Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
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 | Q1 | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
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 | 86,630,304 | |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 414,280 | $ 561,202 |
Interest-bearing bank deposits | 438,606 | 626,646 |
Federal funds sold | 414 | 436 |
Securities available for sale, at fair value (amortized cost of $5,535,212 and $5,496,718) | 4,905,423 | 4,915,195 |
Securities held to maturity (fair value of $2,436,610 and $2,485,918) | 2,653,759 | 2,684,779 |
Loans held for sale (includes $15,208 and $13,269 measured at fair value) | 16,470 | 26,124 |
Loans | 23,970,938 | 23,921,917 |
Less: allowance for loan losses | (313,726) | (307,907) |
Loans, net | 23,657,212 | 23,614,010 |
Property and equipment, net of accumulated depreciation of $326,472 and $318,746 | 296,199 | 301,639 |
Right of use assets, net of accumulated amortization of $58,824 and $55,815 | 101,694 | 105,799 |
Prepaid expenses | 48,773 | 45,234 |
Other real estate and foreclosed assets, net | 2,793 | 3,628 |
Accrued interest receivable | 159,095 | 157,179 |
Goodwill | 855,453 | 855,453 |
Other intangible assets, net | 42,111 | 44,637 |
Life insurance contracts | 756,746 | 749,495 |
Funded pension assets, net | 244,383 | 216,849 |
Deferred tax asset, net | 165,090 | 153,384 |
Other assets | 488,618 | 516,884 |
Total assets | 35,247,119 | 35,578,573 |
Deposits | ||
Noninterest-bearing | 10,802,127 | 11,030,515 |
Interest-bearing | 18,973,779 | 18,659,544 |
Total deposits | 29,775,906 | 29,690,059 |
Short-term borrowings | 667,760 | 1,154,829 |
Long-term debt | 236,355 | 236,317 |
Accrued interest payable | 44,365 | 45,000 |
Lease liabilities | 120,975 | 125,618 |
Other liabilities | 548,322 | 523,089 |
Total liabilities | 31,393,683 | 31,774,912 |
Stockholders' equity: | ||
Common stock | 309,513 | 309,513 |
Capital surplus | 1,739,702 | 1,739,671 |
Retained earnings | 2,457,736 | 2,375,604 |
Accumulated other comprehensive loss, net | (653,515) | (621,127) |
Total stockholders' equity | 3,853,436 | 3,803,661 |
Total liabilities and stockholders' equity | $ 35,247,119 | $ 35,578,573 |
Preferred shares authorized (par value of $20.00 per share) | 50,000,000 | 50,000,000 |
Common shares authorized (par value of $3.33 per share) | 350,000,000 | 350,000,000 |
Common shares issued | 92,947,000 | 92,947,000 |
Common shares outstanding | 86,622,000 | 86,345,000 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Securities available for sale, amortized cost | $ 5,535,212 | $ 5,496,718 |
Securities held to maturity, fair value | 2,436,610 | 2,485,918 |
Loans held-for-sale, fair value | 15,208 | 13,269 |
Property and equipment, accumulated depreciation | 326,472 | 318,746 |
Right of use assets, accumulated amortization | $ 58,824 | $ 55,815 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income: | ||
Loans, including fees | $ 363,293 | $ 314,601 |
Loans held for sale | 303 | 295 |
Securities-taxable | 46,785 | 47,646 |
Securities-tax exempt | 4,526 | 4,721 |
Short-term investments | 6,777 | 5,340 |
Total interest income | 421,684 | 372,603 |
Interest expense: | ||
Deposits | 147,483 | 64,451 |
Short-term borrowings | 4,966 | 20,063 |
Long-term debt | 3,064 | 3,095 |
Total interest expense | 155,513 | 87,609 |
Net interest income | 266,171 | 284,994 |
Provision for credit losses | 12,968 | 6,020 |
Net interest income after provision for credit losses | 253,203 | 278,974 |
Noninterest income: | ||
Other income | 13,178 | 11,218 |
Total noninterest income | 87,851 | 80,330 |
Noninterest expense: | ||
Compensation expense | 96,569 | 92,403 |
Employee benefits | 24,588 | 22,920 |
Personnel expense | 121,157 | 115,323 |
Net occupancy expense | 13,395 | 12,206 |
Equipment expense | 4,228 | 4,736 |
Data processing expense | 28,737 | 28,182 |
Professional services expense | 9,036 | 9,131 |
Amortization of intangible assets | 2,526 | 3,114 |
Deposit insurance and regulatory fees | 8,931 | 5,920 |
Other real estate and foreclosed assets income, net | (196) | 155 |
Other expense | 19,908 | 22,117 |
Total noninterest expense | 207,722 | 200,884 |
Income before income taxes | 133,332 | 158,420 |
Income taxes expense | 24,720 | 31,953 |
Net income | $ 108,612 | $ 126,467 |
Earnings per common share-basic | $ 1.25 | $ 1.45 |
Earnings per common share-diluted | 1.24 | 1.45 |
Dividends paid per share | $ 0.30 | $ 0.30 |
Weighted average shares outstanding-basic | 86,521 | 86,018 |
Weighted average shares outstanding-diluted | 86,726 | 86,282 |
Service charges on deposit accounts | ||
Noninterest income: | ||
Service charges on deposit accounts | $ 22,239 | $ 20,622 |
Trust fees | ||
Noninterest income: | ||
Service charges on deposit accounts | 17,077 | 16,734 |
Bank card and ATM fees | ||
Noninterest income: | ||
Service charges on deposit accounts | 20,622 | 20,721 |
Investment and annuity fees and insurance commissions | ||
Noninterest income: | ||
Service charges on deposit accounts | 11,844 | 8,867 |
Secondary mortgage market operations | ||
Noninterest income: | ||
Service charges on deposit accounts | $ 2,891 | $ 2,168 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 108,612 | $ 126,467 |
Other comprehensive income (loss) before income taxes: | ||
Net change in unrealized gain (loss) on securities available for sale cash flow hedges and equity method investment | (77,799) | 100,944 |
Reclassification of loss realized and included in earnings | 13,577 | 9,520 |
Valuation adjustments to employee benefit plans | 22,014 | (1,836) |
Amortization of unrealized net loss on securities transferred to held to maturity | 428 | 494 |
Other comprehensive income (loss) before income taxes | (41,780) | 109,122 |
Income tax expense (benefit) | (9,392) | 24,405 |
Other comprehensive income (loss) net of income taxes | (32,388) | 84,717 |
Comprehensive income (loss) | $ 76,224 | $ 211,184 |
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, 2022 | $ 3,342,628 | $ 309,513 | $ 1,716,884 | $ 2,088,413 | $ (772,182) |
Balance, Shares Issued at Dec. 31, 2022 | 92,947 | ||||
Net income | 126,467 | 126,467 | |||
Other comprehensive income (loss) | 84,717 | 84,717 | |||
Comprehensive income (loss) | 211,184 | 126,467 | 84,717 | ||
Cash dividends declared | (26,387) | (26,387) | |||
Common stock activity, long-term incentive plans | 2,872 | 2,804 | 68 | ||
Issuance of stock from dividend reinvestment and stock purchase plans | 935 | 935 | |||
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 | ||||
Balance at Dec. 31, 2023 | $ 3,803,661 | $ 309,513 | 1,739,671 | 2,375,604 | (621,127) |
Balance, Shares Issued at Dec. 31, 2023 | 92,947 | 92,947 | |||
Net income | $ 108,612 | 108,612 | |||
Other comprehensive income (loss) | (32,388) | (32,388) | |||
Comprehensive income (loss) | 76,224 | 108,612 | (32,388) | ||
Cash dividends declared | (26,527) | (26,527) | |||
Common stock activity, long-term incentive plans | (819) | (866) | 47 | ||
Issuance of stock from dividend reinvestment and stock purchase plans | 897 | 897 | |||
Balance at Mar. 31, 2024 | $ 3,853,436 | $ 309,513 | $ 1,739,702 | $ 2,457,736 | $ (653,515) |
Balance, Shares Issued at Mar. 31, 2024 | 92,947 | 92,947 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Retained Earnings [Member] | ||
Cash dividends declared, per common share | $ 0.3 | $ 0.3 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 108,612 | $ 126,467 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 8,176 | 8,565 |
Provision for credit losses | 12,968 | 6,020 |
Gain on other real estate and foreclosed assets | (364) | (20) |
Deferred tax benefit | (2,314) | (801) |
Increase cash surrender value of life insurance contracts | (8,851) | (2,995) |
(Gain) Loss on disposal of assets | (1,430) | 30 |
Net decrease in loans held for sale | 9,633 | 3,028 |
Net amortization of securities premium/discount | 3,421 | 5,103 |
Amortization of intangible assets | 2,526 | 3,114 |
Stock-based compensation expense | 5,691 | 5,726 |
Net change in derivative collateral liability | 10,297 | 76,152 |
Net decrease in interest payable and other liabilities | (21,324) | (28,313) |
(Increase) decrease in other assets | 40,643 | (112,916) |
Other, net | (1,013) | (3,272) |
Net cash provided by operating activities | 166,671 | 85,888 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities of securities available for sale | 82,667 | 77,339 |
Purchases of securities available for sale | (121,652) | 0 |
Proceeds from maturities of securities held to maturity | 28,414 | 30,900 |
Purchases of securities held to maturity | 0 | (6,023) |
Proceeds received upon termination of fair value hedge instruments | 0 | 16,550 |
Net (increase) decrease in short-term investments | 188,063 | (1,964,089) |
Net purchases of Federal Home Loan Bank stock | 0 | (68,057) |
Proceeds from sales of loans and leases | 28,508 | 11,006 |
Net increase in loans | (86,295) | (306,873) |
Purchases of property and equipment | (2,273) | (5,498) |
Proceeds from sales of other real estate and foreclosed assets | 1,753 | 235 |
Other, net | 618 | (4,252) |
Net cash provided by (used in) investing activities | 119,803 | (2,218,762) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in deposits | 85,847 | 542,721 |
Net increase (decrease) in short-term borrowings | (487,069) | 1,648,226 |
Dividends paid | (26,514) | (26,173) |
Payroll tax remitted on net share settlement of equity awards | (6,557) | (2,922) |
Proceeds from dividend reinvestment and stock purchase plans | 897 | 935 |
Net cash provided by (used in) financing activities | (433,396) | 2,162,787 |
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS | (146,922) | 29,913 |
CASH AND DUE FROM BANKS, BEGINNING | 561,202 | 564,459 |
CASH AND DUE FROM BANKS, ENDING | 414,280 | 594,372 |
SUPPLEMENTAL INFORMATION FOR NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Assets acquired in settlement of loans | $ 591 | $ 202 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023. Financial information reported in these financial statements is not necessarily indicative of the Company’s financial condition, results of operations, or cash flows for any other interim or annual period. Certain prior period amounts have been reclassified to conform to the current period presentation. These changes in presentation did not have a material impact on the Company's financial condition or operating results. Use of Estimates The accounting principles the Company follows and the methods for applying these principles conform to GAAP and general practices followed by the banking industry. These accounting principles require management to make estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Accounting Policies There were no material changes or developments during the reporting period with respect to methodologies that the Company uses when applying what management believes are critical accounting policies and developing critical accounting estimates as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Total
($ in thousands) Fair Gross Fair Gross Fair Gross
U.S. Treasury and government agency securities $ 11,973 $ 27 $ 7,460 $ 1,643 $ 19,433 $ 1,670
Municipal obligations 19,549 118 176,664 3,612 196,213 3,730
Residential mortgage-backed securities 31,818 86 1,717,118 356,958 1,748,936 357,044
Commercial mortgage-backed securities 35,700 211 2,195,760 265,667 2,231,460 265,878
Collateralized mortgage obligations — — 41,873 3,357 41,873 3,357
Corporate debt securities — — 18,397 3,103 18,397 3,103
Total $ 99,040 $ 442 $ 4,157,272 $ 634,340 $ 4,256,312 $ 634,782
Available for Sale
December 31, 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 $ — $ — $ 7,790 $ 1,514 $ 7,790 $ 1,514
Municipal obligations 49,832 374 128,965 1,826 178,797 2,200
Residential mortgage-backed securities 3,062 25 1,795,154 329,254 1,798,216 329,279
Commercial mortgage-backed securities — — 2,227,703 253,576 2,227,703 253,576
Collateralized mortgage obligations — — 44,285 3,376 44,285 3,376
Corporate debt securities — — 19,852 3,148 19,852 3,148
Total $ 52,894 $ 399 $ 4,223,749 $ 592,694 $ 4,276,643 $ 593,093 At each reporting period, the Company evaluated its held to maturity municipal obligation portfolio for credit loss using probability of default and loss given default models. The models were run using a long-term average probability of default migration and with a probability weighting of Moody’s economic forecasts. The resulting credit 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
March 31, 2024 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 $ 29,579 $ 316 $ 331,773 $ 47,767 $ 361,352 $ 48,083
Municipal obligations 71,115 495 544,326 22,690 615,441 23,185
Residential mortgage-backed securities — — 571,669 64,540 571,669 64,540
Commercial mortgage-backed securities — — 836,727 80,280 836,727 80,280
Collateralized mortgage obligations — — 28,936 1,800 28,936 1,800
Total $ 100,694 $ 811 $ 2,313,431 $ 217,077 $ 2,414,125 $ 217,888
Held to maturity
December 31, 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 $ 9,530 $ 63 $ 339,533 $ 43,908 $ 349,063 $ 43,971
Municipal obligations 343,401 1,801 226,165 17,792 569,566 19,593
Residential mortgage-backed securities — — 595,039 59,223 595,039 59,223
Commercial mortgage-backed securities — — 844,245 75,803 844,245 75,803
Collateralized mortgage obligations — — 30,789 1,702 30,789 1,702
Total $ 352,931 $ 1,864 $ 2,035,771 $ 198,428 $ 2,388,702 $ 200,292 As of March 31, 2024 and December 31, 2023, the Company had 727 and 698 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 March 31, 2024 and December 31, 2023. At March 31, 2024, the Company had adequate liquidity and, therefore, neither planned to nor expected 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 March 31, 2024 and December 31, 2023. Amortized cost of securities does not include accrued interest which is reflected in the accrued interest line item on the consolidated balance sheets totaling $ 28.8 million at March 31, 2024 and $ 27.4 million at December 31, 2023. March 31, 2024 December 31, 2023 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 $ 114,086 $ 722 $ 1,670 $ 113,138 $ 97,741 $ 1,581 $ 1,514 $ 97,808 Municipal obligations 202,764 — 3,730 199,034 203,533 79 2,200 201,412 Residential mortgage-backed securities 2,401,546 743 357,044 2,045,245 2,440,411 2,734 329,279 2,113,866 Commercial mortgage-backed securities 2,748,086 3,528 265,878 2,485,736 2,683,872 7,176 253,576 2,437,472 Collateralized mortgage obligations 45,230 — 3,357 41,873 47,661 — 3,376 44,285 Corporate debt securities 23,500 — 3,103 20,397 23,500 — 3,148 20,352 Total $ 5,535,212 $ 4,993 $ 634,782 $ 4,905,423 $ 5,496,718 $ 11,570 $ 593,093 $ 4,915,195 March 31, 2024 December 31, 2023 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 $ 409,435 $ — $ 48,083 $ 361,352 $ 413,490 $ 179 $ 43,971 $ 369,698 Municipal obligations 660,372 739 23,185 637,926 664,488 1,252 19,593 646,147 Residential mortgage-backed securities 636,208 — 64,540 571,668 654,262 — 59,223 595,039 Commercial mortgage-backed securities 917,008 — 80,280 836,728 920,048 — 75,803 844,245 Collateralized mortgage obligations 30,736 — 1,800 28,936 32,491 — 1,702 30,789 Total $ 2,653,759 $ 739 $ 217,888 $ 2,436,610 $ 2,684,779 $ 1,431 $ 200,292 $ 2,485,918 The following tables present the amortized cost and fair value of debt securities available for sale and held to maturity at March 31, 2024 by contractual maturity. Actual maturities will differ from contractual maturities because of rights to call or repay obligations with or without penalties and scheduled and unscheduled principal payments on mortgage-backed securities and collateral mortgage obligations. Debt Securities Available for Sale Amortized Fair ($ in thousands) cost value Due in one year or less $ 106,858 $ 105,620 Due after one year through five years 585,990 566,852 Due after five years through ten years 2,549,295 2,287,101 Due after ten years 2,293,069 1,945,850 Total available for sale debt securities $ 5,535,212 $ 4,905,423 Debt Securities Held to Maturity Amortized Fair ($ in thousands) cost value Due in one year or less $ 92,336 $ 91,307 Due after one year through five years 734,660 696,030 Due after five years through ten years 716,536 666,275 Due after ten years 1,110,227 982,998 Total held to maturity securities $ 2,653,759 $ 2,436,610 The Company held no securities classified as trading at March 31, 2024 and December 31, 2023. There were no gross gains or gross losses on sales of securities during the three months ended March 31, 2024 and 2023. Net gains or losses, when applicable, are reflected in the "Securities transactions, net" line item on the Consolidated Statements of Income. Securities with carrying values totaling approximately $ 4.2 billion and $ 4.7 billion were pledged as collateral at March 31, 2024 and December 31, 2023, respectively, primarily to secure public deposits or securities sold under agreements to repurchase. Credit Quality The Company’s policy is to invest only in securities of investment grade quality. These investments are largely limited to U.S. agency securities and municipal securities. Management has concluded, based on the long history of no credit losses, that the expectation of nonpayment of the held to maturity securities carried at amortized cost is zero for securities that are backed by the full faith and credit of and/or guaranteed by the U.S. government. As such, no allowance for credit losses has been recorded for these securities. The municipal portfolio is analyzed separately for allowance for credit loss in accordance with the applicable guidance for each portfolio as noted below. The Company evaluates credit impairment for individual securities available for sale whose fair value was below amortized cost with a more than inconsequential risk of default and where the Company had assessed whether the decline in fair value was significant enough to suggest a credit event occurred. There were no securities 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 March 31, 2024 Losses < 12 months Losses 12 months or > Total ($ in thousands) Fair Gross Fair Gross Fair Gross U.S. Treasury and government agency securities $ 11,973 $ 27 $ 7,460 $ 1,643 $ 19,433 $ 1,670 Municipal obligations 19,549 118 176,664 3,612 196,213 3,730 Residential mortgage-backed securities 31,818 86 1,717,118 356,958 1,748,936 357,044 Commercial mortgage-backed securities 35,700 211 2,195,760 265,667 2,231,460 265,878 Collateralized mortgage obligations — — 41,873 3,357 41,873 3,357 Corporate debt securities — — 18,397 3,103 18,397 3,103 Total $ 99,040 $ 442 $ 4,157,272 $ 634,340 $ 4,256,312 $ 634,782 Available for Sale December 31, 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 $ — $ — $ 7,790 $ 1,514 $ 7,790 $ 1,514 Municipal obligations 49,832 374 128,965 1,826 178,797 2,200 Residential mortgage-backed securities 3,062 25 1,795,154 329,254 1,798,216 329,279 Commercial mortgage-backed securities — — 2,227,703 253,576 2,227,703 253,576 Collateralized mortgage obligations — — 44,285 3,376 44,285 3,376 Corporate debt securities — — 19,852 3,148 19,852 3,148 Total $ 52,894 $ 399 $ 4,223,749 $ 592,694 $ 4,276,643 $ 593,093 At each reporting period, the Company evaluated its held to maturity municipal obligation portfolio for credit loss using probability of default and loss given default models. The models were run using a long-term average probability of default migration and with a probability weighting of Moody’s economic forecasts. The resulting credit 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 March 31, 2024 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 $ 29,579 $ 316 $ 331,773 $ 47,767 $ 361,352 $ 48,083 Municipal obligations 71,115 495 544,326 22,690 615,441 23,185 Residential mortgage-backed securities — — 571,669 64,540 571,669 64,540 Commercial mortgage-backed securities — — 836,727 80,280 836,727 80,280 Collateralized mortgage obligations — — 28,936 1,800 28,936 1,800 Total $ 100,694 $ 811 $ 2,313,431 $ 217,077 $ 2,414,125 $ 217,888 Held to maturity December 31, 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 $ 9,530 $ 63 $ 339,533 $ 43,908 $ 349,063 $ 43,971 Municipal obligations 343,401 1,801 226,165 17,792 569,566 19,593 Residential mortgage-backed securities — — 595,039 59,223 595,039 59,223 Commercial mortgage-backed securities — — 844,245 75,803 844,245 75,803 Collateralized mortgage obligations — — 30,789 1,702 30,789 1,702 Total $ 352,931 $ 1,864 $ 2,035,771 $ 198,428 $ 2,388,702 $ 200,292 As of March 31, 2024 and December 31, 2023, the Company had 727 and 698 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 March 31, 2024 and December 31, 2023. At March 31, 2024, the Company had adequate liquidity and, therefore, neither planned to nor expected 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 | 3 Months Ended |
Mar. 31, 2024 | |
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 southern and central Mississippi; southern and central Alabama; northwest, central and southern Louisiana; the northern, central and panhandle regions of Florida; certain areas of east and northeast Texas; 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 $ 125.4 million and $ 124.7 million at March 31, 2024 and December 31, 2023, respectively. The following table presents loans, net of unearned income, by portfolio class at March 31, 2024 and December 31, 2023. March 31, December 31, ($ in thousands) 2024 2023 Commercial non-real estate $ 9,926,333 $ 9,957,284 Commercial real estate - owner occupied 3,080,192 3,093,763 Total commercial and industrial 13,006,525 13,051,047 Commercial real estate - income producing 4,042,797 3,986,943 Construction and land development 1,541,773 1,551,091 Residential mortgages 3,983,321 3,886,072 Consumer 1,396,522 1,446,764 Total loans $ 23,970,938 $ 23,921,917 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 generally sold in the secondary mortgage market. Consumer Consumer loans include second lien mortgage home loans, home equity lines of credit and nonresidential consumer purpose loans. Nonresidential consumer loans include both direct and indirect loans. Direct nonresidential consumer loans are made to finance the purchase of personal property, including automobiles, recreational vehicles and boats, and for other personal purposes (secured and unsecured), and deposit account secured loans. Indirect nonresidential consumer loans include automobile financing provided to the consumer through an agreement with automobile dealerships, though the Company is no longer engaged in this type of lending and the remaining portfolio is in runoff. Consumer loans also include a small portfolio of credit card receivables issued on the basis of applications received through referrals from the Bank’s branches, online and other marketing efforts. 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 for collectively evaluated portfolios is developed using multiple 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 three months ended March 31, 2024 and 2023, 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 Three Months Ended March 31, 2024 Allowance for credit losses Allowance for loan losses: Beginning balance $ 101,737 $ 40,197 $ 141,934 $ 74,539 $ 27,039 $ 38,983 $ 25,412 $ 307,907 Charge-offs ( 9,630 ) — ( 9,630 ) ( 8,819 ) ( 75 ) ( 56 ) ( 4,786 ) ( 23,366 ) Recoveries 13,104 102 13,206 3 61 202 914 14,386 Net provision for loan losses ( 853 ) ( 1,021 ) ( 1,874 ) 12,154 ( 1,187 ) 2,029 3,677 14,799 Ending balance - allowance for loan losses $ 104,358 $ 39,278 $ 143,636 $ 77,877 $ 25,838 $ 41,158 $ 25,217 $ 313,726 Reserve for unfunded lending commitments: Beginning balance $ 5,507 $ 327 $ 5,834 $ 1,344 $ 20,019 $ 30 $ 1,667 $ 28,894 Provision for losses on unfunded commitments 192 ( 40 ) 152 ( 352 ) ( 1,615 ) ( 8 ) ( 8 ) ( 1,831 ) Ending balance - reserve for unfunded lending commitments 5,699 287 5,986 992 18,404 22 1,659 27,063 Total allowance for credit losses $ 110,057 $ 39,565 $ 149,622 $ 78,869 $ 44,242 $ 41,180 $ 26,876 $ 340,789 Allowance for loan losses: Individually evaluated $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated 104,358 39,278 143,636 77,877 25,838 41,158 25,217 313,726 Allowance for loan losses $ 104,358 $ 39,278 $ 143,636 $ 77,877 $ 25,838 $ 41,158 $ 25,217 $ 313,726 Reserve for unfunded lending commitments: Individually evaluated $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated 5,699 287 5,986 992 18,404 22 1,659 27,063 Reserve for unfunded lending commitments: $ 5,699 $ 287 $ 5,986 $ 992 $ 18,404 $ 22 $ 1,659 $ 27,063 Total allowance for credit losses $ 110,057 $ 39,565 $ 149,622 $ 78,869 $ 44,242 $ 41,180 $ 26,876 $ 340,789 Loans: Individually evaluated $ 11,255 $ 739 $ 11,994 $ 23,436 $ 928 $ — $ 818 $ 37,176 Collectively evaluated 9,915,078 3,079,453 12,994,531 4,019,361 1,540,845 3,983,321 1,395,704 23,933,762 Total loans $ 9,926,333 $ 3,080,192 $ 13,006,525 $ 4,042,797 $ 1,541,773 $ 3,983,321 $ 1,396,522 $ 23,970,938 The Company utilized the February 2024 Moody’s forecasts in the computation of the March 31, 2024 allowance for credit losses, which was the most current available at that time. The Company incorporated certain qualitative factors in the computation of the allowance for credit loss to account for factors not captured in the Moody’s macroeconomic forecast. The Moody's forecasts are anchored on a baseline economic forecast, which Moody’s defines as the “most likely outcome” based on current conditions and its view of where the economy is headed. The baseline scenario is positioned at the 50th percentile of possible outcomes. Several upside and downside alternative scenarios are also derived from that baseline scenario and considered when assessing reasonably possible outcomes. In arriving at the allowance for credit losses at March 31, 2024, the Company weighted Moody’s February 2024 baseline economic forecast at 40 % and downside mild recessionary S-2 scenario at 60 %. The February 2024 baseline scenario maintains a generally optimistic outlook in its assumptions surrounding the drivers of economic growth, including its expectations of the effectiveness of the Federal Reserve's monetary policy in easing inflationary conditions without precipitating a recession. The S-2 scenario is less optimistic compared to the baseline, with the assumed combination of risk of a federal shutdown, rising political tensions, continuing elevated inflation, and reduced credit availability leading to a forecasted mild recession beginning in the second quarter of 2024 and lasting for three quarters. The modest increase in the allowance for loan losses at March 31, 2024 compared to December 31, 2023, reflects a relatively consistent credit loss outlook and continued focus on risks that impact certain segments within the Company’s loan portfolio. The decline in the reserve for unfunded commitments compared to December 31, 2023 was largely volume driven. 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 Three Months Ended March 31, 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 ( 4,528 ) — ( 4,528 ) — ( 61 ) ( 20 ) ( 3,363 ) ( 7,972 ) Recoveries 1,033 195 1,228 — 6 181 838 2,253 Net provision for loan losses ( 320 ) ( 813 ) ( 1,133 ) 4,231 459 1,916 1,842 7,315 Ending balance - allowance for loan losses $ 92,646 $ 47,666 $ 140,312 $ 76,192 $ 30,902 $ 34,541 $ 27,438 $ 309,385 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 ( 191 ) 22 ( 169 ) 493 ( 1,487 ) ( 14 ) ( 118 ) ( 1,295 ) Ending balance - reserve for unfunded lending commitments 4,793 324 5,117 1,888 23,623 17 1,369 32,014 Total allowance for credit losses $ 97,439 $ 47,990 $ 145,429 $ 78,080 $ 54,525 $ 34,558 $ 28,807 $ 341,399 Allowance for loan losses: Individually evaluated $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated 92,646 47,666 140,312 76,192 30,902 34,541 27,438 309,385 Allowance for loan losses $ 92,646 $ 47,666 $ 140,312 $ 76,192 $ 30,902 $ 34,541 $ 27,438 $ 309,385 Reserve for unfunded lending commitments: Individually evaluated $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated 4,793 324 5,117 1,888 23,623 17 1,369 32,014 Reserve for unfunded lending commitments: $ 4,793 $ 324 $ 5,117 $ 1,888 $ 23,623 $ 17 $ 1,369 $ 32,014 Total allowance for credit losses $ 97,439 $ 47,990 $ 145,429 $ 78,080 $ 54,525 $ 34,558 $ 28,807 $ 341,399 Loans: Individually evaluated $ 10,273 $ 684 $ 10,957 $ 1,120 $ — $ 1,135 $ — $ 13,212 Collectively evaluated 10,003,209 3,050,064 13,053,273 3,757,335 1,726,916 3,328,658 1,525,129 23,391,311 Total loans $ 10,013,482 $ 3,050,748 $ 13,064,230 $ 3,758,455 $ 1,726,916 $ 3,329,793 $ 1,525,129 $ 23,404,523 The allowance for credit loss for the three months ended March 31, 2023, was up slightly when compared to December 31, 2022, with modest increases in the Commercial Real Estate Income Producing and Residential Mortgage portfolios that were largely offset by declines across the remaining portfolios. Positive economic indicators of growth within the Company's footprint, relatively stable asset quality metrics and modest credit losses in recent periods led to relatively flat reserves for the quarter. In arriving at the allowance for credit losses at March 31, 2023, the Company weighted the baseline economic forecast at 40 %, the downside S-2 mild recession scenario at 50 %, and the S-3 more severe recession scenario at 10 %. 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. March 31, 2024 December 31, 2023 ($ in thousands) Total nonaccrual Nonaccrual without allowance for loan loss Total nonaccrual Nonaccrual without allowance for loan loss Commercial non-real estate $ 17,487 $ 11,255 $ 20,840 $ 13,637 Commercial real estate - owner occupied 2,197 739 2,228 — Total commercial and industrial 19,684 11,994 23,068 13,637 Commercial real estate - income producing 24,066 23,436 461 — Construction and land development 2,228 928 815 — Residential mortgages 25,924 — 26,137 — Consumer 10,180 818 8,555 — Total loans $ 82,082 $ 37,176 $ 59,036 $ 13,637 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. Nonaccrual loans include reportable nonaccruing modified loans to borrowers experiencing financial difficulty (“MEFDs”) totaling $ 0.2 million and $ 0.1 million at March 31, 2024 and December 31, 2023, respectively. Total reportable MEFDs, both accruing and nonaccruing, were $ 37.6 million and $ 24.5 million at March 31, 2024 and December 31, 2023, respectively. The Company had unfunded commitments to borrowers whose loan terms have been modified as a reportable MEFD totaling $ 10.8 million and $ 0.7 million at March 31, 2024 and December 31, 2023, respectively. The tables below provide detail by portfolio class for reportable MEFDs entered into during the three months ended March 31, 2024 and 2023. Modified facilities are reflected only once in each table based on the type of modification or combination of modification. Three Months Ended March 31, 2024 Term extension Significant payment delay Term extensions and ($ in thousands) Balance Percentage of portfolio Balance Percentage of portfolio Balance Percentage of portfolio Commercial non-real estate $ 17,846 0.18 % $ — — $ 5,275 0.05 % Commercial real estate - owner occupied — — — — — — Total commercial and industrial 17,846 0.14 % — — 5,275 0.04 % Commercial real estate - income producing — — 1,573 0.04 % — — Construction and land development — — — — — — Residential mortgages 1,893 0.05 % — — — — Consumer 113 0.01 % — — — — Total reportable modified loans $ 19,852 0.08 % $ 1,573 0.01 % $ 5,275 0.02 % Three Months Ended March 31, 2023 Term extension Significant payment delay Term extensions and ($ in thousands) Balance Percentage of portfolio Balance Percentage of portfolio Balance Percentage of portfolio Commercial non-real estate $ 934 0.01 % $ — — $ — — Commercial real estate - owner occupied 684 0.02 % — — — — Total commercial and industrial 1,618 0.01 % — — — — Commercial real estate - income producing — — — — — — Construction and land development — — — — — — Residential mortgages — — — — — — Consumer — — — — — — Total reportable modified loans $ 1,618 0.01 % $ — — $ — — Reportable modifications to borrowers experiencing financial difficulty during the three months ended March 31, 2024 consisted of weighted average term extensions totaling approximately eight months for commercial loans, eight years for residential mortgage loans and four years for consumer loans. The weighted average term of other than insignificant payment delays during the three months ended March 31, 2024 was four months for commercial loans. Reportable modifications to borrowers experiencing financial difficulty during the three months ended March 31, 2023 consisted of weighted average term extensions totaling one month for commercial loans. Reported term extensions and payment delays are considered more than insignificant if they exceeded six months when considering other modifications made in the past twelve months The tables below present the aging analysis of reportable modifications to borrowers experiencing financial difficulty by portfolio class at March 31, 2024 and December 31, 2023. March 31, 2024 30-59 60-89 Greater than Total Current Total reportable (in thousands) Commercial non-real estate $ — $ 5,791 $ 178 $ 5,969 $ 25,473 $ 31,442 Commercial real estate - owner occupied — 955 — 955 806 1,761 Total commercial and industrial — 6,746 178 6,924 26,279 33,203 Commercial real estate - income producing — — — — 1,573 1,573 Construction and land development — — — — 84 84 Residential mortgages 222 — — 222 2,125 2,347 Consumer 197 — — 197 188 385 Total reportable modified loans $ 419 $ 6,746 $ 178 $ 7,343 $ 30,249 $ 37,592 December 31, 2023 30-59 60-89 Greater than Total Current Total reportable (in thousands) Commercial non-real estate $ 3,149 $ 233 $ 4,430 $ 7,812 $ 14,145 $ 21,957 Commercial real estate - owner occupied — — — — 1,774 1,774 Total commercial and industrial 3,149 233 4,430 7,812 15,919 23,731 Commercial real estate - income producing — — — — — — Construction and land development — — — — 85 85 Residential mortgages 66 — — 66 390 456 Consumer — — — — 274 274 Total reportable modified loans $ 3,215 $ 233 $ 4,430 $ 7,878 $ 16,668 $ 24,546 There were three commercial non-real estate loans totaling $ 3.2 million with a reportable term extension modification that had a post modification payment default during the three month period ended March 31, 2024. There were no post modification payment defaults within the three month period ended March 31, 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. Aging Analysis The tables below present the aging analysis of past due loans by portfolio class at March 31, 2024 and December 31, 2023. March 31, 2024 30-59 60-89 Greater Total Current Total Recorded ($ in thousands) Commercial non-real estate $ 7,152 $ 8,450 $ 13,837 $ 29,439 $ 9,896,894 $ 9,926,333 $ 1,863 Commercial real estate - owner occupied 1,751 1,979 2,608 6,338 3,073,854 3,080,192 421 Total commercial and industrial 8,903 10,429 16,445 35,777 12,970,748 13,006,525 2,284 Commercial real estate - income producing 204 23,436 3,701 27,341 4,015,456 4,042,797 3,128 Construction and land development 851 147 2,285 3,283 1,538,490 1,541,773 381 Residential mortgages 49,842 2,763 19,549 72,154 3,911,167 3,983,321 125 Consumer 10,290 7,639 6,008 23,937 1,372,585 1,396,522 2,020 Total $ 70,090 $ 44,414 $ 47,988 $ 162,492 $ 23,808,446 $ 23,970,938 $ 7,938 December 31, 2023 30-59 60-89 Greater Total Current Total Recorded ($ in thousands) Commercial non-real estate $ 12,311 $ 4,381 $ 21,132 $ 37,824 $ 9,919,460 $ 9,957,284 $ 5,782 Commercial real estate - owner occupied 1,614 1,596 1,715 4,925 3,088,838 3,093,763 431 Total commercial and industrial 13,925 5,977 22,847 42,749 13,008,298 13,051,047 6,213 Commercial real estate - income producing 3,938 606 408 4,952 3,981,991 3,986,943 — Construction and land development 1,655 1,220 1,208 4,083 1,547,008 1,551,091 742 Residential mortgages 40,189 9,121 18,960 68,270 3,817,802 3,886,072 172 Consumer 11,059 5,957 6,611 23,627 1,423,137 1,446,764 2,482 Total $ 70,766 $ 22,881 $ 50,034 $ 143,681 $ 23,778,236 $ 23,921,917 $ 9,609 Credit Quality Indicators The following tables present the credit quality indicators by segment and portfolio class of loans at March 31, 2024 and December 31, 2023. The Company routinely assesses the ratings of loans in its portfolio through an established and comprehensive portfolio management process. March 31, 2024 ($ in thousands) Commercial Commercial Total Commercial Construction Total Grade: Pass $ 9,407,861 $ 2,988,192 $ 12,396,053 $ 3,862,625 $ 1,521,518 $ 17,780,196 Pass-Watch 255,418 63,335 318,753 134,248 18,027 471,028 Special Mention 25,058 17,667 42,725 6,714 — 49,439 Substandard 237,996 10,998 248,994 39,210 2,228 290,432 Doubtful — — — — — — Total $ 9,926,333 $ 3,080,192 $ 13,006,525 $ 4,042,797 $ 1,541,773 $ 18,591,095 December 31, 2023 ($ in thousands) Commercial Commercial Total Commercial Construction Total Grade: Pass $ 9,524,018 $ 3,016,277 $ 12,540,295 $ 3,799,004 $ 1,542,460 $ 17,881,759 Pass-Watch 234,211 52,027 286,238 139,932 7,460 433,630 Special Mention 11,486 6,647 18,133 40,826 356 59,315 Substandard 187,569 18,812 206,381 7,181 815 214,377 Doubtful — — — — — — Total $ 9,957,284 $ 3,093,763 $ 13,051,047 $ 3,986,943 $ 1,551,091 $ 18,589,081 March 31, 2024 December 31, 2023 ($ in thousands) Residential Consumer Total Residential Consumer Total Performing $ 3,957,398 $ 1,386,342 $ 5,343,740 $ 3,859,935 $ 1,438,209 $ 5,298,144 Nonperforming 25,923 10,180 36,103 26,137 8,555 34,692 Total $ 3,983,321 $ 1,396,522 $ 5,379,843 $ 3,886,072 $ 1,446,764 $ 5,332,836 Below are the definitions of the Company’s internally assigned grades: Commercial: • Pass – loans properly approved, documented, collateralized, and performing which do not reflect an abnormal credit risk. • Pass-Watch – credits in this category are of sufficient risk to cause concern. This category is reserved for credits that display negative performance trends. The “Watch” grade should be regarded as a transition category. • Special Mention – a criticized asset category defined as having potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of the repayment prospects for the credit or the institution’s credit position. Special mention credits are not considered part of the classified credit categories and do not expose the institution to sufficient risk to warrant adverse classification. • Substandard – an asset that is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. • Doubtful – an asset that has all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. • Loss – credits classified as loss are considered uncollectable and are charged off promptly once so classified. Residential and Consumer: • Performing – accruing loans. • 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. Vintage Analysis The following tables present credit quality disclosures of amortized cost by class and vintage for term loans and by revolving and revolving converted to amortizing at March 31, 2024 and December 31, 2023. The Company defines vintage as the later of origination, renewal or modification date. The gross charge-offs presented in the tables that follow are for the three months ended March 31, 2024 and the year ended December 31, 2023. Term Loans Revolving Loans March 31, 2024 Amortized Cost Basis by Origination Year Revolving Converted to ($ in thousands) 2024 2023 2022 2021 2020 Prior Loans Term Loans Total Commercial Non-Real Estate: Pass $ 356,133 $ 1,456,018 $ 1,709,790 $ 1,018,785 $ 426,293 $ 1,242,580 $ 3,154,253 $ 44,009 $ 9,407,861 Pass-Watch 1,548 55,622 21,358 27,428 19,555 26,843 102,356 708 255,418 Special Mention 11,035 2,640 499 11 124 806 9,800 143 25,058 Substandard 6,540 35,643 79,983 18,194 7,984 3,308 80,505 5,839 237,996 Doubtful — — — — — — — — — Total $ 375,256 $ 1,549,923 $ 1,811,630 $ 1,064,418 $ 453,956 $ 1,273,537 $ 3,346,914 $ 50,699 $ 9,926,333 Gross Charge-offs $ — $ 3,907 $ 850 $ 106 $ 51 $ 1,483 $ 2,323 $ 910 $ 9,630 Commercial Real Estate - Owner Occupied: Pass $ 60,032 $ 368,653 $ 676,512 $ 605,118 $ 492,383 $ 744,599 $ 40,598 $ 297 $ 2,988,192 Pass-Watch — 2,978 24,790 9,816 5,317 19,747 687 — 63,335 Special Mention — — — 187 — 17,330 150 — 17,667 Substandard — 958 4,660 1,588 1,363 2,136 293 — 10,998 Doubtful — — — — — — — — — Total $ 60,032 $ 372,589 $ 705,962 $ 616,709 $ 499,063 $ 783,812 $ 41,728 $ 297 $ 3,080,192 Gross Charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate - Income Producing: Pass $ 54,025 $ 504,820 $ 937,290 $ 1,017,973 $ 625,603 $ 653,818 $ 64,938 $ 4,158 $ 3,862,625 Pass-Watch 13,301 6,622 4,047 4,163 70,889 33,226 2,000 — 134,248 Special Mention — 448 — — — 6,266 — — 6,714 Substandard — 4,086 34,278 286 — 560 — — 39,210 Doubtful — — — — — — — — — Total $ 67,326 $ 515,976 $ 975,615 $ 1,022,422 $ 696,492 $ 693,870 $ 66,938 $ 4,158 $ 4,042,797 Gross Charge-offs $ — $ — $ 8,819 $ — $ — $ — $ — $ — $ 8,819 Construction and Land Development: Pass $ 70,758 $ 418,296 $ 635,714 $ 176,967 $ 36,935 $ 21,652 $ 156,207 $ 4,989 $ 1,521,518 Pass-Watch — 1,385 11,727 4,416 64 230 205 — 18,027 Special Mention — — — — — — — — — Substandard — 433 1,073 97 43 286 296 — 2,228 Doubtful — — — — — — — — — Total $ 70,758 $ 420,114 $ 648,514 $ 181,480 $ 37,042 $ 22,168 $ 156,708 $ 4,989 $ 1,541,773 Gross Charge-offs $ — $ — $ 75 $ — $ — $ — $ — $ — $ 75 Residential Mortgage: Performing $ 67,697 $ 414,407 $ 1,012,153 $ 946,874 $ 479,252 $ 1,033,398 $ 3,617 $ — $ 3,957,398 Nonperforming — 911 2,941 4,277 286 17,508 — — 25,923 Total $ 67,697 $ 415,318 $ 1,015,094 $ 951,151 $ 479,538 $ 1,050,906 $ 3,617 $ — $ 3,983,321 Gross Charge-offs $ — $ — $ — $ 2 $ — $ 54 $ — $ — $ 56 Consumer Loans: Performing $ 27,375 $ 56,206 $ 53,824 $ 32,622 $ 24,841 $ 71,041 $ 1,111,067 $ 9,366 $ 1,386,342 Nonperforming 20 92 712 899 863 5,118 250 2,226 10,180 Total $ 27,395 $ 56,298 $ 54,536 $ 33,521 $ 25,704 $ 76,159 $ 1,111,317 $ 11,592 $ 1,396,522 Gross Charge-offs $ — $ 635 $ 832 $ 404 $ 49 $ 315 $ 2,040 $ 511 $ 4,786 Term Loans Revolving Loans December 31, 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 $ 1,557,202 $ 1,812,370 $ 1,106,433 $ 483,739 $ 398,626 $ 923,143 $ 3,186,189 $ 56,316 $ 9,524,018 Pass-Watch 30,360 60,228 20,730 8,245 4,988 9,117 94,252 6,291 234,211 Special Mention 411 6,206 936 27 26 836 2,620 424 11,486 Substandard 48,264 48,178 18,882 8,058 3,079 1,660 54,453 4,995 187,569 Doubtful — — — — — — — — — Total $ 1,636,237 $ 1,926,982 $ 1,146,981 $ 500,069 $ 406,719 $ 934,756 $ 3,337,514 $ 68,026 $ 9,957,284 Gross Charge-offs $ 7,885 $ 1,179 $ 1,484 $ 27,000 $ 81 $ 1,750 $ 11,971 $ 8,480 $ 59,830 Commercial Real Estate - Owner Occupied: Pass $ 374,466 $ 689,626 $ 620,272 $ 501,054 $ 284,032 $ 493,707 $ 40,533 $ 12,587 $ 3,016,277 Pass-Watch 2,574 9,587 9,654 3,451 8,791 17,581 389 — 52,027 Special Mention 837 — 617 — 110 5,083 — — 6,647 Substandard 2,322 4,956 967 1,295 584 7,374 1,314 — 18,812 Doubtful — — — — — — — — — Total $ 380,199 $ 704,169 $ 631,510 $ 505,800 $ 293,517 $ 523,745 $ 42,236 $ 12,587 $ 3,093,763 Gross Charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate - Income Producing: Pass $ 456,334 $ 953,501 $ 966,402 $ 618,003 $ 323,344 $ 367,010 $ 65,486 $ 48,924 $ 3,799,004 Pass-Watch 9,469 3,064 3,886 75,182 23,827 22,504 2,000 — 139,932 Special Mention 156 32,255 — 354 — 8,061 — — 40,826 Substandard 4,086 1,921 286 — 122 766 — — 7,181 Doubtful — — — — — — — — — Total $ 470,045 $ 990,741 $ 970,574 $ 693,539 $ 347,293 $ 398,341 $ 67,486 $ 48,924 $ 3,986,943 Gross Charge-offs $ 73 $ — $ — $ — $ — $ — $ — $ — $ 73 Construction and Land Development: Pass $ 388,453 $ 676,687 $ 248,036 $ 62,086 $ 6,008 $ 18,834 $ 139,587 $ 2,769 $ 1,542,460 Pass-Watch 3,067 2,820 827 83 128 323 212 — 7,460 Special Mention 294 — — — 62 — — — 356 Substandard — 87 96 49 9 279 295 — 815 Doubtful — — — — — — — — — Total $ 391,814 $ 679,594 $ 248,959 $ 62,218 $ 6,207 $ 19,436 $ 140,094 $ 2,769 $ 1,551,091 Gross Charge-offs $ — $ 7 $ 54 $ — $ — $ 11 $ — $ — $ 72 Residential Mortgage: Performing $ 439,024 $ 910,361 $ 950,400 $ 489,262 $ 176,041 $ 891,232 $ 3,615 $ — $ 3,859,935 Nonperforming 561 2,233 3,260 730 2,366 16,987 — — 26,137 Total $ 439,585 $ 912,594 $ 953,660 $ 489,992 $ 178,407 $ 908,219 $ 3,615 $ — $ 3,886,072 Gross Charge-offs $ — $ — $ — $ — $ — $ 55 $ — $ — $ 55 Consumer Loans: Performing $ 75,615 $ 59,454 $ 36,693 $ 28,076 $ 31,802 $ 39,150 $ 1,144,401 $ 23,018 $ 1,438,209 Nonperforming 176 237 245 438 445 2,528 369 4,117 8,555 Total $ 75,791 $ 59,691 $ 36,938 $ 28,514 $ 32,247 $ 41,678 $ 1,144,770 $ 27,135 $ 1,446,764 Gross Charge-offs $ 567 $ 2,388 $ 1,473 $ 215 $ 573 $ 824 $ 7,735 $ 1,618 $ 15,393 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 March 31, 2024 and December 31, 2023 were $ 6.1 million and $ 7.1 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 $ 0.8 million at March 31, 2024 and $ 1.6 million at December 31, 2023. Loans Held for Sale Loans held for sale totaled $ 16.5 million and $ 26.1 million at March 31, 2024 and December 31, 2023, respectively. Loans held for sale is composed primarily of residential mortgage loans originated for sale in the secondary market. At March 31, 2024 , residential mortgage loans carried at the fair value option totaled $ 15.2 million with an unpaid principal balance of $ 14.8 million. At December 31, 2023, residential mortgage loans carried at the fair value option totaled $ 13.3 million with an unpaid principal balance of $ 12.9 million. All other loans held for sale are carried at the lower of cost or market. |
Investments In Low Income Housi
Investments In Low Income Housing Tax Credit Entities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, All Other Investments [Abstract] | |
Investments In Low Income Housing Tax Credit Entities | 4. Investments in low income housing tax credit entities The Company invests in certain affordable housing project limited partnerships that are qualified low-income housing tax credit developments. These investments are considered variable interest entities for which the Company is not the primary beneficiary and, therefore, are not consolidated. These partnerships generate low-income tax credits that are earned over a 10-year period, beginning with the year the rental activity begins. The Company has elected to use the practical expedient method of amortization, which approximates the proportional amortization method, whereby the investment cost is amortized in proportion to the allocated tax credits over the 10 year tax credit period. Additionally, the Company recognizes deferred taxes on the basis difference of the tax equity investment to reflect the financial impact of other tax benefits (e.g., tax operating losses) not included in the practical expedient amortization. The tax credits, when realized, are reflected in the consolidated statements of income as a reduction of income tax expense. The Company’s investments in affordable housing limited partnerships totaled $ 37.9 million and $ 37.8 million at March 31, 2024 and December 31, 2023, respectively, with a carry balance net of accumulated amortization included in the other assets line item on our Consolidated Balance Sheets totaling $ 28.7 million and $ 29.6 million, respectively, for those same periods. The net impact of the low-income housing tax credit program was not material to our Consolidated Statements of Income or Cash flows for both the three months ended March 31, 2024 and 2023. |
Securities Sold under Agreement
Securities Sold under Agreements to Repurchase | 3 Months Ended |
Mar. 31, 2024 | |
Broker-Dealer [Abstract] | |
Securities Sold under Agreements to Repurchase | 5. Securities Sold under Agreements to Repurchase Included in short-term borrowings are securities sold under agreements to repurchase that mature daily and are secured by U.S. agency securities totaling $ 667.4 million and $ 454.5 million at March 31, 2024 and December 31, 2023, respectively. The Company borrows funds on a secured basis by selling securities under agreements to repurchase, mainly in connection with treasury management services offered to its deposit customers. As the Company maintains effective control over assets sold under agreements to repurchase, the securities continue to be carried on the consolidated statements of financial condition. Because the Company acts as borrower transferring assets to the counterparty, and the agreements mature daily, the Company’s risk is limited. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 6. 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 March 31, 2024 and December 31, 2023. March 31, 2024 December 31, 2023 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 $ — $ 90,143 $ 1,550,000 $ — $ 73,611 Interest rate swaps - securities Fair Value 477,500 31,347 — 477,500 22,819 — Total derivatives designated as hedging instruments $ 2,027,500 $ 31,347 $ 90,143 $ 2,027,500 $ 22,819 $ 73,611 Derivatives not designated as hedging instruments: Interest rate swaps N/A $ 5,094,695 $ 141,396 $ 141,539 $ 5,128,144 $ 131,271 $ 129,994 Risk participation agreements N/A 348,091 9 4 364,906 34 18 Interest rate-lock commitments on residential mortgage loans N/A 39,373 842 1 13,355 — 286 Forward commitments to sell residential mortgage loans N/A 24,981 — 569 18,563 372 — To Be Announced (TBA) securities N/A 20,250 9 46 13,500 — 47 Foreign exchange forward contracts N/A 83,065 961 937 83,134 1,864 1,840 Visa Class B derivative contract N/A 42,617 — 2,141 42,617 — 1,342 Total derivatives not designated as hedging instruments $ 5,653,072 $ 143,217 $ 145,237 $ 5,664,219 $ 133,541 $ 133,527 Total derivatives $ 7,680,572 $ 174,564 $ 235,380 $ 7,691,719 $ 156,360 $ 207,138 Less: netting adjustment (2) ( 79,875 ) — ( 65,648 ) — Total derivative assets/liabilities $ 94,689 $ 235,380 $ 90,712 $ 207,138 (1) Derivative assets and liabilities are reported in other assets or other liabilities, respectively, in the consolidated balance sheets. (2) Represents balance sheet netting of derivative assets and liabilities for variation margin collateral held or placed with the same central clearing counterparty. See offsetting assets and liabilities for further information. Cash Flow Hedges of Interest Rate Risk The Company is party to various interest rate swap agreements designated and qualifying as cash flow hedges of the Company’s forecasted variable cash flows for pools of variable rate loans. For each agreement, the Company receives interest at a fixed rate and pays at a variable rate . T he Company terminated six swap agreements during the three months ended March 31, 2023 and paid cash of approximately $ 2.9 million. The net cash paid for these transactions was recorded as accumulated other comprehensive income/loss and is being amortized into earnings through the original maturity dates of the respective contracts. There were no terminations of interest rate swap agreements designated as cash flow hedges during the three months ended March 31, 2024. The notional amounts of the swap agreements in place at March 31, 2024 expire as follows: $ 50 million in 2025 ; $ 475 million in 2026 ; $ 925 million in 2027 ; and $ 100 million in 2028 . 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 March 31, 2024, 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 March 31, 2024 , the amortized cost basis of the closed portfolio of pre-payable commercial mortgage backed securities totaled $ 514.3 million, excluding any basis adjustment. The amount that represents the hedged items was $ 446.0 million and the basis adjustment associated with the hedged items was a loss totaling $ 31.5 million . T he Company terminated three fair value swap agreements during the three months ended March 31, 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, if held, or impacting the net gain or loss, if sold. There were no fair value swap agreements terminated during the three months ended March 31, 2024. 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 March 31, 2024 and December 31, 2023, the fair value of the liability associated with this contract was $ 2.1 million and $ 1.3 million, respectively. Refer to Note 14 – Fair Value Measurements for discussion of the valuation inputs and process for this derivative liability. Effect of Derivative Instruments on the Statements of Income The effects of derivative instruments on the Consolidated Statements of Income for the three months ended March 31, 2024 and 2023 are presented in the table below. Three Months Ended ($ in thousands) March 31, Derivative Instruments: Location of Gain (Loss) Recognized 2024 2023 Cash flow hedges: Variable rate loans Interest income - loans $ ( 12,558 ) $ ( 8,001 ) Fair value hedges: Securities Interest income - securities - taxable 3,108 2,750 Derivatives not designated as hedging: Residential mortgage banking Noninterest income - secondary mortgage market operations 285 484 Customer and all other instruments Noninterest income - other noninterest income ( 2,802 ) 583 Total loss $ ( 11,967 ) $ ( 4,184 ) 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 March 31, 2024, 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 March 31, 2024 and December 31, 2023 was $ 76.1 million and $ 65.6 million, respectively, for which the Company had posted collateral of $ 75.7 million and $ 66.0 million, respectively. Offsetting Assets and Liabilities The Bank’s derivative instruments with certain counterparties contain legally enforceable netting provisions that allow for net settlement of multiple transactions to a single amount, which may be positive, negative, or zero. Agreements with certain bilateral counterparties require both parties to maintain collateral in the event that the fair values of derivative instruments exceed established exposure thresholds. For centrally cleared derivatives, the Company is subject to initial margin posting and daily variation margin exchange with the central clearinghouses. Offsetting information in regards to all derivative assets and liabilities, including accrued interest, subject to these master netting agreements at March 31, 2024 and December 31, 2023 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 March 31, 2024 Derivative Assets $ 177,044 $ ( 82,430 ) $ 94,614 $ 94,614 $ — $ — Derivative Liabilities $ 97,599 $ — $ 97,599 $ 94,614 $ 104,684 $ ( 101,699 ) ($ in thousands) Gross Net Amounts Gross Amounts Not Offset in the Description Gross Offset in Presented in Financial Cash Net As of December 31, 2023 Derivative Assets $ 152,740 $ ( 68,282 ) $ 84,458 $ 84,458 $ — $ — Derivative Liabilities $ 87,567 $ — $ 87,567 $ 84,458 $ 96,176 $ ( 93,067 ) 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 | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 7. Stockholders’ Equity Common Shares Outstanding Common shares outstanding excludes treasury shares totaling 6.3 million at both March 31, 2024 and December 31, 2023, with a first-in-first-out cost basis of $ 227.8 million and $ 236.7 million at March 31, 2024 and December 31, 2023, respectively. Shares outstanding also excludes unvested restricted share awards tot aling $ 0.3 million at both March 31, 2024 and December 31, 2023. 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 approximately 4.3 million shares of its outstanding 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 from time to time, depending on market conditions and other factors, and in accordance with applicable regulations of the Securities and Exchange Commission. 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. At March 31, 2024, Company had not repurchased shares under this program. Accumulated Other Comprehensive Income (Loss) A roll-forward of the components of Accumulated Other Comprehensive Income (Loss) is presented in the table that follows: Available HTM Securities Employee Cash Equity Method Investment Total ($ in thousands) Balance, December 31, 2022 $ ( 584,408 ) $ ( 10,734 ) $ ( 97,952 ) $ ( 79,093 ) $ 5 $ ( 772,182 ) Net change in unrealized gain 80,958 — — 19,280 706 100,944 Reclassification of net loss realized and included in earnings — — 1,519 8,001 — 9,520 Valuation adjustments to employee benefit plans — — ( 1,836 ) — — ( 1,836 ) Amortization of unrealized net gain or loss on securities transferred to HTM — 494 — — — 494 Income tax (expense) benefit ( 18,224 ) ( 111 ) 71 ( 6,141 ) — ( 24,405 ) Balance, March 31, 2023 $ ( 521,674 ) $ ( 10,351 ) $ ( 98,198 ) $ ( 57,953 ) $ 711 $ ( 687,465 ) Balance, December 31, 2023 $ ( 450,748 ) $ ( 9,385 ) $ ( 103,061 ) $ ( 58,306 ) $ 373 $ ( 621,127 ) Net change in unrealized gain (loss) ( 48,264 ) — — ( 29,191 ) ( 344 ) ( 77,799 ) Reclassification of net loss realized and included in earnings — — 1,019 12,558 — 13,577 Valuation adjustments to employee benefit plans — — 22,014 — — 22,014 Amortization of unrealized net loss on securities transferred to HTM — 428 — — — 428 Income tax (expense) benefit 10,927 ( 96 ) ( 5,176 ) 3,737 — 9,392 Balance, March 31, 2024 $ ( 488,085 ) $ ( 9,053 ) $ ( 85,204 ) $ ( 71,202 ) $ 29 $ ( 653,515 ) 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 6 - Derivatives will be reclassified into income over the life of the hedge. Accumulated other comprehensive loss resulting from the terminated interest rate swaps are being 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. Three Months Ended Amount reclassified from AOCI (a) March 31, Affected line item on ($ in thousands) 2024 2023 the statement of income Amortization of unrealized net loss on securities transferred to HTM $ ( 428 ) $ ( 494 ) Interest income Tax effect 96 111 Income taxes Net of tax ( 332 ) ( 383 ) Net income Amortization of defined benefit pension and post-retirement items ( 1,019 ) ( 1,519 ) Other noninterest expense (b) Tax effect 229 340 Income taxes Net of tax ( 790 ) ( 1,179 ) Net income Reclassification of unrealized gain (loss) on cash flow hedges ( 12,658 ) ( 10,629 ) Interest income Tax effect 2,844 2,393 Income taxes Net of tax ( 9,814 ) ( 8,236 ) Net income Amortization of gain on terminated cash flow hedges 100 2,628 Interest income Tax effect ( 22 ) ( 592 ) Income taxes Net of tax 78 2,036 Net income Total reclassifications, net of tax $ ( 10,858 ) $ ( 7,762 ) 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 | 3 Months Ended |
Mar. 31, 2024 | |
Other Income, Nonoperating [Abstract] | |
Other Noninterest Income | 8. Other Noninterest Income Components of other noninterest income are as follows: Three Months Ended March 31, ($ in thousands) 2024 2023 Income from bank-owned life insurance $ 4,229 $ 3,286 Credit related fees 3,131 2,765 Income (loss) from customer and other derivatives ( 2,802 ) 583 Net gains on sales of premises, equipment and other assets 2,779 407 Other miscellaneous 5,841 4,177 Total other noninterest income $ 13,178 $ 11,218 |
Other Noninterest Expense
Other Noninterest Expense | 3 Months Ended |
Mar. 31, 2024 | |
Other Expense, Nonoperating [Abstract] | |
Other Noninterest Expense | 9. Other Noninterest Expense Components of other noninterest expense are as follows: Three Months Ended March 31, ($ in thousands) 2024 2023 Corporate value and franchise taxes and other non-income taxes $ 5,071 $ 5,253 Advertising 2,907 3,256 Telecommunications and postage 2,413 3,071 Entertainment and contributions 3,178 2,631 Tax credit investment amortization 1,554 1,401 Printing and supplies 882 990 Travel expense 1,103 1,046 Net other retirement expense ( 4,824 ) ( 3,655 ) Other miscellaneous 7,624 8,124 Total other noninterest expense $ 19,908 $ 22,117 |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 10. 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 March 31, ($ in thousands, except per share data) 2024 2023 Numerator: Net income to common shareholders $ 108,612 $ 126,467 Net income allocated to participating securities - basic and diluted 784 1,358 Net income allocated to common shareholders - basic and diluted $ 107,828 $ 125,109 Denominator: Weighted-average common shares - basic 86,521 86,018 Dilutive potential common shares 205 264 Weighted-average common shares - diluted 86,726 86,282 Earnings per common share: Basic $ 1.25 $ 1.45 Diluted $ 1.24 $ 1.45 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 43,493 for the three months ended March 31, 2024 , and 34,157 for the three months ended March 31, 2023 , did not enter the calculation of diluted earnings per share as the impact would have been anti-dilutive. |
Retirement Plans
Retirement Plans | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Retirement Plans | 11. 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. Three Months Ended March 31, Pension Benefits Other Post-Retirement Benefits (in thousands) 2024 2023 2024 2023 Service cost $ 1,979 $ 1,980 $ 9 $ ( 31 ) Interest cost 5,920 5,788 154 216 Expected return on plan assets ( 11,917 ) ( 11,178 ) — — Amortization of net (gain) or loss and prior service costs 1,204 1,770 ( 185 ) ( 251 ) Net periodic benefit cost $ ( 2,814 ) $ ( 1,640 ) $ ( 22 ) $ ( 66 ) |
Share-Based Payment Arrangement
Share-Based Payment Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Payment Arrangements | 12. 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, 2023. 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 March 31, 2024 are presented in the following table. Weighted Average Number of Grant Date Shares Fair Value Nonvested at January 1, 2024 1,457,401 $ 44.65 Granted 751,122 42.07 Vested ( 440,820 ) 41.51 Forfeited ( 51,361 ) 43.49 Nonvested at March 31, 2024 1,716,342 $ 44.36 At March 31, 2024 , there was $ 65.0 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 3.4 years. The total fair value of shares that vested during the three months ended March 31, 2024 was $ 16.0 million. During the three months ended March 31, 2024 , the Company granted 533,662 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 three months ended March 31, 2024 , the Company granted 47,734 performance share awards subject to a total shareholder return (“TSR”) performance metric with a grant date fair value of $ 43.23 per share and 47,734 performance share awards subject to an adjusted earnings per share performance metric with a grant date fair value of $ 36.25 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 adjusted earnings per share that ultimately vest will be based on the Company’s attainment of certain adjusted 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 | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. 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 contractual 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 $ 27.1 million and $ 28.9 million at March 31, 2024 and December 31, 2023, respectively. The following table presents a summary of the Company’s off-balance sheet financial instruments as of March 31, 2024 and December 31, 2023: March 31, December 31, ($ in thousands) 2024 2023 Commitments to extend credit $ 9,330,583 $ 9,852,367 Letters of credit 499,963 481,910 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. Federal Deposit Insurance Corporation (FDIC) Special Assessment In November 2023, the FDIC approved a final rule to implement a special deposit insurance assessment to recover losses to the Deposit Insurance Fund (DIF) arising from the protection of uninsured depositors following the receiverships of failed institutions in the spring of 2023. In the fourth quarter of 2023, the Company recorded a pre-tax special assessment expense totaling $ 26.1 million based on the November 2023 final rule. In the first quarter of 2024, the FDIC provided notice that the estimated losses attributable to the protection of uninsured depositors at Silicon Valley Bank and Signature Bank increased approximately $ 4.1 billion from $ 16.3 billion, as described in the November 2023 final rule, to $ 20.4 billion. An additional special assessment expense of $ 3.8 million was recorded during the first quarter of 2024 in consideration of the revised loss estimate. The FDIC indicated that depository institutions that are subject to the special assessment will be provided with an updated estimate of each institution’s quarterly and total special assessment expense with its first quarter 2024 special assessment invoice in June 2024. We expect that there could be revisions to the estimated loss accrual at that time. The loss estimates resulting from the failures of Silicon Valley Bank and Signature Bank may be subject to further change pending the projected and actual outcome of loss share agreements, joint ventures, and outstanding litigation. The exact amount of losses incurred will not be determined until the FDIC terminates the receiverships; therefore, the Company's exact exposure for FDIC special assessment remains unknown. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 14. Fair Value Measurements The Financial Accounting Standards Board (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 March 31, 2024 and December 31, 2023: March 31, 2024 ($ in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 113,138 $ — $ 113,138 Municipal obligations — 199,034 — 199,034 Corporate debt securities — 20,397 — 20,397 Residential mortgage-backed securities — 2,045,245 — 2,045,245 Commercial mortgage-backed securities — 2,485,736 — 2,485,736 Collateralized mortgage obligations — 41,873 — 41,873 Total available for sale securities — 4,905,423 — 4,905,423 Mortgage loans held for sale — 15,208 — 15,208 Derivative assets (1) — 94,689 — 94,689 Total recurring fair value measurements - assets $ — $ 5,015,320 $ — $ 5,015,320 Liabilities Derivative liabilities (1) $ — $ 233,239 $ 2,141 $ 235,380 Total recurring fair value measurements - liabilities $ — $ 233,239 $ 2,141 $ 235,380 December 31, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 97,808 $ — $ 97,808 Municipal obligations — 201,412 — 201,412 Corporate debt securities — 20,352 — 20,352 Residential mortgage-backed securities — 2,113,866 — 2,113,866 Commercial mortgage-backed securities — 2,437,472 — 2,437,472 Collateralized mortgage obligations — 44,285 — 44,285 Total available for sale securities — 4,915,195 — 4,915,195 Mortgage loans held for sale — 13,269 — 13,269 Derivative assets (1) — 90,712 — 90,712 Total recurring fair value measurements - assets $ — $ 5,019,176 $ — $ 5,019,176 Liabilities Derivative liabilities (1) $ — $ 205,796 $ 1,342 $ 207,138 Total recurring fair value measurements - liabilities $ — $ 205,796 $ 1,342 $ 207,138 (1) For further disaggregation of derivative assets and liabilities, see Note 6 - 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, Overnight Index swap rate curves and SOFR swap curves (where applicable), 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 derivative instruments, which are all 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 6 – 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 three months ended March 31, 2024 and the year ended December 31, 2023 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, 2022 $ 1,883 Cash settlement ( 2,547 ) Losses included in earnings 2,006 Balance at December 31, 2023 1,342 Cash settlement ( 431 ) Losses included in earnings 1,230 Balance at March 31, 2024 $ 2,141 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. The assumptions reflected in the table below for March 31, 2024 were updated in consideration of the recent proposed exchange offer from Visa. ($ in thousands) Fair Value Level 3 Class March 31, 2024 December 31, 2023 Derivative liability $ 2,141 $ 1,342 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 1.60 x- 1.59 x Conversion rate -weighted average 1.5950 x 1.5950 x Time until resolution 40 - 50 months 3 - 9 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. March 31, 2024 ($ in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent loans individually evaluated for credit loss $ — $ 37,176 $ — $ 37,176 Other real estate owned and foreclosed assets, net — — 2,793 2,793 Total nonrecurring fair value measurements $ — $ 37,176 $ 2,793 $ 39,969 December 31, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent loans individually evaluated for credit loss $ — $ 15,882 $ — $ 15,882 Other real estate owned and foreclosed assets, net — — 3,628 3,628 Total nonrecurring fair value measurements $ — $ 15,882 $ 3,628 $ 19,510 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 December 31, 2023, short-term FHLB borrowings consisted of one short-term fixed rate borrowing (five calendar days outstanding); as such, the carrying amount of the instrument is a reasonable estimate of 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. March 31, 2024 Total Fair Carrying ($ in thousands) Level 1 Level 2 Level 3 Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 853,300 $ — $ — $ 853,300 $ 853,300 Available for sale securities — 4,905,423 — 4,905,423 4,905,423 Held to maturity securities — 2,436,610 — 2,436,610 2,653,759 Loans, net — 37,176 23,119,375 23,156,551 23,657,212 Loans held for sale — 16,470 — 16,470 16,470 Derivative financial instruments — 94,689 — 94,689 94,689 Financial liabilities: Deposits $ — $ — $ 29,761,955 $ 29,761,955 $ 29,775,906 Federal funds purchased 350 — — 350 350 Securities sold under agreements to repurchase 667,410 — — 667,410 667,410 Long-term debt — 191,331 — 191,331 236,355 Derivative financial instruments — 233,239 2,141 235,380 235,380 December 31, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Fair Carrying Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 1,188,284 $ — $ — $ 1,188,284 $ 1,188,284 Available for sale securities — 4,915,195 — 4,915,195 4,915,195 Held to maturity securities — 2,485,918 — 2,485,918 2,684,779 Loans, net — 15,882 23,170,377 23,186,259 23,614,010 Loans held for sale — 26,124 — 26,124 26,124 Derivative financial instruments — 90,712 — 90,712 90,712 Financial liabilities: Deposits $ — $ — $ 29,679,228 $ 29,679,228 $ 29,690,059 Federal funds purchased 350 — — 350 350 Securities sold under agreements to repurchase 454,479 — — 454,479 454,479 FHLB short-term borrowings 700,000 — — 700,000 700,000 Long-term debt — 196,182 — 196,182 236,317 Derivative financial instruments — 205,796 1,342 207,138 207,138 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 15. Recent Accounting Pronouncements Accounting Standards Adopted During the Three Months Ended March 31, 2024 In March 2023, FASB issued Accounting Standards Update (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 323-740 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 meet 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 and must be applied on either a modified retrospective or a retrospective basis. The Company adopted this standard effective January 1, 2024, and has elected not to apply the proportional amortization method to the new market tax program, which includes our existing qualifying new market tax credit investments. The election for any eligible future investments in other tax credit programs will be made at the time of investment. The adoption of this standard had no effect on the Company’s consolidated financial position or results of operations. Accounting Standards Issued But Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” to improve the disclosures about a public entity’s reportable segments and to enable investors to develop more decision-useful financial analyses. The amendments in this update require that a public entity disclose, on an annual and interim basis (1) significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss (collectively referred to as the “significant expense principle”); (2) require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition; (3) require that a public entity provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280 in interim periods; (4) clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit; (5) require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources; and (6) require that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this update and all existing segment disclosures in Topic 280. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in this update retrospectively to all prior periods presented in the financial statements. The Company is currently assessing the provisions of this guidance. As the update contains only amendments to disclosure requirements, adoption will have no impact to the Company’s operating results or financial condition. In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," to enhance the transparency and decision usefulness of income tax disclosures by requiring additional categories of information about federal, state, and foreign income taxes to be included in the rate reconciliation and by requiring more detail to be disclosed on certain reconciling item categories that meet a quantitative threshold. Additionally, the amendment requires all entities to disclose on an annual basis (1) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes, and (2) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than 5 percent of total income taxes paid (net of refunds received). The amendments to this update related to other disclosures require that all entities disclose (1) income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and (2) income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. The amendments in this update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. Entities should apply the amendments on a prospective basis and retrospective application is permitted. As the update contains only amendments to disclosure requirements, adoption will have no impact to the Company’s operating results or financial condition. In March 2024, the FASB issued ASU 2024-02, “Codification Improvements – Amendments to Remove References to Concepts Statements,” to remove from the FASB codification extraneous references to FASB Concept Statements. FASB Concepts Statements are nonauthoritative, and the removal of references to such from the FASB codification will simplify the codification and draw a distinction between authoritative guidance and nonauthoritative literature. Generally, the amendments in this update are not intended to result in significant accounting change for most entities. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2024, and early application is permitted for any fiscal year or interim period for which financial statements have not yet been issued (or made available for issuance). If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. An entity should apply the amendments in this update on a prospective basis for new transactions recognized on or after the date of first application, or on a retrospective basis to the beginning of the earliest comparative period presented in which the amendments were first applied. The Company is currently assessing the provisions of this guidance to determine if one or more are applicable, but does not expect the application of any relevant provisions to have a material impact to its financial condition or results of operations. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023. Financial information reported in these financial statements is not necessarily indicative of the Company’s financial condition, results of operations, or cash flows for any other interim or annual period. Certain prior period amounts have been reclassified to conform to the current period presentation. These changes in presentation did not have a material impact on the Company's financial condition or operating results. |
Use of Estimates | Use of Estimates The accounting principles the Company follows and the methods for applying these principles conform to GAAP and general practices followed by the banking industry. These accounting principles require management to make estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. |
Accounting Policies | Accounting Policies There were no material changes or developments during the reporting period with respect to methodologies that the Company uses when applying what management believes are critical accounting policies and developing critical accounting estimates as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 | March 31, 2024 December 31, 2023 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 $ 114,086 $ 722 $ 1,670 $ 113,138 $ 97,741 $ 1,581 $ 1,514 $ 97,808 Municipal obligations 202,764 — 3,730 199,034 203,533 79 2,200 201,412 Residential mortgage-backed securities 2,401,546 743 357,044 2,045,245 2,440,411 2,734 329,279 2,113,866 Commercial mortgage-backed securities 2,748,086 3,528 265,878 2,485,736 2,683,872 7,176 253,576 2,437,472 Collateralized mortgage obligations 45,230 — 3,357 41,873 47,661 — 3,376 44,285 Corporate debt securities 23,500 — 3,103 20,397 23,500 — 3,148 20,352 Total $ 5,535,212 $ 4,993 $ 634,782 $ 4,905,423 $ 5,496,718 $ 11,570 $ 593,093 $ 4,915,195 |
Amortized Cost and Fair Value of Debt Securities Held to Maturity | March 31, 2024 December 31, 2023 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 $ 409,435 $ — $ 48,083 $ 361,352 $ 413,490 $ 179 $ 43,971 $ 369,698 Municipal obligations 660,372 739 23,185 637,926 664,488 1,252 19,593 646,147 Residential mortgage-backed securities 636,208 — 64,540 571,668 654,262 — 59,223 595,039 Commercial mortgage-backed securities 917,008 — 80,280 836,728 920,048 — 75,803 844,245 Collateralized mortgage obligations 30,736 — 1,800 28,936 32,491 — 1,702 30,789 Total $ 2,653,759 $ 739 $ 217,888 $ 2,436,610 $ 2,684,779 $ 1,431 $ 200,292 $ 2,485,918 |
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 $ 106,858 $ 105,620 Due after one year through five years 585,990 566,852 Due after five years through ten years 2,549,295 2,287,101 Due after ten years 2,293,069 1,945,850 Total available for sale debt securities $ 5,535,212 $ 4,905,423 |
Securities with Unrealized Losses | Available for Sale March 31, 2024 Losses < 12 months Losses 12 months or > Total ($ in thousands) Fair Gross Fair Gross Fair Gross U.S. Treasury and government agency securities $ 11,973 $ 27 $ 7,460 $ 1,643 $ 19,433 $ 1,670 Municipal obligations 19,549 118 176,664 3,612 196,213 3,730 Residential mortgage-backed securities 31,818 86 1,717,118 356,958 1,748,936 357,044 Commercial mortgage-backed securities 35,700 211 2,195,760 265,667 2,231,460 265,878 Collateralized mortgage obligations — — 41,873 3,357 41,873 3,357 Corporate debt securities — — 18,397 3,103 18,397 3,103 Total $ 99,040 $ 442 $ 4,157,272 $ 634,340 $ 4,256,312 $ 634,782 Available for Sale December 31, 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 $ — $ — $ 7,790 $ 1,514 $ 7,790 $ 1,514 Municipal obligations 49,832 374 128,965 1,826 178,797 2,200 Residential mortgage-backed securities 3,062 25 1,795,154 329,254 1,798,216 329,279 Commercial mortgage-backed securities — — 2,227,703 253,576 2,227,703 253,576 Collateralized mortgage obligations — — 44,285 3,376 44,285 3,376 Corporate debt securities — — 19,852 3,148 19,852 3,148 Total $ 52,894 $ 399 $ 4,223,749 $ 592,694 $ 4,276,643 $ 593,093 |
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 $ 92,336 $ 91,307 Due after one year through five years 734,660 696,030 Due after five years through ten years 716,536 666,275 Due after ten years 1,110,227 982,998 Total held to maturity securities $ 2,653,759 $ 2,436,610 |
Securities with Unrealized Losses | Held to maturity March 31, 2024 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 $ 29,579 $ 316 $ 331,773 $ 47,767 $ 361,352 $ 48,083 Municipal obligations 71,115 495 544,326 22,690 615,441 23,185 Residential mortgage-backed securities — — 571,669 64,540 571,669 64,540 Commercial mortgage-backed securities — — 836,727 80,280 836,727 80,280 Collateralized mortgage obligations — — 28,936 1,800 28,936 1,800 Total $ 100,694 $ 811 $ 2,313,431 $ 217,077 $ 2,414,125 $ 217,888 Held to maturity December 31, 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 $ 9,530 $ 63 $ 339,533 $ 43,908 $ 349,063 $ 43,971 Municipal obligations 343,401 1,801 226,165 17,792 569,566 19,593 Residential mortgage-backed securities — — 595,039 59,223 595,039 59,223 Commercial mortgage-backed securities — — 844,245 75,803 844,245 75,803 Collateralized mortgage obligations — — 30,789 1,702 30,789 1,702 Total $ 352,931 $ 1,864 $ 2,035,771 $ 198,428 $ 2,388,702 $ 200,292 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023. March 31, December 31, ($ in thousands) 2024 2023 Commercial non-real estate $ 9,926,333 $ 9,957,284 Commercial real estate - owner occupied 3,080,192 3,093,763 Total commercial and industrial 13,006,525 13,051,047 Commercial real estate - income producing 4,042,797 3,986,943 Construction and land development 1,541,773 1,551,091 Residential mortgages 3,983,321 3,886,072 Consumer 1,396,522 1,446,764 Total loans $ 23,970,938 $ 23,921,917 |
Allowance for Credit Losses by Portfolio Class | The following tables present activity in the allowance for credit losses (ACL) by portfolio class for the three months ended March 31, 2024 and 2023, 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 Three Months Ended March 31, 2024 Allowance for credit losses Allowance for loan losses: Beginning balance $ 101,737 $ 40,197 $ 141,934 $ 74,539 $ 27,039 $ 38,983 $ 25,412 $ 307,907 Charge-offs ( 9,630 ) — ( 9,630 ) ( 8,819 ) ( 75 ) ( 56 ) ( 4,786 ) ( 23,366 ) Recoveries 13,104 102 13,206 3 61 202 914 14,386 Net provision for loan losses ( 853 ) ( 1,021 ) ( 1,874 ) 12,154 ( 1,187 ) 2,029 3,677 14,799 Ending balance - allowance for loan losses $ 104,358 $ 39,278 $ 143,636 $ 77,877 $ 25,838 $ 41,158 $ 25,217 $ 313,726 Reserve for unfunded lending commitments: Beginning balance $ 5,507 $ 327 $ 5,834 $ 1,344 $ 20,019 $ 30 $ 1,667 $ 28,894 Provision for losses on unfunded commitments 192 ( 40 ) 152 ( 352 ) ( 1,615 ) ( 8 ) ( 8 ) ( 1,831 ) Ending balance - reserve for unfunded lending commitments 5,699 287 5,986 992 18,404 22 1,659 27,063 Total allowance for credit losses $ 110,057 $ 39,565 $ 149,622 $ 78,869 $ 44,242 $ 41,180 $ 26,876 $ 340,789 Allowance for loan losses: Individually evaluated $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated 104,358 39,278 143,636 77,877 25,838 41,158 25,217 313,726 Allowance for loan losses $ 104,358 $ 39,278 $ 143,636 $ 77,877 $ 25,838 $ 41,158 $ 25,217 $ 313,726 Reserve for unfunded lending commitments: Individually evaluated $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated 5,699 287 5,986 992 18,404 22 1,659 27,063 Reserve for unfunded lending commitments: $ 5,699 $ 287 $ 5,986 $ 992 $ 18,404 $ 22 $ 1,659 $ 27,063 Total allowance for credit losses $ 110,057 $ 39,565 $ 149,622 $ 78,869 $ 44,242 $ 41,180 $ 26,876 $ 340,789 Loans: Individually evaluated $ 11,255 $ 739 $ 11,994 $ 23,436 $ 928 $ — $ 818 $ 37,176 Collectively evaluated 9,915,078 3,079,453 12,994,531 4,019,361 1,540,845 3,983,321 1,395,704 23,933,762 Total loans $ 9,926,333 $ 3,080,192 $ 13,006,525 $ 4,042,797 $ 1,541,773 $ 3,983,321 $ 1,396,522 $ 23,970,938 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 Three Months Ended March 31, 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 ( 4,528 ) — ( 4,528 ) — ( 61 ) ( 20 ) ( 3,363 ) ( 7,972 ) Recoveries 1,033 195 1,228 — 6 181 838 2,253 Net provision for loan losses ( 320 ) ( 813 ) ( 1,133 ) 4,231 459 1,916 1,842 7,315 Ending balance - allowance for loan losses $ 92,646 $ 47,666 $ 140,312 $ 76,192 $ 30,902 $ 34,541 $ 27,438 $ 309,385 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 ( 191 ) 22 ( 169 ) 493 ( 1,487 ) ( 14 ) ( 118 ) ( 1,295 ) Ending balance - reserve for unfunded lending commitments 4,793 324 5,117 1,888 23,623 17 1,369 32,014 Total allowance for credit losses $ 97,439 $ 47,990 $ 145,429 $ 78,080 $ 54,525 $ 34,558 $ 28,807 $ 341,399 Allowance for loan losses: Individually evaluated $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated 92,646 47,666 140,312 76,192 30,902 34,541 27,438 309,385 Allowance for loan losses $ 92,646 $ 47,666 $ 140,312 $ 76,192 $ 30,902 $ 34,541 $ 27,438 $ 309,385 Reserve for unfunded lending commitments: Individually evaluated $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated 4,793 324 5,117 1,888 23,623 17 1,369 32,014 Reserve for unfunded lending commitments: $ 4,793 $ 324 $ 5,117 $ 1,888 $ 23,623 $ 17 $ 1,369 $ 32,014 Total allowance for credit losses $ 97,439 $ 47,990 $ 145,429 $ 78,080 $ 54,525 $ 34,558 $ 28,807 $ 341,399 Loans: Individually evaluated $ 10,273 $ 684 $ 10,957 $ 1,120 $ — $ 1,135 $ — $ 13,212 Collectively evaluated 10,003,209 3,050,064 13,053,273 3,757,335 1,726,916 3,328,658 1,525,129 23,391,311 Total loans $ 10,013,482 $ 3,050,748 $ 13,064,230 $ 3,758,455 $ 1,726,916 $ 3,329,793 $ 1,525,129 $ 23,404,523 |
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. March 31, 2024 December 31, 2023 ($ in thousands) Total nonaccrual Nonaccrual without allowance for loan loss Total nonaccrual Nonaccrual without allowance for loan loss Commercial non-real estate $ 17,487 $ 11,255 $ 20,840 $ 13,637 Commercial real estate - owner occupied 2,197 739 2,228 — Total commercial and industrial 19,684 11,994 23,068 13,637 Commercial real estate - income producing 24,066 23,436 461 — Construction and land development 2,228 928 815 — Residential mortgages 25,924 — 26,137 — Consumer 10,180 818 8,555 — Total loans $ 82,082 $ 37,176 $ 59,036 $ 13,637 |
Provides Detail by Portfolio Class for Reportable MEFDs | The tables below provide detail by portfolio class for reportable MEFDs entered into during the three months ended March 31, 2024 and 2023. Modified facilities are reflected only once in each table based on the type of modification or combination of modification. Three Months Ended March 31, 2024 Term extension Significant payment delay Term extensions and ($ in thousands) Balance Percentage of portfolio Balance Percentage of portfolio Balance Percentage of portfolio Commercial non-real estate $ 17,846 0.18 % $ — — $ 5,275 0.05 % Commercial real estate - owner occupied — — — — — — Total commercial and industrial 17,846 0.14 % — — 5,275 0.04 % Commercial real estate - income producing — — 1,573 0.04 % — — Construction and land development — — — — — — Residential mortgages 1,893 0.05 % — — — — Consumer 113 0.01 % — — — — Total reportable modified loans $ 19,852 0.08 % $ 1,573 0.01 % $ 5,275 0.02 % Three Months Ended March 31, 2023 Term extension Significant payment delay Term extensions and ($ in thousands) Balance Percentage of portfolio Balance Percentage of portfolio Balance Percentage of portfolio Commercial non-real estate $ 934 0.01 % $ — — $ — — Commercial real estate - owner occupied 684 0.02 % — — — — Total commercial and industrial 1,618 0.01 % — — — — Commercial real estate - income producing — — — — — — Construction and land development — — — — — — Residential mortgages — — — — — — Consumer — — — — — — Total reportable modified loans $ 1,618 0.01 % $ — — $ — — |
Aging Analysis of Reportable Modifications To Borrowers Experiencing Financial Difficulty by Portfolio Class | The tables below present the aging analysis of reportable modifications to borrowers experiencing financial difficulty by portfolio class at March 31, 2024 and December 31, 2023. March 31, 2024 30-59 60-89 Greater than Total Current Total reportable (in thousands) Commercial non-real estate $ — $ 5,791 $ 178 $ 5,969 $ 25,473 $ 31,442 Commercial real estate - owner occupied — 955 — 955 806 1,761 Total commercial and industrial — 6,746 178 6,924 26,279 33,203 Commercial real estate - income producing — — — — 1,573 1,573 Construction and land development — — — — 84 84 Residential mortgages 222 — — 222 2,125 2,347 Consumer 197 — — 197 188 385 Total reportable modified loans $ 419 $ 6,746 $ 178 $ 7,343 $ 30,249 $ 37,592 December 31, 2023 30-59 60-89 Greater than Total Current Total reportable (in thousands) Commercial non-real estate $ 3,149 $ 233 $ 4,430 $ 7,812 $ 14,145 $ 21,957 Commercial real estate - owner occupied — — — — 1,774 1,774 Total commercial and industrial 3,149 233 4,430 7,812 15,919 23,731 Commercial real estate - income producing — — — — — — Construction and land development — — — — 85 85 Residential mortgages 66 — — 66 390 456 Consumer — — — — 274 274 Total reportable modified loans $ 3,215 $ 233 $ 4,430 $ 7,878 $ 16,668 $ 24,546 |
Aging Analysis of Past Due Loans by Portfolio Class | The tables below present the aging analysis of past due loans by portfolio class at March 31, 2024 and December 31, 2023. March 31, 2024 30-59 60-89 Greater Total Current Total Recorded ($ in thousands) Commercial non-real estate $ 7,152 $ 8,450 $ 13,837 $ 29,439 $ 9,896,894 $ 9,926,333 $ 1,863 Commercial real estate - owner occupied 1,751 1,979 2,608 6,338 3,073,854 3,080,192 421 Total commercial and industrial 8,903 10,429 16,445 35,777 12,970,748 13,006,525 2,284 Commercial real estate - income producing 204 23,436 3,701 27,341 4,015,456 4,042,797 3,128 Construction and land development 851 147 2,285 3,283 1,538,490 1,541,773 381 Residential mortgages 49,842 2,763 19,549 72,154 3,911,167 3,983,321 125 Consumer 10,290 7,639 6,008 23,937 1,372,585 1,396,522 2,020 Total $ 70,090 $ 44,414 $ 47,988 $ 162,492 $ 23,808,446 $ 23,970,938 $ 7,938 December 31, 2023 30-59 60-89 Greater Total Current Total Recorded ($ in thousands) Commercial non-real estate $ 12,311 $ 4,381 $ 21,132 $ 37,824 $ 9,919,460 $ 9,957,284 $ 5,782 Commercial real estate - owner occupied 1,614 1,596 1,715 4,925 3,088,838 3,093,763 431 Total commercial and industrial 13,925 5,977 22,847 42,749 13,008,298 13,051,047 6,213 Commercial real estate - income producing 3,938 606 408 4,952 3,981,991 3,986,943 — Construction and land development 1,655 1,220 1,208 4,083 1,547,008 1,551,091 742 Residential mortgages 40,189 9,121 18,960 68,270 3,817,802 3,886,072 172 Consumer 11,059 5,957 6,611 23,627 1,423,137 1,446,764 2,482 Total $ 70,766 $ 22,881 $ 50,034 $ 143,681 $ 23,778,236 $ 23,921,917 $ 9,609 |
Credit Quality Indicators by Segment and Portfolio Class | The following tables present credit quality disclosures of amortized cost by class and vintage for term loans and by revolving and revolving converted to amortizing at March 31, 2024 and December 31, 2023. The Company defines vintage as the later of origination, renewal or modification date. The gross charge-offs presented in the tables that follow are for the three months ended March 31, 2024 and the year ended December 31, 2023. Term Loans Revolving Loans March 31, 2024 Amortized Cost Basis by Origination Year Revolving Converted to ($ in thousands) 2024 2023 2022 2021 2020 Prior Loans Term Loans Total Commercial Non-Real Estate: Pass $ 356,133 $ 1,456,018 $ 1,709,790 $ 1,018,785 $ 426,293 $ 1,242,580 $ 3,154,253 $ 44,009 $ 9,407,861 Pass-Watch 1,548 55,622 21,358 27,428 19,555 26,843 102,356 708 255,418 Special Mention 11,035 2,640 499 11 124 806 9,800 143 25,058 Substandard 6,540 35,643 79,983 18,194 7,984 3,308 80,505 5,839 237,996 Doubtful — — — — — — — — — Total $ 375,256 $ 1,549,923 $ 1,811,630 $ 1,064,418 $ 453,956 $ 1,273,537 $ 3,346,914 $ 50,699 $ 9,926,333 Gross Charge-offs $ — $ 3,907 $ 850 $ 106 $ 51 $ 1,483 $ 2,323 $ 910 $ 9,630 Commercial Real Estate - Owner Occupied: Pass $ 60,032 $ 368,653 $ 676,512 $ 605,118 $ 492,383 $ 744,599 $ 40,598 $ 297 $ 2,988,192 Pass-Watch — 2,978 24,790 9,816 5,317 19,747 687 — 63,335 Special Mention — — — 187 — 17,330 150 — 17,667 Substandard — 958 4,660 1,588 1,363 2,136 293 — 10,998 Doubtful — — — — — — — — — Total $ 60,032 $ 372,589 $ 705,962 $ 616,709 $ 499,063 $ 783,812 $ 41,728 $ 297 $ 3,080,192 Gross Charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate - Income Producing: Pass $ 54,025 $ 504,820 $ 937,290 $ 1,017,973 $ 625,603 $ 653,818 $ 64,938 $ 4,158 $ 3,862,625 Pass-Watch 13,301 6,622 4,047 4,163 70,889 33,226 2,000 — 134,248 Special Mention — 448 — — — 6,266 — — 6,714 Substandard — 4,086 34,278 286 — 560 — — 39,210 Doubtful — — — — — — — — — Total $ 67,326 $ 515,976 $ 975,615 $ 1,022,422 $ 696,492 $ 693,870 $ 66,938 $ 4,158 $ 4,042,797 Gross Charge-offs $ — $ — $ 8,819 $ — $ — $ — $ — $ — $ 8,819 Construction and Land Development: Pass $ 70,758 $ 418,296 $ 635,714 $ 176,967 $ 36,935 $ 21,652 $ 156,207 $ 4,989 $ 1,521,518 Pass-Watch — 1,385 11,727 4,416 64 230 205 — 18,027 Special Mention — — — — — — — — — Substandard — 433 1,073 97 43 286 296 — 2,228 Doubtful — — — — — — — — — Total $ 70,758 $ 420,114 $ 648,514 $ 181,480 $ 37,042 $ 22,168 $ 156,708 $ 4,989 $ 1,541,773 Gross Charge-offs $ — $ — $ 75 $ — $ — $ — $ — $ — $ 75 Residential Mortgage: Performing $ 67,697 $ 414,407 $ 1,012,153 $ 946,874 $ 479,252 $ 1,033,398 $ 3,617 $ — $ 3,957,398 Nonperforming — 911 2,941 4,277 286 17,508 — — 25,923 Total $ 67,697 $ 415,318 $ 1,015,094 $ 951,151 $ 479,538 $ 1,050,906 $ 3,617 $ — $ 3,983,321 Gross Charge-offs $ — $ — $ — $ 2 $ — $ 54 $ — $ — $ 56 Consumer Loans: Performing $ 27,375 $ 56,206 $ 53,824 $ 32,622 $ 24,841 $ 71,041 $ 1,111,067 $ 9,366 $ 1,386,342 Nonperforming 20 92 712 899 863 5,118 250 2,226 10,180 Total $ 27,395 $ 56,298 $ 54,536 $ 33,521 $ 25,704 $ 76,159 $ 1,111,317 $ 11,592 $ 1,396,522 Gross Charge-offs $ — $ 635 $ 832 $ 404 $ 49 $ 315 $ 2,040 $ 511 $ 4,786 Term Loans Revolving Loans December 31, 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 $ 1,557,202 $ 1,812,370 $ 1,106,433 $ 483,739 $ 398,626 $ 923,143 $ 3,186,189 $ 56,316 $ 9,524,018 Pass-Watch 30,360 60,228 20,730 8,245 4,988 9,117 94,252 6,291 234,211 Special Mention 411 6,206 936 27 26 836 2,620 424 11,486 Substandard 48,264 48,178 18,882 8,058 3,079 1,660 54,453 4,995 187,569 Doubtful — — — — — — — — — Total $ 1,636,237 $ 1,926,982 $ 1,146,981 $ 500,069 $ 406,719 $ 934,756 $ 3,337,514 $ 68,026 $ 9,957,284 Gross Charge-offs $ 7,885 $ 1,179 $ 1,484 $ 27,000 $ 81 $ 1,750 $ 11,971 $ 8,480 $ 59,830 Commercial Real Estate - Owner Occupied: Pass $ 374,466 $ 689,626 $ 620,272 $ 501,054 $ 284,032 $ 493,707 $ 40,533 $ 12,587 $ 3,016,277 Pass-Watch 2,574 9,587 9,654 3,451 8,791 17,581 389 — 52,027 Special Mention 837 — 617 — 110 5,083 — — 6,647 Substandard 2,322 4,956 967 1,295 584 7,374 1,314 — 18,812 Doubtful — — — — — — — — — Total $ 380,199 $ 704,169 $ 631,510 $ 505,800 $ 293,517 $ 523,745 $ 42,236 $ 12,587 $ 3,093,763 Gross Charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate - Income Producing: Pass $ 456,334 $ 953,501 $ 966,402 $ 618,003 $ 323,344 $ 367,010 $ 65,486 $ 48,924 $ 3,799,004 Pass-Watch 9,469 3,064 3,886 75,182 23,827 22,504 2,000 — 139,932 Special Mention 156 32,255 — 354 — 8,061 — — 40,826 Substandard 4,086 1,921 286 — 122 766 — — 7,181 Doubtful — — — — — — — — — Total $ 470,045 $ 990,741 $ 970,574 $ 693,539 $ 347,293 $ 398,341 $ 67,486 $ 48,924 $ 3,986,943 Gross Charge-offs $ 73 $ — $ — $ — $ — $ — $ — $ — $ 73 Construction and Land Development: Pass $ 388,453 $ 676,687 $ 248,036 $ 62,086 $ 6,008 $ 18,834 $ 139,587 $ 2,769 $ 1,542,460 Pass-Watch 3,067 2,820 827 83 128 323 212 — 7,460 Special Mention 294 — — — 62 — — — 356 Substandard — 87 96 49 9 279 295 — 815 Doubtful — — — — — — — — — Total $ 391,814 $ 679,594 $ 248,959 $ 62,218 $ 6,207 $ 19,436 $ 140,094 $ 2,769 $ 1,551,091 Gross Charge-offs $ — $ 7 $ 54 $ — $ — $ 11 $ — $ — $ 72 Residential Mortgage: Performing $ 439,024 $ 910,361 $ 950,400 $ 489,262 $ 176,041 $ 891,232 $ 3,615 $ — $ 3,859,935 Nonperforming 561 2,233 3,260 730 2,366 16,987 — — 26,137 Total $ 439,585 $ 912,594 $ 953,660 $ 489,992 $ 178,407 $ 908,219 $ 3,615 $ — $ 3,886,072 Gross Charge-offs $ — $ — $ — $ — $ — $ 55 $ — $ — $ 55 Consumer Loans: Performing $ 75,615 $ 59,454 $ 36,693 $ 28,076 $ 31,802 $ 39,150 $ 1,144,401 $ 23,018 $ 1,438,209 Nonperforming 176 237 245 438 445 2,528 369 4,117 8,555 Total $ 75,791 $ 59,691 $ 36,938 $ 28,514 $ 32,247 $ 41,678 $ 1,144,770 $ 27,135 $ 1,446,764 Gross Charge-offs $ 567 $ 2,388 $ 1,473 $ 215 $ 573 $ 824 $ 7,735 $ 1,618 $ 15,393 |
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 March 31, 2024 and December 31, 2023. The Company routinely assesses the ratings of loans in its portfolio through an established and comprehensive portfolio management process. March 31, 2024 ($ in thousands) Commercial Commercial Total Commercial Construction Total Grade: Pass $ 9,407,861 $ 2,988,192 $ 12,396,053 $ 3,862,625 $ 1,521,518 $ 17,780,196 Pass-Watch 255,418 63,335 318,753 134,248 18,027 471,028 Special Mention 25,058 17,667 42,725 6,714 — 49,439 Substandard 237,996 10,998 248,994 39,210 2,228 290,432 Doubtful — — — — — — Total $ 9,926,333 $ 3,080,192 $ 13,006,525 $ 4,042,797 $ 1,541,773 $ 18,591,095 December 31, 2023 ($ in thousands) Commercial Commercial Total Commercial Construction Total Grade: Pass $ 9,524,018 $ 3,016,277 $ 12,540,295 $ 3,799,004 $ 1,542,460 $ 17,881,759 Pass-Watch 234,211 52,027 286,238 139,932 7,460 433,630 Special Mention 11,486 6,647 18,133 40,826 356 59,315 Substandard 187,569 18,812 206,381 7,181 815 214,377 Doubtful — — — — — — Total $ 9,957,284 $ 3,093,763 $ 13,051,047 $ 3,986,943 $ 1,551,091 $ 18,589,081 |
Residential Mortgage and Consumer [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Credit Quality Indicators by Segment and Portfolio Class | March 31, 2024 December 31, 2023 ($ in thousands) Residential Consumer Total Residential Consumer Total Performing $ 3,957,398 $ 1,386,342 $ 5,343,740 $ 3,859,935 $ 1,438,209 $ 5,298,144 Nonperforming 25,923 10,180 36,103 26,137 8,555 34,692 Total $ 3,983,321 $ 1,396,522 $ 5,379,843 $ 3,886,072 $ 1,446,764 $ 5,332,836 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023. March 31, 2024 December 31, 2023 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 $ — $ 90,143 $ 1,550,000 $ — $ 73,611 Interest rate swaps - securities Fair Value 477,500 31,347 — 477,500 22,819 — Total derivatives designated as hedging instruments $ 2,027,500 $ 31,347 $ 90,143 $ 2,027,500 $ 22,819 $ 73,611 Derivatives not designated as hedging instruments: Interest rate swaps N/A $ 5,094,695 $ 141,396 $ 141,539 $ 5,128,144 $ 131,271 $ 129,994 Risk participation agreements N/A 348,091 9 4 364,906 34 18 Interest rate-lock commitments on residential mortgage loans N/A 39,373 842 1 13,355 — 286 Forward commitments to sell residential mortgage loans N/A 24,981 — 569 18,563 372 — To Be Announced (TBA) securities N/A 20,250 9 46 13,500 — 47 Foreign exchange forward contracts N/A 83,065 961 937 83,134 1,864 1,840 Visa Class B derivative contract N/A 42,617 — 2,141 42,617 — 1,342 Total derivatives not designated as hedging instruments $ 5,653,072 $ 143,217 $ 145,237 $ 5,664,219 $ 133,541 $ 133,527 Total derivatives $ 7,680,572 $ 174,564 $ 235,380 $ 7,691,719 $ 156,360 $ 207,138 Less: netting adjustment (2) ( 79,875 ) — ( 65,648 ) — Total derivative assets/liabilities $ 94,689 $ 235,380 $ 90,712 $ 207,138 (1) Derivative assets and liabilities are reported in other assets or other liabilities, respectively, in the consolidated balance sheets. (2) Represents balance sheet netting of derivative assets and liabilities for variation margin collateral held or placed with the same central clearing counterparty. See offsetting assets and liabilities for further information. |
Effects of Derivative Instruments on the Statement of Income | The effects of derivative instruments on the Consolidated Statements of Income for the three months ended March 31, 2024 and 2023 are presented in the table below. Three Months Ended ($ in thousands) March 31, Derivative Instruments: Location of Gain (Loss) Recognized 2024 2023 Cash flow hedges: Variable rate loans Interest income - loans $ ( 12,558 ) $ ( 8,001 ) Fair value hedges: Securities Interest income - securities - taxable 3,108 2,750 Derivatives not designated as hedging: Residential mortgage banking Noninterest income - secondary mortgage market operations 285 484 Customer and all other instruments Noninterest income - other noninterest income ( 2,802 ) 583 Total loss $ ( 11,967 ) $ ( 4,184 ) |
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 March 31, 2024 and December 31, 2023 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 March 31, 2024 Derivative Assets $ 177,044 $ ( 82,430 ) $ 94,614 $ 94,614 $ — $ — Derivative Liabilities $ 97,599 $ — $ 97,599 $ 94,614 $ 104,684 $ ( 101,699 ) ($ in thousands) Gross Net Amounts Gross Amounts Not Offset in the Description Gross Offset in Presented in Financial Cash Net As of December 31, 2023 Derivative Assets $ 152,740 $ ( 68,282 ) $ 84,458 $ 84,458 $ — $ — Derivative Liabilities $ 87,567 $ — $ 87,567 $ 84,458 $ 96,176 $ ( 93,067 ) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2022 $ ( 584,408 ) $ ( 10,734 ) $ ( 97,952 ) $ ( 79,093 ) $ 5 $ ( 772,182 ) Net change in unrealized gain 80,958 — — 19,280 706 100,944 Reclassification of net loss realized and included in earnings — — 1,519 8,001 — 9,520 Valuation adjustments to employee benefit plans — — ( 1,836 ) — — ( 1,836 ) Amortization of unrealized net gain or loss on securities transferred to HTM — 494 — — — 494 Income tax (expense) benefit ( 18,224 ) ( 111 ) 71 ( 6,141 ) — ( 24,405 ) Balance, March 31, 2023 $ ( 521,674 ) $ ( 10,351 ) $ ( 98,198 ) $ ( 57,953 ) $ 711 $ ( 687,465 ) Balance, December 31, 2023 $ ( 450,748 ) $ ( 9,385 ) $ ( 103,061 ) $ ( 58,306 ) $ 373 $ ( 621,127 ) Net change in unrealized gain (loss) ( 48,264 ) — — ( 29,191 ) ( 344 ) ( 77,799 ) Reclassification of net loss realized and included in earnings — — 1,019 12,558 — 13,577 Valuation adjustments to employee benefit plans — — 22,014 — — 22,014 Amortization of unrealized net loss on securities transferred to HTM — 428 — — — 428 Income tax (expense) benefit 10,927 ( 96 ) ( 5,176 ) 3,737 — 9,392 Balance, March 31, 2024 $ ( 488,085 ) $ ( 9,053 ) $ ( 85,204 ) $ ( 71,202 ) $ 29 $ ( 653,515 ) |
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. Three Months Ended Amount reclassified from AOCI (a) March 31, Affected line item on ($ in thousands) 2024 2023 the statement of income Amortization of unrealized net loss on securities transferred to HTM $ ( 428 ) $ ( 494 ) Interest income Tax effect 96 111 Income taxes Net of tax ( 332 ) ( 383 ) Net income Amortization of defined benefit pension and post-retirement items ( 1,019 ) ( 1,519 ) Other noninterest expense (b) Tax effect 229 340 Income taxes Net of tax ( 790 ) ( 1,179 ) Net income Reclassification of unrealized gain (loss) on cash flow hedges ( 12,658 ) ( 10,629 ) Interest income Tax effect 2,844 2,393 Income taxes Net of tax ( 9,814 ) ( 8,236 ) Net income Amortization of gain on terminated cash flow hedges 100 2,628 Interest income Tax effect ( 22 ) ( 592 ) Income taxes Net of tax 78 2,036 Net income Total reclassifications, net of tax $ ( 10,858 ) $ ( 7,762 ) 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) | 3 Months Ended |
Mar. 31, 2024 | |
Other Income, Nonoperating [Abstract] | |
Components of Other Noninterest Income | Components of other noninterest income are as follows: Three Months Ended March 31, ($ in thousands) 2024 2023 Income from bank-owned life insurance $ 4,229 $ 3,286 Credit related fees 3,131 2,765 Income (loss) from customer and other derivatives ( 2,802 ) 583 Net gains on sales of premises, equipment and other assets 2,779 407 Other miscellaneous 5,841 4,177 Total other noninterest income $ 13,178 $ 11,218 |
Other Noninterest Expense (Tabl
Other Noninterest Expense (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Expense, Nonoperating [Abstract] | |
Components of Other Noninterest Expense | Components of other noninterest expense are as follows: Three Months Ended March 31, ($ in thousands) 2024 2023 Corporate value and franchise taxes and other non-income taxes $ 5,071 $ 5,253 Advertising 2,907 3,256 Telecommunications and postage 2,413 3,071 Entertainment and contributions 3,178 2,631 Tax credit investment amortization 1,554 1,401 Printing and supplies 882 990 Travel expense 1,103 1,046 Net other retirement expense ( 4,824 ) ( 3,655 ) Other miscellaneous 7,624 8,124 Total other noninterest expense $ 19,908 $ 22,117 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, ($ in thousands, except per share data) 2024 2023 Numerator: Net income to common shareholders $ 108,612 $ 126,467 Net income allocated to participating securities - basic and diluted 784 1,358 Net income allocated to common shareholders - basic and diluted $ 107,828 $ 125,109 Denominator: Weighted-average common shares - basic 86,521 86,018 Dilutive potential common shares 205 264 Weighted-average common shares - diluted 86,726 86,282 Earnings per common share: Basic $ 1.25 $ 1.45 Diluted $ 1.24 $ 1.45 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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. Three Months Ended March 31, Pension Benefits Other Post-Retirement Benefits (in thousands) 2024 2023 2024 2023 Service cost $ 1,979 $ 1,980 $ 9 $ ( 31 ) Interest cost 5,920 5,788 154 216 Expected return on plan assets ( 11,917 ) ( 11,178 ) — — Amortization of net (gain) or loss and prior service costs 1,204 1,770 ( 185 ) ( 251 ) Net periodic benefit cost $ ( 2,814 ) $ ( 1,640 ) $ ( 22 ) $ ( 66 ) |
Share-Based Payment Arrangeme_2
Share-Based Payment Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 are presented in the following table. Weighted Average Number of Grant Date Shares Fair Value Nonvested at January 1, 2024 1,457,401 $ 44.65 Granted 751,122 42.07 Vested ( 440,820 ) 41.51 Forfeited ( 51,361 ) 43.49 Nonvested at March 31, 2024 1,716,342 $ 44.36 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023: March 31, December 31, ($ in thousands) 2024 2023 Commitments to extend credit $ 9,330,583 $ 9,852,367 Letters of credit 499,963 481,910 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023: March 31, 2024 ($ in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 113,138 $ — $ 113,138 Municipal obligations — 199,034 — 199,034 Corporate debt securities — 20,397 — 20,397 Residential mortgage-backed securities — 2,045,245 — 2,045,245 Commercial mortgage-backed securities — 2,485,736 — 2,485,736 Collateralized mortgage obligations — 41,873 — 41,873 Total available for sale securities — 4,905,423 — 4,905,423 Mortgage loans held for sale — 15,208 — 15,208 Derivative assets (1) — 94,689 — 94,689 Total recurring fair value measurements - assets $ — $ 5,015,320 $ — $ 5,015,320 Liabilities Derivative liabilities (1) $ — $ 233,239 $ 2,141 $ 235,380 Total recurring fair value measurements - liabilities $ — $ 233,239 $ 2,141 $ 235,380 December 31, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 97,808 $ — $ 97,808 Municipal obligations — 201,412 — 201,412 Corporate debt securities — 20,352 — 20,352 Residential mortgage-backed securities — 2,113,866 — 2,113,866 Commercial mortgage-backed securities — 2,437,472 — 2,437,472 Collateralized mortgage obligations — 44,285 — 44,285 Total available for sale securities — 4,915,195 — 4,915,195 Mortgage loans held for sale — 13,269 — 13,269 Derivative assets (1) — 90,712 — 90,712 Total recurring fair value measurements - assets $ — $ 5,019,176 $ — $ 5,019,176 Liabilities Derivative liabilities (1) $ — $ 205,796 $ 1,342 $ 207,138 Total recurring fair value measurements - liabilities $ — $ 205,796 $ 1,342 $ 207,138 (1) For further disaggregation of derivative assets and liabilities, see Note 6 - 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 three months ended March 31, 2024 and the year ended December 31, 2023 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, 2022 $ 1,883 Cash settlement ( 2,547 ) Losses included in earnings 2,006 Balance at December 31, 2023 1,342 Cash settlement ( 431 ) Losses included in earnings 1,230 Balance at March 31, 2024 $ 2,141 |
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. The assumptions reflected in the table below for March 31, 2024 were updated in consideration of the recent proposed exchange offer from Visa. ($ in thousands) Fair Value Level 3 Class March 31, 2024 December 31, 2023 Derivative liability $ 2,141 $ 1,342 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 1.60 x- 1.59 x Conversion rate -weighted average 1.5950 x 1.5950 x Time until resolution 40 - 50 months 3 - 9 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. March 31, 2024 ($ in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent loans individually evaluated for credit loss $ — $ 37,176 $ — $ 37,176 Other real estate owned and foreclosed assets, net — — 2,793 2,793 Total nonrecurring fair value measurements $ — $ 37,176 $ 2,793 $ 39,969 December 31, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent loans individually evaluated for credit loss $ — $ 15,882 $ — $ 15,882 Other real estate owned and foreclosed assets, net — — 3,628 3,628 Total nonrecurring fair value measurements $ — $ 15,882 $ 3,628 $ 19,510 |
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. March 31, 2024 Total Fair Carrying ($ in thousands) Level 1 Level 2 Level 3 Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 853,300 $ — $ — $ 853,300 $ 853,300 Available for sale securities — 4,905,423 — 4,905,423 4,905,423 Held to maturity securities — 2,436,610 — 2,436,610 2,653,759 Loans, net — 37,176 23,119,375 23,156,551 23,657,212 Loans held for sale — 16,470 — 16,470 16,470 Derivative financial instruments — 94,689 — 94,689 94,689 Financial liabilities: Deposits $ — $ — $ 29,761,955 $ 29,761,955 $ 29,775,906 Federal funds purchased 350 — — 350 350 Securities sold under agreements to repurchase 667,410 — — 667,410 667,410 Long-term debt — 191,331 — 191,331 236,355 Derivative financial instruments — 233,239 2,141 235,380 235,380 December 31, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Fair Carrying Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 1,188,284 $ — $ — $ 1,188,284 $ 1,188,284 Available for sale securities — 4,915,195 — 4,915,195 4,915,195 Held to maturity securities — 2,485,918 — 2,485,918 2,684,779 Loans, net — 15,882 23,170,377 23,186,259 23,614,010 Loans held for sale — 26,124 — 26,124 26,124 Derivative financial instruments — 90,712 — 90,712 90,712 Financial liabilities: Deposits $ — $ — $ 29,679,228 $ 29,679,228 $ 29,690,059 Federal funds purchased 350 — — 350 350 Securities sold under agreements to repurchase 454,479 — — 454,479 454,479 FHLB short-term borrowings 700,000 — — 700,000 700,000 Long-term debt — 196,182 — 196,182 236,317 Derivative financial instruments — 205,796 1,342 207,138 207,138 |
Securities (Narrative) (Details
Securities (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) Security | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) Security | |
Debt and Equity Securities, FV-NI [Line Items] | |||
Securities with an aggregate fair value | $ 4,256,312,000 | $ 4,276,643,000 | |
Securities available for sale, amortized cost | 5,535,212,000 | 5,496,718,000 | |
Securities classified as trading | 0 | $ 0 | |
Sales of securities | 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 | 727 | 698 | |
Asset Pledged as Collateral without Right [Member] | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Securities pledged as collateral | $ 4,200,000,000 | $ 4,700,000,000 | |
Available for Sale and Held to Maturity [Member] | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Amortized cost of securities excluding accrued interest | $ 28,800,000 | $ 27,400,000 |
Securities (Amortized Cost and
Securities (Amortized Cost and Fair Value of Debt Securities Available for Sale) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-Sale [Line Items] | ||
Securities available for sale, amortized cost | $ 5,535,212 | $ 5,496,718 |
Securities Available for Sale, Gross unrealized gains | 4,993 | 11,570 |
Securities Available for Sale, Gross unrealized losses | 634,782 | 593,093 |
Securities Available for Sale, Fair value | 4,905,423 | 4,915,195 |
U.S. Treasury And Government Agency Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Securities available for sale, amortized cost | 114,086 | 97,741 |
Securities Available for Sale, Gross unrealized gains | 722 | 1,581 |
Securities Available for Sale, Gross unrealized losses | 1,670 | 1,514 |
Securities Available for Sale, Fair value | 113,138 | 97,808 |
Municipal Obligations [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Securities available for sale, amortized cost | 202,764 | 203,533 |
Securities Available for Sale, Gross unrealized gains | 79 | |
Securities Available for Sale, Gross unrealized losses | 3,730 | 2,200 |
Securities Available for Sale, Fair value | 199,034 | 201,412 |
Residential Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Securities available for sale, amortized cost | 2,401,546 | 2,440,411 |
Securities Available for Sale, Gross unrealized gains | 743 | 2,734 |
Securities Available for Sale, Gross unrealized losses | 357,044 | 329,279 |
Securities Available for Sale, Fair value | 2,045,245 | 2,113,866 |
Commercial Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Securities available for sale, amortized cost | 2,748,086 | 2,683,872 |
Securities Available for Sale, Gross unrealized gains | 3,528 | 7,176 |
Securities Available for Sale, Gross unrealized losses | 265,878 | 253,576 |
Securities Available for Sale, Fair value | 2,485,736 | 2,437,472 |
Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Securities available for sale, amortized cost | 45,230 | 47,661 |
Securities Available for Sale, Gross unrealized losses | 3,357 | 3,376 |
Securities Available for Sale, Fair value | 41,873 | 44,285 |
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 losses | 3,103 | 3,148 |
Securities Available for Sale, Fair value | $ 20,397 | $ 20,352 |
Securities (Amortized Cost an_2
Securities (Amortized Cost and Fair Value of Debt Securities Held to Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized cost | $ 2,653,759 | $ 2,684,779 |
Securities Held to Maturity, Gross unrealized gains | 739 | 1,431 |
Securities Held to Maturity, Gross unrealized losses | 217,888 | 200,292 |
Securities Held to Maturity, Fair value | 2,436,610 | 2,485,918 |
U.S. Treasury And Government Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized cost | 409,435 | 413,490 |
Securities Held to Maturity, Gross unrealized gains | 179 | |
Securities Held to Maturity, Gross unrealized losses | 48,083 | 43,971 |
Securities Held to Maturity, Fair value | 361,352 | 369,698 |
Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized cost | 660,372 | 664,488 |
Securities Held to Maturity, Gross unrealized gains | 739 | 1,252 |
Securities Held to Maturity, Gross unrealized losses | 23,185 | 19,593 |
Securities Held to Maturity, Fair value | 637,926 | 646,147 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized cost | 636,208 | 654,262 |
Securities Held to Maturity, Gross unrealized losses | 64,540 | 59,223 |
Securities Held to Maturity, Fair value | 571,668 | 595,039 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized cost | 917,008 | 920,048 |
Securities Held to Maturity, Gross unrealized losses | 80,280 | 75,803 |
Securities Held to Maturity, Fair value | 836,728 | 844,245 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized cost | 30,736 | 32,491 |
Securities Held to Maturity, Gross unrealized losses | 1,800 | 1,702 |
Securities Held to Maturity, Fair value | $ 28,936 | $ 30,789 |
Securities (Amortized Cost an_3
Securities (Amortized Cost and Fair Value of Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Debt Securities Available for Sale, Due in one year or less, Amortized cost | $ 106,858 | |
Debt Securities Available for Sale, Due after one year through five years, Amortized cost | 585,990 | |
Debt Securities Available for Sale, Due after five years through ten years, Amortized cost | 2,549,295 | |
Debt Securities Available for Sale, Due after ten years, Amortized cost | 2,293,069 | |
Securities Available for Sale, Gross Amortized cost | 5,535,212 | $ 5,496,718 |
Debt Securities Available for Sale, Due in one year or less, Fair value | 105,620 | |
Debt Securities Available for Sale, Due after one year through five years, Fair value | 566,852 | |
Debt Securities Available for Sale, Due after five years through ten years, Fair value | 2,287,101 | |
Debt Securities Available for Sale, Due after ten years, Fair value | 1,945,850 | |
Total available for sale debt securities, Fair value | 4,905,423 | 4,915,195 |
Debt Securities Held to Maturity, Due in one year or less, Amortized cost | 92,336 | |
Debt Securities Held to Maturity, Due after one year through five years, Amortized cost | 734,660 | |
Debt Securities Held to Maturity, Due after five years through ten years, Amortized cost | 716,536 | |
Debt Securities Held to Maturity, Due after ten years, Amortized cost | 1,110,227 | |
Total held to maturity debt securities, Amortized cost | 2,653,759 | 2,684,779 |
Debt Securities Held to Maturity, Due in one year or less, Fair value | 91,307 | |
Debt Securities Held to Maturity, Due after one year through five years, Fair value | 696,030 | |
Debt Securities Held to Maturity, Due after five years through ten years, Fair value | 666,275 | |
Debt Securities Held to Maturity, Due after ten years, Fair value | 982,998 | |
Total held to maturity debt securities, Fair value | $ 2,436,610 | $ 2,485,918 |
Securities (Securities Availabl
Securities (Securities Available for Sale with Unrealized Losses) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-Sale [Line Items] | ||
Available for sale, Losses less than 12 months, Fair value | $ 99,040 | $ 52,894 |
Available for sale, Losses less than 12 months, Gross unrealized losses | 442 | 399 |
Available for sale, Losses 12 months or longer, Fair value | 4,157,272 | 4,223,749 |
Available for sale, Losses 12 months or longer, Gross unrealized losses | 634,340 | 592,694 |
Available for sale, Total, Fair value | 4,256,312 | 4,276,643 |
Available for sale, Total, Gross unrealized losses | 634,782 | 593,093 |
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 | 11,973 | |
Available for sale, Losses less than 12 months, Gross unrealized losses | 27 | |
Available for sale, Losses 12 months or longer, Fair value | 7,460 | 7,790 |
Available for sale, Losses 12 months or longer, Gross unrealized losses | 1,643 | 1,514 |
Available for sale, Total, Fair value | 19,433 | 7,790 |
Available for sale, Total, Gross unrealized losses | 1,670 | 1,514 |
Municipal Obligations [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available for sale, Losses less than 12 months, Fair value | 19,549 | 49,832 |
Available for sale, Losses less than 12 months, Gross unrealized losses | 118 | 374 |
Available for sale, Losses 12 months or longer, Fair value | 176,664 | 128,965 |
Available for sale, Losses 12 months or longer, Gross unrealized losses | 3,612 | 1,826 |
Available for sale, Total, Fair value | 196,213 | 178,797 |
Available for sale, Total, Gross unrealized losses | 3,730 | 2,200 |
Residential Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available for sale, Losses less than 12 months, Fair value | 31,818 | 3,062 |
Available for sale, Losses less than 12 months, Gross unrealized losses | 86 | 25 |
Available for sale, Losses 12 months or longer, Fair value | 1,717,118 | 1,795,154 |
Available for sale, Losses 12 months or longer, Gross unrealized losses | 356,958 | 329,254 |
Available for sale, Total, Fair value | 1,748,936 | 1,798,216 |
Available for sale, Total, Gross unrealized losses | 357,044 | 329,279 |
Commercial Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available for sale, Losses less than 12 months, Fair value | 35,700 | |
Available for sale, Losses less than 12 months, Gross unrealized losses | 211 | |
Available for sale, Losses 12 months or longer, Fair value | 2,195,760 | 2,227,703 |
Available for sale, Losses 12 months or longer, Gross unrealized losses | 265,667 | 253,576 |
Available for sale, Total, Fair value | 2,231,460 | 2,227,703 |
Available for sale, Total, Gross unrealized losses | 265,878 | 253,576 |
Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available for sale, Losses 12 months or longer, Fair value | 41,873 | 44,285 |
Available for sale, Losses 12 months or longer, Gross unrealized losses | 3,357 | 3,376 |
Available for sale, Total, Fair value | 41,873 | 44,285 |
Available for sale, Total, Gross unrealized losses | 3,357 | 3,376 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available for sale, Losses 12 months or longer, Fair value | 18,397 | 19,852 |
Available for sale, Losses 12 months or longer, Gross unrealized losses | 3,103 | 3,148 |
Available for sale, Total, Fair value | 18,397 | 19,852 |
Available for sale, Total, Gross unrealized losses | $ 3,103 | $ 3,148 |
Securities (Securities Held to
Securities (Securities Held to Maturity with Unrealized Losses) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair value | $ 100,694 | $ 352,931 |
Held to maturity, Losses less than 12 months, Gross unrealized losses | 811 | 1,864 |
Held to maturity, Losses 12 months or longer, Fair value | 2,313,431 | 2,035,771 |
Held to maturity, Losses 12 months or longer, Gross unrealized losses | 217,077 | 198,428 |
Held to maturity, Total, Fair value | 2,414,125 | 2,388,702 |
Held to maturity, Total, Gross unrealized losses | 217,888 | 200,292 |
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 | 29,579 | 9,530 |
Held to maturity, Losses less than 12 months, Gross unrealized losses | 316 | 63 |
Held to maturity, Losses 12 months or longer, Fair value | 331,773 | 339,533 |
Held to maturity, Losses 12 months or longer, Gross unrealized losses | 47,767 | 43,908 |
Held to maturity, Total, Fair value | 361,352 | 349,063 |
Held to maturity, Total, Gross unrealized losses | 48,083 | 43,971 |
Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair value | 71,115 | 343,401 |
Held to maturity, Losses less than 12 months, Gross unrealized losses | 495 | 1,801 |
Held to maturity, Losses 12 months or longer, Fair value | 544,326 | 226,165 |
Held to maturity, Losses 12 months or longer, Gross unrealized losses | 22,690 | 17,792 |
Held to maturity, Total, Fair value | 615,441 | 569,566 |
Held to maturity, Total, Gross unrealized losses | 23,185 | 19,593 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses 12 months or longer, Fair value | 571,669 | 595,039 |
Held to maturity, Losses 12 months or longer, Gross unrealized losses | 64,540 | 59,223 |
Held to maturity, Total, Fair value | 571,669 | 595,039 |
Held to maturity, Total, Gross unrealized losses | 64,540 | 59,223 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses 12 months or longer, Fair value | 836,727 | 844,245 |
Held to maturity, Losses 12 months or longer, Gross unrealized losses | 80,280 | 75,803 |
Held to maturity, Total, Fair value | 836,727 | 844,245 |
Held to maturity, Total, Gross unrealized losses | 80,280 | 75,803 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses 12 months or longer, Fair value | 28,936 | 30,789 |
Held to maturity, Losses 12 months or longer, Gross unrealized losses | 1,800 | 1,702 |
Held to maturity, Total, Fair value | 28,936 | 30,789 |
Held to maturity, Total, Gross unrealized losses | $ 1,800 | $ 1,702 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) Loan | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | |||
Accrued interest | $ 125,400,000 | $ 124,700,000 | |
Percentage of baseline economic forecast | 40% | 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. | ||
Nonaccrual loans | $ 82,082,000 | 59,036,000 | |
Loans held for sale | 16,470,000 | 26,124,000 | |
Modified Loans To Borrowers Experiencing Financial Difficulty [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Nonaccrual loans | 200,000 | 100,000 | |
Accruing and nonaccruing | 37,600,000 | 24,500,000 | |
Unfunded commitment to borrowers related to MEFD or TDR | $ 10,800,000 | 700,000 | |
Moderate Recessionary Scenario S-3 [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Percentage of baseline economic forecast | 10% | ||
Downside Mild Recessionary S-2 [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Percentage of baseline economic forecast | 60% | 50% | |
Residential Mortgages [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Nonaccrual loans | $ 25,924,000 | 26,137,000 | |
Loans carried at fair value option | 15,200,000 | 13,300,000 | |
Unpaid principal balance | 14,800,000 | 12,900,000 | |
Consumer [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Nonaccrual loans | 10,180,000 | 8,555,000 | |
Real estate in process of foreclosure | 6,100,000 | 7,100,000 | |
Real estate acquired through foreclosure | 800,000 | 1,600,000 | |
Total Commercial And Industrial [Member] | Total Commercial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Nonaccrual loans | $ 19,684,000 | 23,068,000 | |
Commercial Non-Real Estate [Member] | Consumer [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Number of contracts subsequently defaulted | Loan | 3 | ||
Recorded Investment | $ 3,200,000 | $ 0 | |
Commercial Non-Real Estate [Member] | Total Commercial And Industrial [Member] | Total Commercial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Nonaccrual loans | $ 17,487,000 | $ 20,840,000 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses (Loans, Net of Unearned Income) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 23,970,938 | $ 23,921,917 | $ 23,404,523 |
Residential Mortgages [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 3,983,321 | 3,886,072 | 3,329,793 |
Consumer [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 1,396,522 | 1,446,764 | 1,525,129 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 4,042,797 | 3,986,943 | 3,758,455 |
Construction and Land Development [Member] | Total Commercial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 1,541,773 | 1,551,091 | 1,726,916 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 13,006,525 | 13,051,047 | 13,064,230 |
Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 9,926,333 | 9,957,284 | 10,013,482 |
Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 3,080,192 | $ 3,093,763 | $ 3,050,748 |
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 | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | $ 307,907 | $ 307,789 | |
Allowance for loan losses: Net provision for loan losses | 12,968 | 6,020 | |
Allowance for loan losses: Ending balance | 313,726 | 309,385 | |
Reserve for unfunded lending commitments: Beginning balance | 28,894 | 33,309 | |
Reserve for unfunded lending commitments: Provision for losses | (1,831) | (1,295) | |
Reserve for unfunded lending commitments: Ending balance | 27,063 | 32,014 | |
Total allowance for credit losses | 340,789 | 341,399 | |
Allowance for loan losses: Individually evaluated | 0 | ||
Allowance for loan losses: Collectively evaluated | 313,726 | 309,385 | |
Reserve for unfunded lending commitments: Individually evaluated | 0 | ||
Reserve for unfunded lending commitments: Collectively evaluated | 27,063 | 32,014 | |
Loans: Individually evaluated for impairment | 37,176 | 13,212 | |
Loans: Collectively evaluated for impairment | 23,933,762 | 23,391,311 | |
Total loans | 23,970,938 | 23,404,523 | $ 23,921,917 |
Non-Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Charge-offs | (23,366) | (7,972) | |
Allowance for loan losses: Recoveries | 14,386 | 2,253 | |
Allowance for loan losses: Net provision for loan losses | 14,799 | 7,315 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 74,539 | 71,961 | |
Allowance for loan losses: Ending balance | 77,877 | 76,192 | |
Reserve for unfunded lending commitments: Beginning balance | 1,344 | 1,395 | |
Reserve for unfunded lending commitments: Provision for losses | (352) | 493 | |
Reserve for unfunded lending commitments: Ending balance | 992 | 1,888 | |
Total allowance for credit losses | 78,869 | 78,080 | |
Allowance for loan losses: Individually evaluated | 0 | ||
Allowance for loan losses: Collectively evaluated | 77,877 | 76,192 | |
Reserve for unfunded lending commitments: Individually evaluated | 0 | ||
Reserve for unfunded lending commitments: Collectively evaluated | 992 | 1,888 | |
Loans: Individually evaluated for impairment | 23,436 | 1,120 | |
Loans: Collectively evaluated for impairment | 4,019,361 | 3,757,335 | |
Total loans | 4,042,797 | 3,758,455 | 3,986,943 |
Total Commercial [Member] | Construction and Land Development [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 27,039 | 30,498 | |
Allowance for loan losses: Ending balance | 25,838 | 30,902 | |
Reserve for unfunded lending commitments: Beginning balance | 20,019 | 25,110 | |
Reserve for unfunded lending commitments: Provision for losses | (1,615) | (1,487) | |
Reserve for unfunded lending commitments: Ending balance | 18,404 | 23,623 | |
Total allowance for credit losses | 44,242 | 54,525 | |
Allowance for loan losses: Individually evaluated | 0 | ||
Allowance for loan losses: Collectively evaluated | 25,838 | 30,902 | |
Reserve for unfunded lending commitments: Individually evaluated | 0 | ||
Reserve for unfunded lending commitments: Collectively evaluated | 18,404 | 23,623 | |
Loans: Individually evaluated for impairment | 928 | 0 | |
Loans: Collectively evaluated for impairment | 1,540,845 | 1,726,916 | |
Total loans | 1,541,773 | 1,726,916 | 1,551,091 |
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 | (8,819) | 0 | |
Allowance for loan losses: Recoveries | 3 | 0 | |
Allowance for loan losses: Net provision for loan losses | 12,154 | 4,231 | |
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 | (75) | (61) | |
Allowance for loan losses: Recoveries | 61 | 6 | |
Allowance for loan losses: Net provision for loan losses | (1,187) | 459 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 141,934 | 144,745 | |
Allowance for loan losses: Ending balance | 143,636 | 140,312 | |
Reserve for unfunded lending commitments: Beginning balance | 5,834 | 5,286 | |
Reserve for unfunded lending commitments: Provision for losses | 152 | (169) | |
Reserve for unfunded lending commitments: Ending balance | 5,986 | 5,117 | |
Total allowance for credit losses | 149,622 | 145,429 | |
Allowance for loan losses: Individually evaluated | 0 | ||
Allowance for loan losses: Collectively evaluated | 143,636 | 140,312 | |
Reserve for unfunded lending commitments: Individually evaluated | 0 | ||
Reserve for unfunded lending commitments: Collectively evaluated | 5,986 | 5,117 | |
Loans: Individually evaluated for impairment | 11,994 | 10,957 | |
Loans: Collectively evaluated for impairment | 12,994,531 | 13,053,273 | |
Total loans | 13,006,525 | 13,064,230 | 13,051,047 |
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 | 101,737 | 96,461 | |
Allowance for loan losses: Ending balance | 104,358 | 92,646 | |
Reserve for unfunded lending commitments: Beginning balance | 5,507 | 4,984 | |
Reserve for unfunded lending commitments: Provision for losses | 192 | (191) | |
Reserve for unfunded lending commitments: Ending balance | 5,699 | 4,793 | |
Total allowance for credit losses | 110,057 | 97,439 | |
Allowance for loan losses: Individually evaluated | 0 | ||
Allowance for loan losses: Collectively evaluated | 104,358 | 92,646 | |
Reserve for unfunded lending commitments: Individually evaluated | 0 | ||
Reserve for unfunded lending commitments: Collectively evaluated | 5,699 | 4,793 | |
Loans: Individually evaluated for impairment | 11,255 | 10,273 | |
Loans: Collectively evaluated for impairment | 9,915,078 | 10,003,209 | |
Total loans | 9,926,333 | 10,013,482 | 9,957,284 |
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 | 40,197 | 48,284 | |
Allowance for loan losses: Ending balance | 39,278 | 47,666 | |
Reserve for unfunded lending commitments: Beginning balance | 327 | 302 | |
Reserve for unfunded lending commitments: Provision for losses | (40) | 22 | |
Reserve for unfunded lending commitments: Ending balance | 287 | 324 | |
Total allowance for credit losses | 39,565 | 47,990 | |
Allowance for loan losses: Individually evaluated | 0 | ||
Allowance for loan losses: Collectively evaluated | 39,278 | 47,666 | |
Reserve for unfunded lending commitments: Individually evaluated | 0 | ||
Reserve for unfunded lending commitments: Collectively evaluated | 287 | 324 | |
Loans: Individually evaluated for impairment | 739 | 684 | |
Loans: Collectively evaluated for impairment | 3,079,453 | 3,050,064 | |
Total loans | 3,080,192 | 3,050,748 | 3,093,763 |
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 | (9,630) | (4,528) | |
Allowance for loan losses: Recoveries | 13,206 | 1,228 | |
Allowance for loan losses: Net provision for loan losses | (1,874) | (1,133) | |
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 | (9,630) | (4,528) | |
Allowance for loan losses: Recoveries | 13,104 | 1,033 | |
Allowance for loan losses: Net provision for loan losses | (853) | (320) | |
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 | 0 | ||
Allowance for loan losses: Recoveries | 102 | 195 | |
Allowance for loan losses: Net provision for loan losses | (1,021) | (813) | |
Residential Mortgages [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 38,983 | 32,464 | |
Allowance for loan losses: Ending balance | 41,158 | 34,541 | |
Reserve for unfunded lending commitments: Beginning balance | 30 | 31 | |
Reserve for unfunded lending commitments: Provision for losses | (8) | (14) | |
Reserve for unfunded lending commitments: Ending balance | 22 | 17 | |
Total allowance for credit losses | 41,180 | 34,558 | |
Allowance for loan losses: Individually evaluated | 0 | ||
Allowance for loan losses: Collectively evaluated | 41,158 | 34,541 | |
Reserve for unfunded lending commitments: Individually evaluated | 0 | ||
Reserve for unfunded lending commitments: Collectively evaluated | 22 | 17 | |
Loans: Individually evaluated for impairment | 1,135 | ||
Loans: Collectively evaluated for impairment | 3,983,321 | 3,328,658 | |
Total loans | 3,983,321 | 3,329,793 | 3,886,072 |
Residential Mortgages [Member] | Non-Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Charge-offs | (56) | (20) | |
Allowance for loan losses: Recoveries | 202 | 181 | |
Allowance for loan losses: Net provision for loan losses | 2,029 | 1,916 | |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 25,412 | 28,121 | |
Allowance for loan losses: Ending balance | 25,217 | 27,438 | |
Reserve for unfunded lending commitments: Beginning balance | 1,667 | 1,487 | |
Reserve for unfunded lending commitments: Provision for losses | (8) | (118) | |
Reserve for unfunded lending commitments: Ending balance | 1,659 | 1,369 | |
Total allowance for credit losses | 26,876 | 28,807 | |
Allowance for loan losses: Individually evaluated | 0 | ||
Allowance for loan losses: Collectively evaluated | 25,217 | 27,438 | |
Reserve for unfunded lending commitments: Individually evaluated | 0 | ||
Reserve for unfunded lending commitments: Collectively evaluated | 1,659 | 1,369 | |
Loans: Individually evaluated for impairment | 818 | 0 | |
Loans: Collectively evaluated for impairment | 1,395,704 | 1,525,129 | |
Total loans | 1,396,522 | 1,525,129 | $ 1,446,764 |
Consumer [Member] | Non-Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Charge-offs | (4,786) | (3,363) | |
Allowance for loan losses: Recoveries | 914 | 838 | |
Allowance for loan losses: Net provision for loan losses | $ 3,677 | $ 1,842 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | $ 82,082 | $ 59,036 |
Nonaccrual without allowance for loan loss | 37,176 | 13,637 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 24,066 | 461 |
Nonaccrual without allowance for loan loss | 23,436 | |
Total Commercial [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 2,228 | 815 |
Nonaccrual without allowance for loan loss | 928 | |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 25,924 | 26,137 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 10,180 | 8,555 |
Nonaccrual without allowance for loan loss | 818 | |
Total Commercial And Industrial [Member] | Total Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 19,684 | 23,068 |
Nonaccrual without allowance for loan loss | 11,994 | 13,637 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 17,487 | 20,840 |
Nonaccrual without allowance for loan loss | 11,255 | 13,637 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 2,197 | $ 2,228 |
Nonaccrual without allowance for loan loss | $ 739 |
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] - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Modifications [Line Items] | |||
Total reportable modified loans, Balance | $ 37,600 | $ 24,500 | |
Term Extension [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Total reportable modified loans, Balance | $ 19,852 | $ 1,618 | |
Reportable modified loans percentage of portfolio class | 0.08% | 0.01% | |
Term Extension [Member] | Residential Mortgages [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Total reportable modified loans, Balance | $ 1,893 | ||
Reportable modified loans percentage of portfolio class | 0.05% | ||
Term Extension [Member] | Consumer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Total reportable modified loans, Balance | $ 113 | ||
Reportable modified loans percentage of portfolio class | 0.01% | ||
Significant Payment Delay [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Total reportable modified loans, Balance | $ 1,573 | ||
Reportable modified loans percentage of portfolio class | 0.01% | ||
Significant Payment Delay [Member] | Commercial Real Estate - Income Producing [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Total reportable modified loans, Balance | $ 1,573 | ||
Reportable modified loans percentage of portfolio class | 0.04% | ||
Term Extensions and Significant Payment Delay [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Total reportable modified loans, Balance | $ 5,275 | ||
Reportable modified loans percentage of portfolio class | 0.02% | ||
Total Commercial And Industrial [Member] | Term Extension [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Total reportable modified loans, Balance | $ 17,846 | $ 1,618 | |
Reportable modified loans percentage of portfolio class | 0.14% | 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 | $ 17,846 | $ 934 | |
Reportable modified loans percentage of portfolio class | 0.18% | 0.01% | |
Total Commercial And Industrial [Member] | Term Extension [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Total reportable modified loans, Balance | $ 684 | ||
Reportable modified loans percentage of portfolio class | 0.02% | ||
Total Commercial And Industrial [Member] | Term Extensions and Significant Payment Delay [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Total reportable modified loans, Balance | $ 5,275 | ||
Reportable modified loans percentage of portfolio class | 0.04% | ||
Total Commercial And Industrial [Member] | Term Extensions and Significant Payment Delay [Member] | Commercial Non-Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Total reportable modified loans, Balance | $ 5,275 | ||
Reportable modified loans percentage of portfolio class | 0.05% |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses (Aging Analysis of Reportable Modifications To Borrowers Experiencing Financial Difficulty by Portfolio Class) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | $ 37,592 | $ 24,546 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 419 | 3,215 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 6,746 | 233 |
Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 178 | 4,430 |
Total Past Due [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 7,343 | 7,878 |
Current [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 30,249 | 16,668 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 1,573 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | Current [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 1,573 | |
Total Commercial [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 84 | 85 |
Total Commercial [Member] | Construction and Land Development [Member] | Current [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 84 | 85 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 33,203 | 23,731 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 3,149 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 6,746 | 233 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 178 | 4,430 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Total Past Due [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 6,924 | 7,812 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Current [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 26,279 | 15,919 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 31,442 | 21,957 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 3,149 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 5,791 | 233 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 178 | 4,430 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Total Past Due [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 5,969 | 7,812 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Current [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 25,473 | 14,145 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 1,761 | 1,774 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 955 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Past Due [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 955 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Current [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 806 | 1,774 |
Residential Mortgages [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 2,347 | 456 |
Residential Mortgages [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 222 | 66 |
Residential Mortgages [Member] | Total Past Due [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 222 | 66 |
Residential Mortgages [Member] | Current [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 2,125 | 390 |
Consumer [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 385 | 274 |
Consumer [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 197 | |
Consumer [Member] | Total Past Due [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | 197 | |
Consumer [Member] | Current [Member] | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Total reportable modified loans | $ 188 | $ 274 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses (Aging Analysis of Past Due Loans by Portfolio Class) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | $ 23,970,938 | $ 23,921,917 | $ 23,404,523 |
Recorded Investment > 90 Days and Accruing | 7,938 | 9,609 | |
30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 70,090 | 70,766 | |
60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 44,414 | 22,881 | |
Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 47,988 | 50,034 | |
Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 162,492 | 143,681 | |
Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 23,808,446 | 23,778,236 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 4,042,797 | 3,986,943 | 3,758,455 |
Recorded Investment > 90 Days and Accruing | 3,128 | ||
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 | 204 | 3,938 | |
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 | 23,436 | 606 | |
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 | 3,701 | 408 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 27,341 | 4,952 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 4,015,456 | 3,981,991 | |
Total Commercial [Member] | Construction and Land Development [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,541,773 | 1,551,091 | 1,726,916 |
Recorded Investment > 90 Days and Accruing | 381 | 742 | |
Total Commercial [Member] | Construction and Land Development [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 851 | 1,655 | |
Total Commercial [Member] | Construction and Land Development [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 147 | 1,220 | |
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 | 2,285 | 1,208 | |
Total Commercial [Member] | Construction and Land Development [Member] | Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 3,283 | 4,083 | |
Total Commercial [Member] | Construction and Land Development [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,538,490 | 1,547,008 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 13,006,525 | 13,051,047 | 13,064,230 |
Recorded Investment > 90 Days and Accruing | 2,284 | 6,213 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 8,903 | 13,925 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 10,429 | 5,977 | |
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 | 16,445 | 22,847 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 35,777 | 42,749 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 12,970,748 | 13,008,298 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 9,926,333 | 9,957,284 | 10,013,482 |
Recorded Investment > 90 Days and Accruing | 1,863 | 5,782 | |
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 | 7,152 | 12,311 | |
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 | 8,450 | 4,381 | |
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 | 13,837 | 21,132 | |
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 | 29,439 | 37,824 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 9,896,894 | 9,919,460 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 3,080,192 | 3,093,763 | 3,050,748 |
Recorded Investment > 90 Days and Accruing | 421 | 431 | |
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 | 1,751 | 1,614 | |
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 | 1,979 | 1,596 | |
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 | 2,608 | 1,715 | |
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 | 6,338 | 4,925 | |
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 | 3,073,854 | 3,088,838 | |
Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 3,983,321 | 3,886,072 | 3,329,793 |
Recorded Investment > 90 Days and Accruing | 125 | 172 | |
Residential Mortgages [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 49,842 | 40,189 | |
Residential Mortgages [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 2,763 | 9,121 | |
Residential Mortgages [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 19,549 | 18,960 | |
Residential Mortgages [Member] | Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 72,154 | 68,270 | |
Residential Mortgages [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 3,911,167 | 3,817,802 | |
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,396,522 | 1,446,764 | $ 1,525,129 |
Recorded Investment > 90 Days and Accruing | 2,020 | 2,482 | |
Consumer [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 10,290 | 11,059 | |
Consumer [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 7,639 | 5,957 | |
Consumer [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 6,008 | 6,611 | |
Consumer [Member] | Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 23,937 | 23,627 | |
Consumer [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | $ 1,372,585 | $ 1,423,137 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses (Credit Quality Indicators by Segment and Portfolio Class) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Total Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 18,591,095 | $ 18,589,081 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 13,006,525 | 13,051,047 |
Total Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 17,780,196 | 17,881,759 |
Total Commercial [Member] | Pass [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 12,396,053 | 12,540,295 |
Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 471,028 | 433,630 |
Total Commercial [Member] | Pass-Watch [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 318,753 | 286,238 |
Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 49,439 | 59,315 |
Total Commercial [Member] | Special Mention [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 42,725 | 18,133 |
Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 290,432 | 214,377 |
Total Commercial [Member] | Substandard [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 248,994 | 206,381 |
Residential Mortgages [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,983,321 | 3,886,072 |
Residential Mortgages [Member] | Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,957,398 | 3,859,935 |
Residential Mortgages [Member] | Nonperforming [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 25,923 | 26,137 |
Consumer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,396,522 | 1,446,764 |
Consumer [Member] | Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,386,342 | 1,438,209 |
Consumer [Member] | Nonperforming [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 10,180 | 8,555 |
Residential Mortgage and Consumer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 5,379,843 | 5,332,836 |
Residential Mortgage and Consumer [Member] | Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 5,343,740 | 5,298,144 |
Residential Mortgage and Consumer [Member] | Nonperforming [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 36,103 | 34,692 |
Commercial Non-Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 9,926,333 | 9,957,284 |
Commercial Non-Real Estate [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 9,407,861 | 9,524,018 |
Commercial Non-Real Estate [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 255,418 | 234,211 |
Commercial Non-Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 25,058 | 11,486 |
Commercial Non-Real Estate [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 237,996 | 187,569 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 9,926,333 | 9,957,284 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Pass [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 9,407,861 | 9,524,018 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Pass-Watch [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 255,418 | 234,211 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Special Mention [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 25,058 | 11,486 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Substandard [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 237,996 | 187,569 |
Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,080,192 | 3,093,763 |
Commercial Real Estate - Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,988,192 | 3,016,277 |
Commercial Real Estate - Owner Occupied [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 63,335 | 52,027 |
Commercial Real Estate - Owner Occupied [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 17,667 | 6,647 |
Commercial Real Estate - Owner Occupied [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 10,998 | 18,812 |
Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,080,192 | 3,093,763 |
Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Pass [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,988,192 | 3,016,277 |
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 | 63,335 | 52,027 |
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 | 17,667 | 6,647 |
Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Substandard [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 10,998 | 18,812 |
Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,042,797 | 3,986,943 |
Commercial Real Estate - Income Producing [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,862,625 | 3,799,004 |
Commercial Real Estate - Income Producing [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 134,248 | 139,932 |
Commercial Real Estate - Income Producing [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 6,714 | 40,826 |
Commercial Real Estate - Income Producing [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 39,210 | 7,181 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,042,797 | 3,986,943 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,862,625 | 3,799,004 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 134,248 | 139,932 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 6,714 | 40,826 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 39,210 | 7,181 |
Construction and Land Development [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,541,773 | 1,551,091 |
Construction and Land Development [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,521,518 | 1,542,460 |
Construction and Land Development [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 18,027 | 7,460 |
Construction and Land Development [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 356 | |
Construction and Land Development [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,228 | 815 |
Construction and Land Development [Member] | Total Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,541,773 | 1,551,091 |
Construction and Land Development [Member] | Total Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,521,518 | 1,542,460 |
Construction and Land Development [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 18,027 | 7,460 |
Construction and Land Development [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 0 | 356 |
Construction and Land Development [Member] | Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 2,228 | $ 815 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses (Disaggregation of Credit Quality Disclosures) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Total Commercial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | $ 18,591,095 | $ 18,589,081 |
Total Commercial [Member] | Pass [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 17,780,196 | 17,881,759 |
Total Commercial [Member] | Pass-Watch [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 471,028 | 433,630 |
Total Commercial [Member] | Special Mention [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 49,439 | 59,315 |
Total Commercial [Member] | Substandard [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 290,432 | 214,377 |
Residential Mortgages [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2024 | 67,697 | 439,585 |
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 415,318 | 912,594 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 1,015,094 | 953,660 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 951,151 | 489,992 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 479,538 | 178,407 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 1,050,906 | 908,219 |
Revolving Loans | 3,617 | 3,615 |
Revolving Loans Converted to Term Loans | 0 | |
Notes Receivable Gross | 3,983,321 | 3,886,072 |
Residential Mortgages [Member] | Performing [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2024 | 67,697 | 439,024 |
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 414,407 | 910,361 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 1,012,153 | 950,400 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 946,874 | 489,262 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 479,252 | 176,041 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 1,033,398 | 891,232 |
Revolving Loans | 3,617 | 3,615 |
Notes Receivable Gross | 3,957,398 | 3,859,935 |
Residential Mortgages [Member] | Nonperforming [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2024 | 561 | |
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 911 | 2,233 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 2,941 | 3,260 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 4,277 | 730 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 286 | 2,366 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 17,508 | 16,987 |
Notes Receivable Gross | 25,923 | 26,137 |
Residential Mortgages [Member] | Gross Charge-offs [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 2 | |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 54 | 55 |
Notes Receivable Gross | 56 | 55 |
Consumer [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2024 | 27,395 | 75,791 |
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 56,298 | 59,691 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 54,536 | 36,938 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 33,521 | 28,514 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 25,704 | 32,247 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 76,159 | 41,678 |
Revolving Loans | 1,111,317 | 1,144,770 |
Revolving Loans Converted to Term Loans | 11,592 | 27,135 |
Notes Receivable Gross | 1,396,522 | 1,446,764 |
Consumer [Member] | Performing [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2024 | 27,375 | 75,615 |
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 56,206 | 59,454 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 53,824 | 36,693 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 32,622 | 28,076 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 24,841 | 31,802 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 71,041 | 39,150 |
Revolving Loans | 1,111,067 | 1,144,401 |
Revolving Loans Converted to Term Loans | 9,366 | 23,018 |
Notes Receivable Gross | 1,386,342 | 1,438,209 |
Consumer [Member] | Nonperforming [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2024 | 20 | 176 |
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 92 | 237 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 712 | 245 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 899 | 438 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 863 | 445 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 5,118 | 2,528 |
Revolving Loans | 250 | 369 |
Revolving Loans Converted to Term Loans | 2,226 | 4,117 |
Notes Receivable Gross | 10,180 | 8,555 |
Consumer [Member] | Gross Charge-offs [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2024 | 567 | |
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 635 | 2,388 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 832 | 1,473 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 404 | 215 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 49 | 573 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 315 | 824 |
Revolving Loans | 2,040 | 7,735 |
Revolving Loans Converted to Term Loans | 511 | 1,618 |
Notes Receivable Gross | 4,786 | 15,393 |
Residential Mortgage and Consumer [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 5,379,843 | 5,332,836 |
Residential Mortgage and Consumer [Member] | Performing [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 5,343,740 | 5,298,144 |
Residential Mortgage and Consumer [Member] | Nonperforming [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 36,103 | 34,692 |
Commercial Non-Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2024 | 375,256 | 1,636,237 |
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 1,549,923 | 1,926,982 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 1,811,630 | 1,146,981 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 1,064,418 | 500,069 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 453,956 | 406,719 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 1,273,537 | 934,756 |
Revolving Loans | 3,346,914 | 3,337,514 |
Revolving Loans Converted to Term Loans | 50,699 | 68,026 |
Notes Receivable Gross | 9,926,333 | 9,957,284 |
Commercial Non-Real Estate [Member] | Pass [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2024 | 356,133 | 1,557,202 |
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 1,456,018 | 1,812,370 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 1,709,790 | 1,106,433 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 1,018,785 | 483,739 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 426,293 | 398,626 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 1,242,580 | 923,143 |
Revolving Loans | 3,154,253 | 3,186,189 |
Revolving Loans Converted to Term Loans | 44,009 | 56,316 |
Notes Receivable Gross | 9,407,861 | 9,524,018 |
Commercial Non-Real Estate [Member] | Pass-Watch [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2024 | 1,548 | 30,360 |
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 55,622 | 60,228 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 21,358 | 20,730 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 27,428 | 8,245 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 19,555 | 4,988 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 26,843 | 9,117 |
Revolving Loans | 102,356 | 94,252 |
Revolving Loans Converted to Term Loans | 708 | 6,291 |
Notes Receivable Gross | 255,418 | 234,211 |
Commercial Non-Real Estate [Member] | Special Mention [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2024 | 11,035 | 411 |
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 2,640 | 6,206 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 499 | 936 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 11 | 27 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 124 | 26 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 806 | 836 |
Revolving Loans | 9,800 | 2,620 |
Revolving Loans Converted to Term Loans | 143 | 424 |
Notes Receivable Gross | 25,058 | 11,486 |
Commercial Non-Real Estate [Member] | Substandard [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2024 | 6,540 | 48,264 |
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 35,643 | 48,178 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 79,983 | 18,882 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 18,194 | 8,058 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 7,984 | 3,079 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 3,308 | 1,660 |
Revolving Loans | 80,505 | 54,453 |
Revolving Loans Converted to Term Loans | 5,839 | 4,995 |
Notes Receivable Gross | 237,996 | 187,569 |
Commercial Non-Real Estate [Member] | Gross Charge-offs [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2024 | 7,885 | |
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 3,907 | 1,179 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 850 | 1,484 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 106 | 27,000 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 51 | 81 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 1,483 | 1,750 |
Revolving Loans | 2,323 | 11,971 |
Revolving Loans Converted to Term Loans | 910 | 8,480 |
Notes Receivable Gross | 9,630 | 59,830 |
Commercial Real Estate - Owner Occupied [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2024 | 60,032 | 380,199 |
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 372,589 | 704,169 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 705,962 | 631,510 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 616,709 | 505,800 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 499,063 | 293,517 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 783,812 | 523,745 |
Revolving Loans | 41,728 | 42,236 |
Revolving Loans Converted to Term Loans | 297 | 12,587 |
Notes Receivable Gross | 3,080,192 | 3,093,763 |
Commercial Real Estate - Owner Occupied [Member] | Pass [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2024 | 60,032 | 374,466 |
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 368,653 | 689,626 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 676,512 | 620,272 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 605,118 | 501,054 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 492,383 | 284,032 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 744,599 | 493,707 |
Revolving Loans | 40,598 | 40,533 |
Revolving Loans Converted to Term Loans | 297 | 12,587 |
Notes Receivable Gross | 2,988,192 | 3,016,277 |
Commercial Real Estate - Owner Occupied [Member] | Pass-Watch [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2024 | 2,574 | |
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 2,978 | 9,587 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 24,790 | 9,654 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 9,816 | 3,451 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 5,317 | 8,791 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 19,747 | 17,581 |
Revolving Loans | 687 | 389 |
Notes Receivable Gross | 63,335 | 52,027 |
Commercial Real Estate - Owner Occupied [Member] | Special Mention [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2024 | 837 | |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 617 | |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 187 | |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 110 | |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 17,330 | 5,083 |
Revolving Loans | 150 | |
Notes Receivable Gross | 17,667 | 6,647 |
Commercial Real Estate - Owner Occupied [Member] | Substandard [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2024 | 2,322 | |
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 958 | 4,956 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 4,660 | 967 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 1,588 | 1,295 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 1,363 | 584 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 2,136 | 7,374 |
Revolving Loans | 293 | 1,314 |
Notes Receivable Gross | 10,998 | 18,812 |
Commercial Real Estate - Income Producing [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2024 | 67,326 | 470,045 |
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 515,976 | 990,741 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 975,615 | 970,574 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 1,022,422 | 693,539 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 696,492 | 347,293 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 693,870 | 398,341 |
Revolving Loans | 66,938 | 67,486 |
Revolving Loans Converted to Term Loans | 4,158 | 48,924 |
Notes Receivable Gross | 4,042,797 | 3,986,943 |
Commercial Real Estate - Income Producing [Member] | Pass [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2024 | 54,025 | 456,334 |
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 504,820 | 953,501 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 937,290 | 966,402 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 1,017,973 | 618,003 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 625,603 | 323,344 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 653,818 | 367,010 |
Revolving Loans | 64,938 | 65,486 |
Revolving Loans Converted to Term Loans | 4,158 | 48,924 |
Notes Receivable Gross | 3,862,625 | 3,799,004 |
Commercial Real Estate - Income Producing [Member] | Pass-Watch [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2024 | 13,301 | 9,469 |
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 6,622 | 3,064 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 4,047 | 3,886 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 4,163 | 75,182 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 70,889 | 23,827 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 33,226 | 22,504 |
Revolving Loans | 2,000 | 2,000 |
Notes Receivable Gross | 134,248 | 139,932 |
Commercial Real Estate - Income Producing [Member] | Special Mention [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2024 | 156 | |
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 448 | 32,255 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 354 | |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 6,266 | 8,061 |
Notes Receivable Gross | 6,714 | 40,826 |
Commercial Real Estate - Income Producing [Member] | Substandard [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2024 | 4,086 | |
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 4,086 | 1,921 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 34,278 | 286 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 286 | |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 122 | |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 560 | 766 |
Notes Receivable Gross | 39,210 | 7,181 |
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, 2024 | 73 | |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 8,819 | |
Notes Receivable Gross | 8,819 | 73 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 4,042,797 | 3,986,943 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 3,862,625 | 3,799,004 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 134,248 | 139,932 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 6,714 | 40,826 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Substandard [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 39,210 | 7,181 |
Construction and Land Development [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2024 | 70,758 | 391,814 |
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 420,114 | 679,594 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 648,514 | 248,959 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 181,480 | 62,218 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 37,042 | 6,207 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 22,168 | 19,436 |
Revolving Loans | 156,708 | 140,094 |
Revolving Loans Converted to Term Loans | 4,989 | 2,769 |
Notes Receivable Gross | 1,541,773 | 1,551,091 |
Construction and Land Development [Member] | Pass [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2024 | 70,758 | 388,453 |
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 418,296 | 676,687 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 635,714 | 248,036 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 176,967 | 62,086 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 36,935 | 6,008 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 21,652 | 18,834 |
Revolving Loans | 156,207 | 139,587 |
Revolving Loans Converted to Term Loans | 4,989 | 2,769 |
Notes Receivable Gross | 1,521,518 | 1,542,460 |
Construction and Land Development [Member] | Pass-Watch [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2024 | 3,067 | |
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 1,385 | 2,820 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 11,727 | 827 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 4,416 | 83 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 64 | 128 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 230 | 323 |
Revolving Loans | 205 | 212 |
Notes Receivable Gross | 18,027 | 7,460 |
Construction and Land Development [Member] | Special Mention [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2024 | 294 | |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 62 | |
Notes Receivable Gross | 356 | |
Construction and Land Development [Member] | Substandard [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 433 | 87 |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 1,073 | 96 |
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 97 | 49 |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 43 | 9 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 286 | 279 |
Revolving Loans | 296 | 295 |
Notes Receivable Gross | 2,228 | 815 |
Construction and Land Development [Member] | Gross Charge-offs [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2023 | 7 | |
Term Loans, Amortized Cost Basis by Origination Year, 2022 | 75 | 54 |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 11 | |
Notes Receivable Gross | 75 | 72 |
Construction and Land Development [Member] | Total Commercial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 1,541,773 | 1,551,091 |
Construction and Land Development [Member] | Total Commercial [Member] | Pass [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 1,521,518 | 1,542,460 |
Construction and Land Development [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 18,027 | 7,460 |
Construction and Land Development [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | 0 | 356 |
Construction and Land Development [Member] | Total Commercial [Member] | Substandard [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Notes Receivable Gross | $ 2,228 | $ 815 |
Investments In Low Income Hou_2
Investments In Low Income Housing Tax Credit Entities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Schedule of Equity Method Investments [Line Items] | ||
Investments in low income housing tax credit entities | $ 37.9 | $ 37.8 |
Other Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in low income housing tax credit entities | $ 28.7 | $ 29.6 |
Low Income Housing Credit Investments [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Tax credit earning period | 10 years |
Securities Sold under Agreeme_2
Securities Sold under Agreements to Repurchase (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Broker-Dealer [Abstract] | ||
Securities sold under agreements to repurchase | $ 667.4 | $ 454.5 |
Short-Term Borrowings (Short-Te
Short-Term Borrowings (Short-Term Borrowings) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Short-Term Debt [Line Items] | ||
Amount outstanding at period end | $ 667,760 | $ 1,154,829 |
Short-Term Borrowings (Narrativ
Short-Term Borrowings (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Short-Term Debt [Line Items] | ||
Securities sold under agreements to repurchase | $ 667,400 | $ 454,500 |
Short-term borrowings | $ 667,760 | $ 1,154,829 |
Derivatives (Fair Values of Der
Derivatives (Fair Values of Derivative Financial Instruments) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | |||
Derivatives Fair Value [Line Items] | ||||
Notional or Contractual Amount | $ 7,680,572,000 | $ 7,691,719,000 | ||
Fair Values, Assets | $ 94,614,000 | $ 84,458,000 | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | ||
Fair Values, Assets | [1] | $ 174,564,000 | $ 156,360,000 | |
Less: netting adjustment | [1] | (79,875,000) | (65,648,000) | [2] |
Total derivative assets/liabilities | [1] | 94,689,000 | 90,712,000 | |
Fair Values, Liabilities | 97,599,000 | 87,567,000 | ||
Fair Values, Liabilities | [1] | 235,380,000 | 207,138,000 | |
Other Liabilities [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Total derivative assets/liabilities | [1] | 235,380,000 | 207,138,000 | |
Derivatives Designated as Hedging Instruments [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Notional or Contractual Amount | 2,027,500,000 | 2,027,500,000 | ||
Fair Values, Assets | [1] | 31,347,000 | 22,819,000 | |
Fair Values, Liabilities | [1] | 90,143,000 | 73,611,000 | |
Derivatives Not Designated as Hedging Instruments [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Notional or Contractual Amount | 5,653,072,000 | 5,664,219,000 | ||
Fair Values, Assets | [1] | 143,217,000 | 133,541,000 | |
Fair Values, Liabilities | [1] | 145,237,000 | 133,527,000 | |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Notional or Contractual Amount | 5,094,695,000 | 5,128,144,000 | ||
Fair Values, Assets | [1] | 141,396,000 | 131,271,000 | |
Fair Values, Liabilities | [1] | 141,539,000 | 129,994,000 | |
Derivatives Not Designated as Hedging Instruments [Member] | Risk Participation Agreements [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Notional or Contractual Amount | 348,091,000 | 364,906,000 | ||
Fair Values, Assets | [1] | 9,000 | 34,000 | |
Fair Values, Liabilities | [1] | 4,000 | 18,000 | |
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 | 39,373,000 | 13,355,000 | ||
Fair Values, Assets | [1] | 842,000 | ||
Fair Values, Liabilities | [1] | 1,000 | 286,000 | |
Derivatives Not Designated as Hedging Instruments [Member] | Forward Commitments to Sell Residential Mortgage Loans [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Notional or Contractual Amount | 24,981,000 | 18,563,000 | ||
Fair Values, Assets | [1] | 372,000 | ||
Fair Values, Liabilities | [1] | 569,000 | 0 | |
Derivatives Not Designated as Hedging Instruments [Member] | To Be Announced (TBA) Securities [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Notional or Contractual Amount | 20,250,000 | 13,500,000 | ||
Fair Values, Assets | [1] | 9,000 | ||
Fair Values, Liabilities | [1] | 46,000 | 47,000 | |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Forward Contracts [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Notional or Contractual Amount | 83,065,000 | 83,134,000 | ||
Fair Values, Assets | [1] | 961,000 | 1,864,000 | |
Fair Values, Liabilities | [1] | 937,000 | 1,840,000 | |
Derivatives Not Designated as Hedging Instruments [Member] | Visa Class B derivative contract [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Notional or Contractual Amount | 42,617,000 | 42,617,000 | ||
Fair Values, Liabilities | [1] | 2,141,000 | 1,342,000 | |
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 | 1,550,000,000 | 1,550,000,000 | ||
Fair Values, Liabilities | [1] | $ 90,143,000 | $ 73,611,000 | |
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 | $ 477,500,000 | $ 477,500,000 | ||
Fair Values, Assets | [1] | $ 31,347,000 | $ 22,819,000 | |
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 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 ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Derivative [Line Items] | |||
Notional amount of derivatives | $ 7,680,572,000 | $ 7,691,719,000 | |
Fair value liability | 2,100,000 | 1,300,000 | |
Credit risk-related contingent features, net liability position | 76,100,000 | 65,600,000 | |
Credit risk-related contingent features, posted collateral | 75,700,000 | 66,000,000 | |
Derivatives Designated as Hedging Instruments [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | 2,027,500,000 | 2,027,500,000 | |
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 | 2,900,000 | ||
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 | $ 50,000,000 | ||
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 | $ 475,000,000 | ||
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 | $ 925,000,000 | ||
Derivative maturity expiration year | 2027 | ||
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 6, Expires 2028 [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | $ 100,000,000 | ||
Derivative maturity expiration year | 2028 | ||
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 | $ 16,600,000 | ||
Interest Rate Swaps - Securities [Member] | Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | $ 477,500,000 | $ 477,500,000 | |
Derivative hedged item | 446,000,000 | ||
Basis adjustment associated with hedged items loss | 31,500,000 | ||
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 | $ 514,300,000 |
Derivatives (Effects of Derivat
Derivatives (Effects of Derivative Instruments on the Statements of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative income reflected in income statement | $ (11,967) | $ (4,184) |
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 | $ (12,558) | $ (8,001) |
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 |
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 | $ 3,108 | $ 2,750 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Income, Securities, Operating, Taxable | Interest Income, Securities, Operating, Taxable |
Derivatives Not Designated as Hedging Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative income reflected in income statement | $ (2,802) | $ 583 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | 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 | $ 285 | $ 484 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income | Noninterest Income |
Derivatives (Offsetting Derivat
Derivatives (Offsetting Derivative Assets and Liabilities Subject to Master Netting Arrangements) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Amounts Recognized, Derivative Assets | $ 177,044 | $ 152,740 |
Gross Amounts Offset in the Statement of Financial Condition, Derivative Assets | (82,430) | (68,282) |
Net Amounts Presented in the Statement of Financial Condition, Derivative Assets | 94,614 | 84,458 |
Gross Amounts Not Offset in the Statement of Financial Condition - Financial Instruments, Derivative Assets | 94,614 | 84,458 |
Gross Amounts Not offset in the Statement of Financial Condition - Cash Collateral, Derivative Assets | 0 | 0 |
Net Amounts Presented in the Statement of Financial Condition, Derivative Assets | 0 | 0 |
Gross Amounts Recognized, Derivative Liabilities | 97,599 | 87,567 |
Gross Amounts Offset in the Statement of Financial Condition, Derivative Liabilities | 0 | 0 |
Net Amounts Presented in the Statement of Financial Condition, Derivative Liabilities | 97,599 | 87,567 |
Gross Amounts Not Offset in the Statement of Financial Condition - Financial Instruments, Derivative Liabilities | 94,614 | 84,458 |
Gross Amounts Not offset in the Statement of Financial Condition - Cash Collateral, Derivative Liabilities | 104,684 | 96,176 |
Gross Amounts Not Offset in the Statement of Financial Condition - Net Amount, Derivatives Liabilities | $ (101,699) | $ (93,067) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | Jan. 26, 2023 | Mar. 31, 2024 | Dec. 31, 2023 |
Equity, Class of Treasury Stock [Line Items] | |||
Treasury stock, shares | 6.3 | 6.3 | |
Treasury stock, Cost basis | $ 227.8 | $ 236.7 | |
2018 Stock Buyback Program [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Number of shares authorized for repurchase | 4.3 | ||
Stock repurchase expiration date | Dec. 31, 2024 | ||
Restricted Stock [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Number of shares nonvested | 0.3 | 0.3 |
Stockholders' Equity (Component
Stockholders' Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ (621,127) | $ (772,182) |
Net change in unrealized gain (loss) | (77,799) | 100,944 |
Reclassification of net loss realized and included in earnings | 13,577 | 9,520 |
Valuation adjustments to employee benefit plans | 22,014 | (1,836) |
Amortization of unrealized net loss on securities transferred to HTM | 428 | 494 |
Income tax (expense) benefit | 9,392 | (24,405) |
Ending Balance | (653,515) | (687,465) |
Accumulated Other Comprehensive Loss Available for Sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (450,748) | (584,408) |
Net change in unrealized gain (loss) | (48,264) | 80,958 |
Income tax (expense) benefit | 10,927 | (18,224) |
Ending Balance | (488,085) | (521,674) |
Held to Maturity Securities Transferred from AFS [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (9,385) | (10,734) |
Amortization of unrealized net loss on securities transferred to HTM | 428 | 494 |
Income tax (expense) benefit | (96) | (111) |
Ending Balance | (9,053) | (10,351) |
Employee Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (103,061) | (97,952) |
Reclassification of net loss realized and included in earnings | 1,019 | 1,519 |
Valuation adjustments to employee benefit plans | 22,014 | (1,836) |
Income tax (expense) benefit | (5,176) | 71 |
Ending Balance | (85,204) | (98,198) |
Gains and Losses on Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (58,306) | (79,093) |
Net change in unrealized gain (loss) | (29,191) | 19,280 |
Reclassification of net loss realized and included in earnings | 12,558 | 8,001 |
Income tax (expense) benefit | 3,737 | (6,141) |
Ending Balance | (71,202) | (57,953) |
Equity Method Investment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 373 | 5 |
Net change in unrealized gain (loss) | (344) | 706 |
Ending Balance | $ 29 | $ 711 |
Stockholders' Equity (Line Item
Stockholders' Equity (Line Items in Consolidated Income Statements Affected by Amounts Reclassified from Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of defined benefit pension and post-retirement items | $ 22,014 | $ (1,836) | |
Employee Benefit Plans [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of defined benefit pension and post-retirement items | 22,014 | (1,836) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total reclassifications, net of tax | [1] | (10,858) | (7,762) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Held to Maturity Securities Transferred from AFS [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of unrealized net loss on securities transferred to HTM | [1] | (428) | (494) |
Tax effect | [1] | 96 | 111 |
Net of tax | [1] | (332) | (383) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Employee Benefit Plans [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of defined benefit pension and post-retirement items | [1],[2] | (1,019) | (1,519) |
Tax effect | [1] | 229 | 340 |
Net of tax | [1] | (790) | (1,179) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | 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] | (12,658) | (10,629) |
Tax effect | [1] | 2,844 | 2,393 |
Net of tax | [1] | (9,814) | (8,236) |
Amortization of gain on terminated cash flow hedges | [1] | $ 100 | $ 2,628 |
OCI, Cash Flow Hedge, Reclassification for Discontinuance, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and Dividend Income, Operating | Interest and Dividend Income, Operating | |
Tax effect | [1] | $ (22) | $ (592) |
Net of tax | [1] | $ 78 | $ 2,036 |
[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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Income, Nonoperating [Abstract] | ||
Income from bank-owned life insurance | $ 4,229 | $ 3,286 |
Credit related fees | 3,131 | 2,765 |
Income (loss) from customer and other derivatives | (2,802) | 583 |
Net gains on sales of premises, equipment and other assets | 2,779 | 407 |
Other miscellaneous | 5,841 | 4,177 |
Total other noninterest income | $ 13,178 | $ 11,218 |
Other Noninterest Expense (Deta
Other Noninterest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Expense, Nonoperating [Abstract] | ||
Corporate value and franchise taxes and other non-income taxes | $ 5,071 | $ 5,253 |
Advertising | 2,907 | 3,256 |
Telecommunications and postage | 2,413 | 3,071 |
Entertainment and contributions | 3,178 | 2,631 |
Tax credit investment amortization | 1,554 | 1,401 |
Printing and supplies | 882 | 990 |
Travel expense | 1,103 | 1,046 |
Net other retirement expense | (4,824) | (3,655) |
Other miscellaneous | 7,624 | 8,124 |
Total other noninterest expense | $ 19,908 | $ 22,117 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net income to common shareholders | $ 108,612 | $ 126,467 |
Net income allocated to participating securities - basic and diluted | 784 | 1,358 |
Net income allocated to common shareholders - basic | 107,828 | 125,109 |
Net income allocated to common shareholders - diluted | $ 107,828 | $ 125,109 |
Weighted-average common shares - basic | 86,521 | 86,018 |
Dilutive potential common shares | 205 | 264 |
Weighted-average common shares - diluted | 86,726 | 86,282 |
Earnings per common share: Basic | $ 1.25 | $ 1.45 |
Earnings per common share: Diluted | $ 1.24 | $ 1.45 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Antidilutive potential common shares with weighted averages excluded from calculation of earnings per share | 43,493 | 34,157 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2024 | |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 1,979 | $ 1,980 |
Interest cost | 5,920 | 5,788 |
Expected return on plan assets | (11,917) | (11,178) |
Amortization of net (gain) or loss and prior service costs | 1,204 | 1,770 |
Net periodic benefit cost | $ (2,814) | $ (1,640) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense |
Other Post-Retirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 9 | $ (31) |
Interest cost | 154 | 216 |
Amortization of net (gain) or loss and prior service costs | (185) | (251) |
Net periodic benefit cost | $ (22) | $ (66) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense | Payroll Taxes Healthcare Costs Pension And Other Postretirement Benefit Expense |
Share-Based Payment Arrangeme_3
Share-Based Payment Arrangements (Narrative) (Details) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) Entity $ / shares shares | |
Restricted and Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total unrecognized compensation expense | $ | $ 65 |
Weighted-average period | 3 years 4 months 24 days |
Total fair value of shares vested | $ | $ 16 |
Shares granted | 751,122 |
Grant date fair value per share | $ / shares | $ 42.07 |
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 | 47,734 |
Grant date fair value per share | $ / shares | $ 43.23 |
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] | Adjusted Earnings Per Share [Member] | Executive Management [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted | 47,734 |
Grant date fair value per share | $ / shares | $ 36.25 |
Vesting performance period | 2 years |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted | 533,662 |
Share-Based Payment Arrangeme_4
Share-Based Payment Arrangements (Summary of Nonvested Restricted and Performance Shares) (Details) - Restricted and Performance Shares [Member] | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Nonvested at Beginning | shares | 1,457,401 |
Number of Shares, Granted | shares | 751,122 |
Number of Shares, Vested | shares | (440,820) |
Number of Shares, Forfeited | shares | (51,361) |
Number of Shares, Nonvested at Ending | shares | 1,716,342 |
Weighted Average Grant Date Fair Value, Nonvested at Beginning | $ / shares | $ 44.65 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 42.07 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 41.51 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 43.49 |
Weighted Average Grant Date Fair Value, Nonvested at Ending | $ / shares | $ 44.36 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) | 3 Months Ended | 13 Months Ended | |||
Mar. 31, 2024 | Dec. 31, 2023 | Nov. 30, 2024 | Mar. 31, 2023 | Dec. 31, 2022 | |
Other Commitments [Line Items] | |||||
Reserve for unfunded lending commitments | $ 27,063,000 | $ 28,894,000 | $ 32,014,000 | $ 33,309,000 | |
Federal Deposit Insurance Corporation (FDIC) Special Assessment [Member] | |||||
Other Commitments [Line Items] | |||||
Pre-tax special assessment expense | $ 26,100,000 | ||||
Additional special assessment expense | 3,800,000 | ||||
Federal Deposit Insurance Corporation (FDIC) Special Assessment [Member] | Silicon Valley Bank and Signature Bank [Member] | |||||
Other Commitments [Line Items] | |||||
Increase in estimated losses attributable to protection of uninsured depositors | 4,100,000,000 | ||||
Estimated losses attributable to protection of uninsured depositors | $ 20,400,000,000 | $ 16,300,000,000 |
Commitments and Contingencies_3
Commitments and Contingencies (Off-Balance Sheet Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Commitments to Extend Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Contract amounts | $ 9,330,583 | $ 9,852,367 |
Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Contract amounts | $ 499,963 | $ 481,910 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | $ 94,614 | $ 84,458 | |
Derivative liabilities | 97,599 | 87,567 | |
Total recurring fair value measurements - liabilities | 2,100 | 1,300 | |
Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 4,905,423 | 4,915,195 | |
Mortgage loans held for sale | 15,208 | 13,269 | |
Derivative assets | [1] | 94,689 | 90,712 |
Total fair value measurements | 5,015,320 | 5,019,176 | |
Derivative liabilities | [1] | 235,380 | 207,138 |
Total recurring fair value measurements - liabilities | 235,380 | 207,138 | |
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 | 113,138 | 97,808 | |
Recurring [Member] | Municipal Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 199,034 | 201,412 | |
Recurring [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 20,397 | 20,352 | |
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 | 2,045,245 | 2,113,866 | |
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 | 2,485,736 | 2,437,472 | |
Recurring [Member] | Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 41,873 | 44,285 | |
Recurring [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 4,905,423 | 4,915,195 | |
Mortgage loans held for sale | 15,208 | 13,269 | |
Derivative assets | [1] | 94,689 | 90,712 |
Total fair value measurements | 5,015,320 | 5,019,176 | |
Derivative liabilities | [1] | 233,239 | 205,796 |
Total recurring fair value measurements - liabilities | 233,239 | 205,796 | |
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 | 113,138 | 97,808 | |
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 | 199,034 | 201,412 | |
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 | 20,397 | 20,352 | |
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 | 2,045,245 | 2,113,866 | |
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 | 2,485,736 | 2,437,472 | |
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 | 41,873 | 44,285 | |
Recurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | [1] | 2,141 | 1,342 |
Total recurring fair value measurements - liabilities | $ 2,141 | $ 1,342 | |
[1] For further disaggregation of derivative assets and liabilities, see Note 6 - Derivatives. |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - Recurring [Member] | Mar. 31, 2024 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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 1,342 | $ 1,883 |
Cash settlement | (431) | (2,547) |
Losses included in earnings | 1,230 | 2,006 |
Ending balance | $ 2,141 | $ 1,342 |
Fair Value Measurements (Overvi
Fair Value Measurements (Overview of the Valuation Techniques and Significant Unobservable Inputs) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | ||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Values, Liabilities | $ 97,599 | $ 87,567 | |
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] | $ 235,380 | $ 207,138 |
Recurring [Member] | Level 3 [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Values, Liabilities | [1] | 2,141 | 1,342 |
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Values, Liabilities | $ 2,141 | $ 1,342 | |
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 | 40 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 | 50 months | 9 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 | 1.6 | |
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 | 1.59 | |
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 | 1.595 | |
[1] For further disaggregation of derivative assets and liabilities, see Note 6 - 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 | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans individually evaluated for credit loss | $ 37,176 | $ 15,882 |
Other real estate owned and foreclosed assets, net | 2,793 | 3,628 |
Total fair value measurements | 39,969 | 19,510 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans individually evaluated for credit loss | 37,176 | 15,882 |
Total fair value measurements | 37,176 | 15,882 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, net | 2,793 | 3,628 |
Total fair value measurements | $ 2,793 | $ 3,628 |
Fair Value Measurements (Estima
Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Held to maturity securities | $ 2,653,759 | $ 2,684,779 |
Loans held for sale | 15,208 | 13,269 |
Derivative financial instruments, Financial assets | 94,614 | 84,458 |
Derivative financial instruments, Financial liabilities | 97,599 | 87,567 |
Total Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, interest-bearing bank deposits, and federal funds sold | 853,300 | 1,188,284 |
Available for sale securities | 4,905,423 | 4,915,195 |
Held to maturity securities | 2,436,610 | 2,485,918 |
Loans, net | 23,156,551 | 23,186,259 |
Loans held for sale | 16,470 | 26,124 |
Derivative financial instruments, Financial assets | 94,689 | 90,712 |
Deposits | 29,761,955 | 29,679,228 |
Federal funds purchased | 350 | 350 |
Securities sold under agreements to repurchase | 667,410 | 454,479 |
FHLB short-term borrowings | 700,000 | |
Long-term debt | 191,331 | 196,182 |
Derivative financial instruments, Financial liabilities | 235,380 | 207,138 |
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 | 853,300 | 1,188,284 |
Federal funds purchased | 350 | 350 |
Securities sold under agreements to repurchase | 667,410 | 454,479 |
FHLB short-term borrowings | 700,000 | |
Total Fair Value [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Available for sale securities | 4,905,423 | 4,915,195 |
Held to maturity securities | 2,436,610 | 2,485,918 |
Loans, net | 37,176 | 15,882 |
Loans held for sale | 16,470 | 26,124 |
Derivative financial instruments, Financial assets | 94,689 | 90,712 |
Long-term debt | 191,331 | 196,182 |
Derivative financial instruments, Financial liabilities | 233,239 | 205,796 |
Total Fair Value [Member] | Level 3 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Loans, net | 23,119,375 | 23,170,377 |
Deposits | 29,761,955 | 29,679,228 |
Derivative financial instruments, Financial liabilities | 2,141 | 1,342 |
Carrying Amount [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, interest-bearing bank deposits, and federal funds sold | 853,300 | 1,188,284 |
Available for sale securities | 4,905,423 | 4,915,195 |
Held to maturity securities | 2,653,759 | 2,684,779 |
Loans, net | 23,657,212 | 23,614,010 |
Loans held for sale | 16,470 | 26,124 |
Derivative financial instruments, Financial assets | 94,689 | 90,712 |
Deposits | 29,775,906 | 29,690,059 |
Federal funds purchased | 350 | 350 |
Securities sold under agreements to repurchase | 667,410 | 454,479 |
FHLB short-term borrowings | 700,000 | |
Long-term debt | 236,355 | 236,317 |
Derivative financial instruments, Financial liabilities | $ 235,380 | $ 207,138 |