Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 31, 2023 | Jun. 30, 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-K | ||
Document Fiscal Period Focus | FY | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Common Stock, Shares Outstanding | 85,983,593 | ||
Entity Public Float | $ 3.8 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Shell Company | false | ||
Entity Interactive Data Current | Yes | ||
Entity Tax Identification Number | 64-0693170 | ||
Entity File Number | 001-36872 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Incorporation, State or Country Code | MS | ||
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 | 868-4727 | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Firm ID | 238 | ||
Auditor Location | New Orleans, LA | ||
Documents Incorporated by Reference | Portions of the definitive proxy statement for our annual meeting of shareholders to be filed with the Securities and Exchange Commission (“SEC” or “the Commission”) are incorporated by reference into Part III of this Report. | ||
Common Stock, Par Value $3.33 Per Share [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | HWC | ||
Title of 12(b) Security | Common Stock, par value $3.33 per share | ||
Security Exchange Name | NASDAQ | ||
6.25% Subordinated Notes [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | HWCPZ | ||
Title of 12(b) Security | 6.25% Subordinated Notes | ||
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Cash and due from banks | $ 564,459 | $ 401,201 |
Interest-bearing bank deposits | 323,332 | 3,830,177 |
Federal funds sold | 728 | 458 |
Securities available for sale, at fair value (amortized cost of $6,310,214 and $6,984,530) | 5,556,041 | 6,986,698 |
Securities held to maturity (fair value of $2,615,398 and $1,631,482) | 2,852,495 | 1,565,751 |
Loans held for sale (includes $10,853 and $41,022 measured at fair value) | 26,385 | 93,069 |
Loans | 23,114,046 | 21,134,282 |
Less: allowance for loan losses | (307,789) | (342,065) |
Loans, net | 22,806,257 | 20,792,217 |
Property and equipment, net of accumulated depreciation of $303,451 and $280,065 | 328,605 | 350,309 |
Right of use assets, net of accumulated amortization of $44,901 and $34,425 | 96,884 | 102,239 |
Prepaid expense | 44,632 | 38,793 |
Other real estate and foreclosed assets, net | 2,017 | 7,533 |
Accrued interest receivable | 131,849 | 96,938 |
Goodwill | 855,453 | 855,453 |
Other intangible assets, net | 56,193 | 70,226 |
Life insurance contracts | 729,774 | 664,535 |
Funded pension assets, net | 216,818 | 227,870 |
Deferred tax asset, net | 211,418 | |
Other assets | 380,485 | 447,738 |
Total assets | 35,183,825 | 36,531,205 |
Deposits: | ||
Noninterest-bearing | 13,645,113 | 14,392,808 |
Interest-bearing | 15,425,236 | 16,073,089 |
Total deposits | 29,070,349 | 30,465,897 |
Short-term borrowings | 1,871,271 | 1,665,061 |
Long-term debt | 242,077 | 244,220 |
Accrued interest payable | 9,935 | 3,103 |
Lease liabilities | 116,422 | 122,079 |
Deferred tax liability, net | 19,434 | |
Other liabilities | 531,143 | 341,059 |
Total liabilities | 31,841,197 | 32,860,853 |
Stockholders' equity: | ||
Common stock | 309,513 | 309,513 |
Capital surplus | 1,716,884 | 1,755,701 |
Retained earnings | 2,088,413 | 1,659,073 |
Accumulated other comprehensive loss, net | (772,182) | (53,935) |
Total stockholders' equity | 3,342,628 | 3,670,352 |
Total liabilities and stockholders' equity | $ 35,183,825 | $ 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 $3.33 per share) | 350,000,000 | 350,000,000 |
Common shares issued | 92,947,000 | 92,947,000 |
Common shares outstanding | 85,941,000 | 86,749,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Securities available for sale, amortized cost | $ 6,310,214 | $ 6,984,530 |
Securities held to maturity, fair value | 2,615,398 | 1,631,482 |
Loans held-for-sale, fair value | 10,843 | 41,022 |
Property and equipment, accumulated depreciation | 303,451 | 280,065 |
Right of use assets, accumulated amortization | $ 44,901 | $ 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 - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income: | |||
Loans, including fees | $ 940,629 | $ 825,862 | $ 907,290 |
Loans held for sale | 1,814 | 2,543 | 2,622 |
Securities-taxable | 166,731 | 131,382 | 127,629 |
Securities-tax exempt | 18,847 | 18,969 | 19,454 |
Short-term investments | 9,042 | 3,502 | 986 |
Total interest income | 1,137,063 | 982,258 | 1,057,981 |
Interest expense: | |||
Deposits | 58,439 | 26,246 | 88,261 |
Short-term borrowings | 16,191 | 6,015 | 10,042 |
Long-term debt | 12,430 | 16,762 | 17,155 |
Total interest expense | 87,060 | 49,023 | 115,458 |
Net interest income | 1,050,003 | 933,235 | 942,523 |
Provision for credit losses | (28,399) | (77,494) | 602,904 |
Net interest income after provision for credit losses | 1,078,402 | 1,010,729 | 339,619 |
Noninterest income: | |||
Securities transactions | (87) | 333 | 488 |
Other income | 53,911 | 74,801 | 56,385 |
Total noninterest income | 331,486 | 364,334 | 324,428 |
Noninterest expense: | |||
Compensation expense | 378,482 | 378,589 | 379,727 |
Employee benefits | 82,153 | 103,786 | 84,332 |
Personnel expense | 460,635 | 482,375 | 464,059 |
Net occupancy expense | 48,767 | 49,786 | 52,589 |
Equipment expense | 18,573 | 18,167 | 19,212 |
Data processing expense | 103,942 | 96,755 | 87,823 |
Professional services expense | 36,065 | 48,678 | 49,529 |
Amortization of intangibles | 14,033 | 16,665 | 19,916 |
Deposit insurance and regulatory fees | 14,889 | 13,582 | 18,804 |
Other real estate and foreclosed assets expense (income) | (4,407) | (210) | 9,555 |
Other expense | 58,195 | 81,209 | 67,305 |
Total noninterest expense | 750,692 | 807,007 | 788,792 |
Income (loss) before income taxes | 659,196 | 568,056 | (124,745) |
Income tax expense (benefit) | 135,107 | 104,841 | (79,571) |
Net income (loss) | $ 524,089 | $ 463,215 | $ (45,174) |
Earnings (loss) per common share - basic | $ 6 | $ 5.23 | $ (0.54) |
Earnings (loss) per common share - diluted | 5.98 | 5.22 | (0.54) |
Dividends paid per share | $ 1.08 | $ 1.08 | $ 1.08 |
Weighted average shares outstanding - basic | 86,068 | 86,823 | 86,533 |
Weighted average shares outstanding - diluted | 86,394 | 87,027 | 86,533 |
Service charges on deposit accounts | |||
Noninterest income: | |||
Service charges on deposit accounts | $ 87,663 | $ 81,032 | $ 76,659 |
Trust fees | |||
Noninterest income: | |||
Service charges on deposit accounts | 65,132 | 62,898 | 58,191 |
Bank card and ATM fees | |||
Noninterest income: | |||
Service charges on deposit accounts | 84,591 | 79,074 | 68,131 |
Investment and annuity fees and insurance commissions | |||
Noninterest income: | |||
Service charges on deposit accounts | 28,752 | 29,502 | 24,330 |
Secondary mortgage market operations | |||
Noninterest income: | |||
Service charges on deposit accounts | $ 11,524 | $ 36,694 | $ 40,244 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) | $ 524,089 | $ 463,215 | $ (45,174) |
Other comprehensive income (loss) before income taxes: | |||
Net change in unrealized gain (loss) on securities available for sale and cash flow hedges | (898,241) | (211,580) | 224,337 |
Reclassification of net losses realized and included in earnings | (5,947) | (15,485) | (10,983) |
Valuation adjustments to pension plan attributable to the Voluntary Early Retirement Program and curtailment | 59,606 | ||
Other valuation adjustments to employee benefit plans | (24,139) | (6,735) | 37,451 |
Amortization of unrealized net gain (loss) on securities transferred to held to maturity | 1,355 | (158) | (470) |
Other comprehensive income (loss) before income taxes | (926,972) | (174,352) | 175,433 |
Income tax (benefit) expense | (208,725) | (40,348) | 40,640 |
Other comprehensive income (loss) net of income taxes | (718,247) | (134,004) | 134,793 |
Comprehensive income (loss) | $ (194,158) | $ 329,211 | $ 89,619 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss), Net [Member] |
Balance at Dec. 31, 2019 | $ 3,467,685 | $ 309,513 | $ 1,736,664 | $ 1,476,232 | $ (54,724) | ||
Balance, Shares Issued at Dec. 31, 2019 | 92,947 | ||||||
Net income (loss) | (45,174) | (45,174) | |||||
Other comprehensive income (loss) | 134,793 | 134,793 | |||||
Comprehensive income (loss) | 89,619 | (45,174) | 134,793 | ||||
Cash dividends declared | (95,605) | (95,605) | |||||
Common stock activity, long-term incentive plans | 17,855 | 17,715 | 140 | ||||
Issuance of stock from dividend reinvestment and stock purchase plans | 4,164 | 4,164 | |||||
Net settlement of accelerated share repurchase agreement (1,001,472 shares) | 12,110 | 12,110 | |||||
Repurchase of common stock | (12,716) | (12,716) | |||||
Balance at Dec. 31, 2020 | 3,439,025 | $ (44,087) | $ 309,513 | 1,757,937 | 1,291,506 | $ (44,087) | 80,069 |
Balance, Shares Issued at Dec. 31, 2020 | 92,947 | ||||||
Net income (loss) | 463,215 | 463,215 | |||||
Other comprehensive income (loss) | (134,004) | (134,004) | |||||
Comprehensive income (loss) | 329,211 | 463,215 | (134,004) | ||||
Cash dividends declared | (95,927) | (95,927) | |||||
Common stock activity, long-term incentive plans | 15,967 | 15,688 | 279 | ||||
Issuance of stock from dividend reinvestment and stock purchase plans | 3,872 | 3,872 | |||||
Repurchase of common stock | (21,796) | (21,796) | |||||
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 (loss) | $ 524,089 | 524,089 | |||||
Other comprehensive income (loss) | (718,247) | (718,247) | |||||
Comprehensive income (loss) | (194,158) | 524,089 | (718,247) | ||||
Cash dividends declared | (94,891) | (94,891) | |||||
Common stock activity, long-term incentive plans | 16,640 | 16,498 | 142 | ||||
Issuance of stock from dividend reinvestment and stock purchase plans | 3,577 | 3,577 | |||||
Repurchase of common stock | (58,892) | (58,892) | |||||
Balance at Dec. 31, 2022 | $ 3,342,628 | $ 309,513 | $ 1,716,884 | $ 2,088,413 | $ (772,182) | ||
Balance, Shares Issued at Dec. 31, 2022 | 92,947 | 92,947 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Repurchase of common stock, shares | 1,204,368 | 449,876 | 315,851 |
Net settlement of accelerated share repurchase agreement, shares | 1,001,472 | ||
Retained Earnings [Member] | |||
Cash dividends declared, per common share | $ 1.08 | $ 1.08 | $ 1.08 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 524,089 | $ 463,215 | $ (45,174) |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 31,582 | 29,113 | 30,128 |
Provision for credit losses | (28,399) | (77,494) | 602,904 |
(Gain) loss on other real estate and foreclosed assets | (4,382) | (2,280) | 9,581 |
Deferred tax expense (benefit) | (22,166) | 10,376 | (20,716) |
Increase in cash surrender value of life insurance contracts | (7,010) | (23,505) | (19,244) |
Impairment of or loss on disposal of assets | 259 | 14,354 | 3,159 |
Loss on extinguishment of debt | 4,165 | ||
Loss (gain) on sale of securities available for sale | 87 | (333) | (488) |
Net (increase) decrease in loans held for sale | 61,031 | 41,157 | (77,544) |
Net amortization of securities premium/discount | 35,490 | 50,311 | 43,226 |
Amortization of intangible assets | 14,033 | 16,665 | 19,916 |
Stock-based compensation expense | 23,489 | 22,442 | 21,107 |
Net change in derivative collateral liability | 64,867 | 62,670 | (80,290) |
Increase in interest payable and other liabilities | 6,838 | 20,869 | 4,687 |
(Increase) decrease in other assets | 176,354 | (21,050) | (111,094) |
Other, net | (34,141) | (24,985) | (24,967) |
Net cash provided by operating activities | 842,021 | 585,690 | 355,191 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from sales of securities available for sale | 73,219 | 198,681 | 211,919 |
Proceeds from maturities of securities available for sale | 502,628 | 1,073,133 | 1,001,720 |
Purchases of securities available for sale | (635,593) | (2,527,272) | (2,371,954) |
Proceeds from maturities of securities held to maturity | 147,879 | 116,536 | 218,205 |
Purchases of securities held to maturity | (884,427) | (338,089) | (20,884) |
Proceeds received upon termination of fair value hedge instruments | 90,601 | ||
Net redemptions (purchases) of Federal Home Loan Bank stock | (12,095) | 52,535 | (12,868) |
Net (increase) decrease in short-term investments | 3,506,845 | (2,496,849) | (1,223,557) |
Proceeds from sales of loans and leases | 30,652 | 22,485 | 328,958 |
Net (increase) decrease in loans | (2,088,836) | 670,958 | (1,296,136) |
Purchases of life insurance contracts | (65,000) | (75,000) | |
Proceeds from surrender of life insurance contracts | 44,045 | ||
Purchases of property and equipment | (29,145) | (23,541) | (37,869) |
Proceeds from sales of other real estate and foreclosed assets | 14,081 | 15,527 | 17,923 |
Other, net | 11,549 | 42,267 | 7,071 |
Net cash provided by (used in) investing activities | 662,358 | (3,224,584) | (3,177,472) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net increase (decrease) in deposits | (1,395,548) | 2,768,020 | 3,894,302 |
Net increase (decrease) in short-term borrowings | 206,210 | (2,452) | (1,047,359) |
Repayments of long-term debt | (480) | (153,444) | (308) |
Issuance of long-term debt, net of issuance costs | 5,629 | 22,388 | 166,425 |
Dividends paid | (94,458) | (95,927) | (95,605) |
Payroll tax remitted on net share settlement of equity awards | (7,386) | (7,364) | (4,530) |
Cash received under accelerated share repurchase agreement | 12,110 | ||
Other repurchases of common stock | (58,892) | (21,796) | (12,716) |
Proceeds from exercise of stock options | 227 | 492 | |
Proceeds from dividend reinvestment and stock purchase plan | 3,577 | 3,872 | 4,164 |
Net cash provided by (used in) financing activities | (1,341,121) | 2,513,789 | 2,916,483 |
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS | 163,258 | (125,105) | 94,202 |
CASH AND DUE FROM BANKS, BEGINNING | 401,201 | 526,306 | 432,104 |
CASH AND DUE FROM BANKS, ENDING | 564,459 | 401,201 | 526,306 |
SUPPLEMENTAL INFORMATION | |||
Income taxes paid | 135,193 | 122,594 | 17,465 |
Interest paid | 80,076 | 49,995 | 121,343 |
SUPPLEMENTAL INFORMATION FOR NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
Assets acquired in settlement of loans | $ 596 | $ 2,806 | $ 6,420 |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Recent Accounting Pronouncements | Note 1. Summary of Significant Accounting Policies and Recent Accounting Pronouncements DESCRIPTION OF BUSINESS Hancock Whitney Corporation (the “Company”) is a financial services company headquartered in Gulfport, Mississippi that is both a financial holding company and a bank holding company registered under the Bank Holding Company Act of 1956, as amended. The Company provides a comprehensive network of full-service financial choices to customers primarily in the Gulf South region through its bank subsidiary, Hancock Whitney Bank (the “Bank”), a Mississippi state bank. The Bank offers a broad range of traditional and online banking services to commercial, small business and retail customers, providing a variety of transaction and savings deposit products, treasury management services, secured and unsecured loan products (including revolving credit facilities), and letters of credit and similar financial guarantees. The Bank also provides access to trust and investment management services to retirement plans, corporations and individuals, as well as investment advisory and brokerage products. In addition, the Company offers its customers access to fixed annuity and life insurance products and investment management and other services through its limited purpose broker-dealer subsidiary, Hancock Whitney Investment Services, Inc., a nonbank subsidiary of the holding company. The Company primarily operates across the Gulf South region, including southern and central Mississippi; southern and central Alabama; southern, central and northwest Louisiana; the northern, central, and panhandle regions of Florida; and the certain areas of east and northeast Texas including Houston, Beaumont, Dallas and San Antonio, among others. In addition, the Company operates loan production offices in Nashville, Tennessee and the metropolitan area of Atlanta, Georgia. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the U.S. (U.S. GAAP) and those generally practiced within the banking industry. Following is a summary of the more significant accounting policies. Basis of Presentation The consolidated financial statements include the accounts of the Company and all other entities in which the Company has a controlling interest. Variable interest entities for which the Company has been deemed the primary beneficiary are also consolidated. Significant intercompany transactions and balances have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation. Use of Estimates The accounting principles the Company follows and the methods for applying these principles conform to U.S. GAAP and general practices followed by the banking industry. These accounting principles and practices 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. Fair Value Accounting Fair value is generally defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date under current market conditions. U.S. GAAP requires the use of fair values in determining the carrying values of certain assets and liabilities in the financial statements, as well as for specific disclosures about certain assets and liabilities. Accounting guidance 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 (level 1) and the lowest priority to unobservable inputs such as a reporting entity’s own data or information or assumptions developed from this 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. Business Combinations Business combinations are accounted for under the purchase method of accounting. Purchased assets, including identifiable intangibles, and assumed liabilities are recorded at their respective acquisition date fair values. If the fair value of net assets purchased exceeds the consideration given, a bargain purchase gain is recognized. If the consideration given exceeds the fair value of the net assets received or if the fair value of the net liabilities assumed exceeds the consideration received, goodwill is recognized. Fair values are subject to refinement for up to one year after the closing date of an acquisition as information relative to closing date fair values becomes available. Acquisition costs are expensed as incurred. All identifiable intangible assets that are acquired in a business combination are recognized at the acquisition date fair value. Identifiable intangible assets are recognized separately if they arise from contractual or other legal rights or if they are separable (i.e., capable of being sold, transferred, licensed, rented, or exchanged separately from the entity). Cash and Due from Banks The Company considers only cash on hand, cash items in process of collection and balances due from financial institutions as cash and cash equivalents. Securities Securities are classified as trading, held to maturity or available for sale. Management determines the appropriate classification of debt and equity securities at the time of purchase and reevaluates this classification periodically as conditions change that could require reclassification. Available for sale securities are stated at fair value. Unrealized holding gains and unrealized holding losses are reported net of tax in other comprehensive income or loss and in accumulated other comprehensive income or loss (“AOCI”) until realized. Securities that the Company both positively intends and has the ability to hold to maturity are classified as securities held to maturity and are carried at amortized cost. The intent and ability to hold are not considered satisfied when a security is available to be sold in response to changes in interest rates, prepayment rates, liquidity needs or other reasons as part of an overall asset/liability management strategy. Premiums and discounts on securities, both those held to maturity and those available for sale, are amortized and accreted to income as an adjustment to the securities’ yields using the effective interest method. Realized gains and losses on the sale of securities are reported net as a component of noninterest income. The cost of securities sold is specifically identified for use in calculating realized gains and losses. Credit Losses on Securities At least quarterly, or more often when warranted, the Company performs an assessment of held to maturity debt securities for expected credit losses and available for sale debt securities for credit-related impairment, resulting in an allowance for credit losses, if applicable. The Company applies the practical expedient to exclude the accrued interest receivable balance from amortized cost basis of financing receivables. The allowance for credit losses on held to maturity debt securities is estimated at the individual security level when there is a more than inconsequential risk of default. The assessment uses probability of default and loss given default models based on public ratings, where available, or mapped internally developed risk grades to public ratings and forecasted cash flows using the same economic forecasts and probability weighting as used for the Company’s evaluation of the loan portfolio. Qualitative adjustments to the output of the quantitative calculation are made when management deems it necessary to reflect differences in current and forecasted conditions as compared to those during the historical loss period used in model development. The Company evaluates credit impairment on available for sale debt securities at an individual security level. This evaluation is done for securities whose fair value is below amortized cost with a more than inconsequential risk of default and where the Company has assessed the decline in fair value is significant enough to suggest a credit event occurred. Credit events are generally assessed based on adverse conditions specifically related to the security, an industry, or geographic area, changes in the financial condition of the issuer of the security, or in the case of an asset-backed debt security, changes in the financial condition of the underlying loan obligors. The allowance for credit losses for such securities is measured using a discounted cash flow methodology, through which management compares the present value of expected cash flows with the amortized cost basis of the security. The allowance for credit loss is limited to the amount by which the fair value is less than the amortized cost basis. The Company records changes in the allowance for credit losses on securities with a corresponding adjustment recorded in the provision for credit loss expense. If the Company intends to sell the debt security, or more likely than not will be required to sell the security before recovery of its amortized cost basis, the security is charged down to fair value against the allowance for credit losses, with any incremental impairment reported in earnings. Loans Loans Held for Sale Residential mortgage loans originated for sale are classified as loans held for sale on the Consolidated Balance Sheets. Beginning in the second quarter of 2021, the Company generally elects the fair value option on funded residential mortgage loans originated for sale that are associated with forward sales contracts. For mortgage loans for which the Company has elected the fair value option, gains and losses are included in noninterest income within secondary mortgage market operations. Held for sale loans also includes residential construction loans that are anticipated to be sold upon completion of the construction term. At times, management may originate other types of loans with the intent to sell or decide to sell loans that were not originated for that purpose. Such loans are reclassified as held for sale at the lower of cost or market when that decision is made. Loans Held for Investment Loans that the Company has the intent and ability to hold for the foreseeable future or until maturity or payoff are considered loans held for investment and reported as loans on the Consolidated Balance Sheets and in the related footnote disclosures. Loans held for investment include loans originated for investment and loans acquired in purchase transactions. Loans are reported at the principal balance outstanding net of unearned income. Interest on loans and accretion of unearned income, including net deferred loan fees and costs, are computed in a manner that approximates a level yield on recorded principal. Interest on loans is recognized in income as earned. The accrual of interest is discontinued (“nonaccrual status”) when, in management’s opinion, it is probable that the borrower will be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. When accrual of interest is discontinued on a loan, all unpaid accrued interest is reversed and payments subsequently received are applied first to recover principal. Interest income is recognized for payments received after contractual principal has been satisfied. Loans are returned to accrual status when all the principal and interest contractually due are brought current and future payment performance is reasonably assured. Acquired Loans Subsequent to the adoption on January 1, 2020 of Accounting Standards Codification (“ASC”) Topic 326, “Financial Instruments – Credit Losses,” commonly referred to as Current Expected Credit Losses or CECL, acquired loans are segregated between those purchased with credit deterioration (“PCD”) and those that are not (“non-PCD”). Loans considered PCD include those individual loans (or groups of loans with similar risk characteristics) that as of the date of acquisition are assessed as having experienced a more-than-insignificant deterioration in credit quality since origination. The assessment of what is more-than-insignificant credit deterioration since origination considers information including, but not limited to, financial assets that are delinquent, on nonaccrual and/or otherwise adversely risk rated as of the acquisition date, those that have been downgraded since origination, and those for which, after origination, credit spreads have widened beyond the threshold specified in policy. The Company bifurcates the fair value discount between the credit and noncredit components and records an allowance for credit losses for PCD loans by adding the credit portion of the fair value discount to the initial amortized cost basis and increasing the allowance for credit losses at the date of acquisition. Any noncredit discount or premium resulting from acquiring loans with credit deterioration is allocated to each individual asset. All non-PCD loans acquired are recorded at the estimated fair value of the loan at acquisition, with the estimated allowance for credit loss recorded as a provision for credit losses through earnings in the period in which the acquisition has occurred. The noncredit discount or premium for PCD loans and full discount for non-PCD loans will be accreted to interest income using the interest method based on the effective interest rate at the acquisition date. Under the transition provisions for application of CECL, the Company classified all purchased credit impaired loans (“PCI”) previously accounted for under Financial Accounting Standard Subtopic 310-30 to be classified as PCD, without reassessing whether the financial assets meet the criteria of PCD as of the date of adoption. The application of these provisions resulted in an adjustment to the amortized cost basis of the financial asset to reflect the addition of the allowance for credit losses at the date of adoption. The Company elected not to maintain pools of loans accounted for under Subtopic 310-30 at adoption. The Company was also not required to reassess whether modifications to individual acquired financial assets accounted for in pools were troubled debt restructurings as of the date of adoption. The noncredit discount, after the adjustment for the allowance for credit losses, is accreted to interest income using the interest method based on the effective interest rate determined at the adoption date. Troubled Debt Restructurings Troubled debt restructurings (TDRs) occur when a borrower is experiencing, or is expected to experience, financial difficulties in the near-term and a modification of loan terms is granted that would otherwise not have been considered. Troubled debt restructurings can result in loans remaining on nonaccrual, moving to nonaccrual, or continuing to accrue, depending on the individual facts and circumstances of the borrower. When establishing credit reserves on a loan modified in a TDR, the loan’s value is determined by either the present value of expected cash flows calculated using the loan’s effective interest rate before the restructuring, or the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. If the value as determined is less than the recorded investment in the loan, the difference is charged off through the allowance for loan and lease losses. The Consolidated Appropriations Act, 2021 extended to January 1, 2022 the relief provided by Section 4013 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act from the accounting and disclosure requirements of ASC 310-40 for certain qualifying loan modifications. Qualifying loan modifications are those that were made by financial institutions in response to the COVID-19 pandemic, where the borrower was not more than 30 days past due as of December 31, 2019, and the modifications were related to arrangements that defer or delay the payment of principal or interest, or change the interest rate on the loan. Allowance for Credit Losses The allowance for credit losses (ACL) is comprised of the allowance for loan and lease losses (ALLL), a valuation account available to absorb losses on loans and leases held for investment, and the reserve for unfunded lending commitments, a liability established to absorb credit losses for the expected life of the contractual term of on and off-balance sheet exposures as of the date of the determination. Quarterly, management estimates losses in the portfolio and unfunded exposures based on a number of factors, including the Company’s past loan loss experience, known and potential risks in the portfolio, adverse situations that may affect the borrowers’ ability to repay, the estimated value of any underlying collateral, and current and forecasted economic conditions. The analysis and methodology for estimating the ACL includes two primary elements: 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 for credit loss. For the collective approach, the Company segments loans into commercial non-real estate, commercial real estate – owner occupied, commercial real estate – income producing, construction and land development, residential mortgage and consumer, with further segmentation by region and sub-portfolio, as deemed appropriate. Both quantitative and qualitative factors are applied at the portfolio segment levels. The Company applies the practical expedient that permits the exclusion of the accrued interest receivable balance from amortized cost basis of financing receivables for all classes of loans as our nonaccrual policy results in the timely write-off of interest accrued but uncollected. For the collectively evaluated portfolios, the Company utilizes internally developed credit models and third party economic forecasts for the calculation of expected credit loss over the reasonable and supportable forecast period for the majority of the portfolio and other methods, generally historical loss based, for select portfolios. The Company calculates a collective allowance for a two-year reasonable and supportable forecast period utilizing probability weighted multiple macroeconomic scenarios, and then reverts on a linear basis over four quarters to an average historical loss rate for the remaining term. The credit models consist primarily of multivariate regression and autoregressive models that correlate our historical net charge-off rates to select macroeconomic variables at a collective level. Forward-looking macroeconomic forecasts are applied as inputs to the regression equations to estimate quarterly collective net charge-off rates over the reasonable and supportable period. The net charge-off rates from the credit models for the reasonable and supportable period, the linear reversion rates, and the average loss rates for the post reasonable and supportable periods are applied to forecasted balance runoff for the estimated remaining term. The balance runoff incorporates prepayment assumptions developed from historical experience that are applied to the multiple macroeconomic forecasts. Forecasted net charge-off rates are also applied to forecasted draws and subsequent runoff of unfunded commitments in the calculation of the reserve for unfunded lending commitments. Qualitative adjustments to the output of quantitative calculations are made when management deems it necessary to reflect differences in current and forecasted conditions as compared to those during the historical loss period used in model development. Conditions to be considered include, but are not limited to, problem loan trends, current business and economic conditions, credit concentrations, lending policies and procedures, lending staff, collateral values, loan profiles and volumes, loan review quality, changes in competition and regulations, and other adjustments for model limitations or other variables not specifically captured. The Company establishes specific reserves using an individually evaluated approach for nonaccrual loans, loans modified in troubled debt restructures, loans for which a troubled debt restructure is reasonably expected, and other financial instruments that are deemed to not share risk characteristics with other collectively evaluated financial assets. For loans individually evaluated, a specific allowance is recognized for any shortfall between the loan’s value and its recorded investment. The loan’s value is measured by either the loan’s observable market price, the fair value of the collateral of the loan (less liquidation costs) if it is collateral dependent, or by the present value of expected future cash flows discounted at the loan’s effective interest rate. The Company applies the practical expedient and defines collateral dependent loans as those where the borrower is experiencing financial difficulty and on which repayment is expected to be provided substantially through the operation or sale of the collateral. Loans individually analyzed are not incorporated into the pool analysis to avoid double counting. The Company limits the individually evaluated specific reserve analysis to include commercial and residential mortgage loans with relationship balances of $ 1 million or greater and all loans classified as troubled debt restructurings. It is the policy of the Company to promptly charge off all commercial and residential mortgage loans, or portions of loans, when available information reasonably confirms that they are wholly or partially uncollectible. Prior to recording a charge, the loan’s value is established based on an assessment of the value of the collateral securing the loan, the borrower’s and the guarantor’s ability and willingness to pay and the status of the account in bankruptcy court, if applicable. Consumer loans are generally charged down when the loan is 120 days past due for most secured and unsecured loans and 150 days past due for consumer credit card loans, unless the loan is clearly both well secured and in the process of collection. Loans are charged down to the fair value of the collateral, if any, less estimated selling costs. Loans are charged off against the allowance for loan losses, with subsequent recoveries added back to the allowance. Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation and amortization. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets, which are up to 30 years for buildings and three to ten years for most furniture and equipment. Amortization expense for software is generally charged over three years , or seven years for core systems. Leasehold improvements are amortized over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. The Company evaluates whether events and circumstances have occurred that indicate that such long-lived assets have been impaired. Measurement of any impairment of such long-lived assets is based on their fair values. Property and equipment used in operations is considered held for sale when certain criteria are met, including when management has committed to a plan to sell the asset, the asset is available for sale in its immediate condition, and the sale is probable within one year of the reporting date. Assets held for sale are reported at the lower of cost or fair value less costs to sell. Gains and losses related to retirement or disposition of property and equipment are recorded in the consolidated statements of income as realized, reflected in either other income under noninterest income or other expense under noninterest expense, depending on the nature of the item. Operating Leases The Company recognizes a liability representing the present value of future lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset over the lease term in the Consolidated Balance Sheets. The Company determines if an arrangement is a lease at inception of the contract and assesses the appropriate classification as finance or operating. Operating leases with terms greater than one year are included in right-of-use lease assets and lease obligations on the Company’s Consolidated Balance Sheets. The lease term includes payments to be made in optional or renewal periods only if the lessee is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease. Operating lease right-of-use assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term using the interest rate implicit in the contract, when available, or the Company’s incremental collateralized borrowing rate with similar terms. Agreements with both lease and non-lease components are accounted for separately, with only the lease component capitalized. The right-of-use asset is the amount of the lease liability adjusted for prepaid or accrued lease payments, remaining balance of any lease incentives received, unamortized initial direct costs, and impairment. Lease expense is recorded on a straight-line basis over the lease term through amortization of the right-of-use asset plus implicit interest accreted on the operating lease liability obligation, and is reflected in net occupancy expense in the Consolidated Statements of Income. The Company evaluates whether events and circumstances have occurred that indicate right-of-use assets have been impaired. Measurement of any impairment of such assets is based on their fair values. Once a right-of-use asset for an operating lease is impaired, the carrying amount of the right-of-use asset is reduced through expense and the remaining balance is subsequently amortized on a straight-line basis. Certain of the Company’s leases contain variable components, such as annual changes to rent based on the consumer price index. Operating lease liabilities are not re-measured as a result of changes to variable components unless the lease must be re-measured for some other reason such as a renewal that was not reasonably certain of being exercised. Changes to the variable components are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. As allowed in the transition guidance in Topic 842, "Leases," the Company elected to use the standard’s “package of practical expedients,” which allows the use of previous conclusions about lease identification, lease classification and the accounting treatment for initial direct costs. The Company also elected the short-term lease recognition exemption for all leases with lease terms of one year or less; as such, the Company does not recognize right-of-use assets or lease liabilities on the consolidated balance sheet for such leases. Other Real Estate and Foreclosed Assets Other real estate and foreclosed assets includes real property and other assets that have been acquired in satisfaction of loans and leases, and real property no longer used in the Bank’s business. These assets are recorded at the estimated fair value less the estimated cost of disposition and carried at the lower of either cost or market. Fair value is based on independent appraisals and other relevant factors. Any initial reduction in the carrying amount of a loan to the fair value of the collateral received less selling costs is charged to the allowance for loan losses. Each asset is revalued on an annual basis, or more often if market conditions necessitate. Subsequent losses on the periodic revaluation of these assets and gains or losses recognized on disposition are charged to current earnings, as are revenues from and costs of operating and maintaining real property; with the resulting net (income) expense reflected in noninterest expense in the Consolidated Statements of Income. Improvements made to real property are capitalized if the expenditures are expected to be recovered upon the sale of the property. Goodwill and Other Intangible Assets Goodwill represents the excess of consideration paid over the fair value of net assets acquired or the excess of the fair value liabilities assumed over consideration received in a business combination. Goodwill is not amortized but assessed for impairment on an annual basis, or more often if events or circumstances indicate there may be impairment. Accounting guidance permits the Company to first assess qualitative factors to determine if it is more likely than not that the fair value of a reporting unit exceeds its carrying value. If the Company determines it is more likely than not that the fair value exceeds book value, then a quantitative impairment test is not necessary. If the Company elects to bypass the qualitative assessment, or concludes that it is more likely than not that the fair value is less than the carrying value, a quantitative goodwill impairment test is performed. In addition, absent any triggering events, quantitative impairment test will be performed every three years to ensure goodwill is periodically reviewed within a reasonable timeframe. The quantitative impairment test compares the estimated fair value of a reporting unit with its net book value. The Company has assigned all goodwill to one reporting unit that represents overall banking operations. The fair value of the reporting unit is based on valuation techniques that market participants would use in an acquisition of the whole unit, and may include analysis such as estimated discounted cash flows, the quoted market price of the Company’s stock adjusted for a control premium, and observable average price-to-earnings and price-to-book multiples of competitors. If the unit’s fair value is less than its carrying value, an estimate of the implied fair value of the goodwill is compared to the goodwill’s carrying value, and any impairment recognized. Other identifiable intangible assets with finite lives, such as core deposit intangibles, customer lists and trade name, are initially recorded at fair value and are generally amortized over the periods benefited. These assets are evaluated for impairment in a similar manner to long-lived assets. Life Insurance Contracts Bank-owned life insurance contracts (BOLI) are comprised of long-term life insurance contracts on the lives of certain current and past employees where the insurance policy benefits and ownership are retained by the employer. Its cash surrender value is an asset that the Company uses to partially offset the future cost of employee benefits. The cash value accumulation on BOLI is permanently tax deferred if the policy is held to the insured person’s death and certain other conditions are met. Federal Home Loan Bank Stock As a member of the Federal Home Loan Bank (FHLB), the Company is required to purchase and hold shares of capital stock in the FHLB in an amount equal to a membership investment plus an activity-based investment determined according to the level of outstanding FHLB advances. The shares are recorded at amortized cost, which approximates fair value, and is reflected in Other Assets in the Consolidated Balance Sheets. Derivative Instruments and Hedging Activities The Company records all derivatives on the Consolidated Balance Sheets at fair value as components of other assets and other liabilities. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting |
Securities
Securities | 12 Months Ended |
Dec. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | 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 $ 102,607 $ 754 $ 8,258 $ 1,592 $ 110,865 $ 2,346
Municipal obligations 192,334 3,981 — — 192,334 3,981
Residential mortgage-backed securities 636,060 49,790 1,611,832 348,829 2,247,892 398,619
Commercial mortgage-backed securities 1,489,974 114,195 1,351,530 228,685 2,841,504 342,880
Collateralized mortgage obligations 41,703 3,275 28,884 2,967 70,587 6,242
Corporate debt securities 13,194 1,306 7,386 1,114 20,580 2,420
. $ 2,475,872 $ 173,301 $ 3,007,890 $ 583,187 $ 5,483,762 $ 756,488 The fair value and gross unrealized losses for securities classified as available for sale with unrealized losses at December 31, 2021 are presented in the table below.
Available for sale
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 the end of each reporting period, the Company evaluated 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 loss, if any, were negligible and no allowance for credit losses was recorded. The fair value and gross unrealized losses for securities classified as held to maturity with unrealized losses at December 31, 2022 follow are presented in the table below.
Held to maturity
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 $ 145,893 $ 13,245 $ 226,499 $ 35,799 $ 372,392 $ 49,044
Municipal obligations 560,288 8,878 64,346 17,680 624,634 26,558
Residential mortgage-backed securities 391,146 30,515 270,800 42,017 661,946 72,532
Commercial mortgage-backed securities 697,827 56,899 163,653 30,312 861,480 87,211
Collateralized mortgage obligations 41,438 2,526 — — 41,438 2,526
$ 1,836,592 $ 112,063 $ 725,298 $ 125,808 $ 2,561,890 $ 237,871 The fair value and gross unrealized losses for securities classified as held to maturity with unrealized losses at December 31, 2021 are presented in the table below.
Held to maturity
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 At December 31, 2022 and 2021, the Company had 757 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 issuers’ abilities 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 December 31, 2022 and 2021. As noted above, no allowance for credit loss was recorded as of December 31, 2022 or 2021. The Company has adequate liquidity and, therefore, does not plan to and, more likely than not, will not be required to sell these securities before recovery of the indicated impairment. " id="sjs-B4" xml:space="preserve">Note 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 December 31, 2022 and 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 $ 29.1 million and $ 25.5 million at December 31, 2022 and December 31, 2021, respectively. During the twelve months ended December 31, 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. Securities Available for Sale December 31,2022 December 31,2021 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair ($ in thousands) Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency $ 113,211 $ — $ 2,346 $ 110,865 $ 420,857 $ 3,781 $ 5,340 $ 419,298 Municipal obligations 207,014 59 3,981 203,092 304,536 13,184 3,562 314,158 Residential mortgage-backed securities 2,655,381 224 398,619 2,256,986 3,056,763 29,158 50,123 3,035,798 Commercial mortgage-backed securities 3,234,278 2,032 342,880 2,893,430 3,064,828 61,645 48,614 3,077,859 Collateralized mortgage obligations 76,830 — 6,242 70,588 119,046 1,837 — 120,883 Corporate debt securities 23,500 — 2,420 21,080 18,500 210 8 18,702 $ 6,310,214 $ 2,315 $ 756,488 $ 5,556,041 $ 6,984,530 $ 109,815 $ 107,647 $ 6,986,698 Securities Held to Maturity December 31,2022 December 31,2021 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair ($ in thousands) Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency $ 426,454 $ 21 $ 49,044 $ 377,431 $ 14,857 $ — $ 20 $ 14,837 Municipal obligations 698,908 753 26,558 673,103 621,405 37,941 205 659,141 Residential mortgage-backed securities 734,478 — 72,532 661,946 268,907 682 1,499 268,090 Commercial mortgage-backed securities 948,691 — 87,211 861,480 603,156 28,679 669 631,166 Collateralized mortgage obligations 43,964 — 2,526 41,438 57,426 822 — 58,248 $ 2,852,495 $ 774 $ 237,871 $ 2,615,398 $ 1,565,751 $ 68,124 $ 2,393 $ 1,631,482 The Company held no securities classified as trading at December 31, 2022 or 2021. The following tables present the amortized cost and fair value of debt securities at December 31, 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 collateral mortgage obligations. ($ in thousands) Amortized Fair Debt Securities Available for Sale Due in one year or less $ 112 $ 111 Due after one year through five years 919,639 871,760 Due after five years through ten years 2,982,549 2,665,232 Due after ten years 2,407,914 2,018,938 Total available for sale debt securities $ 6,310,214 $ 5,556,041 ($ in thousands) Amortized Fair Debt Securities Held to Maturity Due in one year or less $ 10,000 $ 9,924 Due after one year through five years 544,146 522,347 Due after five years through ten years 893,562 813,726 Due after ten years 1,404,787 1,269,401 Total held to maturity debt securities $ 2,852,495 $ 2,615,398 The following table presents the proceeds from, gross gains on, and gross losses on sales of securities during the years ended December 31, 2022, 2021 and 2020. Net gains or losses are reflected in the "Securities transactions" line item on the Consolidated Statements of Income. Years Ended December 31, ($ in thousands) 2022 2021 2020 Proceeds $ 73,219 $ 198,681 $ 211,919 Gross gains — 1,649 1,984 Gross losses 87 1,316 1,496 Securities with carrying values totaling approximately $ 4.9 billion at December 31, 2022 and $ 4.0 billion at December 31, 2021 were pledged as collateral, 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 at December 31, 2022 are presented in the table below. Available for sale 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 $ 102,607 $ 754 $ 8,258 $ 1,592 $ 110,865 $ 2,346 Municipal obligations 192,334 3,981 — — 192,334 3,981 Residential mortgage-backed securities 636,060 49,790 1,611,832 348,829 2,247,892 398,619 Commercial mortgage-backed securities 1,489,974 114,195 1,351,530 228,685 2,841,504 342,880 Collateralized mortgage obligations 41,703 3,275 28,884 2,967 70,587 6,242 Corporate debt securities 13,194 1,306 7,386 1,114 20,580 2,420 . $ 2,475,872 $ 173,301 $ 3,007,890 $ 583,187 $ 5,483,762 $ 756,488 The fair value and gross unrealized losses for securities classified as available for sale with unrealized losses at December 31, 2021 are presented in the table below. Available for sale 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 the end of each reporting period, the Company evaluated 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 loss, if any, were negligible and no allowance for credit losses was recorded. The fair value and gross unrealized losses for securities classified as held to maturity with unrealized losses at December 31, 2022 follow are presented in the table below. Held to maturity 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 $ 145,893 $ 13,245 $ 226,499 $ 35,799 $ 372,392 $ 49,044 Municipal obligations 560,288 8,878 64,346 17,680 624,634 26,558 Residential mortgage-backed securities 391,146 30,515 270,800 42,017 661,946 72,532 Commercial mortgage-backed securities 697,827 56,899 163,653 30,312 861,480 87,211 Collateralized mortgage obligations 41,438 2,526 — — 41,438 2,526 $ 1,836,592 $ 112,063 $ 725,298 $ 125,808 $ 2,561,890 $ 237,871 The fair value and gross unrealized losses for securities classified as held to maturity with unrealized losses at December 31, 2021 are presented in the table below. Held to maturity 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 At December 31, 2022 and 2021, the Company had 757 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 issuers’ abilities 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 December 31, 2022 and 2021. As noted above, no allowance for credit loss was recorded as of December 31, 2022 or 2021. The Company has adequate liquidity and, therefore, does not plan to and, more likely than not, will not be required to sell these securities before recovery of the indicated impairment. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | Note 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 $ 100.2 million and $ 67.8 million at December 31, 2022 and 2021, respectively. Included in commercial non-real estate loans at December 31, 2022 and 2021 was $ 38.8 million and $ 531.1 million, respectively, of Paycheck Protection Program loans, described below. The following table presents loans, net of unearned income, by portfolio class at December 31, 2022 and 2021: ($ in thousands) 2022 2021 Commercial non-real estate $ 10,146,453 $ 9,612,460 Commercial real estate - owner occupied 3,033,058 2,821,246 Total commercial and industrial 13,179,511 12,433,706 Commercial real estate - income producing 3,560,991 3,464,626 Construction and land development 1,703,592 1,228,670 Residential mortgages 3,092,605 2,423,890 Consumer 1,577,347 1,583,390 Total loans $ 23,114,046 $ 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 generally 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. The Bank makes loans in the normal course of business to directors and executive officers of the Company and the Bank and to their associates. Loans to such related parties are made on substantially the same terms, including interest rates and collateral requirements, as those prevailing at the time for comparable transactions with unrelated parties and do not involve more than normal risk of collectability when originated. Balances of loans to the Company’s directors, executive officers and their associates at December 31, 2022 and 2021 were approximately $ 30.4 million and $ 62.9 million, respectively. Related party loan activity in 2022 reflect new loans of $ 3.0 million, and repayments of $ 35.3 million. The Bank has a line of credit with the Federal Home Loan Bank of Dallas that is secured by blanket pledges of certain qualifying loan types. The Bank had borrowings on this line of $ 1.4 and $ 1.1 billion at December 31, 2022 and 2021, respectively. The following schedules show activity in the allowance for credit losses by portfolio class for the years ended December 31, 2022 and 2021, as well as the corresponding recorded investment in loans at December 31, 2022 and 2021. Effective January 1, 2020, the Company adopted the provisions of ASC 326 (CECL) using a modified retrospective basis. Commercial Non-Real Estate Commercial Real Estate-Owner Occupied Total Commercial and Industrial Commercial Real Estate-Income Producing Construction and Land Development Residential Mortgages Consumer Total ($ in thousands) Year Ended December 31, 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 ( 7,637 ) ( 948 ) ( 8,585 ) ( 1,073 ) ( 3 ) ( 137 ) ( 12,792 ) ( 22,590 ) Recoveries 11,812 733 12,545 878 134 1,749 5,382 20,688 Net provision for loan losses ( 3,602 ) ( 4,934 ) ( 8,536 ) ( 35,902 ) 8,265 229 3,570 ( 32,374 ) Ending balance - allowance for loan losses $ 96,461 $ 48,284 $ 144,745 $ 71,961 $ 30,498 $ 32,464 $ 28,121 $ 307,789 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 462 ( 21 ) 441 ( 299 ) 3,203 9 621 3,975 Ending balance - reserve for unfunded $ 4,984 $ 302 $ 5,286 $ 1,395 $ 25,110 $ 31 $ 1,487 $ 33,309 Total allowance for credit losses $ 101,445 $ 48,586 $ 150,031 $ 73,356 $ 55,608 $ 32,495 $ 29,608 $ 341,098 Allowance for loan losses: Individually evaluated $ 71 $ 31 $ 102 $ 16 $ 18 $ 239 $ 101 $ 476 Collectively evaluated 96,390 48,253 144,643 71,945 30,480 32,225 28,020 307,313 Allowance for loan losses $ 96,461 $ 48,284 $ 144,745 $ 71,961 $ 30,498 $ 32,464 $ 28,121 $ 307,789 Reserve for unfunded lending commitments: Individually evaluated $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated 4,984 302 5,286 1,395 25,110 31 1,487 33,309 Reserve for unfunded lending commitments $ 4,984 $ 302 $ 5,286 $ 1,395 $ 25,110 $ 31 $ 1,487 $ 33,309 Total allowance for credit losses $ 101,445 $ 48,586 $ 150,031 $ 73,356 $ 55,608 $ 32,495 $ 29,608 $ 341,098 Loans: Individually evaluated for impairment $ 1,248 $ 920 $ 2,168 $ 1,240 $ 116 $ 3,476 $ 515 $ 7,515 Collectively evaluated for impairment 10,145,205 3,032,138 13,177,343 3,559,751 1,703,476 3,089,129 1,576,832 23,106,531 Total loans $ 10,146,453 $ 3,033,058 $ 13,179,511 $ 3,560,991 $ 1,703,592 $ 3,092,605 $ 1,577,347 $ 23,114,046 Commercial Non-Real Estate Commercial Real Estate-Owner Occupied Total Commercial and Industrial Commercial Real Estate-Income Producing Construction and Land Development Residential Mortgages Consumer Total ($ in thousands) Year Ended December 31, 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 ( 33,523 ) ( 3,179 ) ( 36,702 ) ( 425 ) ( 274 ) ( 713 ) ( 12,722 ) ( 50,836 ) Recoveries 8,985 642 9,627 105 2,172 1,459 6,282 19,645 Net provision for loan losses ( 29,267 ) ( 13,164 ) ( 42,431 ) ( 1,096 ) ( 6,258 ) ( 18,965 ) ( 8,171 ) ( 76,921 ) Ending balance - allowance for loan losses $ 95,888 $ 53,433 $ 149,321 $ 108,058 $ 22,102 $ 30,623 $ 31,961 $ 342,065 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 ( 7 ) ( 58 ) ( 65 ) 595 ( 787 ) 3 ( 319 ) ( 573 ) Ending balance - reserve for unfunded $ 4,522 $ 323 $ 4,845 $ 1,694 $ 21,907 $ 22 $ 866 $ 29,334 Total allowance for credit losses $ 100,410 $ 53,756 $ 154,166 $ 109,752 $ 44,009 $ 30,645 $ 32,827 $ 371,399 Allowance for loan losses: Individually evaluated $ 177 $ 94 $ 271 $ 20 $ 20 $ 408 $ 184 $ 903 Collectively evaluated 95,711 53,339 149,050 108,038 22,082 30,215 31,777 341,162 Allowance for loan losses $ 95,888 $ 53,433 $ 149,321 $ 108,058 $ 22,102 $ 30,623 $ 31,961 $ 342,065 Reserve for unfunded lending commitments: Individually evaluated $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated 4,522 323 4,845 1,694 21,907 22 866 29,334 Reserve for unfunded lending commitments: $ 4,522 $ 323 $ 4,845 $ 1,694 $ 21,907 $ 22 $ 866 $ 29,334 Total allowance for credit losses $ 100,410 $ 53,756 $ 154,166 $ 109,752 $ 44,009 $ 30,645 $ 32,827 $ 371,399 Loans: Individually evaluated for impairment $ 3,431 $ 2,546 $ 5,977 $ 5,288 $ 125 $ 5,260 $ 1,232 $ 17,882 Collectively evaluated for impairment 9,609,029 2,818,700 12,427,729 3,459,338 1,228,545 2,418,630 1,582,158 21,116,400 Total loans $ 9,612,460 $ 2,821,246 $ 12,433,706 $ 3,464,626 $ 1,228,670 $ 2,423,890 $ 1,583,390 $ 21,134,282 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 for collectively evaluated portfolios is developed using multiple Moody’s Analytics (“Moody’s”) macroeconomic forecasts applied to internally developed credit models for a two year reasonable and supportable period. These forecasts are anchored on a 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. The baseline scenario is positioned at the 50th percentile of possible outcomes. Several upside and downside alternative scenarios are also derived from that baseline scenario and considered when assessing reasonably possible outcomes. The mix of macroeconomic variables underlying the December 2022 scenarios differ in some respects from the comparable forecasts available at December 2021, given the shift in economic circumstances and risks. The decrease in the allowance for credit losses at December 31, 2022 compared to December 31, 2021 reflects the improvements in economic conditions, particularly in the first half of the year, and in the Company’s credit quality metrics. I n arriving at the allowance for credit losses at December 31, 2022, the Company weighted Moody’s December 2022 baseline economic forecast at 25 % and downside recessionary S-2 scenario at 75 %. The December 2022 baseline scenario maintains a generally optimistic outlook in its assumptions surrounding the drivers of economic growth, including its expectations of the effectiveness of the Federal Reserve's monetary policy in easing inflationary conditions, while sustaining economic growth and resulting in only a modest decline in job growth. The S-2 scenario is less optimistic compared to the baseline, reflecting the view that supply chain issues worsen and keep inflation elevated longer than expected in the baseline scenario. In turn, the Federal Reserve responds by raising the target interest rate more than assumed in the baseline, the impact of which will cause the U.S. to fall into a recession in the first quarter of 2023 that lasts for three quarters. The decrease in the allowance for credit losses at December 31, 2021 as compared to December 31, 2020 reflects significant improvement in economic conditions during the year and in the economic outlook at such time. Such improvements allowed for the release of certain of the reserves built in 2020 in response to the economic damage and uncertainty that stemmed from the COVID-19 pandemic. In arriving at the allowance for credit losses at December 31, 2021, the Company weighted the baseline economic forecast at 40 %, the slower near-term growth scenario S-2 at 60 %. 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. December 31, 2022 2021 ($ in thousands) Total Nonaccrual Total Nonaccrual Commercial non-real estate $ 4,020 $ 941 $ 6,974 $ 1,264 Commercial real estate - owner occupied 1,461 692 4,921 729 Total commercial and industrial 5,481 1,633 11,895 1,993 Commercial real estate - income producing 1,240 1,174 5,458 5,207 Construction and land development 309 — 844 — Residential mortgages 25,269 1,884 25,439 1,997 Consumer 6,692 — 11,887 48 Total loans $ 38,991 $ 4,691 $ 55,523 $ 9,245 Nonaccrual loans include nonaccruing loans modified in troubled debt restructurings (TDRs) of $ 2.6 million and $ 6.8 million, at December 31, 2022 and 2021, respectively. Total TDRs, both accruing and nonaccruing, were $ 4.5 million at December 31, 2022 and $ 10.6 million at December 31, 2021. All TDRs are individually evaluated for credit loss. The table below presents detail by portfolio class TDRs that were modified during the years ended December 31, 2022, 2021 and 2020. Years Ended ($ in thousands) 2022 2021 2020 Outstanding Outstanding Outstanding Troubled Debt Restructurings: Number of Pre- Post- Number of Pre- Post- Number of Pre- Post- Commercial non-real estate — $ — $ — 4 $ 7,232 $ 7,232 3 $ 745 $ 745 Commercial real estate - — — — — — — 1 297 297 Total commercial — — — 4 7,232 7,232 4 1,042 1,042 Commercial real estate - — — — — — — — — — Construction and land — — — — — — 1 15 15 Residential mortgages 3 148 153 6 1,489 1,512 15 3,424 3,424 Consumer 3 76 76 4 86 86 6 89 89 Total loans 6 $ 224 $ 229 14 $ 8,807 $ 8,830 26 $ 4,570 $ 4,570 The TDRs modified during the year ended December 31, 2022 reflected in the table above include $ 0.1 million with reduced interest rates, and $ 0.1 million with other modifications. The TDRs modified during the year ended December 31, 2021 include $ 7.1 million of loans with extended amortization terms or other payment concessions, $ 0.5 million with reduced interest rates, and $ 1.2 million with other modifications. The TDRs modified during the year ended December 31, 2020 include $ 1.0 million of loans with extended terms or other payment concessions, $ 0.4 million of loans with significant covenant waivers, $ 1.1 million with reduced interest rates, and $ 2.1 million of other modifications. At December 31, 2022 and 2021, the Company had no unfunded commitments to borrowers whose loan terms had been modified in TDRs. Three commercial non real estate loans totaling $ 3.1 million and two residential mortgage and four consumer loans totaling $ 0.3 million had payment defaults during the year ended December 31, 2022, and had been modified in a TDR in the twelve months preceding default. One residential mortgage loan totaling $ 0.6 million had a payment default during the year ended December 31, 2021, and had been modified in a TDR in the twelve months preceding default. Two commercial non real estate loans totaling $ 13.4 million, two residential mortgage loans totaling $ 0.8 million and one consumer loan totaling less than $ 0.1 million had payment defaults during the year ended December 31, 2020, and had been modified in a TDR in the twelve months preceding default. The TDR disclosures above do not include loans eligible for exclusion from TDR assessment under Section 4013 of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). Eligible modification must be related to COVID-19, executed on a loan that was not more than 30 days past due as of December 31, 2019 and executed between March 1, 2020 and December 31, 2020. This exclusion relief was extended to January 1, 2022 by the Consolidated Appropriations Act, 2021. These loans are 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 December 31, 2022 and 2021. December 31, 2022 30-59 Days 60-89 Greater Total Current Total Recorded ($ in thousands) Commercial non-real estate $ 4,050 $ 21,329 $ 3,418 $ 28,797 $ 10,117,656 $ 10,146,453 $ 996 Commercial real estate - owner occupied 19,069 3,346 1,894 24,309 3,008,749 3,033,058 1,623 Total commercial and industrial 23,119 24,675 5,312 53,106 13,126,405 13,179,511 2,619 Commercial real estate - income producing 879 — 1,174 2,053 3,558,938 3,560,991 — Construction and land development 4,029 242 133 4,404 1,699,188 1,703,592 54 Residential mortgages 28,208 11,056 17,346 56,610 3,035,995 3,092,605 293 Consumer 8,845 2,806 4,407 16,058 1,561,289 1,577,347 1,619 Total loans $ 65,080 $ 38,779 $ 28,372 $ 132,231 $ 22,981,815 $ 23,114,046 $ 4,585 December 31, 2021 30-59 Days 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 loans $ 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 December 31, 2022 and December 31, 2021. December 31, 2022 ($ in thousands) Commercial Non- Commercial Real Total Commercial Commercial Real Construction and Total Commercial Grade: Pass $ 9,641,117 $ 2,912,057 $ 12,553,174 $ 3,440,648 $ 1,690,756 $ 17,684,578 Pass-Watch 284,843 49,093 333,936 111,587 12,097 457,620 Special Mention 79,980 6,267 86,247 3,810 196 90,253 Substandard 140,513 65,641 206,154 4,946 543 211,643 Doubtful — — — — — — Total $ 10,146,453 $ 3,033,058 $ 13,179,511 $ 3,560,991 $ 1,703,592 $ 18,444,094 December 31, 2021 ($ in thousands) Commercial Non- Commercial Real Total Commercial Commercial Real Construction and Total Commercial 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 December 31, 2022 December 31, 2021 ($ in thousands) Residential Consumer Total Residential Consumer Total Performing $ 3,066,319 $ 1,570,186 $ 4,636,505 $ 2,396,282 $ 1,570,516 $ 3,966,798 Nonperforming 26,286 7,161 33,447 27,608 12,874 40,482 Total $ 3,092,605 $ 1,577,347 $ 4,669,952 $ 2,423,890 $ 1,583,390 $ 4,007,280 The Company routinely assesses the ratings of loans in its portfolio through an established and comprehensive portfolio management process. 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 an 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 December 31, 2022 and 2021. The Company defines vintage as the later of origination, renewal or restructure date. Term Loans Amortized Cost Basis by Origination Year December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Revolving Total Commercial Loans: Pass $ 4,789,035 $ 3,608,540 $ 2,026,017 $ 1,327,839 $ 779,966 $ 1,539,131 $ 3,482,828 $ 131,222 $ 17,684,578 Pass-Watch 84,696 64,263 94,484 46,483 31,375 58,567 67,767 9,985 $ 457,620 Special 30,511 13,625 3,694 7,749 1,719 5,701 25,184 2,070 $ 90,253 Substandard 50,016 14,409 21,266 29,350 21,637 23,593 40,213 11,159 $ 211,643 Doubtful — — — — — — — — — Total Commercial $ 4,954,258 $ 3,700,837 $ 2,145,461 $ 1,411,421 $ 834,697 $ 1,626,992 $ 3,615,992 $ 154,436 $ 18,444,094 Residential Performing $ 735,080 $ 752,352 $ 564,345 $ 255,146 $ 149,234 $ 959,409 $ 1,216,105 $ 4,834 4,636,505 Nonperforming 1,251 2,632 944 1,954 2,461 22,143 459 1,603 33,447 Total Consumer $ 736,331 $ 754,984 $ 565,289 $ 257,100 $ 151,695 $ 981,552 $ 1,216,564 $ 6,437 $ 4,669,952 Term Loans Amortized Cost Basis by Origination Year December 31, 2021 ($ in thousands) 2021 2020 2019 2018 2017 Prior Revolving Revolving Total 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 $ 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 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 $ 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 are $ 4.9 million and $ 4.4 million of consumer loans secured by single family residential mortgage real estate that are in process of foreclosure as of December 31, 2022 and 2021, respectively. In addition to the single family residential real estate loans in process of foreclosure, the Company also held $ 0.4 million and $ 2.4 million of foreclosed single family residential properties in other real estate owned as of December 31, 2022 and 2021, respectively. Loans Held for Sale Loans held for sale totaled $ 26.4 million and $ 93.1 million, respectively, at December 31, 2022 and 2021. At December 31, 2022, residential mortgage loans carried at the fair value option totaled $ 10.8 million with an unpaid principal balance of $ 10.6 million. All other loans held for sale are carried at lower of cost or market. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Note 4. Property and Equipment Property and equipment consisted of the following at December 31, 2022 and 2021: December 31, ($ in thousands) 2022 2021 Land and land improvements $ 68,016 $ 68,353 Buildings and leasehold improvements 323,305 320,308 Furniture, fixtures and equipment 121,796 116,429 Software 103,022 75,909 Assets under development 15,917 49,375 632,056 630,374 Accumulated depreciation and amortization ( 303,451 ) ( 280,065 ) Property and equipment, net $ 328,605 $ 350,309 Assets under development is comprised primarily of software design and implementation costs. Depreciation and amortization expense was $ 31.6 million, $ 29.1 million and $ 30.1 million for the years ended December 31, 2022, 2021, and 2020, respectively. Property and Equipment Held for Sale Certain of the Company’s property and equipment meet the criteria to be classified as assets held for sale . The carrying values of such a ssets were $ 2.9 million and $ 5.5 million at December 31, 2022 and 2021, respectively, and were reported within Other Assets in the consolidated balance sheets. For more information on the Company’s policy for accounting for assets held for sale, refer to Note 1 – Summary of Significant Accounting Policies and Recent Accounting Pronouncements. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Operating Leases | Note 5. Operating Leases The Company has operating leases on a number of its branches, certain regional headquarters and other properties to limit its exposure to ownership risks such as fluctuations in real estate prices and obsolescence. The Company leases real estate with lease terms generally from five to 20 years , some of which have renewal options from one to 20 years . As these extension options are not generally considered reasonably certain of renewal, they are not included in the lease term . The Company is not a lessee in any contracts classified as finance leases. The following tables present supplemental information pertaining to operating leases at and for the years ended December 31, 2022 and 2021. Years ended December 31, ($ in thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities for operating leases $ 16,564 $ 17,591 Right of use assets obtained in exchange for lease liabilities 6,800 141 December 31, 2022 2021 Weighted average remaining lease term (in years) 12.03 12.56 Weighted average discount rate 3.41 % 3.37 % The following table sets forth the maturities of the Company’s lease liabilities and the present value discount at December 31, 2022. ($ in thousands) 2023 $ 16,311 2024 14,238 2025 13,632 2026 12,256 2027 11,138 Thereafter 77,982 Total $ 145,557 Present value discount ( 29,135 ) Lease liability $ 116,422 The following table sets forth the components of the Company’s lease expense for the years ended December 31, 2022 and 2021. Years ended December 31, ($ in thousands) 2022 2021 2020 Operating lease expense $ 16,881 $ 17,757 $ 18,994 Short-term lease expense 209 135 165 Variable lease expense 63 105 97 Sublease income ( 508 ) ( 320 ) ( 138 ) Total $ 16,645 $ 17,677 $ 19,118 At December 31, 2022, the Company had not entered into any material leases that had not yet commenced . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 6. Goodwill and Other Intangible Assets Goodwill represents the excess of the consideration paid over the fair value of the net assets acquired or the excess of the fair value of the net liabilities assumed over the consideration received in a business combination. The carrying amount of goodwill was $ 855.5 million at both December 31, 2022 and 2021. The Company completed its annual impairment test of goodwill as of September 30, 2022 by performing a qualitative (“Step Zero”) assessment. The qualitative assessment involved the examination of changes in macroeconomic conditions, industry and market conditions, overall financial performance, cost factors and other relevant entity-specific events, including changes in management and other key personnel and changes in the share price of the Company’s common stock. As a result of the assessment, the Company concluded that its goodwill was not impaired . No goodwill impairment charges were recognized during the years ended December 31, 2022, 2021 or 2020. Identifiable intangible assets with finite lives are amortized over the periods benefited and are evaluated for impairment similar to other long-lived assets. The purchase and carrying values of intangible assets subject to amortization at December 31, 2022 and 2021 were as follows: December 31, 2022 Purchase Accumulated Carrying ($ in thousands) Value Amortization Value Core deposit intangibles $ 235,845 $ 200,045 $ 35,800 Credit card and trust relationships 49,962 29,569 20,393 $ 285,807 $ 229,614 $ 56,193 December 31, 2021 Purchase Accumulated Carrying ($ in thousands) Value Amortization Value Core deposit intangibles $ 235,845 $ 188,135 $ 47,710 Credit card and trust relationships 49,962 27,446 22,516 $ 285,807 $ 215,581 $ 70,226 Aggregate amortization expense by category of finite lived intangible assets for the years ended December 31, 2022, 2021, and 2020 are as follows: Years Ended December 31, ($ in thousands) 2022 2021 2020 Core deposit intangibles $ 11,909 $ 14,304 $ 16,864 Credit card and trust relationships 2,124 2,361 2,637 Merchant processing relationships — — 415 $ 14,033 $ 16,665 $ 19,916 At December 31, 2022, the weighted-average remaining life of core deposit intangibles was approximately 8 years, and the weighted-average remaining life of other identifiable intangibles was approximately 12 years . The following table shows estimated amortization expense of other intangible assets at December 31, 2022 for the five succeeding years and all years thereafter, calculated based on current amortization schedules. ($ in thousands) 2023 $ 11,557 2024 9,413 2025 7,985 2026 5,322 2027 3,682 Thereafter 18,234 $ 56,193 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2022 | |
Other Assets [Abstract] | |
Other Assets | Note 7. Other Assets Significant balances included in Other Assets in the Consolidated Balance Sheets at December 31, 2022 and 2021 are presented below. December 31, ($ in thousands) 2022 2021 Derivative assets $ 109,497 $ 75,867 FHLB stock 65,466 52,743 Investments in small business investment and other companies 57,946 46,500 Investments in low income housing tax credit entities 32,968 36,297 Income tax receivable 35,042 128,092 Derivative collateral 27,852 66,207 Other 51,714 42,032 Total $ 380,485 $ 447,738 The Company invests in certain affordable housing project limited partnerships that are qualified low-income housing tax credit developments. These investments are considered variable interest entities for which the Company is not the primary beneficiary and, therefore, are not consolidated. The tax credits, when realized, will be reflected in the consolidated statements of income as a reduction of income tax expense. Excluding accumulated amortization, the Company’s investments in affordable housing limited partnerships totaled $ 37.5 million at both December 31, 2022 and 2021. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Banking And Thrift Interest [Abstract] | |
Deposits | Note 8. Deposits The following table presents a detail of deposits at December 31, 2022 and 2021: December 31, ($ in thousands) 2022 2021 Noninterest-bearing deposits $ 13,645,113 $ 14,392,808 Interest-bearing retail transaction and savings deposits 10,757,495 11,677,333 Interest-bearing public fund deposits Public fund transaction and savings deposits 3,132,828 3,216,651 Public fund time deposits 111,397 77,956 Total interest-bearing public fund deposits 3,244,225 3,294,607 Retail time deposits 1,418,596 1,091,959 Brokered time deposits 4,920 9,190 Total interest-bearing deposits 15,425,236 16,073,089 Total deposits $ 29,070,349 $ 30,465,897 The maturity of time deposits at December 31, 2022 follows. ($ in thousands) 2023 $ 1,388,731 2024 94,920 2025 24,496 2026 13,000 2027 11,856 Thereafter 1,911 Total time deposits $ 1,534,914 Certificates of deposit in amounts greater than or equal to $250,000 totaled approximately $ 540.7 million at December 31, 2022. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Short Term Borrowings [Abstract] | |
Short-Term Borrowings | Note 9. Short-Term Borrowings The following table presents information concerning short-term borrowings at and for the years ended December 31, 2022 and 2021: December 31, ($ in thousands) 2022 2021 Federal funds purchased: Amount outstanding at period end $ 1,850 $ 1,850 Average amount outstanding during period 13,176 3,762 Maximum amount at any month end during period 2,350 4,400 Weighted-average interest at period end 3.90 % 0.15 % Weighted-average interest rate during period 2.82 % 0.43 % Securities sold under agreements to repurchase: Amount outstanding at period end $ 444,421 $ 563,211 Average amount outstanding during period 536,727 559,410 Maximum amount at any month end during period 640,592 643,403 Weighted-average interest at period end 0.53 % 0.05 % Weighted-average interest rate during period 0.21 % 0.10 % FHLB borrowings: Amount outstanding at period end $ 1,425,000 $ 1,100,000 Average amount outstanding during period 808,784 1,100,000 Maximum amount at any month end during period 1,425,000 1,100,000 Weighted-average interest at period end 4.70 % 0.49 % Weighted-average interest rate during period 1.82 % 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 $ 1.4 billion of FHLB borrowings at December 31, 2022 consists of one fixed rate note entered into on December 30, 2022, that matured on January 3, 2023 . 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) prior to maturity. These notes were called and repaid during the second and third quarters of 2022. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 10. Long-Term Debt At December 31, 2022 and 2021, long-term debt was comprised of the following: December 31, ($ in thousands) 2022 2021 Subordinated notes payable, maturing June 2060 $ 172,500 $ 172,500 Other long-term debt 75,261 77,556 Less: unamortized debt issuance costs ( 5,684 ) ( 5,836 ) Total long-term debt $ 242,077 $ 244,220 The following table sets forth unamortized debt issuance costs associated with the respective debt instruments at December 31, 2022: Unamortized Debt Issuance ($ in thousands) Principal Costs Subordinated notes payable, maturing June 2060 $ 172,500 $ 5,684 Other long-term debt 75,261 — Total $ 247,761 $ 5,684 On June 9, 2020 , the Company completed the issuance of subordinated notes payable with an aggregate principal amount of $ 172.5 million, with a stated maturity of June 15, 2060 . The notes accrue interest at a fixed rate of 6.25 % per annum, with quarterly interest payments that began September 15, 2020 . Subject to prior approval by the Federal Reserve, the Company may redeem the notes in whole or in part on any interest payment date on or after June 15, 2025 . This debt qualifies as tier 2 capital in the calculation of certain regulatory capital ratios. All of the Company’s other long-term debt consists of borrowings associated with tax credit fund activities. Although these borrowings have indicated maturities through 2052 , each is expected to be satisfied at the end of the seven-year compliance period for the related tax credit investments. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | Note 11. 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 December 31, 2022 and 2021. December 31, 2022 December 31, 2021 Derivative (1) Derivative (1) ($ in thousands) Type of Hedge Notional or Contractual Amount Assets Liabilities Notional or Contractual Amount Assets Liabilities Derivatives designated as hedging instruments: Interest rate swaps - variable rate loans Cash Flow $ 2,100,000 $ 2,301 $ 112,262 $ 1,125,000 $ 5,884 $ 4,421 Interest rate swaps - securities Fair Value 716,000 43,501 — 1,837,650 22,138 10,690 $ 2,816,000 $ 45,802 $ 112,262 $ 2,962,650 $ 28,022 $ 15,111 Derivatives not designated as hedging instruments: Interest rate swaps N/A $ 4,620,544 $ 172,242 $ 169,712 $ 5,193,991 $ 75,819 $ 75,861 Risk participation agreements N/A 298,729 1 13 217,437 11 35 Forward commitments to sell residential mortgage loans N/A 10,930 8 113 46,739 1 645 Interest rate-lock commitments on residential mortgage loans N/A 13,819 161 8 82,037 1,525 1 To Be Announced (TBA) securities N/A 10,000 78 7 55,000 15 53 Foreign exchange forward contracts N/A 123,106 1,643 1,594 48,364 778 758 Visa Class B derivative contract N/A 43,111 — 1,883 43,439 — 4,116 $ 5,120,239 $ 174,133 $ 173,330 $ 5,687,007 $ 78,149 $ 81,469 Total derivatives $ 7,936,239 $ 219,935 $ 285,592 $ 8,649,657 $ 106,171 $ 96,580 Less: netting adjustments (2) ( 110,438 ) ( 81,471 ) ( 30,304 ) ( 61,534 ) Total derivate assets/liabilities $ 109,497 $ 204,121 $ 75,867 $ 35,046 (1) Derivative assets and liabilities are reported 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. During the twelve months ended December 31, 2021, the Company terminated six cash flow hedges and received cash of approximately $ 23.7 million, which was recorded as accumulated other comprehensive income and will be accreted into earnings through the original maturity dates of the respective contracts. The notional amounts of the swap agreements in place at December 31, 2022 expire as follows: $ 150 million in 2023 ; $ 50 million in 2025 ; $ 600 million in 2026 and $ 1.3 billion 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, with hedged start dates between November 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 will be presented in interest income along with the fair value of the hedging instrument. The hedged available for sale securities are part of a closed portfolio 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 December 31, 2022, the amortized cost basis of the closed portfolio of pre-payable commercial mortgage backed securities totaled $ 782.7 million. The amount that represents the hedged items was $ 672.4 million and the basis adjustment associated with the hedged items was a loss of $ 43.6 million. T he Company terminated 25 fair value swap agreements during the twelve months ended December 31,2022 and received cash of approximately $ 90.6 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 December 31, 2022 and 2021, the fair value of the liability associated with this contract was $ 1.9 million and $ 4.1 million respectively. Refer to Note 20 – 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 years ended December 31, 2022, 2021, and 2020 are presented in the table below. Years Ended December 31, ($ in thousands) Location of Gain (Loss) 2022 2021 2020 Cash flow hedges: Variable rate loans Interest income - loans $ 9,928 $ 26,674 $ 17,351 Fair value hedges: Securities Interest income - securities - taxable 4,963 ( 640 ) 8 Securities - termination Noninterest income - securities transactions, net 1,620 2,499 — Brokered deposits Interest expense - deposits — — 46 Derivatives not designated as hedging: Residential mortgage banking Noninterest income - secondary mortgage market operations 2,918 1,568 — Customer and all other instruments Noninterest in come - other noninterest income 5,832 13,477 12,814 Total gain $ 25,261 $ 43,578 $ 30,219 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 the 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. The Company is 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 December 31, 2022 and 2021 was $ 8.7 million and $ 49.4 million, respectively, for which the Company had posted collateral of $ 8.5 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 December 31, 2022 and 2021 is presented in the following tables: As of December 31, 2022 Gross Net Amounts Gross Amounts Not Offset in the ($ in thousands) Gross Statement of Statement of Financial Cash Net Derivative Assets $ 223,072 $ ( 112,338 ) $ 110,734 $ 32,601 $ 27,852 $ 105,985 Derivative Liabilities $ 116,395 $ ( 83,794 ) $ 32,601 $ 32,601 $ — $ — As of December 31, 2021 Gross Net Amounts Gross Amounts Not Offset in the ($ in thousands) Gross Statement of Statement of Financial Cash Net 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 | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity | Note 12. Stockholders’ Equity Common Shares Outstanding Common shares outstanding excludes treasury shares of 6.3 million and 5.1 million with a first-in-first-out cost basis of $ 238.6 million and $ 175.8 million at December 31, 2022 and 2021, respectively. Shares outstanding also excludes unvested restricted share awards of 0.7 million and 1.1 million at December 31, 2022 and 2021, respectively. Stock Buyback Programs On April 22, 2021, the Company’s board of directors approved a stock buyback program whereby the Company was 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 allowed 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 was not obligated to purchase any shares under this program, and the board of directors had the ability to terminate or amend the program at any time prior to the expiration date. During the year ended December 31, 2022, the Company repurchased 1,204,368 shares of its common stock at an average cost of $ 48.90 per share, inclusive of commissions. The company purchased a total of 1,654,244 shares at an average cost of $ 48.77 per share under this program that expired on December 31, 2022. Accumulated Other Comprehensive Income (Loss) 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 11 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. A roll forward of the components of Accumulated Other Comprehensive Income (Loss) is presented in the table that follows: ($ in thousands) Available HTM Employee Cash Flow Equity Method Investment Total Balance, December 31, 2019 $ 28,950 $ 639 $ ( 101,278 ) $ 17,399 $ ( 434 ) $ ( 54,724 ) Net change in unrealized gain (loss) 183,441 — — 45,831 ( 4,935 ) 224,337 Reclassification of net gain (loss) realized and included in earnings — — 6,368 ( 17,351 ) — ( 10,983 ) Valuation adjustments for employee benefit plans — — ( 37,451 ) — — ( 37,451 ) Amortization of unrealized net loss on securities transferred to held to maturity — ( 470 ) — — — ( 470 ) Income tax (expense) benefit ( 41,167 ) 107 6,788 ( 6,368 ) — ( 40,640 ) Balance, December 31, 2020 $ 171,224 $ 276 $ ( 125,573 ) $ 39,511 $ ( 5,369 ) $ 80,069 Net change in unrealized gain (loss) ( 208,760 ) — — ( 3,258 ) 438 ( 211,580 ) Reclassification of net gain (loss) realized and included in earnings 2,166 — 4,555 ( 26,674 ) 4,468 ( 15,485 ) Valuation adjustments to pension plan attributable to VERIP and curtailment — — 59,606 — — 59,606 Other valuation adjustments for employee benefit plans — — ( 6,735 ) — — ( 6,735 ) Amortization of unrealized net gain on securities transferred to held to maturity — ( 158 ) — — — ( 158 ) Income tax (expense) benefit 46,407 35 ( 12,799 ) 6,705 — 40,348 Balance, December 31, 2021 $ 11,037 $ 153 $ ( 80,946 ) $ 16,284 $ ( 463 ) $ ( 53,935 ) Net change in unrealized gain or loss ( 785,538 ) — — ( 113,171 ) 468 ( 898,241 ) Reclassification of net income or loss realized and included in earnings 1,707 — 2,274 ( 9,928 ) — ( 5,947 ) Valuation adjustments to employee benefit plans — — ( 24,139 ) — — ( 24,139 ) 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 — 1,355 — — — 1,355 Income tax benefit 172,981 3,163 4,859 27,722 — 208,725 Balance, December 31, 2022 $ ( 584,408 ) $ ( 10,734 ) $ ( 97,952 ) $ ( 79,093 ) $ 5 $ ( 772,182 ) The following table shows the line items in the consolidated statements of income affected by amounts reclassified from AOCI: Amount reclassified from AOCI (a) Year Ended December 31, Increase (decrease) in affected line ($ in thousands) 2022 2021 item in the income statement Amortization of unrealized net gain (loss) on securities transferred to HTM $ 1,355 $ 158 Interest income Tax effect ( 305 ) ( 35 ) Income taxes Net of tax 1,050 123 Net income Loss on sale of AFS securities ( 1,707 ) ( 2,166 ) Securities transactions, net Tax effect 385 487 Income taxes Net of tax ( 1,322 ) ( 1,679 ) Net income Amortization of defined benefit pension and post-retirement items ( 2,274 ) ( 4,555 ) Other noninterest expense Tax effect 505 1,015 Income taxes Net of tax ( 1,769 ) ( 3,540 ) Net income Reclassification of unrealized gain or loss on cash flow hedges ( 1,748 ) 22,561 Interest income Tax effect 394 ( 5,054 ) Income taxes Net of tax ( 1,354 ) 17,507 Net income Amortization of gain on terminated cash flow hedges 11,676 4,113 Interest income Tax effect ( 2,629 ) ( 921 ) Income taxes Net of tax 9,047 3,192 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 $ 5,652 $ 11,135 Net income (a) Amounts in parentheses indicate reduction in net income. Regulatory Capital Measures of regulatory capital are an important tool used by regulators to monitor the financial health of financial institutions. The primary quantitative measures used to gauge capital adequacy are Common Equity Tier 1, Tier 1 and Total regulatory capital to risk-weighted assets (risk-based capital ratios) and the Tier 1 capital to average total assets (leverage ratio). Both the Company and the Bank subsidiary are required to maintain minimum risk-based capital ratios of 8.0 % total capital, 4.5 % Common Equity Tier 1, and 6.0 % Tier 1 capital. The minimum leverage ratio is 3.0 % for bank holding companies and banks that meet certain specified criteria, including having the highest supervisory rating. All others are required to maintain a leverage ratio of at least 4.0 %. To evaluate capital adequacy, regulators compare an institution’s regulatory capital ratios with their agency guidelines, as well as with the guidelines established as part of the uniform regulatory framework for prompt corrective supervisory action toward financial institutions. The framework for prompt corrective action categorizes capital levels into one of five classifications rating from well-capitalized to critically under-capitalized. For an institution to be eligible to be classified as well capitalized its Total risk-based capital ratios must be at least 10.0 % for total capital, 6.5 % for Common Equity Tier 1 and 8.0 % for Tier 1 capital, and its leverage ratio must be at least 5.0 %. In reaching an overall conclusion on capital adequacy or assigning a classification under the uniform framework, regulators also consider other subjective and quantitative measures of risk associated with an institution. The Company and the Bank were deemed to be well capitalized based upon the most recent notifications from their regulators. There are no conditions or events since those notifications that management believes would change the classifications. At December 31, 2022 and 2021, the Company and the Bank were in compliance with all of their respective minimum regulatory capital requirements. Following is a summary of the actual regulatory capital amounts and ratios for the Company and the Bank together with corresponding regulatory capital requirements at December 31, 2022 and 2021. Actual Required for Required ($ in thousands) Amount Ratio % Amount Ratio % Amount Ratio % At December 31, 2022 Tier 1 leverage capital Hancock Whitney Corporation $ 3,279,419 9.53 $ 1,376,092 4.00 $ 1,720,115 5.00 Hancock Whitney Bank 3,279,536 9.54 1,374,761 4.00 1,718,451 5.00 Common equity tier 1 (to risk weighted assets) Hancock Whitney Corporation $ 3,279,419 11.41 $ 1,293,035 4.50 $ 1,867,717 6.50 Hancock Whitney Bank 3,279,536 11.43 1,291,467 4.50 1,865,453 6.50 Tier 1 capital (to risk weighted assets) Hancock Whitney Corporation $ 3,279,419 11.41 $ 1,724,046 6.00 $ 2,298,728 8.00 Hancock Whitney Bank 3,279,536 11.43 1,721,956 6.00 2,295,942 8.00 Total capital (to risk weighted assets) Hancock Whitney Corporation $ 3,726,834 12.97 $ 2,298,728 8.00 $ 2,873,411 10.00 Hancock Whitney Bank 3,554,451 12.39 2,295,942 8.00 2,869,927 10.00 At December 31, 2021 Tier 1 leverage capital Hancock Whitney Corporation $ 2,890,770 8.25 $ 1,402,223 4.00 $ 1,752,779 5.00 Hancock Whitney Bank 2,926,874 8.36 1,401,157 4.00 1,751,447 5.00 Common equity tier 1 (to risk weighted assets) Hancock Whitney Corporation $ 2,890,770 11.09 $ 1,172,563 4.50 $ 1,693,702 6.50 Hancock Whitney Bank 2,926,874 11.24 1,171,341 4.50 1,691,937 6.50 Tier 1 capital (to risk weighted assets) Hancock Whitney Corporation $ 2,890,770 11.09 $ 1,563,417 6.00 $ 2,084,557 8.00 Hancock Whitney Bank 2,926,874 11.24 1,561,788 6.00 2,082,384 8.00 Total capital (to risk weighted assets) Hancock Whitney Corporation $ 3,345,387 12.84 $ 2,084,557 8.00 $ 2,605,696 10.00 Hancock Whitney Bank 3,208,991 12.33 2,082,384 8.00 2,602,980 10.00 The Company elected the five-year rule that provides a full delay of the estimated impact of CECL on regulatory capital transition ( 0 %) for 2020 and 2021, followed by a three-year transition ( 25 % of the impact included in 2022, 50 % in 2023, 75 % in 2024 and 100 % thereafter). The two-year delay included the full impact of day one CECL plus the estimated impact of current CECL activity calculated quarterly as 25 % of the current ACL over the day one balance (“modified transition amount”) . The modified transition amounts were recalculated each quarter in 2020 and 2021, with the December 31, 2021 impact of $ 24.9 million, plus the day one impact of $ 44.1 million (net of tax) carrying through the remaining three years of the transition. Regulatory Restrictions on Dividends Regulatory policy statements provide that generally, bank holding companies should pay dividends only out of current operating earnings and that the level of dividends must be consistent with current and expected capital requirements. Dividends received from the Bank have been the primary source of funds available to the Company for the payment of dividends to its stockholders. Federal and state banking laws and regulations restrict the amount of dividends the Bank may distribute to the Company without prior regulatory approval, as well as the amount of loans it may make to the Company. Dividends paid by the Bank are subject to approval by the Commissioner of Banking and Consumer Finance of the State of Mississippi. Further, a capital conservation buffer of 2.5 % above each of the minimum capital ratio requirements (Common Equity Tier 1, Tier 1, and Total risk-based capital) must be met for a bank or bank holding company to be able to pay dividends without restrictions. |
Other Noninterest Income and Ot
Other Noninterest Income and Other Noninterest Expense | 12 Months Ended |
Dec. 31, 2022 | |
Other Income And Expenses [Abstract] | |
Other Noninterest Income and Other Noninterest Expense | Note 13. Other Noninterest Income and Other Noninterest Expense The components of other noninterest income and other noninterest expense are as follows: Years Ended December 31, ($ in thousands) 2022 2021 2020 Other noninterest income: Income from bank-owned life insurance $ 15,881 $ 18,330 $ 18,179 Credit-related fees 10,483 11,001 11,255 Income from derivatives 5,832 13,477 12,814 Other miscellaneous income 21,715 31,993 14,137 Total other noninterest income $ 53,911 $ 74,801 $ 56,385 Other noninterest expense: Advertising $ 13,783 $ 12,441 $ 13,011 Corporate value and franchise taxes 16,744 14,478 16,578 Entertainment and contributions 10,336 7,867 9,865 Telecommunication and postage 11,870 12,646 14,991 Printing and supplies 3,795 3,728 5,063 Travel expenses 4,336 2,697 2,297 Tax credit investment amortization 4,768 4,436 3,843 Other retirement expense ( 29,693 ) ( 27,941 ) ( 25,133 ) Loss on facilities and equipment from consolidation — 13,863 3,012 Loss on extinguishment of debt — 4,165 — Other miscellaneous expense 22,256 32,829 23,778 Total other noninterest expense $ 58,195 $ 81,209 $ 67,305 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 14. Income Taxes Income tax expense (benefit) included in net income consisted of the following components: Years Ended December 31, ($ in thousands) 2022 2021 2020 Included in net income Current federal $ 142,433 $ 86,858 $ ( 58,723 ) Current state 14,840 7,607 ( 132 ) Total current provision 157,273 94,465 ( 58,855 ) Deferred federal ( 23,556 ) 7,035 ( 17,000 ) Deferred state 1,390 3,341 ( 3,716 ) Total deferred provision ( 22,166 ) 10,376 ( 20,716 ) Total expense (benefit) included in net income $ 135,107 $ 104,841 $ ( 79,571 ) Income tax expense (benefit) does not reflect the tax effects of amounts recognized in other comprehensive income and in AOCI, a separate component of stockholders’ equity. These amounts include unrealized gains and losses on securities available for sale or transferred to held to maturity, unrealized gains and losses on derivatives and hedging transactions, and valuation adjustments of defined benefit and other post-retirement benefit plans. Refer to Note 12 – Stockholders’ Equity for additional information. Temporary differences arise between the tax bases of assets or liabilities and their carrying amounts for financial reporting purposes. The expected tax effects from when these differences are resolved are recorded currently as deferred tax assets or liabilities. Significant components of the Company’s deferred tax assets and liabilities were as follows: December 31, ($ in thousands) 2022 2021 Deferred tax assets: Allowance for loan losses $ 77,045 $ 85,118 Loan purchase accounting adjustments 485 1,838 Tax credit carryforward — 2,326 Federal/state net operating loss 3,591 3,646 Lease liability 26,207 27,553 Net unrealized losses on securities available-for-sale and cash flow hedges 195,090 — Derivatives 38,082 1,735 Other 10,085 8,883 Gross deferred tax assets 350,585 131,099 State valuation allowance ( 3,591 ) ( 3,646 ) Net deferred tax assets $ 346,994 $ 127,453 Deferred tax liabilities: Employee compensation and benefits $ ( 8,399 ) $ ( 11,137 ) Net unrealized gains on securities available-for-sale an cash flow hedges — ( 10,136 ) Fixed assets & intangibles ( 26,589 ) ( 35,705 ) Lease Financing ( 52,385 ) ( 52,896 ) Right-of-use Asset ( 21,809 ) ( 23,075 ) Other ( 26,394 ) ( 13,938 ) Gross deferred tax liabilities $ ( 135,576 ) $ ( 146,887 ) Net deferred tax asset (liability) $ 211,418 $ ( 19,434 ) Reported income tax expense (benefit) differed from amounts computed by applying the statutory income tax rate of 21 % for the years ended December 31, 2022, 2021 and 2020 to earnings or loss before income taxes. Historically, the primary differences have been due to tax-exempt income, federal and state tax credits and excess tax benefits from stock-based compensation. The year ended December 31, 2020 includes an incremental 14 % tax benefit totaling $ 30.2 million associated with the five-year carryback of both the 2020 net operating loss (“NOL”) and the NOL attribute inherited from an acquired entity to a 35 % statutory rate tax year, as allowed by provisions of the CARES Act. In addition, the 2021 effective tax rate was favorably impacted by a $ 4.9 million benefit associated with changing certain fixed asset tax elections that resulted in an increase in the 2020 NOL. The main source of tax credits has been investments in tax-advantaged securities and tax credit projects. These investments are made primarily in the markets we serve and directed at tax credits issued under the Federal and State New Market Tax Credit (“NMTC”) programs, Low-Income Housing Tax Credit (“LIHTC”) programs, as well as pre-2018 Qualified Zone Academy Bonds (“QZAB”), Qualified School Construction Bonds (“QSCB”). A summary of the factors that impacted income tax expense follows. Years Ended December 31, 2022 2021 2020 ($ in thousands) Amount % Amount % Amount % Taxes computed at statutory rate $ 138,431 21.0 % $ 119,292 21.0 % $ ( 26,196 ) 21.0 % Increases (decreases) in taxes resulting from: State income taxes, net of federal income tax benefit 13,272 2.0 9,048 1.6 ( 1,269 ) 1.0 Tax-exempt interest ( 8,612 ) ( 1.3 ) ( 9,100 ) ( 1.6 ) ( 10,444 ) 8.4 Life insurance contracts ( 1,812 ) ( 0.3 ) ( 2,653 ) ( 0.5 ) ( 4,857 ) 3.9 Tax credits ( 8,039 ) ( 1.2 ) ( 7,889 ) ( 1.4 ) ( 8,072 ) 6.5 Employee share-based compensation ( 2,084 ) ( 0.3 ) ( 1,671 ) ( 0.3 ) 1,351 ( 1.1 ) FDIC assessment disallowance 1,836 0.3 1,609 0.3 2,094 ( 1.7 ) Net operating loss carryback under CARES act 238 — ( 4,948 ) ( 0.9 ) ( 30,167 ) 24.2 Other, net 1,877 0.3 1,153 0.3 ( 2,011 ) 1.6 Income tax expense $ 135,107 20.5 % $ 104,841 18.5 % $ ( 79,571 ) 63.8 % The Company had approximately $ 61.0 million in state net operating loss carryforwards that originated in the tax years 2003 through 2020 and begin expiring in 2032 . A $ 61.0 million gross state valuation allowance has been established for all non-bank entity level state NOL carryforwards, which translates to a net $ 3.6 million valuation allowance in the Company’s deferred tax inventory. The impact of this valuation allowance is not material to the financial statements. The tax benefit of a position taken or expected to be taken in a tax return should be recognized when it is more likely than not that the position will be sustained on its technical merits. The liability for unrecognized tax benefits was immaterial as of December 31, 2022, 2021 and 2020. The Company does not expect the liability for unrecognized tax benefits to change significantly during 2023. The Company recognizes interest and penalties, if any, related to income tax matters in income tax expense, and the amounts recognized during 2022, 2021 and 2020 were insignificant. The Company and its subsidiaries file a consolidated U.S. federal income tax return, as well as filing various state returns. Generally, the federal returns for years prior to 2019 are no longer subject to examination. However, as a result of the 2020 federal NOL carryback, the 2015 to 2018 returns may still be subject to examination by the IRS. State returns that are open to examination vary by jurisdiction and are generally open three to four years . |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Note 15. Earnings (Loss) Per Share The Company calculates earnings (loss) per share using the two-class method. The two-class method allocates net income or loss to each class of common stock and participating security according to common dividends declared and participation rights in undistributed earnings. For reporting periods in which a net loss is recorded, net loss is not allocated to participating securities because the holders of such securities bear no contractual obligation to fund or otherwise share in the loss. 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 (loss) per common share follows. Years Ended December 31, ($ in thousands, except per share data) 2022 2021 2020 Numerator: Net income (loss) to common shareholders $ 524,089 $ 463,215 $ ( 45,174 ) Net income or dividends allocated to participating securities - basic 7,620 9,134 1,756 Net income (loss) allocated to common shareholders - basic and diluted $ 516,469 $ 454,081 $ ( 46,930 ) Denominator: Weighted-average common shares - basic 86,068 86,823 86,533 Dilutive potential common shares 326 204 — Weighted average common shares - diluted 86,394 87,027 86,533 Earnings (loss) per common share: Basic $ 6.00 $ 5.23 $ ( 0.54 ) Diluted $ 5.98 $ 5.22 $ ( 0.54 ) Potential common shares consist of stock options, nonvested performance-based awards, nonvested restricted stock units, and nonvested 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. For reporting periods in which a net loss is reported, such as the year ended December 31, 2020, no effect is given to potentially dilutive common shares in the computation of loss per common share as any impact from such shares would be antidilutive. The weighted average of potentially dilutive common shares that were anti-dilutive totaled 3,116 for the year ended December 31, 2022 and 1,079 for the year ended December 31, 2021 and, as such were excluded from the calculation of diluted earnings per common diluted share for the respective periods. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 16. Segment Reporting Accounting standards require that information be reported about a company’s operating segments using a “management approach.” Reportable segments are identified in these standards as those revenue-producing components for which discrete financial information is produced internally and which are subject to evaluation by the chief operating decision maker in deciding how to allocate resources to segments. Consistent with the Company’s strategy that is focused on providing a consistent package of banking products and services across all markets, the Company has identified its overall banking operations as its only reportable segment. Because the overall banking operations comprise substantially all of the consolidated operations, no separate segment disclosures are presented. |
Retirement Benefit Plans
Retirement Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Benefit Plans | Note 17. Retirement Benefit 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. In 2017, the Pension Plan was amended to exclude any individual hired or rehired by the Company after June 30, 2017 from eligibility to participate. The Pension Plan amendment further provided that the accrued benefits of each participant in the Pension Plan whose combined age plus years of service as of January 1, 2018 totaled less than 55 were to be frozen as of January 1, 2018 and not thereafter increase. The Company makes contributions to this 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 was no t required to make a contribution to the Pension Plan during 2022 or 2021. The Company does not anticipate being required to make a contribution, nor does it anticipate making a discretionary contribution to the Pension Plan in 2023. 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. The 401(k) Plan was also amended during the second quarter of 2017 for participants whose benefits are frozen under the Pension Plan to add an enhanced Company contribution beginning January 1, 2018, in the amount of 2 %, 4 % or 6 % of such participant’s eligible compensation, based on the participant’s age and years of service with the Company. The 401(k) Plan’s amendment further provided that the Company will contribute to the benefit of those associates of the Company hired or rehired after June 30, 2017 and those associates of the Company never enrolled in the Pension Plan an additional basic contribution in an amount equal to 2 % of the associate’s eligible compensation beginning January 1, 2018. Participants vest in the new basic and enhanced Company contributions upon completion of three years of service. The Company’s 401(k) plan matching expense totaled $ 17.3 million, $ 16.6 million and $ 17.4 million for the years ended December 31, 2022, 2021, and 2020, respectively. Certain associates who were designated executive officers of Whitney Holding Corporation and/or Whitney National Bank before the acquisition by the Company are also covered by an unfunded nonqualified defined benefit pension plan. The benefits under this nonqualified plan were designed to supplement amounts to be paid under the defined benefit plan previously maintained for employees of Whitney Holding Corporation and/or Whitney National Bank (the “Whitney Pension Plan”), and are calculated using the Whitney Pension Plan’s formula, but without applying the restrictions imposed on qualified plans by certain provisions of the Internal Revenue Code. Accrued benefits under this plan were frozen as of December 31, 2012 in connection with the merger of the Whitney Pension Plan into the Company’s qualified defined benefit pension plan, and no future benefits will be accrued under this plan. The Company also sponsors defined benefit postretirement plans for certain associates. The Hancock postretirement plans are available only to associates hired by the Company prior to January 1, 2000. The Hancock plans provide health care and life insurance benefits to retiring associates who participate in medical and/or group life insurance benefit plans for active associates and have reached 55 years of age with ten years of service, at the time of retirement. The postretirement health care plan is contributory, with retiree contributions adjusted annually and subject to certain employer contribution maximums. The Whitney postretirement plans are available only to former employees of Whitney Holding Corporation and/or Whitney National Bank who meet the eligibility requirements, and offer health care and life insurance benefits for eligible retirees and their eligible dependents. Participant contributions are required under the health plan. These plans restrict eligibility for postretirement health benefits to retirees already receiving benefits as of the date of the plan amendments in 2007 and to those active participants who were eligible to receive benefits as of December 31, 2007 (i.e., were age 55 with ten years of credited service). Life insurance benefits are currently only available to associates who retired before December 31, 2007. The company assumed certain trends in health care costs in the determination of the benefit obligations. The plans assumed a 6.50 % increase in health costs, declining to 5.2 % uniformly over a three year period, and then following the Getzen model thereafter. At December 31, 2022, the mortality assumption was based on Revised RP-2014 Employee and Healthy Annuitants Bottom Quartile Fully Generational Mortality Table for Males and Females - Projected with Improvement Scale MP-2021. The following tables detail the changes in the benefit obligations and plan assets of the defined benefit plans for the years ended December 31, 2022 and 2021, as well as the funded status of the plans at each year end and the amounts recognized in the Company’s Consolidated Balance Sheets. The Company uses a December 31 measurement date for all defined benefit pension plans and other postretirement benefit plans. 2022 2021 2022 2021 ($ in thousands) Pension Benefits Other Post- Change in benefit obligation Benefit obligation at beginning of year $ 646,832 $ 660,309 $ 20,282 $ 18,330 Service cost 11,438 11,616 59 93 Interest cost 14,639 13,476 375 348 Plan participants' contributions — — 794 778 Net actuarial gain ( 152,009 ) ( 16,000 ) ( 5,906 ) ( 1,506 ) Special termination benefits — 16,052 — 4,173 Benefits paid ( 25,154 ) ( 38,621 ) ( 1,808 ) ( 1,934 ) Benefit obligation, end of year 495,746 646,832 13,796 20,282 Change in plan assets Fair value of plan assets at beginning of year 859,883 815,304 — — Actual return on plan assets ( 133,843 ) 83,939 — — Employer contributions 1,150 1,181 1,015 1,156 Plan participants' contributions — — 793 778 Benefit payments ( 25,154 ) ( 38,621 ) ( 1,808 ) ( 1,934 ) Expenses ( 1,501 ) ( 1,920 ) — — Fair value of plan assets, end of year 700,535 859,883 — — Funded status at end of year - net asset (liability) $ 204,789 $ 213,051 $ ( 13,796 ) $ ( 20,282 ) Amounts recognized in accumulated other Unrecognized loss (gain) at beginning of year $ 108,121 $ 164,770 $ ( 3,581 ) $ ( 2,804 ) Net actuarial loss (gain) 27,122 ( 56,649 ) ( 5,256 ) ( 777 ) Unrecognized loss (gain) at end of year $ 135,243 $ 108,121 $ ( 8,837 ) $ ( 3,581 ) Projected benefit obligation $ 495,746 $ 646,832 Accumulated benefit obligation 472,843 607,408 Fair value of plan assets 700,535 859,883 The net funded status of $ 204.8 million for pension benefits plans includes an excess of plan assets over the benefit obligation of $ 216.8 million on the defined benefit pension plan, offset by an unfunded benefit obligation of $ 12.0 million for the nonqualified retirement plan. Net actuarial gain is a significant component of the change in the projected benefit obligation of the Pension Plan for the year ended December 31, 2022. The actuarial gain was primarily driven by a change in the discount rate used in computing the projected benefit obligation at December 31, 2022. During the twelve months ended December 31, 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. 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 table above. The following table shows net periodic (benefit) cost included in expense and the changes in the amounts recognized in AOCI during 2022, 2021, and 2020. Years Ended December 31, 2022 2021 2020 2022 2021 2020 ($ in thousands) Pension Benefits Other Post-Retirement Benefits Net periodic (benefit) cost Service cost $ 11,438 $ 11,616 $ 12,898 $ 59 $ 93 $ 105 Interest cost 14,639 13,476 16,207 375 348 484 Expected return on plan assets ( 46,615 ) ( 46,654 ) ( 48,191 ) — — — Special termination benefits — 16,052 — — 4,173 — Amortization of net (gain) loss/prior service cost 2,830 5,284 7,021 ( 650 ) ( 729 ) ( 653 ) Net periodic (benefit) cost ( 17,708 ) ( 226 ) ( 12,065 ) ( 216 ) 3,885 ( 64 ) Other changes in plan assets and benefit Net (loss) gain recognized during the year ( 2,830 ) ( 5,284 ) ( 7,021 ) 650 729 653 Net actuarial loss (gain) 29,952 ( 51,365 ) 35,539 ( 5,906 ) ( 1,506 ) 1,912 Total recognized in other comprehensive 27,122 ( 56,649 ) 28,518 ( 5,256 ) ( 777 ) 2,565 Total recognized in net periodic benefit $ 9,414 $ ( 56,875 ) $ 16,453 $ ( 5,472 ) $ 3,108 $ 2,501 Discount rate for benefit obligations 5.00 % 2.77 % 2.40 % 4.98 % 2.32 % 2.31 % Discount rate for net periodic benefit cost 2.77 % 2.40 % 3.14 % 2.32 % 2.31 % 3.11 % Expected long-term return on plan assets 5.50 % 5.75 % 6.50 % n/a n/a n/a Rate of compensation increase scaled ** scaled ** scaled * n/a n/a n/a *Graded scale, declining from 7.25 % at age 20 to 2.25 % at age 60 ** Graded scale, declining from 7.25 % at age 20 to 2.25 % at age 65 The long term rate of return on plan assets is determined by using the weighted-average of historical real returns for major asset classes based on target asset allocations. For all periods presented, the discount rate for the benefit obligation was calculated by matching expected future cash flows to the USI Consulting Group Pension Discount Curve (AA). The following table presents expected plan benefit payments over the ten years succeeding December 31, 2022: ($ in thousands) Pension Post-Retirement Total 2023 $ 26,901 $ 1,491 $ 28,392 2024 27,878 1,279 29,157 2025 29,187 1,083 30,270 2026 30,524 885 31,409 2027 31,824 900 32,724 2028-2032 173,696 4,165 177,861 . $ 320,010 $ 9,803 $ 329,813 The expected benefit payments are estimated based on the same assumptions used to measure the Company’s benefit obligations at December 31, 2022. The fair values of pension plan assets at December 31, 2022 and 2021, by asset category, are shown in the following tables. The fair value is presented based on the Financial Accounting Standards Board’s fair value hierarchy that prioritizes inputs into the valuation techniques used to measure fair value. Level 1 uses quoted prices in active markets for identical assets, Level 2 uses significant observable inputs, and Level 3 uses significant unobservable inputs. In accordance with Subtopic 820-10 common trust funds are reported at fair value using net asset value per share (or its equivalent) as a practical expedient and are not classified in the fair value hierarchy. For all investments, the plan attempts to use quoted market prices of identical assets on active exchanges, or Level 1 measurements. Where such quoted market prices are not available, the plan will use quoted prices for similar instruments or discounted cash flows to estimate the value, reported as Level 2. December 31, 2022 Fair Value Measurements by Asset Category / Fund Level 1 Level 2 Level 3 Total ($ in thousands) Cash and equivalents $ 9,050 — — $ 9,050 Total cash and cash equivalents 9,050 — — 9,050 Fixed income securities 29,577 31,268 — 60,845 Mutual fund-fixed income 344 — — 344 Exchange Traded Fund (ETF)-Fixed income 5,087 — — 5,087 Total fixed income 35,008 31,268 — 66,276 Domestic and foreign stock 50,956 — — 50,956 Mutual funds-equity 105,486 — — 105,486 Total equity 156,442 — 156,442 Total assets at fair value 200,500 31,268 — 231,768 Common trust funds (fixed income) — — — 410,280 Common trust fund (real assets) — — — 58,487 Total $ 200,500 $ 31,268 — $ 700,535 December 31, 2021 Fair Value Measurements by Asset Category / Fund Level 1 Level 2 Level 3 Total ($ in thousands) Cash and equivalents $ 21,280 — — $ 21,280 Total cash and cash equivalents 21,280 — — 21,280 Fixed income securities 29,687 40,254 — 69,941 Mutual fund-fixed income 20,428 — — 20,428 Exchange Traded Fund (ETF)-Fixed income 4,049 — — 4,049 Total fixed income 54,164 40,254 — 94,418 Domestic and foreign stock 109,610 — — 109,610 Mutual funds-equity 270,863 — — 270,863 Total equity 380,473 — 380,473 Total assets at fair value 455,917 40,254 — 496,171 Common trust funds (fixed income) — — — 294,112 Common trust fund (real assets) — — — 69,600 Total $ 455,917 $ 40,254 — $ 859,883 The following table presents the percentage allocation of the plan assets by asset category and corresponding target allocations at December 31, 2022 and 2021. Plan Assets Target Allocation at December 31, at December 31, Asset category 2022 2021 2022 2021 Cash and equivalents 1 % 3 % 0 - 5 % 0 - 5 % Fixed income securities 68 45 62 - 84 % 41 - 47 % Equity securities 22 44 16 - 22 % 35 - 51 % Real assets 9 8 4 - 10 % 0 - 12 % 100 % 100 % Plan assets are invested in long-term strategies and evaluated within the context of a long-term investment horizon. Plan assets will be diversified across multiple asset classes so as to minimize the risk of large losses. Short-term fluctuations in value will be considered secondary to long-term results. The Company employs a total return approach whereby a diversified mix of asset class investments are used to maximize the long-term return of plan assets for an acceptable level of risk. Risk tolerance is established through careful consideration of the plan liabilities, plan funded status and the Company’s financial condition. The investment performance of the plan is regularly monitored to ensure that appropriate risk levels are being taken and to evaluate returns versus a suitable market benchmark. The benefits investment committee meets periodically to review the policy, strategy, and performance of the plans. |
Share-Based Payment Arrangement
Share-Based Payment Arrangements | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Payment Arrangements | Note 18. Share-Based Payment Arrangements The Company maintains incentive compensation plans that incorporate share-based payment arrangements for associates and directors. The current plan under which share-based awards may be granted, the 2020 Long Term Incentive Plan (the “2020 Plan”), was approved by the Company’s stockholders at the 2020 annual meeting as a successor to the Company’s 2014 Long-Term Incentive Plan (the “2014 Plan”). Certain share-based awards remain outstanding under the 2014 Plan and prior equity incentive compensation plans, but no future awards may be granted thereunder. The Compensation Committee of the Company’s Board of Directors administers the equity incentive plans, makes determinations with respect to participation by employees or directors and authorizes the share-based awards. Under the 2020 Plan, participants may be awarded stock options (including incentive stock options for associates), restricted shares, performance stock awards and stock appreciation rights, all on a stand-alone, combination or tandem basis. To date, the Committee has awarded stock options, tenure-based restricted shares and performance stock awards under the 2020 Plan and the prior equity incentive plans. Under the 2020 Plan, future awards may be granted for the issuance of an aggregate of 3,900,000 shares of the Company’s common stock (inclusive of the increase of 1,400,000 shares approved by the Company's shareholders during the twelve months ended December 31, 2022), plus a number of additional shares of the Company’s common stock (not to exceed 1,000,000 ) for which awards under the 2014 Plan are cancelled, expired, forfeited or otherwise not issued, or settled in cash. The 2020 Plan limits the number of shares for which awards may be granted to any participant during any calendar year to 250,000 shares. The Company may use authorized unissued shares or shares held in treasury to satisfy awards under the 2020 Plan. As of December 31, 2022, there were 2.6 million shares available for future issuance under the 2020 equity compensation plan. For the years ended December 31, 2022, 2021 and 2020, total share-based compensation expense recognized in income was $ 23.5 million, $ 22.4 million and $ 21.1 million, respectively. The total recognized tax benefit related to the share-based compensation was $ 7.0 million, $ 9.9 million and $ 4.9 million for 2022, 2021 and 2020, respectively. At December 31, 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 1 year, and no aggregate intrinsic value. During the twelve months ended December 31, 2022, 7,630 stock options with an aggregate intrinsic value of $ 0.1 million were exercised. The total intrinsic value of options exercised during the year ended December 31, 2021 was $ 0.2 million. A summary of the Company’s nonvested restricted and performance shares for the year ended December 31, 2022 is presented below: Number of Weighted- Nonvested at January 1, 2022 1,453,085 $ 34.58 Granted 562,806 52.24 Vested ( 465,912 ) 36.06 Cancelled/Forfeited ( 118,464 ) 35.65 Nonvested at December 31, 2022 1,431,515 $ 40.95 At December 31, 2022, there was $ 45.0 million of total unrecognized compensation expense related to nonvested restricted and performance shares expected to vest in future periods. This compensation is expected to be recognized in expense over a weighted-average period of 2.8 years. The fair value of shares vested totaled $ 16.9 million and $ 18.7 million during the years ended December 31, 2022 and 2021, respectively. During the twelve months ended December 31, 2022, the Company granted 444,490 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 year ended December 31, 2022, the Company granted 36,475 performance shares subject to a total shareholder return (“TSR”) performance metric with a grant date fair value of $ 61.47 per share and 36,475 performance shares 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 | 12 Months Ended |
Dec. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 19. Commitments and Contingencies Credit Related 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. At December 31, 2022 and 2021 the Company had a reserve for unfunded lending commitments totaling $ 33.3 million and $ 29.3 million, respectively. The following table presents a summary of the Company’s off-balance sheet financial instruments as of December 31, 2022 and December 31, 2021: December 31, ($ in thousands) 2022 2021 Commitments to extend credit $ 10,202,464 $ 9,444,803 Letters of credit 400,505 396,956 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 | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 20. 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 December 31, 2022 and 2021: December 31, 2022 ($ in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 110,865 $ — $ 110,865 Municipal obligations — 203,092 — 203,092 Corporate debt securities — 21,080 — 21,080 Residential mortgage-backed securities — 2,256,986 — 2,256,986 Commercial mortgage-backed securities — 2,893,430 — 2,893,430 Collateralized mortgage obligations — 70,588 — 70,588 Total available for sale securities — 5,556,041 — 5,556,041 Mortgage loans held for sale — 10,843 — 10,843 Derivative assets (1) — 109,497 — 109,497 Total recurring fair value measurements - assets $ — $ 5,676,381 $ — $ 5,676,381 Liabilities Derivative liabilities (1) $ — $ 202,238 $ 1,883 $ 204,121 Total recurring fair value measurements - liabilities $ — $ 202,238 $ 1,883 $ 204,121 (1) For further disaggregation of derivative assets and liabilities, see Note 11 – Derivatives. 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 11 – 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 U.S. investments to 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, 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 11 – 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 sheet for the years ended December 31, 2022 and 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 ( 2,429 ) Losses included in earnings 196 Balance at December 31, 2022 $ 1,883 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. Level 3 Class December 31, 2022 December 31, 2021 Derivative liability $ 1,883 $ 4,116 Valuation technique Discounted cash flow Discounted cash flow Unobservable inputs: Visa Class A appreciation - terminal range 6 - 12 % 6 %- 12 % Visa Class A appreciation - at end of reporting period 9 % 9 % Conversion rate - range 1.61 x- 1.60 x 1.62 x- 1.60 x Conversion rate - at end of reporting period 1.6030 x 1.6091 x Time until resolution 3 - 12 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: December 31, 2022 ($ in thousands) Level 1 Level 2 Level 3 Total Collateral dependent impaired loans $ — $ 4,692 $ — $ 4,692 Other real estate owned and foreclosed assets — — 2,017 2,017 Total nonrecurring fair value measurements $ — $ 4,692 $ 2,017 $ 6,709 December 31, 2021 ($ in thousands) Level 1 Level 2 Level 3 Total Collateral dependent impaired loans $ — $ 13,253 $ — $ 13,253 Other real estate owned and foreclosed assets — — 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 and 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. Securities Sold under Agreements to Repurchase and Federal Funds Purchased – For these short-term liabilities, the carrying amount is a reasonable estimate of fair value. Short-Term FHLB Borrowings – At December 31, 2022, short-term FHLB borrowings was comprised of one fixed-rate instrument entered into on December 30, 2022 and maturing on January 3, 2023; as such, 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. December 31, 2022 Total Carrying ($ in thousands) Level 1 Level 2 Level 3 Fair Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 888,519 $ — $ — $ 888,519 $ 888,519 Available for sale securities — 5,556,041 — 5,556,041 5,556,041 Held to maturity securities — 2,615,398 — 2,615,398 2,852,495 Loans, net — 4,692 22,132,683 22,137,375 22,806,257 Loans held for sale — 26,385 — 26,385 26,385 Derivative financial instruments — 109,497 — 109,497 109,497 Financial liabilities: Deposits $ — $ — $ 29,041,635 $ 29,041,635 $ 29,070,349 Federal funds purchased 1,850 — — 1,850 1,850 Securities sold under agreements to repurchase 444,421 — — 444,421 444,421 Short-term FHLB Borrowings 1,425,000 — — 1,425,000 1,425,000 Long-term debt — 200,060 — 200,060 242,077 Derivative financial instruments — 202,238 1,883 204,121 204,121 December 31, 2021 Total Carrying ($ in thousands) Level 1 Level 2 Level 3 Fair Value Amount 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 |
Condensed Parent Company Inform
Condensed Parent Company Information | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Parent Company Information | Note 21. Condensed Parent Company Information The following condensed financial statements reflect the accounts and transactions of Hancock Whitney Corporation only: Condensed Balance Sheets December 31, ($ in thousands) 2022 2021 Assets: Cash $ 127,184 $ 90,277 Investment in bank subsidiaries 3,342,743 3,706,046 Investment in non-bank subsidiaries 25,634 24,726 Due from subsidiaries and other assets 14,939 17,323 Total assets $ 3,510,500 $ 3,838,372 Liabilities and Stockholders' Equity: Long term debt $ 166,816 $ 166,664 Other liabilities 1,056 1,356 Stockholders' equity 3,342,628 3,670,352 Total liabilities and stockholders' equity $ 3,510,500 $ 3,838,372 Condensed Statements of Income Years Ended December 31, ($ in thousands) 2022 2021 2020 Operating income From subsidiaries: Cash dividends received from bank subsidiaries $ 180,000 $ 150,000 $ 70,000 Cash dividend from nonbank subsidiary 2,500 5,000 — Equity in earnings (loss) of subsidiaries greater than dividends received 355,853 327,950 ( 101,406 ) Total operating income 538,353 482,950 ( 31,406 ) Other expense, net 17,708 25,814 22,307 Income tax benefit ( 3,444 ) ( 6,079 ) ( 8,539 ) Net income (loss) $ 524,089 $ 463,215 $ ( 45,174 ) Other comprehensive income (loss), net of tax ( 718,247 ) ( 134,004 ) 134,793 Comprehensive income (loss) $ ( 194,158 ) $ 329,211 $ 89,619 Condensed Statements of Cash Flows Years Ended December 31, ($ in thousands) 2022 2021 2020 Cash flows from operating activities - principally $ 192,816 $ 160,887 $ 71,067 Net cash provided by operating activities 192,816 160,887 71,067 Cash flows from investing activities: Proceeds from sale of premises and equipment 855 — — Net cash provided by investing activities 855 — — Cash flows from financing activities: Proceeds from issuance of long term debt — — 166,425 Repayment of long term debt — ( 150,000 ) — Dividends paid to stockholders ( 94,458 ) ( 95,927 ) ( 95,605 ) Repurchase of common stock ( 58,892 ) ( 21,796 ) ( 12,716 ) Proceeds from dividend reinvestment and other incentive plans 3,972 4,482 5,301 Payroll tax remitted on net share settlement of equity awards ( 7,386 ) ( 7,364 ) ( 4,530 ) Cash received under accelerated share repurchase agreement — — 12,110 Net cash provided by (used in) financing activities ( 156,764 ) ( 270,605 ) 70,985 Net increase (decrease) in cash 36,907 ( 109,718 ) 142,052 Cash, beginning of year 90,277 199,995 57,943 Cash, end of year $ 127,184 $ 90,277 $ 199,995 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Description of Business | DESCRIPTION OF BUSINESS Hancock Whitney Corporation (the “Company”) is a financial services company headquartered in Gulfport, Mississippi that is both a financial holding company and a bank holding company registered under the Bank Holding Company Act of 1956, as amended. The Company provides a comprehensive network of full-service financial choices to customers primarily in the Gulf South region through its bank subsidiary, Hancock Whitney Bank (the “Bank”), a Mississippi state bank. The Bank offers a broad range of traditional and online banking services to commercial, small business and retail customers, providing a variety of transaction and savings deposit products, treasury management services, secured and unsecured loan products (including revolving credit facilities), and letters of credit and similar financial guarantees. The Bank also provides access to trust and investment management services to retirement plans, corporations and individuals, as well as investment advisory and brokerage products. In addition, the Company offers its customers access to fixed annuity and life insurance products and investment management and other services through its limited purpose broker-dealer subsidiary, Hancock Whitney Investment Services, Inc., a nonbank subsidiary of the holding company. The Company primarily operates across the Gulf South region, including southern and central Mississippi; southern and central Alabama; southern, central and northwest Louisiana; the northern, central, and panhandle regions of Florida; and the certain areas of east and northeast Texas including Houston, Beaumont, Dallas and San Antonio, among others. In addition, the Company operates loan production offices in Nashville, Tennessee and the metropolitan area of Atlanta, Georgia. |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of the Company and all other entities in which the Company has a controlling interest. Variable interest entities for which the Company has been deemed the primary beneficiary are also consolidated. Significant intercompany transactions and balances have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation. |
Use of Estimates | Use of Estimates The accounting principles the Company follows and the methods for applying these principles conform to U.S. GAAP and general practices followed by the banking industry. These accounting principles and practices 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. |
Fair Value Accounting | Fair Value Accounting Fair value is generally defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date under current market conditions. U.S. GAAP requires the use of fair values in determining the carrying values of certain assets and liabilities in the financial statements, as well as for specific disclosures about certain assets and liabilities. Accounting guidance 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 (level 1) and the lowest priority to unobservable inputs such as a reporting entity’s own data or information or assumptions developed from this 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. |
Business Combinations | Business Combinations Business combinations are accounted for under the purchase method of accounting. Purchased assets, including identifiable intangibles, and assumed liabilities are recorded at their respective acquisition date fair values. If the fair value of net assets purchased exceeds the consideration given, a bargain purchase gain is recognized. If the consideration given exceeds the fair value of the net assets received or if the fair value of the net liabilities assumed exceeds the consideration received, goodwill is recognized. Fair values are subject to refinement for up to one year after the closing date of an acquisition as information relative to closing date fair values becomes available. Acquisition costs are expensed as incurred. All identifiable intangible assets that are acquired in a business combination are recognized at the acquisition date fair value. Identifiable intangible assets are recognized separately if they arise from contractual or other legal rights or if they are separable (i.e., capable of being sold, transferred, licensed, rented, or exchanged separately from the entity). |
Cash and Due from Banks | Cash and Due from Banks The Company considers only cash on hand, cash items in process of collection and balances due from financial institutions as cash and cash equivalents. |
Securities | Securities Securities are classified as trading, held to maturity or available for sale. Management determines the appropriate classification of debt and equity securities at the time of purchase and reevaluates this classification periodically as conditions change that could require reclassification. Available for sale securities are stated at fair value. Unrealized holding gains and unrealized holding losses are reported net of tax in other comprehensive income or loss and in accumulated other comprehensive income or loss (“AOCI”) until realized. Securities that the Company both positively intends and has the ability to hold to maturity are classified as securities held to maturity and are carried at amortized cost. The intent and ability to hold are not considered satisfied when a security is available to be sold in response to changes in interest rates, prepayment rates, liquidity needs or other reasons as part of an overall asset/liability management strategy. Premiums and discounts on securities, both those held to maturity and those available for sale, are amortized and accreted to income as an adjustment to the securities’ yields using the effective interest method. Realized gains and losses on the sale of securities are reported net as a component of noninterest income. The cost of securities sold is specifically identified for use in calculating realized gains and losses. Credit Losses on Securities At least quarterly, or more often when warranted, the Company performs an assessment of held to maturity debt securities for expected credit losses and available for sale debt securities for credit-related impairment, resulting in an allowance for credit losses, if applicable. The Company applies the practical expedient to exclude the accrued interest receivable balance from amortized cost basis of financing receivables. The allowance for credit losses on held to maturity debt securities is estimated at the individual security level when there is a more than inconsequential risk of default. The assessment uses probability of default and loss given default models based on public ratings, where available, or mapped internally developed risk grades to public ratings and forecasted cash flows using the same economic forecasts and probability weighting as used for the Company’s evaluation of the loan portfolio. Qualitative adjustments to the output of the quantitative calculation are made when management deems it necessary to reflect differences in current and forecasted conditions as compared to those during the historical loss period used in model development. The Company evaluates credit impairment on available for sale debt securities at an individual security level. This evaluation is done for securities whose fair value is below amortized cost with a more than inconsequential risk of default and where the Company has assessed the decline in fair value is significant enough to suggest a credit event occurred. Credit events are generally assessed based on adverse conditions specifically related to the security, an industry, or geographic area, changes in the financial condition of the issuer of the security, or in the case of an asset-backed debt security, changes in the financial condition of the underlying loan obligors. The allowance for credit losses for such securities is measured using a discounted cash flow methodology, through which management compares the present value of expected cash flows with the amortized cost basis of the security. The allowance for credit loss is limited to the amount by which the fair value is less than the amortized cost basis. The Company records changes in the allowance for credit losses on securities with a corresponding adjustment recorded in the provision for credit loss expense. If the Company intends to sell the debt security, or more likely than not will be required to sell the security before recovery of its amortized cost basis, the security is charged down to fair value against the allowance for credit losses, with any incremental impairment reported in earnings. |
Loans | Loans Loans Held for Sale Residential mortgage loans originated for sale are classified as loans held for sale on the Consolidated Balance Sheets. Beginning in the second quarter of 2021, the Company generally elects the fair value option on funded residential mortgage loans originated for sale that are associated with forward sales contracts. For mortgage loans for which the Company has elected the fair value option, gains and losses are included in noninterest income within secondary mortgage market operations. Held for sale loans also includes residential construction loans that are anticipated to be sold upon completion of the construction term. At times, management may originate other types of loans with the intent to sell or decide to sell loans that were not originated for that purpose. Such loans are reclassified as held for sale at the lower of cost or market when that decision is made. Loans Held for Investment Loans that the Company has the intent and ability to hold for the foreseeable future or until maturity or payoff are considered loans held for investment and reported as loans on the Consolidated Balance Sheets and in the related footnote disclosures. Loans held for investment include loans originated for investment and loans acquired in purchase transactions. Loans are reported at the principal balance outstanding net of unearned income. Interest on loans and accretion of unearned income, including net deferred loan fees and costs, are computed in a manner that approximates a level yield on recorded principal. Interest on loans is recognized in income as earned. The accrual of interest is discontinued (“nonaccrual status”) when, in management’s opinion, it is probable that the borrower will be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. When accrual of interest is discontinued on a loan, all unpaid accrued interest is reversed and payments subsequently received are applied first to recover principal. Interest income is recognized for payments received after contractual principal has been satisfied. Loans are returned to accrual status when all the principal and interest contractually due are brought current and future payment performance is reasonably assured. Acquired Loans Subsequent to the adoption on January 1, 2020 of Accounting Standards Codification (“ASC”) Topic 326, “Financial Instruments – Credit Losses,” commonly referred to as Current Expected Credit Losses or CECL, acquired loans are segregated between those purchased with credit deterioration (“PCD”) and those that are not (“non-PCD”). Loans considered PCD include those individual loans (or groups of loans with similar risk characteristics) that as of the date of acquisition are assessed as having experienced a more-than-insignificant deterioration in credit quality since origination. The assessment of what is more-than-insignificant credit deterioration since origination considers information including, but not limited to, financial assets that are delinquent, on nonaccrual and/or otherwise adversely risk rated as of the acquisition date, those that have been downgraded since origination, and those for which, after origination, credit spreads have widened beyond the threshold specified in policy. The Company bifurcates the fair value discount between the credit and noncredit components and records an allowance for credit losses for PCD loans by adding the credit portion of the fair value discount to the initial amortized cost basis and increasing the allowance for credit losses at the date of acquisition. Any noncredit discount or premium resulting from acquiring loans with credit deterioration is allocated to each individual asset. All non-PCD loans acquired are recorded at the estimated fair value of the loan at acquisition, with the estimated allowance for credit loss recorded as a provision for credit losses through earnings in the period in which the acquisition has occurred. The noncredit discount or premium for PCD loans and full discount for non-PCD loans will be accreted to interest income using the interest method based on the effective interest rate at the acquisition date. Under the transition provisions for application of CECL, the Company classified all purchased credit impaired loans (“PCI”) previously accounted for under Financial Accounting Standard Subtopic 310-30 to be classified as PCD, without reassessing whether the financial assets meet the criteria of PCD as of the date of adoption. The application of these provisions resulted in an adjustment to the amortized cost basis of the financial asset to reflect the addition of the allowance for credit losses at the date of adoption. The Company elected not to maintain pools of loans accounted for under Subtopic 310-30 at adoption. The Company was also not required to reassess whether modifications to individual acquired financial assets accounted for in pools were troubled debt restructurings as of the date of adoption. The noncredit discount, after the adjustment for the allowance for credit losses, is accreted to interest income using the interest method based on the effective interest rate determined at the adoption date. Troubled Debt Restructurings Troubled debt restructurings (TDRs) occur when a borrower is experiencing, or is expected to experience, financial difficulties in the near-term and a modification of loan terms is granted that would otherwise not have been considered. Troubled debt restructurings can result in loans remaining on nonaccrual, moving to nonaccrual, or continuing to accrue, depending on the individual facts and circumstances of the borrower. When establishing credit reserves on a loan modified in a TDR, the loan’s value is determined by either the present value of expected cash flows calculated using the loan’s effective interest rate before the restructuring, or the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. If the value as determined is less than the recorded investment in the loan, the difference is charged off through the allowance for loan and lease losses. The Consolidated Appropriations Act, 2021 extended to January 1, 2022 the relief provided by Section 4013 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act from the accounting and disclosure requirements of ASC 310-40 for certain qualifying loan modifications. Qualifying loan modifications are those that were made by financial institutions in response to the COVID-19 pandemic, where the borrower was not more than 30 days past due as of December 31, 2019, and the modifications were related to arrangements that defer or delay the payment of principal or interest, or change the interest rate on the loan. |
Allowance for Credit Losses | Allowance for Credit Losses The allowance for credit losses (ACL) is comprised of the allowance for loan and lease losses (ALLL), a valuation account available to absorb losses on loans and leases held for investment, and the reserve for unfunded lending commitments, a liability established to absorb credit losses for the expected life of the contractual term of on and off-balance sheet exposures as of the date of the determination. Quarterly, management estimates losses in the portfolio and unfunded exposures based on a number of factors, including the Company’s past loan loss experience, known and potential risks in the portfolio, adverse situations that may affect the borrowers’ ability to repay, the estimated value of any underlying collateral, and current and forecasted economic conditions. The analysis and methodology for estimating the ACL includes two primary elements: 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 for credit loss. For the collective approach, the Company segments loans into commercial non-real estate, commercial real estate – owner occupied, commercial real estate – income producing, construction and land development, residential mortgage and consumer, with further segmentation by region and sub-portfolio, as deemed appropriate. Both quantitative and qualitative factors are applied at the portfolio segment levels. The Company applies the practical expedient that permits the exclusion of the accrued interest receivable balance from amortized cost basis of financing receivables for all classes of loans as our nonaccrual policy results in the timely write-off of interest accrued but uncollected. For the collectively evaluated portfolios, the Company utilizes internally developed credit models and third party economic forecasts for the calculation of expected credit loss over the reasonable and supportable forecast period for the majority of the portfolio and other methods, generally historical loss based, for select portfolios. The Company calculates a collective allowance for a two-year reasonable and supportable forecast period utilizing probability weighted multiple macroeconomic scenarios, and then reverts on a linear basis over four quarters to an average historical loss rate for the remaining term. The credit models consist primarily of multivariate regression and autoregressive models that correlate our historical net charge-off rates to select macroeconomic variables at a collective level. Forward-looking macroeconomic forecasts are applied as inputs to the regression equations to estimate quarterly collective net charge-off rates over the reasonable and supportable period. The net charge-off rates from the credit models for the reasonable and supportable period, the linear reversion rates, and the average loss rates for the post reasonable and supportable periods are applied to forecasted balance runoff for the estimated remaining term. The balance runoff incorporates prepayment assumptions developed from historical experience that are applied to the multiple macroeconomic forecasts. Forecasted net charge-off rates are also applied to forecasted draws and subsequent runoff of unfunded commitments in the calculation of the reserve for unfunded lending commitments. Qualitative adjustments to the output of quantitative calculations are made when management deems it necessary to reflect differences in current and forecasted conditions as compared to those during the historical loss period used in model development. Conditions to be considered include, but are not limited to, problem loan trends, current business and economic conditions, credit concentrations, lending policies and procedures, lending staff, collateral values, loan profiles and volumes, loan review quality, changes in competition and regulations, and other adjustments for model limitations or other variables not specifically captured. The Company establishes specific reserves using an individually evaluated approach for nonaccrual loans, loans modified in troubled debt restructures, loans for which a troubled debt restructure is reasonably expected, and other financial instruments that are deemed to not share risk characteristics with other collectively evaluated financial assets. For loans individually evaluated, a specific allowance is recognized for any shortfall between the loan’s value and its recorded investment. The loan’s value is measured by either the loan’s observable market price, the fair value of the collateral of the loan (less liquidation costs) if it is collateral dependent, or by the present value of expected future cash flows discounted at the loan’s effective interest rate. The Company applies the practical expedient and defines collateral dependent loans as those where the borrower is experiencing financial difficulty and on which repayment is expected to be provided substantially through the operation or sale of the collateral. Loans individually analyzed are not incorporated into the pool analysis to avoid double counting. The Company limits the individually evaluated specific reserve analysis to include commercial and residential mortgage loans with relationship balances of $ 1 million or greater and all loans classified as troubled debt restructurings. It is the policy of the Company to promptly charge off all commercial and residential mortgage loans, or portions of loans, when available information reasonably confirms that they are wholly or partially uncollectible. Prior to recording a charge, the loan’s value is established based on an assessment of the value of the collateral securing the loan, the borrower’s and the guarantor’s ability and willingness to pay and the status of the account in bankruptcy court, if applicable. Consumer loans are generally charged down when the loan is 120 days past due for most secured and unsecured loans and 150 days past due for consumer credit card loans, unless the loan is clearly both well secured and in the process of collection. Loans are charged down to the fair value of the collateral, if any, less estimated selling costs. Loans are charged off against the allowance for loan losses, with subsequent recoveries added back to the allowance. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation and amortization. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets, which are up to 30 years for buildings and three to ten years for most furniture and equipment. Amortization expense for software is generally charged over three years , or seven years for core systems. Leasehold improvements are amortized over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. The Company evaluates whether events and circumstances have occurred that indicate that such long-lived assets have been impaired. Measurement of any impairment of such long-lived assets is based on their fair values. Property and equipment used in operations is considered held for sale when certain criteria are met, including when management has committed to a plan to sell the asset, the asset is available for sale in its immediate condition, and the sale is probable within one year of the reporting date. Assets held for sale are reported at the lower of cost or fair value less costs to sell. Gains and losses related to retirement or disposition of property and equipment are recorded in the consolidated statements of income as realized, reflected in either other income under noninterest income or other expense under noninterest expense, depending on the nature of the item. |
Operating Leases | Operating Leases The Company recognizes a liability representing the present value of future lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset over the lease term in the Consolidated Balance Sheets. The Company determines if an arrangement is a lease at inception of the contract and assesses the appropriate classification as finance or operating. Operating leases with terms greater than one year are included in right-of-use lease assets and lease obligations on the Company’s Consolidated Balance Sheets. The lease term includes payments to be made in optional or renewal periods only if the lessee is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease. Operating lease right-of-use assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term using the interest rate implicit in the contract, when available, or the Company’s incremental collateralized borrowing rate with similar terms. Agreements with both lease and non-lease components are accounted for separately, with only the lease component capitalized. The right-of-use asset is the amount of the lease liability adjusted for prepaid or accrued lease payments, remaining balance of any lease incentives received, unamortized initial direct costs, and impairment. Lease expense is recorded on a straight-line basis over the lease term through amortization of the right-of-use asset plus implicit interest accreted on the operating lease liability obligation, and is reflected in net occupancy expense in the Consolidated Statements of Income. The Company evaluates whether events and circumstances have occurred that indicate right-of-use assets have been impaired. Measurement of any impairment of such assets is based on their fair values. Once a right-of-use asset for an operating lease is impaired, the carrying amount of the right-of-use asset is reduced through expense and the remaining balance is subsequently amortized on a straight-line basis. Certain of the Company’s leases contain variable components, such as annual changes to rent based on the consumer price index. Operating lease liabilities are not re-measured as a result of changes to variable components unless the lease must be re-measured for some other reason such as a renewal that was not reasonably certain of being exercised. Changes to the variable components are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. As allowed in the transition guidance in Topic 842, "Leases," the Company elected to use the standard’s “package of practical expedients,” which allows the use of previous conclusions about lease identification, lease classification and the accounting treatment for initial direct costs. The Company also elected the short-term lease recognition exemption for all leases with lease terms of one year or less; as such, the Company does not recognize right-of-use assets or lease liabilities on the consolidated balance sheet for such leases. |
Other Real Estate and Foreclosed Assets | Other Real Estate and Foreclosed Assets Other real estate and foreclosed assets includes real property and other assets that have been acquired in satisfaction of loans and leases, and real property no longer used in the Bank’s business. These assets are recorded at the estimated fair value less the estimated cost of disposition and carried at the lower of either cost or market. Fair value is based on independent appraisals and other relevant factors. Any initial reduction in the carrying amount of a loan to the fair value of the collateral received less selling costs is charged to the allowance for loan losses. Each asset is revalued on an annual basis, or more often if market conditions necessitate. Subsequent losses on the periodic revaluation of these assets and gains or losses recognized on disposition are charged to current earnings, as are revenues from and costs of operating and maintaining real property; with the resulting net (income) expense reflected in noninterest expense in the Consolidated Statements of Income. Improvements made to real property are capitalized if the expenditures are expected to be recovered upon the sale of the property. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of consideration paid over the fair value of net assets acquired or the excess of the fair value liabilities assumed over consideration received in a business combination. Goodwill is not amortized but assessed for impairment on an annual basis, or more often if events or circumstances indicate there may be impairment. Accounting guidance permits the Company to first assess qualitative factors to determine if it is more likely than not that the fair value of a reporting unit exceeds its carrying value. If the Company determines it is more likely than not that the fair value exceeds book value, then a quantitative impairment test is not necessary. If the Company elects to bypass the qualitative assessment, or concludes that it is more likely than not that the fair value is less than the carrying value, a quantitative goodwill impairment test is performed. In addition, absent any triggering events, quantitative impairment test will be performed every three years to ensure goodwill is periodically reviewed within a reasonable timeframe. The quantitative impairment test compares the estimated fair value of a reporting unit with its net book value. The Company has assigned all goodwill to one reporting unit that represents overall banking operations. The fair value of the reporting unit is based on valuation techniques that market participants would use in an acquisition of the whole unit, and may include analysis such as estimated discounted cash flows, the quoted market price of the Company’s stock adjusted for a control premium, and observable average price-to-earnings and price-to-book multiples of competitors. If the unit’s fair value is less than its carrying value, an estimate of the implied fair value of the goodwill is compared to the goodwill’s carrying value, and any impairment recognized. Other identifiable intangible assets with finite lives, such as core deposit intangibles, customer lists and trade name, are initially recorded at fair value and are generally amortized over the periods benefited. These assets are evaluated for impairment in a similar manner to long-lived assets. |
Life Insurance Contracts | Life Insurance Contracts Bank-owned life insurance contracts (BOLI) are comprised of long-term life insurance contracts on the lives of certain current and past employees where the insurance policy benefits and ownership are retained by the employer. Its cash surrender value is an asset that the Company uses to partially offset the future cost of employee benefits. The cash value accumulation on BOLI is permanently tax deferred if the policy is held to the insured person’s death and certain other conditions are met. |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock As a member of the Federal Home Loan Bank (FHLB), the Company is required to purchase and hold shares of capital stock in the FHLB in an amount equal to a membership investment plus an activity-based investment determined according to the level of outstanding FHLB advances. The shares are recorded at amortized cost, which approximates fair value, and is reflected in Other Assets in the Consolidated Balance Sheets. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company records all derivatives on the Consolidated Balance Sheets at fair value as components of other assets and other liabilities. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. For derivatives designated as hedging the exposure to changes in the fair value of an asset or liability (fair value hedge), the gain or loss is recognized in earnings in the period of the fair value change together with the offsetting loss or gain on the hedged item attributable to the risk being hedged. Derivatives designated as hedging exposure to variable cash flows of a forecasted transaction (cash flow hedge), are reported as a component of other comprehensive income or loss and subsequently reclassified into earnings when the forecasted transaction affects earnings or, in certain circumstances, when the hedge is terminated, with the full impact of hedge gains and losses recognized in the period in which the hedged transaction impacts the entity’s earnings. For derivatives that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately. Note 11 - Derivatives describes the derivative instruments currently used by the Company and discloses how these derivatives impact the Company’s financial condition and results of operations. |
Stockholders' Equity | Stockholders’ Equity Common stock reflects shares issued at par value. Repurchase of the Company’s common stock (treasury stock) is recorded at cost as a reduction of stockholders’ equity within capital surplus in the accompanying Consolidated Balance Sheets and the Statements of Changes in Stockholders’ Equity. When treasury shares are subsequently reissued, treasury stock is reduced by the cost of such stock using the first-in-first-out method, with the difference recorded in capital surplus or retained earnings, as applicable. |
Revenue Recognition | Revenue Recognition Interest Income Interest income is recognized on an accrual basis driven by written contracts, such as loan agreements or securities contracts. Loan origination fees and costs are recognized over the life of the loan as an adjustment to yield. Unamortized premiums, discounts and other basis adjustments on loans and investment securities are recognized in interest income as a yield adjustment over the contractual lives. However, premiums for certain callable investment securities are amortized to the earliest call date. Service Charges on Deposit Accounts Service charges on deposit accounts include transaction based fees for non-sufficient funds, account analysis fees, and other service charges on deposits, including monthly account service fees. Non-sufficient funds fees are recognized at the time when the account overdraft occurs in accordance with regulatory guidelines. Account analysis fees consist of fees charged on certain business deposit accounts based upon account activity as well as other monthly account fees, and are recorded under the accrual method of accounting as services are performed. Other service charges are earned by providing depositors safeguard and remittance of funds as well as by providing other elective services for depositors that are performed upon the depositor’s request. Charges for deposit services for the safeguard and remittance of funds are recognized at the end of the statement cycle, after services are provided, as the customer retains funds in the account. Revenue for other elective services is earned at the point in time the customer uses the service. Trust Fees Trust fee income represents revenue generated from asset management services provided to individuals, businesses, and institutions. The Company has a fiduciary responsibility to the beneficiary of the trust to perform agreed upon services which can include investing assets, periodic reporting, and providing tax information regarding the trust. In exchange for these trust and custodial services, the Company collects fee income from beneficiaries as contractually determined via fee schedules. The Company’s performance obligation is primarily satisfied over time as the services are performed and provided to the customer. These fees are recorded under the accrual method of accounting as the services are performed. The Company generally acts as the principal in these transactions and records revenue and expenses on a gross basis. Bank Card and Automated Teller Machine (“ATM”) Fees Bank card and ATM fees include credit card, debit card and ATM transaction revenue. The majority of this revenue is card interchange fees earned through a third party network. Performance obligations are satisfied for each transaction when the card is used and the funds are remitted. The network establishes interchange fees that the merchant remits for each transaction, and costs are incurred from the network for facilitating the interchange with the merchant. Card fees also include merchant services fees earned for providing merchants with card processing capabilities. ATM income is generated from allowing customers to withdraw funds from other banks’ machines and from allowing a non-customer cardholder to withdraw funds from the Company’s machines. The Company satisfies its performance obligations for each transaction at the point in time that the withdrawal is processed. Bank card and ATM fee income is recorded on accrual basis as services are provided with the related expense reflected in data processing expense. Investment and Annuity Fees and Insurance Commissions Investment and annuity services fee income represents income earned from investment and advisory services. The Company provides its customers with access to investment products through the use of third party carriers to meet their financial needs and investment objectives. Upon selection of an investment product, the customer enters into a policy with the carrier. The performance obligation is satisfied by fulfilling its responsibility to process the order to acquire the investment for which a commission fee is earned from either the carrier or our third party service provider based on agreed-upon fee percentages on a trade date basis, net of any associated costs. The Company has a contractual relationship with a third party broker dealer to provide full service brokerage and investment advisory activities. As the agent in the arrangement, the Company recognizes the investment services commissions on a net basis. Investment revenue also includes portfolio management fees, which represent monthly fees charged on a contractual basis to customers for the management of their investment portfolios and are recorded under the accrual method of accounting. Prior to August 12, 2022, investment and annuity services fee income was recorded on a gross basis, with expenses recorded in the appropriate expense line item; subsequent to that date, such fee income is recorded net of expenses, as the Company is now agent in these transactions following a change in service providers. This revenue line item includes investment banking income, which includes fees for services arising from securities offerings or placements in which the Company acts as a principal. Revenue is recognized at the time the underwriting is completed and the revenue is reasonably determinable. Any costs associated with these transactions are reflected in the appropriate expense line item. Insurance commission revenue is recognized as of the effective date of the insurance policy, as the Company’s performance obligation is connecting the customer to the insurance products. Until August 12, 2022, the Company also received contingent commissions from insurance companies as additional incentive for achieving specified premium volume goals and/or the loss experience of the insurance placed. Those fees are no longer earned following the change in service providers. These contingent commissions from insurance companies as well as fees for policy renewals are recognized when determinable, which is generally when such commissions are received or when we receive data from the insurance companies and/or our third party service provider that allows the reasonable estimation of these amounts. Prior to August 12, 2022, costs associated with these transactions were reflected in the appropriate expense line item; subsequent to that date, with the change in service providers, the Company is now agent in these transactions and expenses are recorded net in this revenue line item. Secondary Mortgage Market Operations Secondary mortgage market operations revenue is primarily comprised of service release premiums earned on the sale of closed-end mortgage loans to other financial institutions or government agencies that are recognized in revenue as each sales transaction occurs. This revenue line item also includes derivative income associated with our mortgage banking operations. Refer to Note 11 – Derivatives for a discussion of these derivative instruments. Securities Transactions Securities transactions includes net realized gain (losses) on securities sold reflecting the excess (deficiency) of proceeds received over the specifically identified carrying amount of the assets being sold plus cost to sell. Securities sales are recorded as each transaction occurs on a trade-date basis. Income from Bank-Owned Life Insurance Bank-owned life insurance income primarily represents income earned from the appreciation of the cash surrender value of insurance contracts held and the proceeds of insurance benefits. Revenue from the proceeds of insurance benefits is recognized at the time a claim is confirmed. Credit Related Fees Credit-related fee income is primarily composed of letter of credit fees and unused commercial commitment fees. Revenue for letters of credit fees is recognized over time. Revenue for unused commercial commitment fees are recognized based on contractual terms, generally when collected. Income from Derivatives Income from derivatives consists primarily of income from interest rate swaps, net of fair value adjustments for customer derivatives and the related offsetting agreements with unrelated financial institutions for which the derivative instruments are not designated as hedges. Other Miscellaneous Income Other miscellaneous income represents a variety of revenue streams, including safe deposit box income, wire transfer fees, syndication fees, gains or losses on sales of assets, and any other income not reflected above. Income is recorded once the performance obligation is satisfied, generally on the accrual basis or on a cash basis if not material and/or considered constrained. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred and recorded as a component of noninterest expense. |
Income Taxes | Income Taxes Income taxes are accounted for using the asset and liability method. Current tax liabilities or assets are recognized for the estimated income taxes payable or refundable on tax returns to be filed with respect to the current year. Deferred tax assets and liabilities are based on temporary differences between the financial statement carrying amounts and the tax bases of the Company’s assets and liabilities. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be realized or settled. Valuation allowances are established against deferred tax assets if, based on all available evidence, it is more likely than not that some or all of the assets will not be realized. The benefit of a position taken or expected to be taken in a tax return is recognized when it is more likely than not that the position will be sustained on its technical merits. The effects of changes in tax rates and laws upon deferred tax balances are recognized in the period in which the legislation is enacted. The Company makes investments that generate investment tax credits (ITC). The Company uses the deferral method of accounting whereby the tax benefit from the investment tax credits is recognized as a reduction of the book basis of the related asset and is amortized into income over the tax life of the underlying investment. The Company also made investments in projects that yield tax credits issued under the Qualified Zone Academy Bonds (QZAB) and Qualified School Construction Bonds (QSCB) prior to December 31, 2017, as well as Federal and state New Market Tax Credit (NMTC) programs. Returns on these investments are generated through the receipt of federal and state tax credits. The tax credits are recorded as a reduction to the income tax provision in the year that they are earned. Tax credits from QZAB and QSCB bonds are generally earned over the life of the bonds in lieu of interest income. Credits on Federal NMTC investments are earned over the seven- year compliance period beginning with the year of investment. Credits on State NMTC investments are generally earned over a three to five-year period depending upon the specific state program. The Company also invests in affordable housing projects that generate low-income tax credits (LIHTC) that are earned over a 10-year period, beginning with the year the rental activity begins. The Company has elected to use the practical expedient method of amortization, which approximates the proportional amortization method, over the 10 year tax credit period. With the exception of QZAB and QSCB tax credits, all of the tax credits described above can be carried back one-year and carried forward 20 years if the credit cannot be fully used in the year the credits first become available for use. QZAB and QSCB tax credits generally can be carried forward indefinitely if they cannot be fully used in the year the credits are generated. |
Retirement Benefits | Retirement Benefits The Company sponsors defined benefit pension plans and certain other defined benefit postretirement plans for eligible employees. The amounts reported in the consolidated financial statements with respect to these plans are based on actuarial valuations that incorporate various assumptions regarding future experience under the plans. Note 17 – Retirement Benefit Plans discusses the actuarial assumptions and provides information about the liabilities or assets recognized for the funded status of the Company’s obligations under these plans, the net benefit expense charged to current operations, and the amounts recognized as a component of other comprehensive income or loss and AOCI. |
Share-Based Payment Arrangements | Share-Based Payment Arrangements The grant date fair value of equity instruments awarded to employees and directors establishes the cost of the services received in exchange, and the cost associated with awards that are expected to vest is recognized over the requisite service period. Share-based compensation for service-based awards that contain a graded vesting schedule is recognized on a straight-line basis over the requisite service period for the entire award. Forfeitures of unvested awards are recognized in earnings in the period in which they occur. Refer to Note 18 – Share-Based Payment Arrangements for additional information. |
Earnings (Loss) per Common Share | Earnings (Loss) per Common Share The Company computes earnings (loss) 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 the common dividends declared and participation rights in undistributed earnings. For reporting periods in which a net loss is recorded, net loss is not allocated to participating securities because the holders of such securities bear no contractual obligation to fund or otherwise share in the loss. Participating securities currently consist of unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents. Basic earnings (loss) per common share is computed by dividing income or loss available to common shareholders by the weighted-average number of common shares outstanding for the applicable period. Shares outstanding exclude treasury shares and unvested share-based payment awards under long-term incentive compensation plans and directors’ compensation plans. Diluted earnings per common share is computed using the weighted-average number of common shares outstanding increased by the number of shares in which employees would vest under performance-based stock awards and stock unit awards based on expected performance factors and by the number of additional shares that would have been issued if potentially dilutive stock options were exercised, each as determined using the treasury stock method. For reporting periods in which a net loss is recorded, no effect is given to potentially dilutive shares as the impact of such shares would be anti-dilutive. |
Reportable Segment Disclosures | Reportable Segment Disclosures U.S. GAAP require that information be reported about a company’s operating segments using a “management approach.” Reportable segments are identified in these standards as those revenue-producing components for which discrete financial information is produced internally and which are subject to evaluation by the chief operating decision maker in deciding how to allocate resources to segments. The Company’s stated strategy is to provide a consistent package of banking products and services throughout a coherent market area; as such, the Company has identified its overall banking operations as its only reportable segment. Because the overall banking operations comprise substantially all of the Company’s consolidated operations, no separate segment disclosures are presented. |
Other | Other Assets held by the Bank in a fiduciary capacity are not assets of the Bank and are not included in the Consolidated Balance Sheets. |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Accounting Standards Adopted in 2022 In December 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848," to extend the sunset provisions in ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The amendments in ASU 2020-04 provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this Update defer the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The amendments in this update were effective for all entities upon issuance. The adoption of this standard was not material to the Company’s consolidated financial position or results of operations. Accounting Standards Adopted in 2021 and 2020 In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The ASU, more commonly referred to as Current Expected Credit Losses, or CECL, along with several subsequently issued related amendments, were codified as ASC 326. The provisions of ASC 326, which supersede the incurred loss methodology prescribed by ASC 310, require the measurement of expected credit losses over the life of financial assets based on historical experience, current conditions, and reasonable and supportable forecasts. As such, financial institutions and other organizations are required to use forward-looking information to inform their credit loss estimates. Many of the loss estimation techniques prescribed by previous guidance are still permitted, although the inputs to those techniques have changed to reflect the full amount of expected credit losses for the estimated remaining life of the instrument. An entity uses judgment to determine which loss estimation methods are appropriate for its circumstances. In addition, ASC 326 amends the accounting for credit losses on both held to maturity and available for sale debt securities and purchased financial assets with credit deterioration. The Company adopted the provisions of ASC 326 on January 1, 2020 , with a cumulative-effect adjustment to retained earnings for non-purchased credit impaired loans. For purchased credit impaired loans (as defined by ASC 310-30), there was no impact to retained earnings upon adoption; rather, a portion of the purchase accounting fair value mark was reclassified to allowance for credit losses. A more detailed discussion of the Company’s policy for accounting for credit losses under the provisions of ASC 326 is presented earlier in this note. The following table reflects the impact of adoption reflected in the Company’s Consolidated Balance Sheet. The increase in the allowance for loan losses represents a reduction in total assets, while the reserve for unfunded lending commitments represents an increase in total liabilities. ($ in thousands) December 31, 2019 January 1, 2020 CECL adoption impact Assets and Liabilities Allowance for loan and lease losses $ 191,251 $ 240,662 $ 49,411 Reserve for unfunded lending commitments 3,974 31,304 27,330 Allowance for credit losses $ 195,225 $ 271,966 $ 76,741 Retained Earnings Allowance for credit loss increase $ 76,741 Balance sheet reclassification ( 19,767 ) Total pretax impact 56,974 Income tax impact ( 12,887 ) Decrease to retained earnings $ 44,087 The following additional standards were applicable to the Company and adopted in 2021 and 2020, but did not have a material impact on the Company’s consolidated financial position or results of operation: • ASU 2021-06, “Presentation of Financial Statements (Topic 205), Financial Services – Depository and Lending (Topic 942) and Financial Services – Investment Companies (Topic 946)” • ASU 2021-01, “Reference Rate Reform (Topic 848)” • ASU 2020-08, “Codification Improvements to Subtopic 310-20, Receivables- Nonrefundable Fees and Other Costs” • ASU 2019-12, “Simplifying the Accounting for Income Taxes (Topic 740)” Accounting Standards Issued But Not Yet Adopted In March 2022, the FASB issued 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. 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 adopted this standard effective January 1, 2023 and elected to apply amendments to disclosures on a prospective basis, with no reclassification of debt securities from held to maturity to available for sale. The impact of adoption will not be material to the Company’s consolidated financial position or results of operations. 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. The Company adopted this standard effective January 1, 2023 on a prospective bases for all amendments. The adoption of this standard will not be material to the Company’s consolidated financial position or results of operations. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Impact of Adoption Reflected in the Consolidated Balance Sheet | The following table reflects the impact of adoption reflected in the Company’s Consolidated Balance Sheet. The increase in the allowance for loan losses represents a reduction in total assets, while the reserve for unfunded lending commitments represents an increase in total liabilities. ($ in thousands) December 31, 2019 January 1, 2020 CECL adoption impact Assets and Liabilities Allowance for loan and lease losses $ 191,251 $ 240,662 $ 49,411 Reserve for unfunded lending commitments 3,974 31,304 27,330 Allowance for credit losses $ 195,225 $ 271,966 $ 76,741 Retained Earnings Allowance for credit loss increase $ 76,741 Balance sheet reclassification ( 19,767 ) Total pretax impact 56,974 Income tax impact ( 12,887 ) Decrease to retained earnings $ 44,087 The following additional standards were applicable to the Company and adopted in 2021 and 2020, but did not have a material impact on the Company’s consolidated financial position or results of operation: • ASU 2021-06, “Presentation of Financial Statements (Topic 205), Financial Services – Depository and Lending (Topic 942) and Financial Services – Investment Companies (Topic 946)” • ASU 2021-01, “Reference Rate Reform (Topic 848)” • ASU 2020-08, “Codification Improvements to Subtopic 310-20, Receivables- Nonrefundable Fees and Other Costs” • ASU 2019-12, “Simplifying the Accounting for Income Taxes (Topic 740)” Accounting Standards Issued But Not Yet Adopted In March 2022, the FASB issued 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. 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 adopted this standard effective January 1, 2023 and elected to apply amendments to disclosures on a prospective basis, with no reclassification of debt securities from held to maturity to available for sale. The impact of adoption will not be material to the Company’s consolidated financial position or results of operations. 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. The Company adopted this standard effective January 1, 2023 on a prospective bases for all amendments. The adoption of this standard will not be material to the Company’s consolidated financial position or results of operations. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 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 | Securities Available for Sale December 31,2022 December 31,2021 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair ($ in thousands) Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency $ 113,211 $ — $ 2,346 $ 110,865 $ 420,857 $ 3,781 $ 5,340 $ 419,298 Municipal obligations 207,014 59 3,981 203,092 304,536 13,184 3,562 314,158 Residential mortgage-backed securities 2,655,381 224 398,619 2,256,986 3,056,763 29,158 50,123 3,035,798 Commercial mortgage-backed securities 3,234,278 2,032 342,880 2,893,430 3,064,828 61,645 48,614 3,077,859 Collateralized mortgage obligations 76,830 — 6,242 70,588 119,046 1,837 — 120,883 Corporate debt securities 23,500 — 2,420 21,080 18,500 210 8 18,702 $ 6,310,214 $ 2,315 $ 756,488 $ 5,556,041 $ 6,984,530 $ 109,815 $ 107,647 $ 6,986,698 |
Amortized Cost and Fair Value of Debt Securities Held to Maturity | Securities Held to Maturity December 31,2022 December 31,2021 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair ($ in thousands) Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency $ 426,454 $ 21 $ 49,044 $ 377,431 $ 14,857 $ — $ 20 $ 14,837 Municipal obligations 698,908 753 26,558 673,103 621,405 37,941 205 659,141 Residential mortgage-backed securities 734,478 — 72,532 661,946 268,907 682 1,499 268,090 Commercial mortgage-backed securities 948,691 — 87,211 861,480 603,156 28,679 669 631,166 Collateralized mortgage obligations 43,964 — 2,526 41,438 57,426 822 — 58,248 $ 2,852,495 $ 774 $ 237,871 $ 2,615,398 $ 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 years ended December 31, 2022, 2021 and 2020. Net gains or losses are reflected in the "Securities transactions" line item on the Consolidated Statements of Income. Years Ended December 31, ($ in thousands) 2022 2021 2020 Proceeds $ 73,219 $ 198,681 $ 211,919 Gross gains — 1,649 1,984 Gross losses 87 1,316 1,496 |
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 | ($ in thousands) Amortized Fair Debt Securities Available for Sale Due in one year or less $ 112 $ 111 Due after one year through five years 919,639 871,760 Due after five years through ten years 2,982,549 2,665,232 Due after ten years 2,407,914 2,018,938 Total available for sale debt securities $ 6,310,214 $ 5,556,041 |
Securities with Unrealized Losses | Available for sale 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 $ 102,607 $ 754 $ 8,258 $ 1,592 $ 110,865 $ 2,346 Municipal obligations 192,334 3,981 — — 192,334 3,981 Residential mortgage-backed securities 636,060 49,790 1,611,832 348,829 2,247,892 398,619 Commercial mortgage-backed securities 1,489,974 114,195 1,351,530 228,685 2,841,504 342,880 Collateralized mortgage obligations 41,703 3,275 28,884 2,967 70,587 6,242 Corporate debt securities 13,194 1,306 7,386 1,114 20,580 2,420 . $ 2,475,872 $ 173,301 $ 3,007,890 $ 583,187 $ 5,483,762 $ 756,488 Available for sale 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 | ($ in thousands) Amortized Fair Debt Securities Held to Maturity Due in one year or less $ 10,000 $ 9,924 Due after one year through five years 544,146 522,347 Due after five years through ten years 893,562 813,726 Due after ten years 1,404,787 1,269,401 Total held to maturity debt securities $ 2,852,495 $ 2,615,398 |
Securities with Unrealized Losses | Held to maturity 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 $ 145,893 $ 13,245 $ 226,499 $ 35,799 $ 372,392 $ 49,044 Municipal obligations 560,288 8,878 64,346 17,680 624,634 26,558 Residential mortgage-backed securities 391,146 30,515 270,800 42,017 661,946 72,532 Commercial mortgage-backed securities 697,827 56,899 163,653 30,312 861,480 87,211 Collateralized mortgage obligations 41,438 2,526 — — 41,438 2,526 $ 1,836,592 $ 112,063 $ 725,298 $ 125,808 $ 2,561,890 $ 237,871 Held to maturity 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) | 12 Months Ended |
Dec. 31, 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 December 31, 2022 and 2021: ($ in thousands) 2022 2021 Commercial non-real estate $ 10,146,453 $ 9,612,460 Commercial real estate - owner occupied 3,033,058 2,821,246 Total commercial and industrial 13,179,511 12,433,706 Commercial real estate - income producing 3,560,991 3,464,626 Construction and land development 1,703,592 1,228,670 Residential mortgages 3,092,605 2,423,890 Consumer 1,577,347 1,583,390 Total loans $ 23,114,046 $ 21,134,282 |
Allowance for Credit Losses by Portfolio Class | The following schedules show activity in the allowance for credit losses by portfolio class for the years ended December 31, 2022 and 2021, as well as the corresponding recorded investment in loans at December 31, 2022 and 2021. Effective January 1, 2020, the Company adopted the provisions of ASC 326 (CECL) using a modified retrospective basis. Commercial Non-Real Estate Commercial Real Estate-Owner Occupied Total Commercial and Industrial Commercial Real Estate-Income Producing Construction and Land Development Residential Mortgages Consumer Total ($ in thousands) Year Ended December 31, 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 ( 7,637 ) ( 948 ) ( 8,585 ) ( 1,073 ) ( 3 ) ( 137 ) ( 12,792 ) ( 22,590 ) Recoveries 11,812 733 12,545 878 134 1,749 5,382 20,688 Net provision for loan losses ( 3,602 ) ( 4,934 ) ( 8,536 ) ( 35,902 ) 8,265 229 3,570 ( 32,374 ) Ending balance - allowance for loan losses $ 96,461 $ 48,284 $ 144,745 $ 71,961 $ 30,498 $ 32,464 $ 28,121 $ 307,789 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 462 ( 21 ) 441 ( 299 ) 3,203 9 621 3,975 Ending balance - reserve for unfunded $ 4,984 $ 302 $ 5,286 $ 1,395 $ 25,110 $ 31 $ 1,487 $ 33,309 Total allowance for credit losses $ 101,445 $ 48,586 $ 150,031 $ 73,356 $ 55,608 $ 32,495 $ 29,608 $ 341,098 Allowance for loan losses: Individually evaluated $ 71 $ 31 $ 102 $ 16 $ 18 $ 239 $ 101 $ 476 Collectively evaluated 96,390 48,253 144,643 71,945 30,480 32,225 28,020 307,313 Allowance for loan losses $ 96,461 $ 48,284 $ 144,745 $ 71,961 $ 30,498 $ 32,464 $ 28,121 $ 307,789 Reserve for unfunded lending commitments: Individually evaluated $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated 4,984 302 5,286 1,395 25,110 31 1,487 33,309 Reserve for unfunded lending commitments $ 4,984 $ 302 $ 5,286 $ 1,395 $ 25,110 $ 31 $ 1,487 $ 33,309 Total allowance for credit losses $ 101,445 $ 48,586 $ 150,031 $ 73,356 $ 55,608 $ 32,495 $ 29,608 $ 341,098 Loans: Individually evaluated for impairment $ 1,248 $ 920 $ 2,168 $ 1,240 $ 116 $ 3,476 $ 515 $ 7,515 Collectively evaluated for impairment 10,145,205 3,032,138 13,177,343 3,559,751 1,703,476 3,089,129 1,576,832 23,106,531 Total loans $ 10,146,453 $ 3,033,058 $ 13,179,511 $ 3,560,991 $ 1,703,592 $ 3,092,605 $ 1,577,347 $ 23,114,046 |
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. December 31, 2022 2021 ($ in thousands) Total Nonaccrual Total Nonaccrual Commercial non-real estate $ 4,020 $ 941 $ 6,974 $ 1,264 Commercial real estate - owner occupied 1,461 692 4,921 729 Total commercial and industrial 5,481 1,633 11,895 1,993 Commercial real estate - income producing 1,240 1,174 5,458 5,207 Construction and land development 309 — 844 — Residential mortgages 25,269 1,884 25,439 1,997 Consumer 6,692 — 11,887 48 Total loans $ 38,991 $ 4,691 $ 55,523 $ 9,245 |
Troubled Debt Restructurings Modified by Portfolio Class | The table below presents detail by portfolio class TDRs that were modified during the years ended December 31, 2022, 2021 and 2020. Years Ended ($ in thousands) 2022 2021 2020 Outstanding Outstanding Outstanding Troubled Debt Restructurings: Number of Pre- Post- Number of Pre- Post- Number of Pre- Post- Commercial non-real estate — $ — $ — 4 $ 7,232 $ 7,232 3 $ 745 $ 745 Commercial real estate - — — — — — — 1 297 297 Total commercial — — — 4 7,232 7,232 4 1,042 1,042 Commercial real estate - — — — — — — — — — Construction and land — — — — — — 1 15 15 Residential mortgages 3 148 153 6 1,489 1,512 15 3,424 3,424 Consumer 3 76 76 4 86 86 6 89 89 Total loans 6 $ 224 $ 229 14 $ 8,807 $ 8,830 26 $ 4,570 $ 4,570 |
Aging Analysis of Past Due Loans by Portfolio Class | The tables below present the aging analysis of past due loans by portfolio class at December 31, 2022 and 2021. December 31, 2022 30-59 Days 60-89 Greater Total Current Total Recorded ($ in thousands) Commercial non-real estate $ 4,050 $ 21,329 $ 3,418 $ 28,797 $ 10,117,656 $ 10,146,453 $ 996 Commercial real estate - owner occupied 19,069 3,346 1,894 24,309 3,008,749 3,033,058 1,623 Total commercial and industrial 23,119 24,675 5,312 53,106 13,126,405 13,179,511 2,619 Commercial real estate - income producing 879 — 1,174 2,053 3,558,938 3,560,991 — Construction and land development 4,029 242 133 4,404 1,699,188 1,703,592 54 Residential mortgages 28,208 11,056 17,346 56,610 3,035,995 3,092,605 293 Consumer 8,845 2,806 4,407 16,058 1,561,289 1,577,347 1,619 Total loans $ 65,080 $ 38,779 $ 28,372 $ 132,231 $ 22,981,815 $ 23,114,046 $ 4,585 December 31, 2021 30-59 Days 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 loans $ 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 December 31, 2022 and 2021. The Company defines vintage as the later of origination, renewal or restructure date. Term Loans Amortized Cost Basis by Origination Year December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Revolving Total Commercial Loans: Pass $ 4,789,035 $ 3,608,540 $ 2,026,017 $ 1,327,839 $ 779,966 $ 1,539,131 $ 3,482,828 $ 131,222 $ 17,684,578 Pass-Watch 84,696 64,263 94,484 46,483 31,375 58,567 67,767 9,985 $ 457,620 Special 30,511 13,625 3,694 7,749 1,719 5,701 25,184 2,070 $ 90,253 Substandard 50,016 14,409 21,266 29,350 21,637 23,593 40,213 11,159 $ 211,643 Doubtful — — — — — — — — — Total Commercial $ 4,954,258 $ 3,700,837 $ 2,145,461 $ 1,411,421 $ 834,697 $ 1,626,992 $ 3,615,992 $ 154,436 $ 18,444,094 Residential Performing $ 735,080 $ 752,352 $ 564,345 $ 255,146 $ 149,234 $ 959,409 $ 1,216,105 $ 4,834 4,636,505 Nonperforming 1,251 2,632 944 1,954 2,461 22,143 459 1,603 33,447 Total Consumer $ 736,331 $ 754,984 $ 565,289 $ 257,100 $ 151,695 $ 981,552 $ 1,216,564 $ 6,437 $ 4,669,952 Term Loans Amortized Cost Basis by Origination Year December 31, 2021 ($ in thousands) 2021 2020 2019 2018 2017 Prior Revolving Revolving Total 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 $ 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 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 $ 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 December 31, 2022 and December 31, 2021. December 31, 2022 ($ in thousands) Commercial Non- Commercial Real Total Commercial Commercial Real Construction and Total Commercial Grade: Pass $ 9,641,117 $ 2,912,057 $ 12,553,174 $ 3,440,648 $ 1,690,756 $ 17,684,578 Pass-Watch 284,843 49,093 333,936 111,587 12,097 457,620 Special Mention 79,980 6,267 86,247 3,810 196 90,253 Substandard 140,513 65,641 206,154 4,946 543 211,643 Doubtful — — — — — — Total $ 10,146,453 $ 3,033,058 $ 13,179,511 $ 3,560,991 $ 1,703,592 $ 18,444,094 December 31, 2021 ($ in thousands) Commercial Non- Commercial Real Total Commercial Commercial Real Construction and Total Commercial 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 | December 31, 2022 December 31, 2021 ($ in thousands) Residential Consumer Total Residential Consumer Total Performing $ 3,066,319 $ 1,570,186 $ 4,636,505 $ 2,396,282 $ 1,570,516 $ 3,966,798 Nonperforming 26,286 7,161 33,447 27,608 12,874 40,482 Total $ 3,092,605 $ 1,577,347 $ 4,669,952 $ 2,423,890 $ 1,583,390 $ 4,007,280 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Property and equipment consisted of the following at December 31, 2022 and 2021: December 31, ($ in thousands) 2022 2021 Land and land improvements $ 68,016 $ 68,353 Buildings and leasehold improvements 323,305 320,308 Furniture, fixtures and equipment 121,796 116,429 Software 103,022 75,909 Assets under development 15,917 49,375 632,056 630,374 Accumulated depreciation and amortization ( 303,451 ) ( 280,065 ) Property and equipment, net $ 328,605 $ 350,309 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Summary of Supplemental Information Pertaining To Operating Leases and Lease Expense | The following tables present supplemental information pertaining to operating leases at and for the years ended December 31, 2022 and 2021. Years ended December 31, ($ in thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities for operating leases $ 16,564 $ 17,591 Right of use assets obtained in exchange for lease liabilities 6,800 141 December 31, 2022 2021 Weighted average remaining lease term (in years) 12.03 12.56 Weighted average discount rate 3.41 % 3.37 % The following table sets forth the components of the Company’s lease expense for the years ended December 31, 2022 and 2021. Years ended December 31, ($ in thousands) 2022 2021 2020 Operating lease expense $ 16,881 $ 17,757 $ 18,994 Short-term lease expense 209 135 165 Variable lease expense 63 105 97 Sublease income ( 508 ) ( 320 ) ( 138 ) Total $ 16,645 $ 17,677 $ 19,118 At December 31, 2022, the Company had not entered into any material leases that had not yet commenced . |
Summary Maturities of Lease Liabilities and Present Value Discount | The following table sets forth the maturities of the Company’s lease liabilities and the present value discount at December 31, 2022. ($ in thousands) 2023 $ 16,311 2024 14,238 2025 13,632 2026 12,256 2027 11,138 Thereafter 77,982 Total $ 145,557 Present value discount ( 29,135 ) Lease liability $ 116,422 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Carrying Value of Intangible Assets Subject to Amortization | Identifiable intangible assets with finite lives are amortized over the periods benefited and are evaluated for impairment similar to other long-lived assets. The purchase and carrying values of intangible assets subject to amortization at December 31, 2022 and 2021 were as follows: December 31, 2022 Purchase Accumulated Carrying ($ in thousands) Value Amortization Value Core deposit intangibles $ 235,845 $ 200,045 $ 35,800 Credit card and trust relationships 49,962 29,569 20,393 $ 285,807 $ 229,614 $ 56,193 December 31, 2021 Purchase Accumulated Carrying ($ in thousands) Value Amortization Value Core deposit intangibles $ 235,845 $ 188,135 $ 47,710 Credit card and trust relationships 49,962 27,446 22,516 $ 285,807 $ 215,581 $ 70,226 |
Aggregate Amortization Expense | Aggregate amortization expense by category of finite lived intangible assets for the years ended December 31, 2022, 2021, and 2020 are as follows: Years Ended December 31, ($ in thousands) 2022 2021 2020 Core deposit intangibles $ 11,909 $ 14,304 $ 16,864 Credit card and trust relationships 2,124 2,361 2,637 Merchant processing relationships — — 415 $ 14,033 $ 16,665 $ 19,916 |
Estimated Amortization Expense of Other Intangible Assets | The following table shows estimated amortization expense of other intangible assets at December 31, 2022 for the five succeeding years and all years thereafter, calculated based on current amortization schedules. ($ in thousands) 2023 $ 11,557 2024 9,413 2025 7,985 2026 5,322 2027 3,682 Thereafter 18,234 $ 56,193 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Assets [Abstract] | |
Schedule of Significant Balances Included in Other Assets | Significant balances included in Other Assets in the Consolidated Balance Sheets at December 31, 2022 and 2021 are presented below. December 31, ($ in thousands) 2022 2021 Derivative assets $ 109,497 $ 75,867 FHLB stock 65,466 52,743 Investments in small business investment and other companies 57,946 46,500 Investments in low income housing tax credit entities 32,968 36,297 Income tax receivable 35,042 128,092 Derivative collateral 27,852 66,207 Other 51,714 42,032 Total $ 380,485 $ 447,738 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Banking And Thrift Interest [Abstract] | |
Schedule of Detailed Deposits | The following table presents a detail of deposits at December 31, 2022 and 2021: December 31, ($ in thousands) 2022 2021 Noninterest-bearing deposits $ 13,645,113 $ 14,392,808 Interest-bearing retail transaction and savings deposits 10,757,495 11,677,333 Interest-bearing public fund deposits Public fund transaction and savings deposits 3,132,828 3,216,651 Public fund time deposits 111,397 77,956 Total interest-bearing public fund deposits 3,244,225 3,294,607 Retail time deposits 1,418,596 1,091,959 Brokered time deposits 4,920 9,190 Total interest-bearing deposits 15,425,236 16,073,089 Total deposits $ 29,070,349 $ 30,465,897 |
Maturity of Time Deposits | The maturity of time deposits at December 31, 2022 follows. ($ in thousands) 2023 $ 1,388,731 2024 94,920 2025 24,496 2026 13,000 2027 11,856 Thereafter 1,911 Total time deposits $ 1,534,914 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Short Term Borrowings [Abstract] | |
Short-Term Borrowings | The following table presents information concerning short-term borrowings at and for the years ended December 31, 2022 and 2021: December 31, ($ in thousands) 2022 2021 Federal funds purchased: Amount outstanding at period end $ 1,850 $ 1,850 Average amount outstanding during period 13,176 3,762 Maximum amount at any month end during period 2,350 4,400 Weighted-average interest at period end 3.90 % 0.15 % Weighted-average interest rate during period 2.82 % 0.43 % Securities sold under agreements to repurchase: Amount outstanding at period end $ 444,421 $ 563,211 Average amount outstanding during period 536,727 559,410 Maximum amount at any month end during period 640,592 643,403 Weighted-average interest at period end 0.53 % 0.05 % Weighted-average interest rate during period 0.21 % 0.10 % FHLB borrowings: Amount outstanding at period end $ 1,425,000 $ 1,100,000 Average amount outstanding during period 808,784 1,100,000 Maximum amount at any month end during period 1,425,000 1,100,000 Weighted-average interest at period end 4.70 % 0.49 % Weighted-average interest rate during period 1.82 % 0.49 % |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | At December 31, 2022 and 2021, long-term debt was comprised of the following: December 31, ($ in thousands) 2022 2021 Subordinated notes payable, maturing June 2060 $ 172,500 $ 172,500 Other long-term debt 75,261 77,556 Less: unamortized debt issuance costs ( 5,684 ) ( 5,836 ) Total long-term debt $ 242,077 $ 244,220 |
Long-Term Debt with Related Unamortized Debt Issuance Cost | The following table sets forth unamortized debt issuance costs associated with the respective debt instruments at December 31, 2022: Unamortized Debt Issuance ($ in thousands) Principal Costs Subordinated notes payable, maturing June 2060 $ 172,500 $ 5,684 Other long-term debt 75,261 — Total $ 247,761 $ 5,684 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Financial Instruments | 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 December 31, 2022 and 2021. December 31, 2022 December 31, 2021 Derivative (1) Derivative (1) ($ in thousands) Type of Hedge Notional or Contractual Amount Assets Liabilities Notional or Contractual Amount Assets Liabilities Derivatives designated as hedging instruments: Interest rate swaps - variable rate loans Cash Flow $ 2,100,000 $ 2,301 $ 112,262 $ 1,125,000 $ 5,884 $ 4,421 Interest rate swaps - securities Fair Value 716,000 43,501 — 1,837,650 22,138 10,690 $ 2,816,000 $ 45,802 $ 112,262 $ 2,962,650 $ 28,022 $ 15,111 Derivatives not designated as hedging instruments: Interest rate swaps N/A $ 4,620,544 $ 172,242 $ 169,712 $ 5,193,991 $ 75,819 $ 75,861 Risk participation agreements N/A 298,729 1 13 217,437 11 35 Forward commitments to sell residential mortgage loans N/A 10,930 8 113 46,739 1 645 Interest rate-lock commitments on residential mortgage loans N/A 13,819 161 8 82,037 1,525 1 To Be Announced (TBA) securities N/A 10,000 78 7 55,000 15 53 Foreign exchange forward contracts N/A 123,106 1,643 1,594 48,364 778 758 Visa Class B derivative contract N/A 43,111 — 1,883 43,439 — 4,116 $ 5,120,239 $ 174,133 $ 173,330 $ 5,687,007 $ 78,149 $ 81,469 Total derivatives $ 7,936,239 $ 219,935 $ 285,592 $ 8,649,657 $ 106,171 $ 96,580 Less: netting adjustments (2) ( 110,438 ) ( 81,471 ) ( 30,304 ) ( 61,534 ) Total derivate assets/liabilities $ 109,497 $ 204,121 $ 75,867 $ 35,046 (1) Derivative assets and liabilities are reported 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 years ended December 31, 2022, 2021, and 2020 are presented in the table below. Years Ended December 31, ($ in thousands) Location of Gain (Loss) 2022 2021 2020 Cash flow hedges: Variable rate loans Interest income - loans $ 9,928 $ 26,674 $ 17,351 Fair value hedges: Securities Interest income - securities - taxable 4,963 ( 640 ) 8 Securities - termination Noninterest income - securities transactions, net 1,620 2,499 — Brokered deposits Interest expense - deposits — — 46 Derivatives not designated as hedging: Residential mortgage banking Noninterest income - secondary mortgage market operations 2,918 1,568 — Customer and all other instruments Noninterest in come - other noninterest income 5,832 13,477 12,814 Total gain $ 25,261 $ 43,578 $ 30,219 |
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 December 31, 2022 and 2021 is presented in the following tables: As of December 31, 2022 Gross Net Amounts Gross Amounts Not Offset in the ($ in thousands) Gross Statement of Statement of Financial Cash Net Derivative Assets $ 223,072 $ ( 112,338 ) $ 110,734 $ 32,601 $ 27,852 $ 105,985 Derivative Liabilities $ 116,395 $ ( 83,794 ) $ 32,601 $ 32,601 $ — $ — As of December 31, 2021 Gross Net Amounts Gross Amounts Not Offset in the ($ in thousands) Gross Statement of Statement of Financial Cash Net 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) | 12 Months Ended |
Dec. 31, 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: ($ in thousands) Available HTM Employee Cash Flow Equity Method Investment Total Balance, December 31, 2019 $ 28,950 $ 639 $ ( 101,278 ) $ 17,399 $ ( 434 ) $ ( 54,724 ) Net change in unrealized gain (loss) 183,441 — — 45,831 ( 4,935 ) 224,337 Reclassification of net gain (loss) realized and included in earnings — — 6,368 ( 17,351 ) — ( 10,983 ) Valuation adjustments for employee benefit plans — — ( 37,451 ) — — ( 37,451 ) Amortization of unrealized net loss on securities transferred to held to maturity — ( 470 ) — — — ( 470 ) Income tax (expense) benefit ( 41,167 ) 107 6,788 ( 6,368 ) — ( 40,640 ) Balance, December 31, 2020 $ 171,224 $ 276 $ ( 125,573 ) $ 39,511 $ ( 5,369 ) $ 80,069 Net change in unrealized gain (loss) ( 208,760 ) — — ( 3,258 ) 438 ( 211,580 ) Reclassification of net gain (loss) realized and included in earnings 2,166 — 4,555 ( 26,674 ) 4,468 ( 15,485 ) Valuation adjustments to pension plan attributable to VERIP and curtailment — — 59,606 — — 59,606 Other valuation adjustments for employee benefit plans — — ( 6,735 ) — — ( 6,735 ) Amortization of unrealized net gain on securities transferred to held to maturity — ( 158 ) — — — ( 158 ) Income tax (expense) benefit 46,407 35 ( 12,799 ) 6,705 — 40,348 Balance, December 31, 2021 $ 11,037 $ 153 $ ( 80,946 ) $ 16,284 $ ( 463 ) $ ( 53,935 ) Net change in unrealized gain or loss ( 785,538 ) — — ( 113,171 ) 468 ( 898,241 ) Reclassification of net income or loss realized and included in earnings 1,707 — 2,274 ( 9,928 ) — ( 5,947 ) Valuation adjustments to employee benefit plans — — ( 24,139 ) — — ( 24,139 ) 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 — 1,355 — — — 1,355 Income tax benefit 172,981 3,163 4,859 27,722 — 208,725 Balance, December 31, 2022 $ ( 584,408 ) $ ( 10,734 ) $ ( 97,952 ) $ ( 79,093 ) $ 5 $ ( 772,182 ) |
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: Amount reclassified from AOCI (a) Year Ended December 31, Increase (decrease) in affected line ($ in thousands) 2022 2021 item in the income statement Amortization of unrealized net gain (loss) on securities transferred to HTM $ 1,355 $ 158 Interest income Tax effect ( 305 ) ( 35 ) Income taxes Net of tax 1,050 123 Net income Loss on sale of AFS securities ( 1,707 ) ( 2,166 ) Securities transactions, net Tax effect 385 487 Income taxes Net of tax ( 1,322 ) ( 1,679 ) Net income Amortization of defined benefit pension and post-retirement items ( 2,274 ) ( 4,555 ) Other noninterest expense Tax effect 505 1,015 Income taxes Net of tax ( 1,769 ) ( 3,540 ) Net income Reclassification of unrealized gain or loss on cash flow hedges ( 1,748 ) 22,561 Interest income Tax effect 394 ( 5,054 ) Income taxes Net of tax ( 1,354 ) 17,507 Net income Amortization of gain on terminated cash flow hedges 11,676 4,113 Interest income Tax effect ( 2,629 ) ( 921 ) Income taxes Net of tax 9,047 3,192 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 $ 5,652 $ 11,135 Net income (a) Amounts in parentheses indicate reduction in net income. |
Compliance with Regulatory Capital Requirements | Following is a summary of the actual regulatory capital amounts and ratios for the Company and the Bank together with corresponding regulatory capital requirements at December 31, 2022 and 2021. Actual Required for Required ($ in thousands) Amount Ratio % Amount Ratio % Amount Ratio % At December 31, 2022 Tier 1 leverage capital Hancock Whitney Corporation $ 3,279,419 9.53 $ 1,376,092 4.00 $ 1,720,115 5.00 Hancock Whitney Bank 3,279,536 9.54 1,374,761 4.00 1,718,451 5.00 Common equity tier 1 (to risk weighted assets) Hancock Whitney Corporation $ 3,279,419 11.41 $ 1,293,035 4.50 $ 1,867,717 6.50 Hancock Whitney Bank 3,279,536 11.43 1,291,467 4.50 1,865,453 6.50 Tier 1 capital (to risk weighted assets) Hancock Whitney Corporation $ 3,279,419 11.41 $ 1,724,046 6.00 $ 2,298,728 8.00 Hancock Whitney Bank 3,279,536 11.43 1,721,956 6.00 2,295,942 8.00 Total capital (to risk weighted assets) Hancock Whitney Corporation $ 3,726,834 12.97 $ 2,298,728 8.00 $ 2,873,411 10.00 Hancock Whitney Bank 3,554,451 12.39 2,295,942 8.00 2,869,927 10.00 At December 31, 2021 Tier 1 leverage capital Hancock Whitney Corporation $ 2,890,770 8.25 $ 1,402,223 4.00 $ 1,752,779 5.00 Hancock Whitney Bank 2,926,874 8.36 1,401,157 4.00 1,751,447 5.00 Common equity tier 1 (to risk weighted assets) Hancock Whitney Corporation $ 2,890,770 11.09 $ 1,172,563 4.50 $ 1,693,702 6.50 Hancock Whitney Bank 2,926,874 11.24 1,171,341 4.50 1,691,937 6.50 Tier 1 capital (to risk weighted assets) Hancock Whitney Corporation $ 2,890,770 11.09 $ 1,563,417 6.00 $ 2,084,557 8.00 Hancock Whitney Bank 2,926,874 11.24 1,561,788 6.00 2,082,384 8.00 Total capital (to risk weighted assets) Hancock Whitney Corporation $ 3,345,387 12.84 $ 2,084,557 8.00 $ 2,605,696 10.00 Hancock Whitney Bank 3,208,991 12.33 2,082,384 8.00 2,602,980 10.00 |
Other Noninterest Income and _2
Other Noninterest Income and Other Noninterest Expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income And Expenses [Abstract] | |
Components of Other Noninterest Income and Other Noninterest Expense | The components of other noninterest income and other noninterest expense are as follows: Years Ended December 31, ($ in thousands) 2022 2021 2020 Other noninterest income: Income from bank-owned life insurance $ 15,881 $ 18,330 $ 18,179 Credit-related fees 10,483 11,001 11,255 Income from derivatives 5,832 13,477 12,814 Other miscellaneous income 21,715 31,993 14,137 Total other noninterest income $ 53,911 $ 74,801 $ 56,385 Other noninterest expense: Advertising $ 13,783 $ 12,441 $ 13,011 Corporate value and franchise taxes 16,744 14,478 16,578 Entertainment and contributions 10,336 7,867 9,865 Telecommunication and postage 11,870 12,646 14,991 Printing and supplies 3,795 3,728 5,063 Travel expenses 4,336 2,697 2,297 Tax credit investment amortization 4,768 4,436 3,843 Other retirement expense ( 29,693 ) ( 27,941 ) ( 25,133 ) Loss on facilities and equipment from consolidation — 13,863 3,012 Loss on extinguishment of debt — 4,165 — Other miscellaneous expense 22,256 32,829 23,778 Total other noninterest expense $ 58,195 $ 81,209 $ 67,305 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense (Benefit) | Income tax expense (benefit) included in net income consisted of the following components: Years Ended December 31, ($ in thousands) 2022 2021 2020 Included in net income Current federal $ 142,433 $ 86,858 $ ( 58,723 ) Current state 14,840 7,607 ( 132 ) Total current provision 157,273 94,465 ( 58,855 ) Deferred federal ( 23,556 ) 7,035 ( 17,000 ) Deferred state 1,390 3,341 ( 3,716 ) Total deferred provision ( 22,166 ) 10,376 ( 20,716 ) Total expense (benefit) included in net income $ 135,107 $ 104,841 $ ( 79,571 ) |
Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities were as follows: December 31, ($ in thousands) 2022 2021 Deferred tax assets: Allowance for loan losses $ 77,045 $ 85,118 Loan purchase accounting adjustments 485 1,838 Tax credit carryforward — 2,326 Federal/state net operating loss 3,591 3,646 Lease liability 26,207 27,553 Net unrealized losses on securities available-for-sale and cash flow hedges 195,090 — Derivatives 38,082 1,735 Other 10,085 8,883 Gross deferred tax assets 350,585 131,099 State valuation allowance ( 3,591 ) ( 3,646 ) Net deferred tax assets $ 346,994 $ 127,453 Deferred tax liabilities: Employee compensation and benefits $ ( 8,399 ) $ ( 11,137 ) Net unrealized gains on securities available-for-sale an cash flow hedges — ( 10,136 ) Fixed assets & intangibles ( 26,589 ) ( 35,705 ) Lease Financing ( 52,385 ) ( 52,896 ) Right-of-use Asset ( 21,809 ) ( 23,075 ) Other ( 26,394 ) ( 13,938 ) Gross deferred tax liabilities $ ( 135,576 ) $ ( 146,887 ) Net deferred tax asset (liability) $ 211,418 $ ( 19,434 ) |
Effective Income Tax Rate Reconciliation | A summary of the factors that impacted income tax expense follows. Years Ended December 31, 2022 2021 2020 ($ in thousands) Amount % Amount % Amount % Taxes computed at statutory rate $ 138,431 21.0 % $ 119,292 21.0 % $ ( 26,196 ) 21.0 % Increases (decreases) in taxes resulting from: State income taxes, net of federal income tax benefit 13,272 2.0 9,048 1.6 ( 1,269 ) 1.0 Tax-exempt interest ( 8,612 ) ( 1.3 ) ( 9,100 ) ( 1.6 ) ( 10,444 ) 8.4 Life insurance contracts ( 1,812 ) ( 0.3 ) ( 2,653 ) ( 0.5 ) ( 4,857 ) 3.9 Tax credits ( 8,039 ) ( 1.2 ) ( 7,889 ) ( 1.4 ) ( 8,072 ) 6.5 Employee share-based compensation ( 2,084 ) ( 0.3 ) ( 1,671 ) ( 0.3 ) 1,351 ( 1.1 ) FDIC assessment disallowance 1,836 0.3 1,609 0.3 2,094 ( 1.7 ) Net operating loss carryback under CARES act 238 — ( 4,948 ) ( 0.9 ) ( 30,167 ) 24.2 Other, net 1,877 0.3 1,153 0.3 ( 2,011 ) 1.6 Income tax expense $ 135,107 20.5 % $ 104,841 18.5 % $ ( 79,571 ) 63.8 % |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Earnings (Loss) Per Common Share | A summary of the information used in the computation of earnings (loss) per common share follows. Years Ended December 31, ($ in thousands, except per share data) 2022 2021 2020 Numerator: Net income (loss) to common shareholders $ 524,089 $ 463,215 $ ( 45,174 ) Net income or dividends allocated to participating securities - basic 7,620 9,134 1,756 Net income (loss) allocated to common shareholders - basic and diluted $ 516,469 $ 454,081 $ ( 46,930 ) Denominator: Weighted-average common shares - basic 86,068 86,823 86,533 Dilutive potential common shares 326 204 — Weighted average common shares - diluted 86,394 87,027 86,533 Earnings (loss) per common share: Basic $ 6.00 $ 5.23 $ ( 0.54 ) Diluted $ 5.98 $ 5.22 $ ( 0.54 ) |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Compensation And Retirement Disclosure [Abstract] | |
Changes in Benefit Obligations and Plan Assets | The following tables detail the changes in the benefit obligations and plan assets of the defined benefit plans for the years ended December 31, 2022 and 2021, as well as the funded status of the plans at each year end and the amounts recognized in the Company’s Consolidated Balance Sheets. The Company uses a December 31 measurement date for all defined benefit pension plans and other postretirement benefit plans. 2022 2021 2022 2021 ($ in thousands) Pension Benefits Other Post- Change in benefit obligation Benefit obligation at beginning of year $ 646,832 $ 660,309 $ 20,282 $ 18,330 Service cost 11,438 11,616 59 93 Interest cost 14,639 13,476 375 348 Plan participants' contributions — — 794 778 Net actuarial gain ( 152,009 ) ( 16,000 ) ( 5,906 ) ( 1,506 ) Special termination benefits — 16,052 — 4,173 Benefits paid ( 25,154 ) ( 38,621 ) ( 1,808 ) ( 1,934 ) Benefit obligation, end of year 495,746 646,832 13,796 20,282 Change in plan assets Fair value of plan assets at beginning of year 859,883 815,304 — — Actual return on plan assets ( 133,843 ) 83,939 — — Employer contributions 1,150 1,181 1,015 1,156 Plan participants' contributions — — 793 778 Benefit payments ( 25,154 ) ( 38,621 ) ( 1,808 ) ( 1,934 ) Expenses ( 1,501 ) ( 1,920 ) — — Fair value of plan assets, end of year 700,535 859,883 — — Funded status at end of year - net asset (liability) $ 204,789 $ 213,051 $ ( 13,796 ) $ ( 20,282 ) Amounts recognized in accumulated other Unrecognized loss (gain) at beginning of year $ 108,121 $ 164,770 $ ( 3,581 ) $ ( 2,804 ) Net actuarial loss (gain) 27,122 ( 56,649 ) ( 5,256 ) ( 777 ) Unrecognized loss (gain) at end of year $ 135,243 $ 108,121 $ ( 8,837 ) $ ( 3,581 ) Projected benefit obligation $ 495,746 $ 646,832 Accumulated benefit obligation 472,843 607,408 Fair value of plan assets 700,535 859,883 |
Components of Net Periodic (Benefits) Cost | The following table shows net periodic (benefit) cost included in expense and the changes in the amounts recognized in AOCI during 2022, 2021, and 2020. Years Ended December 31, 2022 2021 2020 2022 2021 2020 ($ in thousands) Pension Benefits Other Post-Retirement Benefits Net periodic (benefit) cost Service cost $ 11,438 $ 11,616 $ 12,898 $ 59 $ 93 $ 105 Interest cost 14,639 13,476 16,207 375 348 484 Expected return on plan assets ( 46,615 ) ( 46,654 ) ( 48,191 ) — — — Special termination benefits — 16,052 — — 4,173 — Amortization of net (gain) loss/prior service cost 2,830 5,284 7,021 ( 650 ) ( 729 ) ( 653 ) Net periodic (benefit) cost ( 17,708 ) ( 226 ) ( 12,065 ) ( 216 ) 3,885 ( 64 ) Other changes in plan assets and benefit Net (loss) gain recognized during the year ( 2,830 ) ( 5,284 ) ( 7,021 ) 650 729 653 Net actuarial loss (gain) 29,952 ( 51,365 ) 35,539 ( 5,906 ) ( 1,506 ) 1,912 Total recognized in other comprehensive 27,122 ( 56,649 ) 28,518 ( 5,256 ) ( 777 ) 2,565 Total recognized in net periodic benefit $ 9,414 $ ( 56,875 ) $ 16,453 $ ( 5,472 ) $ 3,108 $ 2,501 Discount rate for benefit obligations 5.00 % 2.77 % 2.40 % 4.98 % 2.32 % 2.31 % Discount rate for net periodic benefit cost 2.77 % 2.40 % 3.14 % 2.32 % 2.31 % 3.11 % Expected long-term return on plan assets 5.50 % 5.75 % 6.50 % n/a n/a n/a Rate of compensation increase scaled ** scaled ** scaled * n/a n/a n/a *Graded scale, declining from 7.25 % at age 20 to 2.25 % at age 60 ** Graded scale, declining from 7.25 % at age 20 to 2.25 % at age 65 |
Expected Plan Benefit Payments | The following table presents expected plan benefit payments over the ten years succeeding December 31, 2022: ($ in thousands) Pension Post-Retirement Total 2023 $ 26,901 $ 1,491 $ 28,392 2024 27,878 1,279 29,157 2025 29,187 1,083 30,270 2026 30,524 885 31,409 2027 31,824 900 32,724 2028-2032 173,696 4,165 177,861 . $ 320,010 $ 9,803 $ 329,813 |
Fair Values of Pension Plan Assets | For all investments, the plan attempts to use quoted market prices of identical assets on active exchanges, or Level 1 measurements. Where such quoted market prices are not available, the plan will use quoted prices for similar instruments or discounted cash flows to estimate the value, reported as Level 2. December 31, 2022 Fair Value Measurements by Asset Category / Fund Level 1 Level 2 Level 3 Total ($ in thousands) Cash and equivalents $ 9,050 — — $ 9,050 Total cash and cash equivalents 9,050 — — 9,050 Fixed income securities 29,577 31,268 — 60,845 Mutual fund-fixed income 344 — — 344 Exchange Traded Fund (ETF)-Fixed income 5,087 — — 5,087 Total fixed income 35,008 31,268 — 66,276 Domestic and foreign stock 50,956 — — 50,956 Mutual funds-equity 105,486 — — 105,486 Total equity 156,442 — 156,442 Total assets at fair value 200,500 31,268 — 231,768 Common trust funds (fixed income) — — — 410,280 Common trust fund (real assets) — — — 58,487 Total $ 200,500 $ 31,268 — $ 700,535 December 31, 2021 Fair Value Measurements by Asset Category / Fund Level 1 Level 2 Level 3 Total ($ in thousands) Cash and equivalents $ 21,280 — — $ 21,280 Total cash and cash equivalents 21,280 — — 21,280 Fixed income securities 29,687 40,254 — 69,941 Mutual fund-fixed income 20,428 — — 20,428 Exchange Traded Fund (ETF)-Fixed income 4,049 — — 4,049 Total fixed income 54,164 40,254 — 94,418 Domestic and foreign stock 109,610 — — 109,610 Mutual funds-equity 270,863 — — 270,863 Total equity 380,473 — 380,473 Total assets at fair value 455,917 40,254 — 496,171 Common trust funds (fixed income) — — — 294,112 Common trust fund (real assets) — — — 69,600 Total $ 455,917 $ 40,254 — $ 859,883 |
Percentage and Target Allocations | The following table presents the percentage allocation of the plan assets by asset category and corresponding target allocations at December 31, 2022 and 2021. Plan Assets Target Allocation at December 31, at December 31, Asset category 2022 2021 2022 2021 Cash and equivalents 1 % 3 % 0 - 5 % 0 - 5 % Fixed income securities 68 45 62 - 84 % 41 - 47 % Equity securities 22 44 16 - 22 % 35 - 51 % Real assets 9 8 4 - 10 % 0 - 12 % 100 % 100 % |
Share-Based Payment Arrangeme_2
Share-Based Payment Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Nonvested Restricted and Performance Shares | A summary of the Company’s nonvested restricted and performance shares for the year ended December 31, 2022 is presented below: Number of Weighted- Nonvested at January 1, 2022 1,453,085 $ 34.58 Granted 562,806 52.24 Vested ( 465,912 ) 36.06 Cancelled/Forfeited ( 118,464 ) 35.65 Nonvested at December 31, 2022 1,431,515 $ 40.95 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2022 and December 31, 2021: December 31, ($ in thousands) 2022 2021 Commitments to extend credit $ 10,202,464 $ 9,444,803 Letters of credit 400,505 396,956 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2022 and 2021: December 31, 2022 ($ in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 110,865 $ — $ 110,865 Municipal obligations — 203,092 — 203,092 Corporate debt securities — 21,080 — 21,080 Residential mortgage-backed securities — 2,256,986 — 2,256,986 Commercial mortgage-backed securities — 2,893,430 — 2,893,430 Collateralized mortgage obligations — 70,588 — 70,588 Total available for sale securities — 5,556,041 — 5,556,041 Mortgage loans held for sale — 10,843 — 10,843 Derivative assets (1) — 109,497 — 109,497 Total recurring fair value measurements - assets $ — $ 5,676,381 $ — $ 5,676,381 Liabilities Derivative liabilities (1) $ — $ 202,238 $ 1,883 $ 204,121 Total recurring fair value measurements - liabilities $ — $ 202,238 $ 1,883 $ 204,121 (1) For further disaggregation of derivative assets and liabilities, see Note 11 – Derivatives. 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 11 – 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 sheet for the years ended December 31, 2022 and 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 ( 2,429 ) Losses included in earnings 196 Balance at December 31, 2022 $ 1,883 |
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. Level 3 Class December 31, 2022 December 31, 2021 Derivative liability $ 1,883 $ 4,116 Valuation technique Discounted cash flow Discounted cash flow Unobservable inputs: Visa Class A appreciation - terminal range 6 - 12 % 6 %- 12 % Visa Class A appreciation - at end of reporting period 9 % 9 % Conversion rate - range 1.61 x- 1.60 x 1.62 x- 1.60 x Conversion rate - at end of reporting period 1.6030 x 1.6091 x Time until resolution 3 - 12 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: December 31, 2022 ($ in thousands) Level 1 Level 2 Level 3 Total Collateral dependent impaired loans $ — $ 4,692 $ — $ 4,692 Other real estate owned and foreclosed assets — — 2,017 2,017 Total nonrecurring fair value measurements $ — $ 4,692 $ 2,017 $ 6,709 December 31, 2021 ($ in thousands) Level 1 Level 2 Level 3 Total Collateral dependent impaired loans $ — $ 13,253 $ — $ 13,253 Other real estate owned and foreclosed assets — — 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. December 31, 2022 Total Carrying ($ in thousands) Level 1 Level 2 Level 3 Fair Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 888,519 $ — $ — $ 888,519 $ 888,519 Available for sale securities — 5,556,041 — 5,556,041 5,556,041 Held to maturity securities — 2,615,398 — 2,615,398 2,852,495 Loans, net — 4,692 22,132,683 22,137,375 22,806,257 Loans held for sale — 26,385 — 26,385 26,385 Derivative financial instruments — 109,497 — 109,497 109,497 Financial liabilities: Deposits $ — $ — $ 29,041,635 $ 29,041,635 $ 29,070,349 Federal funds purchased 1,850 — — 1,850 1,850 Securities sold under agreements to repurchase 444,421 — — 444,421 444,421 Short-term FHLB Borrowings 1,425,000 — — 1,425,000 1,425,000 Long-term debt — 200,060 — 200,060 242,077 Derivative financial instruments — 202,238 1,883 204,121 204,121 December 31, 2021 Total Carrying ($ in thousands) Level 1 Level 2 Level 3 Fair Value Amount 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 |
Condensed Parent Company Info_2
Condensed Parent Company Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheets | The following condensed financial statements reflect the accounts and transactions of Hancock Whitney Corporation only: Condensed Balance Sheets December 31, ($ in thousands) 2022 2021 Assets: Cash $ 127,184 $ 90,277 Investment in bank subsidiaries 3,342,743 3,706,046 Investment in non-bank subsidiaries 25,634 24,726 Due from subsidiaries and other assets 14,939 17,323 Total assets $ 3,510,500 $ 3,838,372 Liabilities and Stockholders' Equity: Long term debt $ 166,816 $ 166,664 Other liabilities 1,056 1,356 Stockholders' equity 3,342,628 3,670,352 Total liabilities and stockholders' equity $ 3,510,500 $ 3,838,372 |
Condensed Statements of Income | Years Ended December 31, ($ in thousands) 2022 2021 2020 Operating income From subsidiaries: Cash dividends received from bank subsidiaries $ 180,000 $ 150,000 $ 70,000 Cash dividend from nonbank subsidiary 2,500 5,000 — Equity in earnings (loss) of subsidiaries greater than dividends received 355,853 327,950 ( 101,406 ) Total operating income 538,353 482,950 ( 31,406 ) Other expense, net 17,708 25,814 22,307 Income tax benefit ( 3,444 ) ( 6,079 ) ( 8,539 ) Net income (loss) $ 524,089 $ 463,215 $ ( 45,174 ) Other comprehensive income (loss), net of tax ( 718,247 ) ( 134,004 ) 134,793 Comprehensive income (loss) $ ( 194,158 ) $ 329,211 $ 89,619 |
Condensed Statements of Cash Flows | Years Ended December 31, ($ in thousands) 2022 2021 2020 Cash flows from operating activities - principally $ 192,816 $ 160,887 $ 71,067 Net cash provided by operating activities 192,816 160,887 71,067 Cash flows from investing activities: Proceeds from sale of premises and equipment 855 — — Net cash provided by investing activities 855 — — Cash flows from financing activities: Proceeds from issuance of long term debt — — 166,425 Repayment of long term debt — ( 150,000 ) — Dividends paid to stockholders ( 94,458 ) ( 95,927 ) ( 95,605 ) Repurchase of common stock ( 58,892 ) ( 21,796 ) ( 12,716 ) Proceeds from dividend reinvestment and other incentive plans 3,972 4,482 5,301 Payroll tax remitted on net share settlement of equity awards ( 7,386 ) ( 7,364 ) ( 4,530 ) Cash received under accelerated share repurchase agreement — — 12,110 Net cash provided by (used in) financing activities ( 156,764 ) ( 270,605 ) 70,985 Net increase (decrease) in cash 36,907 ( 109,718 ) 142,052 Cash, beginning of year 90,277 199,995 57,943 Cash, end of year $ 127,184 $ 90,277 $ 199,995 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Maximum refinement period of fair values after closing date of acquisition | 1 year | ||||
Allowance for loan losses | $ 195,225 | ||||
Loan minimum balance included in specific reserve analysis | $ 1,000 | ||||
Tax credit carry back period | 1 year | ||||
Tax credit carry forward period | 20 years | ||||
Weighted-average anti-dilutive potential common shares | 3,116 | 1,079 | 0 | ||
Federal NMTC Investment [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Tax credit earning period | 7 years | ||||
Low Income Housing Credit Investments [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Tax credit earning period | 10 years | ||||
Minimum [Member] | State NMTC Investment [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Tax credit earning period | 3 years | ||||
Maximum [Member] | State NMTC Investment [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Tax credit earning period | 5 years | ||||
Buildings [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Estimated useful lives of assets | 30 years | ||||
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Estimated useful lives of assets | 3 years | ||||
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Estimated useful lives of assets | 10 years | ||||
Software [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Amortization Expense Charged Off Period | 3 years | ||||
Core Systems [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Amortization Expense Charged Off Period | 7 years | ||||
Topic 326 [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Change in accounting principle, accounting standards update, adoption date | Jan. 01, 2020 | ||||
Allowance for loan losses | $ 271,966 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Impact of Adoption Reflected in the Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Allowance for loan and lease losses | $ 307,789 | $ 342,065 | $ 191,251 | ||
Reserve for unfunded lending commitments | $ 33,309 | $ 29,334 | $ 29,907 | 3,974 | |
Allowance for credit losses | $ 195,225 | ||||
Topic 326 [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Allowance for loan and lease losses | $ 240,662 | ||||
Reserve for unfunded lending commitments | 31,304 | ||||
Allowance for credit losses | 271,966 | ||||
Topic 326 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||||
Allowance for loan and lease losses | 49,411 | ||||
Reserve for unfunded lending commitments | 27,330 | ||||
Allowance for credit losses | 76,741 | ||||
Allowance for credit loss increase | 76,741 | ||||
Balance sheet reclassification | (19,767) | ||||
Total pretax impact | 56,974 | ||||
Income tax impact | (12,887) | ||||
Decrease to retained earnings | $ 44,087 |
Securities (Narrative) (Details
Securities (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) Security | Dec. 31, 2021 USD ($) Security | |
Debt and Equity Securities, FV-NI [Line Items] | ||
Securities with an aggregate fair value | $ 5,483,762,000 | $ 3,901,659,000 |
Securities available for sale, amortized cost | 6,310,214,000 | 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 | 757 | 142 |
Asset Pledged as Collateral without Right [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Securities pledged as collateral | $ 4,900,000,000 | $ 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 | 29,100,000 | $ 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 | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | $ 6,310,214 | $ 6,984,530 |
Securities Available for Sale, Gross Unrealized Gains | 2,315 | 109,815 |
Securities Available for Sale, Gross Unrealized Losses | 756,488 | 107,647 |
Securities Available for Sale, Fair Value | 5,556,041 | 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 | 113,211 | 420,857 |
Securities Available for Sale, Gross Unrealized Gains | 3,781 | |
Securities Available for Sale, Gross Unrealized Losses | 2,346 | 5,340 |
Securities Available for Sale, Fair Value | 110,865 | 419,298 |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 207,014 | 304,536 |
Securities Available for Sale, Gross Unrealized Gains | 59 | 13,184 |
Securities Available for Sale, Gross Unrealized Losses | 3,981 | 3,562 |
Securities Available for Sale, Fair Value | 203,092 | 314,158 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 2,655,381 | 3,056,763 |
Securities Available for Sale, Gross Unrealized Gains | 224 | 29,158 |
Securities Available for Sale, Gross Unrealized Losses | 398,619 | 50,123 |
Securities Available for Sale, Fair Value | 2,256,986 | 3,035,798 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 3,234,278 | 3,064,828 |
Securities Available for Sale, Gross Unrealized Gains | 2,032 | 61,645 |
Securities Available for Sale, Gross Unrealized Losses | 342,880 | 48,614 |
Securities Available for Sale, Fair Value | 2,893,430 | 3,077,859 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 76,830 | 119,046 |
Securities Available for Sale, Gross Unrealized Gains | 1,837 | |
Securities Available for Sale, Gross Unrealized Losses | 6,242 | |
Securities Available for Sale, Fair Value | 70,588 | 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 | 2,420 | 8 |
Securities Available for Sale, Fair Value | $ 21,080 | $ 18,702 |
Securities (Amortized Cost an_2
Securities (Amortized Cost and Fair Value of Debt Securities Held to Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | $ 2,852,495 | $ 1,565,751 |
Securities Held to Maturity, Gross Unrealized Gains | 774 | 68,124 |
Securities Held to Maturity, Gross Unrealized Losses | 237,871 | 2,393 |
Securities Held to Maturity, Fair Value | 2,615,398 | 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 | 426,454 | 14,857 |
Securities Held to Maturity, Gross Unrealized Gains | 21 | |
Securities Held to Maturity, Gross Unrealized Losses | 49,044 | 20 |
Securities Held to Maturity, Fair Value | 377,431 | 14,837 |
Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | 698,908 | 621,405 |
Securities Held to Maturity, Gross Unrealized Gains | 753 | 37,941 |
Securities Held to Maturity, Gross Unrealized Losses | 26,558 | 205 |
Securities Held to Maturity, Fair Value | 673,103 | 659,141 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | 734,478 | 268,907 |
Securities Held to Maturity, Gross Unrealized Gains | 682 | |
Securities Held to Maturity, Gross Unrealized Losses | 72,532 | 1,499 |
Securities Held to Maturity, Fair Value | 661,946 | 268,090 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | 948,691 | 603,156 |
Securities Held to Maturity, Gross Unrealized Gains | 28,679 | |
Securities Held to Maturity, Gross Unrealized Losses | 87,211 | 669 |
Securities Held to Maturity, Fair Value | 861,480 | 631,166 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | 43,964 | 57,426 |
Securities Held to Maturity, Gross Unrealized Gains | 822 | |
Securities Held to Maturity, Gross Unrealized Losses | 2,526 | |
Securities Held to Maturity, Fair Value | $ 41,438 | $ 58,248 |
Securities (Amortized Cost an_3
Securities (Amortized Cost and Fair Value of Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investments Debt And Equity Securities [Abstract] | ||
Debt Securities Available for Sale, Due in one year or less, Amortized Cost | $ 112 | |
Debt Securities Available for Sale, Due after one year through five years, Amortized Cost | 919,639 | |
Debt Securities Available for Sale, Due after five years through ten years, Amortized Cost | 2,982,549 | |
Debt Securities Available for Sale, Due after ten years, Amortized Cost | 2,407,914 | |
Securities Available for Sale, Gross Amortized Cost | 6,310,214 | $ 6,984,530 |
Debt Securities Available for Sale, Due in one year or less, Fair Value | 111 | |
Debt Securities Available for Sale, Due after one year through five years, Fair Value | 871,760 | |
Debt Securities Available for Sale, Due after five years through ten years, Fair Value | 2,665,232 | |
Debt Securities Available for Sale, Due after ten years, Fair Value | 2,018,938 | |
Total available for sale debt securities, Fair Value | 5,556,041 | 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 | 544,146 | |
Debt Securities Held to Maturity, Due after five years through ten years, Amortized Cost | 893,562 | |
Debt Securities Held to Maturity, Due after ten years, Amortized Cost | 1,404,787 | |
Total held to maturity debt securities, Amortized Cost | 2,852,495 | 1,565,751 |
Debt Securities Held to Maturity, Due in one year or less, Fair Value | 9,924 | |
Debt Securities Held to Maturity, Due after one year through five years, Fair Value | 522,347 | |
Debt Securities Held to Maturity, Due after five years through ten years, Fair Value | 813,726 | |
Debt Securities Held to Maturity, Due after ten years, Fair Value | 1,269,401 | |
Total held to maturity debt securities, Fair Value | $ 2,615,398 | $ 1,631,482 |
Securities (Proceeds from Gross
Securities (Proceeds from Gross Gains on and Gross Losses on Sale of Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |||
Proceeds | $ 73,219 | $ 198,681 | $ 211,919 |
Gross gains | 1,649 | 1,984 | |
Gross losses | $ 87 | $ 1,316 | $ 1,496 |
Securities (Securities Availabl
Securities (Securities Available for Sale with Unrealized Losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | $ 2,475,872 | $ 2,327,716 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 173,301 | 40,085 |
Available for sale, Losses 12 months or longer, Fair Value | 3,007,890 | 1,573,943 |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 583,187 | 67,562 |
Available for sale, Total, Fair Value | 5,483,762 | 3,901,659 |
Available for sale, Total, Gross Unrealized Losses | 756,488 | 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 | 102,607 | 198,318 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 754 | 2,305 |
Available for sale, Losses 12 months or longer, Fair Value | 8,258 | 63,534 |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 1,592 | 3,035 |
Available for sale, Total, Fair Value | 110,865 | 261,852 |
Available for sale, Total, Gross Unrealized Losses | 2,346 | 5,340 |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 192,334 | 43,021 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 3,981 | 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 | 192,334 | 68,147 |
Available for sale, Total, Gross Unrealized Losses | 3,981 | 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 | 636,060 | 1,293,179 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 49,790 | 20,581 |
Available for sale, Losses 12 months or longer, Fair Value | 1,611,832 | 819,596 |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 348,829 | 29,541 |
Available for sale, Total, Fair Value | 2,247,892 | 2,112,775 |
Available for sale, Total, Gross Unrealized Losses | 398,619 | 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 | 1,489,974 | 786,206 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 114,195 | 14,819 |
Available for sale, Losses 12 months or longer, Fair Value | 1,351,530 | 665,687 |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 228,685 | 33,796 |
Available for sale, Total, Fair Value | 2,841,504 | 1,451,893 |
Available for sale, Total, Gross Unrealized Losses | 342,880 | 48,615 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 41,703 | |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 3,275 | |
Available for sale, Losses 12 months or longer, Fair Value | 28,884 | |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 2,967 | |
Available for sale, Total, Fair Value | 70,587 | |
Available for sale, Total, Gross Unrealized Losses | 6,242 | |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 13,194 | 6,992 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 1,306 | 8 |
Available for sale, Losses 12 months or longer, Fair Value | 7,386 | |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 1,114 | |
Available for sale, Total, Fair Value | 20,580 | 6,992 |
Available for sale, Total, Gross Unrealized Losses | $ 2,420 | $ 8 |
Securities (Securities Held to
Securities (Securities Held to Maturity with Unrealized Losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | $ 1,836,592 | $ 332,659 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 112,063 | 1,929 |
Held to maturity, Losses 12 months or longer, Fair Value | 725,298 | 11,837 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 125,808 | 464 |
Held to maturity, Total, Fair Value | 2,561,890 | 344,496 |
Held to maturity, Total, Gross Unrealized Losses | 237,871 | 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 | 145,893 | 14,837 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 13,245 | 20 |
Held to maturity, Losses 12 months or longer, Fair Value | 226,499 | |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 35,799 | |
Held to maturity, Total, Fair Value | 372,392 | 14,837 |
Held to maturity, Total, Gross Unrealized Losses | 49,044 | 20 |
Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 560,288 | 7,795 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 8,878 | 205 |
Held to maturity, Losses 12 months or longer, Fair Value | 64,346 | |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 17,680 | |
Held to maturity, Total, Fair Value | 624,634 | 7,795 |
Held to maturity, Total, Gross Unrealized Losses | 26,558 | 205 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 391,146 | 253,661 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 30,515 | 1,499 |
Held to maturity, Losses 12 months or longer, Fair Value | 270,800 | |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 42,017 | |
Held to maturity, Total, Fair Value | 661,946 | 253,661 |
Held to maturity, Total, Gross Unrealized Losses | 72,532 | 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 | 697,827 | 56,366 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 56,899 | 205 |
Held to maturity, Losses 12 months or longer, Fair Value | 163,653 | 11,837 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 30,312 | 464 |
Held to maturity, Total, Fair Value | 861,480 | 68,203 |
Held to maturity, Total, Gross Unrealized Losses | 87,211 | $ 669 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 41,438 | |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 2,526 | |
Held to maturity, Total, Fair Value | 41,438 | |
Held to maturity, Total, Gross Unrealized Losses | $ 2,526 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Loan | Dec. 31, 2021 USD ($) Loan | Dec. 31, 2020 USD ($) Loan | |
Accounts Notes And Loans Receivable [Line Items] | |||
Accrued interest | $ 100,200,000 | $ 67,800,000 | |
Related party balances of loans | 30,400,000 | 62,900,000 | |
Related party new loans | 3,000,000 | ||
Related party repayments | 35,300,000 | ||
Short-term borrowings | $ 1,871,271,000 | $ 1,665,061,000 | |
Percentage of baseline economic forecast | 25% | ||
Weighted average percentage of forecast | 40% | ||
Loans held for sale (includes $10,853 and $41,022 measured at fair value) | $ 26,385,000 | $ 93,069,000 | |
Provision for credit losses | (28,399,000) | (77,494,000) | $ 602,904,000 |
Nonaccrual loans | 38,991,000 | 55,523,000 | |
TDRs both accruing and nonaccruing | 4,500,000 | 10,600,000 | |
Unfunded commitment to borrowers related to modified TDR | 0 | 0 | |
Troubled Debt Restructurings [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Nonaccrual loans | 2,600,000 | 6,800,000 | |
Reduced interest rate | 100,000 | 500,000 | 1,100,000 |
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 | 1,000,000 | |
Troubled Debt Restructurings [Member] | Loans With Other Modifications [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Other modifications | $ 100,000 | $ 1,200,000 | 2,100,000 |
Troubled Debt Restructurings [Member] | Loans With Significant Covenant Waivers [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Covenant waivers | $ 400,000 | ||
Slower Near Term Growth S-2 [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Weighted average percentage of forecast | 60% | ||
Downside Recessionary S-2 [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Percentage of baseline economic forecast | 75% | ||
FHLB Borrowings [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Short-term borrowings | $ 1,425,000,000 | $ 1,100,000,000 | |
Residential Mortgages [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Nonaccrual loans | 25,269,000 | $ 25,439,000 | |
Loans carried at fair value option | 10,800,000 | ||
Unpaid principal balance | $ 10,600,000 | ||
Residential Mortgages [Member] | Troubled Debt Restructurings [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Number of TDRs subsequently defaulted | Loan | 2 | 1 | 2 |
Recorded Investment | $ 600,000 | $ 800,000 | |
Consumer [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Nonaccrual loans | $ 6,692,000 | 11,887,000 | |
Real estate in process of foreclosure | 4,900,000 | 4,400,000 | |
Real estate acquired through foreclosure | $ 400,000 | 2,400,000 | |
Consumer [Member] | Troubled Debt Restructurings [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Number of TDRs subsequently defaulted | Loan | 4 | 1 | |
Recorded Investment | $ 300,000 | $ 100,000 | |
Total Commercial And Industrial [Member] | Total Commercial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Nonaccrual loans | 5,481,000 | 11,895,000 | |
Commercial Non Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Paycheck protection program loans | $ 38,800,000 | 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 | 2 | |
Recorded Investment | $ 3,100,000 | $ 13,400,000 | |
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 | $ 4,020,000 | $ 6,974,000 | |
Commercial Non Real Estate [Member] | Total Commercial And Industrial [Member] | Total Commercial [Member] | Minimum [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] | Total Commercial [Member] | Maximum [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 | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | $ 23,114,046 | $ 21,134,282 |
Residential Mortgages [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 3,092,605 | 2,423,890 |
Consumer [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 1,577,347 | 1,583,390 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 3,560,991 | 3,464,626 |
Construction and Land Development [Member] | Total Commercial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 1,703,592 | 1,228,670 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 13,179,511 | 12,433,706 |
Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 10,146,453 | 9,612,460 |
Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | $ 3,033,058 | $ 2,821,246 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses (Allowance for Credit Losses by Portfolio Class) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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 | (28,399) | (77,494) | $ 602,904 |
Allowance for loan losses: Ending balance | 307,789 | 342,065 | 450,177 |
Reserve for unfunded lending commitments: Beginning balance | 29,334 | 29,907 | 3,974 |
Reserve for unfunded lending commitments: Provision for losses | 3,975 | (573) | |
Reserve for unfunded lending commitments: Ending balance | 33,309 | 29,334 | 29,907 |
Total allowance for credit losses | 341,098 | 371,399 | |
Allowance for loan losses: Individually evaluated | 476 | 903 | |
Allowance for loan losses: Collectively evaluated | 307,313 | 341,162 | |
Reserve for unfunded lending commitments: Collectively evaluated | 33,309 | 29,334 | |
Loans: Individually evaluated for impairment | 7,515 | 17,882 | |
Loans: Collectively evaluated for impairment | 23,106,531 | 21,116,400 | |
Total loans | 23,114,046 | 21,134,282 | |
Non-Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Charge-offs | (22,590) | (50,836) | |
Allowance for loan losses: Recoveries | 20,688 | 19,645 | |
Allowance for loan losses: Net provision for loan losses | (32,374) | (76,921) | |
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 | 144,745 | 149,321 | 218,827 |
Reserve for unfunded lending commitments: Beginning balance | 4,845 | 4,910 | |
Reserve for unfunded lending commitments: Provision for losses | 441 | (65) | |
Reserve for unfunded lending commitments: Ending balance | 5,286 | 4,845 | 4,910 |
Total allowance for credit losses | 150,031 | 154,166 | |
Allowance for loan losses: Individually evaluated | 102 | 271 | |
Allowance for loan losses: Collectively evaluated | 144,643 | 149,050 | |
Reserve for unfunded lending commitments: Collectively evaluated | 5,286 | 4,845 | |
Loans: Individually evaluated for impairment | 2,168 | 5,977 | |
Loans: Collectively evaluated for impairment | 13,177,343 | 12,427,729 | |
Total loans | 13,179,511 | 12,433,706 | |
Total Commercial [Member] | Non-Purchased Credit Impaired Loans [Member] | Total Commercial And Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Charge-offs | (8,585) | (36,702) | |
Allowance for loan losses: Recoveries | 12,545 | 9,627 | |
Allowance for loan losses: Net provision for loan losses | (8,536) | (42,431) | |
Total Commercial [Member] | Commercial Non-Real Estate [Member] | Total Commercial And Industrial [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 | 96,461 | 95,888 | 149,693 |
Reserve for unfunded lending commitments: Beginning balance | 4,522 | 4,529 | |
Reserve for unfunded lending commitments: Provision for losses | 462 | (7) | |
Reserve for unfunded lending commitments: Ending balance | 4,984 | 4,522 | 4,529 |
Total allowance for credit losses | 101,445 | 100,410 | |
Allowance for loan losses: Individually evaluated | 71 | 177 | |
Allowance for loan losses: Collectively evaluated | 96,390 | 95,711 | |
Reserve for unfunded lending commitments: Collectively evaluated | 4,984 | 4,522 | |
Loans: Individually evaluated for impairment | 1,248 | 3,431 | |
Loans: Collectively evaluated for impairment | 10,145,205 | 9,609,029 | |
Total loans | 10,146,453 | 9,612,460 | |
Total Commercial [Member] | Commercial Non-Real Estate [Member] | Non-Purchased Credit Impaired Loans [Member] | Total Commercial And Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Charge-offs | (7,637) | (33,523) | |
Allowance for loan losses: Recoveries | 11,812 | 8,985 | |
Allowance for loan losses: Net provision for loan losses | (3,602) | (29,267) | |
Total Commercial [Member] | Commercial Real Estate - Owner Occupied | Total Commercial And Industrial [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 | 48,284 | 53,433 | 69,134 |
Reserve for unfunded lending commitments: Beginning balance | 323 | 381 | |
Reserve for unfunded lending commitments: Provision for losses | (21) | (58) | |
Reserve for unfunded lending commitments: Ending balance | 302 | 323 | 381 |
Total allowance for credit losses | 48,586 | 53,756 | |
Allowance for loan losses: Individually evaluated | 31 | 94 | |
Allowance for loan losses: Collectively evaluated | 48,253 | 53,339 | |
Reserve for unfunded lending commitments: Collectively evaluated | 302 | 323 | |
Loans: Individually evaluated for impairment | 920 | 2,546 | |
Loans: Collectively evaluated for impairment | 3,032,138 | 2,818,700 | |
Total loans | 3,033,058 | 2,821,246 | |
Total Commercial [Member] | Commercial Real Estate - Owner Occupied | Non-Purchased Credit Impaired Loans [Member] | Total Commercial And Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Charge-offs | (948) | (3,179) | |
Allowance for loan losses: Recoveries | 733 | 642 | |
Allowance for loan losses: Net provision for loan losses | (4,934) | (13,164) | |
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 | 71,961 | 108,058 | 109,474 |
Reserve for unfunded lending commitments: Beginning balance | 1,694 | 1,099 | |
Reserve for unfunded lending commitments: Provision for losses | (299) | 595 | |
Reserve for unfunded lending commitments: Ending balance | 1,395 | 1,694 | 1,099 |
Total allowance for credit losses | 73,356 | 109,752 | |
Allowance for loan losses: Individually evaluated | 16 | 20 | |
Allowance for loan losses: Collectively evaluated | 71,945 | 108,038 | |
Reserve for unfunded lending commitments: Collectively evaluated | 1,395 | 1,694 | |
Loans: Individually evaluated for impairment | 1,240 | 5,288 | |
Loans: Collectively evaluated for impairment | 3,559,751 | 3,459,338 | |
Total loans | 3,560,991 | 3,464,626 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | Non-Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Charge-offs | (1,073) | (425) | |
Allowance for loan losses: Recoveries | 878 | 105 | |
Allowance for loan losses: Net provision for loan losses | (35,902) | (1,096) | |
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 | 30,498 | 22,102 | 26,462 |
Reserve for unfunded lending commitments: Beginning balance | 21,907 | 22,694 | |
Reserve for unfunded lending commitments: Provision for losses | 3,203 | (787) | |
Reserve for unfunded lending commitments: Ending balance | 25,110 | 21,907 | 22,694 |
Total allowance for credit losses | 55,608 | 44,009 | |
Allowance for loan losses: Individually evaluated | 18 | 20 | |
Allowance for loan losses: Collectively evaluated | 30,480 | 22,082 | |
Reserve for unfunded lending commitments: Collectively evaluated | 25,110 | 21,907 | |
Loans: Individually evaluated for impairment | 116 | 125 | |
Loans: Collectively evaluated for impairment | 1,703,476 | 1,228,545 | |
Total loans | 1,703,592 | 1,228,670 | |
Total Commercial [Member] | Construction and Land Development [Member] | Non-Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Charge-offs | (3) | (274) | |
Allowance for loan losses: Recoveries | 134 | 2,172 | |
Allowance for loan losses: Net provision for loan losses | 8,265 | (6,258) | |
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 | 32,464 | 30,623 | 48,842 |
Reserve for unfunded lending commitments: Beginning balance | 22 | 19 | |
Reserve for unfunded lending commitments: Provision for losses | 9 | 3 | |
Reserve for unfunded lending commitments: Ending balance | 31 | 22 | 19 |
Total allowance for credit losses | 32,495 | 30,645 | |
Allowance for loan losses: Individually evaluated | 239 | 408 | |
Allowance for loan losses: Collectively evaluated | 32,225 | 30,215 | |
Reserve for unfunded lending commitments: Collectively evaluated | 31 | 22 | |
Loans: Individually evaluated for impairment | 3,476 | 5,260 | |
Loans: Collectively evaluated for impairment | 3,089,129 | 2,418,630 | |
Total loans | 3,092,605 | 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 | (137) | (713) | |
Allowance for loan losses: Recoveries | 1,749 | 1,459 | |
Allowance for loan losses: Net provision for loan losses | 229 | (18,965) | |
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 | 28,121 | 31,961 | 46,572 |
Reserve for unfunded lending commitments: Beginning balance | 866 | 1,185 | |
Reserve for unfunded lending commitments: Provision for losses | 621 | (319) | |
Reserve for unfunded lending commitments: Ending balance | 1,487 | 866 | $ 1,185 |
Total allowance for credit losses | 29,608 | 32,827 | |
Allowance for loan losses: Individually evaluated | 101 | 184 | |
Allowance for loan losses: Collectively evaluated | 28,020 | 31,777 | |
Reserve for unfunded lending commitments: Collectively evaluated | 1,487 | 866 | |
Loans: Individually evaluated for impairment | 515 | 1,232 | |
Loans: Collectively evaluated for impairment | 1,576,832 | 1,582,158 | |
Total loans | 1,577,347 | 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 | (12,792) | (12,722) | |
Allowance for loan losses: Recoveries | 5,382 | 6,282 | |
Allowance for loan losses: Net provision for loan losses | $ 3,570 | $ (8,171) |
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 | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | $ 38,991 | $ 55,523 |
Nonaccrual without allowance for loan loss | 4,691 | 9,245 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 1,240 | 5,458 |
Nonaccrual without allowance for loan loss | 1,174 | 5,207 |
Total Commercial [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 309 | 844 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 25,269 | 25,439 |
Nonaccrual without allowance for loan loss | 1,884 | 1,997 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 6,692 | 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 | 5,481 | 11,895 |
Nonaccrual without allowance for loan loss | 1,633 | 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 | 4,020 | 6,974 |
Nonaccrual without allowance for loan loss | 941 | 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 | 1,461 | 4,921 |
Nonaccrual without allowance for loan loss | $ 692 | $ 729 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses (Troubled Debt Restructurings Modified by Portfolio Class) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Contract | Dec. 31, 2021 USD ($) Contract | Dec. 31, 2020 USD ($) Contract | |
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 6 | 14 | 26 |
Pre-Modification Outstanding Recorded Investment | $ 224 | $ 8,807 | $ 4,570 |
Post-Modification Outstanding Recorded Investment | $ 229 | $ 8,830 | $ 4,570 |
Construction and Land Development [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 15 | ||
Post-Modification Outstanding Recorded Investment | $ 15 | ||
Residential Mortgages [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 3 | 6 | 15 |
Pre-Modification Outstanding Recorded Investment | $ 148 | $ 1,489 | $ 3,424 |
Post-Modification Outstanding Recorded Investment | $ 153 | $ 1,512 | $ 3,424 |
Consumer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 3 | 4 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 76 | $ 86 | $ 89 |
Post-Modification Outstanding Recorded Investment | $ 76 | $ 86 | $ 89 |
Total Commercial And Industrial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 4 | 4 | |
Pre-Modification Outstanding Recorded Investment | $ 7,232 | $ 1,042 | |
Post-Modification Outstanding Recorded Investment | $ 7,232 | $ 1,042 | |
Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 4 | 3 | |
Pre-Modification Outstanding Recorded Investment | $ 7,232 | $ 745 | |
Post-Modification Outstanding Recorded Investment | $ 7,232 | $ 745 | |
Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 297 | ||
Post-Modification Outstanding Recorded Investment | $ 297 |
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 | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | $ 23,114,046 | $ 21,134,282 |
Recorded Investment > 90 Days and Accruing | 4,585 | 5,524 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 65,080 | 42,102 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 38,779 | 12,348 |
Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 28,372 | 37,284 |
Total Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 132,231 | 91,734 |
Current [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 22,981,815 | 21,042,548 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 3,560,991 | 3,464,626 |
Total Commercial [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 1,703,592 | 1,228,670 |
Recorded Investment > 90 Days and Accruing | 54 | 83 |
Total Commercial [Member] | 30-59 Days Past Due [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 879 | 281 |
Total Commercial [Member] | 30-59 Days Past Due [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 4,029 | 2,624 |
Total Commercial [Member] | 60-89 Days Past Due [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 107 | |
Total Commercial [Member] | 60-89 Days Past Due [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 242 | 1,022 |
Total Commercial [Member] | Greater Than 90 Days Past Due [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 1,174 | 5,307 |
Total Commercial [Member] | Greater Than 90 Days Past Due [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 133 | 587 |
Total Commercial [Member] | Total Past Due [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 2,053 | 5,695 |
Total Commercial [Member] | Total Past Due [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 4,404 | 4,233 |
Total Commercial [Member] | Current [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 3,558,938 | 3,458,931 |
Total Commercial [Member] | Current [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 1,699,188 | 1,224,437 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 13,179,511 | 12,433,706 |
Recorded Investment > 90 Days and Accruing | 2,619 | 2,960 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 10,146,453 | 9,612,460 |
Recorded Investment > 90 Days and Accruing | 996 | 2,818 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 3,033,058 | 2,821,246 |
Recorded Investment > 90 Days and Accruing | 1,623 | 142 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 23,119 | 9,085 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 30-59 Days Past Due [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 4,050 | 8,381 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 30-59 Days Past Due [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 19,069 | 704 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 24,675 | 3,776 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 60-89 Days Past Due [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 21,329 | 3,123 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 60-89 Days Past Due [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 3,346 | 653 |
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 | 5,312 | 8,604 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Greater Than 90 Days Past Due [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 3,418 | 7,041 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Greater Than 90 Days Past Due [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 1,894 | 1,563 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Total Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 53,106 | 21,465 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Total Past Due [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 28,797 | 18,545 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Total Past Due [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 24,309 | 2,920 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Current [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 13,126,405 | 12,412,241 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Current [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 10,117,656 | 9,593,915 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Current [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 3,008,749 | 2,818,326 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 3,092,605 | 2,423,890 |
Recorded Investment > 90 Days and Accruing | 293 | 310 |
Residential Mortgages [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 28,208 | 23,306 |
Residential Mortgages [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 11,056 | 4,638 |
Residential Mortgages [Member] | Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 17,346 | 15,339 |
Residential Mortgages [Member] | Total Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 56,610 | 43,283 |
Residential Mortgages [Member] | Current [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 3,035,995 | 2,380,607 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 1,577,347 | 1,583,390 |
Recorded Investment > 90 Days and Accruing | 1,619 | 2,171 |
Consumer [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 8,845 | 6,806 |
Consumer [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 2,806 | 2,805 |
Consumer [Member] | Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 4,407 | 7,447 |
Consumer [Member] | Total Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 16,058 | 17,058 |
Consumer [Member] | Current [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | $ 1,561,289 | $ 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 | Dec. 31, 2022 | Dec. 31, 2021 |
Total Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 18,444,094 | $ 17,127,002 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 13,179,511 | 12,433,706 |
Total Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 17,684,578 | 16,519,394 |
Total Commercial [Member] | Pass [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 12,553,174 | 11,930,118 |
Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 457,620 | 320,394 |
Total Commercial [Member] | Pass-Watch [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 333,936 | 243,948 |
Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 90,253 | 73,096 |
Total Commercial [Member] | Special Mention [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 86,247 | 66,721 |
Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 211,643 | 214,118 |
Total Commercial [Member] | Substandard [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 206,154 | 192,919 |
Residential Mortgages [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,092,605 | 2,423,890 |
Residential Mortgages [Member] | Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,066,319 | 2,396,282 |
Residential Mortgages [Member] | Nonperforming [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 26,286 | 27,608 |
Consumer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,577,347 | 1,583,390 |
Consumer [Member] | Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,570,186 | 1,570,516 |
Consumer [Member] | Nonperforming [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 7,161 | 12,874 |
Residential Mortgage and Consumer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,669,952 | 4,007,280 |
Residential Mortgage and Consumer [Member] | Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,636,505 | 3,966,798 |
Residential Mortgage and Consumer [Member] | Nonperforming [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 33,447 | 40,482 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 10,146,453 | 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 | 9,641,117 | 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 | 284,843 | 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 | 79,980 | 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 | 140,513 | 131,582 |
Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,033,058 | 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 | 2,912,057 | 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 | 49,093 | 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 | 6,267 | 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 | 65,641 | 61,337 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,560,991 | 3,464,626 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,440,648 | 3,373,099 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 111,587 | 67,157 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,810 | 4,466 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,946 | 19,904 |
Construction and Land Development [Member] | Total Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,703,592 | 1,228,670 |
Construction and Land Development [Member] | Total Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,690,756 | 1,216,177 |
Construction and Land Development [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 12,097 | 9,289 |
Construction and Land Development [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 196 | 1,909 |
Construction and Land Development [Member] | Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 543 | $ 1,295 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses (Disaggregation of Credit Quality Disclosures) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Total Commercial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2022 | $ 4,954,258 | $ 5,076,311 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 3,700,837 | 3,073,804 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 2,145,461 | 2,114,506 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 1,411,421 | 1,285,226 |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 834,697 | 1,003,833 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 1,626,992 | 1,385,473 |
Revolving Loans | 3,615,992 | 3,084,875 |
Revolving Loans Converted to Term Loans | 154,436 | 102,974 |
Notes Receivable Gross | 18,444,094 | 17,127,002 |
Total Commercial [Member] | Pass [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 4,789,035 | 4,946,459 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 3,608,540 | 3,008,160 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 2,026,017 | 2,035,849 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 1,327,839 | 1,212,306 |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 779,966 | 937,639 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 1,539,131 | 1,296,382 |
Revolving Loans | 3,482,828 | 3,002,064 |
Revolving Loans Converted to Term Loans | 131,222 | 80,535 |
Notes Receivable Gross | 17,684,578 | 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 | 84,696 | 68,421 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 64,263 | 19,467 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 94,484 | 31,598 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 46,483 | 45,846 |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 31,375 | 27,188 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 58,567 | 69,310 |
Revolving Loans | 67,767 | 52,850 |
Revolving Loans Converted to Term Loans | 9,985 | 5,714 |
Notes Receivable Gross | 457,620 | 320,394 |
Total Commercial [Member] | Special Mention [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 30,511 | 17,536 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 13,625 | 2,683 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 3,694 | 10,296 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 7,749 | 12,410 |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 1,719 | 10,669 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 5,701 | 3,656 |
Revolving Loans | 25,184 | 9,603 |
Revolving Loans Converted to Term Loans | 2,070 | 6,243 |
Notes Receivable Gross | 90,253 | 73,096 |
Total Commercial [Member] | Substandard [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 50,016 | 43,895 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 14,409 | 43,494 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 21,266 | 36,763 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 29,350 | 14,664 |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 21,637 | 28,337 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 23,593 | 16,125 |
Revolving Loans | 40,213 | 20,358 |
Revolving Loans Converted to Term Loans | 11,159 | 10,482 |
Notes Receivable Gross | 211,643 | 214,118 |
Residential Mortgage and Consumer [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 736,331 | 581,378 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 754,984 | 468,448 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 565,289 | 357,851 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 257,100 | 227,959 |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 151,695 | 325,063 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 981,552 | 916,726 |
Revolving Loans | 1,216,564 | 1,121,893 |
Revolving Loans Converted to Term Loans | 6,437 | 7,962 |
Notes Receivable Gross | 4,669,952 | 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 | 735,080 | 580,813 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 752,352 | 467,497 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 564,345 | 355,833 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 255,146 | 223,494 |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 149,234 | 320,344 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 959,409 | 892,361 |
Revolving Loans | 1,216,105 | 1,120,461 |
Revolving Loans Converted to Term Loans | 4,834 | 5,995 |
Notes Receivable Gross | 4,636,505 | 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 | 1,251 | 565 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 2,632 | 951 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 944 | 2,018 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 1,954 | 4,465 |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 2,461 | 4,719 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 22,143 | 24,365 |
Revolving Loans | 459 | 1,432 |
Revolving Loans Converted to Term Loans | 1,603 | 1,967 |
Notes Receivable Gross | $ 33,447 | $ 40,482 |
Property and Equipment (Propert
Property and Equipment (Property and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 632,056 | $ 630,374 |
Accumulated depreciation and amortization | (303,451) | (280,065) |
Property and equipment, net | 328,605 | 350,309 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 68,016 | 68,353 |
Buildings and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 323,305 | 320,308 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 121,796 | 116,429 |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 103,022 | 75,909 |
Assets Under Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 15,917 | $ 49,375 |
Property and Equipment (Narrati
Property and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |||
Depreciation and amortization | $ 31,582 | $ 29,113 | $ 30,128 |
Property and equipment, held for sale | $ 2,900 | $ 5,500 |
Operating Leases - (Narrative)
Operating Leases - (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Line Items] | |
Lessee, operating lease, existence of option to extend [true/false] | false |
Lessee, operating lease, option to extend | As these extension options are not generally considered reasonably certain of renewal, they are not included in the lease term |
Minimum [Member] | |
Leases [Line Items] | |
Lessee, operating lease, term of contract | 5 years |
Lessee, operating lease, renewal term | 1 year |
Maximum [Member] | |
Leases [Line Items] | |
Lessee, operating lease, term of contract | 20 years |
Lessee, operating lease, renewal term | 20 years |
Operating Leases - Summary of S
Operating Leases - Summary of Supplemental Information Pertaining To Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities for operating leases | $ 16,564 | $ 17,591 |
Right of use assets obtained in exchange for lease liabilities | $ 6,800 | $ 141 |
Weighted average remaining lease term (in years) | 12 years 10 days | 12 years 6 months 21 days |
Weighted average discount rate | 3.41% | 3.37% |
Operating Leases - Summary Matu
Operating Leases - Summary Maturities of Lease Liabilities and Present Value Discount (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2023 | $ 16,311 | |
2024 | 14,238 | |
2025 | 13,632 | |
2026 | 12,256 | |
2027 | 11,138 | |
Thereafter | 77,982 | |
Total | 145,557 | |
Present value discount | (29,135) | |
Lease liability | $ 116,422 | $ 122,079 |
Operating Leases - Components o
Operating Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating lease expense | $ 16,881 | $ 17,757 | $ 18,994 |
Short-term lease expense | 209 | 135 | 165 |
Variable lease expense | 63 | 105 | 97 |
Sublease income | (508) | (320) | (138) |
Total | $ 16,645 | $ 17,677 | $ 19,118 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 855,453,000 | $ 855,453,000 | |
Goodwill impairment charges | $ 0 | $ 0 | $ 0 |
Estimated amortization expense succeeding period | 5 years | ||
Core Deposit Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted-average remaining life | 8 years | ||
Other Identifiable Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted-average remaining life | 12 years |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Carrying Value of Intangible Assets Subject to Amortization) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Purchase Value | $ 285,807 | $ 285,807 |
Accumulated Amortization | 229,614 | 215,581 |
Carrying Value | 56,193 | 70,226 |
Core Deposit Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Purchase Value | 235,845 | 235,845 |
Accumulated Amortization | 200,045 | 188,135 |
Carrying Value | 35,800 | 47,710 |
Credit Card and Trust Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Purchase Value | 49,962 | 49,962 |
Accumulated Amortization | 29,569 | 27,446 |
Carrying Value | $ 20,393 | $ 22,516 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Aggregate Amortization Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 14,033 | $ 16,665 | $ 19,916 |
Core Deposit Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | 11,909 | 14,304 | 16,864 |
Credit Card and Trust Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 2,124 | $ 2,361 | 2,637 |
Merchant Processing Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 415 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Estimated Amortization Expense of Other Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2023 | $ 11,557 | |
2024 | 9,413 | |
2025 | 7,985 | |
2026 | 5,322 | |
2027 | 3,682 | |
Thereafter | 18,234 | |
Carrying Value | $ 56,193 | $ 70,226 |
Other Assets (Schedule of Signi
Other Assets (Schedule of Significant Balances Included in Other Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other Assets [Line Items] | ||
Investments in low income housing tax credit entities | $ 37,500 | $ 37,500 |
Derivative collateral | 0 | 66,207 |
Total | 380,485 | 447,738 |
Other Assets [Member] | ||
Other Assets [Line Items] | ||
Derivative assets | 109,497 | 75,867 |
FHLB stock | 65,466 | 52,743 |
Investments in small business investment and other companies | 57,946 | 46,500 |
Investments in low income housing tax credit entities | 32,968 | 36,297 |
Income tax receivable | 35,042 | 128,092 |
Derivative collateral | 27,852 | 66,207 |
Other | 51,714 | 42,032 |
Total | $ 380,485 | $ 447,738 |
Other Assets (Narrative) (Detai
Other Assets (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Other Assets [Abstract] | ||
Unamortized portion of investments in affordable housing limited partnerships | $ 37.5 | $ 37.5 |
Deposits (Schedule of Detailed
Deposits (Schedule of Detailed Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Banking And Thrift Interest [Abstract] | ||
Noninterest-bearing deposits | $ 13,645,113 | $ 14,392,808 |
Interest-bearing retail transaction and savings deposits | 10,757,495 | 11,677,333 |
Interest-bearing public fund deposits, Public fund transaction and savings deposits | 3,132,828 | 3,216,651 |
Interest-bearing public fund deposits, Public fund time deposits | 111,397 | 77,956 |
Total interest-bearing public fund deposits | 3,244,225 | 3,294,607 |
Retail time deposits | 1,418,596 | 1,091,959 |
Brokered time deposits | 4,920 | 9,190 |
Total interest-bearing deposits | 15,425,236 | 16,073,089 |
Total deposits | $ 29,070,349 | $ 30,465,897 |
Deposits (Maturity of Time Depo
Deposits (Maturity of Time Deposits) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Banking And Thrift Interest [Abstract] | |
2023 | $ 1,388,731 |
2024 | 94,920 |
2025 | 24,496 |
2026 | 13,000 |
2027 | 11,856 |
Thereafter | 1,911 |
Total time deposits | $ 1,534,914 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Banking And Thrift Interest [Abstract] | |
Certificates of deposits more than or equal to $250,000 | $ 540.7 |
Short-Term Borrowings (Short-Te
Short-Term Borrowings (Short-Term Borrowings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 1,871,271 | $ 1,665,061 |
Federal Funds Purchased [Member] | ||
Short-term Debt [Line Items] | ||
Amount outstanding at period end | 1,850 | 1,850 |
Average amount outstanding during period | 13,176 | 3,762 |
Maximum amount at any month end during period | $ 2,350 | $ 4,400 |
Weighted-average interest at period end | 3.90% | 0.15% |
Weighted-average interest rate during period | 2.82% | 0.43% |
Securities Sold Under Agreements to Repurchase [Member] | ||
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 444,421 | $ 563,211 |
Average amount outstanding during period | 536,727 | 559,410 |
Maximum amount at any month end during period | $ 640,592 | $ 643,403 |
Weighted-average interest at period end | 0.53% | 0.05% |
Weighted-average interest rate during period | 0.21% | 0.10% |
FHLB Borrowings [Member] | ||
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 1,425,000 | $ 1,100,000 |
Average amount outstanding during period | 808,784 | 1,100,000 |
Maximum amount at any month end during period | $ 1,425,000 | $ 1,100,000 |
Weighted-average interest at period end | 4.70% | 0.49% |
Weighted-average interest rate during period | 1.82% | 0.49% |
Short-Term Borrowings (Narrativ
Short-Term Borrowings (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) Item | Dec. 31, 2021 USD ($) Item | |
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 1,871,271 | $ 1,665,061 |
FHLB Borrowings [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 1,425,000 | $ 1,100,000 |
FHLB Borrowings [Member] | FHLB Borrowings, 5 Fixed Rate Notes [Member] | Fixed-rate Term Notes [Member] | ||
Short-term Debt [Line Items] | ||
Number of fixed rate short-term borrowings | Item | 1 | 5 |
Short-term maturity year | 2023 | |
FHLB Borrowings [Member] | FHLB Borrowings, 5 Fixed Rate Notes [Member] | Fixed-rate Term Notes [Member] | Minimum [Member] | ||
Short-term Debt [Line Items] | ||
Short-term maturity year | 2034 | |
FHLB Borrowings [Member] | FHLB Borrowings, 5 Fixed Rate Notes [Member] | Fixed-rate Term Notes [Member] | Maximum [Member] | ||
Short-term Debt [Line Items] | ||
Short-term maturity year | 2035 |
Long-Term Debt (Long-Term Debt)
Long-Term Debt (Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 09, 2020 |
Debt Instrument [Line Items] | |||
Gross long-term debt | $ 247,761 | ||
Less: unamortized debt issuance costs | (5,684) | $ (5,836) | |
Total long-term debt | 242,077 | 244,220 | |
Subordinated Notes [Member] | Subordinated Notes Payable, Maturing June 2060 [Member] | |||
Debt Instrument [Line Items] | |||
Gross long-term debt | 172,500 | 172,500 | $ 172,500 |
Less: unamortized debt issuance costs | (5,684) | ||
Other Long-Term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Gross long-term debt | $ 75,261 | $ 77,556 |
Long-Term Debt (Long-Term Debt
Long-Term Debt (Long-Term Debt with Related Unamortized Debt Issuance Cost) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 09, 2020 |
Debt Instrument [Line Items] | |||
Principal | $ 247,761 | ||
Unamortized Debt Issuance Costs | 5,684 | $ 5,836 | |
Subordinated Notes [Member] | Subordinated Notes Payable, Maturing June 2060 [Member] | |||
Debt Instrument [Line Items] | |||
Principal | 172,500 | 172,500 | $ 172,500 |
Unamortized Debt Issuance Costs | 5,684 | ||
Other Long-Term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal | $ 75,261 | $ 77,556 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 09, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Notes payable aggregate principal amount | $ 247,761 | ||
Loss on extinguishment of debt | $ 4,165 | ||
Other long-term debt maturity year | 2052 | ||
Subordinated Notes [Member] | Subordinated Notes Payable, Maturing June 2060 [Member] | |||
Debt Instrument [Line Items] | |||
Notes payable redemption start date | Jun. 15, 2025 | ||
Notes payable interest rate | 6.25% | ||
Notes payable aggregate principal amount | $ 172,500 | $ 172,500 | 172,500 |
Notes payable issuance date | Jun. 09, 2020 | ||
Notes payable maturity date | Jun. 15, 2060 | ||
Notes payable beginning payment date | Sep. 15, 2020 | ||
Other Long-Term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Notes payable aggregate principal amount | $ 75,261 | $ 77,556 | |
Notes payable agreement period | 7 years |
Derivatives (Fair Values of Der
Derivatives (Fair Values of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | $ 7,936,239 | $ 8,649,657 | |
Fair Values, Assets | 110,734 | 6,908 | |
Fair Values, Assets | $ 219,935 | $ 106,171 | |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | |
Less: netting adjustments | [1] | $ (110,438) | $ (30,304) |
Total derivate assets/liabilities | 109,497 | 75,867 | |
Fair Values, Liabilities | 32,601 | 22,244 | |
Fair Values, Liabilities | [2] | 285,592 | 96,580 |
Less: netting adjustments | [1],[2] | (81,471) | (61,534) |
Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Total derivate assets/liabilities | [2] | 204,121 | 35,046 |
Derivatives Designated as Hedging Instruments [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 2,816,000 | 2,962,650 | |
Fair Values, Assets | 45,802 | 28,022 | |
Fair Values, Liabilities | [2] | 112,262 | 15,111 |
Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 5,120,239 | 5,687,007 | |
Fair Values, Assets | 174,133 | 78,149 | |
Fair Values, Liabilities | [2] | 173,330 | 81,469 |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 4,620,544 | 5,193,991 | |
Fair Values, Assets | 172,242 | 75,819 | |
Fair Values, Liabilities | [2] | 169,712 | 75,861 |
Derivatives Not Designated as Hedging Instruments [Member] | Risk Participation Agreements [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 298,729 | 217,437 | |
Fair Values, Assets | 1 | 11 | |
Fair Values, Liabilities | [2] | 13 | 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 | 10,930 | 46,739 | |
Fair Values, Assets | 8 | 1 | |
Fair Values, Liabilities | [2] | 113 | 645 |
Derivatives Not Designated as Hedging Instruments [Member] | To Be Announced (TBA) Securities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 10,000 | 55,000 | |
Fair Values, Assets | 78 | 15 | |
Fair Values, Liabilities | [2] | 7 | 53 |
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 | 13,819 | 82,037 | |
Fair Values, Assets | 161 | 1,525 | |
Fair Values, Liabilities | [2] | 8 | 1 |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Forward Contracts [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 123,106 | 48,364 | |
Fair Values, Assets | 1,643 | 778 | |
Fair Values, Liabilities | [2] | 1,594 | 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 | [2] | 1,883 | 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 | 2,100,000 | 1,125,000 | |
Fair Values, Assets | 2,301 | 5,884 | |
Fair Values, Liabilities | [2] | $ 112,262 | $ 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 | $ 716,000 | $ 1,837,650 | |
Fair Values, Assets | $ 43,501 | $ 22,138 | |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | |
Fair Values, Liabilities | [2] | $ 10,690 | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities | |
[1] 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. Derivative assets and liabilities are reported in other assets or other liabilities, respectively, in the consolidated balance sheets. |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Notional amount of derivatives | $ 7,936,239 | $ 8,649,657 |
Fair value liability | 1,900 | 4,100 |
Credit risk-related contingent features, net liability position | 8,700 | 49,400 |
Credit risk-related contingent features, posted collateral | 8,500 | 15,000 |
Derivatives Designated as Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | 2,816,000 | 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 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 2, 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 3, 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 4, Expires Thereafter [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | $ 1,300,000 | |
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 | 90,600 | |
Interest Rate Swaps - Securities [Member] | Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | 716,000 | $ 1,837,650 |
Derivative hedged item | 672,400 | |
Basis adjustment associated with hedged items loss | (43,600) | |
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 | $ 782,700 |
Derivatives (Effects of Derivat
Derivatives (Effects of Derivative Instruments on the Statements of Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative income reflected in income statement | $ 25,261 | $ 43,578 | $ 30,219 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Interest Rate Swaps - Variable Rate Loans [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
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 |
Derivative income reflected in income statement | $ 9,928 | $ 26,674 | $ 17,351 |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | Interest Rate Swaps - Securities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Income Securities Taxable | Interest Income Securities Taxable | Interest Income Securities Taxable |
Derivative income reflected in income statement | $ 4,963 | $ (640) | $ 8 |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | Securities Termination [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Debt And Equity Securities Gain Loss | Debt And Equity Securities Gain Loss | Debt And Equity Securities Gain Loss |
Derivative income reflected in income statement | $ 1,620 | $ 2,499 | $ 0 |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | Brokered Deposits [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense Deposits | Interest Expense Deposits | Interest Expense Deposits |
Derivative income reflected in income statement | $ 0 | $ 0 | $ 46 |
Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income Other | Noninterest Income Other | Noninterest Income Other |
Derivative income reflected in income statement | $ 5,832 | $ 13,477 | $ 12,814 |
Derivatives Not Designated as Hedging Instruments [Member] | Residential mortgage banking | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income | Noninterest Income | Noninterest Income |
Derivative income reflected in income statement | $ 2,918 | $ 1,568 | $ 0 |
Derivatives (Offsetting Derivat
Derivatives (Offsetting Derivative Assets and Liabilities Subject to Master Netting Arrangements) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Gross Amounts Recognized, Derivative Assets | $ 223,072 | $ 36,790 |
Gross Amounts Offset in the Statement of Financial Position, Derivative Assets | (112,338) | (29,882) |
Net Amounts Presented in the Statement of Financial Position, Derivative Assets | 110,734 | 6,908 |
Gross Amounts Not Offset in the Statement of Financial Position - Financial Instruments, Derivative Assets | 32,601 | 6,908 |
Gross Amounts Not offset in the Statement of Financial Position - Cash Collateral, Derivative Assets | (27,852) | 0 |
Net Amounts Presented in the Statement of Financial Position, Derivative Assets | 105,985 | 0 |
Gross Amounts Recognized, Derivative Liabilities | 116,395 | 85,448 |
Gross Amounts Offset in the Statement of Financial Position, Derivative Liabilities | (83,794) | (63,204) |
Net Amounts Presented in the Statement of Financial Position, Derivative Liabilities | 32,601 | 22,244 |
Gross Amounts Not Offset in the Statement of Financial Position - Financial Instruments, Derivative Liabilities | 32,601 | 6,908 |
Gross Amounts Not Offset in the Statement of Financial Position - Cash Collateral, Derivative Liabilities | 0 | 66,207 |
Gross Amounts Not Offset in the Statement of Financial Position - Net Amount, Derivatives Liabilities | $ 0 | $ (50,871) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Apr. 22, 2021 shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 shares | Dec. 31, 2018 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Treasury stock shares | 6,300,000 | 5,100,000 | |||
Treasury stock, Cost basis | $ | $ 238.6 | $ 175.8 | |||
Shares repurchased | 1,204,368 | 449,876 | 315,851 | ||
Minimum risk-based capital ratio | 0.0800 | 0.0800 | 0.080 | ||
Minimum Tier 1 common equity | 4.50% | 4.50% | 4.50% | ||
Minimum Tier 1 capital ratio | 0.0600 | 0.0600 | 0.060 | ||
Minimum Tier 1 leverage capital ratio | 0.0400 | 0.0400 | 0.040 | ||
Well capitalized total risk based capital ratio | 0.1000 | 0.1000 | 0.100 | ||
Well capitalized Tier 1 common equity | 6.50% | 6.50% | 6.50% | ||
Well capitalized Tier 1 risk-based capital ratio | 0.0800 | 0.0800 | 0.080 | ||
Well capitalized Tier 1 leverage capital ratio | 0.0500 | 0.0500 | 0.050 | ||
Minimum requirement of capital conservation buffer ratio | 2.50% | ||||
Topic 326 [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Regulatory capital modified transition amount percentage | 25% | ||||
Impact of modified transition amount | $ | $ 24.9 | ||||
Impact of modified transition amount net of tax | $ | $ 44.1 | ||||
Topic 326 [Member] | Regulatory Capital Transition For 2020 and 2021 [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Regulatory capital transition percentage | 0% | ||||
Topic 326 [Member] | Regulatory Capital Three Year Transition, Year 2022 [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Regulatory capital transition percentage | 25% | ||||
Topic 326 [Member] | Regulatory Capital Three Year Transition, Year 2023 [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Regulatory capital transition percentage | 50% | ||||
Topic 326 [Member] | Regulatory Capital Three Year Transition, Year 2024 [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Regulatory capital transition percentage | 75% | ||||
Topic 326 [Member] | Regulatory Capital Three Year Transition, Year 2024 and Thereafter [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Regulatory capital transition percentage | 100% | ||||
Bank Holding Companies and Banks that Meet Certain Criteria [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Minimum Tier 1 leverage capital ratio | 0.030 | ||||
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 | $ / shares | $ 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 | $ / shares | $ 48.90 | ||||
Restricted Stock [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Number of shares nonvested | 700,000 | 1,100,000 |
Stockholders' Equity (Component
Stockholders' Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ (53,935) | $ 80,069 | $ (54,724) |
Net change in unrealized gain (loss) | (898,241) | (211,580) | 224,337 |
Reclassification of net gain (loss) realized and included in earnings | (5,947) | (15,485) | (10,983) |
Valuation adjustments for employee benefit plans | (24,139) | (37,451) | |
Valuation Adjustments to Pension Plan attributable to VERIP and Curtailment | 59,606 | ||
Other valuation adjustments to employee benefit plans | (6,735) | ||
Amortization of unrealized net gain (loss) on securities transferred to held to maturity | 1,355 | (158) | (470) |
Income tax (expense) benefit | (208,725) | (40,348) | 40,640 |
Ending Balance | (772,182) | (53,935) | 80,069 |
Accumulated Other Comprehensive Loss Available for Sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 11,037 | 171,224 | 28,950 |
Net change in unrealized gain (loss) | (785,538) | (208,760) | 183,441 |
Reclassification of net gain (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 | 172,981 | 46,407 | (41,167) |
Ending Balance | (584,408) | 11,037 | 171,224 |
Held to Maturity Securities Transferred from AFS [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 153 | 276 | 639 |
Transfer of net unrealized loss from AFS to HTM securities portfolio | (15,405) | ||
Amortization of unrealized net gain (loss) on securities transferred to held to maturity | 1,355 | (158) | (470) |
Income tax (expense) benefit | 3,163 | 35 | 107 |
Ending Balance | (10,734) | 153 | 276 |
Employee Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (80,946) | (125,573) | (101,278) |
Reclassification of net gain (loss) realized and included in earnings | 2,274 | 4,555 | 6,368 |
Valuation adjustments for employee benefit plans | (24,139) | (37,451) | |
Valuation Adjustments to Pension Plan attributable to VERIP and Curtailment | 59,606 | ||
Other valuation adjustments to employee benefit plans | (6,735) | ||
Income tax (expense) benefit | 4,859 | (12,799) | 6,788 |
Ending Balance | (97,952) | (80,946) | (125,573) |
Gains and Losses on Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 16,284 | 39,511 | 17,399 |
Net change in unrealized gain (loss) | (113,171) | (3,258) | 45,831 |
Reclassification of net gain (loss) realized and included in earnings | (9,928) | (26,674) | (17,351) |
Income tax (expense) benefit | 27,722 | 6,705 | (6,368) |
Ending Balance | (79,093) | 16,284 | 39,511 |
Equity Method Investment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (463) | (5,369) | (434) |
Net change in unrealized gain (loss) | 468 | 438 | (4,935) |
Reclassification of net gain (loss) realized and included in earnings | 4,468 | ||
Ending Balance | $ 5 | $ (463) | $ (5,369) |
Stockholders' Equity (Line Item
Stockholders' Equity (Line Items in Consolidated Income Statements Affected by Amounts Reclassified from Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of defined benefit pension and post-retirement items | $ (24,139) | $ (37,451) | ||
Employee Benefit Plans [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of defined benefit pension and post-retirement items | (24,139) | $ (37,451) | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications, net of tax | [1] | 5,652 | $ 11,135 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | 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] | 1,355 | 158 | |
Tax effect | [1] | (305) | (35) | |
Net of tax | [1] | 1,050 | 123 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | 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) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Employee Benefit Plans [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of defined benefit pension and post-retirement items | [1] | (2,274) | (4,555) | |
Tax effect | [1] | 505 | 1,015 | |
Net of tax | [1] | (1,769) | (3,540) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification of unrealized gain or loss on cash flow hedges | [1] | (1,748) | 22,561 | |
Tax effect | [1] | 394 | (5,054) | |
Net of tax | [1] | (1,354) | 17,507 | |
Amortization of gain (loss) on terminated cash flow hedges | [1] | $ 11,676 | $ 4,113 | |
OCI, Cash Flow Hedge, Reclassification for Discontinuance, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest And Dividend Income Operating | Interest And Dividend Income Operating | ||
Tax effect | [1] | $ (2,629) | $ (921) | |
Net of tax | [1] | $ 9,047 | 3,192 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | 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. |
Stockholders' Equity (Complianc
Stockholders' Equity (Compliance with Regulatory Capital Requirements) (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2018 |
Tier 1 leverage capital, Actual, Amount | $ 3,279,419 | $ 2,890,770 | |
Common equity tier 1 (to risk weighted assets), Actual, Amount | 3,279,419 | 2,890,770 | |
Tier 1 capital (to risk weighted assets), Actual, Amount | 3,279,419 | 2,890,770 | |
Total capital (to risk weighted assets), Actual, Amount | $ 3,726,834 | $ 3,345,387 | |
Tier 1 leverage capital, Actual, Ratio % | 0.0953 | 0.0825 | |
Common equity tier 1 (to risk weighted assets), Actual, Ratio % | 11.41% | 11.09% | |
Tier 1 capital (to risk weighted assets), Actual, Ratio % | 0.1141 | 0.1109 | |
Total capital (to risk weighted assets), Actual, Ratio % | 0.1297 | 0.1284 | |
Tier 1 leverage capital, Required for Minimum Capital Adequacy, Amount | $ 1,376,092 | $ 1,402,223 | |
Common equity tier 1 (to risk weighted assets), Required for Minimum Capital Adequacy, Amount | 1,293,035 | 1,172,563 | |
Tier 1 capital (to risk weighted assets), Required for Minimum Capital Adequacy, Amount | 1,724,046 | 1,563,417 | |
Total capital (to risk weighted assets), Required for Minimum Capital Adequacy, Amount | $ 2,298,728 | $ 2,084,557 | |
Tier 1 leverage capital, Required for Minimum Capital Adequacy, Ratio % | 0.0400 | 0.0400 | 0.040 |
Common equity tier 1 (to risk weighted assets), Required for Minimum Capital Adequacy, Ratio % | 4.50% | 4.50% | 4.50% |
Tier 1 capital (to risk weighted assets), Required for Minimum Capital Adequacy, Ratio % | 0.0600 | 0.0600 | 0.060 |
Total capital (to risk weighted assets), Required for Minimum Capital Adequacy, Ratio % | 0.0800 | 0.0800 | 0.080 |
Tier 1 leverage capital, Required To Be Well Capitalized, Amount | $ 1,720,115 | $ 1,752,779 | |
Common equity tier 1 (to risk weighted assets), Required To Be Well Capitalized, Amount | 1,867,717 | 1,693,702 | |
Tier 1 capital (to risk weighted assets), Required To Be Well Capitalized, Amount | 2,298,728 | 2,084,557 | |
Total capital (to risk weighted assets), Required To Be Well Capitalized, Amount | $ 2,873,411 | $ 2,605,696 | |
Tier 1 leverage capital, Required To Be Well Capitalized, Ratio % | 0.0500 | 0.0500 | 0.050 |
Common equity tier 1 (to risk weighted assets), Required To Be Well Capitalized, Ratio % | 6.50% | 6.50% | 6.50% |
Tier 1 capital (to risk weighted assets), Required To Be Well Capitalized, Ratio % | 0.0800 | 0.0800 | 0.080 |
Total capital (to risk weighted assets), Required To Be Well Capitalized, Ratio % | 0.1000 | 0.1000 | 0.100 |
Hancock Whitney Bank [Member] | |||
Tier 1 leverage capital, Actual, Amount | $ 3,279,536 | $ 2,926,874 | |
Common equity tier 1 (to risk weighted assets), Actual, Amount | 3,279,536 | 2,926,874 | |
Tier 1 capital (to risk weighted assets), Actual, Amount | 3,279,536 | 2,926,874 | |
Total capital (to risk weighted assets), Actual, Amount | $ 3,554,451 | $ 3,208,991 | |
Tier 1 leverage capital, Actual, Ratio % | 0.0954 | 0.0836 | |
Common equity tier 1 (to risk weighted assets), Actual, Ratio % | 11.43% | 11.24% | |
Tier 1 capital (to risk weighted assets), Actual, Ratio % | 0.1143 | 0.1124 | |
Total capital (to risk weighted assets), Actual, Ratio % | 0.1239 | 0.1233 | |
Tier 1 leverage capital, Required for Minimum Capital Adequacy, Amount | $ 1,374,761 | $ 1,401,157 | |
Common equity tier 1 (to risk weighted assets), Required for Minimum Capital Adequacy, Amount | 1,291,467 | 1,171,341 | |
Tier 1 capital (to risk weighted assets), Required for Minimum Capital Adequacy, Amount | 1,721,956 | 1,561,788 | |
Total capital (to risk weighted assets), Required for Minimum Capital Adequacy, Amount | $ 2,295,942 | $ 2,082,384 | |
Tier 1 leverage capital, Required for Minimum Capital Adequacy, Ratio % | 0.0400 | 0.0400 | |
Common equity tier 1 (to risk weighted assets), Required for Minimum Capital Adequacy, Ratio % | 4.50% | 4.50% | |
Tier 1 capital (to risk weighted assets), Required for Minimum Capital Adequacy, Ratio % | 0.0600 | 0.0600 | |
Total capital (to risk weighted assets), Required for Minimum Capital Adequacy, Ratio % | 0.0800 | 0.0800 | |
Tier 1 leverage capital, Required To Be Well Capitalized, Amount | $ 1,718,451 | $ 1,751,447 | |
Common equity tier 1 (to risk weighted assets), Required To Be Well Capitalized, Amount | 1,865,453 | 1,691,937 | |
Tier 1 capital (to risk weighted assets), Required To Be Well Capitalized, Amount | 2,295,942 | 2,082,384 | |
Total capital (to risk weighted assets), Required To Be Well Capitalized, Amount | $ 2,869,927 | $ 2,602,980 | |
Tier 1 leverage capital, Required To Be Well Capitalized, Ratio % | 0.0500 | 0.0500 | |
Common equity tier 1 (to risk weighted assets), Required To Be Well Capitalized, Ratio % | 6.50% | 6.50% | |
Tier 1 capital (to risk weighted assets), Required To Be Well Capitalized, Ratio % | 0.0800 | 0.0800 | |
Total capital (to risk weighted assets), Required To Be Well Capitalized, Ratio % | 0.1000 | 0.1000 |
Other Noninterest Income and _3
Other Noninterest Income and Other Noninterest Expense (Components of Other Noninterest Income and Other Noninterest Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other noninterest income: | |||
Income from bank-owned life insurance | $ 15,881 | $ 18,330 | $ 18,179 |
Credit-related fees | 10,483 | 11,001 | 11,255 |
Income from derivatives | 5,832 | 13,477 | 12,814 |
Other miscellaneous income | 21,715 | 31,993 | 14,137 |
Total other noninterest income | 53,911 | 74,801 | 56,385 |
Other noninterest expense: | |||
Advertising | 13,783 | 12,441 | 13,011 |
Corporate value and franchise taxes | 16,744 | 14,478 | 16,578 |
Entertainment and contributions | 10,336 | 7,867 | 9,865 |
Telecommunication and postage | 11,870 | 12,646 | 14,991 |
Printing and supplies | 3,795 | 3,728 | 5,063 |
Travel expenses | 4,336 | 2,697 | 2,297 |
Tax credit investment amortization | 4,768 | 4,436 | 3,843 |
Other retirement expense | (29,693) | (27,941) | (25,133) |
Loss on facilities and equipment from consolidation | 13,863 | 3,012 | |
Loss on extinguishment of debt | 4,165 | ||
Other miscellaneous expense | 22,256 | 32,829 | 23,778 |
Total other noninterest expense | $ 58,195 | $ 81,209 | $ 67,305 |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Current federal | $ 142,433 | $ 86,858 | $ (58,723) |
Current state | 14,840 | 7,607 | (132) |
Total current provision | 157,273 | 94,465 | (58,855) |
Deferred federal | (23,556) | 7,035 | (17,000) |
Deferred state | 1,390 | 3,341 | (3,716) |
Total deferred provision | (22,166) | 10,376 | (20,716) |
Total expense (benefit) included in net income | $ 135,107 | $ 104,841 | $ (79,571) |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Allowance for loan losses | $ 77,045 | $ 85,118 |
Loan purchase accounting adjustments | 485 | 1,838 |
Tax credit carryforward | 2,326 | |
Federal/state net operating loss | 3,591 | 3,646 |
Lease liability | 26,207 | 27,553 |
Net unrealized losses on securities available-for-sale and cash flow hedges | 195,090 | |
Derivatives | 38,082 | 1,735 |
Other | 10,085 | 8,883 |
Gross deferred tax assets | 350,585 | 131,099 |
State valuation allowance | (3,591) | (3,646) |
Net deferred tax assets | 346,994 | 127,453 |
Employee compensation and benefits | (8,399) | (11,137) |
Net unrealized gains on securities available-for-sale an cash flow hedges | (10,136) | |
Fixed assets & intangibles | (26,589) | (35,705) |
Lease Financing | (52,385) | (52,896) |
Right-of-use Asset | (21,809) | (23,075) |
Other | (26,394) | (13,938) |
Gross deferred tax liabilities | (135,576) | (146,887) |
Net deferred tax liability | $ (211,418) | $ (19,434) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2017 | |
Income Tax [Line Items] | ||||
Tax computed at statutory rate | 21% | 21% | 21% | 35% |
Percentage of incremental tax benefit | 14% | |||
Net operating loss carryback under CARES act | $ (238) | $ 4,948 | $ 30,167 | |
Tax year audited | 2019 | |||
Income tax examination, description | Generally, the federal returns for years prior to 2019 are no longer subject to examination. However, as a result of the 2020 federal NOL carryback, the 2015 to 2018 returns may still be subject to examination by the IRS. State returns that are open to examination vary by jurisdiction and are generally open three to four years. | |||
Minimum [Member] | ||||
Income Tax [Line Items] | ||||
Income tax open to examination period | 3 years | |||
Maximum [Member] | ||||
Income Tax [Line Items] | ||||
Income tax open to examination period | 4 years | |||
NOL Carryback [Member] | Minimum [Member] | IRS [Member] | ||||
Income Tax [Line Items] | ||||
Tax year audited | 2015 | |||
NOL Carryback [Member] | Maximum [Member] | IRS [Member] | ||||
Income Tax [Line Items] | ||||
Tax year audited | 2018 | |||
State [Member] | 2003 Through 2020 Tax Years [Member] | ||||
Income Tax [Line Items] | ||||
Net operating loss carryforwards | $ 61,000 | |||
Operating loss carryforwards, originated tax years | 2003 through 2020 | |||
Net operating loss carryforwards, expiration year | 2032 | |||
Operating loss carryforwards valuation allowance | $ 61,000 | |||
Deferred tax assets valuation allowance | $ 3,600 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Taxes computed at statutory rate, amount | $ 138,431 | $ 119,292 | $ (26,196) | |
State income taxes, net of federal income tax benefit, amount | 13,272 | 9,048 | (1,269) | |
Tax-exempt interest, amount | (8,612) | (9,100) | (10,444) | |
Life insurance contracts, amount | (1,812) | (2,653) | (4,857) | |
Tax credits, amount | (8,039) | (7,889) | (8,072) | |
Employee share-based compensation, amount | (2,084) | (1,671) | 1,351 | |
FDIC assessment disallowance, amount | 1,836 | 1,609 | 2,094 | |
Net operating loss carryback under CARES act, amount | 238 | (4,948) | (30,167) | |
Other, net, amount | 1,877 | 1,153 | (2,011) | |
Total expense (benefit) included in net income | $ 135,107 | $ 104,841 | $ (79,571) | |
Taxes computed at statutory rate | 21% | 21% | 21% | 35% |
State income taxes, net of federal income tax benefit | 2% | 1.60% | 1% | |
Tax-exempt interest | (1.30%) | (1.60%) | 8.40% | |
Life insurance contracts | (0.30%) | (0.50%) | 3.90% | |
Tax credits | (1.20%) | (1.40%) | 6.50% | |
Employee share-based compensation | (0.30%) | (0.30%) | (1.10%) | |
FDIC assessment disallowance | 0.30% | 0.30% | (1.70%) | |
Net operating loss carryback under CARES act | (0.90%) | 24.20% | ||
Other, net | 0.30% | 0.30% | 1.60% | |
Income tax expense | 20.50% | 18.50% | 63.80% |
Earnings (Loss) Per Share (Comp
Earnings (Loss) Per Share (Computation of Earnings (Loss) Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Net income (loss) to common shareholders | $ 524,089 | $ 463,215 | $ (45,174) |
Net income or dividends allocated to participating securities - basic and diluted | 7,620 | 9,134 | 1,756 |
Net income (loss) allocated to common shareholders - basic and diluted | $ 516,469 | $ 454,081 | $ (46,930) |
Weighted-average common shares - basic | 86,068 | 86,823 | 86,533 |
Dilutive potential common shares | 326 | 204 | |
Weighted average common shares - diluted | 86,394 | 87,027 | 86,533 |
Earnings (loss) per common share: Basic | $ 6 | $ 5.23 | $ (0.54) |
Earnings (loss) per common share: Diluted | $ 5.98 | $ 5.22 | $ (0.54) |
Earnings (Loss) Per Share (Narr
Earnings (Loss) Per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Weighted-average anti-dilutive potential common shares | 3,116 | 1,079 | 0 |
Retirement Benefit Plans (Narra
Retirement Benefit Plans (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) Participant | Dec. 31, 2020 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Newly eligible associates initial savings rate | 3% | ||
Eligible participants under VERIP | Participant | 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] | 2% Of Contribution [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Matching percentage | 2% | ||
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% | ||
Whitney 401K Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | $ 17,300,000 | $ 16,600,000 | $ 17,400,000 |
Minimum age for increase in per capita cost of health care benefit | 55 years | ||
Years of credited service reaching 55 years of age | 10 years | ||
Hancock Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum age for increase in per capita cost of health care benefit | 55 years | ||
Years of credited service reaching 55 years of age | 10 years | ||
Increase (decrease) in pre- and post-Medicare age health costs rate | 6.50% | ||
Period of assumed health rate decline | 3 years | ||
Decrease in ultimate rate over a period of time | 5.20% | ||
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributed to pension plan | $ 0 | 0 | |
Employer contributions | 1,150,000 | 1,181,000 | |
Funded status at end of year-net asset (liability) | 204,789,000 | $ 213,051,000 | |
Excess of plan assets over the benefit obligation | 216,800,000 | ||
Unfunded benefit obligation | $ 12,000,000 |
Retirement Benefit Plans (Chang
Retirement Benefit Plans (Changes in Benefit Obligations and Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | $ 646,832 | $ 660,309 | |
Service cost | 11,438 | 11,616 | $ 12,898 |
Interest cost | $ 14,639 | $ 13,476 | $ 16,207 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense |
Net actuarial gain | $ (152,009) | $ (16,000) | |
Special termination benefits | 16,052 | ||
Benefits paid | (25,154) | (38,621) | |
Benefit obligation, end of year | 495,746 | 646,832 | $ 660,309 |
Fair value of plan assets at beginning of year | 859,883 | 815,304 | |
Actual return on plan assets | (133,843) | 83,939 | |
Employer contributions | 1,150 | 1,181 | |
Benefit payments | (25,154) | (38,621) | |
Expenses | (1,501) | (1,920) | |
Fair value of plan assets, end of year | 700,535 | 859,883 | 815,304 |
Funded status at end of year - net asset (liability) | 204,789 | 213,051 | |
Unrecognized loss (gain) at beginning of year | 108,121 | 164,770 | |
Net actuarial loss (gain) | 27,122 | (56,649) | |
Unrecognized loss (gain) at end of year | 135,243 | 108,121 | 164,770 |
Accumulated benefit obligation | 472,843 | 607,408 | |
Other Post-Retirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 20,282 | 18,330 | |
Service cost | 59 | 93 | 105 |
Interest cost | $ 375 | $ 348 | $ 484 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense |
Plan participants' contributions | $ 794 | $ 778 | |
Net actuarial gain | (5,906) | (1,506) | |
Special termination benefits | 4,173 | ||
Benefits paid | (1,808) | (1,934) | |
Benefit obligation, end of year | 13,796 | 20,282 | $ 18,330 |
Employer contributions | 1,015 | 1,156 | |
Plan participants' contributions | 793 | 778 | |
Benefit payments | (1,808) | (1,934) | |
Funded status at end of year - net asset (liability) | (13,796) | (20,282) | |
Unrecognized loss (gain) at beginning of year | (3,581) | (2,804) | |
Net actuarial loss (gain) | (5,256) | (777) | |
Unrecognized loss (gain) at end of year | $ (8,837) | $ (3,581) | $ (2,804) |
Retirement Benefit Plans (Compo
Retirement Benefit Plans (Components of Net Periodic (Benefits) Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Total recognized in other comprehensive income | $ 24,139 | $ 6,735 | $ (37,451) |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 11,438 | 11,616 | 12,898 |
Interest cost | $ 14,639 | $ 13,476 | $ 16,207 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense |
Expected return on plan assets | $ (46,615) | $ (46,654) | $ (48,191) |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense |
Special termination benefits | $ 16,052 | ||
Amortization of net (gain) loss/ prior service cost | $ 2,830 | $ 5,284 | $ 7,021 |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense |
Net periodic (benefit) cost | $ (17,708) | $ (226) | $ (12,065) |
Net (loss) gain recognized during the year | (2,830) | (5,284) | (7,021) |
Net actuarial loss (gain) | 29,952 | (51,365) | 35,539 |
Total recognized in other comprehensive income | 27,122 | (56,649) | 28,518 |
Total recognized in net periodic benefit cost and other comprehensive income | $ 9,414 | $ (56,875) | $ 16,453 |
Discount rate for benefit obligations | 5% | 2.77% | 2.40% |
Discount rate for net periodic benefit cost | 2.77% | 2.40% | 3.14% |
Expected long-term return on plan assets | 5.50% | 5.75% | 6.50% |
Pension Benefits [Member] | Graded Scale, 7.25% At Age 20 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 7.25% | 7.25% | 7.25% |
Pension Benefits [Member] | Graded Scale, 2.25% At Age 60 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 2.25% | 2.25% | 2.25% |
Pension Benefits [Member] | Graded Scale, 2.25% At Age 65 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 2.25% | 2.25% | 2.25% |
Other Post-Retirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 59 | $ 93 | $ 105 |
Interest cost | $ 375 | $ 348 | $ 484 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense |
Special termination benefits | $ 4,173 | ||
Amortization of net (gain) loss/ prior service cost | $ (650) | $ (729) | $ (653) |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense |
Net periodic (benefit) cost | $ (216) | $ 3,885 | $ (64) |
Net (loss) gain recognized during the year | 650 | 729 | 653 |
Net actuarial loss (gain) | (5,906) | (1,506) | 1,912 |
Total recognized in other comprehensive income | (5,256) | (777) | 2,565 |
Total recognized in net periodic benefit cost and other comprehensive income | $ (5,472) | $ 3,108 | $ 2,501 |
Discount rate for benefit obligations | 4.98% | 2.32% | 2.31% |
Discount rate for net periodic benefit cost | 2.32% | 2.31% | 3.11% |
Retirement Benefit Plans (Expec
Retirement Benefit Plans (Expected Plan Benefit Payments) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | $ 28,392 |
2024 | 29,157 |
2025 | 30,270 |
2026 | 31,409 |
2027 | 32,724 |
2028-2032 | 177,861 |
Total | 329,813 |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 26,901 |
2024 | 27,878 |
2025 | 29,187 |
2026 | 30,524 |
2027 | 31,824 |
2028-2032 | 173,696 |
Total | 320,010 |
Other Post-Retirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 1,491 |
2024 | 1,279 |
2025 | 1,083 |
2026 | 885 |
2027 | 900 |
2028-2032 | 4,165 |
Total | $ 9,803 |
Retirement Benefit Plans (Fair
Retirement Benefit Plans (Fair Values of Pension Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Total Assets including Common Trust Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 700,535 | $ 859,883 |
Level 1 [Member] | Total Assets including Common Trust Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 200,500 | 455,917 |
Level 2 [Member] | Total Assets including Common Trust Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 31,268 | 40,254 |
Pension Benefits [Member] | Cash And Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 9,050 | 21,280 |
Pension Benefits [Member] | Total Cash and Cash-Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 9,050 | 21,280 |
Pension Benefits [Member] | Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 60,845 | 69,941 |
Pension Benefits [Member] | Mutual Fund-Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 344 | 20,428 |
Pension Benefits [Member] | Exchange Traded Fund (ETF)-Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 5,087 | 4,049 |
Pension Benefits [Member] | Total Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 66,276 | 94,418 |
Pension Benefits [Member] | Domestic And Foreign Stock [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 50,956 | 109,610 |
Pension Benefits [Member] | Mutual Funds-Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 105,486 | 270,863 |
Pension Benefits [Member] | Total Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 156,442 | 380,473 |
Pension Benefits [Member] | Total Real Assets At Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 231,768 | 496,171 |
Pension Benefits [Member] | Common Trust Fund (Fixed Income) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 410,280 | 294,112 |
Pension Benefits [Member] | Common Trust Fund (Real Assets) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 58,487 | 69,600 |
Pension Benefits [Member] | Level 1 [Member] | Cash And Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 9,050 | 21,280 |
Pension Benefits [Member] | Level 1 [Member] | Total Cash and Cash-Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 9,050 | 21,280 |
Pension Benefits [Member] | Level 1 [Member] | Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 29,577 | 29,687 |
Pension Benefits [Member] | Level 1 [Member] | Mutual Fund-Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 344 | 20,428 |
Pension Benefits [Member] | Level 1 [Member] | Exchange Traded Fund (ETF)-Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 5,087 | 4,049 |
Pension Benefits [Member] | Level 1 [Member] | Total Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 35,008 | 54,164 |
Pension Benefits [Member] | Level 1 [Member] | Domestic And Foreign Stock [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 50,956 | 109,610 |
Pension Benefits [Member] | Level 1 [Member] | Mutual Funds-Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 105,486 | 270,863 |
Pension Benefits [Member] | Level 1 [Member] | Total Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 156,442 | 380,473 |
Pension Benefits [Member] | Level 1 [Member] | Total Real Assets At Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 200,500 | 455,917 |
Pension Benefits [Member] | Level 2 [Member] | Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 31,268 | 40,254 |
Pension Benefits [Member] | Level 2 [Member] | Total Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 31,268 | 40,254 |
Pension Benefits [Member] | Level 2 [Member] | Total Real Assets At Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 31,268 | $ 40,254 |
Retirement Benefit Plans (Perce
Retirement Benefit Plans (Percentage and Target Allocations) (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 100% | 100% |
Cash And Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 1% | 3% |
Cash And Equivalents [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0% | 0% |
Cash And Equivalents [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 5% | 5% |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 68% | 45% |
Fixed Income Securities [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 62% | 41% |
Fixed Income Securities [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 84% | 47% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 22% | 44% |
Equity Securities [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 16% | 35% |
Equity Securities [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 22% | 51% |
Real Assets Fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 9% | 8% |
Real Assets Fund [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 4% | 0% |
Real Assets Fund [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 10% | 12% |
Share-Based Payment Arrangeme_3
Share-Based Payment Arrangements (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Entity $ / shares shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense recognized | $ | $ 23,500,000 | $ 22,400,000 | $ 21,100,000 |
Recognized tax benefit related to share-based compensation | $ | $ 7,000,000 | 9,900,000 | $ 4,900,000 |
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 | 200,000 | |
Options [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average remaining contractual term | 1 year | ||
Restricted and Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation expense | $ | $ 45,000,000 | ||
Weighted-average period | 2 years 9 months 18 days | ||
Fair value of shares vested | $ | $ 16,900,000 | $ 18,700,000 | |
Shares granted | 562,806 | ||
Grant date fair value per share | $ / shares | $ 52.24 | ||
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 | 444,490 | ||
2020 Long Term Incentive Plan [Member] | Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate awards authorized for grant | 3,900,000 | ||
Maximum number of shares which may be granted to participant | 250,000 | ||
Shares available for future issuance | 2,600,000 | ||
2020 Long Term Incentive Plan [Member] | Options [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate awards authorized for grant | 1,000,000 | ||
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 |
Share-Based Payment Arrangeme_4
Share-Based Payment Arrangements (Summary of Nonvested Restricted and Performance Shares) (Details) - Restricted and Performance Shares [Member] | 12 Months Ended |
Dec. 31, 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 | 562,806 |
Number of Shares, Vested | shares | (465,912) |
Number of Shares, Cancelled/Forfeited | shares | (118,464) |
Number of Shares, Nonvested at Ending | shares | 1,431,515 |
Weighted Average Grant Date Fair Value, Nonvested at Beginning | $ / shares | $ 34.58 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 52.24 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 36.06 |
Weighted Average Grant Date Fair Value, Cancelled/Forfeited | $ / shares | 35.65 |
Weighted Average Grant Date Fair Value, Nonvested at Ending | $ / shares | $ 40.95 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments And Contingencies Disclosure [Abstract] | ||||
Reserve for unfunded lending commitments | $ 33,309 | $ 29,334 | $ 29,907 | $ 3,974 |
Commitments and Contingencies_3
Commitments and Contingencies (Off-Balance Sheet Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments to Extend Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Contract amounts | $ 10,202,464 | $ 9,444,803 |
Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Contract amounts | $ 400,505 | $ 396,956 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | $ 110,734 | $ 6,908 | ||
Derivative liabilities | 32,601 | 22,244 | ||
Total recurring fair value measurements - liabilities | 1,900 | 4,100 | ||
Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale debt securities | 5,556,041 | 6,986,698 | ||
Mortgage loans held for sale | 10,843 | 41,022 | ||
Derivative assets | 109,497 | [1] | 75,867 | [2] |
Total fair value measurements | 5,676,381 | 7,103,587 | ||
Derivative liabilities | 204,121 | [1] | 35,046 | [2] |
Total recurring fair value measurements - liabilities | 204,121 | 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 | 110,865 | 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 | 203,092 | 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 | 21,080 | 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 | 2,256,986 | 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 | 2,893,430 | 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 | 70,588 | 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 | 5,556,041 | 6,986,698 | ||
Mortgage loans held for sale | 10,843 | 41,022 | ||
Derivative assets | 109,497 | [1] | 75,867 | [2] |
Total fair value measurements | 5,676,381 | 7,103,587 | ||
Derivative liabilities | 202,238 | [1] | 30,930 | [2] |
Total recurring fair value measurements - liabilities | 202,238 | 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 | 110,865 | 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 | 203,092 | 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 | 21,080 | 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 | 2,256,986 | 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 | 2,893,430 | 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 | 70,588 | 120,883 | ||
Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liabilities | 1,883 | [1] | 4,116 | [2] |
Total recurring fair value measurements - liabilities | $ 1,883 | $ 4,116 | ||
[1] (1) For further disaggregation of derivative assets and liabilities, see Note 11 – Derivatives. (1) For further disaggregation of derivative assets and liabilities, see Note 11 – Derivatives. |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - Recurring [Member] | Dec. 31, 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) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income Other | Noninterest Income Other |
Level 3 [Member] | Recurring [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 4,116 | $ 5,645 |
Cash settlement | (2,429) | (1,767) |
Losses included in earnings | 196 | 238 |
Ending balance | $ 1,883 | $ 4,116 |
Fair Value Measurements (Overvi
Fair Value Measurements (Overview of the Valuation Techniques and Significant Unobservable Inputs) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Values, Liabilities | $ 32,601 | $ 22,244 | ||
Recurring [Member] | ||||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Values, Liabilities | 204,121 | [1] | 35,046 | [2] |
Recurring [Member] | Level 3 [Member] | ||||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Values, Liabilities | 1,883 | [1] | 4,116 | [2] |
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 | $ 1,883 | $ 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 | 12 months | 24 months | ||
Recurring [Member] | Level 3 [Member] | Measurement Input, VISA Class A Appreciation [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Values Utilized | 0.09 | 0.09 | ||
Recurring [Member] | Level 3 [Member] | Measurement Input, VISA Class A Appreciation [Member] | Valuation Technique, Discounted Cash Flow [Member] | Minimum [Member] | ||||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Values Utilized | 0.06 | 0.06 | ||
Recurring [Member] | Level 3 [Member] | Measurement Input, VISA Class A Appreciation [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | ||||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Values Utilized | 0.12 | 0.12 | ||
Recurring [Member] | Level 3 [Member] | Measurement Input, Conversion Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Values Utilized | 1.6030 | 1.6091 | ||
Recurring [Member] | Level 3 [Member] | Measurement Input, Conversion Rate [Member] | Valuation Technique, Discounted Cash Flow [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] | Measurement Input, Conversion Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | ||||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Values Utilized | (1.60) | 1.60 | ||
[1] (1) For further disaggregation of derivative assets and liabilities, see Note 11 – Derivatives. (1) For further disaggregation of derivative assets and liabilities, see Note 11 – 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 | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent impaired loans | $ 4,692 | $ 13,253 |
Other real estate owned and foreclosed assets | 2,017 | 7,533 |
Total fair value measurements | 6,709 | 20,786 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent impaired loans | 4,692 | 13,253 |
Total fair value measurements | 4,692 | 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 | 2,017 | 7,533 |
Total fair value measurements | $ 2,017 | $ 7,533 |
Fair Value Measurements (Estima
Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Held to maturity securities | $ 2,852,495 | $ 1,565,751 |
Loans held for sale | 10,843 | 41,022 |
Derivative financial instruments | 110,734 | 6,908 |
Derivative Liability | 32,601 | 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 | 888,519 | 4,231,836 |
Available for sale securities | 5,556,041 | 6,986,698 |
Held to maturity securities | 2,615,398 | 1,631,482 |
Loans, net | 22,137,375 | 20,733,821 |
Loans held for sale | 26,385 | 93,069 |
Derivative financial instruments | 109,497 | 75,867 |
Deposits | 29,041,635 | 30,432,646 |
Federal funds purchased | 1,850 | 1,850 |
Securities sold under agreements to repurchase | 444,421 | 563,211 |
Short-term FHLB Borrowings | 1,425,000 | 1,119,026 |
Long-term debt | 200,060 | 253,677 |
Derivative Liability | 204,121 | 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 | 888,519 | 4,231,836 |
Federal funds purchased | 1,850 | 1,850 |
Securities sold under agreements to repurchase | 444,421 | 563,211 |
Short-term FHLB Borrowings | 1,425,000 | |
Total Fair Value [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Available for sale securities | 5,556,041 | 6,986,698 |
Held to maturity securities | 2,615,398 | 1,631,482 |
Loans, net | 4,692 | 13,253 |
Loans held for sale | 26,385 | 93,069 |
Derivative financial instruments | 109,497 | 75,867 |
Short-term FHLB Borrowings | 1,119,026 | |
Long-term debt | 200,060 | 253,677 |
Derivative Liability | 202,238 | 30,930 |
Total Fair Value [Member] | Level 3 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Loans, net | 22,132,683 | 20,720,568 |
Deposits | 29,041,635 | 30,432,646 |
Derivative Liability | 1,883 | 4,116 |
Carrying Amount [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, interest-bearing bank deposits, and federal funds sold | 888,519 | 4,231,836 |
Available for sale securities | 5,556,041 | 6,986,698 |
Held to maturity securities | 2,852,495 | 1,565,751 |
Loans, net | 22,806,257 | 20,792,217 |
Loans held for sale | 26,385 | 93,069 |
Derivative financial instruments | 109,497 | 75,867 |
Deposits | 29,070,349 | 30,465,897 |
Federal funds purchased | 1,850 | 1,850 |
Securities sold under agreements to repurchase | 444,421 | 563,211 |
Short-term FHLB Borrowings | 1,425,000 | 1,100,000 |
Long-term debt | 242,077 | 244,220 |
Derivative Liability | $ 204,121 | $ 35,046 |
Condensed Parent Company Info_3
Condensed Parent Company Information (Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Total assets | $ 35,183,825 | $ 36,531,205 | ||
Long term debt | 242,077 | 244,220 | ||
Other liabilities | 531,143 | 341,059 | ||
Stockholders' equity | 3,342,628 | 3,670,352 | $ 3,439,025 | $ 3,467,685 |
Total liabilities and stockholders' equity | 35,183,825 | 36,531,205 | ||
Hancock Whitney Corporation [Member] | ||||
Cash | 127,184 | 90,277 | ||
Investment in bank subsidiaries | 3,342,743 | 3,706,046 | ||
Investment in non-bank subsidiaries | 25,634 | 24,726 | ||
Due from subsidiaries and other assets | 14,939 | 17,323 | ||
Total assets | 3,510,500 | 3,838,372 | ||
Long term debt | 166,816 | 166,664 | ||
Other liabilities | 1,056 | 1,356 | ||
Stockholders' equity | 3,342,628 | 3,670,352 | ||
Total liabilities and stockholders' equity | $ 3,510,500 | $ 3,838,372 |
Condensed Parent Company Info_4
Condensed Parent Company Information (Condensed Statements of Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income tax benefit | $ 135,107 | $ 104,841 | $ (79,571) |
Net income (loss) | 524,089 | 463,215 | (45,174) |
Other comprehensive income (loss) | (718,247) | (134,004) | 134,793 |
Comprehensive income (loss) | (194,158) | 329,211 | 89,619 |
Hancock Whitney Corporation [Member] | |||
Cash dividends received from bank subsidiaries | 180,000 | 150,000 | 70,000 |
Cash dividend from nonbank subsidiary | 2,500 | 5,000 | |
Equity in earnings (loss) of subsidiaries greater than dividends received | 355,853 | 327,950 | (101,406) |
Total operating income | 538,353 | 482,950 | (31,406) |
Other expense, net | 17,708 | 25,814 | 22,307 |
Income tax benefit | (3,444) | (6,079) | (8,539) |
Net income (loss) | 524,089 | 463,215 | (45,174) |
Other comprehensive income (loss) | (718,247) | (134,004) | 134,793 |
Comprehensive income (loss) | $ (194,158) | $ 329,211 | $ 89,619 |
Condensed Parent Company Info_5
Condensed Parent Company Information (Condensed Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net cash provided by operating activities | $ 842,021 | $ 585,690 | $ 355,191 |
Net cash provided by (used in) investing activities | 662,358 | (3,224,584) | (3,177,472) |
Proceeds from issuance of long term debt | 5,629 | 22,388 | 166,425 |
Repayment of long term debt | (480) | (153,444) | (308) |
Dividends paid to stockholders | (94,458) | (95,927) | (95,605) |
Other repurchases of common stock | (58,892) | (21,796) | (12,716) |
Proceeds from dividend reinvestment and other incentive plans | 3,577 | 3,872 | 4,164 |
Payroll tax remitted on net share settlement of equity awards | (7,386) | (7,364) | (4,530) |
Net cash provided by (used in) financing activities | (1,341,121) | 2,513,789 | 2,916,483 |
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS | 163,258 | (125,105) | 94,202 |
CASH AND DUE FROM BANKS, BEGINNING | 401,201 | 526,306 | 432,104 |
CASH AND DUE FROM BANKS, ENDING | 564,459 | 401,201 | 526,306 |
Hancock Whitney Corporation [Member] | |||
Cash flows from operating activities - principally dividends received from subsidiaries | 192,816 | 160,887 | 71,067 |
Net cash provided by operating activities | 192,816 | 160,887 | 71,067 |
Proceeds from sale of premises and equipment | 855 | ||
Net cash provided by (used in) investing activities | 855 | ||
Proceeds from issuance of long term debt | 166,425 | ||
Repayment of long term debt | (150,000) | ||
Dividends paid to stockholders | (94,458) | (95,927) | (95,605) |
Other repurchases of common stock | (58,892) | (21,796) | (12,716) |
Proceeds from dividend reinvestment and other incentive plans | 3,972 | 4,482 | 5,301 |
Payroll tax remitted on net share settlement of equity awards | 7,386 | 7,364 | (4,530) |
Cash received under accelerated share repurchase agreement | 12,110 | ||
Net cash provided by (used in) financing activities | (156,764) | (270,605) | 70,985 |
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS | 36,907 | (109,718) | 142,052 |
CASH AND DUE FROM BANKS, BEGINNING | 90,277 | 199,995 | 57,943 |
CASH AND DUE FROM BANKS, ENDING | $ 127,184 | $ 90,277 | $ 199,995 |