Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-39320 | |
Entity Registrant Name | First Midwest Bancorp, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 36-3161078 | |
Entity Address, Address Line One | 8750 West Bryn Mawr Avenue | |
Entity Address, Address Line Two | Suite 1300 | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60631-3655 | |
City Area Code | 708 | |
Local Phone Number | 831-7483 | |
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 | 114,298,897 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Entity Central Index Key | 0000702325 | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Common Shares Outstanding | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common stock, $0.01 par value | |
Trading Symbol | FMBI | |
Security Exchange Name | NASDAQ | |
Series A Preferred Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary shares, each representing a 1/40th interest in a share of 7.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A | |
Trading Symbol | FMBIP | |
Security Exchange Name | NASDAQ | |
Series C Preferred Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary shares, each representing a 1/40th interest in a share of 7.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series C | |
Trading Symbol | FMBIO | |
Security Exchange Name | NASDAQ |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 232,989 | $ 196,364 |
Interest-bearing deposits in other banks | 1,312,412 | 920,880 |
Equity securities, at fair value | 112,977 | 76,404 |
Securities available-for-sale, at fair value | 3,156,194 | 3,096,408 |
Securities held-to-maturity, at amortized cost, net | 11,593 | 12,071 |
Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("FRB") stock, at cost | 106,890 | 117,420 |
Loans | 15,035,219 | 14,751,232 |
Allowance for loan losses | (214,601) | (239,017) |
Net loans | 14,820,618 | 14,512,215 |
Other real estate owned ("OREO") | 5,289 | 8,253 |
Premises, furniture, and equipment, net | 125,837 | 132,045 |
Investment in bank-owned life insurance ("BOLI") | 300,537 | 301,101 |
Goodwill and other intangible assets | 926,176 | 932,764 |
Accrued interest receivable and other assets | 513,912 | 532,753 |
Total assets | 21,625,424 | 20,838,678 |
Liabilities | ||
Noninterest-bearing deposits | 6,187,478 | 5,797,899 |
Interest-bearing deposits | 10,845,405 | 10,214,565 |
Total deposits | 17,032,883 | 16,012,464 |
Borrowed funds | 1,299,424 | 1,546,414 |
Senior and subordinated debt | 235,178 | 234,768 |
Accrued interest payable and other liabilities | 353,791 | 355,026 |
Total liabilities | 18,921,276 | 18,148,672 |
Stockholders' Equity | ||
Preferred stock | 230,500 | 230,500 |
Common stock | 1,254 | 1,254 |
Additional paid-in capital | 1,269,192 | 1,275,492 |
Retained earnings | 1,444,625 | 1,388,525 |
Accumulated other comprehensive income (loss), net of tax | (5,941) | 26,379 |
Treasury stock, at cost | (235,482) | (232,144) |
Total stockholders' equity | 2,704,148 | 2,690,006 |
Total liabilities and stockholders' equity | $ 21,625,424 | $ 20,838,678 |
Stockholders' Equity, Number of Shares, Par Value, and Other Disclosures | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000 | 1,000 |
Common stock, shares authorized (in shares) | 250,000 | 250,000 |
Preferred stock, shares issued (in shares) | 231 | 231 |
Common stock, shares issued (in shares) | 125,376 | 125,367 |
Preferred stock, shares outstanding (in shares) | 231 | 231 |
Common stock, shares outstanding (in shares) | 114,177 | 114,296 |
Treasury stock, shares (in shares) | 11,199 | 11,071 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest Income | ||||
Loans | $ 136,104,000 | $ 140,819,000 | $ 269,878,000 | $ 288,605,000 |
Investment securities | 16,217,000 | 20,386,000 | 31,924,000 | 40,624,000 |
Other short-term investments | 1,679,000 | 839,000 | 3,348,000 | 3,042,000 |
Total interest income | 154,000,000 | 162,044,000 | 305,150,000 | 332,271,000 |
Interest Expense | ||||
Deposits | 3,131,000 | 10,077,000 | 6,588,000 | 27,194,000 |
Borrowed funds | 3,112,000 | 3,156,000 | 6,219,000 | 8,997,000 |
Senior and subordinated debt | 3,469,000 | 3,577,000 | 6,940,000 | 7,271,000 |
Total interest expense | 9,712,000 | 16,810,000 | 19,747,000 | 43,462,000 |
Net interest income | 144,288,000 | 145,234,000 | 285,403,000 | 288,809,000 |
Provision for loan losses | 0 | 32,649,000 | 6,098,000 | 72,181,000 |
Net interest income after provision for loan losses | 144,288,000 | 112,585,000 | 279,305,000 | 216,628,000 |
Noninterest Income | ||||
Wealth management fees | 14,555,000 | 11,942,000 | 28,704,000 | 24,303,000 |
Service charges on deposit accounts | 10,778,000 | 9,125,000 | 20,758,000 | 20,906,000 |
Mortgage banking income | 6,749,000 | 3,477,000 | 16,936,000 | 5,265,000 |
Card-based fees | 4,764,000 | 3,180,000 | 9,320,000 | 7,148,000 |
Capital market products income | 1,954,000 | 694,000 | 4,043,000 | 5,416,000 |
Other service charges, commissions, and fees | 2,823,000 | 2,078,000 | 5,584,000 | 4,760,000 |
Net securities losses | 0 | 0 | 0 | (1,005,000) |
Other income | 4,647,000 | 2,495,000 | 6,728,000 | 5,560,000 |
Total noninterest income | 46,270,000 | 32,991,000 | 92,073,000 | 72,353,000 |
Noninterest Expense | ||||
Salaries and employee benefits | 64,211,000 | 63,672,000 | 130,612,000 | 126,531,000 |
Net occupancy and equipment expense | 13,654,000 | 15,116,000 | 28,406,000 | 29,343,000 |
Technology and related costs | 10,453,000 | 9,853,000 | 20,737,000 | 18,401,000 |
Professional services | 7,568,000 | 8,880,000 | 15,627,000 | 19,270,000 |
Net OREO expense | 160,000 | 126,000 | 749,000 | 546,000 |
Other expenses | 17,569,000 | 17,434,000 | 34,139,000 | 32,849,000 |
Acquisition and integration related expenses | 7,773,000 | 5,249,000 | 8,018,000 | 10,721,000 |
Optimization costs | 31,000 | 0 | 1,556,000 | 0 |
Total noninterest expense | 121,419,000 | 120,330,000 | 239,844,000 | 237,661,000 |
Income before income tax expense | 69,139,000 | 25,246,000 | 131,534,000 | 51,320,000 |
Income tax expense | 18,018,000 | 6,182,000 | 35,390,000 | 12,650,000 |
Net income | 51,121,000 | 19,064,000 | 96,144,000 | 38,670,000 |
Preferred dividends | (4,034,000) | (1,037,000) | (8,068,000) | (1,037,000) |
Net income applicable to unvested restricted shares | (521,000) | (187,000) | (1,007,000) | (379,000) |
Net income applicable to common shareholders | $ 46,566,000 | $ 17,840,000 | $ 87,069,000 | $ 37,254,000 |
Per Common Share Data | ||||
Basic earnings per common share (in dollars per share) | $ 0.41 | $ 0.16 | $ 0.77 | $ 0.33 |
Diluted earnings per common share (in dollars per share) | 0.41 | 0.16 | 0.77 | 0.33 |
Dividends declared per common share (in dollars per share) | $ 0.14 | $ 0.14 | $ 0.28 | $ 0.28 |
Weighted-average common shares outstanding (in Shares) | 112,865 | 113,145 | 112,980 | 111,533 |
Weighted-average diluted common shares outstanding (in Shares) | 113,640 | 113,336 | 113,737 | 111,872 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 51,121 | $ 19,064 | $ 96,144 | $ 38,670 |
Unrealized holding gains (losses): | ||||
Before tax | 24,603 | (1,719) | (40,542) | 60,835 |
Tax effect | (6,793) | 381 | 11,180 | (16,916) |
Net of tax | 17,810 | (1,338) | (29,362) | 43,919 |
Reclassification of net losses included in net income: | ||||
Before tax | 0 | 0 | 0 | (1,005) |
Tax effect | 0 | 0 | 0 | 282 |
Net of tax | 0 | 0 | 0 | (723) |
Net unrealized holding gains (losses) | 17,810 | (1,338) | (29,362) | 43,196 |
Unrealized holding losses: | ||||
Before tax | (2,287) | (7,300) | (4,082) | (17,340) |
Tax effect | 632 | 2,042 | 1,124 | 4,825 |
Net of tax | (1,655) | (5,258) | (2,958) | (12,515) |
Total other comprehensive income (loss) | 16,155 | (6,596) | (32,320) | 30,681 |
Total comprehensive income (loss) | $ 67,276 | $ 12,468 | $ 63,824 | $ 69,351 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income - AOCI - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | $ 2,690,006 | $ 2,370,793 |
Ending balance | 2,704,148 | 2,656,211 |
Accumulated Unrealized Gain (Loss) on Securities Available- for-Sale | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 38,328 | 15,808 |
Other comprehensive income (loss) | (29,362) | 43,196 |
Ending balance | 8,966 | 59,004 |
Accumulated Unrealized Gain (Loss) on Derivative Instruments | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 10,179 | 819 |
Other comprehensive income (loss) | (2,958) | (12,515) |
Ending balance | 7,221 | (11,696) |
Unrecognized Net Pension Costs | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (22,128) | (18,581) |
Other comprehensive income (loss) | 0 | 0 |
Ending balance | (22,128) | (18,581) |
Total Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 26,379 | (1,954) |
Other comprehensive income (loss) | (32,320) | 30,681 |
Ending balance | $ (5,941) | $ 28,727 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Stockholders' Equity - USD ($) $ in Thousands | Total | Adjustment to apply recent accounting pronouncements | [1] | Common Shares Outstanding | Preferred Stock | Additional Paid-in Capital | Retained Earnings | Retained EarningsAdjustment to apply recent accounting pronouncements | [1] | Total Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Beginning balance (in shares) at Dec. 31, 2019 | 109,972,000 | ||||||||||
Beginning balance at Dec. 31, 2019 | $ 2,370,793 | $ (26,821) | $ 1,204 | $ 0 | $ 1,211,274 | $ 1,380,612 | $ (26,821) | $ (1,954) | $ (220,343) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 38,670 | 38,670 | |||||||||
Other comprehensive income (loss) | 30,681 | 30,681 | |||||||||
Preferred dividends | (1,037) | (1,037) | |||||||||
Common dividends declared | (32,017) | (32,017) | |||||||||
Repurchases of common stock (in shares) | (1,171,000) | ||||||||||
Repurchases of common stock | (22,557) | (22,557) | |||||||||
Acquisitions, net of issuance costs (in shares) | 4,930,000 | ||||||||||
Acquisition, net of issuance costs | 71,883 | $ 49 | 71,834 | ||||||||
Preferred stock issued | 221,312 | 230,500 | (9,188) | ||||||||
Common stock issued (in shares) | 43,000 | ||||||||||
Common stock issued | 930 | 251 | 679 | ||||||||
Restricted stock activity (in shares) | 513,000 | ||||||||||
Restricted stock activity | (3,135) | (13,180) | 10,045 | ||||||||
Treasury stock issued to benefit plans (in shares) | (11,000) | ||||||||||
Treasury stock issued to benefit plans | (168) | (21) | (147) | ||||||||
Share-based compensation expense | 7,677 | 7,677 | |||||||||
Ending balance (in shares) at Jun. 30, 2020 | 114,276,000 | ||||||||||
Ending balance at Jun. 30, 2020 | 2,656,211 | $ 1,253 | 230,500 | 1,268,647 | 1,359,407 | 28,727 | (232,323) | ||||
Beginning balance (in shares) at Mar. 31, 2020 | 114,213,000 | ||||||||||
Beginning balance at Mar. 31, 2020 | 2,435,707 | $ 1,253 | 0 | 1,274,935 | 1,357,395 | 35,323 | (233,199) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 19,064 | 19,064 | |||||||||
Other comprehensive income (loss) | (6,596) | (6,596) | |||||||||
Preferred dividends | (1,037) | (1,037) | |||||||||
Common dividends declared | (16,015) | (16,015) | |||||||||
Preferred stock issued | 221,312 | 230,500 | (9,188) | ||||||||
Common stock issued (in shares) | 6,000 | ||||||||||
Common stock issued | 79 | 79 | |||||||||
Restricted stock activity (in shares) | 64,000 | ||||||||||
Restricted stock activity | 31 | (912) | 943 | ||||||||
Treasury stock issued to benefit plans (in shares) | (7,000) | ||||||||||
Treasury stock issued to benefit plans | (89) | (22) | (67) | ||||||||
Share-based compensation expense | 3,755 | 3,755 | |||||||||
Ending balance (in shares) at Jun. 30, 2020 | 114,276,000 | ||||||||||
Ending balance at Jun. 30, 2020 | $ 2,656,211 | $ 1,253 | 230,500 | 1,268,647 | 1,359,407 | 28,727 | (232,323) | ||||
Beginning balance (in shares) at Dec. 31, 2020 | 114,296,000 | 114,296,000 | |||||||||
Beginning balance at Dec. 31, 2020 | $ 2,690,006 | $ 1,254 | 230,500 | 1,275,492 | 1,388,525 | 26,379 | (232,144) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 96,144 | 96,144 | |||||||||
Other comprehensive income (loss) | (32,320) | (32,320) | |||||||||
Preferred dividends | (8,068) | (8,068) | |||||||||
Common dividends declared | (31,976) | (31,976) | |||||||||
Repurchases of common stock (in shares) | (715,000) | ||||||||||
Repurchases of common stock | (14,929) | (14,929) | |||||||||
Acquisition, net of issuance costs | 0 | ||||||||||
Common stock issued (in shares) | 69,000 | ||||||||||
Common stock issued | 1,099 | $ 0 | 56 | 1,043 | |||||||
Restricted stock activity (in shares) | 526,000 | ||||||||||
Restricted stock activity | (4,002) | (14,534) | 10,532 | ||||||||
Treasury stock issued to benefit plans (in shares) | 1,000 | ||||||||||
Treasury stock issued to benefit plans | 37 | 21 | 16 | ||||||||
Share-based compensation expense | $ 8,157 | 8,157 | |||||||||
Ending balance (in shares) at Jun. 30, 2021 | 114,177,000 | 114,177,000 | |||||||||
Ending balance at Jun. 30, 2021 | $ 2,704,148 | $ 1,254 | 230,500 | 1,269,192 | 1,444,625 | (5,941) | (235,482) | ||||
Beginning balance (in shares) at Mar. 31, 2021 | 114,196,000 | ||||||||||
Beginning balance at Mar. 31, 2021 | 2,653,315 | $ 1,254 | 230,500 | 1,265,156 | 1,413,517 | (22,096) | (235,016) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 51,121 | 51,121 | |||||||||
Other comprehensive income (loss) | 16,155 | 16,155 | |||||||||
Preferred dividends | (4,034) | (4,034) | |||||||||
Common dividends declared | (15,979) | (15,979) | |||||||||
Repurchases of common stock | 0 | ||||||||||
Common stock issued (in shares) | 4,000 | ||||||||||
Common stock issued | 83 | 83 | |||||||||
Restricted stock activity (in shares) | (22,000) | ||||||||||
Restricted stock activity | (105) | 347 | (452) | ||||||||
Treasury stock issued to benefit plans (in shares) | (1,000) | ||||||||||
Treasury stock issued to benefit plans | (16) | (2) | (14) | ||||||||
Share-based compensation expense | $ 3,608 | 3,608 | |||||||||
Ending balance (in shares) at Jun. 30, 2021 | 114,177,000 | 114,177,000 | |||||||||
Ending balance at Jun. 30, 2021 | $ 2,704,148 | $ 1,254 | $ 230,500 | $ 1,269,192 | $ 1,444,625 | $ (5,941) | $ (235,482) | ||||
[1] | As a result of accounting guidance adopted in the first quarter of 2020, a portion of the increase in allowance for credit losses, net of tax, was recognized as a cumulative-effect adjustment to retained earnings as of January 1, 2020. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes In Stockholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared per common share (in dollars per share) | $ 0.14 | $ 0.14 | $ 0.28 | $ 0.28 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Activities | ||
Net income | $ 96,144,000 | $ 38,670,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 6,098,000 | 72,181,000 |
Depreciation of premises, furniture, and equipment | 7,529,000 | 8,397,000 |
Net amortization of premium on securities | 10,243,000 | 10,914,000 |
Net securities losses | 0 | 1,005,000 |
Gains on sales of 1-4 family mortgages and corporate loans held-for-sale | (16,444,000) | (7,230,000) |
Net losses on sales and valuation adjustments of OREO | 67,000 | 128,000 |
Amortization of the FDIC indemnification asset | 0 | 892,000 |
Net (gains) losses on sales and valuation adjustments of premises, furniture, and equipment | (731,000) | 213,000 |
BOLI income | (3,481,000) | (3,798,000) |
Share-based compensation expense | 8,157,000 | 7,677,000 |
Tax benefit related to share-based compensation | 196,000 | 148,000 |
Amortization of other intangible assets | 5,605,000 | 5,590,000 |
Originations of mortgage loans held-for-sale | (468,530,000) | (297,019,000) |
Proceeds from sales of mortgage loans held-for-sale | 508,076,000 | 292,410,000 |
Net increase in equity securities | (36,573,000) | (1,818,000) |
Net decrease (increase) in accrued interest receivable and other assets | 2,347,000 | (124,850,000) |
Net (decrease) increase in accrued interest payables and other liabilities | (642,000) | 12,871,000 |
Net cash provided by operating activities | 118,061,000 | 16,381,000 |
Investing Activities | ||
Proceeds from maturities, repayments, and calls of securities available-for-sale | 561,493,000 | 497,430,000 |
Proceeds from sales of securities available-for-sale | 0 | 39,095,000 |
Purchases of securities available-for-sale | (672,064,000) | (914,234,000) |
Proceeds from maturities, repayments, and calls of securities held-to-maturity | 478,000 | 2,467,000 |
Purchases of securities held-to-maturity | 0 | (18,000) |
Net purchases of FHLB stock | 10,530,000 | (33,103,000) |
Net increase in loans | (312,149,000) | (1,360,147,000) |
Premiums paid on BOLI, net of proceeds from claims | 4,045,000 | 2,997,000 |
Proceeds from sales of OREO | 2,897,000 | 230,000 |
Proceeds from sales of premises, furniture, and equipment | 2,757,000 | 0 |
Purchases of premises, furniture, and equipment | (3,347,000) | (4,647,000) |
Net cash received from acquisition | 0 | 142,282,000 |
Net cash used in investing activities | (405,360,000) | (1,627,648,000) |
Financing Activities | ||
Net increase in deposit accounts | 1,020,419,000 | 1,456,302,000 |
Net (decrease) increase in borrowed funds | (246,990,000) | 634,905,000 |
Net proceeds from the issuance of preferred stock | 0 | 221,312,000 |
Repurchases of common stock | (14,929,000) | (22,557,000) |
Cash dividends paid | (40,085,000) | (32,480,000) |
Restricted stock activity | (2,959,000) | (3,135,000) |
Net cash provided by financing activities | 715,456,000 | 2,254,347,000 |
Net increase in cash and cash equivalents | 428,157,000 | 643,080,000 |
Cash and cash equivalents at beginning of period | 1,117,244,000 | 299,221,000 |
Cash and cash equivalents at end of period | 1,545,401,000 | 942,301,000 |
Supplemental Disclosures of Cash Flow Information: | ||
Income taxes paid | 19,225,000 | 587,000 |
Interest paid to depositors and creditors | 20,000,000 | 46,331,000 |
Dividends declared, but unpaid | 15,821,000 | 15,857,000 |
Stock issued for acquisitions, net of issuance costs | 0 | 71,883,000 |
Non-cash transfers of loans to OREO | 0 | 121,000 |
Non-cash transfers of loans held-for-investment to loans held-for-sale | $ (14,157,000) | |
Non-cash transfers of loans held-for-investment to loans held-for-sale | $ 2,193,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation – The accompanying unaudited condensed consolidated interim financial statements ("consolidated financial statements") of First Midwest Bancorp, Inc. (the "Company"), a Delaware corporation, were prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") for quarterly reports on Form 10-Q and reflect all adjustments that management deems necessary for the fair presentation of the financial position and results of operations for the periods presented. The results of operations for the quarter and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The accounting and reporting policies of the Company and its subsidiaries conform to U.S. generally accepted accounting principles ("GAAP") and general practices within the banking industry. The accompanying consolidated financial statements do not include certain information and note disclosures required by GAAP for complete annual financial statements. Therefore, these financial statements should be read in conjunction with the Company's 2020 Annual Report on Form 10-K ("2020 10-K"). The Company uses the accrual basis of accounting for financial reporting purposes. Certain reclassifications were made to prior year amounts to conform to the current year presentation. Use of Estimates – The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Although these estimates and assumptions are based on the best available information, actual results could differ from those estimates. Principles of Consolidation – The accompanying consolidated financial statements include the financial position and results of operations of the Company and its subsidiaries after elimination of all significant intercompany accounts and transactions. Assets held in a fiduciary or agency capacity are not assets of the Company or its subsidiaries and are not included in the consolidated financial statements. The accounting policies related to business combinations, loans, the allowance for credit losses, and derivative financial instruments are presented below. For a summary of all other significant accounting policies, see Note 1, "Summary of Significant Accounting Policies," in the Company's 2020 10-K. Business Combinations – Business combinations are accounted for under the acquisition method of accounting. Assets acquired and liabilities assumed are recorded at their estimated fair values as of the date of acquisition, with any excess of the purchase price of the acquisition over the fair value of the identifiable net tangible and intangible assets acquired recorded as goodwill. Alternatively, a gain is recorded if the fair value of assets purchased exceeds the fair value of liabilities assumed and consideration paid. The results of operations of the acquired business are included in the Condensed Consolidated Statements of Income from the effective date of the acquisition. Loans – Loans held-for-investment are loans that the Company intends to hold until they are paid in full and are carried at the principal amount outstanding, including certain net deferred loan origination fees. Loan origination fees, commitment fees, and certain direct loan origination costs are deferred, and the net amount is amortized as a yield adjustment over the contractual life of the related loans or commitments and included in interest income. Fees related to letters of credit are amortized into fee income over the contractual life of the commitment. Other credit-related fees are recognized as fee income when earned. The Company's net investment in direct financing leases is included in loans and consists of future minimum lease payments and estimated residual values, net of unearned income. Interest income on loans is accrued based on principal amounts outstanding. Loans held-for-sale are carried at the lower of aggregate cost or fair value and included in other assets in the Consolidated Statements of Financial Condition. Acquired Loans – Acquired loans consist of all loans acquired in business combinations and are included within loans held-for-investment. Acquired loans are separated into (i) non-purchased credit deteriorated ("non-PCD") loans and (ii) purchased credit deteriorated ("PCD") loans. Non-PCD loans include loans that did not have evidence of more-than-insignificant credit deterioration since origination at the acquisition date. PCD loans include loans that had evidence of more-than-insignificant credit deterioration since origination. Evidence of credit deterioration was evaluated using various indicators, such as past due and non-accrual status. Leases and revolving loans do not qualify to be accounted for as PCD loans and are accounted for as non-PCD loans. The acquisition adjustment related to non-PCD loans is amortized into interest income over the contractual life of the related loans. If an acquired non-PCD loan is renewed subsequent to the acquisition date, any remaining acquisition adjustment is accreted into interest income and the loan is considered a new loan that is no longer classified as an acquired loan. PCD loans are generally accounted for based on estimates of expected future cash flows. The Company uses a discounted cash flow analysis involving significant unobservable inputs and assumptions to measure the fair value of PCD loans. The significant assumptions utilized in the cash flow analysis include the probability of default ("PD"), loss given default ("LGD"), and discount rate. PCD loans are recorded at fair value, excluding credit-related adjustments, for which an allowance for loan losses is established at the acquisition date through purchase accounting adjustments. Expected future cash flows in excess of the fair value of loans at the purchase date ("accretable yield") are recorded as interest income over the life of the loans if the timing and amount of the expected future cash flows can be reasonably estimated. Subsequent to the acquisition date, the allowance for loan losses on PCD loans is estimated as are the allowances for all other loans in the portfolio. 90-Days Past Due Loans – The Company's accrual of interest on loans is generally discontinued at the time the loan is 90 days past due unless the credit is sufficiently collateralized and in the process of renewal or collection. Non-accrual Loans – Generally, corporate loans are placed on non-accrual status (i) when either principal or interest payments become 90 days or more past due unless the credit is sufficiently collateralized and in the process of renewal or collection, or (ii) when an individual analysis of a borrower's creditworthiness warrants a downgrade to non-accrual regardless of past due status. When a loan is placed on non-accrual status, unpaid interest credited to income in the current year is reversed, and unpaid interest accrued in prior years is charged against the allowance for loan losses. After the loan is placed on non-accrual status, all debt service payments are applied to the principal on the loan. Future interest income may only be recorded on a cash basis after recovery of principal is reasonably assured. Non-accrual loans are returned to accrual status when the financial position of the borrower and other relevant factors indicate that the Company will collect all principal and interest. Non-accrual loans with balances under a specified threshold are not individually evaluated for impairment. For all other non-accrual loans, impairment is measured by comparing the estimated value of the loan to the recorded book value. The value of collateral-dependent loans is based on the fair value of the underlying collateral, less costs to sell. The value of other loans is measured using the present value of expected future cash flows discounted at the loan's effective interest rate. Commercial loans and loans secured by real estate are charged-off when deemed uncollectible. A loss is recorded if the net realizable value of the underlying collateral is less than the outstanding principal and interest. Consumer loans that are not secured by real estate are subject to mandatory charge-off at a specified delinquency date and are usually not classified as non-accrual prior to being charged-off. Closed-end consumer loans, which include installment, consumer secured, and single payment loans, are usually charged-off no later than the end of the month in which the loan becomes 120 days past due. Troubled Debt Restructurings ( " TDR s" ) – A restructuring is considered a TDR when (i) the borrower is experiencing financial difficulties, and (ii) the creditor grants a concession, such as forgiveness of principal, reduction of the interest rate, changes in payments, or extension of the maturity date. Loans are not classified as TDRs when the modification is short-term or results in an insignificant delay in payments. The Company's TDRs are determined on a case-by-case basis. The Company does not accrue interest on a TDR unless it believes collection of all principal and interest under the modified terms is reasonably assured. For a TDR to begin accruing interest, the borrower must demonstrate some level of past performance and the future capacity to perform under the modified terms. Generally, six months of consecutive payment performance under the restructured terms is required before a TDR is returned to accrual status. However, the period could vary depending on the individual facts and circumstances of the loan. An evaluation of the borrower's current creditworthiness is used to assess the borrower's capacity to repay the loan under the modified terms. This evaluation includes an estimate of expected future cash flows, evidence of strong financial position, and estimates of the value of collateral, if applicable. For TDRs to be removed from TDR status in the calendar year after the restructuring, the loans must (i) have an interest rate and terms that reflect market conditions at the time of restructuring, and (ii) be in compliance with the modified terms. If the loan was restructured at below market rates and terms, it continues to be separately reported as restructured until it is paid in full or charged-off. Allowance for Credit Losses – The allowance for credit losses is comprised of the allowance for loan losses and the allowance for unfunded commitments and is maintained by management at a level believed adequate to absorb current expected credit losses in the existing loan portfolio. Determination of the allowance for credit losses is subjective since it requires significant estimates and management judgment, including the amounts and timing of expected future cash flows, actual loss experience, consideration of current national, regional, and local economic trends and conditions, reasonable and supportable forecasts about the future, changes in interest rates and property values, various internal and external qualitative factors, and other factors. Loans deemed to be uncollectible are charged-off against the allowance for loan losses, while recoveries of amounts previously charged-off are credited to the allowance for loan losses. Additions to the allowance for loan losses are charged to expense through the provision for loan losses. The amount of provision depends on a number of factors, including net charge-off levels, loan growth, changes in the composition of the loan portfolio, and the Company's assessment of the allowance for loan losses based on the methodology discussed below. Allowance for Loan Losses – The allowance for loan losses consists of (i) specific allowance for individual loans where the recorded investment exceeds the value, (ii) an allowance based on historical credit loss experience with consideration of reasonable and supportable forecasts of economic conditions for each loan category, and (iii) an allowance based on other internal and external qualitative factors. The allowance for individual loans is based on a periodic analysis of non-accrual loans individually exceeding a specific dollar amount. If the estimated value of a non-accrual loan is less than its recorded book value, the Company either (i) provides an allowance in the amount of the excess of the book value over the estimated value of the related loan or, (ii) if the loss is confirmed, charges off the loss. The allowance by loan category is based on a discounted cash flows analysis as future cash flows are discounted at an effective rate of return. In addition, estimates of losses on future cash flows is forecasted by applying probability of default and loss given default factors as well as prepayment and curtailment assumptions to cash flows that are adjusted to a present value. This discounted cash flow analysis is updated quarterly, primarily using actual loss experience adjusted for current reasonable and supportable forecasts of economic conditions over a one-year forecast period. After the one-year forecast period, a one-year reversion period adjusts loss experience to the historical average on a straight-line basis. These forecasts consider multiple scenarios of key assumptions including national unemployment rates, housing price indices, and gross domestic product. This general allowance component is then adjusted based on management's consideration of many internal and external qualitative factors, including: • Changes in the composition of the loan portfolio, trends in the volume of loans, and trends in delinquent and non-accrual loans that could indicate that historical trends do not reflect current conditions. • Changes in credit policies and procedures, such as underwriting standards and collection, charge-off, and recovery practices. • Changes in the experience, ability, and depth of credit management and other relevant staff. • Changes in the quality of the Company's loan review system and Board of Directors oversight. • The effect of any concentration of credit and changes in the level of concentrations, such as loan type or risk rating. • Changes in the value of the underlying collateral for collateral-dependent loans. • Changes in the national, regional, and local economy that affect the collectability of various segments of the portfolio. • The effect of other external factors, such as competition and legal and regulatory requirements, on the Company's loan portfolio. The allowance for loan losses also includes an allowance on acquired non-PCD and PCD loans. An allowance for loan losses is recorded on acquired PCD loans at the acquisition date through purchase accounting adjustments. Subsequent to the acquisition date, the allowance for loan losses on PCD loans is estimated as are the allowances for all other loans in the portfolio. No allowance for loan losses is recorded on acquired non-PCD loans at the acquisition date through purchase accounting. Instead, an allowance is established on acquired non-PCD loans at the acquisition date in-line with all other loans in the portfolio as if the loans were originated at the acquisition date. On a periodic basis, the adequacy of this allowance is determined using either a PD/LGD methodology or a specific review methodology. Allowance for Unfunded Commitments – The Company also maintains an allowance for unfunded commitments, including letters of credit, for the risk of loss inherent in these arrangements. The allowance for unfunded commitments is estimated using the historical credit loss experience with consideration of reasonable and supportable forecasts of economic conditions for each loan category. The allowance for unfunded commitments is included in other liabilities in the Consolidated Statements of Financial Condition. The establishment of the allowance for credit losses involves a high degree of judgment and estimation given the difficulty of assessing the factors impacting loan repayment and estimating the timing and amount of losses. While management utilizes its best judgment and information available, the adequacy of the allowance for credit losses depends on a variety of factors beyond the Company's control, including the performance of its loan portfolio, current national, regional, and local economic trends, reasonable and supportable forecasts about the future, changes in interest rates and property values, the amounts and timing of expected future cash flows on non-accrual loans, estimated losses on pools of homogenous loans, the interpretation of loan risk classifications by regulatory authorities, various internal and external qualitative factors, and other factors. Derivative Financial Instruments – To provide derivative products to customers and in the ordinary course of business, the Company enters into derivative transactions as part of its overall interest rate risk management strategy to minimize significant unplanned fluctuations in earnings and expected future cash flows caused by interest rate volatility. All derivative instruments are recorded at fair value as either other assets or other liabilities in the Consolidated Statements of Financial Condition. Subsequent changes in a derivative's fair value are recognized in earnings unless specific hedge accounting criteria are met. On the date the Company enters into a derivative contract, the derivative is designated as a fair value hedge, a cash flow hedge, or a non-hedge derivative instrument. Fair value hedges are designed to mitigate exposure to changes in the fair value of an asset or liability attributable to a particular risk, such as interest rate risk. Cash flow hedges are designed to mitigate exposure to variability in expected future cash flows to be received or paid related to an asset, liability, or other type of forecasted transaction. The Company formally documents all relationships between hedging instruments and hedged items, including its risk management objective and strategy, at inception. At the hedge's inception, a formal assessment is performed to determine the effectiveness of the derivative in offsetting changes in the fair values or expected future cash flows of the hedged items in the current period and prospectively. If a derivative instrument designated as a hedge is terminated or ceases to be highly effective, hedge accounting is discontinued prospectively, and the gain or loss is amortized into earnings. For fair value hedges, the gain or loss is amortized over the remaining life of the hedged asset or liability. For cash flow hedges, the gain or loss is amortized over the same period that the forecasted hedged transactions impact earnings. If the hedged item is disposed of, any fair value adjustments are included in the gain or loss from the disposition of the hedged item. If the forecasted transaction is no longer probable, the gain or loss is included in earnings immediately. For fair value hedges, changes in the fair value of the derivative instruments, as well as changes in the fair value of the hedged item, are recognized in earnings in the same income statement line item as the earnings effect of the hedged item. For cash flow hedges, the effective portion of the change in fair value of the derivative instrument is reported as a component of accumulated other comprehensive income (loss) and is reclassified to earnings when the hedged transaction is reflected in earnings. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements and Other Guidance | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements and Other Guidance | RECENT ACCOUNTING PRONOUNCEMENTS AND OTHER GUIDANCE Adopted Accounting Pronouncements Changes to the Disclosure Requirements for Defined Benefit Plans: In August of 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2018-14 that makes minor changes and clarifications to the disclosure requirements for entities that sponsor defined benefit plans. This guidance is effective for annual and interim periods beginning after December 15, 2020. The adoption of this guidance on January 1, 2021 did not materially impact the Company's financial condition, results of operations, or liquidity. Income Taxes : In December of 2019, the FASB issued ASU 2019-12 that removes certain exceptions to the general principles of accounting for income taxes. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The adoption of this guidance on January 1, 2021 did not materially impact the Company's financial condition, results of operations, or liquidity. Accounting Pronouncements Pending Adoption Reference Rate Reform : In March of 2020, the FASB issued ASU 2020-04 and in January of 2021, the FASB issued 2021-01, both of which provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued by reference rate reform, if certain criteria are met. This guidance is effective upon issuance as of March 12, 2020 and generally can be applied through December 31, 2022. Management continues to monitor efforts and evaluate the impact of reference rate reform, including this guidance and determining its impact on the Company's financial condition, results of operations, and liquidity. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | ACQUISITIONS Pending Merger of Equals On June 1, 2021, the Company and Old National Bancorp ("Old National"), the holding company for Old National Bank, jointly announced they have entered into a definitive merger agreement to combine in an all-stock merger of equals transaction to create a premier Midwestern bank with approximately $45 billion in combined assets. The merger agreement, which has been unanimously approved by the boards of directors of both companies, provides for a fixed exchange ratio whereby holders of Company common stock will receive 1.1336 shares of Old National common stock for each share of Company common stock they own, other than certain shares held by the Company or Old National. In addition, the merger agreement provides that holders of Company depositary shares representing a 1/40th interest in a share of the Company's 7.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A or Series C, will receive an equal amount of Old National depositary shares each representing a 1/40th interest in a share of a corresponding new series of Old National preferred stock having terms that are not materially less favorable than the Company preferred stock. The headquarters of the surviving corporation and the main office of the surviving bank will be located in Evansville, Indiana and the name of the surviving corporation and surviving bank will be Old National Bancorp and Old National Bank, respectively. The Commercial Banking and Consumer Banking operations of the surviving bank will be headquartered in Chicago, Illinois. Michael Scudder, Chairman and Chief Executive Officer ("CEO") of the Company, will serve as the Executive Chairman, and Jim Ryan, Chairman and CEO of Old National Bancorp, will maintain his role as CEO. As of the date of announcement, the overall transaction market value was approximately $6.5 billion. The transaction is subject to customary regulatory and shareholder approvals and the completion of various closing conditions and is anticipated to close in late 2021 or early 2022. The Company will hold a special meeting of its stockholders to vote on the merger on September 15, 2021. Completed Acquisition Park Bank On March 9, 2020, the Company completed its acquisition of Bankmanagers Corp. ("Bankmanagers"), the holding company for Park Bank, based in Milwaukee, Wisconsin. At closing, the Company acquired $1.2 billion of assets, $1.0 billion of deposits, and $687.9 million of loans, net of fair value adjustments. Under the terms of the merger agreement, on March 9, 2020, each outstanding share of Bankmanagers common stock was exchanged for 29.9675 shares of Company common stock, plus $623.02 of cash (of which $346.00 per share was paid by Bankmanagers to its shareholders by a special cash dividend immediately prior to closing). This resulted in merger consideration of $174.4 million, which consisted of 4.9 million shares of Company common stock and $102.5 million of cash. Goodwill of $59.6 million associated with the acquisition was recorded by the Company. All Park Bank operating systems were converted to the Company's operating platform during the second quarter of 2020. During the first quarter of 2021, the Company finalized the fair value adjustments associated with the Bankmanagers transaction, which required measurement period adjustments to goodwill. These adjustments were recognized in the current period in accordance with accounting guidance applicable to business combinations. The following table presents the assets acquired and liabilities assumed, net of the fair value adjustments, in the Park Bank transaction as of the acquisition date. The assets acquired and liabilities assumed, both intangible and tangible, were recorded at their estimated fair values as of the acquisition date and have been accounted for under the acquisition method of accounting. Acquisition Activity (Dollar amounts in thousands, except share and per share data) Park Bank March 9, 2020 Assets Cash and due from banks and interest-bearing deposits in other banks $ 244,781 Securities available-for-sale 136,856 Securities held-to-maturity 300 Loans 687,923 OREO 2,276 Goodwill 59,649 Other intangible assets 3,068 Premises, furniture, and equipment 2,550 Accrued interest receivable and other assets 13,502 Total assets $ 1,150,905 Liabilities Noninterest-bearing deposits $ 356,050 Interest-bearing deposits 594,026 Total deposits 950,076 Borrowed funds 11,532 Accrued interest payable and other liabilities 14,915 Total liabilities 976,523 Consideration Paid Common stock (2020 – 4,930,231, shares issued at $14.58 per share) 71,883 Cash paid 102,499 Total consideration paid 174,382 $ 1,150,905 |
Securities
Securities | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | SECURITIES The significant accounting policies related to securities are presented in Note 1, "Summary of Significant Accounting Policies" to the Consolidated Financial Statements in the Company's 2020 10-K. A summary of the Company's securities portfolio by category and maturity is presented in the following tables. Securities Portfolio (Dollar amounts in thousands) As of June 30, 2021 As of December 31, 2020 Amortized Cost Gross Unrealized Fair Amortized Cost Gross Unrealized Fair Gains Losses Gains Losses Securities Available-for-Sale U.S. treasury securities $ 1,000 $ 3 $ — $ 1,003 $ 12,001 $ 50 $ — $ 12,051 U.S. agency securities 612,173 1,996 (15,372) 598,797 654,321 3,129 (4,976) 652,474 Collateralized mortgage obligations 1,336,291 16,936 (13,601) 1,339,626 1,415,312 27,529 (4,323) 1,438,518 Other mortgage-backed securities 808,967 9,762 (4,368) 814,361 566,830 14,650 (640) 580,840 Municipal securities 212,308 9,822 (229) 221,901 224,446 11,573 (4) 236,015 Corporate debt securities 173,069 7,451 (14) 180,506 170,570 6,210 (270) 176,510 Total securities available-for-sale $ 3,143,808 $ 45,970 $ (33,584) $ 3,156,194 $ 3,043,480 $ 63,141 $ (10,213) $ 3,096,408 Securities Held-to-Maturity Municipal securities $ 11,593 $ — $ (468) $ 11,125 $ 12,291 $ — $ (385) $ 11,906 Allowance for securities held-to- (220) $ (220) (220) $ (220) Total securities held-to-maturity, $ 11,373 $ — $ (468) $ 10,905 $ 12,071 $ — $ (385) $ 11,686 Equity Securities $ 112,977 $ 76,404 Accrued interest receivable on the securities portfolio totaled $11.1 million and $11.9 million as of June 30, 2021 and December 31, 2020, respectively, and is included in accrued interest receivable and other assets in the Consolidated Statements of Financial Condition. Accounting guidance requires that the credit portion of a decline in fair value be recognized as an allowance for credit losses, established as a charge to expense through income. If a decline in fair value below carrying value is not attributable to credit deterioration and the Company does not intend to sell the security or believe it would not be more likely than not required to sell the security prior to recovery, the Company records the non-credit related portion of the decline in fair value in other comprehensive income (loss). In determining whether a decline in fair value of a security is credit related, the Company considers adverse conditions specific to the security, deterioration in economic conditions or market environment that may affect the value of the securities and related collateral, if any, events of default, changes to the credit rating of the security by a rating agency, and guarantees applicable to the security, among other factors. Remaining Contractual Maturity of Securities (Dollar amounts in thousands) As of June 30, 2021 Available-for-Sale Held-to-Maturity Amortized Fair Amortized Fair One year or less $ 94,281 $ 94,626 $ 1,971 $ 1,891 After one year to five years 176,306 176,952 4,335 4,160 After five years to ten years 727,963 730,629 2,658 2,551 After ten years — — 2,629 2,523 Securities that do not have a single contractual maturity date 2,145,258 2,153,987 — — Total $ 3,143,808 $ 3,156,194 $ 11,593 $ 11,125 The carrying value of securities available-for-sale that were pledged to secure deposits or for other purposes as permitted or required by law totaled $1.9 billion as of June 30, 2021 and $1.6 billion as of December 31, 2020. No securities held-to-maturity were pledged as of June 30, 2021 or December 31, 2020. There were no realized gains (losses) on securities available-for-sale for the quarters ended June 30, 2021 and 2020. There were $1.0 million of realized losses for the six months ended June 30, 2020. The following table presents the aggregate amount of unrealized losses and the aggregate related fair values of securities with unrealized losses as of June 30, 2021 and December 31, 2020. Securities in an Unrealized Loss Position (Dollar amounts in thousands) Less Than 12 Months 12 Months or Longer Total Number of Fair Unrealized Fair Unrealized Fair Unrealized As of June 30, 2021 Securities Available-for-Sale U.S. agency securities 64 $ 376,464 $ 13,721 $ 51,780 $ 1,651 $ 428,244 $ 15,372 CMOs 150 568,946 12,450 26,307 1,151 595,253 13,601 MBSs 62 265,493 3,739 31,417 629 296,910 4,368 Municipal securities 12 10,929 229 — — 10,929 229 Corporate debt securities 1 — — 3,212 14 3,212 14 Total 289 $ 1,221,832 $ 30,139 $ 112,716 $ 3,445 $ 1,334,548 $ 33,584 As of December 31, 2020 Securities Available-for-Sale U.S. agency securities 48 $ 253,841 $ 4,764 $ 14,932 $ 212 $ 268,773 $ 4,976 CMOs 104 349,853 3,205 86,618 1,118 436,471 4,323 MBSs 19 69,838 550 12,307 90 82,145 640 Municipal securities 4 1,012 4 — — 1,012 4 Corporate debt securities 3 8,100 105 9,513 165 17,613 270 Total 178 $ 682,644 $ 8,628 $ 123,370 $ 1,585 $ 806,014 $ 10,213 Substantially all of the Company's CMOs and other MBSs are either backed by U.S. government-owned agencies or issued by U.S. government-sponsored enterprises. Municipal securities are issued by municipal authorities, and the majority are supported by third-party insurance or some other form of credit enhancement. Management does not believe any of these securities with unrealized losses as of June 30, 2021 represent impairment related to credit deterioration. These unrealized losses are attributed to changes in interest rates and temporary market movements. The Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell them before recovery of their amortized cost basis, which may be at maturity. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2021 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans | LOANS Loans Held-for-Investment The following table presents the Company's loans held-for-investment by class. Loan Portfolio (Dollar amounts in thousands) As of June 30, December 31, Commercial and industrial $ 4,608,148 $ 4,578,254 Agricultural 342,834 364,038 Commercial real estate: Office, retail, and industrial 1,807,428 1,861,768 Multi-family 1,012,722 872,813 Construction 577,338 612,611 Other commercial real estate 1,461,370 1,481,976 Total commercial real estate 4,858,858 4,829,168 Total corporate loans, excluding Paycheck Protection Program ("PPP") loans 9,809,840 9,771,460 PPP loans 705,915 785,563 Total corporate loans 10,515,755 10,557,023 Home equity 629,367 761,725 1-4 family mortgages 3,287,773 3,022,413 Installment 602,324 410,071 Total consumer loans 4,519,464 4,194,209 Total loans $ 15,035,219 $ 14,751,232 Deferred loan fees included in total loans $ 8,812 $ 9,696 Overdrawn demand deposits included in total loans 9,582 8,444 Accrued interest receivable on the loan portfolio totaled $51.8 million and $56.7 million as of June 30, 2021 and December 31, 2020, respectively and is included in accrued interest receivable and other assets in the Consolidated Statements of Financial Condition. The Company primarily lends to community-based and mid-sized businesses, commercial real estate customers, and consumers in its markets. Within these areas, the Company diversifies its loan portfolio by loan type, industry, and borrower. It is the Company's policy to review each prospective credit to determine the appropriateness and the adequacy of security or collateral prior to making a loan. In the event of borrower default, the Company seeks recovery in compliance with state lending laws, the Company's lending standards, and credit monitoring and remediation procedures. A discussion of risk characteristics relevant to each portfolio segment is presented in Note 5, "Loans" to the Consolidated Financial Statements in the Company's 2020 10-K. Loan Sales The following table presents loan sales and purchases for the quarters and six months ended June 30, 2021 and 2020. Loan Sales and Purchases (Dollar amounts in thousands) Quarters Ended Six Months Ended 2021 2020 2021 2020 Corporate loan sales Proceeds from sales $ 291 $ 295 $ 17,227 $ 4,598 Less book value of loans sold 286 289 17,177 4,477 Net gains on corporate loan sales (1) 5 6 50 121 1-4 family mortgage loan sales Proceeds from sales 214,246 173,251 508,076 292,410 Less book value of loans sold 207,784 168,656 491,682 285,301 Net gains on 1-4 family mortgage loan sales (2) 6,462 4,595 16,394 7,109 Total net gains on loan sales $ 6,467 $ 4,601 $ 16,444 $ 7,230 Corporate loan purchases (3) Commercial and industrial $ 80,679 $ 22,894 $ 234,075 $ 168,716 Office, retail, and industrial — — 7,438 — Multi-family 11,880 — 26,129 — Construction 894 3,258 1,036 3,897 Other commercial real estate 35,000 10,000 35,000 10,000 Total corporate loan purchases $ 128,453 $ 36,152 $ 303,678 $ 182,613 Consumer loan purchases Home equity $ — $ — $ — $ 144,967 1-4 family mortgages 224,819 179,410 585,918 249,585 Installment 146,618 — 253,376 — Total consumer loan purchases $ 371,437 $ 179,410 $ 839,294 $ 394,552 (1) Net gains on corporate loan sales are included in other service charges, commissions, and fees in the Condensed Consolidated Statements of Income. (2) Net gains on 1-4 family mortgage loan sales are included in mortgage banking income in the Condensed Consolidated Statements of Income. (3) Consists of the Company's portion of loan participations purchased. The Company retained servicing responsibilities for a portion of the 1-4 family mortgage loans sold and collects servicing fees equal to a percentage of the outstanding principal balance. For additional disclosure related to the Company's obligations resulting from the sale of certain 1-4 family mortgage loans, see Note 12, "Commitments, Guarantees, and Contingent Liabilities." |
Acquired Loans
Acquired Loans | 6 Months Ended |
Jun. 30, 2021 | |
Transfers and Servicing [Abstract] | |
Acquired Loans | ACQUIRED LOANS The significant accounting policies related to acquired loans, which are classified as PCD and non-PCD at June 30, 2021 and December 31, 2020, are presented in Note 1, "Summary of Significant Accounting Policies." The following table presents the carrying amount of acquired loans as of June 30, 2021 and December 31, 2020. Acquired Loans (1) (Dollar amounts in thousands) As of June 30, 2021 As of December 31, 2020 PCD Non-PCD Total PCD Non-PCD Total Acquired loans $ 177,111 $ 916,633 $ 1,093,744 $ 212,021 $ 1,198,818 $ 1,410,839 (1) Included in loans in the Consolidated Statements of Financial Condition. The outstanding balance of PCD loans was $197.8 million as of June 30, 2021 and $247.3 million as of December 31, 2020. |
Past Due Loans, Allowance For C
Past Due Loans, Allowance For Credit Losses, Non-Accrual Loans, and TDRS | 6 Months Ended |
Jun. 30, 2021 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Past Due Loans, Allowance For Credit Losses, Non-Accrual Loans, and TDRS | PAST DUE LOANS, ALLOWANCE FOR CREDIT LOSSES, NON-ACCRUAL LOANS, AND TDRS Past Due and Non-accrual Loans The following table presents an aging analysis of the Company's past due loans as of June 30, 2021 and December 31, 2020 with balances presented on an amortized cost basis. The aging is determined without regard to accrual status. The table also presents non-performing loans, consisting of non-accrual loans (the majority of which are past due) and loans 90 days or more past due and still accruing interest, as of each balance sheet date. Aging Analysis of Past Due Loans and Non-performing Loans by Class (Dollar amounts in thousands) Aging Analysis (Accruing and Non-accrual) Non-performing Loans Current 30-89 Days 90 Days or Total Total Non- 90 Days or More Past Due, Still Accruing Interest As of June 30, 2021 Commercial and industrial $ 4,569,389 $ 8,168 $ 30,591 $ 38,759 $ 4,608,148 $ 45,158 $ 392 Agricultural 339,070 — 3,764 3,764 342,834 7,135 — Commercial real estate: Office, retail, and industrial 1,788,557 2,368 16,503 18,871 1,807,428 19,484 — Multi-family 1,009,401 — 3,321 3,321 1,012,722 3,415 — Construction 574,329 40 2,969 3,009 577,338 2,969 — Other commercial real estate 1,441,210 2,883 17,277 20,160 1,461,370 23,815 122 Total commercial real estate 4,813,497 5,291 40,070 45,361 4,858,858 49,683 122 Total corporate loans, 9,721,956 13,459 74,425 87,884 9,809,840 101,976 514 PPP loans 705,915 — — — 705,915 — — Total corporate loans 10,427,871 13,459 74,425 87,884 10,515,755 101,976 514 Home equity 623,582 2,115 3,670 5,785 629,367 9,948 23 1-4 family mortgages 3,274,456 4,104 9,213 13,317 3,287,773 12,558 — Installment 598,218 3,765 341 4,106 602,324 — 341 Total consumer loans 4,496,256 9,984 13,224 23,208 4,519,464 22,506 364 Total loans $ 14,924,127 $ 23,443 $ 87,649 $ 111,092 $ 15,035,219 $ 124,482 $ 878 As of December 31, 2020 Commercial and industrial $ 4,530,546 $ 9,254 $ 38,454 $ 47,708 $ 4,578,254 $ 42,965 $ 591 Agricultural 359,373 705 3,960 4,665 364,038 10,719 — Commercial real estate: Office, retail, and industrial 1,827,891 3,961 29,916 33,877 1,861,768 34,224 257 Multi-family 867,815 2,510 2,488 4,998 872,813 2,488 — Construction 606,934 1,154 4,523 5,677 612,611 4,980 1,065 Other commercial real estate 1,448,258 15,015 18,703 33,718 1,481,976 25,824 434 Total commercial real estate 4,750,898 22,640 55,630 78,270 4,829,168 67,516 1,756 Total corporate loans, 9,640,817 32,599 98,044 130,643 9,771,460 121,200 2,347 PPP loans 785,563 — — — 785,563 — — Total corporate loans 10,426,380 32,599 98,044 130,643 10,557,023 121,200 2,347 Home equity 750,263 5,563 5,899 11,462 761,725 10,795 956 1-4 family mortgages 3,009,564 5,296 7,553 12,849 3,022,413 10,530 115 Installment 404,831 4,263 977 5,240 410,071 — 977 Total consumer loans 4,164,658 15,122 14,429 29,551 4,194,209 21,325 2,048 Total loans $ 14,591,038 $ 47,721 $ 112,473 $ 160,194 $ 14,751,232 $ 142,525 $ 4,395 Allowance for Credit Losses The Company maintains an allowance for credit losses at a level deemed adequate by management to absorb estimated losses expected in the existing loan portfolio. See Note 1, "Summary of Significant Accounting Policies," for the accounting policy for the allowance for credit losses. A rollforward of the allowance for credit losses by portfolio segment for the quarters and six months ended June 30, 2021 and 2020 is presented in the table below. PPP loans are excluded from this table as there is no allowance for credit losses associated with these loans because they are fully guaranteed by the U.S. Small Business Administration ("SBA"). Allowance for Credit Losses by Portfolio Segment (Dollar amounts in thousands) Commercial, Office, Multi- Construction Other Consumer Allowance for Total Quarter Ended June 30, 2021 Beginning balance $ 125,798 $ 22,652 $ 3,570 $ 5,915 $ 21,205 $ 56,219 $ 8,025 $ 243,384 Charge-offs (16,766) (3,898) (4) (218) (585) (2,156) — (23,627) Recoveries 2,033 20 2 10 126 678 — 2,869 Net charge-offs (14,733) (3,878) (2) (208) (459) (1,478) — (20,758) Provision for loan 5,331 (782) (109) (783) (688) (2,969) 600 600 Ending balance $ 116,396 $ 17,992 $ 3,459 $ 4,924 $ 20,058 $ 51,772 $ 8,625 $ 223,226 Quarter Ended June 30, 2020 Beginning balance $ 113,733 $ 25,856 $ 3,689 $ 11,297 $ 18,554 $ 46,819 $ 6,753 $ 226,701 Allowance established 378 — — — — — 872 1,250 Charge-offs (5,673) (3,092) (9) (798) (31) (4,631) — (14,234) Recoveries 820 6 — — 12 473 — 1,311 Net charge-offs (4,853) (3,086) (9) (798) (19) (4,158) — (12,923) Provision for loan 14,719 1,671 1,631 1,023 3,327 10,278 — 32,649 Ending balance $ 123,977 $ 24,441 $ 5,311 $ 11,522 $ 21,862 $ 52,939 $ 7,625 $ 247,677 Six Months Ended June 30, 2021 Beginning balance $ 119,954 $ 24,078 $ 5,709 $ 6,674 $ 24,309 $ 58,293 $ 8,025 $ 247,042 Charge-offs (19,607) (8,375) (4) (218) (1,071) (5,669) — (34,944) Recoveries 2,771 120 7 10 241 1,281 — 4,430 Net charge-offs (16,836) (8,255) 3 (208) (830) (4,388) — (30,514) Provision for loan 13,278 2,169 (2,253) (1,542) (3,421) (2,133) 600 6,698 Ending balance $ 116,396 $ 17,992 $ 3,459 $ 4,924 $ 20,058 $ 51,772 $ 8,625 $ 223,226 Six Months Ended June 30, 2020 Beginning balance $ 62,830 $ 7,580 $ 2,950 $ 1,697 $ 6,408 $ 26,557 $ 1,200 $ 109,222 Adjustment to apply recent accounting pronouncements (1) 20,159 11,686 397 10,300 11,427 16,235 5,553 75,757 Allowance established 12,640 2,003 — — — 39 872 15,554 Charge-offs (12,739) (3,430) (19) (2,606) (339) (9,031) — (28,164) Recoveries 1,979 15 5 — 156 972 — 3,127 Net charge-offs (10,760) (3,415) (14) (2,606) (183) (8,059) — (25,037) Provision for loan 39,108 6,587 1,978 2,131 4,210 18,167 — 72,181 Ending balance $ 123,977 $ 24,441 $ 5,311 $ 11,522 $ 21,862 $ 52,939 $ 7,625 $ 247,677 (1) As a result of accounting guidance adopted in the first quarter of 2020, the increase in allowance for credit losses, net of tax, was recognized as a cumulative-effect adjustment to retained earnings as of January 1, 2020. Determination of the allowance for credit losses considers multiple macroeconomic scenarios of stressed GDP, unemployment, and housing price index, detailed portfolio reviews of elevated risk sectors, and the effects of governmental responses to the pandemic. The allowance for credit losses increased from December 31, 2019 primarily due to the adoption of current expected credit losses ("CECL") and the estimated impact of the pandemic on the allowance for credit losses. The table below provides a breakdown of loans and the related allowance for credit losses by portfolio segment as of June 30, 2021 and December 31, 2020. Loans and Related Allowance for Credit Losses by Portfolio Segment (Dollar amounts in thousands) Loans Allowance for Credit Losses Individually Collectively PCD Total Individually Collectively PCD Total As of June 30, 2021 Commercial, industrial, $ 46,178 $ 4,852,699 $ 52,105 $ 4,950,982 $ 5,406 $ 104,151 $ 6,839 $ 116,396 Commercial real estate: Office, retail, and industrial 16,353 1,755,614 35,461 1,807,428 324 14,042 3,626 17,992 Multi-family 2,171 1,003,921 6,630 1,012,722 — 3,382 77 3,459 Construction 1,154 562,129 14,055 577,338 — 3,483 1,441 4,924 Other commercial real estate 12,914 1,399,417 49,039 1,461,370 123 9,793 10,142 20,058 Total commercial real estate 32,592 4,721,081 105,185 4,858,858 447 30,700 15,286 46,433 Total corporate loans, 78,770 9,573,780 157,290 9,809,840 5,853 134,851 22,125 162,829 PPP loans — 705,915 — 705,915 — — — — Total corporate loans 78,770 10,279,695 157,290 10,515,755 5,853 134,851 22,125 162,829 Consumer — 4,499,643 19,821 4,519,464 — 51,311 461 51,772 Allowance for unfunded — — — — — 8,625 — 8,625 Total loans $ 78,770 $ 14,779,338 $ 177,111 $ 15,035,219 $ 5,853 $ 194,787 $ 22,586 $ 223,226 As of December 31, 2020 Commercial, industrial, and $ 45,650 $ 4,826,017 $ 70,625 $ 4,942,292 $ 3,536 $ 107,763 $ 8,655 $ 119,954 Commercial real estate: Office, retail, and industrial 26,384 1,792,618 42,766 1,861,768 1,123 15,106 7,849 24,078 Multi-family 1,279 864,677 6,857 872,813 — 5,438 271 5,709 Construction 1,154 595,550 15,907 612,611 — 4,535 2,139 6,674 Other commercial real estate 13,736 1,414,541 53,699 1,481,976 171 12,651 11,487 24,309 Total commercial real estate 42,553 4,667,386 119,229 4,829,168 1,294 37,730 21,746 60,770 Total corporate loans, 88,203 9,493,403 189,854 9,771,460 4,830 145,493 30,401 180,724 PPP loans — 785,563 — 785,563 — — — — Total corporate loans 88,203 10,278,966 189,854 10,557,023 4,830 145,493 30,401 180,724 Consumer — 4,172,042 22,167 4,194,209 — 57,567 726 58,293 Allowance for unfunded — — — — — 8,025 — 8,025 Total loans $ 88,203 $ 14,451,008 $ 212,021 $ 14,751,232 $ 4,830 $ 211,085 $ 31,127 $ 247,042 The following table presents collateral-dependent loans, including PCD loans, without regard to accrual status by primary collateral type and non-accrual loans with no related allowance as of June 30, 2021 and December 31, 2020. PPP loans are excluded from this table as there is no allowance for credit losses associated with these loans because they are fully guaranteed by the SBA. Collateral-dependent Loans and Non-accrual Loans With No Related Allowance by Class (Dollar amounts in thousands) Type of Collateral Non-accrual Loans Real Blanket Equipment As of June 30, 2021 Commercial and industrial $ 21,132 $ 28,250 $ 1,053 $ 38,169 Agricultural 6,628 — — 4,203 Commercial real estate: Office, retail, and industrial 24,710 — — 9,063 Multi-family 2,965 — — 2,965 Construction 3,349 — — 1,476 Other commercial real estate 36,660 — — 10,582 Total commercial real estate 67,684 — — 24,086 Total corporate loans 95,444 28,250 1,053 66,458 Home equity 102 — — 102 1-4 family mortgages 1,208 — — — Installment — — — — Total consumer loans 1,310 — — 102 Total loans $ 96,754 $ 28,250 $ 1,053 $ 66,560 As of December 31, 2020 Commercial and industrial $ 27,007 $ 35,632 $ 2,555 $ 36,686 Agricultural 8,583 1,737 — 5,213 Commercial real estate: Office, retail, and industrial 42,790 — — 23,508 Multi-family 2,097 — — 1,279 Construction 5,370 — — 1,831 Other commercial real estate 40,430 — — 20,158 Total commercial real estate 90,687 — — 46,776 Total corporate loans 126,277 37,369 2,555 88,675 Home equity 211 — — 99 1-4 family mortgages 2,807 — — 578 Installment — — — — Total consumer loans 3,018 — — 677 Total loans $ 129,295 $ 37,369 $ 2,555 $ 89,352 Loans Individually Evaluated The following table presents loans individually evaluated by class of loan as of June 30, 2021 and December 31, 2020. PCD loans are excluded from this disclosure. Loans Individually Evaluated by Class (Dollar amounts in thousands) As of June 30, 2021 As of December 31, 2020 Recorded Investment In Recorded Investment In Loans with Loans with Unpaid Specific Loans with Loans with Unpaid Specific Commercial and industrial $ 28,372 $ 11,178 $ 49,061 $ 4,276 $ 33,643 $ 1,687 $ 40,055 $ 398 Agricultural 4,203 2,425 11,097 1,130 5,213 5,107 14,972 3,138 Commercial real estate: Office, retail, and industrial 7,223 9,130 18,085 324 21,537 4,847 30,474 1,123 Multi-family 2,171 — 2,171 — 1,279 — 1,279 — Construction 1,154 — 1,154 — 1,154 — 1,507 — Other commercial real estate 3,514 9,400 13,629 123 12,822 914 14,240 171 Total commercial real estate 14,062 18,530 35,039 447 36,792 5,761 47,500 1,294 Total corporate loans 46,637 32,133 95,197 5,853 75,648 12,555 102,527 4,830 Consumer — — — — — — — — Total non-accrual loans $ 46,637 $ 32,133 $ 95,197 $ 5,853 $ 75,648 $ 12,555 $ 102,527 $ 4,830 Interest income recognized on non-accrual loans using the cash basis of accounting for the quarter and six months ended June 30, 2021 was $296,000 and $573,000, respectively, and $110,000 and $388,000 for the same periods in 2020. Credit Quality Indicators Corporate loans and commitments are assessed for credit risk and assigned ratings based on various characteristics, such as the borrower's cash flow, leverage, and collateral. Ratings for commercial credits are reviewed at least annually or more often if events or circumstances arise that could impact the rating. The following tables present credit quality indicators for corporate and consumer loans on an amortized cost basis as of June 30, 2021 and net loan charge-offs for the six months ended June 30, 2021. PPP loans are excluded from this table as there is no allowance for credit losses associated with these loans because they are fully guaranteed by the SBA. For a summary of credit quality indicators as of December 31, 2020, see Note 7, "Past Due Loans, Allowance for Credit Losses, Impaired Loans, and TDRs," in the Company's 2020 10-K. Corporate Loan Portfolio by Origination Year (Dollar amounts in thousands) 2021 (1) 2020 2019 2018 2017 Prior Revolving Loans Total Commercial, industrial, agricultural: Pass $ 447,821 $ 717,836 $ 732,743 $ 654,037 $ 363,744 $ 497,033 $ 1,189,785 $ 4,602,999 Special Mention (2) 1,389 1,767 32,583 50,046 924 25,009 33,922 145,640 Substandard (3) 399 625 18,209 61,422 15,454 35,961 17,980 150,050 Non-accrual (4) 1,182 2,430 10,425 19,481 2,382 12,666 3,727 52,293 Total commercial, $ 450,791 $ 722,658 $ 793,960 $ 784,986 $ 382,504 $ 570,669 $ 1,245,414 $ 4,950,982 Commercial, industrial, $ — $ 775 $ 752 $ 4,317 $ 9,775 $ 172 $ 1,045 $ 16,836 Office, retail, and industrial: Pass $ 87,564 $ 139,618 $ 227,270 $ 173,567 $ 244,300 $ 789,382 $ 10,689 $ 1,672,390 Special Mention (2) — 314 2,906 5,767 8,917 33,752 — 51,656 Substandard (3) — 632 — 21,325 2,465 39,476 — 63,898 Non-accrual (4) — — — 131 169 19,184 — 19,484 Total office, retail, $ 87,564 $ 140,564 $ 230,176 $ 200,790 $ 255,851 $ 881,794 $ 10,689 $ 1,807,428 Office, retail, and $ — $ — $ 261 $ 3,899 $ 1,023 $ 3,072 $ — $ 8,255 Multi-family: Pass $ 131,931 $ 152,933 $ 160,428 $ 77,857 $ 125,443 $ 286,737 $ 17,976 $ 953,305 Special Mention (2) — — — 9,918 — 35,754 — 45,672 Substandard (3) — — — 380 71 9,879 — 10,330 Non-accrual (4) — — — — 935 2,480 — 3,415 Total multi-family $ 131,931 $ 152,933 $ 160,428 $ 88,155 $ 126,449 $ 334,850 $ 17,976 $ 1,012,722 Multi-family net loan $ — $ — $ — $ — $ 4 $ (7) $ — $ (3) Construction: Pass $ 38,449 $ 113,848 $ 98,665 $ 135,066 $ 74,662 $ 77,655 $ 25,429 $ 563,774 Special Mention (2) — — — 40 — 72 — 112 Substandard (3) — — — — 1,395 9,088 — 10,483 Non-accrual (4) — — — — 1,154 1,815 — 2,969 Total construction $ 38,449 $ 113,848 $ 98,665 $ 135,106 $ 77,211 $ 88,630 $ 25,429 $ 577,338 Construction net loan $ — $ — $ — $ — $ (10) $ 177 $ 41 $ 208 Other commercial real estate: Pass $ 154,306 $ 173,606 $ 149,218 $ 216,066 $ 143,310 $ 380,975 $ 28,641 $ 1,246,122 Special Mention (2) — — 24,432 13,724 22,808 39,503 — 100,467 Substandard (3) — — 1,919 17,101 20,747 50,957 242 90,966 Non-accrual (4) — — — 312 1,138 22,202 163 23,815 Total other $ 154,306 $ 173,606 $ 175,569 $ 247,203 $ 188,003 $ 493,637 $ 29,046 $ 1,461,370 Other commercial real $ — $ — $ — $ 246 $ (62) $ 646 $ — $ 830 (1) Represents year-to-date loans originated during 2021. (2) Loans categorized as special mention exhibit potential weaknesses that require the close attention of management since these potential weaknesses may result in the deterioration of repayment prospects in the future. (3) Loans categorized as substandard exhibit well-defined weaknesses that may jeopardize the liquidation of the debt. These loans continue to accrue interest because they are well-secured, and collection of principal and interest is expected within a reasonable time. (4) Loans categorized as non-accrual exhibit well-defined weaknesses that may jeopardize the liquidation of the debt or result in a loss if the deficiencies are not corrected. Consumer Loan Portfolio by Origination Year (Dollar amounts in thousands) 2021 (1) 2020 2019 2018 2017 Prior Revolving Loans Total Home equity: Performing $ 5,020 $ 11,149 $ 8,859 $ 11,199 $ 9,246 $ 53,069 $ 520,877 $ 619,419 Non-accrual — — — 538 226 6,961 2,223 9,948 Total home equity $ 5,020 $ 11,149 $ 8,859 $ 11,737 $ 9,472 $ 60,030 $ 523,100 $ 629,367 Home equity net $ — $ — $ — $ 26 $ (42) $ (112) $ (14) $ (142) 1-4 family mortgages: Performing $ 371,229 $ 1,696,057 $ 683,454 $ 141,720 $ 90,860 $ 291,895 $ — $ 3,275,215 Non-accrual — 863 384 627 638 10,046 — 12,558 Total 1-4 family $ 371,229 $ 1,696,920 $ 683,838 $ 142,347 $ 91,498 $ 301,941 $ — $ 3,287,773 1-4 family mortgages $ — $ — $ — $ 2 $ — $ 208 $ — $ 210 Installment: Performing $ 138,273 $ 148,363 $ 126,842 $ 87,780 $ 37,576 $ 25,380 $ 38,110 $ 602,324 Non-accrual — — — — — — — — Total installment $ 138,273 $ 148,363 $ 126,842 $ 87,780 $ 37,576 $ 25,380 $ 38,110 $ 602,324 Installment net loan $ 14 $ 959 $ 2,072 $ 1,170 $ 193 $ (115) $ 27 $ 4,320 (1) Represents year-to-date loans originated during 2021. During the quarter and six months ended June 30, 2021, $9.7 million and $21.1 million, respectively, and $16.8 million and $23.8 million, for the same periods in 2020, of revolving loans converted to term loans. TDRs TDRs are generally performed at the request of the individual borrower and may include forgiveness of principal, reduction in interest rates, changes in payments, and maturity date extensions. The table below presents TDRs by class as of June 30, 2021 and December 31, 2020. See Note 1, "Summary of Significant Accounting Policies," for the accounting policy for TDRs. TDRs by Class (Dollar amounts in thousands) As of June 30, 2021 As of December 31, 2020 Accruing Non-accrual (1) Total Accruing Non-accrual (1) Total Commercial and industrial $ — $ 6,923 $ 6,923 $ — $ 8,859 $ 8,859 Agricultural — — — — — — Commercial real estate: Office, retail, and industrial — — — — 2,340 2,340 Multi-family — 153 153 — 160 160 Construction — — — — — — Other commercial real estate 164 — 164 184 — 184 Total commercial real estate 164 153 317 184 2,500 2,684 Total corporate loans 164 7,076 7,240 184 11,359 11,543 Home equity 30 108 138 31 116 147 1-4 family mortgages 588 219 807 598 228 826 Installment — — — — — — Total consumer loans 618 327 945 629 344 973 Total loans $ 782 $ 7,403 $ 8,185 $ 813 $ 11,703 $ 12,516 (1) These TDRs are included in non-accrual loans in the preceding tables. In March of 2020, the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") was enacted by the U.S. government in response to the economic disruption caused by the pandemic. The Company's banking regulators issued the "Interagency Statement on Loan Modifications by Financial Institutions Working with Customers Affected by the Coronavirus" that encourages financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations due to the effects of the pandemic. Additionally, the CARES Act as amended by the 2021 Consolidated Appropriations Act, which was signed into law in December 2020, provides that a qualified loan modification is exempt from classification as a TDR as defined by GAAP, from the period beginning March 1, 2020 until the earlier of January 1, 2022 or the date that is 60 days after the date on which the national emergency concerning the pandemic declared by the President of the United States terminates. As of June 30, 2021, the Company has eligible modifications with outstanding balances totaling $88.5 million, which are not classified as TDRs. TDRs are included in the calculation of the allowance for credit losses in the same manner as non-accrual loans. As of June 30, 2021 and December 31, 2020 there were $252,000 and $140,000 of specific allowances, respectively, related to TDRs. There were no material restructurings during the quarters and six months ended June 30, 2021 and 2020. Accruing TDRs that do not perform in accordance with their modified terms are transferred to non-accrual. There were no material TDRs that defaulted within twelve months of the restructure date during the quarters and six months ended June 30, 2021 and 2020. A rollforward of the carrying value of TDRs for the quarters and six months ended June 30, 2021 and 2020 is presented in the following table. TDR Rollforward (Dollar amounts in thousands) Quarters Ended Six Months Ended 2021 2020 2021 2020 Accruing Beginning balance $ 798 $ 1,216 $ 813 $ 1,233 Additions — — — — Net payments (16) (15) (31) (32) Net transfers to non-accrual — — — — Ending balance 782 1,201 782 1,201 Non-accrual Beginning balance 8,011 17,917 11,703 20,514 Additions — — — 934 Net payments (609) (2,595) (3,274) (3,253) Charge-offs 1 (3,229) (1,026) (6,102) Net transfers from accruing — — — — Ending balance 7,403 12,093 7,403 12,093 Total TDRs $ 8,185 $ 13,294 $ 8,185 $ 13,294 There were no commitments to lend additional funds to borrowers with TDRs as of June 30, 2021 and December 31, 2020. |
Lease Obligations
Lease Obligations | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Lease Obligations | LEASE OBLIGATIONS The significant accounting policies related to lease obligations are presented in Note 1, "Summary of Significant Accounting Policies" to the Consolidated Financial Statements in the Company's 2020 10-K. The Company has the right to utilize certain premises under non-cancelable operating leases with varying maturity dates through the year ending December 31, 2059. As of June 30, 2021, the weighted-average remaining lease term on these leases was 9.4 years. Various leases contain renewal or termination options controlled by the Company or options to purchase the leased property during or at the expiration of the lease period at specific prices. Some leases contain escalation clauses calling for rentals to be adjusted for increased real estate taxes and other operating expenses or proportionately adjusted for increases in consumer or other price indices. Variable payments for real estate taxes and other operating expenses are considered to be non-lease components and are excluded from the determination of the lease liability. In addition, the Company leases or subleases certain real estate to third-parties. The following summary reflects the future minimum payments by year required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year and a reconciliation of those payments to the Company's lease liability as of June 30, 2021. Lease Liability (Dollar amounts in thousands) As of Year Ending December 31, 2021 $ 11,307 2022 22,525 2023 22,625 2024 22,443 2025 21,257 2026 and thereafter 96,135 Total minimum lease payments 196,292 Discount (1) (24,513) Lease liability (2) $ 171,779 (1) Represents the net present value adjustment related to minimum lease payments. (2) Included in accrued interest payable and other liabilities The discount rate for the Company's operating leases is the rate implicit in the lease and, if that rate cannot be readily determined, the Company's incremental borrowing rate. The weighted-average discount rate on the Company's operating leases was 2.71% as of June 30, 2021. As of June 30, 2021, right-of-use assets of $144.1 million associated with lease liabilities were included in accrued interest receivable and other assets During 2020, the Company initiated certain actions that include optimizing its retail branch network and delivery model through the consolidation of 17 branches, or approximately 15% of its branch network, which were completed in the first quarter of 2021. These actions resulted in pre-tax costs of $19.9 million, including $9.1 million of right-of-use asset impairment charges and $8.9 million of impairment charges on branch locations, furniture, and equipment associated with valuation adjustments related to locations identified for closure, among other items, and were recorded within optimization costs within noninterest expense during the third and fourth quarters of 2020. The following table presents net operating lease expense for the quarters and six months ended June 30, 2021 and 2020. Net Operating Lease Expense (Dollar amounts in thousands) Quarters Ended Six Months Ended 2021 2020 2021 2020 Lease expense charged to operations $ 4,441 $ 4,839 $ 9,052 $ 9,514 Rental income from premises leased to others (1) (108) (183) (222) (398) Net operating lease expense $ 4,333 $ 4,656 $ 8,830 $ 9,116 (1) Included as reductions to net occupancy and equipment expense in the Condensed Consolidated Statements of Income. |
Material Transactions Affecting
Material Transactions Affecting Stockholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Material Transactions Affecting Stockholders' Equity | MATERIAL TRANSACTIONS AFFECTING STOCKHOLDERS' EQUITY Issuance of Common Stock On March 9, 2020, the Company issued 4.9 million shares of its common stock with a market value of $14.58 per share at issuance as part of the consideration in the Park Bank acquisition. Additional information regarding the Park Bank acquisition is presented in Note 3, "Acquisitions." Issuance of Preferred Stock During the second quarter of 2020, the Company issued 4.3 million depositary shares, each representing a 1/40th interest in a share of the Company's 7.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, and 4.9 million depositary shares, each representing a 1/40th interest in a share of the Company's 7.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series C, for an aggregate of $230.5 million. The Company received proceeds of $221.2 million, net of underwriting discounts and commissions and issuance costs and expects to use the proceeds for general corporate purposes. Stock Repurchases On February 26, 2020, the Company announced a stock repurchase program authorizing the discretionary repurchase of up to $200 million of its outstanding common stock through December 31, 2021. This program replaced the Company's prior $180 million stock repurchase program, which expired in March 2020. The Company repurchased 715,000 shares of its common stock at a total cost of $14.9 million during the six months ended June 30, 2021. The Company did not repurchase any shares of its common stock during the second quarter of 2021. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | EARNINGS PER COMMON SHARE The table below displays the calculation of basic and diluted earnings per common share ("EPS"). Basic and Diluted EPS (Amounts in thousands, except per share data) Quarters Ended Six Months Ended 2021 2020 2021 2020 Net income $ 51,121 $ 19,064 $ 96,144 $ 38,670 Preferred dividends (4,034) (1,037) (8,068) (1,037) Net income applicable to unvested restricted shares (521) (187) (1,007) (379) Net income applicable to common shares $ 46,566 $ 17,840 $ 87,069 $ 37,254 Weighted-average common shares outstanding: Weighted-average common shares outstanding (basic) 112,865 113,145 112,980 111,533 Dilutive effect of common stock equivalents 775 191 757 339 Weighted-average diluted common shares outstanding 113,640 113,336 113,737 111,872 Basic EPS $ 0.41 $ 0.16 $ 0.77 $ 0.33 Diluted EPS $ 0.41 $ 0.16 $ 0.77 $ 0.33 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES In the ordinary course of business, the Company enters into derivative transactions as part of its overall interest rate risk management strategy. The significant accounting policies related to derivative instruments and hedging activities are presented in Note 1, "Summary of Significant Accounting Policies." Cash Flow Hedges As of June 30, 2021, the Company hedged $430.0 million of certain corporate variable rate loans using interest rate swaps through which the Company receives fixed amounts and pays variable amounts. The Company also hedged $25.0 million of borrowed funds using interest rate swaps through which the Company receives variable amounts and pays fixed amounts. These transactions allow the Company to add stability to net interest income and manage its exposure to interest rate movements. The forward starting interest rate swaps totaling $25.0 million begin in January of 2023 and mature in January of 2026. The weighted-average fixed interest rate to be paid on these interest rate swaps that have not yet begun was 0.60% as of June 30, 2021. These derivative contracts are designated as cash flow hedges. Cash Flow Hedges (Dollar amounts in thousands) As of June 30, 2021 December 31, 2020 Gross notional amount outstanding $ 455,000 $ 455,000 Derivative asset fair value in other assets (1) 1,410 3,707 Derivative liability fair value in other liabilities (1) — (1) Weighted-average interest rate received 2.18 % 2.18 % Weighted-average interest rate paid 0.11 % 0.15 % Weighted-average maturity (in years) 1.00 1.50 (1) Certain cash flow hedges are transacted through a clearinghouse ("centrally cleared") and their change in fair value is settled by the counterparties to the transaction, which results in no fair value. Changes in the fair value of cash flow hedges are recorded in accumulated other comprehensive income (loss) on an after-tax basis and are subsequently reclassified to interest income or expense in the period that the forecasted hedged item impacts earnings. As of June 30, 2021, the Company estimates that $6.9 million will be reclassified from accumulated other comprehensive income (loss) as an increase to interest income over the next twelve months. Other Derivative Instruments The Company also enters into derivative transactions through capital market products with its commercial customers and simultaneously enters into an offsetting interest rate derivative transaction with third-parties. This transaction allows the Company's customers to effectively convert a variable rate loan into a fixed rate loan. Due to the offsetting nature of these transactions, the Company does not apply hedge accounting treatment. The Company's credit exposure on these derivative transactions results primarily from counterparty credit risk. The credit valuation adjustment ("CVA") is a fair value adjustment to the derivative to account for this risk. As of June 30, 2021 and December 31, 2020, the Company's credit exposure was fully secured by the underlying collateral on customer loans and mitigated through netting arrangements with third-parties; therefore, no CVA was recorded. Capital market products income related to commercial customer derivative instruments totaled $2.0 million and $4.0 million for the quarter and six months ended June 30, 2021, and were $694,000 and $5.4 million for the quarter and six months ended June 30, 2020. Other Derivative Instruments (Dollar amounts in thousands) As of June 30, 2021 December 31, 2020 Gross notional amount outstanding $ 4,674,616 $ 4,491,398 Derivative asset fair value in other assets (1) 101,027 149,997 Derivative liability fair value in other liabilities (1) (33,528) (44,580) Fair value of derivative (2) 34,527 46,018 (1) Certain other derivative instruments are centrally cleared and their change in fair value is settled by the counterparties to the transaction, which results in no fair value. (2) This amount represents the fair value if credit risk related contingent features were triggered. The Company occasionally enters into risk participation agreements with counterparty banks to transfer or assume a portion of the credit risk related to customer transactions. The amounts of these instruments were not material for any periods presented. The Company had no other derivative instruments as of June 30, 2021 and December 31, 2020. The Company does not enter into derivative transactions for purely speculative purposes. The following table presents the impact of derivative instruments on comprehensive income (loss) and the reclassification of gains (losses) from accumulated other comprehensive income (loss) to net interest income for the quarters and six months ended June 30, 2021 and 2020. Cash Flow Hedge Accounting on AOCI (Dollar amounts in thousands) Quarters Ended Six Months Ended 2021 2020 2021 2020 Gains (losses) recognized in other comprehensive income Interest rate swaps in interest income $ 151 $ 5,951 $ 354 $ 27,955 Interest rate swaps in interest expense (90) (1,276) (702) (13,685) Reclassification of gains included in net income Interest rate swaps in interest income $ 2,226 $ 2,624 $ 4,430 $ 3,069 Interest rate swaps in interest expense — — — — The following table presents the impact of derivative instruments on net interest income for the quarters and six months ended June 30, 2021 and 2020. Hedge Income (Dollar amounts in thousands) Quarters Ended Six Months Ended 2021 2020 2021 2020 Cash Flow Hedges Interest rate swaps in interest income $ 2,226 $ 2,624 $ 4,430 $ 3,069 Interest rate swaps in interest expense — — — — Total cash flow hedges $ 2,226 $ 2,624 $ 4,430 $ 3,069 Credit Risk Derivative instruments are inherently subject to credit risk, which represents the Company's risk of loss when the counterparty to a derivative contract fails to perform according to the terms of the agreement. Credit risk is managed by limiting and collateralizing the aggregate amount of net unrealized losses by transaction, monitoring the size and the maturity structure of the derivatives, and applying uniform credit standards. Company policy establishes limits on credit exposure to any single counterparty. In addition, the Company established bilateral collateral agreements with derivative counterparties that provide for exchanges of marketable securities or cash to collateralize either party's net losses above a stated minimum threshold. As of June 30, 2021 and December 31, 2020, these collateral agreements covered 100% of the fair value of the Company's outstanding derivatives. Derivative assets and liabilities are presented gross, rather than net, of pledged collateral amounts. Certain derivative instruments are subject to master netting agreements with counterparties. The Company records these transactions at their gross fair values and does not offset derivative assets and liabilities in the Consolidated Statements of Financial Condition. The following table presents the fair value of the Company's derivatives and offsetting positions as of June 30, 2021 and December 31, 2020. Fair Value of Offsetting Derivatives (Dollar amounts in thousands) As of June 30, 2021 As of December 31, 2020 Assets Liabilities Assets Liabilities Gross amounts recognized $ 102,437 $ 33,528 $ 153,704 $ 44,581 Less: amounts offset in the Consolidated Statements of — — — — Net amount presented in the Consolidated Statements of Financial Condition (1) 102,437 33,528 153,704 44,581 Gross amounts not offset in the Consolidated Statements of Offsetting derivative positions (3,467) (3,467) (5,239) (5,239) Cash collateral pledged — (28,720) — (39,970) Net credit exposure $ 98,970 $ 1,341 $ 148,465 $ (628) (1) Included in other assets or other liabilities in the Consolidated Statements of Financial Condition. As of June 30, 2021 and December 31, 2020, the Company's derivative instruments generally contained provisions that require the Company's debt to remain above a certain credit rating by each of the major credit rating agencies or that the Company maintain certain capital levels. If the Company's debt were to fall below that credit rating or the Company's capital were to fall below the required levels, it would be in violation of those provisions, and the counterparties to the derivative instruments could terminate the swap transaction and demand cash settlement of the derivative instrument in an amount equal to the derivative liability fair value. As of June 30, 2021 and December 31, 2020 the Company was in compliance with these provisions. |
Commitments, Guarantees, and Co
Commitments, Guarantees, and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Guarantees, and Contingent Liabilities | COMMITMENTS, GUARANTEES, AND CONTINGENT LIABILITIES Credit Commitments and Guarantees In the normal course of business, the Company enters into a variety of financial instruments with off-balance sheet risk to meet the financing needs of its customers and to conduct lending activities, including commitments to extend credit as well as standby and commercial letters of credit. These instruments involve elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Statements of Financial Condition. Contractual or Notional Amounts of Financial Instruments (Dollar amounts in thousands) As of June 30, 2021 December 31, 2020 Commitments to extend credit: Commercial, industrial, and agricultural $ 2,320,641 $ 2,318,346 Commercial real estate 449,176 378,282 Home equity 634,071 611,640 Other commitments (1) 272,225 264,869 Total commitments to extend credit $ 3,676,113 $ 3,573,137 Letters of credit $ 115,722 $ 115,130 (1) Other commitments includes installment and overdraft protection program commitments. Commitments to extend credit are agreements to lend funds to a customer, subject to contractual terms and covenants. Commitments generally have fixed expiration dates or other termination clauses, variable interest rates, and fee requirements, when applicable. Since many of the commitments are expected to expire without being drawn, the total commitment amounts do not necessarily represent future cash flow requirements. In the event of a customer's non-performance, the Company's credit loss exposure is equal to the contractual amount of the commitments. The credit risk is essentially the same as extending loans to customers for the full contractual amount. The Company uses the same credit policies for credit commitments as its loans and minimizes exposure to credit loss through various collateral requirements. Letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third-party. Letters of credit generally are contingent on the failure of the customer to perform according to the terms of the contract with the third-party and are often issued in favor of a municipality where construction is taking place to ensure the borrower adequately completes the construction. Commercial letters of credit are issued to facilitate transactions between a customer and a third-party based on agreed upon terms. The maximum potential future payments guaranteed by the Company under letters of credit arrangements are equal to the contractual amount of the commitment. If a commitment is funded, the Company may seek recourse through the liquidation of the underlying collateral, including real estate, production plants and property, marketable securities, or receipt of cash. As a result of the sale of certain 1-4 family mortgage loans, the Company is contractually obligated to repurchase early payment default loans or loans that do not meet underwriting requirements at recorded value. In accordance with the sales agreements, there is no limitation to the maximum potential future payments or expiration of the Company's recourse obligation. There were no material loan repurchases during the quarters and six months ended June 30, 2021 and 2020. Legal Proceedings |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | FAIR VALUE Fair value represents the amount expected to be received to sell an asset or paid to transfer a liability in its principal or most advantageous market in an orderly transaction between market participants at the measurement date. In accordance with fair value accounting guidance, the Company measures, records, and reports various types of assets and liabilities at fair value on either a recurring or non-recurring basis in the Consolidated Statements of Financial Condition. Those assets and liabilities are presented below in the sections titled "Assets and Liabilities Required to be Measured at Fair Value on a Recurring Basis" and "Assets and Liabilities Required to be Measured at Fair Value on a Non-Recurring Basis." Other assets and liabilities are not required to be measured at fair value in the Consolidated Statements of Financial Condition, but must be disclosed at fair value. See the "Fair Value Measurements of Other Financial Instruments" section of this note. Any aggregation of the estimated fair values presented in this note does not represent the value of the Company. Depending on the nature of the asset or liability, the Company uses various valuation methodologies and assumptions to estimate fair value. GAAP provides a three-tiered fair value hierarchy based on the inputs used to measure fair value. The hierarchy is defined as follows: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Observable inputs other than level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. These inputs require significant management judgment or estimation, some of which use model-based techniques and may be internally developed. Assets and liabilities are assigned to a level within the fair value hierarchy based on the lowest level of significant input used to measure fair value. Assets and liabilities may change levels within the fair value hierarchy due to market conditions or other circumstances. Those transfers are recognized on the date of the event that prompted the transfer. There were no transfers of assets or liabilities required to be measured at fair value on a recurring basis between levels of the fair value hierarchy during the periods presented. Assets and Liabilities Required to be Measured at Fair Value on a Recurring Basis The following table provides the fair value for assets and liabilities required to be measured at fair value on a recurring basis in the Consolidated Statements of Financial Condition by level in the fair value hierarchy. Recurring Fair Value Measurements (Dollar amounts in thousands) As of June 30, 2021 As of December 31, 2020 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Equity securities $ 87,480 $ 20,497 $ — $ 52,888 $ 18,516 $ — Securities available-for-sale U.S. treasury securities 1,003 — — 12,051 — — U.S. agency securities — 598,797 — — 652,474 — CMOs — 1,339,626 — — 1,438,518 — MBSs — 814,361 — — 580,840 — Municipal securities — 221,901 — — 236,015 — Corporate debt securities — 180,506 — — 176,510 — Total securities available-for-sale 1,003 3,155,191 — 12,051 3,084,357 — Mortgage servicing rights ("MSRs") (1) — — 6,269 — — 4,899 Derivative assets (1) — 102,437 — — 153,704 — Liabilities Derivative liabilities (2) $ — $ 33,528 $ — $ — $ 44,581 $ — (1) Included in other assets in the Consolidated Statements of Financial Condition. (2) Included in other liabilities in the Consolidated Statements of Financial Condition. The following sections describe the specific valuation techniques and inputs used to measure financial assets and liabilities at fair value. Equity Securities The Company's equity securities consist primarily of community development investments and certain diversified securities held in a grantor trust for participants in the Company's nonqualified deferred compensation plan that are invested in money market and mutual funds, and various preferred equity investments. The fair value of certain community development investments is based on quoted prices in active markets or market prices for similar securities obtained from external pricing services or dealer market participants and is classified in level 2 of the fair value hierarchy. As of June 30, 2021, the fair value of certain community development investments totaling $5.0 million was based on the net asset value per share ("NAV") practical expedient and can be redeemed at any month end with 30 days notice. Because these investments are measured at fair value using the NAV practical expedient, they are not classified in the fair value hierarchy. The fair value of the money market, mutual funds, and preferred equity investments is based on quoted market prices in active exchange markets and is classified in level 1 of the fair value hierarchy. Securities Available-for-Sale The Company's securities available-for-sale are primarily fixed income instruments that are not quoted on an exchange but may be traded in active markets. The fair values for these securities are based on quoted prices in active markets or market prices for similar securities obtained from external pricing services or dealer market participants and are classified in level 2 of the fair value hierarchy. The fair value of U.S. treasury securities is based on quoted market prices in active exchange markets and is classified in level 1 of the fair value hierarchy. Quarterly, the Company evaluates the methodologies used by its external pricing services to estimate the fair value of these securities in order to determine whether the valuations represent an exit price in the Company's principal markets. MSRs The Company services loans for others totaling $831.8 million and $766.1 million as of June 30, 2021 and December 31, 2020, respectively. These loans are owned by third-parties and are not included in the Consolidated Statements of Financial Condition. The Company determines the fair value of MSRs by estimating the present value of expected future cash flows associated with the mortgage loans being serviced and classifies them in level 3 of the fair value hierarchy. The following table presents the ranges of significant, unobservable inputs used by the Company to determine the fair value of MSRs as of June 30, 2021 and December 31, 2020. Significant Unobservable Inputs Used in the Valuation of MSRs As of June 30, 2021 December 31, 2020 Prepayment speed 7.7 % - 15.3% 5.3 % - 16.3% Maturity (months) 22 - 83 13 - 71 Discount rate 9.5 % - 12.0% 9.5 % - 12.0% The impact of changes in these key inputs could result in a significantly higher or lower fair value measurement for MSRs. Significant increases in expected prepayment speeds and discount rates have negative impacts on the valuation. Higher maturity assumptions have a favorable effect on the estimated fair value. A rollforward of the carrying value of MSRs for the quarters and six months ended June 30, 2021 and 2020 is presented in the following table. Carrying Value of MSRs (Dollar amounts in thousands) Quarters Ended Six Months Ended 2021 2020 2021 2020 Beginning balance $ 6,361 $ 4,874 $ 4,899 $ 5,858 New MSRs 530 745 1,567 901 Total gains (losses) included in earnings (1) : Changes in valuation inputs and assumptions (300) (750) 466 (1,658) Other changes in fair value (2) (322) (405) (663) (637) Ending balance (3) $ 6,269 $ 4,464 $ 6,269 $ 4,464 Contractual servicing fees earned (1) $ 471 $ 394 $ 960 $ 797 (1) Included in mortgage banking income in the Condensed Consolidated Statements of Income and related to assets held as of June 30, 2021 and 2020. (2) Primarily represents changes in expected future cash flows due to payoffs and paydowns. (3) Included in other assets in the Consolidated Statements of Financial Condition. Derivative Assets and Derivative Liabilities The Company enters into interest rate swaps and derivative transactions with commercial customers. These derivative transactions are executed in the dealer market, and pricing is based on market quotes obtained from the counterparties. The market quotes were developed using market observable inputs, which primarily include LIBOR. Therefore, derivatives are classified in level 2 of the fair value hierarchy. For its derivative assets and liabilities, the Company also considers non-performance risk, including the likelihood of default by itself and its counterparties, when evaluating whether the market quotes from the counterparty are representative of an exit price. Assets and Liabilities Required to be Measured at Fair Value on a Non-Recurring Basis The following table provides the fair value for each class of assets and liabilities required to be measured at fair value on a non-recurring basis in the Consolidated Statements of Financial Condition by level in the fair value hierarchy. Non-Recurring Fair Value Measurements (Dollar amounts in thousands) As of June 30, 2021 As of December 31, 2020 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Collateral-dependent non-accrual loans (1) $ — $ — $ 46,614 $ — $ — $ 21,246 OREO (2) — — 2,000 — — — Loans held-for-sale (3) — — 19,511 — — 44,965 Assets held-for-sale (4) — — 4,205 — — 3,722 (1) Includes non-accrual loans with charge-offs and non-accrual loans with a specific allowance during the periods presented. (2) Includes OREO with fair value adjustments subsequent to initial transfer that occurred during the periods presented. (3) Included in other assets in the Consolidated Statements of Financial Condition. (4) Included in premises, furniture, and equipment in the Consolidated Statements of Financial Condition. Collateral-Dependent Non-accrual Loans Certain collateral-dependent non-accrual loans are subject to fair value adjustments to reflect the difference between the carrying value of the loan and the fair value of the underlying collateral. The fair values of collateral-dependent non-accrual loans are primarily determined by current appraised values of the underlying collateral. Based on the age and/or type of collateral, appraisals may be adjusted in the range of 0% to 15%. In certain cases, an internal valuation may be used when the underlying collateral is located in areas where comparable sales data is limited or unavailable. Accordingly, collateral-dependent non-accrual loans are classified in level 3 of the fair value hierarchy. Collateral-dependent non-accrual loans for which the fair value is greater than the recorded investment are not measured at fair value in the Consolidated Statements of Financial Condition and are not included in this disclosure. OREO The fair value of OREO is measured using the current appraised value of the properties. In certain circumstances, a current appraisal may not be available or may not represent an accurate measurement of the property's fair value due to outdated market information or other factors. In these cases, the fair value is determined based on the lower of the (i) most recent appraised value, (ii) broker price opinion, (iii) current listing price, or (iv) signed sales contract, all less estimated costs to sell. Given these valuation methods, OREO is classified in level 3 of the fair value hierarchy. Loans Held-for-Sale As of June 30, 2021 and December 31, 2020, loans held-for-sale consists of 1-4 family mortgage loans, which were originated with the intent to sell. These loans were recorded in the held-for-sale category at the contract price and, accordingly, are classified in level 3 of the fair value hierarchy. Assets Held-for-Sale Assets held-for-sale as of June 30, 2021 and December 31, 2020 consists of former branches that are no longer in operation and parcels of land previously purchased for expansion. These properties are being actively marketed and were transferred into the held-for-sale category at their fair value as determined by current appraisals. Based on these valuation methods, they are classified in level 3 of the fair value hierarchy. Financial Instruments Not Required to be Measured at Fair Value For certain financial instruments that are not required to be measured at fair value in the Consolidated Statements of Financial Condition, the Company must disclose the estimated fair values and the level within the fair value hierarchy as shown in the following table. Fair Value Measurements of Other Financial Instruments (Dollar amounts in thousands) As of June 30, 2021 December 31, 2020 Fair Value Hierarchy Carrying Fair Value Carrying Fair Value Assets Cash and due from banks 1 $ 232,989 $ 232,989 $ 196,364 $ 196,364 Interest-bearing deposits in other banks 2 1,312,412 1,312,412 920,880 920,880 Securities held-to-maturity 2 11,593 11,125 12,071 11,686 FHLB and FRB stock 2 106,890 106,890 117,420 117,420 Loans 3 14,820,618 14,672,973 14,512,215 14,614,029 Investment in BOLI 3 300,537 300,537 301,101 301,101 Accrued interest receivable 3 62,964 62,964 68,390 68,390 Liabilities Deposits 2 $ 17,032,883 $ 17,035,250 $ 16,012,464 $ 16,007,133 Borrowed funds 2 1,299,424 1,299,424 1,546,414 1,546,414 Senior and subordinated debt 2 235,178 284,691 234,768 281,842 Accrued interest payable 2 4,573 4,573 4,826 4,826 Management uses various methodologies and assumptions to determine the estimated fair values of the financial instruments in the table above. The fair value estimates are made at a discrete point in time based on relevant market information and consider management's judgments regarding future expected economic conditions, loss experience, and specific risk characteristics of the financial instruments. Loans include net loans, which consists of loans held-for-investment, acquired loans, and the allowance for loan losses. As of both June 30, 2021 and December 31, 2020, the Company estimated the fair value of lending commitments outstanding to be immaterial. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation – The accompanying unaudited condensed consolidated interim financial statements ("consolidated financial statements") of First Midwest Bancorp, Inc. (the "Company"), a Delaware corporation, were prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") for quarterly reports on Form 10-Q and reflect all adjustments that management deems necessary for the fair presentation of the financial position and results of operations for the periods presented. The results of operations for the quarter and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. |
Reclassification | Certain reclassifications were made to prior year amounts to conform to the current year presentation. |
Use of Estimates | Use of Estimates – The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Although these estimates and assumptions are based on the best available information, actual results could differ from those estimates. |
Principles of Consolidation | Principles of Consolidation – The accompanying consolidated financial statements include the financial position and results of operations of the Company and its subsidiaries after elimination of all significant intercompany accounts and transactions. Assets held in a fiduciary or agency capacity are not assets of the Company or its subsidiaries and are not included in the consolidated financial statements. |
Business Combinations | Business Combinations – Business combinations are accounted for under the acquisition method of accounting. Assets acquired and liabilities assumed are recorded at their estimated fair values as of the date of acquisition, with any excess of the purchase price of the acquisition over the fair value of the identifiable net tangible and intangible assets acquired recorded as goodwill. Alternatively, a gain is recorded if the fair value of assets purchased exceeds the fair value of liabilities assumed and consideration paid. The results of operations of the acquired business are included in the Condensed Consolidated Statements of Income from the effective date of the acquisition. |
Loans | Loans – Loans held-for-investment are loans that the Company intends to hold until they are paid in full and are carried at the principal amount outstanding, including certain net deferred loan origination fees. Loan origination fees, commitment fees, and certain direct loan origination costs are deferred, and the net amount is amortized as a yield adjustment over the contractual life of the related loans or commitments and included in interest income. Fees related to letters of credit are amortized into fee income over the contractual life of the commitment. Other credit-related fees are recognized as fee income when earned. The Company's net investment in direct financing leases is included in loans and consists of future minimum lease payments and estimated residual values, net of unearned income. Interest income on loans is accrued based on principal amounts outstanding. Loans held-for-sale are carried at the lower of aggregate cost or fair value and included in other assets in the Consolidated Statements of Financial Condition. |
Acquired Loans | Acquired Loans – Acquired loans consist of all loans acquired in business combinations and are included within loans held-for-investment. Acquired loans are separated into (i) non-purchased credit deteriorated ("non-PCD") loans and (ii) purchased credit deteriorated ("PCD") loans. Non-PCD loans include loans that did not have evidence of more-than-insignificant credit deterioration since origination at the acquisition date. PCD loans include loans that had evidence of more-than-insignificant credit deterioration since origination. Evidence of credit deterioration was evaluated using various indicators, such as past due and non-accrual status. Leases and revolving loans do not qualify to be accounted for as PCD loans and are accounted for as non-PCD loans. The acquisition adjustment related to non-PCD loans is amortized into interest income over the contractual life of the related loans. If an acquired non-PCD loan is renewed subsequent to the acquisition date, any remaining acquisition adjustment is accreted into interest income and the loan is considered a new loan that is no longer classified as an acquired loan. |
90-Days Past Due Loans | 90-Days Past Due Loans – The Company's accrual of interest on loans is generally discontinued at the time the loan is 90 days past due unless the credit is sufficiently collateralized and in the process of renewal or collection. |
Non-accrual Loans | Non-accrual Loans – Generally, corporate loans are placed on non-accrual status (i) when either principal or interest payments become 90 days or more past due unless the credit is sufficiently collateralized and in the process of renewal or collection, or (ii) when an individual analysis of a borrower's creditworthiness warrants a downgrade to non-accrual regardless of past due status. When a loan is placed on non-accrual status, unpaid interest credited to income in the current year is reversed, and unpaid interest accrued in prior years is charged against the allowance for loan losses. After the loan is placed on non-accrual status, all debt service payments are applied to the principal on the loan. Future interest income may only be recorded on a cash basis after recovery of principal is reasonably assured. Non-accrual loans are returned to accrual status when the financial position of the borrower and other relevant factors indicate that the Company will collect all principal and interest. Non-accrual loans with balances under a specified threshold are not individually evaluated for impairment. For all other non-accrual loans, impairment is measured by comparing the estimated value of the loan to the recorded book value. The value of collateral-dependent loans is based on the fair value of the underlying collateral, less costs to sell. The value of other loans is measured using the present value of expected future cash flows discounted at the loan's effective interest rate. Commercial loans and loans secured by real estate are charged-off when deemed uncollectible. A loss is recorded if the net realizable value of the underlying collateral is less than the outstanding principal and interest. Consumer loans that are not secured by real estate are subject to mandatory charge-off at a specified delinquency date and are usually not classified as non-accrual prior to being charged-off. Closed-end consumer loans, which include installment, consumer secured, and single payment loans, are usually charged-off no later than the end of the month in which the loan becomes 120 days past due. |
Troubled Debt Restructurings (“TDRs”) | Troubled Debt Restructurings ( " TDR s" ) – A restructuring is considered a TDR when (i) the borrower is experiencing financial difficulties, and (ii) the creditor grants a concession, such as forgiveness of principal, reduction of the interest rate, changes in payments, or extension of the maturity date. Loans are not classified as TDRs when the modification is short-term or results in an insignificant delay in payments. The Company's TDRs are determined on a case-by-case basis. The Company does not accrue interest on a TDR unless it believes collection of all principal and interest under the modified terms is reasonably assured. For a TDR to begin accruing interest, the borrower must demonstrate some level of past performance and the future capacity to perform under the modified terms. Generally, six months of consecutive payment performance under the restructured terms is required before a TDR is returned to accrual status. However, the period could vary depending on the individual facts and circumstances of the loan. An evaluation of the borrower's current creditworthiness is used to assess the borrower's capacity to repay the loan under the modified terms. This evaluation includes an estimate of expected future cash flows, evidence of strong financial position, and estimates of the value of collateral, if applicable. For TDRs to be removed from TDR status in the calendar year after the restructuring, the loans must (i) have an interest rate and terms that reflect market conditions at the time of restructuring, and (ii) be in compliance with the modified terms. If the loan was restructured at below market rates and terms, it continues to be separately reported as restructured until it is paid in full or charged-off. |
Allowance for Credit/Loan Losses and Allowance for Unfunded Commitments | Allowance for Credit Losses – The allowance for credit losses is comprised of the allowance for loan losses and the allowance for unfunded commitments and is maintained by management at a level believed adequate to absorb current expected credit losses in the existing loan portfolio. Determination of the allowance for credit losses is subjective since it requires significant estimates and management judgment, including the amounts and timing of expected future cash flows, actual loss experience, consideration of current national, regional, and local economic trends and conditions, reasonable and supportable forecasts about the future, changes in interest rates and property values, various internal and external qualitative factors, and other factors. Loans deemed to be uncollectible are charged-off against the allowance for loan losses, while recoveries of amounts previously charged-off are credited to the allowance for loan losses. Additions to the allowance for loan losses are charged to expense through the provision for loan losses. The amount of provision depends on a number of factors, including net charge-off levels, loan growth, changes in the composition of the loan portfolio, and the Company's assessment of the allowance for loan losses based on the methodology discussed below. Allowance for Loan Losses – The allowance for loan losses consists of (i) specific allowance for individual loans where the recorded investment exceeds the value, (ii) an allowance based on historical credit loss experience with consideration of reasonable and supportable forecasts of economic conditions for each loan category, and (iii) an allowance based on other internal and external qualitative factors. The allowance for individual loans is based on a periodic analysis of non-accrual loans individually exceeding a specific dollar amount. If the estimated value of a non-accrual loan is less than its recorded book value, the Company either (i) provides an allowance in the amount of the excess of the book value over the estimated value of the related loan or, (ii) if the loss is confirmed, charges off the loss. The allowance by loan category is based on a discounted cash flows analysis as future cash flows are discounted at an effective rate of return. In addition, estimates of losses on future cash flows is forecasted by applying probability of default and loss given default factors as well as prepayment and curtailment assumptions to cash flows that are adjusted to a present value. This discounted cash flow analysis is updated quarterly, primarily using actual loss experience adjusted for current reasonable and supportable forecasts of economic conditions over a one-year forecast period. After the one-year forecast period, a one-year reversion period adjusts loss experience to the historical average on a straight-line basis. These forecasts consider multiple scenarios of key assumptions including national unemployment rates, housing price indices, and gross domestic product. This general allowance component is then adjusted based on management's consideration of many internal and external qualitative factors, including: • Changes in the composition of the loan portfolio, trends in the volume of loans, and trends in delinquent and non-accrual loans that could indicate that historical trends do not reflect current conditions. • Changes in credit policies and procedures, such as underwriting standards and collection, charge-off, and recovery practices. • Changes in the experience, ability, and depth of credit management and other relevant staff. • Changes in the quality of the Company's loan review system and Board of Directors oversight. • The effect of any concentration of credit and changes in the level of concentrations, such as loan type or risk rating. • Changes in the value of the underlying collateral for collateral-dependent loans. • Changes in the national, regional, and local economy that affect the collectability of various segments of the portfolio. • The effect of other external factors, such as competition and legal and regulatory requirements, on the Company's loan portfolio. The allowance for loan losses also includes an allowance on acquired non-PCD and PCD loans. An allowance for loan losses is recorded on acquired PCD loans at the acquisition date through purchase accounting adjustments. Subsequent to the acquisition date, the allowance for loan losses on PCD loans is estimated as are the allowances for all other loans in the portfolio. No allowance for loan losses is recorded on acquired non-PCD loans at the acquisition date through purchase accounting. Instead, an allowance is established on acquired non-PCD loans at the acquisition date in-line with all other loans in the portfolio as if the loans were originated at the acquisition date. On a periodic basis, the adequacy of this allowance is determined using either a PD/LGD methodology or a specific review methodology. Allowance for Unfunded Commitments – The Company also maintains an allowance for unfunded commitments, including letters of credit, for the risk of loss inherent in these arrangements. The allowance for unfunded commitments is estimated using the historical credit loss experience with consideration of reasonable and supportable forecasts of economic conditions for each loan category. The allowance for unfunded commitments is included in other liabilities in the Consolidated Statements of Financial Condition. The establishment of the allowance for credit losses involves a high degree of judgment and estimation given the difficulty of assessing the factors impacting loan repayment and estimating the timing and amount of losses. While management utilizes its best judgment and information available, the adequacy of the allowance for credit losses depends on a variety of factors beyond the Company's control, including the performance of its loan portfolio, current national, regional, and local economic trends, reasonable and supportable forecasts about the future, changes in interest rates and property values, the amounts and timing of expected future cash flows on non-accrual loans, estimated losses on pools of homogenous loans, the interpretation of loan risk classifications by regulatory authorities, various internal and external qualitative factors, and other factors. |
Derivative Financial Instruments | Derivative Financial Instruments – To provide derivative products to customers and in the ordinary course of business, the Company enters into derivative transactions as part of its overall interest rate risk management strategy to minimize significant unplanned fluctuations in earnings and expected future cash flows caused by interest rate volatility. All derivative instruments are recorded at fair value as either other assets or other liabilities in the Consolidated Statements of Financial Condition. Subsequent changes in a derivative's fair value are recognized in earnings unless specific hedge accounting criteria are met. On the date the Company enters into a derivative contract, the derivative is designated as a fair value hedge, a cash flow hedge, or a non-hedge derivative instrument. Fair value hedges are designed to mitigate exposure to changes in the fair value of an asset or liability attributable to a particular risk, such as interest rate risk. Cash flow hedges are designed to mitigate exposure to variability in expected future cash flows to be received or paid related to an asset, liability, or other type of forecasted transaction. The Company formally documents all relationships between hedging instruments and hedged items, including its risk management objective and strategy, at inception. At the hedge's inception, a formal assessment is performed to determine the effectiveness of the derivative in offsetting changes in the fair values or expected future cash flows of the hedged items in the current period and prospectively. If a derivative instrument designated as a hedge is terminated or ceases to be highly effective, hedge accounting is discontinued prospectively, and the gain or loss is amortized into earnings. For fair value hedges, the gain or loss is amortized over the remaining life of the hedged asset or liability. For cash flow hedges, the gain or loss is amortized over the same period that the forecasted hedged transactions impact earnings. If the hedged item is disposed of, any fair value adjustments are included in the gain or loss from the disposition of the hedged item. If the forecasted transaction is no longer probable, the gain or loss is included in earnings immediately. For fair value hedges, changes in the fair value of the derivative instruments, as well as changes in the fair value of the hedged item, are recognized in earnings in the same income statement line item as the earnings effect of the hedged item. For cash flow hedges, the effective portion of the change in fair value of the derivative instrument is reported as a component of accumulated other comprehensive income (loss) and is reclassified to earnings when the hedged transaction is reflected in earnings. |
Recent Accounting Pronouncements | Adopted Accounting Pronouncements Changes to the Disclosure Requirements for Defined Benefit Plans: In August of 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2018-14 that makes minor changes and clarifications to the disclosure requirements for entities that sponsor defined benefit plans. This guidance is effective for annual and interim periods beginning after December 15, 2020. The adoption of this guidance on January 1, 2021 did not materially impact the Company's financial condition, results of operations, or liquidity. Income Taxes : In December of 2019, the FASB issued ASU 2019-12 that removes certain exceptions to the general principles of accounting for income taxes. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The adoption of this guidance on January 1, 2021 did not materially impact the Company's financial condition, results of operations, or liquidity. Accounting Pronouncements Pending Adoption Reference Rate Reform : In March of 2020, the FASB issued ASU 2020-04 and in January of 2021, the FASB issued 2021-01, both of which provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued by reference rate reform, if certain criteria are met. This guidance is effective upon issuance as of March 12, 2020 and generally can be applied through December 31, 2022. Management continues to monitor efforts and evaluate the impact of reference rate reform, including this guidance and determining its impact on the Company's financial condition, results of operations, and liquidity. |
Fair Value | Fair value represents the amount expected to be received to sell an asset or paid to transfer a liability in its principal or most advantageous market in an orderly transaction between market participants at the measurement date. In accordance with fair value accounting guidance, the Company measures, records, and reports various types of assets and liabilities at fair value on either a recurring or non-recurring basis in the Consolidated Statements of Financial Condition. Those assets and liabilities are presented below in the sections titled "Assets and Liabilities Required to be Measured at Fair Value on a Recurring Basis" and "Assets and Liabilities Required to be Measured at Fair Value on a Non-Recurring Basis." Other assets and liabilities are not required to be measured at fair value in the Consolidated Statements of Financial Condition, but must be disclosed at fair value. See the "Fair Value Measurements of Other Financial Instruments" section of this note. Any aggregation of the estimated fair values presented in this note does not represent the value of the Company. Depending on the nature of the asset or liability, the Company uses various valuation methodologies and assumptions to estimate fair value. GAAP provides a three-tiered fair value hierarchy based on the inputs used to measure fair value. The hierarchy is defined as follows: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Observable inputs other than level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. These inputs require significant management judgment or estimation, some of which use model-based techniques and may be internally developed. Assets and liabilities are assigned to a level within the fair value hierarchy based on the lowest level of significant input used to measure fair value. Assets and liabilities may change levels within the fair value hierarchy due to market conditions or other circumstances. Those transfers are recognized on the date of the event that prompted the transfer. There were no transfers of assets or liabilities required to be measured at fair value on a recurring basis between levels of the fair value hierarchy during the periods presented. |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Acquisition Activity | The following table presents the assets acquired and liabilities assumed, net of the fair value adjustments, in the Park Bank transaction as of the acquisition date. The assets acquired and liabilities assumed, both intangible and tangible, were recorded at their estimated fair values as of the acquisition date and have been accounted for under the acquisition method of accounting. Acquisition Activity (Dollar amounts in thousands, except share and per share data) Park Bank March 9, 2020 Assets Cash and due from banks and interest-bearing deposits in other banks $ 244,781 Securities available-for-sale 136,856 Securities held-to-maturity 300 Loans 687,923 OREO 2,276 Goodwill 59,649 Other intangible assets 3,068 Premises, furniture, and equipment 2,550 Accrued interest receivable and other assets 13,502 Total assets $ 1,150,905 Liabilities Noninterest-bearing deposits $ 356,050 Interest-bearing deposits 594,026 Total deposits 950,076 Borrowed funds 11,532 Accrued interest payable and other liabilities 14,915 Total liabilities 976,523 Consideration Paid Common stock (2020 – 4,930,231, shares issued at $14.58 per share) 71,883 Cash paid 102,499 Total consideration paid 174,382 $ 1,150,905 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available-for-Sale | A summary of the Company's securities portfolio by category and maturity is presented in the following tables. Securities Portfolio (Dollar amounts in thousands) As of June 30, 2021 As of December 31, 2020 Amortized Cost Gross Unrealized Fair Amortized Cost Gross Unrealized Fair Gains Losses Gains Losses Securities Available-for-Sale U.S. treasury securities $ 1,000 $ 3 $ — $ 1,003 $ 12,001 $ 50 $ — $ 12,051 U.S. agency securities 612,173 1,996 (15,372) 598,797 654,321 3,129 (4,976) 652,474 Collateralized mortgage obligations 1,336,291 16,936 (13,601) 1,339,626 1,415,312 27,529 (4,323) 1,438,518 Other mortgage-backed securities 808,967 9,762 (4,368) 814,361 566,830 14,650 (640) 580,840 Municipal securities 212,308 9,822 (229) 221,901 224,446 11,573 (4) 236,015 Corporate debt securities 173,069 7,451 (14) 180,506 170,570 6,210 (270) 176,510 Total securities available-for-sale $ 3,143,808 $ 45,970 $ (33,584) $ 3,156,194 $ 3,043,480 $ 63,141 $ (10,213) $ 3,096,408 Securities Held-to-Maturity Municipal securities $ 11,593 $ — $ (468) $ 11,125 $ 12,291 $ — $ (385) $ 11,906 Allowance for securities held-to- (220) $ (220) (220) $ (220) Total securities held-to-maturity, $ 11,373 $ — $ (468) $ 10,905 $ 12,071 $ — $ (385) $ 11,686 Equity Securities $ 112,977 $ 76,404 |
Securities Held-to-Maturity | A summary of the Company's securities portfolio by category and maturity is presented in the following tables. Securities Portfolio (Dollar amounts in thousands) As of June 30, 2021 As of December 31, 2020 Amortized Cost Gross Unrealized Fair Amortized Cost Gross Unrealized Fair Gains Losses Gains Losses Securities Available-for-Sale U.S. treasury securities $ 1,000 $ 3 $ — $ 1,003 $ 12,001 $ 50 $ — $ 12,051 U.S. agency securities 612,173 1,996 (15,372) 598,797 654,321 3,129 (4,976) 652,474 Collateralized mortgage obligations 1,336,291 16,936 (13,601) 1,339,626 1,415,312 27,529 (4,323) 1,438,518 Other mortgage-backed securities 808,967 9,762 (4,368) 814,361 566,830 14,650 (640) 580,840 Municipal securities 212,308 9,822 (229) 221,901 224,446 11,573 (4) 236,015 Corporate debt securities 173,069 7,451 (14) 180,506 170,570 6,210 (270) 176,510 Total securities available-for-sale $ 3,143,808 $ 45,970 $ (33,584) $ 3,156,194 $ 3,043,480 $ 63,141 $ (10,213) $ 3,096,408 Securities Held-to-Maturity Municipal securities $ 11,593 $ — $ (468) $ 11,125 $ 12,291 $ — $ (385) $ 11,906 Allowance for securities held-to- (220) $ (220) (220) $ (220) Total securities held-to-maturity, $ 11,373 $ — $ (468) $ 10,905 $ 12,071 $ — $ (385) $ 11,686 Equity Securities $ 112,977 $ 76,404 |
Equity Securities | A summary of the Company's securities portfolio by category and maturity is presented in the following tables. Securities Portfolio (Dollar amounts in thousands) As of June 30, 2021 As of December 31, 2020 Amortized Cost Gross Unrealized Fair Amortized Cost Gross Unrealized Fair Gains Losses Gains Losses Securities Available-for-Sale U.S. treasury securities $ 1,000 $ 3 $ — $ 1,003 $ 12,001 $ 50 $ — $ 12,051 U.S. agency securities 612,173 1,996 (15,372) 598,797 654,321 3,129 (4,976) 652,474 Collateralized mortgage obligations 1,336,291 16,936 (13,601) 1,339,626 1,415,312 27,529 (4,323) 1,438,518 Other mortgage-backed securities 808,967 9,762 (4,368) 814,361 566,830 14,650 (640) 580,840 Municipal securities 212,308 9,822 (229) 221,901 224,446 11,573 (4) 236,015 Corporate debt securities 173,069 7,451 (14) 180,506 170,570 6,210 (270) 176,510 Total securities available-for-sale $ 3,143,808 $ 45,970 $ (33,584) $ 3,156,194 $ 3,043,480 $ 63,141 $ (10,213) $ 3,096,408 Securities Held-to-Maturity Municipal securities $ 11,593 $ — $ (468) $ 11,125 $ 12,291 $ — $ (385) $ 11,906 Allowance for securities held-to- (220) $ (220) (220) $ (220) Total securities held-to-maturity, $ 11,373 $ — $ (468) $ 10,905 $ 12,071 $ — $ (385) $ 11,686 Equity Securities $ 112,977 $ 76,404 |
Remaining Contractual Maturity of Securities | Remaining Contractual Maturity of Securities (Dollar amounts in thousands) As of June 30, 2021 Available-for-Sale Held-to-Maturity Amortized Fair Amortized Fair One year or less $ 94,281 $ 94,626 $ 1,971 $ 1,891 After one year to five years 176,306 176,952 4,335 4,160 After five years to ten years 727,963 730,629 2,658 2,551 After ten years — — 2,629 2,523 Securities that do not have a single contractual maturity date 2,145,258 2,153,987 — — Total $ 3,143,808 $ 3,156,194 $ 11,593 $ 11,125 |
Securities in an Unrealized Loss Position | The following table presents the aggregate amount of unrealized losses and the aggregate related fair values of securities with unrealized losses as of June 30, 2021 and December 31, 2020. Securities in an Unrealized Loss Position (Dollar amounts in thousands) Less Than 12 Months 12 Months or Longer Total Number of Fair Unrealized Fair Unrealized Fair Unrealized As of June 30, 2021 Securities Available-for-Sale U.S. agency securities 64 $ 376,464 $ 13,721 $ 51,780 $ 1,651 $ 428,244 $ 15,372 CMOs 150 568,946 12,450 26,307 1,151 595,253 13,601 MBSs 62 265,493 3,739 31,417 629 296,910 4,368 Municipal securities 12 10,929 229 — — 10,929 229 Corporate debt securities 1 — — 3,212 14 3,212 14 Total 289 $ 1,221,832 $ 30,139 $ 112,716 $ 3,445 $ 1,334,548 $ 33,584 As of December 31, 2020 Securities Available-for-Sale U.S. agency securities 48 $ 253,841 $ 4,764 $ 14,932 $ 212 $ 268,773 $ 4,976 CMOs 104 349,853 3,205 86,618 1,118 436,471 4,323 MBSs 19 69,838 550 12,307 90 82,145 640 Municipal securities 4 1,012 4 — — 1,012 4 Corporate debt securities 3 8,100 105 9,513 165 17,613 270 Total 178 $ 682,644 $ 8,628 $ 123,370 $ 1,585 $ 806,014 $ 10,213 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Composition Of Loan Portfolio | The following table presents the Company's loans held-for-investment by class. Loan Portfolio (Dollar amounts in thousands) As of June 30, December 31, Commercial and industrial $ 4,608,148 $ 4,578,254 Agricultural 342,834 364,038 Commercial real estate: Office, retail, and industrial 1,807,428 1,861,768 Multi-family 1,012,722 872,813 Construction 577,338 612,611 Other commercial real estate 1,461,370 1,481,976 Total commercial real estate 4,858,858 4,829,168 Total corporate loans, excluding Paycheck Protection Program ("PPP") loans 9,809,840 9,771,460 PPP loans 705,915 785,563 Total corporate loans 10,515,755 10,557,023 Home equity 629,367 761,725 1-4 family mortgages 3,287,773 3,022,413 Installment 602,324 410,071 Total consumer loans 4,519,464 4,194,209 Total loans $ 15,035,219 $ 14,751,232 Deferred loan fees included in total loans $ 8,812 $ 9,696 Overdrawn demand deposits included in total loans 9,582 8,444 |
Loan Sales and Purchases | The following table presents loan sales and purchases for the quarters and six months ended June 30, 2021 and 2020. Loan Sales and Purchases (Dollar amounts in thousands) Quarters Ended Six Months Ended 2021 2020 2021 2020 Corporate loan sales Proceeds from sales $ 291 $ 295 $ 17,227 $ 4,598 Less book value of loans sold 286 289 17,177 4,477 Net gains on corporate loan sales (1) 5 6 50 121 1-4 family mortgage loan sales Proceeds from sales 214,246 173,251 508,076 292,410 Less book value of loans sold 207,784 168,656 491,682 285,301 Net gains on 1-4 family mortgage loan sales (2) 6,462 4,595 16,394 7,109 Total net gains on loan sales $ 6,467 $ 4,601 $ 16,444 $ 7,230 Corporate loan purchases (3) Commercial and industrial $ 80,679 $ 22,894 $ 234,075 $ 168,716 Office, retail, and industrial — — 7,438 — Multi-family 11,880 — 26,129 — Construction 894 3,258 1,036 3,897 Other commercial real estate 35,000 10,000 35,000 10,000 Total corporate loan purchases $ 128,453 $ 36,152 $ 303,678 $ 182,613 Consumer loan purchases Home equity $ — $ — $ — $ 144,967 1-4 family mortgages 224,819 179,410 585,918 249,585 Installment 146,618 — 253,376 — Total consumer loan purchases $ 371,437 $ 179,410 $ 839,294 $ 394,552 (1) Net gains on corporate loan sales are included in other service charges, commissions, and fees in the Condensed Consolidated Statements of Income. (2) Net gains on 1-4 family mortgage loan sales are included in mortgage banking income in the Condensed Consolidated Statements of Income. (3) Consists of the Company's portion of loan participations purchased. |
Acquired Loans (Tables)
Acquired Loans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Transfers and Servicing [Abstract] | |
Schedule of Acquired Loans | The following table presents the carrying amount of acquired loans as of June 30, 2021 and December 31, 2020. Acquired Loans (1) (Dollar amounts in thousands) As of June 30, 2021 As of December 31, 2020 PCD Non-PCD Total PCD Non-PCD Total Acquired loans $ 177,111 $ 916,633 $ 1,093,744 $ 212,021 $ 1,198,818 $ 1,410,839 (1) Included in loans in the Consolidated Statements of Financial Condition. |
Past Due Loans, Allowance For_2
Past Due Loans, Allowance For Credit Losses, Non-Accrual Loans, and TDRS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Past Due Financing Receivables | The following table presents an aging analysis of the Company's past due loans as of June 30, 2021 and December 31, 2020 with balances presented on an amortized cost basis. The aging is determined without regard to accrual status. The table also presents non-performing loans, consisting of non-accrual loans (the majority of which are past due) and loans 90 days or more past due and still accruing interest, as of each balance sheet date. Aging Analysis of Past Due Loans and Non-performing Loans by Class (Dollar amounts in thousands) Aging Analysis (Accruing and Non-accrual) Non-performing Loans Current 30-89 Days 90 Days or Total Total Non- 90 Days or More Past Due, Still Accruing Interest As of June 30, 2021 Commercial and industrial $ 4,569,389 $ 8,168 $ 30,591 $ 38,759 $ 4,608,148 $ 45,158 $ 392 Agricultural 339,070 — 3,764 3,764 342,834 7,135 — Commercial real estate: Office, retail, and industrial 1,788,557 2,368 16,503 18,871 1,807,428 19,484 — Multi-family 1,009,401 — 3,321 3,321 1,012,722 3,415 — Construction 574,329 40 2,969 3,009 577,338 2,969 — Other commercial real estate 1,441,210 2,883 17,277 20,160 1,461,370 23,815 122 Total commercial real estate 4,813,497 5,291 40,070 45,361 4,858,858 49,683 122 Total corporate loans, 9,721,956 13,459 74,425 87,884 9,809,840 101,976 514 PPP loans 705,915 — — — 705,915 — — Total corporate loans 10,427,871 13,459 74,425 87,884 10,515,755 101,976 514 Home equity 623,582 2,115 3,670 5,785 629,367 9,948 23 1-4 family mortgages 3,274,456 4,104 9,213 13,317 3,287,773 12,558 — Installment 598,218 3,765 341 4,106 602,324 — 341 Total consumer loans 4,496,256 9,984 13,224 23,208 4,519,464 22,506 364 Total loans $ 14,924,127 $ 23,443 $ 87,649 $ 111,092 $ 15,035,219 $ 124,482 $ 878 As of December 31, 2020 Commercial and industrial $ 4,530,546 $ 9,254 $ 38,454 $ 47,708 $ 4,578,254 $ 42,965 $ 591 Agricultural 359,373 705 3,960 4,665 364,038 10,719 — Commercial real estate: Office, retail, and industrial 1,827,891 3,961 29,916 33,877 1,861,768 34,224 257 Multi-family 867,815 2,510 2,488 4,998 872,813 2,488 — Construction 606,934 1,154 4,523 5,677 612,611 4,980 1,065 Other commercial real estate 1,448,258 15,015 18,703 33,718 1,481,976 25,824 434 Total commercial real estate 4,750,898 22,640 55,630 78,270 4,829,168 67,516 1,756 Total corporate loans, 9,640,817 32,599 98,044 130,643 9,771,460 121,200 2,347 PPP loans 785,563 — — — 785,563 — — Total corporate loans 10,426,380 32,599 98,044 130,643 10,557,023 121,200 2,347 Home equity 750,263 5,563 5,899 11,462 761,725 10,795 956 1-4 family mortgages 3,009,564 5,296 7,553 12,849 3,022,413 10,530 115 Installment 404,831 4,263 977 5,240 410,071 — 977 Total consumer loans 4,164,658 15,122 14,429 29,551 4,194,209 21,325 2,048 Total loans $ 14,591,038 $ 47,721 $ 112,473 $ 160,194 $ 14,751,232 $ 142,525 $ 4,395 |
Allowance for Credit Losses on Financing Receivables | A rollforward of the allowance for credit losses by portfolio segment for the quarters and six months ended June 30, 2021 and 2020 is presented in the table below. PPP loans are excluded from this table as there is no allowance for credit losses associated with these loans because they are fully guaranteed by the U.S. Small Business Administration ("SBA"). Allowance for Credit Losses by Portfolio Segment (Dollar amounts in thousands) Commercial, Office, Multi- Construction Other Consumer Allowance for Total Quarter Ended June 30, 2021 Beginning balance $ 125,798 $ 22,652 $ 3,570 $ 5,915 $ 21,205 $ 56,219 $ 8,025 $ 243,384 Charge-offs (16,766) (3,898) (4) (218) (585) (2,156) — (23,627) Recoveries 2,033 20 2 10 126 678 — 2,869 Net charge-offs (14,733) (3,878) (2) (208) (459) (1,478) — (20,758) Provision for loan 5,331 (782) (109) (783) (688) (2,969) 600 600 Ending balance $ 116,396 $ 17,992 $ 3,459 $ 4,924 $ 20,058 $ 51,772 $ 8,625 $ 223,226 Quarter Ended June 30, 2020 Beginning balance $ 113,733 $ 25,856 $ 3,689 $ 11,297 $ 18,554 $ 46,819 $ 6,753 $ 226,701 Allowance established 378 — — — — — 872 1,250 Charge-offs (5,673) (3,092) (9) (798) (31) (4,631) — (14,234) Recoveries 820 6 — — 12 473 — 1,311 Net charge-offs (4,853) (3,086) (9) (798) (19) (4,158) — (12,923) Provision for loan 14,719 1,671 1,631 1,023 3,327 10,278 — 32,649 Ending balance $ 123,977 $ 24,441 $ 5,311 $ 11,522 $ 21,862 $ 52,939 $ 7,625 $ 247,677 Six Months Ended June 30, 2021 Beginning balance $ 119,954 $ 24,078 $ 5,709 $ 6,674 $ 24,309 $ 58,293 $ 8,025 $ 247,042 Charge-offs (19,607) (8,375) (4) (218) (1,071) (5,669) — (34,944) Recoveries 2,771 120 7 10 241 1,281 — 4,430 Net charge-offs (16,836) (8,255) 3 (208) (830) (4,388) — (30,514) Provision for loan 13,278 2,169 (2,253) (1,542) (3,421) (2,133) 600 6,698 Ending balance $ 116,396 $ 17,992 $ 3,459 $ 4,924 $ 20,058 $ 51,772 $ 8,625 $ 223,226 Six Months Ended June 30, 2020 Beginning balance $ 62,830 $ 7,580 $ 2,950 $ 1,697 $ 6,408 $ 26,557 $ 1,200 $ 109,222 Adjustment to apply recent accounting pronouncements (1) 20,159 11,686 397 10,300 11,427 16,235 5,553 75,757 Allowance established 12,640 2,003 — — — 39 872 15,554 Charge-offs (12,739) (3,430) (19) (2,606) (339) (9,031) — (28,164) Recoveries 1,979 15 5 — 156 972 — 3,127 Net charge-offs (10,760) (3,415) (14) (2,606) (183) (8,059) — (25,037) Provision for loan 39,108 6,587 1,978 2,131 4,210 18,167 — 72,181 Ending balance $ 123,977 $ 24,441 $ 5,311 $ 11,522 $ 21,862 $ 52,939 $ 7,625 $ 247,677 (1) As a result of accounting guidance adopted in the first quarter of 2020, the increase in allowance for credit losses, net of tax, was recognized as a cumulative-effect adjustment to retained earnings as of January 1, 2020. |
Schedule of Loans and The Related Allowance For Credit Losses | The table below provides a breakdown of loans and the related allowance for credit losses by portfolio segment as of June 30, 2021 and December 31, 2020. Loans and Related Allowance for Credit Losses by Portfolio Segment (Dollar amounts in thousands) Loans Allowance for Credit Losses Individually Collectively PCD Total Individually Collectively PCD Total As of June 30, 2021 Commercial, industrial, $ 46,178 $ 4,852,699 $ 52,105 $ 4,950,982 $ 5,406 $ 104,151 $ 6,839 $ 116,396 Commercial real estate: Office, retail, and industrial 16,353 1,755,614 35,461 1,807,428 324 14,042 3,626 17,992 Multi-family 2,171 1,003,921 6,630 1,012,722 — 3,382 77 3,459 Construction 1,154 562,129 14,055 577,338 — 3,483 1,441 4,924 Other commercial real estate 12,914 1,399,417 49,039 1,461,370 123 9,793 10,142 20,058 Total commercial real estate 32,592 4,721,081 105,185 4,858,858 447 30,700 15,286 46,433 Total corporate loans, 78,770 9,573,780 157,290 9,809,840 5,853 134,851 22,125 162,829 PPP loans — 705,915 — 705,915 — — — — Total corporate loans 78,770 10,279,695 157,290 10,515,755 5,853 134,851 22,125 162,829 Consumer — 4,499,643 19,821 4,519,464 — 51,311 461 51,772 Allowance for unfunded — — — — — 8,625 — 8,625 Total loans $ 78,770 $ 14,779,338 $ 177,111 $ 15,035,219 $ 5,853 $ 194,787 $ 22,586 $ 223,226 As of December 31, 2020 Commercial, industrial, and $ 45,650 $ 4,826,017 $ 70,625 $ 4,942,292 $ 3,536 $ 107,763 $ 8,655 $ 119,954 Commercial real estate: Office, retail, and industrial 26,384 1,792,618 42,766 1,861,768 1,123 15,106 7,849 24,078 Multi-family 1,279 864,677 6,857 872,813 — 5,438 271 5,709 Construction 1,154 595,550 15,907 612,611 — 4,535 2,139 6,674 Other commercial real estate 13,736 1,414,541 53,699 1,481,976 171 12,651 11,487 24,309 Total commercial real estate 42,553 4,667,386 119,229 4,829,168 1,294 37,730 21,746 60,770 Total corporate loans, 88,203 9,493,403 189,854 9,771,460 4,830 145,493 30,401 180,724 PPP loans — 785,563 — 785,563 — — — — Total corporate loans 88,203 10,278,966 189,854 10,557,023 4,830 145,493 30,401 180,724 Consumer — 4,172,042 22,167 4,194,209 — 57,567 726 58,293 Allowance for unfunded — — — — — 8,025 — 8,025 Total loans $ 88,203 $ 14,451,008 $ 212,021 $ 14,751,232 $ 4,830 $ 211,085 $ 31,127 $ 247,042 |
Impaired Financing Receivables | The following table presents collateral-dependent loans, including PCD loans, without regard to accrual status by primary collateral type and non-accrual loans with no related allowance as of June 30, 2021 and December 31, 2020. PPP loans are excluded from this table as there is no allowance for credit losses associated with these loans because they are fully guaranteed by the SBA. Collateral-dependent Loans and Non-accrual Loans With No Related Allowance by Class (Dollar amounts in thousands) Type of Collateral Non-accrual Loans Real Blanket Equipment As of June 30, 2021 Commercial and industrial $ 21,132 $ 28,250 $ 1,053 $ 38,169 Agricultural 6,628 — — 4,203 Commercial real estate: Office, retail, and industrial 24,710 — — 9,063 Multi-family 2,965 — — 2,965 Construction 3,349 — — 1,476 Other commercial real estate 36,660 — — 10,582 Total commercial real estate 67,684 — — 24,086 Total corporate loans 95,444 28,250 1,053 66,458 Home equity 102 — — 102 1-4 family mortgages 1,208 — — — Installment — — — — Total consumer loans 1,310 — — 102 Total loans $ 96,754 $ 28,250 $ 1,053 $ 66,560 As of December 31, 2020 Commercial and industrial $ 27,007 $ 35,632 $ 2,555 $ 36,686 Agricultural 8,583 1,737 — 5,213 Commercial real estate: Office, retail, and industrial 42,790 — — 23,508 Multi-family 2,097 — — 1,279 Construction 5,370 — — 1,831 Other commercial real estate 40,430 — — 20,158 Total commercial real estate 90,687 — — 46,776 Total corporate loans 126,277 37,369 2,555 88,675 Home equity 211 — — 99 1-4 family mortgages 2,807 — — 578 Installment — — — — Total consumer loans 3,018 — — 677 Total loans $ 129,295 $ 37,369 $ 2,555 $ 89,352 Loans Individually Evaluated The following table presents loans individually evaluated by class of loan as of June 30, 2021 and December 31, 2020. PCD loans are excluded from this disclosure. Loans Individually Evaluated by Class (Dollar amounts in thousands) As of June 30, 2021 As of December 31, 2020 Recorded Investment In Recorded Investment In Loans with Loans with Unpaid Specific Loans with Loans with Unpaid Specific Commercial and industrial $ 28,372 $ 11,178 $ 49,061 $ 4,276 $ 33,643 $ 1,687 $ 40,055 $ 398 Agricultural 4,203 2,425 11,097 1,130 5,213 5,107 14,972 3,138 Commercial real estate: Office, retail, and industrial 7,223 9,130 18,085 324 21,537 4,847 30,474 1,123 Multi-family 2,171 — 2,171 — 1,279 — 1,279 — Construction 1,154 — 1,154 — 1,154 — 1,507 — Other commercial real estate 3,514 9,400 13,629 123 12,822 914 14,240 171 Total commercial real estate 14,062 18,530 35,039 447 36,792 5,761 47,500 1,294 Total corporate loans 46,637 32,133 95,197 5,853 75,648 12,555 102,527 4,830 Consumer — — — — — — — — Total non-accrual loans $ 46,637 $ 32,133 $ 95,197 $ 5,853 $ 75,648 $ 12,555 $ 102,527 $ 4,830 |
Financing Receivable Credit Quality Indicators | The following tables present credit quality indicators for corporate and consumer loans on an amortized cost basis as of June 30, 2021 and net loan charge-offs for the six months ended June 30, 2021. PPP loans are excluded from this table as there is no allowance for credit losses associated with these loans because they are fully guaranteed by the SBA. For a summary of credit quality indicators as of December 31, 2020, see Note 7, "Past Due Loans, Allowance for Credit Losses, Impaired Loans, and TDRs," in the Company's 2020 10-K. Corporate Loan Portfolio by Origination Year (Dollar amounts in thousands) 2021 (1) 2020 2019 2018 2017 Prior Revolving Loans Total Commercial, industrial, agricultural: Pass $ 447,821 $ 717,836 $ 732,743 $ 654,037 $ 363,744 $ 497,033 $ 1,189,785 $ 4,602,999 Special Mention (2) 1,389 1,767 32,583 50,046 924 25,009 33,922 145,640 Substandard (3) 399 625 18,209 61,422 15,454 35,961 17,980 150,050 Non-accrual (4) 1,182 2,430 10,425 19,481 2,382 12,666 3,727 52,293 Total commercial, $ 450,791 $ 722,658 $ 793,960 $ 784,986 $ 382,504 $ 570,669 $ 1,245,414 $ 4,950,982 Commercial, industrial, $ — $ 775 $ 752 $ 4,317 $ 9,775 $ 172 $ 1,045 $ 16,836 Office, retail, and industrial: Pass $ 87,564 $ 139,618 $ 227,270 $ 173,567 $ 244,300 $ 789,382 $ 10,689 $ 1,672,390 Special Mention (2) — 314 2,906 5,767 8,917 33,752 — 51,656 Substandard (3) — 632 — 21,325 2,465 39,476 — 63,898 Non-accrual (4) — — — 131 169 19,184 — 19,484 Total office, retail, $ 87,564 $ 140,564 $ 230,176 $ 200,790 $ 255,851 $ 881,794 $ 10,689 $ 1,807,428 Office, retail, and $ — $ — $ 261 $ 3,899 $ 1,023 $ 3,072 $ — $ 8,255 Multi-family: Pass $ 131,931 $ 152,933 $ 160,428 $ 77,857 $ 125,443 $ 286,737 $ 17,976 $ 953,305 Special Mention (2) — — — 9,918 — 35,754 — 45,672 Substandard (3) — — — 380 71 9,879 — 10,330 Non-accrual (4) — — — — 935 2,480 — 3,415 Total multi-family $ 131,931 $ 152,933 $ 160,428 $ 88,155 $ 126,449 $ 334,850 $ 17,976 $ 1,012,722 Multi-family net loan $ — $ — $ — $ — $ 4 $ (7) $ — $ (3) Construction: Pass $ 38,449 $ 113,848 $ 98,665 $ 135,066 $ 74,662 $ 77,655 $ 25,429 $ 563,774 Special Mention (2) — — — 40 — 72 — 112 Substandard (3) — — — — 1,395 9,088 — 10,483 Non-accrual (4) — — — — 1,154 1,815 — 2,969 Total construction $ 38,449 $ 113,848 $ 98,665 $ 135,106 $ 77,211 $ 88,630 $ 25,429 $ 577,338 Construction net loan $ — $ — $ — $ — $ (10) $ 177 $ 41 $ 208 Other commercial real estate: Pass $ 154,306 $ 173,606 $ 149,218 $ 216,066 $ 143,310 $ 380,975 $ 28,641 $ 1,246,122 Special Mention (2) — — 24,432 13,724 22,808 39,503 — 100,467 Substandard (3) — — 1,919 17,101 20,747 50,957 242 90,966 Non-accrual (4) — — — 312 1,138 22,202 163 23,815 Total other $ 154,306 $ 173,606 $ 175,569 $ 247,203 $ 188,003 $ 493,637 $ 29,046 $ 1,461,370 Other commercial real $ — $ — $ — $ 246 $ (62) $ 646 $ — $ 830 (1) Represents year-to-date loans originated during 2021. (2) Loans categorized as special mention exhibit potential weaknesses that require the close attention of management since these potential weaknesses may result in the deterioration of repayment prospects in the future. (3) Loans categorized as substandard exhibit well-defined weaknesses that may jeopardize the liquidation of the debt. These loans continue to accrue interest because they are well-secured, and collection of principal and interest is expected within a reasonable time. (4) Loans categorized as non-accrual exhibit well-defined weaknesses that may jeopardize the liquidation of the debt or result in a loss if the deficiencies are not corrected. Consumer Loan Portfolio by Origination Year (Dollar amounts in thousands) 2021 (1) 2020 2019 2018 2017 Prior Revolving Loans Total Home equity: Performing $ 5,020 $ 11,149 $ 8,859 $ 11,199 $ 9,246 $ 53,069 $ 520,877 $ 619,419 Non-accrual — — — 538 226 6,961 2,223 9,948 Total home equity $ 5,020 $ 11,149 $ 8,859 $ 11,737 $ 9,472 $ 60,030 $ 523,100 $ 629,367 Home equity net $ — $ — $ — $ 26 $ (42) $ (112) $ (14) $ (142) 1-4 family mortgages: Performing $ 371,229 $ 1,696,057 $ 683,454 $ 141,720 $ 90,860 $ 291,895 $ — $ 3,275,215 Non-accrual — 863 384 627 638 10,046 — 12,558 Total 1-4 family $ 371,229 $ 1,696,920 $ 683,838 $ 142,347 $ 91,498 $ 301,941 $ — $ 3,287,773 1-4 family mortgages $ — $ — $ — $ 2 $ — $ 208 $ — $ 210 Installment: Performing $ 138,273 $ 148,363 $ 126,842 $ 87,780 $ 37,576 $ 25,380 $ 38,110 $ 602,324 Non-accrual — — — — — — — — Total installment $ 138,273 $ 148,363 $ 126,842 $ 87,780 $ 37,576 $ 25,380 $ 38,110 $ 602,324 Installment net loan $ 14 $ 959 $ 2,072 $ 1,170 $ 193 $ (115) $ 27 $ 4,320 (1) Represents year-to-date loans originated during 2021. During the quarter and six months ended June 30, 2021, $9.7 million and $21.1 million, respectively, and $16.8 million and $23.8 million, for the same periods in 2020, of revolving loans converted to term loans. |
Troubled Debt Restructuring Activity Rollforward | The table below presents TDRs by class as of June 30, 2021 and December 31, 2020. See Note 1, "Summary of Significant Accounting Policies," for the accounting policy for TDRs. TDRs by Class (Dollar amounts in thousands) As of June 30, 2021 As of December 31, 2020 Accruing Non-accrual (1) Total Accruing Non-accrual (1) Total Commercial and industrial $ — $ 6,923 $ 6,923 $ — $ 8,859 $ 8,859 Agricultural — — — — — — Commercial real estate: Office, retail, and industrial — — — — 2,340 2,340 Multi-family — 153 153 — 160 160 Construction — — — — — — Other commercial real estate 164 — 164 184 — 184 Total commercial real estate 164 153 317 184 2,500 2,684 Total corporate loans 164 7,076 7,240 184 11,359 11,543 Home equity 30 108 138 31 116 147 1-4 family mortgages 588 219 807 598 228 826 Installment — — — — — — Total consumer loans 618 327 945 629 344 973 Total loans $ 782 $ 7,403 $ 8,185 $ 813 $ 11,703 $ 12,516 (1) These TDRs are included in non-accrual loans in the preceding tables. A rollforward of the carrying value of TDRs for the quarters and six months ended June 30, 2021 and 2020 is presented in the following table. TDR Rollforward (Dollar amounts in thousands) Quarters Ended Six Months Ended 2021 2020 2021 2020 Accruing Beginning balance $ 798 $ 1,216 $ 813 $ 1,233 Additions — — — — Net payments (16) (15) (31) (32) Net transfers to non-accrual — — — — Ending balance 782 1,201 782 1,201 Non-accrual Beginning balance 8,011 17,917 11,703 20,514 Additions — — — 934 Net payments (609) (2,595) (3,274) (3,253) Charge-offs 1 (3,229) (1,026) (6,102) Net transfers from accruing — — — — Ending balance 7,403 12,093 7,403 12,093 Total TDRs $ 8,185 $ 13,294 $ 8,185 $ 13,294 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Liability | The following summary reflects the future minimum payments by year required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year and a reconciliation of those payments to the Company's lease liability as of June 30, 2021. Lease Liability (Dollar amounts in thousands) As of Year Ending December 31, 2021 $ 11,307 2022 22,525 2023 22,625 2024 22,443 2025 21,257 2026 and thereafter 96,135 Total minimum lease payments 196,292 Discount (1) (24,513) Lease liability (2) $ 171,779 (1) Represents the net present value adjustment related to minimum lease payments. (2) Included in accrued interest payable and other liabilities |
Schedule of Net Operating Lease Expense | The following table presents net operating lease expense for the quarters and six months ended June 30, 2021 and 2020. Net Operating Lease Expense (Dollar amounts in thousands) Quarters Ended Six Months Ended 2021 2020 2021 2020 Lease expense charged to operations $ 4,441 $ 4,839 $ 9,052 $ 9,514 Rental income from premises leased to others (1) (108) (183) (222) (398) Net operating lease expense $ 4,333 $ 4,656 $ 8,830 $ 9,116 (1) Included as reductions to net occupancy and equipment expense in the Condensed Consolidated Statements of Income. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The table below displays the calculation of basic and diluted earnings per common share ("EPS"). Basic and Diluted EPS (Amounts in thousands, except per share data) Quarters Ended Six Months Ended 2021 2020 2021 2020 Net income $ 51,121 $ 19,064 $ 96,144 $ 38,670 Preferred dividends (4,034) (1,037) (8,068) (1,037) Net income applicable to unvested restricted shares (521) (187) (1,007) (379) Net income applicable to common shares $ 46,566 $ 17,840 $ 87,069 $ 37,254 Weighted-average common shares outstanding: Weighted-average common shares outstanding (basic) 112,865 113,145 112,980 111,533 Dilutive effect of common stock equivalents 775 191 757 339 Weighted-average diluted common shares outstanding 113,640 113,336 113,737 111,872 Basic EPS $ 0.41 $ 0.16 $ 0.77 $ 0.33 Diluted EPS $ 0.41 $ 0.16 $ 0.77 $ 0.33 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives | Cash Flow Hedges (Dollar amounts in thousands) As of June 30, 2021 December 31, 2020 Gross notional amount outstanding $ 455,000 $ 455,000 Derivative asset fair value in other assets (1) 1,410 3,707 Derivative liability fair value in other liabilities (1) — (1) Weighted-average interest rate received 2.18 % 2.18 % Weighted-average interest rate paid 0.11 % 0.15 % Weighted-average maturity (in years) 1.00 1.50 (1) Certain cash flow hedges are transacted through a clearinghouse ("centrally cleared") and their change in fair value is settled by the counterparties to the transaction, which results in no fair value. The following table presents the impact of derivative instruments on net interest income for the quarters and six months ended June 30, 2021 and 2020. Hedge Income (Dollar amounts in thousands) Quarters Ended Six Months Ended 2021 2020 2021 2020 Cash Flow Hedges Interest rate swaps in interest income $ 2,226 $ 2,624 $ 4,430 $ 3,069 Interest rate swaps in interest expense — — — — Total cash flow hedges $ 2,226 $ 2,624 $ 4,430 $ 3,069 |
Schedule of Derivative Instruments | Other Derivative Instruments (Dollar amounts in thousands) As of June 30, 2021 December 31, 2020 Gross notional amount outstanding $ 4,674,616 $ 4,491,398 Derivative asset fair value in other assets (1) 101,027 149,997 Derivative liability fair value in other liabilities (1) (33,528) (44,580) Fair value of derivative (2) 34,527 46,018 (1) Certain other derivative instruments are centrally cleared and their change in fair value is settled by the counterparties to the transaction, which results in no fair value. (2) This amount represents the fair value if credit risk related contingent features were triggered. |
Cash Flow Hedge Accounting on AOCI | The following table presents the impact of derivative instruments on comprehensive income (loss) and the reclassification of gains (losses) from accumulated other comprehensive income (loss) to net interest income for the quarters and six months ended June 30, 2021 and 2020. Cash Flow Hedge Accounting on AOCI (Dollar amounts in thousands) Quarters Ended Six Months Ended 2021 2020 2021 2020 Gains (losses) recognized in other comprehensive income Interest rate swaps in interest income $ 151 $ 5,951 $ 354 $ 27,955 Interest rate swaps in interest expense (90) (1,276) (702) (13,685) Reclassification of gains included in net income Interest rate swaps in interest income $ 2,226 $ 2,624 $ 4,430 $ 3,069 Interest rate swaps in interest expense — — — — |
Offsetting Assets | The following table presents the fair value of the Company's derivatives and offsetting positions as of June 30, 2021 and December 31, 2020. Fair Value of Offsetting Derivatives (Dollar amounts in thousands) As of June 30, 2021 As of December 31, 2020 Assets Liabilities Assets Liabilities Gross amounts recognized $ 102,437 $ 33,528 $ 153,704 $ 44,581 Less: amounts offset in the Consolidated Statements of — — — — Net amount presented in the Consolidated Statements of Financial Condition (1) 102,437 33,528 153,704 44,581 Gross amounts not offset in the Consolidated Statements of Offsetting derivative positions (3,467) (3,467) (5,239) (5,239) Cash collateral pledged — (28,720) — (39,970) Net credit exposure $ 98,970 $ 1,341 $ 148,465 $ (628) (1) Included in other assets or other liabilities in the Consolidated Statements of Financial Condition. |
Offsetting Liabilities | The following table presents the fair value of the Company's derivatives and offsetting positions as of June 30, 2021 and December 31, 2020. Fair Value of Offsetting Derivatives (Dollar amounts in thousands) As of June 30, 2021 As of December 31, 2020 Assets Liabilities Assets Liabilities Gross amounts recognized $ 102,437 $ 33,528 $ 153,704 $ 44,581 Less: amounts offset in the Consolidated Statements of — — — — Net amount presented in the Consolidated Statements of Financial Condition (1) 102,437 33,528 153,704 44,581 Gross amounts not offset in the Consolidated Statements of Offsetting derivative positions (3,467) (3,467) (5,239) (5,239) Cash collateral pledged — (28,720) — (39,970) Net credit exposure $ 98,970 $ 1,341 $ 148,465 $ (628) (1) Included in other assets or other liabilities in the Consolidated Statements of Financial Condition. |
Commitments, Guarantees, and _2
Commitments, Guarantees, and Contingent Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Contractual or Notional Amounts of Financial Instruments | Contractual or Notional Amounts of Financial Instruments (Dollar amounts in thousands) As of June 30, 2021 December 31, 2020 Commitments to extend credit: Commercial, industrial, and agricultural $ 2,320,641 $ 2,318,346 Commercial real estate 449,176 378,282 Home equity 634,071 611,640 Other commitments (1) 272,225 264,869 Total commitments to extend credit $ 3,676,113 $ 3,573,137 Letters of credit $ 115,722 $ 115,130 (1) Other commitments includes installment and overdraft protection program commitments. |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The following table provides the fair value for assets and liabilities required to be measured at fair value on a recurring basis in the Consolidated Statements of Financial Condition by level in the fair value hierarchy. Recurring Fair Value Measurements (Dollar amounts in thousands) As of June 30, 2021 As of December 31, 2020 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Equity securities $ 87,480 $ 20,497 $ — $ 52,888 $ 18,516 $ — Securities available-for-sale U.S. treasury securities 1,003 — — 12,051 — — U.S. agency securities — 598,797 — — 652,474 — CMOs — 1,339,626 — — 1,438,518 — MBSs — 814,361 — — 580,840 — Municipal securities — 221,901 — — 236,015 — Corporate debt securities — 180,506 — — 176,510 — Total securities available-for-sale 1,003 3,155,191 — 12,051 3,084,357 — Mortgage servicing rights ("MSRs") (1) — — 6,269 — — 4,899 Derivative assets (1) — 102,437 — — 153,704 — Liabilities Derivative liabilities (2) $ — $ 33,528 $ — $ — $ 44,581 $ — (1) Included in other assets in the Consolidated Statements of Financial Condition. (2) Included in other liabilities in the Consolidated Statements of Financial Condition. |
Significant Unobservable Inputs Used in the Valuation of MSRs | The following table presents the ranges of significant, unobservable inputs used by the Company to determine the fair value of MSRs as of June 30, 2021 and December 31, 2020. Significant Unobservable Inputs Used in the Valuation of MSRs As of June 30, 2021 December 31, 2020 Prepayment speed 7.7 % - 15.3% 5.3 % - 16.3% Maturity (months) 22 - 83 13 - 71 Discount rate 9.5 % - 12.0% 9.5 % - 12.0% |
Schedule of Servicing Assets at Fair Value | A rollforward of the carrying value of MSRs for the quarters and six months ended June 30, 2021 and 2020 is presented in the following table. Carrying Value of MSRs (Dollar amounts in thousands) Quarters Ended Six Months Ended 2021 2020 2021 2020 Beginning balance $ 6,361 $ 4,874 $ 4,899 $ 5,858 New MSRs 530 745 1,567 901 Total gains (losses) included in earnings (1) : Changes in valuation inputs and assumptions (300) (750) 466 (1,658) Other changes in fair value (2) (322) (405) (663) (637) Ending balance (3) $ 6,269 $ 4,464 $ 6,269 $ 4,464 Contractual servicing fees earned (1) $ 471 $ 394 $ 960 $ 797 (1) Included in mortgage banking income in the Condensed Consolidated Statements of Income and related to assets held as of June 30, 2021 and 2020. (2) Primarily represents changes in expected future cash flows due to payoffs and paydowns. (3) Included in other assets in the Consolidated Statements of Financial Condition. |
Fair Value Measurements, Nonrecurring | The following table provides the fair value for each class of assets and liabilities required to be measured at fair value on a non-recurring basis in the Consolidated Statements of Financial Condition by level in the fair value hierarchy. Non-Recurring Fair Value Measurements (Dollar amounts in thousands) As of June 30, 2021 As of December 31, 2020 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Collateral-dependent non-accrual loans (1) $ — $ — $ 46,614 $ — $ — $ 21,246 OREO (2) — — 2,000 — — — Loans held-for-sale (3) — — 19,511 — — 44,965 Assets held-for-sale (4) — — 4,205 — — 3,722 (1) Includes non-accrual loans with charge-offs and non-accrual loans with a specific allowance during the periods presented. (2) Includes OREO with fair value adjustments subsequent to initial transfer that occurred during the periods presented. (3) Included in other assets in the Consolidated Statements of Financial Condition. (4) Included in premises, furniture, and equipment in the Consolidated Statements of Financial Condition. |
Fair Value, by Balance Sheet Grouping | For certain financial instruments that are not required to be measured at fair value in the Consolidated Statements of Financial Condition, the Company must disclose the estimated fair values and the level within the fair value hierarchy as shown in the following table. Fair Value Measurements of Other Financial Instruments (Dollar amounts in thousands) As of June 30, 2021 December 31, 2020 Fair Value Hierarchy Carrying Fair Value Carrying Fair Value Assets Cash and due from banks 1 $ 232,989 $ 232,989 $ 196,364 $ 196,364 Interest-bearing deposits in other banks 2 1,312,412 1,312,412 920,880 920,880 Securities held-to-maturity 2 11,593 11,125 12,071 11,686 FHLB and FRB stock 2 106,890 106,890 117,420 117,420 Loans 3 14,820,618 14,672,973 14,512,215 14,614,029 Investment in BOLI 3 300,537 300,537 301,101 301,101 Accrued interest receivable 3 62,964 62,964 68,390 68,390 Liabilities Deposits 2 $ 17,032,883 $ 17,035,250 $ 16,012,464 $ 16,007,133 Borrowed funds 2 1,299,424 1,299,424 1,546,414 1,546,414 Senior and subordinated debt 2 235,178 284,691 234,768 281,842 Accrued interest payable 2 4,573 4,573 4,826 4,826 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 01, 2021 | Mar. 09, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Business Acquisition [Line Items] | ||||||
Acquisition and integration related expenses | $ 7,773 | $ 5,249 | $ 8,018 | $ 10,721 | ||
Depository Series A Shares | ||||||
Business Acquisition [Line Items] | ||||||
Preferred stock, fixed rate (as a percent) | 7.00% | |||||
Preferred stock, conversion rate (as a percent) | 2.50% | |||||
Old National Bancorp | ||||||
Business Acquisition [Line Items] | ||||||
Total combined assets | $ 45,000,000 | |||||
Common stock, shares issued (in shares) | 1.1336 | |||||
Consideration transferred | $ 6,500,000 | |||||
Old National Bancorp | Depository Series A Shares | ||||||
Business Acquisition [Line Items] | ||||||
Preferred stock, fixed rate (as a percent) | 7.00% | |||||
Preferred stock, conversion rate (as a percent) | 2.50% | |||||
Bankmanagers Corporation | ||||||
Business Acquisition [Line Items] | ||||||
Common stock, shares issued (in shares) | 4,930,231 | |||||
Consideration transferred | $ 174,382 | |||||
Total assets | 1,150,905 | |||||
Total deposits | 950,076 | |||||
Loans | $ 687,923 | |||||
Fixed exchange ratio (in shares) | 29.9675 | |||||
Cash paid per share (in dollars per share) | $ 623.02 | |||||
Special dividends paid (in dollars per share) | $ 346 | |||||
Cash paid | $ 102,499 | |||||
Goodwill | $ 59,649 |
Acquisitions - Schedule of Acqu
Acquisitions - Schedule of Acquisition Activity (Details) - Bankmanagers Corporation $ / shares in Units, $ in Thousands | Mar. 09, 2020USD ($)$ / sharesshares |
Assets | |
Cash and due from banks and interest-bearing deposits in other banks | $ 244,781 |
Securities available-for-sale | 136,856 |
Securities held-to-maturity | 300 |
Loans | 687,923 |
OREO | 2,276 |
Goodwill | 59,649 |
Other intangible assets | 3,068 |
Premises, furniture, and equipment | 2,550 |
Accrued interest receivable and other assets | 13,502 |
Total assets | 1,150,905 |
Liabilities | |
Noninterest-bearing deposits | 356,050 |
Interest-bearing deposits | 594,026 |
Total deposits | 950,076 |
Borrowed funds | 11,532 |
Accrued interest payable and other liabilities | 14,915 |
Total liabilities | 976,523 |
Consideration Paid | |
Common stock (2020 – 4,930,231, shares issued at $14.58 per share) | 71,883 |
Cash paid | 102,499 |
Total consideration paid | $ 174,382 |
Common stock, shares issued (in shares) | shares | 4,930,231 |
Shares issued (in dollars per share) | $ / shares | $ 14.58 |
Securities - Securities Portfol
Securities - Securities Portfolio (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 3,143,808 | $ 3,043,480 |
Gross Unrealized Gains | 45,970 | 63,141 |
Gross Unrealized Losses | (33,584) | (10,213) |
Fair Value | 3,156,194 | 3,096,408 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 11,593 | 12,071 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (468) | (385) |
Fair Value | 11,125 | |
Allowance for securities held-to-maturity | (220) | (220) |
Securities held-to-maturity, at amortized cost, net | 11,373 | 12,071 |
Fair value, net of allowance | 10,905 | 11,686 |
Equity securities | 112,977 | 76,404 |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,000 | 12,001 |
Gross Unrealized Gains | 3 | 50 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 1,003 | 12,051 |
U.S. agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 612,173 | 654,321 |
Gross Unrealized Gains | 1,996 | 3,129 |
Gross Unrealized Losses | (15,372) | (4,976) |
Fair Value | 598,797 | 652,474 |
Collateralized mortgage obligations ("CMOs") | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,336,291 | 1,415,312 |
Gross Unrealized Gains | 16,936 | 27,529 |
Gross Unrealized Losses | (13,601) | (4,323) |
Fair Value | 1,339,626 | 1,438,518 |
Other mortgage-backed securities ("MBSs") | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 808,967 | 566,830 |
Gross Unrealized Gains | 9,762 | 14,650 |
Gross Unrealized Losses | (4,368) | (640) |
Fair Value | 814,361 | 580,840 |
Municipal securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 212,308 | 224,446 |
Gross Unrealized Gains | 9,822 | 11,573 |
Gross Unrealized Losses | (229) | (4) |
Fair Value | 221,901 | 236,015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 11,593 | 12,291 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (468) | (385) |
Fair Value | 11,125 | 11,906 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 173,069 | 170,570 |
Gross Unrealized Gains | 7,451 | 6,210 |
Gross Unrealized Losses | (14) | (270) |
Fair Value | $ 180,506 | $ 176,510 |
Securities - Additional Informa
Securities - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable, Nonaccrual [Line Items] | |||||
Available-for-sale securities pledged | $ 1,900,000,000 | $ 1,900,000,000 | $ 1,600,000,000 | ||
Held-to-maturity securities pledged as collateral | 0 | 0 | 0 | ||
Realized gains (losses) on securities available-for-sale | 0 | $ 0 | 0 | $ 1,005,000 | |
Securities Receivable | |||||
Financing Receivable, Nonaccrual [Line Items] | |||||
Accrued interest receivable | $ 11,100,000 | $ 11,100,000 | $ 11,900,000 |
Securities - Remaining Contract
Securities - Remaining Contractual Maturity of Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Available-for-Sale, Amortized Cost | ||
One year or less | $ 94,281 | |
After one year to five years | 176,306 | |
After five years to ten years | 727,963 | |
After ten years | 0 | |
Securities that do not have a single contractual maturity date | 2,145,258 | |
Amortized Cost | 3,143,808 | $ 3,043,480 |
Available-for-Sale, Fair Value | ||
One year or less | 94,626 | |
After one year to five years | 176,952 | |
After five years to ten years | 730,629 | |
After ten years | 0 | |
Securities that do not have a single contractual maturity date | 2,153,987 | |
Fair Value | 3,156,194 | 3,096,408 |
Held-to-Maturity, Amortized Cost | ||
One year or less | 1,971 | |
After one year to five years | 4,335 | |
After five years to ten years | 2,658 | |
After ten years | 2,629 | |
Securities that do not have a single contractual maturity date | 0 | |
Amortized Cost | 11,593 | $ 12,071 |
Held-to-Maturity, Fair Value | ||
One year or less | 1,891 | |
After one year to five years | 4,160 | |
After five years to ten years | 2,551 | |
After ten years | 2,523 | |
Securities that do not have a single contractual maturity date | 0 | |
Fair Value | $ 11,125 |
Securities - Securities In An U
Securities - Securities In An Unrealized Loss Position (Details) $ in Thousands | Jun. 30, 2021USD ($)security | Dec. 31, 2020USD ($)security |
Securities available-for-sale | ||
Number of Securities | security | 289 | 178 |
Available-for-Sale, Fair Value | ||
Less Than 12 Months | $ 1,221,832 | $ 682,644 |
12 Months or Longer | 112,716 | 123,370 |
Total | 1,334,548 | 806,014 |
Unrealized Losses | ||
Less Than 12 Months | 30,139 | 8,628 |
12 Months or Longer | 3,445 | 1,585 |
Total | $ 33,584 | $ 10,213 |
U.S. agency securities | ||
Securities available-for-sale | ||
Number of Securities | security | 64 | 48 |
Available-for-Sale, Fair Value | ||
Less Than 12 Months | $ 376,464 | $ 253,841 |
12 Months or Longer | 51,780 | 14,932 |
Total | 428,244 | 268,773 |
Unrealized Losses | ||
Less Than 12 Months | 13,721 | 4,764 |
12 Months or Longer | 1,651 | 212 |
Total | $ 15,372 | $ 4,976 |
CMOs | ||
Securities available-for-sale | ||
Number of Securities | security | 150 | 104 |
Available-for-Sale, Fair Value | ||
Less Than 12 Months | $ 568,946 | $ 349,853 |
12 Months or Longer | 26,307 | 86,618 |
Total | 595,253 | 436,471 |
Unrealized Losses | ||
Less Than 12 Months | 12,450 | 3,205 |
12 Months or Longer | 1,151 | 1,118 |
Total | $ 13,601 | $ 4,323 |
MBSs | ||
Securities available-for-sale | ||
Number of Securities | security | 62 | 19 |
Available-for-Sale, Fair Value | ||
Less Than 12 Months | $ 265,493 | $ 69,838 |
12 Months or Longer | 31,417 | 12,307 |
Total | 296,910 | 82,145 |
Unrealized Losses | ||
Less Than 12 Months | 3,739 | 550 |
12 Months or Longer | 629 | 90 |
Total | $ 4,368 | $ 640 |
Municipal securities | ||
Securities available-for-sale | ||
Number of Securities | security | 12 | 4 |
Available-for-Sale, Fair Value | ||
Less Than 12 Months | $ 10,929 | $ 1,012 |
12 Months or Longer | 0 | 0 |
Total | 10,929 | 1,012 |
Unrealized Losses | ||
Less Than 12 Months | 229 | 4 |
12 Months or Longer | 0 | 0 |
Total | $ 229 | $ 4 |
Corporate debt securities | ||
Securities available-for-sale | ||
Number of Securities | security | 1 | 3 |
Available-for-Sale, Fair Value | ||
Less Than 12 Months | $ 0 | $ 8,100 |
12 Months or Longer | 3,212 | 9,513 |
Total | 3,212 | 17,613 |
Unrealized Losses | ||
Less Than 12 Months | 0 | 105 |
12 Months or Longer | 14 | 165 |
Total | $ 14 | $ 270 |
Loans - Loan Portfolio (Details
Loans - Loan Portfolio (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 15,035,219 | $ 14,751,232 |
Loans | 15,035,219 | 14,751,232 |
Deferred loan fees included in total loans | 8,812 | 9,696 |
Overdrawn demand deposits included in total loans | 9,582 | 8,444 |
Interest receivable on loan portfolio | 51,800 | 56,700 |
Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 14,924,127 | 14,591,038 |
Commercial, industrial, agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 4,950,982 | 4,942,292 |
Commercial, industrial, agricultural | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 4,608,148 | 4,578,254 |
Loans | 4,608,148 | 4,578,254 |
Commercial, industrial, agricultural | Commercial and industrial | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 4,569,389 | 4,530,546 |
Commercial, industrial, agricultural | Agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 342,834 | 364,038 |
Loans | 342,834 | 364,038 |
Commercial, industrial, agricultural | Agricultural | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 339,070 | 359,373 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 4,858,858 | 4,829,168 |
Loans | 4,858,858 | 4,829,168 |
Commercial real estate | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 4,813,497 | 4,750,898 |
Commercial real estate | Office, retail, and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,807,428 | 1,861,768 |
Loans | 1,807,428 | 1,861,768 |
Commercial real estate | Office, retail, and industrial | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,788,557 | 1,827,891 |
Commercial real estate | Multi- family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,012,722 | 872,813 |
Loans | 1,012,722 | 872,813 |
Commercial real estate | Multi- family | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,009,401 | 867,815 |
Commercial real estate | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 577,338 | 612,611 |
Loans | 577,338 | 612,611 |
Commercial real estate | Construction | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 574,329 | 606,934 |
Commercial real estate | Other commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,461,370 | 1,481,976 |
Loans | 1,461,370 | 1,481,976 |
Commercial real estate | Other commercial real estate | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,441,210 | 1,448,258 |
Total corporate loans, excluding Paycheck Protection Program ("PPP") loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 9,809,840 | 9,771,460 |
Loans | 9,809,840 | 9,771,460 |
Total corporate loans, excluding Paycheck Protection Program ("PPP") loans | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 9,721,956 | 9,640,817 |
PPP loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 705,915 | 785,563 |
Loans | 705,915 | 785,563 |
PPP loans | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 705,915 | 785,563 |
Total corporate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 10,515,755 | 10,557,023 |
Loans | 10,515,755 | 10,557,023 |
Total corporate loans | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 10,427,871 | 10,426,380 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 4,519,464 | 4,194,209 |
Loans | 4,519,464 | 4,194,209 |
Consumer | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 4,496,256 | 4,164,658 |
Consumer | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 629,367 | 761,725 |
Loans | 629,367 | 761,725 |
Consumer | Home equity | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 623,582 | 750,263 |
Consumer | 1-4 family mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 3,287,773 | 3,022,413 |
Loans | 3,287,773 | 3,022,413 |
Consumer | 1-4 family mortgages | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 3,274,456 | 3,009,564 |
Consumer | Installment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 602,324 | 410,071 |
Loans | 602,324 | 410,071 |
Consumer | Installment | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 598,218 | $ 404,831 |
Loans - Loans Sales (Details)
Loans - Loans Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total net gains on loan sales | $ 6,467 | $ 4,601 | $ 16,444 | $ 7,230 |
Corporate Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Payments for loan purchases | 128,453 | 36,152 | 303,678 | 182,613 |
Corporate Loans | Multi- family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Payments for loan purchases | 11,880 | 0 | 26,129 | 0 |
Consumer Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Payments for loan purchases | 371,437 | 179,410 | 839,294 | 394,552 |
Corporate loan sales | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Proceeds from sales | 291 | 295 | 17,227 | 4,598 |
Less book value of loans sold | 286 | 289 | 17,177 | 4,477 |
Total net gains on loan sales | 5 | 6 | 50 | 121 |
Commercial and industrial | Corporate Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Payments for loan purchases | 80,679 | 22,894 | 234,075 | 168,716 |
Office, retail, and industrial | Corporate Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Payments for loan purchases | 0 | 0 | 7,438 | 0 |
Construction | Corporate Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Payments for loan purchases | 894 | 3,258 | 1,036 | 3,897 |
Other commercial real estate | Corporate Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Payments for loan purchases | 35,000 | 10,000 | 35,000 | 10,000 |
Home equity | Consumer Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Payments for loan purchases | 0 | 0 | 0 | 144,967 |
1-4 family mortgages | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Proceeds from sales | 214,246 | 173,251 | 508,076 | 292,410 |
Less book value of loans sold | 207,784 | 168,656 | 491,682 | 285,301 |
Total net gains on loan sales | 6,462 | 4,595 | 16,394 | 7,109 |
1-4 family mortgages | Consumer Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Payments for loan purchases | 224,819 | 179,410 | 585,918 | 249,585 |
Installment | Consumer Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Payments for loan purchases | $ 146,618 | $ 0 | $ 253,376 | $ 0 |
Acquired Loans - Schedule of Ac
Acquired Loans - Schedule of Acquired Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Acquired Loans (Details) - Acquired Loans [Line Items] | ||
PCD | $ 14,820,618 | $ 14,512,215 |
Acquired loans | ||
Acquired Loans (Details) - Acquired Loans [Line Items] | ||
Non-PCD | 916,633 | 1,198,818 |
Total | 1,093,744 | 1,410,839 |
Receivables acquired with deteriorated credit quality | Acquired loans | ||
Acquired Loans (Details) - Acquired Loans [Line Items] | ||
PCD | $ 177,111 | $ 212,021 |
Acquired Loans - Additional Inf
Acquired Loans - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities Accretable Yield Movement Schedule [Line Items] | |||||
Outstanding balance of PCD loans | $ 197.8 | $ 197.8 | $ 247.3 | ||
Acquired and covered receivables | |||||
Certain Loans Acquired in Transfer Accounted for as Debt Securities Accretable Yield Movement Schedule [Line Items] | |||||
Accretion on acquired loans | $ 6 | $ 7 | $ 13.1 | $ 13.9 |
Past Due Loans, Allowance For_3
Past Due Loans, Allowance For Credit Losses, Non-Accrual Loans, and TDRS - Aging Analysis of Past Due Loans and Non-Performing Loans by Class (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Total | $ 15,035,219 | $ 14,751,232 |
Total Loans | 15,035,219 | 14,751,232 |
Non- accrual | 124,482 | 142,525 |
90 Days or More Past Due, Still Accruing Interest | 878 | 4,395 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 14,924,127 | 14,591,038 |
30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 23,443 | 47,721 |
90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 87,649 | 112,473 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 111,092 | 160,194 |
Commercial, industrial, agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,950,982 | 4,942,292 |
Commercial, industrial, agricultural | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,608,148 | 4,578,254 |
Total Loans | 4,608,148 | 4,578,254 |
Non- accrual | 45,158 | 42,965 |
90 Days or More Past Due, Still Accruing Interest | 392 | 591 |
Commercial, industrial, agricultural | Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 342,834 | 364,038 |
Total Loans | 342,834 | 364,038 |
Non- accrual | 7,135 | 10,719 |
90 Days or More Past Due, Still Accruing Interest | 0 | 0 |
Commercial, industrial, agricultural | Current | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,569,389 | 4,530,546 |
Commercial, industrial, agricultural | Current | Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 339,070 | 359,373 |
Commercial, industrial, agricultural | 30-89 Days Past Due | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 8,168 | 9,254 |
Commercial, industrial, agricultural | 30-89 Days Past Due | Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 705 |
Commercial, industrial, agricultural | 90 Days or More Past Due | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 30,591 | 38,454 |
Commercial, industrial, agricultural | 90 Days or More Past Due | Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 3,764 | 3,960 |
Commercial, industrial, agricultural | Total Past Due | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 38,759 | 47,708 |
Commercial, industrial, agricultural | Total Past Due | Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 3,764 | 4,665 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,858,858 | 4,829,168 |
Total Loans | 4,858,858 | 4,829,168 |
Non- accrual | 49,683 | 67,516 |
90 Days or More Past Due, Still Accruing Interest | 122 | 1,756 |
Commercial real estate | Office, retail, and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,807,428 | 1,861,768 |
Total Loans | 1,807,428 | 1,861,768 |
Non- accrual | 19,484 | 34,224 |
90 Days or More Past Due, Still Accruing Interest | 0 | 257 |
Commercial real estate | Multi- family | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,012,722 | 872,813 |
Total Loans | 1,012,722 | 872,813 |
Non- accrual | 3,415 | 2,488 |
90 Days or More Past Due, Still Accruing Interest | 0 | 0 |
Commercial real estate | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 577,338 | 612,611 |
Total Loans | 577,338 | 612,611 |
Non- accrual | 2,969 | 4,980 |
90 Days or More Past Due, Still Accruing Interest | 0 | 1,065 |
Commercial real estate | Other commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,461,370 | 1,481,976 |
Total Loans | 1,461,370 | 1,481,976 |
Non- accrual | 23,815 | 25,824 |
90 Days or More Past Due, Still Accruing Interest | 122 | 434 |
Commercial real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,813,497 | 4,750,898 |
Commercial real estate | Current | Office, retail, and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,788,557 | 1,827,891 |
Commercial real estate | Current | Multi- family | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,009,401 | 867,815 |
Commercial real estate | Current | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 574,329 | 606,934 |
Commercial real estate | Current | Other commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,441,210 | 1,448,258 |
Commercial real estate | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 5,291 | 22,640 |
Commercial real estate | 30-89 Days Past Due | Office, retail, and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,368 | 3,961 |
Commercial real estate | 30-89 Days Past Due | Multi- family | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 2,510 |
Commercial real estate | 30-89 Days Past Due | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 40 | 1,154 |
Commercial real estate | 30-89 Days Past Due | Other commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,883 | 15,015 |
Commercial real estate | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 40,070 | 55,630 |
Commercial real estate | 90 Days or More Past Due | Office, retail, and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 16,503 | 29,916 |
Commercial real estate | 90 Days or More Past Due | Multi- family | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 3,321 | 2,488 |
Commercial real estate | 90 Days or More Past Due | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,969 | 4,523 |
Commercial real estate | 90 Days or More Past Due | Other commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 17,277 | 18,703 |
Commercial real estate | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 45,361 | 78,270 |
Commercial real estate | Total Past Due | Office, retail, and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 18,871 | 33,877 |
Commercial real estate | Total Past Due | Multi- family | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 3,321 | 4,998 |
Commercial real estate | Total Past Due | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 3,009 | 5,677 |
Commercial real estate | Total Past Due | Other commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 20,160 | 33,718 |
Total corporate loans, excluding Paycheck Protection Program ("PPP") loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 9,809,840 | 9,771,460 |
Total Loans | 9,809,840 | 9,771,460 |
Non- accrual | 101,976 | 121,200 |
90 Days or More Past Due, Still Accruing Interest | 514 | 2,347 |
Total corporate loans, excluding Paycheck Protection Program ("PPP") loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 9,721,956 | 9,640,817 |
Total corporate loans, excluding Paycheck Protection Program ("PPP") loans | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 13,459 | 32,599 |
Total corporate loans, excluding Paycheck Protection Program ("PPP") loans | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 74,425 | 98,044 |
Total corporate loans, excluding Paycheck Protection Program ("PPP") loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 87,884 | 130,643 |
PPP loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 705,915 | 785,563 |
Total Loans | 705,915 | 785,563 |
Non- accrual | 0 | 0 |
90 Days or More Past Due, Still Accruing Interest | 0 | 0 |
PPP loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 705,915 | 785,563 |
PPP loans | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
PPP loans | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
PPP loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Total corporate loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 10,515,755 | 10,557,023 |
Total Loans | 10,515,755 | 10,557,023 |
Non- accrual | 101,976 | 121,200 |
90 Days or More Past Due, Still Accruing Interest | 514 | 2,347 |
Total corporate loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 10,427,871 | 10,426,380 |
Total corporate loans | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 13,459 | 32,599 |
Total corporate loans | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 74,425 | 98,044 |
Total corporate loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 87,884 | 130,643 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,519,464 | 4,194,209 |
Total Loans | 4,519,464 | 4,194,209 |
Non- accrual | 22,506 | 21,325 |
90 Days or More Past Due, Still Accruing Interest | 364 | 2,048 |
Consumer | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 629,367 | 761,725 |
Total Loans | 629,367 | 761,725 |
Non- accrual | 9,948 | 10,795 |
90 Days or More Past Due, Still Accruing Interest | 23 | 956 |
Consumer | 1-4 family mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 3,287,773 | 3,022,413 |
Total Loans | 3,287,773 | 3,022,413 |
Non- accrual | 12,558 | 10,530 |
90 Days or More Past Due, Still Accruing Interest | 0 | 115 |
Consumer | Installment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 602,324 | 410,071 |
Total Loans | 602,324 | 410,071 |
Non- accrual | 0 | 0 |
90 Days or More Past Due, Still Accruing Interest | 341 | 977 |
Consumer | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,496,256 | 4,164,658 |
Consumer | Current | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 623,582 | 750,263 |
Consumer | Current | 1-4 family mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 3,274,456 | 3,009,564 |
Consumer | Current | Installment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 598,218 | 404,831 |
Consumer | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 9,984 | 15,122 |
Consumer | 30-89 Days Past Due | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,115 | 5,563 |
Consumer | 30-89 Days Past Due | 1-4 family mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,104 | 5,296 |
Consumer | 30-89 Days Past Due | Installment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 3,765 | 4,263 |
Consumer | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 13,224 | 14,429 |
Consumer | 90 Days or More Past Due | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 3,670 | 5,899 |
Consumer | 90 Days or More Past Due | 1-4 family mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 9,213 | 7,553 |
Consumer | 90 Days or More Past Due | Installment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 341 | 977 |
Consumer | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 23,208 | 29,551 |
Consumer | Total Past Due | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 5,785 | 11,462 |
Consumer | Total Past Due | 1-4 family mortgages | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 13,317 | 12,849 |
Consumer | Total Past Due | Installment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | $ 4,106 | $ 5,240 |
Past Due Loans, Allowance For_4
Past Due Loans, Allowance For Credit Losses, Non-Accrual Loans, and TDRS - Allowance for Credit Losses Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||||
Beginning balance | $ 243,384 | $ 226,701 | $ 247,042 | $ 109,222 |
Allowance established for acquired PCD loans | 1,250 | 15,554 | ||
Charge-offs | (23,627) | (14,234) | (34,944) | (28,164) |
Recoveries | 2,869 | 1,311 | 4,430 | 3,127 |
Net charge-offs | (20,758) | (12,923) | (30,514) | (25,037) |
Provision for loan losses and other | 600 | 32,649 | 6,698 | 72,181 |
Ending balance | 223,226 | 247,677 | 223,226 | 247,677 |
Allowance for Unfunded Commitments | ||||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||||
Beginning balance | 8,025 | 6,753 | 8,025 | 1,200 |
Allowance established for acquired PCD loans | 872 | 872 | ||
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Net charge-offs | 0 | 0 | 0 | 0 |
Provision for loan losses and other | 600 | 0 | 600 | 0 |
Ending balance | 8,625 | 7,625 | 8,625 | 7,625 |
Commercial, industrial, agricultural | ||||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||||
Beginning balance | 125,798 | 113,733 | 119,954 | 62,830 |
Allowance established for acquired PCD loans | 378 | 12,640 | ||
Charge-offs | (16,766) | (5,673) | (19,607) | (12,739) |
Recoveries | 2,033 | 820 | 2,771 | 1,979 |
Net charge-offs | (14,733) | (4,853) | (16,836) | (10,760) |
Provision for loan losses and other | 5,331 | 14,719 | 13,278 | 39,108 |
Ending balance | 116,396 | 123,977 | 116,396 | 123,977 |
Commercial real estate | ||||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||||
Beginning balance | 60,770 | |||
Ending balance | 46,433 | 46,433 | ||
Commercial real estate | Office, Retail, and Industrial | ||||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||||
Beginning balance | 22,652 | 25,856 | 24,078 | 7,580 |
Allowance established for acquired PCD loans | 0 | 2,003 | ||
Charge-offs | (3,898) | (3,092) | (8,375) | (3,430) |
Recoveries | 20 | 6 | 120 | 15 |
Net charge-offs | (3,878) | (3,086) | (8,255) | (3,415) |
Provision for loan losses and other | (782) | 1,671 | 2,169 | 6,587 |
Ending balance | 17,992 | 24,441 | 17,992 | 24,441 |
Commercial real estate | Multi- family | ||||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||||
Beginning balance | 3,570 | 3,689 | 5,709 | 2,950 |
Allowance established for acquired PCD loans | 0 | 0 | ||
Charge-offs | (4) | (9) | (4) | (19) |
Recoveries | 2 | 0 | 7 | 5 |
Net charge-offs | (2) | (9) | 3 | (14) |
Provision for loan losses and other | (109) | 1,631 | (2,253) | 1,978 |
Ending balance | 3,459 | 5,311 | 3,459 | 5,311 |
Commercial real estate | Construction | ||||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||||
Beginning balance | 5,915 | 11,297 | 6,674 | 1,697 |
Allowance established for acquired PCD loans | 0 | 0 | ||
Charge-offs | (218) | (798) | (218) | (2,606) |
Recoveries | 10 | 0 | 10 | 0 |
Net charge-offs | (208) | (798) | (208) | (2,606) |
Provision for loan losses and other | (783) | 1,023 | (1,542) | 2,131 |
Ending balance | 4,924 | 11,522 | 4,924 | 11,522 |
Commercial real estate | Other Commercial Real Estate | ||||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||||
Beginning balance | 21,205 | 18,554 | 24,309 | 6,408 |
Allowance established for acquired PCD loans | 0 | 0 | ||
Charge-offs | (585) | (31) | (1,071) | (339) |
Recoveries | 126 | 12 | 241 | 156 |
Net charge-offs | (459) | (19) | (830) | (183) |
Provision for loan losses and other | (688) | 3,327 | (3,421) | 4,210 |
Ending balance | 20,058 | 21,862 | 20,058 | 21,862 |
Consumer | ||||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||||
Beginning balance | 58,293 | |||
Ending balance | 51,772 | 51,772 | ||
Consumer | Consumer | ||||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||||
Beginning balance | 56,219 | 46,819 | 58,293 | 26,557 |
Allowance established for acquired PCD loans | 0 | 39 | ||
Charge-offs | (2,156) | (4,631) | (5,669) | (9,031) |
Recoveries | 678 | 473 | 1,281 | 972 |
Net charge-offs | (1,478) | (4,158) | (4,388) | (8,059) |
Provision for loan losses and other | (2,969) | 10,278 | (2,133) | 18,167 |
Ending balance | $ 51,772 | $ 52,939 | $ 51,772 | 52,939 |
Adjustment to apply recent accounting pronouncements | ||||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||||
Beginning balance | 75,757 | |||
Adjustment to apply recent accounting pronouncements | Allowance for Unfunded Commitments | ||||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||||
Beginning balance | 5,553 | |||
Adjustment to apply recent accounting pronouncements | Commercial, industrial, agricultural | ||||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||||
Beginning balance | 20,159 | |||
Adjustment to apply recent accounting pronouncements | Commercial real estate | Office, Retail, and Industrial | ||||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||||
Beginning balance | 11,686 | |||
Adjustment to apply recent accounting pronouncements | Commercial real estate | Multi- family | ||||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||||
Beginning balance | 397 | |||
Adjustment to apply recent accounting pronouncements | Commercial real estate | Construction | ||||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||||
Beginning balance | 10,300 | |||
Adjustment to apply recent accounting pronouncements | Commercial real estate | Other Commercial Real Estate | ||||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||||
Beginning balance | 11,427 | |||
Adjustment to apply recent accounting pronouncements | Consumer | Consumer | ||||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||||
Beginning balance | $ 16,235 |
Past Due Loans, Allowance For_5
Past Due Loans, Allowance For Credit Losses, Non-Accrual Loans, and TDRS - Loans and Related Allowance for Credit Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually Evaluated for Impairment | $ 78,770 | $ 88,203 | ||||
Loans, Collectively Evaluated for Impairment | 14,779,338 | 14,451,008 | ||||
Total | 15,035,219 | 14,751,232 | ||||
Allowance for Credit Losses Individually Evaluated for Impairment | 5,853 | 4,830 | ||||
Allowance for Credit Losses Collectively Evaluated for Impairment | 194,787 | 211,085 | ||||
Allowance for Credit Losses, PCD and Total | 223,226 | $ 243,384 | 247,042 | $ 247,677 | $ 226,701 | $ 109,222 |
PCD | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total | 177,111 | 212,021 | ||||
Allowance for Credit Losses, PCD and Total | 22,586 | 31,127 | ||||
Commercial, industrial, agricultural | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually Evaluated for Impairment | 46,178 | 45,650 | ||||
Loans, Collectively Evaluated for Impairment | 4,852,699 | 4,826,017 | ||||
Total | 4,950,982 | 4,942,292 | ||||
Allowance for Credit Losses Individually Evaluated for Impairment | 5,406 | 3,536 | ||||
Allowance for Credit Losses Collectively Evaluated for Impairment | 104,151 | 107,763 | ||||
Allowance for Credit Losses, PCD and Total | 116,396 | 125,798 | 119,954 | 123,977 | 113,733 | 62,830 |
Commercial, industrial, agricultural | PCD | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total | 52,105 | 70,625 | ||||
Allowance for Credit Losses, PCD and Total | 6,839 | 8,655 | ||||
Commercial real estate | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually Evaluated for Impairment | 32,592 | 42,553 | ||||
Loans, Collectively Evaluated for Impairment | 4,721,081 | 4,667,386 | ||||
Total | 4,858,858 | 4,829,168 | ||||
Allowance for Credit Losses Individually Evaluated for Impairment | 447 | 1,294 | ||||
Allowance for Credit Losses Collectively Evaluated for Impairment | 30,700 | 37,730 | ||||
Allowance for Credit Losses, PCD and Total | 46,433 | 60,770 | ||||
Commercial real estate | PCD | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total | 105,185 | 119,229 | ||||
Allowance for Credit Losses, PCD and Total | 15,286 | 21,746 | ||||
Total corporate loans, excluding Paycheck Protection Program ("PPP") loans | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually Evaluated for Impairment | 78,770 | 88,203 | ||||
Loans, Collectively Evaluated for Impairment | 9,573,780 | 9,493,403 | ||||
Total | 9,809,840 | 9,771,460 | ||||
Allowance for Credit Losses Individually Evaluated for Impairment | 5,853 | 4,830 | ||||
Allowance for Credit Losses Collectively Evaluated for Impairment | 134,851 | 145,493 | ||||
Allowance for Credit Losses, PCD and Total | 162,829 | 180,724 | ||||
Total corporate loans, excluding Paycheck Protection Program ("PPP") loans | PCD | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total | 157,290 | 189,854 | ||||
Allowance for Credit Losses, PCD and Total | 22,125 | 30,401 | ||||
PPP loans | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually Evaluated for Impairment | 0 | 0 | ||||
Loans, Collectively Evaluated for Impairment | 705,915 | 785,563 | ||||
Total | 705,915 | 785,563 | ||||
Allowance for Credit Losses Individually Evaluated for Impairment | 0 | 0 | ||||
Allowance for Credit Losses Collectively Evaluated for Impairment | 0 | 0 | ||||
Allowance for Credit Losses, PCD and Total | 0 | 0 | ||||
PPP loans | PCD | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total | 0 | 0 | ||||
Allowance for Credit Losses, PCD and Total | 0 | 0 | ||||
Total corporate loans | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually Evaluated for Impairment | 78,770 | 88,203 | ||||
Loans, Collectively Evaluated for Impairment | 10,279,695 | 10,278,966 | ||||
Total | 10,515,755 | 10,557,023 | ||||
Allowance for Credit Losses Individually Evaluated for Impairment | 5,853 | 4,830 | ||||
Allowance for Credit Losses Collectively Evaluated for Impairment | 134,851 | 145,493 | ||||
Allowance for Credit Losses, PCD and Total | 162,829 | 180,724 | ||||
Total corporate loans | PCD | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total | 157,290 | 189,854 | ||||
Allowance for Credit Losses, PCD and Total | 22,125 | 30,401 | ||||
Consumer | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually Evaluated for Impairment | 0 | 0 | ||||
Loans, Collectively Evaluated for Impairment | 4,499,643 | 4,172,042 | ||||
Total | 4,519,464 | 4,194,209 | ||||
Allowance for Credit Losses Individually Evaluated for Impairment | 0 | 0 | ||||
Allowance for Credit Losses Collectively Evaluated for Impairment | 51,311 | 57,567 | ||||
Allowance for Credit Losses, PCD and Total | 51,772 | 58,293 | ||||
Consumer | PCD | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total | 19,821 | 22,167 | ||||
Allowance for Credit Losses, PCD and Total | 461 | 726 | ||||
Office, retail, and industrial | Commercial real estate | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually Evaluated for Impairment | 16,353 | 26,384 | ||||
Loans, Collectively Evaluated for Impairment | 1,755,614 | 1,792,618 | ||||
Total | 1,807,428 | 1,861,768 | ||||
Allowance for Credit Losses Individually Evaluated for Impairment | 324 | 1,123 | ||||
Allowance for Credit Losses Collectively Evaluated for Impairment | 14,042 | 15,106 | ||||
Allowance for Credit Losses, PCD and Total | 17,992 | 22,652 | 24,078 | 24,441 | 25,856 | 7,580 |
Office, retail, and industrial | Commercial real estate | PCD | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total | 35,461 | 42,766 | ||||
Allowance for Credit Losses, PCD and Total | 3,626 | 7,849 | ||||
Multi- family | Commercial real estate | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually Evaluated for Impairment | 2,171 | 1,279 | ||||
Loans, Collectively Evaluated for Impairment | 1,003,921 | 864,677 | ||||
Total | 1,012,722 | 872,813 | ||||
Allowance for Credit Losses Individually Evaluated for Impairment | 0 | 0 | ||||
Allowance for Credit Losses Collectively Evaluated for Impairment | 3,382 | 5,438 | ||||
Allowance for Credit Losses, PCD and Total | 3,459 | 3,570 | 5,709 | 5,311 | 3,689 | 2,950 |
Multi- family | Commercial real estate | PCD | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total | 6,630 | 6,857 | ||||
Allowance for Credit Losses, PCD and Total | 77 | 271 | ||||
Construction | Commercial real estate | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually Evaluated for Impairment | 1,154 | 1,154 | ||||
Loans, Collectively Evaluated for Impairment | 562,129 | 595,550 | ||||
Total | 577,338 | 612,611 | ||||
Allowance for Credit Losses Individually Evaluated for Impairment | 0 | 0 | ||||
Allowance for Credit Losses Collectively Evaluated for Impairment | 3,483 | 4,535 | ||||
Allowance for Credit Losses, PCD and Total | 4,924 | 5,915 | 6,674 | 11,522 | 11,297 | 1,697 |
Construction | Commercial real estate | PCD | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total | 14,055 | 15,907 | ||||
Allowance for Credit Losses, PCD and Total | 1,441 | 2,139 | ||||
Other commercial real estate | Commercial real estate | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually Evaluated for Impairment | 12,914 | 13,736 | ||||
Loans, Collectively Evaluated for Impairment | 1,399,417 | 1,414,541 | ||||
Total | 1,461,370 | 1,481,976 | ||||
Allowance for Credit Losses Individually Evaluated for Impairment | 123 | 171 | ||||
Allowance for Credit Losses Collectively Evaluated for Impairment | 9,793 | 12,651 | ||||
Allowance for Credit Losses, PCD and Total | 20,058 | 21,205 | 24,309 | 21,862 | 18,554 | 6,408 |
Other commercial real estate | Commercial real estate | PCD | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total | 49,039 | 53,699 | ||||
Allowance for Credit Losses, PCD and Total | 10,142 | 11,487 | ||||
Allowance for unfunded commitments | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans, Individually Evaluated for Impairment | 0 | 0 | ||||
Loans, Collectively Evaluated for Impairment | 0 | 0 | ||||
Total | 0 | 0 | ||||
Allowance for Credit Losses Individually Evaluated for Impairment | 0 | 0 | ||||
Allowance for Credit Losses Collectively Evaluated for Impairment | 8,625 | 8,025 | ||||
Allowance for Credit Losses, PCD and Total | 8,625 | $ 8,025 | 8,025 | $ 7,625 | $ 6,753 | $ 1,200 |
Allowance for unfunded commitments | PCD | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total | 0 | 0 | ||||
Allowance for Credit Losses, PCD and Total | $ 0 | $ 0 |
Past Due Loans, Allowance For_6
Past Due Loans, Allowance For Credit Losses, Non-Accrual Loans, and TDRS - Collateral-dependent Loans and Non-accrual Loans With No Related Allowance by Class (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | $ 124,482 | $ 142,525 |
Non-accrual Loans With No Related Allowance | 66,560 | 89,352 |
Real Estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 96,754 | 129,295 |
Blanket Lien | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 28,250 | 37,369 |
Equipment | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 1,053 | 2,555 |
Commercial, industrial, agricultural | Commercial and industrial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 45,158 | 42,965 |
Non-accrual Loans With No Related Allowance | 38,169 | 36,686 |
Commercial, industrial, agricultural | Commercial and industrial | Real Estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 21,132 | 27,007 |
Commercial, industrial, agricultural | Commercial and industrial | Blanket Lien | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 28,250 | 35,632 |
Commercial, industrial, agricultural | Commercial and industrial | Equipment | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 1,053 | 2,555 |
Commercial, industrial, agricultural | Agricultural | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 7,135 | 10,719 |
Non-accrual Loans With No Related Allowance | 4,203 | 5,213 |
Commercial, industrial, agricultural | Agricultural | Real Estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 6,628 | 8,583 |
Commercial, industrial, agricultural | Agricultural | Blanket Lien | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 0 | 1,737 |
Commercial, industrial, agricultural | Agricultural | Equipment | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 0 | 0 |
Commercial real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 49,683 | 67,516 |
Non-accrual Loans With No Related Allowance | 24,086 | 46,776 |
Commercial real estate | Real Estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 67,684 | 90,687 |
Commercial real estate | Blanket Lien | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 0 | 0 |
Commercial real estate | Equipment | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 0 | 0 |
Commercial real estate | Office, retail, and industrial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 19,484 | 34,224 |
Non-accrual Loans With No Related Allowance | 9,063 | 23,508 |
Commercial real estate | Office, retail, and industrial | Real Estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 24,710 | 42,790 |
Commercial real estate | Office, retail, and industrial | Blanket Lien | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 0 | 0 |
Commercial real estate | Office, retail, and industrial | Equipment | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 0 | 0 |
Commercial real estate | Multi- family | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 3,415 | 2,488 |
Non-accrual Loans With No Related Allowance | 2,965 | 1,279 |
Commercial real estate | Multi- family | Real Estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 2,965 | 2,097 |
Commercial real estate | Multi- family | Blanket Lien | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 0 | 0 |
Commercial real estate | Multi- family | Equipment | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 0 | 0 |
Commercial real estate | Construction | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 2,969 | 4,980 |
Non-accrual Loans With No Related Allowance | 1,476 | 1,831 |
Commercial real estate | Construction | Real Estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 3,349 | 5,370 |
Commercial real estate | Construction | Blanket Lien | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 0 | 0 |
Commercial real estate | Construction | Equipment | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 0 | 0 |
Commercial real estate | Other commercial real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 23,815 | 25,824 |
Non-accrual Loans With No Related Allowance | 10,582 | 20,158 |
Commercial real estate | Other commercial real estate | Real Estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 36,660 | 40,430 |
Commercial real estate | Other commercial real estate | Blanket Lien | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 0 | 0 |
Commercial real estate | Other commercial real estate | Equipment | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 0 | 0 |
Total corporate loans | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 101,976 | 121,200 |
Non-accrual Loans With No Related Allowance | 66,458 | 88,675 |
Total corporate loans | Real Estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 95,444 | 126,277 |
Total corporate loans | Blanket Lien | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 28,250 | 37,369 |
Total corporate loans | Equipment | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 1,053 | 2,555 |
Consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 22,506 | 21,325 |
Non-accrual Loans With No Related Allowance | 102 | 677 |
Consumer | Real Estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 1,310 | 3,018 |
Consumer | Blanket Lien | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 0 | 0 |
Consumer | Equipment | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 0 | 0 |
Consumer | Home equity | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 9,948 | 10,795 |
Non-accrual Loans With No Related Allowance | 102 | 99 |
Consumer | Home equity | Real Estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 102 | 211 |
Consumer | Home equity | Blanket Lien | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 0 | 0 |
Consumer | Home equity | Equipment | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 0 | 0 |
Consumer | 1-4 family mortgages | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 12,558 | 10,530 |
Non-accrual Loans With No Related Allowance | 0 | 578 |
Consumer | 1-4 family mortgages | Real Estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 1,208 | 2,807 |
Consumer | 1-4 family mortgages | Blanket Lien | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 0 | 0 |
Consumer | 1-4 family mortgages | Equipment | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 0 | 0 |
Consumer | Installment | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 0 | 0 |
Non-accrual Loans With No Related Allowance | 0 | 0 |
Consumer | Installment | Real Estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 0 | 0 |
Consumer | Installment | Blanket Lien | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | 0 | 0 |
Consumer | Installment | Equipment | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non- accrual | $ 0 | $ 0 |
Past Due Loans, Allowance For_7
Past Due Loans, Allowance For Credit Losses, Non-Accrual Loans, and TDRS - Impaired Loans Individually Evaluated by Class (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment in Loans with No Specific Allowance | $ 46,637 | $ 46,637 | $ 75,648 | ||
Recorded Investment in Loans with a Specific Allowance | 32,133 | 32,133 | 12,555 | ||
Unpaid Principal Balance | 95,197 | 95,197 | 102,527 | ||
Specific Allowance | 5,853 | 5,853 | 4,830 | ||
Interest income on non-accrual loans | 296 | $ 110 | 573 | $ 388 | |
Commercial, industrial, agricultural | Commercial and industrial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment in Loans with No Specific Allowance | 28,372 | 28,372 | 33,643 | ||
Recorded Investment in Loans with a Specific Allowance | 11,178 | 11,178 | 1,687 | ||
Unpaid Principal Balance | 49,061 | 49,061 | 40,055 | ||
Specific Allowance | 4,276 | 4,276 | 398 | ||
Commercial, industrial, agricultural | Agricultural | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment in Loans with No Specific Allowance | 4,203 | 4,203 | 5,213 | ||
Recorded Investment in Loans with a Specific Allowance | 2,425 | 2,425 | 5,107 | ||
Unpaid Principal Balance | 11,097 | 11,097 | 14,972 | ||
Specific Allowance | 1,130 | 1,130 | 3,138 | ||
Commercial real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment in Loans with No Specific Allowance | 14,062 | 14,062 | 36,792 | ||
Recorded Investment in Loans with a Specific Allowance | 18,530 | 18,530 | 5,761 | ||
Unpaid Principal Balance | 35,039 | 35,039 | 47,500 | ||
Specific Allowance | 447 | 447 | 1,294 | ||
Commercial real estate | Office, retail, and industrial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment in Loans with No Specific Allowance | 7,223 | 7,223 | 21,537 | ||
Recorded Investment in Loans with a Specific Allowance | 9,130 | 9,130 | 4,847 | ||
Unpaid Principal Balance | 18,085 | 18,085 | 30,474 | ||
Specific Allowance | 324 | 324 | 1,123 | ||
Commercial real estate | Multi- family | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment in Loans with No Specific Allowance | 2,171 | 2,171 | 1,279 | ||
Recorded Investment in Loans with a Specific Allowance | 0 | 0 | 0 | ||
Unpaid Principal Balance | 2,171 | 2,171 | 1,279 | ||
Specific Allowance | 0 | 0 | 0 | ||
Commercial real estate | Construction | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment in Loans with No Specific Allowance | 1,154 | 1,154 | 1,154 | ||
Recorded Investment in Loans with a Specific Allowance | 0 | 0 | 0 | ||
Unpaid Principal Balance | 1,154 | 1,154 | 1,507 | ||
Specific Allowance | 0 | 0 | 0 | ||
Commercial real estate | Other commercial real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment in Loans with No Specific Allowance | 3,514 | 3,514 | 12,822 | ||
Recorded Investment in Loans with a Specific Allowance | 9,400 | 9,400 | 914 | ||
Unpaid Principal Balance | 13,629 | 13,629 | 14,240 | ||
Specific Allowance | 123 | 123 | 171 | ||
Total corporate loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment in Loans with No Specific Allowance | 46,637 | 46,637 | 75,648 | ||
Recorded Investment in Loans with a Specific Allowance | 32,133 | 32,133 | 12,555 | ||
Unpaid Principal Balance | 95,197 | 95,197 | 102,527 | ||
Specific Allowance | 5,853 | 5,853 | 4,830 | ||
Consumer | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment in Loans with No Specific Allowance | 0 | 0 | 0 | ||
Recorded Investment in Loans with a Specific Allowance | 0 | 0 | 0 | ||
Unpaid Principal Balance | 0 | 0 | 0 | ||
Specific Allowance | $ 0 | $ 0 | $ 0 |
Past Due Loans, Allowance For_8
Past Due Loans, Allowance For Credit Losses, Non-Accrual Loans, and TDRS - Corporate Loans Portfolio Segment By Origination Year (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Total loans | |||||
Total | $ 15,035,219 | $ 15,035,219 | $ 14,751,232 | ||
Consumer net loan charge-offs | |||||
Revolving loans converted to term loans | 9,700 | $ 16,800 | 21,100 | $ 23,800 | |
Corporate Loan | Commercial, industrial, agricultural | |||||
Total loans | |||||
2021 | 450,791 | 450,791 | |||
2020 | 722,658 | 722,658 | |||
2019 | 793,960 | 793,960 | |||
2018 | 784,986 | 784,986 | |||
2017 | 382,504 | 382,504 | |||
Prior | 570,669 | 570,669 | |||
Revolving Loans | 1,245,414 | 1,245,414 | |||
Total | 4,950,982 | 4,950,982 | |||
Corporate Loan | Commercial, industrial, agricultural | Pass | |||||
Total loans | |||||
2021 | 447,821 | 447,821 | |||
2020 | 717,836 | 717,836 | |||
2019 | 732,743 | 732,743 | |||
2018 | 654,037 | 654,037 | |||
2017 | 363,744 | 363,744 | |||
Prior | 497,033 | 497,033 | |||
Revolving Loans | 1,189,785 | 1,189,785 | |||
Total | 4,602,999 | 4,602,999 | |||
Corporate Loan | Commercial, industrial, agricultural | Special Mention | |||||
Total loans | |||||
2021 | 1,389 | 1,389 | |||
2020 | 1,767 | 1,767 | |||
2019 | 32,583 | 32,583 | |||
2018 | 50,046 | 50,046 | |||
2017 | 924 | 924 | |||
Prior | 25,009 | 25,009 | |||
Revolving Loans | 33,922 | 33,922 | |||
Total | 145,640 | 145,640 | |||
Corporate Loan | Commercial, industrial, agricultural | Substandard | |||||
Total loans | |||||
2021 | 399 | 399 | |||
2020 | 625 | 625 | |||
2019 | 18,209 | 18,209 | |||
2018 | 61,422 | 61,422 | |||
2017 | 15,454 | 15,454 | |||
Prior | 35,961 | 35,961 | |||
Revolving Loans | 17,980 | 17,980 | |||
Total | 150,050 | 150,050 | |||
Corporate Loan | Commercial, industrial, agricultural | Non-accrual | |||||
Total loans | |||||
2021 | 1,182 | 1,182 | |||
2020 | 2,430 | 2,430 | |||
2019 | 10,425 | 10,425 | |||
2018 | 19,481 | 19,481 | |||
2017 | 2,382 | 2,382 | |||
Prior | 12,666 | 12,666 | |||
Revolving Loans | 3,727 | 3,727 | |||
Total | 52,293 | 52,293 | |||
Corporate Loan | Commercial, industrial, agricultural | Net loan charge-offs | |||||
Total loans | |||||
2021 | 0 | 0 | |||
2020 | 775 | 775 | |||
2019 | 752 | 752 | |||
2018 | 4,317 | 4,317 | |||
2017 | 9,775 | 9,775 | |||
Prior | 172 | 172 | |||
Revolving Loans | 1,045 | 1,045 | |||
Total | 16,836 | 16,836 | |||
Corporate Loan | Office, retail, and industrial | |||||
Total loans | |||||
2021 | 87,564 | 87,564 | |||
2020 | 140,564 | 140,564 | |||
2019 | 230,176 | 230,176 | |||
2018 | 200,790 | 200,790 | |||
2017 | 255,851 | 255,851 | |||
Prior | 881,794 | 881,794 | |||
Revolving Loans | 10,689 | 10,689 | |||
Total | 1,807,428 | 1,807,428 | |||
Corporate Loan | Office, retail, and industrial | Pass | |||||
Total loans | |||||
2021 | 87,564 | 87,564 | |||
2020 | 139,618 | 139,618 | |||
2019 | 227,270 | 227,270 | |||
2018 | 173,567 | 173,567 | |||
2017 | 244,300 | 244,300 | |||
Prior | 789,382 | 789,382 | |||
Revolving Loans | 10,689 | 10,689 | |||
Total | 1,672,390 | 1,672,390 | |||
Corporate Loan | Office, retail, and industrial | Special Mention | |||||
Total loans | |||||
2021 | 0 | 0 | |||
2020 | 314 | 314 | |||
2019 | 2,906 | 2,906 | |||
2018 | 5,767 | 5,767 | |||
2017 | 8,917 | 8,917 | |||
Prior | 33,752 | 33,752 | |||
Revolving Loans | 0 | 0 | |||
Total | 51,656 | 51,656 | |||
Corporate Loan | Office, retail, and industrial | Substandard | |||||
Total loans | |||||
2021 | 0 | 0 | |||
2020 | 632 | 632 | |||
2019 | 0 | 0 | |||
2018 | 21,325 | 21,325 | |||
2017 | 2,465 | 2,465 | |||
Prior | 39,476 | 39,476 | |||
Revolving Loans | 0 | 0 | |||
Total | 63,898 | 63,898 | |||
Corporate Loan | Office, retail, and industrial | Non-accrual | |||||
Total loans | |||||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 131 | 131 | |||
2017 | 169 | 169 | |||
Prior | 19,184 | 19,184 | |||
Revolving Loans | 0 | 0 | |||
Total | 19,484 | 19,484 | |||
Corporate Loan | Office, retail, and industrial | Net loan charge-offs | |||||
Total loans | |||||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 261 | 261 | |||
2018 | 3,899 | 3,899 | |||
2017 | 1,023 | 1,023 | |||
Prior | 3,072 | 3,072 | |||
Revolving Loans | 0 | 0 | |||
Total | 8,255 | 8,255 | |||
Corporate Loan | Multi- family | |||||
Total loans | |||||
2021 | 131,931 | 131,931 | |||
2020 | 152,933 | 152,933 | |||
2019 | 160,428 | 160,428 | |||
2018 | 88,155 | 88,155 | |||
2017 | 126,449 | 126,449 | |||
Prior | 334,850 | 334,850 | |||
Revolving Loans | 17,976 | 17,976 | |||
Total | 1,012,722 | 1,012,722 | |||
Corporate Loan | Multi- family | Pass | |||||
Total loans | |||||
2021 | 131,931 | 131,931 | |||
2020 | 152,933 | 152,933 | |||
2019 | 160,428 | 160,428 | |||
2018 | 77,857 | 77,857 | |||
2017 | 125,443 | 125,443 | |||
Prior | 286,737 | 286,737 | |||
Revolving Loans | 17,976 | 17,976 | |||
Total | 953,305 | 953,305 | |||
Corporate Loan | Multi- family | Special Mention | |||||
Total loans | |||||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 9,918 | 9,918 | |||
2017 | 0 | 0 | |||
Prior | 35,754 | 35,754 | |||
Revolving Loans | 0 | 0 | |||
Total | 45,672 | 45,672 | |||
Corporate Loan | Multi- family | Substandard | |||||
Total loans | |||||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 380 | 380 | |||
2017 | 71 | 71 | |||
Prior | 9,879 | 9,879 | |||
Revolving Loans | 0 | 0 | |||
Total | 10,330 | 10,330 | |||
Corporate Loan | Multi- family | Non-accrual | |||||
Total loans | |||||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 0 | 0 | |||
2017 | 935 | 935 | |||
Prior | 2,480 | 2,480 | |||
Revolving Loans | 0 | 0 | |||
Total | 3,415 | 3,415 | |||
Corporate Loan | Multi- family | Net loan charge-offs | |||||
Total loans | |||||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 0 | 0 | |||
2017 | 4 | 4 | |||
Prior | (7) | (7) | |||
Revolving Loans | 0 | 0 | |||
Total | (3) | (3) | |||
Corporate Loan | Construction | |||||
Total loans | |||||
2021 | 38,449 | 38,449 | |||
2020 | 113,848 | 113,848 | |||
2019 | 98,665 | 98,665 | |||
2018 | 135,106 | 135,106 | |||
2017 | 77,211 | 77,211 | |||
Prior | 88,630 | 88,630 | |||
Revolving Loans | 25,429 | 25,429 | |||
Total | 577,338 | 577,338 | |||
Corporate Loan | Construction | Pass | |||||
Total loans | |||||
2021 | 38,449 | 38,449 | |||
2020 | 113,848 | 113,848 | |||
2019 | 98,665 | 98,665 | |||
2018 | 135,066 | 135,066 | |||
2017 | 74,662 | 74,662 | |||
Prior | 77,655 | 77,655 | |||
Revolving Loans | 25,429 | 25,429 | |||
Total | 563,774 | 563,774 | |||
Corporate Loan | Construction | Special Mention | |||||
Total loans | |||||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 40 | 40 | |||
2017 | 0 | 0 | |||
Prior | 72 | 72 | |||
Revolving Loans | 0 | 0 | |||
Total | 112 | 112 | |||
Corporate Loan | Construction | Substandard | |||||
Total loans | |||||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 0 | 0 | |||
2017 | 1,395 | 1,395 | |||
Prior | 9,088 | 9,088 | |||
Revolving Loans | 0 | 0 | |||
Total | 10,483 | 10,483 | |||
Corporate Loan | Construction | Non-accrual | |||||
Total loans | |||||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 0 | 0 | |||
2017 | 1,154 | 1,154 | |||
Prior | 1,815 | 1,815 | |||
Revolving Loans | 0 | 0 | |||
Total | 2,969 | 2,969 | |||
Corporate Loan | Construction | Net loan charge-offs | |||||
Total loans | |||||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 0 | 0 | |||
2017 | (10) | (10) | |||
Prior | 177 | 177 | |||
Revolving Loans | 41 | 41 | |||
Total | 208 | 208 | |||
Corporate Loan | Other commercial real estate | |||||
Total loans | |||||
2021 | 154,306 | 154,306 | |||
2020 | 173,606 | 173,606 | |||
2019 | 175,569 | 175,569 | |||
2018 | 247,203 | 247,203 | |||
2017 | 188,003 | 188,003 | |||
Prior | 493,637 | 493,637 | |||
Revolving Loans | 29,046 | 29,046 | |||
Total | 1,461,370 | 1,461,370 | |||
Corporate Loan | Other commercial real estate | Pass | |||||
Total loans | |||||
2021 | 154,306 | 154,306 | |||
2020 | 173,606 | 173,606 | |||
2019 | 149,218 | 149,218 | |||
2018 | 216,066 | 216,066 | |||
2017 | 143,310 | 143,310 | |||
Prior | 380,975 | 380,975 | |||
Revolving Loans | 28,641 | 28,641 | |||
Total | 1,246,122 | 1,246,122 | |||
Corporate Loan | Other commercial real estate | Special Mention | |||||
Total loans | |||||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 24,432 | 24,432 | |||
2018 | 13,724 | 13,724 | |||
2017 | 22,808 | 22,808 | |||
Prior | 39,503 | 39,503 | |||
Revolving Loans | 0 | 0 | |||
Total | 100,467 | 100,467 | |||
Corporate Loan | Other commercial real estate | Substandard | |||||
Total loans | |||||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 1,919 | 1,919 | |||
2018 | 17,101 | 17,101 | |||
2017 | 20,747 | 20,747 | |||
Prior | 50,957 | 50,957 | |||
Revolving Loans | 242 | 242 | |||
Total | 90,966 | 90,966 | |||
Corporate Loan | Other commercial real estate | Non-accrual | |||||
Total loans | |||||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 312 | 312 | |||
2017 | 1,138 | 1,138 | |||
Prior | 22,202 | 22,202 | |||
Revolving Loans | 163 | 163 | |||
Total | 23,815 | 23,815 | |||
Corporate Loan | Other commercial real estate | Net loan charge-offs | |||||
Total loans | |||||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 246 | 246 | |||
2017 | (62) | (62) | |||
Prior | 646 | 646 | |||
Revolving Loans | 0 | 0 | |||
Total | 830 | 830 | |||
Consumer | |||||
Total loans | |||||
Total | 4,519,464 | 4,519,464 | 4,194,209 | ||
Consumer | Home equity | |||||
Total loans | |||||
2021 | 5,020 | 5,020 | |||
2020 | 11,149 | 11,149 | |||
2019 | 8,859 | 8,859 | |||
2018 | 11,737 | 11,737 | |||
2017 | 9,472 | 9,472 | |||
Prior | 60,030 | 60,030 | |||
Revolving Loans | 523,100 | 523,100 | |||
Total | 629,367 | 629,367 | 761,725 | ||
Consumer net loan charge-offs | |||||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 26 | 26 | |||
2017 | (42) | (42) | |||
Prior | (112) | (112) | |||
Revolving Loans | (14) | (14) | |||
Total | (142) | (142) | |||
Consumer | Home equity | Performing | |||||
Total loans | |||||
2021 | 5,020 | 5,020 | |||
2020 | 11,149 | 11,149 | |||
2019 | 8,859 | 8,859 | |||
2018 | 11,199 | 11,199 | |||
2017 | 9,246 | 9,246 | |||
Prior | 53,069 | 53,069 | |||
Revolving Loans | 520,877 | 520,877 | |||
Total | 619,419 | 619,419 | |||
Consumer | Home equity | Non-accrual | |||||
Total loans | |||||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 538 | 538 | |||
2017 | 226 | 226 | |||
Prior | 6,961 | 6,961 | |||
Revolving Loans | 2,223 | 2,223 | |||
Total | 9,948 | 9,948 | |||
Consumer | 1-4 family mortgages | |||||
Total loans | |||||
2021 | 371,229 | 371,229 | |||
2020 | 1,696,920 | 1,696,920 | |||
2019 | 683,838 | 683,838 | |||
2018 | 142,347 | 142,347 | |||
2017 | 91,498 | 91,498 | |||
Prior | 301,941 | 301,941 | |||
Revolving Loans | 0 | 0 | |||
Total | 3,287,773 | 3,287,773 | |||
Consumer net loan charge-offs | |||||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 2 | 2 | |||
2017 | 0 | 0 | |||
Prior | 208 | 208 | |||
Revolving Loans | 0 | 0 | |||
Total | 210 | 210 | |||
Consumer | 1-4 family mortgages | Performing | |||||
Total loans | |||||
2021 | 371,229 | 371,229 | |||
2020 | 1,696,057 | 1,696,057 | |||
2019 | 683,454 | 683,454 | |||
2018 | 141,720 | 141,720 | |||
2017 | 90,860 | 90,860 | |||
Prior | 291,895 | 291,895 | |||
Revolving Loans | 0 | 0 | |||
Total | 3,275,215 | 3,275,215 | |||
Consumer | 1-4 family mortgages | Non-accrual | |||||
Total loans | |||||
2021 | 0 | 0 | |||
2020 | 863 | 863 | |||
2019 | 384 | 384 | |||
2018 | 627 | 627 | |||
2017 | 638 | 638 | |||
Prior | 10,046 | 10,046 | |||
Revolving Loans | 0 | 0 | |||
Total | 12,558 | 12,558 | |||
Consumer | Installment | |||||
Total loans | |||||
2021 | 138,273 | 138,273 | |||
2020 | 148,363 | 148,363 | |||
2019 | 126,842 | 126,842 | |||
2018 | 87,780 | 87,780 | |||
2017 | 37,576 | 37,576 | |||
Prior | 25,380 | 25,380 | |||
Revolving Loans | 38,110 | 38,110 | |||
Total | 602,324 | 602,324 | $ 410,071 | ||
Consumer net loan charge-offs | |||||
2021 | 14 | 14 | |||
2020 | 959 | 959 | |||
2019 | 2,072 | 2,072 | |||
2018 | 1,170 | 1,170 | |||
2017 | 193 | 193 | |||
Prior | (115) | (115) | |||
Revolving Loans | 27 | 27 | |||
Total | 4,320 | 4,320 | |||
Consumer | Installment | Performing | |||||
Total loans | |||||
2021 | 138,273 | 138,273 | |||
2020 | 148,363 | 148,363 | |||
2019 | 126,842 | 126,842 | |||
2018 | 87,780 | 87,780 | |||
2017 | 37,576 | 37,576 | |||
Prior | 25,380 | 25,380 | |||
Revolving Loans | 38,110 | 38,110 | |||
Total | 602,324 | 602,324 | |||
Consumer | Installment | Non-accrual | |||||
Total loans | |||||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
2018 | 0 | 0 | |||
2017 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans | 0 | 0 | |||
Total | $ 0 | $ 0 |
Past Due Loans, Allowance For_9
Past Due Loans, Allowance For Credit Losses, Non-Accrual Loans, and TDRS - TDRs By Class (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | |||
Accruing | $ 782 | $ 813 | |
Non-accrual | 7,403 | 11,703 | |
Total | 8,185 | 12,516 | $ 13,294 |
Eligible modifications, outstanding balance | 88,500 | ||
Specific reserves related to TDRs | 252 | 140 | |
Commercial, industrial, agricultural | Commercial and industrial | |||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | |||
Accruing | 0 | 0 | |
Non-accrual | 6,923 | 8,859 | |
Total | 6,923 | 8,859 | |
Commercial, industrial, agricultural | Agricultural | |||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | |||
Accruing | 0 | 0 | |
Non-accrual | 0 | 0 | |
Total | 0 | 0 | |
Commercial real estate | |||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | |||
Accruing | 164 | 184 | |
Non-accrual | 153 | 2,500 | |
Total | 317 | 2,684 | |
Commercial real estate | Office, retail, and industrial | |||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | |||
Accruing | 0 | 0 | |
Non-accrual | 0 | 2,340 | |
Total | 0 | 2,340 | |
Commercial real estate | Multi- family | |||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | |||
Accruing | 0 | 0 | |
Non-accrual | 153 | 160 | |
Total | 153 | 160 | |
Commercial real estate | Construction | |||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | |||
Accruing | 0 | 0 | |
Non-accrual | 0 | 0 | |
Total | 0 | 0 | |
Commercial real estate | Other commercial real estate | |||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | |||
Accruing | 164 | 184 | |
Non-accrual | 0 | 0 | |
Total | 164 | 184 | |
Total corporate loans | |||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | |||
Accruing | 164 | 184 | |
Non-accrual | 7,076 | 11,359 | |
Total | 7,240 | 11,543 | |
Consumer | |||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | |||
Accruing | 618 | 629 | |
Non-accrual | 327 | 344 | |
Total | 945 | 973 | |
Consumer | Home equity | |||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | |||
Accruing | 30 | 31 | |
Non-accrual | 108 | 116 | |
Total | 138 | 147 | |
Consumer | 1-4 family mortgages | |||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | |||
Accruing | 588 | 598 | |
Non-accrual | 219 | 228 | |
Total | 807 | 826 | |
Consumer | Installment | |||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | |||
Accruing | 0 | 0 | |
Non-accrual | 0 | 0 | |
Total | $ 0 | $ 0 |
Past Due Loans, Allowance Fo_10
Past Due Loans, Allowance For Credit Losses, Non-Accrual Loans, and TDRS - TDR Rollforward (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Troubled Debt Restructuring Activity Rollforward [Roll Forward] | |||||
Beginning balance | $ 12,516,000 | ||||
Ending balance | $ 8,185,000 | $ 13,294,000 | 8,185,000 | $ 13,294,000 | |
Material commitments to lend additional funds to borrowers with TDRs | 0 | 0 | $ 0 | ||
Accruing | |||||
Troubled Debt Restructuring Activity Rollforward [Roll Forward] | |||||
Beginning balance | 798,000 | 1,216,000 | 813,000 | 1,233,000 | |
Additions | 0 | 0 | 0 | 0 | |
Net payments | (16,000) | (15,000) | (31,000) | (32,000) | |
Net transfers to non-accrual | 0 | 0 | 0 | 0 | |
Ending balance | 782,000 | 1,201,000 | 782,000 | 1,201,000 | |
Non-accrual | |||||
Troubled Debt Restructuring Activity Rollforward [Roll Forward] | |||||
Beginning balance | 8,011,000 | 17,917,000 | 11,703,000 | 20,514,000 | |
Additions | 0 | 0 | 0 | 934,000 | |
Net payments | (609,000) | (2,595,000) | (3,274,000) | (3,253,000) | |
Charge-offs | 1,000 | (3,229,000) | (1,026,000) | (6,102,000) | |
Net transfers from accruing | 0 | 0 | 0 | 0 | |
Ending balance | $ 7,403,000 | $ 12,093,000 | $ 7,403,000 | $ 12,093,000 |
Lease Obligations - Narrative (
Lease Obligations - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)branch | |
Leases [Abstract] | |||||
Operating lease, weighted average remaining lease term | 9 years 4 months 24 days | 9 years 4 months 24 days | |||
Operating lease, weighted average discount rate (as a percent) | 2.71% | 2.71% | |||
Operating lease, right-of-use asset | $ 144,100 | $ 144,100 | |||
Operating lease, right-of-use asset, statement of financial position | Accrued interest receivable and other assets | Accrued interest receivable and other assets | |||
Retail branch network | branch | 17 | ||||
Retail branch network percent | 15.00% | ||||
Optimization costs | $ 31 | $ 0 | $ 1,556 | $ 0 | $ 19,900 |
Right-of-use asset | 9,100 | ||||
Impairment charge | $ 8,900 |
Lease Obligations - Schedule of
Lease Obligations - Schedule of Lease Liability (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Leases [Abstract] | |
2021 | $ 11,307 |
2022 | 22,525 |
2023 | 22,625 |
2024 | 22,443 |
2025 | 21,257 |
2026 and thereafter | 96,135 |
Total minimum lease payments | 196,292 |
Discount | (24,513) |
Lease liability | $ 171,779 |
Operating lease, liability, statement of financial position | Accrued interest payable and other liabilities |
Lease Obligations - Schedule _2
Lease Obligations - Schedule of Net Operating Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Lease expense charged to operations | $ 4,441 | $ 4,839 | $ 9,052 | $ 9,514 |
Rental income from premises leased to others | (108) | (183) | (222) | (398) |
Net operating lease expense | $ 4,333 | $ 4,656 | $ 8,830 | $ 9,116 |
Material Transactions Affecti_2
Material Transactions Affecting Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 09, 2020 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Feb. 26, 2020 | Feb. 25, 2020 |
Class of Stock [Line Items] | |||||||
Preferred stock, shares issued (in shares) | 231,000 | 231,000 | |||||
Preferred stock issued | $ 221,312 | $ 221,312 | |||||
Net proceeds from the issuance of preferred stock | $ 221,200 | $ 0 | $ 221,312 | ||||
Stock repurchase program, authorized amount | $ 200,000 | $ 180,000 | |||||
Common stock repurchased (in shares) | 715,000 | ||||||
Total cost of common stock repurchased | $ 14,900 | ||||||
Depository Series A Shares | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, shares issued (in shares) | 4,300,000 | 4,300,000 | |||||
Preferred stock, fixed rate (as a percent) | 7.00% | ||||||
Preferred stock, conversion rate (as a percent) | 2.50% | ||||||
Depository Series C Shares | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, shares issued (in shares) | 4,900,000 | 4,900,000 | |||||
Preferred stock, fixed rate (as a percent) | 7.00% | ||||||
Preferred stock, conversion rate (as a percent) | 2.50% | ||||||
Depository Shares | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock issued | $ 230,500 | ||||||
Bankmanagers Corporation | |||||||
Class of Stock [Line Items] | |||||||
Acquisitions, net of issuance costs (in shares) | 4,930,231 | ||||||
Shares issued (in dollars per share) | $ 14.58 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 51,121 | $ 19,064 | $ 96,144 | $ 38,670 |
Preferred dividends | (4,034) | (1,037) | (8,068) | (1,037) |
Net income applicable to unvested restricted shares | (521) | (187) | (1,007) | (379) |
Net income applicable to common shareholders | $ 46,566 | $ 17,840 | $ 87,069 | $ 37,254 |
Weighted-average common shares outstanding: | ||||
Weighted-average common shares outstanding (basic) (in Shares) | 112,865 | 113,145 | 112,980 | 111,533 |
Dilutive effect of common stock equivalents (in Shares) | 775 | 191 | 757 | 339 |
Weighted-average diluted common shares outstanding (in Shares) | 113,640 | 113,336 | 113,737 | 111,872 |
Basic EPS (in dollars per share) | $ 0.41 | $ 0.16 | $ 0.77 | $ 0.33 |
Diluted EPS (in dollars per share) | $ 0.41 | $ 0.16 | $ 0.77 | $ 0.33 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Derivative [Line Items] | |||||
Amount hedged of borrowed funds using forward starting interest rate swaps | $ 25,000 | $ 25,000 | |||
Amount to be hedged of borrowed funds using forward starting interest rate swaps | $ 25,000 | $ 25,000 | |||
Weighted-average interest rate to be paid (as a percent) | 0.60% | 0.60% | |||
Interest rate cash flow hedge loss to be reclassified during next 12 months, net | $ (6,900) | $ (6,900) | |||
Capital market products income | $ 1,954 | $ 694 | $ 4,043 | $ 5,416 | |
Portion of fair value of outstanding interest rate swaps covered by collateral agreements (percent) | 100.00% | 100.00% | 100.00% | ||
Cash Flow Hedging | |||||
Derivative [Line Items] | |||||
Amount of variable rate loans hedged using interest rate swaps | $ 430,000 | $ 430,000 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Cash Flow Hedges (Details) - Cash Flow Hedging - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gross notional amount outstanding | $ 455,000,000 | $ 455,000,000 |
Derivative asset fair value in other assets | 1,410,000 | 3,707,000 |
Derivative liability fair value in other liabilities | $ 0 | $ (1,000) |
Weighted-average interest rate received | 2.18% | 2.18% |
Weighted-average interest rate paid | 0.11% | 0.15% |
Weighted-average maturity (in years) | 1 year | 1 year 6 months |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Other Derivative Instruments (Details) - Other Derivative Instruments - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Gross notional amount outstanding | $ 4,674,616 | $ 4,491,398 |
Derivative asset fair value in other assets | 101,027 | 149,997 |
Derivative liability fair value in other liabilities | (33,528) | (44,580) |
Fair value of derivative | $ 34,527 | $ 46,018 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Cash Flow Hedge Accounting on AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gains (losses) recognized in other comprehensive income | $ (2,287) | $ (7,300) | $ (4,082) | $ (17,340) |
Interest rate swaps in interest income | Cash Flow Hedging | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gains (losses) recognized in other comprehensive income | 151 | 5,951 | 354 | 27,955 |
Reclassification of gains included in net income | 2,226 | 2,624 | 4,430 | 3,069 |
Interest rate swaps in interest expense | Cash Flow Hedging | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gains (losses) recognized in other comprehensive income | (90) | (1,276) | (702) | (13,685) |
Reclassification of gains included in net income | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Effect Of Derivatives On Interest Income (Details) - Designated as Hedging Instrument - Cash Flow Hedging - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Total cash flow hedges | $ 2,226 | $ 2,624 | $ 4,430 | $ 3,069 |
Interest rate swaps in interest income | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Total cash flow hedges | 2,226 | 2,624 | 4,430 | 3,069 |
Interest rate swaps in interest expense | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Total cash flow hedges | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Offsetting Derivatives (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Gross amounts recognized | $ 102,437 | $ 153,704 |
Less: amounts offset in the Consolidated Statements of Financial Condition | 0 | 0 |
Net amount presented in the Consolidated Statements of Financial Condition | 102,437 | 153,704 |
Offsetting derivative positions | (3,467) | (5,239) |
Cash collateral pledged | 0 | 0 |
Net credit exposure | 98,970 | 148,465 |
Liabilities | ||
Gross amounts recognized | 33,528 | 44,581 |
Less: amounts offset in the Consolidated Statements of Financial Condition | 0 | 0 |
Net amount presented in the Consolidated Statements of Financial Condition | 33,528 | 44,581 |
Offsetting derivative positions | (3,467) | (5,239) |
Cash collateral pledged | (28,720) | (39,970) |
Net credit exposure | $ 1,341 | $ (628) |
Commitments, Guarantees, and _3
Commitments, Guarantees, and Contingent Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Other Commitments [Line Items] | ||
Letters of credit | $ 115,722 | $ 115,130 |
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Commercial, industrial, and agricultural | 2,320,641 | 2,318,346 |
Commercial real estate | 449,176 | 378,282 |
Home equity | 634,071 | 611,640 |
Other commitments | 272,225 | 264,869 |
Total commitments to extend credit | $ 3,676,113 | $ 3,573,137 |
Fair Value - Recurring Fair Val
Fair Value - Recurring Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||||||
Equity securities | $ 112,977 | $ 76,404 | ||||
Securities available-for-sale | ||||||
Securities available-for-sale, at fair value | 3,156,194 | 3,096,408 | ||||
Mortgage servicing rights (MSRs) | 6,269 | $ 6,361 | 4,899 | $ 4,464 | $ 4,874 | $ 5,858 |
U.S. treasury securities | ||||||
Securities available-for-sale | ||||||
Securities available-for-sale, at fair value | 1,003 | 12,051 | ||||
U.S. agency securities | ||||||
Securities available-for-sale | ||||||
Securities available-for-sale, at fair value | 598,797 | 652,474 | ||||
CMOs | ||||||
Securities available-for-sale | ||||||
Securities available-for-sale, at fair value | 1,339,626 | 1,438,518 | ||||
MBSs | ||||||
Securities available-for-sale | ||||||
Securities available-for-sale, at fair value | 814,361 | 580,840 | ||||
Municipal securities | ||||||
Securities available-for-sale | ||||||
Securities available-for-sale, at fair value | 221,901 | 236,015 | ||||
Corporate debt securities | ||||||
Securities available-for-sale | ||||||
Securities available-for-sale, at fair value | 180,506 | 176,510 | ||||
Recurring | Level 1 | ||||||
Assets | ||||||
Equity securities | 87,480 | 52,888 | ||||
Securities available-for-sale | ||||||
Securities available-for-sale, at fair value | 1,003 | 12,051 | ||||
Mortgage servicing rights (MSRs) | 0 | 0 | ||||
Derivative assets | 0 | 0 | ||||
Liabilities | ||||||
Derivative liabilities | 0 | 0 | ||||
Recurring | Level 1 | U.S. treasury securities | ||||||
Securities available-for-sale | ||||||
Securities available-for-sale, at fair value | 1,003 | 12,051 | ||||
Recurring | Level 1 | U.S. agency securities | ||||||
Securities available-for-sale | ||||||
Securities available-for-sale, at fair value | 0 | 0 | ||||
Recurring | Level 1 | CMOs | ||||||
Securities available-for-sale | ||||||
Securities available-for-sale, at fair value | 0 | 0 | ||||
Recurring | Level 1 | MBSs | ||||||
Securities available-for-sale | ||||||
Securities available-for-sale, at fair value | 0 | 0 | ||||
Recurring | Level 1 | Municipal securities | ||||||
Securities available-for-sale | ||||||
Securities available-for-sale, at fair value | 0 | 0 | ||||
Recurring | Level 1 | Corporate debt securities | ||||||
Securities available-for-sale | ||||||
Securities available-for-sale, at fair value | 0 | 0 | ||||
Recurring | Level 2 | ||||||
Assets | ||||||
Equity securities | 20,497 | 18,516 | ||||
Securities available-for-sale | ||||||
Securities available-for-sale, at fair value | 3,155,191 | 3,084,357 | ||||
Mortgage servicing rights (MSRs) | 0 | 0 | ||||
Derivative assets | 102,437 | 153,704 | ||||
Liabilities | ||||||
Derivative liabilities | 33,528 | 44,581 | ||||
Recurring | Level 2 | U.S. treasury securities | ||||||
Securities available-for-sale | ||||||
Securities available-for-sale, at fair value | 0 | 0 | ||||
Recurring | Level 2 | U.S. agency securities | ||||||
Securities available-for-sale | ||||||
Securities available-for-sale, at fair value | 598,797 | 652,474 | ||||
Recurring | Level 2 | CMOs | ||||||
Securities available-for-sale | ||||||
Securities available-for-sale, at fair value | 1,339,626 | 1,438,518 | ||||
Recurring | Level 2 | MBSs | ||||||
Securities available-for-sale | ||||||
Securities available-for-sale, at fair value | 814,361 | 580,840 | ||||
Recurring | Level 2 | Municipal securities | ||||||
Securities available-for-sale | ||||||
Securities available-for-sale, at fair value | 221,901 | 236,015 | ||||
Recurring | Level 2 | Corporate debt securities | ||||||
Securities available-for-sale | ||||||
Securities available-for-sale, at fair value | 180,506 | 176,510 | ||||
Recurring | Level 3 | ||||||
Assets | ||||||
Equity securities | 0 | 0 | ||||
Securities available-for-sale | ||||||
Securities available-for-sale, at fair value | 0 | 0 | ||||
Mortgage servicing rights (MSRs) | 6,269 | 4,899 | ||||
Derivative assets | 0 | 0 | ||||
Liabilities | ||||||
Derivative liabilities | 0 | 0 | ||||
Recurring | Level 3 | U.S. treasury securities | ||||||
Securities available-for-sale | ||||||
Securities available-for-sale, at fair value | 0 | 0 | ||||
Recurring | Level 3 | U.S. agency securities | ||||||
Securities available-for-sale | ||||||
Securities available-for-sale, at fair value | 0 | 0 | ||||
Recurring | Level 3 | CMOs | ||||||
Securities available-for-sale | ||||||
Securities available-for-sale, at fair value | 0 | 0 | ||||
Recurring | Level 3 | MBSs | ||||||
Securities available-for-sale | ||||||
Securities available-for-sale, at fair value | 0 | 0 | ||||
Recurring | Level 3 | Municipal securities | ||||||
Securities available-for-sale | ||||||
Securities available-for-sale, at fair value | 0 | 0 | ||||
Recurring | Level 3 | Corporate debt securities | ||||||
Securities available-for-sale | ||||||
Securities available-for-sale, at fair value | $ 0 | $ 0 |
Fair Value - Narrative (Details
Fair Value - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | $ 112,977 | $ 76,404 |
Total amount of loans being serviced for the benefit of others at the end of the period | $ 831,800 | 766,100 |
Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Appraisal adjustment (percent) | 0.00% | |
Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Appraisal adjustment (percent) | 15.00% | |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | $ 20,497 | $ 18,516 |
Community Development Investments | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | $ 5,000 |
Fair Value - Significant Unobse
Fair Value - Significant Unobservable Inputs Used In the Valuation of MSRs (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Minimum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Prepayment speed | 7.70% | 5.30% |
Maturity (months) | 22 months | 13 months |
Discount rate | 9.50% | 9.50% |
Maximum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Prepayment speed | 15.30% | 16.30% |
Maturity (months) | 83 months | 71 months |
Discount rate | 12.00% | 12.00% |
Fair Value - Carrying Value of
Fair Value - Carrying Value of Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Beginning balance | $ 6,361 | $ 4,874 | $ 4,899 | $ 5,858 |
New MSRs | 530 | 745 | 1,567 | 901 |
Total gains (losses) included in earnings: | ||||
Changes in valuation inputs and assumptions | (300) | (750) | 466 | (1,658) |
Other changes in fair value | (322) | (405) | (663) | (637) |
Ending balance | 6,269 | 4,464 | 6,269 | 4,464 |
Contractually servicing fees earned | $ 471 | $ 394 | $ 960 | $ 797 |
Fair Value - Assets Measured At
Fair Value - Assets Measured At Fair Value On A Non-Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
OREO | $ 5,289 | $ 8,253 |
Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 0 | 0 |
OREO | 0 | 0 |
Loans held-for-sale | 0 | 0 |
Assets held-for-sale | 0 | 0 |
Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 0 | 0 |
OREO | 0 | 0 |
Loans held-for-sale | 0 | 0 |
Assets held-for-sale | 0 | 0 |
Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 46,614 | 21,246 |
OREO | 2,000 | 0 |
Loans held-for-sale | 19,511 | 44,965 |
Assets held-for-sale | $ 4,205 | $ 3,722 |
Fair Value - Fair Value Measure
Fair Value - Fair Value Measurements of Other Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 232,989 | $ 196,364 |
Interest-bearing deposits in other banks | 1,312,412 | 920,880 |
Securities held-to-maturity | 11,593 | 12,071 |
FHLB and FRB stock | 106,890 | 117,420 |
Loans | 14,820,618 | 14,512,215 |
Investment in BOLI | 300,537 | 301,101 |
Liabilities | ||
Deposits | 17,032,883 | 16,012,464 |
Borrowed funds | 1,299,424 | 1,546,414 |
Senior and subordinated debt | 235,178 | 234,768 |
Carrying Amount | Level 1 | ||
Assets | ||
Cash and due from banks | 232,989 | 196,364 |
Carrying Amount | Level 2 | ||
Assets | ||
Interest-bearing deposits in other banks | 1,312,412 | 920,880 |
Securities held-to-maturity | 11,593 | 12,071 |
FHLB and FRB stock | 106,890 | 117,420 |
Liabilities | ||
Deposits | 17,032,883 | 16,012,464 |
Borrowed funds | 1,299,424 | 1,546,414 |
Senior and subordinated debt | 235,178 | 234,768 |
Accrued interest payable | 4,573 | 4,826 |
Carrying Amount | Level 3 | ||
Assets | ||
Loans | 14,820,618 | 14,512,215 |
Investment in BOLI | 300,537 | 301,101 |
Accrued interest receivable | 62,964 | 68,390 |
Fair Value | Level 1 | ||
Assets | ||
Cash and due from banks | 232,989 | 196,364 |
Fair Value | Level 2 | ||
Assets | ||
Interest-bearing deposits in other banks | 1,312,412 | 920,880 |
Securities held-to-maturity | 11,125 | 11,686 |
FHLB and FRB stock | 106,890 | 117,420 |
Liabilities | ||
Deposits | 17,035,250 | 16,007,133 |
Borrowed funds | 1,299,424 | 1,546,414 |
Senior and subordinated debt | 284,691 | 281,842 |
Accrued interest payable | 4,573 | 4,826 |
Fair Value | Level 3 | ||
Assets | ||
Loans | 14,672,973 | 14,614,029 |
Investment in BOLI | 300,537 | 301,101 |
Accrued interest receivable | $ 62,964 | $ 68,390 |