Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 03, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-31343 | |
Entity Registrant Name | Associated Banc-Corp | |
Entity Incorporation, State or Country Code | WI | |
Entity Address, Address Line One | 433 Main Street | |
Entity Address, City or Town | Green Bay, | |
Entity Address, State or Province | WI | |
Entity Tax Identification Number | 39-1098068 | |
Entity Address, Postal Zip Code | 54301 | |
City Area Code | 920 | |
Local Phone Number | 491-7500 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 153,684,573 | |
Entity Central Index Key | 0000007789 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
The New York Stock Exchange | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | ASB | |
Security Exchange Name | NYSE | |
Series C Preferred Stock | The New York Stock Exchange | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shrs, each representing 1/40th intrst in a shr of 6.125% Non-Cum. Perp Pref Stock, Srs C | |
Trading Symbol | ASB PrC | |
Security Exchange Name | NYSE | |
Series D Preferred Stock | The New York Stock Exchange | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shrs, each representing 1/40th intrst in a shr of 5.375% Non-Cum. Perp Pref Stock, Srs D | |
Trading Symbol | ASB PrD | |
Security Exchange Name | NYSE | |
Series E Preferred Stock | The New York Stock Exchange | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs E | |
Trading Symbol | ASB PrE | |
Security Exchange Name | NYSE | |
Series F Preferred Stock | The New York Stock Exchange | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs F | |
Trading Symbol | ASB PrF | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 443,500 | $ 373,380 |
Interest-bearing deposits in other financial institutions | 1,569,006 | 207,624 |
Federal funds sold and securities purchased under agreements to resell | 185 | 7,740 |
Investment securities held to maturity, net, at amortized cost(a) | 2,077,225 | 2,205,083 |
Investment securities available for sale, at fair value | 3,149,773 | 3,262,586 |
Equity securities | 15,091 | 15,090 |
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | 206,281 | 227,347 |
Loans | 24,832,671 | 22,821,440 |
Allowance for loan losses(a) | (363,803) | (201,371) |
Loans, net | 24,468,868 | 22,620,068 |
Bank and corporate owned life insurance | 676,196 | 671,948 |
Tax credit and other investments | 303,132 | 279,969 |
Premises and equipment, net | 434,042 | 435,284 |
Goodwill | 1,107,902 | 1,176,230 |
Mortgage servicing rights, net | 49,403 | 67,306 |
Other intangible assets, net | 72,759 | 88,301 |
Interest Receivable | 87,097 | 91,196 |
Other assets | 640,765 | 506,046 |
Total assets | 35,501,464 | 32,386,478 |
Liabilities and Stockholders' Equity | ||
Noninterest-bearing demand deposits | 7,573,942 | 5,450,709 |
Interest-bearing deposits | 18,977,502 | 18,328,355 |
Total deposits | 26,551,444 | 23,779,064 |
Federal funds purchased and securities sold under agreements to repurchase | 142,293 | 433,097 |
Commercial paper | 39,535 | 32,016 |
PPPLF | 1,009,760 | 0 |
FHLB advances | 2,657,016 | 3,180,967 |
Other long-term funding | 548,937 | 549,343 |
Unfunded Commitments | 64,776 | 21,907 |
Accrued expenses and other liabilities(a) | 463,245 | 467,961 |
Total liabilities | 31,477,007 | 28,464,355 |
Stockholders’ Equity | ||
Preferred equity | 353,846 | 256,716 |
Common stock | 1,752 | 1,752 |
Surplus | 1,712,978 | 1,716,431 |
Retained earnings(a) | 2,412,859 | 2,380,867 |
Accumulated other comprehensive income (loss) | (1,920) | (33,183) |
Treasury stock, at cost | (455,057) | (400,460) |
Total common equity | 3,670,612 | 3,665,407 |
Total stockholders’ equity | 4,024,457 | 3,922,124 |
Total liabilities and stockholders’ equity | $ 35,501,464 | $ 32,386,478 |
Preferred shares authorized (par value $1.00 per share) | 750,000 | 750,000 |
Preferred shares issued and outstanding | 364,458 | 264,458 |
Common shares authorized (par value $0.01 per share) | 250,000,000 | 250,000,000 |
Common shares issued | 175,216,409 | 175,216,409 |
Common shares outstanding | 153,615,657 | 157,171,247 |
Residential loans held for sale | ||
Assets | ||
Loans Receivable Held-for-sale, Amount | $ 196,673 | $ 136,280 |
Loans | 7,933,518 | 8,136,980 |
Commercial loans held for sale | ||
Assets | ||
Loans Receivable Held-for-sale, Amount | 3,565 | 15,000 |
Loans | $ 15,777,441 | 13,481,275 |
Allowance for loan losses(a) | $ (166,846) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Preferred shares, par value | $ 1 | $ 1 |
Common shares, par value | $ 0.01 | $ 0.01 |
Allowance for Unfunded Commitments | $ 64,776 | $ 21,907 |
Allowance for Loan Losses | 201,371 | |
Retained Earnings (Accumulated Deficit) | 2,412,859 | 2,380,867 |
Allowance for Loan Losses [Member] | ||
Allowance for Loan Losses | 363,803 | 201,371 |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | ||
Allowance for Unfunded Commitments | $ 64,776 | $ 21,907 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Interest income | ||||
Interest and fees on loans | $ 191,895 | $ 260,784 | $ 416,681 | $ 519,637 |
Interest and dividends on investment securities | ||||
Taxable | 16,103 | 26,710 | 36,375 | 55,764 |
Tax-exempt | 14,616 | 14,643 | 29,498 | 28,459 |
Other interest | 2,231 | 3,995 | 5,535 | 8,221 |
Total interest income | 224,845 | 306,133 | 488,090 | 612,081 |
Interest expense | ||||
Interest on deposits | 13,178 | 67,050 | 49,844 | 129,823 |
Interest on federal funds purchased and securities sold under agreements to repurchase | 51 | 286 | 420 | 913 |
Interest on other short-term funding | 683 | 37 | 721 | 88 |
Interest on FHLB advances | 15,470 | 17,744 | 33,096 | 37,298 |
Interest on long-term funding | 5,591 | 7,396 | 11,195 | 14,792 |
Total interest expense | 34,973 | 92,513 | 95,276 | 182,914 |
Net interest income | 189,872 | 213,619 | 392,814 | 429,167 |
Provision for credit losses | 61,000 | 8,000 | 114,001 | 14,000 |
Net interest income after provision for credit losses | 128,872 | 205,619 | 278,813 | 415,167 |
Noninterest income | ||||
Noninterest Income In Scope of Topic 606 | 66,933 | 72,703 | 138,282 | 145,441 |
Capital markets, net | 6,910 | 4,726 | 14,845 | 7,916 |
Mortgage banking, net | 12,263 | 9,466 | 18,407 | 14,178 |
Bank and corporate owned life insurance | 3,625 | 3,352 | 6,719 | 7,144 |
Asset gains (losses), net(b) | 157,361 | 871 | 157,284 | 1,438 |
Investment securities gains (losses), net | 3,096 | 463 | 9,214 | 2,143 |
Other | 2,737 | 2,547 | 5,090 | 5,807 |
Total noninterest income | 254,490 | 95,837 | 352,796 | 187,040 |
Noninterest expense | ||||
Personnel | 111,350 | 123,228 | 225,551 | 243,279 |
Technology | 21,174 | 20,114 | 41,973 | 39,126 |
Occupancy | 14,464 | 13,830 | 30,532 | 30,302 |
Business development and advertising | 3,556 | 6,658 | 9,382 | 13,293 |
Equipment | 5,312 | 5,577 | 10,751 | 11,245 |
Legal and professional | 5,058 | 4,668 | 10,217 | 8,619 |
Loan and foreclosure costs | 3,605 | 1,814 | 6,725 | 3,961 |
FDIC assessment | 5,250 | 4,500 | 10,750 | 8,250 |
Other intangible amortization | 2,872 | 2,324 | 5,686 | 4,551 |
Other | 10,249 | 11,331 | 21,791 | 22,459 |
Total noninterest expense | 183,407 | 197,779 | 375,598 | 389,450 |
Income (loss) before income taxes | 199,955 | 103,678 | 256,012 | 212,756 |
Income tax expense | 51,238 | 19,017 | 61,457 | 41,409 |
Net income | 148,718 | 84,661 | 194,555 | 171,347 |
Preferred stock dividends | 4,144 | 3,801 | 7,945 | 7,601 |
Net income available to common equity | $ 144,573 | $ 80,860 | $ 186,611 | $ 163,746 |
Earnings per common share | ||||
Basic | $ 0.94 | $ 0.49 | $ 1.21 | $ 1 |
Diluted | $ 0.94 | $ 0.49 | $ 1.20 | $ 0.99 |
Average common shares outstanding | ||||
Basic | 152,393 | 162,180 | 153,547 | 163,049 |
Diluted | 153,150 | 163,672 | 154,360 | 164,518 |
Huntington National Bank | ||||
Noninterest income | ||||
Related acquisition asset losses net of asset gains | less than $1 million | less than $1 million | ||
Insurance commissions and fees | ||||
Noninterest income | ||||
Noninterest Income In Scope of Topic 606 | $ 22,430 | $ 22,985 | $ 45,038 | $ 48,449 |
Wealth management fees(a) | ||||
Noninterest income | ||||
Noninterest Income In Scope of Topic 606 | 20,916 | 20,691 | 41,732 | 40,870 |
Service charges and deposit account fees | ||||
Noninterest income | ||||
Noninterest Income In Scope of Topic 606 | 11,484 | 15,426 | 26,706 | 30,542 |
Card-based fees | ||||
Noninterest income | ||||
Noninterest Income In Scope of Topic 606 | 8,922 | 10,177 | 18,529 | 19,472 |
Service charges and account fees | 8,893 | 10,131 | 18,490 | 19,392 |
Other fee-based revenue | ||||
Noninterest income | ||||
Noninterest Income In Scope of Topic 606 | 3,181 | 3,424 | 6,277 | 6,108 |
Service charges and account fees | 4,774 | 5,178 | 9,272 | 9,161 |
Risk Management and Shared Services | ||||
Noninterest income | ||||
Asset gains (losses), net(b) | 163,000 | 163,000 | ||
Operating Segments | Risk Management and Shared Services | ||||
Interest expense | ||||
Net interest income | 17,929 | 22,375 | 38,190 | 44,306 |
Provision for credit losses | 41,858 | (9,211) | 77,579 | (20,480) |
Noninterest income | ||||
Total noninterest income | 165,242 | 2,447 | 171,465 | 8,228 |
Noninterest expense | ||||
Acquisition related costs(c) | 518 | 3,734 | 2,238 | 4,366 |
Total noninterest expense | 10,280 | 21,634 | 34,779 | 45,456 |
Income (loss) before income taxes | 109,802 | 2,919 | 68,129 | 12,887 |
Income tax expense | 33,950 | (1,127) | 25,255 | 1,466 |
Net income | $ 75,853 | $ 4,047 | $ 42,874 | $ 11,422 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 148,718 | $ 84,661 | $ 194,555 | $ 171,347 |
Investment securities available for sale | ||||
Net unrealized gains (losses) | 21,641 | 59,476 | 48,060 | 89,966 |
Amortization of net unrealized (gains) losses on available for sale securities transferred to held to maturity securities | 776 | 218 | 1,332 | 288 |
Reclassification adjustment for net losses (gains) realized in net income | (3,096) | (463) | (9,214) | (2,143) |
Income tax (expense) benefit | (4,841) | (14,940) | (10,066) | (22,242) |
Other comprehensive income (loss) on investment securities available for sale | 14,481 | 44,292 | 30,112 | 65,869 |
Defined benefit pension and postretirement obligations | ||||
Amortization of prior service cost | (38) | (38) | (75) | (75) |
Amortization of actuarial loss (gain) | 803 | 64 | 1,610 | 128 |
Income tax (expense) benefit | (192) | (7) | (385) | (13) |
Other comprehensive income (loss) on pension and postretirement obligations | 573 | 20 | 1,150 | 40 |
Total other comprehensive income (loss) | 15,054 | 44,311 | 31,263 | 65,909 |
Comprehensive income | $ 163,772 | $ 128,972 | $ 225,818 | $ 237,256 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Cumulative Effect, Period Of Adoption, Adjustment | Cumulative Effect, Period Of Adoption, Adjusted Balance | Performance/Service Based RSAs, RSA, | Board Authorized Purchase Program [Member] | Series C Preferred Stock | Series D Preferred Stock | Series E Preferred Stock | Series F Preferred Stock | Preferred Equity | Preferred EquityCumulative Effect, Period Of Adoption, Adjusted Balance | Common Stock | Common StockCumulative Effect, Period Of Adoption, Adjusted Balance | Surplus | SurplusCumulative Effect, Period Of Adoption, Adjusted Balance | Retained Earnings | Retained EarningsCumulative Effect, Period Of Adoption, Adjustment | Retained EarningsCumulative Effect, Period Of Adoption, Adjusted Balance | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period Of Adoption, Adjusted Balance | Treasury Stock | Treasury StockCumulative Effect, Period Of Adoption, Adjusted Balance | Treasury StockPerformance/Service Based RSAs, RSA, | Treasury StockBoard Authorized Purchase Program [Member] |
Beginning balance at Dec. 31, 2018 | $ 3,780,888 | $ 256,716 | $ 1,752 | $ 1,712,615 | $ 2,181,414 | $ (124,972) | $ (246,638) | |||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||
Net income | 86,686 | 86,686 | ||||||||||||||||||||||
Other comprehensive income (loss) | 21,597 | 21,597 | ||||||||||||||||||||||
Comprehensive income | 108,283 | |||||||||||||||||||||||
Common stock issued | ||||||||||||||||||||||||
Stock-based compensation plans, net | 7,045 | (32,220) | 0 | 39,265 | ||||||||||||||||||||
Purchase of treasury stock, | $ (7,468) | $ (29,999) | $ (7,468) | $ (29,999) | ||||||||||||||||||||
Cash dividends | ||||||||||||||||||||||||
Common stock ($0.17 per share in 2019 and $0.18 per share in 2020) | (28,183) | (28,183) | ||||||||||||||||||||||
Preferred stock(a) | (3,801) | (3,801) | ||||||||||||||||||||||
Stock-based compensation expense, net | 9,397 | 9,397 | ||||||||||||||||||||||
Stockholders' Equity, Other | (293) | (293) | ||||||||||||||||||||||
Ending balance at Mar. 31, 2019 | 3,835,870 | 256,716 | 1,752 | 1,689,792 | 2,235,824 | (103,375) | (244,840) | |||||||||||||||||
Cash dividends | ||||||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.3828125 | $ 0.3359375 | $ 0.3671875 | |||||||||||||||||||||
Beginning balance at Dec. 31, 2018 | 3,780,888 | 256,716 | 1,752 | 1,712,615 | 2,181,414 | (124,972) | (246,638) | |||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||
Net income | 171,347 | |||||||||||||||||||||||
Other comprehensive income (loss) | 65,909 | 65,909 | ||||||||||||||||||||||
Comprehensive income | 237,256 | |||||||||||||||||||||||
Ending balance at Jun. 30, 2019 | 3,899,794 | 256,716 | 1,752 | 1,695,715 | 2,288,909 | (59,063) | (284,235) | |||||||||||||||||
Beginning balance at Mar. 31, 2019 | 3,835,870 | 256,716 | 1,752 | 1,689,792 | 2,235,824 | (103,375) | (244,840) | |||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||
Net income | 84,661 | 84,661 | ||||||||||||||||||||||
Other comprehensive income (loss) | 44,311 | 44,311 | ||||||||||||||||||||||
Comprehensive income | 128,972 | |||||||||||||||||||||||
Common stock issued | ||||||||||||||||||||||||
Stock-based compensation plans, net | 827 | (211) | 0 | 1,038 | ||||||||||||||||||||
Purchase of treasury stock, | (831) | (39,602) | (831) | (39,602) | ||||||||||||||||||||
Cash dividends | ||||||||||||||||||||||||
Common stock ($0.17 per share in 2019 and $0.18 per share in 2020) | (27,776) | (27,776) | ||||||||||||||||||||||
Preferred stock(a) | (3,801) | (3,801) | ||||||||||||||||||||||
Stock-based compensation expense, net | 6,134 | 6,134 | ||||||||||||||||||||||
Ending balance at Jun. 30, 2019 | 3,899,794 | 256,716 | 1,752 | 1,695,715 | 2,288,909 | (59,063) | (284,235) | |||||||||||||||||
Cash dividends | ||||||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | 0.3828125 | 0.3359375 | 0.3671875 | |||||||||||||||||||||
Beginning balance at Dec. 31, 2019 | 3,922,124 | $ 3,823,787 | 256,716 | $ 256,716 | 1,752 | $ 1,752 | 1,716,431 | $ 1,716,431 | 2,380,867 | $ 2,282,530 | (33,183) | $ (33,183) | (400,460) | $ (400,460) | ||||||||||
Beginning balance (Accounting Standards Update 2016-13) at Dec. 31, 2019 | $ (98,337) | $ (98,337) | ||||||||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||
Net income | 45,838 | 45,838 | ||||||||||||||||||||||
Other comprehensive income (loss) | 16,209 | 16,209 | ||||||||||||||||||||||
Comprehensive income | 62,046 | |||||||||||||||||||||||
Common stock issued | ||||||||||||||||||||||||
Stock-based compensation plans, net | 2,896 | (20,659) | 23,555 | |||||||||||||||||||||
Purchase of treasury stock, | (5,555) | $ (71,255) | (5,555) | $ (71,255) | ||||||||||||||||||||
Cash dividends | ||||||||||||||||||||||||
Common stock ($0.17 per share in 2019 and $0.18 per share in 2020) | (28,392) | (28,392) | ||||||||||||||||||||||
Preferred stock(a) | (3,801) | (3,801) | ||||||||||||||||||||||
Stock-based compensation expense, net | 10,744 | 10,744 | ||||||||||||||||||||||
Ending balance at Mar. 31, 2020 | 3,790,471 | 256,716 | 1,752 | 1,706,516 | 2,296,176 | (16,974) | (453,714) | |||||||||||||||||
Cash dividends | ||||||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | 0.3828125 | 0.3359375 | 0.3671875 | |||||||||||||||||||||
Beginning balance at Dec. 31, 2019 | 3,922,124 | $ 3,823,787 | 256,716 | $ 256,716 | 1,752 | $ 1,752 | 1,716,431 | $ 1,716,431 | 2,380,867 | $ 2,282,530 | (33,183) | $ (33,183) | (400,460) | $ (400,460) | ||||||||||
Beginning balance (Accounting Standards Update 2016-13) at Dec. 31, 2019 | $ (98,337) | $ (98,337) | ||||||||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||
Net income | 194,555 | |||||||||||||||||||||||
Other comprehensive income (loss) | 31,263 | 31,263 | ||||||||||||||||||||||
Comprehensive income | 225,818 | |||||||||||||||||||||||
Ending balance at Jun. 30, 2020 | 4,024,457 | 353,846 | 1,752 | 1,712,978 | 2,412,859 | (1,920) | (455,057) | |||||||||||||||||
Beginning balance at Mar. 31, 2020 | 3,790,471 | 256,716 | 1,752 | 1,706,516 | 2,296,176 | (16,974) | (453,714) | |||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||
Net income | 148,718 | 148,718 | ||||||||||||||||||||||
Other comprehensive income (loss) | 15,054 | 15,054 | ||||||||||||||||||||||
Comprehensive income | 163,772 | |||||||||||||||||||||||
Common stock issued | ||||||||||||||||||||||||
Stock-based compensation plans, net | 173 | 1,523 | (1,350) | |||||||||||||||||||||
Purchase of treasury stock, | $ 7 | $ 7 | ||||||||||||||||||||||
Cash dividends | ||||||||||||||||||||||||
Common stock ($0.17 per share in 2019 and $0.18 per share in 2020) | (27,889) | (27,889) | ||||||||||||||||||||||
Preferred stock(a) | (4,144) | (4,144) | ||||||||||||||||||||||
Issuance of preferred stock | 97,129 | 97,129 | ||||||||||||||||||||||
Stock-based compensation expense, net | 4,939 | 4,939 | ||||||||||||||||||||||
Ending balance at Jun. 30, 2020 | $ 4,024,457 | $ 353,846 | $ 1,752 | $ 1,712,978 | $ 2,412,859 | $ (1,920) | $ (455,057) | |||||||||||||||||
Cash dividends | ||||||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.3828125 | $ 0.3359375 | $ 0.3671875 | $ 0.0849931 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.18 | $ 0.18 | $ 0.17 | $ 0.17 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Cash Flow From Operating Activities | |||||||||
Net income | $ 148,718 | $ 45,838 | $ 84,661 | $ 86,686 | $ 194,555 | $ 171,347 | |||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | |||||||||
Provision for credit losses | 61,000 | 8,000 | 114,001 | 14,000 | |||||
Depreciation and amortization | 29,119 | 28,810 | |||||||
Addition to (recovery of) valuation allowance on mortgage servicing rights, net | 17,029 | 146 | |||||||
Amortization of mortgage servicing rights | 10,043 | 5,448 | |||||||
Amortization of other intangible assets | 2,872 | 2,324 | 5,686 | 4,551 | |||||
Amortization and accretion on earning assets, funding, and other, net | 14,060 | 14,495 | |||||||
Net amortization of tax credit investments | 13,661 | 11,180 | |||||||
Losses (gains) on sales of investment securities, net | (9,214) | (2,143) | |||||||
Asset (gains) losses, net | (157,284) | (1,438) | |||||||
(Gain) loss on mortgage banking activities, net | (26,545) | (11,172) | |||||||
Mortgage loans originated and acquired for sale | (860,674) | (459,181) | |||||||
Proceeds from sales of mortgage loans held for sale | 1,022,268 | 432,099 | |||||||
Changes in certain assets and liabilities | |||||||||
(Increase) decrease in interest receivable | 4,099 | (11,738) | |||||||
Increase (decrease) in interest payable | (3,682) | 3,572 | |||||||
Increase (decrease) in expense payable | (49,911) | (35,516) | |||||||
(Increase) decrease in net derivative position | (138,961) | (93,872) | |||||||
Increase (decrease) in unsettled trades | 20,515 | (136) | |||||||
(Increase) decrease in net income tax position | 18,606 | 27,010 | |||||||
Net change in other assets and other liabilities | 68,750 | (26,992) | |||||||
Net cash provided by (used in) operating activities | 286,120 | 70,470 | |||||||
Cash Flow From Investing Activities | |||||||||
Net increase in loans | (1,912,941) | (244,230) | |||||||
Purchases of | |||||||||
Available for sale securities | (867,693) | (460,124) | |||||||
Held to maturity securities | (65,563) | (169,775) | |||||||
Federal Home Loan Bank and Federal Reserve Bank stocks | (78,153) | (178,363) | |||||||
Premises, equipment, and software, net of disposals | (22,577) | (30,608) | |||||||
Other intangibles | (200) | 0 | |||||||
Proceeds from | |||||||||
Sales of available for sale securities | 626,276 | 934,228 | |||||||
Sale of Federal Home Loan Bank and Federal Reserve Bank stocks | 100,000 | 226,139 | |||||||
Prepayments, calls, and maturities of available for sale investment securities | 499,025 | 262,872 | |||||||
Prepayments, calls, and maturities of held to maturity investment securities | 191,953 | 100,603 | |||||||
Sales, prepayments, calls, and maturities of other assets | 12,728 | 7,064 | |||||||
Net change in tax credit and alternative investments | (30,276) | (30,814) | |||||||
Net cash (paid) received in acquisition | (31,518) | ||||||||
Net cash (paid) received in acquisition | 551,250 | ||||||||
Net cash provided by (used in) investing activities | (1,322,370) | 968,242 | |||||||
Cash Flow From Financing Activities | |||||||||
Net increase (decrease) in deposits | 2,334,002 | (348,344) | |||||||
Net increase (decrease) in short-term funding | (309,144) | (45,091) | |||||||
Net increase (decrease) in short-term FHLB advances | (520,000) | (820,000) | |||||||
Repayment of long-term FHLB advances | (16,583) | (762,880) | |||||||
Proceeds from long-term FHLB advances | 4,000 | 751,573 | |||||||
Proceeds from PPPLF | 1,009,760 | 0 | |||||||
Proceeds from finance lease principal | (1,007) | 0 | |||||||
Proceeds from issuance of preferred shares | 97,129 | 0 | |||||||
Proceeds from issuance of common stock for stock-based compensation plans | 3,069 | 7,872 | |||||||
Cash dividends on common stock | (56,281) | (55,959) | |||||||
Cash dividends on preferred stock | (7,945) | (7,601) | |||||||
Net cash provided by (used in) financing activities | 2,460,197 | (1,358,331) | |||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 1,423,947 | (319,619) | |||||||
Cash, cash equivalents, and restricted cash at beginning of period | 588,744 | 876,698 | 588,744 | 876,698 | $ 876,698 | ||||
Cash, cash equivalents, and restricted cash at end of period | 2,012,691 | 557,078 | 2,012,691 | 557,078 | 588,744 | ||||
Supplemental disclosures of cash flow information | |||||||||
Cash paid for interest | 97,929 | 178,550 | |||||||
Cash paid for (received from) income and franchise taxes | 3,318 | 21,909 | |||||||
Loans and bank premises transferred to OREO | 5,212 | 5,406 | |||||||
Capitalized mortgage servicing rights | 9,169 | 3,575 | |||||||
Loans transferred into held for sale from portfolio, net | 201,827 | 30,597 | |||||||
Unsettled trades to purchase securities | 20,515 | 136 | |||||||
Acquisition | |||||||||
Fair value of assets acquired, including cash and cash equivalents | $ 459,235 | $ 696,013 | |||||||
Fair value ascribed to goodwill and intangible assets | 20,793 | 29,626 | |||||||
Fair value of liabilities assumed | 480,028 | 725,719 | |||||||
Equity issued in (adjustments related to) acquisition | 0 | (79) | |||||||
Restricted Cash and Cash Equivalents | |||||||||
Cash and cash equivalents | 2,012,691 | 403,693 | |||||||
Restricted cash | 0 | 153,385 | |||||||
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $ 2,012,691 | $ 588,744 | $ 557,078 | $ 876,698 | 2,012,691 | 557,078 | $ 876,698 | $ 2,012,691 | $ 557,078 |
ABRC | |||||||||
Proceeds from | |||||||||
Sales, prepayments, calls, and maturities of other assets | 256,571 | 0 | |||||||
Performance/Service Based RSAs, RSA, | |||||||||
Cash Flow From Financing Activities | |||||||||
Payments for Repurchase of Common Stock | (5,548) | (8,299) | |||||||
Board Authorized Purchase Program [Member] | |||||||||
Cash Flow From Financing Activities | |||||||||
Payments for Repurchase of Common Stock | $ (71,255) | $ (69,601) |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial position, results of operations and comprehensive income, changes in stockholders’ equity, and cash flows of the Corporation and Parent Company for the periods presented, and all such adjustments are of a normal recurring nature. The consolidated financial statements include the accounts of all subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. Estimates that are particularly susceptible to significant change include the determination of the ACLL, goodwill impairment assessment, MSRs valuation, and income taxes. Management has evaluated subsequent events for potential recognition or disclosure. Within the tables presented, certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2020 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | Acquisitions and Dispositions Acquisitions: First Staunton Acquisition On February 14, 2020, the Corporation completed its acquisition of First Staunton. The Corporation paid a 4% premium on acquired deposits. The conversion of the branches was completed simultaneously with the close of the transaction, expanding the Bank's presence into 9 new Metro-East St. Louis communities. As a result of the acquisition and other consolidations, a net of 7 branch locations were added. The First Staunton acquisition constituted a business combination. The acquisition has been accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair value on the acquisition date. The determination of estimated fair values required management to make certain estimates that are subjective in nature and may require adjustments upon the availability of new information regarding facts and circumstances which existed at the date of acquisition (i.e., appraisals) for up to a year following the acquisition. The Corporation continues to review information relating to events or circumstances existing at the acquisition date. Management anticipates that this review could result in adjustments to the acquisition date valuation amounts presented herein but does not anticipate that these adjustments will be material. The Corporation recorded approximately $15 million in goodwill related to the First Staunton acquisition during the first quarter of 2020, however the Corporation subsequently reduced goodwill by $2 million during the second quarter of 2020. Upon review of information relating to events and circumstances existing at the acquisition date, and in accordance with applicable accounting guidance, the Corporation remeasured select previously reported fair value amounts. The adjustment to goodwill was driven by an update that increased the fair value of MSRs acquired. Goodwill created by the acquisition is not tax deductible. See Note 8 for additional information on goodwill, as well as the carrying amount and amortization of CDI assets related to the First Staunton acquisition. The following table presents the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date related to the First Staunton acquisition: ($ in Thousands) Purchase Accounting Adjustments February 14, 2020 Assets Cash and cash equivalents $ — $ 44,782 Investment securities available for sale (24) 98,743 Federal Home Loan Bank and Federal Reserve Bank stocks, at cost — 781 Loans (4,808) 369,741 Premises and equipment, net (3,005) 4,865 Bank owned life insurance 9 6,770 Goodwill 13,414 Core deposit intangibles (included in other intangible assets, net on the face of the consolidated balance sheets) 7,379 7,379 OREO (included in other assets on the face of the consolidated balance sheets) 670 762 Other assets 4,193 9,090 Total assets $ 556,328 Liabilities Deposits $ 1,285 $ 438,684 Other borrowings 61 34,613 Accrued expenses and other liabilities 179 6,730 Total liabilities $ 480,028 Total consideration paid $ 76,300 For a description of methods used to determine the fair value of significant assets and liabilities presented on the balance sheet above, see Assumptions section of this Note. The Corporation has purchased loans with the First Staunton acquisition, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of those loans is as follows: ($ in Thousands) February 14, 2020 Purchase price of loans at acquisition $ 77,221 Allowance for credit losses at acquisition 3,504 Non-credit discount/(premium) at acquisition (951) Par value of acquired loans at acquisition $ 79,774 There were no PCD securities. Huntington Wisconsin Branch Acquisition On June 14, 2019, the Corporation completed its acquisition of the Wisconsin branches of Huntington. The Corporation paid a 4% premium on acquired deposits. The conversion of the branches happened simultaneously with the close of the transaction and the acquisition expanded the Bank's presence into 13 new Wisconsin communities. As a result of the acquisition and other consolidations, a net of 14 branch locations were added. The Huntington branch acquisition constituted a business combination. The acquisition has been accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair value on the acquisition date. The determination of estimated fair values required management to make certain estimates that are subjective in nature and may require adjustments upon the availability of new information regarding facts and circumstances which existed at the date of acquisition (i.e., appraisals) for up to a year following the acquisition. The Corporation recorded approximately $7 million in goodwill related to the Huntington branch acquisition during the second quarter of 2019 and approximately $210,000 during the third quarter of 2019. Upon review of information relating to events and circumstances existing at the acquisition date, and in accordance with applicable accounting guidance, the Corporation remeasured select previously reported fair value amounts. The adjustment to goodwill was driven by an update that decreased the fair value of furniture acquired. Goodwill created by the acquisition is tax deductible. See Note 8 for additional information on goodwill. The following table presents the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date related to Huntington branch acquisition: ($ in Thousands) Purchase Accounting Adjustments June 14, 2019 Assets Cash and cash equivalents $ — $ 551,250 Loans (1,552) 116,346 Premises and equipment, net 4,800 22,430 Goodwill 7,286 Core deposit intangibles (included in other intangible assets, net on the face of the consolidated balance sheets) 22,630 22,630 OREO (included in other assets on the face of the consolidated balance sheets) (2,561) 5,263 Other assets — 559 Total assets $ 725,764 Liabilities Deposits $ 156 $ 725,173 Other liabilities 70 590 Total liabilities $ 725,764 Assumptions Investment Securities: The fair value of investments on the date of acquisition was determined utilizing an external third party broker opinion of the market value. Loans: Fair values for loans were based on a discounted cash flow methodology that considered factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan, amortization status and current discount rates. For the non-credit (interest and liquidity) premium, loans were grouped together according to similar characteristics when applying various valuation techniques. For the credit discount, loans were also grouped based on whether they had more than insignificant deterioration in credit since origination. CDIs: This intangible asset represents the value of the relationships with deposit customers. The fair value was estimated based on a discounted cash flow methodology that gave appropriate consideration to expected customer attrition rates, net maintenance cost of the deposit base, alternative cost of funds, and the interest costs associated with customer deposits. The CDIs will be amortized on a straight-line basis over 10 years. Time Deposits: The fair value for time deposits are estimated using a discounted cash flow calculation that applies interest rates currently being offered to the contractual interest rates on such time deposits. FHLB Borrowings: The fair value of FHLB advances are estimated based on quoted market prices for the instrument if available, or for similar instruments if not available, or by using discounted cash flow analyses, based on current incremental borrowing rates for similar types of instruments. Dispositions: Associated Benefits & Risk Consulting On June 30, 2020, the Corporation announced that it had closed the previously announced sale of ABRC to USI. Under the terms of the agreement, the purchase price was $266 million in cash, subject to adjustments for, among other things, transaction expenses and working capital changes. Associated recorded a second quarter 2020 pre-tax book gain of approximately $163 million in conjunction with the sale. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The accounting and reporting policies of the Corporation conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1 Summary of Significant Accounting Policies included in the Corporation’s 2019 Annual Report on Form 10-K. As a result of adopting ASU 2016-13 Financial Instruments - Credit Losses (Topic 326), there have been changes to the Corporation's significant accounting policies since December 31, 2019, which are described below. Investment Securities Management measures expected credit losses on held to maturity securities on a collective basis by major security type. Accrued interest receivable on held to maturity securities is excluded from the estimate of credit losses. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts and is included in investment securities held to maturity, net on the consolidated balance sheets. For available for sale securities, the Corporation evaluates whether any decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses on investments is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses on investments is recognized in other comprehensive income. Changes in the allowance for credit losses on investments are recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management believes the available for sale security is uncollectible or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on available for sale debt securities is excluded from the estimate of credit losses. Allowance for Credit Losses on Loans The level of the allowance for loan losses represents management's estimate of an amount appropriate to provide for lifetime credit losses in the loan portfolio at the balance sheet date. The allocation methodology applied by the Corporation, designed to assess the appropriateness of the allowance for loan losses, includes an allocation methodology, as well as management’s ongoing review and grading of the loan portfolio into criticized loan categories. The allocation methodology focuses on evaluation of several factors, including but not limited to: evaluation of facts and issues related to specific loans, management's ongoing review and grading of the loan portfolio using a dual risk rating system leveraging probability of default and loss given default, consideration of historical credit loss and delinquency experience on each portfolio category, trends in past due and nonaccrual loans, the level of potential problem loans, the risk characteristics of the various classifications of loans, changes in the size and character of the loan portfolio, concentrations of loans to specific borrowers or industries, existing economic conditions and economic forecasts, the fair value of underlying collateral, and other qualitative and quantitative factors which could affect potential loan losses. The Corporation utilizes the Moody's Baseline economic forecast in the allowance model and applies that forecast over a reasonable and supportable period with reversion to historical losses. For additional detail on the reasonable and supportable period and reversion methodology, see Note 7. Potential problem loans are generally defined by management to include loans rated as substandard by management. Assessing these numerous factors involves significant judgment. The provision for loan losses is predominantly a function of the result of the methodology and other qualitative and quantitative factors used to determine the allowance for loan losses. Management individually analyzes loans that do not share similar risk characteristics to other loans in the portfolio. Management has determined that commercial loan relationships that have nonaccrual status or commercial and retail loans that have had their terms restructured in a TDR meet this definition. Probable TDRs are loans the Corporation has reviewed individually to determine whether there is a high likelihood that the loans will default and will require restructuring in the near future. Probable TDRs could be classified as Pass, Special Mention, Substandard or Nonaccrual within the Corporation's credit quality analysis depending on the specific circumstances surrounding the individual credits. Accrued interest receivable on loans is excluded from the estimate of credit losses. The allowance for unfunded commitments leverages the same methodology utilized to measure the allowance for loan losses. The Corporation estimates expected credit losses over the contractual period in which the Corporation is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Corporation. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. See Note 7 for additional information on the ACLL and Note 12 for additional information on the allowance for unfunded commitments. Impact of adopting ASU 2016-13 Financial Instruments - Credit Losses (Topic 326) The following table illustrates the adoption impact: December 31, 2019 January 1, 2020 ($ in Thousands) Allowance for Loan Losses Allowance for Unfunded Commitments CECL Day 1 Adjustment ACLL Beginning Balance Commercial and industrial $ 91,133 $ 12,276 $ 48,921 $ 152,330 Commercial real estate - owner occupied 10,284 127 (1,851) 8,560 Commercial and business lending 101,417 12,403 47,070 160,890 Commercial real estate - investor 40,514 530 2,287 43,331 Real estate construction 24,915 7,532 25,814 58,261 Commercial real estate lending 65,428 8,062 28,101 101,591 Total Commercial 166,846 20,465 75,171 262,482 Residential mortgage 16,960 — 33,215 50,175 Home equity 10,926 1,038 14,240 26,204 Other consumer 6,639 405 8,520 15,564 Total consumer 34,525 1,443 55,975 91,943 Total loans $ 201,371 $ 21,907 $ 131,147 $ 354,425 The allowance for credit losses on held to maturity securities was approximately $61,000 at January 1, 2020, attributable entirely to the Corporation's municipal securities. At January 1, 2020, the adoption of ASU 2016-13 resulted in an increase to the allowance for loan losses of $112 million and an increase to the allowance for unfunded commitments of $19 million for a total increase to the ACLL of $131 million. A corresponding after tax decrease to common equity of $98 million was recorded along with a deferred tax asset of $33 million. New Accounting Pronouncements Adopted Standard Description Date of adoption Effect on financial statements ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The FASB issued an amendment to replace the current incurred loss impairment methodology. Under the new guidance, entities will be required to measure expected credit losses by utilizing forward-looking information to assess an entity's ACL. The guidance also requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. This amendment was effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities should apply the amendment by means of a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. ASU 2018-19 was issued to clarify that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. ASU 2019-04 was issued and provided entities alternatives for measurement of accrued interest receivable, clarified the steps entities should take when recording the transfer of loans or debt securities between measurement classifications or categories and clarifies that entities should include expected recoveries on financial assets. ASU 2019-05 was issued to provide entities that have certain instruments within the scope of Subtopic 320-20 with an option to irrevocably elect the fair value option in Subtopic 825-10. ASU 2020-02 was issued to further explain the measurement of current expected credit losses and the development, governance, and documentation of a systematic methodology. 1st Quarter 2020 The Corporation has adopted the Update using a modified retrospective approach. The Corporation has developed a CECL allowance model which calculates reserves over the life of the loan and is largely driven by portfolio characteristics, risk-grading, economic outlook, and key methodology assumptions. Those assumptions are based upon the existing probability of default and loss given default framework. At adoption, the Corporation utilized a single economic forecast over a 2-year reasonable and supportable forecast period. In the second year, the Corporation used straight-line reversion to historical losses. The Corporation recorded a $131 million adjustment to the ACL related to the adoption of this standard, which includes $61 thousand related to the held to maturity investment securities portfolio. The Corporation has elected to maintain pools accounted for under Subtopic 310-30 at adoption. The Corporation has elected to utilize the 2019 Capital Transition Relief for initial adoption, as well as the 2020 Capital Transition Relief as permitted under applicable regulations. The total impact at adoption equates to an approximately 29 bp net, after tax, reduction in the tangible common equity ratio. Results for the periods after January 1, 2020 are presented in accordance with ASC 326 while prior period amounts continue to be reported in accordance with previously applicable standards. Standard Description Date of adoption Effect on financial statements ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement The FASB issued an amendment to add, modify, and remove disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the FASB Concepts Statement "Conceptual Framework for Financial Reporting," including the consideration of costs and benefits. The amendment was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. 1st Quarter 2020 The Corporation has evaluated and determined it has an immaterial impact with minor changes in presentation. ASU 2017-04 Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment The FASB issued an amendment to simplify the subsequent quantitative measurement of goodwill by eliminating step two from the goodwill impairment test. Instead, an entity will perform only step one of its quantitative goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, and then recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. An entity will still have the option to perform a qualitative assessment for a reporting unit to determine if the quantitative step one impairment test is necessary. This amendment was effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Entities should apply the amendment prospectively. 1st Quarter 2020 There has been no material impact on results of operations, financial position, and liquidity. The Corporation does its annual impairment testing in May. ASU 2020-03 Codification Improvements to Financial Instruments The FASB issued an amendment to further clarify that all entities are required to provide the fair value option disclosures in paragraphs 825-10-50-24 through 50-32. The amendment also states that paragraphs 820-10-35-2A(g) and 820-10-35-18L are to include the phrase nonfinancial items accounted for as derivatives under Topic 815 to be consistent with the previous amendments to Section 820-10-35 that were made by ASU No. 2018-09, Codification Improvements. The amendment also clarifies that the disclosure requirements in Topic 320 apply to the disclosure requirements in Topic 942 for depository and lending institutions along with improving the understandability of the guidance relating to subtopic 470-50 and subtopic 820-10. Lastly, the amendment clarifies that the contractual term of a net investment in a lease determined in accordance with Topic 842 should be the contractual term used to measure expected credit losses under Topic 326 and that when an entity regains control of financial assets sold, an ACL should be recorded in accordance with Topic 326. 1st Quarter 2020 The Corporation has evaluated and determined it has an immaterial impact. ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The FASB issued an amendment to provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendment only applies to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. 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. 1st Quarter 2020 The Corporation has evaluated the impact of the Update and determined the expedients provided allow for simpler, more streamlined modifications to the financial instruments referencing LIBOR. A small population of loans have been modified under the new standard. Future Accounting Pronouncements The expected impact of accounting pronouncements recently issued or proposed but not yet required to be adopted are displayed in the table below: Standard Description Date of anticipated adoption Effect on financial statements ASU 2018-14 The FASB issued an amendment to modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendments also added requirements to disclose the weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates and an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. The amendment also clarifies the disclosure requirements in paragraph 715-20-50-3, which states that certain information for defined benefit pension plans should be disclosed. The amendments in this Update remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. The amendment is effective for fiscal years ending after December 15, 2020. Entities should apply the amendments in this Update on a retrospective basis to all periods presented. Early adoption is permitted. 1st Quarter 2021 The Corporation is currently evaluating the impact on its results of operations, financial position, and liquidity. ASU 2020-01 Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) The FASB issued an amendment to clarify the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. The amendments also clarify that for the purpose of applying paragraph 815-10-15-141(a) an entity should not consider whether, upon the settlement of the forward contract or exercise of the purchased option, individually or with existing investments, the underlying securities would be accounted for under the equity method in Topic 323 or the fair value option in accordance with the financial instruments guidance in Topic 825. An entity also would evaluate the remaining characteristics in paragraph 815-010-15-141 to determine the accounting for those forward contracts and purchased options. 1st Quarter 2021 The Corporation is currently evaluating the impact on its results of operations, financial position, and liquidity. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share Earnings per common share are calculated utilizing the two-class method. Basic earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding adjusted for the dilutive effect of common stock awards (outstanding stock options and unvested restricted stock awards). Presented below are the calculations for basic and diluted earnings per common share: Three Months Ended June 30, Six Months Ended June 30, (In Thousands, except per share data) 2020 2019 2020 2019 Net income $ 148,718 $ 84,661 $ 194,555 $ 171,347 Preferred stock dividends (4,144) (3,801) (7,945) (7,601) Net income available to common equity $ 144,573 $ 80,860 $ 186,611 $ 163,746 Common shareholder dividends (27,667) (27,571) (55,931) (55,650) Unvested share-based payment awards (222) (205) (351) (308) Undistributed earnings $ 116,684 $ 53,085 $ 130,329 $ 107,787 Undistributed earnings allocated to common shareholders $ 115,750 $ 52,690 $ 129,377 $ 107,098 Undistributed earnings allocated to unvested share-based payment awards 934 395 953 689 Undistributed earnings $ 116,684 $ 53,085 $ 130,329 $ 107,787 Basic Distributed earnings to common shareholders $ 27,667 $ 27,571 $ 55,931 $ 55,650 Undistributed earnings allocated to common shareholders 115,750 52,690 129,377 107,098 Total common shareholders earnings, basic $ 143,417 $ 80,261 $ 185,307 $ 162,748 Diluted Distributed earnings to common shareholders $ 27,667 $ 27,571 $ 55,931 $ 55,650 Undistributed earnings allocated to common shareholders 115,750 52,690 129,377 107,098 Total common shareholders earnings, diluted $ 143,417 $ 80,261 $ 185,307 $ 162,748 Weighted average common shares outstanding 152,393 162,180 153,547 163,049 Effect of dilutive common stock awards 757 1,492 813 1,469 Diluted weighted average common shares outstanding 153,150 163,672 154,360 164,518 Basic earnings per common share $ 0.94 $ 0.49 $ 1.21 $ 1.00 Diluted earnings per common share $ 0.94 $ 0.49 $ 1.20 $ 0.99 Non-dilutive common stock options of approximately 8 million and 4 million for the three months ended June 30, 2020 and 2019, respectively, and 7 million and 3 million for the six months ended June 30, 2020 and 2019, respectively, were excluded from the earnings per common share calculation. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The fair value of stock options granted is estimated on the date of grant using a Black-Scholes option pricing model, while the fair value of restricted stock awards is their fair market value on the date of grant. The fair values of stock options and restricted stock awards are amortized as compensation expense on a straight-line basis over the vesting period of the grants. For retirement eligible colleagues, whose employment meets the definitions under the 2017 Incentive Compensation Plan, and subsequent 2020 Incentive Compensation Plan, expenses related to stock options and restricted stock awards are fully recognized on the date the colleague meets the definition of normal or early retirement. Compensation expense recognized is included in personnel expense on the consolidated statements of income. Assumptions are used in estimating the fair value of stock options granted. The weighted average expected life of the stock option represents the period of time stock options are expected to be outstanding and is estimated using historical data of stock option exercises and forfeitures. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected volatility is based on the implied volatility of the Corporation’s stock. The following assumptions were used in estimating the fair value for options granted in the first six months of 2020 and full year 2019: 2020 2019 Dividend yield 3.50 % 3.30 % Risk-free interest rate 1.60 % 2.60 % Weighted average expected volatility 21.00 % 24.00 % Weighted average expected life 5.75 years 5.75 years Weighted average per share fair value of options $2.39 $4.00 A summary of the Corporation’s stock option activity for the six months ended June 30, 2020 is presented below: Stock Options Shares (a) Weighted Average Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (a) Outstanding at December 31, 2019 5,543 $ 20.13 6.25 years $ 16,043 Granted 1,697 18.43 Exercised (110) 13.95 Forfeited or expired (219) 22.30 Outstanding at June 30, 2020 6,911 $ 19.74 6.73 years $ 213 Options Exercisable at June 30, 2020 4,242 $ 19.21 5.32 years $ 213 (a) In thousands Intrinsic value represents the amount by which the fair market value of the underlying stock exceeds the exercise price of the stock option. For the six months ended June 30, 2020, the intrinsic value of stock options exercised was less than $1 million compared to $3 million for the six months ended June 30, 2019. The total fair value of stock options vested was $3 million for the six months ended June 30, 2020, compared to $4 million for the six months ended June 30, 2019. The Corporation recognized compensation expense for the vesting of stock options of $3 million for both the six months ended June 30, 2020 and June 30, 2019. Included in compensation expense for 2020 was approximately $1 million of expense for the accelerated vesting of stock options granted to retirement eligible colleagues. At June 30, 2020, the Corporation had approximately $4 million of unrecognized compensation expense related to stock options that is expected to be recognized over the remaining requisite service periods that extend predominately through the first quarter of 2024 . The Corporation also has issued time-based and performance-based restricted stock awards under the 2017 Incentive Compensation Plan and subsequent 2020 Incentive Compensation Plan. Performance awards are based on performance goals of earnings per share and total shareholder return with vesting ranging from a minimum of 0% to a maximum of 150% of the target award. Performance awards are valued utilizing a Monte Carlo simulation model to estimate fair value of the awards at the grant date. The following table summarizes information about the Corporation’s restricted stock awards activity for the six months ended June 30, 2020: Restricted Stock Awards Shares (a) Weighted Average Outstanding at December 31, 2019 2,393 $ 22.39 Granted 1,032 18.38 Vested (804) 23.05 Forfeited (72) 22.64 Outstanding at June 30, 2020 2,550 $ 20.56 (a) In thousands The Corporation amortizes the expense related to restricted stock awards as compensation expense over the vesting period specified in the grant's award agreement. Performance-based restricted stock awards granted during 2019 and 2020 will vest ratably over a period of three years. Service-based restricted stock awards granted during 2019 and 2020 will vest ratably over a period of four years. Expense for restricted stock awards issued of approximately $12 million was recorded for the six months ended June 30, 2020 and $13 million was recorded for the six months ended June 30, 2019. Included in compensation expense for the first six months of 2020 was approximately $5 million of expense for the accelerated vesting of restricted stock awards granted to retirement eligible colleagues. The Corporation had $23 million of unrecognized compensation costs related to restricted stock awards at June 30, 2020 that are expected to be recognized over the remaining requisite service periods that extend predominately through the first quarter of 2024. At the Corporation’s 2020 Annual Meeting of Shareholders held on April 28, 2020, the Corporation’s shareholders approved the Associated Banc-Corp 2020 Incentive Compensation Plan, which provides for various types of awards to the Company’s executive officers, employees, consultants and non-employee directors, including, among others, stock options, restricted stock, restricted stock units and performance units. The Corporation has the ability to issue shares from treasury or new shares upon the exercise of stock options or the granting of restricted stock awards. The Board of Directors has authorized management to repurchase shares of the Corporation’s common stock in the market, to be made available for issuance in connection with the Corporation’s employee incentive plans and for other corporate purposes. The repurchase of shares will be based on market and investment opportunities, capital levels, growth prospects, and regulatory constraints. Such repurchases may occur from time to time in open market purchases, block transactions, private transactions, accelerated share repurchase programs, or similar facilities. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Investment securities are classified as available for sale, held to maturity, or equity on the consolidated balance sheets at the time of purchase. The amortized cost and fair values of securities available for sale and held to maturity at June 30, 2020 were as follows: ($ in Thousands) Amortized Gross Gross Fair Value Investment securities available for sale U. S. Treasury securities $ 26,646 $ 88 $ — $ 26,735 Agency securities 24,982 25 — 25,007 Obligations of state and political subdivisions (municipal securities) 471,346 24,542 — 495,888 Residential mortgage-related securities FNMA / FHLMC 813,458 4,652 — 818,110 GNMA 592,338 13,222 — 605,561 Commercial mortgage-related securities FNMA / FHLMC 19,793 2,269 — 22,061 GNMA 782,577 20,786 — 803,362 Asset backed securities FFELP 356,532 — (16,058) 340,474 SBA 9,619 — (44) 9,575 Other debt securities 3,000 — — 3,000 Total investment securities available for sale $ 3,100,291 $ 65,584 $ (16,102) $ 3,149,773 Investment securities held to maturity U. S. Treasury securities $ 999 $ 36 $ — $ 1,036 Obligations of state and political subdivisions (municipal securities) 1,435,938 110,132 (53) 1,546,018 Residential mortgage-related securities FNMA / FHLMC 71,872 3,400 — 75,271 GNMA 207,908 7,012 — 214,920 GNMA commercial mortgage-related securities 360,570 11,691 — 372,261 Total investment securities held to maturity $ 2,077,287 $ 132,271 $ (53) $ 2,209,505 The amortized cost and fair values of securities available for sale and held to maturity at December 31, 2019 were as follows: ($ in Thousands) Amortized Gross Gross Fair Value Investment securities available for sale Obligations of state and political subdivisions (municipal securities) $ 529,908 $ 16,269 $ (18) $ 546,160 Residential mortgage-related securities FNMA / FHLMC 131,158 1,562 (59) 132,660 GNMA 982,941 3,887 (1,689) 985,139 Commercial mortgage-related securities FNMA / FHLMC 19,929 1,799 — 21,728 GNMA 1,314,836 7,403 (12,032) 1,310,207 FFELP asset backed securities 270,178 — (6,485) 263,693 Other debt securities 3,000 — — 3,000 Total investment securities available for sale $ 3,251,950 $ 30,920 $ (20,284) $ 3,262,586 Investment securities held to maturity U. S. Treasury securities $ 999 $ 19 $ — $ 1,018 Obligations of state and political subdivisions (municipal securities) 1,418,569 69,775 (1,118) 1,487,227 Residential mortgage-related securities FNMA / FHLMC 81,676 1,759 (15) 83,420 GNMA 269,523 1,882 (1,108) 270,296 GNMA commercial mortgage-related securities 434,317 6,308 (6,122) 434,503 Total investment securities held to maturity $ 2,205,083 $ 79,744 $ (8,363) $ 2,276,465 Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The expected maturities of investment securities available for sale and held to maturity at June 30, 2020 are shown below: Available for Sale Held to Maturity ($ in Thousands) Amortized Fair Amortized Fair Due in one year or less $ 9,427 $ 9,458 $ 33,745 $ 33,927 Due after one year through five years 83,136 83,882 67,917 69,887 Due after five years through ten years 343,084 360,051 166,553 175,189 Due after ten years 90,327 97,240 1,168,722 1,268,050 Total debt securities 525,975 550,630 1,436,937 1,547,053 Residential mortgage-related securities FNMA / FHLMC 813,458 818,110 71,872 75,271 GNMA 592,338 605,561 207,908 214,920 Commercial mortgage-related securities FNMA / FHLMC 19,793 22,061 — — GNMA 782,577 803,362 360,570 372,261 Asset backed securities FFELP 356,532 340,474 — — SBA 9,619 9,575 — — Total investment securities $ 3,100,291 $ 3,149,773 $ 2,077,287 $ 2,209,505 Ratio of fair value to amortized cost 101.6 % 106.4 % On a quarterly basis, the Corporation refreshes the credit quality of each held to maturity security. The following table summarizes the credit quality indicators of held to maturity securities at amortized cost at June 30, 2020: ($ in Thousands) AAA AA A Total U. S. Treasury securities $ 999 $ — $ — $ 999 Obligations of state and political subdivisions (municipal securities) 561,670 853,910 20,358 1,435,938 Residential mortgage-related securities FNMA/FHLMC 71,872 — — 71,872 GNMA 207,908 — — 207,908 GNMA commercial mortgage-related securities 360,570 — — 360,570 Total held to maturity securities $ 1,203,018 $ 853,910 $ 20,358 $ 2,077,287 Investment securities gains (losses), net includes proceeds from the sale of investment securities as well as any applicable write-ups or write-downs of investment securities. The proceeds from the sale of investment securities for the three and six months ended June 30, 2020 and 2019 are shown below: Three Months Ended June 30, Six Months Ended June 30, ($ in Thousands) 2020 2019 2020 2019 Gross gains on available for sale securities $ 3,106 $ 654 $ 9,304 $ 2,334 Gross gains on held to maturity securities — — — — Total gains 3,106 654 9,304 2,334 Gross (losses) on available for sale securities (11) (13,636) (90) (13,636) Gross (losses) on held to maturity securities — — — — Total (losses) (11) (13,636) (90) (13,636) Write-up of equity securities without readily determinable fair values — 13,444 — 13,444 Investment securities gains (losses), net $ 3,096 $ 463 $ 9,214 $ 2,143 Proceeds from sales of investment securities $ 261,037 $ 803,105 $ 626,276 $ 934,228 During the second quarter of 2020, the Corporation sold $261 million of less liquid securities at a gain of $3 million, reinvesting the proceeds into more liquid securities in order to further improve portfolio liquidity. During the first quarter of 2020, the Corporation sold $281 million of primarily prepayment sensitive mortgage-related securities at a gain of $6 million. Additionally, in February 2020, the Corporation sold $84 million of certain securities acquired in the First Staunton acquisition that did not fit the parameters of the Corporation's current investment strategy. During the first six months of 2019, the Corporation sold $934 million of taxable floating rate ABS and shorter duration MBS, and CMO Agency securities, with the proceeds utilized to pay down borrowings and to reinvest into higher yielding Agency related mortgage securities with slightly longer durations, repositioning the portfolio for a stable to declining rate environment. The Corporation also donated 42,039 shares of Visa Class B restricted shares to the Corporation's Charitable Remainder Trust during the second quarter of 2019, and the subsequent sale of those shares by the Trust resulted in an observable market price. As a result, the Corporation wrote up its remaining 77,000 Visa Class B restricted shares to fair value. Based on the existing transfer restriction and the uncertainty of covered litigation, the shares were previously carried at a zero cost basis. Investment securities with a carrying value of approximately $1.9 billion and $2.6 billion at June 30, 2020 and December 31, 2019, respectively, were pledged to secure certain deposits or for other purposes as required or permitted by law. Accrued interest receivable on held to maturity securities totaled $15 million and $16 million at June 30, 2020 and December 31, 2019, respectively. Accrued interest receivable on available for sale securities totaled $9 million and $10 million at June 30, 2020 and December 31, 2019, respectively. Accrued interest receivable on both held to maturity and available for sale securities is included in interest receivable on the consolidated balance sheets. There was no interest income reversed for investments going into nonaccrual at June 30, 2020 or December 31, 2019. A security is considered past due once it is 30 days contractually past due under the terms of the agreement. At June 30, 2020, the Corporation had no past due held to maturity securities. The allowance for credit losses on held to maturity securities was approximately $61,000 at June 30, 2020, attributable entirely to the Corporation's municipal securities, included in investment securities held to maturity, net, at amortized cost on the consolidated balance sheets . The Corporation also holds U.S. Treasury and residential mortgage-related securities issued by the U.S. government or a GSE which are backed by the full faith and credit of the U.S. government and, as a result, no allowance for credit losses has been recorded related to these securities. The following represents gross unrealized losses and the related fair value of investment securities available for sale and held to maturity, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at June 30, 2020: Less than 12 months 12 months or more Total ($ in Thousands) Number Unrealized Fair Number Unrealized Fair Unrealized Fair Investment securities available for sale Obligations of state and political subdivisions (municipal securities) 1 $ — $ 548 — $ — $ — $ — $ 548 FNMA / FHLMC residential mortgage-related securities 5 — 54,893 — — — — 54,893 Asset backed securities FFELP 9 (5,478) 147,310 17 (10,580) 193,164 (16,058) 340,474 SBA 15 (44) 9,422 — — — (44) 9,422 Total 30 $ (5,522) $ 212,172 17 $ (10,580) $ 193,164 $ (16,102) $ 405,336 Investment securities held to maturity Obligations of state and political subdivisions (municipal securities) 8 $ (52) $ 12,431 2 $ (1) $ 365 $ (53) $ 12,796 Total 8 $ (52) $ 12,431 2 $ (1) $ 365 $ (53) $ 12,796 For comparative purposes, the following represents gross unrealized losses and the related fair value of investment securities available for sale and held to maturity, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2019: Less than 12 months 12 months or more Total ($ in Thousands) Number Unrealized Fair Number Unrealized Fair Unrealized Fair Investment securities available for sale Obligations of state and political subdivisions (municipal securities) 4 $ (18) $ 1,225 — $ — $ — $ (18) $ 1,225 Residential mortgage-related securities FNMA / FHLMC — — — 4 (59) 34,807 (59) 34,807 GNMA 18 (924) 322,394 3 (766) 79,461 (1,689) 401,856 GNMA commercial mortgage-related securities 22 (810) 258,218 42 (11,222) 621,307 (12,032) 879,524 FFELP asset backed securities 19 (6,092) 250,780 2 (393) 12,913 (6,485) 263,693 Other debt securities 2 — 2,000 — — — — 2,000 Total 65 $ (7,843) $ 834,616 51 $ (12,440) $ 748,487 $ (20,284) $ 1,583,104 Investment securities held to maturity Obligations of state and political subdivisions (municipal securities) 52 $ (1,105) $ 77,562 6 $ (13) $ 2,378 $ (1,118) $ 79,940 Residential mortgage-related securities FNMA / FHLMC 1 (6) 1,242 1 (9) 833 (15) 2,075 GNMA 12 (1,059) 187,261 8 (49) 6,587 (1,108) 193,849 GNMA commercial mortgage-related securities 2 (29) 26,202 21 (6,093) 357,733 (6,122) 383,935 Total 67 $ (2,199) $ 292,267 36 $ (6,164) $ 367,532 $ (8,363) $ 659,799 The Corporation reviews the available for sale investment securities portfolio on a quarterly basis to monitor its credit exposure. A determination as to whether a security’s decline in fair value is the result of credit risk takes into consideration numerous factors and the relative significance of any single factor can vary by security. Some factors the Corporation may consider in the impairment analysis include the extent to which the security has been in an unrealized loss position, the change in security rating, financial condition and near-term prospects of the issuer, as well as the security and industry specific economic conditions. Based on the Corporation’s evaluation, management does not believe any available for sale securities in an unrealized loss position at June 30, 2020 represent credit deterioration as these unrealized losses are primarily attributable to changes in interest rates and the current market conditions. The fair value of municipal securities, which pertains to various state and local political subdivisions and school districts, has increased due to the decrease in overall interest rates, resulting in lower unrealized losses at June 30, 2020. The U.S. Treasury 3 year and 5 year rates decreased by 144 bp and 140 bp, respectively, from December 31, 2019. The Corporation does not intend to sell nor does it believe that it will be required to sell the securities in an unrealized loss position before recovery of their amortized cost basis. FHLB and Federal Reserve Bank stocks: The Corporation is required to maintain Federal Reserve Bank stock and FHLB stock as a member of both the Federal Reserve System and the FHLB, and in amounts as required by these institutions. These equity securities are “restricted” in that they can only be sold back to the respective institutions or another member institution at par. Therefore, they are less liquid than other marketable equity securities and their fair value is equal to amortized cost. At June 30, 2020 and December 31, 2019, the Corporation had FHLB stock of $126 million and $149 million, respectively. The Corporation had Federal Reserve Bank stock of $81 million and $78 million at June 30, 2020 and December 31, 2019, respectively. Accrued interest receivable on FHLB stock totaled $2 million at both June 30, 2020 and December 31, 2019. There was no accrued interest receivable on Federal Reserve Bank stock at either June 30, 2020 or December 31, 2019. Accrued interest receivable on both FHLB stock and Federal Reserve Bank stock is included in interest receivable on the consolidated balance sheets. Equity Securities Equity securities with readily determinable fair values: The Corporation's portfolio of equity securities with readily determinable fair values is primarily comprised of CRA Qualified Investment mutual funds. At both June 30, 2020 and December 31, 2019, the Corporation had equity securities with readily determinable fair values of $2 million. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Loans | Loans The period end loan composition was as follows: ($ in Thousands) June 30, 2020 December 31, 2019 PPP $ 1,012,033 $ — Commercial and industrial 7,968,709 7,354,594 Commercial real estate — owner occupied 914,385 911,265 Commercial and business lending 9,895,127 8,265,858 Commercial real estate — investor 4,174,125 3,794,517 Real estate construction 1,708,189 1,420,900 Commercial real estate lending 5,882,314 5,215,417 Total commercial 15,777,441 13,481,275 Residential mortgage 7,933,518 8,136,980 Home equity 795,671 852,025 Other consumer 326,040 351,159 Total consumer 9,055,230 9,340,164 Total loans $ 24,832,671 $ 22,821,440 Accrued interest receivable on loans totaled $60 million at June 30, 2020, and $63 million at December 31, 2019 and is included in interest receivable on the consolidated balance sheets. Interest accrued but not received for loans placed on nonaccrual is reversed against interest income. The amount of accrued interest reversed totaled $1 million for both the three and six months ended June 30, 2020. The following table presents commercial and consumer loans by credit quality indicator by vintage year at June 30, 2020: Term Loans Amortized Cost Basis by Origination Year (a) ($ in Thousands) Rev Loans Converted to Term (a) Rev Loans Amortized Cost Basis YTD 2020 2019 2018 2017 2016 Prior Total PPP: (b) Risk rating: Pass $ — $ — $ 985,462 $ — $ — $ — $ — $ — $ 985,462 Special Mention — — 7,409 — — — — — 7,409 Potential Problem — — 19,161 — — — — — 19,161 Paycheck Protection Program $ — $ — $ 1,012,033 $ — $ — $ — $ — $ — $ 1,012,033 Commercial and industrial: Risk rating: Pass $ 20 $ 1,832,797 $ 929,266 $ 1,759,308 $ 1,650,024 $ 597,967 $ 361,006 $ 531,995 $ 7,662,364 Special Mention — 12,802 379 23,783 7,299 15 5,541 17 49,836 Potential Problem (c) 517 12,963 17,235 16,544 66,699 52,176 8,492 2,162 176,270 Nonaccrual (d) 14,465 — 1,597 7,140 188 24,550 16,624 30,141 80,239 Commercial and industrial $ 15,003 $ 1,858,562 $ 948,477 $ 1,806,776 $ 1,724,210 $ 674,708 $ 391,662 $ 564,314 $ 7,968,709 Commercial real estate - owner occupied: Risk rating: Pass $ 1,150 $ 17,897 $ 94,106 $ 213,234 $ 131,748 $ 121,963 $ 166,366 $ 111,790 $ 857,103 Special Mention — — 2,450 16,317 12,776 128 2,439 5,321 39,432 Potential Problem — 77 661 1,409 1,923 2,461 6,106 3,281 15,919 Nonaccrual — — — — 223 335 — 1,374 1,932 Commercial real estate - owner occupied $ 1,150 $ 17,973 $ 97,217 $ 230,960 $ 146,670 $ 124,887 $ 174,911 $ 121,768 $ 914,385 Commercial and business lending: Risk rating: Pass $ 1,170 $ 1,850,694 $ 2,008,834 $ 1,972,542 $ 1,781,772 $ 719,930 $ 527,371 $ 643,786 $ 9,504,929 Special Mention — 12,802 10,239 40,100 20,075 143 7,979 5,338 96,677 Potential Problem (c) 517 13,040 37,058 17,953 68,622 54,637 14,598 5,443 211,350 Nonaccrual (d) 14,465 — 1,597 7,140 411 24,884 16,624 31,515 82,171 Commercial and business lending $ 16,153 $ 1,876,535 $ 2,057,727 $ 2,037,736 $ 1,870,880 $ 799,595 $ 566,572 $ 686,082 $ 9,895,127 Commercial real estate - investor: Risk rating: Pass $ — $ 176,047 $ 847,031 $ 1,083,145 $ 836,244 $ 378,098 $ 400,279 $ 288,644 $ 4,009,488 Special Mention — — 12,886 4,869 17,098 3,686 17,180 9,509 65,228 Potential Problem — 803 14,703 52,762 3,313 314 1,796 14,547 88,237 Nonaccrual 446 — 395 10,256 446 — — 75 11,172 Commercial real estate - investor $ 446 $ 176,850 $ 875,014 $ 1,151,033 $ 857,101 $ 382,098 $ 419,255 $ 312,775 $ 4,174,125 Real estate construction: Risk rating: Pass $ — $ 67,584 $ 279,683 $ 810,738 $ 434,146 $ 69,790 $ 3,095 $ 22,066 $ 1,687,100 Special Mention — — — — 18,402 — — 12 18,414 Potential Problem — — — 211 358 1,557 — 45 2,170 Nonaccrual — — — — — — — 503 503 Real estate construction $ — $ 67,584 $ 279,683 $ 810,949 $ 452,906 $ 71,346 $ 3,095 $ 22,627 $ 1,708,189 Commercial real estate lending: Risk rating: Pass $ — $ 243,630 $ 1,126,713 $ 1,893,883 $ 1,270,390 $ 447,888 $ 403,374 $ 310,710 $ 5,696,589 Special Mention — — 12,886 4,869 35,500 3,686 17,180 9,522 83,643 Potential Problem — 803 14,703 52,973 3,670 1,870 1,796 14,592 90,407 Nonaccrual 446 — 395 10,256 446 — — 578 11,675 Commercial real estate lending $ 446 $ 244,433 $ 1,154,696 $ 1,961,982 $ 1,310,007 $ 453,444 $ 422,349 $ 335,402 $ 5,882,314 Term Loans Amortized Cost Basis by Origination Year (a) ($ in Thousands) Rev Loans Converted to Term (a) Rev Loans Amortized Cost Basis YTD 2020 2019 2018 2017 2016 Prior Total Total commercial: Risk rating: Pass $ 1,170 $ 2,094,324 $ 3,135,547 $ 3,866,425 $ 3,052,162 $ 1,167,818 $ 930,746 $ 954,496 $ 15,201,517 Special Mention — 12,802 23,125 44,969 55,576 3,829 25,159 14,860 180,320 Potential Problem 517 13,843 51,760 70,927 72,292 56,507 16,393 20,035 301,758 Nonaccrual 14,911 — 1,992 17,397 857 24,884 16,624 32,093 93,846 Total commercial $ 16,599 $ 2,120,969 $ 3,212,424 $ 3,999,718 $ 3,180,887 $ 1,253,039 $ 988,922 $ 1,021,484 $ 15,777,441 Residential mortgage: Risk rating: Pass $ — $ 90 $ 943,953 $ 1,726,616 $ 766,921 $ 1,274,176 $ 1,160,820 $ 1,990,617 $ 7,863,194 Special Mention — — — — 270 — 36 206 511 Potential Problem — — 780 707 205 212 226 1,028 3,157 Nonaccrual — — 1,758 3,659 6,953 8,434 10,798 35,055 66,656 Residential mortgage $ — $ 90 $ 946,490 $ 1,730,982 $ 774,348 $ 1,282,822 $ 1,171,880 $ 2,026,905 $ 7,933,518 Home equity: Risk rating: Pass $ 2,005 $ 631,366 $ 1,746 $ 16,439 $ 21,034 $ 15,073 $ 7,510 $ 88,904 $ 782,073 Special Mention 233 199 — — 16 24 — 610 849 Potential Problem — 1,775 — — — — — 146 1,921 Nonaccrual 586 673 297 124 491 387 233 8,623 10,829 Home equity $ 2,824 $ 634,013 $ 2,044 $ 16,564 $ 21,541 $ 15,484 $ 7,743 $ 98,282 $ 795,671 Other consumer: Risk rating: Pass $ 15 $ 168,601 $ 4,497 $ 14,764 $ 5,581 $ 2,811 $ 2,015 $ 126,920 $ 325,190 Special Mention 1 530 — 30 6 — — 7 574 Nonaccrual 7 84 10 53 22 — 78 30 276 Other consumer $ 22 $ 169,215 $ 4,507 $ 14,847 $ 5,610 $ 2,811 $ 2,094 $ 126,957 $ 326,040 Total consumer: Risk rating: Pass $ 2,020 $ 800,057 $ 950,196 $ 1,757,820 $ 793,537 $ 1,292,060 $ 1,170,346 $ 2,206,441 $ 8,970,456 Special Mention 234 729 — 30 292 24 36 823 1,934 Potential Problem — 1,775 780 707 205 212 226 1,174 5,078 Nonaccrual 593 757 2,065 3,836 7,466 8,821 11,110 43,707 77,761 Total consumer $ 2,846 $ 803,318 $ 953,041 $ 1,762,393 $ 801,499 $ 1,301,117 $ 1,181,717 $ 2,252,145 $ 9,055,230 Total loans: Risk rating: Pass $ 3,190 $ 2,894,381 $ 4,085,744 $ 5,624,245 $ 3,845,698 $ 2,459,878 $ 2,101,091 $ 3,160,936 $ 24,171,974 Special Mention 234 13,531 23,125 44,999 55,868 3,854 25,195 15,683 182,254 Potential Problem 517 15,618 52,540 71,634 72,497 56,719 16,619 21,209 306,836 Nonaccrual 15,504 757 4,056 21,232 8,323 33,705 27,733 75,800 171,607 Total loans $ 19,445 $ 2,924,286 $ 4,165,465 $ 5,762,111 $ 3,982,386 $ 2,554,155 $ 2,170,639 $ 3,273,628 $ 24,832,671 (a) Revolving loans converted to term loans are also reported in their year of origination (b) The Corporation’s policy is to assign risk ratings at the borrower level. PPP loans are 100% guaranteed by the SBA and therefore the Corporation considers these loans to have a risk profile similar to pass rated loans. (c) Includes $63 million of oil and gas related loans (d) Includes $50 million of oil and gas related loans The following table presents commercial and consumer loans by credit quality indicator at December 31, 2019 : ($ in Thousands) Pass Special Mention Potential Problem Nonaccrual Total Commercial and industrial $ 7,118,448 $ 79,525 $ 110,308 $ 46,312 $ 7,354,594 Commercial real estate - owner occupied 866,193 25,115 19,889 67 911,265 Commercial and business lending 7,984,641 104,641 130,197 46,380 8,265,858 Commercial real estate - investor 3,620,785 139,873 29,449 4,409 3,794,517 Real estate construction 1,420,374 33 — 493 1,420,900 Commercial real estate lending 5,041,159 139,906 29,449 4,902 5,215,417 Total commercial 13,025,800 244,547 159,646 51,282 13,481,275 Residential mortgage 8,077,122 563 1,451 57,844 8,136,980 Home equity 841,757 1,164 — 9,104 852,025 Other consumer 350,260 748 — 152 351,159 Total consumer 9,269,139 2,475 1,451 67,099 9,340,164 Total loans $ 22,294,939 $ 247,022 $ 161,097 $ 118,380 $ 22,821,440 Factors that are important to managing overall credit quality are sound loan underwriting and administration, systematic monitoring of existing loans and commitments, effective loan review on an ongoing basis, early identification of potential problems, and appropriate allowance for loan losses, allowance for unfunded commitments, nonaccrual, and charge off policies. For commercial loans, management has determined the pass credit quality indicator to include credits exhibiting acceptable financial statements, cash flow, and leverage. If any risk exists, it is mitigated by the loan structure, collateral, monitoring, or control. For consumer loans, performing loans include credits performing in accordance with the original contractual terms. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Special mention credits have potential weaknesses that deserve management’s attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the credit. Potential problem loans are considered inadequately protected by the current net worth and paying capacity of the obligor or the collateral pledged. These loans generally have a well-defined weakness, or weaknesses, which may jeopardize liquidation of the debt, and are characterized by the distinct possibility the Corporation will sustain some loss if the deficiencies are not corrected. Management has determined commercial loan relationships in nonaccrual status and commercial and consumer loan relationships with their terms restructured in a TDR meet the criteria to be individually evaluated. Commercial loans classified as special mention, potential problem, and nonaccrual are reviewed at a minimum on a quarterly basis, while pass and performing rated credits are generally reviewed on an annual basis or more frequently if the loan renewal is less than one year or if otherwise warranted. The following table presents loans by past due status at June 30, 2020: Accruing ($ in Thousands) Current (a) 30-59 Days 60-89 Days 90 Days or Nonaccrual (b)(c) Total PPP $ 1,012,033 $ — $ — $ — $ — $ 1,012,033 Commercial and industrial 7,887,369 274 442 385 80,239 7,968,709 Commercial real estate - owner occupied 912,254 199 — — 1,932 914,385 Commercial and business lending 9,811,656 473 442 385 82,171 9,895,127 Commercial real estate - investor 4,149,079 2,886 10,989 — 11,172 4,174,125 Real estate construction 1,707,300 373 12 — 503 1,708,189 Commercial real estate lending 5,856,379 3,259 11,001 — 11,675 5,882,314 Total commercial 15,668,035 3,732 11,443 385 93,846 15,777,441 Residential mortgage 7,863,839 2,789 233 — 66,656 7,933,518 Home equity 781,735 2,259 849 — 10,829 795,671 Other consumer 323,201 883 599 1,081 276 326,040 Total consumer 8,968,775 5,932 1,681 1,081 77,761 9,055,230 Total loans $ 24,636,810 $ 9,664 $ 13,125 $ 1,466 $ 171,607 $ 24,832,671 (a) Any deferred loans related to COVID-19 are considered current in accordance with Section 4013 of the CARES Act. (b) Of the total nonaccrual loans, $117 million, or 68%, were current with respect to payment at June 30, 2020. (c) No interest income was recognized on nonaccrual loans for both the three and six months ended June 30, 2020. In addition, there were $91 million of nonaccrual loans for which there was no related ACLL at June 30, 2020. The following table presents loans by past due status at December 31, 2019: Accruing ($ in Thousands) Current 30-59 Days 60-89 Days 90 Days or Nonaccrual (a) Total Commercial and industrial $ 7,307,118 $ 576 $ 245 $ 342 $ 46,312 $ 7,354,594 Commercial real estate - owner occupied 909,828 1,369 — — 67 911,265 Commercial and business lending 8,216,947 1,945 245 342 46,380 8,265,858 Commercial real estate - investor 3,788,296 1,812 — — 4,409 3,794,517 Real estate construction 1,420,310 64 33 — 493 1,420,900 Commercial real estate lending 5,208,606 1,876 33 — 4,902 5,215,417 Total commercial 13,425,552 3,821 278 342 51,282 13,481,275 Residential mortgage 8,069,863 8,749 525 — 57,844 8,136,980 Home equity 837,274 4,483 1,164 — 9,104 852,025 Other consumer 347,007 1,135 949 1,917 152 351,159 Total consumer 9,254,144 14,366 2,638 1,917 67,099 9,340,164 Total loans $ 22,679,696 $ 18,188 $ 2,916 $ 2,259 $ 118,380 $ 22,821,440 (a) Of the total nonaccrual loans, $48 million, or 41%, were current with respect to payment at December 31, 2019. The following table presents impaired loans individually evaluated under ASC Topic 310, excluding $2 million of purchased credit-impaired loans, at December 31, 2019 : ($ in Thousands) Recorded Unpaid Related Average Interest Loans with a related allowance Commercial and industrial $ 47,249 $ 63,346 $ 12,010 $ 45,290 $ 1,832 Commercial real estate — owner occupied 1,676 1,682 19 1,774 88 Commercial and business lending 48,924 65,028 12,029 47,064 1,919 Commercial real estate — investor 928 2,104 15 950 15 Real estate construction 477 559 67 494 30 Commercial real estate lending 1,405 2,663 82 1,445 45 Total commercial 50,329 67,691 12,111 48,509 1,965 Residential mortgage 21,450 22,625 2,740 23,721 856 Home equity 3,076 3,468 1,190 3,756 191 Other consumer 1,247 1,249 125 1,250 1 Total consumer 25,773 27,342 4,055 28,726 1,047 Total loans with a related allowance $ 76,102 $ 95,033 $ 16,165 $ 77,235 $ 3,012 Loans with no related allowance Commercial and industrial $ 14,787 $ 33,438 $ — $ 20,502 $ 63 Commercial real estate — owner occupied — — — — — Commercial and business lending 14,787 33,438 — 20,502 63 Commercial real estate — investor 3,705 3,705 — 3,980 159 Real estate construction — — — — — Commercial real estate lending 3,705 3,705 — 3,980 159 Total commercial 18,491 37,142 — 24,482 222 Residential mortgage 14,104 14,461 — 10,962 373 Home equity 1,346 1,383 — 1,017 21 Other consumer — — — — — Total consumer 15,450 15,845 — 11,979 394 Total loans with no related allowance $ 33,941 $ 52,987 $ — $ 36,462 $ 616 Total Commercial and industrial $ 62,035 $ 96,784 $ 12,010 $ 65,792 $ 1,895 Commercial real estate — owner occupied 1,676 1,682 19 1,774 88 Commercial and business lending 63,711 98,466 12,029 67,566 1,982 Commercial real estate — investor 4,633 5,808 15 4,931 174 Real estate construction 477 559 67 494 30 Commercial real estate lending 5,110 6,367 82 5,425 204 Total commercial 68,820 104,833 12,111 72,991 2,186 Residential mortgage 35,554 37,087 2,740 34,683 1,229 Home equity 4,422 4,851 1,190 4,773 211 Other consumer 1,247 1,249 125 1,250 1 Total consumer 41,223 43,187 4,055 40,706 1,441 Total loans (a) $ 110,043 $ 148,020 $ 16,165 $ 113,697 $ 3,628 (a) The net recorded investment (defined as recorded investment, net of the related allowance) of the impaired loans represented 63% of the unpaid principal balance at December 31, 2019. Troubled Debt Restructurings Loans are considered restructured loans if concessions have been granted to borrowers that are experiencing financial difficulty. The following table presents nonaccrual and performing restructured loans by loan portfolio: June 30, 2020 December 31, 2019 ($ in Thousands) Performing Nonaccrual Restructured Loans (a) Performing Nonaccrual Restructured Loans (a) PPP $ — $ — $ — $ — Commercial and industrial 16,321 7,968 16,678 7,376 Commercial real estate — owner occupied 1,441 — 1,676 — Commercial real estate — investor 114 395 293 — Real estate construction 313 173 298 179 Residential mortgage 4,178 15,401 3,955 13,035 Home equity 1,717 1,424 1,896 1,904 Other consumer 1,219 — 1,246 1 Total restructured loans (b) $ 25,303 $ 25,362 $ 26,041 $ 22,494 (a) Nonaccrual restructured loans have been included within nonaccrual loans. (b) Does not include any restructured loans related to COVID-19 in accordance with Section 4013 of the CARES Act. The Corporation had a recorded investment of $8 million in loans modified in a TDR during the six months ended June 30, 2020, of which $1 million were in accrual status and $7 million were in nonaccrual pending a sustained period of repayment. Short-term loan modifications made in good faith to help ease the adverse effects of COVID-19 are not categorized as TDRs in accordance with regulatory guidance. The following table provides the number of loans modified in a TDR by loan portfolio, the recorded investment and unpaid principal balance for the six months ended June 30, 2020 and 2019: Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 ($ in Thousands) Number Recorded Investment (a) Unpaid Principal Balance (b) Number Recorded Investment (a) Unpaid Principal Balance (b) PPP — $ — $ — — $ — $ — Commercial and industrial 2 1,112 1,140 1 196 196 Commercial real estate — owner occupied 1 288 319 — — — Commercial real estate — investor 1 395 1,705 — — — Real estate construction 1 102 102 — — — Residential mortgage 24 5,163 5,237 38 5,665 5,682 Home equity 15 471 483 18 499 506 Other consumer — — — 1 10 10 Total loans modified 44 $ 7,531 $ 8,986 58 $ 6,370 $ 6,394 (a) Represents post-modification outstanding recorded investment. (b) Represents pre-modification outstanding recorded investment. Restructured loan modifications may include payment schedule modifications, interest rate concessions, maturity date extensions, modification of note structure (A/B Note), non-reaffirmed Chapter 7 bankruptcies, principal reduction, or some combination of these concessions. During the six months ended June 30, 2020, restructured loan modifications of commercial loans primarily included maturity date extensions and payment schedule modifications. Restructured loan modifications of consumer loans primarily included maturity date extensions, interest rate concessions, non-reaffirmed Chapter 7 bankruptcies, or a combination of these concessions for the six months ended June 30, 2020. The following table provides the number of loans modified in a TDR during the previous twelve months which subsequently defaulted during the six months ended June 30, 2020 and 2019 and the recorded investment in these restructured loans as of June 30, 2020 and 2019: Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 ($ in Thousands) Number of Recorded Number of Recorded Residential mortgage 5 $ 1,036 16 $ 2,813 Home equity 4 208 14 477 Total loans modified 9 $ 1,244 30 $ 3,290 All loans modified in a TDR are evaluated for impairment. The nature and extent of the impairment of restructured loans, including those which have experienced a subsequent payment default, are considered in the determination of an appropriate level of the ACLL. The Corporation analyzes loans for classification as a probable TDR. This analysis includes identifying customers that are showing possible liquidity issues in the near term without reasonable access to alternative sources of capital. At adoption of ASU 2016-13 on January 1, 2020, the Corporation had $114 million in loans meeting this classification compared to $102 million at June 30, 2020. Of the loans classified as probable TDRs at June 30, 2020, $76 million are within the oil and gas portfolio, while one loan with a balance of $26 million, is in general commercial and business lending. Allowance for Credit Losses on Loans The ACLL is comprised of the allowance for loan losses and the allowance for unfunded commitments. The level of the ACLL represents management’s estimate of an amount appropriate to provide for expected lifetime credit losses in the loan portfolio at the balance sheet date. A main factor in the determination of the ACLL is the economic forecast. The Corporation utilized the Moody's baseline forecast, updated during June 2020, in the allowance model. The forecast is applied over a 1 year reasonable and supportable period with immediate reversion to historical long run losses. The Corporation changed the reversion methodology during the first quarter of 2020 from straight-line over 1 year to immediate reversion due to the uncertainty within the economic forecasts due to COVID-19. The allowance for unfunded commitments is maintained at a level believed by management to be sufficient to absorb expected lifetime losses related to unfunded credit facilities (including unfunded loan commitments and letters of credit). See Note 12 for additional information on the change in the allowance for unfunded commitments. The following table presents a summary of the changes in the ACLL by portfolio segment for the six months ended June 30, 2020: ($ in Thousands) Dec. 31, 2019 Cumulative effect of ASU 2016-13 adoption (CECL) Jan. 1, 2020 Charge offs Recoveries Net Charge offs Gross up of allowance for PCD loans at acquisition Provision recorded at acquisition Provision for loan losses June 30, 2020 ACLL / Loans Allowance for loan losses PPP $ — $ — $ — $ — $ — $ — $ — $ — $ 808 $ 808 Commercial and industrial 91,133 52,919 144,052 (42,183) 2,215 (39,968) 293 408 70,767 175,553 Commercial real estate — owner occupied 10,284 (1,851) 8,433 — 1 1 890 255 736 10,315 Commercial and business lending 101,417 51,068 152,485 (42,183) 2,216 (39,967) 1,183 663 72,311 186,676 Commercial real estate — investor 40,514 2,041 42,555 (140) 168 28 753 472 14,713 58,520 Real estate construction 24,915 7,467 32,382 (19) 27 8 435 492 5,076 38,393 Commercial real estate lending 65,428 9,508 74,937 (159) 195 36 1,188 964 19,789 96,913 Total commercial 166,846 60,576 227,422 (42,342) 2,412 (39,931) 2,371 1,627 92,101 283,590 Residential mortgage 16,960 33,215 50,175 (1,301) 174 (1,127) 651 403 (6,276) 43,825 Home equity 10,926 11,649 22,575 (1,213) 981 (232) 422 374 (1,677) 21,462 Other consumer 6,639 7,016 13,655 (2,802) 562 (2,240) 61 140 3,309 14,926 Total consumer 34,525 51,880 86,405 (5,316) 1,717 (3,599) 1,134 917 (4,644) 80,213 Total loans $ 201,371 $ 112,457 $ 313,828 $ (47,659) $ 4,129 $ (43,530) $ 3,504 $ 2,543 $ 87,457 $ 363,803 Allowance for unfunded commitments PPP $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial and industrial 12,276 (3,998) 8,278 — — — — 61 11,261 19,601 Commercial real estate — owner occupied 127 — 127 — — — — 4 93 224 Commercial and business lending 12,403 (3,998) 8,405 — — — — 65 11,354 19,824 Commercial real estate — investor 530 246 776 — — — — 2 (227) 550 Real estate construction 7,532 18,347 25,879 — — — — 45 11,956 37,880 Commercial real estate lending 8,062 18,593 26,655 — — — — 47 11,729 38,430 Total commercial 20,465 14,595 35,060 — — — — 112 23,084 58,256 Home equity 1,038 2,591 3,629 — — — — 66 152 3,846 Other consumer 405 1,504 1,909 — — — — — 766 2,675 Total consumer 1,443 4,095 5,538 — — — — 66 917 6,522 Total loans $ 21,907 $ 18,690 $ 40,597 $ — $ — $ — $ — $ 179 $ 24,000 $ 64,776 Allowance for credit losses on loans PPP $ — $ — $ — $ — $ — $ — $ — $ — $ 808 $ 808 0.08 % Commercial and industrial 103,409 48,921 152,330 (42,183) 2,215 (39,968) 293 469 82,028 195,155 2.45 % Commercial real estate — owner occupied 10,411 (1,851) 8,560 — 1 1 890 259 829 10,538 1.15 % Commercial and business lending 113,820 47,070 160,890 (42,183) 2,216 (39,967) 1,183 728 83,666 206,501 2.09 % Commercial real estate — investor 41,044 2,287 43,331 (140) 168 28 753 474 14,486 59,070 1.42 % Real estate construction 32,447 25,814 58,261 (19) 27 8 435 537 17,032 76,273 4.47 % Commercial real estate lending 73,490 28,101 101,591 (159) 195 36 1,188 1,011 31,518 135,343 2.30 % Total commercial 187,311 75,171 262,482 (42,342) 2,412 (39,931) 2,371 1,739 115,184 341,844 2.17 % Residential mortgage 16,960 33,215 50,175 (1,301) 174 (1,127) 651 403 (6,277) 43,826 0.55 % Home equity 11,964 14,240 26,204 (1,213) 981 (232) 422 440 (1,526) 25,308 3.18 % Other consumer 7,044 8,520 15,564 (2,802) 562 (2,240) 61 140 4,076 17,601 5.40 % Total consumer 35,968 55,975 91,943 (5,316) 1,717 (3,599) 1,134 983 (3,727) 86,735 0.96 % Total loans $ 223,278 $ 131,147 $ 354,425 $ (47,659) $ 4,129 $ (43,530) $ 3,504 $ 2,722 $ 111,457 $ 428,579 1.73 % The following table presents details of the allowance for loan losses segregated by loan portfolio segment as of December 31, 2019, calculated in accordance with prior incurred loss methodology applicable under ASC Topic 310: ($ in Thousands) December 31, 2018 Charge offs Recoveries Net Charge offs Provision for loan losses December 31, 2019 Allowance for loan losses Commercial and industrial $ 108,835 $ (63,315) $ 11,875 $ (51,441) $ 33,738 $ 91,133 Commercial real estate — owner occupied 9,255 (222) 2,795 2,573 (1,543) 10,284 Commercial and business lending 118,090 (63,537) 14,670 (48,868) 32,195 101,417 Commercial real estate — investor 40,844 — 31 31 (361) 40,514 Real estate construction 28,240 (60) 302 243 (3,568) 24,915 Commercial real estate lending 69,084 (60) 333 274 (3,929) 65,429 Total commercial 187,174 (63,597) 15,003 (48,594) 28,266 166,846 Residential mortgage 25,595 (3,322) 692 (2,630) (6,005) 16,960 Home equity 19,266 (1,846) 2,599 753 (9,093) 10,926 Other consumer 5,988 (5,548) 868 (4,681) 5,332 6,639 Total consumer 50,849 (10,716) 4,159 (6,558) (9,766) 34,525 Total loans $ 238,023 $ (74,313) $ 19,161 $ (55,152) $ 18,500 $ 201,371 A summary of the individually and collectively evaluated loans by portfolio segment at December 31, 2019, was as follows: Allowance for loan losses Loans ($ in Thousands) Individually evaluated for impairment Collectively evaluated for impairment Total allowance for loan losses Individually evaluated for impairment Collectively evaluated for impairment Acquired and accounted for under ASC 310-30 (a) Total loans Commercial and industrial $ 12,010 $ 79,123 $ 91,133 $ 62,035 $ 7,292,217 $ 342 $ 7,354,594 Commercial real estate — owner occupied 19 10,265 10,284 1,676 909,010 579 911,265 Commercial and business lending 12,029 89,388 101,417 63,711 8,201,227 921 8,265,858 Commercial real estate — investor 15 40,498 40,514 4,633 3,789,755 129 3,794,517 Real estate construction 67 24,848 24,915 477 1,420,416 7 1,420,900 Commercial real estate lending 82 65,346 65,429 5,110 5,210,171 136 5,215,417 Total commercial 12,111 154,734 166,846 68,821 13,411,398 1,057 13,481,275 Residential mortgage 2,740 14,220 16,960 35,554 8,100,958 469 8,136,980 Home equity 1,190 9,737 10,926 4,422 847,577 26 852,025 Other consumer 125 6,514 6,639 1,247 349,912 — 351,159 Total consumer 4,055 30,471 34,525 41,223 9,298,447 495 9,340,164 Total loans $ 16,165 $ 185,205 $ 201,371 $ 110,043 $ 22,709,845 $ 1,552 $ 22,821,440 (a) Loans acquired in business combinations and accounted for under ASC Subtopic 310-30 "Receivables — Loans and Debt Securities Acquired with Deteriorated Credit Quality." Loans Acquired in Acquisitions Loans acquired in a business combination after January 1, 2020 are recorded in accordance with ASC Topic 326. See Note 2 Acquisitions and Dispositions for more information on loans acquired in a business combination. After January 1, 2020, acquired loans were segregated into two types: • PCD loans are loans demonstrating more than insignificant credit deterioration since origination and are accounted for with ASC 326-30. Under this guidance, the credit mark on acquired assets grosses up the allowance for loan losses and the amortized cost of the loan. • Non-PCD loans are accounted for in accordance with ASC Topic 310-20 "Nonrefundable Fees and Other Costs" as these loans do not show evidence of credit deterioration since origination. Loans acquired in a business combination prior to January 1, 2020 were recorded at estimated fair value on their purchase date without a carryover of the related allowance for loan losses. Prior to January 1, 2020, acquired loans were segregated into two types: • Performing loans were accounted for in accordance with ASC Topic 310-20 "Nonrefundable Fees and Other Costs" as these loans do not have evidence of credit deterioration since origination. • Nonperforming loans were accounted for in accordance with ASC Topic 310-30 as they displayed significant credit deterioration since origination. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill Goodwill is not amortized but is instead subject to impairment tests on at least an annual basis, and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Corporation conducted its most recent annual impairment testing in May 2020, utilizing a quantitative assessment to compare the fair value of each reporting unit with its carrying amount, including goodwill. An impairment loss is recognized if the carrying amount of a reporting unit exceeds its fair value. Based on the quantitative assessment, management concluded that the estimated fair value exceeded the carrying value (including goodwill) for each reporting unit. Therefore, based on the step one quantitative analysis, no impairment was required. There have been no events since the May 2020 impairment testing that have changed the Corporation's impairment assessment conclusion. There were no impairment charges recorded in 2019 or the first six months of 2020. At June 30, 2020 and December 31, 2019, the Corporation had goodwill of $1.1 billion and $1.2 billion, respectively. There was an increase of $15 million during the first quarter of 2020 with a subsequent reduction of $2 million due to adjustments that were made to goodwill relating to the First Staunton acquisition, and an $82 million reduction related to the disposition of ABRC. Other Intangible Assets The Corporation has other intangible assets that are amortized, consisting of CDIs, other intangibles, and MSRs. Other intangibles decreased $19 million from December 31, 2019, primarily driven by a $17 million decrease due to the disposition of ABRC. For CDIs and other intangibles, changes in the gross carrying amount, accumulated amortization, and net book value were as follows: ($ in Thousands) Six Months Ended June 30, 2020 Year Ended December 31, 2019 Core deposit intangibles Gross carrying amount at the beginning of the year $ 80,730 $ 58,100 Additions during the period 7,379 22,630 Accumulated amortization (16,800) (12,456) Net book value $ 71,309 $ 68,274 Amortization during the year $ 4,344 $ 7,130 Other intangibles Gross carrying amount at the beginning of the year $ 38,970 $ 44,887 Additions during the period 200 — Reductions due to sale (17,435) (217) Accumulated amortization (20,285) (24,643) Net book value $ 1,450 $ 20,027 Amortization during the year $ 1,343 $ 2,818 Mortgage Servicing Rights The Corporation sells residential mortgage loans in the secondary market and typically retains the right to service the loans sold. MSRs are amortized in proportion to and over the period of estimated net servicing income and assessed for impairment at each reporting date. The Corporation evaluates its MSRs asset for impairment at minimum on a quarterly basis. Impairment is assessed based on fair value at each reporting date using estimated prepayment speeds of the underlying mortgage loans serviced and stratifications based on the risk characteristics of the underlying loans (predominantly loan type and note interest rate). As mortgage interest rates fall, prepayment speeds are usually faster and the value of the MSRs asset generally decreases, requiring additional valuation reserve. Conversely, as mortgage interest rates rise, prepayment speeds are usually slower and the value of the MSRs asset generally increases, requiring less valuation reserve. A valuation allowance is established, through a charge to earnings, to the extent the amortized cost of the MSRs exceeds the estimated fair value by stratification. During the first half of 2020, the Corporation recognized temporary impairment of $17 million driven by decreasing interest rates. If it is later determined that all or a portion of the temporary impairment no longer exists for a stratification, the valuation is reduced through a recovery to earnings. An other-than-temporary impairment (i.e., recoverability is considered remote when considering interest rates and loan pay off activity) is recognized as a write-down of the MSRs asset and the related valuation allowance (to the extent a valuation allowance is available) and then against earnings. A direct write-down permanently reduces the carrying value of the MSRs asset and valuation allowance, precluding subsequent recoveries. See Note 12 for a discussion of the recourse provisions on sold residential mortgage loans. See Note 13 which further discusses fair value measurement relative to the MSRs asset. A summary of changes in the balance of the MSRs asset and the MSRs valuation allowance is as follows: ($ in Thousands) Six Months Ended June 30, 2020 Year Ended December 31, 2019 Mortgage servicing rights Mortgage servicing rights at beginning of period $ 67,607 $ 68,433 Additions from acquisition 1,357 — Additions 7,812 11,606 Amortization (10,043) (12,432) Mortgage servicing rights at end of period $ 66,734 $ 67,607 Valuation allowance at beginning of period $ (302) $ (239) (Additions) recoveries, net (17,029) (63) Valuation allowance at end of period $ (17,331) $ (302) Mortgage servicing rights, net $ 49,403 $ 67,306 Fair value of mortgage servicing rights $ 49,423 $ 72,532 Portfolio of residential mortgage loans serviced for others (“servicing portfolio”) $ 8,454,204 $ 8,488,969 Mortgage servicing rights, net to servicing portfolio 0.58 % 0.79 % Mortgage servicing rights expense (a) $ 27,072 $ 12,494 (a) Includes the amortization of mortgage servicing rights and additions / recoveries to the valuation allowance of mortgage servicing rights, and is a component of mortgage banking, net on the consolidated statements of income. The projections of amortization expense are based on existing asset balances, the current interest rate environment, and prepayment speeds as of June 30, 2020. The actual amortization expense the Corporation recognizes in any given period may be significantly different depending upon acquisition or sale activities, changes in interest rates, prepayment speeds, market conditions, regulatory requirements, and events or circumstances that indicate the carrying amount of an asset may not be recoverable. The following table shows the estimated future amortization expense for amortizing intangible assets: ($ in Thousands) Core Deposit Intangibles Other Intangibles Mortgage Servicing Rights Six Months Ending December 31, 2020 $ 4,405 $ 100 $ 7,676 2021 8,811 200 14,970 2022 8,811 200 10,982 2023 8,811 200 8,269 2024 8,811 200 6,409 2025 8,811 200 5,082 Beyond 2025 22,849 350 13,346 Total Estimated Amortization Expense $ 71,309 $ 1,450 $ 66,734 |
Short and Long-Term Funding
Short and Long-Term Funding | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Short and Long-Term Funding | Short and Long-Term Funding The following table presents the components of short-term funding (funding with original contractual maturities of one year or less), long-term funding (funding with original contractual maturities greater than one year), and FHLB advances (funding based on original contractual maturities): ($ in Thousands) June 30, 2020 December 31, 2019 Short-Term Funding Federal funds purchased $ 3,430 $ 362,000 Securities sold under agreements to repurchase 138,863 71,097 Federal funds purchased and securities sold under agreements to repurchase 142,293 433,097 Commercial paper 39,535 32,016 Total short-term funding $ 181,828 $ 465,113 Long-Term Funding Bank senior notes, at par, due 2021 $ 300,000 $ 300,000 Corporation subordinated notes, at par, due 2025 250,000 250,000 PPPLF 1,009,760 — Finance leases 1,202 2,209 Capitalized costs (2,265) (2,866) Total long-term funding 1,558,698 549,343 Total short and long-term funding, excluding FHLB advances $ 1,740,525 $ 1,014,456 FHLB Advances Short-term FHLB advances $ — $ 520,000 Long-term FHLB advances 2,657,016 2,660,967 Total FHLB advances $ 2,657,016 $ 3,180,967 Total short and long-term funding $ 4,397,542 $ 4,195,422 Securities Sold Under Agreements to Repurchase ("Repurchase Agreements") The Corporation enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Corporation may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Corporation to repurchase the assets. The obligation to repurchase the securities is reflected as a liability on the Corporation’s consolidated balance sheets, while the securities underlying the repurchase agreements remain in the respective investment securities asset accounts (i.e., there is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities). See Note 11 for additional disclosures on balance sheet offsetting. The Corporation utilizes securities sold under agreements to repurchase to facilitate the needs of its customers. As of June 30, 2020, the Corporation pledged agency mortgage-related securities with a fair value of $203 million as collateral for the repurchase agreements. Securities pledged as collateral under repurchase agreements are maintained with the Corporation's safekeeping agents and are monitored on a daily basis due to the market risk of fair value changes in the underlying securities. The Corporation generally pledges excess securities to ensure there is sufficient collateral to satisfy short-term fluctuations in both the repurchase agreement balances and the fair value of the underlying securities. The remaining contractual maturity of the securities sold under agreements to repurchase on the consolidated balance sheets as of June 30, 2020 and December 31, 2019 are presented in the following table: Remaining Contractual Maturity of the Agreements ($ in Thousands) Overnight and Continuous Up to 30 days 30-90 days Greater than 90 days Total June 30, 2020 Repurchase agreements Agency mortgage-related securities $ 138,863 $ — $ — $ — $ 138,863 Total $ 138,863 $ — $ — $ — $ 138,863 December 31, 2019 Repurchase agreements Agency mortgage-related securities $ 71,097 $ — $ — $ — $ 71,097 Total $ 71,097 $ — $ — $ — $ 71,097 Long-Term Funding Senior Notes In August 2018, the Bank issued $300 million of senior notes, due August 2021, and callable July 2021. The senior notes have a fixed coupon interest rate of 3.50% and were issued at a discount. Subordinated Notes In November 2014, the Corporation issued $250 million of 10-year subordinated notes, due January 2025, and callable October 2024. The subordinated notes have a fixed coupon interest rate of 4.25% and were issued at a discount. Paycheck Protection Program Liquidity Facility In connection with the funding of PPP loans, the Corporation has utilized the PPPLF. These borrowings from the Federal Reserve Bank match the term of the underlying loan, which has been pledged to secure the borrowings, with original terms of two or five years. The rate of this funding is 0.35%. The Corporation expects the PPP loans to pay down mostly in the fourth quarter of 2020 and early 2021 with the funding paying down during that same timeframe, therefore the expected maturity is less than the contractual terms of two or five years. Finance Leases In connection with the construction of new branches in Oshkosh and Eau Claire, Wisconsin, the Corporation entered into land leases with options to purchase the underlying land for a fixed price, which the Corporation now expects to exercise. The finance leases have fixed interest rates of approximately 1.00%. See Note 18 for additional disclosure regarding the Corporation’s leases. |
Derivative and Hedging Activiti
Derivative and Hedging Activities | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Hedging Activities | Derivative and Hedging Activities The Corporation is exposed to certain risk arising from both its business operations and economic conditions. The Corporation principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Corporation manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Corporation enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Corporation's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Corporation's known or expected cash receipts and its known or expected cash payments principally related to the Corporation's assets. The contract or notional amount of a derivative is used to determine, along with the other terms of the derivative, the amounts to be exchanged between the counterparties. The Corporation is exposed to credit risk in the event of nonperformance by counterparties to financial instruments. To mitigate the counterparty risk, contracts generally contain language outlining collateral pledging requirements for each counterparty. For non-centrally cleared derivatives, collateral must be posted when the market value exceeds certain mutually agreed upon threshold limits. Securities and cash are often pledged as collateral. The Corporation pledged $73 million of investment securities as collateral at June 30, 2020, and pledged $57 million of investment securities as collateral at December 31, 2019. At June 30, 2020, the Corporation posted $38 million of cash collateral compared to $14 million at December 31, 2019. Federal regulations require the Corporation to clear all LIBOR interest rate swaps through a clearing house, if possible. For derivatives cleared through central clearing houses, the variation margin payments are legally characterized as daily settlements of the derivative rather than collateral. The Corporation's clearing agent for interest rate derivative contracts that are centrally cleared through the Chicago Mercantile Exchange (CME) and the London Clearing House (LCH) settles the variation margin daily. As a result, the variation margin payment and the related derivative instruments are considered a single unit of account for accounting and financial reporting purposes. Depending on the net position, the fair value is reported in other assets or accrued expenses and other liabilities on the consolidated balance sheets. The daily settlement of the derivative exposure does not change or reset the contractual terms of the instrument. Fair Value Hedges of Interest Rate Risk The Corporation is exposed to changes in the fair value of certain of its pools of prepayable fixed-rate assets due to changes in benchmark interest rates. The Corporation used interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate. Interest rate swaps designated as fair value hedges involved the payment of fixed-rate amounts to a counterparty in exchange for the Corporation receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk were recognized in interest income. During the fourth quarter of 2019, the Corporation terminated the outstanding fair value hedges. Derivatives to Accommodate Customer Needs The Corporation also facilitates customer borrowing activity by entering into various derivative contracts which are designated as free standing derivative contracts. Free standing derivative products are entered into primarily for the benefit of commercial customers seeking to manage their exposures to interest rate risk, foreign currency, and commodity prices. These derivative contracts are not designated against specific assets and liabilities on the consolidated balance sheets or forecasted transactions and, therefore, do not qualify for hedge accounting treatment. Such derivative contracts are carried at fair value in other assets and accrued expenses and other liabilities on the consolidated balance sheets with changes in the fair value recorded as a component of capital markets, net, and typically include interest rate-related instruments (swaps and caps), foreign currency exchange forwards, and commodity contracts. See Note 11 for additional information and disclosures on balance sheet offsetting. Interest rate-related instruments: The Corporation provides interest rate risk management services to commercial customers, primarily forward interest rate swaps and caps. The Corporation’s market risk from unfavorable movements in interest rates related to these derivative contracts is generally economically hedged by concurrently entering into offsetting derivative contracts. The offsetting derivative contracts have identical notional values, terms, and indices. Foreign currency exchange forwards: The Corporation provides foreign currency exchange services to customers, primarily forward contracts. The Corporation's customers enter into a foreign currency exchange forward with the Corporation as a means for them to mitigate exchange rate risk. The Corporation mitigates its risk by then entering into an offsetting foreign currency exchange derivative contract. Commodity contracts: Commodity contracts are entered into primarily for the benefit of commercial customers seeking to manage their exposure to fluctuating commodity prices. The Corporation mitigates its risk by then entering into an offsetting commodity derivative contract. Mortgage Derivatives Interest rate lock commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans are considered derivative instruments, and the fair value of these commitments is recorded in other assets and accrued expenses and other liabilities on the consolidated balance sheets with the changes in fair value recorded as a component of mortgage banking, net. The following table presents the total notional amounts and gross fair values of the Company’s derivatives, as well as the balance sheet netting adjustments as of June 30, 2020 and December 31, 2019. The derivative assets and liabilities are presented on a gross basis prior to the application of bilateral collateral and master netting agreements, but after the variation margin payments with central clearing organizations have been applied as settlement, as applicable. Total derivative assets and liabilities are adjusted to take into consideration the effects of legally enforceable master netting agreements and cash collateral received or paid as of June 30, 2020 and December 31, 2019. The resulting net derivative asset and liability fair values are included in other assets and accrued expenses and other liabilities, respectively, on the consolidated balance sheets. June 30, 2020 December 31, 2019 Asset Liability Asset Liability ($ in Thousands) Notional Amount Fair Value Notional Amount Fair Value Notional Amount Fair Value Notional Amount Fair Value Not designated as hedging instruments Interest rate-related instruments $ 3,564,015 $ 238,003 $ 3,564,015 $ 31,472 $ 3,029,877 $ 77,024 $ 3,029,877 $ 13,073 Foreign currency exchange forwards 337,015 4,200 290,557 4,102 272,636 4,226 264,653 4,048 Commodity contracts 163,307 38,543 158,756 36,998 255,089 20,528 255,165 19,624 Mortgage banking (a) 299,330 12,837 393,184 1,293 255,291 2,527 263,000 710 Gross derivatives before netting $ 293,583 $ 73,865 $ 104,305 $ 37,455 Less: Legally enforceable master netting agreements 1,586 1,586 10,410 10,410 Less: Cash collateral pledged/received 36,234 32,285 1,408 11,365 Total derivative instruments, after netting $ 255,763 $ 39,994 $ 92,487 $ 15,680 (a) Mortgage derivative assets include interest rate lock commitments and mortgage derivative liabilities include forward commitments. The Corporation terminated its $500 million fair value hedge during the fourth quarter of 2019. At June 30, 2020, the amortized cost basis of the closed portfolios which had previously been used in the terminated hedging relationship was $751 million and is included in loans and investment securities, available for sale, at fair value on the consolidated balance sheets. This amount includes $4 million of hedging adjustments on the discontinued hedging relationships. The table below identifies the effect of fair value hedge accounting on the Corporation's consolidated statements of income for the three and six months ended June 30, 2020 and 2019: Location and Amount of Gain or (Loss) Recognized in Income on Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 ($ in Thousands) Interest Income Other Income (Expense) Interest Income Other Income (Expense) Interest Income Other Income (Expense) Interest Income Other Income (Expense) Total amounts of income and expense line items presented on the consolidated statements of income in which the effects of the fair value hedge is recorded $ (542) $ — $ 53 $ — $ (864) $ (262) $ 219 $ — The effects of fair value hedging: Gain or (loss) on fair value hedging relationships in Subtopic 815-20 Interest contracts Hedged items (542) — 4,165 — (864) (262) 6,222 — Derivatives designated as hedging instruments (a) — — (4,112) — — — (6,003) — (a) Includes net settlements on the derivatives. The table below identifies the effect of derivatives not designated as hedging instruments on the Corporation's consolidated statements of income for the three and six months ended June 30, 2020 and 2019: Consolidated Statements of Income Category of Three Months Ended June 30, Six Months Ended June 30, ($ in Thousands) 2020 2019 2020 2019 Derivative Instruments Interest rate-related instruments — customer and mirror, net Capital markets, net $ (65) $ (1,018) $ (3,155) $ (1,690) Foreign currency exchange forwards Capital markets, net 41 186 (81) 212 Commodity contracts Capital markets, net (105) (1,678) 641 (2,245) Interest rate lock commitments (mortgage) Mortgage banking, net 382 1,837 10,310 2,661 Forward commitments (mortgage) Mortgage banking, net 9,679 (78) (582) 169 |
Balance Sheet Offsetting
Balance Sheet Offsetting | 6 Months Ended |
Jun. 30, 2020 | |
Offsetting [Abstract] | |
Balance Sheet Offsetting | Balance Sheet Offsetting Interest Rate-Related Instruments, Commodity Contracts, and Foreign Exchange Forwards (“Interest, Commodity, and Foreign Exchange Agreements”) The Corporation enters into interest rate-related instruments to facilitate the interest rate risk management strategies of commercial customers, commodity contracts to manage commercial customers' exposure to fluctuating commodity prices, and foreign exchange forwards to manage customers' exposure to fluctuating foreign exchange rates. The Corporation mitigates these risks by entering into equal and offsetting agreements with highly rated third-party financial institutions. The Corporation is party to master netting arrangements with its financial institution counterparties that create single net settlements of all legal claims or obligations to pay or receive the net amount of settlement of the individual interest, commodity, and foreign exchange agreements. Collateral, usually in the form of investment securities and cash, is posted by the counterparty with net liability positions in accordance with contract thresholds. Derivatives subject to a legally enforceable master netting agreement are reported on a net basis, net of cash collateral, in other assets and accrued expenses and other liabilities, on the face of the consolidated balance sheets. See Note 10 for additional information on the Corporation’s derivative and hedging activities. Securities Sold Under Agreements to Repurchase (“Repurchase Agreements”) The Corporation enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. These repurchase agreements are accounted for as collateralized financing arrangements (i.e., secured borrowings) and not as a sale and subsequent repurchase of securities (i.e., there is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities). The right of set-off for a repurchase agreement resembles a secured borrowing, whereby the collateral would be used to settle the fair value of the repurchase agreement should the Corporation be in default (e.g., fails to make an interest payment to the counterparty). In addition, the Corporation does not enter into reverse repurchase agreements; therefore, there is no such offsetting to be done with the repurchase agreements. See Note 9 for additional disclosures on repurchase agreements. The following table presents the interest rate, commodity, and foreign exchange assets and liabilities subject to an enforceable master netting arrangement. The interest, commodity and foreign exchange agreements the Corporation has with its commercial customers are not subject to an enforceable master netting arrangement and are therefore excluded from this table: Gross Amounts Recognized Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets Net Amounts Presented on the Consolidated Balance Sheets Investment Securities Received ($ in Thousands) Derivative Cash Collateral Received Net amount Derivative assets June 30, 2020 $ 38,569 $ (1,586) $ (36,234) $ 749 $ — $ 749 December 31, 2019 11,864 (10,410) (1,408) 45 — 45 Gross Amounts Recognized Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets Net Amounts Presented on the Consolidated Balance Sheets Investment Securities Pledged ($ in Thousands) Derivative Liabilities Offset Cash Collateral Pledged Net amount Derivative liabilities June 30, 2020 $ 34,434 $ (1,586) $ (32,285) $ 564 $ — $ 564 December 31, 2019 22,189 (10,410) (11,365) 413 — 413 |
Commitments, Off-Balance Sheet
Commitments, Off-Balance Sheet Arrangements, Legal Proceedings and Regulatory Matters | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Off-Balance Sheet Arrangements, Legal Proceedings and Regulatory Matters | Commitments, Off-Balance Sheet Arrangements, Legal Proceedings and Regulatory Matters The Corporation utilizes a variety of financial instruments in the normal course of business to meet the financial needs of its customers and to manage its own exposure to fluctuations in interest rates. These financial instruments include lending-related and other commitments (see below) as well as derivative instruments (see Note 10). The following is a summary of lending-related commitments: ($ in Thousands) June 30, 2020 December 31, 2019 Commitments to extend credit, excluding commitments to originate residential mortgage loans held for sale (a)(b) $ 9,580,338 $ 9,024,412 Commercial letters of credit (a) 6,123 7,081 Standby letters of credit (c) 265,223 277,969 (a) These off-balance sheet financial instruments are exercisable at the market rate prevailing at the date the underlying transaction will be completed and, thus, are deemed to have no current fair value, or the fair value is based on fees currently charged to enter into similar agreements and was not material at June 30, 2020 or December 31, 2019. (b) Interest rate lock commitments to originate residential mortgage loans held for sale are considered derivative instruments and are disclosed in Note 10. (c) The Corporation has established a liability of $3 million for both June 30, 2020 and December 31, 2019, as an estimate of the fair value of these financial instruments. Lending-related Commitments As a financial services provider, the Corporation routinely enters into commitments to extend credit. Such commitments are subject to the same credit policies and approval process accorded to loans made by the Corporation, with each customer’s creditworthiness evaluated on a case-by-case basis. The commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. The Corporation’s exposure to credit loss in the event of nonperformance by the other party to these financial instruments is represented by the contractual amount of those instruments. The amount of collateral obtained, if deemed necessary by the Corporation upon extension of credit, is based on management’s credit evaluation of the customer. Since a significant portion of commitments to extend credit are subject to specific restrictive loan covenants or may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash flow requirements. An allowance for unfunded commitments is maintained at a level believed by management to be sufficient to absorb expected lifetime losses related to unfunded commitments (including unfunded loan commitments and letters of credit). The following table presents a summary of the changes in the allowance for unfunded commitments: ($ in Thousands) Six Months Ended June 30, 2020 Year Ended December 31, 2019 Allowance for Unfunded Commitments Balance at beginning of period $ 21,907 $ 24,336 Cumulative effect of ASU 2016-13 adoption (CECL) 18,690 N/A Balance at beginning of period, adjusted 40,597 24,336 Provision for unfunded commitments 24,000 (2,500) Amount recorded at acquisition 179 70 Balance at end of period $ 64,776 $ 21,907 The increase is a result of the Day 1 modified retrospective adjustment of $19 million for the adoption of ASU 2016-13. In addition, there was a $24 million increase to the provision for unfunded commitments driven by the expected impact of the COVID-19 pandemic within the economic models used in the new expected credit loss methodology. See Note 3 and Note 7 of the notes to consolidated financial statements for additional information on the adoption of ASU 2016-13 and the allowance for unfunded commitments. Lending-related commitments include commitments to extend credit, commitments to originate residential mortgage loans held for sale, commercial letters of credit, and standby letters of credit. Commitments to extend credit are legally binding agreements to lend to customers at predetermined interest rates, as long as there is no violation of any condition established in the contracts. Interest rate lock commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans are considered derivative instruments, and the fair value of these commitments are recorded on the consolidated balance sheets. The Corporation’s derivative and hedging activity is further described in Note 10. Commercial and standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Commercial letters of credit are issued specifically to facilitate commerce and typically result in the commitment being drawn on when the underlying transaction is consummated between the customer and the third party, while standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party. Other Commitments The Corporation invests in qualified affordable housing projects, federal and state historic projects, new market projects, and opportunity zone funds for the purpose of community reinvestment and obtaining tax credits and other tax benefits. Return on the Corporation's investment in these projects and funds comes in the form of the tax credits and tax losses that pass through to the Corporation and deferral or elimination of capital gain recognition for tax purposes. The aggregate carrying value of these investments at June 30, 2020 was $274 million, compared to $248 million at December 31, 2019, included in tax credit and other investments on the consolidated balance sheets. The Corporation utilizes the proportional amortization method to account for investments in qualified affordable housing projects. Under the proportional amortization method, the Corporation amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits. The Corporation recognized additional income tax expense attributable to the amortization of investments in qualified affordable housing projects of $12 million and $10 million for the six months ended June 30, 2020 and 2019, respectively, and $6 million and $5 million for the three months ended June 30, 2020 and 2019, respectively. The Corporation's remaining investment in qualified affordable housing projects accounted for under the proportional amortization method totaled $262 million at June 30, 2020 and $234 million at December 31, 2019. The Corporation’s unfunded equity contributions relating to investments in qualified affordable housing, federal and state historic projects, and new market projects are recorded in accrued expenses and other liabilities on the consolidated balance sheets. The Corporation’s remaining unfunded equity contributions totaled $136 million and $123 million at June 30, 2020 and December 31, 2019, respectively. For the six months ended June 30, 2020 and the year ended December 31, 2019, the Corporation did not record any impairment related to qualified affordable housing investments. The Corporation has principal investment commitments to provide capital-based financing to private and public companies through either direct investments in specific companies or through investment funds and partnerships. The timing of future cash requirements to fund such principal investment commitments is generally dependent on the investment cycle, whereby privately held companies are funded by private equity investors and ultimately sold, merged, or taken public through an initial offering, which can vary based on overall market conditions, as well as the nature and type of industry in which the companies operate. The Corporation also invests in loan pools that support CRA loans. The timing of future cash requirements to fund these pools is dependent upon loan demand, which can vary over time. The aggregate carrying value of these investments was $28 million and $26 million at June 30, 2020 and December 31, 2019, respectively, included in tax credit and other investments on the consolidated balance sheets. Legal Proceedings The Corporation is party to various pending and threatened claims and legal proceedings arising in the normal course of business activities, some of which involve claims for substantial amounts. Although there can be no assurance as to the ultimate outcomes, the Corporation believes it has meritorious defenses to the claims asserted against it in its currently outstanding matters and intends to continue to defend itself vigorously with respect to such legal proceedings. The Corporation will consider settlement of cases when, in management’s judgment, it is in the best interests of the Corporation and its shareholders. On at least a quarterly basis, the Corporation assesses its liabilities and contingencies in connection with all pending or threatened claims and litigation, utilizing the most recent information available. On a matter by matter basis, an accrual for loss is established for those matters which the Corporation believes it is probable that a loss may be incurred and that the amount of such loss can be reasonably estimated. Once established, each accrual is adjusted as appropriate to reflect any subsequent developments. Accordingly, management’s estimate will change from time to time, and actual losses may be more or less than the current estimate. For matters where a loss is not probable, or the amount of the loss cannot be estimated, no accrual is established. Resolution of legal claims is inherently unpredictable, and in many legal proceedings various factors exacerbate this inherent unpredictability, including where the damages sought are unsubstantiated or indeterminate, it is unclear whether a case brought as a class action will be allowed to proceed on that basis, discovery is not complete, the proceeding is not yet in its final stages, the matters present legal uncertainties, there are significant facts in dispute, there are a large number of parties (including where it is uncertain how liability, if any, will be shared among multiple defendants), or there is a wide range of potential results. The Corporation does not believe it is presently subject to any legal proceedings the resolution of which would have a material adverse effect on our business, financial condition, operating results or cash flows. Regulatory Matters A variety of consumer products, including mortgage and deposit products, and certain fees and charges related to such products, have come under increased regulatory scrutiny. It is possible that regulatory authorities could bring enforcement actions, including civil money penalties, or take other actions against the Corporation and the Bank in regard to these consumer products. The Bank could also determine of its own accord, or be required by regulators, to refund or otherwise make remediation payments to customers in connection with these products. It is not possible at this time for management to assess the probability of a material adverse outcome or reasonably estimate the amount of any potential loss related to such matters. Mortgage Repurchase Reserve The Corporation sells residential mortgage loans to investors in the normal course of business. Residential mortgage loans sold to others are predominantly conventional residential first lien mortgages originated under the Corporation's usual underwriting procedures, and are most often sold on a nonrecourse basis, primarily to the GSEs. The Corporation’s agreements to sell residential mortgage loans in the normal course of business usually require certain representations and warranties on the underlying loans sold, related to credit information, loan documentation, collateral, and insurability. Subsequent to being sold, if a material underwriting deficiency or documentation defect is discovered, the Corporation may be obligated to repurchase the loan or reimburse the GSEs for losses incurred (collectively, “make whole requests”). The make whole requests and any related risk of loss under the representations and warranties are largely driven by borrower performance. As a result of make whole requests, the Corporation has repurchased loans with principal balances of $3 million and $2 million for the six months ended June 30, 2020 and the year ended December 31, 2019, respectively. There were no loss reimbursement and settlement claims paid for the six months ended June 30, 2020 and such claims were negligible for the year ended December 31, 2019. Make whole requests during 2019 and the first six months of 2020 generally arose from loans sold during the period of January 1, 2012 to December 31, 2019. Since January 1, 2012, loans sold totaled $13.5 billion at the time of sale, and consisted primarily of loans sold to GSEs. As of June 30, 2020, approximately $7.4 billion of these sold loans remain outstanding. The balance in the mortgage repurchase reserve at the balance sheet date reflects the estimated amount of potential loss the Corporation could incur from repurchasing a loan, as well as loss reimbursements, indemnifications, and other settlement resolutions. The mortgage repurchase reserve, included in accrued expenses and other liabilities on the consolidated balance sheets, was $1 million as of June 30, 2020 and approximately $795,000 as of December 31, 2019. The Corporation may also sell residential mortgage loans with limited recourse (limited in that the recourse period ends prior to the loan’s maturity, usually after certain time and / or loan paydown criteria have been met), whereby repurchase could be required if the loan had defined delinquency issues during the limited recourse periods. At June 30, 2020 and December 31, 2019, there were approximately $34 million and $39 million, respectively, of residential mortgage loans sold with such recourse risk. There have been limited instances and immaterial historical losses on repurchases for recourse under the limited recourse criteria. The Corporation has a subordinate position to the FHLB in the credit risk on residential mortgage loans it sold to the FHLB in exchange for a monthly credit enhancement fee. The Corporation has not sold loans to the FHLB with such credit risk retention since February 2005. At June 30, 2020 and December 31, 2019, there were $39 million and $45 million, respectively, of such residential mortgage loans with credit risk recourse, upon which there have been negligible historical losses to the Corporation. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value represents the estimated price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date under current market conditions (i.e., an exit price concept). The valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis are described in the Fair Value Measurements note in the Corporation’s 2019 Annual Report on Form 10-K. There has been one significant change to the methodologies for assets and liabilities measured at fair value on a nonrecurring basis: Individually Evaluated Loans: The Corporation individually evaluates loans when a commercial loan relationship is in nonaccrual status or when a commercial and consumer loan relationship has its terms restructured in a TDR or when a loan meets the Corporation's definition of a probable TDR. Prior to January 1, 2020, management considered a loan impaired when it was probable that the Corporation would be unable to collect all amounts due according to the original contractual terms of the note agreement, including both principal and interest. See Note 7 for additional information regarding the Corporation’s individually evaluated loans. The table below presents the Corporation’s financial instruments measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019, aggregated by the level in the fair value hierarchy within which those measurements fall: ($ in Thousands) Fair Value Hierarchy June 30, 2020 December 31, 2019 Assets Investment securities available for sale U.S. Treasury securities Level 1 $ 26,735 $ — Agency securities Level 2 25,007 — Obligations of state and political subdivisions (municipal securities) Level 2 495,888 546,160 Residential mortgage-related securities FNMA / FHLMC Level 2 818,110 132,660 GNMA Level 2 605,561 985,139 Commercial mortgage-related securities FNMA / FHLMC Level 2 22,061 21,728 GNMA Level 2 803,362 1,310,207 Asset backed securities FFELP Level 2 340,474 263,693 SBA Level 2 9,575 — Other debt securities Level 2 3,000 3,000 Total investment securities available for sale Level 1 $ 26,735 $ — Total investment securities available for sale Level 2 3,123,039 3,262,586 Equity securities with readily determinable fair values Level 1 1,647 1,646 Residential loans held for sale Level 2 196,673 136,280 Interest rate-related instruments (a) Level 2 238,003 77,024 Foreign currency exchange forwards (a) Level 2 4,200 4,226 Commodity contracts (a) Level 2 38,543 20,528 Interest rate lock commitments to originate residential mortgage loans held for sale Level 3 12,837 2,527 Liabilities Interest rate-related instruments (a) Level 2 $ 31,472 $ 13,073 Foreign currency exchange forwards (a) Level 2 4,102 4,048 Commodity contracts (a) Level 2 36,998 19,624 Forward commitments to sell residential mortgage loans Level 3 1,293 710 (a) Figures are presented gross before netting. See Note 10 and Note 11 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place. The table below presents a rollforward of the consolidated balance sheets amounts for the six months ended June 30, 2020 and the year ended December 31, 2019, for the Corporation's mortgage derivatives measured on a recurring basis and classified within Level 3 of the fair value hierarchy: ($ in Thousands) Interest rate lock commitments to originate residential mortgage loans held for sale Forward commitments to sell residential mortgage loans Total Balance December 31, 2018 $ 2,208 $ 2,072 $ 140 New production 24,164 (2,367) 26,531 Closed loans / settlements (29,375) (5,968) (23,407) Other 5,530 6,973 (1,443) Mortgage derivative gain (loss) 319 (1,362) 1,681 Balance December 31, 2019 $ 2,527 $ 710 $ 1,817 New production $ 44,349 $ (439) $ 44,788 Closed loans / settlements (37,505) (12,197) (25,308) Other 3,467 13,218 (9,752) Mortgage derivative gain (loss) 10,310 582 9,727 Balance June 30, 2020 $ 12,837 $ 1,293 $ 11,544 The closing ratio on interest rate lock commitments to originate residential mortgage loans held for sale is a Level 3 measurement, and was 88% at June 30, 2020. The following table presents the carrying value of equity securities without readily determinable fair values still held as of June 30, 2020 that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable. Also shown are the cumulative upward and downward adjustments for the Corporation's equity securities without readily determinable fair values as of June 30, 2020: ($ in Thousands) Equity securities without readily determinable fair values Carrying value as of December 31, 2019 $ 13,444 Carrying value changes — Carrying value as of June 30, 2020 $ 13,444 Cumulative upward carrying value changes between January 1, 2018 and June 30, 2020 $ 13,444 Cumulative downward carrying value changes/impairment between January 1, 2018 and June 30, 2020 $ — The table below presents the Corporation’s assets measured at fair value on a nonrecurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall: Consolidated Statements of Income Adjustment Recognized on the Consolidated Statements of Income ($ in Thousands) Fair Value Hierarchy Fair Value June 30, 2020 Assets Individually evaluated loans (a) Level 3 $ 88,416 Provision for credit losses $ (58,523) OREO (b) Level 2 6,611 Other noninterest expense (2,273) Mortgage servicing rights Level 3 49,423 Mortgage banking, net (17,029) December 31, 2019 Assets Impaired loans (c) Level 3 $ 45,792 Provision for credit losses (d) $ (66,172) OREO (b) Level 2 3,565 Other noninterest expense (1,860) Mortgage servicing rights Level 3 72,532 Mortgage banking, net (63) Equity securities Level 3 13,444 Investment securities gains (losses), net 13,444 (a) Includes probable TDRs which are individually analyzed, net of the related allowance for loan losses. (b) If the fair value of the collateral exceeds the carrying amount of the asset, no charge off or adjustment is necessary, the asset is not considered to be carried at fair value, and is therefore not included in the table. (c) Represents individually evaluated impaired loans, net of the related allowance for loan losses. (d) Represents provision for credit losses on individually evaluated impaired loans. Certain nonfinancial assets and nonfinancial liabilities measured at fair value on a nonrecurring basis include the fair value analysis in the goodwill impairment test, and intangible assets and other nonfinancial long-lived assets measured at fair value for impairment assessment. The Corporation's significant Level 3 measurements which employ unobservable inputs that are readily quantifiable pertain to MSRs and individually evaluated loans. The table below presents information about these inputs and further discussion is found above: June 30, 2020 Valuation Technique Significant Unobservable Input Range of Inputs Weighted Average Input Applied Mortgage servicing rights Discounted cash flow Discount rate 9% - 14% 9% Mortgage servicing rights Discounted cash flow Constant prepayment rate 12% - 35% 18% Individually evaluated loans Appraisals / Discounted cash flow Collateral / Discount factor 0% - 68% 66% Fair Value of Financial Instruments The Corporation is required to disclose estimated fair values for its financial instruments. Fair value estimates are set forth below for the Corporation’s financial instruments: June 30, 2020 December 31, 2019 ($ in Thousands) Fair Value Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value Financial assets Cash and due from banks Level 1 $ 443,500 $ 443,500 $ 373,380 $ 373,380 Interest-bearing deposits in other financial institutions Level 1 1,569,006 1,569,006 207,624 207,624 Federal funds sold and securities purchased under agreements to resell Level 1 185 185 7,740 7,740 Investment securities held to maturity, net Level 1 999 1,036 999 1,018 Investment securities held to maturity, net Level 2 2,076,226 2,208,408 2,204,084 2,275,447 Investment securities available for sale Level 1 26,735 26,735 — — Investment securities available for sale Level 2 3,123,039 3,123,039 3,262,586 3,262,586 Equity securities with readily determinable fair values Level 1 1,647 1,647 1,646 1,646 Equity securities without readily determinable fair values Level 3 13,444 13,444 13,444 13,444 FHLB and Federal Reserve Bank stocks Level 2 206,281 206,281 227,347 227,347 Residential loans held for sale Level 2 196,673 196,673 136,280 136,280 Commercial loans held for sale Level 2 3,565 3,565 15,000 15,000 Loans, net Level 3 24,468,868 24,390,225 22,620,068 22,399,621 Bank and corporate owned life insurance Level 2 676,196 676,196 671,948 671,948 Derivatives (other assets) (a) Level 2 280,746 280,746 101,778 101,778 Interest rate lock commitments to originate residential mortgage loans held for sale (other assets) Level 3 12,837 12,837 2,527 2,527 Financial liabilities Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts Level 3 $ 24,302,540 $ 24,302,540 $ 21,156,261 $ 21,156,261 Brokered CDs and other time deposits (b) Level 2 2,248,904 2,267,551 2,622,803 2,622,803 Short-term funding (c) Level 2 181,828 181,828 465,113 465,113 Long-term funding (excluding PPPLF) Level 2 548,937 576,667 549,343 572,873 PPPLF Level 2 1,009,760 1,009,926 — — FHLB advances Level 2 2,657,016 2,851,632 3,180,967 3,207,793 Standby letters of credit (d) Level 2 2,644 2,644 2,710 2,710 Derivatives (accrued expenses and other liabilities) (a) Level 2 72,572 72,572 36,745 36,745 Forward commitments to sell residential mortgage loans (accrued expenses and other liabilities) Level 3 1,293 1,293 710 710 (a) Figures are presented gross before netting. See Note 10 and Note 11 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place. (b) When the estimated fair value is less than the carrying value, the carrying value is reported as the fair value. (c) The carrying amount is a reasonable estimate of fair value for existing short-term funding. (d) The commitment on standby letters of credit was $265 million at June 30, 2020 and $278 million at December 31, 2019. See Note 12 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments. |
Retirement Plans
Retirement Plans | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans The Corporation has a noncontributory defined benefit retirement account plan, the RAP, covering substantially all employees who meet participation requirements. The benefits are based primarily on years of service and the employee’s compensation paid. Employees of acquired entities generally participate in the RAP after consummation of the business combinations. Any retirement plans of acquired entities are typically merged into the RAP after completion of the mergers, and credit is usually given to employees for years of service at the acquired institution for vesting and eligibility purposes. The Corporation also provides legacy healthcare access to a limited group of retired employees from a previous acquisition in the Postretirement Plan. There are no other active retiree healthcare plans. The Huntington branch acquisition closed on June 14, 2019, and the employees gained as a result of the transaction became eligible to participate in the RAP on the same date, with their vesting service credit based on their prior hours of service with Huntington. See Note 2 for additional information on the Huntington branch acquisition. The First Staunton acquisition closed on February 14, 2020, and the employees who met the required criteria as a result of the transaction became eligible to participate in the RAP on February 15, 2020, with their vesting service credit based on their prior hours of service with First Staunton. See Note 2 for additional information on the First Staunton acquisition. The components of net periodic pension cost and net periodic benefit cost for the RAP and Postretirement Plan for the three and six months ended June 30, 2020 and 2019 were as follows: Three Months Ended June 30, Six Months Ended June 30, ($ in Thousands) 2020 2019 2020 2019 Components of Net Periodic Benefit Cost RAP Service cost $ 2,165 $ 1,925 $ 4,330 $ 3,850 Interest cost 2,008 2,413 4,015 4,825 Expected return on plan assets (6,405) (6,075) (12,810) (12,150) Amortization of prior service cost (19) (19) (38) (38) Amortization of actuarial loss (gain) 803 65 1,610 130 Total net periodic pension cost $ (1,449) $ (1,691) $ (2,893) $ (3,383) Postretirement Plan Interest cost $ 20 $ 26 $ 39 $ 52 Amortization of prior service cost (19) (19) (38) (38) Amortization of actuarial loss (gain) — (1) — (2) Total net periodic benefit cost $ 1 $ 6 $ 2 $ 13 The components of net periodic pension cost and net periodic benefit cost, other than the service cost component, are included in the line item other of noninterest expense on the consolidated statements of income. The service cost components are included in personnel on the consolidated statements of income. The Corporation’s funding policy is to pay at least the minimum amount required by federal law and regulations, with consideration given to the maximum funding amounts allowed. The Corporation regularly reviews the funding of its RAP. There were no contributions during the six months ended June 30, 2020 and 2019. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Corporation utilizes a risk-based internal profitability measurement system to provide strategic business unit reporting. The profitability measurement system is based on internal management methodologies designed to produce consistent results and reflect the underlying economics of the units. Certain strategic business units have been combined for segment information reporting purposes where the nature of the products and services, the type of customer, and the distribution of those products and services are similar. The three reportable segments are Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services. The financial information of the Corporation’s segments has been compiled utilizing the accounting policies described in the Corporation’s 2019 Annual Report on Form 10-K and Note 3 in this Quarterly Report on Form 10-Q, with certain exceptions. The more significant of these exceptions are described herein. The reportable segment results are presented based on the Corporation's internal management accounting process. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to U.S. GAAP. As a result, reported segments and the financial information of the reported segments are not necessarily comparable with similar information reported by other financial institutions. Furthermore, changes in management structure or allocation methodologies and procedures may result in changes in previously reported segment financial data. Additionally, the information presented is not indicative of how the segments would perform if they operated as independent entities. To determine financial performance of each segment, the Corporation allocates FTP assignments, the provision for credit losses, certain noninterest expenses, income taxes, and equity to each segment. Allocation methodologies are subject to periodic adjustment as the internal management accounting system is revised, the interest rate environment evolves, and business or product lines within the segments change. Also, because the development and application of these methodologies is a dynamic process, the financial results presented may be periodically reviewed. The Corporation allocates net interest income using an internal FTP methodology that charges users of funds (assets) and credits providers of funds (liabilities, primarily deposits) based on the maturity, prepayment and / or repricing characteristics of the assets and liabilities. The net effect of this allocation is offset in the Risk Management and Shared Services segment to ensure consolidated totals reflect the Corporation's net interest income. The net FTP allocation is reflected as net intersegment income (expense) in the accompanying tables. A credit provision is allocated to segments based on the expected long-term annual net charge off rates attributable to the credit risk of loans managed by the segment during the period. In contrast, the level of the consolidated provision for credit losses is determined based on an allowance model using the methodologies described in Note 3 in this Quarterly Report on Form 10-Q. The net effect of the credit provision is recorded in Risk Management and Shared Services. Indirect expenses incurred by certain centralized support areas are allocated to segments based on actual usage (for example, volume measurements) and other criteria. Certain types of administrative expense and bank-wide expense accruals (including amortization of CDIs and other intangible assets associated with acquisitions, acquisition-related costs, and asset gains on disposed business units) are generally not allocated to segments. Income taxes are allocated to segments based on the Corporation’s estimated effective tax rate, with certain segments adjusted for any tax-exempt income or non-deductible expenses. Equity is allocated to the segments based on regulatory capital requirements and in proportion to an assessment of the inherent risks associated with the business of the segment (including interest, credit and operating risk). A brief description of each business segment is presented below. A more in-depth discussion of these segments can be found in the Segment Reporting footnote in the Corporation’s 2019 Annual Report on Form 10-K. The Corporate and Commercial Specialty segment serves a wide range of customers including larger businesses, developers, not-for-profits, municipalities, and financial institutions by providing lending and deposit solutions as well as the support to deliver, fund, and manage such banking solutions. In addition, this segment provides a variety of investment and fiduciary products and services to individuals and small to mid-sized businesses. The Community, Consumer, and Business segment serves individuals, as well as small and mid-sized businesses, by providing lending and deposit solutions. In addition, the Corporation offered insurance and risk consulting services. During the second quarter of 2020, the Corporation sold ABRC. The Risk Management and Shared Services segment includes key shared operational functions and also includes residual revenue and expenses, representing the difference between actual amounts incurred and the amounts allocated to operating segments, including interest rate risk residuals (FTP mismatches) and credit risk and provision residuals (long-term credit charge mismatches). All First Staunton and Huntington branch acquisition related costs as well as the gain on sale of ABRC are included in the Risk Management and Shared Services segment. During the first quarter of 2020, the Corporation reassigned goodwill of approximately $4 million to the Corporate and Commercial Specialty segment from the Community, Consumer and Business segment as a result of a reorganization of the investment and fiduciary businesses. The goodwill reassigned was attributable to the Corporation's acquisition of Whitnell & Co. in 2017. Also effective in the first quarter of 2020, the marketing business unit, formerly part of the Risk Management and Shared Services segment, was reorganized under the Community, Consumer and Business segment. Information about the Corporation’s segments is presented below: Corporate and Commercial Specialty Three Months Ended June 30, Six Months Ended June 30, ($ in Thousands) 2020 2019 2020 2019 Net interest income $ 98,824 $ 114,232 $ 206,577 $ 228,162 Net intersegment interest income (expense) 6,889 (13,326) (3,856) (28,881) Segment net interest income 105,713 100,906 202,721 199,281 Noninterest income 30,691 31,267 65,124 58,414 Total revenue 136,405 132,174 267,845 257,695 Credit provision 13,713 12,585 25,885 25,169 Noninterest expense 50,837 56,450 102,098 111,383 Income (loss) before income taxes 71,855 63,139 139,862 121,144 Income tax expense (benefit) 13,446 12,244 26,117 23,411 Net income $ 58,410 $ 50,895 $ 113,745 $ 97,732 Allocated goodwill $ 530,144 $ 530,106 Community, Consumer, and Business Three Months Ended June 30, Six Months Ended June 30, ($ in Thousands) 2020 2019 2020 2019 Net interest income $ 73,120 $ 77,013 $ 148,047 $ 156,699 Net intersegment interest income (expense) 14,340 22,804 33,025 43,551 Segment net interest income 87,459 99,817 181,072 200,250 Noninterest income 58,557 62,123 116,207 120,398 Total revenue 146,017 161,940 297,279 320,648 Credit provision 5,429 4,626 10,537 9,311 Noninterest expense 122,290 119,694 238,721 232,612 Income (loss) before income taxes 18,298 37,620 48,021 78,725 Income tax expense (benefit) 3,843 7,900 10,084 16,532 Net income $ 14,455 $ 29,720 $ 37,936 $ 62,193 Allocated goodwill $ 577,758 $ 645,913 Risk Management and Shared Services Three Months Ended June 30, Six Months Ended June 30, ($ in Thousands) 2020 2019 2020 2019 Net interest income $ 17,929 $ 22,375 $ 38,190 $ 44,306 Net intersegment interest income (expense) (21,229) (9,478) (29,169) (14,671) Segment net interest income (3,301) 12,896 9,021 29,635 Noninterest income (a) 165,242 2,447 171,465 8,228 Total revenue 161,941 15,343 180,486 37,863 Credit provision 41,858 (9,211) 77,579 (20,480) Noninterest expense (b) 10,280 21,634 34,779 45,456 Income (loss) before income taxes 109,802 2,919 68,129 12,887 Income tax expense (benefit) 33,950 (1,127) 25,255 1,466 Net income $ 75,853 $ 4,047 $ 42,874 $ 11,422 Allocated goodwill $ — $ — Consolidated Total Three Months Ended June 30, Six Months Ended June 30, ($ in Thousands) 2020 2019 2020 2019 Net interest income $ 189,872 $ 213,619 $ 392,814 $ 429,167 Net intersegment interest income (expense) — — — — Segment net interest income 189,872 213,619 392,814 429,167 Noninterest income (a) 254,490 95,837 352,796 187,040 Total revenue 444,362 309,457 745,610 616,206 Credit provision 61,000 8,000 114,001 14,000 Noninterest expense (b) 183,407 197,779 375,598 389,450 Income (loss) before income taxes 199,955 103,678 256,012 212,756 Income tax expense (benefit) 51,238 19,017 61,457 41,409 Net income $ 148,718 $ 84,661 $ 194,555 $ 171,347 Allocated goodwill $ 1,107,902 $ 1,176,019 (a) For the three and six months ended June 30, 2020, the Corporation recognized a $163 million asset gain related to the sale of ABRC. (b) For the three months ended both June 30, 2020 and 2019, the Risk Management and Shared Services segment included less than $1 million and approximately $4 million respectively, of acquisition related noninterest expense. For the six months ended June 30, 2020 and 2019, the Risk Management and Shared Services segment included approximately $2 million and $4 million respectively, of acquisition related noninterest expense. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following tables summarize the components of accumulated other comprehensive income (loss) at June 30, 2020 and 2019, including changes during the preceding three and six month periods as well as any reclassifications out of accumulated other comprehensive income (loss): ($ in Thousands) Investment Defined Benefit Accumulated Balance December 31, 2019 $ 3,989 $ (37,172) $ (33,183) Other comprehensive income (loss) before reclassifications 48,060 — 48,060 Amounts reclassified from accumulated other comprehensive income (loss) Investment securities losses (gains), net (9,214) — (9,214) Personnel expense — (75) (75) Other expense — 1,610 1,610 Interest income 1,332 — 1,332 Income tax (expense) benefit (10,066) (385) (10,450) Net other comprehensive income (loss) during period 30,112 1,150 31,263 Balance June 30, 2020 $ 34,101 $ (36,021) $ (1,920) Balance December 31, 2018 $ (75,643) $ (49,330) $ (124,972) Other comprehensive income (loss) before reclassifications 89,966 — 89,966 Amounts reclassified from accumulated other comprehensive income (loss) Investment securities losses (gains), net (2,143) — (2,143) Personnel expense — (75) (75) Other expense — 128 128 Interest income 288 — 288 Income tax (expense) benefit (22,242) (13) (22,255) Net other comprehensive income (loss) during period 65,869 40 65,909 Balance June 30, 2019 $ (9,773) $ (49,290) $ (59,063) ($ in Thousands) Investments Defined Benefit Accumulated Balance March 31, 2020 $ 19,620 $ (36,595) $ (16,974) Other comprehensive income (loss) before reclassifications 21,641 — 21,641 Amounts reclassified from accumulated other comprehensive income (loss) Investment securities losses (gains), net (3,096) — (3,096) Personnel expense — (38) (38) Other expense — 803 803 Interest income 776 — 776 Income tax (expense) benefit (4,841) (192) (5,032) Net other comprehensive income (loss) during period 14,481 573 15,054 Balance June 30, 2020 $ 34,101 $ (36,021) $ (1,920) Balance March 31, 2019 $ (54,065) $ (49,310) $ (103,375) Other comprehensive income (loss) before reclassifications 59,476 — 59,476 Amounts reclassified from accumulated other comprehensive income (loss) Investment securities loss (gain), net (463) — (463) Personnel expense — (38) (38) Other expense — 64 64 Interest income 218 — 218 Income tax (expense) benefit (14,940) (7) (14,947) Net other comprehensive income (loss) during period 44,292 20 44,311 Balance June 30, 2019 $ (9,773) $ (49,290) $ (59,063) |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2020 | |
Revenue Recognition [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Revenue from contracts with customers is recognized when obligations under the terms of a contract with the Corporation's customer are satisfied. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. We do not have any material significant payment terms as payment is received at or shortly after the satisfaction of the performance obligation. The Corporation's disaggregated revenue by major source is presented below: Corporate and Commercial Specialty Three Months Ended June 30, Six Months Ended June 30, ($ in Thousands) 2020 2019 2020 2019 Insurance commissions and fees $ 47 $ 49 $ 123 $ 174 Wealth management fees (a) 15,814 15,369 31,621 30,469 Service charges and deposit account fees 4,307 3,309 7,859 6,806 Card-based fees (b) 228 455 743 889 Other revenue 294 865 1,081 1,049 Noninterest Income (in-scope of Topic 606) $ 20,690 $ 20,047 $ 41,426 $ 39,387 Noninterest Income (out-of-scope of Topic 606) 10,002 11,220 23,698 19,026 Total Noninterest Income $ 30,691 $ 31,267 $ 65,124 $ 58,414 Community, Consumer, and Business Three Months Ended June 30, Six Months Ended June 30, ($ in Thousands) 2020 2019 2020 2019 Insurance commissions and fees $ 22,381 $ 22,933 $ 44,910 $ 48,268 Wealth management fees (a) 5,102 5,321 10,111 10,402 Service charges and deposit account fees 7,173 12,104 18,838 23,703 Card-based fees (b) 8,647 9,674 17,693 18,486 Other revenue 2,861 2,349 5,147 4,621 Noninterest Income (in-scope of Topic 606) $ 46,163 $ 52,381 $ 96,698 $ 105,479 Noninterest Income (out-of-scope of Topic 606) 12,394 9,742 19,509 14,919 Total Noninterest Income $ 58,557 $ 62,123 $ 116,207 $ 120,398 Risk Management and Shared Services Three Months Ended June 30, Six Months Ended June 30, ($ in Thousands) 2020 2019 2020 2019 Insurance commissions and fees $ 3 $ 3 $ 6 $ 7 Service charges and deposit account fees 4 14 10 32 Card-based fees (b) 47 48 94 97 Other revenue 26 210 49 438 Noninterest Income (in-scope of Topic 606) $ 80 $ 275 $ 158 $ 574 Noninterest Income (out-of-scope of Topic 606) (c) 165,161 2,172 171,307 7,653 Total Noninterest Income $ 165,242 $ 2,447 $ 171,465 $ 8,228 Consolidated Total Three Months Ended June 30, Six Months Ended June 30, ($ in Thousands) 2020 2019 2020 2019 Insurance commissions and fees $ 22,430 $ 22,985 $ 45,038 $ 48,449 Wealth management fees (a) 20,916 20,691 41,732 40,870 Service charges and deposit account fees 11,484 15,426 26,706 30,542 Card-based fees (b) 8,922 10,177 18,529 19,472 Other revenue 3,181 3,424 6,277 6,108 Noninterest Income (in-scope of Topic 606) $ 66,933 $ 72,703 $ 138,282 $ 145,441 Noninterest Income (out-of-scope of Topic 606) (c) 187,557 23,134 214,515 41,599 Total Noninterest Income $ 254,490 $ 95,837 $ 352,796 $ 187,040 (a) Includes trust, asset management, brokerage, and annuity fees. (b) Certain card-based fees are out-of-scope of Topic 606. (c) Both the three and six months ended June 30, 2020 include a gain of $163 million from the sale of ABRC. Below is a listing of performance obligations for the Corporation's main revenue streams: Revenue Stream Noninterest income in-scope of Topic 606 Insurance commissions and fees The Corporation's insurance revenue had two distinct performance obligations. The first performance obligation was the selling of the policy as an agent for the carrier. This performance obligation was satisfied upon binding of the policy. The second performance obligation was the ongoing servicing of the policy which was satisfied over the life of the policy. For employee benefits, the payment was typically received monthly. For property and casualty, payments can vary, but were typically received at, or in advance, of the policy period. Service charges and deposit account fees Service charges and deposit account fees consist of monthly service fees (i.e. business analyzed fees and consumer service charges) and other deposit account related fees. The Corporation's performance obligation for monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Other deposit account related fees are largely transactional based, and therefore, the Corporation's performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for service charges and deposit account fees are primarily received immediately or in the following month through a direct charge to customers’ accounts. Card-based fees (a) Card-based fees are primarily comprised of debit and credit card income, ATM fees, and merchant services income. Debit and credit card income is primarily comprised of interchange fees earned whenever the Corporation's debit and credit cards are processed through card payment networks. ATM and merchant fees are largely transactional based, and therefore, the Corporation's performance obligation is satisfied, and related revenue recognized, at a point in time. Payment is typically received immediately or in the following month. Trust and asset management fees (b) Trust and asset management income is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Corporation's performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month end through a direct charge to the customers’ accounts. The Corporation's performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, at a point in time (i.e., as incurred). Payment is received shortly after services are rendered. Brokerage commissions and fees (b) Brokerage commissions and fees primarily consist of investment advisory, brokerage, retirement services, and annuities. The Corporation's performance obligation for investment advisory services and retirement services is generally satisfied, and the related revenue recognized, over the period in which the services are provided. The performance obligation for annuities is satisfied upon sale of the annuity, and therefore, the related revenue is primarily recognized at the time of sale. Payments for these services are typically received immediately or in advance of the service. (a) Certain card-based fees are out-of-scope of Topic 606. (b) Trust and asset management fees and brokerage commissions and fees are included in wealth management fees. Arrangements with Multiple Performance Obligations The Corporation's contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on its relative standalone selling price. We generally determine standalone selling prices based on the expected cost plus margin. Practical Expedients We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Using the practical expedient, for contracts with a term of one year or less, the Corporation recognizes incremental costs of obtaining those contracts as an expense when incurred. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | Leases The Corporation has operating leases for retail and corporate offices, land, and equipment. The Corporation also has finance leases for land. These operating leases have original terms of 1 year or longer with remaining maturities up to 42 years, some of which include options to extend the lease term. An analysis of the lease options has been completed and any purchase options or optional periods that the Corporation is reasonably likely to extend have been included in the capitalization. The discount rate used to capitalize the operating leases is the Corporation's FHLB borrowing rate on the date of lease commencement. When determining the rate to discount specific lease obligations, the repayment period and term are considered. Operating and finance lease costs and cash flows resulting from these leases are presented below: ($ in Thousands) Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Operating Lease Costs $ 2,631 $ 2,888 $ 5,254 $ 5,793 Finance Lease Costs 31 — 67 — Operating Lease Cash Flows 2,700 2,762 5,432 5,570 Finance Lease Cash Flows 21 — 42 — The lease classifications on the consolidated balance sheets were as follows: ($ in Thousands) Consolidated Balance Sheets Category June 30, 2020 December 31, 2019 Amount Operating lease right-of-use asset Premises and equipment $ 39,674 $ 45,381 Finance lease right-of-use asset Other assets 1,154 2,188 Operating lease liability Accrued expenses and other liabilities 43,377 49,292 Finance lease liability Other long-term funding 1,202 2,209 The lease payment obligations, weighted-average remaining lease term, and weighted-average discount rate were as follows: June 30, 2020 December 31, 2019 ($ in Thousands) Lease payments Weighted-average lease term (in years) Weighted-average discount rate Lease payments Weighted-average lease term (in years) Weighted-average discount rate Operating leases Equipment $ 5 0.69 2.72 % $ 46 0.83 2.72 % Retail and corporate offices 42,293 6.22 3.35 % 48,940 6.49 3.34 % Land 6,663 9.30 3.08 % 6,594 9.57 3.21 % Total operating leases $ 48,961 6.61 3.31 % $ 55,580 6.83 3.32 % Finance leases Land $ 1,225 2.14 1.05 % $ 4,827 39.67 3.99 % Total finance leases $ 1,225 2.14 1.05 % $ 4,827 39.67 3.99 % Contractual lease payment obligations for each of the next five years and thereafter, in addition to a reconciliation to the Corporation’s lease liability, were as follows: ($ in Thousands) Operating Leases Finance Leases Amount Six Months Ending December 31, 2020 $ 3,065 $ 80 $ 3,145 2021 10,387 172 10,559 2022 8,066 973 9,039 2023 5,810 — 5,810 2024 5,108 — 5,108 Beyond 2024 16,526 — 16,526 Total lease payments $ 48,961 $ 1,225 $ 50,187 Less: interest 5,584 23 5,607 Present value of lease payments $ 43,377 $ 1,202 $ 44,579 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Investment Securities | Investment Securities Management measures expected credit losses on held to maturity securities on a collective basis by major security type. Accrued interest receivable on held to maturity securities is excluded from the estimate of credit losses. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts and is included in investment securities held to maturity, net on the consolidated balance sheets. For available for sale securities, the Corporation evaluates whether any decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses on investments is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses on investments is recognized in other comprehensive income. Changes in the allowance for credit losses on investments are recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management believes the available for sale security is uncollectible or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on available for sale debt securities is excluded from the estimate of credit losses. |
Allowance for Loan Losses | Allowance for Credit Losses on Loans The level of the allowance for loan losses represents management's estimate of an amount appropriate to provide for lifetime credit losses in the loan portfolio at the balance sheet date. The allocation methodology applied by the Corporation, designed to assess the appropriateness of the allowance for loan losses, includes an allocation methodology, as well as management’s ongoing review and grading of the loan portfolio into criticized loan categories. The allocation methodology focuses on evaluation of several factors, including but not limited to: evaluation of facts and issues related to specific loans, management's ongoing review and grading of the loan portfolio using a dual risk rating system leveraging probability of default and loss given default, consideration of historical credit loss and delinquency experience on each portfolio category, trends in past due and nonaccrual loans, the level of potential problem loans, the risk characteristics of the various classifications of loans, changes in the size and character of the loan portfolio, concentrations of loans to specific borrowers or industries, existing economic conditions and economic forecasts, the fair value of underlying collateral, and other qualitative and quantitative factors which could affect potential loan losses. The Corporation utilizes the Moody's Baseline economic forecast in the allowance model and applies that forecast over a reasonable and supportable period with reversion to historical losses. For additional detail on the reasonable and supportable period and reversion methodology, see Note 7. Potential problem loans are generally defined by management to include loans rated as substandard by management. Assessing these numerous factors involves significant judgment. The provision for loan losses is predominantly a function of the result of the methodology and other qualitative and quantitative factors used to determine the allowance for loan losses. Management individually analyzes loans that do not share similar risk characteristics to other loans in the portfolio. Management has determined that commercial loan relationships that have nonaccrual status or commercial and retail loans that have had their terms restructured in a TDR meet this definition. Probable TDRs are loans the Corporation has reviewed individually to determine whether there is a high likelihood that the loans will default and will require restructuring in the near future. Probable TDRs could be classified as Pass, Special Mention, Substandard or Nonaccrual within the Corporation's credit quality analysis depending on the specific circumstances surrounding the individual credits. Accrued interest receivable on loans is excluded from the estimate of credit losses. |
Allowance for Unfunded Commitments | The allowance for unfunded commitments leverages the same methodology utilized to measure the allowance for loan losses. The Corporation estimates expected credit losses over the contractual period in which the Corporation is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Corporation. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. See Note 7 for additional information on the ACLL and Note 12 for additional information on the allowance for unfunded commitments. |
Impact of adopting ASU 2016-13 Financial Instruments - Credit Losses (Topic 326) | Impact of adopting ASU 2016-13 Financial Instruments - Credit Losses (Topic 326) The following table illustrates the adoption impact: December 31, 2019 January 1, 2020 ($ in Thousands) Allowance for Loan Losses Allowance for Unfunded Commitments CECL Day 1 Adjustment ACLL Beginning Balance Commercial and industrial $ 91,133 $ 12,276 $ 48,921 $ 152,330 Commercial real estate - owner occupied 10,284 127 (1,851) 8,560 Commercial and business lending 101,417 12,403 47,070 160,890 Commercial real estate - investor 40,514 530 2,287 43,331 Real estate construction 24,915 7,532 25,814 58,261 Commercial real estate lending 65,428 8,062 28,101 101,591 Total Commercial 166,846 20,465 75,171 262,482 Residential mortgage 16,960 — 33,215 50,175 Home equity 10,926 1,038 14,240 26,204 Other consumer 6,639 405 8,520 15,564 Total consumer 34,525 1,443 55,975 91,943 Total loans $ 201,371 $ 21,907 $ 131,147 $ 354,425 The allowance for credit losses on held to maturity securities was approximately $61,000 at January 1, 2020, attributable entirely to the Corporation's municipal securities. At January 1, 2020, the adoption of ASU 2016-13 resulted in an increase to the allowance for loan losses of $112 million and an increase to the allowance for unfunded commitments of $19 million for a total increase to the ACLL of $131 million. A corresponding after tax decrease to common equity of $98 million was recorded along with a deferred tax asset of $33 million. |
New Accounting Pronouncements Adopted | New Accounting Pronouncements Adopted Standard Description Date of adoption Effect on financial statements ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The FASB issued an amendment to replace the current incurred loss impairment methodology. Under the new guidance, entities will be required to measure expected credit losses by utilizing forward-looking information to assess an entity's ACL. The guidance also requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. This amendment was effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities should apply the amendment by means of a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. ASU 2018-19 was issued to clarify that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. ASU 2019-04 was issued and provided entities alternatives for measurement of accrued interest receivable, clarified the steps entities should take when recording the transfer of loans or debt securities between measurement classifications or categories and clarifies that entities should include expected recoveries on financial assets. ASU 2019-05 was issued to provide entities that have certain instruments within the scope of Subtopic 320-20 with an option to irrevocably elect the fair value option in Subtopic 825-10. ASU 2020-02 was issued to further explain the measurement of current expected credit losses and the development, governance, and documentation of a systematic methodology. 1st Quarter 2020 The Corporation has adopted the Update using a modified retrospective approach. The Corporation has developed a CECL allowance model which calculates reserves over the life of the loan and is largely driven by portfolio characteristics, risk-grading, economic outlook, and key methodology assumptions. Those assumptions are based upon the existing probability of default and loss given default framework. At adoption, the Corporation utilized a single economic forecast over a 2-year reasonable and supportable forecast period. In the second year, the Corporation used straight-line reversion to historical losses. The Corporation recorded a $131 million adjustment to the ACL related to the adoption of this standard, which includes $61 thousand related to the held to maturity investment securities portfolio. The Corporation has elected to maintain pools accounted for under Subtopic 310-30 at adoption. The Corporation has elected to utilize the 2019 Capital Transition Relief for initial adoption, as well as the 2020 Capital Transition Relief as permitted under applicable regulations. The total impact at adoption equates to an approximately 29 bp net, after tax, reduction in the tangible common equity ratio. Results for the periods after January 1, 2020 are presented in accordance with ASC 326 while prior period amounts continue to be reported in accordance with previously applicable standards. Standard Description Date of adoption Effect on financial statements ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement The FASB issued an amendment to add, modify, and remove disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the FASB Concepts Statement "Conceptual Framework for Financial Reporting," including the consideration of costs and benefits. The amendment was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. 1st Quarter 2020 The Corporation has evaluated and determined it has an immaterial impact with minor changes in presentation. ASU 2017-04 Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment The FASB issued an amendment to simplify the subsequent quantitative measurement of goodwill by eliminating step two from the goodwill impairment test. Instead, an entity will perform only step one of its quantitative goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, and then recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. An entity will still have the option to perform a qualitative assessment for a reporting unit to determine if the quantitative step one impairment test is necessary. This amendment was effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Entities should apply the amendment prospectively. 1st Quarter 2020 There has been no material impact on results of operations, financial position, and liquidity. The Corporation does its annual impairment testing in May. ASU 2020-03 Codification Improvements to Financial Instruments The FASB issued an amendment to further clarify that all entities are required to provide the fair value option disclosures in paragraphs 825-10-50-24 through 50-32. The amendment also states that paragraphs 820-10-35-2A(g) and 820-10-35-18L are to include the phrase nonfinancial items accounted for as derivatives under Topic 815 to be consistent with the previous amendments to Section 820-10-35 that were made by ASU No. 2018-09, Codification Improvements. The amendment also clarifies that the disclosure requirements in Topic 320 apply to the disclosure requirements in Topic 942 for depository and lending institutions along with improving the understandability of the guidance relating to subtopic 470-50 and subtopic 820-10. Lastly, the amendment clarifies that the contractual term of a net investment in a lease determined in accordance with Topic 842 should be the contractual term used to measure expected credit losses under Topic 326 and that when an entity regains control of financial assets sold, an ACL should be recorded in accordance with Topic 326. 1st Quarter 2020 The Corporation has evaluated and determined it has an immaterial impact. ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The FASB issued an amendment to provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendment only applies to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. 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. 1st Quarter 2020 The Corporation has evaluated the impact of the Update and determined the expedients provided allow for simpler, more streamlined modifications to the financial instruments referencing LIBOR. A small population of loans have been modified under the new standard. Future Accounting Pronouncements The expected impact of accounting pronouncements recently issued or proposed but not yet required to be adopted are displayed in the table below: Standard Description Date of anticipated adoption Effect on financial statements ASU 2018-14 The FASB issued an amendment to modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendments also added requirements to disclose the weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates and an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. The amendment also clarifies the disclosure requirements in paragraph 715-20-50-3, which states that certain information for defined benefit pension plans should be disclosed. The amendments in this Update remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. The amendment is effective for fiscal years ending after December 15, 2020. Entities should apply the amendments in this Update on a retrospective basis to all periods presented. Early adoption is permitted. 1st Quarter 2021 The Corporation is currently evaluating the impact on its results of operations, financial position, and liquidity. ASU 2020-01 Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) The FASB issued an amendment to clarify the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. The amendments also clarify that for the purpose of applying paragraph 815-10-15-141(a) an entity should not consider whether, upon the settlement of the forward contract or exercise of the purchased option, individually or with existing investments, the underlying securities would be accounted for under the equity method in Topic 323 or the fair value option in accordance with the financial instruments guidance in Topic 825. An entity also would evaluate the remaining characteristics in paragraph 815-010-15-141 to determine the accounting for those forward contracts and purchased options. 1st Quarter 2021 The Corporation is currently evaluating the impact on its results of operations, financial position, and liquidity. |
Acquisitions Acquisitions (Tabl
Acquisitions Acquisitions (Tables) | Feb. 14, 2020 | Jun. 14, 2019 |
Business Combinations [Abstract] | ||
Schedule of Business Acquisitions, by Acquisition | The following table presents the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date related to the First Staunton acquisition: ($ in Thousands) Purchase Accounting Adjustments February 14, 2020 Assets Cash and cash equivalents $ — $ 44,782 Investment securities available for sale (24) 98,743 Federal Home Loan Bank and Federal Reserve Bank stocks, at cost — 781 Loans (4,808) 369,741 Premises and equipment, net (3,005) 4,865 Bank owned life insurance 9 6,770 Goodwill 13,414 Core deposit intangibles (included in other intangible assets, net on the face of the consolidated balance sheets) 7,379 7,379 OREO (included in other assets on the face of the consolidated balance sheets) 670 762 Other assets 4,193 9,090 Total assets $ 556,328 Liabilities Deposits $ 1,285 $ 438,684 Other borrowings 61 34,613 Accrued expenses and other liabilities 179 6,730 Total liabilities $ 480,028 Total consideration paid $ 76,300 | The following table presents the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date related to Huntington branch acquisition: ($ in Thousands) Purchase Accounting Adjustments June 14, 2019 Assets Cash and cash equivalents $ — $ 551,250 Loans (1,552) 116,346 Premises and equipment, net 4,800 22,430 Goodwill 7,286 Core deposit intangibles (included in other intangible assets, net on the face of the consolidated balance sheets) 22,630 22,630 OREO (included in other assets on the face of the consolidated balance sheets) (2,561) 5,263 Other assets — 559 Total assets $ 725,764 Liabilities Deposits $ 156 $ 725,173 Other liabilities 70 590 Total liabilities $ 725,764 |
Financing Receivable, Purchased With Credit Deterioration | The carrying amount of those loans is as follows: ($ in Thousands) February 14, 2020 Purchase price of loans at acquisition $ 77,221 Allowance for credit losses at acquisition 3,504 Non-credit discount/(premium) at acquisition (951) Par value of acquired loans at acquisition $ 79,774 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table illustrates the adoption impact: December 31, 2019 January 1, 2020 ($ in Thousands) Allowance for Loan Losses Allowance for Unfunded Commitments CECL Day 1 Adjustment ACLL Beginning Balance Commercial and industrial $ 91,133 $ 12,276 $ 48,921 $ 152,330 Commercial real estate - owner occupied 10,284 127 (1,851) 8,560 Commercial and business lending 101,417 12,403 47,070 160,890 Commercial real estate - investor 40,514 530 2,287 43,331 Real estate construction 24,915 7,532 25,814 58,261 Commercial real estate lending 65,428 8,062 28,101 101,591 Total Commercial 166,846 20,465 75,171 262,482 Residential mortgage 16,960 — 33,215 50,175 Home equity 10,926 1,038 14,240 26,204 Other consumer 6,639 405 8,520 15,564 Total consumer 34,525 1,443 55,975 91,943 Total loans $ 201,371 $ 21,907 $ 131,147 $ 354,425 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Calculations for basic and diluted earnings per common share | Presented below are the calculations for basic and diluted earnings per common share: Three Months Ended June 30, Six Months Ended June 30, (In Thousands, except per share data) 2020 2019 2020 2019 Net income $ 148,718 $ 84,661 $ 194,555 $ 171,347 Preferred stock dividends (4,144) (3,801) (7,945) (7,601) Net income available to common equity $ 144,573 $ 80,860 $ 186,611 $ 163,746 Common shareholder dividends (27,667) (27,571) (55,931) (55,650) Unvested share-based payment awards (222) (205) (351) (308) Undistributed earnings $ 116,684 $ 53,085 $ 130,329 $ 107,787 Undistributed earnings allocated to common shareholders $ 115,750 $ 52,690 $ 129,377 $ 107,098 Undistributed earnings allocated to unvested share-based payment awards 934 395 953 689 Undistributed earnings $ 116,684 $ 53,085 $ 130,329 $ 107,787 Basic Distributed earnings to common shareholders $ 27,667 $ 27,571 $ 55,931 $ 55,650 Undistributed earnings allocated to common shareholders 115,750 52,690 129,377 107,098 Total common shareholders earnings, basic $ 143,417 $ 80,261 $ 185,307 $ 162,748 Diluted Distributed earnings to common shareholders $ 27,667 $ 27,571 $ 55,931 $ 55,650 Undistributed earnings allocated to common shareholders 115,750 52,690 129,377 107,098 Total common shareholders earnings, diluted $ 143,417 $ 80,261 $ 185,307 $ 162,748 Weighted average common shares outstanding 152,393 162,180 153,547 163,049 Effect of dilutive common stock awards 757 1,492 813 1,469 Diluted weighted average common shares outstanding 153,150 163,672 154,360 164,518 Basic earnings per common share $ 0.94 $ 0.49 $ 1.21 $ 1.00 Diluted earnings per common share $ 0.94 $ 0.49 $ 1.20 $ 0.99 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Fair value assumptions of stock options | The following assumptions were used in estimating the fair value for options granted in the first six months of 2020 and full year 2019: 2020 2019 Dividend yield 3.50 % 3.30 % Risk-free interest rate 1.60 % 2.60 % Weighted average expected volatility 21.00 % 24.00 % Weighted average expected life 5.75 years 5.75 years Weighted average per share fair value of options $2.39 $4.00 |
Summary of company's stock option activities | A summary of the Corporation’s stock option activity for the six months ended June 30, 2020 is presented below: Stock Options Shares (a) Weighted Average Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (a) Outstanding at December 31, 2019 5,543 $ 20.13 6.25 years $ 16,043 Granted 1,697 18.43 Exercised (110) 13.95 Forfeited or expired (219) 22.30 Outstanding at June 30, 2020 6,911 $ 19.74 6.73 years $ 213 Options Exercisable at June 30, 2020 4,242 $ 19.21 5.32 years $ 213 (a) In thousands |
Summary of restricted stock awards activity (excluding salary shares) | The following table summarizes information about the Corporation’s restricted stock awards activity for the six months ended June 30, 2020: Restricted Stock Awards Shares (a) Weighted Average Outstanding at December 31, 2019 2,393 $ 22.39 Granted 1,032 18.38 Vested (804) 23.05 Forfeited (72) 22.64 Outstanding at June 30, 2020 2,550 $ 20.56 (a) In thousands |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment securities available for sale | The amortized cost and fair values of securities available for sale and held to maturity at June 30, 2020 were as follows: ($ in Thousands) Amortized Gross Gross Fair Value Investment securities available for sale U. S. Treasury securities $ 26,646 $ 88 $ — $ 26,735 Agency securities 24,982 25 — 25,007 Obligations of state and political subdivisions (municipal securities) 471,346 24,542 — 495,888 Residential mortgage-related securities FNMA / FHLMC 813,458 4,652 — 818,110 GNMA 592,338 13,222 — 605,561 Commercial mortgage-related securities FNMA / FHLMC 19,793 2,269 — 22,061 GNMA 782,577 20,786 — 803,362 Asset backed securities FFELP 356,532 — (16,058) 340,474 SBA 9,619 — (44) 9,575 Other debt securities 3,000 — — 3,000 Total investment securities available for sale $ 3,100,291 $ 65,584 $ (16,102) $ 3,149,773 Investment securities held to maturity U. S. Treasury securities $ 999 $ 36 $ — $ 1,036 Obligations of state and political subdivisions (municipal securities) 1,435,938 110,132 (53) 1,546,018 Residential mortgage-related securities FNMA / FHLMC 71,872 3,400 — 75,271 GNMA 207,908 7,012 — 214,920 GNMA commercial mortgage-related securities 360,570 11,691 — 372,261 Total investment securities held to maturity $ 2,077,287 $ 132,271 $ (53) $ 2,209,505 The amortized cost and fair values of securities available for sale and held to maturity at December 31, 2019 were as follows: ($ in Thousands) Amortized Gross Gross Fair Value Investment securities available for sale Obligations of state and political subdivisions (municipal securities) $ 529,908 $ 16,269 $ (18) $ 546,160 Residential mortgage-related securities FNMA / FHLMC 131,158 1,562 (59) 132,660 GNMA 982,941 3,887 (1,689) 985,139 Commercial mortgage-related securities FNMA / FHLMC 19,929 1,799 — 21,728 GNMA 1,314,836 7,403 (12,032) 1,310,207 FFELP asset backed securities 270,178 — (6,485) 263,693 Other debt securities 3,000 — — 3,000 Total investment securities available for sale $ 3,251,950 $ 30,920 $ (20,284) $ 3,262,586 Investment securities held to maturity U. S. Treasury securities $ 999 $ 19 $ — $ 1,018 Obligations of state and political subdivisions (municipal securities) 1,418,569 69,775 (1,118) 1,487,227 Residential mortgage-related securities FNMA / FHLMC 81,676 1,759 (15) 83,420 GNMA 269,523 1,882 (1,108) 270,296 GNMA commercial mortgage-related securities 434,317 6,308 (6,122) 434,503 Total investment securities held to maturity $ 2,205,083 $ 79,744 $ (8,363) $ 2,276,465 |
Investment securities held to maturity | The amortized cost and fair values of securities available for sale and held to maturity at June 30, 2020 were as follows: ($ in Thousands) Amortized Gross Gross Fair Value Investment securities available for sale U. S. Treasury securities $ 26,646 $ 88 $ — $ 26,735 Agency securities 24,982 25 — 25,007 Obligations of state and political subdivisions (municipal securities) 471,346 24,542 — 495,888 Residential mortgage-related securities FNMA / FHLMC 813,458 4,652 — 818,110 GNMA 592,338 13,222 — 605,561 Commercial mortgage-related securities FNMA / FHLMC 19,793 2,269 — 22,061 GNMA 782,577 20,786 — 803,362 Asset backed securities FFELP 356,532 — (16,058) 340,474 SBA 9,619 — (44) 9,575 Other debt securities 3,000 — — 3,000 Total investment securities available for sale $ 3,100,291 $ 65,584 $ (16,102) $ 3,149,773 Investment securities held to maturity U. S. Treasury securities $ 999 $ 36 $ — $ 1,036 Obligations of state and political subdivisions (municipal securities) 1,435,938 110,132 (53) 1,546,018 Residential mortgage-related securities FNMA / FHLMC 71,872 3,400 — 75,271 GNMA 207,908 7,012 — 214,920 GNMA commercial mortgage-related securities 360,570 11,691 — 372,261 Total investment securities held to maturity $ 2,077,287 $ 132,271 $ (53) $ 2,209,505 The amortized cost and fair values of securities available for sale and held to maturity at December 31, 2019 were as follows: ($ in Thousands) Amortized Gross Gross Fair Value Investment securities available for sale Obligations of state and political subdivisions (municipal securities) $ 529,908 $ 16,269 $ (18) $ 546,160 Residential mortgage-related securities FNMA / FHLMC 131,158 1,562 (59) 132,660 GNMA 982,941 3,887 (1,689) 985,139 Commercial mortgage-related securities FNMA / FHLMC 19,929 1,799 — 21,728 GNMA 1,314,836 7,403 (12,032) 1,310,207 FFELP asset backed securities 270,178 — (6,485) 263,693 Other debt securities 3,000 — — 3,000 Total investment securities available for sale $ 3,251,950 $ 30,920 $ (20,284) $ 3,262,586 Investment securities held to maturity U. S. Treasury securities $ 999 $ 19 $ — $ 1,018 Obligations of state and political subdivisions (municipal securities) 1,418,569 69,775 (1,118) 1,487,227 Residential mortgage-related securities FNMA / FHLMC 81,676 1,759 (15) 83,420 GNMA 269,523 1,882 (1,108) 270,296 GNMA commercial mortgage-related securities 434,317 6,308 (6,122) 434,503 Total investment securities held to maturity $ 2,205,083 $ 79,744 $ (8,363) $ 2,276,465 |
Amortized cost and fair values of investment securities by contractual maturity | The expected maturities of investment securities available for sale and held to maturity at June 30, 2020 are shown below: Available for Sale Held to Maturity ($ in Thousands) Amortized Fair Amortized Fair Due in one year or less $ 9,427 $ 9,458 $ 33,745 $ 33,927 Due after one year through five years 83,136 83,882 67,917 69,887 Due after five years through ten years 343,084 360,051 166,553 175,189 Due after ten years 90,327 97,240 1,168,722 1,268,050 Total debt securities 525,975 550,630 1,436,937 1,547,053 Residential mortgage-related securities FNMA / FHLMC 813,458 818,110 71,872 75,271 GNMA 592,338 605,561 207,908 214,920 Commercial mortgage-related securities FNMA / FHLMC 19,793 22,061 — — GNMA 782,577 803,362 360,570 372,261 Asset backed securities FFELP 356,532 340,474 — — SBA 9,619 9,575 — — Total investment securities $ 3,100,291 $ 3,149,773 $ 2,077,287 $ 2,209,505 Ratio of fair value to amortized cost 101.6 % 106.4 % |
Debt Securities, Held-to-maturity, Credit Quality Indicator | The following table summarizes the credit quality indicators of held to maturity securities at amortized cost at June 30, 2020: ($ in Thousands) AAA AA A Total U. S. Treasury securities $ 999 $ — $ — $ 999 Obligations of state and political subdivisions (municipal securities) 561,670 853,910 20,358 1,435,938 Residential mortgage-related securities FNMA/FHLMC 71,872 — — 71,872 GNMA 207,908 — — 207,908 GNMA commercial mortgage-related securities 360,570 — — 360,570 Total held to maturity securities $ 1,203,018 $ 853,910 $ 20,358 $ 2,077,287 |
Realized gains and losses and proceeds from sale | The proceeds from the sale of investment securities for the three and six months ended June 30, 2020 and 2019 are shown below: Three Months Ended June 30, Six Months Ended June 30, ($ in Thousands) 2020 2019 2020 2019 Gross gains on available for sale securities $ 3,106 $ 654 $ 9,304 $ 2,334 Gross gains on held to maturity securities — — — — Total gains 3,106 654 9,304 2,334 Gross (losses) on available for sale securities (11) (13,636) (90) (13,636) Gross (losses) on held to maturity securities — — — — Total (losses) (11) (13,636) (90) (13,636) Write-up of equity securities without readily determinable fair values — 13,444 — 13,444 Investment securities gains (losses), net $ 3,096 $ 463 $ 9,214 $ 2,143 Proceeds from sales of investment securities $ 261,037 $ 803,105 $ 626,276 $ 934,228 |
Unrealized losses and fair value of available for sale and held to maturity securities, by investment category and time length | The following represents gross unrealized losses and the related fair value of investment securities available for sale and held to maturity, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at June 30, 2020: Less than 12 months 12 months or more Total ($ in Thousands) Number Unrealized Fair Number Unrealized Fair Unrealized Fair Investment securities available for sale Obligations of state and political subdivisions (municipal securities) 1 $ — $ 548 — $ — $ — $ — $ 548 FNMA / FHLMC residential mortgage-related securities 5 — 54,893 — — — — 54,893 Asset backed securities FFELP 9 (5,478) 147,310 17 (10,580) 193,164 (16,058) 340,474 SBA 15 (44) 9,422 — — — (44) 9,422 Total 30 $ (5,522) $ 212,172 17 $ (10,580) $ 193,164 $ (16,102) $ 405,336 Investment securities held to maturity Obligations of state and political subdivisions (municipal securities) 8 $ (52) $ 12,431 2 $ (1) $ 365 $ (53) $ 12,796 Total 8 $ (52) $ 12,431 2 $ (1) $ 365 $ (53) $ 12,796 For comparative purposes, the following represents gross unrealized losses and the related fair value of investment securities available for sale and held to maturity, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2019: Less than 12 months 12 months or more Total ($ in Thousands) Number Unrealized Fair Number Unrealized Fair Unrealized Fair Investment securities available for sale Obligations of state and political subdivisions (municipal securities) 4 $ (18) $ 1,225 — $ — $ — $ (18) $ 1,225 Residential mortgage-related securities FNMA / FHLMC — — — 4 (59) 34,807 (59) 34,807 GNMA 18 (924) 322,394 3 (766) 79,461 (1,689) 401,856 GNMA commercial mortgage-related securities 22 (810) 258,218 42 (11,222) 621,307 (12,032) 879,524 FFELP asset backed securities 19 (6,092) 250,780 2 (393) 12,913 (6,485) 263,693 Other debt securities 2 — 2,000 — — — — 2,000 Total 65 $ (7,843) $ 834,616 51 $ (12,440) $ 748,487 $ (20,284) $ 1,583,104 Investment securities held to maturity Obligations of state and political subdivisions (municipal securities) 52 $ (1,105) $ 77,562 6 $ (13) $ 2,378 $ (1,118) $ 79,940 Residential mortgage-related securities FNMA / FHLMC 1 (6) 1,242 1 (9) 833 (15) 2,075 GNMA 12 (1,059) 187,261 8 (49) 6,587 (1,108) 193,849 GNMA commercial mortgage-related securities 2 (29) 26,202 21 (6,093) 357,733 (6,122) 383,935 Total 67 $ (2,199) $ 292,267 36 $ (6,164) $ 367,532 $ (8,363) $ 659,799 |
Loans Loans (Tables)
Loans Loans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Loan composition | The period end loan composition was as follows: ($ in Thousands) June 30, 2020 December 31, 2019 PPP $ 1,012,033 $ — Commercial and industrial 7,968,709 7,354,594 Commercial real estate — owner occupied 914,385 911,265 Commercial and business lending 9,895,127 8,265,858 Commercial real estate — investor 4,174,125 3,794,517 Real estate construction 1,708,189 1,420,900 Commercial real estate lending 5,882,314 5,215,417 Total commercial 15,777,441 13,481,275 Residential mortgage 7,933,518 8,136,980 Home equity 795,671 852,025 Other consumer 326,040 351,159 Total consumer 9,055,230 9,340,164 Total loans $ 24,832,671 $ 22,821,440 |
Commercial and consumer loans by credit quality indicator | The following table presents commercial and consumer loans by credit quality indicator by vintage year at June 30, 2020: Term Loans Amortized Cost Basis by Origination Year (a) ($ in Thousands) Rev Loans Converted to Term (a) Rev Loans Amortized Cost Basis YTD 2020 2019 2018 2017 2016 Prior Total PPP: (b) Risk rating: Pass $ — $ — $ 985,462 $ — $ — $ — $ — $ — $ 985,462 Special Mention — — 7,409 — — — — — 7,409 Potential Problem — — 19,161 — — — — — 19,161 Paycheck Protection Program $ — $ — $ 1,012,033 $ — $ — $ — $ — $ — $ 1,012,033 Commercial and industrial: Risk rating: Pass $ 20 $ 1,832,797 $ 929,266 $ 1,759,308 $ 1,650,024 $ 597,967 $ 361,006 $ 531,995 $ 7,662,364 Special Mention — 12,802 379 23,783 7,299 15 5,541 17 49,836 Potential Problem (c) 517 12,963 17,235 16,544 66,699 52,176 8,492 2,162 176,270 Nonaccrual (d) 14,465 — 1,597 7,140 188 24,550 16,624 30,141 80,239 Commercial and industrial $ 15,003 $ 1,858,562 $ 948,477 $ 1,806,776 $ 1,724,210 $ 674,708 $ 391,662 $ 564,314 $ 7,968,709 Commercial real estate - owner occupied: Risk rating: Pass $ 1,150 $ 17,897 $ 94,106 $ 213,234 $ 131,748 $ 121,963 $ 166,366 $ 111,790 $ 857,103 Special Mention — — 2,450 16,317 12,776 128 2,439 5,321 39,432 Potential Problem — 77 661 1,409 1,923 2,461 6,106 3,281 15,919 Nonaccrual — — — — 223 335 — 1,374 1,932 Commercial real estate - owner occupied $ 1,150 $ 17,973 $ 97,217 $ 230,960 $ 146,670 $ 124,887 $ 174,911 $ 121,768 $ 914,385 Commercial and business lending: Risk rating: Pass $ 1,170 $ 1,850,694 $ 2,008,834 $ 1,972,542 $ 1,781,772 $ 719,930 $ 527,371 $ 643,786 $ 9,504,929 Special Mention — 12,802 10,239 40,100 20,075 143 7,979 5,338 96,677 Potential Problem (c) 517 13,040 37,058 17,953 68,622 54,637 14,598 5,443 211,350 Nonaccrual (d) 14,465 — 1,597 7,140 411 24,884 16,624 31,515 82,171 Commercial and business lending $ 16,153 $ 1,876,535 $ 2,057,727 $ 2,037,736 $ 1,870,880 $ 799,595 $ 566,572 $ 686,082 $ 9,895,127 Commercial real estate - investor: Risk rating: Pass $ — $ 176,047 $ 847,031 $ 1,083,145 $ 836,244 $ 378,098 $ 400,279 $ 288,644 $ 4,009,488 Special Mention — — 12,886 4,869 17,098 3,686 17,180 9,509 65,228 Potential Problem — 803 14,703 52,762 3,313 314 1,796 14,547 88,237 Nonaccrual 446 — 395 10,256 446 — — 75 11,172 Commercial real estate - investor $ 446 $ 176,850 $ 875,014 $ 1,151,033 $ 857,101 $ 382,098 $ 419,255 $ 312,775 $ 4,174,125 Real estate construction: Risk rating: Pass $ — $ 67,584 $ 279,683 $ 810,738 $ 434,146 $ 69,790 $ 3,095 $ 22,066 $ 1,687,100 Special Mention — — — — 18,402 — — 12 18,414 Potential Problem — — — 211 358 1,557 — 45 2,170 Nonaccrual — — — — — — — 503 503 Real estate construction $ — $ 67,584 $ 279,683 $ 810,949 $ 452,906 $ 71,346 $ 3,095 $ 22,627 $ 1,708,189 Commercial real estate lending: Risk rating: Pass $ — $ 243,630 $ 1,126,713 $ 1,893,883 $ 1,270,390 $ 447,888 $ 403,374 $ 310,710 $ 5,696,589 Special Mention — — 12,886 4,869 35,500 3,686 17,180 9,522 83,643 Potential Problem — 803 14,703 52,973 3,670 1,870 1,796 14,592 90,407 Nonaccrual 446 — 395 10,256 446 — — 578 11,675 Commercial real estate lending $ 446 $ 244,433 $ 1,154,696 $ 1,961,982 $ 1,310,007 $ 453,444 $ 422,349 $ 335,402 $ 5,882,314 Term Loans Amortized Cost Basis by Origination Year (a) ($ in Thousands) Rev Loans Converted to Term (a) Rev Loans Amortized Cost Basis YTD 2020 2019 2018 2017 2016 Prior Total Total commercial: Risk rating: Pass $ 1,170 $ 2,094,324 $ 3,135,547 $ 3,866,425 $ 3,052,162 $ 1,167,818 $ 930,746 $ 954,496 $ 15,201,517 Special Mention — 12,802 23,125 44,969 55,576 3,829 25,159 14,860 180,320 Potential Problem 517 13,843 51,760 70,927 72,292 56,507 16,393 20,035 301,758 Nonaccrual 14,911 — 1,992 17,397 857 24,884 16,624 32,093 93,846 Total commercial $ 16,599 $ 2,120,969 $ 3,212,424 $ 3,999,718 $ 3,180,887 $ 1,253,039 $ 988,922 $ 1,021,484 $ 15,777,441 Residential mortgage: Risk rating: Pass $ — $ 90 $ 943,953 $ 1,726,616 $ 766,921 $ 1,274,176 $ 1,160,820 $ 1,990,617 $ 7,863,194 Special Mention — — — — 270 — 36 206 511 Potential Problem — — 780 707 205 212 226 1,028 3,157 Nonaccrual — — 1,758 3,659 6,953 8,434 10,798 35,055 66,656 Residential mortgage $ — $ 90 $ 946,490 $ 1,730,982 $ 774,348 $ 1,282,822 $ 1,171,880 $ 2,026,905 $ 7,933,518 Home equity: Risk rating: Pass $ 2,005 $ 631,366 $ 1,746 $ 16,439 $ 21,034 $ 15,073 $ 7,510 $ 88,904 $ 782,073 Special Mention 233 199 — — 16 24 — 610 849 Potential Problem — 1,775 — — — — — 146 1,921 Nonaccrual 586 673 297 124 491 387 233 8,623 10,829 Home equity $ 2,824 $ 634,013 $ 2,044 $ 16,564 $ 21,541 $ 15,484 $ 7,743 $ 98,282 $ 795,671 Other consumer: Risk rating: Pass $ 15 $ 168,601 $ 4,497 $ 14,764 $ 5,581 $ 2,811 $ 2,015 $ 126,920 $ 325,190 Special Mention 1 530 — 30 6 — — 7 574 Nonaccrual 7 84 10 53 22 — 78 30 276 Other consumer $ 22 $ 169,215 $ 4,507 $ 14,847 $ 5,610 $ 2,811 $ 2,094 $ 126,957 $ 326,040 Total consumer: Risk rating: Pass $ 2,020 $ 800,057 $ 950,196 $ 1,757,820 $ 793,537 $ 1,292,060 $ 1,170,346 $ 2,206,441 $ 8,970,456 Special Mention 234 729 — 30 292 24 36 823 1,934 Potential Problem — 1,775 780 707 205 212 226 1,174 5,078 Nonaccrual 593 757 2,065 3,836 7,466 8,821 11,110 43,707 77,761 Total consumer $ 2,846 $ 803,318 $ 953,041 $ 1,762,393 $ 801,499 $ 1,301,117 $ 1,181,717 $ 2,252,145 $ 9,055,230 Total loans: Risk rating: Pass $ 3,190 $ 2,894,381 $ 4,085,744 $ 5,624,245 $ 3,845,698 $ 2,459,878 $ 2,101,091 $ 3,160,936 $ 24,171,974 Special Mention 234 13,531 23,125 44,999 55,868 3,854 25,195 15,683 182,254 Potential Problem 517 15,618 52,540 71,634 72,497 56,719 16,619 21,209 306,836 Nonaccrual 15,504 757 4,056 21,232 8,323 33,705 27,733 75,800 171,607 Total loans $ 19,445 $ 2,924,286 $ 4,165,465 $ 5,762,111 $ 3,982,386 $ 2,554,155 $ 2,170,639 $ 3,273,628 $ 24,832,671 (a) Revolving loans converted to term loans are also reported in their year of origination (b) The Corporation’s policy is to assign risk ratings at the borrower level. PPP loans are 100% guaranteed by the SBA and therefore the Corporation considers these loans to have a risk profile similar to pass rated loans. (c) Includes $63 million of oil and gas related loans (d) Includes $50 million of oil and gas related loans The following table presents commercial and consumer loans by credit quality indicator at December 31, 2019 : ($ in Thousands) Pass Special Mention Potential Problem Nonaccrual Total Commercial and industrial $ 7,118,448 $ 79,525 $ 110,308 $ 46,312 $ 7,354,594 Commercial real estate - owner occupied 866,193 25,115 19,889 67 911,265 Commercial and business lending 7,984,641 104,641 130,197 46,380 8,265,858 Commercial real estate - investor 3,620,785 139,873 29,449 4,409 3,794,517 Real estate construction 1,420,374 33 — 493 1,420,900 Commercial real estate lending 5,041,159 139,906 29,449 4,902 5,215,417 Total commercial 13,025,800 244,547 159,646 51,282 13,481,275 Residential mortgage 8,077,122 563 1,451 57,844 8,136,980 Home equity 841,757 1,164 — 9,104 852,025 Other consumer 350,260 748 — 152 351,159 Total consumer 9,269,139 2,475 1,451 67,099 9,340,164 Total loans $ 22,294,939 $ 247,022 $ 161,097 $ 118,380 $ 22,821,440 |
Summarized details of Loans | The following table presents loans by past due status at June 30, 2020: Accruing ($ in Thousands) Current (a) 30-59 Days 60-89 Days 90 Days or Nonaccrual (b)(c) Total PPP $ 1,012,033 $ — $ — $ — $ — $ 1,012,033 Commercial and industrial 7,887,369 274 442 385 80,239 7,968,709 Commercial real estate - owner occupied 912,254 199 — — 1,932 914,385 Commercial and business lending 9,811,656 473 442 385 82,171 9,895,127 Commercial real estate - investor 4,149,079 2,886 10,989 — 11,172 4,174,125 Real estate construction 1,707,300 373 12 — 503 1,708,189 Commercial real estate lending 5,856,379 3,259 11,001 — 11,675 5,882,314 Total commercial 15,668,035 3,732 11,443 385 93,846 15,777,441 Residential mortgage 7,863,839 2,789 233 — 66,656 7,933,518 Home equity 781,735 2,259 849 — 10,829 795,671 Other consumer 323,201 883 599 1,081 276 326,040 Total consumer 8,968,775 5,932 1,681 1,081 77,761 9,055,230 Total loans $ 24,636,810 $ 9,664 $ 13,125 $ 1,466 $ 171,607 $ 24,832,671 (a) Any deferred loans related to COVID-19 are considered current in accordance with Section 4013 of the CARES Act. (b) Of the total nonaccrual loans, $117 million, or 68%, were current with respect to payment at June 30, 2020. (c) No interest income was recognized on nonaccrual loans for both the three and six months ended June 30, 2020. In addition, there were $91 million of nonaccrual loans for which there was no related ACLL at June 30, 2020. The following table presents loans by past due status at December 31, 2019: Accruing ($ in Thousands) Current 30-59 Days 60-89 Days 90 Days or Nonaccrual (a) Total Commercial and industrial $ 7,307,118 $ 576 $ 245 $ 342 $ 46,312 $ 7,354,594 Commercial real estate - owner occupied 909,828 1,369 — — 67 911,265 Commercial and business lending 8,216,947 1,945 245 342 46,380 8,265,858 Commercial real estate - investor 3,788,296 1,812 — — 4,409 3,794,517 Real estate construction 1,420,310 64 33 — 493 1,420,900 Commercial real estate lending 5,208,606 1,876 33 — 4,902 5,215,417 Total commercial 13,425,552 3,821 278 342 51,282 13,481,275 Residential mortgage 8,069,863 8,749 525 — 57,844 8,136,980 Home equity 837,274 4,483 1,164 — 9,104 852,025 Other consumer 347,007 1,135 949 1,917 152 351,159 Total consumer 9,254,144 14,366 2,638 1,917 67,099 9,340,164 Total loans $ 22,679,696 $ 18,188 $ 2,916 $ 2,259 $ 118,380 $ 22,821,440 (a) Of the total nonaccrual loans, $48 million, or 41%, were current with respect to payment at December 31, 2019. |
Summarized details of impaired Loans | The following table presents impaired loans individually evaluated under ASC Topic 310, excluding $2 million of purchased credit-impaired loans, at December 31, 2019 : ($ in Thousands) Recorded Unpaid Related Average Interest Loans with a related allowance Commercial and industrial $ 47,249 $ 63,346 $ 12,010 $ 45,290 $ 1,832 Commercial real estate — owner occupied 1,676 1,682 19 1,774 88 Commercial and business lending 48,924 65,028 12,029 47,064 1,919 Commercial real estate — investor 928 2,104 15 950 15 Real estate construction 477 559 67 494 30 Commercial real estate lending 1,405 2,663 82 1,445 45 Total commercial 50,329 67,691 12,111 48,509 1,965 Residential mortgage 21,450 22,625 2,740 23,721 856 Home equity 3,076 3,468 1,190 3,756 191 Other consumer 1,247 1,249 125 1,250 1 Total consumer 25,773 27,342 4,055 28,726 1,047 Total loans with a related allowance $ 76,102 $ 95,033 $ 16,165 $ 77,235 $ 3,012 Loans with no related allowance Commercial and industrial $ 14,787 $ 33,438 $ — $ 20,502 $ 63 Commercial real estate — owner occupied — — — — — Commercial and business lending 14,787 33,438 — 20,502 63 Commercial real estate — investor 3,705 3,705 — 3,980 159 Real estate construction — — — — — Commercial real estate lending 3,705 3,705 — 3,980 159 Total commercial 18,491 37,142 — 24,482 222 Residential mortgage 14,104 14,461 — 10,962 373 Home equity 1,346 1,383 — 1,017 21 Other consumer — — — — — Total consumer 15,450 15,845 — 11,979 394 Total loans with no related allowance $ 33,941 $ 52,987 $ — $ 36,462 $ 616 Total Commercial and industrial $ 62,035 $ 96,784 $ 12,010 $ 65,792 $ 1,895 Commercial real estate — owner occupied 1,676 1,682 19 1,774 88 Commercial and business lending 63,711 98,466 12,029 67,566 1,982 Commercial real estate — investor 4,633 5,808 15 4,931 174 Real estate construction 477 559 67 494 30 Commercial real estate lending 5,110 6,367 82 5,425 204 Total commercial 68,820 104,833 12,111 72,991 2,186 Residential mortgage 35,554 37,087 2,740 34,683 1,229 Home equity 4,422 4,851 1,190 4,773 211 Other consumer 1,247 1,249 125 1,250 1 Total consumer 41,223 43,187 4,055 40,706 1,441 Total loans (a) $ 110,043 $ 148,020 $ 16,165 $ 113,697 $ 3,628 |
Nonaccrual and performing restructured loans | The following table presents nonaccrual and performing restructured loans by loan portfolio: June 30, 2020 December 31, 2019 ($ in Thousands) Performing Nonaccrual Restructured Loans (a) Performing Nonaccrual Restructured Loans (a) PPP $ — $ — $ — $ — Commercial and industrial 16,321 7,968 16,678 7,376 Commercial real estate — owner occupied 1,441 — 1,676 — Commercial real estate — investor 114 395 293 — Real estate construction 313 173 298 179 Residential mortgage 4,178 15,401 3,955 13,035 Home equity 1,717 1,424 1,896 1,904 Other consumer 1,219 — 1,246 1 Total restructured loans (b) $ 25,303 $ 25,362 $ 26,041 $ 22,494 (a) Nonaccrual restructured loans have been included within nonaccrual loans. (b) Does not include any restructured loans related to COVID-19 in accordance with Section 4013 of the CARES Act. |
Summary of restructured loans | The following table provides the number of loans modified in a TDR by loan portfolio, the recorded investment and unpaid principal balance for the six months ended June 30, 2020 and 2019: Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 ($ in Thousands) Number Recorded Investment (a) Unpaid Principal Balance (b) Number Recorded Investment (a) Unpaid Principal Balance (b) PPP — $ — $ — — $ — $ — Commercial and industrial 2 1,112 1,140 1 196 196 Commercial real estate — owner occupied 1 288 319 — — — Commercial real estate — investor 1 395 1,705 — — — Real estate construction 1 102 102 — — — Residential mortgage 24 5,163 5,237 38 5,665 5,682 Home equity 15 471 483 18 499 506 Other consumer — — — 1 10 10 Total loans modified 44 $ 7,531 $ 8,986 58 $ 6,370 $ 6,394 (a) Represents post-modification outstanding recorded investment. (b) Represents pre-modification outstanding recorded investment. |
Troubled debt restructurings subsequent redefault | The following table provides the number of loans modified in a TDR during the previous twelve months which subsequently defaulted during the six months ended June 30, 2020 and 2019 and the recorded investment in these restructured loans as of June 30, 2020 and 2019: Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 ($ in Thousands) Number of Recorded Number of Recorded Residential mortgage 5 $ 1,036 16 $ 2,813 Home equity 4 208 14 477 Total loans modified 9 $ 1,244 30 $ 3,290 |
Changes in the allowance for loan losses by portfolio segment | The following table presents a summary of the changes in the ACLL by portfolio segment for the six months ended June 30, 2020: ($ in Thousands) Dec. 31, 2019 Cumulative effect of ASU 2016-13 adoption (CECL) Jan. 1, 2020 Charge offs Recoveries Net Charge offs Gross up of allowance for PCD loans at acquisition Provision recorded at acquisition Provision for loan losses June 30, 2020 ACLL / Loans Allowance for loan losses PPP $ — $ — $ — $ — $ — $ — $ — $ — $ 808 $ 808 Commercial and industrial 91,133 52,919 144,052 (42,183) 2,215 (39,968) 293 408 70,767 175,553 Commercial real estate — owner occupied 10,284 (1,851) 8,433 — 1 1 890 255 736 10,315 Commercial and business lending 101,417 51,068 152,485 (42,183) 2,216 (39,967) 1,183 663 72,311 186,676 Commercial real estate — investor 40,514 2,041 42,555 (140) 168 28 753 472 14,713 58,520 Real estate construction 24,915 7,467 32,382 (19) 27 8 435 492 5,076 38,393 Commercial real estate lending 65,428 9,508 74,937 (159) 195 36 1,188 964 19,789 96,913 Total commercial 166,846 60,576 227,422 (42,342) 2,412 (39,931) 2,371 1,627 92,101 283,590 Residential mortgage 16,960 33,215 50,175 (1,301) 174 (1,127) 651 403 (6,276) 43,825 Home equity 10,926 11,649 22,575 (1,213) 981 (232) 422 374 (1,677) 21,462 Other consumer 6,639 7,016 13,655 (2,802) 562 (2,240) 61 140 3,309 14,926 Total consumer 34,525 51,880 86,405 (5,316) 1,717 (3,599) 1,134 917 (4,644) 80,213 Total loans $ 201,371 $ 112,457 $ 313,828 $ (47,659) $ 4,129 $ (43,530) $ 3,504 $ 2,543 $ 87,457 $ 363,803 Allowance for unfunded commitments PPP $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial and industrial 12,276 (3,998) 8,278 — — — — 61 11,261 19,601 Commercial real estate — owner occupied 127 — 127 — — — — 4 93 224 Commercial and business lending 12,403 (3,998) 8,405 — — — — 65 11,354 19,824 Commercial real estate — investor 530 246 776 — — — — 2 (227) 550 Real estate construction 7,532 18,347 25,879 — — — — 45 11,956 37,880 Commercial real estate lending 8,062 18,593 26,655 — — — — 47 11,729 38,430 Total commercial 20,465 14,595 35,060 — — — — 112 23,084 58,256 Home equity 1,038 2,591 3,629 — — — — 66 152 3,846 Other consumer 405 1,504 1,909 — — — — — 766 2,675 Total consumer 1,443 4,095 5,538 — — — — 66 917 6,522 Total loans $ 21,907 $ 18,690 $ 40,597 $ — $ — $ — $ — $ 179 $ 24,000 $ 64,776 Allowance for credit losses on loans PPP $ — $ — $ — $ — $ — $ — $ — $ — $ 808 $ 808 0.08 % Commercial and industrial 103,409 48,921 152,330 (42,183) 2,215 (39,968) 293 469 82,028 195,155 2.45 % Commercial real estate — owner occupied 10,411 (1,851) 8,560 — 1 1 890 259 829 10,538 1.15 % Commercial and business lending 113,820 47,070 160,890 (42,183) 2,216 (39,967) 1,183 728 83,666 206,501 2.09 % Commercial real estate — investor 41,044 2,287 43,331 (140) 168 28 753 474 14,486 59,070 1.42 % Real estate construction 32,447 25,814 58,261 (19) 27 8 435 537 17,032 76,273 4.47 % Commercial real estate lending 73,490 28,101 101,591 (159) 195 36 1,188 1,011 31,518 135,343 2.30 % Total commercial 187,311 75,171 262,482 (42,342) 2,412 (39,931) 2,371 1,739 115,184 341,844 2.17 % Residential mortgage 16,960 33,215 50,175 (1,301) 174 (1,127) 651 403 (6,277) 43,826 0.55 % Home equity 11,964 14,240 26,204 (1,213) 981 (232) 422 440 (1,526) 25,308 3.18 % Other consumer 7,044 8,520 15,564 (2,802) 562 (2,240) 61 140 4,076 17,601 5.40 % Total consumer 35,968 55,975 91,943 (5,316) 1,717 (3,599) 1,134 983 (3,727) 86,735 0.96 % Total loans $ 223,278 $ 131,147 $ 354,425 $ (47,659) $ 4,129 $ (43,530) $ 3,504 $ 2,722 $ 111,457 $ 428,579 1.73 % The following table presents details of the allowance for loan losses segregated by loan portfolio segment as of December 31, 2019, calculated in accordance with prior incurred loss methodology applicable under ASC Topic 310: ($ in Thousands) December 31, 2018 Charge offs Recoveries Net Charge offs Provision for loan losses December 31, 2019 Allowance for loan losses Commercial and industrial $ 108,835 $ (63,315) $ 11,875 $ (51,441) $ 33,738 $ 91,133 Commercial real estate — owner occupied 9,255 (222) 2,795 2,573 (1,543) 10,284 Commercial and business lending 118,090 (63,537) 14,670 (48,868) 32,195 101,417 Commercial real estate — investor 40,844 — 31 31 (361) 40,514 Real estate construction 28,240 (60) 302 243 (3,568) 24,915 Commercial real estate lending 69,084 (60) 333 274 (3,929) 65,429 Total commercial 187,174 (63,597) 15,003 (48,594) 28,266 166,846 Residential mortgage 25,595 (3,322) 692 (2,630) (6,005) 16,960 Home equity 19,266 (1,846) 2,599 753 (9,093) 10,926 Other consumer 5,988 (5,548) 868 (4,681) 5,332 6,639 Total consumer 50,849 (10,716) 4,159 (6,558) (9,766) 34,525 Total loans $ 238,023 $ (74,313) $ 19,161 $ (55,152) $ 18,500 $ 201,371 A summary of the individually and collectively evaluated loans by portfolio segment at December 31, 2019, was as follows: Allowance for loan losses Loans ($ in Thousands) Individually evaluated for impairment Collectively evaluated for impairment Total allowance for loan losses Individually evaluated for impairment Collectively evaluated for impairment Acquired and accounted for under ASC 310-30 (a) Total loans Commercial and industrial $ 12,010 $ 79,123 $ 91,133 $ 62,035 $ 7,292,217 $ 342 $ 7,354,594 Commercial real estate — owner occupied 19 10,265 10,284 1,676 909,010 579 911,265 Commercial and business lending 12,029 89,388 101,417 63,711 8,201,227 921 8,265,858 Commercial real estate — investor 15 40,498 40,514 4,633 3,789,755 129 3,794,517 Real estate construction 67 24,848 24,915 477 1,420,416 7 1,420,900 Commercial real estate lending 82 65,346 65,429 5,110 5,210,171 136 5,215,417 Total commercial 12,111 154,734 166,846 68,821 13,411,398 1,057 13,481,275 Residential mortgage 2,740 14,220 16,960 35,554 8,100,958 469 8,136,980 Home equity 1,190 9,737 10,926 4,422 847,577 26 852,025 Other consumer 125 6,514 6,639 1,247 349,912 — 351,159 Total consumer 4,055 30,471 34,525 41,223 9,298,447 495 9,340,164 Total loans $ 16,165 $ 185,205 $ 201,371 $ 110,043 $ 22,709,845 $ 1,552 $ 22,821,440 (a) Loans acquired in business combinations and accounted for under ASC Subtopic 310-30 "Receivables — Loans and Debt Securities Acquired with Deteriorated Credit Quality." |
Changes in the allowance for unfunded commitments | The following table presents a summary of the changes in the allowance for unfunded commitments: ($ in Thousands) Six Months Ended June 30, 2020 Year Ended December 31, 2019 Allowance for Unfunded Commitments Balance at beginning of period $ 21,907 $ 24,336 Cumulative effect of ASU 2016-13 adoption (CECL) 18,690 N/A Balance at beginning of period, adjusted 40,597 24,336 Provision for unfunded commitments 24,000 (2,500) Amount recorded at acquisition 179 70 Balance at end of period $ 64,776 $ 21,907 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of core deposit intangibles and other intangibles | For CDIs and other intangibles, changes in the gross carrying amount, accumulated amortization, and net book value were as follows: ($ in Thousands) Six Months Ended June 30, 2020 Year Ended December 31, 2019 Core deposit intangibles Gross carrying amount at the beginning of the year $ 80,730 $ 58,100 Additions during the period 7,379 22,630 Accumulated amortization (16,800) (12,456) Net book value $ 71,309 $ 68,274 Amortization during the year $ 4,344 $ 7,130 Other intangibles Gross carrying amount at the beginning of the year $ 38,970 $ 44,887 Additions during the period 200 — Reductions due to sale (17,435) (217) Accumulated amortization (20,285) (24,643) Net book value $ 1,450 $ 20,027 Amortization during the year $ 1,343 $ 2,818 |
Summary of changes in balance of mortgage servicing rights asset and mortgage servicing rights valuation allowance | A summary of changes in the balance of the MSRs asset and the MSRs valuation allowance is as follows: ($ in Thousands) Six Months Ended June 30, 2020 Year Ended December 31, 2019 Mortgage servicing rights Mortgage servicing rights at beginning of period $ 67,607 $ 68,433 Additions from acquisition 1,357 — Additions 7,812 11,606 Amortization (10,043) (12,432) Mortgage servicing rights at end of period $ 66,734 $ 67,607 Valuation allowance at beginning of period $ (302) $ (239) (Additions) recoveries, net (17,029) (63) Valuation allowance at end of period $ (17,331) $ (302) Mortgage servicing rights, net $ 49,403 $ 67,306 Fair value of mortgage servicing rights $ 49,423 $ 72,532 Portfolio of residential mortgage loans serviced for others (“servicing portfolio”) $ 8,454,204 $ 8,488,969 Mortgage servicing rights, net to servicing portfolio 0.58 % 0.79 % Mortgage servicing rights expense (a) $ 27,072 $ 12,494 |
Summary of estimated future amortization expense | The following table shows the estimated future amortization expense for amortizing intangible assets: ($ in Thousands) Core Deposit Intangibles Other Intangibles Mortgage Servicing Rights Six Months Ending December 31, 2020 $ 4,405 $ 100 $ 7,676 2021 8,811 200 14,970 2022 8,811 200 10,982 2023 8,811 200 8,269 2024 8,811 200 6,409 2025 8,811 200 5,082 Beyond 2025 22,849 350 13,346 Total Estimated Amortization Expense $ 71,309 $ 1,450 $ 66,734 |
Short and Long-Term Funding (Ta
Short and Long-Term Funding (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Breakdown of short & long-term debt balances | The following table presents the components of short-term funding (funding with original contractual maturities of one year or less), long-term funding (funding with original contractual maturities greater than one year), and FHLB advances (funding based on original contractual maturities): ($ in Thousands) June 30, 2020 December 31, 2019 Short-Term Funding Federal funds purchased $ 3,430 $ 362,000 Securities sold under agreements to repurchase 138,863 71,097 Federal funds purchased and securities sold under agreements to repurchase 142,293 433,097 Commercial paper 39,535 32,016 Total short-term funding $ 181,828 $ 465,113 Long-Term Funding Bank senior notes, at par, due 2021 $ 300,000 $ 300,000 Corporation subordinated notes, at par, due 2025 250,000 250,000 PPPLF 1,009,760 — Finance leases 1,202 2,209 Capitalized costs (2,265) (2,866) Total long-term funding 1,558,698 549,343 Total short and long-term funding, excluding FHLB advances $ 1,740,525 $ 1,014,456 FHLB Advances Short-term FHLB advances $ — $ 520,000 Long-term FHLB advances 2,657,016 2,660,967 Total FHLB advances $ 2,657,016 $ 3,180,967 Total short and long-term funding $ 4,397,542 $ 4,195,422 |
Remaining contractual maturity of securities sold under agreements to repurchase | The remaining contractual maturity of the securities sold under agreements to repurchase on the consolidated balance sheets as of June 30, 2020 and December 31, 2019 are presented in the following table: Remaining Contractual Maturity of the Agreements ($ in Thousands) Overnight and Continuous Up to 30 days 30-90 days Greater than 90 days Total June 30, 2020 Repurchase agreements Agency mortgage-related securities $ 138,863 $ — $ — $ — $ 138,863 Total $ 138,863 $ — $ — $ — $ 138,863 December 31, 2019 Repurchase agreements Agency mortgage-related securities $ 71,097 $ — $ — $ — $ 71,097 Total $ 71,097 $ — $ — $ — $ 71,097 |
Derivative and Hedging Activi_2
Derivative and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary Of Other derivative instruments not designated as hedging instruments | The following table presents the total notional amounts and gross fair values of the Company’s derivatives, as well as the balance sheet netting adjustments as of June 30, 2020 and December 31, 2019. The derivative assets and liabilities are presented on a gross basis prior to the application of bilateral collateral and master netting agreements, but after the variation margin payments with central clearing organizations have been applied as settlement, as applicable. Total derivative assets and liabilities are adjusted to take into consideration the effects of legally enforceable master netting agreements and cash collateral received or paid as of June 30, 2020 and December 31, 2019. The resulting net derivative asset and liability fair values are included in other assets and accrued expenses and other liabilities, respectively, on the consolidated balance sheets. June 30, 2020 December 31, 2019 Asset Liability Asset Liability ($ in Thousands) Notional Amount Fair Value Notional Amount Fair Value Notional Amount Fair Value Notional Amount Fair Value Not designated as hedging instruments Interest rate-related instruments $ 3,564,015 $ 238,003 $ 3,564,015 $ 31,472 $ 3,029,877 $ 77,024 $ 3,029,877 $ 13,073 Foreign currency exchange forwards 337,015 4,200 290,557 4,102 272,636 4,226 264,653 4,048 Commodity contracts 163,307 38,543 158,756 36,998 255,089 20,528 255,165 19,624 Mortgage banking (a) 299,330 12,837 393,184 1,293 255,291 2,527 263,000 710 Gross derivatives before netting $ 293,583 $ 73,865 $ 104,305 $ 37,455 Less: Legally enforceable master netting agreements 1,586 1,586 10,410 10,410 Less: Cash collateral pledged/received 36,234 32,285 1,408 11,365 Total derivative instruments, after netting $ 255,763 $ 39,994 $ 92,487 $ 15,680 (a) Mortgage derivative assets include interest rate lock commitments and mortgage derivative liabilities include forward commitments. |
Schedule of cash flow hedging instruments, statements of financial performance and financial position location | The table below identifies the effect of fair value hedge accounting on the Corporation's consolidated statements of income for the three and six months ended June 30, 2020 and 2019: Location and Amount of Gain or (Loss) Recognized in Income on Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 ($ in Thousands) Interest Income Other Income (Expense) Interest Income Other Income (Expense) Interest Income Other Income (Expense) Interest Income Other Income (Expense) Total amounts of income and expense line items presented on the consolidated statements of income in which the effects of the fair value hedge is recorded $ (542) $ — $ 53 $ — $ (864) $ (262) $ 219 $ — The effects of fair value hedging: Gain or (loss) on fair value hedging relationships in Subtopic 815-20 Interest contracts Hedged items (542) — 4,165 — (864) (262) 6,222 — Derivatives designated as hedging instruments (a) — — (4,112) — — — (6,003) — (a) Includes net settlements on the derivatives. |
Gain (loss) on derivative instruments not designated as hedging instruments | The table below identifies the effect of derivatives not designated as hedging instruments on the Corporation's consolidated statements of income for the three and six months ended June 30, 2020 and 2019: Consolidated Statements of Income Category of Three Months Ended June 30, Six Months Ended June 30, ($ in Thousands) 2020 2019 2020 2019 Derivative Instruments Interest rate-related instruments — customer and mirror, net Capital markets, net $ (65) $ (1,018) $ (3,155) $ (1,690) Foreign currency exchange forwards Capital markets, net 41 186 (81) 212 Commodity contracts Capital markets, net (105) (1,678) 641 (2,245) Interest rate lock commitments (mortgage) Mortgage banking, net 382 1,837 10,310 2,661 Forward commitments (mortgage) Mortgage banking, net 9,679 (78) (582) 169 |
Balance Sheet Offsetting (Table
Balance Sheet Offsetting (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Offsetting [Abstract] | |
Balance sheet offsetting of derivative assets and liabilities | The following table presents the interest rate, commodity, and foreign exchange assets and liabilities subject to an enforceable master netting arrangement. The interest, commodity and foreign exchange agreements the Corporation has with its commercial customers are not subject to an enforceable master netting arrangement and are therefore excluded from this table: Gross Amounts Recognized Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets Net Amounts Presented on the Consolidated Balance Sheets Investment Securities Received ($ in Thousands) Derivative Cash Collateral Received Net amount Derivative assets June 30, 2020 $ 38,569 $ (1,586) $ (36,234) $ 749 $ — $ 749 December 31, 2019 11,864 (10,410) (1,408) 45 — 45 Gross Amounts Recognized Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets Net Amounts Presented on the Consolidated Balance Sheets Investment Securities Pledged ($ in Thousands) Derivative Liabilities Offset Cash Collateral Pledged Net amount Derivative liabilities June 30, 2020 $ 34,434 $ (1,586) $ (32,285) $ 564 $ — $ 564 December 31, 2019 22,189 (10,410) (11,365) 413 — 413 |
Commitments, Off-Balance Shee_2
Commitments, Off-Balance Sheet Arrangements, Legal Proceedings and Regulatory Matters (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of lending-related and other commitments | The following is a summary of lending-related commitments: ($ in Thousands) June 30, 2020 December 31, 2019 Commitments to extend credit, excluding commitments to originate residential mortgage loans held for sale (a)(b) $ 9,580,338 $ 9,024,412 Commercial letters of credit (a) 6,123 7,081 Standby letters of credit (c) 265,223 277,969 (a) These off-balance sheet financial instruments are exercisable at the market rate prevailing at the date the underlying transaction will be completed and, thus, are deemed to have no current fair value, or the fair value is based on fees currently charged to enter into similar agreements and was not material at June 30, 2020 or December 31, 2019. (b) Interest rate lock commitments to originate residential mortgage loans held for sale are considered derivative instruments and are disclosed in Note 10. (c) The Corporation has established a liability of $3 million for both June 30, 2020 and December 31, 2019, as an estimate of the fair value of these financial instruments. |
Schedule Of Unfunded Commitments [Table Text Block] | The following table presents a summary of the changes in the allowance for unfunded commitments: ($ in Thousands) Six Months Ended June 30, 2020 Year Ended December 31, 2019 Allowance for Unfunded Commitments Balance at beginning of period $ 21,907 $ 24,336 Cumulative effect of ASU 2016-13 adoption (CECL) 18,690 N/A Balance at beginning of period, adjusted 40,597 24,336 Provision for unfunded commitments 24,000 (2,500) Amount recorded at acquisition 179 70 Balance at end of period $ 64,776 $ 21,907 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured on recurring basis at fair value | The table below presents the Corporation’s financial instruments measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019, aggregated by the level in the fair value hierarchy within which those measurements fall: ($ in Thousands) Fair Value Hierarchy June 30, 2020 December 31, 2019 Assets Investment securities available for sale U.S. Treasury securities Level 1 $ 26,735 $ — Agency securities Level 2 25,007 — Obligations of state and political subdivisions (municipal securities) Level 2 495,888 546,160 Residential mortgage-related securities FNMA / FHLMC Level 2 818,110 132,660 GNMA Level 2 605,561 985,139 Commercial mortgage-related securities FNMA / FHLMC Level 2 22,061 21,728 GNMA Level 2 803,362 1,310,207 Asset backed securities FFELP Level 2 340,474 263,693 SBA Level 2 9,575 — Other debt securities Level 2 3,000 3,000 Total investment securities available for sale Level 1 $ 26,735 $ — Total investment securities available for sale Level 2 3,123,039 3,262,586 Equity securities with readily determinable fair values Level 1 1,647 1,646 Residential loans held for sale Level 2 196,673 136,280 Interest rate-related instruments (a) Level 2 238,003 77,024 Foreign currency exchange forwards (a) Level 2 4,200 4,226 Commodity contracts (a) Level 2 38,543 20,528 Interest rate lock commitments to originate residential mortgage loans held for sale Level 3 12,837 2,527 Liabilities Interest rate-related instruments (a) Level 2 $ 31,472 $ 13,073 Foreign currency exchange forwards (a) Level 2 4,102 4,048 Commodity contracts (a) Level 2 36,998 19,624 Forward commitments to sell residential mortgage loans Level 3 1,293 710 |
Assets and liabilities measured at fair value using significant unobservable inputs (level 3) | The table below presents a rollforward of the consolidated balance sheets amounts for the six months ended June 30, 2020 and the year ended December 31, 2019, for the Corporation's mortgage derivatives measured on a recurring basis and classified within Level 3 of the fair value hierarchy: ($ in Thousands) Interest rate lock commitments to originate residential mortgage loans held for sale Forward commitments to sell residential mortgage loans Total Balance December 31, 2018 $ 2,208 $ 2,072 $ 140 New production 24,164 (2,367) 26,531 Closed loans / settlements (29,375) (5,968) (23,407) Other 5,530 6,973 (1,443) Mortgage derivative gain (loss) 319 (1,362) 1,681 Balance December 31, 2019 $ 2,527 $ 710 $ 1,817 New production $ 44,349 $ (439) $ 44,788 Closed loans / settlements (37,505) (12,197) (25,308) Other 3,467 13,218 (9,752) Mortgage derivative gain (loss) 10,310 582 9,727 Balance June 30, 2020 $ 12,837 $ 1,293 $ 11,544 |
Equity securities without readily determinable fair value | The following table presents the carrying value of equity securities without readily determinable fair values still held as of June 30, 2020 that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable. Also shown are the cumulative upward and downward adjustments for the Corporation's equity securities without readily determinable fair values as of June 30, 2020: ($ in Thousands) Equity securities without readily determinable fair values Carrying value as of December 31, 2019 $ 13,444 Carrying value changes — Carrying value as of June 30, 2020 $ 13,444 Cumulative upward carrying value changes between January 1, 2018 and June 30, 2020 $ 13,444 Cumulative downward carrying value changes/impairment between January 1, 2018 and June 30, 2020 $ — |
Assets and liabilities measured on nonrecurring basis at fair value | The table below presents the Corporation’s assets measured at fair value on a nonrecurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall: Consolidated Statements of Income Adjustment Recognized on the Consolidated Statements of Income ($ in Thousands) Fair Value Hierarchy Fair Value June 30, 2020 Assets Individually evaluated loans (a) Level 3 $ 88,416 Provision for credit losses $ (58,523) OREO (b) Level 2 6,611 Other noninterest expense (2,273) Mortgage servicing rights Level 3 49,423 Mortgage banking, net (17,029) December 31, 2019 Assets Impaired loans (c) Level 3 $ 45,792 Provision for credit losses (d) $ (66,172) OREO (b) Level 2 3,565 Other noninterest expense (1,860) Mortgage servicing rights Level 3 72,532 Mortgage banking, net (63) Equity securities Level 3 13,444 Investment securities gains (losses), net 13,444 (a) Includes probable TDRs which are individually analyzed, net of the related allowance for loan losses. (b) If the fair value of the collateral exceeds the carrying amount of the asset, no charge off or adjustment is necessary, the asset is not considered to be carried at fair value, and is therefore not included in the table. (c) Represents individually evaluated impaired loans, net of the related allowance for loan losses. (d) Represents provision for credit losses on individually evaluated impaired loans. |
Schedule of assumptions for fair value as of balance sheet date of assets or liabilities that relate to transferor's continuing involvement | The table below presents information about these inputs and further discussion is found above: June 30, 2020 Valuation Technique Significant Unobservable Input Range of Inputs Weighted Average Input Applied Mortgage servicing rights Discounted cash flow Discount rate 9% - 14% 9% Mortgage servicing rights Discounted cash flow Constant prepayment rate 12% - 35% 18% Individually evaluated loans Appraisals / Discounted cash flow Collateral / Discount factor 0% - 68% 66% |
Estimated fair values of financial instruments | Fair value estimates are set forth below for the Corporation’s financial instruments: June 30, 2020 December 31, 2019 ($ in Thousands) Fair Value Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value Financial assets Cash and due from banks Level 1 $ 443,500 $ 443,500 $ 373,380 $ 373,380 Interest-bearing deposits in other financial institutions Level 1 1,569,006 1,569,006 207,624 207,624 Federal funds sold and securities purchased under agreements to resell Level 1 185 185 7,740 7,740 Investment securities held to maturity, net Level 1 999 1,036 999 1,018 Investment securities held to maturity, net Level 2 2,076,226 2,208,408 2,204,084 2,275,447 Investment securities available for sale Level 1 26,735 26,735 — — Investment securities available for sale Level 2 3,123,039 3,123,039 3,262,586 3,262,586 Equity securities with readily determinable fair values Level 1 1,647 1,647 1,646 1,646 Equity securities without readily determinable fair values Level 3 13,444 13,444 13,444 13,444 FHLB and Federal Reserve Bank stocks Level 2 206,281 206,281 227,347 227,347 Residential loans held for sale Level 2 196,673 196,673 136,280 136,280 Commercial loans held for sale Level 2 3,565 3,565 15,000 15,000 Loans, net Level 3 24,468,868 24,390,225 22,620,068 22,399,621 Bank and corporate owned life insurance Level 2 676,196 676,196 671,948 671,948 Derivatives (other assets) (a) Level 2 280,746 280,746 101,778 101,778 Interest rate lock commitments to originate residential mortgage loans held for sale (other assets) Level 3 12,837 12,837 2,527 2,527 Financial liabilities Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts Level 3 $ 24,302,540 $ 24,302,540 $ 21,156,261 $ 21,156,261 Brokered CDs and other time deposits (b) Level 2 2,248,904 2,267,551 2,622,803 2,622,803 Short-term funding (c) Level 2 181,828 181,828 465,113 465,113 Long-term funding (excluding PPPLF) Level 2 548,937 576,667 549,343 572,873 PPPLF Level 2 1,009,760 1,009,926 — — FHLB advances Level 2 2,657,016 2,851,632 3,180,967 3,207,793 Standby letters of credit (d) Level 2 2,644 2,644 2,710 2,710 Derivatives (accrued expenses and other liabilities) (a) Level 2 72,572 72,572 36,745 36,745 Forward commitments to sell residential mortgage loans (accrued expenses and other liabilities) Level 3 1,293 1,293 710 710 (a) Figures are presented gross before netting. See Note 10 and Note 11 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place. (b) When the estimated fair value is less than the carrying value, the carrying value is reported as the fair value. (c) The carrying amount is a reasonable estimate of fair value for existing short-term funding. (d) The commitment on standby letters of credit was $265 million at June 30, 2020 and $278 million at December 31, 2019. See Note 12 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments. |
Retirement Plans (Tables)
Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Net period benefit cost for the pension and postretirement plans | The components of net periodic pension cost and net periodic benefit cost for the RAP and Postretirement Plan for the three and six months ended June 30, 2020 and 2019 were as follows: Three Months Ended June 30, Six Months Ended June 30, ($ in Thousands) 2020 2019 2020 2019 Components of Net Periodic Benefit Cost RAP Service cost $ 2,165 $ 1,925 $ 4,330 $ 3,850 Interest cost 2,008 2,413 4,015 4,825 Expected return on plan assets (6,405) (6,075) (12,810) (12,150) Amortization of prior service cost (19) (19) (38) (38) Amortization of actuarial loss (gain) 803 65 1,610 130 Total net periodic pension cost $ (1,449) $ (1,691) $ (2,893) $ (3,383) Postretirement Plan Interest cost $ 20 $ 26 $ 39 $ 52 Amortization of prior service cost (19) (19) (38) (38) Amortization of actuarial loss (gain) — (1) — (2) Total net periodic benefit cost $ 1 $ 6 $ 2 $ 13 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Selected segment information | Information about the Corporation’s segments is presented below: Corporate and Commercial Specialty Three Months Ended June 30, Six Months Ended June 30, ($ in Thousands) 2020 2019 2020 2019 Net interest income $ 98,824 $ 114,232 $ 206,577 $ 228,162 Net intersegment interest income (expense) 6,889 (13,326) (3,856) (28,881) Segment net interest income 105,713 100,906 202,721 199,281 Noninterest income 30,691 31,267 65,124 58,414 Total revenue 136,405 132,174 267,845 257,695 Credit provision 13,713 12,585 25,885 25,169 Noninterest expense 50,837 56,450 102,098 111,383 Income (loss) before income taxes 71,855 63,139 139,862 121,144 Income tax expense (benefit) 13,446 12,244 26,117 23,411 Net income $ 58,410 $ 50,895 $ 113,745 $ 97,732 Allocated goodwill $ 530,144 $ 530,106 Community, Consumer, and Business Three Months Ended June 30, Six Months Ended June 30, ($ in Thousands) 2020 2019 2020 2019 Net interest income $ 73,120 $ 77,013 $ 148,047 $ 156,699 Net intersegment interest income (expense) 14,340 22,804 33,025 43,551 Segment net interest income 87,459 99,817 181,072 200,250 Noninterest income 58,557 62,123 116,207 120,398 Total revenue 146,017 161,940 297,279 320,648 Credit provision 5,429 4,626 10,537 9,311 Noninterest expense 122,290 119,694 238,721 232,612 Income (loss) before income taxes 18,298 37,620 48,021 78,725 Income tax expense (benefit) 3,843 7,900 10,084 16,532 Net income $ 14,455 $ 29,720 $ 37,936 $ 62,193 Allocated goodwill $ 577,758 $ 645,913 Risk Management and Shared Services Three Months Ended June 30, Six Months Ended June 30, ($ in Thousands) 2020 2019 2020 2019 Net interest income $ 17,929 $ 22,375 $ 38,190 $ 44,306 Net intersegment interest income (expense) (21,229) (9,478) (29,169) (14,671) Segment net interest income (3,301) 12,896 9,021 29,635 Noninterest income (a) 165,242 2,447 171,465 8,228 Total revenue 161,941 15,343 180,486 37,863 Credit provision 41,858 (9,211) 77,579 (20,480) Noninterest expense (b) 10,280 21,634 34,779 45,456 Income (loss) before income taxes 109,802 2,919 68,129 12,887 Income tax expense (benefit) 33,950 (1,127) 25,255 1,466 Net income $ 75,853 $ 4,047 $ 42,874 $ 11,422 Allocated goodwill $ — $ — Consolidated Total Three Months Ended June 30, Six Months Ended June 30, ($ in Thousands) 2020 2019 2020 2019 Net interest income $ 189,872 $ 213,619 $ 392,814 $ 429,167 Net intersegment interest income (expense) — — — — Segment net interest income 189,872 213,619 392,814 429,167 Noninterest income (a) 254,490 95,837 352,796 187,040 Total revenue 444,362 309,457 745,610 616,206 Credit provision 61,000 8,000 114,001 14,000 Noninterest expense (b) 183,407 197,779 375,598 389,450 Income (loss) before income taxes 199,955 103,678 256,012 212,756 Income tax expense (benefit) 51,238 19,017 61,457 41,409 Net income $ 148,718 $ 84,661 $ 194,555 $ 171,347 Allocated goodwill $ 1,107,902 $ 1,176,019 (a) For the three and six months ended June 30, 2020, the Corporation recognized a $163 million asset gain related to the sale of ABRC. (b) For the three months ended both June 30, 2020 and 2019, the Risk Management and Shared Services segment included less than $1 million and approximately $4 million respectively, of acquisition related noninterest expense. For the six months ended June 30, 2020 and 2019, the Risk Management and Shared Services segment included approximately $2 million and $4 million respectively, of acquisition related noninterest expense. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Summary of activity in accumulated other comprehensive income (loss) | The following tables summarize the components of accumulated other comprehensive income (loss) at June 30, 2020 and 2019, including changes during the preceding three and six month periods as well as any reclassifications out of accumulated other comprehensive income (loss): ($ in Thousands) Investment Defined Benefit Accumulated Balance December 31, 2019 $ 3,989 $ (37,172) $ (33,183) Other comprehensive income (loss) before reclassifications 48,060 — 48,060 Amounts reclassified from accumulated other comprehensive income (loss) Investment securities losses (gains), net (9,214) — (9,214) Personnel expense — (75) (75) Other expense — 1,610 1,610 Interest income 1,332 — 1,332 Income tax (expense) benefit (10,066) (385) (10,450) Net other comprehensive income (loss) during period 30,112 1,150 31,263 Balance June 30, 2020 $ 34,101 $ (36,021) $ (1,920) Balance December 31, 2018 $ (75,643) $ (49,330) $ (124,972) Other comprehensive income (loss) before reclassifications 89,966 — 89,966 Amounts reclassified from accumulated other comprehensive income (loss) Investment securities losses (gains), net (2,143) — (2,143) Personnel expense — (75) (75) Other expense — 128 128 Interest income 288 — 288 Income tax (expense) benefit (22,242) (13) (22,255) Net other comprehensive income (loss) during period 65,869 40 65,909 Balance June 30, 2019 $ (9,773) $ (49,290) $ (59,063) ($ in Thousands) Investments Defined Benefit Accumulated Balance March 31, 2020 $ 19,620 $ (36,595) $ (16,974) Other comprehensive income (loss) before reclassifications 21,641 — 21,641 Amounts reclassified from accumulated other comprehensive income (loss) Investment securities losses (gains), net (3,096) — (3,096) Personnel expense — (38) (38) Other expense — 803 803 Interest income 776 — 776 Income tax (expense) benefit (4,841) (192) (5,032) Net other comprehensive income (loss) during period 14,481 573 15,054 Balance June 30, 2020 $ 34,101 $ (36,021) $ (1,920) Balance March 31, 2019 $ (54,065) $ (49,310) $ (103,375) Other comprehensive income (loss) before reclassifications 59,476 — 59,476 Amounts reclassified from accumulated other comprehensive income (loss) Investment securities loss (gain), net (463) — (463) Personnel expense — (38) (38) Other expense — 64 64 Interest income 218 — 218 Income tax (expense) benefit (14,940) (7) (14,947) Net other comprehensive income (loss) during period 44,292 20 44,311 Balance June 30, 2019 $ (9,773) $ (49,290) $ (59,063) |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue Recognition [Abstract] | |
Disaggregation of revenue by Major source | The Corporation's disaggregated revenue by major source is presented below: Corporate and Commercial Specialty Three Months Ended June 30, Six Months Ended June 30, ($ in Thousands) 2020 2019 2020 2019 Insurance commissions and fees $ 47 $ 49 $ 123 $ 174 Wealth management fees (a) 15,814 15,369 31,621 30,469 Service charges and deposit account fees 4,307 3,309 7,859 6,806 Card-based fees (b) 228 455 743 889 Other revenue 294 865 1,081 1,049 Noninterest Income (in-scope of Topic 606) $ 20,690 $ 20,047 $ 41,426 $ 39,387 Noninterest Income (out-of-scope of Topic 606) 10,002 11,220 23,698 19,026 Total Noninterest Income $ 30,691 $ 31,267 $ 65,124 $ 58,414 Community, Consumer, and Business Three Months Ended June 30, Six Months Ended June 30, ($ in Thousands) 2020 2019 2020 2019 Insurance commissions and fees $ 22,381 $ 22,933 $ 44,910 $ 48,268 Wealth management fees (a) 5,102 5,321 10,111 10,402 Service charges and deposit account fees 7,173 12,104 18,838 23,703 Card-based fees (b) 8,647 9,674 17,693 18,486 Other revenue 2,861 2,349 5,147 4,621 Noninterest Income (in-scope of Topic 606) $ 46,163 $ 52,381 $ 96,698 $ 105,479 Noninterest Income (out-of-scope of Topic 606) 12,394 9,742 19,509 14,919 Total Noninterest Income $ 58,557 $ 62,123 $ 116,207 $ 120,398 Risk Management and Shared Services Three Months Ended June 30, Six Months Ended June 30, ($ in Thousands) 2020 2019 2020 2019 Insurance commissions and fees $ 3 $ 3 $ 6 $ 7 Service charges and deposit account fees 4 14 10 32 Card-based fees (b) 47 48 94 97 Other revenue 26 210 49 438 Noninterest Income (in-scope of Topic 606) $ 80 $ 275 $ 158 $ 574 Noninterest Income (out-of-scope of Topic 606) (c) 165,161 2,172 171,307 7,653 Total Noninterest Income $ 165,242 $ 2,447 $ 171,465 $ 8,228 Consolidated Total Three Months Ended June 30, Six Months Ended June 30, ($ in Thousands) 2020 2019 2020 2019 Insurance commissions and fees $ 22,430 $ 22,985 $ 45,038 $ 48,449 Wealth management fees (a) 20,916 20,691 41,732 40,870 Service charges and deposit account fees 11,484 15,426 26,706 30,542 Card-based fees (b) 8,922 10,177 18,529 19,472 Other revenue 3,181 3,424 6,277 6,108 Noninterest Income (in-scope of Topic 606) $ 66,933 $ 72,703 $ 138,282 $ 145,441 Noninterest Income (out-of-scope of Topic 606) (c) 187,557 23,134 214,515 41,599 Total Noninterest Income $ 254,490 $ 95,837 $ 352,796 $ 187,040 (a) Includes trust, asset management, brokerage, and annuity fees. (b) Certain card-based fees are out-of-scope of Topic 606. (c) Both the three and six months ended June 30, 2020 include a gain of $163 million from the sale of ABRC. |
Revenue recognition 606 | Below is a listing of performance obligations for the Corporation's main revenue streams: Revenue Stream Noninterest income in-scope of Topic 606 Insurance commissions and fees The Corporation's insurance revenue had two distinct performance obligations. The first performance obligation was the selling of the policy as an agent for the carrier. This performance obligation was satisfied upon binding of the policy. The second performance obligation was the ongoing servicing of the policy which was satisfied over the life of the policy. For employee benefits, the payment was typically received monthly. For property and casualty, payments can vary, but were typically received at, or in advance, of the policy period. Service charges and deposit account fees Service charges and deposit account fees consist of monthly service fees (i.e. business analyzed fees and consumer service charges) and other deposit account related fees. The Corporation's performance obligation for monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Other deposit account related fees are largely transactional based, and therefore, the Corporation's performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for service charges and deposit account fees are primarily received immediately or in the following month through a direct charge to customers’ accounts. Card-based fees (a) Card-based fees are primarily comprised of debit and credit card income, ATM fees, and merchant services income. Debit and credit card income is primarily comprised of interchange fees earned whenever the Corporation's debit and credit cards are processed through card payment networks. ATM and merchant fees are largely transactional based, and therefore, the Corporation's performance obligation is satisfied, and related revenue recognized, at a point in time. Payment is typically received immediately or in the following month. Trust and asset management fees (b) Trust and asset management income is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Corporation's performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month end through a direct charge to the customers’ accounts. The Corporation's performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, at a point in time (i.e., as incurred). Payment is received shortly after services are rendered. Brokerage commissions and fees (b) Brokerage commissions and fees primarily consist of investment advisory, brokerage, retirement services, and annuities. The Corporation's performance obligation for investment advisory services and retirement services is generally satisfied, and the related revenue recognized, over the period in which the services are provided. The performance obligation for annuities is satisfied upon sale of the annuity, and therefore, the related revenue is primarily recognized at the time of sale. Payments for these services are typically received immediately or in advance of the service. (a) Certain card-based fees are out-of-scope of Topic 606. (b) Trust and asset management fees and brokerage commissions and fees are included in wealth management fees. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Lease, Cost and Cash Flows | Operating and finance lease costs and cash flows resulting from these leases are presented below: ($ in Thousands) Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Operating Lease Costs $ 2,631 $ 2,888 $ 5,254 $ 5,793 Finance Lease Costs 31 — 67 — Operating Lease Cash Flows 2,700 2,762 5,432 5,570 Finance Lease Cash Flows 21 — 42 — |
Components of lease expense | The lease classifications on the consolidated balance sheets were as follows: ($ in Thousands) Consolidated Balance Sheets Category June 30, 2020 December 31, 2019 Amount Operating lease right-of-use asset Premises and equipment $ 39,674 $ 45,381 Finance lease right-of-use asset Other assets 1,154 2,188 Operating lease liability Accrued expenses and other liabilities 43,377 49,292 Finance lease liability Other long-term funding 1,202 2,209 |
Operating lease information | The lease payment obligations, weighted-average remaining lease term, and weighted-average discount rate were as follows: June 30, 2020 December 31, 2019 ($ in Thousands) Lease payments Weighted-average lease term (in years) Weighted-average discount rate Lease payments Weighted-average lease term (in years) Weighted-average discount rate Operating leases Equipment $ 5 0.69 2.72 % $ 46 0.83 2.72 % Retail and corporate offices 42,293 6.22 3.35 % 48,940 6.49 3.34 % Land 6,663 9.30 3.08 % 6,594 9.57 3.21 % Total operating leases $ 48,961 6.61 3.31 % $ 55,580 6.83 3.32 % Finance leases Land $ 1,225 2.14 1.05 % $ 4,827 39.67 3.99 % Total finance leases $ 1,225 2.14 1.05 % $ 4,827 39.67 3.99 % |
Amortization of operating lease liabilities | Contractual lease payment obligations for each of the next five years and thereafter, in addition to a reconciliation to the Corporation’s lease liability, were as follows: ($ in Thousands) Operating Leases Finance Leases Amount Six Months Ending December 31, 2020 $ 3,065 $ 80 $ 3,145 2021 10,387 172 10,559 2022 8,066 973 9,039 2023 5,810 — 5,810 2024 5,108 — 5,108 Beyond 2024 16,526 — 16,526 Total lease payments $ 48,961 $ 1,225 $ 50,187 Less: interest 5,584 23 5,607 Present value of lease payments $ 43,377 $ 1,202 $ 44,579 |
Acquisitions Staunton Acquisiti
Acquisitions Staunton Acquisition (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Feb. 14, 2020 | Mar. 31, 2020 | Jun. 30, 2019 |
February 14, 2020 | ||||
Goodwill | $ 15,000 | |||
Fair value of liabilities assumed | $ 480,028 | $ 725,719 | ||
First Staunton Bancshares [Member] | ||||
Purchase Accounting Adjustments | ||||
Cash and cash equivalents | $ 0 | |||
Investment securities available for sale | (24) | |||
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | 0 | |||
Loans | (4,808) | |||
Premises and equipment, net | (3,005) | |||
Bank owned life insurance | 9 | |||
Core deposit intangibles (included in other intangible assets, net on the face of the consolidated balance sheets) | 7,379 | |||
OREO (included in other assets on the face of the consolidated balance sheets) | 670 | |||
Other assets | 4,193 | |||
Deposits | 1,285 | |||
Other borrowings | 61 | |||
Accrued expenses and other liabilities | 179 | |||
February 14, 2020 | ||||
Cash and cash equivalents | 44,782 | |||
Investment securities available for sale | 98,743 | |||
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | 781 | |||
Loans | 369,741 | |||
Premises and equipment, net | 4,865 | |||
Bank owned life insurance | 6,770 | |||
Goodwill | $ 82,000 | 13,414 | $ 15,000 | |
Core deposit intangibles (included in other intangible assets, net on the face of the consolidated balance sheets) | 7,379 | |||
OREO (included in other assets on the face of the consolidated balance sheets) | 762 | |||
Other assets | 9,090 | |||
Total assets | 556,328 | |||
Deposits | 438,684 | |||
Other borrowings | 34,613 | |||
Accrued expenses and other liabilities | 6,730 | |||
Fair value of liabilities assumed | 480,028 | |||
Total consideration paid | $ 76,300 |
Acquisitions Huntington Acquisi
Acquisitions Huntington Acquisition (Details) - USD ($) $ in Thousands | Jun. 14, 2019 | Mar. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2019 |
June 14, 2019 | ||||
Goodwill | $ 15,000 | |||
Fair value of liabilities assumed | $ 480,028 | $ 725,719 | ||
Huntington National Bank | ||||
Purchase Accounting Adjustments | ||||
Cash and cash equivalents | $ 0 | |||
Loans | (1,552) | |||
Premises and equipment, net | 4,800 | |||
Core deposit intangibles (included in other intangible assets, net on the face of the consolidated balance sheets) | 22,630 | |||
OREO (included in other assets on the face of the consolidated balance sheets) | (2,561) | |||
Other assets | 0 | |||
Deposits | 156 | |||
Other liabilities | 70 | |||
June 14, 2019 | ||||
Cash and cash equivalents | 551,250 | |||
Loans | 116,346 | |||
Premises and equipment, net | 22,430 | |||
Goodwill | 7,286 | |||
Core deposit intangibles (included in other intangible assets, net on the face of the consolidated balance sheets) | 22,630 | |||
OREO (included in other assets on the face of the consolidated balance sheets) | 5,263 | |||
Other assets | 559 | |||
Total assets | 725,764 | |||
Deposits | 725,173 | |||
Other liabilities | 590 | |||
Fair value of liabilities assumed | $ 725,764 |
Acquisitions, PCD Loans (Detail
Acquisitions, PCD Loans (Details) $ in Thousands | Feb. 14, 2020USD ($) |
Business Combinations [Abstract] | |
Purchase price of loans at acquisition | $ 77,221 |
Allowance for credit losses at acquisition | 3,504 |
Non-credit discount/(premium) at acquisition | (951) |
Par value of acquired loans at acquisition | $ 79,774 |
Acquisitions (Details Textuals)
Acquisitions (Details Textuals) $ in Thousands | Jun. 30, 2020USD ($) | Feb. 14, 2020USD ($)branch | Jun. 14, 2019USD ($)branch | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2020USD ($) |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 15,000 | ||||||
Huntington National Bank | |||||||
Business Acquisition [Line Items] | |||||||
Effective Date of Acquisition | Jun. 14, 2019 | ||||||
Business Acquisition, Name of Acquired Entity | Huntington | ||||||
Business Combination, Control Obtained Description | The Corporation paid a 4% premium on acquired deposits | ||||||
New Communities | branch | 13 | ||||||
Acquired Net Branches | branch | 14 | ||||||
Goodwill | $ 7,286 | ||||||
Goodwill, Other Increase (Decrease) | $ (210) | ||||||
Amortization period | 10 years | ||||||
First Staunton Bancshares [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Effective Date of Acquisition | Feb. 14, 2020 | ||||||
Business Acquisition, Name of Acquired Entity | First Staunton | ||||||
Business Combination, Control Obtained Description | The Corporation paid a 4% premium on acquired deposits. | ||||||
New Communities | branch | 9 | ||||||
Acquired Net Branches | branch | 7 | ||||||
Goodwill | $ 82,000 | $ 13,414 | $ 15,000 | ||||
Goodwill, Other Increase (Decrease) | $ 2,000 | ||||||
PCD - HTM Securities | 0 | ||||||
PCD - AFS Securities | $ 0 | ||||||
Amortization period | 10 years | ||||||
Total consideration paid | $ 76,300 | ||||||
ABRC | |||||||
Business Acquisition [Line Items] | |||||||
Total consideration paid | $ 266,000 | ||||||
Pre-tax book gain on sale | $ 163,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies, Credit Loss Adoption Impact (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | $ 201,371 | ||
Allowance for Unfunded Commitments | $ 64,776 | 21,907 | |
Total commercial | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 166,846 | ||
Allowance for Unfunded Commitments | 20,465 | ||
Total consumer | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 34,525 | ||
Allowance for Unfunded Commitments | 1,443 | ||
Commercial and industrial | Total commercial | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 91,133 | ||
Allowance for Unfunded Commitments | 12,276 | ||
Commercial real estate — owner occupied | Total commercial | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 10,284 | ||
Allowance for Unfunded Commitments | 127 | ||
Commercial and business lending | Total commercial | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 101,417 | ||
Allowance for Unfunded Commitments | 12,403 | ||
Commercial real estate — investor | Total commercial | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 40,514 | ||
Allowance for Unfunded Commitments | 530 | ||
Real Estate Construction | Total commercial | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 24,915 | ||
Allowance for Unfunded Commitments | 7,532 | ||
Commercial Real Estate | Total commercial | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 65,428 | ||
Allowance for Unfunded Commitments | 8,062 | ||
Residential mortgage | Total consumer | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 16,960 | ||
Allowance for Unfunded Commitments | 0 | ||
Home Equity Loan | Total consumer | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 10,926 | ||
Allowance for Unfunded Commitments | 1,038 | ||
Other consumer | Total consumer | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 6,639 | ||
Allowance for Unfunded Commitments | $ 405 | ||
Cumulative Effect, Period Of Adoption, Adjustment | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | $ 131,147 | ||
Cumulative Effect, Period Of Adoption, Adjustment | Total commercial | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 75,171 | ||
Cumulative Effect, Period Of Adoption, Adjustment | Total consumer | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 55,975 | ||
Cumulative Effect, Period Of Adoption, Adjustment | Commercial and industrial | Total commercial | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 48,921 | ||
Cumulative Effect, Period Of Adoption, Adjustment | Commercial real estate — owner occupied | Total commercial | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | (1,851) | ||
Cumulative Effect, Period Of Adoption, Adjustment | Commercial and business lending | Total commercial | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 47,070 | ||
Cumulative Effect, Period Of Adoption, Adjustment | Commercial real estate — investor | Total commercial | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 2,287 | ||
Cumulative Effect, Period Of Adoption, Adjustment | Real Estate Construction | Total commercial | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 25,814 | ||
Cumulative Effect, Period Of Adoption, Adjustment | Commercial Real Estate | Total commercial | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 28,101 | ||
Cumulative Effect, Period Of Adoption, Adjustment | Residential mortgage | Total consumer | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 33,215 | ||
Cumulative Effect, Period Of Adoption, Adjustment | Home Equity Loan | Total consumer | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 14,240 | ||
Cumulative Effect, Period Of Adoption, Adjustment | Other consumer | Total consumer | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 8,520 | ||
Cumulative Effect, Period Of Adoption, Adjusted Balance | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 354,425 | ||
Allowance for Unfunded Commitments | 40,597 | ||
Cumulative Effect, Period Of Adoption, Adjusted Balance | Total commercial | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 262,482 | ||
Cumulative Effect, Period Of Adoption, Adjusted Balance | Total consumer | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 91,943 | ||
Cumulative Effect, Period Of Adoption, Adjusted Balance | Commercial and industrial | Total commercial | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 152,330 | ||
Cumulative Effect, Period Of Adoption, Adjusted Balance | Commercial real estate — owner occupied | Total commercial | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 8,560 | ||
Cumulative Effect, Period Of Adoption, Adjusted Balance | Commercial and business lending | Total commercial | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 160,890 | ||
Cumulative Effect, Period Of Adoption, Adjusted Balance | Commercial real estate — investor | Total commercial | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 43,331 | ||
Cumulative Effect, Period Of Adoption, Adjusted Balance | Real Estate Construction | Total commercial | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 58,261 | ||
Cumulative Effect, Period Of Adoption, Adjusted Balance | Commercial Real Estate | Total commercial | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 101,591 | ||
Cumulative Effect, Period Of Adoption, Adjusted Balance | Residential mortgage | Total consumer | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 50,175 | ||
Cumulative Effect, Period Of Adoption, Adjusted Balance | Home Equity Loan | Total consumer | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | 26,204 | ||
Cumulative Effect, Period Of Adoption, Adjusted Balance | Other consumer | Total consumer | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for Loan Losses | $ 15,564 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Dec. 31, 2020 | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Retained Earnings (Accumulated Deficit) | $ 2,412,859 | $ 2,380,867 | ||
Held to maturity allowance for credit loss | 61 | $ 61 | ||
Allowance for Loan Losses | 201,371 | |||
Cumulative Effect, Period Of Adoption, Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for Loan Losses | 131,147 | |||
Allowance for Loan Losses [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for Loan Losses | $ 363,803 | $ 201,371 | ||
Accounting Standards Update 2016-13 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Retained Earnings (Accumulated Deficit) | 98,000 | |||
Deferred Income Tax Assets, Net | 33,000 | |||
Accounting Standards Update 2016-13 | Forecast | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Reasonable and Supportable Period 2016-13 | 2 years | |||
Accounting Standards Update 2016-13 | Allowance for Loan Losses [Member] | Cumulative Effect, Period Of Adoption, Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for Loan Losses | 112,457 | |||
Accounting Standards Update 2016-13 | Allowance for Loans Losses and Unfunded Commitments [Member] | Cumulative Effect, Period Of Adoption, Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for Loan Losses | $ 131,000 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Calculations for basic and diluted earnings per common share | ||||||
Net income | $ 148,718 | $ 45,838 | $ 84,661 | $ 86,686 | $ 194,555 | $ 171,347 |
Preferred stock dividends | (4,144) | (3,801) | (7,945) | (7,601) | ||
Net income available to common equity | 144,573 | 80,860 | 186,611 | 163,746 | ||
Common shareholder dividends | (27,667) | (27,571) | (55,931) | (55,650) | ||
Unvested share-based payment awards | (222) | (205) | (351) | (308) | ||
Undistributed earnings | 116,684 | 53,085 | 130,329 | 107,787 | ||
Undistributed earnings allocated to common shareholders | 115,750 | 52,690 | 129,377 | 107,098 | ||
Undistributed earnings allocated to unvested share-based payment awards | 934 | 395 | 953 | 689 | ||
Undistributed earnings | 116,684 | 53,085 | 130,329 | 107,787 | ||
Basic | ||||||
Distributed earnings to common shareholders | 27,667 | 27,571 | 55,931 | 55,650 | ||
Undistributed earnings allocated to common shareholders | 115,750 | 52,690 | 129,377 | 107,098 | ||
Total common shareholders earnings, basic | 143,417 | 80,261 | 185,307 | 162,748 | ||
Diluted | ||||||
Distributed earnings to common shareholders | 27,667 | 27,571 | 55,931 | 55,650 | ||
Undistributed earnings allocated to common shareholders | 115,750 | 52,690 | 129,377 | 107,098 | ||
Total common shareholders earnings, diluted | $ 143,417 | $ 80,261 | $ 185,307 | $ 162,748 | ||
Weighted average common shares outstanding | 152,393 | 162,180 | 153,547 | 163,049 | ||
Effect of dilutive common stock awards | 757 | 1,492 | 813 | 1,469 | ||
Diluted weighted average common shares outstanding | 153,150 | 163,672 | 154,360 | 164,518 | ||
Basic earnings per common share | $ 0.94 | $ 0.49 | $ 1.21 | $ 1 | ||
Diluted earnings per common share | $ 0.94 | $ 0.49 | $ 1.20 | $ 0.99 |
Earnings Per Common Share (De_2
Earnings Per Common Share (Details Textuals) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Approximate anti-dilutive stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 8 | 4 | 7 | 3 |
Stock-Based Compensation Fair V
Stock-Based Compensation Fair Value Assumptions of Stock Options (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | ||
Dividend yield | 3.50% | 3.30% |
Risk-free interest rate | 1.60% | 2.60% |
Weighted average expected volatility | 21.00% | 24.00% |
Weighted average expected life | 5 years 9 months | 5 years 9 months |
Weighted average per share fair value of options | $ 2.39 | $ 4 |
Stock-Based Compensation, Stock
Stock-Based Compensation, Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Stock Options Shares Outstanding, Beginning balance (in shares) | 5,543 | |
Granted | 1,697 | |
Exercised | (110) | |
Forfeited or expired | (219) | |
Stock Options Shares Outstanding, Ending balance (in shares) | 6,911 | 5,543 |
Options exercisable (in shares) | 4,242 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Stock Option Outstanding, Weighted Average Exercise Price, Beginning balance (in usd per share) | $ 20.13 | |
Granted | 18.43 | |
Exercised | 13.95 | |
Forfeited | 22.30 | |
Stock Option Outstanding, Weighted Average Exercise Price, Ending balance (in usd per share) | 19.74 | $ 20.13 |
Options Exercisable, Weighted Average Exercise Price (in usd per share) | $ 19.21 | |
Stock Options Outstanding, Weighted Average Remaining Contractual Term | 6 years 8 months 23 days | 6 years 3 months |
Options exercisable, Weighted Average Remaining Contractual Term | 5 years 3 months 25 days | |
Stock Options Outstanding, Aggregate Intrinsic Value, Beginning balance | $ 16,043 | |
Stock Options Outstanding, Aggregate Intrinsic Value, Ending balance | 213 | $ 16,043 |
Options exercisable, Aggregate Intrinsic Value | $ 213 |
Stock-Based Compensation, Restr
Stock-Based Compensation, Restricted Stock Activity (Details) shares in Thousands | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding Shares, Beginning balance (in shares) | shares | 2,393 |
Granted | shares | 1,032 |
Vested | shares | (804) |
Forfeited | shares | (72) |
Outstanding Shares, Ending balance (in shares) | shares | 2,550 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Outstanding, Weighted Average Grant Date Fair Value, Beginning balance (in usd per share) | $ / shares | $ 22.39 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 18.38 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 23.05 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 22.64 |
Outstanding Weighted Average Grant Date Fair Value, Ending balance (in usd per share) | $ / shares | $ 20.56 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Textuals) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||
Intrinsic value of stock options exercised | $ 1 | $ 3 |
Total fair value of vested stock options | $ 3 | 4 |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 150.00% | |
Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Recognized compensation expense for vesting | $ 3 | $ 3 |
Recognized compensation expense for accelerated vesting | 1 | |
Unvested share-based payment awards | $ 4 | |
Remaining requisite service periods, extend through | first quarter of 2024 | |
Performance-based Restricted Stock Award | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 3 years |
Service-based Restricted Stock Award | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | 4 years |
Restricted Stock Award | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Recognized compensation expense for vesting | $ 12 | $ 13 |
Recognized compensation expense for accelerated vesting | 5 | |
Unvested share-based payment awards | $ 23 | |
Remaining requisite service periods, extend through | first quarter of 2024 |
Investment Securities, AFS and
Investment Securities, AFS and HTM Securities Amortized Costs and Fair Values (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Investment securities available for sale | ||
Amortized Cost | $ 3,100,291 | $ 3,251,950 |
Gross Unrealized Gains | 65,584 | 30,920 |
Gross Unrealized (Losses) | (16,102) | (20,284) |
Fair Value | 3,149,773 | 3,262,586 |
Investment securities held to maturity | ||
Held to Maturity, Amortized Cost | 2,077,287 | 2,205,083 |
Held-to-maturity, Gross Unrealized Gains | 132,271 | 79,744 |
Held-to-maturity, Gross Unrealized Loss | (53) | (8,363) |
Held-to-maturity, Fair Value | 2,209,505 | 2,276,465 |
U. S. Treasury securities | ||
Investment securities available for sale | ||
Amortized Cost | 26,646 | |
Gross Unrealized Gains | 88 | |
Gross Unrealized (Losses) | 0 | |
Fair Value | 26,735 | |
Investment securities held to maturity | ||
Held to Maturity, Amortized Cost | 999 | 999 |
Held-to-maturity, Gross Unrealized Gains | 36 | 19 |
Held-to-maturity, Gross Unrealized Loss | 0 | 0 |
Held-to-maturity, Fair Value | 1,036 | 1,018 |
Agency Securities | ||
Investment securities available for sale | ||
Amortized Cost | 24,982 | |
Gross Unrealized Gains | 25 | |
Gross Unrealized (Losses) | 0 | |
Fair Value | 25,007 | |
Obligations of state and political subdivisions (municipal securities) | ||
Investment securities available for sale | ||
Amortized Cost | 471,346 | 529,908 |
Gross Unrealized Gains | 24,542 | 16,269 |
Gross Unrealized (Losses) | 0 | (18) |
Fair Value | 495,888 | 546,160 |
Investment securities held to maturity | ||
Held to Maturity, Amortized Cost | 1,435,938 | 1,418,569 |
Held-to-maturity, Gross Unrealized Gains | 110,132 | 69,775 |
Held-to-maturity, Gross Unrealized Loss | (53) | (1,118) |
Held-to-maturity, Fair Value | 1,546,018 | 1,487,227 |
FFELP | ||
Investment securities available for sale | ||
Amortized Cost | 356,532 | 270,178 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized (Losses) | (16,058) | (6,485) |
Fair Value | 340,474 | 263,693 |
Investment securities held to maturity | ||
Held to Maturity, Amortized Cost | 0 | |
Held-to-maturity, Fair Value | 0 | |
SBA | ||
Investment securities available for sale | ||
Amortized Cost | 9,619 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized (Losses) | (44) | |
Fair Value | 9,575 | |
Investment securities held to maturity | ||
Held to Maturity, Amortized Cost | 0 | |
Held-to-maturity, Fair Value | 0 | |
Other debt securities | ||
Investment securities available for sale | ||
Amortized Cost | 3,000 | 3,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized (Losses) | 0 | 0 |
Fair Value | 3,000 | 3,000 |
FNMA / FHLMC | Residential mortgage-related securities | ||
Investment securities available for sale | ||
Amortized Cost | 813,458 | 131,158 |
Gross Unrealized Gains | 4,652 | 1,562 |
Gross Unrealized (Losses) | 0 | (59) |
Fair Value | 818,110 | 132,660 |
Investment securities held to maturity | ||
Held to Maturity, Amortized Cost | 71,872 | 81,676 |
Held-to-maturity, Gross Unrealized Gains | 3,400 | 1,759 |
Held-to-maturity, Gross Unrealized Loss | 0 | (15) |
Held-to-maturity, Fair Value | 75,271 | 83,420 |
FNMA / FHLMC | Commercial mortgage-related securities | ||
Investment securities available for sale | ||
Amortized Cost | 19,793 | 19,929 |
Gross Unrealized Gains | 2,269 | 1,799 |
Gross Unrealized (Losses) | 0 | 0 |
Fair Value | 22,061 | 21,728 |
Investment securities held to maturity | ||
Held to Maturity, Amortized Cost | 0 | |
Held-to-maturity, Fair Value | 0 | |
GNMA | Residential mortgage-related securities | ||
Investment securities available for sale | ||
Amortized Cost | 592,338 | 982,941 |
Gross Unrealized Gains | 13,222 | 3,887 |
Gross Unrealized (Losses) | 0 | (1,689) |
Fair Value | 605,561 | 985,139 |
Investment securities held to maturity | ||
Held to Maturity, Amortized Cost | 207,908 | 269,523 |
Held-to-maturity, Gross Unrealized Gains | 7,012 | 1,882 |
Held-to-maturity, Gross Unrealized Loss | 0 | (1,108) |
Held-to-maturity, Fair Value | 214,920 | 270,296 |
GNMA | Commercial mortgage-related securities | ||
Investment securities available for sale | ||
Amortized Cost | 782,577 | 1,314,836 |
Gross Unrealized Gains | 20,786 | 7,403 |
Gross Unrealized (Losses) | 0 | (12,032) |
Fair Value | 803,362 | 1,310,207 |
Investment securities held to maturity | ||
Held to Maturity, Amortized Cost | 360,570 | 434,317 |
Held-to-maturity, Gross Unrealized Gains | 11,691 | 6,308 |
Held-to-maturity, Gross Unrealized Loss | 0 | (6,122) |
Held-to-maturity, Fair Value | $ 372,261 | $ 434,503 |
Investment Securities, AFS an_2
Investment Securities, AFS and HTM Contractual Maturities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Amortized Cost | ||
Available for Sale, Due in one year or less | $ 9,427 | |
Available for Sale, Due after one year through five years | 83,136 | |
Available for Sale, Due after five years through ten years | 343,084 | |
Available for Sale, Due after ten years | 90,327 | |
Available for Sale, Total debt securities | 525,975 | |
Available for Sale, amortized cost | 3,100,291 | $ 3,251,950 |
Fair Value | ||
Available for Sale, Due in one year or less | 9,458 | |
Available for Sale, Due after one year through five years | 83,882 | |
Available for Sale, Due after five years through ten years | 360,051 | |
Available for Sale, Due after ten years | 97,240 | |
Available for Sale, Total debt securities | 550,630 | |
Investment securities available for sale, at fair value | $ 3,149,773 | 3,262,586 |
Available for Sale, Ratio of Fair Value to Amortized Cost | 101.60% | |
Amortized Cost | ||
Held to Maturity, Due in one year or less | $ 33,745 | |
Held to Maturity, Due after one year through five years | 67,917 | |
Held to Maturity, Due after five years through ten years | 166,553 | |
Held to Maturity, Due after ten years | 1,168,722 | |
Held to Maturity, Total Debt Securities | 1,436,937 | |
Held to Maturity, Amortized Cost | 2,077,287 | 2,205,083 |
Fair Value | ||
Held to Maturity, Due in one year or less | 33,927 | |
Held to Maturity, Due after one year through five years | 69,887 | |
Held to Maturity, Due after five years through ten years | 175,189 | |
Held to Maturity, Due after ten years | 1,268,050 | |
Held to Maturity, Securities, Debt Securities | 1,547,053 | |
Held to Maturity, Total debt securities at fair value | $ 2,209,505 | 2,276,465 |
Held to Maturity, Ratio of Fair Value to Amortized Cost | 106.40% | |
SBA | ||
Amortized Cost | ||
Available for Sale, amortized cost | $ 9,619 | |
Fair Value | ||
Investment securities available for sale, at fair value | 9,575 | |
Amortized Cost | ||
Held to Maturity, Amortized Cost | 0 | |
Fair Value | ||
Held to Maturity, Total debt securities at fair value | 0 | |
FFELP | ||
Amortized Cost | ||
Available for Sale, amortized cost | 356,532 | 270,178 |
Fair Value | ||
Investment securities available for sale, at fair value | 340,474 | 263,693 |
Amortized Cost | ||
Held to Maturity, Amortized Cost | 0 | |
Fair Value | ||
Held to Maturity, Total debt securities at fair value | 0 | |
FNMA/FHLMC | Residential Related Securities | ||
Amortized Cost | ||
Available for Sale, amortized cost | 813,458 | 131,158 |
Fair Value | ||
Investment securities available for sale, at fair value | 818,110 | 132,660 |
Amortized Cost | ||
Held to Maturity, Amortized Cost | 71,872 | 81,676 |
Fair Value | ||
Held to Maturity, Total debt securities at fair value | 75,271 | 83,420 |
FNMA/FHLMC | Commercial mortgage-related securities | ||
Amortized Cost | ||
Available for Sale, amortized cost | 19,793 | 19,929 |
Fair Value | ||
Investment securities available for sale, at fair value | 22,061 | 21,728 |
Amortized Cost | ||
Held to Maturity, Amortized Cost | 0 | |
Fair Value | ||
Held to Maturity, Total debt securities at fair value | 0 | |
GNMA | Residential Related Securities | ||
Amortized Cost | ||
Available for Sale, amortized cost | 592,338 | 982,941 |
Fair Value | ||
Investment securities available for sale, at fair value | 605,561 | 985,139 |
Amortized Cost | ||
Held to Maturity, Amortized Cost | 207,908 | 269,523 |
Fair Value | ||
Held to Maturity, Total debt securities at fair value | 214,920 | 270,296 |
GNMA | Commercial mortgage-related securities | ||
Amortized Cost | ||
Available for Sale, amortized cost | 782,577 | 1,314,836 |
Fair Value | ||
Investment securities available for sale, at fair value | 803,362 | 1,310,207 |
Amortized Cost | ||
Held to Maturity, Amortized Cost | 360,570 | 434,317 |
Fair Value | ||
Held to Maturity, Total debt securities at fair value | $ 372,261 | $ 434,503 |
Investment Securities, HTM Cred
Investment Securities, HTM Credit Quality Indicators (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity, net | $ 2,077,287 | $ 2,205,083 |
US Treasury Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity, net | 999 | 999 |
Obligations of state and political subdivisions (municipal securities) | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity, net | 1,435,938 | $ 1,418,569 |
FNMA/FHLMC | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity, net | 71,872 | |
GNMA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity, net | 207,908 | |
GNMA commercial mortgage-related securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity, net | 360,570 | |
AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity, net | 1,203,018 | |
AAA | US Treasury Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity, net | 999 | |
AAA | Obligations of state and political subdivisions (municipal securities) | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity, net | 561,670 | |
AAA | FNMA/FHLMC | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity, net | 71,872 | |
AAA | GNMA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity, net | 207,908 | |
AAA | GNMA commercial mortgage-related securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity, net | 360,570 | |
AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity, net | 853,910 | |
AA | US Treasury Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity, net | 0 | |
AA | Obligations of state and political subdivisions (municipal securities) | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity, net | 853,910 | |
AA | FNMA/FHLMC | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity, net | 0 | |
AA | GNMA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity, net | 0 | |
AA | GNMA commercial mortgage-related securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity, net | 0 | |
A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity, net | 20,358 | |
A | US Treasury Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity, net | 0 | |
A | Obligations of state and political subdivisions (municipal securities) | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity, net | 20,358 | |
A | FNMA/FHLMC | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity, net | 0 | |
A | GNMA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity, net | 0 | |
A | GNMA commercial mortgage-related securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity, net | $ 0 |
Investment Securities Gain_Loss
Investment Securities Gain/Loss Sale of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Gross gains on available for sale securities | $ 3,106 | $ 654 | $ 9,304 | $ 2,334 |
Gross gains on held to maturity securities | 0 | 0 | 0 | 0 |
Total gains | 3,106 | 654 | 9,304 | 2,334 |
Gross (losses) on available for sale securities | (11) | (13,636) | (90) | (13,636) |
Gross (losses) on held to maturity securities | 0 | 0 | 0 | 0 |
Total (losses) | (11) | (13,636) | (90) | (13,636) |
Write-up of equity securities without readily determinable fair values | 0 | 13,444 | 0 | 13,444 |
Investment securities gains (losses), net | 3,096 | 463 | 9,214 | 2,143 |
Proceeds from sales of investment securities | $ 261,037 | $ 803,105 | $ 626,276 | $ 934,228 |
Investment Securities, AFS an_3
Investment Securities, AFS and HTM Securities Gross Unrealized Losses (Details) $ in Thousands | Jun. 30, 2020USD ($)security | Dec. 31, 2019USD ($)security |
Investment securities available for sale | ||
Unrealized losses on available for sale securities, less than 12 months | $ (5,522) | $ (7,843) |
Unrealized losses on available for sale securities, 12 months or more | (10,580) | (12,440) |
Total unrealized losses on available for sale securities | (16,102) | (20,284) |
Fair value of unrealized losses on available for sale securities, less than 12 months | 212,172 | 834,616 |
Fair value of unrealized losses on available for sale securities, 12 months or more | 193,164 | 748,487 |
Total fair value of unrealized losses on available for sale securities | $ 405,336 | $ 1,583,104 |
Available-for-sale, Number of Securities | ||
Available for sale, number of securities, less than 12 months | security | 30 | 65 |
Available for sale, number of securities, 12 months or more | security | 17 | 51 |
Investment securities held to maturity | ||
Unrealized losses on held to maturity securities, less than 12 months | $ (52) | $ (2,199) |
Unrealized losses on held to maturity securities, 12 months or more | (1) | (6,164) |
Total unrealized losses on held to maturity securities | $ (53) | $ (8,363) |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, 12 Months or Longer | security | 2 | 36 |
Fair value of unrealized losses on held to maturity securities, less than 12 months | $ 12,431 | $ 292,267 |
Fair value of unrealized losses on held to maturity securities, 12 months or more | 365 | 367,532 |
Total fair value of unrealized losses on held to maturity securities | $ 12,796 | $ 659,799 |
Held-to-maturity, Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions, less than 12 Months | security | 8 | 67 |
SBA | ||
Investment securities available for sale | ||
Unrealized losses on available for sale securities, less than 12 months | $ (44) | |
Unrealized losses on available for sale securities, 12 months or more | 0 | |
Total unrealized losses on available for sale securities | (44) | |
Fair value of unrealized losses on available for sale securities, less than 12 months | 9,422 | |
Fair value of unrealized losses on available for sale securities, 12 months or more | 0 | |
Total fair value of unrealized losses on available for sale securities | $ 9,422 | |
Available-for-sale, Number of Securities | ||
Available for sale, number of securities, less than 12 months | security | 15 | |
Available for sale, number of securities, 12 months or more | security | 0 | |
Obligations of state and political subdivisions (municipal securities) | ||
Investment securities available for sale | ||
Unrealized losses on available for sale securities, less than 12 months | $ 0 | $ (18) |
Unrealized losses on available for sale securities, 12 months or more | 0 | 0 |
Total unrealized losses on available for sale securities | 0 | (18) |
Fair value of unrealized losses on available for sale securities, less than 12 months | 548 | 1,225 |
Fair value of unrealized losses on available for sale securities, 12 months or more | 0 | 0 |
Total fair value of unrealized losses on available for sale securities | $ 548 | $ 1,225 |
Available-for-sale, Number of Securities | ||
Available for sale, number of securities, less than 12 months | security | 1 | 4 |
Available for sale, number of securities, 12 months or more | security | 0 | 0 |
Investment securities held to maturity | ||
Unrealized losses on held to maturity securities, less than 12 months | $ (52) | $ (1,105) |
Unrealized losses on held to maturity securities, 12 months or more | (1) | (13) |
Total unrealized losses on held to maturity securities | (53) | (1,118) |
Fair value of unrealized losses on held to maturity securities, less than 12 months | 12,431 | 77,562 |
Fair value of unrealized losses on held to maturity securities, 12 months or more | 365 | 2,378 |
Total fair value of unrealized losses on held to maturity securities | $ 12,796 | $ 79,940 |
Obligations of state and political subdivisions (municipal securities) | Held to maturity, number of securities, less than 12 months | ||
Investment securities held to maturity | ||
Number of held to maturity securities in a continuous unrealized loss position | security | 8 | 52 |
Obligations of state and political subdivisions (municipal securities) | Held to maturity, number of securities, 12 months or more | ||
Investment securities held to maturity | ||
Number of held to maturity securities in a continuous unrealized loss position | security | 2 | 6 |
FFELP | ||
Investment securities available for sale | ||
Unrealized losses on available for sale securities, less than 12 months | $ (5,478) | $ (6,092) |
Unrealized losses on available for sale securities, 12 months or more | (10,580) | (393) |
Total unrealized losses on available for sale securities | (16,058) | (6,485) |
Fair value of unrealized losses on available for sale securities, less than 12 months | 147,310 | 250,780 |
Fair value of unrealized losses on available for sale securities, 12 months or more | 193,164 | 12,913 |
Total fair value of unrealized losses on available for sale securities | $ 340,474 | $ 263,693 |
Available-for-sale, Number of Securities | ||
Available for sale, number of securities, less than 12 months | security | 9 | 19 |
Available for sale, number of securities, 12 months or more | security | 17 | 2 |
Other Debt securities | ||
Investment securities available for sale | ||
Unrealized losses on available for sale securities, less than 12 months | $ 0 | |
Unrealized losses on available for sale securities, 12 months or more | 0 | |
Total unrealized losses on available for sale securities | 0 | |
Fair value of unrealized losses on available for sale securities, less than 12 months | 2,000 | |
Fair value of unrealized losses on available for sale securities, 12 months or more | 0 | |
Total fair value of unrealized losses on available for sale securities | $ 2,000 | |
Available-for-sale, Number of Securities | ||
Available for sale, number of securities, less than 12 months | security | 2 | |
Available for sale, number of securities, 12 months or more | security | 0 | |
FNMA/FHLMC | Residential Related Securities | ||
Investment securities available for sale | ||
Unrealized losses on available for sale securities, less than 12 months | $ 0 | $ 0 |
Unrealized losses on available for sale securities, 12 months or more | 0 | (59) |
Total unrealized losses on available for sale securities | 0 | (59) |
Fair value of unrealized losses on available for sale securities, less than 12 months | 54,893 | 0 |
Fair value of unrealized losses on available for sale securities, 12 months or more | 0 | 34,807 |
Total fair value of unrealized losses on available for sale securities | $ 54,893 | $ 34,807 |
Available-for-sale, Number of Securities | ||
Available for sale, number of securities, less than 12 months | security | 5 | 0 |
Available for sale, number of securities, 12 months or more | security | 0 | 4 |
Investment securities held to maturity | ||
Unrealized losses on held to maturity securities, less than 12 months | $ (6) | |
Unrealized losses on held to maturity securities, 12 months or more | (9) | |
Total unrealized losses on held to maturity securities | (15) | |
Fair value of unrealized losses on held to maturity securities, less than 12 months | 1,242 | |
Fair value of unrealized losses on held to maturity securities, 12 months or more | 833 | |
Total fair value of unrealized losses on held to maturity securities | $ 2,075 | |
FNMA/FHLMC | Residential Related Securities | Held to maturity, number of securities, less than 12 months | ||
Investment securities held to maturity | ||
Number of held to maturity securities in a continuous unrealized loss position | security | 1 | |
FNMA/FHLMC | Residential Related Securities | Held to maturity, number of securities, 12 months or more | ||
Investment securities held to maturity | ||
Number of held to maturity securities in a continuous unrealized loss position | security | 1 | |
GNMA | Residential Related Securities | ||
Investment securities available for sale | ||
Unrealized losses on available for sale securities, less than 12 months | $ (924) | |
Unrealized losses on available for sale securities, 12 months or more | (766) | |
Total unrealized losses on available for sale securities | (1,689) | |
Fair value of unrealized losses on available for sale securities, less than 12 months | 322,394 | |
Fair value of unrealized losses on available for sale securities, 12 months or more | 79,461 | |
Total fair value of unrealized losses on available for sale securities | $ 401,856 | |
Available-for-sale, Number of Securities | ||
Available for sale, number of securities, less than 12 months | security | 18 | |
Available for sale, number of securities, 12 months or more | security | 3 | |
Investment securities held to maturity | ||
Unrealized losses on held to maturity securities, less than 12 months | $ (1,059) | |
Unrealized losses on held to maturity securities, 12 months or more | (49) | |
Total unrealized losses on held to maturity securities | (1,108) | |
Fair value of unrealized losses on held to maturity securities, less than 12 months | 187,261 | |
Fair value of unrealized losses on held to maturity securities, 12 months or more | 6,587 | |
Total fair value of unrealized losses on held to maturity securities | $ 193,849 | |
GNMA | Residential Related Securities | Held to maturity, number of securities, less than 12 months | ||
Investment securities held to maturity | ||
Number of held to maturity securities in a continuous unrealized loss position | security | 12 | |
GNMA | Residential Related Securities | Held to maturity, number of securities, 12 months or more | ||
Investment securities held to maturity | ||
Number of held to maturity securities in a continuous unrealized loss position | security | 8 | |
GNMA | Commercial mortgage-related securities | ||
Investment securities available for sale | ||
Unrealized losses on available for sale securities, less than 12 months | $ (810) | |
Unrealized losses on available for sale securities, 12 months or more | (11,222) | |
Total unrealized losses on available for sale securities | (12,032) | |
Fair value of unrealized losses on available for sale securities, less than 12 months | 258,218 | |
Fair value of unrealized losses on available for sale securities, 12 months or more | 621,307 | |
Total fair value of unrealized losses on available for sale securities | $ 879,524 | |
Available-for-sale, Number of Securities | ||
Available for sale, number of securities, less than 12 months | security | 22 | |
Available for sale, number of securities, 12 months or more | security | 42 | |
Investment securities held to maturity | ||
Unrealized losses on held to maturity securities, less than 12 months | $ (29) | |
Unrealized losses on held to maturity securities, 12 months or more | (6,093) | |
Total unrealized losses on held to maturity securities | (6,122) | |
Fair value of unrealized losses on held to maturity securities, less than 12 months | 26,202 | |
Fair value of unrealized losses on held to maturity securities, 12 months or more | 357,733 | |
Total fair value of unrealized losses on held to maturity securities | $ 383,935 | |
GNMA | Commercial mortgage-related securities | Held to maturity, number of securities, less than 12 months | ||
Investment securities held to maturity | ||
Number of held to maturity securities in a continuous unrealized loss position | security | 2 | |
GNMA | Commercial mortgage-related securities | Held to maturity, number of securities, 12 months or more | ||
Investment securities held to maturity | ||
Number of held to maturity securities in a continuous unrealized loss position | security | 21 |
Investment Securities (Details
Investment Securities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Jan. 01, 2020 | |
Investment Securities Information [Line Items] | |||||||
Debt Securities, AFS, Principal Sold | $ 261,000 | $ 281,000 | |||||
Gain (Loss) on Sales of Mortgage Backed Securities (MBS) | 3,000 | 6,000 | |||||
Debt Securities, Available-for-sale, Sold at Par Value | $ 934,000 | ||||||
Pledged Financial Instruments, Not Separately Reported, Securities | 1,900,000 | $ 1,900,000 | $ 2,600,000 | ||||
Interest Receivable | 87,097 | 87,097 | 91,196 | ||||
Debt Securities, Held-to-maturity, Nonaccrual, Interest Income | 0 | 0 | |||||
Debt Securities, Held-to-maturity, Past Due | 0 | 0 | |||||
Held to maturity allowance for credit loss | 61 | 61 | $ 61 | ||||
Federal Home Loan Bank Stock | 126,000 | 126,000 | 149,000 | ||||
Federal Reserve Bank Stock | 81,000 | 81,000 | 78,000 | ||||
Equity securities with readily determinable fair values, Fair Value | $ 2,000 | $ 2,000 | 2,000 | ||||
Visa Restricted Stock Owned. Total | 77,996 | ||||||
Visa Restricted Stock Owned at Fair Value | 77,000 | ||||||
Visa Restricted Stock Donated | 42,039 | ||||||
Visa Restricted Stock Owned at Zero Cost | 996 | ||||||
Equity securities | $ 13,000 | $ 13,000 | 13,000 | ||||
First Staunton Bancshares [Member] | |||||||
Investment Securities Information [Line Items] | |||||||
Carrying amount of Securities Sold | $ 84,000 | ||||||
Held-to-maturity Securities [Member] | |||||||
Investment Securities Information [Line Items] | |||||||
Interest Receivable | 15,000 | 15,000 | 16,000 | ||||
Available-for-sale Securities [Member] | |||||||
Investment Securities Information [Line Items] | |||||||
Interest Receivable | 9,000 | 9,000 | 10,000 | ||||
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | |||||||
Investment Securities Information [Line Items] | |||||||
Interest Receivable | 2,000 | 2,000 | 2,000 | ||||
Federal Reserve Bank Stock [Member] | |||||||
Investment Securities Information [Line Items] | |||||||
Interest Receivable | $ 0 | $ 0 | $ 0 |
Loans Composition (Details)
Loans Composition (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | $ 24,832,671 | $ 22,821,440 |
PPP | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,012,033 | 0 |
Commercial and industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 7,968,709 | 7,354,594 |
Commercial real estate — owner occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 914,385 | 911,265 |
Commercial and business lending | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 9,895,127 | 8,265,858 |
Commercial real estate — investor | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 4,174,125 | 3,794,517 |
Real estate construction | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,708,189 | 1,420,900 |
Commercial real estate lending | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 5,882,314 | 5,215,417 |
Total commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 15,777,441 | 13,481,275 |
Residential mortgage | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 7,933,518 | 8,136,980 |
Home equity | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 795,671 | 852,025 |
Other consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 326,040 | 351,159 |
Total consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | $ 9,055,230 | $ 9,340,164 |
Loans, Credit Quality Indicator
Loans, Credit Quality Indicator by Vintage Year (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | $ 19,445 |
Financing Receivable, Revolving | 2,924,286 |
Financing Receivable, Originated in Current Fiscal Year | 4,165,465 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 5,762,111 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,982,386 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,554,155 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,170,639 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,273,628 |
Total | 24,832,671 |
Special Mention | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 234 |
Financing Receivable, Revolving | 13,531 |
Financing Receivable, Originated in Current Fiscal Year | 23,125 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 44,999 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 55,868 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3,854 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 25,195 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 15,683 |
Total | 182,254 |
Pass | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 3,190 |
Financing Receivable, Revolving | 2,894,381 |
Financing Receivable, Originated in Current Fiscal Year | 4,085,744 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 5,624,245 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,845,698 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,459,878 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,101,091 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,160,936 |
Total | 24,171,974 |
Potential Problem | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 517 |
Financing Receivable, Revolving | 15,618 |
Financing Receivable, Originated in Current Fiscal Year | 52,540 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 71,634 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 72,497 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 56,719 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 16,619 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 21,209 |
Total | 306,836 |
Nonaccrual | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 15,504 |
Financing Receivable, Revolving | 757 |
Financing Receivable, Originated in Current Fiscal Year | 4,056 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 21,232 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 8,323 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 33,705 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 27,733 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 75,800 |
Total | 171,607 |
Oil and Gas Portfolio Segment [Member] | Potential Problem | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 63,000 |
Oil and Gas Portfolio Segment [Member] | Nonaccrual | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 50,000 |
Total commercial | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 16,599 |
Financing Receivable, Revolving | 2,120,969 |
Financing Receivable, Originated in Current Fiscal Year | 3,212,424 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,999,718 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,180,887 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,253,039 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 988,922 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,021,484 |
Total | 15,777,441 |
Total commercial | Special Mention | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 0 |
Financing Receivable, Revolving | 12,802 |
Financing Receivable, Originated in Current Fiscal Year | 23,125 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 44,969 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 55,576 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3,829 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 25,159 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 14,860 |
Total | 180,320 |
Total commercial | Pass | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 1,170 |
Financing Receivable, Revolving | 2,094,324 |
Financing Receivable, Originated in Current Fiscal Year | 3,135,547 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,866,425 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,052,162 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,167,818 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 930,746 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 954,496 |
Total | 15,201,517 |
Total commercial | Potential Problem | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 517 |
Financing Receivable, Revolving | 13,843 |
Financing Receivable, Originated in Current Fiscal Year | 51,760 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 70,927 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 72,292 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 56,507 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 16,393 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 20,035 |
Total | 301,758 |
Total commercial | Nonaccrual | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 14,911 |
Financing Receivable, Revolving | 0 |
Financing Receivable, Originated in Current Fiscal Year | 1,992 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 17,397 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 857 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 24,884 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 16,624 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 32,093 |
Total | 93,846 |
Total commercial | PPP | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 0 |
Financing Receivable, Revolving | 0 |
Financing Receivable, Originated in Current Fiscal Year | 1,012,033 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 |
Total | 1,012,033 |
Total commercial | PPP | Special Mention | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 0 |
Financing Receivable, Revolving | 0 |
Financing Receivable, Originated in Current Fiscal Year | 7,409 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 |
Total | 7,409 |
Total commercial | PPP | Pass | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 0 |
Financing Receivable, Revolving | 0 |
Financing Receivable, Originated in Current Fiscal Year | 985,462 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 |
Total | 985,462 |
Total commercial | PPP | Potential Problem | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 0 |
Financing Receivable, Revolving | 0 |
Financing Receivable, Originated in Current Fiscal Year | 19,161 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 |
Total | 19,161 |
Total commercial | Commercial And Industrial Financing Receivable [Member] | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 15,003 |
Financing Receivable, Revolving | 1,858,562 |
Financing Receivable, Originated in Current Fiscal Year | 948,477 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,806,776 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,724,210 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 674,708 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 391,662 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 564,314 |
Total | 7,968,709 |
Total commercial | Commercial And Industrial Financing Receivable [Member] | Special Mention | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 0 |
Financing Receivable, Revolving | 12,802 |
Financing Receivable, Originated in Current Fiscal Year | 379 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 23,783 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 7,299 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 15 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 5,541 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 17 |
Total | 49,836 |
Total commercial | Commercial And Industrial Financing Receivable [Member] | Pass | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 20 |
Financing Receivable, Revolving | 1,832,797 |
Financing Receivable, Originated in Current Fiscal Year | 929,266 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,759,308 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,650,024 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 597,967 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 361,006 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 531,995 |
Total | 7,662,364 |
Total commercial | Commercial And Industrial Financing Receivable [Member] | Potential Problem | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 517 |
Financing Receivable, Revolving | 12,963 |
Financing Receivable, Originated in Current Fiscal Year | 17,235 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 16,544 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 66,699 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 52,176 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 8,492 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,162 |
Total | 176,270 |
Total commercial | Commercial And Industrial Financing Receivable [Member] | Nonaccrual | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 14,465 |
Financing Receivable, Revolving | 0 |
Financing Receivable, Originated in Current Fiscal Year | 1,597 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 7,140 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 188 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 24,550 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 16,624 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 30,141 |
Total | 80,239 |
Total commercial | Commercial real estate — owner occupied | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 1,150 |
Financing Receivable, Revolving | 17,973 |
Financing Receivable, Originated in Current Fiscal Year | 97,217 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 230,960 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 146,670 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 124,887 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 174,911 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 121,768 |
Total | 914,385 |
Total commercial | Commercial real estate — owner occupied | Special Mention | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 0 |
Financing Receivable, Revolving | 0 |
Financing Receivable, Originated in Current Fiscal Year | 2,450 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 16,317 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 12,776 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 128 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,439 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 5,321 |
Total | 39,432 |
Total commercial | Commercial real estate — owner occupied | Pass | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 1,150 |
Financing Receivable, Revolving | 17,897 |
Financing Receivable, Originated in Current Fiscal Year | 94,106 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 213,234 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 131,748 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 121,963 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 166,366 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 111,790 |
Total | 857,103 |
Total commercial | Commercial real estate — owner occupied | Potential Problem | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 0 |
Financing Receivable, Revolving | 77 |
Financing Receivable, Originated in Current Fiscal Year | 661 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,409 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,923 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,461 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 6,106 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,281 |
Total | 15,919 |
Total commercial | Commercial real estate — owner occupied | Nonaccrual | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 0 |
Financing Receivable, Revolving | 0 |
Financing Receivable, Originated in Current Fiscal Year | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 223 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 335 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,374 |
Total | 1,932 |
Total commercial | Commercial and business lending | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 16,153 |
Financing Receivable, Revolving | 1,876,535 |
Financing Receivable, Originated in Current Fiscal Year | 2,057,727 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,037,736 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,870,880 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 799,595 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 566,572 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 686,082 |
Total | 9,895,127 |
Total commercial | Commercial and business lending | Special Mention | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 0 |
Financing Receivable, Revolving | 12,802 |
Financing Receivable, Originated in Current Fiscal Year | 10,239 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 40,100 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 20,075 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 143 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 7,979 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 5,338 |
Total | 96,677 |
Total commercial | Commercial and business lending | Pass | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 1,170 |
Financing Receivable, Revolving | 1,850,694 |
Financing Receivable, Originated in Current Fiscal Year | 2,008,834 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,972,542 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,781,772 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 719,930 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 527,371 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 643,786 |
Total | 9,504,929 |
Total commercial | Commercial and business lending | Potential Problem | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 517 |
Financing Receivable, Revolving | 13,040 |
Financing Receivable, Originated in Current Fiscal Year | 37,058 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 17,953 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 68,622 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 54,637 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 14,598 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 5,443 |
Total | 211,350 |
Total commercial | Commercial and business lending | Nonaccrual | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 14,465 |
Financing Receivable, Revolving | 0 |
Financing Receivable, Originated in Current Fiscal Year | 1,597 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 7,140 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 411 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 24,884 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 16,624 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 31,515 |
Total | 82,171 |
Total commercial | Commercial real estate — investor | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 446 |
Financing Receivable, Revolving | 176,850 |
Financing Receivable, Originated in Current Fiscal Year | 875,014 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,151,033 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 857,101 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 382,098 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 419,255 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 312,775 |
Total | 4,174,125 |
Total commercial | Commercial real estate — investor | Special Mention | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 0 |
Financing Receivable, Revolving | 0 |
Financing Receivable, Originated in Current Fiscal Year | 12,886 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 4,869 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 17,098 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3,686 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 17,180 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 9,509 |
Total | 65,228 |
Total commercial | Commercial real estate — investor | Pass | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 0 |
Financing Receivable, Revolving | 176,047 |
Financing Receivable, Originated in Current Fiscal Year | 847,031 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,083,145 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 836,244 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 378,098 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 400,279 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 288,644 |
Total | 4,009,488 |
Total commercial | Commercial real estate — investor | Potential Problem | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 0 |
Financing Receivable, Revolving | 803 |
Financing Receivable, Originated in Current Fiscal Year | 14,703 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 52,762 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,313 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 314 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,796 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 14,547 |
Total | 88,237 |
Total commercial | Commercial real estate — investor | Nonaccrual | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 446 |
Financing Receivable, Revolving | 0 |
Financing Receivable, Originated in Current Fiscal Year | 395 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 10,256 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 446 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 75 |
Total | 11,172 |
Total commercial | Real Estate Construction | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 0 |
Financing Receivable, Revolving | 67,584 |
Financing Receivable, Originated in Current Fiscal Year | 279,683 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 810,949 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 452,906 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 71,346 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 3,095 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 22,627 |
Total | 1,708,189 |
Total commercial | Real Estate Construction | Special Mention | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 0 |
Financing Receivable, Revolving | 0 |
Financing Receivable, Originated in Current Fiscal Year | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 18,402 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 12 |
Total | 18,414 |
Total commercial | Real Estate Construction | Pass | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 0 |
Financing Receivable, Revolving | 67,584 |
Financing Receivable, Originated in Current Fiscal Year | 279,683 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 810,738 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 434,146 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 69,790 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 3,095 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 22,066 |
Total | 1,687,100 |
Total commercial | Real Estate Construction | Potential Problem | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 0 |
Financing Receivable, Revolving | 0 |
Financing Receivable, Originated in Current Fiscal Year | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 211 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 358 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,557 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 45 |
Total | 2,170 |
Total commercial | Real Estate Construction | Nonaccrual | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 0 |
Financing Receivable, Revolving | 0 |
Financing Receivable, Originated in Current Fiscal Year | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 503 |
Total | 503 |
Total commercial | Commercial Real Estate | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 446 |
Financing Receivable, Revolving | 244,433 |
Financing Receivable, Originated in Current Fiscal Year | 1,154,696 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,961,982 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,310,007 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 453,444 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 422,349 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 335,402 |
Total | 5,882,314 |
Total commercial | Commercial Real Estate | Special Mention | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 0 |
Financing Receivable, Revolving | 0 |
Financing Receivable, Originated in Current Fiscal Year | 12,886 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 4,869 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 35,500 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3,686 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 17,180 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 9,522 |
Total | 83,643 |
Total commercial | Commercial Real Estate | Pass | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 0 |
Financing Receivable, Revolving | 243,630 |
Financing Receivable, Originated in Current Fiscal Year | 1,126,713 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,893,883 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,270,390 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 447,888 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 403,374 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 310,710 |
Total | 5,696,589 |
Total commercial | Commercial Real Estate | Potential Problem | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 0 |
Financing Receivable, Revolving | 803 |
Financing Receivable, Originated in Current Fiscal Year | 14,703 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 52,973 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,670 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,870 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,796 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 14,592 |
Total | 90,407 |
Total commercial | Commercial Real Estate | Nonaccrual | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 446 |
Financing Receivable, Revolving | 0 |
Financing Receivable, Originated in Current Fiscal Year | 395 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 10,256 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 446 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 578 |
Total | 11,675 |
Total consumer | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 2,846 |
Financing Receivable, Revolving | 803,318 |
Financing Receivable, Originated in Current Fiscal Year | 953,041 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,762,393 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 801,499 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,301,117 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,181,717 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,252,145 |
Total | 9,055,230 |
Total consumer | Special Mention | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 234 |
Financing Receivable, Revolving | 729 |
Financing Receivable, Originated in Current Fiscal Year | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 30 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 292 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 24 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 36 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 823 |
Total | 1,934 |
Total consumer | Pass | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 2,020 |
Financing Receivable, Revolving | 800,057 |
Financing Receivable, Originated in Current Fiscal Year | 950,196 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,757,820 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 793,537 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,292,060 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,170,346 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,206,441 |
Total | 8,970,456 |
Total consumer | Potential Problem | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 0 |
Financing Receivable, Revolving | 1,775 |
Financing Receivable, Originated in Current Fiscal Year | 780 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 707 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 205 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 212 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 226 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,174 |
Total | 5,078 |
Total consumer | Nonaccrual | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 593 |
Financing Receivable, Revolving | 757 |
Financing Receivable, Originated in Current Fiscal Year | 2,065 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,836 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 7,466 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 8,821 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 11,110 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 43,707 |
Total | 77,761 |
Total consumer | Residential mortgage | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 0 |
Financing Receivable, Revolving | 90 |
Financing Receivable, Originated in Current Fiscal Year | 946,490 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,730,982 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 774,348 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,282,822 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,171,880 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,026,905 |
Total | 7,933,518 |
Total consumer | Residential mortgage | Special Mention | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 0 |
Financing Receivable, Revolving | 0 |
Financing Receivable, Originated in Current Fiscal Year | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 270 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 36 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 206 |
Total | 511 |
Total consumer | Residential mortgage | Pass | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 0 |
Financing Receivable, Revolving | 90 |
Financing Receivable, Originated in Current Fiscal Year | 943,953 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,726,616 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 766,921 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,274,176 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,160,820 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,990,617 |
Total | 7,863,194 |
Total consumer | Residential mortgage | Potential Problem | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 0 |
Financing Receivable, Revolving | 0 |
Financing Receivable, Originated in Current Fiscal Year | 780 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 707 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 205 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 212 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 226 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,028 |
Total | 3,157 |
Total consumer | Residential mortgage | Nonaccrual | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 0 |
Financing Receivable, Revolving | 0 |
Financing Receivable, Originated in Current Fiscal Year | 1,758 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,659 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 6,953 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 8,434 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 10,798 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 35,055 |
Total | 66,656 |
Total consumer | Home Equity Loan | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 2,824 |
Financing Receivable, Revolving | 634,013 |
Financing Receivable, Originated in Current Fiscal Year | 2,044 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 16,564 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 21,541 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 15,484 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 7,743 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 98,282 |
Total | 795,671 |
Total consumer | Home Equity Loan | Special Mention | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 233 |
Financing Receivable, Revolving | 199 |
Financing Receivable, Originated in Current Fiscal Year | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 16 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 24 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 610 |
Total | 849 |
Total consumer | Home Equity Loan | Pass | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 2,005 |
Financing Receivable, Revolving | 631,366 |
Financing Receivable, Originated in Current Fiscal Year | 1,746 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 16,439 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 21,034 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 15,073 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 7,510 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 88,904 |
Total | 782,073 |
Total consumer | Home Equity Loan | Potential Problem | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 0 |
Financing Receivable, Revolving | 1,775 |
Financing Receivable, Originated in Current Fiscal Year | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 146 |
Total | 1,921 |
Total consumer | Home Equity Loan | Nonaccrual | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 586 |
Financing Receivable, Revolving | 673 |
Financing Receivable, Originated in Current Fiscal Year | 297 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 124 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 491 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 387 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 233 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 8,623 |
Total | 10,829 |
Total consumer | Other consumer | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 22 |
Financing Receivable, Revolving | 169,215 |
Financing Receivable, Originated in Current Fiscal Year | 4,507 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 14,847 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 5,610 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,811 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,094 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 126,957 |
Total | 326,040 |
Total consumer | Other consumer | Special Mention | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 1 |
Financing Receivable, Revolving | 530 |
Financing Receivable, Originated in Current Fiscal Year | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 30 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 6 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 7 |
Total | 574 |
Total consumer | Other consumer | Pass | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 15 |
Financing Receivable, Revolving | 168,601 |
Financing Receivable, Originated in Current Fiscal Year | 4,497 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 14,764 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 5,581 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,811 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,015 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 126,920 |
Total | 325,190 |
Total consumer | Other consumer | Nonaccrual | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Revolving, Converted To Term Loan | 7 |
Financing Receivable, Revolving | 84 |
Financing Receivable, Originated in Current Fiscal Year | 10 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 53 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 22 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 78 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 30 |
Total | $ 276 |
Loans Credit Quality Indicator
Loans Credit Quality Indicator (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | $ 24,832,671 | $ 22,821,440 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 22,294,939 | |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 247,022 | |
Potential Problem | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 161,097 | |
Nonaccrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 118,380 | |
Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 7,968,709 | 7,354,594 |
Commercial and industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 7,118,448 | |
Commercial and industrial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 79,525 | |
Commercial and industrial | Potential Problem | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 110,308 | |
Commercial and industrial | Nonaccrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 46,312 | |
Commercial real estate — owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 914,385 | 911,265 |
Commercial real estate — owner occupied | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 866,193 | |
Commercial real estate — owner occupied | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 25,115 | |
Commercial real estate — owner occupied | Potential Problem | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 19,889 | |
Commercial real estate — owner occupied | Nonaccrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 67 | |
Commercial and business lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 9,895,127 | 8,265,858 |
Commercial and business lending | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 7,984,641 | |
Commercial and business lending | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 104,641 | |
Commercial and business lending | Potential Problem | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 130,197 | |
Commercial and business lending | Nonaccrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 46,380 | |
Commercial real estate — investor | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 4,174,125 | 3,794,517 |
Commercial real estate — investor | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,620,785 | |
Commercial real estate — investor | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 139,873 | |
Commercial real estate — investor | Potential Problem | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 29,449 | |
Commercial real estate — investor | Nonaccrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 4,409 | |
Real estate construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,708,189 | 1,420,900 |
Real estate construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,420,374 | |
Real estate construction | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 33 | |
Real estate construction | Potential Problem | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real estate construction | Nonaccrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 493 | |
Commercial real estate lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 5,882,314 | 5,215,417 |
Commercial real estate lending | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 5,041,159 | |
Commercial real estate lending | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 139,906 | |
Commercial real estate lending | Potential Problem | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 29,449 | |
Commercial real estate lending | Nonaccrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 4,902 | |
Total commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 15,777,441 | 13,481,275 |
Total commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 13,025,800 | |
Total commercial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 244,547 | |
Total commercial | Potential Problem | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 159,646 | |
Total commercial | Nonaccrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 51,282 | |
Residential mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 7,933,518 | 8,136,980 |
Residential mortgage | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 8,077,122 | |
Residential mortgage | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 563 | |
Residential mortgage | Potential Problem | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,451 | |
Residential mortgage | Nonaccrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 57,844 | |
Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 795,671 | 852,025 |
Home equity | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 841,757 | |
Home equity | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,164 | |
Home equity | Potential Problem | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Home equity | Nonaccrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 9,104 | |
Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 326,040 | 351,159 |
Other consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 350,260 | |
Other consumer | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 748 | |
Other consumer | Potential Problem | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Other consumer | Nonaccrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 152 | |
Total consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | $ 9,055,230 | 9,340,164 |
Total consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 9,269,139 | |
Total consumer | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,475 | |
Total consumer | Potential Problem | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,451 | |
Total consumer | Nonaccrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | $ 67,099 |
Loans Past Due Status (Details)
Loans Past Due Status (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Summarized details of Loans | |||
Current(a) | $ 24,636,810 | $ 24,636,810 | $ 22,679,696 |
Nonaccrual(b)(c) | 171,607 | 171,607 | 118,380 |
Loans and Leases Receivable, Net of Deferred Income, Total | 24,832,671 | 24,832,671 | 22,821,440 |
Nonaccrual Loans, Current Portion | $ 117,000 | $ 117,000 | $ 48,000 |
Percent of current nonaccrual loans | 68.00% | 68.00% | 41.00% |
Financing Receivable, Nonaccrual, Interest Income | $ 0 | $ 0 | |
Financing Receivable, Nonaccrual, No Allowance | 91,000 | 91,000 | |
30-59 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 9,664 | 9,664 | $ 18,188 |
60-89 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 13,125 | 13,125 | 2,916 |
90 Days or More Past Due | |||
Summarized details of Loans | |||
Total Past Due | 1,466 | 1,466 | 2,259 |
PPP | |||
Summarized details of Loans | |||
Current(a) | 1,012,033 | 1,012,033 | |
Nonaccrual(b)(c) | 0 | 0 | |
Loans and Leases Receivable, Net of Deferred Income, Total | 1,012,033 | 1,012,033 | 0 |
PPP | 30-59 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 0 | 0 | |
PPP | 60-89 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 0 | 0 | |
PPP | 90 Days or More Past Due | |||
Summarized details of Loans | |||
Total Past Due | 0 | 0 | |
Commercial and industrial | |||
Summarized details of Loans | |||
Current(a) | 7,887,369 | 7,887,369 | 7,307,118 |
Nonaccrual(b)(c) | 80,239 | 80,239 | 46,312 |
Loans and Leases Receivable, Net of Deferred Income, Total | 7,968,709 | 7,968,709 | 7,354,594 |
Commercial and industrial | 30-59 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 274 | 274 | 576 |
Commercial and industrial | 60-89 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 442 | 442 | 245 |
Commercial and industrial | 90 Days or More Past Due | |||
Summarized details of Loans | |||
Total Past Due | 385 | 385 | 342 |
Commercial real estate — owner occupied | |||
Summarized details of Loans | |||
Current(a) | 912,254 | 912,254 | 909,828 |
Nonaccrual(b)(c) | 1,932 | 1,932 | 67 |
Loans and Leases Receivable, Net of Deferred Income, Total | 914,385 | 914,385 | 911,265 |
Commercial real estate — owner occupied | 30-59 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 199 | 199 | 1,369 |
Commercial real estate — owner occupied | 60-89 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 0 | 0 | 0 |
Commercial real estate — owner occupied | 90 Days or More Past Due | |||
Summarized details of Loans | |||
Total Past Due | 0 | 0 | 0 |
Commercial and business lending | |||
Summarized details of Loans | |||
Current(a) | 9,811,656 | 9,811,656 | 8,216,947 |
Nonaccrual(b)(c) | 82,171 | 82,171 | 46,380 |
Loans and Leases Receivable, Net of Deferred Income, Total | 9,895,127 | 9,895,127 | 8,265,858 |
Commercial and business lending | 30-59 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 473 | 473 | 1,945 |
Commercial and business lending | 60-89 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 442 | 442 | 245 |
Commercial and business lending | 90 Days or More Past Due | |||
Summarized details of Loans | |||
Total Past Due | 385 | 385 | 342 |
Commercial real estate — investor | |||
Summarized details of Loans | |||
Current(a) | 4,149,079 | 4,149,079 | 3,788,296 |
Nonaccrual(b)(c) | 11,172 | 11,172 | 4,409 |
Loans and Leases Receivable, Net of Deferred Income, Total | 4,174,125 | 4,174,125 | 3,794,517 |
Commercial real estate — investor | 30-59 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 2,886 | 2,886 | 1,812 |
Commercial real estate — investor | 60-89 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 10,989 | 10,989 | 0 |
Commercial real estate — investor | 90 Days or More Past Due | |||
Summarized details of Loans | |||
Total Past Due | 0 | 0 | 0 |
Real estate construction | |||
Summarized details of Loans | |||
Current(a) | 1,707,300 | 1,707,300 | 1,420,310 |
Nonaccrual(b)(c) | 503 | 503 | 493 |
Loans and Leases Receivable, Net of Deferred Income, Total | 1,708,189 | 1,708,189 | 1,420,900 |
Real estate construction | 30-59 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 373 | 373 | 64 |
Real estate construction | 60-89 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 12 | 12 | 33 |
Real estate construction | 90 Days or More Past Due | |||
Summarized details of Loans | |||
Total Past Due | 0 | 0 | 0 |
Commercial real estate lending | |||
Summarized details of Loans | |||
Current(a) | 5,856,379 | 5,856,379 | 5,208,606 |
Nonaccrual(b)(c) | 11,675 | 11,675 | 4,902 |
Loans and Leases Receivable, Net of Deferred Income, Total | 5,882,314 | 5,882,314 | 5,215,417 |
Commercial real estate lending | 30-59 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 3,259 | 3,259 | 1,876 |
Commercial real estate lending | 60-89 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 11,001 | 11,001 | 33 |
Commercial real estate lending | 90 Days or More Past Due | |||
Summarized details of Loans | |||
Total Past Due | 0 | 0 | 0 |
Total commercial | |||
Summarized details of Loans | |||
Current(a) | 15,668,035 | 15,668,035 | 13,425,552 |
Nonaccrual(b)(c) | 93,846 | 93,846 | 51,282 |
Loans and Leases Receivable, Net of Deferred Income, Total | 15,777,441 | 15,777,441 | 13,481,275 |
Total commercial | 30-59 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 3,732 | 3,732 | 3,821 |
Total commercial | 60-89 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 11,443 | 11,443 | 278 |
Total commercial | 90 Days or More Past Due | |||
Summarized details of Loans | |||
Total Past Due | 385 | 385 | 342 |
Residential mortgage | |||
Summarized details of Loans | |||
Current(a) | 7,863,839 | 7,863,839 | 8,069,863 |
Nonaccrual(b)(c) | 66,656 | 66,656 | 57,844 |
Loans and Leases Receivable, Net of Deferred Income, Total | 7,933,518 | 7,933,518 | 8,136,980 |
Residential mortgage | 30-59 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 2,789 | 2,789 | 8,749 |
Residential mortgage | 60-89 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 233 | 233 | 525 |
Residential mortgage | 90 Days or More Past Due | |||
Summarized details of Loans | |||
Total Past Due | 0 | 0 | 0 |
Home equity | |||
Summarized details of Loans | |||
Current(a) | 781,735 | 781,735 | 837,274 |
Nonaccrual(b)(c) | 10,829 | 10,829 | 9,104 |
Loans and Leases Receivable, Net of Deferred Income, Total | 795,671 | 795,671 | 852,025 |
Home equity | 30-59 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 2,259 | 2,259 | 4,483 |
Home equity | 60-89 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 849 | 849 | 1,164 |
Home equity | 90 Days or More Past Due | |||
Summarized details of Loans | |||
Total Past Due | 0 | 0 | 0 |
Other consumer | |||
Summarized details of Loans | |||
Current(a) | 323,201 | 323,201 | 347,007 |
Nonaccrual(b)(c) | 276 | 276 | 152 |
Loans and Leases Receivable, Net of Deferred Income, Total | 326,040 | 326,040 | 351,159 |
Other consumer | 30-59 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 883 | 883 | 1,135 |
Other consumer | 60-89 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 599 | 599 | 949 |
Other consumer | 90 Days or More Past Due | |||
Summarized details of Loans | |||
Total Past Due | 1,081 | 1,081 | 1,917 |
Total consumer | |||
Summarized details of Loans | |||
Current(a) | 8,968,775 | 8,968,775 | 9,254,144 |
Nonaccrual(b)(c) | 77,761 | 77,761 | 67,099 |
Loans and Leases Receivable, Net of Deferred Income, Total | 9,055,230 | 9,055,230 | 9,340,164 |
Total consumer | 30-59 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 5,932 | 5,932 | 14,366 |
Total consumer | 60-89 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 1,681 | 1,681 | 2,638 |
Total consumer | 90 Days or More Past Due | |||
Summarized details of Loans | |||
Total Past Due | $ 1,081 | $ 1,081 | $ 1,917 |
Loans, Impaired Loans Recorded
Loans, Impaired Loans Recorded Investment, Unpaid Principal Balance, Related Allowance, Average Recorded Investment, and Interest Income Recognized (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | $ 110,043 |
Unpaid Principal Balance | 148,020 |
Related Allowance | 16,165 |
Average Recorded Investment | 113,697 |
Interest Income Recognized | $ 3,628 |
Net Recorded Investment of the Impaired Loans | 63.00% |
Bank Mutual | |
Loan and Lease Receivables, Impaired [Abstract] | |
Purchased credit-impaired loans | $ 2,000 |
Loans with a related allowance | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 76,102 |
Unpaid Principal Balance | 95,033 |
Related Allowance | 16,165 |
Average Recorded Investment | 77,235 |
Interest Income Recognized | 3,012 |
Loans with no related allowance | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 33,941 |
Unpaid Principal Balance | 52,987 |
Related Allowance | 0 |
Average Recorded Investment | 36,462 |
Interest Income Recognized | 616 |
Commercial and industrial | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 62,035 |
Unpaid Principal Balance | 96,784 |
Related Allowance | 12,010 |
Average Recorded Investment | 65,792 |
Interest Income Recognized | 1,895 |
Commercial and industrial | Loans with a related allowance | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 47,249 |
Unpaid Principal Balance | 63,346 |
Related Allowance | 12,010 |
Average Recorded Investment | 45,290 |
Interest Income Recognized | 1,832 |
Commercial and industrial | Loans with no related allowance | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 14,787 |
Unpaid Principal Balance | 33,438 |
Related Allowance | 0 |
Average Recorded Investment | 20,502 |
Interest Income Recognized | 63 |
Commercial real estate — owner occupied | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 1,676 |
Unpaid Principal Balance | 1,682 |
Related Allowance | 19 |
Average Recorded Investment | 1,774 |
Interest Income Recognized | 88 |
Commercial real estate — owner occupied | Loans with a related allowance | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 1,676 |
Unpaid Principal Balance | 1,682 |
Related Allowance | 19 |
Average Recorded Investment | 1,774 |
Interest Income Recognized | 88 |
Commercial real estate — owner occupied | Loans with no related allowance | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 0 |
Unpaid Principal Balance | 0 |
Related Allowance | 0 |
Average Recorded Investment | 0 |
Interest Income Recognized | 0 |
Commercial and business lending | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 63,711 |
Unpaid Principal Balance | 98,466 |
Related Allowance | 12,029 |
Average Recorded Investment | 67,566 |
Interest Income Recognized | 1,982 |
Commercial and business lending | Loans with a related allowance | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 48,924 |
Unpaid Principal Balance | 65,028 |
Related Allowance | 12,029 |
Average Recorded Investment | 47,064 |
Interest Income Recognized | 1,919 |
Commercial and business lending | Loans with no related allowance | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 14,787 |
Unpaid Principal Balance | 33,438 |
Related Allowance | 0 |
Average Recorded Investment | 20,502 |
Interest Income Recognized | 63 |
Commercial real estate — investor | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 4,633 |
Unpaid Principal Balance | 5,808 |
Related Allowance | 15 |
Average Recorded Investment | 4,931 |
Interest Income Recognized | 174 |
Commercial real estate — investor | Loans with a related allowance | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 928 |
Unpaid Principal Balance | 2,104 |
Related Allowance | 15 |
Average Recorded Investment | 950 |
Interest Income Recognized | 15 |
Commercial real estate — investor | Loans with no related allowance | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 3,705 |
Unpaid Principal Balance | 3,705 |
Related Allowance | 0 |
Average Recorded Investment | 3,980 |
Interest Income Recognized | 159 |
Real estate construction | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 477 |
Unpaid Principal Balance | 559 |
Related Allowance | 67 |
Average Recorded Investment | 494 |
Interest Income Recognized | 30 |
Real estate construction | Loans with a related allowance | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 477 |
Unpaid Principal Balance | 559 |
Related Allowance | 67 |
Average Recorded Investment | 494 |
Interest Income Recognized | 30 |
Real estate construction | Loans with no related allowance | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 0 |
Unpaid Principal Balance | 0 |
Related Allowance | 0 |
Average Recorded Investment | 0 |
Interest Income Recognized | 0 |
Commercial real estate lending | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 5,110 |
Unpaid Principal Balance | 6,367 |
Related Allowance | 82 |
Average Recorded Investment | 5,425 |
Interest Income Recognized | 204 |
Commercial real estate lending | Loans with a related allowance | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 1,405 |
Unpaid Principal Balance | 2,663 |
Related Allowance | 82 |
Average Recorded Investment | 1,445 |
Interest Income Recognized | 45 |
Commercial real estate lending | Loans with no related allowance | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 3,705 |
Unpaid Principal Balance | 3,705 |
Related Allowance | 0 |
Average Recorded Investment | 3,980 |
Interest Income Recognized | 159 |
Total commercial | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 68,820 |
Unpaid Principal Balance | 104,833 |
Related Allowance | 12,111 |
Average Recorded Investment | 72,991 |
Interest Income Recognized | 2,186 |
Total commercial | Loans with a related allowance | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 50,329 |
Unpaid Principal Balance | 67,691 |
Related Allowance | 12,111 |
Average Recorded Investment | 48,509 |
Interest Income Recognized | 1,965 |
Total commercial | Loans with no related allowance | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 18,491 |
Unpaid Principal Balance | 37,142 |
Related Allowance | 0 |
Average Recorded Investment | 24,482 |
Interest Income Recognized | 222 |
Residential mortgage | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 35,554 |
Unpaid Principal Balance | 37,087 |
Related Allowance | 2,740 |
Average Recorded Investment | 34,683 |
Interest Income Recognized | 1,229 |
Residential mortgage | Loans with a related allowance | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 21,450 |
Unpaid Principal Balance | 22,625 |
Related Allowance | 2,740 |
Average Recorded Investment | 23,721 |
Interest Income Recognized | 856 |
Residential mortgage | Loans with no related allowance | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 14,104 |
Unpaid Principal Balance | 14,461 |
Related Allowance | 0 |
Average Recorded Investment | 10,962 |
Interest Income Recognized | 373 |
Home equity | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 4,422 |
Unpaid Principal Balance | 4,851 |
Related Allowance | 1,190 |
Average Recorded Investment | 4,773 |
Interest Income Recognized | 211 |
Home equity | Loans with a related allowance | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 3,076 |
Unpaid Principal Balance | 3,468 |
Related Allowance | 1,190 |
Average Recorded Investment | 3,756 |
Interest Income Recognized | 191 |
Home equity | Loans with no related allowance | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 1,346 |
Unpaid Principal Balance | 1,383 |
Related Allowance | 0 |
Average Recorded Investment | 1,017 |
Interest Income Recognized | 21 |
Other consumer | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 1,247 |
Unpaid Principal Balance | 1,249 |
Related Allowance | 125 |
Average Recorded Investment | 1,250 |
Interest Income Recognized | 1 |
Other consumer | Loans with a related allowance | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 1,247 |
Unpaid Principal Balance | 1,249 |
Related Allowance | 125 |
Average Recorded Investment | 1,250 |
Interest Income Recognized | 1 |
Other consumer | Loans with no related allowance | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 0 |
Unpaid Principal Balance | 0 |
Related Allowance | 0 |
Average Recorded Investment | 0 |
Interest Income Recognized | 0 |
Total consumer | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 41,223 |
Unpaid Principal Balance | 43,187 |
Related Allowance | 4,055 |
Average Recorded Investment | 40,706 |
Interest Income Recognized | 1,441 |
Total consumer | Loans with a related allowance | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 25,773 |
Unpaid Principal Balance | 27,342 |
Related Allowance | 4,055 |
Average Recorded Investment | 28,726 |
Interest Income Recognized | 1,047 |
Total consumer | Loans with no related allowance | |
Loan and Lease Receivables, Impaired [Abstract] | |
Recorded Investment | 15,450 |
Unpaid Principal Balance | 15,845 |
Related Allowance | 0 |
Average Recorded Investment | 11,979 |
Interest Income Recognized | $ 394 |
Loans, Troubled Debt Restructur
Loans, Troubled Debt Restructurings Performing and Nonaccrual (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performing Restructured Loans | $ 25,303 | $ 26,041 |
Nonaccrual Restructured Loans(a) | 25,362 | 22,494 |
PPP | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performing Restructured Loans | 0 | 0 |
Nonaccrual Restructured Loans(a) | 0 | 0 |
Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performing Restructured Loans | 16,321 | 16,678 |
Nonaccrual Restructured Loans(a) | 7,968 | 7,376 |
Commercial real estate — owner occupied | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performing Restructured Loans | 1,441 | 1,676 |
Nonaccrual Restructured Loans(a) | 0 | 0 |
Commercial real estate — investor | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performing Restructured Loans | 114 | 293 |
Nonaccrual Restructured Loans(a) | 395 | 0 |
Real estate construction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performing Restructured Loans | 313 | 298 |
Nonaccrual Restructured Loans(a) | 173 | 179 |
Residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performing Restructured Loans | 4,178 | 3,955 |
Nonaccrual Restructured Loans(a) | 15,401 | 13,035 |
Home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performing Restructured Loans | 1,717 | 1,896 |
Nonaccrual Restructured Loans(a) | 1,424 | 1,904 |
Other consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performing Restructured Loans | 1,219 | 1,246 |
Nonaccrual Restructured Loans(a) | $ 0 | $ 1 |
Loans, Loans Modified in a Trou
Loans, Loans Modified in a Troubled Debt Restructuring (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020USD ($)loan | Jun. 30, 2019USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 44 | 58 |
Recorded Investment(a) | $ 7,531 | $ 6,370 |
Unpaid Principal Balance(b) | $ 8,986 | $ 6,394 |
PPP | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 0 | 0 |
Recorded Investment(a) | $ 0 | $ 0 |
Unpaid Principal Balance(b) | $ 0 | $ 0 |
Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 2 | 1 |
Recorded Investment(a) | $ 1,112 | $ 196 |
Unpaid Principal Balance(b) | $ 1,140 | $ 196 |
Commercial real estate — owner occupied | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 1 | 0 |
Recorded Investment(a) | $ 288 | $ 0 |
Unpaid Principal Balance(b) | $ 319 | $ 0 |
Commercial real estate — investor | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 1 | 0 |
Recorded Investment(a) | $ 395 | $ 0 |
Unpaid Principal Balance(b) | $ 1,705 | $ 0 |
Real estate construction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 1 | 0 |
Recorded Investment(a) | $ 102 | $ 0 |
Unpaid Principal Balance(b) | $ 102 | $ 0 |
Residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 24 | 38 |
Recorded Investment(a) | $ 5,163 | $ 5,665 |
Unpaid Principal Balance(b) | $ 5,237 | $ 5,682 |
Home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 15 | 18 |
Recorded Investment(a) | $ 471 | $ 499 |
Unpaid Principal Balance(b) | $ 483 | $ 506 |
Other consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 0 | 1 |
Recorded Investment(a) | $ 0 | $ 10 |
Unpaid Principal Balance(b) | $ 0 | $ 10 |
Loans, Troubled Debt Restruct_2
Loans, Troubled Debt Restructurings Subsequent Default (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020USD ($)loan | Jun. 30, 2019USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 9 | 30 |
Recorded Investment | $ | $ 1,244 | $ 3,290 |
Residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 5 | 16 |
Recorded Investment | $ | $ 1,036 | $ 2,813 |
Home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 4 | 14 |
Recorded Investment | $ | $ 208 | $ 477 |
Loans, Changes in the Allowance
Loans, Changes in the Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Balance at beginning of period | $ 201,371 | |||||||
Allowance for Loan Losses | 201,371 | $ 201,371 | $ 201,371 | |||||
Net Charge offs | (55,152) | |||||||
Balance at end of period | 201,371 | |||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Balance at beginning of period | 21,907 | |||||||
Allowance for Unfunded Commitments | $ 64,776 | 64,776 | 21,907 | $ 64,776 | 21,907 | |||
Provision for loan losses | 24,000 | |||||||
Balance at end of period | 64,776 | 64,776 | 21,907 | |||||
Allowance for credit losses on loans | ||||||||
Net Charge offs | (55,152) | |||||||
Provision for credit losses | 61,000 | $ 8,000 | 114,001 | $ 14,000 | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 201,371 | 238,023 | 238,023 | |||||
Charge offs | (74,313) | |||||||
Recoveries | 19,161 | |||||||
Net Charge offs | (55,152) | |||||||
Provision for loan losses | 18,500 | |||||||
Balance at end of period | 363,803 | 363,803 | 201,371 | |||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Individually evaluated | 16,165 | |||||||
Collectively evaluated | 185,205 | |||||||
Total allowance for loan losses | 363,803 | 201,371 | 238,023 | 238,023 | 363,803 | 201,371 | ||
Loans [Abstract] | ||||||||
Individually evaluated | 110,043 | |||||||
Collectively evaluated | 22,709,845 | |||||||
Financing Receivable Acquired and Accounted under Modification of Impaired Loans | 1,552 | |||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 24,832,671 | 22,821,440 | ||||||
Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | $ 131,147 | |||||||
Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | 354,425 | |||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Allowance for Unfunded Commitments | 40,597 | |||||||
First Staunton Bancshares [Member] | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Provision for loan losses | 179 | |||||||
Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Allowance for Unfunded Commitments | 18,690 | |||||||
PPP | ||||||||
Loans [Abstract] | ||||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 1,012,033 | 0 | ||||||
Commercial and industrial | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Net Charge offs | (51,441) | |||||||
Allowance for credit losses on loans | ||||||||
Net Charge offs | (51,441) | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 91,133 | 108,835 | 108,835 | |||||
Charge offs | (63,315) | |||||||
Recoveries | 11,875 | |||||||
Net Charge offs | (51,441) | |||||||
Provision for loan losses | 33,738 | |||||||
Balance at end of period | 91,133 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Individually evaluated | 12,010 | |||||||
Collectively evaluated | 79,123 | |||||||
Total allowance for loan losses | 91,133 | 108,835 | 91,133 | 91,133 | ||||
Loans [Abstract] | ||||||||
Individually evaluated | 62,035 | |||||||
Collectively evaluated | 7,292,217 | |||||||
Financing Receivable Acquired and Accounted under Modification of Impaired Loans | 342 | |||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 7,968,709 | 7,354,594 | ||||||
Commercial real estate — owner occupied | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Net Charge offs | 2,573 | |||||||
Allowance for credit losses on loans | ||||||||
Net Charge offs | 2,573 | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 10,284 | 9,255 | 9,255 | |||||
Charge offs | (222) | |||||||
Recoveries | 2,795 | |||||||
Net Charge offs | 2,573 | |||||||
Provision for loan losses | (1,543) | |||||||
Balance at end of period | 10,284 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Individually evaluated | 19 | |||||||
Collectively evaluated | 10,265 | |||||||
Total allowance for loan losses | 10,284 | 9,255 | 10,284 | 10,284 | ||||
Loans [Abstract] | ||||||||
Individually evaluated | 1,676 | |||||||
Collectively evaluated | 909,010 | |||||||
Financing Receivable Acquired and Accounted under Modification of Impaired Loans | 579 | |||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 914,385 | 911,265 | ||||||
Commercial and business lending | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Net Charge offs | (48,868) | |||||||
Allowance for credit losses on loans | ||||||||
Net Charge offs | (48,868) | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 101,417 | 118,090 | 118,090 | |||||
Charge offs | (63,537) | |||||||
Recoveries | 14,670 | |||||||
Net Charge offs | (48,868) | |||||||
Provision for loan losses | 32,195 | |||||||
Balance at end of period | 101,417 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Individually evaluated | 12,029 | |||||||
Collectively evaluated | 89,388 | |||||||
Total allowance for loan losses | 101,417 | 118,090 | 101,417 | 101,417 | ||||
Loans [Abstract] | ||||||||
Individually evaluated | 63,711 | |||||||
Collectively evaluated | 8,201,227 | |||||||
Financing Receivable Acquired and Accounted under Modification of Impaired Loans | 921 | |||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 9,895,127 | 8,265,858 | ||||||
Commercial real estate — investor | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Net Charge offs | 31 | |||||||
Allowance for credit losses on loans | ||||||||
Net Charge offs | 31 | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 40,514 | 40,844 | 40,844 | |||||
Charge offs | 0 | |||||||
Recoveries | 31 | |||||||
Net Charge offs | 31 | |||||||
Provision for loan losses | (361) | |||||||
Balance at end of period | 40,514 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Individually evaluated | 15 | |||||||
Collectively evaluated | 40,498 | |||||||
Total allowance for loan losses | 40,514 | 40,844 | 40,514 | 40,514 | ||||
Loans [Abstract] | ||||||||
Individually evaluated | 4,633 | |||||||
Collectively evaluated | 3,789,755 | |||||||
Financing Receivable Acquired and Accounted under Modification of Impaired Loans | 129 | |||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 4,174,125 | 3,794,517 | ||||||
Real estate construction | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Net Charge offs | 243 | |||||||
Allowance for credit losses on loans | ||||||||
Net Charge offs | 243 | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 24,915 | 28,240 | 28,240 | |||||
Charge offs | (60) | |||||||
Recoveries | 302 | |||||||
Net Charge offs | 243 | |||||||
Provision for loan losses | (3,568) | |||||||
Balance at end of period | 24,915 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Individually evaluated | 67 | |||||||
Collectively evaluated | 24,848 | |||||||
Total allowance for loan losses | 24,915 | 28,240 | 24,915 | 24,915 | ||||
Loans [Abstract] | ||||||||
Individually evaluated | 477 | |||||||
Collectively evaluated | 1,420,416 | |||||||
Financing Receivable Acquired and Accounted under Modification of Impaired Loans | 7 | |||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 1,708,189 | 1,420,900 | ||||||
Commercial real estate lending | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Net Charge offs | 274 | |||||||
Allowance for credit losses on loans | ||||||||
Net Charge offs | 274 | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 65,429 | 69,084 | 69,084 | |||||
Charge offs | (60) | |||||||
Recoveries | 333 | |||||||
Net Charge offs | 274 | |||||||
Provision for loan losses | (3,929) | |||||||
Balance at end of period | 65,429 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Individually evaluated | 82 | |||||||
Collectively evaluated | 65,346 | |||||||
Total allowance for loan losses | 65,429 | 69,084 | 65,429 | 65,429 | ||||
Loans [Abstract] | ||||||||
Individually evaluated | 5,110 | |||||||
Collectively evaluated | 5,210,171 | |||||||
Financing Receivable Acquired and Accounted under Modification of Impaired Loans | 136 | |||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 5,882,314 | 5,215,417 | ||||||
Total commercial | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Net Charge offs | (48,594) | |||||||
Allowance for credit losses on loans | ||||||||
Net Charge offs | (48,594) | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 166,846 | 187,174 | 187,174 | |||||
Charge offs | (63,597) | |||||||
Recoveries | 15,003 | |||||||
Net Charge offs | (48,594) | |||||||
Provision for loan losses | 28,266 | |||||||
Balance at end of period | 166,846 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Individually evaluated | 12,111 | |||||||
Collectively evaluated | 154,734 | |||||||
Total allowance for loan losses | 166,846 | 187,174 | 166,846 | 166,846 | ||||
Loans [Abstract] | ||||||||
Individually evaluated | 68,821 | |||||||
Collectively evaluated | 13,411,398 | |||||||
Financing Receivable Acquired and Accounted under Modification of Impaired Loans | 1,057 | |||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 15,777,441 | 13,481,275 | ||||||
Residential mortgage | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Net Charge offs | (2,630) | |||||||
Allowance for credit losses on loans | ||||||||
Net Charge offs | (2,630) | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 16,960 | 25,595 | 25,595 | |||||
Charge offs | (3,322) | |||||||
Recoveries | 692 | |||||||
Net Charge offs | (2,630) | |||||||
Provision for loan losses | (6,005) | |||||||
Balance at end of period | 16,960 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Individually evaluated | 2,740 | |||||||
Collectively evaluated | 14,220 | |||||||
Total allowance for loan losses | 16,960 | 25,595 | 16,960 | 16,960 | ||||
Loans [Abstract] | ||||||||
Individually evaluated | 35,554 | |||||||
Collectively evaluated | 8,100,958 | |||||||
Financing Receivable Acquired and Accounted under Modification of Impaired Loans | 469 | |||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 8,136,980 | |||||||
Home equity | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Net Charge offs | 753 | |||||||
Allowance for credit losses on loans | ||||||||
Net Charge offs | 753 | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 10,926 | 19,266 | 19,266 | |||||
Charge offs | (1,846) | |||||||
Recoveries | 2,599 | |||||||
Net Charge offs | 753 | |||||||
Provision for loan losses | (9,093) | |||||||
Balance at end of period | 10,926 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Individually evaluated | 1,190 | |||||||
Collectively evaluated | 9,737 | |||||||
Total allowance for loan losses | 10,926 | 19,266 | 10,926 | 10,926 | ||||
Loans [Abstract] | ||||||||
Individually evaluated | 4,422 | |||||||
Collectively evaluated | 847,577 | |||||||
Financing Receivable Acquired and Accounted under Modification of Impaired Loans | 26 | |||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 795,671 | 852,025 | ||||||
Other consumer | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Net Charge offs | (4,681) | |||||||
Allowance for credit losses on loans | ||||||||
Net Charge offs | (4,681) | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 6,639 | 5,988 | 5,988 | |||||
Charge offs | (5,548) | |||||||
Recoveries | 868 | |||||||
Net Charge offs | (4,681) | |||||||
Provision for loan losses | 5,332 | |||||||
Balance at end of period | 6,639 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Individually evaluated | 125 | |||||||
Collectively evaluated | 6,514 | |||||||
Total allowance for loan losses | 6,639 | 5,988 | 6,639 | 6,639 | ||||
Loans [Abstract] | ||||||||
Individually evaluated | 1,247 | |||||||
Collectively evaluated | 349,912 | |||||||
Financing Receivable Acquired and Accounted under Modification of Impaired Loans | 0 | |||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 351,159 | |||||||
Total consumer | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Net Charge offs | (6,558) | |||||||
Allowance for credit losses on loans | ||||||||
Net Charge offs | (6,558) | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Balance at beginning of period | 34,525 | 50,849 | 50,849 | |||||
Charge offs | (10,716) | |||||||
Recoveries | 4,159 | |||||||
Net Charge offs | (6,558) | |||||||
Provision for loan losses | (9,766) | |||||||
Balance at end of period | 34,525 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||
Individually evaluated | 4,055 | |||||||
Collectively evaluated | 30,471 | |||||||
Total allowance for loan losses | 34,525 | $ 50,849 | 34,525 | 34,525 | ||||
Loans [Abstract] | ||||||||
Individually evaluated | 41,223 | |||||||
Collectively evaluated | 9,298,447 | |||||||
Financing Receivable Acquired and Accounted under Modification of Impaired Loans | 495 | |||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 9,055,230 | 9,340,164 | ||||||
Allowance for Loan Losses [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Balance at beginning of period | 201,371 | |||||||
Allowance for Loan Losses | 363,803 | 363,803 | 201,371 | 363,803 | 201,371 | |||
Charge offs | (47,659) | |||||||
Recoveries | 4,129 | |||||||
Net Charge offs | (43,530) | |||||||
Gross up of allowance for PCD loans at acquisition | 3,504 | |||||||
Provision for loan losses | 87,457 | |||||||
Balance at end of period | 363,803 | 363,803 | 201,371 | |||||
Allowance for credit losses on loans | ||||||||
Charge offs | (47,659) | |||||||
Recoveries | 4,129 | |||||||
Net Charge offs | (43,530) | |||||||
Gross up of allowance for PCD loans at acquisition | 3,504 | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Net Charge offs | (43,530) | |||||||
Allowance for Loan Losses [Member] | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | 313,828 | |||||||
Allowance for Loan Losses [Member] | First Staunton Bancshares [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Provision for loan losses | 2,543 | |||||||
Allowance for Loan Losses [Member] | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | 112,457 | |||||||
Allowance for Loan Losses [Member] | PPP | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Balance at beginning of period | 0 | |||||||
Allowance for Loan Losses | 808 | 808 | 0 | 808 | 0 | |||
Charge offs | 0 | |||||||
Recoveries | 0 | |||||||
Net Charge offs | 0 | |||||||
Gross up of allowance for PCD loans at acquisition | 0 | |||||||
Provision for loan losses | 808 | |||||||
Balance at end of period | 808 | 808 | 0 | |||||
Allowance for credit losses on loans | ||||||||
Charge offs | 0 | |||||||
Recoveries | 0 | |||||||
Net Charge offs | 0 | |||||||
Gross up of allowance for PCD loans at acquisition | 0 | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Net Charge offs | 0 | |||||||
Allowance for Loan Losses [Member] | PPP | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | 0 | |||||||
Allowance for Loan Losses [Member] | PPP | First Staunton Bancshares [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Provision for loan losses | 0 | |||||||
Allowance for Loan Losses [Member] | PPP | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | 0 | |||||||
Allowance for Loan Losses [Member] | Commercial and industrial | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Balance at beginning of period | 91,133 | |||||||
Allowance for Loan Losses | 175,553 | 175,553 | 91,133 | 175,553 | 91,133 | |||
Charge offs | (42,183) | |||||||
Recoveries | 2,215 | |||||||
Net Charge offs | (39,968) | |||||||
Gross up of allowance for PCD loans at acquisition | 293 | |||||||
Provision for loan losses | 70,767 | |||||||
Balance at end of period | 175,553 | 175,553 | 91,133 | |||||
Allowance for credit losses on loans | ||||||||
Charge offs | (42,183) | |||||||
Recoveries | 2,215 | |||||||
Net Charge offs | (39,968) | |||||||
Gross up of allowance for PCD loans at acquisition | 293 | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Net Charge offs | (39,968) | |||||||
Allowance for Loan Losses [Member] | Commercial and industrial | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | 144,052 | |||||||
Allowance for Loan Losses [Member] | Commercial and industrial | First Staunton Bancshares [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Provision for loan losses | 408 | |||||||
Allowance for Loan Losses [Member] | Commercial and industrial | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | 52,919 | |||||||
Allowance for Loan Losses [Member] | Commercial real estate — owner occupied | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Balance at beginning of period | 10,284 | |||||||
Allowance for Loan Losses | 10,315 | 10,315 | 10,284 | 10,315 | 10,284 | |||
Charge offs | 0 | |||||||
Recoveries | 1 | |||||||
Net Charge offs | 1 | |||||||
Gross up of allowance for PCD loans at acquisition | 890 | |||||||
Provision for loan losses | 736 | |||||||
Balance at end of period | 10,315 | 10,315 | 10,284 | |||||
Allowance for credit losses on loans | ||||||||
Charge offs | 0 | |||||||
Recoveries | 1 | |||||||
Net Charge offs | 1 | |||||||
Gross up of allowance for PCD loans at acquisition | 890 | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Net Charge offs | 1 | |||||||
Allowance for Loan Losses [Member] | Commercial real estate — owner occupied | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | 8,433 | |||||||
Allowance for Loan Losses [Member] | Commercial real estate — owner occupied | First Staunton Bancshares [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Provision for loan losses | 255 | |||||||
Allowance for Loan Losses [Member] | Commercial real estate — owner occupied | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | (1,851) | |||||||
Allowance for Loan Losses [Member] | Commercial and business lending | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Balance at beginning of period | 101,417 | |||||||
Allowance for Loan Losses | 186,676 | 186,676 | 101,417 | 186,676 | 101,417 | |||
Charge offs | (42,183) | |||||||
Recoveries | 2,216 | |||||||
Net Charge offs | (39,967) | |||||||
Gross up of allowance for PCD loans at acquisition | 1,183 | |||||||
Provision for loan losses | 72,311 | |||||||
Balance at end of period | 186,676 | 186,676 | 101,417 | |||||
Allowance for credit losses on loans | ||||||||
Charge offs | (42,183) | |||||||
Recoveries | 2,216 | |||||||
Net Charge offs | (39,967) | |||||||
Gross up of allowance for PCD loans at acquisition | 1,183 | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Net Charge offs | (39,967) | |||||||
Allowance for Loan Losses [Member] | Commercial and business lending | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | 152,485 | |||||||
Allowance for Loan Losses [Member] | Commercial and business lending | First Staunton Bancshares [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Provision for loan losses | 663 | |||||||
Allowance for Loan Losses [Member] | Commercial and business lending | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | 51,068 | |||||||
Allowance for Loan Losses [Member] | Commercial real estate — investor | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Balance at beginning of period | 40,514 | |||||||
Allowance for Loan Losses | 58,520 | 58,520 | 40,514 | 58,520 | 40,514 | |||
Charge offs | (140) | |||||||
Recoveries | 168 | |||||||
Net Charge offs | 28 | |||||||
Gross up of allowance for PCD loans at acquisition | 753 | |||||||
Provision for loan losses | 14,713 | |||||||
Balance at end of period | 58,520 | 58,520 | 40,514 | |||||
Allowance for credit losses on loans | ||||||||
Charge offs | (140) | |||||||
Recoveries | 168 | |||||||
Net Charge offs | 28 | |||||||
Gross up of allowance for PCD loans at acquisition | 753 | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Net Charge offs | 28 | |||||||
Allowance for Loan Losses [Member] | Commercial real estate — investor | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | 42,555 | |||||||
Allowance for Loan Losses [Member] | Commercial real estate — investor | First Staunton Bancshares [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Provision for loan losses | 472 | |||||||
Allowance for Loan Losses [Member] | Commercial real estate — investor | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | 2,041 | |||||||
Allowance for Loan Losses [Member] | Real estate construction | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Balance at beginning of period | 24,915 | |||||||
Allowance for Loan Losses | 38,393 | 38,393 | 24,915 | 38,393 | 24,915 | |||
Charge offs | (19) | |||||||
Recoveries | 27 | |||||||
Net Charge offs | 8 | |||||||
Gross up of allowance for PCD loans at acquisition | 435 | |||||||
Provision for loan losses | 5,076 | |||||||
Balance at end of period | 38,393 | 38,393 | 24,915 | |||||
Allowance for credit losses on loans | ||||||||
Charge offs | (19) | |||||||
Recoveries | 27 | |||||||
Net Charge offs | 8 | |||||||
Gross up of allowance for PCD loans at acquisition | 435 | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Net Charge offs | 8 | |||||||
Allowance for Loan Losses [Member] | Real estate construction | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | 32,382 | |||||||
Allowance for Loan Losses [Member] | Real estate construction | First Staunton Bancshares [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Provision for loan losses | 492 | |||||||
Allowance for Loan Losses [Member] | Real estate construction | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | 7,467 | |||||||
Allowance for Loan Losses [Member] | Commercial real estate lending | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Balance at beginning of period | 65,428 | |||||||
Allowance for Loan Losses | 96,913 | 96,913 | 65,428 | 96,913 | 65,428 | |||
Charge offs | (159) | |||||||
Recoveries | 195 | |||||||
Net Charge offs | 36 | |||||||
Gross up of allowance for PCD loans at acquisition | 1,188 | |||||||
Provision for loan losses | 19,789 | |||||||
Balance at end of period | 96,913 | 96,913 | 65,428 | |||||
Allowance for credit losses on loans | ||||||||
Charge offs | (159) | |||||||
Recoveries | 195 | |||||||
Net Charge offs | 36 | |||||||
Gross up of allowance for PCD loans at acquisition | 1,188 | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Net Charge offs | 36 | |||||||
Allowance for Loan Losses [Member] | Commercial real estate lending | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | 74,937 | |||||||
Allowance for Loan Losses [Member] | Commercial real estate lending | First Staunton Bancshares [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Provision for loan losses | 964 | |||||||
Allowance for Loan Losses [Member] | Commercial real estate lending | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | 9,508 | |||||||
Allowance for Loan Losses [Member] | Total commercial | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Balance at beginning of period | 166,846 | |||||||
Allowance for Loan Losses | 283,590 | 283,590 | 166,846 | 283,590 | 166,846 | |||
Charge offs | (42,342) | |||||||
Recoveries | 2,412 | |||||||
Net Charge offs | (39,931) | |||||||
Gross up of allowance for PCD loans at acquisition | 2,371 | |||||||
Provision for loan losses | 92,101 | |||||||
Balance at end of period | 283,590 | 283,590 | 166,846 | |||||
Allowance for credit losses on loans | ||||||||
Charge offs | (42,342) | |||||||
Recoveries | 2,412 | |||||||
Net Charge offs | (39,931) | |||||||
Gross up of allowance for PCD loans at acquisition | 2,371 | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Net Charge offs | (39,931) | |||||||
Allowance for Loan Losses [Member] | Total commercial | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | 227,422 | |||||||
Allowance for Loan Losses [Member] | Total commercial | First Staunton Bancshares [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Provision for loan losses | 1,627 | |||||||
Allowance for Loan Losses [Member] | Total commercial | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | 60,576 | |||||||
Allowance for Loan Losses [Member] | Residential mortgage | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Balance at beginning of period | 16,960 | |||||||
Allowance for Loan Losses | 43,825 | 43,825 | 16,960 | 43,825 | 16,960 | |||
Charge offs | (1,301) | |||||||
Recoveries | 174 | |||||||
Net Charge offs | (1,127) | |||||||
Gross up of allowance for PCD loans at acquisition | 651 | |||||||
Provision for loan losses | (6,276) | |||||||
Balance at end of period | 43,825 | 43,825 | 16,960 | |||||
Allowance for credit losses on loans | ||||||||
Charge offs | (1,301) | |||||||
Recoveries | 174 | |||||||
Net Charge offs | (1,127) | |||||||
Gross up of allowance for PCD loans at acquisition | 651 | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Net Charge offs | (1,127) | |||||||
Allowance for Loan Losses [Member] | Residential mortgage | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | 50,175 | |||||||
Allowance for Loan Losses [Member] | Residential mortgage | First Staunton Bancshares [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Provision for loan losses | 403 | |||||||
Allowance for Loan Losses [Member] | Residential mortgage | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | 33,215 | |||||||
Allowance for Loan Losses [Member] | Home equity | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Balance at beginning of period | 10,926 | |||||||
Allowance for Loan Losses | 21,462 | 21,462 | 10,926 | 21,462 | 10,926 | |||
Charge offs | (1,213) | |||||||
Recoveries | 981 | |||||||
Net Charge offs | (232) | |||||||
Gross up of allowance for PCD loans at acquisition | 422 | |||||||
Provision for loan losses | (1,677) | |||||||
Balance at end of period | 21,462 | 21,462 | 10,926 | |||||
Allowance for credit losses on loans | ||||||||
Charge offs | (1,213) | |||||||
Recoveries | 981 | |||||||
Net Charge offs | (232) | |||||||
Gross up of allowance for PCD loans at acquisition | 422 | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Net Charge offs | (232) | |||||||
Allowance for Loan Losses [Member] | Home equity | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | 22,575 | |||||||
Allowance for Loan Losses [Member] | Home equity | First Staunton Bancshares [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Provision for loan losses | 374 | |||||||
Allowance for Loan Losses [Member] | Home equity | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | 11,649 | |||||||
Allowance for Loan Losses [Member] | Other consumer | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Balance at beginning of period | 6,639 | |||||||
Allowance for Loan Losses | 14,926 | 14,926 | 6,639 | 14,926 | 6,639 | |||
Charge offs | (2,802) | |||||||
Recoveries | 562 | |||||||
Net Charge offs | (2,240) | |||||||
Gross up of allowance for PCD loans at acquisition | 61 | |||||||
Provision for loan losses | 3,309 | |||||||
Balance at end of period | 14,926 | 14,926 | 6,639 | |||||
Allowance for credit losses on loans | ||||||||
Charge offs | (2,802) | |||||||
Recoveries | 562 | |||||||
Net Charge offs | (2,240) | |||||||
Gross up of allowance for PCD loans at acquisition | 61 | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Net Charge offs | (2,240) | |||||||
Allowance for Loan Losses [Member] | Other consumer | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | 13,655 | |||||||
Allowance for Loan Losses [Member] | Other consumer | First Staunton Bancshares [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Provision for loan losses | 140 | |||||||
Allowance for Loan Losses [Member] | Other consumer | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | 7,016 | |||||||
Allowance for Loan Losses [Member] | Total consumer | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Balance at beginning of period | 34,525 | |||||||
Allowance for Loan Losses | 80,213 | 80,213 | 34,525 | 80,213 | 34,525 | |||
Charge offs | (5,316) | |||||||
Recoveries | 1,717 | |||||||
Net Charge offs | (3,599) | |||||||
Gross up of allowance for PCD loans at acquisition | 1,134 | |||||||
Provision for loan losses | (4,644) | |||||||
Balance at end of period | 80,213 | 80,213 | 34,525 | |||||
Allowance for credit losses on loans | ||||||||
Charge offs | (5,316) | |||||||
Recoveries | 1,717 | |||||||
Net Charge offs | (3,599) | |||||||
Gross up of allowance for PCD loans at acquisition | 1,134 | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Net Charge offs | (3,599) | |||||||
Allowance for Loan Losses [Member] | Total consumer | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | 86,405 | |||||||
Allowance for Loan Losses [Member] | Total consumer | First Staunton Bancshares [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Provision for loan losses | 917 | |||||||
Allowance for Loan Losses [Member] | Total consumer | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | 51,880 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Balance at beginning of period | 21,907 | |||||||
Allowance for Unfunded Commitments | 64,776 | 64,776 | 21,907 | 64,776 | 21,907 | |||
Provision for loan losses | 24,000 | |||||||
Balance at end of period | 64,776 | 64,776 | 21,907 | |||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Allowance for Unfunded Commitments | 40,597 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | First Staunton Bancshares [Member] | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Provision for loan losses | 179 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Allowance for Unfunded Commitments | 18,690 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | PPP | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Balance at beginning of period | 0 | |||||||
Allowance for Unfunded Commitments | 0 | 0 | 0 | 0 | 0 | |||
Provision for loan losses | 0 | |||||||
Balance at end of period | 0 | 0 | 0 | |||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | PPP | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Allowance for Unfunded Commitments | 0 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | PPP | First Staunton Bancshares [Member] | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Provision for loan losses | 0 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | PPP | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Allowance for Unfunded Commitments | 0 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial and industrial | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Balance at beginning of period | 12,276 | |||||||
Allowance for Unfunded Commitments | 19,601 | 19,601 | 12,276 | 19,601 | 12,276 | |||
Provision for loan losses | 11,261 | |||||||
Balance at end of period | 19,601 | 19,601 | 12,276 | |||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial and industrial | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Allowance for Unfunded Commitments | 8,278 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial and industrial | First Staunton Bancshares [Member] | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Provision for loan losses | 61 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial and industrial | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Allowance for Unfunded Commitments | (3,998) | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate — owner occupied | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Balance at beginning of period | 127 | |||||||
Allowance for Unfunded Commitments | 224 | 224 | 127 | 224 | 127 | |||
Provision for loan losses | 93 | |||||||
Balance at end of period | 224 | 224 | 127 | |||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate — owner occupied | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Allowance for Unfunded Commitments | 127 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate — owner occupied | First Staunton Bancshares [Member] | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Provision for loan losses | 4 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate — owner occupied | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Allowance for Unfunded Commitments | 0 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial and business lending | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Balance at beginning of period | 12,403 | |||||||
Allowance for Unfunded Commitments | 19,824 | 19,824 | 12,403 | 19,824 | 12,403 | |||
Provision for loan losses | 11,354 | |||||||
Balance at end of period | 19,824 | 19,824 | 12,403 | |||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial and business lending | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Allowance for Unfunded Commitments | 8,405 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial and business lending | First Staunton Bancshares [Member] | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Provision for loan losses | 65 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial and business lending | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Allowance for Unfunded Commitments | (3,998) | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate — investor | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Balance at beginning of period | 530 | |||||||
Allowance for Unfunded Commitments | 550 | 550 | 530 | 550 | 530 | |||
Provision for loan losses | (227) | |||||||
Balance at end of period | 550 | 550 | 530 | |||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate — investor | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Allowance for Unfunded Commitments | 776 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate — investor | First Staunton Bancshares [Member] | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Provision for loan losses | 2 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate — investor | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Allowance for Unfunded Commitments | 246 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Real estate construction | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Balance at beginning of period | 7,532 | |||||||
Allowance for Unfunded Commitments | 37,880 | 37,880 | 7,532 | 37,880 | 7,532 | |||
Provision for loan losses | 11,956 | |||||||
Balance at end of period | 37,880 | 37,880 | 7,532 | |||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Real estate construction | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Allowance for Unfunded Commitments | 25,879 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Real estate construction | First Staunton Bancshares [Member] | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Provision for loan losses | 45 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Real estate construction | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Allowance for Unfunded Commitments | 18,347 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate lending | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Balance at beginning of period | 8,062 | |||||||
Allowance for Unfunded Commitments | 38,430 | 38,430 | 8,062 | 38,430 | 8,062 | |||
Provision for loan losses | 11,729 | |||||||
Balance at end of period | 38,430 | 38,430 | 8,062 | |||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate lending | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Allowance for Unfunded Commitments | 26,655 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate lending | First Staunton Bancshares [Member] | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Provision for loan losses | 47 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate lending | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Allowance for Unfunded Commitments | 18,593 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Total commercial | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Balance at beginning of period | 20,465 | |||||||
Allowance for Unfunded Commitments | 58,256 | 58,256 | 20,465 | 58,256 | 20,465 | |||
Provision for loan losses | 23,084 | |||||||
Balance at end of period | 58,256 | 58,256 | 20,465 | |||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Total commercial | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Allowance for Unfunded Commitments | 35,060 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Total commercial | First Staunton Bancshares [Member] | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Provision for loan losses | 112 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Total commercial | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Allowance for Unfunded Commitments | 14,595 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Home equity | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Balance at beginning of period | 1,038 | |||||||
Allowance for Unfunded Commitments | 3,846 | 3,846 | 1,038 | 3,846 | 1,038 | |||
Provision for loan losses | 152 | |||||||
Balance at end of period | 3,846 | 3,846 | 1,038 | |||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Home equity | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Allowance for Unfunded Commitments | 3,629 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Home equity | First Staunton Bancshares [Member] | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Provision for loan losses | 66 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Home equity | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Allowance for Unfunded Commitments | 2,591 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Other consumer | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Balance at beginning of period | 405 | |||||||
Allowance for Unfunded Commitments | 2,675 | 2,675 | 405 | 2,675 | 405 | |||
Provision for loan losses | 766 | |||||||
Balance at end of period | 2,675 | 2,675 | 405 | |||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Other consumer | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Allowance for Unfunded Commitments | 1,909 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Other consumer | First Staunton Bancshares [Member] | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Provision for loan losses | 0 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Other consumer | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Allowance for Unfunded Commitments | 1,504 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Total consumer | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Balance at beginning of period | 1,443 | |||||||
Allowance for Unfunded Commitments | 6,522 | 6,522 | 1,443 | 6,522 | 1,443 | |||
Provision for loan losses | 917 | |||||||
Balance at end of period | 6,522 | 6,522 | 1,443 | |||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Total consumer | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Allowance for Unfunded Commitments | 5,538 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Total consumer | First Staunton Bancshares [Member] | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Provision for loan losses | 66 | |||||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Total consumer | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||||
Allowance for Unfunded Commitments | 4,095 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Charge offs | (47,659) | |||||||
Recoveries | 4,129 | |||||||
Net Charge offs | (43,530) | |||||||
Gross up of allowance for PCD loans at acquisition | 3,504 | |||||||
Allowance for credit losses on loans | ||||||||
Balance at beginning of period | 223,278 | |||||||
Allowance for Credit Losses on Loans | 428,579 | 428,579 | 223,278 | $ 428,579 | 223,278 | |||
Charge offs | (47,659) | |||||||
Recoveries | 4,129 | |||||||
Net Charge offs | (43,530) | |||||||
Gross up of allowance for PCD loans at acquisition | 3,504 | |||||||
Provision for credit losses | 111,457 | |||||||
Balance at end of period | 428,579 | 428,579 | 223,278 | |||||
Percent of Loans | 1.73% | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Net Charge offs | (43,530) | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Allowance for credit losses on loans | ||||||||
Allowance for Credit Losses on Loans | 354,425 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | First Staunton Bancshares [Member] | ||||||||
Allowance for credit losses on loans | ||||||||
Provision for credit losses | 2,722 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Allowance for Loan Losses | 131,000 | |||||||
Allowance for credit losses on loans | ||||||||
Allowance for Credit Losses on Loans | 131,147 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | PPP | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Charge offs | 0 | |||||||
Recoveries | 0 | |||||||
Net Charge offs | 0 | |||||||
Gross up of allowance for PCD loans at acquisition | 0 | |||||||
Allowance for credit losses on loans | ||||||||
Balance at beginning of period | 0 | |||||||
Allowance for Credit Losses on Loans | 808 | 808 | 0 | $ 808 | 0 | |||
Charge offs | 0 | |||||||
Recoveries | 0 | |||||||
Net Charge offs | 0 | |||||||
Gross up of allowance for PCD loans at acquisition | 0 | |||||||
Provision for credit losses | 808 | |||||||
Balance at end of period | 808 | 808 | 0 | |||||
Percent of Loans | 0.08% | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Net Charge offs | 0 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | PPP | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Allowance for credit losses on loans | ||||||||
Allowance for Credit Losses on Loans | 0 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | PPP | First Staunton Bancshares [Member] | ||||||||
Allowance for credit losses on loans | ||||||||
Provision for credit losses | 0 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | PPP | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Allowance for credit losses on loans | ||||||||
Allowance for Credit Losses on Loans | 0 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial and industrial | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Charge offs | (42,183) | |||||||
Recoveries | 2,215 | |||||||
Net Charge offs | (39,968) | |||||||
Gross up of allowance for PCD loans at acquisition | 293 | |||||||
Allowance for credit losses on loans | ||||||||
Balance at beginning of period | 103,409 | |||||||
Allowance for Credit Losses on Loans | 195,155 | 195,155 | 103,409 | $ 195,155 | 103,409 | |||
Charge offs | (42,183) | |||||||
Recoveries | 2,215 | |||||||
Net Charge offs | (39,968) | |||||||
Gross up of allowance for PCD loans at acquisition | 293 | |||||||
Provision for credit losses | 82,028 | |||||||
Balance at end of period | 195,155 | 195,155 | 103,409 | |||||
Percent of Loans | 2.45% | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Net Charge offs | (39,968) | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial and industrial | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Allowance for credit losses on loans | ||||||||
Allowance for Credit Losses on Loans | 152,330 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial and industrial | First Staunton Bancshares [Member] | ||||||||
Allowance for credit losses on loans | ||||||||
Provision for credit losses | 469 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial and industrial | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Allowance for credit losses on loans | ||||||||
Allowance for Credit Losses on Loans | 48,921 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate — owner occupied | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Charge offs | 0 | |||||||
Recoveries | 1 | |||||||
Net Charge offs | 1 | |||||||
Gross up of allowance for PCD loans at acquisition | 890 | |||||||
Allowance for credit losses on loans | ||||||||
Balance at beginning of period | 10,411 | |||||||
Allowance for Credit Losses on Loans | 10,538 | 10,538 | 10,411 | $ 10,538 | 10,411 | |||
Charge offs | 0 | |||||||
Recoveries | 1 | |||||||
Net Charge offs | 1 | |||||||
Gross up of allowance for PCD loans at acquisition | 890 | |||||||
Provision for credit losses | 829 | |||||||
Balance at end of period | 10,538 | 10,538 | 10,411 | |||||
Percent of Loans | 1.15% | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Net Charge offs | 1 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate — owner occupied | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Allowance for credit losses on loans | ||||||||
Allowance for Credit Losses on Loans | 8,560 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate — owner occupied | First Staunton Bancshares [Member] | ||||||||
Allowance for credit losses on loans | ||||||||
Provision for credit losses | 259 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate — owner occupied | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Allowance for credit losses on loans | ||||||||
Allowance for Credit Losses on Loans | (1,851) | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial and business lending | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Charge offs | (42,183) | |||||||
Recoveries | 2,216 | |||||||
Net Charge offs | (39,967) | |||||||
Gross up of allowance for PCD loans at acquisition | 1,183 | |||||||
Allowance for credit losses on loans | ||||||||
Balance at beginning of period | 113,820 | |||||||
Allowance for Credit Losses on Loans | 206,501 | 206,501 | 113,820 | $ 206,501 | 113,820 | |||
Charge offs | (42,183) | |||||||
Recoveries | 2,216 | |||||||
Net Charge offs | (39,967) | |||||||
Gross up of allowance for PCD loans at acquisition | 1,183 | |||||||
Provision for credit losses | 83,666 | |||||||
Balance at end of period | 206,501 | 206,501 | 113,820 | |||||
Percent of Loans | 2.09% | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Net Charge offs | (39,967) | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial and business lending | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Allowance for credit losses on loans | ||||||||
Allowance for Credit Losses on Loans | 160,890 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial and business lending | First Staunton Bancshares [Member] | ||||||||
Allowance for credit losses on loans | ||||||||
Provision for credit losses | 728 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial and business lending | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Allowance for credit losses on loans | ||||||||
Allowance for Credit Losses on Loans | 47,070 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate — investor | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Charge offs | (140) | |||||||
Recoveries | 168 | |||||||
Net Charge offs | 28 | |||||||
Gross up of allowance for PCD loans at acquisition | 753 | |||||||
Allowance for credit losses on loans | ||||||||
Balance at beginning of period | 41,044 | |||||||
Allowance for Credit Losses on Loans | 59,070 | 59,070 | 41,044 | $ 59,070 | 41,044 | |||
Charge offs | (140) | |||||||
Recoveries | 168 | |||||||
Net Charge offs | 28 | |||||||
Gross up of allowance for PCD loans at acquisition | 753 | |||||||
Provision for credit losses | 14,486 | |||||||
Balance at end of period | 59,070 | 59,070 | 41,044 | |||||
Percent of Loans | 1.42% | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Net Charge offs | 28 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate — investor | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Allowance for credit losses on loans | ||||||||
Allowance for Credit Losses on Loans | 43,331 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate — investor | First Staunton Bancshares [Member] | ||||||||
Allowance for credit losses on loans | ||||||||
Provision for credit losses | 474 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate — investor | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Allowance for credit losses on loans | ||||||||
Allowance for Credit Losses on Loans | 2,287 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Real estate construction | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Charge offs | (19) | |||||||
Recoveries | 27 | |||||||
Net Charge offs | 8 | |||||||
Gross up of allowance for PCD loans at acquisition | 435 | |||||||
Allowance for credit losses on loans | ||||||||
Balance at beginning of period | 32,447 | |||||||
Allowance for Credit Losses on Loans | 76,273 | 76,273 | 32,447 | $ 76,273 | 32,447 | |||
Charge offs | (19) | |||||||
Recoveries | 27 | |||||||
Net Charge offs | 8 | |||||||
Gross up of allowance for PCD loans at acquisition | 435 | |||||||
Provision for credit losses | 17,032 | |||||||
Balance at end of period | 76,273 | 76,273 | 32,447 | |||||
Percent of Loans | 4.47% | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Net Charge offs | 8 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Real estate construction | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Allowance for credit losses on loans | ||||||||
Allowance for Credit Losses on Loans | 58,261 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Real estate construction | First Staunton Bancshares [Member] | ||||||||
Allowance for credit losses on loans | ||||||||
Provision for credit losses | 537 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Real estate construction | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Allowance for credit losses on loans | ||||||||
Allowance for Credit Losses on Loans | 25,814 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate lending | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Charge offs | (159) | |||||||
Recoveries | 195 | |||||||
Net Charge offs | 36 | |||||||
Gross up of allowance for PCD loans at acquisition | 1,188 | |||||||
Allowance for credit losses on loans | ||||||||
Balance at beginning of period | 73,490 | |||||||
Allowance for Credit Losses on Loans | 135,343 | 135,343 | 73,490 | $ 135,343 | 73,490 | |||
Charge offs | (159) | |||||||
Recoveries | 195 | |||||||
Net Charge offs | 36 | |||||||
Gross up of allowance for PCD loans at acquisition | 1,188 | |||||||
Provision for credit losses | 31,518 | |||||||
Balance at end of period | 135,343 | 135,343 | 73,490 | |||||
Percent of Loans | 2.30% | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Net Charge offs | 36 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate lending | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Allowance for credit losses on loans | ||||||||
Allowance for Credit Losses on Loans | 101,591 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate lending | First Staunton Bancshares [Member] | ||||||||
Allowance for credit losses on loans | ||||||||
Provision for credit losses | 1,011 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate lending | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Allowance for credit losses on loans | ||||||||
Allowance for Credit Losses on Loans | 28,101 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Total commercial | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Charge offs | (42,342) | |||||||
Recoveries | 2,412 | |||||||
Net Charge offs | (39,931) | |||||||
Gross up of allowance for PCD loans at acquisition | 2,371 | |||||||
Allowance for credit losses on loans | ||||||||
Balance at beginning of period | 187,311 | |||||||
Allowance for Credit Losses on Loans | 341,844 | 341,844 | 187,311 | $ 341,844 | 187,311 | |||
Charge offs | (42,342) | |||||||
Recoveries | 2,412 | |||||||
Net Charge offs | (39,931) | |||||||
Gross up of allowance for PCD loans at acquisition | 2,371 | |||||||
Provision for credit losses | 115,184 | |||||||
Balance at end of period | 341,844 | 341,844 | 187,311 | |||||
Percent of Loans | 2.17% | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Net Charge offs | (39,931) | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Total commercial | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Allowance for credit losses on loans | ||||||||
Allowance for Credit Losses on Loans | 262,482 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Total commercial | First Staunton Bancshares [Member] | ||||||||
Allowance for credit losses on loans | ||||||||
Provision for credit losses | 1,739 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Total commercial | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Allowance for credit losses on loans | ||||||||
Allowance for Credit Losses on Loans | 75,171 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Residential mortgage | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Charge offs | (1,301) | |||||||
Recoveries | 174 | |||||||
Net Charge offs | (1,127) | |||||||
Gross up of allowance for PCD loans at acquisition | 651 | |||||||
Allowance for credit losses on loans | ||||||||
Balance at beginning of period | 16,960 | |||||||
Allowance for Credit Losses on Loans | 43,826 | 43,826 | 16,960 | $ 43,826 | 16,960 | |||
Charge offs | (1,301) | |||||||
Recoveries | 174 | |||||||
Net Charge offs | (1,127) | |||||||
Gross up of allowance for PCD loans at acquisition | 651 | |||||||
Provision for credit losses | (6,277) | |||||||
Balance at end of period | 43,826 | 43,826 | 16,960 | |||||
Percent of Loans | 0.55% | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Net Charge offs | (1,127) | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Residential mortgage | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Allowance for credit losses on loans | ||||||||
Allowance for Credit Losses on Loans | 50,175 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Residential mortgage | First Staunton Bancshares [Member] | ||||||||
Allowance for credit losses on loans | ||||||||
Provision for credit losses | 403 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Residential mortgage | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Allowance for credit losses on loans | ||||||||
Allowance for Credit Losses on Loans | 33,215 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Home equity | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Charge offs | (1,213) | |||||||
Recoveries | 981 | |||||||
Net Charge offs | (232) | |||||||
Gross up of allowance for PCD loans at acquisition | 422 | |||||||
Allowance for credit losses on loans | ||||||||
Balance at beginning of period | 11,964 | |||||||
Allowance for Credit Losses on Loans | 25,308 | 25,308 | 11,964 | $ 25,308 | 11,964 | |||
Charge offs | (1,213) | |||||||
Recoveries | 981 | |||||||
Net Charge offs | (232) | |||||||
Gross up of allowance for PCD loans at acquisition | 422 | |||||||
Provision for credit losses | (1,526) | |||||||
Balance at end of period | 25,308 | 25,308 | 11,964 | |||||
Percent of Loans | 3.18% | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Net Charge offs | (232) | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Home equity | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Allowance for credit losses on loans | ||||||||
Allowance for Credit Losses on Loans | 26,204 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Home equity | First Staunton Bancshares [Member] | ||||||||
Allowance for credit losses on loans | ||||||||
Provision for credit losses | 440 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Home equity | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Allowance for credit losses on loans | ||||||||
Allowance for Credit Losses on Loans | 14,240 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Other consumer | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Charge offs | (2,802) | |||||||
Recoveries | 562 | |||||||
Net Charge offs | (2,240) | |||||||
Gross up of allowance for PCD loans at acquisition | 61 | |||||||
Allowance for credit losses on loans | ||||||||
Balance at beginning of period | 7,044 | |||||||
Allowance for Credit Losses on Loans | 17,601 | 17,601 | 7,044 | $ 17,601 | 7,044 | |||
Charge offs | (2,802) | |||||||
Recoveries | 562 | |||||||
Net Charge offs | (2,240) | |||||||
Gross up of allowance for PCD loans at acquisition | 61 | |||||||
Provision for credit losses | 4,076 | |||||||
Balance at end of period | 17,601 | 17,601 | 7,044 | |||||
Percent of Loans | 5.40% | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Net Charge offs | (2,240) | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Other consumer | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Allowance for credit losses on loans | ||||||||
Allowance for Credit Losses on Loans | 15,564 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Other consumer | First Staunton Bancshares [Member] | ||||||||
Allowance for credit losses on loans | ||||||||
Provision for credit losses | 140 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Other consumer | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Allowance for credit losses on loans | ||||||||
Allowance for Credit Losses on Loans | 8,520 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Total consumer | ||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Charge offs | (5,316) | |||||||
Recoveries | 1,717 | |||||||
Net Charge offs | (3,599) | |||||||
Gross up of allowance for PCD loans at acquisition | 1,134 | |||||||
Allowance for credit losses on loans | ||||||||
Balance at beginning of period | 35,968 | |||||||
Allowance for Credit Losses on Loans | 86,735 | 86,735 | 35,968 | $ 86,735 | $ 35,968 | |||
Charge offs | (5,316) | |||||||
Recoveries | 1,717 | |||||||
Net Charge offs | (3,599) | |||||||
Gross up of allowance for PCD loans at acquisition | 1,134 | |||||||
Provision for credit losses | (3,727) | |||||||
Balance at end of period | $ 86,735 | 86,735 | $ 35,968 | |||||
Percent of Loans | 0.96% | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||
Net Charge offs | (3,599) | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Total consumer | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||||
Allowance for credit losses on loans | ||||||||
Allowance for Credit Losses on Loans | 91,943 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Total consumer | First Staunton Bancshares [Member] | ||||||||
Allowance for credit losses on loans | ||||||||
Provision for credit losses | $ 983 | |||||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Total consumer | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
Allowance for credit losses on loans | ||||||||
Allowance for Credit Losses on Loans | $ 55,975 |
Loans Narrative (Details)
Loans Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jan. 01, 2020 | Dec. 31, 2019 | |
Loans Information [Line Items] | |||||
Interest Receivable | $ 87,097 | $ 87,097 | $ 91,196 | ||
Financing Receivable, Nonaccrual, Interest Income | 1 million | 1 million | |||
Recorded Investment, loans modified in troubled debt restructuring | $ 7,531 | $ 6,370 | |||
Restructured Loans Subsequently Accruing | $ 1,000 | 1,000 | |||
Ytd Restructured Loans Still On Nonaccrual | 7,000 | 7,000 | |||
Loans and Finance Receivables [Member] | |||||
Loans Information [Line Items] | |||||
Interest Receivable | 60,000 | 60,000 | $ 63,000 | ||
Possible Liquidity Issues [Member] | |||||
Loans Information [Line Items] | |||||
Financing Receivable, Troubled Debt Restructuring | 102,000 | 102,000 | $ 114,000 | ||
Possible Liquidity Issues [Member] | Oil and Gas Portfolio Segment [Member] | |||||
Loans Information [Line Items] | |||||
Financing Receivable, Troubled Debt Restructuring | 76,000 | 76,000 | |||
Possible Liquidity Issues [Member] | Commercial and business lending | |||||
Loans Information [Line Items] | |||||
Financing Receivable, Troubled Debt Restructuring | $ 26,000 | $ 26,000 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets, Summary of Core Deposit and Other Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary of core deposit intangibles and other intangibles | ||||||
Other intangible amortization | $ 2,872 | $ 2,324 | $ 5,686 | $ 4,551 | ||
Core Deposit Intangibles | ||||||
Summary of core deposit intangibles and other intangibles | ||||||
Gross carrying amount at the beginning of the year | $ 80,730 | $ 58,100 | ||||
Additions during the period | 7,379 | 22,630 | ||||
Accumulated amortization | (16,800) | (16,800) | (12,456) | |||
Net book value | 71,309 | 71,309 | 68,274 | |||
Other intangible amortization | 4,344 | 7,130 | ||||
Other Intangibles | ||||||
Summary of core deposit intangibles and other intangibles | ||||||
Gross carrying amount at the beginning of the year | 38,970 | $ 44,887 | ||||
Additions during the period | 200 | 0 | ||||
Reductions due to sale | (19,000) | |||||
Accumulated amortization | (20,285) | (20,285) | (24,643) | |||
Net book value | $ 1,450 | 1,450 | 20,027 | |||
Other intangible amortization | 1,343 | 2,818 | ||||
Other Intangibles | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||
Summary of core deposit intangibles and other intangibles | ||||||
Reductions due to sale | $ 17,435 | $ 217 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets, Mortgage Servicing Rights Roll-Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Mortgage servicing rights | |||
Mortgage servicing rights at beginning of period | $ 67,607 | $ 68,433 | |
Additions from acquisition | 1,357 | 0 | |
Additions | 7,812 | 11,606 | |
Amortization | (10,043) | (12,432) | |
Mortgage servicing rights at end of period | $ 66,734 | 66,734 | 67,607 |
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward] | |||
Valuation allowance at beginning of period | (302) | (239) | |
(Additions) recoveries, net | (17,000) | (17,029) | (63) |
Valuation allowance at end of period | (17,331) | (17,331) | (302) |
Mortgage servicing rights, net | 49,403 | 49,403 | 67,306 |
Fair value of mortgage servicing rights | 49,423 | 49,423 | 72,532 |
Portfolio of residential mortgage loans serviced for others (“servicing portfolio”) | $ 8,454,204 | $ 8,454,204 | $ 8,488,969 |
Mortgage servicing rights, net to servicing portfolio | 0.58% | 0.58% | 0.79% |
Mortgage servicing rights expense(a) | $ 27,072 | $ 27,072 | $ 12,494 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets, Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Core Deposit Intangibles | ||
Estimated future amortization expense | ||
Six Months Ending December 31, 2020 | $ 4,405 | |
Year ending December 31, 2021 | 8,811 | |
Year ending December 31, 2022 | 8,811 | |
Year ending December 31, 2023 | 8,811 | |
Year ending December 31, 2024 | 8,811 | |
Year ending December 31, 2025 | 8,811 | |
Beyond 2025 | 22,849 | |
Net book value | 71,309 | $ 68,274 |
Other Intangibles | ||
Estimated future amortization expense | ||
Six Months Ending December 31, 2020 | 100 | |
Year ending December 31, 2021 | 200 | |
Year ending December 31, 2022 | 200 | |
Year ending December 31, 2023 | 200 | |
Year ending December 31, 2024 | 200 | |
Year ending December 31, 2025 | 200 | |
Beyond 2025 | 350 | |
Net book value | 1,450 | $ 20,027 |
Mortgage Servicing Rights | ||
Estimated future amortization expense | ||
Six Months Ending December 31, 2020 | 7,676 | |
Year ending December 31, 2021 | 14,970 | |
Year ending December 31, 2022 | 10,982 | |
Year ending December 31, 2023 | 8,269 | |
Year ending December 31, 2024 | 6,409 | |
Year ending December 31, 2025 | 5,082 | |
Beyond 2025 | 13,346 | |
Net book value | $ 66,734 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Details Textuals) - USD ($) $ in Thousands | Jun. 30, 2020 | Feb. 14, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||
Goodwill, Impairment Loss | $ 0 | $ 0 | ||||
Valuation Allowance for Impairment of Recognized Servicing Assets, Additions (Deductions) for Expenses (Recoveries) | $ 17,000 | 17,029 | $ 63 | |||
Goodwill [Line Items] | ||||||
Goodwill | $ 1,107,902 | 1,107,902 | 1,107,902 | 1,176,230 | ||
Goodwill, Acquired During Period | 15,000 | |||||
Other Intangibles | ||||||
Goodwill [Line Items] | ||||||
Decrease of other intangible assets | 19,000 | |||||
Other Intangibles | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||
Goodwill [Line Items] | ||||||
Decrease of other intangible assets | $ (17,435) | $ (217) | ||||
Other Intangibles | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ABRC | ||||||
Goodwill [Line Items] | ||||||
Decrease of other intangible assets | (17,000) | |||||
First Staunton Bancshares [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill, Acquired During Period | $ 82,000 | $ 13,414 | $ 15,000 | |||
Goodwill, Other Increase (Decrease) | $ 2,000 |
Short and Long-Term Funding, FH
Short and Long-Term Funding, FHLB Advances (Components of Short-term and Long-term Funding) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Short-term Funding [Abstract] | ||
Federal funds purchased | $ 3,430 | $ 362,000 |
Securities sold under agreements to repurchase | 138,863 | 71,097 |
Federal funds purchased and securities sold under agreements to repurchase | 142,293 | 433,097 |
Commercial paper | 39,535 | 32,016 |
Total short-term funding | 181,828 | 465,113 |
Long-Term Funding | ||
Corporation subordinated notes, at par, due 2025 | 250,000 | 250,000 |
PPPLF | 1,009,760 | 0 |
Finance lease liability | 1,202 | 2,209 |
Capitalized costs | (2,265) | (2,866) |
Total long-term funding | 1,558,698 | 549,343 |
Total short and long-term funding, excluding FHLB advances | 1,740,525 | 1,014,456 |
FHLB Advances | ||
Short-term FHLB advances | 0 | 520,000 |
Long-term FHLB advances | 2,657,016 | 2,660,967 |
Total FHLB advances | 2,657,016 | 3,180,967 |
Total short and long-term funding | 4,397,542 | 4,195,422 |
Bank senior notes, at par, due 2021 | ||
Long-Term Funding | ||
Senior notes | $ 300,000 | $ 300,000 |
Short and Long-Term Funding (Re
Short and Long-Term Funding (Remaining Contractual Maturity of the Securities Sold Under Agreements to Repurchase) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
RemainingContractualMaturityoftheSecuritiesSoldUnderAgreementtoRepurchase [Line Items] | ||
Repurchase agreements | $ 138,863 | $ 71,097 |
Overnight and Continuous | ||
RemainingContractualMaturityoftheSecuritiesSoldUnderAgreementtoRepurchase [Line Items] | ||
Repurchase agreements | 138,863 | 71,097 |
Up to 30 days | ||
RemainingContractualMaturityoftheSecuritiesSoldUnderAgreementtoRepurchase [Line Items] | ||
Repurchase agreements | 0 | 0 |
30-90 days | ||
RemainingContractualMaturityoftheSecuritiesSoldUnderAgreementtoRepurchase [Line Items] | ||
Repurchase agreements | 0 | 0 |
Greater than 90 days | ||
RemainingContractualMaturityoftheSecuritiesSoldUnderAgreementtoRepurchase [Line Items] | ||
Repurchase agreements | 0 | 0 |
Agency mortgage-related securities | ||
RemainingContractualMaturityoftheSecuritiesSoldUnderAgreementtoRepurchase [Line Items] | ||
Repurchase agreements | 138,863 | 71,097 |
Agency mortgage-related securities | Overnight and Continuous | ||
RemainingContractualMaturityoftheSecuritiesSoldUnderAgreementtoRepurchase [Line Items] | ||
Repurchase agreements | 138,863 | 71,097 |
Agency mortgage-related securities | Up to 30 days | ||
RemainingContractualMaturityoftheSecuritiesSoldUnderAgreementtoRepurchase [Line Items] | ||
Repurchase agreements | 0 | 0 |
Agency mortgage-related securities | 30-90 days | ||
RemainingContractualMaturityoftheSecuritiesSoldUnderAgreementtoRepurchase [Line Items] | ||
Repurchase agreements | 0 | 0 |
Agency mortgage-related securities | Greater than 90 days | ||
RemainingContractualMaturityoftheSecuritiesSoldUnderAgreementtoRepurchase [Line Items] | ||
Repurchase agreements | $ 0 | $ 0 |
Short and Long-Term Funding (Lo
Short and Long-Term Funding (Long-term Funding Narrative) (Details) - USD ($) $ in Millions | Aug. 13, 2018 | Nov. 13, 2014 | Nov. 30, 2014 | Jun. 30, 2020 |
Long-Term Funding | ||||
Carrying Value of Securities Purchased under Agreements to Resell and Deposits Paid for Securities Borrowed | $ 203 | |||
Two Thousand Eighteen Senior Notes [Member] [Domain] | ||||
Long-Term Funding | ||||
Debt Instrument, Issuance Date Month, Year | August 2018 | |||
New Senior Debt Issued | $ 300 | |||
Debt Instrument, Maturity Date Month, Year | August 2021 | |||
Debt Instrument Call Date Earliest Month Year | July 2021 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | |||
PPP | ||||
Long-Term Funding | ||||
Debt Instrument, Interest Rate, Stated Percentage | 0.35% | |||
Two Thousand Fourteen Subordinated Notes | ||||
Long-Term Funding | ||||
Debt Instrument, Issuance Date Month, Year | November 2014 | |||
Junior Subordinated Debentures Issued | $ 250 | |||
Debt Instrument, Term | 10 years | |||
Debt Instrument, Maturity Date Month, Year | January 2025 | |||
Debt Instrument Call Date Earliest Month Year | October 2024 | |||
Subordinated Borrowing, Interest Rate | 4.25% |
Derivative and Hedging Activi_3
Derivative and Hedging Activities, Derivative Instruments Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Asset | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Derivatives (trading and other assets), fair value | $ 293,583 | $ 104,305 |
Less: Legally enforceable master netting agreements | 1,586 | 10,410 |
Less: Cash collateral pledged/received | 36,234 | 1,408 |
Derivative Asset | 255,763 | 92,487 |
Liability | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Derivatives (trading and other liabilities), fair value | 73,865 | 37,455 |
Less: Legally enforceable master netting agreements | 1,586 | 10,410 |
Less: Cash collateral pledged/received | 32,285 | 11,365 |
Derivatives (trading liabilities) | 39,994 | 15,680 |
Not designated as hedging instruments | Asset | Interest rate-related instruments — customer and mirror | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional Amount | 3,564,015 | 3,029,877 |
Derivatives (trading and other assets), fair value | 238,003 | 77,024 |
Not designated as hedging instruments | Asset | Foreign currency exchange forwards | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional Amount | 337,015 | 272,636 |
Derivatives (trading and other assets), fair value | 4,200 | 4,226 |
Not designated as hedging instruments | Asset | Commodity contracts | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional Amount | 163,307 | 255,089 |
Derivatives (trading and other assets), fair value | 38,543 | 20,528 |
Not designated as hedging instruments | Asset | Mortgage banking(a) | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional Amount | 299,330 | 255,291 |
Derivatives (trading and other assets), fair value | 12,837 | 2,527 |
Not designated as hedging instruments | Liability | Interest rate-related instruments — customer and mirror | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional Amount | 3,564,015 | 3,029,877 |
Derivatives (trading and other liabilities), fair value | 31,472 | 13,073 |
Not designated as hedging instruments | Liability | Foreign currency exchange forwards | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional Amount | 290,557 | 264,653 |
Derivatives (trading and other liabilities), fair value | 4,102 | 4,048 |
Not designated as hedging instruments | Liability | Commodity contracts | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional Amount | 158,756 | 255,165 |
Derivatives (trading and other liabilities), fair value | 36,998 | 19,624 |
Not designated as hedging instruments | Liability | Mortgage banking(a) | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional Amount | 393,184 | 263,000 |
Derivatives (trading and other liabilities), fair value | $ 1,293 | $ 710 |
Derivative and Hedging Activi_4
Derivative and Hedging Activities Income impact of Fair Value and Cash Flow Hedge (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Interest Income | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | $ (542) | $ 53 | $ (864) | $ 219 |
Other Income (Expense) | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | (262) | 0 |
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Income | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (542) | 4,165 | (864) | 6,222 |
Not Designated as Hedging Instrument, Economic Hedge [Member] | Other Income (Expense) | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | (262) | 0 |
Designated as Hedging Instrument | Interest Income | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | (4,112) | 0 | (6,003) |
Designated as Hedging Instrument | Other Income (Expense) | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative and Hedging Activi_5
Derivative and Hedging Activities Derivative Impact on Perfomance (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Capital markets, net | Interest rate-related instruments — customer and mirror, net | ||||
Derivative Instruments | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (65) | $ (1,018) | $ (3,155) | $ (1,690) |
Capital markets, net | Foreign currency exchange forwards | ||||
Derivative Instruments | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 41 | 186 | (81) | 212 |
Capital markets, net | Commodity contracts | ||||
Derivative Instruments | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (105) | (1,678) | 641 | (2,245) |
Mortgage banking, net | Interest rate lock commitments (mortgage) | ||||
Derivative Instruments | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 382 | 1,837 | 10,310 | 2,661 |
Mortgage banking, net | Forward commitments (mortgage) | ||||
Derivative Instruments | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 9,679 | $ (78) | $ (582) | $ 169 |
Derivative and Hedging Activi_6
Derivative and Hedging Activities (Details Textuals) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Investment securities and cash equivalents pledged as collateral | $ 73 | $ 57 |
Derivative collateral right to reclaim cash | 38 | 14 |
Designated as Hedging Instrument | ||
Balance Sheet Recording of Fair Value Hedge [Line Items] | ||
Derivative Liability Notional Amount, Terminated | $ 500 | |
Underlying Hedged Asset, Amortized Cost Basis | 751 | |
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | $ 4 |
Balance Sheet Offsetting (Detai
Balance Sheet Offsetting (Details) - Interest Rate Contract - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Derivative assets | ||
Gross Amounts Recognized | $ 38,569 | $ 11,864 |
Derivative Assets Offset | (1,586) | (10,410) |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | (36,234) | (1,408) |
Net Amounts Presented on the Consolidated Balance Sheets | 749 | 45 |
Investment Securities Received | 0 | 0 |
Net amount | 749 | 45 |
Derivative liabilities | ||
Gross Amounts Recognized | 34,434 | 22,189 |
Derivative Liability, Fair Value, Gross Asset | (1,586) | (10,410) |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | (32,285) | (11,365) |
Net Amounts Presented on the Consolidated Balance Sheets | 564 | 413 |
Investment Securities Pledged | 0 | 0 |
Net amount | $ 564 | $ 413 |
Commitments, Off-Balance Shee_3
Commitments, Off-Balance Sheet Arrangements, Legal Proceedings and Regulatory Matters, Summary of Lending Related and Other Commitments (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of lending-related and other commitments [Line Items] | ||
Lending related commitments, fair value | $ 0 | $ 0 |
Commitments to extend credit, excluding commitments to originate residential mortgage loans held for sale(a)(b) | ||
Summary of lending-related and other commitments | ||
Lending related commitments | 9,580,338 | 9,024,412 |
Commercial letters of credit(a) | ||
Summary of lending-related and other commitments | ||
Lending related commitments | 6,123 | 7,081 |
Standby letters of credit(c) | ||
Summary of lending-related and other commitments | ||
Lending related commitments | 265,223 | 277,969 |
Standby letters of credit, fair value | $ 3,000 | $ 3,000 |
Commitment, Changes in the Allo
Commitment, Changes in the Allowance for Unfunded Commitments (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | Jan. 01, 2020 | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Balance at beginning of period | $ 21,907 | ||
Allowance for Unfunded Commitments | 64,776 | $ 21,907 | |
Provision for loan losses | 24,000 | ||
Balance at end of period | 64,776 | 21,907 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 21,907 | ||
Balance at end of period | 64,776 | 21,907 | |
Cumulative Effect, Period Of Adoption, Adjusted Balance | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Allowance for Unfunded Commitments | $ 40,597 | ||
First Staunton Bancshares [Member] | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Provision for loan losses | 179 | ||
Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Allowance for Unfunded Commitments | $ 18,690 | ||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 21,907 | 24,336 | |
Balance at beginning of period, adjusted | 24,336 | ||
Provision for unfunded commitments | $ 24,000 | (2,500) | |
Balance at end of period | 21,907 | ||
Amount Recorded at Acquisition [Member] | SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Amount recorded at acquisition | $ 70 |
Commitments, Off-Balance Shee_4
Commitments, Off-Balance Sheet Arrangements, Legal Proceedings and Regulatory Matters (Details Textuals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Jan. 01, 2020 | Dec. 31, 2018 | |
Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Textuals) [Line Items] | |||||||
Allowance for Unfunded Commitments | $ 64,776 | $ 64,776 | $ 21,907 | ||||
Expense Related to Qualified Affordable Housing Projects | 6,000 | $ 5,000 | 12,000 | $ 10,000 | |||
Remaining Investment in Qualified Affordable Housing Projects | 262,000 | 262,000 | 234,000 | ||||
Variable Interest Entity Reporting Entity Involvement Unfunded Obligation Amount | 136,000 | 136,000 | 123,000 | ||||
Qualified Affordable Housing Investments, Impairment Loss | 0 | 0 | |||||
Loans Repurchased Under Make Whole Requests | 3,000 | $ 3,000 | $ 2,000 | ||||
Loans Sold To Outside Investors Loss ReimbursementSettlement Paid | no | negligible | |||||
Loans Sold To Outside Investors Original Amount | 13,500,000 | $ 13,500,000 | |||||
Loans Sold To Outside Investors Remaining Outstanding Amount | 7,400,000 | 7,400,000 | |||||
Unfunded Commitments | 64,776 | 64,776 | $ 21,907 | ||||
Residential Mortgage Loans Sold With Recourse Risk | 34,000 | 34,000 | 39,000 | ||||
Residential Mortgage Loans Sold With Credit Recourse Risk | 39,000 | 39,000 | 45,000 | ||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | |||||||
Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Textuals) [Line Items] | |||||||
Provision for unfunded commitments | 24,000 | (2,500) | |||||
Unfunded Commitments | 21,907 | $ 24,336 | |||||
Mortgage Repurchase Reserve | |||||||
Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Textuals) [Line Items] | |||||||
Unfunded Commitments | 1,000 | 1,000 | 795 | ||||
UnconsolidatedProjectsLowIncomeHousing [Member] | |||||||
Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Textuals) [Line Items] | |||||||
Other Investments | 274,000 | 274,000 | 248,000 | ||||
PrincipalInvestmentCommitment [Member] | |||||||
Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Textuals) [Line Items] | |||||||
Other Investments | $ 28,000 | $ 28,000 | $ 26,000 | ||||
Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | |||||||
Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Textuals) [Line Items] | |||||||
Allowance for Unfunded Commitments | $ 18,690 |
Fair Value Measurements, Assets
Fair Value Measurements, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Assets, Fair Value Disclosure [Abstract] | ||
Investment securities available for sale | $ 3,149,773 | $ 3,262,586 |
Fair Value, Inputs, Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investment securities available for sale | 26,735 | 0 |
Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investment securities available for sale | 3,123,039 | 3,262,586 |
Residential Held-for-sale, Fair Value Disclosure | 196,673 | 136,280 |
Fair Value, Inputs, Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading assets | 12,837 | 2,527 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 1,293 | 710 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Other Debt And Other Equity Securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investment securities available for sale | 1,647 | 1,646 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Total investment securities available for sale | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investment securities available for sale | 26,735 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | GNMA | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investment securities available for sale | 605,561 | 985,139 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | FFELP | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investment securities available for sale | 340,474 | 263,693 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Other Debt And Other Equity Securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investment securities available for sale | 3,000 | 3,000 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Total investment securities available for sale | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investment securities available for sale | 3,123,039 | 3,262,586 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Residential loans held for sale | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investment securities available for sale | 196,673 | 136,280 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Interest rate-related instruments — customer and mirror, net | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading assets | 238,003 | 77,024 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 31,472 | 13,073 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Foreign currency exchange forwards | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading assets | 4,200 | 4,226 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 4,102 | 4,048 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading assets | 38,543 | 20,528 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 36,998 | 19,624 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Mortgage banking(a) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading assets | 12,837 | 2,527 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Forward commitments (mortgage) | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 1,293 | 710 |
FNMA / FHLMC | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | FNMA / FHLMC | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investment securities available for sale | 818,110 | 132,660 |
FNMA / FHLMC | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Commercial mortgage-related securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investment securities available for sale | 22,061 | 21,728 |
GNMA | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Commercial mortgage-related securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investment securities available for sale | 803,362 | 1,310,207 |
US Treasury Securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investment securities available for sale | 26,735 | |
US Treasury Securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investment securities available for sale | 26,735 | 0 |
Obligations of state and political subdivisions (municipal securities) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investment securities available for sale | 495,888 | 546,160 |
Obligations of state and political subdivisions (municipal securities) | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investment securities available for sale | 495,888 | 546,160 |
Agency Securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investment securities available for sale | 25,007 | |
Agency Securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investment securities available for sale | 25,007 | 0 |
SBA | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investment securities available for sale | 9,575 | |
SBA | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investment securities available for sale | $ 9,575 | $ 0 |
Fair Value Measurements Financi
Fair Value Measurements Financial Instruments Classified Within Level 3 (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Interest rate lock commitments to originate residential mortgage loans held for sale | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning Balance | $ 2,527 | $ 2,208 |
New production | 44,349 | 24,164 |
Closed loans / settlements | (37,505) | (29,375) |
Other | 3,467 | 5,530 |
Mortgage derivative gain (loss) | 10,310 | 319 |
Ending Balance | 12,837 | 2,527 |
Forward commitments to sell residential mortgage loans | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning Balance | 710 | 2,072 |
New production | (439) | (2,367) |
Closed loans / settlements | (12,197) | (5,968) |
Other | 13,218 | 6,973 |
Mortgage derivative gain (loss) | 582 | (1,362) |
Ending Balance | 1,293 | 710 |
Total derivatives | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning Balance | 1,817 | 140 |
New production | 44,788 | 26,531 |
Closed loans / settlements | (25,308) | (23,407) |
Other | (9,752) | (1,443) |
Mortgage derivative gain (loss) | 9,727 | 1,681 |
Ending Balance | $ 11,544 | $ 1,817 |
Fair Value Measurements Equity
Fair Value Measurements Equity Securities Without Readily Determinable Fair Values (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Equity Securities Without Readily Determinable Fair Value Amount [Roll Forward] | ||||
Carrying value as of December 31, 2019 | $ 13,000 | |||
Carrying value changes | $ 0 | $ 13,444 | 0 | $ 13,444 |
Carrying value as of June 30, 2020 | 13,000 | 13,000 | ||
Fair Value, Inputs, Level 3 | ||||
Equity Securities Without Readily Determinable Fair Value Amount [Roll Forward] | ||||
Carrying value as of December 31, 2019 | 13,444 | |||
Carrying value changes | 0 | |||
Carrying value as of June 30, 2020 | 13,444 | 13,444 | ||
Cumulative upward carrying value changes between January 1, 2018 and June 30, 2020 | 13,444 | 13,444 | ||
Cumulative downward carrying value changes/impairment between January 1, 2018 and June 30, 2020 | $ 0 | $ 0 |
Fair Value Measurements, Asse_2
Fair Value Measurements, Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis | |||
Mortgage servicing rights | $ 49,423 | $ 72,532 | |
Mortgage banking, net | 17,029 | $ 146 | |
Equity securities | 13,000 | 13,000 | |
Investment securities gains (losses), net | 15,091 | 15,090 | |
Fair Value, Inputs, Level 3 | |||
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis | |||
Equity securities | 13,444 | 13,444 | |
Investment securities gains (losses), net | 13,444 | 13,444 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 | |||
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis | |||
OREO(b) | 6,611 | 3,565 | |
Other noninterest expense | (2,273) | (1,860) | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 | |||
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis | |||
Individually evaluated loans(a) | 88,416 | 45,792 | |
Provision for credit losses | (58,523) | (66,172) | |
Mortgage servicing rights | 49,423 | 72,532 | |
Mortgage banking, net | $ (17,029) | (63) | |
Equity securities | 13,444 | ||
Investment securities gains (losses), net | $ 13,444 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Unobservable Level 3 Measurements (Details) - Fair Value, Inputs, Level 3 | 6 Months Ended |
Jun. 30, 2020 | |
Discounted Cash Flow | Mortgage Servicing Rights | Minimum | |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Discount Rate | 9.00% |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Prepayment Speed | 12.00% |
Discounted Cash Flow | Mortgage Servicing Rights | Maximum | |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Discount Rate | 14.00% |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Prepayment Speed | 35.00% |
Discounted Cash Flow | Mortgage Servicing Rights | Weighted Average [Member] | |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Discount Rate | 9.00% |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Prepayment Speed | 18.00% |
Appraisals/Discounted Cash Flow | Impaired Finance Receivable | Minimum | |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Discount Rate | 0.00% |
Appraisals/Discounted Cash Flow | Impaired Finance Receivable | Maximum | |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Discount Rate | 68.00% |
Appraisals/Discounted Cash Flow | Impaired Finance Receivable | Weighted Average [Member] | |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Discount Rate | 66.00% |
Fair Value Measurements, Fair V
Fair Value Measurements, Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financial assets | ||
Cash and due from banks | $ 443,500 | $ 373,380 |
Interest-bearing deposits in other financial institutions | 1,569,006 | 207,624 |
Federal funds sold and securities purchased under agreements to resell | 185 | 7,740 |
Investment securities held to maturity, net | 2,077,287 | 2,205,083 |
Investment securities held to maturity, fair value | 2,209,505 | 2,276,465 |
Investment securities available for sale | 3,149,773 | 3,262,586 |
Equity securities with readily determinable fair values, Fair Value | 2,000 | 2,000 |
Equity Securities without Readily Determinable Fair Value, Amount | 13,000 | 13,000 |
Investment securities gains (losses), net | 15,091 | 15,090 |
FHLB and Federal Reserve Bank stocks | 206,281 | 227,347 |
Loans, net | 24,468,868 | 22,620,068 |
Financial liabilities | ||
Short-term funding | 181,828 | 465,113 |
Other long-term funding | 1,558,698 | 549,343 |
PPPLF | 1,009,760 | 0 |
FHLB advances | 2,657,016 | 3,180,967 |
Letters of Credit Outstanding, Amount | 265,000 | 278,000 |
Fair Value, Inputs, Level 1 | ||
Financial assets | ||
Cash and due from banks | 443,500 | 373,380 |
Cash and due from banks, Fair Value | 443,500 | 373,380 |
Interest-bearing deposits in other financial institutions | 1,569,006 | 207,624 |
Interest-bearing deposits in other financial institutions, fair value | 1,569,006 | 207,624 |
Federal funds sold and securities purchased under agreements to resell | 185 | 7,740 |
Federal funds sold and securities purchased under agreements to resell, fair value | 185 | 7,740 |
Investment securities held to maturity, net | 999 | 999 |
Investment securities held to maturity, fair value | 1,036 | 1,018 |
Investment securities available for sale | 26,735 | 0 |
Investment securities available for sale, fair value | 26,735 | 0 |
Equity securities with readily determinable fair value, Carrying Amount | 1,647 | 1,646 |
Equity securities with readily determinable fair values, Fair Value | 1,647 | 1,646 |
Fair Value, Inputs, Level 2 | ||
Financial assets | ||
Investment securities held to maturity, net | 2,076,226 | 2,204,084 |
Investment securities held to maturity, fair value | 2,208,408 | 2,275,447 |
Investment securities available for sale | 3,123,039 | 3,262,586 |
Investment securities available for sale, fair value | 3,123,039 | 3,262,586 |
FHLB and Federal Reserve Bank stocks | 206,281 | 227,347 |
FHLB and Federal Reserve Bank stocks, fair value | 206,281 | 227,347 |
Residential Loans Receivable Held-for-sale, Net, Not Part of Disposal Group | 196,673 | 136,280 |
Residential Held-for-sale, Fair Value Disclosure | 196,673 | 136,280 |
Commercial loans held for sale | 3,565 | 15,000 |
Commercial Loans Held-for-sale, Fair Value Disclosure | 3,565 | 15,000 |
Bank and Corporate Owned Life Insurance | 676,196 | 671,948 |
Bank owned life insurance, fair value | 676,196 | 671,948 |
Financial liabilities | ||
Brokered CDs and other time deposits | 2,248,904 | 2,622,803 |
Brokered CDs and other time deposits, fair value | 2,267,551 | 2,622,803 |
Short-term funding | 181,828 | 465,113 |
Short-term funding, fair value | 181,828 | 465,113 |
Other long-term funding | 548,937 | 549,343 |
Long-term funding, fair value | 576,667 | 572,873 |
PPPLF | 1,009,760 | 0 |
Paycheck Protection Program Loan Funding Fair Value | 1,009,926 | 0 |
FHLB advances | 2,657,016 | 3,180,967 |
Advances, Fair Value Disclosure | 2,851,632 | 3,207,793 |
Standby letters of credit | 2,644 | 2,710 |
Standby letters of credit, fair value | 2,644 | 2,710 |
Fair Value, Inputs, Level 2 | Other Assets [Member] | ||
Financial assets | ||
Derivative Asset | 280,746 | 101,778 |
Derivatives (trading and other assets), fair value | 280,746 | 101,778 |
Fair Value, Inputs, Level 2 | Other Liabilities [Member] | ||
Financial liabilities | ||
Derivatives (trading liabilities) | 72,572 | 36,745 |
Derivatives (trading and other liabilities), fair value | 72,572 | 36,745 |
Fair Value, Inputs, Level 3 | ||
Financial assets | ||
Equity Securities without Readily Determinable Fair Value, Amount | 13,444 | 13,444 |
Investment securities gains (losses), net | 13,444 | 13,444 |
Loans, net | 24,468,868 | 22,620,068 |
Loans, net, fair value | 24,390,225 | 22,399,621 |
Derivative Asset | 12,837 | 2,527 |
Derivatives (trading and other assets), fair value | 12,837 | 2,527 |
Financial liabilities | ||
Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts | 24,302,540 | 21,156,261 |
Noninterest-bearing demand, savings, interest-bearing demand, and money market deposits, fair value | 24,302,540 | 21,156,261 |
Derivatives (trading liabilities) | 1,293 | 710 |
Derivatives (trading and other liabilities), fair value | $ 1,293 | $ 710 |
Fair Value Measurements (Detail
Fair Value Measurements (Details Textuals) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Measurements (Textuals) [Abstract] | |
Fair Value Inputs Closing Ratio | 88.00% |
Retirement Plans, Components of
Retirement Plans, Components of Net Periodic Benefit Cost for the Pension and Postretirement Tables (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
RAP | ||||
Net period benefit cost for the pension and postretirement plans | ||||
Service cost | $ 2,165 | $ 1,925 | $ 4,330 | $ 3,850 |
Interest cost | 2,008 | 2,413 | 4,015 | 4,825 |
Expected return on plan assets | (6,405) | (6,075) | (12,810) | (12,150) |
Amortization of prior service cost | (19) | (19) | (38) | (38) |
Amortization of actuarial loss (gain) | 803 | 65 | 1,610 | 130 |
Total net periodic pension cost | (1,449) | (1,691) | (2,893) | (3,383) |
Postretirement Plan | ||||
Net period benefit cost for the pension and postretirement plans | ||||
Interest cost | 20 | 26 | 39 | 52 |
Amortization of prior service cost | (19) | (19) | (38) | (38) |
Amortization of actuarial loss (gain) | 0 | (1) | 0 | (2) |
Total net periodic pension cost | $ 1 | $ 6 | $ 2 | $ 13 |
Retirement Plans (Details Textu
Retirement Plans (Details Textuals) (Details) - USD ($) $ in Millions | Feb. 14, 2020 | Jun. 14, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Huntington National Bank | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Effective Date of Acquisition | Jun. 14, 2019 | |||
First Staunton Bancshares [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Effective Date of Acquisition | Feb. 14, 2020 | |||
RAP | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Description | The Corporation has a noncontributory defined benefit retirement account plan, the RAP, covering substantially all employees who meet participation requirements. The benefits are based primarily on years of service and the employee’s compensation paid. Employees of acquired entities generally participate in the RAP after consummation of the business combinations. Any retirement plans of acquired entities are typically merged into the RAP after completion of the mergers, and credit is usually given to employees for years of service at the acquired institution for vesting and eligibility purposes. | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0 | $ 0 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Income Statement Data Abstract | ||||||
Net interest income | $ 189,872 | $ 213,619 | $ 392,814 | $ 429,167 | ||
Net intersegment interest income (expense) | 0 | 0 | 0 | 0 | ||
Segment net interest income | 189,872 | 213,619 | 392,814 | 429,167 | ||
Noninterest income | 254,490 | 95,837 | 352,796 | 187,040 | ||
Total revenue | 444,362 | 309,457 | 745,610 | 616,206 | ||
Credit provision | 61,000 | 8,000 | 114,001 | 14,000 | ||
Noninterest expense | 183,407 | 197,779 | 375,598 | 389,450 | ||
Income (loss) before income taxes | 199,955 | 103,678 | 256,012 | 212,756 | ||
Income tax expense (benefit) | 51,238 | 19,017 | 61,457 | 41,409 | ||
Net income | 148,718 | $ 45,838 | 84,661 | $ 86,686 | 194,555 | 171,347 |
Segment Balance Sheet Data | ||||||
Allocated goodwill | 1,107,902 | 1,176,019 | ||||
Gain (Loss) on Disposition of Assets for Financial Service Operations | 157,361 | 871 | 157,284 | 1,438 | ||
Risk Management and Shared Services | ||||||
Segment Balance Sheet Data | ||||||
Gain (Loss) on Disposition of Assets for Financial Service Operations | 163,000 | 163,000 | ||||
Operating Segments | Corporate and Commercial Specialty | ||||||
Segment Income Statement Data Abstract | ||||||
Net interest income | 98,824 | 114,232 | 206,577 | 228,162 | ||
Net intersegment interest income (expense) | 6,889 | (13,326) | (3,856) | (28,881) | ||
Segment net interest income | 105,713 | 100,906 | 202,721 | 199,281 | ||
Noninterest income | 30,691 | 31,267 | 65,124 | 58,414 | ||
Total revenue | 136,405 | 132,174 | 267,845 | 257,695 | ||
Credit provision | 13,713 | 12,585 | 25,885 | 25,169 | ||
Noninterest expense | 50,837 | 56,450 | 102,098 | 111,383 | ||
Income (loss) before income taxes | 71,855 | 63,139 | 139,862 | 121,144 | ||
Income tax expense (benefit) | 13,446 | 12,244 | 26,117 | 23,411 | ||
Net income | 58,410 | 50,895 | 113,745 | 97,732 | ||
Segment Balance Sheet Data | ||||||
Allocated goodwill | 530,144 | 530,106 | ||||
Operating Segments | Community, Consumer, and Business | ||||||
Segment Income Statement Data Abstract | ||||||
Net interest income | 73,120 | 77,013 | 148,047 | 156,699 | ||
Net intersegment interest income (expense) | 14,340 | 22,804 | 33,025 | 43,551 | ||
Segment net interest income | 87,459 | 99,817 | 181,072 | 200,250 | ||
Noninterest income | 58,557 | 62,123 | 116,207 | 120,398 | ||
Total revenue | 146,017 | 161,940 | 297,279 | 320,648 | ||
Credit provision | 5,429 | 4,626 | 10,537 | 9,311 | ||
Noninterest expense | 122,290 | 119,694 | 238,721 | 232,612 | ||
Income (loss) before income taxes | 18,298 | 37,620 | 48,021 | 78,725 | ||
Income tax expense (benefit) | 3,843 | 7,900 | 10,084 | 16,532 | ||
Net income | 14,455 | 29,720 | 37,936 | 62,193 | ||
Segment Balance Sheet Data | ||||||
Allocated goodwill | 577,758 | 645,913 | ||||
Operating Segments | Risk Management and Shared Services | ||||||
Segment Income Statement Data Abstract | ||||||
Net interest income | 17,929 | 22,375 | 38,190 | 44,306 | ||
Net intersegment interest income (expense) | (21,229) | (9,478) | (29,169) | (14,671) | ||
Segment net interest income | (3,301) | 12,896 | 9,021 | 29,635 | ||
Noninterest income | 165,242 | 2,447 | 171,465 | 8,228 | ||
Total revenue | 161,941 | 15,343 | 180,486 | 37,863 | ||
Credit provision | 41,858 | (9,211) | 77,579 | (20,480) | ||
Noninterest expense | 10,280 | 21,634 | 34,779 | 45,456 | ||
Income (loss) before income taxes | 109,802 | 2,919 | 68,129 | 12,887 | ||
Income tax expense (benefit) | 33,950 | (1,127) | 25,255 | 1,466 | ||
Net income | 75,853 | 4,047 | 42,874 | 11,422 | ||
Segment Balance Sheet Data | ||||||
Allocated goodwill | 0 | 0 | ||||
Business Combination, Acquisition Related Costs | $ 518 | $ 3,734 | $ 2,238 | $ 4,366 |
Segment Reporting (Details Text
Segment Reporting (Details Textuals) - segment | 3 Months Ended | 6 Months Ended |
Mar. 31, 2020 | Jun. 30, 2020 | |
Segment Reporting [Abstract] | ||
Number of Reportable Segments | 3 | |
Description of Effect on Previously Reported Segment Information for Change in Composition of Reportable Segments | During the first quarter of 2020, the Corporation reassigned goodwill of approximately $4 million to the Corporate and Commercial Specialty segment from the Community, Consumer and Business segment as a result of a reorganization of the investment and fiduciary businesses. The goodwill reassigned was attributable to the Corporation's acquisition of Whitnell & Co. in 2017. Also effective in the first quarter of 2020, the marketing business unit, formerly part of the Risk Management and Shared Services segment, was reorganized under the Community, Consumer and Business segment. |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning Balance | $ (33,183) | $ (33,183) | ||||
Investment securities losses (gains), net | $ (11) | $ (13,636) | (90) | $ (13,636) | ||
Personnel expense | (111,350) | (123,228) | (225,551) | (243,279) | ||
Interest income | (776) | (218) | (1,332) | (288) | ||
Total other comprehensive income (loss) | 15,054 | 16,209 | 44,311 | $ 21,597 | 31,263 | 65,909 |
Ending Balance | (1,920) | (1,920) | ||||
Investment Securities Available For Sale | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning Balance | 19,620 | 3,989 | (54,065) | (75,643) | 3,989 | (75,643) |
Other comprehensive income (loss) before reclassifications | 21,641 | 59,476 | 48,060 | 89,966 | ||
Investment securities losses (gains), net | (3,096) | (463) | (9,214) | (2,143) | ||
Personnel expense | 0 | 0 | 0 | 0 | ||
Other expense | 0 | 0 | 0 | 0 | ||
Interest income | 776 | 218 | 1,332 | 288 | ||
Income tax (expense) benefit | (4,841) | (14,940) | (10,066) | (22,242) | ||
Total other comprehensive income (loss) | 14,481 | 44,292 | 30,112 | 65,869 | ||
Ending Balance | 34,101 | 19,620 | (9,773) | (54,065) | 34,101 | (9,773) |
Defined Benefit Pension and Postretirement Obligations | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning Balance | (36,595) | (37,172) | (49,310) | (49,330) | (37,172) | (49,330) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 | ||
Investment securities losses (gains), net | 0 | 0 | 0 | 0 | ||
Personnel expense | (38) | (38) | (75) | (75) | ||
Other expense | 803 | 64 | 1,610 | 128 | ||
Interest income | 0 | 0 | 0 | 0 | ||
Income tax (expense) benefit | (192) | (7) | (385) | (13) | ||
Total other comprehensive income (loss) | 573 | 20 | 1,150 | 40 | ||
Ending Balance | (36,021) | (36,595) | (49,290) | (49,310) | (36,021) | (49,290) |
Accumulated Other Comprehensive Income (Loss) | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning Balance | (16,974) | (33,183) | (103,375) | (124,972) | (33,183) | (124,972) |
Other comprehensive income (loss) before reclassifications | 21,641 | 59,476 | 48,060 | 89,966 | ||
Investment securities losses (gains), net | (3,096) | (463) | (9,214) | (2,143) | ||
Personnel expense | (38) | (38) | (75) | (75) | ||
Other expense | 803 | 64 | 1,610 | 128 | ||
Interest income | 776 | 218 | 1,332 | 288 | ||
Income tax (expense) benefit | (5,032) | (14,947) | (10,450) | (22,255) | ||
Total other comprehensive income (loss) | 15,054 | 16,209 | 44,311 | 21,597 | 31,263 | 65,909 |
Ending Balance | $ (1,920) | $ (16,974) | $ (59,063) | $ (103,375) | $ (1,920) | $ (59,063) |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Noninterest Income (in-scope of Topic 606) | $ 66,933 | $ 72,703 | $ 138,282 | $ 145,441 |
Noninterest Income (out-of-scope of Topic 606) | 187,557 | 23,134 | 214,515 | 41,599 |
Total noninterest income | 254,490 | 95,837 | 352,796 | 187,040 |
Gain (Loss) on Disposition of Assets for Financial Service Operations | 157,361 | 871 | 157,284 | 1,438 |
Insurance commissions and fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest Income (in-scope of Topic 606) | 22,430 | 22,985 | 45,038 | 48,449 |
Wealth management fees(a) | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest Income (in-scope of Topic 606) | 20,916 | 20,691 | 41,732 | 40,870 |
Service charges and deposit account fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest Income (in-scope of Topic 606) | 11,484 | 15,426 | 26,706 | 30,542 |
Card-based fees(b) | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest Income (in-scope of Topic 606) | 8,922 | 10,177 | 18,529 | 19,472 |
Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest Income (in-scope of Topic 606) | 3,181 | 3,424 | 6,277 | 6,108 |
Corporate and Commercial Specialty | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest Income (in-scope of Topic 606) | 20,690 | 20,047 | 41,426 | 39,387 |
Noninterest Income (out-of-scope of Topic 606) | 10,002 | 11,220 | 23,698 | 19,026 |
Corporate and Commercial Specialty | Insurance commissions and fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest Income (in-scope of Topic 606) | 47 | 49 | 123 | 174 |
Corporate and Commercial Specialty | Wealth management fees(a) | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest Income (in-scope of Topic 606) | 15,814 | 15,369 | 31,621 | 30,469 |
Corporate and Commercial Specialty | Service charges and deposit account fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest Income (in-scope of Topic 606) | 4,307 | 3,309 | 7,859 | 6,806 |
Corporate and Commercial Specialty | Card-based fees(b) | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest Income (in-scope of Topic 606) | 228 | 455 | 743 | 889 |
Corporate and Commercial Specialty | Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest Income (in-scope of Topic 606) | 294 | 865 | 1,081 | 1,049 |
Community, Consumer, and Business | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest Income (in-scope of Topic 606) | 46,163 | 52,381 | 96,698 | 105,479 |
Noninterest Income (out-of-scope of Topic 606) | 12,394 | 9,742 | 19,509 | 14,919 |
Community, Consumer, and Business | Insurance commissions and fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest Income (in-scope of Topic 606) | 22,381 | 22,933 | 44,910 | 48,268 |
Community, Consumer, and Business | Wealth management fees(a) | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest Income (in-scope of Topic 606) | 5,102 | 5,321 | 10,111 | 10,402 |
Community, Consumer, and Business | Service charges and deposit account fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest Income (in-scope of Topic 606) | 7,173 | 12,104 | 18,838 | 23,703 |
Community, Consumer, and Business | Card-based fees(b) | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest Income (in-scope of Topic 606) | 8,647 | 9,674 | 17,693 | 18,486 |
Community, Consumer, and Business | Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest Income (in-scope of Topic 606) | 2,861 | 2,349 | 5,147 | 4,621 |
Risk Management and Shared Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest Income (in-scope of Topic 606) | 80 | 275 | 158 | 574 |
Noninterest Income (out-of-scope of Topic 606) | 165,161 | 2,172 | 171,307 | 7,653 |
Risk Management and Shared Services | Insurance commissions and fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest Income (in-scope of Topic 606) | 3 | 3 | 6 | 7 |
Risk Management and Shared Services | Service charges and deposit account fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest Income (in-scope of Topic 606) | 4 | 14 | 10 | 32 |
Risk Management and Shared Services | Card-based fees(b) | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest Income (in-scope of Topic 606) | 47 | 48 | 94 | 97 |
Risk Management and Shared Services | Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest Income (in-scope of Topic 606) | 26 | 210 | 49 | 438 |
Operating Segments [Member] | Corporate and Commercial Specialty | ||||
Disaggregation of Revenue [Line Items] | ||||
Total noninterest income | 30,691 | 31,267 | 65,124 | 58,414 |
Operating Segments [Member] | Community, Consumer, and Business | ||||
Disaggregation of Revenue [Line Items] | ||||
Total noninterest income | 58,557 | 62,123 | 116,207 | 120,398 |
Operating Segments [Member] | Risk Management and Shared Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total noninterest income | $ 165,242 | $ 2,447 | $ 171,465 | $ 8,228 |
Leases Lease, Cost and Cash Flo
Leases Lease, Cost and Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||||
Operating Lease Costs | $ 2,631 | $ 2,888 | $ 5,254 | $ 5,793 |
Finance Lease Costs | 31 | 0 | 67 | 0 |
Operating Lease Cash Flows | 2,700 | 2,762 | 5,432 | 5,570 |
Finance Lease Cash Flows | $ 21 | $ 0 | $ 42 | $ 0 |
Leases Components of Lease Expe
Leases Components of Lease Expense (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating lease right-of-use asset | $ 39,674 | $ 45,381 |
Finance lease right-of-use asset | 1,154 | 2,188 |
Operating lease liability | 43,377 | 49,292 |
Finance lease liability | $ 1,202 | $ 2,209 |
Leases Operating Lease Informat
Leases Operating Lease Information (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Liability, Payments, Due | $ 48,961 | $ 55,580 |
Operating Lease, Weighted Average Remaining Lease Term | 6 years 7 months 9 days | 6 years 9 months 29 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.31% | 3.32% |
Finance Lease, Liability, Payment, Due | $ 1,225 | $ 4,827 |
Finance Lease, Weighted Average Remaining Lease Term | 2 years 1 month 20 days | 39 years 8 months 1 day |
Finance Lease, Weighted Average Discount Rate, Percent | 1.05% | 3.99% |
Equipment | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Liability, Payments, Due | $ 5 | $ 46 |
Operating Lease, Weighted Average Remaining Lease Term | 8 months 8 days | 9 months 29 days |
Operating Lease, Weighted Average Discount Rate, Percent | 2.72% | 2.72% |
Retail and corporate offices | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Liability, Payments, Due | $ 42,293 | $ 48,940 |
Operating Lease, Weighted Average Remaining Lease Term | 6 years 2 months 19 days | 6 years 5 months 26 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.35% | 3.34% |
Land | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Liability, Payments, Due | $ 6,663 | $ 6,594 |
Operating Lease, Weighted Average Remaining Lease Term | 9 years 3 months 18 days | 9 years 6 months 25 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.08% | 3.21% |
Finance Lease, Liability, Payment, Due | $ 1,225 | $ 4,827 |
Finance Lease, Weighted Average Remaining Lease Term | 2 years 1 month 20 days | 39 years 8 months 1 day |
Finance Lease, Weighted Average Discount Rate, Percent | 1.05% | 3.99% |
Leases Amortization of Operatin
Leases Amortization of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Operating Leases | ||
Six Months Ending December 31, 2020 | $ 3,065 | |
2021 | 10,387 | |
2022 | 8,066 | |
2023 | 5,810 | |
2024 | 5,108 | |
Beyond 2024 | 16,526 | |
Total lease payments | 48,961 | $ 55,580 |
Less: interest | 5,584 | |
Present value of lease payments | 43,377 | 49,292 |
Finance Leases | ||
Six Months Ending December 31, 2020 | 80 | |
2021 | 172 | |
2022 | 973 | |
2023 | 0 | |
2024 | 0 | |
Beyond 2024 | 0 | |
Total lease payments | 1,225 | 4,827 |
Less: interest | 23 | |
Present value of lease payments | 1,202 | $ 2,209 |
Total Leases | ||
Six Months Ending December 31, 2020 | 3,145 | |
2021 | 10,559 | |
2022 | 9,039 | |
2023 | 5,810 | |
2024 | 5,108 | |
Beyond 2024 | 16,526 | |
Total lease payments | 50,187 | |
Less: interest | 5,607 | |
Present value of lease payments | $ 44,579 |
Leases (Details Textuals)
Leases (Details Textuals) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Lessee, Lease, Description [Line Items] | ||
Additional operating leases | $ 18 | $ 16 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease terms | 1 year | |
Additional operating lease terms | 3 years | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease terms | 42 years | |
Additional operating lease terms | 6 years |