Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Document Information [Line Items] | ||
Entity Registrant Name | HANCOCK WHITNEY CORPORATION | |
Entity Filer Category | Large Accelerated Filer | |
Entity Central Index Key | 0000750577 | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Fiscal Period Focus | Q3 | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity File Number | 001-36872 | |
Entity Tax Identification Number | 64-0693170 | |
Entity Address, Address Line One | Hancock Whitney Plaza | |
Entity Address, Address Line Two | 2510 14th Street | |
Entity Address, City or Town | Gulfport | |
Entity Address, State or Province | MS | |
Entity Address, Postal Zip Code | 39501 | |
City Area Code | (228) | |
Local Phone Number | 868-4000 | |
Entity Common Stock, Shares Outstanding | 85,693,303 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | MS | |
Common Stock, Par Value $3.33 Per Share [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common stock, par value $3.33 per share | |
Trading Symbol | HWC | |
Security Exchange Name | NASDAQ | |
6.25% Subordinated Notes [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 6.25% Subordinated Notes | |
Trading Symbol | HWCPZ | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 589,586 | $ 401,201 |
Interest-bearing bank deposits | 261,225 | 3,830,177 |
Federal funds sold | 440 | 458 |
Securities available for sale, at fair value (amortized cost of $6,342,379 and $6,984,530) | 5,466,843 | 6,986,698 |
Securities held to maturity (fair value of $2,606,080 and $1,631,482) | 2,866,348 | 1,565,751 |
Loans held for sale (includes $15,149 and $41,022 measured at fair value) | 33,008 | 93,069 |
Loans | 22,585,585 | 21,134,282 |
Less: allowance for loan losses | (306,116) | (342,065) |
Loans, net | 22,279,469 | 20,792,217 |
Property and equipment, net of accumulated depreciation of $297,664 and $280,065 | 346,566 | 350,309 |
Right of use assets, net of accumulated amortization of $42,468 and $34,425 | 100,105 | 102,239 |
Prepaid expenses | 46,449 | 38,793 |
Other real estate and foreclosed assets, net | 2,085 | 7,533 |
Accrued interest receivable | 111,907 | 96,938 |
Goodwill | 855,453 | 855,453 |
Other intangible assets, net | 59,464 | 70,226 |
Life insurance contracts | 725,820 | 664,535 |
Funded pension assets, net | 235,799 | 227,870 |
Other assets | 394,181 | 447,738 |
Deferred tax asset, net | 192,494 | |
Total assets | 34,567,242 | 36,531,205 |
Deposits | ||
Noninterest-bearing | 14,290,817 | 14,392,808 |
Interest-bearing | 14,660,457 | 16,073,089 |
Total deposits | 28,951,274 | 30,465,897 |
Short-term borrowings | 1,542,981 | 1,665,061 |
Long-term debt | 236,410 | 244,220 |
Accrued interest payable | 5,863 | 3,103 |
Lease liabilities | 119,817 | 122,079 |
Deferred tax liability, net | 19,434 | |
Other liabilities | 530,458 | 341,059 |
Total liabilities | 31,386,803 | 32,860,853 |
Stockholders' equity: | ||
Common stock | 309,513 | 309,513 |
Capital surplus | 1,715,447 | 1,755,701 |
Retained earnings | 1,968,260 | 1,659,073 |
Accumulated other comprehensive loss, net | (812,781) | (53,935) |
Total stockholders' equity | 3,180,439 | 3,670,352 |
Total liabilities and stockholders' equity | $ 34,567,242 | $ 36,531,205 |
Preferred shares authorized (par value of $20.00 per share) | 50,000,000 | 50,000,000 |
Common shares authorized (par value of $3.33 per share) | 350,000,000 | 350,000,000 |
Common shares issued | 92,947,000 | 92,947,000 |
Common shares outstanding | 85,686,000 | 86,749,000 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Securities available for sale, amortized cost | $ 6,342,379 | $ 6,984,530 |
Securities held to maturity, fair value | 2,606,080 | 1,631,482 |
Loans held-for-sale, fair value | 15,149 | 41,022 |
Property and equipment, accumulated depreciation | 297,664 | 280,065 |
Right of use assets, accumulated amortization | $ 42,468 | $ 34,425 |
Preferred stock, par value per share | $ 20 | $ 20 |
Common stock, par value per share | $ 3.33 | $ 3.33 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest income: | ||||
Loans, including fees | $ 248,895 | $ 204,102 | $ 648,808 | $ 626,881 |
Loans held for sale | 398 | 635 | 1,532 | 1,954 |
Securities-taxable | 43,860 | 33,936 | 120,039 | 98,287 |
Securities-tax exempt | 4,743 | 4,724 | 14,116 | 14,269 |
Short-term investments | 1,841 | 1,020 | 6,892 | 2,111 |
Total interest income | 299,737 | 244,417 | 791,387 | 743,502 |
Interest expense: | ||||
Deposits | 13,580 | 5,090 | 22,409 | 21,381 |
Short-term borrowings | 2,749 | 1,470 | 5,127 | 4,558 |
Long-term debt | 3,101 | 3,148 | 9,349 | 13,624 |
Total interest expense | 19,430 | 9,708 | 36,885 | 39,563 |
Net interest income | 280,307 | 234,709 | 754,502 | 703,939 |
Provision for credit losses | 1,402 | (26,955) | (30,886) | (49,095) |
Net interest income after provision for credit losses | 278,905 | 261,664 | 785,388 | 753,034 |
Noninterest income: | ||||
Securities transactions, net | (87) | 333 | ||
Other income | 14,829 | 22,189 | 44,814 | 55,722 |
Total noninterest income | 85,337 | 93,361 | 254,422 | 274,722 |
Noninterest expense: | ||||
Compensation expense | 98,985 | 92,601 | 279,133 | 289,034 |
Employee benefits | 19,937 | 19,377 | 62,355 | 85,213 |
Personnel expense | 118,922 | 111,978 | 341,488 | 374,247 |
Net occupancy expense | 12,411 | 11,974 | 36,316 | 37,839 |
Equipment expense | 4,527 | 4,894 | 14,097 | 14,067 |
Data processing expense | 26,768 | 24,766 | 77,176 | 71,598 |
Professional services expense | 9,679 | 12,748 | 25,895 | 37,472 |
Amortization of intangible assets | 3,428 | 4,082 | 10,762 | 12,746 |
Deposit insurance and regulatory fees | 3,596 | 3,680 | 10,839 | 10,042 |
Other real estate and foreclosed assets income, net | (1,782) | (376) | (3,634) | (456) |
Other expense | 15,953 | 20,957 | 47,599 | 66,990 |
Total noninterest expense | 193,502 | 194,703 | 560,538 | 624,545 |
Income before income taxes | 170,740 | 160,322 | 479,272 | 403,211 |
Income taxes expense | 35,351 | 30,740 | 98,970 | 77,739 |
Net income | $ 135,389 | $ 129,582 | $ 380,302 | $ 325,472 |
Earnings per common share-basic | $ 1.56 | $ 1.46 | $ 4.35 | $ 3.67 |
Earnings per common share-diluted | 1.55 | 1.46 | 4.33 | 3.67 |
Dividends paid per share | $ 0.27 | $ 0.27 | $ 0.81 | $ 0.81 |
Weighted average shares outstanding-basic | 85,706 | 86,834 | 86,141 | 86,800 |
Weighted average shares outstanding-diluted | 86,020 | 87,006 | 86,439 | 86,951 |
Service charges on deposit accounts | ||||
Noninterest income: | ||||
Service charges on deposit accounts | $ 23,272 | $ 21,159 | $ 65,441 | $ 59,686 |
Trust fees | ||||
Noninterest income: | ||||
Service charges on deposit accounts | 16,048 | 16,041 | 48,636 | 47,351 |
Bank card and ATM fees | ||||
Noninterest income: | ||||
Service charges on deposit accounts | 21,412 | 19,833 | 63,678 | 58,436 |
Investment and annuity fees and insurance commissions | ||||
Noninterest income: | ||||
Service charges on deposit accounts | 6,492 | 7,167 | 21,920 | 21,956 |
Secondary mortgage market operations | ||||
Noninterest income: | ||||
Service charges on deposit accounts | $ 3,284 | $ 6,972 | $ 10,020 | $ 31,238 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 135,389 | $ 129,582 | $ 380,302 | $ 325,472 |
Other comprehensive income (loss) before income taxes: | ||||
Net change in unrealized gain or loss on securities available for sale and cash flow hedges | (367,437) | (48,569) | (961,892) | (143,924) |
Reclassification of income realized and included in earnings | (1,441) | (6,425) | (10,849) | (9,337) |
Valuation adjustments to pension plan attributable to the Voluntary Early Retirement Incentive Program and curtailment | 59,606 | |||
Other valuation adjustments to employee benefit plans | (410) | (8,397) | (10,651) | |
Amortization of unrealized net gain (loss) on securities transferred to held to maturity | 434 | (33) | 961 | (134) |
Other comprehensive loss before income taxes | (368,854) | (55,027) | (980,177) | (104,440) |
Income tax benefit | (83,250) | (12,363) | (221,331) | (24,569) |
Other comprehensive loss net of income taxes | (285,604) | (42,664) | (758,846) | (79,871) |
Comprehensive income (loss) | $ (150,215) | $ 86,918 | $ (378,544) | $ 245,601 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2020 | $ 3,439,025 | $ 309,513 | $ 1,757,937 | $ 1,291,506 | $ 80,069 |
Balance, Shares Issued at Dec. 31, 2020 | 92,947 | ||||
Net income | 325,472 | 325,472 | |||
Other comprehensive income (loss) | (79,871) | (79,871) | |||
Comprehensive income (loss) | 245,601 | 325,472 | (79,871) | ||
Cash dividends declared | (72,046) | (72,046) | |||
Common stock activity, long-term incentive plans | 16,755 | 16,506 | 249 | ||
Issuance of stock from dividend reinvestment and stock purchase plans | 2,940 | 2,940 | |||
Repurchase of common stock | (2,509) | (2,509) | |||
Balance at Sep. 30, 2021 | 3,629,766 | $ 309,513 | 1,774,874 | 1,545,181 | 198 |
Balance, Shares Issued at Sep. 30, 2021 | 92,947 | ||||
Balance at Jun. 30, 2021 | 3,562,901 | $ 309,513 | 1,770,973 | 1,439,553 | 42,862 |
Balance, Shares Issued at Jun. 30, 2021 | 92,947 | ||||
Net income | 129,582 | 129,582 | |||
Other comprehensive income (loss) | (42,664) | (42,664) | |||
Comprehensive income (loss) | 86,918 | 129,582 | (42,664) | ||
Cash dividends declared | (24,002) | (24,002) | |||
Common stock activity, long-term incentive plans | 5,480 | 5,432 | 48 | ||
Issuance of stock from dividend reinvestment and stock purchase plans | 978 | 978 | |||
Repurchase of common stock | (2,509) | (2,509) | |||
Balance at Sep. 30, 2021 | 3,629,766 | $ 309,513 | 1,774,874 | 1,545,181 | 198 |
Balance, Shares Issued at Sep. 30, 2021 | 92,947 | ||||
Balance at Dec. 31, 2021 | $ 3,670,352 | $ 309,513 | 1,755,701 | 1,659,073 | (53,935) |
Balance, Shares Issued at Dec. 31, 2021 | 92,947 | 92,947 | |||
Net income | $ 380,302 | 380,302 | |||
Other comprehensive income (loss) | (758,846) | (758,846) | |||
Comprehensive income (loss) | (378,544) | 380,302 | (758,846) | ||
Dividends declared | (71,249) | (71,249) | |||
Common stock activity, long-term incentive plans | 16,101 | 15,967 | 134 | ||
Issuance of stock from dividend reinvestment and stock purchase plans | 2,671 | 2,671 | |||
Repurchase of common stock | (58,892) | (58,892) | |||
Balance at Sep. 30, 2022 | $ 3,180,439 | $ 309,513 | 1,715,447 | 1,968,260 | (812,781) |
Balance, Shares Issued at Sep. 30, 2022 | 92,947 | 92,947 | |||
Balance at Jun. 30, 2022 | $ 3,349,723 | $ 309,513 | 1,710,898 | 1,856,489 | (527,177) |
Balance, Shares Issued at Jun. 30, 2022 | 92,947 | ||||
Net income | 135,389 | 135,389 | |||
Other comprehensive income (loss) | (285,604) | (285,604) | |||
Comprehensive income (loss) | (150,215) | 135,389 | (285,604) | ||
Cash dividends declared | (23,668) | (23,668) | |||
Common stock activity, long-term incentive plans | 6,131 | 6,081 | 50 | ||
Issuance of stock from dividend reinvestment and stock purchase plans | 871 | 871 | |||
Repurchase of common stock | (2,403) | (2,403) | |||
Balance at Sep. 30, 2022 | $ 3,180,439 | $ 309,513 | $ 1,715,447 | $ 1,968,260 | $ (812,781) |
Balance, Shares Issued at Sep. 30, 2022 | 92,947 | 92,947 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Repurchase of common stock, shares | 56,349 | 1,204,368 | 56,349 | |
Retained Earnings [Member] | ||||
Cash dividends declared, per common share | $ 0.27 | $ 0.27 | $ 0.81 | $ 0.81 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 380,302 | $ 325,472 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 23,210 | 21,743 |
Provision for credit losses | (30,886) | (49,095) |
Gain on other real estate and foreclosed assets | (5,210) | (1,124) |
Loss (gain) on sale of securities | 87 | (333) |
Deferred tax expense | 9,396 | 1,378 |
(Increase) decrease in cash surrender value of life insurance contracts | (2,372) | (21,122) |
Impairment of or loss on disposal of assets | 140 | 15,165 |
Loss on extinguishment of debt | 4,165 | |
Net decrease in loans held for sale | 54,010 | 43,867 |
Net amortization of securities premium/discount | 29,475 | 38,318 |
Amortization of intangible assets | 10,762 | 12,746 |
Stock-based compensation expense | 17,507 | 17,270 |
Net change in derivative collateral liability | 36,776 | 53,387 |
Increase in interest payable and other liabilities | 1,964 | 22,037 |
Decrease in other assets | 174,915 | 60,971 |
Other, net | (24,999) | (13,970) |
Net cash provided by operating activities | 675,077 | 530,875 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from the sale of available for sale securities | 73,219 | 198,681 |
Proceeds from maturities of securities available for sale | 415,221 | 831,433 |
Purchases of securities available for sale | (517,178) | (2,235,723) |
Proceeds from maturities of securities held to maturity | 111,612 | 99,044 |
Purchases of securities held to maturity | (859,333) | (59,362) |
Proceeds received upon termination of fair value hedge instruments | 74,006 | |
Net (increase) decrease in short-term investments | 3,568,970 | (1,728,995) |
Net redemptions of Federal Home Loan Bank stock | 4,969 | 52,535 |
Proceeds from sales of loans and leases | 26,619 | 12,540 |
Net (increase) decrease in loans | (1,545,537) | 915,652 |
Purchase of life insurance contracts | (65,000) | (75,000) |
Proceeds from the surrender of life insurance contracts | 44,045 | |
Purchases of property and equipment | (22,352) | (12,402) |
Proceeds from sales of other real estate and foreclosed assets | 11,308 | 7,804 |
Other, net | 2,778 | 35,903 |
Net cash provided by (used in) investing activities | 1,279,302 | (1,913,845) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase (decrease) in deposits | (1,514,623) | 1,510,280 |
Net increase (decrease) in short-term borrowings | (122,080) | 77,715 |
Proceeds from the issuance of long-term debt | 22,388 | |
Repayments of long-term debt | (480) | (153,365) |
Dividends paid | (70,926) | (72,046) |
Payroll tax remitted on net share settlement of equity awards | (1,891) | (1,298) |
Proceeds from exercise of stock options | 227 | 439 |
Proceeds from dividend reinvestment and stock purchase plans | 2,671 | 2,940 |
Repurchase of common stock | (58,892) | (2,509) |
Net cash provided by (used in) financing activities | (1,765,994) | 1,384,544 |
NET INCREASE IN CASH AND DUE FROM BANKS | 188,385 | 1,574 |
CASH AND DUE FROM BANKS, BEGINNING | 401,201 | 526,306 |
CASH AND DUE FROM BANKS, ENDING | 589,586 | 527,880 |
SUPPLEMENTAL INFORMATION FOR NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Assets acquired in settlement of loans | $ 328 | $ 2,623 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The consolidated financial statements include the accounts of Hancock Whitney Corporation and all other entities in which it has a controlling interest (the “Company”). The financial statements include all adjustments that are, in the opinion of management, necessary to fairly state the Company’s financial condition, results of operations, changes in stockholders’ equity and cash flows for the interim periods presented. The Company has also evaluated all subsequent events for potential recognition and disclosure through the date of the filing of this Quarterly Report on Form 10-Q. Some financial information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been condensed or omitted in this Quarterly Report on Form 10-Q pursuant to Securities and Exchange Commission rules and regulations. These financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Financial information reported in these financial statements is not necessarily indicative of the Company’s financial condition, results of operations, or cash flows for any other interim or annual period. Certain prior period amounts have been reclassified to conform to the current period presentation. These changes in presentation did not have a material impact on the Company's financial condition or operating results. Use of Estimates The accounting principles the Company follows and the methods for applying these principles conform to GAAP and general practices followed by the banking industry. These accounting principles require management to make estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Accounting Policies There were no material changes or developments during the reporting period with respect to methodologies that the Company uses when applying what management believes are critical accounting policies and developing critical accounting estimates as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2021. Refer to Note 14 – Recent Accounting Pronouncements for a discussion of accounting standards issued but not yet adopted at September 30, 2022 and the anticipated impact to the Company’s financial statements. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Total
(in thousands) Fair Gross Fair Gross Fair Gross
U.S. Treasury and government agency securities $ 42,288 $ 2,194 $ — $ — $ 42,288 $ 2,194
Municipal obligations 196,102 10,147 — — 196,102 10,147
Residential mortgage-backed securities 763,658 76,195 1,535,412 355,285 2,299,070 431,480
Commercial mortgage-backed securities 1,803,019 204,268 1,020,901 219,307 2,823,920 423,575
Collateralized mortgage obligations 75,089 6,294 — — 75,089 6,294
Corporate debt securities 19,376 2,124 1,441 59 20,817 2,183
$ 2,899,532 $ 301,222 $ 2,557,754 $ 574,651 $ 5,457,286 $ 875,873
Available for Sale
December 31, 2021 Losses < 12 months Losses 12 months or > Total
Gross Gross Gross
Fair Unrealized Fair Unrealized Fair Unrealized
(in thousands) Value Losses Value Losses Value Losses
U.S. Treasury and government agency securities $ 198,318 2,305 $ 63,534 $ 3,035 $ 261,852 $ 5,340
Municipal obligations 43,021 2,372 25,126 1,190 68,147 3,562
Residential mortgage-backed securities 1,293,179 20,581 819,596 29,541 2,112,775 50,122
Commercial mortgage-backed securities 786,206 14,819 665,687 33,796 1,451,893 48,615
Collateralized mortgage obligations — — — — — —
Corporate debt securities 6,992 8 — — 6,992 8
$ 2,327,716 $ 40,085 $ 1,573,943 $ 67,562 $ 3,901,659 $ 107,647 At each reporting period, the Company evaluates its held to maturity municipal obligation portfolio for credit loss using probability of default and loss given default models. The models were run using a long-term average probability of default migration and with a probability weighting of Moody’s economic forecasts. The resulting credit losses, if any, were negligible and no allowance for credit loss was recorded. The fair value and gross unrealized losses for securities classified as held to maturity with unrealized losses for the periods indicated follow.
Held to maturity
September 30, 2022 Losses < 12 months Losses 12 months or > Total
Gross Gross Gross
Fair Unrealized Fair Unrealized Fair Unrealized
(in thousands) Value Losses Value Losses Value Losses
U.S. Treasury and government agency securities $ 168,514 $ 19,895 $ 189,879 $ 28,808 $ 358,393 $ 48,703
Municipal obligations 601,010 21,670 58,691 16,218 659,701 37,888
Residential mortgage-backed securities 574,671 65,187 98,695 16,653 673,366 81,840
Commercial mortgage-backed securities 810,889 79,651 54,324 9,634 865,213 89,285
Collateralized mortgage obligations 45,619 2,575 — — 45,619 2,575
$ 2,200,703 $ 188,978 $ 401,589 $ 71,313 $ 2,602,292 $ 260,291
Held to maturity
December 31, 2021 Losses < 12 months Losses 12 months or > Total
Gross Gross Gross
Fair Unrealized Fair Unrealized Fair Unrealized
(in thousands) Value Losses Value Losses Value Losses
U.S. Treasury and government agency securities $ 14,837 $ 20 $ — $ — $ 14,837 $ 20
Municipal obligations 7,795 205 — — 7,795 205
Residential mortgage-backed securities 253,661 1,499 — — 253,661 1,499
Commercial mortgage-backed securities 56,366 205 11,837 464 68,203 669
Collateralized mortgage obligations — — — — — —
$ 332,659 $ 1,929 $ 11,837 $ 464 $ 344,496 $ 2,393 As of September 30, 2022 and December 31, 2021, the Company had 768 and 142 securities, respectively, with market values below their cost basis. None of the unrealized losses relate to the marketability of the securities or the issuer’s ability to meet contractual obligations. In all cases, the indicated impairment on these debt securities would be recovered no later than the security’s maturity date or possibly earlier if the market price for the security increases with a reduction in the yield required by the market. The unrealized losses were deemed to be non-credit related at September 30, 2022 and December 31, 2021. The Company has adequate liquidity and, therefore does not plan to, and more likely than not, will not be required to liquidate these securities before recovery of the indicated impairment." id="sjs-B4">2. Securities The following tables set forth the amortized cost, gross unrealized gains and losses, and estimated fair value of debt securities classified as available for sale and held to maturity at September 30, 2022 and December 31, 2021. Amortized cost of securities does not include accrued interest which is reflected in the accrued interest line item on the consolidated balance sheets totaling $ 27.9 million at September 30, 2022 and $ 25.5 million at December 31, 2021. During the nine months ended September 30, 2022, the Company transferred securities with an aggregate fair value of $ 561.8 million, inclusive of an unrealized loss of $ 15.4 million, from the available for sale portfolio to the held to maturity portfolio; as such, the securities were recorded with an amortized cost of $ 561.8 million within the held to maturity portfolio. The unrealized loss is reflected in accumulated other comprehensive income and is being amortized to interest income over the remaining lives of the securities. September 30, 2022 December 31, 2021 Gross Gross Gross Gross Securities Available for Sale Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ 44,481 $ — $ 2,194 $ 42,287 $ 420,857 $ 3,781 $ 5,340 $ 419,298 Municipal obligations 207,941 71 10,147 197,865 304,536 13,184 3,562 314,158 Residential mortgage-backed securities 2,737,579 266 431,480 2,306,365 3,056,763 29,158 50,123 3,035,798 Commercial mortgage-backed securities 3,247,495 — 423,575 2,823,920 3,064,828 61,645 48,614 3,077,859 Collateralized mortgage obligations 81,383 — 6,294 75,089 119,046 1,837 — 120,883 Corporate debt securities 23,500 — 2,183 21,317 18,500 210 8 18,702 $ 6,342,379 $ 337 $ 875,873 $ 5,466,843 $ 6,984,530 $ 109,815 $ 107,647 $ 6,986,698 September 30, 2022 December 31, 2021 Gross Gross Gross Gross Securities Held to Maturity Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ 407,097 $ — $ 48,703 $ 358,394 $ 14,857 $ — $ 20 $ 14,837 Municipal obligations 701,353 23 37,888 663,488 621,405 37,941 205 659,141 Residential mortgage-backed securities 755,206 — 81,840 673,366 268,907 682 1,499 268,090 Commercial mortgage-backed securities 954,498 — 89,285 865,213 603,156 28,679 669 631,166 Collateralized mortgage obligations 48,194 — 2,575 45,619 57,426 822 — 58,248 $ 2,866,348 $ 23 $ 260,291 $ 2,606,080 $ 1,565,751 $ 68,124 $ 2,393 $ 1,631,482 The following tables present the amortized cost and fair value of debt securities available for sale and held to maturity at September 30, 2022 by contractual maturity. Actual maturities will differ from contractual maturities because of rights to call or repay obligations with or without penalties and scheduled and unscheduled principal payments on mortgage-backed securities and collateralized mortgage obligations. Debt Securities Available for Sale Amortized Fair (in thousands) Cost Value Due in one year or less $ 101 $ 101 Due after one year through five years 848,598 797,561 Due after five years through ten years 2,973,944 2,578,481 Due after ten years 2,519,736 2,090,700 Total available for sale debt securities $ 6,342,379 $ 5,466,843 Debt Securities Held to Maturity Amortized Fair (in thousands) Cost Value Due in one year or less $ 10,000 $ 9,890 Due after one year through five years 542,464 516,989 Due after five years through ten years 865,852 782,394 Due after ten years 1,448,032 1,296,807 Total held to maturity securities $ 2,866,348 $ 2,606,080 The Company held no securities classified as trading at September 30, 2022 and December 31, 2021. The following table presents the proceeds from, gross gains on, and gross losses on sales of securities during the nine months ended September 30, 2022 and 2021. Net gains or losses are reflected in the "Securities transactions, net" line item on the Consolidated Statements of Income. Nine Months Ended (in thousands) 2022 2021 Proceeds $ 73,219 $ 198,681 Gross gains — 1,649 Gross losses 87 1,316 Net gain (loss) $ ( 87 ) $ 333 Securities with carrying values totalin g $ 4.2 bi ll ion and $ 4.0 billion were pledged as collateral at September 30, 2022 and December 31, 2021, respectively, primarily to secure public deposits or securities sold under agreements to repurchase. Credit Quality The Company’s policy is to invest only in securities of investment grade quality. These investments are largely limited to U.S. agency securities and municipal securities. Management has concluded, based on the long history of no credit losses, that the expectation of nonpayment of the held to maturity securities carried at amortized cost is zero for securities that are backed by the full faith and credit of and/or guaranteed by the U.S. government. As such, no allowance for credit losses has been recorded for these securities. The municipal portfolio is analyzed separately for allowance for credit loss in accordance with the applicable guidance for each portfolio as noted below. The Company evaluates credit impairment for individual securities available for sale whose fair value was below amortized cost with a more than inconsequential risk of default and where the Company had assessed whether the decline in fair value was significant enough to suggest a credit event occurred. There were no securities that met the criteria of a credit loss event and, therefore, no allowance for credit loss was recorded in any period presented. The fair value and gross unrealized losses for securities classified as available for sale with unrealized losses for the periods indicated follow. Available for Sale September 30, 2022 Losses < 12 months Losses 12 months or > Total (in thousands) Fair Gross Fair Gross Fair Gross U.S. Treasury and government agency securities $ 42,288 $ 2,194 $ — $ — $ 42,288 $ 2,194 Municipal obligations 196,102 10,147 — — 196,102 10,147 Residential mortgage-backed securities 763,658 76,195 1,535,412 355,285 2,299,070 431,480 Commercial mortgage-backed securities 1,803,019 204,268 1,020,901 219,307 2,823,920 423,575 Collateralized mortgage obligations 75,089 6,294 — — 75,089 6,294 Corporate debt securities 19,376 2,124 1,441 59 20,817 2,183 $ 2,899,532 $ 301,222 $ 2,557,754 $ 574,651 $ 5,457,286 $ 875,873 Available for Sale December 31, 2021 Losses < 12 months Losses 12 months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ 198,318 2,305 $ 63,534 $ 3,035 $ 261,852 $ 5,340 Municipal obligations 43,021 2,372 25,126 1,190 68,147 3,562 Residential mortgage-backed securities 1,293,179 20,581 819,596 29,541 2,112,775 50,122 Commercial mortgage-backed securities 786,206 14,819 665,687 33,796 1,451,893 48,615 Collateralized mortgage obligations — — — — — — Corporate debt securities 6,992 8 — — 6,992 8 $ 2,327,716 $ 40,085 $ 1,573,943 $ 67,562 $ 3,901,659 $ 107,647 At each reporting period, the Company evaluates its held to maturity municipal obligation portfolio for credit loss using probability of default and loss given default models. The models were run using a long-term average probability of default migration and with a probability weighting of Moody’s economic forecasts. The resulting credit losses, if any, were negligible and no allowance for credit loss was recorded. The fair value and gross unrealized losses for securities classified as held to maturity with unrealized losses for the periods indicated follow. Held to maturity September 30, 2022 Losses < 12 months Losses 12 months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ 168,514 $ 19,895 $ 189,879 $ 28,808 $ 358,393 $ 48,703 Municipal obligations 601,010 21,670 58,691 16,218 659,701 37,888 Residential mortgage-backed securities 574,671 65,187 98,695 16,653 673,366 81,840 Commercial mortgage-backed securities 810,889 79,651 54,324 9,634 865,213 89,285 Collateralized mortgage obligations 45,619 2,575 — — 45,619 2,575 $ 2,200,703 $ 188,978 $ 401,589 $ 71,313 $ 2,602,292 $ 260,291 Held to maturity December 31, 2021 Losses < 12 months Losses 12 months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ 14,837 $ 20 $ — $ — $ 14,837 $ 20 Municipal obligations 7,795 205 — — 7,795 205 Residential mortgage-backed securities 253,661 1,499 — — 253,661 1,499 Commercial mortgage-backed securities 56,366 205 11,837 464 68,203 669 Collateralized mortgage obligations — — — — — — $ 332,659 $ 1,929 $ 11,837 $ 464 $ 344,496 $ 2,393 As of September 30, 2022 and December 31, 2021, the Company had 768 and 142 securities, respectively, with market values below their cost basis. None of the unrealized losses relate to the marketability of the securities or the issuer’s ability to meet contractual obligations. In all cases, the indicated impairment on these debt securities would be recovered no later than the security’s maturity date or possibly earlier if the market price for the security increases with a reduction in the yield required by the market. The unrealized losses were deemed to be non-credit related at September 30, 2022 and December 31, 2021. The Company has adequate liquidity and, therefore does not plan to, and more likely than not, will not be required to liquidate these securities before recovery of the indicated impairment. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | 3. Loans and Allowance for Credit Losses The Company generally makes loans in its market areas of south and central Mississippi; southern and central Alabama; northwest, central and south Louisiana; the northern, central and panhandle regions of Florida; certain areas of east and northeast Texas, including Houston, Beaumont, Dallas, and San Antonio; and Nashville, Tennessee. Loans, net of unearned income, by portfolio are presented at amortized cost basis in the table below. Amortized cost does not include accrued interest, which is reflected in the accrued interest line item in the Consolidated Balance Sheets, totaling $ 82.5 million and $ 67.8 million at September 30, 2022 and December 31, 2021, respectively. Included in commercial non-real estate loans at September 30, 2022 and December 31, 2021 w as $ 75.7 million a n d $ 531.1 million, respectively, of Paycheck Protection Program loans, described in more detail below. The following table presents loans, net of unearned income, by portfolio class at September 30, 2022 and December 31, 2021. September 30, December 31, (in thousands) 2022 2021 Commercial non-real estate $ 9,905,427 $ 9,612,460 Commercial real estate - owner occupied 3,033,133 2,821,246 Total commercial and industrial 12,938,560 12,433,706 Commercial real estate - income producing 3,686,540 3,464,626 Construction and land development 1,541,257 1,228,670 Residential mortgages 2,843,723 2,423,890 Consumer 1,575,505 1,583,390 Total loans $ 22,585,585 $ 21,134,282 The following briefly describes the composition of each loan category and portfolio class. Commercial and industrial Commercial and industrial loans are made available to businesses for working capital (including financing of inventory and receivables), business expansion, to facilitate the acquisition of a business, and the purchase of equipment and machinery, including equipment leasing. These loans are primarily made based on the identified cash flows of the borrower and, when secured, have the added strength of the underlying collateral. Commercial non-real estate loans may be secured by the assets being financed or other tangible or intangible business assets such as accounts receivable, inventory, ownership, enterprise value or commodity interests, and may incorporate a personal or corporate guarantee; however, some short-term loans may be made on an unsecured basis, including a small portfolio of corporate credit cards, generally issued as a part of overall customer relationships. Commercial non-real estate loans also include loans made under the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). PPP loans are guaranteed by the SBA and are forgivable to the debtor upon satisfaction of certain criteria. The loans bear interest at 1 % per annum and have two or five year terms, depending on the date of origination. These loans also earn an origination fee of 1 %, 3%, or 5 %, depending on the loan size, which is deferred and amortized over the estimated life of the loan using the effective yield method. Commercial real estate – owner occupied loans consist of commercial mortgages on properties where repayment is generally dependent on the cash flow from the ongoing operations and activities of the borrower. Like commercial non-real estate, these loans are primarily made based on the identified cash flows of the borrower, but also have the added strength of the value of underlying real estate collateral. Commercial real estate – income producing Commercial real estate – income producing loans consist of loans secured by commercial mortgages on properties where the loan is made to real estate developers or investors and repayment is dependent on the sale, refinance, or income generated from the operation of the property. Properties financed include retail, office, multifamily, senior housing, hotel/motel, skilled nursing facilities and other commercial properties. Construction and land development Construction and land development loans are made to facilitate the acquisition, development, improvement and construction of both commercial and residential-purpose properties. Such loans are made to builders and investors where repayment is expected to be made from the sale, refinance or operation of the property or to businesses to be used in their business operations. This portfolio also includes residential construction loans and loans secured by raw land not yet under development. Residential mortgages Residential mortgages consist of closed-end loans secured by first liens on 1- 4 family residential properties. The portfolio includes both fixed and adjustable rate loans, although most longer term, fixed rate loans originated are sold in the secondary mortgage market. Consumer Consumer loans include second lien mortgage home loans, home equity lines of credit and nonresidential consumer purpose loans. Nonresidential consumer loans include both direct and indirect loans. Direct nonresidential consumer loans are made to finance the purchase of personal property, including automobiles, recreational vehicles and boats, and for other personal purposes (secured and unsecured), and deposit account secured loans. Indirect nonresidential consumer loans include automobile financing provided to the consumer through an agreement with automobile dealerships, though the Company is no longer engaged in this type of lending and the remaining portfolio is in runoff. Consumer loans also include a small portfolio of credit card receivables issued on the basis of applications received through referrals from the Bank’s branches, online and other marketing efforts. Allowance for Credit Losses The calculation of the allowance for credit losses is performed using two primary approaches: a collective approach for pools of loans that have similar risk characteristics using a loss rate analysis, and a specific reserve analysis for credits individually evaluated. The allowance for credit losses was developed using multiple Moody’s Analytics (“Moody’s") macroeconomic forecasts applied to internally developed credit models for a two year reasonable and supportable period. The following tables present activity in the allowance for credit losses (ACL) by portfolio class for the nine months ended September 30, 2022 and 2021, as well as the corresponding recorded investment in loans at the end of each period. Commercial Total Commercial Commercial real estate- commercial real estate- Construction non-real owner and income and land Residential (in thousands) estate occupied industrial producing development mortgages Consumer Total Nine Months Ended September 30, 2022 Allowance for credit losses Allowance for loan losses: Beginning balance $ 95,888 $ 53,433 $ 149,321 $ 108,058 $ 22,102 $ 30,623 $ 31,961 $ 342,065 Charge-offs ( 6,366 ) ( 946 ) ( 7,312 ) ( 1,066 ) ( 3 ) ( 102 ) ( 9,464 ) ( 17,947 ) Recoveries 9,460 606 10,066 878 132 1,463 4,479 17,018 Net provision for loan losses ( 4,176 ) ( 5,076 ) ( 9,252 ) ( 30,458 ) 4,516 ( 1,037 ) 1,211 ( 35,020 ) Ending balance - allowance for loan losses $ 94,806 $ 48,017 $ 142,823 $ 77,412 $ 26,747 $ 30,947 $ 28,187 $ 306,116 Reserve for unfunded lending commitments: Beginning balance $ 4,522 $ 323 $ 4,845 $ 1,694 $ 21,907 $ 22 $ 866 $ 29,334 Provision for losses on unfunded commitments 238 10 248 ( 205 ) 3,602 ( 5 ) 494 4,134 Ending balance - reserve for unfunded lending commitments 4,760 333 5,093 1,489 25,509 17 1,360 33,468 Total allowance for credit losses $ 99,566 $ 48,350 $ 147,916 $ 78,901 $ 52,256 $ 30,964 $ 29,547 $ 339,584 Allowance for loan losses: Individually evaluated $ 71 $ 31 $ 102 $ 17 $ 19 $ 276 $ 102 $ 516 Collectively evaluated 94,735 47,986 142,721 77,395 26,728 30,671 28,085 305,600 Allowance for loan losses $ 94,806 $ 48,017 $ 142,823 $ 77,412 $ 26,747 $ 30,947 $ 28,187 $ 306,116 Reserve for unfunded lending commitments: Individually evaluated $ 3 $ — $ 3 $ — $ — $ — $ — $ 3 Collectively evaluated 4,757 333 5,090 1,489 25,509 17 1,360 33,465 Reserve for unfunded lending commitments: $ 4,760 $ 333 $ 5,093 $ 1,489 $ 25,509 $ 17 $ 1,360 $ 33,468 Total allowance for credit losses $ 99,566 $ 48,350 $ 147,916 $ 78,901 $ 52,256 $ 30,964 $ 29,547 $ 339,584 Loans: Individually evaluated $ 1,282 $ 929 $ 2,211 $ 1,270 $ 118 $ 3,680 $ 527 $ 7,806 Collectively evaluated 9,904,145 3,032,204 12,936,349 3,685,270 1,541,139 2,840,043 1,574,978 22,577,779 Total loans $ 9,905,427 $ 3,033,133 $ 12,938,560 $ 3,686,540 $ 1,541,257 $ 2,843,723 $ 1,575,505 $ 22,585,585 In arriving at the September 30, 2022 allowance for credit losses, the Company weighted the September 2022 baseline economic forecast, which Moody’s defines as the “most likely outcome” based on current conditions and its view of where the economy is headed, with a 25 % probability. Key assumptions within the September 2022 baseline forecast include the following: (1) the global oil market remains mostly balanced in 2023, allowing oil prices to gradually drop; (2) the return to full-employment, defined as an unemployment rate of 3.5 %, labor force participation of approximately 62.5 % and a prime age employment to population ratio above 80 %, is expected to be achieved in the coming months; (3) GDP is expected to grow in the second half of the year, with forecasted annual growth of 1.6 % in 2022, 1.4 % in 2023 and 2.6 % in 2024; (4) the Federal Funds rate will reach a target rate of 3.5% by the end of 2022, with the possibility of future rate increases; rate cuts not forecasted to begin until 2025 ; and (5) future surges in COVID-19 infections will not have a significant negative impact on economic conditions. Consistent with the prior quarter, management determined that assumptions provided for in the downside slower near-term growth/mild recessionary scenario (S-2) to be more likely than the baseline scenario; as such, the S-2 scenario was given a 75 % probability weighting in our allowance for credit losses calculation at September 30, 2022. The S-2 scenario assumes that the conflict between Russia and Ukraine spans longer than anticipated in the baseline scenario and results in longer and larger interruption of global commodity supply; in turn, supply chain issues worsen, increasing shortages of affected goods and further boosting inflation. The Federal Reserve would react with a more aggressive approach than assumed in the baseline scenario, generating greater corrections in equity and housing markets and declines in spending. As such, the S-2 scenario incorporates a mild recession beginning in the fourth quarter of 2022, spanning three quarters, with a peak-to-trough decline in GDP of about 1.4%. Further, the S-2 scenario assumes that unemployment rate averages 4.0 % in 2022, 6.1 % in 2023 and 4.9 % in 2024, with the return to full employment not occurring until the third quarter of 2024 and that an increase in the number of COVID-19 cases, hospitalizations and deaths will impede growth in spending on air travel, retail and hotels. Despite economic volatility and uncertainty, including the possibility of a recession in the near-term, the credit loss outlook on the loan portfolio as a whole has improved since year-end, at which time we were still experiencing lingering effects of the pandemic and uncertainty related to the Omicron variant of the coronavirus. Positive economic indicators of growth within the Company's footprint, relatively stable asset quality metrics and minimal credit losses in recent periods allowed for a modest release of credit loss reserves during the nine months ended September 30, 2022. Commercial Total Commercial Commercial real estate- commercial real estate- Construction non-real owner and income and land Residential (in thousands) estate occupied industrial producing development mortgages Consumer Total Nine Months Ended September 30, 2021 Allowance for credit losses Allowance for loan losses: Beginning balance $ 149,693 $ 69,134 $ 218,827 $ 109,474 $ 26,462 $ 48,842 $ 46,572 $ 450,177 Charge-offs ( 32,369 ) ( 1,722 ) ( 34,091 ) ( 231 ) ( 267 ) ( 218 ) ( 9,874 ) ( 44,681 ) Recoveries 6,579 363 6,942 100 1,548 933 4,636 14,159 Net provision for loan losses ( 17,594 ) ( 10,642 ) ( 28,236 ) 11,752 ( 5,167 ) ( 18,484 ) ( 7,999 ) ( 48,134 ) Ending balance - allowance for loan losses $ 106,309 $ 57,133 $ 163,442 $ 121,095 $ 22,576 $ 31,073 $ 33,335 $ 371,521 Reserve for unfunded lending commitments: Beginning balance $ 4,529 $ 381 $ 4,910 $ 1,099 $ 22,694 $ 19 $ 1,185 $ 29,907 Provision for losses on unfunded commitments ( 176 ) ( 131 ) ( 307 ) 124 ( 383 ) ( 8 ) ( 387 ) ( 961 ) Ending balance - reserve for unfunded lending commitments 4,353 250 4,603 1,223 22,311 11 798 28,946 Total allowance for credit losses $ 110,662 $ 57,383 $ 168,045 $ 122,318 $ 44,887 $ 31,084 $ 34,133 $ 400,467 Allowance for loan losses: Individually evaluated $ 113 $ 33 $ 146 $ 20 $ 20 $ 447 $ 202 $ 835 Collectively evaluated 106,196 57,100 163,296 121,075 22,556 30,626 33,133 370,686 Allowance for loan losses $ 106,309 $ 57,133 $ 163,442 $ 121,095 $ 22,576 $ 31,073 $ 33,335 $ 371,521 Reserve for unfunded lending commitments: Individually evaluated $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated 4,353 250 4,603 1,223 22,311 11 798 28,946 Reserve for unfunded lending commitments: $ 4,353 $ 250 $ 4,603 $ 1,223 $ 22,311 $ 11 $ 798 $ 28,946 Total allowance for credit losses $ 110,662 $ 57,383 $ 168,045 $ 122,318 $ 44,887 $ 31,084 $ 34,133 $ 400,467 Loans: Individually evaluated $ 5,929 $ 5,618 $ 11,547 $ 4,004 $ 127 $ 5,083 $ 1,315 $ 22,076 Collectively evaluated 9,411,061 2,807,308 12,218,369 3,463,935 1,213,864 2,345,970 1,621,801 20,863,939 Total loans $ 9,416,990 $ 2,812,926 $ 12,229,916 $ 3,467,939 $ 1,213,991 $ 2,351,053 $ 1,623,116 $ 20,886,015 The release of credit reserves across most portfolios during the nine months ended September 30, 2021 reflects improvements in economic indicators and forecasted conditions and in asset quality metrics following the economic disruption brought on in 2020 by the COVID-19 pandemic. However, the allowance for credit losses remained elevated compared to historical levels as a result of uncertainty surrounding future performance as the impact of stimulus diminished and pandemic-related payment deferral and other modifications expired. In arriving at the allowance for credit losses at September 30, 2021, the Company weighted the baseline economic forecast at 50 % and the downside slower near-term growth scenario S-2 at 50 %. Nonaccrual loans and loans modified in troubled debt restructurings The following table shows the composition of nonaccrual loans and those without an allowance for loan loss, by portfolio class. September 30, 2022 December 31, 2021 (in thousands) Total nonaccrual Nonaccrual without allowance for loan loss Total nonaccrual Nonaccrual without allowance for loan loss Commercial non-real estate $ 4,528 $ 965 $ 6,974 $ 1,264 Commercial real estate - owner occupied 2,237 701 4,921 729 Total commercial and industrial 6,765 1,666 11,895 1,993 Commercial real estate - income producing 1,883 1,200 5,458 5,207 Construction and land development 353 — 844 — Residential mortgages 24,283 1,890 25,439 1,997 Consumer 6,523 — 11,887 48 Total loans $ 39,807 $ 4,756 $ 55,523 $ 9,245 Nonaccrual loans include nonaccruing loans modified in troubled debt restructurings (“TDRs”) of $ 2.8 million and $ 6.8 million at September 30, 2022 and December 31, 2021, respectively. Total TDRs, both accruing and nonaccruing, were $ 4.8 million at September 30, 2022 and $ 10.6 million at December 31, 2021. All TDRs are individually evaluated for credit loss. At September 30, 2022 and December 31, 2021, the Company had no unfunded commitments to borrowers whose loan terms have been modified in a TDR. The tables below provide detail by portfolio class TDRs that were modified during the three and nine months ended September 30, 2022 and 2021. Three Months Ended September 30, 2022 September 30, 2021 ($ in thousands) Troubled Debt Restructurings: Number Pre- Post- Number Pre- Post- Commercial non-real estate — $ — $ — — $ — $ — Commercial real estate - owner occupied — — — — — — Total commercial and industrial — — — — — — Commercial real estate - income producing — — — — — — Construction and land development — — — — — — Residential mortgages — — — 1 196 196 Consumer — — — — — — Total loans — $ — $ — 1 $ 196 $ 196 Nine Months Ended September 30, 2022 September 30, 2021 Pre- Post- Pre- Post- Number Outstanding Outstanding Number Outstanding Outstanding ($ in thousands) of Recorded Recorded of Recorded Recorded Troubled Debt Restructurings: Contracts Investment Investment Contracts Investment Investment Commercial non-real estate — $ — $ — 3 $ 6,935 $ 6,935 Commercial real estate - owner occupied — — — — — — Total commercial and industrial — — — 3 6,935 6,935 Commercial real estate - income producing — — — — — — Construction and land development — — — — — — Residential mortgages 3 148 153 3 515 538 Consumer 3 76 76 4 86 86 Total loans 6 $ 224 $ 229 10 $ 7,536 $ 7,559 The TDRs modified during the nine months ended September 30, 2022 reflected in the table above include $ 0.1 million of loans with interest rate reduction and $ 0.1 million with other modifications. The TDRs modified during the nine months ended September 30, 2021 include $ 7.1 million of loans with extended amortization terms or other payment concessions, and $ 0.5 million with other modifications. Three commercial non-real estate loans totaling $ 3.1 million and four consumer and one residential mortgage loan totaling $ 0.2 million defaulted during the nine month period ended September 30, 2022 that had been modified in a TDR during the twelve months prior to default. One residential loan totaling $ 0.6 million that defaulted during the nine months ended September 30, 2021 had been modified in a TDR during the twelve months prior to default. The TDR disclosures for the three and nine months ended September 30, 2021 do not include loans eligible for exclusion from TDR assessment under Section 4013 of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which expired on December 31, 2021. Any such loan having an eligible modification was reported in the aging analysis that follows based on the modified terms. Aging Analysis The tables below present the aging analysis of past due loans by portfolio class at September 30, 2022 and December 31, 2021. September 30, 2022 30-59 60-89 Greater Total Current Total Recorded (in thousands) Commercial non-real estate $ 26,101 $ 5,828 $ 4,367 $ 36,296 $ 9,869,131 $ 9,905,427 $ 540 Commercial real estate - owner occupied 8,626 756 910 10,292 3,022,841 3,033,133 540 Total commercial and industrial 34,727 6,584 5,277 46,588 12,891,972 12,938,560 1,080 Commercial real estate - income producing 111 — 1,308 1,419 3,685,121 3,686,540 — Construction and land development 136 496 195 827 1,540,430 1,541,257 176 Residential mortgages 5,855 8,762 17,051 31,668 2,812,055 2,843,723 112 Consumer 5,365 2,640 3,545 11,550 1,563,955 1,575,505 1,232 Total $ 46,194 $ 18,482 $ 27,376 $ 92,052 $ 22,493,533 $ 22,585,585 $ 2,600 December 31, 2021 30-59 60-89 Greater Total Current Total Recorded (in thousands) Commercial non-real estate $ 8,381 $ 3,123 $ 7,041 $ 18,545 $ 9,593,915 $ 9,612,460 $ 2,818 Commercial real estate - owner occupied 704 653 1,563 2,920 2,818,326 2,821,246 142 Total commercial and industrial 9,085 3,776 8,604 21,465 12,412,241 12,433,706 2,960 Commercial real estate - income producing 281 107 5,307 5,695 3,458,931 3,464,626 — Construction and land development 2,624 1,022 587 4,233 1,224,437 1,228,670 83 Residential mortgages 23,306 4,638 15,339 43,283 2,380,607 2,423,890 310 Consumer 6,806 2,805 7,447 17,058 1,566,332 1,583,390 2,171 Total $ 42,102 $ 12,348 $ 37,284 $ 91,734 $ 21,042,548 $ 21,134,282 $ 5,524 Credit Quality Indicators The following tables present the credit quality indicators by segment and portfolio class of loans at September 30, 2022 and December 31, 2021. The Company routinely assesses the ratings of loans in its portfolio through an established and comprehensive portfolio management process. September 30, 2022 (in thousands) Commercial Commercial Total Commercial Construction Total Grade: Pass $ 9,367,084 $ 2,894,509 $ 12,261,593 $ 3,637,570 $ 1,521,543 $ 17,420,706 Pass-Watch 323,459 59,855 383,314 38,968 18,975 441,257 Special Mention 75,801 5,945 81,746 5,916 166 87,828 Substandard 139,083 72,824 211,907 4,086 573 216,566 Doubtful — — — — — — Total $ 9,905,427 $ 3,033,133 $ 12,938,560 $ 3,686,540 $ 1,541,257 $ 18,166,357 December 31, 2021 (in thousands) Commercial Commercial Total Commercial Construction Total Grade: Pass $ 9,279,719 $ 2,650,399 $ 11,930,118 $ 3,373,099 $ 1,216,177 $ 16,519,394 Pass-Watch 157,815 86,133 243,948 67,157 9,289 320,394 Special Mention 43,344 23,377 66,721 4,466 1,909 73,096 Substandard 131,582 61,337 192,919 19,904 1,295 214,118 Doubtful — — — — — — Total $ 9,612,460 $ 2,821,246 $ 12,433,706 $ 3,464,626 $ 1,228,670 $ 17,127,002 September 30, 2022 December 31, 2021 (in thousands) Residential Consumer Total Residential Consumer Total Performing $ 2,818,424 $ 1,568,503 $ 4,386,927 $ 2,396,282 $ 1,570,516 $ 3,966,798 Nonperforming 25,299 7,002 32,301 27,608 12,874 40,482 Total $ 2,843,723 $ 1,575,505 $ 4,419,228 $ 2,423,890 $ 1,583,390 $ 4,007,280 Below are the definitions of the Company’s internally assigned grades: Commercial: • Pass – loans properly approved, documented, collateralized, and performing which do not reflect an abnormal credit risk. • Pass-Watch – credits in this category are of sufficient risk to cause concern. This category is reserved for credits that display negative performance trends. The “Watch” grade should be regarded as a transition category. • Special Mention – a criticized asset category defined as having potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of the repayment prospects for the credit or the institution’s credit position. Special mention credits are not considered part of the Classified credit categories and do not expose the institution to sufficient risk to warrant adverse classification. • Substandard – an asset that is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must 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. • Doubtful – an asset that has all the weaknesses inherent in one classified Substandard 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. • Loss – credits classified as Loss are considered uncollectable and are charged off promptly once so classified. Residential and Consumer: • Performing – accruing loans that have not been modified in a troubled debt restructuring. • Nonperforming – loans for which there are good reasons to doubt that payments will be made in full. All loans with nonaccrual status and all loans that have been modified in a troubled debt restructuring are classified as nonperforming. Vintage Analysis The following tables present credit quality disclosures of amortized cost by segment and vintage for term loans and by revolving and revolving converted to amortizing at September 30, 2022 and December 31, 2021. The Company defines vintage as the later of origination, renewal or restructure date. Term Loans Amortized Cost Basis by Origination Year September 30, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (in thousands) Commercial Loans: Pass $ 3,769,590 $ 3,810,862 $ 2,297,865 $ 1,537,650 $ 854,345 $ 1,695,383 $ 3,355,846 $ 99,165 $ 17,420,706 Pass-Watch 42,903 94,955 52,211 48,653 37,491 71,871 73,217 19,956 441,257 Special Mention 32,940 11,387 26,631 3,732 1,507 5,787 5,814 30 87,828 Substandard 48,755 21,437 14,430 30,482 23,389 25,043 48,842 4,188 216,566 Doubtful — — — — — — — — — Total Commercial Loans $ 3,894,188 $ 3,938,641 $ 2,391,137 $ 1,620,517 $ 916,732 $ 1,798,084 $ 3,483,719 $ 123,339 $ 18,166,357 Residential Mortgage and Consumer Loans: Performing $ 549,415 $ 662,455 $ 543,996 $ 272,160 $ 161,093 $ 997,873 $ 1,195,933 $ 4,002 $ 4,386,927 Nonperforming 835 2,109 901 1,836 2,346 22,644 588 1,042 32,301 Total Consumer Loans $ 550,250 $ 664,564 $ 544,897 $ 273,996 $ 163,439 $ 1,020,517 $ 1,196,521 $ 5,044 $ 4,419,228 Term Loans Amortized Cost Basis by Origination Year December 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Revolving Loans Converted to Term Loans Total (in thousands) Commercial Loans: Pass $ 4,946,459 $ 3,008,160 $ 2,035,849 $ 1,212,306 $ 937,639 $ 1,296,382 $ 3,002,064 $ 80,535 $ 16,519,394 Pass-Watch 68,421 19,467 31,598 45,846 27,188 69,310 52,850 5,714 320,394 Special 17,536 2,683 10,296 12,410 10,669 3,656 9,603 6,243 73,096 Substandard 43,895 43,494 36,763 14,664 28,337 16,125 20,358 10,482 214,118 Doubtful — — — — — — — — — Total Commercial Loans $ 5,076,311 $ 3,073,804 $ 2,114,506 $ 1,285,226 $ 1,003,833 $ 1,385,473 $ 3,084,875 $ 102,974 $ 17,127,002 Residential Mortgage and Consumer Loans: Performing $ 580,813 $ 467,497 $ 355,833 $ 223,494 $ 320,344 $ 892,361 $ 1,120,461 $ 5,995 $ 3,966,798 Nonperforming 565 951 2,018 4,465 4,719 24,365 1,432 1,967 40,482 Total Consumer Loans $ 581,378 $ 468,448 $ 357,851 $ 227,959 $ 325,063 $ 916,726 $ 1,121,893 $ 7,962 $ 4,007,280 Residential Mortgage Loans in Process of Foreclosure Loans in process of foreclosure include those for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction. Included in loans at September 30, 2022 and December 31, 2021 were $ 4.5 million and $ 4.4 million, respectively, of consumer loans secured by single family residential real estate that were in process of foreclosure. In addition to the single family residential real estate loans in process of foreclosure, the Company also held $ 0.5 million and $ 2.4 million of foreclosed single family residential properties in other real estate owned at September 30, 2022 and December 31, 2021, respectively. Loans Held for Sale Loans held for sale totaled $ 33.0 million and $ 93.1 million at September 30, 2022 and December 31, 2021, respectively. Loans held for sale is composed primarily of residential mortgage loans originated for sale in the secondary market. At September 30, 2022, residential mortgage loans carried at the fair value option totaled $ 15.1 million with an unpaid principal balance of $ 15.3 million. At December 31, 2021, residential mortgage loans carried at the fair value option totaled $ 41.0 million with an unpaid principal balance of $ 40.1 million. All other loans held for sale are carried at lower of cost or market. |
Short-Term Borrowings
Short-Term Borrowings | 9 Months Ended |
Sep. 30, 2022 | |
Broker-Dealer [Abstract] | |
Short-Term Borrowings | 4. Short-Term Borrowings The following table presents information concerning short-term borrowings at September 30, 2022 and December 31, 2021. September 30, December 31, (in thousands) 2022 2021 Federal funds purchased: Amount outstanding at period end $ 1,850 $ 1,850 Weighted-average interest at period end 2.65 % 0.15 % Securities sold under agreements to repurchase: Amount outstanding at period end $ 541,131 $ 563,211 Weighted-average interest at period end 0.16 % 0.05 % FHLB borrowings: Amount outstanding at period end $ 1,000,000 $ 1,100,000 Weighted-average interest at period end 3.15 % 0.49 % The following table presents information concerning short-term borrowings for the three and nine months ended September 30, 2022 and 2021. Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Federal funds purchased: Average amount outstanding during period $ 28,861 $ 3,283 $ 11,425 $ 4,284 Maximum amount at any month end during period $ 1,850 $ 4,300 $ 2,350 $ 4,400 Weighted-average interest rate during period 2.59 % 0.23 % 2.29 % 0.46 % Securities sold under agreements to repurchase: Average amount outstanding during period $ 516,546 $ 508,969 $ 542,105 $ 549,315 Maximum amount at any month end during period $ 541,131 $ 643,403 $ 640,592 $ 643,403 Weighted-average interest rate during period 0.13 % 0.08 % 0.09 % 0.12 % FHLB borrowings: Average amount outstanding during period $ 405,163 $ 1,100,000 $ 731,982 $ 1,100,000 Maximum amount at any month end during period $ 1,000,000 $ 1,100,000 $ 1,100,000 $ 1,100,000 Weighted-average interest rate during period 2.34 % 0.49 % 0.84 % 0.49 % Federal funds purchased represent unsecured borrowings from other banks, generally on an overnight basis. Securities sold under agreements to repurchase ("repurchase agreements") are funds borrowed on a secured basis by selling securities under agreements to repurchase, mainly in connection with treasury-management services offered to deposit customers. The customer repurchase agreements mature daily and are secured by agency securities. As the Company maintains effective control over assets sold under agreements to repurchase, the securities continue to be presented in the Consolidated Balance Sheets. Because the Company acts as a borrower transferring assets to the counterparty, and the agreements mature daily, the Company's risk is limited. The $ 1.0 billion of FHLB borrowings at September 30, 2022 consists of two 90-day floating rate notes maturing in November and December of 2022. The interest rates on these advances reset daily and are indexed to the Secured Overnight Financing Rate (SOFR). The $ 1.1 billion of FHLB borrowing at December 31, 2021 consisted of five fixed rate notes scheduled to mature between 2034 and 2035, that were classified as short-term as the FHLB had the option to put (terminate) the advances prior to maturity. These notes were called and repaid during the third and second quarters of 2022. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 5. Derivatives Risk Management Objective of Using Derivatives The Company enters into derivative financial instruments to manage risks related to differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments. The Bank also enters into interest rate derivative agreements as a service to certain qualifying customers. The Bank manages a matched book with respect to these customer derivatives in order to minimize its net interest rate risk exposure resulting from such agreements. In addition, the Bank also enters into risk participation agreements under which it may either sell or buy credit risk associated with a customer’s performance under certain interest rate derivative contracts related to loans in which participation interests have been sold to or purchased from other banks. Fair Values of Derivative Instruments on the Balance Sheet The table below presents the notional or contractual amounts and fair values of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets at September 30, 2022 and December 31, 2021. September 30, 2022 December 31, 2021 Derivative (1) Derivative (1) (in thousands) Type of Notional or Assets Liabilities Notional or Assets Liabilities Derivatives designated as hedging instruments: Interest rate swaps - variable rate loans Cash Flow $ 2,050,000 $ — $ 122,433 $ 1,125,000 $ 5,884 $ 4,421 Interest rate swaps - securities Fair Value 934,900 62,610 — 1,837,650 22,138 10,690 2,984,900 62,610 122,433 2,962,650 28,022 15,111 Derivatives not designated as hedging instruments: Interest rate swaps N/A 5,046,771 188,799 185,546 5,193,991 75,819 75,861 Risk participation agreements N/A 286,091 1 9 217,437 11 35 Interest rate-lock commitments on residential mortgage loans N/A 28,414 143 178 82,037 1,525 1 Forward commitments to sell residential mortgage loans N/A 18,517 158 69 46,739 1 645 To Be Announced (TBA) securities N/A 15,000 431 4 55,000 15 53 Foreign exchange forward contracts N/A 153,430 4,667 4,601 48,364 778 758 Visa Class B derivative contract N/A 43,111 — 2,295 43,439 — 4,116 5,591,334 194,199 192,702 5,687,007 78,149 81,469 Total derivatives $ 8,576,234 $ 256,809 $ 315,135 $ 8,649,657 $ 106,171 $ 96,580 Less: netting adjustment (2) ( 137,709 ) ( 88,697 ) ( 30,304 ) ( 61,534 ) Total derivative assets/liabilities $ 119,100 $ 226,438 $ 75,867 $ 35,046 (1) Derivative assets and liabilities are reported at fair value in other assets or other liabilities, respectively, in the consolidated balance sheets. (2) Represents balance sheet netting of derivative assets and liabilities for variation margin collateral held or placed with the same central clearing counterparty. See offsetting assets and liabilities for further information. Cash Flow Hedges of Interest Rate Risk The Company is party to various interest rate swap agreements designated and qualifying as cash flow hedges of the Company’s forecasted variable cash flows for pools of variable rate loans. For each agreement, the Company receives interest at a fixed rate and pays at a variable rate . T he Company terminated six swap agreements in 2021 and received cash of approximately $ 23.7 million, which was recorded as accumulated other comprehensive income and is being accreted into earnings through the original maturity dates of the respective contracts. The notional amounts of the swap agreements in place at September 30, 2022 expire as follows: $ 125 million in 2022 ; $ 150 million in 2023 ; $ 50 million in 2025 ; $ 600 million in 2026 ; $ 1 billion in 2027 , and $ 100 million thereafter. Fair Value Hedges of Interest Rate Risk Interest rate swaps on securities available for sale The Company is party to forward-starting fixed payer swaps that convert the latter portion of the term of certain available for sale securities to a floating rate. These derivative instruments are designated as fair value hedges of interest rate risk. This strategy provides the Company with a fixed rate coupon during the front-end unhedged tenor of the bonds and results in a floating rate security during the back-end hedged tenor. At September 30, 2022, these instruments have hedge start dates between February 2024 and July 2026, and maturity dates from December 2027 through March 2031. The fair value of the hedged item attributable to interest rate risk is presented in interest income along with the change in the fair value of the hedging instrument. The hedged available for sale securities are part of closed portfolios of pre-payable commercial mortgage backed securities. In accordance with ASC 815, prepayment risk may be excluded when measuring the change in fair value of such hedged items attributable to interest rate risk under the last-of-layer approach. At September 30, 2022, the amortized cost basis of the closed portfolio of pre-payable commercial mortgage backed securities totaled $ 1.0 billion. The amount that represents the hedged items was $ 872.2 million and the basis adjustment associated with the hedged items totaled $ 62.7 million. T he Company terminated 21 fair value swap agreements during the nine months ended September 30, 2022 and received cash of approximately $ 74.0 million. At the time of termination, the value of the swap was recorded as an adjustment to the book value of the underlying security, thereby changing its current book yield and extending its duration. Derivatives Not Designated as Hedges Customer interest rate derivative program The Bank enters into interest rate derivative agreements, primarily rate swaps, with commercial banking customers to facilitate their risk management strategies. The Bank enters into offsetting agreements with unrelated financial institutions, thereby mitigating its net risk exposure resulting from such transactions. Because the interest rate derivatives associated with this program do not meet hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings. Risk participation agreements The Bank also enters into risk participation agreements under which it may either assume or sell credit risk associated with a borrower’s performance under certain interest rate derivative contracts. In those instances where the Bank has assumed credit risk, it is not a direct counterparty to the derivative contract with the borrower and has entered into the risk participation agreement because it is a party to the related loan agreement with the borrower. In those instances in which the Bank has sold credit risk, it is the sole counterparty to the derivative contract with the borrower and has entered into the risk participation agreement because other banks participate in the related loan agreement. The Bank manages its credit risk under risk participation agreements by monitoring the creditworthiness of the borrower, based on the Bank’s normal credit review process. Mortgage banking derivatives The Bank also enters into certain derivative agreements as part of its mortgage banking activities. These agreements include interest rate lock commitments on prospective residential mortgage loans and forward commitments to sell loans to investors on either a best efforts or a mandatory delivery basis. The Company uses these forward sales commitments, which may include To Be Announced (“TBA”) security contracts, on the open market to protect the value of its rate locks and mortgage loans held for sale from changes in interest rates and pricing between the origination of the rate lock and the final sale of these loans. These instruments meet the definition of derivative financial instruments and are reflected in other assets and other liabilities in the Consolidated Balance Sheets, with changes to the fair value recorded in noninterest income within the secondary mortgage market operations line item in the Consolidated Statements of Income. The loans sold on a mandatory basis commit the Company to deliver a specific principal amount of mortgage loans to an investor at a specified price, by a specified date. If the Company fails to deliver the amount of mortgages necessary to fulfill the commitment by the specified date, we may be obligated to pay a pair-off fee, based on then-current market prices, to the investor/counterparty to compensate the investor for the shortfall. Mandatory delivery forward commitments include TBA security contracts on the open market to provide protection against changes in interest rates on the locked mortgage pipeline. The Company expects that mandatory delivery contracts, including TBA security contracts, will experience changes in fair value opposite to the changes in the fair value of derivative loan commitments. Certain assumptions, including pull through rates and rate lock periods, are used in managing the existing and future hedges. The accuracy of underlying assumptions could impact the ultimate effectiveness of any hedging strategies. Forward commitments under best effort contracts commit the Company to deliver a specific individual mortgage loan to an investor if the loan to the underlying borrower closes. Generally, best efforts cash contracts have no pair-off risk regardless of market movement. The price the investor will pay the seller for an individual loan is specified prior to the loan being funded, generally the same day the Company enters into the interest rate lock commitment with the potential borrower. The Company expects that these best efforts forward loan sale commitments will experience a net neutral shift in fair value with related derivative loan commitments. At the closing of the loan, the rate lock commitment derivative expires and the Company generally records a loan held for sale at fair value under the election of fair value option. Customer foreign exchange forward contract derivatives The Company enters into foreign exchange forward derivative agreements, primarily forward foreign currency contracts, with commercial banking customers to facilitate their risk management strategies. The Bank manages its risk exposure from such transactions by entering into offsetting agreements with unrelated financial institutions. The Bank has not elected to designate these foreign exchange forward contract derivatives as hedges; as such, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings. Visa Class B derivative contract The Company is a member of Visa USA. During the fourth quarter of 2018, the Company sold the majority of its Visa Class B holdings, at which time it entered into a derivative agreement with the purchaser whereby the Company will make or receive cash payments whenever the conversion ratio of the Visa Class B shares into Visa Class A shares is adjusted. The conversion ratio changes when Visa deposits funds to a litigation escrow established by Visa to pay settlements for certain litigation, for which Visa is indemnified by Visa USA members. The Company is also required to make periodic financing payments to the purchaser until all of Visa’s covered litigation matters are resolved. Thus, the derivative contract extends until the end of Visa’s covered litigation matters, the timing of which is uncertain. The contract includes a contingent accelerated termination clause based on the credit ratings of the Company. At September 30, 2022 and December 31, 2021, the fair value of the liability associated with this contract was $ 2.3 million and $ 4.1 million, respectively. Refer to Note 13 – Fair Value of Financial Instruments for discussion of the valuation inputs and process for this derivative liability. Effect of Derivative Instruments on the Statements of Income The effects of derivative instruments on the Consolidated Statements of Income for the three and nine months ended September 30, 2022 and 2021 are presented in the table below. Three Months Ended Nine Months Ended (in thousands) September 30, September 30, Derivative Instruments: Location of Gain (Loss) Recognized 2022 2021 2022 2021 Cash flow hedges: Variable rate loans Interest income - loans $ 1,752 $ 6,950 $ 14,519 $ 19,941 Fair value hedges: Securities Interest income - securities - taxable 1,596 21 2,625 ( 6 ) Securities Noninterest income - securities transactions, net — — 1,620 2,499 Derivatives not designated as hedging: Residential mortgage banking Noninterest income - secondary mortgage market operations ( 365 ) ( 1,249 ) 2,595 2,223 Customer and all other instruments Noninterest income - other noninterest income 1,309 2,970 6,386 11,755 Total gain $ 4,292 $ 8,692 $ 27,745 $ 36,412 Credit Risk-Related Contingent Features Certain of the Bank’s derivative instruments contain provisions allowing the financial institution counterparty to terminate the contracts in certain circumstances, such as a downgrade of the Bank’s credit ratings below specified levels, a default by the Bank on its indebtedness, or the failure of the Bank to maintain specified minimum regulatory capital ratios or its regulatory status as a well-capitalized institution. These derivative agreements also contain provisions regarding the posting of collateral by each party. At September 30, 2022, the Company was not in violation of any such provisions. The aggregate fair value of derivative instruments with credit risk-related contingent features that were in a net liability position at September 30, 2022 and December 31, 2021 was $ 15.6 million and $ 49.4 million, respectively, for which the Company had posted collateral of $ 14.9 million and $ 15.0 million, respectively. Offsetting Assets and Liabilities The Bank’s derivative instruments with certain counterparties contain legally enforceable netting provisions that allow for net settlement of multiple transactions to a single amount, which may be positive, negative, or zero. Agreements with certain bilateral counterparties require both parties to maintain collateral in the event that the fair values of derivative instruments exceed established exposure thresholds. For centrally cleared derivatives, the Company is subject to initial margin posting and daily variation margin exchange with the central clearinghouses. Offsetting information in regards to all derivative assets and liabilities, including accrued interest, subject to these master netting agreements at September 30, 2022 and December 31, 2021 is presented in the following tables . (in thousands) Gross Net Amounts Gross Amounts Not Offset in the Description Gross Offset in Presented in Financial Cash Net As of September 30, 2022 Derivative Assets $ 253,109 $ ( 138,429 ) $ 114,680 $ 37,879 $ 14,850 $ 91,651 Derivative Liabilities $ 127,592 $ ( 89,713 ) $ 37,879 $ 37,879 $ — $ — (in thousands) Gross Net Amounts Gross Amounts Not Offset in the Description Gross Offset in Presented in Financial Cash Net As of December 31, 2021 Derivative Assets $ 36,790 $ ( 29,882 ) $ 6,908 $ 6,908 $ — $ — Derivative Liabilities $ 85,448 $ ( 63,204 ) $ 22,244 $ 6,908 $ 66,207 $ ( 50,871 ) The Company has excess posted collateral compared to total exposure due to initial margin requirements for day-to-day rate volatility. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 6. Stockholders’ Equity Common Shares Outstanding Common shares outstanding excludes treasury shares totaling 6.2 million and 5.1 million, with a first-in-first-out cost basis of $ 233.8 million and $ 175.8 million, at September 30, 2022 and December 31, 2021, respectively. Shares outstanding also excludes unvested restricted share awards totaling 1.0 million and 1.1 million at September 30, 2022 and December 31, 2021. Stock Buyback Program On April 22, 2021, the Company’s board of directors approved a stock buyback program whereby the Company is authorized to repurchase up to 4.3 million shares of its common stock through the program’s expiration date of December 31, 2022 . The program allows the Company to repurchase its common shares in the open market, by block purchase, through accelerated share repurchase programs, in privately negotiated transactions, or otherwise, in one or more transactions. The Company is not obligated to purchase any shares under this program, and the board of directors has the ability to terminate or amend the program at any time prior to the expiration date. During the nine months ended September 30, 2022, the Company repurchased 1,204,368 shares of its common stock at an average cost of $ 48.90 per share, inclusive of commissions. To date, the Company has repurchased 1,654,244 shares at an average cost of $ 48.77 per share under this program. Accumulated Other Comprehensive Income (Loss) A roll forward of the components of Accumulated Other Comprehensive Income (Loss) is presented in the table that follows: Available HTM Securities Employee Cash Equity Method Investment Total (in thousands) Balance, December 31, 2020 $ 171,224 $ 276 $ ( 125,573 ) $ 39,511 $ ( 5,369 ) $ 80,069 Net change in unrealized gain or loss ( 144,715 ) — — 353 438 ( 143,924 ) Reclassification of net income or loss realized and included in earnings 2,166 — 3,970 ( 19,941 ) 4,468 ( 9,337 ) Valuation adjustments to pension plan attributable to VERIP and curtailment — — 59,606 — — 59,606 Other valuation adjustments to employee benefit plans — — ( 10,651 ) — — ( 10,651 ) Amortization of unrealized net gain on securities transferred to HTM — ( 134 ) — — — ( 134 ) Income tax (expense) benefit 31,952 30 ( 11,783 ) 4,370 — 24,569 Balance, September 30, 2021 $ 60,627 $ 172 $ ( 84,431 ) $ 24,293 $ ( 463 ) $ 198 Balance, December 31, 2021 $ 11,037 $ 153 $ ( 80,946 ) $ 16,284 $ ( 463 ) $ ( 53,935 ) Net change in unrealized gain or loss ( 844,250 ) — — ( 118,110 ) 468 ( 961,892 ) Reclassification of net income or loss realized and included in earnings 1,707 — 1,963 ( 14,519 ) — ( 10,849 ) Valuation adjustments to employee benefit plans — — ( 8,397 ) — — ( 8,397 ) Transfer of net unrealized loss from AFS to HTM securities portfolio 15,405 ( 15,405 ) — — — — Amortization of unrealized net gain or loss on securities transferred to HTM — 961 — — — 961 Income tax (expense) benefit 186,685 3,260 1,452 29,934 — 221,331 Balance, September 30, 2022 $ ( 629,416 ) $ ( 11,031 ) $ ( 85,928 ) $ ( 86,411 ) $ 5 $ ( 812,781 ) Accumulated Other Comprehensive Income or Loss (“AOCI”) is reported as a component of stockholders’ equity. AOCI can include, among other items, unrealized holding gains and losses on securities available for sale (“AFS”), including the Company’s share of unrealized gains and losses reported by a partnership accounted for under the equity method, gains and losses associated with pension or other post-retirement benefits that are not recognized immediately as a component of net periodic benefit cost, and gains and losses on derivative instruments that are designated as, and qualify as, cash flow hedges. Net unrealized gains and losses on AFS securities reclassified as securities held to maturity (“HTM”) also continue to be reported as a component of AOCI and will be amortized over the estimated remaining life of the securities as an adjustment to interest income. Subject to certain thresholds, unrealized losses on employee benefit plans will be reclassified into income as pension and post-retirement costs are recognized over the remaining service period of plan participants. Accumulated gains or losses on cash flow hedges of variable rate loans described in Note 5 will be reclassified into income over the life of the hedge. Accumulated other comprehensive loss resulting from the terminated interest rate swaps will be amortized over the remaining maturities of the designated instruments. Gains and losses within AOCI are net of deferred income taxes, where applicable. The following table shows the line items in the consolidated statements of income affected by amounts reclassified from AOCI. Nine Months Ended Amount reclassified from AOCI (a) September 30, Affected line item on (in thousands) 2022 2021 the statement of income Loss on sale of AFS securities $ ( 1,707 ) $ ( 2,166 ) Noninterest income Tax effect 385 487 Income taxes Net of tax ( 1,322 ) ( 1,679 ) Net income Amortization of unrealized net gain (loss) on securities transferred to HTM ( 961 ) 134 Interest income Tax effect 217 ( 30 ) Income taxes Net of tax ( 744 ) 104 Net income Amortization of defined benefit pension and post-retirement items ( 1,963 ) ( 3,970 ) Other noninterest expense (b) Tax effect 443 884 Income taxes Net of tax ( 1,520 ) ( 3,086 ) Net income Reclassification of unrealized gain on cash flow hedges 5,786 18,771 Interest income Tax effect ( 1,306 ) ( 4,188 ) Income taxes Net of tax 4,480 14,583 Net income Amortization of gain on terminated cash flow hedges 8,733 1,170 Interest income Tax effect ( 1,971 ) ( 261 ) Income taxes Net of tax 6,762 909 Net income Reclassification of unrealized loss on equity method investment — ( 4,468 ) Noninterest income Tax effect — — Income taxes Net of tax — ( 4,468 ) Net income Total reclassifications, net of tax $ 7,656 $ 6,363 Net income (a) Amounts in parentheses indicate reduction in net income (b) These AOCI components are included in the computation of net periodic pension and post-retirement cost that is reported with other noninterest |
Other Noninterest Income
Other Noninterest Income | 9 Months Ended |
Sep. 30, 2022 | |
Other Income, Nonoperating [Abstract] | |
Other Noninterest Income | 7. Other Noninterest Income Components of other noninterest income are as follows: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Income from bank-owned life insurance $ 4,784 $ 3,907 $ 12,602 $ 14,535 Credit related fees 2,628 2,568 7,840 8,383 Income from derivatives 1,309 2,970 6,386 11,755 Gain on sale of Mastercard Class B common stock — — — 2,800 Gain on sale of Hancock Horizon Funds — 4,576 — 4,576 Other miscellaneous 6,108 8,168 17,986 13,673 Total other noninterest income $ 14,829 $ 22,189 $ 44,814 $ 55,722 |
Other Noninterest Expense
Other Noninterest Expense | 9 Months Ended |
Sep. 30, 2022 | |
Other Expense, Nonoperating [Abstract] | |
Other Noninterest Expense | 8. Other Noninterest Expense Components of other noninterest expense are as follows: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Corporate value and franchise taxes and other non-income taxes $ 4,010 $ 3,414 $ 12,816 $ 11,300 Advertising 3,533 3,638 10,211 8,400 Telecommunications and postage 3,027 3,087 8,923 9,568 Entertainment and contributions 2,231 2,280 7,632 5,214 Tax credit investment amortization 1,004 1,112 3,012 3,337 Printing and supplies 971 914 2,892 2,833 Travel expense 1,239 765 3,022 1,789 Net other retirement expense ( 7,570 ) ( 7,294 ) ( 22,123 ) ( 20,645 ) Loss on facilities and equipment from consolidation — — — 15,462 Loss on extinguishment of debt — — — 4,165 Other miscellaneous 7,508 13,041 21,214 25,567 Total other noninterest expense $ 15,953 $ 20,957 $ 47,599 $ 66,990 |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 9. Earnings Per Common Share The Company calculates earnings per share using the two-class method. The two-class method allocates net income to each class of common stock and participating security according to common dividends declared and participation rights in undistributed earnings. Participating securities consist of nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents. A summary of the information used in the computation of earnings per common share follows. Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except per share data) 2022 2021 2022 2021 Numerator: Net income to common shareholders $ 135,389 $ 129,582 $ 380,302 $ 325,472 Net income allocated to participating securities - basic and diluted 2,014 2,419 5,776 6,650 Net income allocated to common shareholders - basic and diluted $ 133,375 $ 127,163 $ 374,526 $ 318,822 Denominator: Weighted-average common shares - basic 85,706 86,834 $ 86,141 $ 86,800 Dilutive potential common shares 314 172 298 151 Weighted-average common shares - diluted 86,020 87,006 $ 86,439 $ 86,951 Earnings per common share: Basic $ 1.56 $ 1.46 $ 4.35 $ 3.67 Diluted $ 1.55 $ 1.46 $ 4.33 $ 3.67 Potential common shares consist of stock options, nonvested performance-based awards, nonvested restricted stock units, and restricted share awards deferred under the Company’s nonqualified deferred compensation plan. These potential common shares do not enter into the calculation of diluted earnings per share if the impact would be antidilutive, i.e., increase earnings per share or reduce a loss per share. Potential common shares totaling 2,212 and 5,671 for the three and nine months ended September 30, 2022, respectively, and 796 for the nine months ended September 30, 2021, did not enter the calculation of diluted earnings per share as the impact would have been anti-dilutive. For the three months ended September 30, 2021, there were no potential common shares that would have had an anti-dilutive impact on earnings per share. |
Retirement Plans
Retirement Plans | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Retirement Plans | 10. Retirement Plans The Company offers a qualified defined benefit pension plan, the Hancock Whitney Corporation Pension Plan and Trust Agreement (“Pension Plan”), covering certain eligible associates. Eligibility is based on minimum age and service-related requirements. The Pension Plan excludes any individual hired or rehired by the Company after June 30, 2017 from eligibility to participate, and the accrued benefits of any participant in the Pension Plan whose combined age plus years of service as of January 1, 2018 totaled less than 55 were frozen as of January 1, 2018 and will not thereafter increase. The Company makes contributions to the Pension Plan in amounts sufficient to meet funding requirements set forth in federal employee benefit and tax laws, plus such additional amounts as the Company may determine to be appropriate. The Company also offers a defined contribution retirement benefit plan (401(k) plan), the Hancock Whitney Corporation 401(k) Savings Plan and Trust Agreement (“401(k) Plan”), that covers substantially all associates who have been employed 60 days and meet a minimum age requirement and employment classification criteria. The Company matches 100 % of the first 1 % of compensation saved by a participant, and 50 % of the next 5 % of compensation saved. Newly eligible associates are automatically enrolled at an initial 3 % savings rate unless the associate actively opts out of participation in the plan. Beginning January 1, 2018, the Company makes an additional basic contribution to associates hired or rehired after June 30, 2017 in an amount equal to 2 % of the associate’s eligible compensation. For Pension Plan participants whose benefits were frozen as of January 1, 2018, the 401(k) Plan provides an enhanced Company contribution in the amount of 2 %, 4 % or 6 % of such participant’s eligible compensation, based on the participant’s current age and years of service with the Company. Participants vest in basic and enhanced Company contributions upon completion of three years of service. The Company sponsors a nonqualified defined benefit plan covering certain legacy Whitney employees, under which accrued benefits were frozen as of December 31, 2012 and, as such, no future benefits are accrued under this plan. The Company sponsors defined benefit post-retirement plans for both legacy Hancock and legacy Whitney employees that provide health care and life insurance benefits. Benefits under the Hancock plan are not available to employees hired on or after January 1, 2000. Benefits under the Whitney plan are restricted to retirees who were already receiving benefits at the time of plan amendments in 2007 or active participants who were eligible to receive benefits as of December 31, 2007. The following tables show the components of net periodic benefit cost included in expense for the periods indicated. Other Post- (in thousands) Pension Benefits Retirement Benefits For the Three Months Ended September 30, 2022 2021 2022 2021 Service cost $ 2,855 $ 2,620 $ 25 $ 23 Interest cost 3,756 3,552 77 91 Expected return on plan assets ( 11,714 ) ( 11,463 ) — — Amortization of net (gain) or loss and prior service costs 450 717 ( 139 ) ( 192 ) Net periodic benefit cost $ ( 4,653 ) $ ( 4,574 ) $ ( 37 ) $ ( 78 ) (in thousands) Pension Benefits Retirement Benefits For the Nine Months Ended September 30, 2022 2021 2022 2021 Service cost $ 8,584 $ 8,996 $ 75 $ 71 Interest cost 10,881 9,982 230 257 Expected return on plan assets ( 34,900 ) ( 34,854 ) — — Amortization of net (gain) or loss and prior service costs 2,380 4,471 ( 417 ) ( 501 ) Special termination benefits — 16,052 — 4,137 Net periodic benefit cost (benefit) $ ( 13,055 ) $ 4,647 $ ( 112 ) $ 3,964 During the nine months ended September 30, 2021, the Company completed a Voluntary Early Retirement Incentive Program (VERIP), which was accepted by approximately 260 eligible Pension Plan participants. The event constituted a curtailment of the Pension Plan and resulted in a re-measurement of the projected benefit obligation at April 30, 2021. The program had two components: a supplemental cash incentive, substantially all of which was paid through the Pension Plan with existing plan assets, and coverage in a post-retirement medical plan, with each component having specific age and years of service requirements. The impact of offering these incentives is classified as special termination benefits in the tables above. |
Share-Based Payment Arrangement
Share-Based Payment Arrangements | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Payment Arrangements | 11. Share-Based Payment Arrangements The Company maintains incentive compensation plans that provide for awards of share-based compensation to employees and directors. These plans have been approved by the Company’s shareholders. Detailed descriptions of these plans were included in Note 18 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. During the nine months ended September 30, 2022, the Company's shareholders approved an amendment to the 2020 Long-Term Incentive Plan to increase the number of shares available under the plan by 1,400,000 . At September 30, 2022, the Company had 1,476 outstanding and exercisable stock options, with a weighted average exercise price of $ 53.73 , weighted average remaining contractual term of less than one year and no aggregate intrinsic value. During the nine months ended September 30, 2022, 7,630 stock options with an aggregate intrinsic value o f $ 0.1 million were exercised. The Company’s restricted and performance-based share awards to certain employees and directors are subject to service requirements. A summary of the status of the Company’s nonvested restricted stock units and restricted and performance-based share awards at September 30, 2022 are presented in the following table. Weighted Average Number of Grant Date Shares Fair Value Nonvested at January 1, 2022 1,453,085 $ 34.58 Granted 538,387 52.41 Vested ( 118,830 ) 34.24 Forfeited ( 113,946 ) 35.53 Nonvested at September 30, 2022 1,758,696 $ 40.00 At September 30, 2022, there was $ 50.1 million of total unrecognized compensation expense related to nonvested restricted and performance share awards and units expected to vest in the future. This compensation is expected to be recognized in expense over a weighted average period of 3.0 years . The total fair value of shares that vested during the nine months ended September 30, 2022 was $ 3.4 million. During the nine months ended September 30, 2022, the Company granted 441,953 restricted stock units (RSUs) to certain eligible employees. Unlike restricted share awards (RSAs), which comprise the majority of the unvested share-based compensation awards, the holders of unvested restricted stock units have no rights as a shareholder of the Company, including voting or dividend rights. The Company has elected to award dividend equivalents on each restricted stock unit. Such dividend equivalents are forfeited should the employee terminate employment prior to the vesting of the RSU. During the nine months ended September 30, 2022, the Company granted 36,475 performance share awards subject to a total shareholder return (“TSR”) performance metric with a grant date fair value of $ 61.47 per share and 36,475 performance share awards subject to an operating earnings per share performance metric with a grant date fair value of $ 47.36 per share to key members of executive management. The number of performance shares subject to TSR that ultimately vest at the end of the three-year performance period, if any, will be based on the relative rank of the Company’s three-year TSR among the TSRs of a peer group of 50 regional banks. The fair value of the performance shares subject to TSR at the grant date was determined using a Monte Carlo simulation method. The number of performance shares subject to operating earnings per share that ultimately vest will be based on the Company’s attainment of certain operating earnings per share goals over the two-year performance period. The maximum number of performance shares that could vest is 200 % of the target award. Compensation expense for these performance shares is recognized on a straight line basis over the three-year service period. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies In the normal course of business, the Bank enters into financial instruments, such as commitments to extend credit and letters of credit, to meet the financing needs of its customers. Such instruments are not reflected in the accompanying consolidated financial statements until they are funded, although they expose the Bank to varying degrees of credit risk and interest rate risk in much the same way as funded loans. Under regulatory capital guidelines, the Company and Bank must include unfunded commitments meeting certain criteria in risk-weighted capital calculations. Commitments to extend credit include revolving commercial credit lines, nonrevolving loan commitments issued mainly to finance the acquisition and development or construction of real property or equipment, and credit card and personal credit lines. The availability of funds under commercial credit lines and loan commitments generally depends on whether the borrower continues to meet credit standards established in the underlying contract and has not violated other contractual conditions. Loan commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the borrower. Credit card and personal credit lines are generally subject to cancellation if the borrower’s credit quality deteriorates. A number of commercial and personal credit lines are used only partially or, in some cases, not at all before they expire, and the total commitment amounts do not necessarily represent future cash requirements of the Company. A substantial majority of the letters of credit are standby agreements that obligate the Bank to fulfill a customer’s financial commitments to a third party if the customer is unable to perform. The Bank issues standby letters of credit primarily to provide credit enhancement to its customers’ other commercial or public financing arrangements and to help them demonstrate financial capacity to vendors of essential goods and services. The contract amounts of these instruments reflect the Company’s exposure to credit risk. The Company undertakes the same credit evaluation in making loan commitments and assuming conditional obligations as it does for on-balance sheet instruments and may require collateral or other credit support. The Company had a reserve for unfunded lending commitments of $ 33.5 million and $ 29.3 million at September 30, 2022 and December 31, 2021, respectively. The following table presents a summary of the Company’s off-balance sheet financial instruments as of September 30, 2022 and December 31, 2021: September 30, December 31, (in thousands) 2022 2021 Commitments to extend credit $ 10,285,394 $ 9,444,803 Letters of credit 373,002 396,956 Legal Proceedings The Company is party to various legal proceedings arising in the ordinary course of business. Management does not believe that loss contingencies, if any, arising from pending litigation and regulatory matters will have a material adverse effect on the consolidated financial position or liquidity of the Company. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 13. Fair Value Measurements The FASB defines fair value as the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The FASB’s guidance also establishes a fair value hierarchy that prioritizes the inputs to these valuation techniques used to measure fair value, giving preference to quoted prices in active markets for identical assets or liabilities (“level 1”) and the lowest priority to unobservable inputs such as a reporting entity’s own data (“level 3”). Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in markets that are not active, observable inputs other than quoted prices, such as interest rates and yield curves, and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Fair Value of Assets and Liabilities Measured on a Recurring Basis The following tables present for each of the fair value hierarchy levels the Company’s financial assets and liabilities that are measured at fair value on a recurring basis in the consolidated balance sheets at September 30, 2022 and December 31, 2021: September 30, 2022 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 42,287 $ — $ 42,287 Municipal obligations — 197,865 — 197,865 Corporate debt securities — 21,317 — 21,317 Residential mortgage-backed securities — 2,306,365 — 2,306,365 Commercial mortgage-backed securities — 2,823,920 — 2,823,920 Collateralized mortgage obligations — 75,089 — 75,089 Total available for sale securities — 5,466,843 — 5,466,843 Mortgage loans held for sale — 15,149 — 15,149 Derivative assets (1) — 119,100 — 119,100 Total recurring fair value measurements - assets $ — $ 5,601,092 $ — $ 5,601,092 Liabilities Derivative liabilities (1) $ — $ 224,143 $ 2,295 $ 226,438 Total recurring fair value measurements - liabilities $ — $ 224,143 $ 2,295 $ 226,438 December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 419,298 $ — $ 419,298 Municipal obligations — 314,158 — 314,158 Corporate debt securities — 18,702 — 18,702 Residential mortgage-backed securities — 3,035,798 — 3,035,798 Commercial mortgage-backed securities — 3,077,859 — 3,077,859 Collateralized mortgage obligations — 120,883 — 120,883 Total available for sale securities — 6,986,698 — 6,986,698 Mortgage loans held for sale 41,022 41,022 Derivative assets (1) — 75,867 — 75,867 Total recurring fair value measurements - assets $ — $ 7,103,587 $ — $ 7,103,587 Liabilities Derivative liabilities (1) $ — $ 30,930 $ 4,116 $ 35,046 Total recurring fair value measurements - liabilities $ — $ 30,930 $ 4,116 $ 35,046 (1) For further disaggregation of derivative assets and liabilities, see Note 5 - Derivatives. Securities classified as level 2 include obligations of U.S. Government agencies and U.S. Government-sponsored agencies, including “off-the-run” U.S. Treasury securities, residential and commercial mortgage-backed securities and collateralized mortgage obligations that are issued or guaranteed by U.S. government agencies, and state and municipal bonds. The level 2 fair value measurements for investment securities are obtained quarterly from a third-party pricing service that uses industry-standard pricing models. Substantially all of the model inputs are observable in the marketplace or can be supported by observable data. The Company invests only in securities of investment grade quality with a targeted duration, for the overall portfolio, generally between two and five and a half years . Company policies generally limit investments to U.S. agency securities and municipal securities determined to be investment grade according to an internally generated score which generally includes a rating of not less than “Baa” or its equivalent by a nationally recognized statistical rating agency. Loans held for sale consist of residential mortgage loans carried under the fair value option. The fair value for these instruments is classified as level 2 based on market prices obtained from potential buyers. For the Company’s derivative financial instruments designated as hedges and those under the customer interest rate program, the fair value is obtained from a third-party pricing service that uses an industry-standard discounted cash flow model that relies on inputs, LIBOR swap curves and Overnight Index swap rate curves, all observable in the marketplace. To comply with the accounting guidance, credit valuation adjustments are incorporated in the fair values to appropriately reflect nonperformance risk for both the Company and the counterparties. Although the Company has determined that the majority of the inputs used to value these derivative instruments fall within level 2 of the fair value hierarchy, the credit value adjustments utilize level 3 inputs, such as estimates of current credit spreads. The Company has determined that the impact of the credit valuation adjustments is not significant to the overall valuation of these derivatives. As a result, the Company has classified its derivative valuations for these instruments in level 2 of the fair value hierarchy. The Company’s policy is to measure counterparty credit risk quarterly for all derivative instruments subject to master netting arrangements consistent with how market participants would price the net risk exposure at the measurement date. The Company also has certain derivative instruments associated with the Bank’s mortgage-banking activities. These derivative instruments include interest rate lock commitments on prospective residential mortgage loans and forward commitments to sell these loans to investors on a best efforts delivery basis and To Be Announced securities for mandatory delivery contracts. The fair value of these derivative instruments is measured using observable market prices for similar instruments and is classified as a level 2 measurement. The Company’s Level 3 liability consists of a derivative contract with the purchaser of 192,163 shares of Visa Class B common stock. Pursuant to the agreement, the Company retains the risks associated with the ultimate conversion of the Visa Class B common shares into shares of Visa Class A common stock, such that the counterparty will be compensated for any dilutive adjustments to the conversion ratio and the Company will be compensated for any anti-dilutive adjustments to the ratio. The agreement also requires periodic payments by the Company to the counterparty calculated by reference to the market price of Visa Class A common shares at the time of sale and a fixed rate of interest that steps up once after the eighth scheduled quarterly payment. The fair value of the liability is determined using a discounted cash flow methodology. The significant unobservable inputs used in the fair value measurement are the Company’s own assumptions about estimated changes in the conversion rate of the Visa Class B common shares into Visa Class A common shares, the date on which such conversion is expected to occur and the estimated growth rate of the Visa Class A common share price. Refer to Note 5 – Derivatives for information about the derivative contract with the counterparty. The Company believes its valuation methods for its assets and liabilities carried at fair value are appropriate; however, the use of different methodologies or assumptions, particularly as applied to Level 3 assets and liabilities, could have a material effect on the computation of their estimated fair values. Changes in Level 3 Fair Value Measurements and Quantitative Information about Level 3 Fair Value Measurements The table below presents a rollforward of the amounts on the consolidated balance sheets for the nine months ended September 30, 2022 and the year ended December 31, 2021 for financial instruments of a material nature that are classified within Level 3 of the fair value hierarchy and are measured at fair value on a recurring basis: (in thousands) Balance at December 31, 2020 $ 5,645 Cash settlement ( 1,767 ) Losses included in earnings 238 Balance at December 31, 2021 4,116 Cash settlement ( 1,994 ) Losses included in earnings 173 Balance at September 30, 2022 $ 2,295 The table below provides an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure the financial instrument measured on a recurring basis and classified within Level 3 of the valuation. The range of sensitivities that management utilized in its fair value calculations is deemed acceptable in the industry with respect to the identified financial instrument. ($ in thousands) Fair Value Level 3 Class September 30, 2022 December 31, 2021 Derivative liability $ 2,295 $ 4,116 Valuation technique Discounted cash flow Discounted cash flow Unobservable inputs: Visa Class A appreciation - range 6 - 12 % 6 %- 12 % Visa Class A appreciation - weighted average 9 % 9 % Conversion rate - range 1.61 x- 1.60 x 1.62 x- 1.60 x Conversion rate -weighted average 1.6030 x 1.6091 x Time until resolution 3 - 15 months 3 - 24 months The Company’s policy is to recognize transfers between valuation hierarchy levels as of the end of a reporting period. Fair Value of Assets Measured on a Nonrecurring Basis Certain assets and liabilities are measured at fair value on a nonrecurring basis. Collateral-dependent loans individually evaluated for credit loss loans are level 2 assets measured at the fair value of the underlying collateral based on independent third-party appraisals that take into consideration market-based information such as recent sales activity for similar assets in the property’s market. Other real estate owned and foreclosed assets, including both foreclosed property and surplus banking property, are level 3 assets that are adjusted to fair value, less estimated selling costs, upon transfer from loans or property and equipment. Subsequently, other real estate owned and foreclosed assets is carried at the lower of carrying value or fair value less estimated selling costs. Fair values are determined by sales agreement or third-party appraisals as discounted for estimated selling costs, information from comparable sales, and marketability of the assets. The fair value information presented below is not as of the period end, rather it was as of the date the fair value adjustment was recorded during the twelve months for each of the dates presented below, and excludes nonrecurring fair value measurements of assets no longer on the balance sheet. The following tables present the Company’s financial assets that are measured at fair value on a nonrecurring basis for each of the fair value hierarchy levels. September 30, 2022 (in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent loans individually evaluated for credit loss $ — $ 4,756 $ — $ 4,756 Other real estate owned and foreclosed assets, net — — 2,085 2,085 Total nonrecurring fair value measurements $ — $ 4,756 $ 2,085 $ 6,841 December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent loans individually evaluated for credit loss $ — $ 13,253 $ — $ 13,253 Other real estate owned and foreclosed assets, net — — 7,533 7,533 Total nonrecurring fair value measurements $ — $ 13,253 $ 7,533 $ 20,786 Accounting guidance from the FASB requires the disclosure of estimated fair value information about certain on- and off-balance sheet financial instruments, including those financial instruments that are not measured and reported at fair value on a recurring basis. The significant methods and assumptions used by the Company to estimate the fair value of financial instruments are discussed below. Cash, Short-Term Investments and Federal Funds Sold – For these short-term instruments, the carrying amount is a reasonable estimate of fair value. Securities – The fair value measurement for securities available for sale was discussed earlier in the note. The same measurement techniques were applied to the valuation of securities held to maturity. Loans, Net – The fair value measurement for certain impaired loans was described earlier in this note. For the remaining portfolio, fair values were generally determined by discounting scheduled cash flows using discount rates determined with reference to current market rates at which loans with similar terms would be made to borrowers of similar credit quality. Loans Held for Sale – These loans are either carried under the fair value option or at the lower of cost or market. Given the short duration of these instruments, the carrying amount is considered a reasonable estimate of fair value. Deposits – The accounting guidance requires that the fair value of deposits with no stated maturity, such as noninterest-bearing demand deposits, interest-bearing checking and savings accounts, be assigned fair values equal to amounts payable upon demand (“carrying amounts”). The fair value of fixed maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities. Federal Funds Purchased and Securities Sold under Agreements to Repurchase – For these short-term liabilities, the carrying amount is a reasonable estimate of fair value. Short-Term FHLB Borrowings – At September 30, 2022, short-term FHLB borrowings was comprised of floating-rate instruments that reprice daily and, therefore, the carrying amount of the instruments is a reasonable estimate of fair value and is reflected as Level 1 in the respective table below. At December 31, 2021, short-term FHLB borrowings was comprised of fixed-rate instruments for which the fair value was estimated by discounting the future contractual cash flows using current market rates at which borrowings with similar terms and options could be obtained and, therefore, is reflected as Level 2 in respective the table below. Long-Term Debt – The fair value is estimated by discounting the future contractual cash flows using current market rates at which debt with similar terms could be obtained. Derivative Financial Instruments – The fair value measurement for derivative financial instruments was described earlier in this note. The following tables present the estimated fair values of the Company’s financial instruments by fair value hierarchy levels and the corresponding carrying amounts. September 30, 2022 Total Fair Carrying (in thousands) Level 1 Level 2 Level 3 Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 851,251 $ — $ — $ 851,251 $ 851,251 Available for sale securities — 5,466,843 — 5,466,843 5,466,843 Held to maturity securities — 2,606,080 — 2,606,080 2,866,348 Loans, net — 4,756 21,457,199 21,461,955 22,279,469 Loans held for sale — 33,008 — 33,008 33,008 Derivative financial instruments — 119,100 — 119,100 119,100 Financial liabilities: Deposits $ — $ — $ 28,925,735 $ 28,925,735 $ 28,951,274 Federal funds purchased 1,850 — — 1,850 1,850 Securities sold under agreements to repurchase 541,131 — — 541,131 541,131 FHLB short-term borrowings 1,000,000 — — 1,000,000 1,000,000 Long-term debt — 197,059 — 197,059 236,410 Derivative financial instruments — 224,143 2,295 226,438 226,438 December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Fair Carrying Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 4,231,836 $ — $ — $ 4,231,836 $ 4,231,836 Available for sale securities — 6,986,698 — 6,986,698 6,986,698 Held to maturity securities — 1,631,482 — 1,631,482 1,565,751 Loans, net — 13,253 20,720,568 20,733,821 20,792,217 Loans held for sale — 93,069 — 93,069 93,069 Derivative financial instruments — 75,867 — 75,867 75,867 Financial liabilities: Deposits $ — $ — $ 30,432,646 $ 30,432,646 $ 30,465,897 Federal funds purchased 1,850 — — 1,850 1,850 Securities sold under agreements to repurchase 563,211 — — 563,211 563,211 FHLB short-term borrowings — 1,119,026 — 1,119,026 1,100,000 Long-term debt — 253,677 — 253,677 244,220 Derivative financial instruments — 30,930 4,116 35,046 35,046 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 14. Recent Accounting Pronouncements Accounting Standards Issued But Not Yet Adopted In March 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-01, "Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method," to provide clarification of and expand upon certain provisions of Topic 815 that became effective with the issuance of ASU 2017-12. The amendments in this update include the following provisions: (1) expand the current last-of-layer method to allow multiple hedged layers of a single closed portfolio and, accordingly, renaming the last-of-layer method to the portfolio layer method; (2) expand the scope of the portfolio layer method to include nonprepayable financial assets; (3) specify that eligible hedging instruments in a single-layer hedge may include spot-starting or forward-starting constant-notional swaps, or spot or forward-starting amortizing-notional swaps and that the number of hedged layers corresponds with the number of hedges designated; (4) provide additional guidance on the accounting for and disclosure of hedge basis adjustments that are applicable to the portfolio layer method whether a single hedged layer or multiple hedged layers are designated, and; (5) specify how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. The amendments in this update apply to all entities that elect to apply the portfolio layer method of hedge accounting in accordance with Topic 815. The amendments in this Update are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted on any date on or after the issuance of this update, with the effect of adopting the amendments related to basis adjustments reflected as of the beginning of the fiscal year of adoption (that is, the initial application date). Upon adoption, any entity may designate multiple hedged layers of a single closed portfolio solely on a prospective basis. All entities are required to apply the amendments related to hedge basis adjustments under the portfolio layer method, except for those related to disclosures, on a modified retrospective basis by means of a cumulative-effect adjustment to the opening balance of retained earnings on the initial application date. Entities have the option to apply the amendments related to disclosures on a prospective basis from the initial application date or on a retrospective basis to each prior period presented after the date of adoption of the amendments in Update 2017-12. Within 30 days after the adoption, an entity may reclassify debt securities classified in the held-to-maturity category at the date of adoption to the available-for-sale category only if the entity applies portfolio layer method hedging to one or more closed portfolios that include those debt securities. The Company is currently evaluating this standard, including consideration of early adoption, however, the impact of adoption is not expected to be material to the consolidated results of operation. In March 2022, the FASB issued ASU 2022-02, "Financial Instruments: Credit Losses (Topic 326) - Troubled Debt Restructurings and Vintage Disclosures." The amendments in this update cover two issues: (1) the elimination of TDR recognition and measurement guidance as prescribed by ASC 310-40 and, instead, require that an entity evaluate (consistent with the accounting for other loan modifications) whether the modification represents a new loan or a continuation of an existing loan. The amendments enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty; and, (2) for public business entities, the requirement that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases within the scope of Subtopic 326-20. Gross write-off information must be included in the vintage disclosures required for public business entities in accordance with paragraph 326-20-50-6, which requires that an entity disclose the amortized cost basis of financing receivables by credit quality indicator and class of financing receivable by year of origination. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. For the elimination of recognition and measurement guidance on troubled debt restructurings by creditors in Subtopic 310-40, an entity may elect to apply a modified retrospective transition by means of a cumulative-effect adjustment to the opening retained earnings as of the beginning of the fiscal year of adoption, or a prospective approach applied to modifications occurring after the date of adoption. The remainder of amendments should be applied prospectively. Early adoption of the amendments in this update is permitted, including adoption in an interim period. An entity may elect to early adopt the amendments about TDRs and related disclosure enhancements separately from the amendments related to vintage disclosures. The Company is currently evaluating this standard; however, the impact of adoption is not expected to be material to the consolidated results of operation. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Hancock Whitney Corporation and all other entities in which it has a controlling interest (the “Company”). The financial statements include all adjustments that are, in the opinion of management, necessary to fairly state the Company’s financial condition, results of operations, changes in stockholders’ equity and cash flows for the interim periods presented. The Company has also evaluated all subsequent events for potential recognition and disclosure through the date of the filing of this Quarterly Report on Form 10-Q. Some financial information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been condensed or omitted in this Quarterly Report on Form 10-Q pursuant to Securities and Exchange Commission rules and regulations. These financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Financial information reported in these financial statements is not necessarily indicative of the Company’s financial condition, results of operations, or cash flows for any other interim or annual period. Certain prior period amounts have been reclassified to conform to the current period presentation. These changes in presentation did not have a material impact on the Company's financial condition or operating results. |
Use of Estimates | Use of Estimates The accounting principles the Company follows and the methods for applying these principles conform to GAAP and general practices followed by the banking industry. These accounting principles require management to make estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. |
Accounting Policies | Accounting Policies There were no material changes or developments during the reporting period with respect to methodologies that the Company uses when applying what management believes are critical accounting policies and developing critical accounting estimates as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2021. Refer to Note 14 – Recent Accounting Pronouncements for a discussion of accounting standards issued but not yet adopted at September 30, 2022 and the anticipated impact to the Company’s financial statements. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items] | |
Amortized Cost and Fair Value of Debt Securities Available for Sale | September 30, 2022 December 31, 2021 Gross Gross Gross Gross Securities Available for Sale Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ 44,481 $ — $ 2,194 $ 42,287 $ 420,857 $ 3,781 $ 5,340 $ 419,298 Municipal obligations 207,941 71 10,147 197,865 304,536 13,184 3,562 314,158 Residential mortgage-backed securities 2,737,579 266 431,480 2,306,365 3,056,763 29,158 50,123 3,035,798 Commercial mortgage-backed securities 3,247,495 — 423,575 2,823,920 3,064,828 61,645 48,614 3,077,859 Collateralized mortgage obligations 81,383 — 6,294 75,089 119,046 1,837 — 120,883 Corporate debt securities 23,500 — 2,183 21,317 18,500 210 8 18,702 $ 6,342,379 $ 337 $ 875,873 $ 5,466,843 $ 6,984,530 $ 109,815 $ 107,647 $ 6,986,698 |
Amortized Cost and Fair Value of Debt Securities Held to Maturity | September 30, 2022 December 31, 2021 Gross Gross Gross Gross Securities Held to Maturity Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ 407,097 $ — $ 48,703 $ 358,394 $ 14,857 $ — $ 20 $ 14,837 Municipal obligations 701,353 23 37,888 663,488 621,405 37,941 205 659,141 Residential mortgage-backed securities 755,206 — 81,840 673,366 268,907 682 1,499 268,090 Commercial mortgage-backed securities 954,498 — 89,285 865,213 603,156 28,679 669 631,166 Collateralized mortgage obligations 48,194 — 2,575 45,619 57,426 822 — 58,248 $ 2,866,348 $ 23 $ 260,291 $ 2,606,080 $ 1,565,751 $ 68,124 $ 2,393 $ 1,631,482 |
Proceeds from Gross Gains on and Gross Losses on Sale of Securities | The following table presents the proceeds from, gross gains on, and gross losses on sales of securities during the nine months ended September 30, 2022 and 2021. Net gains or losses are reflected in the "Securities transactions, net" line item on the Consolidated Statements of Income. Nine Months Ended (in thousands) 2022 2021 Proceeds $ 73,219 $ 198,681 Gross gains — 1,649 Gross losses 87 1,316 Net gain (loss) $ ( 87 ) $ 333 |
Available for Sale Securities [Member] | |
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items] | |
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | Debt Securities Available for Sale Amortized Fair (in thousands) Cost Value Due in one year or less $ 101 $ 101 Due after one year through five years 848,598 797,561 Due after five years through ten years 2,973,944 2,578,481 Due after ten years 2,519,736 2,090,700 Total available for sale debt securities $ 6,342,379 $ 5,466,843 |
Securities with Unrealized Losses | Available for Sale September 30, 2022 Losses < 12 months Losses 12 months or > Total (in thousands) Fair Gross Fair Gross Fair Gross U.S. Treasury and government agency securities $ 42,288 $ 2,194 $ — $ — $ 42,288 $ 2,194 Municipal obligations 196,102 10,147 — — 196,102 10,147 Residential mortgage-backed securities 763,658 76,195 1,535,412 355,285 2,299,070 431,480 Commercial mortgage-backed securities 1,803,019 204,268 1,020,901 219,307 2,823,920 423,575 Collateralized mortgage obligations 75,089 6,294 — — 75,089 6,294 Corporate debt securities 19,376 2,124 1,441 59 20,817 2,183 $ 2,899,532 $ 301,222 $ 2,557,754 $ 574,651 $ 5,457,286 $ 875,873 Available for Sale December 31, 2021 Losses < 12 months Losses 12 months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ 198,318 2,305 $ 63,534 $ 3,035 $ 261,852 $ 5,340 Municipal obligations 43,021 2,372 25,126 1,190 68,147 3,562 Residential mortgage-backed securities 1,293,179 20,581 819,596 29,541 2,112,775 50,122 Commercial mortgage-backed securities 786,206 14,819 665,687 33,796 1,451,893 48,615 Collateralized mortgage obligations — — — — — — Corporate debt securities 6,992 8 — — 6,992 8 $ 2,327,716 $ 40,085 $ 1,573,943 $ 67,562 $ 3,901,659 $ 107,647 |
Held-to-maturity Securities [Member] | |
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items] | |
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | Debt Securities Held to Maturity Amortized Fair (in thousands) Cost Value Due in one year or less $ 10,000 $ 9,890 Due after one year through five years 542,464 516,989 Due after five years through ten years 865,852 782,394 Due after ten years 1,448,032 1,296,807 Total held to maturity securities $ 2,866,348 $ 2,606,080 |
Securities with Unrealized Losses | Held to maturity September 30, 2022 Losses < 12 months Losses 12 months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ 168,514 $ 19,895 $ 189,879 $ 28,808 $ 358,393 $ 48,703 Municipal obligations 601,010 21,670 58,691 16,218 659,701 37,888 Residential mortgage-backed securities 574,671 65,187 98,695 16,653 673,366 81,840 Commercial mortgage-backed securities 810,889 79,651 54,324 9,634 865,213 89,285 Collateralized mortgage obligations 45,619 2,575 — — 45,619 2,575 $ 2,200,703 $ 188,978 $ 401,589 $ 71,313 $ 2,602,292 $ 260,291 Held to maturity December 31, 2021 Losses < 12 months Losses 12 months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ 14,837 $ 20 $ — $ — $ 14,837 $ 20 Municipal obligations 7,795 205 — — 7,795 205 Residential mortgage-backed securities 253,661 1,499 — — 253,661 1,499 Commercial mortgage-backed securities 56,366 205 11,837 464 68,203 669 Collateralized mortgage obligations — — — — — — $ 332,659 $ 1,929 $ 11,837 $ 464 $ 344,496 $ 2,393 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accounts Notes And Loans Receivable [Line Items] | |
Loans, Net of Unearned Income | The following table presents loans, net of unearned income, by portfolio class at September 30, 2022 and December 31, 2021. September 30, December 31, (in thousands) 2022 2021 Commercial non-real estate $ 9,905,427 $ 9,612,460 Commercial real estate - owner occupied 3,033,133 2,821,246 Total commercial and industrial 12,938,560 12,433,706 Commercial real estate - income producing 3,686,540 3,464,626 Construction and land development 1,541,257 1,228,670 Residential mortgages 2,843,723 2,423,890 Consumer 1,575,505 1,583,390 Total loans $ 22,585,585 $ 21,134,282 |
Allowance for Credit Losses by Portfolio Class | The following tables present activity in the allowance for credit losses (ACL) by portfolio class for the nine months ended September 30, 2022 and 2021, as well as the corresponding recorded investment in loans at the end of each period. Commercial Total Commercial Commercial real estate- commercial real estate- Construction non-real owner and income and land Residential (in thousands) estate occupied industrial producing development mortgages Consumer Total Nine Months Ended September 30, 2022 Allowance for credit losses Allowance for loan losses: Beginning balance $ 95,888 $ 53,433 $ 149,321 $ 108,058 $ 22,102 $ 30,623 $ 31,961 $ 342,065 Charge-offs ( 6,366 ) ( 946 ) ( 7,312 ) ( 1,066 ) ( 3 ) ( 102 ) ( 9,464 ) ( 17,947 ) Recoveries 9,460 606 10,066 878 132 1,463 4,479 17,018 Net provision for loan losses ( 4,176 ) ( 5,076 ) ( 9,252 ) ( 30,458 ) 4,516 ( 1,037 ) 1,211 ( 35,020 ) Ending balance - allowance for loan losses $ 94,806 $ 48,017 $ 142,823 $ 77,412 $ 26,747 $ 30,947 $ 28,187 $ 306,116 Reserve for unfunded lending commitments: Beginning balance $ 4,522 $ 323 $ 4,845 $ 1,694 $ 21,907 $ 22 $ 866 $ 29,334 Provision for losses on unfunded commitments 238 10 248 ( 205 ) 3,602 ( 5 ) 494 4,134 Ending balance - reserve for unfunded lending commitments 4,760 333 5,093 1,489 25,509 17 1,360 33,468 Total allowance for credit losses $ 99,566 $ 48,350 $ 147,916 $ 78,901 $ 52,256 $ 30,964 $ 29,547 $ 339,584 Allowance for loan losses: Individually evaluated $ 71 $ 31 $ 102 $ 17 $ 19 $ 276 $ 102 $ 516 Collectively evaluated 94,735 47,986 142,721 77,395 26,728 30,671 28,085 305,600 Allowance for loan losses $ 94,806 $ 48,017 $ 142,823 $ 77,412 $ 26,747 $ 30,947 $ 28,187 $ 306,116 Reserve for unfunded lending commitments: Individually evaluated $ 3 $ — $ 3 $ — $ — $ — $ — $ 3 Collectively evaluated 4,757 333 5,090 1,489 25,509 17 1,360 33,465 Reserve for unfunded lending commitments: $ 4,760 $ 333 $ 5,093 $ 1,489 $ 25,509 $ 17 $ 1,360 $ 33,468 Total allowance for credit losses $ 99,566 $ 48,350 $ 147,916 $ 78,901 $ 52,256 $ 30,964 $ 29,547 $ 339,584 Loans: Individually evaluated $ 1,282 $ 929 $ 2,211 $ 1,270 $ 118 $ 3,680 $ 527 $ 7,806 Collectively evaluated 9,904,145 3,032,204 12,936,349 3,685,270 1,541,139 2,840,043 1,574,978 22,577,779 Total loans $ 9,905,427 $ 3,033,133 $ 12,938,560 $ 3,686,540 $ 1,541,257 $ 2,843,723 $ 1,575,505 $ 22,585,585 Commercial Total Commercial Commercial real estate- commercial real estate- Construction non-real owner and income and land Residential (in thousands) estate occupied industrial producing development mortgages Consumer Total Nine Months Ended September 30, 2021 Allowance for credit losses Allowance for loan losses: Beginning balance $ 149,693 $ 69,134 $ 218,827 $ 109,474 $ 26,462 $ 48,842 $ 46,572 $ 450,177 Charge-offs ( 32,369 ) ( 1,722 ) ( 34,091 ) ( 231 ) ( 267 ) ( 218 ) ( 9,874 ) ( 44,681 ) Recoveries 6,579 363 6,942 100 1,548 933 4,636 14,159 Net provision for loan losses ( 17,594 ) ( 10,642 ) ( 28,236 ) 11,752 ( 5,167 ) ( 18,484 ) ( 7,999 ) ( 48,134 ) Ending balance - allowance for loan losses $ 106,309 $ 57,133 $ 163,442 $ 121,095 $ 22,576 $ 31,073 $ 33,335 $ 371,521 Reserve for unfunded lending commitments: Beginning balance $ 4,529 $ 381 $ 4,910 $ 1,099 $ 22,694 $ 19 $ 1,185 $ 29,907 Provision for losses on unfunded commitments ( 176 ) ( 131 ) ( 307 ) 124 ( 383 ) ( 8 ) ( 387 ) ( 961 ) Ending balance - reserve for unfunded lending commitments 4,353 250 4,603 1,223 22,311 11 798 28,946 Total allowance for credit losses $ 110,662 $ 57,383 $ 168,045 $ 122,318 $ 44,887 $ 31,084 $ 34,133 $ 400,467 Allowance for loan losses: Individually evaluated $ 113 $ 33 $ 146 $ 20 $ 20 $ 447 $ 202 $ 835 Collectively evaluated 106,196 57,100 163,296 121,075 22,556 30,626 33,133 370,686 Allowance for loan losses $ 106,309 $ 57,133 $ 163,442 $ 121,095 $ 22,576 $ 31,073 $ 33,335 $ 371,521 Reserve for unfunded lending commitments: Individually evaluated $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated 4,353 250 4,603 1,223 22,311 11 798 28,946 Reserve for unfunded lending commitments: $ 4,353 $ 250 $ 4,603 $ 1,223 $ 22,311 $ 11 $ 798 $ 28,946 Total allowance for credit losses $ 110,662 $ 57,383 $ 168,045 $ 122,318 $ 44,887 $ 31,084 $ 34,133 $ 400,467 Loans: Individually evaluated $ 5,929 $ 5,618 $ 11,547 $ 4,004 $ 127 $ 5,083 $ 1,315 $ 22,076 Collectively evaluated 9,411,061 2,807,308 12,218,369 3,463,935 1,213,864 2,345,970 1,621,801 20,863,939 Total loans $ 9,416,990 $ 2,812,926 $ 12,229,916 $ 3,467,939 $ 1,213,991 $ 2,351,053 $ 1,623,116 $ 20,886,015 |
Composition of Nonaccrual Loans and Without an Allowance for Loan Loss by Portfolio Class | The following table shows the composition of nonaccrual loans and those without an allowance for loan loss, by portfolio class. September 30, 2022 December 31, 2021 (in thousands) Total nonaccrual Nonaccrual without allowance for loan loss Total nonaccrual Nonaccrual without allowance for loan loss Commercial non-real estate $ 4,528 $ 965 $ 6,974 $ 1,264 Commercial real estate - owner occupied 2,237 701 4,921 729 Total commercial and industrial 6,765 1,666 11,895 1,993 Commercial real estate - income producing 1,883 1,200 5,458 5,207 Construction and land development 353 — 844 — Residential mortgages 24,283 1,890 25,439 1,997 Consumer 6,523 — 11,887 48 Total loans $ 39,807 $ 4,756 $ 55,523 $ 9,245 |
Troubled Debt Restructurings Modified by Portfolio Class | The tables below provide detail by portfolio class TDRs that were modified during the three and nine months ended September 30, 2022 and 2021. Three Months Ended September 30, 2022 September 30, 2021 ($ in thousands) Troubled Debt Restructurings: Number Pre- Post- Number Pre- Post- Commercial non-real estate — $ — $ — — $ — $ — Commercial real estate - owner occupied — — — — — — Total commercial and industrial — — — — — — Commercial real estate - income producing — — — — — — Construction and land development — — — — — — Residential mortgages — — — 1 196 196 Consumer — — — — — — Total loans — $ — $ — 1 $ 196 $ 196 Nine Months Ended September 30, 2022 September 30, 2021 Pre- Post- Pre- Post- Number Outstanding Outstanding Number Outstanding Outstanding ($ in thousands) of Recorded Recorded of Recorded Recorded Troubled Debt Restructurings: Contracts Investment Investment Contracts Investment Investment Commercial non-real estate — $ — $ — 3 $ 6,935 $ 6,935 Commercial real estate - owner occupied — — — — — — Total commercial and industrial — — — 3 6,935 6,935 Commercial real estate - income producing — — — — — — Construction and land development — — — — — — Residential mortgages 3 148 153 3 515 538 Consumer 3 76 76 4 86 86 Total loans 6 $ 224 $ 229 10 $ 7,536 $ 7,559 |
Aging Analysis of Past Due Loans by Portfolio Class | The tables below present the aging analysis of past due loans by portfolio class at September 30, 2022 and December 31, 2021. September 30, 2022 30-59 60-89 Greater Total Current Total Recorded (in thousands) Commercial non-real estate $ 26,101 $ 5,828 $ 4,367 $ 36,296 $ 9,869,131 $ 9,905,427 $ 540 Commercial real estate - owner occupied 8,626 756 910 10,292 3,022,841 3,033,133 540 Total commercial and industrial 34,727 6,584 5,277 46,588 12,891,972 12,938,560 1,080 Commercial real estate - income producing 111 — 1,308 1,419 3,685,121 3,686,540 — Construction and land development 136 496 195 827 1,540,430 1,541,257 176 Residential mortgages 5,855 8,762 17,051 31,668 2,812,055 2,843,723 112 Consumer 5,365 2,640 3,545 11,550 1,563,955 1,575,505 1,232 Total $ 46,194 $ 18,482 $ 27,376 $ 92,052 $ 22,493,533 $ 22,585,585 $ 2,600 December 31, 2021 30-59 60-89 Greater Total Current Total Recorded (in thousands) Commercial non-real estate $ 8,381 $ 3,123 $ 7,041 $ 18,545 $ 9,593,915 $ 9,612,460 $ 2,818 Commercial real estate - owner occupied 704 653 1,563 2,920 2,818,326 2,821,246 142 Total commercial and industrial 9,085 3,776 8,604 21,465 12,412,241 12,433,706 2,960 Commercial real estate - income producing 281 107 5,307 5,695 3,458,931 3,464,626 — Construction and land development 2,624 1,022 587 4,233 1,224,437 1,228,670 83 Residential mortgages 23,306 4,638 15,339 43,283 2,380,607 2,423,890 310 Consumer 6,806 2,805 7,447 17,058 1,566,332 1,583,390 2,171 Total $ 42,102 $ 12,348 $ 37,284 $ 91,734 $ 21,042,548 $ 21,134,282 $ 5,524 |
Credit Quality Indicators by Segment and Portfolio Class | The following tables present credit quality disclosures of amortized cost by segment and vintage for term loans and by revolving and revolving converted to amortizing at September 30, 2022 and December 31, 2021. The Company defines vintage as the later of origination, renewal or restructure date. Term Loans Amortized Cost Basis by Origination Year September 30, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (in thousands) Commercial Loans: Pass $ 3,769,590 $ 3,810,862 $ 2,297,865 $ 1,537,650 $ 854,345 $ 1,695,383 $ 3,355,846 $ 99,165 $ 17,420,706 Pass-Watch 42,903 94,955 52,211 48,653 37,491 71,871 73,217 19,956 441,257 Special Mention 32,940 11,387 26,631 3,732 1,507 5,787 5,814 30 87,828 Substandard 48,755 21,437 14,430 30,482 23,389 25,043 48,842 4,188 216,566 Doubtful — — — — — — — — — Total Commercial Loans $ 3,894,188 $ 3,938,641 $ 2,391,137 $ 1,620,517 $ 916,732 $ 1,798,084 $ 3,483,719 $ 123,339 $ 18,166,357 Residential Mortgage and Consumer Loans: Performing $ 549,415 $ 662,455 $ 543,996 $ 272,160 $ 161,093 $ 997,873 $ 1,195,933 $ 4,002 $ 4,386,927 Nonperforming 835 2,109 901 1,836 2,346 22,644 588 1,042 32,301 Total Consumer Loans $ 550,250 $ 664,564 $ 544,897 $ 273,996 $ 163,439 $ 1,020,517 $ 1,196,521 $ 5,044 $ 4,419,228 Term Loans Amortized Cost Basis by Origination Year December 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Revolving Loans Converted to Term Loans Total (in thousands) Commercial Loans: Pass $ 4,946,459 $ 3,008,160 $ 2,035,849 $ 1,212,306 $ 937,639 $ 1,296,382 $ 3,002,064 $ 80,535 $ 16,519,394 Pass-Watch 68,421 19,467 31,598 45,846 27,188 69,310 52,850 5,714 320,394 Special 17,536 2,683 10,296 12,410 10,669 3,656 9,603 6,243 73,096 Substandard 43,895 43,494 36,763 14,664 28,337 16,125 20,358 10,482 214,118 Doubtful — — — — — — — — — Total Commercial Loans $ 5,076,311 $ 3,073,804 $ 2,114,506 $ 1,285,226 $ 1,003,833 $ 1,385,473 $ 3,084,875 $ 102,974 $ 17,127,002 Residential Mortgage and Consumer Loans: Performing $ 580,813 $ 467,497 $ 355,833 $ 223,494 $ 320,344 $ 892,361 $ 1,120,461 $ 5,995 $ 3,966,798 Nonperforming 565 951 2,018 4,465 4,719 24,365 1,432 1,967 40,482 Total Consumer Loans $ 581,378 $ 468,448 $ 357,851 $ 227,959 $ 325,063 $ 916,726 $ 1,121,893 $ 7,962 $ 4,007,280 |
Total Commercial [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Credit Quality Indicators by Segment and Portfolio Class | The following tables present the credit quality indicators by segment and portfolio class of loans at September 30, 2022 and December 31, 2021. The Company routinely assesses the ratings of loans in its portfolio through an established and comprehensive portfolio management process. September 30, 2022 (in thousands) Commercial Commercial Total Commercial Construction Total Grade: Pass $ 9,367,084 $ 2,894,509 $ 12,261,593 $ 3,637,570 $ 1,521,543 $ 17,420,706 Pass-Watch 323,459 59,855 383,314 38,968 18,975 441,257 Special Mention 75,801 5,945 81,746 5,916 166 87,828 Substandard 139,083 72,824 211,907 4,086 573 216,566 Doubtful — — — — — — Total $ 9,905,427 $ 3,033,133 $ 12,938,560 $ 3,686,540 $ 1,541,257 $ 18,166,357 December 31, 2021 (in thousands) Commercial Commercial Total Commercial Construction Total Grade: Pass $ 9,279,719 $ 2,650,399 $ 11,930,118 $ 3,373,099 $ 1,216,177 $ 16,519,394 Pass-Watch 157,815 86,133 243,948 67,157 9,289 320,394 Special Mention 43,344 23,377 66,721 4,466 1,909 73,096 Substandard 131,582 61,337 192,919 19,904 1,295 214,118 Doubtful — — — — — — Total $ 9,612,460 $ 2,821,246 $ 12,433,706 $ 3,464,626 $ 1,228,670 $ 17,127,002 |
Residential Mortgage and Consumer [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Credit Quality Indicators by Segment and Portfolio Class | September 30, 2022 December 31, 2021 (in thousands) Residential Consumer Total Residential Consumer Total Performing $ 2,818,424 $ 1,568,503 $ 4,386,927 $ 2,396,282 $ 1,570,516 $ 3,966,798 Nonperforming 25,299 7,002 32,301 27,608 12,874 40,482 Total $ 2,843,723 $ 1,575,505 $ 4,419,228 $ 2,423,890 $ 1,583,390 $ 4,007,280 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Short-Term Debt [Abstract] | |
Summary of Information Concerning Short-term Borrowings | The following table presents information concerning short-term borrowings at September 30, 2022 and December 31, 2021. September 30, December 31, (in thousands) 2022 2021 Federal funds purchased: Amount outstanding at period end $ 1,850 $ 1,850 Weighted-average interest at period end 2.65 % 0.15 % Securities sold under agreements to repurchase: Amount outstanding at period end $ 541,131 $ 563,211 Weighted-average interest at period end 0.16 % 0.05 % FHLB borrowings: Amount outstanding at period end $ 1,000,000 $ 1,100,000 Weighted-average interest at period end 3.15 % 0.49 % The following table presents information concerning short-term borrowings for the three and nine months ended September 30, 2022 and 2021. Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Federal funds purchased: Average amount outstanding during period $ 28,861 $ 3,283 $ 11,425 $ 4,284 Maximum amount at any month end during period $ 1,850 $ 4,300 $ 2,350 $ 4,400 Weighted-average interest rate during period 2.59 % 0.23 % 2.29 % 0.46 % Securities sold under agreements to repurchase: Average amount outstanding during period $ 516,546 $ 508,969 $ 542,105 $ 549,315 Maximum amount at any month end during period $ 541,131 $ 643,403 $ 640,592 $ 643,403 Weighted-average interest rate during period 0.13 % 0.08 % 0.09 % 0.12 % FHLB borrowings: Average amount outstanding during period $ 405,163 $ 1,100,000 $ 731,982 $ 1,100,000 Maximum amount at any month end during period $ 1,000,000 $ 1,100,000 $ 1,100,000 $ 1,100,000 Weighted-average interest rate during period 2.34 % 0.49 % 0.84 % 0.49 % |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Financial Instruments | The table below presents the notional or contractual amounts and fair values of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets at September 30, 2022 and December 31, 2021. September 30, 2022 December 31, 2021 Derivative (1) Derivative (1) (in thousands) Type of Notional or Assets Liabilities Notional or Assets Liabilities Derivatives designated as hedging instruments: Interest rate swaps - variable rate loans Cash Flow $ 2,050,000 $ — $ 122,433 $ 1,125,000 $ 5,884 $ 4,421 Interest rate swaps - securities Fair Value 934,900 62,610 — 1,837,650 22,138 10,690 2,984,900 62,610 122,433 2,962,650 28,022 15,111 Derivatives not designated as hedging instruments: Interest rate swaps N/A 5,046,771 188,799 185,546 5,193,991 75,819 75,861 Risk participation agreements N/A 286,091 1 9 217,437 11 35 Interest rate-lock commitments on residential mortgage loans N/A 28,414 143 178 82,037 1,525 1 Forward commitments to sell residential mortgage loans N/A 18,517 158 69 46,739 1 645 To Be Announced (TBA) securities N/A 15,000 431 4 55,000 15 53 Foreign exchange forward contracts N/A 153,430 4,667 4,601 48,364 778 758 Visa Class B derivative contract N/A 43,111 — 2,295 43,439 — 4,116 5,591,334 194,199 192,702 5,687,007 78,149 81,469 Total derivatives $ 8,576,234 $ 256,809 $ 315,135 $ 8,649,657 $ 106,171 $ 96,580 Less: netting adjustment (2) ( 137,709 ) ( 88,697 ) ( 30,304 ) ( 61,534 ) Total derivative assets/liabilities $ 119,100 $ 226,438 $ 75,867 $ 35,046 (1) Derivative assets and liabilities are reported at fair value in other assets or other liabilities, respectively, in the consolidated balance sheets. (2) Represents balance sheet netting of derivative assets and liabilities for variation margin collateral held or placed with the same central clearing counterparty. See offsetting assets and liabilities for further information. |
Effects of Derivative Instruments on the Statement of Income | The effects of derivative instruments on the Consolidated Statements of Income for the three and nine months ended September 30, 2022 and 2021 are presented in the table below. Three Months Ended Nine Months Ended (in thousands) September 30, September 30, Derivative Instruments: Location of Gain (Loss) Recognized 2022 2021 2022 2021 Cash flow hedges: Variable rate loans Interest income - loans $ 1,752 $ 6,950 $ 14,519 $ 19,941 Fair value hedges: Securities Interest income - securities - taxable 1,596 21 2,625 ( 6 ) Securities Noninterest income - securities transactions, net — — 1,620 2,499 Derivatives not designated as hedging: Residential mortgage banking Noninterest income - secondary mortgage market operations ( 365 ) ( 1,249 ) 2,595 2,223 Customer and all other instruments Noninterest income - other noninterest income 1,309 2,970 6,386 11,755 Total gain $ 4,292 $ 8,692 $ 27,745 $ 36,412 |
Offsetting Derivative Assets and Liabilities Subject to Master Netting Arrangements | Offsetting information in regards to all derivative assets and liabilities, including accrued interest, subject to these master netting agreements at September 30, 2022 and December 31, 2021 is presented in the following tables (in thousands) Gross Net Amounts Gross Amounts Not Offset in the Description Gross Offset in Presented in Financial Cash Net As of September 30, 2022 Derivative Assets $ 253,109 $ ( 138,429 ) $ 114,680 $ 37,879 $ 14,850 $ 91,651 Derivative Liabilities $ 127,592 $ ( 89,713 ) $ 37,879 $ 37,879 $ — $ — (in thousands) Gross Net Amounts Gross Amounts Not Offset in the Description Gross Offset in Presented in Financial Cash Net As of December 31, 2021 Derivative Assets $ 36,790 $ ( 29,882 ) $ 6,908 $ 6,908 $ — $ — Derivative Liabilities $ 85,448 $ ( 63,204 ) $ 22,244 $ 6,908 $ 66,207 $ ( 50,871 ) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | A roll forward of the components of Accumulated Other Comprehensive Income (Loss) is presented in the table that follows: Available HTM Securities Employee Cash Equity Method Investment Total (in thousands) Balance, December 31, 2020 $ 171,224 $ 276 $ ( 125,573 ) $ 39,511 $ ( 5,369 ) $ 80,069 Net change in unrealized gain or loss ( 144,715 ) — — 353 438 ( 143,924 ) Reclassification of net income or loss realized and included in earnings 2,166 — 3,970 ( 19,941 ) 4,468 ( 9,337 ) Valuation adjustments to pension plan attributable to VERIP and curtailment — — 59,606 — — 59,606 Other valuation adjustments to employee benefit plans — — ( 10,651 ) — — ( 10,651 ) Amortization of unrealized net gain on securities transferred to HTM — ( 134 ) — — — ( 134 ) Income tax (expense) benefit 31,952 30 ( 11,783 ) 4,370 — 24,569 Balance, September 30, 2021 $ 60,627 $ 172 $ ( 84,431 ) $ 24,293 $ ( 463 ) $ 198 Balance, December 31, 2021 $ 11,037 $ 153 $ ( 80,946 ) $ 16,284 $ ( 463 ) $ ( 53,935 ) Net change in unrealized gain or loss ( 844,250 ) — — ( 118,110 ) 468 ( 961,892 ) Reclassification of net income or loss realized and included in earnings 1,707 — 1,963 ( 14,519 ) — ( 10,849 ) Valuation adjustments to employee benefit plans — — ( 8,397 ) — — ( 8,397 ) Transfer of net unrealized loss from AFS to HTM securities portfolio 15,405 ( 15,405 ) — — — — Amortization of unrealized net gain or loss on securities transferred to HTM — 961 — — — 961 Income tax (expense) benefit 186,685 3,260 1,452 29,934 — 221,331 Balance, September 30, 2022 $ ( 629,416 ) $ ( 11,031 ) $ ( 85,928 ) $ ( 86,411 ) $ 5 $ ( 812,781 ) |
Line Items in Consolidated Income Statements Affected by Amounts Reclassified from Accumulated Other Comprehensive Income | The following table shows the line items in the consolidated statements of income affected by amounts reclassified from AOCI. Nine Months Ended Amount reclassified from AOCI (a) September 30, Affected line item on (in thousands) 2022 2021 the statement of income Loss on sale of AFS securities $ ( 1,707 ) $ ( 2,166 ) Noninterest income Tax effect 385 487 Income taxes Net of tax ( 1,322 ) ( 1,679 ) Net income Amortization of unrealized net gain (loss) on securities transferred to HTM ( 961 ) 134 Interest income Tax effect 217 ( 30 ) Income taxes Net of tax ( 744 ) 104 Net income Amortization of defined benefit pension and post-retirement items ( 1,963 ) ( 3,970 ) Other noninterest expense (b) Tax effect 443 884 Income taxes Net of tax ( 1,520 ) ( 3,086 ) Net income Reclassification of unrealized gain on cash flow hedges 5,786 18,771 Interest income Tax effect ( 1,306 ) ( 4,188 ) Income taxes Net of tax 4,480 14,583 Net income Amortization of gain on terminated cash flow hedges 8,733 1,170 Interest income Tax effect ( 1,971 ) ( 261 ) Income taxes Net of tax 6,762 909 Net income Reclassification of unrealized loss on equity method investment — ( 4,468 ) Noninterest income Tax effect — — Income taxes Net of tax — ( 4,468 ) Net income Total reclassifications, net of tax $ 7,656 $ 6,363 Net income (a) Amounts in parentheses indicate reduction in net income (b) These AOCI components are included in the computation of net periodic pension and post-retirement cost that is reported with other noninterest |
Other Noninterest Income (Table
Other Noninterest Income (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Income, Nonoperating [Abstract] | |
Components of Other Noninterest Income | Components of other noninterest income are as follows: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Income from bank-owned life insurance $ 4,784 $ 3,907 $ 12,602 $ 14,535 Credit related fees 2,628 2,568 7,840 8,383 Income from derivatives 1,309 2,970 6,386 11,755 Gain on sale of Mastercard Class B common stock — — — 2,800 Gain on sale of Hancock Horizon Funds — 4,576 — 4,576 Other miscellaneous 6,108 8,168 17,986 13,673 Total other noninterest income $ 14,829 $ 22,189 $ 44,814 $ 55,722 |
Other Noninterest Expense (Tabl
Other Noninterest Expense (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Expense, Nonoperating [Abstract] | |
Components of Other Noninterest Expense | Components of other noninterest expense are as follows: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Corporate value and franchise taxes and other non-income taxes $ 4,010 $ 3,414 $ 12,816 $ 11,300 Advertising 3,533 3,638 10,211 8,400 Telecommunications and postage 3,027 3,087 8,923 9,568 Entertainment and contributions 2,231 2,280 7,632 5,214 Tax credit investment amortization 1,004 1,112 3,012 3,337 Printing and supplies 971 914 2,892 2,833 Travel expense 1,239 765 3,022 1,789 Net other retirement expense ( 7,570 ) ( 7,294 ) ( 22,123 ) ( 20,645 ) Loss on facilities and equipment from consolidation — — — 15,462 Loss on extinguishment of debt — — — 4,165 Other miscellaneous 7,508 13,041 21,214 25,567 Total other noninterest expense $ 15,953 $ 20,957 $ 47,599 $ 66,990 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Earnings Per Common Share | A summary of the information used in the computation of earnings per common share follows. Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except per share data) 2022 2021 2022 2021 Numerator: Net income to common shareholders $ 135,389 $ 129,582 $ 380,302 $ 325,472 Net income allocated to participating securities - basic and diluted 2,014 2,419 5,776 6,650 Net income allocated to common shareholders - basic and diluted $ 133,375 $ 127,163 $ 374,526 $ 318,822 Denominator: Weighted-average common shares - basic 85,706 86,834 $ 86,141 $ 86,800 Dilutive potential common shares 314 172 298 151 Weighted-average common shares - diluted 86,020 87,006 $ 86,439 $ 86,951 Earnings per common share: Basic $ 1.56 $ 1.46 $ 4.35 $ 3.67 Diluted $ 1.55 $ 1.46 $ 4.33 $ 3.67 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefits Cost | The following tables show the components of net periodic benefit cost included in expense for the periods indicated. Other Post- (in thousands) Pension Benefits Retirement Benefits For the Three Months Ended September 30, 2022 2021 2022 2021 Service cost $ 2,855 $ 2,620 $ 25 $ 23 Interest cost 3,756 3,552 77 91 Expected return on plan assets ( 11,714 ) ( 11,463 ) — — Amortization of net (gain) or loss and prior service costs 450 717 ( 139 ) ( 192 ) Net periodic benefit cost $ ( 4,653 ) $ ( 4,574 ) $ ( 37 ) $ ( 78 ) (in thousands) Pension Benefits Retirement Benefits For the Nine Months Ended September 30, 2022 2021 2022 2021 Service cost $ 8,584 $ 8,996 $ 75 $ 71 Interest cost 10,881 9,982 230 257 Expected return on plan assets ( 34,900 ) ( 34,854 ) — — Amortization of net (gain) or loss and prior service costs 2,380 4,471 ( 417 ) ( 501 ) Special termination benefits — 16,052 — 4,137 Net periodic benefit cost (benefit) $ ( 13,055 ) $ 4,647 $ ( 112 ) $ 3,964 |
Share-Based Payment Arrangeme_2
Share-Based Payment Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Nonvested Restricted and Performance Shares | A summary of the status of the Company’s nonvested restricted stock units and restricted and performance-based share awards at September 30, 2022 are presented in the following table. Weighted Average Number of Grant Date Shares Fair Value Nonvested at January 1, 2022 1,453,085 $ 34.58 Granted 538,387 52.41 Vested ( 118,830 ) 34.24 Forfeited ( 113,946 ) 35.53 Nonvested at September 30, 2022 1,758,696 $ 40.00 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Off-Balance Sheet Financial Instruments | The following table presents a summary of the Company’s off-balance sheet financial instruments as of September 30, 2022 and December 31, 2021: September 30, December 31, (in thousands) 2022 2021 Commitments to extend credit $ 10,285,394 $ 9,444,803 Letters of credit 373,002 396,956 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present for each of the fair value hierarchy levels the Company’s financial assets and liabilities that are measured at fair value on a recurring basis in the consolidated balance sheets at September 30, 2022 and December 31, 2021: September 30, 2022 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 42,287 $ — $ 42,287 Municipal obligations — 197,865 — 197,865 Corporate debt securities — 21,317 — 21,317 Residential mortgage-backed securities — 2,306,365 — 2,306,365 Commercial mortgage-backed securities — 2,823,920 — 2,823,920 Collateralized mortgage obligations — 75,089 — 75,089 Total available for sale securities — 5,466,843 — 5,466,843 Mortgage loans held for sale — 15,149 — 15,149 Derivative assets (1) — 119,100 — 119,100 Total recurring fair value measurements - assets $ — $ 5,601,092 $ — $ 5,601,092 Liabilities Derivative liabilities (1) $ — $ 224,143 $ 2,295 $ 226,438 Total recurring fair value measurements - liabilities $ — $ 224,143 $ 2,295 $ 226,438 December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 419,298 $ — $ 419,298 Municipal obligations — 314,158 — 314,158 Corporate debt securities — 18,702 — 18,702 Residential mortgage-backed securities — 3,035,798 — 3,035,798 Commercial mortgage-backed securities — 3,077,859 — 3,077,859 Collateralized mortgage obligations — 120,883 — 120,883 Total available for sale securities — 6,986,698 — 6,986,698 Mortgage loans held for sale 41,022 41,022 Derivative assets (1) — 75,867 — 75,867 Total recurring fair value measurements - assets $ — $ 7,103,587 $ — $ 7,103,587 Liabilities Derivative liabilities (1) $ — $ 30,930 $ 4,116 $ 35,046 Total recurring fair value measurements - liabilities $ — $ 30,930 $ 4,116 $ 35,046 (1) For further disaggregation of derivative assets and liabilities, see Note 5 - Derivatives. |
Consolidated Balance Sheets for Financial Instruments of Material Nature Measured at Fair Value on Recurring Basis | The table below presents a rollforward of the amounts on the consolidated balance sheets for the nine months ended September 30, 2022 and the year ended December 31, 2021 for financial instruments of a material nature that are classified within Level 3 of the fair value hierarchy and are measured at fair value on a recurring basis: (in thousands) Balance at December 31, 2020 $ 5,645 Cash settlement ( 1,767 ) Losses included in earnings 238 Balance at December 31, 2021 4,116 Cash settlement ( 1,994 ) Losses included in earnings 173 Balance at September 30, 2022 $ 2,295 |
Overview of the Valuation Techniques and Significant Unobservable Inputs | The table below provides an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure the financial instrument measured on a recurring basis and classified within Level 3 of the valuation. The range of sensitivities that management utilized in its fair value calculations is deemed acceptable in the industry with respect to the identified financial instrument. ($ in thousands) Fair Value Level 3 Class September 30, 2022 December 31, 2021 Derivative liability $ 2,295 $ 4,116 Valuation technique Discounted cash flow Discounted cash flow Unobservable inputs: Visa Class A appreciation - range 6 - 12 % 6 %- 12 % Visa Class A appreciation - weighted average 9 % 9 % Conversion rate - range 1.61 x- 1.60 x 1.62 x- 1.60 x Conversion rate -weighted average 1.6030 x 1.6091 x Time until resolution 3 - 15 months 3 - 24 months |
Financial Assets Measured at Fair Value on Nonrecurring Basis | The following tables present the Company’s financial assets that are measured at fair value on a nonrecurring basis for each of the fair value hierarchy levels. September 30, 2022 (in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent loans individually evaluated for credit loss $ — $ 4,756 $ — $ 4,756 Other real estate owned and foreclosed assets, net — — 2,085 2,085 Total nonrecurring fair value measurements $ — $ 4,756 $ 2,085 $ 6,841 December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent loans individually evaluated for credit loss $ — $ 13,253 $ — $ 13,253 Other real estate owned and foreclosed assets, net — — 7,533 7,533 Total nonrecurring fair value measurements $ — $ 13,253 $ 7,533 $ 20,786 |
Estimated Fair Values of Financial Instruments | The following tables present the estimated fair values of the Company’s financial instruments by fair value hierarchy levels and the corresponding carrying amounts. September 30, 2022 Total Fair Carrying (in thousands) Level 1 Level 2 Level 3 Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 851,251 $ — $ — $ 851,251 $ 851,251 Available for sale securities — 5,466,843 — 5,466,843 5,466,843 Held to maturity securities — 2,606,080 — 2,606,080 2,866,348 Loans, net — 4,756 21,457,199 21,461,955 22,279,469 Loans held for sale — 33,008 — 33,008 33,008 Derivative financial instruments — 119,100 — 119,100 119,100 Financial liabilities: Deposits $ — $ — $ 28,925,735 $ 28,925,735 $ 28,951,274 Federal funds purchased 1,850 — — 1,850 1,850 Securities sold under agreements to repurchase 541,131 — — 541,131 541,131 FHLB short-term borrowings 1,000,000 — — 1,000,000 1,000,000 Long-term debt — 197,059 — 197,059 236,410 Derivative financial instruments — 224,143 2,295 226,438 226,438 December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Fair Carrying Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 4,231,836 $ — $ — $ 4,231,836 $ 4,231,836 Available for sale securities — 6,986,698 — 6,986,698 6,986,698 Held to maturity securities — 1,631,482 — 1,631,482 1,565,751 Loans, net — 13,253 20,720,568 20,733,821 20,792,217 Loans held for sale — 93,069 — 93,069 93,069 Derivative financial instruments — 75,867 — 75,867 75,867 Financial liabilities: Deposits $ — $ — $ 30,432,646 $ 30,432,646 $ 30,465,897 Federal funds purchased 1,850 — — 1,850 1,850 Securities sold under agreements to repurchase 563,211 — — 563,211 563,211 FHLB short-term borrowings — 1,119,026 — 1,119,026 1,100,000 Long-term debt — 253,677 — 253,677 244,220 Derivative financial instruments — 30,930 4,116 35,046 35,046 |
Securities (Narrative) (Details
Securities (Narrative) (Details) | 9 Months Ended | |
Sep. 30, 2022 USD ($) Security | Dec. 31, 2021 USD ($) Security | |
Debt and Equity Securities, FV-NI [Line Items] | ||
Securities with an aggregate fair value | $ 5,457,286,000 | $ 3,901,659,000 |
Securities available for sale, amortized cost | 6,342,379,000 | 6,984,530,000 |
Securities classified as trading | 0 | $ 0 |
Allowance for credit loss | $ 0 | |
Securities that met the criteria of a credit loss event | Security | 0 | |
Number of securities with market values below their cost basis | Security | 768 | 142 |
Asset Pledged as Collateral without Right [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Securities pledged as collateral | $ 4,200,000,000 | $ 4,000,000,000 |
Available for Sale and Held to Maturity [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost of securities excluding accrued interest | 27,900,000 | $ 25,500,000 |
Securities with an aggregate fair value | 561,800,000 | |
Unrealized loss | 15,400,000 | |
Securities available for sale, amortized cost | $ 561,800,000 |
Securities (Amortized Cost and
Securities (Amortized Cost and Fair Value of Debt Securities Available for Sale) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | $ 6,342,379 | $ 6,984,530 |
Securities Available for Sale, Gross Unrealized Gains | 337 | 109,815 |
Securities Available for Sale, Gross Unrealized Losses | 875,873 | 107,647 |
Securities Available for Sale, Fair Value | 5,466,843 | 6,986,698 |
U.S. Treasury And Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 44,481 | 420,857 |
Securities Available for Sale, Gross Unrealized Gains | 3,781 | |
Securities Available for Sale, Gross Unrealized Losses | 2,194 | 5,340 |
Securities Available for Sale, Fair Value | 42,287 | 419,298 |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 207,941 | 304,536 |
Securities Available for Sale, Gross Unrealized Gains | 71 | 13,184 |
Securities Available for Sale, Gross Unrealized Losses | 10,147 | 3,562 |
Securities Available for Sale, Fair Value | 197,865 | 314,158 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 2,737,579 | 3,056,763 |
Securities Available for Sale, Gross Unrealized Gains | 266 | 29,158 |
Securities Available for Sale, Gross Unrealized Losses | 431,480 | 50,123 |
Securities Available for Sale, Fair Value | 2,306,365 | 3,035,798 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 3,247,495 | 3,064,828 |
Securities Available for Sale, Gross Unrealized Gains | 61,645 | |
Securities Available for Sale, Gross Unrealized Losses | 423,575 | 48,614 |
Securities Available for Sale, Fair Value | 2,823,920 | 3,077,859 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 81,383 | 119,046 |
Securities Available for Sale, Gross Unrealized Gains | 1,837 | |
Securities Available for Sale, Gross Unrealized Losses | 6,294 | |
Securities Available for Sale, Fair Value | 75,089 | 120,883 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 23,500 | 18,500 |
Securities Available for Sale, Gross Unrealized Gains | 210 | |
Securities Available for Sale, Gross Unrealized Losses | 2,183 | 8 |
Securities Available for Sale, Fair Value | $ 21,317 | $ 18,702 |
Securities (Amortized Cost an_2
Securities (Amortized Cost and Fair Value of Debt Securities Held to Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | $ 2,866,348 | $ 1,565,751 |
Securities Held to Maturity, Gross Unrealized Gains | 23 | 68,124 |
Securities Held to Maturity, Gross Unrealized Losses | 260,291 | 2,393 |
Securities Held to Maturity, Fair Value | 2,606,080 | 1,631,482 |
U.S. Treasury And Government Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | 407,097 | 14,857 |
Securities Held to Maturity, Gross Unrealized Losses | 48,703 | 20 |
Securities Held to Maturity, Fair Value | 358,394 | 14,837 |
Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | 701,353 | 621,405 |
Securities Held to Maturity, Gross Unrealized Gains | 23 | 37,941 |
Securities Held to Maturity, Gross Unrealized Losses | 37,888 | 205 |
Securities Held to Maturity, Fair Value | 663,488 | 659,141 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | 755,206 | 268,907 |
Securities Held to Maturity, Gross Unrealized Gains | 682 | |
Securities Held to Maturity, Gross Unrealized Losses | 81,840 | 1,499 |
Securities Held to Maturity, Fair Value | 673,366 | 268,090 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | 954,498 | 603,156 |
Securities Held to Maturity, Gross Unrealized Gains | 28,679 | |
Securities Held to Maturity, Gross Unrealized Losses | 89,285 | 669 |
Securities Held to Maturity, Fair Value | 865,213 | 631,166 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | 48,194 | 57,426 |
Securities Held to Maturity, Gross Unrealized Gains | 822 | |
Securities Held to Maturity, Gross Unrealized Losses | 2,575 | |
Securities Held to Maturity, Fair Value | $ 45,619 | $ 58,248 |
Securities (Amortized Cost an_3
Securities (Amortized Cost and Fair Value of Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Debt Securities Available for Sale, Due in one year or less, Amortized Cost | $ 101 | |
Debt Securities Available for Sale, Due after one year through five years, Amortized Cost | 848,598 | |
Debt Securities Available for Sale, Due after five years through ten years, Amortized Cost | 2,973,944 | |
Debt Securities Available for Sale, Due after ten years, Amortized Cost | 2,519,736 | |
Securities Available for Sale, Gross Amortized Cost | 6,342,379 | $ 6,984,530 |
Debt Securities Available for Sale, Due in one year or less, Fair Value | 101 | |
Debt Securities Available for Sale, Due after one year through five years, Fair Value | 797,561 | |
Debt Securities Available for Sale, Due after five years through ten years, Fair Value | 2,578,481 | |
Debt Securities Available for Sale, Due after ten years, Fair Value | 2,090,700 | |
Total available for sale debt securities, Fair Value | 5,466,843 | 6,986,698 |
Debt Securities Held to Maturity, Due in one year or less, Amortized Cost | 10,000 | |
Debt Securities Held to Maturity, Due after one year through five years, Amortized Cost | 542,464 | |
Debt Securities Held to Maturity, Due after five years through ten years, Amortized Cost | 865,852 | |
Debt Securities Held to Maturity, Due after ten years, Amortized Cost | 1,448,032 | |
Total held to maturity debt securities, Amortized Cost | 2,866,348 | 1,565,751 |
Debt Securities Held to Maturity, Due in one year or less, Fair Value | 9,890 | |
Debt Securities Held to Maturity, Due after one year through five years, Fair Value | 516,989 | |
Debt Securities Held to Maturity, Due after five years through ten years, Fair Value | 782,394 | |
Debt Securities Held to Maturity, Due after ten years, Fair Value | 1,296,807 | |
Total held to maturity debt securities, Fair Value | $ 2,606,080 | $ 1,631,482 |
Securities (Proceeds from Gross
Securities (Proceeds from Gross Gains on and Gross Losses on Sale of Securities) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds | $ 73,219 | $ 198,681 |
Gross gains | 1,649 | |
Gross losses | 87 | 1,316 |
Net gain (loss) | $ (87) | $ 333 |
Securities (Securities Availabl
Securities (Securities Available for Sale with Unrealized Losses) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | $ 2,899,532 | $ 2,327,716 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 301,222 | 40,085 |
Available for sale, Losses 12 months or longer, Fair Value | 2,557,754 | 1,573,943 |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 574,651 | 67,562 |
Available for sale, Total, Fair Value | 5,457,286 | 3,901,659 |
Available for sale, Total, Gross Unrealized Losses | 875,873 | 107,647 |
U.S. Treasury And Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 42,288 | 198,318 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 2,194 | 2,305 |
Available for sale, Losses 12 months or longer, Fair Value | 63,534 | |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 3,035 | |
Available for sale, Total, Fair Value | 42,288 | 261,852 |
Available for sale, Total, Gross Unrealized Losses | 2,194 | 5,340 |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 196,102 | 43,021 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 10,147 | 2,372 |
Available for sale, Losses 12 months or longer, Fair Value | 25,126 | |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 1,190 | |
Available for sale, Total, Fair Value | 196,102 | 68,147 |
Available for sale, Total, Gross Unrealized Losses | 10,147 | 3,562 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 763,658 | 1,293,179 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 76,195 | 20,581 |
Available for sale, Losses 12 months or longer, Fair Value | 1,535,412 | 819,596 |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 355,285 | 29,541 |
Available for sale, Total, Fair Value | 2,299,070 | 2,112,775 |
Available for sale, Total, Gross Unrealized Losses | 431,480 | 50,122 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 1,803,019 | 786,206 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 204,268 | 14,819 |
Available for sale, Losses 12 months or longer, Fair Value | 1,020,901 | 665,687 |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 219,307 | 33,796 |
Available for sale, Total, Fair Value | 2,823,920 | 1,451,893 |
Available for sale, Total, Gross Unrealized Losses | 423,575 | 48,615 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 75,089 | |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 6,294 | |
Available for sale, Total, Fair Value | 75,089 | |
Available for sale, Total, Gross Unrealized Losses | 6,294 | |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 19,376 | 6,992 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 2,124 | 8 |
Available for sale, Losses 12 months or longer, Fair Value | 1,441 | |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 59 | |
Available for sale, Total, Fair Value | 20,817 | 6,992 |
Available for sale, Total, Gross Unrealized Losses | $ 2,183 | $ 8 |
Securities (Securities Held to
Securities (Securities Held to Maturity with Unrealized Losses) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | $ 2,200,703 | $ 332,659 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 188,978 | 1,929 |
Held to maturity, Losses 12 months or longer, Fair Value | 401,589 | 11,837 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 71,313 | 464 |
Held to maturity, Total, Fair Value | 2,602,292 | 344,496 |
Held to maturity, Total, Gross Unrealized Losses | 260,291 | 2,393 |
U.S. Treasury And Government Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 168,514 | 14,837 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 19,895 | 20 |
Held to maturity, Losses 12 months or longer, Fair Value | 189,879 | |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 28,808 | |
Held to maturity, Total, Fair Value | 358,393 | 14,837 |
Held to maturity, Total, Gross Unrealized Losses | 48,703 | 20 |
Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 601,010 | 7,795 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 21,670 | 205 |
Held to maturity, Losses 12 months or longer, Fair Value | 58,691 | |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 16,218 | |
Held to maturity, Total, Fair Value | 659,701 | 7,795 |
Held to maturity, Total, Gross Unrealized Losses | 37,888 | 205 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 574,671 | 253,661 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 65,187 | 1,499 |
Held to maturity, Losses 12 months or longer, Fair Value | 98,695 | |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 16,653 | |
Held to maturity, Total, Fair Value | 673,366 | 253,661 |
Held to maturity, Total, Gross Unrealized Losses | 81,840 | 1,499 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 810,889 | 56,366 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 79,651 | 205 |
Held to maturity, Losses 12 months or longer, Fair Value | 54,324 | 11,837 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 9,634 | 464 |
Held to maturity, Total, Fair Value | 865,213 | 68,203 |
Held to maturity, Total, Gross Unrealized Losses | 89,285 | $ 669 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 45,619 | |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 2,575 | |
Held to maturity, Total, Fair Value | 45,619 | |
Held to maturity, Total, Gross Unrealized Losses | $ 2,575 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses (Narrative) (Details) | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 USD ($) Loan | Sep. 30, 2021 USD ($) Loan | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | ||||||
Accrued interest | $ 82,500,000 | $ 67,800,000 | ||||
Base line economic forecast probability percentage | 25% | |||||
Unemployment percentage rate forecast | 3.50% | |||||
Labor force participation forecast percentage | 62.50% | |||||
Prime age employment to population ratio above | 80% | |||||
Federal funds rate description | Federal Funds rate will reach a target rate of 3.5% by the end of 2022, with the possibility of future rate increases; rate cuts not forecasted to begin until 2025 | |||||
Nonaccrual loans | $ 39,807,000 | 55,523,000 | ||||
TDRs both accruing and nonaccruing | 4,800,000 | 10,600,000 | ||||
Unfunded commitment to borrowers related to modified TDR | 0 | 0 | ||||
Loans held for sale | 33,008,000 | 93,069,000 | ||||
Troubled Debt Restructurings [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Nonaccrual loans | 2,800,000 | 6,800,000 | ||||
Reduced interest rate | 100,000 | |||||
Troubled Debt Restructurings [Member] | Loans With Extended Amortization Terms Or Other Payment Concessions [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Extended terms and other payment concessions | $ 7,100,000 | |||||
Troubled Debt Restructurings [Member] | Loans With Other Modifications [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Other modifications | $ 100,000 | $ 500,000 | ||||
Slower Near-term Growth/Mild Recessionary Scenario S-2 [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Allowance for credit losses probability weighting percentage | 75% | |||||
Description of decline in gross domestic product due to mild recession | As such, the S-2 scenario incorporates a mild recession beginning in the fourth quarter of 2022, spanning three quarters, with a peak-to-trough decline in GDP of about 1.4%. | |||||
Downside Scenario S-1 [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Weighted average percentage of forecast | 50% | |||||
Downside Scenario S-2 [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Weighted average percentage of forecast | 50% | |||||
Forecast [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Unemployment percentage rate forecast | 4.90% | 6.10% | 4% | |||
Gross domestic product annual growth percentage | 2.60% | 1.40% | 1.60% | |||
Residential Mortgages [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Nonaccrual loans | $ 24,283,000 | 25,439,000 | ||||
Loans carried at fair value option | 15,100,000 | 41,000,000 | ||||
Unpaid principal balance | $ 15,300,000 | 40,100,000 | ||||
Residential Mortgages [Member] | Troubled Debt Restructurings [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Number of TDRs subsequently defaulted | Loan | 1 | 1 | ||||
Recorded Investment | $ 200,000 | $ 600,000 | ||||
Consumer [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Nonaccrual loans | 6,523,000 | 11,887,000 | ||||
Real estate in process of foreclosure | 4,500,000 | 4,400,000 | ||||
Real estate acquired through foreclosure | $ 500,000 | 2,400,000 | ||||
Consumer [Member] | Troubled Debt Restructurings [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Number of TDRs subsequently defaulted | Loan | 4 | |||||
Total Commercial And Industrial [Member] | Total Commercial [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Nonaccrual loans | $ 6,765,000 | 11,895,000 | ||||
Commercial Non-Real Estate [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Paycheck protection program loans | $ 75,700,000 | 531,100,000 | ||||
Commercial Non-Real Estate [Member] | Troubled Debt Restructurings [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Number of TDRs subsequently defaulted | Loan | 3 | |||||
Recorded Investment | $ 3,100,000 | |||||
Commercial Non-Real Estate [Member] | Total Commercial And Industrial [Member] | Total Commercial [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans interest bearing rate | 1% | |||||
Loans receivable percentage of origination fee description | These loans also earn an origination fee of 1%, 3%, or 5%, depending on the loan size, | |||||
Nonaccrual loans | $ 4,528,000 | $ 6,974,000 | ||||
Commercial Non-Real Estate [Member] | Total Commercial And Industrial [Member] | Minimum [Member] | Total Commercial [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans term | 2 years | |||||
Loans percentage of origination fee | 1% | |||||
Commercial Non-Real Estate [Member] | Total Commercial And Industrial [Member] | Maximum [Member] | Total Commercial [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans term | 5 years | |||||
Loans percentage of origination fee | 5% |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses (Loans, Net of Unearned Income) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 22,585,585 | $ 21,134,282 | $ 20,886,015 |
Residential Mortgages [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 2,843,723 | 2,423,890 | 2,351,053 |
Consumer [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 1,575,505 | 1,583,390 | 1,623,116 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 3,686,540 | 3,464,626 | 3,467,939 |
Construction and Land Development [Member] | Total Commercial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 1,541,257 | 1,228,670 | 1,213,991 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 12,938,560 | 12,433,706 | 12,229,916 |
Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 9,905,427 | 9,612,460 | 9,416,990 |
Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 3,033,133 | $ 2,821,246 | $ 2,812,926 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses (Allowance for Credit Losses by Portfolio Class) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | $ 342,065 | $ 450,177 | |||
Allowance for loan losses: Net provision for loan losses | $ 1,402 | $ (26,955) | (30,886) | (49,095) | |
Allowance for loan losses: Ending balance | 306,116 | 371,521 | 306,116 | 371,521 | |
Reserve for unfunded lending commitments: Beginning balance | 29,334 | 29,907 | |||
Reserve for unfunded lending commitments: Provision for losses | 4,134 | 961 | |||
Reserve for unfunded lending commitments: Ending balance | 33,468 | 28,946 | 33,468 | 28,946 | |
Total allowance for credit losses | 339,584 | 400,467 | 339,584 | 400,467 | |
Allowance for loan losses: Individually evaluated | 516 | 835 | 516 | 835 | |
Allowance for loan losses: Collectively evaluated | 305,600 | 370,686 | 305,600 | 370,686 | |
Reserve for unfunded lending commitments: Individually evaluated | 3 | 3 | |||
Reserve for unfunded lending commitments: Collectively evaluated | 33,465 | 28,946 | 33,465 | 28,946 | |
Loans: Individually evaluated for impairment | 7,806 | 22,076 | 7,806 | 22,076 | |
Loans: Collectively evaluated for impairment | 22,577,779 | 20,863,939 | 22,577,779 | 20,863,939 | |
Loans receivable | 22,585,585 | 20,886,015 | 22,585,585 | 20,886,015 | $ 21,134,282 |
Non-Purchased Credit Impaired Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Charge-offs | (17,947) | (44,681) | |||
Allowance for loan losses: Recoveries | 17,018 | 14,159 | |||
Allowance for loan losses: Net provision for loan losses | (35,020) | (48,134) | |||
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | 108,058 | 109,474 | |||
Allowance for loan losses: Ending balance | 77,412 | 121,095 | 77,412 | 121,095 | |
Reserve for unfunded lending commitments: Beginning balance | 1,694 | 1,099 | |||
Reserve for unfunded lending commitments: Provision for losses | 205 | 124 | |||
Reserve for unfunded lending commitments: Ending balance | 1,489 | 1,223 | 1,489 | 1,223 | |
Total allowance for credit losses | 78,901 | 122,318 | 78,901 | 122,318 | |
Allowance for loan losses: Individually evaluated | 17 | 20 | 17 | 20 | |
Allowance for loan losses: Collectively evaluated | 77,395 | 121,075 | 77,395 | 121,075 | |
Reserve for unfunded lending commitments: Collectively evaluated | 1,489 | 1,223 | 1,489 | 1,223 | |
Loans: Individually evaluated for impairment | 1,270 | 4,004 | 1,270 | 4,004 | |
Loans: Collectively evaluated for impairment | 3,685,270 | 3,463,935 | 3,685,270 | 3,463,935 | |
Loans receivable | 3,686,540 | 3,467,939 | 3,686,540 | 3,467,939 | 3,464,626 |
Total Commercial [Member] | Construction and Land Development [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | 22,102 | 26,462 | |||
Allowance for loan losses: Ending balance | 26,747 | 22,576 | 26,747 | 22,576 | |
Reserve for unfunded lending commitments: Beginning balance | 21,907 | 22,694 | |||
Reserve for unfunded lending commitments: Provision for losses | 3,602 | (383) | |||
Reserve for unfunded lending commitments: Ending balance | 25,509 | 22,311 | 25,509 | 22,311 | |
Total allowance for credit losses | 52,256 | 44,887 | 52,256 | 44,887 | |
Allowance for loan losses: Individually evaluated | 19 | 20 | 19 | 20 | |
Allowance for loan losses: Collectively evaluated | 26,728 | 22,556 | 26,728 | 22,556 | |
Reserve for unfunded lending commitments: Collectively evaluated | 25,509 | 22,311 | 25,509 | 22,311 | |
Loans: Individually evaluated for impairment | 118 | 127 | 118 | 127 | |
Loans: Collectively evaluated for impairment | 1,541,139 | 1,213,864 | 1,541,139 | 1,213,864 | |
Loans receivable | 1,541,257 | 1,213,991 | 1,541,257 | 1,213,991 | 1,228,670 |
Total Commercial [Member] | Non-Purchased Credit Impaired Loans [Member] | Commercial Real Estate - Income Producing [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Charge-offs | (1,066) | (231) | |||
Allowance for loan losses: Recoveries | 878 | 100 | |||
Allowance for loan losses: Net provision for loan losses | (30,458) | 11,752 | |||
Total Commercial [Member] | Non-Purchased Credit Impaired Loans [Member] | Construction and Land Development [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Charge-offs | (3) | (267) | |||
Allowance for loan losses: Recoveries | 132 | 1,548 | |||
Allowance for loan losses: Net provision for loan losses | (4,516) | (5,167) | |||
Total Commercial [Member] | Total Commercial And Industrial [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | 149,321 | 218,827 | |||
Allowance for loan losses: Ending balance | 142,823 | 163,442 | 142,823 | 163,442 | |
Reserve for unfunded lending commitments: Beginning balance | 4,845 | 4,910 | |||
Reserve for unfunded lending commitments: Provision for losses | (248) | 307 | |||
Reserve for unfunded lending commitments: Ending balance | 5,093 | 4,603 | 5,093 | 4,603 | |
Total allowance for credit losses | 147,916 | 168,045 | 147,916 | 168,045 | |
Allowance for loan losses: Individually evaluated | 102 | 146 | 102 | 146 | |
Allowance for loan losses: Collectively evaluated | 142,721 | 163,296 | 142,721 | 163,296 | |
Reserve for unfunded lending commitments: Individually evaluated | 3 | 3 | |||
Reserve for unfunded lending commitments: Collectively evaluated | 5,090 | 4,603 | 5,090 | 4,603 | |
Loans: Individually evaluated for impairment | 2,211 | 11,547 | 2,211 | 11,547 | |
Loans: Collectively evaluated for impairment | 12,936,349 | 12,218,369 | 12,936,349 | 12,218,369 | |
Loans receivable | 12,938,560 | 12,229,916 | 12,938,560 | 12,229,916 | 12,433,706 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | 95,888 | 149,693 | |||
Allowance for loan losses: Ending balance | 94,806 | 106,309 | 94,806 | 106,309 | |
Reserve for unfunded lending commitments: Beginning balance | 4,522 | 4,529 | |||
Reserve for unfunded lending commitments: Provision for losses | (238) | 176 | |||
Reserve for unfunded lending commitments: Ending balance | 4,760 | 4,353 | 4,760 | 4,353 | |
Total allowance for credit losses | 99,566 | 110,662 | 99,566 | 110,662 | |
Allowance for loan losses: Individually evaluated | 71 | 113 | 71 | 113 | |
Allowance for loan losses: Collectively evaluated | 94,735 | 106,196 | 94,735 | 106,196 | |
Reserve for unfunded lending commitments: Individually evaluated | 3 | 3 | |||
Reserve for unfunded lending commitments: Collectively evaluated | 4,757 | 4,353 | 4,757 | 4,353 | |
Loans: Individually evaluated for impairment | 1,282 | 5,929 | 1,282 | 5,929 | |
Loans: Collectively evaluated for impairment | 9,904,145 | 9,411,061 | 9,904,145 | 9,411,061 | |
Loans receivable | 9,905,427 | 9,416,990 | 9,905,427 | 9,416,990 | 9,612,460 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | 53,433 | 69,134 | |||
Allowance for loan losses: Ending balance | 48,017 | 57,133 | 48,017 | 57,133 | |
Reserve for unfunded lending commitments: Beginning balance | 323 | 381 | |||
Reserve for unfunded lending commitments: Provision for losses | 10 | 131 | |||
Reserve for unfunded lending commitments: Ending balance | 333 | 250 | 333 | 250 | |
Total allowance for credit losses | 48,350 | 57,383 | 48,350 | 57,383 | |
Allowance for loan losses: Individually evaluated | 31 | 33 | 31 | 33 | |
Allowance for loan losses: Collectively evaluated | 47,986 | 57,100 | 47,986 | 57,100 | |
Reserve for unfunded lending commitments: Collectively evaluated | 333 | 250 | 333 | 250 | |
Loans: Individually evaluated for impairment | 929 | 5,618 | 929 | 5,618 | |
Loans: Collectively evaluated for impairment | 3,032,204 | 2,807,308 | 3,032,204 | 2,807,308 | |
Loans receivable | 3,033,133 | 2,812,926 | 3,033,133 | 2,812,926 | 2,821,246 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Non-Purchased Credit Impaired Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Charge-offs | (7,312) | (34,091) | |||
Allowance for loan losses: Recoveries | 10,066 | 6,942 | |||
Allowance for loan losses: Net provision for loan losses | (9,252) | (28,236) | |||
Total Commercial [Member] | Total Commercial And Industrial [Member] | Non-Purchased Credit Impaired Loans [Member] | Commercial Non-Real Estate [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Charge-offs | (6,366) | (32,369) | |||
Allowance for loan losses: Recoveries | 9,460 | 6,579 | |||
Allowance for loan losses: Net provision for loan losses | (4,176) | (17,594) | |||
Total Commercial [Member] | Total Commercial And Industrial [Member] | Non-Purchased Credit Impaired Loans [Member] | Commercial Real Estate - Owner Occupied [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Charge-offs | (946) | (1,722) | |||
Allowance for loan losses: Recoveries | 606 | 363 | |||
Allowance for loan losses: Net provision for loan losses | (5,076) | (10,642) | |||
Residential Mortgages [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | 30,623 | 48,842 | |||
Allowance for loan losses: Ending balance | 30,947 | 31,073 | 30,947 | 31,073 | |
Reserve for unfunded lending commitments: Beginning balance | 22 | 19 | |||
Reserve for unfunded lending commitments: Provision for losses | (5) | 8 | |||
Reserve for unfunded lending commitments: Ending balance | 17 | 11 | 17 | 11 | |
Total allowance for credit losses | 30,964 | 31,084 | 30,964 | 31,084 | |
Allowance for loan losses: Individually evaluated | 276 | 447 | 276 | 447 | |
Allowance for loan losses: Collectively evaluated | 30,671 | 30,626 | 30,671 | 30,626 | |
Reserve for unfunded lending commitments: Collectively evaluated | 17 | 11 | 17 | 11 | |
Loans: Individually evaluated for impairment | 3,680 | 5,083 | 3,680 | 5,083 | |
Loans: Collectively evaluated for impairment | 2,840,043 | 2,345,970 | 2,840,043 | 2,345,970 | |
Loans receivable | 2,843,723 | 2,351,053 | 2,843,723 | 2,351,053 | 2,423,890 |
Residential Mortgages [Member] | Non-Purchased Credit Impaired Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Charge-offs | (102) | (218) | |||
Allowance for loan losses: Recoveries | 1,463 | 933 | |||
Allowance for loan losses: Net provision for loan losses | (1,037) | (18,484) | |||
Consumer [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | 31,961 | 46,572 | |||
Allowance for loan losses: Ending balance | 28,187 | 33,335 | 28,187 | 33,335 | |
Reserve for unfunded lending commitments: Beginning balance | 866 | 1,185 | |||
Reserve for unfunded lending commitments: Provision for losses | 494 | 387 | |||
Reserve for unfunded lending commitments: Ending balance | 1,360 | 798 | 1,360 | 798 | |
Total allowance for credit losses | 29,547 | 34,133 | 29,547 | 34,133 | |
Allowance for loan losses: Individually evaluated | 102 | 202 | 102 | 202 | |
Allowance for loan losses: Collectively evaluated | 28,085 | 33,133 | 28,085 | 33,133 | |
Reserve for unfunded lending commitments: Collectively evaluated | 1,360 | 798 | 1,360 | 798 | |
Loans: Individually evaluated for impairment | 527 | 1,315 | 527 | 1,315 | |
Loans: Collectively evaluated for impairment | 1,574,978 | 1,621,801 | 1,574,978 | 1,621,801 | |
Loans receivable | $ 1,575,505 | $ 1,623,116 | 1,575,505 | 1,623,116 | $ 1,583,390 |
Consumer [Member] | Non-Purchased Credit Impaired Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Charge-offs | (9,464) | (9,874) | |||
Allowance for loan losses: Recoveries | 4,479 | 4,636 | |||
Allowance for loan losses: Net provision for loan losses | $ (1,211) | $ 7,999 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses (Composition of Nonaccrual Loans and Without an Allowance for Loan Loss by Portfolio Class) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | $ 39,807 | $ 55,523 |
Nonaccrual without allowance for loan loss | 4,756 | 9,245 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 1,883 | 5,458 |
Nonaccrual without allowance for loan loss | 1,200 | 5,207 |
Total Commercial [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 353 | 844 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 24,283 | 25,439 |
Nonaccrual without allowance for loan loss | 1,890 | 1,997 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 6,523 | 11,887 |
Nonaccrual without allowance for loan loss | 48 | |
Total Commercial And Industrial [Member] | Total Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 6,765 | 11,895 |
Nonaccrual without allowance for loan loss | 1,666 | 1,993 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 4,528 | 6,974 |
Nonaccrual without allowance for loan loss | 965 | 1,264 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 2,237 | 4,921 |
Nonaccrual without allowance for loan loss | $ 701 | $ 729 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses (Troubled Debt Restructurings Modified by Portfolio Class) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 USD ($) Contract | Sep. 30, 2022 USD ($) Contract | Sep. 30, 2021 USD ($) Contract | |
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 1 | 6 | 10 |
Pre-Modification Outstanding Recorded Investment | $ 196 | $ 224 | $ 7,536 |
Post-Modification Outstanding Recorded Investment | $ 196 | $ 229 | $ 7,559 |
Residential Mortgages [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 1 | 3 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 196 | $ 148 | $ 515 |
Post-Modification Outstanding Recorded Investment | $ 196 | $ 153 | $ 538 |
Consumer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 3 | 4 | |
Pre-Modification Outstanding Recorded Investment | $ 76 | $ 86 | |
Post-Modification Outstanding Recorded Investment | $ 76 | $ 86 | |
Total Commercial And Industrial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 3 | ||
Pre-Modification Outstanding Recorded Investment | $ 6,935 | ||
Post-Modification Outstanding Recorded Investment | $ 6,935 | ||
Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 3 | ||
Pre-Modification Outstanding Recorded Investment | $ 6,935 | ||
Post-Modification Outstanding Recorded Investment | $ 6,935 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses (Aging Analysis of Past Due Loans by Portfolio Class) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | $ 22,585,585 | $ 21,134,282 | $ 20,886,015 |
Recorded Investment > 90 Days and Accruing | 2,600 | 5,524 | |
30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 46,194 | 42,102 | |
60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 18,482 | 12,348 | |
Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 27,376 | 37,284 | |
Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 92,052 | 91,734 | |
Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 22,493,533 | 21,042,548 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 3,686,540 | 3,464,626 | 3,467,939 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 111 | 281 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 107 | ||
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,308 | 5,307 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,419 | 5,695 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 3,685,121 | 3,458,931 | |
Total Commercial [Member] | Construction and Land Development [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,541,257 | 1,228,670 | 1,213,991 |
Recorded Investment > 90 Days and Accruing | 176 | 83 | |
Total Commercial [Member] | Construction and Land Development [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 136 | 2,624 | |
Total Commercial [Member] | Construction and Land Development [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 496 | 1,022 | |
Total Commercial [Member] | Construction and Land Development [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 195 | 587 | |
Total Commercial [Member] | Construction and Land Development [Member] | Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 827 | 4,233 | |
Total Commercial [Member] | Construction and Land Development [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,540,430 | 1,224,437 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 12,938,560 | 12,433,706 | 12,229,916 |
Recorded Investment > 90 Days and Accruing | 1,080 | 2,960 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 34,727 | 9,085 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 6,584 | 3,776 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 5,277 | 8,604 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 46,588 | 21,465 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 12,891,972 | 12,412,241 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 9,905,427 | 9,612,460 | 9,416,990 |
Recorded Investment > 90 Days and Accruing | 540 | 2,818 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 26,101 | 8,381 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 5,828 | 3,123 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 4,367 | 7,041 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 36,296 | 18,545 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 9,869,131 | 9,593,915 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 3,033,133 | 2,821,246 | 2,812,926 |
Recorded Investment > 90 Days and Accruing | 540 | 142 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 8,626 | 704 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 756 | 653 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 910 | 1,563 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 10,292 | 2,920 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 3,022,841 | 2,818,326 | |
Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 2,843,723 | 2,423,890 | 2,351,053 |
Recorded Investment > 90 Days and Accruing | 112 | 310 | |
Residential Mortgages [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 5,855 | 23,306 | |
Residential Mortgages [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 8,762 | 4,638 | |
Residential Mortgages [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 17,051 | 15,339 | |
Residential Mortgages [Member] | Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 31,668 | 43,283 | |
Residential Mortgages [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 2,812,055 | 2,380,607 | |
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,575,505 | 1,583,390 | $ 1,623,116 |
Recorded Investment > 90 Days and Accruing | 1,232 | 2,171 | |
Consumer [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 5,365 | 6,806 | |
Consumer [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 2,640 | 2,805 | |
Consumer [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 3,545 | 7,447 | |
Consumer [Member] | Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 11,550 | 17,058 | |
Consumer [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | $ 1,563,955 | $ 1,566,332 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses (Credit Quality Indicators by Segment and Portfolio Class) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Total Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 18,166,357 | $ 17,127,002 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 12,938,560 | 12,433,706 |
Total Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 17,420,706 | 16,519,394 |
Total Commercial [Member] | Pass [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 12,261,593 | 11,930,118 |
Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 441,257 | 320,394 |
Total Commercial [Member] | Pass-Watch [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 383,314 | 243,948 |
Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 87,828 | 73,096 |
Total Commercial [Member] | Special Mention [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 81,746 | 66,721 |
Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 216,566 | 214,118 |
Total Commercial [Member] | Substandard [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 211,907 | 192,919 |
Residential Mortgages [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,843,723 | 2,423,890 |
Residential Mortgages [Member] | Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,818,424 | 2,396,282 |
Residential Mortgages [Member] | Nonperforming [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 25,299 | 27,608 |
Consumer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,575,505 | 1,583,390 |
Consumer [Member] | Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,568,503 | 1,570,516 |
Consumer [Member] | Nonperforming [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 7,002 | 12,874 |
Residential Mortgage and Consumer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,419,228 | 4,007,280 |
Residential Mortgage and Consumer [Member] | Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,386,927 | 3,966,798 |
Residential Mortgage and Consumer [Member] | Nonperforming [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 32,301 | 40,482 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 9,905,427 | 9,612,460 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Pass [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 9,367,084 | 9,279,719 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Pass-Watch [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 323,459 | 157,815 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Special Mention [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 75,801 | 43,344 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Substandard [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 139,083 | 131,582 |
Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,033,133 | 2,821,246 |
Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Pass [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,894,509 | 2,650,399 |
Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Pass-Watch [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 59,855 | 86,133 |
Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Special Mention [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 5,945 | 23,377 |
Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Substandard [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 72,824 | 61,337 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,686,540 | 3,464,626 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,637,570 | 3,373,099 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 38,968 | 67,157 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 5,916 | 4,466 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,086 | 19,904 |
Construction and Land Development [Member] | Total Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,541,257 | 1,228,670 |
Construction and Land Development [Member] | Total Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,521,543 | 1,216,177 |
Construction and Land Development [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 18,975 | 9,289 |
Construction and Land Development [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 166 | 1,909 |
Construction and Land Development [Member] | Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 573 | $ 1,295 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses (Disaggregation of Credit Quality Disclosures) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Total Commercial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2022 | $ 3,894,188 | $ 5,076,311 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 3,938,641 | 3,073,804 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 2,391,137 | 2,114,506 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 1,620,517 | 1,285,226 |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 916,732 | 1,003,833 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 1,798,084 | 1,385,473 |
Revolving Loans | 3,483,719 | 3,084,875 |
Revolving Loans Converted to Term Loans | 123,339 | 102,974 |
Notes Receivable Gross | 18,166,357 | 17,127,002 |
Total Commercial [Member] | Pass [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 3,769,590 | 4,946,459 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 3,810,862 | 3,008,160 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 2,297,865 | 2,035,849 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 1,537,650 | 1,212,306 |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 854,345 | 937,639 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 1,695,383 | 1,296,382 |
Revolving Loans | 3,355,846 | 3,002,064 |
Revolving Loans Converted to Term Loans | 99,165 | 80,535 |
Notes Receivable Gross | 17,420,706 | 16,519,394 |
Total Commercial [Member] | Pass-Watch [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 42,903 | 68,421 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 94,955 | 19,467 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 52,211 | 31,598 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 48,653 | 45,846 |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 37,491 | 27,188 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 71,871 | 69,310 |
Revolving Loans | 73,217 | 52,850 |
Revolving Loans Converted to Term Loans | 19,956 | 5,714 |
Notes Receivable Gross | 441,257 | 320,394 |
Total Commercial [Member] | Special Mention [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 32,940 | 17,536 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 11,387 | 2,683 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 26,631 | 10,296 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 3,732 | 12,410 |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 1,507 | 10,669 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 5,787 | 3,656 |
Revolving Loans | 5,814 | 9,603 |
Revolving Loans Converted to Term Loans | 30 | 6,243 |
Notes Receivable Gross | 87,828 | 73,096 |
Total Commercial [Member] | Substandard [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 48,755 | 43,895 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 21,437 | 43,494 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 14,430 | 36,763 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 30,482 | 14,664 |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 23,389 | 28,337 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 25,043 | 16,125 |
Revolving Loans | 48,842 | 20,358 |
Revolving Loans Converted to Term Loans | 4,188 | 10,482 |
Notes Receivable Gross | 216,566 | 214,118 |
Residential Mortgage and Consumer [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 550,250 | 581,378 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 664,564 | 468,448 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 544,897 | 357,851 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 273,996 | 227,959 |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 163,439 | 325,063 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 1,020,517 | 916,726 |
Revolving Loans | 1,196,521 | 1,121,893 |
Revolving Loans Converted to Term Loans | 5,044 | 7,962 |
Notes Receivable Gross | 4,419,228 | 4,007,280 |
Residential Mortgage and Consumer [Member] | Performing [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 549,415 | 580,813 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 662,455 | 467,497 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 543,996 | 355,833 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 272,160 | 223,494 |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 161,093 | 320,344 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 997,873 | 892,361 |
Revolving Loans | 1,195,933 | 1,120,461 |
Revolving Loans Converted to Term Loans | 4,002 | 5,995 |
Notes Receivable Gross | 4,386,927 | 3,966,798 |
Residential Mortgage and Consumer [Member] | Nonperforming [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 835 | 565 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 2,109 | 951 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 901 | 2,018 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 1,836 | 4,465 |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 2,346 | 4,719 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 22,644 | 24,365 |
Revolving Loans | 588 | 1,432 |
Revolving Loans Converted to Term Loans | 1,042 | 1,967 |
Notes Receivable Gross | $ 32,301 | $ 40,482 |
Short-Term Borrowings (Short-Te
Short-Term Borrowings (Short-Term Borrowings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Short-Term Debt [Line Items] | |||||
Amount outstanding at period end | $ 1,542,981 | $ 1,542,981 | $ 1,665,061 | ||
Federal Funds Purchased [Member] | |||||
Short-Term Debt [Line Items] | |||||
Amount outstanding at period end | $ 1,850 | $ 1,850 | $ 1,850 | ||
Weighted-average interest at period end | 2.65% | 2.65% | 0.15% | ||
Average amount outstanding during period | $ 28,861 | $ 3,283 | $ 11,425 | $ 4,284 | |
Maximum amount at any month end during period | $ 1,850 | $ 4,300 | $ 2,350 | $ 4,400 | |
Weighted-average interest rate during period | 2.59% | 0.23% | 2.29% | 0.46% | |
Securities Sold under Agreements to Repurchase [Member] | |||||
Short-Term Debt [Line Items] | |||||
Amount outstanding at period end | $ 541,131 | $ 541,131 | $ 563,211 | ||
Weighted-average interest at period end | 0.16% | 0.16% | 0.05% | ||
Average amount outstanding during period | $ 516,546 | $ 508,969 | $ 542,105 | $ 549,315 | |
Maximum amount at any month end during period | $ 541,131 | $ 643,403 | $ 640,592 | $ 643,403 | |
Weighted-average interest rate during period | 0.13% | 0.08% | 0.09% | 0.12% | |
FHLB Borrowings [Member] | |||||
Short-Term Debt [Line Items] | |||||
Amount outstanding at period end | $ 1,000,000 | $ 1,000,000 | $ 1,100,000 | ||
Weighted-average interest at period end | 3.15% | 3.15% | 0.49% | ||
Average amount outstanding during period | $ 405,163 | $ 1,100,000 | $ 731,982 | $ 1,100,000 | |
Maximum amount at any month end during period | $ 1,000,000 | $ 1,100,000 | $ 1,100,000 | $ 1,100,000 | |
Weighted-average interest rate during period | 2.34% | 0.49% | 0.84% | 0.49% |
Short-Term Borrowings (Details)
Short-Term Borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Short-Term Debt [Line Items] | ||
Short-term borrowings | $ 1,542,981 | $ 1,665,061 |
FHLB Borrowings [Member] | ||
Short-Term Debt [Line Items] | ||
Short-term borrowings | $ 1,000,000 | $ 1,100,000 |
Derivatives (Fair Values of Der
Derivatives (Fair Values of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | ||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | $ 8,576,234 | $ 8,649,657 | |
Fair Values, Assets | 114,680 | 6,908 | |
Fair Values, Assets | [1] | 256,809 | 106,171 |
Less: netting adjustment | [1],[2] | (137,709) | (30,304) |
Fair Values, Liabilities | 37,879 | 22,244 | |
Fair Values, Liabilities | [1] | 315,135 | 96,580 |
Less: netting adjustment | [1],[2] | (88,697) | (61,534) |
Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Total derivative assets/liabilities | [1] | 119,100 | 75,867 |
Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Total derivative assets/liabilities | [1] | 226,438 | 35,046 |
Derivatives Designated as Hedging Instruments [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 2,984,900 | 2,962,650 | |
Fair Values, Assets | [1] | 62,610 | 28,022 |
Fair Values, Liabilities | [1] | 122,433 | 15,111 |
Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 5,591,334 | 5,687,007 | |
Fair Values, Assets | [1] | 194,199 | 78,149 |
Fair Values, Liabilities | [1] | 192,702 | 81,469 |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 5,046,771 | 5,193,991 | |
Fair Values, Assets | [1] | 188,799 | 75,819 |
Fair Values, Liabilities | [1] | 185,546 | 75,861 |
Derivatives Not Designated as Hedging Instruments [Member] | Risk Participation Agreements [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 286,091 | 217,437 | |
Fair Values, Assets | [1] | 1 | 11 |
Fair Values, Liabilities | [1] | 9 | 35 |
Derivatives Not Designated as Hedging Instruments [Member] | Forward Commitments to Sell Residential Mortgage Loans [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 18,517 | 46,739 | |
Fair Values, Assets | [1] | 158 | 1 |
Fair Values, Liabilities | [1] | 69 | 645 |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate-Lock Commitments on Residential Mortgage Loans [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 28,414 | 82,037 | |
Fair Values, Assets | [1] | 143 | 1,525 |
Fair Values, Liabilities | [1] | 178 | 1 |
Derivatives Not Designated as Hedging Instruments [Member] | To Be Announced (TBA) Securities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 15,000 | 55,000 | |
Fair Values, Assets | [1] | 431 | 15 |
Fair Values, Liabilities | [1] | 4 | 53 |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Forward Contracts [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 153,430 | 48,364 | |
Fair Values, Assets | [1] | 4,667 | 778 |
Fair Values, Liabilities | [1] | 4,601 | 758 |
Derivatives Not Designated as Hedging Instruments [Member] | Visa Class B derivative contract [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 43,111 | 43,439 | |
Fair Values, Liabilities | [1] | 2,295 | 4,116 |
Cash Flow Hedge [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps - Variable Rate Loans [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 2,050,000 | 1,125,000 | |
Fair Values, Assets | [1] | 5,884 | |
Fair Values, Liabilities | [1] | $ 122,433 | $ 4,421 |
Fair Value Hedging [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps - Variable Rate Loans [Member] | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities | |
Fair Value Hedging [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps - Securities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | $ 934,900 | $ 1,837,650 | |
Fair Values, Assets | [1] | $ 62,610 | $ 22,138 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | |
Fair Values, Liabilities | [1] | $ 10,690 | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities | |
[1] Derivative assets and liabilities are reported at fair value in other assets or other liabilities, respectively, in the consolidated balance sheets. Represents balance sheet netting of derivative assets and liabilities for variation margin collateral held or placed with the same central clearing counterparty. See offsetting assets and liabilities for further information. |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Notional amount of derivatives | $ 8,576,234 | $ 8,649,657 |
Fair value liability | 2,300 | 4,100 |
Credit risk-related contingent features, net liability position | 15,600 | 49,400 |
Credit risk-related contingent features, posted collateral | 14,900 | 15,000 |
Derivatives Designated as Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | 2,984,900 | 2,962,650 |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | ||
Derivative [Line Items] | ||
Amortization of accumulated other comprehensive loss on terminated cash flow hedges | 23,700 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 1, Expires 2022 [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | $ 125,000 | |
Derivative maturity expiration year | 2022 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 2, Expires 2023 [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | $ 150,000 | |
Derivative maturity expiration year | 2023 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 3, Expires 2025 [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | $ 50,000 | |
Derivative maturity expiration year | 2025 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 4, Expires 2026 [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | $ 600,000 | |
Derivative maturity expiration year | 2026 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 5, Expires 2027 [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | $ 1,000,000 | |
Derivative maturity expiration year | 2027 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 6, Expires Thereafter [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | $ 100,000 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Amortization of accumulated other comprehensive loss on terminated cash flow hedges | 74,000 | |
Basis adjustment associated with hedged items | 62,700 | |
Interest Rate Swaps - Securities [Member] | Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | 934,900 | $ 1,837,650 |
Derivative hedged item | 872,200 | |
Interest Rate Swaps - Securities [Member] | Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | Commercial Mortgage-Backed Securities [Member] | ||
Derivative [Line Items] | ||
Amortized cost basis of closed portfolio of pre-payable securities | $ 1,000,000 |
Derivatives (Effects of Derivat
Derivatives (Effects of Derivative Instruments on the Statements of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative income reflected in income statement | $ 4,292 | $ 8,692 | $ 27,745 | $ 36,412 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Interest Rate Swaps - Variable Rate Loans [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative income reflected in income statement | $ 1,752 | $ 6,950 | $ 14,519 | $ 19,941 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and Fee Income, Loans and Leases Held-in-portfolio | Interest and Fee Income, Loans and Leases Held-in-portfolio | Interest and Fee Income, Loans and Leases Held-in-portfolio | Interest and Fee Income, Loans and Leases Held-in-portfolio |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | Interest Income - Securities - Taxable [Member] | Interest Rate Swaps - Securities [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative income reflected in income statement | $ 1,596 | $ 21 | $ 2,625 | $ (6) |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | Securities Transactions Net [Member] | Interest Rate Swaps - Securities [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative income reflected in income statement | 0 | 0 | 1,620 | 2,499 |
Derivatives Not Designated as Hedging Instruments [Member] | Secondary Mortgage Market Operations [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative income reflected in income statement | (365) | (1,249) | 2,595 | 2,223 |
Derivatives Not Designated as Hedging Instruments [Member] | Other Noninterest Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative income reflected in income statement | $ 1,309 | $ 2,970 | $ 6,386 | $ 11,755 |
Derivatives (Offsetting Derivat
Derivatives (Offsetting Derivative Assets and Liabilities Subject to Master Netting Arrangements) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Amounts Recognized, Derivative Assets | $ 253,109 | $ 36,790 |
Gross Amounts Offset in the Statement of Financial Condition, Derivative Assets | (138,429) | (29,882) |
Net Amounts Presented in the Statement of Financial Condition, Derivative Assets | 114,680 | 6,908 |
Gross Amounts Not Offset in the Statement of Financial Condition - Financial Instruments, Derivative Assets | 37,879 | 6,908 |
Gross Amounts Not offset in the Statement of Financial Condition - Cash Collateral, Derivative Assets | 14,850 | 0 |
Net Amounts Presented in the Statement of Financial Condition, Derivative Assets | 91,651 | 0 |
Gross Amounts Recognized, Derivative Liabilities | 127,592 | 85,448 |
Gross Amounts Offset in the Statement of Financial Condition, Derivative Liabilities | (89,713) | (63,204) |
Net Amounts Presented in the Statement of Financial Condition, Derivative Liabilities | 37,879 | 22,244 |
Gross Amounts Not Offset in the Statement of Financial Condition - Financial Instruments, Derivative Liabilities | 37,879 | 6,908 |
Gross Amounts Not offset in the Statement of Financial Condition - Cash Collateral, Derivative Liabilities | 0 | 66,207 |
Gross Amounts Not Offset in the Statement of Financial Condition - Net Amount, Derivatives Liabilities | $ 0 | $ (50,871) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Apr. 22, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Treasury stock shares | 6,200,000 | 6,200,000 | 5,100,000 | |||
Treasury stock, Cost basis | $ 233.8 | $ 233.8 | $ 175.8 | |||
Shares repurchased | 50,000 | 56,349 | 1,204,368 | 56,349 | ||
Accelerated Share Repurchase Agreement | Common Stock [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Shares repurchased | 1,654,244 | |||||
Shares purchased average cost per share | $ 48.77 | |||||
2018 Stock Buyback Program [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Number of shares authorized for repurchase | 4,300,000 | |||||
Stock repurchase expiration date | Dec. 31, 2022 | |||||
2018 Stock Buyback Program [Member] | Common Stock [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Shares repurchased | 1,204,368 | |||||
Shares purchased average cost per share | $ 48.90 | |||||
Restricted Stock [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Number of shares nonvested | 1,000,000 | 1,000,000 | 1,100,000 |
Stockholders' Equity (Component
Stockholders' Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ (53,935) | $ 80,069 | ||
Net change in unrealized gain or loss | $ (367,437) | $ (48,569) | (961,892) | (143,924) |
Reclassification of net income or loss realized and included in earnings | (1,441) | (6,425) | (10,849) | (9,337) |
Valuation adjustments to pension plan attributable to VERIP and curtailment | 59,606 | |||
Other valuation adjustments to employee benefit plans | (8,397) | (10,651) | ||
Amortization of unrealized net gain or loss on securities transferred to HTM | 434 | (33) | 961 | (134) |
Income tax (expense) benefit | 83,250 | 12,363 | 221,331 | 24,569 |
Ending Balance | (812,781) | 198 | (812,781) | 198 |
Accumulated Other Comprehensive Loss Available for Sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 11,037 | 171,224 | ||
Net change in unrealized gain or loss | (844,250) | (144,715) | ||
Reclassification of net income or loss realized and included in earnings | 1,707 | 2,166 | ||
Transfer of net unrealized loss from AFS to HTM securities portfolio | 15,405 | |||
Income tax (expense) benefit | 186,685 | 31,952 | ||
Ending Balance | (629,416) | 60,627 | (629,416) | 60,627 |
Held to Maturity Securities Transferred from AFS [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 153 | 276 | ||
Transfer of net unrealized loss from AFS to HTM securities portfolio | (15,405) | |||
Amortization of unrealized net gain or loss on securities transferred to HTM | 961 | (134) | ||
Income tax (expense) benefit | 3,260 | 30 | ||
Ending Balance | (11,031) | 172 | (11,031) | 172 |
Employee Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (80,946) | (125,573) | ||
Reclassification of net income or loss realized and included in earnings | 1,963 | 3,970 | ||
Valuation adjustments to pension plan attributable to VERIP and curtailment | 59,606 | |||
Other valuation adjustments to employee benefit plans | (8,397) | (10,651) | ||
Income tax (expense) benefit | 1,452 | (11,783) | ||
Ending Balance | (85,928) | (84,431) | (85,928) | (84,431) |
Gains and Losses on Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 16,284 | 39,511 | ||
Net change in unrealized gain or loss | (118,110) | 353 | ||
Reclassification of net income or loss realized and included in earnings | (14,519) | (19,941) | ||
Income tax (expense) benefit | 29,934 | 4,370 | ||
Ending Balance | (86,411) | 24,293 | (86,411) | 24,293 |
Equity Method Investment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (463) | (5,369) | ||
Net change in unrealized gain or loss | 468 | 438 | ||
Reclassification of net income or loss realized and included in earnings | 4,468 | |||
Ending Balance | $ 5 | $ (463) | $ 5 | $ (463) |
Stockholders' Equity (Line Item
Stockholders' Equity (Line Items in Consolidated Income Statements Affected by Amounts Reclassified from Accumulated Other Comprehensive Income) (Details) - Reclassification out of Accumulated Other Comprehensive Income [Member] - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications, net of tax | [1] | $ 7,656 | $ 6,363 | |
Accumulated Other Comprehensive Loss Available for Sale Securities [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Loss on sale of AFS securities | [1] | (1,707) | (2,166) | |
Tax effect | [1] | 385 | 487 | |
Net of tax | [1] | (1,322) | (1,679) | |
Held to Maturity Securities Transferred from AFS [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of unrealized net gain (loss) on securities transferred to HTM | [1] | (961) | 134 | |
Tax effect | [1] | 217 | (30) | |
Net of tax | [1] | (744) | 104 | |
Employee Benefit Plans [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of defined benefit pension and post-retirement items | [1],[2] | (1,963) | (3,970) | |
Tax effect | [1] | 443 | 884 | |
Net of tax | [1] | (1,520) | (3,086) | |
Gains and Losses on Cash Flow Hedges [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification of unrealized gain on cash flow hedges | [1] | 5,786 | 18,771 | |
Tax effect | [1] | (1,306) | (4,188) | |
Net of tax | [1] | 4,480 | 14,583 | |
Amortization of gain on terminated cash flow hedges | 8,733 | [1] | 1,170 | |
Tax effect | (1,971) | [1] | (261) | |
Net of tax | $ 6,762 | [1] | 909 | |
Gains and Losses on Equity Method Investment [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification of unrealized loss on equity method investment | [1] | (4,468) | ||
Net of tax | [1] | $ (4,468) | ||
[1] Amounts in parentheses indicate reduction in net income These AOCI components are included in the computation of net periodic pension and post-retirement cost that is reported with other noninterest |
Other Noninterest Income (Compo
Other Noninterest Income (Components of Other Noninterest Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Other Income, Nonoperating [Abstract] | ||||
Income from bank-owned life insurance | $ 4,784 | $ 3,907 | $ 12,602 | $ 14,535 |
Credit related fees | 2,628 | 2,568 | 7,840 | 8,383 |
Income from derivatives | 1,309 | 2,970 | 6,386 | 11,755 |
Gain on sale of Mastercard Class B common stock | 2,800 | |||
Gain on sale of Hancock Horizon Funds | 4,576 | 4,576 | ||
Other miscellaneous | 6,108 | 8,168 | 17,986 | 13,673 |
Total other noninterest income | $ 14,829 | $ 22,189 | $ 44,814 | $ 55,722 |
Other Noninterest Expense (Deta
Other Noninterest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Other Expense, Nonoperating [Abstract] | ||||
Corporate value and franchise taxes and other non-income taxes | $ 4,010 | $ 3,414 | $ 12,816 | $ 11,300 |
Advertising | 3,533 | 3,638 | 10,211 | 8,400 |
Telecommunications and postage | 3,027 | 3,087 | 8,923 | 9,568 |
Entertainment and contributions | 2,231 | 2,280 | 7,632 | 5,214 |
Tax credit investment amortization | 1,004 | 1,112 | 3,012 | 3,337 |
Printing and supplies | 971 | 914 | 2,892 | 2,833 |
Travel expense | 1,239 | 765 | 3,022 | 1,789 |
Net other retirement expense | (7,570) | (7,294) | (22,123) | (20,645) |
Loss on facilities and equipment from consolidation | 15,462 | |||
Loss on extinguishment of debt | 4,165 | |||
Other miscellaneous | 7,508 | 13,041 | 21,214 | 25,567 |
Total other noninterest expense | $ 15,953 | $ 20,957 | $ 47,599 | $ 66,990 |
Earnings Per Common Share (Comp
Earnings Per Common Share (Computation of Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income to common shareholders | $ 135,389 | $ 129,582 | $ 380,302 | $ 325,472 |
Net income allocated to participating securities - basic and diluted | 2,014 | 2,419 | 5,776 | 6,650 |
Net income allocated to common shareholders - basic and diluted | $ 133,375 | $ 127,163 | $ 374,526 | $ 318,822 |
Weighted-average common shares - basic | 85,706 | 86,834 | 86,141 | 86,800 |
Dilutive potential common shares | 314 | 172 | 298 | 151 |
Weighted-average common shares - diluted | 86,020 | 87,006 | 86,439 | 86,951 |
Earnings per common share: Basic | $ 1.56 | $ 1.46 | $ 4.35 | $ 3.67 |
Earnings per common share: Diluted | $ 1.55 | $ 1.46 | $ 4.33 | $ 3.67 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Antidilutive potential common shares excluded from calculation of earnings per share | 2,212 | 0 | 5,671 | 796 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2022 Participant | |
Defined Benefit Plan Disclosure [Line Items] | |
Newly eligible associates initial savings rate | 3% |
Eligible participants under VERIP | 260 |
First 1% Of Contribution Saved [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Matching percentage | 100% |
Percentage of compensation saved | 1% |
Next 5% Of Contribution Saved [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Matching percentage | 50% |
Percentage of compensation saved | 5% |
Amended Hancock 401K Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Additional matching percentage | 2% |
Period of employment for eligibility | 3 years |
Amended Hancock 401K Plan [Member] | 4% Of Contribution [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Matching percentage | 4% |
Amended Hancock 401K Plan [Member] | 6% Of Contribution [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Matching percentage | 6% |
Amended Hancock 401K Plan [Member] | 2% Of Contribution [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Matching percentage | 2% |
Retirement Plans (Components of
Retirement Plans (Components of Net Periodic Benefits Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2,855 | $ 2,620 | $ 8,584 | $ 8,996 |
Interest cost | 3,756 | 3,552 | 10,881 | 9,982 |
Expected return on plan assets | (11,714) | (11,463) | (34,900) | (34,854) |
Amortization of net (gain) or loss and prior service costs | 450 | 717 | 2,380 | 4,471 |
Special termination benefits | 16,052 | |||
Net periodic benefit cost | (4,653) | (4,574) | (13,055) | 4,647 |
Other Post-Retirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 25 | 23 | 75 | 71 |
Interest cost | 77 | 91 | 230 | 257 |
Amortization of net (gain) or loss and prior service costs | (139) | (192) | (417) | (501) |
Special termination benefits | 4,137 | |||
Net periodic benefit cost | $ (37) | $ (78) | $ (112) | $ 3,964 |
Share-Based Payment Arrangeme_3
Share-Based Payment Arrangements (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2022 USD ($) Entity $ / shares shares | |
2020 Long Term Incentive Plan Amendment [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares available under the plan | 1,400,000 |
Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares, outstanding | 1,476 |
Number of shares, exercisable | 1,476 |
Weighted average exercise price | $ / shares | $ 53.73 |
Aggregate intrinsic value | $ | $ 0 |
Stock options exercised | 7,630 |
Intrinsic value of options exercised | $ | $ 100,000 |
Restricted and Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total unrecognized compensation expense | $ | $ 50,100,000 |
Weighted-average period | 3 years |
Total fair value of shares vested | $ | $ 3,400,000 |
Shares granted | 538,387 |
Grant date fair value per share | $ / shares | $ 52.41 |
Performance Shares [Member] | Executive Management [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Service period | 3 years |
Performance Shares [Member] | Total Shareholder Return [Member] | Executive Management [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted | 36,475 |
Grant date fair value per share | $ / shares | $ 61.47 |
Vesting performance period | 3 years |
Number of peer group regional banks | Entity | 50 |
Performance Shares [Member] | Total Shareholder Return [Member] | Executive Management [Member] | Tranche One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of maximum number of shares vested | 200% |
Performance Shares [Member] | Operating Earnings Per Share [Member] | Executive Management [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted | 36,475 |
Grant date fair value per share | $ / shares | $ 47.36 |
Vesting performance period | 2 years |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted | 441,953 |
Maximum [Member] | Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average remaining contractual term | 1 year |
Share-Based Payment Arrangeme_4
Share-Based Payment Arrangements (Summary of Nonvested Restricted and Performance Shares) (Details) - Restricted and Performance Shares [Member] | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Nonvested at Beginning | shares | 1,453,085 |
Number of Shares, Granted | shares | 538,387 |
Number of Shares, Vested | shares | (118,830) |
Number of Shares, Forfeited | shares | (113,946) |
Number of Shares, Nonvested at Ending | shares | 1,758,696 |
Weighted Average Grant Date Fair Value, Nonvested at Beginning | $ / shares | $ 34.58 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 52.41 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 34.24 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 35.53 |
Weighted Average Grant Date Fair Value, Nonvested at Ending | $ / shares | $ 40 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Reserve for unfunded lending commitments | $ 33,468 | $ 29,334 | $ 28,946 | $ 29,907 |
Commitments and Contingencies_3
Commitments and Contingencies (Off-Balance Sheet Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Commitments to Extend Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Contract amounts | $ 10,285,394 | $ 9,444,803 |
Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Contract amounts | $ 373,002 | $ 396,956 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Values, Assets | $ 114,680 | $ 6,908 | |
Fair Values, Liabilities | 37,879 | 22,244 | |
Total recurring fair value measurements - liabilities | 2,300 | 4,100 | |
Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 5,466,843 | 6,986,698 | |
Mortgage loans held for sale | 15,149 | 41,022 | |
Fair Values, Assets | [1] | 119,100 | 75,867 |
Total fair value measurements | 5,601,092 | 7,103,587 | |
Fair Values, Liabilities | [1] | 226,438 | 35,046 |
Total recurring fair value measurements - liabilities | 226,438 | 35,046 | |
Recurring [Member] | U.S. Treasury And Government Agency Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 42,287 | 419,298 | |
Recurring [Member] | Municipal Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 197,865 | 314,158 | |
Recurring [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 21,317 | 18,702 | |
Recurring [Member] | Residential Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 2,306,365 | 3,035,798 | |
Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 2,823,920 | 3,077,859 | |
Recurring [Member] | Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 75,089 | 120,883 | |
Recurring [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 5,466,843 | 6,986,698 | |
Mortgage loans held for sale | 15,149 | 41,022 | |
Fair Values, Assets | [1] | 119,100 | 75,867 |
Total fair value measurements | 5,601,092 | 7,103,587 | |
Fair Values, Liabilities | [1] | 224,143 | 30,930 |
Total recurring fair value measurements - liabilities | 224,143 | 30,930 | |
Recurring [Member] | Level 2 [Member] | U.S. Treasury And Government Agency Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 42,287 | 419,298 | |
Recurring [Member] | Level 2 [Member] | Municipal Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 197,865 | 314,158 | |
Recurring [Member] | Level 2 [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 21,317 | 18,702 | |
Recurring [Member] | Level 2 [Member] | Residential Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 2,306,365 | 3,035,798 | |
Recurring [Member] | Level 2 [Member] | Commercial Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 2,823,920 | 3,077,859 | |
Recurring [Member] | Level 2 [Member] | Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 75,089 | 120,883 | |
Recurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Values, Liabilities | [1] | 2,295 | 4,116 |
Total recurring fair value measurements - liabilities | $ 2,295 | $ 4,116 | |
[1] For further disaggregation of derivative assets and liabilities, see Note 5 - Derivatives. |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - Recurring [Member] | Sep. 30, 2022 shares |
Visa Inc [Member] | |
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Number of shares of Visa Class B common stock | 192,163 |
Investment Securities [Member] | Minimum [Member] | |
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Targeted duration | 2 years |
Investment Securities [Member] | Maximum [Member] | |
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Targeted duration | 5 years 6 months |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Level 3 Fair Value Rollforward) (Details) - Level 3 [Member] - Recurring [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 4,116 | $ 5,645 |
Cash settlement | (1,994) | (1,767) |
Losses included in earnings | 173 | 238 |
Ending balance | $ 2,295 | $ 4,116 |
Fair Value Measurements (Overvi
Fair Value Measurements (Overview of the Valuation Techniques and Significant Unobservable Inputs) (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Values, Liabilities | $ 37,879 | $ 22,244 | |
Maximum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 12 | ||
Recurring [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Values, Liabilities | [1] | $ 226,438 | 35,046 |
Recurring [Member] | Level 3 [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Values, Liabilities | [1] | 2,295 | 4,116 |
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Values, Liabilities | $ 2,295 | $ 4,116 | |
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Minimum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Time until resolution | 3 months | 3 months | |
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Time until resolution | 15 months | 24 months | |
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, VISA Class A Appreciation [Member] | Minimum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 6 | 6 | |
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, VISA Class A Appreciation [Member] | Maximum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 12 | ||
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, VISA Class A Appreciation [Member] | Weighted Average [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 9 | 9 | |
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Conversion Rate [Member] | Minimum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 1.61 | 1.62 | |
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Conversion Rate [Member] | Maximum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 1.60 | 1.60 | |
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Conversion Rate [Member] | Weighted Average [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 1.6030 | 1.6091 | |
[1] For further disaggregation of derivative assets and liabilities, see Note 5 - Derivatives. |
Fair Value Measurements (Fina_2
Fair Value Measurements (Financial Assets Measured at Fair Value on Nonrecurring Basis) (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans individually evaluated for credit loss | $ 4,756 | $ 13,253 |
Other real estate owned and foreclosed assets, net | 2,085 | 7,533 |
Total fair value measurements | 6,841 | 20,786 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans individually evaluated for credit loss | 4,756 | 13,253 |
Total fair value measurements | 4,756 | 13,253 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, net | 2,085 | 7,533 |
Total fair value measurements | $ 2,085 | $ 7,533 |
Fair Value Measurements (Estima
Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Held to maturity securities | $ 2,866,348 | $ 1,565,751 |
Loans held for sale | 15,149 | 41,022 |
Derivative financial instruments | 114,680 | 6,908 |
Derivative financial instruments | 37,879 | 22,244 |
Total Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, interest-bearing bank deposits, and federal funds sold | 851,251 | 4,231,836 |
Available for sale securities | 5,466,843 | 6,986,698 |
Held to maturity securities | 2,606,080 | 1,631,482 |
Loans, net | 21,461,955 | 20,733,821 |
Loans held for sale | 33,008 | 93,069 |
Derivative financial instruments | 119,100 | 75,867 |
Deposits | 28,925,735 | 30,432,646 |
Federal funds purchased | 1,850 | 1,850 |
Securities sold under agreements to repurchase | 541,131 | 563,211 |
FHLB short-term borrowings | 1,000,000 | 1,119,026 |
Long-term debt | 197,059 | 253,677 |
Derivative financial instruments | 226,438 | 35,046 |
Total Fair Value [Member] | Level 1 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, interest-bearing bank deposits, and federal funds sold | 851,251 | 4,231,836 |
Federal funds purchased | 1,850 | 1,850 |
Securities sold under agreements to repurchase | 541,131 | 563,211 |
FHLB short-term borrowings | 1,000,000 | |
Total Fair Value [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Available for sale securities | 5,466,843 | 6,986,698 |
Held to maturity securities | 2,606,080 | 1,631,482 |
Loans, net | 4,756 | 13,253 |
Loans held for sale | 33,008 | 93,069 |
Derivative financial instruments | 119,100 | 75,867 |
FHLB short-term borrowings | 1,119,026 | |
Long-term debt | 197,059 | 253,677 |
Derivative financial instruments | 224,143 | 30,930 |
Total Fair Value [Member] | Level 3 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Loans, net | 21,457,199 | 20,720,568 |
Deposits | 28,925,735 | 30,432,646 |
Derivative financial instruments | 2,295 | 4,116 |
Carrying Amount [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, interest-bearing bank deposits, and federal funds sold | 851,251 | 4,231,836 |
Available for sale securities | 5,466,843 | 6,986,698 |
Held to maturity securities | 2,866,348 | 1,565,751 |
Loans, net | 22,279,469 | 20,792,217 |
Loans held for sale | 33,008 | 93,069 |
Derivative financial instruments | 119,100 | 75,867 |
Deposits | 28,951,274 | 30,465,897 |
Federal funds purchased | 1,850 | 1,850 |
Securities sold under agreements to repurchase | 541,131 | 563,211 |
FHLB short-term borrowings | 1,000,000 | 1,100,000 |
Long-term debt | 236,410 | 244,220 |
Derivative financial instruments | $ 226,438 | $ 35,046 |