Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | HANCOCK WHITNEY CORP | |
Entity Filer Category | Large Accelerated Filer | |
Entity Central Index Key | 0000750577 | |
Trading Symbol | HWC | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Fiscal Period Focus | Q2 | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
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 | 640693170 | |
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 | Mississippi | |
Entity Address, Postal Zip Code | 39501 | |
City Area Code | (228) | |
Local Phone Number | 868-4000 | |
Entity Common Stock, Shares Outstanding | 85,769,278 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks | $ 365,152 | $ 383,372 |
Interest-bearing bank deposits | 150,765 | 110,579 |
Federal funds sold | 297 | 515 |
Securities available for sale, at fair value (amortized cost of $2,758,723 and $2,755,806) | 2,790,468 | 2,691,037 |
Securities held to maturity (fair value of $2,979,401 and $2,935,856) | 2,935,267 | 2,979,547 |
Loans held for sale | 36,150 | 28,150 |
Loans | 20,175,812 | 20,026,411 |
Less: allowance for loan losses | (195,625) | (194,514) |
Loans, net | 19,980,187 | 19,831,897 |
Property and equipment, net of accumulated depreciation of $238,051 and $225,969 | 360,298 | 353,668 |
Right of use assets, net of accumulated amortization of $6,172 | 113,319 | |
Prepaid expenses | 40,701 | 35,047 |
Other real estate and foreclosed assets, net | 27,520 | 26,270 |
Accrued interest receivable | 88,391 | 86,681 |
Goodwill | 792,084 | 790,972 |
Other intangible assets, net | 85,967 | 96,151 |
Life insurance contracts | 591,287 | 549,300 |
Deferred tax asset, net | 22,967 | |
Funded pension assets, net | 172,946 | 65,125 |
Other assets | 231,064 | 184,629 |
Total assets | 28,761,863 | 28,235,907 |
Deposits | ||
Noninterest-bearing | 8,114,632 | 8,499,027 |
Interest-bearing | 15,121,410 | 14,651,158 |
Total deposits | 23,236,042 | 23,150,185 |
Short-term borrowings | 1,641,598 | 1,589,128 |
Long-term debt | 232,754 | 224,993 |
Accrued interest payable | 19,060 | 12,267 |
Lease liabilities | 128,718 | |
Deferred tax liability, net | 33,046 | |
Other liabilities | 151,730 | 177,994 |
Total liabilities | 25,442,948 | 25,154,567 |
Stockholders' equity: | ||
Common stock | 292,716 | 292,716 |
Capital surplus | 1,737,492 | 1,725,741 |
Retained earnings | 1,363,910 | 1,243,592 |
Accumulated other comprehensive loss, net | (75,203) | (180,709) |
Total stockholders' equity | 3,318,915 | 3,081,340 |
Total liabilities and stockholders' equity | $ 28,761,863 | $ 28,235,907 |
Preferred shares authorized (par value of $20.00 per share) | 50,000,000 | 50,000,000 |
Common shares authorized (par value of $3.33 per share) | 350,000,000 | 350,000,000 |
Common shares issued | 87,903,000 | 87,903,000 |
Common shares outstanding | 85,759,000 | 85,643,000 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Securities available for sale, amortized cost | $ 2,758,723 | $ 2,755,806 |
Securities held to maturity, fair value | 2,979,401 | 2,935,856 |
Property and equipment, accumulated depreciation | 238,051 | $ 225,969 |
Right of use assets, accumulated amortization | $ 6,172 | |
Preferred stock, par value per share | $ 20 | $ 20 |
Common stock, par value per share | $ 3.33 | $ 3.33 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest income: | ||||
Loans, including fees | $ 243,233 | $ 215,161 | $ 481,515 | $ 421,008 |
Loans held for sale | 344 | 295 | 597 | 516 |
Securities-taxable | 30,244 | 30,783 | 61,383 | 60,084 |
Securities-tax exempt | 5,211 | 5,490 | 10,657 | 11,027 |
Short-term investments | 1,346 | 575 | 2,509 | 1,064 |
Total interest income | 280,378 | 252,304 | 556,661 | 493,699 |
Interest expense: | ||||
Deposits | 49,843 | 29,870 | 95,981 | 56,829 |
Short-term borrowings | 7,847 | 7,416 | 15,929 | 12,767 |
Long-term debt | 2,820 | 3,471 | 5,629 | 6,892 |
Total interest expense | 60,510 | 40,757 | 117,539 | 76,488 |
Net interest income | 219,868 | 211,547 | 439,122 | 417,211 |
Provision for loan losses | 8,088 | 8,891 | 26,131 | 21,144 |
Net interest income after provision for loan losses | 211,780 | 202,656 | 412,991 | 396,067 |
Noninterest income: | ||||
Other income | 14,980 | 10,505 | 24,448 | 19,990 |
Total noninterest income | 79,250 | 68,832 | 149,753 | 135,084 |
Noninterest expense: | ||||
Compensation expense | 87,747 | 79,885 | 171,715 | 159,985 |
Employee benefits | 18,888 | 17,358 | 38,618 | 37,232 |
Personnel expense | 106,635 | 97,243 | 210,333 | 197,217 |
Net occupancy expense | 12,961 | 12,316 | 24,945 | 23,326 |
Equipment expense | 4,342 | 4,262 | 9,021 | 7,808 |
Data processing expense | 20,088 | 18,273 | 39,419 | 34,722 |
Professional services expense | 9,665 | 13,381 | 17,833 | 22,636 |
Amortization of intangible assets | 5,047 | 5,322 | 10,185 | 10,940 |
Deposit insurance and regulatory fees | 4,755 | 8,376 | 10,161 | 16,324 |
Other real estate (income) expense | 395 | (289) | (596) | (79) |
Other expense | 19,679 | 25,518 | 37,966 | 42,299 |
Total noninterest expense | 183,567 | 184,402 | 359,267 | 355,193 |
Income before income taxes | 107,463 | 87,086 | 203,477 | 175,958 |
Income taxes | 19,186 | 15,909 | 36,036 | 32,306 |
Net income | $ 88,277 | $ 71,177 | $ 167,441 | $ 143,652 |
Earnings per common share-basic | $ 1.01 | $ 0.82 | $ 1.92 | $ 1.65 |
Earnings per common share-diluted | 1.01 | 0.82 | 1.92 | 1.65 |
Dividends paid per share | $ 0.27 | $ 0.24 | $ 0.54 | $ 0.48 |
Weighted average shares outstanding-basic | 85,728 | 85,305 | 85,708 | 85,273 |
Weighted average shares outstanding-diluted | 85,835 | 85,483 | 85,810 | 85,451 |
Service charges on deposit accounts | ||||
Noninterest income: | ||||
Service charges on deposit accounts | $ 20,723 | $ 20,981 | $ 41,090 | $ 42,429 |
Trust fees | ||||
Noninterest income: | ||||
Service charges on deposit accounts | 15,904 | 11,653 | 31,028 | 22,988 |
Bank card and ATM fees | ||||
Noninterest income: | ||||
Service charges on deposit accounts | 16,619 | 15,464 | 31,909 | 29,922 |
Investment and annuity fees and insurance commissions | ||||
Noninterest income: | ||||
Service charges on deposit accounts | 6,591 | 6,264 | 13,119 | 12,389 |
Secondary mortgage market operations | ||||
Noninterest income: | ||||
Service charges on deposit accounts | $ 4,433 | $ 3,965 | $ 8,159 | $ 7,366 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 88,277 | $ 71,177 | $ 167,441 | $ 143,652 |
Other comprehensive income/loss before income taxes: | ||||
Net change in unrealized gain/loss on securities available for sale and cash flow hedges | 69,225 | (23,409) | 126,468 | (85,653) |
Reclassification of net losses realized and included in earnings | 3,984 | 2,217 | 8,203 | 4,013 |
Other Valuation Adjustments for employee benefit plan | (9,039) | (9,039) | ||
Amortization of unrealized net loss on securities transferred to held to maturity | 890 | 925 | 1,481 | 1,680 |
Other comprehensive income/loss before income taxes | 74,099 | (29,306) | 136,152 | (88,999) |
Income tax expense (benefit) | 16,793 | (6,646) | 30,646 | (20,192) |
Other comprehensive income/loss net of income taxes | 57,306 | (22,660) | 105,506 | (68,807) |
Comprehensive income | $ 145,583 | $ 48,517 | $ 272,947 | $ 74,845 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss), Net [Member] |
Balance at Dec. 31, 2017 | $ 2,884,949 | $ 292,716 | $ 1,718,117 | $ 1,008,518 | $ (134,402) |
Balance, Shares Issued at Dec. 31, 2017 | 87,903 | ||||
Net income | 143,652 | 143,652 | |||
Other comprehensive income (loss) | (68,807) | (68,807) | |||
Comprehensive income | 74,845 | 143,652 | (68,807) | ||
Cash dividends declared | (41,775) | (41,775) | |||
Common stock activity, long-term incentive plan | 9,890 | 9,779 | 111 | ||
Issuance of stock from dividend reinvestment and stock purchase plans | 1,646 | 1,646 | |||
Balance at Jun. 30, 2018 | 2,929,555 | $ 292,716 | 1,729,542 | 1,110,506 | (203,209) |
Balance, Shares Issued at Jun. 30, 2018 | 87,903 | ||||
Balance at Mar. 31, 2018 | 2,896,038 | $ 292,716 | 1,723,689 | 1,060,182 | (180,549) |
Balance, Shares Issued at Mar. 31, 2018 | 87,903 | ||||
Net income | 71,177 | 71,177 | |||
Other comprehensive income (loss) | (22,660) | (22,660) | |||
Comprehensive income | 48,517 | 71,177 | (22,660) | ||
Cash dividends declared | (20,894) | (20,894) | |||
Common stock activity, long-term incentive plan | 5,085 | 5,044 | 41 | ||
Issuance of stock from dividend reinvestment and stock purchase plans | 809 | 809 | |||
Balance at Jun. 30, 2018 | 2,929,555 | $ 292,716 | 1,729,542 | 1,110,506 | (203,209) |
Balance, Shares Issued at Jun. 30, 2018 | 87,903 | ||||
Balance at Dec. 31, 2018 | $ 3,081,340 | $ 292,716 | 1,725,741 | 1,243,592 | (180,709) |
Balance, Shares Issued at Dec. 31, 2018 | 87,903 | 87,903 | |||
Net income | $ 167,441 | 167,441 | |||
Other comprehensive income (loss) | 105,506 | 105,506 | |||
Comprehensive income | 272,947 | 167,441 | 105,506 | ||
Cash dividends declared | (47,174) | (47,174) | |||
Common stock activity, long-term incentive plan | 9,999 | 9,948 | 51 | ||
Issuance of stock from dividend reinvestment and stock purchase plans | 1,803 | 1,803 | |||
Balance at Jun. 30, 2019 | $ 3,318,915 | $ 292,716 | 1,737,492 | 1,363,910 | (75,203) |
Balance, Shares Issued at Jun. 30, 2019 | 87,903 | 87,903 | |||
Balance at Mar. 31, 2019 | $ 3,190,575 | $ 292,716 | 1,731,148 | 1,299,220 | (132,509) |
Balance, Shares Issued at Mar. 31, 2019 | 87,903 | ||||
Net income | 88,277 | 88,277 | |||
Other comprehensive income (loss) | 57,306 | 57,306 | |||
Comprehensive income | 145,583 | 88,277 | 57,306 | ||
Cash dividends declared | (23,593) | (23,593) | |||
Common stock activity, long-term incentive plan | 5,426 | 5,420 | 6 | ||
Issuance of stock from dividend reinvestment and stock purchase plans | 924 | 924 | |||
Balance at Jun. 30, 2019 | $ 3,318,915 | $ 292,716 | $ 1,737,492 | $ 1,363,910 | $ (75,203) |
Balance, Shares Issued at Jun. 30, 2019 | 87,903 | 87,903 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Retained Earnings [Member] | ||||
Cash dividends declared, per common share | $ 0.27 | $ 0.24 | $ 0.54 | $ 0.48 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 167,441 | $ 143,652 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 15,169 | 13,019 |
Provision for loan losses | 26,131 | 21,144 |
Gain on other real estate owned | (1,093) | (266) |
Deferred tax expense | 24,573 | 21,361 |
Increase in cash surrender value of life insurance contracts | (6,896) | (2,621) |
(Gain) loss on disposal of other assets | (81) | 1,501 |
Loss on sale of business | 1,145 | |
Net (increase) decrease in loans held for sale | (7,998) | 4,299 |
Net amortization of securities premium/discount | 14,628 | 16,913 |
Amortization of intangible assets | 10,185 | 10,940 |
Stock-based compensation expense | 10,368 | 9,821 |
Contribution to pension plan | (100,000) | |
Decrease in interest payable and other liabilities | (20,825) | (22,397) |
Decrease in payable to FDIC for loan servicing | (11,113) | |
(Increase) decrease in other assets | (183) | 13,074 |
Other, net | (2,613) | (307) |
Net cash provided by operating activities | 128,806 | 220,165 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities of securities available for sale | 125,154 | 168,186 |
Purchases of securities available for sale | (133,992) | (318,786) |
Proceeds from maturities of securities held to maturity | 191,553 | 178,625 |
Purchases of securities held to maturity | (154,498) | (340,508) |
Net increase in short-term investments | (39,968) | (11,826) |
Proceeds from sales of loans and leases | 100,751 | 32,003 |
Net increase in loans | (278,834) | (504,866) |
Purchase of life insurance contracts | (32,788) | (1,601) |
Purchases of property and equipment | (22,718) | (18,116) |
Proceeds from sales of property and equipment | 202 | 42 |
Proceeds from sales of other real estate | 6,134 | 8,010 |
Final cash settlement for acquisition of business | (1,112) | |
Proceeds from the sale of business, net of cash sold | 77,648 | |
Other, net | (10,887) | (34,241) |
Net cash used in investing activities | (251,003) | (765,430) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase (decrease) in deposits | 85,857 | (17,746) |
Net increase in short-term borrowings | 52,470 | 610,300 |
Repayments of long-term debt | (151) | (39,817) |
Net proceeds from issuance of long-term debt | 11,649 | 83 |
Dividends paid | (47,174) | (41,775) |
Payroll tax remitted on net share settlement of equity awards | (845) | (415) |
Proceeds from exercise of stock options | 368 | 1,113 |
Proceeds from dividend reinvestment and stock purchase plans | 1,803 | 1,646 |
Net cash provided by financing activities | 103,977 | 513,389 |
NET DECREASE IN CASH AND DUE FROM BANKS | (18,220) | (31,876) |
CASH AND DUE FROM BANKS, BEGINNING | 383,372 | 386,948 |
CASH AND DUE FROM BANKS, ENDING | 365,152 | 355,072 |
SUPPLEMENTAL INFORMATION FOR NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Assets acquired in settlement of loans | $ 6,070 | $ 2,911 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
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, 2018. 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. Critical Accounting Policies and Estimates 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, 2018. Refer to Note 16 – Recent Accounting Pronouncements for a discussion of accounting standards adopted during the six months ended June 30, 2019. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Business Combinations | 2. Business Combinations On July 13, 2018, the Company acquired the bank-managed high net worth individual and institutional investment management and trust business of Capital One, National Association (“Capital One”). The transaction added assets under management of $4 billion and assets under management and administration of $10.4 billion to the Company’s existing trust and asset management business. In addition, the Company assumed approximately $217 million of customer deposit liabilities. The following table sets forth the acquisition date fair value of the assets acquired and the liabilities assumed, the consideration received, and the resulting goodwill. (in thousands) ASSETS Accounts receivable $ 2,803 Identifiable intangible assets 27,562 Total identifiable assets 30,365 LIABILITIES Deposit liabilities 217,432 Other liabilities 151 Total liabilities 217,583 Net liabilities assumed (187,218 ) Consideration received 140,657 Goodwill $ 46,561 Identifiable intangible assets include customer relationships that are being amortized using an accelerated method based on forecasted cash flows over a useful life of approximately 17 years. Goodwill represents the excess of the fair value of net liabilities assumed over the consideration received. It is comprised of estimated future economic benefits arising from the transaction that cannot be individually identified or do not qualify for separate recognition. These benefits include expanded presence in existing markets and entry into new markets, and expected earnings streams and operational efficiencies that the Company believes will result from this business combination. The tax basis of the goodwill is deductible for federal income tax purposes. The following table presents the change in the Company’s goodwill during the year ended December 31, 2018 and the six months ended June 30, 2019. (in thousands) Goodwill balance at December 31, 2017 $ 745,523 Initial goodwill recorded - acquisition of trust and asset management business 45,634 Measurement period adjustments - acquisition of trust and asset management business (185 ) Goodwill balance at December 31, 2018 $ 790,972 Final settlement of cash consideration - acquisition of trust and asset management business 1,112 Goodwill balance at June 30, 2019 $ 792,084 The acquired trust and asset management business added $10.1 million in trust fee revenue and $9.8 million of expense to the Company’s results of operations for the six months ended June 30, 2019. The results are not material to the Company’s results of operations and, as such, supplemental proforma financial information for the six months ended June 30, 2018 is not presented. During the six months ended June 30, 2018, the Company incurred acquisition related costs of approximately $1.9 million. Pending Transaction On April 30, 2019, the Company announced its entry to an Agreement and Plan of Merger providing for, among other things, the acquisition of MidSouth Bancorp, Inc. (“MidSouth”) (NYSE: MSL), parent company of MidSouth Bank, N.A. At June 30, 2019, MidSouth had approximately $1.7 billion in assets, including $0.9 billion of loans, and $1.4 billion of deposits. Under the terms of the agreement, each share of MidSouth common stock outstanding will convert, pursuant to a fixed conversion ratio, into the right to receive 0.2952 shares of the Company’s common stock. In addition, the merger agreement allows for the redemption of all of MidSouth’s outstanding preferred stock at closing, subject to receipt of applicable governmental approvals. The value of the stock-based consideration will be determined at the time of closing based on the fixed conversion ratio. The approximate transaction value based on an average of the Company’s share price at the date of the agreement, April 30, 2019, was $213 million. The acquisition is subject to the satisfaction of customary closing conditions, including the receipt of regulatory approvals and approval by the shareholders of MidSouth. The transaction is expected to close late in the third quarter of 2019. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | 3. Securities The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available for sale and held to maturity at June 30, 2019 and December 31, 2018 follow. Securities Available for Sale (in thousands) June 30, 2019 December 31, 2018 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ 80,935 1,078 149 $ 81,864 $ 74,339 $ — $ 2,633 $ 71,706 Municipal obligations 244,600 4,744 3 249,341 246,713 360 6,646 240,427 Residential mortgage-backed securities 1,357,580 16,847 6,776 1,367,651 1,468,912 4,284 29,794 1,443,402 Commercial mortgage-backed securities 919,756 17,199 2,380 934,575 799,060 1,953 30,936 770,077 Collateralized mortgage obligations 152,352 1,463 278 153,537 163,282 903 2,260 161,925 Corporate debt securities 3,500 — — 3,500 3,500 — — 3,500 $ 2,758,723 $ 41,331 $ 9,586 $ 2,790,468 $ 2,755,806 $ 7,500 $ 72,269 $ 2,691,037 Securities Held to Maturity (in thousands) June 30, 2019 December 31, 2018 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ 50,000 — 119 $ 49,881 $ 50,000 $ — $ 478 $ 49,522 Municipal obligations 653,105 21,047 86 674,066 688,201 2,347 9,503 681,045 Residential mortgage-backed securities 582,429 9,126 791 590,764 640,393 1,461 6,117 635,737 Commercial mortgage-backed securities 511,138 11,685 619 522,204 357,175 376 10,882 346,669 Collateralized mortgage obligations 1,138,595 7,720 3,829 1,142,486 1,243,778 1,598 22,493 1,222,883 $ 2,935,267 $ 49,578 $ 5,444 $ 2,979,401 $ 2,979,547 $ 5,782 $ 49,473 $ 2,935,856 The following tables present the amortized cost and estimated fair value of debt securities available for sale and held to maturity at June 30, 2019 by contractual maturity. Actual maturities will differ from contractual maturities because of rights to call or repay obligations with or without penalties and scheduled and unscheduled principal payments on mortgage-backed securities and collateralized mortgage obligations. Debt Securities Available for Sale Amortized Fair (in thousands) Cost Value Due in one year or less $ 190 $ 194 Due after one year through five years 235,774 239,806 Due after five years through ten years 1,178,941 1,198,484 Due after ten years 1,343,818 1,351,984 Total available for sale debt securities $ 2,758,723 $ 2,790,468 Debt Securities Held to Maturity Amortized Fair (in thousands) Cost Value Due in one year or less $ 62,394 $ 62,356 Due after one year through five years 92,045 93,495 Due after five years through ten years 1,490,042 1,525,907 Due after ten years 1,290,786 1,297,643 Total held to maturity securities $ 2,935,267 $ 2,979,401 The Company held no securities classified as trading at June 30, 2019 and December 31, 2018. The fair value and gross unrealized losses for securities classified as available for sale with unrealized losses for the periods indicated follow. Available for Sale June 30, 2019 Losses < 12 months Losses 12 months or > Total (in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. Treasury and government agency securities $ — $ — $ 21,215 149 $ 21,215 $ 149 Municipal obligations 2,292 3 — — 2,292 3 Residential mortgage-backed securities 1 — 689,726 6,776 689,727 6,776 Commercial mortgage-backed securities 22,112 12 367,211 2,368 389,323 2,380 Collateralized mortgage obligations — — 57,800 278 57,800 278 Other debt obligation 700 — — — 700 — $ 25,105 $ 15 $ 1,135,952 $ 9,571 $ 1,161,057 $ 9,586 Available for Sale December 31, 2018 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 $ — $ — $ 71,706 $ 2,633 $ 71,706 $ 2,633 Municipal obligations 41,203 591 170,883 6,054 212,086 6,645 Residential mortgage-backed securities 305,090 2,485 762,826 27,309 1,067,916 29,794 Commercial mortgage-backed securities 96,226 1,851 570,485 29,085 666,711 30,936 Collateralized mortgage obligations 254 1 111,804 2,259 112,058 2,260 $ 442,773 $ 4,928 $ 1,687,704 $ 67,340 $ 2,130,477 $ 72,268 The fair value and gross unrealized losses for securities classified as held to maturity with unrealized losses for the periods indicated follow. Held to maturity June 30, 2019 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 $ — $ — $ 49,881 $ 119 $ 49,881 $ 119 Municipal obligations 3,027 27 18,972 59 21,999 86 Residential mortgage-backed securities — — 177,953 791 177,953 791 Commercial mortgage-backed securities — — 74,946 619 74,946 619 Collateralized mortgage obligations — — 467,781 3,829 467,781 3,829 $ 3,027 $ 27 $ 789,533 $ 5,417 $ 792,560 $ 5,444 Held to maturity December 31, 2018 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 $ — $ — $ 49,521 $ 478 $ 49,521 $ 478 Municipal obligations 233,469 2,256 233,280 7,247 466,749 9,503 Residential mortgage-backed securities 90,730 123 235,251 5,994 325,981 6,117 Commercial mortgage-backed securities — — 305,419 10,882 305,419 10,882 Collateralized mortgage obligations 77,394 281 897,153 22,212 974,547 22,493 $ 401,593 $ 2,660 $ 1,720,624 $ 46,813 $ 2,122,217 $ 49,473 The unrealized losses relate primarily to changes in market rates on fixed rate debt securities since the respective purchase dates. 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. None of the unrealized losses relate to the marketability of the securities or the issuers’ abilities to meet contractual obligations. The Company had adequate liquidity as of June 30, 2019 and December 31, 2018 and did not intend to nor believe that it would be required to sell these securities before recovery of the indicated impairment. Accordingly, the unrealized losses on these securities were determined to be temporary. Should the Company’s intent to sell these securities change, the difference between the amortized cost and the fair value will be recognized into earnings at that time. There were no sales of securities during the six months ended June 30, 2019 and 2018. Securities with carrying values totaling $3.5 billion and $3.4 billion at June 30, 2019 and December 31, 2018, respectively, were pledged as collateral, primarily to secure public deposits or securities sold under agreements to repurchase. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | 4. Loans and Allowance for Loan Losses The Company generally makes loans in its market areas of south Mississippi, southern and central Alabama, south Louisiana, the Houston, Texas area, the northern, central, and panhandle regions of Florida, and Nashville, Tennessee. Loans, net of unearned income, by portfolio are presented in the table below. June 30, December 31, (in thousands) 2019 2018 Commercial non-real estate $ 8,559,118 $ 8,620,601 Commercial real estate - owner occupied 2,519,970 2,457,748 Total commercial and industrial 11,079,088 11,078,349 Commercial real estate - income producing 2,895,468 2,341,779 Construction and land development 1,144,062 1,548,335 Residential mortgages 2,968,271 2,910,081 Consumer 2,088,923 2,147,867 Total loans $ 20,175,812 $ 20,026,411 The following briefly describes the composition of each loan category. 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 a small amount of residential construction loans and loans secured by raw land not yet under development. Residential mortgages Residential mortgages consist of closed-end loans secured by first liens on 1- 4 family residential properties. The portfolio includes both fixed and adjustable rate loans, although most longer term, fixed rate loans originated are sold in the secondary mortgage market. Consumer Consumer loans include second lien mortgage home loans, home equity lines of credit and nonresidential consumer purpose loans. Nonresidential consumer loans include both direct and indirect loans. Direct nonresidential consumer loans are made to finance the purchase of personal property, including automobiles, recreational vehicles and boats, and for other personal purposes (secured and unsecured), and deposit account secured loans. Indirect nonresidential consumer loans include automobile financing provided to the consumer through an agreement with automobile dealerships. 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 Loan Losses The following tables show activity in the allowance for loan losses by portfolio class for the six months ended June 30, 2019 and 2018, as well as the corresponding recorded investment in loans at the end of each period. Commercial Total Commercial Commercial real estate- commercial real estate- Construction non-real owner and income and land Residential (in thousands) estate occupied industrial producing development mortgages Consumer Total Six Months Ended June 30, 2019 Allowance for loan losses: Beginning balance $ 97,752 $ 13,757 $ 111,509 $ 17,638 $ 15,647 $ 23,782 $ 25,938 $ 194,514 Charge-offs (21,653 ) (71 ) (21,724 ) (10 ) — (439 ) (8,167 ) (30,340 ) Recoveries 2,730 221 2,951 2 97 266 2,004 5,320 Net provision for loan losses 17,698 328 18,026 7,781 (4,079 ) (551 ) 4,954 26,131 Ending balance $ 96,527 $ 14,235 $ 110,762 $ 25,411 $ 11,665 $ 23,058 $ 24,729 $ 195,625 Ending balance: Allowance: Individually evaluated for impairment $ 8,486 $ 142 $ 8,628 $ 93 $ 1 $ 146 $ 253 $ 9,121 Amounts related to purchased credit impaired loans 138 172 310 105 151 8,695 313 9,574 Collectively evaluated for impairment 87,903 13,921 101,824 25,213 11,513 14,217 24,163 176,930 Total allowance $ 96,527 $ 14,235 $ 110,762 $ 25,411 $ 11,665 $ 23,058 $ 24,729 $ 195,625 Loans: Individually evaluated for impairment $ 224,603 $ 17,769 $ 242,372 $ 1,880 $ 19 $ 4,089 $ 1,521 $ 249,881 Purchased credit impaired loans 6,313 5,581 11,894 4,702 1,482 98,472 3,444 119,994 Collectively evaluated for impairment 8,328,202 2,496,620 10,824,822 2,888,886 1,142,561 2,865,710 2,083,958 19,805,937 Total loans $ 8,559,118 $ 2,519,970 $ 11,079,088 $ 2,895,468 $ 1,144,062 $ 2,968,271 $ 2,088,923 $ 20,175,812 Commercial Total Commercial Commercial real estate- commercial real estate- Construction non-real owner and income and land Residential (in thousands) estate occupied industrial producing development mortgages Consumer Total Six Months Ended June 30, 2018 Allowance for loan losses: Beginning balance $ 127,918 $ 12,962 $ 140,880 $ 13,709 $ 7,372 $ 24,844 $ 30,503 $ 217,308 Charge-offs (11,845 ) (6,804 ) (18,649 ) (1,604 ) (220 ) (498 ) (12,964 ) (33,935 ) Recoveries 12,476 275 12,751 65 38 712 3,095 16,661 Net provision for loan losses (1,981 ) 7,727 5,746 1,975 3,121 (862 ) 11,164 21,144 Reduction as a result of sale of subsidiary — — — — — — (6,648 ) (6,648 ) Ending balance $ 126,568 $ 14,160 $ 140,728 $ 14,145 $ 10,311 $ 24,196 $ 25,150 $ 214,530 Ending balance: Allowance: Individually evaluated for impairment $ 19,369 $ 824 $ 20,193 $ 407 $ 1 $ 99 $ 130 $ 20,830 Amounts related to purchased credit impaired loans 427 420 847 46 115 10,873 497 12,378 Collectively evaluated for impairment 106,772 12,916 119,688 13,692 10,195 13,224 24,523 181,322 Total allowance $ 126,568 $ 14,160 $ 140,728 $ 14,145 $ 10,311 $ 24,196 $ 25,150 $ 214,530 Loans: Individually evaluated for impairment $ 291,071 $ 26,967 $ 318,038 $ 8,820 $ 113 $ 3,733 $ 599 $ 331,303 Purchased credit impaired loans 8,221 6,630 14,851 3,800 4,769 111,805 5,381 140,606 Collectively evaluated for impairment 8,111,669 2,200,197 10,311,866 2,329,572 1,510,351 2,664,821 2,082,398 18,899,008 Total loans $ 8,410,961 $ 2,233,794 $ 10,644,755 $ 2,342,192 $ 1,515,233 $ 2,780,359 $ 2,088,378 $ 19,370,917 Impaired Loans The following table shows the composition of nonaccrual loans by portfolio class. Purchased credit impaired loans accounted for in pools with an accretable yield are considered to be performing and are excluded from the table. June 30, December 31, (in thousands) 2019 2018 Commercial non-real estate $ 137,126 $ 110,653 Commercial real estate - owner occupied 13,220 16,895 Total commercial and industrial 150,346 127,548 Commercial real estate - income producing 3,544 4,991 Construction and land development 1,608 2,146 Residential mortgages 37,300 35,866 Consumer 17,033 16,744 Total loans $ 209,831 $ 187,295 Nonaccrual loans include nonaccruing loans modified in troubled debt restructurings (“TDRs”) of $99.1 million and $85.5 million at June 30, 2019 and December 31, 2018, respectively. Total TDRs, both accruing and nonaccruing, were $200.3 million at June 30, 2019 and $224.6 million at December 31, 2018. All TDRs are individually evaluated for impairment. At June 30, 2019 and December 31, 2018, the Company had unfunded commitments of $3.6 million and $2.1 million, respectively, to borrowers whose loan terms have been modified in a TDR. The tables below detail by portfolio class TDRs that were modified during the three and six months ended June 30, 2019 and 2018: Three Months Ended ($ in thousands) June 30, 2019 June 30, 2018 Pre- Modification Post- Modification Pre- Modification Post- Modification Number Outstanding Outstanding Number Outstanding Outstanding of Recorded Recorded of Recorded Recorded Troubled Debt Restructurings: Contracts Investment Investment Contracts Investment Investment Commercial non-real estate 1 $ 334 $ 334 5 $ 6,477 $ 6,477 Commercial real estate - owner occupied — — — — — — Total commercial and industrial 1 334 334 5 6,477 6,477 Commercial real estate - income producing — — — — — — Construction and land development — — — — — — Residential mortgages 2 638 638 2 75 75 Consumer — — — — — — Total loans 3 $ 972 $ 972 7 $ 6,552 $ 6,552 Six Months Ended ($ in thousands) June 30, 2019 June 30, 2018 Troubled Debt Restructurings: Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Commercial non-real estate 8 $ 14,137 $ 14,137 18 $ 61,959 $ 61,959 Commercial real estate - owner occupied 1 167 167 1 5,909 5,909 Total commercial and industrial 9 14,304 14,304 19 67,868 67,868 Commercial real estate - income producing — — — 1 1,564 1,564 Construction and land development — — — — — — Residential mortgages 7 1,902 1,902 3 118 118 Consumer 2 46 46 1 222 222 Total loans 18 $ 16,252 $ 16,252 24 $ 69,772 $ 69,772 The TDRs modified during the six months ended June 30, 2019 reflected in the table above include $0.1 million of loans with extended amortization terms or other payment concessions, $9.1 million with significant covenant waivers and $7.0 million with other modifications. The TDRs modified during the six months ended June 30, 2018 include $49.6 million of loans with extended amortization terms or other payment concessions, $14.6 million with significant covenant waivers and $5.6 million with other modifications. There were no defaults on loans during the three and six months ended June 30, 2019 or 2018 that had been modified in a TDR during the prior twelve months. The tables below present loans that are individually evaluated for impairment disaggregated by portfolio class at June 30, 2019 and December 31, 2018. Loans individually evaluated for impairment include TDRs and loans that are determined to be impaired and have aggregate relationship balances of $1 million or more. June 30, 2019 (in thousands) Recorded investment without an allowance Recorded investment with an allowance Unpaid principal balance Related allowance Commercial non-real estate $ 149,605 $ 74,998 $ 260,833 $ 8,486 Commercial real estate - owner occupied 10,971 6,798 22,352 142 Total commercial and industrial 160,576 81,796 283,185 8,628 Commercial real estate - income producing 385 1,495 1,932 93 Construction and land development — 19 19 1 Residential mortgages 2,669 1,420 4,619 146 Consumer 494 1,027 1,802 253 Total loans $ 164,124 $ 85,757 $ 291,557 $ 9,121 December 31, 2018 (in thousands) Recorded investment without an allowance Recorded investment with an allowance Unpaid principal balance Related allowance Commercial non-real estate $ 144,625 $ 94,759 $ 273,290 $ 3,636 Commercial real estate - owner occupied 13,027 8,639 25,888 607 Total commercial and industrial 157,652 103,398 299,178 4,243 Commercial real estate - income producing 1,138 1,563 3,428 210 Construction and land development 100 21 121 1 Residential mortgages 2,058 1,818 4,421 444 Consumer 279 728 1,253 216 Total loans $ 161,227 $ 107,528 $ 308,401 $ 5,114 The tables below present the average balances and interest income for total impaired loans for the three and six months ended June 30, 2019 and 2018. Interest income recognized represents interest on accruing loans modified in a TDR. Three Months Ended June 30, 2019 June 30, 2018 (in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial non-real estate $ 228,055 $ 1,444 $ 307,492 $ 2,002 Commercial real estate - owner occupied 17,371 71 28,643 102 Total commercial and industrial 245,426 1,515 336,135 2,104 Commercial real estate - income producing 2,274 7 11,446 24 Construction and land development 19 — 113 — Residential mortgages 4,743 2 6,036 5 Consumer 1,515 18 608 9 Total loans $ 253,977 $ 1,542 $ 354,338 $ 2,142 Six Months Ended June 30, 2019 June 30, 2018 (in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial non-real estate $ 231,750 $ 3,140 $ 301,695 $ 3,588 Commercial real estate - owner occupied 18,346 151 27,274 168 Total commercial and industrial 250,096 3,291 328,969 3,756 Commercial real estate - income producing 2,480 14 13,123 49 Construction and land development 45 — 176 — Residential mortgages 4,690 7 7,762 10 Consumer 1,386 34 781 18 Total loans $ 258,697 $ 3,346 $ 350,811 $ 3,833 Aging Analysis The tables below present the age analysis of past due loans by portfolio class at June 30, 2019 and December 31, 2018. Purchased credit impaired loans accounted for in pools with an accretable yield are considered to be current. June 30, 2019 30-59 days past due 60-89 days past due Greater than 90 days past due Total past due Current Total Loans Recorded investment > 90 days and still accruing (in thousands) Commercial non-real estate $ 4,289 $ 9,159 $ 57,760 $ 71,208 $ 8,487,910 $ 8,559,118 $ 613 Commercial real estate - owner occupied 2,858 1,732 16,047 $ 20,637 2,499,333 2,519,970 4,031 Total commercial and industrial 7,147 10,891 73,807 91,845 10,987,243 11,079,088 4,644 Commercial real estate - income producing 762 — 2,798 3,560 2,891,908 2,895,468 — Construction and land development 779 2,199 1,322 4,300 1,139,761 1,144,062 612 Residential mortgages 2,865 8,748 20,690 32,303 2,935,968 2,968,271 47 Consumer 15,989 3,960 9,498 29,447 2,059,476 2,088,923 1,190 Total $ 27,542 $ 25,798 $ 108,115 $ 161,455 $ 20,014,356 $ 20,175,812 $ 6,493 December 31, 2018 30-59 days past due 60-89 days past due Greater than 90 days past due Total past due Current Total Loans Recorded investment > 90 days and still accruing (in thousands) Commercial non-real estate $ 12,257 $ 3,895 $ 77,551 $ 93,703 $ 8,526,898 8,620,601 $ 10,823 Commercial real estate - owner occupied 2,394 1,570 14,542 18,506 2,439,242 2,457,748 380 Total commercial and industrial 14,651 5,465 92,093 112,209 10,966,140 11,078,349 11,203 Commercial real estate - income producing 2,371 772 5,495 8,638 2,333,141 2,341,779 1,844 Construction and land development 7,397 1,129 2,165 10,691 1,537,644 1,548,335 644 Residential mortgages 32,869 14,706 23,175 70,750 2,839,331 2,910,081 — Consumer 20,402 4,695 9,665 34,762 2,113,105 2,147,867 618 Total $ 77,690 $ 26,767 $ 132,593 $ 237,050 $ 19,789,361 $ 20,026,411 $ 14,309 Credit Quality Indicators The following tables present the credit quality indicators by segments and portfolio class of loans at June 30, 2019 and December 31, 2018. June 30, 2019 (in thousands) Commercial non-real estate Commercial real estate - owner- occupied Total commercial and industrial Commercial real estate - income producing Construction and land development Total commercial Grade: Pass $ 7,940,853 $ 2,320,832 $ 10,261,685 $ 2,755,518 $ 1,122,619 $ 14,139,822 Pass-Watch 169,005 122,050 291,055 98,767 16,121 $ 405,943 Special Mention 62,545 11,981 74,526 20,927 253 $ 95,706 Substandard 386,715 65,107 451,822 20,256 5,069 $ 477,147 Doubtful — — — — — — Total $ 8,559,118 $ 2,519,970 $ 11,079,088 $ 2,895,468 $ 1,144,062 $ 15,118,618 December 31, 2018 (in thousands) Commercial non-real estate Commercial real estate - owner- occupied Total commercial and industrial Commercial real estate - income producing Construction and land development Total commercial Grade: Pass $ 7,875,588 $ 2,274,211 $ 10,149,799 2,265,087 $ 1,487,599 $ 13,902,485 Pass-Watch 260,510 84,271 344,781 46,535 49,099 440,415 Special Mention 75,752 23,149 98,901 5,510 816 105,227 Substandard 408,751 76,117 484,868 24,647 10,821 520,336 Doubtful — — — — — — Total $ 8,620,601 $ 2,457,748 $ 11,078,349 $ 2,341,779 $ 1,548,335 $ 14,968,463 June 30, 2019 December 31, 2018 (in thousands) Residential mortgage Consumer Total Residential mortgage Consumer Total Performing $ 2,930,531 $ 2,070,863 $ 5,001,394 $ 2,873,669 $ 2,130,395 $ 5,004,064 Nonperforming 37,740 18,060 $ 55,800 36,412 17,472 53,884 Total $ 2,968,271 $ 2,088,923 $ 5,057,194 $ 2,910,081 $ 2,147,867 $ 5,057,948 Below are the definitions of the Company’s internally assigned grades: Commercial: • Pass – loans properly approved, documented, collateralized, and performing which do not reflect an abnormal credit risk. • Pass-Watch – credits in this category are of sufficient risk to cause concern. This category is reserved for credits that display negative performance trends. The “Watch” grade should be regarded as a transition category. • Special Mention – a criticized asset category defined as having potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of the repayment prospects for the credit or the institution’s credit position. Special mention credits are not considered part of the Classified credit categories and do not expose the institution to sufficient risk to warrant adverse classification. • Substandard – an asset that is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. • Doubtful – an asset that has all the weaknesses inherent in one classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. • Loss – credits classified as Loss are considered uncollectable and are charged off promptly once so classified. Residential and Consumer: • Performing – accruing loans that have not been modified in a troubled debt restructuring. • Nonperforming – loans for which there are good reasons to doubt that payments will be made in full. All loans with nonaccrual status and all loans that have been modified in a troubled debt restructuring are classified as nonperforming. Purchased Credit Impaired Loans Changes in the carrying amount of purchased credit impaired loans and related accretable yield are presented in the following table for the six months ended June 30, 2019 and the year ended December 31, 2018. June 30, 2019 December 31, 2018 (in thousands) Carrying Amount of Loans Accretable Yield Carrying Amount of Loans Accretable Yield Balance at beginning of period $ 129,596 $ 37,294 $ 153,403 $ 62,517 Payments received, net (16,254 ) (2,328 ) (39,556 ) (5,779 ) Accretion 6,652 (6,652 ) 15,749 (15,749 ) Decrease in expected cash flows based on actual cash flows and changes in cash flow assumptions — 3,926 — (3,695 ) Balance at end of period $ 119,994 $ 32,240 $ 129,596 $ 37,294 Residential Mortgage Loans in Process of Foreclosure Included in loans are $8.7 million and $7.1 million of consumer loans secured by single family residential real estate that are in process of foreclosure as of June 30, 2019 and December 31, 2018, respectively. Loans in process of foreclosure include those for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction. In addition to the single family residential real estate loans in process of foreclosure, the Company also held $2.6 million and $1.8 million of foreclosed single family residential properties in other real estate owned at June 30, 2019 and December 31, 2018, respectively. |
Operating Leases
Operating Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Operating Leases | 5. Operating Leases Effective January 1, 2019, the Company adopted the amended provisions of Financial Accounting Standards Codification Topic 842, “Leases,” using the modified retrospective approach, impacting the reporting and disclosures for operating leases. The core principle of Topic 842 is that a lessee should recognize in the statement of financial position a liability representing the present value of future lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset over the lease term, as well as the disclosure of key information about operating leasing arrangements. The Company has amended its accounting policy related to leases to comply with the new standard as follows. The Company determines if an arrangement is a lease at inception of the contract and assesses the appropriate classification as finance or operating. Operating leases with terms greater than one year are included in right-of-use lease assets and lease obligations on the Company’s balance sheets. The lease term includes payments to be made in optional or renewal periods only if the lessee is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease. Right-of-use assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term using the interest rate implicit in the contract, when available, or the Company’s incremental collateralized borrowing rate with similar terms. Agreements with both lease and non-lease components are accounted for separately, with only the lease component capitalized. The right-of-use asset is the amount of the lease liability adjusted for prepaid or accrued lease payments, remaining balance of any lease incentives received, unamortized initial direct costs, and impairment. Lease expense is recorded on a straight-line basis over the lease term through amortization of the right-of-use asset plus implicit interest accreted on the operating lease liability obligation, and is reflected in Net Occupancy Expense in the Consolidated Statement of Income. Some of the Company’s leases contain variable components, such as annual changes to rent based on the consumer price index. Operating lease liabilities are not re-measured as a result of changes to variable components unless the lease must be re-measured for some other reason such as a renewal that was not reasonably certain of being exercised. Changes to the variable components are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. The standard provides several practical expedients available for use in transition. The Company elected to use the standard’s “package of practical expedients,” which allows the use of previous conclusions about lease identification, lease classification and the accounting treatment for initial direct costs. The Company also elected the short-term lease recognition exemption for all leases with lease terms of one year or less; as such, the Company will not recognize right-of-use assets or lease liabilities on the consolidated balance sheet for such leases. The Company valued its lease obligation using incremental collateralized borrowing rates as of January 1, 2019 for the remaining term of each identified lease. At adoption, the Company recorded a right-of-use asset totaling $115.9 million and a liability for lease payment obligations totaling $130.7 million, offset by the elimination of $14.8 million of existing lease incentive and other deferred rent liabilities. Accounting for leases in accordance with Topic 842 has not had a material impact upon the Company’s consolidated results of operations, and is not expected to in future periods. The Company has operating leases on a number of its branches, certain regional headquarters and other properties to limit its exposure to ownership risks such as fluctuations in real estate prices and obsolescence. The Company leases real estate with lease terms generally from five to 20 years, some of which have renewal options from one to 20 years. As these extension options are not generally considered reasonably certain of renewal, they are not included in the lease term. The Company is not a lessee in any contracts classified as finance leases. Supplemental balance sheet information pertaining to operating leases: (dollars in thousands) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities for operating leases $ 3,870 $ 7,880 Right of use assets obtained in exchange for lease liabilities $ 1,105 $ 117,723 June 30, 2019 Weighted average remaining lease term (in years) 12.93 Weighted average discount rate 3.55 % The following table sets forth the maturities of the Company’s lease liabilities and the present value discount at June 30, 2019. (dollars in thousands) 2019 $ 8,393 2020 15,779 2021 15,085 2022 14,889 2023 13,525 Thereafter 96,994 Total 164,665 Present value discount (35,947 ) Lease liability $ 128,718 The following table sets forth the components of the Company’s lease expense for the three and six months ended June 30, 2019. (in thousands) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease expense $ 4,244 $ 8,497 Short-term lease expense 20 39 Variable lease expense 12 24 Sublease income (60 ) (176 ) Total $ 4,216 $ 8,384 |
Securities Sold under Agreement
Securities Sold under Agreements to Repurchase | 6 Months Ended |
Jun. 30, 2019 | |
Brokers And Dealers [Abstract] | |
Securities Sold under Agreements to Repurchase | 6. Securities Sold under Agreements to Repurchase Included in short-term borrowings are customer securities sold under agreements to repurchase (“repurchase agreements”) that mature daily and are secured by U.S. agency securities totaling $631.0 million and $428.6 million at June 30, 2019 and December 31, 2018, 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 | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | 7. 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, currently related to select pools of variable rate loans and fixed rate brokered deposits. 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 risk exposure resulting from such agreements. The Bank also enters into risk participation agreements under which it may either sell or buy credit risk associated with a customer’s performance under certain interest rate derivative contracts related to loans in which participation interests have been sold to or purchased from other banks. Fair Values of Derivative Instruments on the Balance Sheet The table below presents the notional or contractual amounts and fair values of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets at June 30, 2019 and December 31, 2018. June 30, 2019 December 31, 2018 Derivative (1) Derivative (1) (in thousands) Type of Hedge Notional or Contractual Amount Assets Liabilities Notional or Contractual Amount Assets Liabilities Derivatives designated as hedging instruments: Interest rate swaps Cash Flow $ 1,075,000 $ 25,328 $ — $ 875,000 $ 3,954 $ 9,173 Interest rate swaps Fair Value 163,110 — 290 483,110 — 2,089 1,238,110 25,328 290 1,358,110 3,954 11,262 Derivatives not designated as hedging instruments: Interest rate swaps (2) N/A 1,495,638 51,255 52,573 1,277,404 23,670 24,669 Risk participation agreements N/A 181,100 11 70 171,222 10 131 Forward commitments to sell residential mortgage loans N/A 124,987 48 742 77,208 110 664 Interest rate-lock commitments on residential mortgage loans N/A 91,325 576 42 59,119 464 67 Foreign exchange forward contracts N/A 40,230 466 434 37,749 751 718 Visa Class B derivative contract N/A 43,753 — 6,602 43,753 — 7,304 1,977,033 52,356 60,463 1,666,455 25,005 33,553 Total derivatives $ 3,215,143 $ 77,684 $ 60,753 $ 3,024,565 $ 28,959 $ 44,815 Less: netting adjustment (3) (26,075 ) (41,505 ) (11,979 ) (22,588 ) Total derivative assets/liabilities $ 51,609 $ 19,248 $ 16,980 $ 22,227 (1) Derivative assets and liabilities are reported at fair value in other assets or other liabilities, respectively, in the consolidated balance sheets. (2) The notional amount represents both the customer accommodation agreements and offsetting agreements with unrelated financial institutions. (3) Represents balance sheet netting of derivative assets and liabilities for variation margin collateral held or placed with the same central clearing counterparty. See offsetting assets and liabilities for further information. Cash Flow Hedges of Interest Rate Risk The Company is party to various interest rate swap agreements designated and qualifying as cash flow hedges of the Company’s forecasted variable cash flows for pools of variable rate loans. For each agreement, the Company receives interest at a fixed rate and pays at a variable rate. During the six months ended June 30, 2018, the Company terminated five of its shorter-term swap agreements with notional amounts totaling $450 million and entered into five longer-term agreements with notional amounts totaling $450 million. The Company paid termination fees of approximately $10.6 million to settle the interest rate swap liabilities, and the resulting accumulated other comprehensive loss is being amortized over the remaining maturities of the designated instruments. Amortization of other comprehensive loss on terminated cash flow hedges totaled $2.5 million for each of the six months ended June 30, 2019 and 2018. The notional amounts of the swap agreements in place at June 30, 2019 expire as follows: $50 million in 2021; $475 million in 2022; $450 million in 2023; and $100 million in 2024. Fair Value Hedges of Interest Rate Risk The Company enters into interest rate swap agreements that modify the Company’s exposure to interest rate risk by effectively converting a portion of the Company’s brokered certificates of deposit from fixed rates to variable rates. The maturities and call features of these interest rate swaps match the features of the hedged deposits. As interest rates fall, the decline in the value of the certificates of deposit is offset by the increase in the value of the interest rate swaps. Conversely, as interest rates rise, the value of the underlying hedged deposits increases, but the value of the interest rate swaps decreases, resulting in no impact on earnings. Interest expense is adjusted by the difference between the fixed and floating rates for the period the swaps are in effect. 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 these loans to investors on a best efforts delivery basis. Customer foreign exchange forward contract derivatives The Bank 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. Because the foreign exchange forward contract 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. Visa Class B derivative contract The Company is a member of Visa USA. During the fourth quarter of 2018, the Company sold the majority of its Visa Class B holdings, at which time it entered into a derivative agreement with the purchaser whereby the Company will make or receive cash payments whenever the conversion ratio of the Visa Class B shares into Visa Class A shares is adjusted. The conversion ratio changes when Visa deposits funds to a litigation escrow account established by Visa to pay settlements for certain litigation, for which Visa is indemnified by Visa USA members. The Company is also required to make periodic financing payments to the purchaser until all of Visa’s covered litigation matters are resolved. Thus, the derivative contract extends until the end of Visa’s covered litigation matters, the timing of which is uncertain. The contract includes a contingent accelerated termination clause based on the credit ratings of the Company. At June 30, 2019 and December 31, 2018 the fair value of the liability associated with this contract was $6.6 million and $7.3 million, respectively. Refer to Note 15 – Fair Value of Financial Instruments for discussion of the valuation inputs for this derivative liability. Effect of Derivative Instruments on the Statement of Income The effects of derivative instruments on the consolidated statements of income for the three and six months ended June 30, 2019 and 2018 are presented in the table below. For the three and six months ended June 30, 2019 and 2018, the reduction of interest income attributable to cash flow hedges includes amortization of accumulated other comprehensive loss that resulted from termination of five interest rate swap contracts. Three Months Ended Six Months June 30, June 30, Derivative Instruments: Location of Gain (Loss) Recognized in the Statement of Income: 2019 2018 2019 2018 Interest rate swaps - cash flow hedges Interest income $ (1,660 ) $ (946 ) $ (3,676 ) $ (1,565 ) Interest rate swaps - fair value hedges Interest expense $ (461 ) (519 ) (1,449 ) (646 ) All other instruments Other noninterest income $ 3,600 1,588 4,409 3,111 Total $ 1,479 $ 123 $ (716 ) $ 900 Credit Risk-Related Contingent Features Certain of the Bank’s derivative instruments contain provisions allowing the financial institution counterparty to terminate the contracts in certain circumstances, such as a downgrade of the Bank’s credit ratings below specified levels, a default by the Bank on its indebtedness, or the failure of the Bank to maintain specified minimum regulatory capital ratios or its regulatory status as a well-capitalized institution. These derivative agreements also contain provisions regarding the posting of collateral by each party. At June 30, 2019, the Company was not in violation of any such provisions. Offsetting Assets and Liabilities The Bank’s derivative instruments with certain counterparties contain legally enforceable netting provisions that allow for net settlement of multiple transactions to a single amount, which may be positive, negative, or zero. Agreements with certain bilateral counterparties require both parties to maintain collateral in the event that the fair values of derivative instruments exceed established exposure thresholds. For centrally cleared derivatives, the Company is subject to initial margin posting and daily variation margin exchange with the central clearinghouses. Offsetting information in regards to all derivative assets and liabilities, including accrued interest, subject to these master netting agreements at June 30, 2019 and December 31, 2018 is presented in the following tables. (in thousands) Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Income Description Gross Amounts Recognized Offset in the Statement of Income Presented in the Statement of Income Financial Instruments Cash Collateral Net Amount As of June 30, 2019 Derivative Assets $ 26,558 $ (26,405 ) $ 153 $ 153 $ — $ — Derivative Liabilities $ 51,833 $ (41,325 ) $ 10,508 $ 153 $ 15,304 $ (4,949 ) (in thousands) Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Income Description Gross Amounts Recognized Offset in the Statement of Income Presented in the Statement of Income Financial Instruments Cash Collateral Net Amount As of December 31, 2018 Derivative Assets $ 16,167 $ (12,842 ) $ 3,325 $ 1,846 $ — $ 1,479 Derivative Liabilities $ 23,811 $ (21,651 ) $ 2,160 $ 1,846 $ 2,871 $ (2,557 ) The Company has excess collateral compared to total exposure due to initial margin requirements for day-to-day rate volatility. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity | 8. Stockholders’ Equity Common Shares Outstanding Common shares outstanding excludes treasury shares totaling 0.8 million at June 30, 2019 and 0.9 million at December 31, 2018, with a first-in-first-out cost basis of $14.2 million and $18.5 million at June 30, 2019 and December 31, 2018, respectively. Shares outstanding also excludes unvested restricted share awards totaling 1.3 million at June 30, 2019 and December 31, 2018. Stock Buyback Program On May 24, 2018, the Company’s board of directors approved a stock buyback program that authorized the repurchase of up to 5%, or approximately 4.3 million shares, of its outstanding common stock. The approved program allows the Company to repurchase its common shares either in the open market in compliance with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, or in privately negotiated transactions with non-affiliated sellers or as otherwise determined by the Company in one or more transactions, from time to time until December 31, 2019. The Company is not obligated to purchase any shares under this program, and the board of directors may terminate or amend the program at any time prior to the expiration date. As of June 30, 2019, 200,000 shares of the Company’s common stock had been purchased at an average price of $41.30 per share under this program. Accumulated Other Comprehensive Loss The components of Accumulated Other Comprehensive Loss and changes in those components are presented in the following table. Available for Sale Securities HTM Securities Transferred from AFS Employee Benefit Plans Cash Flow Hedges Equity Method Investment Total (in thousands) Balance, December 31, 2017 $ (29,512 ) $ (14,585 ) $ (79,078 ) $ (11,227 ) $ — $ (134,402 ) Other comprehensive income/loss before income taxes: Net change in unrealized loss (71,759 ) — — (13,894 ) — (85,653 ) Reclassification of net loss realized and included in earnings — — 2,448 1,565 — 4,013 Other Valuation adjustments for employee benefit plan — — (9,039 ) — — (9,039 ) Amortization of unrealized net loss on securities transferred to HTM — 1,680 — — — 1,680 Income tax expense (benefit) (16,284 ) 380 (1,494 ) (2,794 ) — (20,192 ) Balance, June 30, 2018 $ (84,987 ) $ (13,285 ) $ (84,175 ) $ (20,762 ) $ — $ (203,209 ) Balance, December 31, 2018 $ (50,125 ) $ (12,044 ) $ (110,247 ) $ (8,293 ) $ — $ (180,709 ) Other comprehensive income (loss) before income taxes: Net change in unrealized gain or loss 96,514 — — 29,343 611 126,468 Reclassification of net loss realized and included in earnings — — 4,527 3,676 — 8,203 Amortization of unrealized net loss on securities transferred to HTM — 1,481 — — — 1,481 Income tax expense 21,822 335 1,023 7,466 — 30,646 Balance, June 30, 2019 $ 24,567 $ (10,898 ) $ (106,743 ) $ 17,260 $ 611 $ (75,203 ) Accumulated Other Comprehensive Income or Loss (“AOCI” ) is reported as a comp onent 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 designat ed as, and qualify as, cash flo w 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 adj ustment 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 the cash flow hedge of the variable rate loans described in Note 7 will be reclassified into inco me over the life of the hedge. Accumulated other comprehensive loss resulting from the terminated interest rate swaps will be amortized over the remaining maturities of the designated instruments. Gains and losses within AOCI are net of deferred income taxes , where applicable . The following table shows the line items of the consolidated statements of income affected by amounts reclassified from AOCI. Six Months Amount reclassified from AOCI (a) June 30, Affected line item on (in thousands) 2019 2018 the statement of income Amortization of unrealized net loss on securities transferred to HTM $ (1,481 ) $ (1,680 ) Interest income Tax effect 335 380 Income taxes Net of tax (1,146 ) (1,300 ) Net income Amortization of defined benefit pension and post-retirement items (4,527 ) (2,448 ) Other noninterest expense (b) Tax effect 1,023 555 Income taxes Net of tax (3,504 ) (1,893 ) Net income Reclassification of unrealized gain (loss) on cash flow hedges (1,204 ) 979 Interest income Tax effect 272 (222 ) Income taxes Net of tax (932 ) 757 Net income Amortization of loss on terminated cash flow hedges (2,472 ) (2,544 ) Interest income Tax effect 559 577 Income taxes Net of tax (1,913 ) (1,967 ) Net income Total reclassifications, net of tax $ (7,495 ) $ (4,403 ) 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 employee benefits expense (see Note 12 – Retirement Plans for additional details). |
Other Noninterest Income
Other Noninterest Income | 6 Months Ended |
Jun. 30, 2019 | |
Other Income Disclosure Nonoperating [Abstract] | |
Other Noninterest Income | 9. Other Noninterest Income Components of other noninterest income are as follows: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Income from bank-owned life insurance $ 4,083 $ 3,113 $ 7,348 $ 6,183 Credit related fees 2,937 2,416 5,532 5,138 Income from derivatives 3,600 1,588 4,409 3,111 Gain (loss) on sales of assets 34 41 431 (1,166 ) Other miscellaneous 4,326 3,347 6,728 6,724 Total other noninterest income $ 14,980 $ 10,505 $ 24,448 $ 19,990 |
Other Noninterest Expense
Other Noninterest Expense | 6 Months Ended |
Jun. 30, 2019 | |
Other Expense Disclosure Nonoperating [Abstract] | |
Other Noninterest Expense | 10. Other Noninterest Expense Components of other noninterest expense are as follows: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Advertising $ 3,253 $ 3,517 $ 6,333 $ 6,043 Corporate value and franchise taxes 4,215 3,577 8,257 7,017 Printing and supplies 1,092 1,688 2,261 2,974 Telecommunications and postage 3,363 3,615 6,829 7,465 Travel expense 1,344 1,441 2,442 2,507 Entertainment and contributions 2,742 3,193 5,450 5,711 Tax credit investment amortization 1,234 875 2,372 1,749 Other retirement expense (4,152 ) (4,458 ) (8,257 ) (8,921 ) Loss on restructuring of bank-owned life insurance contracts — 3,240 — 3,240 Other miscellaneous 6,588 8,830 12,279 14,514 Total other noninterest expense $ 19,679 $ 25,518 $ 37,966 $ 42,299 |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 11. Earnings Per The Company calculates earnings per share using the two-class method. The two-class method allocates net income to each class of common stock and participating security according to common dividends declared and participation rights in undistributed earnings. Participating securities consist of nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents. A summary of the information used in the computation of earnings per common share follows. Three Months Ended Six Months Ended June 30, June 30, (in thousands, except per share data) 2019 2018 2019 2018 Numerator: Net income to common shareholders $ 88,277 $ 71,177 $ 167,441 $ 143,652 Net income allocated to participating securities - basic and diluted 1,502 1,328 2,839 2,694 Net income allocated to common shareholders - basic and diluted $ 86,775 $ 69,849 $ 164,602 $ 140,958 Denominator: Weighted-average common shares - basic 85,728 85,305 $ 85,708 $ 85,273 Dilutive potential common shares 107 178 102 178 Weighted-average common shares - diluted 85,835 85,483 $ 85,810 $ 85,451 Earnings per common share: Basic $ 1.01 $ 0.82 $ 1.92 $ 1.65 Diluted $ 1.01 $ 0.82 $ 1.92 $ 1.65 Potential common shares consist of stock options, nonvested performance-based awards, and nonvested restricted share awards deferred under the Company’s nonqualified deferred compensation plan. These potential common shares do not enter into the calculation of diluted earnings per share if the impact would be antidilutive, i.e., increase earnings per share or reduce a loss per share. Weighted average antidilutive potential common shares totaled 14,150 and 14,183 for the three and six months ended June 30, 2019, respectively. There were 1,816 and 913 antidilutive potential common shares excluded from the calculation of diluted earnings per share for the three and six months ended June 30, 2018, respectively. |
Retirement Plans
Retirement Plans | 6 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans | 12. Retirement Plans The Company sponsors a qualified defined benefit pension plan, the The Company also offers a defined contribution retirement benefit plan, the Hancock Whitney Corporation 401(k) Savings Plan (“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 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 that was frozen as of December 31, 2012 and no future benefits are accrued under this plan. The Company sponsors defined benefit postretirement 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 benefits cost included in expense for the plans for the periods indicated. Other Post- (in thousands) Pension Benefits Retirement Benefits For the Three Months Ended June 30, 2019 2018 2019 2018 Service cost $ 2,735 $ 3,163 $ 22 $ 28 Interest cost 4,661 4,279 164 161 Expected return on plan assets (11,300 ) (10,169 ) — — Amortization of net loss and prior service costs 2,552 1,365 (228 ) (94 ) Net periodic benefit cost (reduction of cost) $ (1,352 ) $ (1,362 ) $ (42 ) $ 95 Other Post- (in thousands) Pension Benefits Retirement Benefits For the Six Months Ended June 30, 2019 2018 2019 2018 Service cost $ 5,510 $ 6,088 $ 51 $ 63 Interest cost 9,524 8,202 292 298 Expected return on plan assets (22,600 ) (19,869 ) — — Amortization of net loss and prior service costs 4,982 2,691 (455 ) (243 ) Net periodic benefit cost (reduction of cost) $ (2,584 ) $ (2,888 ) $ (112 ) $ 118 |
Share-Based Payment Arrangement
Share-Based Payment Arrangements | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Payment Arrangements | 13. 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 17 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. A summary of stock option activity for the six months ended June 30 , 2019 is presented below: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Shares Price Term (Years) Value ($000) Outstanding at January 1, 2019 46,865 $ 31.88 2.6 $ 164 Exercised/Released (11,804 ) 31.14 105 Cancelled/Forfeited — — — Expired — — — Outstanding at June, 2019 35,061 $ 32.13 2.0 $ 278 Exercisable at June 30, 2019 35,061 $ 32.13 2.0 $ 278 The total intrinsic value of options exercised during the six months ended June 30, 2019 and 2018 was $0.1 million and $0.6 million, respectively. 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 and performance-based share awards at June 30, 2019 and changes during the six months ended June 30, 2019, are presented in the following table. Weighted Average Number of Grant Date Shares Fair Value Nonvested at January 1, 2019 1,494,041 $ 39.89 Granted 94,907 35.80 Vested (20,290 ) 42.61 Forfeited (23,782 ) 38.62 Nonvested at June 30, 2019 1,544,876 $ 39.62 As of June 30, 2019, there was $47.3 million of total unrecognized compensation expense related to nonvested restricted and performance shares expected to vest. This compensation is expected to be recognized in expense over a weighted average period of 3.1 years. The total fair value of shares which vested during the six months ended June 30, 2019 and 2018 was $0.6 million and $0.9 million, respectively. During the six months ended June 30, 2019, the Company granted 33,691 performance share awards subject to a total shareholder return (“TSR”) performance metric with a grant date fair value of $35.27 per share and 33,691 performance shares subject to an operating earnings per share performance metric with a grant date fair value of $32.15 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 42 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 core earnings per share that ultimately vest will be based on the Company’s attainment of certain operating earnings per share goals over the two-year performance period. The maximum number of performance shares that could vest is 200% of the target award. Compensation expense for these performance shares is recognized on a straight line basis over the three-year service period. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. Commitments and Contingencies In the normal course of business, the Bank enters into financial instruments, such as commitments to extend credit and letters of credit, to meet the financing needs of its customers. Such instruments are not reflected in the accompanying consolidated financial statements until they are funded, although they expose the Bank to varying degrees of credit risk and interest rate risk in much the same way as funded loans. Under regulatory capital guidelines, the Company and Bank must include unfunded commitments meeting certain criteria in risk-weighted capital calculations. Commitments to extend credit include revolving commercial credit lines, nonrevolving loan commitments issued mainly to finance the acquisition and development or construction of real property or equipment, and credit card and personal credit lines. The availability of funds under commercial credit lines and loan commitments generally depends on whether the borrower continues to meet credit standards established in the underlying contract and has not violated other contractual conditions. Loan commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the borrower. Credit card and personal credit lines are generally subject to cancellation if the borrower’s credit quality deteriorates. A number of commercial and personal credit lines are used only partially or, in some cases, not at all before they expire, and the total commitment amounts do not necessarily represent future cash requirements of the Company. A substantial majority of the letters of credit are standby agreements that obligate the Bank to fulfill a customer’s financial commitments to a third party if the customer is unable to perform. The Bank issues standby letters of credit primarily to provide credit enhancement to its customers’ other commercial or public financing arrangements and to help them demonstrate financial capacity to vendors of essential goods and services. The contract amounts of these instruments reflect the Company’s exposure to credit risk. The Company undertakes the same credit evaluation in making loan commitments and assuming conditional obligations as it does for on-balance sheet instruments and may require collateral or other credit support. The following table presents a summary of the Company’s off-balance sheet financial instruments as of June 30, 2019 and December 31, 2018: June 30, December 31, (in thousands) 2019 2018 Commitments to extend credit $ 6,930,220 $ 7,234,528 Letters of credit 359,487 365,498 Legal Proceedings The Company is party to various legal proceedings arising in the ordinary course of business. Management does not believe that loss contingencies, if any, arising from pending litigation and regulatory matters will have a material adverse effect on the consolidated financial position or liquidity of the Company. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 15. Fair Value 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 assets and liabilities that are measured at fair value on a recurring basis in the consolidated balance sheets at June 30, 2019 and December 31, 2018: June 30, 2019 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 81,864 $ — $ 81,864 Municipal obligations — 249,341 — 249,341 Corporate debt securities — 3,500 — 3,500 Residential mortgage-backed securities — 1,367,651 — 1,367,651 Commercial mortgage-backed securities — 934,575 — 934,575 Collateralized mortgage obligations — 153,537 — 153,537 Total available for sale securities — 2,790,468 — 2,790,468 Derivative assets (1) — 51,609 — 51,609 Total recurring fair value measurements - assets $ — $ 2,842,077 $ — $ 2,842,077 Liabilities Derivative liabilities (1) $ — $ 12,646 $ 6,602 $ 19,248 Total recurring fair value measurements - liabilities $ — $ 12,646 $ 6,602 $ 19,248 December 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 71,706 $ — $ 71,706 Municipal obligations — 240,427 — 240,427 Corporate debt securities — 3,500 — 3,500 Residential mortgage-backed securities — 1,443,402 — 1,443,402 Commercial mortgage-backed securities — 770,077 — 770,077 Collateralized mortgage obligations — 161,925 — 161,925 Total available for sale securities — 2,691,037 — 2,691,037 Derivative assets (1) — 16,980 — 16,980 Total recurring fair value measurements - assets — $ 2,708,017 — $ 2,708,017 Liabilities Derivative liabilities (1) $ — $ 14,923 $ 7,304 $ 22,227 Total recurring fair value measurements - liabilities $ — $ 14,923 $ 7,304 $ 22,227 (1) For further disaggregation of derivative assets and liabilities, see Note 7 - Derivatives. Securities classified as level 2 include obligations of U.S. Government agencies and U.S. Government-sponsored agencies, 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. For the Company’s derivative financial instruments designated as hedges and those under the customer interest rate program, the fair value is obtained from a third-party pricing service that uses an industry-standard discounted cash flow model that relies on inputs, LIBOR swap curves, Overnight Index swap rate curves, observable in the marketplace. To comply with the accounting guidance, credit valuation adjustments are incorporated in the fair values to appropriately reflect nonperformance risk for both the Company and the counterparties. Although the Company has determined that the majority of the inputs used to value these derivative instruments fall within level 2 of the fair value hierarchy, the credit value adjustments utilize level 3 inputs, such as estimates of current credit spreads. The Company has determined that the impact of the credit valuation adjustments is not significant to the overall valuation of these derivatives. As a result, the Company has classified its derivative valuations for these instruments in level 2 of the fair value hierarchy. The Company’s policy is to measure counterparty credit risk quarterly for all derivative instruments subject to master netting arrangements consistent with how market participants would price the net risk exposure at the measurement date. The Company also has certain derivative instruments associated with the Bank’s mortgage-banking activities. These derivative instruments include interest rate lock commitments on prospective residential mortgage loans and forward commitments to sell these loans to investors on a best efforts delivery basis. 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 7 – Derivatives for information about the derivative contract with the counterparty. The Company believes its valuation methods for its assets and liabilities carried at fair value are appropriate; however, the use of different methodologies or assumptions, particularly as applied to Level 3 assets and liabilities, could have a material effect on the computation of their estimated fair values. Changes in Level 3 Fair Value Measurements and Quantitative Information about Level 3 Fair Value Measurements The table below presents a rollforward of the amounts on the consolidated balance sheets for the six months ended June 30, 2019 and the year ended December 31, 2018 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, 2017 $ — Entry into derivative contract 7,304 Balance at December 31, 2018 7,304 Cash settlements (843 ) Losses included in earnings 141 Balance at June 30, 2019 $ 6,602 The table below provides an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure the financial instrument measured on a recurring basis and classified within Level 3 of the valuation. The range of sensitivities that management utilized in its fair value calculations is deemed acceptable in the industry with respect to the identified financial instrument. ($ in thousands) Fair Value Level 3 Class June 30, 2019 December 31, 2018 Valuation Technique Unobservable Input Values Utilized Visa Class A appreciation 6% - 18% Derivative liability $ 6,602 $ 7,304 Discounted cash flow Conversion rate 1.62x - 1.59x Time until resolution 24-48 months The Company’s policy is to recognize transfers between valuation hierarchy levels as of the end of a reporting period. There were no transfers between levels during the periods presented. Fair Value of Assets Measured on a Nonrecurring Basis Certain assets and liabilities are measured at fair value on a nonrecurring basis. Collateral-dependent impaired 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 to other real estate owned. Subsequently, other real estate owned 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 property. The fair value information presented below is not as of the period end, rather it was as of the date the fair value adjustment was recorded during the twelve months for each of the dates presented below, and excludes nonrecurring fair value measurements of assets no longer on the balance sheet. The following tables present the Company’s financial assets that are measured at fair value on a nonrecurring basis for each of the fair value hierarchy levels. June 30, 2019 (in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent impaired loans $ — $ 168,190 $ — $ 168,190 Other real estate owned and foreclosed assets, net — — 7,103 7,103 Total nonrecurring fair value measurements $ — $ 168,190 $ 7,103 $ 175,293 December 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent impaired loans $ — $ 170,918 $ — $ 170,918 Other real estate owned and foreclosed assets, net — — 14,594 14,594 Total nonrecurring fair value measurements $ — $ 170,918 $ 14,594 $ 185,512 Accounting guidance from the FASB requires the disclosure of estimated fair value information about certain on- and off-balance sheet financial instruments, including those financial instruments that are not measured and reported at fair value on a recurring basis. The significant methods and assumptions used by the Company to estimate the fair value of financial instruments are discussed below. Cash, Short-Term Investments and Federal Funds Sold – For these short-term instruments, the carrying amount is a reasonable estimate of fair value. Securities – The fair value measurement for securities available for sale was discussed earlier in the note. The same measurement techniques were applied to the valuation of securities held to maturity. Loans, Net – The fair value measurement for certain impaired loans was discussed earlier in the 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 recorded at fair value and carried at the lower of cost or market. 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. Securities Sold under Agreements to Repurchase, Federal Funds Purchased, and FHLB Borrowings – For these short-term liabilities, the carrying amount is a reasonable estimate of fair value. 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 discussed earlier in the note. The following tables present the estimated fair values of the Company’s financial instruments by fair value hierarchy levels and the corresponding carrying amounts: June 30, 2019 Total Fair Carrying (in thousands) Level 1 Level 2 Level 3 Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 516,214 $ — $ — $ 516,214 $ 516,214 Available for sale securities — 2,790,468 — 2,790,468 2,790,468 Held to maturity securities — 2,979,401 — 2,979,401 2,935,267 Loans, net — 168,190 19,894,266 20,062,456 19,980,187 Loans held for sale — 36,150 — 36,150 36,150 Derivative financial instruments — 51,609 — 51,609 51,609 Financial liabilities: Deposits $ — $ — $ 23,220,712 $ 23,220,712 $ 23,236,042 Federal funds purchased 550 — — 550 550 Securities sold under agreements to repurchase 631,048 — — 631,048 631,048 FHLB short-term borrowings 1,010,000 — — 1,010,000 1,010,000 Long-term debt — 224,547 — 224,547 232,754 Derivative financial instruments — 12,646 6,602 19,248 19,248 December 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Fair Value Carrying Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 494,466 $ — $ — $ 494,466 $ 494,466 Available for sale securities — 2,691,037 — 2,691,037 2,691,037 Held to maturity securities — 2,935,856 — 2,935,856 2,979,547 Loans, net — 170,918 19,555,969 19,726,887 19,831,897 Loans held for sale — 28,150 — 28,150 28,150 Derivative financial instruments — 16,980 — 16,980 16,980 Financial liabilities: Deposits $ — $ — $ 23,129,574 $ 23,129,574 $ 23,150,185 Federal funds purchased 425 — — 425 425 Securities sold under agreements to repurchase 428,599 — — 428,599 428,599 FHLB short-term borrowings 1,160,104 — — 1,160,104 1,160,104 Long-term debt — 223,135 — 223,135 224,993 Derivative financial instruments — 14,923 7,304 22,227 22,227 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 16. Recent Accounting Pronouncements Accounting Standards Adopted in 2019 In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. With the exception of short-term leases, lessees are required to recognize a lease liability representing the lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis, and a right-of-use asset representing the lessee’s right to use, or control the use of, a specified asset for the lease term upon adoption. Lessor accounting was largely unchanged under the new guidance, except for clarification of the definition of initial direct costs which provided additional guidance on the timing of recognition of those costs. Subsequent to the issuance of this update, the FASB issued three additional ASUs that provide codification improvements and certain transition elections, including ASU 2018-11, which permits an additional transition method whereby an entity may elect to record a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company was required to and did adopt the standard effective January 1, 2019, using the modified retrospective transition method permitted by ASU 2018-11. Thus, the Company’s reporting for the comparative period presented in the financial statements and disclosures continues to be in accordance with GAAP Topic 840. Upon adoption, the Company recorded a gross-up of assets and liabilities in its Consolidated Balance Sheet, with approximately $116 million for right of use assets and $131 million of lease payment obligations offset by the elimination of $15 million of existing lease incentive and other deferred rent liabilities. Accounting for leases in accordance with Topic 842 has not had a material impact upon the Company’s consolidated results of operations, and is not expected to in future periods. Refer to Note 5 – Operating Leases for further information related to operating lease accounting policy, practical expedient elections for adoption and operating leasing information at adoption and as of June 30, 2019. Issued but Not Yet Adopted Accounting Standards In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.” The Update provides clarification and correction to certain areas of previously issued ASUs concerning financial instruments (2016-01, 2016-13 and 2017-12). The FASB does not expect the provisions contained in this Update to have a significant effect on current accounting practice. Effective dates for adoption of this Update’s provisions vary in accordance with the effective dates and adoption status of the amended ASUs. The Company is currently assessing the impact of adoption of this guidance, but it is not expected to have a material impact upon its financial position and results of operations. In August 2018, the FASB issued ASU 2018-14, “Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans.” The amendments in this Update modify certain disclosure requirements by removing disclosures that are no longer considered cost beneficial, clarifying specific requirements of disclosures, and adding disclosure requirements identified as relevant. The amendments in this Update are effective for fiscal years ending after December 15, 2020 for public business entities, and early adoption is permitted. The Company is currently assessing the impact of adoption of this guidance upon its pension and postretirement plan disclosures. Adoption of this guidance will have no impact upon the Company’s results of operations or financial condition. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” The amendments in this Update modify certain disclosure requirements on fair value measurements set forth in Topic 820, Fair Value Measurements. In addition, the amendments in this Update eliminate the phrase “an entity shall disclose at a minimum” to promote the appropriate exercise of discretion by entities when considering fair value measurement disclosures to clarify that materiality is an appropriate consideration of entities and their auditors when evaluating disclosure requirements. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2019, and early adoption is permitted. The Company is currently assessing the impact of adoption of this guidance upon its fair value measurements disclosures. Adoption of this guidance will have no impact upon the Company’s results of operations or financial condition. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The ASU, more commonly referred to as Current Expected Credit Losses, or CECL, requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better infor m their credit loss estimates. Many of the loss estimation techniques currently applied will still be permitted, although the inputs to those techniques will change to reflect the full amo unt of expected credit losses. Organizations will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. In addition, the ASU amends the accounting for credit losses on debt securities and purchased financial assets with credit deterioration. The ASU is effective for SEC filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. Early application is permitted for all organizations for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is not planning to early adopt this guidance. The Company has engaged third party consultants and formed cross-functional working groups comprised of individuals from various areas including credit, finance, treasury, risk management and information technology for implementation. Five work streams have been created to develop the expected credit loss models; execute system implementation; complete balance sheet scoping; ensure the design of effective internal controls surrounding new processes; and provide execu tive oversight of the project. The Company has completed the configuration of a vendor provided software solution for which testing and implementation is expected to be compl ete in the third quarter of 2019. Validation of models began in the first quarter of 2019 and is also expected to be completed during the third quarter of 2019. The Company plans to conduct parallel testing of the estimation process during the third and fourth quarters of 2019. While the Company has not yet quantified the financial impact of adoption, the expectation is that application of this guidance will result in an increase in the allowance for loan losses given the change in methodology from covering losses inherent in the portfolio to covering losses over the remaining expected life of the portfolio . Application of the guidance is also expected to result in the establishment of an allowance for credit loss on hel d to maturity debt securities. The amount of the increase in these allowances will be impacted by the portfolio composition and quality at the adoption date as well as economic conditions and forecasts at that time. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
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, 2018. 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. |
Critical Accounting Policies and Estimates | Critical Accounting Policies and Estimates 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, 2018. Refer to Note 16 – Recent Accounting Pronouncements for a discussion of accounting standards adopted during the six months ended June 30, 2019. |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Schedule of Fair Value of Net Assets Acquired and Liabilities Assumed | (in thousands) ASSETS Accounts receivable $ 2,803 Identifiable intangible assets 27,562 Total identifiable assets 30,365 LIABILITIES Deposit liabilities 217,432 Other liabilities 151 Total liabilities 217,583 Net liabilities assumed (187,218 ) Consideration received 140,657 Goodwill $ 46,561 |
Schedule of Goodwill | (in thousands) Goodwill balance at December 31, 2017 $ 745,523 Initial goodwill recorded - acquisition of trust and asset management business 45,634 Measurement period adjustments - acquisition of trust and asset management business (185 ) Goodwill balance at December 31, 2018 $ 790,972 Final settlement of cash consideration - acquisition of trust and asset management business 1,112 Goodwill balance at June 30, 2019 $ 792,084 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 Securities Available for Sale | Securities Available for Sale (in thousands) June 30, 2019 December 31, 2018 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ 80,935 1,078 149 $ 81,864 $ 74,339 $ — $ 2,633 $ 71,706 Municipal obligations 244,600 4,744 3 249,341 246,713 360 6,646 240,427 Residential mortgage-backed securities 1,357,580 16,847 6,776 1,367,651 1,468,912 4,284 29,794 1,443,402 Commercial mortgage-backed securities 919,756 17,199 2,380 934,575 799,060 1,953 30,936 770,077 Collateralized mortgage obligations 152,352 1,463 278 153,537 163,282 903 2,260 161,925 Corporate debt securities 3,500 — — 3,500 3,500 — — 3,500 $ 2,758,723 $ 41,331 $ 9,586 $ 2,790,468 $ 2,755,806 $ 7,500 $ 72,269 $ 2,691,037 |
Amortized Cost and Fair Value of Securities Held to Maturity | Securities Held to Maturity (in thousands) June 30, 2019 December 31, 2018 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ 50,000 — 119 $ 49,881 $ 50,000 $ — $ 478 $ 49,522 Municipal obligations 653,105 21,047 86 674,066 688,201 2,347 9,503 681,045 Residential mortgage-backed securities 582,429 9,126 791 590,764 640,393 1,461 6,117 635,737 Commercial mortgage-backed securities 511,138 11,685 619 522,204 357,175 376 10,882 346,669 Collateralized mortgage obligations 1,138,595 7,720 3,829 1,142,486 1,243,778 1,598 22,493 1,222,883 $ 2,935,267 $ 49,578 $ 5,444 $ 2,979,401 $ 2,979,547 $ 5,782 $ 49,473 $ 2,935,856 |
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 $ 190 $ 194 Due after one year through five years 235,774 239,806 Due after five years through ten years 1,178,941 1,198,484 Due after ten years 1,343,818 1,351,984 Total available for sale debt securities $ 2,758,723 $ 2,790,468 |
Securities with Unrealized Losses | Available for Sale June 30, 2019 Losses < 12 months Losses 12 months or > Total (in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. Treasury and government agency securities $ — $ — $ 21,215 149 $ 21,215 $ 149 Municipal obligations 2,292 3 — — 2,292 3 Residential mortgage-backed securities 1 — 689,726 6,776 689,727 6,776 Commercial mortgage-backed securities 22,112 12 367,211 2,368 389,323 2,380 Collateralized mortgage obligations — — 57,800 278 57,800 278 Other debt obligation 700 — — — 700 — $ 25,105 $ 15 $ 1,135,952 $ 9,571 $ 1,161,057 $ 9,586 Available for Sale December 31, 2018 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 $ — $ — $ 71,706 $ 2,633 $ 71,706 $ 2,633 Municipal obligations 41,203 591 170,883 6,054 212,086 6,645 Residential mortgage-backed securities 305,090 2,485 762,826 27,309 1,067,916 29,794 Commercial mortgage-backed securities 96,226 1,851 570,485 29,085 666,711 30,936 Collateralized mortgage obligations 254 1 111,804 2,259 112,058 2,260 $ 442,773 $ 4,928 $ 1,687,704 $ 67,340 $ 2,130,477 $ 72,268 |
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 $ 62,394 $ 62,356 Due after one year through five years 92,045 93,495 Due after five years through ten years 1,490,042 1,525,907 Due after ten years 1,290,786 1,297,643 Total held to maturity securities $ 2,935,267 $ 2,979,401 |
Securities with Unrealized Losses | Held to maturity June 30, 2019 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 $ — $ — $ 49,881 $ 119 $ 49,881 $ 119 Municipal obligations 3,027 27 18,972 59 21,999 86 Residential mortgage-backed securities — — 177,953 791 177,953 791 Commercial mortgage-backed securities — — 74,946 619 74,946 619 Collateralized mortgage obligations — — 467,781 3,829 467,781 3,829 $ 3,027 $ 27 $ 789,533 $ 5,417 $ 792,560 $ 5,444 Held to maturity December 31, 2018 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 $ — $ — $ 49,521 $ 478 $ 49,521 $ 478 Municipal obligations 233,469 2,256 233,280 7,247 466,749 9,503 Residential mortgage-backed securities 90,730 123 235,251 5,994 325,981 6,117 Commercial mortgage-backed securities — — 305,419 10,882 305,419 10,882 Collateralized mortgage obligations 77,394 281 897,153 22,212 974,547 22,493 $ 401,593 $ 2,660 $ 1,720,624 $ 46,813 $ 2,122,217 $ 49,473 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounts Notes And Loans Receivable [Line Items] | |
Loans, Net of Unearned Income | Loans, net of unearned income, by portfolio are presented in the table below. June 30, December 31, (in thousands) 2019 2018 Commercial non-real estate $ 8,559,118 $ 8,620,601 Commercial real estate - owner occupied 2,519,970 2,457,748 Total commercial and industrial 11,079,088 11,078,349 Commercial real estate - income producing 2,895,468 2,341,779 Construction and land development 1,144,062 1,548,335 Residential mortgages 2,968,271 2,910,081 Consumer 2,088,923 2,147,867 Total loans $ 20,175,812 $ 20,026,411 |
Allowance for Loan Losses by Portfolio Class | The following tables show activity in the allowance for loan losses by portfolio class for the six months ended June 30, 2019 and 2018, as well as the corresponding recorded investment in loans at the end of each period Commercial Total Commercial Commercial real estate- commercial real estate- Construction non-real owner and income and land Residential (in thousands) estate occupied industrial producing development mortgages Consumer Total Six Months Ended June 30, 2019 Allowance for loan losses: Beginning balance $ 97,752 $ 13,757 $ 111,509 $ 17,638 $ 15,647 $ 23,782 $ 25,938 $ 194,514 Charge-offs (21,653 ) (71 ) (21,724 ) (10 ) — (439 ) (8,167 ) (30,340 ) Recoveries 2,730 221 2,951 2 97 266 2,004 5,320 Net provision for loan losses 17,698 328 18,026 7,781 (4,079 ) (551 ) 4,954 26,131 Ending balance $ 96,527 $ 14,235 $ 110,762 $ 25,411 $ 11,665 $ 23,058 $ 24,729 $ 195,625 Ending balance: Allowance: Individually evaluated for impairment $ 8,486 $ 142 $ 8,628 $ 93 $ 1 $ 146 $ 253 $ 9,121 Amounts related to purchased credit impaired loans 138 172 310 105 151 8,695 313 9,574 Collectively evaluated for impairment 87,903 13,921 101,824 25,213 11,513 14,217 24,163 176,930 Total allowance $ 96,527 $ 14,235 $ 110,762 $ 25,411 $ 11,665 $ 23,058 $ 24,729 $ 195,625 Loans: Individually evaluated for impairment $ 224,603 $ 17,769 $ 242,372 $ 1,880 $ 19 $ 4,089 $ 1,521 $ 249,881 Purchased credit impaired loans 6,313 5,581 11,894 4,702 1,482 98,472 3,444 119,994 Collectively evaluated for impairment 8,328,202 2,496,620 10,824,822 2,888,886 1,142,561 2,865,710 2,083,958 19,805,937 Total loans $ 8,559,118 $ 2,519,970 $ 11,079,088 $ 2,895,468 $ 1,144,062 $ 2,968,271 $ 2,088,923 $ 20,175,812 Commercial Total Commercial Commercial real estate- commercial real estate- Construction non-real owner and income and land Residential (in thousands) estate occupied industrial producing development mortgages Consumer Total Six Months Ended June 30, 2018 Allowance for loan losses: Beginning balance $ 127,918 $ 12,962 $ 140,880 $ 13,709 $ 7,372 $ 24,844 $ 30,503 $ 217,308 Charge-offs (11,845 ) (6,804 ) (18,649 ) (1,604 ) (220 ) (498 ) (12,964 ) (33,935 ) Recoveries 12,476 275 12,751 65 38 712 3,095 16,661 Net provision for loan losses (1,981 ) 7,727 5,746 1,975 3,121 (862 ) 11,164 21,144 Reduction as a result of sale of subsidiary — — — — — — (6,648 ) (6,648 ) Ending balance $ 126,568 $ 14,160 $ 140,728 $ 14,145 $ 10,311 $ 24,196 $ 25,150 $ 214,530 Ending balance: Allowance: Individually evaluated for impairment $ 19,369 $ 824 $ 20,193 $ 407 $ 1 $ 99 $ 130 $ 20,830 Amounts related to purchased credit impaired loans 427 420 847 46 115 10,873 497 12,378 Collectively evaluated for impairment 106,772 12,916 119,688 13,692 10,195 13,224 24,523 181,322 Total allowance $ 126,568 $ 14,160 $ 140,728 $ 14,145 $ 10,311 $ 24,196 $ 25,150 $ 214,530 Loans: Individually evaluated for impairment $ 291,071 $ 26,967 $ 318,038 $ 8,820 $ 113 $ 3,733 $ 599 $ 331,303 Purchased credit impaired loans 8,221 6,630 14,851 3,800 4,769 111,805 5,381 140,606 Collectively evaluated for impairment 8,111,669 2,200,197 10,311,866 2,329,572 1,510,351 2,664,821 2,082,398 18,899,008 Total loans $ 8,410,961 $ 2,233,794 $ 10,644,755 $ 2,342,192 $ 1,515,233 $ 2,780,359 $ 2,088,378 $ 19,370,917 |
Composition of Nonaccrual Loans by Portfolio Class | The following table shows the composition of nonaccrual loans by portfolio class. Purchased credit impaired loans accounted for in pools with an accretable yield are considered to be performing and are excluded from the table. June 30, December 31, (in thousands) 2019 2018 Commercial non-real estate $ 137,126 $ 110,653 Commercial real estate - owner occupied 13,220 16,895 Total commercial and industrial 150,346 127,548 Commercial real estate - income producing 3,544 4,991 Construction and land development 1,608 2,146 Residential mortgages 37,300 35,866 Consumer 17,033 16,744 Total loans $ 209,831 $ 187,295 |
Troubled Debt Restructurings Modified by Portfolio Class | The tables below detail by portfolio class TDRs that were modified during the three and six months ended June 30, 2019 and 2018: Three Months Ended ($ in thousands) June 30, 2019 June 30, 2018 Pre- Modification Post- Modification Pre- Modification Post- Modification Number Outstanding Outstanding Number Outstanding Outstanding of Recorded Recorded of Recorded Recorded Troubled Debt Restructurings: Contracts Investment Investment Contracts Investment Investment Commercial non-real estate 1 $ 334 $ 334 5 $ 6,477 $ 6,477 Commercial real estate - owner occupied — — — — — — Total commercial and industrial 1 334 334 5 6,477 6,477 Commercial real estate - income producing — — — — — — Construction and land development — — — — — — Residential mortgages 2 638 638 2 75 75 Consumer — — — — — — Total loans 3 $ 972 $ 972 7 $ 6,552 $ 6,552 Six Months Ended ($ in thousands) June 30, 2019 June 30, 2018 Troubled Debt Restructurings: Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Commercial non-real estate 8 $ 14,137 $ 14,137 18 $ 61,959 $ 61,959 Commercial real estate - owner occupied 1 167 167 1 5,909 5,909 Total commercial and industrial 9 14,304 14,304 19 67,868 67,868 Commercial real estate - income producing — — — 1 1,564 1,564 Construction and land development — — — — — — Residential mortgages 7 1,902 1,902 3 118 118 Consumer 2 46 46 1 222 222 Total loans 18 $ 16,252 $ 16,252 24 $ 69,772 $ 69,772 |
Loans Individually Evaluated for Impairment Disaggregated by Portfolio Class | The tables below present loans that are individually evaluated for impairment disaggregated by portfolio class at June 30, 2019 and December 31, 2018 June 30, 2019 (in thousands) Recorded investment without an allowance Recorded investment with an allowance Unpaid principal balance Related allowance Commercial non-real estate $ 149,605 $ 74,998 $ 260,833 $ 8,486 Commercial real estate - owner occupied 10,971 6,798 22,352 142 Total commercial and industrial 160,576 81,796 283,185 8,628 Commercial real estate - income producing 385 1,495 1,932 93 Construction and land development — 19 19 1 Residential mortgages 2,669 1,420 4,619 146 Consumer 494 1,027 1,802 253 Total loans $ 164,124 $ 85,757 $ 291,557 $ 9,121 December 31, 2018 (in thousands) Recorded investment without an allowance Recorded investment with an allowance Unpaid principal balance Related allowance Commercial non-real estate $ 144,625 $ 94,759 $ 273,290 $ 3,636 Commercial real estate - owner occupied 13,027 8,639 25,888 607 Total commercial and industrial 157,652 103,398 299,178 4,243 Commercial real estate - income producing 1,138 1,563 3,428 210 Construction and land development 100 21 121 1 Residential mortgages 2,058 1,818 4,421 444 Consumer 279 728 1,253 216 Total loans $ 161,227 $ 107,528 $ 308,401 $ 5,114 The tables below present the average balances and interest income for total impaired loans for the three and six months ended June 30, 2019 and 2018. Interest income recognized represents interest on accruing loans modified in a TDR. Three Months Ended June 30, 2019 June 30, 2018 (in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial non-real estate $ 228,055 $ 1,444 $ 307,492 $ 2,002 Commercial real estate - owner occupied 17,371 71 28,643 102 Total commercial and industrial 245,426 1,515 336,135 2,104 Commercial real estate - income producing 2,274 7 11,446 24 Construction and land development 19 — 113 — Residential mortgages 4,743 2 6,036 5 Consumer 1,515 18 608 9 Total loans $ 253,977 $ 1,542 $ 354,338 $ 2,142 Six Months Ended June 30, 2019 June 30, 2018 (in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial non-real estate $ 231,750 $ 3,140 $ 301,695 $ 3,588 Commercial real estate - owner occupied 18,346 151 27,274 168 Total commercial and industrial 250,096 3,291 328,969 3,756 Commercial real estate - income producing 2,480 14 13,123 49 Construction and land development 45 — 176 — Residential mortgages 4,690 7 7,762 10 Consumer 1,386 34 781 18 Total loans $ 258,697 $ 3,346 $ 350,811 $ 3,833 |
Age Analysis of Past Due Loans by Portfolio Class | The tables below present the age analysis of past due loans by portfolio class at June 30, 2019 and December 31, 2018. Purchased credit impaired loans accounted for in pools with an accretable yield are considered to be current. June 30, 2019 30-59 days past due 60-89 days past due Greater than 90 days past due Total past due Current Total Loans Recorded investment > 90 days and still accruing (in thousands) Commercial non-real estate $ 4,289 $ 9,159 $ 57,760 $ 71,208 $ 8,487,910 $ 8,559,118 $ 613 Commercial real estate - owner occupied 2,858 1,732 16,047 $ 20,637 2,499,333 2,519,970 4,031 Total commercial and industrial 7,147 10,891 73,807 91,845 10,987,243 11,079,088 4,644 Commercial real estate - income producing 762 — 2,798 3,560 2,891,908 2,895,468 — Construction and land development 779 2,199 1,322 4,300 1,139,761 1,144,062 612 Residential mortgages 2,865 8,748 20,690 32,303 2,935,968 2,968,271 47 Consumer 15,989 3,960 9,498 29,447 2,059,476 2,088,923 1,190 Total $ 27,542 $ 25,798 $ 108,115 $ 161,455 $ 20,014,356 $ 20,175,812 $ 6,493 December 31, 2018 30-59 days past due 60-89 days past due Greater than 90 days past due Total past due Current Total Loans Recorded investment > 90 days and still accruing (in thousands) Commercial non-real estate $ 12,257 $ 3,895 $ 77,551 $ 93,703 $ 8,526,898 8,620,601 $ 10,823 Commercial real estate - owner occupied 2,394 1,570 14,542 18,506 2,439,242 2,457,748 380 Total commercial and industrial 14,651 5,465 92,093 112,209 10,966,140 11,078,349 11,203 Commercial real estate - income producing 2,371 772 5,495 8,638 2,333,141 2,341,779 1,844 Construction and land development 7,397 1,129 2,165 10,691 1,537,644 1,548,335 644 Residential mortgages 32,869 14,706 23,175 70,750 2,839,331 2,910,081 — Consumer 20,402 4,695 9,665 34,762 2,113,105 2,147,867 618 Total $ 77,690 $ 26,767 $ 132,593 $ 237,050 $ 19,789,361 $ 20,026,411 $ 14,309 |
Changes in Carrying Amount of Purchased Credit Impaired Loans and Related Accretable Yield | Changes in the carrying amount of purchased credit impaired loans and related accretable yield are presented in the following table for the six months ended June 30, 2019 and the year ended December 31, 2018. June 30, 2019 December 31, 2018 (in thousands) Carrying Amount of Loans Accretable Yield Carrying Amount of Loans Accretable Yield Balance at beginning of period $ 129,596 $ 37,294 $ 153,403 $ 62,517 Payments received, net (16,254 ) (2,328 ) (39,556 ) (5,779 ) Accretion 6,652 (6,652 ) 15,749 (15,749 ) Decrease in expected cash flows based on actual cash flows and changes in cash flow assumptions — 3,926 — (3,695 ) Balance at end of period $ 119,994 $ 32,240 $ 129,596 $ 37,294 |
Total Commercial [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Credit Quality Indicators by Segments and Portfolio Class | The following tables present the credit quality indicators by segments and portfolio class of loans at June 30, 2019 and December 31, 2018. June 30, 2019 (in thousands) Commercial non-real estate Commercial real estate - owner- occupied Total commercial and industrial Commercial real estate - income producing Construction and land development Total commercial Grade: Pass $ 7,940,853 $ 2,320,832 $ 10,261,685 $ 2,755,518 $ 1,122,619 $ 14,139,822 Pass-Watch 169,005 122,050 291,055 98,767 16,121 $ 405,943 Special Mention 62,545 11,981 74,526 20,927 253 $ 95,706 Substandard 386,715 65,107 451,822 20,256 5,069 $ 477,147 Doubtful — — — — — — Total $ 8,559,118 $ 2,519,970 $ 11,079,088 $ 2,895,468 $ 1,144,062 $ 15,118,618 December 31, 2018 (in thousands) Commercial non-real estate Commercial real estate - owner- occupied Total commercial and industrial Commercial real estate - income producing Construction and land development Total commercial Grade: Pass $ 7,875,588 $ 2,274,211 $ 10,149,799 2,265,087 $ 1,487,599 $ 13,902,485 Pass-Watch 260,510 84,271 344,781 46,535 49,099 440,415 Special Mention 75,752 23,149 98,901 5,510 816 105,227 Substandard 408,751 76,117 484,868 24,647 10,821 520,336 Doubtful — — — — — — Total $ 8,620,601 $ 2,457,748 $ 11,078,349 $ 2,341,779 $ 1,548,335 $ 14,968,463 |
Residential Mortgage and Consumer [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Credit Quality Indicators by Segments and Portfolio Class | June 30, 2019 December 31, 2018 (in thousands) Residential mortgage Consumer Total Residential mortgage Consumer Total Performing $ 2,930,531 $ 2,070,863 $ 5,001,394 $ 2,873,669 $ 2,130,395 $ 5,004,064 Nonperforming 37,740 18,060 $ 55,800 36,412 17,472 53,884 Total $ 2,968,271 $ 2,088,923 $ 5,057,194 $ 2,910,081 $ 2,147,867 $ 5,057,948 |
Operating Leases (Tables)
Operating Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Summary of Supplemental Balance Sheet Information Pertaining To Operating Leases and Lease Expense | Supplemental balance sheet information pertaining to operating leases: (dollars in thousands) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities for operating leases $ 3,870 $ 7,880 Right of use assets obtained in exchange for lease liabilities $ 1,105 $ 117,723 June 30, 2019 Weighted average remaining lease term (in years) 12.93 Weighted average discount rate 3.55 % The following table sets forth the components of the Company’s lease expense for the three and six months ended June 30, 2019. (in thousands) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease expense $ 4,244 $ 8,497 Short-term lease expense 20 39 Variable lease expense 12 24 Sublease income (60 ) (176 ) Total $ 4,216 $ 8,384 |
Summary Maturities of Lease Liabilities and Present Value Discount | The following table sets forth the maturities of the Company’s lease liabilities and the present value discount at June 30, 2019. (dollars in thousands) 2019 $ 8,393 2020 15,779 2021 15,085 2022 14,889 2023 13,525 Thereafter 96,994 Total 164,665 Present value discount (35,947 ) Lease liability $ 128,718 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Financial Instruments | The table below presents the notional or contractual amounts and fair values of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets at June 30, 2019 and December 31, 2018. June 30, 2019 December 31, 2018 Derivative (1) Derivative (1) (in thousands) Type of Hedge Notional or Contractual Amount Assets Liabilities Notional or Contractual Amount Assets Liabilities Derivatives designated as hedging instruments: Interest rate swaps Cash Flow $ 1,075,000 $ 25,328 $ — $ 875,000 $ 3,954 $ 9,173 Interest rate swaps Fair Value 163,110 — 290 483,110 — 2,089 1,238,110 25,328 290 1,358,110 3,954 11,262 Derivatives not designated as hedging instruments: Interest rate swaps (2) N/A 1,495,638 51,255 52,573 1,277,404 23,670 24,669 Risk participation agreements N/A 181,100 11 70 171,222 10 131 Forward commitments to sell residential mortgage loans N/A 124,987 48 742 77,208 110 664 Interest rate-lock commitments on residential mortgage loans N/A 91,325 576 42 59,119 464 67 Foreign exchange forward contracts N/A 40,230 466 434 37,749 751 718 Visa Class B derivative contract N/A 43,753 — 6,602 43,753 — 7,304 1,977,033 52,356 60,463 1,666,455 25,005 33,553 Total derivatives $ 3,215,143 $ 77,684 $ 60,753 $ 3,024,565 $ 28,959 $ 44,815 Less: netting adjustment (3) (26,075 ) (41,505 ) (11,979 ) (22,588 ) Total derivative assets/liabilities $ 51,609 $ 19,248 $ 16,980 $ 22,227 (1) Derivative assets and liabilities are reported at fair value in other assets or other liabilities, respectively, in the consolidated balance sheets. (2) The notional amount represents both the customer accommodation agreements and offsetting agreements with unrelated financial institutions. (3) 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 | Three Months Ended Six Months June 30, June 30, Derivative Instruments: Location of Gain (Loss) Recognized in the Statement of Income: 2019 2018 2019 2018 Interest rate swaps - cash flow hedges Interest income $ (1,660 ) $ (946 ) $ (3,676 ) $ (1,565 ) Interest rate swaps - fair value hedges Interest expense $ (461 ) (519 ) (1,449 ) (646 ) All other instruments Other noninterest income $ 3,600 1,588 4,409 3,111 Total $ 1,479 $ 123 $ (716 ) $ 900 |
Offsetting Derivative Assets and Liabilities Subject to Master Netting Arrangements | (in thousands) Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Income Description Gross Amounts Recognized Offset in the Statement of Income Presented in the Statement of Income Financial Instruments Cash Collateral Net Amount As of June 30, 2019 Derivative Assets $ 26,558 $ (26,405 ) $ 153 $ 153 $ — $ — Derivative Liabilities $ 51,833 $ (41,325 ) $ 10,508 $ 153 $ 15,304 $ (4,949 ) (in thousands) Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Income Description Gross Amounts Recognized Offset in the Statement of Income Presented in the Statement of Income Financial Instruments Cash Collateral Net Amount As of December 31, 2018 Derivative Assets $ 16,167 $ (12,842 ) $ 3,325 $ 1,846 $ — $ 1,479 Derivative Liabilities $ 23,811 $ (21,651 ) $ 2,160 $ 1,846 $ 2,871 $ (2,557 ) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders Equity Note [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | Available for Sale Securities HTM Securities Transferred from AFS Employee Benefit Plans Cash Flow Hedges Equity Method Investment Total (in thousands) Balance, December 31, 2017 $ (29,512 ) $ (14,585 ) $ (79,078 ) $ (11,227 ) $ — $ (134,402 ) Other comprehensive income/loss before income taxes: Net change in unrealized loss (71,759 ) — — (13,894 ) — (85,653 ) Reclassification of net loss realized and included in earnings — — 2,448 1,565 — 4,013 Other Valuation adjustments for employee benefit plan — — (9,039 ) — — (9,039 ) Amortization of unrealized net loss on securities transferred to HTM — 1,680 — — — 1,680 Income tax expense (benefit) (16,284 ) 380 (1,494 ) (2,794 ) — (20,192 ) Balance, June 30, 2018 $ (84,987 ) $ (13,285 ) $ (84,175 ) $ (20,762 ) $ — $ (203,209 ) Balance, December 31, 2018 $ (50,125 ) $ (12,044 ) $ (110,247 ) $ (8,293 ) $ — $ (180,709 ) Other comprehensive income (loss) before income taxes: Net change in unrealized gain or loss 96,514 — — 29,343 611 126,468 Reclassification of net loss realized and included in earnings — — 4,527 3,676 — 8,203 Amortization of unrealized net loss on securities transferred to HTM — 1,481 — — — 1,481 Income tax expense 21,822 335 1,023 7,466 — 30,646 Balance, June 30, 2019 $ 24,567 $ (10,898 ) $ (106,743 ) $ 17,260 $ 611 $ (75,203 ) |
Line Items in Consolidated Income Statements Affected by Amounts Reclassified from Accumulated Other Comprehensive Income | Six Months Amount reclassified from AOCI (a) June 30, Affected line item on (in thousands) 2019 2018 the statement of income Amortization of unrealized net loss on securities transferred to HTM $ (1,481 ) $ (1,680 ) Interest income Tax effect 335 380 Income taxes Net of tax (1,146 ) (1,300 ) Net income Amortization of defined benefit pension and post-retirement items (4,527 ) (2,448 ) Other noninterest expense (b) Tax effect 1,023 555 Income taxes Net of tax (3,504 ) (1,893 ) Net income Reclassification of unrealized gain (loss) on cash flow hedges (1,204 ) 979 Interest income Tax effect 272 (222 ) Income taxes Net of tax (932 ) 757 Net income Amortization of loss on terminated cash flow hedges (2,472 ) (2,544 ) Interest income Tax effect 559 577 Income taxes Net of tax (1,913 ) (1,967 ) Net income Total reclassifications, net of tax $ (7,495 ) $ (4,403 ) 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 employee benefits expense (see Note 12 – Retirement Plans for additional details). |
Other Noninterest Income (Table
Other Noninterest Income (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other Income Disclosure Nonoperating [Abstract] | |
Components of Other Noninterest Income | Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Income from bank-owned life insurance $ 4,083 $ 3,113 $ 7,348 $ 6,183 Credit related fees 2,937 2,416 5,532 5,138 Income from derivatives 3,600 1,588 4,409 3,111 Gain (loss) on sales of assets 34 41 431 (1,166 ) Other miscellaneous 4,326 3,347 6,728 6,724 Total other noninterest income $ 14,980 $ 10,505 $ 24,448 $ 19,990 |
Other Noninterest Expense (Tabl
Other Noninterest Expense (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other Expense Disclosure Nonoperating [Abstract] | |
Components of Other Noninterest Expense | Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Advertising $ 3,253 $ 3,517 $ 6,333 $ 6,043 Corporate value and franchise taxes 4,215 3,577 8,257 7,017 Printing and supplies 1,092 1,688 2,261 2,974 Telecommunications and postage 3,363 3,615 6,829 7,465 Travel expense 1,344 1,441 2,442 2,507 Entertainment and contributions 2,742 3,193 5,450 5,711 Tax credit investment amortization 1,234 875 2,372 1,749 Other retirement expense (4,152 ) (4,458 ) (8,257 ) (8,921 ) Loss on restructuring of bank-owned life insurance contracts — 3,240 — 3,240 Other miscellaneous 6,588 8,830 12,279 14,514 Total other noninterest expense $ 19,679 $ 25,518 $ 37,966 $ 42,299 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Earnings Per Common Share | Three Months Ended Six Months Ended June 30, June 30, (in thousands, except per share data) 2019 2018 2019 2018 Numerator: Net income to common shareholders $ 88,277 $ 71,177 $ 167,441 $ 143,652 Net income allocated to participating securities - basic and diluted 1,502 1,328 2,839 2,694 Net income allocated to common shareholders - basic and diluted $ 86,775 $ 69,849 $ 164,602 $ 140,958 Denominator: Weighted-average common shares - basic 85,728 85,305 $ 85,708 $ 85,273 Dilutive potential common shares 107 178 102 178 Weighted-average common shares - diluted 85,835 85,483 $ 85,810 $ 85,451 Earnings per common share: Basic $ 1.01 $ 0.82 $ 1.92 $ 1.65 Diluted $ 1.01 $ 0.82 $ 1.92 $ 1.65 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefits Cost | Other Post- (in thousands) Pension Benefits Retirement Benefits For the Three Months Ended June 30, 2019 2018 2019 2018 Service cost $ 2,735 $ 3,163 $ 22 $ 28 Interest cost 4,661 4,279 164 161 Expected return on plan assets (11,300 ) (10,169 ) — — Amortization of net loss and prior service costs 2,552 1,365 (228 ) (94 ) Net periodic benefit cost (reduction of cost) $ (1,352 ) $ (1,362 ) $ (42 ) $ 95 Other Post- (in thousands) Pension Benefits Retirement Benefits For the Six Months Ended June 30, 2019 2018 2019 2018 Service cost $ 5,510 $ 6,088 $ 51 $ 63 Interest cost 9,524 8,202 292 298 Expected return on plan assets (22,600 ) (19,869 ) — — Amortization of net loss and prior service costs 4,982 2,691 (455 ) (243 ) Net periodic benefit cost (reduction of cost) $ (2,584 ) $ (2,888 ) $ (112 ) $ 118 |
Share-Based Payment Arrangeme_2
Share-Based Payment Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Option Activity | Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Shares Price Term (Years) Value ($000) Outstanding at January 1, 2019 46,865 $ 31.88 2.6 $ 164 Exercised/Released (11,804 ) 31.14 105 Cancelled/Forfeited — — — Expired — — — Outstanding at June, 2019 35,061 $ 32.13 2.0 $ 278 Exercisable at June 30, 2019 35,061 $ 32.13 2.0 $ 278 |
Summary of Nonvested Restricted and Performance Shares | Weighted Average Number of Grant Date Shares Fair Value Nonvested at January 1, 2019 1,494,041 $ 39.89 Granted 94,907 35.80 Vested (20,290 ) 42.61 Forfeited (23,782 ) 38.62 Nonvested at June 30, 2019 1,544,876 $ 39.62 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Off-Balance Sheet Financial Instruments | The following table presents a summary of the Company’s off-balance sheet financial instruments as of June 30, 2019 and December 31, 2018: June 30, December 31, (in thousands) 2019 2018 Commitments to extend credit $ 6,930,220 $ 7,234,528 Letters of credit 359,487 365,498 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 assets and liabilities that are measured at fair value on a recurring basis in the consolidated balance sheets at June 30, 2019 and December 31, 2018: June 30, 2019 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 81,864 $ — $ 81,864 Municipal obligations — 249,341 — 249,341 Corporate debt securities — 3,500 — 3,500 Residential mortgage-backed securities — 1,367,651 — 1,367,651 Commercial mortgage-backed securities — 934,575 — 934,575 Collateralized mortgage obligations — 153,537 — 153,537 Total available for sale securities — 2,790,468 — 2,790,468 Derivative assets (1) — 51,609 — 51,609 Total recurring fair value measurements - assets $ — $ 2,842,077 $ — $ 2,842,077 Liabilities Derivative liabilities (1) $ — $ 12,646 $ 6,602 $ 19,248 Total recurring fair value measurements - liabilities $ — $ 12,646 $ 6,602 $ 19,248 December 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 71,706 $ — $ 71,706 Municipal obligations — 240,427 — 240,427 Corporate debt securities — 3,500 — 3,500 Residential mortgage-backed securities — 1,443,402 — 1,443,402 Commercial mortgage-backed securities — 770,077 — 770,077 Collateralized mortgage obligations — 161,925 — 161,925 Total available for sale securities — 2,691,037 — 2,691,037 Derivative assets (1) — 16,980 — 16,980 Total recurring fair value measurements - assets — $ 2,708,017 — $ 2,708,017 Liabilities Derivative liabilities (1) $ — $ 14,923 $ 7,304 $ 22,227 Total recurring fair value measurements - liabilities $ — $ 14,923 $ 7,304 $ 22,227 (1) For further disaggregation of derivative assets and liabilities, see Note 7 - Derivatives. |
Consolidated Balance Sheets for Financial Instruments of Material Nature Measured at Fair Value on Recurring Basis | The table below presents a rollforward of the amounts on the consolidated balance sheets for the six months ended June 30, 2019 and the year ended December 31, 2018 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, 2017 $ — Entry into derivative contract 7,304 Balance at December 31, 2018 7,304 Cash settlements (843 ) Losses included in earnings 141 Balance at June 30, 2019 $ 6,602 |
Overview of the Valuation Techniques and Significant Unobservable Inputs | ($ in thousands) Fair Value Level 3 Class June 30, 2019 December 31, 2018 Valuation Technique Unobservable Input Values Utilized Visa Class A appreciation 6% - 18% Derivative liability $ 6,602 $ 7,304 Discounted cash flow Conversion rate 1.62x - 1.59x Time until resolution 24-48 months |
Financial Assets Measured at Fair Value on Nonrecurring Basis | The following tables present the Company’s financial assets that are measured at fair value on a nonrecurring basis for each of the fair value hierarchy levels. June 30, 2019 (in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent impaired loans $ — $ 168,190 $ — $ 168,190 Other real estate owned and foreclosed assets, net — — 7,103 7,103 Total nonrecurring fair value measurements $ — $ 168,190 $ 7,103 $ 175,293 December 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent impaired loans $ — $ 170,918 $ — $ 170,918 Other real estate owned and foreclosed assets, net — — 14,594 14,594 Total nonrecurring fair value measurements $ — $ 170,918 $ 14,594 $ 185,512 |
Estimated Fair Values of Financial Instruments | The following tables present the estimated fair values of the Company’s financial instruments by fair value hierarchy levels and the corresponding carrying amounts: June 30, 2019 Total Fair Carrying (in thousands) Level 1 Level 2 Level 3 Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 516,214 $ — $ — $ 516,214 $ 516,214 Available for sale securities — 2,790,468 — 2,790,468 2,790,468 Held to maturity securities — 2,979,401 — 2,979,401 2,935,267 Loans, net — 168,190 19,894,266 20,062,456 19,980,187 Loans held for sale — 36,150 — 36,150 36,150 Derivative financial instruments — 51,609 — 51,609 51,609 Financial liabilities: Deposits $ — $ — $ 23,220,712 $ 23,220,712 $ 23,236,042 Federal funds purchased 550 — — 550 550 Securities sold under agreements to repurchase 631,048 — — 631,048 631,048 FHLB short-term borrowings 1,010,000 — — 1,010,000 1,010,000 Long-term debt — 224,547 — 224,547 232,754 Derivative financial instruments — 12,646 6,602 19,248 19,248 December 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Fair Value Carrying Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 494,466 $ — $ — $ 494,466 $ 494,466 Available for sale securities — 2,691,037 — 2,691,037 2,691,037 Held to maturity securities — 2,935,856 — 2,935,856 2,979,547 Loans, net — 170,918 19,555,969 19,726,887 19,831,897 Loans held for sale — 28,150 — 28,150 28,150 Derivative financial instruments — 16,980 — 16,980 16,980 Financial liabilities: Deposits $ — $ — $ 23,129,574 $ 23,129,574 $ 23,150,185 Federal funds purchased 425 — — 425 425 Securities sold under agreements to repurchase 428,599 — — 428,599 428,599 FHLB short-term borrowings 1,160,104 — — 1,160,104 1,160,104 Long-term debt — 223,135 — 223,135 224,993 Derivative financial instruments — 14,923 7,304 22,227 22,227 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) $ in Thousands | Apr. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Jul. 13, 2018USD ($) |
Business Acquisition [Line Items] | |||
Useful life | 17 years | ||
Acquisition related costs | $ 1,900 | ||
Capital One [Member] | |||
Business Acquisition [Line Items] | |||
Assets under management | $ 4,000,000 | ||
Assets under management and administration | 10,400,000 | ||
Cash for customer deposit liabilities assumed | $ 217,000 | ||
Assets | 30,365 | ||
Deposit liabilities | 217,432 | ||
Trust And Asset Management Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Trust fee revenue | 10,100 | ||
Related expense | 9,800 | ||
MidSouth [Member] | |||
Business Acquisition [Line Items] | |||
Assets | 1,700,000 | ||
Loans | 900,000 | ||
Deposit liabilities | $ 1,400,000 | ||
Fixed conversion ratio | 0.2952 | ||
Business combination transaction value on an average of share price | $ 213,000 |
Business Combinations (Schedule
Business Combinations (Schedule of Fair Value of Net Assets Acquired Acquired and Liabilities Assumed - Capital One) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||
Goodwill | $ 792,084 | $ 790,972 | $ 745,523 |
Capital One [Member] | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 2,803 | ||
Identifiable intangible assets | 27,562 | ||
Total identifiable assets | 30,365 | ||
Deposit liabilities | 217,432 | ||
Other liabilities | 151 | ||
Total liabilities | 217,583 | ||
Net identifiable assets acquired (liabilities assumed) | (187,218) | ||
Consideration received | 140,657 | ||
Goodwill | $ 46,561 |
Business Combinations (Schedu_2
Business Combinations (Schedule of Goodwill) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Business Combinations [Abstract] | ||
Goodwill, Beginning Balance | $ 790,972 | $ 745,523 |
Initial goodwill recorded - acquisition of trust and asset management business | 45,634 | |
Measurement period adjustments - acquisition of trust and asset management business | (185) | |
Final settlement of cash consideration - acquisition of trust and asset management business | 1,112 | |
Goodwill, Ending Balance | $ 792,084 | $ 790,972 |
Securities (Amortized Cost and
Securities (Amortized Cost and Fair Value of Securities Available for Sale) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | $ 2,758,723 | $ 2,755,806 |
Securities Available for Sale, Gross Unrealized Gains | 41,331 | 7,500 |
Securities Available for Sale, Gross Unrealized Losses | 9,586 | 72,269 |
Securities Available for Sale, Fair Value | 2,790,468 | 2,691,037 |
U.S. Treasury And Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 80,935 | 74,339 |
Securities Available for Sale, Gross Unrealized Gains | 1,078 | |
Securities Available for Sale, Gross Unrealized Losses | 149 | 2,633 |
Securities Available for Sale, Fair Value | 81,864 | 71,706 |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 244,600 | 246,713 |
Securities Available for Sale, Gross Unrealized Gains | 4,744 | 360 |
Securities Available for Sale, Gross Unrealized Losses | 3 | 6,646 |
Securities Available for Sale, Fair Value | 249,341 | 240,427 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 1,357,580 | 1,468,912 |
Securities Available for Sale, Gross Unrealized Gains | 16,847 | 4,284 |
Securities Available for Sale, Gross Unrealized Losses | 6,776 | 29,794 |
Securities Available for Sale, Fair Value | 1,367,651 | 1,443,402 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 919,756 | 799,060 |
Securities Available for Sale, Gross Unrealized Gains | 17,199 | 1,953 |
Securities Available for Sale, Gross Unrealized Losses | 2,380 | 30,936 |
Securities Available for Sale, Fair Value | 934,575 | 770,077 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 152,352 | 163,282 |
Securities Available for Sale, Gross Unrealized Gains | 1,463 | 903 |
Securities Available for Sale, Gross Unrealized Losses | 278 | 2,260 |
Securities Available for Sale, Fair Value | 153,537 | 161,925 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 3,500 | 3,500 |
Securities Available for Sale, Fair Value | $ 3,500 | $ 3,500 |
Securities (Amortized Cost an_2
Securities (Amortized Cost and Fair Value of Securities Held to Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | $ 2,935,267 | $ 2,979,547 |
Securities Held to Maturity, Gross Unrealized Gains | 49,578 | 5,782 |
Securities Held to Maturity, Gross Unrealized Losses | 5,444 | 49,473 |
Securities Held to Maturity, Fair Value | 2,979,401 | 2,935,856 |
U.S. Treasury And Government Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | 50,000 | 50,000 |
Securities Held to Maturity, Gross Unrealized Losses | 119 | 478 |
Securities Held to Maturity, Fair Value | 49,881 | 49,522 |
Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | 653,105 | 688,201 |
Securities Held to Maturity, Gross Unrealized Gains | 21,047 | 2,347 |
Securities Held to Maturity, Gross Unrealized Losses | 86 | 9,503 |
Securities Held to Maturity, Fair Value | 674,066 | 681,045 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | 582,429 | 640,393 |
Securities Held to Maturity, Gross Unrealized Gains | 9,126 | 1,461 |
Securities Held to Maturity, Gross Unrealized Losses | 791 | 6,117 |
Securities Held to Maturity, Fair Value | 590,764 | 635,737 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | 511,138 | 357,175 |
Securities Held to Maturity, Gross Unrealized Gains | 11,685 | 376 |
Securities Held to Maturity, Gross Unrealized Losses | 619 | 10,882 |
Securities Held to Maturity, Fair Value | 522,204 | 346,669 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | 1,138,595 | 1,243,778 |
Securities Held to Maturity, Gross Unrealized Gains | 7,720 | 1,598 |
Securities Held to Maturity, Gross Unrealized Losses | 3,829 | 22,493 |
Securities Held to Maturity, Fair Value | $ 1,142,486 | $ 1,222,883 |
Securities (Amortized Cost an_3
Securities (Amortized Cost and Fair Value of Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Investments Debt And Equity Securities [Abstract] | ||
Debt Securities Available for Sale, Due in one year or less, Amortized Cost | $ 190 | |
Debt Securities Available for Sale, Due after one year through five years, Amortized Cost | 235,774 | |
Debt Securities Available for Sale, Due after five years through ten years, Amortized Cost | 1,178,941 | |
Debt Securities Available for Sale, Due after ten years, Amortized Cost | 1,343,818 | |
Total available for sale debt securities, Amortized Cost | 2,758,723 | |
Debt Securities Available for Sale, Due in one year or less, Fair Value | 194 | |
Debt Securities Available for Sale, Due after one year through five years, Fair Value | 239,806 | |
Debt Securities Available for Sale, Due after five years through ten years, Fair Value | 1,198,484 | |
Debt Securities Available for Sale, Due after ten years, Fair Value | 1,351,984 | |
Total available for sale debt securities, Fair Value | 2,790,468 | |
Debt Securities Held to Maturity, Due in one year or less, Amortized Cost | 62,394 | |
Debt Securities Held to Maturity, Due after one year through five years, Amortized Cost | 92,045 | |
Debt Securities Held to Maturity, Due after five years through ten years, Amortized Cost | 1,490,042 | |
Debt Securities Held to Maturity, Due after ten years, Amortized Cost | 1,290,786 | |
Total held to maturity debt securities, Amortized Cost | 2,935,267 | $ 2,979,547 |
Debt Securities Held to Maturity, Due in one year or less, Fair Value | 62,356 | |
Debt Securities Held to Maturity, Due after one year through five years, Fair Value | 93,495 | |
Debt Securities Held to Maturity, Due after five years through ten years, Fair Value | 1,525,907 | |
Debt Securities Held to Maturity, Due after ten years, Fair Value | 1,297,643 | |
Total held to maturity debt securities, Fair Value | $ 2,979,401 | $ 2,935,856 |
Securities (Narrative) (Details
Securities (Narrative) (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Investments Debt And Equity Securities [Abstract] | ||
Securities classified as trading | $ 0 | $ 0 |
Securities pledged as collateral | $ 3,500,000,000 | $ 3,400,000,000 |
Securities (Securities Availabl
Securities (Securities Available for Sale with Unrealized Losses) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | $ 25,105 | $ 442,773 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 15 | 4,928 |
Available for sale, Losses 12 months or longer, Fair Value | 1,135,952 | 1,687,704 |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 9,571 | 67,340 |
Available for sale, Total, Fair Value | 1,161,057 | 2,130,477 |
Available for sale, Total, Gross Unrealized Losses | 9,586 | 72,268 |
U.S. Treasury And Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses 12 months or longer, Fair Value | 21,215 | 71,706 |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 149 | 2,633 |
Available for sale, Total, Fair Value | 21,215 | 71,706 |
Available for sale, Total, Gross Unrealized Losses | 149 | 2,633 |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 2,292 | 41,203 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 3 | 591 |
Available for sale, Losses 12 months or longer, Fair Value | 170,883 | |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 6,054 | |
Available for sale, Total, Fair Value | 2,292 | 212,086 |
Available for sale, Total, Gross Unrealized Losses | 3 | 6,645 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 1 | 305,090 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 2,485 | |
Available for sale, Losses 12 months or longer, Fair Value | 689,726 | 762,826 |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 6,776 | 27,309 |
Available for sale, Total, Fair Value | 689,727 | 1,067,916 |
Available for sale, Total, Gross Unrealized Losses | 6,776 | 29,794 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 22,112 | 96,226 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 12 | 1,851 |
Available for sale, Losses 12 months or longer, Fair Value | 367,211 | 570,485 |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 2,368 | 29,085 |
Available for sale, Total, Fair Value | 389,323 | 666,711 |
Available for sale, Total, Gross Unrealized Losses | 2,380 | 30,936 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 254 | |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 1 | |
Available for sale, Losses 12 months or longer, Fair Value | 57,800 | 111,804 |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 278 | 2,259 |
Available for sale, Total, Fair Value | 57,800 | 112,058 |
Available for sale, Total, Gross Unrealized Losses | 278 | $ 2,260 |
Other Debt Obligation [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 700 | |
Available for sale, Total, Fair Value | $ 700 |
Securities (Securities Held to
Securities (Securities Held to Maturity with Unrealized Losses) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity, Losses less than 12 months, Fair Value | $ 3,027 | $ 401,593 |
Held to Maturity, Losses less than 12 months, Gross Unrealized Losses | 27 | 2,660 |
Held to Maturity, Losses 12 months or longer, Fair Value | 789,533 | 1,720,624 |
Held to Maturity, Losses 12 months or longer, Gross Unrealized Losses | 5,417 | 46,813 |
Held to Maturity, Total, Fair Value | 792,560 | 2,122,217 |
Held to Maturity, Total, Gross Unrealized Losses | 5,444 | 49,473 |
U.S. Treasury And Government Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity, Losses 12 months or longer, Fair Value | 49,881 | 49,521 |
Held to Maturity, Losses 12 months or longer, Gross Unrealized Losses | 119 | 478 |
Held to Maturity, Total, Fair Value | 49,881 | 49,521 |
Held to Maturity, Total, Gross Unrealized Losses | 119 | 478 |
Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity, Losses less than 12 months, Fair Value | 3,027 | 233,469 |
Held to Maturity, Losses less than 12 months, Gross Unrealized Losses | 27 | 2,256 |
Held to Maturity, Losses 12 months or longer, Fair Value | 18,972 | 233,280 |
Held to Maturity, Losses 12 months or longer, Gross Unrealized Losses | 59 | 7,247 |
Held to Maturity, Total, Fair Value | 21,999 | 466,749 |
Held to Maturity, Total, Gross Unrealized Losses | 86 | 9,503 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity, Losses less than 12 months, Fair Value | 90,730 | |
Held to Maturity, Losses less than 12 months, Gross Unrealized Losses | 123 | |
Held to Maturity, Losses 12 months or longer, Fair Value | 177,953 | 235,251 |
Held to Maturity, Losses 12 months or longer, Gross Unrealized Losses | 791 | 5,994 |
Held to Maturity, Total, Fair Value | 177,953 | 325,981 |
Held to Maturity, Total, Gross Unrealized Losses | 791 | 6,117 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity, Losses 12 months or longer, Fair Value | 74,946 | 305,419 |
Held to Maturity, Losses 12 months or longer, Gross Unrealized Losses | 619 | 10,882 |
Held to Maturity, Total, Fair Value | 74,946 | 305,419 |
Held to Maturity, Total, Gross Unrealized Losses | 619 | 10,882 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity, Losses less than 12 months, Fair Value | 77,394 | |
Held to Maturity, Losses less than 12 months, Gross Unrealized Losses | 281 | |
Held to Maturity, Losses 12 months or longer, Fair Value | 467,781 | 897,153 |
Held to Maturity, Losses 12 months or longer, Gross Unrealized Losses | 3,829 | 22,212 |
Held to Maturity, Total, Fair Value | 467,781 | 974,547 |
Held to Maturity, Total, Gross Unrealized Losses | $ 3,829 | $ 22,493 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses (Loans, Net of Unearned Income) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 20,175,812 | $ 20,026,411 | $ 19,370,917 |
Residential Mortgages [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 2,968,271 | 2,910,081 | 2,780,359 |
Consumer [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 2,088,923 | 2,147,867 | 2,088,378 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 2,895,468 | 2,341,779 | 2,342,192 |
Construction and Land Development [Member] | Total Commercial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 1,144,062 | 1,548,335 | 1,515,233 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 11,079,088 | 11,078,349 | 10,644,755 |
Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 8,559,118 | 8,620,601 | 8,410,961 |
Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 2,519,970 | $ 2,457,748 | $ 2,233,794 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses (Allowance for Loan Losses by Portfolio Class) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | $ 194,514 | $ 217,308 | |||
Allowance for loan losses: Net provision for loan losses | $ 8,088 | $ 8,891 | 26,131 | 21,144 | |
Reduction as a result of sale of subsidiary | (6,648) | ||||
Allowance for loan losses: Ending balance | 195,625 | 214,530 | 195,625 | 214,530 | |
Allowance for loan losses: Individually evaluated for impairment | 9,121 | 20,830 | 9,121 | 20,830 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 9,574 | 12,378 | 9,574 | 12,378 | |
Allowance for loan losses: Collectively evaluated for impairment | 176,930 | 181,322 | 176,930 | 181,322 | |
Loans: Individually evaluated for impairment | 249,881 | 331,303 | 249,881 | 331,303 | |
Loans: Purchased credit impaired loans | 119,994 | 140,606 | 119,994 | 140,606 | |
Loans: Collectively evaluated for impairment | 19,805,937 | 18,899,008 | 19,805,937 | 18,899,008 | |
Loans receivable | 20,175,812 | 19,370,917 | 20,175,812 | 19,370,917 | $ 20,026,411 |
Non-Purchased Credit Impaired Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Charge-offs | (30,340) | (33,935) | |||
Allowance for loan losses: Recoveries | 5,320 | 16,661 | |||
Allowance for loan losses: Net provision for loan losses | 26,131 | 21,144 | |||
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | 17,638 | 13,709 | |||
Allowance for loan losses: Ending balance | 25,411 | 14,145 | 25,411 | 14,145 | |
Allowance for loan losses: Individually evaluated for impairment | 93 | 407 | 93 | 407 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 105 | 46 | 105 | 46 | |
Allowance for loan losses: Collectively evaluated for impairment | 25,213 | 13,692 | 25,213 | 13,692 | |
Loans: Individually evaluated for impairment | 1,880 | 8,820 | 1,880 | 8,820 | |
Loans: Purchased credit impaired loans | 4,702 | 3,800 | 4,702 | 3,800 | |
Loans: Collectively evaluated for impairment | 2,888,886 | 2,329,572 | 2,888,886 | 2,329,572 | |
Loans receivable | 2,895,468 | 2,342,192 | 2,895,468 | 2,342,192 | 2,341,779 |
Total Commercial [Member] | Construction and Land Development [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | 15,647 | 7,372 | |||
Allowance for loan losses: Ending balance | 11,665 | 10,311 | 11,665 | 10,311 | |
Allowance for loan losses: Individually evaluated for impairment | 1 | 1 | 1 | 1 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 151 | 115 | 151 | 115 | |
Allowance for loan losses: Collectively evaluated for impairment | 11,513 | 10,195 | 11,513 | 10,195 | |
Loans: Individually evaluated for impairment | 19 | 113 | 19 | 113 | |
Loans: Purchased credit impaired loans | 1,482 | 4,769 | 1,482 | 4,769 | |
Loans: Collectively evaluated for impairment | 1,142,561 | 1,510,351 | 1,142,561 | 1,510,351 | |
Loans receivable | 1,144,062 | 1,515,233 | 1,144,062 | 1,515,233 | 1,548,335 |
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 | (10) | (1,604) | |||
Allowance for loan losses: Recoveries | 2 | 65 | |||
Allowance for loan losses: Net provision for loan losses | 7,781 | 1,975 | |||
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 | (220) | ||||
Allowance for loan losses: Recoveries | 97 | 38 | |||
Allowance for loan losses: Net provision for loan losses | (4,079) | 3,121 | |||
Total Commercial [Member] | Total Commercial And Industrial [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | 111,509 | 140,880 | |||
Allowance for loan losses: Ending balance | 110,762 | 140,728 | 110,762 | 140,728 | |
Allowance for loan losses: Individually evaluated for impairment | 8,628 | 20,193 | 8,628 | 20,193 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 310 | 847 | 310 | 847 | |
Allowance for loan losses: Collectively evaluated for impairment | 101,824 | 119,688 | 101,824 | 119,688 | |
Loans: Individually evaluated for impairment | 242,372 | 318,038 | 242,372 | 318,038 | |
Loans: Purchased credit impaired loans | 11,894 | 14,851 | 11,894 | 14,851 | |
Loans: Collectively evaluated for impairment | 10,824,822 | 10,311,866 | 10,824,822 | 10,311,866 | |
Loans receivable | 11,079,088 | 10,644,755 | 11,079,088 | 10,644,755 | 11,078,349 |
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 | 97,752 | 127,918 | |||
Allowance for loan losses: Ending balance | 96,527 | 126,568 | 96,527 | 126,568 | |
Allowance for loan losses: Individually evaluated for impairment | 8,486 | 19,369 | 8,486 | 19,369 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 138 | 427 | 138 | 427 | |
Allowance for loan losses: Collectively evaluated for impairment | 87,903 | 106,772 | 87,903 | 106,772 | |
Loans: Individually evaluated for impairment | 224,603 | 291,071 | 224,603 | 291,071 | |
Loans: Purchased credit impaired loans | 6,313 | 8,221 | 6,313 | 8,221 | |
Loans: Collectively evaluated for impairment | 8,328,202 | 8,111,669 | 8,328,202 | 8,111,669 | |
Loans receivable | 8,559,118 | 8,410,961 | 8,559,118 | 8,410,961 | 8,620,601 |
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 | 13,757 | 12,962 | |||
Allowance for loan losses: Ending balance | 14,235 | 14,160 | 14,235 | 14,160 | |
Allowance for loan losses: Individually evaluated for impairment | 142 | 824 | 142 | 824 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 172 | 420 | 172 | 420 | |
Allowance for loan losses: Collectively evaluated for impairment | 13,921 | 12,916 | 13,921 | 12,916 | |
Loans: Individually evaluated for impairment | 17,769 | 26,967 | 17,769 | 26,967 | |
Loans: Purchased credit impaired loans | 5,581 | 6,630 | 5,581 | 6,630 | |
Loans: Collectively evaluated for impairment | 2,496,620 | 2,200,197 | 2,496,620 | 2,200,197 | |
Loans receivable | 2,519,970 | 2,233,794 | 2,519,970 | 2,233,794 | 2,457,748 |
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 | (21,724) | (18,649) | |||
Allowance for loan losses: Recoveries | 2,951 | 12,751 | |||
Allowance for loan losses: Net provision for loan losses | 18,026 | 5,746 | |||
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 | (21,653) | (11,845) | |||
Allowance for loan losses: Recoveries | 2,730 | 12,476 | |||
Allowance for loan losses: Net provision for loan losses | 17,698 | (1,981) | |||
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 | (71) | (6,804) | |||
Allowance for loan losses: Recoveries | 221 | 275 | |||
Allowance for loan losses: Net provision for loan losses | 328 | 7,727 | |||
Residential Mortgages [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | 23,782 | 24,844 | |||
Allowance for loan losses: Ending balance | 23,058 | 24,196 | 23,058 | 24,196 | |
Allowance for loan losses: Individually evaluated for impairment | 146 | 99 | 146 | 99 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 8,695 | 10,873 | 8,695 | 10,873 | |
Allowance for loan losses: Collectively evaluated for impairment | 14,217 | 13,224 | 14,217 | 13,224 | |
Loans: Individually evaluated for impairment | 4,089 | 3,733 | 4,089 | 3,733 | |
Loans: Purchased credit impaired loans | 98,472 | 111,805 | 98,472 | 111,805 | |
Loans: Collectively evaluated for impairment | 2,865,710 | 2,664,821 | 2,865,710 | 2,664,821 | |
Loans receivable | 2,968,271 | 2,780,359 | 2,968,271 | 2,780,359 | 2,910,081 |
Residential Mortgages [Member] | Non-Purchased Credit Impaired Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Charge-offs | (439) | (498) | |||
Allowance for loan losses: Recoveries | 266 | 712 | |||
Allowance for loan losses: Net provision for loan losses | (551) | (862) | |||
Consumer [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | 25,938 | 30,503 | |||
Reduction as a result of sale of subsidiary | (6,648) | ||||
Allowance for loan losses: Ending balance | 24,729 | 25,150 | 24,729 | 25,150 | |
Allowance for loan losses: Individually evaluated for impairment | 253 | 130 | 253 | 130 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 313 | 497 | 313 | 497 | |
Allowance for loan losses: Collectively evaluated for impairment | 24,163 | 24,523 | 24,163 | 24,523 | |
Loans: Individually evaluated for impairment | 1,521 | 599 | 1,521 | 599 | |
Loans: Purchased credit impaired loans | 3,444 | 5,381 | 3,444 | 5,381 | |
Loans: Collectively evaluated for impairment | 2,083,958 | 2,082,398 | 2,083,958 | 2,082,398 | |
Loans receivable | $ 2,088,923 | $ 2,088,378 | 2,088,923 | 2,088,378 | $ 2,147,867 |
Consumer [Member] | Non-Purchased Credit Impaired Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Charge-offs | (8,167) | (12,964) | |||
Allowance for loan losses: Recoveries | 2,004 | 3,095 | |||
Allowance for loan losses: Net provision for loan losses | $ 4,954 | $ 11,164 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses (Composition of Nonaccrual Loans by Portfolio Class) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | $ 209,831 | $ 187,295 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 3,544 | 4,991 |
Total Commercial [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 1,608 | 2,146 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 37,300 | 35,866 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 17,033 | 16,744 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 150,346 | 127,548 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 137,126 | 110,653 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | $ 13,220 | $ 16,895 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($)loan | Jun. 30, 2018loan | Jun. 30, 2019USD ($)loan | Jun. 30, 2018USD ($)loan | Dec. 31, 2018USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | |||||
Nonaccrual loans | $ 209,831 | $ 209,831 | $ 187,295 | ||
TDRs both accruing and nonaccruing | 200,300 | 200,300 | 224,600 | ||
Unfunded commitment to borrowers related to modified TDR | 3,600 | 3,600 | 2,100 | ||
TDRs and loans impaired with minimum aggregate relationship balances | 1,000 | ||||
Consumer [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Nonaccrual loans | 17,033 | 17,033 | 16,744 | ||
Real estate in process of foreclosure | 8,700 | 8,700 | 7,100 | ||
Real estate acquired through foreclosure | 2,600 | 2,600 | 1,800 | ||
Troubled Debt Restructurings [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Nonaccrual loans | $ 99,100 | $ 99,100 | $ 85,500 | ||
Number of TDRs subsequently defaulted | loan | 0 | 0 | 0 | 0 | |
Troubled Debt Restructurings [Member] | Loans With Extended Amortization Terms Or Other Payment Concessions [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Extended terms and other payment concessions | $ 100 | $ 49,600 | |||
Troubled Debt Restructurings [Member] | Loans With Significant Covenant Waivers [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Covenant waivers | 9,100 | 14,600 | |||
Troubled Debt Restructurings [Member] | Loans With Other Modifications [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Other modifications | $ 7,000 | $ 5,600 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses (Troubled Debt Restructurings Modified by Portfolio Class) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)contract | Jun. 30, 2018USD ($)contract | Jun. 30, 2019USD ($)contract | Jun. 30, 2018USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 3 | 7 | 18 | 24 |
Pre-Modification Outstanding Recorded Investment | $ 972 | $ 6,552 | $ 16,252 | $ 69,772 |
Post-Modification Outstanding Recorded Investment | $ 972 | $ 6,552 | $ 16,252 | $ 69,772 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 1 | |||
Pre-Modification Outstanding Recorded Investment | $ 1,564 | |||
Post-Modification Outstanding Recorded Investment | $ 1,564 | |||
Residential Mortgages [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 2 | 2 | 7 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 638 | $ 75 | $ 1,902 | $ 118 |
Post-Modification Outstanding Recorded Investment | $ 638 | $ 75 | $ 1,902 | $ 118 |
Consumer [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 2 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 46 | $ 222 | ||
Post-Modification Outstanding Recorded Investment | $ 46 | $ 222 | ||
Total Commercial And Industrial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 1 | 5 | 9 | 19 |
Pre-Modification Outstanding Recorded Investment | $ 334 | $ 6,477 | $ 14,304 | $ 67,868 |
Post-Modification Outstanding Recorded Investment | $ 334 | $ 6,477 | $ 14,304 | $ 67,868 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 1 | 5 | 8 | 18 |
Pre-Modification Outstanding Recorded Investment | $ 334 | $ 6,477 | $ 14,137 | $ 61,959 |
Post-Modification Outstanding Recorded Investment | $ 334 | $ 6,477 | $ 14,137 | $ 61,959 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 167 | $ 5,909 | ||
Post-Modification Outstanding Recorded Investment | $ 167 | $ 5,909 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses (Loans Individually Evaluated for Impairment Disaggregated by Portfolio Class) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment without an allowance | $ 164,124 | $ 164,124 | $ 161,227 | ||
Recorded investment with an allowance | 85,757 | 85,757 | 107,528 | ||
Unpaid principal balance | 291,557 | 291,557 | 308,401 | ||
Related allowance | 9,121 | 9,121 | 5,114 | ||
Average recorded investment | 253,977 | $ 354,338 | 258,697 | $ 350,811 | |
Interest income recognized | 1,542 | 2,142 | 3,346 | 3,833 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment without an allowance | 385 | 385 | 1,138 | ||
Recorded investment with an allowance | 1,495 | 1,495 | 1,563 | ||
Unpaid principal balance | 1,932 | 1,932 | 3,428 | ||
Related allowance | 93 | 93 | 210 | ||
Average recorded investment | 2,274 | 11,446 | 2,480 | 13,123 | |
Interest income recognized | 7 | 24 | 14 | 49 | |
Total Commercial [Member] | Construction and Land Development [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment without an allowance | 100 | ||||
Recorded investment with an allowance | 19 | 19 | 21 | ||
Unpaid principal balance | 19 | 19 | 121 | ||
Related allowance | 1 | 1 | 1 | ||
Average recorded investment | 19 | 113 | 45 | 176 | |
Residential Mortgages [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment without an allowance | 2,669 | 2,669 | 2,058 | ||
Recorded investment with an allowance | 1,420 | 1,420 | 1,818 | ||
Unpaid principal balance | 4,619 | 4,619 | 4,421 | ||
Related allowance | 146 | 146 | 444 | ||
Average recorded investment | 4,743 | 6,036 | 4,690 | 7,762 | |
Interest income recognized | 2 | 5 | 7 | 10 | |
Consumer [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment without an allowance | 494 | 494 | 279 | ||
Recorded investment with an allowance | 1,027 | 1,027 | 728 | ||
Unpaid principal balance | 1,802 | 1,802 | 1,253 | ||
Related allowance | 253 | 253 | 216 | ||
Average recorded investment | 1,515 | 608 | 1,386 | 781 | |
Interest income recognized | 18 | 9 | 34 | 18 | |
Total Commercial And Industrial [Member] | Total Commercial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment without an allowance | 160,576 | 160,576 | 157,652 | ||
Recorded investment with an allowance | 81,796 | 81,796 | 103,398 | ||
Unpaid principal balance | 283,185 | 283,185 | 299,178 | ||
Related allowance | 8,628 | 8,628 | 4,243 | ||
Average recorded investment | 245,426 | 336,135 | 250,096 | 328,969 | |
Interest income recognized | 1,515 | 2,104 | 3,291 | 3,756 | |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment without an allowance | 149,605 | 149,605 | 144,625 | ||
Recorded investment with an allowance | 74,998 | 74,998 | 94,759 | ||
Unpaid principal balance | 260,833 | 260,833 | 273,290 | ||
Related allowance | 8,486 | 8,486 | 3,636 | ||
Average recorded investment | 228,055 | 307,492 | 231,750 | 301,695 | |
Interest income recognized | 1,444 | 2,002 | 3,140 | 3,588 | |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment without an allowance | 10,971 | 10,971 | 13,027 | ||
Recorded investment with an allowance | 6,798 | 6,798 | 8,639 | ||
Unpaid principal balance | 22,352 | 22,352 | 25,888 | ||
Related allowance | 142 | 142 | $ 607 | ||
Average recorded investment | 17,371 | 28,643 | 18,346 | 27,274 | |
Interest income recognized | $ 71 | $ 102 | $ 151 | $ 168 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses (Age Analysis of Past Due Loans by Portfolio Class) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 161,455 | $ 237,050 | |
Current | 20,014,356 | 19,789,361 | |
Total loans | 20,175,812 | 20,026,411 | $ 19,370,917 |
Recorded Investment > 90 Days and Accruing | 6,493 | 14,309 | |
30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 27,542 | 77,690 | |
60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 25,798 | 26,767 | |
Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 108,115 | 132,593 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,560 | 8,638 | |
Current | 2,891,908 | 2,333,141 | |
Total loans | 2,895,468 | 2,341,779 | 2,342,192 |
Recorded Investment > 90 Days and Accruing | 1,844 | ||
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 762 | 2,371 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 772 | ||
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 Past Due | 2,798 | 5,495 | |
Total Commercial [Member] | Construction and Land Development [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4,300 | 10,691 | |
Current | 1,139,761 | 1,537,644 | |
Total loans | 1,144,062 | 1,548,335 | 1,515,233 |
Recorded Investment > 90 Days and Accruing | 612 | 644 | |
Total Commercial [Member] | Construction and Land Development [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 779 | 7,397 | |
Total Commercial [Member] | Construction and Land Development [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,199 | 1,129 | |
Total Commercial [Member] | Construction and Land Development [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,322 | 2,165 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 91,845 | 112,209 | |
Current | 10,987,243 | 10,966,140 | |
Total loans | 11,079,088 | 11,078,349 | 10,644,755 |
Recorded Investment > 90 Days and Accruing | 4,644 | 11,203 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 7,147 | 14,651 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 10,891 | 5,465 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 73,807 | 92,093 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 71,208 | 93,703 | |
Current | 8,487,910 | 8,526,898 | |
Total loans | 8,559,118 | 8,620,601 | 8,410,961 |
Recorded Investment > 90 Days and Accruing | 613 | 10,823 | |
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 Past Due | 4,289 | 12,257 | |
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 Past Due | 9,159 | 3,895 | |
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 Past Due | 57,760 | 77,551 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 20,637 | 18,506 | |
Current | 2,499,333 | 2,439,242 | |
Total loans | 2,519,970 | 2,457,748 | 2,233,794 |
Recorded Investment > 90 Days and Accruing | 4,031 | 380 | |
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 Past Due | 2,858 | 2,394 | |
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 Past Due | 1,732 | 1,570 | |
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 Past Due | 16,047 | 14,542 | |
Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 32,303 | 70,750 | |
Current | 2,935,968 | 2,839,331 | |
Total loans | 2,968,271 | 2,910,081 | 2,780,359 |
Recorded Investment > 90 Days and Accruing | 47 | ||
Residential Mortgages [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,865 | 32,869 | |
Residential Mortgages [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 8,748 | 14,706 | |
Residential Mortgages [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 20,690 | 23,175 | |
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 29,447 | 34,762 | |
Current | 2,059,476 | 2,113,105 | |
Total loans | 2,088,923 | 2,147,867 | $ 2,088,378 |
Recorded Investment > 90 Days and Accruing | 1,190 | 618 | |
Consumer [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 15,989 | 20,402 | |
Consumer [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,960 | 4,695 | |
Consumer [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 9,498 | $ 9,665 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses (Credit Quality Indicators by Segments and Portfolio Class) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Total Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 15,118,618 | $ 14,968,463 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 11,079,088 | 11,078,349 |
Total Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 14,139,822 | 13,902,485 |
Total Commercial [Member] | Pass [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 10,261,685 | 10,149,799 |
Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 405,943 | 440,415 |
Total Commercial [Member] | Pass-Watch [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 291,055 | 344,781 |
Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 95,706 | 105,227 |
Total Commercial [Member] | Special Mention [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 74,526 | 98,901 |
Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 477,147 | 520,336 |
Total Commercial [Member] | Substandard [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 451,822 | 484,868 |
Residential Mortgages [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,968,271 | 2,910,081 |
Residential Mortgages [Member] | Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,930,531 | 2,873,669 |
Residential Mortgages [Member] | Nonperforming [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 37,740 | 36,412 |
Consumer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,088,923 | 2,147,867 |
Consumer [Member] | Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,070,863 | 2,130,395 |
Consumer [Member] | Nonperforming [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 18,060 | 17,472 |
Residential Mortgage and Consumer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 5,057,194 | 5,057,948 |
Residential Mortgage and Consumer [Member] | Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 5,001,394 | 5,004,064 |
Residential Mortgage and Consumer [Member] | Nonperforming [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 55,800 | 53,884 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 8,559,118 | 8,620,601 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Pass [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 7,940,853 | 7,875,588 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Pass-Watch [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 169,005 | 260,510 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Special Mention [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 62,545 | 75,752 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Substandard [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 386,715 | 408,751 |
Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,519,970 | 2,457,748 |
Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Pass [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,320,832 | 2,274,211 |
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 | 122,050 | 84,271 |
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 | 11,981 | 23,149 |
Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Substandard [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 65,107 | 76,117 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,895,468 | 2,341,779 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,755,518 | 2,265,087 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 98,767 | 46,535 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 20,927 | 5,510 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 20,256 | 24,647 |
Construction and Land Development [Member] | Total Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,144,062 | 1,548,335 |
Construction and Land Development [Member] | Total Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,122,619 | 1,487,599 |
Construction and Land Development [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 16,121 | 49,099 |
Construction and Land Development [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 253 | 816 |
Construction and Land Development [Member] | Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 5,069 | $ 10,821 |
Loans and Allowance for Loan_11
Loans and Allowance for Loan Losses (Changes in Carrying Amount of Purchased Credit Impaired Loans and Related Accretable Yield) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Receivables [Abstract] | ||
Carrying Amount of Loans, Balance at beginning of period | $ 129,596 | $ 153,403 |
Carrying Amount of Loans, Payments received, net | (16,254) | (39,556) |
Carrying Amount of Loans, Accretion | 6,652 | 15,749 |
Carrying Amount of Loans, Balance at end of period | 119,994 | 129,596 |
Accretable Yield, Balance at beginning of period | 37,294 | 62,517 |
Accretable Yield, Payments received, net | (2,328) | (5,779) |
Accretable Yield, Accretion | (6,652) | (15,749) |
Accretable Yield, Increase (decrease) in expected cash flows based on actual cash flow and changes in cash flow assumptions | 3,926 | (3,695) |
Accretable Yield, Balance at end of period | $ 32,240 | $ 37,294 |
Operating Leases - (Narrative)
Operating Leases - (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jan. 01, 2019 | |
Leases [Line Items] | ||
Operating lease, right-of-use asset | $ 113,319 | $ 115,900 |
Operating lease payment obligation | $ 128,718 | 130,700 |
Decrease in existing lease incentive and other deferred rent liabilities | $ 14,800 | |
Lessee, operating lease, existence of option to extend [true/false] | false | |
Lessee, operating lease, option to extend | As these extension options are not generally considered reasonably certain of renewal, they are not included in the lease term. | |
Minimum [Member] | ||
Leases [Line Items] | ||
Lessee, operating lease, term of contract | 5 years | |
Lessee, operating lease, renewal term | 1 year | |
Maximum [Member] | ||
Leases [Line Items] | ||
Lessee, operating lease, term of contract | 20 years | |
Lessee, operating lease, renewal term | 20 years |
Operating Leases - Summary of S
Operating Leases - Summary of Supplemental Balance Sheet Information Pertaining To Operating Leases (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities for operating leases | $ 3,870 | $ 7,880 |
Right of use assets obtained in exchange for lease liabilities | $ 1,105 | $ 117,723 |
Weighted average remaining lease term (in years) | 12 years 11 months 4 days | 12 years 11 months 4 days |
Weighted average discount rate | 3.55% | 3.55% |
Operating Leases - Summary Matu
Operating Leases - Summary Maturities of Lease Liabilities and Present Value Discount (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
2019 | $ 8,393 | |
2020 | 15,779 | |
2021 | 15,085 | |
2022 | 14,889 | |
2023 | 13,525 | |
Thereafter | 96,994 | |
Total | 164,665 | |
Present value discount | (35,947) | |
Lease liability | $ 128,718 | $ 130,700 |
Operating Leases - Components o
Operating Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Operating lease expense | $ 4,244 | $ 8,497 |
Short-term lease expense | 20 | 39 |
Variable lease expense | 12 | 24 |
Sublease income | (60) | (176) |
Total | $ 4,216 | $ 8,384 |
Securities Sold under Agreeme_2
Securities Sold under Agreements to Repurchase (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Brokers And Dealers [Abstract] | ||
Securities sold under agreements to repurchase | $ 631 | $ 428.6 |
Derivatives (Fair Values of Der
Derivatives (Fair Values of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | ||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | $ 3,215,143 | $ 3,024,565 | |
Fair Values, Assets | 153 | 3,325 | |
Fair Values, Liabilities | 10,508 | 2,160 | |
Less: netting adjustment, Assets | [1],[2] | (26,075) | (11,979) |
Less: netting adjustment, Liabilities | [1],[2] | (41,505) | (22,588) |
Derivatives Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | 1,238,110 | 1,358,110 | |
Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | 1,977,033 | 1,666,455 | |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | [3] | 1,495,638 | 1,277,404 |
Derivatives Not Designated as Hedging Instruments [Member] | Risk Participation Agreements [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | 181,100 | 171,222 | |
Derivatives Not Designated as Hedging Instruments [Member] | Forward Commitments to Sell Residential Mortgage Loans [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | 124,987 | 77,208 | |
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 | 91,325 | 59,119 | |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Forward Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | 40,230 | 37,749 | |
Derivatives Not Designated as Hedging Instruments [Member] | Visa Class B derivative contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | 43,753 | 43,753 | |
Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 77,684 | 28,959 |
Total derivative assets/liabilities | [1] | 51,609 | 16,980 |
Other Assets [Member] | Derivatives Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 25,328 | 3,954 |
Other Assets [Member] | Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 52,356 | 25,005 |
Other Assets [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Assets | [1],[3] | 51,255 | 23,670 |
Other Assets [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Risk Participation Agreements [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 11 | 10 |
Other Assets [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Forward Commitments to Sell Residential Mortgage Loans [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 48 | 110 |
Other Assets [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate-Lock Commitments on Residential Mortgage Loans [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 576 | 464 |
Other Assets [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Forward Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 466 | 751 |
Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 60,753 | 44,815 |
Total derivative assets/liabilities | [1] | 19,248 | 22,227 |
Other Liabilities [Member] | Derivatives Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 290 | 11,262 |
Other Liabilities [Member] | Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 60,463 | 33,553 |
Other Liabilities [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Liabilities | [1],[3] | 52,573 | 24,669 |
Other Liabilities [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Risk Participation Agreements [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 70 | 131 |
Other Liabilities [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Forward Commitments to Sell Residential Mortgage Loans [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 742 | 664 |
Other Liabilities [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate-Lock Commitments on Residential Mortgage Loans [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 42 | 67 |
Other Liabilities [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Forward Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 434 | 718 |
Other Liabilities [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Visa Class B derivative contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 6,602 | 7,304 |
Cash Flow Hedge [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | 1,075,000 | 875,000 | |
Cash Flow Hedge [Member] | Other Assets [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 25,328 | 3,954 |
Cash Flow Hedge [Member] | Other Liabilities [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 9,173 | |
Fair Value Hedging [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | 163,110 | 483,110 | |
Fair Value Hedging [Member] | Other Liabilities [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | $ 290 | $ 2,089 |
[1] | Derivative assets and liabilities are reported at fair value in other assets or other liabilities, respectively, in the consolidated balance sheets. | ||
[2] | Represents balance sheet netting of derivative assets and liabilities for variation margin collateral held or placed with the same central clearing counterparty. See offsetting assets and liabilities for further information. | ||
[3] | The notional amount represents both the customer accommodation agreements and offsetting agreements with unrelated financial institutions |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019USD ($)item | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Derivative [Line Items] | |||
Notional amount of derivatives | $ 3,215,143 | $ 3,024,565 | |
Fair value liability | 6,600 | 7,300 | |
Derivatives Designated as Hedging Instruments [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | 1,238,110 | 1,358,110 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | 1,075,000 | $ 875,000 | |
Termination fees | 10,600 | ||
Amortization of accumulated other comprehensive loss on terminated cash flow hedges | $ 2,500 | $ 2,500 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement One To Five [Member] | |||
Derivative [Line Items] | |||
Number of interest rate swap agreements | item | 5 | ||
Number of interest rate swap terminated | item | 5 | ||
Notional amount of derivatives | $ 450,000 | $ 450,000 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 4, Expires 2021 [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | $ 50,000 | ||
Derivative maturity expiration year | 2021 | ||
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 1, Expires 2022 [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | $ 475,000 | ||
Derivative maturity expiration year | 2022 | ||
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 2, Expires 2023 [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | $ 450,000 | ||
Derivative maturity expiration year | 2023 | ||
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 3, Expires 2024 [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | $ 100,000 | ||
Derivative maturity expiration year | 2024 |
Derivatives (Effects of Derivat
Derivatives (Effects of Derivative Instruments on the Statements of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative income reflected in income statement | $ 1,479 | $ 123 | $ (716) | $ 900 |
Other Noninterest Income [Member] | All Other Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative income reflected in income statement | 3,600 | 1,588 | 4,409 | 3,111 |
Cash Flow Hedge [Member] | Interest Income [Member] | Interest Rate Swaps [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative income reflected in income statement | (1,660) | (946) | (3,676) | (1,565) |
Fair Value Hedging [Member] | Interest Expense [Member] | Interest Rate Swaps [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative income reflected in income statement | $ (461) | $ (519) | $ (1,449) | $ (646) |
Derivatives (Offsetting Derivat
Derivatives (Offsetting Derivative Assets and Liabilities Subject to Master Netting Arrangements) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Gross Amounts Recognized, Derivative Assets | $ 26,558 | $ 16,167 |
Gross Amounts Offset in the Statement of Income, Derivative Assets | (26,405) | (12,842) |
Net Amounts Presented in the Statement of Income, Derivative Assets | 153 | 3,325 |
Gross Amounts Not Offset in the Statement of Income - Financial Instruments, Derivative Assets | 153 | 1,846 |
Net Amounts Presented in the Statement of Income, Derivative Assets | 1,479 | |
Gross Amounts Recognized, Derivative Liabilities | 51,833 | 23,811 |
Gross Amounts Offset in the Statement of Income, Derivative Liabilities | (41,325) | (21,651) |
Net Amounts Presented in the Statement of Income, Derivative Liabilities | 10,508 | 2,160 |
Gross Amounts Not Offset in the Statement of Income - Financial Instruments, Derivative Liabilities | 153 | 1,846 |
Gross Amounts Not offset in the Statement of Income - Cash Collateral, Derivative Liabilities | 15,304 | 2,871 |
Net Amounts Presented in the Statement of Income, Derivative Liabilities | $ (4,949) | $ (2,557) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2018 | May 24, 2018 | |
Equity, Class of Treasury Stock [Line Items] | |||
Treasury stock shares | 800,000 | 900,000 | |
Treasury stock, Cost basis | $ 14.2 | $ 18.5 | |
2018 Stock Buyback Program [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Shares authorized for repurchase | 5.00% | ||
Number of shares authorized for repurchase | 4,300,000 | ||
Shares repurchased | 200,000 | ||
Shares purchased price per share | $ 41.30 | ||
Restricted Stock [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Number of shares nonvested | 1,300,000 | 1,300,000 |
Stockholders' Equity (Component
Stockholders' Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ (180,709) | $ (134,402) | ||
Net change in unrealized gain or loss | $ 69,225 | $ (23,409) | 126,468 | (85,653) |
Reclassification of net loss realized and included in earnings | 3,984 | 2,217 | 8,203 | 4,013 |
Other Valuation Adjustments for employee benefit plan | (9,039) | (9,039) | ||
Amortization of unrealized net loss on securities transferred to HTM | 890 | 925 | 1,481 | 1,680 |
Income tax expense (benefit) | 16,793 | (6,646) | 30,646 | (20,192) |
Ending Balance | (75,203) | (203,209) | (75,203) | (203,209) |
Equity Method Investment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net change in unrealized gain or loss | 611 | |||
Ending Balance | 611 | 611 | ||
Accumulated Other Comprehensive Loss Available for Sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (50,125) | (29,512) | ||
Net change in unrealized gain or loss | 96,514 | (71,759) | ||
Income tax expense (benefit) | 21,822 | (16,284) | ||
Ending Balance | 24,567 | (84,987) | 24,567 | (84,987) |
Held to Maturity Securities Transferred from AFS [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (12,044) | (14,585) | ||
Amortization of unrealized net loss on securities transferred to HTM | 1,481 | 1,680 | ||
Income tax expense (benefit) | 335 | 380 | ||
Ending Balance | (10,898) | (13,285) | (10,898) | (13,285) |
Employee Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (110,247) | (79,078) | ||
Reclassification of net loss realized and included in earnings | 4,527 | 2,448 | ||
Other Valuation Adjustments for employee benefit plan | (9,039) | |||
Income tax expense (benefit) | 1,023 | (1,494) | ||
Ending Balance | (106,743) | (84,175) | (106,743) | (84,175) |
Gains and Losses on Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (8,293) | (11,227) | ||
Net change in unrealized gain or loss | 29,343 | (13,894) | ||
Reclassification of net loss realized and included in earnings | 3,676 | 1,565 | ||
Income tax expense (benefit) | 7,466 | (2,794) | ||
Ending Balance | $ 17,260 | $ (20,762) | $ 17,260 | $ (20,762) |
Stockholders' Equity (Line Item
Stockholders' Equity (Line Items in Consolidated Income Statements Affected by Amounts Reclassified from Accumulated Other Comprehensive Income) (Details) - Amount Reclassified from Accumulated Other Comprehensive Income [Member] - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total reclassifications, net of tax | [1] | $ (7,495) | $ (4,403) |
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] | (1,481) | (1,680) |
Tax effect | [1] | 335 | 380 |
Net of tax | [1] | (1,146) | (1,300) |
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] | (4,527) | (2,448) |
Tax effect | [1] | 1,023 | 555 |
Net of tax | [1] | (3,504) | (1,893) |
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] | (1,204) | 979 |
Tax effect | [1] | 272 | (222) |
Net of tax | [1] | (932) | 757 |
Amortization of loss on terminated cash flow hedges | [1] | (2,472) | (2,544) |
Tax effect | [1] | 559 | 577 |
Net of tax | [1] | $ (1,913) | $ (1,967) |
[1] | Amounts in parentheses indicate reduction in net income. | ||
[2] | These AOCI components are included in the computation of net periodic pension and post-retirement cost that is reported with employee benefits expense (see Note 12 – Retirement Plans for additional details). |
Noninterest Income (Components
Noninterest Income (Components of Other Noninterest Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Other Income Disclosure Nonoperating [Abstract] | ||||
Income from bank-owned life insurance | $ 4,083 | $ 3,113 | $ 7,348 | $ 6,183 |
Credit related fees | 2,937 | 2,416 | 5,532 | 5,138 |
Income from derivatives | 3,600 | 1,588 | 4,409 | 3,111 |
Gain (loss) on sales of assets | 34 | 41 | 431 | (1,166) |
Other miscellaneous | 4,326 | 3,347 | 6,728 | 6,724 |
Total other noninterest income | $ 14,980 | $ 10,505 | $ 24,448 | $ 19,990 |
Other Noninterest Expense (Deta
Other Noninterest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Other Expense Disclosure Nonoperating [Abstract] | ||||
Advertising | $ 3,253 | $ 3,517 | $ 6,333 | $ 6,043 |
Corporate value and franchise taxes | 4,215 | 3,577 | 8,257 | 7,017 |
Printing and supplies | 1,092 | 1,688 | 2,261 | 2,974 |
Telecommunications and postage | 3,363 | 3,615 | 6,829 | 7,465 |
Travel expense | 1,344 | 1,441 | 2,442 | 2,507 |
Entertainment and contributions | 2,742 | 3,193 | 5,450 | 5,711 |
Tax credit investment amortization | 1,234 | 875 | 2,372 | 1,749 |
Other retirement expense | (4,152) | (4,458) | (8,257) | (8,921) |
Loss on restructuring of bank-owned life insurance contracts | 3,240 | 3,240 | ||
Other miscellaneous | 6,588 | 8,830 | 12,279 | 14,514 |
Total other noninterest expense | $ 19,679 | $ 25,518 | $ 37,966 | $ 42,299 |
Earnings Per Common Share (Comp
Earnings Per Common Share (Computation of Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income to common shareholders | $ 88,277 | $ 71,177 | $ 167,441 | $ 143,652 |
Net income allocated to participating securities - basic and diluted | 1,502 | 1,328 | 2,839 | 2,694 |
Net income allocated to common shareholders - basic and diluted | $ 86,775 | $ 69,849 | $ 164,602 | $ 140,958 |
Weighted-average common shares - basic | 85,728 | 85,305 | 85,708 | 85,273 |
Dilutive potential common shares | 107 | 178 | 102 | 178 |
Weighted-average common shares - diluted | 85,835 | 85,483 | 85,810 | 85,451 |
Earnings per common share: Basic | $ 1.01 | $ 0.82 | $ 1.92 | $ 1.65 |
Earnings per common share: Diluted | $ 1.01 | $ 0.82 | $ 1.92 | $ 1.65 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Weighted-average anti-dilutive potential common shares | 14,150 | 1,816 | 14,183 | 913 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Contributed to pension plan | $ 100 | ||
Newly eligible associates initial savings rate | 3.00% | ||
First 1% Of Contribution Saved [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Matching percentage | 100.00% | ||
Percentage of compensation saved | 1.00% | ||
Next 5% Of Contribution Saved [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Matching percentage | 50.00% | ||
Percentage of compensation saved | 5.00% | ||
2017 Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributed to pension plan | $ 39 | ||
Amended Hancock 401K Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Additional matching percentage | 2.00% | ||
Period of employment for eligibility | 3 years | ||
Amended Hancock 401K Plan [Member] | 4% Of Contribution [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Matching percentage | 4.00% | ||
Amended Hancock 401K Plan [Member] | 6% Of Contribution [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Matching percentage | 6.00% | ||
Amended Hancock 401K Plan [Member] | 2% Of Contribution [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Matching percentage | 2.00% |
Retirement Plans (Components of
Retirement Plans (Components of Net Periodic Benefits Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2,735 | $ 3,163 | $ 5,510 | $ 6,088 |
Interest cost | 4,661 | 4,279 | 9,524 | 8,202 |
Expected return on plan assets | (11,300) | (10,169) | (22,600) | (19,869) |
Amortization of net loss and prior service costs | 2,552 | 1,365 | 4,982 | 2,691 |
Net periodic benefit cost (reduction of cost) | (1,352) | (1,362) | (2,584) | (2,888) |
Other Post-Retirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 22 | 28 | 51 | 63 |
Interest cost | 164 | 161 | 292 | 298 |
Amortization of net loss and prior service costs | (228) | (94) | (455) | (243) |
Net periodic benefit cost (reduction of cost) | $ (42) | $ 95 | $ (112) | $ 118 |
Share-Based Payment Arrangeme_3
Share-Based Payment Arrangements (Summary of Option Activity) (Details) - Options [Member] - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding at Beginning | 46,865,000 | |
Number of Shares, Exercised/Released | (11,804,000) | |
Number of Shares, Outstanding at Ending | 35,061,000 | 46,865,000 |
Number of Shares, Exercisable at Ending | 35,061,000 | |
Weighted Average Exercise Price, Outstanding at Beginning | $ 31.88 | |
Weighted Average Exercise Price, Exercised/Released | 31.14 | |
Weighted Average Exercise Price, Outstanding at Ending | 32.13 | $ 31.88 |
Weighted Average Exercise Price, Exercisable at Ending | $ 32.13 | |
Weighted Average Remaining Contractual Term (Years) | 2 years | 2 years 7 months 6 days |
Weighted Average Remaining Contractual Term (Years), Exercisable at Ending | 2 years | |
Aggregate Intrinsic Value, Outstanding at Beginning | $ 164 | |
Aggregate Intrinsic Value, Exercised/Released | 105 | |
Aggregate Intrinsic Value, Outstanding at Ending | 278 | $ 164 |
Aggregate Intrinsic Value, Exercisable at Ending | $ 278 |
Share-Based Payment Arrangeme_4
Share-Based Payment Arrangements (Narrative) (Details) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 30, 2019USD ($)entity$ / sharesshares | Jun. 30, 2018USD ($) | |
Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Intrinsic value of options exercised | $ | $ 0.1 | $ 0.6 |
Restricted and Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total unrecognized compensation expense | $ | $ 47.3 | |
Weighted-average period | 3 years 1 month 6 days | |
Total fair value of shares vested | $ | $ 0.6 | $ 0.9 |
Shares granted | shares | 94,907,000 | |
Grant date fair value per share | $ / shares | $ 35.80 | |
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 | shares | 33,691 | |
Grant date fair value per share | $ / shares | $ 35.27 | |
Vesting performance period | 3 years | |
Number of peer group regional banks | entity | 42 | |
Percentage of maximum number of shares vested | 200.00% | |
Performance Shares [Member] | Core Earnings Per Share [Member] | Executive Management [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted | shares | 33,691 | |
Grant date fair value per share | $ / shares | $ 32.15 | |
Vesting performance period | 2 years |
Share-Based Payment Arrangeme_5
Share-Based Payment Arrangements (Summary of Nonvested Restricted and Performance Shares) (Details) - Restricted and Performance Shares [Member] | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Nonvested at Beginning | shares | 1,494,041,000 |
Number of Shares, Granted | shares | 94,907,000 |
Number of Shares, Vested | shares | (20,290,000) |
Number of Shares, Forfeited | shares | (23,782,000) |
Number of Shares, Nonvested at Ending | shares | 1,544,876,000 |
Weighted Average Grant Date Fair Value, Nonvested at Beginning | $ / shares | $ 39.89 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 35.80 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 42.61 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 38.62 |
Weighted Average Grant Date Fair Value, Nonvested at Ending | $ / shares | $ 39.62 |
Commitments and Contingencies_2
Commitments and Contingencies (Off-Balance Sheet Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Commitments to Extend Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Contract amounts | $ 6,930,220 | $ 7,234,528 |
Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Contract amounts | $ 359,487 | $ 365,498 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | $ 2,790,468 | $ 2,691,037 | |
Derivative assets | 153 | 3,325 | |
Derivative liabilities | 10,508 | 2,160 | |
Total recurring fair value measurements - liabilities | 6,600 | 7,300 | |
Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 2,790,468 | 2,691,037 | |
Derivative assets | [1] | 51,609 | 16,980 |
Total fair value measurements | 2,842,077 | 2,708,017 | |
Derivative liabilities | [1] | 19,248 | 22,227 |
Total recurring fair value measurements - liabilities | 19,248 | 22,227 | |
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 | 81,864 | 71,706 | |
Recurring [Member] | Municipal Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 249,341 | 240,427 | |
Recurring [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 3,500 | 3,500 | |
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 | 1,367,651 | 1,443,402 | |
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 | 934,575 | 770,077 | |
Recurring [Member] | Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 153,537 | 161,925 | |
Level 2 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 2,790,468 | 2,691,037 | |
Derivative assets | [1] | 51,609 | 16,980 |
Total fair value measurements | 2,842,077 | 2,708,017 | |
Derivative liabilities | [1] | 12,646 | 14,923 |
Total recurring fair value measurements - liabilities | 12,646 | 14,923 | |
Level 2 [Member] | 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 | 81,864 | 71,706 | |
Level 2 [Member] | Recurring [Member] | Municipal Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 249,341 | 240,427 | |
Level 2 [Member] | Recurring [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 3,500 | 3,500 | |
Level 2 [Member] | 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 | 1,367,651 | 1,443,402 | |
Level 2 [Member] | 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 | 934,575 | 770,077 | |
Level 2 [Member] | Recurring [Member] | Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 153,537 | 161,925 | |
Level 3 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | [1] | 6,602 | 7,304 |
Total recurring fair value measurements - liabilities | $ 6,602 | $ 7,304 | |
[1] | For further disaggregation of derivative assets and liabilities, see Note 7 - Derivatives. |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - Recurring [Member] | Jun. 30, 2019USD ($)shares |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Transfers of assets and liabilities between levels | $ | $ 0 |
Visa Inc [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Number of shares of Visa Class B common stock | shares | 192,163 |
Investment Securities [Member] | Minimum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Targeted duration | 2 years |
Investment Securities [Member] | Maximum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Targeted duration | 5 years 6 months |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Level 3 Fair Value Rollforward) (Details) - Level 3 [Member] - Recurring [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 7,304 | |
Entry into derivative contract | 141 | $ 7,304 |
Cash settlement | (843) | |
Ending balance | $ 6,602 | $ 7,304 |
Fair Value Measurements (Overvi
Fair Value Measurements (Overview of the Valuation Techniques and Significant Unobservable Inputs) (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Values, Liabilities | $ 10,508 | $ 2,160 | |
Recurring [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Values, Liabilities | [1] | 19,248 | 22,227 |
Recurring [Member] | Level 3 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Values, Liabilities | [1] | $ 6,602 | 7,304 |
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Minimum [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Time Until Resolution | 24 months | ||
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Time Until Resolution | 48 months | ||
Recurring [Member] | Level 3 [Member] | Measurement Input, Conversion Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Values, Liabilities | $ 6,602 | $ 7,304 | |
Recurring [Member] | Level 3 [Member] | Measurement Input, Conversion Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | Minimum [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 1.62 | ||
Recurring [Member] | Level 3 [Member] | Measurement Input, Conversion Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 1.59 | ||
Recurring [Member] | Level 3 [Member] | Measurement Input, VISA Class A Appreciation [Member] | Valuation Technique, Discounted Cash Flow [Member] | Minimum [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 6 | ||
Recurring [Member] | Level 3 [Member] | Measurement Input, VISA Class A Appreciation [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 18 | ||
[1] | For further disaggregation of derivative assets and liabilities, see Note 7 - Derivatives. |
Fair Value Measurements (Fina_2
Fair Value Measurements (Financial Assets Measured at Fair Value on Nonrecurring Basis) (Details) - Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | $ 168,190 | $ 170,918 |
Other real estate owned and foreclosed assets, net | 7,103 | 14,594 |
Total fair value measurements | 175,293 | 185,512 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 168,190 | 170,918 |
Total fair value measurements | 168,190 | 170,918 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, net | 7,103 | 14,594 |
Total fair value measurements | $ 7,103 | $ 14,594 |
Fair Value Measurements (Estima
Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Available for sale securities | $ 2,790,468 | $ 2,691,037 |
Held to maturity securities | 2,935,267 | 2,979,547 |
Derivative financial instruments | 153 | 3,325 |
Derivative financial instruments | 10,508 | 2,160 |
Total Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, interest-bearing bank deposits, and federal funds sold | 516,214 | 494,466 |
Available for sale securities | 2,790,468 | 2,691,037 |
Held to maturity securities | 2,979,401 | 2,935,856 |
Loans, net | 20,062,456 | 19,726,887 |
Loans held for sale | 36,150 | 28,150 |
Derivative financial instruments | 51,609 | 16,980 |
Deposits | 23,220,712 | 23,129,574 |
Federal funds purchased | 550 | 425 |
Securities sold under agreements to repurchase | 631,048 | 428,599 |
FHLB short-term borrowings | 1,010,000 | 1,160,104 |
Long-term debt | 224,547 | 223,135 |
Derivative financial instruments | 19,248 | 22,227 |
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 | 516,214 | 494,466 |
Federal funds purchased | 550 | 425 |
Securities sold under agreements to repurchase | 631,048 | 428,599 |
FHLB short-term borrowings | 1,010,000 | 1,160,104 |
Total Fair Value [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Available for sale securities | 2,790,468 | 2,691,037 |
Held to maturity securities | 2,979,401 | 2,935,856 |
Loans, net | 168,190 | 170,918 |
Loans held for sale | 36,150 | 28,150 |
Derivative financial instruments | 51,609 | 16,980 |
Long-term debt | 224,547 | 223,135 |
Derivative financial instruments | 12,646 | 14,923 |
Total Fair Value [Member] | Level 3 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Loans, net | 19,894,266 | 19,555,969 |
Deposits | 23,220,712 | 23,129,574 |
Derivative financial instruments | 6,602 | 7,304 |
Carrying Amount [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, interest-bearing bank deposits, and federal funds sold | 516,214 | 494,466 |
Available for sale securities | 2,790,468 | 2,691,037 |
Held to maturity securities | 2,935,267 | 2,979,547 |
Loans, net | 19,980,187 | 19,831,897 |
Loans held for sale | 36,150 | 28,150 |
Derivative financial instruments | 51,609 | 16,980 |
Deposits | 23,236,042 | 23,150,185 |
Federal funds purchased | 550 | 425 |
Securities sold under agreements to repurchase | 631,048 | 428,599 |
FHLB short-term borrowings | 1,010,000 | 1,160,104 |
Long-term debt | 232,754 | 224,993 |
Derivative financial instruments | $ 19,248 | $ 22,227 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Recent Accounting Pronouncements [Line Items] | ||
Operating lease, right-of-use asset | $ 113,319 | $ 115,900 |
Operating lease payment obligation | $ 128,718 | 130,700 |
Accounting Standards Update 2016-02 [Member] | ||
Recent Accounting Pronouncements [Line Items] | ||
Operating lease, right-of-use asset | 116,000 | |
Operating lease payment obligation | 131,000 | |
Deferred rent liabilities | $ 15,000 |