Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 02, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 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 | 181,905,424 | |
Entity Central Index Key | 0000700564 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Stock, par value $2.50 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $2.50 | |
Trading Symbol | FULT | |
Security Exchange Name | NASDAQ | |
Depositary Shares, Each Representing 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, Each Representing 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A | |
Trading Symbol | FULTP | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 333,238 | $ 300,343 |
Interest-bearing deposits with other banks | 1,063,044 | 249,367 |
Cash and cash equivalents | 1,396,282 | 549,710 |
FRB and FHLB stock | 125,297 | 124,405 |
Loans held for sale | 26,822 | 15,158 |
AFS, at estimated fair value | 2,939,594 | 2,398,352 |
HTM, at amortized cost | 1,244,433 | 1,267,922 |
Net loans | 24,106,297 | 21,351,094 |
Less: ACL - loans | (375,941) | (293,404) |
Loans, net | 23,730,356 | 21,057,690 |
Net premises and equipment | 180,642 | 222,881 |
Accrued interest receivable | 120,752 | 107,972 |
Goodwill and net intangible assets | 648,026 | 560,687 |
Other assets | 1,357,609 | 1,267,138 |
Total Assets | 31,769,813 | 27,571,915 |
LIABILITIES | ||
Noninterest-bearing | 5,609,383 | 5,314,094 |
Interest-bearing | 19,950,271 | 16,223,529 |
Total Deposits | 25,559,654 | 21,537,623 |
Federal funds purchased | 0 | 240,000 |
Federal Home Loan Bank advances | 750,000 | 1,100,000 |
Senior debt and subordinated debt | 535,741 | 535,384 |
Other borrowings | 892,856 | 612,142 |
Total Borrowings | 2,178,597 | 2,487,526 |
Accrued interest payable | 48,757 | 35,083 |
Other liabilities | 881,196 | 751,544 |
Total Liabilities | 28,668,204 | 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 June 30, 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, 245,809,384 shares issued as of June 30, 2024 and 225,760,963 shares issued as of December 31, 2023 | 614,523 | 564,402 |
Additional paid-in capital | 1,781,090 | 1,552,860 |
Retained earnings | 1,712,646 | 1,619,300 |
Accumulated other comprehensive loss | (310,534) | (312,280) |
Treasury stock, at cost, 63,978,306 shares as of June 30, 2024 and 61,959,552 shares as of December 31, 2023 | (888,994) | (857,021) |
Total Shareholders' Equity | 3,101,609 | 2,760,139 |
Total Liabilities and Shareholders' Equity | $ 31,769,813 | $ 27,571,915 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 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) | 245,809,384 | 225,760,963 |
Treasury stock, shares (in shares) | 63,978,306 | 61,959,552 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest Income | ||||
Loans, including fees | $ 352,697 | $ 284,690 | $ 663,913 | $ 545,341 |
Investment securities | 32,079 | 25,362 | 57,201 | 50,883 |
Other interest income | 15,730 | 4,860 | 19,058 | 8,508 |
Total Interest Income | 400,506 | 314,912 | 740,172 | 604,732 |
Interest Expense | ||||
Deposits | 131,087 | 69,799 | 234,661 | 111,420 |
Federal funds purchased | 492 | 9,112 | 2,881 | 15,147 |
Federal Home Loan Bank advances | 9,799 | 11,826 | 20,748 | 27,299 |
Senior debt and subordinated debt | 5,299 | 5,344 | 10,604 | 10,689 |
Other borrowings and interest-bearing liabilities | 12,109 | 5,979 | 22,621 | 11,738 |
Total Interest Expense | 158,786 | 102,060 | 291,515 | 176,293 |
Net Interest Income | 241,720 | 212,852 | 448,657 | 428,439 |
Provision for credit losses | 32,056 | 9,747 | 42,981 | 34,291 |
Net Interest Income After Provision for Credit Losses | 209,664 | 203,105 | 405,676 | 394,148 |
Non-Interest Income | ||||
Non-interest income before investment securities gains | 113,276 | 60,589 | 170,415 | 112,320 |
Gain on acquisition, net of tax | 47,392 | 0 | 47,392 | 0 |
Investment securities (losses) gains, net | (20,282) | (4) | (20,282) | 19 |
Total Non-Interest Income | 92,994 | 60,585 | 150,133 | 112,339 |
Non-Interest Expense | ||||
Salaries and employee benefits | 110,630 | 94,102 | 206,111 | 183,385 |
Data processing and software | 20,357 | 16,776 | 38,018 | 32,571 |
Net occupancy | 17,793 | 14,374 | 33,943 | 28,812 |
Other outside services | 16,933 | 10,834 | 30,216 | 20,960 |
FDIC insurance | 6,696 | 4,895 | 12,800 | 9,690 |
Equipment | 4,561 | 3,530 | 8,602 | 6,920 |
Professional fees | 2,571 | 1,829 | 4,659 | 4,221 |
Marketing | 2,101 | 1,655 | 4,012 | 3,541 |
Intangible amortization | 4,688 | 1,072 | 5,261 | 1,746 |
Acquisition-related expenses | 13,803 | 0 | 13,803 | 0 |
Other | (645) | 18,951 | 19,662 | 35,790 |
Total Non-Interest Expense | 199,488 | 168,018 | 377,087 | 327,636 |
Income Before Income Taxes | 103,170 | 95,672 | 178,722 | 178,851 |
Income taxes | 8,195 | 16,065 | 21,806 | 30,931 |
Net Income | 94,975 | 79,607 | 156,916 | 147,920 |
Preferred stock dividends | (2,562) | (2,562) | (5,124) | (5,124) |
Net Income Available to Common Shareholders | $ 92,413 | $ 77,045 | $ 151,792 | $ 142,796 |
PER SHARE: | ||||
Net Income (Basic) (in dollars per share) | $ 0.53 | $ 0.46 | $ 0.90 | $ 0.86 |
Net Income (Diluted) (in dollars per share) | 0.52 | 0.46 | 0.89 | 0.85 |
Cash Dividends (in dollars per share) | $ 0.17 | $ 0.16 | $ 0.34 | $ 0.31 |
Wealth management | ||||
Non-Interest Income | ||||
Non-interest income before investment securities gains | $ 20,990 | $ 18,678 | $ 41,144 | $ 36,740 |
Commercial banking | ||||
Non-Interest Income | ||||
Non-interest income before investment securities gains | 21,410 | 23,145 | 40,238 | 40,658 |
Consumer banking | ||||
Non-Interest Income | ||||
Non-interest income before investment securities gains | 14,600 | 11,720 | 26,268 | 22,937 |
Mortgage banking | ||||
Non-Interest Income | ||||
Non-interest income before investment securities gains | 3,951 | 2,940 | 7,041 | 4,910 |
Other | ||||
Non-Interest Income | ||||
Non-interest income before investment securities gains | $ 4,933 | $ 4,106 | $ 8,332 | $ 7,075 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 94,975 | $ 79,607 | $ 156,916 | $ 147,920 |
Other Comprehensive Income (Loss), net of tax: | ||||
Net unrealized holding gains (losses) | (14,199) | (31,219) | (30,864) | 1,422 |
Reclassification adjustment for securities net change realized in net income | 15,688 | (3) | 15,688 | 14 |
Amortization of net unrealized gains on AFS securities transferred to HTM | 1,403 | 1,501 | 2,790 | 2,979 |
Net unrealized gains (losses) on AFS investment securities | 2,892 | (29,721) | (12,386) | 4,415 |
Net unrealized holding gains (losses) | 2,256 | (5,586) | 6,553 | (12,406) |
Reclassification adjustment for net change realized in net income | 3,891 | 7,010 | 7,790 | 14,153 |
Net unrealized gains on interest rate derivatives used in cash flow hedges | 6,147 | 1,424 | 14,343 | 1,747 |
Amortization of net unrecognized pension and postretirement items | (105) | 3 | (211) | 28 |
Other Comprehensive Income (Loss), net of tax | 8,934 | (28,294) | 1,746 | 6,190 |
Total Comprehensive Income | $ 103,909 | $ 51,313 | $ 158,662 | $ 154,110 |
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 | 147,920 | 147,920 | |||||
Other comprehensive income (loss) | 6,190 | 6,190 | |||||
Common stock issued (in shares) | 135 | ||||||
Common stock issued | 1,830 | $ 338 | 1,472 | 20 | |||
Dividend reinvestment activity (in shares) | 189 | ||||||
Dividend reinvestment activity | 2,802 | 172 | 2,630 | ||||
Stock-based compensation awards (repurchases) | (3,893) | ||||||
Stock-based compensation awards (repurchases) | $ 2,288 | ||||||
Stock-based compensation awards (in shares) | 586 | ||||||
Stock-based compensation awards (repurchases) | 617 | 2,222 | |||||
Acquisition of treasury stock (in shares) | (2,412) | ||||||
Acquisition of treasury stock | (40,449) | (40,449) | |||||
Preferred stock dividend | (5,124) | (5,124) | |||||
Common stock cash dividends | (51,391) | (51,391) | |||||
Ending Balance at Jun. 30, 2023 | 2,642,152 | $ 192,878 | $ 564,137 | 1,545,706 | 1,542,163 | (379,286) | (823,446) |
Ending Balance (in shares) at Jun. 30, 2023 | 200 | 166,097 | |||||
Beginning Balance at Mar. 31, 2023 | 2,618,998 | $ 192,878 | $ 561,853 | 1,544,758 | 1,491,701 | (350,992) | (821,200) |
Beginning Balance (in shares) at Mar. 31, 2023 | 200 | 165,396 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 79,607 | 79,607 | |||||
Other comprehensive income (loss) | (28,294) | (28,294) | |||||
Common stock issued (in shares) | 46 | ||||||
Common stock issued | 595 | $ 115 | 474 | 6 | |||
Dividend reinvestment activity (in shares) | 108 | ||||||
Dividend reinvestment activity | 1,433 | (68) | 1,501 | ||||
Stock-based compensation awards (repurchases) | (3,753) | ||||||
Stock-based compensation awards (repurchases) | $ 2,169 | ||||||
Stock-based compensation awards (in shares) | 547 | ||||||
Stock-based compensation awards (repurchases) | (1,042) | 542 | |||||
Preferred stock dividend | (2,562) | (2,562) | |||||
Common stock cash dividends | (26,583) | (26,583) | |||||
Ending Balance at Jun. 30, 2023 | 2,642,152 | $ 192,878 | $ 564,137 | 1,545,706 | 1,542,163 | (379,286) | (823,446) |
Ending Balance (in shares) at Jun. 30, 2023 | 200 | 166,097 | |||||
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 | 156,916 | 156,916 | |||||
Other comprehensive income (loss) | 1,746 | 1,746 | |||||
Common stock issued (in shares) | 19,279 | ||||||
Common stock issued | 274,310 | $ 48,198 | 226,100 | 12 | |||
Dividend reinvestment activity (in shares) | 178 | ||||||
Dividend reinvestment activity | 2,750 | 274 | 2,476 | ||||
Stock-based compensation awards (repurchases) | (4,113) | ||||||
Stock-based compensation awards (repurchases) | $ 1,923 | ||||||
Stock-based compensation awards (in shares) | 507 | ||||||
Stock-based compensation awards (repurchases) | (334) | 1,856 | |||||
Acquisition of treasury stock (in shares) | (1,934) | ||||||
Acquisition of treasury stock | (30,348) | (30,348) | |||||
Preferred stock dividend | (5,124) | (5,124) | |||||
Common stock cash dividends | (58,446) | (58,446) | |||||
Ending Balance at Jun. 30, 2024 | 3,101,609 | $ 192,878 | $ 614,523 | 1,781,090 | 1,712,646 | (310,534) | (888,994) |
Ending Balance (in shares) at Jun. 30, 2024 | 200 | 181,831 | |||||
Beginning Balance at Mar. 31, 2024 | 2,757,679 | $ 192,878 | $ 564,751 | 1,554,624 | 1,651,133 | (319,468) | (886,239) |
Beginning Balance (in shares) at Mar. 31, 2024 | 200 | 162,087 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 94,975 | 94,975 | |||||
Other comprehensive income (loss) | 8,934 | 8,934 | |||||
Common stock issued (in shares) | 19,200 | ||||||
Common stock issued | 273,205 | $ 48,000 | 225,205 | ||||
Dividend reinvestment activity (in shares) | 91 | ||||||
Dividend reinvestment activity | 1,345 | 90 | 1,255 | ||||
Stock-based compensation awards (repurchases) | (4,010) | ||||||
Stock-based compensation awards (repurchases) | $ 1,772 | ||||||
Stock-based compensation awards (in shares) | 453 | ||||||
Stock-based compensation awards (repurchases) | (1,067) | 1,171 | |||||
Preferred stock dividend | (2,562) | (2,562) | |||||
Common stock cash dividends | (30,900) | (30,900) | |||||
Ending Balance at Jun. 30, 2024 | $ 3,101,609 | $ 192,878 | $ 614,523 | $ 1,781,090 | $ 1,712,646 | $ (310,534) | $ (888,994) |
Ending Balance (in shares) at Jun. 30, 2024 | 200 | 181,831 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends per share (in dollars per share) | $ 0.17 | $ 0.16 | $ 0.34 | $ 0.31 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 156,916 | $ 147,920 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 42,981 | 34,291 |
Depreciation and amortization of premises and equipment | 15,673 | 14,675 |
Net amortization of investment securities premiums | 822 | 5,829 |
Investment securities losses (gains), net | 20,282 | (19) |
Gain on sales of mortgage loans held for sale | (4,233) | (2,277) |
Proceeds from sales of mortgage loans held for sale | 243,130 | 132,609 |
Originations of mortgage loans held for sale | (250,561) | (137,741) |
Intangible amortization | 5,261 | 1,746 |
Amortization of issuance costs and discounts on long-term borrowings | 357 | 360 |
Gain on acquisition, net of tax | (47,392) | 0 |
Loss on disposal of premises and equipment | 222 | 0 |
Gain on Sale-Leaseback Transaction | (20,266) | 0 |
Stock-based compensation | 3,779 | 4,240 |
Net change in deferred federal income tax | 14,491 | 19,232 |
Net change in accrued salaries and benefits | (134) | (12,163) |
Net change in life insurance cash surrender value | (7,051) | (20,433) |
Other changes, net | 146,747 | 28,641 |
Total adjustments | 164,108 | 68,990 |
Net cash provided by operating activities | 321,024 | 216,910 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sales of AFS securities | 2,261,028 | 80,666 |
Proceeds from principal repayments and maturities of AFS securities | 120,714 | 55,102 |
Proceeds from principal repayments and maturities of HTM securities | 26,542 | 29,815 |
Purchase of AFS securities | (1,050,738) | (64,996) |
Net change in FRB and FHLB stock | (892) | 5,968 |
Net change in loans | (214,157) | (781,310) |
Net purchases of premises and equipment | (3,542) | (11,019) |
Settlement of bank-owned life insurance | 963 | 45 |
Proceeds from Sale-Leaseback Transaction | 51,123 | 0 |
Net cash received for acquisition | 1,018,371 | 0 |
Net change in tax credit investments | (24,292) | (18,436) |
Net cash provided (used) by investing activities | 2,185,120 | (704,165) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net change in demand and savings deposits | (11,999) | (796,291) |
Net change in time deposits and brokered deposits | (78,295) | 1,353,293 |
Net change in other borrowings | (1,745,262) | (152,453) |
Net proceeds from issuance of common stock | 270,197 | 1,009 |
Dividends paid | (63,865) | (55,073) |
Acquisition of treasury stock | (30,348) | (40,449) |
Net cash (used) provided by financing activities | (1,659,572) | 310,036 |
Net increase (decrease) in Cash and Cash Equivalents | 846,572 | (177,219) |
Cash and Cash Equivalents at Beginning of Period | 549,710 | 681,921 |
Cash and Cash Equivalents at End of Period | 1,396,282 | 504,702 |
Cash paid during the period for: | ||
Interest | 277,841 | 162,377 |
Income taxes | 19,308 | 15,183 |
Supplemental Schedule of Certain Noncash Activities: | ||
Fair value of tangible assets acquired | 4,718,909 | 0 |
Intangible assets | 92,600 | 0 |
Liabilities assumed | 5,560,160 | 0 |
PCD Loans credit discount | $ 55,906 | $ 0 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 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 Annual Report on Form 10-K for the year ended December 31, 2023. Those significant accounting policies are unchanged at June 30, 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 2023-07") . 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. Reclassifications Certain amounts in the 2023 consolidated financial statements and notes have been reclassified to conform to the 2024 presentation. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Business Combinations | Business Combinations On the Acquisition Date, 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 Republic First Transaction, the Bank acquired approximately $4.8 billion of assets of Republic First Bank and received approximately $0.8 billion of cash from the FDIC. The Bank assumed approximately $5.6 billion of total liabilities of Republic First Bank. The Bank 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. As a result of the Republic First Transaction, the Bank enhanced its presence in Philadelphia, Pennsylvania and New Jersey. The Republic First Transaction constitutes a business combination as defined by FASB ASC Topic 805, Business Combinations. Accordingly, the assets acquired and liabilities assumed are presented at their estimated fair values based on preliminary valuations as of the Acquisition Date. The determination of estimated fair values required management to make certain estimates about discount rates, future expected cash flows and market conditions at the time of the Republic First Transaction. The Bank and the FDIC are awaiting conclusion of the customary final settlement process to determine whether certain assets and liabilities of Republic First Bank will remain with the FDIC or be acquired by the Bank. Until management finalizes its fair value estimates for the acquired assets and assumed liabilities, the preliminary gain on acquisition can be updated for a period not to exceed one year following the Acquisition Date. The preliminary fair value estimates of assets acquired and liabilities assumed, provide a reasonable basis for determining the preliminary gain on acquisition. The excess of the estimated fair value of net assets acquired and the cash consideration received from the FDIC over the estimated fair value of liabilities assumed was recorded as a preliminary gain on acquisition of $47.4 million, net of income taxes. The following table summarizes the consideration transferred and the estimated fair values of identifiable assets acquired and liabilities assumed in connection with the Republic First Transaction on the Acquisition Date: Estimated Fair Value Cash payment received from FDIC $ 809,920 Assets acquired: Cash and due from banks 208,451 Investment securities 1,938,571 Loans 2,505,040 Premises and equipment 970 CDI 92,600 FHLB Stock 37,931 Accrued interest receivable 16,164 Other assets 11,782 Total assets 4,811,509 Liabilities assumed: Deposits 4,112,325 Borrowings 1,435,976 Other liabilities 11,859 Total liabilities 5,560,160 Net assets acquired: (748,651) Gain on acquisition, before income taxes $ 61,269 Gain on acquisition, net of income taxes $ 47,392 The following is a description of the valuation methodologies used to estimate the fair values of major categories of assets acquired and liabilities assumed. Cash and due from banks: The fair values of cash and due from banks approximate their book values. Investment securities: The investment portfolio acquired in the Republic First Transaction, with a fair value of $1.9 billion, was sold shortly after the Acquisition Date by the Corporation. The fair value of the investment portfolio was based on the proceeds from the sale. Loans: The Corporation recorded $2.5 billion of acquired loans that were initially recorded at their estimated fair values as of the Acquisition Date. The estimated fair value for the loans was based on a discounted cash flow methodology that considered credit loss and prepayment expectations, market interest rates and other market factors from the perspective of a market participant. Loan cash flows were generated on an individual loan basis. The PD, LGD, exposure at default and prepayment assumptions are the key factors driving credit losses that are embedded in the estimated cash flows. The following table presents information with respect to the estimated fair value and unpaid principal balance of acquired loans and leases at the Acquisition Date: April 26, 2024 Unpaid Principal Balance Estimated Fair Value (dollars in thousands) Real estate - commercial mortgage $ 1,144,465 $ 1,024,004 Commercial and industrial 545,374 496,100 Real-estate - residential mortgage 947,135 752,328 Real-estate - home equity 72,730 66,237 Real-estate - construction 153,437 145,597 Consumer 20,789 20,774 Total acquired loans $ 2,883,930 $ 2,505,040 The following table summarizes PCD Loans: April 26, 2024 (dollars in thousands) Book balance of loans with deteriorated credit quality at acquisition $ 1,023,940 Fair value of loans with deteriorated credit quality at acquisition 904,558 Fair value discount 119,382 PCD Loans credit discount (55,906) Non-credit discount $ 63,476 The Republic First Transaction resulted in the addition of $79.4 million to the ACL, including the $55.9 million identified in the table above for PCD Loans, and $23.4 million recorded through the provision for credit losses at the Acquisition Date for non-PCD Loans. Intangible assets: The Corporation recorded $92.6 million of CDI reflected in other assets that is being amortized over seven years using the sum-of-the-years digits method. The estimated fair value of the CDI was determined using the cost savings approach. The cost savings approach is defined as the difference between the cost of funds of core deposits and an alternative cost of funds for those deposits. The CDI estimated fair value was determined by projecting discounted net cash flows that included assumptions related to customer attrition rates, discount rates, deposit interest rates, deposit account maintenance costs and alternative cost of funding rates. FHLB stock: The Corporation acquired $37.9 million of FHLB stock. The estimated fair value of the FHLB stock approximated its book value. Accrued interest receivable: The Corporation acquired $16.2 million of accrued interest receivable. The fair value of the accrued interest receivable approximated its book value. Core deposits: Demand deposits, savings and money market deposits and time deposits (less than $250,000) were recorded at book value which approximated fair value. The Corporation recorded $92.6 million of CDI in other assets for these deposits. Time deposits: Time deposits of $250,000 and greater were valued based on a comparison with the contractual cost of a portfolio of brokered deposits having a similar tenor. As the time deposit portfolio had a remaining average life of approximately three months, the estimated fair value of the time deposits approximated their book value and no adjustment was recorded. Borrowings: The estimated fair values for borrowings approximated their book value given these were short-term advances. Assumed borrowings were subsequently repaid. Acquisition-related expenses: The Corporation developed a comprehensive integration plan under which it incurred direct costs that are expensed as incurred. For the second quarter of 2024, these direct costs included professional fees, a charitable donation, severance, and marketing expense. Costs related to the Republic First Transaction are included in acquisition-related expenses in the unaudited Consolidated Statements of Income. The following table details the costs identified and classified as acquisition-related expenses: Three months ended June 30, 2024 (dollars in thousands) Salaries and employee benefits $ 805 Professional fees 7,624 Charitable donation Charitable donation 5,000 Other 374 $ 13,803 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 Bank's vision of advancing economic empowerment, particularly in underserved communities. Unaudited Pro Forma Information: The amount of net interest income, non-interest income, non-interest expense and net income of $30.7 million, $50.2 million, $21.1 million and $38.8 million, respectively, attributable to the Republic First Transaction were included in the Corporation's unaudited Consolidated Statements of Income for the three months and six months ended June 30, 2024. Included in non-interest income above is $47.4 million related to the gain on acquisition, net of tax. Net interest income, non-interest income, non-interest expense and net income shown above reflect management's best estimates based on information available as of the date of the filing of this Quarterly Report on Form 10-Q. Republic First Bank does not have historical financial information that the Corporation could base pro forma information. Additionally, the Bank did not acquire all of the assets or assume all of the liabilities of Republic First Bank. Therefore, it is impracticable to provide pro forma information on revenues and earnings for the Republic First Transaction in accordance with ASC 805-10-50-2. |
Restrictions on Cash and Cash E
Restrictions on Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 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 June 30, 2024 and December 31, 2023 were $10.9 million and $17.4 million, respectively. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 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: June 30, 2024 Amortized Gross Gross Estimated Available for Sale (dollars in thousands) State and municipal securities $ 965,392 $ 50 $ (145,333) $ 820,109 Corporate debt securities 368,901 510 (32,013) 337,398 Collateralized mortgage obligations 724,602 1,533 (12,366) 713,769 Residential mortgage-backed securities 589,267 14 (32,090) 557,191 Commercial mortgage-backed securities 610,960 — (99,833) 511,127 Total $ 3,259,122 $ 2,107 $ (321,635) $ 2,939,594 Held to Maturity Residential mortgage-backed securities $ 384,956 $ — $ (58,593) $ 326,363 Commercial mortgage-backed securities 859,477 — (152,401) 707,076 Total $ 1,244,433 $ — $ (210,994) $ 1,033,439 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 In May 2024, the Corporation sold $345.7 million AFS securities and recorded a pre-tax loss of $20.3 million. The proceeds from the sale were reinvested into higher-yielding securities of a similar type and similar duration. Securities carried at $1.2 billion and $0.4 billion at June 30, 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 June 30, 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. June 30, 2024 Available for Sale Held to Maturity Amortized Estimated Amortized Estimated (dollars in thousands) Due in one year or less $ 13,762 $ 13,533 $ — $ — Due from one year to five years 110,303 106,430 — — Due from five years to ten years 362,563 327,817 — — Due after ten years 847,665 709,727 — — 1,334,293 1,157,507 — — Residential mortgage-backed securities (1) 589,267 557,191 384,956 326,363 Commercial mortgage-backed securities (1) 610,960 511,127 859,477 707,076 Collateralized mortgage obligations (1) 724,602 713,769 — — Total $ 3,259,122 $ 2,939,594 $ 1,244,433 $ 1,033,439 (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) June 30, 2024 $ 91 $ (20,373) $ (20,282) June 30, 2023 — (4) (4) Six months ended June 30, 2024 $ 91 $ (20,373) $ (20,282) June 30, 2023 283 (264) 19 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: June 30, 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) State and municipal securities 19 $ 48,682 $ (1,552) 276 $ 766,484 $ (143,781) $ 815,166 $ (145,333) Corporate debt securities — — — 52 286,277 (32,013) 286,277 (32,013) Collateralized mortgage obligations 9 195,411 (601) 82 93,219 (11,765) 288,630 (12,366) Residential mortgage-backed securities 32 369,024 (1,115) 75 183,416 (30,975) 552,440 (32,090) Commercial mortgage-backed securities — — — 135 511,127 (99,833) 511,127 (99,833) Total available for sale 60 $ 613,117 $ (3,268) 620 $ 1,840,523 $ (318,367) $ 2,453,640 $ (321,635) Held to Maturity Residential mortgage-backed securities — $ — $ — 120 $ 326,363 $ (58,593) $ 326,363 $ (58,593) Commercial mortgage-backed securities — — — 60 707,076 (152,401) 707,076 (152,401) Total held to maturity — $ — $ — 180 $ 1,033,439 $ (210,994) $ 1,033,439 $ (210,994) 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 did not record a loss on these investments as of June 30, 2024 and December 31, 2023. As of June 30, 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. Therefore, the Corporation did not record a loss on these investments as of June 30, 2024 and December 31, 2023. The majority of the corporate debt securities were rated at or above investment grade as of June 30, 2024 and December 31, 2023. Based on the payment status, rating and management's evaluation of these securities, no ACL was required for corporate debt securities as of June 30, 2024 and December 31, 2023. The Corporation does not have the intent to sell and does not believe it will more likely than not to be required to sell any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity. Therefore, the Corporation did not record a loss on these investments as of June 30, 2024 and December 31, 2023. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 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: June 30, December 31, 2023 (dollars in thousands) Real estate - commercial mortgage $ 9,289,770 $ 8,127,728 Commercial and industrial (1) 4,967,796 4,545,552 Real-estate - residential mortgage 6,248,856 5,325,923 Real-estate - home equity 1,120,878 1,047,184 Real-estate - construction 1,463,799 1,239,075 Consumer 692,086 729,318 Leases and other loans (2) 323,112 336,314 Net loans $ 24,106,297 $ 21,351,094 (1) Includes no unearned income at June 30, 2024 and $41.0 thousand at December 31, 2023. (2) Includes unearned income of $36.6 million at June 30, 2024 and $38.0 million at 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: June 30, December 31, (dollars in thousands) ACL - loans $ 375,941 $ 293,404 Reserve for OBS credit exposures (1) $ 14,540 $ 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 June 30 Six months ended June 30 2024 2023 2024 2023 (dollars in thousands) Balance at beginning of period $ 297,888 $ 278,695 $ 293,404 269,366 CECL Day 1 Provision (1) 23,444 — 23,444 — Initial PCD allowance for credit losses 55,906 — 55,906 — Loans charged off (14,007) (4,787) (24,959) (21,690) Recoveries of loans previously charged off 2,705 2,816 5,059 5,715 Net loans (charged off) recovered (11,302) (1,971) (19,900) (15,975) Provision for credit losses (1) (2) 10,005 10,718 23,087 34,051 Balance at end of period $ 375,941 $ 287,442 $ 375,941 $ 287,442 Provision for OBS credit exposures (1) $ (1,393) $ (971) $ (3,550) $ 240 Reserve for OBS credit exposures $ 14,540 $ 16,568 $ 14,540 $ 16,568 (1) The sum of these amounts are reflected in the provision for credit losses in the Consolidated Statements of Income. (2) 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 June 30, 2024 March 31, 2024 $ 114,492 $ 76,883 $ 73,216 $ 16,688 $ 12,966 $ 3,643 $ 297,888 CECL Day 1 Provision (1) 6,108 1,484 14,922 444 486 — 23,444 Initial PCD allowance for credit losses 32,157 20,869 565 357 1,958 — 55,906 Loans charged off (7,853) (2,955) (35) (1,766) — (1,398) (14,007) Recoveries of loans previously charged off 146 796 122 1,161 233 247 2,705 Net loans (charged off) recovered (7,707) (2,159) 87 (605) 233 (1,151) (11,302) Provision for loan losses (1) (2) 11,115 (2,454) 924 649 (1,033) 804 10,005 Balance at June 30, 2024 $ 156,165 $ 94,623 $ 89,714 $ 17,533 $ 14,610 $ 3,296 $ 375,941 Three months ended June 30, 2023 March 31, 2023 $ 66,256 $ 77,126 $ 86,209 $ 27,303 $ 11,646 $ 10,155 $ 278,695 Loans charged off (230) (2,017) (62) (1,313) — (1,165) (4,787) Recoveries of loans previously charged off 29 988 58 959 569 213 2,816 Net loans (charged off) recovered (201) (1,029) (4) (354) 569 (952) (1,971) Provision for loan and lease losses (1) (2) 6,247 (908) 2,644 2,033 (1,071) 1,773 10,718 Balance at June 30, 2023 $ 72,302 $ 75,189 $ 88,849 $ 28,982 $ 11,144 $ 10,976 $ 287,442 Six months ended June 30, 2024 Balance at December 31, 2023 $ 112,565 $ 74,266 $ 73,286 $ 17,604 $ 12,295 $ 3,388 $ 293,404 CECL Day 1 Provision (1) 6,108 1,484 14,922 444 486 — 23,444 Initial PCD allowance for credit losses 32,157 20,869 565 357 1,958 — 55,906 Loans charged off (7,879) (10,587) (286) (4,004) — (2,203) (24,959) Recoveries of loans previously charged off 298 2,044 238 1,837 233 409 5,059 Net loans (charged off) recovered (7,581) (8,543) (48) (2,167) 233 (1,794) (19,900) Provision for loan losses (1) (2) 12,916 6,547 989 1,295 (362) 1,702 23,087 Balance at June 30, 2024 $ 156,165 $ 94,623 $ 89,714 $ 17,533 $ 14,610 $ 3,296 $ 375,941 Six months ended June 30, 2023 Balance at December 31, 2022 $ 69,456 $ 70,116 $ 83,250 $ 26,429 $ 10,743 $ 9,372 $ 269,366 Loans charged off (13,592) (2,629) (62) (3,519) — (1,888) (21,690) Recoveries of loans previously charged off 815 2,074 106 1,620 771 329 5,715 Net loans (charged off) recovered (12,777) (555) 44 (1,899) 771 (1,559) (15,975) Provision for loan losses (1)(2) 15,623 5,628 5,555 4,452 (370) 3,163 34,051 Balance at June 30, 2023 $ 72,302 $ 75,189 $ 88,849 $ 28,982 $ 11,144 $ 10,976 $ 287,442 (1) These amounts are reflected in the provision for credit loss in the Consolidated Statements of Income. (2) 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 increase in the ACL - loans for the second quarter of 2024 and for the six months ended June 30, 2024, was primarily due to loans acquired in the Republic First Transaction. 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. 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. Commercial and industrial loans may also be secured by real estate. All loans individually evaluated for impairment are measured for losses on a quarterly basis. As of June 30, 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. As of June 30, 2024 and December 31, 2023, approximately 76% 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: June 30, 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 $ 16,295 $ 29,897 $ 46,192 $ 23,338 $ 21,467 $ 44,805 Commercial and industrial 28,693 28,581 57,274 12,410 27,542 39,952 Real estate - residential mortgage 21,436 3,027 24,463 18,806 2,018 20,824 Real estate - home equity 6,249 90 6,339 4,649 104 4,753 Real estate - construction 340 886 1,226 341 1,000 1,341 Consumer 183 — 183 52 — 52 Leases and other loans 601 9,352 9,953 9,255 638 9,893 $ 73,797 $ 71,833 $ 145,630 $ 68,851 $ 52,769 $ 121,620 As of June 30, 2024 and December 31, 2023, there were $71.8 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 PD 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: June 30, 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 $ 309,982 $ 863,950 $ 1,071,750 $ 1,271,714 $ 1,045,978 $ 3,529,987 $ 67,395 $ — $ 8,160,756 Special Mention 1,226 64,073 156,132 221,347 78,390 222,166 10,166 1,531 755,031 Substandard or Lower 216 10,339 60,790 77,874 63,740 159,103 1,921 — 373,983 Total real estate - commercial mortgage 311,424 938,362 1,288,672 1,570,935 1,188,108 3,911,256 79,482 1,531 9,289,770 Real estate - commercial mortgage Current period gross charge-offs — — (84) — — (7,769) — (26) (7,879) Commercial and industrial Pass 226,274 549,429 588,898 324,519 304,830 812,912 1,449,696 16,778 4,273,336 Special Mention 9,518 23,258 46,588 52,606 25,066 98,739 137,793 408 393,976 Substandard or Lower 8,828 3,716 32,980 7,707 8,213 70,004 167,668 1,368 300,484 Total commercial and industrial 244,620 576,403 668,466 384,832 338,109 981,655 1,755,157 18,554 4,967,796 Commercial and industrial Current period gross charge-offs (370) (1,420) (29) (273) (57) (742) (4,061) (3,635) (10,587) Real estate - construction (1) Pass 53,160 458,484 321,727 161,398 6,181 40,431 26,297 — 1,067,678 Special Mention — 14,371 53,362 48,683 3,023 3,226 2,952 1,280 126,897 Substandard or Lower — — 13,116 11,929 — 26,195 142 — 51,382 Total real estate - construction 53,160 472,855 388,205 222,010 9,204 69,852 29,391 1,280 1,245,957 Real estate - construction (1) Current period gross charge-offs — — — — — — — — — Total Pass 589,416 1,871,863 1,982,375 1,757,631 1,356,989 4,383,330 1,543,388 16,778 13,501,770 Special Mention 10,744 101,702 256,082 322,636 106,479 324,131 150,911 3,219 1,275,904 Substandard or Lower 9,044 14,055 106,886 97,510 71,953 255,302 169,731 1,368 725,849 Total $ 609,204 $ 1,987,620 $ 2,345,343 $ 2,177,777 $ 1,535,421 $ 4,962,763 $ 1,864,030 $ 21,365 $ 15,503,523 (1) Excludes real estate - construction - other. The increase of $799.0 million in special mention loans as of June 30, 2024 was primarily due to loans acquired in the Republic First Transaction with a balance of $776.9 million as of June 30, 2024. The increase of $277.8 million in substandard or lower loans as of June 30, 2024 was primarily due to loans acquired in the Republic First Transaction with a balance of $166.5 million as of June 30, 2024. 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: June 30, 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 $ 223,893 $ 693,496 $ 1,541,848 $ 1,779,390 $ 1,063,559 $ 905,637 $ — $ — $ 6,207,823 Nonperforming — 1,265 2,259 3,831 4,809 28,869 — — 41,033 Total real estate - residential mortgage 223,893 694,761 1,544,107 1,783,221 1,068,368 934,506 — — 6,248,856 Real estate - residential mortgage Current period gross charge-offs — — — — — (35) — (251) (286) Consumer and real estate - home equity Performing 160,101 136,412 250,006 77,901 56,063 235,923 872,989 11,614 1,801,009 Nonperforming 3 178 1,116 596 283 7,170 1,708 901 11,955 Total consumer and real estate - home equity 160,104 136,590 251,122 78,497 56,346 243,093 874,697 12,515 1,812,964 Consumer and real estate - home equity Current period gross charge-offs (1) (326) (477) (125) (142) (1,096) — (1,837) (4,004) Leases and other loans Performing 77,600 107,668 71,018 22,699 16,005 18,130 — — 313,120 Nonperforming — — 568 72 41 9,311 — — 9,992 Leases and other loans 77,600 107,668 71,586 22,771 16,046 27,441 — — 323,112 Leases and other loans Current period gross charge-offs (585) (559) (159) (193) (63) (343) (125) (176) (2,203) Construction - other Performing 32,808 135,217 42,100 6,311 — — — — 216,436 Nonperforming — — 1,406 — — — — — 1,406 Total construction - other 32,808 135,217 43,506 6,311 — — — — 217,842 Construction - other Current period gross charge-offs — — — — — — — — — Total Performing 494,402 1,072,793 1,904,972 1,886,301 1,135,627 1,159,690 872,989 11,614 8,538,388 Nonperforming 3 1,443 5,349 4,499 5,133 45,350 1,708 901 64,386 Total $ 494,405 $ 1,074,236 $ 1,910,321 $ 1,890,800 $ 1,140,760 $ 1,205,040 $ 874,697 $ 12,515 $ 8,602,774 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: June 30, December 31, (dollars in thousands) Non-accrual loans $ 145,630 $ 121,620 Loans 90 days or more past due and still accruing 26,962 31,721 Total non-performing loans 172,592 153,341 OREO (1) 1,444 896 Total non-performing assets $ 174,036 $ 154,237 (1) Excludes $24.2 million and $10.9 million of residential mortgage properties for which formal foreclosure proceedings were in process as of June 30, 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) June 30, 2024 Real estate - commercial mortgage $ 14,262 $ 1,126 $ 2,422 $ 46,193 $ 9,225,767 $ 9,289,770 Commercial and industrial (1) 12,191 14,984 1,159 57,274 4,882,188 4,967,796 Real estate - residential mortgage 58,454 13,895 16,571 24,462 6,135,474 6,248,856 Real estate - home equity 7,403 1,776 4,880 6,338 1,100,482 1,120,878 Real estate - construction 10,951 749 1,406 1,226 1,449,467 1,463,799 Consumer 7,274 1,767 485 183 682,377 692,086 Leases and other loans (1) 397 80 39 9,954 312,642 323,112 Total $ 110,932 $ 34,377 $ 26,962 $ 145,630 $ 23,788,397 $ 24,106,297 (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 2024 2023 Amortization Cost Basis % of Class of Financing Receivable Amortization Cost Basis % of Class of Financing Receivable (dollars in thousands) Three months ended June 30 Real estate - commercial mortgage $ 20,603 0.22 % $ 276 — % Commercial and industrial — — — — Real estate - residential mortgage 2,966 0.05 2,045 0.04 Real estate - home equity 129 0.01 — — Total $ 23,698 $ 2,321 Six months ended June 30 Real estate - commercial mortgage $ 20,603 0.22 % $ 1,478 0.02 % Commercial and industrial — — 75 — Real estate - residential mortgage 5,651 0.09 3,423 0.07 Real estate - home equity 129 0.01 — — Real estate - construction 541 0.04 — — Total $ 26,924 $ 4,976 Interest Rate Reduction and Term Extension 2024 2023 Amortized Cost Basis % of Class of Financing Receivable Amortized Cost Basis % of Class of Financing Receivable (dollars in thousands) Three months ended June 30 Real estate - residential mortgage $ 884 0.01 % $ — — % Total $ 884 $ — Six months ended June 30 Real estate - residential mortgage $ 1,348 0.02 % $ — — % Total $ 1,348 $ — The following table presents the financial effect of the modifications made to borrowers experiencing financial difficulty: Term Extension Financial Effect Three months ended June 30, 2024 Real estate - commercial mortgage Added a weighted-average 2.00 years to the life of loans, which reduced monthly payment amounts for the borrowers. Real estate - residential mortgage Added a weighted-average 8.51 years to the life of loans, which reduced monthly payment amounts for the borrowers. Real estate - home equity Added a weighted-average 17.92 years to the life of loans, which reduced monthly payment amounts for borrowers. Three months ended June 30, 2023 Real estate - commercial mortgage Added a weighted-average 1.25 years to the life of loans, which reduced monthly payment amounts for the borrowers. Real estate - residential mortgage Added a weighted-average 5.29 years to the life of loans, which reduced monthly payment amounts for the borrowers. Six months ended June 30, 2024 Real estate - commercial mortgage Added a weighted-average 2.00 years to the life of loans, which reduced monthly payment amounts for the borrowers. Real estate - residential mortgage Added a weighted-average 7.44 years to the life of loans, which reduced monthly payment amounts for the borrowers. Real estate - home equity Added a weighted-average 17.92 years to the life of loans, which reduced monthly payment amounts for borrowers. Real estate - construction Added a weighted-average 0.67 years to the life of loans, which reduced monthly payment amounts for the borrowers. Six months ended June 30, 2023 Real estate - commercial mortgage Added a weighted-average 2.05 years to the life of loans, which reduced monthly payment amounts for the borrowers. Commercial and industrial Added a weighted-average 2.88 years to the life of loans, which reduced monthly payment amounts for the borrowers. Real estate - residential mortgage Added a weighted-average 4.64 years to the life of loans, which reduced monthly payment amounts for the borrowers. Interest Rate Reduction (1) Financial Effect Three months ended June 30, 2024 Real estate - residential mortgage Reduced weighted-average interest rate from 3.00% to 1.00% Six months ended June 30, 2024 Real estate - residential mortgage Reduced weighted-average interest rate from 2.36% to 1.37% (1) There were no loan modifications with interest rate reductions for the three months and six months ended June 30, 2023. During the three months and six months ended June 30, 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 June 30, 2024 (dollars in thousands) Real estate - commercial mortgage $ 20,603 $ — $ — $ — Commercial and industrial 9,859 — — — Real estate - residential mortgage 8,776 1,977 1,353 3,330 Real estate - home equity 122 7 — 7 Real estate - construction 541 — — — Total $ 39,901 $ 1,984 $ 1,353 $ 3,337 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 6 Months Ended |
Jun. 30, 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 June 30 Six months ended June 30 2024 2023 2024 2023 (dollars in thousands) Amortized cost: Balance at beginning of period $ 31,057 $ 33,082 $ 31,602 $ 34,217 Originations of MSRs 883 688 1,465 884 Amortization (1,294) (1,312) (2,421) (2,643) Balance at end of period $ 30,646 $ 32,458 $ 30,646 $ 32,458 Estimated fair value of MSRs at end of period $ 51,724 $ 49,444 $ 51,724 $ 49,444 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 June 30, 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 $51.7 million and $49.7 million as of June 30, 2024 and December 31, 2023, respectively. Based on its fair value analysis as of June 30, 2024, the Corporation determined that no valuation allowance was required as of June 30, 2024. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Leases | LEASES The Corporation has operating leases for certain financial centers, corporate offices and land. On May 10, 2024, the Bank and Fulton Financial Realty Company, a wholly owned subsidiary of the Corporation, entered into a sale-leaseback agreement for 40 financial center office locations for an aggregate cash purchase price of $55.4 million. The Bank entered into a lease for each of the locations sold in the Sale-Leaseback Transaction for an initial term of 15 years, with the option to extend the term of each for up to three successive terms of up to five years each. During the initial 12 months of the lease terms, the aggregate base rental amount for the properties will be approximately $4.4 million. During the initial lease terms, the base rental amount will increase annually at a rate of 2.25%. The Corporation recorded a pre-tax gain, after deduction of transaction-related expenses, of approximately $20.3 million in connection with the Sale-Leaseback Transaction. The properties are located in Pennsylvania, New Jersey, Delaware and Maryland. The following table presents the components of lease expense, which is included in net occupancy expense on the consolidated statements of income: Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 (dollars in thousands) Operating lease expense $ 7,633 $ 4,751 $ 12,697 $ 9,592 Variable lease expense 716 773 1,480 1,557 Sublease income (300) (292) (583) (540) Total lease expense $ 8,049 $ 5,232 $ 13,594 $ 10,609 Supplemental consolidated balance sheet information related to leases was as follows: Operating Leases Balance Sheet Classification June 30, 2024 December 31, 2023 (dollars in thousands) ROU assets Other assets $ 131,796 $ 88,188 Lease liabilities Other liabilities $ 138,389 $ 95,230 Weighted average remaining lease term 9.23 years 6.48 years Weighted average discount rate 5.14 % 3.34 % The discount rate used in determining the lease liability for each individual lease is the Bank's incremental borrowing rate which corresponds with the remaining lease term. Supplemental cash flow information related to operating leases was as follows: Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 (dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 5,662 $ 4,844 $ 11,272 $ 9,770 ROU assets obtained in exchange for lease obligations 47,446 — 52,993 9,018 Lease payment obligations for each of the next five years and thereafter, with a reconciliation to the Corporation's lease liabilities were as follows as of June 30, 2024 (dollars in thousands): Year Operating Leases Remaining in 2024 $ 12,616 2025 23,741 2026 22,122 2027 19,830 2028 16,622 Thereafter 79,672 Total lease payments 174,603 Less: imputed interest (36,214) Present value of lease liabilities $ 138,389 As of June 30, 2024, the Corporation had not entered into any significant leases that have not yet commenced. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 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 risks, 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 six months ended June 30, 2024, $14.1 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 six months ended June 30, 2024, the increase to other non-interest income to reflect market valuation movements from the transition from LIBOR to SOFR was $0.3 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 Annual Report on Form 10-K for the year ended December 31, 2023. The following table presents a summary of the notional amounts and fair values of derivative financial instruments: June 30, 2024 December 31, 2023 Notional Asset Notional Asset (dollars in thousands) Interest Rate Locks with Customers Positive fair values $ 197,685 $ 965 $ 119,558 $ 460 Negative fair values 2,109 (3) 1,015 (2) Forward Commitments Positive fair values — — — — Negative fair values 58,500 (236) 42,000 (854) Interest Rate Derivatives with Customers Positive fair values 546,330 8,091 824,659 22,656 Negative fair values 4,132,103 (271,356) 3,784,236 (222,530) Interest Rate Derivatives with Dealer Counterparties (1) Positive fair values 4,132,103 166,461 3,784,236 128,235 Negative fair values 546,330 (8,457) 824,659 (23,023) Interest Rate Derivatives used in Cash Flow Hedges Positive fair values 2,300,000 245 2,500,000 6,189 Negative fair values 950,000 (78) 750,000 — Foreign Exchange Contracts with Customers Positive fair values 25,730 639 4,159 40 Negative fair values 4,081 (81) 13,353 (446) Foreign Exchange Contracts with Correspondent Banks Positive fair values 4,798 127 15,969 532 Negative fair values 25,139 (467) 6,112 (31) (1) Fair Values are net of a valuation allowance of $366.3 thousand as of June 30, 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 June 30, 2024 Interest Rate Products $ (381) $ (381) $ — Interest Income $ (7,032) $ (7,032) $ — Interest Rate Products 3,297 3,297 — Interest Expense 2,030 2,030 — Total $ 2,916 $ 2,916 $ — $ (5,002) $ (5,002) $ — Three months ended June 30, 2023 Interest Rate Products $ (7,251) $ (7,251) — Interest Income $ (7,032) $ (7,032) — Total $ (7,251) $ (7,251) — $ (7,032) $ (7,032) — Six months ended June 30, 2024 Interest Rate Products (6,040) (6,040) — Interest Income (14,064) (14,064) — Interest Rate Products 14,512 14,512 — Interest Expense 4,050 4,050 — Total 8,472 8,472 — (10,014) (10,014) — Six months ended June 30, 2023 Interest Rate Products 5,284 5,284 — Interest Income (14,189) (14,189) — During the next twelve months, the Corporation estimates that an additional $15.9 million of unrecognized 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 June 30 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) $ 2,030 $ (7,032) $ — Interest contracts: Amount of gain (loss) reclassified from AOCI into income (7,032) 2,030 (7,032) — 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) 2,030 (7,032) — Amount of gain (loss) reclassified from AOCI into income - excluded component — — — — Six months ended June 30 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 $ (14,064) $ 4,050 $ (14,189) $ — Interest contracts: Amount of gain (loss) reclassified from AOCI into income (14,064) 4,050 (14,189) — 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 (14,064) 4,050 (14,189) — 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 June 30 Six months ended June 30 2024 2023 2024 2023 (dollars in thousands) Mortgage banking derivatives (1) Mortgage banking income $ (45) $ 475 $ 1,122 $ 869 Interest rate derivatives Other income 137 — 288 — Foreign exchange contracts Other income 84 93 123 184 Net fair value gains (losses) on derivative financial instruments $ 176 $ 568 $ 1,533 $ 1,053 (1) Includes interest rate locks with customers and forward commitments. 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: June 30, December 31, (dollars in thousands) Amortized cost (1) $ 26,335 $ 14,792 Fair value 26,822 15,158 (1) Cost basis of mortgage loans held for sale represents the unpaid principal balance. Gains related to changes in fair values of mortgage loans held for sale were $0.3 million for the three months ended June 30, 2024 compared to a nominal amount for the three months ended June 30, 2023. Losses related to changes in fair values of mortgage loans held for sale were $0.1 million for the six months ended June 30, 2024 compared to gains of $0.1 million for the six months ended June 30, 2023. 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) June 30, 2024 Interest rate derivative assets $ 174,797 $ (9,480) $ — $ 165,317 Foreign exchange derivative assets with correspondent banks 127 (127) — — Total $ 174,924 $ (9,607) $ — $ 165,317 Interest rate derivative liabilities $ 279,891 $ (9,647) $ (107,649) $ 162,595 Foreign exchange derivative liabilities with correspondent banks 467 (127) — 340 Total $ 280,358 $ (9,774) $ (107,649) $ 162,935 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2024 Net unrealized gain on securities $ (18,356) $ 4,157 $ (14,199) Reclassification adjustment for securities net change included in net income (1) 20,282 (4,594) 15,688 Amortization of net unrealized gains on AFS securities transferred to HTM (1) 1,815 (412) 1,403 Net unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges 2,916 (660) 2,256 Reclassification adjustment for net change realized in net income on interest rate derivatives used in cash flow hedges 5,002 (1,111) 3,891 Amortization of net unrecognized pension and postretirement items (2) (136) 31 (105) Total Other Comprehensive Income $ 11,523 $ (2,589) $ 8,934 Three months ended June 30, 2023 Net unrealized losses on securities $ (40,361) $ 9,142 $ (31,219) Reclassification adjustment for securities net change included in net income (3) (4) 1 (3) Amortization of net unrealized gains on AFS securities transferred to HTM (1) 1,941 (440) 1,501 Net unrealized holding losses arising during the period on interest rate derivatives used in cash flow hedges (7,251) 1,665 (5,586) Reclassification adjustment for net change realized in net income on interest rate derivatives used in cash flow hedges 7,032 (22) 7,010 Amortization of net unrecognized pension and postretirement items (2) 4 (1) 3 Total Other Comprehensive Loss $ (38,639) $ 10,345 $ (28,294) Six months ended June 30, 2024 Unrealized gain on securities $ (39,902) $ 9,038 $ (30,864) Reclassification adjustment for securities net change included in net income (3) 20,282 (4,594) 15,688 Amortization of net unrealized gains on AFS securities transferred to HTM (1) 3,608 (818) 2,790 Net unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges 8,472 (1,919) 6,553 Reclassification adjustment for net change realized in net income on interest rate swaps used in cash flow hedges 10,014 (2,224) 7,790 Amortization of net unrecognized pension and postretirement item (2) (271) 60 (211) Total Other Comprehensive Income $ 2,203 $ (457) $ 1,746 Six months ended June 30, 2023 Unrealized gain on securities $ 1,838 $ (416) $ 1,422 Reclassification adjustment for securities net change included in net income (3) 18 (4) 14 Amortization of net unrealized gains on AFS securities transferred to HTM (1) 3,851 (872) 2,979 Net unrealized holding losses arising during the period on interest rate derivatives used in cash flow hedges 5,284 (17,690) (12,406) Reclassification adjustment for change realized in net income on interest rate swaps used in cash flow hedges 14,189 (36) 14,153 Amortization of net unrecognized pension and postretirement items (2) 36 (8) 28 Total Other Comprehensive Income $ 25,216 $ (19,026) $ 6,190 (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 12 - 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 4 - 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 June 30, 2024 Balance at March 31, 2024 $ (290,140) $ (26,587) $ (2,741) $ (319,468) OCI before reclassifications (14,199) 2,256 — (11,943) Amounts reclassified from AOCI 15,688 3,891 (105) 19,474 Amortization of net unrealized gains on AFS securities transferred to HTM 1,403 — — 1,403 Balance at June 30, 2024 $ (287,248) $ (20,440) $ (2,846) $ (310,534) Three months ended June 30, 2023 Balance at March 31, 2023 $ (282,095) $ (61,453) $ (7,444) $ (350,992) OCI before reclassifications (31,219) (5,586) — (36,805) Amounts reclassified from AOCI (3) 7,010 3 7,010 Amortization of net unrealized losses on AFS securities transferred to HTM 1,501 — — 1,501 Balance at June 30, 2023 $ (311,816) $ (60,029) $ (7,441) $ (379,286) Six months ended June 30, 2024 Balance at December 31, 2023 $ (274,862) $ (34,783) $ (2,635) $ (312,280) OCI before reclassifications (30,864) 6,553 — (24,311) Amounts reclassified from AOCI 15,688 7,790 (211) 23,267 Amortization of net unrealized gains on AFS securities transferred to HTM 2,790 — — 2,790 Balance at June 30, 2024 $ (287,248) $ (20,440) $ (2,846) $ (310,534) Six months ended June 30, 2023 Balance at December 31, 2022 $ (316,231) $ (61,776) $ (7,469) $ (385,476) OCI before reclassifications 1,422 (12,406) — (10,984) Amounts reclassified from AOCI 14 14,153 28 14,195 Amortization of net unrealized losses on AFS securities transferred to HTM 2,979 — — 2,979 Balance at June 30, 2023 $ (311,816) $ (60,029) $ (7,441) $ (379,286) |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 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: June 30, 2024 Level 1 Level 2 Level 3 Total (dollars in thousands) Loans held for sale $ — $ 26,822 $ — $ 26,822 Available for sale investment securities: State and municipal securities — 820,109 — 820,109 Corporate debt securities — 337,398 — 337,398 Collateralized mortgage obligations — 713,769 — 713,769 Residential mortgage-backed securities — 557,191 — 557,191 Commercial mortgage-backed securities — 511,127 — 511,127 Total available for sale investment securities — 2,939,594 — 2,939,594 Other assets: Investments held in Rabbi Trust 34,339 — — 34,339 Derivative assets 766 175,762 — 176,528 Total assets $ 35,105 $ 3,142,178 $ — $ 3,177,283 Other liabilities: Deferred compensation liabilities $ 34,339 $ — $ — $ 34,339 Derivative liabilities 548 280,130 — 280,678 Total liabilities $ 34,887 $ 280,130 $ — $ 315,017 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 June 30, 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 – These securities are classified as Level 2. This category consists of subordinated debt and senior debt issued by financial institutions ($330.4 million at June 30, 2024 and $433.4 million at December 31, 2023) and other corporate debt issued by non-financial institutions ($6.9 million and $7.2 million at June 30, 2024 and December 31, 2023, respectively). 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 ($0.8 million and $0.6 million at June 30, 2024 and December 31, 2023, respectively). The mutual funds and foreign exchange prices used to measure these items at fair value are based on quoted prices for identical instruments in active markets. Level 2 assets, representing the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ($1.0 million at June 30, 2024 and $0.5 million at December 31, 2023) and the fair value of interest rate derivatives ($174.8 million at June 30, 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 7 - 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 June 30, 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 ($0.2 million at June 30, 2024 and $0.9 million at December 31, 2023) and the fair value of interest rate derivatives ($279.9 million at June 30, 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: June 30, December 31, (dollars in thousands) Loans, net $ 121,942 $ 102,135 OREO 1,444 896 MSRs (1) 51,724 49,696 Total assets $ 175,110 $ 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 6 - 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 5 - Loans and Allowance for Credit Losses," for additional details. • OREO – This category consists of OREO classified as Level 3 assets, for which the fair values were based on estimated selling prices less estimated selling costs for similar assets in active markets. • MSRs – This category consists of MSRs, which were initially recorded at fair value upon the sale of residential mortgage loans to secondary market investors, and subsequently carried at the lower of amortized cost or fair value. MSRs are amortized as a reduction to servicing income over the estimated lives of the underlying loans. MSRs are stratified by product type and evaluated for impairment by comparing each stratum's carrying amount to its estimated fair value. Fair values are determined at the end of each quarter through a discounted cash flows valuation performed by a third-party valuation expert. Significant inputs to the valuation included expected net servicing income, the discount rate and the expected life of the underlying loans. Expected life is based on the contractual terms of the loans as adjusted for prepayment projections. The weighted average annual constant prepayment rate and the weighted average discount rate used in the June 30, 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 6 - Mortgage Servicing Rights," for additional information. The following tables detail the book values and the estimated fair values of the Corporation's financial instruments: June 30, 2024 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total (dollars in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 1,396,282 $ 1,396,282 $ — $ — $ 1,396,282 FRB and FHLB stock 125,297 — 125,297 — 125,297 Loans held for sale 26,822 — 26,822 — 26,822 AFS securities 2,939,594 — 2,939,594 — 2,939,594 HTM securities 1,244,433 — 1,033,439 — 1,033,439 Loans, net 23,730,356 — — 22,391,497 22,391,497 Accrued interest receivable 120,752 120,752 — — 120,752 Other assets 731,849 524,312 175,762 53,168 753,242 FINANCIAL LIABILITIES Demand and savings deposits $ 20,650,955 $ 20,650,955 $ — $ — $ 20,650,955 Brokered deposits 995,975 139,166 856,809 — 995,975 Time deposits 3,912,724 — 3,912,608 — 3,912,608 Accrued interest payable 48,757 48,757 — — 48,757 Federal Home Loan Bank advances 750,000 754,414 — — 754,414 Senior debt and subordinated debt 535,741 — 419,072 — 419,072 Other borrowings 892,856 891,851 1,119 — 892,970 Other liabilities 467,810 173,140 280,130 14,540 467,810 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 June 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30 Six months ended June 30 2024 2023 2024 2023 Weighted average shares outstanding (basic) 175,305 165,854 169,006 166,227 Impact of common stock equivalents 1,629 1,337 1,763 1,582 Weighted average shares outstanding (diluted) 176,934 167,191 170,769 167,809 Per share: Basic $ 0.53 $ 0.46 $ 0.90 $ 0.86 Diluted 0.52 0.46 0.89 0.85 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Corporation grants equity awards to employees in the form of 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's 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 June 30, 2024, the Employee Equity Plan had approximately 3.9 million shares reserved for future grants through 2032, and the Directors’ Plan had approximately 330,000 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 June 30 Six months ended June 30 2024 2023 2024 2023 (dollars in thousands) Compensation expense $ 2,758 $ 2,571 $ 3,425 $ 4,240 Tax benefit (620) (565) (764) (927) Total stock-based compensation, net of tax $ 2,138 $ 2,006 $ 2,661 $ 3,313 |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 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 June 30 Six months ended June 30 2024 2023 2024 2023 (dollars in thousands) Interest cost $ 789 $ 855 $ 1,579 $ 1,711 Expected return on plan assets (975) (877) (1,951) (1,754) Net amortization and deferral — 80 — 161 Net periodic pension cost $ (186) $ 58 $ (372) $ 118 The components of the net benefit for the Postretirement Plan consisted of the following components: Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 (dollars in thousands) Interest cost $ 9 $ 13 $ 19 $ 26 Net accretion and deferral (136) (136) (271) (272) Net periodic benefit $ (127) $ (123) $ (252) $ (246) 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 | 6 Months Ended |
Jun. 30, 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: June 30, December 31, 2023 (dollars in thousands) Commitments to extend credit $ 9,100,013 $ 8,790,511 Standby letters of credit 254,067 264,440 Commercial letters of credit 64,605 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 June 30, 2024 and December 31, 2023, the total reserve for losses on residential mortgage loans sold was $2.5 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 $1.3 million and $2.7 million, as of June 30, 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 | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income | $ 94,975 | $ 79,607 | $ 156,916 | $ 147,920 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 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 Annual Report on Form 10-K for the year ended December 31, 2023. Those significant accounting policies are unchanged at June 30, 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 2023-07") . 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. |
Reclassifications | Reclassifications |
Business Combinations and Asset
Business Combinations and Asset Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Schedule of Acquisitions | The following table summarizes the consideration transferred and the estimated fair values of identifiable assets acquired and liabilities assumed in connection with the Republic First Transaction on the Acquisition Date: Estimated Fair Value Cash payment received from FDIC $ 809,920 Assets acquired: Cash and due from banks 208,451 Investment securities 1,938,571 Loans 2,505,040 Premises and equipment 970 CDI 92,600 FHLB Stock 37,931 Accrued interest receivable 16,164 Other assets 11,782 Total assets 4,811,509 Liabilities assumed: Deposits 4,112,325 Borrowings 1,435,976 Other liabilities 11,859 Total liabilities 5,560,160 Net assets acquired: (748,651) Gain on acquisition, before income taxes $ 61,269 Gain on acquisition, net of income taxes $ 47,392 The following table presents information with respect to the estimated fair value and unpaid principal balance of acquired loans and leases at the Acquisition Date: April 26, 2024 Unpaid Principal Balance Estimated Fair Value (dollars in thousands) Real estate - commercial mortgage $ 1,144,465 $ 1,024,004 Commercial and industrial 545,374 496,100 Real-estate - residential mortgage 947,135 752,328 Real-estate - home equity 72,730 66,237 Real-estate - construction 153,437 145,597 Consumer 20,789 20,774 Total acquired loans $ 2,883,930 $ 2,505,040 The following table summarizes PCD Loans: April 26, 2024 (dollars in thousands) Book balance of loans with deteriorated credit quality at acquisition $ 1,023,940 Fair value of loans with deteriorated credit quality at acquisition 904,558 Fair value discount 119,382 PCD Loans credit discount (55,906) Non-credit discount $ 63,476 |
Schedule of Acquisition-Related Expenses | The following table details the costs identified and classified as acquisition-related expenses: Three months ended June 30, 2024 (dollars in thousands) Salaries and employee benefits $ 805 Professional fees 7,624 Charitable donation Charitable donation 5,000 Other 374 $ 13,803 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 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: June 30, 2024 Amortized Gross Gross Estimated Available for Sale (dollars in thousands) State and municipal securities $ 965,392 $ 50 $ (145,333) $ 820,109 Corporate debt securities 368,901 510 (32,013) 337,398 Collateralized mortgage obligations 724,602 1,533 (12,366) 713,769 Residential mortgage-backed securities 589,267 14 (32,090) 557,191 Commercial mortgage-backed securities 610,960 — (99,833) 511,127 Total $ 3,259,122 $ 2,107 $ (321,635) $ 2,939,594 Held to Maturity Residential mortgage-backed securities $ 384,956 $ — $ (58,593) $ 326,363 Commercial mortgage-backed securities 859,477 — (152,401) 707,076 Total $ 1,244,433 $ — $ (210,994) $ 1,033,439 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 June 30, 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. June 30, 2024 Available for Sale Held to Maturity Amortized Estimated Amortized Estimated (dollars in thousands) Due in one year or less $ 13,762 $ 13,533 $ — $ — Due from one year to five years 110,303 106,430 — — Due from five years to ten years 362,563 327,817 — — Due after ten years 847,665 709,727 — — 1,334,293 1,157,507 — — Residential mortgage-backed securities (1) 589,267 557,191 384,956 326,363 Commercial mortgage-backed securities (1) 610,960 511,127 859,477 707,076 Collateralized mortgage obligations (1) 724,602 713,769 — — Total $ 3,259,122 $ 2,939,594 $ 1,244,433 $ 1,033,439 (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) June 30, 2024 $ 91 $ (20,373) $ (20,282) June 30, 2023 — (4) (4) Six months ended June 30, 2024 $ 91 $ (20,373) $ (20,282) June 30, 2023 283 (264) 19 |
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: June 30, 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) State and municipal securities 19 $ 48,682 $ (1,552) 276 $ 766,484 $ (143,781) $ 815,166 $ (145,333) Corporate debt securities — — — 52 286,277 (32,013) 286,277 (32,013) Collateralized mortgage obligations 9 195,411 (601) 82 93,219 (11,765) 288,630 (12,366) Residential mortgage-backed securities 32 369,024 (1,115) 75 183,416 (30,975) 552,440 (32,090) Commercial mortgage-backed securities — — — 135 511,127 (99,833) 511,127 (99,833) Total available for sale 60 $ 613,117 $ (3,268) 620 $ 1,840,523 $ (318,367) $ 2,453,640 $ (321,635) Held to Maturity Residential mortgage-backed securities — $ — $ — 120 $ 326,363 $ (58,593) $ 326,363 $ (58,593) Commercial mortgage-backed securities — — — 60 707,076 (152,401) 707,076 (152,401) Total held to maturity — $ — $ — 180 $ 1,033,439 $ (210,994) $ 1,033,439 $ (210,994) 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) | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Summary of Gross Loans by Type | Loans and leases, net of unearned income, are summarized as follows: June 30, December 31, 2023 (dollars in thousands) Real estate - commercial mortgage $ 9,289,770 $ 8,127,728 Commercial and industrial (1) 4,967,796 4,545,552 Real-estate - residential mortgage 6,248,856 5,325,923 Real-estate - home equity 1,120,878 1,047,184 Real-estate - construction 1,463,799 1,239,075 Consumer 692,086 729,318 Leases and other loans (2) 323,112 336,314 Net loans $ 24,106,297 $ 21,351,094 (1) Includes no unearned income at June 30, 2024 and $41.0 thousand at December 31, 2023. (2) Includes unearned income of $36.6 million at June 30, 2024 and $38.0 million at 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: June 30, December 31, (dollars in thousands) ACL - loans $ 375,941 $ 293,404 Reserve for OBS credit exposures (1) $ 14,540 $ 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 June 30 Six months ended June 30 2024 2023 2024 2023 (dollars in thousands) Balance at beginning of period $ 297,888 $ 278,695 $ 293,404 269,366 CECL Day 1 Provision (1) 23,444 — 23,444 — Initial PCD allowance for credit losses 55,906 — 55,906 — Loans charged off (14,007) (4,787) (24,959) (21,690) Recoveries of loans previously charged off 2,705 2,816 5,059 5,715 Net loans (charged off) recovered (11,302) (1,971) (19,900) (15,975) Provision for credit losses (1) (2) 10,005 10,718 23,087 34,051 Balance at end of period $ 375,941 $ 287,442 $ 375,941 $ 287,442 Provision for OBS credit exposures (1) $ (1,393) $ (971) $ (3,550) $ 240 Reserve for OBS credit exposures $ 14,540 $ 16,568 $ 14,540 $ 16,568 (1) The sum of these amounts are reflected in the provision for credit losses in the Consolidated Statements of Income. (2) 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 June 30, 2024 March 31, 2024 $ 114,492 $ 76,883 $ 73,216 $ 16,688 $ 12,966 $ 3,643 $ 297,888 CECL Day 1 Provision (1) 6,108 1,484 14,922 444 486 — 23,444 Initial PCD allowance for credit losses 32,157 20,869 565 357 1,958 — 55,906 Loans charged off (7,853) (2,955) (35) (1,766) — (1,398) (14,007) Recoveries of loans previously charged off 146 796 122 1,161 233 247 2,705 Net loans (charged off) recovered (7,707) (2,159) 87 (605) 233 (1,151) (11,302) Provision for loan losses (1) (2) 11,115 (2,454) 924 649 (1,033) 804 10,005 Balance at June 30, 2024 $ 156,165 $ 94,623 $ 89,714 $ 17,533 $ 14,610 $ 3,296 $ 375,941 Three months ended June 30, 2023 March 31, 2023 $ 66,256 $ 77,126 $ 86,209 $ 27,303 $ 11,646 $ 10,155 $ 278,695 Loans charged off (230) (2,017) (62) (1,313) — (1,165) (4,787) Recoveries of loans previously charged off 29 988 58 959 569 213 2,816 Net loans (charged off) recovered (201) (1,029) (4) (354) 569 (952) (1,971) Provision for loan and lease losses (1) (2) 6,247 (908) 2,644 2,033 (1,071) 1,773 10,718 Balance at June 30, 2023 $ 72,302 $ 75,189 $ 88,849 $ 28,982 $ 11,144 $ 10,976 $ 287,442 Six months ended June 30, 2024 Balance at December 31, 2023 $ 112,565 $ 74,266 $ 73,286 $ 17,604 $ 12,295 $ 3,388 $ 293,404 CECL Day 1 Provision (1) 6,108 1,484 14,922 444 486 — 23,444 Initial PCD allowance for credit losses 32,157 20,869 565 357 1,958 — 55,906 Loans charged off (7,879) (10,587) (286) (4,004) — (2,203) (24,959) Recoveries of loans previously charged off 298 2,044 238 1,837 233 409 5,059 Net loans (charged off) recovered (7,581) (8,543) (48) (2,167) 233 (1,794) (19,900) Provision for loan losses (1) (2) 12,916 6,547 989 1,295 (362) 1,702 23,087 Balance at June 30, 2024 $ 156,165 $ 94,623 $ 89,714 $ 17,533 $ 14,610 $ 3,296 $ 375,941 Six months ended June 30, 2023 Balance at December 31, 2022 $ 69,456 $ 70,116 $ 83,250 $ 26,429 $ 10,743 $ 9,372 $ 269,366 Loans charged off (13,592) (2,629) (62) (3,519) — (1,888) (21,690) Recoveries of loans previously charged off 815 2,074 106 1,620 771 329 5,715 Net loans (charged off) recovered (12,777) (555) 44 (1,899) 771 (1,559) (15,975) Provision for loan losses (1)(2) 15,623 5,628 5,555 4,452 (370) 3,163 34,051 Balance at June 30, 2023 $ 72,302 $ 75,189 $ 88,849 $ 28,982 $ 11,144 $ 10,976 $ 287,442 (1) These amounts are reflected in the provision for credit loss in the Consolidated Statements of Income. (2) Provision included in the table only includes the portion related to net loans. |
Total Impaired Loans by Class Segment | The following table presents total non-accrual loans, by class segment: June 30, 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 $ 16,295 $ 29,897 $ 46,192 $ 23,338 $ 21,467 $ 44,805 Commercial and industrial 28,693 28,581 57,274 12,410 27,542 39,952 Real estate - residential mortgage 21,436 3,027 24,463 18,806 2,018 20,824 Real estate - home equity 6,249 90 6,339 4,649 104 4,753 Real estate - construction 340 886 1,226 341 1,000 1,341 Consumer 183 — 183 52 — 52 Leases and other loans 601 9,352 9,953 9,255 638 9,893 $ 73,797 $ 71,833 $ 145,630 $ 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: June 30, 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 $ 309,982 $ 863,950 $ 1,071,750 $ 1,271,714 $ 1,045,978 $ 3,529,987 $ 67,395 $ — $ 8,160,756 Special Mention 1,226 64,073 156,132 221,347 78,390 222,166 10,166 1,531 755,031 Substandard or Lower 216 10,339 60,790 77,874 63,740 159,103 1,921 — 373,983 Total real estate - commercial mortgage 311,424 938,362 1,288,672 1,570,935 1,188,108 3,911,256 79,482 1,531 9,289,770 Real estate - commercial mortgage Current period gross charge-offs — — (84) — — (7,769) — (26) (7,879) Commercial and industrial Pass 226,274 549,429 588,898 324,519 304,830 812,912 1,449,696 16,778 4,273,336 Special Mention 9,518 23,258 46,588 52,606 25,066 98,739 137,793 408 393,976 Substandard or Lower 8,828 3,716 32,980 7,707 8,213 70,004 167,668 1,368 300,484 Total commercial and industrial 244,620 576,403 668,466 384,832 338,109 981,655 1,755,157 18,554 4,967,796 Commercial and industrial Current period gross charge-offs (370) (1,420) (29) (273) (57) (742) (4,061) (3,635) (10,587) Real estate - construction (1) Pass 53,160 458,484 321,727 161,398 6,181 40,431 26,297 — 1,067,678 Special Mention — 14,371 53,362 48,683 3,023 3,226 2,952 1,280 126,897 Substandard or Lower — — 13,116 11,929 — 26,195 142 — 51,382 Total real estate - construction 53,160 472,855 388,205 222,010 9,204 69,852 29,391 1,280 1,245,957 Real estate - construction (1) Current period gross charge-offs — — — — — — — — — Total Pass 589,416 1,871,863 1,982,375 1,757,631 1,356,989 4,383,330 1,543,388 16,778 13,501,770 Special Mention 10,744 101,702 256,082 322,636 106,479 324,131 150,911 3,219 1,275,904 Substandard or Lower 9,044 14,055 106,886 97,510 71,953 255,302 169,731 1,368 725,849 Total $ 609,204 $ 1,987,620 $ 2,345,343 $ 2,177,777 $ 1,535,421 $ 4,962,763 $ 1,864,030 $ 21,365 $ 15,503,523 (1) Excludes real estate - construction - other. The increase of $799.0 million in special mention loans as of June 30, 2024 was primarily due to loans acquired in the Republic First Transaction with a balance of $776.9 million as of June 30, 2024. The increase of $277.8 million in substandard or lower loans as of June 30, 2024 was primarily due to loans acquired in the Republic First Transaction with a balance of $166.5 million as of June 30, 2024. 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. June 30, 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 $ 223,893 $ 693,496 $ 1,541,848 $ 1,779,390 $ 1,063,559 $ 905,637 $ — $ — $ 6,207,823 Nonperforming — 1,265 2,259 3,831 4,809 28,869 — — 41,033 Total real estate - residential mortgage 223,893 694,761 1,544,107 1,783,221 1,068,368 934,506 — — 6,248,856 Real estate - residential mortgage Current period gross charge-offs — — — — — (35) — (251) (286) Consumer and real estate - home equity Performing 160,101 136,412 250,006 77,901 56,063 235,923 872,989 11,614 1,801,009 Nonperforming 3 178 1,116 596 283 7,170 1,708 901 11,955 Total consumer and real estate - home equity 160,104 136,590 251,122 78,497 56,346 243,093 874,697 12,515 1,812,964 Consumer and real estate - home equity Current period gross charge-offs (1) (326) (477) (125) (142) (1,096) — (1,837) (4,004) Leases and other loans Performing 77,600 107,668 71,018 22,699 16,005 18,130 — — 313,120 Nonperforming — — 568 72 41 9,311 — — 9,992 Leases and other loans 77,600 107,668 71,586 22,771 16,046 27,441 — — 323,112 Leases and other loans Current period gross charge-offs (585) (559) (159) (193) (63) (343) (125) (176) (2,203) Construction - other Performing 32,808 135,217 42,100 6,311 — — — — 216,436 Nonperforming — — 1,406 — — — — — 1,406 Total construction - other 32,808 135,217 43,506 6,311 — — — — 217,842 Construction - other Current period gross charge-offs — — — — — — — — — Total Performing 494,402 1,072,793 1,904,972 1,886,301 1,135,627 1,159,690 872,989 11,614 8,538,388 Nonperforming 3 1,443 5,349 4,499 5,133 45,350 1,708 901 64,386 Total $ 494,405 $ 1,074,236 $ 1,910,321 $ 1,890,800 $ 1,140,760 $ 1,205,040 $ 874,697 $ 12,515 $ 8,602,774 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: June 30, December 31, (dollars in thousands) Non-accrual loans $ 145,630 $ 121,620 Loans 90 days or more past due and still accruing 26,962 31,721 Total non-performing loans 172,592 153,341 OREO (1) 1,444 896 Total non-performing assets $ 174,036 $ 154,237 (1) Excludes $24.2 million and $10.9 million of residential mortgage properties for which formal foreclosure proceedings were in process as of June 30, 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) June 30, 2024 Real estate - commercial mortgage $ 14,262 $ 1,126 $ 2,422 $ 46,193 $ 9,225,767 $ 9,289,770 Commercial and industrial (1) 12,191 14,984 1,159 57,274 4,882,188 4,967,796 Real estate - residential mortgage 58,454 13,895 16,571 24,462 6,135,474 6,248,856 Real estate - home equity 7,403 1,776 4,880 6,338 1,100,482 1,120,878 Real estate - construction 10,951 749 1,406 1,226 1,449,467 1,463,799 Consumer 7,274 1,767 485 183 682,377 692,086 Leases and other loans (1) 397 80 39 9,954 312,642 323,112 Total $ 110,932 $ 34,377 $ 26,962 $ 145,630 $ 23,788,397 $ 24,106,297 (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 2024 2023 Amortization Cost Basis % of Class of Financing Receivable Amortization Cost Basis % of Class of Financing Receivable (dollars in thousands) Three months ended June 30 Real estate - commercial mortgage $ 20,603 0.22 % $ 276 — % Commercial and industrial — — — — Real estate - residential mortgage 2,966 0.05 2,045 0.04 Real estate - home equity 129 0.01 — — Total $ 23,698 $ 2,321 Six months ended June 30 Real estate - commercial mortgage $ 20,603 0.22 % $ 1,478 0.02 % Commercial and industrial — — 75 — Real estate - residential mortgage 5,651 0.09 3,423 0.07 Real estate - home equity 129 0.01 — — Real estate - construction 541 0.04 — — Total $ 26,924 $ 4,976 Interest Rate Reduction and Term Extension 2024 2023 Amortized Cost Basis % of Class of Financing Receivable Amortized Cost Basis % of Class of Financing Receivable (dollars in thousands) Three months ended June 30 Real estate - residential mortgage $ 884 0.01 % $ — — % Total $ 884 $ — Six months ended June 30 Real estate - residential mortgage $ 1,348 0.02 % $ — — % Total $ 1,348 $ — The following table presents the financial effect of the modifications made to borrowers experiencing financial difficulty: Term Extension Financial Effect Three months ended June 30, 2024 Real estate - commercial mortgage Added a weighted-average 2.00 years to the life of loans, which reduced monthly payment amounts for the borrowers. Real estate - residential mortgage Added a weighted-average 8.51 years to the life of loans, which reduced monthly payment amounts for the borrowers. Real estate - home equity Added a weighted-average 17.92 years to the life of loans, which reduced monthly payment amounts for borrowers. Three months ended June 30, 2023 Real estate - commercial mortgage Added a weighted-average 1.25 years to the life of loans, which reduced monthly payment amounts for the borrowers. Real estate - residential mortgage Added a weighted-average 5.29 years to the life of loans, which reduced monthly payment amounts for the borrowers. Six months ended June 30, 2024 Real estate - commercial mortgage Added a weighted-average 2.00 years to the life of loans, which reduced monthly payment amounts for the borrowers. Real estate - residential mortgage Added a weighted-average 7.44 years to the life of loans, which reduced monthly payment amounts for the borrowers. Real estate - home equity Added a weighted-average 17.92 years to the life of loans, which reduced monthly payment amounts for borrowers. Real estate - construction Added a weighted-average 0.67 years to the life of loans, which reduced monthly payment amounts for the borrowers. Six months ended June 30, 2023 Real estate - commercial mortgage Added a weighted-average 2.05 years to the life of loans, which reduced monthly payment amounts for the borrowers. Commercial and industrial Added a weighted-average 2.88 years to the life of loans, which reduced monthly payment amounts for the borrowers. Real estate - residential mortgage Added a weighted-average 4.64 years to the life of loans, which reduced monthly payment amounts for the borrowers. Interest Rate Reduction (1) Financial Effect Three months ended June 30, 2024 Real estate - residential mortgage Reduced weighted-average interest rate from 3.00% to 1.00% Six months ended June 30, 2024 Real estate - residential mortgage Reduced weighted-average interest rate from 2.36% to 1.37% (1) There were no loan modifications with interest rate reductions for the three months and six months ended June 30, 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 June 30, 2024 (dollars in thousands) Real estate - commercial mortgage $ 20,603 $ — $ — $ — Commercial and industrial 9,859 — — — Real estate - residential mortgage 8,776 1,977 1,353 3,330 Real estate - home equity 122 7 — 7 Real estate - construction 541 — — — Total $ 39,901 $ 1,984 $ 1,353 $ 3,337 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 6 Months Ended |
Jun. 30, 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 June 30 Six months ended June 30 2024 2023 2024 2023 (dollars in thousands) Amortized cost: Balance at beginning of period $ 31,057 $ 33,082 $ 31,602 $ 34,217 Originations of MSRs 883 688 1,465 884 Amortization (1,294) (1,312) (2,421) (2,643) Balance at end of period $ 30,646 $ 32,458 $ 30,646 $ 32,458 Estimated fair value of MSRs at end of period $ 51,724 $ 49,444 $ 51,724 $ 49,444 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense | he following table presents the components of lease expense, which is included in net occupancy expense on the consolidated statements of income: Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 (dollars in thousands) Operating lease expense $ 7,633 $ 4,751 $ 12,697 $ 9,592 Variable lease expense 716 773 1,480 1,557 Sublease income (300) (292) (583) (540) Total lease expense $ 8,049 $ 5,232 $ 13,594 $ 10,609 |
Schedule of Supplemental Lease Information | Supplemental consolidated balance sheet information related to leases was as follows: Operating Leases Balance Sheet Classification June 30, 2024 December 31, 2023 (dollars in thousands) ROU assets Other assets $ 131,796 $ 88,188 Lease liabilities Other liabilities $ 138,389 $ 95,230 Weighted average remaining lease term 9.23 years 6.48 years Weighted average discount rate 5.14 % 3.34 % Supplemental cash flow information related to operating leases was as follows: Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 (dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 5,662 $ 4,844 $ 11,272 $ 9,770 ROU assets obtained in exchange for lease obligations 47,446 — 52,993 9,018 |
Schedule of Lease Payment Obligations For Each of the Next Five Years | Year Operating Leases Remaining in 2024 $ 12,616 2025 23,741 2026 22,122 2027 19,830 2028 16,622 Thereafter 79,672 Total lease payments 174,603 Less: imputed interest (36,214) Present value of lease liabilities $ 138,389 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 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: June 30, 2024 December 31, 2023 Notional Asset Notional Asset (dollars in thousands) Interest Rate Locks with Customers Positive fair values $ 197,685 $ 965 $ 119,558 $ 460 Negative fair values 2,109 (3) 1,015 (2) Forward Commitments Positive fair values — — — — Negative fair values 58,500 (236) 42,000 (854) Interest Rate Derivatives with Customers Positive fair values 546,330 8,091 824,659 22,656 Negative fair values 4,132,103 (271,356) 3,784,236 (222,530) Interest Rate Derivatives with Dealer Counterparties (1) Positive fair values 4,132,103 166,461 3,784,236 128,235 Negative fair values 546,330 (8,457) 824,659 (23,023) Interest Rate Derivatives used in Cash Flow Hedges Positive fair values 2,300,000 245 2,500,000 6,189 Negative fair values 950,000 (78) 750,000 — Foreign Exchange Contracts with Customers Positive fair values 25,730 639 4,159 40 Negative fair values 4,081 (81) 13,353 (446) Foreign Exchange Contracts with Correspondent Banks Positive fair values 4,798 127 15,969 532 Negative fair values 25,139 (467) 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 June 30, 2024 Interest Rate Products $ (381) $ (381) $ — Interest Income $ (7,032) $ (7,032) $ — Interest Rate Products 3,297 3,297 — Interest Expense 2,030 2,030 — Total $ 2,916 $ 2,916 $ — $ (5,002) $ (5,002) $ — Three months ended June 30, 2023 Interest Rate Products $ (7,251) $ (7,251) — Interest Income $ (7,032) $ (7,032) — Total $ (7,251) $ (7,251) — $ (7,032) $ (7,032) — Six months ended June 30, 2024 Interest Rate Products (6,040) (6,040) — Interest Income (14,064) (14,064) — Interest Rate Products 14,512 14,512 — Interest Expense 4,050 4,050 — Total 8,472 8,472 — (10,014) (10,014) — Six months ended June 30, 2023 Interest Rate Products 5,284 5,284 — Interest Income (14,189) (14,189) — During the next twelve months, the Corporation estimates that an additional $15.9 million of unrecognized 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 June 30 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) $ 2,030 $ (7,032) $ — Interest contracts: Amount of gain (loss) reclassified from AOCI into income (7,032) 2,030 (7,032) — 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) 2,030 (7,032) — Amount of gain (loss) reclassified from AOCI into income - excluded component — — — — Six months ended June 30 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 $ (14,064) $ 4,050 $ (14,189) $ — Interest contracts: Amount of gain (loss) reclassified from AOCI into income (14,064) 4,050 (14,189) — 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 (14,064) 4,050 (14,189) — 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 June 30 Six months ended June 30 2024 2023 2024 2023 (dollars in thousands) Mortgage banking derivatives (1) Mortgage banking income $ (45) $ 475 $ 1,122 $ 869 Interest rate derivatives Other income 137 — 288 — Foreign exchange contracts Other income 84 93 123 184 Net fair value gains (losses) on derivative financial instruments $ 176 $ 568 $ 1,533 $ 1,053 (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: June 30, December 31, (dollars in thousands) Amortized cost (1) $ 26,335 $ 14,792 Fair value 26,822 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) June 30, 2024 Interest rate derivative assets $ 174,797 $ (9,480) $ — $ 165,317 Foreign exchange derivative assets with correspondent banks 127 (127) — — Total $ 174,924 $ (9,607) $ — $ 165,317 Interest rate derivative liabilities $ 279,891 $ (9,647) $ (107,649) $ 162,595 Foreign exchange derivative liabilities with correspondent banks 467 (127) — 340 Total $ 280,358 $ (9,774) $ (107,649) $ 162,935 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) June 30, 2024 Interest rate derivative assets $ 174,797 $ (9,480) $ — $ 165,317 Foreign exchange derivative assets with correspondent banks 127 (127) — — Total $ 174,924 $ (9,607) $ — $ 165,317 Interest rate derivative liabilities $ 279,891 $ (9,647) $ (107,649) $ 162,595 Foreign exchange derivative liabilities with correspondent banks 467 (127) — 340 Total $ 280,358 $ (9,774) $ (107,649) $ 162,935 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) | 6 Months Ended |
Jun. 30, 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 June 30, 2024 Net unrealized gain on securities $ (18,356) $ 4,157 $ (14,199) Reclassification adjustment for securities net change included in net income (1) 20,282 (4,594) 15,688 Amortization of net unrealized gains on AFS securities transferred to HTM (1) 1,815 (412) 1,403 Net unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges 2,916 (660) 2,256 Reclassification adjustment for net change realized in net income on interest rate derivatives used in cash flow hedges 5,002 (1,111) 3,891 Amortization of net unrecognized pension and postretirement items (2) (136) 31 (105) Total Other Comprehensive Income $ 11,523 $ (2,589) $ 8,934 Three months ended June 30, 2023 Net unrealized losses on securities $ (40,361) $ 9,142 $ (31,219) Reclassification adjustment for securities net change included in net income (3) (4) 1 (3) Amortization of net unrealized gains on AFS securities transferred to HTM (1) 1,941 (440) 1,501 Net unrealized holding losses arising during the period on interest rate derivatives used in cash flow hedges (7,251) 1,665 (5,586) Reclassification adjustment for net change realized in net income on interest rate derivatives used in cash flow hedges 7,032 (22) 7,010 Amortization of net unrecognized pension and postretirement items (2) 4 (1) 3 Total Other Comprehensive Loss $ (38,639) $ 10,345 $ (28,294) Six months ended June 30, 2024 Unrealized gain on securities $ (39,902) $ 9,038 $ (30,864) Reclassification adjustment for securities net change included in net income (3) 20,282 (4,594) 15,688 Amortization of net unrealized gains on AFS securities transferred to HTM (1) 3,608 (818) 2,790 Net unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges 8,472 (1,919) 6,553 Reclassification adjustment for net change realized in net income on interest rate swaps used in cash flow hedges 10,014 (2,224) 7,790 Amortization of net unrecognized pension and postretirement item (2) (271) 60 (211) Total Other Comprehensive Income $ 2,203 $ (457) $ 1,746 Six months ended June 30, 2023 Unrealized gain on securities $ 1,838 $ (416) $ 1,422 Reclassification adjustment for securities net change included in net income (3) 18 (4) 14 Amortization of net unrealized gains on AFS securities transferred to HTM (1) 3,851 (872) 2,979 Net unrealized holding losses arising during the period on interest rate derivatives used in cash flow hedges 5,284 (17,690) (12,406) Reclassification adjustment for change realized in net income on interest rate swaps used in cash flow hedges 14,189 (36) 14,153 Amortization of net unrecognized pension and postretirement items (2) 36 (8) 28 Total Other Comprehensive Income $ 25,216 $ (19,026) $ 6,190 (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 12 - 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 4 - 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 June 30, 2024 Balance at March 31, 2024 $ (290,140) $ (26,587) $ (2,741) $ (319,468) OCI before reclassifications (14,199) 2,256 — (11,943) Amounts reclassified from AOCI 15,688 3,891 (105) 19,474 Amortization of net unrealized gains on AFS securities transferred to HTM 1,403 — — 1,403 Balance at June 30, 2024 $ (287,248) $ (20,440) $ (2,846) $ (310,534) Three months ended June 30, 2023 Balance at March 31, 2023 $ (282,095) $ (61,453) $ (7,444) $ (350,992) OCI before reclassifications (31,219) (5,586) — (36,805) Amounts reclassified from AOCI (3) 7,010 3 7,010 Amortization of net unrealized losses on AFS securities transferred to HTM 1,501 — — 1,501 Balance at June 30, 2023 $ (311,816) $ (60,029) $ (7,441) $ (379,286) Six months ended June 30, 2024 Balance at December 31, 2023 $ (274,862) $ (34,783) $ (2,635) $ (312,280) OCI before reclassifications (30,864) 6,553 — (24,311) Amounts reclassified from AOCI 15,688 7,790 (211) 23,267 Amortization of net unrealized gains on AFS securities transferred to HTM 2,790 — — 2,790 Balance at June 30, 2024 $ (287,248) $ (20,440) $ (2,846) $ (310,534) Six months ended June 30, 2023 Balance at December 31, 2022 $ (316,231) $ (61,776) $ (7,469) $ (385,476) OCI before reclassifications 1,422 (12,406) — (10,984) Amounts reclassified from AOCI 14 14,153 28 14,195 Amortization of net unrealized losses on AFS securities transferred to HTM 2,979 — — 2,979 Balance at June 30, 2023 $ (311,816) $ (60,029) $ (7,441) $ (379,286) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 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: June 30, 2024 Level 1 Level 2 Level 3 Total (dollars in thousands) Loans held for sale $ — $ 26,822 $ — $ 26,822 Available for sale investment securities: State and municipal securities — 820,109 — 820,109 Corporate debt securities — 337,398 — 337,398 Collateralized mortgage obligations — 713,769 — 713,769 Residential mortgage-backed securities — 557,191 — 557,191 Commercial mortgage-backed securities — 511,127 — 511,127 Total available for sale investment securities — 2,939,594 — 2,939,594 Other assets: Investments held in Rabbi Trust 34,339 — — 34,339 Derivative assets 766 175,762 — 176,528 Total assets $ 35,105 $ 3,142,178 $ — $ 3,177,283 Other liabilities: Deferred compensation liabilities $ 34,339 $ — $ — $ 34,339 Derivative liabilities 548 280,130 — 280,678 Total liabilities $ 34,887 $ 280,130 $ — $ 315,017 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: June 30, December 31, (dollars in thousands) Loans, net $ 121,942 $ 102,135 OREO 1,444 896 MSRs (1) 51,724 49,696 Total assets $ 175,110 $ 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 6 - 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: June 30, 2024 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total (dollars in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 1,396,282 $ 1,396,282 $ — $ — $ 1,396,282 FRB and FHLB stock 125,297 — 125,297 — 125,297 Loans held for sale 26,822 — 26,822 — 26,822 AFS securities 2,939,594 — 2,939,594 — 2,939,594 HTM securities 1,244,433 — 1,033,439 — 1,033,439 Loans, net 23,730,356 — — 22,391,497 22,391,497 Accrued interest receivable 120,752 120,752 — — 120,752 Other assets 731,849 524,312 175,762 53,168 753,242 FINANCIAL LIABILITIES Demand and savings deposits $ 20,650,955 $ 20,650,955 $ — $ — $ 20,650,955 Brokered deposits 995,975 139,166 856,809 — 995,975 Time deposits 3,912,724 — 3,912,608 — 3,912,608 Accrued interest payable 48,757 48,757 — — 48,757 Federal Home Loan Bank advances 750,000 754,414 — — 754,414 Senior debt and subordinated debt 535,741 — 419,072 — 419,072 Other borrowings 892,856 891,851 1,119 — 892,970 Other liabilities 467,810 173,140 280,130 14,540 467,810 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) | 6 Months Ended |
Jun. 30, 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 June 30 Six months ended June 30 2024 2023 2024 2023 Weighted average shares outstanding (basic) 175,305 165,854 169,006 166,227 Impact of common stock equivalents 1,629 1,337 1,763 1,582 Weighted average shares outstanding (diluted) 176,934 167,191 170,769 167,809 Per share: Basic $ 0.53 $ 0.46 $ 0.90 $ 0.86 Diluted 0.52 0.46 0.89 0.85 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 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 June 30 Six months ended June 30 2024 2023 2024 2023 (dollars in thousands) Compensation expense $ 2,758 $ 2,571 $ 3,425 $ 4,240 Tax benefit (620) (565) (764) (927) Total stock-based compensation, net of tax $ 2,138 $ 2,006 $ 2,661 $ 3,313 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 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 June 30 Six months ended June 30 2024 2023 2024 2023 (dollars in thousands) Interest cost $ 789 $ 855 $ 1,579 $ 1,711 Expected return on plan assets (975) (877) (1,951) (1,754) Net amortization and deferral — 80 — 161 Net periodic pension cost $ (186) $ 58 $ (372) $ 118 The components of the net benefit for the Postretirement Plan consisted of the following components: Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 (dollars in thousands) Interest cost $ 9 $ 13 $ 19 $ 26 Net accretion and deferral (136) (136) (271) (272) Net periodic benefit $ (127) $ (123) $ (252) $ (246) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 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: June 30, December 31, 2023 (dollars in thousands) Commitments to extend credit $ 9,100,013 $ 8,790,511 Standby letters of credit 254,067 264,440 Commercial letters of credit 64,605 67,396 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Apr. 26, 2024 | May 31, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Business Acquisition [Line Items] | |||||||
Gain on acquisition, net of tax | $ 47,392 | $ 0 | $ 47,392 | $ 0 | |||
Proceeds from sales of AFS securities | $ 345,700 | 2,261,028 | 80,666 | ||||
Financing receivable, allowance for credit loss | 375,941 | 375,941 | $ 293,404 | ||||
Net Interest Income | 241,720 | 212,852 | 448,657 | 428,439 | |||
Net Income | 94,975 | 79,607 | 156,916 | 147,920 | |||
Total Non-Interest Income | 92,994 | 60,585 | 150,133 | 112,339 | |||
Noninterest Expense | $ 199,488 | $ 168,018 | 377,087 | $ 327,636 | |||
Republic First Bank | |||||||
Business Acquisition [Line Items] | |||||||
Acquired assets | $ 4,811,509 | ||||||
Cash payment received from FDIC | 809,920 | ||||||
Assumed liabilities | 5,560,160 | ||||||
Gain on acquisition, net of tax | 61,269 | ||||||
Loans, fair value | 2,500,000 | ||||||
Financing receivable, allowance for credit loss | 79,400 | ||||||
PCD Loans credit discount | 55,906 | ||||||
Finite-lived intangible assets acquired | $ 92,600 | ||||||
Finite-lived intangible assets, amortization period | 7 years | ||||||
Consideration transferred, charitable donation | $ 5,000 | ||||||
Net Interest Income | 30,700 | ||||||
Net Income | 38,800 | ||||||
Total Non-Interest Income | 50,200 | ||||||
Noninterest Expense | $ 21,100 | ||||||
Gain on acquisition, net of income taxes | $ 47,392 |
Business Combinations - Schedul
Business Combinations - Schedule of Consideration Transferred and Fair Value of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 26, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||
Gain on acquisition, net of tax | $ 47,392 | $ 0 | $ 47,392 | $ 0 | |
Republic First Bank | |||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||
Cash payment received from FDIC | $ 809,920 | ||||
Cash and due from banks | 208,451 | ||||
Investment securities | 1,938,571 | ||||
Loans | 2,505,040 | ||||
Premises and equipment | 970 | ||||
Intangible assets acquired | 92,600 | ||||
Business Combination, recognized assets acquired and liabiliities assumed, FHLB stock | 37,931 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 16,164 | ||||
Other assets | 11,782 | ||||
Total assets | 4,811,509 | ||||
Deposits | 4,112,325 | ||||
Borrowings | 1,435,976 | ||||
Other liabilities | 11,859 | ||||
Total liabilities | 5,560,160 | ||||
Net assets acquired: | (748,651) | ||||
Gain on acquisition, net of tax | 61,269 | ||||
Gain on acquisition, net of income taxes | $ 47,392 |
Business Combinations - Sched_2
Business Combinations - Schedule of Fair Value and Unpaid Principal Balance of Acquired Loans and Leases (Details) - Republic First Bank $ in Thousands | Apr. 26, 2024 USD ($) |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |
Unpaid Principal Balance | $ 2,883,930 |
Estimated Fair Value | 2,505,040 |
Real estate - commercial mortgage | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |
Unpaid Principal Balance | 1,144,465 |
Estimated Fair Value | 1,024,004 |
Commercial and Industrial | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |
Unpaid Principal Balance | 545,374 |
Estimated Fair Value | 496,100 |
Real estate - residential mortgage | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |
Unpaid Principal Balance | 947,135 |
Estimated Fair Value | 752,328 |
Real estate - home equity | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |
Unpaid Principal Balance | 72,730 |
Estimated Fair Value | 66,237 |
Real-estate - construction | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |
Unpaid Principal Balance | 153,437 |
Estimated Fair Value | 145,597 |
Consumer | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |
Unpaid Principal Balance | 20,789 |
Estimated Fair Value | $ 20,774 |
Business Combinations - Carryin
Business Combinations - Carrying Amount of Loans on Acquisition Date (Details) - Republic First Bank $ in Thousands | Apr. 26, 2024 USD ($) |
Business Acquisition [Line Items] | |
Book balance of loans with deteriorated credit quality at acquisition | $ 1,023,940 |
Fair value of loans with deteriorated credit quality at acquisition | (904,558) |
Fair value discount | 119,382 |
PCD Loans credit discount | (55,906) |
Non-credit discount | $ 63,476 |
Business Combinations - Sched_3
Business Combinations - Schedule of Acquisition-Related Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Business Acquisition [Line Items] | ||||
Acquisition-related expenses | $ 13,803 | $ 0 | $ 13,803 | $ 0 |
Republic First Bank | ||||
Business Acquisition [Line Items] | ||||
Salaries and employee benefits | 805 | |||
Professional fees | 7,624 | |||
Charitable donation | 5,000 | |||
Other | 374 | |||
Acquisition-related expenses | $ 13,803 |
Business Combinations - Income
Business Combinations - Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Income Before Income Taxes | $ 103,170 | $ 95,672 | $ 178,722 | $ 178,851 |
Income taxes | $ 8,195 | $ 16,065 | $ 21,806 | $ 30,931 |
Restrictions on Cash and Cash_2
Restrictions on Cash and Cash Equivalents (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Cash and Cash Equivalents [Abstract] | ||
Collateral | $ 10.9 | $ 17.4 |
Investment Securities Schedule
Investment Securities Schedule of Amortized Cost and Fair Values of Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 3,259,122 | |
Gross Unrealized Gains | 2,107 | |
Gross Unrealized Losses | (321,635) | |
Estimated Fair Value | 2,939,594 | $ 2,398,352 |
Amortized Cost, Held to Maturity | 1,244,433 | 1,267,922 |
Gross Unrealized Gains, Held to Maturity | 0 | 0 |
Gross Unrealized Losses, Held to Maturity | (210,994) | (195,715) |
Debt Securities, Held-to-Maturity, Fair Value | 1,033,439 | 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 | 1,038 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (28) | |
Estimated Fair Value | 1,010 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 965,392 | 1,200,571 |
Gross Unrealized Gains | 50 | 1,089 |
Gross Unrealized Losses | (145,333) | (129,647) |
Estimated Fair Value | 820,109 | 1,072,013 |
Corporate Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 368,901 | 480,714 |
Gross Unrealized Gains | 510 | 473 |
Gross Unrealized Losses | (32,013) | (40,636) |
Estimated Fair Value | 337,398 | 440,551 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 724,602 | 122,824 |
Gross Unrealized Gains | 1,533 | 0 |
Gross Unrealized Losses | (12,366) | (11,390) |
Estimated Fair Value | 713,769 | 111,434 |
Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 589,267 | 223,273 |
Gross Unrealized Gains | 14 | 7 |
Gross Unrealized Losses | (32,090) | (26,485) |
Estimated Fair Value | 557,191 | 196,795 |
Amortized Cost, Held to Maturity | 384,956 | 407,075 |
Gross Unrealized Gains, Held to Maturity | 0 | 0 |
Gross Unrealized Losses, Held to Maturity | (58,593) | (51,805) |
Debt Securities, Held-to-Maturity, Fair Value | 326,363 | 355,270 |
Commercial Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 610,960 | 627,364 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (99,833) | (92,976) |
Estimated Fair Value | 511,127 | 534,388 |
Amortized Cost, Held to Maturity | 859,477 | 860,847 |
Gross Unrealized Gains, Held to Maturity | 0 | 0 |
Gross Unrealized Losses, Held to Maturity | (152,401) | (143,910) |
Debt Securities, Held-to-Maturity, Fair Value | $ 707,076 | 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 | Jun. 30, 2024 | Dec. 31, 2023 |
Amortized Cost | ||
Due in one year or less | $ 13,762 | |
Due from one year to five years | 110,303 | |
Due from five years to ten years | 362,563 | |
Due after ten years | 847,665 | |
Amortized cost, before securities without debt maturities | 1,334,293 | |
Amortized Cost | 3,259,122 | |
Estimated Fair Value | ||
Due in one year or less | 13,533 | |
Due from one year to five years | 106,430 | |
Due from five years to ten years | 327,817 | |
Due after ten years | 709,727 | |
Available for sale securities, debt maturities, before securities without single maturities | 1,157,507 | |
Estimated Fair Value | 2,939,594 | $ 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 | 1,244,433 | 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 | 1,033,439 | 1,072,207 |
Mortgage-Backed Securities [Member] | ||
Amortized Cost | ||
Available-for-sale securities, amortized cost without single maturity date | 589,267 | |
Amortized Cost | 589,267 | 223,273 |
Estimated Fair Value | ||
Available-for-sale securities, debt maturities, without single maturity date, fair value | 557,191 | |
Estimated Fair Value | 557,191 | 196,795 |
Amortized Cost | ||
Debt securities, held-to-maturity, maturity, without single maturity date, amortized cost | 384,956 | |
Amortized Cost, Held to Maturity | 384,956 | 407,075 |
Estimated Fair Value | ||
Debt securities, held-to-maturity, maturity, without single maturity date, fair value | 326,363 | |
Estimated Fair Value, Held to Maturity | 326,363 | 355,270 |
Commercial Mortgage Backed Securities [Member] | ||
Amortized Cost | ||
Available-for-sale securities, amortized cost without single maturity date | 610,960 | |
Amortized Cost | 610,960 | 627,364 |
Estimated Fair Value | ||
Available-for-sale securities, debt maturities, without single maturity date, fair value | 511,127 | |
Estimated Fair Value | 511,127 | 534,388 |
Amortized Cost | ||
Debt securities, held-to-maturity, maturity, without single maturity date, amortized cost | 859,477 | |
Amortized Cost, Held to Maturity | 859,477 | 860,847 |
Estimated Fair Value | ||
Debt securities, held-to-maturity, maturity, without single maturity date, fair value | 707,076 | |
Estimated Fair Value, Held to Maturity | 707,076 | 716,937 |
Collateralized Mortgage Obligations [Member] | ||
Amortized Cost | ||
Available-for-sale securities, amortized cost without single maturity date | 724,602 | |
Amortized Cost | 724,602 | 122,824 |
Estimated Fair Value | ||
Available-for-sale securities, debt maturities, without single maturity date, fair value | 713,769 | |
Estimated Fair Value | 713,769 | $ 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 | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
May 31, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |||||
Debt securities, Gross Realized Gains | $ 91 | $ 0 | $ 91 | $ 283 | |
Debt securities, realized loss | $ (20,300) | (20,373) | (4) | (20,373) | (264) |
Debt securities, Net Gains (Losses) | $ (20,282) | $ (4) | $ (20,282) | $ 19 |
Investment Securities Gross Unr
Investment Securities Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in a Continuous Unrealized Loss Position (Details) $ in Thousands | Jun. 30, 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 | $ 613,117 | $ 146,416 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (3,268) | $ (3,240) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 620 | 671 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 1,840,523 | $ 2,145,336 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (318,367) | (298,236) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,453,640 | 2,291,752 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (321,635) | $ (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 | $ 1,033,439 | $ 1,072,207 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (210,994) | (195,715) |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 1,033,439 | 1,072,207 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | $ (210,994) | $ (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 | |
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 | $ 1,010 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (28) | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,010 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (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 | 19 | 40 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 48,682 | $ 76,155 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (1,552) | $ (858) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 276 | 314 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 766,484 | $ 917,274 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (143,781) | (128,789) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 815,166 | 993,429 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (145,333) | $ (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 | 0 | 8 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 0 | $ 42,945 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | $ (1,326) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 52 | 60 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 286,277 | $ 370,523 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (32,013) | (39,310) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 286,277 | 413,468 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (32,013) | $ (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 | 9 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 195,411 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (601) | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 82 | 93 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 93,219 | $ 111,434 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (11,765) | (11,390) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 288,630 | 111,434 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (12,366) | $ (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 | 32 | 6 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 369,024 | $ 409 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (1,115) | $ (3) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 75 | 69 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 183,416 | $ 195,453 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (30,975) | (26,482) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 552,440 | 195,862 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (32,090) | $ (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 | $ 326,363 | $ 355,270 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (58,593) | (51,805) |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 326,363 | 355,270 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | $ (58,593) | $ (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 | $ 511,127 | $ 507,481 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (99,833) | (91,923) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 511,127 | 534,388 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (99,833) | $ (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 | $ 707,076 | $ 716,937 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (152,401) | (143,910) |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 707,076 | 716,937 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | $ (152,401) | $ (143,910) |
Investment Securities Narrative
Investment Securities Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
May 31, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Schedule of Investments [Line Items] | ||||||
Debt Securities, Held-to-Maturity, Fair Value | $ 1,033,439 | $ 1,033,439 | $ 1,072,207 | |||
Proceeds from sales of AFS securities | $ 345,700 | 2,261,028 | $ 80,666 | |||
Debt securities, realized loss | $ 20,300 | 20,373 | $ 4 | 20,373 | $ 264 | |
Collateral Pledged [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Securities pledged as collateral | $ 1,200,000 | $ 1,200,000 | $ 400,000 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses Summary Of Gross Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 24,106,297 | $ 21,351,094 |
Real estate - commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net loans | 9,289,770 | 8,127,728 |
Total | 9,289,770 | 8,127,728 |
Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net loans | 4,967,796 | 4,545,552 |
Total | 4,967,796 | 4,545,552 |
Financing receivable, unearned income | 0 | 41 |
Real estate - residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net loans | 6,248,856 | 5,325,923 |
Total | 6,248,856 | 5,325,923 |
Real estate - home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net loans | 1,120,878 | 1,047,184 |
Total | 1,120,878 | 1,047,184 |
Real-estate - construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net loans | 1,463,799 | 1,239,075 |
Total | 1,463,799 | 1,239,075 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net loans | 692,086 | 729,318 |
Total | 692,086 | 729,318 |
Leases and other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net loans | 323,112 | 336,314 |
Total | 323,112 | 336,314 |
Financing receivable, unearned income | $ 36,600 | $ 38,000 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses Allowance for Credit Losses (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Apr. 26, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Receivables [Abstract] | |||||||||
ACL - loans | $ 375,941,000 | $ 375,941,000 | $ 293,404,000 | ||||||
Reserve for OBS credit exposures(1) | 14,540,000 | 14,540,000 | 17,254,000 | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Loans and Leases Receivable, Allowance | 375,941,000 | $ 287,442,000 | 375,941,000 | $ 287,442,000 | $ 297,888,000 | $ 293,404,000 | $ 278,695,000 | $ 269,366,000 | |
Provision for credit losses | 32,056,000 | 9,747,000 | 42,981,000 | 34,291,000 | |||||
Current period gross charge-offs | (14,007,000) | (4,787,000) | (24,959,000) | (21,690,000) | |||||
Recoveries of loans previously charged off | 2,705,000 | 2,816,000 | 5,059,000 | 5,715,000 | |||||
Net loans (charged off) recovered | (11,302,000) | (1,971,000) | (19,900,000) | (15,975,000) | |||||
Provision for credit losses | 10,005,000 | 10,718,000 | 23,087,000 | 34,051,000 | |||||
Off-Balance-Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | (1,393,000) | (971,000) | (3,550,000) | 240,000 | |||||
Off-Balance-Sheet, Credit Loss, Liability | 14,540,000 | 16,568,000 | 14,540,000 | 16,568,000 | |||||
Republic First Bank | |||||||||
Receivables [Abstract] | |||||||||
ACL - loans | $ 79,400,000 | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Provision for Other Credit Losses | 23,444,000 | 0 | 23,444,000 | 0 | |||||
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | $ 55,906,000 | $ 0 | $ 55,906,000 | $ 0 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses Activity in the Allowance for Credit Losses (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | $ 297,888,000 | $ 278,695,000 | $ 293,404,000 | $ 269,366,000 | $ 269,366,000 |
Loans charged off | (14,007,000) | (4,787,000) | (24,959,000) | (21,690,000) | |
Recoveries of loans previously charged off | 2,705,000 | 2,816,000 | 5,059,000 | 5,715,000 | |
Net loans (charged off) recovered | (11,302,000) | (1,971,000) | (19,900,000) | (15,975,000) | |
Provision for credit losses | 10,005,000 | 10,718,000 | 23,087,000 | 34,051,000 | |
Ending balance | 375,941,000 | 287,442,000 | 375,941,000 | 287,442,000 | $ 293,404,000 |
Off-Balance-Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | (1,393,000) | (971,000) | (3,550,000) | 240,000 | |
Off-Balance-Sheet, Credit Loss, Liability | 14,540,000 | 16,568,000 | 14,540,000 | 16,568,000 | |
Loans - Excluding OBS Credit Exposure | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
PCD Loans credit discount | 55,906,000 | 55,906,000 | |||
Loans charged off | (14,007,000) | (4,787,000) | (24,959,000) | (21,690,000) | |
Recoveries of loans previously charged off | 2,705,000 | 2,816,000 | 5,059,000 | 5,715,000 | |
Net loans (charged off) recovered | (11,302,000) | (1,971,000) | (19,900,000) | (15,975,000) | |
Provision for credit losses | 10,005,000 | 10,718,000 | 23,087,000 | 34,051,000 | |
Real estate - commercial mortgage | Loans - Excluding OBS Credit Exposure | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
PCD Loans credit discount | 32,157,000 | 32,157,000 | |||
Loans charged off | (7,853,000) | (230,000) | (7,879,000) | (13,592,000) | |
Recoveries of loans previously charged off | 146,000 | 29,000 | 298,000 | 815,000 | |
Net loans (charged off) recovered | (7,707,000) | (201,000) | (7,581,000) | (12,777,000) | |
Provision for credit losses | $ 11,115,000 | $ 6,247,000 | $ 12,916,000 | $ 15,623,000 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | $ 293,404,000 | ||||
Loans charged off | $ (14,007,000) | $ (4,787,000) | (24,959,000) | $ (21,690,000) | |
Recoveries of loans previously charged off | 2,705,000 | 2,816,000 | 5,059,000 | 5,715,000 | |
Net loans (charged off) recovered | (11,302,000) | (1,971,000) | (19,900,000) | (15,975,000) | |
Provision for credit losses | 10,005,000 | 10,718,000 | 23,087,000 | 34,051,000 | |
Ending balance | 375,941,000 | 375,941,000 | $ 293,404,000 | ||
Loans - Excluding OBS Credit Exposure | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 297,888,000 | 278,695,000 | 293,404,000 | 269,366,000 | 269,366,000 |
CECL Day 1 Provision(1) | 23,444,000 | 23,444,000 | |||
PCD Loans credit discount | 55,906,000 | 55,906,000 | |||
Loans charged off | (14,007,000) | (4,787,000) | (24,959,000) | (21,690,000) | |
Recoveries of loans previously charged off | 2,705,000 | 2,816,000 | 5,059,000 | 5,715,000 | |
Net loans (charged off) recovered | (11,302,000) | (1,971,000) | (19,900,000) | (15,975,000) | |
Provision for credit losses | 10,005,000 | 10,718,000 | 23,087,000 | 34,051,000 | |
Ending balance | 375,941,000 | 287,442,000 | 375,941,000 | 287,442,000 | 293,404,000 |
Loans - Excluding OBS Credit Exposure | Real estate - commercial mortgage | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 114,492,000 | 66,256,000 | 112,565,000 | 69,456,000 | 69,456,000 |
CECL Day 1 Provision(1) | 6,108,000 | 6,108,000 | |||
PCD Loans credit discount | 32,157,000 | 32,157,000 | |||
Loans charged off | (7,853,000) | (230,000) | (7,879,000) | (13,592,000) | |
Recoveries of loans previously charged off | 146,000 | 29,000 | 298,000 | 815,000 | |
Net loans (charged off) recovered | (7,707,000) | (201,000) | (7,581,000) | (12,777,000) | |
Provision for credit losses | 11,115,000 | 6,247,000 | 12,916,000 | 15,623,000 | |
Ending balance | 156,165,000 | 72,302,000 | 156,165,000 | 72,302,000 | 112,565,000 |
Loans - Excluding OBS Credit Exposure | Commercial and Industrial | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 76,883,000 | 77,126,000 | 74,266,000 | 70,116,000 | 70,116,000 |
CECL Day 1 Provision(1) | 1,484,000 | 1,484,000 | |||
PCD Loans credit discount | 20,869,000 | 20,869,000 | |||
Loans charged off | (2,955,000) | (2,017,000) | (10,587,000) | (2,629,000) | |
Recoveries of loans previously charged off | 796,000 | 988,000 | 2,044,000 | 2,074,000 | |
Net loans (charged off) recovered | (2,159,000) | (1,029,000) | (8,543,000) | (555,000) | |
Provision for credit losses | (2,454,000) | (908,000) | 6,547,000 | 5,628,000 | |
Ending balance | 94,623,000 | 75,189,000 | 94,623,000 | 75,189,000 | 74,266,000 |
Loans - Excluding OBS Credit Exposure | Real estate - residential mortgage | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 73,216,000 | 86,209,000 | 73,286,000 | 83,250,000 | 83,250,000 |
CECL Day 1 Provision(1) | 14,922,000 | 14,922,000 | |||
PCD Loans credit discount | 565,000 | 565,000 | |||
Loans charged off | (35,000) | (62,000) | (286,000) | (62,000) | |
Recoveries of loans previously charged off | 122,000 | 58,000 | 238,000 | 106,000 | |
Net loans (charged off) recovered | 87,000 | (4,000) | (48,000) | 44,000 | |
Provision for credit losses | 924,000 | 2,644,000 | 989,000 | 5,555,000 | |
Ending balance | 89,714,000 | 88,849,000 | 89,714,000 | 88,849,000 | 73,286,000 |
Loans - Excluding OBS Credit Exposure | Consumer and Home Equity | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 16,688,000 | 27,303,000 | 17,604,000 | 26,429,000 | 26,429,000 |
CECL Day 1 Provision(1) | 444,000 | 444,000 | |||
PCD Loans credit discount | 357,000 | 357,000 | |||
Loans charged off | (1,766,000) | (1,313,000) | (4,004,000) | (3,519,000) | |
Recoveries of loans previously charged off | 1,161,000 | 959,000 | 1,837,000 | 1,620,000 | |
Net loans (charged off) recovered | (605,000) | (354,000) | (2,167,000) | (1,899,000) | |
Provision for credit losses | 649,000 | 2,033,000 | 1,295,000 | 4,452,000 | |
Ending balance | 17,533,000 | 28,982,000 | 17,533,000 | 28,982,000 | 17,604,000 |
Loans - Excluding OBS Credit Exposure | Real-estate - construction | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 12,966,000 | 11,646,000 | 12,295,000 | 10,743,000 | 10,743,000 |
CECL Day 1 Provision(1) | 486,000 | 486,000 | |||
PCD Loans credit discount | 1,958,000 | 1,958,000 | |||
Loans charged off | 0 | 0 | 0 | 0 | |
Recoveries of loans previously charged off | 233,000 | 569,000 | 233,000 | 771,000 | |
Net loans (charged off) recovered | 233,000 | 569,000 | 233,000 | 771,000 | |
Provision for credit losses | (1,033,000) | (1,071,000) | (362,000) | (370,000) | |
Ending balance | 14,610,000 | 11,144,000 | 14,610,000 | 11,144,000 | 12,295,000 |
Loans - Excluding OBS Credit Exposure | Leases and other loans | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 3,643,000 | 10,155,000 | 3,388,000 | 9,372,000 | 9,372,000 |
CECL Day 1 Provision(1) | 0 | 0 | |||
PCD Loans credit discount | 0 | 0 | |||
Loans charged off | (1,398,000) | (1,165,000) | (2,203,000) | (1,888,000) | |
Recoveries of loans previously charged off | 247,000 | 213,000 | 409,000 | 329,000 | |
Net loans (charged off) recovered | (1,151,000) | (952,000) | (1,794,000) | (1,559,000) | |
Provision for credit losses | 804,000 | 1,773,000 | 1,702,000 | 3,163,000 | |
Ending balance | $ 3,296,000 | $ 10,976,000 | $ 3,296,000 | $ 10,976,000 | $ 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 | Jun. 30, 2024 | Dec. 31, 2023 |
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | $ 73,797 | $ 68,851 |
Unpaid principal balance, with no related allowance | 71,833 | 52,769 |
Unpaid Principal Balance | 145,630 | 121,620 |
Real estate - commercial mortgage | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 16,295 | 23,338 |
Unpaid principal balance, with no related allowance | 29,897 | 21,467 |
Unpaid Principal Balance | 46,192 | 44,805 |
Commercial | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 28,693 | 12,410 |
Unpaid principal balance, with no related allowance | 28,581 | 27,542 |
Unpaid Principal Balance | 57,274 | 39,952 |
Real estate - residential mortgage | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 21,436 | 18,806 |
Unpaid principal balance, with no related allowance | 3,027 | 2,018 |
Unpaid Principal Balance | 24,463 | 20,824 |
Real estate - home equity | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 6,249 | 4,649 |
Unpaid principal balance, with no related allowance | 90 | 104 |
Unpaid Principal Balance | 6,339 | 4,753 |
Construction | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 340 | 341 |
Unpaid principal balance, with no related allowance | 886 | 1,000 |
Unpaid Principal Balance | 1,226 | 1,341 |
Consumer | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 183 | 52 |
Unpaid principal balance, with no related allowance | 0 | 0 |
Unpaid Principal Balance | 183 | 52 |
Leases and other loans | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 601 | 9,255 |
Unpaid principal balance, with no related allowance | 9,352 | 638 |
Unpaid Principal Balance | $ 9,953 | $ 9,893 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses Credit Quality Indicators (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Total | |||||
Total | $ 24,106,297 | $ 24,106,297 | $ 21,351,094 | ||
Current period gross charge-offs | (14,007) | $ (4,787) | (24,959) | $ (21,690) | |
Real estate - commercial mortgage | |||||
Total | |||||
Total | 9,289,770 | 9,289,770 | 8,127,728 | ||
Gross loans | 9,289,770 | 9,289,770 | 8,127,728 | ||
Commercial and Industrial | |||||
Total | |||||
Total | 4,967,796 | 4,967,796 | 4,545,552 | ||
Gross loans | 4,967,796 | 4,967,796 | 4,545,552 | ||
Real estate - residential mortgage | |||||
Total | |||||
Total | 6,248,856 | 6,248,856 | 5,325,923 | ||
Gross loans | 6,248,856 | 6,248,856 | 5,325,923 | ||
Leases and other loans | |||||
Total | |||||
Total | 323,112 | 323,112 | 336,314 | ||
Gross loans | 323,112 | 323,112 | 336,314 | ||
Portfolio Segment and Loan Class | |||||
2024 | |||||
Total | 609,204 | 609,204 | 1,744,297 | ||
2023 | |||||
Total | 1,987,620 | 1,987,620 | 1,953,966 | ||
2022 | |||||
Total | 2,345,343 | 2,345,343 | 1,981,737 | ||
2021 | |||||
Total | 2,177,777 | 2,177,777 | 1,428,026 | ||
2020 | |||||
Total | 1,535,421 | 1,535,421 | 1,091,506 | ||
Prior | |||||
Total | 4,962,763 | 4,962,763 | 3,727,931 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 1,864,030 | 1,864,030 | 1,696,870 | ||
Total | |||||
Total | 15,503,523 | 15,503,523 | 13,675,866 | ||
Portfolio Segment and Loan Class | Pass | |||||
2024 | |||||
Total | 589,416 | 589,416 | 1,732,981 | ||
2023 | |||||
Total | 1,871,863 | 1,871,863 | 1,841,229 | ||
2022 | |||||
Total | 1,982,375 | 1,982,375 | 1,796,011 | ||
2021 | |||||
Total | 1,757,631 | 1,757,631 | 1,363,602 | ||
2020 | |||||
Total | 1,356,989 | 1,356,989 | 1,003,493 | ||
Prior | |||||
Total | 4,383,330 | 4,383,330 | 3,455,090 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 1,543,388 | 1,543,388 | 1,516,133 | ||
Total | |||||
Total | 13,501,770 | 13,501,770 | 12,750,911 | ||
Portfolio Segment and Loan Class | Special Mention | |||||
2024 | |||||
Total | 10,744 | 10,744 | 10,703 | ||
2023 | |||||
Total | 101,702 | 101,702 | 66,074 | ||
2022 | |||||
Total | 256,082 | 256,082 | 147,582 | ||
2021 | |||||
Total | 322,636 | 322,636 | 11,439 | ||
2020 | |||||
Total | 106,479 | 106,479 | 42,106 | ||
Prior | |||||
Total | 324,131 | 324,131 | 124,273 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 150,911 | 150,911 | 74,535 | ||
Total | |||||
Total | 1,275,904 | 1,275,904 | 476,910 | ||
Portfolio Segment and Loan Class | Substandard or Lower | |||||
2024 | |||||
Total | 9,044 | 9,044 | 613 | ||
2023 | |||||
Total | 14,055 | 14,055 | 46,663 | ||
2022 | |||||
Total | 106,886 | 106,886 | 38,144 | ||
2021 | |||||
Total | 97,510 | 97,510 | 52,985 | ||
2020 | |||||
Total | 71,953 | 71,953 | 45,907 | ||
Prior | |||||
Total | 255,302 | 255,302 | 148,568 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 169,731 | 169,731 | 106,202 | ||
Total | |||||
Total | 725,849 | 725,849 | 448,045 | ||
Portfolio Segment and Loan Class | Real estate - commercial mortgage | |||||
2024 | |||||
Total | 311,424 | 311,424 | 786,806 | ||
Current period gross charge-offs | 0 | 0 | |||
2023 | |||||
Total | 938,362 | 938,362 | 1,057,879 | ||
Current period gross charge-offs | 0 | 0 | |||
2022 | |||||
Total | 1,288,672 | 1,288,672 | 1,340,341 | ||
Current period gross charge-offs | (84) | 0 | |||
2021 | |||||
Total | 1,570,935 | 1,570,935 | 1,041,962 | ||
Current period gross charge-offs | 0 | 0 | |||
2020 | |||||
Total | 1,188,108 | 1,188,108 | 783,725 | ||
Current period gross charge-offs | 0 | 0 | |||
Prior | |||||
Total | 3,911,256 | 3,911,256 | 3,023,562 | ||
Current period gross charge-offs | (7,769) | (424) | |||
Revolving Loans Amortized Cost Basis | |||||
Total | 79,482 | 79,482 | 61,817 | ||
Current period gross charge-offs | 0 | 0 | |||
Total | |||||
Total | 9,289,770 | 9,289,770 | 8,127,728 | ||
Current period gross charge-offs | (7,879) | (17,999) | |||
Portfolio Segment and Loan Class | Real estate - commercial mortgage | Pass | |||||
2024 | |||||
Total | 309,982 | 309,982 | 783,673 | ||
2023 | |||||
Total | 863,950 | 863,950 | 993,017 | ||
2022 | |||||
Total | 1,071,750 | 1,071,750 | 1,203,852 | ||
2021 | |||||
Total | 1,271,714 | 1,271,714 | 984,958 | ||
2020 | |||||
Total | 1,045,978 | 1,045,978 | 721,857 | ||
Prior | |||||
Total | 3,529,987 | 3,529,987 | 2,822,155 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 67,395 | 67,395 | 59,253 | ||
Total | |||||
Total | 8,160,756 | 8,160,756 | 7,600,401 | ||
Portfolio Segment and Loan Class | Real estate - commercial mortgage | Special Mention | |||||
2024 | |||||
Total | 1,226 | 1,226 | 2,767 | ||
2023 | |||||
Total | 64,073 | 64,073 | 43,904 | ||
2022 | |||||
Total | 156,132 | 156,132 | 105,185 | ||
2021 | |||||
Total | 221,347 | 221,347 | 7,862 | ||
2020 | |||||
Total | 78,390 | 78,390 | 35,289 | ||
Prior | |||||
Total | 222,166 | 222,166 | 105,786 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 10,166 | 10,166 | 1,760 | ||
Total | |||||
Total | 755,031 | 755,031 | 302,553 | ||
Portfolio Segment and Loan Class | Real estate - commercial mortgage | Substandard or Lower | |||||
2024 | |||||
Total | 216 | 216 | 366 | ||
2023 | |||||
Total | 10,339 | 10,339 | 20,958 | ||
2022 | |||||
Total | 60,790 | 60,790 | 31,304 | ||
2021 | |||||
Total | 77,874 | 77,874 | 49,142 | ||
2020 | |||||
Total | 63,740 | 63,740 | 26,579 | ||
Prior | |||||
Total | 159,103 | 159,103 | 95,621 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 1,921 | 1,921 | 804 | ||
Total | |||||
Total | 373,983 | 373,983 | 224,774 | ||
Portfolio Segment and Loan Class | Commercial and Industrial | |||||
2024 | |||||
Total | 244,620 | 244,620 | 634,569 | ||
Current period gross charge-offs | (370) | 0 | |||
2023 | |||||
Total | 576,403 | 576,403 | 624,864 | ||
Current period gross charge-offs | (1,420) | (299) | |||
2022 | |||||
Total | 668,466 | 668,466 | 351,686 | ||
Current period gross charge-offs | (29) | 0 | |||
2021 | |||||
Total | 384,832 | 384,832 | 348,638 | ||
Current period gross charge-offs | (273) | 0 | |||
2020 | |||||
Total | 338,109 | 338,109 | 297,931 | ||
Current period gross charge-offs | (57) | 0 | |||
Prior | |||||
Total | 981,655 | 981,655 | 648,988 | ||
Current period gross charge-offs | (742) | (249) | |||
Revolving Loans Amortized Cost Basis | |||||
Total | 1,755,157 | 1,755,157 | 1,621,208 | ||
Current period gross charge-offs | (4,061) | (682) | |||
Total | |||||
Total | 4,967,796 | 4,967,796 | 4,545,552 | ||
Current period gross charge-offs | (10,587) | (9,246) | |||
Portfolio Segment and Loan Class | Commercial and Industrial | Pass | |||||
2024 | |||||
Total | 226,274 | 226,274 | 626,386 | ||
2023 | |||||
Total | 549,429 | 549,429 | 590,132 | ||
2022 | |||||
Total | 588,898 | 588,898 | 330,576 | ||
2021 | |||||
Total | 324,519 | 324,519 | 341,218 | ||
2020 | |||||
Total | 304,830 | 304,830 | 272,126 | ||
Prior | |||||
Total | 812,912 | 812,912 | 598,838 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 1,449,696 | 1,449,696 | 1,443,203 | ||
Total | |||||
Total | 4,273,336 | 4,273,336 | 4,213,215 | ||
Portfolio Segment and Loan Class | Commercial and Industrial | Special Mention | |||||
2024 | |||||
Total | 9,518 | 9,518 | 7,936 | ||
2023 | |||||
Total | 23,258 | 23,258 | 9,548 | ||
2022 | |||||
Total | 46,588 | 46,588 | 16,499 | ||
2021 | |||||
Total | 52,606 | 52,606 | 3,577 | ||
2020 | |||||
Total | 25,066 | 25,066 | 6,817 | ||
Prior | |||||
Total | 98,739 | 98,739 | 18,487 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 137,793 | 137,793 | 72,775 | ||
Total | |||||
Total | 393,976 | 393,976 | 135,837 | ||
Portfolio Segment and Loan Class | Commercial and Industrial | Substandard or Lower | |||||
2024 | |||||
Total | 8,828 | 8,828 | 247 | ||
2023 | |||||
Total | 3,716 | 3,716 | 25,184 | ||
2022 | |||||
Total | 32,980 | 32,980 | 4,611 | ||
2021 | |||||
Total | 7,707 | 7,707 | 3,843 | ||
2020 | |||||
Total | 8,213 | 8,213 | 18,988 | ||
Prior | |||||
Total | 70,004 | 70,004 | 31,663 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 167,668 | 167,668 | 105,230 | ||
Total | |||||
Total | 300,484 | 300,484 | 196,500 | ||
Portfolio Segment and Loan Class | Real estate - construction(1) | |||||
2024 | |||||
Total | 53,160 | 53,160 | 322,922 | ||
Current period gross charge-offs | 0 | 0 | |||
2023 | |||||
Total | 472,855 | 472,855 | 271,223 | ||
Current period gross charge-offs | 0 | 0 | |||
2022 | |||||
Total | 388,205 | 388,205 | 289,710 | ||
Current period gross charge-offs | 0 | 0 | |||
2021 | |||||
Total | 222,010 | 222,010 | 37,426 | ||
Current period gross charge-offs | 0 | 0 | |||
2020 | |||||
Total | 9,204 | 9,204 | 9,850 | ||
Current period gross charge-offs | 0 | 0 | |||
Prior | |||||
Total | 69,852 | 69,852 | 55,381 | ||
Current period gross charge-offs | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | |||||
Total | 29,391 | 29,391 | 13,845 | ||
Current period gross charge-offs | 0 | 0 | |||
Total | |||||
Total | 1,245,957 | 1,245,957 | 1,002,586 | ||
Current period gross charge-offs | 0 | 0 | |||
Portfolio Segment and Loan Class | Real estate - construction(1) | Pass | |||||
2024 | |||||
Total | 53,160 | 53,160 | 322,922 | ||
2023 | |||||
Total | 458,484 | 458,484 | 258,080 | ||
2022 | |||||
Total | 321,727 | 321,727 | 261,583 | ||
2021 | |||||
Total | 161,398 | 161,398 | 37,426 | ||
2020 | |||||
Total | 6,181 | 6,181 | 9,510 | ||
Prior | |||||
Total | 40,431 | 40,431 | 34,097 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 26,297 | 26,297 | 13,677 | ||
Total | |||||
Total | 1,067,678 | 1,067,678 | 937,295 | ||
Portfolio Segment and Loan Class | Real estate - construction(1) | Special Mention | |||||
2024 | |||||
Total | 0 | 0 | 0 | ||
2023 | |||||
Total | 14,371 | 14,371 | 12,622 | ||
2022 | |||||
Total | 53,362 | 53,362 | 25,898 | ||
2021 | |||||
Total | 48,683 | 48,683 | 0 | ||
2020 | |||||
Total | 3,023 | 3,023 | 0 | ||
Prior | |||||
Total | 3,226 | 3,226 | 0 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 2,952 | 2,952 | 0 | ||
Total | |||||
Total | 126,897 | 126,897 | 38,520 | ||
Portfolio Segment and Loan Class | Real estate - construction(1) | Substandard or Lower | |||||
2024 | |||||
Total | 0 | 0 | 0 | ||
2023 | |||||
Total | 0 | 0 | 521 | ||
2022 | |||||
Total | 13,116 | 13,116 | 2,229 | ||
2021 | |||||
Total | 11,929 | 11,929 | 0 | ||
2020 | |||||
Total | 0 | 0 | 340 | ||
Prior | |||||
Total | 26,195 | 26,195 | 21,284 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 142 | 142 | 168 | ||
Total | |||||
Total | 51,382 | 51,382 | 26,771 | ||
Payment Activity, Aging Status | |||||
2024 | |||||
Total | 494,405 | 494,405 | 1,189,985 | ||
2023 | |||||
Total | 1,074,236 | 1,074,236 | 1,583,817 | ||
2022 | |||||
Total | 1,910,321 | 1,910,321 | 1,815,951 | ||
2021 | |||||
Total | 1,890,800 | 1,890,800 | 1,074,318 | ||
2020 | |||||
Total | 1,140,760 | 1,140,760 | 320,549 | ||
Prior | |||||
Total | 1,205,040 | 1,205,040 | 861,819 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 874,697 | 874,697 | 807,084 | ||
Total | |||||
Total | 8,602,774 | 8,602,774 | 7,675,228 | ||
Payment Activity, Aging Status | Performing | |||||
2024 | |||||
Total | 494,402 | 494,402 | 1,189,690 | ||
2023 | |||||
Total | 1,072,793 | 1,072,793 | 1,579,989 | ||
2022 | |||||
Total | 1,904,972 | 1,904,972 | 1,810,197 | ||
2021 | |||||
Total | 1,886,301 | 1,886,301 | 1,069,335 | ||
2020 | |||||
Total | 1,135,627 | 1,135,627 | 313,962 | ||
Prior | |||||
Total | 1,159,690 | 1,159,690 | 821,913 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 872,989 | 872,989 | 805,645 | ||
Total | |||||
Total | 8,538,388 | 8,538,388 | 7,610,775 | ||
Payment Activity, Aging Status | Nonperforming | |||||
2024 | |||||
Total | 3 | 3 | 295 | ||
2023 | |||||
Total | 1,443 | 1,443 | 3,828 | ||
2022 | |||||
Total | 5,349 | 5,349 | 5,754 | ||
2021 | |||||
Total | 4,499 | 4,499 | 4,983 | ||
2020 | |||||
Total | 5,133 | 5,133 | 6,587 | ||
Prior | |||||
Total | 45,350 | 45,350 | 39,906 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 1,708 | 1,708 | 1,439 | ||
Total | |||||
Total | 64,386 | 64,386 | 64,453 | ||
Payment Activity, Aging Status | Real estate - residential mortgage | |||||
2024 | |||||
Total | 223,893 | 223,893 | 623,247 | ||
Current period gross charge-offs | 0 | 0 | |||
2023 | |||||
Total | 694,761 | 694,761 | 1,128,376 | ||
Current period gross charge-offs | 0 | 0 | |||
2022 | |||||
Total | 1,544,107 | 1,544,107 | 1,687,647 | ||
Current period gross charge-offs | 0 | 0 | |||
2021 | |||||
Total | 1,783,221 | 1,783,221 | 988,751 | ||
Current period gross charge-offs | 0 | 0 | |||
2020 | |||||
Total | 1,068,368 | 1,068,368 | 266,282 | ||
Current period gross charge-offs | 0 | 0 | |||
Prior | |||||
Total | 934,506 | 934,506 | 631,620 | ||
Current period gross charge-offs | (35) | 0 | |||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 0 | 0 | ||
Current period gross charge-offs | 0 | 0 | |||
Total | |||||
Total | 6,248,856 | 6,248,856 | 5,325,923 | ||
Current period gross charge-offs | (286) | (62) | |||
Payment Activity, Aging Status | Real estate - residential mortgage | Performing | |||||
2024 | |||||
Total | 223,893 | 223,893 | 623,247 | ||
2023 | |||||
Total | 693,496 | 693,496 | 1,126,656 | ||
2022 | |||||
Total | 1,541,848 | 1,541,848 | 1,682,759 | ||
2021 | |||||
Total | 1,779,390 | 1,779,390 | 984,050 | ||
2020 | |||||
Total | 1,063,559 | 1,063,559 | 260,049 | ||
Prior | |||||
Total | 905,637 | 905,637 | 607,133 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 0 | 0 | ||
Total | |||||
Total | 6,207,823 | 6,207,823 | 5,283,894 | ||
Payment Activity, Aging Status | Real estate - residential mortgage | Nonperforming | |||||
2024 | |||||
Total | 0 | 0 | 0 | ||
2023 | |||||
Total | 1,265 | 1,265 | 1,720 | ||
2022 | |||||
Total | 2,259 | 2,259 | 4,888 | ||
2021 | |||||
Total | 3,831 | 3,831 | 4,701 | ||
2020 | |||||
Total | 4,809 | 4,809 | 6,233 | ||
Prior | |||||
Total | 28,869 | 28,869 | 24,487 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 0 | 0 | ||
Total | |||||
Total | 41,033 | 41,033 | 42,029 | ||
Payment Activity, Aging Status | Consumer and Home Equity | |||||
2024 | |||||
Total | 160,104 | 160,104 | 272,866 | ||
Current period gross charge-offs | (1) | (119) | |||
2023 | |||||
Total | 136,590 | 136,590 | 276,828 | ||
Current period gross charge-offs | (326) | 0 | |||
2022 | |||||
Total | 251,122 | 251,122 | 86,851 | ||
Current period gross charge-offs | (477) | 0 | |||
2021 | |||||
Total | 78,497 | 78,497 | 62,708 | ||
Current period gross charge-offs | (125) | 0 | |||
2020 | |||||
Total | 56,346 | 56,346 | 38,021 | ||
Current period gross charge-offs | (142) | 0 | |||
Prior | |||||
Total | 243,093 | 243,093 | 210,439 | ||
Current period gross charge-offs | (1,096) | (525) | |||
Revolving Loans Amortized Cost Basis | |||||
Total | 874,697 | 874,697 | 807,084 | ||
Current period gross charge-offs | 0 | (283) | |||
Total | |||||
Total | 1,812,964 | 1,812,964 | 1,776,502 | ||
Current period gross charge-offs | (4,004) | (7,514) | |||
Payment Activity, Aging Status | Consumer and Home Equity | Performing | |||||
2024 | |||||
Total | 160,101 | 160,101 | 272,571 | ||
2023 | |||||
Total | 136,412 | 136,412 | 276,373 | ||
2022 | |||||
Total | 250,006 | 250,006 | 85,985 | ||
2021 | |||||
Total | 77,901 | 77,901 | 62,426 | ||
2020 | |||||
Total | 56,063 | 56,063 | 37,667 | ||
Prior | |||||
Total | 235,923 | 235,923 | 204,913 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 872,989 | 872,989 | 805,645 | ||
Total | |||||
Total | 1,801,009 | 1,801,009 | 1,765,624 | ||
Payment Activity, Aging Status | Consumer and Home Equity | Nonperforming | |||||
2024 | |||||
Total | 3 | 3 | 295 | ||
2023 | |||||
Total | 178 | 178 | 455 | ||
2022 | |||||
Total | 1,116 | 1,116 | 866 | ||
2021 | |||||
Total | 596 | 596 | 282 | ||
2020 | |||||
Total | 283 | 283 | 354 | ||
Prior | |||||
Total | 7,170 | 7,170 | 5,526 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 1,708 | 1,708 | 1,439 | ||
Total | |||||
Total | 11,955 | 11,955 | 10,878 | ||
Payment Activity, Aging Status | Construction - other | |||||
2024 | |||||
Total | 32,808 | 32,808 | 127,382 | ||
Current period gross charge-offs | 0 | 0 | |||
2023 | |||||
Total | 135,217 | 135,217 | 94,854 | ||
Current period gross charge-offs | 0 | 0 | |||
2022 | |||||
Total | 43,506 | 43,506 | 13,698 | ||
Current period gross charge-offs | 0 | 0 | |||
2021 | |||||
Total | 6,311 | 6,311 | 555 | ||
Current period gross charge-offs | 0 | 0 | |||
2020 | |||||
Total | 0 | 0 | 0 | ||
Current period gross charge-offs | 0 | 0 | |||
Prior | |||||
Total | 0 | 0 | 0 | ||
Current period gross charge-offs | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 0 | 0 | ||
Current period gross charge-offs | 0 | 0 | |||
Total | |||||
Total | 217,842 | 217,842 | 236,489 | ||
Current period gross charge-offs | 0 | 0 | |||
Payment Activity, Aging Status | Construction - other | Performing | |||||
2024 | |||||
Total | 32,808 | 32,808 | 127,382 | ||
2023 | |||||
Total | 135,217 | 135,217 | 93,319 | ||
2022 | |||||
Total | 42,100 | 42,100 | 13,698 | ||
2021 | |||||
Total | 6,311 | 6,311 | 555 | ||
2020 | |||||
Total | 0 | 0 | 0 | ||
Prior | |||||
Total | 0 | 0 | 0 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 0 | 0 | ||
Total | |||||
Total | 216,436 | 216,436 | 234,954 | ||
Payment Activity, Aging Status | Construction - other | Nonperforming | |||||
2024 | |||||
Total | 0 | 0 | 0 | ||
2023 | |||||
Total | 0 | 0 | 1,535 | ||
2022 | |||||
Total | 1,406 | 1,406 | 0 | ||
2021 | |||||
Total | 0 | 0 | 0 | ||
2020 | |||||
Total | 0 | 0 | 0 | ||
Prior | |||||
Total | 0 | 0 | 0 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 0 | 0 | ||
Total | |||||
Total | 1,406 | 1,406 | 1,535 | ||
Payment Activity, Aging Status | Leases and other loans | |||||
2024 | |||||
Total | 77,600 | 77,600 | 166,490 | ||
Current period gross charge-offs | (585) | (471) | |||
2023 | |||||
Total | 107,668 | 107,668 | 83,759 | ||
Current period gross charge-offs | (559) | (521) | |||
2022 | |||||
Total | 71,586 | 71,586 | 27,755 | ||
Current period gross charge-offs | (159) | (246) | |||
2021 | |||||
Total | 22,771 | 22,771 | 22,304 | ||
Current period gross charge-offs | (193) | (128) | |||
2020 | |||||
Total | 16,046 | 16,046 | 16,246 | ||
Current period gross charge-offs | (63) | (82) | |||
Prior | |||||
Total | 27,441 | 27,441 | 19,760 | ||
Current period gross charge-offs | (343) | (656) | |||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 0 | 0 | ||
Current period gross charge-offs | (125) | (765) | |||
Total | |||||
Total | 323,112 | 323,112 | 336,314 | ||
Current period gross charge-offs | (2,203) | (4,380) | |||
Payment Activity, Aging Status | Leases and other loans | Performing | |||||
2024 | |||||
Total | 77,600 | 77,600 | 166,490 | ||
2023 | |||||
Total | 107,668 | 107,668 | 83,641 | ||
2022 | |||||
Total | 71,018 | 71,018 | 27,755 | ||
2021 | |||||
Total | 22,699 | 22,699 | 22,304 | ||
2020 | |||||
Total | 16,005 | 16,005 | 16,246 | ||
Prior | |||||
Total | 18,130 | 18,130 | 9,867 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 0 | 0 | ||
Total | |||||
Total | 313,120 | 313,120 | 326,303 | ||
Payment Activity, Aging Status | Leases and other loans | Nonperforming | |||||
2024 | |||||
Total | 0 | 0 | 0 | ||
2023 | |||||
Total | 0 | 0 | 118 | ||
2022 | |||||
Total | 568 | 568 | 0 | ||
2021 | |||||
Total | 72 | 72 | 0 | ||
2020 | |||||
Total | 41 | 41 | 0 | ||
Prior | |||||
Total | 9,311 | 9,311 | 9,893 | ||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 0 | 0 | ||
Total | |||||
Total | 9,992 | 9,992 | 10,011 | ||
Conversion to Term Loan | Portfolio Segment and Loan Class | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 21,365 | 21,365 | 51,533 | ||
Conversion to Term Loan | Portfolio Segment and Loan Class | Pass | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 16,778 | 16,778 | 42,372 | ||
Conversion to Term Loan | Portfolio Segment and Loan Class | Special Mention | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 3,219 | 3,219 | 198 | ||
Conversion to Term Loan | Portfolio Segment and Loan Class | Substandard or Lower | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 1,368 | 1,368 | 8,963 | ||
Conversion to Term Loan | Portfolio Segment and Loan Class | Real estate - commercial mortgage | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 1,531 | 1,531 | 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 | 0 | 31,636 | ||
Conversion to Term Loan | Portfolio Segment and Loan Class | Real estate - commercial mortgage | Special Mention | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 1,531 | 1,531 | 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 | 0 | ||
Conversion to Term Loan | Portfolio Segment and Loan Class | Commercial and Industrial | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 18,554 | 18,554 | 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 | 16,778 | 16,778 | 10,736 | ||
Conversion to Term Loan | Portfolio Segment and Loan Class | Commercial and Industrial | Special Mention | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 408 | 408 | 198 | ||
Conversion to Term Loan | Portfolio Segment and Loan Class | Commercial and Industrial | Substandard or Lower | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 1,368 | 1,368 | 6,734 | ||
Conversion to Term Loan | Portfolio Segment and Loan Class | Real estate - construction(1) | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 1,280 | 1,280 | 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 | 0 | ||
Conversion to Term Loan | Portfolio Segment and Loan Class | Real estate - construction(1) | Special Mention | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 1,280 | 1,280 | 0 | ||
Conversion to Term Loan | Portfolio Segment and Loan Class | Real estate - construction(1) | Substandard or Lower | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 0 | 2,229 | ||
Conversion to Term Loan | Payment Activity, Aging Status | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 12,515 | 12,515 | 21,705 | ||
Conversion to Term Loan | Payment Activity, Aging Status | Performing | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 11,614 | 11,614 | 20,044 | ||
Conversion to Term Loan | Payment Activity, Aging Status | Nonperforming | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 901 | 901 | 1,661 | ||
Conversion to Term Loan | Payment Activity, Aging Status | Real estate - residential mortgage | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 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 | 0 | ||
Conversion to Term Loan | Payment Activity, Aging Status | Real estate - residential mortgage | Nonperforming | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 0 | 0 | ||
Conversion to Term Loan | Payment Activity, Aging Status | Consumer and Home Equity | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 12,515 | 12,515 | 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 | 11,614 | 11,614 | 20,044 | ||
Conversion to Term Loan | Payment Activity, Aging Status | Consumer and Home Equity | Nonperforming | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 901 | 901 | 1,661 | ||
Conversion to Term Loan | Payment Activity, Aging Status | Construction - other | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 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 | 0 | ||
Conversion to Term Loan | Payment Activity, Aging Status | Construction - other | Nonperforming | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 0 | 0 | ||
Conversion to Term Loan | Payment Activity, Aging Status | Leases and other loans | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | 0 | 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 | 0 | ||
Conversion to Term Loan | Payment Activity, Aging Status | Leases and other loans | Nonperforming | |||||
Revolving Loans Amortized Cost Basis | |||||
Total | $ 0 | $ 0 | $ 0 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses Non-Performing Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans and leases | $ 145,630 | $ 121,620 |
Loans and leases 90 days or more past due and still accruing | 26,962 | 31,721 |
Total non-performing loans and leases | 172,592 | 153,341 |
Other real estate owned (OREO) | 1,444 | 896 |
Total non-performing assets | 174,036 | 154,237 |
Total | 24,106,297 | 21,351,094 |
Mortgage Loans in Process of Foreclosure, Amount | 24,200 | 10,900 |
Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 26,962 | $ 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 | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Total | $ 24,106,297 | $ 21,351,094 |
Non- accrual | 145,630 | 121,620 |
Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 110,932 | 80,007 |
Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 34,377 | 18,850 |
Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 26,962 | 31,721 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 23,788,397 | 21,098,896 |
Real estate - commercial mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 9,289,770 | 8,127,728 |
Non- accrual | 46,193 | 44,805 |
Real estate - commercial mortgage | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 14,262 | 4,408 |
Real estate - commercial mortgage | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,126 | 1,341 |
Real estate - commercial mortgage | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,422 | 1,722 |
Real estate - commercial mortgage | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 9,225,767 | 8,075,452 |
Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,967,796 | 4,545,552 |
Non- accrual | 57,274 | 39,952 |
Commercial and Industrial | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 12,191 | 5,620 |
Commercial and Industrial | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 14,984 | 1,656 |
Commercial and Industrial | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,159 | 1,068 |
Commercial and Industrial | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,882,188 | 4,497,256 |
Real estate - residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 6,248,856 | 5,325,923 |
Non- accrual | 24,462 | 20,824 |
Real estate - residential mortgage | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 58,454 | 49,145 |
Real estate - residential mortgage | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 13,895 | 10,838 |
Real estate - residential mortgage | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 16,571 | 21,205 |
Real estate - residential mortgage | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 6,135,474 | 5,223,911 |
Real estate - home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,120,878 | 1,047,184 |
Non- accrual | 6,338 | 4,753 |
Real estate - home equity | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 7,403 | 8,142 |
Real estate - home equity | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,776 | 2,075 |
Real estate - home equity | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,880 | 5,326 |
Real estate - home equity | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,100,482 | 1,026,888 |
Real-estate - construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,463,799 | 1,239,075 |
Non- accrual | 1,226 | 1,341 |
Real-estate - construction | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 10,951 | 4,185 |
Real-estate - construction | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 749 | 451 |
Real-estate - construction | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,406 | 1,535 |
Real-estate - construction | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,449,467 | 1,231,563 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 692,086 | 729,318 |
Non- accrual | 183 | 52 |
Consumer | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 7,274 | 8,361 |
Consumer | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,767 | 1,767 |
Consumer | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 485 | 747 |
Consumer | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 682,377 | 718,391 |
Leases and other loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 323,112 | 336,314 |
Non- accrual | 9,954 | 9,893 |
Leases and other loans | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 397 | 146 |
Leases and other loans | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 80 | 722 |
Leases and other loans | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 39 | 118 |
Leases and other loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | $ 312,642 | $ 325,435 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Minimum balance of loans evaluated individually for impairment | $ 1,000 | $ 1,000 | ||
Impaired loans with principal balances approximately in percentage | 76% | 78% | ||
Impaired loans balances, real estate as collateral | $ 1,000 | 1,000 | ||
Unpaid principal balance, with no related allowance | 71,833 | 71,833 | $ 52,769 | |
Net loans | 24,106,297 | 24,106,297 | $ 21,351,094 | |
Borrowers with loan modifications, commitments to lend additional funds | 0 | 0 | ||
Special Mention | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Net loans increase (decrease) | 799,000 | |||
Special Mention | Republic First Bank | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Net loans | 776,900 | 776,900 | ||
Substandard or Lower | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Net loans increase (decrease) | 277,800 | |||
Substandard or Lower | Republic First Bank | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Net loans | $ 166,500 | $ 166,500 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Amortized Cost on Modified Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortization Cost Basis | $ 26,924 | |||
Term Extension | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortization Cost Basis | $ 23,698 | $ 2,321 | $ 4,976 | |
Real estate - commercial mortgage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortization Cost Basis | $ 20,603 | |||
% of Class of Financing Receivable | 0.22% | |||
Real estate - commercial mortgage | Term Extension | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortization Cost Basis | $ 20,603 | $ 276 | $ 1,478 | |
% of Class of Financing Receivable | 0.22% | 0% | 0.02% | |
Commercial and Industrial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortization Cost Basis | $ 0 | |||
% of Class of Financing Receivable | 0% | |||
Commercial and Industrial | Term Extension | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortization Cost Basis | $ 0 | $ 0 | $ 75 | |
% of Class of Financing Receivable | 0% | 0% | 0% | |
Real estate - residential mortgage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortization Cost Basis | $ 5,651 | |||
% of Class of Financing Receivable | 0.09% | |||
Real estate - residential mortgage | Term Extension | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortization Cost Basis | $ 2,966 | $ 2,045 | $ 3,423 | |
% of Class of Financing Receivable | 0.05% | 0.04% | 0.07% | |
Real-estate - construction | Term Extension | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortization Cost Basis | $ 541 | $ 0 | ||
% of Class of Financing Receivable | 0% | |||
Home Equity Loan | Term Extension | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortization Cost Basis | $ 129 | $ 0 | $ 129 | $ 0 |
% of Class of Financing Receivable | 0.01% | 0% | 0.01% | 0% |
Construction | Term Extension | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
% of Class of Financing Receivable | 0.04% |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Interest Rate Reduction and Term Extension on Modified Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortization Cost Basis | $ 26,924 | |||
Combination-Term Extension and Interest Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortization Cost Basis | $ 884 | $ 0 | 1,348 | $ 0 |
Term Extension | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortization Cost Basis | 23,698 | $ 2,321 | 4,976 | |
Real estate - residential mortgage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortization Cost Basis | $ 5,651 | |||
% of Class of Financing Receivable | 0.09% | |||
Loan modifications, added weighted average life (in years) | 5 years 3 months 14 days | 7 years 5 months 8 days | ||
Real estate - residential mortgage | Combination-Term Extension and Interest Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortization Cost Basis | $ 884 | $ 0 | $ 1,348 | $ 0 |
% of Class of Financing Receivable | 0.01% | 0% | 0.02% | 0% |
Real estate - residential mortgage | Term Extension | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortization Cost Basis | $ 2,966 | $ 2,045 | $ 3,423 | |
% of Class of Financing Receivable | 0.05% | 0.04% | 0.07% | |
Loan modifications, added weighted average life (in years) | 8 years 6 months 3 days | 4 years 7 months 20 days | ||
Real estate - residential mortgage | Minimum | Interest Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loan modifications, weighted average interest rate decrease | 3% | 2.36% | ||
Real estate - residential mortgage | Maximum | Interest Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loan modifications, weighted average interest rate decrease | 1% | 1.37% | ||
Real-estate - construction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loan modifications, added weighted average life (in years) | 8 months 1 day | |||
Real-estate - construction | Term Extension | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortization Cost Basis | $ 541 | $ 0 | ||
% of Class of Financing Receivable | 0% | |||
Real estate - commercial mortgage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortization Cost Basis | $ 20,603 | |||
% of Class of Financing Receivable | 0.22% | |||
Loan modifications, added weighted average life (in years) | 2 years | 1 year 3 months | 2 years | |
Real estate - commercial mortgage | Term Extension | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortization Cost Basis | $ 20,603 | $ 276 | $ 1,478 | |
% of Class of Financing Receivable | 0.22% | 0% | 0.02% | |
Loan modifications, added weighted average life (in years) | 2 years 18 days | |||
Commercial and Industrial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortization Cost Basis | $ 0 | |||
% of Class of Financing Receivable | 0% | |||
Commercial and Industrial | Term Extension | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortization Cost Basis | $ 0 | $ 0 | $ 75 | |
% of Class of Financing Receivable | 0% | 0% | 0% | |
Loan modifications, added weighted average life (in years) | 2 years 10 months 17 days | |||
Home Equity Loan | Term Extension | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortization Cost Basis | $ 129 | $ 0 | $ 129 | $ 0 |
% of Class of Financing Receivable | 0.01% | 0% | 0.01% | 0% |
Loan modifications, added weighted average life (in years) | 17 years 11 months 1 day | 17 years 11 months 1 day |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses - Performance of Loans Modified in Period (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | $ 26,924 |
Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 39,901 |
30-89 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 1,984 |
90+ Past Due and Accruing | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 1,353 |
Financial assets, total past due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 3,337 |
Real estate - commercial mortgage | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 20,603 |
Real estate - commercial mortgage | Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 20,603 |
Real estate - commercial mortgage | 30-89 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 0 |
Real estate - commercial mortgage | 90+ Past Due and Accruing | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 0 |
Real estate - commercial mortgage | Financial assets, total past due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 0 |
Commercial and Industrial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 0 |
Commercial and Industrial | Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 9,859 |
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 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 5,651 |
Real estate - residential mortgage | Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 8,776 |
Real estate - residential mortgage | 30-89 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 1,977 |
Real estate - residential mortgage | 90+ Past Due and Accruing | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 1,353 |
Real estate - residential mortgage | Financial assets, total past due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 3,330 |
Real-estate - construction | Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 541 |
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 |
Home Equity Loan | Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 122 |
Home Equity Loan | 30-89 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 7 |
Home Equity Loan | 90+ Past Due and Accruing | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 0 |
Home Equity Loan | Financial assets, total past due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | $ 7 |
Mortgage Servicing Rights Summa
Mortgage Servicing Rights Summary of Changes in Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Servicing Asset [Abstract] | |||||
Fair value of MSRs | $ 51,700 | $ 51,700 | $ 49,700 | ||
Residential Mortgage | |||||
Amortized Cost: | |||||
Balance at beginning of period | 31,057 | $ 33,082 | 31,602 | $ 34,217 | |
Originations of MSRs | 883 | 688 | 1,465 | 884 | |
Amortization | (1,294) | (1,312) | (2,421) | (2,643) | |
Balance at end of period | 30,646 | 32,458 | 30,646 | 32,458 | |
Servicing Asset [Abstract] | |||||
Balance at end of period | 0 | 0 | |||
Fair value of MSRs | $ 51,724 | $ 49,444 | $ 51,724 | $ 49,444 |
Mortgage Servicing Rights - Nar
Mortgage Servicing Rights - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Servicing Asset at Amortized Cost [Line Items] | |||
Mortgage Loans Serviced By For Third Parties | $ 4,000,000 | $ 4,100,000 | |
Fair value of MSRs | 51,700 | $ 49,700 | |
Residential Mortgage | |||
Servicing Asset at Amortized Cost [Line Items] | |||
Fair value of MSRs | 51,724 | $ 49,444 | |
Valuation Allowance for Impairment of Recognized Servicing Assets, Balance | $ 0 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Thousands | 6 Months Ended | ||
May 10, 2024 USD ($) financial_center | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | |
Leases [Abstract] | |||
Sale leaseback transaction, number of financial locations | financial_center | 40 | ||
Sale leaseback transaction, purchase price | $ 55,400 | ||
Term of contract | 15 years | ||
Aggregate base rental amount | $ 4,400 | ||
Annual base rate, percentage increase | 2.25% | ||
Gain on Sale-Leaseback Transaction | $ 20,300 | $ 20,266 | $ 0 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Leases [Abstract] | |||||
Operating lease expense | $ 7,633 | $ 4,751 | $ 12,697 | $ 9,592 | |
Variable Lease, Cost | 716 | 773 | 1,480 | 1,557 | |
Sublease income | (300) | (292) | (583) | (540) | |
Total lease expense | 8,049 | 5,232 | 13,594 | 10,609 | |
ROU assets | 131,796 | 131,796 | $ 88,188 | ||
Present value of lease liabilities | $ 138,389 | $ 138,389 | $ 95,230 | ||
Weighted average remaining lease term | 9 years 2 months 23 days | 9 years 2 months 23 days | 6 years 5 months 23 days | ||
Weighted average discount rate | 5.14% | 5.14% | 3.34% | ||
Cash paid for amounts included in the measurement of lease liabilities | $ 5,662 | 4,844 | $ 11,272 | 9,770 | |
ROU assets obtained in exchange for lease obligations | $ 47,446 | $ 0 | $ 52,993 | $ 9,018 |
Leases - Supplemental Lease Inf
Leases - Supplemental Lease Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Leases [Abstract] | |||||
ROU assets | $ 131,796 | $ 131,796 | $ 88,188 | ||
Present value of lease liabilities | $ 138,389 | $ 138,389 | $ 95,230 | ||
Weighted average remaining lease term | 9 years 2 months 23 days | 9 years 2 months 23 days | 6 years 5 months 23 days | ||
Weighted average discount rate | 5.14% | 5.14% | 3.34% | ||
Cash paid for amounts included in the measurement of lease liabilities | $ 5,662 | $ 4,844 | $ 11,272 | $ 9,770 | |
ROU assets obtained in exchange for lease obligations | $ 47,446 | $ 0 | $ 52,993 | $ 9,018 |
Leases - Future Payment Obligat
Leases - Future Payment Obligation (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Remaining in 2024 | $ 12,616 | |
2025 | 23,741 | |
2026 | 22,122 | |
2027 | 19,830 | |
2028 | 16,622 | |
Thereafter | 79,672 | |
Total lease payments | 174,603 | |
Less: imputed interest | (36,214) | |
Present value of lease liabilities | $ 138,389 | $ 95,230 |
Derivative Financial Instrume_3
Derivative Financial Instruments Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2023 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | |
Derivative [Line Items] | |||||
LIBOR to SOFR transition expenses | $ 1,900,000 | $ 300,000 | |||
Interest Rate Contract | |||||
Derivative [Line Items] | |||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 15,900,000 | 15,900,000 | |||
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 | $ (14,100,000) | ||||
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 | $ 300,000 | $ 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments Notional Amounts and Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Derivative asset, fair value | $ 174,924 | $ 157,612 |
Derivative liability, gross liability | (280,358) | (245,584) |
Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 197,685 | 119,558 |
Derivative liability, notional amount | 2,109 | 1,015 |
Derivative asset, fair value | 965 | 460 |
Derivative liability, gross liability | (3) | (2) |
Forward Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 0 | 0 |
Derivative liability, notional amount | 58,500 | 42,000 |
Derivative asset, fair value | 0 | 0 |
Derivative liability, gross liability | (236) | (854) |
Interest Rate Swap with Customer [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 546,330 | 824,659 |
Derivative liability, notional amount | 4,132,103 | 3,784,236 |
Derivative asset, fair value | 8,091 | 22,656 |
Derivative liability, gross liability | (271,356) | (222,530) |
Interest Rate Swap With Counterparty [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 4,132,103 | 3,784,236 |
Derivative liability, notional amount | 546,330 | 824,659 |
Derivative asset, fair value | 166,461 | 128,235 |
Derivative liability, gross liability | (8,457) | (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 | 245 | 6,189 |
Derivative liability, gross liability | (78) | 0 |
Foreign Exchange Contracts With Customer [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 25,730 | 4,159 |
Derivative liability, notional amount | 4,081 | 13,353 |
Derivative asset, fair value | 639 | 40 |
Derivative liability, gross liability | (81) | (446) |
Foreign Exchange Contracts With Correspondent Banks [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 4,798 | 15,969 |
Derivative liability, notional amount | 25,139 | 6,112 |
Derivative asset, fair value | 127 | 532 |
Derivative liability, gross liability | $ (467) | $ (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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivative | $ 2,256,000 | $ (5,586,000) | $ 6,553,000 | $ (12,406,000) |
Amount of Gain (Loss) Reclassified from AOCI into Income | (3,891,000) | (7,010,000) | (7,790,000) | (14,153,000) |
Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivative | 2,916,000 | (7,251,000) | 8,472,000 | 5,284,000 |
Amount of Gain (Loss) Recognized in OCI Included Component | (7,251,000) | (6,040,000) | 5,284,000 | |
Amount of Gain (Loss) Recognized in OCI Excluded Component | 0 | 0 | 0 | 0 |
Amount of Gain (Loss) Reclassified from AOCI into Income | (5,002,000) | (7,032,000) | (10,014,000) | |
Amount of Gain (Loss) Reclassified from AOCI into Income Included Component | (5,002,000) | (7,032,000) | (10,014,000) | |
Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component | 0 | 0 | 0 | |
Net unrealized loss on balance sheet hedging instruments, tax | 2,916,000 | (7,251,000) | 8,472,000 | |
Interest Rate Swap [Member] | Interest Income | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivative | (381,000) | (7,251,000) | (6,040,000) | |
Amount of Gain (Loss) Recognized in OCI Included Component | (381,000) | |||
Amount of Gain (Loss) Recognized in OCI Excluded Component | 0 | |||
Amount of Gain (Loss) Reclassified from AOCI into Income | (7,032,000) | (7,032,000) | (14,064,000) | (14,189,000) |
Amount of Gain (Loss) Reclassified from AOCI into Income Included Component | (7,032,000) | (7,032,000) | (14,064,000) | (14,189,000) |
Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component | 0 | 0 | 0 | 0 |
Interest Rate Swap [Member] | Interest Expense | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivative | 3,297,000 | 14,512,000 | ||
Amount of Gain (Loss) Recognized in OCI Excluded Component | 0 | 0 | ||
Amount of Gain (Loss) Reclassified from AOCI into Income | 2,030,000 | 0 | 4,050,000 | 0 |
Amount of Gain (Loss) Reclassified from AOCI into Income Included Component | 2,030,000 | 0 | 4,050,000 | 0 |
Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component | 0 | $ 0 | 0 | $ 0 |
Net unrealized loss on balance sheet hedging instruments, tax | $ 3,297,000 | $ 14,512,000 |
Derivative Financial Instrume_6
Derivative Financial Instruments Fair Value Gains and Losses on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative [Line Items] | ||||
Net fair value gains (losses) on derivative financial instruments | $ 176 | $ 568 | $ 1,533 | $ 1,053 |
Mortgage Banking Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains (losses) on derivative financial instruments | (45) | 475 | 1,122 | 869 |
Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains (losses) on derivative financial instruments | 137 | 0 | 288 | 0 |
Foreign Exchange Contract [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains (losses) on derivative financial instruments | $ 84 | $ 93 | $ 123 | $ 184 |
Derivative Financial Instrume_7
Derivative Financial Instruments Summary of Mortgage Loans Held For Sale (Details) - USD ($) | 3 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Loans held for sale | $ 26,822,000 | $ 15,158,000 | |
Mortgage Loans Held For Sale | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 300,000 | $ 0 | |
Cost [Member] | Mortgage Loans Held For Sale | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Loans held for sale | 26,335,000 | 14,792,000 | |
Fair value [Member] | Mortgage Loans Held For Sale | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Loans held for sale | $ 26,822,000 | $ 15,158,000 |
Derivative Financial Instrume_8
Derivative Financial Instruments Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | $ 174,924 | $ 157,612 |
Derivative, Collateral, Obligation to Return Securities | (9,607) | (15,686) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Net Amount | 165,317 | 141,926 |
Derivative liability, gross liability | 280,358 | 245,584 |
Derivative liability, Collateral, Right to Reclaim Securities | (9,774) | (21,875) |
Derivative liability, Collateral, Right to Reclaim Cash | (107,649) | (93,841) |
Derivative liability, Net Amount | 162,935 | 129,868 |
Interest Rate Swap [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | 174,797 | 157,080 |
Derivative, Collateral, Obligation to Return Securities | (9,480) | (15,154) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Net Amount | 165,317 | 141,926 |
Derivative liability, gross liability | 279,891 | 245,553 |
Derivative liability, Collateral, Right to Reclaim Securities | (9,647) | (21,343) |
Derivative liability, Collateral, Right to Reclaim Cash | (107,649) | (93,841) |
Derivative liability, Net Amount | 162,595 | 130,369 |
Foreign Exchange Contract [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | 127 | 532 |
Derivative, Collateral, Obligation to Return Securities | (127) | (532) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Net Amount | 0 | 0 |
Derivative liability, gross liability | 467 | 31 |
Derivative liability, Collateral, Right to Reclaim Securities | (127) | (532) |
Derivative liability, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative liability, Net Amount | $ 340 | $ (501) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income - Changes in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Equity [Abstract] | ||||
Unrealized loss on securities, before tax amount | $ (18,356) | $ (40,361) | $ (39,902) | $ 1,838 |
Unrealized loss on securities, tax effect | 4,157 | 9,142 | 9,038 | (416) |
Unrealized loss on securities, net of tax amount | (14,199) | (31,219) | (30,864) | 1,422 |
Reclassification adjustment for securities gain included in net income, before tax amount | 20,282 | (4) | 20,282 | 18 |
Reclassification adjustment for securities gain included in net income, tax effect | (4,594) | 1 | (4,594) | (4) |
Reclassification adjustment for securities gain included in net income, net of tax amount | 15,688 | (3) | 15,688 | 14 |
Amortization of net unrealized losses on AFS securities transferred to HTM. before-tax amount | 1,815 | 1,941 | 3,608 | 3,851 |
Amortization of net unrealized losses on AFS securities transferred to HTM, tax | (412) | (440) | (818) | (872) |
Amortization of net unrealized losses on AFS securities transferred to HTM, net of tax amount | 1,403 | 1,501 | 2,790 | 2,979 |
Net unrealized loss on interest rate swaps used in cash flow hedges, before-tax amount | 2,916 | (7,251) | 8,472 | 5,284 |
Net unrealized loss on interest rate swaps used in cash flow hedges, before-tax amount | (660) | 1,665 | (1,919) | (17,690) |
Amount of Gain (Loss) Recognized in OCI on Derivative | 2,256 | (5,586) | 6,553 | (12,406) |
Net unrealized losses on interest rate swaps used in cash flow hedges, before-tax amount | 5,002 | 7,032 | 10,014 | 14,189 |
Net unrealized losses on interest rate swaps used in cash flow hedges, tax | (1,111) | (22) | (2,224) | (36) |
Net unrealized losses on interest rate swaps used in cash flow hedges, net of tax amount | 3,891 | 7,010 | 7,790 | 14,153 |
Amortization of net unrecognized pension and postretirement items, before tax amount | (136) | 4 | (271) | 36 |
Amortization of net unrecognized pension and postretirement items, tax effect | 31 | (1) | 60 | (8) |
Amortization of net unrecognized pension and postretirement items, net of tax amount | (105) | 3 | (211) | 28 |
Total Other Comprehensive Income, Before Tax Amount | 11,523 | (38,639) | 2,203 | 25,216 |
Total Other Comprehensive Income, Tax Effect | (2,589) | 10,345 | (457) | (19,026) |
Other Comprehensive Income (Loss), net of tax | $ 8,934 | $ (28,294) | $ 1,746 | $ 6,190 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive (Loss) Income - Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | $ 2,757,679 | $ 2,618,998 | $ 2,760,139 | $ 2,579,757 |
OCI before reclassifications | (11,943) | (36,805) | (24,311) | (10,984) |
Amounts reclassified from AOCI | 19,474 | 7,010 | 23,267 | 14,195 |
Ending Balance | 3,101,609 | 2,642,152 | 3,101,609 | 2,642,152 |
Unrealized Gains (Losses) on Investment Securities | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (290,140) | (282,095) | (274,862) | (316,231) |
OCI before reclassifications | (14,199) | (31,219) | (30,864) | 1,422 |
Amounts reclassified from AOCI | 15,688 | (3) | 15,688 | 14 |
Ending Balance | (287,248) | (311,816) | (287,248) | (311,816) |
Net Unrealized Gain (Loss) on Interest Rate Derivatives used in Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (26,587) | (61,453) | (34,783) | (61,776) |
OCI before reclassifications | 2,256 | (5,586) | 6,553 | (12,406) |
Amounts reclassified from AOCI | 3,891 | 7,010 | 7,790 | 14,153 |
Ending Balance | (20,440) | (60,029) | (20,440) | (60,029) |
Unrecognized Pension and Postretirement Plan Income (Costs) | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (2,741) | (7,444) | (2,635) | (7,469) |
OCI before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI | (105) | 3 | (211) | 28 |
Ending Balance | (2,846) | (7,441) | (2,846) | (7,441) |
Total | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (319,468) | (350,992) | (312,280) | (385,476) |
Ending Balance | (310,534) | (379,286) | (310,534) | (379,286) |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Amounts reclassified from AOCI | 1,403 | 1,501 | 2,790 | 2,979 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Investment Securities | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Amounts reclassified from AOCI | 1,403 | 1,501 | 2,790 | 2,979 |
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 | 0 | 0 |
Reclassification out of Accumulated Other Comprehensive Income | Unrecognized Pension and Postretirement Plan Income (Costs) | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Amounts reclassified from AOCI | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurements Assets
Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | $ 2,939,594 | $ 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 | 26,822 | 15,158 |
Estimated Fair Value | 2,939,594 | 2,398,352 |
Investments held in Rabbi Trust | 34,339 | 29,819 |
Derivative assets | 176,528 | 158,112 |
Assets, Fair Value Disclosure | 3,177,283 | 2,601,441 |
Liabilities Held-In-Trust, Fair Value Disclosure | 34,339 | 29,819 |
Derivative Liability | 280,678 | 246,634 |
Total liabilities | 315,017 | 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 | 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 | 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 | 820,109 | 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 | 820,109 | 1,072,013 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 337,398 | 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 | 337,398 | 440,551 |
Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 713,769 | 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 | 713,769 | 111,434 |
Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 557,191 | 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 | 557,191 | 196,795 |
Commercial Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 511,127 | 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 | 511,127 | 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 | 34,339 | 29,819 |
Derivative assets | 766 | 572 |
Assets, Fair Value Disclosure | 35,105 | 72,552 |
Liabilities Held-In-Trust, Fair Value Disclosure | 34,339 | 29,819 |
Derivative Liability | 548 | 477 |
Total liabilities | 34,887 | 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 | |
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 | 26,822 | 15,158 |
Estimated Fair Value | 2,939,594 | 2,356,191 |
Investments held in Rabbi Trust | 0 | 0 |
Derivative assets | 175,762 | 157,540 |
Assets, Fair Value Disclosure | 3,142,178 | 2,528,889 |
Liabilities Held-In-Trust, Fair Value Disclosure | 0 | 0 |
Derivative Liability | 280,130 | 246,157 |
Total liabilities | 280,130 | 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 | 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 | 820,109 | 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 | 337,398 | 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 | 713,769 | 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 | 557,191 | 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 | 511,127 | 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 | |
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 | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
OREO | $ 1,444 | $ 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 | 121,942 | 102,135 |
OREO | 1,444 | 896 |
MSRs(1) | 51,724 | 49,696 |
Assets, Fair Value Disclosure | $ 175,110 | $ 152,727 |
Fair Value Measurements Details
Fair Value Measurements Details of Book Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
AFS, at estimated fair value | $ 2,939,594 | $ 2,398,352 |
Debt Securities, Held-to-Maturity, Fair Value | 1,033,439 | 1,072,207 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 1,396,282 | 549,710 |
FRB and FHLB stock | 125,297 | 124,405 |
Loans held for sale | 26,822 | 15,158 |
AFS, at estimated fair value | 2,939,594 | 2,398,352 |
Debt Securities, Held-to-Maturity, Fair Value | 1,244,433 | 1,267,922 |
Net Loans | 23,730,356 | 21,057,690 |
Accrued interest receivable | 120,752 | 107,972 |
Other financial assets | 731,849 | 661,067 |
Demand and savings deposits | 20,650,955 | 17,653,690 |
Brokered deposits | 995,975 | 1,144,692 |
Time deposits | 3,912,724 | 2,739,241 |
Accrued interest payable | 48,757 | 35,083 |
Federal funds purchased | 240,000 | |
Federal Home Loan Bank advances | 750,000 | 1,100,000 |
Senior debt and subordinated debt | 535,741 | 535,384 |
Other borrowings | 892,856 | 612,142 |
Other financial liabilities | 467,810 | 429,046 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 1,396,282 | 549,710 |
FRB and FHLB stock | 125,297 | 124,405 |
Loans held for sale | 26,822 | 15,158 |
AFS, at estimated fair value | 2,939,594 | 2,398,352 |
Debt Securities, Held-to-Maturity, Fair Value | 1,033,439 | 1,072,207 |
Net Loans | 22,391,497 | 19,930,560 |
Accrued interest receivable | 120,752 | 107,972 |
Other financial assets | 753,242 | 661,067 |
Demand and savings deposits | 20,650,955 | 17,653,690 |
Brokered deposits | 995,975 | 1,145,379 |
Time deposits | 3,912,608 | 2,714,709 |
Accrued interest payable | 48,757 | 35,083 |
Federal funds purchased | 240,000 | |
Federal Home Loan Bank advances | 754,414 | 1,094,013 |
Senior debt and subordinated debt | 419,072 | 463,270 |
Other borrowings | 892,970 | 612,106 |
Other financial liabilities | 467,810 | 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 | 1,396,282 | 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 | 120,752 | 107,972 |
Other financial assets | 524,312 | 452,935 |
Demand and savings deposits | 20,650,955 | 17,653,690 |
Brokered deposits | 139,166 | 145,987 |
Time deposits | 0 | 0 |
Accrued interest payable | 48,757 | 35,083 |
Federal funds purchased | 240,000 | |
Federal Home Loan Bank advances | 754,414 | 1,094,013 |
Senior debt and subordinated debt | 0 | 0 |
Other borrowings | 891,851 | 611,269 |
Other financial liabilities | 173,140 | 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 | 125,297 | 124,405 |
Loans held for sale | 26,822 | 15,158 |
AFS, at estimated fair value | 2,939,594 | 2,356,191 |
Debt Securities, Held-to-Maturity, Fair Value | 1,033,439 | 1,072,207 |
Net Loans | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Other financial assets | 175,762 | 157,540 |
Demand and savings deposits | 0 | 0 |
Brokered deposits | 856,809 | 999,392 |
Time deposits | 3,912,608 | 2,714,709 |
Accrued interest payable | 0 | 0 |
Federal funds purchased | 0 | |
Federal Home Loan Bank advances | 0 | 0 |
Senior debt and subordinated debt | 419,072 | 463,270 |
Other borrowings | 1,119 | 837 |
Other financial liabilities | 280,130 | 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 | 22,391,497 | 19,930,560 |
Accrued interest receivable | 0 | 0 |
Other financial assets | 53,168 | 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 | $ 14,540 | $ 17,254 |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
AFS, at estimated fair value | $ 2,939,594 | $ 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 | $ 2,939,594 | 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 | 2,939,594 | 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 | 330,400 | 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 | 6,900 | 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 | 800 | 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 | 1,000 | 500 |
Other financial liabilities | 200 | 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 | 174,800 | 157,100 |
Other financial liabilities | $ 279,900 | $ 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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Weighted average shares outstanding (basic) (in shares) | 175,305 | 165,854 | 169,006 | 166,227 |
Impact of common stock equivalents (in shares) | 1,629 | 1,337 | 1,763 | 1,582 |
Weighted average shares outstanding (diluted) (in shares) | 176,934 | 167,191 | 170,769 | 167,809 |
Basic (in dollars per share) | $ 0.53 | $ 0.46 | $ 0.90 | $ 0.86 |
Diluted (in dollars per share) | $ 0.52 | $ 0.46 | $ 0.89 | $ 0.85 |
Stock-Based Compensation Narrat
Stock-Based Compensation Narrative (Details) - Directors' Plan [Member] | Jun. 30, 2024 shares |
Statement [Line Items] | |
Number of equity awards that may be awarded (in shares) | 3,900,000 |
Shares reserved for future grants under the stock option and compensation plan | 330,000 |
Stock-Based Compensation Compen
Stock-Based Compensation Compensation Expense and Related Tax Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||||
Compensation expense | $ 2,758 | $ 2,571 | $ 3,425 | $ 4,240 |
Tax benefit | (620) | (565) | (764) | (927) |
Total stock-based compensation, net of tax | $ 2,138 | $ 2,006 | $ 2,661 | $ 3,313 |
Employee Benefit Plans Summary
Employee Benefit Plans Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 789 | $ 855 | $ 1,579 | $ 1,711 |
Expected return on plan assets | (975) | (877) | (1,951) | (1,754) |
Net amortization and deferral | 0 | 80 | 0 | 161 |
Net periodic benefit | (186) | 58 | (372) | 118 |
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 9 | 13 | 19 | 26 |
Net accretion and deferral | (136) | (136) | (271) | (272) |
Net periodic benefit | $ (127) | $ (123) | $ (252) | $ (246) |
Commitments and Contingencies O
Commitments and Contingencies Outstanding Commitments to Extend Credit and Letters of Credit (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | $ 1,300 | $ 2,700 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | 9,100,013 | 8,790,511 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | 254,067 | 264,440 |
Commercial Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | $ 64,605 | $ 67,396 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Loss Contingencies [Line Items] | ||
Valuation allowances and reserves, balance | $ 1.3 | $ 2.7 |
Residential Mortgage | ||
Loss Contingencies [Line Items] | ||
Valuation allowances and reserves, balance | $ 2.5 | $ 1.8 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - Financial Center Office Closures $ in Millions | Jul. 16, 2024 USD ($) financial_center |
Subsequent Event [Line Items] | |
Number of financial center office closures | financial_center | 13 |
Restructuring and related cost, expected cost | $ 10 |
Expected quarterly cost reduction | 8 |
Premises and Equipment Write-Offs | |
Subsequent Event [Line Items] | |
Restructuring and related cost, expected cost | 6 |
Lease Termination Charges | |
Subsequent Event [Line Items] | |
Restructuring and related cost, expected cost | 3 |
Employee Severance | |
Subsequent Event [Line Items] | |
Restructuring and related cost, expected cost | $ 1 |