647 895,331 1,563,400 20,647 4,467,589 Commercial and industrial Current period gross charge-offs — — — — — — (3,997) (3,635) (7,632) Real estate - construction (1) Pass 29,344 402,019 283,072 207,525 2,334 41,288 14,146 — 979,728 Special Mention — — 13,023 9,250 — — — — 22,273 Substandard or Lower — — 605 — — 23,651 148 — 24,404 Total real estate - construction 29,344 402,019 296,700 216,775 2,334 64,939 14,294 — 1,026,405 Real estate - construction (1) Current period gross charge-offs — — — — — — — — — Total Pass $ 301,752 $ 1,781,329 $ 1,847,867 $ 1,713,313 $ 1,311,075 $ 4,341,880 $ 1,432,098 $ 15,558 $ 12,744,872 Special Mention 3,824 9,110 62,106 162,582 14,658 167,658 64,456 897 485,291 Substandard or Lower 2,180 12,355 60,442 44,655 53,732 197,226 140,269 5,089 515,948 Total $ 307,756 $ 1,802,794 $ 1,970,415 $ 1,920,550 $ 1,379,465 $ 4,706,764 $ 1,636,823 $ 21,544 $ 13,746,111 (1) Excludes real estate - construction - other. The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the prior period: December 31, 2023 (dollars in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans Amortized Amortized 2023 2022 2021 2020 2019 Prior Cost Basis Cost Basis Total Real estate - commercial mortgage Pass $ 783,673 $ 993,017 $ 1,203,852 $ 984,958 $ 721,857 $ 2,822,155 $ 59,253 $ 31,636 $ 7,600,401 Special Mention 2,767 43,904 105,185 7,862 35,289 105,786 1,760 — 302,553 Substandard or Lower 366 20,958 31,304 49,142 26,579 95,621 804 — 224,774 Total real estate - commercial mortgage 786,806 1,057,879 1,340,341 1,041,962 783,725 3,023,562 61,817 31,636 8,127,728 Real estate - commercial mortgage Current period gross charge-offs — — — — — (424) — (17,575) (17,999) Commercial and industrial Pass 626,386 590,132 330,576 341,218 272,126 598,838 1,443,203 10,736 4,213,215 Special Mention 7,936 9,548 16,499 3,577 6,817 18,487 72,775 198 135,837 Substandard or Lower 247 25,184 4,611 3,843 18,988 31,663 105,230 6,734 196,500 Total commercial and industrial 634,569 624,864 351,686 348,638 297,931 648,988 1,621,208 17,668 4,545,552 Commercial and industrial Current period gross charge-offs — (299) — — — (249) (682) (8,016) (9,246) Real estate - construction (1) Pass 322,922 258,080 261,583 37,426 9,510 34,097 13,677 — 937,295 Special Mention — 12,622 25,898 — — — — — 38,520 Substandard or Lower — 521 2,229 — 340 21,284 168 2,229 26,771 Total real estate - construction 322,922 271,223 289,710 37,426 9,850 55,381 13,845 2,229 1,002,586 Real estate - construction (1) Current period gross charge-offs — — — — — — — — — Total Pass $ 1,732,981 $ 1,841,229 $ 1,796,011 $ 1,363,602 $ 1,003,493 $ 3,455,090 $ 1,516,133 $ 42,372 $ 12,750,911 Special Mention 10,703 66,074 147,582 11,439 42,106 124,273 74,535 198 476,910 Substandard or Lower 613 46,663 38,144 52,985 45,907 148,568 106,202 8,963 448,045 Total $ 1,744,297 $ 1,953,966 $ 1,981,737 $ 1,428,026 $ 1,091,506 $ 3,727,931 $ 1,696,870 $ 51,533 $ 13,675,866 (1) Excludes real estate - construction - other. 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 other loans. 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: March 31, 2024 (dollars in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans Amortized Amortized 2024 2023 2022 2021 2020 Prior Cost Basis Cost Basis Total Real estate - residential mortgage Performing $ 67,011 $ 646,785 $ 1,155,113 $ 1,667,801 $ 969,671 $ 848,654 $ — $ — $ 5,355,035 Nonperforming — 377 2,178 3,967 4,456 29,707 — — 40,685 Total real estate - residential mortgage 67,011 647,162 1,157,291 1,671,768 974,127 878,361 — — 5,395,720 Real estate - residential mortgage Current period gross charge-offs — — — — — — — (251) (251) Consumer and real estate - home equity Performing 139,457 141,600 258,843 80,885 57,456 224,865 803,859 21,619 1,728,584 Nonperforming — 76 698 478 342 5,790 1,119 1,669 10,172 Total consumer and real estate - home equity 139,457 141,676 259,541 81,363 57,798 230,655 804,978 23,288 1,738,756 Consumer and real estate - home equity Current period gross charge-offs — — — — — (401) — (1,837) (2,238) Leases and other loans Performing 73,190 112,516 79,168 25,088 19,865 21,141 — — 330,968 Nonperforming — — 408 — 23 9,703 — — 10,134 Leases and other loans 73,190 112,516 79,576 25,088 19,888 30,844 — — 341,102 Leases and other loans Current period gross charge-offs (13) (259) (90) (62) (32) (173) — (176) (805) Construction - other Performing 10,366 142,825 60,623 7,118 — — — — 220,932 Nonperforming — — 1,862 — — — — — 1,862 Total construction - other 10,366 142,825 62,485 7,118 — — — — 222,794 Construction - other Current period gross charge-offs — — — — — — — — — Total Performing $ 290,024 $ 1,043,726 $ 1,553,747 $ 1,780,892 $ 1,046,992 $ 1,094,660 $ 803,859 $ 21,619 $ 7,635,519 Nonperforming — 453 5,146 4,445 4,821 45,200 1,119 1,669 62,853 Total $ 290,024 $ 1,044,179 $ 1,558,893 $ 1,785,337 $ 1,051,813 $ 1,139,860 $ 804,978 $ 23,288 $ 7,698,372 December 31, 2023 (dollars in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans Amortized Amortized 2023 2022 2021 2020 2019 Prior Cost Basis Cost Basis Total Real estate - residential mortgage Performing $ 623,247 $ 1,126,656 $ 1,682,759 $ 984,050 $ 260,049 $ 607,133 $ — $ — $ 5,283,894 Nonperforming — 1,720 4,888 4,701 6,233 24,487 — — 42,029 Total real estate - residential mortgage 623,247 1,128,376 1,687,647 988,751 266,282 631,620 — — 5,325,923 Real estate - residential mortgage Current period gross charge-offs — — — — — — — (62) (62) Consumer and Real estate - home equity Performing 272,571 276,373 85,985 62,426 37,667 204,913 805,645 20,044 1,765,624 Nonperforming 295 455 866 282 354 5,526 1,439 1,661 10,878 Total consumer and real estate - home equity 272,866 276,828 86,851 62,708 38,021 210,439 807,084 21,705 1,776,502 Consumer and Real estate - home equity Current period gross charge-offs (119) — — — — (525) (283) (6,587) (7,514) Leases and other loans Performing 166,490 83,641 27,755 22,304 16,246 9,867 — — 326,303 Nonperforming — 118 — — — 9,893 — — 10,011 Leases and other loans 166,490 83,759 27,755 22,304 16,246 19,760 — — 336,314 Leases and other loans Current period gross charge-offs (471) (521) (246) (128) (82) (656) (765) (1,511) (4,380) Construction - other Performing 127,382 93,319 13,698 555 — — — — 234,954 Nonperforming — 1,535 — — — — — — 1,535 Total construction - other 127,382 94,854 13,698 555 — — — — 236,489 Construction - other Current period gross charge-offs — — — — — — — — — Total Performing $ 1,189,690 $ 1,579,989 $ 1,810,197 $ 1,069,335 $ 313,962 $ 821,913 $ 805,645 $ 20,044 $ 7,610,775 Nonperforming 295 3,828 5,754 4,983 6,587 39,906 1,439 1,661 64,453 Total $ 1,189,985 $ 1,583,817 $ 1,815,951 $ 1,074,318 $ 320,549 $ 861,819 $ 807,084 $ 21,705 $ 7,675,228 The following table presents non-performing assets: March 31, December 31, (dollars in thousands) Non-accrual loans $ 129,628 $ 121,620 Loans 90 days or more past due and still accruing 26,521 31,721 Total non-performing loans 156,149 153,341 OREO (1) 277 896 Total non-performing assets $ 156,426 $ 154,237 (1) Excludes $19.0 million and $10.9 million of residential mortgage properties for which formal foreclosure proceedings were in process as of March 31, 2024 and December 31, 2023, 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 (dollars in thousands) March 31, 2024 Real estate - commercial mortgage $ 8,129 $ 2,795 $ 1,930 $ 45,961 $ 8,193,302 $ 8,252,117 Commercial and industrial (1) 6,262 2,777 383 43,735 4,414,432 4,467,589 Real estate - residential mortgage 42,664 7,130 17,440 23,245 5,305,241 5,395,720 Real estate - home equity 5,954 2,852 4,077 5,259 1,022,193 1,040,335 Real estate - construction 987 297 1,862 1,286 1,244,767 1,249,199 Consumer 6,641 1,602 785 51 689,342 698,421 Leases and other loans (1) 213 159 44 10,091 330,595 341,102 Total $ 70,850 $ 17,612 $ 26,521 $ 129,628 $ 21,199,872 $ 21,444,483 (1) Includes unearned income. 30-59 Days Past 60-89 ≥ 90 Days Non- Current Total (dollars in thousands) December 31, 2023 Real estate - commercial mortgage $ 4,408 $ 1,341 $ 1,722 $ 44,805 $ 8,075,452 $ 8,127,728 Commercial and industrial (1) 5,620 1,656 1,068 39,952 4,497,256 4,545,552 Real estate - residential mortgage 49,145 10,838 21,205 20,824 5,223,911 5,325,923 Real estate - home equity 8,142 2,075 5,326 4,753 1,026,888 1,047,184 Real estate - construction 4,185 451 1,535 1,341 1,231,563 1,239,075 Consumer 8,361 1,767 747 52 718,391 729,318 Leases and other loans (1) 146 722 118 9,893 325,435 336,314 Total $ 80,007 $ 18,850 $ 31,721 $ 121,620 $ 21,098,896 $ 21,351,094 (1) Includes unearned income. Loan Modifications to Borrowers Experiencing Financial Difficulty The Corporation modifies loans by providing a concession when deemed appropriate. Depending on the circumstances, a term extension, interest rate reduction or principal forgiveness may be granted. In certain instances a combination of concessions may be provided to a borrower. When principal forgiveness is provided, the amount of principal forgiven is deemed to be uncollectible and the amortized cost basis of the loan is reduced by the amount of the forgiven portion, with a corresponding reduction to the ACL. The following table presents the amortized cost basis of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted: Term Extension Three months ended March 31, 2024 Three months ended March 31, 2023 Amortization Cost Basis % of Class of Financing Receivable Amortization Cost Basis % of Class of Financing Receivable (dollars in thousands) Real estate - commercial mortgage $ — — % $ 1,426 0.02 % Commercial and industrial — — 6,227 0.14 Real estate - residential mortgage 2,717 0.05 1,182 0.02 Real estate - construction 455 0.04 — — Total $ 3,172 $ 8,835 Interest Rate Reduction and Term Extension Three months ended March 31, 2024 Three months ended March 31, 2023 Amortized Cost Basis % of Class of Financing Receivable Amortized Cost Basis % of Class of Financing Receivable (dollars in thousands) Real estate - residential mortgage $ 465 0.01 % $ — — % Total $ 465 $ — The following table presents the financial effect of the modifications made to borrowers experiencing financial difficulty: Term Extension Financial Effect Three months ended March 31, 2024 Real estate - residential mortgage Added a weighted-average 6.27 years to the life of loans, which reduced monthly payment amounts for the borrowers. Real estate - construction Added a weighted-average 0.67 years to the life of loans, which reduced monthly payment amounts for the borrowers. Three months ended March 31, 2023 Real estate - commercial mortgage Added a weighted-average 1.91 years to the life of loans, which reduced monthly payment amounts for the borrowers. Commercial and industrial Added a weighted-average 0.77 years to the life of loans, which reduced monthly payment amounts for the borrowers. Real estate - residential mortgage Added a weighted-average 3.51 years to the life of loans, which reduced monthly payment amounts for the borrowers. Interest Rate Reduction 1 Financial Effect Three months ended March 31, 2024 Real estate - residential mortgage Reduced weighted-average interest rate from 4.37% to 2.71% 1 There were no loan modifications with interest rate reductions for the three months ended March 31, 2023. During the three months ended March 31, 2024 and 2023, there were no loans modified due to financial difficulty where there was a principal balance forgiveness. The following table presents the performance of loans that have been modified due to financial difficulty in the previous 12 months: 30-89 90+ Total Days Past Past Due Past Current Due and Accruing Due March 31, 2024 (dollars in thousands) Commercial and industrial $ 8,498 $ — $ — $ — Real estate - residential mortgage 10,084 1,043 283 1,326 Real estate - construction 455 — — — Total $ 19,037 $ 1,043 $ 283 $ 1,326 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31 2024 2023 (dollars in thousands) Amortized cost: Balance at beginning of period $ 31,602 $ 34,217 Originations of MSRs 582 196 Amortization (1,127) (1,331) Balance at end of period $ 31,057 $ 33,082 Valuation allowance: Balance at beginning of period $ — $ — Reduction (addition) to valuation allowance — — Balance at end of period $ — $ — Net MSRs at end of period $ 31,057 $ 33,082 Estimated fair value of MSRs at end of period $ 51,191 $ 47,223 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 $4.0 billion and $4.1 billion as of March 31, 2024 and December 31, 2023, respectively. Actual and expected prepayments of the underlying mortgage loans can impact the fair values of the MSRs. The Corporation accounts for MSRs at the lower of amortized cost or fair value. The fair value of MSRs is estimated by discounting the estimated cash flows from servicing income, net of expense, over the expected life of the underlying loans at a discount rate commensurate with the risk associated with these assets. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. The fair values of MSRs were $51.2 million and $49.7 million as of March 31, 2024 and December 31, 2023, respectively. Based on its fair value analysis as of March 31, 2024, the Corporation determined that no valuation allowance was required as of March 31, 2024. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Corporation uses derivatives to manage its exposure to certain market risk, including interest rate and foreign currency risks, and to assist customers with their risk management objectives. Certain of the Corporation's outstanding derivative contracts are designated as hedges, and none are entered into for speculative purposes. The Corporation enters 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. In January 2023, the Corporation terminated interest rate derivatives designated as cash flow hedges with a combined notional amount of $1.0 billion. As the hedged transaction continues to be probable, the original unrealized loss of $70.6 million included in AOCI will be recognized as a reduction to interest income when the previously forecasted hedged item affects earnings in future periods. During the three months ended March 31, 2024, $7.0 million of these unrealized losses have been reclassified as a reduction of interest income on loans, including fees, on the Corporation's consolidated statements of income. In the third quarter of 2023, the Corporation transitioned certain of the Corporation's legacy commercial customer back-to-back interest rate swap transactions from LIBOR to SOFR. For the three months ended March 31, 2024, the increase to other non-interest income to reflect market valuation movements from the transition from LIBOR to SOFR was $0.2 million. For the year ended December 31, 2023, the full-year reduction to other non-interest income related to the transition from LIBOR to SOFR was $1.9 million. For additional information on our derivative accounting policies see Note 1 "Summary of Significant Accounting Policies" in our 2023 Annual Report on Form 10-K. The following table presents a summary of the notional amounts and fair values of derivative financial instruments: March 31, 2024 December 31, 2023 Notional Asset Notional Asset (dollars in thousands) Interest Rate Locks with Customers Positive fair values $ 164,041 $ 763 $ 119,558 $ 460 Negative fair values 1,018 (4) 1,015 (2) Forward Commitments Positive fair values 48,250 11 — — Negative fair values — — 42,000 (854) Interest Rate Derivatives with Customers Positive fair values 622,369 8,264 824,659 22,656 Negative fair values 4,044,521 (272,875) 3,784,236 (222,530) Interest Rate Derivatives with Dealer Counterparties (1) Positive fair values 4,044,521 164,762 3,784,236 128,235 Negative fair values 622,369 (8,630) 824,659 (23,023) Interest Rate Derivatives used in Cash Flow Hedges Positive fair values 2,300,000 1,060 2,500,000 6,189 Negative fair values 950,000 (72) 750,000 — Foreign Exchange Contracts with Customers Positive fair values 16,861 396 4,159 40 Negative fair values 4,192 (179) 13,353 (446) Foreign Exchange Contracts with Correspondent Banks Positive fair values 5,656 222 15,969 532 Negative fair values 18,449 (304) 6,112 (31) (1) Fair Values are net of a valuation allowance of $366.3 thousand as of March 31, 2024 and December 31, 2023. The following table presents the effect of 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 (Loss) Recognized in OCI Excluded Component Location of Gain (Loss) Recognized from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Included Component Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component (dollars in thousands) Three months ended March 31, 2024 Interest Rate Products $ (5,659) $ (5,659) $ — Interest Income $ (7,032) $ (7,032) $ — Interest Rate Products 11,215 11,215 — Interest Expense 2,020 2,020 — Total $ 5,556 $ 5,556 $ — $ (5,012) $ (5,012) $ — Three months ended March 31, 2023 Interest Rate Products $ 12,535 $ 12,535 — Interest Income $ (7,157) $ (7,157) — Total $ 12,535 $ 12,535 — $ (7,157) $ (7,157) — During the next twelve months, the Corporation estimates that an additional $19.7 million of unrealized losses will be reclassified as a decrease to net interest income. The following table presents the effect of fair value and cash flow hedge accounting on the income statement: Consolidated Statements of Income Classification 2024 2023 Interest Income Interest Expense Interest Income Interest Expense (dollars in thousands) Three months ended March 31 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 $ (7,032) $ 2,020 $ (7,157) $ — Interest contracts: Amount of gain (loss) reclassified from AOCI into income (7,032) 2,020 (7,157) — 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 (loss) reclassified from AOCI into income - included component (7,032) 2,020 (7,157) — Amount of gain (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 March 31 2024 2023 (dollars in thousands) Mortgage banking derivatives (1) Mortgage banking income $ 1,167 $ 394 Interest rate derivatives Other income 151 — Foreign exchange contracts Other income 39 91 Net fair value gains/(losses) on derivative financial instruments $ 1,357 $ 485 (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: March 31, December 31, (dollars in thousands) Amortized cost (1) $ 10,434 $ 14,792 Fair value 10,624 15,158 (1) Cost basis of mortgage loans held for sale represents the unpaid principal balance. Losses related to changes in fair values of mortgage loans held for sale were $0.2 million for the three months ended March 31, 2024 compared to gain of $0.1 million for the three months ended March 31, 2023. The gains and losses are recorded on the consolidated income statements as adjustments to mortgage banking income. Balance Sheet Offsetting The fair values of interest rate derivative 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 interest rate derivatives 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 (dollars in thousands) March 31, 2024 Interest rate derivative assets $ 174,086 $ (9,663) $ — $ 164,423 Foreign exchange derivative assets with correspondent banks 222 (222) — — Total $ 174,308 $ (9,885) $ — $ 164,423 Interest rate derivative liabilities $ 281,577 $ (10,651) $ (109,005) $ 161,921 Foreign exchange derivative liabilities with correspondent banks 304 (222) — 82 Total $ 281,881 $ (10,873) $ (109,005) $ 162,003 December 31, 2023 Interest rate derivative assets $ 157,080 $ (15,154) $ — $ 141,926 Foreign exchange derivative assets with correspondent banks 532 (532) — — Total $ 157,612 $ (15,686) $ — $ 141,926 Interest rate derivative liabilities $ 245,553 $ (21,343) $ (93,841) $ 130,369 Foreign exchange derivative liabilities with correspondent banks 31 (532) — (501) Total $ 245,584 $ (21,875) $ (93,841) $ 129,868 (1) For interest rate derivative assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate derivative 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 derivative transactions and foreign exchange contracts with financial institution counterparties. Interest rate derivatives 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. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income The following table presents the components of other comprehensive income (loss): Before-Tax Amount Tax Effect Net of Tax Amount (dollars in thousands) Three months ended March 31, 2024 Net unrealized losses on securities $ (21,546) $ 4,881 $ (16,665) Amortization of net unrealized gains on AFS securities transferred to HTM (1) 1,793 (406) 1,387 Net unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges 5,556 (1,259) 4,297 Reclassification adjustment for net change realized in net income on interest rate derivatives used in cash flow hedges 5,012 (1,113) 3,899 Amortization of net unrecognized pension and postretirement items (2) (135) 29 (106) Total Other Comprehensive Loss $ (9,320) $ 2,132 $ (7,188) Three months ended March 31, 2023 Net unrealized gains on securities $ 42,199 $ (9,558) $ 32,641 Reclassification adjustment for securities net change included in net income (3) 23 (5) 18 Amortization of net unrealized gains on AFS securities transferred to HTM (1) 1,910 (433) 1,477 Net unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges 12,535 (17,748) (5,213) Reclassification adjustment for net change realized in net income on interest rate derivatives used in cash flow hedges 7,157 (1,621) 5,536 Amortization of net unrecognized pension and postretirement items (2) 32 (7) 25 Total Other Comprehensive Loss $ 63,856 $ (29,372) $ 34,484 (1) Amounts reclassified out of AOCI. Before-tax amounts included as a reduction to "Interest Income" on the Consolidated Statements of Income. (2) Amounts reclassified out of AOCI. Before-tax amounts included in "Salaries and employee benefits" on the Consolidated Statements of Income. See "Note 11 - Employee Benefit Plans," for additional details. (3) 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. 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 Gain (Loss) on Interest Rate Derivatives used in Cash Flow Hedges Unrecognized Pension and Postretirement Plan Income (Costs) Total (dollars in thousands) Three months ended March 31, 2024 Balance at December 31, 2023 $ (274,862) $ (34,783) $ (2,635) $ (312,280) OCI before reclassifications (16,665) 4,297 — (12,368) Amounts reclassified from AOCI — 3,899 (106) 3,793 Amortization of net unrealized gains on AFS securities transferred to HTM 1,387 — — 1,387 Balance at March 31, 2024 $ (290,140) $ (26,587) $ (2,741) $ (319,468) Three months ended March 31, 2023 Balance at December 31, 2022 $ (316,231) $ (61,776) $ (7,469) $ (385,476) OCI before reclassifications 32,641 — — 32,641 Amounts reclassified from AOCI 18 323 25 366 Amortization of net unrealized losses on AFS securities transferred to HTM 1,477 — — 1,477 Balance at March 31, 2023 $ (282,095) $ (61,453) $ (7,444) $ (350,992) |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements FASB ASC Topic 820 establishes a fair value hierarchy for the inputs to valuation techniques used to measure assets and liabilities at fair value using the following three categories (from highest to lowest priority): • Level 1 – Inputs that represent quoted prices for identical instruments in active markets. • Level 2 – Inputs that represent quoted prices for similar instruments in active markets or quoted prices for identical instruments in non-active markets. Also includes valuation techniques whose inputs are derived principally from observable market data other than quoted prices, such as interest rates or other market-corroborated means. • Level 3 – Inputs that are largely unobservable, as little or no market data exists for the instrument being valued. All assets and liabilities measured at fair value on both a recurring and nonrecurring basis have been categorized into the above three levels. The following tables present assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets: March 31, 2024 Level 1 Level 2 Level 3 Total (dollars in thousands) Loans held for sale $ — $ 10,624 $ — $ 10,624 Available for sale investment securities: U.S. Government-sponsored agency securities — 998 — 998 State and municipal securities — 1,052,259 — 1,052,259 Corporate debt securities — 444,267 — 444,267 Collateralized mortgage obligations — 187,428 — 187,428 Residential mortgage-backed securities — 316,832 — 316,832 Commercial mortgage-backed securities — 525,185 — 525,185 Total available for sale investment securities — 2,526,969 — 2,526,969 Other assets: Investments held in Rabbi Trust 32,562 — — 32,562 Derivative assets 618 174,860 — 175,478 Total assets $ 33,180 $ 2,712,453 $ — $ 2,745,633 Other liabilities: Deferred compensation liabilities $ 32,562 $ — $ — $ 32,562 Derivative liabilities 483 281,581 — 282,064 Total liabilities $ 33,045 $ 281,581 $ — $ 314,626 December 31, 2023 Level 1 Level 2 Level 3 Total (dollars in thousands) Loans held for sale $ — $ 15,158 $ — $ 15,158 Available for sale investment securities: U.S. Government securities 42,161 — — 42,161 U.S. Government sponsored agency securities — 1,010 — 1,010 State and municipal securities — 1,072,013 — 1,072,013 Corporate debt securities — 440,551 — 440,551 Collateralized mortgage obligations — 111,434 — 111,434 Residential mortgage-backed securities — 196,795 — 196,795 Commercial mortgage-backed securities — 534,388 — 534,388 Total available for sale investment securities 42,161 2,356,191 — 2,398,352 Other assets: Investments held in Rabbi Trust 29,819 — — 29,819 Derivative assets 572 157,540 — 158,112 Total assets $ 72,552 $ 2,528,889 $ — $ 2,601,441 Other liabilities: Deferred compensation liabilities $ 29,819 $ — $ — $ 29,819 Derivative liabilities 477 246,157 — 246,634 Total liabilities $ 30,296 $ 246,157 $ — $ 276,453 The valuation techniques used to measure fair value for the items in the preceding tables are as follows: Loans held for sale – This category includes mortgage loans held for sale that are measured at fair value. Fair values as of March 31, 2024 and December 31, 2023, were measured at 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. • U.S. Government-sponsored agency securities, 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 ($437.1 million at March 31, 2024 and $433.4 million at December 31, 2023) and other corporate debt issued by non-financial institutions ($7.2 million at March 31, 2024 and December 31, 2023). Level 2 investments include subordinated debt and senior debt, and other corporate debt issued by non-financial institutions at March 31, 2024 and December 31, 2023. The fair values for these corporate debt securities are determined by a third-party pricing service, as detailed above. 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 ($0.6 million at March 31, 2024 and December 31, 2023). 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 ($0.8 million at March 31, 2024 and $0.5 million at December 31, 2023) and the fair value of interest rate derivatives ($174.1 million at March 31, 2024 and $157.1 million at December 31, 2023). The fair values of the interest rate locks, forward commitments and interest rate derivatives 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 ($0.5 million at March 31, 2024 and December 31, 2023). 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 at March 31, 2024 and $0.9 million at December 31, 2023) and the fair value of interest rate derivatives ($281.6 million at March 31, 2024 and $245.6 million at December 31, 2023). The fair values of these liabilities are determined in the same manner as the related assets, as described under the heading "Derivative assets" above. 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: March 31, December 31, (dollars in thousands) Loans, net $ 107,915 $ 102,135 OREO 277 896 MSRs (1) 51,191 49,696 Total assets $ 159,383 $ 152,727 (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 March 31, 2024 valuation were 7.3% and 9.5%, respectively. Management reviews the reasonableness of the significant inputs to the third-party valuation in comparison to market data. See "Note 5 - Mortgage Servicing Rights," for additional information. The following tables detail the book values and the estimated fair values of the Corporation's financial instruments: March 31, 2024 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total (dollars in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 357,333 $ 357,333 $ — $ — $ 357,333 FRB and FHLB stock 121,637 — 121,637 — 121,637 Loans held for sale 10,624 — 10,624 — 10,624 AFS securities 2,526,969 — 2,526,969 — 2,526,969 HTM securities 1,256,423 — 1,046,932 — 1,046,932 Loans, net 21,146,595 — — 20,044,269 20,044,269 Accrued interest receivable 107,089 107,089 — — 107,089 Other assets 764,332 558,210 174,860 51,468 784,538 FINANCIAL LIABILITIES Demand and savings deposits $ 17,453,569 $ 17,453,569 $ — $ — $ 17,453,569 Brokered deposits 1,152,427 144,960 1,006,416 — 1,151,376 Time deposits 3,135,954 — 3,123,531 — 3,123,531 Accrued interest payable 26,362 26,362 — — 26,362 Federal Home Loan Bank advances 900,000 903,194 — — 903,194 Senior debt and subordinated debt 535,566 — 420,502 — 420,502 Other borrowings 860,474 859,662 750 — 860,412 Other liabilities 463,030 166,352 281,581 15,097 463,030 December 31, 2023 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total (dollars in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 549,710 $ 549,710 $ — $ — $ 549,710 FRB and FHLB stock 124,405 — 124,405 — 124,405 Loans held for sale 15,158 — 15,158 — 15,158 AFS securities 2,398,352 42,161 2,356,191 — 2,398,352 HTM securities 1,267,922 — 1,072,207 — 1,072,207 Loans, net 21,057,690 — — 19,930,560 19,930,560 Accrued interest receivable 107,972 107,972 — — 107,972 Other assets 661,067 452,935 157,540 50,592 661,067 FINANCIAL LIABILITIES Demand and savings deposits $ 17,653,690 $ 17,653,690 $ — $ — $ 17,653,690 Brokered deposits 1,144,692 145,987 999,392 — 1,145,379 Time deposits 2,739,241 — 2,714,709 — 2,714,709 Accrued interest payable 35,083 35,083 — — 35,083 Federal funds purchased 240,000 240,000 — — 240,000 Federal Home Loan Bank advances 1,100,000 1,094,013 — — 1,094,013 Senior debt and subordinated debt 535,384 — 463,270 — 463,270 Other borrowings 612,142 611,269 837 — 612,106 Other liabilities 429,046 165,635 246,157 17,254 429,046 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 Other borrowings Accrued interest payable FRB and FHLB stock represent restricted investments and are carried at cost on the consolidated balance sheets, which is a reasonable estimate of fair value. As of March 31, 2024, 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 is determined in a manner consistent with the respective type of deposits discussed above. |
Net Income Per Share
Net Income Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Net Income Per Share Basic net income per share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding. Diluted net income per share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding plus the incremental number of shares added as a result of converting common stock equivalents, calculated using the treasury stock method. The Corporation's common stock equivalents consist of outstanding stock options, restricted stock, RSUs, and PSUs. PSUs are required to be included in weighted average diluted shares outstanding if performance measures, as defined in each PSU award agreement, are met as of the end of the period. A reconciliation of weighted average shares outstanding used to calculate basic and diluted net income per share follows (in thousands, except per share data): Three months ended March 31 2024 2023 Weighted average shares outstanding (basic) 162,706 166,605 Impact of common stock equivalents 1,814 1,796 Weighted average shares outstanding (diluted) 164,520 168,401 Per share: Basic $ 0.36 $ 0.39 Diluted 0.36 0.39 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
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. The Corporation also grants equity awards to non-employee members of its board of directors and the Bank board of directors under the Directors’ Plan. Under the Directors’ Plan, the Corporation can grant equity awards to non-employee Corporation and Bank directors in the form of restricted stock, RSUs or common stock. Recent grants of equity awards under the Directors’ Plan have been limited to RSUs. As of March 31, 2024, the Employee Equity Plan had approximately 4.5 million shares reserved for future grants through 2032, and the Directors’ Plan had approximately 395,000 shares reserved for future grants through 2033. The following table presents compensation expense and the related tax benefits for equity awards recognized in the consolidated statements of income: Three months ended March 31 2024 2023 (dollars in thousands) Compensation expense $ 667 $ 1,668 Tax benefit (144) (362) Total stock-based compensation, net of tax $ 523 $ 1,306 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The net periodic pension cost for the Pension Plan consisted of the following components: Three months ended March 31 2024 2023 (dollars in thousands) Interest cost $ 790 $ 856 Expected return on plan assets (976) (877) Net amortization and deferral — 80 Net periodic pension cost $ (186) $ 59 The components of the net benefit for the Postretirement Plan consisted of the following components: Three months ended March 31 2024 2023 (dollars in thousands) Interest cost $ 10 $ 13 Net accretion and deferral (136) (136) Net periodic benefit $ (126) $ (123) In connection with the Merger, the Corporation assumed the obligations of Prudential Bancorp under a multiemployer defined benefit pension plan that had previously been closed to new Prudential Bancorp participants. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments The Corporation is a party to financial instruments with OBS risk in the normal course of business to meet the financing needs of its borrowers or obligors. Commitments to extend credit are agreements to lend to a borrower or obligor 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 borrower or obligor. Since a portion of the commitments is expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Corporation evaluates each borrower's or obligor's creditworthiness on a case-by-case basis. The amount of collateral, if any, obtained upon an extension of credit is based on management's credit evaluation of the borrower or obligor. 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 borrower or obligor to a third party. Commercial letters of credit are conditional commitments issued to facilitate foreign and domestic trade transactions for borrowers or obligors. 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 following table presents the Corporation's commitments to extend credit and letters of credit: March 31, December 31, 2023 (dollars in thousands) Commitments to extend credit $ 8,778,133 $ 8,790,511 Standby letters of credit 249,594 264,440 Commercial letters of credit 64,078 67,396 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 March 31, 2024 and December 31, 2023, the total reserve for losses on residential mortgage loans sold was $2.0 million and $1.8 million, respectively, including reserves for both representation and warranty and credit loss exposures. In addition, a component of ACL - OBS credit exposures of $1.9 million and $2.7 million, as of March 31, 2024 and December 31, 2023, 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. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Acquisition of Substantially all of the Assets and Assumption of Substantially all of the Deposits and Certain Liabilities of Republic First Bank from the FDIC On April 26, 2024, Fulton Bank acquired substantially all of the assets and assumed substantially all of the deposits and certain liabilities of Republic First Bank from the FDIC, as receiver for Republic First Bank. As part of the transaction, the Corporation acquired approximately $5.2 billion of assets of Republic First Bank, consisting of approximately $0.2 billion of cash, approximately $2.0 billion of investments (purchased at fair value), approximately $2.9 billion of loans, and approximately $0.1 billion of other assets. The Corporation also received approximately $0.8 billion of cash from the FDIC in connection with the Republic First Transaction. The Corporation assumed approximately $5.6 billion of total liabilities of Republic First Bank, including approximately $4.2 billion of deposits, approximately $1.3 billion of borrowings, and approximately $0.1 billion of other liabilities. The Corporation did not enter into a loss sharing arrangement with the FDIC in connection with the Republic First Transaction. Fulton Bank also has the option to purchase the Republic First Bank branches and office locations. Following the closing of the Republic First Transaction, the Corporation sold all of the acquired investment securities, and used $1.4 billion of the cash received from the sale of the investment securities to repay the assumed borrowings in their entirety and $250.0 million of the Corporation's wholesale funding sources. The description of the Republic First Transaction and the value of the acquired assets and assumed liabilities are preliminary estimates based on information currently available to the Corporation and are subject to change. Information related to the assets and liabilities of Republic First Bank is based on information for Republic First Bank provided by the FDIC. As a result of the Republic First Transaction, the Corporation enhanced its presence in Philadelphia, Pennsylvania and New Jersey. In connection with the Republic First Transaction, Fulton Bank made a $5.0 million donation to the Fulton Forward Foundation to provide additional impact grants to nonprofit community organizations across the region that share Fulton’s vision of advancing economic empowerment, particularly in underserved communities. Common Stock Offering On May 1, 2024, the Corporation completed its previously announced underwritten public offering of 19,166,667 shares of its common stock at a price to the public of $15.00 per share, before underwriting discounts, which included 2,500,000 shares of common stock upon the exercise in full by the underwriters of their over-allotment option to purchase additional shares of common stock. The net proceeds to the Corporation from the offering before deducting transaction expenses were approximately $273.5 million. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income | $ 61,941 | $ 68,314 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The Corporation evaluates subsequent events through the date of filing of this Quarterly Report on Form 10-Q with the SEC for potential recognition or disclosure in the Consolidated Financial Statements. Significant Accounting Policies The significant accounting policies used in preparation of the Consolidated Financial Statements are disclosed in the Corporation's 2023 Annual Report on Form 10-K. Those significant accounting policies are unchanged at March 31, 2024. |
Recently Adopted and Issued Accounting Standards | Recently Adopted Accounting Standards In June 2022, FASB issued ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03") . 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 adopted ASU 2022-03 on January 1, 2024, and it did not have a material impact on its consolidated financial statements. In March 2023, FASB issued ASU 2023-01 Leases (Topic 842): Common Control Arrangements ("ASU 2023-01") . This update clarifies guidance for leases between related parties under common control . The Corporation adopted ASU 2023-01 on January 1, 2024, and it did not have a material impact on its consolidated financial statements. Recently Issued Accounting Standards In November 2023, FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-04") . This update requires public entities with reportable segments to provide additional and more detailed disclosures. The Corporation will adopt ASU 2023-07 on December 15, 2024. The Corporation is not currently required to report segment information and, as such, does not expect the adoption of ASU 2023-07 to have an impact on its consolidated financial statements. In December 2023, FASB issued ASU 2023-08 Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets ("ASU 2023-08") . This update provides guidance for crypto assets to be carried at fair value and requires additional disclosures. The Corporation will adopt ASU 2023-08 on January 1, 2025. The Corporation does not expect the adoption of ASU 2023-08 to have an impact on its consolidated financial statements. The Corporation currently does not hold crypto assets. In December 2023, FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09") . This update requires companies to disclose specific categories in the income tax rate reconciliation and requires additional information for certain reconciling items. The Corporation will adopt ASU 2023-09 on January 1, 2025. The Corporation does not expect the adoption of ASU 2023-09 to have an impact on its consolidated financial statements. In March 2024, FASB issued ASU 2024-01 Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards ("ASU 2024-01") . This update provides guidance for profits interest and similar awards. The Corporation will adopt ASU 2024-01 on January 1, 2025. The Corporation does not expect the adoption of ASU 2024-01 to have a material impact on its consolidated financial statements. In March 2024, FASB issued ASU 2024-02 Codification Improvements - Amendments to Remove References to the Concepts Statements ("ASU 2024-02") . This update contains amendments that remove references to various Concepts Statements. The Corporation will adopt ASU 2024-02 on January 1, 2025. The Corporation does not expect the adoption of ASU 2024-02 to have an impact on its consolidated financial statements. |
Reclassifications | Reclassifications |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, 2024 Amortized Gross Gross Estimated Available for Sale (dollars in thousands) U.S. Government-sponsored agency securities $ 1,035 $ — $ (37) $ 998 State and municipal securities 1,198,180 390 (146,311) 1,052,259 Corporate debt securities 480,803 1,060 (37,596) 444,267 Collateralized mortgage obligations 199,510 160 (12,242) 187,428 Residential mortgage-backed securities 347,116 342 (30,626) 316,832 Commercial mortgage-backed securities 621,778 — (96,593) 525,185 Total $ 2,848,422 $ 1,952 $ (323,405) $ 2,526,969 Held to Maturity Residential mortgage-backed securities $ 396,308 $ — $ (58,245) $ 338,063 Commercial mortgage-backed securities 860,115 — (151,246) 708,869 Total $ 1,256,423 $ — $ (209,491) $ 1,046,932 December 31, 2023 Amortized Gross Gross Estimated Available for Sale (dollars in thousands) U.S. Government securities $ 42,475 $ — $ (314) $ 42,161 U.S. Government-sponsored agency securities 1,038 — (28) 1,010 State and municipal securities 1,200,571 1,089 (129,647) 1,072,013 Corporate debt securities 480,714 473 (40,636) 440,551 Collateralized mortgage obligations 122,824 — (11,390) 111,434 Residential mortgage-backed securities 223,273 7 (26,485) 196,795 Commercial mortgage-backed securities 627,364 — (92,976) 534,388 Total $ 2,698,259 $ 1,569 $ (301,476) $ 2,398,352 Held to Maturity Residential mortgage-backed securities $ 407,075 $ — $ (51,805) $ 355,270 Commercial mortgage-backed securities 860,847 — (143,910) 716,937 Total $ 1,267,922 $ — $ (195,715) $ 1,072,207 |
Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities | The amortized cost and estimated fair values of debt securities as of March 31, 2024, 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. March 31, 2024 Available for Sale Held to Maturity Amortized Estimated Amortized Estimated (dollars in thousands) Due in one year or less $ 9,342 $ 9,403 $ — $ — Due from one year to five years 180,221 171,975 — — Due from five years to ten years 486,781 453,657 — — Due after ten years 1,003,674 862,489 — — 1,680,018 1,497,524 — — Residential mortgage-backed securities (1) 347,116 316,832 396,308 338,063 Commercial mortgage-backed securities (1) 621,778 525,185 860,115 708,869 Collateralized mortgage obligations (1) 199,510 187,428 — — Total $ 2,848,422 $ 2,526,969 $ 1,256,423 $ 1,046,932 (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: Gross Realized Gains Gross Realized Losses Net Gains (Losses) Three months ended (dollars in thousands) March 31, 2024 $ — $ — $ — March 31, 2023 283 (260) 23 |
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: March 31, 2024 Less than 12 months 12 months or longer Total Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized Available for Sale (dollars in thousands) U.S. Government-sponsored agency securities — $ — $ — 1 $ 998 $ (37) $ 998 $ (37) State and municipal securities 40 82,963 (1,072) 336 942,914 (145,239) 1,025,877 (146,311) Corporate debt securities 3 15,247 (753) 64 392,222 (36,843) 407,469 (37,596) Collateralized mortgage obligations 2 19,916 (56) 93 105,859 (12,186) 125,775 (12,242) Residential mortgage-backed securities 15 18,591 (29) 69 187,840 (30,597) 206,431 (30,626) Commercial mortgage-backed securities — — — 135 525,185 (96,593) 525,185 (96,593) Total available for sale 60 $ 136,717 $ (1,910) 698 $ 2,155,018 $ (321,495) $ 2,291,735 $ (323,405) Held to Maturity Residential mortgage-backed securities — $ — $ — 120 $ 338,063 $ (58,245) $ 338,063 $ (58,245) Commercial mortgage-backed securities — — — 60 708,869 (151,246) 708,869 (151,246) Total held to maturity — $ — $ — 180 $ 1,046,932 $ (209,491) $ 1,046,932 $ (209,491) December 31, 2023 Less than 12 months 12 months or longer Total Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized Available for Sale (dollars in thousands) U.S. Government Securities — $ — $ — 1 $ 42,161 $ (314) $ 42,161 $ (314) U.S. Government-sponsored agency securities — — — 1 1,010 (28) 1,010 (28) State and municipal securities 40 76,155 (858) 314 917,274 (128,789) 993,429 (129,647) Corporate debt securities 8 42,945 (1,326) 60 370,523 (39,310) 413,468 (40,636) Collateralized mortgage obligations — — — 93 111,434 (11,390) 111,434 (11,390) Residential mortgage-backed securities 6 409 (3) 69 195,453 (26,482) 195,862 (26,485) Commercial mortgage-backed securities 2 26,907 (1,053) 133 507,481 (91,923) 534,388 (92,976) Total available for sale 56 $ 146,416 $ (3,240) 671 $ 2,145,336 $ (298,236) $ 2,291,752 $ (301,476) Held to Maturity Residential mortgage-backed securities — $ — $ — 120 $ 355,270 $ (51,805) $ 355,270 $ (51,805) Commercial mortgage-backed securities — — — 60 716,937 (143,910) 716,937 (143,910) Total held to maturity — $ — $ — 180 $ 1,072,207 $ (195,715) $ 1,072,207 $ (195,715) |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Summary of Gross Loans by Type | Loans and leases, net of unearned income, are summarized as follows: March 31, December 31, 2023 (dollars in thousands) Real estate - commercial mortgage $ 8,252,117 $ 8,127,728 Commercial and industrial (1) 4,467,589 4,545,552 Real-estate - residential mortgage 5,395,720 5,325,923 Real-estate - home equity 1,040,335 1,047,184 Real-estate - construction 1,249,199 1,239,075 Consumer 698,421 729,318 Leases and other loans (2) 341,102 336,314 Net loans $ 21,444,483 $ 21,351,094 (1) Includes no unearned income for March 31, 2024 and $41.0 thousand at December 31, 2023. (2) Includes unearned income of $38.0 million at March 31, 2024 and December 31, 2023. |
Schedule of Allowance for Credit Losses | The following table summarizes the ACL - loans balance and the reserve for OBS credit exposures balance: March 31, December 31, (dollars in thousands) ACL - loans $ 297,888 $ 293,404 Reserve for OBS credit exposures (1) $ 15,097 $ 17,254 (1) Included in other liabilities on the consolidated balance sheets. |
Activity in the Allowance for Credit Losses | The following table presents the activity in the ACL - loans balances: Three months ended March 31 2024 2023 (dollars in thousands) Balance at beginning of period $ 293,404 $ 269,366 Loans charged off (10,952) (16,903) Recoveries of loans previously charged off 2,354 2,899 Net loans (charged off) recovered (8,598) (14,004) Provision for credit losses (1) 13,082 23,333 Balance at end of period 297,888 278,695 Provision for OBS credit exposures (2,157) 1,211 Reserve for OBS credit exposures $ 15,097 $ 17,539 (1) Provision only includes the portion related to net loans. The following table presents the activity in the ACL by portfolio segment: Real Estate Commercial and Real Estate Residential Consumer and Home Real Estate Leases and other loans Total (dollars in thousands) Three months ended March 31, 2024 Balance at December 31, 2023 $ 112,565 $ 74,266 $ 73,286 $ 17,604 $ 12,295 $ 3,388 $ 293,404 Loans charged off (26) (7,632) (251) (2,238) — (805) (10,952) Recoveries of loans previously charged off 152 1,248 116 676 — 162 2,354 Net loans (charged off) recovered 126 (6,384) (135) (1,562) — (643) (8,598) Provision for loan losses (1) 1,801 9,001 65 646 671 898 13,082 Balance at March 31, 2024 $ 114,492 $ 76,883 $ 73,216 $ 16,688 $ 12,966 $ 3,643 $ 297,888 Three months ended March 31, 2023 Balance at December 31, 2022 $ 69,456 $ 70,116 $ 83,250 $ 26,429 $ 10,743 $ 9,372 $ 269,366 Loans charged off (13,362) (612) — (2,206) — (723) (16,903) Recoveries of loans previously charged off 786 1,086 48 661 202 116 2,899 Net loans (charged off) recovered (12,576) 474 48 (1,545) 202 (607) (14,004) Provision for loan and lease losses (1) 9,376 6,536 2,911 2,419 701 1,390 23,333 Balance at March 31, 2023 $ 66,256 $ 77,126 $ 86,209 $ 27,303 $ 11,646 $ 10,155 $ 278,695 (1) |
Total Impaired Loans by Class Segment | The following table presents total non-accrual loans, by class segment: March 31, 2024 December 31, 2023 With a Related Allowance Without a Related Allowance Total With a Related Allowance Without a Related Allowance Total (dollars in thousands) Real estate - commercial mortgage $ 31,912 $ 14,049 $ 45,961 $ 23,338 $ 21,467 $ 44,805 Commercial and industrial 17,774 25,961 43,735 12,410 27,542 39,952 Real estate - residential mortgage 21,217 2,028 23,245 18,806 2,018 20,824 Real estate - home equity 5,164 95 5,259 4,649 104 4,753 Real estate - construction 340 946 1,286 341 1,000 1,341 Consumer 51 — 51 52 — 52 Leases and other loans 432 9,659 10,091 9,255 638 9,893 $ 76,890 $ 52,738 $ 129,628 $ 68,851 $ 52,769 $ 121,620 |
Financing Receivable Credit Quality Indicators | The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the current period: March 31, 2024 (dollars in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans Amortized Amortized 2024 2023 2022 2021 2020 Prior Cost Basis Cost Basis Total Real estate - commercial mortgage Pass $ 144,685 $ 821,641 $ 986,101 $ 1,188,735 $ 980,105 $ 3,486,974 $ 54,703 $ — $ 7,662,944 Special Mention 226 1,793 44,169 141,371 10,370 138,537 3,485 897 340,848 Substandard or Lower 218 6,622 33,988 35,564 50,009 120,983 941 — 248,325 Total real estate - commercial mortgage 145,129 830,056 1,064,258 1,365,670 1,040,484 3,746,494 59,129 897 8,252,117 Real estate - commercial mortgage Current period gross charge-offs — — — — — — — (26) (26) Commercial and industrial Pass 127,723 557,669 578,694 317,053 328,636 813,618 1,363,249 15,558 4,102,200 Special Mention 3,598 7,317 4,914 11,961 4,288 29,121 60,971 — 122,170 Substandard or Lower 1,962 5,733 25,849 9,091 3,723 52,592 139,180 5,089 243,219 Total commercial and industrial 133,283 570,719 609,457 338,105 336,647 895,331 1,563,400 20,647 4,467,589 Commercial and industrial Current period gross charge-offs — — — — — — (3,997) (3,635) (7,632) Real estate - construction (1) Pass 29,344 402,019 283,072 207,525 2,334 41,288 14,146 — 979,728 Special Mention — — 13,023 9,250 — — — — 22,273 Substandard or Lower — — 605 — — 23,651 148 — 24,404 Total real estate - construction 29,344 402,019 296,700 216,775 2,334 64,939 14,294 — 1,026,405 Real estate - construction (1) Current period gross charge-offs — — — — — — — — — Total Pass $ 301,752 $ 1,781,329 $ 1,847,867 $ 1,713,313 $ 1,311,075 $ 4,341,880 $ 1,432,098 $ 15,558 $ 12,744,872 Special Mention 3,824 9,110 62,106 162,582 14,658 167,658 64,456 897 485,291 Substandard or Lower 2,180 12,355 60,442 44,655 53,732 197,226 140,269 5,089 515,948 Total $ 307,756 $ 1,802,794 $ 1,970,415 $ 1,920,550 $ 1,379,465 $ 4,706,764 $ 1,636,823 $ 21,544 $ 13,746,111 (1) Excludes real estate - construction - other. The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the prior period: December 31, 2023 (dollars in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans Amortized Amortized 2023 2022 2021 2020 2019 Prior Cost Basis Cost Basis Total Real estate - commercial mortgage Pass $ 783,673 $ 993,017 $ 1,203,852 $ 984,958 $ 721,857 $ 2,822,155 $ 59,253 $ 31,636 $ 7,600,401 Special Mention 2,767 43,904 105,185 7,862 35,289 105,786 1,760 — 302,553 Substandard or Lower 366 20,958 31,304 49,142 26,579 95,621 804 — 224,774 Total real estate - commercial mortgage 786,806 1,057,879 1,340,341 1,041,962 783,725 3,023,562 61,817 31,636 8,127,728 Real estate - commercial mortgage Current period gross charge-offs — — — — — (424) — (17,575) (17,999) Commercial and industrial Pass 626,386 590,132 330,576 341,218 272,126 598,838 1,443,203 10,736 4,213,215 Special Mention 7,936 9,548 16,499 3,577 6,817 18,487 72,775 198 135,837 Substandard or Lower 247 25,184 4,611 3,843 18,988 31,663 105,230 6,734 196,500 Total commercial and industrial 634,569 624,864 351,686 348,638 297,931 648,988 1,621,208 17,668 4,545,552 Commercial and industrial Current period gross charge-offs — (299) — — — (249) (682) (8,016) (9,246) Real estate - construction (1) Pass 322,922 258,080 261,583 37,426 9,510 34,097 13,677 — 937,295 Special Mention — 12,622 25,898 — — — — — 38,520 Substandard or Lower — 521 2,229 — 340 21,284 168 2,229 26,771 Total real estate - construction 322,922 271,223 289,710 37,426 9,850 55,381 13,845 2,229 1,002,586 Real estate - construction (1) Current period gross charge-offs — — — — — — — — — Total Pass $ 1,732,981 $ 1,841,229 $ 1,796,011 $ 1,363,602 $ 1,003,493 $ 3,455,090 $ 1,516,133 $ 42,372 $ 12,750,911 Special Mention 10,703 66,074 147,582 11,439 42,106 124,273 74,535 198 476,910 Substandard or Lower 613 46,663 38,144 52,985 45,907 148,568 106,202 8,963 448,045 Total $ 1,744,297 $ 1,953,966 $ 1,981,737 $ 1,428,026 $ 1,091,506 $ 3,727,931 $ 1,696,870 $ 51,533 $ 13,675,866 (1) Excludes real estate - construction - other. March 31, 2024 (dollars in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans Amortized Amortized 2024 2023 2022 2021 2020 Prior Cost Basis Cost Basis Total Real estate - residential mortgage Performing $ 67,011 $ 646,785 $ 1,155,113 $ 1,667,801 $ 969,671 $ 848,654 $ — $ — $ 5,355,035 Nonperforming — 377 2,178 3,967 4,456 29,707 — — 40,685 Total real estate - residential mortgage 67,011 647,162 1,157,291 1,671,768 974,127 878,361 — — 5,395,720 Real estate - residential mortgage Current period gross charge-offs — — — — — — — (251) (251) Consumer and real estate - home equity Performing 139,457 141,600 258,843 80,885 57,456 224,865 803,859 21,619 1,728,584 Nonperforming — 76 698 478 342 5,790 1,119 1,669 10,172 Total consumer and real estate - home equity 139,457 141,676 259,541 81,363 57,798 230,655 804,978 23,288 1,738,756 Consumer and real estate - home equity Current period gross charge-offs — — — — — (401) — (1,837) (2,238) Leases and other loans Performing 73,190 112,516 79,168 25,088 19,865 21,141 — — 330,968 Nonperforming — — 408 — 23 9,703 — — 10,134 Leases and other loans 73,190 112,516 79,576 25,088 19,888 30,844 — — 341,102 Leases and other loans Current period gross charge-offs (13) (259) (90) (62) (32) (173) — (176) (805) Construction - other Performing 10,366 142,825 60,623 7,118 — — — — 220,932 Nonperforming — — 1,862 — — — — — 1,862 Total construction - other 10,366 142,825 62,485 7,118 — — — — 222,794 Construction - other Current period gross charge-offs — — — — — — — — — Total Performing $ 290,024 $ 1,043,726 $ 1,553,747 $ 1,780,892 $ 1,046,992 $ 1,094,660 $ 803,859 $ 21,619 $ 7,635,519 Nonperforming — 453 5,146 4,445 4,821 45,200 1,119 1,669 62,853 Total $ 290,024 $ 1,044,179 $ 1,558,893 $ 1,785,337 $ 1,051,813 $ 1,139,860 $ 804,978 $ 23,288 $ 7,698,372 December 31, 2023 (dollars in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans Amortized Amortized 2023 2022 2021 2020 2019 Prior Cost Basis Cost Basis Total Real estate - residential mortgage Performing $ 623,247 $ 1,126,656 $ 1,682,759 $ 984,050 $ 260,049 $ 607,133 $ — $ — $ 5,283,894 Nonperforming — 1,720 4,888 4,701 6,233 24,487 — — 42,029 Total real estate - residential mortgage 623,247 1,128,376 1,687,647 988,751 266,282 631,620 — — 5,325,923 Real estate - residential mortgage Current period gross charge-offs — — — — — — — (62) (62) Consumer and Real estate - home equity Performing 272,571 276,373 85,985 62,426 37,667 204,913 805,645 20,044 1,765,624 Nonperforming 295 455 866 282 354 5,526 1,439 1,661 10,878 Total consumer and real estate - home equity 272,866 276,828 86,851 62,708 38,021 210,439 807,084 21,705 1,776,502 Consumer and Real estate - home equity Current period gross charge-offs (119) — — — — (525) (283) (6,587) (7,514) Leases and other loans Performing 166,490 83,641 27,755 22,304 16,246 9,867 — — 326,303 Nonperforming — 118 — — — 9,893 — — 10,011 Leases and other loans 166,490 83,759 27,755 22,304 16,246 19,760 — — 336,314 Leases and other loans Current period gross charge-offs (471) (521) (246) (128) (82) (656) (765) (1,511) (4,380) Construction - other Performing 127,382 93,319 13,698 555 — — — — 234,954 Nonperforming — 1,535 — — — — — — 1,535 Total construction - other 127,382 94,854 13,698 555 — — — — 236,489 Construction - other Current period gross charge-offs — — — — — — — — — Total Performing $ 1,189,690 $ 1,579,989 $ 1,810,197 $ 1,069,335 $ 313,962 $ 821,913 $ 805,645 $ 20,044 $ 7,610,775 Nonperforming 295 3,828 5,754 4,983 6,587 39,906 1,439 1,661 64,453 Total $ 1,189,985 $ 1,583,817 $ 1,815,951 $ 1,074,318 $ 320,549 $ 861,819 $ 807,084 $ 21,705 $ 7,675,228 |
Non-Performing Assets | The following table presents non-performing assets: March 31, December 31, (dollars in thousands) Non-accrual loans $ 129,628 $ 121,620 Loans 90 days or more past due and still accruing 26,521 31,721 Total non-performing loans 156,149 153,341 OREO (1) 277 896 Total non-performing assets $ 156,426 $ 154,237 (1) Excludes $19.0 million and $10.9 million of residential mortgage properties for which formal foreclosure proceedings were in process as of March 31, 2024 and December 31, 2023, 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 (dollars in thousands) March 31, 2024 Real estate - commercial mortgage $ 8,129 $ 2,795 $ 1,930 $ 45,961 $ 8,193,302 $ 8,252,117 Commercial and industrial (1) 6,262 2,777 383 43,735 4,414,432 4,467,589 Real estate - residential mortgage 42,664 7,130 17,440 23,245 5,305,241 5,395,720 Real estate - home equity 5,954 2,852 4,077 5,259 1,022,193 1,040,335 Real estate - construction 987 297 1,862 1,286 1,244,767 1,249,199 Consumer 6,641 1,602 785 51 689,342 698,421 Leases and other loans (1) 213 159 44 10,091 330,595 341,102 Total $ 70,850 $ 17,612 $ 26,521 $ 129,628 $ 21,199,872 $ 21,444,483 (1) Includes unearned income. 30-59 Days Past 60-89 ≥ 90 Days Non- Current Total (dollars in thousands) December 31, 2023 Real estate - commercial mortgage $ 4,408 $ 1,341 $ 1,722 $ 44,805 $ 8,075,452 $ 8,127,728 Commercial and industrial (1) 5,620 1,656 1,068 39,952 4,497,256 4,545,552 Real estate - residential mortgage 49,145 10,838 21,205 20,824 5,223,911 5,325,923 Real estate - home equity 8,142 2,075 5,326 4,753 1,026,888 1,047,184 Real estate - construction 4,185 451 1,535 1,341 1,231,563 1,239,075 Consumer 8,361 1,767 747 52 718,391 729,318 Leases and other loans (1) 146 722 118 9,893 325,435 336,314 Total $ 80,007 $ 18,850 $ 31,721 $ 121,620 $ 21,098,896 $ 21,351,094 (1) Includes unearned income. |
Financing Receivables, Loan Modifications | The following table presents the amortized cost basis of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted: Term Extension Three months ended March 31, 2024 Three months ended March 31, 2023 Amortization Cost Basis % of Class of Financing Receivable Amortization Cost Basis % of Class of Financing Receivable (dollars in thousands) Real estate - commercial mortgage $ — — % $ 1,426 0.02 % Commercial and industrial — — 6,227 0.14 Real estate - residential mortgage 2,717 0.05 1,182 0.02 Real estate - construction 455 0.04 — — Total $ 3,172 $ 8,835 Interest Rate Reduction and Term Extension Three months ended March 31, 2024 Three months ended March 31, 2023 Amortized Cost Basis % of Class of Financing Receivable Amortized Cost Basis % of Class of Financing Receivable (dollars in thousands) Real estate - residential mortgage $ 465 0.01 % $ — — % Total $ 465 $ — The following table presents the financial effect of the modifications made to borrowers experiencing financial difficulty: Term Extension Financial Effect Three months ended March 31, 2024 Real estate - residential mortgage Added a weighted-average 6.27 years to the life of loans, which reduced monthly payment amounts for the borrowers. Real estate - construction Added a weighted-average 0.67 years to the life of loans, which reduced monthly payment amounts for the borrowers. Three months ended March 31, 2023 Real estate - commercial mortgage Added a weighted-average 1.91 years to the life of loans, which reduced monthly payment amounts for the borrowers. Commercial and industrial Added a weighted-average 0.77 years to the life of loans, which reduced monthly payment amounts for the borrowers. Real estate - residential mortgage Added a weighted-average 3.51 years to the life of loans, which reduced monthly payment amounts for the borrowers. Interest Rate Reduction 1 Financial Effect Three months ended March 31, 2024 Real estate - residential mortgage Reduced weighted-average interest rate from 4.37% to 2.71% 1 There were no loan modifications with interest rate reductions for the three months ended March 31, 2023. The following table presents the performance of loans that have been modified due to financial difficulty in the previous 12 months: 30-89 90+ Total Days Past Past Due Past Current Due and Accruing Due March 31, 2024 (dollars in thousands) Commercial and industrial $ 8,498 $ — $ — $ — Real estate - residential mortgage 10,084 1,043 283 1,326 Real estate - construction 455 — — — Total $ 19,037 $ 1,043 $ 283 $ 1,326 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31 2024 2023 (dollars in thousands) Amortized cost: Balance at beginning of period $ 31,602 $ 34,217 Originations of MSRs 582 196 Amortization (1,127) (1,331) Balance at end of period $ 31,057 $ 33,082 Valuation allowance: Balance at beginning of period $ — $ — Reduction (addition) to valuation allowance — — Balance at end of period $ — $ — Net MSRs at end of period $ 31,057 $ 33,082 Estimated fair value of MSRs at end of period $ 51,191 $ 47,223 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Notional Amounts and Fair Values of Derivative Financial Instruments | The following table presents a summary of the notional amounts and fair values of derivative financial instruments: March 31, 2024 December 31, 2023 Notional Asset Notional Asset (dollars in thousands) Interest Rate Locks with Customers Positive fair values $ 164,041 $ 763 $ 119,558 $ 460 Negative fair values 1,018 (4) 1,015 (2) Forward Commitments Positive fair values 48,250 11 — — Negative fair values — — 42,000 (854) Interest Rate Derivatives with Customers Positive fair values 622,369 8,264 824,659 22,656 Negative fair values 4,044,521 (272,875) 3,784,236 (222,530) Interest Rate Derivatives with Dealer Counterparties (1) Positive fair values 4,044,521 164,762 3,784,236 128,235 Negative fair values 622,369 (8,630) 824,659 (23,023) Interest Rate Derivatives used in Cash Flow Hedges Positive fair values 2,300,000 1,060 2,500,000 6,189 Negative fair values 950,000 (72) 750,000 — Foreign Exchange Contracts with Customers Positive fair values 16,861 396 4,159 40 Negative fair values 4,192 (179) 13,353 (446) Foreign Exchange Contracts with Correspondent Banks Positive fair values 5,656 222 15,969 532 Negative fair values 18,449 (304) 6,112 (31) |
Summary of Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income | The following table presents the effect of 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 (Loss) Recognized in OCI Excluded Component Location of Gain (Loss) Recognized from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Included Component Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component (dollars in thousands) Three months ended March 31, 2024 Interest Rate Products $ (5,659) $ (5,659) $ — Interest Income $ (7,032) $ (7,032) $ — Interest Rate Products 11,215 11,215 — Interest Expense 2,020 2,020 — Total $ 5,556 $ 5,556 $ — $ (5,012) $ (5,012) $ — Three months ended March 31, 2023 Interest Rate Products $ 12,535 $ 12,535 — Interest Income $ (7,157) $ (7,157) — Total $ 12,535 $ 12,535 — $ (7,157) $ (7,157) — During the next twelve months, the Corporation estimates that an additional $19.7 million of unrealized losses will be reclassified as a decrease to net interest income. The following table presents the effect of fair value and cash flow hedge accounting on the income statement: Consolidated Statements of Income Classification 2024 2023 Interest Income Interest Expense Interest Income Interest Expense (dollars in thousands) Three months ended March 31 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 $ (7,032) $ 2,020 $ (7,157) $ — Interest contracts: Amount of gain (loss) reclassified from AOCI into income (7,032) 2,020 (7,157) — 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 (loss) reclassified from AOCI into income - included component (7,032) 2,020 (7,157) — Amount of gain (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 March 31 2024 2023 (dollars in thousands) Mortgage banking derivatives (1) Mortgage banking income $ 1,167 $ 394 Interest rate derivatives Other income 151 — Foreign exchange contracts Other income 39 91 Net fair value gains/(losses) on derivative financial instruments $ 1,357 $ 485 (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: March 31, December 31, (dollars in thousands) Amortized cost (1) $ 10,434 $ 14,792 Fair value 10,624 15,158 (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 (dollars in thousands) March 31, 2024 Interest rate derivative assets $ 174,086 $ (9,663) $ — $ 164,423 Foreign exchange derivative assets with correspondent banks 222 (222) — — Total $ 174,308 $ (9,885) $ — $ 164,423 Interest rate derivative liabilities $ 281,577 $ (10,651) $ (109,005) $ 161,921 Foreign exchange derivative liabilities with correspondent banks 304 (222) — 82 Total $ 281,881 $ (10,873) $ (109,005) $ 162,003 December 31, 2023 Interest rate derivative assets $ 157,080 $ (15,154) $ — $ 141,926 Foreign exchange derivative assets with correspondent banks 532 (532) — — Total $ 157,612 $ (15,686) $ — $ 141,926 Interest rate derivative liabilities $ 245,553 $ (21,343) $ (93,841) $ 130,369 Foreign exchange derivative liabilities with correspondent banks 31 (532) — (501) Total $ 245,584 $ (21,875) $ (93,841) $ 129,868 (1) For interest rate derivative assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate derivative 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 derivative transactions and foreign exchange contracts with financial institution counterparties. Interest rate derivatives 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 (dollars in thousands) March 31, 2024 Interest rate derivative assets $ 174,086 $ (9,663) $ — $ 164,423 Foreign exchange derivative assets with correspondent banks 222 (222) — — Total $ 174,308 $ (9,885) $ — $ 164,423 Interest rate derivative liabilities $ 281,577 $ (10,651) $ (109,005) $ 161,921 Foreign exchange derivative liabilities with correspondent banks 304 (222) — 82 Total $ 281,881 $ (10,873) $ (109,005) $ 162,003 December 31, 2023 Interest rate derivative assets $ 157,080 $ (15,154) $ — $ 141,926 Foreign exchange derivative assets with correspondent banks 532 (532) — — Total $ 157,612 $ (15,686) $ — $ 141,926 Interest rate derivative liabilities $ 245,553 $ (21,343) $ (93,841) $ 130,369 Foreign exchange derivative liabilities with correspondent banks 31 (532) — (501) Total $ 245,584 $ (21,875) $ (93,841) $ 129,868 (1) For interest rate derivative assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate derivative 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 derivative transactions and foreign exchange contracts with financial institution counterparties. Interest rate derivatives 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. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Changes in other comprehensive income (loss) | The following table presents the components of other comprehensive income (loss): Before-Tax Amount Tax Effect Net of Tax Amount (dollars in thousands) Three months ended March 31, 2024 Net unrealized losses on securities $ (21,546) $ 4,881 $ (16,665) Amortization of net unrealized gains on AFS securities transferred to HTM (1) 1,793 (406) 1,387 Net unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges 5,556 (1,259) 4,297 Reclassification adjustment for net change realized in net income on interest rate derivatives used in cash flow hedges 5,012 (1,113) 3,899 Amortization of net unrecognized pension and postretirement items (2) (135) 29 (106) Total Other Comprehensive Loss $ (9,320) $ 2,132 $ (7,188) Three months ended March 31, 2023 Net unrealized gains on securities $ 42,199 $ (9,558) $ 32,641 Reclassification adjustment for securities net change included in net income (3) 23 (5) 18 Amortization of net unrealized gains on AFS securities transferred to HTM (1) 1,910 (433) 1,477 Net unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges 12,535 (17,748) (5,213) Reclassification adjustment for net change realized in net income on interest rate derivatives used in cash flow hedges 7,157 (1,621) 5,536 Amortization of net unrecognized pension and postretirement items (2) 32 (7) 25 Total Other Comprehensive Loss $ 63,856 $ (29,372) $ 34,484 (1) Amounts reclassified out of AOCI. Before-tax amounts included as a reduction to "Interest Income" on the Consolidated Statements of Income. (2) Amounts reclassified out of AOCI. Before-tax amounts included in "Salaries and employee benefits" on the Consolidated Statements of Income. See "Note 11 - Employee Benefit Plans," for additional details. (3) 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. |
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 Gain (Loss) on Interest Rate Derivatives used in Cash Flow Hedges Unrecognized Pension and Postretirement Plan Income (Costs) Total (dollars in thousands) Three months ended March 31, 2024 Balance at December 31, 2023 $ (274,862) $ (34,783) $ (2,635) $ (312,280) OCI before reclassifications (16,665) 4,297 — (12,368) Amounts reclassified from AOCI — 3,899 (106) 3,793 Amortization of net unrealized gains on AFS securities transferred to HTM 1,387 — — 1,387 Balance at March 31, 2024 $ (290,140) $ (26,587) $ (2,741) $ (319,468) Three months ended March 31, 2023 Balance at December 31, 2022 $ (316,231) $ (61,776) $ (7,469) $ (385,476) OCI before reclassifications 32,641 — — 32,641 Amounts reclassified from AOCI 18 323 25 366 Amortization of net unrealized losses on AFS securities transferred to HTM 1,477 — — 1,477 Balance at March 31, 2023 $ (282,095) $ (61,453) $ (7,444) $ (350,992) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets: March 31, 2024 Level 1 Level 2 Level 3 Total (dollars in thousands) Loans held for sale $ — $ 10,624 $ — $ 10,624 Available for sale investment securities: U.S. Government-sponsored agency securities — 998 — 998 State and municipal securities — 1,052,259 — 1,052,259 Corporate debt securities — 444,267 — 444,267 Collateralized mortgage obligations — 187,428 — 187,428 Residential mortgage-backed securities — 316,832 — 316,832 Commercial mortgage-backed securities — 525,185 — 525,185 Total available for sale investment securities — 2,526,969 — 2,526,969 Other assets: Investments held in Rabbi Trust 32,562 — — 32,562 Derivative assets 618 174,860 — 175,478 Total assets $ 33,180 $ 2,712,453 $ — $ 2,745,633 Other liabilities: Deferred compensation liabilities $ 32,562 $ — $ — $ 32,562 Derivative liabilities 483 281,581 — 282,064 Total liabilities $ 33,045 $ 281,581 $ — $ 314,626 December 31, 2023 Level 1 Level 2 Level 3 Total (dollars in thousands) Loans held for sale $ — $ 15,158 $ — $ 15,158 Available for sale investment securities: U.S. Government securities 42,161 — — 42,161 U.S. Government sponsored agency securities — 1,010 — 1,010 State and municipal securities — 1,072,013 — 1,072,013 Corporate debt securities — 440,551 — 440,551 Collateralized mortgage obligations — 111,434 — 111,434 Residential mortgage-backed securities — 196,795 — 196,795 Commercial mortgage-backed securities — 534,388 — 534,388 Total available for sale investment securities 42,161 2,356,191 — 2,398,352 Other assets: Investments held in Rabbi Trust 29,819 — — 29,819 Derivative assets 572 157,540 — 158,112 Total assets $ 72,552 $ 2,528,889 $ — $ 2,601,441 Other liabilities: Deferred compensation liabilities $ 29,819 $ — $ — $ 29,819 Derivative liabilities 477 246,157 — 246,634 Total liabilities $ 30,296 $ 246,157 $ — $ 276,453 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | The following table presents Level 3 financial assets measured at fair value on a nonrecurring basis: March 31, December 31, (dollars in thousands) Loans, net $ 107,915 $ 102,135 OREO 277 896 MSRs (1) 51,191 49,696 Total assets $ 159,383 $ 152,727 (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: March 31, 2024 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total (dollars in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 357,333 $ 357,333 $ — $ — $ 357,333 FRB and FHLB stock 121,637 — 121,637 — 121,637 Loans held for sale 10,624 — 10,624 — 10,624 AFS securities 2,526,969 — 2,526,969 — 2,526,969 HTM securities 1,256,423 — 1,046,932 — 1,046,932 Loans, net 21,146,595 — — 20,044,269 20,044,269 Accrued interest receivable 107,089 107,089 — — 107,089 Other assets 764,332 558,210 174,860 51,468 784,538 FINANCIAL LIABILITIES Demand and savings deposits $ 17,453,569 $ 17,453,569 $ — $ — $ 17,453,569 Brokered deposits 1,152,427 144,960 1,006,416 — 1,151,376 Time deposits 3,135,954 — 3,123,531 — 3,123,531 Accrued interest payable 26,362 26,362 — — 26,362 Federal Home Loan Bank advances 900,000 903,194 — — 903,194 Senior debt and subordinated debt 535,566 — 420,502 — 420,502 Other borrowings 860,474 859,662 750 — 860,412 Other liabilities 463,030 166,352 281,581 15,097 463,030 December 31, 2023 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total (dollars in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 549,710 $ 549,710 $ — $ — $ 549,710 FRB and FHLB stock 124,405 — 124,405 — 124,405 Loans held for sale 15,158 — 15,158 — 15,158 AFS securities 2,398,352 42,161 2,356,191 — 2,398,352 HTM securities 1,267,922 — 1,072,207 — 1,072,207 Loans, net 21,057,690 — — 19,930,560 19,930,560 Accrued interest receivable 107,972 107,972 — — 107,972 Other assets 661,067 452,935 157,540 50,592 661,067 FINANCIAL LIABILITIES Demand and savings deposits $ 17,653,690 $ 17,653,690 $ — $ — $ 17,653,690 Brokered deposits 1,144,692 145,987 999,392 — 1,145,379 Time deposits 2,739,241 — 2,714,709 — 2,714,709 Accrued interest payable 35,083 35,083 — — 35,083 Federal funds purchased 240,000 240,000 — — 240,000 Federal Home Loan Bank advances 1,100,000 1,094,013 — — 1,094,013 Senior debt and subordinated debt 535,384 — 463,270 — 463,270 Other borrowings 612,142 611,269 837 — 612,106 Other liabilities 429,046 165,635 246,157 17,254 429,046 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Reconciliation of Weighted Average Common Shares Outstanding | A reconciliation of weighted average shares outstanding used to calculate basic and diluted net income per share follows (in thousands, except per share data): Three months ended March 31 2024 2023 Weighted average shares outstanding (basic) 162,706 166,605 Impact of common stock equivalents 1,814 1,796 Weighted average shares outstanding (diluted) 164,520 168,401 Per share: Basic $ 0.36 $ 0.39 Diluted 0.36 0.39 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Compensation Expense and Related Tax Benefits | The following table presents compensation expense and the related tax benefits for equity awards recognized in the consolidated statements of income: Three months ended March 31 2024 2023 (dollars in thousands) Compensation expense $ 667 $ 1,668 Tax benefit (144) (362) Total stock-based compensation, net of tax $ 523 $ 1,306 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | The net periodic pension cost for the Pension Plan consisted of the following components: Three months ended March 31 2024 2023 (dollars in thousands) Interest cost $ 790 $ 856 Expected return on plan assets (976) (877) Net amortization and deferral — 80 Net periodic pension cost $ (186) $ 59 The components of the net benefit for the Postretirement Plan consisted of the following components: Three months ended March 31 2024 2023 (dollars in thousands) Interest cost $ 10 $ 13 Net accretion and deferral (136) (136) Net periodic benefit $ (126) $ (123) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Outstanding Commitments to Extend Credit and Letters of Credit | The following table presents the Corporation's commitments to extend credit and letters of credit: March 31, December 31, 2023 (dollars in thousands) Commitments to extend credit $ 8,778,133 $ 8,790,511 Standby letters of credit 249,594 264,440 Commercial letters of credit 64,078 67,396 |
Restrictions on Cash and Cash_2
Restrictions on Cash and Cash Equivalents (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Cash and Cash Equivalents [Abstract] | ||
Collateral | $ 11 | $ 17.4 |
Investment Securities Schedule
Investment Securities Schedule of Amortized Cost and Fair Values of Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 2,848,422 | |
Gross Unrealized Gains | 1,952 | |
Gross Unrealized Losses | (323,405) | |
Estimated Fair Value | 2,526,969 | $ 2,398,352 |
Amortized Cost, Held to Maturity | 1,256,423 | 1,267,922 |
Gross Unrealized Gains, Held to Maturity | 0 | 0 |
Gross Unrealized Losses, Held to Maturity | (209,491) | (195,715) |
Debt Securities, Held-to-Maturity, Fair Value | 1,046,932 | 1,072,207 |
US Government Debt Securities | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 42,475 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (314) | |
Estimated Fair Value | 42,161 | |
US Government Agencies Debt Securities | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 1,035 | 1,038 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (37) | (28) |
Estimated Fair Value | 998 | 1,010 |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 1,198,180 | 1,200,571 |
Gross Unrealized Gains | 390 | 1,089 |
Gross Unrealized Losses | (146,311) | (129,647) |
Estimated Fair Value | 1,052,259 | 1,072,013 |
Corporate Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 480,803 | 480,714 |
Gross Unrealized Gains | 1,060 | 473 |
Gross Unrealized Losses | (37,596) | (40,636) |
Estimated Fair Value | 444,267 | 440,551 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 199,510 | 122,824 |
Gross Unrealized Gains | 160 | 0 |
Gross Unrealized Losses | (12,242) | (11,390) |
Estimated Fair Value | 187,428 | 111,434 |
Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 347,116 | 223,273 |
Gross Unrealized Gains | 342 | 7 |
Gross Unrealized Losses | (30,626) | (26,485) |
Estimated Fair Value | 316,832 | 196,795 |
Amortized Cost, Held to Maturity | 396,308 | 407,075 |
Gross Unrealized Gains, Held to Maturity | 0 | 0 |
Gross Unrealized Losses, Held to Maturity | (58,245) | (51,805) |
Debt Securities, Held-to-Maturity, Fair Value | 338,063 | 355,270 |
Commercial Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 621,778 | 627,364 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (96,593) | (92,976) |
Estimated Fair Value | 525,185 | 534,388 |
Amortized Cost, Held to Maturity | 860,115 | 860,847 |
Gross Unrealized Gains, Held to Maturity | 0 | 0 |
Gross Unrealized Losses, Held to Maturity | (151,246) | (143,910) |
Debt Securities, Held-to-Maturity, Fair Value | $ 708,869 | 716,937 |
Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 2,698,259 | |
Gross Unrealized Gains | 1,569 | |
Gross Unrealized Losses | (301,476) | |
Estimated Fair Value | $ 2,398,352 |
Investment Securities Schedul_2
Investment Securities Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized Cost | ||
Due in one year or less | $ 9,342 | |
Due from one year to five years | 180,221 | |
Due from five years to ten years | 486,781 | |
Due after ten years | 1,003,674 | |
Amortized cost, before securities without debt maturities | 1,680,018 | |
Amortized Cost | 2,848,422 | |
Estimated Fair Value | ||
Due in one year or less | 9,403 | |
Due from one year to five years | 171,975 | |
Due from five years to ten years | 453,657 | |
Due after ten years | 862,489 | |
Available for sale securities, debt maturities, before securities without single maturities | 1,497,524 | |
Estimated Fair Value | 2,526,969 | $ 2,398,352 |
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 | 1,256,423 | 1,267,922 |
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 | 1,046,932 | 1,072,207 |
Mortgage-Backed Securities [Member] | ||
Amortized Cost | ||
Available-for-sale securities, amortized cost without single maturity date | 347,116 | |
Amortized Cost | 347,116 | 223,273 |
Estimated Fair Value | ||
Available-for-sale securities, debt maturities, without single maturity date, fair value | 316,832 | |
Estimated Fair Value | 316,832 | 196,795 |
Amortized Cost | ||
Debt securities, held-to-maturity, maturity, without single maturity date, amortized cost | 396,308 | |
Amortized Cost, Held to Maturity | 396,308 | 407,075 |
Estimated Fair Value | ||
Debt securities, held-to-maturity, maturity, without single maturity date, fair value | 338,063 | |
Estimated Fair Value, Held to Maturity | 338,063 | 355,270 |
Commercial Mortgage Backed Securities [Member] | ||
Amortized Cost | ||
Available-for-sale securities, amortized cost without single maturity date | 621,778 | |
Amortized Cost | 621,778 | 627,364 |
Estimated Fair Value | ||
Available-for-sale securities, debt maturities, without single maturity date, fair value | 525,185 | |
Estimated Fair Value | 525,185 | 534,388 |
Amortized Cost | ||
Debt securities, held-to-maturity, maturity, without single maturity date, amortized cost | 860,115 | |
Amortized Cost, Held to Maturity | 860,115 | 860,847 |
Estimated Fair Value | ||
Debt securities, held-to-maturity, maturity, without single maturity date, fair value | 708,869 | |
Estimated Fair Value, Held to Maturity | 708,869 | 716,937 |
Collateralized Mortgage Obligations [Member] | ||
Amortized Cost | ||
Available-for-sale securities, amortized cost without single maturity date | 199,510 | |
Amortized Cost | 199,510 | 122,824 |
Estimated Fair Value | ||
Available-for-sale securities, debt maturities, without single maturity date, fair value | 187,428 | |
Estimated Fair Value | 187,428 | $ 111,434 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Debt securities, Gross Realized Gains | $ 0 | $ 283 |
Debt securities, Gross Realized Losses | 0 | (260) |
Debt securities, Net Gains (Losses) | $ 0 | $ 23 |
Investment Securities Gross Unr
Investment Securities Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in a Continuous Unrealized Loss Position (Details) $ in Thousands | Mar. 31, 2024 USD ($) Security | Dec. 31, 2023 USD ($) Security |
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 60 | 56 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 136,717 | $ 146,416 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (1,910) | $ (3,240) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 698 | 671 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 2,155,018 | $ 2,145,336 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (321,495) | (298,236) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,291,735 | 2,291,752 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (323,405) | $ (301,476) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 0 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | $ 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 180 | 180 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 1,046,932 | $ 1,072,207 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (209,491) | (195,715) |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 1,046,932 | 1,072,207 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | $ (209,491) | $ (195,715) |
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 | 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 | 1 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 42,161 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (314) | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 42,161 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (314) | |
US Government Agencies Debt Securities | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 1 | 1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 998 | $ 1,010 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (37) | (28) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 998 | 1,010 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (37) | $ (28) |
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 | 40 | 40 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 82,963 | $ 76,155 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (1,072) | $ (858) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 336 | 314 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 942,914 | $ 917,274 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (145,239) | (128,789) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,025,877 | 993,429 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (146,311) | $ (129,647) |
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 | 3 | 8 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 15,247 | $ 42,945 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (753) | $ (1,326) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 64 | 60 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 392,222 | $ 370,523 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (36,843) | (39,310) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 407,469 | 413,468 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (37,596) | $ (40,636) |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 2 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 19,916 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (56) | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 93 | 93 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 105,859 | $ 111,434 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (12,186) | (11,390) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 125,775 | 111,434 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (12,242) | $ (11,390) |
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 | 15 | 6 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 18,591 | $ 409 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (29) | $ (3) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 69 | 69 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 187,840 | $ 195,453 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (30,597) | (26,482) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 206,431 | 195,862 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (30,626) | $ (26,485) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 0 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | $ 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 120 | 120 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 338,063 | $ 355,270 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (58,245) | (51,805) |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 338,063 | 355,270 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | $ (58,245) | $ (51,805) |
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 | 0 | 2 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 0 | $ 26,907 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | $ (1,053) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 135 | 133 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 525,185 | $ 507,481 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (96,593) | (91,923) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 525,185 | 534,388 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (96,593) | $ (92,976) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 0 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | $ 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 60 | 60 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 708,869 | $ 716,937 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (151,246) | (143,910) |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 708,869 | 716,937 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | $ (151,246) | $ (143,910) |
Investment Securities Narrative
Investment Securities Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Investments [Line Items] | ||
Debt Securities, Held-to-Maturity, Fair Value | $ 1,046,932 | $ 1,072,207 |
Collateral Pledged [Member] | ||
Schedule of Investments [Line Items] | ||
Securities pledged as collateral | $ 600,000 | $ 400,000 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses Summary Of Gross Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 21,444,483 | $ 21,351,094 |
Real estate - commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net loans | 8,252,117 | 8,127,728 |
Total | 8,252,117 | 8,127,728 |
Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net loans | 4,467,589 | 4,545,552 |
Total | 4,467,589 | 4,545,552 |
Financing receivable, unearned income | 0 | 41 |
Real estate - residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net loans | 5,395,720 | 5,325,923 |
Total | 5,395,720 | 5,325,923 |
Real estate - home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net loans | 1,040,335 | 1,047,184 |
Total | 1,040,335 | 1,047,184 |
Real-estate - construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net loans | 1,249,199 | 1,239,075 |
Total | 1,249,199 | 1,239,075 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net loans | 698,421 | 729,318 |
Total | 698,421 | 729,318 |
Leases and other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net loans | 341,102 | 336,314 |
Total | 341,102 | 336,314 |
Financing receivable, unearned income | $ 38,000 | $ 38,000 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses Allowance for Credit Losses (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Receivables [Abstract] | ||||
ACL - loans | $ 297,888,000 | $ 293,404,000 | ||
Reserve for OBS credit exposures(1) | 15,097,000 | 17,254,000 | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans and Leases Receivable, Allowance | 297,888,000 | $ 278,695,000 | $ 293,404,000 | $ 269,366,000 |
Provision for credit losses | 10,925,000 | 24,544,000 | ||
Current period gross charge-offs | (10,952,000) | (16,903,000) | ||
Recoveries of loans previously charged off | 2,354,000 | 2,899,000 | ||
Net loans (charged off) recovered | (8,598,000) | (14,004,000) | ||
Provision for credit losses | 13,082,000 | 23,333,000 | ||
Off-Balance-Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | (2,157,000) | 1,211,000 | ||
Off-Balance-Sheet, Credit Loss, Liability | $ 15,097,000 | $ 17,539,000 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses Activity in the Allowance for Credit Losses (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | $ 293,404,000 | $ 269,366,000 | $ 269,366,000 |
Loans charged off | (10,952,000) | (16,903,000) | |
Recoveries of loans previously charged off | 2,354,000 | 2,899,000 | |
Net loans (charged off) recovered | (8,598,000) | (14,004,000) | |
Provision for credit losses | 13,082,000 | 23,333,000 | |
Ending balance | 297,888,000 | 278,695,000 | $ 293,404,000 |
Off-Balance-Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | (2,157,000) | 1,211,000 | |
Off-Balance-Sheet, Credit Loss, Liability | 15,097,000 | 17,539,000 | |
Loans - Excluding OBS Credit Exposure | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Loans charged off | (10,952,000) | (16,903,000) | |
Recoveries of loans previously charged off | 2,354,000 | 2,899,000 | |
Net loans (charged off) recovered | (8,598,000) | (14,004,000) | |
Provision for credit losses | 13,082,000 | 23,333,000 | |
Real estate - commercial mortgage | Loans - Excluding OBS Credit Exposure | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Loans charged off | (26,000) | (13,362,000) | |
Recoveries of loans previously charged off | 152,000 | 786,000 | |
Net loans (charged off) recovered | 126,000 | (12,576,000) | |
Provision for credit losses | $ 1,801,000 | $ 9,376,000 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | $ 293,404,000 | ||
Loans charged off | (10,952,000) | $ (16,903,000) | |
Recoveries of loans previously charged off | 2,354,000 | 2,899,000 | |
Net loans (charged off) recovered | (8,598,000) | (14,004,000) | |
Provision for credit losses | 13,082,000 | 23,333,000 | |
Ending balance | 297,888,000 | $ 293,404,000 | |
Loans - Excluding OBS Credit Exposure | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 293,404,000 | 269,366,000 | 269,366,000 |
Loans charged off | (10,952,000) | (16,903,000) | |
Recoveries of loans previously charged off | 2,354,000 | 2,899,000 | |
Net loans (charged off) recovered | (8,598,000) | (14,004,000) | |
Provision for credit losses | 13,082,000 | 23,333,000 | |
Ending balance | 297,888,000 | 278,695,000 | 293,404,000 |
Loans - Excluding OBS Credit Exposure | Real estate - commercial mortgage | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 112,565,000 | 69,456,000 | 69,456,000 |
Loans charged off | (26,000) | (13,362,000) | |
Recoveries of loans previously charged off | 152,000 | 786,000 | |
Net loans (charged off) recovered | 126,000 | (12,576,000) | |
Provision for credit losses | 1,801,000 | 9,376,000 | |
Ending balance | 114,492,000 | 66,256,000 | 112,565,000 |
Loans - Excluding OBS Credit Exposure | Commercial and Industrial | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 74,266,000 | 70,116,000 | 70,116,000 |
Loans charged off | (7,632,000) | (612,000) | |
Recoveries of loans previously charged off | 1,248,000 | 1,086,000 | |
Net loans (charged off) recovered | (6,384,000) | 474,000 | |
Provision for credit losses | 9,001,000 | 6,536,000 | |
Ending balance | 76,883,000 | 77,126,000 | 74,266,000 |
Loans - Excluding OBS Credit Exposure | Real estate - residential mortgage | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 73,286,000 | 83,250,000 | 83,250,000 |
Loans charged off | (251,000) | 0 | |
Recoveries of loans previously charged off | 116,000 | 48,000 | |
Net loans (charged off) recovered | (135,000) | 48,000 | |
Provision for credit losses | 65,000 | 2,911,000 | |
Ending balance | 73,216,000 | 86,209,000 | 73,286,000 |
Loans - Excluding OBS Credit Exposure | Consumer and Home Equity | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 17,604,000 | 26,429,000 | 26,429,000 |
Loans charged off | (2,238,000) | (2,206,000) | |
Recoveries of loans previously charged off | 676,000 | 661,000 | |
Net loans (charged off) recovered | (1,562,000) | (1,545,000) | |
Provision for credit losses | 646,000 | 2,419,000 | |
Ending balance | 16,688,000 | 27,303,000 | 17,604,000 |
Loans - Excluding OBS Credit Exposure | Real-estate - construction | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 12,295,000 | 10,743,000 | 10,743,000 |
Loans charged off | 0 | 0 | |
Recoveries of loans previously charged off | 0 | 202,000 | |
Net loans (charged off) recovered | 0 | 202,000 | |
Provision for credit losses | 671,000 | 701,000 | |
Ending balance | 12,966,000 | 11,646,000 | 12,295,000 |
Loans - Excluding OBS Credit Exposure | Leases and other loans | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 3,388,000 | 9,372,000 | 9,372,000 |
Loans charged off | (805,000) | (723,000) | |
Recoveries of loans previously charged off | 162,000 | 116,000 | |
Net loans (charged off) recovered | (643,000) | (607,000) | |
Provision for credit losses | 898,000 | 1,390,000 | |
Ending balance | $ 3,643,000 | $ 10,155,000 | $ 3,388,000 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses Total Impaired Loans by Class Segments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | $ 76,890 | $ 68,851 |
Unpaid principal balance, with no related allowance | 52,738 | 52,769 |
Unpaid Principal Balance | 129,628 | 121,620 |
Real estate - commercial mortgage | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 31,912 | 23,338 |
Unpaid principal balance, with no related allowance | 14,049 | 21,467 |
Unpaid Principal Balance | 45,961 | 44,805 |
Commercial | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 17,774 | 12,410 |
Unpaid principal balance, with no related allowance | 25,961 | 27,542 |
Unpaid Principal Balance | 43,735 | 39,952 |
Real estate - residential mortgage | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 21,217 | 18,806 |
Unpaid principal balance, with no related allowance | 2,028 | 2,018 |
Unpaid Principal Balance | 23,245 | 20,824 |
Real estate - home equity | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 5,164 | 4,649 |
Unpaid principal balance, with no related allowance | 95 | 104 |
Unpaid Principal Balance | 5,259 | 4,753 |
Construction | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 340 | 341 |
Unpaid principal balance, with no related allowance | 946 | 1,000 |
Unpaid Principal Balance | 1,286 | 1,341 |
Consumer | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 51 | 52 |
Unpaid principal balance, with no related allowance | 0 | 0 |
Unpaid Principal Balance | 51 | 52 |
Leases and other loans | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 432 | 9,255 |
Unpaid principal balance, with no related allowance | 9,659 | 638 |
Unpaid Principal Balance | $ 10,091 | $ 9,893 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses Credit Quality Indicators (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Total | |||
Total | $ 21,444,483 | $ 21,351,094 | |
Current period gross charge-offs | (10,952) | $ (16,903) | |
Real estate - commercial mortgage | |||
Total | |||
Total | 8,252,117 | 8,127,728 | |
Gross loans | 8,252,117 | 8,127,728 | |
Commercial and Industrial | |||
Total | |||
Total | 4,467,589 | 4,545,552 | |
Gross loans | 4,467,589 | 4,545,552 | |
Real estate - residential mortgage | |||
Total | |||
Total | 5,395,720 | 5,325,923 | |
Gross loans | 5,395,720 | 5,325,923 | |
Leases and other loans | |||
Total | |||
Total | 341,102 | 336,314 | |
Gross loans | 341,102 | 336,314 | |
Portfolio Segment and Loan Class | |||
2024 | |||
Total | 307,756 | 1,744,297 | |
2023 | |||
Total | 1,802,794 | 1,953,966 | |
2022 | |||
Total | 1,970,415 | 1,981,737 | |
2021 | |||
Total | 1,920,550 | 1,428,026 | |
2020 | |||
Total | 1,379,465 | 1,091,506 | |
Prior | |||
Total | 4,706,764 | 3,727,931 | |
Revolving Loans Amortized Cost Basis | |||
Total | 1,636,823 | 1,696,870 | |
Total | |||
Total | 13,746,111 | 13,675,866 | |
Portfolio Segment and Loan Class | Pass | |||
2024 | |||
Total | 301,752 | 1,732,981 | |
2023 | |||
Total | 1,781,329 | 1,841,229 | |
2022 | |||
Total | 1,847,867 | 1,796,011 | |
2021 | |||
Total | 1,713,313 | 1,363,602 | |
2020 | |||
Total | 1,311,075 | 1,003,493 | |
Prior | |||
Total | 4,341,880 | 3,455,090 | |
Revolving Loans Amortized Cost Basis | |||
Total | 1,432,098 | 1,516,133 | |
Total | |||
Total | 12,744,872 | 12,750,911 | |
Portfolio Segment and Loan Class | Special Mention | |||
2024 | |||
Total | 3,824 | 10,703 | |
2023 | |||
Total | 9,110 | 66,074 | |
2022 | |||
Total | 62,106 | 147,582 | |
2021 | |||
Total | 162,582 | 11,439 | |
2020 | |||
Total | 14,658 | 42,106 | |
Prior | |||
Total | 167,658 | 124,273 | |
Revolving Loans Amortized Cost Basis | |||
Total | 64,456 | 74,535 | |
Total | |||
Total | 485,291 | 476,910 | |
Portfolio Segment and Loan Class | Substandard or Lower | |||
2024 | |||
Total | 2,180 | 613 | |
2023 | |||
Total | 12,355 | 46,663 | |
2022 | |||
Total | 60,442 | 38,144 | |
2021 | |||
Total | 44,655 | 52,985 | |
2020 | |||
Total | 53,732 | 45,907 | |
Prior | |||
Total | 197,226 | 148,568 | |
Revolving Loans Amortized Cost Basis | |||
Total | 140,269 | 106,202 | |
Total | |||
Total | 515,948 | 448,045 | |
Portfolio Segment and Loan Class | Real estate - commercial mortgage | |||
2024 | |||
Total | 145,129 | 786,806 | |
Current period gross charge-offs | 0 | 0 | |
2023 | |||
Total | 830,056 | 1,057,879 | |
Current period gross charge-offs | 0 | 0 | |
2022 | |||
Total | 1,064,258 | 1,340,341 | |
Current period gross charge-offs | 0 | 0 | |
2021 | |||
Total | 1,365,670 | 1,041,962 | |
Current period gross charge-offs | 0 | 0 | |
2020 | |||
Total | 1,040,484 | 783,725 | |
Current period gross charge-offs | 0 | 0 | |
Prior | |||
Total | 3,746,494 | 3,023,562 | |
Current period gross charge-offs | 0 | (424) | |
Revolving Loans Amortized Cost Basis | |||
Total | 59,129 | 61,817 | |
Current period gross charge-offs | 0 | 0 | |
Total | |||
Total | 8,252,117 | 8,127,728 | |
Current period gross charge-offs | (26) | (17,999) | |
Portfolio Segment and Loan Class | Real estate - commercial mortgage | Pass | |||
2024 | |||
Total | 144,685 | 783,673 | |
2023 | |||
Total | 821,641 | 993,017 | |
2022 | |||
Total | 986,101 | 1,203,852 | |
2021 | |||
Total | 1,188,735 | 984,958 | |
2020 | |||
Total | 980,105 | 721,857 | |
Prior | |||
Total | 3,486,974 | 2,822,155 | |
Revolving Loans Amortized Cost Basis | |||
Total | 54,703 | 59,253 | |
Total | |||
Total | 7,662,944 | 7,600,401 | |
Portfolio Segment and Loan Class | Real estate - commercial mortgage | Special Mention | |||
2024 | |||
Total | 226 | 2,767 | |
2023 | |||
Total | 1,793 | 43,904 | |
2022 | |||
Total | 44,169 | 105,185 | |
2021 | |||
Total | 141,371 | 7,862 | |
2020 | |||
Total | 10,370 | 35,289 | |
Prior | |||
Total | 138,537 | 105,786 | |
Revolving Loans Amortized Cost Basis | |||
Total | 3,485 | 1,760 | |
Total | |||
Total | 340,848 | 302,553 | |
Portfolio Segment and Loan Class | Real estate - commercial mortgage | Substandard or Lower | |||
2024 | |||
Total | 218 | 366 | |
2023 | |||
Total | 6,622 | 20,958 | |
2022 | |||
Total | 33,988 | 31,304 | |
2021 | |||
Total | 35,564 | 49,142 | |
2020 | |||
Total | 50,009 | 26,579 | |
Prior | |||
Total | 120,983 | 95,621 | |
Revolving Loans Amortized Cost Basis | |||
Total | 941 | 804 | |
Total | |||
Total | 248,325 | 224,774 | |
Portfolio Segment and Loan Class | Commercial and Industrial | |||
2024 | |||
Total | 133,283 | 634,569 | |
Current period gross charge-offs | 0 | 0 | |
2023 | |||
Total | 570,719 | 624,864 | |
Current period gross charge-offs | 0 | (299) | |
2022 | |||
Total | 609,457 | 351,686 | |
Current period gross charge-offs | 0 | 0 | |
2021 | |||
Total | 338,105 | 348,638 | |
Current period gross charge-offs | 0 | 0 | |
2020 | |||
Total | 336,647 | 297,931 | |
Current period gross charge-offs | 0 | 0 | |
Prior | |||
Total | 895,331 | 648,988 | |
Current period gross charge-offs | 0 | (249) | |
Revolving Loans Amortized Cost Basis | |||
Total | 1,563,400 | 1,621,208 | |
Current period gross charge-offs | (3,997) | (682) | |
Total | |||
Total | 4,467,589 | 4,545,552 | |
Current period gross charge-offs | (7,632) | (9,246) | |
Portfolio Segment and Loan Class | Commercial and Industrial | Pass | |||
2024 | |||
Total | 127,723 | 626,386 | |
2023 | |||
Total | 557,669 | 590,132 | |
2022 | |||
Total | 578,694 | 330,576 | |
2021 | |||
Total | 317,053 | 341,218 | |
2020 | |||
Total | 328,636 | 272,126 | |
Prior | |||
Total | 813,618 | 598,838 | |
Revolving Loans Amortized Cost Basis | |||
Total | 1,363,249 | 1,443,203 | |
Total | |||
Total | 4,102,200 | 4,213,215 | |
Portfolio Segment and Loan Class | Commercial and Industrial | Special Mention | |||
2024 | |||
Total | 3,598 | 7,936 | |
2023 | |||
Total | 7,317 | 9,548 | |
2022 | |||
Total | 4,914 | 16,499 | |
2021 | |||
Total | 11,961 | 3,577 | |
2020 | |||
Total | 4,288 | 6,817 | |
Prior | |||
Total | 29,121 | 18,487 | |
Revolving Loans Amortized Cost Basis | |||
Total | 60,971 | 72,775 | |
Total | |||
Total | 122,170 | 135,837 | |
Portfolio Segment and Loan Class | Commercial and Industrial | Substandard or Lower | |||
2024 | |||
Total | 1,962 | 247 | |
2023 | |||
Total | 5,733 | 25,184 | |
2022 | |||
Total | 25,849 | 4,611 | |
2021 | |||
Total | 9,091 | 3,843 | |
2020 | |||
Total | 3,723 | 18,988 | |
Prior | |||
Total | 52,592 | 31,663 | |
Revolving Loans Amortized Cost Basis | |||
Total | 139,180 | 105,230 | |
Total | |||
Total | 243,219 | 196,500 | |
Portfolio Segment and Loan Class | Real estate - construction(1) | |||
2024 | |||
Total | 29,344 | 322,922 | |
Current period gross charge-offs | 0 | 0 | |
2023 | |||
Total | 402,019 | 271,223 | |
Current period gross charge-offs | 0 | 0 | |
2022 | |||
Total | 296,700 | 289,710 | |
Current period gross charge-offs | 0 | 0 | |
2021 | |||
Total | 216,775 | 37,426 | |
Current period gross charge-offs | 0 | 0 | |
2020 | |||
Total | 2,334 | 9,850 | |
Current period gross charge-offs | 0 | 0 | |
Prior | |||
Total | 64,939 | 55,381 | |
Current period gross charge-offs | 0 | 0 | |
Revolving Loans Amortized Cost Basis | |||
Total | 14,294 | 13,845 | |
Current period gross charge-offs | 0 | 0 | |
Total | |||
Total | 1,026,405 | 1,002,586 | |
Current period gross charge-offs | 0 | 0 | |
Portfolio Segment and Loan Class | Real estate - construction(1) | Pass | |||
2024 | |||
Total | 29,344 | 322,922 | |
2023 | |||
Total | 402,019 | 258,080 | |
2022 | |||
Total | 283,072 | 261,583 | |
2021 | |||
Total | 207,525 | 37,426 | |
2020 | |||
Total | 2,334 | 9,510 | |
Prior | |||
Total | 41,288 | 34,097 | |
Revolving Loans Amortized Cost Basis | |||
Total | 14,146 | 13,677 | |
Total | |||
Total | 979,728 | 937,295 | |
Portfolio Segment and Loan Class | Real estate - construction(1) | Special Mention | |||
2024 | |||
Total | 0 | 0 | |
2023 | |||
Total | 0 | 12,622 | |
2022 | |||
Total | 13,023 | 25,898 | |
2021 | |||
Total | 9,250 | 0 | |
2020 | |||
Total | 0 | 0 | |
Prior | |||
Total | 0 | 0 | |
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | 22,273 | 38,520 | |
Portfolio Segment and Loan Class | Real estate - construction(1) | Substandard or Lower | |||
2024 | |||
Total | 0 | 0 | |
2023 | |||
Total | 0 | 521 | |
2022 | |||
Total | 605 | 2,229 | |
2021 | |||
Total | 0 | 0 | |
2020 | |||
Total | 0 | 340 | |
Prior | |||
Total | 23,651 | 21,284 | |
Revolving Loans Amortized Cost Basis | |||
Total | 148 | 168 | |
Total | |||
Total | 24,404 | 26,771 | |
Payment Activity, Aging Status | |||
2024 | |||
Total | 290,024 | 1,189,985 | |
2023 | |||
Total | 1,044,179 | 1,583,817 | |
2022 | |||
Total | 1,558,893 | 1,815,951 | |
2021 | |||
Total | 1,785,337 | 1,074,318 | |
2020 | |||
Total | 1,051,813 | 320,549 | |
Prior | |||
Total | 1,139,860 | 861,819 | |
Revolving Loans Amortized Cost Basis | |||
Total | 804,978 | 807,084 | |
Total | |||
Total | 7,698,372 | 7,675,228 | |
Payment Activity, Aging Status | Performing | |||
2024 | |||
Total | 290,024 | 1,189,690 | |
2023 | |||
Total | 1,043,726 | 1,579,989 | |
2022 | |||
Total | 1,553,747 | 1,810,197 | |
2021 | |||
Total | 1,780,892 | 1,069,335 | |
2020 | |||
Total | 1,046,992 | 313,962 | |
Prior | |||
Total | 1,094,660 | 821,913 | |
Revolving Loans Amortized Cost Basis | |||
Total | 803,859 | 805,645 | |
Total | |||
Total | 7,635,519 | 7,610,775 | |
Payment Activity, Aging Status | Nonperforming | |||
2024 | |||
Total | 0 | 295 | |
2023 | |||
Total | 453 | 3,828 | |
2022 | |||
Total | 5,146 | 5,754 | |
2021 | |||
Total | 4,445 | 4,983 | |
2020 | |||
Total | 4,821 | 6,587 | |
Prior | |||
Total | 45,200 | 39,906 | |
Revolving Loans Amortized Cost Basis | |||
Total | 1,119 | 1,439 | |
Total | |||
Total | 62,853 | 64,453 | |
Payment Activity, Aging Status | Real estate - residential mortgage | |||
2024 | |||
Total | 67,011 | 623,247 | |
Current period gross charge-offs | 0 | 0 | |
2023 | |||
Total | 647,162 | 1,128,376 | |
Current period gross charge-offs | 0 | 0 | |
2022 | |||
Total | 1,157,291 | 1,687,647 | |
Current period gross charge-offs | 0 | 0 | |
2021 | |||
Total | 1,671,768 | 988,751 | |
Current period gross charge-offs | 0 | 0 | |
2020 | |||
Total | 974,127 | 266,282 | |
Current period gross charge-offs | 0 | 0 | |
Prior | |||
Total | 878,361 | 631,620 | |
Current period gross charge-offs | 0 | 0 | |
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Current period gross charge-offs | 0 | 0 | |
Total | |||
Total | 5,395,720 | 5,325,923 | |
Current period gross charge-offs | (251) | (62) | |
Payment Activity, Aging Status | Real estate - residential mortgage | Performing | |||
2024 | |||
Total | 67,011 | 623,247 | |
2023 | |||
Total | 646,785 | 1,126,656 | |
2022 | |||
Total | 1,155,113 | 1,682,759 | |
2021 | |||
Total | 1,667,801 | 984,050 | |
2020 | |||
Total | 969,671 | 260,049 | |
Prior | |||
Total | 848,654 | 607,133 | |
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | 5,355,035 | 5,283,894 | |
Payment Activity, Aging Status | Real estate - residential mortgage | Nonperforming | |||
2024 | |||
Total | 0 | 0 | |
2023 | |||
Total | 377 | 1,720 | |
2022 | |||
Total | 2,178 | 4,888 | |
2021 | |||
Total | 3,967 | 4,701 | |
2020 | |||
Total | 4,456 | 6,233 | |
Prior | |||
Total | 29,707 | 24,487 | |
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | 40,685 | 42,029 | |
Payment Activity, Aging Status | Consumer and Home Equity | |||
2024 | |||
Total | 139,457 | 272,866 | |
Current period gross charge-offs | 0 | (119) | |
2023 | |||
Total | 141,676 | 276,828 | |
Current period gross charge-offs | 0 | 0 | |
2022 | |||
Total | 259,541 | 86,851 | |
Current period gross charge-offs | 0 | 0 | |
2021 | |||
Total | 81,363 | 62,708 | |
Current period gross charge-offs | 0 | 0 | |
2020 | |||
Total | 57,798 | 38,021 | |
Current period gross charge-offs | 0 | 0 | |
Prior | |||
Total | 230,655 | 210,439 | |
Current period gross charge-offs | (401) | (525) | |
Revolving Loans Amortized Cost Basis | |||
Total | 804,978 | 807,084 | |
Current period gross charge-offs | 0 | (283) | |
Total | |||
Total | 1,738,756 | 1,776,502 | |
Current period gross charge-offs | (2,238) | (7,514) | |
Payment Activity, Aging Status | Consumer and Home Equity | Performing | |||
2024 | |||
Total | 139,457 | 272,571 | |
2023 | |||
Total | 141,600 | 276,373 | |
2022 | |||
Total | 258,843 | 85,985 | |
2021 | |||
Total | 80,885 | 62,426 | |
2020 | |||
Total | 57,456 | 37,667 | |
Prior | |||
Total | 224,865 | 204,913 | |
Revolving Loans Amortized Cost Basis | |||
Total | 803,859 | 805,645 | |
Total | |||
Total | 1,728,584 | 1,765,624 | |
Payment Activity, Aging Status | Consumer and Home Equity | Nonperforming | |||
2024 | |||
Total | 0 | 295 | |
2023 | |||
Total | 76 | 455 | |
2022 | |||
Total | 698 | 866 | |
2021 | |||
Total | 478 | 282 | |
2020 | |||
Total | 342 | 354 | |
Prior | |||
Total | 5,790 | 5,526 | |
Revolving Loans Amortized Cost Basis | |||
Total | 1,119 | 1,439 | |
Total | |||
Total | 10,172 | 10,878 | |
Payment Activity, Aging Status | Construction - other | |||
2024 | |||
Total | 10,366 | 127,382 | |
Current period gross charge-offs | 0 | 0 | |
2023 | |||
Total | 142,825 | 94,854 | |
Current period gross charge-offs | 0 | 0 | |
2022 | |||
Total | 62,485 | 13,698 | |
Current period gross charge-offs | 0 | 0 | |
2021 | |||
Total | 7,118 | 555 | |
Current period gross charge-offs | 0 | 0 | |
2020 | |||
Total | 0 | 0 | |
Current period gross charge-offs | 0 | 0 | |
Prior | |||
Total | 0 | 0 | |
Current period gross charge-offs | 0 | 0 | |
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Current period gross charge-offs | 0 | 0 | |
Total | |||
Total | 222,794 | 236,489 | |
Current period gross charge-offs | 0 | 0 | |
Payment Activity, Aging Status | Construction - other | Performing | |||
2024 | |||
Total | 10,366 | 127,382 | |
2023 | |||
Total | 142,825 | 93,319 | |
2022 | |||
Total | 60,623 | 13,698 | |
2021 | |||
Total | 7,118 | 555 | |
2020 | |||
Total | 0 | 0 | |
Prior | |||
Total | 0 | 0 | |
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | 220,932 | 234,954 | |
Payment Activity, Aging Status | Construction - other | Nonperforming | |||
2024 | |||
Total | 0 | 0 | |
2023 | |||
Total | 0 | 1,535 | |
2022 | |||
Total | 1,862 | 0 | |
2021 | |||
Total | 0 | 0 | |
2020 | |||
Total | 0 | 0 | |
Prior | |||
Total | 0 | 0 | |
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | 1,862 | 1,535 | |
Payment Activity, Aging Status | Leases and other loans | |||
2024 | |||
Total | 73,190 | 166,490 | |
Current period gross charge-offs | (13) | (471) | |
2023 | |||
Total | 112,516 | 83,759 | |
Current period gross charge-offs | (259) | (521) | |
2022 | |||
Total | 79,576 | 27,755 | |
Current period gross charge-offs | (90) | (246) | |
2021 | |||
Total | 25,088 | 22,304 | |
Current period gross charge-offs | (62) | (128) | |
2020 | |||
Total | 19,888 | 16,246 | |
Current period gross charge-offs | (32) | (82) | |
Prior | |||
Total | 30,844 | 19,760 | |
Current period gross charge-offs | (173) | (656) | |
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Current period gross charge-offs | 0 | (765) | |
Total | |||
Total | 341,102 | 336,314 | |
Current period gross charge-offs | (805) | (4,380) | |
Payment Activity, Aging Status | Leases and other loans | Performing | |||
2024 | |||
Total | 73,190 | 166,490 | |
2023 | |||
Total | 112,516 | 83,641 | |
2022 | |||
Total | 79,168 | 27,755 | |
2021 | |||
Total | 25,088 | 22,304 | |
2020 | |||
Total | 19,865 | 16,246 | |
Prior | |||
Total | 21,141 | 9,867 | |
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | 330,968 | 326,303 | |
Payment Activity, Aging Status | Leases and other loans | Nonperforming | |||
2024 | |||
Total | 0 | 0 | |
2023 | |||
Total | 0 | 118 | |
2022 | |||
Total | 408 | 0 | |
2021 | |||
Total | 0 | 0 | |
2020 | |||
Total | 23 | 0 | |
Prior | |||
Total | 9,703 | 9,893 | |
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | 10,134 | 10,011 | |
Conversion to Term Loan | Portfolio Segment and Loan Class | |||
Revolving Loans Amortized Cost Basis | |||
Total | 21,544 | 51,533 | |
Conversion to Term Loan | Portfolio Segment and Loan Class | Pass | |||
Revolving Loans Amortized Cost Basis | |||
Total | 15,558 | 42,372 | |
Conversion to Term Loan | Portfolio Segment and Loan Class | Special Mention | |||
Revolving Loans Amortized Cost Basis | |||
Total | 897 | 198 | |
Conversion to Term Loan | Portfolio Segment and Loan Class | Substandard or Lower | |||
Revolving Loans Amortized Cost Basis | |||
Total | 5,089 | 8,963 | |
Conversion to Term Loan | Portfolio Segment and Loan Class | Real estate - commercial mortgage | |||
Revolving Loans Amortized Cost Basis | |||
Total | 897 | 31,636 | |
Current period gross charge-offs | (26) | (17,575) | |
Conversion to Term Loan | Portfolio Segment and Loan Class | Real estate - commercial mortgage | Pass | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 31,636 | |
Conversion to Term Loan | Portfolio Segment and Loan Class | Real estate - commercial mortgage | Special Mention | |||
Revolving Loans Amortized Cost Basis | |||
Total | 897 | 0 | |
Conversion to Term Loan | Portfolio Segment and Loan Class | Real estate - commercial mortgage | Substandard or Lower | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan | Portfolio Segment and Loan Class | Commercial and Industrial | |||
Revolving Loans Amortized Cost Basis | |||
Total | 20,647 | 17,668 | |
Current period gross charge-offs | (3,635) | (8,016) | |
Conversion to Term Loan | Portfolio Segment and Loan Class | Commercial and Industrial | Pass | |||
Revolving Loans Amortized Cost Basis | |||
Total | 15,558 | 10,736 | |
Conversion to Term Loan | Portfolio Segment and Loan Class | Commercial and Industrial | Special Mention | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 198 | |
Conversion to Term Loan | Portfolio Segment and Loan Class | Commercial and Industrial | Substandard or Lower | |||
Revolving Loans Amortized Cost Basis | |||
Total | 5,089 | 6,734 | |
Conversion to Term Loan | Portfolio Segment and Loan Class | Real estate - construction(1) | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 2,229 | |
Current period gross charge-offs | 0 | 0 | |
Conversion to Term Loan | Portfolio Segment and Loan Class | Real estate - construction(1) | Pass | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan | Portfolio Segment and Loan Class | Real estate - construction(1) | Special Mention | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan | Portfolio Segment and Loan Class | Real estate - construction(1) | Substandard or Lower | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 2,229 | |
Conversion to Term Loan | Payment Activity, Aging Status | |||
Revolving Loans Amortized Cost Basis | |||
Total | 23,288 | 21,705 | |
Conversion to Term Loan | Payment Activity, Aging Status | Performing | |||
Revolving Loans Amortized Cost Basis | |||
Total | 21,619 | 20,044 | |
Conversion to Term Loan | Payment Activity, Aging Status | Nonperforming | |||
Revolving Loans Amortized Cost Basis | |||
Total | 1,669 | 1,661 | |
Conversion to Term Loan | Payment Activity, Aging Status | Real estate - residential mortgage | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Current period gross charge-offs | (251) | (62) | |
Conversion to Term Loan | Payment Activity, Aging Status | Real estate - residential mortgage | Performing | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan | Payment Activity, Aging Status | Real estate - residential mortgage | Nonperforming | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan | Payment Activity, Aging Status | Consumer and Home Equity | |||
Revolving Loans Amortized Cost Basis | |||
Total | 23,288 | 21,705 | |
Current period gross charge-offs | (1,837) | (6,587) | |
Conversion to Term Loan | Payment Activity, Aging Status | Consumer and Home Equity | Performing | |||
Revolving Loans Amortized Cost Basis | |||
Total | 21,619 | 20,044 | |
Conversion to Term Loan | Payment Activity, Aging Status | Consumer and Home Equity | Nonperforming | |||
Revolving Loans Amortized Cost Basis | |||
Total | 1,669 | 1,661 | |
Conversion to Term Loan | Payment Activity, Aging Status | Construction - other | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Current period gross charge-offs | 0 | 0 | |
Conversion to Term Loan | Payment Activity, Aging Status | Construction - other | Performing | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan | Payment Activity, Aging Status | Construction - other | Nonperforming | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan | Payment Activity, Aging Status | Leases and other loans | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Current period gross charge-offs | (176) | (1,511) | |
Conversion to Term Loan | Payment Activity, Aging Status | Leases and other loans | Performing | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan | Payment Activity, Aging Status | Leases and other loans | Nonperforming | |||
Revolving Loans Amortized Cost Basis | |||
Total | $ 0 | $ 0 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses Non-Performing Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans and leases | $ 129,628 | $ 121,620 |
Loans and leases 90 days or more past due and still accruing | 26,521 | 31,721 |
Total non-performing loans and leases | 156,149 | 153,341 |
Other real estate owned (OREO) | 277 | 896 |
Total non-performing assets | 156,426 | 154,237 |
Total | 21,444,483 | 21,351,094 |
Mortgage Loans in Process of Foreclosure, Amount | 19,000 | 10,900 |
Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 26,521 | $ 31,721 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Total | $ 21,444,483 | $ 21,351,094 |
Non- accrual | 129,628 | 121,620 |
Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 70,850 | 80,007 |
Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 17,612 | 18,850 |
Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 26,521 | 31,721 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 21,199,872 | 21,098,896 |
Real estate - commercial mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 8,252,117 | 8,127,728 |
Non- accrual | 45,961 | 44,805 |
Real estate - commercial mortgage | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 8,129 | 4,408 |
Real estate - commercial mortgage | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,795 | 1,341 |
Real estate - commercial mortgage | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,930 | 1,722 |
Real estate - commercial mortgage | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 8,193,302 | 8,075,452 |
Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,467,589 | 4,545,552 |
Non- accrual | 43,735 | 39,952 |
Commercial and Industrial | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 6,262 | 5,620 |
Commercial and Industrial | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,777 | 1,656 |
Commercial and Industrial | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 383 | 1,068 |
Commercial and Industrial | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,414,432 | 4,497,256 |
Real estate - residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 5,395,720 | 5,325,923 |
Non- accrual | 23,245 | 20,824 |
Real estate - residential mortgage | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 42,664 | 49,145 |
Real estate - residential mortgage | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 7,130 | 10,838 |
Real estate - residential mortgage | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 17,440 | 21,205 |
Real estate - residential mortgage | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 5,305,241 | 5,223,911 |
Real estate - home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,040,335 | 1,047,184 |
Non- accrual | 5,259 | 4,753 |
Real estate - home equity | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 5,954 | 8,142 |
Real estate - home equity | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,852 | 2,075 |
Real estate - home equity | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,077 | 5,326 |
Real estate - home equity | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,022,193 | 1,026,888 |
Real-estate - construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,249,199 | 1,239,075 |
Non- accrual | 1,286 | 1,341 |
Real-estate - construction | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 987 | 4,185 |
Real-estate - construction | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 297 | 451 |
Real-estate - construction | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,862 | 1,535 |
Real-estate - construction | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,244,767 | 1,231,563 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 698,421 | 729,318 |
Non- accrual | 51 | 52 |
Consumer | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 6,641 | 8,361 |
Consumer | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,602 | 1,767 |
Consumer | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 785 | 747 |
Consumer | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 689,342 | 718,391 |
Leases and other loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 341,102 | 336,314 |
Non- accrual | 10,091 | 9,893 |
Leases and other loans | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 213 | 146 |
Leases and other loans | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 159 | 722 |
Leases and other loans | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 44 | 118 |
Leases and other loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | $ 330,595 | $ 325,435 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired loans with principal balances approximately in percentage | 84% | 78% |
Unpaid principal balance, with no related allowance | $ 52,738 | $ 52,769 |
Borrowers with loan modifications, commitments to lend additional funds | 0 | |
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 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Interest Rate Reduction and Term Extension on Modified Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Combination-Term Extension and Interest Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortization Cost Basis | $ 465 | $ 0 |
Term Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortization Cost Basis | 3,172 | 8,835 |
Real estate - residential mortgage | Combination-Term Extension and Interest Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortization Cost Basis | $ 465 | $ 0 |
% of Class of Financing Receivable | 0.01% | 0% |
Real estate - residential mortgage | Term Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortization Cost Basis | $ 2,717 | $ 1,182 |
% of Class of Financing Receivable | 0.05% | 0.02% |
Loan modifications, added weighted average life (in years) | 6 years 3 months 7 days | 3 years 6 months 3 days |
Real estate - residential mortgage | Minimum | Interest Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loan modifications, weighted average interest rate decrease | 4.37% | |
Real estate - residential mortgage | Maximum | Interest Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loan modifications, weighted average interest rate decrease | 2.71% | |
Real-estate - construction | Term Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortization Cost Basis | $ 455 | $ 0 |
% of Class of Financing Receivable | 0.04% | 0% |
Loan modifications, added weighted average life (in years) | 8 months 1 day | |
Real estate - commercial mortgage | Term Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortization Cost Basis | $ 0 | $ 1,426 |
% of Class of Financing Receivable | 0% | 0.02% |
Loan modifications, added weighted average life (in years) | 1 year 10 months 28 days | |
Commercial and Industrial | Term Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortization Cost Basis | $ 0 | $ 6,227 |
% of Class of Financing Receivable | 0% | 0.14% |
Loan modifications, added weighted average life (in years) | 9 months 7 days |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Performance of Loans Modified in Period (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | $ 19,037 |
30-89 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 1,043 |
90+ Past Due and Accruing | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 283 |
Financial assets, total past due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 1,326 |
Commercial and Industrial | Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 8,498 |
Commercial and Industrial | 30-89 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 0 |
Commercial and Industrial | 90+ Past Due and Accruing | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 0 |
Commercial and Industrial | Financial assets, total past due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 0 |
Real estate - residential mortgage | Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 10,084 |
Real estate - residential mortgage | 30-89 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 1,043 |
Real estate - residential mortgage | 90+ Past Due and Accruing | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 283 |
Real estate - residential mortgage | Financial assets, total past due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 1,326 |
Real-estate - construction | Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 455 |
Real-estate - construction | 30-89 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 0 |
Real-estate - construction | 90+ Past Due and Accruing | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 0 |
Real-estate - construction | Financial assets, total past due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | $ 0 |
Mortgage Servicing Rights Summa
Mortgage Servicing Rights Summary of Changes in Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Servicing Asset [Abstract] | |||
Fair value of MSRs | $ 51,200 | $ 49,700 | |
Residential Mortgage | |||
Amortized Cost: | |||
Balance at beginning of period | 31,602 | $ 34,217 | |
Originations of MSRs | 582 | 196 | |
Amortization | (1,127) | (1,331) | |
Balance at end of period | 31,057 | 33,082 | |
Servicing Asset [Abstract] | |||
Balance at beginning of period | 0 | 0 | |
Reduction (addition) to valuation allowance | 0 | 0 | |
Balance at end of period | 0 | 0 | |
Net MSRs at end of period | 31,057 | 33,082 | |
Fair value of MSRs | $ 51,191 | $ 47,223 |
Mortgage Servicing Rights - Nar
Mortgage Servicing Rights - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Servicing Asset at Amortized Cost [Line Items] | ||||
Mortgage Loans Serviced By For Third Parties | $ 4,000,000 | $ 4,100,000 | ||
Fair value of MSRs | 51,200 | 49,700 | ||
Residential Mortgage | ||||
Servicing Asset at Amortized Cost [Line Items] | ||||
Fair value of MSRs | 51,191 | $ 47,223 | ||
Valuation Allowance for Impairment of Recognized Servicing Assets, Balance | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Financial Instrume_3
Derivative Financial Instruments Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Derivative [Line Items] | ||||
LIBOR to SOFR transition expenses | $ 200,000 | $ 1,900,000 | ||
Interest Rate Contract | ||||
Derivative [Line Items] | ||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 19,700,000 | |||
Interest Rate Contract, Terminated | ||||
Derivative [Line Items] | ||||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | $ 70,600,000 | |||
Cash flow hedge gain (loss) reclassified to earnings, net | (7,000,000) | |||
Interest Rate Contract, Terminated | Cash Flow Hedging | ||||
Derivative [Line Items] | ||||
Derivative, notional amount | $ 1,000,000,000 | |||
Mortgage Loans Held For Sale | ||||
Derivative [Line Items] | ||||
Gain (loss) in fair values of mortgage loans held for sale | $ (200,000) | $ 100,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments Notional Amounts and Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Derivative asset, fair value | $ 174,308 | $ 157,612 |
Derivative liability, gross liability | (281,881) | (245,584) |
Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 164,041 | 119,558 |
Derivative liability, notional amount | 1,018 | 1,015 |
Derivative asset, fair value | 763 | 460 |
Derivative liability, gross liability | (4) | (2) |
Forward Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 48,250 | 0 |
Derivative liability, notional amount | 0 | 42,000 |
Derivative asset, fair value | 11 | 0 |
Derivative liability, gross liability | 0 | (854) |
Interest Rate Swap with Customer [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 622,369 | 824,659 |
Derivative liability, notional amount | 4,044,521 | 3,784,236 |
Derivative asset, fair value | 8,264 | 22,656 |
Derivative liability, gross liability | (272,875) | (222,530) |
Interest Rate Swap With Counterparty [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 4,044,521 | 3,784,236 |
Derivative liability, notional amount | 622,369 | 824,659 |
Derivative asset, fair value | 164,762 | 128,235 |
Derivative liability, gross liability | (8,630) | (23,023) |
Balance Sheet Hedging Instruments | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 2,300,000 | 2,500,000 |
Derivative liability, notional amount | 950,000 | 750,000 |
Derivative asset, fair value | 1,060 | 6,189 |
Derivative liability, gross liability | (72) | 0 |
Foreign Exchange Contracts With Customer [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 16,861 | 4,159 |
Derivative liability, notional amount | 4,192 | 13,353 |
Derivative asset, fair value | 396 | 40 |
Derivative liability, gross liability | (179) | (446) |
Foreign Exchange Contracts With Correspondent Banks [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 5,656 | 15,969 |
Derivative liability, notional amount | 18,449 | 6,112 |
Derivative asset, fair value | 222 | 532 |
Derivative liability, gross liability | $ (304) | $ (31) |
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 ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivative | $ 4,297,000 | $ (5,213,000) |
Amount of Gain (Loss) Reclassified from AOCI into Income | (3,899,000) | (5,536,000) |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivative | 5,556,000 | 12,535,000 |
Amount of Gain (Loss) Recognized in OCI Included Component | 12,535,000 | |
Amount of Gain (Loss) Recognized in OCI Excluded Component | 0 | 0 |
Amount of Gain (Loss) Reclassified from AOCI into Income | (5,012,000) | (7,157,000) |
Amount of Gain (Loss) Reclassified from AOCI into Income Included Component | (5,012,000) | (7,157,000) |
Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component | 0 | 0 |
Net unrealized loss on balance sheet hedging instruments, tax | 5,556,000 | 12,535,000 |
Interest Rate Swap [Member] | Interest Income | ||
Derivative [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivative | (5,659,000) | |
Amount of Gain (Loss) Recognized in OCI Included Component | (5,659,000) | |
Amount of Gain (Loss) Recognized in OCI Excluded Component | 0 | |
Amount of Gain (Loss) Reclassified from AOCI into Income | (7,032,000) | (7,157,000) |
Amount of Gain (Loss) Reclassified from AOCI into Income Included Component | (7,032,000) | (7,157,000) |
Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component | 0 | 0 |
Interest Rate Swap [Member] | Interest Expense | ||
Derivative [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivative | 11,215,000 | |
Amount of Gain (Loss) Recognized in OCI Excluded Component | 0 | |
Amount of Gain (Loss) Reclassified from AOCI into Income | 2,020,000 | 0 |
Amount of Gain (Loss) Reclassified from AOCI into Income Included Component | 2,020,000 | 0 |
Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component | 0 | $ 0 |
Net unrealized loss on balance sheet hedging instruments, tax | $ 11,215,000 |
Derivative Financial Instrume_6
Derivative Financial Instruments Fair Value Gains and Losses on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative [Line Items] | ||
Net fair value gains/(losses) on derivative financial instruments | $ 1,357 | $ 485 |
Mortgage Banking Derivatives [Member] | ||
Derivative [Line Items] | ||
Net fair value gains/(losses) on derivative financial instruments | 1,167 | 394 |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Net fair value gains/(losses) on derivative financial instruments | 151 | 0 |
Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Net fair value gains/(losses) on derivative financial instruments | $ 39 | $ 91 |
Derivative Financial Instrume_7
Derivative Financial Instruments Summary of Mortgage Loans Held For Sale (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Loans held for sale | $ 10,624,000 | $ 15,158,000 | |
Mortgage Loans Held For Sale | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (200,000) | $ 100,000 | |
Cost [Member] | Mortgage Loans Held For Sale | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Loans held for sale | 10,434,000 | 14,792,000 | |
Fair value [Member] | Mortgage Loans Held For Sale | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Loans held for sale | $ 10,624,000 | $ 15,158,000 |
Derivative Financial Instrume_8
Derivative Financial Instruments Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | $ 174,308 | $ 157,612 |
Derivative, Collateral, Obligation to Return Securities | (9,885) | (15,686) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Net Amount | 164,423 | 141,926 |
Derivative liability, gross liability | 281,881 | 245,584 |
Derivative liability, Collateral, Right to Reclaim Securities | (10,873) | (21,875) |
Derivative liability, Collateral, Right to Reclaim Cash | (109,005) | (93,841) |
Derivative liability, Net Amount | 162,003 | 129,868 |
Interest Rate Swap [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | 174,086 | 157,080 |
Derivative, Collateral, Obligation to Return Securities | (9,663) | (15,154) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Net Amount | 164,423 | 141,926 |
Derivative liability, gross liability | 281,577 | 245,553 |
Derivative liability, Collateral, Right to Reclaim Securities | (10,651) | (21,343) |
Derivative liability, Collateral, Right to Reclaim Cash | (109,005) | (93,841) |
Derivative liability, Net Amount | 161,921 | 130,369 |
Foreign Exchange Contract [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | 222 | 532 |
Derivative, Collateral, Obligation to Return Securities | (222) | (532) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Net Amount | 0 | 0 |
Derivative liability, gross liability | 304 | 31 |
Derivative liability, Collateral, Right to Reclaim Securities | (222) | (532) |
Derivative liability, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative liability, Net Amount | $ 82 | $ (501) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income - Changes in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Equity [Abstract] | ||
Unrealized loss on securities, before tax amount | $ (21,546) | $ 42,199 |
Unrealized loss on securities, tax effect | 4,881 | (9,558) |
Unrealized loss on securities, net of tax amount | (16,665) | 32,641 |
Reclassification adjustment for securities gain included in net income, before tax amount | 23 | |
Reclassification adjustment for securities gain included in net income, tax effect | (5) | |
Reclassification adjustment for securities gain included in net income, net of tax amount | 0 | 18 |
Amortization of net unrealized losses on AFS securities transferred to HTM. before-tax amount | 1,793 | 1,910 |
Amortization of net unrealized losses on AFS securities transferred to HTM, tax | (406) | (433) |
Amortization of net unrealized losses on AFS securities transferred to HTM, net of tax amount | 1,387 | 1,477 |
Net unrealized loss on interest rate swaps used in cash flow hedges, before-tax amount | 5,556 | 12,535 |
Net unrealized loss on interest rate swaps used in cash flow hedges, before-tax amount | (1,259) | (17,748) |
Amount of Gain (Loss) Recognized in OCI on Derivative | 4,297 | (5,213) |
Net unrealized losses on interest rate swaps used in cash flow hedges, before-tax amount | 5,012 | 7,157 |
Net unrealized losses on interest rate swaps used in cash flow hedges, tax | (1,113) | (1,621) |
Net unrealized losses on interest rate swaps used in cash flow hedges, net of tax amount | 3,899 | 5,536 |
Amortization of net unrecognized pension and postretirement items, before tax amount | (135) | 32 |
Amortization of net unrecognized pension and postretirement items, tax effect | 29 | (7) |
Amortization of net unrecognized pension and postretirement items, net of tax amount | (106) | 25 |
Total Other Comprehensive Income, Before Tax Amount | (9,320) | 63,856 |
Total Other Comprehensive Income, Tax Effect | 2,132 | (29,372) |
Other Comprehensive (Loss) Income | $ (7,188) | $ 34,484 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive (Loss) Income - Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | $ 2,760,139 | $ 2,579,757 |
OCI before reclassifications | (12,368) | 32,641 |
Amounts reclassified from AOCI | 3,793 | 366 |
Ending Balance | 2,757,679 | 2,618,998 |
Unrealized Gains (Losses) on Investment Securities | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | (274,862) | (316,231) |
OCI before reclassifications | (16,665) | 32,641 |
Amounts reclassified from AOCI | 0 | 18 |
Ending Balance | (290,140) | (282,095) |
Net Unrealized Gain (Loss) on Interest Rate Derivatives used in Cash Flow Hedges | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | (34,783) | (61,776) |
OCI before reclassifications | 4,297 | 0 |
Amounts reclassified from AOCI | 3,899 | 323 |
Ending Balance | (26,587) | (61,453) |
Unrecognized Pension and Postretirement Plan Income (Costs) | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | (2,635) | (7,469) |
OCI before reclassifications | 0 | 0 |
Amounts reclassified from AOCI | (106) | 25 |
Ending Balance | (2,741) | (7,444) |
Total | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Beginning Balance | (312,280) | (385,476) |
Ending Balance | (319,468) | (350,992) |
Reclassification out of Accumulated Other Comprehensive Income | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Amounts reclassified from AOCI | 1,387 | 1,477 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Investment Securities | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Amounts reclassified from AOCI | 1,387 | 1,477 |
Reclassification out of Accumulated Other Comprehensive Income | Net Unrealized Gain (Loss) on Interest Rate Derivatives used in Cash Flow Hedges | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Amounts reclassified from AOCI | 0 | 0 |
Reclassification out of Accumulated Other Comprehensive Income | Unrecognized Pension and Postretirement Plan Income (Costs) | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Amounts reclassified from AOCI | $ 0 | $ 0 |
Fair Value Measurements Assets
Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | $ 2,526,969 | $ 2,398,352 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 10,624 | 15,158 |
Estimated Fair Value | 2,526,969 | 2,398,352 |
Investments held in Rabbi Trust | 32,562 | 29,819 |
Derivative assets | 175,478 | 158,112 |
Assets, Fair Value Disclosure | 2,745,633 | 2,601,441 |
Liabilities Held-In-Trust, Fair Value Disclosure | 32,562 | 29,819 |
Derivative Liability | 282,064 | 246,634 |
Total liabilities | 314,626 | 276,453 |
US Government Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 42,161 | |
US Government Debt Securities | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 42,161 | |
US Government Agencies Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 998 | 1,010 |
US Government Agencies Debt Securities | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 998 | 1,010 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 1,052,259 | 1,072,013 |
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 | 1,052,259 | 1,072,013 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 444,267 | 440,551 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 444,267 | 440,551 |
Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 187,428 | 111,434 |
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 187,428 | 111,434 |
Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 316,832 | 196,795 |
Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 316,832 | 196,795 |
Commercial Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 525,185 | 534,388 |
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 | 525,185 | 534,388 |
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 | 0 | 42,161 |
Investments held in Rabbi Trust | 32,562 | 29,819 |
Derivative assets | 618 | 572 |
Assets, Fair Value Disclosure | 33,180 | 72,552 |
Liabilities Held-In-Trust, Fair Value Disclosure | 32,562 | 29,819 |
Derivative Liability | 483 | 477 |
Total liabilities | 33,045 | 30,296 |
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 | 42,161 | |
Fair Value, Inputs, Level 1 [Member] | US Government Agencies 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 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 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 | 10,624 | 15,158 |
Estimated Fair Value | 2,526,969 | 2,356,191 |
Investments held in Rabbi Trust | 0 | 0 |
Derivative assets | 174,860 | 157,540 |
Assets, Fair Value Disclosure | 2,712,453 | 2,528,889 |
Liabilities Held-In-Trust, Fair Value Disclosure | 0 | 0 |
Derivative Liability | 281,581 | 246,157 |
Total liabilities | 281,581 | 246,157 |
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 | |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 998 | 1,010 |
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 | 1,052,259 | 1,072,013 |
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 | 444,267 | 440,551 |
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 | 187,428 | 111,434 |
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 | 316,832 | 196,795 |
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 | 525,185 | 534,388 |
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 | 0 |
Investments held in Rabbi Trust | 0 | 0 |
Derivative assets | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Liabilities Held-In-Trust, Fair Value Disclosure | 0 | 0 |
Derivative Liability | 0 | 0 |
Total liabilities | 0 | 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 | |
Fair Value, Inputs, Level 3 [Member] | US Government Agencies 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 Measurements Asset_2
Fair Value Measurements Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
OREO | $ 277 | $ 896 |
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 | 107,915 | 102,135 |
OREO | 277 | 896 |
MSRs(1) | 51,191 | 49,696 |
Assets, Fair Value Disclosure | $ 159,383 | $ 152,727 |
Fair Value Measurements Details
Fair Value Measurements Details of Book Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
AFS, at estimated fair value | $ 2,526,969 | $ 2,398,352 |
Debt Securities, Held-to-Maturity, Fair Value | 1,046,932 | 1,072,207 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 357,333 | 549,710 |
FRB and FHLB stock | 121,637 | 124,405 |
Loans held for sale | 10,624 | 15,158 |
AFS, at estimated fair value | 2,526,969 | 2,398,352 |
Debt Securities, Held-to-Maturity, Fair Value | 1,256,423 | 1,267,922 |
Net Loans | 21,146,595 | 21,057,690 |
Accrued interest receivable | 107,089 | 107,972 |
Other financial assets | 764,332 | 661,067 |
Demand and savings deposits | 17,453,569 | 17,653,690 |
Brokered deposits | 1,152,427 | 1,144,692 |
Time deposits | 3,135,954 | 2,739,241 |
Accrued interest payable | 26,362 | 35,083 |
Federal funds purchased | 240,000 | |
Federal Home Loan Bank advances | 900,000 | 1,100,000 |
Senior debt and subordinated debt | 535,566 | 535,384 |
Other borrowings | 860,474 | 612,142 |
Other financial liabilities | 463,030 | 429,046 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 357,333 | 549,710 |
FRB and FHLB stock | 121,637 | 124,405 |
Loans held for sale | 10,624 | 15,158 |
AFS, at estimated fair value | 2,526,969 | 2,398,352 |
Debt Securities, Held-to-Maturity, Fair Value | 1,046,932 | 1,072,207 |
Net Loans | 20,044,269 | 19,930,560 |
Accrued interest receivable | 107,089 | 107,972 |
Other financial assets | 784,538 | 661,067 |
Demand and savings deposits | 17,453,569 | 17,653,690 |
Brokered deposits | 1,151,376 | 1,145,379 |
Time deposits | 3,123,531 | 2,714,709 |
Accrued interest payable | 26,362 | 35,083 |
Federal funds purchased | 240,000 | |
Federal Home Loan Bank advances | 903,194 | 1,094,013 |
Senior debt and subordinated debt | 420,502 | 463,270 |
Other borrowings | 860,412 | 612,106 |
Other financial liabilities | 463,030 | 429,046 |
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 | 357,333 | 549,710 |
FRB and FHLB stock | 0 | 0 |
Loans held for sale | 0 | 0 |
AFS, at estimated fair value | 0 | 42,161 |
Debt Securities, Held-to-Maturity, Fair Value | 0 | 0 |
Net Loans | 0 | 0 |
Accrued interest receivable | 107,089 | 107,972 |
Other financial assets | 558,210 | 452,935 |
Demand and savings deposits | 17,453,569 | 17,653,690 |
Brokered deposits | 144,960 | 145,987 |
Time deposits | 0 | 0 |
Accrued interest payable | 26,362 | 35,083 |
Federal funds purchased | 240,000 | |
Federal Home Loan Bank advances | 903,194 | 1,094,013 |
Senior debt and subordinated debt | 0 | 0 |
Other borrowings | 859,662 | 611,269 |
Other financial liabilities | 166,352 | 165,635 |
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 | 121,637 | 124,405 |
Loans held for sale | 10,624 | 15,158 |
AFS, at estimated fair value | 2,526,969 | 2,356,191 |
Debt Securities, Held-to-Maturity, Fair Value | 1,046,932 | 1,072,207 |
Net Loans | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Other financial assets | 174,860 | 157,540 |
Demand and savings deposits | 0 | 0 |
Brokered deposits | 1,006,416 | 999,392 |
Time deposits | 3,123,531 | 2,714,709 |
Accrued interest payable | 0 | 0 |
Federal funds purchased | 0 | |
Federal Home Loan Bank advances | 0 | 0 |
Senior debt and subordinated debt | 420,502 | 463,270 |
Other borrowings | 750 | 837 |
Other financial liabilities | 281,581 | 246,157 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 0 | 0 |
FRB and FHLB stock | 0 | 0 |
Loans held for sale | 0 | 0 |
AFS, at estimated fair value | 0 | 0 |
Debt Securities, Held-to-Maturity, Fair Value | 0 | 0 |
Net Loans | 20,044,269 | 19,930,560 |
Accrued interest receivable | 0 | 0 |
Other financial assets | 51,468 | 50,592 |
Demand and savings deposits | 0 | 0 |
Brokered deposits | 0 | 0 |
Time deposits | 0 | 0 |
Accrued interest payable | 0 | 0 |
Federal funds purchased | 0 | |
Federal Home Loan Bank advances | 0 | 0 |
Senior debt and subordinated debt | 0 | 0 |
Other borrowings | 0 | 0 |
Other financial liabilities | $ 15,097 | $ 17,254 |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
AFS, at estimated fair value | $ 2,526,969 | $ 2,398,352 |
Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted average annual constant prepayment rate | 7.30% | |
Weighted average discount rate | 9.50% | |
Fair Value, Recurring [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
AFS, at estimated fair value | $ 2,526,969 | 2,398,352 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
AFS, at estimated fair value | 0 | 42,161 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
AFS, at estimated fair value | 2,526,969 | 2,356,191 |
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 | 0 |
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 | 437,100 | 433,400 |
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 | 7,200 | 7,200 |
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 | 500 | 500 |
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 | 600 | 600 |
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 | 800 | 500 |
Other financial liabilities | 0 | 900 |
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 | 174,100 | 157,100 |
Other financial liabilities | $ 281,600 | $ 245,600 |
Net Income Per Share Reconcilia
Net Income Per Share Reconciliation of Weighted Average Common Shares Outstanding (Details) - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||
Weighted average shares outstanding (basic) (in shares) | 162,706 | 166,605 |
Impact of common stock equivalents (in shares) | 1,814 | 1,796 |
Weighted average shares outstanding (diluted) (in shares) | 164,520 | 168,401 |
Basic (in dollars per share) | $ 0.36 | $ 0.39 |
Diluted (in dollars per share) | $ 0.36 | $ 0.39 |
Stock-Based Compensation Narrat
Stock-Based Compensation Narrative (Details) - Directors' Plan [Member] | Mar. 31, 2024 shares |
Statement [Line Items] | |
Number of equity awards that may be awarded (in shares) | 4,500,000 |
Shares reserved for future grants under the stock option and compensation plan | 395,000 |
Stock-Based Compensation Compen
Stock-Based Compensation Compensation Expense and Related Tax Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||
Compensation expense | $ 667 | $ 1,668 |
Tax benefit | (144) | (362) |
Total stock-based compensation, net of tax | $ 523 | $ 1,306 |
Employee Benefit Plans Summary
Employee Benefit Plans Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $ 790 | $ 856 |
Expected return on plan assets | (976) | (877) |
Net amortization and deferral | 0 | 80 |
Net periodic benefit | (186) | 59 |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | 10 | 13 |
Net accretion and deferral | (136) | (136) |
Net periodic benefit | $ (126) | $ (123) |
Commitments and Contingencies O
Commitments and Contingencies Outstanding Commitments to Extend Credit and Letters of Credit (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | $ 1,900 | $ 2,700 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | 8,778,133 | 8,790,511 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | 249,594 | 264,440 |
Commercial Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | $ 64,078 | $ 67,396 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Loss Contingencies [Line Items] | ||
Valuation allowances and reserves, balance | $ 1.9 | $ 2.7 |
Residential Mortgage | ||
Loss Contingencies [Line Items] | ||
Valuation allowances and reserves, balance | $ 2 | $ 1.8 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions | May 01, 2024 | Apr. 26, 2024 |
May 2024 Common Offering | ||
Subsequent Event [Line Items] | ||
Number of shares issued in transaction (in shares) | 19,166,667 | |
Sale of stock, price per share (usd per share) | $ 15 | |
Consideration received on transaction | $ 273.5 | |
Over-Allotment Option | ||
Subsequent Event [Line Items] | ||
Number of shares issued in transaction (in shares) | 2,500,000 | |
Republic First Bank | ||
Subsequent Event [Line Items] | ||
Assets acquired, total | $ 5,200 | |
Assets acquired, cash | 200 | |
Assets acquired, investments | 2,000 | |
Assets acquired, loans | 2,900 | |
Assets acquired, other | 100 | |
Cash proceeds from FDIC | 800 | |
Liabilities assumed, total | 5,600 | |
Liabilities assumed, deposits | 4,200 | |
Liabilities assumed, borrowings | 1,300 | |
Liabilities assumed, other | 100 | |
Payments for assumed borrowings from acquisition | 1,400 | |
Payments for asset acquisition wholesale funding source | 250 | |
Consideration transferred, charitable donation | $ 5 |