Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Document Information [Line Items] | ||
Entity Registrant Name | HANCOCK WHITNEY CORPORATION | |
Entity Filer Category | Large Accelerated Filer | |
Entity Central Index Key | 0000750577 | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Fiscal Period Focus | Q2 | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity File Number | 001-36872 | |
Entity Tax Identification Number | 64-0693170 | |
Entity Address, Address Line One | Hancock Whitney Plaza | |
Entity Address, Address Line Two | 2510 14th Street | |
Entity Address, City or Town | Gulfport | |
Entity Address, State or Province | MS | |
Entity Address, Postal Zip Code | 39501 | |
City Area Code | 228 | |
Local Phone Number | 868-4000 | |
Entity Common Stock, Shares Outstanding | 86,125,500 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | MS | |
Common Stock, Par Value $3.33 Per Share [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common stock, par value $3.33 per share | |
Trading Symbol | HWC | |
Security Exchange Name | NASDAQ | |
6.25% Subordinated Notes [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 6.25% Subordinated Notes | |
Trading Symbol | HWCPZ | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 563,736 | $ 564,459 |
Interest-bearing bank deposits | 673,650 | 323,332 |
Federal funds sold | 513 | 728 |
Securities available for sale, at fair value (amortized cost of $6,151,183 and $6,310,214) | 5,414,689 | 5,556,041 |
Securities held to maturity (fair value of $2,540,256 and $2,615,398 ) | 2,780,990 | 2,852,495 |
Loans held for sale (includes $24,163 and $10,843 measured at fair value) | 55,902 | 26,385 |
Loans | 23,789,886 | 23,114,046 |
Less: allowance for loan losses | (314,496) | (307,789) |
Loans, net | 23,475,390 | 22,806,257 |
Property and equipment, net of accumulated depreciation of $310,257 and $303,451 | 326,534 | 328,605 |
Right of use assets, net of accumulated amortization of $49,510 and $44,901 | 106,399 | 96,884 |
Prepaid expenses | 58,762 | 44,632 |
Other real estate and foreclosed assets, net | 2,174 | 2,017 |
Accrued interest receivable | 141,442 | 131,849 |
Goodwill | 855,453 | 855,453 |
Other intangible assets, net | 50,122 | 56,193 |
Life insurance contracts | 740,626 | 729,774 |
Funded pension assets, net | 216,149 | 216,818 |
Deferred tax asset, net | 200,910 | 211,418 |
Other assets | 546,707 | 380,485 |
Total assets | 36,210,148 | 35,183,825 |
Deposits | ||
Noninterest-bearing | 12,171,817 | 13,645,113 |
Interest-bearing | 17,871,684 | 15,425,236 |
Total deposits | 30,043,501 | 29,070,349 |
Short-term borrowings | 1,629,538 | 1,871,271 |
Long-term debt | 236,241 | 242,077 |
Accrued interest payable | 35,639 | 9,935 |
Lease liabilities | 125,750 | 116,422 |
Other liabilities | 585,003 | 531,143 |
Total liabilities | 32,655,672 | 31,841,197 |
Stockholders' equity: | ||
Common stock | 309,513 | 309,513 |
Capital surplus | 1,727,745 | 1,716,884 |
Retained earnings | 2,280,004 | 2,088,413 |
Accumulated other comprehensive loss, net | (762,786) | (772,182) |
Total stockholders' equity | 3,554,476 | 3,342,628 |
Total liabilities and stockholders' equity | $ 36,210,148 | $ 35,183,825 |
Preferred shares authorized (par value of $20.00 per share) | 50,000,000 | 50,000,000 |
Common shares authorized (par value of $3.33 per share) | 350,000,000 | 350,000,000 |
Common shares issued | 92,947,000 | 92,947,000 |
Common shares outstanding | 86,123,000 | 85,941,000 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Securities available for sale, amortized cost | $ 6,151,183 | $ 6,310,214 |
Securities held to maturity, fair value | 2,540,256 | 2,615,398 |
Loans held-for-sale, fair value | 24,163 | 10,843 |
Property and equipment, accumulated depreciation | 310,257 | 303,451 |
Right of use assets, accumulated amortization | $ 49,510 | $ 44,901 |
Preferred stock, par value per share | $ 20 | $ 20 |
Common stock, par value per share | $ 3.33 | $ 3.33 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest income: | ||||
Loans, including fees | $ 341,456 | $ 207,163 | $ 656,057 | $ 399,913 |
Loans held for sale | 365 | 443 | 660 | 1,134 |
Securities-taxable | 47,501 | 39,015 | 95,147 | 76,179 |
Securities-tax exempt | 4,728 | 4,718 | 9,449 | 9,373 |
Short-term investments | 11,223 | 3,525 | 16,563 | 5,051 |
Total interest income | 405,273 | 254,864 | 777,876 | 491,650 |
Interest expense: | ||||
Deposits | 102,535 | 5,051 | 166,986 | 8,829 |
Short-term borrowings | 25,733 | 959 | 45,796 | 2,378 |
Long-term debt | 3,094 | 3,122 | 6,189 | 6,248 |
Total interest expense | 131,362 | 9,132 | 218,971 | 17,455 |
Net interest income | 273,911 | 245,732 | 558,905 | 474,195 |
Provision for credit losses | 7,633 | (9,761) | 13,653 | (32,288) |
Net interest income after provision for credit losses | 266,278 | 255,493 | 545,252 | 506,483 |
Noninterest income: | ||||
Securities transactions, net | (87) | |||
Other income | 12,819 | 14,988 | 24,037 | 29,985 |
Total noninterest income | 83,225 | 85,653 | 163,555 | 169,085 |
Noninterest expense: | ||||
Compensation expense | 94,121 | 94,155 | 186,524 | 180,148 |
Employee benefits | 20,743 | 21,015 | 43,663 | 42,418 |
Personnel expense | 114,864 | 115,170 | 230,187 | 222,566 |
Net occupancy expense | 12,707 | 12,225 | 24,913 | 23,905 |
Equipment expense | 5,043 | 4,703 | 9,779 | 9,570 |
Data processing expense | 29,562 | 26,169 | 57,744 | 50,408 |
Professional services expense | 8,915 | 8,423 | 18,046 | 16,216 |
Amortization of intangible assets | 2,957 | 3,586 | 6,071 | 7,334 |
Deposit insurance and regulatory fees | 6,463 | 3,503 | 12,383 | 7,243 |
Other real estate and foreclosed assets expense (income), net | (282) | (88) | (127) | (1,852) |
Other expense | 21,909 | 13,406 | 44,026 | 31,646 |
Total noninterest expense | 202,138 | 187,097 | 403,022 | 367,036 |
Income before income taxes | 147,365 | 154,049 | 305,785 | 308,532 |
Income taxes expense | 29,571 | 32,614 | 61,524 | 63,619 |
Net income | $ 117,794 | $ 121,435 | $ 244,261 | $ 244,913 |
Earnings per common share-basic | $ 1.35 | $ 1.39 | $ 2.81 | $ 2.79 |
Earnings per common share-diluted | 1.35 | 1.38 | 2.80 | 2.78 |
Dividends paid per share | $ 0.30 | $ 0.27 | $ 0.60 | $ 0.54 |
Weighted average shares outstanding-basic | 86,096 | 86,067 | 86,057 | 86,362 |
Weighted average shares outstanding-diluted | 86,370 | 86,354 | 86,350 | 86,654 |
Service charges on deposit accounts | ||||
Noninterest income: | ||||
Service charges on deposit accounts | $ 21,491 | $ 20,495 | $ 42,113 | $ 42,169 |
Trust fees | ||||
Noninterest income: | ||||
Service charges on deposit accounts | 17,393 | 17,309 | 34,127 | 32,588 |
Bank card and ATM fees | ||||
Noninterest income: | ||||
Service charges on deposit accounts | 20,982 | 21,870 | 41,703 | 42,266 |
Investment and annuity fees and insurance commissions | ||||
Noninterest income: | ||||
Service charges on deposit accounts | 8,241 | 8,001 | 17,108 | 15,428 |
Secondary mortgage market operations | ||||
Noninterest income: | ||||
Service charges on deposit accounts | $ 2,299 | $ 2,990 | $ 4,467 | $ 6,736 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 117,794 | $ 121,435 | $ 244,261 | $ 244,913 |
Other comprehensive income (loss) before income taxes: | ||||
Net change in unrealized loss on securities available for sale cash flow hedges and equity method investment | (103,503) | (203,551) | (2,559) | (594,455) |
Reclassification of (income) or loss realized and included in earnings | 11,245 | (5,570) | 20,765 | (9,408) |
Other valuation adjustments to employee benefit plans | (5,685) | (7,987) | (7,521) | (7,987) |
Amortization of unrealized net loss on securities transferred to held to maturity | 428 | 266 | 922 | 527 |
Other comprehensive income (loss) before income taxes | (97,515) | (216,842) | 11,607 | (611,323) |
Income tax expense (benefit) | (22,194) | (48,941) | 2,211 | (138,081) |
Other comprehensive income (loss) net of income taxes | (75,321) | (167,901) | 9,396 | (473,242) |
Comprehensive income (loss) | $ 42,473 | $ (46,466) | $ 253,657 | $ (228,329) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
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 | ||||
Net income | 244,913 | 244,913 | |||
Other comprehensive income (loss) | (473,242) | (473,242) | |||
Comprehensive income (loss) | (228,329) | 244,913 | (473,242) | ||
Cash dividends declared | (47,581) | (47,581) | |||
Common stock activity, long-term incentive plans | 9,970 | 9,886 | 84 | ||
Repurchase of common stock | (56,489) | (56,489) | |||
Issuance of stock from dividend reinvestment and stock purchase plans | 1,800 | 1,800 | |||
Balance at Jun. 30, 2022 | 3,349,723 | $ 309,513 | 1,710,898 | 1,856,489 | (527,177) |
Balance, Shares Issued at Jun. 30, 2022 | 92,947 | ||||
Balance at Mar. 31, 2022 | 3,450,951 | $ 309,513 | 1,742,021 | 1,758,693 | (359,276) |
Balance, Shares Issued at Mar. 31, 2022 | 92,947 | ||||
Net income | 121,435 | 121,435 | |||
Other comprehensive income (loss) | (167,901) | (167,901) | |||
Comprehensive income (loss) | (46,466) | 121,435 | (167,901) | ||
Cash dividends declared | (23,672) | (23,672) | |||
Common stock activity, long-term incentive plans | 5,990 | 5,957 | 33 | ||
Repurchase of common stock | (37,999) | (37,999) | |||
Issuance of stock from dividend reinvestment and stock purchase plans | 919 | 919 | |||
Balance at Jun. 30, 2022 | 3,349,723 | $ 309,513 | 1,710,898 | 1,856,489 | (527,177) |
Balance, Shares Issued at Jun. 30, 2022 | 92,947 | ||||
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 | |||
Net income | $ 244,261 | 244,261 | |||
Other comprehensive income (loss) | 9,396 | 9,396 | |||
Comprehensive income (loss) | 253,657 | 244,261 | 9,396 | ||
Dividends declared | (52,779) | (52,779) | |||
Common stock activity, long-term incentive plans | 9,036 | 8,927 | 109 | ||
Issuance of stock from dividend reinvestment and stock purchase plans | 1,934 | 1,934 | |||
Balance at Jun. 30, 2023 | $ 3,554,476 | $ 309,513 | 1,727,745 | 2,280,004 | (762,786) |
Balance, Shares Issued at Jun. 30, 2023 | 92,947 | 92,947 | |||
Balance at Mar. 31, 2023 | $ 3,531,232 | $ 309,513 | 1,720,623 | 2,188,561 | (687,465) |
Balance, Shares Issued at Mar. 31, 2023 | 92,947 | ||||
Net income | 117,794 | 117,794 | |||
Other comprehensive income (loss) | (75,321) | (75,321) | |||
Comprehensive income (loss) | 42,473 | 117,794 | (75,321) | ||
Cash dividends declared | (26,392) | (26,392) | |||
Common stock activity, long-term incentive plans | 6,164 | 6,123 | 41 | ||
Issuance of stock from dividend reinvestment and stock purchase plans | 999 | 999 | |||
Balance at Jun. 30, 2023 | $ 3,554,476 | $ 309,513 | $ 1,727,745 | $ 2,280,004 | $ (762,786) |
Balance, Shares Issued at Jun. 30, 2023 | 92,947 | 92,947 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Repurchase of common stock, shares | 804,368 | 1,154,368 | ||
Retained Earnings [Member] | ||||
Dividends declared, per common share | $ 0.3 | $ 0.27 | $ 0.60 | $ 0.54 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 244,261 | $ 244,913 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 17,514 | 14,814 |
Provision for credit losses | 13,653 | (32,288) |
Gain on other real estate and foreclosed assets | (324) | (3,276) |
Loss on sale of securities | 87 | |
Deferred tax expense | 8,450 | 11,634 |
Increase in cash surrender value of life insurance contracts | (7,466) | (920) |
Loss on disposal of assets | 651 | 539 |
Net (increase) decrease in loans held for sale | (29,454) | 43,329 |
Net amortization of securities premium/discount | 9,674 | 21,311 |
Amortization of intangible assets | 6,071 | 7,334 |
Stock-based compensation expense | 12,194 | 11,379 |
Net change in derivative collateral liability | 85,986 | 96,591 |
Net increase (decrease) in interest payable and other liabilities | 6,547 | (19,009) |
(Increase) decrease in other assets | (146,238) | 108,679 |
Other, net | (6,828) | (18,286) |
Net cash provided by operating activities | 214,691 | 486,831 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from the sale of available for sale securities | 73,219 | |
Proceeds from maturities of securities available for sale | 157,474 | 295,121 |
Purchases of securities available for sale | (383,398) | |
Proceeds from maturities of securities held to maturity | 72,365 | 77,794 |
Purchases of securities held to maturity | (6,023) | (708,439) |
Proceeds received upon termination of fair value hedge instruments | 16,550 | 49,167 |
Net (increase) decrease in short-term investments | (350,103) | 2,959,439 |
Net (purchases) redemption of Federal Home Loan Bank stock | (68,057) | 37,423 |
Proceeds from sales of loans and leases | 27,439 | 26,619 |
Net increase in loans | (718,348) | (808,525) |
Purchase of life insurance contracts | (65,000) | |
Purchases of property and equipment | (18,273) | (18,212) |
Proceeds from sales of other real estate and foreclosed assets | 1,420 | 9,378 |
Other, net | (7,594) | 4,277 |
Net cash provided by (used in) investing activities | (893,150) | 1,548,863 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase (decrease) in deposits | 973,152 | (599,465) |
Net decrease in short-term borrowings | (241,733) | (1,035,050) |
Repayments of long-term debt | (480) | |
Dividends paid | (52,350) | (47,365) |
Payroll tax remitted on net share settlement of equity awards | (3,267) | (1,799) |
Proceeds from exercise of stock options | 227 | |
Proceeds from dividend reinvestment and stock purchase plans | 1,934 | 1,800 |
Repurchase of common stock | (56,489) | |
Net cash provided by (used in) financing activities | 677,736 | (1,738,621) |
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS | (723) | 297,073 |
CASH AND DUE FROM BANKS, BEGINNING | 564,459 | 401,201 |
CASH AND DUE FROM BANKS, ENDING | 563,736 | 698,274 |
SUPPLEMENTAL INFORMATION FOR NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Assets acquired in settlement of loans | $ 1,322 | $ 118 |
Insider Trading Arrangements
Insider Trading Arrangements | 6 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The consolidated financial statements include the accounts of Hancock Whitney Corporation and all other entities in which it has a controlling interest (the “Company”). The financial statements include all adjustments that are, in the opinion of management, necessary to fairly state the Company’s financial condition, results of operations, changes in stockholders’ equity and cash flows for the interim periods presented. The Company has also evaluated all subsequent events for potential recognition and disclosure through the date of the filing of this Quarterly Report on Form 10-Q. Some financial information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been condensed or omitted in this Quarterly Report on Form 10-Q pursuant to Securities and Exchange Commission rules and regulations. These financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Financial information reported in these financial statements is not necessarily indicative of the Company’s financial condition, results of operations, or cash flows for any other interim or annual period. Certain prior period amounts have been reclassified to conform to the current period presentation. Such changes include expanding the presentation of the credit quality metrics by vintage to portfolio class from portfolio segment in Note 3 – Loans. These changes in presentation did not have a material impact on the Company's financial condition or operating results. Use of Estimates The accounting principles the Company follows and the methods for applying these principles conform to GAAP and general practices followed by the banking industry. These accounting principles require management to make estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Accounting Policies There were no material changes or developments during the reporting period with respect to methodologies that the Company uses when applying what management believes are critical accounting policies and developing critical accounting estimates as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2022. On January 1, 2023, the Company adopted Accounting Standards Update (“ASU”) 2022-02 "Financial Instruments: Credit Losses (Topic 326) - Troubled Debt Restructurings and Vintage Disclosures." The amendments in this update eliminated the recognition and measurement guidance as prescribed by Accounting Standards Codification (“ASC”) 310-40 for troubled debt restructurings (“TDRs”) and introduced new requirements for certain modifications of loans to borrowers experiencing financial difficulty (“MEFDs”). Qualifying modifications are interest rate reductions, other-than-insignificant payment delays, term extensions, or any combination of these terms. Our MEFD policy generally considers six months or less to be the time frame that is considered insignificant for payment delays and/or term extensions. Multiple payment delays and/or term extensions to borrowers experiencing financial difficulty within a twelve month period are evaluated collectively. Qualifying modified loans are subject to reporting requirements for the twelve month period following the modification. This standard was adopted on a prospective basis and therefore, only modifications on or after January 1, 2023 are evaluated and reported under the new requirements. Like TDRs, MEFDs can remain on nonaccrual, move to nonaccrual, return to accrual, or continue to accrue interest, depending on the individual facts and circumstances of the borrower. As allowed by the standard, the Company has elected to evaluate these modified loans for credit loss consistent with policies for the non-modified portfolio, which includes individually evaluating for specific reserves all nonaccrual MEFDs over our existing materiality threshold and collectively evaluating credit loss for all other MEFDs, including those that continue to accrue interest. The credit loss methodology for MEFDs is the same as described in the Allowance for Credit Losses section in the Summary of Significant Accounting Policies disclosed in the Note 1 of the 2022 Form 10-K. Refer to Note 3 – Loans for disclosures related to reportable MEFDs entered into since adoption, as well as gross charge-offs by class in our vintage disclosures, also required by this standard. Refer to Note 14 – Recent Accounting Pronouncements for further discussion of accounting standards adopted and issued but not yet adopted at June 30, 2023 and the anticipated impact to the Company’s financial statements. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Total
($ in thousands) Fair Gross Fair Gross Fair Gross
U.S. Treasury and government agency securities $ 101,949 $ 1,770 $ 7,903 $ 1,573 $ 109,852 $ 3,343
Municipal obligations 114,411 2,165 84,699 2,676 199,110 4,841
Residential mortgage-backed securities 131,220 6,308 1,989,035 374,811 2,120,255 381,119
Commercial mortgage-backed securities 275,914 16,436 2,567,305 322,989 2,843,219 339,425
Collateralized mortgage obligations — — 62,730 6,043 62,730 6,043
Corporate debt securities 1,690 310 17,633 3,367 19,323 3,677
Total $ 625,184 $ 26,989 $ 4,729,305 $ 711,459 $ 5,354,489 $ 738,448
Available for Sale
December 31, 2022 Losses < 12 months Losses 12 months or > Total
Gross Gross Gross
Fair unrealized Fair unrealized Fair unrealized
($ in thousands) value losses value losses value losses
U.S. Treasury and government agency securities $ 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
Total $ 2,475,872 $ 173,301 $ 3,007,890 $ 583,187 $ 5,483,762 $ 756,488 At each reporting period, the Company evaluates its held to maturity municipal obligation portfolio for credit loss using probability of default and loss given default models. The models were run using a long-term average probability of default migration and with a probability weighting of Moody’s economic forecasts. The resulting credit losses, if any, were negligible and no allowance for credit loss was recorded. The fair value and gross unrealized losses for securities classified as held to maturity with unrealized losses for the periods indicated follow.
Held to maturity
June 30, 2023 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 $ 63,206 $ 3,175 $ 295,332 $ 46,230 $ 358,538 $ 49,405
Municipal obligations 429,205 5,865 192,626 20,696 621,831 26,561
Residential mortgage-backed securities 215,171 12,457 407,768 59,297 622,939 71,754
Commercial mortgage-backed securities 119,234 6,908 731,825 84,305 851,059 91,213
Collateralized mortgage obligations — — 35,527 2,566 35,527 2,566
Total $ 826,816 $ 28,405 $ 1,663,078 $ 213,094 $ 2,489,894 $ 241,499
Held to maturity
December 31, 2022 Losses < 12 months Losses 12 months or > Total
Gross Gross Gross
Fair unrealized Fair unrealized Fair unrealized
($ in thousands) value losses value losses value losses
U.S. Treasury and government agency securities $ 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
Total $ 1,836,592 $ 112,063 $ 725,298 $ 125,808 $ 2,561,890 $ 237,871 As of June 30, 2023 and December 31, 2022, the Company had 769 and 757 securities, respectively, with market values below their cost basis. There were no material unrealized losses related to the marketability of the securities or the issuer’s ability to meet contractual obligations. In all cases, the indicated impairment on these debt securities would be recovered no later than the security’s maturity date or possibly earlier if the market price for the security increases with a reduction in the yield required by the market. The unrealized losses were deemed to be materially non-credit related at June 30, 2023 and December 31, 2022. The Company has adequate liquidity and, therefore, neither plans to nor expects to be required to liquidate these securities before recovery of the amortized cost basis." id="sjs-B4">2. Securities The following tables set forth the amortized cost, gross unrealized gains and losses, and estimated fair value of debt securities classified as available for sale and held to maturity at June 30, 2023 and December 31, 2022. Amortized cost of securities does not include accrued interest which is reflected in the accrued interest line item on the consolidated balance sheets totaling $ 28.7 million at June 30, 2023 and $ 29.1 million at December 31, 2022. June 30, 2023 December 31, 2022 Gross Gross Gross Gross Securities Available for Sale Amortized unrealized unrealized Fair Amortized unrealized unrealized Fair ($ in thousands) cost gains losses value cost gains losses value U.S. Treasury and government agency securities $ 113,195 $ — $ 3,343 $ 109,852 $ 113,211 $ — $ 2,346 $ 110,865 Municipal obligations 205,306 40 4,841 200,505 207,014 59 3,981 203,092 Residential mortgage-backed securities 2,507,541 141 381,119 2,126,563 2,655,381 224 398,619 2,256,986 Commercial mortgage-backed securities 3,232,868 1,773 339,425 2,895,216 3,234,278 2,032 342,880 2,893,430 Collateralized mortgage obligations 68,773 — 6,043 62,730 76,830 — 6,242 70,588 Corporate debt securities 23,500 — 3,677 19,823 23,500 — 2,420 21,080 Total $ 6,151,183 $ 1,954 $ 738,448 $ 5,414,689 $ 6,310,214 $ 2,315 $ 756,488 $ 5,556,041 June 30, 2023 December 31, 2022 Gross Gross Gross Gross Securities Held to Maturity Amortized unrealized unrealized Fair Amortized unrealized unrealized Fair ($ in thousands) cost gains losses value cost gains losses value U.S. Treasury and government agency securities $ 422,789 $ 96 $ 49,405 $ 373,480 $ 426,454 $ 21 $ 49,044 $ 377,431 Municipal obligations 683,143 669 26,561 657,251 698,908 753 26,558 673,103 Residential mortgage-backed securities 694,693 — 71,754 622,939 734,478 — 72,532 661,946 Commercial mortgage-backed securities 942,272 — 91,213 851,059 948,691 — 87,211 861,480 Collateralized mortgage obligations 38,093 — 2,566 35,527 43,964 — 2,526 41,438 Total $ 2,780,990 $ 765 $ 241,499 $ 2,540,256 $ 2,852,495 $ 774 $ 237,871 $ 2,615,398 The following tables present the amortized cost and fair value of debt securities available for sale and held to maturity at June 30, 2023 by contractual maturity. Actual maturities will differ from contractual maturities because of rights to call or repay obligations with or without penalties and scheduled and unscheduled principal payments on mortgage-backed securities and collateralized mortgage obligations. Debt Securities Available for Sale Amortized Fair ($ in thousands) cost value Due in one year or less $ 2,667 $ 2,607 Due after one year through five years 1,007,425 951,597 Due after five years through ten years 3,021,049 2,693,028 Due after ten years 2,120,042 1,767,457 Total available for sale debt securities $ 6,151,183 $ 5,414,689 Debt Securities Held to Maturity Amortized Fair ($ in thousands) cost value Due in one year or less $ 6,636 $ 6,478 Due after one year through five years 665,030 629,029 Due after five years through ten years 836,716 768,352 Due after ten years 1,272,608 1,136,397 Total held to maturity securities $ 2,780,990 $ 2,540,256 The Company held no securities classified as trading at June 30, 2023 and December 31, 2022. The following table presents the proceeds from, gross gains on, and gross losses on sales of securities during the six months ended June 30, 2023 and 2022. Net gains or losses are reflected in the "Securities transactions, net" line item on the Consolidated Statements of Income. Six Months Ended ($ in thousands) 2023 2022 Proceeds $ — $ 73,219 Gross gains — — Gross losses — 87 Net loss $ — $ ( 87 ) Securities with carrying values totaling $ 4.7 billion and $ 4.9 billion were pledged as collateral at June 30, 2023 and December 31, 2022, respectively, primarily to secure public deposits or securities sold under agreements to repurchase and as collateral for an available line of credit with the Federal Reserve Bank. 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 with a material credit loss event and, therefore, no allowance for credit loss was recorded in any period presented. The fair value and gross unrealized losses for securities classified as available for sale with unrealized losses for the periods indicated follow. Available for Sale June 30, 2023 Losses < 12 months Losses 12 months or > Total ($ in thousands) Fair Gross Fair Gross Fair Gross U.S. Treasury and government agency securities $ 101,949 $ 1,770 $ 7,903 $ 1,573 $ 109,852 $ 3,343 Municipal obligations 114,411 2,165 84,699 2,676 199,110 4,841 Residential mortgage-backed securities 131,220 6,308 1,989,035 374,811 2,120,255 381,119 Commercial mortgage-backed securities 275,914 16,436 2,567,305 322,989 2,843,219 339,425 Collateralized mortgage obligations — — 62,730 6,043 62,730 6,043 Corporate debt securities 1,690 310 17,633 3,367 19,323 3,677 Total $ 625,184 $ 26,989 $ 4,729,305 $ 711,459 $ 5,354,489 $ 738,448 Available for Sale December 31, 2022 Losses < 12 months Losses 12 months or > Total Gross Gross Gross Fair unrealized Fair unrealized Fair unrealized ($ in thousands) value losses value losses value losses U.S. Treasury and government agency securities $ 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 Total $ 2,475,872 $ 173,301 $ 3,007,890 $ 583,187 $ 5,483,762 $ 756,488 At each reporting period, the Company evaluates its held to maturity municipal obligation portfolio for credit loss using probability of default and loss given default models. The models were run using a long-term average probability of default migration and with a probability weighting of Moody’s economic forecasts. The resulting credit losses, if any, were negligible and no allowance for credit loss was recorded. The fair value and gross unrealized losses for securities classified as held to maturity with unrealized losses for the periods indicated follow. Held to maturity June 30, 2023 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 $ 63,206 $ 3,175 $ 295,332 $ 46,230 $ 358,538 $ 49,405 Municipal obligations 429,205 5,865 192,626 20,696 621,831 26,561 Residential mortgage-backed securities 215,171 12,457 407,768 59,297 622,939 71,754 Commercial mortgage-backed securities 119,234 6,908 731,825 84,305 851,059 91,213 Collateralized mortgage obligations — — 35,527 2,566 35,527 2,566 Total $ 826,816 $ 28,405 $ 1,663,078 $ 213,094 $ 2,489,894 $ 241,499 Held to maturity December 31, 2022 Losses < 12 months Losses 12 months or > Total Gross Gross Gross Fair unrealized Fair unrealized Fair unrealized ($ in thousands) value losses value losses value losses U.S. Treasury and government agency securities $ 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 Total $ 1,836,592 $ 112,063 $ 725,298 $ 125,808 $ 2,561,890 $ 237,871 As of June 30, 2023 and December 31, 2022, the Company had 769 and 757 securities, respectively, with market values below their cost basis. There were no material unrealized losses related to the marketability of the securities or the issuer’s ability to meet contractual obligations. In all cases, the indicated impairment on these debt securities would be recovered no later than the security’s maturity date or possibly earlier if the market price for the security increases with a reduction in the yield required by the market. The unrealized losses were deemed to be materially non-credit related at June 30, 2023 and December 31, 2022. The Company has adequate liquidity and, therefore, neither plans to nor expects to be required to liquidate these securities before recovery of the amortized cost basis. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | 3. Loans and Allowance for Credit Losses The Company generally makes loans in its market areas of south and central Mississippi; southern and central Alabama; northwest, central and south Louisiana; the northern, central and panhandle regions of Florida; certain areas of east and northeast Texas, including Houston, Dallas, Austin, and San Antonio; and the metropolitan areas of Nashville, Tennessee and Atlanta, Georgia. 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 $ 108.5 million and $ 100.2 million at June 30, 2023 and December 31, 2022, respectively. The following table presents loans, net of unearned income, by portfolio class at June 30, 2023 and December 31, 2022. June 30, December 31, ($ in thousands) 2023 2022 Commercial non-real estate $ 10,113,932 $ 10,146,453 Commercial real estate - owner occupied 3,058,829 3,033,058 Total commercial and industrial 13,172,761 13,179,511 Commercial real estate - income producing 3,762,428 3,560,991 Construction and land development 1,768,252 1,703,592 Residential mortgages 3,581,514 3,092,605 Consumer 1,504,931 1,577,347 Total loans $ 23,789,886 $ 23,114,046 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 real estate – owner occupied loans consist of commercial mortgages on properties where repayment is generally dependent on the cash flow from the ongoing operations and activities of the borrower. Like commercial non-real estate, these loans are primarily made based on the identified cash flows of the borrower, but also have the added strength of the value of underlying real estate collateral. Commercial real estate – income producing Commercial real estate – income producing loans consist of loans secured by commercial mortgages on properties where the loan is made to real estate developers or investors and repayment is dependent on the sale, refinance, or income generated from the operation of the property. Properties financed include retail, office, multifamily, senior housing, hotel/motel, skilled nursing facilities and other commercial properties. Construction and land development Construction and land development loans are made to facilitate the acquisition, development, improvement and construction of both commercial and residential-purpose properties. Such loans are made to builders and investors where repayment is expected to be made from the sale, refinance or operation of the property or to businesses to be used in their business operations. This portfolio also includes residential construction loans and loans secured by raw land not yet under development. Residential mortgages Residential mortgages consist of closed-end loans secured by first liens on 1- 4 family residential properties. The portfolio includes both fixed and adjustable rate loans, although most longer-term, fixed rate loans originated are sold in the secondary mortgage market. Consumer Consumer loans include second lien mortgage home loans, home equity lines of credit and nonresidential consumer purpose loans. Nonresidential consumer loans include both direct and indirect loans. Direct nonresidential consumer loans are made to finance the purchase of personal property, including automobiles, recreational vehicles and boats, and for other personal purposes (secured and unsecured), and deposit account secured loans. Indirect nonresidential consumer loans include automobile financing provided to the consumer through an agreement with automobile dealerships, though the Company is no longer engaged in this type of lending and the remaining portfolio is in runoff. Consumer loans also include a small portfolio of credit card receivables issued on the basis of applications received through referrals from the Bank’s branches, online and other marketing efforts. Allowance for Credit Losses The calculation of the allowance for credit losses is performed using two primary approaches: a collective approach for pools of loans that have similar risk characteristics using a loss rate analysis, and a specific reserve analysis for credits individually evaluated. The allowance for credit losses was developed using multiple Moody’s Analytics (“Moody’s") macroeconomic forecasts applied to internally developed credit models for a two year reasonable and supportable period. The following tables present activity in the allowance for credit losses (ACL) by portfolio class for the six months ended June 30, 2023 and 2022, as well as the corresponding recorded investment in loans at the end of each period. Commercial Total Commercial Commercial real estate- commercial real estate- Construction non-real owner and income and land Residential ($ in thousands) estate occupied industrial producing development mortgages Consumer Total Six Months Ended June 30, 2023 Allowance for credit losses Allowance for loan losses: Beginning balance $ 96,461 $ 48,284 $ 144,745 $ 71,961 $ 30,498 $ 32,464 $ 28,121 $ 307,789 Charge-offs ( 7,503 ) — ( 7,503 ) ( 73 ) ( 72 ) ( 28 ) ( 6,912 ) ( 14,588 ) Recoveries 2,694 350 3,044 10 6 480 1,953 5,493 Net provision for loan losses 4,543 ( 2,339 ) 2,204 5,243 912 3,681 3,762 15,802 Ending balance - allowance for loan losses $ 96,195 $ 46,295 $ 142,490 $ 77,141 $ 31,344 $ 36,597 $ 26,924 $ 314,496 Reserve for unfunded lending commitments: Beginning balance $ 4,984 $ 302 $ 5,286 $ 1,395 $ 25,110 $ 31 $ 1,487 $ 33,309 Provision for losses on unfunded commitments 12 27 39 28 ( 2,227 ) ( 8 ) 19 ( 2,149 ) Ending balance - reserve for unfunded lending commitments 4,996 329 5,325 1,423 22,883 23 1,506 31,160 Total allowance for credit losses $ 101,191 $ 46,624 $ 147,815 $ 78,564 $ 54,227 $ 36,620 $ 28,430 $ 345,656 Allowance for loan losses: Individually evaluated $ 7,501 $ — $ 7,501 $ — $ — $ — $ — $ 7,501 Collectively evaluated 88,694 46,295 134,989 77,141 31,344 36,597 26,924 306,995 Allowance for loan losses $ 96,195 $ 46,295 $ 142,490 $ 77,141 $ 31,344 $ 36,597 $ 26,924 $ 314,496 Reserve for unfunded lending commitments: Individually evaluated $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated 4,996 329 5,325 1,423 22,883 23 1,506 31,160 Reserve for unfunded lending commitments: $ 4,996 $ 329 $ 5,325 $ 1,423 $ 22,883 $ 23 $ 1,506 $ 31,160 Total allowance for credit losses $ 101,191 $ 46,624 $ 147,815 $ 78,564 $ 54,227 $ 36,620 $ 28,430 $ 345,656 Loans: Individually evaluated $ 35,697 $ 675 $ 36,372 $ — $ — $ 1,135 $ — $ 37,507 Collectively evaluated 10,078,235 3,058,154 13,136,389 3,762,428 1,768,252 3,580,379 1,504,931 23,752,379 Total loans $ 10,113,932 $ 3,058,829 $ 13,172,761 $ 3,762,428 $ 1,768,252 $ 3,581,514 $ 1,504,931 $ 23,789,886 In arriving at the June 30, 2023 allowance for credit losses, the Company weighted the June 2023 baseline economic forecast, which Moody’s defines as the “most likely outcome” based on current conditions and its view of where the economy is headed, with a 40 % probability. The June 2023 baseline scenario maintains a somewhat 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, though at a slower pace than previously forecasted. The baseline forecast includes sustained economic growth with forecasted annual GDP growth of 1.6 %, 1.4 % and 2.4 % in 2023, 2024 and 2025, respectively, and only a modest increase in unemployment, forecasted at 3.6 %, 4.1 % and 4.2 % for 2023, 2024 and 2025, respectively. This forecast scenario assumes the 10-year U.S. treasury rate will peak in the second quarter of 2024, to approximately 4 %. The baseline forecast also assumes the recent bank failures are not considered symptomatic of a serious broader problem and do not weaken the financial system or the economy. Management determined that assumptions provided for in the downside slower near-term growth/mild recessionary scenario (S-2) were also reasonably possible and weighted that scenario as more likely than the baseline at 60 %. The S-2 scenario assumes that interest rates remain elevated, global supply chain issues keep inflation elevated and the recent bank failures reduce consumer confidence and cause banks to tighten lending standards. This leads to a mild recession that starts in the third quarter of 2023 lasting three quarters, with the stock market contracting 22 %. The S-2 scenario includes forecasted annual GDP growth of 1.2 %, 0.3 % and 3.0 % in 2023, 2024 and 2025, respectively, and unemployment of 4.2 %, 6.1 % and 4.6 % in 2023, 2024 and 2025, respectively. While economic uncertainty continues, including the possibility of a recession in the near-term, the credit loss outlook on the loan portfolio as a whole has not changed materially since year-end. The modest increase in the allowance for the six months ended June 30, 2023 considers continued loan growth, higher individually evaluated loan reserves on our nonaccrual portfolio and a relatively stable economic outlook, with some modest shifts between portfolios and a marginally lower reserve coverage to total loans. Commercial Total Commercial Commercial real estate- commercial real estate- Construction non-real owner and income and land Residential ($ in thousands) estate occupied industrial producing development mortgages Consumer Total Six Months Ended June 30, 2022 Allowance for credit losses Allowance for loan losses: Beginning balance $ 95,888 $ 53,433 $ 149,321 $ 108,058 $ 22,102 $ 30,623 $ 31,961 $ 342,065 Charge-offs ( 3,747 ) ( 857 ) ( 4,604 ) ( 1,066 ) ( 3 ) ( 60 ) ( 5,627 ) ( 11,360 ) Recoveries 6,603 491 7,094 878 126 527 3,102 11,727 Net provision for loan losses ( 5,925 ) ( 3,452 ) ( 9,377 ) ( 24,919 ) 2,478 ( 2,506 ) 67 ( 34,257 ) Ending balance - allowance for loan losses $ 92,819 $ 49,615 $ 142,434 $ 82,951 $ 24,703 $ 28,584 $ 29,503 $ 308,175 Reserve for unfunded lending commitments: Beginning balance $ 4,522 $ 323 $ 4,845 $ 1,694 $ 21,907 $ 22 $ 866 $ 29,334 Provision for losses on unfunded commitments 51 40 91 ( 274 ) 1,598 2 552 1,969 Ending balance - reserve for unfunded lending commitments 4,573 363 4,936 1,420 23,505 24 1,418 31,303 Total allowance for credit losses $ 97,392 $ 49,978 $ 147,370 $ 84,371 $ 48,208 $ 28,608 $ 30,921 $ 339,478 Allowance for loan losses: Individually evaluated $ 76 $ 31 $ 107 $ 18 $ 19 $ 322 $ 170 $ 636 Collectively evaluated 92,743 49,584 142,327 82,933 24,684 28,262 29,333 307,539 Allowance for loan losses $ 92,819 $ 49,615 $ 142,434 $ 82,951 $ 24,703 $ 28,584 $ 29,503 $ 308,175 Reserve for unfunded lending commitments: Individually evaluated $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated 4,573 363 4,936 1,420 23,505 24 1,418 31,303 Reserve for unfunded lending commitments: $ 4,573 $ 363 $ 4,936 $ 1,420 $ 23,505 $ 24 $ 1,418 $ 31,303 Total allowance for credit losses $ 97,392 $ 49,978 $ 147,370 $ 84,371 $ 48,208 $ 28,608 $ 30,921 $ 339,478 Loans: Individually evaluated $ 1,559 $ 937 $ 2,496 $ 1,289 $ 120 $ 3,991 $ 905 $ 8,801 Collectively evaluated 9,643,533 2,963,537 12,607,070 3,639,954 1,408,607 2,611,816 1,569,820 21,837,267 Total loans $ 9,645,092 $ 2,964,474 $ 12,609,566 $ 3,641,243 $ 1,408,727 $ 2,615,807 $ 1,570,725 $ 21,846,068 The release of credit reserves across most portfolios during the six months ended June 30, 2022 reflected positive economic indicators in our market, continued improvement in our asset quality metrics, and a sustained period of minimal credit losses. In arriving at the allowance for credit losses at June 30, 2022, the Company weighted the baseline economic forecast at 25 % and the downside slower near-term growth scenario S-2 at 75 %. Nonaccrual loans and certain reportable modified loan disclosures The following table shows the composition of nonaccrual loans and those without an allowance for loan loss, by portfolio class. June 30, 2023 December 31, 2022 ($ in thousands) Total nonaccrual Nonaccrual without allowance for loan loss Total nonaccrual Nonaccrual without allowance for loan loss Commercial non-real estate $ 40,268 $ 10,256 $ 4,020 $ 941 Commercial real estate - owner occupied 2,295 675 1,461 692 Total commercial and industrial 42,563 10,931 5,481 1,633 Commercial real estate - income producing 356 — 1,240 1,174 Construction and land development 370 — 309 — Residential mortgages 27,458 1,135 25,269 1,884 Consumer 7,473 — 6,692 — Total loans $ 78,220 $ 12,066 $ 38,991 4,691 As a part of our loss mitigation efforts, we may provide modifications to borrowers experiencing financial difficulty to improve long-term collectability of the loans and to avoid the need for repossession or foreclosure of collateral. As described in Note 1 – Accounting Policy, accounting and reporting requirements changed related to such modifications effective January 1, 2023, impacting the comparability between periods of the disclosures that follow. Nonaccrual loans include reportable nonaccruing modified loans to borrowers experiencing financial difficulty (“MEFDs”) totaling $ 1.6 million at June 30, 2023 and loans modified in troubled debt restructurings (“TDRs”) totaling $ 2.6 million at December 31, 2022. Total reportable MEFDs, both accruing and nonaccruing, were $ 2.6 million at June 30, 2023 and total TDRs were $ 4.5 million at December 31, 2022. At June 30, 2023 and December 31, 2022, the Company had no unfunded commitments to borrowers whose loan terms have been modified as a reportable MEFD or TDR, respectively. The tables below provides detail by portfolio class for reportable MEFDs entered into during the three and six months ended June 30, 2023. Three Months Ended June 30, 2023 Term extension Payment delay Term extensions and payment delay ($ in thousands) Balance Percentage of portfolio Balance Percentage of portfolio Balance Percentage of portfolio Commercial non-real estate $ 900 0.01 % $ 100 0.00 % $ 907 0.01 % Commercial real estate - owner occupied — — — — 675 0.02 % Total commercial and industrial 900 0.01 % 100 0.00 % 1,582 0.01 % Commercial real estate - income producing — — — — — — Construction and land development — — — — — — Residential mortgages — — — — — — Consumer — — — — — — Total reportable modified loans $ 900 0.00 % $ 100 0.00 % $ 1,582 0.01 % Six Months Ended June 30, 2023 Term extension Payment delay Term extensions and payment delay ($ in thousands) Balance Percentage of portfolio Balance Percentage of portfolio Balance Percentage of portfolio Commercial non-real estate $ 909 0.01 % $ 100 0.00 % $ 907 0.01 % Commercial real estate - owner occupied — — — — 675 0.02 % Total commercial and industrial 909 0.01 % 100 0.00 % 1,582 0.01 % Commercial real estate - income producing — — — — — — Construction and land development — — — — — — Residential mortgages — — — — — — Consumer — — — — — — Total reportable modified loans $ 909 0.00 % $ 100 0.00 % $ 1,582 0.01 % Reportable modifications to borrowers experiencing financial difficulty during the three and six months ended June 30, 2023 consisted of term extensions ran ging from three months to four months and one month to five years , respectively; and payment delays of four to six months for both periods. The reported term extensions and payment delays were considered more than insignificant as they exceeded six months when considering other modifications made in the past twelve months. As of June 30, 2023, all reportable MEFDs had a payment status of current. There were no post modification payment defaults within the three or six months period ended June 30, 2023. A payment default occurs if the loan is either 90 days or more delinquent or has been charged off as of the end of the period presented. During the three months ended June 30, 2022 one residential mortgage loan and one consumer loan with pre and post modification balances totaling less than $ 0.1 million were classified as TDRs. During the six months ended June 30, 2022, three residential mortgage loans and three consumer loans with pre and post modification balances totaling $ 0.2 million were classified as TDRs. The TDRs modified during the six months ended June 30, 2022, included $ 0.1 million of loans with interest rate reduction and $ 0.1 million with other modifications. Three commercial non-real estate loans totaling $ 3.1 million that defaulted during the six months period ended June 30, 2022 had been modified in a TDR during the twelve months prior to default. Aging Analysis The tables below present the aging analysis of past due loans by portfolio class at June 30, 2023 and December 31, 2022. June 30, 2023 30-59 60-89 Greater Total Current Total Recorded ($ in thousands) Commercial non-real estate $ 26,086 $ 15,244 $ 29,531 $ 70,861 $ 10,043,071 $ 10,113,932 $ 742 Commercial real estate - owner occupied 2,448 21,404 3,332 27,184 3,031,645 3,058,829 2,966 Total commercial and industrial 28,534 36,648 32,863 98,045 13,074,716 13,172,761 3,708 Commercial real estate - income producing 18,104 172 1,535 19,811 3,742,617 3,762,428 1,237 Construction and land development 666 375 184 1,225 1,767,027 1,768,252 53 Residential mortgages 6,046 9,231 19,920 35,197 3,546,317 3,581,514 1,538 Consumer 9,797 3,036 4,462 17,295 1,487,636 1,504,931 1,016 Total $ 63,147 $ 49,462 $ 58,964 $ 171,573 $ 23,618,313 $ 23,789,886 $ 7,552 December 31, 2022 30-59 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 $ 65,080 $ 38,779 $ 28,372 $ 132,231 $ 22,981,815 $ 23,114,046 $ 4,585 Credit Quality Indicators The following tables present the credit quality indicators by segment and portfolio class of loans at June 30, 2023 and December 31, 2022. The Company routinely assesses the ratings of loans in its portfolio through an established and comprehensive portfolio management process. June 30, 2023 ($ in thousands) Commercial Commercial Total Commercial Construction Total Grade: Pass $ 9,641,587 $ 2,944,869 $ 12,586,456 $ 3,637,979 $ 1,757,523 $ 17,981,958 Pass-Watch 254,542 55,424 309,966 100,027 9,280 419,273 Special Mention 49,664 5,575 55,239 18,422 890 74,551 Substandard 168,139 52,961 221,100 6,000 559 227,659 Doubtful — — — — — — Total $ 10,113,932 $ 3,058,829 $ 13,172,761 $ 3,762,428 $ 1,768,252 $ 18,703,441 December 31, 2022 ($ in thousands) Commercial Commercial Total Commercial Construction Total 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 June 30, 2023 December 31, 2022 ($ in thousands) Residential Consumer Total Residential Consumer Total Performing $ 3,554,056 $ 1,497,458 $ 5,051,514 $ 3,066,319 $ 1,570,186 $ 4,636,505 Nonperforming 27,458 7,473 34,931 26,286 7,161 33,447 Total $ 3,581,514 $ 1,504,931 $ 5,086,445 $ 3,092,605 $ 1,577,347 $ 4,669,952 Below are the definitions of the Company’s internally assigned grades: Commercial: • Pass – loans properly approved, documented, collateralized, and performing which do not reflect an abnormal credit risk. • Pass-Watch – credits in this category are of sufficient risk to cause concern. This category is reserved for credits that display negative performance trends. The “Watch” grade should be regarded as a transition category. • Special Mention – a criticized asset category defined as having potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of the repayment prospects for the credit or the institution’s credit position. Special mention credits are not considered part of the classified credit categories and do not expose the institution to sufficient risk to warrant adverse classification. • Substandard – an asset that is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. • Doubtful – an asset that has all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. • Loss – credits that are considered uncollectable and are charged off promptly once so classified. Residential and Consumer: • Performing – accruing loans. • Nonperforming – loans for which there are good reasons to doubt that payments will be made in full. Nonperforming loans include all loans with nonaccrual status and, prior to January 1, 2023, all loans that were modified in a troubled debt restructuring. Vintage Analysis The following tables present credit quality disclosures of amortized cost by portfolio class and vintage for term loans and by revolving and revolving converted to amortizing at June 30, 2023 and December 31, 2022. The Company defines vintage as the later of origination, renewal or modification date. The gross charge-offs presented in the table are for the six months ended June 30, 2023. Term Loans Revolving Loans June 30, 2023 Amortized Cost Basis by Origination Year Revolving Converted to ($ in thousands) 2023 2022 2021 2020 2019 Prior Loans Term Loans Total Commercial Non-Real Estate: Pass $ 933,613 $ 2,143,997 $ 1,279,430 $ 574,614 $ 459,156 $ 984,492 $ 3,189,964 $ 76,321 $ 9,641,587 Pass-Watch 25,996 43,916 31,946 8,621 5,795 50,105 76,553 11,610 254,542 Special Mention 374 9,178 13,290 1,494 3,503 928 15,551 5,346 49,664 Substandard 25,344 16,040 13,076 29,987 20,553 11,815 46,867 4,457 168,139 Doubtful — — — — — — — — — Total $ 985,327 $ 2,213,131 $ 1,337,742 $ 614,716 $ 489,007 $ 1,047,340 $ 3,328,935 $ 97,734 $ 10,113,932 Gross Charge-offs $ 123 $ 765 $ 365 $ 560 $ 52 $ 75 $ 4,401 $ 1,162 $ 7,503 Commercial Real Estate - Owner Occupied: Pass $ 202,261 $ 669,168 $ 622,617 $ 521,183 $ 301,412 $ 584,480 $ 31,077 $ 12,671 $ 2,944,869 Pass-Watch 3,561 7,360 4,715 2,850 18,987 17,091 860 — 55,424 Special Mention 574 — — 665 — 3,961 375 — 5,575 Substandard 18,630 7,127 636 7,364 4,663 13,337 1,204 — 52,961 Doubtful — — — — — — — — — Total $ 225,026 $ 683,655 $ 627,968 $ 532,062 $ 325,062 $ 618,869 $ 33,516 $ 12,671 $ 3,058,829 Gross Charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate - Income Producing: Pass $ 257,809 $ 885,797 $ 921,288 $ 672,062 $ 369,717 $ 416,420 $ 64,297 $ 50,589 $ 3,637,979 Pass-Watch 12,061 2,308 347 59,456 22,591 2,564 300 400 100,027 Special Mention 18,054 — — — — 368 — — 18,422 Substandard 3,652 378 298 1,237 8 427 — — 6,000 Doubtful — — — — — — — — — Total $ 291,576 $ 888,483 $ 921,933 $ 732,755 $ 392,316 $ 419,779 $ 64,597 $ 50,989 $ 3,762,428 Gross Charge-offs $ 73 $ — $ — $ — $ — $ — $ — $ — $ 73 Construction and Land Development: Pass $ 225,757 $ 837,674 $ 461,103 $ 89,496 $ 6,823 $ 22,374 $ 109,044 $ 5,252 $ 1,757,523 Pass-Watch 4,967 1,343 1,455 95 480 556 384 — 9,280 Special Mention 703 — — — 187 — — — 890 Substandard — 51 46 — 11 451 — — 559 Doubtful — — — — — — — — — Total $ 231,427 $ 839,068 $ 462,604 $ 89,591 $ 7,501 $ 23,381 $ 109,428 $ 5,252 $ 1,768,252 Gross Charge-offs $ — $ 7 $ 54 $ — $ — $ 11 $ — $ — $ 72 Residential Mortgage: Performing $ 339,250 $ 695,785 $ 870,203 $ 508,117 $ 184,657 $ 952,450 $ 3,594 — $ 3,554,056 Nonperforming 84 1,789 3,592 104 1,407 20,482 — — 27,458 Total $ 339,334 $ 697,574 $ 873,795 $ 508,221 $ 186,064 $ 972,932 $ 3,594 $ — $ 3,581,514 Gross Charge-offs $ — $ — $ — $ — $ — $ 28 $ — $ — $ 28 Consumer Loans: Performing $ 49,014 $ 74,332 $ 47,360 $ 36,171 $ 44,841 $ 57,928 $ 1,180,993 $ 6,819 $ 1,497,458 Nonperforming 71 183 337 575 542 3,987 341 1,437 7,473 Total $ 49,085 $ 74,515 $ 47,697 $ 36,746 $ 45,383 $ 61,915 $ 1,181,334 $ 8,256 $ 1,504,931 Gross Charge-offs $ 85 $ 980 $ 650 $ 68 $ 314 $ 394 $ 3,694 $ 727 $ 6,912 Term Loans Revolving Loans December 31, 2022 Amortized Cost Basis by Origination Year Revolving Converted to ($ in thousands) 2022 2021 2020 2019 2018 Prior Loans Term Loans Total Commercial Non-Real Estate: Pass $ 2,600,656 $ 1,450,689 $ 679,355 $ 569,842 $ 267,025 $ 763,122 $ 3,193,769 $ 116,659 $ 9,641,117 Pass-Watch 68,307 38,949 31,841 11,757 8,237 49,577 66,339 9,836 284,843 Special Mention 30,276 13,625 2,443 4,406 322 1,654 25,184 2,070 79,980 Substandard 29,667 13,807 11,766 21,667 12,792 1,250 39,213 10,351 140,513 Doubtful — — — — — — — — — Total $ 2,728,906 $ 1,517,070 $ 725,405 $ 607,672 $ 288,376 $ 815,603 $ 3,324,505 $ 138,916 $ 10,146,453 Commercial Real Estate - Owner Occupied: Pass $ 630,121 $ 650,742 $ 537,849 $ 328,364 $ 265,437 $ 447,707 $ 46,730 $ 5,107 $ 2,912,057 Pass-Watch 7,129 5,299 3,743 13,301 10,872 7,706 893 150 49,093 Special Mention — — 544 822 1,231 3,670 — — 6,267 Substandard 19,899 547 6,715 7,663 7,543 21,465 1,000 809 65,641 Doubtful — — — — — — — — — Total $ 657,149 $ 656,588 $ 548,851 $ 350,150 $ 285,083 $ 480,548 $ 48,623 $ 6,066 $ 3,033,058 Commercial Real Estate - Income Producing: Pass $ 894,522 $ 795,378 $ 660,235 $ 420,435 $ 232,145 $ 317,446 $ 113,487 $ 7,000 $ 3,440,648 Pass-Watch 1,027 18,070 58,256 20,865 12,066 836 467 — 111,587 Special Mention 235 — 708 2,325 166 376 — — 3,810 Substandard 415 — 2,785 8 1,240 498 — — 4,946 Doubtful — — — — — — — — — Total $ 896,199 $ 813,448 $ 721,984 $ 443,633 $ 245,617 $ 319,156 $ 113,954 $ 7,000 $ 3,560,991 Construction and Land Development: Pass $ 663,735 $ 711,731 $ 148,579 $ 9,198 $ 15,360 $ 10,854 $ 128,842 $ 2,457 $ 1,690,756 Pass-Watch 8,233 1,944 643 559 199 450 69 — 12,097 Special Mention — — — 196 — — — — 196 Substandard 35 55 — 12 61 380 — — 543 Doubtful — — — — — — — — — Total $ 672,003 $ 713,730 $ 149,222 $ 9,965 $ 15,620 $ 11,684 $ 128,911 $ 2,457 $ 1,703,592 Residential Mortgage: Performing $ 631,339 $ 694,104 $ 518,705 $ 192,431 $ 107,675 $ 918,918 $ 3,147 $ — $ 3,066,319 Nonperforming 1,058 2,434 716 1,196 2,080 18,802 — — 26,286 Total $ 632,397 $ 696,538 $ 519,421 $ 193,627 $ 109,755 $ 937,720 $ 3,147 $ — $ 3,092,605 Consumer Loans: Performing $ 103,742 $ 58,248 $ 45,641 $ 62,715 $ 41,559 $ 40,489 $ 1,212,958 $ 4,834 $ 1,570,186 Nonperforming 193 198 228 758 381 3,341 459 1,603 7,161 Total $ 103,935 $ 58,446 $ 45,869 $ 63,473 $ 41,940 $ 43,830 $ 1,213,417 $ 6,437 $ 1,577,347 Residential Mortgage Loans in Process of Foreclosure Loans in process of foreclosure include those for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction. Included in loans at June 30, 2023 and December 31, 2022 were $ 3.8 million and $ 4.9 million, respectively, of consumer loans secured by single family residential real estate that were in process of foreclosure. In addition to the single family residential real estate loans in process of foreclosure, the Company also held foreclosed single family residential properties in other real estate owned totaling $ 1.3 million at June 30, 2023 and $ 0.4 million at December 31, 2022. Loans Held for Sale Loans held for sale totaled $ 55.9 million and $ 26.4 million at June 30, 2023 and December 31, 2022, respectively. Loans held for sale is composed primarily of residential mortgage loans originated for sale in the secondary market. At June 30, 2023, residential mortgage loans carried at the fair value option totaled $ 24.2 million with an unpaid principal balance of $ 23.8 million. 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 the lower of cost or market. |
Short-Term Borrowings
Short-Term Borrowings | 6 Months Ended |
Jun. 30, 2023 | |
Short-Term Debt [Abstract] | |
Short-Term Borrowings | 4. Short-Term Borrowings The following table presents information concerning short-term borrowings at June 30, 2023 and December 31, 2022. June 30, December 31, ($ in thousands) 2023 2022 Federal funds purchased: Amount outstanding at period end $ 400 $ 1,850 Weighted-average interest at period end 4.65 % 3.90 % Securities sold under agreements to repurchase: Amount outstanding at period end $ 529,138 $ 444,421 Weighted-average interest at period end 1.25 % 0.53 % FHLB borrowings: Amount outstanding at period end $ 1,100,000 $ 1,425,000 Weighted-average interest at period end 5.13 % 4.70 % The following table presents information concerning short-term borrowings for the three and six months ended June 30, 2023 and 2022. Three Months Ended Six Months Ended June 30, June 30, ($ in thousands) 2023 2022 2023 2022 Federal funds purchased: Average amount outstanding during period $ 1,287 $ 2,735 $ 4,829 $ 2,562 Maximum amount at any month end during period $ 400 $ 2,350 $ 1,850 $ 2,350 Weighted-average interest rate during period 5.17 % 0.82 % 5.12 % 0.57 % Securities sold under agreements to repurchase: Average amount outstanding during period $ 497,940 $ 523,041 $ 472,001 $ 555,096 Maximum amount at any month end during period $ 625,773 $ 518,014 $ 625,773 $ 640,592 Weighted-average interest rate during period 1.38 % 0.08 % 1.05 % 0.07 % FHLB borrowings: Average amount outstanding during period $ 1,887,363 $ 698,407 $ 1,766,575 $ 898,099 Maximum amount at any month end during period $ 3,000,000 $ 1,100,000 $ 3,100,000 $ 1,100,000 Weighted-average interest rate during period 5.10 % 0.49 % 4.93 % 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 $ 1.1 billion of Federal Home Loan Bank ("FHLB") borrowings at June 30, 2023 consisted of one fixed rate advance with a maturity date of July 3, 2023 . The $ 1.4 billion of FHLB borrowings at December 31, 2022 consisted of one fixed rate note entered into on December 30, 2022, that matured on January 3, 2023 . The Company continues to hold FHLB short-term borrowings at levels that will vary based on liquidity needs. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 5. Derivatives Risk Management Objective of Using Derivatives The Company enters into derivative financial instruments to manage risks related to differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments. The Bank also enters into interest rate derivative agreements as a service to certain qualifying customers. The Bank manages a matched book with respect to these customer derivatives in order to minimize its net interest rate risk exposure resulting from such agreements. In addition, the Bank also enters into risk participation agreements under which it may either sell or buy credit risk associated with a customer’s performance under certain interest rate derivative contracts related to loans in which participation interests have been sold to or purchased from other banks. Fair Values of Derivative Instruments on the Balance Sheet The table below presents the notional or contractual amounts and fair values of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets at June 30, 2023 and December 31, 2022. June 30, 2023 December 31, 2022 Derivative (1) Derivative (1) ($ in thousands) Type of Notional or Assets Liabilities Notional or Assets Liabilities Derivatives designated as hedging instruments: Interest rate swaps - variable rate loans Cash Flow $ 1,550,000 $ — $ 105,996 $ 2,100,000 $ 2,301 $ 112,262 Interest rate swaps - securities Fair Value 513,500 24,912 — 716,000 43,501 — 2,063,500 24,912 105,996 2,816,000 45,802 112,262 Derivatives not designated as hedging instruments: Interest rate swaps N/A 4,996,939 166,068 164,090 4,620,544 172,242 169,712 Risk participation agreements N/A 306,087 18 11 298,729 1 13 Interest rate-lock commitments on residential mortgage loans N/A 35,825 372 11 10,930 8 113 Forward commitments to sell residential mortgage loans N/A 19,939 11 190 13,819 161 8 To Be Announced (TBA) securities N/A 25,750 102 15 10,000 78 7 Foreign exchange forward contracts N/A 115,458 1,886 1,844 123,106 1,643 1,594 Visa Class B derivative contract N/A 42,929 — 1,403 43,111 — 1,883 5,542,927 168,457 167,564 5,120,239 174,133 173,330 Total derivatives $ 7,606,427 $ 193,369 $ 273,560 $ 7,936,239 $ 219,935 $ 285,592 Less: netting adjustment (2) ( 84,895 ) — ( 110,438 ) ( 81,471 ) Total derivative assets/liabilities $ 108,474 $ 273,560 $ 109,497 $ 204,121 (1) Derivative assets and liabilities are reported at fair value in other assets or other liabilities, respectively, in the consolidated balance sheets. (2) Represents balance sheet netting of derivative assets and liabilities for variation margin collateral held or placed with the same central clearing counterparty. See offsetting assets and liabilities for further information. Cash Flow Hedges of Interest Rate Risk The Company is party to various interest rate swap agreements designated and qualifying as cash flow hedges of the Company’s forecasted variable cash flows for pools of variable rate loans. For each agreement, the Company receives interest at a fixed rate and pays at a variable rate . T he Company terminated six swap agreements in 2023 and paid cash of approximately $ 2.9 million, which was recorded as accumulated other comprehensive loss and is being amortized into earnings through the original maturity dates of the respective contracts. Using the elections allowed for ASU 2022-06 "Reference Rate Return (Topic 848)," as amended, the Company converted all of its LIBOR-based swaps to SOFR and replaced the variable rate loan pools with SOFR based instruments during the six months ended June 30, 2023, with minimal impact to financial results. The notional amounts of the swap agreements in place at June 30, 2023 expire as follows: $ 50 million in 2025 ; $ 475 million in 2026 ; $ 925 million in 2027 ; and $ 100 million thereafter. Fair Value Hedges of Interest Rate Risk Interest rate swaps on securities available for sale The Company is party to forward-starting fixed payer swaps that convert the latter portion of the term of certain available for sale securities to a floating rate. These derivative instruments are designated as fair value hedges of interest rate risk. This strategy provides the Company with a fixed rate coupon during the front-end unhedged tenor of the bonds and results in a floating rate security during the back-end hedged tenor. At June 30, 2023, these single layer instruments have hedge start dates between January 2025 and July 2026, and maturity dates from December 2027 through March 2031. The fair value of the hedged item attributable to interest rate risk is presented in interest income along with the change in the fair value of the hedging instrument. The hedged available for sale securities are part of closed portfolios of pre-payable commercial mortgage backed securities. In accordance with ASC 815, prepayment risk may be excluded when measuring the change in fair value of such hedged items attributable to interest rate risk under the portfolio layer method (formerly referred to as last-of-layer). At June 30, 2023, the amortized cost basis of the closed portfolio of pre-payable commercial mortgage backed securities totaled $ 558.9 million, excluding any basis adjustment. The amount that represents the hedged items was $ 488.5 million and the basis adjustment associated with the hedged items was a loss totaling $ 25.0 million. T he Company terminated three fair value swap agreements during the six months ended June 30, 2023 and received cash of approximately $ 16.6 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. In 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 June 30, 2023 and December 31, 2022, the fair value of the liability associated with this contract was $ 1.4 million and $ 1.9 million, respectively. Refer to Note 13 – Fair Value of Financial Instruments for discussion of the valuation inputs and process for this derivative liability. Effect of Derivative Instruments on the Statements of Income The effects of derivative instruments in the Consolidated Statements of Income for the three and six months ended June 30, 2023 and 2022 are presented in the table below. Three Months Ended Six Months Ended ($ in thousands) June 30, June 30, Derivative Instruments: Location of Gain (Loss) Recognized 2023 2022 2023 2022 Cash flow hedges: Variable rate loans Interest income - loans $ ( 9,492 ) $ 6,013 $ ( 17,493 ) $ 12,767 Fair value hedges: Securities Interest income - securities - taxable 3,013 ( 129 ) 5,763 1,029 Securities - terminations Noninterest income - securities transactions, net — — — 1,620 Derivatives not designated as hedging: Residential mortgage banking Noninterest income - secondary mortgage market operations 17 1,768 501 2,960 Customer and all other instruments Noninterest income - other noninterest income 584 2,728 1,167 5,077 Total gain (loss) $ ( 5,878 ) $ 10,380 $ ( 10,062 ) $ 23,453 Credit Risk-Related Contingent Features Certain of the Bank’s derivative instruments contain provisions allowing the financial institution counterparty to terminate the contracts in certain circumstances, such as a downgrade of the Bank’s credit ratings below specified levels, a default by the Bank on its indebtedness, or the failure of the Bank to maintain specified minimum regulatory capital ratios or its regulatory status as a well-capitalized institution. These derivative agreements also contain provisions regarding the posting of collateral by each party. At June 30, 2023, the Company was not in violation of any such provisions. The aggregate fair value of derivative instruments with credit risk-related contingent features that were in a net liability position at June 30, 2023 and December 31, 2022 was $ 89.6 million and $ 8.7 million, respectively, for which the Company had posted collateral of $ 89.4 million and $ 8.5 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 June 30, 2023 and December 31, 2022 is presented in the following tables . ($ in thousands) Gross Net Amounts Gross Amounts Not Offset in the Description Gross Offset in Presented in Financial Cash Net As of June 30, 2023 Derivative Assets $ 197,313 $ ( 87,381 ) $ 109,932 $ 109,932 $ — $ — Derivative Liabilities $ 111,599 $ — $ 111,599 $ 109,932 $ 123,717 $ ( 122,050 ) ($ in thousands) Gross Net Amounts Gross Amounts Not Offset in the Description Gross Offset in Presented in Financial Cash Net As of December 31, 2022 Derivative Assets $ 223,072 $ ( 112,338 ) $ 110,734 $ 32,601 $ 27,852 $ 105,985 Derivative Liabilities $ 116,395 $ ( 83,794 ) $ 32,601 $ 32,601 $ — $ — 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 | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 6. Stockholders’ Equity Common Shares Outstanding Common shares outstanding excludes treasury shares totaling 6.2 million and 6.3 million, with a first-in-first-out cost basis of $ 235.4 million and $ 238.6 million, at June 30, 2023 and December 31, 2022, respectively. Shares outstanding also excludes unvested restricted share awards tot aling 0.6 million an d 0.7 million at June 30, 2023 and December 31, 2022. Stock Buyback Program On January 26, 2023, the Company’s board of directors approved a stock buyback program whereby the Company is authorized to repurchase up to 4.3 million shares of its common stock through the program’s expiration date of December 31, 2024 . The program allows the Company to repurchase its common shares in the open market, by block purchase, through accelerated share repurchase programs, in privately negotiated transactions, or otherwise, in one or more transactions. The Company is not obligated to purchase any shares under this program, and the board of directors has the ability to terminate or amend the program at any time prior to the expiration date. To date, the Company has not repurchased shares under this program. Prior to its expiration on December 31, 2022 , the Company had in place a stock repurchase program authorized by the board of directors on April 22, 2021, whereby the Company was authorized to repurchase up to 4.3 million shares of its common stock. 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. During the first half of 2022, the Company repurchased 1,154,368 shares of its common stock at an average cost of $ 48.93 per share, inclusive of commissions. In total, the Company repurchased 1.7 million shares at an average cost of $ 48.77 per share under this plan. Accumulated Other Comprehensive Income (Loss) A roll-forward of the components of Accumulated Other Comprehensive Income (Loss) is presented in the table that follows: Available HTM Securities Employee Cash Equity Method Investment Total ($ in thousands) Balance, December 31, 2021 $ 11,037 $ 153 $ ( 80,946 ) $ 16,284 $ ( 463 ) $ ( 53,935 ) Net change in unrealized gain (loss) ( 547,636 ) — — ( 47,287 ) 468 ( 594,455 ) Reclassification of net income or loss realized and included in earnings 1,707 — 1,652 ( 12,767 ) — ( 9,408 ) Valuation adjustments to employee benefit plans — — ( 7,987 ) — — ( 7,987 ) Transfer of net unrealized loss from AFS to HTM securities portfolio 15,405 ( 15,405 ) — — — — Amortization of unrealized net loss on securities transferred to HTM — 527 — — — 527 Income tax benefit 119,739 3,358 1,430 13,554 — 138,081 Balance, June 30, 2022 $ ( 399,748 ) $ ( 11,367 ) $ ( 85,851 ) $ ( 30,216 ) $ 5 $ ( 527,177 ) Balance, December 31, 2022 $ ( 584,408 ) $ ( 10,734 ) $ ( 97,952 ) $ ( 79,093 ) $ 5 $ ( 772,182 ) Net change in unrealized gain (loss) 17,678 — — ( 20,943 ) 706 ( 2,559 ) Reclassification of net loss realized and included in earnings — — 3,272 17,493 — 20,765 Valuation adjustments to employee benefit plans — — ( 7,521 ) — — ( 7,521 ) Amortization of unrealized net loss on securities transferred to HTM — 922 — — — 922 Income tax (expense) benefit ( 3,737 ) ( 207 ) 956 777 — ( 2,211 ) Balance, June 30, 2023 $ ( 570,467 ) $ ( 10,019 ) $ ( 101,245 ) $ ( 81,766 ) $ 711 $ ( 762,786 ) Accumulated Other Comprehensive Income or Loss (“AOCI”) is reported as a component of stockholders’ equity. AOCI can include, among other items, unrealized holding gains and losses on securities available for sale (“AFS”), including the Company’s share of unrealized gains and losses reported by a partnership accounted for under the equity method, gains and losses associated with pension or other post-retirement benefits that are not recognized immediately as a component of net periodic benefit cost, and gains and losses on derivative instruments that are designated as, and qualify as, cash flow hedges. Net unrealized gains and losses on AFS securities reclassified as securities held to maturity (“HTM”) also continue to be reported as a component of AOCI and will be amortized over the estimated remaining life of the securities as an adjustment to interest income. Subject to certain thresholds, unrealized losses on employee benefit plans will be reclassified into income as pension and post-retirement costs are recognized over the remaining service period of plan participants. Accumulated gains or losses on cash flow hedges of variable rate loans described in Note 5 will be reclassified into income over the life of the hedge. Accumulated other comprehensive loss resulting from the terminated interest rate swaps will be amortized over the remaining maturities of the designated instruments. Gains and losses within AOCI are net of deferred income taxes, where applicable. The following table shows the line items in the consolidated statements of income affected by amounts reclassified from AOCI. Six Months Ended Amount reclassified from AOCI (a) June 30, Affected line item on ($ in thousands) 2023 2022 the statement of income Loss on sale of AFS securities $ — $ ( 1,707 ) Noninterest income Tax effect — 385 Income taxes Net of tax — ( 1,322 ) Net income Amortization of unrealized net loss on securities transferred to HTM ( 922 ) ( 527 ) Interest income Tax effect 207 119 Income taxes Net of tax ( 715 ) ( 408 ) Net income Amortization of defined benefit pension and post-retirement items ( 3,272 ) ( 1,652 ) Other noninterest expense (b) Tax effect 736 373 Income taxes Net of tax ( 2,536 ) ( 1,279 ) Net income Reclassification of unrealized gain/(loss) on cash flow hedges ( 21,994 ) 6,977 Interest income Tax effect 4,953 ( 1,575 ) Income taxes Net of tax ( 17,041 ) 5,402 Net income Amortization of gain on terminated cash flow hedges 4,501 5,790 Interest income Tax effect ( 1,014 ) ( 1,307 ) Income taxes Net of tax 3,487 4,483 Net income Total reclassifications, net of tax ( 16,805 ) 6,876 Net income (a) Amounts in parentheses indicate reduction in net income. (b) These AOCI components are included in the computation of net periodic pension and post-retirement cost that is reported with other noninterest |
Other Noninterest Income
Other Noninterest Income | 6 Months Ended |
Jun. 30, 2023 | |
Other Income, Nonoperating [Abstract] | |
Other Noninterest Income | 7. Other Noninterest Income Components of other noninterest income are as follows: Three Months Ended Six Months Ended June 30, June 30, ($ in thousands) 2023 2022 2023 2022 Income from bank-owned life insurance $ 3,364 $ 4,273 $ 6,650 $ 7,818 Credit related fees 3,231 2,543 5,996 5,212 Income from derivatives 584 2,728 1,167 5,077 Other miscellaneous 5,640 5,444 10,224 11,878 Total other noninterest income $ 12,819 $ 14,988 $ 24,037 $ 29,985 |
Other Noninterest Expense
Other Noninterest Expense | 6 Months Ended |
Jun. 30, 2023 | |
Other Expense, Nonoperating [Abstract] | |
Other Noninterest Expense | 8. Other Noninterest Expense Components of other noninterest expense are as follows: Three Months Ended Six Months Ended June 30, June 30, ($ in thousands) 2023 2022 2023 2022 Corporate value and franchise taxes and other non-income taxes $ 5,241 $ 4,558 $ 10,494 $ 8,806 Advertising 3,476 3,512 6,732 6,678 Telecommunications and postage 2,712 2,971 5,783 5,896 Entertainment and contributions 2,582 2,440 5,213 5,401 Tax credit investment amortization 1,402 1,004 2,803 2,008 Printing and supplies 1,149 918 2,139 1,921 Travel expense 1,651 1,123 2,697 1,783 Net other retirement expense ( 3,312 ) ( 7,781 ) ( 6,967 ) ( 14,553 ) Other miscellaneous 7,008 4,661 15,132 13,706 Total other noninterest expense $ 21,909 $ 13,406 $ 44,026 $ 31,646 |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 9. Earnings Per Common Share The Company calculates earnings per share using the two-class method. The two-class method allocates net income to each class of common stock and participating security according to common dividends declared and participation rights in undistributed earnings. Participating securities consist of nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents. A summary of the information used in the computation of earnings per common share follows. Three Months Ended Six Months Ended June 30, June 30, ($ in thousands, except per share data) 2023 2022 2023 2022 Numerator: Net income to common shareholders $ 117,794 $ 121,435 $ 244,261 $ 244,913 Net income allocated to participating securities - basic and diluted 1,224 1,844 2,582 3,762 Net income allocated to common shareholders - basic and diluted $ 116,570 $ 119,591 $ 241,679 $ 241,151 Denominator: Weighted-average common shares - basic 86,096 86,067 $ 86,057 $ 86,362 Dilutive potential common shares 274 287 293 292 Weighted-average common shares - diluted 86,370 86,354 $ 86,350 $ 86,654 Earnings per common share: Basic $ 1.35 $ 1.39 $ 2.81 $ 2.79 Diluted $ 1.35 $ 1.38 $ 2.80 $ 2.78 Potential common shares consist of stock options, nonvested performance-based awards, nonvested restricted stock units, and restricted share awards deferred under the Company’s nonqualified deferred compensation plan. These potential common shares do not enter into the calculation of diluted earnings per share if the impact would be antidilutive, i.e., increase earnings per share or reduce a loss per share. Potential common shares with weighted averages totaling 239,889 and 111,062 for the three and six months ended June 30, 2023, respectively, and 30,135 and 6,670 for the three and six months ended June 30, 2022, respectively, did not enter the calculation of diluted earnings per share as the impact would have been anti-dilutive. |
Retirement Plans
Retirement Plans | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Plans | 10. Retirement Plans The Company offers a qualified defined benefit pension plan, the Hancock Whitney Corporation Pension Plan and Trust Agreement (“Pension Plan”), covering certain eligible associates. Eligibility is based on minimum age and service-related requirements. The Pension Plan excludes any individual hired or rehired by the Company after June 30, 2017 from eligibility to participate, and the accrued benefits of any participant in the Pension Plan whose combined age plus years of service as of January 1, 2018 totaled less than 55 were frozen as of January 1, 2018 and will not thereafter increase. The Company makes contributions to the Pension Plan in amounts sufficient to meet funding requirements set forth in federal employee benefit and tax laws, plus such additional amounts as the Company may determine to be appropriate. The Company also offers a defined contribution retirement benefit plan (401(k) plan), the Hancock Whitney Corporation 401(k) Savings Plan and Trust Agreement (“401(k) Plan”), that covers substantially all associates who have been employed 60 days and meet a minimum age requirement and employment classification criteria. The Company matches 100 % of the first 1 % of compensation saved by a participant, and 50 % of the next 5 % of compensation saved. Newly eligible associates are automatically enrolled at an initial 3 % savings rate unless the associate actively opts out of participation in the plan. Beginning January 1, 2018, the Company makes an additional basic contribution to associates hired or rehired after June 30, 2017 in an amount equal to 2 % of the associate’s eligible compensation. For Pension Plan participants whose benefits were frozen as of January 1, 2018, the 401(k) Plan provides an enhanced Company contribution in the amount of 2 %, 4 % or 6 % of such participant’s eligible compensation, based on the participant’s current age and years of service with the Company. Participants vest in basic and enhanced Company contributions upon completion of three years of service. The Company sponsors a nonqualified defined benefit plan covering certain legacy Whitney employees, under which accrued benefits were frozen as of December 31, 2012 and, as such, no future benefits are accrued under this plan. The Company sponsors defined benefit post-retirement plans for both legacy Hancock and legacy Whitney employees that provide health care and life insurance benefits. Benefits under the Hancock plan are not available to employees hired on or after January 1, 2000. Benefits under the Whitney plan are restricted to retirees who were already receiving benefits at the time of plan amendments in 2007 or active participants who were eligible to receive benefits as of December 31, 2007. The following tables show the components of net periodic benefit cost included in expense for the periods indicated. Other Post- (in thousands) Pension Benefits Retirement Benefits For The Three Months Ended June 30, 2023 2022 2023 2022 Service cost $ 1,979 $ 2,929 $ 10 $ 25 Interest cost 5,963 3,708 149 76 Expected return on plan assets ( 11,178 ) ( 11,711 ) — — Amortization of net (gain) or loss and prior service costs 1,911 582 ( 158 ) ( 139 ) Net periodic benefit cost $ ( 1,325 ) $ ( 4,492 ) $ 1 $ ( 38 ) Other Post- ($ in thousands) Pension Benefits Retirement Benefits For the Six Months Ended June 30, 2023 2022 2023 2022 Service cost $ 3,959 $ 5,729 $ ( 21 ) $ 50 Interest cost 11,751 7,125 365 153 Expected return on plan assets ( 22,356 ) ( 23,186 ) — — Amortization of net (gain) or loss and prior service costs 3,681 1,930 ( 409 ) ( 278 ) Net periodic benefit cost $ ( 2,965 ) $ ( 8,402 ) $ ( 65 ) $ ( 75 ) |
Share-Based Payment Arrangement
Share-Based Payment Arrangements | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Payment Arrangements | 11. Share-Based Payment Arrangements The Company maintains incentive compensation plans that provide for awards of share-based compensation to employees and directors. These plans have been approved by the Company’s shareholders. Detailed descriptions of these plans were included in Note 18 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. At June 30, 2023, the Company had 1,476 outstanding and exercisable stock options, with a weighted average exercise price of $ 53.73 , weighted average remaining contractual term of less than one year and no aggregate intrinsic value. During the six months ended June 30, 2023, no stock options were exercised. The Company’s restricted and performance-based share awards to certain employees and directors are subject to service requirements. A summary of the status of the Company’s nonvested restricted stock units and restricted and performance-based share awards at June 30, 2023 are presented in the following table. Weighted Average Number of Grant Date Shares Fair Value Nonvested at January 1, 2023 1,431,515 $ 40.95 Granted 639,257 48.65 Vested ( 239,051 ) 45.51 Forfeited ( 97,686 ) 40.74 Nonvested at June 30, 2023 1,734,035 $ 43.17 At June 30, 2023, there was $ 59.1 million of total unrecognized compensation expense related to nonvested restricted and performance share awards and units expected to vest in the future. This compensation is expected to be recognized in expense over a weighted average period of 3.2 years. The total fair value of shares that vested during the six months ended June 30, 2023 was $ 9.4 million. During the six months ended June 30, 2023, the Company granted 490,749 restricted stock units (RSUs) to certain eligible employees. Unlike restricted share awards (RSAs), 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 not deferred under the Company's nonqualified deferred compensation plan. Such dividend equivalents are forfeited should the employee terminate employment prior to the vesting of the RSU. During the six months ended June 30, 2023, the Company granted 41,495 performance share awards subject to a total shareholder return (“TSR”) performance metric with a grant date fair value of $ 51.14 per share and 41,495 performance share awards subject to an operating earnings per share performance metric with a grant date fair value of $ 46.73 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 49 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 | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies In the normal course of business, the Bank enters into financial instruments, such as commitments to extend credit and letters of credit, to meet the financing needs of its customers. Such instruments are not reflected in the accompanying consolidated financial statements until they are funded, although they expose the Bank to varying degrees of credit risk and interest rate risk in much the same way as funded loans. Under regulatory capital guidelines, the Company and Bank must include unfunded commitments meeting certain criteria in risk-weighted capital calculations. Commitments to extend credit include revolving commercial credit lines, nonrevolving loan commitments issued mainly to finance the acquisition and development or construction of real property or equipment, and credit card and personal credit lines. The availability of funds under commercial credit lines and loan commitments generally depends on whether the borrower continues to meet credit standards established in the underlying contract and has not violated other contractual conditions. Loan commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the borrower. Credit card and personal credit lines are generally subject to cancellation if the borrower’s credit quality deteriorates. A number of commercial and personal credit lines are used only partially or, in some cases, not at all before they expire, and the total commitment amounts do not necessarily represent future cash requirements of the Company. A substantial majority of the letters of credit are standby agreements that obligate the Bank to fulfill a customer’s financial commitments to a third party if the customer is unable to perform. The Bank issues standby letters of credit primarily to provide credit enhancement to its customers’ other commercial or public financing arrangements and to help them demonstrate financial capacity to vendors of essential goods and services. The contract amounts of these instruments reflect the Company’s exposure to credit risk. The Company undertakes the same credit evaluation in making loan commitments and assuming conditional obligations as it does for on-balance sheet instruments and may require collateral or other credit support. The Company had a reserve for unfunded lending commitments of $ 31.2 million and $ 33.3 million at June 30, 2023 and December 31, 2022, respectively. The following table presents a summary of the Company’s off-balance sheet financial instruments as of June 30, 2023 and December 31, 2022: June 30, December 31, ($ in thousands) 2023 2022 Commitments to extend credit $ 10,083,714 $ 10,202,464 Letters of credit 439,444 400,505 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 | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 13. Fair Value Measurements The FASB defines fair value as the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The FASB’s guidance also establishes a fair value hierarchy that prioritizes the inputs to these valuation techniques used to measure fair value, giving preference to quoted prices in active markets for identical assets or liabilities (“level 1”) and the lowest priority to unobservable inputs such as a reporting entity’s own data (“level 3”). Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in markets that are not active, observable inputs other than quoted prices, such as interest rates and yield curves, and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Fair Value of Assets and Liabilities Measured on a Recurring Basis The following tables present for each of the fair value hierarchy levels the Company’s financial assets and liabilities that are measured at fair value on a recurring basis on the consolidated balance sheets at June 30, 2023 and December 31, 2022: June 30, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 109,852 $ — $ 109,852 Municipal obligations — 200,505 — 200,505 Corporate debt securities — 19,823 — 19,823 Residential mortgage-backed securities — 2,126,563 — 2,126,563 Commercial mortgage-backed securities — 2,895,216 — 2,895,216 Collateralized mortgage obligations — 62,730 — 62,730 Total available for sale securities — 5,414,689 — 5,414,689 Mortgage loans held for sale — 24,163 — 24,163 Derivative assets (1) — 108,474 — 108,474 Total recurring fair value measurements - assets $ — $ 5,547,326 $ — $ 5,547,326 Liabilities Derivative liabilities (1) $ — $ 272,157 $ 1,403 $ 273,560 Total recurring fair value measurements - liabilities $ — $ 272,157 $ 1,403 $ 273,560 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 5 - Derivatives. Securities classified as level 2 include obligations of U.S. Government agencies and U.S. Government-sponsored agencies, including “off-the-run” U.S. Treasury securities, residential and commercial mortgage-backed securities and collateralized mortgage obligations that are issued or guaranteed by U.S. government agencies, and state and municipal bonds. The level 2 fair value measurements for investment securities are obtained quarterly from a third-party pricing service that uses industry-standard pricing models. Substantially all of the model inputs are observable in the marketplace or can be supported by observable data. The Company invests only in securities of investment grade quality with a targeted duration, for the overall portfolio, generally between two and five and a half years . Company policies generally limit investments to U.S. agency securities and municipal securities determined to be investment grade according to an internally generated score which generally includes a rating of not less than “Baa” or its equivalent by a nationally recognized statistical rating agency. Loans held for sale consist of residential mortgage loans carried under the fair value option. The fair value for these instruments is classified as level 2 based on market prices obtained from potential buyers. For the Company’s derivative financial instruments designated as hedges and those under the customer interest rate program, the fair value is obtained from a third-party pricing service that uses an industry-standard discounted cash flow model that relies on inputs, LIBOR swap curves and Overnight Index swap rate curves, all observable in the marketplace. To comply with the accounting guidance, credit valuation adjustments are incorporated in the fair values to appropriately reflect nonperformance risk for both the Company and the counterparties. Although the Company has determined that the majority of the inputs used to value these derivative instruments fall within level 2 of the fair value hierarchy, the credit value adjustments utilize level 3 inputs, such as estimates of current credit spreads. The Company has determined that the impact of the credit valuation adjustments is not significant to the overall valuation of these derivatives. As a result, the Company has classified its derivative valuations for these instruments in level 2 of the fair value hierarchy. The Company’s policy is to measure counterparty credit risk quarterly for all derivative instruments subject to master netting arrangements consistent with how market participants would price the net risk exposure at the measurement date. The Company also has certain derivative instruments associated with the Bank’s mortgage-banking activities. These derivative instruments include interest rate lock commitments on prospective residential mortgage loans and forward commitments to sell these loans to investors on a best efforts delivery basis and To Be Announced securities for mandatory delivery contracts. The fair value of these derivative instruments is measured using observable market prices for similar instruments and is classified as a level 2 measurement. The Company’s level 3 liability consists of a derivative contract with the purchaser of 192,163 shares of Visa Class B common stock. Pursuant to the agreement, the Company retains the risks associated with the ultimate conversion of the Visa Class B common shares into shares of Visa Class A common stock, such that the counterparty will be compensated for any dilutive adjustments to the conversion ratio and the Company will be compensated for any anti-dilutive adjustments to the ratio. The agreement also requires periodic payments by the Company to the counterparty calculated by reference to the market price of Visa Class A common shares at the time of sale and a fixed rate of interest that steps up once after the eighth scheduled quarterly payment. The fair value of the liability is determined using a discounted cash flow methodology. The significant unobservable inputs used in the fair value measurement are the Company’s own assumptions about estimated changes in the conversion rate of the Visa Class B common shares into Visa Class A common shares, the date on which such conversion is expected to occur and the estimated growth rate of the Visa Class A common share price. Refer to Note 5 – Derivatives for information about the derivative contract with the counterparty. The Company believes its valuation methods for its assets and liabilities carried at fair value are appropriate; however, the use of different methodologies or assumptions, particularly as applied to level 3 assets and liabilities, could have a material effect on the computation of their estimated fair values. Changes in Level 3 Fair Value Measurements and Quantitative Information about Level 3 Fair Value Measurements The table below presents a rollforward of the amounts on the consolidated balance sheets for the six months ended June 30, 2023 and the year ended December 31, 2022 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, 2021 $ 4,116 Cash settlement ( 2,429 ) Losses included in earnings 196 Balance at December 31, 2022 1,883 Cash settlement ( 869 ) Losses included in earnings 389 Balance at June 30, 2023 $ 1,403 The table below provides an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure the financial instrument measured on a recurring basis and classified within level 3 of the valuation. The range of sensitivities that management utilized in its fair value calculations is deemed acceptable in the industry with respect to the identified financial instrument. ($ in thousands) Fair Value Level 3 Class June 30, 2023 December 31, 2022 Derivative liability $ 1,403 $ 1,883 Valuation technique Discounted cash flow Discounted cash flow Unobservable inputs: Visa Class A appreciation - range 6 - 12 % 6 - 12 % Visa Class A appreciation - weighted average 9 % 9 % Conversion rate - range 1.60 x- 1.59 x 1.61 x- 1.60 x Conversion rate -weighted average 1.5950 x 1.6030 x Time until resolution 3 - 9 months 3 - 12 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. June 30, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent loans individually evaluated for credit loss $ — $ 37,507 $ — $ 37,507 Other real estate owned and foreclosed assets, net — — 2,174 2,174 Total nonrecurring fair value measurements $ — $ 37,507 $ 2,174 $ 39,681 December 31, 2022 ($ in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent loans individually evaluated for credit loss $ — $ 4,692 $ — $ 4,692 Other real estate owned and foreclosed assets, net — — 2,017 2,017 Total nonrecurring fair value measurements $ — $ 4,692 $ 2,017 $ 6,709 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 collateral dependent loans that are individually evaluated for credit loss was described earlier in this note. For the remaining portfolio, fair values were generally determined by discounting scheduled cash flows using discount rates determined with reference to current market rates at which loans with similar terms would be made to borrowers of similar credit quality. Loans Held for Sale – These loans are either carried under the fair value option or at the lower of cost or market. Given the short duration of these instruments, the carrying amount is considered a reasonable estimate of fair value. Deposits – The accounting guidance requires that the fair value of deposits with no stated maturity, such as noninterest-bearing demand deposits, interest-bearing checking and savings accounts, be assigned fair values equal to amounts payable upon demand (“carrying amounts”). The fair value of fixed maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities. Federal Funds Purchased and Securities Sold under Agreements to Repurchase – For these short-term liabilities, the carrying amount is a reasonable estimate of fair value. Short-Term FHLB Borrowings – At June 30, 2023, short-term FHLB borrowings was comprised of one fixed-rate instrument for which the fair value was estimated by discounting the future contractual cash flows using the current market rate at which a borrowing with similar terms could be obtained and, therefore, is reflected as level 2 in the respective table below. 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 instrument is a reasonable estimate of the fair value and is reflected as level 1 in the respective 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. June 30, 2023 Total Fair Carrying ($ in thousands) Level 1 Level 2 Level 3 Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 1,237,899 $ — $ — $ 1,237,899 $ 1,237,899 Available for sale securities — 5,414,689 — 5,414,689 5,414,689 Held to maturity securities — 2,540,256 — 2,540,256 2,780,990 Loans, net — 37,507 22,970,743 23,008,250 23,475,390 Loans held for sale — 55,902 — 55,902 55,902 Derivative financial instruments — 108,474 — 108,474 108,474 Financial liabilities: Deposits $ — $ — $ 30,014,127 $ 30,014,127 $ 30,043,501 Federal funds purchased 400 — — 400 400 Securities sold under agreements to repurchase 529,138 — — 529,138 529,138 FHLB short-term borrowings — 1,099,992 — 1,099,992 1,100,000 Long-term debt — 195,972 — 195,972 236,241 Derivative financial instruments — 272,157 1,403 273,560 273,560 December 31, 2022 ($ in thousands) Level 1 Level 2 Level 3 Total Fair Carrying 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 FHLB short-term 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 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 14. Recent Accounting Pronouncements Accounting Standards Adopted During the Six Months Ended June 30, 2023 In March 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-01, "Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method," to provide clarification of and expand upon certain provisions of Topic 815 that became effective with the issuance of ASU 2017-12. The amendments in this update include the following provisions: (1) expand the current last-of-layer method to allow multiple hedged layers of a single closed portfolio and, accordingly, renaming the last-of-layer method to the portfolio layer method; (2) expand the scope of the portfolio layer method to include nonprepayable financial assets; (3) specify that eligible hedging instruments in a single-layer hedge may include spot-starting or forward-starting constant-notional swaps, or spot or forward-starting amortizing-notional swaps and that the number of hedged layers corresponds with the number of hedges designated; (4) provide additional guidance on the accounting for and disclosure of hedge basis adjustments that are applicable to the portfolio layer method whether a single hedged layer or multiple hedged layers are designated, and; (5) specify how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. The amendments in this update apply to all entities that elect to apply the portfolio layer method of hedge accounting in accordance with Topic 815. The amendments in this update were 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 disclose on a prospective basis with no reclassification of debt securities from held to maturity to available for sale. The impact of adoption was not 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 were 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 basis for all amendments. The adoption of this standard was not material to the Company's consolidated financial position or results of operations. See further discussion of the resulting changes to our policies in Note 1- Basis of Presentation, Accounting Policies. Accounting Standards Issued But Not Yet Adopted In March 2023, FASB issued ASU 2023-02, “Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method,” to allow reporting entities to have the option to elect and expand the use of the proportional amortization method of accounting for qualifying tax credit equity investments structures that meet certain criteria. Existing guidance under Subtopic 323-70 provides the option to apply the proportional amortization method only to investments in low-income-housing tax credit structures; equity investments in other tax credit structures are typically accounted for under Topic 321, Investments – Equity Securities. Under the provisions of this update, the accounting policy election to apply the proportional amortization method can be made on a tax-credit-program-by-tax-credit-program basis for programs that meeting certain conditions and is not made at the reporting entity or individual investment level. Application of the proportional amortization method to any eligible tax credit investments will result in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization being presented as a component of income tax expense (benefit), as opposed to current guidance under Topic 321, where any investment income, gains and losses and tax credits are all presented gross in the statement of income. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for all entities in any interim period; if an entity adopts the amendments in an interim period, it shall adopt them as of the beginning of the fiscal year that includes that interim period. The amendments in this update must be applied on either a modified retrospective or a retrospective basis. The Company is currently assessing the provisions of this guidance, but does not expect adoption to have a material impact to its consolidated financial position or results of operations. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Hancock Whitney Corporation and all other entities in which it has a controlling interest (the “Company”). The financial statements include all adjustments that are, in the opinion of management, necessary to fairly state the Company’s financial condition, results of operations, changes in stockholders’ equity and cash flows for the interim periods presented. The Company has also evaluated all subsequent events for potential recognition and disclosure through the date of the filing of this Quarterly Report on Form 10-Q. Some financial information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been condensed or omitted in this Quarterly Report on Form 10-Q pursuant to Securities and Exchange Commission rules and regulations. These financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Financial information reported in these financial statements is not necessarily indicative of the Company’s financial condition, results of operations, or cash flows for any other interim or annual period. Certain prior period amounts have been reclassified to conform to the current period presentation. Such changes include expanding the presentation of the credit quality metrics by vintage to portfolio class from portfolio segment in Note 3 – Loans. These changes in presentation did not have a material impact on the Company's financial condition or operating results. |
Use of Estimates | Use of Estimates The accounting principles the Company follows and the methods for applying these principles conform to GAAP and general practices followed by the banking industry. These accounting principles require management to make estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. |
Accounting Policies | Accounting Policies There were no material changes or developments during the reporting period with respect to methodologies that the Company uses when applying what management believes are critical accounting policies and developing critical accounting estimates as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2022. On January 1, 2023, the Company adopted Accounting Standards Update (“ASU”) 2022-02 "Financial Instruments: Credit Losses (Topic 326) - Troubled Debt Restructurings and Vintage Disclosures." The amendments in this update eliminated the recognition and measurement guidance as prescribed by Accounting Standards Codification (“ASC”) 310-40 for troubled debt restructurings (“TDRs”) and introduced new requirements for certain modifications of loans to borrowers experiencing financial difficulty (“MEFDs”). Qualifying modifications are interest rate reductions, other-than-insignificant payment delays, term extensions, or any combination of these terms. Our MEFD policy generally considers six months or less to be the time frame that is considered insignificant for payment delays and/or term extensions. Multiple payment delays and/or term extensions to borrowers experiencing financial difficulty within a twelve month period are evaluated collectively. Qualifying modified loans are subject to reporting requirements for the twelve month period following the modification. This standard was adopted on a prospective basis and therefore, only modifications on or after January 1, 2023 are evaluated and reported under the new requirements. Like TDRs, MEFDs can remain on nonaccrual, move to nonaccrual, return to accrual, or continue to accrue interest, depending on the individual facts and circumstances of the borrower. As allowed by the standard, the Company has elected to evaluate these modified loans for credit loss consistent with policies for the non-modified portfolio, which includes individually evaluating for specific reserves all nonaccrual MEFDs over our existing materiality threshold and collectively evaluating credit loss for all other MEFDs, including those that continue to accrue interest. The credit loss methodology for MEFDs is the same as described in the Allowance for Credit Losses section in the Summary of Significant Accounting Policies disclosed in the Note 1 of the 2022 Form 10-K. Refer to Note 3 – Loans for disclosures related to reportable MEFDs entered into since adoption, as well as gross charge-offs by class in our vintage disclosures, also required by this standard. Refer to Note 14 – Recent Accounting Pronouncements for further discussion of accounting standards adopted and issued but not yet adopted at June 30, 2023 and the anticipated impact to the Company’s financial statements. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 | June 30, 2023 December 31, 2022 Gross Gross Gross Gross Securities Available for Sale Amortized unrealized unrealized Fair Amortized unrealized unrealized Fair ($ in thousands) cost gains losses value cost gains losses value U.S. Treasury and government agency securities $ 113,195 $ — $ 3,343 $ 109,852 $ 113,211 $ — $ 2,346 $ 110,865 Municipal obligations 205,306 40 4,841 200,505 207,014 59 3,981 203,092 Residential mortgage-backed securities 2,507,541 141 381,119 2,126,563 2,655,381 224 398,619 2,256,986 Commercial mortgage-backed securities 3,232,868 1,773 339,425 2,895,216 3,234,278 2,032 342,880 2,893,430 Collateralized mortgage obligations 68,773 — 6,043 62,730 76,830 — 6,242 70,588 Corporate debt securities 23,500 — 3,677 19,823 23,500 — 2,420 21,080 Total $ 6,151,183 $ 1,954 $ 738,448 $ 5,414,689 $ 6,310,214 $ 2,315 $ 756,488 $ 5,556,041 |
Amortized Cost and Fair Value of Debt Securities Held to Maturity | June 30, 2023 December 31, 2022 Gross Gross Gross Gross Securities Held to Maturity Amortized unrealized unrealized Fair Amortized unrealized unrealized Fair ($ in thousands) cost gains losses value cost gains losses value U.S. Treasury and government agency securities $ 422,789 $ 96 $ 49,405 $ 373,480 $ 426,454 $ 21 $ 49,044 $ 377,431 Municipal obligations 683,143 669 26,561 657,251 698,908 753 26,558 673,103 Residential mortgage-backed securities 694,693 — 71,754 622,939 734,478 — 72,532 661,946 Commercial mortgage-backed securities 942,272 — 91,213 851,059 948,691 — 87,211 861,480 Collateralized mortgage obligations 38,093 — 2,566 35,527 43,964 — 2,526 41,438 Total $ 2,780,990 $ 765 $ 241,499 $ 2,540,256 $ 2,852,495 $ 774 $ 237,871 $ 2,615,398 |
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 six months ended June 30, 2023 and 2022. Net gains or losses are reflected in the "Securities transactions, net" line item on the Consolidated Statements of Income. Six Months Ended ($ in thousands) 2023 2022 Proceeds $ — $ 73,219 Gross gains — — Gross losses — 87 Net loss $ — $ ( 87 ) |
Available for Sale Securities [Member] | |
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items] | |
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | Debt Securities Available for Sale Amortized Fair ($ in thousands) cost value Due in one year or less $ 2,667 $ 2,607 Due after one year through five years 1,007,425 951,597 Due after five years through ten years 3,021,049 2,693,028 Due after ten years 2,120,042 1,767,457 Total available for sale debt securities $ 6,151,183 $ 5,414,689 |
Securities with Unrealized Losses | Available for Sale June 30, 2023 Losses < 12 months Losses 12 months or > Total ($ in thousands) Fair Gross Fair Gross Fair Gross U.S. Treasury and government agency securities $ 101,949 $ 1,770 $ 7,903 $ 1,573 $ 109,852 $ 3,343 Municipal obligations 114,411 2,165 84,699 2,676 199,110 4,841 Residential mortgage-backed securities 131,220 6,308 1,989,035 374,811 2,120,255 381,119 Commercial mortgage-backed securities 275,914 16,436 2,567,305 322,989 2,843,219 339,425 Collateralized mortgage obligations — — 62,730 6,043 62,730 6,043 Corporate debt securities 1,690 310 17,633 3,367 19,323 3,677 Total $ 625,184 $ 26,989 $ 4,729,305 $ 711,459 $ 5,354,489 $ 738,448 Available for Sale December 31, 2022 Losses < 12 months Losses 12 months or > Total Gross Gross Gross Fair unrealized Fair unrealized Fair unrealized ($ in thousands) value losses value losses value losses U.S. Treasury and government agency securities $ 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 Total $ 2,475,872 $ 173,301 $ 3,007,890 $ 583,187 $ 5,483,762 $ 756,488 |
Held-to-maturity Securities [Member] | |
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items] | |
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | Debt Securities Held to Maturity Amortized Fair ($ in thousands) cost value Due in one year or less $ 6,636 $ 6,478 Due after one year through five years 665,030 629,029 Due after five years through ten years 836,716 768,352 Due after ten years 1,272,608 1,136,397 Total held to maturity securities $ 2,780,990 $ 2,540,256 |
Securities with Unrealized Losses | Held to maturity June 30, 2023 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 $ 63,206 $ 3,175 $ 295,332 $ 46,230 $ 358,538 $ 49,405 Municipal obligations 429,205 5,865 192,626 20,696 621,831 26,561 Residential mortgage-backed securities 215,171 12,457 407,768 59,297 622,939 71,754 Commercial mortgage-backed securities 119,234 6,908 731,825 84,305 851,059 91,213 Collateralized mortgage obligations — — 35,527 2,566 35,527 2,566 Total $ 826,816 $ 28,405 $ 1,663,078 $ 213,094 $ 2,489,894 $ 241,499 Held to maturity December 31, 2022 Losses < 12 months Losses 12 months or > Total Gross Gross Gross Fair unrealized Fair unrealized Fair unrealized ($ in thousands) value losses value losses value losses U.S. Treasury and government agency securities $ 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 Total $ 1,836,592 $ 112,063 $ 725,298 $ 125,808 $ 2,561,890 $ 237,871 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 and December 31, 2022. June 30, December 31, ($ in thousands) 2023 2022 Commercial non-real estate $ 10,113,932 $ 10,146,453 Commercial real estate - owner occupied 3,058,829 3,033,058 Total commercial and industrial 13,172,761 13,179,511 Commercial real estate - income producing 3,762,428 3,560,991 Construction and land development 1,768,252 1,703,592 Residential mortgages 3,581,514 3,092,605 Consumer 1,504,931 1,577,347 Total loans $ 23,789,886 $ 23,114,046 |
Allowance for Credit Losses by Portfolio Class | The following tables present activity in the allowance for credit losses (ACL) by portfolio class for the six months ended June 30, 2023 and 2022, as well as the corresponding recorded investment in loans at the end of each period. Commercial Total Commercial Commercial real estate- commercial real estate- Construction non-real owner and income and land Residential ($ in thousands) estate occupied industrial producing development mortgages Consumer Total Six Months Ended June 30, 2023 Allowance for credit losses Allowance for loan losses: Beginning balance $ 96,461 $ 48,284 $ 144,745 $ 71,961 $ 30,498 $ 32,464 $ 28,121 $ 307,789 Charge-offs ( 7,503 ) — ( 7,503 ) ( 73 ) ( 72 ) ( 28 ) ( 6,912 ) ( 14,588 ) Recoveries 2,694 350 3,044 10 6 480 1,953 5,493 Net provision for loan losses 4,543 ( 2,339 ) 2,204 5,243 912 3,681 3,762 15,802 Ending balance - allowance for loan losses $ 96,195 $ 46,295 $ 142,490 $ 77,141 $ 31,344 $ 36,597 $ 26,924 $ 314,496 Reserve for unfunded lending commitments: Beginning balance $ 4,984 $ 302 $ 5,286 $ 1,395 $ 25,110 $ 31 $ 1,487 $ 33,309 Provision for losses on unfunded commitments 12 27 39 28 ( 2,227 ) ( 8 ) 19 ( 2,149 ) Ending balance - reserve for unfunded lending commitments 4,996 329 5,325 1,423 22,883 23 1,506 31,160 Total allowance for credit losses $ 101,191 $ 46,624 $ 147,815 $ 78,564 $ 54,227 $ 36,620 $ 28,430 $ 345,656 Allowance for loan losses: Individually evaluated $ 7,501 $ — $ 7,501 $ — $ — $ — $ — $ 7,501 Collectively evaluated 88,694 46,295 134,989 77,141 31,344 36,597 26,924 306,995 Allowance for loan losses $ 96,195 $ 46,295 $ 142,490 $ 77,141 $ 31,344 $ 36,597 $ 26,924 $ 314,496 Reserve for unfunded lending commitments: Individually evaluated $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated 4,996 329 5,325 1,423 22,883 23 1,506 31,160 Reserve for unfunded lending commitments: $ 4,996 $ 329 $ 5,325 $ 1,423 $ 22,883 $ 23 $ 1,506 $ 31,160 Total allowance for credit losses $ 101,191 $ 46,624 $ 147,815 $ 78,564 $ 54,227 $ 36,620 $ 28,430 $ 345,656 Loans: Individually evaluated $ 35,697 $ 675 $ 36,372 $ — $ — $ 1,135 $ — $ 37,507 Collectively evaluated 10,078,235 3,058,154 13,136,389 3,762,428 1,768,252 3,580,379 1,504,931 23,752,379 Total loans $ 10,113,932 $ 3,058,829 $ 13,172,761 $ 3,762,428 $ 1,768,252 $ 3,581,514 $ 1,504,931 $ 23,789,886 Commercial Total Commercial Commercial real estate- commercial real estate- Construction non-real owner and income and land Residential ($ in thousands) estate occupied industrial producing development mortgages Consumer Total Six Months Ended June 30, 2022 Allowance for credit losses Allowance for loan losses: Beginning balance $ 95,888 $ 53,433 $ 149,321 $ 108,058 $ 22,102 $ 30,623 $ 31,961 $ 342,065 Charge-offs ( 3,747 ) ( 857 ) ( 4,604 ) ( 1,066 ) ( 3 ) ( 60 ) ( 5,627 ) ( 11,360 ) Recoveries 6,603 491 7,094 878 126 527 3,102 11,727 Net provision for loan losses ( 5,925 ) ( 3,452 ) ( 9,377 ) ( 24,919 ) 2,478 ( 2,506 ) 67 ( 34,257 ) Ending balance - allowance for loan losses $ 92,819 $ 49,615 $ 142,434 $ 82,951 $ 24,703 $ 28,584 $ 29,503 $ 308,175 Reserve for unfunded lending commitments: Beginning balance $ 4,522 $ 323 $ 4,845 $ 1,694 $ 21,907 $ 22 $ 866 $ 29,334 Provision for losses on unfunded commitments 51 40 91 ( 274 ) 1,598 2 552 1,969 Ending balance - reserve for unfunded lending commitments 4,573 363 4,936 1,420 23,505 24 1,418 31,303 Total allowance for credit losses $ 97,392 $ 49,978 $ 147,370 $ 84,371 $ 48,208 $ 28,608 $ 30,921 $ 339,478 Allowance for loan losses: Individually evaluated $ 76 $ 31 $ 107 $ 18 $ 19 $ 322 $ 170 $ 636 Collectively evaluated 92,743 49,584 142,327 82,933 24,684 28,262 29,333 307,539 Allowance for loan losses $ 92,819 $ 49,615 $ 142,434 $ 82,951 $ 24,703 $ 28,584 $ 29,503 $ 308,175 Reserve for unfunded lending commitments: Individually evaluated $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated 4,573 363 4,936 1,420 23,505 24 1,418 31,303 Reserve for unfunded lending commitments: $ 4,573 $ 363 $ 4,936 $ 1,420 $ 23,505 $ 24 $ 1,418 $ 31,303 Total allowance for credit losses $ 97,392 $ 49,978 $ 147,370 $ 84,371 $ 48,208 $ 28,608 $ 30,921 $ 339,478 Loans: Individually evaluated $ 1,559 $ 937 $ 2,496 $ 1,289 $ 120 $ 3,991 $ 905 $ 8,801 Collectively evaluated 9,643,533 2,963,537 12,607,070 3,639,954 1,408,607 2,611,816 1,569,820 21,837,267 Total loans $ 9,645,092 $ 2,964,474 $ 12,609,566 $ 3,641,243 $ 1,408,727 $ 2,615,807 $ 1,570,725 $ 21,846,068 |
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. June 30, 2023 December 31, 2022 ($ in thousands) Total nonaccrual Nonaccrual without allowance for loan loss Total nonaccrual Nonaccrual without allowance for loan loss Commercial non-real estate $ 40,268 $ 10,256 $ 4,020 $ 941 Commercial real estate - owner occupied 2,295 675 1,461 692 Total commercial and industrial 42,563 10,931 5,481 1,633 Commercial real estate - income producing 356 — 1,240 1,174 Construction and land development 370 — 309 — Residential mortgages 27,458 1,135 25,269 1,884 Consumer 7,473 — 6,692 — Total loans $ 78,220 $ 12,066 $ 38,991 4,691 |
Provides Detail by Portfolio Class for Reportable MEFDs | The tables below provides detail by portfolio class for reportable MEFDs entered into during the three and six months ended June 30, 2023. Three Months Ended June 30, 2023 Term extension Payment delay Term extensions and payment delay ($ in thousands) Balance Percentage of portfolio Balance Percentage of portfolio Balance Percentage of portfolio Commercial non-real estate $ 900 0.01 % $ 100 0.00 % $ 907 0.01 % Commercial real estate - owner occupied — — — — 675 0.02 % Total commercial and industrial 900 0.01 % 100 0.00 % 1,582 0.01 % Commercial real estate - income producing — — — — — — Construction and land development — — — — — — Residential mortgages — — — — — — Consumer — — — — — — Total reportable modified loans $ 900 0.00 % $ 100 0.00 % $ 1,582 0.01 % Six Months Ended June 30, 2023 Term extension Payment delay Term extensions and payment delay ($ in thousands) Balance Percentage of portfolio Balance Percentage of portfolio Balance Percentage of portfolio Commercial non-real estate $ 909 0.01 % $ 100 0.00 % $ 907 0.01 % Commercial real estate - owner occupied — — — — 675 0.02 % Total commercial and industrial 909 0.01 % 100 0.00 % 1,582 0.01 % Commercial real estate - income producing — — — — — — Construction and land development — — — — — — Residential mortgages — — — — — — Consumer — — — — — — Total reportable modified loans $ 909 0.00 % $ 100 0.00 % $ 1,582 0.01 % |
Aging Analysis of Past Due Loans by Portfolio Class | The tables below present the aging analysis of past due loans by portfolio class at June 30, 2023 and December 31, 2022. June 30, 2023 30-59 60-89 Greater Total Current Total Recorded ($ in thousands) Commercial non-real estate $ 26,086 $ 15,244 $ 29,531 $ 70,861 $ 10,043,071 $ 10,113,932 $ 742 Commercial real estate - owner occupied 2,448 21,404 3,332 27,184 3,031,645 3,058,829 2,966 Total commercial and industrial 28,534 36,648 32,863 98,045 13,074,716 13,172,761 3,708 Commercial real estate - income producing 18,104 172 1,535 19,811 3,742,617 3,762,428 1,237 Construction and land development 666 375 184 1,225 1,767,027 1,768,252 53 Residential mortgages 6,046 9,231 19,920 35,197 3,546,317 3,581,514 1,538 Consumer 9,797 3,036 4,462 17,295 1,487,636 1,504,931 1,016 Total $ 63,147 $ 49,462 $ 58,964 $ 171,573 $ 23,618,313 $ 23,789,886 $ 7,552 December 31, 2022 30-59 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 $ 65,080 $ 38,779 $ 28,372 $ 132,231 $ 22,981,815 $ 23,114,046 $ 4,585 |
Credit Quality Indicators by Segment and Portfolio Class | The following tables present credit quality disclosures of amortized cost by portfolio class and vintage for term loans and by revolving and revolving converted to amortizing at June 30, 2023 and December 31, 2022. The Company defines vintage as the later of origination, renewal or modification date. The gross charge-offs presented in the table are for the six months ended June 30, 2023. Term Loans Revolving Loans June 30, 2023 Amortized Cost Basis by Origination Year Revolving Converted to ($ in thousands) 2023 2022 2021 2020 2019 Prior Loans Term Loans Total Commercial Non-Real Estate: Pass $ 933,613 $ 2,143,997 $ 1,279,430 $ 574,614 $ 459,156 $ 984,492 $ 3,189,964 $ 76,321 $ 9,641,587 Pass-Watch 25,996 43,916 31,946 8,621 5,795 50,105 76,553 11,610 254,542 Special Mention 374 9,178 13,290 1,494 3,503 928 15,551 5,346 49,664 Substandard 25,344 16,040 13,076 29,987 20,553 11,815 46,867 4,457 168,139 Doubtful — — — — — — — — — Total $ 985,327 $ 2,213,131 $ 1,337,742 $ 614,716 $ 489,007 $ 1,047,340 $ 3,328,935 $ 97,734 $ 10,113,932 Gross Charge-offs $ 123 $ 765 $ 365 $ 560 $ 52 $ 75 $ 4,401 $ 1,162 $ 7,503 Commercial Real Estate - Owner Occupied: Pass $ 202,261 $ 669,168 $ 622,617 $ 521,183 $ 301,412 $ 584,480 $ 31,077 $ 12,671 $ 2,944,869 Pass-Watch 3,561 7,360 4,715 2,850 18,987 17,091 860 — 55,424 Special Mention 574 — — 665 — 3,961 375 — 5,575 Substandard 18,630 7,127 636 7,364 4,663 13,337 1,204 — 52,961 Doubtful — — — — — — — — — Total $ 225,026 $ 683,655 $ 627,968 $ 532,062 $ 325,062 $ 618,869 $ 33,516 $ 12,671 $ 3,058,829 Gross Charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate - Income Producing: Pass $ 257,809 $ 885,797 $ 921,288 $ 672,062 $ 369,717 $ 416,420 $ 64,297 $ 50,589 $ 3,637,979 Pass-Watch 12,061 2,308 347 59,456 22,591 2,564 300 400 100,027 Special Mention 18,054 — — — — 368 — — 18,422 Substandard 3,652 378 298 1,237 8 427 — — 6,000 Doubtful — — — — — — — — — Total $ 291,576 $ 888,483 $ 921,933 $ 732,755 $ 392,316 $ 419,779 $ 64,597 $ 50,989 $ 3,762,428 Gross Charge-offs $ 73 $ — $ — $ — $ — $ — $ — $ — $ 73 Construction and Land Development: Pass $ 225,757 $ 837,674 $ 461,103 $ 89,496 $ 6,823 $ 22,374 $ 109,044 $ 5,252 $ 1,757,523 Pass-Watch 4,967 1,343 1,455 95 480 556 384 — 9,280 Special Mention 703 — — — 187 — — — 890 Substandard — 51 46 — 11 451 — — 559 Doubtful — — — — — — — — — Total $ 231,427 $ 839,068 $ 462,604 $ 89,591 $ 7,501 $ 23,381 $ 109,428 $ 5,252 $ 1,768,252 Gross Charge-offs $ — $ 7 $ 54 $ — $ — $ 11 $ — $ — $ 72 Residential Mortgage: Performing $ 339,250 $ 695,785 $ 870,203 $ 508,117 $ 184,657 $ 952,450 $ 3,594 — $ 3,554,056 Nonperforming 84 1,789 3,592 104 1,407 20,482 — — 27,458 Total $ 339,334 $ 697,574 $ 873,795 $ 508,221 $ 186,064 $ 972,932 $ 3,594 $ — $ 3,581,514 Gross Charge-offs $ — $ — $ — $ — $ — $ 28 $ — $ — $ 28 Consumer Loans: Performing $ 49,014 $ 74,332 $ 47,360 $ 36,171 $ 44,841 $ 57,928 $ 1,180,993 $ 6,819 $ 1,497,458 Nonperforming 71 183 337 575 542 3,987 341 1,437 7,473 Total $ 49,085 $ 74,515 $ 47,697 $ 36,746 $ 45,383 $ 61,915 $ 1,181,334 $ 8,256 $ 1,504,931 Gross Charge-offs $ 85 $ 980 $ 650 $ 68 $ 314 $ 394 $ 3,694 $ 727 $ 6,912 Term Loans Revolving Loans December 31, 2022 Amortized Cost Basis by Origination Year Revolving Converted to ($ in thousands) 2022 2021 2020 2019 2018 Prior Loans Term Loans Total Commercial Non-Real Estate: Pass $ 2,600,656 $ 1,450,689 $ 679,355 $ 569,842 $ 267,025 $ 763,122 $ 3,193,769 $ 116,659 $ 9,641,117 Pass-Watch 68,307 38,949 31,841 11,757 8,237 49,577 66,339 9,836 284,843 Special Mention 30,276 13,625 2,443 4,406 322 1,654 25,184 2,070 79,980 Substandard 29,667 13,807 11,766 21,667 12,792 1,250 39,213 10,351 140,513 Doubtful — — — — — — — — — Total $ 2,728,906 $ 1,517,070 $ 725,405 $ 607,672 $ 288,376 $ 815,603 $ 3,324,505 $ 138,916 $ 10,146,453 Commercial Real Estate - Owner Occupied: Pass $ 630,121 $ 650,742 $ 537,849 $ 328,364 $ 265,437 $ 447,707 $ 46,730 $ 5,107 $ 2,912,057 Pass-Watch 7,129 5,299 3,743 13,301 10,872 7,706 893 150 49,093 Special Mention — — 544 822 1,231 3,670 — — 6,267 Substandard 19,899 547 6,715 7,663 7,543 21,465 1,000 809 65,641 Doubtful — — — — — — — — — Total $ 657,149 $ 656,588 $ 548,851 $ 350,150 $ 285,083 $ 480,548 $ 48,623 $ 6,066 $ 3,033,058 Commercial Real Estate - Income Producing: Pass $ 894,522 $ 795,378 $ 660,235 $ 420,435 $ 232,145 $ 317,446 $ 113,487 $ 7,000 $ 3,440,648 Pass-Watch 1,027 18,070 58,256 20,865 12,066 836 467 — 111,587 Special Mention 235 — 708 2,325 166 376 — — 3,810 Substandard 415 — 2,785 8 1,240 498 — — 4,946 Doubtful — — — — — — — — — Total $ 896,199 $ 813,448 $ 721,984 $ 443,633 $ 245,617 $ 319,156 $ 113,954 $ 7,000 $ 3,560,991 Construction and Land Development: Pass $ 663,735 $ 711,731 $ 148,579 $ 9,198 $ 15,360 $ 10,854 $ 128,842 $ 2,457 $ 1,690,756 Pass-Watch 8,233 1,944 643 559 199 450 69 — 12,097 Special Mention — — — 196 — — — — 196 Substandard 35 55 — 12 61 380 — — 543 Doubtful — — — — — — — — — Total $ 672,003 $ 713,730 $ 149,222 $ 9,965 $ 15,620 $ 11,684 $ 128,911 $ 2,457 $ 1,703,592 Residential Mortgage: Performing $ 631,339 $ 694,104 $ 518,705 $ 192,431 $ 107,675 $ 918,918 $ 3,147 $ — $ 3,066,319 Nonperforming 1,058 2,434 716 1,196 2,080 18,802 — — 26,286 Total $ 632,397 $ 696,538 $ 519,421 $ 193,627 $ 109,755 $ 937,720 $ 3,147 $ — $ 3,092,605 Consumer Loans: Performing $ 103,742 $ 58,248 $ 45,641 $ 62,715 $ 41,559 $ 40,489 $ 1,212,958 $ 4,834 $ 1,570,186 Nonperforming 193 198 228 758 381 3,341 459 1,603 7,161 Total $ 103,935 $ 58,446 $ 45,869 $ 63,473 $ 41,940 $ 43,830 $ 1,213,417 $ 6,437 $ 1,577,347 |
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 June 30, 2023 and December 31, 2022. The Company routinely assesses the ratings of loans in its portfolio through an established and comprehensive portfolio management process. June 30, 2023 ($ in thousands) Commercial Commercial Total Commercial Construction Total Grade: Pass $ 9,641,587 $ 2,944,869 $ 12,586,456 $ 3,637,979 $ 1,757,523 $ 17,981,958 Pass-Watch 254,542 55,424 309,966 100,027 9,280 419,273 Special Mention 49,664 5,575 55,239 18,422 890 74,551 Substandard 168,139 52,961 221,100 6,000 559 227,659 Doubtful — — — — — — Total $ 10,113,932 $ 3,058,829 $ 13,172,761 $ 3,762,428 $ 1,768,252 $ 18,703,441 December 31, 2022 ($ in thousands) Commercial Commercial Total Commercial Construction Total 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 |
Residential Mortgage and Consumer [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Credit Quality Indicators by Segment and Portfolio Class | June 30, 2023 December 31, 2022 ($ in thousands) Residential Consumer Total Residential Consumer Total Performing $ 3,554,056 $ 1,497,458 $ 5,051,514 $ 3,066,319 $ 1,570,186 $ 4,636,505 Nonperforming 27,458 7,473 34,931 26,286 7,161 33,447 Total $ 3,581,514 $ 1,504,931 $ 5,086,445 $ 3,092,605 $ 1,577,347 $ 4,669,952 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Short-Term Debt [Abstract] | |
Summary of Information Concerning Short-term Borrowings | The following table presents information concerning short-term borrowings at June 30, 2023 and December 31, 2022. June 30, December 31, ($ in thousands) 2023 2022 Federal funds purchased: Amount outstanding at period end $ 400 $ 1,850 Weighted-average interest at period end 4.65 % 3.90 % Securities sold under agreements to repurchase: Amount outstanding at period end $ 529,138 $ 444,421 Weighted-average interest at period end 1.25 % 0.53 % FHLB borrowings: Amount outstanding at period end $ 1,100,000 $ 1,425,000 Weighted-average interest at period end 5.13 % 4.70 % The following table presents information concerning short-term borrowings for the three and six months ended June 30, 2023 and 2022. Three Months Ended Six Months Ended June 30, June 30, ($ in thousands) 2023 2022 2023 2022 Federal funds purchased: Average amount outstanding during period $ 1,287 $ 2,735 $ 4,829 $ 2,562 Maximum amount at any month end during period $ 400 $ 2,350 $ 1,850 $ 2,350 Weighted-average interest rate during period 5.17 % 0.82 % 5.12 % 0.57 % Securities sold under agreements to repurchase: Average amount outstanding during period $ 497,940 $ 523,041 $ 472,001 $ 555,096 Maximum amount at any month end during period $ 625,773 $ 518,014 $ 625,773 $ 640,592 Weighted-average interest rate during period 1.38 % 0.08 % 1.05 % 0.07 % FHLB borrowings: Average amount outstanding during period $ 1,887,363 $ 698,407 $ 1,766,575 $ 898,099 Maximum amount at any month end during period $ 3,000,000 $ 1,100,000 $ 3,100,000 $ 1,100,000 Weighted-average interest rate during period 5.10 % 0.49 % 4.93 % 0.49 % |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Financial Instruments | The table below presents the notional or contractual amounts and fair values of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets at June 30, 2023 and December 31, 2022. June 30, 2023 December 31, 2022 Derivative (1) Derivative (1) ($ in thousands) Type of Notional or Assets Liabilities Notional or Assets Liabilities Derivatives designated as hedging instruments: Interest rate swaps - variable rate loans Cash Flow $ 1,550,000 $ — $ 105,996 $ 2,100,000 $ 2,301 $ 112,262 Interest rate swaps - securities Fair Value 513,500 24,912 — 716,000 43,501 — 2,063,500 24,912 105,996 2,816,000 45,802 112,262 Derivatives not designated as hedging instruments: Interest rate swaps N/A 4,996,939 166,068 164,090 4,620,544 172,242 169,712 Risk participation agreements N/A 306,087 18 11 298,729 1 13 Interest rate-lock commitments on residential mortgage loans N/A 35,825 372 11 10,930 8 113 Forward commitments to sell residential mortgage loans N/A 19,939 11 190 13,819 161 8 To Be Announced (TBA) securities N/A 25,750 102 15 10,000 78 7 Foreign exchange forward contracts N/A 115,458 1,886 1,844 123,106 1,643 1,594 Visa Class B derivative contract N/A 42,929 — 1,403 43,111 — 1,883 5,542,927 168,457 167,564 5,120,239 174,133 173,330 Total derivatives $ 7,606,427 $ 193,369 $ 273,560 $ 7,936,239 $ 219,935 $ 285,592 Less: netting adjustment (2) ( 84,895 ) — ( 110,438 ) ( 81,471 ) Total derivative assets/liabilities $ 108,474 $ 273,560 $ 109,497 $ 204,121 (1) Derivative assets and liabilities are reported at fair value in other assets or other liabilities, respectively, in the consolidated balance sheets. (2) Represents balance sheet netting of derivative assets and liabilities for variation margin collateral held or placed with the same central clearing counterparty. See offsetting assets and liabilities for further information. |
Effects of Derivative Instruments in the Statement of Income | The effects of derivative instruments in the Consolidated Statements of Income for the three and six months ended June 30, 2023 and 2022 are presented in the table below. Three Months Ended Six Months Ended ($ in thousands) June 30, June 30, Derivative Instruments: Location of Gain (Loss) Recognized 2023 2022 2023 2022 Cash flow hedges: Variable rate loans Interest income - loans $ ( 9,492 ) $ 6,013 $ ( 17,493 ) $ 12,767 Fair value hedges: Securities Interest income - securities - taxable 3,013 ( 129 ) 5,763 1,029 Securities - terminations Noninterest income - securities transactions, net — — — 1,620 Derivatives not designated as hedging: Residential mortgage banking Noninterest income - secondary mortgage market operations 17 1,768 501 2,960 Customer and all other instruments Noninterest income - other noninterest income 584 2,728 1,167 5,077 Total gain (loss) $ ( 5,878 ) $ 10,380 $ ( 10,062 ) $ 23,453 |
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 June 30, 2023 and December 31, 2022 is presented in the following tables ($ in thousands) Gross Net Amounts Gross Amounts Not Offset in the Description Gross Offset in Presented in Financial Cash Net As of June 30, 2023 Derivative Assets $ 197,313 $ ( 87,381 ) $ 109,932 $ 109,932 $ — $ — Derivative Liabilities $ 111,599 $ — $ 111,599 $ 109,932 $ 123,717 $ ( 122,050 ) ($ in thousands) Gross Net Amounts Gross Amounts Not Offset in the Description Gross Offset in Presented in Financial Cash Net As of December 31, 2022 Derivative Assets $ 223,072 $ ( 112,338 ) $ 110,734 $ 32,601 $ 27,852 $ 105,985 Derivative Liabilities $ 116,395 $ ( 83,794 ) $ 32,601 $ 32,601 $ — $ — |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | A roll-forward of the components of Accumulated Other Comprehensive Income (Loss) is presented in the table that follows: Available HTM Securities Employee Cash Equity Method Investment Total ($ in thousands) Balance, December 31, 2021 $ 11,037 $ 153 $ ( 80,946 ) $ 16,284 $ ( 463 ) $ ( 53,935 ) Net change in unrealized gain (loss) ( 547,636 ) — — ( 47,287 ) 468 ( 594,455 ) Reclassification of net income or loss realized and included in earnings 1,707 — 1,652 ( 12,767 ) — ( 9,408 ) Valuation adjustments to employee benefit plans — — ( 7,987 ) — — ( 7,987 ) Transfer of net unrealized loss from AFS to HTM securities portfolio 15,405 ( 15,405 ) — — — — Amortization of unrealized net loss on securities transferred to HTM — 527 — — — 527 Income tax benefit 119,739 3,358 1,430 13,554 — 138,081 Balance, June 30, 2022 $ ( 399,748 ) $ ( 11,367 ) $ ( 85,851 ) $ ( 30,216 ) $ 5 $ ( 527,177 ) Balance, December 31, 2022 $ ( 584,408 ) $ ( 10,734 ) $ ( 97,952 ) $ ( 79,093 ) $ 5 $ ( 772,182 ) Net change in unrealized gain (loss) 17,678 — — ( 20,943 ) 706 ( 2,559 ) Reclassification of net loss realized and included in earnings — — 3,272 17,493 — 20,765 Valuation adjustments to employee benefit plans — — ( 7,521 ) — — ( 7,521 ) Amortization of unrealized net loss on securities transferred to HTM — 922 — — — 922 Income tax (expense) benefit ( 3,737 ) ( 207 ) 956 777 — ( 2,211 ) Balance, June 30, 2023 $ ( 570,467 ) $ ( 10,019 ) $ ( 101,245 ) $ ( 81,766 ) $ 711 $ ( 762,786 ) |
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. Six Months Ended Amount reclassified from AOCI (a) June 30, Affected line item on ($ in thousands) 2023 2022 the statement of income Loss on sale of AFS securities $ — $ ( 1,707 ) Noninterest income Tax effect — 385 Income taxes Net of tax — ( 1,322 ) Net income Amortization of unrealized net loss on securities transferred to HTM ( 922 ) ( 527 ) Interest income Tax effect 207 119 Income taxes Net of tax ( 715 ) ( 408 ) Net income Amortization of defined benefit pension and post-retirement items ( 3,272 ) ( 1,652 ) Other noninterest expense (b) Tax effect 736 373 Income taxes Net of tax ( 2,536 ) ( 1,279 ) Net income Reclassification of unrealized gain/(loss) on cash flow hedges ( 21,994 ) 6,977 Interest income Tax effect 4,953 ( 1,575 ) Income taxes Net of tax ( 17,041 ) 5,402 Net income Amortization of gain on terminated cash flow hedges 4,501 5,790 Interest income Tax effect ( 1,014 ) ( 1,307 ) Income taxes Net of tax 3,487 4,483 Net income Total reclassifications, net of tax ( 16,805 ) 6,876 Net income (a) Amounts in parentheses indicate reduction in net income. (b) These AOCI components are included in the computation of net periodic pension and post-retirement cost that is reported with other noninterest |
Other Noninterest Income (Table
Other Noninterest Income (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Income, Nonoperating [Abstract] | |
Components of Other Noninterest Income | Components of other noninterest income are as follows: Three Months Ended Six Months Ended June 30, June 30, ($ in thousands) 2023 2022 2023 2022 Income from bank-owned life insurance $ 3,364 $ 4,273 $ 6,650 $ 7,818 Credit related fees 3,231 2,543 5,996 5,212 Income from derivatives 584 2,728 1,167 5,077 Other miscellaneous 5,640 5,444 10,224 11,878 Total other noninterest income $ 12,819 $ 14,988 $ 24,037 $ 29,985 |
Other Noninterest Expense (Tabl
Other Noninterest Expense (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Expense, Nonoperating [Abstract] | |
Components of Other Noninterest Expense | Components of other noninterest expense are as follows: Three Months Ended Six Months Ended June 30, June 30, ($ in thousands) 2023 2022 2023 2022 Corporate value and franchise taxes and other non-income taxes $ 5,241 $ 4,558 $ 10,494 $ 8,806 Advertising 3,476 3,512 6,732 6,678 Telecommunications and postage 2,712 2,971 5,783 5,896 Entertainment and contributions 2,582 2,440 5,213 5,401 Tax credit investment amortization 1,402 1,004 2,803 2,008 Printing and supplies 1,149 918 2,139 1,921 Travel expense 1,651 1,123 2,697 1,783 Net other retirement expense ( 3,312 ) ( 7,781 ) ( 6,967 ) ( 14,553 ) Other miscellaneous 7,008 4,661 15,132 13,706 Total other noninterest expense $ 21,909 $ 13,406 $ 44,026 $ 31,646 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Earnings Per Common Share | A summary of the information used in the computation of earnings per common share follows. Three Months Ended Six Months Ended June 30, June 30, ($ in thousands, except per share data) 2023 2022 2023 2022 Numerator: Net income to common shareholders $ 117,794 $ 121,435 $ 244,261 $ 244,913 Net income allocated to participating securities - basic and diluted 1,224 1,844 2,582 3,762 Net income allocated to common shareholders - basic and diluted $ 116,570 $ 119,591 $ 241,679 $ 241,151 Denominator: Weighted-average common shares - basic 86,096 86,067 $ 86,057 $ 86,362 Dilutive potential common shares 274 287 293 292 Weighted-average common shares - diluted 86,370 86,354 $ 86,350 $ 86,654 Earnings per common share: Basic $ 1.35 $ 1.39 $ 2.81 $ 2.79 Diluted $ 1.35 $ 1.38 $ 2.80 $ 2.78 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefits Cost | The following tables show the components of net periodic benefit cost included in expense for the periods indicated. Other Post- (in thousands) Pension Benefits Retirement Benefits For The Three Months Ended June 30, 2023 2022 2023 2022 Service cost $ 1,979 $ 2,929 $ 10 $ 25 Interest cost 5,963 3,708 149 76 Expected return on plan assets ( 11,178 ) ( 11,711 ) — — Amortization of net (gain) or loss and prior service costs 1,911 582 ( 158 ) ( 139 ) Net periodic benefit cost $ ( 1,325 ) $ ( 4,492 ) $ 1 $ ( 38 ) Other Post- ($ in thousands) Pension Benefits Retirement Benefits For the Six Months Ended June 30, 2023 2022 2023 2022 Service cost $ 3,959 $ 5,729 $ ( 21 ) $ 50 Interest cost 11,751 7,125 365 153 Expected return on plan assets ( 22,356 ) ( 23,186 ) — — Amortization of net (gain) or loss and prior service costs 3,681 1,930 ( 409 ) ( 278 ) Net periodic benefit cost $ ( 2,965 ) $ ( 8,402 ) $ ( 65 ) $ ( 75 ) |
Share-Based Payment Arrangeme_2
Share-Based Payment Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Nonvested Restricted and Performance Shares | A summary of the status of the Company’s nonvested restricted stock units and restricted and performance-based share awards at June 30, 2023 are presented in the following table. Weighted Average Number of Grant Date Shares Fair Value Nonvested at January 1, 2023 1,431,515 $ 40.95 Granted 639,257 48.65 Vested ( 239,051 ) 45.51 Forfeited ( 97,686 ) 40.74 Nonvested at June 30, 2023 1,734,035 $ 43.17 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 and December 31, 2022: June 30, December 31, ($ in thousands) 2023 2022 Commitments to extend credit $ 10,083,714 $ 10,202,464 Letters of credit 439,444 400,505 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 on the consolidated balance sheets at June 30, 2023 and December 31, 2022: June 30, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 109,852 $ — $ 109,852 Municipal obligations — 200,505 — 200,505 Corporate debt securities — 19,823 — 19,823 Residential mortgage-backed securities — 2,126,563 — 2,126,563 Commercial mortgage-backed securities — 2,895,216 — 2,895,216 Collateralized mortgage obligations — 62,730 — 62,730 Total available for sale securities — 5,414,689 — 5,414,689 Mortgage loans held for sale — 24,163 — 24,163 Derivative assets (1) — 108,474 — 108,474 Total recurring fair value measurements - assets $ — $ 5,547,326 $ — $ 5,547,326 Liabilities Derivative liabilities (1) $ — $ 272,157 $ 1,403 $ 273,560 Total recurring fair value measurements - liabilities $ — $ 272,157 $ 1,403 $ 273,560 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 5 - Derivatives. |
Consolidated Balance Sheets for Financial Instruments of Material Nature Measured at Fair Value on Recurring Basis | The table below presents a rollforward of the amounts on the consolidated balance sheets for the six months ended June 30, 2023 and the year ended December 31, 2022 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, 2021 $ 4,116 Cash settlement ( 2,429 ) Losses included in earnings 196 Balance at December 31, 2022 1,883 Cash settlement ( 869 ) Losses included in earnings 389 Balance at June 30, 2023 $ 1,403 |
Overview of the Valuation Techniques and Significant Unobservable Inputs | The table below provides an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure the financial instrument measured on a recurring basis and classified within level 3 of the valuation. The range of sensitivities that management utilized in its fair value calculations is deemed acceptable in the industry with respect to the identified financial instrument. ($ in thousands) Fair Value Level 3 Class June 30, 2023 December 31, 2022 Derivative liability $ 1,403 $ 1,883 Valuation technique Discounted cash flow Discounted cash flow Unobservable inputs: Visa Class A appreciation - range 6 - 12 % 6 - 12 % Visa Class A appreciation - weighted average 9 % 9 % Conversion rate - range 1.60 x- 1.59 x 1.61 x- 1.60 x Conversion rate -weighted average 1.5950 x 1.6030 x Time until resolution 3 - 9 months 3 - 12 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. June 30, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent loans individually evaluated for credit loss $ — $ 37,507 $ — $ 37,507 Other real estate owned and foreclosed assets, net — — 2,174 2,174 Total nonrecurring fair value measurements $ — $ 37,507 $ 2,174 $ 39,681 December 31, 2022 ($ in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent loans individually evaluated for credit loss $ — $ 4,692 $ — $ 4,692 Other real estate owned and foreclosed assets, net — — 2,017 2,017 Total nonrecurring fair value measurements $ — $ 4,692 $ 2,017 $ 6,709 |
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. June 30, 2023 Total Fair Carrying ($ in thousands) Level 1 Level 2 Level 3 Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 1,237,899 $ — $ — $ 1,237,899 $ 1,237,899 Available for sale securities — 5,414,689 — 5,414,689 5,414,689 Held to maturity securities — 2,540,256 — 2,540,256 2,780,990 Loans, net — 37,507 22,970,743 23,008,250 23,475,390 Loans held for sale — 55,902 — 55,902 55,902 Derivative financial instruments — 108,474 — 108,474 108,474 Financial liabilities: Deposits $ — $ — $ 30,014,127 $ 30,014,127 $ 30,043,501 Federal funds purchased 400 — — 400 400 Securities sold under agreements to repurchase 529,138 — — 529,138 529,138 FHLB short-term borrowings — 1,099,992 — 1,099,992 1,100,000 Long-term debt — 195,972 — 195,972 236,241 Derivative financial instruments — 272,157 1,403 273,560 273,560 December 31, 2022 ($ in thousands) Level 1 Level 2 Level 3 Total Fair Carrying 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 FHLB short-term 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 |
Securities (Narrative) (Details
Securities (Narrative) (Details) | Jun. 30, 2023 USD ($) Security | Dec. 31, 2022 USD ($) Security |
Debt and Equity Securities, FV-NI [Line Items] | ||
Securities with an aggregate fair value | $ 5,354,489,000 | $ 5,483,762,000 |
Securities available for sale, amortized cost | 6,151,183,000 | 6,310,214,000 |
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 | 769 | 757 |
Asset Pledged as Collateral without Right [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Securities pledged as collateral | $ 4,700,000,000 | $ 4,900,000,000 |
Available for Sale and Held to Maturity [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost of securities excluding accrued interest | $ 28,700,000 | $ 29,100,000 |
Securities (Amortized Cost and
Securities (Amortized Cost and Fair Value of Debt Securities Available for Sale) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale [Line Items] | ||
Securities available for sale, amortized cost | $ 6,151,183 | $ 6,310,214 |
Securities Available for Sale, Gross unrealized gains | 1,954 | 2,315 |
Securities Available for Sale, Gross unrealized losses | 738,448 | 756,488 |
Securities Available for Sale, Fair value | 5,414,689 | 5,556,041 |
U.S. Treasury And Government Agency Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Securities available for sale, amortized cost | 113,195 | 113,211 |
Securities Available for Sale, Gross unrealized losses | 3,343 | 2,346 |
Securities Available for Sale, Fair value | 109,852 | 110,865 |
Municipal Obligations [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Securities available for sale, amortized cost | 205,306 | 207,014 |
Securities Available for Sale, Gross unrealized gains | 40 | 59 |
Securities Available for Sale, Gross unrealized losses | 4,841 | 3,981 |
Securities Available for Sale, Fair value | 200,505 | 203,092 |
Residential Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Securities available for sale, amortized cost | 2,507,541 | 2,655,381 |
Securities Available for Sale, Gross unrealized gains | 141 | 224 |
Securities Available for Sale, Gross unrealized losses | 381,119 | 398,619 |
Securities Available for Sale, Fair value | 2,126,563 | 2,256,986 |
Commercial Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Securities available for sale, amortized cost | 3,232,868 | 3,234,278 |
Securities Available for Sale, Gross unrealized gains | 1,773 | 2,032 |
Securities Available for Sale, Gross unrealized losses | 339,425 | 342,880 |
Securities Available for Sale, Fair value | 2,895,216 | 2,893,430 |
Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Securities available for sale, amortized cost | 68,773 | 76,830 |
Securities Available for Sale, Gross unrealized gains | ||
Securities Available for Sale, Gross unrealized losses | 6,043 | 6,242 |
Securities Available for Sale, Fair value | 62,730 | 70,588 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Securities available for sale, amortized cost | 23,500 | 23,500 |
Securities Available for Sale, Gross unrealized gains | ||
Securities Available for Sale, Gross unrealized losses | 3,677 | 2,420 |
Securities Available for Sale, Fair value | $ 19,823 | $ 21,080 |
Securities (Amortized Cost an_2
Securities (Amortized Cost and Fair Value of Debt Securities Held to Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized cost | $ 2,780,990 | $ 2,852,495 |
Securities Held to Maturity, Gross unrealized gains | 765 | 774 |
Securities Held to Maturity, Gross unrealized losses | 241,499 | 237,871 |
Securities Held to Maturity, Fair value | 2,540,256 | 2,615,398 |
U.S. Treasury And Government Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized cost | 422,789 | 426,454 |
Securities Held to Maturity, Gross unrealized gains | 96 | 21 |
Securities Held to Maturity, Gross unrealized losses | 49,405 | 49,044 |
Securities Held to Maturity, Fair value | 373,480 | 377,431 |
Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized cost | 683,143 | 698,908 |
Securities Held to Maturity, Gross unrealized gains | 669 | 753 |
Securities Held to Maturity, Gross unrealized losses | 26,561 | 26,558 |
Securities Held to Maturity, Fair value | 657,251 | 673,103 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized cost | 694,693 | 734,478 |
Securities Held to Maturity, Gross unrealized losses | 71,754 | 72,532 |
Securities Held to Maturity, Fair value | 622,939 | 661,946 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized cost | 942,272 | 948,691 |
Securities Held to Maturity, Gross unrealized losses | 91,213 | 87,211 |
Securities Held to Maturity, Fair value | 851,059 | 861,480 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized cost | 38,093 | 43,964 |
Securities Held to Maturity, Gross unrealized losses | 2,566 | 2,526 |
Securities Held to Maturity, Fair value | $ 35,527 | $ 41,438 |
Securities (Amortized Cost an_3
Securities (Amortized Cost and Fair Value of Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Debt Securities Available for Sale, Due in one year or less, Amortized cost | $ 2,667 | |
Debt Securities Available for Sale, Due after one year through five years, Amortized cost | 1,007,425 | |
Debt Securities Available for Sale, Due after five years through ten years, Amortized cost | 3,021,049 | |
Debt Securities Available for Sale, Due after ten years, Amortized cost | 2,120,042 | |
Securities Available for Sale, Gross Amortized cost | 6,151,183 | $ 6,310,214 |
Debt Securities Available for Sale, Due in one year or less, Fair value | 2,607 | |
Debt Securities Available for Sale, Due after one year through five years, Fair value | 951,597 | |
Debt Securities Available for Sale, Due after five years through ten years, Fair value | 2,693,028 | |
Debt Securities Available for Sale, Due after ten years, Fair value | 1,767,457 | |
Total available for sale debt securities, Fair value | 5,414,689 | 5,556,041 |
Debt Securities Held to Maturity, Due in one year or less, Amortized cost | 6,636 | |
Debt Securities Held to Maturity, Due after one year through five years, Amortized cost | 665,030 | |
Debt Securities Held to Maturity, Due after five years through ten years, Amortized cost | 836,716 | |
Debt Securities Held to Maturity, Due after ten years, Amortized cost | 1,272,608 | |
Total held to maturity debt securities, Amortized cost | 2,780,990 | 2,852,495 |
Debt Securities Held to Maturity, Due in one year or less, Fair value | 6,478 | |
Debt Securities Held to Maturity, Due after one year through five years, Fair value | 629,029 | |
Debt Securities Held to Maturity, Due after five years through ten years, Fair value | 768,352 | |
Debt Securities Held to Maturity, Due after ten years, Fair value | 1,136,397 | |
Total held to maturity debt securities, Fair value | $ 2,540,256 | $ 2,615,398 |
Securities (Proceeds from Gross
Securities (Proceeds from Gross Gains on and Gross Losses on Sale of Securities) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |
Proceeds | $ 73,219 |
Gross losses | 87 |
Net loss | $ (87) |
Securities (Securities Availabl
Securities (Securities Available for Sale with Unrealized Losses) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale [Line Items] | ||
Available for sale, Losses less than 12 months, Fair value | $ 625,184 | $ 2,475,872 |
Available for sale, Losses less than 12 months, Gross unrealized losses | 26,989 | 173,301 |
Available for sale, Losses 12 months or longer, Fair value | 4,729,305 | 3,007,890 |
Available for sale, Losses 12 months or longer, Gross unrealized losses | 711,459 | 583,187 |
Available for sale, Total, Fair value | 5,354,489 | 5,483,762 |
Available for sale, Total, Gross unrealized losses | 738,448 | 756,488 |
U.S. Treasury And Government Agency Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available for sale, Losses less than 12 months, Fair value | 101,949 | 102,607 |
Available for sale, Losses less than 12 months, Gross unrealized losses | 1,770 | 754 |
Available for sale, Losses 12 months or longer, Fair value | 7,903 | 8,258 |
Available for sale, Losses 12 months or longer, Gross unrealized losses | 1,573 | 1,592 |
Available for sale, Total, Fair value | 109,852 | 110,865 |
Available for sale, Total, Gross unrealized losses | 3,343 | 2,346 |
Municipal Obligations [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available for sale, Losses less than 12 months, Fair value | 114,411 | 192,334 |
Available for sale, Losses less than 12 months, Gross unrealized losses | 2,165 | 3,981 |
Available for sale, Losses 12 months or longer, Fair value | 84,699 | |
Available for sale, Losses 12 months or longer, Gross unrealized losses | 2,676 | |
Available for sale, Total, Fair value | 199,110 | 192,334 |
Available for sale, Total, Gross unrealized losses | 4,841 | 3,981 |
Residential Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available for sale, Losses less than 12 months, Fair value | 131,220 | 636,060 |
Available for sale, Losses less than 12 months, Gross unrealized losses | 6,308 | 49,790 |
Available for sale, Losses 12 months or longer, Fair value | 1,989,035 | 1,611,832 |
Available for sale, Losses 12 months or longer, Gross unrealized losses | 374,811 | 348,829 |
Available for sale, Total, Fair value | 2,120,255 | 2,247,892 |
Available for sale, Total, Gross unrealized losses | 381,119 | 398,619 |
Commercial Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available for sale, Losses less than 12 months, Fair value | 275,914 | 1,489,974 |
Available for sale, Losses less than 12 months, Gross unrealized losses | 16,436 | 114,195 |
Available for sale, Losses 12 months or longer, Fair value | 2,567,305 | 1,351,530 |
Available for sale, Losses 12 months or longer, Gross unrealized losses | 322,989 | 228,685 |
Available for sale, Total, Fair value | 2,843,219 | 2,841,504 |
Available for sale, Total, Gross unrealized losses | 339,425 | 342,880 |
Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-Sale [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 | 62,730 | 28,884 |
Available for sale, Losses 12 months or longer, Gross unrealized losses | 6,043 | 2,967 |
Available for sale, Total, Fair value | 62,730 | 70,587 |
Available for sale, Total, Gross unrealized losses | 6,043 | 6,242 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available for sale, Losses less than 12 months, Fair value | 1,690 | 13,194 |
Available for sale, Losses less than 12 months, Gross unrealized losses | 310 | 1,306 |
Available for sale, Losses 12 months or longer, Fair value | 17,633 | 7,386 |
Available for sale, Losses 12 months or longer, Gross unrealized losses | 3,367 | 1,114 |
Available for sale, Total, Fair value | 19,323 | 20,580 |
Available for sale, Total, Gross unrealized losses | $ 3,677 | $ 2,420 |
Securities (Securities Held to
Securities (Securities Held to Maturity with Unrealized Losses) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair value | $ 826,816 | $ 1,836,592 |
Held to maturity, Losses less than 12 months, Gross unrealized losses | 28,405 | 112,063 |
Held to maturity, Losses 12 months or longer, Fair value | 1,663,078 | 725,298 |
Held to maturity, Losses 12 months or longer, Gross unrealized losses | 213,094 | 125,808 |
Held to maturity, Total, Fair value | 2,489,894 | 2,561,890 |
Held to maturity, Total, Gross unrealized losses | 241,499 | 237,871 |
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 | 63,206 | 145,893 |
Held to maturity, Losses less than 12 months, Gross unrealized losses | 3,175 | 13,245 |
Held to maturity, Losses 12 months or longer, Fair value | 295,332 | 226,499 |
Held to maturity, Losses 12 months or longer, Gross unrealized losses | 46,230 | 35,799 |
Held to maturity, Total, Fair value | 358,538 | 372,392 |
Held to maturity, Total, Gross unrealized losses | 49,405 | 49,044 |
Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair value | 429,205 | 560,288 |
Held to maturity, Losses less than 12 months, Gross unrealized losses | 5,865 | 8,878 |
Held to maturity, Losses 12 months or longer, Fair value | 192,626 | 64,346 |
Held to maturity, Losses 12 months or longer, Gross unrealized losses | 20,696 | 17,680 |
Held to maturity, Total, Fair value | 621,831 | 624,634 |
Held to maturity, Total, Gross unrealized losses | 26,561 | 26,558 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair value | 215,171 | 391,146 |
Held to maturity, Losses less than 12 months, Gross unrealized losses | 12,457 | 30,515 |
Held to maturity, Losses 12 months or longer, Fair value | 407,768 | 270,800 |
Held to maturity, Losses 12 months or longer, Gross unrealized losses | 59,297 | 42,017 |
Held to maturity, Total, Fair value | 622,939 | 661,946 |
Held to maturity, Total, Gross unrealized losses | 71,754 | 72,532 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair value | 119,234 | 697,827 |
Held to maturity, Losses less than 12 months, Gross unrealized losses | 6,908 | 56,899 |
Held to maturity, Losses 12 months or longer, Fair value | 731,825 | 163,653 |
Held to maturity, Losses 12 months or longer, Gross unrealized losses | 84,305 | 30,312 |
Held to maturity, Total, Fair value | 851,059 | 861,480 |
Held to maturity, Total, Gross unrealized losses | 91,213 | 87,211 |
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, Losses 12 months or longer, Fair value | 35,527 | |
Held to maturity, Losses 12 months or longer, Gross unrealized losses | 2,566 | |
Held to maturity, Total, Fair value | 35,527 | 41,438 |
Held to maturity, Total, Gross unrealized losses | $ 2,566 | $ 2,526 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2024 | Jun. 30, 2023 USD ($) Loan Default | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) Loan | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Accrued interest | $ 108,500,000 | $ 108,500,000 | $ 100,200,000 | |||||
Weighted average percentage of forecast | 25% | |||||||
Base line economic forecast probability percentage | 40% | |||||||
Description of post modification defaults | A payment default occurs if the loan is either 90 days or more delinquent or has been charged off as of the end of the period presented. | |||||||
Number of post modification defaults | Default | 0 | |||||||
Nonaccrual loans | $ 78,220,000 | $ 78,220,000 | 38,991,000 | |||||
Unfunded commitment to borrowers related to MEFD or TDR | 0 | 0 | 0 | |||||
Loans held for sale | 55,902,000 | 55,902,000 | 26,385,000 | |||||
Troubled Debt Restructurings [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Nonaccrual loans | 2,600,000 | |||||||
Accruing and nonaccruing | 4,500,000 | |||||||
Reduced interest rate | $ 100,000 | |||||||
Troubled Debt Restructurings [Member] | Loans With Other Modifications [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Other modifications | 100 | |||||||
Modified Loans To Borrowers Experiencing Financial Difficulty [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Nonaccrual loans | 1,600,000 | 1,600,000 | ||||||
Accruing and nonaccruing | 2,600,000 | $ 2,600,000 | ||||||
Slower Near-term Growth/Mild Recessionary Scenario S-2 [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Allowance for credit losses probability weighting percentage | 60% | |||||||
Unemployment percentage rate forecast | 4.60% | 6.10% | 4.20% | |||||
Gross domestic product annual growth percentage | 3% | 0.30% | 1.20% | |||||
Mild Recessionary Scenario S-2 [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Description of decline in gross domestic product due to mild recession | This leads to a mild recession that starts in the third quarter of 2023 lasting three quarters, with the stock market contracting 22%. | |||||||
Stock market contracting percentage | 22% | |||||||
Downside Scenario S-2 [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Weighted average percentage of forecast | 75% | |||||||
Forecast [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Unemployment percentage rate forecast | 4.20% | 4.10% | 3.60% | |||||
Gross domestic product annual growth percentage | 2.40% | 1.40% | 1.60% | |||||
Forecast change in percentage of U.S. treasury rate | 4% | |||||||
Residential Mortgages [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Nonaccrual loans | 27,458,000 | $ 27,458,000 | 25,269,000 | |||||
Loans carried at fair value option | 24,200,000 | 24,200,000 | 10,800,000 | |||||
Unpaid principal balance | 23,800,000 | 23,800,000 | 10,600,000 | |||||
Residential Mortgages [Member] | Troubled Debt Restructurings [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Recorded Investment | 100,000 | |||||||
Consumer [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Nonaccrual loans | 7,473,000 | 7,473,000 | 6,692,000 | |||||
Real estate in process of foreclosure | 3,800,000 | 3,800,000 | 4,900,000 | |||||
Real estate acquired through foreclosure | $ 1,300,000 | 1,300,000 | 400,000 | |||||
Consumer [Member] | Troubled Debt Restructurings [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Number of TDRs subsequently defaulted | Loan | 1 | |||||||
Recorded Investment | $ 200,000 | |||||||
Minimum [Member] | Term Extension [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Reportable modification period | 3 months | 1 month | ||||||
Minimum [Member] | Payment Delay [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Reportable modification period | 4 months | |||||||
Maximum [Member] | Term Extension [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Reportable modification period | 4 months | 5 years | ||||||
Maximum [Member] | Payment Delay [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Reportable modification period | 6 months | |||||||
Total Commercial And Industrial [Member] | Total Commercial [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Nonaccrual loans | $ 42,563,000 | $ 42,563,000 | 5,481,000 | |||||
Commercial Non-Real Estate [Member] | Troubled Debt Restructurings [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Number of TDRs subsequently defaulted | Loan | 3 | |||||||
Recorded Investment | $ 3,100,000 | |||||||
Commercial Non-Real Estate [Member] | Total Commercial And Industrial [Member] | Total Commercial [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Nonaccrual loans | $ 40,268,000 | $ 40,268,000 | $ 4,020,000 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses (Loans, Net of Unearned Income) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 23,789,886 | $ 23,114,046 | $ 21,846,068 |
Residential Mortgages [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 3,581,514 | 3,092,605 | 2,615,807 |
Consumer [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 1,504,931 | 1,577,347 | 1,570,725 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 3,762,428 | 3,560,991 | 3,641,243 |
Construction and Land Development [Member] | Total Commercial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 1,768,252 | 1,703,592 | 1,408,727 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 13,172,761 | 13,179,511 | 12,609,566 |
Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 10,113,932 | 10,146,453 | 9,645,092 |
Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 3,058,829 | $ 3,033,058 | $ 2,964,474 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses (Allowance for Credit Losses by Portfolio Class) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | $ 307,789 | $ 342,065 | |||
Allowance for loan losses: Net provision for loan losses | $ 7,633 | $ (9,761) | 13,653 | (32,288) | |
Allowance for loan losses: Ending balance | 314,496 | 308,175 | 314,496 | 308,175 | |
Reserve for unfunded lending commitments: Beginning balance | 33,309 | 29,334 | |||
Reserve for unfunded lending commitments: Provision for losses | 2,149 | 1,969 | |||
Reserve for unfunded lending commitments: Ending balance | 31,160 | 31,303 | 31,160 | 31,303 | |
Total allowance for credit losses | 345,656 | 339,478 | 345,656 | 339,478 | |
Allowance for loan losses: Individually evaluated | 7,501 | 636 | 7,501 | 636 | |
Allowance for loan losses: Collectively evaluated | 306,995 | 307,539 | 306,995 | 307,539 | |
Reserve for unfunded lending commitments: Collectively evaluated | 31,160 | 31,303 | 31,160 | 31,303 | |
Loans: Individually evaluated for impairment | 37,507 | 8,801 | 37,507 | 8,801 | |
Loans: Collectively evaluated for impairment | 23,752,379 | 21,837,267 | 23,752,379 | 21,837,267 | |
Total loans | 23,789,886 | 21,846,068 | 23,789,886 | 21,846,068 | $ 23,114,046 |
Non-Purchased Credit Impaired Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Charge-offs | (14,588) | (11,360) | |||
Allowance for loan losses: Recoveries | 5,493 | 11,727 | |||
Allowance for loan losses: Net provision for loan losses | 15,802 | (34,257) | |||
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | 71,961 | 108,058 | |||
Allowance for loan losses: Ending balance | 77,141 | 82,951 | 77,141 | 82,951 | |
Reserve for unfunded lending commitments: Beginning balance | 1,395 | 1,694 | |||
Reserve for unfunded lending commitments: Provision for losses | 28 | 274 | |||
Reserve for unfunded lending commitments: Ending balance | 1,423 | 1,420 | 1,423 | 1,420 | |
Total allowance for credit losses | 78,564 | 84,371 | 78,564 | 84,371 | |
Allowance for loan losses: Individually evaluated | 18 | 18 | |||
Allowance for loan losses: Collectively evaluated | 77,141 | 82,933 | 77,141 | 82,933 | |
Reserve for unfunded lending commitments: Collectively evaluated | 1,423 | 1,420 | 1,423 | 1,420 | |
Loans: Individually evaluated for impairment | 1,289 | 1,289 | |||
Loans: Collectively evaluated for impairment | 3,762,428 | 3,639,954 | 3,762,428 | 3,639,954 | |
Total loans | 3,762,428 | 3,641,243 | 3,762,428 | 3,641,243 | 3,560,991 |
Total Commercial [Member] | Construction and Land Development [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | 30,498 | 22,102 | |||
Allowance for loan losses: Ending balance | 31,344 | 24,703 | 31,344 | 24,703 | |
Reserve for unfunded lending commitments: Beginning balance | 25,110 | 21,907 | |||
Reserve for unfunded lending commitments: Provision for losses | 2,227 | (1,598) | |||
Reserve for unfunded lending commitments: Ending balance | 22,883 | 23,505 | 22,883 | 23,505 | |
Total allowance for credit losses | 54,227 | 48,208 | 54,227 | 48,208 | |
Allowance for loan losses: Individually evaluated | 19 | 19 | |||
Allowance for loan losses: Collectively evaluated | 31,344 | 24,684 | 31,344 | 24,684 | |
Reserve for unfunded lending commitments: Collectively evaluated | 22,883 | 23,505 | 22,883 | 23,505 | |
Loans: Individually evaluated for impairment | 120 | 120 | |||
Loans: Collectively evaluated for impairment | 1,768,252 | 1,408,607 | 1,768,252 | 1,408,607 | |
Total loans | 1,768,252 | 1,408,727 | 1,768,252 | 1,408,727 | 1,703,592 |
Total Commercial [Member] | Non-Purchased Credit Impaired Loans [Member] | Commercial Real Estate - Income Producing [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Charge-offs | (73) | (1,066) | |||
Allowance for loan losses: Recoveries | 10 | 878 | |||
Allowance for loan losses: Net provision for loan losses | 5,243 | (24,919) | |||
Total Commercial [Member] | Non-Purchased Credit Impaired Loans [Member] | Construction and Land Development [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Charge-offs | (72) | (3) | |||
Allowance for loan losses: Recoveries | 6 | 126 | |||
Allowance for loan losses: Net provision for loan losses | 912 | 2,478 | |||
Total Commercial [Member] | Total Commercial And Industrial [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | 144,745 | 149,321 | |||
Allowance for loan losses: Ending balance | 142,490 | 142,434 | 142,490 | 142,434 | |
Reserve for unfunded lending commitments: Beginning balance | 5,286 | 4,845 | |||
Reserve for unfunded lending commitments: Provision for losses | (39) | 91 | |||
Reserve for unfunded lending commitments: Ending balance | 5,325 | 4,936 | 5,325 | 4,936 | |
Total allowance for credit losses | 147,815 | 147,370 | 147,815 | 147,370 | |
Allowance for loan losses: Individually evaluated | 7,501 | 107 | 7,501 | 107 | |
Allowance for loan losses: Collectively evaluated | 134,989 | 142,327 | 134,989 | 142,327 | |
Reserve for unfunded lending commitments: Collectively evaluated | 5,325 | 4,936 | 5,325 | 4,936 | |
Loans: Individually evaluated for impairment | 36,372 | 2,496 | 36,372 | 2,496 | |
Loans: Collectively evaluated for impairment | 13,136,389 | 12,607,070 | 13,136,389 | 12,607,070 | |
Total loans | 13,172,761 | 12,609,566 | 13,172,761 | 12,609,566 | 13,179,511 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | 96,461 | 95,888 | |||
Allowance for loan losses: Ending balance | 96,195 | 92,819 | 96,195 | 92,819 | |
Reserve for unfunded lending commitments: Beginning balance | 4,984 | 4,522 | |||
Reserve for unfunded lending commitments: Provision for losses | (12) | 51 | |||
Reserve for unfunded lending commitments: Ending balance | 4,996 | 4,573 | 4,996 | 4,573 | |
Total allowance for credit losses | 101,191 | 97,392 | 101,191 | 97,392 | |
Allowance for loan losses: Individually evaluated | 7,501 | 76 | 7,501 | 76 | |
Allowance for loan losses: Collectively evaluated | 88,694 | 92,743 | 88,694 | 92,743 | |
Reserve for unfunded lending commitments: Collectively evaluated | 4,996 | 4,573 | 4,996 | 4,573 | |
Loans: Individually evaluated for impairment | 35,697 | 1,559 | 35,697 | 1,559 | |
Loans: Collectively evaluated for impairment | 10,078,235 | 9,643,533 | 10,078,235 | 9,643,533 | |
Total loans | 10,113,932 | 9,645,092 | 10,113,932 | 9,645,092 | 10,146,453 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | 48,284 | 53,433 | |||
Allowance for loan losses: Ending balance | 46,295 | 49,615 | 46,295 | 49,615 | |
Reserve for unfunded lending commitments: Beginning balance | 302 | 323 | |||
Reserve for unfunded lending commitments: Provision for losses | 27 | 40 | |||
Reserve for unfunded lending commitments: Ending balance | 329 | 363 | 329 | 363 | |
Total allowance for credit losses | 46,624 | 49,978 | 46,624 | 49,978 | |
Allowance for loan losses: Individually evaluated | 31 | 31 | |||
Allowance for loan losses: Collectively evaluated | 46,295 | 49,584 | 46,295 | 49,584 | |
Reserve for unfunded lending commitments: Collectively evaluated | 329 | 363 | 329 | 363 | |
Loans: Individually evaluated for impairment | 675 | 937 | 675 | 937 | |
Loans: Collectively evaluated for impairment | 3,058,154 | 2,963,537 | 3,058,154 | 2,963,537 | |
Total loans | 3,058,829 | 2,964,474 | 3,058,829 | 2,964,474 | 3,033,058 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Non-Purchased Credit Impaired Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Charge-offs | (7,503) | (4,604) | |||
Allowance for loan losses: Recoveries | 3,044 | 7,094 | |||
Allowance for loan losses: Net provision for loan losses | 2,204 | (9,377) | |||
Total Commercial [Member] | Total Commercial And Industrial [Member] | Non-Purchased Credit Impaired Loans [Member] | Commercial Non-Real Estate [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Charge-offs | (7,503) | (3,747) | |||
Allowance for loan losses: Recoveries | 2,694 | 6,603 | |||
Allowance for loan losses: Net provision for loan losses | 4,543 | (5,925) | |||
Total Commercial [Member] | Total Commercial And Industrial [Member] | Non-Purchased Credit Impaired Loans [Member] | Commercial Real Estate - Owner Occupied [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Charge-offs | (857) | ||||
Allowance for loan losses: Recoveries | 350 | 491 | |||
Allowance for loan losses: Net provision for loan losses | (2,339) | (3,452) | |||
Residential Mortgages [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | 32,464 | 30,623 | |||
Allowance for loan losses: Ending balance | 36,597 | 28,584 | 36,597 | 28,584 | |
Reserve for unfunded lending commitments: Beginning balance | 31 | 22 | |||
Reserve for unfunded lending commitments: Provision for losses | (8) | 2 | |||
Reserve for unfunded lending commitments: Ending balance | 23 | 24 | 23 | 24 | |
Total allowance for credit losses | 36,620 | 28,608 | 36,620 | 28,608 | |
Allowance for loan losses: Individually evaluated | 322 | 322 | |||
Allowance for loan losses: Collectively evaluated | 36,597 | 28,262 | 36,597 | 28,262 | |
Reserve for unfunded lending commitments: Collectively evaluated | 23 | 24 | 23 | 24 | |
Loans: Individually evaluated for impairment | 1,135 | 3,991 | 1,135 | 3,991 | |
Loans: Collectively evaluated for impairment | 3,580,379 | 2,611,816 | 3,580,379 | 2,611,816 | |
Total loans | 3,581,514 | 2,615,807 | 3,581,514 | 2,615,807 | 3,092,605 |
Residential Mortgages [Member] | Non-Purchased Credit Impaired Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Charge-offs | (28) | (60) | |||
Allowance for loan losses: Recoveries | 480 | 527 | |||
Allowance for loan losses: Net provision for loan losses | 3,681 | (2,506) | |||
Consumer [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | 28,121 | 31,961 | |||
Allowance for loan losses: Ending balance | 26,924 | 29,503 | 26,924 | 29,503 | |
Reserve for unfunded lending commitments: Beginning balance | 1,487 | 866 | |||
Reserve for unfunded lending commitments: Provision for losses | (19) | 552 | |||
Reserve for unfunded lending commitments: Ending balance | 1,506 | 1,418 | 1,506 | 1,418 | |
Total allowance for credit losses | 28,430 | 30,921 | 28,430 | 30,921 | |
Allowance for loan losses: Individually evaluated | 170 | 170 | |||
Allowance for loan losses: Collectively evaluated | 26,924 | 29,333 | 26,924 | 29,333 | |
Reserve for unfunded lending commitments: Collectively evaluated | 1,506 | 1,418 | 1,506 | 1,418 | |
Loans: Individually evaluated for impairment | 905 | 905 | |||
Loans: Collectively evaluated for impairment | 1,504,931 | 1,569,820 | 1,504,931 | 1,569,820 | |
Total loans | $ 1,504,931 | $ 1,570,725 | 1,504,931 | 1,570,725 | $ 1,577,347 |
Consumer [Member] | Non-Purchased Credit Impaired Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Charge-offs | (6,912) | (5,627) | |||
Allowance for loan losses: Recoveries | 1,953 | 3,102 | |||
Allowance for loan losses: Net provision for loan losses | $ 3,762 | $ 67 |
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 | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | $ 78,220 | $ 38,991 |
Nonaccrual without allowance for loan loss | 12,066 | 4,691 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 356 | 1,240 |
Nonaccrual without allowance for loan loss | 1,174 | |
Total Commercial [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 370 | 309 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 27,458 | 25,269 |
Nonaccrual without allowance for loan loss | 1,135 | 1,884 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 7,473 | 6,692 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 42,563 | 5,481 |
Nonaccrual without allowance for loan loss | 10,931 | 1,633 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 40,268 | 4,020 |
Nonaccrual without allowance for loan loss | 10,256 | 941 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 2,295 | 1,461 |
Nonaccrual without allowance for loan loss | $ 675 | $ 692 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses (Provides Detail by Portfolio Class for Reportable MEFDs) (Details) - Modified Loans To Borrowers Experiencing Financial Difficulty [Member] $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | |
Financing Receivable, Modifications [Line Items] | ||
Total reportable modified loans, Balance | $ 2,600 | $ 2,600 |
Term Extension [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total reportable modified loans, Balance | $ 900 | $ 909 |
Reportable modified loans percentage of portfolio class | 0% | 0% |
Payment Delay [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total reportable modified loans, Balance | $ 100 | $ 100 |
Reportable modified loans percentage of portfolio class | 0% | 0% |
Term Extensions and Payment Delay [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total reportable modified loans, Balance | $ 1,582 | $ 1,582 |
Reportable modified loans percentage of portfolio class | 0.01% | 0.01% |
Total Commercial And Industrial [Member] | Term Extension [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total reportable modified loans, Balance | $ 900 | $ 909 |
Reportable modified loans percentage of portfolio class | 0.01% | 0.01% |
Total Commercial And Industrial [Member] | Term Extension [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total reportable modified loans, Balance | $ 900 | $ 909 |
Reportable modified loans percentage of portfolio class | 0.01% | 0.01% |
Total Commercial And Industrial [Member] | Payment Delay [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total reportable modified loans, Balance | $ 100 | $ 100 |
Reportable modified loans percentage of portfolio class | 0% | 0% |
Total Commercial And Industrial [Member] | Payment Delay [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total reportable modified loans, Balance | $ 100 | $ 100 |
Reportable modified loans percentage of portfolio class | 0% | 0% |
Total Commercial And Industrial [Member] | Term Extensions and Payment Delay [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total reportable modified loans, Balance | $ 1,582 | $ 1,582 |
Reportable modified loans percentage of portfolio class | 0.01% | 0.01% |
Total Commercial And Industrial [Member] | Term Extensions and Payment Delay [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total reportable modified loans, Balance | $ 907 | $ 907 |
Reportable modified loans percentage of portfolio class | 0.01% | 0.01% |
Total Commercial And Industrial [Member] | Term Extensions and Payment Delay [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total reportable modified loans, Balance | $ 675 | $ 675 |
Reportable modified loans percentage of portfolio class | 0.02% | 0.02% |
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 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | $ 23,789,886 | $ 23,114,046 | $ 21,846,068 |
Recorded Investment > 90 Days and Accruing | 7,552 | 4,585 | |
30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 63,147 | 65,080 | |
60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 49,462 | 38,779 | |
Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 58,964 | 28,372 | |
Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 171,573 | 132,231 | |
Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 23,618,313 | 22,981,815 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 3,762,428 | 3,560,991 | 3,641,243 |
Recorded Investment > 90 Days and Accruing | 1,237 | ||
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 18,104 | 879 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 172 | ||
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,535 | 1,174 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 19,811 | 2,053 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 3,742,617 | 3,558,938 | |
Total Commercial [Member] | Construction and Land Development [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,768,252 | 1,703,592 | 1,408,727 |
Recorded Investment > 90 Days and Accruing | 53 | 54 | |
Total Commercial [Member] | Construction and Land Development [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 666 | 4,029 | |
Total Commercial [Member] | Construction and Land Development [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 375 | 242 | |
Total Commercial [Member] | Construction and Land Development [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 184 | 133 | |
Total Commercial [Member] | Construction and Land Development [Member] | Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,225 | 4,404 | |
Total Commercial [Member] | Construction and Land Development [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,767,027 | 1,699,188 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 13,172,761 | 13,179,511 | 12,609,566 |
Recorded Investment > 90 Days and Accruing | 3,708 | 2,619 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 28,534 | 23,119 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 36,648 | 24,675 | |
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 | 32,863 | 5,312 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 98,045 | 53,106 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 13,074,716 | 13,126,405 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 10,113,932 | 10,146,453 | 9,645,092 |
Recorded Investment > 90 Days and Accruing | 742 | 996 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 26,086 | 4,050 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 15,244 | 21,329 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 29,531 | 3,418 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 70,861 | 28,797 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 10,043,071 | 10,117,656 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 3,058,829 | 3,033,058 | 2,964,474 |
Recorded Investment > 90 Days and Accruing | 2,966 | 1,623 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 2,448 | 19,069 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 21,404 | 3,346 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 3,332 | 1,894 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 27,184 | 24,309 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 3,031,645 | 3,008,749 | |
Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 3,581,514 | 3,092,605 | 2,615,807 |
Recorded Investment > 90 Days and Accruing | 1,538 | 293 | |
Residential Mortgages [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 6,046 | 28,208 | |
Residential Mortgages [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 9,231 | 11,056 | |
Residential Mortgages [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 19,920 | 17,346 | |
Residential Mortgages [Member] | Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 35,197 | 56,610 | |
Residential Mortgages [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 3,546,317 | 3,035,995 | |
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,504,931 | 1,577,347 | $ 1,570,725 |
Recorded Investment > 90 Days and Accruing | 1,016 | 1,619 | |
Consumer [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 9,797 | 8,845 | |
Consumer [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 3,036 | 2,806 | |
Consumer [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 4,462 | 4,407 | |
Consumer [Member] | Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 17,295 | 16,058 | |
Consumer [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | $ 1,487,636 | $ 1,561,289 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses (Credit Quality Indicators by Segment and Portfolio Class) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Total Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 18,703,441 | $ 18,444,094 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 13,172,761 | 13,179,511 |
Total Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 17,981,958 | 17,684,578 |
Total Commercial [Member] | Pass [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 12,586,456 | 12,553,174 |
Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 419,273 | 457,620 |
Total Commercial [Member] | Pass-Watch [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 309,966 | 333,936 |
Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 74,551 | 90,253 |
Total Commercial [Member] | Special Mention [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 55,239 | 86,247 |
Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 227,659 | 211,643 |
Total Commercial [Member] | Substandard [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 221,100 | 206,154 |
Residential Mortgages [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,581,514 | 3,092,605 |
Residential Mortgages [Member] | Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,554,056 | 3,066,319 |
Residential Mortgages [Member] | Nonperforming [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 27,458 | 26,286 |
Consumer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,504,931 | 1,577,347 |
Consumer [Member] | Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,497,458 | 1,570,186 |
Consumer [Member] | Nonperforming [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 7,473 | 7,161 |
Residential Mortgage and Consumer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 5,086,445 | 4,669,952 |
Residential Mortgage and Consumer [Member] | Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 5,051,514 | 4,636,505 |
Residential Mortgage and Consumer [Member] | Nonperforming [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 34,931 | 33,447 |
Commercial Non-Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 10,113,932 | 10,146,453 |
Commercial Non-Real Estate [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 9,641,587 | 9,641,117 |
Commercial Non-Real Estate [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 254,542 | 284,843 |
Commercial Non-Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 49,664 | 79,980 |
Commercial Non-Real Estate [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 168,139 | 140,513 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 10,113,932 | 10,146,453 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Pass [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 9,641,587 | 9,641,117 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Pass-Watch [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 254,542 | 284,843 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Special Mention [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 49,664 | 79,980 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Substandard [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 168,139 | 140,513 |
Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,058,829 | 3,033,058 |
Commercial Real Estate - Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,944,869 | 2,912,057 |
Commercial Real Estate - Owner Occupied [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 55,424 | 49,093 |
Commercial Real Estate - Owner Occupied [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 5,575 | 6,267 |
Commercial Real Estate - Owner Occupied [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 52,961 | 65,641 |
Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,058,829 | 3,033,058 |
Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Pass [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,944,869 | 2,912,057 |
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 | 55,424 | 49,093 |
Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Special Mention [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 5,575 | 6,267 |
Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Substandard [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 52,961 | 65,641 |
Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,762,428 | 3,560,991 |
Commercial Real Estate - Income Producing [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,637,979 | 3,440,648 |
Commercial Real Estate - Income Producing [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 100,027 | 111,587 |
Commercial Real Estate - Income Producing [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 18,422 | 3,810 |
Commercial Real Estate - Income Producing [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 6,000 | 4,946 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,762,428 | 3,560,991 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,637,979 | 3,440,648 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 100,027 | 111,587 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 18,422 | 3,810 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 6,000 | 4,946 |
Construction and Land Development [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,768,252 | 1,703,592 |
Construction and Land Development [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,757,523 | 1,690,756 |
Construction and Land Development [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 9,280 | 12,097 |
Construction and Land Development [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 890 | 196 |
Construction and Land Development [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 559 | 543 |
Construction and Land Development [Member] | Total Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,768,252 | 1,703,592 |
Construction and Land Development [Member] | Total Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,757,523 | 1,690,756 |
Construction and Land Development [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 9,280 | 12,097 |
Construction and Land Development [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 890 | 196 |
Construction and Land Development [Member] | Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 559 | $ 543 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses (Disaggregation of Credit Quality Disclosures) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Total Commercial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | $ 18,703,441 | $ 18,444,094 |
Total Commercial [Member] | Pass [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 17,981,958 | 17,684,578 |
Total Commercial [Member] | Pass-Watch [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 419,273 | 457,620 |
Total Commercial [Member] | Special Mention [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 74,551 | 90,253 |
Total Commercial [Member] | Substandard [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 227,659 | 211,643 |
Residential Mortgages [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 339,334 | 632,397 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 697,574 | 696,538 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 873,795 | 519,421 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 508,221 | 193,627 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 186,064 | 109,755 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 972,932 | 937,720 |
Revolving Loans | 3,594 | 3,147 |
Notes Receivable Gross | 3,581,514 | 3,092,605 |
Residential Mortgages [Member] | Performing [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 339,250 | 631,339 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 695,785 | 694,104 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 870,203 | 518,705 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 508,117 | 192,431 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 184,657 | 107,675 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 952,450 | 918,918 |
Revolving Loans | 3,594 | 3,147 |
Notes Receivable Gross | 3,554,056 | 3,066,319 |
Residential Mortgages [Member] | Nonperforming [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 84 | 1,058 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 1,789 | 2,434 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 3,592 | 716 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 104 | 1,196 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 1,407 | 2,080 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 20,482 | 18,802 |
Notes Receivable Gross | 27,458 | 26,286 |
Residential Mortgages [Member] | Gross Charge-offs [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, Prior | 28 | |
Notes Receivable Gross | 28 | |
Consumer [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 49,085 | 103,935 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 74,515 | 58,446 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 47,697 | 45,869 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 36,746 | 63,473 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 45,383 | 41,940 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 61,915 | 43,830 |
Revolving Loans | 1,181,334 | 1,213,417 |
Revolving Loans Converted to Term Loans | 8,256 | 6,437 |
Notes Receivable Gross | 1,504,931 | 1,577,347 |
Consumer [Member] | Performing [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 49,014 | 103,742 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 74,332 | 58,248 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 47,360 | 45,641 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 36,171 | 62,715 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 44,841 | 41,559 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 57,928 | 40,489 |
Revolving Loans | 1,180,993 | 1,212,958 |
Revolving Loans Converted to Term Loans | 6,819 | 4,834 |
Notes Receivable Gross | 1,497,458 | 1,570,186 |
Consumer [Member] | Nonperforming [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 71 | 193 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 183 | 198 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 337 | 228 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 575 | 758 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 542 | 381 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 3,987 | 3,341 |
Revolving Loans | 341 | 459 |
Revolving Loans Converted to Term Loans | 1,437 | 1,603 |
Notes Receivable Gross | 7,473 | 7,161 |
Consumer [Member] | Gross Charge-offs [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 85 | |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 980 | |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 650 | |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 68 | |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 314 | |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 394 | |
Revolving Loans | 3,694 | |
Revolving Loans Converted to Term Loans | 727 | |
Notes Receivable Gross | 6,912 | |
Residential Mortgage and Consumer [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 5,086,445 | 4,669,952 |
Residential Mortgage and Consumer [Member] | Performing [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 5,051,514 | 4,636,505 |
Residential Mortgage and Consumer [Member] | Nonperforming [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 34,931 | 33,447 |
Commercial Non-Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 985,327 | 2,728,906 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 2,213,131 | 1,517,070 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 1,337,742 | 725,405 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 614,716 | 607,672 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 489,007 | 288,376 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 1,047,340 | 815,603 |
Revolving Loans | 3,328,935 | 3,324,505 |
Revolving Loans Converted to Term Loans | 97,734 | 138,916 |
Notes Receivable Gross | 10,113,932 | 10,146,453 |
Commercial Non-Real Estate [Member] | Pass [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 933,613 | 2,600,656 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 2,143,997 | 1,450,689 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 1,279,430 | 679,355 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 574,614 | 569,842 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 459,156 | 267,025 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 984,492 | 763,122 |
Revolving Loans | 3,189,964 | 3,193,769 |
Revolving Loans Converted to Term Loans | 76,321 | 116,659 |
Notes Receivable Gross | 9,641,587 | 9,641,117 |
Commercial Non-Real Estate [Member] | Pass-Watch [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 25,996 | 68,307 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 43,916 | 38,949 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 31,946 | 31,841 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 8,621 | 11,757 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 5,795 | 8,237 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 50,105 | 49,577 |
Revolving Loans | 76,553 | 66,339 |
Revolving Loans Converted to Term Loans | 11,610 | 9,836 |
Notes Receivable Gross | 254,542 | 284,843 |
Commercial Non-Real Estate [Member] | Special Mention [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 374 | 30,276 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 9,178 | 13,625 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 13,290 | 2,443 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 1,494 | 4,406 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 3,503 | 322 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 928 | 1,654 |
Revolving Loans | 15,551 | 25,184 |
Revolving Loans Converted to Term Loans | 5,346 | 2,070 |
Notes Receivable Gross | 49,664 | 79,980 |
Commercial Non-Real Estate [Member] | Substandard [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 25,344 | 29,667 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 16,040 | 13,807 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 13,076 | 11,766 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 29,987 | 21,667 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 20,553 | 12,792 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 11,815 | 1,250 |
Revolving Loans | 46,867 | 39,213 |
Revolving Loans Converted to Term Loans | 4,457 | 10,351 |
Notes Receivable Gross | 168,139 | 140,513 |
Commercial Non-Real Estate [Member] | Gross Charge-offs [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 123 | |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 765 | |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 365 | |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 560 | |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 52 | |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 75 | |
Revolving Loans | 4,401 | |
Revolving Loans Converted to Term Loans | 1,162 | |
Notes Receivable Gross | 7,503 | |
Commercial Real Estate - Owner Occupied [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 225,026 | 657,149 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 683,655 | 656,588 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 627,968 | 548,851 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 532,062 | 350,150 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 325,062 | 285,083 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 618,869 | 480,548 |
Revolving Loans | 33,516 | 48,623 |
Revolving Loans Converted to Term Loans | 12,671 | 6,066 |
Notes Receivable Gross | 3,058,829 | 3,033,058 |
Commercial Real Estate - Owner Occupied [Member] | Pass [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 202,261 | 630,121 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 669,168 | 650,742 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 622,617 | 537,849 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 521,183 | 328,364 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 301,412 | 265,437 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 584,480 | 447,707 |
Revolving Loans | 31,077 | 46,730 |
Revolving Loans Converted to Term Loans | 12,671 | 5,107 |
Notes Receivable Gross | 2,944,869 | 2,912,057 |
Commercial Real Estate - Owner Occupied [Member] | Pass-Watch [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 3,561 | 7,129 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 7,360 | 5,299 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 4,715 | 3,743 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 2,850 | 13,301 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 18,987 | 10,872 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 17,091 | 7,706 |
Revolving Loans | 860 | 893 |
Revolving Loans Converted to Term Loans | 150 | |
Notes Receivable Gross | 55,424 | 49,093 |
Commercial Real Estate - Owner Occupied [Member] | Special Mention [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 574 | |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 544 | |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 665 | 822 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 1,231 | |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 3,961 | 3,670 |
Revolving Loans | 375 | |
Notes Receivable Gross | 5,575 | 6,267 |
Commercial Real Estate - Owner Occupied [Member] | Substandard [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 18,630 | 19,899 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 7,127 | 547 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 636 | 6,715 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 7,364 | 7,663 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 4,663 | 7,543 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 13,337 | 21,465 |
Revolving Loans | 1,204 | 1,000 |
Revolving Loans Converted to Term Loans | 809 | |
Notes Receivable Gross | 52,961 | 65,641 |
Commercial Real Estate - Income Producing [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 291,576 | 896,199 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 888,483 | 813,448 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 921,933 | 721,984 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 732,755 | 443,633 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 392,316 | 245,617 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 419,779 | 319,156 |
Revolving Loans | 64,597 | 113,954 |
Revolving Loans Converted to Term Loans | 50,989 | 7,000 |
Notes Receivable Gross | 3,762,428 | 3,560,991 |
Commercial Real Estate - Income Producing [Member] | Pass [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 257,809 | 894,522 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 885,797 | 795,378 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 921,288 | 660,235 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 672,062 | 420,435 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 369,717 | 232,145 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 416,420 | 317,446 |
Revolving Loans | 64,297 | 113,487 |
Revolving Loans Converted to Term Loans | 50,589 | 7,000 |
Notes Receivable Gross | 3,637,979 | 3,440,648 |
Commercial Real Estate - Income Producing [Member] | Pass-Watch [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 12,061 | 1,027 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 2,308 | 18,070 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 347 | 58,256 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 59,456 | 20,865 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 22,591 | 12,066 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 2,564 | 836 |
Revolving Loans | 300 | 467 |
Revolving Loans Converted to Term Loans | 400 | |
Notes Receivable Gross | 100,027 | 111,587 |
Commercial Real Estate - Income Producing [Member] | Special Mention [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 18,054 | 235 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 708 | |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 2,325 | |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 166 | |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 368 | 376 |
Notes Receivable Gross | 18,422 | 3,810 |
Commercial Real Estate - Income Producing [Member] | Substandard [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 3,652 | 415 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 378 | |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 298 | 2,785 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 1,237 | 8 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 8 | 1,240 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 427 | 498 |
Notes Receivable Gross | 6,000 | 4,946 |
Commercial Real Estate - Income Producing [Member] | Gross Charge-offs [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 73 | |
Notes Receivable Gross | 73 | |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 3,762,428 | 3,560,991 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 3,637,979 | 3,440,648 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 100,027 | 111,587 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 18,422 | 3,810 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Substandard [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 6,000 | 4,946 |
Construction and Land Development [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 231,427 | 672,003 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 839,068 | 713,730 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 462,604 | 149,222 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 89,591 | 9,965 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 7,501 | 15,620 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 23,381 | 11,684 |
Revolving Loans | 109,428 | 128,911 |
Revolving Loans Converted to Term Loans | 5,252 | 2,457 |
Notes Receivable Gross | 1,768,252 | 1,703,592 |
Construction and Land Development [Member] | Pass [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 225,757 | 663,735 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 837,674 | 711,731 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 461,103 | 148,579 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 89,496 | 9,198 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 6,823 | 15,360 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 22,374 | 10,854 |
Revolving Loans | 109,044 | 128,842 |
Revolving Loans Converted to Term Loans | 5,252 | 2,457 |
Notes Receivable Gross | 1,757,523 | 1,690,756 |
Construction and Land Development [Member] | Pass-Watch [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 4,967 | 8,233 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 1,343 | 1,944 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 1,455 | 643 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 95 | 559 |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 480 | 199 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 556 | 450 |
Revolving Loans | 384 | 69 |
Notes Receivable Gross | 9,280 | 12,097 |
Construction and Land Development [Member] | Special Mention [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 703 | |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 196 | |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 187 | |
Notes Receivable Gross | 890 | 196 |
Construction and Land Development [Member] | Substandard [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 35 | |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 51 | 55 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 46 | |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 12 | |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 11 | 61 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 451 | 380 |
Notes Receivable Gross | 559 | 543 |
Construction and Land Development [Member] | Gross Charge-offs [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 7 | |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 54 | |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 11 | |
Notes Receivable Gross | 72 | |
Construction and Land Development [Member] | Total Commercial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 1,768,252 | 1,703,592 |
Construction and Land Development [Member] | Total Commercial [Member] | Pass [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 1,757,523 | 1,690,756 |
Construction and Land Development [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 9,280 | 12,097 |
Construction and Land Development [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 890 | 196 |
Construction and Land Development [Member] | Total Commercial [Member] | Substandard [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | $ 559 | $ 543 |
Short-Term Borrowings (Short-Te
Short-Term Borrowings (Short-Term Borrowings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Short-Term Debt [Line Items] | |||||
Amount outstanding at period end | $ 1,629,538 | $ 1,629,538 | $ 1,871,271 | ||
Federal Funds Purchased [Member] | |||||
Short-Term Debt [Line Items] | |||||
Amount outstanding at period end | $ 400 | $ 400 | $ 1,850 | ||
Weighted-average interest at period end | 4.65% | 4.65% | 3.90% | ||
Average amount outstanding during period | $ 1,287 | $ 2,735 | $ 4,829 | $ 2,562 | |
Maximum amount at any month end during period | $ 400 | $ 2,350 | $ 1,850 | $ 2,350 | |
Weighted-average interest rate during period | 5.17% | 0.82% | 5.12% | 0.57% | |
Securities Sold under Agreements to Repurchase [Member] | |||||
Short-Term Debt [Line Items] | |||||
Amount outstanding at period end | $ 529,138 | $ 529,138 | $ 444,421 | ||
Weighted-average interest at period end | 1.25% | 1.25% | 0.53% | ||
Average amount outstanding during period | $ 497,940 | $ 523,041 | $ 472,001 | $ 555,096 | |
Maximum amount at any month end during period | $ 625,773 | $ 518,014 | $ 625,773 | $ 640,592 | |
Weighted-average interest rate during period | 1.38% | 0.08% | 1.05% | 0.07% | |
FHLB Borrowings [Member] | |||||
Short-Term Debt [Line Items] | |||||
Amount outstanding at period end | $ 1,100,000 | $ 1,100,000 | $ 1,425,000 | ||
Weighted-average interest at period end | 5.13% | 5.13% | 4.70% | ||
Average amount outstanding during period | $ 1,887,363 | $ 698,407 | $ 1,766,575 | $ 898,099 | |
Maximum amount at any month end during period | $ 3,000,000 | $ 1,100,000 | $ 3,100,000 | $ 1,100,000 | |
Weighted-average interest rate during period | 5.10% | 0.49% | 4.93% | 0.49% |
Short-Term Borrowings (Narrativ
Short-Term Borrowings (Narrative) (Details) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) Item | |
Short-Term Debt [Line Items] | ||
Short-term borrowings | $ 1,629,538 | $ 1,871,271 |
FHLB Borrowings [Member] | ||
Short-Term Debt [Line Items] | ||
Short-term borrowings | $ 1,100,000 | $ 1,425,000 |
FHLB Borrowings [Member] | FHLB Borrowings, Redemption Period One [Member] | Fixed-rate Whole Loan Advances and Term Notes [Member] | ||
Short-Term Debt [Line Items] | ||
Number of fixed rate short-term borrowings | Item | 1 | |
Short-term maturity year | 2023 | 2023 |
Derivatives (Fair Values of Der
Derivatives (Fair Values of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | ||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | $ 7,606,427 | $ 7,936,239 | |
Fair Values, Assets | $ 109,932 | $ 110,734 | |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | |
Fair Values, Assets | [1] | $ 193,369 | $ 219,935 |
Less: netting adjustment | [1],[2] | (84,895) | (110,438) |
Total derivative assets/liabilities | [1] | 108,474 | 109,497 |
Fair Values, Liabilities | 111,599 | 32,601 | |
Fair Values, Liabilities | [1] | 273,560 | 285,592 |
Less: netting adjustment | [1],[2] | (81,471) | |
Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Total derivative assets/liabilities | [1] | 273,560 | 204,121 |
Derivatives Designated as Hedging Instruments [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 2,063,500 | 2,816,000 | |
Fair Values, Assets | [1] | 24,912 | 45,802 |
Fair Values, Liabilities | [1] | 105,996 | 112,262 |
Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 5,542,927 | 5,120,239 | |
Fair Values, Assets | [1] | 168,457 | 174,133 |
Fair Values, Liabilities | [1] | 167,564 | 173,330 |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 4,996,939 | 4,620,544 | |
Fair Values, Assets | [1] | 166,068 | 172,242 |
Fair Values, Liabilities | [1] | 164,090 | 169,712 |
Derivatives Not Designated as Hedging Instruments [Member] | Risk Participation Agreements [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 306,087 | 298,729 | |
Fair Values, Assets | [1] | 18 | 1 |
Fair Values, Liabilities | [1] | 11 | 13 |
Derivatives Not Designated as Hedging Instruments [Member] | Forward Commitments to Sell Residential Mortgage Loans [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 19,939 | 13,819 | |
Fair Values, Assets | [1] | 11 | 161 |
Fair Values, Liabilities | [1] | 190 | 8 |
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 | 35,825 | 10,930 | |
Fair Values, Assets | [1] | 372 | 8 |
Fair Values, Liabilities | [1] | 11 | 113 |
Derivatives Not Designated as Hedging Instruments [Member] | To Be Announced (TBA) Securities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 25,750 | 10,000 | |
Fair Values, Assets | [1] | 102 | 78 |
Fair Values, Liabilities | [1] | 15 | 7 |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Forward Contracts [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 115,458 | 123,106 | |
Fair Values, Assets | [1] | 1,886 | 1,643 |
Fair Values, Liabilities | [1] | 1,844 | 1,594 |
Derivatives Not Designated as Hedging Instruments [Member] | Visa Class B derivative contract [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 42,929 | 43,111 | |
Fair Values, Liabilities | [1] | 1,403 | 1,883 |
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 | 1,550,000 | 2,100,000 | |
Fair Values, Assets | [1] | 2,301 | |
Fair Values, Liabilities | [1] | $ 105,996 | $ 112,262 |
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 | $ 513,500 | $ 716,000 | |
Fair Values, Assets | [1] | $ 24,912 | $ 43,501 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities | |
[1] Derivative assets and liabilities are reported at fair value in other assets or other liabilities, respectively, in the consolidated balance sheets. Represents balance sheet netting of derivative assets and liabilities for variation margin collateral held or placed with the same central clearing counterparty. See offsetting assets and liabilities for further information. |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | ||
Notional amount of derivatives | $ 7,606,427 | $ 7,936,239 |
Fair value liability | 1,400 | 1,900 |
Credit risk-related contingent features, net liability position | 89,600 | 8,700 |
Credit risk-related contingent features, posted collateral | 89,400 | 8,500 |
Derivatives Designated as Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | 2,063,500 | 2,816,000 |
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 | 2,900 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 3, Expires 2025 [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | $ 50,000 | |
Derivative maturity expiration year | 2025 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 4, Expires 2026 [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | $ 475,000 | |
Derivative maturity expiration year | 2026 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 5, Expires 2027 [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | $ 925,000 | |
Derivative maturity expiration year | 2027 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 6, Expires Thereafter [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | $ 100,000 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Amortization of accumulated other comprehensive loss on terminated cash flow hedges | 16,600 | |
Interest Rate Swaps - Securities [Member] | Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | 513,500 | $ 716,000 |
Derivative hedged item | 488,500 | |
Basis adjustment associated with hedged items | (25,000) | |
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 | $ 558,900 |
Derivatives (Effects of Derivat
Derivatives (Effects of Derivative Instruments in the Statements of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative income reflected in income statement | $ (5,878) | $ 10,380 | $ (10,062) | $ 23,453 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Interest Rate Swaps - Variable Rate Loans [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative income reflected in income statement | $ (9,492) | $ 6,013 | $ (17,493) | $ 12,767 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and Fee Income, Loan and Lease, Held-in-Portfolio | Interest and Fee Income, Loan and Lease, Held-in-Portfolio | Interest and Fee Income, Loan and Lease, Held-in-Portfolio | Interest and Fee Income, Loan and Lease, Held-in-Portfolio |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | Interest Rate Swaps - Securities [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative income reflected in income statement | $ 3,013 | $ (129) | $ 5,763 | $ 1,029 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Income, Securities, Operating, Taxable | Interest Income, Securities, Operating, Taxable | Interest Income, Securities, Operating, Taxable | Interest Income, Securities, Operating, Taxable |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | Securities Termination [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative income reflected in income statement | $ 0 | $ 0 | $ 0 | $ 1,620 |
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) | Debt and Equity Securities, Gain (Loss) |
Derivatives Not Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative income reflected in income statement | $ 584 | $ 2,728 | $ 1,167 | $ 5,077 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income, Other | Noninterest Income, Other | Noninterest Income, Other | Noninterest Income, Other |
Derivatives Not Designated as Hedging Instruments [Member] | Residential mortgage banking | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative income reflected in income statement | $ 17 | $ 1,768 | $ 501 | $ 2,960 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income | Noninterest Income | Noninterest Income | Noninterest Income |
Derivatives (Offsetting Derivat
Derivatives (Offsetting Derivative Assets and Liabilities Subject to Master Netting Arrangements) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Amounts Recognized, Derivative Assets | $ 197,313 | $ 223,072 |
Gross Amounts Offset in the Statement of Financial Condition, Derivative Assets | (87,381) | (112,338) |
Net Amounts Presented in the Statement of Financial Condition, Derivative Assets | 109,932 | 110,734 |
Gross Amounts Not Offset in the Statement of Financial Condition - Financial Instruments, Derivative Assets | 109,932 | 32,601 |
Gross Amounts Not offset in the Statement of Financial Condition - Cash Collateral, Derivative Assets | 0 | 27,852 |
Net Amounts Presented in the Statement of Financial Condition, Derivative Assets | 0 | 105,985 |
Gross Amounts Recognized, Derivative Liabilities | 111,599 | 116,395 |
Gross Amounts Offset in the Statement of Financial Condition, Derivative Liabilities | 0 | (83,794) |
Net Amounts Presented in the Statement of Financial Condition, Derivative Liabilities | 111,599 | 32,601 |
Gross Amounts Not Offset in the Statement of Financial Condition - Financial Instruments, Derivative Liabilities | 109,932 | 32,601 |
Gross Amounts Not offset in the Statement of Financial Condition - Cash Collateral, Derivative Liabilities | 123,717 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition - Net Amount, Derivatives Liabilities | $ (122,050) | $ 0 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jan. 26, 2023 | Apr. 22, 2021 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Treasury Stock, Shares | 6,200,000 | 6,300,000 | ||||
Treasury stock, Cost basis | $ 235.4 | $ 238.6 | ||||
Shares repurchased | 804,368 | 1,154,368 | ||||
2018 Stock Buyback Program [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Number of shares authorized for repurchase | 4,300,000 | 4,300,000 | ||||
Stock repurchase expiration date | Dec. 31, 2024 | Dec. 31, 2022 | ||||
2018 Stock Buyback Program [Member] | Common Stock [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Shares repurchased | 1,700,000 | 1,154,368 | ||||
Shares purchased average cost per share | $ 48.77 | $ 48.93 | ||||
Restricted Stock [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Number of shares nonvested | 600,000 | 700,000 |
Stockholders' Equity (Component
Stockholders' Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ (772,182) | $ (53,935) | ||
Net change in unrealized gain (loss) | (2,559) | (594,455) | ||
Reclassification of net income or loss realized and included in earnings | $ 11,245 | $ (5,570) | 20,765 | (9,408) |
Valuation adjustments to employee benefit plans | (7,521) | (7,987) | ||
Amortization of unrealized net loss on securities transferred to HTM | 428 | 266 | 922 | 527 |
Income tax (expense) benefit | 22,194 | 48,941 | (2,211) | 138,081 |
Ending Balance | (762,786) | (527,177) | (762,786) | (527,177) |
Accumulated Other Comprehensive Loss Available for Sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (584,408) | 11,037 | ||
Net change in unrealized gain (loss) | 17,678 | (547,636) | ||
Reclassification of net income or loss realized and included in earnings | 1,707 | |||
Transfer of net unrealized loss from AFS to HTM securities portfolio | 15,405 | |||
Income tax (expense) benefit | (3,737) | 119,739 | ||
Ending Balance | (570,467) | (399,748) | (570,467) | (399,748) |
Held to Maturity Securities Transferred from AFS [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (10,734) | 153 | ||
Transfer of net unrealized loss from AFS to HTM securities portfolio | (15,405) | |||
Amortization of unrealized net loss on securities transferred to HTM | 922 | 527 | ||
Income tax (expense) benefit | (207) | 3,358 | ||
Ending Balance | (10,019) | (11,367) | (10,019) | (11,367) |
Employee Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (97,952) | (80,946) | ||
Reclassification of net income or loss realized and included in earnings | 3,272 | 1,652 | ||
Valuation adjustments to employee benefit plans | (7,521) | (7,987) | ||
Income tax (expense) benefit | 956 | 1,430 | ||
Ending Balance | (101,245) | (85,851) | (101,245) | (85,851) |
Gains and Losses on Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (79,093) | 16,284 | ||
Net change in unrealized gain (loss) | (20,943) | (47,287) | ||
Reclassification of net income or loss realized and included in earnings | 17,493 | (12,767) | ||
Income tax (expense) benefit | 777 | 13,554 | ||
Ending Balance | (81,766) | (30,216) | (81,766) | (30,216) |
Equity Method Investment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 5 | (463) | ||
Net change in unrealized gain (loss) | 706 | 468 | ||
Ending Balance | $ 711 | $ 5 | $ 711 | $ 5 |
Stockholders' Equity (Line Item
Stockholders' Equity (Line Items in Consolidated Income Statements Affected by Amounts Reclassified from Accumulated Other Comprehensive Income) (Details) - Reclassification out of Accumulated Other Comprehensive Income [Member] - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total reclassifications, net of tax | [1] | $ (16,805) | $ 6,876 |
Accumulated Other Comprehensive Loss Available for Sale Securities [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Loss on sale of AFS securities | [1] | (1,707) | |
Tax effect | [1] | 385 | |
Net of tax | [1] | (1,322) | |
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] | (922) | (527) |
Tax effect | [1] | 207 | 119 |
Net of tax | [1] | (715) | (408) |
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] | (3,272) | (1,652) |
Tax effect | [1] | 736 | 373 |
Net of tax | [1] | (2,536) | (1,279) |
Gains and Losses on Cash Flow Hedges [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification of unrealized gain/(loss) on cash flow hedges | [1] | (21,994) | 6,977 |
Tax effect | [1] | 4,953 | (1,575) |
Net of tax | [1] | (17,041) | 5,402 |
Amortization of gain on terminated cash flow hedges | [1] | 4,501 | 5,790 |
Tax effect | [1] | (1,014) | (1,307) |
Net of tax | [1] | $ 3,487 | $ 4,483 |
[1] Amounts in parentheses indicate reduction in net income. These AOCI components are included in the computation of net periodic pension and post-retirement cost that is reported with other noninterest |
Other Noninterest Income (Compo
Other Noninterest Income (Components of Other Noninterest Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Other Income, Nonoperating [Abstract] | ||||
Income from bank-owned life insurance | $ 3,364 | $ 4,273 | $ 6,650 | $ 7,818 |
Credit related fees | 3,231 | 2,543 | 5,996 | 5,212 |
Income from derivatives | 584 | 2,728 | 1,167 | 5,077 |
Other miscellaneous | 5,640 | 5,444 | 10,224 | 11,878 |
Total other noninterest income | $ 12,819 | $ 14,988 | $ 24,037 | $ 29,985 |
Other Noninterest Expense (Deta
Other Noninterest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Other Expense, Nonoperating [Abstract] | ||||
Corporate value and franchise taxes and other non-income taxes | $ 5,241 | $ 4,558 | $ 10,494 | $ 8,806 |
Advertising | 3,476 | 3,512 | 6,732 | 6,678 |
Telecommunications and postage | 2,712 | 2,971 | 5,783 | 5,896 |
Entertainment and contributions | 2,582 | 2,440 | 5,213 | 5,401 |
Tax credit investment amortization | 1,402 | 1,004 | 2,803 | 2,008 |
Printing and supplies | 1,149 | 918 | 2,139 | 1,921 |
Travel expense | 1,651 | 1,123 | 2,697 | 1,783 |
Net other retirement expense | (3,312) | (7,781) | (6,967) | (14,553) |
Other miscellaneous | 7,008 | 4,661 | 15,132 | 13,706 |
Total other noninterest expense | $ 21,909 | $ 13,406 | $ 44,026 | $ 31,646 |
Earnings Per Common Share (Comp
Earnings Per Common Share (Computation of Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net income to common shareholders | $ 117,794 | $ 121,435 | $ 244,261 | $ 244,913 |
Net income allocated to participating securities - basic and diluted | 1,224 | 1,844 | 2,582 | 3,762 |
Net income allocated to common shareholders - basic and diluted | $ 116,570 | $ 119,591 | $ 241,679 | $ 241,151 |
Weighted-average common shares - basic | 86,096 | 86,067 | 86,057 | 86,362 |
Dilutive potential common shares | 274 | 287 | 293 | 292 |
Weighted-average common shares - diluted | 86,370 | 86,354 | 86,350 | 86,654 |
Earnings per common share: Basic | $ 1.35 | $ 1.39 | $ 2.81 | $ 2.79 |
Earnings per common share: Diluted | $ 1.35 | $ 1.38 | $ 2.80 | $ 2.78 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Antidilutive potential common shares with weighted averages excluded from calculation of earnings per share | 239,889 | 30,135 | 111,062 | 6,670 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | |
Newly eligible associates initial savings rate | 3% |
First 1% Of Contribution Saved [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Matching percentage | 100% |
Percentage of compensation saved | 1% |
Next 5% Of Contribution Saved [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Matching percentage | 50% |
Percentage of compensation saved | 5% |
Amended Hancock 401K Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Additional matching percentage | 2% |
Period of employment for eligibility | 3 years |
Amended Hancock 401K Plan [Member] | 4% Of Contribution [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Matching percentage | 4% |
Amended Hancock 401K Plan [Member] | 6% Of Contribution [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Matching percentage | 6% |
Amended Hancock 401K Plan [Member] | 2% Of Contribution [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Matching percentage | 2% |
Retirement Plans (Components of
Retirement Plans (Components of Net Periodic Benefits Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 1,979 | $ 2,929 | $ 3,959 | $ 5,729 |
Interest cost | 5,963 | 3,708 | 11,751 | 7,125 |
Expected return on plan assets | (11,178) | (11,711) | (22,356) | (23,186) |
Amortization of net (gain) or loss and prior service costs | 1,911 | 582 | 3,681 | 1,930 |
Net periodic benefit cost | (1,325) | (4,492) | (2,965) | (8,402) |
Other Post-Retirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 10 | 25 | (21) | 50 |
Interest cost | 149 | 76 | 365 | 153 |
Amortization of net (gain) or loss and prior service costs | (158) | (139) | (409) | (278) |
Net periodic benefit cost | $ 1 | $ (38) | $ (65) | $ (75) |
Share-Based Payment Arrangeme_3
Share-Based Payment Arrangements (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2023 USD ($) Entity $ / shares shares | |
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 | 0 |
Restricted and Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total unrecognized compensation expense | $ | $ 59,100,000 |
Weighted-average period | 3 years 2 months 12 days |
Total fair value of shares vested | $ | $ 9,400,000 |
Shares granted | 639,257 |
Grant date fair value per share | $ / shares | $ 48.65 |
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 | 41,495 |
Grant date fair value per share | $ / shares | $ 51.14 |
Vesting performance period | 3 years |
Number of peer group regional banks | Entity | 49 |
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 | 41,495 |
Grant date fair value per share | $ / shares | $ 46.73 |
Vesting performance period | 2 years |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted | 490,749 |
Maximum [Member] | Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average remaining contractual term | 1 year |
Share-Based Payment Arrangeme_4
Share-Based Payment Arrangements (Summary of Nonvested Restricted and Performance Shares) (Details) - Restricted and Performance Shares [Member] | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Nonvested at Beginning | shares | 1,431,515 |
Number of Shares, Granted | shares | 639,257 |
Number of Shares, Vested | shares | (239,051) |
Number of Shares, Forfeited | shares | (97,686) |
Number of Shares, Nonvested at Ending | shares | 1,734,035 |
Weighted Average Grant Date Fair Value, Nonvested at Beginning | $ / shares | $ 40.95 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 48.65 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 45.51 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 40.74 |
Weighted Average Grant Date Fair Value, Nonvested at Ending | $ / shares | $ 43.17 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Reserve for unfunded lending commitments | $ 31,160 | $ 33,309 | $ 31,303 | $ 29,334 |
Commitments and Contingencies_3
Commitments and Contingencies (Off-Balance Sheet Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Commitments to Extend Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Contract amounts | $ 10,083,714 | $ 10,202,464 |
Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Contract amounts | $ 439,444 | $ 400,505 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | $ 109,932 | $ 110,734 | |
Derivative liabilities | 111,599 | 32,601 | |
Total recurring fair value measurements - liabilities | 1,400 | 1,900 | |
Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 5,414,689 | 5,556,041 | |
Mortgage loans held for sale | 24,163 | 10,843 | |
Derivative assets | [1] | 108,474 | 109,497 |
Total fair value measurements | 5,547,326 | 5,676,381 | |
Derivative liabilities | [1] | 273,560 | 204,121 |
Total recurring fair value measurements - liabilities | 273,560 | 204,121 | |
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 | 109,852 | 110,865 | |
Recurring [Member] | Municipal Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 200,505 | 203,092 | |
Recurring [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 19,823 | 21,080 | |
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 | 2,126,563 | 2,256,986 | |
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 | 2,895,216 | 2,893,430 | |
Recurring [Member] | Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 62,730 | 70,588 | |
Recurring [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 5,414,689 | 5,556,041 | |
Mortgage loans held for sale | 24,163 | 10,843 | |
Derivative assets | [1] | 108,474 | 109,497 |
Total fair value measurements | 5,547,326 | 5,676,381 | |
Derivative liabilities | [1] | 272,157 | 202,238 |
Total recurring fair value measurements - liabilities | 272,157 | 202,238 | |
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 | 109,852 | 110,865 | |
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 | 200,505 | 203,092 | |
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 | 19,823 | 21,080 | |
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 | 2,126,563 | 2,256,986 | |
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 | 2,895,216 | 2,893,430 | |
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 | 62,730 | 70,588 | |
Recurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | [1] | 1,403 | 1,883 |
Total recurring fair value measurements - liabilities | $ 1,403 | $ 1,883 | |
[1] For further disaggregation of derivative assets and liabilities, see Note 5 - Derivatives. |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - Recurring [Member] | Jun. 30, 2023 shares |
Visa Inc [Member] | |
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Number of shares of Visa Class B common stock | 192,163 |
Investment Securities [Member] | Minimum [Member] | |
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Targeted duration | 2 years |
Investment Securities [Member] | Maximum [Member] | |
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Targeted duration | 5 years 6 months |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Level 3 Fair Value Rollforward) (Details) - Level 3 [Member] - Recurring [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 1,883 | $ 4,116 |
Cash settlement | (869) | (2,429) |
Losses included in earnings | 389 | 196 |
Ending balance | $ 1,403 | $ 1,883 |
Fair Value Measurements (Overvi
Fair Value Measurements (Overview of the Valuation Techniques and Significant Unobservable Inputs) (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | ||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Values, Liabilities | $ 111,599 | $ 32,601 | |
Maximum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 12 | 12 | |
Recurring [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Values, Liabilities | [1] | $ 273,560 | $ 204,121 |
Recurring [Member] | Level 3 [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Values, Liabilities | [1] | 1,403 | 1,883 |
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 | $ 1,403 | $ 1,883 | |
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 | 9 months | 12 months | |
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, VISA Class A Appreciation [Member] | Minimum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 6 | 6 | |
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, VISA Class A Appreciation [Member] | Weighted Average [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 9 | 9 | |
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Conversion Rate [Member] | Minimum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 1.6 | 1.61 | |
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Conversion Rate [Member] | Maximum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 1.59 | 1.6 | |
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Conversion Rate [Member] | Weighted Average [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 1.595 | 1.603 | |
[1] For further disaggregation of derivative assets and liabilities, see Note 5 - Derivatives. |
Fair Value Measurements (Fina_2
Fair Value Measurements (Financial Assets Measured at Fair Value on Nonrecurring Basis) (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans individually evaluated for credit loss | $ 37,507 | $ 4,692 |
Other real estate owned and foreclosed assets, net | 2,174 | 2,017 |
Total fair value measurements | 39,681 | 6,709 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans individually evaluated for credit loss | 37,507 | 4,692 |
Total fair value measurements | 37,507 | 4,692 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, net | 2,174 | 2,017 |
Total fair value measurements | $ 2,174 | $ 2,017 |
Fair Value Measurements (Estima
Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Held to maturity securities | $ 2,780,990 | $ 2,852,495 |
Loans held for sale | 24,163 | 10,843 |
Derivative assets | 109,932 | 110,734 |
Derivative liabilities | 111,599 | 32,601 |
Total Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, interest-bearing bank deposits, and federal funds sold | 1,237,899 | 888,519 |
Available for sale securities | 5,414,689 | 5,556,041 |
Held to maturity securities | 2,540,256 | 2,615,398 |
Loans, net | 23,008,250 | 22,137,375 |
Loans held for sale | 55,902 | 26,385 |
Derivative assets | 108,474 | 109,497 |
Deposits | 30,014,127 | 29,041,635 |
Federal funds purchased | 400 | 1,850 |
Securities sold under agreements to repurchase | 529,138 | 444,421 |
FHLB short-term borrowings | 1,099,992 | 1,425,000 |
Long-term debt | 195,972 | 200,060 |
Derivative liabilities | 273,560 | 204,121 |
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 | 1,237,899 | 888,519 |
Federal funds purchased | 400 | 1,850 |
Securities sold under agreements to repurchase | 529,138 | 444,421 |
FHLB short-term 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 | 5,414,689 | 5,556,041 |
Held to maturity securities | 2,540,256 | 2,615,398 |
Loans, net | 37,507 | 4,692 |
Loans held for sale | 55,902 | 26,385 |
Derivative assets | 108,474 | 109,497 |
FHLB short-term borrowings | 1,099,992 | |
Long-term debt | 195,972 | 200,060 |
Derivative liabilities | 272,157 | 202,238 |
Total Fair Value [Member] | Level 3 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Loans, net | 22,970,743 | 22,132,683 |
Deposits | 30,014,127 | 29,041,635 |
Derivative liabilities | 1,403 | 1,883 |
Carrying Amount [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, interest-bearing bank deposits, and federal funds sold | 1,237,899 | 888,519 |
Available for sale securities | 5,414,689 | 5,556,041 |
Held to maturity securities | 2,780,990 | 2,852,495 |
Loans, net | 23,475,390 | 22,806,257 |
Loans held for sale | 55,902 | 26,385 |
Derivative assets | 108,474 | 109,497 |
Deposits | 30,043,501 | 29,070,349 |
Federal funds purchased | 400 | 1,850 |
Securities sold under agreements to repurchase | 529,138 | 444,421 |
FHLB short-term borrowings | 1,100,000 | 1,425,000 |
Long-term debt | 236,241 | 242,077 |
Derivative liabilities | $ 273,560 | $ 204,121 |