Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 31, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Registrant Name | Hancock Whitney Corporation | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Central Index Key | 0000750577 | ||
Amendment Flag | false | ||
Document Type | 10-K | ||
Document Fiscal Period Focus | FY | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Common Stock, Shares Outstanding | 86,750,409 | ||
Entity Public Float | $ 1.8 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Shell Company | false | ||
Entity Interactive Data Current | Yes | ||
Entity Tax Identification Number | 64-0693170 | ||
Entity File Number | 001-36872 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Incorporation, State or Country Code | MS | ||
Entity Address, Address Line One | Hancock Whitney Plaza | ||
Entity Address, Address Line Two | 2510 14th Street | ||
Entity Address, City or Town | Gulfport | ||
Entity Address, State or Province | MS | ||
Entity Address, Postal Zip Code | 39501 | ||
City Area Code | (228) | ||
Local Phone Number | 868-4727 | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | Portions of the definitive proxy statement for our annual meeting of shareholders to be filed with the Securities and Exchange Commission (“SEC” or “the Commission”) are incorporated by reference into Part III of this Report. | ||
Common Stock, $3.33 Par Value [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | HWC | ||
Title of 12(b) Security | COMMON STOCK, $3.33 PAR VALUE | ||
Security Exchange Name | NASDAQ | ||
6.25% Subordinated Notes [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | HWCPL | ||
Title of 12(b) Security | 6.25% SUBORDINATED NOTES | ||
Security Exchange Name | NASDAQ | ||
5.95% Subordinated Notes [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | HWCPZ | ||
Title of 12(b) Security | 5.95% SUBORDINATED NOTES | ||
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Cash and due from banks | $ 526,306 | $ 432,104 |
Interest-bearing bank deposits | 1,333,352 | 109,961 |
Federal funds sold | 434 | 268 |
Securities available for sale, at fair value (amortized cost of $5,766,234 and $4,637,610) | 5,999,327 | 4,675,304 |
Securities held to maturity (fair value of $1,467,581 and $1,611,004) | 1,357,170 | 1,568,009 |
Loans held for sale | 136,063 | 55,864 |
Loans | 21,789,931 | 21,212,755 |
Less: allowance for loan losses | (450,177) | (191,251) |
Loans, net | 21,339,754 | 21,021,504 |
Property and equipment, net of accumulated depreciation of $271,801 and $249,527 | 380,516 | 380,209 |
Right of use assets, net of accumulated amortization of $23,330 and $12,194 | 110,691 | 110,023 |
Prepaid expense | 41,443 | 40,178 |
Other real estate and foreclosed assets, net | 11,648 | 30,405 |
Accrued interest receivable | 104,268 | 92,037 |
Goodwill | 855,453 | 855,453 |
Other intangible assets, net | 86,892 | 106,807 |
Life insurance contracts | 615,780 | 608,063 |
Funded pension assets, net | 171,175 | 185,791 |
Other assets | 568,330 | 328,777 |
Total assets | 33,638,602 | 30,600,757 |
Deposits: | ||
Noninterest-bearing | 12,199,750 | 8,775,632 |
Interest-bearing | 15,498,127 | 15,027,943 |
Total deposits | 27,697,877 | 23,803,575 |
Short-term borrowings | 1,667,513 | 2,714,872 |
Long-term debt | 378,322 | 233,462 |
Accrued interest payable | 4,315 | 10,200 |
Lease liabilities | 130,627 | 127,703 |
Deferred tax liability, net | 49,406 | 37,721 |
Other liabilities | 271,517 | 205,539 |
Total liabilities | 30,199,577 | 27,133,072 |
Stockholders' equity: | ||
Common stock | 309,513 | 309,513 |
Capital surplus | 1,757,937 | 1,736,664 |
Retained earnings | 1,291,506 | 1,476,232 |
Accumulated other comprehensive income (loss), net | 80,069 | (54,724) |
Total stockholders' equity | 3,439,025 | 3,467,685 |
Total liabilities and stockholders' equity | $ 33,638,602 | $ 30,600,757 |
Preferred shares authorized (par value of $20.00 per share) | 50,000,000 | 50,000,000 |
Common shares authorized (par value of $3.33 per share) | 350,000,000 | 350,000,000 |
Common shares issued | 92,947,000 | 92,947,000 |
Common shares outstanding | 86,728,000 | 87,515,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Securities available for sale, amortized cost | $ 5,766,234 | $ 4,637,610 |
Securities held to maturity, fair value | 1,467,581 | 1,611,004 |
Property and equipment, accumulated depreciation | 271,801 | 249,527 |
Right of use assets, accumulated amortization | $ 23,330 | $ 12,194 |
Preferred stock, par value per share | $ 20 | $ 20 |
Common stock, par value per share | $ 3.33 | $ 3.33 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income: | |||
Loans, including fees | $ 907,290 | $ 971,735 | $ 877,875 |
Loans held for sale | 2,622 | 1,876 | 946 |
Securities-taxable | 127,629 | 127,459 | 124,720 |
Securities-tax exempt | 19,454 | 20,757 | 21,951 |
Short-term investments | 986 | 3,955 | 2,776 |
Total interest income | 1,057,981 | 1,125,782 | 1,028,268 |
Interest expense: | |||
Deposits | 88,261 | 187,988 | 130,715 |
Short-term borrowings | 10,042 | 30,766 | 36,096 |
Long-term debt | 17,155 | 11,811 | 12,619 |
Total interest expense | 115,458 | 230,565 | 179,430 |
Net interest income | 942,523 | 895,217 | 848,838 |
Provision for credit losses | 602,904 | 47,708 | 36,116 |
Net interest income after provision for credit losses | 339,619 | 847,509 | 812,722 |
Noninterest income: | |||
Net gain on sales of assets | 982 | 593 | 24,654 |
Securities transactions | 488 | (25,480) | |
Other income | 55,403 | 53,938 | 43,786 |
Total noninterest income | 324,428 | 315,907 | 285,140 |
Noninterest expense: | |||
Compensation expense | 379,727 | 362,083 | 330,968 |
Employee benefits | 84,332 | 77,796 | 73,727 |
Personnel expense | 464,059 | 439,879 | 404,695 |
Net occupancy expense | 52,589 | 50,936 | 47,795 |
Equipment expense | 19,212 | 18,393 | 16,367 |
Data processing expense | 87,823 | 82,981 | 74,129 |
Professional services expense | 49,529 | 45,007 | 41,579 |
Amortization of intangibles | 19,916 | 20,844 | 22,050 |
Deposit insurance and regulatory fees | 18,804 | 19,512 | 31,423 |
Other real estate and foreclosed assets expense (income) | 9,555 | 671 | (2,985) |
Other expense | 67,305 | 92,454 | 80,693 |
Total noninterest expense | 788,792 | 770,677 | 715,746 |
Income (loss) before income taxes | (124,745) | 392,739 | 382,116 |
Income tax expense (benefit) | (79,571) | 65,359 | 58,346 |
Net income (loss) | $ (45,174) | $ 327,380 | $ 323,770 |
Earnings (loss) per common share - basic | $ (0.54) | $ 3.72 | $ 3.72 |
Earnings (loss) per common share - diluted | (0.54) | 3.72 | 3.72 |
Dividends paid per share | $ 1.08 | $ 1.08 | $ 1.02 |
Weighted average shares outstanding-basic | 86,533 | 86,488 | 85,355 |
Weighted average shares outstanding-diluted | 86,533 | 86,599 | 85,521 |
Service charges on deposit accounts | |||
Noninterest income: | |||
Service charges on deposit accounts | $ 76,659 | $ 86,364 | $ 85,272 |
Trust fees | |||
Noninterest income: | |||
Service charges on deposit accounts | 58,191 | 61,609 | 55,488 |
Bank card and ATM fees | |||
Noninterest income: | |||
Service charges on deposit accounts | 68,131 | 66,976 | 60,440 |
Investment and annuity fees and insurance commissions | |||
Noninterest income: | |||
Service charges on deposit accounts | 24,330 | 26,574 | 25,348 |
Secondary mortgage market operations | |||
Noninterest income: | |||
Service charges on deposit accounts | $ 40,244 | $ 19,853 | $ 15,632 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) | $ (45,174) | $ 327,380 | $ 323,770 |
Other comprehensive income (loss) before income taxes: | |||
Net change in unrealized gain/loss on available for sale securities and cash flow hedges | 224,337 | 143,922 | (52,757) |
Reclassification of net gains (losses) realized and included in earnings | (10,983) | 13,429 | 34,966 |
Valuation adjustments for employee benefit plans | (37,451) | 2,398 | (45,198) |
Amortization of unrealized net loss on securities transferred to held to maturity | (470) | 3,153 | 3,296 |
Other comprehensive income (loss) before income taxes | 175,433 | 162,902 | (59,693) |
Income tax expense (benefit) | 40,640 | 36,917 | (13,386) |
Other comprehensive income (loss) net of income taxes | 134,793 | 125,985 | (46,307) |
Comprehensive income | $ 89,619 | $ 453,365 | $ 277,463 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss), Net [Member] |
Balance at Dec. 31, 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 (loss) | 323,770 | 323,770 | |||||
Other comprehensive income (loss) | (46,307) | (46,307) | |||||
Comprehensive income | 277,463 | 323,770 | (46,307) | ||||
Cash dividends declared | (88,838) | (88,838) | |||||
Common stock activity, long-term incentive plans | 12,624 | 12,482 | 142 | ||||
Issuance of stock from dividend reinvestment and stock purchase plans | 3,409 | 3,409 | |||||
Purchase of common stock (200,000 shares) | (8,267) | (8,267) | |||||
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 | ||||||
Net income (loss) | 327,380 | 327,380 | |||||
Other comprehensive income (loss) | 125,985 | 125,985 | |||||
Comprehensive income | 453,365 | 327,380 | 125,985 | ||||
Cash dividends declared | (94,871) | (94,871) | |||||
Common stock activity, long-term incentive plans | 15,388 | 15,257 | 131 | ||||
Common stock issued as consideration in business combination | 193,849 | $ 16,797 | 177,052 | ||||
Common stock issued as consideration in business combination, Shares Issued | 5,044 | ||||||
Issuance of stock from dividend reinvestment and stock purchase plans | 3,614 | 3,614 | |||||
Initial delivery of shares under accelerated share repurchase agreement | (138,768) | (138,768) | |||||
Forward contract for accelerated share repurchase agreement | (46,232) | (46,232) | |||||
Balance at Dec. 31, 2019 | $ 3,467,685 | $ (44,087) | $ 309,513 | 1,736,664 | 1,476,232 | $ (44,087) | (54,724) |
Balance, Shares Issued at Dec. 31, 2019 | 92,947 | 92,947 | |||||
Net income (loss) | $ (45,174) | (45,174) | |||||
Other comprehensive income (loss) | 134,793 | 134,793 | |||||
Comprehensive income | 89,619 | (45,174) | 134,793 | ||||
Cash dividends declared | (95,605) | (95,605) | |||||
Common stock activity, long-term incentive plans | 17,855 | 17,715 | 140 | ||||
Issuance of stock from dividend reinvestment and stock purchase plans | 4,164 | 4,164 | |||||
Net settlement of accelerated share repurchase agreement (1,001,472 shares) | 12,110 | 12,110 | |||||
Initial delivery of shares under accelerated share repurchase agreement | (12,716) | (12,716) | |||||
Balance at Dec. 31, 2020 | $ 3,439,025 | $ 309,513 | $ 1,757,937 | $ 1,291,506 | $ 80,069 | ||
Balance, Shares Issued at Dec. 31, 2020 | 92,947 | 92,947 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Repurchased of common stock shares | $ 315,851 | $ 200,000 | |
Initial delivery of shares under accelerated share repurchase agreement, shares | 3,611,870 | ||
Net settlement of accelerated share repurchase agreement, shares | 1,001,472 | ||
Retained Earnings [Member] | |||
Cash dividends declared, per common share | $ 1.08 | $ 1.08 | $ 1.02 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ (45,174) | $ 327,380 | $ 323,770 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 30,128 | 30,902 | 26,532 |
Provision for credit losses | 602,904 | 47,708 | 36,116 |
(Gain) loss on other real estate and foreclosed assets | 9,581 | 626 | (3,355) |
Deferred tax expense (benefit) | (20,716) | 47,100 | 45,214 |
Increase in cash surrender value of life insurance contracts | (19,244) | (16,158) | (7,850) |
Gain on sale of Visa Class B common shares | (33,229) | ||
(Gain) loss on sale of securities available for sale | (488) | 25,480 | |
(Gain) loss on the sale of loans and leases | (1,203) | (619) | 6,991 |
Loss on disposal of other assets | 3,159 | 1,109 | 3,042 |
Net (increase) decrease in loans held for sale | (77,544) | (27,773) | 11,986 |
Net amortization of securities premium/discount | 43,226 | 32,166 | 33,161 |
Amortization of intangible assets | 19,916 | 20,844 | 22,050 |
Stock-based compensation expense | 21,107 | 20,902 | 19,793 |
Net change in liability from variation margin collateral | (80,290) | (21,326) | (1,025) |
Contribution to pension plan | (100,000) | (39,000) | |
Increase (decrease) in interest payable and other liabilities | 4,687 | 19,573 | (8,372) |
Increase in other assets | (111,094) | (22,556) | (13,811) |
Other, net | (23,764) | (7,929) | 1,691 |
Net cash provided by operating activities | 355,191 | 351,949 | 449,184 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from sales of securities available for sale | 211,919 | 268,413 | 455,162 |
Proceeds from maturities of securities available for sale | 1,001,720 | 294,681 | 327,141 |
Purchases of securities available for sale | (2,371,954) | (1,010,805) | (629,976) |
Proceeds from maturities of securities held to maturity | 218,205 | 417,520 | 359,312 |
Purchases of securities held to maturity | (20,884) | (183,626) | (375,770) |
Net (increase) decrease in short-term investments | (1,223,557) | 281,251 | (18,710) |
Proceeds from sale of loans and leases | 328,958 | 112,048 | 166,462 |
Net increase in loans | (1,296,136) | (555,008) | (1,358,077) |
Purchase of life insurance contracts | (32,788) | (1,822) | |
Proceeds from the sale of Visa Class B shares | 42,858 | ||
Purchases of property and equipment | (37,869) | (42,716) | (50,664) |
Proceeds from sales of other real estate | 17,923 | 30,658 | 17,214 |
Cash acquired in stock-based business combination | 28,059 | ||
Consideration (paid) received in business combination | (1,112) | 141,769 | |
Proceeds from the sale of business, net of cash sold | 77,648 | ||
Other, net | (5,797) | (65,597) | 551 |
Net cash used in investing activities | (3,177,472) | (459,022) | (846,902) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net increase (decrease) in deposits | 3,894,302 | (627,557) | 679,669 |
Net increase (decrease) in short-term borrowings | (1,047,359) | 1,058,748 | (114,762) |
Repayments of long-term debt | (308) | (14,222) | (90,216) |
Issuance of long-term debt, net of issuance costs | 166,425 | 20,846 | 20,610 |
Dividends paid | (95,605) | (94,871) | (88,838) |
Payroll tax remitted on net share settlement of equity awards | (4,530) | (6,295) | (8,695) |
Cash (received) paid under accelerated share repurchase agreement | 12,110 | (185,000) | |
Other repurchases of common stock | 12,716 | 8,267 | |
Proceeds from exercise of stock options | 542 | 1,232 | |
Proceeds from dividend reinvestment and stock purchase plan | 4,164 | 3,614 | 3,409 |
Net cash provided by financing activities | 2,916,483 | 155,805 | 394,142 |
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS | 94,202 | 48,732 | (3,576) |
CASH AND DUE FROM BANKS, BEGINNING | 432,104 | 383,372 | 386,948 |
CASH AND DUE FROM BANKS, ENDING | 526,306 | 432,104 | 383,372 |
SUPPLEMENTAL INFORMATION | |||
Income taxes paid | 17,465 | 28,288 | 7,283 |
Interest paid | 121,343 | 232,456 | 175,382 |
SUPPLEMENTAL INFORMATION FOR NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
Assets acquired in settlement of loans | $ 6,420 | $ 21,285 | $ 22,393 |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Recent Accounting Pronouncements | Note 1. Summary of Significant Accounting Policies and Recent Accounting Pronouncements DESCRIPTION OF BUSINESS Hancock Whitney Corporation (the “Company”) is a financial services company headquartered in Gulfport, Mississippi that is both a financial holding company and a bank holding company registered under the Bank Holding Company Act of 1956, as amended. The Company provides a comprehensive network of full-service financial choices to customers primarily in the Gulf South region through its bank subsidiary, Hancock Whitney Bank (the “Bank”), a Mississippi state bank. The Bank offers a broad range of traditional and online banking services to commercial, small business and retail customers, providing a variety of transaction and savings deposit products, treasury management services, secured and unsecured loan products (including revolving credit facilities), and letters of credit and similar financial guarantees. The Bank also provides trust and investment management services to retirement plans, corporations and individuals. The Company also offers investment brokerage services through its broker-dealer subsidiary, Hancock Whitney Investment Services, Inc., a nonbank subsidiary of the holding company. The Company primarily operates across the Gulf South region, including southern and central Mississippi; southern and central Alabama; southern, central and northwest Louisiana; the northern, central, and panhandle regions of Florida; and the certain areas of east and northeast Texas including Houston, Beaumont and Dallas, among others. In addition, the Company operates a loan production office in Nashville, Tennessee. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the U.S. (U.S. GAAP) and those generally practiced within the banking industry. Following is a summary of the more significant accounting policies. On January 1, 2020, the Company adopted Accounting Standards Codification (“ASC”) Topic 326, “Financial Instruments – Credit Losses,” commonly referred to as Current Expected Credit Losses or CECL, on a modified retrospective basis. The provisions of this guidance required a material change to the manner in which the Company estimates and reports losses on financial instruments, including loans and unfunded lending commitments, select investment securities, and other assets carried at amortized cost. For reporting periods beginning on or subsequent to January 1, 2020, accounting for credit losses and related disclosures are presented under ASC 326, while prior period results continue to be reported in accordance with previously effective guidance under ASC 310 - Receivables. Refer to the discussion entitled Recent Accounting Pronouncements later in this note for a discussion of accounting standards adopted during the year ended December 31, 2020 and the impact to the Company’s financial statements. Basis of Presentation The consolidated financial statements include the accounts of the Company and all other entities in which the Company has a controlling interest. Variable interest entities for which the Company has been deemed the primary beneficiary are also consolidated. Significant intercompany transactions and balances have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation. Use of Estimates The accounting principles the Company follows and the methods for applying these principles conform to U.S. GAAP and general practices followed by the banking industry. These accounting principles and practices require management to make estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Fair Value Accounting U.S. GAAP requires the use of fair values in determining the carrying values of certain assets and liabilities in the financial statements, as well as for specific disclosures about certain assets and liabilities. Accounting guidance establishes a fair value hierarchy that prioritizes the inputs to these valuation techniques used to measure fair value giving preference to quoted prices in active markets (level 1) and the lowest priority to unobservable inputs such as a reporting entity’s own data or information or assumptions developed from this data (level 3). Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in markets that are not active, observable inputs other than quoted prices, such as interest rates and yield curves, and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Business Combinations Business combinations are accounted for under the purchase method of accounting. Purchased assets, including identifiable intangibles, and assumed liabilities are recorded at their respective acquisition date fair values. If the fair value of net assets purchased exceeds the consideration given, a bargain purchase gain is recognized. If the consideration given exceeds the fair value of the net assets received or if the fair value of the net liabilities assumed exceeds the consideration received, goodwill is recognized. Fair values are subject to refinement for up to one year after the closing date of an acquisition as information relative to closing date fair values becomes available. Acquisition costs are expensed as incurred. All identifiable intangible assets that are acquired in a business combination are recognized at the acquisition date fair value. Identifiable intangible assets are recognized separately if they arise from contractual or other legal rights or if they are separable (i.e., capable of being sold, transferred, licensed, rented, or exchanged separately from the entity). Cash and Due from Banks The Company considers only cash on hand, cash items in process of collection and balances due from financial institutions as cash and cash equivalents. Securities Securities are classified as trading, held to maturity or available for sale. Management determines the appropriate classification of debt and equity securities at the time of purchase and reevaluates this classification periodically as conditions change that could require reclassification. Available for sale securities are stated at fair value. Unrealized holding gains and unrealized holding losses, are reported net of tax in other comprehensive income and in accumulated other comprehensive income (“AOCI”) until realized. Securities that the Company both positively intends and has the ability to hold to maturity are classified as securities held to maturity and are carried at amortized cost. The intent and ability to hold are not considered satisfied when a security is available to be sold in response to changes in interest rates, prepayment rates, liquidity needs or other reasons as part of an overall asset/liability management strategy. Premiums and discounts on securities, both those held to maturity and those available for sale, are amortized and accreted to income as an adjustment to the securities’ yields using the effective interest method. Realized gains and losses on the sale of securities are reported net as a component of noninterest income. The cost of securities sold is specifically identified for use in calculating realized gains and losses. Credit Losses on Securities As noted, the Company adopted the provisions of ASC 326, or CECL, on January 1, 2020. The provisions of ASC 326 require an assessment of held to maturity debt securities for expected credit losses and the available for sale debt securities for credit-related impairment, resulting in an allowance for credit losses, if applicable. The Company applies the practical expedient to exclude the accrued interest receivable balance from amortized cost basis of financing receivables. The allowance for credit losses on held to maturity debt securities is estimated at the individual security level when there is a more than inconsequential risk of default. The assessment uses probability of default and loss given default models based on public ratings, where available, or mapped internally developed risk grades to public ratings and forecasted cash flows using the same economic forecasts and probability weighting as used for the Company’s evaluation of the loan portfolio. Qualitative adjustments to the output of the quantitative calculation are made when management deems it necessary to reflect differences in current and forecasted conditions as compared to those during the historical loss period used in model development. The Company evaluates credit impairment on available for sale debt securities at an individual security level. This evaluation is done for securities whose fair value is below amortized cost with a more than inconsequential risk of default and where the Company has assessed the decline in fair value is significant enough to suggest a credit event occurred. Credit events are generally assessed based on adverse conditions specifically related to the security, an industry, or geographic area, changes in the financial condition of the issuer of the security, or in the case of an asset-backed debt security, changes in the financial condition of the underlying loan obligors. The allowance for credit losses for such securities is measured using a discounted cash flow methodology, through which management compares the present value of expected cash flows with the amortized cost basis of the security. The allowance for credit loss is limited to the amount by which the fair value is less than the amortized cost basis. The Company reassesses the potential for credit losses at each reporting period and records subsequent changes in the allowance for credit losses on securities with a corresponding adjustment recorded in the provision for credit loss expense. If the Company intends to sell the debt security, or more likely than not will be required to sell the security before recovery of its amortized cost basis, the security is charged down to fair value against the allowance for credit losses, with any incremental impairment reported in earnings. Prior to the adoption of CECL, declines in value judged to be other than temporary were reported net as a component of noninterest income. Loans Loans Held for Sale Residential mortgage loans originated for sale are classified as loans held for sale and carried at the lower of cost or market. Forward sales commitments on a best-efforts basis are entered into with third parties concurrently with interest rate lock commitments made to prospective borrowers. Held for sale loans also includes residential construction loans that are anticipated to be sold upon completion of the construction term. At times, management may originate other types of loans with the intent to sell or decide to sell loans that were not originated for that purpose. Such loans are reclassified as held for sale at the lower of cost or market when that decision is made. Loans Held for Investment Loans that the Company has the intent and ability to hold for the foreseeable future or until maturity or payoff are considered loans held for investment and reported as “Loans” in the Consolidated Balance Sheets and in the related footnote disclosures. Loans held for investment include loans originated for investment and loans acquired in purchase transactions. Loans are reported at the principal balance outstanding net of unearned income. Interest on loans and accretion of unearned income, including net deferred loan fees and costs, are computed in a manner that approximates a level yield on recorded principal. Interest on loans is recognized in income as earned. The accrual of interest is discontinued (“nonaccrual status”) when, in management’s opinion, it is probable that the borrower will be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. When accrual of interest is discontinued on a loan, all unpaid accrued interest is reversed and payments subsequently received are applied first to recover principal. Interest income is recognized for payments received after contractual principal has been satisfied. Loans are returned to accrual status when all the principal and interest contractually due are brought current and future payment performance is reasonably assured. Acquired Loans Subsequent to the adoption of CECL, acquired loans are segregated between those purchased with credit deterioration (“PCD”) and those that are not (“non-PCD”). Loans considered PCD include those individual loans (or groups of loans with similar risk characteristics) that as of the date of acquisition are assessed as having experienced a more-than-insignificant deterioration in credit quality since origination. The assessment of what is more-than-insignificant credit deterioration since origination considers information including, but not limited to, financial assets that are delinquent, on nonaccrual and/or otherwise adversely risk rated as of the acquisition date, those that have been downgraded since origination, and those for which, after origination, credit spreads have widened beyond the threshold specified in policy. The Company bifurcates the fair value discount between the credit and noncredit components and records an allowance for credit losses for PCD loans by adding the credit portion of the fair value discount to the initial amortized cost basis and increasing the allowance for credit losses at the date of acquisition. Any noncredit discount or premium resulting from acquiring loans with credit deterioration is allocated to each individual asset. All non-PCD loans acquired are recorded at the estimated fair value of the loan at acquisition, with the estimated allowance for credit loss recorded as a provision for credit losses through earnings in the period in which the acquisition has occurred. The noncredit discount or premium for PCD loans and full discount for non-PCD loans will be accreted to interest income using the interest method based on the effective interest rate at the acquisition date. Under the transition provisions for application of CECL, the Company has classified all purchased credit impaired loans (“PCI”) previously accounted for under Financial Accounting Standard Subtopic 310-30 to be classified as PCD, without reassessing whether the financial assets meet the criteria of PCD as of the date of adoption. The application of these provisions resulted in an adjustment to the amortized cost basis of the financial asset to reflect the addition of the allowance for credit losses at the date of adoption. The Company elected not to maintain pools of loans accounted for under Subtopic 310-30 at adoption. The Company was also not required to reassess whether modifications to individual acquired financial assets accounted for in pools were troubled debt restructurings as of the date of adoption. The noncredit discount, after the adjustment for the allowance for credit losses, will be accreted to interest income using the interest method based on the effective interest rate determined after the adjustment for credit losses at the adoption date. Prior to the adoption of CECL and under the provisions of ASC 310, acquired loans were segregated between those considered to be performing (“purchased credit performing”) and those with evidence of credit deterioration or PCI . T he acquired loans were generally segregated into loan pools and e xpected cash flows, both principal and interest, were estimated based by pool on key ass umptions covering such factors as prepayments, default rates, and severity of loss given a default. The fair value estimate for each pool was based on the estimate of expected cash flows from the pool discounted at prevailing market rates. The difference at the acquisition date between the fair value and the contractual amounts due for each purchased credit performing loan pool (the “fair value discount”) wa s accreted into income over the estimated life of the pool. Purchased credit performing loans we re placed on nonaccrual status and reported as nonperforming or past due using the same criteria applied to the originated portfolio. The excess of estimated cash flows expected to be collected from each PCI loan pool over the pool’s carrying value is referred to as the accretable yield and was recognized in interest income using an effective yield method over the expected life of the pool. Each pool of PCI loans were accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. P CI loans in pools with an accretable yield and expected cash flows that we re reasonably estimable we re considered to be accruing and performing even though collection of contractual payments on loans within the pool may be in doubt. PCI loans accounted for in pools we re generally not subject to individual evaluation for impairment and we re not reported with impaired loans or troubled debt restructurings even if they would otherwise qualify for such treatment. Troubled Debt Restructurings Troubled debt restructurings (TDRs) occur when a borrower is experiencing, or is expected to experience, financial difficulties in the near-term and a modification in loan terms is granted that would otherwise not have been considered. Troubled debt restructurings can result in loans remaining on nonaccrual, moving to nonaccrual, or continuing to accrue, depending on the individual facts and circumstances of the borrower. When establishing credit reserves on a loan modified in a TDR, the loan’s value is determined by either the present value of expected cash flows calculated using the loan’s effective interest rate before the restructuring, or the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. If the value as determined is less than the recorded investment in the loan, the difference is charged off through the allowance for loan and lease losses. Section 4013 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act provided relief through December 31, 2020 from the accounting and disclosure requirements of ASC 310-40 for loan modifications that are made by financial institutions in response to the COVID-19 pandemic if (1) the borrower was not more than 30 days past due as of December 31, 2019, and (2) the modifications are related to arrangements that defer or delay the payment of principal or interest, or change the interest rate on the loan. The Consolidated Appropriations Act, 2021, extended this relief to January 1, 2022. Allowance for Credit Losses on Loans and Leases The Company adopted the provisions of ASC Topic 326, or CECL, on January 1, 2020. For reporting periods prior to January 1, 2020, credit loss accounting was in accordance with guidance under ASC Topic 310. The allowance for credit losses (ACL) is comprised of the allowance for loan and lease losses (ALLL), a valuation account available to absorb losses on loans and leases held for investment, and the reserve for unfunded lending commitments, a liability established to absorb credit losses for the expected life of the contractual term of on and off-balance sheet exposures as of the date of the determination. Quarterly, management estimates losses in the portfolio and unfunded exposures based on a number of factors, including the Company’s past loan loss experience, known and potential risks in the portfolio, adverse situations that may affect the borrowers’ ability to repay, the estimated value of any underlying collateral, and current and forecasted economic conditions. The analysis and methodology for estimating the ACL includes two primary elements: a collective approach for pools of loans that have similar risk characteristics using a loss rate analysis, and a specific reserve analysis for credits individually evaluated for credit loss. For the collective approach, the Company segments loans into commercial non-real estate, commercial real estate – owner occupied, commercial real estate – income producing, construction and land development, residential mortgage and consumer, with further segmentation by region and sub-portfolio, as deemed appropriate. Both quantitative and qualitative factors are applied at the portfolio segment levels. The Company applies the practical expedient that permits the exclusion of the accrued interest receivable balance from amortized cost basis of financing receivables. For the collectively evaluated portfolios, the Company utilizes internally developed credit models and third party economic forecasts for the calculation of expected credit loss over the reasonable and supportable forecast period for the majority of the portfolio and other methods, generally historical loss based, for select portfolios. The Company calculates a collective allowance for a two-year reasonable and supportable forecast period utilizing probability weighted multiple macroeconomic scenarios, and then reverts on a linear basis over four quarters to an average historical loss rate for the remaining term. The credit models consist primarily of multivariate regression and autoregressive models that correlate our historical net charge-off rates to select macroeconomic variables at a collective level. Forward-looking macroeconomic forecasts are applied as inputs to the regression equations to estimate quarterly collective net charge-off rates over the reasonable and supportable period. The net charge-off rates from the credit models for the reasonable and supportable period, the linear reversion rates, and the average loss rates for the post reasonable and supportable periods are applied to forecasted balance runoff for the estimated remaining term. The balance runoff incorporates prepayment assumptions developed from historical experience that are applied to the multiple macroeconomic forecasts. Forecasted net charge-off rates are also applied to forecasted draws and subsequent runoff of unfunded commitments in the calculation of the reserve for unfunded lending commitments. Qualitative adjustments to the output of quantitative calculations are made when management deems it necessary to reflect differences in current and forecasted conditions as compared to those during the historical loss period used in model development. Conditions to be considered include, but are not limited to, problem loan trends, current business and economic conditions, credit concentrations, lending policies and procedures, lending staff, collateral values, loan profiles and volumes, loan review quality, changes in competition and regulations, and other adjustments for model limitations or other variables not specifically captured. The Company establishes specific reserves using an individually evaluated approach for nonaccrual loans, loans modified in troubled debt restructures, loans for which a troubled debt restructure is reasonably expected, and other financial instruments that are deemed to not share risk characteristics with other collectively evaluated financial assets. For loans individually evaluated, a specific allowance is recognized for any shortfall between the loan’s value and its recorded investment. The loan’s value is measured by either the loan’s observable market price, the fair value of the collateral of the loan (less liquidation costs) if it is collateral dependent, or by the present value of expected future cash flows discounted at the loan’s effective interest rate. The Company applies the practical expedient and defines collateral dependent loans as those where the borrower is experiencing financial difficulty and on which repayment is expected to be provided substantially through the operation or sale of the collateral. Loans individually analyzed are not incorporated into the pool analysis to avoid double counting. The Company limits the individually evaluated specific reserve analysis to include commercial and residential mortgage loans with relationship balances of $1 million or greater and all loans classified as troubled debt restructurings. Prior to the adoption of CECL and under the provisions of ASC 310, the ACL was established and maintained at an amount sufficient to cover estimated credit losses inherent in the loan and lease portfolios and off balance sheet exposures of the Company as of the date of the determination. The previous analysis and methodology for estimating the ACL included two primary elements: a historical loss rate analysis used for credits collectively evaluated for impairment; and a specific reserve analysis is used for credits individually evaluated for impairment. Segmentation for the collective evaluation was similar to those used under CECL (described above), and further subdivided by select credit quality indicators. The incurred loss methodology used loss emergence periods developed from historical experience of 24 months for commercial loans and twelve to eighteen months for retail and residential mortgage loans. Historical loss rates were calculated using a weighted average of loss rates over the loss emergence periods in the historical look back period. As circumstances dictated, management made qualitative adjustments to the overall loss rate to reflect differences in current conditions as compared to those during the historical loss period. Both quantitative and qualitative factors were applied at the detailed portfolio segments. The specific reserve analysis for credits individual evaluated for impairment was largely unchanged. It is the policy of the Company to promptly charge off all commercial and residential mortgage loans, or portions of loans, when available information reasonably confirms that they are wholly or partially uncollectible. Prior to recording a charge, the loan’s value is established based on an assessment of the value of the collateral securing the loan, the borrower’s and the guarantor’s ability and willingness to pay and the status of the account in bankruptcy court, if applicable. Consumer loans are generally charged down when the loan is 120 days past due for most secured and unsecured loans and 150 days past due for consumer credit card loans, unless the loan is clearly both well secured and in the process of collection. Loans are charged down to the fair value of the collateral, if any, less estimated selling costs. Loans are charged off against the allowance for loan losses, with subsequent recoveries added back to the allowance. Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation and amortization. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets, which are up to 30 years for buildings and three to ten years for most furniture and equipment. Amortization expense for software is generally charged over three years, or seven years for core systems. Leasehold improvements are amortized over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. The Company evaluates whether events and circumstances have occurred that indicate that such long-lived assets have been impaired. Measurement of any impairment of such long-lived assets is based on their fair values. Property and equipment used in operations is considered held for sale when certain criteria are met, including when management has committed to a plan to sell the asset, the asset is available for sale in its immediate condition, and the sale is probable within one year of the reporting date. Assets held for sale are reported at the lower of cost or fair value less costs to sell. Gains and losses related to retirement or disposition of property and equipment are recorded in other income under noninterest income on the consolidated statements of income as realized. Operating Leases On 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. Under the revised standard, the Company recognize s a liability representing the present value of future lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset over the lease term in the statement of financial position. The Company determines if an arrangement is a lease at inception of the contract and assesses the appropriate classification as finance or operating. Operating leases with terms greater than one year are included in right-of-use lease assets and lease obligations on the Company’s Consolidated Balance Sheets. The lease term includes payments to be made in optional or renewal periods only if the lessee is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term using the interest rate implicit in the contract, when available, or the Company’s incremental collateralized borrowing rate with similar terms. Agreements with both lease and non-lease components are accounted for separately, with only the lease component capitalized. The right-of-use asset is the amount of the lease liability adjusted for prepaid or accrued lease payments, remaining balance of any lease incentives received, unamortized initial direct costs, and impairment. Lease expense is recorded on a straight-line basis over the lease term through amortization of the right-of-use asset plus implicit interest accreted on the operating lease liability obligation, and is reflected in net occupancy expense in the Consolidated Statements of Income. The Company evaluates whether events and circumstances have occurred that indicate right-of-use assets have been impaired. Measurement of any impairment of such assets is based on their fair values. Once a right-of-use asset for an operating lease is impaired, the carrying amount of the right-of-use asset is reduced through expense and the remaining balance is subsequently amortized on a straight-line basis. Certain of the Company’s leases contain variable components, such as annual changes to rent based on the consumer price index. Operating lease liabilities are not re-measured as a result of changes to variable components unless the lease must be re-measured for some other reason such as a renewal that was not reasonably certain of being exercised. Changes to the variable components are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. 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. For periods prior to January 1, 2019, lease accounting was in accordance with the previously effective guidance of ASC Topic 840, “Leases,” under which operating lease costs were expensed as incurred and non-cancellable future minimum operating lease payments were presented for disclosure only. Other Real Estate and Foreclosed Assets Other real estate and foreclosed assets includes real property and other assets that have been acquired in satisfaction of loans and leases, and real property no longer used in the Bank’s business. These assets are recorded at the estimated fair value less the estimated cost of disposition and carried at the lower of either cost or market. Fair value is based on independent appraisals and other relevant factors. Any initial reduction in the carrying amount of a loan to the fair value of the collateral received less selling costs is charged to the allowance for loan losses. Each asset is revalued on an annual basis, or more often if market conditions necessitate. Subsequent losses on the periodic revaluation of these assets and gains or losses recognized on disposition are charged to current earnings, as are revenues from and costs of operating and maintaining real property; with the resulting net (income) e |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combination | Note On September 21, 2019, the Company completed the acquisition of all of the outstanding common stock of MidSouth Bancorp, Inc. (“MidSouth”) (NYSE: MSL), parent company of MidSouth Bank, N.A. The acquisition provided the Company opportunity for both enhanced growth in several of its current markets, such as MidSouth’s home market of Lafayette, Louisiana, as well as opportunities for expansion into new markets in Louisiana and Texas. The transaction was accounted for as a business combination whereby the Company acquired net assets with a fair value of $130.5 million and recorded goodwill of $63.4 million. In consideration for the net assets acquired, the Company issued approximately 5.0 million shares of common stock, resulting in a transaction value of $193.8 million. The following table sets forth the acquisition date fair value of the assets acquired and liabilities assumed, and the resulting goodwill. The goodwill is not deductible for federal income tax purposes. (in thousands) ASSETS Cash and due from banks $ 28,059 Interest bearing bank deposits 276,911 Federal funds sold 3,475 Securities available for sale 272,240 Loans 787,628 Property and equipment 34,288 Other real estate 343 Identifiable intangible assets 31,500 Other assets 79,888 Total identifiable assets 1,514,332 LIABILITIES Deposit liabilities 1,280,947 Short term borrowings 66,996 Long term debt 13,919 Other liabilities 21,990 Total liabilities 1,383,852 Net assets acquired 130,480 Value of stock-based consideration 193,849 Goodwill $ 63,369 The operating results of the Company for the years ended December 31, 2020 and 2019 include the results from the operations of the acquired business from the date of acquisition. The results of the acquired business are not material to the Company’s consolidated results of operations and, as such, neither supplemental pro forma information of the combined entity nor revenue and earnings contributed by the acquired business since the date of acquisition are presented. During the year ended December 31, 2019, the Company incurred acquisition related costs of approximately $32.7 million. The following table presents the acquisition related costs by component: (in thousands) Personnel expense $ 7,506 Net occupancy and equipment expense 1,464 Professional services expense 7,075 Data processing expense 1,092 Other real estate 130 Advertising expense 2,581 Other expense 12,818 Total merger-related expenses $ 32,666 Personnel expense includes severance and change in control costs. Professional services expense includes legal and consulting costs, including costs associated with systems conversion. Other expense includes contract and lease termination fees and other transaction-related costs. Goodwill Resulting from Business Combinations Goodwill represents the excess of the consideration transferred over the fair value of the net assets acquired. 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 business combinations. The following table illustrates the change in the Company’s goodwill for the year ended December 31, 2019. No measurement period adjustments were recorded during the year ended December 31, 2020. (in thousands) Goodwill balance at December 31, 2018 $ 790,972 Final settlement of cash consideration - acquisition of trust and asset management business 1,112 Initial goodwill recorded in acquisition of MidSouth Bancorp, Inc. 69,207 Measurement period adjustments - acquisition of MidSouth Bancorp, Inc. (5,838 ) Goodwill balance at December 31, 2019 $ 855,453 Goodwill balance at December 31, 2020 $ 855,453 |
Securities
Securities | 12 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | Note 3. Securities The following tables set forth the amortized cost, gross unrealized gains and losses, and estimated fair value of debt securities classified as available for sale and held to maturity at December 31, 2020 and 2019. Amortized cost of securities does not include accrued interest which is reflected in the accrued interest line item on the consolidated balance sheets totaling $24.4 Securities Available for Sale December 31, 2020 December 31, 2019 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ 207,365 $ 6,289 $ 284 $ 213,370 $ 98,320 $ 652 $ 300 $ 98,672 Municipal obligations 309,342 17,536 153 326,725 242,016 7,789 — 249,805 Residential mortgage-backed securities 2,560,249 69,570 8 2,629,811 1,910,909 20,268 7,020 1,924,157 Commercial mortgage-backed securities 2,323,306 135,516 3,288 2,455,534 1,570,765 19,880 4,178 1,586,467 Collateralized mortgage obligations 354,472 7,651 — 362,123 807,600 3,757 3,142 808,215 Corporate debt securities 11,500 264 — 11,764 8,000 21 33 7,988 $ 5,766,234 $ 236,826 $ 3,733 $ 5,999,327 $ 4,637,610 $ 52,367 $ 14,673 $ 4,675,304 Securities Held to Maturity December 31, 2020 December 31, 2019 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ — $ — $ — $ — $ 50,000 $ 3 $ — $ 50,003 Municipal obligations 627,019 51,408 2 678,425 641,019 27,146 69 668,096 Residential mortgage-backed securities 21,951 1,469 — 23,420 29,687 883 — 30,570 Commercial mortgage-backed securities 549,686 54,587 — 604,273 539,371 12,474 581 551,264 Collateralized mortgage obligations 158,514 2,949 — 161,463 307,932 3,597 458 311,071 $ 1,357,170 $ 110,413 $ 2 $ 1,467,581 $ 1,568,009 $ 44,103 $ 1,108 $ 1,611,004 The Company held no securities classified as trading at December 31, 2020 or 2019. The following tables present the amortized cost and fair value of debt securities at December 31, 2020 by contractual maturity. Actual maturities will differ from contractual maturities because of rights to call or repay obligations with or without penalties and scheduled and unscheduled principal payments on mortgage-backed securities and collateral mortgage obligations. (in thousands) Amortized Cost Fair Value Debt Securities Available for Sale Due in one year or less $ 3,810 $ 3,810 Due after one year through five years 240,883 260,170 Due after five years through ten years 2,457,451 2,587,529 Due after ten years 3,064,090 3,147,818 Total available for sale debt securities $ 5,766,234 $ 5,999,327 (in thousands) Amortized Cost Fair Value Debt Securities Held to Maturity Due in one year or less $ 2,192 $ 2,190 Due after one year through five years 204,134 218,501 Due after five years through ten years 636,268 702,412 Due after ten years 514,576 544,478 Total held to maturity debt securities $ 1,357,170 $ 1,467,581 The following table presents the proceeds from, gross gains on, and gross losses on sales of securities during the years ended December 31, 2020, 2019 and 2018: Years Ended December 31, (in thousands) 2020 2019 2018 Proceeds $ 211,919 $ 268,413 $ 455,162 Gross gains 1,984 — — Gross losses 1,496 — 25,480 Securities with carrying values totaling approximately $3.4 billion at December 31, 2020 and $3.3 billion at December 31, 2019 were pledged, primarily to secure public deposits or securities sold under agreements to repurchase. Credit Quality The Company’s policy is to invest only in securities of investment grade quality. These investments are largely limited to U.S. agency securities and municipal securities. Management has concluded, based on the long history of no credit losses, that the expectation of nonpayment of the held to maturity securities carried at amortized cost is zero for securities that are backed by the full faith and credit of and/or guaranteed by the U.S. government. As such, no allowance for credit losses has been recorded for these securities. The municipal portfolio is analyzed separately for allowance for credit loss in accordance with the applicable guidance for each portfolio as noted below. Effective January 1, 2020, in conjunction with the adoption of CECL, and again at the end of each reporting period, the Company evaluated credit impairment for individual securities available for sale whose fair value was below amortized cost with a more than inconsequential risk of default and where the Company had assessed the decline in fair value significant enough to suggest a credit event occurred. There were no securities that met the criteria of a credit loss event and therefore, no allowance for credit loss was recorded in any period. The details for securities classified as available for sale with unrealized losses at December 31, 2020 follow. Available for sale Losses < 12 Months Losses 12 Months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ 35,845 $ 284 $ — $ — $ 35,845 $ 284 Municipal obligations 30,170 153 — — 30,170 153 Residential mortgage-backed securities 530 2 760 6 1,290 8 Commercial mortgage-backed securities 446,190 3,288 — — 446,190 3,288 Collateralized mortgage obligations 70 — — — 70 — Corporate debt securities 2,000 — — — 2,000 — . $ 514,805 $ 3,727 $ 760 $ 6 $ 515,565 $ 3,733 The details for securities classified as available for sale with unrealized losses at December 31, 2019 follow. Available for sale Losses < 12 Months Losses 12 Months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ 28,235 $ 300 $ — $ — $ 28,235 $ 300 Municipal obligations — — — — — — Residential mortgage-backed securities 420,066 5,042 399,787 1,978 819,853 7,020 Commercial mortgage-backed securities 458,855 3,971 14,896 207 473,751 4,178 Collateralized mortgage obligations 89,689 1,315 184,389 1,827 274,078 3,142 Corporate debt securities 1,467 33 — — 1,467 33 $ 998,312 $ 10,661 $ 599,072 $ 4,012 $ 1,597,384 $ 14,673 Effective January 1, 2020 and in conjunction with the adoption of CECL, and again at the end of each reporting period, the Company evaluated its held to maturity municipal obligation portfolio for credit loss using probability of default and loss given default models. The models were run using a long-term average probability of default migration and with a probability weighting of Moody’s economic forecasts. The economic forecasts were largely weighted to a baseline scenario with some weight given to other scenarios. The December 31, 2020 forecast was further stressed by running a more severe probability of default migration. The resulting credit loss, if any, were negligible and no allowance for credit loss was recorded. The fair value and gross unrealized losses for securities classified as held to maturity with unrealized losses at December 31, 2020 follow. Held to maturity Losses < 12 Months Losses 12 Months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ — $ — $ — $ — $ — $ — Municipal obligations — — 2,381 2 2,381 2 Residential mortgage-backed securities — — — — — — Commercial mortgage-backed securities — — — — — — Collateralized mortgage obligations — — — — — — $ — $ — $ 2,381 $ 2 $ 2,381 $ 2 The fair value and gross unrealized losses for securities classified as held to maturity with unrealized losses at December 31, 2019 follow. Held to maturity Losses < 12 Months Losses 12 Months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ — $ — $ — $ — $ — $ — Municipal obligations 4,735 38 3,143 31 7,878 69 Residential mortgage-backed securities — — — — — — Commercial mortgage-backed securities 28,426 581 — — 28,426 581 Collateralized mortgage obligations — — 49,110 458 49,110 458 $ 33,161 $ 619 $ 52,253 $ 489 $ 85,414 $ 1,108 At December 31, 2020 and 2019, the Company had 28 and 155 securities, respectively, with market values below their cost basis. None of the unrealized losses relate to the marketability of the securities or the issuers’ abilities to meet contractual obligations. In all cases, the indicated impairment on these debt securities would be recovered no later than the security’s maturity date or possibly earlier if the market price for the security increases with a reduction in the yield required by the market. The unrealized losses were been deemed to be non-credit related at December 31, 2020 and 2019. As noted above, no allowance for credit loss was recorded as of January 1, 2020 or December 31, 2020. The Company has adequate liquidity and, therefore, does not plan to and, more likely than not, will not be required to sell these securities before recovery of the indicated impairment. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | Note 4. Loans and Allowance for Credit Losses The Company generally makes loans in its market areas of south and central Mississippi; southern and central Alabama; northwest, central and south Louisiana; the northern, central and panhandle regions of Florida; and certain areas of east and northeast Texas, including Houston, Beaumont and Dallas; and Nashville, Tennessee. During the year ended December 31, 2020, the Company sold $497 million of its energy loan portfolio for net proceeds of approximately $254.4 million. The primary objective of the sale was to reduce risk in the loan portfolio by accelerating the disposition of existing problem credits that were further complicated by the economic deterioration that stemmed from the COVID-19 pandemic. Loans, net of unearned income does not include accrued interest, which is reflected in the accrued interest line item in the Consolidated Balance Sheets, totaling $76.2 million and $67.7 million at December 31, 2020 and 2019, respectively. The following table presents loans, net of unearned income, by portfolio class at December 31, 2020 and 2019: (in thousands) 2020 2019 Commercial non-real estate $ 9,986,983 $ 9,166,947 Commercial real estate - owner occupied 2,857,445 2,738,460 Total commercial and industrial 12,844,428 11,905,407 Commercial real estate - income producing 3,357,939 2,994,448 Construction and land development 1,065,057 1,157,451 Residential mortgages 2,665,212 2,990,631 Consumer 1,857,295 2,164,818 Total loans $ 21,789,931 $ 21,212,755 The Bank makes loans in the normal course of business to directors and executive officers of the Company and the Bank and to their associates. Loans to such related parties are made on substantially the same terms, including interest rates and collateral requirements, as those prevailing at the time for comparable transactions with unrelated parties and do not involve more than normal risk of collectability when originated. Balances of loans to the Company’s directors, executive officers and their associates at December 31, 2020 and 2019 were approximately $11.6 million and $13.4 million, respectively. Related party loan activity in 2020 reflect new loans of $4.1 million, repayments of $6.1 million and $0.2 million of loans to newly added executive officers. The Bank has a line of credit with the Federal Home Loan Bank of Dallas that is secured by blanket pledges of certain qualifying loan types. The Bank had borrowings on this line of $1.1 billion and $2.0 billion at December 31, 2020 and 2019, respectively. The following schedules show activity in the allowance for credit losses by portfolio class for the years ended December 31, 2020 and 2019, as well as the corresponding recorded investment in loans at December 31, 2020 and 2019. Effective January 1, 2020, the Company adopted the provisions of ASC 326 (CECL) using a modified retrospective basis. The difference between the December 31, 2019 incurred allowance and the CECL allowance is reflected as a cumulative effect of change in accounting principle in the table below. For further discussion of the day one impact of the CECL adoption, refer to Note 1 – Summary of Significant Accounting Policies and Recent Accounting Pronouncements. Commercial Non-Real Estate Commercial Real Estate- Owner Occupied Total Commercial and Industrial Commercial Real Estate- Income Producing Construction and Land Development Residential Mortgages Consumer Total (in thousands) Year Ended December 31, 2020 Allowance for credit losses Allowance for loan losses: Beginning balance $ 106,432 $ 10,977 $ 117,409 $ 20,869 $ 9,350 $ 20,331 $ 23,292 $ 191,251 Cumulative effect of change in accounting principle (244 ) 14,877 14,633 7,287 7,478 12,921 7,092 49,411 Charge-offs (387,172 ) (1,828 ) (389,000 ) (2,512 ) (400 ) (326 ) (17,219 ) (409,457 ) Recoveries 6,032 763 6,795 46 846 1,400 5,584 14,671 Net provision for loan losses 424,645 44,345 468,990 83,784 9,188 14,516 27,823 604,301 Ending balance - allowance for loan losses $ 149,693 $ 69,134 $ 218,827 $ 109,474 $ 26,462 $ 48,842 $ 46,572 $ 450,177 Reserve for unfunded lending commitments: Beginning balance $ 3,974 $ — $ 3,974 $ — $ — $ — $ — $ 3,974 Cumulative effect of change in accounting principle 5,772 288 6,060 449 15,658 17 5,146 27,330 Provision for losses on unfunded commitments (5,217 ) 93 (5,124 ) 650 7,036 2 (3,961 ) (1,397 ) Ending balance - reserve for unfunded lending commitments $ 4,529 $ 381 $ 4,910 $ 1,099 $ 22,694 $ 19 $ 1,185 $ 29,907 Total allowance for credit losses $ 154,222 $ 69,515 $ 223,737 $ 110,573 $ 49,156 $ 48,861 $ 47,757 $ 480,084 Allowance for loan losses: Individually evaluated $ 11,517 $ 1,236 $ 12,753 $ 44 $ 22 $ 546 $ 515 $ 13,880 Collectively evaluated 138,176 67,898 206,074 109,430 26,440 48,296 46,057 436,297 Allowance for loan losses $ 149,693 $ 69,134 $ 218,827 $ 109,474 $ 26,462 $ 48,842 $ 46,572 $ 450,177 Reserve for unfunded lending commitments: Individually evaluated $ 241 $ — $ 241 $ — $ — $ — $ — $ 241 Collectively evaluated 4,288 381 4,669 1,099 22,694 19 1,185 29,666 Reserve for unfunded lending commitments: $ 4,529 $ 381 $ 4,910 $ 1,099 $ 22,694 $ 19 $ 1,185 $ 29,907 Total allowance for credit losses $ 154,222 $ 69,515 $ 223,737 $ 110,573 $ 49,156 $ 48,861 $ 47,757 $ 480,084 Loans: Individually evaluated for impairment $ 43,775 $ 10,206 $ 53,981 $ 4,542 $ 1,250 $ 5,850 $ 2,521 $ 68,144 Collectively evaluated for impairment 9,943,208 2,847,239 12,790,447 3,353,397 1,063,807 2,659,362 1,854,774 21,721,787 Total loans $ 9,986,983 $ 2,857,445 $ 12,844,428 $ 3,357,939 $ 1,065,057 $ 2,665,212 $ 1,857,295 $ 21,789,931 Commercial Non-Real Estate Commercial Real Estate- Owner Occupied Total Commercial and Industrial Commercial Real Estate- Income Producing Construction and Land Development Residential Mortgages Consumer Total (in thousands) Year Ended December 31, 2019 Allowance for credit losses Allowance for loan losses: Beginning balance $ 97,752 $ 13,757 $ 111,509 $ 17,638 $ 15,647 $ 23,782 $ 25,938 $ 194,514 Charge-offs (39,600) (137) (39,737) (32) (7) (846) (18,455) (59,077) Recoveries 6,940 306 7,246 569 140 480 3,645 12,080 Net provision for loan losses 41,340 (2,949) 38,391 2,694 (6,430) (3,085) 12,164 43,734 Ending balance - allowance for loan losses $ 106,432 $ 10,977 $ 117,409 $ 20,869 $ 9,350 $ 20,331 $ 23,292 $ 191,251 Reserve for unfunded lending commitments: Beginning balance $ — $ — $ — $ — $ — $ — $ — $ — Provision for losses on unfunded commitments 3,974 — 3,974 — — — — 3,974 Ending balance - reserve for unfunded lending commitments $ 3,974 $ — $ 3,974 $ — $ — $ — $ — $ 3,974 Total allowance for credit losses $ 110,406 $ 10,977 $ 121,383 $ 20,869 $ 9,350 $ 20,331 $ 23,292 $ 195,225 Allowance for loan losses: Individually evaluated for impairment $ 21,733 $ 104 $ 21,837 $ 18 $ 21 $ 217 $ 292 $ 22,385 Amounts related to purchased credit impaired loans 164 169 333 39 136 7,474 275 8,257 Collectively evaluated for impairment 84,535 10,704 95,239 20,812 9,193 12,640 22,725 160,609 Allowance for loan losses $ 106,432 $ 10,977 $ 117,409 $ 20,869 $ 9,350 $ 20,331 $ 23,292 $ 191,251 Reserve for unfunded lending commitments: Individually evaluated for impairment $ 3,974 $ — $ 3,974 $ — $ — $ — $ — $ 3,974 Total allowance for credit losses $ 110,406 $ 10,977 $ 121,383 $ 20,869 $ 9,350 $ 20,331 $ 23,292 $ 195,225 Loans: Individually evaluated for impairment $ 232,438 $ 4,381 $ 236,819 $ 1,898 $ 277 $ 5,174 $ 1,483 $ 245,651 Purchased credit impaired loans 31,073 36,200 67,273 35,353 20,516 86,757 5,346 215,245 Collectively evaluated for impairment 8,903,436 2,697,879 11,601,315 2,957,197 1,136,658 2,898,700 2,157,989 20,751,859 Total loans $ 9,166,947 $ 2,738,460 $ 11,905,407 $ 2,994,448 $ 1,157,451 $ 2,990,631 $ 2,164,818 $ 21,212,755 The calculation of the allowance for credit losses under CECL is performed using two primary approaches: a collective approach for pools of loans that have similar risk characteristics using a loss rate analysis, and a specific reserve analysis for credits individually evaluated. The increase in the allowance for credit losses at December 31, 2020 as compared to December 31, 2019 reflects both the $76.7 million cumulative effect adjustment recorded upon adoption of CECL, and the impact of the economic shutdown in response to the COVID-19 pandemic and the sustained volatility of oil prices. The allowance for credit losses is developed using multiple Moody’s macroeconomic forecasts applied to internally developed credit models for a two year reasonable and supportable period. These forecasts are anchored on a baseline forecast scenario, which Moody’s defines as the “most likely outcome” based on current conditions and its view of where the economy is headed. The baseline scenario is positioned at the 50th percentile of possible outcomes. In arriving at the allowance for credit losses at December 31, 2020, the Company weighted the baseline economic forecast at 65%. Following the sharp recession seen in the first half of 2020 and modest growth in the latter half, the baseline scenario assumes a continued gradual recovery in the early part 2021, with the most meaningful growth occurring after a vaccine for the coronavirus becomes widely available in the first quarter of 2021. To incorporate reasonably possible alternative outcomes, the downside slower near-term growth scenario S-2 was weighted at 25% and the recessionary scenario S-3 was weighted at 10%. The S-2 scenario reflects reasonably possible subdued growth compared to the baseline, with a higher incidence of viral infection and death and slower rollout of the coronavirus vaccine, prompting the closure of or delayed reopening of some nonessential businesses. The S-3 scenario reflects reasonably possible recurrence of recessionary conditions, with a surge in the incidence of infection and death and longer delay in the vaccination rollout, necessitating heightened restrictions on travel and business. Neither the S-2 nor the S-3 scenario assumes widespread economic shutdown. The activity in the allowance for credit losses for the year ended December 31, 2020 also reflects the impact the sale of $497 million of energy-related loans. The write-down to loans’ observable market values plus cost to sell resulted in charge-offs of $242.6 million and a reserve release of $82.5 million, for a net provision for credit losses impact of $160.1 million, which is mostly reflected in the commercial non-real estate portfolio. Nonaccrual Loans and Loans Modified in Troubled Debt Restructurings The following table presents total nonaccrual loans and those without an allowance for loan loss, by portfolio class. Prior to the adoption of CECL, purchased credit impaired loans accounted for in pools with an accretable yield were considered to be performing and are therefore excluded. Such loans totaled $17.5 million at December 31, 2019. December 31, 2020 2019 (in thousands) Total nonaccrual Nonaccrual without allowance for loan loss Total nonaccrual Nonaccrual without allowance for loan loss Commercial non-real estate $ 52,836 $ 15,268 $ 178,678 $ 97,700 Commercial real estate - owner occupied 13,856 7,038 7,708 2,458 Total commercial and industrial 66,692 22,306 186,386 100,158 Commercial real estate - income producing 6,743 — 2,594 — Construction and land development 2,486 1,116 1,217 — Residential mortgages 40,573 1,705 39,262 3,383 Consumer 23,385 — 16,374 351 Total loans $ 139,879 $ 25,127 $ 245,833 $ 103,892 Nonaccrual loans include nonaccruing loans modified in troubled debt restructurings (TDRs) of $21.6 million and $132.5 million, at December 31, 2020 and 2019, respectively. Total TDRs, both accruing and nonaccruing, were $25.8 million at December 31, 2020 and $193.7 million at December 31, 2019. The table below presents detail on loans modified in TDRs during the years ended December 31, 2020, 2019 and 2018 by portfolio segment. All such loans are individually evaluated for credit loss. Years Ended ($ in thousands) 2020 2019 2018 Outstanding Recorded Investment Outstanding Recorded Investment Outstanding Recorded Investment Troubled Debt Restructurings: Number of Contracts Pre- Modification Post- Modification Number of Contracts Pre- Modification Post- Modification Number of Contracts Pre- Modification Post- Modification Commercial non-real estate 3 $ 745 $ 745 13 $ 64,051 $ 57,240 29 $ 85,306 $ 85,306 Commercial real estate - owner occupied 1 297 297 1 167 167 2 6,138 6,138 Total commercial and industrial 4 1,042 1,042 14 64,218 57,407 31 91,444 91,444 Commercial real estate - income producing — — — 1 123 123 1 1,564 1,564 Construction and land development 1 15 15 3 323 323 — — — Residential mortgages 15 3,424 3,424 21 3,286 3,286 14 1,297 1,297 Consumer 6 89 89 10 168 168 10 455 455 Total loans 26 $ 4,570 $ 4,570 49 $ 68,118 $ 61,307 56 $ 94,760 $ 94,760 The TDRs modified during the year ended December 31, 2020 reflected in the table above include $1.0 million of loans with extended amortization terms or other payment concessions, $1.1 million with reduced interest rates, $0.4 million of loans with significant covenant waivers, and $2.1 million with other modifications. The TDRs modified during the year ended December 31, 2019 include $18.7 million of loans with extended amortization terms or other payment concessions, $41.3 million of loans with significant covenant waivers, and $8.1 million with other modifications. In addition, the Company received approximately $6.8 million of equity securities of one commercial non-real estate borrower in satisfaction of a portion of its debt. The TDRs modified during the year ended December 31, 2018 include $50.8 million of loans with extended terms or other payment concessions, $14.6 million of loans with significant covenant waivers, and $29.4 million of other modifications. At December 31, 2020 and 2019, the Company had unfunded commitments of approximately $4.6 million and $2.4 million, respectively, to borrowers whose loan terms had been modified in TDRs. During the year ended December 31, 2020, loans defaulted upon that had been modified in a TDR in the preceding twelve months were as follows: two commercial non real estate loans totaling $13.4 million, two residential mortgage loans totaling $0.8 million and one consumer loan totaling less than $0.1 million. There were no such defaults occurred during the year ended December 31, 2019. Of the TDRs modified during the year ended December 31, 2018, one residential mortgage totaling $0.2 million, one owner-occupied commercial real estate loan totaling $1.8 million and one consumer loan totaling less than $ 0.1 million defaulted within twelve months of the modification. The TDR disclosures above do not include loans eligible for exclusion from TDR assessment under Section 4013 of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). Eligible modification must be (1) related to COVID-19, (2) executed on a loan that was not more than 30 days past due as of December 31, 2019 and (3) executed between March 1, 2020 and the earlier of 60 days after the date of the termination of the national emergency or December 31, 2020. This exclusion relief was extended to January 1, 2022 by the Consolidated Appropriations Act, 2021. At December 31, 2020, there were 176 loans totaling $630.6 million with active short-term payment deferrals of principal, interest or both, or other qualifying CARES Act modifications. These loans are reported in the aging analysis that follows based on the modified terms Prior to the adoption of CECL, the Company accounted for impaired loans as prescribed by ASC 310. The following provides detail regarding the Company’s impaired loans at and for the year ended December 31, 2019. Interest income recognized represents interest on accruing loans modified in a TDR. December 31, 2019 (in thousands) Recorded Investment Without an Allowance Recorded Investment With an Allowance Unpaid Principle Balance Related Allowance Average Recorded Investment Interest Income Recognized Commercial non-real estate $ 134,191 $ 98,247 $ 270,078 $ 21,733 $ 223,500 $ 4,917 Commercial real estate - owner occupied 2,665 1,716 7,793 104 14,719 196 Total commercial and industrial 136,856 99,963 277,871 21,837 238,219 5,113 Commercial real estate - income producing 373 1,525 1,959 18 2,407 27 Construction and land development — 277 322 21 906 4 Residential mortgages 3,383 1,791 5,709 217 4,578 11 Consumer 479 1,004 1,906 292 1,464 77 Total loans $ 141,091 $ 104,560 $ 287,767 $ 22,385 $ 247,574 $ 5,232 Aging Analysis The tables below present the age analysis of past due loans by portfolio class at December 31, 2020 and 2019. Prior to the adoption of CECL, purchased credit impaired loans with an accretable yield were considered to be current in the table below as of December 31, 2019. These loans totaled $6.1 million for 30-59 days past due, $2.0 million for 60-89 days past due and $8.3 million for both greater than 90 days past due and greater than 90 days past due and still accruing at December 31, 2019. December 31, 2020 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 Accruing (in thousands) Commercial non-real estate $ 7,963 $ 2,564 $ 39,530 $ 50,057 $ 9,936,926 $ 9,986,983 $ 583 Commercial real estate - owner occupied 1,525 753 13,663 15,941 2,841,504 2,857,445 955 Total commercial and industrial 9,488 3,317 53,193 65,998 12,778,430 12,844,428 1,538 Commercial real estate - income producing 1,494 798 5,744 8,036 3,349,903 3,357,939 182 Construction and land development 4,168 284 2,001 6,453 1,058,604 1,065,057 — Residential mortgages 29,319 9,858 27,886 67,063 2,598,149 2,665,212 912 Consumer 12,215 5,012 11,714 28,941 1,828,354 1,857,295 729 Total loans $ 56,684 $ 19,269 $ 100,538 $ 176,491 $ 21,613,440 $ 21,789,931 $ 3,361 December 31, 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 Accruing (in thousands) Commercial non-real estate $ 20,893 $ 13,445 $ 100,806 $ 135,144 $ 9,031,803 $ 9,166,947 $ 1,537 Commercial real estate - owner occupied 4,862 556 7,268 12,686 2,725,774 2,738,460 830 Total commercial and industrial 25,755 14,001 108,074 147,830 11,757,577 11,905,407 2,367 Commercial real estate - income producing 738 703 2,910 4,351 2,990,097 2,994,448 450 Construction and land development 5,747 680 2,480 8,907 1,148,544 1,157,451 2,042 Residential mortgages 32,867 8,584 23,577 65,028 2,925,603 2,990,631 85 Consumer 18,586 6,215 9,901 34,702 2,130,116 2,164,818 1,638 Total loans $ 83,693 $ 30,183 $ 146,942 $ 260,818 $ 20,951,937 $ 21,212,755 $ 6,582 Credit Quality Indicators The tables below present the credit quality indicators by portfolio class and segment of loans at December 31, 2020 and December 31, 2019. The Company routinely assesses the ratings of loans in its portfolio through an established and comprehensive portfolio management process. In addition, the Company often examines portfolios of loans to determine if there are areas of risk not specifically identified in its loan by loan approach. As a result, several loans were downgraded to pass-watch in 2020 in reaction to the economic downturn caused by the pandemic and other environmental factors. In alignment with regulatory guidance, the Company has been working with its customers to manage through this period of severe uncertainty and economic stress, including providing various types of loan deferrals. While the majority of these deferrals have expired, our ability to predict future cash flow is limited due to the economic uncertainty, and we expect that further risk rating adjustments may be required. December 31, 2020 (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 $ 9,439,264 $ 2,641,423 $ 12,080,687 $ 3,219,155 $ 1,033,060 $ 16,332,902 Pass-Watch 314,739 114,358 429,097 89,968 22,820 541,885 Special Mention 79,613 46,239 125,852 5,989 5,751 137,592 Substandard 153,367 55,425 208,792 42,827 3,426 255,045 Doubtful — — — — — — Total $ 9,986,983 $ 2,857,445 $ 12,844,428 $ 3,357,939 $ 1,065,057 $ 17,267,424 December 31, 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 $ 8,492,113 $ 2,517,448 $ 11,009,561 $ 2,883,553 $ 1,120,997 $ 15,014,111 Pass-Watch 220,850 146,266 367,116 69,765 25,621 462,502 Special Mention 71,654 14,651 86,305 14,995 283 101,583 Substandard 382,330 60,095 442,425 26,135 10,550 479,110 Doubtful — — — — — — Total $ 9,166,947 $ 2,738,460 $ 11,905,407 $ 2,994,448 $ 1,157,451 $ 16,057,306 December 31, 2020 December 31, 2019 (in thousands) Residential Mortgage Consumer Total Residential Mortgage Consumer Total Performing $ 2,622,422 $ 1,832,885 $ 4,455,307 $ 2,950,854 $ 2,147,312 $ 5,098,166 Nonperforming 42,790 24,410 67,200 39,777 17,506 57,283 Total $ 2,665,212 $ 1,857,295 $ 4,522,507 $ 2,990,631 $ 2,164,818 $ 5,155,449 Below are the definitions of the Company’s internally assigned grades: Commercial: • Pass - loans properly approved, documented, collateralized, and performing which do not reflect an abnormal credit risk. • Pass - Watch - credits in this category are of sufficient risk to cause concern. This category is reserved for credits that display negative performance trends. The “Watch” grade should be regarded as a transition category. • Special Mention - a criticized asset category defined as having potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of the repayment prospects for the credit or the institution’s credit position. Special mention credits are not considered part of the Classified credit categories and do not expose an institution to sufficient risk to warrant adverse classification. • Substandard - an asset that is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. • Doubtful - an asset that has all the weaknesses inherent in one classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. • Loss - credits classified as Loss are considered uncollectable and are charged off promptly once so classified. Residential and Consumer: • Performing – accruing loans that have not been modified in a troubled debt restructuring. • Nonperforming – loans for which there are good reasons to doubt that payments will be made in full. All loans with nonaccrual status and all loans that have been modified in a troubled debt restructuring are classified as nonperforming. Vintage Analysis The following table presents credit quality disclosures of amortized cost by segment and vintage for term loans and by revolving and revolving converted to amortizing at December 31, 2020. The Company defines vintage as the later of origination, renewal or restructure date. Term Loans Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total Commercial Loans: Pass $ 5,673,370 $ 2,819,696 $ 1,740,784 $ 1,391,140 $ 960,094 $ 1,231,913 $ 2,420,058 $ 95,847 $ 16,332,902 Pass-Watch 115,555 96,473 50,475 42,877 58,331 84,363 74,629 19,182 541,885 Special Mention 3,196 27,157 21,074 30,872 28,933 4,146 18,626 3,588 137,592 Substandard 75,461 33,844 20,527 35,383 15,071 36,589 30,162 8,008 255,045 Doubtful — — — — — — — — — Total Commercial Loans $ 5,867,582 $ 2,977,170 $ 1,832,860 $ 1,500,272 $ 1,062,429 $ 1,357,011 $ 2,543,475 $ 126,625 $ 17,267,424 Residential Mortgage and Consumer Loans: Performing $ 438,831 $ 504,124 $ 437,518 $ 560,347 $ 501,018 $ 816,567 $ 1,190,775 $ 6,127 $ 4,455,307 Nonperforming 1,466 3,781 5,881 8,380 3,981 35,500 3,652 4,559 67,200 Total Consumer Loans $ 440,297 $ 507,905 $ 443,399 $ 568,727 $ 504,999 $ 852,067 $ 1,194,427 $ 10,686 $ 4,522,507 Purchased Credit Impaired Loans Under the transition provisions for the application of CECL, the Company classified all loans previously accounted for as purchased credit impaired under ASC 310-30 as purchased credit deteriorated. The application of these provisions resulted in an increase of $19.8 million to the amortized cost basis of the financial asset and the allowance for credit losses at the date of adoption, representing the remaining credit portion of the purchased discount. The Company elected not to maintain pools of loans accounted for under Subtopic 310-30 with the adoption of CECL. The remaining noncredit discount was allocated to the individual loans and will be accreted to interest income using the interest method based on the effective interest rate. Changes in the carrying amount of purchased credit impaired loans and related accretable yield are presented in the following table for the year ended December 31, 2019: 2019 Carrying Amount Accretable (in thousands) of Loans Yield Balance at beginning of period $ 129,596 $ 37,294 Additions 120,562 6,246 Payments received, net (48,076 ) (4,601 ) Accretion 13,163 (13,163 ) Increase in expected cash flows based on actual cash flow and changes in cash flow assumptions — 4,170 Balance at end of period $ 215,245 $ 29,946 Residential Mortgage Loans in Process of Foreclosure Loans in process of foreclosure include those for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction. Included in loans are $17.2 In addition to the single family residential real estate loans in process of foreclosure, the Company also held $3.4 million and $6.3 million of foreclosed single family residential properties in other real estate owned as of December 31, 2020 and 2019, respectively. Loans Held for Sale Loans held for sale totaled $136.1 million and $55.9 million, respectively, at December 31, 2020 and 2019. Substantially all loans held for sale are residential mortgage loans originated for sale. Concurrent with the commitment to lend, the Company enters into a forward commitment to sell these loans on a best efforts delivery basis. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Note 5. Property and Equipment Property and equipment consisted of the following at December 31, 2020 and 2019: December 31, (in thousands) 2020 2019 Land and land improvements $ 77,334 $ 79,720 Buildings and leasehold improvements 341,542 339,503 Furniture, fixtures and equipment 118,027 115,051 Software 76,113 75,448 Assets under development 39,301 20,014 652,317 629,736 Accumulated depreciation and amortization (271,801 ) (249,527 ) Property and equipment, net $ 380,516 $ 380,209 Assets under development is comprised primarily of software design and implementation costs. Depreciation and amortization expense was $30.1 million, $30.9 million and $26.5 million for the years ended December 31, 2020, 2019, and 2018, respectively. Property and Equipment Held for Sale Certain of the Company’s property and equipment meet the criteria to be classified as assets held for sale . 1.6 |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Operating Leases | Note 6. Operating Leases The Company has operating leases on a number of its branches, certain regional headquarters and other properties to limit its exposure to ownership risks such as fluctuations in real estate prices and obsolescence. The Company leases real estate with lease terms generally from five to 20 years, some of which have renewal options from one to 20 years. As these extension options are not generally considered reasonably certain of renewal, they are not included in the lease term. The Company is not a lessee in any contracts classified as finance leases. The following tables present supplemental information pertaining to operating leases at and for the years ended December 31, 2020 and 2019. Years ended December 31, (dollars in thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities for operating leases $ 16,617 $ 16,027 Right of use assets obtained in exchange for lease liabilities 4,799 121,066 December 31, 2020 2019 Weighted average remaining lease term (in years) 12.90 12.95 Weighted average discount rate 3.44 % 3.53 % The following table sets forth the maturities of the Company’s lease liabilities and the present value discount at December 31, 2020. (dollars in thousands) 2021 $ 17,608 2022 17,227 2023 15,643 2024 13,368 2025 11,121 Thereafter 91,398 Total $ 166,365 Present value discount (35,738) Lease liability $ 130,627 The following table sets forth the components of the Company’s lease expense for the years ended December 31, 2020 and 2019. Years ended December 31, (in thousands) 2020 2019 Operating lease expense $ 18,994 $ 18,075 Short-term lease expense 165 462 Variable lease expense 97 46 Sublease income (138) (322) Total $ 19,118 $ 18,261 At December 31, 2020, the Company had not entered into any material leases that had not yet commenced. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 7. Goodwill and Other Intangible Assets Goodwill represents the excess of the consideration paid over the fair value of the net assets acquired or the excess of the fair value of the net liabilities assumed over the consideration received in a business combination. The 2019 acquisition of MidSouth resulted in goodwill of $63.4 million. The carrying amount of goodwill was $855.5 million at both December 31, 2020 and 2019. For additional information regarding changes to the Company’s carrying amount of goodwill, refer to Note 2 – Business Combination. In the fourth quarter of 2020, the Company completed its annual test of impairment as of September 30, 2020 using multiple approaches to measure the fair value of the reporting unit and concluded there was no impairment. These methods included an income approach using the discounted net present value of estimated future cash flows and three market approaches using transaction or price-to-forward earnings multiples, price to tangible book value methodologies using the actual price paid in recent acquisition transactions for similar entities and a market capitalization approach using the Company’s stock price observed during the fourth quarter. The results from each of the approaches were weighted equally, with the valuation of the reporting unit approximately 17% in excess of net book value at September 30, 2020. Individually, no valuation method resulted in estimated fair value less than the Company’s carrying value. Valuation techniques employed by the Company require significant assumptions. Depending upon the specific approach, assumptions are made regarding the economic environment, expected net interest margins, growth rates, discount rate used to present value future cash flows, control premiums, and price-to-forward earnings and price to-tangible-book-value multiples. Changes to any one of these assumptions could result in significantly different results. Changes in the amount and/or timing of the Company’s expected future cash flows or estimated growth rates, lack of improvement and/or further decline in the price of the Company’s common stock relative to our book value per share, and/or further deterioration in the economic environment beyond current estimates could result in an impairment charge to goodwill in future reporting periods. The Company completed its annual impairment test of goodwill as of September 30, 2019 by performing a qualitative (“Step Zero”) assessment. The qualitative assessment involved the examination of changes in macroeconomic conditions, industry and market conditions, overall financial performance, cost factors and other relevant entity-specific events, including changes in management and other key personnel and changes in the share price of the Company’s common stock. As a result of the assessment, the Company concluded that its goodwill was not impaired. No goodwill impairment charges were recognized during the years ended December 31, 2020, 2019 or 2018. Identifiable intangible assets with finite lives are amortized over the periods benefited and are evaluated for impairment similar to other long-lived assets. The purchase and carrying values of intangible assets subject to amortization at December 31, 2020 and 2019 were as follows: December 31, 2020 Purchase Accumulated Carrying (in thousands) Value Amortization Value Core deposit intangibles $ 235,845 $ 173,830 $ 62,015 Credit card and trust relationships 49,962 25,085 24,877 Merchant processing relationships 10,000 10,000 — $ 295,807 $ 208,915 $ 86,892 December 31, 2019 Purchase Accumulated Carrying (in thousands) Value Amortization Value Core deposit intangibles $ 247,455 $ 168,577 $ 78,878 Credit card and trust relationships 49,962 22,448 27,514 Merchant processing relationships 10,000 9,585 415 $ 307,417 $ 200,610 $ 106,807 Aggregate amortization expense by category of finite lived intangible assets for the years ended December 31, 2020, 2019, and 2018 is as follows: Years Ended December 31, (in thousands) 2020 2019 2018 Core deposit intangibles $ 16,864 $ 17,132 $ 18,566 Credit card and trust relationships 2,637 2,883 2,682 Merchant processing relationships 415 829 802 $ 19,916 $ 20,844 $ 22,050 At December 31, 2020, the weighted-average remaining life of core deposit intangibles was approximately 9 years, and the weighted-average remaining life of other identifiable intangibles was approximately 14 years. The following table shows estimated amortization expense of other intangible assets at December 31, 2020 for the five succeeding years and all years thereafter, calculated based on current amortization schedules. (in thousands) 2021 $ 16,665 2022 14,033 2023 11,557 2024 9,413 2024 7,985 Thereafter 27,239 $ 86,892 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2020 | |
Other Assets [Abstract] | |
Other Assets | 8. Other Assets Significant balances included in Other Assets in the Consolidated Balance Sheets at December 31, 2020 and 2019 are presented below. December 31, (in thousands) 2020 2019 Derivative assets $ 150,180 $ 54,446 Income tax receivable 101,301 31,186 FHLB stock 104,708 90,367 Derivative collateral 90,311 35,113 Investments in Small Business Investment Companies and other 42,475 44,242 Investments in Low Income Housing Tax Credit Entities 37,464 37,265 Other 41,891 36,158 Total $ 568,330 $ 328,777 The Company invests in certain affordable housing project limited partnerships that are qualified low-income housing tax credit developments. These investments are considered variable interest entities for which the Company is not the primary beneficiary and, therefore, are not consolidated. The tax credits, when realized, will be reflected in the consolidated statement of income as a reduction of income tax expense. The unamortized portion of the Company’s investments in affordable housing limited partnerships totaled $37.5 million and $37.3 million at December 31, 2020 and, 2019, respectively. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Banking And Thrift Interest [Abstract] | |
Deposits | Note 9. Deposits The following table presents a detail of deposits at December 31, 2020 and 2019: December 31, (in thousands) 2020 2019 Noninterest-bearing deposits $ 12,199,750 $ 8,775,632 Interest-bearing retail transaction and savings deposits 10,435,362 8,845,097 Interest-bearing public fund deposits Public fund transaction and savings deposits 3,068,555 2,803,912 Public fund time deposits 166,381 560,503 Total interest-bearing public fund deposits 3,234,936 3,364,415 Retail time deposits 1,813,705 2,652,842 Brokered time deposits 14,124 165,589 Total interest-bearing deposits 15,498,127 15,027,943 Total deposits $ 27,697,877 $ 23,803,575 The maturity of time deposits at December 31, 2020 follows. (in thousands) 2021 $ 1,735,931 2022 202,691 2023 34,256 2024 10,018 2025 8,447 Thereafter 2,867 Total time deposits $ 1,994,210 Certificates of deposit in amounts greater than or equal to $250,000 totaled approximately $725 million at December 31, 2020. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Short Term Borrowings [Abstract] | |
Short-Term Borrowings | Note 10. Short-Term Borrowings The following table presents information concerning short-term borrowing at and for the years ended December 31, 2020 and 2019: December 31, (in thousands) 2020 2019 Federal funds purchased: Amount outstanding at period end $ 300 $ 195,450 Average amount outstanding during period 9,708 49,297 Maximum amount at any month end during period 330,330 202,933 Weighted-average interest at period end 0.15 % 1.60 % Weighted-average interest rate during period 1.15 % 2.30 % Securities sold under agreements to repurchase: Amount outstanding at period end $ 567,213 $ 484,422 Average amount outstanding during period 600,167 493,344 Maximum amount at any month end during period 806,645 518,042 Weighted-average interest at period end 0.14 % 0.54 % Weighted-average interest rate during period 0.24 % 0.52 % FHLB borrowings: Amount outstanding at period end $ 1,100,000 $ 2,035,000 Average amount outstanding during period 1,368,320 1,399,503 Maximum amount at any month end during period 2,110,000 1,941,774 Weighted-average interest at period end 0.49 % 1.17 % Weighted-average interest rate during period 0.62 % 1.96 % Federal funds purchased represent unsecured borrowings from other banks, generally on an overnight basis. Securities sold under agreements to repurchase (“repurchase agreements”) are funds borrowed on a secured basis by selling securities under agreements to repurchase, mainly in connection with treasury-management services offered to deposit customers. The customer repurchase agreements mature daily and are secured by agency securities. As the Company maintains effective control over assets sold under agreements to repurchase, the securities continue to be presented in the consolidated balance sheets. Because the Company acts as a borrower transferring assets to the counterparty, and the agreements mature daily, the Company’s risk is limited. The $1.1 billion of FHLB borrowings at December 31, 2020 consists of five fixed rate notes maturing between 2034 and 2035, that are |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 11. Long-Term Debt At December 31, 2020 and 2019, long-term debt was comprised of the following: December 31, (in thousands) 2020 2019 Subordinated notes payable, maturing June 2045 $ 150,000 $ 150,000 Subordinated notes payable, maturing June 2060 172,500 — Other long-term debt 66,062 87,890 Less: unamortized debt issuance costs (10,240 ) (4,428 ) Total long-term debt $ 378,322 $ 233,462 The following table sets forth unamortized debt issuance costs associated with the respective debt instruments at December 31, 2020: Unamortized Debt Issuance (in thousands) Principal Costs Subordinated notes payable, maturing June 2045 $ 150,000 $ 4,252 Subordinated notes payable, maturing June 2060 172,500 5,988 Other long-term debt 66,062 — Total $ 388,562 $ 10,240 On June 9, 2020, the Company completed the issuance of subordinated notes payable with an aggregate principal amount of $172.5 million, with a stated maturity of June 15, 2060. The notes accrue interest at a fixed rate of 6.25% per annum, with quarterly interest payments that began September 15, 2020. Subject to prior approval by the Federal Reserve, the Company may redeem the notes in whole or in part on any interest payment date on or after June 15, 2025. This debt qualifies as tier 2 capital in the calculation of certain regulatory capital ratios. The proceeds from the issuance were intended for general corporate purposes, including providing capital to Hancock Whitney Bank if and when deemed appropriate. On March 9, 2015, the Company completed the issuance of subordinated notes payable with an aggregate principal amount of $150 million, maturing on June 15, 2045. These notes accrue interest at a fixed rate of 5.95% per annum, with quarterly interest payments that began in June 2015. Subject to prior approval by the Federal Reserve, the Company may redeem the notes in whole or in part on any interest payment date on or after June 15, 2020. This debt qualifies as tier 2 capital in the calculation of certain regulatory capital ratios. Substantially all of the Company’s other long-term debt consists of borrowings associated with tax credit fund activities. Although these borrowings have indicated maturities through 2049, each is expected to be satisfied at the end of the seven-year |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | Note 12. 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, most recently associated with fixed rate brokered deposits and certain investment securities and select pools of variable rate loans. The Bank also entered into interest rate derivative agreements as a service to certain qualifying customers. The Bank manages a matched book with respect to these customer derivatives in order to minimize its net interest rate risk exposure resulting from such agreements. In addition, the Bank also enters into risk participation agreements under which it may either sell or buy credit risk associated with a customer’s performance under certain interest rate derivative contracts related to loans in which participation interests have been sold to or purchased from other banks. Fair Values of Derivative Instruments on the Balance Sheet The table below presents the notional or contractual amounts and fair values of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets at December 31, 2020 and 2019. December 31, 2020 December 31, 2019 Derivative (1) Derivative (1) (in thousands) Type of Hedge Notional or Contractual Amount Assets Liabilities Notional or Contractual Amount Assets Liabilities Derivatives designated as hedging instruments: Interest rate swaps - variable rate loans Cash Flow $ 1,175,000 $ 50,962 $ — $ 1,175,000 $ 24,172 $ 337 Interest rate swaps - securities Fair Value 1,158,150 6,686 18,920 441,400 1,474 1,759 Interest rate swaps - brokered deposits Fair Value — — — 43,000 — 9 $ 2,333,150 $ 57,648 $ 18,920 $ 1,659,400 $ 25,646 $ 2,105 Derivatives not designated as hedging instruments: Interest rate swaps N/A $ 4,806,258 $ 145,517 $ 148,778 $ 3,759,232 $ 54,512 $ 55,664 Risk participation agreements N/A 216,511 35 108 254,825 21 45 Forward commitments to sell residential mortgage loans N/A 310,458 19 3,211 145,623 651 744 Interest rate-lock commitments on residential mortgage loans N/A 206,258 1,793 14 83,224 369 375 Foreign exchange forward contracts N/A 58,822 2,816 2,785 64,632 303 366 Visa Class B derivative contract N/A 43,565 — 5,645 43,753 — 5,704 $ 5,641,872 $ 150,180 $ 160,541 $ 4,351,289 $ 55,856 $ 62,898 Total derivatives $ 7,975,022 $ 207,828 $ 179,461 $ 6,010,689 $ 81,502 $ 65,003 Less: netting adjustments (2) (57,648 ) (124,204 ) (27,056 ) (43,914 ) Total derivate assets/liabilities 150,180 55,257 54,446 21,089 (1) Derivative assets and liabilities are reported in other assets or other liabilities, respectively, in the consolidated balance sheets. ( 2 ) Represents balance sheet netting of derivative assets and liabilities for variation margin collateral held or placed with the same central clearing counterparty. See offsetting assets and liabilities for further information. Cash Flow Hedges of Interest Rate Risk The Company is party to various interest rate swap agreements designated and qualifying as cash flow hedges of the Company’s forecasted variable cash flows for pools of variable rate loans. For each agreement, the Company receives interest at a fixed rate and pays at a variable rate. Amortization of other comprehensive loss on terminated cash flow hedges totaled $1.4 million and $4.1 million for the years ended December 31, 2020 and 2019, respectively. The notional amounts of the swap agreements in place at December 31, 2020 expire as follows: $50 million in 2021; $475 million in 2022; $550 million in 2023; $100 million in 2024. Fair Value Hedges of Interest Rate Risk Interest rate swaps on securities available for sale The Company is party to forward-starting fixed payer swaps that convert the latter portion of the term of certain available for sale securities to a floating rate. These derivative instruments are designated as fair value hedges of interest rate risk. This strategy provides the Company with a fixed rate coupon during the front-end unhedged tenor of the bonds and results in a floating rate security during the back-end hedged tenor with hedged start dates between August 2023 through September 2025, and maturity dates from December 2027 through March 2031. The fair value of the hedged item attributable to interest rate risk will be presented in interest income along with the change in the fair value of the hedging instrument. The majority of the hedged available for sale securities is a closed portfolio of pre-payable commercial mortgage backed securities. In accordance with ASC 815, prepayment risk may be excluded when measuring the change in fair value of such hedged items attributable to interest rate risk under the last-of-layer approach. At December 31, 2020, the amortized cost basis of the closed portfolio of pre-payable commercial mortgage backed securities totaled $1.2 billion. The amount that represents the hedged items was $1.1 billion and the basis adjustment associated with the hedged items totaled $13.3 million. Interest rate swaps on brokered deposits Prior to January 2020, the Company was party to certain interest rate swap agreements that modified 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 matched the features of the hedged deposits. As interest rates declined or increased, the corresponding movement in the value of the certificates of deposit were offset by the change in the value of the interest rate swaps, resulting in no impact to earnings. Interest expense was 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. The Company has offered customers a deferral of the monthly derivative payment/settlement if the associated loan was on a COVID-19-related deferral. At December 31, 2020, the Company had a receivable totaling $0.1 million related to these deferrals. 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. The Bank has not elected to designate these foreign exchange forward contract derivatives as hedges; as such, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings. Visa Class B derivative contract The Company is a member of Visa USA. During the fourth quarter of 2018, the Company sold the majority of its Visa Class B holdings, at which time it entered into a derivative agreement with the purchaser whereby the Company will make or receive cash payments whenever the conversion ratio of the Visa Class B shares into Visa Class A shares is adjusted. The conversion ratio changes when Visa deposits funds to a litigation escrow established by Visa to pay settlements for certain litigation, for which Visa is indemnified by Visa USA members. The Company is also required to make periodic financing payments to the purchaser until all of Visa’s covered litigation matters are resolved. Thus, the derivative contract extends until the end of Visa’s Covered Litigation matters, the timing of which is uncertain. The contract includes a contingent accelerated termination clause based on the credit ratings of the Company. At December 31, 2020 and 2019, the fair value of the liability associated with this contract was $5.6 million and $5.7 million respectively. Refer to Note 20 – Fair Value of Financial Instruments for discussion of the valuation inputs and process for this derivative liability. Effect of Derivative Instruments on the Statements of Income The effects of derivative instruments on the consolidated statements of income for the years ended December 31, 2020, 2019, and 2018 are presented in the table below. For the years ended December 31, 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 certain interest rate swap contracts. (in thousands) Year Ended December 31, Derivative Instruments: Location of Gain (Loss) Recognized in the Statement of Income: 2020 2019 2018 Fair value hedges- securities Interest income $ 8 $ 1 $ — Cash flow hedges - variable rate loans Interest income 17,351 (4,255) (4,497) Fair value hedges - brokered deposits Interest expense 46 (1,752) (2,343) All other instruments Other noninterest income 12,814 12,958 5,368 Total $ 30,219 $ 6,952 $ (1,472) Credit Risk-Related Contingent Features Certain of the Bank’s derivative instruments contain provisions allowing the financial institution counterparty to terminate the contracts in certain circumstances, such as the downgrade of the Bank’s credit ratings below specified levels, a default by the Bank on its indebtedness, or the failure of the Bank to maintain specified minimum regulatory capital ratios or its regulatory status as a well-capitalized institution. These derivative agreements also contain provisions regarding the posting of collateral by each party. The Company is not in violation of any such provisions. The aggregate fair value of derivative instruments with credit risk-related contingent features that were in a net liability position at December 31, 2020 and 2019 was $109.7 million and $12.9 million, respectively, for which the Company had posted collateral of $44.7 million and $12.4 million, respectively. Offsetting Assets and Liabilities The Bank’s derivative instruments with certain counterparties contain legally enforceable netting provisions that allow for net settlement of multiple transactions to a single amount, which may be positive, negative, or zero. Agreements with certain bilateral counterparties require both parties to maintain collateral in the event that the fair values of derivative instruments exceed established exposure thresholds. For centrally cleared derivatives, the Company is subject to initial margin posting and daily variation margin exchange with the central clearinghouses. Offsetting information in regards to all derivative assets and liabilities, including accrued interest subject to these master netting agreements at December 31, 2020 and 2019 is presented in the following tables: As of December 31, 2020 Gross Amounts Offset in the Net Amounts Presented in the Gross Amounts Not Offset in the Statement of Financial Position (in thousands) Gross Amounts Recognized Statement of Financial Position Statement of Financial Position Financial Instruments Cash Collateral Net Amount Derivative Assets $ 61,529 $ (58,660 ) $ 2,869 $ 2,869 $ — $ — Derivative Liabilities $ 171,275 $ (126,434 ) $ 44,841 $ 2,869 $ 90,312 $ (48,340 ) As of December 31, 2019 Gross Amounts Offset in the Net Amounts Presented in the Gross Amounts Not Offset in the Statement of Financial Position (in thousands) Gross Amounts Recognized Statement of Financial Position Statement of Financial Position Financial Instruments Cash Collateral Net Amount Derivative Assets $ 27,938 $ (27,915 ) $ 23 $ 23 $ — $ — Derivative Liabilities $ 56,523 $ (44,570 ) $ 11,953 $ 23 $ 35,113 $ (23,183 ) The Company has excess collateral compared to total exposure due to initial margin requirements for day-to-day rate volatility. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity | Note 13. Stockholders’ Equity Common Shares Outstanding Common shares outstanding exclude treasury shares of 4.5 million and 4.0 million with a first-in-first-out cost basis of $150.7 million and $135.8 million at December 31, 2020 and 2019, respectively. Shares outstanding also exclude unvested restricted share awards of 1.7 million and 1.4 million at December 31, 2020 and 2019, respectively. Shares Issued as Consideration in Business Combination On September 21, 2019, the Company issued 5,044,332 shares of common stock valued at $193.8 million as consideration in its acquisition of MidSouth. Refer to Note 2 – Business Combination for further information. Stock Buyback Program On September 23, 2019, the Company’s board of directors approved an amended stock buyback program that authorized the Company to repurchase up to 5.5 million shares of its common stock through the expiration date of December 31, 2020. The program, as amended, allowed the Company to repurchase its common shares in the open market, by block purchase, through accelerated share repurchase programs, in privately negotiated transactions, or as otherwise determined by the Company in one or more transactions. The Company was not obligated to purchase any shares under this program, and the board of directors had the ability to terminate or amend the program at any time prior to the expiration date. On October 18, 2019, the Company entered into an accelerated share repurchase (“ASR”) agreement with Morgan Stanley & Co. LLC (“Morgan Stanley”) to repurchase $185 million of the Company’s common stock. Pursuant to the ASR agreement, the Company made a $185 million payment to Morgan Stanley on October 21, 2019, and received from Morgan Stanley an initial delivery of 3,611,870 shares of the Company’s common stock, which represented 75% of the estimated total number of shares to be repurchased based on the October 18, 2019 closing price of the Company’s common stock. The value of the remaining shares to be exchanged upon final settlement was accounted for as a forward contract until settlement. Final settlement of the ASR agreement occurred on March 18, 2020. Pursuant to the terms of the settlement, the Company received cash of approximately $12.1 million and a final delivery of 1,001,472 shares. In January 2020, the company repurchased 315,851 shares of its common stock at a price of $40.26 in a privately negotiated transaction. In total, the company repurchased approximately 4.9 million of the 5.5 million authorized shares under the buyback program at an average price of $37.65 per share. Accumulated Other Comprehensive Income (Loss) A roll forward of the components of AOCI is included as follows: (in thousands) Available for Sale Securities HTM Securities Transferred from AFS Employee Benefit Plans Cash Flow Hedges Equity Method Investment Total Balance, December 31, 2017 $ (29,512 ) $ (14,585 ) $ (79,078 ) $ (11,227 ) — $ (134,402 ) Net change in unrealized gain (loss) (52,060 ) — — (697 ) — (52,757 ) Reclassification of net gain (loss) realized and included in earnings 25,480 — 4,989 4,497 — 34,966 Other valuation adjustments for employee benefit plans — — (45,198 ) — — (45,198 ) Amortization of unrealized net loss on securities transferred to held to maturity — 3,296 — — — 3,296 Income tax expense (benefit) (5,967 ) 755 (9,040 ) 866 — (13,386 ) Balance, December 31, 2018 $ (50,125 ) $ (12,044 ) $ (110,247 ) $ (8,293 ) — $ (180,709 ) Net change in unrealized gain (loss) 115,413 — — 28,943 (434 ) 143,922 Reclassification of net gain (loss) realized and included in earnings — — 9,174 4,255 — 13,429 Other valuation adjustments for employee benefit plans — — 2,398 — — 2,398 Unrealized loss on securities transferred to available for sale (13,236 ) 13,236 — — — — Amortization of unrealized net loss on securities transferred to held to maturity — 3,153 — — — 3,153 Income tax expense 23,102 3,706 2,603 7,506 — 36,917 Balance, December 31, 2019 $ 28,950 $ 639 $ (101,278 ) $ 17,399 (434 ) $ (54,724 ) Net change in unrealized gain (loss) 183,441 — — 45,831 (4,935 ) 224,337 Reclassification of net gain (loss) realized and included in earnings — — 6,368 (17,351 ) — (10,983 ) Other valuation adjustments for employee benefit plans — — (37,451 ) — — (37,451 ) Amortization of unrealized net gain on securities transferred to held to maturity — (470 ) — — — (470 ) Income tax expense (benefit) 41,167 (107 ) (6,788 ) 6,368 — 40,640 Balance, December 31, 2020 $ 171,224 $ 276 $ (125,573 ) $ 39,511 (5,369 ) $ 80,069 Accumulated Other Comprehensive Income or Loss (“AOCI”) is reported as a component of stockholders’ equity. AOCI can include, among other items, unrealized holding gains and losses on securities available for sale (“AFS”), including the Company’s share of unrealized gains and losses reported by a partnership accounted for under the equity method, gains and losses associated with pension or other post-retirement benefits that are not recognized immediately as a component of net periodic benefit cost, and gains and losses on derivative instruments that are designated as, and qualify as, cash flow hedges. Net unrealized gains and losses on AFS securities reclassified as securities held to maturity (“HTM”) also continue to be reported as a component of AOCI and will be amortized over the estimated remaining life of the securities as an adjustment to interest income. Subject to certain thresholds, unrealized losses on employee benefit plans will be reclassified into income as pension and post-retirement costs are recognized over the remaining service period of plan participants. Accumulated gains or losses on the cash flow hedge of the variable rate loans described in Note 12 will be reclassified into income over the life of the hedge. Accumulated other comprehensive loss resulting from the terminated interest rate swaps will be amortized over the remaining maturities of the designated instruments. Gains and losses within AOCI are net of deferred income taxes, where applicable. The following table shows the line items in the consolidated statements of income affected by amounts reclassified from AOCI: Amount reclassified from AOCI (a) Year Ended December 31, Increase (decrease) in affected line (in thousands) 2020 2019 item in the income statement Amortization of unrealized net gain (loss) on securities transferred to HTM $ 470 $ (3,153 ) Interest income Tax effect (105 ) 713 Income taxes Net of tax 365 (2,440 ) Net income Gain on sale of AFS securities 488 — Securities transactions Tax effect (109 ) — Income taxes Net of tax 379 — Net income Amortization of defined benefit pension and post-retirement items (6,368 ) (9,174 ) Other noninterest expense Tax effect 1,390 2,074 Income taxes Net of tax (4,978 ) (7,100 ) Net income Reclassification of unrealized gain or loss on cash flow hedges 18,704 (110 ) Interest income Tax effect (4,182 ) 25 Income taxes Net of tax 14,522 (85 ) Net income Amortization of loss on terminated cash flow hedges (1,353 ) (4,145 ) Interest income Tax effect 303 937 Income taxes Net of tax (1,050 ) (3,208 ) Net income Total reclassifications, net of tax $ 9,238 $ (12,833 ) Net income (a) Amounts in parentheses indicate reduction in net income. On March 27, 2020, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation issued an interim final rule that provides an option to delay the estimated impact on regulatory capital stemming from the implementation CECL for a transition period of five years. The five-year rule provides a full delay of the estimated impact of CECL on regulatory capital transition (0%) for the first two years, followed by a three-year transition (25% of the impact included in 2022, 50% in 2023, 75% in 2024 and 100% thereafter). The two-year delay includes the full impact of day one CECL plus the estimated impact of current CECL activity calculated quarterly as 25% of the current ACL over the day one balance (“modified transition amount”). The modified transition amount was and will be recalculated each quarter in 2020 and 2021, with the December 31, 2021 impact carrying through the remaining three years of the transition. The Company elected the five-year transition period option upon issuance of the interim final rule. Regulatory Capital Measures of regulatory capital are an important tool used by regulators to monitor the financial health of financial institutions. The primary quantitative measures used to gauge capital adequacy are Common equity tier 1, Tier 1 and Total regulatory capital to risk-weighted assets (risk-based capital ratios) and the Tier 1 capital to average total assets (leverage ratio). Both the Company and the Bank subsidiary are required to maintain minimum risk-based capital ratios of 8.0% total capital, 4.5% Tier 1 Common Equity, and 6.0% Tier 1 capital. The minimum leverage ratio is 3.0% for bank holding companies and banks that meet certain specified criteria, including having the highest supervisory rating. All others are required to maintain a leverage ratio of at least 4.0%. To evaluate capital adequacy, regulators compare an institution’s regulatory capital ratios with their agency guidelines, as well as with the guidelines established as part of the uniform regulatory framework for prompt corrective supervisory action toward financial institutions. The framework for prompt corrective action categorizes capital levels into one of five classifications rating from well-capitalized to critically under-capitalized. For an institution to be eligible to be classified as well capitalized its total risk-based capital ratios must be at least 10.0% for total capital, 6.5% for Tier 1 Common Equity and 8.0% for Tier 1 capital, and its leverage ratio must be at least 5.0%. In reaching an overall conclusion on capital adequacy or assigning a classification under the uniform framework, regulators also consider other subjective and quantitative measures of risk associated with an institution. The Company and the Bank were deemed to be well capitalized based upon the most recent notifications from their regulators. There are no conditions or events since those notifications that management believes would change the classifications. At December 31, 2020 and 2019, the Company and the Bank were in compliance with all of their respective minimum regulatory capital requirements. Following is a summary of the actual regulatory capital amounts and ratios for the Company and the Bank together with corresponding regulatory capital requirements at December 31, 2020 and 201 9 . Actual Required for Minimum Capital Adequacy Required To Be Well Capitalized ($ in thousands) Amount Ratio % Amount Ratio % Amount Ratio % At December 31, 2020 Tier 1 leverage capital Hancock Whitney Corporation $ 2,534,049 7.88 $ 1,287,103 4.00 $ 1,608,878 5.00 Hancock Whitney Bank 2,607,215 8.11 1,286,059 4.00 1,607,573 5.00 Common equity tier 1 (to risk weighted assets) Hancock Whitney Corporation $ 2,534,049 10.61 $ 1,074,272 4.50 $ 1,551,726 6.50 Hancock Whitney Bank 2,607,215 10.94 1,072,924 4.50 1,549,778 6.50 Tier 1 capital (to risk weighted assets) Hancock Whitney Corporation $ 2,534,049 10.61 $ 1,432,362 6.00 $ 1,909,817 8.00 Hancock Whitney Bank 2,607,215 10.94 1,430,565 6.00 1,907,420 8.00 Total capital (to risk weighted assets) Hancock Whitney Corporation $ 3,155,692 13.22 $ 1,909,817 8.00 $ 2,387,271 10.00 Hancock Whitney Bank 2,905,988 12.19 1,907,420 8.00 2,384,275 10.00 At December 31, 2019 Tier 1 leverage capital Hancock Whitney Corporation $ 2,584,162 8.76 $ 1,180,163 4.00 $ 1,475,204 5.00 Hancock Whitney Bank 2,640,913 8.96 1,179,194 4.00 1,473,992 5.00 Common equity tier 1 (to risk weighted assets) Hancock Whitney Corporation $ 2,584,162 10.50 $ 1,107,527 4.50 $ 1,599,761 6.50 Hancock Whitney Bank 2,640,913 10.74 1,106,558 4.50 1,598,362 6.50 Tier 1 capital (to risk weighted assets) Hancock Whitney Corporation $ 2,584,162 10.50 $ 1,476,702 6.00 $ 1,968,936 8.00 Hancock Whitney Bank 2,640,913 10.74 1,475,411 6.00 1,967,214 8.00 Total capital (to risk weighted assets) Hancock Whitney Corporation $ 2,929,387 11.90 $ 1,968,936 8.00 $ 2,461,171 10.00 Hancock Whitney Bank 2,836,138 11.53 1,967,214 8.00 2,459,018 10.00 Regulatory Restrictions on Dividends Regulatory policy statements provide that generally, bank holding companies should pay dividends only out of current operating earnings and that the level of dividends must be consistent with current and expected capital requirements. Dividends received from the Bank have been the primary source of funds available to the Company for the payment of dividends to its stockholders. Federal and state banking laws and regulations restrict the amount of dividends the Bank may distribute to the Company without prior regulatory approval, as well as the amount of loans it may make to the Company. Dividends paid by the Bank are subject to approval by the Commissioner of Banking and Consumer Finance of the State of Mississippi. Further, beginning January 1, 2019, a capital conservation buffer of 2.5 % above each of the minimum capital ratio requirements (common equity tier 1, Tier 1, and total risk-based capital) must be met for a bank or bank holding company to be able to pay dividends. |
Noninterest Income and Noninter
Noninterest Income and Noninterest Expense | 12 Months Ended |
Dec. 31, 2020 | |
Other Income And Expenses [Abstract] | |
Noninterest Income and Noninterest Expense | Note 14. Noninterest Income and Noninterest Expense During the fourth quarter of 2018, the Company sold the majority of its holdings of Visa Class B common shares. The sale resulted in a gain of approximately $33.2 million, which is included in net gain on sales of assets on the Consolidated Statement of Income. For more information on the circumstances surrounding the sale, refer to Note 12 – Derivatives. The components of other noninterest income and other noninterest expense are as follows: Years Ended December 31, (in thousands) 2020 2019 2018 Other noninterest income: Income from bank-owned life insurance $ 18,179 $ 14,946 $ 12,424 Credit-related fees 11,255 11,399 11,065 Income from derivatives 12,814 12,958 5,368 Other miscellaneous income 13,155 14,635 14,929 Total other noninterest income $ 55,403 $ 53,938 $ 43,786 Other noninterest expense: Advertising $ 13,011 $ 15,251 $ 12,334 Corporate value and franchise taxes 16,578 15,949 13,595 Entertainment and contributions 9,865 10,777 11,359 Telecommunication and postage 14,991 14,588 14,659 Printing and supplies 5,063 4,947 5,548 Travel expenses 2,297 5,278 5,338 Tax credit investment amortization 3,843 4,943 5,166 Other retirement expense (25,133 ) (16,561 ) (18,661 ) Other miscellaneous expense 26,790 37,282 31,355 Total other noninterest expense $ 67,305 $ 92,454 $ 80,693 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 15. Income Taxes Income tax expense included in net income consisted of the following components: Years Ended December 31, (in thousands) 2020 2019 2018 Included in net income Current federal $ (58,723 ) $ 12,172 $ 7,594 Current state (132 ) 6,087 5,538 Total current provision (58,855 ) 18,259 13,132 Deferred federal (17,000 ) 46,290 41,078 Deferred state (3,716 ) 810 4,136 Total deferred provision (20,716 ) 47,100 45,214 Total included in net income $ (79,571 ) $ 65,359 $ 58,346 Income tax expense (benefit) does not reflect the tax effects of amounts recognized in other comprehensive income and in AOCI, a separate component of stockholders’ equity. These amounts include unrealized gains and losses on securities available for sale or transferred to held to maturity, unrealized gains and losses on derivatives and hedging transactions, and valuation adjustments of defined benefit and other post-retirement benefit plans. Refer to Note 13 – Stockholders’ Equity for additional information. Temporary differences arise between the tax bases of assets or liabilities and their carrying amounts for financial reporting purposes. The expected tax effects from when these differences are resolved are recorded currently as deferred tax assets or liabilities. Significant components of the Company’s deferred tax assets and liabilities were as follows: December 31, (in thousands) 2020 2019 Deferred tax assets: Allowance for loan losses $ 111,170 $ 47,008 Loan purchase accounting adjustments 1,681 18,717 Tax credit carryforward 5,700 2,025 Federal/state net operating loss 4,462 7,295 Lease liability 29,352 29,003 Other 17,801 7,893 Gross deferred tax assets 170,166 111,941 State valuation allowance (3,635 ) (1,415 ) Net deferred tax assets $ 166,531 $ 110,526 Deferred tax liabilities: Employee compensation and benefits $ (10,044 ) $ (9,662 ) Securities (51,036 ) (9,589 ) Fixed assets & intangibles (46,762 ) (48,144 ) Lease Financing (54,581 ) (41,565 ) Right-of-use Asset (24,872 ) (24,887 ) Other (28,642 ) (14,400 ) Gross deferred tax liabilities $ (215,937 ) $ (148,247 ) Net deferred tax asset (liability) $ (49,406 ) $ (37,721 ) Reported income tax expense (benefit) differed from amounts computed by applying the statutory income tax rate of 21% for the years ended December 31, 2020, 2019 and 2018 to earnings or loss before income taxes. Historically, the primary differences have been due to tax-exempt income, federal and state tax credits and excess tax benefits from stock-based compensation. The year ended December 31, 2020, also includes an incremental 14% tax benefit totaling $30.2 million associated with the five-year carryback of both the current year net operating loss (“NOL”) and the NOL attribute inherited from an acquired entity to a 35% statutory rate tax year, as allowed by provisions of the CARES Act. The current year NOL was primarily attributable to the energy loan sale loss that closed in the third quarter of 2020, along with tax method changes and/or elections made associated with the timing of income recognition and fixed asset related depreciation deductions. One of the tax method changes requires approval from the Internal Revenue Service, which is expected to occur. The main source of tax credits has been investments in tax-advantaged securities and tax credit projects. These investments are made primarily in the markets we serve and directed at tax credits issued under the Qualified Zone Academy Bonds (“QZAB”), Qualified School Construction Bonds (“QSCB”), as well as Federal and State New Market Tax Credit (“NMTC”) and Low-Income Housing Tax Credit (“LIHTC”) programs. A summary of the factors that impacted income tax expense follows. Years Ended December 31, 2020 2019 2018 ($ in thousands) Amount % Amount % Amount % Taxes computed at statutory rate $ (26,196 ) 21.0 % $ 82,475 21.0 % $ 80,244 21.0 % Increases (decreases) in taxes resulting from: State income taxes, net of federal income tax benefit (1,269 ) 1.0 7,204 1.8 8,770 2.3 Tax-exempt interest (10,444 ) 8.4 (10,435 ) (2.7 ) (10,803 ) (2.8 ) Life insurance contracts (4,857 ) 3.9 (3,901 ) (1.0 ) (2,019 ) (0.5 ) Tax credits (8,072 ) 6.5 (10,293 ) (2.6 ) (11,344 ) (3.0 ) Employee share-based compensation 1,351 (1.1 ) (842 ) (0.2 ) (1,380 ) (0.3 ) FDIC assessment disallowance 2,094 (1.7 ) 1,895 0.5 2,818 0.7 Return to provision adjustment (970 ) 0.8 (1,459 ) (0.4 ) (9,942 ) (2.6 ) Net operating loss carryback under CARES act (30,167 ) 24.2 — — — — Other, net (1,041 ) 0.8 715 0.2 2,002 0.5 Income tax expense $ (79,571 ) 63.8 % $ 65,359 16.6 % $ 58,346 15.3 % At December 31, 2020, the Company had approximately $2.9 million and $2.8 million, respectively, in federal and state tax credit carryforwards that originated in the tax years from 2017 through 2020 and begin expiring in 2024. These carryforwards are primarily from investments in federal and state NMTC projects. The Company expects to fully utilize these tax credit carryforwards prior to their respective expiration dates. The Company had approximately $79.0 million in state net operating loss carryforwards that originated in the tax years 2003 through 2020 and begin expiring in 2023. A $58.2 million gross state valuation allowance has been established for all non-bank entity level state NOL carryforwards, which translates to a net $3.6 million valuation allowance in the Company’s deferred tax inventory. The impact of this valuation allowance is not material to the financial statements. For jurisdictions where the Bank is the reporting/filing entity, no state valuation allowance was recorded for year-ended December 31, 2020. The Company expects future operations to generate sufficient taxable income to fully utilize such losses within the respective expiration periods. The tax benefit of a position taken or expected to be taken in a tax return should be recognized when it is more likely than not that the position will be sustained on its technical merits. The liability for unrecognized tax benefits was immaterial as of December 31, 2020, 2019 and 2018. The Company does not expect the liability for unrecognized tax benefits to change significantly during 2021. The Company recognizes interest and penalties, if any, related to income tax matters in income tax expense, and the amounts recognized during 2020, 2019 and 2018 were insignificant. The Company and its subsidiaries file a consolidated U.S. federal income tax return, as well as filing various state returns. Generally, the returns for years prior to 2017 are no longer subject to examination by taxing authorities. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Note 16. Earnings (Loss) Per Share The Company calculates earnings (loss) per share using the two-class method. The two-class method allocates net income or loss to each class of common stock and participating security according to common dividends declared and participation rights in undistributed earnings. For reporting periods in which a net loss is recorded, net loss is not allocated to participating securities because the holders of such securities bear no contractual obligation to fund or otherwise share in the loss. Participating securities consist of nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents A summary of the information used in the computation of earnings (loss) per common share follows. Years Ended December 31, ($ in thousands, except per share data) 2020 2019 2018 Numerator: Net income (loss) $ (45,174 ) $ 327,380 $ 323,770 Net income or dividends allocated to participating securities - basic and diluted 1,756 5,546 5,930 Net income (loss) allocated to common shareholders - basic and diluted $ (46,930 ) $ 321,834 $ 317,840 Denominator: Weighted-average common shares - basic 86,533 86,488 85,355 Dilutive potential common shares — 111 166 Weighted average common shares - diluted 86,533 86,599 85,521 Earnings (loss) per common share: Basic $ (0.54 ) $ 3.72 $ 3.72 Diluted $ (0.54 ) $ 3.72 $ 3.72 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. For reporting periods in which a net loss is reported, no effect is given to potentially dilutive common shares in the computation of loss per common share as any impact from such shares would be antidilutive. The weighted average of potentially dilutive common shares that were anti-dilutive totaled 15,815 for the year ended December 31, 2019 and 5,129 for the year ended December 31, 2018 and, as such were excluded from the calculation of diluted earnings per common diluted share for the respective periods. The diluted earnings per share computation for the year ended December 31, 2019 also excludes the impact of the forward contract related to the October 21, 2019 accelerated share repurchase transaction. Based upon the average daily volume weighted-average price of the Company’s common stock at December 31, 2019, the counterparty to the transaction was expected to deliver additional shares for the settlement of the forward contract upon settlement; as such, the impact of the forward contract related to the accelerated share repurchase transaction would have been anti-dilutive to earnings per share. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 17. Segment Reporting Accounting standards require that information be reported about a company’s operating segments using a “management approach.” Reportable segments are identified in these standards as those revenue-producing components for which discrete financial information is produced internally and which are subject to evaluation by the chief operating decision maker in deciding how to allocate resources to segments. Consistent with the Company’s strategy that is focused on providing a consistent package of banking products and services across all markets, the Company has identified its overall banking operations as its only reportable segment. Because the overall banking operations comprise substantially all of the consolidated operations, no separate segment disclosures are presented. |
Retirement Benefit Plans
Retirement Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Benefit Plans | Note 18. Retirement Benefit Plans The Company offers a qualified defined benefit pension plan, the Hancock Whitney Corporation Pension Plan and Trust Agreement (“Pension Plan”), covering certain eligible associates. Eligibility is based on minimum age and service-related requirements. During the second quarter of 2017, the Pension Plan was amended to exclude any individual hired or rehired by the Company after June 30, 2017 from eligibility to participate. The Pension Plan amendment further provided that the accrued benefits of each participant in the Pension Plan whose combined age plus years of service as of January 1, 2018 totaled less than 55 were to be frozen as of January 1, 2018 and not thereafter increase. The Company makes contributions to this plan in amounts sufficient to meet funding requirements set forth in federal employee benefit and tax laws, plus such additional amounts as the Company may determine to be appropriate. The Company was not required to make a contribution to the Pension Plan during 2020 or 2019. During 2018, the Company made a discretionary contribution of $39 million designated to the 2017 plan year as part of its income tax initiatives. Market conditions during the latter part of 2018 resulted in a decline in the Pension Plan’s asset value. The Company made a $100 million discretionary contribution to the Pension Plan during the first quarter of 2019, the timing and amount of which was determined with the intent to optimize investment return. The Company does not anticipate being required to make a contribution, nor does it anticipate making a discretionary contribution to the Pension Plan in 2021. The Company also offers a defined contribution retirement benefit plan (401(k) plan), the Hancock Whitney Corporation 401(k) Savings Plan and Trust Agreement (“401(k) Plan”), that covers substantially all associates who have been employed 60 days and meet a minimum age requirement and employment classification criteria. The Company matches 100% of the first 1% of compensation saved by a participant, and 50% of the next 5% of compensation saved. Newly eligible associates are automatically enrolled at an initial 3% savings rate unless the associate actively opts out of participation in the plan. The 401(k) Plan was also amended during the second quarter of 2017 for participants whose benefits are frozen under the Pension Plan to add an enhanced Company contribution beginning January 1, 2018, in the amount of 2%, 4% or 6% of such participant’s eligible compensation, based on the participant’s age and years of service with the Company. The 401(k) Plan’s amendment further provided that the Company will contribute to the benefit of those associates of the Company hired or rehired after June 30, 2017 and those associates of the Company never enrolled in the Pension Plan an additional basic contribution in an amount equal to 2% of the associate’s eligible compensation beginning January 1, 2018. Participants vest in the new basic and enhanced Company contributions upon completion of three years of service. The Company’s 401(k) plan matching expense totaled $17.4 million, $15.7 million and $14.6 million for the years ended December 31, 2020, 2019, and 2018, respectively. Certain associates who were designated executive officers of Whitney Holding Corporation and/or Whitney National Bank before the acquisition by the Company are also covered by an unfunded nonqualified defined benefit pension plan. The benefits under this nonqualified plan were designed to supplement amounts to be paid under the defined benefit plan previously maintained for employees of Whitney Holding Corporation and/or Whitney National Bank (the “Whitney Pension Plan”), and are calculated using the Whitney Pension Plan’s formula, but without applying the restrictions imposed on qualified plans by certain provisions of the Internal Revenue Code. Accrued benefits under this plan were frozen as of December 31, 2012 in connection with the merger of the Whitney Pension Plan into the Company’s qualified defined benefit pension plan, and no future benefits will be accrued under this plan. The Company also sponsors defined benefit postretirement plans for certain associates. The Hancock postretirement plans are available only to associates hired by the Company prior to January 1, 2000. The Hancock plans provide health care and life insurance benefits to retiring associates who participate in medical and/or group life insurance benefit plans for active associates and have reached 55 years of age with ten years of service, at the time of retirement. The postretirement health care plan is contributory, with retiree contributions adjusted annually and subject to certain employer contribution maximums. The Whitney postretirement plans are available only to former employees of Whitney Holding Corporation and/or Whitney National Bank who meet the eligibility requirements, and offer health care and life insurance benefits for eligible retirees and their eligible dependents. Participant contributions are required under the health plan. These plans restrict eligibility for postretirement health benefits to retirees already receiving benefits as of the date of the plan amendments in 2007 and to those active participants who were eligible to receive benefits as of December 31, 2007 (i.e., were age 55 with ten years of credited service). Life insurance benefits are currently only available to associates who retired before December 31, 2007. The Company assumed certain trends in health care costs in the determination of the benefit obligations. The plans assumed a 7.25% and The following tables detail the changes in the benefit obligations and plan assets of the defined benefit plans for the years ended December 31, 2020 and 2019, as well as the funded status of the plans at each year end and the amounts recognized in the Company’s consolidated balance sheets. The Company uses a December 31 measurement date for all defined benefit pension plans and other postretirement benefit plans. 2020 2019 2020 2019 (in thousands) Pension Benefits Other Post- Retirement Benefits Change in benefit obligation Benefit obligation, beginning of year $ 581,866 $ 492,017 $ 16,713 $ 16,283 Service cost 12,898 10,981 105 95 Interest cost 16,207 18,843 484 621 Plan participants' contributions — — 538 547 Net actuarial loss 70,777 81,166 1,910 733 Benefits paid (21,439 ) (21,141 ) (1,420 ) (1,566 ) Benefit obligation, end of year 660,309 581,866 18,330 16,713 Change in plan assets Fair value of plan assets, beginning of year 752,138 542,618 — — Actual return on plan assets 84,810 130,745 — — Employer contributions 1,178 101,165 882 1,019 Plan participants' contributions — — 538 547 Benefit payments (21,439 ) (21,141 ) (1,420 ) (1,566 ) Expenses (1,383 ) (1,249 ) — — Fair value of plan assets, end of year 815,304 752,138 — — Funded status at end of year - net asset (liability) $ 154,995 $ 170,272 $ (18,330 ) $ (16,713 ) Amounts recognized in accumulated other comprehensive loss Unrecognized loss at beginning of year $ 136,252 $ 149,470 $ (5,369 ) $ (7,015 ) Net actuarial loss (gain) 28,518 (13,218 ) 2,565 1,646 Unrecognized gain (loss) at end of year $ 164,770 $ 136,252 $ (2,804 ) $ (5,369 ) Projected benefit obligation $ 660,309 $ 581,866 Accumulated benefit obligation 624,999 550,005 Fair value of plan assets 815,304 752,138 The net funded status of $155.0 million for pension benefits plans includes an excess of plan assets over the benefit obligation of $171.2 million on the defined benefit pension plan, offset by an unfunded benefit obligation of $16.2 million for the nonqualified retirement plan. Net actuarial loss is a significant component of the change in the projected benefit obligation of the Pension plan for the year ended December 31, 2020. The actuarial loss was primarily driven by a change in the discount rate used in computing the projected benefit obligation at December 31, 2020. The following table shows net periodic benefit cost included in expense and the changes in the amounts recognized in AOCI during 2020, 2019, and 2018. Years Ended December 31, 2020 2019 2018 2020 2019 2018 ($ in thousands) Pension Benefits Other Post-Retirement Benefits Net periodic benefit cost Service cost $ 12,898 $ 10,981 $ 12,414 $ 105 $ 95 $ 120 Interest cost 16,207 18,843 16,762 484 621 621 Expected return on plan assets (48,191 ) (45,199 ) (41,033 ) — — — Amortization of net loss/ prior service cost 7,021 10,087 5,423 (653 ) (913 ) (434 ) Net periodic benefit cost (12,065 ) (5,288 ) (6,434 ) (64 ) (197 ) 307 Other changes in plan assets and benefit obligations recognized in other comprehensive income, before taxes Net (loss) gain recognized during the year (7,021 ) (10,087 ) (5,423 ) 653 913 434 Net actuarial loss (gain) 35,539 (3,131 ) 51,915 1,912 733 (6,717 ) Total recognized in other comprehensive income 28,518 (13,218 ) 46,492 2,565 1,646 (6,283 ) Total recognized in net periodic benefit cost and other comprehensive income $ 16,453 $ (18,506 ) $ 40,058 $ 2,501 $ 1,449 $ (5,976 ) Discount rate for benefit obligations 2.40 % 3.14 % 4.14 % 2.31 % 3.11 % 4.10 % Discount rate for net periodic benefit cost 3.14 % 4.14 % 3.57 % 3.11 % 4.10 % 3.52 % Expected long-term return on plan assets 6.50 % 7.25 % 7.25 % n/a n/a n/a Rate of compensation increase scaled * scaled * scaled ** n/a n/a n/a * Graded scale, declining from 7.25% 2.25% ** Graded scale, declining from 7.00% at age 20 t0 2.00% at age 60 The long term rate of return on plan assets is determined by using the weighted-average of historical real returns for major asset classes based on target asset allocations. For all periods presented, the discount rate for the benefit obligation was calculated by matching expected future cash flows to the Findley Pension Discount Curve (AA). The following table presents expected plan benefit payments over the ten years succeeding December 31, 2020: (in thousands) Pension Post-Retirement Total 2021 $ 24,097 $ 989 $ 25,086 2022 25,244 929 26,173 2023 26,251 954 27,205 2024 27,546 912 28,458 2025 28,963 950 29,913 2026-2030 163,952 4,664 168,616 . $ 296,053 $ 9,398 $ 305,451 The expected benefit payments are estimated based on the same assumptions used to measure the Company’s benefit obligations at December 31, 2020. The fair values of pension plan assets at December 31, 2020 and 2019, by asset category, are shown in the following tables. The fair value is presented based on the Financial Accounting Standards Board’s fair value hierarchy that prioritizes inputs into the valuation techniques used to measure fair value. Level 1 uses quoted prices in active markets for identical assets, Level 2 uses significant observable inputs, and Level 3 uses significant unobservable inputs. In accordance with Subtopic 820-10 common trust funds are reported at fair value using net asset value per share (or its equivalent) as a practical expedient and are not classified in the fair value hierarchy. For all investments, the plan attempts to use quoted market prices of identical assets on active exchanges, or Level 1 measurements. Where such quoted market prices are not available, the plan will use quoted prices for similar instruments or discounted cash flows to estimate the value, reported as Level 2. December 31, 2020 Fair Value Measurements by Asset Category / Fund Level 1 Level 2 Level 3 Total (in thousands) Cash and equivalents $ 3,778 $ — $ — $ 3,778 Total cash and cash equivalents 3,778 — — 3,778 Fixed income securities 29,527 43,076 — 72,603 Mutual fund-fixed income 22,087 — — 22,087 Exchange Traded Fund (ETF)-Fixed income 3,750 — — 3,750 Total fixed income 55,364 43,076 — 98,440 Domestic and foreign stock 97,966 — — 97,966 Mutual funds-equity 260,019 — — 260,019 Total equity 357,985 — 357,985 Total assets at fair value 417,127 43,076 — 460,203 Common trust funds (fixed income) — — — 298,694 Common trust fund (real assets) — — — 56,407 Total $ 417,127 $ 43,076 $ — $ 815,304 December 31, 2019 Fair Value Measurements by Asset Category / Fund Level 1 Level 2 Level 3 Total (in thousands) Cash and equivalents $ 2,574 $ — $ — $ 2,574 Total cash and cash equivalents 2,574 — — 2,574 Fixed income securities 23,450 45,951 — 69,401 Mutual fund-fixed income 34,652 — — 34,652 Exchange Traded Fund (ETF)-Fixed income 3,134 — — 3,134 Total fixed income 61,236 45,951 — 107,187 Domestic and foreign stock 88,174 — 88,174 Mutual funds-equity 236,436 — — 236,436 Total equity 324,610 — 324,610 Total assets at fair value 388,420 45,951 — 434,371 Common trust funds (fixed income) — — — 258,572 Common trust fund (real assets) — — — 59,195 Total $ 388,420 $ 45,951 $ — $ 752,138 The following table presents the percentage allocation of the plan assets by asset category and corresponding target allocations at December 31, 2020 and 2019. Plan Assets Target Allocation at December 31, at December 31, Asset category 2020 2019 2020 2019 Cash and equivalents 0 % 0 % 0 - 5% 0 - 5% Fixed income securities 49 49 41-57% 41-57% Equity securities 44 43 35 - 51% 35 - 51% Real assets 7 8 0 - 12% 0 - 12% 100 % 100 % Plan assets are invested in long-term strategies and evaluated within the context of a long-term investment horizon. Plan assets will be diversified across multiple asset classes so as to minimize the risk of large losses. Short-term fluctuations in value will be considered secondary to long-term results. The Company employs a total return approach whereby a diversified mix of asset class investments are used to maximize the long-term return of plan assets for an acceptable level of risk. Risk tolerance is established through careful consideration of the plan liabilities, plan funded status and the Company’s financial condition. The investment performance of the plan is regularly monitored to ensure that appropriate risk levels are being taken and to evaluate returns versus a suitable market benchmark. The benefits investment committee meets periodically to review the policy, strategy, and performance of the plans. |
Share-Based Payment Arrangement
Share-Based Payment Arrangements | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Payment Arrangements | Note 19. Share-Based Payment Arrangements The Company maintains incentive compensation plans that incorporate share-based payment arrangements for associates and directors. The current plan under which share-based awards may be granted, the 2020 Long Term Incentive Plan (the “2020 Plan”), was approved by the Company’s stockholders at the 2020 annual meeting as a successor to the Company’s 2014 Long-Term Incentive Plan (the “2014 Plan”). Certain share-based awards remain outstanding under the 2014 Plan and prior equity incentive compensation plans, but no future awards may be granted thereunder. The Compensation Committee of the Company’s Board of Directors administers the equity incentive plans, makes determinations with respect to participation by employees or directors and authorizes the share-based awards. Under the 2020 Plan, participants may be awarded stock options (including incentive stock options for associates), restricted shares, performance stock awards and stock appreciation rights, all on a stand-alone, combination or tandem basis. To date, the Committee has awarded stock options, tenure-based restricted shares and performance stock awards under the 2020 Plan and the prior equity incentive plans. Under the 2020 Plan, future awards may be granted for the issuance of an aggregate of 2,500,000 shares of the Company’s common stock, plus a number of additional shares of the Company’s common stock (not to exceed 1,000,000) for which awards under the 2014 Plan are cancelled, expired, forfeited or otherwise not issued, or settled in cash. The 2020 Plan limits the number of shares for which awards may be granted to any participant during any calendar year to 250,000 shares. The Company may use authorized unissued shares or shares held in treasury to satisfy awards under the 2020 Plan. As of December 31, 2020 there were 1.8 million shares available for future issuance under the 2020 equity compensation plan. For the years ended December 31, 2020, 2019, and 2018, total share-based compensation recognized in income was $21.1 million, $20.9 million and $19.8 million, respectively. The total recognized tax benefit related to the share-based compensation was $4.9 million, $5.5 million and $5.8 million for 2020, 2019, and 2018, respectively. At December 31, 2020, the Company had 23,074 outstanding and exercisable stock options, with a weighted average exercise price of $34.60, weighted average remaining contractual term of 1.5 years, and an aggregate intrinsic value of $ 0.1 million. There were no exercises of stock options during the year ended December 31, 2020. The total intrinsic value of options exercised during the years ended December 31, 2019, and 2018 was $0.2 million, $0.6 million, respectively. A summary of the Company’s nonvested restricted and performance shares for the year ended December 31, 2020 is presented below: Number of Shares Weighted- Average Grant-Date Fair Value ($) Nonvested at January 1, 2020 1,596,258 $ 40.43 Granted 900,683 28.34 Vested (511,552 ) 39.40 Cancelled/Forfeited (98,536 ) 43.70 Nonvested at December 31, 2020 1,886,853 $ 34.77 At December 31, 2020, there was $58.2 million of total unrecognized compensation expense related to nonvested restricted and performance shares expected to vest in future periods. This compensation is expected to be recognized in expense over a weighted-average period of 3.6 years. The fair value of shares vested totaled $20.1 million during each of the years ended December 31, 2020 and 2019. During the year ended December 31, 2020, the Company granted 35,754 performance shares subject to a total shareholder return (“TSR”) performance metric with a grant date fair value of $46.61 per share and 35,754 performance shares subject to an operating earnings per share performance metric with a grant date fair value of $39.39 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 two-year three-year |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 20. Commitments and Contingencies Credit Related In the normal course of business, the Bank enters into financial instruments, such as commitments to extend credit and letters of credit, to meet the financing needs of its customers. Such instruments are not reflected in the accompanying consolidated financial statements until they are funded, although they expose the Bank to varying degrees of credit risk and interest rate risk in much the same way as funded loans. Commitments to extend credit include revolving commercial credit lines, nonrevolving loan commitments issued mainly to finance the acquisition and development or construction of real property or equipment, and credit card and personal credit lines. The availability of funds under commercial credit lines and loan commitments generally depends on whether the borrower continues to meet credit standards established in the underlying contract and has not violated other contractual conditions. Loan commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the borrower. Credit card and personal credit lines are generally subject to cancellation if the borrower’s credit quality deteriorates. A number of commercial and personal credit lines are used only partially or, in some cases, not at all before they expire, and the total commitment amounts do not necessarily represent future cash requirements of the Company. A substantial majority of the letters of credit are standby agreements that obligate the Bank to fulfill a customer’s financial commitments to a third party if the customer is unable to perform. The Bank issues standby letters of credit primarily to provide credit enhancement to its customers’ other commercial or public financing arrangements and to help them demonstrate financial capacity to vendors of essential goods and services. The contract amounts of these instruments reflect the Company’s exposure to credit risk. The Company undertakes the same credit evaluation in making loan commitments and assuming conditional obligations as it does for on-balance sheet instruments and may require collateral or other credit support. At December 31, 2020 and 2019 the Company had a reserve for unfunded lending commitments totaling $29.9 million and $4.0 million, respectively. The Company’s off-balance sheet financial instruments are summarized below: December 31, (in thousands) 2020 2019 Commitments to extend credit $ 8,106,223 $ 7,530,143 Letters of credit 365,510 393,284 Legal Proceedings The Company is party to various legal proceedings arising in the ordinary course of business. Management does not believe that loss contingencies, if any, arising from pending litigation and regulatory matters will have a material adverse effect on the consolidated financial position or liquidity of the Company. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 21. Fair Value Measurements The FASB defines fair value as the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The FASB’s guidance also establishes a fair value hierarchy that prioritizes the inputs to these valuation techniques used to measure fair value, giving preference to quoted prices in active markets for identical assets or liabilities (level 1) and the lowest priority to unobservable inputs such as a reporting entity’s own data (level 3). Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in markets that are not active, observable inputs other than quoted prices, such as interest rates and yield curves, and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Fair Value of Assets and Liabilities Measured on a Recurring Basis The following tables present for each of the fair value hierarchy levels the Company’s financial assets and liabilities that are measured at fair value on a recurring basis in the consolidated balance sheets. December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 213,370 $ — $ 213,370 Municipal obligations — 326,725 — 326,725 Corporate debt securities — 11,764 — 11,764 Residential mortgage-backed securities — 2,629,811 — 2,629,811 Commercial mortgage-backed securities — 2,455,534 — 2,455,534 Collateralized mortgage obligations — 362,123 — 362,123 Total available for sale securities — 5,999,327 — 5,999,327 Derivative assets (1) — 150,180 — 150,180 Total recurring fair value measurements - assets $ — $ 6,149,507 $ — $ 6,149,507 Liabilities Derivative liabilities (1) $ — $ 49,612 $ 5,645 $ 55,257 Total recurring fair value measurements - liabilities $ — $ 49,612 $ 5,645 $ 55,257 (1) For further disaggregation of derivative assets and liabilities, see Note 12 – Derivatives. December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 98,672 $ — $ 98,672 Municipal obligations — 249,805 — 249,805 Corporate debt securities — 7,988 — 7,988 Residential mortgage-backed securities — 1,924,157 — 1,924,157 Commercial mortgage-backed securities — 1,586,467 — 1,586,467 Collateralized mortgage obligations — 808,215 — 808,215 Total available for sale securities — 4,675,304 — 4,675,304 Derivative assets (1) — 54,446 — 54,446 Total recurring fair value measurements - assets $ — $ 4,729,750 $ — $ 4,729,750 Liabilities Derivative liabilities (1) $ — $ 15,385 $ 5,704 $ 21,089 Total recurring fair value measurements - liabilities $ — $ 15,385 $ 5,704 $ 21,089 (1) For further disaggregation of derivative assets and liabilities, see Note 12 – 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 For the Company’s derivative financial instruments designated as hedges and those under the customer interest rate program, the fair value is obtained from a third-party pricing service that uses an industry-standard discounted cash flow model that relies on inputs, LIBOR swap curves, Overnight Index swap rate curves, all observable in the marketplace. To comply with the accounting guidance, credit valuation adjustments are incorporated in the fair values to appropriately reflect nonperformance risk for both the Company and the counterparties. Although the Company has determined that the majority of the inputs used to value these derivative instruments fall within level 2 of the fair value hierarchy, the credit value adjustments utilize level 3 inputs, such as estimates of current credit spreads. The Company has determined that the impact of the credit valuation adjustments is not significant to the overall valuation of these derivatives. As a result, the Company has classified its derivative valuations for these instruments in level 2 of the fair value hierarchy. The Company’s policy is to measure counterparty credit risk quarterly for all derivative instruments subject to master netting arrangements consistent with how market participants would price the net risk exposure at the measurement date. The Company also has certain derivative instruments associated with the Bank’s mortgage-banking activities. These derivative instruments include interest rate lock commitments on prospective residential mortgage loans and forward commitments to sell these loans to investors on a best efforts delivery basis. 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 12 – Derivatives for information about the derivative contract with the counterparty. The Company believes its valuation methods for its assets and liabilities carried at fair value are appropriate; however, the use of different methodologies or assumptions, particularly as applied to Level 3 assets and liabilities, could have a material effect on the computation of their estimated fair values. Changes in Level 3 Fair Value Measurements and Quantitative Information about Level 3 Fair Value Measurements The table below presents a rollforward of the amounts on the consolidated balance sheet for the year ended December 31, 2020 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, 2018 $ 7,304 Cash settlements (1,900 ) Losses included in earnings 300 Balance at December 31, 2019 5,704 Cash settlements (1,656 ) Losses included in earnings 1,597 Balance at December 31, 2020 $ 5,645 The table below provides an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure the financial instrument measured on a recurring basis and classified within Level 3 of the valuation. The range of sensitivities that management utilized in its fair value calculations is deemed acceptable in the industry with respect to the identified financial instrument. Level 3 Class December 31, 2020 December 31, 2019 Derivative liability $ 5,645 $ 5,704 Valuation technique Discounted cash flow Discounted cash flow Unobservable inputs: Visa Class A appreciation - terminal range 6% - 12% 6% - 18% Visa Class A appreciation - at end of reporting period 9% 12% Conversion rate - range 1.62x-1.60x 1.62x - 1.59x Conversion rate - at end of reporting period 1.6114x 1.616x Time until resolution 3-36 months 24 - 48 months The Company’s policy is to recognize transfers between valuation hierarchy levels as of the end of a reporting period. Fair Value of Assets Measured on a Nonrecurring Basis Certain assets and liabilities are measured at fair value on a nonrecurring basis. Collateral-dependent 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 from loans or property and equipment . Subsequently, other real estate owned and foreclosed assets is carried at the lower of carrying value or fair value less estimated selling costs. Fair values are determined by sales agreement or third-party appraisals as discounted for estimated selling costs, information from comparable sales, and marketability of the assets . The fair value information presented below is not as of the period end, rather it was as of the date the fair value adjustment was recorded during the twelve months for each of the dates presented below, and excludes nonrecurring fair value measurements of assets no longer on the balance sheet. The following table presents the Company’s financial assets that are measured at fair value on a nonrecurring basis for each of the fair value hierarchy levels: December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Collateral dependent loans individually evaluated for credit loss $ — $ 60,451 $ — $ 60,451 Other real estate owned and foreclosed assets — — 11,648 11,648 Total nonrecurring fair value measurements $ — $ 60,451 $ 11,648 $ 72,099 December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Collateral dependent impaired loans $ — $ 182,377 $ — $ 182,377 Other real estate owned and foreclosed assets — — 24,422 24,422 Total nonrecurring fair value measurements $ — $ 182,377 $ 24,422 $ 206,799 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 with 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 and interest-bearing checking and savings accounts, be assigned fair values equal to amounts payable upon demand (carrying amounts). The fair value of fixed-maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities. Securities Sold under Agreements to Repurchase and Federal Funds Purchased – For these short-term liabilities, the carrying amount is a reasonable estimate of fair value. Short-Term FHLB Borrowings – The fair value at December 31, 2020 is estimated by discounting the future contractual cash flows using current market rates at which borrowings with similar terms and options could be obtained. The fair value at December 31, 2019 assumed that the carrying amount was a reasonable estimate of fair value given the relatively stable interest rate environment. 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 measurements 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 amount at December 31, 2020 and 2019. December 31, 2020 Total Carrying (in thousands) Level 1 Level 2 Level 3 Fair Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 1,860,092 $ — $ — $ 1,860,092 $ 1,860,092 Available for sale securities — 5,999,327 — 5,999,327 5,999,327 Held to maturity securities — 1,467,581 — 1,467,581 1,357,170 Loans, net — 60,451 21,472,933 21,533,384 21,339,754 Loans held for sale — 136,063 — 136,063 136,063 Derivative financial instruments — 150,180 — 150,180 150,180 Financial liabilities: Deposits $ — $ — $ 27,679,321 $ 27,679,321 $ 27,697,877 Federal funds purchased 300 — — 300 300 Securities sold under agreements to repurchase 567,213 — — 567,213 567,213 Short-term FHLB Borrowings — 1,147,335 — 1,147,335 1,100,000 Long-term debt — 404,880 — 404,880 378,322 Derivative financial instruments — 49,612 5,645 55,257 55,257 December 31, 2019 Total Carrying (in thousands) Level 1 Level 2 Level 3 Fair Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 542,333 $ — $ — $ 542,333 $ 542,333 Available for sale securities — 4,675,304 — 4,675,304 4,675,304 Held to maturity securities — 1,611,004 — 1,611,004 1,568,009 Loans, net — 182,377 20,861,702 21,044,079 21,021,504 Loans held for sale — 55,864 — 55,864 55,864 Derivative financial instruments — 54,446 — 54,446 54,446 Financial liabilities: Deposits $ — $ — $ 23,786,775 $ 23,786,775 $ 23,803,575 Federal funds purchased 195,450 — — 195,450 195,450 Securities sold under agreements to repurchase 484,422 — — 484,422 484,422 FHLB short-term borrowings 2,035,000 — — 2,035,000 2,035,000 Long-term debt — 226,098 — 226,098 233,462 Derivative financial instruments — 15,385 5,704 21,089 21,089 |
Condensed Parent Company Inform
Condensed Parent Company Information | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Parent Company Information | Note 22. Condensed Parent Company Information The following condensed financial statements reflect the accounts and transactions of Hancock Whitney Corporation only: Condensed Balance Sheets December 31, (in thousands) 2020 2019 Assets: Cash $ 199,995 $ 57,943 Investment in bank subsidiaries 3,511,693 3,524,029 Investment in non-bank subsidiaries 25,134 23,498 Due from subsidiaries and other assets 15,464 9,101 Total assets $ 3,752,286 $ 3,614,571 Liabilities and Stockholders' Equity: Long-term debt $ 312,260 $ 145,572 Other liabilities 1,001 1,314 Stockholders' equity 3,439,025 3,467,685 Total liabilities and stockholders' equity $ 3,752,286 $ 3,614,571 Condensed Statements of Income Years Ended December 31, (in thousands) 2020 2019 2018 Operating income From subsidiaries Cash dividends received from bank subsidiaries $ 70,000 $ 240,000 $ 200,000 Cash dividend from nonbank Subsidiary — 5,000 — Equity in earnings (loss) of subsidiaries greater than dividends received (101,406 ) 94,185 137,914 Total operating income (31,406 ) 339,185 337,914 Other expense, net 22,307 15,635 18,728 Income tax benefit (8,539 ) (3,830 ) (4,584 ) Net income (loss) $ (45,174 ) $ 327,380 $ 323,770 Other comprehensive income (loss), net of tax 134,793 125,985 (46,307 ) Comprehensive income $ 89,619 $ 453,365 $ 277,463 Condensed Statements of Cash Flows Years Ended December 31, (in thousands) 2020 2019 2018 Cash flows from operating activities - principally dividends received from subsidiaries $ 71,067 $ 255,322 $ 216,270 Net cash provided by operating activities 71,067 255,322 216,270 Cash flows from investing activities: Contribution of capital to subsidiary — (50,000 ) — Net cash received in acquisition — 38,505 — Proceeds from sale of securities available for sale — — 47,557 Proceeds from principal paydowns of securities available for sale — — 9,091 Other, net — (1,874 ) — Net cash provided by (used in) investing activities — (13,369 ) 56,648 Cash flows from financing activities: Proceeds from issuance of long term debt 166,425 — — Repayment of long term debt — (13,919 ) (89,200 ) Dividends paid to stockholders (95,605 ) (94,871 ) (88,838 ) Repurchase of common stock (12,716 ) — (8,267 ) Proceeds from dividend reinvestment and other incentive plans 5,301 4,265 4,693 Payroll tax remitted on net share settlement of equity awards (4,530 ) (6,295 ) (8,695 ) Cash received(paid) under accelerated share repurchase agreement 12,110 (185,000 ) — Other, net — (42,129 ) — Net cash provided by (used in) financing activities 70,985 (337,949 ) (190,307 ) Net increase (decrease) in cash 142,052 (95,996 ) 82,611 Cash, beginning of year 57,943 153,939 71,328 Cash, end of year $ 199,995 $ 57,943 $ 153,939 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Description of Business | DESCRIPTION OF BUSINESS Hancock Whitney Corporation (the “Company”) is a financial services company headquartered in Gulfport, Mississippi that is both a financial holding company and a bank holding company registered under the Bank Holding Company Act of 1956, as amended. The Company provides a comprehensive network of full-service financial choices to customers primarily in the Gulf South region through its bank subsidiary, Hancock Whitney Bank (the “Bank”), a Mississippi state bank. The Bank offers a broad range of traditional and online banking services to commercial, small business and retail customers, providing a variety of transaction and savings deposit products, treasury management services, secured and unsecured loan products (including revolving credit facilities), and letters of credit and similar financial guarantees. The Bank also provides trust and investment management services to retirement plans, corporations and individuals. The Company also offers investment brokerage services through its broker-dealer subsidiary, Hancock Whitney Investment Services, Inc., a nonbank subsidiary of the holding company. The Company primarily operates across the Gulf South region, including southern and central Mississippi; southern and central Alabama; southern, central and northwest Louisiana; the northern, central, and panhandle regions of Florida; and the certain areas of east and northeast Texas including Houston, Beaumont and Dallas, among others. In addition, the Company operates a loan production office in Nashville, Tennessee. |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of the Company and all other entities in which the Company has a controlling interest. Variable interest entities for which the Company has been deemed the primary beneficiary are also consolidated. Significant intercompany transactions and balances have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation. |
Use of Estimates | Use of Estimates The accounting principles the Company follows and the methods for applying these principles conform to U.S. GAAP and general practices followed by the banking industry. These accounting principles and practices require management to make estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. |
Fair Value Accounting | Fair Value Accounting U.S. GAAP requires the use of fair values in determining the carrying values of certain assets and liabilities in the financial statements, as well as for specific disclosures about certain assets and liabilities. Accounting guidance establishes a fair value hierarchy that prioritizes the inputs to these valuation techniques used to measure fair value giving preference to quoted prices in active markets (level 1) and the lowest priority to unobservable inputs such as a reporting entity’s own data or information or assumptions developed from this data (level 3). Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in markets that are not active, observable inputs other than quoted prices, such as interest rates and yield curves, and inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
Business Combinations | Business Combinations Business combinations are accounted for under the purchase method of accounting. Purchased assets, including identifiable intangibles, and assumed liabilities are recorded at their respective acquisition date fair values. If the fair value of net assets purchased exceeds the consideration given, a bargain purchase gain is recognized. If the consideration given exceeds the fair value of the net assets received or if the fair value of the net liabilities assumed exceeds the consideration received, goodwill is recognized. Fair values are subject to refinement for up to one year after the closing date of an acquisition as information relative to closing date fair values becomes available. Acquisition costs are expensed as incurred. All identifiable intangible assets that are acquired in a business combination are recognized at the acquisition date fair value. Identifiable intangible assets are recognized separately if they arise from contractual or other legal rights or if they are separable (i.e., capable of being sold, transferred, licensed, rented, or exchanged separately from the entity). |
Cash and Due from Banks | Cash and Due from Banks The Company considers only cash on hand, cash items in process of collection and balances due from financial institutions as cash and cash equivalents. |
Securities | Securities Securities are classified as trading, held to maturity or available for sale. Management determines the appropriate classification of debt and equity securities at the time of purchase and reevaluates this classification periodically as conditions change that could require reclassification. Available for sale securities are stated at fair value. Unrealized holding gains and unrealized holding losses, are reported net of tax in other comprehensive income and in accumulated other comprehensive income (“AOCI”) until realized. Securities that the Company both positively intends and has the ability to hold to maturity are classified as securities held to maturity and are carried at amortized cost. The intent and ability to hold are not considered satisfied when a security is available to be sold in response to changes in interest rates, prepayment rates, liquidity needs or other reasons as part of an overall asset/liability management strategy. Premiums and discounts on securities, both those held to maturity and those available for sale, are amortized and accreted to income as an adjustment to the securities’ yields using the effective interest method. Realized gains and losses on the sale of securities are reported net as a component of noninterest income. The cost of securities sold is specifically identified for use in calculating realized gains and losses. Credit Losses on Securities As noted, the Company adopted the provisions of ASC 326, or CECL, on January 1, 2020. The provisions of ASC 326 require an assessment of held to maturity debt securities for expected credit losses and the available for sale debt securities for credit-related impairment, resulting in an allowance for credit losses, if applicable. The Company applies the practical expedient to exclude the accrued interest receivable balance from amortized cost basis of financing receivables. The allowance for credit losses on held to maturity debt securities is estimated at the individual security level when there is a more than inconsequential risk of default. The assessment uses probability of default and loss given default models based on public ratings, where available, or mapped internally developed risk grades to public ratings and forecasted cash flows using the same economic forecasts and probability weighting as used for the Company’s evaluation of the loan portfolio. Qualitative adjustments to the output of the quantitative calculation are made when management deems it necessary to reflect differences in current and forecasted conditions as compared to those during the historical loss period used in model development. The Company evaluates credit impairment on available for sale debt securities at an individual security level. This evaluation is done for securities whose fair value is below amortized cost with a more than inconsequential risk of default and where the Company has assessed the decline in fair value is significant enough to suggest a credit event occurred. Credit events are generally assessed based on adverse conditions specifically related to the security, an industry, or geographic area, changes in the financial condition of the issuer of the security, or in the case of an asset-backed debt security, changes in the financial condition of the underlying loan obligors. The allowance for credit losses for such securities is measured using a discounted cash flow methodology, through which management compares the present value of expected cash flows with the amortized cost basis of the security. The allowance for credit loss is limited to the amount by which the fair value is less than the amortized cost basis. The Company reassesses the potential for credit losses at each reporting period and records subsequent changes in the allowance for credit losses on securities with a corresponding adjustment recorded in the provision for credit loss expense. If the Company intends to sell the debt security, or more likely than not will be required to sell the security before recovery of its amortized cost basis, the security is charged down to fair value against the allowance for credit losses, with any incremental impairment reported in earnings. Prior to the adoption of CECL, declines in value judged to be other than temporary were reported net as a component of noninterest income. |
Loans | Loans Loans Held for Sale Residential mortgage loans originated for sale are classified as loans held for sale and carried at the lower of cost or market. Forward sales commitments on a best-efforts basis are entered into with third parties concurrently with interest rate lock commitments made to prospective borrowers. Held for sale loans also includes residential construction loans that are anticipated to be sold upon completion of the construction term. At times, management may originate other types of loans with the intent to sell or decide to sell loans that were not originated for that purpose. Such loans are reclassified as held for sale at the lower of cost or market when that decision is made. Loans Held for Investment Loans that the Company has the intent and ability to hold for the foreseeable future or until maturity or payoff are considered loans held for investment and reported as “Loans” in the Consolidated Balance Sheets and in the related footnote disclosures. Loans held for investment include loans originated for investment and loans acquired in purchase transactions. Loans are reported at the principal balance outstanding net of unearned income. Interest on loans and accretion of unearned income, including net deferred loan fees and costs, are computed in a manner that approximates a level yield on recorded principal. Interest on loans is recognized in income as earned. The accrual of interest is discontinued (“nonaccrual status”) when, in management’s opinion, it is probable that the borrower will be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. When accrual of interest is discontinued on a loan, all unpaid accrued interest is reversed and payments subsequently received are applied first to recover principal. Interest income is recognized for payments received after contractual principal has been satisfied. Loans are returned to accrual status when all the principal and interest contractually due are brought current and future payment performance is reasonably assured. Acquired Loans Subsequent to the adoption of CECL, acquired loans are segregated between those purchased with credit deterioration (“PCD”) and those that are not (“non-PCD”). Loans considered PCD include those individual loans (or groups of loans with similar risk characteristics) that as of the date of acquisition are assessed as having experienced a more-than-insignificant deterioration in credit quality since origination. The assessment of what is more-than-insignificant credit deterioration since origination considers information including, but not limited to, financial assets that are delinquent, on nonaccrual and/or otherwise adversely risk rated as of the acquisition date, those that have been downgraded since origination, and those for which, after origination, credit spreads have widened beyond the threshold specified in policy. The Company bifurcates the fair value discount between the credit and noncredit components and records an allowance for credit losses for PCD loans by adding the credit portion of the fair value discount to the initial amortized cost basis and increasing the allowance for credit losses at the date of acquisition. Any noncredit discount or premium resulting from acquiring loans with credit deterioration is allocated to each individual asset. All non-PCD loans acquired are recorded at the estimated fair value of the loan at acquisition, with the estimated allowance for credit loss recorded as a provision for credit losses through earnings in the period in which the acquisition has occurred. The noncredit discount or premium for PCD loans and full discount for non-PCD loans will be accreted to interest income using the interest method based on the effective interest rate at the acquisition date. Under the transition provisions for application of CECL, the Company has classified all purchased credit impaired loans (“PCI”) previously accounted for under Financial Accounting Standard Subtopic 310-30 to be classified as PCD, without reassessing whether the financial assets meet the criteria of PCD as of the date of adoption. The application of these provisions resulted in an adjustment to the amortized cost basis of the financial asset to reflect the addition of the allowance for credit losses at the date of adoption. The Company elected not to maintain pools of loans accounted for under Subtopic 310-30 at adoption. The Company was also not required to reassess whether modifications to individual acquired financial assets accounted for in pools were troubled debt restructurings as of the date of adoption. The noncredit discount, after the adjustment for the allowance for credit losses, will be accreted to interest income using the interest method based on the effective interest rate determined after the adjustment for credit losses at the adoption date. Prior to the adoption of CECL and under the provisions of ASC 310, acquired loans were segregated between those considered to be performing (“purchased credit performing”) and those with evidence of credit deterioration or PCI . T he acquired loans were generally segregated into loan pools and e xpected cash flows, both principal and interest, were estimated based by pool on key ass umptions covering such factors as prepayments, default rates, and severity of loss given a default. The fair value estimate for each pool was based on the estimate of expected cash flows from the pool discounted at prevailing market rates. The difference at the acquisition date between the fair value and the contractual amounts due for each purchased credit performing loan pool (the “fair value discount”) wa s accreted into income over the estimated life of the pool. Purchased credit performing loans we re placed on nonaccrual status and reported as nonperforming or past due using the same criteria applied to the originated portfolio. The excess of estimated cash flows expected to be collected from each PCI loan pool over the pool’s carrying value is referred to as the accretable yield and was recognized in interest income using an effective yield method over the expected life of the pool. Each pool of PCI loans were accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. P CI loans in pools with an accretable yield and expected cash flows that we re reasonably estimable we re considered to be accruing and performing even though collection of contractual payments on loans within the pool may be in doubt. PCI loans accounted for in pools we re generally not subject to individual evaluation for impairment and we re not reported with impaired loans or troubled debt restructurings even if they would otherwise qualify for such treatment. Troubled Debt Restructurings Troubled debt restructurings (TDRs) occur when a borrower is experiencing, or is expected to experience, financial difficulties in the near-term and a modification in loan terms is granted that would otherwise not have been considered. Troubled debt restructurings can result in loans remaining on nonaccrual, moving to nonaccrual, or continuing to accrue, depending on the individual facts and circumstances of the borrower. When establishing credit reserves on a loan modified in a TDR, the loan’s value is determined by either the present value of expected cash flows calculated using the loan’s effective interest rate before the restructuring, or the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. If the value as determined is less than the recorded investment in the loan, the difference is charged off through the allowance for loan and lease losses. Section 4013 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act provided relief through December 31, 2020 from the accounting and disclosure requirements of ASC 310-40 for loan modifications that are made by financial institutions in response to the COVID-19 pandemic if (1) the borrower was not more than 30 days past due as of December 31, 2019, and (2) the modifications are related to arrangements that defer or delay the payment of principal or interest, or change the interest rate on the loan. The Consolidated Appropriations Act, 2021, extended this relief to January 1, 2022. |
Allowance for Credit Losses | Allowance for Credit Losses on Loans and Leases The Company adopted the provisions of ASC Topic 326, or CECL, on January 1, 2020. For reporting periods prior to January 1, 2020, credit loss accounting was in accordance with guidance under ASC Topic 310. The allowance for credit losses (ACL) is comprised of the allowance for loan and lease losses (ALLL), a valuation account available to absorb losses on loans and leases held for investment, and the reserve for unfunded lending commitments, a liability established to absorb credit losses for the expected life of the contractual term of on and off-balance sheet exposures as of the date of the determination. Quarterly, management estimates losses in the portfolio and unfunded exposures based on a number of factors, including the Company’s past loan loss experience, known and potential risks in the portfolio, adverse situations that may affect the borrowers’ ability to repay, the estimated value of any underlying collateral, and current and forecasted economic conditions. The analysis and methodology for estimating the ACL includes two primary elements: a collective approach for pools of loans that have similar risk characteristics using a loss rate analysis, and a specific reserve analysis for credits individually evaluated for credit loss. For the collective approach, the Company segments loans into commercial non-real estate, commercial real estate – owner occupied, commercial real estate – income producing, construction and land development, residential mortgage and consumer, with further segmentation by region and sub-portfolio, as deemed appropriate. Both quantitative and qualitative factors are applied at the portfolio segment levels. The Company applies the practical expedient that permits the exclusion of the accrued interest receivable balance from amortized cost basis of financing receivables. For the collectively evaluated portfolios, the Company utilizes internally developed credit models and third party economic forecasts for the calculation of expected credit loss over the reasonable and supportable forecast period for the majority of the portfolio and other methods, generally historical loss based, for select portfolios. The Company calculates a collective allowance for a two-year reasonable and supportable forecast period utilizing probability weighted multiple macroeconomic scenarios, and then reverts on a linear basis over four quarters to an average historical loss rate for the remaining term. The credit models consist primarily of multivariate regression and autoregressive models that correlate our historical net charge-off rates to select macroeconomic variables at a collective level. Forward-looking macroeconomic forecasts are applied as inputs to the regression equations to estimate quarterly collective net charge-off rates over the reasonable and supportable period. The net charge-off rates from the credit models for the reasonable and supportable period, the linear reversion rates, and the average loss rates for the post reasonable and supportable periods are applied to forecasted balance runoff for the estimated remaining term. The balance runoff incorporates prepayment assumptions developed from historical experience that are applied to the multiple macroeconomic forecasts. Forecasted net charge-off rates are also applied to forecasted draws and subsequent runoff of unfunded commitments in the calculation of the reserve for unfunded lending commitments. Qualitative adjustments to the output of quantitative calculations are made when management deems it necessary to reflect differences in current and forecasted conditions as compared to those during the historical loss period used in model development. Conditions to be considered include, but are not limited to, problem loan trends, current business and economic conditions, credit concentrations, lending policies and procedures, lending staff, collateral values, loan profiles and volumes, loan review quality, changes in competition and regulations, and other adjustments for model limitations or other variables not specifically captured. The Company establishes specific reserves using an individually evaluated approach for nonaccrual loans, loans modified in troubled debt restructures, loans for which a troubled debt restructure is reasonably expected, and other financial instruments that are deemed to not share risk characteristics with other collectively evaluated financial assets. For loans individually evaluated, a specific allowance is recognized for any shortfall between the loan’s value and its recorded investment. The loan’s value is measured by either the loan’s observable market price, the fair value of the collateral of the loan (less liquidation costs) if it is collateral dependent, or by the present value of expected future cash flows discounted at the loan’s effective interest rate. The Company applies the practical expedient and defines collateral dependent loans as those where the borrower is experiencing financial difficulty and on which repayment is expected to be provided substantially through the operation or sale of the collateral. Loans individually analyzed are not incorporated into the pool analysis to avoid double counting. The Company limits the individually evaluated specific reserve analysis to include commercial and residential mortgage loans with relationship balances of $1 million or greater and all loans classified as troubled debt restructurings. Prior to the adoption of CECL and under the provisions of ASC 310, the ACL was established and maintained at an amount sufficient to cover estimated credit losses inherent in the loan and lease portfolios and off balance sheet exposures of the Company as of the date of the determination. The previous analysis and methodology for estimating the ACL included two primary elements: a historical loss rate analysis used for credits collectively evaluated for impairment; and a specific reserve analysis is used for credits individually evaluated for impairment. Segmentation for the collective evaluation was similar to those used under CECL (described above), and further subdivided by select credit quality indicators. The incurred loss methodology used loss emergence periods developed from historical experience of 24 months for commercial loans and twelve to eighteen months for retail and residential mortgage loans. Historical loss rates were calculated using a weighted average of loss rates over the loss emergence periods in the historical look back period. As circumstances dictated, management made qualitative adjustments to the overall loss rate to reflect differences in current conditions as compared to those during the historical loss period. Both quantitative and qualitative factors were applied at the detailed portfolio segments. The specific reserve analysis for credits individual evaluated for impairment was largely unchanged. It is the policy of the Company to promptly charge off all commercial and residential mortgage loans, or portions of loans, when available information reasonably confirms that they are wholly or partially uncollectible. Prior to recording a charge, the loan’s value is established based on an assessment of the value of the collateral securing the loan, the borrower’s and the guarantor’s ability and willingness to pay and the status of the account in bankruptcy court, if applicable. Consumer loans are generally charged down when the loan is 120 days past due for most secured and unsecured loans and 150 days past due for consumer credit card loans, unless the loan is clearly both well secured and in the process of collection. Loans are charged down to the fair value of the collateral, if any, less estimated selling costs. Loans are charged off against the allowance for loan losses, with subsequent recoveries added back to the allowance. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation and amortization. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets, which are up to 30 years for buildings and three to ten years for most furniture and equipment. Amortization expense for software is generally charged over three years, or seven years for core systems. Leasehold improvements are amortized over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. The Company evaluates whether events and circumstances have occurred that indicate that such long-lived assets have been impaired. Measurement of any impairment of such long-lived assets is based on their fair values. Property and equipment used in operations is considered held for sale when certain criteria are met, including when management has committed to a plan to sell the asset, the asset is available for sale in its immediate condition, and the sale is probable within one year of the reporting date. Assets held for sale are reported at the lower of cost or fair value less costs to sell. Gains and losses related to retirement or disposition of property and equipment are recorded in other income under noninterest income on the consolidated statements of income as realized. |
Operating Leases | Operating Leases On 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. Under the revised standard, the Company recognize s a liability representing the present value of future lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset over the lease term in the statement of financial position. The Company determines if an arrangement is a lease at inception of the contract and assesses the appropriate classification as finance or operating. Operating leases with terms greater than one year are included in right-of-use lease assets and lease obligations on the Company’s Consolidated Balance Sheets. The lease term includes payments to be made in optional or renewal periods only if the lessee is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term using the interest rate implicit in the contract, when available, or the Company’s incremental collateralized borrowing rate with similar terms. Agreements with both lease and non-lease components are accounted for separately, with only the lease component capitalized. The right-of-use asset is the amount of the lease liability adjusted for prepaid or accrued lease payments, remaining balance of any lease incentives received, unamortized initial direct costs, and impairment. Lease expense is recorded on a straight-line basis over the lease term through amortization of the right-of-use asset plus implicit interest accreted on the operating lease liability obligation, and is reflected in net occupancy expense in the Consolidated Statements of Income. The Company evaluates whether events and circumstances have occurred that indicate right-of-use assets have been impaired. Measurement of any impairment of such assets is based on their fair values. Once a right-of-use asset for an operating lease is impaired, the carrying amount of the right-of-use asset is reduced through expense and the remaining balance is subsequently amortized on a straight-line basis. Certain of the Company’s leases contain variable components, such as annual changes to rent based on the consumer price index. Operating lease liabilities are not re-measured as a result of changes to variable components unless the lease must be re-measured for some other reason such as a renewal that was not reasonably certain of being exercised. Changes to the variable components are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. 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. For periods prior to January 1, 2019, lease accounting was in accordance with the previously effective guidance of ASC Topic 840, “Leases,” under which operating lease costs were expensed as incurred and non-cancellable future minimum operating lease payments were presented for disclosure only. |
Other Real Estate and Foreclosed Assets | Other Real Estate and Foreclosed Assets Other real estate and foreclosed assets includes real property and other assets that have been acquired in satisfaction of loans and leases, and real property no longer used in the Bank’s business. These assets are recorded at the estimated fair value less the estimated cost of disposition and carried at the lower of either cost or market. Fair value is based on independent appraisals and other relevant factors. Any initial reduction in the carrying amount of a loan to the fair value of the collateral received less selling costs is charged to the allowance for loan losses. Each asset is revalued on an annual basis, or more often if market conditions necessitate. Subsequent losses on the periodic revaluation of these assets and gains or losses recognized on disposition are charged to current earnings, as are revenues from and costs of operating and maintaining real property; with the resulting net (income) expense reflected in noninterest expense in the Consolidated Statements of Income. Improvements made to real property are capitalized if the expenditures are expected to be recovered upon the sale of the property. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of consideration paid over the fair value of net assets acquired or the excess of the fair value liabilities assumed over consideration received in a business combination. Goodwill is not amortized but assessed for impairment on an annual basis, or more often if events or circumstances indicate there may be impairment. The impairment test compares the estimated fair value of a reporting unit with its net book value. The Company has assigned all goodwill to one reporting unit that represents overall banking operations. The fair value of the reporting unit is based on valuation techniques that market participants would use in an acquisition of the whole unit, and may include analysis such as estimated discounted cash flows, the quoted market price of the Company’s stock adjusted for a control premium, and observable average price-to-earnings and price-to-book multiples of competitors. If the unit’s fair value is less than its carrying value, an estimate of the implied fair value of the goodwill is compared to the goodwill’s carrying value, and any impairment recognized. Other identifiable intangible assets with finite lives, such as core deposit intangibles, customer lists and trade name, are initially recorded at fair value and are generally amortized over the periods benefited. These assets are evaluated for impairment in a similar manner to long-lived assets. |
Life Insurance Contracts | Life Insurance Contracts Bank-owned life insurance contracts (BOLI) are comprised of long-term life insurance contracts on the lives of certain current and past employees where the insurance policy benefits and ownership are retained by the employer. Its cash surrender value is an asset that the Company uses to partially offset the future cost of employee benefits. The cash value accumulation on BOLI is permanently tax deferred if the policy is held to the insured person’s death and certain other conditions are met. |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock As a member of the Federal Home Loan Bank (FHLB), the Company is required to purchase and hold shares of capital stock in the FHLB in an amount equal to a membership investment plus an activity-based investment determined according to the level of outstanding FHLB advances. The shares are recorded at amortized cost, which approximates fair value, and is reflected in Other Assets in the consolidated balance sheets. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company records all derivatives on the balance sheet at fair value as components of other assets and other liabilities. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. For derivatives designated as hedging the exposure to changes in the fair value of an asset or liability (fair value hedge), the gain or loss is recognized in earnings in the period of the fair value change together with the offsetting loss or gain on the hedged item attributable to the risk being hedged. Derivatives designated as hedging exposure to variable cash flows of a forecasted transaction (cash flow hedge), are reported as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings or in certain circumstances, when the hedge is terminated, with the full impact of hedge gains and losses recognized in the period in which the hedged transaction impacts the entity’s earnings. For derivatives that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately. Note 12 - Derivatives describes the derivative instruments currently used by the Company and discloses how these derivatives impact the Company’s financial condition and results of operations. |
Stockholders' Equity | Stockholders’ Equity Common stock reflects shares issued at par value. Repurchase of the Company’s common stock (treasury stock) is recorded at cost as a reduction of stockholders’ equity within capital surplus in the accompanying Consolidated Balance Sheets and the Statements of Changes in Stockholders’ Equity. When treasury shares are subsequently reissued, treasury stock is reduced by the cost of such stock using the first-in-first-out method, with the difference recorded in capital surplus or retained earnings, as applicable. |
Revenue Recognition | Revenue Recognition Interest Income Interest income is recognized on an accrual basis driven by written contracts, such as loan agreements or securities contracts. Loan origination fees and costs are recognized over the life of the loan as an adjustment to yield. Service Charges on Deposit Accounts Service charges on deposit accounts include transaction based fees for non-sufficient funds, account analysis fees, and other service charges on deposits, including monthly account service fees. Non-sufficient funds fees are recognized at the time when the account overdraft occurs in accordance with regulatory guidelines. Account analysis fees consist of fees charged on certain business deposit accounts based upon account activity as well as other monthly account fees, and are recorded under the accrual method of accounting as services are performed. Other service charges are earned by providing depositors safeguard and remittance of funds as well as by providing other elective services for depositors that are performed upon the depositor’s request. Charges for deposit services for the safeguard and remittance of funds are recognized at the end of the statement cycle, after services are provided, as the customer retains funds in the account. Revenue for other elective services is earned at the point in time the customer uses the service. Trust Fees Trust fee income represents revenue generated from asset management services provided to individuals, businesses, and institutions. The Company has a fiduciary responsibility to the beneficiary of the trust to perform agreed upon services which can include investing assets, periodic reporting, and providing tax information regarding the trust. In exchange for these trust and custodial services, the Company collects fee income from beneficiaries as contractually determined via fee schedules. The Company’s performance obligation is primarily satisfied over time as the services are performed and provided to the customer. These fees are recorded under the accrual method of accounting as the services are performed. The Company generally acts as the principal in these transactions and records revenue and expenses on a gross basis. Bank Card and Automated Teller Machine (“ATM”) Fees Bank card and ATM fees include credit card, debit card and ATM transaction revenue. The majority of this revenue is card interchange fees earned through a third party network. Performance obligations are satisfied for each transaction when the card is used and the funds are remitted. The network establishes interchange fees that the merchant remits for each transaction, and costs are incurred from the network for facilitating the interchange with the merchant. Card fees also include merchant services fees earned for providing merchants with card processing capabilities. ATM income is generated from allowing customers to withdraw funds from other banks’ machines and from allowing a non-customer cardholder to withdraw funds from the Company’s machines. The Company satisfies its performance obligations for each transaction at the point in time that the withdrawal is processed. Bank card and ATM fee income is recorded on accrual basis as services are provided with the related expense reflected in data processing expense. Investment and Annuity Fees and Insurance Commissions Investment and annuity services fee income represents income earned from investment and advisory services. The Company provides its customers with access to investment products through the use of third party carriers to meet their financial needs and investment objectives. Upon selection of an investment product, the customer enters into a policy with the carrier. The performance obligation is satisfied by fulfilling its responsibility to acquire the investment for which a commission fee is earned from the carrier based on agreed-upon fee percentages on a trade date basis. The Company has a contractual relationship with a third party broker dealer to provide full service brokerage and investment advisory activities. As the agent in the arrangement, the Company recognizes the investment services commissions on a net basis. Investment revenue also includes portfolio management fees, which represent monthly fees charged on a contractual basis to customers for the management of their investment portfolios and are recorded under the accrual method of accounting on a gross basis, with expenses recorded in the appropriate expense line item. This revenue line item includes investment banking income, which includes fees for services arising from securities offerings or placements in which the Company acts as a principal. Revenue is recognized at the time the underwriting is completed and the revenue is reasonably determinable. Any costs associated with these transactions are reflected in the appropriate expense line item. Insurance commission revenue is recognized on a gross basis as of the effective date of the insurance policy as the Company’s performance obligation is connecting the customer to the insurance products. The Company also receives contingent commissions from insurance companies as additional incentive for achieving specified premium volume goals and/or the loss experience of the insurance placed. Contingent commissions from insurance companies are recognized when determinable, which is generally when such commissions are received or when we receive data from the insurance companies that allows the reasonable estimation of these amounts. Any costs associated with these transactions are reflected in the appropriate expense line item. Secondary Mortgage Market Operations Secondary mortgage market operations revenue is primarily comprised of service release premiums earned on the sale of closed-end mortgage loans to other financial institutions or government agencies that are recognized in revenue as each sales transaction occurs. Net Gain (Loss) on Sales of Assets Net gain (loss) on sales of assets reflects the excess (deficiency) of proceeds received over the carrying amount of assets sold plus cost to sell for various assets other than foreclosed real estate. Gain or loss on the sale of assets are recognized as each transaction occurs. Securities Transactions Securities transactions includes net realized gain (losses) on securities sold reflecting the excess (deficiency) of proceeds received over the specifically identified carrying amount of the assets being sold plus cost to sell. Securities sales are recorded as each transaction occurs on a trade-date basis. Income from Bank-Owned Life Insurance Bank-owned life insurance income primarily represents income earned from the appreciation of the cash surrender value of insurance contracts held and the proceeds of insurance benefits. Revenue from the proceeds of insurance benefits is recognized at the time a claim is confirmed. Credit Related Fees Credit-related fee income includes letters of credit fees and unused commercial commitment fees. Revenue for letters of credit fees is recognized over time. Revenue for unused commercial commitment fees are recognized based on contractual terms, generally when collected. Income from Derivatives Income from derivatives consists primarily of income from interest rate swaps, net of fair value adjustments for customer derivatives and the related offsetting agreements with unrelated financial institutions for which the derivative instruments are not designated as hedges. Other Miscellaneous Income Other miscellaneous income represents a variety of revenue streams, including safe deposit box income, wire transfer fees, syndication fees and any other income not reflected above. Income is recorded once the performance obligation is satisfied, generally on the accrual basis or on a cash basis if not material and/or considered constrained. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred and recorded as a component of noninterest expense. |
Income Taxes | Income Taxes Income taxes are accounted for using the asset and liability method. Current tax liabilities or assets are recognized for the estimated income taxes payable or refundable on tax returns to be filed with respect to the current year. Deferred tax assets and liabilities are based on temporary differences between the financial statement carrying amounts and the tax bases of the Company’s assets and liabilities. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be realized or settled. Valuation allowances are established against deferred tax assets if, based on all available evidence, it is more likely than not that some or all of the assets will not be realized. The benefit of a position taken or expected to be taken in a tax return is recognized when it is more likely than not that the position will be sustained on its technical merits. The effects of changes in tax rates and laws upon deferred tax balances are recognized in the period in which the legislation is enacted. The Company makes investments that generate investment tax credits (ITC). The Company uses the deferral method of accounting whereby the tax benefit from the investment tax credits is recognized as a reduction of the book basis of the related asset and is amortized into income over the tax life of the underlying investment. The Company also made investments in projects that yield tax credits issued under the Qualified Zone Academy Bonds (QZAB) and Qualified School Construction Bonds (QSCB) prior to December 31, 2017, as well as Federal and state New Market Tax Credit (NMTC) programs. Returns on these investments are generated through the receipt of federal and state tax credits. The tax credits are recorded as a reduction to the income tax provision in the year that they are earned. Tax credits from QZAB and QSCB bonds are generally earned over the life of the bonds in lieu of interest income. Credits on Federal NMTC investments are earned over the seven- year three to five-year The Company also invests in affordable housing projects that generate low-income tax credits (LIHTC) that are earned over a 10-year period, beginning with the year the rental activity begins. The Company has elected to use the practical expedient method of amortization, which approximates the proportional amortization method, over the 10 year tax credit period. With the exception of QZAB and QSCB tax credits, all of the tax credits described above can be carried back one-year |
Retirement Benefits | Retirement Benefits The Company sponsors defined benefit pension plans and certain other defined benefit postretirement plans for eligible employees. The amounts reported in the consolidated financial statements with respect to these plans are based on actuarial valuations that incorporate various assumptions regarding future experience under the plans. Note 18 – Retirement Benefit Plans discusses the actuarial assumptions and provides information about the liabilities or assets recognized for the funded status of the Company’s obligations under these plans, the net benefit expense charged to current operations, and the amounts recognized as a component of other comprehensive income loss and AOCI. |
Share-Based Payment Arrangements | Share-Based Payment Arrangements The grant date fair value of equity instruments awarded to employees and directors establishes the cost of the services received in exchange, and the cost associated with awards that are expected to vest is recognized over the requisite service period. Share-based compensation for service-based awards that contain a graded vesting schedule is recognized on a straight-line basis over the requisite service period for the entire award. Forfeitures of unvested awards are recognized in earnings in the period in which they occur. Refer to Note 19 – Share-Based Payment Arrangements for additional information. |
Earnings (Loss) per Common Share | Earnings (Loss) per Common Share The Company computes earnings (loss) per share using the two-class method. The two-class method allocates net income to each class of common stock and participating security according to the common dividends declared and participation rights in undistributed earnings. For reporting periods in which a net loss is recorded, net loss is not allocated to participating securities because the holders of such securities bear no contractual obligation to fund or otherwise share in the loss. Participating securities currently consist of unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents. Basic earnings (loss) per common share is computed by dividing income or loss available to common shareholders by the weighted-average number of common shares outstanding for the applicable period. Shares outstanding exclude treasury shares and unvested share-based payment awards under long-term incentive compensation plans and directors’ compensation plans. Diluted earnings per common share is computed using the weighted-average number of common shares outstanding increased by the number of shares in which employees would vest under performance-based stock awards and stock unit awards based on expected performance factors and by the number of additional shares that would have been issued if potentially dilutive stock options were exercised, each as determined using the treasury stock method. For reporting periods in which a net loss is recorded, no effect is given to potentially dilutive shares as the impact of such shares would be anti-dilutive. |
Reportable Segment Disclosures | Reportable Segment Disclosures Accounting standards require that information be reported about a company’s operating segments using a “management approach.” Reportable segments are identified in these standards as those revenue-producing components for which discrete financial information is produced internally and which are subject to evaluation by the chief operating decision maker in deciding how to allocate resources to segments. The Company’s stated strategy is to provide a consistent package of banking products and services throughout a coherent market area; as such, the Company has identified its overall banking operations as its only reportable segment. Because the overall banking operations comprise substantially all of the Company’s consolidated operations, no separate segment disclosures are presented. |
Other | Other Assets held by the Bank in a fiduciary capacity are not assets of the Bank and are not included in the Consolidated Balance Sheets. |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Accounting Standards Adopted in 2020 In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The ASU, more commonly referred to as Current Expected Credit Losses, or CECL, along with several subsequently issued related amendments, were codified as ASC 326. The provisions of ASC 326, which supersede the incurred loss methodology prescribed by ASC 310, require the measurement of expected credit losses over the life of financial assets based on historical experience, current conditions, and reasonable and supportable forecasts. As such, financial institutions and other organizations are required to use forward-looking information to inform their credit loss estimates. Many of the loss estimation techniques prescribed by previous guidance will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses for the estimated remaining life of the instrument. An entity will continue to use judgment to determine which loss estimation methods are appropriate for its circumstances. In addition, ASC 326 amends the accounting for credit losses on both held to maturity and available for sale debt securities and purchased financial assets with credit deterioration. The Company adopted the provisions of ASC 326 on January 1, 2020, with a cumulative-effect adjustment to retained earnings for non-purchased credit impaired loans. For purchased credit impaired loans (as defined by ASC 310-30), there was no impact to retained earnings upon adoption; rather, a portion of the purchase accounting fair value mark was reclassified to allowance for credit losses. A more detailed discussion of the Company’s policy for accounting for credit losses under the provisions of ASC 326 is presented earlier in this note. The following table reflects the impact of adoption reflected in the Company’s consolidated balance sheet. The increase in the allowance for loan losses represents a reduction in total assets, while the reserve for unfunded lending commitments represents an increase in total liabilities. (in thousands) December 31, 2019 January 1, 2020 CECL adoption impact Assets and Liabilities Allowance for loan and lease losses $ 191,251 $ 240,662 $ 49,411 Reserve for unfunded lending commitments 3,974 31,304 27,330 Allowance for credit losses $ 195,225 $ 271,966 $ 76,741 Retained Earnings Allowance for credit loss increase $ 76,741 Balance sheet reclassification (19,767 ) Total pretax impact 56,974 Income tax impact (12,887 ) Decrease to retained earnings $ 44,087 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 the Company adopted the guidance effective January 1, 2020. Applicable modifications to disclosures surrounding fair value measurements are included in Note 21 - Fair Value Measurements. Adoption of this guidance had no impact upon the Company’s results of operations or financial condition. 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. Applicable modifications to disclosures surrounding defined benefits plans are included in Note 18 - Retirement Benefit Plans. Adoption of this guidance had no impact upon the Company’s results of operations or financial condition. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The amendments in this Update provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in this Update are elective and apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in this Update provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company adopted this guidance upon its issuance; at adoption, the Company elected to amend the hedge documentation, without de-designating and re-designating, for all outstanding hedging relationships using the available expedient to assert probability of the hedged interest, regardless of any expected modification in terms related to reference rate reform. Issued but Not Yet Adopted Accounting Standards In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848),” to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the transition to new reference rates. The amendments in the update do not apply to contract modifications made after December 31, 2022, new hedging relationships entered into after December 31, 2022, and existing hedging relationships evaluated for effectiveness in periods after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that apply certain optional expedients in which the accounting effects are recorded through the end of the hedging relationship (including periods after December 31, 2022). The provisions of this guidance were effective upon issuance for all entities. An entity may elect to apply the amendments in this update on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final update, up to the date that financial statements are available to be issued. The Company expects to adopt this guidance on a full retrospective basis in the first quarter of 2021, and does not expect the adoption to have a material impact upon its financial position and results of operations. In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes (Topic 740).” The amendments in this Update are meant to simplify the accounting for income taxes by removing certain exceptions to GAAP. The amendments also improve consistent application of and simplify GAAP by modifying and/or revising the accounting for certain income tax transactions and by clarifying certain existing codification. The amendments in the update are effective for public business entities for fiscal years and interim periods within those fiscal years beginning after December 15, 2020. The Company is currently assessing the impact of adoption of this guidance, but does not expect the update to have a material impact upon its financial position and results of operations. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Impact of Adoption Reflected in the Consolidated Balance Sheet | The following table reflects the impact of adoption reflected in the Company’s consolidated balance sheet. The increase in the allowance for loan losses represents a reduction in total assets, while the reserve for unfunded lending commitments represents an increase in total liabilities. (in thousands) December 31, 2019 January 1, 2020 CECL adoption impact Assets and Liabilities Allowance for loan and lease losses $ 191,251 $ 240,662 $ 49,411 Reserve for unfunded lending commitments 3,974 31,304 27,330 Allowance for credit losses $ 195,225 $ 271,966 $ 76,741 Retained Earnings Allowance for credit loss increase $ 76,741 Balance sheet reclassification (19,767 ) Total pretax impact 56,974 Income tax impact (12,887 ) Decrease to retained earnings $ 44,087 |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Acquisition [Line Items] | |
Schedule of Goodwill | The following table illustrates the change in the Company’s goodwill for the year ended December 31, 2019. No measurement period adjustments were recorded during the year ended December 31, 2020. (in thousands) Goodwill balance at December 31, 2018 $ 790,972 Final settlement of cash consideration - acquisition of trust and asset management business 1,112 Initial goodwill recorded in acquisition of MidSouth Bancorp, Inc. 69,207 Measurement period adjustments - acquisition of MidSouth Bancorp, Inc. (5,838 ) Goodwill balance at December 31, 2019 $ 855,453 Goodwill balance at December 31, 2020 $ 855,453 |
MidSouth [Member] | |
Business Acquisition [Line Items] | |
Schedule of Fair Value of Net Assets Acquired and Liabilities Assumed | The following table sets forth the acquisition date fair value of the assets acquired and liabilities assumed, and the resulting goodwill. (in thousands) ASSETS Cash and due from banks $ 28,059 Interest bearing bank deposits 276,911 Federal funds sold 3,475 Securities available for sale 272,240 Loans 787,628 Property and equipment 34,288 Other real estate 343 Identifiable intangible assets 31,500 Other assets 79,888 Total identifiable assets 1,514,332 LIABILITIES Deposit liabilities 1,280,947 Short term borrowings 66,996 Long term debt 13,919 Other liabilities 21,990 Total liabilities 1,383,852 Net assets acquired 130,480 Value of stock-based consideration 193,849 Goodwill $ 63,369 |
Schedule of Acquisitions Related Costs by Component | The following table presents the acquisition related costs by component: (in thousands) Personnel expense $ 7,506 Net occupancy and equipment expense 1,464 Professional services expense 7,075 Data processing expense 1,092 Other real estate 130 Advertising expense 2,581 Other expense 12,818 Total merger-related expenses $ 32,666 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items] | |
Amortized Cost and Fair Value of Debt Securities Available for Sale | Securities Available for Sale December 31, 2020 December 31, 2019 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ 207,365 $ 6,289 $ 284 $ 213,370 $ 98,320 $ 652 $ 300 $ 98,672 Municipal obligations 309,342 17,536 153 326,725 242,016 7,789 — 249,805 Residential mortgage-backed securities 2,560,249 69,570 8 2,629,811 1,910,909 20,268 7,020 1,924,157 Commercial mortgage-backed securities 2,323,306 135,516 3,288 2,455,534 1,570,765 19,880 4,178 1,586,467 Collateralized mortgage obligations 354,472 7,651 — 362,123 807,600 3,757 3,142 808,215 Corporate debt securities 11,500 264 — 11,764 8,000 21 33 7,988 $ 5,766,234 $ 236,826 $ 3,733 $ 5,999,327 $ 4,637,610 $ 52,367 $ 14,673 $ 4,675,304 |
Amortized Cost and Fair Value of Debt Securities Held to Maturity | Securities Held to Maturity December 31, 2020 December 31, 2019 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ — $ — $ — $ — $ 50,000 $ 3 $ — $ 50,003 Municipal obligations 627,019 51,408 2 678,425 641,019 27,146 69 668,096 Residential mortgage-backed securities 21,951 1,469 — 23,420 29,687 883 — 30,570 Commercial mortgage-backed securities 549,686 54,587 — 604,273 539,371 12,474 581 551,264 Collateralized mortgage obligations 158,514 2,949 — 161,463 307,932 3,597 458 311,071 $ 1,357,170 $ 110,413 $ 2 $ 1,467,581 $ 1,568,009 $ 44,103 $ 1,108 $ 1,611,004 |
Proceeds from Gross Gains on and Gross Losses on Sale of Securities | The following table presents the proceeds from, gross gains on, and gross losses on sales of securities during the years ended December 31, 2020, 2019 and 2018: Years Ended December 31, (in thousands) 2020 2019 2018 Proceeds $ 211,919 $ 268,413 $ 455,162 Gross gains 1,984 — — Gross losses 1,496 — 25,480 |
Available for Sale Securities [Member] | |
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items] | |
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | (in thousands) Amortized Cost Fair Value Debt Securities Available for Sale Due in one year or less $ 3,810 $ 3,810 Due after one year through five years 240,883 260,170 Due after five years through ten years 2,457,451 2,587,529 Due after ten years 3,064,090 3,147,818 Total available for sale debt securities $ 5,766,234 $ 5,999,327 |
Securities with Unrealized Losses | Available for sale Losses < 12 Months Losses 12 Months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ 35,845 $ 284 $ — $ — $ 35,845 $ 284 Municipal obligations 30,170 153 — — 30,170 153 Residential mortgage-backed securities 530 2 760 6 1,290 8 Commercial mortgage-backed securities 446,190 3,288 — — 446,190 3,288 Collateralized mortgage obligations 70 — — — 70 — Corporate debt securities 2,000 — — — 2,000 — . $ 514,805 $ 3,727 $ 760 $ 6 $ 515,565 $ 3,733 Available for sale Losses < 12 Months Losses 12 Months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ 28,235 $ 300 $ — $ — $ 28,235 $ 300 Municipal obligations — — — — — — Residential mortgage-backed securities 420,066 5,042 399,787 1,978 819,853 7,020 Commercial mortgage-backed securities 458,855 3,971 14,896 207 473,751 4,178 Collateralized mortgage obligations 89,689 1,315 184,389 1,827 274,078 3,142 Corporate debt securities 1,467 33 — — 1,467 33 $ 998,312 $ 10,661 $ 599,072 $ 4,012 $ 1,597,384 $ 14,673 |
Held-to-maturity Securities [Member] | |
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items] | |
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | (in thousands) Amortized Cost Fair Value Debt Securities Held to Maturity Due in one year or less $ 2,192 $ 2,190 Due after one year through five years 204,134 218,501 Due after five years through ten years 636,268 702,412 Due after ten years 514,576 544,478 Total held to maturity debt securities $ 1,357,170 $ 1,467,581 |
Securities with Unrealized Losses | Held to maturity Losses < 12 Months Losses 12 Months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ — $ — $ — $ — $ — $ — Municipal obligations — — 2,381 2 2,381 2 Residential mortgage-backed securities — — — — — — Commercial mortgage-backed securities — — — — — — Collateralized mortgage obligations — — — — — — $ — $ — $ 2,381 $ 2 $ 2,381 $ 2 Held to maturity Losses < 12 Months Losses 12 Months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ — $ — $ — $ — $ — $ — Municipal obligations 4,735 38 3,143 31 7,878 69 Residential mortgage-backed securities — — — — — — Commercial mortgage-backed securities 28,426 581 — — 28,426 581 Collateralized mortgage obligations — — 49,110 458 49,110 458 $ 33,161 $ 619 $ 52,253 $ 489 $ 85,414 $ 1,108 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounts Notes And Loans Receivable [Line Items] | |
Loans, Net of Unearned Income | The following table presents loans, net of unearned income, by portfolio class at December 31, 2020 and 2019: (in thousands) 2020 2019 Commercial non-real estate $ 9,986,983 $ 9,166,947 Commercial real estate - owner occupied 2,857,445 2,738,460 Total commercial and industrial 12,844,428 11,905,407 Commercial real estate - income producing 3,357,939 2,994,448 Construction and land development 1,065,057 1,157,451 Residential mortgages 2,665,212 2,990,631 Consumer 1,857,295 2,164,818 Total loans $ 21,789,931 $ 21,212,755 |
Allowance for Credit Losses by Portfolio Class | The following schedules show activity in the allowance for credit losses by portfolio class for the years ended December 31, 2020 and 2019, as well as the corresponding recorded investment in loans at December 31, 2020 and 2019. Effective January 1, 2020, the Company adopted the provisions of ASC 326 (CECL) using a modified retrospective basis. The difference between the December 31, 2019 incurred allowance and the CECL allowance is reflected as a cumulative effect of change in accounting principle in the table below. For further discussion of the day one impact of the CECL adoption, refer to Note 1 – Summary of Significant Accounting Policies and Recent Accounting Pronouncements. Commercial Non-Real Estate Commercial Real Estate- Owner Occupied Total Commercial and Industrial Commercial Real Estate- Income Producing Construction and Land Development Residential Mortgages Consumer Total (in thousands) Year Ended December 31, 2020 Allowance for credit losses Allowance for loan losses: Beginning balance $ 106,432 $ 10,977 $ 117,409 $ 20,869 $ 9,350 $ 20,331 $ 23,292 $ 191,251 Cumulative effect of change in accounting principle (244 ) 14,877 14,633 7,287 7,478 12,921 7,092 49,411 Charge-offs (387,172 ) (1,828 ) (389,000 ) (2,512 ) (400 ) (326 ) (17,219 ) (409,457 ) Recoveries 6,032 763 6,795 46 846 1,400 5,584 14,671 Net provision for loan losses 424,645 44,345 468,990 83,784 9,188 14,516 27,823 604,301 Ending balance - allowance for loan losses $ 149,693 $ 69,134 $ 218,827 $ 109,474 $ 26,462 $ 48,842 $ 46,572 $ 450,177 Reserve for unfunded lending commitments: Beginning balance $ 3,974 $ — $ 3,974 $ — $ — $ — $ — $ 3,974 Cumulative effect of change in accounting principle 5,772 288 6,060 449 15,658 17 5,146 27,330 Provision for losses on unfunded commitments (5,217 ) 93 (5,124 ) 650 7,036 2 (3,961 ) (1,397 ) Ending balance - reserve for unfunded lending commitments $ 4,529 $ 381 $ 4,910 $ 1,099 $ 22,694 $ 19 $ 1,185 $ 29,907 Total allowance for credit losses $ 154,222 $ 69,515 $ 223,737 $ 110,573 $ 49,156 $ 48,861 $ 47,757 $ 480,084 Allowance for loan losses: Individually evaluated $ 11,517 $ 1,236 $ 12,753 $ 44 $ 22 $ 546 $ 515 $ 13,880 Collectively evaluated 138,176 67,898 206,074 109,430 26,440 48,296 46,057 436,297 Allowance for loan losses $ 149,693 $ 69,134 $ 218,827 $ 109,474 $ 26,462 $ 48,842 $ 46,572 $ 450,177 Reserve for unfunded lending commitments: Individually evaluated $ 241 $ — $ 241 $ — $ — $ — $ — $ 241 Collectively evaluated 4,288 381 4,669 1,099 22,694 19 1,185 29,666 Reserve for unfunded lending commitments: $ 4,529 $ 381 $ 4,910 $ 1,099 $ 22,694 $ 19 $ 1,185 $ 29,907 Total allowance for credit losses $ 154,222 $ 69,515 $ 223,737 $ 110,573 $ 49,156 $ 48,861 $ 47,757 $ 480,084 Loans: Individually evaluated for impairment $ 43,775 $ 10,206 $ 53,981 $ 4,542 $ 1,250 $ 5,850 $ 2,521 $ 68,144 Collectively evaluated for impairment 9,943,208 2,847,239 12,790,447 3,353,397 1,063,807 2,659,362 1,854,774 21,721,787 Total loans $ 9,986,983 $ 2,857,445 $ 12,844,428 $ 3,357,939 $ 1,065,057 $ 2,665,212 $ 1,857,295 $ 21,789,931 Commercial Non-Real Estate Commercial Real Estate- Owner Occupied Total Commercial and Industrial Commercial Real Estate- Income Producing Construction and Land Development Residential Mortgages Consumer Total (in thousands) Year Ended December 31, 2019 Allowance for credit losses Allowance for loan losses: Beginning balance $ 97,752 $ 13,757 $ 111,509 $ 17,638 $ 15,647 $ 23,782 $ 25,938 $ 194,514 Charge-offs (39,600) (137) (39,737) (32) (7) (846) (18,455) (59,077) Recoveries 6,940 306 7,246 569 140 480 3,645 12,080 Net provision for loan losses 41,340 (2,949) 38,391 2,694 (6,430) (3,085) 12,164 43,734 Ending balance - allowance for loan losses $ 106,432 $ 10,977 $ 117,409 $ 20,869 $ 9,350 $ 20,331 $ 23,292 $ 191,251 Reserve for unfunded lending commitments: Beginning balance $ — $ — $ — $ — $ — $ — $ — $ — Provision for losses on unfunded commitments 3,974 — 3,974 — — — — 3,974 Ending balance - reserve for unfunded lending commitments $ 3,974 $ — $ 3,974 $ — $ — $ — $ — $ 3,974 Total allowance for credit losses $ 110,406 $ 10,977 $ 121,383 $ 20,869 $ 9,350 $ 20,331 $ 23,292 $ 195,225 Allowance for loan losses: Individually evaluated for impairment $ 21,733 $ 104 $ 21,837 $ 18 $ 21 $ 217 $ 292 $ 22,385 Amounts related to purchased credit impaired loans 164 169 333 39 136 7,474 275 8,257 Collectively evaluated for impairment 84,535 10,704 95,239 20,812 9,193 12,640 22,725 160,609 Allowance for loan losses $ 106,432 $ 10,977 $ 117,409 $ 20,869 $ 9,350 $ 20,331 $ 23,292 $ 191,251 Reserve for unfunded lending commitments: Individually evaluated for impairment $ 3,974 $ — $ 3,974 $ — $ — $ — $ — $ 3,974 Total allowance for credit losses $ 110,406 $ 10,977 $ 121,383 $ 20,869 $ 9,350 $ 20,331 $ 23,292 $ 195,225 Loans: Individually evaluated for impairment $ 232,438 $ 4,381 $ 236,819 $ 1,898 $ 277 $ 5,174 $ 1,483 $ 245,651 Purchased credit impaired loans 31,073 36,200 67,273 35,353 20,516 86,757 5,346 215,245 Collectively evaluated for impairment 8,903,436 2,697,879 11,601,315 2,957,197 1,136,658 2,898,700 2,157,989 20,751,859 Total loans $ 9,166,947 $ 2,738,460 $ 11,905,407 $ 2,994,448 $ 1,157,451 $ 2,990,631 $ 2,164,818 $ 21,212,755 |
Nonaccrual Loans and Without an Allowance for Loan Loss by Portfolio Class | The following table presents total nonaccrual loans and those without an allowance for loan loss, by portfolio class. Prior to the adoption of CECL, purchased credit impaired loans accounted for in pools with an accretable yield were considered to be performing and are therefore excluded. Such loans totaled $17.5 million at December 31, 2019. December 31, 2020 2019 (in thousands) Total nonaccrual Nonaccrual without allowance for loan loss Total nonaccrual Nonaccrual without allowance for loan loss Commercial non-real estate $ 52,836 $ 15,268 $ 178,678 $ 97,700 Commercial real estate - owner occupied 13,856 7,038 7,708 2,458 Total commercial and industrial 66,692 22,306 186,386 100,158 Commercial real estate - income producing 6,743 — 2,594 — Construction and land development 2,486 1,116 1,217 — Residential mortgages 40,573 1,705 39,262 3,383 Consumer 23,385 — 16,374 351 Total loans $ 139,879 $ 25,127 $ 245,833 $ 103,892 |
Troubled Debt Restructurings Modified by Portfolio Segment | The table below presents detail on loans modified in TDRs during the years ended December 31, 2020, 2019 and 2018 by portfolio segment. All such loans are individually evaluated for credit loss. Years Ended ($ in thousands) 2020 2019 2018 Outstanding Recorded Investment Outstanding Recorded Investment Outstanding Recorded Investment Troubled Debt Restructurings: Number of Contracts Pre- Modification Post- Modification Number of Contracts Pre- Modification Post- Modification Number of Contracts Pre- Modification Post- Modification Commercial non-real estate 3 $ 745 $ 745 13 $ 64,051 $ 57,240 29 $ 85,306 $ 85,306 Commercial real estate - owner occupied 1 297 297 1 167 167 2 6,138 6,138 Total commercial and industrial 4 1,042 1,042 14 64,218 57,407 31 91,444 91,444 Commercial real estate - income producing — — — 1 123 123 1 1,564 1,564 Construction and land development 1 15 15 3 323 323 — — — Residential mortgages 15 3,424 3,424 21 3,286 3,286 14 1,297 1,297 Consumer 6 89 89 10 168 168 10 455 455 Total loans 26 $ 4,570 $ 4,570 49 $ 68,118 $ 61,307 56 $ 94,760 $ 94,760 |
Loans Individually Evaluated for Impairment Disaggregated by Portfolio Class | Prior to the adoption of CECL, the Company accounted for impaired loans as prescribed by ASC 310. The following provides detail regarding the Company’s impaired loans at and for the year ended December 31, 2019. Interest income recognized represents interest on accruing loans modified in a TDR. December 31, 2019 (in thousands) Recorded Investment Without an Allowance Recorded Investment With an Allowance Unpaid Principle Balance Related Allowance Average Recorded Investment Interest Income Recognized Commercial non-real estate $ 134,191 $ 98,247 $ 270,078 $ 21,733 $ 223,500 $ 4,917 Commercial real estate - owner occupied 2,665 1,716 7,793 104 14,719 196 Total commercial and industrial 136,856 99,963 277,871 21,837 238,219 5,113 Commercial real estate - income producing 373 1,525 1,959 18 2,407 27 Construction and land development — 277 322 21 906 4 Residential mortgages 3,383 1,791 5,709 217 4,578 11 Consumer 479 1,004 1,906 292 1,464 77 Total loans $ 141,091 $ 104,560 $ 287,767 $ 22,385 $ 247,574 $ 5,232 |
Age Analysis of Past Due Loans by Portfolio Class | The tables below present the age analysis of past due loans by portfolio class at December 31, 2020 and 2019. Prior to the adoption of CECL, purchased credit impaired loans with an accretable yield were considered to be current in the table below as of December 31, 2019. These loans totaled $6.1 million for 30-59 days past due, $2.0 million for 60-89 days past due and $8.3 million for both greater than 90 days past due and greater than 90 days past due and still accruing at December 31, 2019. December 31, 2020 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 Accruing (in thousands) Commercial non-real estate $ 7,963 $ 2,564 $ 39,530 $ 50,057 $ 9,936,926 $ 9,986,983 $ 583 Commercial real estate - owner occupied 1,525 753 13,663 15,941 2,841,504 2,857,445 955 Total commercial and industrial 9,488 3,317 53,193 65,998 12,778,430 12,844,428 1,538 Commercial real estate - income producing 1,494 798 5,744 8,036 3,349,903 3,357,939 182 Construction and land development 4,168 284 2,001 6,453 1,058,604 1,065,057 — Residential mortgages 29,319 9,858 27,886 67,063 2,598,149 2,665,212 912 Consumer 12,215 5,012 11,714 28,941 1,828,354 1,857,295 729 Total loans $ 56,684 $ 19,269 $ 100,538 $ 176,491 $ 21,613,440 $ 21,789,931 $ 3,361 December 31, 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 Accruing (in thousands) Commercial non-real estate $ 20,893 $ 13,445 $ 100,806 $ 135,144 $ 9,031,803 $ 9,166,947 $ 1,537 Commercial real estate - owner occupied 4,862 556 7,268 12,686 2,725,774 2,738,460 830 Total commercial and industrial 25,755 14,001 108,074 147,830 11,757,577 11,905,407 2,367 Commercial real estate - income producing 738 703 2,910 4,351 2,990,097 2,994,448 450 Construction and land development 5,747 680 2,480 8,907 1,148,544 1,157,451 2,042 Residential mortgages 32,867 8,584 23,577 65,028 2,925,603 2,990,631 85 Consumer 18,586 6,215 9,901 34,702 2,130,116 2,164,818 1,638 Total loans $ 83,693 $ 30,183 $ 146,942 $ 260,818 $ 20,951,937 $ 21,212,755 $ 6,582 |
Credit Quality Indicators by Segments and Portfolio Class | The following table presents credit quality disclosures of amortized cost by segment and vintage for term loans and by revolving and revolving converted to amortizing at December 31, 2020. The Company defines vintage as the later of origination, renewal or restructure date. Term Loans Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total Commercial Loans: Pass $ 5,673,370 $ 2,819,696 $ 1,740,784 $ 1,391,140 $ 960,094 $ 1,231,913 $ 2,420,058 $ 95,847 $ 16,332,902 Pass-Watch 115,555 96,473 50,475 42,877 58,331 84,363 74,629 19,182 541,885 Special Mention 3,196 27,157 21,074 30,872 28,933 4,146 18,626 3,588 137,592 Substandard 75,461 33,844 20,527 35,383 15,071 36,589 30,162 8,008 255,045 Doubtful — — — — — — — — — Total Commercial Loans $ 5,867,582 $ 2,977,170 $ 1,832,860 $ 1,500,272 $ 1,062,429 $ 1,357,011 $ 2,543,475 $ 126,625 $ 17,267,424 Residential Mortgage and Consumer Loans: Performing $ 438,831 $ 504,124 $ 437,518 $ 560,347 $ 501,018 $ 816,567 $ 1,190,775 $ 6,127 $ 4,455,307 Nonperforming 1,466 3,781 5,881 8,380 3,981 35,500 3,652 4,559 67,200 Total Consumer Loans $ 440,297 $ 507,905 $ 443,399 $ 568,727 $ 504,999 $ 852,067 $ 1,194,427 $ 10,686 $ 4,522,507 |
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 year ended December 31, 2019: 2019 Carrying Amount Accretable (in thousands) of Loans Yield Balance at beginning of period $ 129,596 $ 37,294 Additions 120,562 6,246 Payments received, net (48,076 ) (4,601 ) Accretion 13,163 (13,163 ) Increase in expected cash flows based on actual cash flow and changes in cash flow assumptions — 4,170 Balance at end of period $ 215,245 $ 29,946 |
Total Commercial [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Credit Quality Indicators by Segments and Portfolio Class | The tables below present the credit quality indicators by portfolio class and segment of loans at December 31, 2020 and December 31, 2019. The Company routinely assesses the ratings of loans in its portfolio through an established and comprehensive portfolio management process. In addition, the Company often examines portfolios of loans to determine if there are areas of risk not specifically identified in its loan by loan approach. As a result, several loans were downgraded to pass-watch in 2020 in reaction to the economic downturn caused by the pandemic and other environmental factors. In alignment with regulatory guidance, the Company has been working with its customers to manage through this period of severe uncertainty and economic stress, including providing various types of loan deferrals. While the majority of these deferrals have expired, our ability to predict future cash flow is limited due to the economic uncertainty, and we expect that further risk rating adjustments may be required. December 31, 2020 (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 $ 9,439,264 $ 2,641,423 $ 12,080,687 $ 3,219,155 $ 1,033,060 $ 16,332,902 Pass-Watch 314,739 114,358 429,097 89,968 22,820 541,885 Special Mention 79,613 46,239 125,852 5,989 5,751 137,592 Substandard 153,367 55,425 208,792 42,827 3,426 255,045 Doubtful — — — — — — Total $ 9,986,983 $ 2,857,445 $ 12,844,428 $ 3,357,939 $ 1,065,057 $ 17,267,424 December 31, 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 $ 8,492,113 $ 2,517,448 $ 11,009,561 $ 2,883,553 $ 1,120,997 $ 15,014,111 Pass-Watch 220,850 146,266 367,116 69,765 25,621 462,502 Special Mention 71,654 14,651 86,305 14,995 283 101,583 Substandard 382,330 60,095 442,425 26,135 10,550 479,110 Doubtful — — — — — — Total $ 9,166,947 $ 2,738,460 $ 11,905,407 $ 2,994,448 $ 1,157,451 $ 16,057,306 |
Residential Mortgage and Consumer [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Credit Quality Indicators by Segments and Portfolio Class | December 31, 2020 December 31, 2019 (in thousands) Residential Mortgage Consumer Total Residential Mortgage Consumer Total Performing $ 2,622,422 $ 1,832,885 $ 4,455,307 $ 2,950,854 $ 2,147,312 $ 5,098,166 Nonperforming 42,790 24,410 67,200 39,777 17,506 57,283 Total $ 2,665,212 $ 1,857,295 $ 4,522,507 $ 2,990,631 $ 2,164,818 $ 5,155,449 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Property and equipment consisted of the following at December 31, 2020 and 2019: December 31, (in thousands) 2020 2019 Land and land improvements $ 77,334 $ 79,720 Buildings and leasehold improvements 341,542 339,503 Furniture, fixtures and equipment 118,027 115,051 Software 76,113 75,448 Assets under development 39,301 20,014 652,317 629,736 Accumulated depreciation and amortization (271,801 ) (249,527 ) Property and equipment, net $ 380,516 $ 380,209 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Summary of Supplemental Information Pertaining To Operating Leases and Lease Expense | The following tables present supplemental information pertaining to operating leases at and for the years ended December 31, 2020 and 2019. Years ended December 31, (dollars in thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities for operating leases $ 16,617 $ 16,027 Right of use assets obtained in exchange for lease liabilities 4,799 121,066 December 31, 2020 2019 Weighted average remaining lease term (in years) 12.90 12.95 Weighted average discount rate 3.44 % 3.53 % The following table sets forth the components of the Company’s lease expense for the years ended December 31, 2020 and 2019. Years ended December 31, (in thousands) 2020 2019 Operating lease expense $ 18,994 $ 18,075 Short-term lease expense 165 462 Variable lease expense 97 46 Sublease income (138) (322) Total $ 19,118 $ 18,261 |
Summary Maturities of Lease Liabilities and Present Value Discount | The following table sets forth the maturities of the Company’s lease liabilities and the present value discount at December 31, 2020. (dollars in thousands) 2021 $ 17,608 2022 17,227 2023 15,643 2024 13,368 2025 11,121 Thereafter 91,398 Total $ 166,365 Present value discount (35,738) Lease liability $ 130,627 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Carrying Value of Intangible Assets Subject to Amortization | December 31, 2020 Purchase Accumulated Carrying (in thousands) Value Amortization Value Core deposit intangibles $ 235,845 $ 173,830 $ 62,015 Credit card and trust relationships 49,962 25,085 24,877 Merchant processing relationships 10,000 10,000 — $ 295,807 $ 208,915 $ 86,892 December 31, 2019 Purchase Accumulated Carrying (in thousands) Value Amortization Value Core deposit intangibles $ 247,455 $ 168,577 $ 78,878 Credit card and trust relationships 49,962 22,448 27,514 Merchant processing relationships 10,000 9,585 415 $ 307,417 $ 200,610 $ 106,807 |
Aggregate Amortization Expense | Years Ended December 31, (in thousands) 2020 2019 2018 Core deposit intangibles $ 16,864 $ 17,132 $ 18,566 Credit card and trust relationships 2,637 2,883 2,682 Merchant processing relationships 415 829 802 $ 19,916 $ 20,844 $ 22,050 |
Estimated Amortization Expense of Other Intangible Assets | (in thousands) 2021 $ 16,665 2022 14,033 2023 11,557 2024 9,413 2024 7,985 Thereafter 27,239 $ 86,892 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Assets [Abstract] | |
Schedule of Significant Balances Included in Other Assets | Significant balances included in Other Assets in the Consolidated Balance Sheets at December 31, 2020 and 2019 are presented below. December 31, (in thousands) 2020 2019 Derivative assets $ 150,180 $ 54,446 Income tax receivable 101,301 31,186 FHLB stock 104,708 90,367 Derivative collateral 90,311 35,113 Investments in Small Business Investment Companies and other 42,475 44,242 Investments in Low Income Housing Tax Credit Entities 37,464 37,265 Other 41,891 36,158 Total $ 568,330 $ 328,777 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Banking And Thrift Interest [Abstract] | |
Schedule of Detailed Deposits | The following table presents a detail of deposits at December 31, 2020 and 2019: December 31, (in thousands) 2020 2019 Noninterest-bearing deposits $ 12,199,750 $ 8,775,632 Interest-bearing retail transaction and savings deposits 10,435,362 8,845,097 Interest-bearing public fund deposits Public fund transaction and savings deposits 3,068,555 2,803,912 Public fund time deposits 166,381 560,503 Total interest-bearing public fund deposits 3,234,936 3,364,415 Retail time deposits 1,813,705 2,652,842 Brokered time deposits 14,124 165,589 Total interest-bearing deposits 15,498,127 15,027,943 Total deposits $ 27,697,877 $ 23,803,575 |
Maturity of Time Deposits | The maturity of time deposits at December 31, 2020 follows. (in thousands) 2021 $ 1,735,931 2022 202,691 2023 34,256 2024 10,018 2025 8,447 Thereafter 2,867 Total time deposits $ 1,994,210 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Short Term Borrowings [Abstract] | |
Short-Term Borrowings | The following table presents information concerning short-term borrowing at and for the years ended December 31, 2020 and 2019: December 31, (in thousands) 2020 2019 Federal funds purchased: Amount outstanding at period end $ 300 $ 195,450 Average amount outstanding during period 9,708 49,297 Maximum amount at any month end during period 330,330 202,933 Weighted-average interest at period end 0.15 % 1.60 % Weighted-average interest rate during period 1.15 % 2.30 % Securities sold under agreements to repurchase: Amount outstanding at period end $ 567,213 $ 484,422 Average amount outstanding during period 600,167 493,344 Maximum amount at any month end during period 806,645 518,042 Weighted-average interest at period end 0.14 % 0.54 % Weighted-average interest rate during period 0.24 % 0.52 % FHLB borrowings: Amount outstanding at period end $ 1,100,000 $ 2,035,000 Average amount outstanding during period 1,368,320 1,399,503 Maximum amount at any month end during period 2,110,000 1,941,774 Weighted-average interest at period end 0.49 % 1.17 % Weighted-average interest rate during period 0.62 % 1.96 % |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | At December 31, 2020 and 2019, long-term debt was comprised of the following: December 31, (in thousands) 2020 2019 Subordinated notes payable, maturing June 2045 $ 150,000 $ 150,000 Subordinated notes payable, maturing June 2060 172,500 — Other long-term debt 66,062 87,890 Less: unamortized debt issuance costs (10,240 ) (4,428 ) Total long-term debt $ 378,322 $ 233,462 |
Long-Term Debt with Related Unamortized Debt Issuance Cost | The following table sets forth unamortized debt issuance costs associated with the respective debt instruments at December 31, 2020: Unamortized Debt Issuance (in thousands) Principal Costs Subordinated notes payable, maturing June 2045 $ 150,000 $ 4,252 Subordinated notes payable, maturing June 2060 172,500 5,988 Other long-term debt 66,062 — Total $ 388,562 $ 10,240 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 December 31, 2020 and 2019. December 31, 2020 December 31, 2019 Derivative (1) Derivative (1) (in thousands) Type of Hedge Notional or Contractual Amount Assets Liabilities Notional or Contractual Amount Assets Liabilities Derivatives designated as hedging instruments: Interest rate swaps - variable rate loans Cash Flow $ 1,175,000 $ 50,962 $ — $ 1,175,000 $ 24,172 $ 337 Interest rate swaps - securities Fair Value 1,158,150 6,686 18,920 441,400 1,474 1,759 Interest rate swaps - brokered deposits Fair Value — — — 43,000 — 9 $ 2,333,150 $ 57,648 $ 18,920 $ 1,659,400 $ 25,646 $ 2,105 Derivatives not designated as hedging instruments: Interest rate swaps N/A $ 4,806,258 $ 145,517 $ 148,778 $ 3,759,232 $ 54,512 $ 55,664 Risk participation agreements N/A 216,511 35 108 254,825 21 45 Forward commitments to sell residential mortgage loans N/A 310,458 19 3,211 145,623 651 744 Interest rate-lock commitments on residential mortgage loans N/A 206,258 1,793 14 83,224 369 375 Foreign exchange forward contracts N/A 58,822 2,816 2,785 64,632 303 366 Visa Class B derivative contract N/A 43,565 — 5,645 43,753 — 5,704 $ 5,641,872 $ 150,180 $ 160,541 $ 4,351,289 $ 55,856 $ 62,898 Total derivatives $ 7,975,022 $ 207,828 $ 179,461 $ 6,010,689 $ 81,502 $ 65,003 Less: netting adjustments (2) (57,648 ) (124,204 ) (27,056 ) (43,914 ) Total derivate assets/liabilities 150,180 55,257 54,446 21,089 (1) Derivative assets and liabilities are reported in other assets or other liabilities, respectively, in the consolidated balance sheets. ( 2 ) Represents balance sheet netting of derivative assets and liabilities for variation margin collateral held or placed with the same central clearing counterparty. See offsetting assets and liabilities for further information. |
Effects of Derivative Instruments on the Statement of Income | The effects of derivative instruments on the consolidated statements of income for the years ended December 31, 2020, 2019, and 2018 are presented in the table below. For the years ended December 31, 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 certain interest rate swap contracts. (in thousands) Year Ended December 31, Derivative Instruments: Location of Gain (Loss) Recognized in the Statement of Income: 2020 2019 2018 Fair value hedges- securities Interest income $ 8 $ 1 $ — Cash flow hedges - variable rate loans Interest income 17,351 (4,255) (4,497) Fair value hedges - brokered deposits Interest expense 46 (1,752) (2,343) All other instruments Other noninterest income 12,814 12,958 5,368 Total $ 30,219 $ 6,952 $ (1,472) |
Offsetting Derivative Assets and Liabilities Subject to Master Netting Arrangements | Offsetting information in regards to all derivative assets and liabilities, including accrued interest subject to these master netting agreements at December 31, 2020 and 2019 is presented in the following tables: As of December 31, 2020 Gross Amounts Offset in the Net Amounts Presented in the Gross Amounts Not Offset in the Statement of Financial Position (in thousands) Gross Amounts Recognized Statement of Financial Position Statement of Financial Position Financial Instruments Cash Collateral Net Amount Derivative Assets $ 61,529 $ (58,660 ) $ 2,869 $ 2,869 $ — $ — Derivative Liabilities $ 171,275 $ (126,434 ) $ 44,841 $ 2,869 $ 90,312 $ (48,340 ) As of December 31, 2019 Gross Amounts Offset in the Net Amounts Presented in the Gross Amounts Not Offset in the Statement of Financial Position (in thousands) Gross Amounts Recognized Statement of Financial Position Statement of Financial Position Financial Instruments Cash Collateral Net Amount Derivative Assets $ 27,938 $ (27,915 ) $ 23 $ 23 $ — $ — Derivative Liabilities $ 56,523 $ (44,570 ) $ 11,953 $ 23 $ 35,113 $ (23,183 ) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders Equity Note [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | (in thousands) Available for Sale Securities HTM Securities Transferred from AFS Employee Benefit Plans Cash Flow Hedges Equity Method Investment Total Balance, December 31, 2017 $ (29,512 ) $ (14,585 ) $ (79,078 ) $ (11,227 ) — $ (134,402 ) Net change in unrealized gain (loss) (52,060 ) — — (697 ) — (52,757 ) Reclassification of net gain (loss) realized and included in earnings 25,480 — 4,989 4,497 — 34,966 Other valuation adjustments for employee benefit plans — — (45,198 ) — — (45,198 ) Amortization of unrealized net loss on securities transferred to held to maturity — 3,296 — — — 3,296 Income tax expense (benefit) (5,967 ) 755 (9,040 ) 866 — (13,386 ) Balance, December 31, 2018 $ (50,125 ) $ (12,044 ) $ (110,247 ) $ (8,293 ) — $ (180,709 ) Net change in unrealized gain (loss) 115,413 — — 28,943 (434 ) 143,922 Reclassification of net gain (loss) realized and included in earnings — — 9,174 4,255 — 13,429 Other valuation adjustments for employee benefit plans — — 2,398 — — 2,398 Unrealized loss on securities transferred to available for sale (13,236 ) 13,236 — — — — Amortization of unrealized net loss on securities transferred to held to maturity — 3,153 — — — 3,153 Income tax expense 23,102 3,706 2,603 7,506 — 36,917 Balance, December 31, 2019 $ 28,950 $ 639 $ (101,278 ) $ 17,399 (434 ) $ (54,724 ) Net change in unrealized gain (loss) 183,441 — — 45,831 (4,935 ) 224,337 Reclassification of net gain (loss) realized and included in earnings — — 6,368 (17,351 ) — (10,983 ) Other valuation adjustments for employee benefit plans — — (37,451 ) — — (37,451 ) Amortization of unrealized net gain on securities transferred to held to maturity — (470 ) — — — (470 ) Income tax expense (benefit) 41,167 (107 ) (6,788 ) 6,368 — 40,640 Balance, December 31, 2020 $ 171,224 $ 276 $ (125,573 ) $ 39,511 (5,369 ) $ 80,069 |
Line Items in Consolidated Income Statements Affected by Amounts Reclassified from Accumulated Other Comprehensive Income | Amount reclassified from AOCI (a) Year Ended December 31, Increase (decrease) in affected line (in thousands) 2020 2019 item in the income statement Amortization of unrealized net gain (loss) on securities transferred to HTM $ 470 $ (3,153 ) Interest income Tax effect (105 ) 713 Income taxes Net of tax 365 (2,440 ) Net income Gain on sale of AFS securities 488 — Securities transactions Tax effect (109 ) — Income taxes Net of tax 379 — Net income Amortization of defined benefit pension and post-retirement items (6,368 ) (9,174 ) Other noninterest expense Tax effect 1,390 2,074 Income taxes Net of tax (4,978 ) (7,100 ) Net income Reclassification of unrealized gain or loss on cash flow hedges 18,704 (110 ) Interest income Tax effect (4,182 ) 25 Income taxes Net of tax 14,522 (85 ) Net income Amortization of loss on terminated cash flow hedges (1,353 ) (4,145 ) Interest income Tax effect 303 937 Income taxes Net of tax (1,050 ) (3,208 ) Net income Total reclassifications, net of tax $ 9,238 $ (12,833 ) Net income (a) Amounts in parentheses indicate reduction in net income. On March 27, 2020, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation issued an interim final rule that provides an option to delay the estimated impact on regulatory capital stemming from the implementation CECL for a transition period of five years. The five-year rule provides a full delay of the estimated impact of CECL on regulatory capital transition (0%) for the first two years, followed by a three-year transition (25% of the impact included in 2022, 50% in 2023, 75% in 2024 and 100% thereafter). The two-year delay includes the full impact of day one CECL plus the estimated impact of current CECL activity calculated quarterly as 25% of the current ACL over the day one balance (“modified transition amount”). The modified transition amount was and will be recalculated each quarter in 2020 and 2021, with the December 31, 2021 impact carrying through the remaining three years of the transition. The Company elected the five-year transition period option upon issuance of the interim final rule. |
Compliance with Regulatory Capital Requirements | Actual Required for Minimum Capital Adequacy Required To Be Well Capitalized ($ in thousands) Amount Ratio % Amount Ratio % Amount Ratio % At December 31, 2020 Tier 1 leverage capital Hancock Whitney Corporation $ 2,534,049 7.88 $ 1,287,103 4.00 $ 1,608,878 5.00 Hancock Whitney Bank 2,607,215 8.11 1,286,059 4.00 1,607,573 5.00 Common equity tier 1 (to risk weighted assets) Hancock Whitney Corporation $ 2,534,049 10.61 $ 1,074,272 4.50 $ 1,551,726 6.50 Hancock Whitney Bank 2,607,215 10.94 1,072,924 4.50 1,549,778 6.50 Tier 1 capital (to risk weighted assets) Hancock Whitney Corporation $ 2,534,049 10.61 $ 1,432,362 6.00 $ 1,909,817 8.00 Hancock Whitney Bank 2,607,215 10.94 1,430,565 6.00 1,907,420 8.00 Total capital (to risk weighted assets) Hancock Whitney Corporation $ 3,155,692 13.22 $ 1,909,817 8.00 $ 2,387,271 10.00 Hancock Whitney Bank 2,905,988 12.19 1,907,420 8.00 2,384,275 10.00 At December 31, 2019 Tier 1 leverage capital Hancock Whitney Corporation $ 2,584,162 8.76 $ 1,180,163 4.00 $ 1,475,204 5.00 Hancock Whitney Bank 2,640,913 8.96 1,179,194 4.00 1,473,992 5.00 Common equity tier 1 (to risk weighted assets) Hancock Whitney Corporation $ 2,584,162 10.50 $ 1,107,527 4.50 $ 1,599,761 6.50 Hancock Whitney Bank 2,640,913 10.74 1,106,558 4.50 1,598,362 6.50 Tier 1 capital (to risk weighted assets) Hancock Whitney Corporation $ 2,584,162 10.50 $ 1,476,702 6.00 $ 1,968,936 8.00 Hancock Whitney Bank 2,640,913 10.74 1,475,411 6.00 1,967,214 8.00 Total capital (to risk weighted assets) Hancock Whitney Corporation $ 2,929,387 11.90 $ 1,968,936 8.00 $ 2,461,171 10.00 Hancock Whitney Bank 2,836,138 11.53 1,967,214 8.00 2,459,018 10.00 |
Noninterest Income and Nonint_2
Noninterest Income and Noninterest Expense (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Income And Expenses [Abstract] | |
Components of Other Noninterest Income and Other Noninterest Expense | The components of other noninterest income and other noninterest expense are as follows: Years Ended December 31, (in thousands) 2020 2019 2018 Other noninterest income: Income from bank-owned life insurance $ 18,179 $ 14,946 $ 12,424 Credit-related fees 11,255 11,399 11,065 Income from derivatives 12,814 12,958 5,368 Other miscellaneous income 13,155 14,635 14,929 Total other noninterest income $ 55,403 $ 53,938 $ 43,786 Other noninterest expense: Advertising $ 13,011 $ 15,251 $ 12,334 Corporate value and franchise taxes 16,578 15,949 13,595 Entertainment and contributions 9,865 10,777 11,359 Telecommunication and postage 14,991 14,588 14,659 Printing and supplies 5,063 4,947 5,548 Travel expenses 2,297 5,278 5,338 Tax credit investment amortization 3,843 4,943 5,166 Other retirement expense (25,133 ) (16,561 ) (18,661 ) Other miscellaneous expense 26,790 37,282 31,355 Total other noninterest expense $ 67,305 $ 92,454 $ 80,693 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | Income tax expense included in net income consisted of the following components: Years Ended December 31, (in thousands) 2020 2019 2018 Included in net income Current federal $ (58,723 ) $ 12,172 $ 7,594 Current state (132 ) 6,087 5,538 Total current provision (58,855 ) 18,259 13,132 Deferred federal (17,000 ) 46,290 41,078 Deferred state (3,716 ) 810 4,136 Total deferred provision (20,716 ) 47,100 45,214 Total included in net income $ (79,571 ) $ 65,359 $ 58,346 |
Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities were as follows: December 31, (in thousands) 2020 2019 Deferred tax assets: Allowance for loan losses $ 111,170 $ 47,008 Loan purchase accounting adjustments 1,681 18,717 Tax credit carryforward 5,700 2,025 Federal/state net operating loss 4,462 7,295 Lease liability 29,352 29,003 Other 17,801 7,893 Gross deferred tax assets 170,166 111,941 State valuation allowance (3,635 ) (1,415 ) Net deferred tax assets $ 166,531 $ 110,526 Deferred tax liabilities: Employee compensation and benefits $ (10,044 ) $ (9,662 ) Securities (51,036 ) (9,589 ) Fixed assets & intangibles (46,762 ) (48,144 ) Lease Financing (54,581 ) (41,565 ) Right-of-use Asset (24,872 ) (24,887 ) Other (28,642 ) (14,400 ) Gross deferred tax liabilities $ (215,937 ) $ (148,247 ) Net deferred tax asset (liability) $ (49,406 ) $ (37,721 ) |
Effective Income Tax Rate Reconciliation | A summary of the factors that impacted income tax expense follows. Years Ended December 31, 2020 2019 2018 ($ in thousands) Amount % Amount % Amount % Taxes computed at statutory rate $ (26,196 ) 21.0 % $ 82,475 21.0 % $ 80,244 21.0 % Increases (decreases) in taxes resulting from: State income taxes, net of federal income tax benefit (1,269 ) 1.0 7,204 1.8 8,770 2.3 Tax-exempt interest (10,444 ) 8.4 (10,435 ) (2.7 ) (10,803 ) (2.8 ) Life insurance contracts (4,857 ) 3.9 (3,901 ) (1.0 ) (2,019 ) (0.5 ) Tax credits (8,072 ) 6.5 (10,293 ) (2.6 ) (11,344 ) (3.0 ) Employee share-based compensation 1,351 (1.1 ) (842 ) (0.2 ) (1,380 ) (0.3 ) FDIC assessment disallowance 2,094 (1.7 ) 1,895 0.5 2,818 0.7 Return to provision adjustment (970 ) 0.8 (1,459 ) (0.4 ) (9,942 ) (2.6 ) Net operating loss carryback under CARES act (30,167 ) 24.2 — — — — Other, net (1,041 ) 0.8 715 0.2 2,002 0.5 Income tax expense $ (79,571 ) 63.8 % $ 65,359 16.6 % $ 58,346 15.3 % |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Earnings (Loss) Per Common Share | A summary of the information used in the computation of earnings (loss) per common share follows. Years Ended December 31, ($ in thousands, except per share data) 2020 2019 2018 Numerator: Net income (loss) $ (45,174 ) $ 327,380 $ 323,770 Net income or dividends allocated to participating securities - basic and diluted 1,756 5,546 5,930 Net income (loss) allocated to common shareholders - basic and diluted $ (46,930 ) $ 321,834 $ 317,840 Denominator: Weighted-average common shares - basic 86,533 86,488 85,355 Dilutive potential common shares — 111 166 Weighted average common shares - diluted 86,533 86,599 85,521 Earnings (loss) per common share: Basic $ (0.54 ) $ 3.72 $ 3.72 Diluted $ (0.54 ) $ 3.72 $ 3.72 |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Changes in Benefit Obligations and Plan Assets | The following tables detail the changes in the benefit obligations and plan assets of the defined benefit plans for the years ended December 31, 2020 and 2019, as well as the funded status of the plans at each year end and the amounts recognized in the Company’s consolidated balance sheets. The Company uses a December 31 measurement date for all defined benefit pension plans and other postretirement benefit plans. 2020 2019 2020 2019 (in thousands) Pension Benefits Other Post- Retirement Benefits Change in benefit obligation Benefit obligation, beginning of year $ 581,866 $ 492,017 $ 16,713 $ 16,283 Service cost 12,898 10,981 105 95 Interest cost 16,207 18,843 484 621 Plan participants' contributions — — 538 547 Net actuarial loss 70,777 81,166 1,910 733 Benefits paid (21,439 ) (21,141 ) (1,420 ) (1,566 ) Benefit obligation, end of year 660,309 581,866 18,330 16,713 Change in plan assets Fair value of plan assets, beginning of year 752,138 542,618 — — Actual return on plan assets 84,810 130,745 — — Employer contributions 1,178 101,165 882 1,019 Plan participants' contributions — — 538 547 Benefit payments (21,439 ) (21,141 ) (1,420 ) (1,566 ) Expenses (1,383 ) (1,249 ) — — Fair value of plan assets, end of year 815,304 752,138 — — Funded status at end of year - net asset (liability) $ 154,995 $ 170,272 $ (18,330 ) $ (16,713 ) Amounts recognized in accumulated other comprehensive loss Unrecognized loss at beginning of year $ 136,252 $ 149,470 $ (5,369 ) $ (7,015 ) Net actuarial loss (gain) 28,518 (13,218 ) 2,565 1,646 Unrecognized gain (loss) at end of year $ 164,770 $ 136,252 $ (2,804 ) $ (5,369 ) Projected benefit obligation $ 660,309 $ 581,866 Accumulated benefit obligation 624,999 550,005 Fair value of plan assets 815,304 752,138 |
Components of Net Periodic Benefits Cost | The following table shows net periodic benefit cost included in expense and the changes in the amounts recognized in AOCI during 2020, 2019, and 2018. Years Ended December 31, 2020 2019 2018 2020 2019 2018 ($ in thousands) Pension Benefits Other Post-Retirement Benefits Net periodic benefit cost Service cost $ 12,898 $ 10,981 $ 12,414 $ 105 $ 95 $ 120 Interest cost 16,207 18,843 16,762 484 621 621 Expected return on plan assets (48,191 ) (45,199 ) (41,033 ) — — — Amortization of net loss/ prior service cost 7,021 10,087 5,423 (653 ) (913 ) (434 ) Net periodic benefit cost (12,065 ) (5,288 ) (6,434 ) (64 ) (197 ) 307 Other changes in plan assets and benefit obligations recognized in other comprehensive income, before taxes Net (loss) gain recognized during the year (7,021 ) (10,087 ) (5,423 ) 653 913 434 Net actuarial loss (gain) 35,539 (3,131 ) 51,915 1,912 733 (6,717 ) Total recognized in other comprehensive income 28,518 (13,218 ) 46,492 2,565 1,646 (6,283 ) Total recognized in net periodic benefit cost and other comprehensive income $ 16,453 $ (18,506 ) $ 40,058 $ 2,501 $ 1,449 $ (5,976 ) Discount rate for benefit obligations 2.40 % 3.14 % 4.14 % 2.31 % 3.11 % 4.10 % Discount rate for net periodic benefit cost 3.14 % 4.14 % 3.57 % 3.11 % 4.10 % 3.52 % Expected long-term return on plan assets 6.50 % 7.25 % 7.25 % n/a n/a n/a Rate of compensation increase scaled * scaled * scaled ** n/a n/a n/a * Graded scale, declining from 7.25% 2.25% ** Graded scale, declining from 7.00% at age 20 t0 2.00% at age 60 |
Expected Plan Benefit Payments | The following table presents expected plan benefit payments over the ten years succeeding December 31, 2020: (in thousands) Pension Post-Retirement Total 2021 $ 24,097 $ 989 $ 25,086 2022 25,244 929 26,173 2023 26,251 954 27,205 2024 27,546 912 28,458 2025 28,963 950 29,913 2026-2030 163,952 4,664 168,616 . $ 296,053 $ 9,398 $ 305,451 |
Fair Values of Pension Plan Assets | For all investments, the plan attempts to use quoted market prices of identical assets on active exchanges, or Level 1 measurements. Where such quoted market prices are not available, the plan will use quoted prices for similar instruments or discounted cash flows to estimate the value, reported as Level 2 December 31, 2020 Fair Value Measurements by Asset Category / Fund Level 1 Level 2 Level 3 Total (in thousands) Cash and equivalents $ 3,778 $ — $ — $ 3,778 Total cash and cash equivalents 3,778 — — 3,778 Fixed income securities 29,527 43,076 — 72,603 Mutual fund-fixed income 22,087 — — 22,087 Exchange Traded Fund (ETF)-Fixed income 3,750 — — 3,750 Total fixed income 55,364 43,076 — 98,440 Domestic and foreign stock 97,966 — — 97,966 Mutual funds-equity 260,019 — — 260,019 Total equity 357,985 — 357,985 Total assets at fair value 417,127 43,076 — 460,203 Common trust funds (fixed income) — — — 298,694 Common trust fund (real assets) — — — 56,407 Total $ 417,127 $ 43,076 $ — $ 815,304 December 31, 2019 Fair Value Measurements by Asset Category / Fund Level 1 Level 2 Level 3 Total (in thousands) Cash and equivalents $ 2,574 $ — $ — $ 2,574 Total cash and cash equivalents 2,574 — — 2,574 Fixed income securities 23,450 45,951 — 69,401 Mutual fund-fixed income 34,652 — — 34,652 Exchange Traded Fund (ETF)-Fixed income 3,134 — — 3,134 Total fixed income 61,236 45,951 — 107,187 Domestic and foreign stock 88,174 — 88,174 Mutual funds-equity 236,436 — — 236,436 Total equity 324,610 — 324,610 Total assets at fair value 388,420 45,951 — 434,371 Common trust funds (fixed income) — — — 258,572 Common trust fund (real assets) — — — 59,195 Total $ 388,420 $ 45,951 $ — $ 752,138 |
Percentage and Target Allocations | The following table presents the percentage allocation of the plan assets by asset category and corresponding target allocations at December 31, 2020 and 2019. Plan Assets Target Allocation at December 31, at December 31, Asset category 2020 2019 2020 2019 Cash and equivalents 0 % 0 % 0 - 5% 0 - 5% Fixed income securities 49 49 41-57% 41-57% Equity securities 44 43 35 - 51% 35 - 51% Real assets 7 8 0 - 12% 0 - 12% 100 % 100 % |
Share-Based Payment Arrangeme_2
Share-Based Payment Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Nonvested Restricted and Performance Shares | A summary of the Company’s nonvested restricted and performance shares for the year ended December 31, 2020 is presented below: Number of Shares Weighted- Average Grant-Date Fair Value ($) Nonvested at January 1, 2020 1,596,258 $ 40.43 Granted 900,683 28.34 Vested (511,552 ) 39.40 Cancelled/Forfeited (98,536 ) 43.70 Nonvested at December 31, 2020 1,886,853 $ 34.77 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Off-Balance Sheet Financial Instruments | The Company’s off-balance sheet financial instruments are summarized below: December 31, (in thousands) 2020 2019 Commitments to extend credit $ 8,106,223 $ 7,530,143 Letters of credit 365,510 393,284 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present for each of the fair value hierarchy levels the Company’s financial assets and liabilities that are measured at fair value on a recurring basis in the consolidated balance sheets. December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 213,370 $ — $ 213,370 Municipal obligations — 326,725 — 326,725 Corporate debt securities — 11,764 — 11,764 Residential mortgage-backed securities — 2,629,811 — 2,629,811 Commercial mortgage-backed securities — 2,455,534 — 2,455,534 Collateralized mortgage obligations — 362,123 — 362,123 Total available for sale securities — 5,999,327 — 5,999,327 Derivative assets (1) — 150,180 — 150,180 Total recurring fair value measurements - assets $ — $ 6,149,507 $ — $ 6,149,507 Liabilities Derivative liabilities (1) $ — $ 49,612 $ 5,645 $ 55,257 Total recurring fair value measurements - liabilities $ — $ 49,612 $ 5,645 $ 55,257 (1) For further disaggregation of derivative assets and liabilities, see Note 12 – Derivatives. December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 98,672 $ — $ 98,672 Municipal obligations — 249,805 — 249,805 Corporate debt securities — 7,988 — 7,988 Residential mortgage-backed securities — 1,924,157 — 1,924,157 Commercial mortgage-backed securities — 1,586,467 — 1,586,467 Collateralized mortgage obligations — 808,215 — 808,215 Total available for sale securities — 4,675,304 — 4,675,304 Derivative assets (1) — 54,446 — 54,446 Total recurring fair value measurements - assets $ — $ 4,729,750 $ — $ 4,729,750 Liabilities Derivative liabilities (1) $ — $ 15,385 $ 5,704 $ 21,089 Total recurring fair value measurements - liabilities $ — $ 15,385 $ 5,704 $ 21,089 (1) For further disaggregation of derivative assets and liabilities, see Note 12 – Derivatives. |
Consolidated Balance Sheets for Financial Instruments of Material Nature Measured at Fair Value on Recurring Basis | The table below presents a rollforward of the amounts on the consolidated balance sheet for the year ended December 31, 2020 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, 2018 $ 7,304 Cash settlements (1,900 ) Losses included in earnings 300 Balance at December 31, 2019 5,704 Cash settlements (1,656 ) Losses included in earnings 1,597 Balance at December 31, 2020 $ 5,645 |
Overview of the Valuation Techniques and Significant Unobservable Inputs | Level 3 Class December 31, 2020 December 31, 2019 Derivative liability $ 5,645 $ 5,704 Valuation technique Discounted cash flow Discounted cash flow Unobservable inputs: Visa Class A appreciation - terminal range 6% - 12% 6% - 18% Visa Class A appreciation - at end of reporting period 9% 12% Conversion rate - range 1.62x-1.60x 1.62x - 1.59x Conversion rate - at end of reporting period 1.6114x 1.616x Time until resolution 3-36 months 24 - 48 months |
Financial Assets Measured at Fair Value on Nonrecurring Basis | The following table presents the Company’s financial assets that are measured at fair value on a nonrecurring basis for each of the fair value hierarchy levels: December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Collateral dependent loans individually evaluated for credit loss $ — $ 60,451 $ — $ 60,451 Other real estate owned and foreclosed assets — — 11,648 11,648 Total nonrecurring fair value measurements $ — $ 60,451 $ 11,648 $ 72,099 December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Collateral dependent impaired loans $ — $ 182,377 $ — $ 182,377 Other real estate owned and foreclosed assets — — 24,422 24,422 Total nonrecurring fair value measurements $ — $ 182,377 $ 24,422 $ 206,799 |
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 amount at December 31, 2020 and 2019. December 31, 2020 Total Carrying (in thousands) Level 1 Level 2 Level 3 Fair Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 1,860,092 $ — $ — $ 1,860,092 $ 1,860,092 Available for sale securities — 5,999,327 — 5,999,327 5,999,327 Held to maturity securities — 1,467,581 — 1,467,581 1,357,170 Loans, net — 60,451 21,472,933 21,533,384 21,339,754 Loans held for sale — 136,063 — 136,063 136,063 Derivative financial instruments — 150,180 — 150,180 150,180 Financial liabilities: Deposits $ — $ — $ 27,679,321 $ 27,679,321 $ 27,697,877 Federal funds purchased 300 — — 300 300 Securities sold under agreements to repurchase 567,213 — — 567,213 567,213 Short-term FHLB Borrowings — 1,147,335 — 1,147,335 1,100,000 Long-term debt — 404,880 — 404,880 378,322 Derivative financial instruments — 49,612 5,645 55,257 55,257 December 31, 2019 Total Carrying (in thousands) Level 1 Level 2 Level 3 Fair Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 542,333 $ — $ — $ 542,333 $ 542,333 Available for sale securities — 4,675,304 — 4,675,304 4,675,304 Held to maturity securities — 1,611,004 — 1,611,004 1,568,009 Loans, net — 182,377 20,861,702 21,044,079 21,021,504 Loans held for sale — 55,864 — 55,864 55,864 Derivative financial instruments — 54,446 — 54,446 54,446 Financial liabilities: Deposits $ — $ — $ 23,786,775 $ 23,786,775 $ 23,803,575 Federal funds purchased 195,450 — — 195,450 195,450 Securities sold under agreements to repurchase 484,422 — — 484,422 484,422 FHLB short-term borrowings 2,035,000 — — 2,035,000 2,035,000 Long-term debt — 226,098 — 226,098 233,462 Derivative financial instruments — 15,385 5,704 21,089 21,089 |
Condensed Parent Company Info_2
Condensed Parent Company Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheets | December 31, (in thousands) 2020 2019 Assets: Cash $ 199,995 $ 57,943 Investment in bank subsidiaries 3,511,693 3,524,029 Investment in non-bank subsidiaries 25,134 23,498 Due from subsidiaries and other assets 15,464 9,101 Total assets $ 3,752,286 $ 3,614,571 Liabilities and Stockholders' Equity: Long-term debt $ 312,260 $ 145,572 Other liabilities 1,001 1,314 Stockholders' equity 3,439,025 3,467,685 Total liabilities and stockholders' equity $ 3,752,286 $ 3,614,571 |
Condensed Statements of Income | Years Ended December 31, (in thousands) 2020 2019 2018 Operating income From subsidiaries Cash dividends received from bank subsidiaries $ 70,000 $ 240,000 $ 200,000 Cash dividend from nonbank Subsidiary — 5,000 — Equity in earnings (loss) of subsidiaries greater than dividends received (101,406 ) 94,185 137,914 Total operating income (31,406 ) 339,185 337,914 Other expense, net 22,307 15,635 18,728 Income tax benefit (8,539 ) (3,830 ) (4,584 ) Net income (loss) $ (45,174 ) $ 327,380 $ 323,770 Other comprehensive income (loss), net of tax 134,793 125,985 (46,307 ) Comprehensive income $ 89,619 $ 453,365 $ 277,463 |
Condensed Statements of Cash Flows | Years Ended December 31, (in thousands) 2020 2019 2018 Cash flows from operating activities - principally dividends received from subsidiaries $ 71,067 $ 255,322 $ 216,270 Net cash provided by operating activities 71,067 255,322 216,270 Cash flows from investing activities: Contribution of capital to subsidiary — (50,000 ) — Net cash received in acquisition — 38,505 — Proceeds from sale of securities available for sale — — 47,557 Proceeds from principal paydowns of securities available for sale — — 9,091 Other, net — (1,874 ) — Net cash provided by (used in) investing activities — (13,369 ) 56,648 Cash flows from financing activities: Proceeds from issuance of long term debt 166,425 — — Repayment of long term debt — (13,919 ) (89,200 ) Dividends paid to stockholders (95,605 ) (94,871 ) (88,838 ) Repurchase of common stock (12,716 ) — (8,267 ) Proceeds from dividend reinvestment and other incentive plans 5,301 4,265 4,693 Payroll tax remitted on net share settlement of equity awards (4,530 ) (6,295 ) (8,695 ) Cash received(paid) under accelerated share repurchase agreement 12,110 (185,000 ) — Other, net — (42,129 ) — Net cash provided by (used in) financing activities 70,985 (337,949 ) (190,307 ) Net increase (decrease) in cash 142,052 (95,996 ) 82,611 Cash, beginning of year 57,943 153,939 71,328 Cash, end of year $ 199,995 $ 57,943 $ 153,939 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)Unitshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018shares | Jan. 01, 2020USD ($) | |
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||
Maximum refinement period of fair values after closing date of acquisition | 1 year | |||
Allowance for loan losses | $ 195,225 | |||
Loan minimum balance included in specific reserve analysis | $ 1 | |||
Number of reporting units | Unit | 1 | |||
Tax credit carry back period | 1 year | |||
Tax credit carry forward period | 20 years | |||
Weighted-average anti-dilutive potential common shares | shares | 0 | 15,815 | 5,129 | |
Federal NMTC Investment [Member] | ||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||
Tax credit earning period | 7 years | |||
Low Income Housing Credit Investments [Member] | ||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||
Tax credit earning period | 10 years | |||
Minimum [Member] | State NMTC Investment [Member] | ||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||
Tax credit earning period | 3 years | |||
Maximum [Member] | State NMTC Investment [Member] | ||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||
Tax credit earning period | 5 years | |||
Buildings [Member] | ||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||
Estimated useful lives of assets | 30 years | |||
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | ||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||
Estimated useful lives of assets | 3 years | |||
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | ||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||
Estimated useful lives of assets | 10 years | |||
Software [Member] | ||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||
Amortization Expense Charged Off Period | 3 years | |||
Core Systems [Member] | ||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||
Amortization Expense Charged Off Period | 7 years | |||
Topic 326 [Member] | ||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||
Change in accounting principle, accounting standards update, adopted | true | |||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | |||
Allowance for loan losses | $ 271,966 | |||
Change in accounting principle, accounting standards update, immaterial effect | true | |||
ASU 2018-13 [Member] | ||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | ||||
Change in accounting principle, accounting standards update, adopted | true | |||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | |||
Change in accounting principle, accounting standards update, immaterial effect | true |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Impact of Adoption Reflected in the Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Allowance for loan and lease losses | $ 450,177 | $ 191,251 | |
Reserve for unfunded lending commitments | $ 29,907 | 3,974 | |
Allowance for credit losses | $ 195,225 | ||
Topic 326 [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Allowance for loan and lease losses | $ 240,662 | ||
Reserve for unfunded lending commitments | 31,304 | ||
Allowance for credit losses | 271,966 | ||
Topic 326 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Allowance for loan and lease losses | 49,411 | ||
Reserve for unfunded lending commitments | 27,330 | ||
Allowance for credit losses | 76,741 | ||
Allowance for credit loss increase | 76,741 | ||
Balance sheet reclassification | (19,767) | ||
Total pretax impact | 56,974 | ||
Income tax impact | (12,887) | ||
Decrease to retained earnings | $ 44,087 |
Business Combination (Narrative
Business Combination (Narrative) (Details) - USD ($) | Sep. 21, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 855,453,000 | $ 855,453,000 | $ 790,972,000 | |
MidSouth [Member] | ||||
Business Acquisition [Line Items] | ||||
Net assets acquired | $ 130,500,000 | 130,480,000 | ||
Goodwill | $ 63,400,000 | 63,369,000 | 63,400,000 | |
Shares issued | 5,044,332 | |||
Business combination transaction value on an average of share price | $ 193,800,000 | |||
Acquisition related costs | 32,666,000 | |||
Goodwill, Measurement period adjustments | $ 0 | $ (5,838,000) |
Business Combination (Schedule
Business Combination (Schedule of Fair Value of Net Assets Acquired Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 21, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 855,453 | $ 855,453 | $ 790,972 | |
MidSouth [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and due from banks | 28,059 | |||
Interest bearing bank deposits | 276,911 | |||
Federal funds sold | 3,475 | |||
Securities available for sale | 272,240 | |||
Loans | 787,628 | |||
Property and equipment | 34,288 | |||
Other real estate | 343 | |||
Identifiable intangible assets | 31,500 | |||
Other assets | 79,888 | |||
Total identifiable assets | 1,514,332 | |||
Deposit liabilities | 1,280,947 | |||
Short term borrowings | 66,996 | |||
Long term debt | 13,919 | |||
Other liabilities | 21,990 | |||
Total liabilities | 1,383,852 | |||
Net assets acquired | 130,480 | $ 130,500 | ||
Value of stock-based consideration | 193,849 | |||
Goodwill | $ 63,369 | $ 63,400 | $ 63,400 |
Business Combination (Schedul_2
Business Combination (Schedule of Acquisitions Related Costs by Component) (Details) - MidSouth [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Business Acquisition [Line Items] | |
Personnel expense | $ 7,506 |
Net occupancy and equipment expense | 1,464 |
Professional services expense | 7,075 |
Data processing expense | 1,092 |
Other real estate | 130 |
Advertising expense | 2,581 |
Other expense | 12,818 |
Total merger-related expenses | $ 32,666 |
Business Combination (Schedul_3
Business Combination (Schedule of Goodwill) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | ||
Goodwill, Beginning Balance | $ 855,453,000 | $ 790,972,000 |
Goodwill, Ending Balance | 855,453,000 | 855,453,000 |
MidSouth [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill, Beginning Balance | 63,400,000 | |
Goodwill, Initial goodwill recorded | 69,207,000 | |
Goodwill, Measurement period adjustments | 0 | (5,838,000) |
Goodwill, Ending Balance | $ 63,369,000 | 63,400,000 |
Trust and Asset Management Business [Member] | ||
Business Acquisition [Line Items] | ||
Final settlement of cash consideration - acquisition of trust and asset management business | $ 1,112,000 |
Securities (Narrative) (Details
Securities (Narrative) (Details) | Dec. 31, 2020USD ($)Security | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($)Security |
Investments Debt And Equity Securities [Abstract] | |||
Amortized cost of securities excluding accrued interest | $ 24,400,000 | $ 23,900,000 | |
Securities classified as trading | 0 | 0 | |
Securities pledged as collateral | 3,400,000,000 | $ 3,300,000,000 | |
Allowance for credit loss | $ 0 | $ 0 | |
Securities that met the criteria of a credit loss event | Security | 0 | ||
Number of securities with market values below their cost basis | Security | 28 | 155 |
Securities (Amortized Cost and
Securities (Amortized Cost and Fair Value of Debt Securities Available for Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | $ 5,766,234 | $ 4,637,610 |
Securities Available for Sale, Gross Unrealized Gains | 236,826 | 52,367 |
Securities Available for Sale, Gross Unrealized Losses | 3,733 | 14,673 |
Securities Available for Sale, Fair Value | 5,999,327 | 4,675,304 |
U.S. Treasury And Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 207,365 | 98,320 |
Securities Available for Sale, Gross Unrealized Gains | 6,289 | 652 |
Securities Available for Sale, Gross Unrealized Losses | 284 | 300 |
Securities Available for Sale, Fair Value | 213,370 | 98,672 |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 309,342 | 242,016 |
Securities Available for Sale, Gross Unrealized Gains | 17,536 | 7,789 |
Securities Available for Sale, Gross Unrealized Losses | 153 | |
Securities Available for Sale, Fair Value | 326,725 | 249,805 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 2,560,249 | 1,910,909 |
Securities Available for Sale, Gross Unrealized Gains | 69,570 | 20,268 |
Securities Available for Sale, Gross Unrealized Losses | 8 | 7,020 |
Securities Available for Sale, Fair Value | 2,629,811 | 1,924,157 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 2,323,306 | 1,570,765 |
Securities Available for Sale, Gross Unrealized Gains | 135,516 | 19,880 |
Securities Available for Sale, Gross Unrealized Losses | 3,288 | 4,178 |
Securities Available for Sale, Fair Value | 2,455,534 | 1,586,467 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 354,472 | 807,600 |
Securities Available for Sale, Gross Unrealized Gains | 7,651 | 3,757 |
Securities Available for Sale, Gross Unrealized Losses | 3,142 | |
Securities Available for Sale, Fair Value | 362,123 | 808,215 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 11,500 | 8,000 |
Securities Available for Sale, Gross Unrealized Gains | 264 | 21 |
Securities Available for Sale, Gross Unrealized Losses | 33 | |
Securities Available for Sale, Fair Value | $ 11,764 | $ 7,988 |
Securities (Amortized Cost an_2
Securities (Amortized Cost and Fair Value of Debt Securities Held to Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | $ 1,357,170 | $ 1,568,009 |
Securities Held to Maturity, Gross Unrealized Gains | 110,413 | 44,103 |
Securities Held to Maturity, Gross Unrealized Losses | 2 | 1,108 |
Securities Held to Maturity, Fair Value | 1,467,581 | 1,611,004 |
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 | |
Securities Held to Maturity, Gross Unrealized Gains | 3 | |
Securities Held to Maturity, Fair Value | 50,003 | |
Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | 627,019 | 641,019 |
Securities Held to Maturity, Gross Unrealized Gains | 51,408 | 27,146 |
Securities Held to Maturity, Gross Unrealized Losses | 2 | 69 |
Securities Held to Maturity, Fair Value | 678,425 | 668,096 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | 21,951 | 29,687 |
Securities Held to Maturity, Gross Unrealized Gains | 1,469 | 883 |
Securities Held to Maturity, Fair Value | 23,420 | 30,570 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | 549,686 | 539,371 |
Securities Held to Maturity, Gross Unrealized Gains | 54,587 | 12,474 |
Securities Held to Maturity, Gross Unrealized Losses | 581 | |
Securities Held to Maturity, Fair Value | 604,273 | 551,264 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | 158,514 | 307,932 |
Securities Held to Maturity, Gross Unrealized Gains | 2,949 | 3,597 |
Securities Held to Maturity, Gross Unrealized Losses | 458 | |
Securities Held to Maturity, Fair Value | $ 161,463 | $ 311,071 |
Securities (Amortized Cost an_3
Securities (Amortized Cost and Fair Value of Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investments Debt And Equity Securities [Abstract] | ||
Debt Securities Available for Sale, Due in one year or less, Amortized Cost | $ 3,810 | |
Debt Securities Available for Sale, Due after one year through five years, Amortized Cost | 240,883 | |
Debt Securities Available for Sale, Due after five years through ten years, Amortized Cost | 2,457,451 | |
Debt Securities Available for Sale, Due after ten years, Amortized Cost | 3,064,090 | |
Securities Available for Sale, Gross Amortized Cost | 5,766,234 | $ 4,637,610 |
Debt Securities Available for Sale, Due in one year or less, Fair Value | 3,810 | |
Debt Securities Available for Sale, Due after one year through five years, Fair Value | 260,170 | |
Debt Securities Available for Sale, Due after five years through ten years, Fair Value | 2,587,529 | |
Debt Securities Available for Sale, Due after ten years, Fair Value | 3,147,818 | |
Total available for sale debt securities, Fair Value | 5,999,327 | 4,675,304 |
Debt Securities Held to Maturity, Due in one year or less, Amortized Cost | 2,192 | |
Debt Securities Held to Maturity, Due after one year through five years, Amortized Cost | 204,134 | |
Debt Securities Held to Maturity, Due after five years through ten years, Amortized Cost | 636,268 | |
Debt Securities Held to Maturity, Due after ten years, Amortized Cost | 514,576 | |
Total held to maturity debt securities, Amortized Cost | 1,357,170 | 1,568,009 |
Debt Securities Held to Maturity, Due in one year or less, Fair Value | 2,190 | |
Debt Securities Held to Maturity, Due after one year through five years, Fair Value | 218,501 | |
Debt Securities Held to Maturity, Due after five years through ten years, Fair Value | 702,412 | |
Debt Securities Held to Maturity, Due after ten years, Fair Value | 544,478 | |
Total held to maturity debt securities, Fair Value | $ 1,467,581 | $ 1,611,004 |
Securities (Proceeds from Gross
Securities (Proceeds from Gross Gains on and Gross Losses on Sale of Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | |||
Proceeds | $ 211,919 | $ 268,413 | $ 455,162 |
Gross gains | 1,984 | ||
Gross losses | $ 1,496 | $ 25,480 |
Securities (Securities Availabl
Securities (Securities Available for Sale with Unrealized Losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | $ 514,805 | $ 998,312 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 3,727 | 10,661 |
Available for sale, Losses 12 months or longer, Fair Value | 760 | 599,072 |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 6 | 4,012 |
Available for sale, Total, Fair Value | 515,565 | 1,597,384 |
Available for sale, Total, Gross Unrealized Losses | 3,733 | 14,673 |
U.S. Treasury And Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 35,845 | 28,235 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 284 | 300 |
Available for sale, Total, Fair Value | 35,845 | 28,235 |
Available for sale, Total, Gross Unrealized Losses | 284 | 300 |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 30,170 | |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 153 | |
Available for sale, Total, Fair Value | 30,170 | |
Available for sale, Total, Gross Unrealized Losses | 153 | |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 530 | 420,066 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 2 | 5,042 |
Available for sale, Losses 12 months or longer, Fair Value | 760 | 399,787 |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 6 | 1,978 |
Available for sale, Total, Fair Value | 1,290 | 819,853 |
Available for sale, Total, Gross Unrealized Losses | 8 | 7,020 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 446,190 | 458,855 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 3,288 | 3,971 |
Available for sale, Losses 12 months or longer, Fair Value | 14,896 | |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 207 | |
Available for sale, Total, Fair Value | 446,190 | 473,751 |
Available for sale, Total, Gross Unrealized Losses | 3,288 | 4,178 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 70 | 89,689 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 1,315 | |
Available for sale, Losses 12 months or longer, Fair Value | 184,389 | |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 1,827 | |
Available for sale, Total, Fair Value | 70 | 274,078 |
Available for sale, Total, Gross Unrealized Losses | 3,142 | |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 2,000 | 1,467 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 33 | |
Available for sale, Total, Fair Value | $ 2,000 | 1,467 |
Available for sale, Total, Gross Unrealized Losses | $ 33 |
Securities (Securities Held to
Securities (Securities Held to Maturity with Unrealized Losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | $ 33,161 | |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 619 | |
Held to maturity, Losses 12 months or longer, Fair Value | $ 2,381 | 52,253 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 2 | 489 |
Held to maturity, Total, Fair Value | 2,381 | 85,414 |
Held to maturity, Total, Gross Unrealized Losses | 2 | 1,108 |
Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 4,735 | |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 38 | |
Held to maturity, Losses 12 months or longer, Fair Value | 2,381 | 3,143 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 2 | 31 |
Held to maturity, Total, Fair Value | 2,381 | 7,878 |
Held to maturity, Total, Gross Unrealized Losses | $ 2 | 69 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 28,426 | |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 581 | |
Held to maturity, Total, Fair Value | 28,426 | |
Held to maturity, Total, Gross Unrealized Losses | 581 | |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses 12 months or longer, Fair Value | 49,110 | |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 458 | |
Held to maturity, Total, Fair Value | 49,110 | |
Held to maturity, Total, Gross Unrealized Losses | $ 458 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses (Narrative) (Details) $ in Thousands, U_xbrlipure in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)loanCustomer | Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($)loan | |
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for sale | $ 136,063 | $ 55,864 | |
Accrued interest | 76,200 | 67,700 | |
Related party balances of loans | 11,600 | 13,400 | |
Related party new loans | 4,100 | ||
Related party repayments | 6,100 | ||
Short-term borrowings | 1,667,513 | 2,714,872 | |
Provision for credit losses | 602,904 | 47,708 | $ 36,116 |
Nonaccrual loans | 139,879 | 245,833 | |
TDRs both accruing and nonaccruing | 25,800 | 193,700 | |
Unfunded commitment to borrowers related to modified TDR | $ 4,600 | 2,400 | |
Number of customer loans excluded from TDR | Customer | 176 | ||
Loans excluded from TDR disclosure | $ 630,600 | ||
Total Past Due | 176,491 | 260,818 | |
Recorded Investment > 90 Days and Accruing | 3,361 | 6,582 | |
Purchased with credit deterioration, increase | 19,800 | ||
30-59 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 56,684 | 83,693 | |
60-89 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 19,269 | 30,183 | |
Greater Than 90 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 100,538 | 146,942 | |
Troubled Debt Restructurings [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Nonaccrual loans | 21,600 | $ 132,500 | |
Reduced interest rate | 1,100 | ||
Number of TDRs subsequently defaulted | loan | 0 | ||
Troubled Debt Restructurings [Member] | Commercial Non-Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Equity securities | $ 6,800 | ||
Number of TDRs subsequently defaulted | loan | 2 | ||
Recorded Investment | $ 13,400 | ||
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 | 1,000 | $ 18,700 | 50,800 |
Troubled Debt Restructurings [Member] | Loans With Significant Covenant Waivers [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Covenant waivers | 400 | 41,300 | 14,600 |
Troubled Debt Restructurings [Member] | Loans With Other Modifications [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Other modifications | 2,100 | 8,100 | $ 29,400 |
Prior to Adoption of CEFL [member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Nonaccrual loans | 17,500 | ||
Recorded Investment > 90 Days and Accruing | 8,300 | ||
Prior to Adoption of CEFL [member] | 30-59 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 6,100 | ||
Prior to Adoption of CEFL [member] | 60-89 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 2,000 | ||
Prior to Adoption of CEFL [member] | Greater Than 90 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 8,300 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Increase in the allowance for credit losses | $ 76,700 | ||
Downside Scenario S-1 [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Weighted average percentage of forecast | 6500.00% | ||
Downside Scenario S-2 [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Weighted average percentage of forecast | 2500.00% | ||
Downside Scenario S-3 [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Weighted average percentage of forecast | 1000.00% | ||
FHLB Borrowings [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Short-term borrowings | $ 1,100,000 | 2,035,000 | |
Executive Officer | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Related party new loans | 200 | ||
Energy Loan Portfolio [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for sale | 497,000 | ||
Net proceeds on sale of loans | 254,400 | ||
Energy Related Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for sale | 497,000 | ||
Charge-off | 242,600 | ||
Release of credit loss reserves | 82,500 | ||
Provision for credit losses | 160,100 | ||
Residential Portfolio Segment | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Nonaccrual loans | 40,573 | 39,262 | |
Total Past Due | 67,063 | 65,028 | |
Recorded Investment > 90 Days and Accruing | 912 | 85 | |
Residential Portfolio Segment | 30-59 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 29,319 | 32,867 | |
Residential Portfolio Segment | 60-89 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 9,858 | 8,584 | |
Residential Portfolio Segment | Greater Than 90 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | $ 27,886 | 23,577 | |
Residential Portfolio Segment | Troubled Debt Restructurings [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Number of TDRs subsequently defaulted | loan | 2 | 1 | |
Recorded Investment | $ 200 | ||
Commercial Real Estate Owner Occupied | Troubled Debt Restructurings [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Number of TDRs subsequently defaulted | loan | 1 | ||
Recorded Investment | $ 800 | $ 1,800 | |
Consumer Portfolio Segment | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Nonaccrual loans | 23,385 | 16,374 | |
Total Past Due | 28,941 | 34,702 | |
Recorded Investment > 90 Days and Accruing | 729 | 1,638 | |
Real estate in process of foreclosure | 17,200 | 8,600 | |
Real estate acquired through foreclosure | 3,400 | 6,300 | |
Consumer Portfolio Segment | 30-59 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 12,215 | 18,586 | |
Consumer Portfolio Segment | 60-89 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | 5,012 | 6,215 | |
Consumer Portfolio Segment | Greater Than 90 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Past Due | $ 11,714 | $ 9,901 | |
Consumer Portfolio Segment | Troubled Debt Restructurings [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Number of TDRs subsequently defaulted | loan | 1 | 1 | |
Recorded Investment | $ 100 | $ 100 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses (Loans, Net of Unearned Income) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | $ 21,789,931 | $ 21,212,755 |
Residential Portfolio Segment | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 2,665,212 | 2,990,631 |
Consumer Portfolio Segment | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 1,857,295 | 2,164,818 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 3,357,939 | 2,994,448 |
Construction and Land Development [Member] | Total Commercial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 1,065,057 | 1,157,451 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 12,844,428 | 11,905,407 |
Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 9,986,983 | 9,166,947 |
Total Commercial And Industrial [Member] | Commercial Real Estate Owner Occupied | Total Commercial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | $ 2,857,445 | $ 2,738,460 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses (Allowance for Credit Losses by Portfolio Class) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | $ 191,251 | $ 194,514 | |
Allowance for loan losses: Cumulative effect of change in accounting principle | 27,330 | ||
Allowance for loan losses: Net provision for loan losses | 602,904 | 47,708 | $ 36,116 |
Allowance for loan losses: Ending balance | 450,177 | 191,251 | 194,514 |
Reserve for unfunded lending commitments: Beginning balance | 3,974 | ||
Reserve for unfunded lending commitments: Provision for losses | (1,397) | 3,974 | |
Reserve for unfunded lending commitments: Ending balance | 29,907 | 3,974 | |
Total allowance for credit losses | 480,084 | 195,225 | |
Allowance for loan losses: Individually evaluated | 13,880 | 22,385 | |
Allowance for loan losses: Collectively evaluated | 436,297 | 160,609 | |
Reserve for unfunded lending commitments: Individually evaluated | 241 | 3,974 | |
Reserve for unfunded lending commitments: Collectively evaluated | 29,666 | ||
Loans: Individually evaluated for impairment | 68,144 | 245,651 | |
Loans: Collectively evaluated for impairment | 21,721,787 | 20,751,859 | |
Loans receivable | 21,789,931 | 21,212,755 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 8,257 | ||
Loans: Purchased credit impaired loans | 215,245 | ||
Non-Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Cumulative effect of change in accounting principle | 49,411 | ||
Allowance for loan losses: Charge-offs | (409,457) | (59,077) | |
Allowance for loan losses: Recoveries | 14,671 | 12,080 | |
Allowance for loan losses: Net provision for loan losses | 604,301 | 43,734 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 20,869 | 17,638 | |
Allowance for loan losses: Cumulative effect of change in accounting principle | 449 | ||
Allowance for loan losses: Ending balance | 109,474 | 20,869 | 17,638 |
Reserve for unfunded lending commitments: Provision for losses | 650 | ||
Reserve for unfunded lending commitments: Ending balance | 1,099 | ||
Total allowance for credit losses | 110,573 | 20,869 | |
Allowance for loan losses: Individually evaluated | 44 | 18 | |
Allowance for loan losses: Collectively evaluated | 109,430 | 20,812 | |
Reserve for unfunded lending commitments: Collectively evaluated | 1,099 | ||
Loans: Individually evaluated for impairment | 4,542 | 1,898 | |
Loans: Collectively evaluated for impairment | 3,353,397 | 2,957,197 | |
Loans receivable | 3,357,939 | 2,994,448 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 39 | ||
Loans: Purchased credit impaired loans | 35,353 | ||
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | Non-Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Cumulative effect of change in accounting principle | 7,287 | ||
Allowance for loan losses: Charge-offs | (2,512) | (32) | |
Allowance for loan losses: Recoveries | 46 | 569 | |
Allowance for loan losses: Net provision for loan losses | 83,784 | 2,694 | |
Total Commercial [Member] | Construction and Land Development [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 9,350 | 15,647 | |
Allowance for loan losses: Cumulative effect of change in accounting principle | 15,658 | ||
Allowance for loan losses: Ending balance | 26,462 | 9,350 | 15,647 |
Reserve for unfunded lending commitments: Provision for losses | 7,036 | ||
Reserve for unfunded lending commitments: Ending balance | 22,694 | ||
Total allowance for credit losses | 49,156 | 9,350 | |
Allowance for loan losses: Individually evaluated | 22 | 21 | |
Allowance for loan losses: Collectively evaluated | 26,440 | 9,193 | |
Reserve for unfunded lending commitments: Collectively evaluated | 22,694 | ||
Loans: Individually evaluated for impairment | 1,250 | 277 | |
Loans: Collectively evaluated for impairment | 1,063,807 | 1,136,658 | |
Loans receivable | 1,065,057 | 1,157,451 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 136 | ||
Loans: Purchased credit impaired loans | 20,516 | ||
Total Commercial [Member] | Construction and Land Development [Member] | Non-Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Cumulative effect of change in accounting principle | 7,478 | ||
Allowance for loan losses: Charge-offs | (400) | (7) | |
Allowance for loan losses: Recoveries | 846 | 140 | |
Allowance for loan losses: Net provision for loan losses | 9,188 | (6,430) | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 117,409 | 111,509 | |
Allowance for loan losses: Cumulative effect of change in accounting principle | 6,060 | ||
Allowance for loan losses: Ending balance | 218,827 | 117,409 | 111,509 |
Reserve for unfunded lending commitments: Beginning balance | 3,974 | ||
Reserve for unfunded lending commitments: Provision for losses | (5,124) | 3,974 | |
Reserve for unfunded lending commitments: Ending balance | 4,910 | 3,974 | |
Total allowance for credit losses | 223,737 | 121,383 | |
Allowance for loan losses: Individually evaluated | 12,753 | 21,837 | |
Allowance for loan losses: Collectively evaluated | 206,074 | 95,239 | |
Reserve for unfunded lending commitments: Individually evaluated | 241 | 3,974 | |
Reserve for unfunded lending commitments: Collectively evaluated | 4,669 | ||
Loans: Individually evaluated for impairment | 53,981 | 236,819 | |
Loans: Collectively evaluated for impairment | 12,790,447 | 11,601,315 | |
Loans receivable | 12,844,428 | 11,905,407 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 333 | ||
Loans: Purchased credit impaired loans | 67,273 | ||
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: Cumulative effect of change in accounting principle | 14,633 | ||
Allowance for loan losses: Charge-offs | (389,000) | (39,737) | |
Allowance for loan losses: Recoveries | 6,795 | 7,246 | |
Allowance for loan losses: Net provision for loan losses | 468,990 | 38,391 | |
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 | 106,432 | 97,752 | |
Allowance for loan losses: Cumulative effect of change in accounting principle | 5,772 | ||
Allowance for loan losses: Ending balance | 149,693 | 106,432 | 97,752 |
Reserve for unfunded lending commitments: Beginning balance | 3,974 | ||
Reserve for unfunded lending commitments: Provision for losses | (5,217) | 3,974 | |
Reserve for unfunded lending commitments: Ending balance | 4,529 | 3,974 | |
Total allowance for credit losses | 154,222 | 110,406 | |
Allowance for loan losses: Individually evaluated | 11,517 | 21,733 | |
Allowance for loan losses: Collectively evaluated | 138,176 | 84,535 | |
Reserve for unfunded lending commitments: Individually evaluated | 241 | 3,974 | |
Reserve for unfunded lending commitments: Collectively evaluated | 4,288 | ||
Loans: Individually evaluated for impairment | 43,775 | 232,438 | |
Loans: Collectively evaluated for impairment | 9,943,208 | 8,903,436 | |
Loans receivable | 9,986,983 | 9,166,947 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 164 | ||
Loans: Purchased credit impaired loans | 31,073 | ||
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Non-Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Cumulative effect of change in accounting principle | (244) | ||
Allowance for loan losses: Charge-offs | (387,172) | (39,600) | |
Allowance for loan losses: Recoveries | 6,032 | 6,940 | |
Allowance for loan losses: Net provision for loan losses | 424,645 | 41,340 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate Owner Occupied | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 10,977 | 13,757 | |
Allowance for loan losses: Cumulative effect of change in accounting principle | 288 | ||
Allowance for loan losses: Ending balance | 69,134 | 10,977 | 13,757 |
Reserve for unfunded lending commitments: Provision for losses | 93 | ||
Reserve for unfunded lending commitments: Ending balance | 381 | ||
Total allowance for credit losses | 69,515 | 10,977 | |
Allowance for loan losses: Individually evaluated | 1,236 | 104 | |
Allowance for loan losses: Collectively evaluated | 67,898 | 10,704 | |
Reserve for unfunded lending commitments: Collectively evaluated | 381 | ||
Loans: Individually evaluated for impairment | 10,206 | 4,381 | |
Loans: Collectively evaluated for impairment | 2,847,239 | 2,697,879 | |
Loans receivable | 2,857,445 | 2,738,460 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 169 | ||
Loans: Purchased credit impaired loans | 36,200 | ||
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate Owner Occupied | Non-Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Cumulative effect of change in accounting principle | 14,877 | ||
Allowance for loan losses: Charge-offs | (1,828) | (137) | |
Allowance for loan losses: Recoveries | 763 | 306 | |
Allowance for loan losses: Net provision for loan losses | 44,345 | (2,949) | |
Residential Portfolio Segment | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 20,331 | 23,782 | |
Allowance for loan losses: Cumulative effect of change in accounting principle | 17 | ||
Allowance for loan losses: Ending balance | 48,842 | 20,331 | 23,782 |
Reserve for unfunded lending commitments: Provision for losses | 2 | ||
Reserve for unfunded lending commitments: Ending balance | 19 | ||
Total allowance for credit losses | 48,861 | 20,331 | |
Allowance for loan losses: Individually evaluated | 546 | 217 | |
Allowance for loan losses: Collectively evaluated | 48,296 | 12,640 | |
Reserve for unfunded lending commitments: Collectively evaluated | 19 | ||
Loans: Individually evaluated for impairment | 5,850 | 5,174 | |
Loans: Collectively evaluated for impairment | 2,659,362 | 2,898,700 | |
Loans receivable | 2,665,212 | 2,990,631 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 7,474 | ||
Loans: Purchased credit impaired loans | 86,757 | ||
Residential Portfolio Segment | Non-Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Cumulative effect of change in accounting principle | 12,921 | ||
Allowance for loan losses: Charge-offs | (326) | (846) | |
Allowance for loan losses: Recoveries | 1,400 | 480 | |
Allowance for loan losses: Net provision for loan losses | 14,516 | (3,085) | |
Consumer Portfolio Segment | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 23,292 | 25,938 | |
Allowance for loan losses: Cumulative effect of change in accounting principle | 5,146 | ||
Allowance for loan losses: Ending balance | 46,572 | 23,292 | $ 25,938 |
Reserve for unfunded lending commitments: Provision for losses | (3,961) | ||
Reserve for unfunded lending commitments: Ending balance | 1,185 | ||
Total allowance for credit losses | 47,757 | 23,292 | |
Allowance for loan losses: Individually evaluated | 515 | 292 | |
Allowance for loan losses: Collectively evaluated | 46,057 | 22,725 | |
Reserve for unfunded lending commitments: Collectively evaluated | 1,185 | ||
Loans: Individually evaluated for impairment | 2,521 | 1,483 | |
Loans: Collectively evaluated for impairment | 1,854,774 | 2,157,989 | |
Loans receivable | 1,857,295 | 2,164,818 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 275 | ||
Loans: Purchased credit impaired loans | 5,346 | ||
Consumer Portfolio Segment | Non-Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Cumulative effect of change in accounting principle | 7,092 | ||
Allowance for loan losses: Charge-offs | (17,219) | (18,455) | |
Allowance for loan losses: Recoveries | 5,584 | 3,645 | |
Allowance for loan losses: Net provision for loan losses | $ 27,823 | $ 12,164 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses (Nonaccrual Loans and Without an Allowance for Loan Loss by Portfolio Class) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | $ 139,879 | $ 245,833 |
Nonaccrual without allowance for loan loss | 25,127 | 103,892 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 6,743 | 2,594 |
Total Commercial [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 2,486 | 1,217 |
Nonaccrual without allowance for loan loss | 1,116 | |
Residential Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 40,573 | 39,262 |
Nonaccrual without allowance for loan loss | 1,705 | 3,383 |
Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 23,385 | 16,374 |
Nonaccrual without allowance for loan loss | 351 | |
Total Commercial And Industrial [Member] | Total Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 66,692 | 186,386 |
Nonaccrual without allowance for loan loss | 22,306 | 100,158 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 52,836 | 178,678 |
Nonaccrual without allowance for loan loss | 15,268 | 97,700 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Real Estate Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 13,856 | 7,708 |
Nonaccrual without allowance for loan loss | $ 7,038 | $ 2,458 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses (Troubled Debt Restructurings Modified by Portfolio Segment) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)contract | Dec. 31, 2019USD ($)contract | Dec. 31, 2018USD ($)contract | |
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 26 | 49 | 56 |
Pre-Modification Outstanding Recorded Investment | $ 4,570 | $ 68,118 | $ 94,760 |
Post-Modification Outstanding Recorded Investment | $ 4,570 | $ 61,307 | $ 94,760 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 1 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 123 | $ 1,564 | |
Post-Modification Outstanding Recorded Investment | $ 123 | $ 1,564 | |
Total Commercial [Member] | Construction and Land Development [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 1 | 3 | |
Pre-Modification Outstanding Recorded Investment | $ 15 | $ 323 | |
Post-Modification Outstanding Recorded Investment | $ 15 | $ 323 | |
Residential Portfolio Segment | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 15 | 21 | 14 |
Pre-Modification Outstanding Recorded Investment | $ 3,424 | $ 3,286 | $ 1,297 |
Post-Modification Outstanding Recorded Investment | $ 3,424 | $ 3,286 | $ 1,297 |
Consumer Portfolio Segment | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 6 | 10 | 10 |
Pre-Modification Outstanding Recorded Investment | $ 89 | $ 168 | $ 455 |
Post-Modification Outstanding Recorded Investment | $ 89 | $ 168 | $ 455 |
Total Commercial And Industrial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 4 | 14 | 31 |
Pre-Modification Outstanding Recorded Investment | $ 1,042 | $ 64,218 | $ 91,444 |
Post-Modification Outstanding Recorded Investment | $ 1,042 | $ 57,407 | $ 91,444 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 3 | 13 | 29 |
Pre-Modification Outstanding Recorded Investment | $ 745 | $ 64,051 | $ 85,306 |
Post-Modification Outstanding Recorded Investment | $ 745 | $ 57,240 | $ 85,306 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Real Estate Owner Occupied | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 1 | 1 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 297 | $ 167 | $ 6,138 |
Post-Modification Outstanding Recorded Investment | $ 297 | $ 167 | $ 6,138 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses (Loans Individually Evaluated for Impairment Disaggregated by Portfolio Class) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Financing Receivable Impaired [Line Items] | |
Recorded Investment Without an Allowance | $ 141,091 |
Recorded Investment With an Allowance | 104,560 |
Unpaid Principle Balance | 287,767 |
Related Allowance | 22,385 |
Average Recorded Investment | 247,574 |
Interest Income Recognized | 5,232 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |
Financing Receivable Impaired [Line Items] | |
Recorded Investment Without an Allowance | 373 |
Recorded Investment With an Allowance | 1,525 |
Unpaid Principle Balance | 1,959 |
Related Allowance | 18 |
Average Recorded Investment | 2,407 |
Interest Income Recognized | 27 |
Total Commercial [Member] | Construction and Land Development [Member] | |
Financing Receivable Impaired [Line Items] | |
Recorded Investment With an Allowance | 277 |
Unpaid Principle Balance | 322 |
Related Allowance | 21 |
Average Recorded Investment | 906 |
Interest Income Recognized | 4 |
Residential Portfolio Segment | |
Financing Receivable Impaired [Line Items] | |
Recorded Investment Without an Allowance | 3,383 |
Recorded Investment With an Allowance | 1,791 |
Unpaid Principle Balance | 5,709 |
Related Allowance | 217 |
Average Recorded Investment | 4,578 |
Interest Income Recognized | 11 |
Consumer Portfolio Segment | |
Financing Receivable Impaired [Line Items] | |
Recorded Investment Without an Allowance | 479 |
Recorded Investment With an Allowance | 1,004 |
Unpaid Principle Balance | 1,906 |
Related Allowance | 292 |
Average Recorded Investment | 1,464 |
Interest Income Recognized | 77 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | |
Financing Receivable Impaired [Line Items] | |
Recorded Investment Without an Allowance | 136,856 |
Recorded Investment With an Allowance | 99,963 |
Unpaid Principle Balance | 277,871 |
Related Allowance | 21,837 |
Average Recorded Investment | 238,219 |
Interest Income Recognized | 5,113 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | |
Financing Receivable Impaired [Line Items] | |
Recorded Investment Without an Allowance | 134,191 |
Recorded Investment With an Allowance | 98,247 |
Unpaid Principle Balance | 270,078 |
Related Allowance | 21,733 |
Average Recorded Investment | 223,500 |
Interest Income Recognized | 4,917 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Real Estate Owner Occupied | |
Financing Receivable Impaired [Line Items] | |
Recorded Investment Without an Allowance | 2,665 |
Recorded Investment With an Allowance | 1,716 |
Unpaid Principle Balance | 7,793 |
Related Allowance | 104 |
Average Recorded Investment | 14,719 |
Interest Income Recognized | $ 196 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses (Age Analysis of Past Due Loans by Portfolio Class) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 176,491 | $ 260,818 |
Current | 21,613,440 | 20,951,937 |
Total loans | 21,789,931 | 21,212,755 |
Recorded Investment > 90 Days and Accruing | 3,361 | 6,582 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 56,684 | 83,693 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 19,269 | 30,183 |
Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 100,538 | 146,942 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,036 | 4,351 |
Current | 3,349,903 | 2,990,097 |
Total loans | 3,357,939 | 2,994,448 |
Recorded Investment > 90 Days and Accruing | 182 | 450 |
Total Commercial [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,453 | 8,907 |
Current | 1,058,604 | 1,148,544 |
Total loans | 1,065,057 | 1,157,451 |
Recorded Investment > 90 Days and Accruing | 2,042 | |
Total Commercial [Member] | 30-59 Days Past Due [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,494 | 738 |
Total Commercial [Member] | 30-59 Days Past Due [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,168 | 5,747 |
Total Commercial [Member] | 60-89 Days Past Due [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 798 | 703 |
Total Commercial [Member] | 60-89 Days Past Due [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 284 | 680 |
Total Commercial [Member] | Greater Than 90 Days Past Due [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,744 | 2,910 |
Total Commercial [Member] | Greater Than 90 Days Past Due [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,001 | 2,480 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 65,998 | 147,830 |
Current | 12,778,430 | 11,757,577 |
Total loans | 12,844,428 | 11,905,407 |
Recorded Investment > 90 Days and Accruing | 1,538 | 2,367 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 50,057 | 135,144 |
Current | 9,936,926 | 9,031,803 |
Total loans | 9,986,983 | 9,166,947 |
Recorded Investment > 90 Days and Accruing | 583 | 1,537 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 15,941 | 12,686 |
Current | 2,841,504 | 2,725,774 |
Total loans | 2,857,445 | 2,738,460 |
Recorded Investment > 90 Days and Accruing | 955 | 830 |
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 | 9,488 | 25,755 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 30-59 Days Past Due [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,963 | 20,893 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 30-59 Days Past Due [Member] | Commercial Real Estate Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,525 | 4,862 |
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 | 3,317 | 14,001 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 60-89 Days Past Due [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,564 | 13,445 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 60-89 Days Past Due [Member] | Commercial Real Estate Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 753 | 556 |
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 | 53,193 | 108,074 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Greater Than 90 Days Past Due [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 39,530 | 100,806 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Greater Than 90 Days Past Due [Member] | Commercial Real Estate Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 13,663 | 7,268 |
Residential Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 67,063 | 65,028 |
Current | 2,598,149 | 2,925,603 |
Total loans | 2,665,212 | 2,990,631 |
Recorded Investment > 90 Days and Accruing | 912 | 85 |
Residential Portfolio Segment | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 29,319 | 32,867 |
Residential Portfolio Segment | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 9,858 | 8,584 |
Residential Portfolio Segment | Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 27,886 | 23,577 |
Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 28,941 | 34,702 |
Current | 1,828,354 | 2,130,116 |
Total loans | 1,857,295 | 2,164,818 |
Recorded Investment > 90 Days and Accruing | 729 | 1,638 |
Consumer Portfolio Segment | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 12,215 | 18,586 |
Consumer Portfolio Segment | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,012 | 6,215 |
Consumer Portfolio Segment | Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 11,714 | $ 9,901 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses (Credit Quality Indicators by Segments and Portfolio Class) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Total Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 17,267,424 | $ 16,057,306 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 12,844,428 | 11,905,407 |
Total Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 16,332,902 | 15,014,111 |
Total Commercial [Member] | Pass [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 12,080,687 | 11,009,561 |
Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 541,885 | 462,502 |
Total Commercial [Member] | Pass-Watch [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 429,097 | 367,116 |
Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 137,592 | 101,583 |
Total Commercial [Member] | Special Mention [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 125,852 | 86,305 |
Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 255,045 | 479,110 |
Total Commercial [Member] | Substandard [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 208,792 | 442,425 |
Residential Portfolio Segment | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,665,212 | 2,990,631 |
Residential Portfolio Segment | Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,622,422 | 2,950,854 |
Residential Portfolio Segment | Nonperforming [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 42,790 | 39,777 |
Consumer Portfolio Segment | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,857,295 | 2,164,818 |
Consumer Portfolio Segment | Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,832,885 | 2,147,312 |
Consumer Portfolio Segment | Nonperforming [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 24,410 | 17,506 |
Residential Mortgage and Consumer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,522,507 | 5,155,449 |
Residential Mortgage and Consumer [Member] | Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,455,307 | 5,098,166 |
Residential Mortgage and Consumer [Member] | Nonperforming [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 67,200 | 57,283 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 9,986,983 | 9,166,947 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Pass [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 9,439,264 | 8,492,113 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Pass-Watch [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 314,739 | 220,850 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Special Mention [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 79,613 | 71,654 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Substandard [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 153,367 | 382,330 |
Commercial Real Estate Owner Occupied | Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,857,445 | 2,738,460 |
Commercial Real Estate Owner Occupied | Total Commercial [Member] | Pass [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,641,423 | 2,517,448 |
Commercial Real Estate Owner Occupied | Total Commercial [Member] | Pass-Watch [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 114,358 | 146,266 |
Commercial Real Estate Owner Occupied | Total Commercial [Member] | Special Mention [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 46,239 | 14,651 |
Commercial Real Estate Owner Occupied | Total Commercial [Member] | Substandard [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 55,425 | 60,095 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,357,939 | 2,994,448 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,219,155 | 2,883,553 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 89,968 | 69,765 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 5,989 | 14,995 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 42,827 | 26,135 |
Construction and Land Development [Member] | Total Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,065,057 | 1,157,451 |
Construction and Land Development [Member] | Total Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,033,060 | 1,120,997 |
Construction and Land Development [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 22,820 | 25,621 |
Construction and Land Development [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 5,751 | 283 |
Construction and Land Development [Member] | Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 3,426 | $ 10,550 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses (Disaggregation of Credit Quality Disclosures) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Total Commercial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2020 | $ 5,867,582 | |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 2,977,170 | |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 1,832,860 | |
Term Loans, Amortized Cost Basis by Origination Year, 2017 | 1,500,272 | |
Term Loans, Amortized Cost Basis by Origination Year, 2016 | 1,062,429 | |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 1,357,011 | |
Revolving Loans | 2,543,475 | |
Revolving Loans Converted to Term Loans | 126,625 | |
Notes Receivable Gross | 17,267,424 | $ 16,057,306 |
Total Commercial [Member] | Pass [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 5,673,370 | |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 2,819,696 | |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 1,740,784 | |
Term Loans, Amortized Cost Basis by Origination Year, 2017 | 1,391,140 | |
Term Loans, Amortized Cost Basis by Origination Year, 2016 | 960,094 | |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 1,231,913 | |
Revolving Loans | 2,420,058 | |
Revolving Loans Converted to Term Loans | 95,847 | |
Notes Receivable Gross | 16,332,902 | 15,014,111 |
Total Commercial [Member] | Pass-Watch [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 115,555 | |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 96,473 | |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 50,475 | |
Term Loans, Amortized Cost Basis by Origination Year, 2017 | 42,877 | |
Term Loans, Amortized Cost Basis by Origination Year, 2016 | 58,331 | |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 84,363 | |
Revolving Loans | 74,629 | |
Revolving Loans Converted to Term Loans | 19,182 | |
Notes Receivable Gross | 541,885 | 462,502 |
Total Commercial [Member] | Special Mention [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 3,196 | |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 27,157 | |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 21,074 | |
Term Loans, Amortized Cost Basis by Origination Year, 2017 | 30,872 | |
Term Loans, Amortized Cost Basis by Origination Year, 2016 | 28,933 | |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 4,146 | |
Revolving Loans | 18,626 | |
Revolving Loans Converted to Term Loans | 3,588 | |
Notes Receivable Gross | 137,592 | 101,583 |
Total Commercial [Member] | Substandard [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 75,461 | |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 33,844 | |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 20,527 | |
Term Loans, Amortized Cost Basis by Origination Year, 2017 | 35,383 | |
Term Loans, Amortized Cost Basis by Origination Year, 2016 | 15,071 | |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 36,589 | |
Revolving Loans | 30,162 | |
Revolving Loans Converted to Term Loans | 8,008 | |
Notes Receivable Gross | 255,045 | 479,110 |
Residential Mortgage and Consumer [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 440,297 | |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 507,905 | |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 443,399 | |
Term Loans, Amortized Cost Basis by Origination Year, 2017 | 568,727 | |
Term Loans, Amortized Cost Basis by Origination Year, 2016 | 504,999 | |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 852,067 | |
Revolving Loans | 1,194,427 | |
Revolving Loans Converted to Term Loans | 10,686 | |
Notes Receivable Gross | 4,522,507 | 5,155,449 |
Residential Mortgage and Consumer [Member] | Performing [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 438,831 | |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 504,124 | |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 437,518 | |
Term Loans, Amortized Cost Basis by Origination Year, 2017 | 560,347 | |
Term Loans, Amortized Cost Basis by Origination Year, 2016 | 501,018 | |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 816,567 | |
Revolving Loans | 1,190,775 | |
Revolving Loans Converted to Term Loans | 6,127 | |
Notes Receivable Gross | 4,455,307 | 5,098,166 |
Residential Mortgage and Consumer [Member] | Nonperforming [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 1,466 | |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 3,781 | |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 5,881 | |
Term Loans, Amortized Cost Basis by Origination Year, 2017 | 8,380 | |
Term Loans, Amortized Cost Basis by Origination Year, 2016 | 3,981 | |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 35,500 | |
Revolving Loans | 3,652 | |
Revolving Loans Converted to Term Loans | 4,559 | |
Notes Receivable Gross | $ 67,200 | $ 57,283 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses (Changes in Carrying Amount of Purchased Credit Impaired Loans and Related Accretable Yield) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Receivables [Abstract] | |
Carrying Amount of Loans, Balance at beginning of period | $ 129,596 |
Carrying Amount of Loans, Additions | 120,562 |
Carrying Amount of Loans, Payments received, net | (48,076) |
Carrying Amount of Loans, Accretion | 13,163 |
Carrying Amount of Loans, Balance at end of period | 215,245 |
Accretable Yield, Balance at beginning of period | 37,294 |
Accretable Yield, Additions | 6,246 |
Accretable Yield, Payments received, net | (4,601) |
Accretable Yield, Accretion | (13,163) |
Accretable Yield, Increase in expected cash flows based on actual cash flow and changes in cash flow assumptions | 4,170 |
Accretable Yield, Balance at end of period | $ 29,946 |
Property and Equipment (Propert
Property and Equipment (Property and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 652,317 | $ 629,736 |
Accumulated depreciation and amortization | (271,801) | (249,527) |
Property and equipment, net | 380,516 | 380,209 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 77,334 | 79,720 |
Buildings and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 341,542 | 339,503 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 118,027 | 115,051 |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 76,113 | 75,448 |
Assets Under Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 39,301 | $ 20,014 |
Property and Equipment (Narrati
Property and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |||
Depreciation and amortization | $ 30,128 | $ 30,902 | $ 26,532 |
Property and equipment, held for sale | $ 1,600 | $ 300 |
Operating Leases - (Narrative)
Operating Leases - (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Line Items] | |
Lessee, operating lease, existence of option to extend [true/false] | false |
Lessee, operating lease, option to extend | As these extension options are not generally considered reasonably certain of renewal, they are not included in the lease term. |
Minimum [Member] | |
Leases [Line Items] | |
Lessee, operating lease, term of contract | 5 years |
Lessee, operating lease, renewal term | 1 year |
Maximum [Member] | |
Leases [Line Items] | |
Lessee, operating lease, term of contract | 20 years |
Lessee, operating lease, renewal term | 20 years |
Operating Leases - Summary of S
Operating Leases - Summary of Supplemental Information Pertaining To Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities for operating leases | $ 16,617 | $ 16,027 |
Right of use assets obtained in exchange for lease liabilities | $ 4,799 | $ 121,066 |
Weighted average remaining lease term (in years) | 12 years 10 months 24 days | 12 years 11 months 12 days |
Weighted average discount rate | 3.44% | 3.53% |
Operating Leases - Summary Matu
Operating Leases - Summary Maturities of Lease Liabilities and Present Value Discount (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2021 | $ 17,608 | |
2022 | 17,227 | |
2023 | 15,643 | |
2024 | 13,368 | |
2025 | 11,121 | |
Thereafter | 91,398 | |
Total | 166,365 | |
Present value discount | (35,738) | |
Lease liability | $ 130,627 | $ 127,703 |
Operating Leases - Components o
Operating Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease expense | $ 18,994 | $ 18,075 |
Short-term lease expense | 165 | 462 |
Variable lease expense | 97 | 46 |
Sublease income | (138) | (322) |
Total | $ 19,118 | $ 18,261 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 21, 2019 |
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 855,453,000 | $ 855,453,000 | $ 790,972,000 | ||
Percentage of fair value of reporting unit in excess of net book value | 17.00% | ||||
Goodwill impairment charges | $ 0 | 0 | $ 0 | ||
Estimated amortization expense succeeding period | 5 years | ||||
Core Deposit Intangibles [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted-average remaining life | 9 years | ||||
Other Identifiable Intangibles [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted-average remaining life | 14 years | ||||
MidSouth [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 63,369,000 | $ 63,400,000 | $ 63,400,000 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Carrying Value of Intangible Assets Subject to Amortization) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Purchase Value | $ 295,807 | $ 307,417 |
Accumulated Amortization | 208,915 | 200,610 |
Carrying Value | 86,892 | 106,807 |
Core Deposit Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Purchase Value | 235,845 | 247,455 |
Accumulated Amortization | 173,830 | 168,577 |
Carrying Value | 62,015 | 78,878 |
Credit Card and Trust Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Purchase Value | 49,962 | 49,962 |
Accumulated Amortization | 25,085 | 22,448 |
Carrying Value | 24,877 | 27,514 |
Merchant Processing Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Purchase Value | 10,000 | 10,000 |
Accumulated Amortization | $ 10,000 | 9,585 |
Carrying Value | $ 415 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Aggregate Amortization Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Aggregate amortization expense | $ 19,916 | $ 20,844 | $ 22,050 |
Core Deposit Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Aggregate amortization expense | 16,864 | 17,132 | 18,566 |
Credit Card and Trust Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Aggregate amortization expense | 2,637 | 2,883 | 2,682 |
Merchant Processing Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Aggregate amortization expense | $ 415 | $ 829 | $ 802 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Estimated Amortization Expense of Other Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2021 | $ 16,665 | |
2022 | 14,033 | |
2023 | 11,557 | |
2024 | 9,413 | |
2024 | 7,985 | |
Thereafter | 27,239 | |
Carrying Value | $ 86,892 | $ 106,807 |
Other Assets (Schedule of Signi
Other Assets (Schedule of Significant Balances Included in Other Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other Assets [Line Items] | ||
Derivative assets | $ 2,869 | $ 23 |
Derivative collateral | 90,312 | 35,113 |
Investments in Low Income Housing Tax Credit Entities | 37,500 | 37,300 |
Total | 568,330 | 328,777 |
Other Assets [Member] | ||
Other Assets [Line Items] | ||
Derivative assets | 150,180 | 54,446 |
Income tax receivable | 101,301 | 31,186 |
FHLB stock | 104,708 | 90,367 |
Derivative collateral | 90,311 | 35,113 |
Investments in Small Business Investment Companies and other | 42,475 | 44,242 |
Investments in Low Income Housing Tax Credit Entities | 37,464 | 37,265 |
Other | 41,891 | 36,158 |
Total | $ 568,330 | $ 328,777 |
Other Assets (Narrative) (Detai
Other Assets (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Other Assets [Abstract] | ||
Unamortized portion of investments in affordable housing limited partnerships | $ 37.5 | $ 37.3 |
Deposits (Schedule of Detailed
Deposits (Schedule of Detailed Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Banking And Thrift Interest [Abstract] | ||
Noninterest-bearing deposits | $ 12,199,750 | $ 8,775,632 |
Interest-bearing retail transaction and savings deposits | 10,435,362 | 8,845,097 |
Interest-bearing public fund deposits, Public fund transaction and savings deposits | 3,068,555 | 2,803,912 |
Interest-bearing public fund deposits, Public fund time deposits | 166,381 | 560,503 |
Total interest-bearing public fund deposits | 3,234,936 | 3,364,415 |
Retail time deposits | 1,813,705 | 2,652,842 |
Brokered time deposits | 14,124 | 165,589 |
Total interest-bearing deposits | 15,498,127 | 15,027,943 |
Total deposits | $ 27,697,877 | $ 23,803,575 |
Deposits (Maturity of Time Depo
Deposits (Maturity of Time Deposits) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Banking And Thrift Interest [Abstract] | |
2021 | $ 1,735,931 |
2022 | 202,691 |
2023 | 34,256 |
2024 | 10,018 |
2025 | 8,447 |
Thereafter | 2,867 |
Total time deposits | $ 1,994,210 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Banking And Thrift Interest [Abstract] | |
Certificates of deposits more than or equal to $250,000 | $ 725 |
Short-Term Borrowings (Short-Te
Short-Term Borrowings (Short-Term Borrowings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 1,667,513 | $ 2,714,872 |
Federal Funds Purchased [Member] | ||
Short-term Debt [Line Items] | ||
Amount outstanding at period end | 300 | 195,450 |
Average amount outstanding during period | 9,708 | 49,297 |
Maximum amount at any month end during period | $ 330,330 | $ 202,933 |
Weighted-average interest at period end | 0.15% | 1.60% |
Weighted-average interest rate during period | 1.15% | 2.30% |
Securities Sold Under Agreements to Repurchase [Member] | ||
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 567,213 | $ 484,422 |
Average amount outstanding during period | 600,167 | 493,344 |
Maximum amount at any month end during period | $ 806,645 | $ 518,042 |
Weighted-average interest at period end | 0.14% | 0.54% |
Weighted-average interest rate during period | 0.24% | 0.52% |
FHLB Borrowings [Member] | ||
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 1,100,000 | $ 2,035,000 |
Average amount outstanding during period | 1,368,320 | 1,399,503 |
Maximum amount at any month end during period | $ 2,110,000 | $ 1,941,774 |
Weighted-average interest at period end | 0.49% | 1.17% |
Weighted-average interest rate during period | 0.62% | 1.96% |
Short-Term Borrowings (Narrativ
Short-Term Borrowings (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | |
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 1,667,513 | $ 2,714,872 |
FHLB Borrowings [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 1,100,000 | $ 2,035,000 |
FHLB Borrowings [Member] | FHLB Borrowings, 5 Fixed Rate Notes [Member] | Fixed-rate Term Notes [Member] | ||
Short-term Debt [Line Items] | ||
Number of fixed rate short-term borrowings | item | 5 | |
FHLB Borrowings [Member] | FHLB Borrowings, 5 Fixed Rate Notes [Member] | Fixed-rate Term Notes [Member] | Minimum [Member] | ||
Short-term Debt [Line Items] | ||
Short-term maturity year | 2034 | |
FHLB Borrowings [Member] | FHLB Borrowings, 5 Fixed Rate Notes [Member] | Fixed-rate Term Notes [Member] | Maximum [Member] | ||
Short-term Debt [Line Items] | ||
Short-term maturity year | 2035 |
Long-Term Debt (Long-Term Debt)
Long-Term Debt (Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Gross long-term debt | $ 388,562 | |
Less: unamortized debt issuance costs | (10,240) | $ (4,428) |
Total long-term debt | 378,322 | 233,462 |
Subordinated Notes [Member] | Subordinated Notes Payable, Maturing June 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Gross long-term debt | 150,000 | 150,000 |
Less: unamortized debt issuance costs | (4,252) | |
Subordinated Notes [Member] | Subordinated Notes Payable, Maturing June 2060 [Member] | ||
Debt Instrument [Line Items] | ||
Gross long-term debt | 172,500 | |
Less: unamortized debt issuance costs | (5,988) | |
Other Long-Term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Gross long-term debt | $ 66,062 | $ 87,890 |
Long-Term Debt (Long-Term Debt
Long-Term Debt (Long-Term Debt with Related Unamortized Debt Issuance Cost) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Principal | $ 388,562 | |
Unamortized Debt Issuance Costs | 10,240 | $ 4,428 |
Subordinated Notes [Member] | Subordinated Notes Payable, Maturing June 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 150,000 | 150,000 |
Unamortized Debt Issuance Costs | 4,252 | |
Subordinated Notes [Member] | Subordinated Notes Payable, Maturing June 2060 [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 172,500 | |
Unamortized Debt Issuance Costs | 5,988 | |
Other Long-Term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Principal | $ 66,062 | $ 87,890 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Notes payable aggregate principal amount | $ 388,562 | |
Other long-term debt maturity year | 2049 | |
Subordinated Notes [Member] | Subordinated Notes Payable, Maturing June 2060 [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable issuance date | Jun. 9, 2020 | |
Notes payable aggregate principal amount | $ 172,500 | |
Notes payable maturity date | Jun. 15, 2060 | |
Notes payable interest rate | 6.25% | |
Notes payable beginning payment date | Sep. 15, 2020 | |
Notes payable redemption start date | Jun. 15, 2025 | |
Subordinated Notes [Member] | Subordinated Notes Payable, Maturing June 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable issuance date | Mar. 9, 2015 | |
Notes payable aggregate principal amount | $ 150,000 | |
Notes payable maturity date | Jun. 15, 2045 | |
Notes payable interest rate | 5.95% | |
Notes payable beginning payment date | 2015-06 | |
Notes payable redemption start date | Jun. 15, 2020 | |
Other Long-Term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable aggregate principal amount | $ 66,062 | $ 87,890 |
Notes payable agreement period | 7 years |
Derivatives (Fair Values of Der
Derivatives (Fair Values of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | $ 7,975,022 | $ 6,010,689 | |
Fair Values, Assets | 2,869 | 23 | |
Less: netting adjustment, Assets | [1],[2] | (57,648) | (27,056) |
Fair Values, Liabilities | 44,841 | 11,953 | |
Less: netting adjustment, Liabilities | [1],[2] | (124,204) | (43,914) |
Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | 150,180 | 54,446 | |
Fair Values, Assets | [1] | 207,828 | 81,502 |
Total derivate assets/liabilities | [1] | 150,180 | 54,446 |
Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Total derivate assets/liabilities | [1] | 55,257 | 21,089 |
Fair Values, Liabilities | [1] | 179,461 | 65,003 |
Derivatives Designated as Hedging Instruments [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 2,333,150 | 1,659,400 | |
Derivatives Designated as Hedging Instruments [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 57,648 | 25,646 |
Derivatives Designated as Hedging Instruments [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 18,920 | 2,105 |
Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 5,641,872 | 4,351,289 | |
Derivatives Not Designated as Hedging Instruments [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 150,180 | 55,856 |
Derivatives Not Designated as Hedging Instruments [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 160,541 | 62,898 |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 4,806,258 | 3,759,232 | |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 145,517 | 54,512 |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 148,778 | 55,664 |
Derivatives Not Designated as Hedging Instruments [Member] | Risk Participation Agreements [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 216,511 | 254,825 | |
Derivatives Not Designated as Hedging Instruments [Member] | Risk Participation Agreements [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 35 | 21 |
Derivatives Not Designated as Hedging Instruments [Member] | Risk Participation Agreements [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 108 | 45 |
Derivatives Not Designated as Hedging Instruments [Member] | Forward Commitments to Sell Residential Mortgage Loans [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 310,458 | 145,623 | |
Derivatives Not Designated as Hedging Instruments [Member] | Forward Commitments to Sell Residential Mortgage Loans [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 19 | 651 |
Derivatives Not Designated as Hedging Instruments [Member] | Forward Commitments to Sell Residential Mortgage Loans [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 3,211 | 744 |
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 | 206,258 | 83,224 | |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate-Lock Commitments on Residential Mortgage Loans [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 1,793 | 369 |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate-Lock Commitments on Residential Mortgage Loans [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 14 | 375 |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Forward Contracts [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 58,822 | 64,632 | |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Forward Contracts [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 2,816 | 303 |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Forward Contracts [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 2,785 | 366 |
Derivatives Not Designated as Hedging Instruments [Member] | Visa Class B derivative contract [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 43,565 | 43,753 | |
Derivatives Not Designated as Hedging Instruments [Member] | Visa Class B derivative contract [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 5,645 | 5,704 |
Cash Flow Hedge [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps - Variable Rate Loans [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 1,175,000 | 1,175,000 | |
Cash Flow Hedge [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps - Variable Rate Loans [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 50,962 | 24,172 |
Cash Flow Hedge [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps - Variable Rate Loans [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 337 | |
Fair Value Hedging [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps - Securities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 1,158,150 | 441,400 | |
Fair Value Hedging [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps - Securities [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 6,686 | 1,474 |
Fair Value Hedging [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps - Securities [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | $ 18,920 | 1,759 |
Fair Value Hedging [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps - Brokered Deposits [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 43,000 | ||
Fair Value Hedging [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps - Brokered Deposits [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | $ 9 | |
[1] | Derivative assets and liabilities are reported in other assets or other liabilities, respectively, in the consolidated balance sheets. | ||
[2] | Represents balance sheet netting of derivative assets and liabilities for variation margin collateral held or placed with the same central clearing counterparty. See offsetting assets and liabilities for further information. |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Notional amount of derivatives | $ 7,975,022 | $ 6,010,689 |
Derivative instrument associated loans on deferrals, receivable amount | 100 | |
Fair value liability | 5,600 | 5,700 |
Credit risk-related contingent features, net liability position | 109,700 | 12,900 |
Credit risk-related contingent features, posted collateral | 44,700 | 12,400 |
Derivatives Designated as Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | 2,333,150 | 1,659,400 |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | ||
Derivative [Line Items] | ||
Amortization of accumulated other comprehensive loss on terminated cash flow hedges | 1,400 | 4,100 |
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 | $ 550,000 | |
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 | |
Interest Rate Swaps - Securities [Member] | Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | $ 1,158,150 | $ 441,400 |
Derivative hedged item | 1,100,000 | |
Basis adjustment associated with hedged items | 13,300 | |
Interest Rate Swaps - Securities [Member] | Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | Commercial Mortgage-Backed Securities [Member] | ||
Derivative [Line Items] | ||
Amortized cost basis of closed portfolio of pre-payable securities | $ 1,200,000 |
Derivatives (Effects of Derivat
Derivatives (Effects of Derivative Instruments on the Statements of Income) (Details) - Derivatives Designated as Hedging Instruments [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative income reflected in income statement | $ 30,219 | $ 6,952 | $ (1,472) |
Other Noninterest Income [Member] | All Other Instruments [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative income reflected in income statement | 12,814 | 12,958 | 5,368 |
Fair Value Hedging [Member] | Interest Income [Member] | Securities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative income reflected in income statement | 8 | 1 | |
Fair Value Hedging [Member] | Interest Expense [Member] | Brokered Deposits [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative income reflected in income statement | 46 | (1,752) | (2,343) |
Cash Flow Hedge [Member] | Interest Income [Member] | Variable Rate Loans [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative income reflected in income statement | $ 17,351 | $ (4,255) | $ (4,497) |
Derivatives (Offsetting Derivat
Derivatives (Offsetting Derivative Assets and Liabilities Subject to Master Netting Arrangements) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Gross Amounts Recognized, Derivative Assets | $ 61,529 | $ 27,938 |
Gross Amounts Offset in the Statement of Financial Position, Derivative Assets | (58,660) | (27,915) |
Net Amounts Presented in the Statement of Financial Position, Derivative Assets | 2,869 | 23 |
Gross Amounts Not Offset in the Statement of Financial Position - Financial Instruments, Derivative Assets | 2,869 | 23 |
Gross Amounts Not offset in the Statement of Financial Position - Cash Collateral, Derivative Assets | 0 | 0 |
Net Amounts Presented in the Statement of Financial Position, Derivative Assets | 0 | 0 |
Gross Amounts Recognized, Derivative Liabilities | 171,275 | 56,523 |
Gross Amounts Offset in the Statement of Financial Position, Derivative Liabilities | (126,434) | (44,570) |
Net Amounts Presented in the Statement of Financial Position, Derivative Liabilities | 44,841 | 11,953 |
Gross Amounts Not Offset in the Statement of Financial Position - Financial Instruments, Derivative Liabilities | 2,869 | 23 |
Gross Amounts Not Offset in the Statement of Financial Position - Cash Collateral, Derivative Liabilities | 90,312 | 35,113 |
Gross Amounts Not Offset in the Statement of Financial Position - Net Amount, Derivatives Liabilities | $ (48,340) | $ (23,183) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) $ / shares in Units, $ in Thousands | Mar. 18, 2020USD ($)shares | Oct. 21, 2019USD ($)shares | Sep. 23, 2019shares | Sep. 21, 2019USD ($)shares | Jan. 31, 2020$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | Mar. 27, 2020 | Oct. 18, 2019USD ($) | Jan. 01, 2019 |
Equity, Class of Treasury Stock [Line Items] | |||||||||||
Treasury stock shares | 4,500,000 | 4,000,000 | |||||||||
Treasury stock, Cost basis | $ | $ 150,700 | $ 135,800 | |||||||||
Payments for repurchase of common stock | $ | $ 12,716 | $ 8,267 | |||||||||
Shares repurchased | 3,611,870 | ||||||||||
Initial delivery of shares under accelerated share repurchase agreement, shares | 3,611,870 | ||||||||||
Minimum risk-based capital ratio | 8 | 8 | 0.080 | ||||||||
Minimum Tier 1 common equity | 4.50% | 4.50% | 4.50% | ||||||||
Minimum Tier 1 capital ratio | 6 | 6 | 0.060 | ||||||||
Minimum Tier 1 leverage capital ratio | 4 | 4 | 0.040 | ||||||||
Well capitalized total risk based capital ratio | 10 | 10 | 10 | ||||||||
Well capitalized Tier 1 common equity | 6.50% | 6.50% | 6.50% | ||||||||
Well capitalized Tier 1 risk-based capital ratio | 8 | 8 | 8 | ||||||||
Well capitalized Tier 1 leverage capital ratio | 5 | 5 | 5 | ||||||||
Minimum requirement of capital conservation buffer ratio | 2.50% | ||||||||||
Bank Holding Companies and Banks that Meet Certain Criteria [Member] | |||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||
Minimum Tier 1 leverage capital ratio | 0.030 | ||||||||||
Topic 326 [Member] | |||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||
Regulatory Capital Modified Transition Amount Percentage | 25.00% | ||||||||||
Topic 326 [Member] | Regulatory Capital Transition For First Two Years [Member] | |||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||
Regulatory Capital Transition Percentage | 0.00% | ||||||||||
Topic 326 [Member] | Regulatory Capital Three Year Transition, Year 2022 [Member] | |||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||
Regulatory Capital Transition Percentage | 25.00% | ||||||||||
Topic 326 [Member] | Regulatory Capital Three Year Transition, Year 2023 [Member] | |||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||
Regulatory Capital Transition Percentage | 50.00% | ||||||||||
Topic 326 [Member] | Regulatory Capital Three Year Transition, Year 2024 [Member] | |||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||
Regulatory Capital Transition Percentage | 75.00% | ||||||||||
Topic 326 [Member] | Regulatory Capital Three Year Transition, Year 2024 and Thereafter [Member] | |||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||
Regulatory Capital Transition Percentage | 100.00% | ||||||||||
Accelerated Share Repurchase Agreement | Common Stock [Member] | |||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||
Share repurchase, authorized amount | $ | $ 5,500 | $ 185,000 | |||||||||
Payments for repurchase of common stock | $ | $ 185,000 | ||||||||||
Shares repurchased | 1,001,472 | 3,611,870 | 315,851 | 4,900,000 | |||||||
Percentage of shares repurchased among authorized | 75.00% | ||||||||||
Proceeds from repurchase of common stock | $ | $ 12,100 | ||||||||||
Initial delivery of shares under accelerated share repurchase agreement, shares | 1,001,472 | 3,611,870 | 315,851 | 4,900,000 | |||||||
Shares purchased price per share | $ / shares | $ 40.26 | $ 37.65 | |||||||||
2018 Stock Buyback Program [Member] | |||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||
Number of shares authorized for repurchase | 5,500,000 | ||||||||||
Stock repurchase expiration date | Dec. 31, 2020 | ||||||||||
MidSouth [Member] | |||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||
Business combination, number of common stock issued | 5,044,332 | ||||||||||
Business combination, common stock value | $ | $ 193,800 | ||||||||||
Restricted Stock [Member] | |||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||
Number of shares nonvested | 1,700,000 | 1,400,000 |
Stockholders' Equity (Component
Stockholders' Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ (54,724) | $ (180,709) | $ (134,402) |
Net change in unrealized gain (loss) | 224,337 | 143,922 | (52,757) |
Reclassification of net gain (loss) realized and included in earnings | (10,983) | 13,429 | 34,966 |
Other valuation adjustments for employee benefit plans | (37,451) | 2,398 | (45,198) |
Amortization of unrealized net loss on securities transferred to held to maturity | (470) | 3,153 | 3,296 |
Income tax expense (benefit) | 40,640 | 36,917 | (13,386) |
Ending Balance | 80,069 | (54,724) | (180,709) |
Accumulated Other Comprehensive Loss Available for Sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 28,950 | (50,125) | (29,512) |
Net change in unrealized gain (loss) | 183,441 | 115,413 | (52,060) |
Reclassification of net gain (loss) realized and included in earnings | 25,480 | ||
Income tax expense (benefit) | 41,167 | 23,102 | (5,967) |
Ending Balance | 171,224 | 28,950 | (50,125) |
Unrealized loss on securities transferred to available for sale | (13,236) | ||
Held to Maturity Securities Transferred from AFS [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 639 | (12,044) | (14,585) |
Amortization of unrealized net loss on securities transferred to held to maturity | (470) | 3,153 | 3,296 |
Income tax expense (benefit) | (107) | 3,706 | 755 |
Ending Balance | 276 | 639 | (12,044) |
Unrealized loss on securities transferred to available for sale | 13,236 | ||
Employee Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (101,278) | (110,247) | (79,078) |
Reclassification of net gain (loss) realized and included in earnings | 6,368 | 9,174 | 4,989 |
Other valuation adjustments for employee benefit plans | (37,451) | 2,398 | (45,198) |
Income tax expense (benefit) | (6,788) | 2,603 | (9,040) |
Ending Balance | (125,573) | (101,278) | (110,247) |
Gains and Losses on Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 17,399 | (8,293) | (11,227) |
Net change in unrealized gain (loss) | 45,831 | 28,943 | (697) |
Reclassification of net gain (loss) realized and included in earnings | (17,351) | 4,255 | 4,497 |
Income tax expense (benefit) | 6,368 | 7,506 | 866 |
Ending Balance | 39,511 | 17,399 | $ (8,293) |
Equity Method Investment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (434) | ||
Net change in unrealized gain (loss) | (4,935) | (434) | |
Ending Balance | $ (5,369) | $ (434) |
Stockholders' Equity (Line Item
Stockholders' Equity (Line Items in Consolidated Income Statements Affected by Amounts Reclassified from Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Employee Benefit Plans [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of defined benefit pension and post-retirement items | [1] | $ (6,368) | $ (9,174) |
Gains and Losses on Cash Flow Hedges [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification of unrealized gain or loss on cash flow hedges | [1] | 18,704 | (110) |
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total reclassifications, net of tax | [1] | 9,238 | (12,833) |
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | Held to Maturity Securities Transferred from AFS [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of unrealized net gain (loss) on securities transferred to HTM | [1] | 470 | (3,153) |
Tax effect | [1] | (105) | 713 |
Net of tax | [1] | 365 | (2,440) |
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | Available for Sale Securities [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Gain on sale of AFS securities | [1] | 488 | |
Tax effect | [1] | (109) | |
Net of tax | [1] | 379 | |
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | Employee Benefit Plans [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Tax effect | [1] | 1,390 | 2,074 |
Net of tax | [1] | (4,978) | (7,100) |
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Tax effect | [1] | (4,182) | 25 |
Net of tax | [1] | 14,522 | (85) |
Amortization of loss on terminated cash flow hedges | [1] | (1,353) | (4,145) |
Tax effect | [1] | 303 | 937 |
Net of tax | [1] | $ (1,050) | $ (3,208) |
[1] | Amounts in parentheses indicate reduction in net income. |
Stockholders' Equity (Complianc
Stockholders' Equity (Compliance with Regulatory Capital Requirements) (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018 |
Tier 1 leverage capital, Actual, Amount | $ 2,534,049 | $ 2,584,162 | |
Common equity tier 1 (to risk weighted assets), Actual, Amount | 2,534,049 | 2,584,162 | |
Tier 1 capital (to risk weighted assets), Actual, Amount | 2,534,049 | 2,584,162 | |
Total capital (to risk weighted assets), Actual, Amount | $ 3,155,692 | $ 2,929,387 | |
Tier 1 leverage capital, Actual, Ratio % | 7.88 | 8.76 | |
Common equity tier 1 (to risk weighted assets), Actual, Ratio % | 10.61% | 10.50% | |
Tier 1 capital (to risk weighted assets), Actual, Ratio % | 10.61 | 10.50 | |
Total capital (to risk weighted assets), Actual, Ratio % | 13.22 | 11.90 | |
Tier 1 leverage capital, Required for Minimum Capital Adequacy, Amount | $ 1,287,103 | $ 1,180,163 | |
Common equity tier 1 (to risk weighted assets), Required for Minimum Capital Adequacy, Amount | 1,074,272 | 1,107,527 | |
Tier 1 capital (to risk weighted assets), Required for Minimum Capital Adequacy, Amount | 1,432,362 | 1,476,702 | |
Total capital (to risk weighted assets), Required for Minimum Capital Adequacy, Amount | $ 1,909,817 | $ 1,968,936 | |
Tier 1 leverage capital, Required for Minimum Capital Adequacy, Ratio % | 4 | 4 | 0.040 |
Common equity tier 1 (to risk weighted assets), Required for Minimum Capital Adequacy, Ratio % | 4.50% | 4.50% | 4.50% |
Tier 1 capital (to risk weighted assets), Required for Minimum Capital Adequacy, Ratio % | 6 | 6 | 0.060 |
Total capital (to risk weighted assets), Required for Minimum Capital Adequacy, Ratio % | 8 | 8 | 0.080 |
Tier 1 leverage capital, Required To Be Well Capitalized, Amount | $ 1,608,878 | $ 1,475,204 | |
Common equity tier 1 (to risk weighted assets), Required To Be Well Capitalized, Amount | 1,551,726 | 1,599,761 | |
Tier 1 capital (to risk weighted assets), Required To Be Well Capitalized, Amount | 1,909,817 | 1,968,936 | |
Total capital (to risk weighted assets), Required To Be Well Capitalized, Amount | $ 2,387,271 | $ 2,461,171 | |
Tier 1 leverage capital, Required To Be Well Capitalized, Ratio % | 5 | 5 | 5 |
Common equity tier 1 (to risk weighted assets), Required To Be Well Capitalized, Ratio % | 6.50% | 6.50% | 6.50% |
Tier 1 capital (to risk weighted assets), Required To Be Well Capitalized, Ratio % | 8 | 8 | 8 |
Total capital (to risk weighted assets), Required To Be Well Capitalized, Ratio % | 10 | 10 | 10 |
Hancock Whitney Bank [Member] | |||
Tier 1 leverage capital, Actual, Amount | $ 2,607,215 | $ 2,640,913 | |
Common equity tier 1 (to risk weighted assets), Actual, Amount | 2,607,215 | 2,640,913 | |
Tier 1 capital (to risk weighted assets), Actual, Amount | 2,607,215 | 2,640,913 | |
Total capital (to risk weighted assets), Actual, Amount | $ 2,905,988 | $ 2,836,138 | |
Tier 1 leverage capital, Actual, Ratio % | 8.11 | 8.96 | |
Common equity tier 1 (to risk weighted assets), Actual, Ratio % | 10.94% | 10.74% | |
Tier 1 capital (to risk weighted assets), Actual, Ratio % | 10.94 | 10.74 | |
Total capital (to risk weighted assets), Actual, Ratio % | 12.19 | 11.53 | |
Tier 1 leverage capital, Required for Minimum Capital Adequacy, Amount | $ 1,286,059 | $ 1,179,194 | |
Common equity tier 1 (to risk weighted assets), Required for Minimum Capital Adequacy, Amount | 1,072,924 | 1,106,558 | |
Tier 1 capital (to risk weighted assets), Required for Minimum Capital Adequacy, Amount | 1,430,565 | 1,475,411 | |
Total capital (to risk weighted assets), Required for Minimum Capital Adequacy, Amount | $ 1,907,420 | $ 1,967,214 | |
Tier 1 leverage capital, Required for Minimum Capital Adequacy, Ratio % | 4 | 4 | |
Common equity tier 1 (to risk weighted assets), Required for Minimum Capital Adequacy, Ratio % | 4.50% | 4.50% | |
Tier 1 capital (to risk weighted assets), Required for Minimum Capital Adequacy, Ratio % | 6 | 6 | |
Total capital (to risk weighted assets), Required for Minimum Capital Adequacy, Ratio % | 8 | 8 | |
Tier 1 leverage capital, Required To Be Well Capitalized, Amount | $ 1,607,573 | $ 1,473,992 | |
Common equity tier 1 (to risk weighted assets), Required To Be Well Capitalized, Amount | 1,549,778 | 1,598,362 | |
Tier 1 capital (to risk weighted assets), Required To Be Well Capitalized, Amount | 1,907,420 | 1,967,214 | |
Total capital (to risk weighted assets), Required To Be Well Capitalized, Amount | $ 2,384,275 | $ 2,459,018 | |
Tier 1 leverage capital, Required To Be Well Capitalized, Ratio % | 5 | 5 | |
Common equity tier 1 (to risk weighted assets), Required To Be Well Capitalized, Ratio % | 6.50% | 6.50% | |
Tier 1 capital (to risk weighted assets), Required To Be Well Capitalized, Ratio % | 8 | 8 | |
Total capital (to risk weighted assets), Required To Be Well Capitalized, Ratio % | 10 | 10 |
Noninterest Income and Nonint_3
Noninterest Income and Noninterest Expense (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Income And Expenses [Abstract] | ||||
Net gain on sales of assets | $ 33,200 | $ 982 | $ 593 | $ 24,654 |
Noninterest Income and Nonint_4
Noninterest Income and Noninterest Expense (Components of Other Noninterest Income and Other Noninterest Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other noninterest income: | |||
Income from bank-owned life insurance | $ 18,179 | $ 14,946 | $ 12,424 |
Credit-related fees | 11,255 | 11,399 | 11,065 |
Income from derivatives | 12,814 | 12,958 | 5,368 |
Other miscellaneous income | 13,155 | 14,635 | 14,929 |
Total other noninterest income | 55,403 | 53,938 | 43,786 |
Other noninterest expense: | |||
Advertising | 13,011 | 15,251 | 12,334 |
Corporate value and franchise taxes | 16,578 | 15,949 | 13,595 |
Entertainment and contributions | 9,865 | 10,777 | 11,359 |
Telecommunication and postage | 14,991 | 14,588 | 14,659 |
Printing and supplies | 5,063 | 4,947 | 5,548 |
Travel expenses | 2,297 | 5,278 | 5,338 |
Tax credit investment amortization | 3,843 | 4,943 | 5,166 |
Other retirement expense | (25,133) | (16,561) | (18,661) |
Other miscellaneous expense | 26,790 | 37,282 | 31,355 |
Total other noninterest expense | $ 67,305 | $ 92,454 | $ 80,693 |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Current federal | $ (58,723) | $ 12,172 | $ 7,594 |
Current state | (132) | 6,087 | 5,538 |
Total current provision | (58,855) | 18,259 | 13,132 |
Deferred federal | (17,000) | 46,290 | 41,078 |
Deferred state | (3,716) | 810 | 4,136 |
Total deferred provision | (20,716) | 47,100 | 45,214 |
Total included in net income | $ (79,571) | $ 65,359 | $ 58,346 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Allowance for loan losses | $ 111,170 | $ 47,008 |
Loan purchase accounting adjustments | 1,681 | 18,717 |
Tax credit carryforward | 5,700 | 2,025 |
Federal/state net operating loss | 4,462 | 7,295 |
Lease liability | 29,352 | 29,003 |
Other | 17,801 | 7,893 |
Gross deferred tax assets | 170,166 | 111,941 |
State valuation allowance | (3,635) | (1,415) |
Net deferred tax assets | 166,531 | 110,526 |
Employee compensation and benefits | (10,044) | (9,662) |
Securities | (51,036) | (9,589) |
Fixed assets & intangibles | (46,762) | (48,144) |
Lease Financing | (54,581) | (41,565) |
Right-of-use Asset | (24,872) | (24,887) |
Other | (28,642) | (14,400) |
Gross deferred tax liabilities | (215,937) | (148,247) |
Net deferred tax (liability) | $ (49,406) | $ (37,721) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax [Line Items] | ||||
Tax computed at statutory rate | 21.00% | 21.00% | 21.00% | 35.00% |
Percentage of incremental tax benefit | 14.00% | |||
Net operating loss carryback under CARES act | $ 30,167,000 | |||
Tax year audited | 2017 | |||
Federal [Member] | From 2017 Through 2020 Tax Years [Member] | ||||
Income Tax [Line Items] | ||||
Tax credit carryforwards | $ 2,900,000 | |||
State [Member] | ||||
Income Tax [Line Items] | ||||
Deferred tax assets valuation allowance | 0 | |||
State [Member] | From 2017 Through 2020 Tax Years [Member] | ||||
Income Tax [Line Items] | ||||
Tax credit carryforwards | 2,800,000 | |||
State [Member] | 2003 Through 2020 Tax Years [Member] | ||||
Income Tax [Line Items] | ||||
Net operating loss carryforwards | $ 79,000,000 | |||
Operating loss carryforwards, originated tax years | 2003 through 2020 | |||
Net operating loss carryforwards, expiration year | 2023 | |||
Operating loss carryforwards valuation allowance | $ 58,200,000 | |||
Deferred tax assets valuation allowance | $ 3,600,000 | |||
Federal And State | From 2017 Through 2020 Tax Years [Member] | ||||
Income Tax [Line Items] | ||||
Tax credit carryforwards, originated tax years | 2017 through 2020 | |||
Federal And State | From 2017 Through 2020 Tax Years [Member] | Minimum [Member] | ||||
Income Tax [Line Items] | ||||
Tax credit carryforwards, expiration year | 2024 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Taxes computed at statutory rate, amount | $ (26,196) | $ 82,475 | $ 80,244 | |
State income taxes, net of federal income tax benefit, amount | (1,269) | 7,204 | 8,770 | |
Tax-exempt interest, amount | (10,444) | (10,435) | (10,803) | |
Life insurance contracts, amount | (4,857) | (3,901) | (2,019) | |
Tax credits, amount | (8,072) | (10,293) | (11,344) | |
Employee share-based compensation, amount | 1,351 | (842) | (1,380) | |
FDIC assessment disallowance, amount | 2,094 | 1,895 | 2,818 | |
Return to provision adjustment, amount | (970) | (1,459) | (9,942) | |
Net operating loss carryback under CARES act, amount | (30,167) | |||
Other, net, amount | (1,041) | 715 | 2,002 | |
Total included in net income | $ (79,571) | $ 65,359 | $ 58,346 | |
Taxes computed at statutory rate | 21.00% | 21.00% | 21.00% | 35.00% |
State income taxes, net of federal income tax benefit | 1.00% | 1.80% | 2.30% | |
Tax-exempt interest | 8.40% | (2.70%) | (2.80%) | |
Life insurance contracts | 3.90% | (1.00%) | (0.50%) | |
Tax credits | 6.50% | (2.60%) | (3.00%) | |
Employee share-based compensation | (1.10%) | (0.20%) | (0.30%) | |
FDIC assessment disallowance | (1.70%) | 0.50% | 0.70% | |
Return to provision adjustment | 0.80% | (0.40%) | (2.60%) | |
Net operating loss carryback under CARES act | 24.20% | |||
Other, net | 0.80% | 0.20% | 0.50% | |
Income tax expense | 63.80% | 16.60% | 15.30% |
Earnings (Loss) Per Share (Comp
Earnings (Loss) Per Share (Computation of Earnings (Loss) Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Net income (loss) | $ (45,174) | $ 327,380 | $ 323,770 |
Net income or dividends allocated to participating securities - basic and diluted | 1,756 | 5,546 | 5,930 |
Net income (loss) allocated to common shareholders - basic and diluted | $ (46,930) | $ 321,834 | $ 317,840 |
Weighted-average common shares - basic | 86,533 | 86,488 | 85,355 |
Dilutive potential common shares | 111 | 166 | |
Weighted average common shares - diluted | 86,533 | 86,599 | 85,521 |
Earnings (loss) per common share: Basic | $ (0.54) | $ 3.72 | $ 3.72 |
Earnings (loss) per common share: Diluted | $ (0.54) | $ 3.72 | $ 3.72 |
Earnings (Loss) Per Share (Narr
Earnings (Loss) Per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Weighted-average anti-dilutive potential common shares | 0 | 15,815 | 5,129 |
Retirement Benefit Plans (Narra
Retirement Benefit Plans (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Contributed to pension plan | $ 100,000,000 | |||
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% | |||
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contributed to pension plan | $ 0 | $ 0 | ||
Employer contributions | 1,178,000 | 101,165,000 | ||
Funded status at end of year-net asset (liability) | 154,995,000 | 170,272,000 | ||
Excess of plan assets over the benefit obligation | 171,200,000 | |||
Unfunded benefit obligation | $ 16,200,000 | |||
2017 Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contributed to pension plan | $ 39,000,000 | |||
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] | 2% Of Contribution [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Matching percentage | 2.00% | |||
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% | |||
Whitney 401K Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 17,400,000 | $ 15,700,000 | $ 14,600,000 | |
Minimum age for increase in per capita cost of health care benefit | 55 years | |||
Years of credited service reaching 55 years of age | 10 years | |||
Hancock Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Minimum age for increase in per capita cost of health care benefit | 55 years | |||
Years of credited service reaching 55 years of age | 10 years | |||
Increase (decrease) in pre- and post-Medicare age health costs rate | 7.25% | 7.50% | ||
Period of assumed health rate decline | 4 years | 4 years | ||
Decrease in ultimate rate over a period of time | 6.25% | 6.75% |
Retirement Benefit Plans (Chang
Retirement Benefit Plans (Changes in Benefit Obligations and Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation, beginning of year | $ 581,866 | $ 492,017 | |
Service cost | 12,898 | 10,981 | $ 12,414 |
Interest cost | 16,207 | 18,843 | 16,762 |
Net actuarial loss | 70,777 | 81,166 | |
Benefits paid | (21,439) | (21,141) | |
Benefit obligation, end of year | 660,309 | 581,866 | 492,017 |
Fair value of plan assets, beginning of year | 752,138 | 542,618 | |
Actual return on plan assets | 84,810 | 130,745 | |
Employer contributions | 1,178 | 101,165 | |
Benefit payments | (21,439) | (21,141) | |
Expenses | (1,383) | (1,249) | |
Fair value of plan assets, end of year | 815,304 | 752,138 | 542,618 |
Funded status at end of year - net asset (liability) | 154,995 | 170,272 | |
Unrecognized loss at beginning of year | 136,252 | 149,470 | |
Net actuarial loss (gain) | 28,518 | (13,218) | |
Unrecognized gain (loss) at end of year | 164,770 | 136,252 | 149,470 |
Accumulated benefit obligation | 624,999 | 550,005 | |
Other Post-Retirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation, beginning of year | 16,713 | 16,283 | |
Service cost | 105 | 95 | 120 |
Interest cost | 484 | 621 | 621 |
Plan participants' contributions | 538 | 547 | |
Net actuarial loss | 1,910 | 733 | |
Benefits paid | (1,420) | (1,566) | |
Benefit obligation, end of year | 18,330 | 16,713 | 16,283 |
Employer contributions | 882 | 1,019 | |
Plan participants' contributions | 538 | 547 | |
Benefit payments | (1,420) | (1,566) | |
Funded status at end of year - net asset (liability) | (18,330) | (16,713) | |
Unrecognized loss at beginning of year | (5,369) | (7,015) | |
Net actuarial loss (gain) | 2,565 | 1,646 | |
Unrecognized gain (loss) at end of year | $ (2,804) | $ (5,369) | $ (7,015) |
Retirement Benefit Plans (Compo
Retirement Benefit Plans (Components of Net Periodic Benefits Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Total recognized in other comprehensive income | $ 37,451 | $ (2,398) | $ 45,198 | |||
Pension Benefits [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 12,898 | 10,981 | 12,414 | |||
Interest cost | 16,207 | 18,843 | 16,762 | |||
Expected return on plan assets | (48,191) | (45,199) | (41,033) | |||
Amortization of net loss/ prior service cost | 7,021 | 10,087 | 5,423 | |||
Net periodic benefit cost | (12,065) | (5,288) | (6,434) | |||
Net (loss) gain recognized during the year | (7,021) | (10,087) | (5,423) | |||
Net actuarial loss (gain) | 35,539 | (3,131) | 51,915 | |||
Total recognized in other comprehensive income | 28,518 | (13,218) | 46,492 | |||
Total recognized in net periodic benefit cost and other comprehensive income | $ 16,453 | $ (18,506) | $ 40,058 | |||
Discount rate for benefit obligations | 2.40% | 3.14% | 4.14% | |||
Discount rate for net periodic benefit cost | 3.14% | 4.14% | 3.57% | |||
Expected long-term return on plan assets | 6.50% | 7.25% | 7.25% | |||
Rate of compensation increase | [1] | [1] | [2] | |||
Pension Benefits [Member] | Graded Scale, 7.25% At Age 20 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Rate of compensation increase | 7.25% | 7.25% | 7.00% | |||
Pension Benefits [Member] | Graded Scale, 2.25% At Age 60 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Rate of compensation increase | 2.25% | 2.25% | 2.00% | |||
Other Post-Retirement Benefits [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | $ 105 | $ 95 | $ 120 | |||
Interest cost | 484 | 621 | 621 | |||
Amortization of net loss/ prior service cost | (653) | (913) | (434) | |||
Net periodic benefit cost | (64) | (197) | 307 | |||
Net (loss) gain recognized during the year | 653 | 913 | 434 | |||
Net actuarial loss (gain) | 1,912 | 733 | (6,717) | |||
Total recognized in other comprehensive income | 2,565 | 1,646 | (6,283) | |||
Total recognized in net periodic benefit cost and other comprehensive income | $ 2,501 | $ 1,449 | $ (5,976) | |||
Discount rate for benefit obligations | 2.31% | 3.11% | 4.10% | |||
Discount rate for net periodic benefit cost | 3.11% | 4.10% | 3.52% | |||
[1] | Graded scale, declining from 7.25% 2.25% | |||||
[2] | Graded scale, declining from 7.00% at age 20 t0 2.00% at age 60 |
Retirement Benefit Plans (Expec
Retirement Benefit Plans (Expected Plan Benefit Payments) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | $ 25,086 |
2022 | 26,173 |
2023 | 27,205 |
2024 | 28,458 |
2025 | 29,913 |
2026-2030 | 168,616 |
Total | 305,451 |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 24,097 |
2022 | 25,244 |
2023 | 26,251 |
2024 | 27,546 |
2025 | 28,963 |
2026-2030 | 163,952 |
Total | 296,053 |
Other Post-Retirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 989 |
2022 | 929 |
2023 | 954 |
2024 | 912 |
2025 | 950 |
2026-2030 | 4,664 |
Total | $ 9,398 |
Retirement Benefit Plans (Fair
Retirement Benefit Plans (Fair Values of Pension Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Total Assets including Common Trust Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 815,304 | $ 752,138 |
Level 1 [Member] | Total Assets including Common Trust Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 417,127 | 388,420 |
Level 2 [Member] | Total Assets including Common Trust Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 43,076 | 45,951 |
Pension Benefits [Member] | Cash And Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3,778 | 2,574 |
Pension Benefits [Member] | Total Cash and Cash-Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3,778 | 2,574 |
Pension Benefits [Member] | Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 72,603 | 69,401 |
Pension Benefits [Member] | Mutual Fund-Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 22,087 | 34,652 |
Pension Benefits [Member] | Exchange Traded Fund (ETF)-Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3,750 | 3,134 |
Pension Benefits [Member] | Total Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 98,440 | 107,187 |
Pension Benefits [Member] | Domestic And Foreign Stock [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 97,966 | 88,174 |
Pension Benefits [Member] | Mutual Funds-Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 260,019 | 236,436 |
Pension Benefits [Member] | Total Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 357,985 | 324,610 |
Pension Benefits [Member] | Total Real Assets At Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 460,203 | 434,371 |
Pension Benefits [Member] | Common Trust Fund (Fixed Income) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 298,694 | 258,572 |
Pension Benefits [Member] | Common Trust Fund (Real Assets) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 56,407 | 59,195 |
Pension Benefits [Member] | Level 1 [Member] | Cash And Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3,778 | 2,574 |
Pension Benefits [Member] | Level 1 [Member] | Total Cash and Cash-Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3,778 | 2,574 |
Pension Benefits [Member] | Level 1 [Member] | Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 29,527 | 23,450 |
Pension Benefits [Member] | Level 1 [Member] | Mutual Fund-Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 22,087 | 34,652 |
Pension Benefits [Member] | Level 1 [Member] | Exchange Traded Fund (ETF)-Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3,750 | 3,134 |
Pension Benefits [Member] | Level 1 [Member] | Total Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 55,364 | 61,236 |
Pension Benefits [Member] | Level 1 [Member] | Domestic And Foreign Stock [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 97,966 | 88,174 |
Pension Benefits [Member] | Level 1 [Member] | Mutual Funds-Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 260,019 | 236,436 |
Pension Benefits [Member] | Level 1 [Member] | Total Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 357,985 | 324,610 |
Pension Benefits [Member] | Level 1 [Member] | Total Real Assets At Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 417,127 | 388,420 |
Pension Benefits [Member] | Level 2 [Member] | Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 43,076 | 45,951 |
Pension Benefits [Member] | Level 2 [Member] | Total Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 43,076 | 45,951 |
Pension Benefits [Member] | Level 2 [Member] | Total Real Assets At Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 43,076 | $ 45,951 |
Retirement Benefit Plans (Perce
Retirement Benefit Plans (Percentage and Target Allocations) (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 100.00% | 100.00% |
Cash And Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 0.00% | 0.00% |
Cash And Equivalents [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0.00% | 0.00% |
Cash And Equivalents [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 5.00% | 5.00% |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 49.00% | 49.00% |
Fixed Income Securities [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 41.00% | 41.00% |
Fixed Income Securities [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 57.00% | 57.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 44.00% | 43.00% |
Equity Securities [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 35.00% | 35.00% |
Equity Securities [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 51.00% | 51.00% |
Real Assets Fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 7.00% | 8.00% |
Real Assets Fund [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0.00% | 0.00% |
Real Assets Fund [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 12.00% | 12.00% |
Share-Based Payment Arrangeme_3
Share-Based Payment Arrangements (Narrative) (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)entity$ / sharesshares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation recognized | $ | $ 21.1 | $ 20.9 | $ 19.8 |
Recognized tax benefit related to share-based compensation | $ | $ 4.9 | 5.5 | 5.8 |
Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares, outstanding | 23,074 | ||
Number of shares, exercisable | 23,074 | ||
Weighted average exercise price | $ / shares | $ 34.60 | ||
Weighted average remaining contractual term | 1 year 6 months | ||
Aggregate intrinsic value | $ | $ 0.1 | ||
Stock options exercised | 0 | ||
Intrinsic value of options exercised | $ | 0.2 | $ 0.6 | |
Restricted and Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation expense | $ | $ 58.2 | ||
Weighted-average period | 3 years 7 months 6 days | ||
Fair value of shares vested | $ | $ 20.1 | $ 20.1 | |
Shares granted | 900,683 | ||
Grant date fair value per share | $ / shares | $ 28.34 | ||
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 | 35,754 | ||
Grant date fair value per share | $ / shares | $ 46.61 | ||
Vesting performance period | 3 years | ||
Number of peer group regional banks | entity | 48 | ||
Performance Shares [Member] | Total Shareholder Return [Member] | Executive Management [Member] | Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of maximum number of shares vested | 200.00% | ||
Performance Shares [Member] | Operating Earnings Per Share [Member] | Executive Management [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 35,754 | ||
Grant date fair value per share | $ / shares | $ 39.39 | ||
Vesting performance period | 2 years | ||
2020 Long Term Incentive Plan [Member] | Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate awards authorized for grant | 2,500,000 | ||
Maximum number of shares which may be granted to participant | 250,000 | ||
Shares available for future issuance | 1,800,000 | ||
2020 Long Term Incentive Plan [Member] | Options [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate awards authorized for grant | 1,000,000 |
Share-Based Payment Arrangeme_4
Share-Based Payment Arrangements (Summary of Nonvested Restricted and Performance Shares) (Details) - Restricted and Performance Shares [Member] | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Nonvested at Beginning | shares | 1,596,258 |
Number of Shares, Granted | shares | 900,683 |
Number of Shares, Vested | shares | (511,552) |
Number of Shares, Cancelled/Forfeited | shares | (98,536) |
Number of Shares, Nonvested at Ending | shares | 1,886,853 |
Weighted Average Grant Date Fair Value, Nonvested at Beginning | $ / shares | $ 40.43 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 28.34 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 39.40 |
Weighted Average Grant Date Fair Value, Cancelled/Forfeited | $ / shares | 43.70 |
Weighted Average Grant Date Fair Value, Nonvested at Ending | $ / shares | $ 34.77 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments And Contingencies Disclosure [Abstract] | ||
Reserve for unfunded lending commitments | $ 29,907 | $ 3,974 |
Commitments and Contingencies_3
Commitments and Contingencies (Off-Balance Sheet Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments to Extend Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Contract amounts | $ 8,106,223 | $ 7,530,143 |
Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Contract amounts | $ 365,510 | $ 393,284 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | $ 5,999,327 | $ 4,675,304 | |
Derivative assets | 2,869 | 23 | |
Derivative liabilities | 44,841 | 11,953 | |
Total recurring fair value measurements - liabilities | 5,600 | 5,700 | |
Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 5,999,327 | 4,675,304 | |
Derivative assets | [1] | 150,180 | 54,446 |
Total fair value measurements | 6,149,507 | 4,729,750 | |
Derivative liabilities | [1] | 55,257 | 21,089 |
Total recurring fair value measurements - liabilities | 55,257 | 21,089 | |
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 | 213,370 | 98,672 | |
Recurring [Member] | Municipal Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 326,725 | 249,805 | |
Recurring [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 11,764 | 7,988 | |
Recurring [Member] | Residential Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 2,629,811 | 1,924,157 | |
Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 2,455,534 | 1,586,467 | |
Recurring [Member] | Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 362,123 | 808,215 | |
Recurring [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 5,999,327 | 4,675,304 | |
Derivative assets | [1] | 150,180 | 54,446 |
Total fair value measurements | 6,149,507 | 4,729,750 | |
Derivative liabilities | [1] | 49,612 | 15,385 |
Total recurring fair value measurements - liabilities | 49,612 | 15,385 | |
Recurring [Member] | Level 2 [Member] | U.S. Treasury And Government Agency Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 213,370 | 98,672 | |
Recurring [Member] | Level 2 [Member] | Municipal Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 326,725 | 249,805 | |
Recurring [Member] | Level 2 [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 11,764 | 7,988 | |
Recurring [Member] | Level 2 [Member] | Residential Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 2,629,811 | 1,924,157 | |
Recurring [Member] | Level 2 [Member] | Commercial Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 2,455,534 | 1,586,467 | |
Recurring [Member] | Level 2 [Member] | Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 362,123 | 808,215 | |
Recurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | [1] | 5,645 | 5,704 |
Total recurring fair value measurements - liabilities | $ 5,645 | $ 5,704 | |
[1] | For further disaggregation of derivative assets and liabilities, see Note 12 – Derivatives. |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - Recurring [Member] | Dec. 31, 2020shares |
Visa Inc [Member] | |
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Number of shares of Visa Class B common stock | 192,163 |
Investment Securities [Member] | Minimum [Member] | |
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Targeted duration | 2 years |
Investment Securities [Member] | Maximum [Member] | |
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Targeted duration | 5 years 6 months |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Level 3 Fair Value Rollforward) (Details) - Level 3 [Member] - Recurring [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 5,704 | $ 7,304 |
Cash settlements | (1,656) | (1,900) |
Losses included in earnings | 1,597 | 300 |
Ending balance | $ 5,645 | $ 5,704 |
Fair Value Measurements (Overvi
Fair Value Measurements (Overview of the Valuation Techniques and Significant Unobservable Inputs) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | ||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Values, Liabilities | $ 44,841 | $ 11,953 | |
Recurring [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Values, Liabilities | [1] | 55,257 | 21,089 |
Recurring [Member] | Level 3 [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Values, Liabilities | [1] | 5,645 | 5,704 |
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Values, Liabilities | $ 5,645 | $ 5,704 | |
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Minimum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Time until resolution | 3 months | 24 months | |
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Time until resolution | 36 months | 48 months | |
Recurring [Member] | Level 3 [Member] | Measurement Input, VISA Class A Appreciation [Member] | Valuation Technique, Discounted Cash Flow [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 9 | 12 | |
Recurring [Member] | Level 3 [Member] | Measurement Input, VISA Class A Appreciation [Member] | Valuation Technique, Discounted Cash Flow [Member] | Minimum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 6 | 6 | |
Recurring [Member] | Level 3 [Member] | Measurement Input, VISA Class A Appreciation [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 12 | 18 | |
Recurring [Member] | Level 3 [Member] | Measurement Input, Conversion Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 1.6114 | 1.616 | |
Recurring [Member] | Level 3 [Member] | Measurement Input, Conversion Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | Minimum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 1.62 | 1.62 | |
Recurring [Member] | Level 3 [Member] | Measurement Input, Conversion Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 1.60 | 1.59 | |
[1] | For further disaggregation of derivative assets and liabilities, see Note 12 – Derivatives. |
Fair Value Measurements (Fina_2
Fair Value Measurements (Financial Assets Measured at Fair Value on Nonrecurring Basis) (Details) - Fair Value, Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans individually evaluated for credit loss | $ 60,451 | |
Collateral dependent impaired loans | $ 182,377 | |
Other real estate owned and foreclosed assets | 11,648 | 24,422 |
Total fair value measurements | 72,099 | 206,799 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans individually evaluated for credit loss | 60,451 | |
Collateral dependent impaired loans | 182,377 | |
Total fair value measurements | 60,451 | 182,377 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets | 11,648 | 24,422 |
Total fair value measurements | $ 11,648 | $ 24,422 |
Fair Value Measurements (Estima
Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Available for sale securities | $ 5,999,327 | $ 4,675,304 |
Held to maturity securities | 1,357,170 | 1,568,009 |
Derivative financial instruments | 2,869 | 23 |
Derivative financial instruments | 44,841 | 11,953 |
Total Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, interest-bearing bank deposits, and federal funds sold | 1,860,092 | 542,333 |
Available for sale securities | 5,999,327 | 4,675,304 |
Held to maturity securities | 1,467,581 | 1,611,004 |
Loans, net | 21,533,384 | 21,044,079 |
Loans held for sale | 136,063 | 55,864 |
Derivative financial instruments | 150,180 | 54,446 |
Deposits | 27,679,321 | 23,786,775 |
Federal funds purchased | 300 | 195,450 |
Securities sold under agreements to repurchase | 567,213 | 484,422 |
Short-term FHLB Borrowings | 1,147,335 | 2,035,000 |
Long-term debt | 404,880 | 226,098 |
Derivative financial instruments | 55,257 | 21,089 |
Total Fair Value [Member] | Level 1 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, interest-bearing bank deposits, and federal funds sold | 1,860,092 | 542,333 |
Federal funds purchased | 300 | 195,450 |
Securities sold under agreements to repurchase | 567,213 | 484,422 |
Short-term FHLB Borrowings | 2,035,000 | |
Total Fair Value [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Available for sale securities | 5,999,327 | 4,675,304 |
Held to maturity securities | 1,467,581 | 1,611,004 |
Loans, net | 60,451 | 182,377 |
Loans held for sale | 136,063 | 55,864 |
Derivative financial instruments | 150,180 | 54,446 |
Short-term FHLB Borrowings | 1,147,335 | |
Long-term debt | 404,880 | 226,098 |
Derivative financial instruments | 49,612 | 15,385 |
Total Fair Value [Member] | Level 3 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Loans, net | 21,472,933 | 20,861,702 |
Deposits | 27,679,321 | 23,786,775 |
Derivative financial instruments | 5,645 | 5,704 |
Carrying Amount [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, interest-bearing bank deposits, and federal funds sold | 1,860,092 | 542,333 |
Available for sale securities | 5,999,327 | 4,675,304 |
Held to maturity securities | 1,357,170 | 1,568,009 |
Loans, net | 21,339,754 | 21,021,504 |
Loans held for sale | 136,063 | 55,864 |
Derivative financial instruments | 150,180 | 54,446 |
Deposits | 27,697,877 | 23,803,575 |
Federal funds purchased | 300 | 195,450 |
Securities sold under agreements to repurchase | 567,213 | 484,422 |
Short-term FHLB Borrowings | 1,100,000 | 2,035,000 |
Long-term debt | 378,322 | 233,462 |
Derivative financial instruments | $ 55,257 | $ 21,089 |
Condensed Parent Company Info_3
Condensed Parent Company Information (Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Total assets | $ 33,638,602 | $ 30,600,757 | ||
Long-term debt | 378,322 | 233,462 | ||
Other liabilities | 271,517 | 205,539 | ||
Stockholders' equity | 3,439,025 | 3,467,685 | $ 3,081,340 | $ 2,884,949 |
Total liabilities and stockholders' equity | 33,638,602 | 30,600,757 | ||
Hancock Whitney Corporation [Member] | ||||
Cash | 199,995 | 57,943 | ||
Investment in bank subsidiaries | 3,511,693 | 3,524,029 | ||
Investment in non-bank subsidiaries | 25,134 | 23,498 | ||
Due from subsidiaries and other assets | 15,464 | 9,101 | ||
Total assets | 3,752,286 | 3,614,571 | ||
Long-term debt | 312,260 | 145,572 | ||
Other liabilities | 1,001 | 1,314 | ||
Stockholders' equity | 3,439,025 | 3,467,685 | ||
Total liabilities and stockholders' equity | $ 3,752,286 | $ 3,614,571 |
Condensed Parent Company Info_4
Condensed Parent Company Information (Condensed Statements of Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income tax benefit | $ (79,571) | $ 65,359 | $ 58,346 |
Net income (loss) | (45,174) | 327,380 | 323,770 |
Other comprehensive income (loss) | 134,793 | 125,985 | (46,307) |
Comprehensive income | 89,619 | 453,365 | 277,463 |
Hancock Whitney Corporation [Member] | |||
Cash dividends received from bank subsidiaries | 70,000 | 240,000 | 200,000 |
Cash dividend from nonbank Subsidiary | 5,000 | ||
Equity in earnings (loss) of subsidiaries greater than dividends received | (101,406) | 94,185 | 137,914 |
Total operating income | (31,406) | 339,185 | 337,914 |
Other expense, net | 22,307 | 15,635 | 18,728 |
Income tax benefit | (8,539) | (3,830) | (4,584) |
Net income (loss) | (45,174) | 327,380 | 323,770 |
Other comprehensive income (loss) | 134,793 | 125,985 | (46,307) |
Comprehensive income | $ 89,619 | $ 453,365 | $ 277,463 |
Condensed Parent Company Info_5
Condensed Parent Company Information (Condensed Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net cash provided by operating activities | $ 355,191 | $ 351,949 | $ 449,184 |
Proceeds from sale of securities available for sale | 211,919 | 268,413 | 455,162 |
Other, net | (5,797) | (65,597) | 551 |
Net cash used in investing activities | (3,177,472) | (459,022) | (846,902) |
Proceeds from issuance of long term debt | 166,425 | 20,846 | 20,610 |
Repayment of long term debt | (308) | (14,222) | (90,216) |
Dividends paid to stockholders | (95,605) | (94,871) | (88,838) |
Repurchase of common stock | (12,716) | (8,267) | |
Proceeds from dividend reinvestment and other incentive plans | 4,164 | 3,614 | 3,409 |
Payroll tax remitted on net share settlement of equity awards | (4,530) | (6,295) | (8,695) |
Cash received(paid) under accelerated share repurchase agreement | (12,110) | 185,000 | |
Net cash provided by (used in) financing activities | 2,916,483 | 155,805 | 394,142 |
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS | 94,202 | 48,732 | (3,576) |
CASH AND DUE FROM BANKS, BEGINNING | 432,104 | 383,372 | 386,948 |
CASH AND DUE FROM BANKS, ENDING | 526,306 | 432,104 | 383,372 |
Hancock Whitney Corporation [Member] | |||
Cash flows from operating activities - principally dividends received from subsidiaries | 71,067 | 255,322 | 216,270 |
Net cash provided by operating activities | 71,067 | 255,322 | 216,270 |
Contribution of capital to subsidiary | (50,000) | ||
Net cash received in acquisition | 38,505 | ||
Proceeds from sale of securities available for sale | 47,557 | ||
Proceeds from principal paydowns of securities available for sale | 9,091 | ||
Other, net | (1,874) | ||
Net cash used in investing activities | (13,369) | 56,648 | |
Proceeds from issuance of long term debt | 166,425 | ||
Repayment of long term debt | (13,919) | (89,200) | |
Dividends paid to stockholders | (95,605) | (94,871) | (88,838) |
Repurchase of common stock | (12,716) | (8,267) | |
Proceeds from dividend reinvestment and other incentive plans | 5,301 | 4,265 | 4,693 |
Payroll tax remitted on net share settlement of equity awards | (4,530) | (6,295) | (8,695) |
Cash received(paid) under accelerated share repurchase agreement | 12,110 | (185,000) | |
Other, net | (42,129) | ||
Net cash provided by (used in) financing activities | 70,985 | (337,949) | (190,307) |
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS | 142,052 | (95,996) | 82,611 |
CASH AND DUE FROM BANKS, BEGINNING | 57,943 | 153,939 | 71,328 |
CASH AND DUE FROM BANKS, ENDING | $ 199,995 | $ 57,943 | $ 153,939 |