Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 31, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-15817 | |
Entity Registrant Name | Old National Bancorp | |
Entity Incorporation, State or Country Code | IN | |
Entity Tax Identification Number | 35-1539838 | |
Entity Address, Address Line One | One Main Street | |
Entity Address, City or Town | Evansville, | |
Entity Address, State or Province | IN | |
Entity Address, Postal Zip Code | 47708 | |
City Area Code | (800) | |
Local Phone Number | 731-2265 | |
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 (in shares) | 318,970,000 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000707179 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common stock, no par value | |
Trading Symbol | ONB | |
Security Exchange Name | NASDAQ | |
Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series A | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series A | |
Trading Symbol | ONBPP | |
Security Exchange Name | NASDAQ | |
Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series C | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series C | |
Trading Symbol | ONBPO | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and due from banks | $ 428,665 | $ 430,866 |
Money market and other interest-earning investments | 804,381 | 744,192 |
Total cash and cash equivalents | 1,233,046 | 1,175,058 |
Equity securities, at fair value | 85,521 | 80,372 |
Investment securities - available-for-sale, at fair value (amortized cost $8,168,508 and $7,684,889, respectively) | 7,105,478 | 6,713,055 |
Investment securities - held-to-maturity, at amortized cost (fair value $2,512,502 and $2,601,188, respectively) | 2,986,449 | 3,013,493 |
Federal Home Loan Bank/Federal Reserve Bank stock, at cost | 374,147 | 365,588 |
Loans held-for-sale, at fair value | 66,126 | 32,006 |
Loans: | ||
Total loans, net of unearned income | 36,150,513 | 32,991,927 |
Allowance for credit losses on loans | (366,335) | (307,610) |
Net loans | 35,784,178 | 32,684,317 |
Premises and equipment, net | 601,945 | 565,396 |
Goodwill | 2,170,709 | 1,998,716 |
Other intangible assets | 135,495 | 102,250 |
Company-owned life insurance | 862,032 | 767,902 |
Accrued interest receivable and other assets | 1,714,519 | 1,591,683 |
Total assets | 53,119,645 | 49,089,836 |
Deposits: | ||
Noninterest-bearing demand | 9,336,042 | 9,664,247 |
Interest-bearing: | ||
Checking and NOW | 8,081,218 | 7,331,487 |
Savings | 4,983,811 | 5,099,186 |
Money market | 10,549,944 | 9,561,116 |
Time deposits | 7,048,213 | 5,579,144 |
Total deposits | 39,999,228 | 37,235,180 |
Federal funds purchased and interbank borrowings | 250,154 | 390 |
Securities sold under agreements to repurchase | 240,713 | 285,206 |
Federal Home Loan Bank advances | 4,744,560 | 4,280,681 |
Other borrowings | 849,777 | 764,870 |
Accrued expenses and other liabilities | 960,141 | 960,609 |
Total liabilities | 47,044,573 | 43,526,936 |
Shareholders’ Equity | ||
Preferred stock, 2,000 shares authorized, 231 shares issued and outstanding | 230,500 | 230,500 |
Common stock, no par value, $1.00 per share stated value, 600,000 shares authorized, 318,969 and 292,655 shares issued and outstanding, respectively | 318,969 | 292,655 |
Capital surplus | 4,550,965 | 4,159,924 |
Retained earnings | 1,766,046 | 1,618,630 |
Accumulated other comprehensive income (loss), net of tax | (791,408) | (738,809) |
Total shareholders’ equity | 6,075,072 | 5,562,900 |
Total liabilities and shareholders’ equity | 53,119,645 | 49,089,836 |
Commercial | ||
Loans: | ||
Total loans, net of unearned income | 10,332,631 | 9,512,230 |
Allowance for credit losses on loans | (138,460) | (118,333) |
Commercial real estate | ||
Loans: | ||
Total loans, net of unearned income | 16,016,958 | 14,140,629 |
Allowance for credit losses on loans | (189,911) | (155,099) |
Residential real estate | ||
Loans: | ||
Total loans, net of unearned income | 6,894,957 | 6,699,443 |
Allowance for credit losses on loans | (23,135) | (20,837) |
Consumer | ||
Loans: | ||
Total loans, net of unearned income | $ 2,905,967 | $ 2,639,625 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Available-for-sale, amortized cost | $ 8,168,508 | $ 7,684,889 |
Investment securities - held-to-maturity, fair value | $ 2,512,502 | $ 2,601,188 |
Preferred stock, shares authorized (in shares) | 2,000 | 2,000 |
Preferred stock, shares issued (in shares) | 231 | 231 |
Preferred stock, shares outstanding (in shares) | 231 | 231 |
Common stock, stated value (in dollars per share) | $ 1 | $ 1 |
Authorized and unissued common shares reserved for issuance (in shares) | 600,000 | 600,000 |
Common stock, shares issued (in shares) | 318,969 | 292,655 |
Common stock, shares outstanding (in shares) | 318,969 | 292,655 |
Consolidated Statements of Inco
Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Loans including fees: | ||||
Taxable | $ 545,622 | $ 449,896 | $ 1,032,983 | $ 860,271 |
Nontaxable | 13,243 | 10,925 | 26,345 | 21,137 |
Investment securities: | ||||
Taxable | 82,755 | 64,072 | 157,782 | 124,873 |
Nontaxable | 10,732 | 11,043 | 21,238 | 22,206 |
Money market and other interest-earning investments | 11,311 | 8,966 | 21,296 | 12,064 |
Total interest income | 663,663 | 544,902 | 1,259,644 | 1,040,551 |
Interest Expense | ||||
Deposits | 215,806 | 100,974 | 401,245 | 163,567 |
Federal funds purchased and interbank borrowings | 1,986 | 5,655 | 2,947 | 10,494 |
Securities sold under agreements to repurchase | 639 | 900 | 1,556 | 1,679 |
Federal Home Loan Bank advances | 44,643 | 45,088 | 85,810 | 83,084 |
Other borrowings | 12,168 | 10,114 | 23,207 | 18,068 |
Total interest expense | 275,242 | 162,731 | 514,765 | 276,892 |
Net interest income | 388,421 | 382,171 | 744,879 | 763,659 |
Provision for credit losses | 36,214 | 14,787 | 55,105 | 28,224 |
Net interest income after provision for credit losses | 352,207 | 367,384 | 689,774 | 735,435 |
Noninterest Income | ||||
Wealth and investment services fees | 29,358 | 26,521 | 57,662 | 53,441 |
Service charges on deposit accounts | 19,350 | 17,751 | 37,248 | 34,754 |
Debit card and ATM fees | 10,993 | 10,653 | 21,047 | 20,635 |
Mortgage banking revenue | 7,064 | 4,165 | 11,542 | 7,565 |
Capital markets income | 4,729 | 6,173 | 7,629 | 13,112 |
Company-owned life insurance | 5,739 | 4,698 | 9,173 | 7,884 |
Debt securities gains (losses), net | 2 | 17 | (14) | (5,199) |
Other income | 10,036 | 11,651 | 20,506 | 20,118 |
Total noninterest income | 87,271 | 81,629 | 164,793 | 152,310 |
Noninterest Expense | ||||
Salaries and employee benefits | 159,193 | 135,810 | 308,996 | 273,174 |
Occupancy | 26,547 | 26,085 | 53,566 | 54,367 |
Equipment | 8,704 | 7,721 | 17,375 | 15,110 |
Marketing | 11,284 | 9,833 | 21,918 | 19,250 |
Technology | 24,002 | 20,056 | 44,025 | 39,258 |
Communication | 4,480 | 4,232 | 8,480 | 8,693 |
Professional fees | 10,552 | 6,397 | 16,958 | 13,129 |
FDIC assessment | 9,676 | 9,624 | 20,989 | 20,028 |
Amortization of intangibles | 7,425 | 6,060 | 12,880 | 12,246 |
Amortization of tax credit investments | 2,747 | 2,762 | 5,496 | 5,523 |
Other expense | 18,389 | 18,004 | 34,633 | 36,517 |
Total noninterest expense | 282,999 | 246,584 | 545,316 | 497,295 |
Income before income taxes | 156,479 | 202,429 | 309,251 | 390,450 |
Income tax expense | 35,250 | 47,393 | 67,738 | 88,814 |
Net income | 121,229 | 155,036 | 241,513 | 301,636 |
Preferred dividends | (4,033) | (4,033) | (8,067) | (8,067) |
Net income applicable to common shareholders | $ 117,196 | $ 151,003 | $ 233,446 | $ 293,569 |
Net income per common share - basic (in dollars per share) | $ 0.37 | $ 0.52 | $ 0.77 | $ 1.01 |
Net income per common share - diluted (in dollars per share) | $ 0.37 | $ 0.52 | $ 0.77 | $ 1.01 |
Weighted average number of common shares outstanding - basic (in shares) | 315,585 | 290,559 | 303,283 | 290,822 |
Weighted average number of common shares outstanding - diluted (in shares) | 316,461 | 291,266 | 304,207 | 291,870 |
Dividends per common share (in dollars per share) | $ 0.14 | $ 0.14 | $ 0.28 | $ 0.28 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 121,229 | $ 155,036 | $ 241,513 | $ 301,636 |
Change in debt securities available-for-sale: | ||||
Unrealized holding gains (losses) for the period | (17,788) | (120,159) | (62,497) | (95,435) |
Reclassification adjustment for securities (gains) losses realized in income | (2) | (17) | 14 | 5,199 |
Income tax effect | 4,441 | 30,043 | 15,683 | 31,189 |
Unrealized gains (losses) on available-for-sale securities | (13,349) | (90,133) | (46,800) | (59,047) |
Change in securities held-to-maturity: | ||||
Amortization of unrealized losses on securities transferred from available-for-sale | 4,376 | 5,122 | 8,694 | 10,951 |
Income tax effect | (1,111) | (1,300) | (2,208) | (1,431) |
Changes from securities held-to-maturity | 3,265 | 3,822 | 6,486 | 9,520 |
Change in hedges: | ||||
Net unrealized derivative gains (losses) on hedges | (7,035) | 13,272 | (26,194) | 61,121 |
Reclassification adjustment for (gains) losses realized in net income | 4,747 | (32,112) | 9,624 | (24,820) |
Income tax effect | 592 | 4,872 | 4,285 | (8,848) |
Changes from hedges | (1,696) | (13,968) | (12,285) | 27,453 |
Change in defined benefit pension plans: | ||||
Amortization of net (gains) losses recognized in income | 0 | 6 | 0 | (182) |
Income tax effect | 0 | (2) | 0 | 45 |
Changes from defined benefit pension plans | 0 | 4 | 0 | (137) |
Other comprehensive income (loss), net of tax | (11,780) | (100,275) | (52,599) | (22,211) |
Comprehensive income (loss) | $ 109,449 | $ 54,761 | $ 188,914 | $ 279,425 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2022 | $ 5,128,595 | $ 230,500 | $ 292,903 | $ 4,174,265 | $ 1,217,349 | $ (786,422) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 146,600 | 146,600 | ||||
Other comprehensive income (loss) | 78,064 | 78,064 | ||||
Cash dividends: | ||||||
Common ($0.14 per share) | (41,088) | (41,088) | ||||
Preferred ($17.50 per share) | (4,034) | (4,034) | ||||
Common stock issued | 262 | 15 | 247 | |||
Common stock repurchased | (43,710) | (2,598) | (41,112) | |||
Share-based compensation expense | 12,742 | 12,742 | ||||
Stock activity under incentive compensation plans | (5) | 1,602 | (1,412) | (195) | ||
Ending balance at Mar. 31, 2023 | 5,277,426 | 230,500 | 291,922 | 4,144,730 | 1,318,632 | (708,358) |
Beginning balance at Dec. 31, 2022 | 5,128,595 | 230,500 | 292,903 | 4,174,265 | 1,217,349 | (786,422) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 301,636 | |||||
Other comprehensive income (loss) | (22,211) | |||||
Acquisition of CapStar Financial Holdings, Inc. | 0 | |||||
Ending balance at Jun. 30, 2023 | 5,292,095 | 230,500 | 292,597 | 4,149,089 | 1,428,542 | (808,633) |
Beginning balance at Mar. 31, 2023 | 5,277,426 | 230,500 | 291,922 | 4,144,730 | 1,318,632 | (708,358) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 155,036 | 155,036 | ||||
Other comprehensive income (loss) | (100,275) | (100,275) | ||||
Cash dividends: | ||||||
Common ($0.14 per share) | (40,932) | (40,932) | ||||
Preferred ($17.50 per share) | (4,033) | (4,033) | ||||
Common stock issued | 272 | 20 | 252 | |||
Common stock repurchased | (105) | (8) | (97) | |||
Share-based compensation expense | 5,247 | 5,247 | ||||
Stock activity under incentive compensation plans | (541) | 663 | (1,043) | (161) | ||
Ending balance at Jun. 30, 2023 | 5,292,095 | 230,500 | 292,597 | 4,149,089 | 1,428,542 | (808,633) |
Beginning balance at Dec. 31, 2023 | 5,562,900 | 230,500 | 292,655 | 4,159,924 | 1,618,630 | (738,809) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 120,284 | 120,284 | ||||
Other comprehensive income (loss) | (40,819) | (40,819) | ||||
Cash dividends: | ||||||
Common ($0.14 per share) | (41,060) | (41,060) | ||||
Preferred ($17.50 per share) | (4,034) | (4,034) | ||||
Common stock issued | 265 | 17 | 248 | |||
Common stock repurchased | (7,182) | (434) | (6,748) | |||
Share-based compensation expense | 5,491 | 5,491 | ||||
Stock activity under incentive compensation plans | (437) | 1,092 | (1,373) | (156) | ||
Ending balance at Mar. 31, 2024 | 5,595,408 | 230,500 | 293,330 | 4,157,542 | 1,693,664 | (779,628) |
Beginning balance at Dec. 31, 2023 | 5,562,900 | 230,500 | 292,655 | 4,159,924 | 1,618,630 | (738,809) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 241,513 | |||||
Other comprehensive income (loss) | (52,599) | |||||
Acquisition of CapStar Financial Holdings, Inc. | 417,598 | |||||
Ending balance at Jun. 30, 2024 | 6,075,072 | 230,500 | 318,969 | 4,550,965 | 1,766,046 | (791,408) |
Beginning balance at Mar. 31, 2024 | 5,595,408 | 230,500 | 293,330 | 4,157,542 | 1,693,664 | (779,628) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 121,229 | 121,229 | ||||
Other comprehensive income (loss) | (11,780) | (11,780) | ||||
Acquisition of CapStar Financial Holdings, Inc. | 417,598 | 24,014 | 393,584 | |||
Cash dividends: | ||||||
Common ($0.14 per share) | (44,656) | (44,656) | ||||
Preferred ($17.50 per share) | (4,033) | (4,033) | ||||
Common stock issued | 265 | 16 | 249 | |||
Common stock repurchased | (1,276) | (77) | (1,199) | |||
Share-based compensation expense | 9,062 | 9,062 | ||||
Stock activity under incentive compensation plans | (6,745) | 1,686 | (8,273) | (158) | ||
Ending balance at Jun. 30, 2024 | $ 6,075,072 | $ 230,500 | $ 318,969 | $ 4,550,965 | $ 1,766,046 | $ (791,408) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends per common share (in dollars per share) | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 |
Preferred dividends (in dollars per share) | $ 17.50 | $ 17.50 | $ 17.50 | $ 17.50 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash Flows From Operating Activities | ||
Net income | $ 241,513 | $ 301,636 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation | 18,947 | 18,386 |
Amortization of other intangible assets | 12,880 | 12,246 |
Amortization of tax credit investments | 5,496 | 5,523 |
Net premium amortization on investment securities | 3,493 | 7,061 |
Accretion income related to acquired loans | (13,083) | (11,485) |
Share-based compensation expense | 14,553 | 17,989 |
Provision for credit losses | 55,105 | 28,224 |
Debt securities (gains) losses, net | 14 | 5,199 |
Net (gains) losses on sales of loans and other assets | (3,898) | (45) |
Increase in cash surrender value of company-owned life insurance | (9,173) | (7,884) |
Residential real estate loans originated for sale | (363,341) | (225,753) |
Proceeds from sales of residential real estate loans | 349,486 | 218,253 |
(Increase) decrease in interest receivable | (3,734) | (14,677) |
(Increase) decrease in other assets | 17,335 | (38,540) |
Increase (decrease) in accrued expenses and other liabilities | (60,380) | (101,417) |
Net cash flows provided by (used in) operating activities | 265,213 | 214,716 |
Cash Flows From Investing Activities | ||
Cash received from merger, net | 177,791 | 0 |
Purchases of investment securities available-for-sale | (939,533) | (174,657) |
Purchases of investment securities held-to-maturity | 0 | (1,941) |
Purchases of Federal Home Loan Bank/Federal Reserve Bank stock | (8,559) | (99,159) |
Purchases of equity securities | (4,782) | (20,820) |
Proceeds from maturities, prepayments, and calls of investment securities available-for-sale | 503,319 | 333,937 |
Proceeds from sales of investment securities available-for-sale | 293,240 | 51,654 |
Proceeds from maturities, prepayments, and calls of investment securities held-to-maturity | 34,076 | 45,193 |
Proceeds from sales of Federal Home Loan Bank/Federal Reserve Bank stock | 14,426 | 1 |
Proceeds from sales of equity securities | 2,417 | 1,726 |
Loan originations and payments, net | (1,063,661) | (1,708,291) |
Proceeds from sales of commercial loans | 45,881 | 291,368 |
Proceeds from company-owned life insurance death benefits | 6,589 | 4,888 |
Proceeds from sales of premises and equipment and other assets | 0 | 2,369 |
Purchases of premises and equipment and other assets | (17,847) | (17,410) |
Net cash flows provided by (used in) investing activities | (956,643) | (1,291,142) |
Net increase (decrease) in: | ||
Deposits | 203,584 | 1,230,485 |
Federal funds purchased and interbank borrowings | 249,764 | (445,429) |
Securities sold under agreements to repurchase | (44,493) | (121,357) |
Other borrowings | 42,274 | 65,719 |
Payments for maturities of Federal Home Loan Bank advances | (1,300,000) | (1,650,150) |
Proceeds from Federal Home Loan Bank advances | 1,700,000 | 2,600,000 |
Cash dividends paid | (93,783) | (90,087) |
Common stock repurchased | (8,458) | (43,815) |
Common stock issued | 530 | 534 |
Net cash flows provided by (used in) financing activities | 749,418 | 1,545,900 |
Net increase (decrease) in cash and cash equivalents | 57,988 | 469,474 |
Cash and cash equivalents at beginning of period | 1,175,058 | 728,412 |
Cash and cash equivalents at end of period | 1,233,046 | 1,197,886 |
Supplemental Cash Flow Information: | ||
Total interest paid | 512,514 | 253,542 |
Total income taxes paid (net of refunds) | 38,806 | 87,668 |
Noncash Investing and Financing Activities: | ||
Common stock issued for merger, net | 417,598 | 0 |
Operating lease right-of-use assets obtained in exchange for lease obligations | 21,488 | 7,542 |
Finance lease right-of-use assets obtained in exchange for lease obligations | $ 15,178 | $ 9,141 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements include the accounts of Old National Bancorp and its wholly-owned subsidiaries (hereinafter collectively referred to as “Old National”) and have been prepared in conformity with accounting principles generally accepted in the United States of America and prevailing practices within the banking industry. Such principles require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosures of contingent assets and liabilities at the date of the financial statements and amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, the consolidated financial statements contain all the normal and recurring adjustments necessary for a fair statement of the financial position of Old National as of June 30, 2024 and December 31, 2023, and the results of its operations for the three and six months ended June 30, 2024 and 2023. Interim results do not necessarily represent annual results. Certain information and disclosures normally included in notes to consolidated annual financial statements prepared in accordance with GAAP have been condensed or omitted in this Quarterly Report on Form 10-Q pursuant to SEC rules and regulations. These financial statements should be read in conjunction with Old National’s Annual Report on Form 10-K for the year ended December 31, 2023. All intercompany transactions and balances have been eliminated. Certain prior year amounts have been reclassified to conform to the current presentation. Such reclassifications had no effect on prior period net income or shareholders’ equity and were insignificant amounts. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Accounting Guidance Adopted in 2024 FASB ASC 820 – In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions , to clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The adoption of this guidance on January 1, 2024 did not have a material impact on the consolidated financial statements. FASB ASC 323 – In March 2023, the FASB issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method , which allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. This ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of this guidance on a modified retrospective basis on January 1, 2024 did not have a material impact on the consolidated financial statements. FASB ASC 848 – In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, the transition away from LIBOR or other interbank offered rate on financial reporting. The guidance is applicable only to contracts or hedge accounting relationships that reference LIBOR or another reference rate expected to be discontinued. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which defers the sunset date of relief provisions within Topic 848 from December 31, 2022 to December 31, 2024. The objective of the guidance in Topic 848 is to provide relief during the transition period. The amendments in this ASU are effective March 12, 2020 through December 31, 2024. As of June 30, 2024, substantially all of the Company’s LIBOR exposure was addressed and remaining LIBOR-based contracts are expected to transition to alternate reference rates at their next index reset dates. Old National believes the adoption of this guidance on activities subsequent to June 30, 2024 will not have a material impact on the consolidated financial statements. Accounting Guidance Pending Adoption FASB ASC 280 – In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The purpose of the amendments is to enable investors to better understand an entity’s overall performance and assess potential future cash flows. A public entity should apply the amendments retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Old National is currently evaluating the impact of adopting the new guidance on the consolidated financial statements. FASB ASC 740 – In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . Among other things, these amendments require that public business entities on an annual basis disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (loss) by the applicable statutory income tax rate). In addition, the ASU requires information pertaining to taxes paid (net of refunds received) to be disaggregated for federal, state, and foreign taxes and further disaggregated for specific jurisdictions to the extent the related amounts are equal to or greater than 5 percent of total income taxes paid (net of refunds received). The amendments in this ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. Old National is currently evaluating the impact of adopting the new guidance on the consolidated financial statements. |
Acquisition and Divestiture Act
Acquisition and Divestiture Activity | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Acquisition and Divestiture Activity | ACQUISITION AND DIVESTITURE ACTIVITY Acquisition CapStar Financial Holdings, Inc. On April 1, 2024, Old National completed its acquisition of CapStar Financial Holdings, Inc. (“CapStar”) and its wholly-owned subsidiary, CapStar Bank, in an all-stock transaction. This partnership strengthens Old National’s Nashville, Tennessee presence and adds several new high-growth markets. Pursuant to the terms of the merger agreement, each outstanding share of CapStar common stock was converted into the right to receive 1.155 shares of Old National common stock plus cash in lieu of fractional shares. All system conversions related to the transaction were completed in early July of 2024. The assets acquired and liabilities assumed, both intangible and tangible, were recorded at their estimated fair values as of the merger date and have been accounted for under the acquisition method of accounting. The following table presents the preliminary valuation of the assets acquired and liabilities assumed and the fair value of consideration as of the merger date: (dollars and shares in thousands) April 1, Assets Cash and cash equivalents $ 177,791 Investment securities 342,490 FHLB/Federal Reserve Bank stock 14,426 Loans held-for-sale 21,159 Loans, net of allowance for credit losses 2,124,695 Premises and equipment 22,481 Goodwill 171,993 Other intangible assets 46,125 Company-owned life insurance 91,475 Other assets 95,530 Total assets $ 3,108,165 Liabilities Deposits $ 2,560,464 Federal Home Loan Bank advances 75,000 Other borrowings 30,000 Accrued expenses and other liabilities 25,103 Total liabilities $ 2,690,567 Fair value of consideration Common stock (24,014 shares issued at $17.41 per share) $ 417,598 Total consideration $ 417,598 Goodwill related to this merger will not be deductible for tax purposes. Other intangible assets acquired included core deposit intangibles. The estimated fair value of the core deposit intangible was $46.1 million and is being amortized over an estimated useful life of 10 years. The fair value of PCD assets was $613.5 million on the date of merger. The gross contractual amounts receivable relating to the PCD assets was $679.3 million. Old National estimates, on the date of the merger, that $23.9 million of the contractual cash flows specific to the PCD assets will not be collected. Transaction costs primarily associated with the CapStar merger have been expensed for the three and six months ended June 30, 2024 totaling $19.4 million and $22.3 million, respectively, and additional transaction and integration costs will be expensed in future periods as incurred. |
Net Income Per Common Share
Net Income Per Common Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | NET INCOME PER COMMON SHARE Basic and diluted net income per common share are calculated using the two-class method. Net income applicable to common shares is divided by the weighted-average number of common shares outstanding during the period. Adjustments to the weighted-average number of common shares outstanding are made only when such adjustments will dilute net income per common share. Net income applicable to common shares is then divided by the weighted-average number of common shares and common share equivalents during the period. The following table presents the calculation of basic and diluted net income per common share: Three Months Ended Six Months Ended (dollars and shares in thousands, except per share data) 2024 2023 2024 2023 Net income $ 121,229 $ 155,036 $ 241,513 $ 301,636 Preferred dividends (4,033) (4,033) (8,067) (8,067) Net income applicable to common shares $ 117,196 $ 151,003 $ 233,446 $ 293,569 Weighted average common shares outstanding: Weighted average common shares outstanding (basic) 315,585 290,559 303,283 290,822 Effect of dilutive securities: Restricted stock 876 707 924 1,047 Stock appreciation rights — — — 1 Weighted average diluted shares outstanding 316,461 291,266 304,207 291,870 Basic Net Income Per Common Share $ 0.37 $ 0.52 $ 0.77 $ 1.01 Diluted Net Income Per Common Share $ 0.37 $ 0.52 $ 0.77 $ 1.01 |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES The following table summarizes the amortized cost and fair value of the available-for-sale and held-to-maturity investment securities portfolios and the corresponding amounts of gross unrealized gains, unrealized losses, and basis adjustments in AOCI and gross unrecognized gains and losses. (dollars in thousands) Amortized Unrealized Unrealized Basis Adjustments (1) Fair June 30, 2024 Available-for-Sale U.S. Treasury $ 265,745 $ 8 $ (10,940) $ (49,505) $ 205,308 U.S. government-sponsored entities and agencies 1,442,132 — (187,768) (82,070) 1,172,294 Mortgage-backed securities - Agency 5,571,763 2,244 (685,551) — 4,888,456 States and political subdivisions 550,897 121 (28,267) 564 523,315 Pooled trust preferred securities 13,802 — (2,504) — 11,298 Other securities 324,169 216 (19,578) — 304,807 Total available-for-sale securities $ 8,168,508 $ 2,589 $ (934,608) $ (131,011) $ 7,105,478 Held-to-Maturity U.S. government-sponsored entities and agencies $ 829,402 $ — $ (167,071) $ — $ 662,331 Mortgage-backed securities - Agency 1,001,915 — (163,626) — 838,289 States and political subdivisions 1,155,282 469 (143,719) — 1,012,032 Allowance for securities held-to-maturity (150) — — — (150) Total held-to-maturity securities $ 2,986,449 $ 469 $ (474,416) $ — $ 2,512,502 December 31, 2023 Available-for-Sale U.S. Treasury $ 449,817 $ 154 $ (11,941) $ (41,297) $ 396,733 U.S. government-sponsored entities and agencies 1,487,879 33 (192,717) (63,931) 1,231,264 Mortgage-backed securities - Agency 4,835,319 3,093 (621,852) — 4,216,560 States and political subdivisions 554,509 878 (23,057) 2,930 535,260 Pooled trust preferred securities 13,797 — (2,460) — 11,337 Other securities 343,568 449 (22,116) — 321,901 Total available-for-sale securities $ 7,684,889 $ 4,607 $ (874,143) $ (102,298) $ 6,713,055 Held-to-Maturity U.S. government-sponsored entities and agencies $ 825,953 $ — $ (154,827) $ — $ 671,126 Mortgage-backed securities - Agency 1,029,131 — (147,137) — 881,994 States and political subdivisions 1,158,559 1,800 (112,141) — 1,048,218 Allowance for securities held-to-maturity (150) — — — (150) Total held-to-maturity securities $ 3,013,493 $ 1,800 $ (414,105) $ — $ 2,601,188 (1) Basis adjustments represent the amount of fair value hedging adjustments included in the carrying amounts of fixed-rate investment securities assets designated in fair value hedging arrangements. See Note 15 to the consolidated financial statements for additional information regarding these derivative financial instruments. Substantially all of the mortgage-backed securities in the investment portfolio are residential mortgage-backed securities. Proceeds from sales or calls of available-for-sale investment securities and the resulting realized gains and realized losses were as follows: Three Months Ended Six Months Ended (dollars in thousands) 2024 2023 2024 2023 Proceeds $ 287,075 $ 24,933 $ 348,325 $ 82,888 Realized gains 4 39 8 948 Realized losses (2) (22) (22) (6,147) The table below shows the amortized cost and fair value of the investment securities portfolio by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Weighted average yield is based on amortized cost. June 30, 2024 (dollars in thousands) Amortized Fair Weighted Maturity Available-for-Sale Within one year $ 201,863 $ 199,144 3.31 % One to five years 2,465,325 2,302,561 3.73 Five to ten years 4,194,624 3,585,179 2.63 Beyond ten years 1,306,696 1,018,594 2.65 Total $ 8,168,508 $ 7,105,478 2.98 % Held-to-Maturity Within one year $ 158 $ 148 2.19 % One to five years 164,614 134,416 2.59 Five to ten years 1,179,654 1,015,361 2.63 Beyond ten years 1,642,023 1,362,577 2.72 Total $ 2,986,449 $ 2,512,502 2.68 % The following table summarizes the available-for-sale investment securities with unrealized losses for which an allowance for credit losses has not been recorded by aggregated major security type and length of time in a continuous unrealized loss position: Less than 12 months 12 months or longer Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Losses June 30, 2024 Available-for-Sale U.S. Treasury $ 7,944 $ (32) $ 187,270 $ (10,908) $ 195,214 $ (10,940) U.S. government-sponsored entities 4,010 (67) 1,168,284 (187,701) 1,172,294 (187,768) Mortgage-backed securities - Agency 933,388 (6,678) 3,625,425 (678,873) 4,558,813 (685,551) States and political subdivisions 150,978 (1,977) 317,112 (26,290) 468,090 (28,267) Pooled trust preferred securities — — 11,298 (2,504) 11,298 (2,504) Other securities 26,624 (132) 216,148 (19,446) 242,772 (19,578) Total available-for-sale $ 1,122,944 $ (8,886) $ 5,525,537 $ (925,722) $ 6,648,481 $ (934,608) December 31, 2023 Available-for-Sale U.S. Treasury $ 8,937 $ (42) $ 191,027 $ (11,899) $ 199,964 $ (11,941) U.S. government-sponsored entities — — 1,189,314 (192,717) 1,189,314 (192,717) Mortgage-backed securities - Agency 90,145 (710) 3,835,552 (621,142) 3,925,697 (621,852) States and political subdivisions 86,865 (495) 259,767 (22,562) 346,632 (23,057) Pooled trust preferred securities — — 11,337 (2,460) 11,337 (2,460) Other securities 39,032 (229) 255,888 (21,887) 294,920 (22,116) Total available-for-sale $ 224,979 $ (1,476) $ 5,742,885 $ (872,667) $ 5,967,864 $ (874,143) The following table summarizes the held-to-maturity investment securities with unrecognized losses aggregated by major security type and length of time in a continuous loss position: Less than 12 months 12 months or longer Total (dollars in thousands) Fair Unrecognized Fair Unrecognized Fair Unrecognized June 30, 2024 Held-to-Maturity U.S. government-sponsored entities $ — $ — $ 662,331 $ (167,071) $ 662,331 $ (167,071) Mortgage-backed securities - Agency — — 838,289 (163,626) 838,289 (163,626) States and political subdivisions 25,998 (231) 942,639 (143,488) 968,637 (143,719) Total held-to-maturity $ 25,998 $ (231) $ 2,443,259 $ (474,185) $ 2,469,257 $ (474,416) December 31, 2023 Held-to-Maturity U.S. government-sponsored entities $ — $ — $ 671,126 $ (154,827) $ 671,126 $ (154,827) Mortgage-backed securities - Agency — — 881,994 (147,137) 881,994 (147,137) States and political subdivisions — — 977,154 (112,141) 977,154 (112,141) Total held-to-maturity $ — $ — $ 2,530,274 $ (414,105) $ 2,530,274 $ (414,105) The unrecognized losses on held-to-maturity investment securities presented in the table above do not include unrecognized losses on securities that were transferred from available-for-sale to held-to-maturity totaling $118.9 million at June 30, 2024 and $127.6 million at December 31, 2023. These unrecognized losses are included as a separate component of shareholders’ equity and are being amortized over the remaining term of the securities. No allowance for credit losses on available-for-sale debt securities An allowance on held-to-maturity debt securities is maintained for certain municipal bonds to account for expected lifetime credit losses. Substantially all of the U.S. government-sponsored entities and agencies and agency mortgage-backed securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major credit rating agencies, and have a long history of no credit losses. Therefore, for those securities, we do not record expected credit losses. The allowance for credit losses on held-to-maturity debt securities was $0.2 million at June 30, 2024 and December 31, 2023. Accrued interest receivable on the securities portfolio is excluded from the estimate of credit losses and totaled $53.0 million at June 30, 2024 and $50.3 million at December 31, 2023. At June 30, 2024, Old National’s securities portfolio consisted of 3,039 securities, 2,792 of which were in an unrealized loss position. The unrealized losses attributable to our U.S. Treasury, U.S. government-sponsored entities and agencies, agency mortgage-backed securities, states and political subdivisions, and other securities are the result of fluctuations in interest rates and market movements. Old National’s pooled trust preferred securities are evaluated using collateral-specific assumptions to estimate the expected future interest and principal cash flows. At June 30, 2024, we had no intent to sell any securities that were in an unrealized loss position nor is it expected that we would be required to sell the securities prior to their anticipated recovery. Old National’s pooled trust preferred securities have experienced credit defaults. However, we believe that the value of the instruments lies in the full and timely interest payments that will be received through maturity, the steady amortization that will be experienced until maturity, and the full return of principal by the final maturity of the collateralized debt obligations. Old National did not recognize any losses on these securities for the six months ended June 30, 2024 or 2023. Equity Securities Equity securities consist of mutual funds for Community Reinvestment Act qualified investments and diversified investment securities held in a grantor trust for participants in the Company’s nonqualified deferred compensation plan. Old National’s equity securities with readily determinable fair values totaled $85.5 million at June 30, 2024 and $80.4 million at December 31, 2023. There were losses on equity securities of $0.4 million during the three months ended June 30, 2024 and $0.1 million during the six months ended June 30, 2024, compared to gains of $0.1 million during the three months ended June 30, 2023 and losses of $0.7 million during the six months ended June 30, 2023. Alternative Investments Old National has alternative investments without readily determinable fair values that are included in other assets totaling $514.8 million at June 30, 2024, consisting of $274.9 million of illiquid investments in partnerships, limited liability companies, and other ownership interests that support affordable housing and $239.9 million of economic development and community revitalization initiatives in low-to-moderate income neighborhoods. These alternative investments totaled $449.3 million at December 31, 2023. There have been no impairments or adjustments on equity securities without readily determinable fair values, except for amortization of tax credit investments in the six months ended June 30, 2024 and 2023. See Note 9 to the consolidated financial statements for detail regarding these investments. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | LOANS AND ALLOWANCE FOR CREDIT LOSSES Loans Old National’s loans consist primarily of loans made to consumers and commercial clients in many diverse industries, including real estate rental and leasing, manufacturing, healthcare, wholesale trade, construction, and agriculture, among others. Most of Old National’s lending activity occurs within our principal geographic markets in the Midwest and Southeast regions of the United States. Old National manages concentrations of credit exposure by industry, product, geography, client relationship, and loan size. Old National has loan participations, which qualify as participating interests, with other financial institutions. At June 30, 2024, these loans totaled $3.5 billion, of which $1.6 billion had been sold to other financial institutions and $1.9 billion was retained by Old National. The loan participations convey proportionate ownership rights with equal priority to each participating interest holder; involve no recourse (other than ordinary representations and warranties) to, or subordination by, any participating interest holder; all cash flows are divided among the participating interest holders in proportion to each holder’s share of ownership; and no holder has the right to pledge the entire financial asset unless all participating interest holders agree. The loan categories used to monitor and analyze interest income and yields are different than the portfolio segments used to determine the allowance for credit losses on loans. The allowance for credit losses was calculated by pooling loans of similar credit risk characteristics and credit monitoring procedures. The four loan portfolios used to monitor and analyze interest income and yields – commercial, commercial real estate, residential real estate, and consumer – are reclassified into seven segments of loans – commercial, commercial real estate, BBCC, residential real estate, indirect, direct, and home equity for purposes of determining the allowance for credit losses on loans. The commercial and commercial real estate loan categories shown on the balance sheet include the same pool of loans as the commercial, commercial real estate, and BBCC portfolio segments. The consumer loan category shown on the balance sheet is comprised of the same loans in the indirect, direct, and home equity portfolio segments. The portfolio segment reclassifications follow: Balance Sheet Portfolio Portfolio (dollars in thousands) June 30, 2024 Commercial (1) $ 10,332,631 $ (230,404) $ 10,102,227 Commercial real estate 16,016,958 (175,614) 15,841,344 BBCC N/A 406,018 406,018 Residential real estate 6,894,957 — 6,894,957 Consumer 2,905,967 (2,905,967) N/A Indirect N/A 1,101,585 1,101,585 Direct N/A 429,426 429,426 Home equity N/A 1,374,956 1,374,956 Total loans (2) $ 36,150,513 $ — $ 36,150,513 Allowance for credit losses on loans (366,335) — (366,335) Net loans $ 35,784,178 $ — $ 35,784,178 December 31, 2023 Commercial (1) $ 9,512,230 $ (232,764) $ 9,279,466 Commercial real estate 14,140,629 (169,058) 13,971,571 BBCC N/A 401,822 401,822 Residential real estate 6,699,443 — 6,699,443 Consumer 2,639,625 (2,639,625) N/A Indirect N/A 1,050,982 1,050,982 Direct N/A 523,172 523,172 Home equity N/A 1,065,471 1,065,471 Total loans (2) $ 32,991,927 $ — $ 32,991,927 Allowance for credit losses on loans (307,610) — (307,610) Net loans $ 32,684,317 $ — $ 32,684,317 (1) Includes direct finance leases of $157.2 million at June 30, 2024 and $169.7 million at December 31, 2023. (2) Includes unearned income of $199.7 million at June 30, 2024 and $93.7 million at December 31, 2023. The risk characteristics of each loan portfolio segment are as follows: Commercial Commercial loans are classified primarily on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee; however, some loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its clients. Commercial Real Estate Commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts, and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be adversely affected by conditions in the real estate markets or in the general economy. The properties securing Old National’s commercial real estate portfolio are diverse in terms of type and geographic location. Management monitors and evaluates commercial real estate loans based on collateral, geography, and risk grade criteria. In addition, management tracks the level of owner-occupied commercial real estate loans versus non-owner-occupied loans. Included with commercial real estate are construction loans, which are underwritten utilizing independent appraisal reviews, sensitivity analysis of absorption and lease rates, financial analysis of the developers and property owners, and feasibility studies, if available. Construction loans are generally based on estimates of costs and value associated with the complete project. These estimates may be inaccurate. Construction loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project. Sources of repayment for these types of loans may be pre-committed permanent loans from approved long-term lenders (including Old National), sales of developed property, or an interim loan commitment from Old National until permanent financing is obtained. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, governmental regulation of real property, general economic conditions, and the availability of long-term financing. At 256%, Old National Bank’s applicable investor commercial real estate loans as a percentage of its Tier 1 capital plus the allowance for credit losses attributable to loans and leases remained below the regulatory guideline limit of 300% at June 30, 2024. BBCC BBCC loans are typically granted to small businesses with gross revenues of less than $5 million and aggregate debt of less than $1 million. Old National has established minimum debt service coverage ratios, minimum FICO scores for owners and guarantors, and the ability to show relatively stable earnings as criteria to help mitigate risk. Repayment of these loans depends on the personal income of the borrowers and the cash flows of the business. These factors can be affected by such changes as economic conditions and unemployment levels. Residential With respect to residential loans that are secured by 1 - 4 family residences and are generally owner occupied, Old National typically establishes a maximum loan-to-value ratio and generally requires private mortgage insurance if that ratio is exceeded. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Repayment can also be impacted by changes in residential property values. Portfolio risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. Indirect Indirect loans are secured by automobile collateral, generally new and used cars and trucks from auto dealers that operate within our footprint. Old National typically mitigates the risk of indirect loans by establishing minimum FICO scores, maximum loan-to-value ratios, and maximum debt-to-income ratios. Repayment of these loans depends largely on the personal income of the borrowers, which can be affected by changes in economic conditions such as unemployment levels. Portfolio risk is mitigated by the fact that the loans are of smaller amounts spread over many borrowers and ongoing reviews of dealer relationships. Direct Direct loans are typically secured by collateral such as auto or real estate or are unsecured. Old National has established underwriting standards such as minimum FICO scores, maximum loan-to-value ratios, and maximum debt-to-income ratios. Repayment of these loans depends largely on the personal income of the borrowers, which can be affected by changes in economic conditions such as unemployment levels. Portfolio risk is mitigated by the fact that the loans are of smaller amounts spread over many borrowers. Home Equity Home equity loans are generally secured by 1-4 family residences that are owner-occupied. Old National has established underwriting standards such as minimum FICO scores, maximum loan-to-value ratios, and maximum debt-to-income ratios. Repayment of these loans depends largely on the personal income of the borrowers, which can be affected by changes in economic conditions such as unemployment levels. Portfolio risk is mitigated by the fact that the loans are of smaller amounts spread over many borrowers, along with monitoring of updated borrower credit scores. Allowance for Credit Losses Loans Credit loss assumptions used when computing the level of expected credit losses are estimated using a model that categorizes loan pools based on loss history, delinquency status, and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. The base forecast scenario considers unemployment, gross domestic product, and the BBB ratio (BBB spread to the 10-year U.S. Treasury rate). In addition to the quantitative inputs, several qualitative factors are considered. These factors include the risk that unemployment, gross domestic product, housing product index, and the BBB ratio prove to be more severe and/or prolonged than our baseline forecast due to a variety of factors including monetary actions to control inflation, recent instability in the banking sector, global military conflicts, and global supply chain issues. Old National’s activity in the allowance for credit losses on loans by portfolio segment was as follows: (dollars in thousands) Balance at Allowance Charge-offs Recoveries Provision Balance at Three Months Ended June 30, 2024 Commercial $ 123,437 $ 14,593 $ (9,927) $ 462 $ 9,895 $ 138,460 Commercial real estate 160,640 8,483 (3,101) 542 23,347 189,911 BBCC 3,163 — (935) 230 439 2,897 Residential real estate 21,899 134 — 762 340 23,135 Indirect 1,218 — (1,084) 335 764 1,233 Direct 2,952 59 (1,884) 565 1,439 3,131 Home equity 6,404 653 (110) 100 521 7,568 Total $ 319,713 $ 23,922 $ (17,041) $ 2,996 $ 36,745 $ 366,335 Three Months Ended June 30, 2023 Commercial $ 125,768 $ — $ (8,331) $ 1,814 $ 8,152 $ 127,403 Commercial real estate 135,348 — (2,458) 1,029 2,978 136,897 BBCC 2,316 — (94) 31 523 2,776 Residential real estate 20,207 — (218) 53 379 20,421 Indirect 1,434 — (402) 612 (237) 1,407 Direct 6,766 — (2,600) 637 (48) 4,755 Home equity 6,872 — (228) 63 189 6,896 Total $ 298,711 $ — $ (14,331) $ 4,239 $ 11,936 $ 300,555 Six Months Ended June 30, 2024 Commercial $ 118,333 $ 14,593 $ (13,586) $ 796 $ 18,324 $ 138,460 Commercial real estate 155,099 8,483 (9,742) 1,577 34,494 189,911 BBCC 2,887 — (1,011) 248 773 2,897 Residential real estate 20,837 134 — 781 1,383 23,135 Indirect 1,236 — (2,222) 667 1,552 1,233 Direct 3,169 59 (4,312) 1,052 3,163 3,131 Home equity 6,049 653 (188) 145 909 7,568 Total $ 307,610 $ 23,922 $ (31,061) $ 5,266 $ 60,598 $ 366,335 Six Months Ended June 30, 2023 Commercial $ 120,612 $ — $ (20,754) $ 2,097 $ 25,448 $ 127,403 Commercial real estate 138,244 — (3,647) 1,292 1,008 136,897 BBCC 2,431 — (122) 104 363 2,776 Residential real estate 21,916 — (241) 125 (1,379) 20,421 Indirect 1,532 — (1,599) 1,024 450 1,407 Direct 12,116 — (5,838) 1,218 (2,741) 4,755 Home equity 6,820 — (310) 130 256 6,896 Total $ 303,671 $ — $ (32,511) $ 5,990 $ 23,405 $ 300,555 The allowance for credit losses on loans at June 30, 2024 included $23.9 million of allowance for credit losses on acquired PCD loans established through acquisition accounting adjustments on or after the CapStar acquisition date. In addition, the provision for credit losses on loans in the three and six months ended June 30, 2024 included $15.3 million to establish an allowance for credit losses on non-PCD loans acquired in the CapStar transaction. Accrued interest receivable on loans is excluded from the estimate of credit losses and totaled $181.9 million at June 30, 2024, compared to $169.8 million at December 31, 2023. Unfunded Loan Commitments Old National maintains an allowance for credit losses on unfunded loan commitments to provide for the risk of loss inherent in these arrangements. The allowance is computed using a methodology similar to that used to determine the allowance for credit losses on loans, modified to take into account the probability of a drawdown on the commitment. The allowance for credit losses on unfunded loan commitments is classified as a liability account on the balance sheet within accrued expenses and other liabilities, while the corresponding provision for unfunded loan commitments is included in the provision for credit losses. Old National’s activity in the allowance for credit losses on unfunded loan commitments was as follows: Three Months Ended Six Months Ended (dollars in thousands) 2024 2023 2024 2023 Allowance for credit losses on unfunded loan commitments: Balance at beginning of period $ 26,264 $ 34,156 $ 31,226 $ 32,188 Provision for credit losses on unfunded loan commitments 1,763 — 1,763 — Provision (release) for credit losses on unfunded loan (2,294) 2,851 (7,256) 4,819 Balance at end of period $ 25,733 $ 37,007 $ 25,733 $ 37,007 Credit Quality Old National’s management monitors the credit quality of its loans on an ongoing basis with the AQR for commercial loans reviewed annually or at renewal and the performance of its residential and consumer loans based upon the accrual status refreshed at least quarterly. Internally, management assigns an AQR to each non-homogeneous commercial, commercial real estate, and BBCC loan in the portfolio. The primary determinants of the AQR are the reliability of the primary source of repayment and the past, present, and projected financial condition of the borrower. The AQR will also consider current industry conditions. Major factors used in determining the AQR can vary based on the nature of the loan, but commonly include factors such as debt service coverage, internal cash flow, liquidity, leverage, operating performance, debt burden, FICO scores, occupancy, interest rate sensitivity, and expense burden. Old National uses the following definitions for risk ratings: Special Mention . Loans categorized as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Classified – Substandard . Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Classified – Nonaccrual . Loans classified as nonaccrual have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection in full, on the basis of currently existing facts, conditions, and values, in doubt. Classified – Doubtful . Loans classified as doubtful have all the weaknesses inherent in those classified as nonaccrual, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Pass rated loans are those loans that are other than special mention, classified – substandard, classified – nonaccrual, or classified – doubtful. The following table summarizes the amortized cost of term loans by risk category of commercial, commercial real estate, and BBCC loans by loan portfolio segment, class of loan, and origination year: (dollars in thousands) Origination Year Revolving to Term 2024 2023 2022 2021 2020 Prior Revolving Total June 30, 2024 Commercial: Pass $ 961,949 $ 1,737,949 $ 1,427,702 $ 846,164 $ 498,959 $ 723,629 $ 2,575,617 $ 535,146 $ 9,307,115 Special Mention 29,482 48,989 63,401 14,828 31,286 37,827 123,628 26,188 375,629 Classified: Substandard 33 42,972 61,074 51,522 44,581 25,824 77,158 37,828 340,992 Nonaccrual — 746 5,390 2,211 2,068 3,724 1,717 6,229 22,085 Doubtful — 14,074 12,549 5,394 621 565 13,679 9,524 56,406 Total $ 991,464 $ 1,844,730 $ 1,570,116 $ 920,119 $ 577,515 $ 791,569 $ 2,791,799 $ 614,915 $ 10,102,227 Commercial real estate: Pass $ 1,104,612 $ 2,470,220 $ 4,029,061 $ 2,380,569 $ 1,428,952 $ 2,201,489 $ 157,382 $ 813,468 $ 14,585,753 Special Mention 43,020 37,176 126,490 121,150 32,022 85,827 29,199 102,141 577,025 Classified: Substandard 13,274 17,657 128,097 71,232 52,180 161,256 — 53,886 497,582 Nonaccrual — 833 3,685 6,627 4,353 33,077 — 1,063 49,638 Doubtful — 5,365 714 35,473 25,491 42,037 — 22,266 131,346 Total $ 1,160,906 $ 2,531,251 $ 4,288,047 $ 2,615,051 $ 1,542,998 $ 2,523,686 $ 186,581 $ 992,824 $ 15,841,344 BBCC: Pass $ 43,798 $ 85,992 $ 60,883 $ 38,834 $ 34,221 $ 36,947 $ 65,745 $ 17,236 $ 383,656 Special Mention 332 3,357 2,675 1,127 733 845 2,473 3,459 15,001 Classified: Substandard 110 481 295 473 35 657 315 146 2,512 Nonaccrual — 85 726 454 108 983 — 825 3,181 Doubtful — 437 262 194 15 222 — 538 1,668 Total $ 44,240 $ 90,352 $ 64,841 $ 41,082 $ 35,112 $ 39,654 $ 68,533 $ 22,204 $ 406,018 Origination Year Revolving to Term 2023 2022 2021 2020 2019 Prior Revolving Total December 31, 2023 Commercial: Pass $ 1,826,289 $ 1,573,669 $ 985,964 $ 520,883 $ 450,911 $ 495,979 $ 2,051,985 $ 651,953 $ 8,557,633 Special Mention 20,038 90,031 19,953 36,906 25,756 47,357 89,765 44,348 374,154 Classified: Substandard 27,271 41,164 27,990 37,618 10,461 29,981 72,703 56,716 303,904 Nonaccrual 32 7,034 — — 823 3,411 — 5,461 16,761 Doubtful — 7,261 5,925 4,875 1,742 7,211 — — 27,014 Total $ 1,873,630 $ 1,719,159 $ 1,039,832 $ 600,282 $ 489,693 $ 583,939 $ 2,214,453 $ 758,478 $ 9,279,466 Commercial real estate: Pass $ 2,177,841 $ 3,515,702 $ 2,563,638 $ 1,576,044 $ 1,010,351 $ 1,161,119 $ 103,332 $ 960,386 $ 13,068,413 Special Mention 69,648 69,946 68,708 27,059 52,107 95,896 3,893 64,730 451,987 Classified: Substandard 26,638 56,423 21,401 28,983 61,186 49,558 — 48,760 292,949 Nonaccrual — 21,919 10,706 1,975 1,634 8,632 — 1,400 46,266 Doubtful 5,360 429 30,897 2,306 37,777 35,187 — — 111,956 Total $ 2,279,487 $ 3,664,419 $ 2,695,350 $ 1,636,367 $ 1,163,055 $ 1,350,392 $ 107,225 $ 1,075,276 $ 13,971,571 BBCC: Pass $ 81,102 $ 64,583 $ 44,307 $ 38,086 $ 27,557 $ 19,028 $ 68,807 $ 33,361 $ 376,831 Special Mention — — 857 700 1,001 349 2,144 12,728 17,779 Classified: Substandard 436 193 252 — — 604 15 1,006 2,506 Nonaccrual — — 482 — 4 1,105 — 1,402 2,993 Doubtful 302 727 254 286 60 84 — — 1,713 Total $ 81,840 $ 65,503 $ 46,152 $ 39,072 $ 28,622 $ 21,170 $ 70,966 $ 48,497 $ 401,822 For residential real estate and consumer loan classes, Old National evaluates credit quality based on the aging status of the loan and by payment activity. The performing or nonperforming status is updated on an on-going basis dependent upon improvement and deterioration in credit quality. The following table presents the amortized cost of term residential real estate and consumer loans based on payment activity and origination year: Origination Year Revolving to Term (dollars in thousands) 2024 2023 2022 2021 2020 Prior Revolving Total June 30, 2024 Residential real estate: Risk Rating: Performing $ 211,657 $ 496,415 $ 1,502,442 $ 1,879,448 $ 1,642,226 $ 1,114,416 $ 67 $ 282 $ 6,846,953 Nonperforming — 1,924 8,019 5,535 3,797 28,729 — — 48,004 Total $ 211,657 $ 498,339 $ 1,510,461 $ 1,884,983 $ 1,646,023 $ 1,143,145 $ 67 $ 282 $ 6,894,957 Indirect: Risk Rating: Performing $ 252,797 $ 341,949 $ 289,675 $ 125,544 $ 58,368 $ 28,872 $ — $ — $ 1,097,205 Nonperforming 33 720 1,451 1,342 407 427 — — 4,380 Total $ 252,830 $ 342,669 $ 291,126 $ 126,886 $ 58,775 $ 29,299 $ — $ — $ 1,101,585 Direct: Risk Rating: Performing $ 25,512 $ 84,213 $ 66,009 $ 62,213 $ 24,375 $ 63,076 $ 96,462 $ 1,878 $ 423,738 Nonperforming 20 68 811 2,209 599 1,939 30 12 5,688 Total $ 25,532 $ 84,281 $ 66,820 $ 64,422 $ 24,974 $ 65,015 $ 96,492 $ 1,890 $ 429,426 Home equity: Risk Rating: Performing $ — $ — $ 265 $ 271 $ 36 $ 5,637 $ 1,323,339 $ 27,623 $ 1,357,171 Nonperforming — — — 124 249 5,989 1,935 9,488 17,785 Total $ — $ — $ 265 $ 395 $ 285 $ 11,626 $ 1,325,274 $ 37,111 $ 1,374,956 Origination Year Revolving to Term 2023 2022 2021 2020 2019 Prior Revolving Total December 31, 2023 Residential real estate: Risk Rating: Performing $ 453,743 $ 1,508,671 $ 1,836,078 $ 1,705,131 $ 430,783 $ 722,987 $ — $ 279 $ 6,657,672 Nonperforming 116 4,563 4,004 3,375 4,078 25,635 — — 41,771 Total $ 453,859 $ 1,513,234 $ 1,840,082 $ 1,708,506 $ 434,861 $ 748,622 $ — $ 279 $ 6,699,443 Indirect: Risk Rating: Performing $ 393,369 $ 355,822 $ 162,735 $ 82,871 $ 37,967 $ 13,815 $ — $ 196 $ 1,046,775 Nonperforming 372 1,472 1,207 547 318 291 — — 4,207 Total $ 393,741 $ 357,294 $ 163,942 $ 83,418 $ 38,285 $ 14,106 $ — $ 196 $ 1,050,982 Direct: Risk Rating: Performing $ 109,372 $ 90,310 $ 92,491 $ 48,387 $ 29,659 $ 67,129 $ 75,080 $ 4,852 $ 517,280 Nonperforming 67 531 517 560 210 3,872 124 11 5,892 Total $ 109,439 $ 90,841 $ 93,008 $ 48,947 $ 29,869 $ 71,001 $ 75,204 $ 4,863 $ 523,172 Home equity: Risk Rating: Performing $ 290 $ 164 $ 160 $ 140 $ 679 $ 4,483 $ 1,019,389 $ 23,918 $ 1,049,223 Nonperforming — 310 328 404 741 4,327 2,844 7,294 16,248 Total $ 290 $ 474 $ 488 $ 544 $ 1,420 $ 8,810 $ 1,022,233 $ 31,212 $ 1,065,471 The following table summarizes the gross charge-offs of loans by loan portfolio segment and origination year: Origination Year (dollars in thousands) 2024 2023 2022 2021 2020 Prior Revolving Total Three Months Ended June 30, 2024 Commercial $ — $ 2,358 $ 6,149 $ 389 $ 43 $ 566 $ 422 $ 9,927 Commercial real estate — — 23 468 — 2,610 — 3,101 BBCC — 605 153 35 112 30 — 935 Residential real estate — — — — — — — — Indirect 54 531 377 96 6 20 — 1,084 Direct 75 79 394 347 173 172 644 1,884 Home equity — — — — — 110 — 110 Total gross charge-offs $ 129 $ 3,573 $ 7,096 $ 1,335 $ 334 $ 3,508 $ 1,066 $ 17,041 Origination Year 2023 2022 2021 2020 2019 Prior Revolving Total Three Months Ended June 30, 2023 Commercial $ — $ 2,100 $ 5,931 $ 120 $ — $ — $ 180 $ 8,331 Commercial real estate — — — — — 2,458 — 2,458 BBCC — 47 — 47 — — — 94 Residential real estate — — — — — 218 — 218 Indirect 10 164 124 48 16 40 — 402 Direct — 430 588 172 414 195 801 2,600 Home equity — — — — — 228 — 228 Total gross charge-offs $ 10 $ 2,741 $ 6,643 $ 387 $ 430 $ 3,139 $ 981 $ 14,331 Origination Year 2024 2023 2022 2021 2020 Prior Revolving Total Six Months Ended June 30, 2024 Commercial $ — $ 2,358 $ 9,630 $ 422 $ 51 $ 570 $ 555 $ 13,586 Commercial real estate — — 23 2,644 — 7,075 — 9,742 BBCC — 605 229 35 112 30 — 1,011 Residential real estate — — — — — — — — Indirect 54 901 849 321 39 58 — 2,222 Direct 75 195 970 876 286 395 1,515 4,312 Home equity — — — 34 — 154 — 188 Total gross charge-offs $ 129 $ 4,059 $ 11,701 $ 4,332 $ 488 $ 8,282 $ 2,070 $ 31,061 Origination Year 2023 2022 2021 2020 2019 Prior Revolving Total Six Months Ended June 30, 2023 Commercial $ — $ 2,100 $ 11,161 $ 120 $ 6,789 $ 239 $ 345 $ 20,754 Commercial real estate — 54 735 400 — 2,458 — 3,647 BBCC — 47 28 47 — — — 122 Residential real estate — — — — — 241 — 241 Indirect 10 678 554 141 127 89 — 1,599 Direct — 901 1,382 458 741 390 1,966 5,838 Home equity — — — — — 310 — 310 Total gross charge-offs $ 10 $ 3,780 $ 13,860 $ 1,166 $ 7,657 $ 3,727 $ 2,311 $ 32,511 Nonaccrual and Past Due Loans Old National does not record interest on nonaccrual loans until principal is recovered. For all loan classes, a loan is generally placed on nonaccrual status when principal or interest becomes 90 days past due unless it is well secured and in the process of collection, or earlier when concern exists as to the ultimate collectability of principal or interest. Interest accrued but not received is reversed against earnings. Cash interest received on these loans is applied to the principal balance until the principal is recovered or until the loan returns to accrual status. Loans may be returned to accrual status when all the principal and interest amounts contractually due are brought current, remain current for a prescribed period, and future payments are reasonably assured. The following table presents the aging of the amortized cost basis in past due loans by class of loans: (dollars in thousands) 30-59 Days 60-89 Days Past Due Total Current Total June 30, 2024 Commercial $ 14,191 $ 6,151 $ 17,030 $ 37,372 $ 10,064,855 $ 10,102,227 Commercial real estate 9,442 16,022 41,146 66,610 15,774,734 15,841,344 BBCC 2,155 54 1,474 3,683 402,335 406,018 Residential 10,558 3,189 16,680 30,427 6,864,530 6,894,957 Indirect 6,550 1,928 846 9,324 1,092,261 1,101,585 Direct 4,578 1,341 3,238 9,157 420,269 429,426 Home equity 5,180 2,655 7,739 15,574 1,359,382 1,374,956 Total $ 52,654 $ 31,340 $ 88,153 $ 172,147 $ 35,978,366 $ 36,150,513 December 31, 2023 Commercial $ 16,128 $ 1,332 $ 4,861 $ 22,321 $ 9,257,145 $ 9,279,466 Commercial real estate 9,081 5,254 30,660 44,995 13,926,576 13,971,571 BBCC 1,368 134 977 2,479 399,343 401,822 Residential 12,358 367 15,249 27,974 6,671,469 6,699,443 Indirect 7,025 1,854 1,342 10,221 1,040,761 1,050,982 Direct 5,436 1,455 1,787 8,678 514,494 523,172 Home equity 7,791 2,347 6,659 16,797 1,048,674 1,065,471 Total $ 59,187 $ 12,743 $ 61,535 $ 133,465 $ 32,858,462 $ 32,991,927 The following table presents the amortized cost basis of loans on nonaccrual status and loans past due 90 days or more and still accruing by class of loan: June 30, 2024 December 31, 2023 (dollars in thousands) Nonaccrual Nonaccrual Past Due Nonaccrual Nonaccrual Past Due Commercial $ 78,491 $ 27,448 $ 40 $ 43,775 $ 13,143 $ 242 Commercial real estate 180,984 29,225 744 158,222 24,507 585 BBCC 4,849 — — 4,706 — 95 Residential 48,004 — 3,901 41,771 — — Indirect 4,380 — 17 4,207 — 8 Direct 5,688 — 2 5,892 — 31 Home equity 17,785 — 547 16,248 — — Total $ 340,181 $ 56,673 $ 5,251 $ 274,821 $ 37,650 $ 961 Interest income recognized on nonaccrual loans was insignificant during the three and six months ended June 30, 2024 and 2023. When management determines that foreclosure is probable, expected credit losses for collateral dependent loans are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. A loan is considered collateral dependent when the borrower is experiencing financial difficulty, and the loan is expected to be repaid substantially through the operation or sale of the collateral. The class of loan represents the primary collateral type associated with the loan. Significant quarter-over-quarter changes are reflective of changes in nonaccrual status and not necessarily associated with credit quality indicators like appraisal value. The following table presents the amortized cost basis of collateral dependent loans by class of loan: Type of Collateral (dollars in thousands) Real Blanket Investment Auto Other June 30, 2024 Commercial $ 16,620 $ 32,984 $ 4,892 $ 11,429 $ 7,736 Commercial real estate 159,868 1,559 2,178 — 6,209 BBCC 3,411 1,129 100 208 — Residential 48,004 — — — — Indirect — — — 4,380 — Direct 2,903 — 6 384 30 Home equity 17,785 — — — — Total loans $ 248,591 $ 35,672 $ 7,176 $ 16,401 $ 13,975 December 31, 2023 Commercial $ 14,303 $ 24,729 $ 2,577 $ 280 $ 328 Commercial real estate 146,425 — 1,167 — 6,107 BBCC 3,522 794 — 390 — Residential 41,771 — — — — Indirect — — — 4,207 — Direct 4,727 1 3 366 29 Home equity 16,248 — — — — Total loans $ 226,996 $ 25,524 $ 3,747 $ 5,243 $ 6,464 Financial Difficulty Modifications Occasionally, Old National modifies loans to borrowers experiencing financial difficulty in the form of principal forgiveness, term extension, an other-than-insignificant payment delay, or interest rate reduction (or a combination thereof). When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses on loans. The following table presents the amortized cost basis of financial difficulty modifications that were modified for borrowers experiencing financial difficulty, by class of loans and type of modification: (dollars in thousands) Term Total Three Months Ended June 30, 2024 Commercial $ 3,859 0.0 % Commercial real estate 58,232 0.4 % Total $ 62,091 0.2 % Three Months Ended June 30, 2023 Commercial $ 1,231 0.0 % Commercial real estate 12,449 0.1 % Total $ 13,680 0.0 % Six Months Ended June 30, 2024 Commercial $ 14,867 0.1 % Commercial real estate 73,406 0.5 % Total $ 88,273 0.2 % Six Months Ended June 30, 2023 Commercial $ 18,517 0.2 % Commercial real estate 19,280 0.1 % Total $ 37,797 0.1 % Old National closely monitors the performance of financial difficulty modifications to understand the effectiveness of its efforts. The following table presents the performance of financial difficulty modifications in the twelve months following modification: (dollars in thousands) 30-59 Days 60-89 Days Past Due Total Current Total June 30, 2024 Commercial $ 1,077 $ 2,813 $ 980 $ 4,870 $ 14,866 $ 19,736 Commercial real estate 8,854 5,077 27,017 40,948 72,083 113,031 Total $ 9,931 $ 7,890 $ 27,997 $ 45,818 $ 86,949 $ 132,767 June 30, 2023 Commercial $ — $ — $ 2,600 $ 2,600 $ 15,917 $ 18,517 Commercial real estate — 5,537 — 5,537 13,743 19,280 Total $ — $ 5,537 $ 2,600 $ 8,137 $ 29,660 $ 37,797 The following table summarizes the nature of the financial difficulty modifications by class of loans: (dollars in thousands) Weighted- Three Months Ended June 30, 2024 Commercial 10.0 Commercial real estate 10.6 Total 10.6 Three Months Ended June 30, 2023 Commercial 7.0 Commercial real estate 6.0 Total 6.1 Six Months Ended June 30, 2024 Commercial 9.9 Commercial real estate 9.2 Total 9.3 Six Months Ended June 30, 2023 Commercial 6.8 Commercial real estate 5.8 Total 6.3 During the three and six months ended June 30, 2024, there were payment defaults on $27.0 million of loans to borrowers whose loans were modified due to financial difficulties within the previous twelve months. The payment defaults did not materially impact the allowance for credit losses on loans. There were no payment defaults during the three and six months ended June 30, 2023 on loans that had been modified within the previous twelve months. Old National had not committed to lend any material additional funds to the borrowers whose loans were modified due to financial difficulties at June 30, 2024 or December 31, 2023. Purchased Credit Deteriorated Loans Old National has purchased loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of those loans is as follows: (dollars in thousands) CapStar (1) Purchase price of loans at acquisition $ 613,494 Allowance for credit losses at acquisition 23,922 Non-credit discount/(premium) at acquisition 41,886 Par value of acquired loans at acquisition $ 679,302 (1) Old National acquired CapStar effective April 1, 2024. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Leases | LEASES Old National has operating and finance leases for land, office space, banking centers, and equipment. These leases are generally for periods of 5 to 20 years with various renewal options. We include certain renewal options in the measurement of our right-of-use assets and lease liabilities if they are reasonably certain to be exercised. Variable lease payments that are dependent on an index or a rate are initially measured using the index or rate at the commencement date and are included in the measurement of the lease liability. Variable lease payments that are not dependent on an index or a rate are excluded from the measurement of the lease liability and are recognized in profit and loss when incurred. Variable lease payments are defined as payments made for the right to use an asset that vary because of changes in facts or circumstances occurring after the commencement date, other than the passage of time. Old National has lease agreements with lease and non-lease components, which are generally accounted for separately. For real estate leases, non-lease components and other non-components, such as common area maintenance charges, real estate taxes, and insurance are not included in the measurement of the lease liability since they are generally able to be segregated. For certain equipment leases, Old National accounts for the lease and non-lease components as a single lease component using the practical expedient available for that class of assets. Old National does not have any material sub-lease agreements. The components of lease expense were as follows: Affected Line Three Months Ended Six Months Ended (dollars in thousands) 2024 2023 2024 2023 Operating lease cost Occupancy/Equipment expense $ 8,268 $ 7,469 $ 16,094 $ 16,107 Finance lease cost: Amortization of right-of-use assets Occupancy expense 1,488 737 2,239 1,428 Interest on lease liabilities Interest expense 253 184 434 353 Sub-lease income Occupancy expense (123) (102) (248) (162) Total $ 9,886 $ 8,288 $ 18,519 $ 17,726 Supplemental balance sheet information related to leases was as follows: (dollars in thousands) June 30, December 31, Operating Leases Operating lease right-of-use assets $ 194,591 $ 185,506 Operating lease liabilities 213,119 204,960 Finance Leases Premises and equipment, net 32,759 19,820 Other borrowings 34,114 20,955 Weighted-Average Remaining Lease Term (in Years) Operating leases 8.2 8.5 Finance leases 7.2 10.5 Weighted-Average Discount Rate Operating leases 3.12 % 3.04 % Finance leases 3.97 % 3.90 % Supplemental cash flow information related to leases was as follows: Six Months Ended (dollars in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 16,439 $ 15,752 Operating cash flows from finance leases 434 353 Financing cash flows from finance leases 2,020 1,265 The following table presents a maturity analysis of the Company’s lease liability by lease classification at June 30, 2024: (dollars in thousands) Operating Finance 2024 $ 16,861 $ 4,649 2025 34,330 8,787 2026 33,583 6,048 2027 31,857 4,388 2028 27,940 2,996 Thereafter 98,385 12,611 Total undiscounted lease payments 242,956 39,479 Amounts representing interest (29,837) (5,365) Lease liability $ 213,119 $ 34,114 |
Leases | LEASES Old National has operating and finance leases for land, office space, banking centers, and equipment. These leases are generally for periods of 5 to 20 years with various renewal options. We include certain renewal options in the measurement of our right-of-use assets and lease liabilities if they are reasonably certain to be exercised. Variable lease payments that are dependent on an index or a rate are initially measured using the index or rate at the commencement date and are included in the measurement of the lease liability. Variable lease payments that are not dependent on an index or a rate are excluded from the measurement of the lease liability and are recognized in profit and loss when incurred. Variable lease payments are defined as payments made for the right to use an asset that vary because of changes in facts or circumstances occurring after the commencement date, other than the passage of time. Old National has lease agreements with lease and non-lease components, which are generally accounted for separately. For real estate leases, non-lease components and other non-components, such as common area maintenance charges, real estate taxes, and insurance are not included in the measurement of the lease liability since they are generally able to be segregated. For certain equipment leases, Old National accounts for the lease and non-lease components as a single lease component using the practical expedient available for that class of assets. Old National does not have any material sub-lease agreements. The components of lease expense were as follows: Affected Line Three Months Ended Six Months Ended (dollars in thousands) 2024 2023 2024 2023 Operating lease cost Occupancy/Equipment expense $ 8,268 $ 7,469 $ 16,094 $ 16,107 Finance lease cost: Amortization of right-of-use assets Occupancy expense 1,488 737 2,239 1,428 Interest on lease liabilities Interest expense 253 184 434 353 Sub-lease income Occupancy expense (123) (102) (248) (162) Total $ 9,886 $ 8,288 $ 18,519 $ 17,726 Supplemental balance sheet information related to leases was as follows: (dollars in thousands) June 30, December 31, Operating Leases Operating lease right-of-use assets $ 194,591 $ 185,506 Operating lease liabilities 213,119 204,960 Finance Leases Premises and equipment, net 32,759 19,820 Other borrowings 34,114 20,955 Weighted-Average Remaining Lease Term (in Years) Operating leases 8.2 8.5 Finance leases 7.2 10.5 Weighted-Average Discount Rate Operating leases 3.12 % 3.04 % Finance leases 3.97 % 3.90 % Supplemental cash flow information related to leases was as follows: Six Months Ended (dollars in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 16,439 $ 15,752 Operating cash flows from finance leases 434 353 Financing cash flows from finance leases 2,020 1,265 The following table presents a maturity analysis of the Company’s lease liability by lease classification at June 30, 2024: (dollars in thousands) Operating Finance 2024 $ 16,861 $ 4,649 2025 34,330 8,787 2026 33,583 6,048 2027 31,857 4,388 2028 27,940 2,996 Thereafter 98,385 12,611 Total undiscounted lease payments 242,956 39,479 Amounts representing interest (29,837) (5,365) Lease liability $ 213,119 $ 34,114 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS The following table presents the changes in the carrying amount of goodwill: Three Months Ended Six Months Ended (dollars in thousands) 2024 2023 2024 2023 Balance at beginning of period $ 1,998,716 $ 1,998,716 $ 1,998,716 $ 1,998,716 Acquisitions and adjustments 171,993 — 171,993 — Balance at end of period $ 2,170,709 $ 1,998,716 $ 2,170,709 $ 1,998,716 During the three months ended June 30, 2024, Old National recorded $172.0 million of goodwill associated with the acquisition of CapStar. See Note 2 to the consolidated financial statements for additional detail regarding this transaction. Old National performed the required annual goodwill impairment test as of August 31, 2023 and there was no impairment. No events or circumstances since the August 31, 2023 annual impairment test were noted that would indicate it was more likely than not a goodwill impairment exists. The gross carrying amounts and accumulated amortization of other intangible assets were as follows: (dollars in thousands) Gross Accumulated Net June 30, 2024 Core deposit $ 189,636 $ (83,537) $ 106,099 Customer trust relationships 52,621 (23,225) 29,396 Total other intangible assets $ 242,257 $ (106,762) $ 135,495 December 31, 2023 Core deposit $ 143,511 $ (72,940) $ 70,571 Customer trust relationships 52,621 (20,942) 31,679 Total other intangible assets $ 196,132 $ (93,882) $ 102,250 Other intangible assets consist of core deposit intangibles and customer relationship intangibles and are being amortized primarily on an accelerated basis over their estimated useful lives, generally over a period of 5 to 15 years. During the three months ended June 30, 2024, Old National recorded $46.1 million of core deposit intangibles associated with the acquisition of CapStar. See Note 2 to the consolidated financial statements for additional detail regarding this transaction. Old National reviews other intangible assets for possible impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. No impairment charges were recorded during the six months ended June 30, 2024 or 2023. Total amortization expense associated with intangible assets was $7.4 million and $12.9 million for the three and six months ended June 30, 2024, respectively, compared to $6.1 million and $12.2 million for the three and six months ended June 30, 2023, respectively. Estimated amortization expense for future years is as follows: (dollars in thousands) 2024 remaining $ 14,648 2025 26,116 2026 22,474 2027 18,947 2028 15,598 Thereafter 37,712 Total $ 135,495 |
Qualified Affordable Housing Pr
Qualified Affordable Housing Projects and Other Tax Credit Investments | 6 Months Ended |
Jun. 30, 2024 | |
Securities Sold under Agreements to Repurchase [Abstract] | |
Qualified Affordable Housing Projects and Other Tax Credit Investments | QUALIFIED AFFORDABLE HOUSING PROJECTS AND OTHER TAX CREDIT INVESTMENTS Old National is a limited partner in several tax-advantaged limited partnerships whose purpose is to invest in approved qualified affordable housing, renewable energy, or other renovation or community revitalization projects. These investments are included in other assets on the balance sheet, with any unfunded commitments included with other liabilities. As of June 30, 2024, Old National expects to recover its remaining investments through the use of the tax credits that are generated by the investments. The following table summarizes Old National’s investments in qualified affordable housing projects and other tax credit investments: (dollars in thousands) June 30, 2024 December 31, 2023 Investment Accounting Method Investment Unfunded Commitment (1) Investment Unfunded LIHTC Proportional amortization $ 158,955 $ 90,134 $ 114,991 $ 75,981 FHTC Proportional amortization (2) 32,030 26,345 34,220 27,421 NMTC Consolidation 48,875 — 47,727 — Renewable Energy Equity 4 — 201 — Total $ 239,864 $ 116,479 $ 197,139 $ 103,402 (1) All commitments will be paid by Old National by December 31, 2036. (2) Old National’s FHTC investments were previously accounted for under the Equity method of accounting prior to the adoption of ASU 2023-02 on January 1, 2024. The following table summarizes the amortization expense and tax benefit recognized for Old National’s qualified affordable housing projects and other tax credit investments: (dollars in thousands) Amortization Expense (1) Tax Expense (Benefit) Recognized (2) Three Months Ended June 30, 2024 LIHTC $ 2,780 $ (3,743) FHTC 728 (690) NMTC 2,546 (3,175) Renewable Energy 11 — Total $ 6,065 $ (7,608) Three Months Ended June 30, 2023 LIHTC $ 1,463 $ (1,908) FHTC 424 (512) NMTC 2,092 (2,611) Renewable Energy 246 — Total $ 4,225 $ (5,031) Six Months Ended June 30, 2024 LIHTC $ 5,265 $ (7,074) FHTC 1,262 (1,353) NMTC 5,092 (6,350) Renewable Energy 197 — Total $ 11,816 $ (14,777) Six Months Ended June 30, 2023 LIHTC $ 2,927 $ (3,817) FHTC 848 (1,024) NMTC 4,183 (5,222) Renewable Energy 492 — Total $ 8,450 $ (10,063) (1) The amortization expense for the LIHTC and FHTC investments is included in our income tax expense. Prior to the adoption of ASU 2023-02 on January 1, 2024, FHTC amortization expense was included in noninterest expense. NMTC amortization is recognized in noninterest expense in correlation to the recognition of tax credits on our tax return. Amortization expense for the Renewable Energy tax credits is included in noninterest expense. (2) All of the tax benefits recognized are included in our income tax expense. The tax benefit recognized for the NMTC and Renewable Energy investments primarily reflects the tax credits generated from the investments and excludes the net tax expense (benefit) and deferred tax liability of the investments’ income (loss). |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 6 Months Ended |
Jun. 30, 2024 | |
Securities Sold under Agreements to Repurchase [Abstract] | |
Securities Sold Under Agreements to Repurchase | SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE Securities sold under agreements to repurchase are secured borrowings. Old National pledges investment securities to secure these borrowings. The following table presents securities sold under agreements to repurchase and related weighted-average interest rates: At or for the Six Months Ended June 30, (dollars in thousands) 2024 2023 Outstanding at period end $ 240,713 $ 311,447 Average amount outstanding during the period 273,088 376,298 Maximum amount outstanding at any month-end during the period 319,423 430,537 Weighted-average interest rate: During the period 1.15 % 0.90 % At period end 3.41 % 1.14 % At December 31, 2023, securities sold under agreements to repurchase totaled $285.2 million with a weighted-average interest rate of 3.64%. The following table presents the contractual maturity of our secured borrowings and class of collateral pledged: At June 30, 2024 Remaining Contractual Maturity of the Agreements (dollars in thousands) Overnight and Continuous Up to 30-90 Days Greater Than 90 days Total Repurchase Agreements: U.S. Treasury and agency securities $ 240,713 $ — $ — $ — $ 240,713 Total $ 240,713 $ — $ — $ — $ 240,713 |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 6 Months Ended |
Jun. 30, 2024 | |
Federal Home Loan Banks [Abstract] | |
Federal Home Loan Bank Advances | FEDERAL HOME LOAN BANK ADVANCES The following table summarizes Old National Bank’s FHLB advances: (dollars in thousands) June 30, December 31, FHLB advances (fixed rates 2.19% to 5.55% and variable rates 5.33% to 5.48%) maturing September 2024 to March 2044 $ 4,775,528 $ 4,300,528 Fair value hedge basis adjustments and unamortized (30,968) (19,847) Total $ 4,744,560 $ 4,280,681 FHLB advances had weighted-average rates of 3.84% at June 30, 2024 and 3.45% at December 31, 2023. FHLB advances are collateralized by designated assets that may include qualifying commercial real estate loans, residential and multifamily mortgages, home equity loans, and certain investment securities. At June 30, 2024, total unamortized prepayment fees related to all FHLB advance debt modifications completed in prior years totaled $11.2 million, compared to $14.2 million at December 31, 2023. Contractual maturities of FHLB advances at June 30, 2024 were as follows: (dollars in thousands) Due in 2024 $ 450,243 Due in 2025 550,285 Due in 2026 100,000 Due in 2028 650,000 Thereafter 3,025,000 Fair value hedge basis adjustments and unamortized prepayment fees (30,968) Total $ 4,744,560 |
Other Borrowings
Other Borrowings | 6 Months Ended |
Jun. 30, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Other Borrowings | OTHER BORROWINGS The following table summarizes Old National’s other borrowings: (dollars in thousands) June 30, December 31, Old National Bancorp: Senior unsecured notes (fixed rate 4.13%) maturing August 2024 $ 175,000 $ 175,000 Unamortized debt issuance costs related to senior unsecured notes (13) (91) Subordinated debentures (fixed rate 5.88%) maturing September 2026 150,000 150,000 Subordinated debentures (fixed rate 5.25%) maturing June 2030 30,000 — Junior subordinated debentures (rates of 6.95% to 9.17%) maturing July 2031 to September 2037 136,643 136,643 Other basis adjustments 15,627 18,207 Old National Bank: Finance lease liabilities 34,114 20,955 Subordinated debentures (3-month SOFR plus 4.618%; variable rate 9.95%) maturing October 2025 12,000 12,000 Leveraged loans for NMTC (fixed rates of 1.00% to 1.43%) maturing December 2046 to June 2060 168,228 154,284 Other (1) 128,178 97,872 Total other borrowings $ 849,777 $ 764,870 (1) Includes overnight borrowings to collateralize certain derivative positions totaling $128.1 million at June 30, 2024 and $97.6 million at December 31, 2023. Contractual maturities of other borrowings at June 30, 2024 were as follows: (dollars in thousands) Due in 2024 $ 307,099 Due in 2025 19,784 Due in 2026 155,280 Due in 2027 3,795 Due in 2028 2,518 Thereafter 345,568 Unamortized debt issuance costs and other basis adjustments 15,733 Total $ 849,777 Junior Subordinated Debentures Junior subordinated debentures related to trust preferred securities are classified in “other borrowings.” Junior subordinated debentures qualify as Tier 2 capital for regulatory purposes, subject to certain limitations. Through various mergers and acquisitions, Old National assumed junior subordinated debenture obligations related to various trusts that issued trust preferred securities. Old National guarantees the payment of distributions on the trust preferred securities issued by the trusts. Proceeds from the issuance of each of these securities were used to purchase junior subordinated debentures with the same financial terms as the securities issued by the trusts. Old National, at any time, may redeem the junior subordinated debentures at par and, thereby cause a redemption of the trust preferred securities in whole or in part. The following table summarizes the terms of our outstanding junior subordinated debentures at June 30, 2024: (dollars in thousands) Rate at June 30, Name of Trust Issuance Date Issuance Rate Maturity Date Bridgeview Statutory Trust I July 2001 $ 15,464 3-month SOFR plus 3.58% 9.17% July 31, 2031 Bridgeview Capital Trust II December 2002 15,464 3-month SOFR plus 3.35% 8.94% January 7, 2033 First Midwest Capital Trust I November 2003 37,825 6.95% fixed 6.95% December 1, 2033 St. Joseph Capital Trust II March 2005 5,155 3-month SOFR plus 1.75% 7.35% March 17, 2035 Northern States Statutory Trust I September 2005 10,310 3-month SOFR plus 1.80% 7.40% September 15, 2035 Anchor Capital Trust III August 2005 5,000 3-month SOFR plus 1.55% 7.14% September 30, 2035 Great Lakes Statutory Trust II December 2005 6,186 3-month SOFR plus 1.40% 7.00% December 15, 2035 Home Federal Statutory September 2006 15,464 3-month SOFR plus 1.65% 7.25% September 15, 2036 Monroe Bancorp Capital July 2006 3,093 3-month SOFR plus 1.60% 7.19% October 7, 2036 Tower Capital Trust 3 December 2006 9,279 3-month SOFR plus 1.69% 7.30% March 1, 2037 Monroe Bancorp Statutory March 2007 5,155 3-month SOFR plus 1.60% 7.20% June 15, 2037 Great Lakes Statutory Trust III June 2007 8,248 3-month SOFR plus 1.70% 7.30% September 15, 2037 Total $ 136,643 Leveraged Loans The leveraged loans are directly related to the NMTC structure. As part of the transaction structure, Old National has the right to sell its interest in the entity that received the leveraged loans at an agreed upon price to the leveraged lender at the end of the NMTC seven-year compliance period. See Note 9 to the consolidated financial statements for additional information on the Company’s NMTC investments. Finance Lease Liabilities Old National has long-term finance lease liabilities for certain banking centers and equipment totaling $34.1 million at June 30, 2024. See Note 7 to the consolidated financial statements for a maturity analysis of the Company’s finance lease liabilities. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes the changes within each classification of AOCI, net of tax: (dollars in thousands) Unrealized Unrealized Gains and Defined Total Three Months Ended June 30, 2024 Balance at beginning of period $ (685,969) $ (92,251) $ (1,408) $ — $ (779,628) Other comprehensive income (loss) before (13,347) — (5,215) — (18,562) Amounts reclassified from AOCI to income (1) (2) 3,265 3,519 — 6,782 Balance at end of period $ (699,318) $ (88,986) $ (3,104) $ — $ (791,408) Three Months Ended June 30, 2023 Balance at beginning of period $ (611,260) $ (106,966) $ 9,872 $ (4) $ (708,358) Other comprehensive income (loss) before (90,121) — 9,840 — (80,281) Amounts reclassified from AOCI to income (1) (12) 3,822 (23,808) 4 (19,994) Balance at end of period $ (701,393) $ (103,144) $ (4,096) $ — $ (808,633) Six Months Ended June 30, 2024 Balance at beginning of period $ (652,518) $ (95,472) $ 9,181 $ — $ (738,809) Other comprehensive income (loss) before (46,810) — (19,420) — (66,230) Amounts reclassified from AOCI to income (1) 10 6,486 7,135 — 13,631 Balance at end of period $ (699,318) $ (88,986) $ (3,104) $ — $ (791,408) Six Months Ended June 30, 2023 Balance at beginning of period $ (642,346) $ (112,664) $ (31,549) $ 137 $ (786,422) Other comprehensive income (loss) before (62,902) 1,325 45,825 — (15,752) Amounts reclassified from AOCI to income (1) 3,855 8,195 (18,372) (137) (6,459) Balance at end of period $ (701,393) $ (103,144) $ (4,096) $ — $ (808,633) (1) See table below for details about reclassifications to income. The following table summarizes the amounts reclassified out of each component of AOCI for the three months ended June 30, 2024 and 2023: Three Months Ended (dollars in thousands) 2024 2023 Details about AOCI Components Amount Reclassified Affected Line Item in the Unrealized gains and losses on $ 2 $ 17 Debt securities gains (losses), net — (5) Income tax (expense) benefit $ 2 $ 12 Net income Amortization of unrealized losses on $ (4,376) $ (5,122) Interest income (expense) 1,111 1,300 Income tax (expense) benefit $ (3,265) $ (3,822) Net income Gains and losses on hedges $ (4,747) $ 32,112 Interest income (expense) 1,228 (8,304) Income tax (expense) benefit $ (3,519) $ 23,808 Net income Amortization of defined benefit Actuarial gains (losses) $ — $ (6) Salaries and employee benefits — 2 Income tax (expense) benefit $ — $ (4) Net income Total reclassifications for the period $ (6,782) $ 19,994 Net income The following table summarizes the amounts reclassified out of each component of AOCI for the six months ended June 30, 2024 and 2023: Six Months Ended (dollars in thousands) 2024 2023 Details about AOCI Components Amount Reclassified Affected Line Item in the Unrealized gains and losses on $ (14) $ (5,199) Debt securities gains (losses), net 4 1,344 Income tax (expense) benefit $ (10) $ (3,855) Net income Amortization of unrealized losses on $ (8,694) $ (10,951) Interest income (expense) 2,208 2,756 Income tax (expense) benefit $ (6,486) $ (8,195) Net income Gains and losses on hedges $ (9,624) $ 24,820 Interest income (expense) 2,489 (6,448) Income tax (expense) benefit $ (7,135) $ 18,372 Net income Amortization of defined benefit Actuarial gains (losses) $ — $ 182 Salaries and employee benefits — (45) Income tax (expense) benefit $ — $ 137 Net income Total reclassifications for the period $ (13,631) $ 6,459 Net income |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The following is a summary of the major items comprising the differences in taxes from continuing operations computed at the federal statutory rate and as recorded in the consolidated statements of income: Three Months Ended Six Months Ended (dollars in thousands) 2024 2023 2024 2023 Provision at statutory rate of 21% $ 32,861 $ 42,510 $ 64,943 $ 81,995 Tax-exempt income: Tax-exempt interest (5,027) (4,605) (9,985) (9,091) Section 291/265 interest disallowance 957 532 1,841 918 Company-owned life insurance income (1,178) (945) (1,872) (1,572) Tax-exempt income (5,248) (5,018) (10,016) (9,745) State income taxes 6,333 8,552 11,480 16,693 Interim period effective rate adjustment (70) 993 873 (723) Tax credit investments - federal (3,106) (2,526) (6,160) (5,051) Officer compensation limitation 1,491 1,040 2,256 2,080 Non-deductible FDIC premiums 2,032 2,037 3,779 4,147 Other, net 957 (195) 583 (582) Income tax expense $ 35,250 $ 47,393 $ 67,738 $ 88,814 Effective tax rate 22.5 % 23.4 % 21.9 % 22.8 % Net Deferred Tax Assets Net deferred tax assets are included in other assets on the balance sheet. At June 30, 2024, net deferred tax assets totaled $456.4 million, compared to $423.3 million at December 31, 2023. No valuation allowance was required on the Company’s deferred tax assets at June 30, 2024 or December 31, 2023. The Company’s retained earnings at June 30, 2024 included an appropriation for acquired thrifts’ tax bad debt allowances totaling $58.6 million for which no provision for federal or state income taxes has been made. If in the future, this portion of retained earnings were distributed as a result of the liquidation of the Company or its subsidiaries, federal and state income taxes would be imposed at the then applicable rates. Old National has federal net operating loss carryforwards totaling $75.3 million at June 30, 2024 and $63.6 million at December 31, 2023. This federal net operating loss was acquired from the acquisition of Anchor BanCorp Wisconsin Inc. in 2016, First Midwest Bancorp, Inc. in 2022, and CapStar Financial Holdings, Inc. in 2024. If not used, the federal net operating loss carryforwards will begin expiring in 2032 and later. Old National has recorded state net operating loss carryforwards totaling $111.2 million at June 30, 2024 and $116.9 million at December 31, 2023. If not used, the state net operating loss carryforwards will expire from 2027 to 2036. The federal and recorded state net operating loss carryforwards are subject to an annual limitation under Internal Revenue Code section 382. Old National believes that all of the federal and recorded state net operating loss carryforwards will be used prior to expiration. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS As part of our overall interest rate risk management, Old National uses derivative instruments, including interest rate swaps, collars, caps, and floors. The notional amount does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual agreements. Derivative instruments are recognized on the balance sheet at their fair value and are not reported on a net basis. Credit risk arises from the possible inability of counterparties to meet the terms of their contracts. Old National’s exposure is limited to the termination value of the contracts rather than the notional, principal, or contract amounts. There are provisions in our agreements with the counterparties that allow for certain unsecured credit exposure up to an agreed threshold. Exposures in excess of the agreed thresholds are collateralized. In addition, we minimize credit risk through credit approvals, limits, and monitoring procedures. Derivatives Designated as Hedges Subsequent changes in fair value for a hedging instrument that has been designated and qualifies as part of a hedging relationship are accounted for in the following manner: Cash flow hedges : changes in fair value are recognized as a component in other comprehensive income (loss). Fair value hedges : changes in fair value are recognized concurrently in earnings. As long as a hedging instrument is designated and the results of the effectiveness testing support that the instrument qualifies for hedge accounting treatment, 100% of the periodic changes in fair value of the hedging instrument are accounted for as outlined above. This is the case whether or not economic mismatches exist in the hedging relationship. As a result, there is no periodic measurement or recognition of ineffectiveness. Rather, the full impact of hedge gains and losses is recognized in the period in which the hedged transactions impact earnings. The change in fair value of the hedging instrument that is included in the assessment of hedge effectiveness is presented in the same income statement line item that is used to present the earnings effect of the hedged item. Cash Flow Hedges Interest rate swaps of certain borrowings were designated as cash flow hedges totaling $150.0 million notional amount at both June 30, 2024 and December 31, 2023. Interest rate swaps, collars, and floors related to variable-rate commercial loan pools were designated as cash flow hedges totaling $1.8 billion notional amount at June 30, 2024 and $1.6 billion notional amount at December 31, 2023. The hedges were determined to be effective during all periods presented and we expect them to remain effective during the remaining terms. Old National has designated its interest rate collars as cash flow hedges. The structure of these instruments is such that Old National pays the counterparty an incremental amount if the collar index exceeds the cap rate. Conversely, Old National receives an incremental amount if the index falls below the floor rate. No payments are required if the collar index falls between the cap and floor rates. Old National has designated its interest rate floor transactions as cash flow hedges. The structure of these instruments is such that Old National receives an incremental amount if the index falls below the floor strike rate. No payments are required if the index remains above the floor strike rate. Fair Value Hedges Interest rate swaps of certain borrowings were designated as fair value hedges totaling $1.1 billion notional amount at June 30, 2024 and $900.0 million notional amount at December 31, 2023. Interest rate swaps of certain available-for-sale investment securities were designated as fair value hedges totaling $998.1 million notional amount at both June 30, 2024 and December 31, 2023. The hedges were determined to be effective during all periods presented and we expect them to remain effective during the remaining terms. The following table summarizes Old National’s derivatives designated as hedges: June 30, 2024 December 31, 2023 Fair Value Fair Value (dollars in thousands) Notional Assets (1) Liabilities (2) Notional Assets (1) Liabilities (2) Cash flow hedges Interest rate swaps, collars, and floors on loan $ 1,800,000 $ 2,276 $ 17,662 $ 1,600,000 $ 10,472 $ 6,014 Interest rate swaps on borrowings (3) 150,000 — — 150,000 — — Fair value hedges Interest rate swaps on investment securities (3) 998,107 — — 998,107 — — Interest rate swaps on borrowings (3) 1,100,000 1,777 — 900,000 — — Total $ 4,053 $ 17,662 $ 10,472 $ 6,014 (1) Derivative assets are included in other assets on the balance sheet. (2) Derivative liabilities are included in other liabilities on the balance sheet. (3) The fair values of certain counterparty interest rate swaps are zero due to the settlement of centrally cleared variation margin rules. The effect of derivative instruments in fair value hedging relationships on the consolidated statements of income were as follows: (dollars in thousands) Gain (Loss) Derivatives in Location of Gain or Gain (Loss) Hedged Items Location of Gain or Three Months Ended June 30, 2024 Interest rate contracts Interest income/(expense) $ (317) Fixed-rate debt Interest income/(expense) $ 272 Interest rate contracts Interest income/(expense) 2,836 Fixed-rate Interest income/(expense) (2,809) Total $ 2,519 $ (2,537) Three Months Ended Interest rate contracts Interest income/(expense) $ (11,101) Fixed-rate debt Interest income/(expense) $ 10,956 Interest rate contracts Interest income/(expense) 24,846 Fixed-rate Interest income/(expense) (24,867) Total $ 13,745 $ (13,911) Six Months Ended Interest rate contracts Interest income/(expense) $ (14,288) Fixed-rate debt Interest income/(expense) $ 14,399 Interest rate contracts Interest income/(expense) 28,684 Fixed-rate Interest income/(expense) (28,714) Total $ 14,396 $ (14,315) Six Months Ended Interest rate contracts Interest income/(expense) $ (8,948) Fixed-rate debt Interest income/(expense) $ 8,738 Interest rate contracts Interest income/(expense) (38,269) Fixed-rate Interest income/(expense) 38,384 Total $ (47,217) $ 47,122 The effect of derivative instruments in cash flow hedging relationships on the consolidated statements of income were as follows: Three Months Ended Three Months Ended (dollars in thousands) 2024 2023 2024 2023 Derivatives in Location of Gain or Gain (Loss) Gain (Loss) Interest rate contracts Interest income/(expense) $ (7,035) $ 13,272 $ (5,781) $ 31,078 Six Months Ended Six Months Ended 2024 2023 2024 2023 Derivatives in Location of Gain or Gain (Loss) Gain (Loss) Interest rate contracts Interest income/(expense) $ (26,194) $ 19,875 $ (11,692) $ 23,441 Amounts reported in AOCI related to cash flow hedges will be reclassified to interest income or interest expense as interest payments are received or paid on Old National’s derivative instruments. During the next 12 months, we estimate that $6.6 million will be reclassified to interest income and $26.5 million will be reclassified to interest expense. Derivatives Not Designated as Hedges Commitments to fund certain mortgage loans (interest rate lock commitments) and forward commitments for the future delivery of mortgage loans to third party investors are considered derivatives. These derivative contracts do not qualify for hedge accounting. At June 30, 2024, the notional amounts of the interest rate lock commitments were $99.1 million and forward commitments were $125.4 million. At December 31, 2023, the notional amounts of the interest rate lock commitments were $25.2 million and forward commitments were $39.5 million. It is our practice to enter into forward commitments for the future delivery of residential mortgage loans to third party investors when interest rate lock commitments are entered into in order to economically hedge the effect of changes in interest rates resulting from our commitment to fund the loans. Old National also enters into derivative instruments for the benefit of its clients. The notional amounts of these customer derivative instruments and the offsetting counterparty derivative instruments were $6.0 billion at both June 30, 2024 and December 31, 2023. These derivative contracts do not qualify for hedge accounting. These instruments include interest rate swaps, caps, and collars. Commonly, Old National will economically hedge significant exposures related to these derivative contracts entered into for the benefit of clients by entering into offsetting contracts with approved, reputable, independent counterparties with substantially matching terms. Old National enters into derivative financial instruments as part of its foreign currency risk management strategies. These derivative instruments consist of foreign currency forward contracts to accommodate the business needs of its clients. Old National does not designate these foreign currency forward contracts for hedge accounting treatment. The following table summarizes Old National’s derivatives not designated as hedges: June 30, 2024 December 31, 2023 Fair Value Fair Value (dollars in thousands) Notional Assets (1) Liabilities (2) Notional Assets (1) Liabilities (2) Interest rate lock commitments $ 99,131 $ — $ 172 $ 25,151 $ 291 $ — Forward mortgage loan contracts 125,414 398 — 39,529 — 566 Customer interest rate swaps 6,022,198 11,351 265,548 5,954,216 33,182 228,750 Counterparty interest rate swaps (3) 6,022,198 152,679 11,409 5,954,216 121,969 33,346 Customer foreign currency contracts 7,904 33 49 12,455 320 59 Counterparty foreign currency contracts 7,786 90 6 12,308 68 181 Total $ 164,551 $ 277,184 $ 155,830 $ 262,902 (1) Derivative assets are included in other assets on the balance sheet. (2) Derivative liabilities are included in other liabilities on the balance sheet. (3) The fair values of certain counterparty interest rate swaps are zero due to the settlement of centrally cleared variation margin rules. The effect of derivatives not designated as hedging instruments on the consolidated statements of income were as follows: Three Months Ended (dollars in thousands) 2024 2023 Derivatives Not Designated as Location of Gain or (Loss) Gain (Loss) Interest rate contracts (1) Other income/(expense) $ (160) $ 837 Mortgage contracts Mortgage banking revenue (693) 262 Foreign currency contracts Other income/(expense) (47) (12) Total $ (900) $ 1,087 Six Months Ended 2024 2023 Derivatives Not Designated as Location of Gain or (Loss) Gain (Loss) Interest rate contracts (1) Other income/(expense) $ 408 $ 699 Mortgage contracts Mortgage banking revenue 44 369 Foreign currency contracts Other income/(expense) (81) (13) Total $ 371 $ 1,055 (1) Includes the valuation differences between the customer and offsetting swaps. Fair Value of Offsetting Derivatives Certain derivative instruments are subject to master netting agreements with counterparties that provide rights of setoff. The Company records these transactions at their gross fair values and does not offset derivative assets and liabilities in the Consolidated Balance Sheet. The following table presents the fair value of the Company’s derivatives and offsetting positions: June 30, 2024 December 31, 2023 (dollars in thousands) Assets Liabilities Assets Liabilities Gross amounts recognized $ 168,604 $ 294,846 $ 166,302 $ 268,916 Less: amounts offset in the Consolidated Balance Sheet — — — — Net amount presented in the Consolidated Balance Sheet 168,604 294,846 166,302 268,916 Gross amounts not offset in the Consolidated Balance Sheet Offsetting derivative positions (29,071) (29,071) (39,360) (39,360) Cash collateral pledged — (128,289) — (97,840) Net credit exposure $ 139,533 $ 137,486 $ 126,942 $ 131,716 |
Commitments, Contingencies, and
Commitments, Contingencies, and Financial Guarantees | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies, and Financial Guarantees | COMMITMENTS, CONTINGENCIES, AND FINANCIAL GUARANTEES Litigation At June 30, 2024, there were certain legal proceedings pending against the Company and its subsidiaries in the ordinary course of business. While the outcome of any legal proceeding is inherently uncertain, based on information currently available, the Company’s management does not expect that any potential liabilities arising from pending litigation will have a material adverse effect on the Company’s business, financial position, or results of operations. Credit-Related Financial Instruments Old National holds instruments, in the normal course of business with clients, that are considered financial guarantees and are recorded at fair value. Standby letters of credit guarantees are issued in connection with agreements made by clients to counterparties. Standby letters of credit are contingent upon failure of the client to perform the terms of the underlying contract. Credit risk associated with standby letters of credit is essentially the same as that associated with extending loans to clients and is subject to normal credit policies. The term of these standby letters of credit is typically one year or less. These commitments are not recorded in the consolidated financial statements. The following table summarizes Old National Bank’s unfunded loan commitments and standby letters of credit: (dollars in thousands) June 30, December 31, Unfunded loan commitments $ 8,789,910 $ 8,912,587 Standby letters of credit (1) 184,482 192,237 (1) Notional amount, which represents the maximum amount of future funding requirements. The carrying value was $1.5 million at June 30, 2024 and $1.3 million at December 31, 2023. At June 30, 2024, approximately 3% of the unfunded loan commitments had fixed rates, with the remainder having floating rates ranging from 0.00% to 22.49%. The allowance for unfunded loan commitments totaled $25.7 million at June 30, 2024 and $31.2 million at December 31, 2023. Old National is a party in risk participation transactions of interest rate swaps, which had total notional amounts of $634.9 million at June 30, 2024 and $557.8 million at December 31, 2023. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value | FAIR VALUE Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: • Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. • Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Old National used the following methods and significant assumptions to estimate the fair value of each type of financial instrument: Investment securities and equity securities : The fair values for investment securities and equity securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). Discounted cash flows are calculated using swap and SOFR curves plus spreads that adjust for loss severities, volatility, credit risk, and optionality. During times when trading is more liquid, broker quotes are used (if available) to validate the model. Rating agency and industry research reports as well as defaults and deferrals on individual securities are reviewed and incorporated into the calculations. Loans held-for-sale : The fair value of loans held-for-sale is determined using quoted prices for a similar asset, adjusted for specific attributes of that loan (Level 2). Derivative financial instruments : The fair values of derivative financial instruments are based on market quotes developed using observable inputs as of the valuation date (Level 2). Recurring Basis Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which we have elected the fair value option, are summarized below: Fair Value Measurements at June 30, 2024 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Financial Assets Equity securities $ 85,521 $ 85,521 $ — $ — Investment securities available-for-sale: U.S. Treasury 205,308 205,308 — — U.S. government-sponsored entities and agencies 1,172,294 — 1,172,294 — Mortgage-backed securities - Agency 4,888,456 — 4,888,456 — States and political subdivisions 523,315 — 523,315 — Pooled trust preferred securities 11,298 — 11,298 — Other securities 304,807 — 304,807 — Loans held-for-sale 66,126 — 66,126 — Derivative assets 168,604 — 168,604 — Financial Liabilities Derivative liabilities 294,846 — 294,846 — Fair Value Measurements at December 31, 2023 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Financial Assets Equity securities $ 80,372 $ 80,372 $ — $ — Investment securities available-for-sale: U.S. Treasury 396,733 396,733 — — U.S. government-sponsored entities and agencies 1,231,264 — 1,231,264 — Mortgage-backed securities - Agency 4,216,560 — 4,216,560 — States and political subdivisions 535,260 — 535,260 — Pooled trust preferred securities 11,337 — 11,337 — Other securities 321,901 — 321,901 — Loans held-for-sale 32,006 — 32,006 — Derivative assets 166,302 — 166,302 — Financial Liabilities Derivative liabilities 268,916 — 268,916 — Non-Recurring Basis Assets measured at fair value at June 30, 2024 on a non-recurring basis are summarized below: Fair Value Measurements at June 30, 2024 Using (dollars in thousands) Carrying Quoted Prices in Significant Significant Collateral Dependent Loans: Commercial loans $ 20,587 $ — $ — $ 20,587 Commercial real estate loans 111,159 — — 111,159 Foreclosed Assets: Commercial 975 — — 975 Residential 65 — — 65 Commercial and commercial real estate loans that are deemed collateral dependent are valued using the discounted cash flows. The liquidation amounts are based on the fair value of the underlying collateral using the most recently available appraisals with certain adjustments made based on the type of property, age of appraisal, current status of the property, and other related factors to estimate the current value of the collateral. These commercial and commercial real estate loans had a principal amount of $163.2 million, with a valuation allowance of $31.4 million at June 30, 2024. Old National recorded provision expense associated with these loans totaling $7.4 million and $17.0 million for the three and six months ended June 30, 2024, respectively, compared to $7.9 million and $19.8 million for the three and six months ended June 30, 2023, respectively. Other real estate owned and other repossessed property is measured at fair value less costs to sell on a non-recurring basis. Old National did not have any other real estate owned or other repossessed property measured at fair value on a non-recurring basis at June 30, 2024. There were $0.4 million write-downs on other real estate owned for the three and six months ended June 30, 2024, compared to $0.1 million of write-downs for the three and six months ended June 30, 2023. Assets measured at fair value at December 31, 2023 on a non-recurring basis are summarized below: Fair Value Measurements at December 31, 2023 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Collateral Dependent Loans: Commercial loans $ 11,017 $ — $ — $ 11,017 Commercial real estate loans 95,457 — — 95,457 Foreclosed Assets: Commercial real estate 1,669 — — 1,669 At December 31, 2023, commercial and commercial real estate loans that are deemed collateral dependent had a principal amount of $134.3 million, with a valuation allowance of $27.9 million. The table below provides quantitative information about significant unobservable inputs used in fair value measurements within Level 3 of the fair value hierarchy: (dollars in thousands) Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) (1) June 30, 2024 Collateral Dependent Loans Commercial loans $ 20,587 Discounted Discount for type of property, 5% - 54% (31%) cash flow age of appraisal, and current status Commercial real estate loans 111,159 Discounted Discount for type of property, 0% - 34% (11%) cash flow age of appraisal, and current status Foreclosed Assets Commercial real estate (2) 975 Fair value of Discount for type of property, 28% collateral age of appraisal, and current status Residential (2) 65 Fair value of Discount for type of property, 11% collateral age of appraisal, and current status December 31, 2023 Collateral Dependent Loans Commercial loans $ 11,017 Discounted Discount for type of property, 5% - 37% (27%) cash flow age of appraisal, and current status Commercial real estate loans 95,457 Discounted Discount for type of property, 2% - 38% (16%) cash flow age of appraisal, and current status Foreclosed Assets Commercial real estate 1,669 Fair value of Discount for type of property, 4% - 8% (4%) collateral age of appraisal, and current status (1) Unobservable inputs were weighted by the relative fair value of the instruments. (2) There was only one foreclosed commercial real estate property and one foreclosed residential real estate property at June 30, 2024 with write-downs during the six months ended June 30, 2024, so no range or weighted average is reported. Fair Value Option Old National may elect to report most financial instruments and certain other items at fair value on an instrument-by-instrument basis with changes in fair value reported in net income. After the initial adoption, the election is made at the acquisition of an eligible financial asset, financial liability, or firm commitment or when certain specified reconsideration events occur. The fair value election may not be revoked once an election is made. Loans Held-For-Sale Old National has elected the fair value option for loans held-for-sale. For these loans, interest income is recorded in the consolidated statements of income based on the contractual amount of interest income earned on the financial assets (except any that are on nonaccrual status). None of these loans are 90 days or more past due, nor are any on nonaccrual status. Interest income for loans held-for-sale is included in the income statement totaling $0.5 million for three months ended June 30, 2024 and $0.8 million for the six months ended June 30, 2024, compared to $0.3 million and $0.5 million for the three and six months ended June 30, 2023, respectively. Newly originated conforming fixed-rate and adjustable-rate first mortgage loans are intended for sale and are hedged with derivative instruments. Old National has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplification. The fair value option was not elected for loans held for investment. The difference between the aggregate fair value and the aggregate remaining principal balance for loans for which the fair value option has been elected was as follows: (dollars in thousands) Aggregate Difference Contractual Principal June 30, 2024 Loans held-for-sale $ 66,126 $ 525 $ 65,601 December 31, 2023 Loans held-for-sale $ 32,006 $ 621 $ 31,385 Accrued interest at period end is included in the fair value of the instruments. The following table presents the amount of gains and losses from fair value changes included in income before income taxes for financial assets carried at fair value: (dollars in thousands) Other Interest Income Interest (Expense) Total Changes Three Months Ended June 30, 2024 Loans held-for-sale $ 105 $ 6 $ — $ 111 Three Months Ended June 30, 2023 Loans held-for-sale $ 229 $ — $ (7) $ 222 Six Months Ended June 30, 2024 Loans held-for-sale $ (97) $ 6 $ (5) $ (96) Six Months Ended June 30, 2023 Loans held-for-sale $ 176 $ — $ (10) $ 166 Financial Instruments Not Carried at Fair Value The carrying amounts and estimated fair values of financial instruments not carried at fair value were as follows: Fair Value Measurements at June 30, 2024 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Financial Assets Cash, due from banks, money market, $ 1,233,046 $ 1,233,046 $ — $ — Investment securities held-to-maturity: U.S. government-sponsored entities and agencies 829,402 — 662,331 — Mortgage-backed securities - Agency 1,001,915 — 838,289 — State and political subdivisions 1,155,132 — 1,011,882 — Loans, net: Commercial 10,192,534 — — 10,043,917 Commercial real estate 15,825,787 — — 15,331,416 Residential real estate 6,871,822 — — 5,964,205 Consumer credit 2,894,035 — — 2,861,352 Accrued interest receivable 240,806 882 57,984 181,940 Financial Liabilities Deposits: Noninterest-bearing demand deposits $ 9,336,042 $ 9,336,042 $ — $ — Checking, NOW, savings, and money market 23,614,973 23,614,973 — — Time deposits 7,048,213 — 7,013,100 — Federal funds purchased and interbank borrowings 250,154 250,154 — — Securities sold under agreements to repurchase 240,713 240,713 — — FHLB advances 4,744,560 — 4,536,762 — Other borrowings 849,777 — 839,834 — Accrued interest payable 63,049 — 63,049 — Standby letters of credit 1,504 — — 1,504 Off-Balance Sheet Financial Instruments Commitments to extend credit $ — $ — $ — $ 3,300 Fair Value Measurements at December 31, 2023 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Financial Assets Cash, due from banks, money market, $ 1,175,058 $ 1,175,058 $ — $ — Investment securities held-to-maturity: U.S. government-sponsored entities and agencies 825,953 — 671,126 — Mortgage-backed securities - Agency 1,029,131 — 881,994 — State and political subdivisions 1,158,409 — 1,048,068 — Loans, net: Commercial 9,392,267 — — 9,258,193 Commercial real estate 13,984,273 — — 13,640,868 Residential real estate 6,678,606 — — 5,579,999 Consumer credit 2,629,171 — — 2,555,121 Accrued interest receivable 225,159 859 54,465 169,835 Financial Liabilities Deposits: Noninterest-bearing demand deposits $ 9,664,247 $ 9,664,247 $ — $ — Checking, NOW, savings, and money market 21,991,789 21,991,789 — — Time deposits 5,579,144 — 5,552,538 — Federal funds purchased and interbank borrowings 390 390 — — Securities sold under agreements to repurchase 285,206 285,206 — — FHLB advances 4,280,681 — 4,090,954 — Other borrowings 764,870 — 755,592 — Accrued interest payable 57,094 — 57,094 — Standby letters of credit 1,318 — — 1,318 Off-Balance Sheet Financial Instruments Commitments to extend credit $ — $ — $ — $ 3,839 The methods utilized to measure the fair value of financial instruments at June 30, 2024 and December 31, 2023 represent an approximation of exit price, however, an actual exit price may differ. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||||
Net income | $ 121,229 | $ 120,284 | $ 155,036 | $ 146,600 | $ 241,513 | $ 301,636 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements include the accounts of Old National Bancorp and its wholly-owned subsidiaries (hereinafter collectively referred to as “Old National”) and have been prepared in conformity with accounting principles generally accepted in the United States of America and prevailing practices within the banking industry. Such principles require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosures of contingent assets and liabilities at the date of the financial statements and amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, the consolidated financial statements contain all the normal and recurring adjustments necessary for a fair statement of the financial position of Old National as of June 30, 2024 and December 31, 2023, and the results of its operations for the three and six months ended June 30, 2024 and 2023. Interim results do not necessarily represent annual results. Certain information and disclosures normally included in notes to consolidated annual financial statements prepared in accordance with GAAP have been condensed or omitted in this Quarterly Report on Form 10-Q pursuant to SEC rules and regulations. These financial statements should be read in conjunction with Old National’s Annual Report on Form 10-K for the year ended December 31, 2023. All intercompany transactions and balances have been eliminated. Certain prior year amounts have been reclassified to conform to the current presentation. Such reclassifications had no effect on prior period net income or shareholders’ equity and were insignificant amounts. |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Accounting Guidance Adopted in 2024 FASB ASC 820 – In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions , to clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The adoption of this guidance on January 1, 2024 did not have a material impact on the consolidated financial statements. FASB ASC 323 – In March 2023, the FASB issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method , which allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. This ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of this guidance on a modified retrospective basis on January 1, 2024 did not have a material impact on the consolidated financial statements. FASB ASC 848 – In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, the transition away from LIBOR or other interbank offered rate on financial reporting. The guidance is applicable only to contracts or hedge accounting relationships that reference LIBOR or another reference rate expected to be discontinued. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which defers the sunset date of relief provisions within Topic 848 from December 31, 2022 to December 31, 2024. The objective of the guidance in Topic 848 is to provide relief during the transition period. The amendments in this ASU are effective March 12, 2020 through December 31, 2024. As of June 30, 2024, substantially all of the Company’s LIBOR exposure was addressed and remaining LIBOR-based contracts are expected to transition to alternate reference rates at their next index reset dates. Old National believes the adoption of this guidance on activities subsequent to June 30, 2024 will not have a material impact on the consolidated financial statements. Accounting Guidance Pending Adoption FASB ASC 280 – In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The purpose of the amendments is to enable investors to better understand an entity’s overall performance and assess potential future cash flows. A public entity should apply the amendments retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Old National is currently evaluating the impact of adopting the new guidance on the consolidated financial statements. FASB ASC 740 – In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . Among other things, these amendments require that public business entities on an annual basis disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (loss) by the applicable statutory income tax rate). In addition, the ASU requires information pertaining to taxes paid (net of refunds received) to be disaggregated for federal, state, and foreign taxes and further disaggregated for specific jurisdictions to the extent the related amounts are equal to or greater than 5 percent of total income taxes paid (net of refunds received). The amendments in this ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. Old National is currently evaluating the impact of adopting the new guidance on the consolidated financial statements. |
Acquisition and Divestiture A_2
Acquisition and Divestiture Activity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Summary of Business Acquisition | The following table presents the preliminary valuation of the assets acquired and liabilities assumed and the fair value of consideration as of the merger date: (dollars and shares in thousands) April 1, Assets Cash and cash equivalents $ 177,791 Investment securities 342,490 FHLB/Federal Reserve Bank stock 14,426 Loans held-for-sale 21,159 Loans, net of allowance for credit losses 2,124,695 Premises and equipment 22,481 Goodwill 171,993 Other intangible assets 46,125 Company-owned life insurance 91,475 Other assets 95,530 Total assets $ 3,108,165 Liabilities Deposits $ 2,560,464 Federal Home Loan Bank advances 75,000 Other borrowings 30,000 Accrued expenses and other liabilities 25,103 Total liabilities $ 2,690,567 Fair value of consideration Common stock (24,014 shares issued at $17.41 per share) $ 417,598 Total consideration $ 417,598 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Summary of Table Reconciling Basic and Diluted Net Income Per Share | The following table presents the calculation of basic and diluted net income per common share: Three Months Ended Six Months Ended (dollars and shares in thousands, except per share data) 2024 2023 2024 2023 Net income $ 121,229 $ 155,036 $ 241,513 $ 301,636 Preferred dividends (4,033) (4,033) (8,067) (8,067) Net income applicable to common shares $ 117,196 $ 151,003 $ 233,446 $ 293,569 Weighted average common shares outstanding: Weighted average common shares outstanding (basic) 315,585 290,559 303,283 290,822 Effect of dilutive securities: Restricted stock 876 707 924 1,047 Stock appreciation rights — — — 1 Weighted average diluted shares outstanding 316,461 291,266 304,207 291,870 Basic Net Income Per Common Share $ 0.37 $ 0.52 $ 0.77 $ 1.01 Diluted Net Income Per Common Share $ 0.37 $ 0.52 $ 0.77 $ 1.01 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Investment Securities Portfolio | The following table summarizes the amortized cost and fair value of the available-for-sale and held-to-maturity investment securities portfolios and the corresponding amounts of gross unrealized gains, unrealized losses, and basis adjustments in AOCI and gross unrecognized gains and losses. (dollars in thousands) Amortized Unrealized Unrealized Basis Adjustments (1) Fair June 30, 2024 Available-for-Sale U.S. Treasury $ 265,745 $ 8 $ (10,940) $ (49,505) $ 205,308 U.S. government-sponsored entities and agencies 1,442,132 — (187,768) (82,070) 1,172,294 Mortgage-backed securities - Agency 5,571,763 2,244 (685,551) — 4,888,456 States and political subdivisions 550,897 121 (28,267) 564 523,315 Pooled trust preferred securities 13,802 — (2,504) — 11,298 Other securities 324,169 216 (19,578) — 304,807 Total available-for-sale securities $ 8,168,508 $ 2,589 $ (934,608) $ (131,011) $ 7,105,478 Held-to-Maturity U.S. government-sponsored entities and agencies $ 829,402 $ — $ (167,071) $ — $ 662,331 Mortgage-backed securities - Agency 1,001,915 — (163,626) — 838,289 States and political subdivisions 1,155,282 469 (143,719) — 1,012,032 Allowance for securities held-to-maturity (150) — — — (150) Total held-to-maturity securities $ 2,986,449 $ 469 $ (474,416) $ — $ 2,512,502 December 31, 2023 Available-for-Sale U.S. Treasury $ 449,817 $ 154 $ (11,941) $ (41,297) $ 396,733 U.S. government-sponsored entities and agencies 1,487,879 33 (192,717) (63,931) 1,231,264 Mortgage-backed securities - Agency 4,835,319 3,093 (621,852) — 4,216,560 States and political subdivisions 554,509 878 (23,057) 2,930 535,260 Pooled trust preferred securities 13,797 — (2,460) — 11,337 Other securities 343,568 449 (22,116) — 321,901 Total available-for-sale securities $ 7,684,889 $ 4,607 $ (874,143) $ (102,298) $ 6,713,055 Held-to-Maturity U.S. government-sponsored entities and agencies $ 825,953 $ — $ (154,827) $ — $ 671,126 Mortgage-backed securities - Agency 1,029,131 — (147,137) — 881,994 States and political subdivisions 1,158,559 1,800 (112,141) — 1,048,218 Allowance for securities held-to-maturity (150) — — — (150) Total held-to-maturity securities $ 3,013,493 $ 1,800 $ (414,105) $ — $ 2,601,188 (1) Basis adjustments represent the amount of fair value hedging adjustments included in the carrying amounts of fixed-rate investment securities assets designated in fair value hedging arrangements. See Note 15 to the consolidated financial statements for additional information regarding these derivative financial instruments. |
Schedule of Proceeds from Sales or Calls and Realized Gain and Losses of Available-for-Sale Investment Securities and Other Securities | Proceeds from sales or calls of available-for-sale investment securities and the resulting realized gains and realized losses were as follows: Three Months Ended Six Months Ended (dollars in thousands) 2024 2023 2024 2023 Proceeds $ 287,075 $ 24,933 $ 348,325 $ 82,888 Realized gains 4 39 8 948 Realized losses (2) (22) (22) (6,147) |
Schedule of Expected Maturities of Investment Securities Portfolio | Weighted average yield is based on amortized cost. June 30, 2024 (dollars in thousands) Amortized Fair Weighted Maturity Available-for-Sale Within one year $ 201,863 $ 199,144 3.31 % One to five years 2,465,325 2,302,561 3.73 Five to ten years 4,194,624 3,585,179 2.63 Beyond ten years 1,306,696 1,018,594 2.65 Total $ 8,168,508 $ 7,105,478 2.98 % Held-to-Maturity Within one year $ 158 $ 148 2.19 % One to five years 164,614 134,416 2.59 Five to ten years 1,179,654 1,015,361 2.63 Beyond ten years 1,642,023 1,362,577 2.72 Total $ 2,986,449 $ 2,512,502 2.68 % |
Schedule of Available-for-Sale and Held-to-Maturity Investment Securities with Unrealized Losses by Aggregated Major Security Type and Length of Time in Continuous Unrealized Loss Position | The following table summarizes the available-for-sale investment securities with unrealized losses for which an allowance for credit losses has not been recorded by aggregated major security type and length of time in a continuous unrealized loss position: Less than 12 months 12 months or longer Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Losses June 30, 2024 Available-for-Sale U.S. Treasury $ 7,944 $ (32) $ 187,270 $ (10,908) $ 195,214 $ (10,940) U.S. government-sponsored entities 4,010 (67) 1,168,284 (187,701) 1,172,294 (187,768) Mortgage-backed securities - Agency 933,388 (6,678) 3,625,425 (678,873) 4,558,813 (685,551) States and political subdivisions 150,978 (1,977) 317,112 (26,290) 468,090 (28,267) Pooled trust preferred securities — — 11,298 (2,504) 11,298 (2,504) Other securities 26,624 (132) 216,148 (19,446) 242,772 (19,578) Total available-for-sale $ 1,122,944 $ (8,886) $ 5,525,537 $ (925,722) $ 6,648,481 $ (934,608) December 31, 2023 Available-for-Sale U.S. Treasury $ 8,937 $ (42) $ 191,027 $ (11,899) $ 199,964 $ (11,941) U.S. government-sponsored entities — — 1,189,314 (192,717) 1,189,314 (192,717) Mortgage-backed securities - Agency 90,145 (710) 3,835,552 (621,142) 3,925,697 (621,852) States and political subdivisions 86,865 (495) 259,767 (22,562) 346,632 (23,057) Pooled trust preferred securities — — 11,337 (2,460) 11,337 (2,460) Other securities 39,032 (229) 255,888 (21,887) 294,920 (22,116) Total available-for-sale $ 224,979 $ (1,476) $ 5,742,885 $ (872,667) $ 5,967,864 $ (874,143) |
Schedule of Held-to-Maturity Investment Securities with Unrecognized Losses | The following table summarizes the held-to-maturity investment securities with unrecognized losses aggregated by major security type and length of time in a continuous loss position: Less than 12 months 12 months or longer Total (dollars in thousands) Fair Unrecognized Fair Unrecognized Fair Unrecognized June 30, 2024 Held-to-Maturity U.S. government-sponsored entities $ — $ — $ 662,331 $ (167,071) $ 662,331 $ (167,071) Mortgage-backed securities - Agency — — 838,289 (163,626) 838,289 (163,626) States and political subdivisions 25,998 (231) 942,639 (143,488) 968,637 (143,719) Total held-to-maturity $ 25,998 $ (231) $ 2,443,259 $ (474,185) $ 2,469,257 $ (474,416) December 31, 2023 Held-to-Maturity U.S. government-sponsored entities $ — $ — $ 671,126 $ (154,827) $ 671,126 $ (154,827) Mortgage-backed securities - Agency — — 881,994 (147,137) 881,994 (147,137) States and political subdivisions — — 977,154 (112,141) 977,154 (112,141) Total held-to-maturity $ — $ — $ 2,530,274 $ (414,105) $ 2,530,274 $ (414,105) |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Schedule of Composition of Loans and Impact of Adoption | The portfolio segment reclassifications follow: Balance Sheet Portfolio Portfolio (dollars in thousands) June 30, 2024 Commercial (1) $ 10,332,631 $ (230,404) $ 10,102,227 Commercial real estate 16,016,958 (175,614) 15,841,344 BBCC N/A 406,018 406,018 Residential real estate 6,894,957 — 6,894,957 Consumer 2,905,967 (2,905,967) N/A Indirect N/A 1,101,585 1,101,585 Direct N/A 429,426 429,426 Home equity N/A 1,374,956 1,374,956 Total loans (2) $ 36,150,513 $ — $ 36,150,513 Allowance for credit losses on loans (366,335) — (366,335) Net loans $ 35,784,178 $ — $ 35,784,178 December 31, 2023 Commercial (1) $ 9,512,230 $ (232,764) $ 9,279,466 Commercial real estate 14,140,629 (169,058) 13,971,571 BBCC N/A 401,822 401,822 Residential real estate 6,699,443 — 6,699,443 Consumer 2,639,625 (2,639,625) N/A Indirect N/A 1,050,982 1,050,982 Direct N/A 523,172 523,172 Home equity N/A 1,065,471 1,065,471 Total loans (2) $ 32,991,927 $ — $ 32,991,927 Allowance for credit losses on loans (307,610) — (307,610) Net loans $ 32,684,317 $ — $ 32,684,317 (1) Includes direct finance leases of $157.2 million at June 30, 2024 and $169.7 million at December 31, 2023. (2) Includes unearned income of $199.7 million at June 30, 2024 and $93.7 million at December 31, 2023. |
Schedule of Activity in Allowance for Loan Losses | Old National’s activity in the allowance for credit losses on loans by portfolio segment was as follows: (dollars in thousands) Balance at Allowance Charge-offs Recoveries Provision Balance at Three Months Ended June 30, 2024 Commercial $ 123,437 $ 14,593 $ (9,927) $ 462 $ 9,895 $ 138,460 Commercial real estate 160,640 8,483 (3,101) 542 23,347 189,911 BBCC 3,163 — (935) 230 439 2,897 Residential real estate 21,899 134 — 762 340 23,135 Indirect 1,218 — (1,084) 335 764 1,233 Direct 2,952 59 (1,884) 565 1,439 3,131 Home equity 6,404 653 (110) 100 521 7,568 Total $ 319,713 $ 23,922 $ (17,041) $ 2,996 $ 36,745 $ 366,335 Three Months Ended June 30, 2023 Commercial $ 125,768 $ — $ (8,331) $ 1,814 $ 8,152 $ 127,403 Commercial real estate 135,348 — (2,458) 1,029 2,978 136,897 BBCC 2,316 — (94) 31 523 2,776 Residential real estate 20,207 — (218) 53 379 20,421 Indirect 1,434 — (402) 612 (237) 1,407 Direct 6,766 — (2,600) 637 (48) 4,755 Home equity 6,872 — (228) 63 189 6,896 Total $ 298,711 $ — $ (14,331) $ 4,239 $ 11,936 $ 300,555 Six Months Ended June 30, 2024 Commercial $ 118,333 $ 14,593 $ (13,586) $ 796 $ 18,324 $ 138,460 Commercial real estate 155,099 8,483 (9,742) 1,577 34,494 189,911 BBCC 2,887 — (1,011) 248 773 2,897 Residential real estate 20,837 134 — 781 1,383 23,135 Indirect 1,236 — (2,222) 667 1,552 1,233 Direct 3,169 59 (4,312) 1,052 3,163 3,131 Home equity 6,049 653 (188) 145 909 7,568 Total $ 307,610 $ 23,922 $ (31,061) $ 5,266 $ 60,598 $ 366,335 Six Months Ended June 30, 2023 Commercial $ 120,612 $ — $ (20,754) $ 2,097 $ 25,448 $ 127,403 Commercial real estate 138,244 — (3,647) 1,292 1,008 136,897 BBCC 2,431 — (122) 104 363 2,776 Residential real estate 21,916 — (241) 125 (1,379) 20,421 Indirect 1,532 — (1,599) 1,024 450 1,407 Direct 12,116 — (5,838) 1,218 (2,741) 4,755 Home equity 6,820 — (310) 130 256 6,896 Total $ 303,671 $ — $ (32,511) $ 5,990 $ 23,405 $ 300,555 Three Months Ended Six Months Ended (dollars in thousands) 2024 2023 2024 2023 Allowance for credit losses on unfunded loan commitments: Balance at beginning of period $ 26,264 $ 34,156 $ 31,226 $ 32,188 Provision for credit losses on unfunded loan commitments 1,763 — 1,763 — Provision (release) for credit losses on unfunded loan (2,294) 2,851 (7,256) 4,819 Balance at end of period $ 25,733 $ 37,007 $ 25,733 $ 37,007 |
Schedule of Risk Category of Loans and Amortized Cost | The following table summarizes the amortized cost of term loans by risk category of commercial, commercial real estate, and BBCC loans by loan portfolio segment, class of loan, and origination year: (dollars in thousands) Origination Year Revolving to Term 2024 2023 2022 2021 2020 Prior Revolving Total June 30, 2024 Commercial: Pass $ 961,949 $ 1,737,949 $ 1,427,702 $ 846,164 $ 498,959 $ 723,629 $ 2,575,617 $ 535,146 $ 9,307,115 Special Mention 29,482 48,989 63,401 14,828 31,286 37,827 123,628 26,188 375,629 Classified: Substandard 33 42,972 61,074 51,522 44,581 25,824 77,158 37,828 340,992 Nonaccrual — 746 5,390 2,211 2,068 3,724 1,717 6,229 22,085 Doubtful — 14,074 12,549 5,394 621 565 13,679 9,524 56,406 Total $ 991,464 $ 1,844,730 $ 1,570,116 $ 920,119 $ 577,515 $ 791,569 $ 2,791,799 $ 614,915 $ 10,102,227 Commercial real estate: Pass $ 1,104,612 $ 2,470,220 $ 4,029,061 $ 2,380,569 $ 1,428,952 $ 2,201,489 $ 157,382 $ 813,468 $ 14,585,753 Special Mention 43,020 37,176 126,490 121,150 32,022 85,827 29,199 102,141 577,025 Classified: Substandard 13,274 17,657 128,097 71,232 52,180 161,256 — 53,886 497,582 Nonaccrual — 833 3,685 6,627 4,353 33,077 — 1,063 49,638 Doubtful — 5,365 714 35,473 25,491 42,037 — 22,266 131,346 Total $ 1,160,906 $ 2,531,251 $ 4,288,047 $ 2,615,051 $ 1,542,998 $ 2,523,686 $ 186,581 $ 992,824 $ 15,841,344 BBCC: Pass $ 43,798 $ 85,992 $ 60,883 $ 38,834 $ 34,221 $ 36,947 $ 65,745 $ 17,236 $ 383,656 Special Mention 332 3,357 2,675 1,127 733 845 2,473 3,459 15,001 Classified: Substandard 110 481 295 473 35 657 315 146 2,512 Nonaccrual — 85 726 454 108 983 — 825 3,181 Doubtful — 437 262 194 15 222 — 538 1,668 Total $ 44,240 $ 90,352 $ 64,841 $ 41,082 $ 35,112 $ 39,654 $ 68,533 $ 22,204 $ 406,018 Origination Year Revolving to Term 2023 2022 2021 2020 2019 Prior Revolving Total December 31, 2023 Commercial: Pass $ 1,826,289 $ 1,573,669 $ 985,964 $ 520,883 $ 450,911 $ 495,979 $ 2,051,985 $ 651,953 $ 8,557,633 Special Mention 20,038 90,031 19,953 36,906 25,756 47,357 89,765 44,348 374,154 Classified: Substandard 27,271 41,164 27,990 37,618 10,461 29,981 72,703 56,716 303,904 Nonaccrual 32 7,034 — — 823 3,411 — 5,461 16,761 Doubtful — 7,261 5,925 4,875 1,742 7,211 — — 27,014 Total $ 1,873,630 $ 1,719,159 $ 1,039,832 $ 600,282 $ 489,693 $ 583,939 $ 2,214,453 $ 758,478 $ 9,279,466 Commercial real estate: Pass $ 2,177,841 $ 3,515,702 $ 2,563,638 $ 1,576,044 $ 1,010,351 $ 1,161,119 $ 103,332 $ 960,386 $ 13,068,413 Special Mention 69,648 69,946 68,708 27,059 52,107 95,896 3,893 64,730 451,987 Classified: Substandard 26,638 56,423 21,401 28,983 61,186 49,558 — 48,760 292,949 Nonaccrual — 21,919 10,706 1,975 1,634 8,632 — 1,400 46,266 Doubtful 5,360 429 30,897 2,306 37,777 35,187 — — 111,956 Total $ 2,279,487 $ 3,664,419 $ 2,695,350 $ 1,636,367 $ 1,163,055 $ 1,350,392 $ 107,225 $ 1,075,276 $ 13,971,571 BBCC: Pass $ 81,102 $ 64,583 $ 44,307 $ 38,086 $ 27,557 $ 19,028 $ 68,807 $ 33,361 $ 376,831 Special Mention — — 857 700 1,001 349 2,144 12,728 17,779 Classified: Substandard 436 193 252 — — 604 15 1,006 2,506 Nonaccrual — — 482 — 4 1,105 — 1,402 2,993 Doubtful 302 727 254 286 60 84 — — 1,713 Total $ 81,840 $ 65,503 $ 46,152 $ 39,072 $ 28,622 $ 21,170 $ 70,966 $ 48,497 $ 401,822 Origination Year Revolving to Term (dollars in thousands) 2024 2023 2022 2021 2020 Prior Revolving Total June 30, 2024 Residential real estate: Risk Rating: Performing $ 211,657 $ 496,415 $ 1,502,442 $ 1,879,448 $ 1,642,226 $ 1,114,416 $ 67 $ 282 $ 6,846,953 Nonperforming — 1,924 8,019 5,535 3,797 28,729 — — 48,004 Total $ 211,657 $ 498,339 $ 1,510,461 $ 1,884,983 $ 1,646,023 $ 1,143,145 $ 67 $ 282 $ 6,894,957 Indirect: Risk Rating: Performing $ 252,797 $ 341,949 $ 289,675 $ 125,544 $ 58,368 $ 28,872 $ — $ — $ 1,097,205 Nonperforming 33 720 1,451 1,342 407 427 — — 4,380 Total $ 252,830 $ 342,669 $ 291,126 $ 126,886 $ 58,775 $ 29,299 $ — $ — $ 1,101,585 Direct: Risk Rating: Performing $ 25,512 $ 84,213 $ 66,009 $ 62,213 $ 24,375 $ 63,076 $ 96,462 $ 1,878 $ 423,738 Nonperforming 20 68 811 2,209 599 1,939 30 12 5,688 Total $ 25,532 $ 84,281 $ 66,820 $ 64,422 $ 24,974 $ 65,015 $ 96,492 $ 1,890 $ 429,426 Home equity: Risk Rating: Performing $ — $ — $ 265 $ 271 $ 36 $ 5,637 $ 1,323,339 $ 27,623 $ 1,357,171 Nonperforming — — — 124 249 5,989 1,935 9,488 17,785 Total $ — $ — $ 265 $ 395 $ 285 $ 11,626 $ 1,325,274 $ 37,111 $ 1,374,956 Origination Year Revolving to Term 2023 2022 2021 2020 2019 Prior Revolving Total December 31, 2023 Residential real estate: Risk Rating: Performing $ 453,743 $ 1,508,671 $ 1,836,078 $ 1,705,131 $ 430,783 $ 722,987 $ — $ 279 $ 6,657,672 Nonperforming 116 4,563 4,004 3,375 4,078 25,635 — — 41,771 Total $ 453,859 $ 1,513,234 $ 1,840,082 $ 1,708,506 $ 434,861 $ 748,622 $ — $ 279 $ 6,699,443 Indirect: Risk Rating: Performing $ 393,369 $ 355,822 $ 162,735 $ 82,871 $ 37,967 $ 13,815 $ — $ 196 $ 1,046,775 Nonperforming 372 1,472 1,207 547 318 291 — — 4,207 Total $ 393,741 $ 357,294 $ 163,942 $ 83,418 $ 38,285 $ 14,106 $ — $ 196 $ 1,050,982 Direct: Risk Rating: Performing $ 109,372 $ 90,310 $ 92,491 $ 48,387 $ 29,659 $ 67,129 $ 75,080 $ 4,852 $ 517,280 Nonperforming 67 531 517 560 210 3,872 124 11 5,892 Total $ 109,439 $ 90,841 $ 93,008 $ 48,947 $ 29,869 $ 71,001 $ 75,204 $ 4,863 $ 523,172 Home equity: Risk Rating: Performing $ 290 $ 164 $ 160 $ 140 $ 679 $ 4,483 $ 1,019,389 $ 23,918 $ 1,049,223 Nonperforming — 310 328 404 741 4,327 2,844 7,294 16,248 Total $ 290 $ 474 $ 488 $ 544 $ 1,420 $ 8,810 $ 1,022,233 $ 31,212 $ 1,065,471 The following table summarizes the gross charge-offs of loans by loan portfolio segment and origination year: Origination Year (dollars in thousands) 2024 2023 2022 2021 2020 Prior Revolving Total Three Months Ended June 30, 2024 Commercial $ — $ 2,358 $ 6,149 $ 389 $ 43 $ 566 $ 422 $ 9,927 Commercial real estate — — 23 468 — 2,610 — 3,101 BBCC — 605 153 35 112 30 — 935 Residential real estate — — — — — — — — Indirect 54 531 377 96 6 20 — 1,084 Direct 75 79 394 347 173 172 644 1,884 Home equity — — — — — 110 — 110 Total gross charge-offs $ 129 $ 3,573 $ 7,096 $ 1,335 $ 334 $ 3,508 $ 1,066 $ 17,041 Origination Year 2023 2022 2021 2020 2019 Prior Revolving Total Three Months Ended June 30, 2023 Commercial $ — $ 2,100 $ 5,931 $ 120 $ — $ — $ 180 $ 8,331 Commercial real estate — — — — — 2,458 — 2,458 BBCC — 47 — 47 — — — 94 Residential real estate — — — — — 218 — 218 Indirect 10 164 124 48 16 40 — 402 Direct — 430 588 172 414 195 801 2,600 Home equity — — — — — 228 — 228 Total gross charge-offs $ 10 $ 2,741 $ 6,643 $ 387 $ 430 $ 3,139 $ 981 $ 14,331 Origination Year 2024 2023 2022 2021 2020 Prior Revolving Total Six Months Ended June 30, 2024 Commercial $ — $ 2,358 $ 9,630 $ 422 $ 51 $ 570 $ 555 $ 13,586 Commercial real estate — — 23 2,644 — 7,075 — 9,742 BBCC — 605 229 35 112 30 — 1,011 Residential real estate — — — — — — — — Indirect 54 901 849 321 39 58 — 2,222 Direct 75 195 970 876 286 395 1,515 4,312 Home equity — — — 34 — 154 — 188 Total gross charge-offs $ 129 $ 4,059 $ 11,701 $ 4,332 $ 488 $ 8,282 $ 2,070 $ 31,061 Origination Year 2023 2022 2021 2020 2019 Prior Revolving Total Six Months Ended June 30, 2023 Commercial $ — $ 2,100 $ 11,161 $ 120 $ 6,789 $ 239 $ 345 $ 20,754 Commercial real estate — 54 735 400 — 2,458 — 3,647 BBCC — 47 28 47 — — — 122 Residential real estate — — — — — 241 — 241 Indirect 10 678 554 141 127 89 — 1,599 Direct — 901 1,382 458 741 390 1,966 5,838 Home equity — — — — — 310 — 310 Total gross charge-offs $ 10 $ 3,780 $ 13,860 $ 1,166 $ 7,657 $ 3,727 $ 2,311 $ 32,511 |
Schedule of Past Due Financing Receivables | The following table presents the aging of the amortized cost basis in past due loans by class of loans: (dollars in thousands) 30-59 Days 60-89 Days Past Due Total Current Total June 30, 2024 Commercial $ 14,191 $ 6,151 $ 17,030 $ 37,372 $ 10,064,855 $ 10,102,227 Commercial real estate 9,442 16,022 41,146 66,610 15,774,734 15,841,344 BBCC 2,155 54 1,474 3,683 402,335 406,018 Residential 10,558 3,189 16,680 30,427 6,864,530 6,894,957 Indirect 6,550 1,928 846 9,324 1,092,261 1,101,585 Direct 4,578 1,341 3,238 9,157 420,269 429,426 Home equity 5,180 2,655 7,739 15,574 1,359,382 1,374,956 Total $ 52,654 $ 31,340 $ 88,153 $ 172,147 $ 35,978,366 $ 36,150,513 December 31, 2023 Commercial $ 16,128 $ 1,332 $ 4,861 $ 22,321 $ 9,257,145 $ 9,279,466 Commercial real estate 9,081 5,254 30,660 44,995 13,926,576 13,971,571 BBCC 1,368 134 977 2,479 399,343 401,822 Residential 12,358 367 15,249 27,974 6,671,469 6,699,443 Indirect 7,025 1,854 1,342 10,221 1,040,761 1,050,982 Direct 5,436 1,455 1,787 8,678 514,494 523,172 Home equity 7,791 2,347 6,659 16,797 1,048,674 1,065,471 Total $ 59,187 $ 12,743 $ 61,535 $ 133,465 $ 32,858,462 $ 32,991,927 |
Schedule of Nonaccrual and Past Due Loans | The following table presents the amortized cost basis of loans on nonaccrual status and loans past due 90 days or more and still accruing by class of loan: June 30, 2024 December 31, 2023 (dollars in thousands) Nonaccrual Nonaccrual Past Due Nonaccrual Nonaccrual Past Due Commercial $ 78,491 $ 27,448 $ 40 $ 43,775 $ 13,143 $ 242 Commercial real estate 180,984 29,225 744 158,222 24,507 585 BBCC 4,849 — — 4,706 — 95 Residential 48,004 — 3,901 41,771 — — Indirect 4,380 — 17 4,207 — 8 Direct 5,688 — 2 5,892 — 31 Home equity 17,785 — 547 16,248 — — Total $ 340,181 $ 56,673 $ 5,251 $ 274,821 $ 37,650 $ 961 Type of Collateral (dollars in thousands) Real Blanket Investment Auto Other June 30, 2024 Commercial $ 16,620 $ 32,984 $ 4,892 $ 11,429 $ 7,736 Commercial real estate 159,868 1,559 2,178 — 6,209 BBCC 3,411 1,129 100 208 — Residential 48,004 — — — — Indirect — — — 4,380 — Direct 2,903 — 6 384 30 Home equity 17,785 — — — — Total loans $ 248,591 $ 35,672 $ 7,176 $ 16,401 $ 13,975 December 31, 2023 Commercial $ 14,303 $ 24,729 $ 2,577 $ 280 $ 328 Commercial real estate 146,425 — 1,167 — 6,107 BBCC 3,522 794 — 390 — Residential 41,771 — — — — Indirect — — — 4,207 — Direct 4,727 1 3 366 29 Home equity 16,248 — — — — Total loans $ 226,996 $ 25,524 $ 3,747 $ 5,243 $ 6,464 |
Schedule of Activity in Trouble Debt Restructurings | The following table presents the amortized cost basis of financial difficulty modifications that were modified for borrowers experiencing financial difficulty, by class of loans and type of modification: (dollars in thousands) Term Total Three Months Ended June 30, 2024 Commercial $ 3,859 0.0 % Commercial real estate 58,232 0.4 % Total $ 62,091 0.2 % Three Months Ended June 30, 2023 Commercial $ 1,231 0.0 % Commercial real estate 12,449 0.1 % Total $ 13,680 0.0 % Six Months Ended June 30, 2024 Commercial $ 14,867 0.1 % Commercial real estate 73,406 0.5 % Total $ 88,273 0.2 % Six Months Ended June 30, 2023 Commercial $ 18,517 0.2 % Commercial real estate 19,280 0.1 % Total $ 37,797 0.1 % Old National closely monitors the performance of financial difficulty modifications to understand the effectiveness of its efforts. The following table presents the performance of financial difficulty modifications in the twelve months following modification: (dollars in thousands) 30-59 Days 60-89 Days Past Due Total Current Total June 30, 2024 Commercial $ 1,077 $ 2,813 $ 980 $ 4,870 $ 14,866 $ 19,736 Commercial real estate 8,854 5,077 27,017 40,948 72,083 113,031 Total $ 9,931 $ 7,890 $ 27,997 $ 45,818 $ 86,949 $ 132,767 June 30, 2023 Commercial $ — $ — $ 2,600 $ 2,600 $ 15,917 $ 18,517 Commercial real estate — 5,537 — 5,537 13,743 19,280 Total $ — $ 5,537 $ 2,600 $ 8,137 $ 29,660 $ 37,797 The following table summarizes the nature of the financial difficulty modifications by class of loans: (dollars in thousands) Weighted- Three Months Ended June 30, 2024 Commercial 10.0 Commercial real estate 10.6 Total 10.6 Three Months Ended June 30, 2023 Commercial 7.0 Commercial real estate 6.0 Total 6.1 Six Months Ended June 30, 2024 Commercial 9.9 Commercial real estate 9.2 Total 9.3 Six Months Ended June 30, 2023 Commercial 6.8 Commercial real estate 5.8 Total 6.3 |
Schedule of Financing Receivable, Purchased With Credit Deterioration | Old National has purchased loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of those loans is as follows: (dollars in thousands) CapStar (1) Purchase price of loans at acquisition $ 613,494 Allowance for credit losses at acquisition 23,922 Non-credit discount/(premium) at acquisition 41,886 Par value of acquired loans at acquisition $ 679,302 (1) Old National acquired CapStar effective April 1, 2024. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense | The components of lease expense were as follows: Affected Line Three Months Ended Six Months Ended (dollars in thousands) 2024 2023 2024 2023 Operating lease cost Occupancy/Equipment expense $ 8,268 $ 7,469 $ 16,094 $ 16,107 Finance lease cost: Amortization of right-of-use assets Occupancy expense 1,488 737 2,239 1,428 Interest on lease liabilities Interest expense 253 184 434 353 Sub-lease income Occupancy expense (123) (102) (248) (162) Total $ 9,886 $ 8,288 $ 18,519 $ 17,726 |
Schedule of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: (dollars in thousands) June 30, December 31, Operating Leases Operating lease right-of-use assets $ 194,591 $ 185,506 Operating lease liabilities 213,119 204,960 Finance Leases Premises and equipment, net 32,759 19,820 Other borrowings 34,114 20,955 Weighted-Average Remaining Lease Term (in Years) Operating leases 8.2 8.5 Finance leases 7.2 10.5 Weighted-Average Discount Rate Operating leases 3.12 % 3.04 % Finance leases 3.97 % 3.90 % |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: Six Months Ended (dollars in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 16,439 $ 15,752 Operating cash flows from finance leases 434 353 Financing cash flows from finance leases 2,020 1,265 |
Schedule of Maturity Analysis of Lease Liability by Lease Classification | The following table presents a maturity analysis of the Company’s lease liability by lease classification at June 30, 2024: (dollars in thousands) Operating Finance 2024 $ 16,861 $ 4,649 2025 34,330 8,787 2026 33,583 6,048 2027 31,857 4,388 2028 27,940 2,996 Thereafter 98,385 12,611 Total undiscounted lease payments 242,956 39,479 Amounts representing interest (29,837) (5,365) Lease liability $ 213,119 $ 34,114 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Amount of Goodwill | The following table presents the changes in the carrying amount of goodwill: Three Months Ended Six Months Ended (dollars in thousands) 2024 2023 2024 2023 Balance at beginning of period $ 1,998,716 $ 1,998,716 $ 1,998,716 $ 1,998,716 Acquisitions and adjustments 171,993 — 171,993 — Balance at end of period $ 2,170,709 $ 1,998,716 $ 2,170,709 $ 1,998,716 |
Schedule of Gross Carrying Amounts and Accumulated Amortization of Other Intangible Assets | The gross carrying amounts and accumulated amortization of other intangible assets were as follows: (dollars in thousands) Gross Accumulated Net June 30, 2024 Core deposit $ 189,636 $ (83,537) $ 106,099 Customer trust relationships 52,621 (23,225) 29,396 Total other intangible assets $ 242,257 $ (106,762) $ 135,495 December 31, 2023 Core deposit $ 143,511 $ (72,940) $ 70,571 Customer trust relationships 52,621 (20,942) 31,679 Total other intangible assets $ 196,132 $ (93,882) $ 102,250 |
Schedule of Estimated Amortization Expense for Future Years | Estimated amortization expense for future years is as follows: (dollars in thousands) 2024 remaining $ 14,648 2025 26,116 2026 22,474 2027 18,947 2028 15,598 Thereafter 37,712 Total $ 135,495 |
Qualified Affordable Housing _2
Qualified Affordable Housing Projects and Other Tax Credit Investments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Securities Sold under Agreements to Repurchase [Abstract] | |
Schedule of Qualified Affordable Housing Projects and Other Tax Credit Investments | The following table summarizes Old National’s investments in qualified affordable housing projects and other tax credit investments: (dollars in thousands) June 30, 2024 December 31, 2023 Investment Accounting Method Investment Unfunded Commitment (1) Investment Unfunded LIHTC Proportional amortization $ 158,955 $ 90,134 $ 114,991 $ 75,981 FHTC Proportional amortization (2) 32,030 26,345 34,220 27,421 NMTC Consolidation 48,875 — 47,727 — Renewable Energy Equity 4 — 201 — Total $ 239,864 $ 116,479 $ 197,139 $ 103,402 (1) All commitments will be paid by Old National by December 31, 2036. (2) Old National’s FHTC investments were previously accounted for under the Equity method of accounting prior to the adoption of ASU 2023-02 on January 1, 2024. The following table summarizes the amortization expense and tax benefit recognized for Old National’s qualified affordable housing projects and other tax credit investments: (dollars in thousands) Amortization Expense (1) Tax Expense (Benefit) Recognized (2) Three Months Ended June 30, 2024 LIHTC $ 2,780 $ (3,743) FHTC 728 (690) NMTC 2,546 (3,175) Renewable Energy 11 — Total $ 6,065 $ (7,608) Three Months Ended June 30, 2023 LIHTC $ 1,463 $ (1,908) FHTC 424 (512) NMTC 2,092 (2,611) Renewable Energy 246 — Total $ 4,225 $ (5,031) Six Months Ended June 30, 2024 LIHTC $ 5,265 $ (7,074) FHTC 1,262 (1,353) NMTC 5,092 (6,350) Renewable Energy 197 — Total $ 11,816 $ (14,777) Six Months Ended June 30, 2023 LIHTC $ 2,927 $ (3,817) FHTC 848 (1,024) NMTC 4,183 (5,222) Renewable Energy 492 — Total $ 8,450 $ (10,063) (1) The amortization expense for the LIHTC and FHTC investments is included in our income tax expense. Prior to the adoption of ASU 2023-02 on January 1, 2024, FHTC amortization expense was included in noninterest expense. NMTC amortization is recognized in noninterest expense in correlation to the recognition of tax credits on our tax return. Amortization expense for the Renewable Energy tax credits is included in noninterest expense. (2) All of the tax benefits recognized are included in our income tax expense. The tax benefit recognized for the NMTC and Renewable Energy investments primarily reflects the tax credits generated from the investments and excludes the net tax expense (benefit) and deferred tax liability of the investments’ income (loss). |
Securities Sold Under Agreeme_2
Securities Sold Under Agreements to Repurchase (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Securities Sold under Agreements to Repurchase [Abstract] | |
Schedule of Securities Sold Under Agreements to Repurchase and Weighted-Average Interest Rates | The following table presents securities sold under agreements to repurchase and related weighted-average interest rates: At or for the Six Months Ended June 30, (dollars in thousands) 2024 2023 Outstanding at period end $ 240,713 $ 311,447 Average amount outstanding during the period 273,088 376,298 Maximum amount outstanding at any month-end during the period 319,423 430,537 Weighted-average interest rate: During the period 1.15 % 0.90 % At period end 3.41 % 1.14 % |
Schedule of Remaining Contractual Maturity of Secured Borrowings and Class of Collateral Pledged Under Repurchase Agreements | The following table presents the contractual maturity of our secured borrowings and class of collateral pledged: At June 30, 2024 Remaining Contractual Maturity of the Agreements (dollars in thousands) Overnight and Continuous Up to 30-90 Days Greater Than 90 days Total Repurchase Agreements: U.S. Treasury and agency securities $ 240,713 $ — $ — $ — $ 240,713 Total $ 240,713 $ — $ — $ — $ 240,713 |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Federal Home Loan Banks [Abstract] | |
Summary of FHLB Advances | The following table summarizes Old National Bank’s FHLB advances: (dollars in thousands) June 30, December 31, FHLB advances (fixed rates 2.19% to 5.55% and variable rates 5.33% to 5.48%) maturing September 2024 to March 2044 $ 4,775,528 $ 4,300,528 Fair value hedge basis adjustments and unamortized (30,968) (19,847) Total $ 4,744,560 $ 4,280,681 |
Summary of Contractual Maturities of FHLB Advances | Contractual maturities of FHLB advances at June 30, 2024 were as follows: (dollars in thousands) Due in 2024 $ 450,243 Due in 2025 550,285 Due in 2026 100,000 Due in 2028 650,000 Thereafter 3,025,000 Fair value hedge basis adjustments and unamortized prepayment fees (30,968) Total $ 4,744,560 |
Other Borrowings (Tables)
Other Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Other Borrowings | The following table summarizes Old National’s other borrowings: (dollars in thousands) June 30, December 31, Old National Bancorp: Senior unsecured notes (fixed rate 4.13%) maturing August 2024 $ 175,000 $ 175,000 Unamortized debt issuance costs related to senior unsecured notes (13) (91) Subordinated debentures (fixed rate 5.88%) maturing September 2026 150,000 150,000 Subordinated debentures (fixed rate 5.25%) maturing June 2030 30,000 — Junior subordinated debentures (rates of 6.95% to 9.17%) maturing July 2031 to September 2037 136,643 136,643 Other basis adjustments 15,627 18,207 Old National Bank: Finance lease liabilities 34,114 20,955 Subordinated debentures (3-month SOFR plus 4.618%; variable rate 9.95%) maturing October 2025 12,000 12,000 Leveraged loans for NMTC (fixed rates of 1.00% to 1.43%) maturing December 2046 to June 2060 168,228 154,284 Other (1) 128,178 97,872 Total other borrowings $ 849,777 $ 764,870 (1) Includes overnight borrowings to collateralize certain derivative positions totaling $128.1 million at June 30, 2024 and $97.6 million at December 31, 2023. The following table summarizes the terms of our outstanding junior subordinated debentures at June 30, 2024: (dollars in thousands) Rate at June 30, Name of Trust Issuance Date Issuance Rate Maturity Date Bridgeview Statutory Trust I July 2001 $ 15,464 3-month SOFR plus 3.58% 9.17% July 31, 2031 Bridgeview Capital Trust II December 2002 15,464 3-month SOFR plus 3.35% 8.94% January 7, 2033 First Midwest Capital Trust I November 2003 37,825 6.95% fixed 6.95% December 1, 2033 St. Joseph Capital Trust II March 2005 5,155 3-month SOFR plus 1.75% 7.35% March 17, 2035 Northern States Statutory Trust I September 2005 10,310 3-month SOFR plus 1.80% 7.40% September 15, 2035 Anchor Capital Trust III August 2005 5,000 3-month SOFR plus 1.55% 7.14% September 30, 2035 Great Lakes Statutory Trust II December 2005 6,186 3-month SOFR plus 1.40% 7.00% December 15, 2035 Home Federal Statutory September 2006 15,464 3-month SOFR plus 1.65% 7.25% September 15, 2036 Monroe Bancorp Capital July 2006 3,093 3-month SOFR plus 1.60% 7.19% October 7, 2036 Tower Capital Trust 3 December 2006 9,279 3-month SOFR plus 1.69% 7.30% March 1, 2037 Monroe Bancorp Statutory March 2007 5,155 3-month SOFR plus 1.60% 7.20% June 15, 2037 Great Lakes Statutory Trust III June 2007 8,248 3-month SOFR plus 1.70% 7.30% September 15, 2037 Total $ 136,643 The following table summarizes Old National Bank’s unfunded loan commitments and standby letters of credit: (dollars in thousands) June 30, December 31, Unfunded loan commitments $ 8,789,910 $ 8,912,587 Standby letters of credit (1) 184,482 192,237 (1) Notional amount, which represents the maximum amount of future funding requirements. The carrying value was $1.5 million at June 30, 2024 and $1.3 million at December 31, 2023. |
Summary of Contractual Maturities of Other Borrowings | Contractual maturities of other borrowings at June 30, 2024 were as follows: (dollars in thousands) Due in 2024 $ 307,099 Due in 2025 19,784 Due in 2026 155,280 Due in 2027 3,795 Due in 2028 2,518 Thereafter 345,568 Unamortized debt issuance costs and other basis adjustments 15,733 Total $ 849,777 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Schedule of AOCI | The following table summarizes the changes within each classification of AOCI, net of tax: (dollars in thousands) Unrealized Unrealized Gains and Defined Total Three Months Ended June 30, 2024 Balance at beginning of period $ (685,969) $ (92,251) $ (1,408) $ — $ (779,628) Other comprehensive income (loss) before (13,347) — (5,215) — (18,562) Amounts reclassified from AOCI to income (1) (2) 3,265 3,519 — 6,782 Balance at end of period $ (699,318) $ (88,986) $ (3,104) $ — $ (791,408) Three Months Ended June 30, 2023 Balance at beginning of period $ (611,260) $ (106,966) $ 9,872 $ (4) $ (708,358) Other comprehensive income (loss) before (90,121) — 9,840 — (80,281) Amounts reclassified from AOCI to income (1) (12) 3,822 (23,808) 4 (19,994) Balance at end of period $ (701,393) $ (103,144) $ (4,096) $ — $ (808,633) Six Months Ended June 30, 2024 Balance at beginning of period $ (652,518) $ (95,472) $ 9,181 $ — $ (738,809) Other comprehensive income (loss) before (46,810) — (19,420) — (66,230) Amounts reclassified from AOCI to income (1) 10 6,486 7,135 — 13,631 Balance at end of period $ (699,318) $ (88,986) $ (3,104) $ — $ (791,408) Six Months Ended June 30, 2023 Balance at beginning of period $ (642,346) $ (112,664) $ (31,549) $ 137 $ (786,422) Other comprehensive income (loss) before (62,902) 1,325 45,825 — (15,752) Amounts reclassified from AOCI to income (1) 3,855 8,195 (18,372) (137) (6,459) Balance at end of period $ (701,393) $ (103,144) $ (4,096) $ — $ (808,633) (1) See table below for details about reclassifications to income. |
Schedule of Reclassifications out of AOCI | The following table summarizes the amounts reclassified out of each component of AOCI for the three months ended June 30, 2024 and 2023: Three Months Ended (dollars in thousands) 2024 2023 Details about AOCI Components Amount Reclassified Affected Line Item in the Unrealized gains and losses on $ 2 $ 17 Debt securities gains (losses), net — (5) Income tax (expense) benefit $ 2 $ 12 Net income Amortization of unrealized losses on $ (4,376) $ (5,122) Interest income (expense) 1,111 1,300 Income tax (expense) benefit $ (3,265) $ (3,822) Net income Gains and losses on hedges $ (4,747) $ 32,112 Interest income (expense) 1,228 (8,304) Income tax (expense) benefit $ (3,519) $ 23,808 Net income Amortization of defined benefit Actuarial gains (losses) $ — $ (6) Salaries and employee benefits — 2 Income tax (expense) benefit $ — $ (4) Net income Total reclassifications for the period $ (6,782) $ 19,994 Net income The following table summarizes the amounts reclassified out of each component of AOCI for the six months ended June 30, 2024 and 2023: Six Months Ended (dollars in thousands) 2024 2023 Details about AOCI Components Amount Reclassified Affected Line Item in the Unrealized gains and losses on $ (14) $ (5,199) Debt securities gains (losses), net 4 1,344 Income tax (expense) benefit $ (10) $ (3,855) Net income Amortization of unrealized losses on $ (8,694) $ (10,951) Interest income (expense) 2,208 2,756 Income tax (expense) benefit $ (6,486) $ (8,195) Net income Gains and losses on hedges $ (9,624) $ 24,820 Interest income (expense) 2,489 (6,448) Income tax (expense) benefit $ (7,135) $ 18,372 Net income Amortization of defined benefit Actuarial gains (losses) $ — $ 182 Salaries and employee benefits — (45) Income tax (expense) benefit $ — $ 137 Net income Total reclassifications for the period $ (13,631) $ 6,459 Net income |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Summary of Differences in Taxes from Continuing Operations Computed at Statutory Rate | The following is a summary of the major items comprising the differences in taxes from continuing operations computed at the federal statutory rate and as recorded in the consolidated statements of income: Three Months Ended Six Months Ended (dollars in thousands) 2024 2023 2024 2023 Provision at statutory rate of 21% $ 32,861 $ 42,510 $ 64,943 $ 81,995 Tax-exempt income: Tax-exempt interest (5,027) (4,605) (9,985) (9,091) Section 291/265 interest disallowance 957 532 1,841 918 Company-owned life insurance income (1,178) (945) (1,872) (1,572) Tax-exempt income (5,248) (5,018) (10,016) (9,745) State income taxes 6,333 8,552 11,480 16,693 Interim period effective rate adjustment (70) 993 873 (723) Tax credit investments - federal (3,106) (2,526) (6,160) (5,051) Officer compensation limitation 1,491 1,040 2,256 2,080 Non-deductible FDIC premiums 2,032 2,037 3,779 4,147 Other, net 957 (195) 583 (582) Income tax expense $ 35,250 $ 47,393 $ 67,738 $ 88,814 Effective tax rate 22.5 % 23.4 % 21.9 % 22.8 % |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Interest Rate Derivatives | The following table summarizes Old National’s derivatives designated as hedges: June 30, 2024 December 31, 2023 Fair Value Fair Value (dollars in thousands) Notional Assets (1) Liabilities (2) Notional Assets (1) Liabilities (2) Cash flow hedges Interest rate swaps, collars, and floors on loan $ 1,800,000 $ 2,276 $ 17,662 $ 1,600,000 $ 10,472 $ 6,014 Interest rate swaps on borrowings (3) 150,000 — — 150,000 — — Fair value hedges Interest rate swaps on investment securities (3) 998,107 — — 998,107 — — Interest rate swaps on borrowings (3) 1,100,000 1,777 — 900,000 — — Total $ 4,053 $ 17,662 $ 10,472 $ 6,014 (1) Derivative assets are included in other assets on the balance sheet. (2) Derivative liabilities are included in other liabilities on the balance sheet. (3) The fair values of certain counterparty interest rate swaps are zero due to the settlement of centrally cleared variation margin rules. |
Schedule of Derivative Instruments Effect on Consolidated Statement of Income | The effect of derivative instruments in fair value hedging relationships on the consolidated statements of income were as follows: (dollars in thousands) Gain (Loss) Derivatives in Location of Gain or Gain (Loss) Hedged Items Location of Gain or Three Months Ended June 30, 2024 Interest rate contracts Interest income/(expense) $ (317) Fixed-rate debt Interest income/(expense) $ 272 Interest rate contracts Interest income/(expense) 2,836 Fixed-rate Interest income/(expense) (2,809) Total $ 2,519 $ (2,537) Three Months Ended Interest rate contracts Interest income/(expense) $ (11,101) Fixed-rate debt Interest income/(expense) $ 10,956 Interest rate contracts Interest income/(expense) 24,846 Fixed-rate Interest income/(expense) (24,867) Total $ 13,745 $ (13,911) Six Months Ended Interest rate contracts Interest income/(expense) $ (14,288) Fixed-rate debt Interest income/(expense) $ 14,399 Interest rate contracts Interest income/(expense) 28,684 Fixed-rate Interest income/(expense) (28,714) Total $ 14,396 $ (14,315) Six Months Ended Interest rate contracts Interest income/(expense) $ (8,948) Fixed-rate debt Interest income/(expense) $ 8,738 Interest rate contracts Interest income/(expense) (38,269) Fixed-rate Interest income/(expense) 38,384 Total $ (47,217) $ 47,122 The effect of derivative instruments in cash flow hedging relationships on the consolidated statements of income were as follows: Three Months Ended Three Months Ended (dollars in thousands) 2024 2023 2024 2023 Derivatives in Location of Gain or Gain (Loss) Gain (Loss) Interest rate contracts Interest income/(expense) $ (7,035) $ 13,272 $ (5,781) $ 31,078 Six Months Ended Six Months Ended 2024 2023 2024 2023 Derivatives in Location of Gain or Gain (Loss) Gain (Loss) Interest rate contracts Interest income/(expense) $ (26,194) $ 19,875 $ (11,692) $ 23,441 The effect of derivatives not designated as hedging instruments on the consolidated statements of income were as follows: Three Months Ended (dollars in thousands) 2024 2023 Derivatives Not Designated as Location of Gain or (Loss) Gain (Loss) Interest rate contracts (1) Other income/(expense) $ (160) $ 837 Mortgage contracts Mortgage banking revenue (693) 262 Foreign currency contracts Other income/(expense) (47) (12) Total $ (900) $ 1,087 Six Months Ended 2024 2023 Derivatives Not Designated as Location of Gain or (Loss) Gain (Loss) Interest rate contracts (1) Other income/(expense) $ 408 $ 699 Mortgage contracts Mortgage banking revenue 44 369 Foreign currency contracts Other income/(expense) (81) (13) Total $ 371 $ 1,055 (1) Includes the valuation differences between the customer and offsetting swaps. |
Summary of Derivatives Not Designated as Hedging Instruments | The following table summarizes Old National’s derivatives not designated as hedges: June 30, 2024 December 31, 2023 Fair Value Fair Value (dollars in thousands) Notional Assets (1) Liabilities (2) Notional Assets (1) Liabilities (2) Interest rate lock commitments $ 99,131 $ — $ 172 $ 25,151 $ 291 $ — Forward mortgage loan contracts 125,414 398 — 39,529 — 566 Customer interest rate swaps 6,022,198 11,351 265,548 5,954,216 33,182 228,750 Counterparty interest rate swaps (3) 6,022,198 152,679 11,409 5,954,216 121,969 33,346 Customer foreign currency contracts 7,904 33 49 12,455 320 59 Counterparty foreign currency contracts 7,786 90 6 12,308 68 181 Total $ 164,551 $ 277,184 $ 155,830 $ 262,902 (1) Derivative assets are included in other assets on the balance sheet. (2) Derivative liabilities are included in other liabilities on the balance sheet. (3) The fair values of certain counterparty interest rate swaps are zero due to the settlement of centrally cleared variation margin rules. |
Schedule of Offsetting Assets | The following table presents the fair value of the Company’s derivatives and offsetting positions: June 30, 2024 December 31, 2023 (dollars in thousands) Assets Liabilities Assets Liabilities Gross amounts recognized $ 168,604 $ 294,846 $ 166,302 $ 268,916 Less: amounts offset in the Consolidated Balance Sheet — — — — Net amount presented in the Consolidated Balance Sheet 168,604 294,846 166,302 268,916 Gross amounts not offset in the Consolidated Balance Sheet Offsetting derivative positions (29,071) (29,071) (39,360) (39,360) Cash collateral pledged — (128,289) — (97,840) Net credit exposure $ 139,533 $ 137,486 $ 126,942 $ 131,716 |
Schedule of Offsetting Liabilities | The following table presents the fair value of the Company’s derivatives and offsetting positions: June 30, 2024 December 31, 2023 (dollars in thousands) Assets Liabilities Assets Liabilities Gross amounts recognized $ 168,604 $ 294,846 $ 166,302 $ 268,916 Less: amounts offset in the Consolidated Balance Sheet — — — — Net amount presented in the Consolidated Balance Sheet 168,604 294,846 166,302 268,916 Gross amounts not offset in the Consolidated Balance Sheet Offsetting derivative positions (29,071) (29,071) (39,360) (39,360) Cash collateral pledged — (128,289) — (97,840) Net credit exposure $ 139,533 $ 137,486 $ 126,942 $ 131,716 |
Commitments, Contingencies, a_2
Commitments, Contingencies, and Financial Guarantees (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Loan Commitments | The following table summarizes Old National’s other borrowings: (dollars in thousands) June 30, December 31, Old National Bancorp: Senior unsecured notes (fixed rate 4.13%) maturing August 2024 $ 175,000 $ 175,000 Unamortized debt issuance costs related to senior unsecured notes (13) (91) Subordinated debentures (fixed rate 5.88%) maturing September 2026 150,000 150,000 Subordinated debentures (fixed rate 5.25%) maturing June 2030 30,000 — Junior subordinated debentures (rates of 6.95% to 9.17%) maturing July 2031 to September 2037 136,643 136,643 Other basis adjustments 15,627 18,207 Old National Bank: Finance lease liabilities 34,114 20,955 Subordinated debentures (3-month SOFR plus 4.618%; variable rate 9.95%) maturing October 2025 12,000 12,000 Leveraged loans for NMTC (fixed rates of 1.00% to 1.43%) maturing December 2046 to June 2060 168,228 154,284 Other (1) 128,178 97,872 Total other borrowings $ 849,777 $ 764,870 (1) Includes overnight borrowings to collateralize certain derivative positions totaling $128.1 million at June 30, 2024 and $97.6 million at December 31, 2023. The following table summarizes the terms of our outstanding junior subordinated debentures at June 30, 2024: (dollars in thousands) Rate at June 30, Name of Trust Issuance Date Issuance Rate Maturity Date Bridgeview Statutory Trust I July 2001 $ 15,464 3-month SOFR plus 3.58% 9.17% July 31, 2031 Bridgeview Capital Trust II December 2002 15,464 3-month SOFR plus 3.35% 8.94% January 7, 2033 First Midwest Capital Trust I November 2003 37,825 6.95% fixed 6.95% December 1, 2033 St. Joseph Capital Trust II March 2005 5,155 3-month SOFR plus 1.75% 7.35% March 17, 2035 Northern States Statutory Trust I September 2005 10,310 3-month SOFR plus 1.80% 7.40% September 15, 2035 Anchor Capital Trust III August 2005 5,000 3-month SOFR plus 1.55% 7.14% September 30, 2035 Great Lakes Statutory Trust II December 2005 6,186 3-month SOFR plus 1.40% 7.00% December 15, 2035 Home Federal Statutory September 2006 15,464 3-month SOFR plus 1.65% 7.25% September 15, 2036 Monroe Bancorp Capital July 2006 3,093 3-month SOFR plus 1.60% 7.19% October 7, 2036 Tower Capital Trust 3 December 2006 9,279 3-month SOFR plus 1.69% 7.30% March 1, 2037 Monroe Bancorp Statutory March 2007 5,155 3-month SOFR plus 1.60% 7.20% June 15, 2037 Great Lakes Statutory Trust III June 2007 8,248 3-month SOFR plus 1.70% 7.30% September 15, 2037 Total $ 136,643 The following table summarizes Old National Bank’s unfunded loan commitments and standby letters of credit: (dollars in thousands) June 30, December 31, Unfunded loan commitments $ 8,789,910 $ 8,912,587 Standby letters of credit (1) 184,482 192,237 (1) Notional amount, which represents the maximum amount of future funding requirements. The carrying value was $1.5 million at June 30, 2024 and $1.3 million at December 31, 2023. |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which we have elected the fair value option, are summarized below: Fair Value Measurements at June 30, 2024 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Financial Assets Equity securities $ 85,521 $ 85,521 $ — $ — Investment securities available-for-sale: U.S. Treasury 205,308 205,308 — — U.S. government-sponsored entities and agencies 1,172,294 — 1,172,294 — Mortgage-backed securities - Agency 4,888,456 — 4,888,456 — States and political subdivisions 523,315 — 523,315 — Pooled trust preferred securities 11,298 — 11,298 — Other securities 304,807 — 304,807 — Loans held-for-sale 66,126 — 66,126 — Derivative assets 168,604 — 168,604 — Financial Liabilities Derivative liabilities 294,846 — 294,846 — Fair Value Measurements at December 31, 2023 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Financial Assets Equity securities $ 80,372 $ 80,372 $ — $ — Investment securities available-for-sale: U.S. Treasury 396,733 396,733 — — U.S. government-sponsored entities and agencies 1,231,264 — 1,231,264 — Mortgage-backed securities - Agency 4,216,560 — 4,216,560 — States and political subdivisions 535,260 — 535,260 — Pooled trust preferred securities 11,337 — 11,337 — Other securities 321,901 — 321,901 — Loans held-for-sale 32,006 — 32,006 — Derivative assets 166,302 — 166,302 — Financial Liabilities Derivative liabilities 268,916 — 268,916 — |
Schedule of Assets Measured at Fair Value on a Non-Recurring Basis | Assets measured at fair value at June 30, 2024 on a non-recurring basis are summarized below: Fair Value Measurements at June 30, 2024 Using (dollars in thousands) Carrying Quoted Prices in Significant Significant Collateral Dependent Loans: Commercial loans $ 20,587 $ — $ — $ 20,587 Commercial real estate loans 111,159 — — 111,159 Foreclosed Assets: Commercial 975 — — 975 Residential 65 — — 65 Assets measured at fair value at December 31, 2023 on a non-recurring basis are summarized below: Fair Value Measurements at December 31, 2023 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Collateral Dependent Loans: Commercial loans $ 11,017 $ — $ — $ 11,017 Commercial real estate loans 95,457 — — 95,457 Foreclosed Assets: Commercial real estate 1,669 — — 1,669 |
Schedule of Quantitative Information about Significant Unobservable Inputs Used in Fair Value Measurements | The table below provides quantitative information about significant unobservable inputs used in fair value measurements within Level 3 of the fair value hierarchy: (dollars in thousands) Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) (1) June 30, 2024 Collateral Dependent Loans Commercial loans $ 20,587 Discounted Discount for type of property, 5% - 54% (31%) cash flow age of appraisal, and current status Commercial real estate loans 111,159 Discounted Discount for type of property, 0% - 34% (11%) cash flow age of appraisal, and current status Foreclosed Assets Commercial real estate (2) 975 Fair value of Discount for type of property, 28% collateral age of appraisal, and current status Residential (2) 65 Fair value of Discount for type of property, 11% collateral age of appraisal, and current status December 31, 2023 Collateral Dependent Loans Commercial loans $ 11,017 Discounted Discount for type of property, 5% - 37% (27%) cash flow age of appraisal, and current status Commercial real estate loans 95,457 Discounted Discount for type of property, 2% - 38% (16%) cash flow age of appraisal, and current status Foreclosed Assets Commercial real estate 1,669 Fair value of Discount for type of property, 4% - 8% (4%) collateral age of appraisal, and current status (1) Unobservable inputs were weighted by the relative fair value of the instruments. (2) There was only one foreclosed commercial real estate property and one foreclosed residential real estate property at June 30, 2024 with write-downs during the six months ended June 30, 2024, so no range or weighted average is reported. |
Schedule of Difference Between the Aggregate Fair Value and the Aggregate Remaining Principal Balance | The difference between the aggregate fair value and the aggregate remaining principal balance for loans for which the fair value option has been elected was as follows: (dollars in thousands) Aggregate Difference Contractual Principal June 30, 2024 Loans held-for-sale $ 66,126 $ 525 $ 65,601 December 31, 2023 Loans held-for-sale $ 32,006 $ 621 $ 31,385 The following table presents the amount of gains and losses from fair value changes included in income before income taxes for financial assets carried at fair value: (dollars in thousands) Other Interest Income Interest (Expense) Total Changes Three Months Ended June 30, 2024 Loans held-for-sale $ 105 $ 6 $ — $ 111 Three Months Ended June 30, 2023 Loans held-for-sale $ 229 $ — $ (7) $ 222 Six Months Ended June 30, 2024 Loans held-for-sale $ (97) $ 6 $ (5) $ (96) Six Months Ended June 30, 2023 Loans held-for-sale $ 176 $ — $ (10) $ 166 |
Carrying Amounts and Estimated Fair Values of Financial Instruments, Not Carried at Fair Value | The carrying amounts and estimated fair values of financial instruments not carried at fair value were as follows: Fair Value Measurements at June 30, 2024 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Financial Assets Cash, due from banks, money market, $ 1,233,046 $ 1,233,046 $ — $ — Investment securities held-to-maturity: U.S. government-sponsored entities and agencies 829,402 — 662,331 — Mortgage-backed securities - Agency 1,001,915 — 838,289 — State and political subdivisions 1,155,132 — 1,011,882 — Loans, net: Commercial 10,192,534 — — 10,043,917 Commercial real estate 15,825,787 — — 15,331,416 Residential real estate 6,871,822 — — 5,964,205 Consumer credit 2,894,035 — — 2,861,352 Accrued interest receivable 240,806 882 57,984 181,940 Financial Liabilities Deposits: Noninterest-bearing demand deposits $ 9,336,042 $ 9,336,042 $ — $ — Checking, NOW, savings, and money market 23,614,973 23,614,973 — — Time deposits 7,048,213 — 7,013,100 — Federal funds purchased and interbank borrowings 250,154 250,154 — — Securities sold under agreements to repurchase 240,713 240,713 — — FHLB advances 4,744,560 — 4,536,762 — Other borrowings 849,777 — 839,834 — Accrued interest payable 63,049 — 63,049 — Standby letters of credit 1,504 — — 1,504 Off-Balance Sheet Financial Instruments Commitments to extend credit $ — $ — $ — $ 3,300 Fair Value Measurements at December 31, 2023 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Financial Assets Cash, due from banks, money market, $ 1,175,058 $ 1,175,058 $ — $ — Investment securities held-to-maturity: U.S. government-sponsored entities and agencies 825,953 — 671,126 — Mortgage-backed securities - Agency 1,029,131 — 881,994 — State and political subdivisions 1,158,409 — 1,048,068 — Loans, net: Commercial 9,392,267 — — 9,258,193 Commercial real estate 13,984,273 — — 13,640,868 Residential real estate 6,678,606 — — 5,579,999 Consumer credit 2,629,171 — — 2,555,121 Accrued interest receivable 225,159 859 54,465 169,835 Financial Liabilities Deposits: Noninterest-bearing demand deposits $ 9,664,247 $ 9,664,247 $ — $ — Checking, NOW, savings, and money market 21,991,789 21,991,789 — — Time deposits 5,579,144 — 5,552,538 — Federal funds purchased and interbank borrowings 390 390 — — Securities sold under agreements to repurchase 285,206 285,206 — — FHLB advances 4,280,681 — 4,090,954 — Other borrowings 764,870 — 755,592 — Accrued interest payable 57,094 — 57,094 — Standby letters of credit 1,318 — — 1,318 Off-Balance Sheet Financial Instruments Commitments to extend credit $ — $ — $ — $ 3,839 |
Acquisition and Divestiture A_3
Acquisition and Divestiture Activity - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Apr. 01, 2024 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2024 USD ($) | |
Business Acquisition [Line Items] | |||
Purchase price of loans at acquisition | $ 613,494 | ||
Par value of acquired loans at acquisition | 679,302 | ||
Allowance for credit losses at acquisition | $ 23,922 | ||
CapStar Financial Holdings, Inc. | |||
Business Acquisition [Line Items] | |||
Shares exchange ratio | 1.155 | ||
Other intangible assets | $ 46,125 | ||
Allowance for credit losses at acquisition | $ 23,900 | ||
Transaction costs, expensed | $ 19,400 | $ 22,300 | |
CapStar Financial Holdings, Inc. | Core deposit | |||
Business Acquisition [Line Items] | |||
Estimated useful lives | 10 years |
Acquisition and Divestiture A_4
Acquisition and Divestiture Activity - Total Consideration (Details) - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Apr. 01, 2024 | Jun. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | ||||||||
Goodwill | $ 2,170,709,000 | $ 2,170,709,000 | $ 1,998,716,000 | $ 1,998,716,000 | $ 1,998,716,000 | $ 1,998,716,000 | $ 1,998,716,000 | |
Business Combination, Consideration Transferred [Abstract] | ||||||||
Issuance of common stock | 417,598,000 | $ 417,598,000 | $ 0 | |||||
Common Stock | ||||||||
Business Combination, Consideration Transferred [Abstract] | ||||||||
Issuance of common stock | $ 24,014,000 | $ 24,014,000 | ||||||
Share price (in dollars per share) | $ 17.41 | |||||||
CapStar Financial Holdings, Inc. | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | ||||||||
Cash and cash equivalents | $ 177,791,000 | |||||||
Investment securities | 342,490,000 | |||||||
FHLB/Federal Reserve Bank stock | 14,426,000 | |||||||
Loans held-for-sale | 21,159,000 | |||||||
Loans, net of allowance for credit losses | 2,124,695,000 | |||||||
Premises and equipment | 22,481,000 | |||||||
Goodwill | 171,993,000 | |||||||
Other intangible assets | 46,125,000 | |||||||
Company-owned life insurance | 91,475,000 | |||||||
Other assets | 95,530,000 | |||||||
Total assets | 3,108,165,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||||||||
Deposits | 2,560,464,000 | |||||||
Federal Home Loan Bank advances | 75,000,000 | |||||||
Other borrowings | 30,000,000 | |||||||
Accrued expenses and other liabilities | 25,103,000 | |||||||
Total liabilities | 2,690,567,000 | |||||||
Business Combination, Consideration Transferred [Abstract] | ||||||||
Total consideration | $ 417,598,000 | |||||||
CapStar Financial Holdings, Inc. | Common Stock | ||||||||
Business Combination, Consideration Transferred [Abstract] | ||||||||
Issuance of common stock shares for acquisitions of business (in shares) | 417,598 |
Net Income Per Common Share (De
Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||||
Net income | $ 121,229 | $ 120,284 | $ 155,036 | $ 146,600 | $ 241,513 | $ 301,636 |
Preferred dividends | (4,033) | (4,033) | (8,067) | (8,067) | ||
Net income applicable to common shareholders | $ 117,196 | $ 151,003 | $ 233,446 | $ 293,569 | ||
Weighted average common shares outstanding: | ||||||
Weighted average common shares outstanding (basic) (in shares) | 315,585 | 290,559 | 303,283 | 290,822 | ||
Effect of dilutive securities: | ||||||
Restricted stock (in shares) | 876 | 707 | 924 | 1,047 | ||
Stock appreciation rights (in shares) | 0 | 0 | 0 | 1 | ||
Weighted average diluted shares outstanding (in shares) | 316,461 | 291,266 | 304,207 | 291,870 | ||
Basic Net Income Per Common Share (in dollars per share) | $ 0.37 | $ 0.52 | $ 0.77 | $ 1.01 | ||
Diluted Net Income Per Common Share (in dollars per share) | $ 0.37 | $ 0.52 | $ 0.77 | $ 1.01 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Fair Value of Available-for-Sale Investment Securities Portfolio (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Available-for-Sale | ||
Total | $ 8,168,508 | $ 7,684,889 |
Unrealized Gains | 2,589 | 4,607 |
Unrealized Losses | (934,608) | (874,143) |
Basis adjustments | (131,011) | (102,298) |
Fair Value | 7,105,478 | 6,713,055 |
Held-to-Maturity | ||
Allowance for securities held-to-maturity | (150) | (150) |
Total held-to-maturity securities | 2,986,449 | 3,013,493 |
Unrealized Gains | 469 | 1,800 |
Unrealized Losses | (474,416) | (414,105) |
Basis adjustments | 0 | 0 |
Fair Value | 2,512,502 | 2,601,188 |
U.S. Treasury | ||
Available-for-Sale | ||
Total | 265,745 | 449,817 |
Unrealized Gains | 8 | 154 |
Unrealized Losses | (10,940) | (11,941) |
Basis adjustments | (49,505) | (41,297) |
Fair Value | 205,308 | 396,733 |
U.S. government-sponsored entities and agencies | ||
Available-for-Sale | ||
Total | 1,442,132 | 1,487,879 |
Unrealized Gains | 0 | 33 |
Unrealized Losses | (187,768) | (192,717) |
Basis adjustments | (82,070) | (63,931) |
Fair Value | 1,172,294 | 1,231,264 |
Held-to-Maturity | ||
Amortized Cost | 829,402 | 825,953 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (167,071) | (154,827) |
Basis adjustments | 0 | 0 |
Fair Value | 662,331 | 671,126 |
Mortgage-backed securities | ||
Available-for-Sale | ||
Total | 5,571,763 | 4,835,319 |
Unrealized Gains | 2,244 | 3,093 |
Unrealized Losses | (685,551) | (621,852) |
Basis adjustments | 0 | 0 |
Fair Value | 4,888,456 | 4,216,560 |
Held-to-Maturity | ||
Amortized Cost | 1,001,915 | 1,029,131 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (163,626) | (147,137) |
Basis adjustments | 0 | 0 |
Fair Value | 838,289 | 881,994 |
States and political subdivisions | ||
Available-for-Sale | ||
Total | 550,897 | 554,509 |
Unrealized Gains | 121 | 878 |
Unrealized Losses | (28,267) | (23,057) |
Basis adjustments | 564 | 2,930 |
Fair Value | 523,315 | 535,260 |
Held-to-Maturity | ||
Amortized Cost | 1,155,282 | 1,158,559 |
Unrealized Gains | 469 | 1,800 |
Unrealized Losses | (143,719) | (112,141) |
Basis adjustments | 0 | 0 |
Fair Value | 1,012,032 | 1,048,218 |
Pooled trust preferred securities | ||
Available-for-Sale | ||
Total | 13,802 | 13,797 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (2,504) | (2,460) |
Basis adjustments | 0 | 0 |
Fair Value | 11,298 | 11,337 |
Other securities | ||
Available-for-Sale | ||
Total | 324,169 | 343,568 |
Unrealized Gains | 216 | 449 |
Unrealized Losses | (19,578) | (22,116) |
Basis adjustments | 0 | 0 |
Fair Value | $ 304,807 | $ 321,901 |
Investment Securities - Schedul
Investment Securities - Schedule of Proceeds from Sales or Calls and Realized Gain and Losses of Available-for-sale Investment Securities and Other Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Proceeds from Sale, Maturity and Collection of Investments [Abstract] | ||||
Proceeds | $ 287,075 | $ 24,933 | $ 348,325 | $ 82,888 |
Realized gains | 4 | 39 | 8 | 948 |
Realized losses | $ (2) | $ (22) | $ (22) | $ (6,147) |
Investment Securities - Expecte
Investment Securities - Expected Maturities of Investment Securities Portfolio (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Available-for-sale, Amortized Cost | ||
Within one year | $ 201,863 | |
One to five years | 2,465,325 | |
Five to ten years | 4,194,624 | |
Beyond ten years | 1,306,696 | |
Total | 8,168,508 | $ 7,684,889 |
Available-for-sale, Fair Value | ||
Within one year | 199,144 | |
One to five years | 2,302,561 | |
Five to ten years | 3,585,179 | |
Beyond ten years | 1,018,594 | |
Total | $ 7,105,478 | 6,713,055 |
Available-for-sale, Weighted Average Yield | ||
Within one year | 3.31% | |
One to five years | 3.73% | |
Five to ten years | 2.63% | |
Beyond ten years | 2.65% | |
Total | 2.98% | |
Held-to-Maturity, Amortized Cost | ||
Within one year | $ 158 | |
One to five years | 164,614 | |
Five to ten years | 1,179,654 | |
Beyond ten years | 1,642,023 | |
Total held-to-maturity securities | 2,986,449 | 3,013,493 |
Held-to-Maturity, Fair Value | ||
Within one year | 148 | |
One to five years | 134,416 | |
Five to ten years | 1,015,361 | |
Beyond ten years | 1,362,577 | |
Total | $ 2,512,502 | $ 2,601,188 |
Held-to-Maturity, Weighted Average Yield | ||
Within one year | 2.19% | |
One to five years | 2.59% | |
Five to ten years | 2.63% | |
Beyond ten years | 2.72% | |
Total | 2.68% |
Investment Securities - Availab
Investment Securities - Available-for-Sale and Held-to-Maturity Investment Securities with Unrealized Losses by Aggregated Major Security Type and Length of Time in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Available-for-Sale, Less than 12 months, Fair Value | $ 1,122,944 | $ 224,979 |
Available-for-Sale, Less than 12 months, Unrealized Losses | (8,886) | (1,476) |
Available-for-Sale, 12 months or longer, Fair Value | 5,525,537 | 5,742,885 |
Available-for-Sale, 12 months or longer, Unrealized Losses | (925,722) | (872,667) |
Available-for-Sale, Fair Value | 6,648,481 | 5,967,864 |
Available-for-Sale, Unrealized Losses | (934,608) | (874,143) |
U.S. Treasury | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Available-for-Sale, Less than 12 months, Fair Value | 7,944 | 8,937 |
Available-for-Sale, Less than 12 months, Unrealized Losses | (32) | (42) |
Available-for-Sale, 12 months or longer, Fair Value | 187,270 | 191,027 |
Available-for-Sale, 12 months or longer, Unrealized Losses | (10,908) | (11,899) |
Available-for-Sale, Fair Value | 195,214 | 199,964 |
Available-for-Sale, Unrealized Losses | (10,940) | (11,941) |
U.S. government-sponsored entities and agencies | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Available-for-Sale, Less than 12 months, Fair Value | 4,010 | 0 |
Available-for-Sale, Less than 12 months, Unrealized Losses | (67) | 0 |
Available-for-Sale, 12 months or longer, Fair Value | 1,168,284 | 1,189,314 |
Available-for-Sale, 12 months or longer, Unrealized Losses | (187,701) | (192,717) |
Available-for-Sale, Fair Value | 1,172,294 | 1,189,314 |
Available-for-Sale, Unrealized Losses | (187,768) | (192,717) |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Available-for-Sale, Less than 12 months, Fair Value | 933,388 | 90,145 |
Available-for-Sale, Less than 12 months, Unrealized Losses | (6,678) | (710) |
Available-for-Sale, 12 months or longer, Fair Value | 3,625,425 | 3,835,552 |
Available-for-Sale, 12 months or longer, Unrealized Losses | (678,873) | (621,142) |
Available-for-Sale, Fair Value | 4,558,813 | 3,925,697 |
Available-for-Sale, Unrealized Losses | (685,551) | (621,852) |
States and political subdivisions | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Available-for-Sale, Less than 12 months, Fair Value | 150,978 | 86,865 |
Available-for-Sale, Less than 12 months, Unrealized Losses | (1,977) | (495) |
Available-for-Sale, 12 months or longer, Fair Value | 317,112 | 259,767 |
Available-for-Sale, 12 months or longer, Unrealized Losses | (26,290) | (22,562) |
Available-for-Sale, Fair Value | 468,090 | 346,632 |
Available-for-Sale, Unrealized Losses | (28,267) | (23,057) |
Pooled trust preferred securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Available-for-Sale, Less than 12 months, Fair Value | 0 | 0 |
Available-for-Sale, Less than 12 months, Unrealized Losses | 0 | 0 |
Available-for-Sale, 12 months or longer, Fair Value | 11,298 | 11,337 |
Available-for-Sale, 12 months or longer, Unrealized Losses | (2,504) | (2,460) |
Available-for-Sale, Fair Value | 11,298 | 11,337 |
Available-for-Sale, Unrealized Losses | (2,504) | (2,460) |
Other securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Available-for-Sale, Less than 12 months, Fair Value | 26,624 | 39,032 |
Available-for-Sale, Less than 12 months, Unrealized Losses | (132) | (229) |
Available-for-Sale, 12 months or longer, Fair Value | 216,148 | 255,888 |
Available-for-Sale, 12 months or longer, Unrealized Losses | (19,446) | (21,887) |
Available-for-Sale, Fair Value | 242,772 | 294,920 |
Available-for-Sale, Unrealized Losses | $ (19,578) | $ (22,116) |
Investment Securities - Held-to
Investment Securities - Held-to-Maturity with Unrecognized Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value | ||
Less than 12 months | $ 25,998 | $ 0 |
12 months or longer | 2,443,259 | 2,530,274 |
Total | 2,469,257 | 2,530,274 |
Unrecognized Losses | ||
Less than 12 months | (231) | 0 |
12 months or longer | (474,185) | (414,105) |
Total | (474,416) | (414,105) |
U.S. government-sponsored entities and agencies | ||
Fair Value | ||
Less than 12 months | 0 | 0 |
12 months or longer | 662,331 | 671,126 |
Total | 662,331 | 671,126 |
Unrecognized Losses | ||
Less than 12 months | 0 | 0 |
12 months or longer | (167,071) | (154,827) |
Total | (167,071) | (154,827) |
Mortgage-backed securities | ||
Fair Value | ||
Less than 12 months | 0 | 0 |
12 months or longer | 838,289 | 881,994 |
Total | 838,289 | 881,994 |
Unrecognized Losses | ||
Less than 12 months | 0 | 0 |
12 months or longer | (163,626) | (147,137) |
Total | (163,626) | (147,137) |
States and political subdivisions | ||
Fair Value | ||
Less than 12 months | 25,998 | 0 |
12 months or longer | 942,639 | 977,154 |
Total | 968,637 | 977,154 |
Unrecognized Losses | ||
Less than 12 months | (231) | 0 |
12 months or longer | (143,488) | (112,141) |
Total | $ (143,719) | $ (112,141) |
Investment Securities - Additio
Investment Securities - Additional Information (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 USD ($) security | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) security | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Summary of Investment Holdings [Line Items] | |||||
Transferred from available-for-sale to held-for-maturity | $ 118,900,000 | $ 118,900,000 | $ 127,600,000 | ||
Allowance for credit losses for available-for-sale debt securities | $ 0 | $ 0 | $ 0 | ||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | ||
Allowance for securities held-to-maturity | $ 150,000 | $ 150,000 | $ 150,000 | ||
Accrued interest receivable | $ 53,000,000 | $ 53,000,000 | 50,300,000 | ||
Number of securities in security portfolio | security | 3,039 | 3,039 | |||
Number of securities in unrealized loss position | security | 2,792 | 2,792 | |||
Equity securities, at fair value | $ 85,521,000 | $ 85,521,000 | 80,372,000 | ||
(Losses) gains on equity securities | (400,000) | $ 100,000 | (100,000) | $ (700,000) | |
Impairments on equity securities without readily determinable fair value | 0 | 0 | |||
Downward adjustments on equity securities without readily determinable fair value | 0 | $ 0 | |||
Other Assets | |||||
Summary of Investment Holdings [Line Items] | |||||
Equity securities without readily determinable fair value | 514,800,000 | 514,800,000 | $ 449,300,000 | ||
Other Assets | Partnership Interest | |||||
Summary of Investment Holdings [Line Items] | |||||
Equity securities without readily determinable fair value | 274,900,000 | 274,900,000 | |||
Other Assets | Initiatives in Low-to-Moderate Income Neighborhoods | |||||
Summary of Investment Holdings [Line Items] | |||||
Equity securities without readily determinable fair value | $ 239,900,000 | $ 239,900,000 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||||
Apr. 01, 2024 USD ($) | Jun. 30, 2024 USD ($) portfolio segment | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) portfolio segment | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loan participations | $ 3,500,000,000 | $ 3,500,000,000 | ||||
Loan participations sold | 1,600,000,000 | 1,600,000,000 | ||||
Loan participations retained | $ 1,900,000,000 | $ 1,900,000,000 | ||||
Number of loan portfolios | portfolio | 4 | 4 | ||||
Number of loan segments | segment | 7 | 7 | ||||
Allowance for credit losses at acquisition | $ 23,922,000 | |||||
Provision for credit losses | $ 36,214,000 | $ 14,787,000 | $ 55,105,000 | $ 28,224,000 | ||
Loan placed on nonaccrual when past due, number of days | 90 days | |||||
Payment defaults | 27,000,000 | $ 0 | $ 27,000,000 | $ 0 | ||
Unfunded commitments on TDRs | 0 | 0 | $ 0 | |||
CapStar Financial Holdings, Inc. | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses at acquisition | $ 23,900,000 | |||||
Provision for credit losses | 15,300,000 | 15,300,000 | ||||
Accrued interest receivable on loans | $ 181,900,000 | $ 181,900,000 | $ 169,800,000 | |||
Commercial real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Percentage of risk-based capital | 256% | 256% | ||||
Regulatory guideline limit | 300% | 300% |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Schedule of Composition of Loans and Impact of Adoption (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total loans, net of unearned income | $ 36,150,513 | $ 36,150,513 | $ 32,991,927 | |||||
Allowance for credit losses on loans | (366,335) | $ (300,555) | (366,335) | $ (300,555) | (307,610) | $ (319,713) | $ (298,711) | $ (303,671) |
Net loans | 35,784,178 | 35,784,178 | 32,684,317 | |||||
Taxable | 545,622 | 449,896 | 1,032,983 | 860,271 | ||||
Portfolio Segment Reclassifications | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total loans, net of unearned income | 0 | 0 | 0 | |||||
Net loans | 0 | 0 | 0 | |||||
Portfolio Segment After Reclassifications | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total loans, net of unearned income | 36,150,513 | 36,150,513 | 32,991,927 | |||||
Allowance for credit losses on loans | (366,335) | (366,335) | (307,610) | |||||
Net loans | 35,784,178 | 35,784,178 | 32,684,317 | |||||
Taxable | 199,700 | 93,700 | ||||||
Commercial | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total loans, net of unearned income | 10,332,631 | 10,332,631 | 9,512,230 | |||||
Allowance for credit losses on loans | (138,460) | (127,403) | (138,460) | (127,403) | (118,333) | (123,437) | (125,768) | (120,612) |
Commercial | Portfolio Segment Reclassifications | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total loans, net of unearned income | (230,404) | (230,404) | (232,764) | |||||
Commercial | Portfolio Segment After Reclassifications | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total loans, net of unearned income | 10,102,227 | 10,102,227 | 9,279,466 | |||||
Commercial real estate | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total loans, net of unearned income | 16,016,958 | 16,016,958 | 14,140,629 | |||||
Allowance for credit losses on loans | (189,911) | (136,897) | (189,911) | (136,897) | (155,099) | (160,640) | (135,348) | (138,244) |
Commercial real estate | Portfolio Segment Reclassifications | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total loans, net of unearned income | (175,614) | (175,614) | (169,058) | |||||
Commercial real estate | Portfolio Segment After Reclassifications | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total loans, net of unearned income | 15,841,344 | 15,841,344 | 13,971,571 | |||||
BBCC | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Allowance for credit losses on loans | (2,897) | (2,776) | (2,897) | (2,776) | (2,887) | (3,163) | (2,316) | (2,431) |
BBCC | Portfolio Segment Reclassifications | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total loans, net of unearned income | 406,018 | 406,018 | 401,822 | |||||
BBCC | Portfolio Segment After Reclassifications | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total loans, net of unearned income | 406,018 | 406,018 | 401,822 | |||||
Residential real estate | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total loans, net of unearned income | 6,894,957 | 6,894,957 | 6,699,443 | |||||
Allowance for credit losses on loans | (23,135) | (20,421) | (23,135) | (20,421) | (20,837) | (21,899) | (20,207) | (21,916) |
Residential real estate | Portfolio Segment Reclassifications | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total loans, net of unearned income | 0 | 0 | 0 | |||||
Residential real estate | Portfolio Segment After Reclassifications | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total loans, net of unearned income | 6,894,957 | 6,894,957 | 6,699,443 | |||||
Consumer | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total loans, net of unearned income | 2,905,967 | 2,905,967 | 2,639,625 | |||||
Consumer | Portfolio Segment Reclassifications | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total loans, net of unearned income | (2,905,967) | (2,905,967) | (2,639,625) | |||||
Indirect | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total loans, net of unearned income | 1,101,585 | 1,101,585 | 1,050,982 | |||||
Allowance for credit losses on loans | (1,233) | (1,407) | (1,233) | (1,407) | (1,236) | (1,218) | (1,434) | (1,532) |
Indirect | Portfolio Segment Reclassifications | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total loans, net of unearned income | 1,101,585 | 1,101,585 | 1,050,982 | |||||
Indirect | Portfolio Segment After Reclassifications | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total loans, net of unearned income | 1,101,585 | 1,101,585 | 1,050,982 | |||||
Direct | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total loans, net of unearned income | 429,426 | 429,426 | 523,172 | |||||
Allowance for credit losses on loans | (3,131) | (4,755) | (3,131) | (4,755) | (3,169) | (2,952) | (6,766) | (12,116) |
Direct | Portfolio Segment Reclassifications | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total loans, net of unearned income | 429,426 | 429,426 | 523,172 | |||||
Direct | Portfolio Segment After Reclassifications | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total loans, net of unearned income | 429,426 | 429,426 | 523,172 | |||||
Home equity | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total loans, net of unearned income | 1,374,956 | 1,374,956 | 1,065,471 | |||||
Allowance for credit losses on loans | (7,568) | $ (6,896) | (7,568) | $ (6,896) | (6,049) | $ (6,404) | $ (6,872) | $ (6,820) |
Home equity | Portfolio Segment Reclassifications | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total loans, net of unearned income | 1,374,956 | 1,374,956 | 1,065,471 | |||||
Home equity | Portfolio Segment After Reclassifications | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total loans, net of unearned income | 1,374,956 | 1,374,956 | 1,065,471 | |||||
Direct Finance Leases | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total loans, net of unearned income | $ 157,200 | $ 157,200 | $ 169,700 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Schedule of Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | $ 319,713 | $ 298,711 | $ 307,610 | $ 303,671 |
Allowance Established for Acquired PCD Loans | 23,922 | 0 | 23,922 | 0 |
Charge-offs | (17,041) | (14,331) | (31,061) | (32,511) |
Recoveries | 2,996 | 4,239 | 5,266 | 5,990 |
Provision for Loan Losses | 36,745 | 11,936 | 60,598 | 23,405 |
Balance at End of Period | 366,335 | 300,555 | 366,335 | 300,555 |
Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 123,437 | 125,768 | 118,333 | 120,612 |
Allowance Established for Acquired PCD Loans | 14,593 | 0 | 14,593 | 0 |
Charge-offs | (9,927) | (8,331) | (13,586) | (20,754) |
Recoveries | 462 | 1,814 | 796 | 2,097 |
Provision for Loan Losses | 9,895 | 8,152 | 18,324 | 25,448 |
Balance at End of Period | 138,460 | 127,403 | 138,460 | 127,403 |
Commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 160,640 | 135,348 | 155,099 | 138,244 |
Allowance Established for Acquired PCD Loans | 8,483 | 0 | 8,483 | 0 |
Charge-offs | (3,101) | (2,458) | (9,742) | (3,647) |
Recoveries | 542 | 1,029 | 1,577 | 1,292 |
Provision for Loan Losses | 23,347 | 2,978 | 34,494 | 1,008 |
Balance at End of Period | 189,911 | 136,897 | 189,911 | 136,897 |
BBCC | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 3,163 | 2,316 | 2,887 | 2,431 |
Allowance Established for Acquired PCD Loans | 0 | 0 | 0 | 0 |
Charge-offs | (935) | (94) | (1,011) | (122) |
Recoveries | 230 | 31 | 248 | 104 |
Provision for Loan Losses | 439 | 523 | 773 | 363 |
Balance at End of Period | 2,897 | 2,776 | 2,897 | 2,776 |
Residential real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 21,899 | 20,207 | 20,837 | 21,916 |
Allowance Established for Acquired PCD Loans | 134 | 0 | 134 | 0 |
Charge-offs | 0 | (218) | 0 | (241) |
Recoveries | 762 | 53 | 781 | 125 |
Provision for Loan Losses | 340 | 379 | 1,383 | (1,379) |
Balance at End of Period | 23,135 | 20,421 | 23,135 | 20,421 |
Indirect | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 1,218 | 1,434 | 1,236 | 1,532 |
Allowance Established for Acquired PCD Loans | 0 | 0 | 0 | 0 |
Charge-offs | (1,084) | (402) | (2,222) | (1,599) |
Recoveries | 335 | 612 | 667 | 1,024 |
Provision for Loan Losses | 764 | (237) | 1,552 | 450 |
Balance at End of Period | 1,233 | 1,407 | 1,233 | 1,407 |
Direct | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 2,952 | 6,766 | 3,169 | 12,116 |
Allowance Established for Acquired PCD Loans | 59 | 0 | 59 | 0 |
Charge-offs | (1,884) | (2,600) | (4,312) | (5,838) |
Recoveries | 565 | 637 | 1,052 | 1,218 |
Provision for Loan Losses | 1,439 | (48) | 3,163 | (2,741) |
Balance at End of Period | 3,131 | 4,755 | 3,131 | 4,755 |
Home equity | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 6,404 | 6,872 | 6,049 | 6,820 |
Allowance Established for Acquired PCD Loans | 653 | 0 | 653 | 0 |
Charge-offs | (110) | (228) | (188) | (310) |
Recoveries | 100 | 63 | 145 | 130 |
Provision for Loan Losses | 521 | 189 | 909 | 256 |
Balance at End of Period | $ 7,568 | $ 6,896 | $ 7,568 | $ 6,896 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Schedule of Allowance for Credit Losses on Unfunded Loan Commitments (Details) - Unfunded Loan Commitment - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Balance at beginning of period | $ 26,264 | $ 34,156 | $ 31,226 | $ 32,188 |
Provision for credit losses on unfunded loan commitments acquired during the period | 1,763 | 0 | 1,763 | 0 |
Provision (release) for credit losses on unfunded loan commitments | (2,294) | 2,851 | (7,256) | 4,819 |
Balance at end of period | $ 25,733 | $ 37,007 | $ 25,733 | $ 37,007 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Schedule of Risk Rating and Payment Performance (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total loans | $ 36,150,513 | $ 36,150,513 | $ 32,991,927 | ||
2024 | 129 | $ 10 | 129 | $ 10 | |
2023 | 3,573 | 2,741 | 4,059 | 3,780 | |
2022 | 7,096 | 6,643 | 11,701 | 13,860 | |
2021 | 1,335 | 387 | 4,332 | 1,166 | |
2020 | 334 | 430 | 488 | 7,657 | |
Prior | 3,508 | 3,139 | 8,282 | 3,727 | |
Revolving | 1,066 | 981 | 2,070 | 2,311 | |
Total | 17,041 | 14,331 | 31,061 | 32,511 | |
Portfolio Segment After Reclassifications | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total loans | 36,150,513 | 36,150,513 | 32,991,927 | ||
Commercial | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total loans | 10,332,631 | 10,332,631 | 9,512,230 | ||
Total | 9,927 | 8,331 | 13,586 | 20,754 | |
Commercial | Portfolio Segment After Reclassifications | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 991,464 | 991,464 | 1,873,630 | ||
Originated one year before current year | 1,844,730 | 1,844,730 | 1,719,159 | ||
Originated two years before current year | 1,570,116 | 1,570,116 | 1,039,832 | ||
Originated three years before current year | 920,119 | 920,119 | 600,282 | ||
Originated four years before current year | 577,515 | 577,515 | 489,693 | ||
Originated more than five years before current fiscal year | 791,569 | 791,569 | 583,939 | ||
Revolving | 2,791,799 | 2,791,799 | 2,214,453 | ||
Revolving to Term | 614,915 | 614,915 | 758,478 | ||
Total loans | 10,102,227 | 10,102,227 | 9,279,466 | ||
2024 | 0 | 0 | 0 | 0 | |
2023 | 2,358 | 2,100 | 2,358 | 2,100 | |
2022 | 6,149 | 5,931 | 9,630 | 11,161 | |
2021 | 389 | 120 | 422 | 120 | |
2020 | 43 | 0 | 51 | 6,789 | |
Prior | 566 | 0 | 570 | 239 | |
Revolving | 422 | 180 | 555 | 345 | |
Total | 9,927 | 8,331 | 13,586 | 20,754 | |
Commercial real estate | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total loans | 16,016,958 | 16,016,958 | 14,140,629 | ||
Total | 3,101 | 2,458 | 9,742 | 3,647 | |
Commercial real estate | Portfolio Segment After Reclassifications | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 1,160,906 | 1,160,906 | 2,279,487 | ||
Originated one year before current year | 2,531,251 | 2,531,251 | 3,664,419 | ||
Originated two years before current year | 4,288,047 | 4,288,047 | 2,695,350 | ||
Originated three years before current year | 2,615,051 | 2,615,051 | 1,636,367 | ||
Originated four years before current year | 1,542,998 | 1,542,998 | 1,163,055 | ||
Originated more than five years before current fiscal year | 2,523,686 | 2,523,686 | 1,350,392 | ||
Revolving | 186,581 | 186,581 | 107,225 | ||
Revolving to Term | 992,824 | 992,824 | 1,075,276 | ||
Total loans | 15,841,344 | 15,841,344 | 13,971,571 | ||
2024 | 0 | 0 | 0 | 0 | |
2023 | 0 | 0 | 0 | 54 | |
2022 | 23 | 0 | 23 | 735 | |
2021 | 468 | 0 | 2,644 | 400 | |
2020 | 0 | 0 | 0 | 0 | |
Prior | 2,610 | 2,458 | 7,075 | 2,458 | |
Revolving | 0 | 0 | 0 | 0 | |
Total | 3,101 | 2,458 | 9,742 | 3,647 | |
BBCC | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total | 935 | 94 | 1,011 | 122 | |
BBCC | Portfolio Segment After Reclassifications | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 44,240 | 44,240 | 81,840 | ||
Originated one year before current year | 90,352 | 90,352 | 65,503 | ||
Originated two years before current year | 64,841 | 64,841 | 46,152 | ||
Originated three years before current year | 41,082 | 41,082 | 39,072 | ||
Originated four years before current year | 35,112 | 35,112 | 28,622 | ||
Originated more than five years before current fiscal year | 39,654 | 39,654 | 21,170 | ||
Revolving | 68,533 | 68,533 | 70,966 | ||
Revolving to Term | 22,204 | 22,204 | 48,497 | ||
Total loans | 406,018 | 406,018 | 401,822 | ||
2024 | 0 | 0 | 0 | 0 | |
2023 | 605 | 47 | 605 | 47 | |
2022 | 153 | 0 | 229 | 28 | |
2021 | 35 | 47 | 35 | 47 | |
2020 | 112 | 0 | 112 | 0 | |
Prior | 30 | 0 | 30 | 0 | |
Revolving | 0 | 0 | 0 | 0 | |
Total | 935 | 94 | 1,011 | 122 | |
Residential real estate | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 211,657 | 211,657 | 453,859 | ||
Originated one year before current year | 498,339 | 498,339 | 1,513,234 | ||
Originated two years before current year | 1,510,461 | 1,510,461 | 1,840,082 | ||
Originated three years before current year | 1,884,983 | 1,884,983 | 1,708,506 | ||
Originated four years before current year | 1,646,023 | 1,646,023 | 434,861 | ||
Originated more than five years before current fiscal year | 1,143,145 | 1,143,145 | 748,622 | ||
Revolving | 67 | 67 | 0 | ||
Revolving to Term | 282 | 282 | 279 | ||
Total loans | 6,894,957 | 6,894,957 | 6,699,443 | ||
2024 | 0 | 0 | 0 | 0 | |
2023 | 0 | 0 | 0 | 0 | |
2022 | 0 | 0 | 0 | 0 | |
2021 | 0 | 0 | 0 | 0 | |
2020 | 0 | 0 | 0 | 0 | |
Prior | 0 | 218 | 0 | 241 | |
Revolving | 0 | 0 | 0 | 0 | |
Total | 0 | 218 | 0 | 241 | |
Residential real estate | Portfolio Segment After Reclassifications | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total loans | 6,894,957 | 6,894,957 | 6,699,443 | ||
Residential real estate | Performing | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 211,657 | 211,657 | 453,743 | ||
Originated one year before current year | 496,415 | 496,415 | 1,508,671 | ||
Originated two years before current year | 1,502,442 | 1,502,442 | 1,836,078 | ||
Originated three years before current year | 1,879,448 | 1,879,448 | 1,705,131 | ||
Originated four years before current year | 1,642,226 | 1,642,226 | 430,783 | ||
Originated more than five years before current fiscal year | 1,114,416 | 1,114,416 | 722,987 | ||
Revolving | 67 | 67 | 0 | ||
Revolving to Term | 282 | 282 | 279 | ||
Total loans | 6,846,953 | 6,846,953 | 6,657,672 | ||
Residential real estate | Nonperforming | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 0 | 0 | 116 | ||
Originated one year before current year | 1,924 | 1,924 | 4,563 | ||
Originated two years before current year | 8,019 | 8,019 | 4,004 | ||
Originated three years before current year | 5,535 | 5,535 | 3,375 | ||
Originated four years before current year | 3,797 | 3,797 | 4,078 | ||
Originated more than five years before current fiscal year | 28,729 | 28,729 | 25,635 | ||
Revolving | 0 | 0 | 0 | ||
Revolving to Term | 0 | 0 | 0 | ||
Total loans | 48,004 | 48,004 | 41,771 | ||
Indirect | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 252,830 | 252,830 | 393,741 | ||
Originated one year before current year | 342,669 | 342,669 | 357,294 | ||
Originated two years before current year | 291,126 | 291,126 | 163,942 | ||
Originated three years before current year | 126,886 | 126,886 | 83,418 | ||
Originated four years before current year | 58,775 | 58,775 | 38,285 | ||
Originated more than five years before current fiscal year | 29,299 | 29,299 | 14,106 | ||
Revolving | 0 | 0 | 0 | ||
Revolving to Term | 0 | 0 | 196 | ||
Total loans | 1,101,585 | 1,101,585 | 1,050,982 | ||
2024 | 54 | 10 | 54 | 10 | |
2023 | 531 | 164 | 901 | 678 | |
2022 | 377 | 124 | 849 | 554 | |
2021 | 96 | 48 | 321 | 141 | |
2020 | 6 | 16 | 39 | 127 | |
Prior | 20 | 40 | 58 | 89 | |
Revolving | 0 | 0 | 0 | 0 | |
Total | 1,084 | 402 | 2,222 | 1,599 | |
Indirect | Portfolio Segment After Reclassifications | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total loans | 1,101,585 | 1,101,585 | 1,050,982 | ||
Indirect | Performing | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 252,797 | 252,797 | 393,369 | ||
Originated one year before current year | 341,949 | 341,949 | 355,822 | ||
Originated two years before current year | 289,675 | 289,675 | 162,735 | ||
Originated three years before current year | 125,544 | 125,544 | 82,871 | ||
Originated four years before current year | 58,368 | 58,368 | 37,967 | ||
Originated more than five years before current fiscal year | 28,872 | 28,872 | 13,815 | ||
Revolving | 0 | 0 | 0 | ||
Revolving to Term | 0 | 0 | 196 | ||
Total loans | 1,097,205 | 1,097,205 | 1,046,775 | ||
Indirect | Nonperforming | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 33 | 33 | 372 | ||
Originated one year before current year | 720 | 720 | 1,472 | ||
Originated two years before current year | 1,451 | 1,451 | 1,207 | ||
Originated three years before current year | 1,342 | 1,342 | 547 | ||
Originated four years before current year | 407 | 407 | 318 | ||
Originated more than five years before current fiscal year | 427 | 427 | 291 | ||
Revolving | 0 | 0 | 0 | ||
Revolving to Term | 0 | 0 | 0 | ||
Total loans | 4,380 | 4,380 | 4,207 | ||
Direct | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 25,532 | 25,532 | 109,439 | ||
Originated one year before current year | 84,281 | 84,281 | 90,841 | ||
Originated two years before current year | 66,820 | 66,820 | 93,008 | ||
Originated three years before current year | 64,422 | 64,422 | 48,947 | ||
Originated four years before current year | 24,974 | 24,974 | 29,869 | ||
Originated more than five years before current fiscal year | 65,015 | 65,015 | 71,001 | ||
Revolving | 96,492 | 96,492 | 75,204 | ||
Revolving to Term | 1,890 | 1,890 | 4,863 | ||
Total loans | 429,426 | 429,426 | 523,172 | ||
2024 | 75 | 0 | 75 | 0 | |
2023 | 79 | 430 | 195 | 901 | |
2022 | 394 | 588 | 970 | 1,382 | |
2021 | 347 | 172 | 876 | 458 | |
2020 | 173 | 414 | 286 | 741 | |
Prior | 172 | 195 | 395 | 390 | |
Revolving | 644 | 801 | 1,515 | 1,966 | |
Total | 1,884 | 2,600 | 4,312 | 5,838 | |
Direct | Portfolio Segment After Reclassifications | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total loans | 429,426 | 429,426 | 523,172 | ||
Direct | Performing | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 25,512 | 25,512 | 109,372 | ||
Originated one year before current year | 84,213 | 84,213 | 90,310 | ||
Originated two years before current year | 66,009 | 66,009 | 92,491 | ||
Originated three years before current year | 62,213 | 62,213 | 48,387 | ||
Originated four years before current year | 24,375 | 24,375 | 29,659 | ||
Originated more than five years before current fiscal year | 63,076 | 63,076 | 67,129 | ||
Revolving | 96,462 | 96,462 | 75,080 | ||
Revolving to Term | 1,878 | 1,878 | 4,852 | ||
Total loans | 423,738 | 423,738 | 517,280 | ||
Direct | Nonperforming | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 20 | 20 | 67 | ||
Originated one year before current year | 68 | 68 | 531 | ||
Originated two years before current year | 811 | 811 | 517 | ||
Originated three years before current year | 2,209 | 2,209 | 560 | ||
Originated four years before current year | 599 | 599 | 210 | ||
Originated more than five years before current fiscal year | 1,939 | 1,939 | 3,872 | ||
Revolving | 30 | 30 | 124 | ||
Revolving to Term | 12 | 12 | 11 | ||
Total loans | 5,688 | 5,688 | 5,892 | ||
Home equity | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 0 | 0 | 290 | ||
Originated one year before current year | 0 | 0 | 474 | ||
Originated two years before current year | 265 | 265 | 488 | ||
Originated three years before current year | 395 | 395 | 544 | ||
Originated four years before current year | 285 | 285 | 1,420 | ||
Originated more than five years before current fiscal year | 11,626 | 11,626 | 8,810 | ||
Revolving | 1,325,274 | 1,325,274 | 1,022,233 | ||
Revolving to Term | 37,111 | 37,111 | 31,212 | ||
Total loans | 1,374,956 | 1,374,956 | 1,065,471 | ||
2024 | 0 | 0 | 0 | 0 | |
2023 | 0 | 0 | 0 | 0 | |
2022 | 0 | 0 | 0 | 0 | |
2021 | 0 | 0 | 34 | 0 | |
2020 | 0 | 0 | 0 | 0 | |
Prior | 110 | 228 | 154 | 310 | |
Revolving | 0 | 0 | 0 | 0 | |
Total | 110 | $ 228 | 188 | $ 310 | |
Home equity | Portfolio Segment After Reclassifications | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total loans | 1,374,956 | 1,374,956 | 1,065,471 | ||
Home equity | Performing | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 0 | 0 | 290 | ||
Originated one year before current year | 0 | 0 | 164 | ||
Originated two years before current year | 265 | 265 | 160 | ||
Originated three years before current year | 271 | 271 | 140 | ||
Originated four years before current year | 36 | 36 | 679 | ||
Originated more than five years before current fiscal year | 5,637 | 5,637 | 4,483 | ||
Revolving | 1,323,339 | 1,323,339 | 1,019,389 | ||
Revolving to Term | 27,623 | 27,623 | 23,918 | ||
Total loans | 1,357,171 | 1,357,171 | 1,049,223 | ||
Home equity | Nonperforming | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 0 | 0 | 0 | ||
Originated one year before current year | 0 | 0 | 310 | ||
Originated two years before current year | 0 | 0 | 328 | ||
Originated three years before current year | 124 | 124 | 404 | ||
Originated four years before current year | 249 | 249 | 741 | ||
Originated more than five years before current fiscal year | 5,989 | 5,989 | 4,327 | ||
Revolving | 1,935 | 1,935 | 2,844 | ||
Revolving to Term | 9,488 | 9,488 | 7,294 | ||
Total loans | 17,785 | 17,785 | 16,248 | ||
Pass | Commercial | Portfolio Segment After Reclassifications | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 961,949 | 961,949 | 1,826,289 | ||
Originated one year before current year | 1,737,949 | 1,737,949 | 1,573,669 | ||
Originated two years before current year | 1,427,702 | 1,427,702 | 985,964 | ||
Originated three years before current year | 846,164 | 846,164 | 520,883 | ||
Originated four years before current year | 498,959 | 498,959 | 450,911 | ||
Originated more than five years before current fiscal year | 723,629 | 723,629 | 495,979 | ||
Revolving | 2,575,617 | 2,575,617 | 2,051,985 | ||
Revolving to Term | 535,146 | 535,146 | 651,953 | ||
Total loans | 9,307,115 | 9,307,115 | 8,557,633 | ||
Pass | Commercial real estate | Portfolio Segment After Reclassifications | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 1,104,612 | 1,104,612 | 2,177,841 | ||
Originated one year before current year | 2,470,220 | 2,470,220 | 3,515,702 | ||
Originated two years before current year | 4,029,061 | 4,029,061 | 2,563,638 | ||
Originated three years before current year | 2,380,569 | 2,380,569 | 1,576,044 | ||
Originated four years before current year | 1,428,952 | 1,428,952 | 1,010,351 | ||
Originated more than five years before current fiscal year | 2,201,489 | 2,201,489 | 1,161,119 | ||
Revolving | 157,382 | 157,382 | 103,332 | ||
Revolving to Term | 813,468 | 813,468 | 960,386 | ||
Total loans | 14,585,753 | 14,585,753 | 13,068,413 | ||
Pass | BBCC | Portfolio Segment After Reclassifications | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 43,798 | 43,798 | 81,102 | ||
Originated one year before current year | 85,992 | 85,992 | 64,583 | ||
Originated two years before current year | 60,883 | 60,883 | 44,307 | ||
Originated three years before current year | 38,834 | 38,834 | 38,086 | ||
Originated four years before current year | 34,221 | 34,221 | 27,557 | ||
Originated more than five years before current fiscal year | 36,947 | 36,947 | 19,028 | ||
Revolving | 65,745 | 65,745 | 68,807 | ||
Revolving to Term | 17,236 | 17,236 | 33,361 | ||
Total loans | 383,656 | 383,656 | 376,831 | ||
Special Mention | Commercial | Portfolio Segment After Reclassifications | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 29,482 | 29,482 | 20,038 | ||
Originated one year before current year | 48,989 | 48,989 | 90,031 | ||
Originated two years before current year | 63,401 | 63,401 | 19,953 | ||
Originated three years before current year | 14,828 | 14,828 | 36,906 | ||
Originated four years before current year | 31,286 | 31,286 | 25,756 | ||
Originated more than five years before current fiscal year | 37,827 | 37,827 | 47,357 | ||
Revolving | 123,628 | 123,628 | 89,765 | ||
Revolving to Term | 26,188 | 26,188 | 44,348 | ||
Total loans | 375,629 | 375,629 | 374,154 | ||
Special Mention | Commercial real estate | Portfolio Segment After Reclassifications | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 43,020 | 43,020 | 69,648 | ||
Originated one year before current year | 37,176 | 37,176 | 69,946 | ||
Originated two years before current year | 126,490 | 126,490 | 68,708 | ||
Originated three years before current year | 121,150 | 121,150 | 27,059 | ||
Originated four years before current year | 32,022 | 32,022 | 52,107 | ||
Originated more than five years before current fiscal year | 85,827 | 85,827 | 95,896 | ||
Revolving | 29,199 | 29,199 | 3,893 | ||
Revolving to Term | 102,141 | 102,141 | 64,730 | ||
Total loans | 577,025 | 577,025 | 451,987 | ||
Special Mention | BBCC | Portfolio Segment After Reclassifications | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 332 | 332 | 0 | ||
Originated one year before current year | 3,357 | 3,357 | 0 | ||
Originated two years before current year | 2,675 | 2,675 | 857 | ||
Originated three years before current year | 1,127 | 1,127 | 700 | ||
Originated four years before current year | 733 | 733 | 1,001 | ||
Originated more than five years before current fiscal year | 845 | 845 | 349 | ||
Revolving | 2,473 | 2,473 | 2,144 | ||
Revolving to Term | 3,459 | 3,459 | 12,728 | ||
Total loans | 15,001 | 15,001 | 17,779 | ||
Substandard | Commercial | Portfolio Segment After Reclassifications | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 33 | 33 | 27,271 | ||
Originated one year before current year | 42,972 | 42,972 | 41,164 | ||
Originated two years before current year | 61,074 | 61,074 | 27,990 | ||
Originated three years before current year | 51,522 | 51,522 | 37,618 | ||
Originated four years before current year | 44,581 | 44,581 | 10,461 | ||
Originated more than five years before current fiscal year | 25,824 | 25,824 | 29,981 | ||
Revolving | 77,158 | 77,158 | 72,703 | ||
Revolving to Term | 37,828 | 37,828 | 56,716 | ||
Total loans | 340,992 | 340,992 | 303,904 | ||
Substandard | Commercial real estate | Portfolio Segment After Reclassifications | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 13,274 | 13,274 | 26,638 | ||
Originated one year before current year | 17,657 | 17,657 | 56,423 | ||
Originated two years before current year | 128,097 | 128,097 | 21,401 | ||
Originated three years before current year | 71,232 | 71,232 | 28,983 | ||
Originated four years before current year | 52,180 | 52,180 | 61,186 | ||
Originated more than five years before current fiscal year | 161,256 | 161,256 | 49,558 | ||
Revolving | 0 | 0 | 0 | ||
Revolving to Term | 53,886 | 53,886 | 48,760 | ||
Total loans | 497,582 | 497,582 | 292,949 | ||
Substandard | BBCC | Portfolio Segment After Reclassifications | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 110 | 110 | 436 | ||
Originated one year before current year | 481 | 481 | 193 | ||
Originated two years before current year | 295 | 295 | 252 | ||
Originated three years before current year | 473 | 473 | 0 | ||
Originated four years before current year | 35 | 35 | 0 | ||
Originated more than five years before current fiscal year | 657 | 657 | 604 | ||
Revolving | 315 | 315 | 15 | ||
Revolving to Term | 146 | 146 | 1,006 | ||
Total loans | 2,512 | 2,512 | 2,506 | ||
Nonaccrual | Commercial | Portfolio Segment After Reclassifications | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 0 | 0 | 32 | ||
Originated one year before current year | 746 | 746 | 7,034 | ||
Originated two years before current year | 5,390 | 5,390 | 0 | ||
Originated three years before current year | 2,211 | 2,211 | 0 | ||
Originated four years before current year | 2,068 | 2,068 | 823 | ||
Originated more than five years before current fiscal year | 3,724 | 3,724 | 3,411 | ||
Revolving | 1,717 | 1,717 | 0 | ||
Revolving to Term | 6,229 | 6,229 | 5,461 | ||
Total loans | 22,085 | 22,085 | 16,761 | ||
Nonaccrual | Commercial real estate | Portfolio Segment After Reclassifications | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 0 | 0 | 0 | ||
Originated one year before current year | 833 | 833 | 21,919 | ||
Originated two years before current year | 3,685 | 3,685 | 10,706 | ||
Originated three years before current year | 6,627 | 6,627 | 1,975 | ||
Originated four years before current year | 4,353 | 4,353 | 1,634 | ||
Originated more than five years before current fiscal year | 33,077 | 33,077 | 8,632 | ||
Revolving | 0 | 0 | 0 | ||
Revolving to Term | 1,063 | 1,063 | 1,400 | ||
Total loans | 49,638 | 49,638 | 46,266 | ||
Nonaccrual | BBCC | Portfolio Segment After Reclassifications | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 0 | 0 | 0 | ||
Originated one year before current year | 85 | 85 | 0 | ||
Originated two years before current year | 726 | 726 | 482 | ||
Originated three years before current year | 454 | 454 | 0 | ||
Originated four years before current year | 108 | 108 | 4 | ||
Originated more than five years before current fiscal year | 983 | 983 | 1,105 | ||
Revolving | 0 | 0 | 0 | ||
Revolving to Term | 825 | 825 | 1,402 | ||
Total loans | 3,181 | 3,181 | 2,993 | ||
Doubtful | Commercial | Portfolio Segment After Reclassifications | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 0 | 0 | 0 | ||
Originated one year before current year | 14,074 | 14,074 | 7,261 | ||
Originated two years before current year | 12,549 | 12,549 | 5,925 | ||
Originated three years before current year | 5,394 | 5,394 | 4,875 | ||
Originated four years before current year | 621 | 621 | 1,742 | ||
Originated more than five years before current fiscal year | 565 | 565 | 7,211 | ||
Revolving | 13,679 | 13,679 | 0 | ||
Revolving to Term | 9,524 | 9,524 | 0 | ||
Total loans | 56,406 | 56,406 | 27,014 | ||
Doubtful | Commercial real estate | Portfolio Segment After Reclassifications | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 0 | 0 | 5,360 | ||
Originated one year before current year | 5,365 | 5,365 | 429 | ||
Originated two years before current year | 714 | 714 | 30,897 | ||
Originated three years before current year | 35,473 | 35,473 | 2,306 | ||
Originated four years before current year | 25,491 | 25,491 | 37,777 | ||
Originated more than five years before current fiscal year | 42,037 | 42,037 | 35,187 | ||
Revolving | 0 | 0 | 0 | ||
Revolving to Term | 22,266 | 22,266 | 0 | ||
Total loans | 131,346 | 131,346 | 111,956 | ||
Doubtful | BBCC | Portfolio Segment After Reclassifications | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 0 | 0 | 302 | ||
Originated one year before current year | 437 | 437 | 727 | ||
Originated two years before current year | 262 | 262 | 254 | ||
Originated three years before current year | 194 | 194 | 286 | ||
Originated four years before current year | 15 | 15 | 60 | ||
Originated more than five years before current fiscal year | 222 | 222 | 84 | ||
Revolving | 0 | 0 | 0 | ||
Revolving to Term | 538 | 538 | 0 | ||
Total loans | $ 1,668 | $ 1,668 | $ 1,713 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Schedule of Past Due Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | $ 36,150,513 | $ 32,991,927 |
Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 36,150,513 | 32,991,927 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 10,332,631 | 9,512,230 |
Commercial | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 10,102,227 | 9,279,466 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 16,016,958 | 14,140,629 |
Commercial real estate | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 15,841,344 | 13,971,571 |
BBCC | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 406,018 | 401,822 |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 6,894,957 | 6,699,443 |
Residential real estate | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 6,894,957 | 6,699,443 |
Indirect | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 1,101,585 | 1,050,982 |
Indirect | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 1,101,585 | 1,050,982 |
Direct | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 429,426 | 523,172 |
Direct | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 429,426 | 523,172 |
Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 1,374,956 | 1,065,471 |
Home equity | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 1,374,956 | 1,065,471 |
Total Past Due | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 172,147 | 133,465 |
Total Past Due | Commercial | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 37,372 | 22,321 |
Total Past Due | Commercial real estate | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 66,610 | 44,995 |
Total Past Due | BBCC | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 3,683 | 2,479 |
Total Past Due | Residential real estate | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 30,427 | 27,974 |
Total Past Due | Indirect | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 9,324 | 10,221 |
Total Past Due | Direct | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 9,157 | 8,678 |
Total Past Due | Home equity | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 15,574 | 16,797 |
30-59 Days Past Due | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 52,654 | 59,187 |
30-59 Days Past Due | Commercial | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 14,191 | 16,128 |
30-59 Days Past Due | Commercial real estate | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 9,442 | 9,081 |
30-59 Days Past Due | BBCC | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 2,155 | 1,368 |
30-59 Days Past Due | Residential real estate | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 10,558 | 12,358 |
30-59 Days Past Due | Indirect | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 6,550 | 7,025 |
30-59 Days Past Due | Direct | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 4,578 | 5,436 |
30-59 Days Past Due | Home equity | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 5,180 | 7,791 |
60-89 Days Past Due | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 31,340 | 12,743 |
60-89 Days Past Due | Commercial | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 6,151 | 1,332 |
60-89 Days Past Due | Commercial real estate | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 16,022 | 5,254 |
60-89 Days Past Due | BBCC | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 54 | 134 |
60-89 Days Past Due | Residential real estate | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 3,189 | 367 |
60-89 Days Past Due | Indirect | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 1,928 | 1,854 |
60-89 Days Past Due | Direct | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 1,341 | 1,455 |
60-89 Days Past Due | Home equity | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 2,655 | 2,347 |
Past Due 90 Days or More | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 88,153 | 61,535 |
Past Due 90 Days or More | Commercial | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 17,030 | 4,861 |
Past Due 90 Days or More | Commercial real estate | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 41,146 | 30,660 |
Past Due 90 Days or More | BBCC | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 1,474 | 977 |
Past Due 90 Days or More | Residential real estate | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 16,680 | 15,249 |
Past Due 90 Days or More | Indirect | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 846 | 1,342 |
Past Due 90 Days or More | Direct | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 3,238 | 1,787 |
Past Due 90 Days or More | Home equity | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 7,739 | 6,659 |
Current | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 35,978,366 | 32,858,462 |
Current | Commercial | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 10,064,855 | 9,257,145 |
Current | Commercial real estate | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 15,774,734 | 13,926,576 |
Current | BBCC | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 402,335 | 399,343 |
Current | Residential real estate | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 6,864,530 | 6,671,469 |
Current | Indirect | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 1,092,261 | 1,040,761 |
Current | Direct | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | 420,269 | 514,494 |
Current | Home equity | Portfolio Segment After Reclassifications | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans, net of unearned income | $ 1,359,382 | $ 1,048,674 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Schedule of Nonaccrual Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Amortized Cost | $ 340,181 | $ 274,821 |
Nonaccrual With No Related Allowance | 56,673 | 37,650 |
Past Due 90 Days or More and Accruing | 5,251 | 961 |
Commercial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Amortized Cost | 78,491 | 43,775 |
Nonaccrual With No Related Allowance | 27,448 | 13,143 |
Past Due 90 Days or More and Accruing | 40 | 242 |
Commercial real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Amortized Cost | 180,984 | 158,222 |
Nonaccrual With No Related Allowance | 29,225 | 24,507 |
Past Due 90 Days or More and Accruing | 744 | 585 |
BBCC | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Amortized Cost | 4,849 | 4,706 |
Nonaccrual With No Related Allowance | 0 | 0 |
Past Due 90 Days or More and Accruing | 0 | 95 |
Residential real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Amortized Cost | 48,004 | 41,771 |
Nonaccrual With No Related Allowance | 0 | 0 |
Past Due 90 Days or More and Accruing | 3,901 | 0 |
Indirect | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Amortized Cost | 4,380 | 4,207 |
Nonaccrual With No Related Allowance | 0 | 0 |
Past Due 90 Days or More and Accruing | 17 | 8 |
Direct | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Amortized Cost | 5,688 | 5,892 |
Nonaccrual With No Related Allowance | 0 | 0 |
Past Due 90 Days or More and Accruing | 2 | 31 |
Home equity | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Amortized Cost | 17,785 | 16,248 |
Nonaccrual With No Related Allowance | 0 | 0 |
Past Due 90 Days or More and Accruing | $ 547 | $ 0 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Schedule of Types of Collateral (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | $ 36,150,513 | $ 32,991,927 |
Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 248,591 | 226,996 |
Blanket Lien | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 35,672 | 25,524 |
Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 7,176 | 3,747 |
Auto | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 16,401 | 5,243 |
Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 13,975 | 6,464 |
Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 10,332,631 | 9,512,230 |
Commercial | Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 16,620 | 14,303 |
Commercial | Blanket Lien | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 32,984 | 24,729 |
Commercial | Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 4,892 | 2,577 |
Commercial | Auto | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 11,429 | 280 |
Commercial | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 7,736 | 328 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 16,016,958 | 14,140,629 |
Commercial real estate | Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 159,868 | 146,425 |
Commercial real estate | Blanket Lien | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 1,559 | 0 |
Commercial real estate | Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 2,178 | 1,167 |
Commercial real estate | Auto | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 0 | 0 |
Commercial real estate | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 6,209 | 6,107 |
BBCC | Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 3,411 | 3,522 |
BBCC | Blanket Lien | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 1,129 | 794 |
BBCC | Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 100 | 0 |
BBCC | Auto | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 208 | 390 |
BBCC | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 0 | 0 |
Residential real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 6,894,957 | 6,699,443 |
Residential real estate | Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 48,004 | 41,771 |
Residential real estate | Blanket Lien | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 0 | 0 |
Residential real estate | Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 0 | 0 |
Residential real estate | Auto | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 0 | 0 |
Residential real estate | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 0 | 0 |
Indirect | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 1,101,585 | 1,050,982 |
Indirect | Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 0 | 0 |
Indirect | Blanket Lien | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 0 | 0 |
Indirect | Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 0 | 0 |
Indirect | Auto | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 4,380 | 4,207 |
Indirect | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 0 | 0 |
Direct | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 429,426 | 523,172 |
Direct | Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 2,903 | 4,727 |
Direct | Blanket Lien | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 0 | 1 |
Direct | Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 6 | 3 |
Direct | Auto | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 384 | 366 |
Direct | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 30 | 29 |
Home equity | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 1,374,956 | 1,065,471 |
Home equity | Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 17,785 | 16,248 |
Home equity | Blanket Lien | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 0 | 0 |
Home equity | Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 0 | 0 |
Home equity | Auto | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | 0 | 0 |
Home equity | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans, net of unearned income | $ 0 | $ 0 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Schedule of Amortized Cost Basis of Loans with Modifications (Details) - Extended Maturity - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Term Extension | $ 62,091 | $ 13,680 | $ 88,273 | $ 37,797 |
Total Class of Loans | 0.20% | 0% | 0.20% | 0.10% |
Commercial | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Term Extension | $ 3,859 | $ 1,231 | $ 14,867 | $ 18,517 |
Total Class of Loans | 0% | 0% | 0.10% | 0.20% |
Commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Term Extension | $ 58,232 | $ 12,449 | $ 73,406 | $ 19,280 |
Total Class of Loans | 0.40% | 0.10% | 0.50% | 0.10% |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Schedule of Monitors the Performance of Loan Modifications to Borrowers Experiencing Financial Difficulty to Understand the Effectiveness of its Modification Efforts (Details) - Extended Maturity - Portfolio Segment After Reclassifications - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | $ 132,767 | $ 37,797 |
30-59 Days Past Due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 9,931 | 0 |
60-89 Days Past Due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 7,890 | 5,537 |
Past Due 90 Days or More | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 27,997 | 2,600 |
Total Past Due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 45,818 | 8,137 |
Current | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 86,949 | 29,660 |
Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 19,736 | 18,517 |
Commercial | 30-59 Days Past Due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 1,077 | 0 |
Commercial | 60-89 Days Past Due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 2,813 | 0 |
Commercial | Past Due 90 Days or More | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 980 | 2,600 |
Commercial | Total Past Due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 4,870 | 2,600 |
Commercial | Current | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 14,866 | 15,917 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 113,031 | 19,280 |
Commercial real estate | 30-59 Days Past Due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 8,854 | 0 |
Commercial real estate | 60-89 Days Past Due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 5,077 | 5,537 |
Commercial real estate | Past Due 90 Days or More | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 27,017 | 0 |
Commercial real estate | Total Past Due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 40,948 | 5,537 |
Commercial real estate | Current | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | $ 72,083 | $ 13,743 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Schedule of Nature of Loan Modifications to Borrowers Experiencing Financial Difficulty (Details) - Extended Maturity | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Weighted- Average Term Extension (in months) | 10 months 24 days | 6 months | 9 months 18 days | 6 months |
Commercial | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Weighted- Average Term Extension (in months) | 9 months 18 days | 7 months 6 days | 9 months 18 days | 7 months 6 days |
Commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Weighted- Average Term Extension (in months) | 10 months 24 days | 6 months | 9 months 18 days | 6 months |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses - Purchased Credit Deteriorated Loans (Details) $ in Thousands | Apr. 01, 2024 USD ($) |
Receivables [Abstract] | |
Purchase price of loans at acquisition | $ 613,494 |
Allowance for credit losses at acquisition | 23,922 |
Non-credit discount/(premium) at acquisition | 41,886 |
Par value of acquired loans at acquisition | $ 679,302 |
Leases - Additional Information
Leases - Additional Information (Details) | Jun. 30, 2024 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating lease term | 5 years |
Finance lease term | 5 years |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating lease term | 20 years |
Finance lease term | 20 years |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Finance lease cost: | ||||
Total | $ 9,886 | $ 8,288 | $ 18,519 | $ 17,726 |
Occupancy/Equipment expense | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease cost | 8,268 | 7,469 | 16,094 | 16,107 |
Occupancy expense | ||||
Finance lease cost: | ||||
Amortization of right-of-use assets | 1,488 | 737 | 2,239 | 1,428 |
Sub-lease income | (123) | (102) | (248) | (162) |
Interest expense | ||||
Finance lease cost: | ||||
Interest on lease liabilities | $ 253 | $ 184 | $ 434 | $ 353 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Operating Leases | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable and other assets | Accrued interest receivable and other assets |
Operating lease right-of-use assets | $ 194,591 | $ 185,506 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other liabilities | Accrued expenses and other liabilities |
Operating lease liabilities | $ 213,119 | $ 204,960 |
Finance Leases | ||
Premises and equipment, net | 32,759 | 19,820 |
Other borrowings | $ 34,114 | $ 20,955 |
Finance lease, right-of-use asset, statement of financial position [extensible enumeration] | Premises and equipment, net | Premises and equipment, net |
Finance lease, liability, statement of financial position [extensible enumeration] | Other borrowings | Other borrowings |
Weighted-Average Remaining Lease Term (in Years) | ||
Operating leases | 8 years 2 months 12 days | 8 years 6 months |
Finance leases | 7 years 2 months 12 days | 10 years 6 months |
Weighted-Average Discount Rate | ||
Operating leases | 3.12% | 3.04% |
Finance leases | 3.97% | 3.90% |
Leases - Schedule of Suppleme_2
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 16,439 | $ 15,752 |
Operating cash flows from finance leases | 434 | 353 |
Financing cash flows from finance leases | $ 2,020 | $ 1,265 |
Leases - Schedule of Maturity A
Leases - Schedule of Maturity Analysis of Lease Liability by Lease Classification (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Operating Leases | ||
2024 | $ 16,861 | |
2025 | 34,330 | |
2026 | 33,583 | |
2027 | 31,857 | |
2028 | 27,940 | |
Thereafter | 98,385 | |
Total undiscounted lease payments | 242,956 | |
Amounts representing interest | (29,837) | |
Lease liability | 213,119 | $ 204,960 |
Finance Leases | ||
2024 | 4,649 | |
2025 | 8,787 | |
2026 | 6,048 | |
2027 | 4,388 | |
2028 | 2,996 | |
Thereafter | 12,611 | |
Total undiscounted lease payments | 39,479 | |
Amounts representing interest | (5,365) | |
Lease liability | $ 34,114 | $ 20,955 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Goodwill [Roll Forward] | ||||
Balance at beginning of period | $ 1,998,716 | $ 1,998,716 | $ 1,998,716 | $ 1,998,716 |
Acquisitions and adjustments | 171,993 | 0 | 171,993 | 0 |
Balance at end of period | $ 2,170,709 | $ 1,998,716 | $ 2,170,709 | $ 1,998,716 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Aug. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Apr. 01, 2024 | |
Goodwill [Line Items] | ||||||
Goodwill impairment | $ 0 | |||||
Impairment charges | $ 0 | $ 0 | ||||
Amortization of other intangible assets | $ 7,425,000 | $ 6,060,000 | $ 12,880,000 | $ 12,246,000 | ||
CapStar Financial Holdings, Inc. | ||||||
Goodwill [Line Items] | ||||||
Acquisitions and adjustments | 172,000,000 | |||||
Core deposit | CapStar Financial Holdings, Inc. | ||||||
Goodwill [Line Items] | ||||||
Estimated useful lives | 10 years | |||||
Estimated fair value of intangible assets acquired | $ 46,100,000 | |||||
Minimum | Core Deposits and Other Intangible Assets | ||||||
Goodwill [Line Items] | ||||||
Estimated useful lives | 5 years | 5 years | ||||
Maximum | Core Deposits and Other Intangible Assets | ||||||
Goodwill [Line Items] | ||||||
Estimated useful lives | 15 years | 15 years |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Gross Carrying Amounts and Accumulated Amortization of Other Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 242,257 | $ 196,132 |
Accumulated Amortization and Impairment | (106,762) | (93,882) |
Net Carrying Amount | 135,495 | 102,250 |
Core deposit | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 189,636 | 143,511 |
Accumulated Amortization and Impairment | (83,537) | (72,940) |
Net Carrying Amount | 106,099 | 70,571 |
Customer trust relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 52,621 | 52,621 |
Accumulated Amortization and Impairment | (23,225) | (20,942) |
Net Carrying Amount | $ 29,396 | $ 31,679 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense for Future Years (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||
2024 remaining | $ 14,648 | |
2025 | 26,116 | |
2026 | 22,474 | |
2027 | 18,947 | |
2028 | 15,598 | |
Thereafter | 37,712 | |
Net Carrying Amount | $ 135,495 | $ 102,250 |
Qualified Affordable Housing _3
Qualified Affordable Housing Projects and Other Tax Credit Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Summary of Investment Holdings [Line Items] | |||||
Investment | $ 239,864 | $ 239,864 | $ 197,139 | ||
Unfunded Commitment | 116,479 | 116,479 | 103,402 | ||
Amortization Expense | 6,065 | $ 4,225 | 11,816 | $ 8,450 | |
Tax Expense (Benefit) Recognized | (7,608) | (5,031) | (14,777) | (10,063) | |
LIHTC | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment, Proportional amortization | 158,955 | 158,955 | 114,991 | ||
Unfunded commitment, Proportional amortization | 90,134 | 90,134 | 75,981 | ||
Amortization Expense | 2,780 | 1,463 | 5,265 | 2,927 | |
Tax Expense (Benefit) Recognized | (3,743) | (1,908) | (7,074) | (3,817) | |
FHTC | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment, Equity | 32,030 | 32,030 | 34,220 | ||
Unfunded commitment, Equity | 26,345 | 26,345 | 27,421 | ||
Amortization Expense | 728 | 424 | 1,262 | 848 | |
Tax Expense (Benefit) Recognized | (690) | (512) | (1,353) | (1,024) | |
NMTC | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment, Equity | 48,875 | 48,875 | 47,727 | ||
Unfunded commitment, Equity | 0 | 0 | 0 | ||
Amortization Expense | 2,546 | 2,092 | 5,092 | 4,183 | |
Tax Expense (Benefit) Recognized | (3,175) | (2,611) | (6,350) | (5,222) | |
Renewable Energy | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment, Equity | 4 | 4 | 201 | ||
Unfunded commitment, Equity | 0 | 0 | $ 0 | ||
Amortization Expense | 11 | 246 | 197 | 492 | |
Tax Expense (Benefit) Recognized | $ 0 | $ 0 | $ 0 | $ 0 |
Securities Sold Under Agreeme_3
Securities Sold Under Agreements to Repurchase - Schedule of Securities Sold under Agreements to Repurchase and Related Weighted-Average Interest Rates (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Securities Sold under Agreements to Repurchase [Abstract] | |||
Outstanding at period end | $ 240,713 | $ 311,447 | $ 285,206 |
Average amount outstanding during the period | 273,088 | 376,298 | |
Maximum amount outstanding at any month-end during the period | $ 319,423 | $ 430,537 | |
Weighted-average interest rate during year | 1.15% | 0.90% | |
Weighted-average interest rate at end of year | 3.41% | 1.14% | 3.64% |
Securities Sold Under Agreeme_4
Securities Sold Under Agreements to Repurchase - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Securities Sold under Agreements to Repurchase [Abstract] | |||
Securities sold under agreements to repurchase | $ 240,713 | $ 285,206 | $ 311,447 |
Weighted-average interest rate at end of year | 3.41% | 3.64% | 1.14% |
Securities Sold Under Agreeme_5
Securities Sold Under Agreements to Repurchase - Schedule of Remaining Contractual Maturity of Secured Borrowings and Class of Collateral Pledged Under Repurchase Agreements (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Assets Sold under Agreements to Repurchase [Line Items] | |||
Secured borrowings and class of collateral pledged under repurchase agreements | $ 240,713 | $ 285,206 | $ 311,447 |
U.S. Treasury and agency securities | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Secured borrowings and class of collateral pledged under repurchase agreements | 240,713 | ||
Overnight and Continuous | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Secured borrowings and class of collateral pledged under repurchase agreements | 240,713 | ||
Overnight and Continuous | U.S. Treasury and agency securities | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Secured borrowings and class of collateral pledged under repurchase agreements | 240,713 | ||
Up to 30 Days | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Secured borrowings and class of collateral pledged under repurchase agreements | 0 | ||
Up to 30 Days | U.S. Treasury and agency securities | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Secured borrowings and class of collateral pledged under repurchase agreements | 0 | ||
30-90 Days | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Secured borrowings and class of collateral pledged under repurchase agreements | 0 | ||
30-90 Days | U.S. Treasury and agency securities | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Secured borrowings and class of collateral pledged under repurchase agreements | 0 | ||
Greater Than 90 days | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Secured borrowings and class of collateral pledged under repurchase agreements | 0 | ||
Greater Than 90 days | U.S. Treasury and agency securities | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Secured borrowings and class of collateral pledged under repurchase agreements | $ 0 |
Federal Home Loan Bank Advanc_3
Federal Home Loan Bank Advances - Summary of FHLB Advances (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances (fixed rates 2.19% to 5.55% and variable rates 5.33% to 5.48%) maturing September 2024 to March 2044 | $ 4,775,528 | $ 4,300,528 |
Fair value hedge basis adjustments and unamortized prepayment fees | (30,968) | (19,847) |
Federal Home Loan Bank advances | $ 4,744,560 | $ 4,280,681 |
Minimum | FHLB Advances | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Fixed rates | 2.19% | |
Variable rates | 5.33% | |
Maximum | FHLB Advances | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Fixed rates | 5.55% | |
Variable rates | 5.48% |
Federal Home Loan Bank Advanc_4
Federal Home Loan Bank Advances - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Federal Home Loan Banks [Abstract] | ||
Weighted-average rates of FHLB advances | 3.84% | 3.45% |
Modifications, unamortized prepayment fees | $ 11.2 | $ 14.2 |
Federal Home Loan Bank Advanc_5
Federal Home Loan Bank Advances - Summary of Contractual Maturities of FHLB Advances (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Federal Home Loan Banks [Abstract] | ||
Due in 2024 | $ 450,243 | |
Due in 2025 | 550,285 | |
Due in 2026 | 100,000 | |
Due in 2028 | 650,000 | |
Thereafter | 3,025,000 | |
Fair value hedge basis adjustments and unamortized prepayment fees | (30,968) | $ (19,847) |
Federal Home Loan Bank advances | $ 4,744,560 | $ 4,280,681 |
Other Borrowings - Summary of O
Other Borrowings - Summary of Other Borrowings (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||
Finance lease liabilities | $ 34,114 | $ 20,955 |
Other borrowings | 849,777 | 764,870 |
Old National Bank | ||
Debt Instrument [Line Items] | ||
Other basis adjustments | 128,178 | 97,872 |
Finance lease liabilities | 34,114 | 20,955 |
Derivative collateralize position amount | 128,100 | 97,600 |
Old National Bancorp | ||
Debt Instrument [Line Items] | ||
Other basis adjustments | $ 15,627 | 18,207 |
Senior Unsecured Notes | Old National Bancorp | ||
Debt Instrument [Line Items] | ||
Fixed rates | 4.13% | |
Senior unsecured notes (fixed rate 4.13%) maturing August 2024 | $ 175,000 | 175,000 |
Unamortized debt issuance costs related to senior unsecured notes | $ (13) | (91) |
Subordinated Debt | Old National Bank | ||
Debt Instrument [Line Items] | ||
Variable rates | 9.95% | |
Variable rate | 4.618% | |
Subordinated debentures | $ 12,000 | 12,000 |
Subordinated Debt | Old National Bancorp | ||
Debt Instrument [Line Items] | ||
Fixed rates | 5.88% | |
Subordinated debentures | $ 150,000 | 150,000 |
Subordinated Debt | Old National Bancorp | Subordinated Debt Due on June 2030 | ||
Debt Instrument [Line Items] | ||
Fixed rates | 5.25% | |
Subordinated debentures | $ 30,000 | 0 |
Junior Subordinated Debentures | Old National Bancorp | ||
Debt Instrument [Line Items] | ||
Junior subordinated debentures (rates of 6.95% to 9.17%) maturing July 2031 to September 2037 | 136,643 | 136,643 |
Leveraged Loans for NMTC | Old National Bank | ||
Debt Instrument [Line Items] | ||
Leveraged loans for NMTC (fixed rates of 1.00% to 1.43%) maturing December 2046 to June 2060 | $ 168,228 | $ 154,284 |
Minimum | Junior Subordinated Debentures | Old National Bancorp | ||
Debt Instrument [Line Items] | ||
Variable rates | 6.95% | |
Minimum | Leveraged Loans for NMTC | Old National Bank | ||
Debt Instrument [Line Items] | ||
Fixed rates | 1% | |
Maximum | Junior Subordinated Debentures | Old National Bancorp | ||
Debt Instrument [Line Items] | ||
Variable rates | 9.17% | |
Maximum | Leveraged Loans for NMTC | Old National Bank | ||
Debt Instrument [Line Items] | ||
Fixed rates | 1.43% |
Other Borrowings - Contractual
Other Borrowings - Contractual Maturities of Other Borrowings (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Other Liabilities Disclosure [Abstract] | ||
Due in 2024 | $ 307,099 | |
Due in 2025 | 19,784 | |
Due in 2026 | 155,280 | |
Due in 2027 | 3,795 | |
Due in 2028 | 2,518 | |
Thereafter | 345,568 | |
Unamortized debt issuance costs and other basis adjustments | 15,733 | |
Total | $ 849,777 | $ 764,870 |
Other Borrowings - Summary of T
Other Borrowings - Summary of Terms of Outstanding Junior Subordinated Debentures (Details) - Trust Preferred Securities - Junior Subordinated Debentures | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 136,643,000 |
Bridgeview Statutory Trust I | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 15,464,000 |
Variable rate | 3.58% |
Rate | 9.17% |
Bridgeview Capital Trust II | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 15,464,000 |
Variable rate | 3.35% |
Rate | 8.94% |
First Midwest Capital Trust I | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 37,825,000 |
Rate | 6.95% |
Fixed rates | 6.95% |
St. Joseph Capital Trust II | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 5,155,000 |
Variable rate | 1.75% |
Rate | 7.35% |
Northern States Statutory Trust I | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 10,310,000 |
Variable rate | 1.80% |
Rate | 7.40% |
Anchor Capital Trust III | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 5,000,000 |
Variable rate | 1.55% |
Rate | 7.14% |
Great Lakes Statutory Trust II | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 6,186,000 |
Variable rate | 1.40% |
Rate | 7% |
Home Federal Statutory Trust I | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 15,464,000 |
Variable rate | 1.65% |
Rate | 7.25% |
Monroe Bancorp Capital Trust I | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 3,093,000 |
Variable rate | 1.60% |
Rate | 7.19% |
Tower Capital Trust 3 | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 9,279,000 |
Variable rate | 1.69% |
Rate | 7.30% |
Monroe Bancorp Statutory Trust II | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 5,155,000 |
Variable rate | 1.60% |
Rate | 7.20% |
Great Lakes Statutory Trust III | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 8,248,000 |
Variable rate | 1.70% |
Rate | 7.30% |
Other Borrowings - Additional I
Other Borrowings - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Other borrowings | $ 34,114 | $ 20,955 |
Old National Bank | ||
Debt Instrument [Line Items] | ||
Other borrowings | $ 34,114 | $ 20,955 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Schedule of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 5,595,408 | $ 5,277,426 | $ 5,562,900 | $ 5,128,595 |
Other comprehensive income (loss) before reclassifications | (18,562) | (80,281) | (66,230) | (15,752) |
Amounts reclassified from AOCI to income | 6,782 | (19,994) | 13,631 | (6,459) |
Ending balance | 6,075,072 | 5,292,095 | 6,075,072 | 5,292,095 |
Accumulated Other Comprehensive Income (Loss) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (779,628) | (708,358) | (738,809) | (786,422) |
Ending balance | (791,408) | (808,633) | (791,408) | (808,633) |
Unrealized Gains and Losses on Available- for-Sale Debt Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (685,969) | (611,260) | (652,518) | (642,346) |
Other comprehensive income (loss) before reclassifications | (13,347) | (90,121) | (46,810) | (62,902) |
Amounts reclassified from AOCI to income | (2) | (12) | 10 | 3,855 |
Ending balance | (699,318) | (701,393) | (699,318) | (701,393) |
Unrealized Gains and Losses on Held-to- Maturity Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (92,251) | (106,966) | (95,472) | (112,664) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 1,325 |
Amounts reclassified from AOCI to income | 3,265 | 3,822 | 6,486 | 8,195 |
Ending balance | (88,986) | (103,144) | (88,986) | (103,144) |
Gains and Losses on Hedges | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (1,408) | 9,872 | 9,181 | (31,549) |
Other comprehensive income (loss) before reclassifications | (5,215) | 9,840 | (19,420) | 45,825 |
Amounts reclassified from AOCI to income | 3,519 | (23,808) | 7,135 | (18,372) |
Ending balance | (3,104) | (4,096) | (3,104) | (4,096) |
Defined Benefit Pension Plans | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 0 | (4) | 0 | 137 |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI to income | 0 | 4 | 0 | (137) |
Ending balance | $ 0 | $ 0 | $ 0 | $ 0 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Reclassifications out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Debt securities gains (losses), net | $ (2) | $ (17) | $ 14 | $ 5,199 | ||
Income tax (expense) benefit | (35,250) | (47,393) | (67,738) | (88,814) | ||
Interest income (expense) | (388,421) | (382,171) | (744,879) | (763,659) | ||
Salaries and employee benefits | 159,193 | 135,810 | 308,996 | 273,174 | ||
Net income | (121,229) | $ (120,284) | (155,036) | $ (146,600) | (241,513) | (301,636) |
Amount Reclassified from AOCI | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net income | (6,782) | 19,994 | (13,631) | 6,459 | ||
Amount Reclassified from AOCI | Unrealized gains and losses on available-for-sale securities | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Debt securities gains (losses), net | 2 | 17 | (14) | (5,199) | ||
Income tax (expense) benefit | 0 | (5) | 4 | 1,344 | ||
Net income | 2 | 12 | (10) | (3,855) | ||
Amount Reclassified from AOCI | Amortization of unrealized losses on held-to-maturity securities transferred from available-for-sale | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Income tax (expense) benefit | 1,111 | 1,300 | 2,208 | 2,756 | ||
Interest income (expense) | (4,376) | (5,122) | (8,694) | (10,951) | ||
Net income | (3,265) | (3,822) | (6,486) | (8,195) | ||
Amount Reclassified from AOCI | Gains and losses on hedges Interest rate contracts | Interest rate contracts | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Income tax (expense) benefit | 1,228 | (8,304) | 2,489 | (6,448) | ||
Interest income (expense) | (4,747) | 32,112 | (9,624) | 24,820 | ||
Net income | (3,519) | 23,808 | (7,135) | 18,372 | ||
Amount Reclassified from AOCI | Actuarial gains (losses) | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Income tax (expense) benefit | 0 | 2 | 0 | (45) | ||
Salaries and employee benefits | 0 | (6) | 0 | 182 | ||
Net income | $ 0 | $ (4) | $ 0 | $ 137 |
Income Taxes - Summary of Diffe
Income Taxes - Summary of Differences in Taxes from Continuing Operations Computed at Statutory Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Provision at statutory rate | $ 32,861 | $ 42,510 | $ 64,943 | $ 81,995 |
Tax-exempt income: | ||||
Tax-exempt interest | (5,027) | (4,605) | (9,985) | (9,091) |
Section 291/265 interest disallowance | 957 | 532 | 1,841 | 918 |
Company-owned life insurance income | (1,178) | (945) | (1,872) | (1,572) |
Tax-exempt income | (5,248) | (5,018) | (10,016) | (9,745) |
State income taxes | 6,333 | 8,552 | 11,480 | 16,693 |
Interim period effective rate adjustment | (70) | 993 | 873 | (723) |
Tax credit investments - federal | (3,106) | (2,526) | (6,160) | (5,051) |
Officer compensation limitation | 1,491 | 1,040 | 2,256 | 2,080 |
Non-deductible FDIC premiums | 2,032 | 2,037 | 3,779 | 4,147 |
Other, net | 957 | (195) | 583 | (582) |
Income tax expense | $ 35,250 | $ 47,393 | $ 67,738 | $ 88,814 |
Effective tax rate | 22.50% | 23.40% | 21.90% | 22.80% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Income Taxes [Line Items] | ||
Net deferred tax assets | $ 456,400,000 | $ 423,300,000 |
Valuation allowance recorded | 0 | 0 |
Bad debt reserves, created for tax purposes | 58,600,000 | |
Federal | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards | 75,300,000 | 63,600,000 |
State | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards | $ 111,200,000 | $ 116,900,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Percentage of periodic changes in fair value qualifies for hedge accounting treatment (in percent) | 100% | |
Interest Income | ||
Derivative [Line Items] | ||
Hedge gain to be reclassified during next twelve months, net | $ 6,600,000 | |
Interest Expense | ||
Derivative [Line Items] | ||
Hedge gain to be reclassified during next twelve months, net | 26,500,000 | |
Interest rate swaps on borrowings | Cash flow hedges | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | 150,000,000 | $ 150,000,000 |
Interest rate swaps on borrowings | Fair value hedges | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | 1,100,000,000 | 900,000,000 |
Interest rate swaps, collars, and floors on loan pools | Cash flow hedges | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | 1,800,000,000 | 1,600,000,000 |
Interest rate swaps on investment securities | Fair value hedges | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | 998,107,000 | 998,107,000 |
Interest rate lock commitments | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | 99,131,000 | 25,151,000 |
Forward mortgage loan contracts | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | 125,414,000 | 39,529,000 |
Counterparty interest rate swaps | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | 6,022,198,000 | 5,954,216,000 |
Customer interest rate swaps | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | $ 6,022,198,000 | $ 5,954,216,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Fair Value of Derivative Financial Instruments (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Assets | $ 4,053,000 | $ 10,472,000 |
Liabilities | 17,662,000 | 6,014,000 |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swaps, collars, and floors on loan pools | ||
Derivative [Line Items] | ||
Notional | 1,800,000,000 | 1,600,000,000 |
Assets | 2,276,000 | 10,472,000 |
Liabilities | 17,662,000 | 6,014,000 |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swaps on borrowings | ||
Derivative [Line Items] | ||
Notional | 150,000,000 | 150,000,000 |
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Designated as Hedging Instrument | Fair value hedges | Interest rate swaps on borrowings | ||
Derivative [Line Items] | ||
Notional | 1,100,000,000 | 900,000,000 |
Assets | 1,777,000 | 0 |
Liabilities | 0 | 0 |
Designated as Hedging Instrument | Fair value hedges | Interest rate swaps on investment securities | ||
Derivative [Line Items] | ||
Notional | 998,107,000 | 998,107,000 |
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Assets | 164,551,000 | 155,830,000 |
Liabilities | 277,184,000 | 262,902,000 |
Not Designated as Hedging Instrument | Interest rate lock commitments | ||
Derivative [Line Items] | ||
Notional | 99,131,000 | 25,151,000 |
Assets | 0 | 291,000 |
Liabilities | 172,000 | 0 |
Not Designated as Hedging Instrument | Forward mortgage loan contracts | ||
Derivative [Line Items] | ||
Notional | 125,414,000 | 39,529,000 |
Assets | 398,000 | 0 |
Liabilities | 0 | 566,000 |
Not Designated as Hedging Instrument | Customer interest rate swaps | ||
Derivative [Line Items] | ||
Notional | 6,022,198,000 | 5,954,216,000 |
Assets | 11,351,000 | 33,182,000 |
Liabilities | 265,548,000 | 228,750,000 |
Not Designated as Hedging Instrument | Counterparty interest rate swaps | ||
Derivative [Line Items] | ||
Notional | 6,022,198,000 | 5,954,216,000 |
Assets | 152,679,000 | 121,969,000 |
Liabilities | 11,409,000 | 33,346,000 |
Not Designated as Hedging Instrument | Customer foreign currency contracts | ||
Derivative [Line Items] | ||
Notional | 7,904,000 | 12,455,000 |
Assets | 33,000 | 320,000 |
Liabilities | 49,000 | 59,000 |
Not Designated as Hedging Instrument | Counterparty foreign currency contracts | ||
Derivative [Line Items] | ||
Notional | 7,786,000 | 12,308,000 |
Assets | 90,000 | 68,000 |
Liabilities | $ 6,000 | $ 181,000 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Schedule of Effect of Derivative Instruments on the Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income on Derivative | $ (7,035) | $ 13,272 | $ (26,194) | $ 61,121 |
Gain (Loss) Reclassified from AOCI into Income | (4,747) | 32,112 | (9,624) | 24,820 |
Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivative | (900) | 1,087 | 371 | 1,055 |
Fair value hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivative | 2,519 | 13,745 | 14,396 | (47,217) |
Gain (Loss) Recognized in Income on Related Hedged Items | (2,537) | (13,911) | (14,315) | 47,122 |
Interest rate swaps on borrowings | Fair value hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivative | (317) | (11,101) | (14,288) | (8,948) |
Gain (Loss) Recognized in Income on Related Hedged Items | 272 | 10,956 | 14,399 | 8,738 |
Interest rate swaps on investment securities | Fair value hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivative | 2,836 | 24,846 | 28,684 | (38,269) |
Gain (Loss) Recognized in Income on Related Hedged Items | (2,809) | (24,867) | (28,714) | 38,384 |
Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income on Derivative | (7,035) | 13,272 | (26,194) | 19,875 |
Gain (Loss) Reclassified from AOCI into Income | (5,781) | 31,078 | (11,692) | 23,441 |
Interest rate contracts | Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivative | (160) | 837 | 408 | 699 |
Mortgage contracts | Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivative | (693) | 262 | 44 | 369 |
Foreign currency contracts | Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivative | $ (47) | $ (12) | $ (81) | $ (13) |
Derivative Financial Instrume_6
Derivative Financial Instruments - Schedule of Offsetting Assets and Liability (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Derivative assets | $ 168,604 | $ 166,302 |
Less: amounts offset in the Consolidated Balance Sheet | 0 | 0 |
Net amount presented in the Consolidated Balance Sheet | 168,604 | 166,302 |
Offsetting derivative positions | (29,071) | (39,360) |
Cash collateral pledged | 0 | 0 |
Net credit exposure | 139,533 | 126,942 |
Derivative Liability [Abstract] | ||
Derivative liabilities | 294,846 | 268,916 |
Less: amounts offset in the Consolidated Balance Sheet | 0 | 0 |
Net amount presented in the Consolidated Balance Sheet | 294,846 | 268,916 |
Offsetting derivative positions | (29,071) | (39,360) |
Cash collateral pledged | (128,289) | (97,840) |
Net credit exposure | $ 137,486 | $ 131,716 |
Commitments, Contingencies, a_3
Commitments, Contingencies, and Financial Guarantees - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Loss Contingencies [Line Items] | ||
Term of standby letters of credit, years | 1 year | |
Percent of unfunded loan commitments with fixed rates | 3% | |
Loan commitments floating rate, minimum | 0% | |
Loan commitments floating rate, maximum | 22.49% | |
Allowance for unfunded loan commitments | $ 25.7 | $ 31.2 |
Interest Rate Swap | ||
Loss Contingencies [Line Items] | ||
Notional amount | $ 634.9 | $ 557.8 |
Commitments, Contingencies, a_4
Commitments, Contingencies, and Financial Guarantees - Loan Commitments and Standby Letters of Credit (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Unfunded loan commitments | $ 8,789,910 | $ 8,912,587 |
Standby letters of credit | 184,482 | 192,237 |
Carrying value of letters of credit | $ 1,500 | $ 1,300 |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity securities | $ 85,521 | $ 80,372 |
Derivative assets | 168,604 | 166,302 |
Derivative liabilities | 294,846 | 268,916 |
Carrying Value | Fair Value on Recurring Basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity securities | 85,521 | 80,372 |
Loans held-for-sale | 66,126 | 32,006 |
Derivative assets | 168,604 | 166,302 |
Derivative liabilities | 294,846 | 268,916 |
Carrying Value | Fair Value on Recurring Basis | U.S. Treasury | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 205,308 | 396,733 |
Carrying Value | Fair Value on Recurring Basis | U.S. government-sponsored entities and agencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 1,172,294 | 1,231,264 |
Carrying Value | Fair Value on Recurring Basis | Mortgage-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 4,888,456 | 4,216,560 |
Carrying Value | Fair Value on Recurring Basis | States and political subdivisions | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 523,315 | 535,260 |
Carrying Value | Fair Value on Recurring Basis | Pooled trust preferred securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 11,298 | 11,337 |
Carrying Value | Fair Value on Recurring Basis | Other securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 304,807 | 321,901 |
Carrying Value | Fair Value on Recurring Basis | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity securities | 0 | |
Loans held-for-sale | 32,006 | |
Derivative assets | 166,302 | |
Derivative liabilities | 268,916 | |
Carrying Value | Fair Value on Recurring Basis | Significant Other Observable Inputs (Level 2) | U.S. Treasury | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 0 | |
Carrying Value | Fair Value on Recurring Basis | Significant Other Observable Inputs (Level 2) | U.S. government-sponsored entities and agencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 1,231,264 | |
Carrying Value | Fair Value on Recurring Basis | Significant Other Observable Inputs (Level 2) | Mortgage-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 4,216,560 | |
Carrying Value | Fair Value on Recurring Basis | Significant Other Observable Inputs (Level 2) | States and political subdivisions | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 535,260 | |
Carrying Value | Fair Value on Recurring Basis | Significant Other Observable Inputs (Level 2) | Pooled trust preferred securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 11,337 | |
Carrying Value | Fair Value on Recurring Basis | Significant Other Observable Inputs (Level 2) | Other securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 321,901 | |
Estimate of Fair Value Measurement | Fair Value on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity securities | 85,521 | 80,372 |
Loans held-for-sale | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Estimate of Fair Value Measurement | Fair Value on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 205,308 | 396,733 |
Estimate of Fair Value Measurement | Fair Value on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government-sponsored entities and agencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 0 | 0 |
Estimate of Fair Value Measurement | Fair Value on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 0 | 0 |
Estimate of Fair Value Measurement | Fair Value on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | States and political subdivisions | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 0 | 0 |
Estimate of Fair Value Measurement | Fair Value on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pooled trust preferred securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 0 | 0 |
Estimate of Fair Value Measurement | Fair Value on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 0 | 0 |
Estimate of Fair Value Measurement | Fair Value on Recurring Basis | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity securities | 0 | |
Loans held-for-sale | 66,126 | |
Derivative assets | 168,604 | |
Derivative liabilities | 294,846 | |
Estimate of Fair Value Measurement | Fair Value on Recurring Basis | Significant Other Observable Inputs (Level 2) | U.S. Treasury | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 0 | |
Estimate of Fair Value Measurement | Fair Value on Recurring Basis | Significant Other Observable Inputs (Level 2) | U.S. government-sponsored entities and agencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 1,172,294 | |
Estimate of Fair Value Measurement | Fair Value on Recurring Basis | Significant Other Observable Inputs (Level 2) | Mortgage-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 4,888,456 | |
Estimate of Fair Value Measurement | Fair Value on Recurring Basis | Significant Other Observable Inputs (Level 2) | States and political subdivisions | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 523,315 | |
Estimate of Fair Value Measurement | Fair Value on Recurring Basis | Significant Other Observable Inputs (Level 2) | Pooled trust preferred securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 11,298 | |
Estimate of Fair Value Measurement | Fair Value on Recurring Basis | Significant Other Observable Inputs (Level 2) | Other securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 304,807 | |
Estimate of Fair Value Measurement | Fair Value on Recurring Basis | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity securities | 0 | 0 |
Loans held-for-sale | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Estimate of Fair Value Measurement | Fair Value on Recurring Basis | Significant Unobservable Inputs (Level 3) | U.S. Treasury | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 0 | 0 |
Estimate of Fair Value Measurement | Fair Value on Recurring Basis | Significant Unobservable Inputs (Level 3) | U.S. government-sponsored entities and agencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 0 | 0 |
Estimate of Fair Value Measurement | Fair Value on Recurring Basis | Significant Unobservable Inputs (Level 3) | Mortgage-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 0 | 0 |
Estimate of Fair Value Measurement | Fair Value on Recurring Basis | Significant Unobservable Inputs (Level 3) | States and political subdivisions | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 0 | 0 |
Estimate of Fair Value Measurement | Fair Value on Recurring Basis | Significant Unobservable Inputs (Level 3) | Pooled trust preferred securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | 0 | 0 |
Estimate of Fair Value Measurement | Fair Value on Recurring Basis | Significant Unobservable Inputs (Level 3) | Other securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale: | $ 0 | $ 0 |
Fair Value - Assets Measured at
Fair Value - Assets Measured at Fair Value on a Non-Recurring Basis (Details) - Fair Value on Non-recurring Basis - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Carrying Value | Commercial Real Estate Foreclosed Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 975 | $ 1,669 |
Carrying Value | Residential Foreclosed Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 65 | |
Carrying Value | Commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 20,587 | 11,017 |
Carrying Value | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 111,159 | 95,457 |
Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial Real Estate Foreclosed Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | Residential Foreclosed Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | |
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | Commercial Real Estate Foreclosed Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | Residential Foreclosed Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | |
Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | Commercial Real Estate Foreclosed Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 975 | 1,669 |
Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | Residential Foreclosed Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 65 | |
Estimate of Fair Value Measurement | Commercial | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Estimate of Fair Value Measurement | Commercial | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Estimate of Fair Value Measurement | Commercial | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 20,587 | 11,017 |
Estimate of Fair Value Measurement | Commercial real estate | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Estimate of Fair Value Measurement | Commercial real estate | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Estimate of Fair Value Measurement | Commercial real estate | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 111,159 | $ 95,457 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Provision for Loan Losses | $ 36,214 | $ 14,787 | $ 55,105 | $ 28,224 | |
Other real estate owned property write-downs | 400 | 100 | $ 400 | 100 | |
Past due period of mortgage loans held for sale, days | 90 days | ||||
Interest income for residential loans held for sale | 500 | 300 | $ 800 | 500 | |
Impaired Commercial and Commercial Real Estate Loans | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Principal amount of impaired commercial and commercial real estate loans | 163,200 | 163,200 | $ 134,300 | ||
Valuation allowance | 31,400 | 31,400 | $ 27,900 | ||
Provision for Loan Losses | $ 7,400 | $ 17,000 | |||
Provision for credit losses | $ 7,900 | $ 19,800 |
Fair Value - Quantitative Infor
Fair Value - Quantitative Information about Significant Unobservable Inputs Used in Fair Value Measurements (Details) - Significant Unobservable Inputs (Level 3) $ in Thousands | Jun. 30, 2024 USD ($) property | Dec. 31, 2023 USD ($) |
Collateral Dependent Loans | Commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 20,587 | $ 11,017 |
Collateral Dependent Loans | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 111,159 | $ 95,457 |
Collateral Dependent Loans | Minimum | Discount for type of property, age of appraisal, and current status | Commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input | 0.05 | 0.05 |
Collateral Dependent Loans | Minimum | Discount for type of property, age of appraisal, and current status | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input | 0 | 0.02 |
Collateral Dependent Loans | Maximum | Discount for type of property, age of appraisal, and current status | Commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input | 0.54 | 0.37 |
Collateral Dependent Loans | Maximum | Discount for type of property, age of appraisal, and current status | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input | 0.34 | 0.38 |
Collateral Dependent Loans | Weighted Average | Discount for type of property, age of appraisal, and current status | Commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input | 0.31 | 0.27 |
Collateral Dependent Loans | Weighted Average | Discount for type of property, age of appraisal, and current status | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input | 0.11 | 0.16 |
Foreclosed Assets | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 975 | $ 1,669 |
Number of real estate properties | property | 1 | |
Foreclosed Assets | Residential real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 65 | |
Number of real estate properties | property | 1 | |
Foreclosed Assets | Discount for type of property, age of appraisal, and current status | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input | 0.04 | |
Foreclosed Assets | Discount for type of property, age of appraisal, and current status | Residential real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input | 0.11 | |
Foreclosed Assets | Minimum | Discount for type of property, age of appraisal, and current status | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input | 0.04 | |
Foreclosed Assets | Maximum | Discount for type of property, age of appraisal, and current status | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input | 0.08 | |
Foreclosed Assets | Weighted Average | Discount for type of property, age of appraisal, and current status | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input | 0.28 |
Fair Value - Schedule of Differ
Fair Value - Schedule of Difference between the Aggregate Fair Value and the Aggregate Remaining Principal Balance (Details) - Loans held-for-sale - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Aggregate Fair Value | $ 66,126 | $ 32,006 |
Difference | 525 | 621 |
Contractual Principal | $ 65,601 | $ 31,385 |
Fair Value - Changes in Fair Va
Fair Value - Changes in Fair Value for Items Measured at Fair Value Pursuant to Election of the Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Interest Income | $ 388,421 | $ 382,171 | $ 744,879 | $ 763,659 |
Loans held-for-sale | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Other Gains and (Losses) | 105 | 229 | (97) | 176 |
Interest Income | 6 | 0 | 6 | 0 |
Interest (Expense) | 0 | (7) | (5) | (10) |
Total Changes in Fair Values Included in Current Period Earnings | $ 111 | $ 222 | $ (96) | $ 166 |
Fair Value - Carrying Amounts a
Fair Value - Carrying Amounts and Estimated Fair Values of Financial Instruments, Not Carried at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash, due from banks, money market, and other interest-earning investments | $ 1,233,046 | $ 1,175,058 | |
Loans, net | 35,784,178 | 32,684,317 | |
Noninterest-bearing demand deposits | 9,336,042 | 9,664,247 | |
Time deposits | 7,048,213 | 5,579,144 | |
Federal funds purchased and interbank borrowings | 250,154 | 390 | |
Securities sold under agreements to repurchase | 240,713 | 285,206 | $ 311,447 |
FHLB advances | 4,744,560 | 4,280,681 | |
Other borrowings | 849,777 | 764,870 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government-sponsored entities and agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | States and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 0 | ||
Significant Other Observable Inputs (Level 2) | U.S. government-sponsored entities and agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 671,126 | ||
Significant Other Observable Inputs (Level 2) | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 881,994 | ||
Significant Other Observable Inputs (Level 2) | States and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 1,048,068 | ||
Significant Unobservable Inputs (Level 3) | U.S. government-sponsored entities and agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 0 | ||
Significant Unobservable Inputs (Level 3) | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 0 | ||
Significant Unobservable Inputs (Level 3) | States and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 0 | ||
Carrying Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash, due from banks, money market, and other interest-earning investments | 1,233,046 | 1,175,058 | |
Accrued interest receivable | 240,806 | 225,159 | |
Noninterest-bearing demand deposits | 9,336,042 | 9,664,247 | |
Checking, NOW, savings, and money market interest-bearing deposits | 23,614,973 | 21,991,789 | |
Time deposits | 7,048,213 | 5,579,144 | |
Federal funds purchased and interbank borrowings | 250,154 | 390 | |
Securities sold under agreements to repurchase | 240,713 | 285,206 | |
FHLB advances | 4,744,560 | 4,280,681 | |
Other borrowings | 849,777 | 764,870 | |
Accrued interest payable | 63,049 | 57,094 | |
Standby letters of credit | 1,504 | 1,318 | |
Commitments to extend credit | 0 | 0 | |
Carrying Value | U.S. government-sponsored entities and agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 829,402 | 825,953 | |
Carrying Value | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 1,001,915 | 1,029,131 | |
Carrying Value | States and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 1,155,132 | 1,158,409 | |
Carrying Value | Commercial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 10,192,534 | 9,392,267 | |
Carrying Value | Commercial real estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 15,825,787 | 13,984,273 | |
Carrying Value | Residential real estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 6,871,822 | 6,678,606 | |
Carrying Value | Consumer credit | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 2,894,035 | 2,629,171 | |
Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash, due from banks, money market, and other interest-earning investments | 1,233,046 | 1,175,058 | |
Accrued interest receivable | 882 | 859 | |
Noninterest-bearing demand deposits | 9,336,042 | 9,664,247 | |
Checking, NOW, savings, and money market interest-bearing deposits | 23,614,973 | 21,991,789 | |
Time deposits | 0 | 0 | |
Federal funds purchased and interbank borrowings | 250,154 | 390 | |
Securities sold under agreements to repurchase | 240,713 | 285,206 | |
FHLB advances | 0 | 0 | |
Other borrowings | 0 | 0 | |
Accrued interest payable | 0 | 0 | |
Standby letters of credit | 0 | 0 | |
Commitments to extend credit | 0 | 0 | |
Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government-sponsored entities and agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 0 | ||
Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 0 | ||
Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | States and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 0 | ||
Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 0 | 0 | |
Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial real estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 0 | 0 | |
Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | Residential real estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 0 | 0 | |
Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | Consumer credit | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 0 | 0 | |
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash, due from banks, money market, and other interest-earning investments | 0 | 0 | |
Accrued interest receivable | 57,984 | 54,465 | |
Noninterest-bearing demand deposits | 0 | 0 | |
Checking, NOW, savings, and money market interest-bearing deposits | 0 | 0 | |
Time deposits | 7,013,100 | 5,552,538 | |
Federal funds purchased and interbank borrowings | 0 | 0 | |
Securities sold under agreements to repurchase | 0 | 0 | |
FHLB advances | 4,536,762 | 4,090,954 | |
Other borrowings | 839,834 | 755,592 | |
Accrued interest payable | 63,049 | 57,094 | |
Standby letters of credit | 0 | 0 | |
Commitments to extend credit | 0 | 0 | |
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | U.S. government-sponsored entities and agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 662,331 | ||
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 838,289 | ||
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | States and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 1,011,882 | ||
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | Commercial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 0 | 0 | |
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | Commercial real estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 0 | 0 | |
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | Residential real estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 0 | 0 | |
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | Consumer credit | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 0 | 0 | |
Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash, due from banks, money market, and other interest-earning investments | 0 | 0 | |
Accrued interest receivable | 181,940 | 169,835 | |
Noninterest-bearing demand deposits | 0 | 0 | |
Checking, NOW, savings, and money market interest-bearing deposits | 0 | 0 | |
Time deposits | 0 | 0 | |
Federal funds purchased and interbank borrowings | 0 | 0 | |
Securities sold under agreements to repurchase | 0 | 0 | |
FHLB advances | 0 | 0 | |
Other borrowings | 0 | 0 | |
Accrued interest payable | 0 | 0 | |
Standby letters of credit | 1,504 | 1,318 | |
Commitments to extend credit | 3,300 | 3,839 | |
Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | U.S. government-sponsored entities and agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 0 | ||
Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 0 | ||
Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | States and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 0 | ||
Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | Commercial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 10,043,917 | 9,258,193 | |
Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | Commercial real estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 15,331,416 | 13,640,868 | |
Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | Residential real estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 5,964,205 | 5,579,999 | |
Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | Consumer credit | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | $ 2,861,352 | $ 2,555,121 |