Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 25, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
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 | 150,074,324 | |
Entity Central Index Key | 0000007789 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
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 $0.01 per share | |
Trading Symbol | ASB | |
Security Exchange Name | NYSE | |
Series E Preferred Stock | The New York Stock Exchange | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs E | |
Trading Symbol | ASB PrE | |
Security Exchange Name | NYSE | |
Series F Preferred Stock | The New York Stock Exchange | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs F | |
Trading Symbol | ASB PrF | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 378,927 | $ 416,154 |
Interest-bearing deposits in other financial institutions | 1,281,916 | 298,759 |
Federal funds sold and securities purchased under agreements to resell | 25,000 | 1,135 |
Investment securities AFS, at fair value | 3,893,379 | 3,085,441 |
Investment securities HTM, net, at amortized cost | 1,929,735 | 1,878,938 |
Equity securities | 17,939 | 15,106 |
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | 168,281 | 168,280 |
Residential loans held for sale | 158,202 | 129,158 |
Loans | 23,621,673 | 24,451,724 |
Allowance for loan losses | (290,997) | (383,702) |
Loans, net | 23,330,676 | 24,068,022 |
Tax credit and other investments | 301,490 | 297,232 |
Premises and equipment, net | 383,131 | 418,914 |
Bank and corporate owned life insurance | 683,610 | 679,647 |
Goodwill | 1,104,992 | 1,109,300 |
Other intangible assets, net | 60,296 | 68,254 |
Mortgage servicing rights, net | 50,329 | 41,961 |
Interest receivable | 79,011 | 90,263 |
Other assets | 592,753 | 653,219 |
Total assets | 34,439,666 | 33,419,783 |
Liabilities and Stockholders' Equity | ||
Noninterest-bearing demand deposits | 8,170,105 | 7,661,728 |
Interest-bearing deposits | 19,681,161 | 18,820,753 |
Total deposits | 27,851,266 | 26,482,481 |
Federal funds purchased and securities sold under agreements to repurchase | 267,943 | 192,971 |
Commercial paper | 54,553 | 59,346 |
FHLB advances | 1,620,880 | 1,632,723 |
Allowance for unfunded commitments | 41,276 | 47,776 |
Accrued expenses and other liabilities | 359,626 | 364,088 |
Total liabilities | 30,444,705 | 29,328,850 |
Stockholders’ Equity | ||
Preferred equity | 193,195 | 353,512 |
Common stock | 1,752 | 1,752 |
Surplus | 1,711,867 | 1,720,329 |
Retained earnings | 2,628,421 | 2,458,920 |
Accumulated other comprehensive income (loss) | (10,813) | 12,618 |
Treasury stock, at cost | (529,461) | (456,198) |
Total common equity | 3,801,766 | 3,737,421 |
Total stockholders’ equity | 3,994,961 | 4,090,933 |
Total liabilities and stockholders’ equity | $ 34,439,666 | $ 33,419,783 |
Preferred shares authorized (par value $1.00 per share) | 750,000 | 750,000 |
Preferred shares issued and outstanding | 200,000 | 364,458 |
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 | 149,961,231 | 153,540,224 |
Preferred shares, par value | $ 1 | $ 1 |
Common shares, par value | $ 0.01 | $ 0.01 |
Other long-term funding | $ 1,870,040 | $ 2,182,188 |
Fair Value, Inputs, Level 2 | ||
Assets | ||
Investment securities AFS, at fair value | 3,769,399 | 3,058,910 |
Other long-term funding | $ 249,160 | $ 549,465 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Preferred shares, par value | $ 1 | $ 1 |
Common shares, par value | $ 0.01 | $ 0.01 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest income | ||||
Interest and fees on loans | $ 174,643 | $ 182,625 | $ 522,920 | $ 599,306 |
Interest and dividends on investment securities | ||||
Taxable | 8,745 | 13,689 | 24,600 | 50,064 |
Tax-exempt | 14,613 | 14,523 | 43,141 | 44,021 |
Other interest | 2,281 | 2,238 | 5,802 | 7,774 |
Total interest income | 200,282 | 213,075 | 596,462 | 701,165 |
Interest expense | ||||
Interest on deposits | 4,427 | 10,033 | 14,945 | 59,877 |
Interest on federal funds purchased and securities sold under agreements to repurchase | 48 | 34 | 103 | 454 |
Interest on other short-term funding | 8 | 5 | 21 | 46 |
Interest on PPPLF funding | 0 | 899 | 0 | 1,574 |
Interest on FHLB advances | 8,962 | 14,375 | 27,979 | 47,471 |
Interest on long-term funding | 3,163 | 5,580 | 14,323 | 16,780 |
Total interest expense | 16,607 | 30,925 | 57,371 | 126,201 |
Net interest income | 183,675 | 182,150 | 539,092 | 574,964 |
Provision for credit losses | (24,010) | 43,009 | (82,018) | 157,009 |
Net interest income after provision for credit losses | 207,685 | 139,141 | 621,110 | 417,954 |
Noninterest income | ||||
Noninterest Income In Scope of Topic 606 | 53,099 | 49,243 | 158,383 | 187,524 |
Capital markets, net | 7,114 | 7,222 | 20,928 | 22,067 |
Mortgage banking, net | 10,657 | 12,636 | 42,710 | 31,043 |
Bank and corporate owned life insurance | 2,760 | 3,074 | 8,551 | 9,793 |
Asset gains (losses), net(a) | 5,228 | (339) | 10,024 | 156,945 |
Investment securities gains (losses), net | 0 | 7 | (16) | 9,222 |
Gains on sale of branches, net(b) | 0 | 0 | 1,038 | 0 |
Other | 2,116 | 2,232 | 8,176 | 7,321 |
Total noninterest income | 82,076 | 75,545 | 250,862 | 428,342 |
Noninterest expense | ||||
Personnel | 107,880 | 108,567 | 318,900 | 334,117 |
Technology | 19,927 | 19,666 | 60,902 | 61,639 |
Occupancy | 15,814 | 17,854 | 46,649 | 48,386 |
Business development and advertising | 6,156 | 3,626 | 15,522 | 13,007 |
Equipment | 5,200 | 5,399 | 16,199 | 16,150 |
Legal and professional | 4,304 | 5,591 | 17,495 | 15,809 |
Loan and foreclosure costs | 1,616 | 2,118 | 6,508 | 8,842 |
FDIC assessment | 5,000 | 3,900 | 13,350 | 14,650 |
Other intangible amortization | 2,203 | 2,253 | 6,642 | 7,939 |
Loss on prepayments of FHLB advances | 0 | 44,650 | 0 | |
Other | 9,793 | 13,963 | 25,547 | 37,993 |
Total noninterest expense | 177,892 | 227,587 | 527,713 | 603,184 |
Income (loss) before income taxes | 111,870 | (12,900) | 344,259 | 243,112 |
Income tax expense (benefit) | 23,060 | (58,114) | 70,142 | 3,342 |
Net income | 88,809 | 45,214 | 274,117 | 239,769 |
Preferred stock dividends | 4,155 | 5,207 | 14,236 | 13,152 |
Net income available to common equity | $ 84,655 | $ 40,007 | $ 259,880 | $ 226,618 |
Earnings per common share | ||||
Basic | $ 0.56 | $ 0.26 | $ 1.70 | $ 1.47 |
Diluted | $ 0.56 | $ 0.26 | $ 1.69 | $ 1.46 |
Average common shares outstanding | ||||
Basic | 150,046 | 152,440 | 151,473 | 153,175 |
Diluted | 151,143 | 153,194 | 152,701 | 153,914 |
Wealth management fees | ||||
Noninterest income | ||||
Noninterest Income In Scope of Topic 606 | $ 22,110 | $ 21,152 | $ 67,229 | $ 62,884 |
Service charges and deposit account fees | ||||
Noninterest income | ||||
Noninterest Income In Scope of Topic 606 | 16,962 | 14,283 | 47,366 | 40,989 |
Card-based fees | ||||
Noninterest income | ||||
Noninterest Income In Scope of Topic 606 | 11,147 | 10,207 | 31,920 | 28,736 |
Card-based fees | 11,113 | 10,195 | 31,838 | 28,685 |
Other fee-based revenue | ||||
Noninterest income | ||||
Noninterest Income In Scope of Topic 606 | 2,792 | 3,487 | 11,618 | 9,764 |
Card-based fees | 3,929 | 4,968 | 12,769 | 14,240 |
Insurance commissions and fees | ||||
Noninterest income | ||||
Noninterest Income In Scope of Topic 606 | 88 | 114 | 250 | 45,153 |
Risk Management and Shared Services | ||||
Noninterest expense | ||||
Loss on prepayments of FHLB advances | 44,650 | |||
Risk Management and Shared Services | ABRC | ||||
Noninterest income | ||||
Gains on sale of branches, net(b) | 163,000 | |||
Operating Segments | Risk Management and Shared Services | ||||
Interest expense | ||||
Net interest income | 19,047 | 16,472 | 49,511 | 54,662 |
Provision for credit losses | (43,107) | 21,679 | (144,717) | 99,257 |
Noninterest income | ||||
Total noninterest income | 3,077 | 5,182 | 12,457 | 176,646 |
Noninterest expense | ||||
Total noninterest expense | 24,478 | 72,813 | 64,490 | 106,610 |
Income (loss) before income taxes | 21,962 | (89,005) | 83,529 | (19,895) |
Income tax expense (benefit) | 6,129 | (72,278) | 20,705 | (46,817) |
Net income | $ 15,833 | $ (16,727) | $ 62,824 | $ 26,922 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 88,809 | $ 45,214 | $ 274,117 | $ 239,769 |
Investment securities AFS | ||||
Net unrealized gains (losses) | (19,827) | 5,840 | (35,829) | 53,900 |
Amortization of net unrealized (gains) losses on AFS securities transferred to HTM securities | 172 | 1,296 | 1,335 | 2,628 |
Reclassification adjustment for net losses (gains) realized in net income | 0 | (7) | 16 | (9,222) |
Income tax (expense) benefit | 4,975 | (1,786) | 8,548 | (11,852) |
Other comprehensive income (loss) on investment securities AFS | (14,681) | 5,342 | (25,930) | 35,454 |
Defined benefit pension and postretirement obligations | ||||
Amortization of prior service cost | (37) | (36) | (111) | (111) |
Amortization of actuarial loss (gain) | 1,346 | 1,313 | 3,446 | 2,923 |
Income tax (expense) benefit | (330) | (703) | (836) | (1,088) |
Other comprehensive income (loss) on pension and postretirement obligations | 979 | 573 | 2,498 | 1,724 |
Total other comprehensive income (loss) | (13,702) | 5,916 | (23,431) | 37,178 |
Comprehensive income | $ 75,107 | $ 51,130 | $ 250,685 | $ 276,948 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Cumulative Effect, Period Of Adoption, Adjustment | 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, Adjustment | Common Stock | Common StockCumulative Effect, Period Of Adoption, Adjustment | Surplus | SurplusCumulative Effect, Period Of Adoption, Adjustment | Retained Earnings | Retained EarningsCumulative Effect, Period Of Adoption, Adjustment | Retained EarningsSeries F Preferred Stock | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period Of Adoption, Adjustment | Treasury Stock | Treasury StockCumulative Effect, Period Of Adoption, Adjustment | Treasury StockPerformance/Service Based RSAs, RSA, | Treasury StockBoard Authorized Purchase Program [Member] |
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) | ||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Net income | 45,838 | 45,838 | |||||||||||||||||||||
Other comprehensive income (loss) | 16,209 | 16,209 | |||||||||||||||||||||
Comprehensive income | 62,046 | ||||||||||||||||||||||
Common stock issued | |||||||||||||||||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 2,896 | (20,659) | 0 | 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) | ||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Net income | 239,769 | 239,769 | |||||||||||||||||||||
Other comprehensive income (loss) | 37,178 | 37,178 | |||||||||||||||||||||
Comprehensive income | 276,948 | ||||||||||||||||||||||
Cash dividends | |||||||||||||||||||||||
Proceeds from issuance of preferred shares | 96,921 | ||||||||||||||||||||||
Ending balance at Sep. 30, 2020 | 4,045,433 | 353,637 | 1,752 | 1,717,186 | 2,424,992 | 3,995 | (456,129) | ||||||||||||||||
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 | |||||||||||||||||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 173 | 1,523 | 0 | (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) | |||||||||||||||||||||
Proceeds from issuance of preferred shares | 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 | |||||||||||||||||||
Net income | 45,214 | 45,214 | |||||||||||||||||||||
Other comprehensive income (loss) | 5,916 | 5,916 | |||||||||||||||||||||
Comprehensive income | 51,130 | ||||||||||||||||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 95 | 706 | 0 | (610) | |||||||||||||||||||
Purchase of treasury stock, | (462) | (462) | |||||||||||||||||||||
Common stock ($0.17 per share in 2019 and $0.18 per share in 2020) | (27,875) | (27,875) | |||||||||||||||||||||
Preferred stock(a) | (5,207) | (5,207) | |||||||||||||||||||||
Proceeds from issuance of preferred shares | (208) | (208) | |||||||||||||||||||||
Stock-based compensation expense, net | 3,502 | 3,502 | |||||||||||||||||||||
Ending balance at Sep. 30, 2020 | 4,045,433 | 353,637 | 1,752 | 1,717,186 | 2,424,992 | 3,995 | (456,129) | ||||||||||||||||
Cash dividends | |||||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | 0.3828125 | 0.3359375 | 0.3671875 | 0.3515625 | |||||||||||||||||||
Beginning balance at Dec. 31, 2020 | 4,090,933 | 353,512 | 1,752 | 1,720,329 | 2,458,920 | 12,618 | (456,198) | ||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Net income | 94,301 | 94,301 | |||||||||||||||||||||
Other comprehensive income (loss) | (16,811) | (16,811) | |||||||||||||||||||||
Comprehensive income | 77,490 | ||||||||||||||||||||||
Common stock issued | |||||||||||||||||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 10,556 | (16,986) | 27,542 | ||||||||||||||||||||
Purchase of treasury stock, | (3,593) | (17,973) | (3,593) | (17,973) | |||||||||||||||||||
Cash dividends | |||||||||||||||||||||||
Common stock ($0.17 per share in 2019 and $0.18 per share in 2020) | (27,870) | (27,870) | |||||||||||||||||||||
Preferred stock(a) | (5,207) | (5,207) | |||||||||||||||||||||
Stock-based compensation expense, net | 3,444 | 3,444 | |||||||||||||||||||||
Ending balance at Mar. 31, 2021 | 4,127,780 | 353,512 | 1,752 | 1,706,786 | 2,520,144 | (4,193) | (450,222) | ||||||||||||||||
Cash dividends | |||||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | 0.3828125 | 0.3359375 | 0.3671875 | $ 0.3515625 | |||||||||||||||||||
Beginning balance at Dec. 31, 2020 | 4,090,933 | 353,512 | 1,752 | 1,720,329 | 2,458,920 | 12,618 | (456,198) | ||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Net income | 274,117 | 274,117 | |||||||||||||||||||||
Other comprehensive income (loss) | (23,431) | (23,431) | |||||||||||||||||||||
Comprehensive income | 250,685 | ||||||||||||||||||||||
Cash dividends | |||||||||||||||||||||||
Proceeds from issuance of preferred shares | 0 | ||||||||||||||||||||||
Ending balance at Sep. 30, 2021 | 3,994,961 | 193,195 | 1,752 | 1,711,867 | 2,628,421 | (10,813) | (529,461) | ||||||||||||||||
Beginning balance at Mar. 31, 2021 | 4,127,780 | 353,512 | 1,752 | 1,706,786 | 2,520,144 | (4,193) | (450,222) | ||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Net income | 91,007 | 91,007 | |||||||||||||||||||||
Other comprehensive income (loss) | 7,082 | 7,082 | |||||||||||||||||||||
Comprehensive income | 98,088 | ||||||||||||||||||||||
Common stock issued | |||||||||||||||||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 7,618 | (3,632) | 11,250 | ||||||||||||||||||||
Purchase of treasury stock, | (856) | (29,972) | (856) | 29,972 | |||||||||||||||||||
Cash dividends | |||||||||||||||||||||||
Common stock ($0.17 per share in 2019 and $0.18 per share in 2020) | (27,822) | (27,822) | |||||||||||||||||||||
Preferred stock(a) | (4,875) | (4,875) | |||||||||||||||||||||
Stock-based compensation expense, net | 5,092 | 5,092 | |||||||||||||||||||||
Ending balance at Jun. 30, 2021 | 4,110,052 | 290,200 | 1,752 | 1,708,246 | 2,576,766 | 2,889 | (469,801) | ||||||||||||||||
Cash dividends | |||||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.3197115 | 0.3359375 | 0.3671875 | 0.3515625 | |||||||||||||||||||
Preferred Stock, Redemption Amount | (65,000) | (63,313) | (1,687) | ||||||||||||||||||||
Net income | 88,809 | 88,809 | |||||||||||||||||||||
Other comprehensive income (loss) | (13,702) | (13,702) | |||||||||||||||||||||
Comprehensive income | 75,107 | ||||||||||||||||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 455 | 6 | 449 | ||||||||||||||||||||
Purchase of treasury stock, | $ (112) | $ (59,998) | $ (112) | $ 59,998 | |||||||||||||||||||
Common stock ($0.17 per share in 2019 and $0.18 per share in 2020) | (30,546) | (30,546) | |||||||||||||||||||||
Preferred stock(a) | (4,155) | (4,155) | |||||||||||||||||||||
Stock-based compensation expense, net | 3,616 | 3,616 | |||||||||||||||||||||
Ending balance at Sep. 30, 2021 | 3,994,961 | 193,195 | $ 1,752 | $ 1,711,867 | 2,628,421 | $ (10,813) | $ (529,461) | ||||||||||||||||
Cash dividends | |||||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.2842548 | $ 0.3671875 | $ 0.3515625 | ||||||||||||||||||||
Preferred Stock, Redemption Amount | $ (99,458) | $ (97,004) | $ (2,454) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Cash Flow From Operating Activities | |||||||
Net income | $ 88,809 | $ 94,301 | $ 45,214 | $ 45,838 | $ 274,117 | $ 239,769 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | |||||||
Provision for credit losses | (24,010) | 43,009 | (82,018) | 157,009 | |||
Depreciation and amortization | 36,109 | 38,707 | |||||
Addition to (recovery of) valuation allowance on mortgage servicing rights, net | (12,231) | 18,481 | |||||
Amortization of mortgage servicing rights | 15,624 | 16,416 | |||||
Amortization of other intangible assets | 2,203 | 2,253 | 6,642 | 7,939 | |||
Amortization and accretion on earning assets, funding, and other, net | 12,184 | 21,748 | |||||
Net amortization of tax credit investments | 25,196 | 18,988 | |||||
Losses (gains) on sales of investment securities, net | 16 | (9,222) | |||||
Asset (gains) losses, net | (10,024) | (156,945) | |||||
(Gains) losses on sale of branch, net | (1,038) | 0 | |||||
(Gain) loss on mortgage banking activities, net | (32,304) | (43,889) | |||||
Mortgage loans originated and acquired for sale | (1,345,158) | (1,319,034) | |||||
Proceeds from sales of mortgage loans held for sale | 1,348,006 | 1,620,777 | |||||
Changes in certain assets and liabilities | |||||||
(Increase) decrease in interest receivable | 11,252 | (415) | |||||
Increase (decrease) in interest payable | (13,287) | (12,735) | |||||
Increase (decrease) in expense payable | 24,509 | (32,892) | |||||
(Increase) decrease in net derivative position | 82,122 | (133,165) | |||||
(Increase) decrease in net income tax position | (19,940) | (58,002) | |||||
Net change in other assets and other liabilities | 44,366 | 49,525 | |||||
Net cash provided by (used in) operating activities | 364,141 | 423,060 | |||||
Cash Flow From Investing Activities | |||||||
Net decrease (increase) in loans | 804,497 | (2,170,320) | |||||
Purchases of | |||||||
AFS securities | (1,985,700) | (1,368,124) | |||||
HTM securities | (250,259) | (109,824) | |||||
Federal Home Loan Bank and Federal Reserve Bank stocks and equity securities | (9) | (84,152) | |||||
Premises, equipment, and software, net of disposals | (34,337) | (34,440) | |||||
Other intangibles | 0 | (200) | |||||
Proceeds from | |||||||
Sales of securities | 158,743 | 626,283 | |||||
Sale of Federal Home Loan Bank and Federal Reserve Bank stocks | 0 | 144,000 | |||||
Prepayments, calls, and maturities of AFS investment securities | 927,053 | 893,157 | |||||
Prepayments, calls, and maturities of HTM investment securities | 243,063 | 323,175 | |||||
Sales, prepayments, calls, and maturities of other assets | 18,149 | 18,457 | |||||
Net change in tax credit and alternative investments | (45,655) | (35,630) | |||||
Net cash (paid) received in acquisition | 0 | 31,518 | |||||
Net cash provided by (used in) investing activities | (162,040) | (1,572,625) | |||||
Cash Flow From Financing Activities | |||||||
Net increase (decrease) in deposits | 1,400,162 | 2,495,229 | |||||
Net decrease in deposits due to branch sales | (31,083) | 0 | |||||
Net increase (decrease) in short-term funding | 70,179 | (284,655) | |||||
Net increase (decrease) in short-term FHLB advances | 0 | (520,000) | |||||
Repayment of long-term FHLB advances | (18,276) | (966,777) | |||||
Proceeds from long-term FHLB advances | 6,576 | 4,000 | |||||
Proceeds from PPPLF | 0 | 1,022,217 | |||||
(Repayment) proceeds of finance lease principal | (1,056) | (1,044) | |||||
Repayments of Senior Debt | (300,000) | 0 | |||||
Proceeds from issuance of preferred shares | (208) | 0 | 96,921 | ||||
Proceeds from issuance of common stock for stock-based compensation plans | 18,629 | 3,165 | |||||
Redemption of preferred shares | (164,458) | 0 | |||||
Cash dividends on common stock | (86,238) | (84,156) | |||||
Cash dividends on preferred stock | (14,236) | (13,152) | |||||
Net cash provided by (used in) financing activities | 767,695 | 1,674,484 | |||||
Net increase (decrease) in cash and cash equivalents | 969,796 | 524,918 | |||||
Cash and cash equivalents at beginning of period | 716,048 | 588,744 | 716,048 | 588,744 | $ 588,744 | ||
Cash and cash equivalents at end of period(a) | 1,685,843 | 1,113,663 | 1,685,843 | 1,113,663 | 716,048 | ||
Supplemental disclosures of cash flow information | |||||||
Cash paid for interest | 69,470 | 137,423 | |||||
Cash paid for (received from) income and franchise taxes | 56,262 | 17,682 | |||||
Loans and bank premises transferred to OREO | 33,794 | 12,599 | |||||
Capitalized mortgage servicing rights | 11,761 | 11,495 | |||||
Loans transferred into held for sale from portfolio, net | 10,071 | 260,856 | |||||
Unsettled trades to purchase securities | 9,855 | 1,000 | |||||
Acquisition | |||||||
Fair value of assets acquired, including cash and cash equivalents | 0 | 457,878 | 0 | 457,878 | |||
Fair value ascribed to goodwill and intangible assets | 0 | 22,150 | 0 | 22,150 | |||
Fair value of liabilities assumed | 0 | 480,028 | 0 | 480,028 | |||
Restricted Cash and Cash Equivalents | |||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total | 1,685,843 | 1,113,663 | 1,685,843 | 1,113,663 | $ 716,048 | ||
Retained Earnings | |||||||
Cash Flow From Operating Activities | |||||||
Net income | $ 88,809 | $ 94,301 | $ 45,214 | $ 45,838 | 274,117 | 239,769 | |
ABRC | |||||||
Proceeds from | |||||||
Sales, prepayments, calls, and maturities of other assets | 256,511 | ||||||
Whitnell | |||||||
Proceeds from | |||||||
Sales, prepayments, calls, and maturities of other assets | 2,415 | ||||||
Performance/Service Based RSAs, RSA, | |||||||
Cash Flow From Financing Activities | |||||||
Payments for Repurchase of Common Stock | (4,562) | (6,010) | |||||
Board Authorized Purchase Program [Member] | |||||||
Cash Flow From Financing Activities | |||||||
Payments for Repurchase of Common Stock | $ (107,943) | $ (71,255) |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
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 | Dec. 11, 2020 |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | Acquisitions and Dispositions Acquisitions: The Corporation has not had any acquisitions during the first nine months of 2021. 2020 First Staunton Acquisition On February 14, 2020, the Corporation completed its acquisition of First Staunton. The purchase price was based on an assumed 4% deposit premium at announcement. The conversion of the branches was completed simultaneously with the close of the transaction, expanding the Bank's presence into nine new Metro-East St. Louis communities. As a result of the acquisition and other consolidations, a net of seven branch locations were added. The Corporation recorded $15 million in goodwill related to the First Staunton acquisition. Goodwill created by the acquisition is not tax deductible. The following table presents the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date related to the First Staunton acquisition: ($ in Thousands) Purchase Accounting Adjustments February 14, 2020 Assets Cash and cash equivalents $ — $ 44,782 Investment securities AFS (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 14,812 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 2,795 7,692 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 (PCD). 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 The Corporation acquired no PCD securities in connection with the acquisition. 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 are being 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 is 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: 2021 On March 1, 2021, the Corporation closed on the sale of its wealth management subsidiary, Whitnell, to Rockefeller for a purchase price of $8 million. Associated reported a first quarter 2021 pre-tax gain of $2 million, included in asset gains (losses), net on the consolidated statements of income, in conjunction with the sale. On February 26, 2021, the Bank completed the sale of one branch located in Monroe, Wisconsin to Summit Credit Union. Under the terms of the transaction, Associated Bank sold $31 million in total deposits and no loans. Associated Bank received an approximately 4% purchase premium on deposits transferred. 2020 On June 30, 2020, the Corporation completed the sale of ABRC to USI for $266 million in cash. Associated recorded a second quarter 2020 pre-tax book gain of $163 million in conjunction with the sale. On December 11, 2020, the Bank completed the sale of five branches in Peoria, Illinois to Morton Community Bank. Under the terms of the transaction, the Bank sold $180 million in total deposits and no loans. Associated Bank received a 4% purchase premium on deposits transferred. With the sale of these branches, the Bank exited the Peoria market. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Summary of Significant Accounting Policies | Note 3 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 2020 Annual Report on Form 10-K. There have been no changes to the Corporation's significant accounting policies since December 31, 2020. New Accounting Pronouncements Adopted Standard Description Date of adoption Effect on financial statements ASU 2019-12 The FASB issued this amendment to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendment also improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendments in this Update were effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the amendment was permitted. 1st Quarter 2021 Adoption of this amendment did not have a material impact on the Corporation's results of operation, financial position or liquidity. ASU 2020-08 Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs The FASB issued this amendment to clarify that an entity should reevaluate whether a callable debt security is within the scope of paragraph 310-20-35-33 for each reporting period. The amendments in this Update were effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the amendments was not permitted. 1st Quarter 2021 Adoption of this amendment did not have a material impact on the Corporation's results of operation, financial position or liquidity. Future Accounting Pronouncements There are no applicable material accounting pronouncements recently issued that have not yet been adopted by the Corporation. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2021 | |
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 Sep 30, Nine Months Ended Sep 30, (In Thousands, except per share data) 2021 2020 2021 2020 Net income $ 88,809 $ 45,214 $ 274,117 $ 239,769 Preferred stock dividends (4,155) (5,207) (14,236) (13,152) Net income available to common equity $ 84,655 $ 40,007 $ 259,880 $ 226,618 Common shareholder dividends (30,323) (27,676) (85,604) (83,607) Unvested share-based payment awards (222) (199) (634) (549) Undistributed earnings $ 54,109 $ 12,133 $ 173,642 $ 142,462 Undistributed earnings allocated to common shareholders $ 53,716 $ 12,045 $ 172,436 $ 141,426 Undistributed earnings allocated to unvested share-based payment awards 393 87 1,206 1,036 Undistributed earnings $ 54,109 $ 12,133 $ 173,642 $ 142,462 Basic Distributed earnings to common shareholders $ 30,323 $ 27,676 $ 85,604 $ 83,607 Undistributed earnings allocated to common shareholders 53,716 12,045 172,436 141,426 Total common shareholders earnings, basic $ 84,039 $ 39,721 $ 258,040 $ 225,032 Diluted Distributed earnings to common shareholders $ 30,323 $ 27,676 $ 85,604 $ 83,607 Undistributed earnings allocated to common shareholders 53,716 12,045 172,436 141,426 Total common shareholders earnings, diluted $ 84,039 $ 39,721 $ 258,040 $ 225,032 Weighted average common shares outstanding 150,046 152,440 151,473 153,175 Effect of dilutive common stock awards 1,096 754 1,228 739 Diluted weighted average common shares outstanding 151,143 153,194 152,701 153,914 Basic earnings per common share $ 0.56 $ 0.26 $ 1.70 $ 1.47 Diluted earnings per common share $ 0.56 $ 0.26 $ 1.69 $ 1.46 Non-dilutive common stock options of approximately 3 million and 8 million for the three months ended September 30, 2021 and 2020, respectively, and 3 million and 7 million for the nine months ended September 30, 2021 and 2020, respectively, were excluded from the earnings per common share calculation. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The fair values of stock options and restricted stock awards (including restricted stock units) are amortized as compensation expense on a straight-line basis over the vesting period of the grants. For colleagues who meet the definition of retirement eligible under the 2017 Incentive Compensation Plan and the 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 Corporation did not grant stock options in the first nine months of 2021. The following assumptions were used in estimating the fair value for options granted for the full year 2020: 2020 Dividend yield 3.50 % Risk-free interest rate 1.60 % Weighted average expected volatility 21.00 % Weighted average expected life 5.75 years Weighted average per share fair value of options $2.39 A summary of the Corporation’s stock option activity for the nine months ended September 30, 2021 is presented below: Stock Options Shares (a) Weighted Average Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (a) Outstanding at December 31, 2020 6,473 $ 19.77 6.23 years $ 2,005 Exercised 1,116 16.36 Forfeited or expired 97 22.61 Outstanding at September 30, 2021 5,260 $ 20.44 6.01 years $ 11,044 Options Exercisable at September 30, 2021 3,694 $ 20.58 5.19 years $ 8,062 (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 nine months ended September 30, 2021, the intrinsic value of stock options exercised was $6 million compared to less than $1 million for the nine months ended September 30, 2020. For the nine months ended September 30, 2021, the total fair value of stock options vested was $3 million compared to $4 million for the nine months ended September 30, 2020. The Corporation recognized compensation expense for the vesting of stock options of $1 million for the nine months ended September 30, 2021, compared to $3 million for the nine months ended September 30, 2020. Included in compensation expense for 2021 was approximately $65,000 for the accelerated vesting of stock options granted to retirement eligible colleagues. At September 30, 2021, the Corporation had $2 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 nine months ended September 30, 2021: Restricted Stock Awards Shares (a) Weighted Average Outstanding at December 31, 2020 2,293 $ 20.70 Granted 1,212 20.00 Vested 797 21.23 Forfeited 52 22.39 Outstanding at September 30, 2021 2,656 $ 19.86 (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 2020 and 2021 will cliff-vest after the three |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Investment securities are classified as AFS, HTM, or equity on the consolidated balance sheets at the time of purchase. The amortized cost and fair values of securities AFS and HTM at September 30, 2021 were as follows: ($ in Thousands) Amortized Gross Gross Fair Value Investment securities AFS U. S. Treasury securities $ 124,253 $ 46 $ (319) $ 123,981 Agency securities 15,000 — (2) 14,998 Obligations of state and political subdivisions (municipal securities) 394,310 19,709 — 414,020 Residential mortgage-related securities FNMA / FHLMC 2,377,335 9,216 (9,144) 2,377,408 GNMA 77,199 2,497 — 79,696 Private-label 76,033 — — 76,033 Commercial mortgage-related securities FNMA / FHLMC 357,837 2,230 (6,892) 353,175 GNMA 227,622 3,474 — 231,096 Asset backed securities FFELP 212,378 890 (471) 212,797 SBA 7,182 44 (48) 7,179 Other debt securities 3,000 — (1) 2,999 Total investment securities AFS $ 3,872,150 $ 38,106 $ (16,877) $ 3,893,379 Investment securities HTM U. S. Treasury securities $ 1,000 $ 7 $ — $ 1,007 Obligations of state and political subdivisions (municipal securities) 1,541,443 106,181 (3,996) 1,643,628 Residential mortgage-related securities FNMA / FHLMC 37,318 2,129 — 39,447 GNMA 54,900 2,328 — 57,228 Commercial mortgage-related securities FNMA/FHLMC 170,739 248 (4,002) 166,985 GNMA 124,383 3,202 (22) 127,562 Total investment securities HTM $ 1,929,783 $ 114,095 $ (8,019) $ 2,035,858 The amortized cost and fair values of securities AFS and HTM at December 31, 2020 were as follows: ($ in Thousands) Amortized Gross Gross Fair Value Investment securities AFS U. S. Treasury securities $ 26,436 $ 95 $ — $ 26,531 Agency securities 24,985 53 — 25,038 Obligations of state and political subdivisions (municipal securities) 425,057 25,605 — 450,662 Residential mortgage-related securities FNMA / FHLMC 1,448,806 12,935 (500) 1,461,241 GNMA 231,364 4,176 (3) 235,537 Commercial mortgage-related securities FNMA / FHLMC 19,654 3,250 — 22,904 GNMA 511,429 13,327 — 524,756 Asset backed securities FFELP 329,030 1,172 (3,013) 327,189 SBA 8,637 — (53) 8,584 Other debt securities 3,000 — — 3,000 Total investment securities AFS $ 3,028,399 $ 60,612 $ (3,570) $ 3,085,441 Investment securities HTM U. S. Treasury securities $ 999 $ 25 $ — $ 1,024 Obligations of state and political subdivisions (municipal securities) 1,441,900 133,544 — 1,575,445 Residential mortgage-related securities FNMA / FHLMC 54,599 2,891 — 57,490 GNMA 114,553 4,260 — 118,813 Commercial mortgage-related securities FNMA / FHLMC 11,211 — — 11,211 GNMA 255,742 9,218 — 264,960 Total investment securities HTM $ 1,879,005 $ 149,938 $ — $ 2,028,943 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 AFS and HTM at September 30, 2021, are shown below: AFS HTM ($ in Thousands) Amortized Fair Amortized Fair Due in one year or less $ 7,987 $ 7,996 $ 27,797 $ 27,982 Due after one year through five years 75,545 75,970 39,029 40,265 Due after five years through ten years 415,467 430,634 181,911 189,290 Due after ten years 37,565 41,396 1,293,705 1,387,099 Total debt securities 536,564 555,997 1,542,442 1,644,635 Residential mortgage-related securities FNMA / FHLMC 2,377,335 2,377,408 37,318 39,447 GNMA 77,199 79,696 54,900 57,228 Private-label 76,033 76,033 — — Commercial mortgage-related securities FNMA / FHLMC 357,837 353,175 170,739 166,985 GNMA 227,622 231,096 124,383 127,562 Asset backed securities FFELP 212,378 212,797 — — SBA 7,182 7,179 — — Total investment securities $ 3,872,150 $ 3,893,379 $ 1,929,783 $ 2,035,858 Ratio of fair value to amortized cost 100.5 % 105.5 % On a quarterly basis, the Corporation refreshes the credit quality of each HTM security. The following table summarizes the credit quality indicators of HTM securities at amortized cost at September 30, 2021: ($ in Thousands) AAA AA A Not Rated Total U. S. Treasury securities $ 1,000 $ — $ — $ — $ 1,000 Obligations of state and political subdivisions (municipal securities) 683,098 847,641 10,511 194 1,541,443 Residential mortgage-related securities FNMA / FHLMC 37,318 — — — 37,318 GNMA 54,900 — — — 54,900 Commercial mortgage-related securities FNMA / FHLMC 170,739 — — — 170,739 GNMA 124,383 — — — 124,383 Total HTM securities $ 1,071,438 $ 847,641 $ 10,511 $ 194 $ 1,929,783 The following table summarizes the credit quality indicators of HTM securities at amortized cost at December 31, 2020: ($ in Thousands) AAA AA A Total U. S. Treasury securities $ 999 $ — $ — $ 999 Obligations of state and political subdivisions (municipal securities) 567,252 860,607 14,041 1,441,900 Residential mortgage-related securities FNMA / FHLMC 54,599 — — 54,599 GNMA 114,553 — — 114,553 Commercial mortgage-related securities FNMA / FHLMC 11,211 — — 11,211 GNMA 255,742 — — 255,742 Total HTM securities $ 1,004,357 $ 860,607 $ 14,041 $ 1,879,005 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 nine months ended September 30, 2021 and 2020, are shown below: Three Months Ended Sep 30, Nine Months Ended Sep 30, ($ in Thousands) 2021 2020 2021 2020 Gross gains on AFS securities $ — $ 7 $ 421 $ 9,312 Gross (losses) on AFS securities — — (437) (90) Investment securities gains (losses), net $ — $ 7 $ (16) $ 9,222 Proceeds from sales of investment securities $ — $ 8 $ 158,708 $ 626,283 During the second quarter of 2021, the Corporation sold $107 million of lower yielding FFELP student loan asset backed securities at a slight gain and reinvested the proceeds into higher yielding mortgage backed securities. During the first quarter of 2021, the Corporation sold $51 million of lower yielding U.S. Treasury and Agency securities at a slight loss to take advantage of the steeper yield curve by reinvesting the proceeds into similar but higher yielding, longer duration securities. 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. Investment securities with a carrying value of $2.2 billion and $1.6 billion at September 30, 2021 and December 31, 2020, respectively, were pledged to secure certain deposits or for other purposes as required or permitted by law. Accrued interest receivable on HTM securities totaled $12 million and $14 million at September 30, 2021 and December 31, 2020, respectively. Accrued interest receivable on AFS securities totaled $9 million and $8 million at September 30, 2021 and December 31, 2020, respectively. Accrued interest receivable on both HTM and AFS securities is included in interest receivable on the consolidated balance sheets. There was no interest income reversed for investments going into nonaccrual at both September 30, 2021 and 2020. A security is considered past due once it is 30 days past due under the terms of the agreement. At both September 30, 2021 and December 31, 2020, the Corporation had no past due HTM securities. The allowance for credit losses on HTM securities was approximately $49,000 at September 30, 2021 and approximately $67,000 at December 31, 2020, attributable entirely to the Corporation's municipal securities, included in investment securities HTM, net, at amortized cost on the consolidated balance sheets. The Corporation also holds U.S. Treasury, municipal and mortgage-related securities issued by the U.S. government or a GSE which are backed by the full faith and credit of the U.S. government and, as a result, no allowance for credit losses has been recorded related to these securities. The following represents gross unrealized losses and the related fair value of investment securities AFS and HTM, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at September 30, 2021: Less than 12 months 12 months or more Total ($ in Thousands) Number Unrealized Fair Number Unrealized Fair Unrealized Fair Investment securities AFS U.S. Treasury securities 4 $ (319) $ 84,071 — — $ — $ (319) $ 84,071 Agency securities 1 (2) 14,998 — — — (2) 14,998 Residential mortgage-related securities FNMA / FHLMC 33 (9,144) 1,170,981 — — — (9,144) 1,170,981 GNMA 1 — 69 — — — — 69 FNMA / FHLMC commercial mortgage-related securities 19 (6,892) 331,504 — — — (6,892) 331,504 Asset backed securities FFELP 1 (124) 34,876 8 (347) 65,002 (471) 99,878 SBA — — — 9 (48) 4,229 (48) 4,229 Other debt securities 1 (1) 999 — — — (1) 999 Total 60 $ (16,482) $ 1,637,498 17 $ (395) $ 69,231 $ (16,877) $ 1,706,729 Investment securities HTM Obligations of state and political subdivisions (municipal securities) 62 $ (3,996) $ 151,216 — $ — $ — $ (3,996) $ 151,216 Commercial mortgage-related securities FNMA / FHLMC 11 (4,002) 146,248 — — — (4,002) 146,248 GNMA 1 (22) 15,631 — — — (22) 15,631 Total 74 $ (8,019) $ 313,096 — $ — $ — $ (8,019) $ 313,096 For comparative purposes, the following represents gross unrealized losses and the related fair value of investment securities AFS and HTM, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2020: Less than 12 months 12 months or more Total ($ in Thousands) Number Unrealized Fair Number Unrealized Fair Unrealized Fair Investment securities AFS Residential mortgage-related securities FNMA / FHLMC 7 $ (500) $ 163,002 — $ — $ — $ (500) $ 163,002 GNMA 2 (3) 9,784 — — — (3) 9,784 GNMA commercial mortgage-related securities 1 — 287 — — — — 287 Asset backed securities FFELP 1 (129) 9,267 16 (2,885) 178,681 (3,013) 187,948 SBA 14 (53) 8,379 — — — (53) 8,379 Other debt securities 2 — 2,000 — — — — 2,000 Total 27 $ (685) $ 192,720 16 $ (2,885) $ 178,681 $ (3,570) $ 371,400 Investment securities HTM GNMA residential mortgage-related securities 1 $ — $ 325 — $ — $ — $ — $ 325 Total 1 $ — $ 325 — $ — $ — $ — $ 325 The Corporation reviews the AFS 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 this 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 unrealized losses at September 30, 2021 represent credit deterioration as these unrealized losses are primarily attributable to changes in interest rates and the current market conditions. The U.S. Treasury 3 year and 5 year rates increased by 36 bp and 62 bp, respectively, from December 31, 2020. 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. The Corporation had FHLB stock of $82 million at both September 30, 2021 and December 31, 2020. The Corporation had Federal Reserve Bank stock of $87 million at both September 30, 2021 and December 31, 2020. Accrued interest receivable on FHLB stock totaled approximately $974,000 and $972,000 at September 30, 2021 and December 31, 2020, respectively. There was $327,000 accrued interest receivable on Federal Reserve Bank stock at September 30, 2021 and none at December 31, 2020. 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 and a money market mutual fund. At September 30, 2021 and December 31, 2020, the Corporation had equity securities with readily determinable fair values of $4 million and $2 million, respectively. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Loans | Loans The period end loan composition was as follows: ($ in Thousands) Sep 30, 2021 Dec 31, 2020 PPP $ 182,121 $ 767,757 Commercial and industrial 7,927,459 7,701,422 Commercial real estate — owner occupied 879,554 900,912 Commercial and business lending 8,989,133 9,370,091 Commercial real estate — investor 4,296,489 4,342,584 Real estate construction 1,834,871 1,840,417 Commercial real estate lending 6,131,360 6,183,001 Total commercial 15,120,493 15,553,091 Residential mortgage 7,590,895 7,878,324 Home equity 608,566 707,255 Other consumer 294,979 301,876 Auto 6,739 11,177 Total consumer 8,501,180 8,898,632 Total loans $ 23,621,673 $ 24,451,724 Accrued interest receivable on loans totaled $57 million at September 30, 2021, and $66 million at December 31, 2020, 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 approximately $91,000 and $329,000 for the three and nine months ended September 30, 2021, respectively, and $1 million and $2 million for the three and nine months ended September 30, 2020, respectively. The following table presents commercial and consumer loans by credit quality indicator by vintage year at September 30, 2021: Term Loans Amortized Cost Basis by Origination Year (a) ($ in Thousands) Rev Loans Converted to Term (a) Rev Loans Amortized Cost Basis YTD 2021 2020 2019 2018 2017 Prior Total PPP: (b) Risk rating: Pass $ — $ — $ 147,568 $ 29,900 $ — $ — $ — $ — $ 177,467 Special Mention — — 212 281 — — — — 493 Potential Problem — — 4,160 — — — — — 4,160 PPP $ — $ — $ 151,940 $ 30,180 $ — $ — $ — $ — $ 182,121 Commercial and industrial: Risk rating: Pass $ 2,085 $ 2,278,181 $ 1,664,130 $ 1,046,760 $ 1,092,662 $ 802,214 $ 249,129 $ 621,500 $ 7,754,575 Special Mention — 1,396 5,900 193 28,918 — — 2,990 39,397 Potential Problem 2,825 27,948 1,933 5,555 46,997 21,286 20,111 1,160 124,990 Nonaccrual — — 17 166 108 7,248 — 959 8,497 Commercial and industrial $ 4,910 $ 2,307,525 $ 1,671,979 $ 1,052,674 $ 1,168,685 $ 830,748 $ 269,240 $ 626,609 $ 7,927,459 Commercial real estate - owner occupied: Risk rating: Pass $ 11,667 $ 22,430 $ 143,911 $ 173,396 $ 193,463 $ 114,618 $ 61,713 $ 133,641 $ 843,173 Special Mention — 211 — 3,303 11,368 — — 250 15,132 Potential Problem — 487 6,182 5,969 686 748 2,640 4,529 21,241 Nonaccrual — — — — — — — 7 7 Commercial real estate - owner occupied $ 11,667 $ 23,127 $ 150,094 $ 182,668 $ 205,518 $ 115,366 $ 64,353 $ 138,427 $ 879,554 Commercial and business lending: Risk rating: Pass $ 13,752 $ 2,300,611 $ 1,955,609 $ 1,250,056 $ 1,286,125 $ 916,832 $ 310,842 $ 755,141 $ 8,775,216 Special Mention — 1,606 6,112 3,777 40,287 — — 3,240 55,022 Potential Problem 2,825 28,435 12,275 11,524 47,683 22,034 22,751 5,688 150,391 Nonaccrual — — 17 166 108 7,248 — 966 8,504 Commercial and business lending $ 16,577 $ 2,330,652 $ 1,974,013 $ 1,265,523 $ 1,374,203 $ 946,114 $ 333,593 $ 765,036 $ 8,989,133 Commercial real estate - investor: Risk rating: Pass $ 38,041 $ 85,353 $ 878,373 $ 957,478 $ 1,034,119 $ 474,770 $ 178,270 $ 335,168 $ 3,943,532 Special Mention — — 57,100 67,285 74,040 5,973 1,259 6,836 212,491 Potential Problem — — 5,474 25,720 4,074 24,259 4,730 14,705 78,962 Nonaccrual — — 23,973 8,412 9,690 19,222 — 207 61,504 Commercial real estate - investor $ 38,041 $ 85,353 $ 964,920 $ 1,058,894 $ 1,121,923 $ 524,225 $ 184,259 $ 356,916 $ 4,296,489 Real estate construction: Risk rating: Pass $ — $ 26,560 $ 581,257 $ 731,505 $ 328,020 $ 93,893 $ 21,154 $ 13,227 $ 1,795,616 Special Mention — — — — 3,894 15,885 41 — 19,820 Potential Problem — — 8 124 18,968 — — 87 19,187 Nonaccrual — — — 5 — — — 242 247 Real estate construction $ — $ 26,560 $ 581,265 $ 731,634 $ 350,881 $ 109,778 $ 21,195 $ 13,556 $ 1,834,871 Commercial real estate lending: Risk rating: Pass $ 38,041 $ 111,913 $ 1,459,630 $ 1,688,983 $ 1,362,139 $ 568,663 $ 199,424 $ 348,395 $ 5,739,148 Special Mention — — 57,100 67,285 77,934 21,858 1,300 6,836 232,312 Potential Problem — — 5,483 25,844 23,041 24,259 4,730 14,792 98,150 Nonaccrual — — 23,973 8,417 9,690 19,222 — 448 61,751 Commercial real estate lending $ 38,041 $ 111,913 $ 1,546,185 $ 1,790,529 $ 1,472,804 $ 634,002 $ 205,454 $ 370,472 $ 6,131,360 Term Loans Amortized Cost Basis by Origination Year (a) ($ in Thousands) Rev Loans Converted to Term (a) Rev Loans Amortized Cost Basis YTD 2021 2020 2019 2018 2017 Prior Total Total commercial: Risk rating: Pass $ 51,793 $ 2,412,524 $ 3,415,239 $ 2,939,040 $ 2,648,264 $ 1,485,495 $ 510,266 $ 1,103,537 $ 14,514,363 Special Mention — 1,606 63,212 71,061 118,220 21,858 1,300 10,076 287,333 Potential Problem 2,825 28,435 17,758 37,367 70,725 46,294 27,481 20,481 248,541 Nonaccrual — — 23,989 8,584 9,798 26,470 — 1,415 70,256 Total commercial $ 54,618 $ 2,442,565 $ 3,520,198 $ 3,056,052 $ 2,847,007 $ 1,580,116 $ 539,047 $ 1,135,508 $ 15,120,493 Residential mortgage: Risk rating: Pass $ — $ — $ 1,404,558 $ 2,040,914 $ 1,048,656 $ 460,120 $ 722,589 $ 1,854,629 $ 7,531,466 Special Mention — — — — — — — 377 377 Potential Problem — — 538 340 409 326 82 679 2,374 Nonaccrual — — 1,721 2,032 4,483 4,979 7,304 36,160 56,678 Residential mortgage $ — $ — $ 1,406,816 $ 2,043,286 $ 1,053,548 $ 465,425 $ 729,974 $ 1,891,844 $ 7,590,895 Home equity: Risk rating: Pass $ 4,992 $ 504,747 $ 773 $ 1,617 $ 8,850 $ 9,952 $ 8,538 $ 65,577 $ 600,053 Special Mention 74 17 — — 1 110 — 375 503 Potential Problem 10 — 10 — — 15 — 146 171 Nonaccrual 582 4 56 25 227 288 303 6,936 7,838 Home equity $ 5,658 $ 504,767 $ 839 $ 1,643 $ 9,078 $ 10,364 $ 8,841 $ 73,034 $ 608,566 Other consumer: Risk rating: Pass $ 402 $ 168,534 $ 7,455 $ 6,730 $ 6,232 $ 1,940 $ 815 $ 109,253 $ 300,959 Special Mention 64 387 — — 13 66 — 4 470 Nonaccrual 4 164 — 12 56 20 20 18 290 Other consumer $ 471 $ 169,084 $ 7,455 $ 6,743 $ 6,300 $ 2,026 $ 835 $ 109,275 $ 301,718 Total consumer: Risk rating: Pass $ 5,394 $ 673,281 $ 1,412,786 $ 2,049,262 $ 1,063,738 $ 472,012 $ 731,942 $ 2,029,458 $ 8,432,478 Special Mention 138 403 — — 14 176 — 756 1,350 Potential Problem 10 — 548 340 409 341 82 825 2,546 Nonaccrual 586 167 1,776 2,070 4,765 5,287 7,627 43,114 64,806 Total consumer $ 6,128 $ 673,852 $ 1,415,110 $ 2,051,672 $ 1,068,927 $ 477,816 $ 739,650 $ 2,074,153 $ 8,501,180 Total loans: Risk rating: Pass (c) $ 57,187 $ 3,085,805 $ 4,828,025 $ 4,988,301 $ 3,712,002 $ 1,957,507 $ 1,242,208 $ 3,132,995 $ 22,946,842 Special Mention 138 2,010 63,212 71,061 118,234 22,034 1,300 10,832 288,683 Potential Problem 2,836 28,435 18,306 37,707 71,134 46,635 27,563 21,305 251,087 Nonaccrual 586 167 25,766 10,653 14,563 31,756 7,627 44,529 135,062 Total loans $ 60,747 $ 3,116,417 $ 4,935,308 $ 5,107,723 $ 3,915,934 $ 2,057,932 $ 1,278,698 $ 3,209,661 $ 23,621,673 (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) Accruing TDRs are included in pass unless otherwise rated as special mention. The following table presents commercial and consumer loans by credit quality indicator by vintage year at December 31, 2020: Term Loans Amortized Cost Basis by Origination Year (a) ($ in Thousands) Rev Loans Converted to Term (a) Rev Loans Amortized Cost Basis 2020 2019 2018 2017 2016 Prior Total PPP: (b) Risk rating: Pass $ — $ — $ 745,767 $ — $ — $ — $ — $ — $ 745,767 Special Mention — — 3,988 — — — — — 3,988 Potential Problem — — 18,002 — — — — — 18,002 PPP $ — $ — $ 767,757 $ — $ — $ — $ — $ — $ 767,757 Commercial and industrial: Risk rating: Pass $ 4,628 $ 2,177,138 $ 1,389,260 $ 1,435,519 $ 1,182,302 $ 483,957 $ 305,998 $ 453,734 $ 7,427,908 Special Mention — 10,159 2,719 39,854 37,042 113 215 67 90,169 Potential Problem 2,565 7,237 19,331 28,413 56,580 2,269 6,477 1,179 121,487 Nonaccrual 16,852 — 6,238 5,789 17,014 16,623 8,781 7,414 61,859 Commercial and industrial $ 24,045 $ 2,194,534 $ 1,417,548 $ 1,509,575 $ 1,292,938 $ 502,962 $ 321,471 $ 462,394 $ 7,701,422 Commercial real estate - owner occupied: Risk rating: Pass $ 1,150 $ 18,022 $ 185,861 $ 209,069 $ 128,360 $ 99,546 $ 147,366 $ 79,111 $ 867,335 Special Mention — 113 1,882 3,122 300 658 264 — 6,339 Potential Problem — 3,486 4,104 8,916 — 1,490 4,437 3,747 26,179 Nonaccrual — — — — — 318 — 740 1,058 Commercial real estate - owner occupied $ 1,150 $ 21,621 $ 191,847 $ 221,107 $ 128,660 $ 102,012 $ 152,067 $ 83,598 $ 900,912 Commercial and business lending: Risk rating: Pass $ 5,778 $ 2,195,160 $ 2,320,888 $ 1,644,588 $ 1,310,662 $ 583,503 $ 453,364 $ 532,845 $ 9,041,009 Special Mention — 10,272 8,589 42,976 37,342 771 479 67 100,496 Potential Problem 2,565 10,723 41,437 37,329 56,580 3,759 10,915 4,926 165,668 Nonaccrual 16,852 — 6,238 5,789 17,014 16,941 8,781 8,154 62,917 Commercial and business lending $ 25,195 $ 2,216,154 $ 2,377,152 $ 1,730,682 $ 1,421,598 $ 604,974 $ 473,539 $ 545,992 $ 9,370,091 Commercial real estate - investor: Risk rating: Pass $ 10,971 $ 171,497 $ 1,249,644 $ 976,332 $ 720,237 $ 271,987 $ 341,658 $ 211,360 $ 3,942,714 Special Mention — — 90,235 97,333 12,339 — 21,882 8,465 230,254 Potential Problem — 838 16,343 13,575 30,911 2,279 239 27,209 91,396 Nonaccrual 19,803 — 10,141 53,056 446 14,267 — 309 78,220 Commercial real estate - investor $ 30,774 $ 172,335 $ 1,366,364 $ 1,140,297 $ 763,933 $ 288,533 $ 363,779 $ 247,343 $ 4,342,584 Real estate construction: Risk rating: Pass $ 776 $ 47,880 $ 645,925 $ 738,561 $ 294,910 $ 25,219 $ 2,420 $ 16,768 $ 1,771,682 Special Mention — — 487 494 48,283 42 — 30 49,336 Potential Problem — — 135 — 18,803 — 93 15 19,046 Nonaccrual — — — — — 16 — 338 353 Real estate construction $ 776 $ 47,880 $ 646,547 $ 739,055 $ 361,996 $ 25,277 $ 2,513 $ 17,150 $ 1,840,417 Commercial real estate lending: Risk rating: Pass $ 11,746 $ 219,377 $ 1,895,569 $ 1,714,893 $ 1,015,146 $ 297,205 $ 344,078 $ 228,127 $ 5,714,396 Special Mention — — 90,722 97,827 60,622 42 21,882 8,494 279,590 Potential Problem — 838 16,479 13,575 49,714 2,279 332 27,224 110,442 Nonaccrual 19,803 — 10,141 53,056 446 14,283 — 647 78,573 Commercial real estate lending $ 31,549 $ 220,215 $ 2,012,911 $ 1,879,352 $ 1,125,929 $ 313,810 $ 366,292 $ 264,493 $ 6,183,001 Term Loans Amortized Cost Basis by Origination Year (a) ($ in Thousands) Rev Loans Converted to Term (a) Rev Loans Amortized Cost Basis 2020 2019 2018 2017 2016 Prior Total Total commercial: Risk rating: Pass $ 17,524 $ 2,414,537 $ 4,216,457 $ 3,359,482 $ 2,325,808 $ 880,708 $ 797,441 $ 760,973 $ 14,755,405 Special Mention — 10,272 99,311 140,803 97,964 813 22,361 8,562 380,086 Potential Problem 2,565 11,561 57,916 50,905 106,295 6,038 11,247 32,150 276,111 Nonaccrual 36,655 — 16,379 58,845 17,460 31,224 8,781 8,801 141,490 Total commercial $ 56,745 $ 2,436,370 $ 4,390,063 $ 3,610,033 $ 2,547,526 $ 918,783 $ 839,831 $ 810,485 $ 15,553,091 Residential mortgage: Risk rating: Pass $ — $ — $ 2,185,240 $ 1,490,589 $ 615,118 $ 998,072 $ 911,797 $ 1,612,971 $ 7,813,788 Special Mention — — — 355 330 102 126 537 1,450 Potential Problem — — 1,200 689 652 — 179 1,028 3,749 Nonaccrual — — 1,478 2,271 5,882 7,116 11,003 31,587 59,337 Residential mortgage $ — $ — $ 2,187,918 $ 1,493,903 $ 621,983 $ 1,005,290 $ 923,105 $ 1,646,124 $ 7,878,324 Home equity: Risk rating: Pass $ 10,224 $ 569,389 $ 2,057 $ 12,968 $ 15,792 $ 11,594 $ 5,803 $ 76,165 $ 693,767 Special Mention 596 631 — 39 14 39 4 804 1,532 Potential Problem — 1,922 — — — — — 146 2,068 Nonaccrual 1,600 100 965 134 410 319 711 7,249 9,888 Home equity $ 12,421 $ 572,041 $ 3,022 $ 13,141 $ 16,216 $ 11,952 $ 6,518 $ 84,364 $ 707,255 Other consumer: Risk rating: Pass $ 70 $ 165,114 $ 9,525 $ 10,309 $ 3,987 $ 1,872 $ 1,185 $ 120,425 $ 312,416 Special Mention 5 438 13 16 11 4 7 8 498 Nonaccrual 5 33 9 49 21 10 — 18 140 Other consumer $ 81 $ 165,585 $ 9,547 $ 10,374 $ 4,019 $ 1,886 $ 1,192 $ 120,451 $ 313,054 Total consumer: Risk rating: Pass $ 10,294 $ 734,502 $ 2,196,822 $ 1,513,865 $ 634,897 $ 1,011,539 $ 918,785 $ 1,809,561 $ 8,819,971 Special Mention 602 1,069 13 410 356 145 137 1,349 3,480 Potential Problem — 1,922 1,200 689 652 — 179 1,174 5,817 Nonaccrual 1,605 133 2,452 2,454 6,313 7,445 11,714 38,854 69,364 Total consumer $ 12,501 $ 737,626 $ 2,200,487 $ 1,517,417 $ 642,218 $ 1,019,128 $ 930,816 $ 1,850,939 $ 8,898,632 Total loans: Risk rating: Pass (c) $ 27,819 $ 3,149,039 $ 6,413,278 $ 4,873,347 $ 2,960,705 $ 1,892,247 $ 1,716,226 $ 2,570,534 $ 23,575,376 Special Mention 602 11,341 99,324 141,213 98,320 958 22,498 9,911 383,566 Potential Problem 2,565 13,483 59,116 51,593 106,947 6,038 11,426 33,324 281,928 Nonaccrual 38,260 133 18,831 61,298 23,773 38,669 20,496 47,655 210,854 Total loans $ 69,246 $ 3,173,996 $ 6,590,550 $ 5,127,451 $ 3,189,745 $ 1,937,912 $ 1,770,647 $ 2,661,424 $ 24,451,724 (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) Accruing TDRs are included in pass unless otherwise rated as special mention. 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 policies for allowance for loan losses, allowance for unfunded commitments, nonaccrual loans, and charge offs. 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 warrant specific attention from management. 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 credits, which are 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 September 30, 2021: Accruing ($ in Thousands) Current (a) 30-59 Days 60-89 Days 90+ Days Nonaccrual (b)(c) Total PPP $ 181,552 $ 485 $ 83 $ — $ — $ 182,121 Commercial and industrial 7,917,635 1,121 108 98 8,497 7,927,459 Commercial real estate - owner occupied 879,516 30 — — 7 879,554 Commercial and business lending 8,978,704 1,636 191 98 8,504 8,989,133 Commercial real estate - investor 4,217,965 17,021 — — 61,504 4,296,489 Real estate construction 1,834,623 — — — 247 1,834,871 Commercial real estate lending 6,052,588 17,021 — — 61,751 6,131,360 Total commercial 15,031,292 18,657 191 98 70,256 15,120,493 Residential mortgage 7,526,996 6,996 99 126 56,678 7,590,895 Home equity 597,776 2,428 503 21 7,838 608,566 Other consumer 292,700 724 549 785 222 294,979 Auto 6,662 10 — — 67 6,739 Total consumer 8,424,134 10,158 1,150 932 64,806 8,501,180 Total loans $ 23,455,426 $ 28,815 $ 1,341 $ 1,029 $ 135,062 $ 23,621,673 (a) Any loans deferred in connection with the COVID-19 pandemic are considered current in accordance with Section 4013 of the CARES Act. (b) Of the total nonaccrual loans, $83 million, or 62%, were current with respect to payment at September 30, 2021. (c) No interest income was recognized on nonaccrual loans for the three and nine months ended September 30, 2021. In addition, there were $11 million of nonaccrual loans for which there was no related ACLL at September 30, 2021. The following table presents loans by past due status at December 31, 2020: Accruing ($ in Thousands) Current (a) 30-59 Days 60-89 Days 90+ Days Nonaccrual (b)(c) Total PPP $ 767,757 $ — $ — $ — $ — $ 767,757 Commercial and industrial 7,633,269 2,819 3,300 175 61,859 7,701,422 Commercial real estate - owner occupied 899,480 158 215 — 1,058 900,912 Commercial and business lending 9,300,506 2,977 3,516 175 62,917 9,370,091 Commercial real estate - investor 4,251,571 1,024 11,769 — 78,220 4,342,584 Real estate construction 1,839,073 991 — — 353 1,840,417 Commercial real estate lending 6,090,644 2,015 11,769 — 78,573 6,183,001 Total commercial 15,391,150 4,992 15,284 175 141,490 15,553,091 Residential mortgage 7,808,294 8,975 1,410 308 59,337 7,878,324 Home equity 692,565 3,071 1,731 — 9,888 707,255 Other consumer 299,128 998 545 1,115 91 301,876 Auto 11,072 41 15 — 49 11,177 Total consumer 8,811,060 13,085 3,701 1,423 69,364 8,898,632 Total loans $ 24,202,209 $ 18,077 $ 18,985 $ 1,598 $ 210,854 $ 24,451,724 (a) Any loans deferred in connection with the COVID-19 pandemic are considered current in accordance with Section 4013 of the CARES Act. (b) Of the total nonaccrual loans, $128 million, or 61%, were current with respect to payment at December 31, 2020. (c) No interest income was recognized on nonaccrual loans for the year ended December 31, 2020. In addition, there were $28 million of nonaccrual loans for which there was no related ACLL at December 31, 2020. Troubled Debt Restructurings Loans are considered restructured loans if concessions have been granted to borrowers that are experiencing financial difficulty. The following table presents nonaccrual and performing restructured loans by loan portfolio: Sep 30, 2021 Dec 31, 2020 ($ in Thousands) Performing Nonaccrual Restructured Loans (a) Performing Nonaccrual Restructured Loans (a) Commercial and industrial $ 11,067 $ 959 $ 12,713 $ 6,967 Commercial real estate — owner occupied 1,031 — 1,711 — Commercial real estate — investor 13,236 207 26,435 225 Real estate construction 248 107 260 111 Residential mortgage 15,253 13,235 7,825 11,509 Home equity 2,787 718 1,957 1,379 Other consumer 877 — 1,191 — Total restructured loans (b) $ 44,499 $ 15,226 $ 52,092 $ 20,190 (a) Nonaccrual restructured loans have been included within nonaccrual loans. The Corporation had a recorded investment of $14 million in loans modified as TDRs during the nine months ended September 30, 2021, of which $7 million were in accrual status, included in pass or special mention based on their risk rating within the credit quality tables, and $7 million were in nonaccrual within the credit quality tables, pending a sustained period of repayment. Short-term loan modifications made in good faith to help ease the adverse effects of the COVID-19 pandemic are not categorized as TDRs in accordance with the CARES Act. The following table provides the number of loans modified in a TDR by loan portfolio, the recorded investment, and unpaid principal balance for the nine months ended September 30, 2021 and 2020: Nine months ended Sep 30, 2021 Nine months ended Sep 30, 2020 ($ in Thousands) Number Recorded Investment (a) Unpaid Principal Balance (b) Number Recorded Investment (a) Unpaid Principal Balance (b) Commercial and industrial 4 $ 638 $ 638 3 $ 1,250 $ 1,324 Commercial real estate — owner occupied — — — 2 453 751 Commercial real estate — investor 4 1,682 1,682 1 530 530 Real estate construction — — — 1 102 102 Residential mortgage 55 10,434 10,460 32 5,789 5,870 Home equity 7 916 963 18 676 702 Total loans modified 70 $ 13,670 $ 13,744 57 $ 8,800 $ 9,280 (a) Represents post-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 nine months ended September 30, 2021, 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 nine months ended September 30, 2021. The following table provides the number of loans modified in a TDR during the previous twelve months which subsequently defaulted during the nine months ended September 30, 2021 and 2020, and the recorded investment in these restructured loans as of September 30, 2021 and 2020: Nine months ended Sep 30, 2021 Nine months ended Sep 30, 2020 ($ in Thousands) Number of Recorded Number of Recorded Residential mortgage 2 $ 200 5 $ 1,036 Home equity — — 4 208 Total loans modified 2 $ 200 9 $ 1,244 All loans modified in a TDR are individually 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 September 30, 2021, the Corporation had $17 million in loans meeting this classification compared to $68 million at December 31, 2020. Of the loans classified as probable TDRs at September 30, 2021, the entire $17 million was related to the oil and gas portfolio. Allowance for Credit Losses on Loans The ACLL is comprised of the allowance for loan losses and the allowance for unfunded commitments. The level of the ACLL represents management’s estimate of an amount appropriate to provide for expected lifetime credit losses in the loan portfolio at the balance sheet date. The expected lifetime credit losses are the product of multiplying the Corporation's estimates of probability of default, loss given default, and the individual loan level exposure at default on an undiscounted basis. A main factor in the determination of the ACLL is the economic forecast. The Corporation utilized Moody's baseline forecast, updated during September 2021, in the allowance model. The forecast is applied over a 2 year reasonable and supportable period with straight-line reversion to the historical losses over the second year of the period. The allowance for unfunded commitments is maintained at a level believed by management to be sufficient to absorb expected lifetime losses related to unfunded credit facilities (including unfunded loan commitments and letters of credit). See Note 12 for additional information on the change in the allowance for unfunded commitments. The following table presents a summary of the changes in the ACLL by portfolio segment for the nine months ended September 30, 2021: ($ in Thousands) Dec 31, 2020 Charge offs Recoveries Net Charge offs Provision for credit losses Sep 30, 2021 ACLL / Loans Allowance for loan losses PPP $ 531 $ — $ — $ — $ (406) $ 125 Commercial and industrial 142,793 (13,773) 7,415 (6,358) (47,324) 89,111 Commercial real estate — owner occupied 11,274 — 115 115 634 12,022 Commercial and business lending 154,598 (13,773) 7,530 (6,242) (47,096) 101,259 Commercial real estate — investor 93,435 (14,340) 3,046 (11,293) (680) 81,461 Real estate construction 59,193 (5) 74 69 (18,298) 40,965 Commercial real estate lending 152,629 (14,344) 3,120 (11,224) (18,978) 122,426 Total commercial 307,226 (28,117) 10,650 (17,467) (66,074) 223,685 Residential mortgage 42,996 (732) 700 (32) (1,344) 41,620 Home equity 18,849 (600) 2,240 1,640 (6,172) 14,317 Other consumer 14,456 (2,331) 965 (1,366) (1,836) 11,253 Auto 174 (4) 24 20 (74) 120 Total consumer 76,475 (3,667) 3,928 262 (9,426) 67,311 Total loans $ 383,702 $ (31,784) $ 14,579 $ (17,205) $ (75,500) $ 290,997 Allowance for unfunded commitments Commercial and industrial $ 22,311 $ — $ — $ — $ (2,910) $ 19,402 Commercial real estate — owner occupied 266 — — — 43 309 Commercial and business lending 22,577 — — — (2,867) 19,711 Commercial real estate — investor 636 — — — 85 721 Real estate construction 18,887 — — — (3,411) 15,476 Commercial real estate lending 19,523 — — — (3,326) 16,197 Total commercial 42,101 — — — (6,193) 35,908 Home equity 3,118 — — — (87) 3,031 Other consumer 2,557 — — — (220) 2,337 Total consumer 5,675 — — — (307) 5,368 Total loans $ 47,776 $ — $ — $ — $ (6,500) $ 41,276 Allowance for credit losses on loans PPP $ 531 $ — $ — $ — $ (406) $ 125 0.07 % Commercial and industrial 165,105 (13,773) 7,415 (6,358) (50,233) 108,513 1.37 % Commercial real estate — owner occupied 11,539 — 115 115 677 12,331 1.40 % Commercial and business lending 177,175 (13,773) 7,530 (6,242) (49,963) 120,970 1.35 % Commercial real estate — investor 94,071 (14,340) 3,046 (11,293) (595) 82,182 1.91 % Real estate construction 78,080 (5) 74 69 (21,709) 56,441 3.08 % Commercial real estate lending 172,152 (14,344) 3,120 (11,224) (22,304) 138,623 2.26 % Total commercial 349,327 (28,117) 10,650 (17,467) (72,267) 259,593 1.72 % Residential mortgage 42,996 (732) 700 (32) (1,344) 41,620 0.55 % Home equity 21,967 (600) 2,240 1,640 (6,259) 17,348 2.85 % Other consumer 17,013 (2,331) 965 (1,366) (2,056) 13,591 4.61 % Auto 174 (4) 24 20 (74) 120 1.79 % Total consumer 82,150 (3,667) 3,928 262 (9,733) 72,679 0.85 % Total loans $ 431,478 $ (31,784) $ 14,579 $ (17,205) $ (82,000) $ 332,273 1.41 % The following table presents a summary of the changes in the ACLL by portfolio segment for the year ended December 31, 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 credit losses Dec 31, 2020 ACLL / Loans Allowance for loan losses PPP $ — $ — $ — $ — $ — $ — $ — $ — $ 531 $ 531 Commercial and industrial 91,133 52,919 144,052 (80,320) 7,004 (73,316) 293 408 71,355 142,793 Commercial real estate — owner occupied 10,284 (1,851) 8,433 (419) 147 (272) 890 255 1,967 11,274 Commercial and business lending 101,417 51,068 152,485 (80,739) 7,151 (73,588) 1,183 663 73,853 154,598 Commercial real estate — investor 40,514 2,041 42,555 (22,920) 643 (22,277) 753 472 71,933 93,435 Real estate construction 24,915 7,467 32,382 (19) 49 31 435 492 25,854 59,193 Commercial real estate lending 65,428 9,508 74,937 (22,938) 692 (22,246) 1,188 964 97,787 152,629 Total commercial 166,846 60,576 227,422 (103,677) 7,844 (95,834) 2,371 1,627 171,641 307,226 Residential mortgage 16,960 33,215 50,175 (1,867) 500 (1,367) 651 403 (6,864) 42,996 Home equity 10,926 11,649 22,575 (1,719) 1,978 259 422 374 (4,781) 18,849 Other consumer (a) 6,639 7,016 13,655 (4,790) 1,101 (3,689) 61 140 4,462 14,630 Total consumer 34,525 51,880 86,405 (8,376) 3,579 (4,797) 1,134 917 (7,183) 76,475 Total loans $ 201,371 $ 112,457 $ 313,828 $ (112,053) $ 11,422 $ (100,631) $ 3,504 $ 2,543 $ 164,457 $ 383,702 Allowance for unfunded commitments Commercial and industrial $ 12,276 $ (3,998) $ 8,278 $ — $ — $ — $ — $ 61 $ 13,972 $ 22,311 Commercial real estate — owner occupied 127 — 127 — — — — 4 135 266 Commercial and business lending 12,403 (3,998) 8,405 — — — — 65 14,108 22,577 Commercial real estate — investor 530 246 776 — — — — 2 (141) 636 Real estate construction 7,532 18,347 25,879 — — — — 45 (7,038) 18,887 Commercial real estate lending 8,062 18,593 26,655 — — — — 47 (7,179) 19,523 Total commercial 20,465 14,595 35,060 — — — — 112 6,929 42,101 Home equity 1,038 2,591 3,629 — — — — 66 (577) 3,118 Other consumer 405 1,504 1,909 — — — — — 649 2,557 Total consumer 1,443 4,095 5,538 — — — — 66 72 5,675 Total loans $ 21,907 $ 18,690 $ 40,597 $ — $ — $ — $ — $ 179 $ 7,000 $ 47,776 Allowance for credit losses on loans PPP $ — $ — $ — $ — $ — $ — $ — $ — $ 531 $ 531 0.07 % Commercial and industrial 103,409 48,921 152,330 (80,320) 7,004 (73,316) 293 469 85,327 165,105 2.14 % Commercial real estate — owner occupied 10,411 (1,851) 8,560 (419) 147 (272) 890 259 2,102 11,539 1.28 % Commercial and business lending 113,820 47,070 160,890 (80,739) 7,151 (73,588) 1,183 728 87,961 177,175 1.89 % Commercial real estate — investor 41,044 2,287 43,331 (22,920) 643 (22,277) 753 474 71,792 94,071 2.17 % Real estate construction 32,447 25,814 58,261 (19) 49 31 435 537 18,816 78,080 4.24 % Commercial real estate lending 73,490 28,101 101,591 (22,938) 692 (22,246) 1,188 1,011 90,608 172,152 2.78 % Total commercial 187,311 75,171 262,482 (103,677) 7,844 (95,834) 2,371 1,739 178,569 349,327 2.25 % Residential mortgage 16,960 33,215 50,175 (1,867) 500 (1,367) 651 403 (6,864) 42,996 0.55 % Home equity 11,964 14,240 26,204 (1,719) 1,978 259 422 440 (5,358) 21,967 3.11 % Other consumer (a) 7,044 8,520 15,564 (4,790) 1,101 (3,689) 61 140 5,111 17,187 5.49 % Total consumer 35,968 55,975 91,943 (8,376) 3,579 (4,797) 1,134 983 (7,112) 82,150 0.92 % Total loans $ 223,278 $ 131,147 $ 354,425 $ (112,053) $ 11,422 $ (100,631) $ 3,504 $ 2,722 $ 171,457 $ 431,478 1.76 % (a) Includes auto 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 for more information on loans acquired in a business combination. After January 1, 2020, acquired loans were segregated into two types: • 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. The allowance for loan losses on these loans is recorded through provision for credit losses on the consolidated statements of income at acquisition. • PCD loans are loans demonstrating more than insignificant credit deterioration and are accounted for in accordance with ASC Topic 326-30. Under this guidance, the credit mark on acquired assets grosses up the ACLL and the amortized cost of the loan. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
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 2021, utilizing a qualitative assessment. Factors that management considered in this assessment included macroeconomic conditions, industry and market considerations, overall financial performance of the Corporation and each reporting unit (both current and projected), changes in management strategy, and changes in the composition or carrying amount of net assets. In addition, management considered the changes in both the Corporation's common stock price and in the overall bank common stock index (based on the S&P 400 Regional Bank Sub-Industry Index), as well as the Corporation's earnings per common share trend over the past year. Based on these assessments, management concluded that it is more likely than not that the estimated fair value exceeded the carrying value (including goodwill) for each reporting unit. Therefore a step one quantitative analysis was not required. There have been no events since the May 2021 impairment test that have changed the Corporation's impairment assessment conclusion. There were no impairment charges recorded in 2020 or the first nine months of 2021. At both September 30, 2021 and December 31, 2020, the Corporation had goodwill of $1.1 billion. During the first quarter of 2021, there was a reduction of $4 million of goodwill related to the sale of Whitnell. Other Intangible Assets The Corporation has other intangible assets that are amortized, consisting of CDIs and MSRs. For CDIs and other intangibles, changes in the gross carrying amount, accumulated amortization, and net book value were as follows: ($ in Thousands) Nine months ended Sep 30, 2021 Year Ended Dec 31, 2020 Core deposit intangibles Gross carrying amount at the beginning of period $ 88,109 $ 80,730 Additions during the period — 7,379 Accumulated amortization (27,814) (21,205) Net book value $ 60,296 $ 66,904 Amortization during the period $ 6,608 $ 8,749 Other intangibles Gross carrying amount at the beginning of period $ 2,000 $ 38,970 Additions during the period — 200 Reductions due to sale (1,317) (17,435) Accumulated amortization (683) (20,385) Net book value $ — $ 1,350 Amortization during the period $ 33 $ 1,443 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. 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) Nine months ended Sep 30, 2021 Year Ended Dec 31, 2020 Mortgage servicing rights Mortgage servicing rights at beginning of period $ 59,967 $ 67,607 Additions from acquisition — 1,357 Additions 11,761 13,667 Amortization (15,624) (22,664) Mortgage servicing rights at end of period $ 56,104 $ 59,967 Valuation allowance at beginning of period $ (18,006) $ (302) (Additions) recoveries, net 12,231 (17,704) Valuation allowance at end of period $ (5,775) $ (18,006) Mortgage servicing rights, net $ 50,329 $ 41,961 Fair value of mortgage servicing rights $ 50,373 $ 41,990 Portfolio of residential mortgage loans serviced for others (“servicing portfolio”) $ 7,057,130 $ 7,743,956 Mortgage servicing rights, net to servicing portfolio 0.71 % 0.54 % Mortgage servicing rights expense (a) $ 3,393 $ 40,369 (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 September 30, 2021. 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 Mortgage Servicing Rights Three Months Ending December 31, 2021 $ 2,203 $ 2,945 2022 8,811 10,898 2023 8,811 8,500 2024 8,811 6,795 2025 8,811 5,499 2026 8,811 4,489 Beyond 2026 14,038 16,978 Total Estimated Amortization Expense $ 60,296 $ 56,104 |
Short and Long-Term Funding
Short and Long-Term Funding | 9 Months Ended |
Sep. 30, 2021 | |
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) and long-term funding (funding with original contractual maturities greater than one year): ($ in Thousands) Sep 30, 2021 Dec 31, 2020 Short-Term Funding Federal funds purchased $ 415 $ 7,070 Securities sold under agreements to repurchase 267,528 185,901 Federal funds purchased and securities sold under agreements to repurchase 267,943 192,971 Commercial paper 54,553 59,346 Total short-term funding $ 322,496 $ 252,317 Long-Term Funding Bank senior notes, at par, due 2021 $ — $ 300,000 Corporation subordinated notes, at par, due 2025 250,000 250,000 Finance leases 72 1,128 Capitalized costs (912) (1,663) FHLB advances 1,620,880 1,632,723 Total long-term funding 1,870,040 2,182,188 Total short and long-term funding $ 2,192,536 $ 2,434,505 Securities Sold Under Agreements to Repurchase 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). The Corporation utilizes securities sold under agreements to repurchase to facilitate the needs of its customers. As of September 30, 2021, the Corporation pledged agency mortgage-related securities with a fair value of $364 million as collateral for the repurchase agreements. Securities pledged as collateral under repurchase agreements are maintained with the Corporation's safekeeping agents and are monitored on a daily basis due to the market risk of fair value changes in the underlying securities. The Corporation generally pledges excess securities to ensure there is sufficient collateral to satisfy short-term fluctuations in both the repurchase agreement balances and the fair value of the underlying securities. The remaining contractual maturity of the securities sold under agreements to repurchase on the consolidated balance sheets as of September 30, 2021 and December 31, 2020 are presented in the following table: Remaining Contractual Maturity of the Agreements ($ in Thousands) Overnight and Continuous Up to 30 days 30-90 days Greater than 90 days Total September 30, 2021 Repurchase agreements Agency mortgage-related securities $ 267,528 $ — $ — $ — $ 267,528 Total $ 267,528 $ — $ — $ — $ 267,528 December 31, 2020 Repurchase agreements Agency mortgage-related securities $ 185,901 $ — $ — $ — $ 185,901 Total $ 185,901 $ — $ — $ — $ 185,901 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 had a fixed coupon interest rate of 3.50% and were issued at a discount. The Bank redeemed all of the senior notes on July 13, 2021, the initial redemption date under the terms of the notes. 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. Finance Leases In connection with the construction of a new branch in Oshkosh, Wisconsin, the Corporation entered into a land lease with the option to purchase the underlying land for a fixed price, which the Corporation now expects to exercise. The finance lease has a fixed interest rate of 1.07%. See Note 18 for additional disclosure regarding the Corporation’s leases. |
Derivative and Hedging Activiti
Derivative and Hedging Activities | 9 Months Ended |
Sep. 30, 2021 | |
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 $78 million and $72 million of investment securities as collateral at September 30, 2021, and December 31, 2020, respectively. At September 30, 2021, the Corporation posted $18 million of cash collateral compared to $31 million at December 31, 2020. 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. Derivatives to Accommodate Customer Needs The Corporation 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 on the consolidated statements of income. 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 September 30, 2021 and December 31, 2020. 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 September 30, 2021 and December 31, 2020. 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. Sep 30, 2021 Dec 31, 2020 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 $ 3,889,911 $ 110,898 $ 3,889,911 $ 24,322 $ 3,639,679 $ 192,518 $ 3,639,679 $ 25,680 Foreign currency exchange forwards 496,215 4,637 483,949 4,454 411,292 4,909 398,890 4,836 Commodity contracts 16,231 6,546 16,307 6,471 87,547 12,486 83,214 11,155 Mortgage banking (a)(b) 253,663 6,159 390,000 — 226,818 9,624 335,500 2,046 Gross derivatives before netting $ 128,240 $ 35,247 $ 219,537 $ 43,716 Less: Legally enforceable master netting agreements 3,302 3,302 1,936 1,936 Less: Cash collateral pledged/received 3,143 18,595 10,879 25,625 Total derivative instruments, after netting $ 121,795 $ 13,351 $ 206,722 $ 16,155 (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 September 30, 2021, the amortized cost basis of the closed portfolios which had previously been used in the terminated hedging relationship was $446 million and is included in loans on the consolidated balance sheets. This amount includes $2 million of hedging adjustments on the discontinued hedging relationships. The table below identifies the effect of fair value hedge accounting on the Corporation's consolidated statements of income for the three and nine months ended September 30, 2021 and 2020: Location and Amount of Gain or (Loss) Recognized in Income on Three months ended Sep 30, Nine months ended Sep 30, 2021 2020 2021 2020 ($ 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 $ (292) $ — $ (481) $ — $ (1,128) $ — $ (1,345) $ (262) The effects of fair value hedging: Gain or (loss) on fair value hedging relationships in Subtopic 815-20 Interest contracts Hedged items (292) — (481) — (1,128) — (1,345) (262) 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 nine months ended September 30, 2021 and 2020: Consolidated Statements of Income Category of Three Months Ended Sep 30, Nine Months Ended Sep 30, ($ in Thousands) 2021 2020 2021 2020 Derivative Instruments Interest rate-related instruments — customer and mirror, net Capital markets, net $ 557 $ 507 $ 2,546 $ (2,648) Foreign currency exchange forwards Capital markets, net (8) 49 109 (31) Commodity contracts Capital markets, net (124) (86) (1,256) 555 Interest rate lock commitments (mortgage) Mortgage banking, net (1,356) (4,948) (4,438) 5,361 Forward commitments (mortgage) Mortgage banking, net (1,402) 1,293 (3,017) 710 |
Balance Sheet Offsetting
Balance Sheet Offsetting | 9 Months Ended |
Sep. 30, 2021 | |
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. 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 ($ in Thousands) Derivative Cash Collateral Received Derivative assets September 30, 2021 $ 6,719 $ (3,302) $ (3,143) $ 273 December 31, 2020 13,441 (1,936) (10,879) 626 Gross Amounts Recognized Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets Net Amounts Presented on the Consolidated Balance Sheets ($ in Thousands) Derivative Cash Collateral Pledged Derivative liabilities September 30, 2021 $ 23,489 $ (3,302) $ (18,595) $ 1,592 December 31, 2020 27,951 (1,936) (25,625) 390 |
Commitments, Off-Balance Sheet
Commitments, Off-Balance Sheet Arrangements, Legal Proceedings and Regulatory Matters | 9 Months Ended |
Sep. 30, 2021 | |
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) Sep 30, 2021 Dec 31, 2020 Commitments to extend credit, excluding commitments to originate residential mortgage loans held for sale (a)(b) $ 10,618,161 $ 10,010,492 Commercial letters of credit (a) 6,309 3,642 Standby letters of credit (c) 264,123 278,798 (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 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) Nine months ended Sep 30, 2021 Year Ended Dec 31, 2020 Allowance for Unfunded Commitments Balance at beginning of period $ 47,776 $ 21,907 Cumulative effect of ASU 2016-13 adoption (CECL) N/A 18,690 Balance at beginning of period, adjusted 47,776 40,597 Provision for unfunded commitments (6,500) 7,000 Amount recorded at acquisition N/A 179 Balance at end of period $ 41,276 $ 47,776 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 is recorded in other assets and accrued expenses and other liabilities 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 September 30, 2021 was $277 million, compared to $272 million at December 31, 2020, 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 $24 million and $18 million for the nine months ended September 30, 2021 and 2020, respectively, and $8 million and $6 million for the three months ended September 30, 2021 and 2020, respectively. The Corporation's remaining investment in qualified affordable housing projects accounted for under the proportional amortization method totaled $270 million at September 30, 2021 and $268 million at December 31, 2020. The Corporation’s unfunded equity contributions relating to investments in federal and state qualified affordable housing and federal and state historic projects are recorded in accrued expenses and other liabilities on the consolidated balance sheets. The Corporation’s remaining unfunded equity contributions totaled $101 million and $118 million at September 30, 2021 and December 31, 2020, respectively. For the nine months ended September 30, 2021 and the year ended December 31, 2020, 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 investment 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 $24 million and $25 million at September 30, 2021 and December 31, 2020, 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. A lawsuit, Evans et al v. Associated Banc-Corp et al , was filed in the United States District Court for the Eastern District of Wisconsin - Green Bay Division on January 13, 2021 by one current and one former participant in the Associated Banc-Corp 401(k) and Employee Stock Ownership Plan (the “Plan”) as representatives of a putative class. The plaintiffs alleged that Associated Banc-Corp, the Associated Banc-Corp Plan Administrative Committee, and current and past members of such committee during the relevant time period (the “Defendants”) breached their fiduciary duties with respect to the Plan in violation of Employee Retirement Income Security Act of 1974, as amended, by applying an imprudent and inappropriate preference for products associated with Associated Banc-Corp within the Plan, and that the Defendants failed to monitor or control the recordkeeping expenses paid to Associated Trust Company, N.A. On March 18, 2021, the Defendants filed a motion to dismiss. On April 8, 2021, the plaintiffs filed an amended complaint which dropped the record keeping claim, added Associated Trust Company N.A. and Kellogg Asset Management, LLC as defendants, and alleged various breaches of fiduciary duty related to the selection and monitoring of, and the fees charged by, proprietary collective investment trusts. The plaintiffs, in part, seek an accounting and disgorgement of certain profits, as well as certain equitable restitution and equitable monetary relief. The Corporation intends to vigorously defend against this lawsuit. It is not possible for management to assess the probability of a material adverse outcome or reasonably estimate the amount of any potential loss at this time with respect to this lawsuit. 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. Additionally, beginning in the third quarter of 2021, qualifying residential mortgage loans guaranteed by U.S. government agencies have been sold into GNMA pools. As a result of make whole requests, the Corporation has repurchased loans with aggregate principal balances of $6 million and $10 million for the nine months ended September 30, 2021 and the year ended December 31, 2020, respectively. There were approximately $114,000 of loss reimbursement and settlement claims paid for the nine months ended September 30, 2021 and there were no such claims for the year ended December 31, 2020. Make whole requests during 2020 and the first nine months of 2021 generally arose from loans sold during the period of January 1, 2012 to December 31, 2020. Since January 1, 2012, loans sold totaled $15.7 billion at the time of sale, and consisted primarily of loans sold to GSEs. As of September 30, 2021, $6.5 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 September 30, 2021 and $2 million as of December 31, 2020. 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 September 30, 2021 and December 31, 2020, there were $27 million and $36 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 September 30, 2021 and December 31, 2020, there were $26 million and $33 million, respectively, of such residential mortgage loans with credit risk recourse, upon which there have been negligible historical losses to the Corporation. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value represents the estimated price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date under current market conditions (i.e., an exit price concept). The valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis are described in the Fair Value Measurements note in the Corporation’s 2020 Annual Report on Form 10-K. The table below presents the Corporation’s financial instruments measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020, aggregated by the level in the fair value hierarchy within which those measurements fall: ($ in Thousands) Fair Value Hierarchy Sep 30, 2021 Dec 31, 2020 Assets Investment securities AFS U.S. Treasury securities Level 1 $ 123,981 $ 26,531 Agency securities Level 2 14,998 25,038 Obligations of state and political subdivisions (municipal securities) Level 2 414,020 450,662 Residential mortgage-related securities FNMA / FHLMC Level 2 2,377,408 1,461,241 GNMA Level 2 79,696 235,537 Private-label Level 2 76,033 — Commercial mortgage-related securities FNMA / FHLMC Level 2 353,175 22,904 GNMA Level 2 231,096 524,756 Asset backed securities FFELP Level 2 212,797 327,189 SBA Level 2 7,179 8,584 Other debt securities Level 2 2,999 3,000 Total investment securities AFS Level 1 $ 123,981 $ 26,531 Total investment securities AFS Level 2 3,769,399 3,058,910 Equity securities with readily determinable fair values Level 1 4,109 1,661 Residential loans held for sale Level 2 158,202 129,158 Interest rate-related instruments (a) Level 2 110,898 192,518 Foreign currency exchange forwards (a) Level 2 4,637 4,909 Commodity contracts (a) Level 2 6,546 12,486 Interest rate lock commitments to originate residential mortgage loans held for sale Level 3 5,187 9,624 Forward commitments to sell residential mortgage loans Level 3 972 — Liabilities Interest rate-related instruments (a) Level 2 $ 24,322 $ 25,680 Foreign currency exchange forwards (a) Level 2 4,454 4,836 Commodity contracts (a) Level 2 6,471 11,155 Forward commitments to sell residential mortgage loans Level 3 — 2,046 (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 The table below presents a rollforward of the consolidated balance sheets amounts for the nine months ended September 30, 2021 and the year ended December 31, 2020, 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, 2019 $ 2,527 $ 710 $ 1,817 New production 72,659 (3,505) 76,164 Closed loans / settlements (76,001) (12,587) (63,414) Other 10,439 17,427 (6,988) Mortgage derivative gain (loss) 7,097 1,335 5,762 Balance December 31, 2020 $ 9,624 $ 2,046 $ 7,579 New production $ 45,586 $ (2,496) $ 48,082 Closed loans / settlements (44,543) 217 (44,760) Other (5,481) (739) (4,742) Mortgage derivative gain (loss) (4,437) (3,017) (1,420) Balance September 30, 2021 $ 5,187 $ (972) $ 6,159 The closing ratio on interest rate lock commitments to originate residential mortgage loans held for sale is a Level 3 measurement, and was 82% at September 30, 2021. The following table presents the carrying value of equity securities without readily determinable fair values still held as of September 30, 2021 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 September 30, 2021: ($ in Thousands) Equity securities without readily determinable fair values Carrying value as of December 31, 2020 $ 13,444 Additions 552 Sales (33) Donations (134) Carrying value as of September 30, 2021 $ 13,830 Cumulative upward carrying value changes between January 1, 2018 and September 30, 2021 $ 13,444 Cumulative downward carrying value changes/impairment between January 1, 2018 and September 30, 2021 $ — 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 ($ in Thousands) Fair Value Hierarchy Fair Value Adjustment Recognized on the Consolidated Statements of Income (c) September 30, 2021 Assets Individually evaluated loans (a) Level 3 $ 78,139 Provision for credit losses $ (4,227) OREO (b) Level 2 21,847 Other noninterest expense / provision for credit losses (d) 6,449 Mortgage servicing rights Level 3 50,373 Mortgage banking, net 12,231 December 31, 2020 Assets Individually evaluated loans (a) Level 3 $ 138,752 Provision for credit losses $ 97,519 OREO (b) Level 2 6,125 Other noninterest expense 3,747 Mortgage servicing rights Level 3 41,990 Mortgage banking, net (17,704) (a) Includes probable TDRs which are individually analyzed, net of the related allowance for credit losses. Certain nonfinancial assets and nonfinancial liabilities measured at fair value on a nonrecurring basis include the fair value analysis in the goodwill impairment test as well as intangible assets and other nonfinancial long-lived assets measured at fair value for the purpose of 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: September 30, 2021 Valuation Technique Significant Unobservable Input Range of Inputs Weighted Average Input Applied Mortgage servicing rights Discounted cash flow Discount rate 9% - 15% 9% Mortgage servicing rights Discounted cash flow Constant prepayment rate 8% - 40% 15% Individually evaluated loans Appraisals / Discounted cash flow Collateral / Discount factor 33% - 51% 36% 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: Sep 30, 2021 Dec 31, 2020 ($ in Thousands) Fair Value Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value Financial assets Cash and due from banks Level 1 $ 378,927 $ 378,927 $ 416,154 $ 416,154 Interest-bearing deposits in other financial institutions Level 1 1,281,916 1,281,916 298,759 298,759 Federal funds sold and securities purchased under agreements to resell Level 1 25,000 25,000 1,135 1,135 Investment securities AFS Level 1 123,981 123,981 26,531 26,531 Investment securities AFS Level 2 3,769,399 3,769,399 3,058,910 3,058,910 Investment securities HTM, net Level 1 1,000 1,007 999 1,024 Investment securities HTM, net Level 2 1,928,735 2,034,803 1,877,939 2,027,852 Equity securities with readily determinable fair values Level 1 4,109 4,109 1,661 1,661 Equity securities without readily determinable fair values Level 3 13,830 13,830 13,444 13,444 FHLB and Federal Reserve Bank stocks Level 2 168,281 168,281 168,280 168,280 Residential loans held for sale Level 2 158,202 158,202 129,158 129,158 Loans, net Level 3 23,330,676 23,447,728 24,068,022 24,012,738 Bank and corporate owned life insurance Level 2 683,610 683,610 679,647 679,647 Derivatives (other assets) (a) Level 2 122,082 122,082 209,913 209,913 Interest rate lock commitments to originate residential mortgage loans held for sale (other assets) Level 3 5,187 5,187 9,624 9,624 Forward commitments to sell residential mortgage loans (other assets) Level 3 972 972 — — Financial liabilities Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts Level 3 $ 26,440,380 $ 26,440,380 $ 24,725,451 $ 24,725,451 Brokered CDs and other time deposits (b) Level 2 1,410,886 1,412,950 1,757,030 1,766,200 Short-term funding Level 2 322,496 322,486 252,317 252,303 FHLB advances Level 2 1,620,880 1,701,512 1,632,723 1,760,727 Other long-term funding Level 2 249,160 270,526 549,465 578,233 Standby letters of credit (c) Level 2 2,549 2,549 2,731 2,731 Derivatives (accrued expenses and other liabilities) (a) Level 2 35,247 35,247 41,671 41,671 Forward commitments to sell residential mortgage loans (accrued expenses and other liabilities) Level 3 — — 2,046 2,046 (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 |
Retirement Plans
Retirement Plans | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans The Corporation has a noncontributory defined benefit 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 First Staunton acquisition closed on February 14, 2020, and the employees who met the required criteria 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 nine months ended September 30, 2021 and 2020 were as follows: Three Months Ended Sep 30, Nine Months Ended Sep 30, ($ in Thousands) 2021 2020 2021 2020 Components of Net Periodic Benefit Cost RAP Service cost $ 1,684 $ 1,853 $ 5,835 $ 6,183 Interest cost 1,682 2,124 4,927 6,139 Expected return on plan assets (6,395) (6,386) (19,256) (19,196) Amortization of prior service cost (19) (18) (55) (55) Amortization of actuarial loss (gain) 1,346 1,313 3,446 2,923 Total net periodic pension cost $ (1,701) $ (1,114) $ (5,103) $ (4,006) Postretirement Plan Interest cost $ 13 $ 20 $ 39 $ 59 Amortization of prior service cost (19) (19) (56) (56) Total net periodic benefit cost $ (6) $ 1 $ (17) $ 2 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 nine months ended September 30, 2021 and 2020. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2021 | |
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 2020 Annual Report on Form 10-K 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 re-pricing 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 interest income (expense) in the accompanying tables. A provision for credit losses 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 ACLL model using the methodologies described in the Corporation’s 2020 Annual Report on Form 10-K. 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 note in the Corporation’s 2020 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, fiduciary, and retirement planning products and services to individuals and small to mid-sized businesses. During the first quarter of 2021, the Corporation sold its wealth management subsidiary Whitnell. The Community, Consumer, and Business segment serves individuals, as well as small and mid-sized businesses, by providing lending and deposit solutions. In addition, until June 30, 2020, the Corporation offered insurance and risk consulting services. 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). Information about the Corporation’s segments is presented below: Corporate and Commercial Specialty Three Months Ended Sep 30, Nine Months Ended Sep 30, ($ in Thousands) 2021 2020 2021 2020 Net interest income $ 93,768 $ 92,033 $ 280,295 $ 298,611 Net intersegment interest income (expense) 5,884 6,937 18,962 3,123 Segment net interest income 99,652 98,970 299,257 301,734 Noninterest income (a) 43,228 37,405 124,847 111,254 Total revenue 142,881 136,376 424,104 412,987 Provision for credit losses 14,864 15,572 48,803 41,456 Noninterest expense 58,652 52,635 172,781 160,899 Income (loss) before income taxes 69,364 68,169 202,521 210,633 Income tax expense (benefit) 12,617 12,497 37,213 39,161 Net income $ 56,747 $ 55,672 $ 165,307 $ 171,472 Allocated goodwill $ 525,836 $ 530,144 Community, Consumer, and Business Three Months Ended Sep 30, Nine Months Ended Sep 30, ($ in Thousands) 2021 2020 2021 2020 Net interest income $ 70,860 $ 73,644 $ 209,285 $ 221,691 Net intersegment interest income (expense) 12,907 9,231 39,705 42,213 Segment net interest income 83,767 82,875 248,990 263,904 Noninterest income 35,771 32,958 113,558 140,442 Total revenue 119,538 115,833 362,548 404,345 Provision for credit losses 4,233 5,758 13,897 16,296 Noninterest expense 94,762 102,139 290,443 335,675 Income (loss) before income taxes 20,543 7,936 58,209 52,374 Income tax expense (benefit) 4,314 1,667 12,224 10,999 Net income $ 16,230 $ 6,269 $ 45,985 $ 41,376 Allocated goodwill $ 579,156 $ 577,758 Risk Management and Shared Services Three Months Ended Sep 30, Nine Months Ended Sep 30, ($ in Thousands) 2021 2020 2021 2020 Net interest income $ 19,047 $ 16,472 $ 49,511 $ 54,662 Net intersegment interest income (expense) (18,791) (16,167) (58,666) (45,336) Segment net interest income 256 305 (9,155) 9,326 Noninterest income (b) 3,077 5,182 12,457 176,646 Total revenue 3,333 5,487 3,301 185,973 Provision for credit losses (43,107) 21,679 (144,717) 99,257 Noninterest expense 24,478 72,813 64,490 106,610 Income (loss) before income taxes 21,962 (89,005) 83,529 (19,895) Income tax expense (benefit) 6,129 (72,278) 20,705 (46,817) Net income $ 15,833 $ (16,727) $ 62,824 $ 26,922 Allocated goodwill $ — $ — Consolidated Total Three Months Ended Sep 30, Nine Months Ended Sep 30, ($ in Thousands) 2021 2020 2021 2020 Net interest income $ 183,675 $ 182,150 $ 539,092 $ 574,964 Net intersegment interest income (expense) — — — — Segment net interest income 183,675 182,150 539,092 574,964 Noninterest income (a)(b) 82,076 75,545 250,862 428,342 Total revenue 265,752 257,695 789,954 1,003,305 Provision for credit losses (24,010) 43,009 (82,018) 157,009 Noninterest expense 177,892 227,587 527,713 603,184 Income (loss) before income taxes 111,870 (12,900) 344,259 243,112 Income tax expense (benefit) 23,060 (58,114) 70,142 3,342 Net income $ 88,809 $ 45,214 $ 274,117 $ 239,769 Allocated goodwill $ 1,104,992 $ 1,107,902 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 and 2020, including changes during the preceding three and nine month periods as well as any reclassifications out of accumulated other comprehensive income (loss): ($ in Thousands) Investment Defined Benefit Accumulated Balance December 31, 2020 $ 41,325 $ (28,707) $ 12,618 Other comprehensive income (loss) before reclassifications (35,829) — (35,829) Amounts reclassified from accumulated other comprehensive income (loss) Investment securities losses (gains), net 16 — 16 Personnel expense — (111) (111) Other expense — 3,446 3,446 Interest income 1,335 — 1,335 Income tax (expense) benefit 8,548 (836) 7,712 Net other comprehensive income (loss) during period (25,930) 2,498 (23,431) Balance September 30, 2021 $ 15,395 $ (26,209) $ (10,813) Balance December 31, 2019 $ 3,989 $ (37,172) $ (33,183) Other comprehensive income (loss) before reclassifications 53,900 — 53,900 Amounts reclassified from accumulated other comprehensive income (loss) Investment securities losses (gains), net (9,222) — (9,222) Personnel expense — (111) (111) Other expense — 2,923 2,923 Interest income 2,628 — 2,628 Income tax (expense) benefit (11,852) (1,088) (12,939) Net other comprehensive income (loss) during period 35,454 1,724 37,178 Balance September 30, 2020 $ 39,443 $ (35,448) $ 3,995 ($ in Thousands) Investments Defined Benefit Accumulated Balance June 30, 2021 $ 30,076 $ (27,187) $ 2,889 Other comprehensive income (loss) before reclassifications (19,827) — (19,827) Amounts reclassified from accumulated other comprehensive income (loss) Investment securities losses (gains), net — — — Personnel expense — (37) (37) Other expense — 1,346 1,346 Interest income 172 — 172 Income tax (expense) benefit 4,975 (330) 4,644 Net other comprehensive income (loss) during period (14,681) 979 (13,702) Balance September 30, 2021 $ 15,395 $ (26,209) $ (10,813) Balance June 30, 2020 $ 34,101 $ (36,021) $ (1,920) Other comprehensive income (loss) before reclassifications 5,840 — 5,840 Amounts reclassified from accumulated other comprehensive income (loss) Investment securities losses (gains), net (7) — (7) Personnel expense — (36) (36) Other expense — 1,313 1,313 Interest income 1,296 — 1,296 Income tax (expense) benefit (1,786) (703) (2,489) Net other comprehensive income (loss) during period 5,342 573 5,916 Balance September 30, 2020 $ 39,443 $ (35,448) $ 3,995 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2021 | |
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 Sep 30, Nine Months Ended Sep 30, ($ in Thousands) 2021 2020 2021 2020 Wealth management fees $ 22,110 $ 21,152 $ 67,229 $ 61,496 Service charges and deposit account fees 4,539 4,458 13,898 12,316 Card-based fees (a) 541 474 1,367 1,216 Insurance commissions and fees 36 57 98 179 Other revenue 772 1,400 2,619 2,481 Noninterest income (in-scope of Topic 606) $ 27,998 $ 27,540 $ 85,212 $ 77,690 Noninterest income (out-of-scope of Topic 606) (b) 15,230 9,866 39,635 33,564 Total noninterest income $ 43,228 $ 37,405 $ 124,847 $ 111,254 Community, Consumer, and Business Three Months Ended Sep 30, Nine Months Ended Sep 30, ($ in Thousands) 2021 2020 2021 2020 Wealth management fees $ — $ — $ — $ 1,387 Service charges and deposit account fees 12,417 9,816 33,441 28,653 Card-based fees (a) 10,600 9,699 30,538 27,392 Insurance commissions and fees 50 55 146 44,965 Other revenue 1,945 2,168 7,459 7,315 Noninterest income (in-scope of Topic 606) $ 25,012 $ 21,739 $ 71,583 $ 109,713 Noninterest income (out-of-scope of Topic 606) 10,758 11,219 41,976 30,728 Total noninterest income $ 35,771 $ 32,958 $ 113,558 $ 140,442 Risk Management and Shared Services Three Months Ended Sep 30, Nine Months Ended Sep 30, ($ in Thousands) 2021 2020 2021 2020 Service charges and deposit account fees $ 5 $ 10 $ 27 $ 19 Card-based fees (a) 6 34 15 127 Insurance commissions and fees 2 2 6 8 Other revenue 76 (82) 1,540 (33) Noninterest income (in-scope of Topic 606) $ 89 $ (36) $ 1,588 $ 121 Noninterest income (out-of-scope of Topic 606) (c) 2,989 5,218 10,868 176,525 Total noninterest income $ 3,077 $ 5,182 $ 12,457 $ 176,646 Consolidated Total Three Months Ended Sep 30, Nine Months Ended Sep 30, ($ in Thousands) 2021 2020 2021 2020 Wealth management fees $ 22,110 $ 21,152 $ 67,229 $ 62,884 Service charges and deposit account fees 16,962 14,283 47,366 40,989 Card-based fees (a) 11,147 10,207 31,920 28,736 Insurance commissions and fees 88 114 250 45,153 Other revenue 2,792 3,487 11,618 9,764 Noninterest income (in-scope of Topic 606) $ 53,099 $ 49,243 $ 158,383 $ 187,524 Noninterest income (out-of-scope of Topic 606) (b)(c) 28,977 26,303 92,479 240,818 Total noninterest income $ 82,076 $ 75,545 $ 250,862 $ 428,342 (a) Certain card-based fees are out-of-scope of Topic 606. (b) For the nine months ended September 30, 2021, the Corporation recognized a $2 million pre-tax gain on the sale of Whitnell. (c) For the nine months ended September 30, 2020, the Corporation recognized a $163 million pre-tax gain on 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 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 is 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 and advisory fees (b) Brokerage and advisory 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. Payment 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 and advisory fees are included in wealth management fees. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | Leases The Corporation has operating leases for retail and corporate offices, land, and equipment. The Corporation also has a finance lease for land. These leases have original terms of 1 year or longer with remaining maturities up to 41 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: Three Months Ended Sep 30, Nine Months Ended Sep 30, ($ in Thousands) 2021 2020 2021 2020 Operating lease costs $ 2,367 $ 3,970 $ 6,850 $ 9,224 Finance lease costs 17 39 76 115 Operating lease cash flows 2,858 2,871 8,598 8,303 Finance lease cash flows 21 40 101 82 The lease classifications on the consolidated balance sheets were as follows: ($ in Thousands) Consolidated Balance Sheets Category Sep 30, 2021 Dec 31, 2020 Operating lease right-of-use asset Premises and equipment $ 29,527 $ 31,994 Finance lease right-of-use asset Other assets 59 962 Operating lease liability Accrued expenses and other liabilities 33,066 36,425 Finance lease liability Other long-term funding 72 1,128 The lease payment obligations, weighted-average remaining lease term, and weighted-average original discount rate were as follows: Sep 30, 2021 Dec 31, 2020 ($ 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 $ 192 1.74 0.46 % $ 386 2.49 0.46 % Retail and corporate offices 30,756 5.55 3.24 % 34,036 6.04 3.33 % Land 5,747 8.48 3.11 % 6,385 8.99 3.09 % Total operating leases $ 36,696 5.97 3.21 % $ 40,806 6.45 3.27 % Finance leases Land $ 73 0.92 1.07 % $ 1,145 1.65 1.05 % Total finance leases $ 73 0.92 1.07 % $ 1,145 1.65 1.05 % 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 Total Leases Three Months Ending December 31, 2021 $ 2,326 $ 21 $ 2,348 2022 8,061 51 8,112 2023 6,108 — 6,108 2024 5,317 — 5,317 2025 4,076 — 4,076 Beyond 2025 10,807 — 10,807 Total lease payments $ 36,696 $ 73 $ 36,768 Less: interest 3,630 — 3,630 Present value of lease payments $ 33,066 $ 72 $ 33,138 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements Adopted | New Accounting Pronouncements Adopted Standard Description Date of adoption Effect on financial statements ASU 2019-12 The FASB issued this amendment to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendment also improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendments in this Update were effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the amendment was permitted. 1st Quarter 2021 Adoption of this amendment did not have a material impact on the Corporation's results of operation, financial position or liquidity. ASU 2020-08 Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs The FASB issued this amendment to clarify that an entity should reevaluate whether a callable debt security is within the scope of paragraph 310-20-35-33 for each reporting period. The amendments in this Update were effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the amendments was not permitted. 1st Quarter 2021 Adoption of this amendment did not have a material impact on the Corporation's results of operation, financial position or liquidity. Future Accounting Pronouncements There are no applicable material accounting pronouncements recently issued that have not yet been adopted by the Corporation. |
Acquisitions Acquisitions (Tabl
Acquisitions Acquisitions (Tables) | Feb. 14, 2020 |
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 AFS (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 14,812 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 2,795 7,692 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 |
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 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 Sep 30, Nine Months Ended Sep 30, (In Thousands, except per share data) 2021 2020 2021 2020 Net income $ 88,809 $ 45,214 $ 274,117 $ 239,769 Preferred stock dividends (4,155) (5,207) (14,236) (13,152) Net income available to common equity $ 84,655 $ 40,007 $ 259,880 $ 226,618 Common shareholder dividends (30,323) (27,676) (85,604) (83,607) Unvested share-based payment awards (222) (199) (634) (549) Undistributed earnings $ 54,109 $ 12,133 $ 173,642 $ 142,462 Undistributed earnings allocated to common shareholders $ 53,716 $ 12,045 $ 172,436 $ 141,426 Undistributed earnings allocated to unvested share-based payment awards 393 87 1,206 1,036 Undistributed earnings $ 54,109 $ 12,133 $ 173,642 $ 142,462 Basic Distributed earnings to common shareholders $ 30,323 $ 27,676 $ 85,604 $ 83,607 Undistributed earnings allocated to common shareholders 53,716 12,045 172,436 141,426 Total common shareholders earnings, basic $ 84,039 $ 39,721 $ 258,040 $ 225,032 Diluted Distributed earnings to common shareholders $ 30,323 $ 27,676 $ 85,604 $ 83,607 Undistributed earnings allocated to common shareholders 53,716 12,045 172,436 141,426 Total common shareholders earnings, diluted $ 84,039 $ 39,721 $ 258,040 $ 225,032 Weighted average common shares outstanding 150,046 152,440 151,473 153,175 Effect of dilutive common stock awards 1,096 754 1,228 739 Diluted weighted average common shares outstanding 151,143 153,194 152,701 153,914 Basic earnings per common share $ 0.56 $ 0.26 $ 1.70 $ 1.47 Diluted earnings per common share $ 0.56 $ 0.26 $ 1.69 $ 1.46 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Fair value assumptions of stock options | The following assumptions were used in estimating the fair value for options granted for the full year 2020: 2020 Dividend yield 3.50 % Risk-free interest rate 1.60 % Weighted average expected volatility 21.00 % Weighted average expected life 5.75 years Weighted average per share fair value of options $2.39 |
Summary of company's stock option activities | A summary of the Corporation’s stock option activity for the nine months ended September 30, 2021 is presented below: Stock Options Shares (a) Weighted Average Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (a) Outstanding at December 31, 2020 6,473 $ 19.77 6.23 years $ 2,005 Exercised 1,116 16.36 Forfeited or expired 97 22.61 Outstanding at September 30, 2021 5,260 $ 20.44 6.01 years $ 11,044 Options Exercisable at September 30, 2021 3,694 $ 20.58 5.19 years $ 8,062 (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 nine months ended September 30, 2021: Restricted Stock Awards Shares (a) Weighted Average Outstanding at December 31, 2020 2,293 $ 20.70 Granted 1,212 20.00 Vested 797 21.23 Forfeited 52 22.39 Outstanding at September 30, 2021 2,656 $ 19.86 (a) In thousands |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment securities available for sale | The amortized cost and fair values of securities AFS and HTM at September 30, 2021 were as follows: ($ in Thousands) Amortized Gross Gross Fair Value Investment securities AFS U. S. Treasury securities $ 124,253 $ 46 $ (319) $ 123,981 Agency securities 15,000 — (2) 14,998 Obligations of state and political subdivisions (municipal securities) 394,310 19,709 — 414,020 Residential mortgage-related securities FNMA / FHLMC 2,377,335 9,216 (9,144) 2,377,408 GNMA 77,199 2,497 — 79,696 Private-label 76,033 — — 76,033 Commercial mortgage-related securities FNMA / FHLMC 357,837 2,230 (6,892) 353,175 GNMA 227,622 3,474 — 231,096 Asset backed securities FFELP 212,378 890 (471) 212,797 SBA 7,182 44 (48) 7,179 Other debt securities 3,000 — (1) 2,999 Total investment securities AFS $ 3,872,150 $ 38,106 $ (16,877) $ 3,893,379 Investment securities HTM U. S. Treasury securities $ 1,000 $ 7 $ — $ 1,007 Obligations of state and political subdivisions (municipal securities) 1,541,443 106,181 (3,996) 1,643,628 Residential mortgage-related securities FNMA / FHLMC 37,318 2,129 — 39,447 GNMA 54,900 2,328 — 57,228 Commercial mortgage-related securities FNMA/FHLMC 170,739 248 (4,002) 166,985 GNMA 124,383 3,202 (22) 127,562 Total investment securities HTM $ 1,929,783 $ 114,095 $ (8,019) $ 2,035,858 The amortized cost and fair values of securities AFS and HTM at December 31, 2020 were as follows: ($ in Thousands) Amortized Gross Gross Fair Value Investment securities AFS U. S. Treasury securities $ 26,436 $ 95 $ — $ 26,531 Agency securities 24,985 53 — 25,038 Obligations of state and political subdivisions (municipal securities) 425,057 25,605 — 450,662 Residential mortgage-related securities FNMA / FHLMC 1,448,806 12,935 (500) 1,461,241 GNMA 231,364 4,176 (3) 235,537 Commercial mortgage-related securities FNMA / FHLMC 19,654 3,250 — 22,904 GNMA 511,429 13,327 — 524,756 Asset backed securities FFELP 329,030 1,172 (3,013) 327,189 SBA 8,637 — (53) 8,584 Other debt securities 3,000 — — 3,000 Total investment securities AFS $ 3,028,399 $ 60,612 $ (3,570) $ 3,085,441 Investment securities HTM U. S. Treasury securities $ 999 $ 25 $ — $ 1,024 Obligations of state and political subdivisions (municipal securities) 1,441,900 133,544 — 1,575,445 Residential mortgage-related securities FNMA / FHLMC 54,599 2,891 — 57,490 GNMA 114,553 4,260 — 118,813 Commercial mortgage-related securities FNMA / FHLMC 11,211 — — 11,211 GNMA 255,742 9,218 — 264,960 Total investment securities HTM $ 1,879,005 $ 149,938 $ — $ 2,028,943 |
Investment securities held to maturity | The amortized cost and fair values of securities AFS and HTM at September 30, 2021 were as follows: ($ in Thousands) Amortized Gross Gross Fair Value Investment securities AFS U. S. Treasury securities $ 124,253 $ 46 $ (319) $ 123,981 Agency securities 15,000 — (2) 14,998 Obligations of state and political subdivisions (municipal securities) 394,310 19,709 — 414,020 Residential mortgage-related securities FNMA / FHLMC 2,377,335 9,216 (9,144) 2,377,408 GNMA 77,199 2,497 — 79,696 Private-label 76,033 — — 76,033 Commercial mortgage-related securities FNMA / FHLMC 357,837 2,230 (6,892) 353,175 GNMA 227,622 3,474 — 231,096 Asset backed securities FFELP 212,378 890 (471) 212,797 SBA 7,182 44 (48) 7,179 Other debt securities 3,000 — (1) 2,999 Total investment securities AFS $ 3,872,150 $ 38,106 $ (16,877) $ 3,893,379 Investment securities HTM U. S. Treasury securities $ 1,000 $ 7 $ — $ 1,007 Obligations of state and political subdivisions (municipal securities) 1,541,443 106,181 (3,996) 1,643,628 Residential mortgage-related securities FNMA / FHLMC 37,318 2,129 — 39,447 GNMA 54,900 2,328 — 57,228 Commercial mortgage-related securities FNMA/FHLMC 170,739 248 (4,002) 166,985 GNMA 124,383 3,202 (22) 127,562 Total investment securities HTM $ 1,929,783 $ 114,095 $ (8,019) $ 2,035,858 The amortized cost and fair values of securities AFS and HTM at December 31, 2020 were as follows: ($ in Thousands) Amortized Gross Gross Fair Value Investment securities AFS U. S. Treasury securities $ 26,436 $ 95 $ — $ 26,531 Agency securities 24,985 53 — 25,038 Obligations of state and political subdivisions (municipal securities) 425,057 25,605 — 450,662 Residential mortgage-related securities FNMA / FHLMC 1,448,806 12,935 (500) 1,461,241 GNMA 231,364 4,176 (3) 235,537 Commercial mortgage-related securities FNMA / FHLMC 19,654 3,250 — 22,904 GNMA 511,429 13,327 — 524,756 Asset backed securities FFELP 329,030 1,172 (3,013) 327,189 SBA 8,637 — (53) 8,584 Other debt securities 3,000 — — 3,000 Total investment securities AFS $ 3,028,399 $ 60,612 $ (3,570) $ 3,085,441 Investment securities HTM U. S. Treasury securities $ 999 $ 25 $ — $ 1,024 Obligations of state and political subdivisions (municipal securities) 1,441,900 133,544 — 1,575,445 Residential mortgage-related securities FNMA / FHLMC 54,599 2,891 — 57,490 GNMA 114,553 4,260 — 118,813 Commercial mortgage-related securities FNMA / FHLMC 11,211 — — 11,211 GNMA 255,742 9,218 — 264,960 Total investment securities HTM $ 1,879,005 $ 149,938 $ — $ 2,028,943 |
Amortized cost and fair values of investment securities by contractual maturity | The expected maturities of investment securities AFS and HTM at September 30, 2021, are shown below: AFS HTM ($ in Thousands) Amortized Fair Amortized Fair Due in one year or less $ 7,987 $ 7,996 $ 27,797 $ 27,982 Due after one year through five years 75,545 75,970 39,029 40,265 Due after five years through ten years 415,467 430,634 181,911 189,290 Due after ten years 37,565 41,396 1,293,705 1,387,099 Total debt securities 536,564 555,997 1,542,442 1,644,635 Residential mortgage-related securities FNMA / FHLMC 2,377,335 2,377,408 37,318 39,447 GNMA 77,199 79,696 54,900 57,228 Private-label 76,033 76,033 — — Commercial mortgage-related securities FNMA / FHLMC 357,837 353,175 170,739 166,985 GNMA 227,622 231,096 124,383 127,562 Asset backed securities FFELP 212,378 212,797 — — SBA 7,182 7,179 — — Total investment securities $ 3,872,150 $ 3,893,379 $ 1,929,783 $ 2,035,858 Ratio of fair value to amortized cost 100.5 % 105.5 % |
Debt Securities, Held-to-maturity, Credit Quality Indicator | The following table summarizes the credit quality indicators of HTM securities at amortized cost at September 30, 2021: ($ in Thousands) AAA AA A Not Rated Total U. S. Treasury securities $ 1,000 $ — $ — $ — $ 1,000 Obligations of state and political subdivisions (municipal securities) 683,098 847,641 10,511 194 1,541,443 Residential mortgage-related securities FNMA / FHLMC 37,318 — — — 37,318 GNMA 54,900 — — — 54,900 Commercial mortgage-related securities FNMA / FHLMC 170,739 — — — 170,739 GNMA 124,383 — — — 124,383 Total HTM securities $ 1,071,438 $ 847,641 $ 10,511 $ 194 $ 1,929,783 The following table summarizes the credit quality indicators of HTM securities at amortized cost at December 31, 2020: ($ in Thousands) AAA AA A Total U. S. Treasury securities $ 999 $ — $ — $ 999 Obligations of state and political subdivisions (municipal securities) 567,252 860,607 14,041 1,441,900 Residential mortgage-related securities FNMA / FHLMC 54,599 — — 54,599 GNMA 114,553 — — 114,553 Commercial mortgage-related securities FNMA / FHLMC 11,211 — — 11,211 GNMA 255,742 — — 255,742 Total HTM securities $ 1,004,357 $ 860,607 $ 14,041 $ 1,879,005 |
Realized gains and losses and proceeds from sale | The proceeds from the sale of investment securities for the three and nine months ended September 30, 2021 and 2020, are shown below: Three Months Ended Sep 30, Nine Months Ended Sep 30, ($ in Thousands) 2021 2020 2021 2020 Gross gains on AFS securities $ — $ 7 $ 421 $ 9,312 Gross (losses) on AFS securities — — (437) (90) Investment securities gains (losses), net $ — $ 7 $ (16) $ 9,222 Proceeds from sales of investment securities $ — $ 8 $ 158,708 $ 626,283 |
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 AFS and HTM, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at September 30, 2021: Less than 12 months 12 months or more Total ($ in Thousands) Number Unrealized Fair Number Unrealized Fair Unrealized Fair Investment securities AFS U.S. Treasury securities 4 $ (319) $ 84,071 — — $ — $ (319) $ 84,071 Agency securities 1 (2) 14,998 — — — (2) 14,998 Residential mortgage-related securities FNMA / FHLMC 33 (9,144) 1,170,981 — — — (9,144) 1,170,981 GNMA 1 — 69 — — — — 69 FNMA / FHLMC commercial mortgage-related securities 19 (6,892) 331,504 — — — (6,892) 331,504 Asset backed securities FFELP 1 (124) 34,876 8 (347) 65,002 (471) 99,878 SBA — — — 9 (48) 4,229 (48) 4,229 Other debt securities 1 (1) 999 — — — (1) 999 Total 60 $ (16,482) $ 1,637,498 17 $ (395) $ 69,231 $ (16,877) $ 1,706,729 Investment securities HTM Obligations of state and political subdivisions (municipal securities) 62 $ (3,996) $ 151,216 — $ — $ — $ (3,996) $ 151,216 Commercial mortgage-related securities FNMA / FHLMC 11 (4,002) 146,248 — — — (4,002) 146,248 GNMA 1 (22) 15,631 — — — (22) 15,631 Total 74 $ (8,019) $ 313,096 — $ — $ — $ (8,019) $ 313,096 For comparative purposes, the following represents gross unrealized losses and the related fair value of investment securities AFS and HTM, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2020: Less than 12 months 12 months or more Total ($ in Thousands) Number Unrealized Fair Number Unrealized Fair Unrealized Fair Investment securities AFS Residential mortgage-related securities FNMA / FHLMC 7 $ (500) $ 163,002 — $ — $ — $ (500) $ 163,002 GNMA 2 (3) 9,784 — — — (3) 9,784 GNMA commercial mortgage-related securities 1 — 287 — — — — 287 Asset backed securities FFELP 1 (129) 9,267 16 (2,885) 178,681 (3,013) 187,948 SBA 14 (53) 8,379 — — — (53) 8,379 Other debt securities 2 — 2,000 — — — — 2,000 Total 27 $ (685) $ 192,720 16 $ (2,885) $ 178,681 $ (3,570) $ 371,400 Investment securities HTM GNMA residential mortgage-related securities 1 $ — $ 325 — $ — $ — $ — $ 325 Total 1 $ — $ 325 — $ — $ — $ — $ 325 |
Loans Loans (Tables)
Loans Loans (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Receivables [Abstract] | ||
Loan composition | The period end loan composition was as follows: ($ in Thousands) Sep 30, 2021 Dec 31, 2020 PPP $ 182,121 $ 767,757 Commercial and industrial 7,927,459 7,701,422 Commercial real estate — owner occupied 879,554 900,912 Commercial and business lending 8,989,133 9,370,091 Commercial real estate — investor 4,296,489 4,342,584 Real estate construction 1,834,871 1,840,417 Commercial real estate lending 6,131,360 6,183,001 Total commercial 15,120,493 15,553,091 Residential mortgage 7,590,895 7,878,324 Home equity 608,566 707,255 Other consumer 294,979 301,876 Auto 6,739 11,177 Total consumer 8,501,180 8,898,632 Total loans $ 23,621,673 $ 24,451,724 | |
Commercial and consumer loans by credit quality indicator | he following table presents commercial and consumer loans by credit quality indicator by vintage year at September 30, 2021: Term Loans Amortized Cost Basis by Origination Year (a) ($ in Thousands) Rev Loans Converted to Term (a) Rev Loans Amortized Cost Basis YTD 2021 2020 2019 2018 2017 Prior Total PPP: (b) Risk rating: Pass $ — $ — $ 147,568 $ 29,900 $ — $ — $ — $ — $ 177,467 Special Mention — — 212 281 — — — — 493 Potential Problem — — 4,160 — — — — — 4,160 PPP $ — $ — $ 151,940 $ 30,180 $ — $ — $ — $ — $ 182,121 Commercial and industrial: Risk rating: Pass $ 2,085 $ 2,278,181 $ 1,664,130 $ 1,046,760 $ 1,092,662 $ 802,214 $ 249,129 $ 621,500 $ 7,754,575 Special Mention — 1,396 5,900 193 28,918 — — 2,990 39,397 Potential Problem 2,825 27,948 1,933 5,555 46,997 21,286 20,111 1,160 124,990 Nonaccrual — — 17 166 108 7,248 — 959 8,497 Commercial and industrial $ 4,910 $ 2,307,525 $ 1,671,979 $ 1,052,674 $ 1,168,685 $ 830,748 $ 269,240 $ 626,609 $ 7,927,459 Commercial real estate - owner occupied: Risk rating: Pass $ 11,667 $ 22,430 $ 143,911 $ 173,396 $ 193,463 $ 114,618 $ 61,713 $ 133,641 $ 843,173 Special Mention — 211 — 3,303 11,368 — — 250 15,132 Potential Problem — 487 6,182 5,969 686 748 2,640 4,529 21,241 Nonaccrual — — — — — — — 7 7 Commercial real estate - owner occupied $ 11,667 $ 23,127 $ 150,094 $ 182,668 $ 205,518 $ 115,366 $ 64,353 $ 138,427 $ 879,554 Commercial and business lending: Risk rating: Pass $ 13,752 $ 2,300,611 $ 1,955,609 $ 1,250,056 $ 1,286,125 $ 916,832 $ 310,842 $ 755,141 $ 8,775,216 Special Mention — 1,606 6,112 3,777 40,287 — — 3,240 55,022 Potential Problem 2,825 28,435 12,275 11,524 47,683 22,034 22,751 5,688 150,391 Nonaccrual — — 17 166 108 7,248 — 966 8,504 Commercial and business lending $ 16,577 $ 2,330,652 $ 1,974,013 $ 1,265,523 $ 1,374,203 $ 946,114 $ 333,593 $ 765,036 $ 8,989,133 Commercial real estate - investor: Risk rating: Pass $ 38,041 $ 85,353 $ 878,373 $ 957,478 $ 1,034,119 $ 474,770 $ 178,270 $ 335,168 $ 3,943,532 Special Mention — — 57,100 67,285 74,040 5,973 1,259 6,836 212,491 Potential Problem — — 5,474 25,720 4,074 24,259 4,730 14,705 78,962 Nonaccrual — — 23,973 8,412 9,690 19,222 — 207 61,504 Commercial real estate - investor $ 38,041 $ 85,353 $ 964,920 $ 1,058,894 $ 1,121,923 $ 524,225 $ 184,259 $ 356,916 $ 4,296,489 Real estate construction: Risk rating: Pass $ — $ 26,560 $ 581,257 $ 731,505 $ 328,020 $ 93,893 $ 21,154 $ 13,227 $ 1,795,616 Special Mention — — — — 3,894 15,885 41 — 19,820 Potential Problem — — 8 124 18,968 — — 87 19,187 Nonaccrual — — — 5 — — — 242 247 Real estate construction $ — $ 26,560 $ 581,265 $ 731,634 $ 350,881 $ 109,778 $ 21,195 $ 13,556 $ 1,834,871 Commercial real estate lending: Risk rating: Pass $ 38,041 $ 111,913 $ 1,459,630 $ 1,688,983 $ 1,362,139 $ 568,663 $ 199,424 $ 348,395 $ 5,739,148 Special Mention — — 57,100 67,285 77,934 21,858 1,300 6,836 232,312 Potential Problem — — 5,483 25,844 23,041 24,259 4,730 14,792 98,150 Nonaccrual — — 23,973 8,417 9,690 19,222 — 448 61,751 Commercial real estate lending $ 38,041 $ 111,913 $ 1,546,185 $ 1,790,529 $ 1,472,804 $ 634,002 $ 205,454 $ 370,472 $ 6,131,360 Term Loans Amortized Cost Basis by Origination Year (a) ($ in Thousands) Rev Loans Converted to Term (a) Rev Loans Amortized Cost Basis YTD 2021 2020 2019 2018 2017 Prior Total Total commercial: Risk rating: Pass $ 51,793 $ 2,412,524 $ 3,415,239 $ 2,939,040 $ 2,648,264 $ 1,485,495 $ 510,266 $ 1,103,537 $ 14,514,363 Special Mention — 1,606 63,212 71,061 118,220 21,858 1,300 10,076 287,333 Potential Problem 2,825 28,435 17,758 37,367 70,725 46,294 27,481 20,481 248,541 Nonaccrual — — 23,989 8,584 9,798 26,470 — 1,415 70,256 Total commercial $ 54,618 $ 2,442,565 $ 3,520,198 $ 3,056,052 $ 2,847,007 $ 1,580,116 $ 539,047 $ 1,135,508 $ 15,120,493 Residential mortgage: Risk rating: Pass $ — $ — $ 1,404,558 $ 2,040,914 $ 1,048,656 $ 460,120 $ 722,589 $ 1,854,629 $ 7,531,466 Special Mention — — — — — — — 377 377 Potential Problem — — 538 340 409 326 82 679 2,374 Nonaccrual — — 1,721 2,032 4,483 4,979 7,304 36,160 56,678 Residential mortgage $ — $ — $ 1,406,816 $ 2,043,286 $ 1,053,548 $ 465,425 $ 729,974 $ 1,891,844 $ 7,590,895 Home equity: Risk rating: Pass $ 4,992 $ 504,747 $ 773 $ 1,617 $ 8,850 $ 9,952 $ 8,538 $ 65,577 $ 600,053 Special Mention 74 17 — — 1 110 — 375 503 Potential Problem 10 — 10 — — 15 — 146 171 Nonaccrual 582 4 56 25 227 288 303 6,936 7,838 Home equity $ 5,658 $ 504,767 $ 839 $ 1,643 $ 9,078 $ 10,364 $ 8,841 $ 73,034 $ 608,566 Other consumer: Risk rating: Pass $ 402 $ 168,534 $ 7,455 $ 6,730 $ 6,232 $ 1,940 $ 815 $ 109,253 $ 300,959 Special Mention 64 387 — — 13 66 — 4 470 Nonaccrual 4 164 — 12 56 20 20 18 290 Other consumer $ 471 $ 169,084 $ 7,455 $ 6,743 $ 6,300 $ 2,026 $ 835 $ 109,275 $ 301,718 Total consumer: Risk rating: Pass $ 5,394 $ 673,281 $ 1,412,786 $ 2,049,262 $ 1,063,738 $ 472,012 $ 731,942 $ 2,029,458 $ 8,432,478 Special Mention 138 403 — — 14 176 — 756 1,350 Potential Problem 10 — 548 340 409 341 82 825 2,546 Nonaccrual 586 167 1,776 2,070 4,765 5,287 7,627 43,114 64,806 Total consumer $ 6,128 $ 673,852 $ 1,415,110 $ 2,051,672 $ 1,068,927 $ 477,816 $ 739,650 $ 2,074,153 $ 8,501,180 Total loans: Risk rating: Pass (c) $ 57,187 $ 3,085,805 $ 4,828,025 $ 4,988,301 $ 3,712,002 $ 1,957,507 $ 1,242,208 $ 3,132,995 $ 22,946,842 Special Mention 138 2,010 63,212 71,061 118,234 22,034 1,300 10,832 288,683 Potential Problem 2,836 28,435 18,306 37,707 71,134 46,635 27,563 21,305 251,087 Nonaccrual 586 167 25,766 10,653 14,563 31,756 7,627 44,529 135,062 Total loans $ 60,747 $ 3,116,417 $ 4,935,308 $ 5,107,723 $ 3,915,934 $ 2,057,932 $ 1,278,698 $ 3,209,661 $ 23,621,673 (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) Accruing TDRs are included in pass unless otherwise rated as special mention. The following table presents commercial and consumer loans by credit quality indicator by vintage year at December 31, 2020: Term Loans Amortized Cost Basis by Origination Year (a) ($ in Thousands) Rev Loans Converted to Term (a) Rev Loans Amortized Cost Basis 2020 2019 2018 2017 2016 Prior Total PPP: (b) Risk rating: Pass $ — $ — $ 745,767 $ — $ — $ — $ — $ — $ 745,767 Special Mention — — 3,988 — — — — — 3,988 Potential Problem — — 18,002 — — — — — 18,002 PPP $ — $ — $ 767,757 $ — $ — $ — $ — $ — $ 767,757 Commercial and industrial: Risk rating: Pass $ 4,628 $ 2,177,138 $ 1,389,260 $ 1,435,519 $ 1,182,302 $ 483,957 $ 305,998 $ 453,734 $ 7,427,908 Special Mention — 10,159 2,719 39,854 37,042 113 215 67 90,169 Potential Problem 2,565 7,237 19,331 28,413 56,580 2,269 6,477 1,179 121,487 Nonaccrual 16,852 — 6,238 5,789 17,014 16,623 8,781 7,414 61,859 Commercial and industrial $ 24,045 $ 2,194,534 $ 1,417,548 $ 1,509,575 $ 1,292,938 $ 502,962 $ 321,471 $ 462,394 $ 7,701,422 Commercial real estate - owner occupied: Risk rating: Pass $ 1,150 $ 18,022 $ 185,861 $ 209,069 $ 128,360 $ 99,546 $ 147,366 $ 79,111 $ 867,335 Special Mention — 113 1,882 3,122 300 658 264 — 6,339 Potential Problem — 3,486 4,104 8,916 — 1,490 4,437 3,747 26,179 Nonaccrual — — — — — 318 — 740 1,058 Commercial real estate - owner occupied $ 1,150 $ 21,621 $ 191,847 $ 221,107 $ 128,660 $ 102,012 $ 152,067 $ 83,598 $ 900,912 Commercial and business lending: Risk rating: Pass $ 5,778 $ 2,195,160 $ 2,320,888 $ 1,644,588 $ 1,310,662 $ 583,503 $ 453,364 $ 532,845 $ 9,041,009 Special Mention — 10,272 8,589 42,976 37,342 771 479 67 100,496 Potential Problem 2,565 10,723 41,437 37,329 56,580 3,759 10,915 4,926 165,668 Nonaccrual 16,852 — 6,238 5,789 17,014 16,941 8,781 8,154 62,917 Commercial and business lending $ 25,195 $ 2,216,154 $ 2,377,152 $ 1,730,682 $ 1,421,598 $ 604,974 $ 473,539 $ 545,992 $ 9,370,091 Commercial real estate - investor: Risk rating: Pass $ 10,971 $ 171,497 $ 1,249,644 $ 976,332 $ 720,237 $ 271,987 $ 341,658 $ 211,360 $ 3,942,714 Special Mention — — 90,235 97,333 12,339 — 21,882 8,465 230,254 Potential Problem — 838 16,343 13,575 30,911 2,279 239 27,209 91,396 Nonaccrual 19,803 — 10,141 53,056 446 14,267 — 309 78,220 Commercial real estate - investor $ 30,774 $ 172,335 $ 1,366,364 $ 1,140,297 $ 763,933 $ 288,533 $ 363,779 $ 247,343 $ 4,342,584 Real estate construction: Risk rating: Pass $ 776 $ 47,880 $ 645,925 $ 738,561 $ 294,910 $ 25,219 $ 2,420 $ 16,768 $ 1,771,682 Special Mention — — 487 494 48,283 42 — 30 49,336 Potential Problem — — 135 — 18,803 — 93 15 19,046 Nonaccrual — — — — — 16 — 338 353 Real estate construction $ 776 $ 47,880 $ 646,547 $ 739,055 $ 361,996 $ 25,277 $ 2,513 $ 17,150 $ 1,840,417 Commercial real estate lending: Risk rating: Pass $ 11,746 $ 219,377 $ 1,895,569 $ 1,714,893 $ 1,015,146 $ 297,205 $ 344,078 $ 228,127 $ 5,714,396 Special Mention — — 90,722 97,827 60,622 42 21,882 8,494 279,590 Potential Problem — 838 16,479 13,575 49,714 2,279 332 27,224 110,442 Nonaccrual 19,803 — 10,141 53,056 446 14,283 — 647 78,573 Commercial real estate lending $ 31,549 $ 220,215 $ 2,012,911 $ 1,879,352 $ 1,125,929 $ 313,810 $ 366,292 $ 264,493 $ 6,183,001 Term Loans Amortized Cost Basis by Origination Year (a) ($ in Thousands) Rev Loans Converted to Term (a) Rev Loans Amortized Cost Basis 2020 2019 2018 2017 2016 Prior Total Total commercial: Risk rating: Pass $ 17,524 $ 2,414,537 $ 4,216,457 $ 3,359,482 $ 2,325,808 $ 880,708 $ 797,441 $ 760,973 $ 14,755,405 Special Mention — 10,272 99,311 140,803 97,964 813 22,361 8,562 380,086 Potential Problem 2,565 11,561 57,916 50,905 106,295 6,038 11,247 32,150 276,111 Nonaccrual 36,655 — 16,379 58,845 17,460 31,224 8,781 8,801 141,490 Total commercial $ 56,745 $ 2,436,370 $ 4,390,063 $ 3,610,033 $ 2,547,526 $ 918,783 $ 839,831 $ 810,485 $ 15,553,091 Residential mortgage: Risk rating: Pass $ — $ — $ 2,185,240 $ 1,490,589 $ 615,118 $ 998,072 $ 911,797 $ 1,612,971 $ 7,813,788 Special Mention — — — 355 330 102 126 537 1,450 Potential Problem — — 1,200 689 652 — 179 1,028 3,749 Nonaccrual — — 1,478 2,271 5,882 7,116 11,003 31,587 59,337 Residential mortgage $ — $ — $ 2,187,918 $ 1,493,903 $ 621,983 $ 1,005,290 $ 923,105 $ 1,646,124 $ 7,878,324 Home equity: Risk rating: Pass $ 10,224 $ 569,389 $ 2,057 $ 12,968 $ 15,792 $ 11,594 $ 5,803 $ 76,165 $ 693,767 Special Mention 596 631 — 39 14 39 4 804 1,532 Potential Problem — 1,922 — — — — — 146 2,068 Nonaccrual 1,600 100 965 134 410 319 711 7,249 9,888 Home equity $ 12,421 $ 572,041 $ 3,022 $ 13,141 $ 16,216 $ 11,952 $ 6,518 $ 84,364 $ 707,255 Other consumer: Risk rating: Pass $ 70 $ 165,114 $ 9,525 $ 10,309 $ 3,987 $ 1,872 $ 1,185 $ 120,425 $ 312,416 Special Mention 5 438 13 16 11 4 7 8 498 Nonaccrual 5 33 9 49 21 10 — 18 140 Other consumer $ 81 $ 165,585 $ 9,547 $ 10,374 $ 4,019 $ 1,886 $ 1,192 $ 120,451 $ 313,054 Total consumer: Risk rating: Pass $ 10,294 $ 734,502 $ 2,196,822 $ 1,513,865 $ 634,897 $ 1,011,539 $ 918,785 $ 1,809,561 $ 8,819,971 Special Mention 602 1,069 13 410 356 145 137 1,349 3,480 Potential Problem — 1,922 1,200 689 652 — 179 1,174 5,817 Nonaccrual 1,605 133 2,452 2,454 6,313 7,445 11,714 38,854 69,364 Total consumer $ 12,501 $ 737,626 $ 2,200,487 $ 1,517,417 $ 642,218 $ 1,019,128 $ 930,816 $ 1,850,939 $ 8,898,632 Total loans: Risk rating: Pass (c) $ 27,819 $ 3,149,039 $ 6,413,278 $ 4,873,347 $ 2,960,705 $ 1,892,247 $ 1,716,226 $ 2,570,534 $ 23,575,376 Special Mention 602 11,341 99,324 141,213 98,320 958 22,498 9,911 383,566 Potential Problem 2,565 13,483 59,116 51,593 106,947 6,038 11,426 33,324 281,928 Nonaccrual 38,260 133 18,831 61,298 23,773 38,669 20,496 47,655 210,854 Total loans $ 69,246 $ 3,173,996 $ 6,590,550 $ 5,127,451 $ 3,189,745 $ 1,937,912 $ 1,770,647 $ 2,661,424 $ 24,451,724 (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) Accruing TDRs are included in pass unless otherwise rated as special mention. | |
Summarized details of Loans | The following table presents loans by past due status at September 30, 2021: Accruing ($ in Thousands) Current (a) 30-59 Days 60-89 Days 90+ Days Nonaccrual (b)(c) Total PPP $ 181,552 $ 485 $ 83 $ — $ — $ 182,121 Commercial and industrial 7,917,635 1,121 108 98 8,497 7,927,459 Commercial real estate - owner occupied 879,516 30 — — 7 879,554 Commercial and business lending 8,978,704 1,636 191 98 8,504 8,989,133 Commercial real estate - investor 4,217,965 17,021 — — 61,504 4,296,489 Real estate construction 1,834,623 — — — 247 1,834,871 Commercial real estate lending 6,052,588 17,021 — — 61,751 6,131,360 Total commercial 15,031,292 18,657 191 98 70,256 15,120,493 Residential mortgage 7,526,996 6,996 99 126 56,678 7,590,895 Home equity 597,776 2,428 503 21 7,838 608,566 Other consumer 292,700 724 549 785 222 294,979 Auto 6,662 10 — — 67 6,739 Total consumer 8,424,134 10,158 1,150 932 64,806 8,501,180 Total loans $ 23,455,426 $ 28,815 $ 1,341 $ 1,029 $ 135,062 $ 23,621,673 (a) Any loans deferred in connection with the COVID-19 pandemic are considered current in accordance with Section 4013 of the CARES Act. (b) Of the total nonaccrual loans, $83 million, or 62%, were current with respect to payment at September 30, 2021. (c) No interest income was recognized on nonaccrual loans for the three and nine months ended September 30, 2021. In addition, there were $11 million of nonaccrual loans for which there was no related ACLL at September 30, 2021. The following table presents loans by past due status at December 31, 2020: Accruing ($ in Thousands) Current (a) 30-59 Days 60-89 Days 90+ Days Nonaccrual (b)(c) Total PPP $ 767,757 $ — $ — $ — $ — $ 767,757 Commercial and industrial 7,633,269 2,819 3,300 175 61,859 7,701,422 Commercial real estate - owner occupied 899,480 158 215 — 1,058 900,912 Commercial and business lending 9,300,506 2,977 3,516 175 62,917 9,370,091 Commercial real estate - investor 4,251,571 1,024 11,769 — 78,220 4,342,584 Real estate construction 1,839,073 991 — — 353 1,840,417 Commercial real estate lending 6,090,644 2,015 11,769 — 78,573 6,183,001 Total commercial 15,391,150 4,992 15,284 175 141,490 15,553,091 Residential mortgage 7,808,294 8,975 1,410 308 59,337 7,878,324 Home equity 692,565 3,071 1,731 — 9,888 707,255 Other consumer 299,128 998 545 1,115 91 301,876 Auto 11,072 41 15 — 49 11,177 Total consumer 8,811,060 13,085 3,701 1,423 69,364 8,898,632 Total loans $ 24,202,209 $ 18,077 $ 18,985 $ 1,598 $ 210,854 $ 24,451,724 (a) Any loans deferred in connection with the COVID-19 pandemic are considered current in accordance with Section 4013 of the CARES Act. (b) Of the total nonaccrual loans, $128 million, or 61%, were current with respect to payment at December 31, 2020. (c) No interest income was recognized on nonaccrual loans for the year ended December 31, 2020. In addition, there were $28 million of nonaccrual loans for which there was no related ACLL at December 31, 2020. | |
Nonaccrual and performing restructured loans | The following table presents nonaccrual and performing restructured loans by loan portfolio: Sep 30, 2021 Dec 31, 2020 ($ in Thousands) Performing Nonaccrual Restructured Loans (a) Performing Nonaccrual Restructured Loans (a) Commercial and industrial $ 11,067 $ 959 $ 12,713 $ 6,967 Commercial real estate — owner occupied 1,031 — 1,711 — Commercial real estate — investor 13,236 207 26,435 225 Real estate construction 248 107 260 111 Residential mortgage 15,253 13,235 7,825 11,509 Home equity 2,787 718 1,957 1,379 Other consumer 877 — 1,191 — Total restructured loans (b) $ 44,499 $ 15,226 $ 52,092 $ 20,190 (a) Nonaccrual restructured loans have been included within nonaccrual loans. | |
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 nine months ended September 30, 2021 and 2020: Nine months ended Sep 30, 2021 Nine months ended Sep 30, 2020 ($ in Thousands) Number Recorded Investment (a) Unpaid Principal Balance (b) Number Recorded Investment (a) Unpaid Principal Balance (b) Commercial and industrial 4 $ 638 $ 638 3 $ 1,250 $ 1,324 Commercial real estate — owner occupied — — — 2 453 751 Commercial real estate — investor 4 1,682 1,682 1 530 530 Real estate construction — — — 1 102 102 Residential mortgage 55 10,434 10,460 32 5,789 5,870 Home equity 7 916 963 18 676 702 Total loans modified 70 $ 13,670 $ 13,744 57 $ 8,800 $ 9,280 (a) Represents post-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 nine months ended September 30, 2021 and 2020, and the recorded investment in these restructured loans as of September 30, 2021 and 2020: Nine months ended Sep 30, 2021 Nine months ended Sep 30, 2020 ($ in Thousands) Number of Recorded Number of Recorded Residential mortgage 2 $ 200 5 $ 1,036 Home equity — — 4 208 Total loans modified 2 $ 200 9 $ 1,244 | |
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 nine months ended September 30, 2021: ($ in Thousands) Dec 31, 2020 Charge offs Recoveries Net Charge offs Provision for credit losses Sep 30, 2021 ACLL / Loans Allowance for loan losses PPP $ 531 $ — $ — $ — $ (406) $ 125 Commercial and industrial 142,793 (13,773) 7,415 (6,358) (47,324) 89,111 Commercial real estate — owner occupied 11,274 — 115 115 634 12,022 Commercial and business lending 154,598 (13,773) 7,530 (6,242) (47,096) 101,259 Commercial real estate — investor 93,435 (14,340) 3,046 (11,293) (680) 81,461 Real estate construction 59,193 (5) 74 69 (18,298) 40,965 Commercial real estate lending 152,629 (14,344) 3,120 (11,224) (18,978) 122,426 Total commercial 307,226 (28,117) 10,650 (17,467) (66,074) 223,685 Residential mortgage 42,996 (732) 700 (32) (1,344) 41,620 Home equity 18,849 (600) 2,240 1,640 (6,172) 14,317 Other consumer 14,456 (2,331) 965 (1,366) (1,836) 11,253 Auto 174 (4) 24 20 (74) 120 Total consumer 76,475 (3,667) 3,928 262 (9,426) 67,311 Total loans $ 383,702 $ (31,784) $ 14,579 $ (17,205) $ (75,500) $ 290,997 Allowance for unfunded commitments Commercial and industrial $ 22,311 $ — $ — $ — $ (2,910) $ 19,402 Commercial real estate — owner occupied 266 — — — 43 309 Commercial and business lending 22,577 — — — (2,867) 19,711 Commercial real estate — investor 636 — — — 85 721 Real estate construction 18,887 — — — (3,411) 15,476 Commercial real estate lending 19,523 — — — (3,326) 16,197 Total commercial 42,101 — — — (6,193) 35,908 Home equity 3,118 — — — (87) 3,031 Other consumer 2,557 — — — (220) 2,337 Total consumer 5,675 — — — (307) 5,368 Total loans $ 47,776 $ — $ — $ — $ (6,500) $ 41,276 Allowance for credit losses on loans PPP $ 531 $ — $ — $ — $ (406) $ 125 0.07 % Commercial and industrial 165,105 (13,773) 7,415 (6,358) (50,233) 108,513 1.37 % Commercial real estate — owner occupied 11,539 — 115 115 677 12,331 1.40 % Commercial and business lending 177,175 (13,773) 7,530 (6,242) (49,963) 120,970 1.35 % Commercial real estate — investor 94,071 (14,340) 3,046 (11,293) (595) 82,182 1.91 % Real estate construction 78,080 (5) 74 69 (21,709) 56,441 3.08 % Commercial real estate lending 172,152 (14,344) 3,120 (11,224) (22,304) 138,623 2.26 % Total commercial 349,327 (28,117) 10,650 (17,467) (72,267) 259,593 1.72 % Residential mortgage 42,996 (732) 700 (32) (1,344) 41,620 0.55 % Home equity 21,967 (600) 2,240 1,640 (6,259) 17,348 2.85 % Other consumer 17,013 (2,331) 965 (1,366) (2,056) 13,591 4.61 % Auto 174 (4) 24 20 (74) 120 1.79 % Total consumer 82,150 (3,667) 3,928 262 (9,733) 72,679 0.85 % Total loans $ 431,478 $ (31,784) $ 14,579 $ (17,205) $ (82,000) $ 332,273 1.41 % | The following table presents a summary of the changes in the ACLL by portfolio segment for the year ended December 31, 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 credit losses Dec 31, 2020 ACLL / Loans Allowance for loan losses PPP $ — $ — $ — $ — $ — $ — $ — $ — $ 531 $ 531 Commercial and industrial 91,133 52,919 144,052 (80,320) 7,004 (73,316) 293 408 71,355 142,793 Commercial real estate — owner occupied 10,284 (1,851) 8,433 (419) 147 (272) 890 255 1,967 11,274 Commercial and business lending 101,417 51,068 152,485 (80,739) 7,151 (73,588) 1,183 663 73,853 154,598 Commercial real estate — investor 40,514 2,041 42,555 (22,920) 643 (22,277) 753 472 71,933 93,435 Real estate construction 24,915 7,467 32,382 (19) 49 31 435 492 25,854 59,193 Commercial real estate lending 65,428 9,508 74,937 (22,938) 692 (22,246) 1,188 964 97,787 152,629 Total commercial 166,846 60,576 227,422 (103,677) 7,844 (95,834) 2,371 1,627 171,641 307,226 Residential mortgage 16,960 33,215 50,175 (1,867) 500 (1,367) 651 403 (6,864) 42,996 Home equity 10,926 11,649 22,575 (1,719) 1,978 259 422 374 (4,781) 18,849 Other consumer (a) 6,639 7,016 13,655 (4,790) 1,101 (3,689) 61 140 4,462 14,630 Total consumer 34,525 51,880 86,405 (8,376) 3,579 (4,797) 1,134 917 (7,183) 76,475 Total loans $ 201,371 $ 112,457 $ 313,828 $ (112,053) $ 11,422 $ (100,631) $ 3,504 $ 2,543 $ 164,457 $ 383,702 Allowance for unfunded commitments Commercial and industrial $ 12,276 $ (3,998) $ 8,278 $ — $ — $ — $ — $ 61 $ 13,972 $ 22,311 Commercial real estate — owner occupied 127 — 127 — — — — 4 135 266 Commercial and business lending 12,403 (3,998) 8,405 — — — — 65 14,108 22,577 Commercial real estate — investor 530 246 776 — — — — 2 (141) 636 Real estate construction 7,532 18,347 25,879 — — — — 45 (7,038) 18,887 Commercial real estate lending 8,062 18,593 26,655 — — — — 47 (7,179) 19,523 Total commercial 20,465 14,595 35,060 — — — — 112 6,929 42,101 Home equity 1,038 2,591 3,629 — — — — 66 (577) 3,118 Other consumer 405 1,504 1,909 — — — — — 649 2,557 Total consumer 1,443 4,095 5,538 — — — — 66 72 5,675 Total loans $ 21,907 $ 18,690 $ 40,597 $ — $ — $ — $ — $ 179 $ 7,000 $ 47,776 Allowance for credit losses on loans PPP $ — $ — $ — $ — $ — $ — $ — $ — $ 531 $ 531 0.07 % Commercial and industrial 103,409 48,921 152,330 (80,320) 7,004 (73,316) 293 469 85,327 165,105 2.14 % Commercial real estate — owner occupied 10,411 (1,851) 8,560 (419) 147 (272) 890 259 2,102 11,539 1.28 % Commercial and business lending 113,820 47,070 160,890 (80,739) 7,151 (73,588) 1,183 728 87,961 177,175 1.89 % Commercial real estate — investor 41,044 2,287 43,331 (22,920) 643 (22,277) 753 474 71,792 94,071 2.17 % Real estate construction 32,447 25,814 58,261 (19) 49 31 435 537 18,816 78,080 4.24 % Commercial real estate lending 73,490 28,101 101,591 (22,938) 692 (22,246) 1,188 1,011 90,608 172,152 2.78 % Total commercial 187,311 75,171 262,482 (103,677) 7,844 (95,834) 2,371 1,739 178,569 349,327 2.25 % Residential mortgage 16,960 33,215 50,175 (1,867) 500 (1,367) 651 403 (6,864) 42,996 0.55 % Home equity 11,964 14,240 26,204 (1,719) 1,978 259 422 440 (5,358) 21,967 3.11 % Other consumer (a) 7,044 8,520 15,564 (4,790) 1,101 (3,689) 61 140 5,111 17,187 5.49 % Total consumer 35,968 55,975 91,943 (8,376) 3,579 (4,797) 1,134 983 (7,112) 82,150 0.92 % Total loans $ 223,278 $ 131,147 $ 354,425 $ (112,053) $ 11,422 $ (100,631) $ 3,504 $ 2,722 $ 171,457 $ 431,478 1.76 % (a) Includes auto |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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) Nine months ended Sep 30, 2021 Year Ended Dec 31, 2020 Core deposit intangibles Gross carrying amount at the beginning of period $ 88,109 $ 80,730 Additions during the period — 7,379 Accumulated amortization (27,814) (21,205) Net book value $ 60,296 $ 66,904 Amortization during the period $ 6,608 $ 8,749 Other intangibles Gross carrying amount at the beginning of period $ 2,000 $ 38,970 Additions during the period — 200 Reductions due to sale (1,317) (17,435) Accumulated amortization (683) (20,385) Net book value $ — $ 1,350 Amortization during the period $ 33 $ 1,443 |
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) Nine months ended Sep 30, 2021 Year Ended Dec 31, 2020 Mortgage servicing rights Mortgage servicing rights at beginning of period $ 59,967 $ 67,607 Additions from acquisition — 1,357 Additions 11,761 13,667 Amortization (15,624) (22,664) Mortgage servicing rights at end of period $ 56,104 $ 59,967 Valuation allowance at beginning of period $ (18,006) $ (302) (Additions) recoveries, net 12,231 (17,704) Valuation allowance at end of period $ (5,775) $ (18,006) Mortgage servicing rights, net $ 50,329 $ 41,961 Fair value of mortgage servicing rights $ 50,373 $ 41,990 Portfolio of residential mortgage loans serviced for others (“servicing portfolio”) $ 7,057,130 $ 7,743,956 Mortgage servicing rights, net to servicing portfolio 0.71 % 0.54 % Mortgage servicing rights expense (a) $ 3,393 $ 40,369 |
Summary of estimated future amortization expense | The following table shows the estimated future amortization expense for amortizing intangible assets: ($ in Thousands) Core Deposit Intangibles Mortgage Servicing Rights Three Months Ending December 31, 2021 $ 2,203 $ 2,945 2022 8,811 10,898 2023 8,811 8,500 2024 8,811 6,795 2025 8,811 5,499 2026 8,811 4,489 Beyond 2026 14,038 16,978 Total Estimated Amortization Expense $ 60,296 $ 56,104 |
Short and Long-Term Funding (Ta
Short and Long-Term Funding (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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) and long-term funding (funding with original contractual maturities greater than one year): ($ in Thousands) Sep 30, 2021 Dec 31, 2020 Short-Term Funding Federal funds purchased $ 415 $ 7,070 Securities sold under agreements to repurchase 267,528 185,901 Federal funds purchased and securities sold under agreements to repurchase 267,943 192,971 Commercial paper 54,553 59,346 Total short-term funding $ 322,496 $ 252,317 Long-Term Funding Bank senior notes, at par, due 2021 $ — $ 300,000 Corporation subordinated notes, at par, due 2025 250,000 250,000 Finance leases 72 1,128 Capitalized costs (912) (1,663) FHLB advances 1,620,880 1,632,723 Total long-term funding 1,870,040 2,182,188 Total short and long-term funding $ 2,192,536 $ 2,434,505 |
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 September 30, 2021 and December 31, 2020 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 September 30, 2021 Repurchase agreements Agency mortgage-related securities $ 267,528 $ — $ — $ — $ 267,528 Total $ 267,528 $ — $ — $ — $ 267,528 December 31, 2020 Repurchase agreements Agency mortgage-related securities $ 185,901 $ — $ — $ — $ 185,901 Total $ 185,901 $ — $ — $ — $ 185,901 |
Derivative and Hedging Activi_2
Derivative and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 and December 31, 2020. 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 September 30, 2021 and December 31, 2020. 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. Sep 30, 2021 Dec 31, 2020 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 $ 3,889,911 $ 110,898 $ 3,889,911 $ 24,322 $ 3,639,679 $ 192,518 $ 3,639,679 $ 25,680 Foreign currency exchange forwards 496,215 4,637 483,949 4,454 411,292 4,909 398,890 4,836 Commodity contracts 16,231 6,546 16,307 6,471 87,547 12,486 83,214 11,155 Mortgage banking (a)(b) 253,663 6,159 390,000 — 226,818 9,624 335,500 2,046 Gross derivatives before netting $ 128,240 $ 35,247 $ 219,537 $ 43,716 Less: Legally enforceable master netting agreements 3,302 3,302 1,936 1,936 Less: Cash collateral pledged/received 3,143 18,595 10,879 25,625 Total derivative instruments, after netting $ 121,795 $ 13,351 $ 206,722 $ 16,155 (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 nine months ended September 30, 2021 and 2020: Location and Amount of Gain or (Loss) Recognized in Income on Three months ended Sep 30, Nine months ended Sep 30, 2021 2020 2021 2020 ($ 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 $ (292) $ — $ (481) $ — $ (1,128) $ — $ (1,345) $ (262) The effects of fair value hedging: Gain or (loss) on fair value hedging relationships in Subtopic 815-20 Interest contracts Hedged items (292) — (481) — (1,128) — (1,345) (262) |
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 nine months ended September 30, 2021 and 2020: Consolidated Statements of Income Category of Three Months Ended Sep 30, Nine Months Ended Sep 30, ($ in Thousands) 2021 2020 2021 2020 Derivative Instruments Interest rate-related instruments — customer and mirror, net Capital markets, net $ 557 $ 507 $ 2,546 $ (2,648) Foreign currency exchange forwards Capital markets, net (8) 49 109 (31) Commodity contracts Capital markets, net (124) (86) (1,256) 555 Interest rate lock commitments (mortgage) Mortgage banking, net (1,356) (4,948) (4,438) 5,361 Forward commitments (mortgage) Mortgage banking, net (1,402) 1,293 (3,017) 710 |
Balance Sheet Offsetting (Table
Balance Sheet Offsetting (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 ($ in Thousands) Derivative Cash Collateral Received Derivative assets September 30, 2021 $ 6,719 $ (3,302) $ (3,143) $ 273 December 31, 2020 13,441 (1,936) (10,879) 626 Gross Amounts Recognized Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets Net Amounts Presented on the Consolidated Balance Sheets ($ in Thousands) Derivative Cash Collateral Pledged Derivative liabilities September 30, 2021 $ 23,489 $ (3,302) $ (18,595) $ 1,592 December 31, 2020 27,951 (1,936) (25,625) 390 |
Commitments, Off-Balance Shee_2
Commitments, Off-Balance Sheet Arrangements, Legal Proceedings and Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of lending-related and other commitments | The following is a summary of lending-related commitments: ($ in Thousands) Sep 30, 2021 Dec 31, 2020 Commitments to extend credit, excluding commitments to originate residential mortgage loans held for sale (a)(b) $ 10,618,161 $ 10,010,492 Commercial letters of credit (a) 6,309 3,642 Standby letters of credit (c) 264,123 278,798 (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 |
Schedule Of Unfunded Commitments [Table Text Block] | The following table presents a summary of the changes in the allowance for unfunded commitments: ($ in Thousands) Nine months ended Sep 30, 2021 Year Ended Dec 31, 2020 Allowance for Unfunded Commitments Balance at beginning of period $ 47,776 $ 21,907 Cumulative effect of ASU 2016-13 adoption (CECL) N/A 18,690 Balance at beginning of period, adjusted 47,776 40,597 Provision for unfunded commitments (6,500) 7,000 Amount recorded at acquisition N/A 179 Balance at end of period $ 41,276 $ 47,776 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 and December 31, 2020, aggregated by the level in the fair value hierarchy within which those measurements fall: ($ in Thousands) Fair Value Hierarchy Sep 30, 2021 Dec 31, 2020 Assets Investment securities AFS U.S. Treasury securities Level 1 $ 123,981 $ 26,531 Agency securities Level 2 14,998 25,038 Obligations of state and political subdivisions (municipal securities) Level 2 414,020 450,662 Residential mortgage-related securities FNMA / FHLMC Level 2 2,377,408 1,461,241 GNMA Level 2 79,696 235,537 Private-label Level 2 76,033 — Commercial mortgage-related securities FNMA / FHLMC Level 2 353,175 22,904 GNMA Level 2 231,096 524,756 Asset backed securities FFELP Level 2 212,797 327,189 SBA Level 2 7,179 8,584 Other debt securities Level 2 2,999 3,000 Total investment securities AFS Level 1 $ 123,981 $ 26,531 Total investment securities AFS Level 2 3,769,399 3,058,910 Equity securities with readily determinable fair values Level 1 4,109 1,661 Residential loans held for sale Level 2 158,202 129,158 Interest rate-related instruments (a) Level 2 110,898 192,518 Foreign currency exchange forwards (a) Level 2 4,637 4,909 Commodity contracts (a) Level 2 6,546 12,486 Interest rate lock commitments to originate residential mortgage loans held for sale Level 3 5,187 9,624 Forward commitments to sell residential mortgage loans Level 3 972 — Liabilities Interest rate-related instruments (a) Level 2 $ 24,322 $ 25,680 Foreign currency exchange forwards (a) Level 2 4,454 4,836 Commodity contracts (a) Level 2 6,471 11,155 Forward commitments to sell residential mortgage loans Level 3 — 2,046 |
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 nine months ended September 30, 2021 and the year ended December 31, 2020, 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, 2019 $ 2,527 $ 710 $ 1,817 New production 72,659 (3,505) 76,164 Closed loans / settlements (76,001) (12,587) (63,414) Other 10,439 17,427 (6,988) Mortgage derivative gain (loss) 7,097 1,335 5,762 Balance December 31, 2020 $ 9,624 $ 2,046 $ 7,579 New production $ 45,586 $ (2,496) $ 48,082 Closed loans / settlements (44,543) 217 (44,760) Other (5,481) (739) (4,742) Mortgage derivative gain (loss) (4,437) (3,017) (1,420) Balance September 30, 2021 $ 5,187 $ (972) $ 6,159 |
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 September 30, 2021 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 September 30, 2021: ($ in Thousands) Equity securities without readily determinable fair values Carrying value as of December 31, 2020 $ 13,444 Additions 552 Sales (33) Donations (134) Carrying value as of September 30, 2021 $ 13,830 Cumulative upward carrying value changes between January 1, 2018 and September 30, 2021 $ 13,444 Cumulative downward carrying value changes/impairment between January 1, 2018 and September 30, 2021 $ — |
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 ($ in Thousands) Fair Value Hierarchy Fair Value Adjustment Recognized on the Consolidated Statements of Income (c) September 30, 2021 Assets Individually evaluated loans (a) Level 3 $ 78,139 Provision for credit losses $ (4,227) OREO (b) Level 2 21,847 Other noninterest expense / provision for credit losses (d) 6,449 Mortgage servicing rights Level 3 50,373 Mortgage banking, net 12,231 December 31, 2020 Assets Individually evaluated loans (a) Level 3 $ 138,752 Provision for credit losses $ 97,519 OREO (b) Level 2 6,125 Other noninterest expense 3,747 Mortgage servicing rights Level 3 41,990 Mortgage banking, net (17,704) (a) Includes probable TDRs which are individually analyzed, net of the related allowance for credit losses. |
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: September 30, 2021 Valuation Technique Significant Unobservable Input Range of Inputs Weighted Average Input Applied Mortgage servicing rights Discounted cash flow Discount rate 9% - 15% 9% Mortgage servicing rights Discounted cash flow Constant prepayment rate 8% - 40% 15% Individually evaluated loans Appraisals / Discounted cash flow Collateral / Discount factor 33% - 51% 36% |
Estimated fair values of financial instruments | Fair value estimates are set forth below for the Corporation’s financial instruments: Sep 30, 2021 Dec 31, 2020 ($ in Thousands) Fair Value Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value Financial assets Cash and due from banks Level 1 $ 378,927 $ 378,927 $ 416,154 $ 416,154 Interest-bearing deposits in other financial institutions Level 1 1,281,916 1,281,916 298,759 298,759 Federal funds sold and securities purchased under agreements to resell Level 1 25,000 25,000 1,135 1,135 Investment securities AFS Level 1 123,981 123,981 26,531 26,531 Investment securities AFS Level 2 3,769,399 3,769,399 3,058,910 3,058,910 Investment securities HTM, net Level 1 1,000 1,007 999 1,024 Investment securities HTM, net Level 2 1,928,735 2,034,803 1,877,939 2,027,852 Equity securities with readily determinable fair values Level 1 4,109 4,109 1,661 1,661 Equity securities without readily determinable fair values Level 3 13,830 13,830 13,444 13,444 FHLB and Federal Reserve Bank stocks Level 2 168,281 168,281 168,280 168,280 Residential loans held for sale Level 2 158,202 158,202 129,158 129,158 Loans, net Level 3 23,330,676 23,447,728 24,068,022 24,012,738 Bank and corporate owned life insurance Level 2 683,610 683,610 679,647 679,647 Derivatives (other assets) (a) Level 2 122,082 122,082 209,913 209,913 Interest rate lock commitments to originate residential mortgage loans held for sale (other assets) Level 3 5,187 5,187 9,624 9,624 Forward commitments to sell residential mortgage loans (other assets) Level 3 972 972 — — Financial liabilities Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts Level 3 $ 26,440,380 $ 26,440,380 $ 24,725,451 $ 24,725,451 Brokered CDs and other time deposits (b) Level 2 1,410,886 1,412,950 1,757,030 1,766,200 Short-term funding Level 2 322,496 322,486 252,317 252,303 FHLB advances Level 2 1,620,880 1,701,512 1,632,723 1,760,727 Other long-term funding Level 2 249,160 270,526 549,465 578,233 Standby letters of credit (c) Level 2 2,549 2,549 2,731 2,731 Derivatives (accrued expenses and other liabilities) (a) Level 2 35,247 35,247 41,671 41,671 Forward commitments to sell residential mortgage loans (accrued expenses and other liabilities) Level 3 — — 2,046 2,046 (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 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 nine months ended September 30, 2021 and 2020 were as follows: Three Months Ended Sep 30, Nine Months Ended Sep 30, ($ in Thousands) 2021 2020 2021 2020 Components of Net Periodic Benefit Cost RAP Service cost $ 1,684 $ 1,853 $ 5,835 $ 6,183 Interest cost 1,682 2,124 4,927 6,139 Expected return on plan assets (6,395) (6,386) (19,256) (19,196) Amortization of prior service cost (19) (18) (55) (55) Amortization of actuarial loss (gain) 1,346 1,313 3,446 2,923 Total net periodic pension cost $ (1,701) $ (1,114) $ (5,103) $ (4,006) Postretirement Plan Interest cost $ 13 $ 20 $ 39 $ 59 Amortization of prior service cost (19) (19) (56) (56) Total net periodic benefit cost $ (6) $ 1 $ (17) $ 2 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Selected segment information | Information about the Corporation’s segments is presented below: Corporate and Commercial Specialty Three Months Ended Sep 30, Nine Months Ended Sep 30, ($ in Thousands) 2021 2020 2021 2020 Net interest income $ 93,768 $ 92,033 $ 280,295 $ 298,611 Net intersegment interest income (expense) 5,884 6,937 18,962 3,123 Segment net interest income 99,652 98,970 299,257 301,734 Noninterest income (a) 43,228 37,405 124,847 111,254 Total revenue 142,881 136,376 424,104 412,987 Provision for credit losses 14,864 15,572 48,803 41,456 Noninterest expense 58,652 52,635 172,781 160,899 Income (loss) before income taxes 69,364 68,169 202,521 210,633 Income tax expense (benefit) 12,617 12,497 37,213 39,161 Net income $ 56,747 $ 55,672 $ 165,307 $ 171,472 Allocated goodwill $ 525,836 $ 530,144 Community, Consumer, and Business Three Months Ended Sep 30, Nine Months Ended Sep 30, ($ in Thousands) 2021 2020 2021 2020 Net interest income $ 70,860 $ 73,644 $ 209,285 $ 221,691 Net intersegment interest income (expense) 12,907 9,231 39,705 42,213 Segment net interest income 83,767 82,875 248,990 263,904 Noninterest income 35,771 32,958 113,558 140,442 Total revenue 119,538 115,833 362,548 404,345 Provision for credit losses 4,233 5,758 13,897 16,296 Noninterest expense 94,762 102,139 290,443 335,675 Income (loss) before income taxes 20,543 7,936 58,209 52,374 Income tax expense (benefit) 4,314 1,667 12,224 10,999 Net income $ 16,230 $ 6,269 $ 45,985 $ 41,376 Allocated goodwill $ 579,156 $ 577,758 Risk Management and Shared Services Three Months Ended Sep 30, Nine Months Ended Sep 30, ($ in Thousands) 2021 2020 2021 2020 Net interest income $ 19,047 $ 16,472 $ 49,511 $ 54,662 Net intersegment interest income (expense) (18,791) (16,167) (58,666) (45,336) Segment net interest income 256 305 (9,155) 9,326 Noninterest income (b) 3,077 5,182 12,457 176,646 Total revenue 3,333 5,487 3,301 185,973 Provision for credit losses (43,107) 21,679 (144,717) 99,257 Noninterest expense 24,478 72,813 64,490 106,610 Income (loss) before income taxes 21,962 (89,005) 83,529 (19,895) Income tax expense (benefit) 6,129 (72,278) 20,705 (46,817) Net income $ 15,833 $ (16,727) $ 62,824 $ 26,922 Allocated goodwill $ — $ — Consolidated Total Three Months Ended Sep 30, Nine Months Ended Sep 30, ($ in Thousands) 2021 2020 2021 2020 Net interest income $ 183,675 $ 182,150 $ 539,092 $ 574,964 Net intersegment interest income (expense) — — — — Segment net interest income 183,675 182,150 539,092 574,964 Noninterest income (a)(b) 82,076 75,545 250,862 428,342 Total revenue 265,752 257,695 789,954 1,003,305 Provision for credit losses (24,010) 43,009 (82,018) 157,009 Noninterest expense 177,892 227,587 527,713 603,184 Income (loss) before income taxes 111,870 (12,900) 344,259 243,112 Income tax expense (benefit) 23,060 (58,114) 70,142 3,342 Net income $ 88,809 $ 45,214 $ 274,117 $ 239,769 Allocated goodwill $ 1,104,992 $ 1,107,902 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 and 2020, including changes during the preceding three and nine month periods as well as any reclassifications out of accumulated other comprehensive income (loss): ($ in Thousands) Investment Defined Benefit Accumulated Balance December 31, 2020 $ 41,325 $ (28,707) $ 12,618 Other comprehensive income (loss) before reclassifications (35,829) — (35,829) Amounts reclassified from accumulated other comprehensive income (loss) Investment securities losses (gains), net 16 — 16 Personnel expense — (111) (111) Other expense — 3,446 3,446 Interest income 1,335 — 1,335 Income tax (expense) benefit 8,548 (836) 7,712 Net other comprehensive income (loss) during period (25,930) 2,498 (23,431) Balance September 30, 2021 $ 15,395 $ (26,209) $ (10,813) Balance December 31, 2019 $ 3,989 $ (37,172) $ (33,183) Other comprehensive income (loss) before reclassifications 53,900 — 53,900 Amounts reclassified from accumulated other comprehensive income (loss) Investment securities losses (gains), net (9,222) — (9,222) Personnel expense — (111) (111) Other expense — 2,923 2,923 Interest income 2,628 — 2,628 Income tax (expense) benefit (11,852) (1,088) (12,939) Net other comprehensive income (loss) during period 35,454 1,724 37,178 Balance September 30, 2020 $ 39,443 $ (35,448) $ 3,995 ($ in Thousands) Investments Defined Benefit Accumulated Balance June 30, 2021 $ 30,076 $ (27,187) $ 2,889 Other comprehensive income (loss) before reclassifications (19,827) — (19,827) Amounts reclassified from accumulated other comprehensive income (loss) Investment securities losses (gains), net — — — Personnel expense — (37) (37) Other expense — 1,346 1,346 Interest income 172 — 172 Income tax (expense) benefit 4,975 (330) 4,644 Net other comprehensive income (loss) during period (14,681) 979 (13,702) Balance September 30, 2021 $ 15,395 $ (26,209) $ (10,813) Balance June 30, 2020 $ 34,101 $ (36,021) $ (1,920) Other comprehensive income (loss) before reclassifications 5,840 — 5,840 Amounts reclassified from accumulated other comprehensive income (loss) Investment securities losses (gains), net (7) — (7) Personnel expense — (36) (36) Other expense — 1,313 1,313 Interest income 1,296 — 1,296 Income tax (expense) benefit (1,786) (703) (2,489) Net other comprehensive income (loss) during period 5,342 573 5,916 Balance September 30, 2020 $ 39,443 $ (35,448) $ 3,995 |
Revenue from Contract with Cust
Revenue from Contract with Customer (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [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 Sep 30, Nine Months Ended Sep 30, ($ in Thousands) 2021 2020 2021 2020 Wealth management fees $ 22,110 $ 21,152 $ 67,229 $ 61,496 Service charges and deposit account fees 4,539 4,458 13,898 12,316 Card-based fees (a) 541 474 1,367 1,216 Insurance commissions and fees 36 57 98 179 Other revenue 772 1,400 2,619 2,481 Noninterest income (in-scope of Topic 606) $ 27,998 $ 27,540 $ 85,212 $ 77,690 Noninterest income (out-of-scope of Topic 606) (b) 15,230 9,866 39,635 33,564 Total noninterest income $ 43,228 $ 37,405 $ 124,847 $ 111,254 Community, Consumer, and Business Three Months Ended Sep 30, Nine Months Ended Sep 30, ($ in Thousands) 2021 2020 2021 2020 Wealth management fees $ — $ — $ — $ 1,387 Service charges and deposit account fees 12,417 9,816 33,441 28,653 Card-based fees (a) 10,600 9,699 30,538 27,392 Insurance commissions and fees 50 55 146 44,965 Other revenue 1,945 2,168 7,459 7,315 Noninterest income (in-scope of Topic 606) $ 25,012 $ 21,739 $ 71,583 $ 109,713 Noninterest income (out-of-scope of Topic 606) 10,758 11,219 41,976 30,728 Total noninterest income $ 35,771 $ 32,958 $ 113,558 $ 140,442 Risk Management and Shared Services Three Months Ended Sep 30, Nine Months Ended Sep 30, ($ in Thousands) 2021 2020 2021 2020 Service charges and deposit account fees $ 5 $ 10 $ 27 $ 19 Card-based fees (a) 6 34 15 127 Insurance commissions and fees 2 2 6 8 Other revenue 76 (82) 1,540 (33) Noninterest income (in-scope of Topic 606) $ 89 $ (36) $ 1,588 $ 121 Noninterest income (out-of-scope of Topic 606) (c) 2,989 5,218 10,868 176,525 Total noninterest income $ 3,077 $ 5,182 $ 12,457 $ 176,646 Consolidated Total Three Months Ended Sep 30, Nine Months Ended Sep 30, ($ in Thousands) 2021 2020 2021 2020 Wealth management fees $ 22,110 $ 21,152 $ 67,229 $ 62,884 Service charges and deposit account fees 16,962 14,283 47,366 40,989 Card-based fees (a) 11,147 10,207 31,920 28,736 Insurance commissions and fees 88 114 250 45,153 Other revenue 2,792 3,487 11,618 9,764 Noninterest income (in-scope of Topic 606) $ 53,099 $ 49,243 $ 158,383 $ 187,524 Noninterest income (out-of-scope of Topic 606) (b)(c) 28,977 26,303 92,479 240,818 Total noninterest income $ 82,076 $ 75,545 $ 250,862 $ 428,342 (a) Certain card-based fees are out-of-scope of Topic 606. (b) For the nine months ended September 30, 2021, the Corporation recognized a $2 million pre-tax gain on the sale of Whitnell. (c) For the nine months ended September 30, 2020, the Corporation recognized a $163 million pre-tax gain on 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 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 is 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 and advisory fees (b) Brokerage and advisory 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. Payment 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 and advisory fees are included in wealth management fees. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Lease, Cost and Cash Flows | Operating and finance lease costs and cash flows resulting from these leases are presented below: Three Months Ended Sep 30, Nine Months Ended Sep 30, ($ in Thousands) 2021 2020 2021 2020 Operating lease costs $ 2,367 $ 3,970 $ 6,850 $ 9,224 Finance lease costs 17 39 76 115 Operating lease cash flows 2,858 2,871 8,598 8,303 Finance lease cash flows 21 40 101 82 |
Components of lease expense | The lease classifications on the consolidated balance sheets were as follows: ($ in Thousands) Consolidated Balance Sheets Category Sep 30, 2021 Dec 31, 2020 Operating lease right-of-use asset Premises and equipment $ 29,527 $ 31,994 Finance lease right-of-use asset Other assets 59 962 Operating lease liability Accrued expenses and other liabilities 33,066 36,425 Finance lease liability Other long-term funding 72 1,128 |
Operating lease information | The lease payment obligations, weighted-average remaining lease term, and weighted-average original discount rate were as follows: Sep 30, 2021 Dec 31, 2020 ($ 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 $ 192 1.74 0.46 % $ 386 2.49 0.46 % Retail and corporate offices 30,756 5.55 3.24 % 34,036 6.04 3.33 % Land 5,747 8.48 3.11 % 6,385 8.99 3.09 % Total operating leases $ 36,696 5.97 3.21 % $ 40,806 6.45 3.27 % Finance leases Land $ 73 0.92 1.07 % $ 1,145 1.65 1.05 % Total finance leases $ 73 0.92 1.07 % $ 1,145 1.65 1.05 % |
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 Total Leases Three Months Ending December 31, 2021 $ 2,326 $ 21 $ 2,348 2022 8,061 51 8,112 2023 6,108 — 6,108 2024 5,317 — 5,317 2025 4,076 — 4,076 Beyond 2025 10,807 — 10,807 Total lease payments $ 36,696 $ 73 $ 36,768 Less: interest 3,630 — 3,630 Present value of lease payments $ 33,066 $ 72 $ 33,138 |
Acquisitions Staunton Acquisiti
Acquisitions Staunton Acquisition (Details) - USD ($) $ in Thousands | Feb. 14, 2020 | Mar. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
February 14, 2020 | ||||
Fair value of liabilities assumed | $ 0 | $ 480,028 | ||
First Staunton Bancshares [Member] | ||||
Purchase Accounting Adjustments | ||||
Cash and cash equivalents | $ 0 | |||
Investment securities AFS | (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 | 2,795 | |||
Deposits | 1,285 | |||
Other borrowings | 61 | |||
Accrued expenses and other liabilities | 179 | |||
February 14, 2020 | ||||
Cash and cash equivalents | 44,782 | |||
Investment securities AFS | 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 | 14,812 | $ 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 | 7,692 | |||
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, 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 | Dec. 11, 2020USD ($)branch | Sep. 12, 2020branch | Jun. 30, 2020USD ($) | Feb. 14, 2020USD ($)branch | Mar. 31, 2021USD ($) | Sep. 30, 2021USD ($) | Mar. 01, 2021USD ($) | Feb. 26, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 14, 2019branch |
Business Acquisition [Line Items] | ||||||||||
Deposits | $ 27,851,266 | $ 31,000 | $ 26,482,481 | |||||||
Huntington National Bank | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Control Obtained Description | 4% purchase premium on deposits transferred | 4% purchase premium on deposits | ||||||||
New Communities | branch | 10 | |||||||||
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 purchase price was based on an assumed 4% deposit premium at announcement. | |||||||||
New Communities | branch | 9 | |||||||||
Acquired Net Branches | branch | 7 | |||||||||
Goodwill | $ 14,812 | $ 15,000 | ||||||||
PCD - HTM Securities | 0 | |||||||||
PCD - AFS Securities | 0 | |||||||||
Total consideration paid | $ 76,300 | |||||||||
ABRC | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total consideration paid | $ 266,000 | |||||||||
Pre-tax book gain on sale | $ 163,000 | |||||||||
Peoria, IL [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Disposed Net Branches | branch | 5 | |||||||||
Deposits | $ 180,000 | |||||||||
Southwest Wisconsin [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Disposed Net Branches | branch | 2 | |||||||||
Deposits | $ 53,000 | |||||||||
Whitnell | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 8,000 | |||||||||
Gain (Loss) on Sale and Maturity of Other Investments, Before Tax | $ 2,000 | $ 2,000 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Calculations for basic and diluted earnings per common share | ||||||||
Net income | $ 88,809 | $ 91,007 | $ 94,301 | $ 45,214 | $ 148,718 | $ 45,838 | $ 274,117 | $ 239,769 |
Preferred stock dividends | (4,155) | (5,207) | (14,236) | (13,152) | ||||
Net income available to common equity | 84,655 | 40,007 | 259,880 | 226,618 | ||||
Common shareholder dividends | (30,323) | (27,676) | (85,604) | (83,607) | ||||
Unvested share-based payment awards | (222) | (199) | (634) | (549) | ||||
Undistributed earnings | 54,109 | 12,133 | 173,642 | 142,462 | ||||
Undistributed earnings allocated to common shareholders | 53,716 | 12,045 | 172,436 | 141,426 | ||||
Undistributed earnings allocated to unvested share-based payment awards | 393 | 87 | 1,206 | 1,036 | ||||
Undistributed earnings | 54,109 | 12,133 | 173,642 | 142,462 | ||||
Basic | ||||||||
Distributed earnings to common shareholders | 30,323 | 27,676 | 85,604 | 83,607 | ||||
Undistributed earnings allocated to common shareholders | 53,716 | 12,045 | 172,436 | 141,426 | ||||
Total common shareholders earnings, basic | 84,039 | 39,721 | 258,040 | 225,032 | ||||
Diluted | ||||||||
Distributed earnings to common shareholders | 30,323 | 27,676 | 85,604 | 83,607 | ||||
Undistributed earnings allocated to common shareholders | 53,716 | 12,045 | 172,436 | 141,426 | ||||
Total common shareholders earnings, diluted | $ 84,039 | $ 39,721 | $ 258,040 | $ 225,032 | ||||
Weighted average common shares outstanding | 150,046 | 152,440 | 151,473 | 153,175 | ||||
Effect of dilutive common stock awards | 1,096 | 754 | 1,228 | 739 | ||||
Diluted weighted average common shares outstanding | 151,143 | 153,194 | 152,701 | 153,914 | ||||
Basic earnings per common share | $ 0.56 | $ 0.26 | $ 1.70 | $ 1.47 | ||||
Diluted earnings per common share | $ 0.56 | $ 0.26 | $ 1.69 | $ 1.46 |
Earnings Per Common Share (De_2
Earnings Per Common Share (Details Textuals) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
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 | 3 | 8 | 3 | 7 |
Stock-Based Compensation Fair V
Stock-Based Compensation Fair Value Assumptions of Stock Options (Details) | 9 Months Ended |
Sep. 30, 2020$ / shares | |
Retirement Benefits [Abstract] | |
Dividend yield | 3.50% |
Risk-free interest rate | 1.60% |
Weighted average expected volatility | 21.00% |
Weighted average expected life | 5 years 9 months |
Weighted average per share fair value of options | $ 2.39 |
Stock-Based Compensation, Stock
Stock-Based Compensation, Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | 9 Months Ended |
Jun. 30, 2021 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Stock Options Shares Outstanding, Beginning balance (in shares) | 6,473 | 6,473 |
Exercised | 1,116 | |
Forfeited or expired | 97 | |
Stock Options Shares Outstanding, Ending balance (in shares) | 5,260 | |
Options exercisable (in shares) | 3,694 | |
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) | $ 19.77 | $ 19.77 |
Exercised | 16.36 | |
Forfeited | 22.61 | |
Stock Option Outstanding, Weighted Average Exercise Price, Ending balance (in usd per share) | 20.44 | |
Options Exercisable, Weighted Average Exercise Price (in usd per share) | $ 20.58 | |
Stock Options Outstanding, Weighted Average Remaining Contractual Term | 6 years 2 months 23 days | 6 years 3 days |
Options exercisable, Weighted Average Remaining Contractual Term | 5 years 2 months 8 days | |
Stock Options Outstanding, Aggregate Intrinsic Value, Beginning balance | $ 2,005 | $ 2,005 |
Stock Options Outstanding, Aggregate Intrinsic Value, Ending balance | 11,044 | |
Options exercisable, Aggregate Intrinsic Value | $ 8,062 |
Stock-Based Compensation, Restr
Stock-Based Compensation, Restricted Stock Activity (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2021$ / 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 | 2,293 |
Granted | shares | 1,212 |
Vested | shares | 797 |
Forfeited | shares | 52 |
Outstanding Shares, Ending balance (in shares) | shares | 2,656 |
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 | $ 20.70 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 20 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 21.23 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 22.39 |
Outstanding Weighted Average Grant Date Fair Value, Ending balance (in usd per share) | $ / shares | $ 19.86 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Textuals) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||
Intrinsic value of stock options exercised | $ 6,000 | $ 1,000 |
Total fair value of vested stock options | $ 3,000 | 4,000 |
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 | $ 1,000 | $ 3,000 |
Recognized compensation expense for accelerated vesting | 65 | |
Unvested share-based payment awards | $ 2,000 | |
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 | $ 11,000 | $ 15,000 |
Recognized compensation expense for accelerated vesting | 2,000 | |
Unvested share-based payment awards | $ 24,000 | |
Remaining requisite service periods, extend through | first quarter of 2025 |
Investment Securities, AFS and
Investment Securities, AFS and HTM Securities Amortized Costs and Fair Values (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Abstract] | ||
Available-for-sale Securities, Amortized Cost Basis, Total | $ 3,872,150 | $ 3,028,399 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 38,106 | 60,612 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (16,877) | (3,570) |
Available-for-sale Securities | 3,893,379 | 3,085,441 |
Investment securities HTM | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 1,929,783 | 1,879,005 |
Held-to-maturity, Gross Unrealized Gains | 114,095 | 149,938 |
Held-to-maturity, Gross Unrealized Loss | (8,019) | 0 |
Held-to-maturity, Fair Value | 2,035,858 | 2,028,943 |
Fair Value, Inputs, Level 2 | ||
Debt Securities, Available-for-sale [Abstract] | ||
Available-for-sale Securities | 3,769,399 | 3,058,910 |
Investment securities HTM | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 1,928,735 | 1,877,939 |
Held-to-maturity, Fair Value | 2,034,803 | 2,027,852 |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Other Debt securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Available-for-sale Securities | 2,999 | 3,000 |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Available-for-sale Securities | 7,179 | 8,584 |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Federal Family Education Loan Program (FFELP) Guaranteed Loans [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Available-for-sale Securities | 212,797 | 327,189 |
Fair Value, Inputs, Level 1 | ||
Debt Securities, Available-for-sale [Abstract] | ||
Available-for-sale Securities | 123,981 | 26,531 |
Private-label Securities [Member] | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Residential Related Securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Available-for-sale Securities | 76,033 | 0 |
FNMA/FHLMC | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Residential Related Securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Available-for-sale Securities | 2,377,408 | 1,461,241 |
FNMA/FHLMC | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Commercial mortgage-related securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Available-for-sale Securities | 353,175 | 22,904 |
Government National Mortgage Association (GNMA) [Member] | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Residential Related Securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Available-for-sale Securities | 79,696 | 235,537 |
Government National Mortgage Association (GNMA) [Member] | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Commercial mortgage-related securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Available-for-sale Securities | 231,096 | 524,756 |
US Treasury Securities [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Available-for-sale Securities, Amortized Cost Basis, Total | 124,253 | 26,436 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 46 | 95 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (319) | 0 |
Investment securities HTM | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 1,000 | 999 |
Held-to-maturity, Gross Unrealized Gains | 7 | 25 |
Held-to-maturity, Gross Unrealized Loss | 0 | 0 |
Held-to-maturity, Fair Value | 1,007 | 1,024 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ||
Debt Securities, Available-for-sale [Abstract] | ||
Available-for-sale Securities | 26,531 | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | ||
Debt Securities, Available-for-sale [Abstract] | ||
Available-for-sale Securities | 123,981 | 26,531 |
Agency Securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Available-for-sale Securities, Amortized Cost Basis, Total | 15,000 | 24,985 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 53 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (2) | 0 |
Agency Securities | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ||
Debt Securities, Available-for-sale [Abstract] | ||
Available-for-sale Securities | 14,998 | 25,038 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Available-for-sale Securities, Amortized Cost Basis, Total | 394,310 | 425,057 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 19,709 | 25,605 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Investment securities HTM | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 1,541,443 | 1,441,900 |
Held-to-maturity, Gross Unrealized Gains | 106,181 | 133,544 |
Held-to-maturity, Gross Unrealized Loss | (3,996) | 0 |
Held-to-maturity, Fair Value | 1,643,628 | 1,575,445 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ||
Debt Securities, Available-for-sale [Abstract] | ||
Available-for-sale Securities | 414,020 | 450,662 |
Residential Related Securities | Private-label Securities [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Available-for-sale Securities, Amortized Cost Basis, Total | 76,033 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | |
Available-for-sale Securities | 76,033 | |
Investment securities HTM | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | |
Held-to-maturity, Fair Value | 0 | |
Residential Related Securities | FNMA/FHLMC | ||
Debt Securities, Available-for-sale [Abstract] | ||
Available-for-sale Securities, Amortized Cost Basis, Total | 2,377,335 | 1,448,806 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 9,216 | 12,935 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (9,144) | (500) |
Available-for-sale Securities | 2,377,408 | |
Investment securities HTM | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 37,318 | 54,599 |
Held-to-maturity, Gross Unrealized Gains | 2,129 | 2,891 |
Held-to-maturity, Gross Unrealized Loss | 0 | 0 |
Held-to-maturity, Fair Value | 39,447 | 57,490 |
Residential Related Securities | Government National Mortgage Association (GNMA) [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Available-for-sale Securities, Amortized Cost Basis, Total | 77,199 | 231,364 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 2,497 | 4,176 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | (3) |
Available-for-sale Securities | 79,696 | |
Investment securities HTM | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 54,900 | 114,553 |
Held-to-maturity, Gross Unrealized Gains | 2,328 | 4,260 |
Held-to-maturity, Gross Unrealized Loss | 0 | 0 |
Held-to-maturity, Fair Value | 57,228 | 118,813 |
Commercial mortgage-related securities | FNMA/FHLMC | ||
Debt Securities, Available-for-sale [Abstract] | ||
Available-for-sale Securities, Amortized Cost Basis, Total | 357,837 | 19,654 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 2,230 | 3,250 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (6,892) | 0 |
Available-for-sale Securities | 353,175 | |
Investment securities HTM | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 170,739 | 11,211 |
Held-to-maturity, Gross Unrealized Gains | 248 | 0 |
Held-to-maturity, Gross Unrealized Loss | (4,002) | 0 |
Held-to-maturity, Fair Value | 166,985 | 11,211 |
Commercial mortgage-related securities | Government National Mortgage Association (GNMA) [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Available-for-sale Securities, Amortized Cost Basis, Total | 227,622 | 511,429 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 3,474 | 13,327 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Available-for-sale Securities | 231,096 | |
Investment securities HTM | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 124,383 | 255,742 |
Held-to-maturity, Gross Unrealized Gains | 3,202 | 9,218 |
Held-to-maturity, Gross Unrealized Loss | (22) | 0 |
Held-to-maturity, Fair Value | 127,562 | 264,960 |
Federal Family Education Loan Program (FFELP) Guaranteed Loans [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Available-for-sale Securities, Amortized Cost Basis, Total | 212,378 | 329,030 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 890 | 1,172 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (471) | (3,013) |
Available-for-sale Securities | 212,797 | |
Investment securities HTM | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | |
Held-to-maturity, Fair Value | 0 | |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Abstract] | ||
Available-for-sale Securities, Amortized Cost Basis, Total | 7,182 | 8,637 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 44 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (48) | (53) |
Available-for-sale Securities | 7,179 | |
Investment securities HTM | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | |
Held-to-maturity, Fair Value | 0 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ||
Debt Securities, Available-for-sale [Abstract] | ||
Available-for-sale Securities | 8,584 | |
Other Debt securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Available-for-sale Securities, Amortized Cost Basis, Total | 3,000 | 3,000 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ (1) | $ 0 |
Investment Securities, AFS an_2
Investment Securities, AFS and HTM Contractual Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Available for Sale, Due in one year or less | $ 7,987 | |
Available for Sale, Due after one year through five years | 75,545 | |
Available for Sale, Due after five years through ten years | 415,467 | |
Available for Sale, Due after ten years | 37,565 | |
Available for Sale, Total debt securities | 536,564 | |
Available for Sale, amortized cost | 3,872,150 | $ 3,028,399 |
Fair Value | ||
Available for Sale, Due in one year or less | 7,996 | |
Available for Sale, Due after one year through five years | 75,970 | |
Available for Sale, Due after five years through ten years | 430,634 | |
Available for Sale, Due after ten years | 41,396 | |
Available for Sale, Total debt securities | 555,997 | |
Investment securities AFS, at fair value | $ 3,893,379 | 3,085,441 |
Available for Sale, Ratio of Fair Value to Amortized Cost | 100.50% | |
Amortized Cost | ||
Held to Maturity, Due in one year or less | $ 27,797 | |
Held to Maturity, Due after one year through five years | 39,029 | |
Held to Maturity, Due after five years through ten years | 181,911 | |
Held to Maturity, Due after ten years | 1,293,705 | |
Held to Maturity, Total Debt Securities | 1,542,442 | |
Held to Maturity, Amortized Cost | 1,929,783 | 1,879,005 |
Fair Value | ||
Held to Maturity, Due in one year or less | 27,982 | |
Held to Maturity, Due after one year through five years | 40,265 | |
Held to Maturity, Due after five years through ten years | 189,290 | |
Held to Maturity, Due after ten years | 1,387,099 | |
Held to Maturity, Securities, Debt Securities | 1,644,635 | |
Held to Maturity, Total debt securities at fair value | $ 2,035,858 | 2,028,943 |
Held to Maturity, Ratio of Fair Value to Amortized Cost | 105.50% | |
Residential Related Securities | Private-label Securities [Member] | ||
Amortized Cost | ||
Available for Sale, amortized cost | $ 76,033 | |
Fair Value | ||
Investment securities AFS, at fair value | 76,033 | |
Amortized Cost | ||
Held to Maturity, Amortized Cost | 0 | |
Fair Value | ||
Held to Maturity, Total debt securities at fair value | 0 | |
Residential Related Securities | FNMA/FHLMC | ||
Amortized Cost | ||
Available for Sale, amortized cost | 2,377,335 | 1,448,806 |
Fair Value | ||
Investment securities AFS, at fair value | 2,377,408 | |
Amortized Cost | ||
Held to Maturity, Amortized Cost | 37,318 | 54,599 |
Fair Value | ||
Held to Maturity, Total debt securities at fair value | 39,447 | 57,490 |
Residential Related Securities | Government National Mortgage Association (GNMA) [Member] | ||
Amortized Cost | ||
Available for Sale, amortized cost | 77,199 | 231,364 |
Fair Value | ||
Investment securities AFS, at fair value | 79,696 | |
Amortized Cost | ||
Held to Maturity, Amortized Cost | 54,900 | 114,553 |
Fair Value | ||
Held to Maturity, Total debt securities at fair value | 57,228 | 118,813 |
Commercial mortgage-related securities | FNMA/FHLMC | ||
Amortized Cost | ||
Available for Sale, amortized cost | 357,837 | 19,654 |
Fair Value | ||
Investment securities AFS, at fair value | 353,175 | |
Amortized Cost | ||
Held to Maturity, Amortized Cost | 170,739 | 11,211 |
Fair Value | ||
Held to Maturity, Total debt securities at fair value | 166,985 | 11,211 |
Commercial mortgage-related securities | Government National Mortgage Association (GNMA) [Member] | ||
Amortized Cost | ||
Available for Sale, amortized cost | 227,622 | 511,429 |
Fair Value | ||
Investment securities AFS, at fair value | 231,096 | |
Amortized Cost | ||
Held to Maturity, Amortized Cost | 124,383 | 255,742 |
Fair Value | ||
Held to Maturity, Total debt securities at fair value | 127,562 | 264,960 |
Federal Family Education Loan Program (FFELP) Guaranteed Loans [Member] | ||
Amortized Cost | ||
Available for Sale, amortized cost | 212,378 | 329,030 |
Fair Value | ||
Investment securities AFS, at fair value | 212,797 | |
Amortized Cost | ||
Held to Maturity, Amortized Cost | 0 | |
Fair Value | ||
Held to Maturity, Total debt securities at fair value | 0 | |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Amortized Cost | ||
Available for Sale, amortized cost | 7,182 | $ 8,637 |
Fair Value | ||
Investment securities AFS, at fair value | 7,179 | |
Amortized Cost | ||
Held to Maturity, Amortized Cost | 0 | |
Fair Value | ||
Held to Maturity, Total debt securities at fair value | $ 0 |
Investment Securities, HTM Cred
Investment Securities, HTM Credit Quality Indicators (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 1,929,783 | $ 1,879,005 |
Not Rated [Domain] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 194 | |
US Treasury Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 1,000 | 999 |
US Treasury Securities | Not Rated [Domain] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 1,541,443 | 1,441,900 |
US States and Political Subdivisions Debt Securities [Member] | Not Rated [Domain] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 194 | |
FNMA/FHLMC | Residential Related Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 37,318 | 54,599 |
FNMA/FHLMC | Commercial mortgage-related securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 170,739 | 11,211 |
FNMA/FHLMC | Not Rated [Domain] | Residential Related Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | |
FNMA/FHLMC | Not Rated [Domain] | Commercial mortgage-related securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | |
Government National Mortgage Association (GNMA) [Member] | Residential Related Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 54,900 | 114,553 |
Government National Mortgage Association (GNMA) [Member] | Commercial mortgage-related securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 124,383 | 255,742 |
Government National Mortgage Association (GNMA) [Member] | Not Rated [Domain] | Residential Related Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | |
Government National Mortgage Association (GNMA) [Member] | Not Rated [Domain] | Commercial mortgage-related securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | |
AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 1,071,438 | 1,004,357 |
AAA | US Treasury Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 1,000 | 999 |
AAA | US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 683,098 | 567,252 |
AAA | FNMA/FHLMC | Residential Related Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 37,318 | 54,599 |
AAA | FNMA/FHLMC | Commercial mortgage-related securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 170,739 | 11,211 |
AAA | Government National Mortgage Association (GNMA) [Member] | Residential Related Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 54,900 | 114,553 |
AAA | Government National Mortgage Association (GNMA) [Member] | Commercial mortgage-related securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 124,383 | 255,742 |
AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 847,641 | 860,607 |
AA | US Treasury Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | 0 |
AA | US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 847,641 | 860,607 |
AA | FNMA/FHLMC | Residential Related Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | 0 |
AA | FNMA/FHLMC | Commercial mortgage-related securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | 0 |
AA | Government National Mortgage Association (GNMA) [Member] | Residential Related Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | 0 |
AA | Government National Mortgage Association (GNMA) [Member] | Commercial mortgage-related securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | 0 |
A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 10,511 | 14,041 |
A | US Treasury Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | 0 |
A | US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 10,511 | 14,041 |
A | FNMA/FHLMC | Residential Related Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | 0 |
A | FNMA/FHLMC | Commercial mortgage-related securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | 0 |
A | Government National Mortgage Association (GNMA) [Member] | Residential Related Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | 0 |
A | Government National Mortgage Association (GNMA) [Member] | Commercial mortgage-related securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 0 | $ 0 |
Investment Securities Gain_Loss
Investment Securities Gain/Loss Sale of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |||||
Gross gains on AFS securities | $ 0 | $ 7 | $ 421 | $ 9,312 | |
Gross (losses) on AFS securities | 0 | 0 | (437) | (90) | |
Investment securities gains (losses), net | 0 | 7 | (16) | 9,222 | |
Proceeds from sales of investment securities | $ 0 | $ 51,000 | $ 8 | $ 158,708 | $ 626,283 |
Investment Securities, AFS an_3
Investment Securities, AFS and HTM Securities Gross Unrealized Losses (Details) $ in Thousands | Sep. 30, 2021USD ($)security | Dec. 31, 2020USD ($)security |
Investment securities AFS | ||
Unrealized losses on available for sale securities, less than 12 months | $ (16,482) | $ (685) |
Unrealized losses on available for sale securities, 12 months or more | (395) | (2,885) |
Total unrealized losses on available for sale securities | (16,877) | (3,570) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,706,729 | 371,400 |
Fair value of unrealized losses on available for sale securities, less than 12 months | 1,637,498 | 192,720 |
Fair value of unrealized losses on available for sale securities, 12 months or more | 69,231 | 178,681 |
Total fair value of unrealized losses on available for sale securities | $ 1,706,729 | $ 371,400 |
Available-for-sale, Number of Securities | ||
Available for sale, number of securities, less than 12 months | security | 60 | 27 |
Available for sale, number of securities, 12 months or more | security | 17 | 16 |
Investment securities HTM | ||
Unrealized losses on held to maturity securities, less than 12 months | $ (8,019) | $ 0 |
Unrealized losses on held to maturity securities, 12 months or more | 0 | 0 |
Total unrealized losses on held to maturity securities | $ (8,019) | $ 0 |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, 12 Months or Longer | security | 0 | 0 |
Fair value of unrealized losses on held to maturity securities, less than 12 months | $ 313,096 | $ 325 |
Fair value of unrealized losses on held to maturity securities, 12 months or more | 0 | 0 |
Total fair value of unrealized losses on held to maturity securities | $ 313,096 | $ 325 |
Held-to-maturity, Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions, less than 12 Months | security | 74 | 1 |
US Treasury Securities | ||
Investment securities AFS | ||
Unrealized losses on available for sale securities, less than 12 months | $ (319) | |
Unrealized losses on available for sale securities, 12 months or more | 0 | |
Total unrealized losses on available for sale securities | (319) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 84,071 | |
Fair value of unrealized losses on available for sale securities, less than 12 months | 84,071 | |
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 | $ 84,071 | |
Available-for-sale, Number of Securities | ||
Available for sale, number of securities, less than 12 months | security | 4 | |
Available for sale, number of securities, 12 months or more | security | 0 | |
Agency Securities | ||
Investment securities AFS | ||
Unrealized losses on available for sale securities, less than 12 months | $ (2) | |
Unrealized losses on available for sale securities, 12 months or more | 0 | |
Total unrealized losses on available for sale securities | (2) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 14,998 | |
Fair value of unrealized losses on available for sale securities, less than 12 months | 14,998 | |
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 | $ 14,998 | |
Available-for-sale, Number of Securities | ||
Available for sale, number of securities, less than 12 months | security | 1 | |
Available for sale, number of securities, 12 months or more | security | 0 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities HTM | ||
Unrealized losses on held to maturity securities, less than 12 months | $ (3,996) | |
Unrealized losses on held to maturity securities, 12 months or more | 0 | |
Total unrealized losses on held to maturity securities | (3,996) | |
Fair value of unrealized losses on held to maturity securities, less than 12 months | 151,216 | |
Fair value of unrealized losses on held to maturity securities, 12 months or more | 0 | |
Total fair value of unrealized losses on held to maturity securities | $ 151,216 | |
US States and Political Subdivisions Debt Securities [Member] | Held to maturity, number of securities, less than 12 months | ||
Investment securities HTM | ||
Number of held to maturity securities in a continuous unrealized loss position | security | 62 | |
US States and Political Subdivisions Debt Securities [Member] | Held to maturity, number of securities, 12 months or more | ||
Investment securities HTM | ||
Number of held to maturity securities in a continuous unrealized loss position | security | 0 | |
Federal Family Education Loan Program (FFELP) Guaranteed Loans [Member] | ||
Investment securities AFS | ||
Unrealized losses on available for sale securities, less than 12 months | $ (124) | $ (129) |
Unrealized losses on available for sale securities, 12 months or more | (347) | (2,885) |
Total unrealized losses on available for sale securities | (471) | (3,013) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 99,878 | 187,948 |
Fair value of unrealized losses on available for sale securities, less than 12 months | 34,876 | 9,267 |
Fair value of unrealized losses on available for sale securities, 12 months or more | 65,002 | 178,681 |
Total fair value of unrealized losses on available for sale securities | $ 99,878 | $ 187,948 |
Available-for-sale, Number of Securities | ||
Available for sale, number of securities, less than 12 months | security | 1 | 1 |
Available for sale, number of securities, 12 months or more | security | 8 | 16 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Investment securities AFS | ||
Unrealized losses on available for sale securities, less than 12 months | $ 0 | $ (53) |
Unrealized losses on available for sale securities, 12 months or more | (48) | 0 |
Total unrealized losses on available for sale securities | (48) | (53) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 4,229 | 8,379 |
Fair value of unrealized losses on available for sale securities, less than 12 months | 0 | 8,379 |
Fair value of unrealized losses on available for sale securities, 12 months or more | 4,229 | 0 |
Total fair value of unrealized losses on available for sale securities | $ 4,229 | $ 8,379 |
Available-for-sale, Number of Securities | ||
Available for sale, number of securities, less than 12 months | security | 0 | 14 |
Available for sale, number of securities, 12 months or more | security | 9 | 0 |
Other Debt securities | ||
Investment securities AFS | ||
Unrealized losses on available for sale securities, less than 12 months | $ (1) | $ 0 |
Unrealized losses on available for sale securities, 12 months or more | 0 | 0 |
Total unrealized losses on available for sale securities | (1) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 999 | 2,000 |
Fair value of unrealized losses on available for sale securities, less than 12 months | 999 | 2,000 |
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 | $ 999 | $ 2,000 |
Available-for-sale, Number of Securities | ||
Available for sale, number of securities, less than 12 months | security | 1 | 2 |
Available for sale, number of securities, 12 months or more | security | 0 | 0 |
FNMA/FHLMC | Residential Related Securities | ||
Investment securities AFS | ||
Unrealized losses on available for sale securities, less than 12 months | $ (9,144) | $ (500) |
Unrealized losses on available for sale securities, 12 months or more | 0 | 0 |
Total unrealized losses on available for sale securities | (9,144) | (500) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,170,981 | 163,002 |
Fair value of unrealized losses on available for sale securities, less than 12 months | 1,170,981 | 163,002 |
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 | $ 1,170,981 | $ 163,002 |
Available-for-sale, Number of Securities | ||
Available for sale, number of securities, less than 12 months | security | 33 | 7 |
Available for sale, number of securities, 12 months or more | security | 0 | 0 |
FNMA/FHLMC | Commercial mortgage-related securities | ||
Investment securities AFS | ||
Unrealized losses on available for sale securities, less than 12 months | $ (6,892) | |
Unrealized losses on available for sale securities, 12 months or more | 0 | |
Total unrealized losses on available for sale securities | (6,892) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 331,504 | |
Fair value of unrealized losses on available for sale securities, less than 12 months | 331,504 | |
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 | $ 331,504 | |
Available-for-sale, Number of Securities | ||
Available for sale, number of securities, less than 12 months | security | 19 | |
Available for sale, number of securities, 12 months or more | security | 0 | |
Investment securities HTM | ||
Unrealized losses on held to maturity securities, less than 12 months | $ (4,002) | |
Unrealized losses on held to maturity securities, 12 months or more | 0 | |
Total unrealized losses on held to maturity securities | (4,002) | |
Fair value of unrealized losses on held to maturity securities, less than 12 months | 146,248 | |
Fair value of unrealized losses on held to maturity securities, 12 months or more | 0 | |
Total fair value of unrealized losses on held to maturity securities | $ 146,248 | |
FNMA/FHLMC | Commercial mortgage-related securities | Held to maturity, number of securities, less than 12 months | ||
Investment securities HTM | ||
Number of held to maturity securities in a continuous unrealized loss position | security | 11 | |
FNMA/FHLMC | Commercial mortgage-related securities | Held to maturity, number of securities, 12 months or more | ||
Investment securities HTM | ||
Number of held to maturity securities in a continuous unrealized loss position | security | 0 | |
Government National Mortgage Association (GNMA) [Member] | Residential Related Securities | ||
Investment securities AFS | ||
Unrealized losses on available for sale securities, less than 12 months | $ 0 | $ (3) |
Unrealized losses on available for sale securities, 12 months or more | 0 | 0 |
Total unrealized losses on available for sale securities | 0 | (3) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 69 | 9,784 |
Fair value of unrealized losses on available for sale securities, less than 12 months | 69 | 9,784 |
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 | $ 69 | $ 9,784 |
Available-for-sale, Number of Securities | ||
Available for sale, number of securities, less than 12 months | security | 1 | 2 |
Available for sale, number of securities, 12 months or more | security | 0 | 0 |
Investment securities HTM | ||
Unrealized losses on held to maturity securities, less than 12 months | $ 0 | |
Unrealized losses on held to maturity securities, 12 months or more | 0 | |
Total unrealized losses on held to maturity securities | 0 | |
Fair value of unrealized losses on held to maturity securities, less than 12 months | 325 | |
Fair value of unrealized losses on held to maturity securities, 12 months or more | 0 | |
Total fair value of unrealized losses on held to maturity securities | $ 325 | |
Government National Mortgage Association (GNMA) [Member] | Residential Related Securities | Held to maturity, number of securities, less than 12 months | ||
Investment securities HTM | ||
Number of held to maturity securities in a continuous unrealized loss position | security | 1 | |
Government National Mortgage Association (GNMA) [Member] | Residential Related Securities | Held to maturity, number of securities, 12 months or more | ||
Investment securities HTM | ||
Number of held to maturity securities in a continuous unrealized loss position | security | 0 | |
Government National Mortgage Association (GNMA) [Member] | Commercial mortgage-related securities | ||
Investment securities AFS | ||
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 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 287 | |
Fair value of unrealized losses on available for sale securities, less than 12 months | 287 | |
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 | $ 287 | |
Available-for-sale, Number of Securities | ||
Available for sale, number of securities, less than 12 months | security | 1 | |
Available for sale, number of securities, 12 months or more | security | 0 | |
Investment securities HTM | ||
Unrealized losses on held to maturity securities, less than 12 months | $ (22) | |
Unrealized losses on held to maturity securities, 12 months or more | 0 | |
Total unrealized losses on held to maturity securities | (22) | |
Fair value of unrealized losses on held to maturity securities, less than 12 months | 15,631 | |
Fair value of unrealized losses on held to maturity securities, 12 months or more | 0 | |
Total fair value of unrealized losses on held to maturity securities | $ 15,631 | |
Government National Mortgage Association (GNMA) [Member] | Commercial mortgage-related securities | Held to maturity, number of securities, less than 12 months | ||
Investment securities HTM | ||
Number of held to maturity securities in a continuous unrealized loss position | security | 1 | |
Government National Mortgage Association (GNMA) [Member] | Commercial mortgage-related securities | Held to maturity, number of securities, 12 months or more | ||
Investment securities HTM | ||
Number of held to maturity securities in a continuous unrealized loss position | security | 0 |
Investment Securities (Details
Investment Securities (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Investment Securities Information [Line Items] | |||||||||
Proceeds from sales of investment securities | $ 0 | $ 51,000,000 | $ 8,000 | $ 158,708,000 | $ 626,283,000 | ||||
Debt Securities, AFS, Principal Sold | $ 261,000,000 | $ 281,000,000 | |||||||
Gain (Loss) on Sales of Mortgage Backed Securities (MBS) | $ 3,000,000 | $ 6,000,000 | |||||||
Pledged Financial Instruments, Not Separately Reported, Securities | 2,200,000,000 | 2,200,000,000 | $ 1,600,000,000 | ||||||
Interest receivable | 79,011,000 | 79,011,000 | 90,263,000 | ||||||
Debt Securities, Held-to-maturity, Nonaccrual, Interest Income | 0 | $ 0 | |||||||
Debt Securities, Held to Maturity, Past Due | 0 | 0 | 0 | ||||||
Held to maturity allowance for credit loss | (49,000) | (49,000) | (67,000) | ||||||
Federal Home Loan Bank Stock | 82,000,000 | 82,000,000 | 82,000,000 | ||||||
Federal Reserve Bank Stock | 87,000,000 | 87,000,000 | 87,000,000 | ||||||
Equity securities with readily determinable fair values, Fair Value | $ 4,000,000 | 4,000,000 | 2,000,000 | ||||||
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 | $ 14,000,000 | 14,000,000 | 13,000,000 | ||||||
First Staunton Bancshares [Member] | |||||||||
Investment Securities Information [Line Items] | |||||||||
Carrying amount of Securities Sold | $ 84,000,000 | ||||||||
Held-to-maturity Securities [Member] | |||||||||
Investment Securities Information [Line Items] | |||||||||
Interest receivable | 12,000,000 | 12,000,000 | 14,000,000 | ||||||
Available-for-sale Securities [Member] | |||||||||
Investment Securities Information [Line Items] | |||||||||
Interest receivable | 9,000,000 | 9,000,000 | 8,000,000 | ||||||
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | |||||||||
Investment Securities Information [Line Items] | |||||||||
Interest receivable | 974,000 | 974,000 | 972,000 | ||||||
Federal Reserve Bank Stock [Member] | |||||||||
Investment Securities Information [Line Items] | |||||||||
Interest receivable | $ 327,000 | $ 327,000 | $ 0 |
Loans Composition (Details)
Loans Composition (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | $ 23,621,673 | $ 24,451,724 |
Interest receivable | 79,011 | 90,263 |
Loans and Finance Receivables [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Interest receivable | 57,000 | 66,000 |
PPP | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 182,121 | 767,757 |
Commercial and industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 7,927,459 | 7,701,422 |
Commercial real estate — owner occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 879,554 | 900,912 |
Commercial and business lending | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 8,989,133 | 9,370,091 |
Commercial real estate — investor | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 4,296,489 | 4,342,584 |
Real estate construction | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,834,871 | 1,840,417 |
Commercial real estate lending | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 6,131,360 | 6,183,001 |
Total commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 15,120,493 | 15,553,091 |
Residential mortgage | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 7,590,895 | 7,878,324 |
Home equity | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 608,566 | 707,255 |
Other consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 294,979 | 301,876 |
Auto | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 6,739 | 11,177 |
Total consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | $ 8,501,180 | $ 8,898,632 |
Loans, Credit Quality Indicator
Loans, Credit Quality Indicator by Vintage Year (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | $ 60,747 | $ 69,246 |
Financing Receivable, Revolving | 3,116,417 | 3,173,996 |
Financing Receivable, Originated in Current Fiscal Year | 4,935,308 | 6,590,550 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 5,107,723 | 5,127,451 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,915,934 | 3,189,745 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,057,932 | 1,937,912 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,278,698 | 1,770,647 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,209,661 | 2,661,424 |
Total | 23,621,673 | 24,451,724 |
Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 138 | 602 |
Financing Receivable, Revolving | 2,010 | 11,341 |
Financing Receivable, Originated in Current Fiscal Year | 63,212 | 99,324 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 71,061 | 141,213 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 118,234 | 98,320 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 22,034 | 958 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,300 | 22,498 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 10,832 | 9,911 |
Total | 288,683 | 383,566 |
Pass [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 57,187 | 27,819 |
Financing Receivable, Revolving | 3,085,805 | 3,149,039 |
Financing Receivable, Originated in Current Fiscal Year | 4,828,025 | 6,413,278 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 4,988,301 | 4,873,347 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,712,002 | 2,960,705 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,957,507 | 1,892,247 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,242,208 | 1,716,226 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,132,995 | 2,570,534 |
Total | 22,946,842 | 23,575,376 |
Potential Problem [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 2,836 | 2,565 |
Financing Receivable, Revolving | 28,435 | 13,483 |
Financing Receivable, Originated in Current Fiscal Year | 18,306 | 59,116 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 37,707 | 51,593 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 71,134 | 106,947 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 46,635 | 6,038 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 27,563 | 11,426 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 21,305 | 33,324 |
Total | 251,087 | 281,928 |
Nonaccrual Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 586 | 38,260 |
Financing Receivable, Revolving | 167 | 133 |
Financing Receivable, Originated in Current Fiscal Year | 25,766 | 18,831 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 10,653 | 61,298 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 14,563 | 23,773 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 31,756 | 38,669 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 7,627 | 20,496 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 44,529 | 47,655 |
Total | 135,062 | 210,854 |
Total commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 54,618 | 56,745 |
Financing Receivable, Revolving | 2,442,565 | 2,436,370 |
Financing Receivable, Originated in Current Fiscal Year | 3,520,198 | 4,390,063 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,056,052 | 3,610,033 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,847,007 | 2,547,526 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,580,116 | 918,783 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 539,047 | 839,831 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,135,508 | 810,485 |
Total | 15,120,493 | 15,553,091 |
Total commercial | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 1,606 | 10,272 |
Financing Receivable, Originated in Current Fiscal Year | 63,212 | 99,311 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 71,061 | 140,803 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 118,220 | 97,964 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 21,858 | 813 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,300 | 22,361 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 10,076 | 8,562 |
Total | 287,333 | 380,086 |
Total commercial | Pass [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 51,793 | 17,524 |
Financing Receivable, Revolving | 2,412,524 | 2,414,537 |
Financing Receivable, Originated in Current Fiscal Year | 3,415,239 | 4,216,457 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,939,040 | 3,359,482 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,648,264 | 2,325,808 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,485,495 | 880,708 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 510,266 | 797,441 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,103,537 | 760,973 |
Total | 14,514,363 | 14,755,405 |
Total commercial | Potential Problem [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 2,825 | 2,565 |
Financing Receivable, Revolving | 28,435 | 11,561 |
Financing Receivable, Originated in Current Fiscal Year | 17,758 | 57,916 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 37,367 | 50,905 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 70,725 | 106,295 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 46,294 | 6,038 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 27,481 | 11,247 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 20,481 | 32,150 |
Total | 248,541 | 276,111 |
Total commercial | Nonaccrual Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 36,655 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 23,989 | 16,379 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 8,584 | 58,845 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 9,798 | 17,460 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 26,470 | 31,224 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 8,781 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,415 | 8,801 |
Total | 70,256 | 141,490 |
Total commercial | PPP | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 151,940 | 767,757 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 30,180 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 |
Total | 182,121 | 767,757 |
Total commercial | PPP | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 212 | 3,988 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 281 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 |
Total | 493 | 3,988 |
Total commercial | PPP | Pass [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 147,568 | 745,767 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 29,900 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 |
Total | 177,467 | 745,767 |
Total commercial | PPP | Potential Problem [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 4,160 | 18,002 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 |
Total | 4,160 | 18,002 |
Total commercial | Commercial And Industrial Financing Receivable [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 4,910 | 24,045 |
Financing Receivable, Revolving | 2,307,525 | 2,194,534 |
Financing Receivable, Originated in Current Fiscal Year | 1,671,979 | 1,417,548 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,052,674 | 1,509,575 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,168,685 | 1,292,938 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 830,748 | 502,962 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 269,240 | 321,471 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 626,609 | 462,394 |
Total | 7,927,459 | 7,701,422 |
Total commercial | Commercial And Industrial Financing Receivable [Member] | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 1,396 | 10,159 |
Financing Receivable, Originated in Current Fiscal Year | 5,900 | 2,719 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 193 | 39,854 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 28,918 | 37,042 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 113 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 215 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,990 | 67 |
Total | 39,397 | 90,169 |
Total commercial | Commercial And Industrial Financing Receivable [Member] | Pass [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 2,085 | 4,628 |
Financing Receivable, Revolving | 2,278,181 | 2,177,138 |
Financing Receivable, Originated in Current Fiscal Year | 1,664,130 | 1,389,260 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,046,760 | 1,435,519 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,092,662 | 1,182,302 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 802,214 | 483,957 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 249,129 | 305,998 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 621,500 | 453,734 |
Total | 7,754,575 | 7,427,908 |
Total commercial | Commercial And Industrial Financing Receivable [Member] | Potential Problem [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 2,825 | 2,565 |
Financing Receivable, Revolving | 27,948 | 7,237 |
Financing Receivable, Originated in Current Fiscal Year | 1,933 | 19,331 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 5,555 | 28,413 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 46,997 | 56,580 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 21,286 | 2,269 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 20,111 | 6,477 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,160 | 1,179 |
Total | 124,990 | 121,487 |
Total commercial | Commercial And Industrial Financing Receivable [Member] | Nonaccrual Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 16,852 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 17 | 6,238 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 166 | 5,789 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 108 | 17,014 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 7,248 | 16,623 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 8,781 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 959 | 7,414 |
Total | 8,497 | 61,859 |
Total commercial | Commercial real estate — owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 11,667 | 1,150 |
Financing Receivable, Revolving | 23,127 | 21,621 |
Financing Receivable, Originated in Current Fiscal Year | 150,094 | 191,847 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 182,668 | 221,107 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 205,518 | 128,660 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 115,366 | 102,012 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 64,353 | 152,067 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 138,427 | 83,598 |
Total | 879,554 | 900,912 |
Total commercial | Commercial real estate — owner occupied | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 211 | 113 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 1,882 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,303 | 3,122 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 11,368 | 300 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 658 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 264 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 250 | 0 |
Total | 15,132 | 6,339 |
Total commercial | Commercial real estate — owner occupied | Pass [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 11,667 | 1,150 |
Financing Receivable, Revolving | 22,430 | 18,022 |
Financing Receivable, Originated in Current Fiscal Year | 143,911 | 185,861 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 173,396 | 209,069 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 193,463 | 128,360 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 114,618 | 99,546 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 61,713 | 147,366 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 133,641 | 79,111 |
Total | 843,173 | 867,335 |
Total commercial | Commercial real estate — owner occupied | Potential Problem [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 487 | 3,486 |
Financing Receivable, Originated in Current Fiscal Year | 6,182 | 4,104 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 5,969 | 8,916 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 686 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 748 | 1,490 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,640 | 4,437 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,529 | 3,747 |
Total | 21,241 | 26,179 |
Total commercial | Commercial real estate — owner occupied | Nonaccrual Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 318 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 7 | 740 |
Total | 7 | 1,058 |
Total commercial | Commercial and business lending | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 16,577 | 25,195 |
Financing Receivable, Revolving | 2,330,652 | 2,216,154 |
Financing Receivable, Originated in Current Fiscal Year | 1,974,013 | 2,377,152 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,265,523 | 1,730,682 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,374,203 | 1,421,598 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 946,114 | 604,974 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 333,593 | 473,539 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 765,036 | 545,992 |
Total | 8,989,133 | 9,370,091 |
Total commercial | Commercial and business lending | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 1,606 | 10,272 |
Financing Receivable, Originated in Current Fiscal Year | 6,112 | 8,589 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,777 | 42,976 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 40,287 | 37,342 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 771 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 479 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,240 | 67 |
Total | 55,022 | 100,496 |
Total commercial | Commercial and business lending | Pass [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 13,752 | 5,778 |
Financing Receivable, Revolving | 2,300,611 | 2,195,160 |
Financing Receivable, Originated in Current Fiscal Year | 1,955,609 | 2,320,888 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,250,056 | 1,644,588 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,286,125 | 1,310,662 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 916,832 | 583,503 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 310,842 | 453,364 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 755,141 | 532,845 |
Total | 8,775,216 | 9,041,009 |
Total commercial | Commercial and business lending | Potential Problem [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 2,825 | 2,565 |
Financing Receivable, Revolving | 28,435 | 10,723 |
Financing Receivable, Originated in Current Fiscal Year | 12,275 | 41,437 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 11,524 | 37,329 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 47,683 | 56,580 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 22,034 | 3,759 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 22,751 | 10,915 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 5,688 | 4,926 |
Total | 150,391 | 165,668 |
Total commercial | Commercial and business lending | Nonaccrual Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 16,852 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 17 | 6,238 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 166 | 5,789 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 108 | 17,014 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 7,248 | 16,941 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 8,781 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 966 | 8,154 |
Total | 8,504 | 62,917 |
Total commercial | Commercial real estate — investor | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 38,041 | 30,774 |
Financing Receivable, Revolving | 85,353 | 172,335 |
Financing Receivable, Originated in Current Fiscal Year | 964,920 | 1,366,364 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,058,894 | 1,140,297 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,121,923 | 763,933 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 524,225 | 288,533 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 184,259 | 363,779 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 356,916 | 247,343 |
Total | 4,296,489 | 4,342,584 |
Total commercial | Commercial real estate — investor | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 57,100 | 90,235 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 67,285 | 97,333 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 74,040 | 12,339 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 5,973 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,259 | 21,882 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 6,836 | 8,465 |
Total | 212,491 | 230,254 |
Total commercial | Commercial real estate — investor | Pass [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 38,041 | 10,971 |
Financing Receivable, Revolving | 85,353 | 171,497 |
Financing Receivable, Originated in Current Fiscal Year | 878,373 | 1,249,644 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 957,478 | 976,332 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,034,119 | 720,237 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 474,770 | 271,987 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 178,270 | 341,658 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 335,168 | 211,360 |
Total | 3,943,532 | 3,942,714 |
Total commercial | Commercial real estate — investor | Potential Problem [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 838 |
Financing Receivable, Originated in Current Fiscal Year | 5,474 | 16,343 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 25,720 | 13,575 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 4,074 | 30,911 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 24,259 | 2,279 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 4,730 | 239 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 14,705 | 27,209 |
Total | 78,962 | 91,396 |
Total commercial | Commercial real estate — investor | Nonaccrual Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 19,803 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 23,973 | 10,141 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 8,412 | 53,056 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 9,690 | 446 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 19,222 | 14,267 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 207 | 309 |
Total | 61,504 | 78,220 |
Total commercial | Real Estate Construction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 776 |
Financing Receivable, Revolving | 26,560 | 47,880 |
Financing Receivable, Originated in Current Fiscal Year | 581,265 | 646,547 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 731,634 | 739,055 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 350,881 | 361,996 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 109,778 | 25,277 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 21,195 | 2,513 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 13,556 | 17,150 |
Total | 1,834,871 | 1,840,417 |
Total commercial | Real Estate Construction | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 487 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 494 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,894 | 48,283 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 15,885 | 42 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 41 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 30 |
Total | 19,820 | 49,336 |
Total commercial | Real Estate Construction | Pass [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 776 |
Financing Receivable, Revolving | 26,560 | 47,880 |
Financing Receivable, Originated in Current Fiscal Year | 581,257 | 645,925 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 731,505 | 738,561 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 328,020 | 294,910 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 93,893 | 25,219 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 21,154 | 2,420 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 13,227 | 16,768 |
Total | 1,795,616 | 1,771,682 |
Total commercial | Real Estate Construction | Potential Problem [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 8 | 135 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 124 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 18,968 | 18,803 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 93 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 87 | 15 |
Total | 19,187 | 19,046 |
Total commercial | Real Estate Construction | Nonaccrual Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 5 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 16 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 242 | 338 |
Total | 247 | 353 |
Total commercial | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 38,041 | 31,549 |
Financing Receivable, Revolving | 111,913 | 220,215 |
Financing Receivable, Originated in Current Fiscal Year | 1,546,185 | 2,012,911 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,790,529 | 1,879,352 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,472,804 | 1,125,929 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 634,002 | 313,810 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 205,454 | 366,292 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 370,472 | 264,493 |
Total | 6,131,360 | 6,183,001 |
Total commercial | Commercial Real Estate | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 57,100 | 90,722 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 67,285 | 97,827 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 77,934 | 60,622 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 21,858 | 42 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,300 | 21,882 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 6,836 | 8,494 |
Total | 232,312 | 279,590 |
Total commercial | Commercial Real Estate | Pass [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 38,041 | 11,746 |
Financing Receivable, Revolving | 111,913 | 219,377 |
Financing Receivable, Originated in Current Fiscal Year | 1,459,630 | 1,895,569 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,688,983 | 1,714,893 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,362,139 | 1,015,146 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 568,663 | 297,205 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 199,424 | 344,078 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 348,395 | 228,127 |
Total | 5,739,148 | 5,714,396 |
Total commercial | Commercial Real Estate | Potential Problem [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 838 |
Financing Receivable, Originated in Current Fiscal Year | 5,483 | 16,479 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 25,844 | 13,575 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 23,041 | 49,714 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 24,259 | 2,279 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 4,730 | 332 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 14,792 | 27,224 |
Total | 98,150 | 110,442 |
Total commercial | Commercial Real Estate | Nonaccrual Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 19,803 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 23,973 | 10,141 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 8,417 | 53,056 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 9,690 | 446 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 19,222 | 14,283 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 448 | 647 |
Total | 61,751 | 78,573 |
Total consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 6,128 | 12,501 |
Financing Receivable, Revolving | 673,852 | 737,626 |
Financing Receivable, Originated in Current Fiscal Year | 1,415,110 | 2,200,487 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,051,672 | 1,517,417 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,068,927 | 642,218 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 477,816 | 1,019,128 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 739,650 | 930,816 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,074,153 | 1,850,939 |
Total | 8,501,180 | 8,898,632 |
Total consumer | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 138 | 602 |
Financing Receivable, Revolving | 403 | 1,069 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 13 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 410 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 14 | 356 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 176 | 145 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 137 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 756 | 1,349 |
Total | 1,350 | 3,480 |
Total consumer | Pass [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 5,394 | 10,294 |
Financing Receivable, Revolving | 673,281 | 734,502 |
Financing Receivable, Originated in Current Fiscal Year | 1,412,786 | 2,196,822 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,049,262 | 1,513,865 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,063,738 | 634,897 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 472,012 | 1,011,539 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 731,942 | 918,785 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,029,458 | 1,809,561 |
Total | 8,432,478 | 8,819,971 |
Total consumer | Potential Problem [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 10 | 0 |
Financing Receivable, Revolving | 0 | 1,922 |
Financing Receivable, Originated in Current Fiscal Year | 548 | 1,200 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 340 | 689 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 409 | 652 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 341 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 82 | 179 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 825 | 1,174 |
Total | 2,546 | 5,817 |
Total consumer | Nonaccrual Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 586 | 1,605 |
Financing Receivable, Revolving | 167 | 133 |
Financing Receivable, Originated in Current Fiscal Year | 1,776 | 2,452 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,070 | 2,454 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 4,765 | 6,313 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 5,287 | 7,445 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 7,627 | 11,714 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 43,114 | 38,854 |
Total | 64,806 | 69,364 |
Total consumer | Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 1,406,816 | 2,187,918 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,043,286 | 1,493,903 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,053,548 | 621,983 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 465,425 | 1,005,290 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 729,974 | 923,105 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,891,844 | 1,646,124 |
Total | 7,590,895 | 7,878,324 |
Total consumer | Residential mortgage | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 355 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 330 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 102 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 126 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 377 | 537 |
Total | 377 | 1,450 |
Total consumer | Residential mortgage | Pass [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 1,404,558 | 2,185,240 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,040,914 | 1,490,589 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,048,656 | 615,118 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 460,120 | 998,072 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 722,589 | 911,797 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,854,629 | 1,612,971 |
Total | 7,531,466 | 7,813,788 |
Total consumer | Residential mortgage | Potential Problem [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 538 | 1,200 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 340 | 689 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 409 | 652 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 326 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 82 | 179 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 679 | 1,028 |
Total | 2,374 | 3,749 |
Total consumer | Residential mortgage | Nonaccrual Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 1,721 | 1,478 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,032 | 2,271 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 4,483 | 5,882 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 4,979 | 7,116 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 7,304 | 11,003 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 36,160 | 31,587 |
Total | 56,678 | 59,337 |
Total consumer | Home Equity Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 5,658 | 12,421 |
Financing Receivable, Revolving | 504,767 | 572,041 |
Financing Receivable, Originated in Current Fiscal Year | 839 | 3,022 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,643 | 13,141 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 9,078 | 16,216 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 10,364 | 11,952 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 8,841 | 6,518 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 73,034 | 84,364 |
Total | 608,566 | 707,255 |
Total consumer | Home Equity Loan [Member] | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 74 | 596 |
Financing Receivable, Revolving | 17 | 631 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 39 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1 | 14 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 110 | 39 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 4 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 375 | 804 |
Total | 503 | 1,532 |
Total consumer | Home Equity Loan [Member] | Pass [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 4,992 | 10,224 |
Financing Receivable, Revolving | 504,747 | 569,389 |
Financing Receivable, Originated in Current Fiscal Year | 773 | 2,057 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,617 | 12,968 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 8,850 | 15,792 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 9,952 | 11,594 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 8,538 | 5,803 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 65,577 | 76,165 |
Total | 600,053 | 693,767 |
Total consumer | Home Equity Loan [Member] | Potential Problem [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 10 | 0 |
Financing Receivable, Revolving | 0 | 1,922 |
Financing Receivable, Originated in Current Fiscal Year | 10 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 15 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 146 | 146 |
Total | 171 | 2,068 |
Total consumer | Home Equity Loan [Member] | Nonaccrual Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 582 | 1,600 |
Financing Receivable, Revolving | 4 | 100 |
Financing Receivable, Originated in Current Fiscal Year | 56 | 965 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 25 | 134 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 227 | 410 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 288 | 319 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 303 | 711 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 6,936 | 7,249 |
Total | 7,838 | 9,888 |
Total consumer | Other consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 471 | 81 |
Financing Receivable, Revolving | 169,084 | 165,585 |
Financing Receivable, Originated in Current Fiscal Year | 7,455 | 9,547 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 6,743 | 10,374 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 6,300 | 4,019 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,026 | 1,886 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 835 | 1,192 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 109,275 | 120,451 |
Total | 301,718 | 313,054 |
Total consumer | Other consumer | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 64 | 5 |
Financing Receivable, Revolving | 387 | 438 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 13 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 16 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 13 | 11 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 66 | 4 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 7 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4 | 8 |
Total | 470 | 498 |
Total consumer | Other consumer | Pass [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 402 | 70 |
Financing Receivable, Revolving | 168,534 | 165,114 |
Financing Receivable, Originated in Current Fiscal Year | 7,455 | 9,525 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 6,730 | 10,309 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 6,232 | 3,987 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,940 | 1,872 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 815 | 1,185 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 109,253 | 120,425 |
Total | 300,959 | 312,416 |
Total consumer | Other consumer | Nonaccrual Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 4 | 5 |
Financing Receivable, Revolving | 164 | 33 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 9 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 12 | 49 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 56 | 21 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 20 | 10 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 20 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 18 | 18 |
Total | $ 290 | $ 140 |
Loans Past Due Status (Details)
Loans Past Due Status (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Summarized details of Loans | |||
Current(a) | $ 23,455,426 | $ 23,455,426 | $ 24,202,209 |
Nonaccrual(b)(c) | 135,062 | 135,062 | 210,854 |
Loans and Leases Receivable, Net of Deferred Income, Total | 23,621,673 | 23,621,673 | 24,451,724 |
Nonaccrual Loans, Current Portion | $ 83,000 | $ 83,000 | $ 128,000 |
Percent of current nonaccrual loans | 62.00% | 62.00% | 61.00% |
Financing Receivable, Nonaccrual, Interest Income | $ 0 | $ 0 | $ 0 |
Financing Receivable, Nonaccrual, No Allowance | 11,000 | 11,000 | 28,000 |
30-59 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 28,815 | 28,815 | 18,077 |
60-89 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 1,341 | 1,341 | 18,985 |
90+ Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 1,029 | 1,029 | 1,598 |
PPP | |||
Summarized details of Loans | |||
Current(a) | 181,552 | 181,552 | 767,757 |
Nonaccrual(b)(c) | 0 | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income, Total | 182,121 | 182,121 | 767,757 |
PPP | 30-59 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 485 | 485 | 0 |
PPP | 60-89 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 83 | 83 | 0 |
PPP | 90+ Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 0 | 0 | 0 |
Commercial and industrial | |||
Summarized details of Loans | |||
Current(a) | 7,917,635 | 7,917,635 | 7,633,269 |
Nonaccrual(b)(c) | 8,497 | 8,497 | 61,859 |
Loans and Leases Receivable, Net of Deferred Income, Total | 7,927,459 | 7,927,459 | 7,701,422 |
Commercial and industrial | 30-59 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 1,121 | 1,121 | 2,819 |
Commercial and industrial | 60-89 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 108 | 108 | 3,300 |
Commercial and industrial | 90+ Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 98 | 98 | 175 |
Commercial real estate — owner occupied | |||
Summarized details of Loans | |||
Current(a) | 879,516 | 879,516 | 899,480 |
Nonaccrual(b)(c) | 7 | 7 | 1,058 |
Loans and Leases Receivable, Net of Deferred Income, Total | 879,554 | 879,554 | 900,912 |
Commercial real estate — owner occupied | 30-59 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 30 | 30 | 158 |
Commercial real estate — owner occupied | 60-89 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 0 | 0 | 215 |
Commercial real estate — owner occupied | 90+ Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 0 | 0 | 0 |
Commercial and business lending | |||
Summarized details of Loans | |||
Current(a) | 8,978,704 | 8,978,704 | 9,300,506 |
Nonaccrual(b)(c) | 8,504 | 8,504 | 62,917 |
Loans and Leases Receivable, Net of Deferred Income, Total | 8,989,133 | 8,989,133 | 9,370,091 |
Commercial and business lending | 30-59 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 1,636 | 1,636 | 2,977 |
Commercial and business lending | 60-89 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 191 | 191 | 3,516 |
Commercial and business lending | 90+ Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 98 | 98 | 175 |
Commercial real estate — investor | |||
Summarized details of Loans | |||
Current(a) | 4,217,965 | 4,217,965 | 4,251,571 |
Nonaccrual(b)(c) | 61,504 | 61,504 | 78,220 |
Loans and Leases Receivable, Net of Deferred Income, Total | 4,296,489 | 4,296,489 | 4,342,584 |
Commercial real estate — investor | 30-59 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 17,021 | 17,021 | 1,024 |
Commercial real estate — investor | 60-89 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 0 | 0 | 11,769 |
Commercial real estate — investor | 90+ Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 0 | 0 | 0 |
Real estate construction | |||
Summarized details of Loans | |||
Current(a) | 1,834,623 | 1,834,623 | 1,839,073 |
Nonaccrual(b)(c) | 247 | 247 | 353 |
Loans and Leases Receivable, Net of Deferred Income, Total | 1,834,871 | 1,834,871 | 1,840,417 |
Real estate construction | 30-59 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 0 | 0 | 991 |
Real estate construction | 60-89 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 0 | 0 | 0 |
Real estate construction | 90+ Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 0 | 0 | 0 |
Commercial real estate lending | |||
Summarized details of Loans | |||
Current(a) | 6,052,588 | 6,052,588 | 6,090,644 |
Nonaccrual(b)(c) | 61,751 | 61,751 | 78,573 |
Loans and Leases Receivable, Net of Deferred Income, Total | 6,131,360 | 6,131,360 | 6,183,001 |
Commercial real estate lending | 30-59 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 17,021 | 17,021 | 2,015 |
Commercial real estate lending | 60-89 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 0 | 0 | 11,769 |
Commercial real estate lending | 90+ Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 0 | 0 | 0 |
Total commercial | |||
Summarized details of Loans | |||
Current(a) | 15,031,292 | 15,031,292 | 15,391,150 |
Nonaccrual(b)(c) | 70,256 | 70,256 | 141,490 |
Loans and Leases Receivable, Net of Deferred Income, Total | 15,120,493 | 15,120,493 | 15,553,091 |
Total commercial | 30-59 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 18,657 | 18,657 | 4,992 |
Total commercial | 60-89 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 191 | 191 | 15,284 |
Total commercial | 90+ Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 98 | 98 | 175 |
Residential mortgage | |||
Summarized details of Loans | |||
Current(a) | 7,526,996 | 7,526,996 | 7,808,294 |
Nonaccrual(b)(c) | 56,678 | 56,678 | 59,337 |
Loans and Leases Receivable, Net of Deferred Income, Total | 7,590,895 | 7,590,895 | 7,878,324 |
Residential mortgage | 30-59 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 6,996 | 6,996 | 8,975 |
Residential mortgage | 60-89 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 99 | 99 | 1,410 |
Residential mortgage | 90+ Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 126 | 126 | 308 |
Home equity | |||
Summarized details of Loans | |||
Current(a) | 597,776 | 597,776 | 692,565 |
Nonaccrual(b)(c) | 7,838 | 7,838 | 9,888 |
Loans and Leases Receivable, Net of Deferred Income, Total | 608,566 | 608,566 | 707,255 |
Home equity | 30-59 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 2,428 | 2,428 | 3,071 |
Home equity | 60-89 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 503 | 503 | 1,731 |
Home equity | 90+ Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 21 | 21 | 0 |
Other consumer | |||
Summarized details of Loans | |||
Current(a) | 292,700 | 292,700 | 299,128 |
Nonaccrual(b)(c) | 222 | 222 | 91 |
Loans and Leases Receivable, Net of Deferred Income, Total | 294,979 | 294,979 | 301,876 |
Other consumer | 30-59 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 724 | 724 | 998 |
Other consumer | 60-89 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 549 | 549 | 545 |
Other consumer | 90+ Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 785 | 785 | 1,115 |
Auto | |||
Summarized details of Loans | |||
Current(a) | 6,662 | 6,662 | 11,072 |
Nonaccrual(b)(c) | 67 | 67 | 49 |
Loans and Leases Receivable, Net of Deferred Income, Total | 6,739 | 6,739 | 11,177 |
Auto | 30-59 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 10 | 10 | 41 |
Auto | 60-89 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 0 | 0 | 15 |
Auto | 90+ Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 0 | 0 | 0 |
Total consumer | |||
Summarized details of Loans | |||
Current(a) | 8,424,134 | 8,424,134 | 8,811,060 |
Nonaccrual(b)(c) | 64,806 | 64,806 | 69,364 |
Loans and Leases Receivable, Net of Deferred Income, Total | 8,501,180 | 8,501,180 | 8,898,632 |
Total consumer | 30-59 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 10,158 | 10,158 | 13,085 |
Total consumer | 60-89 Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | 1,150 | 1,150 | 3,701 |
Total consumer | 90+ Days Past Due | |||
Summarized details of Loans | |||
Total Past Due | $ 932 | $ 932 | $ 1,423 |
Loans, Troubled Debt Restructur
Loans, Troubled Debt Restructurings Performing and Nonaccrual (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performing Restructured Loans | $ 44,499 | $ 52,092 |
Nonaccrual Restructured Loans(a) | 15,226 | 20,190 |
Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performing Restructured Loans | 11,067 | 12,713 |
Nonaccrual Restructured Loans(a) | 959 | 6,967 |
Commercial real estate — owner occupied | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performing Restructured Loans | 1,031 | 1,711 |
Nonaccrual Restructured Loans(a) | 0 | 0 |
Commercial real estate — investor | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performing Restructured Loans | 13,236 | 26,435 |
Nonaccrual Restructured Loans(a) | 207 | 225 |
Real estate construction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performing Restructured Loans | 248 | 260 |
Nonaccrual Restructured Loans(a) | 107 | 111 |
Residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performing Restructured Loans | 15,253 | 7,825 |
Nonaccrual Restructured Loans(a) | 13,235 | 11,509 |
Home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performing Restructured Loans | 2,787 | 1,957 |
Nonaccrual Restructured Loans(a) | 718 | 1,379 |
Other consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Performing Restructured Loans | 877 | 1,191 |
Nonaccrual Restructured Loans(a) | $ 0 | $ 0 |
Loans, Loans Modified in a Trou
Loans, Loans Modified in a Troubled Debt Restructuring (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($)loan | Sep. 30, 2020USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 70 | 57 |
Recorded Investment(a) | $ 13,670 | $ 8,800 |
Unpaid Principal Balance(b) | $ 13,744 | $ 9,280 |
Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 4 | 3 |
Recorded Investment(a) | $ 638 | $ 1,250 |
Unpaid Principal Balance(b) | $ 638 | $ 1,324 |
Commercial real estate — owner occupied | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 0 | 2 |
Recorded Investment(a) | $ 0 | $ 453 |
Unpaid Principal Balance(b) | $ 0 | $ 751 |
Commercial real estate — investor | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 4 | 1 |
Recorded Investment(a) | $ 1,682 | $ 530 |
Unpaid Principal Balance(b) | $ 1,682 | $ 530 |
Real estate construction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 0 | 1 |
Recorded Investment(a) | $ 0 | $ 102 |
Unpaid Principal Balance(b) | $ 0 | $ 102 |
Residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 55 | 32 |
Recorded Investment(a) | $ 10,434 | $ 5,789 |
Unpaid Principal Balance(b) | $ 10,460 | $ 5,870 |
Home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 7 | 18 |
Recorded Investment(a) | $ 916 | $ 676 |
Unpaid Principal Balance(b) | $ 963 | $ 702 |
Loans, Troubled Debt Restruct_2
Loans, Troubled Debt Restructurings Subsequent Default (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($)loan | Sep. 30, 2020USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 2 | 9 |
Recorded Investment | $ | $ 200 | $ 1,244 |
Residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 2 | 5 |
Recorded Investment | $ | $ 200 | $ 1,036 |
Home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 0 | 4 |
Recorded Investment | $ | $ 0 | $ 208 |
Loans, Changes in the Allowance
Loans, Changes in the Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Jan. 01, 2020 | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||
Balance at beginning of period | $ 47,776 | $ 21,907 | $ 21,907 | |||
Off-Balance Sheet, Credit Loss, Liability | $ 41,276 | 41,276 | 47,776 | |||
Provision for credit losses | (6,500) | 7,000 | ||||
Balance at end of period | 41,276 | 41,276 | 47,776 | |||
Allowance for credit losses on loans | ||||||
Provision for credit losses | (24,010) | $ 43,009 | (82,018) | 157,009 | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Balance at beginning of period | 383,702 | |||||
Balance at end of period | 290,997 | 290,997 | 383,702 | |||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Total allowance for loan losses | 290,997 | 290,997 | 383,702 | |||
Loans [Abstract] | ||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 23,621,673 | 23,621,673 | 24,451,724 | |||
Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||
Off-Balance Sheet, Credit Loss, Liability | $ 40,597 | |||||
First Staunton Bancshares [Member] | ||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||
Provision for credit losses | 179 | |||||
Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||
Off-Balance Sheet, Credit Loss, Liability | 18,690 | |||||
PPP | ||||||
Loans [Abstract] | ||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 182,121 | 182,121 | 767,757 | |||
Commercial and industrial | ||||||
Loans [Abstract] | ||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 7,927,459 | 7,927,459 | 7,701,422 | |||
Commercial real estate — owner occupied | ||||||
Loans [Abstract] | ||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 879,554 | 879,554 | 900,912 | |||
Commercial and business lending | ||||||
Loans [Abstract] | ||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 8,989,133 | 8,989,133 | 9,370,091 | |||
Commercial real estate — investor | ||||||
Loans [Abstract] | ||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 4,296,489 | 4,296,489 | 4,342,584 | |||
Real estate construction | ||||||
Loans [Abstract] | ||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 1,834,871 | 1,834,871 | 1,840,417 | |||
Commercial real estate lending | ||||||
Loans [Abstract] | ||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 6,131,360 | 6,131,360 | 6,183,001 | |||
Total commercial | ||||||
Loans [Abstract] | ||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 15,120,493 | 15,120,493 | 15,553,091 | |||
Home equity | ||||||
Loans [Abstract] | ||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 608,566 | 608,566 | 707,255 | |||
Auto | ||||||
Loans [Abstract] | ||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 6,739 | 6,739 | 11,177 | |||
Total consumer | ||||||
Loans [Abstract] | ||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 8,501,180 | 8,501,180 | 8,898,632 | |||
Allowance for Loan Losses [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | 383,702 | 201,371 | 201,371 | |||
Financing Receivable, Allowance for Credit Loss | 290,997 | 290,997 | 383,702 | |||
Recoveries | 14,579 | 11,422 | ||||
Net Charge offs | (17,205) | (100,631) | ||||
Gross up of allowance for PCD loans at acquisition | 3,504 | |||||
Provision for credit losses | (75,500) | 164,457 | ||||
Balance at end of period | 290,997 | 290,997 | 383,702 | |||
Allowance for credit losses on loans | ||||||
Recoveries | 14,579 | 11,422 | ||||
Net Charge offs | (17,205) | (100,631) | ||||
Gross up of allowance for PCD loans at acquisition | 3,504 | |||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | (31,784) | (112,053) | ||||
Net Charge offs | (17,205) | (100,631) | ||||
Allowance for Loan Losses [Member] | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Financing Receivable, Allowance for Credit Loss | 313,828 | |||||
Allowance for Loan Losses [Member] | First Staunton Bancshares [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Provision for credit 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] | ||||||
Financing Receivable, Allowance for Credit Loss | 112,457 | |||||
Allowance for Loan Losses [Member] | PPP | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | 531 | 0 | 0 | |||
Financing Receivable, Allowance for Credit Loss | 125 | 125 | 531 | |||
Recoveries | 0 | 0 | ||||
Net Charge offs | 0 | 0 | ||||
Gross up of allowance for PCD loans at acquisition | 0 | |||||
Provision for credit losses | (406) | 531 | ||||
Balance at end of period | 125 | 125 | 531 | |||
Allowance for credit losses on loans | ||||||
Recoveries | 0 | 0 | ||||
Net Charge offs | 0 | 0 | ||||
Gross up of allowance for PCD loans at acquisition | 0 | |||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | 0 | 0 | ||||
Net Charge offs | 0 | 0 | ||||
Allowance for Loan Losses [Member] | PPP | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Financing Receivable, Allowance for Credit Loss | 0 | |||||
Allowance for Loan Losses [Member] | PPP | First Staunton Bancshares [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Provision for credit 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] | ||||||
Financing Receivable, Allowance for Credit Loss | 0 | |||||
Allowance for Loan Losses [Member] | Commercial and industrial | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | 142,793 | 91,133 | 91,133 | |||
Financing Receivable, Allowance for Credit Loss | 89,111 | 89,111 | 142,793 | |||
Recoveries | 7,415 | 7,004 | ||||
Net Charge offs | (6,358) | (73,316) | ||||
Gross up of allowance for PCD loans at acquisition | 293 | |||||
Provision for credit losses | (47,324) | 71,355 | ||||
Balance at end of period | 89,111 | 89,111 | 142,793 | |||
Allowance for credit losses on loans | ||||||
Recoveries | 7,415 | 7,004 | ||||
Net Charge offs | (6,358) | (73,316) | ||||
Gross up of allowance for PCD loans at acquisition | 293 | |||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | (13,773) | (80,320) | ||||
Net Charge offs | (6,358) | (73,316) | ||||
Allowance for Loan Losses [Member] | Commercial and industrial | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Financing Receivable, Allowance for Credit Loss | 144,052 | |||||
Allowance for Loan Losses [Member] | Commercial and industrial | First Staunton Bancshares [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Provision for credit 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] | ||||||
Financing Receivable, Allowance for Credit Loss | 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 | 11,274 | 10,284 | 10,284 | |||
Financing Receivable, Allowance for Credit Loss | 12,022 | 12,022 | 11,274 | |||
Recoveries | 115 | 147 | ||||
Net Charge offs | 115 | (272) | ||||
Gross up of allowance for PCD loans at acquisition | 890 | |||||
Provision for credit losses | 634 | 1,967 | ||||
Balance at end of period | 12,022 | 12,022 | 11,274 | |||
Allowance for credit losses on loans | ||||||
Recoveries | 115 | 147 | ||||
Net Charge offs | 115 | (272) | ||||
Gross up of allowance for PCD loans at acquisition | 890 | |||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | 0 | (419) | ||||
Net Charge offs | 115 | (272) | ||||
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] | ||||||
Financing Receivable, Allowance for Credit Loss | 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 credit 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] | ||||||
Financing Receivable, Allowance for Credit Loss | (1,851) | |||||
Allowance for Loan Losses [Member] | Commercial and business lending | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | 154,598 | 101,417 | 101,417 | |||
Financing Receivable, Allowance for Credit Loss | 101,259 | 101,259 | 154,598 | |||
Recoveries | 7,530 | 7,151 | ||||
Net Charge offs | (6,242) | (73,588) | ||||
Gross up of allowance for PCD loans at acquisition | 1,183 | |||||
Provision for credit losses | (47,096) | 73,853 | ||||
Balance at end of period | 101,259 | 101,259 | 154,598 | |||
Allowance for credit losses on loans | ||||||
Recoveries | 7,530 | 7,151 | ||||
Net Charge offs | (6,242) | (73,588) | ||||
Gross up of allowance for PCD loans at acquisition | 1,183 | |||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | (13,773) | (80,739) | ||||
Net Charge offs | (6,242) | (73,588) | ||||
Allowance for Loan Losses [Member] | Commercial and business lending | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Financing Receivable, Allowance for Credit Loss | 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 credit 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] | ||||||
Financing Receivable, Allowance for Credit Loss | 51,068 | |||||
Allowance for Loan Losses [Member] | Commercial real estate — investor | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | 93,435 | 40,514 | 40,514 | |||
Financing Receivable, Allowance for Credit Loss | 81,461 | 81,461 | 93,435 | |||
Recoveries | 3,046 | 643 | ||||
Net Charge offs | (11,293) | (22,277) | ||||
Gross up of allowance for PCD loans at acquisition | 753 | |||||
Provision for credit losses | (680) | 71,933 | ||||
Balance at end of period | 81,461 | 81,461 | 93,435 | |||
Allowance for credit losses on loans | ||||||
Recoveries | 3,046 | 643 | ||||
Net Charge offs | (11,293) | (22,277) | ||||
Gross up of allowance for PCD loans at acquisition | 753 | |||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | (14,340) | (22,920) | ||||
Net Charge offs | (11,293) | (22,277) | ||||
Allowance for Loan Losses [Member] | Commercial real estate — investor | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Financing Receivable, Allowance for Credit Loss | 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 credit 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] | ||||||
Financing Receivable, Allowance for Credit Loss | 2,041 | |||||
Allowance for Loan Losses [Member] | Real estate construction | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | 59,193 | 24,915 | 24,915 | |||
Financing Receivable, Allowance for Credit Loss | 40,965 | 40,965 | 59,193 | |||
Recoveries | 74 | 49 | ||||
Net Charge offs | 69 | 31 | ||||
Gross up of allowance for PCD loans at acquisition | 435 | |||||
Provision for credit losses | (18,298) | 25,854 | ||||
Balance at end of period | 40,965 | 40,965 | 59,193 | |||
Allowance for credit losses on loans | ||||||
Recoveries | 74 | 49 | ||||
Net Charge offs | 69 | 31 | ||||
Gross up of allowance for PCD loans at acquisition | 435 | |||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | (5) | (19) | ||||
Net Charge offs | 69 | 31 | ||||
Allowance for Loan Losses [Member] | Real estate construction | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Financing Receivable, Allowance for Credit Loss | 32,382 | |||||
Allowance for Loan Losses [Member] | Real estate construction | First Staunton Bancshares [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Provision for credit 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] | ||||||
Financing Receivable, Allowance for Credit Loss | 7,467 | |||||
Allowance for Loan Losses [Member] | Commercial real estate lending | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | 152,629 | 65,428 | 65,428 | |||
Financing Receivable, Allowance for Credit Loss | 122,426 | 122,426 | 152,629 | |||
Recoveries | 3,120 | 692 | ||||
Net Charge offs | (11,224) | (22,246) | ||||
Gross up of allowance for PCD loans at acquisition | 1,188 | |||||
Provision for credit losses | (18,978) | 97,787 | ||||
Balance at end of period | 122,426 | 122,426 | 152,629 | |||
Allowance for credit losses on loans | ||||||
Recoveries | 3,120 | 692 | ||||
Net Charge offs | (11,224) | (22,246) | ||||
Gross up of allowance for PCD loans at acquisition | 1,188 | |||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | (14,344) | (22,938) | ||||
Net Charge offs | (11,224) | (22,246) | ||||
Allowance for Loan Losses [Member] | Commercial real estate lending | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Financing Receivable, Allowance for Credit Loss | 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 credit 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] | ||||||
Financing Receivable, Allowance for Credit Loss | 9,508 | |||||
Allowance for Loan Losses [Member] | Total commercial | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | 307,226 | 166,846 | 166,846 | |||
Financing Receivable, Allowance for Credit Loss | 223,685 | 223,685 | 307,226 | |||
Recoveries | 10,650 | 7,844 | ||||
Net Charge offs | (17,467) | (95,834) | ||||
Gross up of allowance for PCD loans at acquisition | 2,371 | |||||
Provision for credit losses | (66,074) | 171,641 | ||||
Balance at end of period | 223,685 | 223,685 | 307,226 | |||
Allowance for credit losses on loans | ||||||
Recoveries | 10,650 | 7,844 | ||||
Net Charge offs | (17,467) | (95,834) | ||||
Gross up of allowance for PCD loans at acquisition | 2,371 | |||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | (28,117) | (103,677) | ||||
Net Charge offs | (17,467) | (95,834) | ||||
Allowance for Loan Losses [Member] | Total commercial | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Financing Receivable, Allowance for Credit Loss | 227,422 | |||||
Allowance for Loan Losses [Member] | Total commercial | First Staunton Bancshares [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Provision for credit 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] | ||||||
Financing Receivable, Allowance for Credit Loss | 60,576 | |||||
Allowance for Loan Losses [Member] | Residential mortgage | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | 42,996 | 16,960 | 16,960 | |||
Financing Receivable, Allowance for Credit Loss | 41,620 | 41,620 | 42,996 | |||
Recoveries | 700 | 500 | ||||
Net Charge offs | (32) | (1,367) | ||||
Gross up of allowance for PCD loans at acquisition | 651 | |||||
Provision for credit losses | (1,344) | (6,864) | ||||
Balance at end of period | 41,620 | 41,620 | 42,996 | |||
Allowance for credit losses on loans | ||||||
Recoveries | 700 | 500 | ||||
Net Charge offs | (32) | (1,367) | ||||
Gross up of allowance for PCD loans at acquisition | 651 | |||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | (732) | (1,867) | ||||
Net Charge offs | (32) | (1,367) | ||||
Allowance for Loan Losses [Member] | Residential mortgage | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Financing Receivable, Allowance for Credit Loss | 50,175 | |||||
Allowance for Loan Losses [Member] | Residential mortgage | First Staunton Bancshares [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Provision for credit 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] | ||||||
Financing Receivable, Allowance for Credit Loss | 33,215 | |||||
Allowance for Loan Losses [Member] | Home equity | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | 18,849 | 10,926 | 10,926 | |||
Financing Receivable, Allowance for Credit Loss | 14,317 | 14,317 | 18,849 | |||
Recoveries | 2,240 | 1,978 | ||||
Net Charge offs | 1,640 | 259 | ||||
Gross up of allowance for PCD loans at acquisition | 422 | |||||
Provision for credit losses | (6,172) | (4,781) | ||||
Balance at end of period | 14,317 | 14,317 | 18,849 | |||
Allowance for credit losses on loans | ||||||
Recoveries | 2,240 | 1,978 | ||||
Net Charge offs | 1,640 | 259 | ||||
Gross up of allowance for PCD loans at acquisition | 422 | |||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | (600) | (1,719) | ||||
Net Charge offs | 1,640 | 259 | ||||
Allowance for Loan Losses [Member] | Home equity | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Financing Receivable, Allowance for Credit Loss | 22,575 | |||||
Allowance for Loan Losses [Member] | Home equity | First Staunton Bancshares [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Provision for credit 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] | ||||||
Financing Receivable, Allowance for Credit Loss | 11,649 | |||||
Allowance for Loan Losses [Member] | Other consumer(a) | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | 14,630 | 6,639 | 6,639 | |||
Financing Receivable, Allowance for Credit Loss | 14,630 | |||||
Recoveries | 1,101 | |||||
Net Charge offs | (3,689) | |||||
Gross up of allowance for PCD loans at acquisition | 61 | |||||
Provision for credit losses | 4,462 | |||||
Balance at end of period | 14,630 | |||||
Allowance for credit losses on loans | ||||||
Recoveries | 1,101 | |||||
Net Charge offs | (3,689) | |||||
Gross up of allowance for PCD loans at acquisition | 61 | |||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | (4,790) | |||||
Net Charge offs | (3,689) | |||||
Allowance for Loan Losses [Member] | Other consumer(a) | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Financing Receivable, Allowance for Credit Loss | 13,655 | |||||
Allowance for Loan Losses [Member] | Other consumer(a) | First Staunton Bancshares [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Provision for credit losses | 140 | |||||
Allowance for Loan Losses [Member] | Other consumer(a) | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Financing Receivable, Allowance for Credit Loss | 7,016 | |||||
Allowance for Loan Losses [Member] | Other consumer | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | 14,456 | |||||
Financing Receivable, Allowance for Credit Loss | 11,253 | 11,253 | 14,456 | |||
Recoveries | 965 | |||||
Net Charge offs | (1,366) | |||||
Provision for credit losses | (1,836) | |||||
Balance at end of period | 11,253 | 11,253 | 14,456 | |||
Allowance for credit losses on loans | ||||||
Recoveries | 965 | |||||
Net Charge offs | (1,366) | |||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | (2,331) | |||||
Net Charge offs | (1,366) | |||||
Allowance for Loan Losses [Member] | Auto | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | 174 | |||||
Financing Receivable, Allowance for Credit Loss | 120 | 120 | 174 | |||
Recoveries | 24 | |||||
Net Charge offs | 20 | |||||
Provision for credit losses | (74) | |||||
Balance at end of period | 120 | 120 | 174 | |||
Allowance for credit losses on loans | ||||||
Recoveries | 24 | |||||
Net Charge offs | 20 | |||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | (4) | |||||
Net Charge offs | 20 | |||||
Allowance for Loan Losses [Member] | Total consumer | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | 76,475 | 34,525 | 34,525 | |||
Financing Receivable, Allowance for Credit Loss | 67,311 | 67,311 | 76,475 | |||
Recoveries | 3,928 | 3,579 | ||||
Net Charge offs | 262 | (4,797) | ||||
Gross up of allowance for PCD loans at acquisition | 1,134 | |||||
Provision for credit losses | (9,426) | (7,183) | ||||
Balance at end of period | 67,311 | 67,311 | 76,475 | |||
Allowance for credit losses on loans | ||||||
Recoveries | 3,928 | 3,579 | ||||
Net Charge offs | 262 | (4,797) | ||||
Gross up of allowance for PCD loans at acquisition | 1,134 | |||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | (3,667) | (8,376) | ||||
Net Charge offs | 262 | (4,797) | ||||
Allowance for Loan Losses [Member] | Total consumer | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Financing Receivable, Allowance for Credit Loss | 86,405 | |||||
Allowance for Loan Losses [Member] | Total consumer | First Staunton Bancshares [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Provision for credit 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] | ||||||
Financing Receivable, Allowance for Credit Loss | 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 | 47,776 | 21,907 | 21,907 | |||
Off-Balance Sheet, Credit Loss, Liability | 41,276 | 41,276 | 47,776 | |||
Provision for credit losses | (6,500) | 7,000 | ||||
Balance at end of period | 41,276 | 41,276 | 47,776 | |||
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] | ||||||
Off-Balance Sheet, Credit Loss, Liability | 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 credit 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] | ||||||
Off-Balance Sheet, Credit Loss, Liability | 18,690 | |||||
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 | 22,311 | 12,276 | 12,276 | |||
Off-Balance Sheet, Credit Loss, Liability | 19,402 | 19,402 | 22,311 | |||
Provision for credit losses | (2,910) | 13,972 | ||||
Balance at end of period | 19,402 | 19,402 | 22,311 | |||
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] | ||||||
Off-Balance Sheet, Credit Loss, Liability | 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 credit 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] | ||||||
Off-Balance Sheet, Credit Loss, Liability | (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 | 266 | 127 | 127 | |||
Off-Balance Sheet, Credit Loss, Liability | 309 | 309 | 266 | |||
Provision for credit losses | 43 | 135 | ||||
Balance at end of period | 309 | 309 | 266 | |||
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] | ||||||
Off-Balance Sheet, Credit Loss, Liability | 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 credit 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] | ||||||
Off-Balance Sheet, Credit Loss, Liability | 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 | 22,577 | 12,403 | 12,403 | |||
Off-Balance Sheet, Credit Loss, Liability | 19,711 | 19,711 | 22,577 | |||
Provision for credit losses | (2,867) | 14,108 | ||||
Balance at end of period | 19,711 | 19,711 | 22,577 | |||
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] | ||||||
Off-Balance Sheet, Credit Loss, Liability | 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 credit 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] | ||||||
Off-Balance Sheet, Credit Loss, Liability | (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 | 636 | 530 | 530 | |||
Off-Balance Sheet, Credit Loss, Liability | 721 | 721 | 636 | |||
Provision for credit losses | 85 | (141) | ||||
Balance at end of period | 721 | 721 | 636 | |||
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] | ||||||
Off-Balance Sheet, Credit Loss, Liability | 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 credit 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] | ||||||
Off-Balance Sheet, Credit Loss, Liability | 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 | 18,887 | 7,532 | 7,532 | |||
Off-Balance Sheet, Credit Loss, Liability | 15,476 | 15,476 | 18,887 | |||
Provision for credit losses | (3,411) | (7,038) | ||||
Balance at end of period | 15,476 | 15,476 | 18,887 | |||
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] | ||||||
Off-Balance Sheet, Credit Loss, Liability | 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 credit 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] | ||||||
Off-Balance Sheet, Credit Loss, Liability | 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 | 19,523 | 8,062 | 8,062 | |||
Off-Balance Sheet, Credit Loss, Liability | 16,197 | 16,197 | 19,523 | |||
Provision for credit losses | (3,326) | (7,179) | ||||
Balance at end of period | 16,197 | 16,197 | 19,523 | |||
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] | ||||||
Off-Balance Sheet, Credit Loss, Liability | 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 credit 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] | ||||||
Off-Balance Sheet, Credit Loss, Liability | 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 | 42,101 | 20,465 | 20,465 | |||
Off-Balance Sheet, Credit Loss, Liability | 35,908 | 35,908 | 42,101 | |||
Provision for credit losses | (6,193) | 6,929 | ||||
Balance at end of period | 35,908 | 35,908 | 42,101 | |||
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] | ||||||
Off-Balance Sheet, Credit Loss, Liability | 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 credit 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] | ||||||
Off-Balance Sheet, Credit Loss, Liability | 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 | 3,118 | 1,038 | 1,038 | |||
Off-Balance Sheet, Credit Loss, Liability | 3,031 | 3,031 | 3,118 | |||
Provision for credit losses | (87) | (577) | ||||
Balance at end of period | 3,031 | 3,031 | 3,118 | |||
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] | ||||||
Off-Balance Sheet, Credit Loss, Liability | 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 credit 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] | ||||||
Off-Balance Sheet, Credit Loss, Liability | 2,591 | |||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Other consumer(a) | ||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||
Balance at beginning of period | 2,557 | 405 | 405 | |||
Off-Balance Sheet, Credit Loss, Liability | 2,337 | 2,337 | 2,557 | |||
Provision for credit losses | (220) | 649 | ||||
Balance at end of period | 2,337 | 2,337 | 2,557 | |||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Other consumer(a) | Cumulative Effect, Period Of Adoption, Adjusted Balance | ||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||
Off-Balance Sheet, Credit Loss, Liability | 1,909 | |||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Other consumer(a) | First Staunton Bancshares [Member] | ||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||
Provision for credit losses | 0 | |||||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Other consumer(a) | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | ||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||||
Off-Balance Sheet, Credit Loss, Liability | 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 | 5,675 | 1,443 | 1,443 | |||
Off-Balance Sheet, Credit Loss, Liability | 5,368 | 5,368 | 5,675 | |||
Provision for credit losses | (307) | 72 | ||||
Balance at end of period | 5,368 | 5,368 | 5,675 | |||
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] | ||||||
Off-Balance Sheet, Credit Loss, Liability | 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 credit 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] | ||||||
Off-Balance Sheet, Credit Loss, Liability | 4,095 | |||||
Allowance for Loans Losses and Unfunded Commitments [Member] | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Recoveries | 14,579 | 11,422 | ||||
Net Charge offs | (17,205) | (100,631) | ||||
Gross up of allowance for PCD loans at acquisition | 3,504 | |||||
Allowance for credit losses on loans | ||||||
Balance at beginning of period | 431,478 | 223,278 | 223,278 | |||
Allowance for Credit Losses on Loans | 332,273 | 332,273 | 431,478 | |||
Recoveries | 14,579 | 11,422 | ||||
Net Charge offs | (17,205) | (100,631) | ||||
Gross up of allowance for PCD loans at acquisition | 3,504 | |||||
Provision for credit losses | (82,000) | 171,457 | ||||
Balance at end of period | $ 332,273 | $ 332,273 | $ 431,478 | |||
Percent of Loans | 1.41% | 1.41% | 1.76% | |||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | $ (31,784) | $ (112,053) | ||||
Net Charge offs | (17,205) | (100,631) | ||||
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 | ||||||
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] | ||||||
Recoveries | 0 | 0 | ||||
Net Charge offs | 0 | 0 | ||||
Gross up of allowance for PCD loans at acquisition | 0 | |||||
Allowance for credit losses on loans | ||||||
Balance at beginning of period | 531 | 0 | 0 | |||
Allowance for Credit Losses on Loans | $ 125 | 125 | 531 | |||
Recoveries | 0 | 0 | ||||
Net Charge offs | 0 | 0 | ||||
Gross up of allowance for PCD loans at acquisition | 0 | |||||
Provision for credit losses | (406) | 531 | ||||
Balance at end of period | $ 125 | $ 125 | $ 531 | |||
Percent of Loans | 0.07% | 0.07% | 0.07% | |||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | $ 0 | $ 0 | ||||
Net Charge offs | 0 | 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] | ||||||
Recoveries | 7,415 | 7,004 | ||||
Net Charge offs | (6,358) | (73,316) | ||||
Gross up of allowance for PCD loans at acquisition | 293 | |||||
Allowance for credit losses on loans | ||||||
Balance at beginning of period | 165,105 | 103,409 | 103,409 | |||
Allowance for Credit Losses on Loans | $ 108,513 | 108,513 | 165,105 | |||
Recoveries | 7,415 | 7,004 | ||||
Net Charge offs | (6,358) | (73,316) | ||||
Gross up of allowance for PCD loans at acquisition | 293 | |||||
Provision for credit losses | (50,233) | 85,327 | ||||
Balance at end of period | $ 108,513 | $ 108,513 | $ 165,105 | |||
Percent of Loans | 1.37% | 1.37% | 2.14% | |||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | $ (13,773) | $ (80,320) | ||||
Net Charge offs | (6,358) | (73,316) | ||||
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] | ||||||
Recoveries | 115 | 147 | ||||
Net Charge offs | 115 | (272) | ||||
Gross up of allowance for PCD loans at acquisition | 890 | |||||
Allowance for credit losses on loans | ||||||
Balance at beginning of period | 11,539 | 10,411 | 10,411 | |||
Allowance for Credit Losses on Loans | $ 12,331 | 12,331 | 11,539 | |||
Recoveries | 115 | 147 | ||||
Net Charge offs | 115 | (272) | ||||
Gross up of allowance for PCD loans at acquisition | 890 | |||||
Provision for credit losses | 677 | 2,102 | ||||
Balance at end of period | $ 12,331 | $ 12,331 | $ 11,539 | |||
Percent of Loans | 1.40% | 1.40% | 1.28% | |||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | $ 0 | $ (419) | ||||
Net Charge offs | 115 | (272) | ||||
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] | ||||||
Recoveries | 7,530 | 7,151 | ||||
Net Charge offs | (6,242) | (73,588) | ||||
Gross up of allowance for PCD loans at acquisition | 1,183 | |||||
Allowance for credit losses on loans | ||||||
Balance at beginning of period | 177,175 | 113,820 | 113,820 | |||
Allowance for Credit Losses on Loans | $ 120,970 | 120,970 | 177,175 | |||
Recoveries | 7,530 | 7,151 | ||||
Net Charge offs | (6,242) | (73,588) | ||||
Gross up of allowance for PCD loans at acquisition | 1,183 | |||||
Provision for credit losses | (49,963) | 87,961 | ||||
Balance at end of period | $ 120,970 | $ 120,970 | $ 177,175 | |||
Percent of Loans | 1.35% | 1.35% | 1.89% | |||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | $ (13,773) | $ (80,739) | ||||
Net Charge offs | (6,242) | (73,588) | ||||
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] | ||||||
Recoveries | 3,046 | 643 | ||||
Net Charge offs | (11,293) | (22,277) | ||||
Gross up of allowance for PCD loans at acquisition | 753 | |||||
Allowance for credit losses on loans | ||||||
Balance at beginning of period | 94,071 | 41,044 | 41,044 | |||
Allowance for Credit Losses on Loans | $ 82,182 | 82,182 | 94,071 | |||
Recoveries | 3,046 | 643 | ||||
Net Charge offs | (11,293) | (22,277) | ||||
Gross up of allowance for PCD loans at acquisition | 753 | |||||
Provision for credit losses | (595) | 71,792 | ||||
Balance at end of period | $ 82,182 | $ 82,182 | $ 94,071 | |||
Percent of Loans | 1.91% | 1.91% | 2.17% | |||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | $ (14,340) | $ (22,920) | ||||
Net Charge offs | (11,293) | (22,277) | ||||
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] | ||||||
Recoveries | 74 | 49 | ||||
Net Charge offs | 69 | 31 | ||||
Gross up of allowance for PCD loans at acquisition | 435 | |||||
Allowance for credit losses on loans | ||||||
Balance at beginning of period | 78,080 | 32,447 | 32,447 | |||
Allowance for Credit Losses on Loans | $ 56,441 | 56,441 | 78,080 | |||
Recoveries | 74 | 49 | ||||
Net Charge offs | 69 | 31 | ||||
Gross up of allowance for PCD loans at acquisition | 435 | |||||
Provision for credit losses | (21,709) | 18,816 | ||||
Balance at end of period | $ 56,441 | $ 56,441 | $ 78,080 | |||
Percent of Loans | 3.08% | 3.08% | 4.24% | |||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | $ (5) | $ (19) | ||||
Net Charge offs | 69 | 31 | ||||
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] | ||||||
Recoveries | 3,120 | 692 | ||||
Net Charge offs | (11,224) | (22,246) | ||||
Gross up of allowance for PCD loans at acquisition | 1,188 | |||||
Allowance for credit losses on loans | ||||||
Balance at beginning of period | 172,152 | 73,490 | 73,490 | |||
Allowance for Credit Losses on Loans | $ 138,623 | 138,623 | 172,152 | |||
Recoveries | 3,120 | 692 | ||||
Net Charge offs | (11,224) | (22,246) | ||||
Gross up of allowance for PCD loans at acquisition | 1,188 | |||||
Provision for credit losses | (22,304) | 90,608 | ||||
Balance at end of period | $ 138,623 | $ 138,623 | $ 172,152 | |||
Percent of Loans | 2.26% | 2.26% | 2.78% | |||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | $ (14,344) | $ (22,938) | ||||
Net Charge offs | (11,224) | (22,246) | ||||
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] | ||||||
Recoveries | 10,650 | 7,844 | ||||
Net Charge offs | (17,467) | (95,834) | ||||
Gross up of allowance for PCD loans at acquisition | 2,371 | |||||
Allowance for credit losses on loans | ||||||
Balance at beginning of period | 349,327 | 187,311 | 187,311 | |||
Allowance for Credit Losses on Loans | $ 259,593 | 259,593 | 349,327 | |||
Recoveries | 10,650 | 7,844 | ||||
Net Charge offs | (17,467) | (95,834) | ||||
Gross up of allowance for PCD loans at acquisition | 2,371 | |||||
Provision for credit losses | (72,267) | 178,569 | ||||
Balance at end of period | $ 259,593 | $ 259,593 | $ 349,327 | |||
Percent of Loans | 1.72% | 1.72% | 2.25% | |||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | $ (28,117) | $ (103,677) | ||||
Net Charge offs | (17,467) | (95,834) | ||||
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] | ||||||
Recoveries | 700 | 500 | ||||
Net Charge offs | (32) | (1,367) | ||||
Gross up of allowance for PCD loans at acquisition | 651 | |||||
Allowance for credit losses on loans | ||||||
Balance at beginning of period | 42,996 | 16,960 | 16,960 | |||
Allowance for Credit Losses on Loans | $ 41,620 | 41,620 | 42,996 | |||
Recoveries | 700 | 500 | ||||
Net Charge offs | (32) | (1,367) | ||||
Gross up of allowance for PCD loans at acquisition | 651 | |||||
Provision for credit losses | (1,344) | (6,864) | ||||
Balance at end of period | $ 41,620 | $ 41,620 | $ 42,996 | |||
Percent of Loans | 0.55% | 0.55% | 0.55% | |||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | $ (732) | $ (1,867) | ||||
Net Charge offs | (32) | (1,367) | ||||
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] | ||||||
Recoveries | 2,240 | 1,978 | ||||
Net Charge offs | 1,640 | 259 | ||||
Gross up of allowance for PCD loans at acquisition | 422 | |||||
Allowance for credit losses on loans | ||||||
Balance at beginning of period | 21,967 | 11,964 | 11,964 | |||
Allowance for Credit Losses on Loans | $ 17,348 | 17,348 | 21,967 | |||
Recoveries | 2,240 | 1,978 | ||||
Net Charge offs | 1,640 | 259 | ||||
Gross up of allowance for PCD loans at acquisition | 422 | |||||
Provision for credit losses | (6,259) | (5,358) | ||||
Balance at end of period | $ 17,348 | $ 17,348 | $ 21,967 | |||
Percent of Loans | 2.85% | 2.85% | 3.11% | |||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | $ (600) | $ (1,719) | ||||
Net Charge offs | 1,640 | 259 | ||||
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(a) | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Recoveries | 1,101 | |||||
Net Charge offs | (3,689) | |||||
Gross up of allowance for PCD loans at acquisition | 61 | |||||
Allowance for credit losses on loans | ||||||
Balance at beginning of period | 17,187 | 7,044 | 7,044 | |||
Allowance for Credit Losses on Loans | 17,187 | |||||
Recoveries | 1,101 | |||||
Net Charge offs | (3,689) | |||||
Gross up of allowance for PCD loans at acquisition | 61 | |||||
Provision for credit losses | 5,111 | |||||
Balance at end of period | $ 17,187 | |||||
Percent of Loans | 5.49% | |||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | $ (4,790) | |||||
Net Charge offs | (3,689) | |||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Other consumer(a) | 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(a) | 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(a) | 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] | Other consumer | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Recoveries | 965 | |||||
Net Charge offs | (1,366) | |||||
Allowance for credit losses on loans | ||||||
Balance at beginning of period | 17,013 | |||||
Allowance for Credit Losses on Loans | $ 13,591 | 13,591 | 17,013 | |||
Recoveries | 965 | |||||
Net Charge offs | (1,366) | |||||
Provision for credit losses | (2,056) | |||||
Balance at end of period | $ 13,591 | $ 13,591 | 17,013 | |||
Percent of Loans | 4.61% | 4.61% | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | $ (2,331) | |||||
Net Charge offs | (1,366) | |||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Auto | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Recoveries | 24 | |||||
Net Charge offs | 20 | |||||
Allowance for credit losses on loans | ||||||
Balance at beginning of period | 174 | |||||
Allowance for Credit Losses on Loans | $ 120 | 120 | 174 | |||
Recoveries | 24 | |||||
Net Charge offs | 20 | |||||
Provision for credit losses | (74) | |||||
Balance at end of period | $ 120 | $ 120 | 174 | |||
Percent of Loans | 1.79% | 1.79% | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | $ (4) | |||||
Net Charge offs | 20 | |||||
Allowance for Loans Losses and Unfunded Commitments [Member] | Total consumer | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Recoveries | 3,928 | 3,579 | ||||
Net Charge offs | 262 | (4,797) | ||||
Gross up of allowance for PCD loans at acquisition | 1,134 | |||||
Allowance for credit losses on loans | ||||||
Balance at beginning of period | 82,150 | $ 35,968 | 35,968 | |||
Allowance for Credit Losses on Loans | $ 72,679 | 72,679 | 82,150 | |||
Recoveries | 3,928 | 3,579 | ||||
Net Charge offs | 262 | (4,797) | ||||
Gross up of allowance for PCD loans at acquisition | 1,134 | |||||
Provision for credit losses | (9,733) | (7,112) | ||||
Balance at end of period | $ 72,679 | $ 72,679 | $ 82,150 | |||
Percent of Loans | 0.85% | 0.85% | 0.92% | |||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Charge offs | $ (3,667) | $ (8,376) | ||||
Net Charge offs | $ 262 | (4,797) | ||||
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 | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Loans Information [Line Items] | |||||
Interest receivable | $ 79,011 | $ 79,011 | $ 90,263 | ||
Financing Receivable, Nonaccrual, Interest Income | 91 | $ 1,000 | 329 | $ 2,000 | |
Financing Receivable, Troubled Debt Restructuring, Premodification | 13,744 | $ 9,280 | |||
Restructured Loans Subsequently Accruing | 7,000 | 7,000 | |||
Ytd Restructured Loans Still On Nonaccrual | 7,000 | 7,000 | |||
Loans and Finance Receivables [Member] | |||||
Loans Information [Line Items] | |||||
Interest receivable | $ 57,000 | 57,000 | 66,000 | ||
Possible Liquidity Issues [Member] | |||||
Loans Information [Line Items] | |||||
Financing Receivable, Troubled Debt Restructuring, Premodification | 17,000 | ||||
Financing Receivable, Troubled Debt Restructuring | $ 68,000 | ||||
Possible Liquidity Issues [Member] | Commercial And Industrial Financing Receivable [Member] | |||||
Loans Information [Line Items] | |||||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 17,000 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets, Summary of Core Deposit and Other Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary of core deposit intangibles and other intangibles | ||||||
Other intangible amortization | $ 2,203 | $ 2,253 | $ 6,642 | $ 7,939 | ||
Core Deposit Intangibles | ||||||
Summary of core deposit intangibles and other intangibles | ||||||
Gross carrying amount at the beginning of period | $ 88,109 | $ 80,730 | ||||
Additions during the period | 0 | 7,379 | ||||
Accumulated amortization | (27,814) | (27,814) | (21,205) | |||
Net book value | 60,296 | 60,296 | 66,904 | |||
Other intangible amortization | 6,608 | 8,749 | ||||
Other Intangibles | ||||||
Summary of core deposit intangibles and other intangibles | ||||||
Gross carrying amount at the beginning of period | 2,000 | $ 38,970 | ||||
Additions during the period | 0 | 200 | ||||
Accumulated amortization | (683) | (683) | (20,385) | |||
Net book value | $ 0 | 0 | 1,350 | |||
Other intangible amortization | 33 | 1,443 | ||||
Other Intangibles | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||
Summary of core deposit intangibles and other intangibles | ||||||
Reductions due to sale | $ (1,317) | $ (17,435) |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets, Mortgage Servicing Rights Roll-Forward (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Mortgage servicing rights | ||
Mortgage servicing rights at beginning of period | $ 59,967 | $ 67,607 |
Additions from acquisition | 0 | 1,357 |
Additions | 11,761 | 13,667 |
Amortization | (15,624) | (22,664) |
Mortgage servicing rights at end of period | 56,104 | 59,967 |
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward] | ||
Valuation allowance at beginning of period | (18,006) | (302) |
(Additions) recoveries, net | 12,231 | (17,704) |
Valuation allowance at end of period | (5,775) | (18,006) |
Mortgage servicing rights, net | 50,329 | 41,961 |
Fair value of mortgage servicing rights | 50,373 | 41,990 |
Portfolio of residential mortgage loans serviced for others (“servicing portfolio”) | $ 7,057,130 | $ 7,743,956 |
Mortgage servicing rights, net to servicing portfolio | 0.71% | 0.54% |
Mortgage servicing rights expense(a) | $ 3,393 | $ 40,369 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets, Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Core Deposit Intangibles | ||
Estimated future amortization expense | ||
Three Months Ending December 31, 2021 | $ 2,203 | |
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 | |
Year ending December 31, 2026 | 8,811 | |
Beyond 2026 | 14,038 | |
Net book value | 60,296 | $ 66,904 |
Other Intangibles | ||
Estimated future amortization expense | ||
Net book value | 0 | $ 1,350 |
Mortgage Servicing Rights | ||
Estimated future amortization expense | ||
Three Months Ending December 31, 2021 | 2,945 | |
Year ending December 31, 2022 | 10,898 | |
Year ending December 31, 2023 | 8,500 | |
Year ending December 31, 2024 | 6,795 | |
Year ending December 31, 2025 | 5,499 | |
Year ending December 31, 2026 | 4,489 | |
Beyond 2026 | 16,978 | |
Net book value | $ 56,104 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Details Textuals) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Valuation Allowance for Impairment of Recognized Servicing Assets, Additions (Deductions) for Expenses (Recoveries) | $ (12,231) | $ 17,704 | |
Goodwill [Line Items] | |||
Goodwill | 1,104,992 | 1,109,300 | |
Whitnell | |||
Goodwill [Line Items] | |||
Goodwill | $ (4,000) | ||
Other Intangibles | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||
Goodwill [Line Items] | |||
Decrease of other intangible assets | $ 1,317 | $ 17,435 |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Short-term Funding [Abstract] | ||
Federal funds purchased | $ 415 | $ 7,070 |
Securities sold under agreements to repurchase | 267,528 | 185,901 |
Federal funds purchased and securities sold under agreements to repurchase | 267,943 | 192,971 |
Commercial paper | 54,553 | 59,346 |
Total short-term funding | 322,496 | 252,317 |
Long-Term Funding | ||
Corporation subordinated notes, at par, due 2025 | 250,000 | 250,000 |
Finance lease liability | 72 | 1,128 |
Capitalized costs | (912) | (1,663) |
FHLB Advances - long-term | ||
FHLB advances | 1,620,880 | 1,632,723 |
Other long-term funding | 1,870,040 | 2,182,188 |
Total short and long-term funding | 2,192,536 | 2,434,505 |
Bank senior notes, at par, due 2021 | ||
Long-Term Funding | ||
Senior notes | $ 0 | $ 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 | Sep. 30, 2021 | Dec. 31, 2020 |
RemainingContractualMaturityoftheSecuritiesSoldUnderAgreementtoRepurchase [Line Items] | ||
Repurchase agreements | $ 267,528 | $ 185,901 |
Overnight and Continuous | ||
RemainingContractualMaturityoftheSecuritiesSoldUnderAgreementtoRepurchase [Line Items] | ||
Repurchase agreements | 267,528 | 185,901 |
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 | 267,528 | 185,901 |
Agency mortgage-related securities | Overnight and Continuous | ||
RemainingContractualMaturityoftheSecuritiesSoldUnderAgreementtoRepurchase [Line Items] | ||
Repurchase agreements | 267,528 | 185,901 |
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 Thousands | Jul. 13, 2021 | Aug. 13, 2018 | Nov. 30, 2014 | Sep. 30, 2021 | Dec. 31, 2020 |
Long-Term Funding | |||||
Carrying Value of Securities Purchased under Agreements to Resell and Deposits Paid for Securities Borrowed | $ 364,000 | ||||
Fixed Interest Rates, Finance Leases | 1.07% | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | $ 1,620,880 | $ 1,632,723 | |||
Two Thousand Eighteen Senior Notes [Member] [Domain] | |||||
Long-Term Funding | |||||
Debt Instrument, Issuance Date Month, Year | August 2018 | ||||
New Senior Debt Issued | $ 300,000 | ||||
Debt Instrument, Maturity Date Month, Year | August 2021 | ||||
Debt Instrument Call Date Earliest Month Year | July 2021 | ||||
Debt Instrument, Redemption | Jul. 13, 2021 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | ||||
Two Thousand Fourteen Subordinated Notes | |||||
Long-Term Funding | |||||
Debt Instrument, Issuance Date Month, Year | November 2014 | ||||
Junior Subordinated Debentures Issued | $ 250,000 | ||||
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Inputs, Level 3 | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Derivative Asset | $ 972 | $ 0 |
Derivatives (trading liabilities) | 0 | 2,046 |
Fair Value, Inputs, Level 3 | Interest Rate Lock Commitments and Forward Commitments Total | Fair Value, Measurements, Recurring | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Derivative Asset | 6,159 | 9,624 |
Fair Value, Inputs, Level 2 | Interest rate-related instruments — customer and mirror | Fair Value, Measurements, Recurring | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Derivative Asset | 110,898 | 192,518 |
Derivatives (trading liabilities) | 24,322 | 25,680 |
Fair Value, Inputs, Level 2 | Interest rate lock commitments (mortgage) | Fair Value, Measurements, Recurring | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Derivative Asset | 4,637 | 4,909 |
Derivatives (trading liabilities) | 4,454 | 4,836 |
Fair Value, Inputs, Level 2 | Commodity contracts | Fair Value, Measurements, Recurring | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Derivative Asset | 6,546 | 12,486 |
Derivatives (trading liabilities) | 6,471 | 11,155 |
Asset | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Derivatives (trading and other assets), fair value | 128,240 | 219,537 |
Less: Legally enforceable master netting agreements | 3,302 | 1,936 |
Less: Cash collateral pledged/received | 3,143 | 10,879 |
Derivative Asset | 121,795 | 206,722 |
Liability | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Derivatives (trading and other liabilities), fair value | 35,247 | 43,716 |
Less: Legally enforceable master netting agreements | 3,302 | 1,936 |
Less: Cash collateral pledged/received | 18,595 | 25,625 |
Derivatives (trading liabilities) | 13,351 | 16,155 |
Not designated as hedging instruments | Asset | Interest rate-related instruments — customer and mirror | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional Amount | 3,889,911 | 3,639,679 |
Not designated as hedging instruments | Asset | Interest rate lock commitments (mortgage) | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional Amount | 496,215 | 411,292 |
Not designated as hedging instruments | Asset | Commodity contracts | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional Amount | 16,231 | 87,547 |
Not designated as hedging instruments | Asset | Mortgage banking(a)(b) | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional Amount | 253,663 | 226,818 |
Not designated as hedging instruments | Liability | Interest rate-related instruments — customer and mirror | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional Amount | 3,889,911 | 3,639,679 |
Not designated as hedging instruments | Liability | Interest rate lock commitments (mortgage) | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional Amount | 483,949 | 398,890 |
Not designated as hedging instruments | Liability | Commodity contracts | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional Amount | 16,307 | 83,214 |
Not designated as hedging instruments | Liability | Mortgage banking(a)(b) | ||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||
Notional Amount | $ 390,000 | $ 335,500 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest Income | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | $ (292) | $ (481) | $ (1,128) | $ (1,345) |
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 | (262) |
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 | (292) | (481) | (1,128) | (1,345) |
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 | $ 0 | $ (262) |
Derivative and Hedging Activi_5
Derivative and Hedging Activities Derivative Impact on Perfomance (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Fair Value, Inputs, Level 3 | |||||
Derivative Instruments | |||||
Derivative Asset | $ 972 | $ 972 | $ 0 | ||
Interest Rate Lock Commitments and Forward Commitments Total | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | |||||
Derivative Instruments | |||||
Derivative Asset | 6,159 | 6,159 | $ 9,624 | ||
Capital markets, net | Interest rate-related instruments — customer and mirror, net | |||||
Derivative Instruments | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 557 | $ 507 | 2,546 | $ (2,648) | |
Capital markets, net | Foreign currency exchange forwards | |||||
Derivative Instruments | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (8) | 49 | 109 | (31) | |
Capital markets, net | Commodity contracts | |||||
Derivative Instruments | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (124) | (86) | (1,256) | 555 | |
Mortgage banking, net | Interest rate lock commitments (mortgage) | |||||
Derivative Instruments | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (1,356) | (4,948) | (4,438) | 5,361 | |
Mortgage banking, net | Forward commitments (mortgage) | |||||
Derivative Instruments | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (1,402) | $ 1,293 | $ (3,017) | $ 710 |
Derivative and Hedging Activi_6
Derivative and Hedging Activities (Details Textuals) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Balance Sheet Recording of Fair Value Hedge [Line Items] | |||
Additional Collateral, Aggregate Fair Value | $ 78 | $ 72 | |
Derivative collateral right to reclaim cash | 18 | $ 31 | |
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 | 446 | ||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | $ 2 |
Balance Sheet Offsetting (Detai
Balance Sheet Offsetting (Details) - Interest Rate Contract - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative assets | ||
Gross Amounts Recognized | $ 6,719 | $ 13,441 |
Derivative Liabilities Offset | (3,302) | (1,936) |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | (3,143) | (10,879) |
Net Amounts Presented on the Consolidated Balance Sheets | 273 | 626 |
Derivative liabilities | ||
Gross Amounts Recognized | 23,489 | 27,951 |
Derivative Liability, Fair Value, Gross Asset | (3,302) | (1,936) |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | (18,595) | (25,625) |
Net Amounts Presented on the Consolidated Balance Sheets | $ 1,592 | $ 390 |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
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 | 10,618,161 | 10,010,492 |
Commercial letters of credit(a) | ||
Summary of lending-related and other commitments | ||
Lending related commitments | 6,309 | 3,642 |
Standby letters of credit(c) | ||
Summary of lending-related and other commitments | ||
Lending related commitments | 264,123 | 278,798 |
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 | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Balance at beginning of period | $ 47,776 | $ 21,907 | |
Off-Balance Sheet, Credit Loss, Liability | 41,276 | 47,776 | |
Provision for credit losses | (6,500) | 7,000 | |
Balance at end of period | $ 41,276 | 47,776 | |
Cumulative Effect, Period Of Adoption, Adjusted Balance | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Off-Balance Sheet, Credit Loss, Liability | $ 40,597 | ||
First Staunton Bancshares [Member] | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Provision for credit losses | $ 179 | ||
Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Off-Balance Sheet, Credit Loss, Liability | $ 18,690 |
Commitments, Off-Balance Shee_4
Commitments, Off-Balance Sheet Arrangements, Legal Proceedings and Regulatory Matters (Details Textuals) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Textuals) [Line Items] | |||||||
Off-Balance Sheet, Credit Loss, Liability | $ 41,276,000 | $ 41,276,000 | $ 47,776,000 | $ 21,907,000 | |||
Provision for credit losses | (6,500,000) | 7,000,000 | |||||
Expense Related to Qualified Affordable Housing Projects | 8,000,000 | $ 6,000,000 | 24,000,000 | $ 18,000,000 | |||
Remaining Investment in Qualified Affordable Housing Projects | 270,000,000 | 270,000,000 | 268,000,000 | ||||
Variable Interest Entity Reporting Entity Involvement Unfunded Obligation Amount | 101,000,000 | 101,000,000 | 118,000,000 | ||||
Qualified Affordable Housing Investments, Impairment Loss | 0 | 0 | |||||
Loans Repurchased Under Make Whole Requests | 6,000,000 | $ 6,000,000 | 10,000,000 | ||||
Loans Sold To Outside Investors Loss ReimbursementSettlement Paid | no | 114 | |||||
Loans Sold To Outside Investors Original Amount | 15,700,000,000 | $ 15,700,000,000 | |||||
Loans Sold To Outside Investors Remaining Outstanding Amount | 6,500,000,000 | 6,500,000,000 | |||||
Mortgage Repurchase Reserve | 1,000,000 | 1,000,000 | 2,000,000 | ||||
Residential Mortgage Loans Sold With Recourse Risk | 27,000,000 | 27,000,000 | 36,000,000 | ||||
Residential Mortgage Loans Sold With Credit Recourse Risk | 26,000,000 | 26,000,000 | 33,000,000 | ||||
UnconsolidatedProjectsLowIncomeHousing [Member] | |||||||
Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Textuals) [Line Items] | |||||||
Other Investments | 277,000,000 | 277,000,000 | 272,000,000 | ||||
PrincipalInvestmentCommitment [Member] | |||||||
Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Textuals) [Line Items] | |||||||
Other Investments | $ 24,000,000 | $ 24,000,000 | $ 25,000,000 |
Fair Value Measurements, Assets
Fair Value Measurements, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities | $ 3,893,379 | $ 3,085,441 |
Fair Value, Inputs, Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities | 123,981 | 26,531 |
Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities | 3,769,399 | 3,058,910 |
Fair Value, Inputs, Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading assets | 972 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 0 | 2,046 |
Fair Value, Inputs, Level 3 | Forward commitments (mortgage) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading assets | 972 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Available-for-sale Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities | 123,981 | 26,531 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Other Debt And Other Equity Securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities | 4,109 | 1,661 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Federal Family Education Loan Program (FFELP) Guaranteed Loans [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities | 212,797 | 327,189 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | US Government-sponsored Enterprises Debt Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities | 7,179 | 8,584 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Other Debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities | 2,999 | 3,000 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Available-for-sale Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities | 3,769,399 | 3,058,910 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Residential loans held for sale | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities | 158,202 | 129,158 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Interest rate-related instruments — customer and mirror, net | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading assets | 110,898 | 192,518 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 24,322 | 25,680 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Foreign currency exchange forwards | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading assets | 4,637 | 4,909 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 4,454 | 4,836 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading assets | 6,546 | 12,486 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading liabilities | 6,471 | 11,155 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Residential Related Securities | Private-label Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities | 76,033 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Mortgage banking(a)(b) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading assets | 5,187 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Interest Rate Lock Commitments and Forward Commitments Total | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading assets | 6,159 | 9,624 |
FNMA / FHLMC | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Commercial mortgage-related securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities | 353,175 | 22,904 |
FNMA / FHLMC | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Residential Related Securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities | 2,377,408 | 1,461,241 |
Government National Mortgage Association (GNMA) [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Commercial mortgage-related securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities | 231,096 | 524,756 |
Government National Mortgage Association (GNMA) [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Residential Related Securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities | 79,696 | 235,537 |
US Treasury Securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities | 123,981 | 26,531 |
US Treasury Securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities | 26,531 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities | 414,020 | 450,662 |
Agency Securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities | 14,998 | 25,038 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities | $ 7,179 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale Securities | $ 8,584 |
Fair Value Measurements Financi
Fair Value Measurements Financial Instruments Classified Within Level 3 (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
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 | $ 9,624 | $ 2,527 |
New production | 45,586 | 72,659 |
Closed loans / settlements | (44,543) | (76,001) |
Other | (5,481) | 10,439 |
Mortgage derivative gain (loss) | (4,437) | 7,097 |
Ending Balance | 5,187 | 9,624 |
Forward commitments to sell residential mortgage loans | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning Balance | 2,046 | 710 |
New production | (2,496) | (3,505) |
Closed loans / settlements | 217 | (12,587) |
Other | (739) | 17,427 |
Mortgage derivative gain (loss) | (3,017) | 1,335 |
Ending Balance | (972) | 2,046 |
Total derivatives | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning Balance | 7,579 | 1,817 |
New production | 48,082 | 76,164 |
Closed loans / settlements | (44,760) | (63,414) |
Other | (4,742) | (6,988) |
Mortgage derivative gain (loss) | (1,420) | 5,762 |
Ending Balance | $ 6,159 | $ 7,579 |
Fair Value Measurements Equity
Fair Value Measurements Equity Securities Without Readily Determinable Fair Values (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Equity Securities Without Readily Determinable Fair Value Amount [Roll Forward] | |
Carrying value as of December 31, 2020 | $ 13,000 |
Additions | 552 |
Equity Securities without Readily Determinable Fair Value, Sales, Annual Amount | (33) |
Equity Securities without Readily Determinable Fair Value, Donations, Annual Amount | (134) |
Carrying value as of September 30, 2021 | 14,000 |
Fair Value, Inputs, Level 3 | |
Equity Securities Without Readily Determinable Fair Value Amount [Roll Forward] | |
Carrying value as of December 31, 2020 | 13,444 |
Carrying value as of September 30, 2021 | 13,830 |
Cumulative upward carrying value changes between January 1, 2018 and September 30, 2021 | 13,444 |
Cumulative downward carrying value changes/impairment between January 1, 2018 and September 30, 2021 | $ 0 |
Fair Value Measurements, Asse_2
Fair Value Measurements, Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis | |||
Mortgage Servicing Rights (MSR) Impairment (Recovery) | $ (12,231) | $ 18,481 | |
Mortgage servicing rights | 50,373 | $ 41,990 | |
Equity securities | 14,000 | 13,000 | |
Investment securities gains (losses), net | 17,939 | 15,106 | |
Fair Value, Inputs, Level 3 | |||
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis | |||
Equity securities | 13,830 | 13,444 | |
Investment securities gains (losses), net | 13,830 | 13,444 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 | |||
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve, Amount | 6,449 | 3,747 | |
OREO(b) | 21,847 | 6,125 | |
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) | 78,139 | 138,752 | |
Provision for credit losses | (4,227) | 97,519 | |
Mortgage Servicing Rights (MSR) Impairment (Recovery) | 12,231 | (17,704) | |
Mortgage servicing rights | $ 50,373 | $ 41,990 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Unobservable Level 3 Measurements (Details) - Fair Value, Inputs, Level 3 | 9 Months Ended |
Sep. 30, 2021 | |
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 | 8.00% |
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 | 15.00% |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Prepayment Speed | 40.00% |
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 | 15.00% |
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 | 33.00% |
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 | 51.00% |
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 | 36.00% |
Fair Value Measurements, Fair V
Fair Value Measurements, Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financial assets | ||
Cash and due from banks | $ 378,927 | $ 416,154 |
Interest-bearing deposits in other financial institutions | 1,281,916 | 298,759 |
Federal funds sold and securities purchased under agreements to resell | 25,000 | 1,135 |
Available-for-sale Securities | 3,893,379 | 3,085,441 |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 1,929,783 | 1,879,005 |
Investment securities held to maturity, fair value | 2,035,858 | 2,028,943 |
Equity securities with readily determinable fair values, Fair Value | 4,000 | 2,000 |
Equity Securities without Readily Determinable Fair Value, Amount | 14,000 | 13,000 |
Investment securities gains (losses), net | 17,939 | 15,106 |
FHLB and Federal Reserve Bank stocks | 168,281 | 168,280 |
Residential loans held for sale | 158,202 | 129,158 |
Loans, net | 23,330,676 | 24,068,022 |
Bank owned life insurance, fair value | 683,610 | 679,647 |
Financial liabilities | ||
Short-term funding | 322,496 | 252,317 |
FHLB advances | 1,620,880 | 1,632,723 |
Letters of Credit Outstanding, Amount | 264,000 | 279,000 |
Other long-term funding | 1,870,040 | 2,182,188 |
US Treasury Securities | ||
Financial assets | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 1,000 | 999 |
Investment securities held to maturity, fair value | 1,007 | 1,024 |
Fair Value, Inputs, Level 1 | ||
Financial assets | ||
Available-for-sale Securities | 123,981 | 26,531 |
Investment securities available for sale, fair value | 123,981 | 26,531 |
Equity securities with readily determinable fair value, Carrying Amount | 4,109 | 1,661 |
Equity securities with readily determinable fair values, Fair Value | 4,109 | 1,661 |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | US Treasury Securities | ||
Financial assets | ||
Available-for-sale Securities | 123,981 | 26,531 |
Fair Value, Inputs, Level 2 | ||
Financial assets | ||
Available-for-sale Securities | 3,769,399 | 3,058,910 |
Investment securities available for sale, fair value | 3,769,399 | 3,058,910 |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 1,928,735 | 1,877,939 |
Investment securities held to maturity, fair value | 2,034,803 | 2,027,852 |
Financial liabilities | ||
Brokered CDs and other time deposits | 1,410,886 | 1,757,030 |
Brokered CDs and other time deposits, fair value | 1,412,950 | 1,766,200 |
Short-term funding | 322,496 | 252,317 |
Short-term funding, fair value | 322,486 | 252,303 |
Long-term funding, fair value | 270,526 | 578,233 |
Advances, Fair Value Disclosure | 1,701,512 | 1,760,727 |
Standby letters of credit | 2,549 | 2,731 |
Standby letters of credit, fair value | 2,549 | 2,731 |
Other long-term funding | 249,160 | 549,465 |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | US Treasury Securities | ||
Financial assets | ||
Available-for-sale Securities | 26,531 | |
Fair Value, Inputs, Level 2 | Other Assets [Member] | ||
Financial assets | ||
Derivative Asset | 122,082 | 209,913 |
Derivatives (trading and other assets), fair value | 122,082 | 209,913 |
Fair Value, Inputs, Level 2 | Other Liabilities [Member] | ||
Financial liabilities | ||
Derivatives (trading liabilities) | 35,247 | 41,671 |
Derivatives (trading and other liabilities), fair value | 35,247 | 41,671 |
Fair Value, Inputs, Level 3 | ||
Financial assets | ||
Equity Securities without Readily Determinable Fair Value, Amount | 13,830 | 13,444 |
Investment securities gains (losses), net | 13,830 | 13,444 |
Loans, net, fair value | 23,447,728 | 24,012,738 |
Derivative Asset | 972 | 0 |
Financial liabilities | ||
Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts | 26,440,380 | 24,725,451 |
Noninterest-bearing demand, savings, interest-bearing demand, and money market deposits, fair value | 26,440,380 | 24,725,451 |
Derivatives (trading liabilities) | 0 | 2,046 |
Fair Value, Inputs, Level 3 | Mortgage banking(a)(b) | Fair Value, Measurements, Recurring | ||
Financial assets | ||
Derivative Asset | 5,187 | |
Fair Value, Inputs, Level 3 | Interest Rate Lock Commitments and Forward Commitments Total | Fair Value, Measurements, Recurring | ||
Financial assets | ||
Derivative Asset | $ 6,159 | $ 9,624 |
Fair Value Measurements (Detail
Fair Value Measurements (Details Textuals) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Measurements (Textuals) [Abstract] | |
Fair Value Inputs Closing Ratio | 82.00% |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
RAP | ||||
Net period benefit cost for the pension and postretirement plans | ||||
Service cost | $ 1,684 | $ 1,853 | $ 5,835 | $ 6,183 |
Interest cost | 1,682 | 2,124 | 4,927 | 6,139 |
Expected return on plan assets | (6,395) | (6,386) | (19,256) | (19,196) |
Amortization of prior service cost | (19) | (18) | (55) | (55) |
Amortization of actuarial loss (gain) | 1,346 | 1,313 | 3,446 | 2,923 |
Total net periodic pension cost | (1,701) | (1,114) | (5,103) | (4,006) |
Postretirement Plan | ||||
Net period benefit cost for the pension and postretirement plans | ||||
Interest cost | 13 | 20 | 39 | 59 |
Amortization of prior service cost | (19) | (19) | (56) | (56) |
Total net periodic pension cost | $ (6) | $ 1 | $ (17) | $ 2 |
Retirement Plans (Details Textu
Retirement Plans (Details Textuals) (Details) - USD ($) $ in Millions | Feb. 15, 2020 | Feb. 14, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
First Staunton Bancshares [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Effective Date of Acquisition | Feb. 14, 2020 | |||
Business Acquisition, Effective Date of Retirement Eligibility | Feb. 15, 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 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 | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Income Statement Data Abstract | ||||||||
Net interest income | $ 183,675 | $ 182,150 | $ 539,092 | $ 574,964 | ||||
Net intersegment interest income (expense) | 0 | 0 | 0 | 0 | ||||
Segment net interest income | 183,675 | 182,150 | 539,092 | 574,964 | ||||
Noninterest income(a) | 82,076 | 75,545 | 250,862 | 428,342 | ||||
Total revenue | 265,752 | 257,695 | 789,954 | 1,003,305 | ||||
Provision for credit losses | (24,010) | 43,009 | (82,018) | 157,009 | ||||
Noninterest expense | 177,892 | 227,587 | 527,713 | 603,184 | ||||
Income (loss) before income taxes | 111,870 | (12,900) | 344,259 | 243,112 | ||||
Income tax expense (benefit) | 23,060 | (58,114) | 70,142 | 3,342 | ||||
Net income | 88,809 | $ 91,007 | $ 94,301 | 45,214 | $ 148,718 | $ 45,838 | 274,117 | 239,769 |
Segment Balance Sheet Data | ||||||||
Allocated goodwill | 1,104,992 | 1,107,902 | ||||||
Loss on prepayments of FHLB advances | 0 | 44,650 | 0 | |||||
Risk Management and Shared Services | ||||||||
Segment Balance Sheet Data | ||||||||
Loss on prepayments of FHLB advances | 44,650 | |||||||
Operating Segments | Corporate and Commercial Specialty | ||||||||
Segment Income Statement Data Abstract | ||||||||
Net interest income | 93,768 | 92,033 | 280,295 | 298,611 | ||||
Net intersegment interest income (expense) | 5,884 | 6,937 | 18,962 | 3,123 | ||||
Segment net interest income | 99,652 | 98,970 | 299,257 | 301,734 | ||||
Noninterest income(a) | 43,228 | 37,405 | 124,847 | 111,254 | ||||
Total revenue | 142,881 | 136,376 | 424,104 | 412,987 | ||||
Provision for credit losses | 14,864 | 15,572 | 48,803 | 41,456 | ||||
Noninterest expense | 58,652 | 52,635 | 172,781 | 160,899 | ||||
Income (loss) before income taxes | 69,364 | 68,169 | 202,521 | 210,633 | ||||
Income tax expense (benefit) | 12,617 | 12,497 | 37,213 | 39,161 | ||||
Net income | 56,747 | 55,672 | 165,307 | 171,472 | ||||
Segment Balance Sheet Data | ||||||||
Allocated goodwill | 525,836 | 530,144 | ||||||
Operating Segments | Community, Consumer, and Business | ||||||||
Segment Income Statement Data Abstract | ||||||||
Net interest income | 70,860 | 73,644 | 209,285 | 221,691 | ||||
Net intersegment interest income (expense) | 12,907 | 9,231 | 39,705 | 42,213 | ||||
Segment net interest income | 83,767 | 82,875 | 248,990 | 263,904 | ||||
Noninterest income(a) | 35,771 | 32,958 | 113,558 | 140,442 | ||||
Total revenue | 119,538 | 115,833 | 362,548 | 404,345 | ||||
Provision for credit losses | 4,233 | 5,758 | 13,897 | 16,296 | ||||
Noninterest expense | 94,762 | 102,139 | 290,443 | 335,675 | ||||
Income (loss) before income taxes | 20,543 | 7,936 | 58,209 | 52,374 | ||||
Income tax expense (benefit) | 4,314 | 1,667 | 12,224 | 10,999 | ||||
Net income | 16,230 | 6,269 | 45,985 | 41,376 | ||||
Segment Balance Sheet Data | ||||||||
Allocated goodwill | 579,156 | 577,758 | ||||||
Operating Segments | Risk Management and Shared Services | ||||||||
Segment Income Statement Data Abstract | ||||||||
Net interest income | 19,047 | 16,472 | 49,511 | 54,662 | ||||
Net intersegment interest income (expense) | (18,791) | (16,167) | (58,666) | (45,336) | ||||
Segment net interest income | 256 | 305 | (9,155) | 9,326 | ||||
Noninterest income(a) | 3,077 | 5,182 | 12,457 | 176,646 | ||||
Total revenue | 3,333 | 5,487 | 3,301 | 185,973 | ||||
Provision for credit losses | (43,107) | 21,679 | (144,717) | 99,257 | ||||
Noninterest expense | 24,478 | 72,813 | 64,490 | 106,610 | ||||
Income (loss) before income taxes | 21,962 | (89,005) | 83,529 | (19,895) | ||||
Income tax expense (benefit) | 6,129 | (72,278) | 20,705 | (46,817) | ||||
Net income | $ 15,833 | $ (16,727) | 62,824 | 26,922 | ||||
Segment Balance Sheet Data | ||||||||
Allocated goodwill | $ 0 | $ 0 |
Segment Reporting (Details Text
Segment Reporting (Details Textuals) $ in Millions | Jun. 30, 2020USD ($) | Mar. 31, 2021USD ($) | Sep. 30, 2021USD ($)segment |
Segment Reporting [Abstract] | |||
Number of Reportable Segments | segment | 3 | ||
Whitnell | |||
Segment Reporting [Abstract] | |||
Gain (Loss) on Sale and Maturity of Other Investments, Before Tax | $ 2 | $ 2 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (Loss) on Sale and Maturity of Other Investments, Before Tax | $ 2 | $ 2 | |
ABRC | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pre-tax book gain on sale | $ 163 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||||
Beginning Balance | $ 12,618 | $ 12,618 | ||||||
Investment securities losses (gains), net | $ 0 | $ 0 | (437) | $ (90) | ||||
Personnel expense | (107,880) | (108,567) | (318,900) | (334,117) | ||||
Interest income | (172) | (1,296) | (1,335) | (2,628) | ||||
Other comprehensive income (loss) | (13,702) | $ 7,082 | (16,811) | 5,916 | $ 15,054 | $ 16,209 | (23,431) | 37,178 |
Ending Balance | (10,813) | (10,813) | ||||||
Investment Securities AFS | ||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||||
Beginning Balance | 30,076 | 41,325 | 34,101 | 3,989 | 41,325 | 3,989 | ||
Other comprehensive income (loss) before reclassifications | (19,827) | 5,840 | (35,829) | 53,900 | ||||
Investment securities losses (gains), net | 0 | (7) | 16 | (9,222) | ||||
Personnel expense | 0 | 0 | 0 | 0 | ||||
Other expense | 0 | 0 | 0 | 0 | ||||
Interest income | 172 | 1,296 | 1,335 | 2,628 | ||||
Income tax (expense) benefit | 4,975 | (1,786) | 8,548 | (11,852) | ||||
Other comprehensive income (loss) | (14,681) | 5,342 | (25,930) | 35,454 | ||||
Ending Balance | 15,395 | 30,076 | 39,443 | 34,101 | 15,395 | 39,443 | ||
Defined Benefit Pension and Postretirement Obligations | ||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||||
Beginning Balance | (27,187) | (28,707) | (36,021) | (37,172) | (28,707) | (37,172) | ||
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 | ||||
Investment securities losses (gains), net | 0 | 0 | 0 | 0 | ||||
Personnel expense | (37) | (36) | (111) | (111) | ||||
Other expense | 1,346 | 1,313 | 3,446 | 2,923 | ||||
Interest income | 0 | 0 | 0 | 0 | ||||
Income tax (expense) benefit | (330) | (703) | (836) | (1,088) | ||||
Other comprehensive income (loss) | 979 | 573 | 2,498 | 1,724 | ||||
Ending Balance | (26,209) | (27,187) | (35,448) | (36,021) | (26,209) | (35,448) | ||
Accumulated Other Comprehensive Income (Loss) | ||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||||
Beginning Balance | 2,889 | 12,618 | (1,920) | (33,183) | 12,618 | (33,183) | ||
Other comprehensive income (loss) before reclassifications | (19,827) | 5,840 | (35,829) | 53,900 | ||||
Investment securities losses (gains), net | 0 | (7) | 16 | (9,222) | ||||
Personnel expense | (37) | (36) | (111) | (111) | ||||
Other expense | 1,346 | 1,313 | 3,446 | 2,923 | ||||
Interest income | 172 | 1,296 | 1,335 | 2,628 | ||||
Income tax (expense) benefit | 4,644 | (2,489) | 7,712 | (12,939) | ||||
Other comprehensive income (loss) | (13,702) | 7,082 | $ (16,811) | 5,916 | 15,054 | $ 16,209 | (23,431) | 37,178 |
Ending Balance | $ (10,813) | $ 2,889 | $ 3,995 | $ (1,920) | $ (10,813) | $ 3,995 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Disaggregation of Revenue [Line Items] | ||||||
Noninterest income (in-scope of Topic 606) | $ 53,099 | $ 49,243 | $ 158,383 | $ 187,524 | ||
Noninterest income (out-of-scope of Topic 606)(b) | 28,977 | 26,303 | 92,479 | 240,818 | ||
Total noninterest income | 82,076 | 75,545 | 250,862 | 428,342 | ||
Whitnell | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Gain (Loss) on Sale and Maturity of Other Investments, Before Tax | $ 2,000 | 2,000 | ||||
ABRC | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Pre-tax book gain on sale | $ 163,000 | |||||
Wealth management fees | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Noninterest income (in-scope of Topic 606) | 22,110 | 21,152 | 67,229 | 62,884 | ||
Service charges and deposit account fees | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Noninterest income (in-scope of Topic 606) | 16,962 | 14,283 | 47,366 | 40,989 | ||
Card-based fees(a) | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Noninterest income (in-scope of Topic 606) | 11,147 | 10,207 | 31,920 | 28,736 | ||
Insurance commissions and fees | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Noninterest income (in-scope of Topic 606) | 88 | 114 | 250 | 45,153 | ||
Other revenue | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Noninterest income (in-scope of Topic 606) | 2,792 | 3,487 | 11,618 | 9,764 | ||
Corporate and Commercial Specialty | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Noninterest income (in-scope of Topic 606) | 27,998 | 27,540 | 85,212 | 77,690 | ||
Noninterest income (out-of-scope of Topic 606)(b) | 15,230 | 9,866 | 39,635 | 33,564 | ||
Corporate and Commercial Specialty | Wealth management fees | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Noninterest income (in-scope of Topic 606) | 22,110 | 21,152 | 67,229 | 61,496 | ||
Corporate and Commercial Specialty | Service charges and deposit account fees | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Noninterest income (in-scope of Topic 606) | 4,539 | 4,458 | 13,898 | 12,316 | ||
Corporate and Commercial Specialty | Card-based fees(a) | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Noninterest income (in-scope of Topic 606) | 541 | 474 | 1,367 | 1,216 | ||
Corporate and Commercial Specialty | Insurance commissions and fees | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Noninterest income (in-scope of Topic 606) | 36 | 57 | 98 | 179 | ||
Corporate and Commercial Specialty | Other revenue | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Noninterest income (in-scope of Topic 606) | 772 | 1,400 | 2,619 | 2,481 | ||
Community, Consumer, and Business | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Noninterest income (in-scope of Topic 606) | 25,012 | 21,739 | 71,583 | 109,713 | ||
Noninterest income (out-of-scope of Topic 606)(b) | 10,758 | 11,219 | 41,976 | 30,728 | ||
Community, Consumer, and Business | Wealth management fees | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Noninterest income (in-scope of Topic 606) | 0 | 0 | 0 | 1,387 | ||
Community, Consumer, and Business | Service charges and deposit account fees | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Noninterest income (in-scope of Topic 606) | 12,417 | 9,816 | 33,441 | 28,653 | ||
Community, Consumer, and Business | Card-based fees(a) | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Noninterest income (in-scope of Topic 606) | 10,600 | 9,699 | 30,538 | 27,392 | ||
Community, Consumer, and Business | Insurance commissions and fees | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Noninterest income (in-scope of Topic 606) | 50 | 55 | 146 | 44,965 | ||
Community, Consumer, and Business | Other revenue | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Noninterest income (in-scope of Topic 606) | 1,945 | 2,168 | 7,459 | 7,315 | ||
Risk Management and Shared Services | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Noninterest income (in-scope of Topic 606) | 89 | (36) | 1,588 | 121 | ||
Noninterest income (out-of-scope of Topic 606)(b) | 2,989 | 5,218 | 10,868 | 176,525 | ||
Risk Management and Shared Services | Service charges and deposit account fees | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Noninterest income (in-scope of Topic 606) | 5 | 10 | 27 | 19 | ||
Risk Management and Shared Services | Card-based fees(a) | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Noninterest income (in-scope of Topic 606) | 6 | 34 | 15 | 127 | ||
Risk Management and Shared Services | Insurance commissions and fees | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Noninterest income (in-scope of Topic 606) | 2 | 2 | 6 | 8 | ||
Risk Management and Shared Services | Other revenue | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Noninterest income (in-scope of Topic 606) | 76 | (82) | 1,540 | (33) | ||
Operating Segments [Member] | Corporate and Commercial Specialty | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total noninterest income | 43,228 | 37,405 | 124,847 | 111,254 | ||
Operating Segments [Member] | Community, Consumer, and Business | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total noninterest income | 35,771 | 32,958 | 113,558 | 140,442 | ||
Operating Segments [Member] | Risk Management and Shared Services | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total noninterest income | $ 3,077 | $ 5,182 | $ 12,457 | $ 176,646 |
Leases Lease, Cost and Cash Flo
Leases Lease, Cost and Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease costs | $ 2,367 | $ 3,970 | $ 6,850 | $ 9,224 |
Finance lease costs | 17 | 39 | 76 | 115 |
Operating lease cash flows | 2,858 | 2,871 | 8,598 | 8,303 |
Finance lease cash flows | $ 21 | $ 40 | $ 101 | $ 82 |
Leases Components of Lease Expe
Leases Components of Lease Expense (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease right-of-use asset | $ 29,527 | $ 31,994 |
Finance lease right-of-use asset | 59 | 962 |
Operating lease liability | 33,066 | 36,425 |
Finance lease liability | $ 72 | $ 1,128 |
Leases Operating Lease Informat
Leases Operating Lease Information (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Lessee, Lease, Description [Line Items] | ||
Total lease payments | $ 36,696 | $ 40,806 |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 11 months 19 days | 6 years 5 months 12 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.21% | 3.27% |
Finance Lease, Liability, Payment, Due | $ 73 | $ 1,145 |
Finance Lease, Weighted Average Remaining Lease Term | 11 months 1 day | 1 year 7 months 24 days |
Finance Lease, Weighted Average Discount Rate, Percent | 1.07% | 1.05% |
Equipment | ||
Lessee, Lease, Description [Line Items] | ||
Total lease payments | $ 192 | $ 386 |
Operating Lease, Weighted Average Remaining Lease Term | 1 year 8 months 26 days | 2 years 5 months 26 days |
Operating Lease, Weighted Average Discount Rate, Percent | 0.46% | 0.46% |
Retail and corporate offices | ||
Lessee, Lease, Description [Line Items] | ||
Total lease payments | $ 30,756 | $ 34,036 |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 6 months 18 days | 6 years 14 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.24% | 3.33% |
Land | ||
Lessee, Lease, Description [Line Items] | ||
Total lease payments | $ 5,747 | $ 6,385 |
Operating Lease, Weighted Average Remaining Lease Term | 8 years 5 months 23 days | 8 years 11 months 26 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.11% | 3.09% |
Finance Lease, Liability, Payment, Due | $ 73 | $ 1,145 |
Finance Lease, Weighted Average Remaining Lease Term | 11 months 1 day | 1 year 7 months 24 days |
Finance Lease, Weighted Average Discount Rate, Percent | 1.07% | 1.05% |
Leases Amortization of Operatin
Leases Amortization of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
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 Total Leases Three Months Ending December 31, 2021 $ 2,326 $ 21 $ 2,348 2022 8,061 51 8,112 2023 6,108 — 6,108 2024 5,317 — 5,317 2025 4,076 — 4,076 Beyond 2025 10,807 — 10,807 Total lease payments $ 36,696 $ 73 $ 36,768 Less: interest 3,630 — 3,630 Present value of lease payments $ 33,066 $ 72 $ 33,138 | |
Operating Leases | ||
Three Months Ending December 31, 2021 | $ 2,326 | |
2021 | 8,061 | |
2022 | 6,108 | |
2023 | 5,317 | |
2024 | 4,076 | |
Beyond 2025 | 10,807 | |
Total lease payments | 36,696 | $ 40,806 |
Less: interest | 3,630 | |
Present value of lease payments | 33,066 | 36,425 |
Finance Leases | ||
Three Months Ending December 31, 2021 | 21 | |
2022 | 51 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
Beyond 2025 | 0 | |
Total lease payments | 73 | 1,145 |
Less: interest | 0 | |
Present value of lease payments | 72 | $ 1,128 |
Total Leases | ||
Three Months Ending December 31, 2021 | 2,348 | |
2022 | 8,112 | |
2023 | 6,108 | |
2024 | 5,317 | |
2025 | 4,076 | |
Beyond 2025 | 10,807 | |
Total lease payments | 36,768 | |
Less: interest | 3,630 | |
Present value of lease payments | $ 33,138 |
Leases (Details Textuals)
Leases (Details Textuals) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Lessee, Lease, Description [Line Items] | ||
Additional operating leases | $ 16 | $ 17 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease terms | 1 year | |
Additional operating lease terms | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease terms | 41 years | |
Additional operating lease terms | 6 years |